Atlantic | Pacific Companies’ Recent Growth Spurs Office Expansion in Atlanta, GA and Boca Raton, FL

MIAMI, FL, Feb. 13, 2012 – Atlantic | Pacific Companies (A|P), the Miami-based fourth generation real estate company headquartered in Bay Harbor Islands, has officially announced the expansion of its offices in Atlanta, GA and Boca Raton, FL.

A|P recently signed a new lease in Atlanta for an office located on the fifth floor of the 20-story office building known as The Lenox Building (top left photo) located in the heart of Buckhead at 3399 Peachtree Road, Suite 520.

The Atlanta office will anchor Atlantic | Pacific Management’s (APM) growth outside of Florida. APM is the property management and leasing subsidiary under A|P. The Atlanta team will be acquiring and managing multi-family properties in Georgia, North Carolina and Texas. APM will also be pursuing third party property management within these markets as a part of its business model.

Mark Briggs (middle right photo), the Senior Managing Director of the APM Atlanta office states "We are very excited about our expansion.  We have been fortunate to assemble a great senior management team in Atlanta who can build upon A|P's reputation of high quality investment and property management."

A|P’s Boca Raton office, located at 622 Banyan Trail, Suite 150 in Florida, has expanded by doubling its existing operations to a total of 6,000 square feet.  The expansion is the result of A|P’s continued growth within the southeast with an emphasis in its high rise condominium management operations.

For more information, please contact:

 Randy Weisburd at rweisburd@apmanagement.net.

Jessica Wade Pfeffer / Jessica Wade Inc. Jessica@jessicawadeinc.com

305.804.8424

Berger Commercial Realty Corp. Announces Three Lease Transactions in Fort Lauderdale, FL

FORT LAUDERDALE, FL – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale, Fla., and serving clients around the state, announced Keith Graves (top right photo) closed three lease transactions.

 Graves represented SPG Palm Crossing, LLC in the lease of a 12,000-square-foot flex space located at 3560 NW 56th St., in Fort Lauderdale, to Dish Network Services, LLC.

 Additionally, Graves represented SPG Palm Crossing, LLC in the lease of a 5,000-square-foot industrial space located at 3520 NW 56th St., in Fort Lauderdale, to Falcon Crest Aviation Supply, Inc.

 Graves also represented SPG Palm Crossing, LLC in the lease of a 14,100-square-foot industrial space, located at 3540 NW 56th St., in Fort Lauderdale, to Anita International Corp.

Contact: 

Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999, ext. 226

msologuren@piersongrant.com

HFF closes $36.5 million sale of Class A office portfolio in Vernon, IL and arranges $27.75 million in acquisition financing

 

CHICAGO, IL – HFF announced today that it has closed the sale of and arranged financing for Continental Executive Parke I, II, III and IV (top left photo),  Class A office buildings totaling 294,153 square feet in Vernon, Illinois.

HFF marketed the portfolio on behalf of the seller, PacTrust. PWA Real Estate, LLC purchased all four properties for an aggregate total of $36.5 million.

HFF’s debt placement group arranged the acquisition financing on behalf of PWA Real Estate LLC. JP Morgan Chase Bank provided the fixed-rate loan, which will also be serviced by HFF.

Continental Executive Parke is 93.6 percent leased overall to tenants including Wonderlic, Inc, Parkson Corporation, CDW LLC and Baxter Credit Union. The properties are located at 400 North Lakeview Parkway, 560-562 East Bunker Court, 300 North Milwaukee Avenue and 340 North Milwaukee Avenue in Vernon Hills in the north suburban market of Chicago.

The HFF investment sales team representing the seller was led by senior managing directors Jeff Bramson (middle right photo) and Jaime Fink (lower left photo).

HFF senior managing director Mike Kavanau and managing director Stephen Skok represented the buyer/borrower in the financing of the transaction.

As one of the Pacific Northwest's largest real estate developers and investment property owners, Pacific Realty Associates, L.P. (PacTrust) has been a trusted name in commercial real estate for over 35 years. The firm has approximately 16 million square feet of operating office, industrial, flex and retail properties as well as 500 acres of undeveloped land.

PWA Real Estate’s core focus is to acquire income producing, commercial real estate properties. The firm looks to purchase commercially grade, strategically located, stabilized assets that are sourced, analyzed and managed by the firm’s team of experienced real estate professionals.

