Friday, May 31, 2013

Marcus & Millichap Ranked Among Top 50 Firms Nationally in Technology and Helpdesk Support Achievement

  

  
CALABASAS, CA, May 31, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has been ranked #28 out of the top 50 helpdesk support centers in the 2013 HDI CSAT Elite 50.

Richard Peltz
HDI, the world’s largest professional association and certification body for technical service and support professionals, uses the HDI Customer Satisfaction Index (CSI) Service to track and trend customer satisfaction ratings for some 800 companies from year to year.

Based solely on the data collected over a 12-month period, participating technical service and support centers are identified as leaders in the industry. The 50 support centers with the highest scores are then recognized by HDI as members of the HDI CSAT Elite 50.

Teams that qualify for the HDI CSAT Elite 50 ranking receive a certificate of recognition and are recognized at the HDI Annual Conference & Expo, where they are lauded as industry leaders in front of their peers and other organizations.

Bill Benoist
“This award symbolizes our commitment to providing our more than 1,000 agents across the country with the resources and information services (I.S.) customer support to realize their potential and give them pride of association with our firm,” says Richard Peltz, Senior Vice President and Chief Information Officer at Marcus & Millichap.

 “Bill Benoist, Vice President of Information Services, and his team have raised the support bar every year and are committed to achieving the highest level of support available in the industry,” says Peltz.

The HDI CSAT Elite 50 award is the latest recognition of Marcus & Millichap’s focus on technological excellence. The firm has also ranked among the top 500 leading global companies in the InformationWeek 500 for the past seven years.

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

Ben Johnson
 Marketing Director

(925) 953-1736

Thursday, May 30, 2013

RealtyTrac Reports U.S. Foreclosure Sales in First Quarter Down 22 Percent from Year Ago



  
IRVINE, CA, May 30, 2013 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties and real estate data, today released its Q1 2013 U.S. Foreclosure & Short Sales Report™, which shows a total of 190,121 U.S. properties in some stage of foreclosure or bank-owned (REO) were sold during the quarter, a decrease of 18 percent from the previous quarter and down 22 percent from the first quarter of 2012.

Daren Blomquist
“We expected foreclosure-related sales to be lower given the downward trend in new foreclosure activity nationwide over the past two and a half years, but the decrease in non-foreclosure short sales was a bit of surprise given the 11 million homeowners nationwide still underwater,” said Daren Blomquist, vice president at RealtyTrac.

“Rising home prices in many markets are stunting the continued growth of short sales by reducing incentive for both underwater homeowners and lenders.

”Underwater homeowners may be willing to stick it out a few more months or even years in the hope that they will be able to walk away with money at the closing table and without a hit to their credit rating, and for lenders a failed short sale may no longer translate into bigger losses down the road, given that average prices of bank-owned homes are rising — at a faster pace than non-distressed home prices in many markets.”

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

Jennifer von Pohlmann
949.502.8300, ext. 139

Ginny Walker
949.502.8300, ext. 268

Data and Report Licensing:
Data Sales Department
800.462.5193


HFF closes $9.625 million sale of two-building industrial property in Dulles, VA




WASHINGTON, D.C. – HFF announced today that it has closed the sale of Northpointe B & C, a two-building, 83,086-square-foot industrial property in Dulles, Virginia.

Bruce Strasburg
HFF marketed the property on behalf of the seller, Velsor Properties, LLC.  The property sold for $9.625 million free and clear of debt.

Northpointe B & C are located at 44901 and 44931 Falcon Place adjacent to Dulles International Airport and proximate to Dulles Toll Road (Route 267) and Route 28. 

  Situated less than one half of a mile from Dulles International Airport’s cargo entrance, the buildings are 87 percent leased to a diverse tenant base including The Richards Corporation. 

Samuel Fagelson
The HFF investment sales team representing the seller was led by senior managing director Bruce Strasburg and real estate analyst Samuel Fagelson.

“Investors were attracted to Northpointe because it offered the opportunity to acquire a well-leased property with a strong tenant base in immediate proximity to Dulles Airport’s cargo entrance.  

"Combined with the capital markets imbalance of scarce supply and strong demand for well-located assets, Northpointe attracted substantial interest from the investment community,” commented Strasburg.

Dulles International Airport, Main Terminal
Founded in 1997, Velsor Properties, LLC is recognized as one of the fastest growing real estate ownership companies in the metropolitan Washington, D.C. area.  

Velsor, through its affiliates, owns and manages 53 industrial, flex and office buildings in Northern Virginia and Maryland.  As of January 2013, Velsor owns and manages more than three million square feet of property.

