Monday, May 13, 2013

Paragon Real Estate breaks ground on grocery-anchored retail development in Libertyville, IL


                    Typical floor products displayed at Trader Joe's facilities

CHICAGO, IL (May 13, 2013) – Paragon Real Estate, one of the nation’s leading commercial real estate developers, has broken ground on two retail buildings at the southeast corner of Milwaukee Avenue and Artaius Parkway in Libertyville, Ill.

Tom Williams
 Anchor tenant Trader Joe’s is scheduled to move into the entire 12,500-square-foot building under construction at 1600 S. Milwaukee Ave. later this year. Oak Brook, Ill.-based Paragon is also developing an 8,100-square-foot multi-tenant building divisible for up to three retailers at the south end of the 3-acre parcel.

 “We are fortunate to have Trader Joe’s as our anchor tenant. This unique grocery store draws loyal customers from a wide area and is sure to be a popular and convenient stop for the surrounding workforce,” said Tom Williams, managing partner of Paragon Real Estate.

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

Paula Widholm
 (773) 726-7993

MCS Industries Chooses County of San Bernardino, CA for 115,000 Square Foot Relocation


                       11089 Tacoma, Rancho Cucamonga, CA

COUNTY OF SAN BERNARDINO, CA, (May 13, 2013) - MCS Industries, the U.S. market leader for wall and poster frames, announced its relocation from Visalia, CA to the County of San Bernardino, CA.

Following an exhaustive search, including almost 100 competing sites, MCS is relocating from its former 86,000 square feet of space in Visalia, CA, to 115,000 square feet of space in an existing building located at 11089 Tacoma in the City of Rancho Cucamonga, with an option to expand into another 100,000 square feet of space.

 The firm will begin directing inbound ocean freight to the new location starting this month with complete move in by July 2013. MCS will use the new facility as a distribution center encompassing receiving, inspection, warehousing, and shipping operations to major retailers.

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

Darcie Giacchetto
Spaulding Thompson & Associates

Invest Atlanta Receives $30 Million in Tax Credits for Development Projects

Atlanta Mayor Kasim Reed

ATLANTA, GA, May 13, 2013) -- Invest Atlanta has received $30 million in New Markets Tax Credits from the U.S. Department of the Treasury to support business growth and development.

 The New Markets Tax Credits program provides low-cost financing to private-sector for-profit companies and non-profit organizations developing real estate projects that benefit the community.  The announcement marks $110 million received by Invest Atlanta in NMTC since 2007.

“As cities across the country emerge from the Great Recession, the New Markets Tax Credits program has been integral in providing financing for essential economic development and community service projects,” said Mayor Kasim Reed. “The New Markets Tax Credit is an effective way to create jobs and drive investment to develop vibrant, thriving communities in the City of Atlanta.” 

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

Patti Ghezzi
The Wilbert Group

IPA Facilitates the Sale of Empire Landing – The Premier Apartment Community in Burbank, CA

                      Empire Landing Apartments, Burbank, CA

BURBANK, CA, May 13, 2013 – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Empire Landing, a 276-unit multifamily community in Burbank. The terms of the sale were not disclosed.

Ron Harris
            Ron Harris, an IPA executive vice president investments, and Joseph Smolen, an IPA director, represented the seller, a joint venture between Casden Properties and PCCP. IPA also represented the buyer, TIAA-CREF.

            “The Tri-Cities apartment market is one of the most desirable in Los Angeles County and Empire Landing is the standard bearer for multifamily housing in the area,” says Harris. “Built in 2010, the property was the first new market-rate apartment asset developed in Burbank in more than 20 years.”

Joseph Smolen
“High governmental barriers to entry and a lack of available land keep new construction in Burbank to a minimum,” adds Smolen.  “The rarity of new assets in the area and Empire Landing’s proximity to an abundance of cultural amenities and major employers make it one of Los Angeles County’s marquis apartment properties.”

