Trepp April Loss Analysis: Volume Retreats with Loss Severity

NEW YORK, NY -- After two months of elevated volume, April was relatively quiet on the CMBS loan liquidation front.

Another block of assets are up for auction in May and June, but April seemed to be a breather for special servicers. Volume reached $844.16 million in April, less than half of March’s $1.95 billion. Of the loans that were liquidated, 67% (by balance) fell into the greater than 2% loss severity category.

 April loss severity came in at 39.77%, down from March’s 52.49% and well below the 12-month moving average of 47.57%.

 The number of loans liquidated in April was 63, resulting in $335.75 million in losses. The average disposed balance in April was $13.40 million—just under the 12-month average of $14.37 million.

Since January 2010, servicers have been liquidating at an average rate of $1.21 billion per month.

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

Eric Gerard

Eric@greatink.com

Dave Palumbo Joins Crossman & Co.’s Atlanta Office

Dave Palumbo

 ATLANTA, GA — Who: Dave Palumbo has worked in the commercial real estate industry for over 25 years. 

What: Crossman & Company continues to expand throughout the Southeast. Due to the rapid growth of the leasing portfolio, the company has expanded their leasing team to include a new Senior Leasing Associate in the Atlanta office.

Why: Prior to joining Crossman & Company, Dave’s experience includes:  disposition specialist for Corporate Property Dispositions (“CPD”); Senior leasing rep with General Growth Properties in the mall leasing division (Third Party & REIT sectors); Vice president of leasing for southeast region with Zamias Services; Leasing rep, asset manager, mall manager and acquisition rep with Equity Properties/First Capital. Dave has consummated over 1,200,000 sf of leasing deals involving 250+ transactions along with multiple land sales & buyouts.

Where: Crossman & Company | 6400 Powers Ferry Rd. NW | Suite 300 Atlanta, GA 30339

When: May 2014

Contact Information

Name   Claire Pagán

Phone  407.581.6223 |

Email  cpagan@crossmanco.com

MMM Adds New Attorney in Washington DC, Working Closely with Real Estate team

Owen J. Pinkerton

Washington, D.C. (May 5, 2014) Morris, Manning & Martin, LLP (MMM) is pleased to announce the arrival of Owen J. Pinkerton, Of Counsel in the firm’s expanding D.C. office.

Pinkerton joins the firm’s Corporate Practice, working closely with the nationally-recognized Real Estate Capital Markets Practice as well as the Securities and Funds & Alternative Investments groups.

MMM is recognized by both Chambers U.S.A. and Legal 500, leading legal ranking publications, as having a leading real estate capital markets/REIT practice. MMM’s real estate capital markets practice is one of only 11 to be recognized nationally by both publications. 

The practice includes more than 25 attorneys representing the corporate, securities, mergers and acquisitions, real estate, funds and tax practice areas.

Prior to joining MMM, Pinkerton practiced in the D.C. office of Sutherland Asbill & Brennan LLP. He counsels public and private issuers and underwriters on regulatory and transactional matters, including public and private offerings, and regulatory compliance with federal securities laws.

Lauren Prevost

He is a frequent advisor to business development companies (BDCs), with a focus on publicly-registered, traded and non-traded BDCs.

 Prior to entering private practice, Pinkerton worked for the U.S. Securities and Exchange Commission, Division of Corporation Finance, as an attorney-adviser and senior counsel, where he reviewed ‘33 Act and ‘34 Act registration statements filed by real estate investment trusts (REITs), business services companies and commodity pools; he also served as principal screener of proxy statements filed by a variety of issuers.

  

“Owen is a tremendously talented attorney and welcome addition to our team,” said Lauren Prevost, Co-Chair of the firm’s Real Estate Capital Markets practice. “Owen’s skills enhance our ability to serve BDC clients and expands MMM’s capabilities in D.C.”

  

Pinkerton starts work within days of the announcement that the firm has added Wendy White and Betsy Karmin, establishing a D.C. outpost for its nationally-recognized Real Estate practice. Recent additions bring the number of lawyers in the Washington office to 25, compared to eight just last year, which is a 200% increase.

  

Pinkerton received his B.A. in 1992 in International Studies (Russian), magna cum laude, from Kenyon College and J.D. in 2000 from the Georgetown University Law Center.