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

Kristen M. Murphy
 Associate Director
 HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
 Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com


Wednesday, May 29, 2013

Mixed-Use Residential and Retail Asset Hits the Market in San Francisco at $13.9 Million

  

  347-359 Grant Avenute and 507 Bush Street, San Francisco, CA


SAN FRANCISCO, CA,May 29, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing for 347-359 Grant Ave./507 Bush St., a mixed-use retail/residential asset featuring two ground-floor retail spaces and 56 residential/SRO units, 16 of which are licensed for tourist occupancy.

Mark Mason
Located in the San Francisco’s Union Square district, the property is listed at $13.9 million.

            Mark Mason, a first vice president investments in the San Francisco office of Marcus & Millichap, is representing the seller, a local Bay Area real estate investment group.

“The property generates a diversity of income from two distinctly different product types and is one of the most attractive investment offerings in the Bay Area,” says Mason. 

“The ground floor is leased to two national retailers, Starbucks Coffee Co. and American Apparel Inc. The residential portion is leased to EF Education First Ltd., the world’s largest international language school,” adds Mason.




            The building is located at the southwest corner of Grant Avenue and Bush Street, two of San Francisco’s major arterials and one of the city’s top foot-traffic intersections.

Union Square district, San Francisco
            The property received extensive renovations from 2002 through 2008. Improvements include a seismic retrofit, upgrades to a high percentage of the plumbing and electrical systems, new HVAC and new fire and life safety systems. 

An ADA-compliant wheelchair lift provides access from the Bush Street entrance to the first floor residential units and meets San Francisco’s ADA requirements.

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

Ben Johnson,
Marketing Director
(925) 953-1736

Marcus & Millichap Reports Foreign and Exchange Investors Drive Property Sales in Broward County, FL



                   Flagler Village rendering, Fort Lauderdale, FL


FORT LAUDERDALE, FL -- An influx of residents and increased spending will play a large factor in improving the county’s retail market this year, according to Marcus & Millichap’s second-quarter report.

Retail sales jumped in the past 12 months, attracting retailers, especially in high-traffic locations, such as the Federal Highway Corridor where Flagler Village is under way.

 The mixed-use redevelopment will include retail space among more than 700 apartment units in an urban village setting. Another 390 residential units are under way just blocks away. Residential construction has retailers preparing for the new households.

The Plaza at Coral Springs, FL
Fresh Market, for example, recently opened across the street from Flagler Village. Residential construction is also surging in areas such as Coconut Creek, where more than 600 housing units are under way.

 In addition, a casino-hotel has been proposed at the Seminole Casino Coconut Creek, which would boost jobs, traffic and tourism. In nearby Coral Springs, the redevelopment of the Plaza at Coral Springs II will add BJ’s Wholesale Club and Dick’s Sporting Goods to its tenant roster. Escalating space demand this year will allow operators to implement the largest rent gains since the recession began.

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

John Chang
Vice President, Research Services
(602) 687-6700

Fort Lauderdale Office:
Gregory Matus
Vice President, Regional Manager

American Healthcare Investors Expands Unsecured Credit Facility to $450 Million on Behalf of Griffin-American Healthcare REIT II




NEWPORT BEACH, CA (May 29, 2013) – American Healthcare Investors and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare REIT II, Inc., announced today the expansion of the REIT’s existing unsecured revolving line of credit from $200 million to $450 million.

 Existing lenders Bank of America, N.A., KeyBank National Association, RBS Citizens, N.A., and Comerica Bank are joined by new lenders Barclays Bank PLC, Fifth Third Bank, Wells Fargo Bank, N.A., Credit Agricole Corporate and Investment Bank and Sumitomo Mitsui Banking Corporation.

The unsecured credit facility may be utilized to acquire, finance or re-finance properties, as well as for other corporate purposes, and may be increased to $650 million upon meeting certain conditions.

Jeff Hanson
“Since January 2012, the portfolio of Griffin-American Healthcare REIT II has more than tripled in size to approximately $1.5 billion, based on aggregate purchase price, and we continue to source attractive acquisition opportunities and execute our investment strategy on behalf of stockholders,” said Jeff Hanson, principal of American Healthcare Investors and chairman and chief executive officer of Griffin-American Healthcare REIT II.

 “Thanks to our key lending relationships, Griffin-American Healthcare REIT II is well-equipped to continue its rapid growth.”

