HFF arranges $13.77 million financing for Cornerstone Heights Corporate Center in San Diego, CA

Cornerstone Heights Corporate Center, San Diego, CA

Jay Marshall

SAN DIEGO, CA – HFF announced today that it has arranged $13.77 million in acquisition/bridge financing for Cornerstone Heights Corporate Center, a two-building office property totaling approximately 97,945 square feet in the Sorrento Mesa submarket of San Diego.

                Working exclusively on behalf of a joint venture between Lincoln Property Company and Artemis Real Estate Partners, HFF placed the three-year, floating-rate loan with Bank of America.

Doug Bond

Cornerstone Heights Corporate Center is located at 5959 and 6059 Cornerstone Court West near Interstate 805 north of downtown San Diego. 

 Both buildings were significantly renovated in 2008 with improvements that included modernizing and upgrading lobbies, restrooms and showers, as well as installing two new cooling towers.  Ownership recently achieved 90 percent occupancy at the property. 

Aldon Cole

                The HFF team representing the borrower was led by managing director Aldon Cole and real estate analyst Kara Mathis along with senior managing directors Jay Marshall and Doug Bond.

                Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately held real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe.

Penny Pritzker

Lincoln's cumulative development efforts have produced more than 100 million square feet of commercial space and more than 185,000 multifamily residential units.  Lincoln Property Company is one of the largest commercial real estate companies in the world.

Artemis Real Estate Partners, LLC is a real estate investment manager headquartered in the Washington D.C. metropolitan area.  

Deborah Harmon

Co-founded by Penny Pritzker and Debbie Harmon in 2009, Artemis seeks to deliver attractive risk-adjusted returns to investors and manage institutional third party capital in a variety of real estate strategies, with its co-founders and principals investing significantly alongside its investors.  More information can be found by visiting www.artemisrep.com.

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

krmurphy@hfflp.com

First Green Bank to open Winter Park, FL Branch in January

     

 Mount Dora, Fla. --- First Green Bank, which the American Bankers Association ranks as one of the nation’s greenest banks, has closed on the acquisition of a property at 862 S. Orlando Ave. at Minnesota Ave. in Winter Park that will be the home of the bank’s first Winter Park branch office.

Kenneth LaRoe

Kenneth LaRoe, chairman and chief executive officer at First Green Bank, said workers are rehabing a 6,000 square foot building that is located on a highly visible corner and formerly served as the home of an Absolute Sound Outlet.

First Green Bank will spend more then $1 million to renovate the building to LEED Gold standards. The work — which will include unique improvements to make the building more energy efficient and sustainable — a First Green Bank trademark — will be completed by the end of the year for a targeted opening in January. 

First Green Bank’s award winning headquarters facility in U.S. 441 in Mount Dora ranks as the first commercial building in Lake County and only the second commercial building in Florida to earn the  U.S. Green Building Council’s coveted LEED Platinum designation for leadership in energy-efficient design.

First Green Bank currently has branch facilities in Clermont, Ormond Beach and a newly opened downtown Orlando branch.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 or 407-461-3780, lvershelco@aol.com   

Jones Lang LaSalle: Demand Drives Sale of Broadway 101 Office Campus in Tempe, AZ

  

Broadway 101, Tempe, AZ

 PHOENIX, AZ – Jones Lang LaSalle’s Capital Markets experts announced the firm has completed the sale of Broadway 101 in Tempe, Ariz. on behalf of Broadway 101 Office Park, Inc.

Dennis Desmond

 GLL Real Estate Partners, Inc. purchased the property in a sale that brokers say was driven by high market demand and fundamentals reminiscent of pre-recession transactions.

Senior Managing Director Dennis Desmond, Senior Vice President Brian Ackerman and Managing Director Dave Seeger led the Jones Lang LaSalle team on this transaction.

“This is an attractive, highly visible, institutionally maintained office project that sits at the center of Tempe’s talented employment pool. These are qualities that create true sustainable value and to which investors responded quickly and very favorably,” said Desmond.

Brian Ackerman

According to JLL’s Q2 Phoenix Office Statistics Report, Tempe’s Class A office inventory has enjoyed a steady recovery and continues to maintain its competitive position, with positive net absorption and a competitive 12.8 percent total vacancy rate.

“Broadway 101 exemplifies the strength of the recovering market and the type of high-caliber assets that investors can expect to find in the Valley,” said Ackerman. “This particular building has averaged a sub-8 percent vacancy rate throughout its history. Combined with very strong sale metrics, this transaction is reminiscent of the pre-recession sales of 2005 to 2007.”

Dave Seeger

Totaling 162,484 square feet, Broadway 101 is a Class A multi-tenant office campus located directly adjacent to the Loop 101/Price Freeway at 2141 and 2151 E. Broadway Rd. in Tempe.

The project is currently 94 percent leased to tenants including MOOG/Broad Reach Engineering, Amerifirst Financial, Inc. and the Arizona corporate headquarters for Quantum Integrated Solutions.

 In addition to location and occupancy, Broadway 101 offers underground parking, a card-key access system, on-site deli and property management, and insta-suites ready for immediate occupancy.

