Thomas D. Wood & Co. Brokers $6M Loan for 2 Reno, NV Properties

MIAMI, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on December 30, 2009, in the amount of $6,000,000 for 5401 Longley and McCarran A, B and C in Reno, Nevada.


Steve Wood,  (top right photo) Company Chief Operating Officer, along with Tony Castrignano of Sky Mesa Capital, financed 5401 Longley through Thomas D. Wood and Company’s correspondent relationship with Symetra Financial, in the amount of $2,500,000.

 The permanent loan has a term of 10 years, based on a 25-year amortization, and a loan-to-value of 65%. The interest rate is 6.95%. The two-building, 55,874 square-foot office/warehouse was built in 1991 and is located at 5401 Longley Lane, Reno, Nevada.

Together they also financed McCarran A, B and C in the amount of $3,500,000 through Thomas D. Wood and Company’s correspondent relationship with Symetra Financial at an interest rate of 6.95%.

The permanent loan has a term of 10 years, based on a 25-year amortization and a loan-to-value of 65%. The three-building, 41,490 square-foot office was built in 1987 and is located at 6490 S. McCarran Boulevard, Reno, Nevada.

For further information, please contact:


Steve Wood (305) 447-7820 swood@tdwood.com
Jessica Kinnee (407) 937-0470 jkinnee@tdwood.com

HFF closes $31.25M sale of Beach Place Apartments in Sunny Isles, FL

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it closed the sale of the Beach Place Apartments, (top left photo)  a 308-unit multi-housing complex in Sunny Isles, Florida.

The HFF team of director George Vail, associate director Jaret Turkell and real estate analyst Scott Wadler served as the exclusive sale advisor to owner of the property, Sky Development.

The buyer of the property was a fund operated by Jamestown Properties, a real estate investment firm funded by German investors with its U.S. headquarters in Atlanta. The sale price was $31.25 million or approximately $101,000 per door.

Situated on approximately seven acres at 17098 Collins Avenue, Beach Place Apartments is walking distance to both the Intracoastal Waterway and the Atlantic Ocean in Sunny Isles.

 The 93% leased property has four six-story buildings with one- and two-bedroom units averaging 901 square feet each. Community amenities include a pool, spa, fitness center and clubhouse with billiards room.

“Beach Place Apartments boasts a world class location, one block from the Atlantic Ocean in highly desirable Sunny Isles. The high barrier-to-entry location and the recent high quality renovations make the property an excellent condominium conversion candidate in the future, as well as a strong rental location,” said Vail.

“The transaction closed in under one week with flawless execution - a tribute to the buyer, seller and their respective counsel and advisors,” added Turkell. “That the ultimate buyer of this unique property was a prominent investment group backed by European capital is a testament to how the international community views greater Miami and Sunny Isles as a very desirable venue for long-term investments.”

Contacts:


George Vail, HFF Director, 305) 448-1333, gvail@hfflp.com
Jaret Turkell, HFF Associate Director, ((305) 448-1333, jturkell@hfflp.com
Kristin Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Henin Group Sells Harbor Walk Condominium Property in Virginia Beach for $4.8M

ORLANDO, FL. – The Henin Group, based in Orlando, developers of Riviera Bella luxury community on the St. Johns River in DeBary, recently sold Harbor Walk condominiums (bottom right photo) in Virginia Beach, Va. for $4.8 million.

Jerome Henin, (top left photo) ounder and president of the Henin Group, said Franciscus Homes, which develops single-family homes and condominiums in six communities in the Virginia Beach /Norfolk area, acquired the remaining development sites that accommodate 156 new condominiums at Harbor Walk.

Originally planned to include 237 condominiums, Harbor Walk started development in 2003. The Henin Group assumed control of the property in 2007.

For more information, please  contact:
Jerome Henin, Founder / President, Henin Group, 407 644-8595
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Crossman & Company announces 70 Retail Leases in the Southeast totaling 114,335 SF

ORLANDO, FL --- Crossman & Company recently announced that its Publix-owned shopping center portfolio completed 70 leases and renewals totaling 114,335 square feet of retail space in 2009.

“It has been a challenging market this year, so it’s great to look back and see that deals are getting done,” said John Crossman, (top right photo)  president of Crossman & Company. “I’m looking forward to even more deals in 2010.”