Contacts:

JEFFREY M. BRAMSON                       JAIME M. FINK

HFF Senior Managing Director             HFF Senior Managing Director

(312) 528-3650                                 (    312) 528-3650

jbramson@hfflp.com                              jfink@hfflp.com

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500 

krmurphy@hfflp.com

East Tennessee Online Real Estate Auction, hosted by Potts Brothers Land and Auction, begins Feb.15 and ends Mar.1.

 ROCK SPRING, GA,  Feb. 13, 2012 /PRNewswire/ -- Potts Brothers Land and Auction, an independently owned and operated auction company, is hosting the East Tennessee Real Estate Auction from February 15th to March 1st.

The auction, which is lender owned and online only, features an historic home and properties ranging from five acres to over 790 acres.

When asked about the action, Bruce Potts, Owner and Auctioneer, says, "Our family has been in this business since 1975, when my father owned the company.

“Potts Brothers Land and Auction became an established name throughout Georgia, Tennessee and Alabama and we take pride in our reputation as a trustworthy and reliable firm. There are very exciting listings in the East Tennessee Real Estate Auction, and I think we'll have some pleasing results."

Highlights of the auction include:

• Property 101 - 5.15 +/- Acres on County Road 226 in McMinn County, TN
• Property 102  -  230 +/- Acres on Hiwassee Rd & Red Ankle Rd in Monroe County, Madisonville, TN
• Property 103 - Beautiful Historic 2 Story Home in Downtown Pikeville, TN
• Property 104 - 15 +/-Acres located on Upper East Valley Rd  in Bledsoe County, Pikeville, TN   
• Property 105 - 790 +/-Acres on Reagan Valley Road in Monroe County, TN

For a complete copy of the company’s news release, please contact:

Bruce Potts

info@pottsbrothers.com

800-701-8966

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

Retail Property Sector Defies Expectations, Reports Marcus & Millichap

 ENCINO, CA,  Feb. 13, 2012 – Retail properties performed remarkably well and have a strong potential for an upside surprise despite setbacks to the U.S. economy in the second half of 2011, according to the National Retail Report (NRR) released by Marcus & Millichap, the largest real estate investment services firm.

 Space absorption improved for the ninth consecutive quarter, while construction starts fell to their lowest levels in 20 years. An anticipated rise in net absorption to 77 million square feet will surpass the 32 million square feet of new supply, tightening the U.S. vacancy rate to 9.2 percent by year’s end.

“The retail sector’s strong performance defied pundits’ expectations,” says Hessam Nadji (top right photo), managing director, research and advisory services for Marcus & Millichap.

 “Retail assets overcame a mid-year plunge, as well as a slide in consumer confidence and a modest contraction in per-capita disposable income.

“ Ultimately, core retail sales increased 6.5 percent by year’s end, with holiday sales growing by 3.8% over 2010. Private-sector hiring totaled 1.8 million in 2011, with the addition of 466,000 jobs in 4Q.

“Consumers are still under tremendous pressure, but have shown significant resilience amid the financial-market turmoil and recession talk of the past five to six months.”

All 44 markets tracked in the report’s National Retail Index (NRI) are forecast to post job growth, vacancy declines and effective rent growth in 2012, with San Francisco, San Jose and Seattle ranking at the top of the index.

For a full copy of the NRR and rankings, contact

Stacey Coroso, Public Relations Manager, stacey.corso@marcusmillichap.com or (925) 953-1716.

$85 million refinancing arranged by HFF for national industrial portfolio

  

LOS ANGELES, CA – HFF announced today that it has arranged an $85 million refinancing for a 22-property portfolio totaling about three million square feet in seven markets throughout the United States.

HFF worked exclusively on behalf of the borrower, an affiliate of a real estate fund managed by Oaktree Capital Management, L.P. and Cohen Asset Management, Inc., to secure the five-year, fixed-rate loan through a correspondent life insurance company.  The loan will be serviced by HFF.

The portfolio consists of 20 industrial and two office properties located in Los Angeles, Silicon Valley, Seattle, Philadelphia, Dallas, Indianapolis and Cincinnati.  Properties include small industrial facilities, large warehouse, R&D/Flex and office space.  The portfolio’s tenants include Promotions Distribution Services Corp. (wholly owned by Ebay), Amazon.com KYDC LLC, Hoya Corporation, GlaxoSmithKline, UPS Supply Chain Solutions, Inc. and Caterpillar Logistics Services, Inc.

