Wednesday, January 2, 2013

Rental Markets in Japan on Slow Track as Country’s Economy Sputters

Prime Minister Yoshihiko Noda
Boston, MA  (SBWIRE) –London-based Business Monitor International’s new Japan Real Estate report examines the commercial office, retail, industrial and construction segments throughout the country in the context of reconstruction efforts post-Tohoku coming to fruition at a more moderated rate than previously anticipated.

With a focus on the principal cities of Tokyo, Osaka and Yokohama, the report covers the rental market performance in terms of rates and yields over the past 18 months and examines how best to maximize returns in the commercial real estate market, while minimizing investment risk and exploring the impact of the completion of new supply on a market which was surprisingly resilient in the wake of the earthquake and tsunami in 2011.

 Our most recent round of in-country interviews (conducted in July 2012) showed that rents continue to struggle with stability across all sub-sectors.

Tokyo Skyline
Key Points:

-         The Cabinet office of Japan revised down its estimate of growth in Q212 to an annualized rate of 0.45% quarter-on-quarter, in line with our expectations for the Japanese economy to cool as volatility in the external environment has an adverse impact on domestic economic activity levels.
-         The September Tankan survey and other economic indicators suggest that businesses are likely to see conditions deteriorate, which bodes poorly for private investment growth.
-          We believe that growth is likely to slow further in 2013, to come in at a subdued 1.2%, and highlight the growing risks of recession.
-         Even with the election of new party chiefs in both the ruling Democratic Party of Japan and opposition Liberal Democratic Party (LDP), we believe that the political impasse will remain, as the opposition parties continue to push Prime Minister Yoshihiko Noda to call for an early dissolution of the House of Representatives.
Osaka Skyline
Our core view is for the LDP to win the largest number of the seats in the lower house, but fail to secure a majority and thus need to seek more partners to form a ruling coalition.
-          As such, we expect the current policy gridlock to remain, which could present downside risks to our forecast.
-         We believe that Japanese real GDP will decline to 1.2% in 2013, from 1.5% in 2012, as the country struggles to find sources of growth as it faces weakening demand both at home and abroad.
Yokohama night skyline

      Moreover, we expect the political impasse to impair the government's ability to stimulate the economy and expect the public sector to shrink its contribution to growth as the current rate of debt growth is unlikely to be sustained.
-          In addition, we see growing downside risks to our downbeat growth forecasts as the deterioration in economic data from Japan's trading partners suggests that another global recession could be at hand.

The complete  report  is available from Fast Market Research of Williamstown, MA.  Fast Market Research is an online aggregator and distributor of market research and business information.  The company says it represents the world's top research publishers and analysts.

For more information about related research reports, please visit our website at or call us at 1.800.844.8156.

HFF closes sale of two suburban Chicago multi-housing properties

Camden at Bloomingdale Apartments,
Bloomingdale, IL
CHICAGO, IL – HFF announced today that it has closed the sale of Camden at Bloomingdale and Stratford Place, two Class A garden-style apartment communities in Bloomingdale, Illinois. 

HFF marketed the properties on behalf of the seller, LaSalle Investment Management.  Friedkin Realty Corporation and Jackson Square Properties purchased both assets on a free and clear of existing debt basis.

Marty O'Connell
Camden at Bloomingdale is located at 348 Glenwood Drive near the intersection of West Schick Road and Gary Avenue. 

Stratford Place is located approximately one-half mile to the southeast of Camden at Bloomingdale at 232 Butterfield Drive.

Matthew Lawton
Both completed in 1991, the properties are comprised of one-, two- and three-bedroom units averaging more than 900 square feet. 

The communities have both been partially upgraded and provide amenities such as clubhouses, fitness centers, business centers, outdoor swimming pools, tennis courts, sand volleyball courts, jogging trails and dog runs.

Sean Fogarty
The HFF investment sales team representing the seller was led by managing director Marty O’Connell, executive managing director Matthew Lawton and managing director Sean Fogarty


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 |

HFF arranges $5.25 million refinancing for manufactured home community in Riverside County, CA

The Californian, Hemet, CA
SAN DIEGO, CA – HFF announced today that it has arranged a $5.25 million refinancing for The Californian, a 159-home, all-age manufactured home community located in Hemet, California.
                Working exclusively on behalf of Cal-Hemet, LLC, HFF arranged the 10-year, fixed-rate, non-recourse Fannie Mae DUS loan, which is amortized over 30 years.  Loan proceeds are paying off existing financing and funding upgrades to the property including a new solar energy program.

