MIG Real Estate Sells 100,000-SF Las Vegas Office Property

NEWPORT BEACH, CA  & LAS VEGAS, NV--(BUSINESS WIRE)--MIG Real Estate (Merage Investment Group Real Estate) a Newport Beach, Calif.-based real estate investment company formerly known as Stoneridge Capital Partners, has sold Sunset Pilot Plaza (top left photo), an approximately 100,000-square-foot Class A Las Vegas office property to Ameriprise Financial, Inc. Terms of the transaction were not disclosed.

“Sunset Pilot Plaza is one of just a handful of Class A facilities in the market offering 100,000 square feet of contiguous space,” said Greg Merage, Chief Executive Officer of MIG Real Estate. “This was instrumental in the attraction of a public company with significant space requirements and has allowed us to complete a sale of this property well in advance of our contemplated timeline.”

Sunset Pilot Plaza was acquired in October 2010. The property was constructed in 2008 and is situated within the 3.3 million-square-foot Hughes Airport Center business park (middle right photo). Located at 280 Pilot Road, the three-story office building sits in close proximity to Interstate 215, Interstate 15, Las Vegas Boulevard and McCarran International Airport.

MIG Real Estate was represented by Darren Lemmon of CBRE (Las Vegas). Ameriprise Financial was represented by Charles Snyder (Minneapolis) and Randy Broadhead (Las Vegas) of CBRE.

“Future acquisitions in Las Vegas will be focused on properties with strategic advantages that will perform well in a soft market and significantly outperform in an improving market,” notes Merage. “We will continue to closely monitor Las Vegas market conditions and adjust our acquisition and disposition strategies accordingly.”

MIG Real Estate has completed approximately $350 million in acquisitions over the past 2 years and is aggressively seeking additional opportunistic investments in its target markets.

Additional information is available at www.migcap.com/RealEstate.

Contacts

Idea Hall

Julie Fornaro / Jessica Neuman

714-263-8748 / 714-263-8731

julie@ideahall.com

jessica@ideahall.com

Washington Real Estate Investment Trust Announces Election of New Trustee

ROCKVILLE, Md.--(BUSINESS WIRE)--On July 28, 2011, the Board of Trustees of Washington Real Estate Investment Trust (WRIT) (NYSE: WRE) announced the election of Vice Adm. Anthony L. Winns (RET.) (top right photo) to serve as a trustee effective immediately.

Vice Adm. Anthony L. Winns (RET.) is a defense industry consultant and former Naval Inspector General. He retired in June 2011 after 32 years of naval service. Adm. Winns served as Naval Inspector General from 2007 to his retirement.

From 2005 to 2007, he served as Director/Vice Director for Operations of the Joint Chiefs of Staff. Between 2003 and 2005, he was Deputy Director, Air Warfare Division for the Chief of Naval Operations.

 Prior to 2003, Adm. Winns served in other staff and leadership positions in Washington, D.C., including at the Bureau of Naval Personnel.   

He also served as commanding officer of several major commands, including the Pacific Patrol/Reconnaissance task force, the USS Essex, an amphibious assault carrier, and a naval aircraft squadron.

  

Contact:

Washington Real Estate Investment Trust

William T. Camp

Executive Vice President and Chief Financial Officer

Tel: 301-984-9400

Fax: 301-984-9610

bcamp@writ.com

www.writ.com

Union Bank, N.A. Awards CB Richard Ellis Group, Inc. Full Service Real Estate Outsourcing Contract for 5 Million SF. Portfolio

LOS ANGELES, CA--(BUSINESS WIRE)--CB Richard Ellis Group, Inc. (NYSE:CBG) today announced that it has been selected by Union Bank, N.A. to provide full service outsourcing, including facilities management, transaction management, project management, consulting and lease administration services, for Union Bank’s real estate occupancy portfolio.

The multi-year contract with Union Bank, a full service commercial bank with $80.6 billion in assets, encompasses over 5 million sq. ft. and 400 locations primarily in California, as well as Oregon, Washington, Texas and New York.

