Wednesday, October 19, 2011

CalPERS Appoints Mary Ann Burford as New Principal Advisor to Board President

 SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) today announced the appointment of Mary Ann Burford as Principal Advisor to Board President Rob Feckner (top right photo)

Her duties will include making policy assessments and recommendations on pension, health care and investment issues. Burford will also serve as the Board President’s liaison to stakeholder groups, and will be responsible for assessing out-of-state and out-of-country travel invitations to Board Members. She begins her new role October 17.

“Mary Ann possesses a wealth of experience and knowledge gained during her dedicated service to our organization,” said Feckner.  “She will be a great asset to the Board and to me in her role as my Principal Advisor.”

 Burford began her career with CalPERS in 1992, and has held a variety of positions in several different Divisions during the past 19 years. She has managed CalPERS Board of Administration elections, coordinated constituent events for the Actuarial and Employer Services Division, and also served as Ombudsman for the Member Services Division, resolving customer service issues.

 Most recently, Burford was a top manager in the CalPERS Customer Service Outreach Division (CSOD) created during the April 2011 reorganization. She played a key leadership role in developing the mission and vision for CSOD.

Burford graduated from University of San Francisco with a Bachelor’s Degree in Public Administration.

 For more information on CalPERS, visit

External Affairs Branch
(916) 795-3991
Robert Udall Glazier, Deputy Executive Officer
Brad Pacheco, Chief, Office of Public Affairs
Contact: Amy Norris, Information Officer

NAI Realvest Negotiates Industrial Lease Renewals for more than 16,903 SF in Central Florida

 ORLANDO, FL – NAI Realvest recently negotiated two renewal leases for industrial space totaling 16,903 square feet at commerce centers in Lake Mary and Orlando.

 Michael Heidrich (top right photo), principal at NAI Realvest, negotiated both transactions representing the landlords.

 At Lake Mary Business Center, 1150 Emma Oaks Trail, Heidrich represented the landlord, Dalfen America Corporation of Westmount, Quebec in a renewal agreement with Fort Lauderdale-based HornerXpress-Central Florida, Inc., who renewed its lease of 12,903 square feet in suite 130 at the center.    

Heidrich also represented the landlord COP-Hanging Moss, LLC of Maitland in a renewal lease agreement with Florida Home Medical Equipment, Inc. who renewed its lease of suites 540-550 with 4,000 square feet in the Hanging Moss CommerCenter (middle left photo) at 6100 Hanging Moss Rd.

For more information,  contact
Michael Heidrich, Principal, NAI Realvest, 407-875-9989,
Patrick Mahoney, President, NAI Realvest 407-875-9989,
Beth Payan or Larry Vershel Communications, 407-644-4142,     

NAI Realvest negotiates new Lease of 10,000 SF  in Oviedo, FL for Trucking Simulation Firm

 MAITLAND, FL – NAI Realvest recently negotiated a new lease agreement for 10,000 square feet at 522 S. Econ Circle in Oviedo that will be home to FAAC, Inc. a trucking simulation firm expanding to the Alafaya Trail high tech corridor.

 Paul P. Partyka (lower right  photo), managing partner at NAI Realvest, negotiated the transaction representing the landlord Oviedo-based M&O L.P. 
 Paul Kelly of Coughlin Commercial represented the Michigan-based tenant that services the military, public safety and airports.

 For more information, contact:
Paul P. Partyka, Managing Partner, NAI Realvest, 407-875-9989,;      
Patrick Mahoney, President, NAI Realvest,  407-875-9989,;
Beth Payan or Larry Vershel, Larry Vershel Communications, Inc.  407-644-4142, 

MBA Reports $68.8 Billion of Total Multifamily Lending in 2010; a 31 Percent Increase from 2009

WASHINGTON, D.C. (Oct. 19, 2011) - In 2010, 2,548 different multifamily lenders provided a total of $68.8 billion in mortgage financing for apartment buildings with five or more units, according to a report from the Mortgage Bankers Association (MBA).

The 2010 dollar volume represents a 31 percent increase from 2009 levels. Just one percent of the lenders accounted for 51 percent of the dollar volume, while three-quarters of the lenders made five or fewer loans over the course of the year.