The apartment complex is located between Interstate 5 and State Route 134, the Ventura Highway, on the corner of Buena Vista Avenue and Empire Avenue at 1901 N. Buena Vista St. in Burbank, amid a dense concentration of major entertainment and media companies. Nearby employers include The Walt Disney Co., CBS Corp., ABC Family Worldwide Inc., Warner Bros. and Universal Studios.

Apartment homes at Empire Landing  feature nine-foot ceilings, limestone-finished gas fireplaces, in-unit stacked washers and dryers, gourmet kitchens with custom decorative countertops, spacious walk-in closets, large bathtubs, vanity cabinets, pre-wiring for technology, and private patios.

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

Ben Johnson
Marketing Director
(925) 953-1736

Greysteel Announces Exclusive Free-standing Verizon Wireless Offering in Gastonia, NC

Verizon Wireless facility, Gastonia, NC

Gastonia, NC– Greysteel, a leading Washington, D.C. based real estate investment services firm announced that Vice President Peter Snell, head of the Single Tenant Net Lease Investment Group, has been named exclusive co-advisor and agent for the freestanding Verizon Wireless located in Gastonia, North Carolina. 

Peter Snell
The offering, which is priced at $3,614,717 (7.25% cap), is a 5,069 square foot building, built in 2007, fully leased to Verizon Wireless.

The tenant recently waived its right to terminate and has begun substantial interior renovations, signifying their commitment to the location.

The 0.99 acre property is shadow anchored by a 198,897 square foot Walmart Supercenter and surrounded by numerous national retailers including Best Buy, Home Depot, Kmart, Kohl’s, Petsmart, Sam’s Club, Applebee’s, Chick-fil-A, Chili’s and McDonald’s.

Just 20 miles west of Charlotte and midway between Atlanta and North Carolina’s Research Triangle, the property is located in Gastonia, the 13th largest city in North Carolina.

The largest of the Gaston County’s 15 municipalities, Gastonia is also the second largest city in the booming Charlotte-Gastonia-Rock Hill Metropolitan Area and has experienced steady growth the last decade with an 8% population increase.

“Verizon Wireless has demonstrated, through its financial investment to upgrade the store’s appearance and waiving of its option to terminate the lease, a strong desire to remain in business at this location ,” said Greysteel’s Snell.

Given the scarcity of investment grade credit backed assets on the market, the limited pipeline of new development and strong investor demand for passive single tenant investments, we expect to receive multiple offers early in our marketing campaign,” Snell said.

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

Yassi Farzaneh

Skanska launches new workplace safety website while hosting the world’s largest workplace safety initiative from May 13-19

                                                         Michael F. McNally

NEW YORK, NY, (May 13, 2013) - Skanska, an international construction and development firm, announced today its 9th annual Global Safety Week and the launch of its newly created Injury-Free Environment® (IFE®) website to honor the company’s pledge to achieving zero accidents on each and every one of its jobsites around the globe.

“Safety is not only Skanska’s first priority, it is an essential part of our corporate culture that is embedded into our daily work routine to guarantee each one of our employees, subcontractors and partners return home safely to their families and friends every day,” said Mike McNally, president and CEO of Skanska USA

. “A safe project is a successful project, and in order for us to continue to be successful, we must continue to emphasize safety, inspire and motivate our employees to lead the industry in safety, and educate each person and each partner we work with about the importance of health and safety in the workplace.”

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

Colleen Murphy
Jackson Spalding on behalf of Skanska
P 404-214-0934

Jessica Murray, 
Senior Director of Communications, 

Lauren Michaels, 
Solomon McCown & Company, 

HFF secures $75 million first mortgage financing for Realogy Corporation headquarters in Madison, NJ


                                       175 Park Avenue, Madison, NJ

 FLORHAM PARK, NJ – HFF announced today that it has secured $75 million in financing for 175 Park Avenue, a 270,000-square-foot, newly-completed corporate headquarters for the Realogy Corporation in Madison, New Jersey.

Jon Mikula
HFF worked exclusively on behalf of The Hampshire Companies to secure the 10-year, fixed-rate loan through Cantor Commercial Real Estate Lending, L.P.  The loan will be used to retire existing construction financing that HFF had secured on behalf of the borrower in late 2011.