The HFF team representing the borrower was led by senior managing director Paul Brindley (top right photo) and director John Crump (lower  left photo).

Established in 1992, Cohen Asset Management, Inc. (CAM) is a national owner and operator with a primary focus on the industrial real estate sector and extensive experience in successfully implementing value-add strategies.  CAM is strategically headquartered in Southern California with a regional office in Northern New Jersey.

Contacts: 

              

 PAUL BRINDLEY                           KRISTEN MURPHY

 HFF Senior Managing Director     HFF Associate Director, Marketing

 (310) 407-2100                               (713) 852-3500

 pbrindley@hfflp.com                       krmurphy@hfflp.com

Grubb & Ellis Facilitates 10.5-Acre Industrial Land Sale in Anaheim, CA

 ANAHEIM, CA (Feb. 13, 2012) – Grubb & Ellis Company today announced that Jeff Read (top right photo), executive vice president and Greg Osborne (middle left photo), senior vice president, both of the company’s Industrial Group, represented Pittsburgh-based Neville Chemical Corporation in the sale of a 10.5-acre land site in Anaheim.

 The buyer is Newport Beach-based Western Realco LLC and its partner, Connecticut-based Penwood Real Estate Investment Management. The sale price was not disclosed.

 Located at 2201 E. Cerritos Ave., the site had previously housed a manufacturing plant owned and operated by Neville until 2005. It is situated in proximity to the 57, 91, 5 and 22 Freeways and just minutes from Edison Field (lower right photo), home of the L.A. Angels of Anaheim, and the Honda Center, home of the Anaheim Ducks.

Western Realco and Neville spent the past eight months working with the City of Anaheim to convert the property to industrial zoning, consistent with the immediate surrounding real estate. The City Council unanimously adopted the industrial zoning application at its meeting on  Feb. 7.

Western Realco plans to work with the City of Anaheim to develop a state-of-the-art, 210,000-square-foot, cross-dock industrial building on a speculative basis.

The building, which will be offered for sale or lease, will have 30-foot minimum ceiling clearance, ESFR sprinklers and excellent truck-turning radius on two sides. Western Realco has appointed Read and Osborne with Grubb & Ellis Company to market the building on its behalf.

 Western Realco continues to be one of the most active developers and investors in Orange County. The Cerritos Avenue property is the company’s second industrial land acquisition in the market in the past few months, coming on the heels of its purchase of a four-acre site in Brea in December of last year.

 “We will continue to seek value-add industrial opportunities, including land for speculative development and existing buildings with turn-around potential, to take advantage of strengthening fundamentals in Southern California,” said Gary Edwards, principal with Western Realco.

 Contact:   Whitney Wolff, 949.608.2057, whitney.wolff@grubb-ellis.com

First Green Bank Expansion Strategy in Central Florida could see Green Bank Facilities in Orange – Seminole Area before end of the Year

MOUNT DORA, FL  – First Green Bank hosted more than 750 visitors at its official “Grand Green Opening” of its new award winning headquarters facility in Mount Dora recently and the following week opened its first branch outside Lake County in Ormond Beach.

Soon, additional First Green Bank branches could be premiering in the Orange and Seminole County regions as well.

“The FDIC has extended their period of scrutiny from the historic three year limit to seven years, which constrains our opportunities,” said Kenneth LaRoe (top right photo), chairman and chief executive officer of First Green Bank.

LaRoe, who created the bank’s “green” approach to customer service and sustainability, said there’s more work to be done yet on the bank’s Clermont and Ormond Beach branches, including upgrades to increase water conservation and provide more energy efficient appliances and lighting.

LaRoe said he is also looking at ways to incorporate solar energy components at both locations.

“We have an electric vehicle recharging station at the Clermont branch and we’re studying the feasibility of even powering that with solar panels,” LaRoe said.

“In the Orange-Seminole market, a lot will be

determined by the facility or site. If we can buy a site and build a new facility we can incorporate all the things we learned in Mount Dora (lower left photo).

“We may be able to buy an existing facility that we can bring up to our standards,” he said. “If we lease a facility, we can still make improvements that meet our criteria.”

The U.S. Green Building Council (USGBC), which sets standards for energy efficiency and environmental quality with its LEED (Leadership in Energy Efficient Design) program, recently introduced new LEED-EB standards for existing buildings.

“We would like to open a branch in the Orange-Seminole market area soon and we are prepared to open one before the end of this year if we can,” LaRoe said.

