Charles Dunn Co. Completes $2 Million Sale of 20-Unit Multifamily Property in Los Angeles County

  

 LOS ANGELES, CA, June 11, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $2,075,000 sale of a 20-unit apartment property located at 225 N. Ave. 53 in Highland Park near the 110 freeway.  

Albert Shilton (top right photo) and Blake Rogers (middle left photo) of Charles Dunn Company represented the seller, Los Angeles-based 225 Avenue 53, LLC, and the buyer, Remedy Investors 2, LLC, from Los Angeles.

Shilton and Rogers generated nine offers for the property, ultimately selling it for a cap rate of 6.8 percent and a price per foot of $168. Both are indicators that have not been seen in Highland Park since 2008.

“After buying the foreclosed asset in mid-2011, the investor immediately began a renovation and lease-up program that resulted in this record breaking price,” said Rogers.

Built in 1991, the property totals 12,350 square feet and was 90 percent occupied at the close of escrow. 

 The unit mix consists of 10 one-bedroom/one-bathroom units and 10 two-bedroom/two-bathroom units.

 “The buyer was drawn to the property because it was non-rent controlled and offered a strong unit mix,” said Shilton. “The condition of the building allowed the buyer to obtain agency financing. Based on a projected cap rate of 6.8 percent, the buyer should have terrific cash flow.”

Contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Voit Real Estate Services Directs $5.6 Million Office Sale to National University in San Diego, CA

 San Diego, CA (June 11, 2012) – Voit Real Estate Services’ San Diego office has successfully directed the $5.6 million sale of a 31,421 square-foot office building located at 9980 Carroll Canyon Road (top left photo) in San Diego, Calif., on behalf of the seller.

The buyer, San Diego-based National University, the second-largest private, nonprofit institution of higher education in California and the twelfth-largest in the United States, plans to use this two-story building for administrative and educational purposes, according to Brian Mulvaney (middle right photo), CCIM, SIOR, a Senior Vice President in Voit’s San Diego Office.

 Mulvaney worked with Bruce Sanders (lower left photo), Paul Brown and Matthew Bean of Voit to represent the seller, Rancho Santalina, LLC, a San Diego-based real estate investment firm. The buyer, National University, was represented by John Bucher of John Bucher Real Estate.

“We understood the development potential of this property, which sits on a 5.03-acre parcel.  The excess land can accommodate an additional building, and potentially a parking structure,” said Mulvaney. 

 “We were successful in communicating this potential, and identifying a buyer who was seeking a property with opportunities for development down the road.”

This property is located just off of the I-15 freeway at the intersection of Carroll Canyon Road and Business Park Avenue in Scripps Ranch, San Diego.

Contact: 

Judith Brower/Jenn Quader

Brower, Miller & Cole

(949) 955-7940

Jquader@browermillercole.com

NBC 5 / KXAS-TV Announces Construction Of State-of-the-Art Media Facility to Include Telemundo and NBC Universal Businesses

DALLAS and FORT WORTH, TX June 11, 2012 /PRNewswire/ -- NBC 5 / KXAS-TV has finalized plans for construction of a state-of-the-art broadcasting and multimedia news facility to be located in The CentrePort Business Park (top left photo), just south of the Dallas-Fort Worth International Airport (bottom right photo)

The technologically advanced facility is being specifically designed to provide the resources for journalists to collect, interpret and report the news and information most relevant to North Texans 24-hours each day on multiple distribution platforms.

 The 75,000-square-foot building will combine NBC 5 facilities currently located in east Fort Worth and Dallas to the 8.1 acre site in Fort Worth.  The project developer, KDC, will commence construction at the end of June with completion slated for late 2013.

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

Brian Hocker, +1-817-654-6380

Web Site: http://www.nbcdfw.com/

Atlanta Commercial Real Estate Show Highlights How Businesses Can Improve Bottom Line through Tax Credits

ATLANTA, GA (June 11, 2012) – State and federal tax credits are among the most powerful tools available to help businesses improve their bottom lines and help real estate developers raise cash needed for their projects. However, a huge majority of companies and developers don’t take full advantage of the credits.

 On this week’s “Commercial Real Estate Show,” companies and investors gain insight on the availability of and the ways to benefit from tax credits.

