124th and 125th New Condo Towers Proposed For South Florida Coastal Region

Planned Centro Condo
Downtown Miami
computer rendering

MIAMI, FL -- Developers are proposing a pair of unrelated new condo towers - the 36-story Centro project and the 38-story Bay House project - in the Greater Downtown Miami market, and in the process have bolstered the total number of planned South Florida condo towers to 125 since the real estate market crashed in 2007, according to a new report from CondoVultures.com.

With the newly announced towers, developers are now proposing - or have recently completed - at least 23 new towers with more than 7,850 condo units for the Greater Downtown Miami market that is defined as the Julia Tuttle Causeway south to the Rickenbacker Causeway, and Biscayne Bay west to Interstate 95, according to the analysis based on the Condo Vultures® Official Condo Buyers Guide To Miami™.

Overall in South Florida, developers are now proposing nearly 17,100 units for the tricounty region of coastal Miami-Dade, Broward, and Palm Beach as of March 29, 2013, according to the Cranespotters.com Pre-construction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

Harvey Hernandez

In Greater Downtown Miami, developer Harvey Hernandez - who is currently building the 46-story Brickell House condo tower with 374 units - proposed the new 352-unit Centro project on the 100 block of Southeast First Street, according to the South Florida Business Journal.

The proposed Centro project - which is slated to go up on the site of the once proposed Loft 4 project from the previous condo boom - would not have onsite parking for residents, according to the Miami Herald.

Some three miles to the north, the Melo Group - which built the first new condo tower since the South Florida real estate crash in 2007 - has proposed the 164-unit Bay House tower on 27th Street in the Biscayne Boulevard Corridor of Greater Downtown Miami, according to marketing literature.

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

Condo Vultures® LLC

225 Midtown Building

225 NE 34th St., Suite 209B,

Downtown Miami, Florida, 33137.

PH: 800-750-0517.

ORION Property Partners Dominates 2012 Orange County, CA Office Leasing Market;

Jay Carnahan

IRVINE, CA -- ORION Property Partners, one of the premier commercial real estate  companies in Orange County, was involved in four of Orange County’s top 10 office lease transactions in 2012, according to CoStar’s top office lease rankings. 

All told, the firm handled more than 1.5 million square feet of leases in some of Orange County’s top tier office properties, completing 124 lease transactions during 2012. Notably, ORION was also involved in the largest office building sale in Orange County– The Michelson for $277 million.

Bob Thagard

Tenant industries involved in the leasing transactions encompassed some of the leading business sectors in the County including healthcare, biomedical and financial services.

“Our team performed incredibly well in 2012, especially considering that we are a boutique firm that provides a principal to principal alignment on every deal. 

"  Each of our principals has more than 25 years of experience, and our success is a testament to the long-standing relationships we have with most of the senior officers of companies and institutional property owners in this market ,” said Jay Carnahan, ORION’s managing partner.

“Thanks to our experience and strong relationships, we have an unmatched level of access to key decision makers. We are different from many brokerage firms in that our company takes a selective approach to who we service in order to closely align with our clients’ interests and to avoid conflicts of interest.  Our approach and long-term relationships are what allow us to out-perform much larger firms,” Carnahan added.

Bob Thagard, managing principal with ORION and one of the firm’s longest-tenured partners, was the top producer at ORION in 2012. Moreover, Thagard experienced his best year ever in his 25-plus year real estate career.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949-278-6224

                                               

www.orionpropertypartners.com.

Essex Realty Group Brokers the Sale Of Retail Strip Center In Chicago, IL

  

Doug Fisher

 CHICAGO, IL- Essex Realty Group, Inc. is pleased to announce the sale of 11111-19 179th Street, a 6,015 square foot strip center located in Orland Park, Illinois, approximately 25 miles southwest of Chicago’s central business district. 

The property is situated close to the high-traffic intersection of Wolf Road and 179th Street and benefits from its close proximity to national retailers such as Jewel-Osco, Walgreens, Jimmy John’s and Starbucks.

Matt Welke

The property is a single-story, free-standing building containing two (2) commercial spaces measuring 1,215 square feet and 4,800 square feet, and includes approximately 34 exterior parking spaces.  Currently, the 1,215 square foot space is occupied by Great Clips.  The adjacent space was previously occupied by a Blockbuster video store.

 Doug Fisher and Matt Welke of Essex were the brokers in the transaction.  The price was approximately $650,000.

