Marcus & Millichap Promotes Spencer H. Hurst to First Vice President Investments

  

Spencer H. Hurst

SEATTLE, WA,  Oct. 25, 2012 – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Spencer H. Hurst to first vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to John J. Kerin, president and chief executive officer.

John J. Kerin

Most recently, Hurst held the title of vice president investments. He has been with Marcus & Millichap since April 2001 and is a senior director of the Tax Credit Group (TCG) of Marcus & Millichap, the leading specialty group dedicated exclusively to low-income housing tax-credit (LIHTC) multifamily property advisory and brokerage services throughout the United States.

 Hurst has received eight sales recognition awards from Marcus & Millichap.

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

 Stacey Corso

Marcus & Millichap Capital Corporation

(925) 953-1716

Marcus & Millichap Capital Corp. Arranges $26 Million Southern California Office Loan

Anita Paryani-Rice

 LOS ANGELES, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged $26 million in refinancing for a 40,000-square foot office property located in Beverly Hills, Calif.

            Jake Roberts and Anita Paryani-Rice, vice presidents capital markets in MMCC’s West Los Angeles office, arranged the loan.

            The loan was structured with a nine-year term, an interest rate of Libor plus 1.75 percent, 70 percent LTV and interest only during the rehab portion of the loan.

Jake Roberts

The client recently acquired the property and was seeking debt capital in order to proceed with planned renovations and improvements before taking up occupancy.

 “Our client requested a loan to cover 70 percent of costs, including the land purchase, which was aggressive given the high cost per square foot associated with the asset,” says Paryani-Rice.

 “Although the buyer was a company with a strong balance sheet, it is a private entity, which created a challenge with lenders that are more cautious on single-tenant assets without an agency-rated investment-grade tenant.”

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

 Stacey Corso

Marcus & Millichap Capital Corporation

(925) 953-1716

600 New South Beach, FL Condo Units Unsold From Bust As Of Q3 2012

Peter Zalewski

 As developers proceed with proposals for at least 10 new residential projects in Miami Beach, about 600 new condo units in the popular neighborhood of South Beach remain unsold from the last South Florida real estate boom-and-bust as of Sept. 30, 2012, according to a new report from CondoVultures.com.

Buyers purchased less than 25 new condo units for a combined $25.6 million between July and September of 2012, according to an analysis based on Miami-Dade County records.

As of the third quarter of 2012, developers in the South Beach condo market have sold about 89 percent of the nearly 5,600 units created since 2003, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To South Beach™.

"The developers in South Beach who still have remaining unsold condo inventory from the boom-and-bust cycle are standing firm on pricing, especially as the Miami Beach market shows signs of stabilizing," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC.

 "This reluctancy by developers to negotiate has worked to maintain pricing but also slow the sellout process of boom-era condo units in South Beach.

“ Going forward, it will be interesting to see how developers with unsold boom-era condo units navigate the market now that more than 11,200 new condo units have been proposed - and in some circumstances are already under construction - for the coastal tri-county South Florida region." 

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

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.

International Finance Bank Building in Miami, FL Awarded 2012 "Best Project"

International Finance Bank Building, Miami, FL

MIAMI, FL -- The International Finance Bank Building at 777 Douglas Road, Miami, FL 33135, is pleased to announce it has been recognized as one of ENR Southeast's 2012 "Best Projects" awarded for best construction and design achievements within the industry.

Leasing Information:

DONNA ABOOD

Chairman - Founding Partner

305 446 0011

donna.abood@colliers.com

MATTHEW ANDERSON

Office Leasing Consultant

305 476 7132

matthew.anderson@colliers.com

COLLIERS INTERNATIONAL SOUTH FLORIDA

95 Merrick Way, Suite 380

Coral Gables, Florida 33334

T: 305 446 0011

www.colliers.com

Bull Realty in Atlanta, GA Adds Three Brokers

Ashley Maltbia

 ATLANTA, GA – Bull Realty, a regional full-service commercial real estate brokerage firm headquartered in Atlanta, has added three brokers through two new hires and one promotion. The new brokers will boost the company’s experience and expertise in the industrial, retail and self-storage sectors.

 Arturo Adonay has been named vice president in Bull Realty’s National Retail Group. Adonay will assist clients with the acquisition and disposition of retail centers, with a special focus on centers in Hispanic markets in the southeastern United States.

Judith Bennett

Adonay’s commercial real estate career began in 2000, when he joined RAM Development Group. While serving as a general manager at the firm, he oversaw the turnaround of a 338,000-square-foot aging shopping center by managing the thriving Plaza Fiesta on Buford Highway in Atlanta, located in the heart of DeKalb County’sInternational Corridor. He most recently served as a managing partner at OleRealty Group in Decatur, Ga.