Seeger has been the project’s exclusive leasing broker since 2000 and is actively marketing the small vacancy remaining at the property.

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

Stacey Hershauer

480.600.0195

stacey@focusaz.com

Berger Commercial Realty Announces Three New Lease Transactions in South Florida

Lyons Technology Park IV, Coconut Creek, FL

FORT LAUDERDALE, FL. (July 25, 2013) - Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced three new lease transactions from brokers Greg Milopoulos and Judy Dolan representing Lyons Technology Park IV.

Judy Nolan

 1. Property address: 4811 Lyons Technology Parkway, Suite 15, Coconut Creek, FL 33073

Landlord: 4811 Lyons Tech Pkwy, LLC, represented by Greg Milopoulos and Judy Dolan

Tenant: Warner Paint Inc.

Type: Warehouse

Transaction: Renewal

Square Footage: 1,562

 2. Property address: 4811 Lyons Technology Parkway, Suite 1/25, Coconut Creek, FL 33073

Landlord: 4811 Lyons Tech Pkwy, LLC, represented by Greg Milopoulos and Judy Dolan

Tenant: Graham's Carpet Cleaning and Restoration LLC

Type: Warehouse

Transaction: Renewal

Square Footage: 3,124

Greg Milopoulos

3. Property address: 4911 Lyons Technology Parkway, Suite 19, Coconut Creek, FL 33073

Landlord: 4811 Lyons Tech Pkwy, LLC, represented by Greg Milopoulos and Judy Dolan

Tenant: Equules LLC

Type: Warehouse

Transaction: New Lease

Square Footage: 1,562

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

954-776-1999

Marielle Sologuren, ext. 226

Jane Grant, ext. 224

Regency Centers Purchases Shoppes of Burnt Mills in Silver Spring, Md.

Shoppes of Burnt Mills, Silver Spring, MD

SILVER SPRING, Md.--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG), a national owner, operator and developer of grocery-anchored and community shopping centers, closed on the off-market acquisition of Shoppes of Burnt Mills, a 31,316-square-foot neighborhood center in Silver Spring, Md., for a gross purchase price of $13.6 million.

Devin Corini

Built in 2004, Shoppes of Burnt Mills is anchored by a 9,306-square-foot Trader Joe’s, alongside top-performing D.C. locations for national retailers such as Starbucks, Chico’s and AT&T.

The center benefits from strong visibility and accessibility with more than 62,000 vehicles traveling daily on Route 29, a major north-south thoroughfare linking D.C. Metro to Baltimore.

Shoppes of Burnt Mills is surrounded by a three-mile population of 166,782, nearly one million square feet of office, medical, flex and industrial space and a daytime population of 145,716. The average household income for the three-mile radius approaches $100,000.

Brian Greene

“The infill location, strong demographics, synergistic merchandising with strong retailer sales and a vibrant anchor make Shoppes of Burnt Mills a great addition to our expanding portfolio in the D.C. market,” said Devin Corini, vice president of investments for Regency Centers. 

Regency purchased the property with a co-investment partner. Regency’s share of the purchase price was $2.7 million.

Regency owns and operates 34 centers, totaling 4 million square feet, in the D.C. Metro/Maryland market. The properties are managed by a 25-member team with an office in Tysons Corner, Va.

For leasing information, contact Brian Greene at 703-442-4331 or BrianGreene@RegencyCenters.com.

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

Regency Centers Corporation

Cohn Marketing

Lauren Simpson, 303-839-1415, Ext. 43

Lauren@CohnMarketing.com

or

Devin Corini, 703-442-4324

Vice President, Investments

DevinCorini@RegencyCenters.com

RealtyTrac® Reports U.S. Residential Sales Up 8 Percent From Year Ago; Median Prices Up 5 Percent; Bank-Owned Sales and Short Sales Account for 23 Percent of All Residential Sales

 

IRVINE, CA, July 25, 2013 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for real estate data, today released its first-ever U.S. Residential Sales Report, which shows that U.S. residential property sales reached an estimated annualized pace of 5.3 million in June 2013, up 2 percent from the previous month and up 8 percent from a year ago.

Daren Blomquist

The report also shows a national median sales price of $168,000 for the month, up 3 percent from the previous month and up 5 percent from a year ago. The median price of a distressed sale — in foreclosure or bank owned — was $120,000, 34 percent below the median price of a non-distressed sale ($181,500).

“The U.S. housing market is slowly but surely moving toward a more normalized and sustainable pattern after a flurry of institutional and cash buyers flocked to residential real estate last year, pushing up prices and picking clean the best inventory available in many areas,” said Daren Blomquist, vice president at RealtyTrac.

“Rising home values should continue to unlock more non-distressed inventory while also pricing institutional investors out of more markets, which, combined with rising interest rates, will cool off the pace of price appreciation.

“Still, lingering distressed inventory in many markets will continue to provide fodder for institutional investors and cash buyers in those markets,” Blomquist continued.

“Markets where sales increased in June tend to be in states with that lingering distressed inventory, whereas markets where sales decreased tend to be in states that more quickly absorbed distressed inventory thanks to a relatively fast foreclosure process and strong demand.”

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:

800.462.5193

datasales@realtytrac.com