Zach Koucos
The Californian is located at 1150 North Kirby Street in Hemet, a community in the San Jacinto Valley about 80 miles equidistant between San Diego to the southwest and Los Angeles to the northwest. The 94 percent leased community offers residents two swimming pools, a wading pool, recreation center, billiards room, playground, basketball court and laundry facilities.
                The HFF team representing Cal-Hemet, LLC was led by associate director Zach Koucos and real estate analyst Husayn Hasan.
“We had a number of non-recourse lenders compete for the financing of The Californian, and in the end this transaction represented the best of what the market had to offer given our client’s objectives,” said Koucos.
 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 |

Western National Announces $46 Million Acquisition of 206-Unit Apartment Community in Southern California

The Landing at Long Beach, CA
IRVINE, CA (Jan. 2, 2013) – Western National Realty Advisors, an affiliate of Western National Group has announced the $46 million acquisition of a 206-unit apartment community in Long Beach, Calif., and named it The Landing at Long Beach. 

The acquisition was made through its Western National Realty Fund II, L.P. (“Fund II”), the firm’s second private equity fund.  The property is currently at 98 percent occupancy. 

Jerry LaPointe
“This acquisition fits well into Western National’s existing portfolio due to its excellent fundamentals and its ability to attract both students and professionals based on its modern amenities and proximity to a California State University, Long Beach, the 405 Freeway, and multiple employment centers in the Long Beach and Los Angeles metro area,” said Jerry LaPointe, Vice President of Western National Realty Advisors.

“In this particular transaction, we found that the seller’s representative, Greg Campbell, Group Vice President of Archstone, was a key to ensuring the acquisition process was smooth and seamless,” La Pointe noted.
 “Western National is already active in the Long Beach market as owner and manager of the nearby Pacific View Apartments, a longtime asset and strong performer in the Western National portfolio.  We are pleased to have found another opportunity in this same strong rental market,” La Pointe added.

The acquisition is the sixth acquisition in Western National’s Fund II.  Fund II also contains five development projects to date. 

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

Corynne Randel / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

Raintree Partners Announces New Multifamily Development in Forward-Thinking Northern California Downtown

201 Marshall project, Redwood City, CA
 REDWOOD CITY, CA (Jan. 2, 2013) – Raintree Partners, a Laguna Niguel, Calif.-based real estate investment and development company, has begun construction on a ground-up multifamily development project, “201 Marshall.” 

The project is a 116-unit, seven-story multifamily community located in Redwood City, Calif., next to the Caltrain station in the heart of Redwood City’s rapidly expanding downtown.

201 Marshall is being developed as part of Redwood City’s purposeful creation of a higher-density, pedestrian-centric downtown area that will attract young, creative people to its city.

201 Marshall is the first large project approved under Redwood City’s Downtown Precise Plan.  

The Downtown Precise Plan has a stated goal “to restore Downtown as the indispensable hub of the City where a mix of diverse services, conveniences, experiences and lifestyle choices” designed to create a true downtown including ample public transportation, housing, retail and office space. 

Raintree currently has three other Bay Area projects in development. The company is actively pursuing additional development opportunities in California, focusing on infill sites in core markets in both Northern and Southern California.

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

Corynne Randel / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

Colliers International Completes Largest Single Tenant Restaurant Sale Since 2010 in Southern California

1360 West Garvey Ave., West Covina, CA
WEST COVINA, CA (Jan. 2, 2013) Colliers International, the third largest global real estate services organization, has completed an investment sale of a single tenant restaurant in West Covina, totaling 2.38 acres at 1360 W. Garvey Avenue.

Patrick Barnes, Vice President, and Peter Spragg, Associate Vice President of Colliers International, represented the seller. The buyer is Olympic Harbor Investment Corporation, a Nevada Corp., based out of Los Angeles, Calif.

Patrick Barnes
Sold at $4.2 million, 1360 W. Garvey Avenue is the largest single tenant restaurant sale since 2010 in Southern California.

The property received multiple offers because of its large physical value (2.4 acres of land) and direct exposure to I-10 freeway and adjacent to the 1.4 million square foot West Covina Mall.