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

Damon Elder
SVP, Marketing & Communications
American Healthcare Investors
4000 MacArthur Boulevard
West Tower, Suite 200
Newport Beach, CA 92660
(949) 270-9207 direct
(714) 356-1460 cell

Lincoln Property Company Southeast Brokers 17,500 Square Feet of Leases at 730 Midtown in Atlanta, GA

  
Sabrina Altenbach
ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has brokered five leases totaling 17,500 square feet at 730 Midtown in Atlanta.

Leigh Braswell, a vice president at Lincoln Property Company Southeast, and Sabrina Altenbach, a senior leasing associate with the firm, represented the property owner, Colony Realty Partners, in the transactions.

Included among the transactions:

Leigh Braswell
• Microsemi, which manufactures semi-conductors, renewed its lease of 5,600 square feet.
• Outbrain, an online content recommendation service, signed a new lease for 3,800 square feet.
• The online financing firm Kabbage expanded its lease by 3,800 square feet.
• Red Clay Interactive, an online marketing company, expanded its lease by 2,500 square feet.
• BlueBear Law Enforcement Services, which develops software to help law enforcement agencies, renewed its lease of 1,800 square feet.


730 Midtown
Located in the heart of Midtown Atlanta’s live-work-play environment on Peachtree Street, the Class-A, 11-story 730 Midtown is within walking distance of MARTA and features easy access to interstates 75 and 85.

The building features covered parking, 24-hour manned security, on-site management office, a café and a mail center. The building is also near the Fox Theatre, numerous restaurants and hotels. Lincoln also manages 730 Midtown.

 “These four leases reflect the continuing appeal of 730 Midtown to technology firms,” Braswell said. “With the local economy continuing to recover and the city’s technology sector growing stronger, the future of this outstanding facility is very bright.”

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

Stephen Ursery
The Wilbert Group
404-405-2354


Tuesday, May 28, 2013

HFF secures $23 million construction/permanent financing for Cambridge, MA multi-housing project



 The three-building Wyeth development rendering, Cambridge, MA

BOSTON, MA – HFF announced today that it has secured $23 million in financing for The Wyeth, a three-building, 63-unit multi-housing development in Cambridge, Massachusetts.

Greg Labine
                Working exclusively on behalf of Broder Properties, HFF placed the 15-year, fixed-rate financing with Eastern Bank.  The loan will fund construction of the property and convert to a permanent loan thereafter.
                The Wyeth consists of 45 Yerxa Road, a 19-unit property renovated in 2008, and 120 and 124 Rindge Avenue, partially completed multi-housing buildings with 28 and 16 units respectively.

  Broder bought the properties out of foreclosure and is renovating 120 and 124 Rindge to LEED Platinum standards. 

  The properties are located between Porter Square and the Fresh Pond/Alewife neighborhood of Cambridge close to Davis Square, Interstate 93 and the Massachusetts Turnpike as well as MBTA stations at Porter Square and Alewife providing access into downtown Boston.  The 2.27-acre site also includes 97 surface parking spaces.

                The HFF team representing Broder Properties was led by director Greg LaBine.

                “Broder intends to hold these properties long term as a core portion of their growing portfolio,” said LaBine.  “Eastern Bank provided Broder with construction funds to complete the renovations while allowing Broder to lock in long-term rates in the current attractive interest rate environment.”

                Broder Properties is a privately-funded real estate partnership based in Boston’s Back Bay. 

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 

Marcus & Millichap Reports Retailers Gradually Stepping into the Healthcare Industry




WALNUT CREEK, CA -- Retailers that typically occupy net-leased space are reacting to changes in consumer spending patterns and attempting to diversify to capture higher returns on existing footprints.

Fast-food restaurants are luring health-conscious individuals into establishments by revamping their menus.

Chains with at least 20 locations are undergoing preparations to list calories on their menus upon the full implementation of the Affordable Care Act (ACA) in 2014.

McDonald’s and Wendy’s are leading the charge in making new offerings healthier to broaden their customer bases.

The ACA will also impact drugstores due to an anticipated increase in the number of prescriptions. Despite the uptick in demand, expansion plans by major drugstores are waning as the number of desirable locations fades.

 The resurgent national housing market should reverse this trend beginning in 2014 as additional suburban corners become available.

Grocers, Target and Wal-Mart are also aiming to capture a slice of the government and corporate-sponsored healthcare dollars. Several of these chains are offering clinical services in addition to pharmacies, which should boost revenues without a new major square-footage commitment.

