Commercial Real Estate Lending Survey Shows Compensation Rising as Business Activity Grows

  

 OAKBROOK TERRACE, IL, (May 1, 2012) – Christenson Advisors announced today the results of its 2012 Commercial Real Estate Lending Compensation Survey, which show an increase in compensation, recruiting activity and business activity across the commercial real estate lending industry, when compared to 2011.

The survey assessed organization metrics, compensation program structure and pay levels for leadership positions within executive management, originations, asset management and other key functional areas. 

 “While we continue to face a bumpy road ahead, we saw an increase in transactional activity last year which, in turn, had a positive impact on the debt side of the business” said Kevin Christenson, founder and managing principal of Christenson Advisors. “Notwithstanding further economic or financial mishaps, we expect to see continued improvement across the commercial real estate lending industry during 2012”.

The average total compensation for chief executive officers at companies with more than $2 billion in assets under management was approximately $3.2 million in 2011, while average total compensation for the same position at companies with $2 billion or less in assets under management was slightly above $1.1 million.

 The survey included public and private national companies and commercial real estate lending groups that provide first mortgage loans, bridge loans, preferred equity, joint venture equity, mezzanine financing, senior debt and B-notes, amongst other lending products. 

 Nearly two-thirds of the participants identified themselves as a commercial real estate lender, while the remaining participants classified themselves as an investment manager with a debt focus.  A majority of participants provided higher compensation in 2011 when compared to 2010 and anticipate further escalation in performance year 2012.

For results from Christenson Advisors’ 2012 Commercial Real Estate Lending Compensation Survey, or to view other results from surveys conducted by the company, go to http://www.christensonadvisors.com/surveys.

 Christenson Advisors is a full service real estate consultancy firm which provides customized, hands-on executive recruiting, compensation consulting, financial advisory and management consulting services to the global real estate industry. The Company was founded in early 2008 and is headquartered in Chicago with satellite offices in Dallas, Los Angeles and New York.  CA is a recognized leader in providing creative, strong, and enduring solutions to public and private real estate organizations in an ever-changing market. 

 Additionally, CA Funds Group, Inc., a sister company of CA, is an SEC registered broker-dealer focused exclusively on providing capital raising and related advisory services to the global real estate industry.

 For more information, go to http://www.christensonadvisors.com/.

  

Contact:    

         

Julie McCartney                                                                          

509-338-5676

julie@christensonadvisors.com

U.S. Hotel Profit Recovery Widespread; PKF Trends® Survey Reports 12.7 Percent Profit Growth In 2011

  

 Atlanta, GA, May 1, 2012.--  The U.S. lodging industry recovery may have begun in 2010, but it wasn’t until 2011 that the improved prosperity was shared by nearly all hotels in the country. 

In 2011, 80.5 percent of the properties that participated in the PKF Hospitality Research, LLC (PKF-HR) Trends® in the Hotel Industry annual survey enjoyed an increase in total revenue, while nearly three-quarters (72.3%) of the participants achieved growth in profits.

 The recently released 2012 edition of Trends® presents aggregate average changes in unit-level revenues, expenses and profits from 2010 to 2011.  The data come from a sample of nearly 7,000 financial statements received from hotels located throughout the United States.

For the Trends® report, hotel profits are defined as net operating income (NOI) before deductions for capital reserves, rent, interest, income taxes, depreciation, and amortization.

 “On average, hotels in the 2012 edition of Trends® sample saw their profits increase by 12.7 percent in 2011.  The good news is not isolated to a select few property categories, but rather, all hotel types were able to enjoy gains on the bottom-line,” said R. Mark Woodworth (top right photo), president of PKF-HR.

Resort hotels led the way with an NOI gain of 18.1 percent, followed by full-service hotels which posted a 14.7 percent increase in profits.  “Not surprisingly, these two property types also achieved the greatest gains in average daily room rates (ADR) from 2010 to 2011,” Woodworth noted.

 Lagging in profit growth were suite hotels.  Both extended-stay and full-service suite hotels were unable to leverage their lofty occupancy levels into the magnitude of ADR gain required to significantly drive profitability.

 “While news of growing profits is welcome, longer-term U.S. hotel owners know that their investment still has a ways to go to achieve the annual dividends that were earned prior to the recent recession,” Woodworth added.

