CalPERS Names Carol Baldwin Moody To Lead Investment Compliance Unit

  

SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) today announced the appointment of Carol Baldwin Moody (top right photo) as Senior Portfolio Manager for Investment Compliance and Operational Risk.

Moody has extensive U.S. and international experience in legal, compliance and risk management in banking, insurance, pension, private equity and mutual fund sectors. As the head of CalPERS new Investment Compliance function, she will be responsible for developing, implementing and monitoring investment management compliance and operational risk programs and policies.

“Carol brings to CalPERS a wealth of legal and global financial experience and a deep knowledge of compliance and risk management issues,” said Janine Guillot (lower left photo), CalPERS Chief Operating Investment Officer. “Under her leadership, I’m confident our Investment Compliance function will set the highest standards in the development and rigorous enforcement of our risk management policies.”

Moody comes to CalPERS from Wilmington Trust, where she was senior vice president and chief risk officer overseeing all aspects of risk management. Prior to that, she was senior vice president and chief compliance officer at Nationwide Insurance and chief compliance officer at TIAA-CREF.

After 11 years of law firm and in-house practice, Moody in 1997 became head of compliance for Citicorp’s Global Relationship Bank. From 2003 to 2010, she also served as a director of Carver Bancorp Inc., the holding company for Carver Federal Savings Bank, the nation’s largest African American-operated bank.

A native of Philadelphia, Moody holds a bachelor’s degree in finance from the Wharton School of the University of Pennsylvania and a juris doctor degree from Columbia Law School.

Contact:

External Affairs Branch

(916) 795-3991

Robert Udall Glazier, Deputy Executive Officer

Brad Pacheco, Chief, Office of Public Affairs

Contact: Wayne Davis, Information Officer

pressroom@calpers.ca.gov

Marcus & Millichap Lists Idaho Student Housing Portfolio

   

BOISE, ID – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for a three- property, 252-unit student housing portfolio serving Boise State University (BSU) and the College of Western Idaho (CWI).

The properties, which include a total of 471 beds, are located in Boise and are being offered in an open bid. The assets may be purchased together or separately. They are:

• Iconic Village, 529 Rossi St.  (top left photo), 161 units, 223 beds, 89,770 square feet
• Park Village, 989 Sherwood Ave., 47 units, 188 beds, 50,760 square feet
• Oregon Trail Village, 1630 Martha St., 44 units, 60 beds, 27,104 square feet

 

 Dorothy Jackman (middle right photo) a vice president investments, and Travis Prince (middle left photo), a senior associate, both in Marcus & Millichap’s Tampa office, are representing the seller, Iconic Development  LLC.

Nick Fluellen (lower right photo), a vice president investments in the firm’s Dallas office, and Richard Bird (lower left photo), regional manager of the firm’s Salt Lake City office, are also providing representation.

“All three properties are located within two blocks or less of BSU and CWI at BSU,” says Jackman. “BSU is the largest university in Idaho and had a fall 2010 enrollment of 19,993 students. The university provides housing for just 10 percent of its students and freshman are not required to live on campus,” continues Jackman.

“The portfolio offers an investor the opportunity to acquire the only assets leased by the bed in a market with significant barriers to entry,” adds Prince.

Iconic Village is located approximately two blocks from BSU, CWI and the Boise State Research Center. The property is comprised of 20 buildings and a clubhouse situated on approximately 5.4 acres. Iconic Village has received approval to increase the density of the community from 29.1 units per acre to 34.6 units per acre, raising the number of units on the site to 184.

Located one block from BSU and CWI, Park Village is comprised of three three-story buildings and a clubhouse situated on approximately 1.9 acres. Built in 1996, and renovated in 2011, Park Village features a brand-new clubhouse, gated entry, 24-hour on-site laundry facilities, a BSU shuttle bus for students and a sand volleyball court.

Oregon Trail Village is located one block from the BSU campus between the university’s dorm buildings and BSU’s main classrooms.

Built in 1964 and 1984 and renovated in 2011, the property is comprised of four buildings and a clubhouse situated on approximately 1.4 acres.

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

Rollins College to Co-Host CEO Nexus Forum Dec. 13 in Winter Park, FL

WINTER PARK, FL --- The Rollins College Center for Advanced Entrepreneurship, CEO Nexus and the Florida Economic Gardening Institute will host a forum at the Mills Memorial Center at Rollins College in Winter Park on Tuesday Dec. 13.