“Union Bank is going through an unprecedented transformation to drive future long-term growth,” said Cynthia Rock, senior vice president of corporate real estate for Union Bank. “Our partnership with CBRE will enhance the Bank’s operational agility while delivering innovation and cost savings opportunities.”

As the leading real estate outsourcing service provider to the financial services industry, we look forward to proactively contributing our experience and integrated service capabilities to serve Union Bank’s strategic needs as they position themselves competitively for the future,” said Bill Concannon (top right photo), president of Global Corporate Services for CB Richard Ellis.

CB Richard Ellis signed a record 47 new, expanded and renewal outsourcing contracts in the second quarter of 2011, surpassing its previous record of 44 total contracts signed in a quarter, which was achieved in the first quarter of 2011.

Please visit our website at www.cbre.com.

Visit www.unionbank.com for more information.

Contacts

CB Richard Ellis

Robert McGrath

Senior Director, Communications

212-984-8267

Robert.mcgrath@cbre.com

or

Union Bank

Tom Taggart

SVP & Director, Corporate Communications

415-765-2249

thomas.taggart@unionbank.com

Ashtabula, OH Mixed-Use Retail and Commercial Buildings Going to Lender-Ordered Auction Aug. 30

ASHTABULA,OH--(BUSINESS WIRE)--Kinnunen Realty is selling two separate mixed-use retail and commercial buildings in Ashtabula, Ohio via lender-ordered auction Tuesday, Aug. 30, 11 a.m. at the Hampton Inn Ashtabula I-90, Exit 223.

Conducted by Maas Companies of Ohio, an auction company specializing in selling real estate, industrial plants, equipment and special assets, the two buildings offer an excellent opportunity for an owner/operator tenant.

Property #1 is a 5,600 sq. ft. single tenant building on .525 acres and is the former Snodgrass Accounting Building. The property is well suited for a professional office or medical provider. The layout includes a lobby/reception area, private offices off a central hallway, conference room and extensive storage in the basement for records. This property has strong curb appeal with easy access for clients or customers and includes off-street parking.

 Building #2 is a 23,415 sq. ft. mixed-use retail building on 1.242 acres with six separate storefronts. Property tenants include Slappy’s Spirits Snacks & Songs, Teen Center, Tattoo Parlor and the former Edward Jones space. The property has angled on-street and off-street parking and is located in a commercial area neighboring Walgreens and the VFW.

Tyler Maas, director of sales and marketing for Maas Companies of Ohio, stated, “This property offers a tremendous opportunity for a new owner, as the auction process is a timely and efficient manner to buy real estate. The larger building is a perfect match for a landlord with a retail or office on-site.”

The seller chose to market the property via auction to actively recruit a new owner who will bring business to the area and immediately utilize this space.

Potential buyers are encouraged to inspect the property during the below noted times or by private appointment:

Monday, August 1 and Monday, August 29 from noon to 5 p.m.

Tuesday, August 30 from 8 to 10 a.m. prior to the auction

Sale details are available at www.maascompanies.com or by contacting Maas Companies directly at (507) 285-1444.

Maas Companies of Ohio Inc #2011000032; Hugh B. Miller, President: Auctioneer #57199773419; Broker #000339274

Maas Companies Inc. is an international auction marketing company located in the U.S.A. with extensive experience in successfully auctioning industrial plants, equipment, real estate, hospitality and commercial properties worldwide.

Contacts

Maas Companies

Allison Guyton, director of operations

(507) 285-1444

website: www.maascompanies.com

HSBC Holdings PLC Appoints CB Richard Ellis Group, Inc. as Global Real Estate Advisor for 72 Million-SF Portfolio

LONDON--(BUSINESS WIRE)--CB Richard Ellis Group, Inc. (NYSE:CBG) today announced that it has been appointed by HSBC Holdings PLC (HBC.N) to serve as Global Strategic Property Portfolio Manager as well as regional transaction partner for the bank’s properties in Europe, Asia, North America and Latin America.

As the exclusive Global Strategic Property Portfolio Manager, CB Richard Ellis will advise HSBC on its global property portfolio, which comprises more than 7,500 properties in 87 countries, totaling approximately 72 million sq ft.