“In 2011, the average Trends® hotel achieved a profit level equal to $12,972 per available room.  In nominal dollars, this is roughly 25 percent short of the peak profit levels achieved in 2007.”

For a complete copy of the PKF report, please contact:

R. Mark Woodworth                                                

PKF Hospitality Research                                     

Tel: 404 842 1150, ext 222                                    

Email: mark.woodworth@pkfc.com                     

http://www.pkfc.com/                                                         

Chris Daly

Daly Gray Public Relations

Tel: 703 435 6293

Email: chris@dalygray.com

www.dalygray.com

All Quiet on Real Estate Capital Front in April, RECI Reports

Chicago, IL,  May 1, 2012 – The Real Estate Capital Institute finds April closed as a somewhat quite month on the real estate capital front.   Nearly all benchmark indices flattened out due to predictable news from Wall Street.  In other words, no real
"surprises." 

The most significant capital market highlights include:

According to the Labor Department statistics, unemployment stands at about
8% with significant job recovery prospects stalling.  Furthermore, gross
domestic product, a key indicator of the nation's health, rose just over two
percent - weaker than expected.  In conclusion, the Fed is hardly motivated
to change monetary policy and change record-low rates.  Recent Fed policy
decisions are seen as "nonevents" by most investors.

Agency lending volume for multifamily continues at a brisk pace.   In order
to control the overflow of business, spreads are starting to widen by least
ten basis points.  As for other lenders (e.g., life companies and conduits),
extremely low mortgage yields provide little incentive to pump more money
into this investment sector.  Rising stock market yields shift more funds
into equities vs. mortgages and other fixed-income investments.  Thus for
now, mortgage rates are as low as can be in the foreseeable future.

The most exciting news on the capital front relates to banks.  These
institutions are now actively selling and moving loans off their balance
sheets as profits have improved.  Expect more seller financing as part of
non-performing loan sales, although few banks are liquidating at distress
pricing.

According to RECI's research director, Jeanne Peck (top right photo), "If you're not in the capital markets today and taking advantage of market liquidity, you're losing out to record-low deals."  She adds, "Although leverage amounts are more conservative, equity yields are attractive - the whole capital stack is
very borrower/seller friendly."

The Real Estate Capital Institute(r) is a volunteer-based research
organization that tracks realty rates data for debt and equity yields.  The
Institute posts daily and historical benchmark rates including treasuries,
bank prime and LIBOR.  Furthermore, call the Real Estate Capital RateLine at
7RE-CAPITAL (773-227-4825) for hourly rate updates.

Contact:

The  Real Estate Capital Institute(r)
3517 West Arthington Street
Chicago, Illinois USA 60624
Contact: Jeanne Peck, Executive Director

director@reci.com

www.reci.com

HFF secures $10 million refinancing for retail center in Houston, TX

AUSTIN, TX – HFF announced today that it has secured a $10 million refinancing for 610 & San Felipe Shopping Center (top left photo), a 59,873-square-foot retail center in Houston, Texas.

HFF worked on behalf of the borrower, 610 & San Felipe, Inc. to secure the 20-year, fixed-rate loan through Lincoln Financial Group.  HFF will also service the loan.

610 & San Felipe Shopping Center is located at the northeast corner of Loop 610 and San Felipe in Houston’s Galleria area.  Built in 1998, the property is anchored by Ashley Furniture and is currently 100 percent leased.  Other tenants include David’s Bridal, Starbucks, Antone’s and Jack in the Box.

The HFF team representing 610 & San Felipe, Inc. was led by associate director Robert Wooten (lower right photo)

The borrower, 610 & San Felipe, Inc., is owned by Cam Allard, a Canadian-based real estate investor, who has developed, managed and leased office, retail, apartment and residential communities across the US and Canada.

Contacts:                     

ROBERT B. WOOTEN                                   

HFF Associate Director                               

(512) 532-1900                                                   

rwooten@hfflp.com                                          

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

HFF secures $65 million financing for Grace Lake Corporate Center in Van Buren Township, Michigan

 CHICAGO, IL – HFF announced today that it has secured $65 million in financing for Grace Lake Corporate Center (top left photo), a 10-building, 882,949-square-foot, Class A office complex in Van Buren Township, Michigan.