11111-19 179th Street, Orland Park, IL

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

 Contact:

Douglas Fisher

Essex Realty Group, Inc.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com

U.S. Foreclosure Inventory Increases 9% from a Year Ago in First Quarter, According to New RealtyTrac Report

Daren Blomquist

IRVINE, CA,  March 28, 2013 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties and real estate data, today released its first-ever U.S. Foreclosure Inventory Analysis, which shows nearly 1.5 million U.S. properties were actively in the foreclosure process or bank-owned (REO) in the first quarter of 2013, up 9 percent from the first quarter of 2012 but still down 32 percent from the peak of 2.2 million in December 2010.

“Delinquent loans that fell into a deep sleep after the robo-signing controversy in late 2010 are gradually coming out of hibernation following the finalization of the national mortgage settlement in April 2012,” said Daren Blomquist, vice president at RealtyTrac.

“The settlement provided some closure regarding accepted foreclosure processing practices, and as a result lenders have been reviving more of these delinquent loans and pushing them into foreclosure over the past 12 months, particularly in states where a lengthy court process has resulted in a bigger backlog of non-performing loans still in snooze mode.”

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

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

Ginny Walker

949.502.8300, ext. 268

ginny.walker@realtytrac.com

Data and Report Licensing:

Data Sales Department

800.462.5193

datasales@realtytrac.com

National Retail Properties, Inc. Announces Convertibility Of Notes

ORLANDO, FL,  March 28, 2013 /PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN) (the "Company") today announced that the market price condition on its 5.125% Convertible Senior Notes due 2028 ("Notes") has been satisfied, and that the Notes will be convertible during the calendar quarter beginning April 1, 2013. 

The Notes are currently convertible at a rate of 39.515 shares of the Company's common stock per $1,000 principal amount of Notes.  Pursuant to the terms of the indenture, the conversion rate is subject to certain adjustments during the period in which the Notes are convertible.

Additionally, the Notes are redeemable by the Company beginning June 17, 2013.  The Company has not determined whether it will proceed with the redemption of the Notes, but, in order to avoid potential confusion in connection with payment of interest on June 17, 2013, the Company does not intend to redeem the notes prior to June 20, 2013.

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

investorrelations@nnnreit.com

Lincoln Property Company Southeast Brokers Atlanta Business Chronicle’s 20,000-Square-Foot Lease at Lenox Plaza in Buckhead, GA

 

Leigh Braswell

ATLANTA, GA (March 28, 2013) – Lincoln Property Company Southeast (Lincoln) has brokered the Atlanta Business Chronicle’s new 10-year lease of 20,000 square feet at Lenox Plaza, a nine-story, 100,882-square-foot office building in Atlanta’s Buckhead submarket, across from Lenox Mall.

 The paper, which is currently housed in the Atlanta Tech Village (formerly Ivy Place) building on Piedmont Road in Buckhead, is expected to move into its new space in August.

Sabrina Altenbach

 Leigh Braswell, a vice president at Lincoln Property Company Southeast, and Sabrina Altenbach, a leasing associate with the firm, represented HD Realty, the owner of Lenox Plaza, in the transaction.

 Ben Raney of Raney Cos. represented the BusinessChronicle and its parent company, Conde Nast, in the deal.

Tony Bartlett

The current tenant of the space, Lucas Group, exercised its termination option, and Lincoln was able to lease the space before it came on the market. The Business Chronicle chose Lenox Plaza in part because of the chance to place high-visibility signage on the building, according to Altenbach.

 Under Lincoln’s management and leasing, Lenox Plaza has led the Buckhead submarket in absorption for the past two quarters, and the building’s occupancy rate has increased from 50 percent to 80 percent leased in that time.

“Sabrina and Leigh have done a tremendous job with Lenox Plaza, and the addition of such a prominent tenant should only serve to further increase interest in this outstanding property,” said Tony Bartlett, a senior vice president of Lincoln Property Company Southeast. 

“We are extremely proud of the job we’ve done in improving this facility.”

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

Stephen Ursery

The Wilbert Group

E-mail: sursery@thewilbertgroup.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.thewilbertgroup.com

John Ghiselli Named Director of Marcus & Milllichap’s National Office and Industrial Group in Los Angeles, CA

John Ghiselli

LOS ANGELES, CA, March 28, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired industry veteran John Ghiselli as a director of the National Office and Industrial Group in the West Los Angeles office.

