Charles Dunn Company Completes $1.75 Million Sale of 8-Unit Multifamily Property in Los Angeles

  

12757 Mitchell Avenue, Mar Vista enclave, Los Angeles, CA

LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $1.75 million sale of a fully occupied, eight-unit multifamily property located near the cross street of Venice Boulevard and Washington Place at 12757 Mitchell Ave. in the Mar Vista enclave of Los Angeles.

Michel Hibbert

Michel Hibbert of Charles Dunn Company represented the seller, a private individual from Los Angeles. The 1031 exchange buyer was Los Angeles-based Norman Green Trust who was represented by Manual Galvan of Chris Walker Realty. The transaction closed at a cap rate of 4.2 percent and $292 per square foot, a favorable price for a property built in 1957.

“This transaction was sold for one of the lowest cap rates in the area,” said Hibbert. “The buyer assumed an existing loan with an interest rate of 3.85 percent fixed for four years, then converting to a variable rate for the remaining 25 years. Mar Vista has had and will continue to have strong rental and appreciation growth in the future.”

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Lincoln Property Company Sees Potential; Continues Phoenix Industrial Push With Second Major West Valley Business Park

  

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                                        Aerial of planned 10 Lincoln Development, Phoenix, AZ

PHOENIX, AZ – Just two weeks after unveiling its plans to develop a major new business park in Goodyear, Ariz., Lincoln Property Company (LPC) has announced another new business park project, 10 Lincoln.

David Krumwiede

10 Lincoln will total more than 1 million square feet on 72 acres. The development consists of five buildings ranging in size from 500,000 square feet to 80,000 square feet, with anticipated uses of distribution, e-commerce, manufacturing assembly and retail.

Together with LPC’s just-announced Goodyear AirPark, the firm now offers approximately 340 acres of active West Valley industrial opportunities, with the potential to bring more than 5,000 new jobs to the Phoenix market.

“Phoenix’s West Valley submarkets are becoming increasingly well known as convenient, cost effective sites for some of the nation’s largest distribution and e-commerce firms,” said Lincoln Property Company’s Executive Vice President, David Krumwiede.

“We expect this demand to only continue, and will approach these new business parks accordingly. Ultimately, we see both as multi-year projects—ones that will allow us to offer local and national clients with the best shovel-ready land in the Southwest.”

Marc Hertzberg

10 Lincoln is located at 83rd Avenue in Phoenix, directly fronted by Interstate 10 to the north and bordered by Van Buren Street to the south.

The project is Foreign Trade Zone capable, offering the potential for a 75 percent reduction in real and personal (equipment) property tax. Immediate corporate neighbors include Amazon, PetSmart, Cardinal Health, Target, Bose, Home Depot, Costco, Living Spaces and Sysco.

 Butler Design group has provided the project site plans. The site sits at a full diamond interchange.

“This is one of the West Valley’s last close-in, still undeveloped industrial parcels,” said Jones Lang LaSalle Managing Director Marc Hertzberg, who along with Jones Lang LaSalle Managing Director Anthony J. Lydon serve as the exclusive marketing coordinators for the project.

 “It is surrounded by established commercial and residential development, giving incoming companies a built-in employment and amenities base, and allowing 10 Lincoln to immediately begin serving and employing those who live and work nearby.”

Anthony J. Lydon

The announcement of 10 Lincoln falls just two weeks after plans were unveiled for Goodyear AirPark, a 267-acre business park located just south of the southwest corner of Litchfield Road and the newly widened Highway 85, and directly south of the Goodyear Airport.

LPC is the exclusive developer for the project, which is a joint venture with Carefree Partners Investments.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Inching Along: Minor Improvement for Retail in the Third Quarter

  

 ATLANTA, GA – Going into the fourth quarter, the recovering retail market can be described by one word: tepid. Fundamentals are slowing improving, but no drastic changes in vacancy or rent occurred during the third quarter.