The Publix-owned shopping center portfolio includes more than 10.4 million square feet of retail space in five states located throughout Florida, Georgia, Alabama, Tennessee, and South Carolina. Publix owns more than 100 stores and retail centers.

Crossman & Company is responsible for leasing small-shop space within Publix-owned shopping centers, leasing outparcels, and all subleasing or lease disposition of former Publix locations, according to Crossman.

“Publix-anchored, Publix-owned shopping centers are the best and most desirable locations for tenants in today’s market,” Crossman added.


For more information please contact:
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

Melting Pot Restaurants Partner with Warner Bros. Pictures for Valentine’s Day Promotion Featuring SKYY® Vodka

TAMPA, FL--(BUSINESS WIRE)--The Melting Pot Restaurants (http://www.meltingpot.com), a national fondue franchise, is giving away more than $20,000 in prizes, including a grand prize trip to Los Angeles for the premiere of the new Warner Bros. romantic comedy release, “Valentine’s Day,” as well as featuring three new SKYY® Vodka “Love Potion” cocktails starting Dec. 31, in a drive to increase Club Fondue membership and enhance brand awareness. “Valentine’s Day” opens nationwide on Feb. 12, 2010.

“Considering we are one of the most popular restaurants of choice for Valentine’s Day, this partnership and program with Warner Bros., featuring SKYY Vodka cocktails, just made sense for our brand as a way to create memorable experiences for guests and incentivize them to return,” says Kendra Shier,  (top right photo) vice president of brand development for The Melting Pot.

 “This is also the first time we will be using outlets like Twitter and Facebook to get guests interested in a national initiative like joining our Club Fondue program.”

The “Valentine’s Day Red Carpet Premiere Sweepstakes” site contains the following:

Club Fondue membership information and sign-up – This program offers fondue features including wine tastings, food samplings, invitations to special events and advanced holiday reservation privileges.


For more information about this promotion, log onto The Melting Pot’s Web site at http://www.meltingpot.com, or contact the nearest location.



With more than 145 restaurants nationwide, existing locations in 37 states including the District of Columbia, and over 13 locations currently in development, The Melting Pot Restaurants Inc. is the country’s premier fondue restaurant franchise.

At The Melting Pot, fondue becomes a memorable four-course dining experience where patrons can dip into something different. Guests enjoy a choice of four flavorful fondue cooking styles and a variety of unique entrées combined with special dipping sauces.

The menu also includes creamy cheese fondues, lively salads, fine wines and mouthwatering chocolate fondue desserts. Founded in 1975, The Melting Pot’s corporate headquarters are in Tampa, Fla.

Contact: Sandy D’Elosua, National Director of Public Relations and Social Media, 813-425-6217, mailto:sdelosua@meltingpot.com,    http://www.meltingpot.com/

Equity Residential Announces Completion and Results of Tender Offer by ERP Operating Limited Partnership for Its Exchangeable Notes

CHICAGO--(BUSINESS WIRE)--Equity Residential (NYSE:EQR) today announced that its operating partnership, ERP Operating Limited Partnership (the “Operating Partnership”), accepted for purchase approximately $48.5 million of the principal amount of its outstanding 3.85% Exchangeable Senior Notes due August 15, 2026, which were validly tendered pursuant to its previously announced cash tender offer (the “Exchangeable Notes Offer”).

The Exchangeable Notes Offer expired at 12:00 Midnight, Eastern Standard Time, on December 30, 2009. Payment for notes purchased pursuant to the Exchangeable Notes Offer was made on December 31, 2009.

The aggregate consideration for the Exchangeable Notes accepted for purchase, including accrued and unpaid interest of approximately $0.7 million, was approximately $49.2 million.

As a result of the non-cash write-off of certain unamortized costs and a discount related to the Exchangeable Notes, the company will record a charge to earnings and funds from operations (FFO) of approximately $1.7 million in the fourth quarter of 2009.

 Combined with the charge of approximately $23.2 million, announced in a press release dated December 10, 2009, for the recent tender for certain of the Operating Partnership’s Non-Exchangeable Notes, the company will record a combined total charge to earnings and FFO of approximately $24.9 million, or $0.09 per share, in the fourth quarter of 2009.

