Jonathan Dwoskin and Andrew Gallas Earn New Posts at Marcus & Millichap

Dwoskin Named Regional Manager in Detroit and Grand Rapids

DETROIT, MI – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Jonathan Dwoskin (top right photo)  regional manager of the firm’s Detroit and Grand Rapids offices, according to Harvey E. Green, (top left photo) president and chief executive officer.

“Jonathan’s sales management expertise and extensive commercial real estate brokerage skills make him a valuable resource to our agents and clients in Michigan and throughout the Midwest,” says Green.

Dwoskin joined Marcus & Millichap in October 2002 and has been the sales manager of the Detroit office since August 2008. Specializing in multifamily properties, he was named a member of the firm’s National Multi Housing Group.

Dwoskin was promoted to senior associate in February 2006 and was elevated to associate vice president investments in July 2008. He has earned several internal sales awards for his performance, including a National Achievement Award.

Dwoskin earned a bachelor’s degree in economics and journalism from Eastern Michigan University.

Gallas Promoted to Associate Vice President Investments in Chicago

CHICAGO, IL-- Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, announced the promotion of Andrew Gallas (middle right  photo)  to associate vice president investments in the Chicago Downtown office, according to regional manager John Przybyla (bottom leftt photo) .

“Andy has extensive experience as investment sales specialists in the Chicago office,” says Przybyla. “Throughout his career with Marcus & Millichap, Andy has matched numerous private and institutional investors with investment real estate in the Chicago metropolitan area and throughout the United States.

He has been instrumental in driving our business forward and helping to establish Marcus & Millichap as a market leader.”

Gallas began his career with Marcus & Millichap as a sales intern in May 2004. He achieved associate status in June 2005, became a senior associate in June 2008 and joined the firm’s Seven-Figure Club in January 2010. Gallas focuses on net-leased properties throughout the United States and has closed properties in 15 states.

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

Marcus & Millichap Lists $9.9M Development Opportunity in Ocean City, NJ

OCEAN CITY, NJ– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Soleil, (centered photo below)  a 266,000-square foot, 1.9-acre approved mixed-use project in Ocean City.

Stephen Verp and Brian Weaver, investment specialists in the firm’s New Jersey office, are representing the seller, a developer that has been active in Ocean City since the mid 1990s.

“Currently, the property features $200,000 per year in parking-lot revenues,” says Verp. “The approved plans call for a five-story structure with 103 residential units or 126 condo/hotel rooms and three parking levels with 287 spaces.”

Located at the northern tip of Cape May County on a beach block at 1101 Ocean Ave. in Ocean City, the property features unobstructed ocean views.

Ocean City is a world-famous seashore community in the heart of the Jersey Shore just 20 minutes from Atlantic City, 70 minutes from Philadelphia and two hours from New York.

Amenities planned for Soleil include a business center, a fitness facility with state-of-the- art equipment, an outdoor pool, a full-service spa, high-speed Internet access in all meeting and guest rooms, 24-hour security service, door attendant and valet services and a restaurant with valet-service garage parking.

“It is unlikely that Soleil will have any competition in the luxury condo marketplace in the foreseeable future as there have been no approvals granted, no plans submitted or filed with the zoning or planning boards for luxury high-rise condo units in Ocean City,” adds Weaver.

Ocean City’s eight miles of beautiful beaches were rated one of the “Best Family Beaches in America” in 2007 by the Travel Channel. Ocean City’s two-and-half-mile boardwalk is lined up with shops, restaurants, movie theatres, amusement rides, miniature golf courses and a water park.

Downtown Ocean City spans from Sixth to 11th streets on Asbury Avenue and features art galleries, dining, boutiques and jewelry stores.

The city provides a wide variety of restaurant cuisine from fresh seafood and steaks to pizza and submarine sandwiches with more than 100 dining choices throughout the island.

In 2009, Ocean City ranked first in New Jersey’s “Top 10 Beaches” contest.

