Berger Commercial Realty Corp. Announces Exclusive Leasing Listing

FORT LAUDERDALE, FL. – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced the firm has been awarded the exclusive leasing listing for the Oakland Commerce Center (top left photo), located at 3115-3317 NW 10th Terrace and 3401-3411 Powerline Road in Oakland Park.

 Brokers Judy Dolan, Keith Graves and Greg Milopoulos are the representing the 155,000-square-foot, multi-tenant office/flex building.

  Contact:

 Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999, ext. 226

msologuren@piersongrant.com

Accretive Realty Advisors Inc. Selects Grubb & Ellis For Three Medical Office Property Assignments

 NEWPORT BEACH, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that Accretive Realty Advisors Inc. selected members of its Healthcare Properties Group to lease two buildings totaling more than 111,000 square feet of medical office space in Aliso Viejo and Fullerton, as well as sell three medical office condos at an adjacent property in Fullerton.

 Garth Hogan (top right photo), senior vice president and co-leader of the Healthcare Properties Group, will market the properties in conjunction with John Scruggs (lower left photo), associate.  

 The leasing assignment includes Providence I Medical Center, a nearly 84,000-square-foot building located at 1950 Sunnycrest Drive.  The three-story building that was constructed in 2007 is roughly 75 percent leased and has space available ranging in size from 1,200 to 11,482 square feet. 

The team will also sell three condos at the adjacent Providence II Medical Center, a 30,000-square-foot building located at 1955 Sunnycrest Drive.

 The two-story medical office condo building was constructed in 2008 and has 8,360 square feet available for purchase.  The two properties are located in the Sunny Hills community of Fullerton and are easily accessible via the 57 and 91 freeways.

 “A short walk to the award-winning St. Jude Medical Center, the Providence I and II medical office buildings are the premiere location for physicians, medical groups and dental professionals in Fullerton,” said Hogan.

 Hogan and Scruggs will also serve as the leasing agents of 24502 Pacific Park Drive, a four-story, 30,000-square-foot building in Aliso Viejo.  The building has approximately 1,500 square feet of space currently available on the first floor.  Originally constructed in 1987, the building was renovated and upgraded in 2011.

 For more information, call 949.608.2000. 

Contact: Julia McCartney, Phone: 714.975.2230                                     

Email: julia.mccartney@grubb-ellis.com          

HFF secures $6.5 million refinancing for Burbank, CA industrial facility

 LOS ANGELES, CA – HFF announced today that it has secured a $6.5 million refinancing for 100 East Graham Place (top left photo), a 92,688-square-foot, four-building industrial facility in Burbank, California.

 Working on behalf of The Luzzatto Company, Inc, HFF placed the five-year, 4.25 percent fixed-rate loan with JP Morgan Chase Bank, N.A.  The loan replaced a maturing loan on the property.

100 East Graham Place is located less than one mile northeast of the Golden State Freeway in Burbank.  The facility is 80 percent occupied by Haskel International, a subsidiary of Hamilton Sundstrand/United Technologies and 20 percent occupied by a videogame developer.  100 East Graham Place is comprised of 40 percent office space and 60 percent industrial space.

The HFF team representing The Luzzatto Company, Inc. was led by director Christopher Vittetoe (middle right photo).

The Luzzatto Company, Inc. and its affiliates are private equity investors.  Among other asset classes, they invest in real estate and real estate-related debt, with existing investments in California, Washington, Oregon, Nevada, Texas, Alabama, Georgia, Illinois and Missouri. 

 The Luzzatto Companies acquire properties through an equity fund as well as through existing ventures and partnerships with high net worth individuals and institutions.    

Contacts:

 Christopher Vitteto, HFF Director, (310) 407-2100, cvittetoe@hfflp.com                                                                                              

 Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, ,

krmurphy@hfflp.com

HFF closes $57 million sale of 1400 Wilson Boulevard in Rosslyn, VA

WASHINGTON, D.C. – HFF announced today that it has closed the sale of 1400 Wilson Boulevard (top left photo), a 12-story, 108,296-square-foot office building in Rosslyn, Virginia.