 In terms of total dollar volume, the top five multifamily lenders in 2010 were Wells Fargo Bank N.A., CBRE Capital Markets, Inc., Berkadia Commercial Mortgage LLC, PNC Real Estate and Prudential Mortgage Capital Company.

 "The multifamily lending market grew 31 percent in 2010, with credit extended by a broad range of lenders to a broad range of properties," said Jamie Woodwell (top right photo), MBA's Vice President of Commercial Real Estate Research.

 The MBA report is the most comprehensive view available of the multifamily lending market and includes:

  • A detailed summary of the $68.8 billion multifamily market,
  • Profiles of distinct market segments, including the very-small loan (loans of $1 million or less) lender segment,
  • A listing of 2,548 lenders who made multifamily loans in 2010, including their lending volume, number of loans made and average loan size, and
  • A listing of metropolitan areas and the volume of very-small loans made in each in 2010.

 The report is based on data from the MBA 2010 Commercial Multifamily Annual Origination Volume Rankings and the Home Mortgage Disclosure Act (HMDA).

The MBA survey targets specialized commercial/multifamily originators and covered $119 billion in commercial and multifamily loans in 2010.

 The HMDA data adds multifamily loans from banks, thrifts and other institutions that meet certain single-family origination thresholds. When combined, the two datasets provide the most comprehensive assessment of the multifamily mortgage market available.

 To purchase the report, please visit the following Web link:

 For members of the news media who want more information from or about the study, contact Matt Robinson at or 202-557-2727.

Jones Lang LaSalle Brokers Relocation of Bar-S; Keeps Company HQ in Valley


 PHOENIX, AZ – On behalf of Phoenix-based Bar-S Foods Co., the Jones Lang LaSalle Tenant Advisory Group has completed a lease that will move the Bar-S headquarters from Phoenix’s Central Avenue to the Camelback Corridor in an 11-year, 35,000-square-foot lease.

Bar-S has operated a midtown headquarters at 3838 N. Central Ave., just south of Indian School Road, for two decades. It will relocate to a 175,186-square-foot office building at 5090 N. 40th St., on the north side of Camelback Road.

 The new lease takes up approximately two-thirds of the building’s third floor, allowing Bar-S to manage its growth while keeping the firm, and approximately 100 jobs, in the Valley.

“We enjoyed exceptional years of growth in our downtown location, adding more than 10 percent to our local employee base in the past year alone,” said Bar-S Chairman Timothy Day (middle left photo). “Our new location paints a bright picture for the future of Bar-S as well. It provides the flexibility we need to continue to grow and thrive in our home market.”

Bar-S was founded in Phoenix in 1981, and since then has become a leading manufacturer of processed meats and the top-selling hot dog brand in America. Last year, Bar-S was purchased by Sigma Alimentos, a subsidiary of one of Mexico’s leading industrial companies. At that time, Bar-S reported 2009 sales of $535 million and more than 1,600 employees nationwide.

“Bar-S is committed to Phoenix, and because of that was extremely thorough in its search for a new location,” said John Pierson (top right photo), Executive Vice President in the Phoenix office of Jones Lang LaSalle and broker for the Bar-S lease transaction. “We analyzed the pros and cons of a move, and structured a long-term occupancy plan within one of the most sought-after office corridors in the state.”

 In September, Jones Lang LaSalle released a report ranking North America’s top 40 office markets according to asking rents. Camelback Road ranked 28th on the list, including it among the continent’s most sought-after office addresses.

“In the case of Camelback Road, vacancy rates are still high enough that most landlords remain extremely flexible,” said Pierson. “That gives companies a tremendous window of opportunity to make a jump in quality and location, but still secure long-term, fiscally responsible rental rates.”

 Jones Lang LaSalle’s Project and Development Services group is also managing tenant improvements at the new Bar-S location. Construction began earlier this month and move-in is slated for December.

 Jerry Roberts (bottom left photo) of CBRE in Phoenix represented the landlord, Newport Beach, Calif.-based CJK Investments, in the lease negotiations.

For further information, please visit our website,

Stacey Hershauer
Marketing & Public Relations
(480) 600-0195

Katrina S. Hagen picked to lead CalPERS Human Resources Division

SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) today announced the appointment of Katrina S. Hagen (top right photo) as Chief of the Human Resources Division.