 The announcement was made by Tony Solomon, regional manager of the firm’s West Los Angeles office.

            Ghiselli has been involved in more than $2.5 billion in commercial real estate transactions during his career, and will focus on expanding Marcus & Millichap’s office and industrial sales efforts in Southern California and throughout the United States.  

Tony Solomon

“John brings extensive knowledge and experience in all aspects of commercial real estate to Marcus & Millichap, and we are proud to have him on board to help drive our office and industrial sales transactions,” says Alan Pontius, managing director of the firm’s National Office and Industrial Group.

Alan Pontius

            Prior to joining Marcus & Millichap, Ghiselli was in charge of re-launching Lincoln Property Company’s Southern California operations in 2001, and was involved in high-profile transactions such as the acquisition, repositioning and ultimate sale of 915 Wilshire Blvd. in downtown Los Angeles and the sale of 331 Maple Drive in Beverly Hills.

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

Ben Johnson,

Marketing Director

(925) 953-1736

HFF closes $19.7 million sale of and arranges $14.6 million financing for Fountains at North Port in North Port, FL

Fountains at North Port, North Port, FL

MIAMI, FL – HFF announced today that it has closed the $19.7 million sale of and arranged a $14.6 million financing for the Fountains at North Port, a 312-unit, garden-style multi-housing community in North Port, Florida.

HFF marketed the property on behalf of the seller.  Symcor Capital Properties, Inc. purchased the property for $19.7 million free and clear of existing debt.

Matt Mitchell

 In addition, HFF assisted in securing a 10-year, fixed-rate loan on behalf of the buyer through GE Capital Real Estate. 

Proceeds from the loan were used to acquire the property.

The Fountains at North Port is situated on nearly 27 acres at 1015 Panacea Boulevard proximate to Interstate 75 in North Port. 

Jaret Turkell

Constructed in 2000, the property is 95 percent leased and consists of one-, two- and three-bedroom units averaging 923 square feet each. 

Community amenities include a clubhouse, computer center, fitness center, resort-style swimming pool and spa.

The HFF investment sales team representing the seller was led by directors Matt Mitchell and Jaret Turkell, and supported by real estate analysts Maurice Habif, Scott Wadler and Zach Nolan. 

HFF’s debt placement team representing the buyer was led by director Elliott Throne and associate director Todd Adams.

Zach Nolan

HFF’s Florida multi-housing and land group has closed more than $780 million of multi-housing transactions for the 12 months ending December 31, 2012, and the firm was also ranked as a top capital markets intermediary nationally by the Mortgage Bankers Association for the past five years.

Within the past 18 months, Symcor Capital Properties, Inc. has acquired over $45,000,000 of residential properties and is actively looking for new opportunities.

Todd Adams

Symcor expects to double their Florida portfolio within the next year. The principals at Symcor are hands on and bring their management expertise to each and every deal.

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

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

www.hfflp.com

HFF closes $40.75 million sale of Aston Woods in Silver Spring, MD

Aston Woods Apartments, Silver Spring, MD

WASHINGTON, D.C. – HFF announced today that it has closed the sale of Aston Woods, a 261-unit, garden-style multi-housing community in Silver Spring, Maryland.

HFF marketed the property on behalf of the seller, Waterton Associates, LLC.  Azure Partners LLC purchased the asset for $40.75 million free and clear of existing debt on the property.

Aston Woods is located at 3411 Gateshead Manor Way near major transportation routes including the Intercounty Connector, Interstate 95 and Interstate 270, which provide access to the entire Washington, D.C. and Baltimore metropolitan areas. 

David Nachison

Originally constructed in 1986, the property has received nearly $3 million in capital improvements during the past five years, including interior unit renovations as well as significant improvements to the common area amenities and building systems.

 The 94 percent leased property includes one- and two-bedroom units averaging 864 square feet each.  Community amenities include a clubhouse, resort-style swimming pool with sundeck, indoor spa, state-of-the-art fitness center, play area, jogging trail and outdoor sport court.

Alan Davis

                The HFF team representing Waterton Associates was led by senior managing directors David Nachison and Alan Davis and director Brenden Flood.

                “Aston Woods has seen the successful implementation of a renovation program that still provides room to increase rents through modest additional upgrades, and its appeal has been improved by major area road improvements in the region including the Intercounty Connector that now links the I-270 corridor with the I-95 corridor,” Nachison stated.  