For more information about this press release, contact:  

Kenneth E. LaRoe, CEO and Chairman, First GREEN Bank, 352-483-9100, ken@firstgreenbank.com

Paul Rountree, President, First GREEN Bank, 352-483-9100, paul@firstgreenbank.com

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

Southeast Capital Group at Newmark Knight Frank Hires Florida State University Academic Standout as a Broker Associate

ATLANTA, GA --- The Southeast Capital Group at Newmark Knight Frank has appointed recent Florida State University graduate Jason Archer (ltop right photo) the firm’s newest broker associate.

Whitney Knoll (lower left photo), who heads the Southeast Capital Group at Newmark Knight Frank, said Archer was an academic standout who participated in commercial real estate transactions valued at more than $800,000 during his university career.

Archer was president of Florida State University’s Real Estate Club and his academic prowess and leadership achievements earned him several awards and scholarships, including the ICSC and CCIM undergraduate real estate awards, Knoll said.

“Jason Archer will compile extensive retail market studies in conjunction with the retail investment sale process, developing disposition strategies, asset positioning, creating new business leads and executive transactions under the senior leadership,” Knoll said.

“We expect him to continue his superlative career and play a major role in our growth and development. With experience, he has the makings of an outstanding real estate professional,” Knoll added.

For more information about this press release, contact:

C. Whitney Knoll, Principal/Managing Director of Southeast Capital Markets Group, Newmark Knight Frank, 201 17th Street, Suite 900, Atlanta, GA 30363; wknoll@newmarkkf.com; 404-926-1139

J. Mark Hillis, Principal, Southeast Capital Markets Group, Newmark Knight Frank, 404-926-1129 mhillis@newmarkkf.com

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

Clete Bernhardt promoted to Senior Vice President at Orlando’s Commercial Mortgage Advisors

 ORLANDO, FL -- Commercial Mortgage Advisors (CMA) is pleased to announce the promotion of Clete Bernhardt (top right photo), MSRE, to Senior Vice President.

He holds a Master’s Degree in Real Estate from the University of Florida—Warrington College of Business Administration. Clete will continue originating all loan types with a special emphasis on structured finance opportunities to include:

Acquisition, Bridge, Hard Money, Mezzanine, Preferred Equity, Joint Venture (JV), Debtor-In-Possession and Troubled Assets.

Clete has contributed to the closing of more than $200 million in commercial mortgage transactions representing nearly $1 billion in overall project value.

Commercial Mortgage Advisors originates loans with Life Insurance Companies, Pension Funds, Credit Tenant Lease (CTL) Lenders, CMBS Lenders, FHA FannieMae-FreddieMac lenders, Commercial Banks, Structured Finance Lenders, SBA/USDA lenders, Investment Bankers and Industrial Development Bond (IDB) lenders.

 CMA arranges construction and mini-perm loans, long-term fixed rate non-recourse loans, credit tenant lease loans, structured finance loans, SBA/USDA loans and industrial development bond loans. In addition, CMA also represents several institutions and individuals seeking acquisition, equity or joint venture opportunities.

Contact:

David J. Patten, CMB-Master

Owner-Partner

Commercial Mortgage Advisors

605 East Robinson Street, Suite 500

Orlando, FL 32801

Cell 407-808-7273; Fax 407-420-9589

david@cmacapital.com;

 www.cmacapital.com

Clete Bernhardt, MSRE

Senior Vice President

Structured Finance

407.489.1741

clete@cmacapital.com

Being on Twitter Is Good for Business, Say Guests on Atlanta’s CRE Show

ATLANTA, GA (Feb. 13, 2012) – Being on Twitter is more than just a good time: the social media network also is a powerful tool for businesses to enhance visibility and connect with existing and potential customers.

 Guests on the most recent “Commercial Real Estate Show” shared that observation and others during a detailed look at Twitter. Topics included why firms should consider using the network, the use of social media consultants and what users should tweet about. The show also provided many practical, how-to recommendations on how to useTwitter.

 Businesses need to be on Twitter because of the opportunities it presents for engagement with the public, said Shama Kabani (top right photo), author of “The Zen of Social Media Marketing” and CEO of The Marketing Zen Group.

“In commercial real estate, the mantra is ‘location, location, location,’” Kabani added. “The idea behind a good location is to attract more people. That’s where people are, on Twitter. They’re asking questions. They’re looking for recommendations, and they’re engaging with the world overall. For any smart business person, that’s where you want to be – right in the thick of it.”

