$20.6 Million Shopping Center and Adjoining Pad Site Change Hands in New Jersey

Marketplace at Edgewater, Edgewater, NJ

Mark Taylor

EDGEWATER, N.J., July 30, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Marketplace at Edgewater, an 88,641-square-foot shopping center and an adjoining 10,030-square-foot pad site in Edgewater, N.J.

The shopping center sold for $16,375,000 and the pad site brought $4,230,000. The total sales price for both sites equates to $232 per square foot.

            Mark Taylor and Dean Zang, both first vice presidents investments, and Christopher Munley, a vice president investments, all in Marcus & Millichap’s Philadelphia office, represented the seller, a private investor.

Dean Zang

 Greg Babaian, a vice president investments in the firm’s New Jersey office, represented the buyer, Capstone Realty Group.

            “The sale of Marketplace at Edgewater is indicative of the surge in demand we are seeing for Northern New Jersey retail properties,” says Taylor.

Greg Babaian

            “The buyer is a value-add purchaser that pursues opportunities in well-located markets such as the Marketplace at Edgewater,” says Babaian. “The new owner plans to modernize the asset and fill vacant space with high-quality tenants.”

“Investors throughout the Tri-State Area are keen on the area’s local retail properties due to the region’s economic stability, concentration of high-income households and proximity to Manhattan,” adds Munley.

“This was a complex transaction that included three leasehold interest leases, the State of New Jersey’s riparian rights and separate owners of the ground underlying the three parcels of land,” concludes Taylor.

            Built in 1990 on approximately 6.4 acres, the center is situated along the Hudson River near the George Washington Bridge at 725 Tower Road in Edgewater, N.J. 

Marketplace at Edgewater is anchored by Trader Joe’s, which leases the pad site. Other tenants include Animal General, Binghampton Bagel, Chase Bank, Fast Frames, H&R Block, PetValu, River Pet Resorts and Scerbo Physical Fitness.

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

Gina Relva

Public Relations Manager

(925) 953-1716

   

RiverRock Selected To Manage 3.2 Million Sq. Ft. Office and Industrial Portfolio in Southern California and Arizona

Newport Beach, CA (July 30, 2013) – RiverRock Real Estate Group, a West Coast based commercial real estate management and leasing firm, today announced that AEW Capital Management (AEW) has awarded it the management of a 3.2 million-square-foot of portfolio office and industrial space located in Southern California and Arizona.

Steve Core

 In the past 12 months, RiverRock has grown its management portfolio by 9.1 million square feet. With the addition of this contract, the company now manages more than 25 million square feet of commercial space.

Beginning August 1, RiverRock will take over property management, leasing oversight and engineering of 28 properties throughout Southern California and Arizona. 

 RiverRock will add approximately 30 employees who currently manage the properties.

 The company will be assuming regional offices in Santa Fe Springs, Rolling Hills, Upland, Riverside, and the San Gabriel Valley, as well as Phoenix. 

  “We are excited about this new opportunity with AEW,” said Steve Core, president of RiverRock Real Estate Group. “We have an excellent management team in place and we hope this assignment leads to future growth in new markets.”

  

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

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

The Woodmont Co. Completes Sale of Retail Center in Allen, TX

  

                                McDermott Commons

                                2021-2035 West McDermott Drive

                                Allen, TX

                                                

ALLEN, TX, July 30, 2013 – The Woodmont Company, a national real estate firm specializing in the development, management, leasing and sale of retail shopping centers, has completed the sale of McDermott Commons, a 55,560-square-foot retail center located in Allen, TX to a private investment firm. 

Brad Cruickshank

Brad Cruickshank of The Woodmont Company represented the seller in the transaction, LNR Partners. The buyer represented itself.

            Located at the southeast corner of McDermott Drive and Custer Road at 2021-2035 West McDermott Drive, McDermott Commons is anchored by a Jumpstreet Trampoline Park.

 The sale included the in-line retail space, two outparcels with ground leases to Taco Bell/Pizza Hut and Wendy’s, as well as a freestanding building leased to BB&T Bank.

 Built in 2001, McDermott Commons was 73% percent occupied at the close of escrow.  The Woodmont Company has been retained by the purchaser to handle leasing at the center.