“I would say greater than 80 percent of companies don’t capture every tax credit opportunity” available to them, said guest David McMillian (top right photo), president of McMillian & Associates.

 Depending on your location, tax credits are available for new hires, renewable energy projects, movie productions, small businesses that provide health insurance to their employees and companies that retrain their employees in new technologies and equipment, guests noted.

Businesses seeking to take advantage of tax credits benefit by the guidance of a specialist, in part because the credits can be obscure and the accompanying paperwork daunting,guests advised. “They are advertised. It really is a niche environment,” said Brett Weal, a senior manager with Reznick Group. “Get an expert upfront.”

 Real estate developers can receive either federal or state tax credits for building low-income housing projects, restoring historic buildings, building in impoverished areas and developing old textile-mill sites, among other credits. The developers are then able to sell the credits to raise the equity needed to execute their projects.

The public, the developers and the taxpayers who buy the tax credits all benefit in the process, guests said. “Developers in this day and age need cash for their projects,” said Chris Rogers (top left photo) of Tax Credit Advisors. “They [the developers] tend to not need these credits themselves … There’s a market out there for these tax credits, [and the tax payers] put cash into the projects in exchange for an allocation of the credits.”

 Developers can obtain more than one kind of credit for their projects, guests noted. Robert Lewis (middle right photo), a principal with Tax Credit Advisors, cited the example of one of his clients who “generated 45 percent of the project cost” by combining multiple types of tax credits on a single project.

 The full show on tax credits is available for download at www.CREshow.com.

 The next “Commercial Real Estate Show” will be available June 14 and will provide an update on the REIT market.

 Contact:

Stephen Ursery

Wilbert News Strategies

E-mail: sursery@wnspr.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.wnspr.com

Industry leader Steven Morgan joins Avison Young in Atlanta

ATLANTA, GA, June 11, 2012 /PRNewswire/ - Steve Dils (lower left photo), Avison Young Principal and Managing Director of the company's Atlanta office, announced today that leading real estate professional Steve Morgan (top right photo) has joined Avison Young'sbrokerage operations in Atlanta.

Effective immediately, Morgan joins Avison Young as a Principal. He will focus on his specialties of office sales, leasing and investments and will provide multi-market advisory for corporate and international clients.

He was most recently Senior Vice-President and Associate Broker at Grubb & Ellis in Atlanta.

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

Sherry Quan, Nat'l Director of Communications & Media Relations: (604) 647-5098; (604) 726-0959

First Green Bank President Speaks to U.S. Green Chamber of Commerce

 MOUNT DORA, FL --- Kenneth LaRoe (top right photo), president of First Green Bank in Mount Dora, spoke to the U.S. Green Chamber of Commerce in Orlando recently.

LaRoe told the group that the U.S. banking industry faces many challenges, including environmental leadership.

“Clearly America’s banking industry is behind the times on environmental issues,” LaRoe said. “At First Green Bank, one of our missions is to help eliminate that conservation gap,” he said.

 

First Green Bank is ranked as one of the most environmentally “green” banks in the U.S., according to the American Bankers Association and the Independent Community Bankers of America.

First Green Bank opened in 2009 and has a branch in Ormond Beach in addition to Clermont.    Its Mount Dora headquarters, opened late last year, is the second privately constructed building in Florida to qualify for the U.S. Green Building Council’s LEED Platinum certification for energy efficiency and environmental sustainability.  

For more information about this press release, contact:  

Kenneth E. LaRoe, CEO and Chairman, First GREEN Bank, 352-483-9100, ken@firstgreenbank.com

 Paul Rountree, President, First GREEN Bank, 352-483-9100, paul@firstgreenbank.com

 Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 or 407-461-3780, lvershelco@aol.com  

Pulte Homes Hosts More Than 130 People at Windermere Terrace Grand Opening

Windermere, FL--- Pulte Homes reports it hosted more than 130 people at the recent grand opening at Windermere Terrace, Pulte’s newest single family community located off Overstreet Road in Windermere.

Sean Strickler (middle right photo), vice president of sales for Pulte Homes in Central Florida, said guests enjoyed foods from local gourmet food trucks, Yum-Yum Cupcakes and the Crooked Spoon.