 This charge was not included in the fourth quarter and full year 2009 guidance ranges announced on October 28, 2009 in conjunction with the company’s third quarter 2009 earnings release.

To view  a summary of the company’s recent tender offers for certain of the Operating Partnership’s notes, please contact Marty McKenna, Equity Residential,  312-928-1901

Starwood Hotels Completes Sale of Bliss Spas to Steiner Leisure for $100M

WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announced today that it has completed the sale of the Bliss spa and product company to Steiner Leisure Limited (Nasdaq:STNR) for $100 million.

As part of the transaction, Bliss and Remède spas and amenities will remain exclusive to Starwood in the hotel category at W Hotels and St. Regis Hotels, respectively. Additionally, Starwood’s Aloft brand will continue to offer Bliss Tried+Blue amenities.

“Not only does this sale further our strategy to focus exclusively on our global hospitality business and our nine distinct and compelling hotel brands, but our ongoing and exclusive relationship with Steiner Leisure means that we will continue to distinguish our spa offerings in our W and St. Regis hotels and provide amenities that are guest favorites,” said Frits van Paasschen (top right photo), President and CEO of Starwood.

“The sale of Bliss, coupled with several other recent sale transactions we’ve announced, demonstrate that despite today’s tough economic conditions we’re able to sell assets at strong multiples.”

In addition to Bliss spas in W Hotels and Remède spas in St. Regis hotels, Starwood has more than 300 spa properties in its hotels and resorts around the world, such as the award winning Heavenly Spa by Westin  (middle left photo) at the Westin Beijing Financial Street, Spa Gaucin at the St. Regis Monarch Beach Resort, (bottom right photo)  and GB Spa at the Hotel Grande Bretagne, a Luxury Collection Hotel in Athens.

Starwood also develops and operates proprietary spa brands including Heavenly Spa by Westin, Explore Spa by Le Mèridien and Shine Spa for Sheraton.

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 982 properties in more than 100 countries and 145,000 employees at its owned and managed properties.

 Starwood Hotels is a fully integrated owner, operator and franchisor of hotels and resorts with the following internationally renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, AloftSM, and ElementSM.

Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit http://www.starwoodhotels.com/.

Contact:   K.C. Kavanagh, 914-640-8339, Website: http://www.starwood.com/

Notice of Bankruptcy Sale of 24 Real Estate Assets of Kobra Properties in California

ROSEVILLE, CA--(BUSINESS WIRE)--Kobra Properties (“Kobra”), a California General Partnership et al., Bankruptcy Case Number 08-37271-C-11 in the United States Bankruptcy Court for the Eastern District of California, Sacramento Division, has pending a court order approving the sale of certain assets free and clear of liens, claims and encumbrances and authorizing the assumption and assignment of executory contracts.

(Abolghassem "Abe" Alizadeh, chairman, Kobra Properties, top left and bottom right  photos)

At a hearing held on December 9, 2009, the Bankruptcy Court granted the motion of the Chapter 11 Trustee (“Trustee”) to approve detailed sale procedures with respect to the sale of real property pursuant to Section 363 of the bankruptcy code, including suggested minimum bid amounts, the form of the purchase and sale agreement and auction procedures.

 A formal written order is pending. Qualified prospective purchasers will have the opportunity to bid on each of these twenty-four properties with each property having a suggested minimum bid which will be subject to individual reserve prices.

A summary of terms which will include a list of the twenty-four properties, the corresponding suggested minimum bids, the approved form of asset purchase agreement, and bidder qualification instructions will be furnished upon request and, upon executing a confidentiality agreement with the Trustee, prospective purchasers will have access to additional due diligence information.

The suggested combined minimum bids on the twenty-four properties total $35,129,057.

The Trustee’s ability and intent to sell the certain properties is subject to successful negotiation with the secured lenders to convey these assets and to final court approval. By granting the Trustee’s motion, the court will approve the following timeline:

Qualification Deadline: January 6, 2010, 5:00 PM PST
Auction Date and Time: January 14, 2010, 9:30 AM PST
Location of Auction: The United States Bankruptcy Court, located at 501 I Street, 6th Floor, Courtroom 35 (Dept. C- Honorable Christopher Klein), Sacramento, California, 95814.
Qualified Bidders:

All parties interested in acquiring any or all of the twenty-four (“24”) properties must submit a fully executed asset purchase agreement (the approved Competitive Bidder Asset Purchase Agreement will be provided to all interested parties) and a 10% earnest money deposit on or before 5:00 p.m., California time, on January 6, 2010, in order to be eligible to be considered as a possible “Qualified Bidder” (as that term is defined in the Bidding Procedures).