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

University Corporate Center III in Orlando Sold

Grubb & Ellis Company's Washington, DC Institutional Capital Markets group is pleased to announce the sale of University Corporate Center III (top left photo)  at 11474 Corporate Blvd., The Property is a 94% leased, 104,312 square foot, Class A office building located in the Quadrangle Office Park, less than one mile from the University of Central Florida.

The Seller was Exclusively Represented by:
Eric Berkman, Executive Vice President, Grubb & Ellis Company, Eric.Berkman@Grubb-Ellis.com
202.312.5751 direct

Steven Gichner, Executive Vice President, Grubb & Ellis Company, Steven.Gichner@Grubb-Ellis.com
202.312.5750 direct

Greg Morrison, CCIM, SIOR, Principal, Morrison Commercial Real Estate, gmorrison@morrisoncre.com
407.219.3500 direct

Vinings Main is Back on the Market in Historic Vinings Village With Reduce Pricing and Competitive Financing

ATLANTA, GA-- It’s a new day at Vinings Main. Capitalizing on current market conditions and the reduction in the FHA’s pre-sale requirement, the ownership group is now offering competitive financing and greatly reduced pricing.

Quick and easy closings will further enable first time homebuyers to meet the federal government’s deadline for contracts written by April 30, providing up to $8,000 in additional tax credits. These highly coveted condominium homes are under the new management of Novare Group, The Marketing Directors and HomeOwners Advantage.

Vinings Main is Vinings’ first mixed-used community combining distinctive condominiums, retail shops and offices to create a true live-work-play experience on Paces Ferry Road, in the heart of Historic Vinings Village.

Just steps from the fabulous shops and restaurants of Vinings Jubilee, Vinings Main is home to Social Vinings, a restaurant by Paul Albrecht of Pano and Paul’s; Snap Fitness; Vinings Center for Dentistry; and The Posh Spot day spa.

The Marketing Directors is the exclusive sales and marketing firm for Vinings Main. Interested homebuyers should contact the sales center at 770-436-9595 and visit our website at www.viningsmain.com.

Contact: Liz Lapidus Public Relations, Liz Lapidus/Aly Hanson, 404 688 1466, liz@lizlapiduspr.com

Atlantic & Pacific Companies Welcomes Stephen Levine to the Team as Director of Real Estate Group

MIAMI, FL – Atlantic & Pacific Companies (A|P), a fourth generation real estate company, is pleased to announce the addition of Stephen Levine (top right photo) .

Stephen joins the company as Director of Atlantic & Pacific Real Estate Group, the firm’s commercial division, and comes with over 16 years of extensive real estate experience.

Initially, Stephen will continue to build on A|P’s already established clients while expanding the commercial platform to include office and retail leasing management, advisory and brokerage services, and tenant representation throughout the Southeast region of the U.S.

The division will be grown both organically as well as through strategic acquisitions.

Prior to joining A|P, Stephen served as Vice President of a more than 50 year old privately-held development firm with completed assets valued at over $30 billion, where he built and ran the office division.

During his tenure, Stephen developed the office division including the creation and implementation of internal protocols and processes; reporting and budgeting systems; and personnel hiring and training.

He also created, implemented and executed marketing/leasing programs for an office portfolio exceeding one million square feet of existing traditional and mixed-use projects located in multiple states.

 Previously, he has held senior management roles in some of the nation’s largest pure tenant representation firms, where he led or participated in closing corporate and regional headquarter transactions for companies such as Norwegian Cruise Lines, Amadeus North America, CompuPay and Citigroup Global Markets.


According to Stephen, "A|P has created an unparalleled platform and is widely considered one of the finest real estate companies headquartered in Miami. With my expertise and industry-specific relationships, I’m looking forward to expanding the company’s commercial division and delivering the same level of excellent service to our clients and partners. "

Since the mid 1970's, A P has purchased, developed, leased and managed residential & commercial properties throughout the United States and currently owns and / or manages more than 20,000 residential units and more than 150,000 square feet of commercial space with more than 500 highly trained and skilled professionals dedicated to providing its clients with the finest level of support and satisfaction found within the industry.