HFF marketed the property on behalf of Great Point Investors, LLC.  Salus Property Investments purchased 1400 Wilson Boulevard for $57 million free and clear of existing debt.

1400 Wilson Boulevard, also known as The Architect Building, is situated across the Potomac River from Washington, D.C. about two blocks from the Rosslyn Metro Station in Rosslyn. 

Originally built in 1965, the property was most recently renovated in 2009 and also offers significant redevelopment potential.  The United States Department of State (GSA) leases the entire facility through March 2021. 

The HFF investment sales team representing Great Point Investors, LLC was led by senior managing directors Jim Meisel (middle right photo) and Dek Potts (lower left photo).

Great Point Investors invests in private equity real estate on behalf of institutional investors, specializing in separate accounts.  The company is an investment fiduciary whose interests are aligned with its clients.

Salus Property Investments LLC is a national real estate firm.  Its mission is to create economic value for its clients and investor co-partners through the identification and acquisition of real estate assets that provide above–average returns to its investors and have significant appreciation potential.  It does this through owning and operating build-to-suit facilities leased to the U.S. Federal Government on a long-term basis.

Contacts:

James A. Meisel, HFF Senior Managing Director, (202) 533-2500, 

jmeisel@hfflp.com                                                                         

Stephen “Dek” Potts, HFF Senior Managing Director, (202) 533-2500 spotts@hfflp.com                                                                 

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, ,

krmurphy@hfflp.com

Marcus & Millichap Capital Corp Arranges $7.1 Million Multifamily Property Acquisition Loan

RENTON, WA– Marcus & Millichap Capital Corporation (MMCC) has arranged a $7,143,750 purchase loan for a 75-unit garden-style multifamily property in Renton.

Glenn Gioseffi (top right photo) a director in MMCC’s Seattle office, arranged the loan.

“MMCC had 35 days to fund the loan,” says Gioseffi. “The property was scheduled to be auctioned off by an agency lender and there was a second lien held by the State of Washington. We seldom see buildings with a time frame this short as typically only cash buyers bid on a property so close to the auction date,” Gioseffi adds.

 “We identified a lender who could fund in 35 days and accommodate a 75 percent loan-to-value loan that was nonrecourse,” continues Gioseffi. “Procuring taxes and bank statements from out of the country on behalf of the foreign buying group created some complications, but in the end we were able to close within the tight timeframe,” Gioseffi concludes. “There really was no room for delays in the closing process.”

The nonrecourse loan is for 30 years with 30-year amortization, a fixed 4.65 percent interest rate and 75 percent LTV.

The borrowers came to Gioseffi on a recommendation from Dan Swanson (lower left photo), a vice president investments in Marcus & Millichap Real Estate Investment Services Inc.’s Seattle office.

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

$70.9 Million Apartment Portfolio Sale Arranged by Marcus & Millichap

 

TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a nine-property, 2,253-unit multifamily portfolio in various locations in Florida and Texas. The sales price is $70.9 million.

Jeffrey Meyer (lower right photo), in Marcus & Millichap’s Tampa office, represented the seller, a Tampa Bay area-based private investor. Sean Shahar A. Ziv, of the firm’s San Diego office, represented the buyer, a California-based investment firm making its first entry into the Florida and Texas multifamily markets. 

 “The substantial financial commitment of the buyer and his financial partners is a positive signal that Florida in general and Tampa in particular are well positioned to recover from the recession,” says Meyer.

The two Texas properties combine for a total of 982 units and are located on the same street in Pasadena, a suburb of Houston.

Three of the Florida properties are located in central Tampa and the rest are located in Orlando, Fern Park, Bradenton and Brandon. The Tampa properties, comprising 518 units, are located just north of the main campus of the University of South Florida (USF).

The USF campus is growing rapidly as the school continues its transformation into a major research center with a concentration in biomedical and related fields.

The Orlando and Fern Park properties, totaling 536 units, are located near major arterial roads and are in close proximity to large employment centers.

 At the time of the sale, portfolio-wide occupancy was approximately 88 percent.