Interested parties may request additional information and documentation concerning the assets and the sale by contacting:

MARK F. THOMANN and/or STEVEN L. VICTOR, the Chapter 11 Trustee
Development Specialists, Inc., Suite 2300, 70 West Madison St., Chicago, IL 60602. Office: 312-263-4141 or 916-746-0564

Attorneys for Chapter 11 Trustee: DONALD W. FITZGERALD and/or JASON E. RIOS Felderstein Fitzgerald Willoughby & Pascuzzi LLP, The Wells Fargo Center, 400 Capitol Mall, Suite 1450, Sacramento, CA, 95814. Office: 916-329-7400

Court Orders Historic Ocala, FL Landmark to Auction

OCALA, FL, /PRNewswire/ -- The Ritz Historic Inn, an 84-year-old Ocala landmark on the National Registry of Historic Places, will soon have new life and new owners thanks to a court-ordered foreclosure auction.

The expedited sale was ordered by the circuit court system of Marion County, Florida on behalf of a local lender who holds the mortgage but refuses to take possession of the property.

Whoever buys the Ritz could get a bargain because the property's heading to foreclosure auction with no minimum bid.

The Ritz sale differs from typical foreclosure auctions for several reasons. First -- in a new twist to an old process -- the sale will not be handled by the Clerk of the Circuit Court.

 Instead, Walt Driggers, (middle right photo)  a licensed Florida auctioneer based in Ocala, was appointed by the Court to serve as commissioner of the sale. Driggers' auction firm, Tranzon Driggers, is handling the auction which takes place Thursday, January 21, at 11AM.

Secondly, the auction takes place on-site at the Ritz, located at 1205 East Silver Springs Boulevard near the heart of Downtown Ocala, instead of the local courthouse steps, where foreclosure auctions typically take place.

Finally, the buyer must only provide 10 percent down instead of the entire hammer price, with the balance due on or before February 22, 2010.

Despite renovations and rehab work likely to be made by the new owner, Driggers enthusiastically predicts renewed life for The Ritz, a well-known landmark from Ocala's early days.

"The Ritz exudes charm, personality, and everything you would want in a property, especially one that's so historic," he says.

"It's not out of the question for someone to turn it into whatever their imagination designs -- a hotel/motel, professional office center, a mom-and-pop inn, downtown apartments -- there's almost no limit to what it can become," he adds.

Originally constructed in 1925 as Ocala's first true apartment complex, the Ritz served as a directional marker to reach other Ocala attractions. Each of the Ritz's 16 original apartments boasted five rooms plus a private garage.

Additions were added in 1951 and the entire property was renovated in the 1980s. Over the years, the Ritz operated as a resort-style business and private event scene, most recently as an inn operation with a $1.2 million taxable value.

The Ritz Historic Inn, built in Spanish Mission style architecture with stucco and hollow clay tile exteriors, now features 32 guest suites, each unique in design, decor and layout -- many with their own fireplaces, sun porches, and balconies which serve as prime viewing spots for Ocala's annual Christmas parade. The Ritz also showcases lush landscaping including mature palms and Granddaddy Oaks, tiled pool and spa areas, and fountains.

Situated on nearly 2.5 acres of property zoned for commercial and multi-family residential use, the Ritz Historic Inn includes four two-story residential buildings surrounding a single-story, fully-operational bar and entertainment facility complete with liquor license possibility for the new owner.

Located adjacent to Ocala's numerous historic districts, the property provides nearly 24,000 square feet of business space under roof.

With rehab work, the Pavilion, a separate conference center adjacent to the Ritz, can provide an additional 2,300 square feet of space for banquets, weddings, and other corporate / private functions. A gazebo adds additional charm to the property, which is walled for privacy and security. Finally, canvas awnings add privacy and visual interest throughout the Ritz's exterior.

Interested bidders have two opportunities to preview the property, both on Thursdays -- January 7 and 14 -- at 11AM.