“Aston Woods’ location in one of Montgomery County’s closest submarkets to the job growth being felt around Fort Meade, has also expanded its draw from employment growth on the military base, and a growing contractor base focused on national security,” continued Nachison.

Brenden Flood

Waterton Associates, LLC is a Chicago-based investment firm specializing in the ownership and management of multifamily properties.  Waterton has participated in the acquisition, disposition and financing of apartment properties located throughout the United States.

Azure Partners LLC (Azure) is a real estate private equity firm focused on the acquisition and management of real estate assets within high-growth markets in the United States.  Founded in 2010 by Michael Dennis and Arthur Rosenberg, Azure currently owns interests in real estate valued at $250 million encompassing multi-housing and office assets in the United States and Western Europe.

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

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

www.hfflp.com

MRP Realty and Rockpoint Group Joint Venture Retains HFF to Market for Sale Washington Harbour

Washington Harbour development
Georgetown, Washington, DC

Stephen Conley

WASHINGTON, D.C. – MRP Realty, developers of commercial, residential and mixed-use real estate across the Washington Metropolitan Region, and equity partner Rockpoint Group, LLC, a Boston-based real estate investment management firm,  today announced the joint venture’s plan to sell the mixed-use Washington Harbour development.

 HFF ‘s team of Stephen Conley, Jim Meisel, Andrew Weir and Dek Potts will serve as the exclusive agent for the investment offering.

Jim Meisel

Prominently located along the Potomac River in Washington DC’s Georgetown neighborhood, the award-winning Arthur Cotton Moore-designed project comprises two freestanding Class A towers totaling 557,961 square feet of office and retail.

 The property, located at 3000 and 3050 K Streets, NW is currently 96% leased to 26 tenants, including the law firms of Foley & Lardner and Kelley Drye & Warren, as well as the communications and advertising firm of GMMB Inc.

Andrew M. Weir

These three firms alone, occupy more than 374,000 square feet (67%) of the project through 2022 and beyond, affording investors both exceptional credit and long-term, stable, appreciating cash flows.

 “When MRP first approached the property, we immediately saw the opportunity to improve an iconic property that had the potential to maintain and expand a roster of exceptional credit, long-term tenants,” said Bob Murphy, Managing Principal of MRP Realty.

 “We invested $50 million into renovating and modernizing the property to improve the aesthetics and work environment for the business tenants, as well as create a multi-season destination for dining and entertainment for both Georgetown and Greater Washington. 

Dek Potts

“MRP always believed in the value of the unique waterfront access and proximity to Georgetown’s many amenities, but now we can truly see and feel the 24-hour destination it has now become.” 

Robert J. Murphy

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

Julie Chase

(202) 997-8677

jchase@chasepr.com

 Scott Warner

(703) 231-6925

swarner@chasepr.com

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

www.hfflp.com

HFF closes $19 million sale of northern New Jersey multi-housing community

Constantine Village Apartments
Summit, NJ

FLORHAM PARK, NJ – HFF announced today that it has closed the sale of Constantine Village, a 100-unit apartment complex located in Summit, New Jersey.

HFF marketed the property on behalf of the seller, AIG Global Investment Group.  Constantine CXII, LLC purchased the asset for $19 million including the in place debt.

Kevin O'Hearn

Constantine Village, situated along Constantine Place and Risk Avenue in the northern New Jersey city of Summit, is within walking distance of the New Providence train station and a King’s supermarket. 

Jose Cruz

The property is located 22 miles west of Manhattan and has easy access to Route 24 and Interstate 78.  Constantine Village is comprised of nine buildings with two-bedroom units including several large townhomes with private garages. 

 The property, built in two phases in the early 1950’s and late 1970’s, is 96 percent leased.

Andrew Scandalios

The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien, as well as associate director Michael Oliver.

According to Cruz, “This was a unique opportunity to purchase a high-quality garden apartment complex in one of the most desirable towns in the entire suburban New York region. 

Jeffrey Julien

“Furthermore, the property offers the ability to increase yields through unit renovations.”

AIG Investments comprises a group of international companies, which provide investment advice and market asset management products and services to clients around the world. 

AIG Investments is a worldwide leader in asset management, with extensive capabilities in equity, fixed income, hedge funds, private equity and real estate.

Michael Oliver

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

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

HFF marketing for sale two-building office portfolio in suburban Chicago

Corridors Office Complex, Downers Grove, IL

CHICAGO, IL – HFF announced today that it has been selected to market the sale of Corridors I and  II, a two-building, Class A office portfolio totaling 299,792 square feet in Downers Grove, Illinois.

