Charles Dunn Co. Completes $1.63 Million Sale of 24-Unit Multifamily Property in Los Angeles

  

844 and 846 West Martin Luther King Jr. Boulevard Apartments, South Los Angeles, CA

  

Mario Gallo

 LOS ANGELES, CA, April 16, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $1.63 million sale of a fully occupied, 24-unit multifamily property located at 844 and 846 W. Martin Luther King Jr. Blvd. in south Los Angeles.

Ramin Gheitanchi and Mario Gallo of Charles Dunn Company represented buyer, Full Moon Management LLC. Gheitanchi also represented the sellers, Hertz Family Trust and MSM Trust. The closing cap rate was 5.9 percent.

Built in 1924 and 1925, the two 12-unit sister buildings are located across the street from the Los Angeles Memorial Coliseum and just south of University of Southern California (USC). 

There are 21 studio units and three one-bedroom units.

Ramin Gheitanchi

“The sellers needed a quick closing due to a balloon payment coming up on their loan,” said Gheitanchi. “We procured an all-cash buyer that made a non-contingent offer and closed escrow in less than 30 days.

"The buyer is a long-term holder who plans to renovate the property and add value by bringing the rents up to market rates.”

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

 www.charlesdunn.com

CBRE Orlando Lists Three Prime Properties in Maitland Center Office Submarket

  

ORLANDO, FL -- CBRE, as exclusive advisor, is pleased to offer Maitland Green I & II together with Southpoint Executive for sale in the prestigious Maitland Center office submarket, one of the most established suburban submarkets in the Southeast.

Maitland Center’s large concentration of institutional developers and owners has historically been a strong draw for credit tenants.

Investment Highlights

Ron Rogg

 Leasing Momentum—The Portfolio has consistently demonstrated its desirability within the market by attracting 14 new tenants including 125,092 square feet since mid-2012, and a total of 134,493 square feet when accounting for renewals and expansions.

  

 Credit Tenant Base—137,967 square feet, approximately 50 percent of the portfolio, is occupied by credit tenants, including two government credit tenants and seven public companies with a combined market cap of more than $60 billion.

  Predictability of Cash Flow —The average remaining lease term for the Portfolio is 4.0 years, thus providing investors with predictable cash-flow while maintaining the opportunity to take advantage of market rent growth in the future. There is less than 4% rollover in the first year of the analysis, while averaging only 8.1% annual rollover during the first three years. The five largest tenants (128,249 SF) have an average remaining lease term of 4.9 years.    

  

 Value Enhancement—The Portfolio is poised for significant value enhancement through the marking to market of certain in-place tenant leases. Average in-place rents are below the weighted average future market rent projections, allowing an investor to unlock significant value from the re-leasing of future rollover and leasing of vacant space.

 Upside Potential—With no new large office building construction in the entire Orlando MSA, the Portfolio's approximately 60,708 square feet of vacancy will be perfectly positioned to capture tenant demand.

 Barriers to Entry—There are no remaining available land sites within Maitland Center that will support large office building construction, which results in product scarcity, and promotes strong, sustainable rent growth.

 Positive Job Growth—Orlando leads the State in number of jobs created and on a growth percentage basis.

 Unencumbered/Market Financing—The property is offered unencumbered by existing financing. The combination of credit occupancy, strong in-place income, and upside potential will enable investors to maximize returns through aggressive financing alternatives.

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

Ronald J. Rogg, CCIM

Executive Vice President

+1 407 839 3194

ron.rogg@cbre.com

CoreNet Global Southern California Chapter Names 201402915 Board of Directors

Kelly Reenders

Southern California – The Southern California chapter of CoreNet Global, the world’s leading association for corporate real estate (CRE) and workplace professionals, service providers and economic developers, announced the appointment of its 2014-2015 Board of Directors.

 The board is led by Chair Kelly Reenders, economic development agency administrator, County of San Bernardino, and President David Callahan, senior vice president, Avison Young. 

The Southern California chapter represents the third largest CoreNet Global chapter in the nation. For 2014 the chapter will be focused on adding significant value to its corporate real estate members through education, peer-to-peer networking and industry leadership.