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

Terri Thornton

terri@territhornton.com

SG Contracting Begins Pace Academy Athletic Stadium Project in Atlanta, GA

Sachin Shailendra

ATLANTA, GA (May 5, 2014) — SG Contracting Inc., an Atlanta-based general contracting and construction management company, has started construction on the athletic facilities at Pace Academy, a private K-12 school in Atlanta.

The project includes the creation of a new athletic field and the addition of bleachers to the school’s existing athletic stadium. This marks the seventh construction project Pace Academy has awarded to SG Contracting.

“Pace Academy continues to select SG Contracting thanks to our proven track record of delivering our projects on time and on budget,” said Sachin Shailendra, president of SG Contracting. “We look forward to growing and strengthening our partnership with the school.”

 SG Contracting will build a new natural grass field with underground drainage and a new rubberized asphalt track, which will comprise areas for various track sports including the high jump, long jump, pole vault, discus and hammer throw. The grass field will serve the school’s football, soccer and lacrosse teams.

Pace Academy, Atlanta, GA

The project also includes construction of home bleachers over the school’s existing locker room, concession area and support building. 

The bleachers will include three separate press boxes and a covered hospitality area. New bleachers will also be constructed on the visitor’s side of the stadium.

 SG Contracting works with a number of educational institutions throughout the Atlanta area, including Woodward Academy, the Westminster Schools and the Atlanta International School.

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

Stephen Ursery

The Wilbert Group

404-549-7150 (O) 404-405-2354 (C)

sursery@thewilbertgroup.com

Taylor & Mathis Secures Leasing Assignment for Interstate Corporate Center in Tampa, FL

Angela Odell

 Tampa, FL – May 5, 2014 – Taylor & Mathis of Florida has secured the leasing assignment for Interstate Corporate Center from its new owner B&L Investments Interstate LLC.

The 344,896-square-foot, single-story, office complex is situated on 50 acres in the I-75 Corridor/East Tampa Submarket of Tampa.  

The complex which is 83% leased has nearly 60,000 square feet available for lease including up to 27,000 contiguous square feet. 

With four building wings and above market concentric surface parking of 5/1,000 RSF, the property can accommodate a variety of different size tenants, but has been particularly successful in capturing larger office users seeking abundant parking, a central location and flexible office space. 

Taylor & Mathis Managing Director of Leasing Angela Odell will oversee leasing efforts.

 Taylor & Mathis has been managing the property since 2002 and has overseen recent renovations including common areas and an atrium lounge with free Wi-Fi, TVs and seating. The property was originally developed in 1984 as an enclosed shopping mall, with conversion and substantial renovation to single story office occurring in 1998. 

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

Tammy Youngman

 tyoungman@assetmarketingonline.com

Marcus & Millichap Arranges Sale of 21,488-SF Shopping Strip in Sunrise, FL

 

Sunrise Plaza, 6105-6145 Sunrise Boulevard, Sunrise, FL

Drew A. Kristol

SUNRISE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Sunrise Plaza, a 21,488 square-foot shopping strip located in Sunrise, FL. The asset sold for $5,050,000 representing $235 per square foot.

Drew A. Kristol and Kirk D. Olson, Vice President Investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Deerfield Beach, FL.  The buyer, a private investor from Miami, was also secured and represented by Kristol and Olson.

“This was a rare opportunity for an investor to purchase a cash-flowing strip center with two corporate guaranteed ground leases, Burger King and Walgreens. In addition, the strip center’s 1,200 square foot corner bay is vacant, allowing for upside upon lease-up,” says Kristol.

The offering included a free-standing Walgreens pharmacy, a Burger King and a small three-tenant strip center currently occupied by Subway and a coin laundry tenant.  Situated on the northwest corner of West Sunrise Boulevard and Sunset Strip, Sunrise Plaza is located at 6105-6145 Sunrise Boulevard in Sunrise, FL.

  

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

Kirk A. Felici

First Vice President/Regional Manager, Miami

(786) 522-7000

Two Detroit Marcus & Millichap Agents, Paul Davis and Andrew Daitch, Ranked Among Company’s Top 10 Nationwide

Paul Davis

CALABASAS, CA – Marcus & Millichap  (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced that Paul Davis and Andrew Daitch of the firm’s Detroit office ranked among the firm’s top 10 out of more than 1,300 investment specialists nationwide in 2013.

Davis and Daitch have been among Marcus & Millichap’s top agents for the past five years consecutively.

“We are proud to recognize Paul Davis and Andrew Daitch as two of the firm’s top agents,” says John J. Kerin, president and chief executive officer of Marcus & Millichap.