 CB Richard Ellis will also serve as HSBC’s exclusive regional transaction partner in Europe, and will share service delivery for transactions in Asia Pacific, North America and Latin America.

Tony Buckham (top right photo), Global Head of Corporate Real Estate, HSBC, said: “After conducting a thorough global review, we are excited to announce this strategic partnership with CBRE.

“With the excellent experience of CBRE’s portfolio management team, we will derive significant benefits and synergies from deploying on a global scale. By linking good data and management information with best-in-class, on-the-ground delivery through our transaction partner, we will be providing a robust yet agile support function for our business operations across 87 different countries and a wide variety of property types.”

Mike Strong (middle left photo), EMEA Chairman and CEO, CB Richard Ellis, said: “This global mandate will enable HSBC to drive accelerated cost savings and optimize its occupational holdings worldwide, further advancing the performance of its business. We are delighted to work alongside HSBC and to extend our relationship with the bank.”

This appointment expands upon and consolidates CB Richard Ellis’ existing relationship with HSBC across numerous locations worldwide. CB Richard Ellis is already responsible for integrated transaction and portfolio management in the UK and portfolio management in France.

 Please visit our Web site at www.cbre.com.

Contacts

CB Richard Ellis Group, Inc.

Gil Borok

Chief Financial Officer

310-405-8909

or

Nick Kormeluk

Investor Relations

949-809-4308

or

Steve Iaco

Corporate Communications

212-984-6535

Wheelock Street Capital Completes Acquisition and Conversion of the Former Renaissance Agoura Hills into the Sheraton Agoura Hills Hotel in Agoura Hills, CA.

GREENWICH, CT.--(BUSINESS WIRE)--Wheelock Street Capital announced today that an affiliate of Wheelock closed on the previously announced acquisition of the former Renaissance Agoura Hills (middle left photo) in Agoura Hills, CA. The hotel was converted into the Sheraton Agoura Hills Hotel at closing.

The Sheraton Agoura Hills Hotel will undergo a $6.6 million renovation to be completed in the coming months. The renovation will upgrade the hotel’s technology, meeting rooms, lobby, restaurant, fitness center and guest rooms.

The guest rooms will feature the all-white Sheraton Sweet Sleeper® bed designed to meet AAA's Five Diamond Award criteria. The meeting space will be expanded providing more flexibility for large groups to take advantage of the renovated property.

 Renovations will also include the creation of an outdoor California room as an extension to the newly designed lounge taking advantage of the hotel’s mountain setting.

Wheelock Street acquired the property from an institutional investor and obtained acquisition financing from a US-based insurance company. The terms of the transaction were not disclosed. The property includes 280 guestrooms, including 14 suites, and nearly 17,000 square feet of meeting space.

The hotel is located just south of the Ventura Freeway (Highway 101) in the heart of the Conejo Valley, an area renowned for its excellent demographics and diversified high tech economy.

 The 101 Technology Corridor is home to Amgen’s world headquarters, Farmer’s Insurance / University, Baxter Bioscience, Bank of America, WellPoint, Alcatel-Lucent, Dole Food Company among others. Davidson Hotels & Resorts will continue to manage the hotel.

Commenting on the acquisition, Merrick Kleeman (top right photo), a Managing Partner of Wheelock Street Capital, said, “The Sheraton Agoura Hills represents our second investment in the Conejo Valley and our second property managed by Davidson.

“We are excited to be joining the Sheraton franchise and impressed with the investments Starwood has made in the brand. We expect the renovation to position the asset to take advantage of the ensuing economic cycle.”

Wheelock Street Capital, L.L.C. is a real estate private equity firm founded in 2008 by Merrick R. Kleeman and Jonathan H. Paul.

Additional information on Davidson may be found at www.davidsonhotels.com.

Maxim Hotel Brokerage represented the seller in the sale of the asset.