Working on behalf of Sovereign Partners, LLC, HFF placed the floating-rate balance sheet loan with Ladder Capital Finance.  Loan proceeds were used to finance the acquisition of the property from Visteon Corporation, a Fortune 500 components manufacturer for which Grace Lake Corporate Center serves as the international headquarters.

Completed by Hines in 2004 to the “highest institutional standards”, Grace Lake Corporate Center is fully leased to Visteon, General Electric and Dana Holding Corporation.  Situated on 282 acres at 1 Village Center Drive in Van Buren Township, the property is close to Detroit Metro International Airport and Interstate 275. 

The HFF team representing the borrower was led by managing director Matthew Schoenfeldt (middle right photo).

“The multi-national corporations that call Grace Lake Corporate Center ‘home’ enjoy amenities unmatched in the competitive property set including: a cafeteria boasting world-class cuisine, a state-of-the-art fitness facility, a multi-media center and the serene 35-acre Grace Lake,” said Schoenfeldt.

Sovereign Partners is a privately-held real estate investment firm that specializes in the acquisition of high-quality office assets throughout the United States.

Contacts:                     

MATTHEW R. SCHOENFELDT                                 

HFF Managing Director                                                   

(312) 528-3650                                                                   

mschoenfeldt@hfflp.com                                                

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

ARA Announces Prime Downtown St. Petersburg, FL Multifamily Development Project

 St. Petersburg, FL (April 30, 2012) — Osprey S.A., Ltd retained theš Tampa office of Atlanta-headquartered ARA to arrange the sale of their 2.88-acre site located at 330 Third Street in downtown St. Petersburg, FL.

American Land Ventures, based out of Miami, Florida, was selected by Osprey to proceed with plans to develop the site, with a project consisting of 340+/- luxury apartments and parking facilities. ššš

 The property is ideally located at the northwest corner of 3rd Street South and 4th Avenue South.š It is adjacent to the University Village Shopping Center which is anchored by a high volume Publix grocery store.

ARA’s Tampa-based Senior Vice President, Patrick Dufour (middle left photo), and Boca Raton-based Principal, Richard Donnellan (top right photo), represented the seller.

 “The site has four million square feet of office space located within one mile of the property, and is only five blocks away from -- and within walking distance to -- Bayfront Medical Center and All Children’s Hospital, which combined employ more than 5,000 people,” stated Donnellan.

According to Dufour, who lives in St. Petersburg, “The property provides a unique walkable lifestyle and is located within blocks of the downtown waterfront, multiple museums, sporting venues, theaters as well as several restaurants and shops. This is truly irreplaceable real estate, in fact, many of the units will enjoy open water views of Tampa Bay,” added Dufour.

 For additional information, contact Patrick Dufour at 813-639-7662.

To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Marti Zenor at mzenor@ARAusa.com or 561.988.8800.šš

Industrial Real Estate: Getting Healthier and Catching Eyes

 ATLANTA, GA (April 30, 2012) – As the economy is slowly gaining traction, so too is the U.S. industrial real estate market. In fact, the sector’s fundamentals have improved enough to catch the eye of investors growing leery of an overheated market for apartment properties.

 Those were two of the points made by show host Michael Bull (top right photo) and his guests on the most recent episode of “America’s Commercial Real Estate Show,” which provided an in-depth look at the industrial market’s performance in first-quarter 2012.

The R&D/flex component of the market experienced a 20-basis-point decline in its vacancy rate during the first quarter, while the warehouse/distribution subsector’s vacancy rate dipped by 10 basis points, said Ryan Severino (middle left photo), a senior economist for Reis.

 Investment sales in the sector dipped slightly in the first quarter when compared with the last three months of last year, but the transaction volume was 21 percent higher than in the same period in 2011, Severino added. 2012’s sales volume should end up bigger than 2011’s, and sales will likely continue to grow in the years ahead, he said.

 Bull echoed Severino’s assessment. “I think it’s going to be a big year for investment sales in the industrial market,” he said.

 “It was another quarter of what I would characterize as modest improvement in the industrial sector …,” Severino concluded. “I say that we should be cautiously optimistic about the sector [in the year ahead].”