Ms. Hagen will oversee Human Resources operations at CalPERS and serve as the primary policy advisor on human resource management. She will play an essential role in implementing human resources-related programs in support of the CalPERS strategic business plan. Her appointment is effective October 24, 2011.

Ms. Hagen will also work closely with the CalPERS Board of Administration Performance and Compensation Committee, as well as executive and senior leadership, to provide advice and guidance on issues related to CalPERS compensation programs.

Ms. Hagen comes to CalPERS with more than 14 years of human resources and administrative experience. She leaves a position with California Prison Health Care Services, where she served five years as the Deputy Director of Human Resources.

 Before that, she worked at the California Department of Corrections and Rehabilitation, where she was the Assistant Deputy Director of the Office of Peace Officer Selection. Ms. Hagen is also an adjunct professor at the University of San Francisco (USF), teaching public policy analysis, human resources management, leadership development and organizational communication.

Ms. Hagen is a graduate of Humboldt State University and holds a Masters in Public Administration from USF.

More information about CalPERS is available online at

External Affairs Branch
(916) 795-3991
Robert Udall Glazier, Deputy Executive Officer
Brad Pacheco, Chief, Office of Public Affairs
Contact: Bill Madison, Information Officer

Lynd Launches Student Housing Division With $100 Million Portfolio

 Miami, FL and San Antonio, TX— Lynd, a national real estate firm co-located in Miami, FL and San Antonio, Texas, has created a student housing division to serve a market that is experiencing rising enrollment in many parts of the country.

 The division, called Lynd Student Living, was launched with an aggregate purchase this year of 18 properties for $100 million in cash.

 “This business has excellent fundamentals behind it because having a college education is a must to compete in today’s world,” said company president and chief operating officer A. David Lynd (top right photo).

“We got involved in student housing because we saw tremendous opportunities coming due to the leverage levels of many assets.” David Lynd also said the company is actively seeking other student housing properties to add to the portfolio.

 Lynd, which is one of the country’s largest multi-family managers, now has 3,718 living units with 7,900 beds in its student housing division. The properties purchased so far are spread across 15 colleges and universities in seven states.

They are:

  • Florida: Florida Agricultural and Mechanical University, Florida State University (middle right photo), and Tallahassee Community College Kentucky:
  • Murray State University
  • Louisiana: Louisiana Tech University   and Grambling State University
  • Missouri: University of Central Missouri
  • North Carolina: North Carolina Agricultural and Technical State University and University of North Carolina at Greensboro
  • South Carolina: University of South Carolina Upstate and Wofford College
  • Texas: North Central Texas Junior College, Texas Women’s University, University of North Texas, and University of Texas at San Antonio (lower left photo)

 In Tallahassee, Fla., Lynd Student Living hosted two massive summer parties to announce its arrival in the market.  More than 3,000 people attended each event, where the division showcased a remodeled property that had a new game room with Wii station and pool tables and an updated weight room with flat-screen TVs and new equipment.

 “This gave them a small peek at what it means to live at a Lynd community,” said Jeffrey Weissman (middle left photo), senior vice president of Lynd Student Housing.  “Our brand will be known for quality student housing that is always on the cutting edge of amenities and social activities.”

 For more information on Lynd Student Living log on to

 For more information on the company, visit

Media Contact:
Todd Templin, Boardroom Communications
954-370-8999 or 954-290-0810

 Lynd Contact:
A. David Lynd, President/Chief Operating Officer
Jeffrey Weissman, Sr. VP Lynd Student Living, 210-798-8131,

HFF secures financing for new United Supermarkets Market Street store in Lubbock, TX


DALLAS, TX – HFF announced today that it has secured financing for the acquisition of a property in Lubbock, Texas to be used as a 71,238-square-foot United Supermarkets Market Street store (top left photo).

Working on behalf of United Supermarkets, LLC, HFF placed the loan with Wells Fargo Bank.  Loan proceeds will be used to finance the acquisition of the property. 

The Market Street store will be located at 19th Street and Quaker Avenue in Lubbock. 

The HFF team representing the borrower was led by Mark West, Coler Yoakam and Brandon Chavoya.

United Supermarkets, LLC, operates 50 stores in west and north Texas under four distinct brands: United Supermarkets, Market Street, Amigos and United Express.