Contacts

Wheelock Street Capital

James Eberhart, 617-619-3105

eberhart@wheelockst.com

WeinPlus Real Estate Advisory Services Names Michael Allison Associate

ST. PETERSBURG, FL. --- WeinPlus Real Estate Advisory Services in St. Petersburg has appointed Michael Allison (top right photo) an associate.

Rachel Elias Wein (bottom left photo) AIA, principal of WeinPlus Real Estate Advisory Services, said Allison earned his B.S. Degree from the University of South Carolina and is a recent graduate of the Master of Science in Real Estate program at the University of Florida.

Allison has more than four years of experience in process improvement, development and financial analysis and worked as a development analyst with Kimley Horn and Associates in Sarasota.  He is a licensed civil engineer and a LEED accredited professional. 

WeinPlus Real Estate Advisory Services works with real estate owners, developers, lenders and management companies to regenerate income streams; expedite tenant openings; recover lost profits; resolve construction disputes, schedule over runs, change orders, bankruptcies and liens; and improve development and management processes.

For more information, contact

Rachel Elias Wein, AIA, Principal, WeinPlus, 727-386-9346, www.weinplusassociates.com

Larry Vershel, Beth Payan, Larry Vershel Communications 407-644-4142 Lvershelco@aol.com

The Rembrandt Hotel Partnered with the Palace Luzern to Promote Thai Food in Switzerland

Bangkok, Thailand, July 29, 2011 --(PR.com)-- The Rembrandt Hotel & Towers (top left photo) was proud to partner with the Palace Luzern (bottom right photo), one of the best and luxury hotels in Switzerland, to host a Thai food festival.

 Mr. Simon Rindlisbacher, Rembrandt’s Hotel Manager, and Two Red Pepper Chefs Ms. Prapairat Wongdee and Mrs. Nualchan Chodchoi and Red Pepper Manager Ms Pornpimol Baykloy flew to Switzerland to promote Rembrandt’s popular Thai cuisine from the award winning Red Pepper restaurant.

The Thai food promotion took place at the Restaurant Les Artistes at the Palace Luzern featuring signature a la carte or set menu dishes from June 27th until July 10th, 2011. Some of the dishes included Thai trademarks such as Som Tam, Yum Som O and Tom Yum Kung which were a hit amongst all the guests.

Contact Information

Rembrandt Hotel & Towers

Sirirat Petpranomporn

+66 02261 7100

pr@rembrandtbkk.com

www.rembrandtbkk.com

e-sales@rembrandtbkk.com

Coldwell Banker Residential Brokerage Launches Sweeping New Cloud Initiative for Home Buyers and Sellers

San Francisco, CA, July 29, 2011 --(PR.com)-- Coldwell Banker Residential Brokerage, the Bay Area’s leading real estate services company, announced today that it has launched the industry’s most far-reaching cloud technology initiative ­– a groundbreaking new program designed to ultimately make the traditional home sale a paperless transaction.

“The real estate industry is arguably the biggest user of paper in corporate America, but also the furthest behind in using advanced technology like cloud computing,” said Rick Turley (top right photo), president of Coldwell Banker Residential Brokerage in the Bay Area.

“As the largest company in our industry – and one that has a history of deploying new technological tools – we felt it was important for our company to step up and take the leadership role on this critical issue.”

Turley said the paperwork required for real estate transactions in California is “staggering,” adding up to about 800 pages for a typical sale. When you multiple that by three copies for the brokerage, the agent and the consumer, it translates

into 45 million pages for a company the size of Coldwell Banker Residential Brokerage last year alone – the equivalent of 5,300 trees and a cost of $4.5 million.”

For more information,  please visit www.CaliforniaMoves.com or call 925.275.3085. DRE # 00313415.

Contact Information

Coldwell Banker Residential Brokerage

Stephen Maita

510.739.0620

samaita@yahoo.com

The Ballen Group of Keller Williams Just Closed an Indy Mac / One West Las Vegas Short Sale in Nevada

Las Vegas, NV, July 29, 2011 --(PR.com)-- The Ballen Group, A local Short Sale team at Keller Williams Realty Las Vegas, have just closed another Short Sale in Nevada saving this homeowner from Nevada Foreclosure.