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

Ben Johnson
 Marketing Director
 Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
 (925) 953-1700 ext. 1736
(925) 953-1710 fax
(925) 270-9079 cell

HFF arranges $8.4 million financing for showroom/flex property in Scottsdale’s Art District



                          Scottsdale Design District 2708-2732 N. 68th Street
                                              Scottsdale, AZ


LOS ANGELES, CA – HFF announced today that it has arranged $8.4 million in financing for Scottsdale Design District, a 109,652-square-foot showroom/flex property in Scottsdale, Arizona.

Todd Sugimoto
                HFF worked on behalf of the borrower, Wilshire Capital Partners, LLC, to secure the five-year, 3.86 percent, fixed-rate loan through CIBC World Markets.  Loan proceeds were used to acquire the property from a joint venture between Andell, Inc. and Fenway Properties. 

                The Scottsdale Design District consists of seven buildings that were most recently renovated in 2008, and are 88.1 percent leased to a tenant base catering to interior designers, architects, trade professionals and their clients.  The two largest tenants, which are under long-term leases, are John Brooks, Inc. and Dean-Warren. 

Situated on 9.24 acres, the property is located at 2708-2732 N. 68th Street in the southern portion of Scottsdale’s Arts District, which is considered to be the epicenter of Phoenix’s art scene.

                The HFF team representing the borrower was led by managing director Todd Sugimoto and real estate analyst Steven Paskhover.

                Wilshire Capital Partners, LLC is a private real estate firm that invests in apartment, office, industrial and debt opportunities throughout the Western United States.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873



HFF arranges $11 million financing for two-building Southern California medical office portfolio



         Grove Medical Arts Building, 12665 Garden Grove Boulevard
                              Garden Grove, CA 

Mark Wintner
LOS ANGELES, CA – HFF announced today that it has arranged $11 million in financing for a two-building medical office portfolio totaling 120,253 square feet in Southern California.

HFF worked on behalf of the borrower, joint venture partners Pacific Prime Properties and Hager Pacific, to secure the 20-year, fully amortizing, fixed-rate financing through ING Investment Management.  Loan proceeds were used to refinance existing debt on the property and return capital to the borrower.

The first property, Grove Medical Arts Building, is located at 12665 Garden Grove Boulevard in Garden Grove approximately six miles south of Anaheim, California.  The seven-story, 74,367-square-foot building is adjacent to the 167-bed Garden Grove Hospital Medical Center, and is 93.2 percent leased.



      Los Alamitos Medical Professional Building, 10861 Cherry Street
                                                        Los Alamitos, CA

The second property, Los Alamitos Medical Professional Building, is located at 10861 Cherry Street in Los Alamitos near Interstate 605 just south of Cypress, California.  The three-story, 45,886-square-foot office building is adjacent to the 167-bed Los Alamitos Medical Center.  Los Alamitos Medical Professional Building is100 percent leased.

The HFF team representing the borrower was led by managing director Mark Wintner. 

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873



HFF arranges $11.29 million senior loan and $7.2 million preferred equity for suburban Cincinnati distribution center



West Chester, OH Distribution Center
 8778 – 8910 Le Saint Drive


 LOS ANGELES, CA – HFF announced today that it has arranged an $11.29 million senior loan and $7.2 million in preferred equity for a 697,500-square-foot distribution center located in West Chester, Ohio.

Paul Brindley
HFF worked exclusively on behalf of Cohen Asset Management, Inc. (“CAM”) to secure the $11.29 million, four-year, 3.25 percent fixed-rate loan through a leading life insurance company.  In addition, HFF also secured $7.2 million in preferred equity from Terra Capital Partners, LLC. 

Built in 2006, the facility is located at 8778 – 8910 Le Saint Drive approximately 17 miles north of downtown Cincinnati in the Tri-County submarket.

The HFF team representing the borrower was led by senior managing director Paul Brindley and senior real estate analyst Jeff Sause.

Established in 1992, Cohen Asset Management, Inc. is a national owner and operator of commercial property with a primary focus on industrial real estate.  Cohen Asset Management, Inc. is strategically headquartered in Southern California with a regional office in northern New Jersey.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873


Berger Commercial Realty Closes Two New Leases in Fort Lauderdale, FL

  

                        
                                   Court House Plaza, Fort Lauderdale, FL

Steve Hyatt
FORT LAUDERDALE, Fla. (May 28, 2013) - Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced two new lease transactions.

 Berger Commercial Realty Vice President Judy Dolan and Senior Vice President St. George Guardabassi represented The Curtis T. Bell Trust in the seven-year lease of a 9,600-square-foot office space, located 200 N. Andrews Ave. in Fort Lauderdale, to a medical technology company.