 “I agree: a lot more businesses should be using Twitter,” replied show host Michael Bull (top left photo), founder and president of Bull Realty Inc. “It’s amazing to me how many businesses I talk to, and they’re not.”

 Kabani said firms have the option to either handle their Twitter accounts on their own or to hire a third-party firm. The decision “comes down to time and resources,” she said.

After businesses get on Twitter, they should take some time to get the lay of the land, guests noted.

 “You can be a voyeur at first but then engage and retweet tweets that you think are interesting and just have fun out there,” said Tony Wilbert (middle right photo), president of Wilbert News Strategies.

 “When people first start on Twitter – especially if they’re businesses – they start selling stuff. Don’t do that,” said Les Adkins (middle left photo), founder and CEO of Orange Social Media Solutions. “What you really need to do is start building trust. Look at what other people are writing on there and add value to that.”

“If you’re just trying to sell your wares all the time, no one is going to listen to you,” Bull noted.

 Businesses should also make sure that their tweets are both “relevant to their brand persona” and fun, said April Voris (lower right photo), a partner of Guest Relations Marketing. “It’s really important to have a personality,” she said. “If your personality doesn’t shine through and you’re boring, people aren’t going to listen to what you have to say.”

 To hear many other tips on how to successfully use Twitter as part of your business, listen to the entire show, which is available for download here.

 The next “Commercial Real Estate Show” will be available Feb. 16 and will examine issues surrounding appraisals and property tax assessments.

 America’s “Commercial Real Estate Show” is a national talk radio show about commercial real estate. New shows are available beginning every Thursday at the show website, www.CREshow.com.

Shows are also broadcast on AM stations, including Atlanta station Biz 1190 WAFS on Saturdays at 10 a.m. Show podcasts are available on-demand on iTunes and the show website.

 The show host is 30-year commercial real estate veteran Michael Bull, CCIM. Michael is the founder of Bull Realty, Inc, a regional commercial brokerage firm with three offices headquartered in Atlanta, Georgia.

Contact:

Stephen Ursery,

Wilbert News Strategies

sursery@wnspr.com

Marcus & Millichap Facilitates Sale of Family Dollar Anchored Center, in Tampa, FL for $2 million

TAMPA, FL, Feb. 13, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Family Dollar (top left photo), a 16,500-square foot shopping strip located in Tampa, Fla., according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office.

The asset commanded a sales price of $2,075,000.

Leon Brockmeier (middle right photo) and Michael J. Jaworski (lower left photo), retail investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a developer based out of Tampa, Florida.  Brockmeier and Jaworski also helped secure the buyer of the property, a private investor also from Tampa, Florida.

This Family Dollar anchored center is 100 percent leased and was built in 2005.  The property is located at 1727 East Busch Boulevard just east of Interstate 275 and minutes north of downtown Tampa.  This discount giant has plans to open approximately 300 stores and renovate 600 to 800 stores this year.

 “The center was on the market for only seven days” said Brockmeier.  “We had a great deal of interest from investors due to the strong tenant mix and location. 

“The property consisted of three tenants, Amscot Financial, Aaron’s Rents and the anchor Family Dollar – all of which are corporate leases” added Brockmeier.  

“The seller accepted a competitive offer and we closed nine days later. The offer was 5 percent off the asking price. These types of assets are the investment opportunities our buyers are looking for in this marketplace - great location, tenant mix and demographics” concludes Brockmeier.

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

(813) 387-4700

Voit Real Estate Services Directs Sale of 10-Lot, Single-Family Subdivision in Dana Point, CA

ORANGE COUNTY, CA (Feb.13, 2012) – Voit Real Estate Services’ San Diego office has successfully directed the sale of Mare Altura Villas (top centered photo), a partially completed, ten-lot residential development in Dana Point, Calif. for a total consideration of $2.85 million. 

The property consists of three partially finished homes and seven finished lots, according to Tony O’Neill, Vice President in Voit’s San Diego office.

O’Neill worked with Kendrick Askew (lower right photo), a Vice President in Voit’s San Diego office, to represent the seller, East West Bank. The property was acquired by a private investor. 

“The single-family home market is improving in the area, and the buyer intends to move forward with the completion of the project and sell the homes,” said O’Neill.  “Completion of the transaction involved complex analysis of the site’s current condition, entitlements and title matters.”

