Bull Realty Closes Sale of 47,600-SF Grocery Store in Tennessee

ATLANTA, GA – Bull Realty has brokered the $4.7-million sale of a nearly two-year-old Food City grocery store (top left photo) in Morristown, Tenn.

Nancy Miller (middle right photo), CCIM, and Sheree Strome Berk (lower left photo), CCIM, both vice presidents of the firm’s Net Lease Investment Group, represented the seller, Foodmor Associates LLC.

Broker Tom Kallenbach represented the buyer, B.B. & J. Holdings.

The 47,600-square-foot, stand-alone store sits on six acres and has energy-saving features, a pharmacy, a deli, video and fuel center. The store is part of a larger development, the Barton Springs shopping center. The buyer assumed a 20-year, non-recourse loan secured by the property.

“This grocery store is an excellent investment,” Miller said. “Food City is a highly regarded regional grocery store chain, and grocery stores have proven time and time again to be stable investments.”

“The long-term prospects for this property are outstanding,” Berk added. “The store has a large base of customers from the surrounding vacation towns and the nearby lake and mountain homes.”

Nancy (nancy@bullrealty.com) and Sheree (sheree@bullrealty.com) are part of the National Net Lease Investment Group and work with single tenant net lease buyers, sellers and developers throughout the U.S.  

Contact

Stephen Ursery

Wilbert News Strategies LLC

404-965-5026

sursery@wnspr.com

Bull Realty Brokers 35,000-SF Lease of Atlanta Retail/Warehouse Space

 ATLANTA, GA  – Bull Realty has brokered the long-term lease of 35,000 square feet of retail/warehouse space in Atlanta by American Freight, an Ohio-based discount furniture retailer.

Jared Daley (top right photo), vice president, corporate retail services for Bull Realty, and Rick Ferguson (middle left photo), vice president, corporate office services for the firm, represented the landlord, MBMP LLC, in the transaction. The tenant represented itself.

American Freight will occupy 50% of the 70,050-square-foot building located at 4505 Fulton Industrial Boulevard, and 10,000 square feet of space remains available for lease.

American Freight, which is capitalizing on market conditions to expand nationwide and has recently opened stores in nearby Jonesboro, Marietta and Norcross, will use the space as a retail outlet andwarehouse. The store is scheduled to open its doors by the end of April.

“This was an exciting transaction for Bull Realty to be involved in,” Daley said. “Not only did we fill 50% of the building, but we supplied the landlord with a discount retailer, a sector which is thriving in today’s economy.”

Contact

Stephen Ursery

Wilbert News Strategies LLC

404-965-5026

sursery@wnspr.com

Bloomfield Capital Closing Senior Bridge Loan in Lexington, KY

LEXINGTON, KY /PRNewswire/ -- Bloomfield Capital (www.bloomfieldcapital.com), a specialty finance firm focused on originating and purchasing commercial real estate loans, recently funded a $2,200,000 senior bridge loan in Lexington, KY.

 The loan, collateralized by a 166-unit multifamily complex, allowed the borrower to seize upon a strategic acquisition in a strong multifamily market.

Nicholas Coburn (top right photo), Managing Partner at Bloomfield Capital stated:  "There remains a large dislocation in the real estate credit markets. 

“This gap in traditional funding continues to present ample opportunities for borrowers to acquire strong properties at significant discounts to intrinsic value. 

“Bloomfield's interest-only bridge capital allows our borrowers to quickly seize upon opportunistic acquisitions and refinancings where certainty of closing and a reliable debt partner are key components to the transaction." 

Bloomfield Capital is a direct real estate lender based in Birmingham, Michigan (www.bloomfieldcapital.com).  Bloomfield meets the needs of time-sensitive transactions by specializing in small-medium balance debt opportunities ($1,000,000 - $15,000,000) and select joint venture equity participations with owners, operators and developers throughout the nation.