Mt. Pleasant Plaza, Mt. Peasant, TX

            The sale of McDermott Commons comes just days after The Woodmont Company completed the $1,075,000 sale of Mt. Pleasant Plaza, a fully occupied, 7,325-square-foot retail center located at 1401 South Jefferson in Mt. Pleasant, TX. 

Tenants include: Little Caesar’s Pizza, Carter Blood Care, Metro PCS, Check N Go, and Diddy’s Yogurt.

Cruickshank represented the seller, Iron Point Titan Asset Management. The buyer was a private investment group based in Denton, Texas who was represented by Blake Martin of Quest Commercial Realty.

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

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

www.woodmont.com

Marcus & Millichap Promotes Six Midwest-based Agents to Vice President Investments

Steven R. Chaben

CALABASAS, CA, July 30, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted six Midwest agents to vice president investments.

 This designation exemplifies superior performance achieved by an associate during his or her sales career at Marcus & Millichap in the investment real estate brokerage profession, according to Steven R. Chaben, senior vice president and managing director.

            The agents, their office locations and specialties are:

Sean M. Delaney

·         Kyle Stengle, Chicago Downtown, Multifamily

·         Sean M. Delaney, Chicago Oak Brook, Self-Storage

·         Daniel F. Danielak, Detroit, Office and Industrial

·         Ashish V. Vakhariya, Detroit, Retail/Net-Leased

·         David Weinberg, Detroit, Office and Industrial

·         Brent Silcox, Indianapolis, Multifamily and Manufactured Housing

 Previously, Stengle, Danielak and Delaney held the title associate vice president investments. Vakhariya, Weinberg and Silcox were senior associates. 

            “With this promotion, these commercial real estate investment specialists have earned a prestigious designation within the firm and solidified their reputations as knowledgeable and successful investment professionals,” says Chaben.

“Their focus on providing superior client services has earned them a high degree of loyalty and respect from investors as well as from their peers.”

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

Gina Relva

Public Relations Manager

(925) 953-1716

Palm Beach County Retail Center Hits the Market at $21 Million

HSBC Plaza, Boca Raton, FL

BOCA RATON, FL  – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has been awarded the exclusive listing to market for sale HSBC Plaza, a 45,730-square-foot retail center in Boca Raton, Fla. The listing price is $21,000,000.

Douglas K. Mandel

            Douglas K. Mandel, a first vice president investments, and C. Todd Everett, SIOR, a senior associate, both in Marcus & Millichap’s Fort Lauderdale office, are representing the seller, the center’s developer.

            “This is an opportunity to acquire a high-quality center with a diversified tenant base and strong in-place cash flow,” says Mandel.

“HSBC Plaza is surrounded by affluent residential communities,” adds Everett.

The property is located at 19120 South State Road 7 on the southeast corner of State Road 7/ U.S. Route 441 and Yamato Road, two major Boca Raton thoroughfares.

C. Todd Everett

Traffic counts at the intersection are in excess of 63,000 vehicles per day and more than 150,000 people reside within a five-mile radius. Two upscale shopping destinations, the Boca Town Center Mall, a super-regional shopping center and Mizner Park, a lifestyle center, are nearby.

The location is within a 30-minute drive of downtown Palm Beach, the Palm Beach International Airport, downtown Fort Lauderdale and the Fort Lauderdale International Airport.

HSBC Plaza is 95 percent leased to a variety of local, regional and national tenants, including MedExpress, Dunkin’ Donuts, a 15,560-square-foot CVS outparcel and a 4,000-square-foot HSBC Bank branch outparcel.

The property has been well maintained with little to no deferred maintenance.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Central Arizona Multifamily Property Sells for $22.3 Million

  

Terraces at Glassford Hills, 5700 East Market Street,
Prescott Valley, AZ

PRESCOTT VALLEY, AZ, July 30, 2013 – Marcus & Millichap Real Estate Investment Services, has arranged the sale of The Terraces at Glassford Hills, a 226-unit apartment community located in Prescott Valley, Ariz. The asset commanded a sales price of $22,385,000. The property is located at 5700 East Market St. in Prescott Valley.

Steve Gebing

Steve Gebing, a vice president investments and Cliff David, also a vice president investments, both in Marcus & Millichap’s Phoenix office, represented the seller, Aspen Square Management Inc.

Gebing and David also represented the buyer, Irvine, Calif.-based The Bascom Group in coordination with the group’s local affiliate, Bascom Arizona Ventures LLC, which is based in Scottsdale, Ariz.    