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

                                              1302 Coopers Town Court, Tampa, FL

Wilson Commercial Real Estate Hires 27-Year Veteran Ken Shishido as Senior Vice President

 

 LOS ANGELES, CA, NOV. 14, 2011 – Wilson Commercial Real Estate, one of Southern California’s leading retail brokerage firms, has announced that it has hired Ken Shishido (top right photo) as Senior Vice President.  Shishido will continue working with retailers throughout Southern California and will expand the firm’s leasing presence in Orange County. 

“We are seeing a lot of activity in the Southern California retail market from retailers seeking advice and implementation of their real estate strategies,” said Chris Wilson (middle left photo), President, Wilson Commercial Real Estate.  “We are confident that Ken will play an integral role in helping to serve our existing clients and grow our tenant business.”

With more than 28 years of retail real estate experience, Shishido previously served as a senior vice president in the retail group at Grubb & Ellis where he was responsible for representing national and regional retailers with their requirements.

 He has exclusively represented a number of expanding retailers in Southern California, including Ruth’s Chris Steak House, Baja Fresh, La-Z-Boy Furniture Galleries, Gold’s Gym, Super King Markets and Daiso Japan. Throughout his career, he has completed lease and sale transactions encompassing more than 4 million square feet.

Shishido earned an MBA degree with a focus on finance and management strategy from the Anderson School of Management at UCLA.  He is an active member of International Council of Shopping Centers (ICSC).

For more information, please visit http://www.wcre.net/.

Contact:

David Ebeling

Ebeling Communications

(p) 949.861.8351

(c) 949.278.7851

david@ebelingcomm.com

New 'Porsche Design' Oceanfront Condo Tower Proposed For South Florida

MIAMI, FL -- Sunny Isles Beach is poised to begin another condo highrise construction boom as a fourth tower -- the 57-story Porsche Design Residences (top left rendering of Porsche Design buildings) - - has been proposed for an oceanfront site located in the barrier island city in Northeast Miami-Dade County, according to a new report from CondoVultures.com.

Plans for the Porsche Design Residences project comes a week after Sunny Isles Beach city attorney Hans Ottinot (middle right photo) told CondoVultures.com that developers have approached the municipality with plans to construct three other oceanfront condo towers within the barrier island city's boundaries, according to a recent report.  

Given the shrinking inventory of developer units from the real estate boom, Sunny Isles Beach is following the emerging South Florida trend of new condo construction as 13 towers with nearly 3,500 units are already being proposed for the tricounty region of Miami-Dade, Broward, and Palm Beach as of Nov. 10, 2011, according to the CondoVultures.com Preconstruction Condo Projects list.  

The proposed Porsche Design Residences project with 132 units and more than 500,000 square feet of space is slated to be developed on a 2.2-acre site where the 120-unit Golden Nugget Beach Club & Hotel (middle left photo) currently stands, according to city of Sunny Isles Beach government records.

The proposed Porsche Design Residences project is scheduled to be discussed at a Nov. 17, 2011 public hearing being held by the Sunny Isles Beach City Commission, according to a public notice published in the Miami Herald on Nov. 6, 2011.

The proposed Porsche Design Residences project would be developed by Dezer Properties and Porsche Design, according to the South Florida Business Journal.

The Dezers have developed thousands of condo units in the Sunny Isles Beach market including the six towers that don the name of New York City real estate mogul Donald Trump.

For Porsche Design - a high-end men's accessories company headquartered in Germany - the proposed Sunny Isles Beach tower would be the first condo development in South Florida, according to the South Florida Business Journal.

Porsche Design's roots trace back to Prof. Ferdinand Alexander Porsche (lower right photo), designer of the Porsche 911 sports car and grandson of the founder of the Porsche, according to the company's website.

At the current 2011 sales pace of nearly 45 new condo transactions per month, the unsold existing developer units from the real estate boom in Sunny Isles Beach would be absorbed by the end of 2012, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To Sunny Isles Beach™.

Overall, the South Florida condo boom has generated nearly $4.1 billion in developer sales of newly created units in Sunny Isles Beach as of Sept. 30, 2011, according to a new CondoVultures.com report.