 A lack of new supply in recent years has the sector set for significant rent increases in the future, said Mitch Roschelle (middle right photo), who heads PricewaterhouseCoopers’ Real Estate Advisory Practice. Also driving rent growth is tenants’ growing reluctance to move and disrupt the efficient operations they’ve established, he added.

To move “and run the risk [of] this finely tuned machine that’s been productive and profitable taking a hiccup … it doesn’t make sense, and so [tenants would] rather stay put,” Roschelle said.

While fundamentals continue to improve, the industrial sector is not yet a market that favors landlords, said Greg Herren (lower left photo), COO of Seefried Industrial Properties. However, “as they enter the market, I don’t think tenants should expect grossly discounted deals,” he said.

 Albuquerque, N.M.; Denver; and Salt Lake City are three industrial markets experiencing notable recoveries, while Dallas; Nashville, Tenn.; and Orlando, Fla., are three that continue to struggle, according to Roschelle.

 The next “Commercial Real Estate Show” will be available May 3 and will provide an update on the investment market for U.S. medical properties.

 Contact:

Stephen Ursery

Wilbert News Strategies

E-mail: sursery@wnspr.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.wnspr.com

Marcus & Millichap Announces Sale of Westbridge Apts. in Clearwater, FL

                                             

               

CLEARWATER, FL,  April 30, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Westbridge Apartments (top left photo), a 12- unit apartment property located in Clearwater, Florida, according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office. The asset commanded a sales price of $370,500.

Michael Donaldson (middle right photo), a multifamily associate in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller, a financial institution.  The buyer, a local private investor, was also secured and represented by Donaldson.

“This transaction represents another example of the improving market conditions for the multifamily industry, as Westbridge fetched a higher price point than similar foreclosed apartments that have recently sold” comments Donaldson.

“The asset is situated in a desirable location close to downtown Clearwater and the beaches and was close to being fully stabilized.  The property also featured unique amenities and was parceled separately for condominiums.  These are all qualities that attracted substantial interest from buyers” adds Donaldson.

Westbridge Apartments was built in 1966 and is located at 700 South Betty Lane.

Press Contact:  Bryn D. Merrey, Vice President/Regional Manager, Tampa

(813) 387-4700

Berger Commercial Realty Corp. Broker Keith Graves Completes $1.1 Million Sale of Bank-Owned Retail Show Room in Miami

 FORT LAUDERDALE, FL.– Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced broker Keith Graves (top right photo) completed a $1.1 million sale of a  bank-owned 8,539-square-foot retail showroom.

 The space, located at 1470 N.W. 107th Ave., was purchased by RY Investment Group, LLC. It was owned by Wells Fargo and being managed by Berger Special Assets, the receivership division of Berger Commercial Realty Corp.

 "This was a great investment opportunity in the retail sector," Graves said. "Deals like this one are helping South Florida's commercial real estate market to rebound."

Contact: 

Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999, ext. 226

msologuren@piersongrant.com

Arbor Funds Post Investment Group TX Portfolio Acquisition

UNIONDALE, NY (April 30, 2012) -Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender, announced the recent $29,070,000 funding of a three-property portfolio across Texas for Los Angeles-based Post Investment Group.

The three loans were funded under the Fannie Mae Delegated Underwriting and Servicing® (DUS) Loan product line for the portfolio’s combined $41,400,000 acquisition. These loans include:

 Ladera Palms, Fort Worth, TX (top left photo) – This 784-unit complex received $11,550,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. Ladera Palms has performed well in its sub-market, which has a long-term positive performance outlook. The property features 68, two-story apartment buildings; six outdoor, in-ground swimming pools, including three kiddie pools and three adult pools; a playground; a basketball court; a fitness center; and three tennis courts.

Canyons at 45 West, Amarillo, TX (middle right photo) – This 328-unit complex received $10,270,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. Canyons at 45 West recently emerged from a substantial renovation project that significantly enhanced occupancy in a strong market with rising demand. The property’s units now feature new kitchens, bathrooms, interiors, flooring and plumbing.

Regal Crossing, Dallas, TX (middle left photo) – This 384-unit complex received $7,250,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. Regal Crossing recently underwent several significant capital improvements that have elevated its strong position in the market further with rising occupancy. Amenities include two pools with patio areas, a business center, a lounge and two laundry rooms.