(Richard Ballen and wife Lori Ballen top right photo)

The Ballen Group uses a comprehensive Short Sale System that enables them to handle a large volume of short sales and accomplish the goal at hand, to close the short sale.

The property, located on Creekside in Las Vegas Nevada was listed with The Ballen Group of Keller Williams Realty Las Vegas. The Creekside home  took a total of only 137 days from the original listing date to the recording it closed date.

The full price offer of $112,500 (about ½ its original purchase price) was received after only having the property on the market for eight days and there was no right to pursue deficiency language in the approval letter. Although the banks are working on their timelines and speeding up the short sale process,

(Las Vegas skyline middle left photo)

"We are finally seeing the day that banks understand it is more beneficial to everyone involved to actually encourage the short sale," says Richard Ballen, Listing Specialist with The Ballen Group.

 "A short sale is a complicated process for all parties involved. There are so many details involved (more than what the average homeowner is aware of). We need sellers to cooperate as much as possible and remain patient and support. Short Sales can close if everyone works together like they did in this transaction,” Richard closes.

“It takes more than an agent to properly work short sales. It takes a Team,” says Lori Ballen, Leader of The Ballen Group. “We have surrounded ourselves with talent from our administrative staff and Listing Managers to our processors and escrow. We want a lot of eyes on the transaction so it keeps moving down the timeline. Our short sale team is skilled, experienced, determined, and driven. We have learned what it takes to move these short sales through the pipe line and tape, and we are getting them done.”

For help with your Las Vegas Real Estate, Equity or Negative Equity - Contact The Ballen Group - They will work Magic with your Las Vegas Short Sale, Henderson Short Sale, or North Las Vegas Short Sale. 702-482-7739

Contact Information

The Ballen Group Short Sale Nevada

Lori Ballen

702-604-7739

sold@theballengroup.com

http://www.theballengroup.com/

Keller Williams Realty Las Vegas

3100 S. Durango #106

Las Vegas, NV 89117

Dave Overholser Joins Keller Williams Rice Realty Market Center in Martinsburg, West Virginia

Martinsburg, WVA, July 29, 2011 --(PR.com)-- Dave Overholser (top right photo), a real estate sales professional in Martinsburg, has joined the Keller Williams Rice Realty Market Center.

Dave Overholser, www.DaveOverholser.com, has an extensive background in distressed and lease option properties and has been in the real estate industry for 3 years.

“We are truly lucky to have Dave Overholser join us here at Keller Williams Rice Realty,” says Team Leader Nancy McBride. “Keller Williams Realty offers its associates unparalleled career growth and lifelong learning opportunities in the real estate industry. We know that Dave will be a great fit and that it is our customers who will truly benefit from Dave joining us.”

The Keller Williams Market Center, is located at 815 W. King St. Martinsburg, WV. To learn more about Keller Williams Realty, call Broker Nancy McBride at 304-264-1400 or visit www.kw.com.

Contact:

Keller Williams Rice Realty

Dave Overholser

304-264-1400

daveoverholser@kw.com

www.DaveOverholser.com

Nancy McBride - Broker

Stirling Sotheby’s International Realty Agent Sally Andy is Leading Luxury Home Specialist in Lake Forest

ORLANDO, FL. --- Stirling Sotheby’s International Realty Associate Sally Andy reports she has sold more than 450 properties in the award-winning Lake Forest community in North Seminole County over the past 15 years for a total dollar volume of more than $145 million.

“Sally Andy was an onsite sales representative at Lake Forest from 1996 to 2004 before she joined Stirling Sotheby’s International Realty,” said Roger Soderstrom, founder and owner of the real estate firm.

“No one has sold more property in Lake Forest than Sally Andy and no one knows the community better,” Soderstrom said.

The gated community with a 24-hour guarded entrance offers homes overlooking pristine lakes and canals and along nature preserves.  The community features a two-story clubhouse, fitness center, tennis courts, 55-acre spring-fed lake, and Jr. Olympic swimming pool overlooking the lake.

