Saturday, May 19, 2012

Property Manager Who Allegedly Swindled Property Owner Out of $131,000 Arrested in Sweetwater, FL

 Sweetwater, FL, May 19, 2012 – The city of Sweetwater, FL reports today Sweetwater police detectives closed a white collar police case that had been ongoing since Jan. 2010 in three months.

Sweetwater police took over the case from Miami-Dade Police in Feb. when the property owner came into the station to report the suspected theft.

Rolando Perez, who lives at 14840 SW 148th Street, was arrested at 6:15 a.m. May 18, 2012 and charged with organized scheme to defraud and grand theft for stealing $130,976 from the owner of Sundance Village Apartment Complex (middle right photo) in the 11300 block of Northwest Seventh Street.

 Perez allegedly stole the money between Jan. 18, 2010 and Oct. 3, 2011, while he was employed as the property manager of Sundance Village Apartments Complex. Tenants of the complex allegedly would give Perez checks and money orders without the payee information filled in. Tenants would also allegedly give Perez cash. Perez  allegedly would deposit the cash, checks and money orders into his personal accounts.

Sweetwater detectives acquired 23 sworn and notarized statements and copies of forms of payments/receipts from past tenants showing that rent money was allegedly received by Perez but not deposited into the Sundance Apartment’s account.

Michelle Hammontree-Garcia
City of Sweetwater
Public Affairs Specialist
Cell: 786-317-2322
Office: 305-485-4539

Like Us on Facebook: City of Sweetwater
City Hall/Police Department
500 SW 109th Avenue
Miami, Fl 33186

Colliers International Completes $2.1 Million Sale of a U.S. Post Office Property in Inglewood, CA

Los Angeles, CA, May 19, 2012 – Colliers International, the third largest global real estate services organization, has completed the $2.1 million sale of a 12,221-square-foot U.S. Post Office facility (top left photo) located at 811 N. La Brea in Inglewood, Calif.

 William Gloege (middle right photo) of Colliers International represented the seller, Arlington, MA-based IIse Perlman Trust. Julian Torkan of Madison Capital Group represented the buyer, Beverly Hills-based EFPAR Development, LLC.

The property had been identified on the possible closure list for the United States Postal Service. Due to the impending possible closure, the seller wanted to realize the best possible value for potential redevelopment or reuse before the expiration of the current lease.

In addition, the seller was able to realize the existing stream of income of the Government-backed lease.  This closed transaction accomplished the owner’s goal.

“Colliers was engaged to determine value the building on current income, future redevelopment, and re-lease potential. Once completed, it enabled us to create an attractive offering that would garner the highest price for the property,” said Gloege.

 “In the process of valuing the building and bringing it to market, I was able to generate multiple competing offers above the original asking price with short due diligence periods.  This transaction required a 30-day marketing period, 60-day escrow and a successful all cash closing.” 

 Gloege added that the new owner plans to rehab the building for a new retail use, maximizing the potential of the property.

Morrison Commercial Real Estate Completes Lease Transactions totaling 57,900 SF in Central Florida

 ORLANDO, FL -- Morrison Commercial Real Estate announced the completion of two lease transactions totaling 57,900± square feet.

Damien Madsen (top right photo) of Morrison Commercial Real Estate represented Community Food and Outreach Center in renewing and expanding their lease by 7,000± square feet for a total of 29,400± square feet at 150 W. Michigan Street in Orlando, FL. 

 Community Food and Outreach Center’s mission is to provide a hand up for those in need, helping them to break free from poverty by offering hunger relief, crisis care, transformative education, and employment training opportunities.

Damien also represented D1 Sports in leasing 28,500 square feet in the Florida Business Interiors building at Williston Park Point (lower left photo) in Lake Mary.

 D1 Sports provides athletes with superior sports training through knowledgeable and experienced world-class coaches in a proper motivational environment.  Their training facilities teach core values and accountability to athletes.


Cindy Geer
Phone: 407.219.3500

Berkeley, CA Apartment Complex Trades for $11.9 Million

 BERKELEY, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Berkeley Delaware Court Apartments (top left photo), a 34,955-square foot lender-owned property in Berkeley with 51 apartment units and 7,500 square feet of retail space.

The $11,925,000 sales price equates to $219,117 per unit when allocating $100 a square foot to the vacant retail space.

Taylor Flynn (middle left photo) and Eli Davidson (middle right photo), associates, along with Vincent Schwab (lower left photo), a senior vice president investments in Marcus & Millichap’s San Francisco office, exclusively represented the seller, First Citizens Bank of Southern California.

Flynn, Davidson and Schwab also represented the buyer, Hudson McDonald LLC, an urban infill development firm based in Berkeley.

 “Originally, this property was developed as a condominium project,” explains Flynn. “First Citizens Bank gained control of the asset in late 2011 and after a 45-day marketing period, we received 12 qualified offers from a variety of investors and closed on May 7, 2012.

"The new ownership group is able to obtain $8.4 million in construction financing on the asset even though it was 70 percent vacant at the time of closing,” Flynn notes.

“This is a very well-located property in a strong East Bay submarket, where rents continue to rise,” says Schwab. Healthy demand, including demand from students who attend nearby University of California, Berkley, will enable the new ownership to lease up the remaining vacant apartment units and achieve strong returns over the near and long term,” he adds.

Constructed in 2011, Berkeley Delaware Court Apartments is located at 1800 San Pablo Ave. In addition to three studio units, 40 one-bedroom units, eight two-bedroom units and one 7,500-square foot retail space that can be divided into six separate addresses, the property includes a 67-car parking garage.

The well-designed Berkeley Delaware Court Apartments complex is situated along one of the main arteries of Berkeley – San Pablo Avenue – only two blocks from University Avenue. The property is within walking distance of the Fourth Street commercial district, North Berkeley Bay Area Rapid Transit (BART) station and the Berkeley Amtrak station.

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