Steve Quello (top right photo), president of CEO Nexus, the firm that works with public and private organizations to help accelerate the growth of second stage businesses, said admission to the CEO Nexus Forum is by invitation only.  

Dr. Tom O’Neal (middle left photo), executive director of the Florida Economic Gardening Institute said Central Florida CEOs and principals of qualified second stage businesses have been selected to attend the event, which begins with a reception for registration and networking.

Waymon Armstrong (lower right photo), the 2010 SBA Region, State and National Small Business Person of the Year, will be the featured guest speaker. 

Armstrong, a frequent lecturer at Rollins College, is the chief executive officer of Engineering & Computer Simulations, Inc. (ECS) in Orlando.  He will share the story behind the growth and success of ECS and how he and his wife/business partner have managed the challenge of maintaining a work-life balance.

To learn more about CEO Nexus, its forums and how to register, contact Quello at info@CEONexus.com or 407-590-6101.

For media information, contact

Steve Quello, President, CEO Nexus 407-590-6101, info@ceonexus.com;

Tom O’Neal, Ph.D, Executive Director, Florida Economic Gardening Institute/GrowFL , 407-882-1120

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

$3.8 Million Buys CVS/Pharmacy in Chipley, FL

 CHIPLEY, FL,  Nov. 16, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of CVS/Pharmacy (top left photo), a 13,225-square foot single-tenant net-leased property located in Chipley, Fla., according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office. The asset commanded a sales price of $3,800,000.

Leon Brockmeier (middle right photo) and Patrick O'Halloran retail investment specialists in Marcus & Millichap’s Tampa and Atlanta offices had the exclusive listing to market the property on behalf of the seller, a developer from Florida.  The buyer is a private investor based out of Omaha, Nebraska who was secured and represented by Al Palacios, a senior associate in the firm’s Miami office. 

This newly constructed property was built in 2010 and opened in February of 2011.  It is located at the intersection of Main Street and South Boulevard.  This CVS drugstore was relocated from a shopping center inline space to a freestanding store with a double drive-through.

   “We received great interest in the asset which brought multiple offers very quickly”, says Brockmeier. “The seller ended up choosing the buyer due to a 1031 exchange and all cash purchase with a very quick close.

“The property was listed at $3.8 million and sold for $3.8 million.  We are currently seeing a strong demand for drugstore assets which is creating a bidding atmosphere around these types of assets,” adds Brockmeier.

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

(813) 387-4700

NAI Realvest Negotiates Two New Office Leases in Maitland, FL

 ORLANDO, FL --- NAI Realvest recently completed two new lease agreements totaling 2,947 square feet at office facilities in Maitland.

 Senior Broker Associate Mary Frances West, CCIM (top right photo) negotiated the transactions representing the tenants.  

 Total Health Diabetes, a local firm that provides diabetes education, support and referral services, leased suite 204 with 1,523 square feet at 541 N. Orlando Ave.   Landlord IMMO Maitland, LLC was represented by Patti Jackson of Bradley Corporation.

  Development Planning & Financing Group, Inc., business management consultants headquartered in San Juan Capistrano, Calif., is the new tenant who leased suite 340 with 1,424 square feet at 1060 Maitland Center Commons.   The Landlord, Orlando Bramingham, Inc. of Warrington, Pa., was represented by Paul Reynolds of CB Richard Ellis.

For more information,  contact:

Mary Frances West CCIM, NAI Realvest, 407-875-9989,  mwest@realvest.com;

Patrick Mahoney, President NAI Realvest, 407-875-9989,  pmahoney@realvest.com;

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 or 407-461-3780 Lvershelco@aol.com 

Corecon Technologies Announces Launch of CoreconLink for MYOB

  

 HUNTINGTON BEACH, CA – Corecon Technologies, creator of Corecon V7, a web-based suite of construction software for the architecture, engineering and construction (AEC) industry, is now offering its customers in Australia and New Zealand a solution to integrate their project management and MYOB accounting software.

 CoreconLink for MYOB will allow Corecon V7 users the ability to combine estimating, project management and accounting into a single, easy-to-use, flexible system.