Michael Bull

Those were a few of the points made during the most recent episode of the “Commercial Real Estate Show” radio program, hosted by Michael Bull of Bull Realty. Bull and his guests discussed vacancy, tenants and the investment market.

 The total retail vacancy rate for the United States is currently 9.3 percent, said Jesse Tron, communications manager at the International Council of Shopping Centers (ICSC). “Community and neighborhood shopping centers are experiencing the highest vacancy rates,” he said.

Ron Wheeler

The national vacancy rates for community centers and neighborhood centers are 11.3 percent and 9.4 percent, respectively, Tron said. Comparatively, the vacancy rate for power centers is only 5.7 percent. “Retail has rebounded quite nicely from the recession, when total vacancy peaked at 11 percent,” he added.

 Discount retailers, medical users and fast-casual restaurants are the most active tenants when it comes to looking for retail space, said Ron Wheeler, CEO of Sembler. “We have probably leased more dollar stores during the past few years than in the history of our company,” he said.

Jack Halpern

As vacancy continues to decline, tenants are getting more creative with and flexible about the location and configuration of their space, said Jack Halpern, chairman of Halpern Enterprises. “For tenants that are interested in infill space, those locations often require a different format than what they are used to in the past,” he added.

 Though retail is experiencing slow and steady improvement, investors are still only looking at high-quality retail properties, guests said. “Generally speaking, it’s not a favored property type at the moment,” said Ryan Severino, senior economist at Reis. “Volumes have been lower than office and apartments because of the slow recovery in vacancy and rent.”

Ryan Severino

The entire episode on the U.S. retail market is available for download at www.CREshow.com. The next “Commercial Real Estate Show” will be available on Oct. 31 and will examine the multifamily market.

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

Stephen Ursery

The Wilbert Group

404.405.2354

sursery@thewilbertgroup.com

Trick or Treat? ZipRealty Names the 15 Best Places for Halloween Treats

  

EMERYVILLE, CA /PRNewswire/ -- ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), the nation's most prominent online technology-powered residential real estate brokerage firm and real estate marketing solutions provider, has released a list of the 15 best zip codes nationwide for trick-or-treating this Halloween season.

Jamie Wilson

"Selecting the top cities for trick-or-treating is a great place for families to start, but cities are massive areas with several distinct and dynamic neighborhoods," said Jamie Wilson, SVP of Technology for ZipRealty.

"So we've fine-tuned our list to uncover the best neighborhoods for trick-or-treating based on a much more micro level, using zip-code specific housing data.

Since ZipRealty has an abundance of data to help buyers find their dream homes all year round, we wanted to use this data to help kids find an abundance of dream candy this Halloween season!"

The 15 Best Zip Codes for Trick-or-Treating are:

Metro

 Neighborhoods/Suburb

 Zip Code

Houston

 Bellaire

 77401

Boston

 Wellesley: Wellesley Hills

 02481

Chicago

 Glencoe

 60022

San Jose, Calif.

 Los Gatos, Monte Sereno

 95030

New York City

 Westchester County: Rye

 10580

Houston

 Spring Branch East, Spring Valley Village, Hilshire Village

 77055

Washington, DC

 Arlington: Westover Village, Highland Park,

Overlee Knolls

 22205

San Francisco

 West of Twin Peaks 

 94127

St. Petersburg, Fla.

 Historic Old Northeast, Greater Woodlawn, Allendale Park/Five Points

 33704

Los Angeles

 Mid-City

 90019

Los Angeles

 Encino

 91436

Minneapolis

 Edina: Golf Terrace Heights, Country Club, Concord, White Oaks, Sunnyslope and Minnehaha Woods

 55424

Chicago

 Western Springs

 60558

Sacramento

 Granite Bay

 95746

Boston

 Needham

 02492

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

Stacey Corso

510.735.2667

scorso@ziprealty.com  

www.ziprealty.com

KeyBank’s E. J. Burke Sworn in 2014 MBA Chairman

                   

E.J. Burke

Washington DC -- E. J. Burke, Executive Vice President and Group Head, KeyBank Real Estate Capital and Corporate Banking Services, was sworn in as Chairman of the Mortgage Bankers Association (MBA) during the association’s 100th Annual Convention & Expo in Washington, DC.