Between 2003 and the third quarter of 2011, developers have sold more than 9.2 million square feet of condo space in Sunny Isles Beach, according to the report.

Sunny Isles Beach is a 40-block stretch from the city of Golden Beach boundary south to Haulover Beach Park, Biscayne Bay east to the Atlantic Ocean. Sunny Isles Beach is divided up into three neighborhoods separated by causeways: North, Central, and South.  

Developers created 27 projects with nearly 6,400 units in the Sunny Isles Beach market since 2003. Prior to the boom, developers had built nearly 60 projects with nearly 12,000 units in Sunny Isles Beach, according to the Condo Vultures® Official Condo Buyers Guide To Sunny Isles Beach™.  

Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.

Marcus & Millichap Sells 131-Room Hotel in Downtown Mobile, AL

  

MOBILE, AL,  Nov. 14, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Mobile Bay Adventure Inn (top left photo), a 131-room hotel located in downtown Mobile, Ala., according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office.

Jonathan S. Ruprai (lower right photo), a hospitality specialist in Marcus & Millichap’s Tampa office and Edwin Greenhalgh, Alabama broker in the firm’s Birmingham office, had the exclusive listing to market the property on behalf of the seller, a financial institution. 

 The listing agents also secured the buyer of the property, a limited liability company based out of Alabama. 

 Mobile Bay Adventure Inn is a limited service hotel built in 1968.  The property is located at 255 Church Street.

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

(813) 387-4700

Residential Condo Experts Expand into Commercial Marketplace

FORT LAUDERDALE, FL - Pordes Residential Sales & Marketing has opened a commercial division, Pordes Commercial, that capitalizes on the firm’s unique skills in positioning properties and bulk sales. The company is bringing on several new agents and selling more properties than any other firm in the market.

 Pordes has extensive experience in complex, large-scale commercial transactions. The company brokered the $125 million sale of 146 units at a luxury condominium at 2700 N. Ocean Drive on Singer Island. That deal satisfied the lender, relieved the developer of liabilities and provided the investors with a prime oceanfront property at an excellent price. The property has now been repositioned as Ritz-Carlton residences.

 Other large-scale transactions include:

  

• Bulk sale of 98 units at NoBe Bay in Miami Beach in 2011
• Partnership to acquire, sell and market 42 condo-hotel residences at One Bal Harbour in 2011
• Bulk sale of 50 units at Fontainebleau Sorrento in 2009 and 2010
• Bulk sale of 170 units at Trump Hollywood in 2010

  “Launching the commercial division was an easy decision,” says Michael Internoscia (middle left photo), vice president of sales for Pordes. “We have completed five large commercial transactions in the past 12 months without having the division, so it was just time.”

 “We were already experiencing strong demand for our commercial property services,” said company founder and president Mark Pordes (top right photo). “Companies were seeking us out for our experience and expertise.”  

 Pordes Commercial has just listed a $1.75 million parcel for One West Las Olas Boulevard in Fort Lauderdale, a proposed 10-story professional office building at the corner of Andrews Avenue and Las Olas Boulevard in downtown Fort Lauderdale.

 The 47,000-square-foot project will have premium ground floor retail space and nine floors of Class A office space. The units of 1,000 square feet or more can be owner occupied or leased. Units have open plans and large windows at a Las Olas address.

 The building site is along Riverwalk, a short walk from the Broward Center for the Performing Arts, Broward County courthouse and Florida Philharmonic. The offices will be just 10 minutes from Fort Lauderdale-Hollywood International Airport and Port Everglades.

 The firm’s management team includes Michael Internoscia, vice president of sales, Michael Sadov (lower left photo), vice president of operations, and Mindy Pordes (middle right photo), director of business development.

For more information call 786-245-8379 or visit http://www.pordesresidential.com/

 Contacts:

Julie Talenfeld of Boardroom Communications. 954-370-8999. jtalenfeld@boardroompr.com.

http://www.boardroompr.com/

 Estee Pinzon

Digital Media Specialist

Boardroom Communications

(954) 370-8999

(954) 370-8892 Fax

epinzon@boardroompr.com