“Nestled into the hillside of Glassford Hill, The Terraces offers unexpected grandeur with magnificent views of the valley’s rolling hills,” says Gebing.

Cliff David

“Bascom is poised to recapitalize the community with exterior and interior renovations, ultimately equipping The Terraces at Glassford Hills with the finest amenity package in Prescott Valley, a market with significant barriers to new entry and healthy operating fundamentals.”

The Terraces at Glassford Hills provides residents with top-of-the-line, resort-style amenities and well-appointed one-, two- and three-bedroom apartment homes. 

Developed in 2003, the property features a clubhouse/leasing office with a resort-style heated swimming pool and a zero-edge Jacuzzi with high-end water features. Other community amenities include a state-of-the-art 24-hour fitness center, a business center with Wi-Fi and Internet services, barbecue grills and detached garages.

“The Terraces at Glassford Hills offers the comfort of private and pristine living in the mile-high city of Prescott Valley with all the conveniences of city life just minutes away and hiking and golf right around the corner,” adds David. “Yavapai College, Embry-Riddle Aeronautical University and Prescott College are also close by.”

  

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

Gina Relva

Public Relations Manager

(925) 953-1716

Post Properties Announces Second Quarter 2013 Earnings

ATLANTA, GA --(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today net income available to common shareholders of $26.6 million, or $0.48 per diluted share, for the second quarter of 2013, compared to $20.2 million, or $0.37 per diluted share, for the second quarter of 2012.

Net income available to common shareholders for the six months ended June 30, 2013, was $46.0 million, or $0.84 per diluted share, compared to net income of $41.0 million, or $0.76 per diluted share, for the six months ended June 30, 2012.

Dave Stockert

The Company’s net income available to common shareholders for the three and six months ended June 30, 2012 included other income of $0.9 million relating primarily to a construction litigation settlement. 

For the six months ended June 30, 2012, the Company’s net income available to common shareholders included a gain of $6.1 million, or $0.11 per diluted share, on the sale of an asset.

Said Dave Stockert, Post’s CEO, “We were pleased to produce another quarter of strong earnings growth. Highlights included the increasing contribution to earnings from the lease-up of apartment communities in development and the 100% sell-out of our Austin condominium project. We were also pleased to be able to increase the dividend to common shareholders.”

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

Post Properties, Inc.

Chris Papa, 404-846-5028

Trepp Reports CMBS Loan Liquidation Hits 3-Year High as Loss Severity Drops

NEW YORK, NY, July 30, 2013 -- Trepp July Loss Analysis: Second Highest Monthly Volume; Loss Severity Falls

After a spike in loss severity last month, July saw a big jump in liquidated CMBS loan volume and a concurrent drop in loss severity. July brought the second highest liquidation volume since TreppWire started tracking the number in January of 2010.

July liquidations totaled $2.05 billion, relative to the 12-month moving average of $1.35 billion. The highest monthly liquidated volume was in November 2011 with $2.10 billion in liquidated loans.

While November 2011 recorded 218 loans with losses and July counted only 135, this month saw the highest average liquidated loan size. The average size of liquidated loans in July was $15.17 million, above June's $11.66 million and the highest monthly average since January 2010. July's loan count was also up from 107 in June.

The 135 loan liquidations resulted in $893.79 million in losses, translating to an average loss severity of 43.63%. July's loss severity was down from June's reading of 56.49% but above the 12-month moving average of 44.49%.

Since January 2010, servicers have been liquidating at an average rate of $1.19 billion per month.

  

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

Eric@greatink.com

Mortgage Bankers Association Reports Q2 Commercial/Multifamily Originations Up 7 Percent from Last Year; 36 Percent from Q1

                    

Jamie Woodwell

 Washington, DC (July 30, 2013) –Commercial and multifamily mortgage origination volumes during the second quarter of 2013 were seven percent higher than during the second quarter of 2012 and 36 percent higher than during the first quarter of 2013, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.

“Commercial and multifamily mortgage lending and borrowing continued to grow during the second quarter,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research.

 “The apartment market continues to be the belle of the ball, with multifamily mortgage originations running 31 percent ahead of last year’s first half total. And after a slow start to the year, lending by life insurance companies surged in the second quarter to record the highest quarterly volume on record for that sector.”

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

Matt Robinson

 (202) 557-2727