Judith Bennett has joined as a senior vice president in Bull Realty’s National Self-Storage Group. Immediately before joining Bull Realty, Bennett was a broker at Coldwell Banker Commercial NRT in Atlanta and, prior to that, she was a broker at Robin Rose & Associates LLC. In her new position, Bennett will assist clients in the acquisition and sales of self-storage facilities in the Southeast.

Arturo Adonay

Ashley Maltbia has been named a vice president in Bull Realty’s National Industrial Group. She previously served an analyst at the firm and, prior to that, she was a broker at Coldwell Banker Commercial NRT in Atlanta. She also has an MBA from the University of Maryland. Maltbia will now assist institutional and private-equity clients in the acquisition and disposition of industrial properties in the Southeast.

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

Stephen Ursery

Wilbert Public Relations

E-mail: sursery@wnspr.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.wnspr.com

Colliers International Completes $7.8 Million Sale of Industrial Building in Fontana, CA in an Off-Market Transaction to REIT Buyer

13508 Marlay Ave., Fontana, CA

 ONTANA, CA --Colliers International, the third largest global real estate services organization, has completed the $7,825,000 sale of a Class A industrial property totaling 111,419 square feet located at 13508 Marlay Ave. in Fontana, Calif. 

Built in 2005, the property is situated on 5.5 acres of land and is fully occupied by Organize It All, Inc., an importer of house wares products who uses the facility for warehouse and distribution purposes. 

Brad Yates

Brad Yates, Richard Schwartz, and Stefan Pastor of Colliers International represented the buyer, Molto Capital, LLC, a REIT from Oakbrook, IL. The seller was C.H. HU Corporation, an ownership entity of Organize It All, Inc. who represented itself. 

“The building was not listed on the market for sale, but our team was able to identify the right REIT for the transaction and close escrow in a timely manner,” said Yates. “The seller was an owner-user who wanted to free up some capital to reinvest back into the company. They signed a two-year lease and will remain in the property.”

Richard Schwartz

The property has zero deferred maintenance and includes 4,000 square feet of office space, 20 docks, 30’ clear height, ESFR sprinkler system and a fenced yard.

Contact:

darcie@spauldingthompson.com

MidCap Advises on Sale of Southern Technical College to The Wicks Group

Southern Technical College

 NEW YORK, NY /PRNewswire/ -- MidCap Advisors LLC, a boutique investment banking firm based in New York with offices throughout the United States, is pleased to announce that it advised on the sale of Southern Technical College (Southern Tech), a Florida-based Title IV post secondary institution, to The Wicks Group of Companies, LLC, a private equity firm based in New York City.

John Euliano

John Parnell, a Managing Director at MidCap Advisors advised the Euliano family and arranged the transaction.

John Euliano, who founded Southern Tech in 2000, said, "This would not have happened without an incredible amount of guidance and support from John Parnell and MidCap Advisors.  Retaining him as an advisor was integral to completing this deal."

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

http://www.ereleases.com.

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

NAI Realvest Negotiates New Industrial Lease of 15,000 SF for Chicago area flooring firm at Exchange Distribution Center in Southwest Orlando, FL

Robert Blackwell

ORLANDO, FL – NAI Realvest recently negotiated a new lease agreement for 15,000 square feet of warehouse space at 7322 Exchange Drive in the Exchange Distribution Center in southwest Orlando.

 Robert Blackwell, SIOR, principal at the firm, and Fred Meyer, SIOR with NAI Mertz in Mt. Laurel N.J. brokered the transaction representing the tenant, Empire Today LLC, a carpet and flooring firm headquartered in Northlake, Ill.

 Local landlord East Group Properties was represented in the transaction by Mike Borling.

For more information, contact:

Robert Blackwell, SIOR, Principal NAI Realvest 407-875-9989; rblackwell@realvest.com;  

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

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

Marcus & Millichap Sells $10 Million Los Angeles County Retail Center

Center at Shangri-La, Santa Clarita, CA

 SANTA CLARITA, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the Center at Shangri-La, a 53,692-square foot retail shopping center in Santa Clarita, Los Angeles County’s third-largest city. The $10 million sales price equates to $186 per square foot.

            Gregory Mills, a senior vice president investments in Marcus & Millichap’s Encino office, represented the seller, Shangri-La LLC.

Gregory A. Mills

 “Renewed interest in the multi-tenant sector and a targeted marketing campaign created a significant amount of interest in this property,” says Mills. “As the local economy continues to show momentum, investors will pursue retail centers with stable occupancies like the Center at Shangri-La.”

            The center is located at 18635 Soledad Canyon Road in Santa Clarita, approximately 35 miles northwest of downtown Los Angeles.

            Co-anchored by the Santa Clarita Public Library, the Center at Shangri-La is 97 percent leased to 15 tenants on triple-net leases with fixed increases. Though not a part of the sale, the library drives a large volume of vehicle and pedestrian traffic to the property and contributes a proportionate share of common area maintenance reimbursements.