“Paul and Andrew are multifamily, HUD, low-income housing and Section 8 property investment experts. Their knowledge, experience and expertise are highly regarded by clients nationwide.”

Davis, a senior vice president investments, joined Marcus & Millichap in September 1998.

Andrew Daitch

He was promoted to senior vice president investments in July 2009. Davis serves as a senior director of Marcus & Millichap’s National Multi Housing Group.

Daitch joined the firm in July 1999. He is also a senior vice president investments and a senior director of the firm’s National Multi Housing Group. Daitch was promoted to senior vice president investments in July 2013.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Hillsborough County, FL Apartment Complex Sells for $12.36 Million

Garden Isles Apartments, 6919 Bonair Drive, Tampa, FL

Francesco Carriera

TAMPA, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Garden Isles Apartments, a 300-unit multifamily community located 10 minutes from the University of South Florida in Tampa, Fla.

The $12,360,000 sales price equates to $41,200 per unit. Francesco Carriera and Michael Regan, both vice presidents investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction.

            “Hillsborough County properties remain a focal point for multifamily investors,” says Carriera. “A pervasively optimistic outlook among buyers, supported by a strengthening economy and property operations, are sustaining a heavy volume of transactions in Tampa Bay.”

            “Garden Isles Apartments provides the new owner with an excellent opportunity for revenue enhancement through the continuation of the renovation program,” adds Regan.

            The property is located on more than 16 acres at 6919 Bonair Drive in Tampa. The entrance is accessed from 56th Street, a major north/south thoroughfare that provides direct access to Interstate 4, which leads to downtown Tampa and Orlando. 

Michael Regan

Nearby Busch Boulevard provides access to the Busch Gardens theme park, Adventure Island water park, Interstate 275 and Interstate 75. The largest business district on Florida’s west coast, the Westshore business district, is also nearby.

            Garden Isles Apartments was built in 1971 and consists of 12 two-story buildings, seven three-story buildings and a standalone fitness center. The buildings feature 146 one-bedroom/one-bath units, 137 two-bedroom/one-bath apartments and 17 two-bedroom/two-bath units. 

Amenities include 24-hour gated access, 12 on-site laundry facilities, a car wash station, a playground, a dog walking area and two swimming pools. 

At the time of the sale, 156 unit interiors had been updated with either white ceramic tile floors or laminate wood floors and new white kitchen appliances. 

Select units received new cabinetry in the kitchens and the bathrooms. Water, sewer, trash and pest control are included in the rent.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Lee & Associates Brokers Niagara Bottling’s Purchase of 49.05 Acres in Newnan, Ga.

  

Shenandoah Industrial Park, Coweta County, Newnan, GA

  

Tommy Hiles

ATLANTA, GA— Lee & Associates has arranged Niagara Bottling’s purchase of 49.05 acres at the Shenandoah Industrial Park in Coweta County in Newnan, Ga.

Tommy Hiles of Lee & Associates’ Atlanta office, in conjunction with Paul Earnhart of Lee & Associates’ Ontario, Calif., office, represented the buyer, the nation’s largest supplier of private label bottled water, in the transaction.

 Ontario-based Niagara Bottling is building a $57 million, 450,000-square-foot facility on the site to bottle and distribute private label water and related beverages as well as the Niagara label. When the facility opens in late 2014, it will include one high-speed bottling line. Up to four production lines are planned for full build-out. The plant will initially employ 41 people.

 “The Shenandoah Industrial Park site is ideal for Niagara Bottling’s first facility in Georgia because of its easy access to Interstate 85, proximity to Hartsfield Jackson International Airport and its closeness to Niagara’s Southeast customers,” Hiles said.

Paul Earnhart

“Niagara Bottling’s investment in Coweta County shows that Georgia is a real contender for national companies looking to open new facilities in the Southeast. Niagara decided the community in Newnan was the right fit after considering more than a dozen strong communities in Georgia, Tennessee and Alabama.”

Niagara Bottling currently has 18 locations across the United States, making it the second-largest beverage supplier in the nation. The Coweta project is a collaborative effort between Lee & Associates, the Coweta County Development Authority, Coweta County Water & Sewer Authority and the Georgia Department of Economic Development (GDEcD).

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

Stephen Ursery

The Wilbert Group

404-549-7150 (O) 404-405-2354 (C)

sursery@thewilbertgroup.com

www.lee-associates.com