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

New Latino Health Access Park and Community Center Fosters a Healthier Lifestyle for Families in Santa Ana, CA

. 

America Bracho

 SANTA ANA, CA (March 27, 2013) – Families in a densely populated, immigrant community with few, if any, park facilities, now have a place to exercise, play and learn about healthy living.

The new $3.6 million park and community center, which is scheduled to officially open for public use on Sunday, April 21, 2013 is the progression of years of effort to bring much-needed outdoor recreational space to downtown Santa Ana.

Built by Latino Health Access (LHA), the .six-acre park project is the first community-driven recreational and educational public space of its kind promoting health and wellness in a resource-challenged community. It is located at 602 E. 4th Street, adjacent to one of the largest condominium complexes in Santa Ana.

Santa Ana, CA Park and Community Center

                America Bracho, President and CEO of LHA is a longtime advocate of the belief that the community has the real power to implement change, and this park is the best proof of it.

 "Our new park is the dream of almost ten years for the community to have a place where our children can play and families can exercise and learn about healthy living. It is only through the initial vision of a group of moms and help of local government, businesses and community members that our long awaited park has now become a reality," said Bracho.

Constructed on land leased from the City of Santa Ana and property donated by the Gonzalez Family of the Northgate Market, the park project began after a group of mothers brought the idea to Latino Health Access.

Since then, parents have joined to form Parents with Green Hearts Committee, a community group aimed at bringing the park project to fruition. Local families, functioning as the park steering committee which provided input into the project design, plan to have a prominent, volunteer role in the maintenance of the facility and grounds, and raised money to support construction/implementation of the project.

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

Laura Mickelson (McCarthy Building Companies)

(949) 453-0851 / LauraMickelson@cox.net

 Amy Jarrett (TAYLOR)

(949) 574-1325 / ajarrett@wearetaylor.com

 www.WeAreTAYLOR.com.

www.mccarthy.com.

Ackerman & Co. Sells Two Net-leased Drugstores for $5.5 Million

    

CVS Drugstore, Kaplan, LA

 Atlanta, March, 26, 2013 – Ackerman & Co., fast becoming a market leader in the sale of retail properties in the Southeast, announced today that it has brokered the sale of two net-leased retail properties.

The first is a 9,800-square-foot, single-tenant, net-leased CVS in Kaplan, La. for $2,429,303. The store, located near Lafayette and in the heart of Kaplan’s retail corridor, was built in late 2006 and features CVS’ newer store model prototype.

Sean Patrick

The Ackerman & Co. investment sales team of Sean Patrick and Jason Powell represented the seller, a California family trust. The property was purchased by a private investor in Pennsylvania. The zero cash flow transaction required minimal equity.

Earlier in the month, the company also brokered the sale of another net-leased property – this time a 14,420-square-foot, single-tenant, Walgreens for $3,117,728. The property is located in the affluent market of the Phoenix (Peoria), Ariz. MSA.

Jason Powell

Ackerman & Co. Vice Presidents of Investment Sales Sean Patrick and Jason Powell represented the seller – CSH Peoria AZ, LLC, a San Francisco-based developer. The property was purchased by publicly traded REIT AR Capital, LLC. They were represented by The Kase Group.

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

Fara Wilson, 

VP of Marketing

770. 913.3904 

 fwilson@ackermanco.net

www.ackermanco.net