Santa Clarita, CA Public Library

Tenants at the Center at Shangri-La include Telesis Communication, Everest Charbroiled Burgers, IHOP, The Medicine Shoppe, Jersey Mike’s Subs, Domino’s Pizza and the Elite Fitness Compound.

  Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716

Arbor Funds 9 Deals Across New York City’s Bronx and Brooklyn Boroughs Totaling $34M

  

Alex Kaushansky

 UNIONDALE, NY (Oct. 25, 2012) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender, announced the recent funding of nine loans totaling $33,965,500 under the Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan and Fannie Mae DUS® Small Loan product lines in New York City’s Bronx and Brooklyn boroughs.

·         The Stagg 2 Bronx Portfolio, Bronx, NY – This 90-unit, 14-building multifamily portfolio received $14,015,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The portfolio consists of three-and four-story, walk-up apartment buildings that were completed between 2009 and 2010 and are located within the Bronxdale and Williamsbridge sections of the Bronx.

The Stagg 2 Bronx Portfolio, Bronx, NY

 387 Franklin Avenue, Brooklyn, NY – This 28-unit multifamily property received $7,400,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property is a seven-story apartment building that was constructed in 2010 and consists of studio, one- and two-bedroom apartments in the Clinton Hill section of Brooklyn. Site amenities include a roof terrace, individual balconies, grade-level parking and washer/dryer hookups.

·         Nostrand Avenue Apartments, Brooklyn, NY – This seven-unit multifamily property received $2,350,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Renovated between 2008 and 2010, 404 Nostrand Avenue is located in Brooklyn’s Bedford-Stuyvesant section and has excellent access to public transportation, including the A and C subway trains.

387 Franklin Ave. Apartments Brooklyn, NY

355 Stockton Street, Brooklyn, NY – This 12-unit multifamily property received $2,624,500 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The four-story property underwent a complete renovation in 2011 and is located in the East Williamsburg/Bedford Stuyvesant submarket, a convenient three blocks away from the M subway.

 110 Martense Street Apartments, Brooklyn, NY – This 28-unit multifamily property received $1,800,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property consists of a mix of one- and two-bedroom apartments located in Brooklyn’s Flatbush neighborhood.

110 Martense St. Apartments, Brooklyn, NY

 495 Claremont Parkway Apartments, Bronx, NY – This 18-unit multifamily property received $1,510,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property is a mid-block, five-story walk-up apartment building that underwent renovations between 2009 and 2010.

·         179 Putnam Avenue, Brooklyn, NY – This six-unit multifamily property received $1,400,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Located in the Bedford-Stuyvesant section of Brooklyn, 179 Putnam is located several blocks from the Franklin Avenue subway station and is a short 30-minute train ride to Midtown Manhattan.  

835 Home Apartments, Bronx, NY

835 Home Apartments, Bronx, NY – This 21-unit, four-story low-rise multifamily apartment complex received $1,236,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The property consists of one- and two-bedroom apartments.

·         364 East 49th Street, Brooklyn, NY – This 12-unit multifamily property received $880,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property was renovated in 2010 and is located in the East Flatbush neighborhood of Brooklyn.

364 East 49th St., Brooklyn, NY

All of the loans were originated by Alex Kaushansky, Vice President in Arbor’s New York, NY, office.

 “As the top real estate market in the country and our headquarters area, Arbor’s lending strength extends to all of New York City’s boroughs no matter the size of the loan,” Kaushansky said. 

“Boroughs like Brooklyn and the Bronx are hotbeds of economic activity and Arbor is there to support the needs of our clients with deep-rooted expertise in every submarket.”

Contact:

Chris Ostrowski

Arbor Realty Trust, Inc.

Tel: (516) 506-4255

333 Earle Ovington Blvd, Suite 900

costrowski@arbor.com

65 Percent of Housing Markets Worse Off Than Four Years Ago, Reports RealtyTrac

  

Daren Blomquist

IRVINE, CA— RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released an exclusive report on the health of local housing markets compared to four years ago.

Titled “Election 2012 Housing Health Check,” the report found that 65 percent of local housing markets nationwide are worse off than four years ago based on an analysis of five key metrics impacting housing in more than 900 counties nationwide.

The key metrics analyzed were average home prices, unemployment, foreclosure inventory, foreclosure starts and share of distressed sales. In the 919 counties with data available for all five metrics, 580 (65 percent) showed at least three out of the five key metrics worse off than four years ago, while in 315 counties (35 percent) at least three of the five key metrics were better off than four years ago.

“The U.S. housing market has shown strong signs of life in recent months, but many local markets continue to struggle with high levels of negative equity as the result of home prices that are well off their peaks. In addition, persistently high unemployment rates are hobbling a robust real estate recovery in most areas,” said Daren Blomquist, vice president at RealtyTrac.

“While the worst of the foreclosure problem is in the rear view mirror for a narrow majority of counties, others are still working through rising levels of foreclosure activity, inventory and distressed sales as they continue to clear the wreckage left behind by a bursting housing bubble.”

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

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com