 A|P is best recognized by some of the country’s largest lending institutions for providing advisory and consulting work on highly complex affairs. For more information, visit http://www.apmanagement.net/.

For opportunity presentations, please contact Randy Weisburd at rweisburd@apmanagement.net.

Contact: Jessica Wade Pfeffer, President, Jessica Wade Inc., Publicity, Marketing & Partnerships
Jessica@jessicawadeinc.com,  Cell +1.305.804.8424, Blackberry Pin 30F910B7, http://www.jessicwadeinc.com/

Avalonpark Texas LP Enters Agreement with David Weekley Homes to be Sole Home Builder at The Springs at Walnut Creek in North Austin, TX

AUSTIN, TX - David Weekley Homes has signed with Avalonpark Texas LP as exclusive home builder at The Springs at Walnut Creek, a new residential community under development near Interstate 35 and Yager Lane in North Austin, TX.

Richard Kunz, (top right photo)  who heads Avalonpark Texas LP, developers of The Springs at Walnut Creek, said David Weekley Homes will build 111 new homes priced from under $200,000 starting later this year.

Kunz said Avalonpark Texas LP is developing The Springs at Walnut Creek in three phases starting in June. Infrastructure improvements, two access roads and 55 single-family home sites are included in the first phase, which will be complete by September.

David Weekley Homes is expected to start construction of a model home and ready-to-move-in homes at The Springs at Walnut Creek that will open in October, Kunz said.

Development of a second phase with 56 single-family home sites should commence in the fall, Kunz said. A third phase with 40-60 town home sites should start next spring.

Kunz said single-family homes will be priced from $199,000 to $299,000. Town homes will be priced from the $150s.

Avalonpark Texas LP is a Texas joint venture of Avalon Park Group, which is headquartered in Orlando, Fla.

For more information, contact:
Richard Kunz Avalonpark Texas, L.P. 512-695 3356 rkavalonaustin@aol.com;
Beat Kahli, CEO Avalon Park Group / Avalonpark Texas, L.P. 407-658-6565;
Eric Marks, Vice President, Avalon Park Group 407-658-6565, ericm@avalonparkgroup.com;
Stephanie Hodson, Marketing Coordinator, Avalon Park Group 407-658-6565;
Larry Vershel, Larry Vershel Communications 407-644-4142, Lvershelco@aol.com

Mattamy Homes division President Dennis Ginder Named top Male “40 Under 40” Executive in Jacksonville

JACKSONVILLE, FL-– Dennis Ginder (top right photo), division president of Mattamy Homes in the Jacksonville region, was named one of the top Male “40 under 40” Executives to watch in Northeast Florida by Jacksonville Business Journal, a leading Northeast Florida business news outlet.

Ginder was nominated by his peers and was one of forty selected out of 170 nominated for the honor. The award was based on his community service and achievements in the industry he serves.

Ginder joined Mattamy Homes in 2008, and his division posted a 38 percent increase in 2009 sales over the previous year. He is active in St. Johns Habitat for Humanity, Northeast Florida Builders Assn. and the St. Johns County Builders Council.

Mattamy Homes expanded into the U.S. in 2003 and has divisions in Jacksonville, Orlando, Charlotte, Phoenix and Minneapolis. The homebuilder is the largest and most active in Canada with annual revenues exceeding $1.3 billion. Visit www.mattamyhomes.com.

For more information,  contact:
Kerry Soltis, Marketing Manager, Mattamy Homes-Jacksonville, 904-279-9502
Dennis Ginder, Division President Mattamy Homes-Jacksonville, 904-279-9500
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Meritage Homes to Host Grand Opening May 5 to Showcase New Model Home with Eight Bedrooms at Forestbrooke in Ocoee, FL

ORLANDO - Meritage Homes will host a grand opening May 5 at Forestbrooke, located at 3131 Jamber Drive off Ocoee-Apopka Road in Ocoee.