Strickler said guests also met new home sales consultants Kristi McCollom and CaliAnne Howell and toured the Madison (top and bottom photos) – a two story, four-bedroom, 3.5-bath model home priced from $329,990.

McCollom and Howell also unveiled eight floor plans for single-family homes at Windermere Terrace on 50-foot and 60-foot home sites.

“Windermere is such a highly desirable community we expected a good turnout but 130 prospective home buyers is a clear sign that interest is high and the housing market in the Orlando region is bouncing back,” said Strickler.

Windermere Terrace features wooded conservation and pond view homes.  Strickler said the eight new single family home designs offered at Windermere Terrace starting from the $220s have three to six bedrooms with two to four baths and range from 1,744 to 3,649 square feet with two and three car garages.

For more information about Windermere Terrace, visit www.Pulte.com/orlando  or call 407-656-1009.

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

Kara Lushear, Marketing Coordinator Pulte Homes North Florida Division,

813-661-6214; kara.lushear@Pultegroup.com  

Lyndsey Patterson, Director of Marketing, Pulte Homes North Florida Division, 407-661-2150 ext 1416 2301 Lucien Way, Suite 400, Maitland, FL 32751; lyndsey.patterson@pultegroup.com;

 Sean C. Strickler, Vice President Sales, Pulte Homes North Florida Division, 407-661-1461 sean.strickler@pultegroup.com;    

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

Hines closes sale of Mountain View Corporate Center in Denver suburb

                             

                               

 DALLAS, TX – HFF announced that it has closed the sale of Mountain View Corporate Center (top left photo), a four-building, 461,438-square-foot, Class A office development in Broomfield, Colorado.

HFF, along with Newmark Knight Frank Capital Group, marketed the properties on behalf of the seller, Hines U.S. Office Value Added Fund.  Westfield Capital Partners purchased the property free and clear of debt.

Acquired by Hines in 2006, the building has been maintained to the highest institutional standards with two of the four buildings achieving LEED Silver certification. 

The property is 92 percent leased to tenants such as Time Warner Cable, TransFirst and White Wave Foods.  Situated on approximately 27 acres of land, the property is located on Airport Way next to Rocky Mountain Metropolitan Airport northwest of downtown Denver.

Visit www.hines.com for more information.

Contacts:               

ANDREW S. LEVY                                                         

HFF Senior Managing Director                                         

(214) 265-0880                                                                                                    

alevy@hfflp.com                                                               

MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com

HFF closes sale of Tanglewood at Voss in Houston, TX

HOUSTON, TX – HFF announced that it has closed the sale of Tanglewood at Voss (top left photo), a 376-unit, Class A, mid-rise multi-housing property in Houston, Texas.

HFF represented the seller, Behringer Harvard, and procured the buyer, Cornerstone Real Estate Advisers.  Cornerstone purchased the property for an undisclosed price free and clear of existing debt.

Tanglewood at Voss is a two-phase development located at 7510 Burgoyne and 2301 South Voss Road west of the Houston Galleria. 

The two four-story buildings have one- and two-bedroom units averaging 889 square feet each. 

Each building features amenities including a clubhouse with billiards table and gourmet kitchen, resort-style pool and fitness center.  Tanglewood at Voss is 96.5 percent leased.

The HFF investment sales team representing the seller was led by senior managing directors Craig LaFollette (middle left photo), Todd Marix (middle right photo) and Todd Stewart (lower left photo)along with directors Tre Banks and Chris Curry.

Behringer Harvard creates, manages and distributes global institutional-quality alternative investment programs for individual and institutional investors through its real estate investment trusts, joint ventures and proprietary program structures.

 The company also offers strategic advisory, asset management and capital market solutions.  Programs sponsored and managed by the Behringer Harvard group of companies have attracted equity of more than $5.6 billion and investments into more than $11 billion in assets.  For more information, visit http://www.behringerharvard.com/.

Cornerstone Real Estate Advisers LLC, with affiliate and subsidiary offices in the US, UK, Europe and Asia, is one of the world’s largest real estate investment advisers.

 It provides core and value-added investment and advisory services, including a comprehensive suite of real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe.  Cornerstone is a member of the MassMutual Financial Group.  Cornerstone and its subsidiaries have assets under management totaling more than $34 billion. 

More information is at http://www.cornerstoneadvisers.com/.