Through this streamlined project management software link, all project team members including accountants and financial controllers can collaborate quickly and effectively.

“Studies have proven that construction businesses who centralize their information, work smarter and faster,” said Corecon Technologies President Norman Wendl (top right photo). “Offering general contractors, homebuilders and subcontractors a turnkey system to handle their project functions while integrating with their existing accounting system is one of Corecon’s most unique and beneficial features.”

 For more information about Corecon Technologies and Corecon V7, visit http://www.corecon.com/ or call toll free at 1-866-258-6698.

 Media contact: Laura Mickelson, LM Communications                                    lauramickelson@cox.net

Faris Lee Investments Completes $9.7 Million Sale of 24,605-SF, Mu;ti-tenant Retail Property in Baldwin Park, CA

  

IRVINE, CA, Nov.  16, 2011 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has announced the $9.7 million sale of Baldwin Park Towne Center (top left photo).

 Built in 1987, the 24,605-square-foot, multi-tenant retail property located at 14510 Baldwin Park Towne Center  includes GameStop, Verizon, AT&T, Adriana’s Insurance and Tortas Sinaloa Restaurant as tenants. The property also benefits from the fact that it is co-occupied by such national tenants as Home Depot, McDonald’s, Denny’s, and a Marriott Courtyard Hotel.

Matthew Mousavi (middle right photo) and Nicholas Coo of Faris Lee Investments represented both the seller, Baldwin Park Plaza LLC, and the buyer, GDA Companies. Both the buyer and seller were involved in a 1031 exchange. At approx. $400 PSF, this was the highest price per square foot sale in this region of Los Angeles County for the past three years, per CoStar.

Unique to this transaction was the fact that the property had not had any interest in previous attempts to go to market. However, the marketing strategy employed by Faris Lee drove 10 offers in a limited amount of time, helping to fulfill the 1031 exchange requirements of the buyer and seller.

  

 “The issue on the table today is risk. Everyone’s wants to know how to minimize any risk in the transaction. In this case, we spent considerable time to understand each existing tenant’s unique profile so that we were well prepared to discuss all possible issues with prospective buyers,” noted Mousavi.   

   For example, while one of the tenants, an insurance broker, was a local entrepreneur, the team soon discovered that the Baldwin Park site was the top-performing of 40 locations they operated.

  “Our team investigated the street-level operating characteristics of the property and surrounding neighborhood so that we had answers early on for potential buyers. If you only look at data points, then you miss the true potential of what is an under-served dense neighborhood with a number of top-performing retail sites,” added Coo.

 Baldwin Park Towne Center is located on the corner of N. Garvey Ave. and N. Puente Ave. (41,600 vehicles per day at the intersection) and can be easily accessed by the I-10 (215,000 vehicles per day).

Due to the high population density of the Los Angeles/Southern California trade area surrounding the center and the limited supply of retail property, retail centers such as Baldwin Park will benefit from ever-increasing tenant demand for space.

 Mousavi and Coo both shared that today’s market needs leadership.

“You can’t let the market dictate value. You have to be involved in every aspect of the transaction throughout the entire process, even advising on how to add value, tenant issues, working with appraisers and much more,” Coo said.

For more information, please visit http://www.farislee.com/.

Contact:  Darcie Giacchetto, 949.278.6224, Spaulding Thompson & Associates

For Faris Lee Investments

Mast Capital Acquires the Hotel Monticello of Georgetown in Washington, DC

PHILADELPHIA, PA,  Nov. 16, 2011—Mast Capital, a Florida-based real estate private equity firm has closed on the purchase of the Hotel Monticello (top left and middle right photos)  in Washington, D.C.

 The Hotel Monticello, a seven-story boutique hotel located in Washington D.C.’s Georgetown neighborhood, is the second oldest hotel in Georgetown and has only traded once since opening in 1967.

 Located near the Four Seasons Washington D.C. and the Ritz Carlton Georgetown, the Hotel Monticello maintains one of the most coveted addresses in the District and will be the gem of Georgetown following Mast Capital’s repositioning plans.  Hersha Hospitality Management (HHM) has been named as manager and plans to operate the hotel as part of its Independent Collection of hotels.

The Hotel Monticello is a reproduction of an old Georgetown manor and will feature 58 newly appointed, over-sized guestrooms, improved roof top amenities, an innovative food and beverage experience, upgraded technology package and expanded common areas after its upcoming redevelopment, currently planned to commence in early 2012. 