Tranzon Driggers is a member company of Tranzon LLC, a national auction and accelerated marketing group headquartered in Portland, Maine. Member companies are independently owned and operated.

Walt Driggers, president of Tranzon Driggers and one of the co-founders of Tranzon LLC, has in the last year sold dozens of properties and thousands of apartment units in more than a dozen states nationwide.

For more information on the Ritz auction, log on to http://www.theritzauction.com/ or contact Walt Driggers at 352.369.1047. You may also visit http://www.tranzon.com/ for additional details.

Penn National Gaming Closes on Toledo Casino Site

Anticipates 2012 Opening for $250 Million Project

WYOMISSING, Pa. & TOLEDO, Ohio--(BUSINESS WIRE)--Penn National Gaming, Inc. (Nasdaq: PENN) announced today that it completed the purchase of the 44-acre site at 1968 Miami Street that was expressly authorized for casino gaming in the successful November 3 Issue 3 constitutional ballot initiative.

Penn National’s proposed $250 million Hollywood Casino Toledo is expected to open at this location in the second half of 2012.

“Closing on the property moves us a major step closer to making Hollywood Casino Toledo a reality,” said Eric Schippers, senior vice president of Penn National.

 “We’re eager to move forward and excited that this project will bring thousands of construction and permanent jobs to the Toledo area, as well as tens of millions of dollars for the city of Toledo as well as all of the counties and school districts in Northwest Ohio.”

Penn National has designated Kenneth Schultz, Vice President of Design and Construction, to lead its development efforts on the ground in Toledo and the Company announced two new additions to its Toledo team:

Local attorney Richard Mitchell (top right photo) of Mitchell Law LLC, will serve as Penn National’s legal counsel, primarily focusing on employment and real estate matters.

 The Company’s legal team also includes former Ohio Supreme Court Justice Andy Douglas (top left photo)  of Crabbe, Brown & James LLP of Columbus. Mr. Douglas served as Penn National’s legal and political advisor for Northwest Ohio during the Issue 3 campaign, and will continue to serve in that capacity during the development of the casino.

After working closely with the NAACP in Toledo, Penn National has named Jay Black as its diversity consultant for Hollywood Casino Toledo. Mr. Black will assist in developing a comprehensive diversity plan to ensure that the project and the casino’s workforce is inclusive and reflects the diverse nature of the community.

The Miami Street site was purchased by Toledo Gaming Ventures, Inc., an Ohio corporation established by Penn National, from River Road Development, which acquired the property in 2006. River Road used a Clean Ohio Revitalization Fund grant and a matching grant from the city of Toledo to perform environmental remediation on the site.

 In February 2009, the Ohio Environmental Protection Agency approved the completed remediation, clearing the way for redevelopment. Penn National Gaming owns and operates gaming and racing facilities with a focus on slot machine entertainment.

The Company presently operates nineteen facilities in fifteen jurisdictions, including Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maine, Mississippi, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, West Virginia, and Ontario.

In aggregate, Penn National’s operated facilities feature over 26,300 gaming machines, approximately 400 table games, over 2,000 hotel rooms and over 959,000 square feet of gaming floor space.

Contacts
Eric Schipper, Senior Vice President, Public Affairs, 610-378-8321 or eric.schippers@pngaming.com
Jaffoni & Collins Incorporated, Joseph N. Jaffoni, Richard Land, 212-835-8500 or penn@jcir.com

NAI Realvest negotiates new long term lease for office space at Herndon Center in Orlando

ORLANDO, Fla. -- NAI Realvest recently negotiated a six-year lease agreement for 980 square feet of office space at Herndon Commerce Center, 615-G Herndon Ave. in Orlando.

Michael Heidrich,  (top left photo) principal at NAI Realvest, negotiated the transaction representing the landlord LBJ Properties of Winter Park.


The National Domino Federation USA – an independent non-profit organization for Domino enthusiasts and to promote the sport of Domino in the United States – is the new tenant and was represented by Henry Torres (top right photo)  of Weichert Realtors-Hallmark Properties.

For more information, please contact:


Michael Heidrich, Principal, NAI Realvest 407-875-9989 mheidrich@realvest.com;
Patrick Mahoney President NAI Realvest 407-875-9989 pmahoney@realvest.com;
Beth Payan, Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com.