175 Park Avenue is located near State Route 24 and Interstate 287 adjacent to BASF’s new North American headquarters and the headquarters for the New York Jets. 

Michael Klein
After completing an extensive gut rehab of an existing structure, the property was completed in March 2013 and is built to LEED standards.  Amenities include a fitness center, full-service cafe, and conference/team room facilities.  Realogy Corporation is a global provider of real estate and relocation services.

The HFF team representing The Hampshire Companies was led by senior managing director Jon Mikula and director Michael Klein.

The Hampshire Companies is a full-service, private real estate firm with equity in assets valued at more than $2.5 billion, based in Morristown, New Jersey.  The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments.

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 |

Annaly Capital Management, Inc. Announces Preferred Dividends

 NEW YORK, NY, May 13, 2013--(BUSINESS WIRE)-- In accordance with the terms of the 7.875% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”) of Annaly Capital Management, Inc. (NYSE: NLY) (“Annaly”), the Board of Directors of Annaly has declared a Series A Preferred Stock cash dividend for the second quarter of $0.492188 per share of Series A Preferred Stock. This dividend is payable on July 1, 2013, to Series A Preferred Stock shareholders of record as of June 3, 2013.

In accordance with the terms of Annaly’s 7.625% Series C Cumulative Redeemable Preferred Stock (“Series C Preferred Stock”), the Board of Directors of Annaly has declared a Series C Preferred Stock cash dividend for the second quarter of $0.476563 per share of Series C Preferred Stock. This dividend is payable on July 1, 2013 to Series C Preferred Stock shareholders of record as of June 3, 2013.

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

Annaly Capital Management, Inc.
Investor Relations

Leasing Momentum Continues at Wells Fargo Center Miami

                              Wells Fargo Center, Downtown Miami, FL

Brian Gale
Miami, FL,  May 13, 2013  ––Wells Fargo Center is on a roll…..Less than a month after Taylor & Mathis announced Littler Mendelson & Studley had signed leases for 25,000 square feet, two more tenants have signed leases at Wells Fargo Center in downtown Miami. 

 Regus Business Centers and Manchester Business School America, Inc. have signed long term leases for 16,951 and 4,419 square feet, respectively, for a combined value of over $12 million. 

Keith Edelman
“For the second time this year a leading commercial real estate firm has chosen to relocate their offices to Wells Fargo Center,” stated Taylor & Mathis’s Brian Gale, who spearheads leasing efforts for owner MetLife. “We can’t think of a better testament to our assertion that Wells Fargo Center is the highest end option for office space in downtown Miami.”

Scott Goldstein
 Keith Edelman and Scott Goldstein of Jones Lang LaSalle co-brokered the transaction representing Regus Business Centers, the world’s largest provider of flexible workspaces.

Lance Healy of Healy Commercial Real Estate negotiated the lease transaction on behalf of Manchester Business School, which is relocating to Wells Fargo Center from Wachovia Financial Center at 200 South Brickell.  Ryan Holtzman of Taylor & Mathis represented MetLife.

Ryan Holtzman
Wells Fargo Center is a 750,000 square foot Class A office tower located downtown one city block off Interstate 95 just south of the Brickell Bridge.

It is home to some of the most prominent and respected companies in the country, including Wells Fargo Bank; Greenberg, Traurig; Deloitte; McDermott, Will & Emery; Littler Mendelson PA. 

JW Marriott Marquis Hotel
Downtown Miami, FL
The office building shares a site with the first of its kind JW Marriott Marquis hotel and the first Hotel Beaux Arts, the new super luxury hotel of Marriott International luxury group.

 Tenants benefit from the five-star amenities of the hotel, which include dining, conference facilities, an entertainment complex, fitness center, salon and spa and the Jim McLean Golf School. 

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

Brian Gale,
Taylor & Mathis,

Michael T. Fay Receives Global Recognition for Achievements through Colliers Asset Resolutions Team (CART)

                                                                    Michael T. Fay

MIAMI, FL -- Michael T. Fay, Chairman and Founding Partner of Colliers International South Florida, was honored in April with a global referral award for his initiatives through Colliers Asset Resolutions Team (CART).