Contacts:               

 G. CRAIG LAFOLLETTE                          

HFF Senior Managing Director                     

(713) 852-3500                                                                                          

clafollette@hfflp.com                                       

MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com

HFF secures $65 million refinancing for Ten Penn Center in Philadelphia

  

NEW YORK, NY – HFF announced that it has secured a $65 million refinancing for Ten Penn Center (top left photo), a 667,825-square-foot, Class A office tower in downtown Philadelphia, Pennsylvania.

Working exclusively on behalf of Ten Penn Associates, L.P., a joint venture between Sterling American Property Inc. and Greenville Partners, HFF placed the five-year, fixed-rate loan through Guggenheim Commercial Real Estate Finance.

Ten Penn Center is located at 1801 Market Street in the center of the Philadelphia Central Business District.  Built in 1981, the 27-floor office tower has undergone extensive renovations and is the only existing building in downtown Philadelphia to achieve LEED-EB Gold certification. 

The HFF team representing the borrower was led by senior managing director Mike Tepedino (middle right photo).

“The infusion of capital in connection with this refinance provides in excess of $10 million for future leasing costs, which is available to mitigate any tenant rollover including the upcoming exit of Janney Montgomery Scott at the end of August,” according to Michael Katz, co-CEO of Sterling American Property, Inc.

 Founded in 1972, Sterling has a successful 40-year history of national real estate development, acquisition and asset management.  Sterling is actively involved in the acquisition, development and management of residential, office, industrial and retail properties throughout the United States. 

 Since inception, Sterling, together with its affiliates, have acquired or developed more than 25 million square feet of office property, more than 8.7 million square feet of retail property and more than 65,000 residential units in 43 states. 

Greenville Partners has over 40 years of experience in real estate as an owner, developer and manager of office and industrial properties.

Contacts:               

 MICHAEL J. TEPEDINO                              

 HFF Senior Managing Director                       

 (212) 245-2425                                                  

mtepedino@hfflp.com                                      

MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com

Marcus & Millichap Sells 152-Unit, Class A Apartment Complex in Central Texas

 ROUND ROCK, TX– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Links at Forest Creek (top left photo), a 152-unit apartment complex in Round Rock. The terms of the sale were not disclosed.

Joe James (top right photo) and Kent Myers (middle left photo), both senior associates in Marcus & Millichap’s Austin office, represented the local seller and the California-based buyer. Peter Dunn (lower right photo), a Marcus & Millichap Capital Corporation (MMCC) senior director in Houston, arranged the financing for the transaction.

“The combination of low vacancy and above-average rent growth continues to attract apartment investors to the Round Rock area,” says James. “Many of the region’s young professionals prefer the freedom of renting, which bodes well for local apartment owners, as the 25-to-34-year-old age cohort is forecast to grow this year.”

 The 142,348-square foot property is located at 20404 Poppy Hills Trail in Round Rock, close to State Highway 130, Interstate 35, State Highway 45, U.S. Highway 79, the MoPac Expressway (Texas State Highway Loop 1), Capital of Texas Highway, U.S. Highway 183 and U.S. Highway 290.

Completed in 2010, The Links at Forest Creek provides residents with controlled access entry, covered parking, a luxurious clubhouse, a state-of-the-art fitness center, a resort-style swimming pool and a cozy neighborhood living environment.

The property’s units average 937 square feet and include fully equipped kitchens, built-in microwave ovens and ample storage. Additional unit features include ceiling fans, faux-wood vinyl floors, washer/dryer connections and patios/balconies.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Beech Street Capital Closes $23.5 Million FHA-Insured Loan for Chattanooga, TN Apartments

 BETHESDA, MD – Beech Street Capital, LLC announced that it closed a $23.5 million HUD 223(f) loan for the refinance of Carriage Parc Apartments (top left photo), a 316-unit multifamily complex in Chattanooga, Tennessee.

The transaction was originated by Chad Thomas Hagwood (middle right photo) executive vice president based out of Beech Street’s Birmingham, Alabama office.

The borrower developed Carriage Parc Apartments in 1998 and has since owned and managed the complex. Facing an upcoming maturity date on the existing loan, the borrower turned to the Beech Street team for financing.