Mr. Burke recently served as Chairman of MBA's Commercial Real Estate/Multifamily Finance Board of Governors (COMBOG) and is a member of the association’s Board of Directors. He serves as Chair of the COMBOG Risk Retention Task Force and is a former Chair of the COMBOG Investor Council.

OTHER HAPPENINGS AT MBA:

---The Mortgage Bankers Political Action Committee (MORPAC) awarded Julie Piepho CMB, President - National Operations of Cornerstone Home Lending, with the 2013 Schumacher-Bolduc Award at the association’s 100th Annual Convention and Expo held in Washington, DC.  The award was given to Piepho in recognition of her dedication and prominent service to MORPAC and the mortgage lending industry.

Julie Piepho

---Bill Cosgrove, CMB, President and CEO of Union Home Mortgage Co. of Strongsville, OH,  was was sworn in as Chairman-Elect of the Mortgage Bankers Association (MBA) during the association’s 100th Annual Convention & Expo in Washington, DC.

---MBA Education, the Mortgage Bankers Association’s educational initiative, presented E. Michael Rosser, CMB, with its inaugural MBA Education Lifetime Achievement Award, which will be named after Mr. Rosser when it is presented to future winners. Mr. Rosser received the award in a ceremony held at MBA's 100th Annual Convention & Expo in Washington, D.C.

---Bill Emerson, Chief Executive Officer of Quicken Loans, Inc., today was sworn in as Vice Chairman of the Mortgage Bankers Association (MBA) during the Association’s 100th Annual Convention & Expo in Washington, DC.

Bill Emerson

---The Mortgage Bankers Association (MBA) awarded J. David Motley, CMB, with its Andrew D. Woodward Distinguished Service Award. The award is presented in recognition of dedication and prominent service to MBA and the mortgage lending industry in a variety of capacities involving both legislative and regulatory activities. Mr. Motley was presented the award in a ceremony held at MBA's 100th Annual Convention & Expo in Washington, DC.

---The Mortgage Bankers Association (MBA) announced J. David Motley, CMB, President of Colonial National Mortgage, a division of Colonial Savings, F.A. in Fort Worth, TX as Chairman of its 2014 Residential Board of Governors (RESBOG) and Michael S. Malloy, Deputy General Counsel & Mortgage Policy and Counterparty Relations Executive of Bank of America Home Loans in Calabasas, California as the Vice-Chairman of RESBOG, at the association’s 100h Annual Convention & Expo.

---Jamie Korus, CMB, President and Principal of Alliance Financial Resources, LLC, was awarded the “MBA Opens Doors Foundation Community Champion Award” by the Mortgage Bankers Association (MBA). This award recognizes an individual who has dedicated significant time and effort to advance the foundation’s mission to enable families with a critically ill or injured child to keep their home, even in the face of significant medical bills.

Jamie Korus

---The Mortgage Bankers Association (MBA) announced that it expects to see $1.2 trillion in mortgage originations during 2014, a 32 percent decline from 2013.  While MBA expects purchase originations to increase 9 percent, it expects refinance originations to fall 57 percent.

---The Mortgage Bankers Association (MBA) today announced the election of Rodrigo Lopez, CMB, President and Chief Executive Officer of AmeriSphere Multifamily Finance, L.L.C. as the new Chair of its Commercial Real Estate/Multifamily Finance Board of Governors (COMBOG) at the association’s 100th Annual Convention & Expo in Washington, DC.  R. Paige Hood, Managing Director of Prudential Mortgage Capital Company and Robert M. Stout, CRI, President and Chief Executive Officer of Q10 Capital, LLC will serve as Vice Chairs.