“Supporting the corporate real estate function as well as building our base in Southern California remains central to our focus this year. We’re committed to being a source of education, networking and career advancement for our industry.

David Calllahan

“We have a full slate of educational programs critical to advancing the business goals of our members and we’re working to bring together resources to tackle issues impacting today’s workplace,” said Reenders.

Callahan added, “CoreNet will continue to provide a forum in which corporate real estate professionals are encouraged to share ideas, experiences and best practices with their peers. 

“As an organization, we are always searching for new ways to deliver value to our members.  This year, we’ve added several strong corporate real estate executives to our board.  Their input, based upon real world experiences, will prove valuable in shaping the direction of the chapter.”

Serving on the 2014-2015 Board are the following industry professionals:

•             Immediate Past Chair/Treasurer: Tommaso Trinchieri, CBS Corporation.

•             Immediate Past President/Summit Liaison:  John Clement, VenturePoint Property

•             Secretary: Fernando Villa, Allen Matkins

•             VP Sponsorship/Chair Elect: Elise Luckham, First American

•             VP Special Events-REmmys/President-Elect: Megan Hebdon, City of Ontario

•             VP Special Events - Golf: Frances Pawlak, Herman Miller

•             VP Education/Professional Development: Karen Vincent, Cushman & Wakefield

•             VP Young Leaders/ Mentorship: Chirs Bald, Unisource Solutions Inc.

•             VP Communications Jessica Thompson, Spaulding Thompson & Assoc.

•             VP Social Media: Emilie Cope, EdgeCore Real Estate Group

•             VP Los Angeles: Rachael Zanetos, Brookfield Office Properties

•             VP Los Angeles: Laurel Harrison, Gensler

•             VP Inland Empire: Joe Cesta, CBRE

•             VP Orange County: Jo-E Immel, Snyder Langston

•             VP Orange County: Jeff Manley, Cresa

•             VP Orange County: Russell Tieman, Experian

•             VP San Diego: Alex M Perry, Northern Trust

•             VP Ambassador / Membership: Scott Steuber, Avison Young

•             VP Ambassador / Membership: Gary Gerson, Irvine Company

•             VP Ambassador / Membership: Terri Johnson, Avery Dennison

•             VP Ambassador / Membership: Peter Kristensen, Warner Bros. Studios

CoreNet Global Southern California Board of Directors 

Two of the chapter’s most popular events will be held this year. They include the CoreNet Global Southern California Golf Tournament, to be held May 29 at the Resort at Pelican Hill, and the REmmy Awards and Charity Gala, to be held November 6 at the Vibiana in downtown Los Angeles.

 The Southern California chapter of CoreNet Global is focused on advancing real estate knowledge, connecting people, and promoting personal excellence through programs focused on the needs of its 400 local members.

For information about members, programs or sponsorship, contact the chapter office at 714.282.8480 or go to www.sccorenet.org.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Marcus & Millichap Lists Development Opportunity on Biscayne Boulevard in Miami, FL Priced at $6 Million

The land is located on Biscayne Blvd. between NE 30th and NE 31st Street
 at 3023 Biscayne Boulevard in Miami, FL.

  

MIAMI, FL, April 16, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced it has received the exclusive listing for two land parcels totaling 20,240 square feet in downtown Miami, FL. The asset is priced at $6,000,000.

Ryan T. Shaw

Ryan T. Shaw, a Senior Associate in Marcus & Millichap’s Miami office, has the exclusive listing to market the property on behalf of a local private party seller. 

“The property is located within blocks of new luxury development projects including: Paraiso Bay, Biscayne Beach and Icon Bay as well as class-A office buildings. 

“With several national retailers located nearby and easy access to the interstate, it is the prefect mixed-use development opportunity for national tenants entering the market. The residential component will capitalize on the demand of renters who wish to live where they work and play,” says Shaw.

The zoning, under Miami 21, is T6-36A-O. The zoning allows for a development of 242,880 square feet with a total height of 36 floors. The zoning buildable units is approximately 69 units.

 The land is located on Biscayne Blvd. between NE 30th and NE 31st Street at 3023 Biscayne Boulevard in Miami, FL.

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

Kirk A. Felici

First Vice President/Regional Manager

Miami, FL

(786) 522-7000