Lake Forest has almost 800 total homesites throughout its 538 acres of wooded neighborhoods.  Most homes start at around $400,000 and range up to more than $1 million dollars.  To see a video of Lake Forest go to http://youtu.be/SgHCl9r7uxY.

Soderstrom added that the Sally Andy and David Warren Team (lower left photo) at Stirling Sotheby’s International Realty is focusing on luxury home sales at Lake Forest, whose numerous accolades include the six-time winner of the Orlando Parade of Homes' Grand Award for the "Best Community in Central Florida" and a Grand Aurora Award for "The Best Community in the Southeastern United States."

For more information, contact: 

Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890 

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 

Morrison Commercial Real Estate Completes Lease Transactions Totalling 9,142 SF in Orlando, FL

  

ORLANDO, FL (July 29, 2011):  Greg Morrison (top right photo), CCIM, SIOR, Principal of Morrison Commercial Real Estate, announced the completion of a lease transaction totaling 9,142± square feet. 

Damien Madsen of Morrison Commercial Real Estate represented Covelli Family Limited Partnership II in leasing 9,142± square feet at the Keene Building located at 1400 Hope Road.  The Landlord was represented by Jeff Gindi of Results Real Estate Partners, LLC in this transaction. 

Contact: Buffy Gillette, Phone: 407.219.3500, Email:  bgillette@morrisoncre.com

$610,000 Buys 60 Unit Garden Apartment Community in Tampa, FL

   

TAMPA, FL July 29, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Regency Manor Apartments (top left photo), a 60-unit garden apartment community located in Tampa, Fla., according to Bryn D. Merrey, vice president/regional manager of the firm’s Tampa office.

 The asset sales price of $610,000 equates to $10,167 per unit and $17.06 per square foot.

Casey Babb (middle right photo), CCIM, a senior investment specialist, and Luis Baez (lower left photo), investment specialist both in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the Florida-based seller, a private investor.  The listing agents also secured the buyer of the property, a private, Canadian-based investment group.

Regency Manor Apartments is located at 13710 North 19th Street.  This 1960s vintage, garden apartment community is located in the University submarket of Tampa.  Units are 100 percent one bedroom/one bath all housed in six two-story concrete block apartment buildings with flat, built-up roofs. 

 “Regency Manor was a lender approved short-sale at less than one-third of the previous sale price in March 2006; however, given the circumstances, all parties involved would likely admit that this was a win-win for everyone.

“  The buyer will do very well, since they received a deeply discounted price relative to replacement cost.  The seller was released from personal liability and the lender avoided a long, costly foreclosure process and at the same time, achieved a market sale price,” recounts Babb.

Press Contact: Bryn D. Merrey, Vice President/Regional Manager, Tampa

(813) 387-4700

Groundbreaking Ceremony Held for PHILand Ranch's Pointe91 Development Project in Chu Lai, Vietnam

 FRANKFURT, Germany, LOS ANGELES and HO CHI MINH CITY, Vietnam, July 29, 2011 /PRNewswire/ -- PHI Group, Inc. (OTCQB:PHIE; Pinksheets:PHIE; Frankfurt:PR7), an M & A company with diversified holdings in real estate development, energy, natural resources and special situations announced today that its subsidiary PHILand Ranch Ltd., a company engaged in the development of master-planned communities, residential and commercial properties, and hospitality services in Vietnam and Southeast Asia, (WKN A0RPEA, Frankfurt:1P8) successfully conducted the groundbreaking ceremony on Thursday, July 28, 2011 for the Pointe91 luxury resort and elite residential community at Bien Rang Beach, Chu Lai, Quang Nam Province, Vietnam.

Henry Fahman (top right photo), Chairman of PHILand Ranch, stated:" While we are also working with other local partners on a number of projects in Ha Noi, Ho Chi Minh and some major cities in Vietnam at the present which have shorter turnaround schedules than that of Pointe91, we are committed to making a difference with this development."

 Website: www.PHILandranch.com.

Contact: Henry Fahman, 714-843-5455, info@phiglobal.com

Web Site: http://www.PHILandranch.com