 “The borrower has a proven track record of successfully developing and operating multifamily projects in the southeast,” states Tyler Griffin, vice president of FHA credit. “That, together with Beech Street’s familiarity with the HUD process, created a streamlined transaction from start to finish.”

Carriage Parc Apartments is located in the Chattanooga MSA, in the East Brainerd neighborhood of Hamilton County, just east of downtown Chattanooga.

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

Courtney Lewis

240-507-1948

clewis@beechstcap.com

Atlantic Station Creates Advisory Board

 ATLANTA, GA –North American Properties (NAP) has named a “who’s who of Atlanta” to a new advisory board at Atlantic Station (top left photo).

Now in its second year of ownership, NAP appointed Atlanta business and civic leaders to the board, which will work to deepen Atlantic Station’s relationship with its surrounding community.

The board includes:

·           David Birnbrey, partner, Shopping Center Group

·            Penelope Cheroff, president, The Cheroff Group

·           Todd Frye, principal, CB Richard Ellis Investors

·            Sharon Gay, partner, McKenna, Long and Aldridge

·           Clark Gore, regional managing principal, Cassidy Turley

·           Greg Guhl, president, Midtown Neighbors Association

·           Kurt Hartman, senior vice president, Hines

·           Tim Holdroyd, president, City Realty Advisors

·           Brian Leary, president and CEO, Atlanta Beltline

·            Cheryl Levick, director of athletics, Georgia State

·           G.P. “Bud” Peterson, president, Georgia Tech

·           Abe Schear, partner, Arnall, Golden & Gregory

·           Steve Simon, owner and partner, Fifth Group Restaurants

·           Mark Toro, managing partner, North American Properties

Visit Atlantic Station on Twitter at twitter.com/atlanticstation or on Facebook at www.facebook.com/AtlanticStation

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

Caroline Wilbert

Wilbert News Strategies

404-965-5021 (O) 404-405-6479 (C)

cwilbert@wnspr.com

Construction Begins on New Spec building in Florida’s Miramar Park of Commerce

 MIRAMAR, FL – In what could be a positive sign in the commercial real estate industry, Sunbeam Properties has broken ground on MPC-27, a spec distribution building in Phase 4A of the Miramar Park of Commerce (top left photo).

The 87,540 square-foot building is the first spec building in the Park since 2007 and is scheduled for completion in the fourth quarter of 2012.     

The new building will have 32 feet of clear height, a 145-foot non-shared truck court and 15,000 square-foot bays that are 165 feet deep.

“As the market is tightening up, the inventory for distribution space is low,” said Andrew Ansin (lower right photo), vice president of Sunbeam Development, developer of the Park.  “MPC-27 will create distribution space that has the dimensions national tenants require.”

In addition, MPC-27 is equipped with early suppression fast response fire sprinkler systems, which are ideal for warehouses and distribution centers and offer better protection than in-rack systems.

Contact:

Maria Pierson

954-776-1999, ext. 222

Parkway Announces Closing Of $200 Million Equity Investment By TPG; $250 Million Purchase Of Charlotte Office Tower and Sale Of Two Non-core Assets In Jackson, MS

ORLANDO, FL /PRNewswire/ -- Parkway Properties, Inc. (NYSE: PKY) (the "Company") announced today that it has received the previously announced $200 million equity investment by TPG, a leading global private investment firm, and it has completed the purchase of Hearst Tower (top left photo), a 972,000 square foot office tower located in the central business district in Charlotte, North Carolina for $250 million. 

Additionally, Parkway completed the previously announced sales of The Pinnacle at Jackson Place (lower right photo) and Parking at Jackson Place for a combined gross sales price of $29.5 million.

 As a result of the investment by TPG, the Board has accepted the resignations of existing Board members Daniel P. Friedman, Michael J. Lipsey, Leland R. Speed, and Troy A. Stovall.

 Additionally, TPG has the right to appoint four directors to the Company's Board.  The directors appointed thus far include TPG partners Kelvin Davis and Avi Banyasz, as well as Adam Metz, a TPG senior advisor.  TPG will appoint a fourth Director in the near future.

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

For Parkway: 

Thomas E. Blalock 

Vice President of Investor Relations

(407) 650-0593

For TPG: 

Lisa Baker 

Owen Blicksilver PR, Inc. 

(914) 725-5949 

lisa@blicksilverpr.com