All of the loans were originated by Alex Kaushansky (lower right photo), Vice President, in Arbor’s New York City office.

 “Arbor takes pride in the long-term relationships it builds with its borrowers, a fact that helped lead to the funding of these properties,” Kaushansky said. “In addition to the strong sponsorship, each of the deals involved properties exhibiting robust performance track records within local markets with increasing rental demand.”

 Contact:  Christopher Ostrowski, costrowski@arbor.com

Six Associates at Crossman & Co. Win CFCAR Hallmark Awards in Orlando

ORLANDO, FL and ATLANTA, GA --- Six associates at Crossman & Company – one of the largest retail leasing and management firms in the Southeast – earned accolades during the recent Central Florida Commercial Association of Realtors (CFCAR) Hallmark Awards.

John Crossman CCIM, president of Crossman & Company, said four Crossman & Company associates were recognized among the region’s top 10 retail producers in 2012.

They areVice President of Leasing Justin Greider (top left photo), Director Whitaker Leonhardt (middle right photo), Associate Katherine Rush (top right photo)  and Senior Associate Craig Katterfield (lower left photo)

Crossman & Company Director Brian Carolan and Associate Tracy Harrison earned 2012 Circle of Achievement awards.

Associates at Crossman & Company have been recognized among the top 10 retail producers every year since CFCAR launched its award program in 1995, according to Crossman.

Former Orange County Mayor Richard Crotty (lower right photo), executive vice president at Crossman & Company, said the CFCAR Hallmark Awards are an important measure of achievement for commercial real estate professionals.

“We are proud of our associates for their recognition, and we are honored to support CFCAR,” Crotty said.

Contacts:

John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;

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

3 New Projects With Hundreds Of Residential Units Proposed For Miami Beach

MIAMI, FL --Developers are proposing three new unrelated projects in the neighborhoods of South Beach and Middle Beach that combined would create hundreds of new residential units in Miami Beach at a time when the coastal South Florida condo market is showing signs of recovering from the dramatic real estate crash that began in 2007, according to a new report from CondoVultures.com.

None of the projects being proposed by the prospective developers - Related Group, Crescent Heights, and Lionheart Capital - have obtained final governmental approval so the details could change before anything is ever constructed, industry watchers said.

The three newly proposed projects follow the announcement of 30 new condo towers with more than 6,200 units that are already being planned for the South Florida coastal market of Miami-Dade, Broward, and Palm Beach counties, according to the Preconstruction Condo Projects list based data from the licensed Florida brokerage CVR Realty™.

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

Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.

  

Grubb & Ellis Selected to Market for Sale Partially Complete, 425,000 SF Mixed-Use Project in Las Vegas

  

LAS VEGAS, NV  (April 27, 2012) – Grubb & Ellis, which recently became a part of BGC Partners, Inc. and has joined with Newmark Knight Frank to create the real estate industry's newest full-service powerhouse, today announced that it has been selected to exclusively market the sale of Manhattan West (top left photo), a partially complete, mixed-use project located at 9255 W. Russell Road.

The 19.22-acre property comprises 425,291 square feet of multifamily, office and retail space, including nine contiguous acres for future development.

 The team of Douglas Schuster (top right photo), senior vice president, Curt Allsop (middle left photo) and Ben Millis, (lower right photo) senior associates, and Vittal Ram, associate, was awarded the listing from the development’s lender, Scott Financial Corporation (“SFC”) in conjunction with Gemstone Development West.

The Eighth Judicial District Court in Clark County, Nevada, recently ruled that SFC’s mezzanine deeds of trust in the amount of $38 million were in first priority with respect to the mechanic’s lienholders.[1]

 “Like so many other speculative developments over the past several years, Manhattan West suffered during the economic downturn and unfortunately couldn’t be delivered by the original developer,” Schuster said. “However, the location of the property and the work completed to date make this a highly desirable investment opportunity.”   

Manhattan West is located seven miles from the Las Vegas Strip at Russell Road and I-215. Construction on the property began in 2005, with original plans for more than 700 multifamily units and approximately 200,000 square feet of office and retail space. 