Bloomfield specializes in unconventional financings where expertise, local knowledge and attention to special circumstances will result in a substantial financial advantage to the sponsor.

As a direct investor and lender, Bloomfield is able to create flexible, custom-tailored investment solutions to each client's unique situation.

Contact:  Nicholas Coburn, (248) 745-1700, ncoburn@bloomfieldcapital.com

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

Voit Completes New 180,000-SF Industrial Lease for Global Office Furniture Company in Ontario, CA

INLAND EMPIRE, CA – Voit Real Estate Services’ Inland Empire office has completed a new, 180,608 square-foot industrial lease at the Crossroads Business Park (top left photo), located at 740 No. Vintage Ave. in Ontario, Calif., on behalf of Steelcase, Inc., a global provider of workplace products, furnishings and services, according to Walt Chenoweth (middle right photo), Executive Vice President in Voit’s Inland Empire office. 

 The facility will serve as a new Steelcase distribution center.

Chenoweth worked with Frank Geraci and Juan Gutierrez (middle left photo) of Voit’s Inland Empire office to represent Steelcase in the transaction. 

Steelcase is relocating a former distribution center in the City of Industry to the Ontario location as part of its ongoing strategy to further streamline the company’s Southern California distribution operations, according to Chenoweth.

 “We understood our client’s specialized needs, which included a facility which would reduce the company’s overhead, while providing over-standard dock high loading and a large yard for trailer parking,” said Chenoweth.  “We advised Steelcase to relocate to the Inland Empire to reduce rental costs, and we successfully secured a facility with 50 dock doors and 85 parking spaces for trailers.”

According to Chenoweth, this industrial space was a rare find in the Inland Empire, as the building provides roughly double the amount of trailer parking offered by other properties in the market. 

“By identifying this facility, our team helped Steelcase to further lower its operating costs not only through the lower cost lease, but also by eliminating the need to lease off-site parking,” commented Chenoweth.

The lessor, Prologis, an industrial REIT, was represented by Mike Wolfe and Joe McKay of Lee & Associates. 

The Voit team has worked with Steelcase successfully for more than a decade, according to Chenoweth, as his team assisted the company in its move from Tustin to the City of Industry in 2002.

Contact:

Jenn Quader/Judith Brower

Brower, Miller & Cole

(949) 955-7940

JQuader@browermillercole.com

\www.voitco.com

Foreclosure Activity in First Quarter 2012 Lowest Since Fourth Quarter 2007, Reports RealtyTrac®

IRVINE, CA, April 12, 2012 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for the first quarter of 2012, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 572,928 properties during the quarter, down 2 percent from the previous quarter and down 16 percent from the first quarter of 2011.

The first quarter total was the lowest quarterly total since the fourth quarter of 2007, when 527,740 properties with foreclosure filings were reported. The report shows one in every 230 U.S. housing units with a foreclosure filing during the quarter.

Foreclosure filings were reported on 198,853 U.S. properties in March, a 4 percent decrease from February and a 17 percent decrease from March 2011. March’s total was the lowest monthly total since July 2007, and also the first monthly total below 200,000 since July 2007.

“The low foreclosure numbers in the first quarter are not an indication that the massive reservoir of distressed properties built up over the past few years has somehow miraculously evaporated,” said Brandon Moore (top right photo), chief executive officer of RealtyTrac.

 “There are hairline cracks in the dam, evident in the sizable foreclosure activity increases in judicial foreclosure states over the past several months, along with an increase in foreclosure starts in many judicial and non-judicial states in March.

“The dam may not burst in the next 30 to 45 days, but it will eventually burst, and everyone downstream should be prepared for that to happen — both in terms of new foreclosure activity and new short sale activity.”

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

Christine Stricker

949.502.8300, ext. 268

christine.stricker@realtytrac.com

Michelle Schneider

949.502.8300, ext. 139

michelle.schneider@realtytrac.com

Historical & Detailed Data

Tyler White

949.502.8300 ext. 158

tyler.white@realtytrac.com