The property is located at 35200 Del Rey Street in Dana Point, Calif.

 Further information is available at www.voitco.com.

Contact: 

Judith Brower/ Jenn Quader

Brower, Miller & Cole

(949) 955-7940

Jquader@browemillercole.com

HFF closes sale of 2200 West Loop South in Houston

HOUSTON, TX – HFF announced today that it has closed the sale of 2200 West Loop South (top left photo), a 201,720-square-foot, Class A office building in Houston, Texas.

HFF’s investment sales team marketed the property on behalf of the seller, KBS Real Estate Investment Trust, Inc. (KBS REIT).  Parmenter Realty Partners purchased 2200 West Loop South for an undisclosed amount free and clear of debt.

2200 West Loop South is located adjacent to the Intercontinental Hotel on the west side of Loop 610 between San Felipe and Westheimer in Houston’s West Loop/Galleria market.  The property was extensively renovated in 2000 and is 87 percent leased to tenants including Morgan Stanley and Tenaris.

The HFF team representing the seller was led by senior managing director Dan Miller (middle right photo) and director Marty Hogan (lower left photo).

KBS Realty Advisors, an SEC-registered investment advisor, and its affiliate, KBS Capital Advisors, KBS REITS’s external advisor, are one of the nation's largest buyers of commercial real estate and structured debt investments on behalf of institutional investors and the public REITS they advise, having consummated more than $16.5 billion in transactional volume.

Parmenter Realty Partners is an institutional, privately-held real estate investment, management and development company.  Headquartered in Miami, Florida, Parmenter Realty Partners is actively involved in acquiring, repositioning, and managing real estate assets in major markets throughout the Southeast and Southwest United States on behalf of the firm’s principals and investors.  Parmenter Realty Partners has real estate professionals located in Miami, Atlanta and Dallas. 

Contacts:      

      

 H. DAN MILLER, CCIM, SIOR              KRISTEN M. MURPHY

 HFF Senior Managing Director            HFF Associate Director, Marketing

 (713) 852-3500                                      (713) 852-3500

 dmiller@hfflp.com                                   krmurphy@hfflp.com

Heslin Becker Properties Completes Redevelopment and $8.1 Million Sale of New Walgreens in Los Angeles County

  

DOWNEY, CA  (Feb. 13, 2012) – Heslin Becker Properties, a privately owned retail real estate investment and development firm, has completed the re-development and $8.1 million sale of a new Walgreens (top left photo) in Downey, Calif. 

The property, an unoccupied industrial park and a free-standing outparcel located at 8030 Imperial Highway in Downey, was acquired by Heslin Becker Properties in April 2010.  The company demolished the existing industrial structures and constructed the new Walgreens prior to selling it, according to Matthew J. Heslin (middle right photo), CEO of Heslin Becker Properties.

 The Walgreens was acquired by Downey Property Investments, LLC.  Heslin  Becker will retain and re-tenant the free-standing outparcel building.

“The redevelopment and sale of this asset was a collaborative effort between ourselves, Evergreen Development Company and the City of Downey,” noted Heslin.  “We continue to acquire and develop, or redevelop opportunistically, and monetize those assets where our cash can be quickly and effectively redeployed at high rates of return.”

Casey McKeon, Vice President of Acquisitions, was responsible for the acquisition, and noted that the property was a high profile redevelopment project for the City of Downey. 

“We essentially revitalized a prime retail intersection which long suffered blight and turned it into a productive, aesthetically pleasing center for the residents of Downey,” added McKeon.

Heslin Becker Properties is expanding its efforts to redeploy assets and continually grow and improve upon its asset base in Southern California, according to Heslin.  The sale of this Walgreens comes on the heels of the company’s recent redevelopment and $8.5 million sale of a Smart and Final in Stanton, Calif.

As part of its continued redeployment of assets, Heslin Becker recently announced its acquisition of a prime hard corner retail property located at Crenshaw and Century Boulevard in Inglewood, Calif., on which the company will develop a new retail shopping center.

Heslin Becker Properties is a privately owned and operated investment and development company located in Seal Beach, Calif. with satellite offices in San Diego and Los Angeles.  The company specializes in the acquisition and development of retail portfolios and properties throughout the Western U.S. 

More information is available at www.heslinbecker.com.

Contact:

Jenn Quader / Judith Brower

Brower, Miller & Cole

(949) 955-7940

jquader@browermillercole.com

www.BrowerMillerCole.com