NAI Realvest makes big jump in Central Florida rankings to region’s second largest commercial property firm

ORLANDO, FL. -- NAI Realvest made a big jump in rankings of Central Florida Commercial Property firms recently.

The annual Book of Lists, published by Orlando Business Journal, ranked NAI Realvest as the area’s second largest commercial property firm with 253 lease transactions and 70 sales that totaled $471.6 million.

Last year NAI Realvest ranked as the region’s fourth largest commercial property firm. George Livingston (bottom  right photo)  is chairman of NAI Realvest.  Patrick Mahoney (bottom left photo)  is president.

For more information contact:

Paul P. Partyka, Managing Partner/Principal NAI Realvest, 407-875-9989, ppartyka@realvest.com
Patrick Mahoney, President, NAI Realvest 407-875-9989, pmahoney@realvest.com;
Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142

Emerald Bowl Attracts Record Televised Audience

SAN FRANCISCO, CA--(BUSINESS WIRE)--Diamond Foods, Inc. (NASDAQ: DMND) today announced that the eighth annual Emerald Bowl set a new record television rating.

The Emerald Bowl was broadcast nationally on ESPN in prime time on Saturday night and featured a match up between the University of Southern California Trojans and Boston College Eagles, playing for the first time in more than 20 years.

 The television rating of 5.34 was not only the highest in Emerald Bowl history, but also the second highest rated ESPN football bowl game ever watched. This rating translates into over 5.2 million households and over 8 million viewers for the game.

The game also attracted a sellout crowd, the third in the last four years of the Emerald Bowl.

"When the Emerald Bowl was conceived in 2002, we hoped for a unique match up between two teams with national appeal," said Andrew Burke, (middle right photo) Senior Vice President of Marketing for Diamond Foods.

"We were pleased to have USC and Boston College in the game to help us fill the stadium with enthusiastic fans and draw millions of television viewers.

"Emerald Bowl attendees were able to experience both the Emerald® and Pop Secret® brands throughout game day with product sampling, marketing activation inside and outside AT&T Park and in-game contests and advertising.

"In addition, Emerald and Diamond® advertisements, as well as the brand new Pop Secret commercial featuring animated kernels acting out a scene from the Dark Knight, were aired on television throughout the Emerald Bowl and during other ESPN bowl games on Saturday."

The Emerald Bowl is the only NCAA bowl game featuring a match up between the ACC and Pac-10 conferences. This year's closely-contested game ended in a 24-13 victory for The University of Southern California.

Diamond Foods has been the title sponsor of the Emerald Bowl since its inception in 2002. The Emerald snack line features innovative, great tasting snack nut products and is distributed nationally in a variety of retail outlets.

For more details about the Emerald Bowl, visit http://www.emeraldbowl.org/.

Diamond is a leading branded food company specializing in producing, marketing and distributing culinary nuts and snack products under the Diamond, Emerald and Pop Secret brands.

Corporate Web Site: http://www.diamondfoods.com/
Consumer Web Sites: http://www.emeraldnuts.com/,  http://www.diamondnuts.com/,  and http://www.popsecret.com/

Contacts:
Annie Liu, 415-445-7425 (Media), Communications Assistant, aliu@diamondfoods.com
Bob Philipps, 415-445-7426 (Investors), VP, Treasury & Investor Relations, bphilipps@diamondfoods.com

Portland investment firm buys KOIN Center

The 25-year-old KOIN Center has 411,000 square feet of office and retail space, and is one of downtown Portland’s most recognizable buildings. It is home to First American Title Insurance, lucy ctivewear, Willis of Oregon, ECONorthwest and KOIN-TV.


PORTLAND, OR--The KOIN Center -- most of it -- has been sold again, this time to a hometown investment firm with more links to China than Portland.

American Pacific International Capital, Inc., in its first play in the region, has plucked 19 floors of the 30-floor building out of foreclosure.

Terms of the deal, which closed Tuesday, were not revealed. But real estate sources indicate the sale price was between $50 and $60 million. California Public Employees' Retirement System, or CalPERS, bought the 25-year-old tower in 2007 for $108 million but defaulted this year on a $70 million loan.

"It's essentially the biggest short sale that's occurred in Portland this year," said Gene Grant, (middle right photo) an attorney with Davis Wright Tremaine in Portland who represented the buyer. "The lender did not get everything they were owed, but they got enough."