HFF is marketing the property on behalf of the seller, LNR Partners, LLC, for an undisclosed amount free and clear of debt.

Corridors I & II are located at 2651 and 2655 Warrenville Road adjacent to the East-West Tollway (Interstate 88) and North-South Tollway (Interstate 355) intersection, approximately 25 miles west of downtown Chicago. 

Jaime Fink

The five-story buildings were completed in 1998 and 1999.  

Corridors I is 76 percent leased to tenants including AIU, Revenue Cycle Solutions and Ameriquest.  Corridors II is 26 percent leased to AIU.  The property also includes a total of 1,457 garage and surface parking spaces.

The HFF investment sales team representing the seller is led by senior managing directors Jaime Fink and Jeff Bramson and director Mark Katz.

Jeff Bramson

“Corridors I & II presents investors with a unique opportunity to acquire very well-located, Class A office buildings that are less than 15 years old in a desirable suburban market.  There have been limited value-add opportunities that have availed themselves recently in the East-West Corridor that presented a pure lease-up situation such as this,” commented Fink.

LNR Partners, LLC (“LNR”) is the world's largest commercial mortgage special servicer.  LNR is the industry leader in commercial loan workouts with market-leading due diligence and underwriting processes and extensive knowledge of credit fundamentals that enable the company to secure the maximum resolutions in the shortest amount of time for its investors.

Mark Katz

  

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

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

Marcus & Millichap Capital Corp. Arranges $5.5 Million in Refinancing for Multifamily Mid-Rise in Los Angeles, CA

LOS ANGELES, March 27, 2013 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $5.5 million refinance for a 68-unit multifamily mid-rise property in Los Angeles.

            Richard Judge, a vice president capital markets in MMCC’s Newport Beach office, arranged the loan.

            “This transaction was a refinance of a private note held by the previous owner of the property,” says Judge. “The borrowers are long-term clients of the firm and they were focused on specific terms that met the needs of their syndication structure.

Richard Judge

“The terms we were able to secure significantly improved the client's leverage position and property cash flow on this ‘C’ quality asset,” adds Judge.

            The 15-year loan offers interest-only payments for five years at 3.73 percent and was financed up to a 75 percent LTV.

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

Ben Johnson,

Marketing Director

(925) 953-1736

Meta Housing Corp. Announces Completion of $$43 Million Transit-Oriented Multifamily Redevelopment in Los Angeles’ Chinatown

 Los Angeles City Mayor Antonio Villaraigosa
at the Ribbon Cutting Ceremony
for the New Metro at Chinatown Senior Lofts.

LOS ANGELES, CA (March 28, 2013) – Meta Housing Corporation has completed the redevelopment of a blighted, vacant Los Angeles building, transforming it into a transit-oriented, 123-unit affordable senior housing property in Los Angeles’ Chinatown. 

The Metro at Chinatown Senior Lofts 
808 North Spring Street, Los Angeles, CA

The Metro at Chinatown Senior Lofts, located at 808 North Spring Street in the city of Los Angeles, was completed with support from Western Community Housing, the City of Los Angeles, the State of California’s Department of Housing and Community Development, and Bank of America. 

The multifamily property will provide local seniors, aged 55 or older, with affordable, amenity-rich housing in close proximity to public transportation, according to John Huskey, President of Meta Housing Corporation.

“As developers, we recognize the need for our residents to not only live in beautiful buildings, but to enjoy their surroundings with ease,” explains Huskey.

John Huskey

“Through this project, and with the help of these excellent organizations, we were able to accomplish both of those objectives. 

“By redeveloping a vacant downtown building which was already well-located, we were able to bring new life to this area of the city, and deliver a project which instills pride in each of the entities that contributed to its development.”

Western Community Housing served as the co-developer and managing general partner on the project.

The City of Los Angeles’ HUD Neighborhood Stabilization contributed $12.6 million to the project, while the State of California’s Department of Housing and Community Development’s Transit-Oriented Development Program provided $10.5 million to the development. 

In addition, Bank of America provided $33.5 million in construction financing and Low Income Housing Tax Credits (LIHTC) for the new Metro at Chinatown.

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

Jenn Quader/ Corynne Randel

Brower, Miller & Cole

JQuader@browermillercole.com

(949) 955-7940