---The Mortgage Bankers Association’s (MBA) Research Institute for Housing America (RIHA) released a new report entitled “Mortgage Banking in the United States, 1870-1940” authored by Professor Ken Snowden of the University of North Carolina – Greensboro.

Prof. Ken Snowden

---The Mortgage Bankers Association (MBA) swore in its Board of Directors for the 2014 membership year at MBA's 100th Annual Convention & Expo in Washington, DC. The Board of Directors will be chaired by E.J. Burke, Executive Vice President and Group Head of KeyBank Real Estate Capital, a nationwide commercial real estate lender and servicer headquartered in Cleveland, Ohio.

The new members of MBA's Board of Directors are:

Rick Aneshansel, U.S. Bank Home Mortgage

Barrett Burns, VantageScore Solutions, LLC

C. William Griffin, Lender Processing Services, Inc

Jerome Lienhard, SunTrust Mortgage, Inc

Anand Nallathambi, CoreLogic, Inc

Kevin Watters, JPMorgan Chase

Members remaining on the Board of Directors are:

Debra W. Still

Debra W. Still, CMB, Pulte Mortgage LLC, Immediate Past Chairman

E.J. Burke, KeyBank Real Estate Capital

William Cosgrove, CMB, Union Home Mortgage Co., Chairman-Elect

William C. Emerson, Quicken Home Loans, Detroit, Michigan, Vice Chairman

Brian F. Stoffers, CBRE Capital Markets

Hugh Frater, Berkadia Commercial Mortgage, LLC

Chris George, CMG Financial

Michael J. Heid, Wells Fargo Home Mortgage

R. Paige Hood, Prudential Mortgage Capital Company

Brian Lancaster, Stern School of Business, New York University

Rodrigo Lopez, CMB, AmeriSphere Multifamily Finance, LLC

Michael S. Malloy, Bank of America

William J. McCue, McCue Mortgage Company

J. David Motley, CMB, Colonial Savings, F.A.

Kurt Pfotenhauer, First American Title Insurance Company

Julie Piepho, CMB, Cornerstone Home Lending Inc.

Robert Stout, Q10 Capital, LLC

David H. Stevens, Mortgage Bankers Association (ex-officio member)

William M. Walker, Walker & Dunlop, LLC

  

---The Mortgage Bankers Association (MBA) today recognized 33 mortgage professionals in a graduation ceremony for MBA’s Future Leaders Program held at MBA's 100th Annual Convention & Expo in Washington, DC.

Peter Ansari, Vice President-Cash Management, RoundPoint Mortgage Servicing Corporation

Christine Benson, Vice President, Mortgage Loans, Arvest Mortgage Company

Christopher Benson, Vice President-Controller, Starkey Mortgage, LLP

Don Blea, VP-IT Info Structure, Information Security & Support, Pulte Mortgage LLC

Rhiannon Bolen, Regional Account Manager, Radian Guaranty Inc.

David Bridges, Senior Loan Officer, Lender Service Provider, LLC

Ashley Crosslin, VP Warehouse Lending Group, ViewPoint Bank

Scott Crutcher, Regional Manager, Cobalt Mortgage, Inc.

Amber Elwell, Vice President, Guild Mortgage Company

Greg Geenen, Mortgage Banker, Citywide Home Loans/CHL Mortgage

AJ George, Operations Manager, CMG Financial

Jim Glennon, Analyst, Secondary Interactive, LLC

Stacie Hawkins, Director of Client Relations & Communication, Clarifire

Marc Hernandez, V-Regional Sales Manager, FirstMerit Mortgage

Joshua Kotin, Attorney, BuckleySandler, LLP

Carlos Mancero, Vice President-REO Analytics, Wells Fargo Home Mortgage

Tracy Maynard Cole, Production Branch Operations Manager, Colonial National Mortgage

Cari McCue, Chief Operating Officer, Guardian Mortgage Co., Inc.