Peter Spragg
 “The biggest challenge we needed to overcome was the strength of the existing tenant,” explained Patrick Barnes, who said that the property was unable to seek out most triple net investors.

 “In addition to the investment community, there would have been a demand for the real estate if there had not been a lease in place.” Barnes believes that the Southern California investment market will continue to adjust and strong demand will return to the investment and tenant community throughout 2013.


Rainee Tiske
Marketing Specialist | PR GLA| Torrance, CA
Dir +1 310 381 2413
Main +1 310 381 1000

Renowned Consultant Mike Lipsey Shares Thoughts on How to Succeed in Commercial Real Estate Industry

Michael Lipsey
 ATLANTA, GA (Jan. 2, 2013) – To succeed today, commercial real estate firms must build teams featuring diverse skill sets, and they must also invest in customer relationship management (CRM) databases that workers throughout the companies can access.

 Those were just two of the points made in the latest episode of the “Commercial Real Estate Show” radio program, hosted by Michael Bull.

The show featured an interview with commercial real estate consultant Mike Lipsey, president of The Lipsey Co., who provided an enlightening look at a wide array of strategies to help brokers and office landlords succeed.

Michael Bull
Topics included how to best lease office space, compensation for landlord reps, the growing number of tenant reps and how community involvement can boost a real-estate career.

 “I don’t feel lukewarm about this – I feel very strongly,” Lipsey said. “Making sure that you have a state-of-the-art CRM is one of the single most important investments that a team can make … It’s the logical way to glue a team and glue an organization.”

A successful team is one that features not only senior brokers skilled at transactions and business development but employees adept at compiling reports for clients and maintaining firm databases as well, Lipsey added.

The entire episode on sales and leasing strategies is available for download at

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

Stephen Ursery
The Wilbert Group

Cassidy Turley Closes on Sale of Riverstone Mill in Canton, GA

Riverstone Mill retail center, Canton, GA

ATLANTA, GA – [Jan. 2, 2012] Cassidy Turley, a leading commercial real estate services provider in the U.S., announces it has closed on the sale of the Riverstone Mill retail shopping center at 551 Riverstone Parkway in Canton, Ga. Coro Realty Advisors purchased the property for $3.5 million. 

Cassidy Turley principals Mark Joines and Drew Fleming represented the seller in the transaction.

Mark Jones
Riverstone Mill is a 49,500-square-foot center located in a densely populated area near Northside Hospital’s Canton campus.

 Approximately 50-percent leased, the property’s current tenants include Dollar Tree, Tuesday Morning, Johnny’s Pizza and Edward Jones Financial Services.

“We were excited to work with both the bank and with Coro on this transaction,” said Joines, Vice President of Cassidy Turley’s brokerage group. “Coro was able to land a quality, under-performing asset in a high growth area of metro Atlanta.”

Public Relations Contact

Tony Wilbert
The Wilbert Group

Marcus & Millichap Sells Small Bay Warehouse Portfolio in Lauderhill, FL for $2.4 Million

Lauderhill, FL Warehouse,1711 NW 38th Avenue.
 LAUDERHILL, FL, Jan. 2, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Lauderhill Industrial Portfolio, a three building small bay warehouse portfolio located in Lauderhill, FL. The asset commanded a sales price of $2,400,000.

Vice President Investments Douglas K. Mandel in Marcus & Millichap’s Ft. Lauderdale office and Senior Associate Greg Zeifman in the firm’s Miami office had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami. 

Douglas K. Mandel
 The buyer, a private investor from Plantation, FL was secured and represented by Mandel and Zeifman. 

Lauderhill Industrial Portfolio is a three building small bay warehouse portfolio totaling 102,641 square feet. The portfolio was 57 percent occupied at the point of sale and the majority of the units are 1,200 to 2,000 square feet.

Greg Zeifman
Completed in 1980 and 1982, the buildings are situated on 3.22 acres, have grade level loading, 18’ clear heights, with a mix of twin-T and bar joist roofs. 

The buildings had significant deferred maintenance, including roofs in need of replacement, and were sold in “as is” condition with the buyer assuming all deferred maintenance items.  Lauderhill Industrial Portfolio is located at 1711 NW 38th Avenue.

Press Contact:

Gregory Matus
Vice President/Regional Manager,
 Ft. Lauderdale, FL
(954) 245-3400