Located at the intersection of M Street NW and 30th Street, The Monticello benefits from its proximity to the nation’s top tourist attractions, renowned universities, luxury retailers, and world class restaurants.

“The Hotel Monticello is a very exciting investment for Mast Capital,” stated Camilo Miguel, Jr., Chief Executive Officer of Mast Capital.  “The hotel is our first hospitality acquisition in the Washington D.C. metropolitan area, one of the strongest and most consistent lodging markets in the United States. 

“We are looking forward to reinvigorating the hotel and enhancing its already charming character.  Mast Capital and HHM worked closely in getting this acquisition closed and are excited about the future success of the property.”

The Hotel Monticello represents HHM’s eighth hotel in the Washington, D.C. metropolitan area and the first hotel that HHM will be managing for Mast Capital. 

 “We are excited to add the Hotel Monticello to HHM’s growing portfolio of independent hotels.  It’s our first property in the vibrant neighborhood of Georgetown, and the hotel has the unique personality that we look for in the Independent Collection.  We look forward to continuing to build our partnership with Mast Capital,” stated Naveen Kakarla (lower left photo), Chief Executive Officer.

 Contact:

Jerry Daly, Chris Daly                            

Media                                                             

Daly Gray                                                       

(703) 435-6293                                               

jerry@dalygray.com                                      

chris@dalygray.com

Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

Jim Abrahamson Transitions to CEO of Interstate Hotels & Resorts

 ARLINGTON, VA, Nov.  16,  2011—Interstate Hotels & Resorts, the largest U.S.-based global management company, today announced that, effective December 1, 2011, Jim Abrahamson (top right photo), Interstate’s president and chief operating officer, will transition to chief executive officer and current CEO and Chairman Thomas F. Hewitt (middle left photo) will remain as chairman, as previously announced earlier this year

In addition, the senior executive team effective December 1, 2011 will be: Samuel E. (Ted) Knighton, chief operating officer; Julie Pangelinan (lower right photo), chief financial officer; Leslie Ng (lower left photo), chief investment officer; and Christopher Bennett, chief administrative officer and general counsel.

“Jim brings worldwide perspective, deep brand experience with Hilton, Hyatt and IHG and proven industry leadership to our company at a time of extremely rapid growth,” Hewitt said.  “He already has developed great relationships with our owners and is highly regarded by the leading brands. He has been a terrific addition to lead our Interstate team.”

“Under Tom’s leadership the company has skillfully doubled in size to nearly 400 hotels,” Abrahamson said. “We are fortunate to have his remarkable legacy and continued guidance and input as chairman.”

“The promotion of Ted coupled with Julie’s addition at midyear and Chris and Leslie’s long-term contributions, provides Interstate with the capabilities and skills necessary to lead this company as reflected by their many contributions to the company’s recent significant growth,” Abrahamson said. 

 “We have a strong executive team in place, perhaps the best in the business, with the talent and experience to advance Interstate forward as we deliver superior performance to our owners and as we continue our unprecedented worldwide growth.”

Knighton will oversee global operations of the company’s managed and owned hotels currently located on three continents.  He has been with Interstate and its predecessor company since 1990 and has held increasingly important positions with the company. 

Most recently, he was president of hotel operations, responsible for Interstate’s North American portfolio, Interstate’s largest region.  His career includes senior roles with Radisson Hotels and Hyatt Hotels Corporation.  Knighton holds a degree in hotel administration from Cornell University.

“Ted is a proven and highly effective senior operations executive,” Abrahamson said.  “He has earned the respect of our hotel owners and our 26,000 associates through his leadership, experience and vision. I am confident he will be successful integrating Interstate’s global hotel operations, a key strategy for the company.”   

Contact:

Jerry Daly, Carol McCune                              Carrie McIntyre

 Media                                                              SVP, Treasurer

 Daly Gray                                                       Interstate Hotels & Resorts

 (703) 435-6293                                                (703) 387-3320

 jerry@dalygray.com                                       carrie.mcintyre@ihrco.com

Patrick Daly

 Account Supervisor

 Daly Gray, Inc.

 patrick@dalygray.com

 Office:  (703) 435-6293

 Cell:  (703) 300-8289