Judy Dolan
Additionally, Berger Commercial Realty Senior Vice President Steve Hyatt represented Court House Plaza in the two-year lease of 1,260 square feet of office space, located in the at 700-705 S.E. 3rd. Avenue in Fort Lauderdale, to attorney William Allen.

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

Marielle Sologuren
Pierson Grant Public Relations

(954) 776-1999, ext. 226

Greysteel Retail Team Led by Gil Neuman Named Exclusive Advisor and Agent on Sale of Suburban Washington, DC Retail Center


                        Kettering Crossing shopping center, Kettering, MD

 Kettering, MD (May 28, 2013) – The Greysteel Company’s Mid-Atlantic retail investment sales team led by Gil Neuman has been named exclusive advisor and agent for the sale of Kettering Crossing, a neighborhood shopping center on four and one half acres of land in densely populated Kettering, Prince George’s County, Maryland.

Gil Neuman
The 28,830 square foot center is located in a residential neighborhood at 51-99 Kettering Drive, just east of the Capital Beltway (I-495) near the Route 50 Washington D.C. interchange and Washington Metro’s Blue Line. The center is 96% occupied by a diverse mix of service-oriented tenants and features a 28,000 square foot (.62 acre) developable corner pad site ready for 10,000 square feet of retail.

As a suburb of the Washington, D.C. Metropolitan Area, Kettering benefits from one of the strongest and largest regional economies in the United States.

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

Christine McCary
Marketing Director
7735 Old Georgetown Road, Suite 301
Bethesda, MD 20814
T. 202-280-2715
C. 703-868-1523


Marcus & Millichap Names Two Vice Presidents


John Vorsheck
 John Vorsheck Continues to Cover San Diego and the West Coast

 CALABASAS, CA, May 28, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named John Vorsheck vice president, according to John J. Kerin, president and chief executive officer.

“John brings extensive knowledge and experience to the position of vice president gained from his time as a successful sales agent and in his management roles with the firm,” says Kerin. “He will continue to be a great resource for our clients and agents in San Diego and throughout the West Coast.”

Vorsheck serves as regional manager of the firm’s San Diego office, a position he has held since June 2011.


Richard Bird
Richard Bird Charged with Coverage in Salt Lake City, UT and Las Vegas, NV

CALABASAS, CA, May 28, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Richard Bird vice president, according to John J. Kerin, president and chief executive officer.

“Richard brings extensive knowledge and experience to the position of vice president gained from his time as a successful sales agent and in his management roles with the firm,” says Kerin. “He will continue to be a great resource for our clients and agents in Salt Lake City and Las Vegas.”

John J. Kerin
Bird serves as regional manager of the firm’s Salt Lake City and Las Vegas offices, positions he has held since April 2008 and April 2011, respectively. He has also been the sales manager of the firm’s Denver, Salt Lake City and Fort Collins, Colo. offices.


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

Ben Johnson,
Marketing Director

(925) 953-1736

PCCP, LLC Provides $24.3 Million Senior Loan to Legacy Partners and AllianceBernstein U.S. Real Estate Partners, L.P. Joint Venture to Acquire, Re-position and Lease a Pasadena, CA Office Campus

  


                                    150 Orange Grove, Pasadena, CA


Los Angeles, CA,  May 28, 2013 - PCCP, LLC announced today it has provided a $24.3 million senior loan to a joint venture between Legacy Partners and Alliance Bernstein Real Estate Partners, L.P. to acquire, re-position and lease 150 Orange Grove, a 103,169-square-foot class A office campus in Pasadena, Calif.

Ron Bonneau
The seller, Avery Dennison, a global leader in labeling and packaging materials and solutions, occupies 100 percent of the property. The company will lease back the space through early 2014 as it finalizes its relocation plans. 

The joint venture plans to invest a significant amount of capital into renovations and building systems with the goal of attracting a new tenant to the property.

The asset was built by Avery Dennison in 1981 and has served as its corporate headquarters ever since. The four-story office building consists of three inter-connected “pods” that can efficiently offer single or multi-tenant configurations. 

Other amenities include a fitness center, meeting space, executive dining room, and cafeteria. The 7.24-acre site is a unique campus setting with lush landscaping, a koi pond, and outdoor patios with fountains.

“This is the only available true campus environment in Pasadena and is really a unique property for Los Angeles County,” said Ron Bonneau, vice president with PCCP in the Los Angeles office.

 “Avery has occupied the building since it was built, with no opportunity for other tenants to lease space.  Once renovations are complete, the space should be in high demand.”

The renovations will begin in late 2013 and are expected to be completed by mid 2014. 

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

Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224