Doug Frye
Doug Frye, Global CEO of Colliers International, presented the award to Fay for referring the most business throughout the globe from his relationships with various lenders and clients.

"Michael Fay has developed senior relationships that have created many opportunities for Colliers' business lines including brokerage, valuation and property management," Frye said.
Fay and his CART team maintain significant relationship with many of the world's largest commercial mortgage servicers, which include LNR, C-III Capital Partners, CW Capital, and Midland Servicers, as well as Fay's other corporate clients.

"With commercial real estate debt of more than $1 trillion expected to mature over the next five years, Colliers International expects to see continued revenue growth from initiatives handled through CART. Our opportunities to assist with asset resolutions will only increase over the next several years," said Fay.

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

Crystal Proenza
Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138

Carter’s Patti Neal Named one of Building Design + Construction’s “40 under 40”

                                                                   Patti Neal

 ATLANTA, GA (May 13, 2013) – Carter, one of the country’s leading real estate investment, development and advisory firms, is pleased to announce that Patti Neal, senior vice president of development, has been named one of Building Design + Construction’s 2013 “40 Under 40,” recognizing the “AEC superstars” in the profession.

Bob Peterson
Building Design + Construction announced on May 9 that Patti was chosen as one of 40 winners from across the country who have distinguished themselves by their career achievements, service to their professions and communities, and active participation in charitable work. The magazine said the winners represent the next generation of leadership in the AEC industry.

“Being selected among such a great group of people is an honor, especially when it reflects performance for something that you love to do,” Patti said.

The Banks, Cincinnati, OH
Working at Carter has given me the opportunity to be a part of many great, challenging projects that force you to be creative and find better ways of doing things. I am thankful for all of the people I’ve been able to work with over the years that have helped me achieve success.”

The magazine called Patti a “Real Estate Standout” for her various achievements. She has successfully delivered over $1 billion in development projects ranging from office and medical space to mixed-use and residential. 

Her skills include budget development and management, contract negotiations, scheduling, designer and contractor relations and management of construction delivery.

Highpoint on Columbus Commons
Rendering, Columbus, OH

A 13-year veteran of the company, Patti has overseen the design and construction for some of the company’s biggest mixed-use projects, including The Banks in Cincinnati, Ohio; Highpoint on Columbus Commons in Columbus, Ohio; and Piedmont West in Atlanta.

“Patti is a phenomenal associate who has approached all of her work at Carter with diligence and enthusiasm for decades,” said Bob Peterson, chairman and CEO of Carter.

 “She has not only risen from a project engineer to senior vice president at one of the country’s leading investment, development and advisory firms in a mere 13 years, but she has also prevailed amidst the worst recession to hit the commercial real estate industry in decades. 

Piedmont West, Atlanta, GA
"She’s had great success in her personal life as well, raising three great children and completing the Ironman in 2012. She is truly a wonderful role model.”

Patti has a bachelor’s degree in construction engineering and management from Purdue University and a master’s in business administration from Emory University.

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

Savannah Duncan
The Wilbert Group

Essex Realty Group Brokers Sale Of Mixed-Use Building in Chicago, IL

1845 North Western Avenue, Chicago, IL

Doug Fisher
Jason Fishleder
CHICAGO, IL, May 13, 2013- Essex Realty Group, Inc. is pleased to announce the sale of 1845 N. Western, a new-construction,  mixed-use building located in Chicago’s Bucktown neighborhood. 

The property is situated on the southeast corner of Western and Winnebago Avenues, and is conveniently located less than one block from the CTA Western-O’Hare Blue Line Station and multiple bus stops along Western and Milwaukee Avenues.

The Subject Property consists of twelve 3 bedroom units and three commercial units.  The offering also included 19 garage parking spaces.

Douglas Imber
Doug Fisher and Jason Fishleder of Essex represented the seller and Doug Imber and Kate Varde of Essex represented the buyer in the transaction.  The price was approximately $4,500,000.