Mark E. West, HFF Senior Managing Director,  214) 265-0880                              
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500                            


Avison Young closes $40-million private equity investment from British Columbia-based Tricor Pacific Capital, Inc.

TORONTO, Ontario, CANADA /PRNewswire/ - Mark Rose (top right photo), Chair and CEO of Avison Young, Canada's largest independently-owned commercial real estate services company, announced today that British Columbia, Canada-based Tricor Pacific Capital, Inc., a leading North American private equity firm, is making an equity investment into Avison Young's common stock to further fund the real estate firm's growth and expansion plan.

The transaction, which closed on October 14, 2011, allows Tricor Pacific
Capital to take a meaningful minority stake in Avison Young through the purchase of common shares - side by side with the current principals of the company - thus maintaining Avison Young's unique position as a private, principal-managed and led company.

Avison Young expects to use the proceeds from the growth-capital investment to further build out its Canadian and U.S. platforms, including further high-profile recruiting and acquisitions in major U.S. markets, as well as adding infill geographic and service lines. Terms of the investment were not disclosed.

Effective immediately, Roderick Senft (middle left photo) and Bradley Seaman (lower right photo), Managing Directors of Tricor Pacific Capital, join the Board of Directors of Avison Young.

"This transaction reinforces the strength of our growth plan and gives
Avison Young one of the industry's strongest balance sheets with which
to complete our North American expansion, with an eye on future growth in Europe and Asia," comments Rose.

"Our Board of Directors, advisors and management team spent considerable time with Tricor over the past several months and we were very impressed with how closely our cultures aligned. Our collective experiences will enable Avison Young to further expand our brand in the U.S. and, eventually, overseas. We believe Tricor is the right partner to assist us in the execution of our compelling strategy."

Robert W. Baird & Co. acted asAvison Young's financial advisor in the transaction and Davies Ward Phillips & Vineberg LLP acted as legal advisors.


: For further information/comment/photos:Sherry Quan, National Director of Communications & Media Relations, Avison Young: (604) 647-5098; cell: (604) 726-0959

Mark Rose, Chair and CEO, Avison Young: (416) 673-4028

Earl Webb, President, U.S. Operations, Avison Young: (847) 881-2237

Tod Hughes, Principal, Avison Young: (403) 265-9552 ext. 226

Roderick Senft, Managing Director, Tricor Pacific Capital, Inc.: (604) 688-7669 ext. 104

Bradley Seaman, Managing Director, Tricor Pacific Capital, Inc.: (847) 295-4427

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National Industrial Market Continues to Surpass General Economy, Grubb & Ellis Data Show

 CHICAGO, IL--The national industrial real estate market continues to outperform the general economy, according to Rene Circ (top right photo), National Director of Research at Grubb & Ellis Co.

Based on preliminary numbers, 23.6 million square feet was absorbed during the quarter. Although this level of activity represents a 20-percent decline from the previous quarter, it also represents a level that is sufficient to lower vacancies and spur new speculative construction.

 At the market level, 33 markets saw positive demand versus 16 with negative net absorption. There is no one common theme to markets that are still not on a firm path to recovery. Both coasts – San Diego, San Mateo, Boston and Philadelphia – as well as the middle of the country – Minneapolis, Columbus and Albuquerque – were represented among the 16 underperformers.

The best performer, once again, was Inland Empire where strong demand for large, bulk distribution buildings totaled 4.1 million square feet, bringing the year-to-date total to 17.1 million square feet. Other large distribution markets – Chicago, Dallas and Northern New Jersey – also displayed strong demand.

The one market that continues to shine is Detroit with 1.5 million square feet absorbed during the quarter and ranking as the eighth most active market in the country year-to-date.

 As we signaled in our second quarter release, new completions are on the rise. During the third quarter, 5.3 million square feet was completed, which is both a very low total by historic standards as well as the highest quarterly completion total in five quarters. A more telling statistic is the 23.3 million square feet that is currently under construction, of which 8.3 million is speculative.

 Positive demand and limited new deliveries continue to drive the national vacancy rate downward. During the quarter, vacancy declined an additional 10 basis points to 9.7 percent. This was a slower rate of decline than during the previous two quarters, but on a year-over-year basis, vacancy has been down 80 basis points for three consecutive quarters.