Marcus McCue, EVP & CMO, Guardian Mortgage Co., Inc.

Ginger Moore, AVP, Compliance Officer, PrimeLending,

Stetson Nunes, Consultant, Treliant Risk Advisors, LLC

Nick Pabarcus, Correspondent Lending-Western, Stearns Lending, Inc.

Eddy Perez, President, Equity Loans LLC

Daniel Richards, Vice President-Marketing, Republic Mortgage Home Loans, LLC

Lisa Rogers, SVP/Operations Quality Assurance & Compliance, First Continental Mortgage, Ltd.

Kathleen Sanchez

Sandra Rowe, Mortgage Division Manager, VP, U.S. Bank Home Mortgage

Kat Sanchez, Director, Treliant Risk Advisors, LLC

Jason Sheppard, AVP Servicing Manager, Starkey Mortgage, LLP

Ross Steckelberg, Vice President of Production, Alliance Financial Resources, LLC

Bill Stock, Sr. Vice President, U.S. Bank Home Mortgage

Richard Weller, Product Manager, Genworth Mortgage Insurance

Joe Wilson, Strategic Account Executive, Ellie Mae, Inc.

Armando Zamora, Senior Business Controls Advisor, USAA Federal Savings Bank

 ---MBA Education, the award-winning education division of the Mortgage Bankers Association (MBA), recognized the 18 individuals who earned the Certified Mortgage Banker (CMB) designation at a ceremony held at MBA’s 100th Annual Convention & Expo in Washington, DC. Earning one’s CMB is the highest professional honor within the real estate finance industry.

Commercial CMB Designees:

Eric K. Ruch, CMB, Business Loan Officer, Coastal Federal Credit Union, Raleigh, NC

Residential CMB Designees:

Heather Bullard, CMB, AMP, Assistant VP & Client Services Consultant, Wells Fargo Bank, N.A., Denver, NC

Owen M. Edwards, CMB, AMP, Vice President, Midland Mortgage Corporation, Columbia, SC

Jeffrey B. Flory, CMB, AMP, Regional Sales Director, Interthinx, Agoura Hills, CA

Thomas C. Gillis, CMB, AMP, Regional Manager, PennyMac, Calabasas, CA

Kevin C. Pezzani, CMB, President/CEO-Elect, LSI Mortgage Plus, Johns Creek, GA

Steve Shoemaker, CMB, AMP, Vice President, Synovus Mortgage Corp., Birmingham, AL

Kim Starley, CMB, Chief Marketing Officer, LenderLive Network, Inc., Denver, CO

Thomas T. Tallent, CMB, AMP, Senior Vice President, Southwest Bank, Dallas, TX

Arun Tripathi, CMB, Director, USAA Federal Savings Bank, San Antonio, TX

Cathy S. Turner, CMB, Solution Executive , IBM, Charlotte, NC

CMB Designees from the Executive Certified Mortgage Banker program:

Mary F. Rzucidlo

Kenneth J. Block, CMB, Director and Senior Counsel, Discover Home Loans, Irvine, CA

John A. Cosculluela, CMB, President, American BancShares Mortgage LLC, Miami Lakes, FL

Paul A. Gawin, CMB, Director - New Business Development, Radian Guaranty Inc., Cincinnati, OH

Steve W. Hops, CMB, Senior Vice President, Guild Mortgage Company, San Diego, CA

Penny Reed, CMB, Vice President, Wells Fargo Home Mortgage, Saint Louis Park, MN

Mary F. Rzucidlo, CMB, Senior Vice President of Component Services, LenderLive Network, Inc., Glendale, CO

Mark A. Teteris, CMB, Executive Vice President – MN Division, Nations Reliable Lending, Edina, MN

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

Rob Van Raaphorst

rvanraaphorst@mba.org

(202) 557-2799 

Shawn Ryan

sryan@mba.org

(202) 557-2727