Existing on the site are two four-story Class A office and retail buildings totaling 190,887 square feet in grey shell condition with underground parking for 451 cars; two four-story Class A multifamily buildings with 160 nearly complete residential units and underground parking for 216 cars; and a nine-story, Class A residential tower with 76 partially complete residential units and underground parking for 77 cars.

 The asking price is $25 million, with an offer deadline of May 2, 2012. Contact Schuster, Allsop, Millis or Ram at 702.733.7500 for more information.

 Contact:        

 Monica Sparreo                                             

 312.698.6709                                     

 monica.sparreo@grubb-ellis.com          

JW Marriott Luxury Brand to Open New Hotel in Santo Domingo -- First JW Marriott in Dominican Republic and Caribbean

BETHESDA, MD, April 27,2012 /PRNewswire/ -- Marriott International's (NYSE: MAR) world-class luxury hotel brand, JW Marriott Hotels & Resorts, announced plans to open a new 131-room JW Marriott Hotel in Santo Domingo (top left rendering), the capital of the Dominican Republic, in 2014.

 The property will be operated by Marriott under an agreement with Grupo Velutini, a Panamanian subsidiary of Fondo de Valores Inmobiliarios (FVI).

The official announcement event took place at the hotel site inside of the Blue Mall with participants including President Leonel Fernandez; J.W. Marriott, Jr. chairman of the board, Marriott International; Luis Emilio Velutini, owner and president of Grupo Velutini; and Rob Steigerwald, chief operating officer, Americas, Marriott International.

"The Dominican Republic is a highly desirable destination for today's luxury traveler and a growing business hub in the Caribbean," said J.W. Marriott, Jr., (lower right photo) chairman of the board, Marriott International. "This makes it ideally suited for our JW Marriott brand, which is now in 22 countries around the world."

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

: Laura Botelho,

+1-954-684-5321,

Laura.Botelho@marriott.com, or

Sara Steffenauer,

+1-301-380-5953,

sara.steffenauer@marriott.com

http://www.marriott.com

www.marriott.com/jw-marriott/travel.mi.

Sperry Van Ness International Expands Presence in New Braunfels, TX

 IRVINE, CA. (April. 27, 2012) – Sperry Van Ness International Corporation, a national franchisor for commercial real estate brokerages, today announced the addition of a new franchise in New Braunfels, Texas.

 The new franchise is part of Sperry Van Ness International Corporation’s national expansion program which started in 2001 and has grown to more than 1,400 advisors and staff representing more than 150 markets today.

“Sperry Van Ness International Corporation is continuing to grow in key markets across the United States. We are happy to have this New Braunfels office and its talented brokers as part of the SVNI family,” said Kevin Maggiacomo (top right photo), chief executive officer and president of Sperry Van Ness International Corporation. 

Norris Commercial Group, LLC will now operate as Sperry Van Ness® / Norris Commercial Group, LLC. The office is located at 373 S. Seguin Avenue, New Braunfels, TX and is led by owner and principal broker, Mike Norris (middle left photo).

Other team members include: Patrick Lynch and Steve Rodgers who serve as senior advisors; Allison Humphries, Harry Botkin, and Drew Traeger, who serve as advisors; as well as associate advisor, Callie Payne, and  financial officer/advisor Chris Blankenship.

Sperry Van Ness / Norris Commercial Group provides sales, leasing, property management, development, tenant representation and property management services for apartments, hospitality, office, retail, industrial, land, and self storage properties. 

“Norris Commercial Group joined Sperry Van Ness because its culture and business philosophy mirrors our business character, making it a natural fit for our team,” said Norris.

 “New Braunfels has continued to prosper during this current economic downturn creating jobs and economic growth. I can attest that Norris Commercial has had a proactive role in that prosperity. For decades we have been committed to this region and we will continue that legacy well into the future.”

Norris Commercial Group has been in business for over 62 years. Mike Norris has been with the firm for the past 38 years. Leading a team of experienced advisors, Norris engages in the development, sales, marketing, leasing and management of commercial real estate throughout the San Antonio/New Braunfels MSA.

Located between San Antonio and Austin, the city of New Braunfels is known for its beauty, hill country, rivers and quality of life.

Contact: 

Darcie Giacchetto

(949) 278-6224

darcie.giacchetto@svn.com