 Despite the economic uncertainty, the national industrial market is on pace to post in excess of 100 million square feet of positive net absorption in 2011. As it does, the market will reach a milestone, as all the space that was returned onto the market during the recession will be re-absorbed.

 Contact: Rene Circ, National Director of Research, Industrial , 312.224.3962

Nat Gambuzza and Lauren Federgreen of Marcus & Millichap Close $99 Million in Multifamily Sales

 ELMWOOD PARK, N.J., Oct. 18, 2011 – Nat Gambuzza (top right photo) and Lauren Federgreen (middle left photo) of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has negotiated nearly $99 million in multifamily investment sales totaling 1,290 units in the first three quarters of 2011, according to Michael J. Fasano (middle right photo), vice president and regional manager of the firm’s New Jersey office.

 In all, Gambuzza, a vice president investments in the New Jersey office, and multifamily investment specialist Federgreen, have closed 22 transactions – including one land loan sale – since January.

 Some transactions of note include the sale of an 11-building portfolio totaling 172 units in Rahway, N.J. The properties, which were sold by the original developer, commanded a purchase price of $13,700,000 or $79,651 per unit.

Another notable transaction includes the sale of Stoneybrook Gardens in Plainfield, N.J.  The 70-unit garden complex traded for $5 million.

 “This transaction faced several hurdles due to the fact that most similar properties in the area are and were in some sort of distress,” says Gambuzza. “We had to overcome that by ensuring the quality of the asset, the value-added component and the ease of being able to finance the transaction.” 

The majority of transactions closed by Gambuzza and Federgreen involved private investors vying for smaller multifamily assets, distressed deals including loan sales and REOs, and large Section 8 housing complexes.

“There is pent up demand for apartment buildings of any type in both Northern and Southern New Jersey as interest rates continue to drop,” says Federgreen. “I am sure this will elicit a flurry of transaction activity in the second half of 2011.”

“As a result of this low interest-rate environment and continued fear among investors to place their capital in the volatile stock market, we are seeing a lot of new partnerships and groups teaming up to acquire properties,” says Gambuzza.

“Specifically, we are seeing a number of syndicators and 1031 exchange investors stepping up their activity levels in the market. Strong multifamily fundamentals haven’t hurt us either. We are seeing vacancy rates dip below 5 percent and rents beginning to grow again.”

“Local, out-of-state and even foreign investors are active in the New Jersey apartment market,” Gambuzza continues. “In addition to seeing out-of-area purchasers acquiring multifamily product, we are seeing a shift within the state: North Jersey buyers are now looking at South Jersey in an effort to purchase at a lower price per unit.”

For example, Gambuzza and Federgreen satisfied a 1031 exchange investor’s requirements by trading Riverside Gardens, a 30-unit apartment complex in Rahway, N.J., at a price of $2,550,000 or $85,000 per unit, for the 80-unit Haddon Crossings complex in Haddon Township, in Southern New Jersey which sold for $4,900,000 or $61,250 per unit. 

In another transaction, a two-property portfolio located in Haddon Heights and Oaklyn, both Southern New Jersey towns, was sold by an investment group to a North Jersey investor.

Gambuzza and Federgreen have also played a role in some larger project-based Section 8 complexes that have traded within the past nine months.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Stan Johnson Co. Completes $6.1 Million Sale of Industrial Building Occupied by Serta in Forest Park, OH


 FOREST PARK, OH, Oct. 19, 2011 –Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a 149,760-square-foot industrial building 100 percent occupied by National Bedding Company (dba Serta, Inc.) to Chicago based Brennan Investments for $6.1 million.

Built in 2004, the property is situated on 12 acres at 1680 Carillon Blvd. in Forest Park, Ohio.  The building is a key production facility for Serta, the largest mattress brand in the US.

Craig Tomlinson (top right photo), CCIM, of Stan Johnson Company represented the buyer as well as the seller, Cincinnati United Contractors, Inc., in the transaction.

“The transaction went smoothly , with all parties cooperating to get it closed. The buyer is getting a very high quality asset with a tenant that leads their industry.  The seller received a strong price and is able to redeploy his equity, awin-win”. said Tomlinson.

Contact:  David Ebeling, Ebeling Communications, (949) 278-7851