New York Life Insurance had taken control of the building after suing the building's owner this summer. The insurer claimed CalPERS failed to make its July mortgage payment on the building.

CalPERS had partnered with Commonwealth Partners, a large Los Angeles real estate investment firm, to buy KOIN Center. The entity, FPS KOIN Center, borrowed $70 million from New York Life in August 2007.

The tower boasts 411,000 square feet of office and retail space and one of downtown's most recognizable buildings. It is home to First American Title Insurance, lucy activewear, Willis of Oregon, ECONorthwest and KOIN-TV. Its top 11 stories of the building are condominiums and were not included in either sale.

Another Portland real estate investment firm, Capstone Partners, considered making a play for the building. But Jeffrey Sackett, (middle left photo) a principal with Capstone, said it could not make the deal pencil out at its asking price.

"We were led to believe by the brokers they had a couple offers north of $50 million that seemed solid," Sackett said. "We didn't feel comfortable...for a lot of reasons. It's a very difficult investment market environment at this point. There's a great deal of leasing risk. There's just very, very low demand for Class A office space."

Still, Sackett said, the deal for what he called a "trophy asset" bodes well for the region's beleaguered commercial property market.

"Any trade is a good thing because it starts to establish value," he said.

APIC, with offices in Portland's World Trade Center, is little known in Portland real estate circles but active in China. It started a palm oil production factory in Chaozhou, China earlier this year and resurrected a soybean oil plant from bankruptcy in Shantou.

Earlier this year, former U.S. Labor Secretary Elaine Chao (bottom left photo)  helped APIC break ground on a development partnership in Shantou to build 92,000 square meters of hotel rooms, condos and retail space called Ocean Panorama.

AIPC president Wilson Chen did not return a call seeking comment.

Grant, who has worked on deals involving KOIN Center since its construction, said he hoped the purchase injects some life into commercial real estate, where owners have seen building values dive below the amount they owe lenders.

"What's happening in commercial real estate is really exactly what's happened in residential real estate," Grant said. "It's just a delayed reaction. We're just now starting to see the commercial short sales."

Maury L. Carter & Associates Brokers $20M Cash Land Sale in Volusia County, FL

ORLANDO, FL--Maury L. Carter & Associates, Inc. ended 2009 with a bang by brokering a $20,066,605.19 cash sale to St. Johns River Water Management District on December 29th.

Daryl M. Carter, (top right photo)  Trustee of Carter-Maytown Road Land Trust was the Seller of the 3,321± acre parcel located on the east side of SR 415 in Volusia County, Florida. The Seller was represented by Daryl M. Carter of Maury L. Carter & Associates, Inc.

Despite the poor economy, Maury L. Carter & Associates, Inc. has closed $41 million in transactions in 2009

Contact: 
Joan M. Fisher, Maury L. Carter & Associates, Inc., 3333 S. Orange Avenue, Suite 200, Orlando, FL 32806-8500, (407) 581-6207 direct, (407) 422-3144 office, (407) 422-3155 fax, jfisher@maurycarter.com

Marcus & Millichap Sells $10.2M Multifamily Property in Salem, OR

SALEM, OR – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Orchard Park, (top left photo) a 224-unit, 210,752-square foot Section 42 Low Income Housing Tax Credit (LIHTC) property in Salem.

The sales price of $10,292,000 represents $45,946 per unit and $49 per square foot.

The Tax Credit Group of Marcus & Millichap (TCG) represented the seller and the buyer. The Tax Credit Group is led by Robert L. Sheppard, (top right photo)  a senior vice president investments, along with Armand W. Tiberio (middle right photo)  and Spencer H. Hurst, (bottom right photo) vice presidents investments.

Matthew Williams, an investment specialist in the firm’s Portland office, also provided representation.

“Orchard Park’s intrinsic value and strong operations, combined with the submarket’s solid fundamentals, made it an attractive investment,” says Tiberio.

Located at 4100 Kacey Circle Northeast in Salem directly off Interstate 5, the property is near major employers and neighborhood services.

Orchard Park was constructed in 1993 under the Section 42 LIHTC program and has extended use restrictions in place until December 31, 2023. The property features 64 one-bedroom/one-bath units, 96 two-bedroom/two bath units and 64 three-bedroom/two-bath apartments.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716