Charles Dunn Co. Completes $5.4 Million Sale of a 25-Unit Multifamily Property in West Hollywood, CA

  

Kimberly Roberts Stepp

LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $5.4 million sale of a 25-unit multifamily property located at 1251 N. Crescent Heights Blvd. in West Hollywood.

Hamid Soroudi of Charles Dunn Company represented the seller, Los Angeles-based BG Apartments, LLC. Kimberly Roberts Stepp of Charles Dunn Company represented the buyer, Los Angeles-based Hillstreet Realty, LLC. The sale closed at a 4.9 percent cap rate.

Hamid Soroudi

The unit mix of the property includes: mostly one- and two-bedroom units with below-market rents. The property was 100 percent occupied at the close of escrow. It offers quaint and charming architecture, a pool and subterranean parking.

“The buyer intends to reposition the property by renovating the exterior and interior then increasing the rents as allowable under the City of West Hollywood rent control laws,” said Soroudi.

Soroudi and Stepp are members of Charles Dunn Company’s The Soroudi Group. The Soroudi Group is the most successful and active group of brokers involved in selling and exchanging of prime Westside Properties. Their marketing program delivers sold properties at more than 98.5 percent of the list prices within a compressed marketing period.

Contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

HSA Commercial Represents Specialty’s Café & Bakery in a Retail Lease at the Inland Steel Building in Chicago, IL

                         

Inland Steel Building, Chicago, IL

 CHICAGO, IL — Michael Havdala, senior vice president, and Brenton Schrader, associate, with the retail brokerage division of HSA Commercial Real Estate represented Specialty’s Café & Bakery in a 6,256-square-foot lease for the entire retail space on the ground level of the Inland Steel Building at 77 South Dearborn Street, Chicago.

 San Francisco-based Specialty’s, which has existing downtown Chicago locations at 525 West Monroe Street and 191 North Wacker Drive, is projected to open the Inland Steel location in March 2013.

Michael Havdala

 Specialty’s Café & Bakery, which currently has 48 operating restaurants primarily in California and Washington, will utilize the location as a central catering hub for its Chicago Loop clientele.

Brenton Schrader

The new location will also serve baked goods, salads, soups, sandwiches, and will feature a Peet’s Coffee & Tea kiosk. Specialty’s is working exclusively with HSA Commercial to open approximately 15 restaurants in the Chicago area, including at least three more locations in the Loop.

 John Vance, vice president with Stone Real Estate, represented ownership, New York-based Capital Properties, in the lease transaction. SKB Architects is responsible for the design of the project, and Turner Construction will serve as the general contractor.

  Contacts:

Mark Thomton,

mthonton@taylorjohnson.com,

312-267-4523

Kim Manning,

 kmanning@taylorjohnson.com,

312-267-4527

Cathrine Cotman Joins Cassidy Turley as Senior Vice President of Strategy

  

Catherine A. Cotman

 CHARLOTTE, NC – Cassidy Turley, a leading commercial real estate services provider in the U.S., today announced that Cathrine A. Cotman has joined the firm’s corporate services team as Senior Vice President of Strategy.

Ms. Cotman will serve the company’s SunTrust account, leading portfolio optimization efforts as the bank seeks to transform its corporate real estate footprint, which currently totals 15 million square feet and more than 1,600 branches. 

Ms. Cotman will be based in Cassidy Turley’s Charlotte office.

Craig Robinson

“Cathrine brings a wealth of experience and keen intellect to our Corporate Services team,” said Craig Robinson, President, Corporate Services, at Cassidy Turley. “She will be invaluable in our efforts to best serve key clients like SunTrust and continue to build our Corporate Services practice.”

Ms. Cotman’s past experience includes consulting and tenant representation.  She joins Cassidy Turley from Bank of America where she led a workplace strategy and planning team overseeing a 100 million-square-foot portfolio and initiatives including call center and operations consolidation, global tech location strategy and retail wealth and mortgage sales office consolidations.

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

Maureen Wheeler                                              

Vice President, Corporate Communications       

202-463-1138                                                    

Maureen.Wheeler@cassidyturley.com                

Bailey Webb

404-682-3381

Cassidy Turley

Bailey.Webb@cassidyturley.com

Mercantile Capital Corp. Names Veteran Banker Penny Brake Portfolio Manager

Penny Brake

 ORLANDO, FL --- Mercantile Capital Corporation, a wholly-owned subsidiary of Old Florida National Bank, that ranks as one of the nation’s largest providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, has appointed Penny Brake as portfolio manager.

Geof Longstaff, chairman at Mercantile Capital Corporation, said Brake has more than 26 years of experience in the banking industry, including a 15-year tenure with Florida Community Bank, formerly First National Bank of Central Florida.

For more information about this press release, contact:

Chris Hurn, Chief Executive Officer, Mercantile Capital Corporation, 407-786-5040

Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

HSA Commercial Selected to Market a Fully-Leased Retail / Warehouse Investment Property in Carol Stream, IL

320 Army Trail Road, Carol Stream, IL

CHICAGO, IL— HSA Commercial announced that the company is exclusively representing Blue Vista Capital Management, LLC in the offering of a 97,595-square-foot, fully-leased retail and warehouse property for sale in Carol Stream, Ill.

 The retail portion of the property, located at 320 Army Trail Road, is anchored by American Sale, an eight-unit regional chain based in Tinley Park, Ill. that specializes in the sale of patio furniture, hot tubs, above-ground swimming pools, grills, billiard tables, wooden play sets and holiday décor.

Wheaton, Ill.-based Crossway, a national publisher and distributor of evangelical Christian books, leases 46,635 square feet in the building for use as a regional distribution center. The balance of the retail space is leased to Back to Bed, a 73-unit chain based in Itasca, Ill., and Executive Tan, a nationally-franchised tanning salon.

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

 Mark Thomton,

mthonton@taylorjohnson.com,

312-267-4523

Kim Manning,

 kmanning@taylorjohnson.com,

 312-267-4527