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

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

Douglas Fisher
Essex Realty Group, Inc.

Kubicki Draper Relocating to Northbridge Centre in Downtown Palm Beach, FL

                                  Northbridge Centre, Downtown Palm Beach, FL

WEST PALM BEACH, Fla. – Gaedeke Group LLC has secured the prestigious Kubicki Draper as its 19th law firm tenant for the 21-story Northbridge Centre, a downtown landmark within steps of the Palm Beach Judicial Center.

Jeff Holding
The Miami-based law firm has signed an eight-year lease for 10,273 sf on Northbridge Centre's 18th floor, gaining class A office space with dynamic views of the Intracoastal Waterway and Atlantic Ocean. The 13-attorney office, one of Kubicki Draper's 11 in the state, is planning an Aug. 1 move-in to 515 N. Flagler Dr.

"The main desire was relocation into the downtown area. Northbridge stood out due to its strength of ownership, quality of asset and location," says Jeff Holding, senior vice president in CBRE's Fort Lauderdale office.

Jeffrey Kelly

He and CBRE's Jeffrey Kelly, a senior vice president in the Boca Raton office, represented Kubicki Draper in its one-year search for a downtown address. The law firm will exit 1645 Palm Beach Lakes Blvd., its original location in the city.

Kubicki Draper, established in 1963, launched the West Palm Beach office more than 20 years ago to serve the counties of Indian River, Martin, Okeechobee, Palm Beach and Saint Lucie. 

Recognized as one the state's leading law firms, there are more than 90 attorneys and 175 support staff in its offices in Key West, Fort Lauderdale, Fort Myers, Naples, Tampa, Orlando, Ocala, Jacksonville, Tallahassee and Pensacola.

Kirk Fetter
"Law firms are naturally drawn to Northbridge Centre because it's so close to the judicial center. Gaedeke adds to that competitive edge by providing a well-maintained building with best-in-class tenant services and amenities," says Kirk Fetter, vice president of leasing for the Dallas-based landlord.

The 288,233-sf office Northbridge Centre is one of 14 properties in the class A office portfolio with an Energy Star rating, which was first earned in 2008, and one of four to attain BOMA 360 Performance status.

With sustainable building practices as part of its mission, Gaedeke has submitted Northbridge Centre for LEED certification in an ongoing bid to "green" as much of the three million-sf portfolio as possible.

 To date, the U.S. Green Building Council has issued LEED certifications to seven buildings in the portfolio, including Gaedeke's first LEED Silver, which was recently awarded to Regency Plaza in Dallas.

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

Kirk Fetter

Sales Of Developer Units Slow In Sunny Isles Beach, FL As New Condos Proposed

MIAMI, FL -- As Sunny Isles Beach developers proceed with plans for nearly 1,200 proposed condos, sales of unsold developer units created during the last construction boom in this barrier island city in Northeast Miami-Dade County transacted in 2013 at their slowest first quarter pace in nine years, according to a new report from

Developers sold less than 35 new units for nearly $20.3 million in Sunny Isles Beach between January and March of 2013 compared to nearly 65 units for $56.8 million in the first quarter of 2012 and nearly 70 units for $67.8 million in the first quarter of 2011, according to an analysis of Miami-Dade County records.

Compare this to the same January-through-March period of the five previous years when developers sold anywhere from 100 units to 540 units, respectively, between 2005 and 2009. In the first quarter of 2004 as the previous South Florida construction boom was gaining momentum, developers transacted - and recorded with Miami-Dade County - less than a dozen new condo unit sales for about $5.9 million, according to the report.

Peter Zalewski
"The Sunny Isles Beach condo market is highly competitive right now as unsold developer inventory from the last boom, newly proposed towers, and condo resales are all competing for buyers," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC. 

"It remains unclear whether developer condo sales of boom-era units are slowing as a direct result of the wave of new projects being proposed for Sunny Isles Beach. The unanswered question going forward is whether buyers will prefer to purchase units built during the last condo boom that started in 2003 instead of new units being proposed during this latest construction boom."

 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.