Pam Whitmore, Marketing Manager at Meritage Homes in the Orlando region, said 42 home sites are available at Forestbrooke with three, four, five, six, seven and eight-bedroom homes priced from $169,990 to $249,990. All the homes in Forestbrooke are built to meet ENERGY STAR® criteria.

Whitmore said Meritage Homes will showcase a new Monticello model home at the grand opening that offers six bedrooms, four baths, media room, study and large game room. The 4,160 square foot single-family home with a three-car tandem garage is priced from $249,990.

For more information, contact:
Pam Whitmore, Marketing Manager / Meritage Homes-Orlando 407-712-8664 Pam.Whitmore@meritagehomes.com;
 Brian Kittle, Director of Sales, Meritage Homes-Orlando, 407-712-8669; Brian.Kittle@meritagehomes.com;
Larry Vershel, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

The Georgian Terrace Hotel Unveils Six New Penthouses and nine New Premier Suites

ATLANTA, GA) – Atlanta’s Modern Classic continues to improve after an $11 million renovation. Fremont Realty Capital recently unveiled six fully renovated penthouses and nine premier suites at The Georgian Terrace Hotel (top left photo) 

 These come on the heels of last year’s opening of Livingston Restaurant + Bar (bottom right photo)  and complete renovation the hotel lobby and Atlanta’s two best ballrooms plus the addition of a third ballroom and board room.

The renovation also included brand new beds and flat panel TVs in all of the rooms, new complimentary high speed Wi-Fi internet throughout the property and upgrades to the hotel’s conference center and common areas.

The six penthouses range in size from 1,500 to 2,500 square-feet, some with two bedrooms and two baths and some as large as three bedrooms and two and a half baths. The nine premier suites feature one, two and three bedrooms. All of the renovated rooms included new carpet, paint, wall coverings, furniture, fixtures, beds, baths and new kitchens.

Opened in 1911, The Georgian Terrace was designed in the Beaux Arts style as a Southern interpretation of a Parisian hotel. A 1991 renovation added the 19-story wing and 20-story rounded atrium tower.

The Georgian Terrace Hotel has a total of 326 guestrooms ranging in size from our petite standard rooms to our three-bedroom suites, complete with kitchens and washer/dryers, and six penthouses.

There is a penthouse gym and rooftop pool as well as 5,514 square feet of dedicated IACC meeting space and over 16,000 square feet of total meeting space. Situated in the heart of the Midtown’s arts and cultural district, it is within walking distance to great restaurants, museums and retail.

Information Contact:

Liz Lapidus/Callie DeVore, Liz Lapidus Public Relations, 404-688-1466, liz@lizlapiduspr.com

Alexan Back Beach, Panama City Beach, FL - Engler Financial Group Exclusive Offering

ATLANTA, GA--Engler Financial Group, LLC is proud to present Alexan Back Beach, (top left photo) an upscale 360-unit apartment community located in Panama City Beach, Bay County, Florida. Built in 2007, Alexan Back Beach offers market-leading community amenities and an outstanding location near Simon's new Pier Park regional mall, major employers, and pristine Gulf of Mexico beaches.

Alexan Back Beach is being offered for sale on an unpriced basis and represents an excellent opportunity to purchase a Class “A+” apartment community in one of the Florida Panhandle's fastest growing markets. The operations at the property continue to excel. Alexan Back Beach is currently 99.4% leased and 93.3% occupied. Concessions continue to decline since stabilizing.

Alexan Back Beach benefits from its ideal location along Panama City Beach Parkway (U.S. Highway 98), the region's primary east-west thoroughfare. The Property has outstanding proximity to all major employers in the region, including Tyndall Air Force Base, Naval Support Activity, Bay Medical Center, and Sprint-Nextel.

Alexan Back Beach is located approximately five miles east of the Pier Park regional lifestyle center, an upscale retail shopping and entertainment venue recently developed by Simon Property Group along U.S. Highway 98. Pier Park is the premier retail environment serving Panama City Beach and the entire Florida Panhandle. Expected to draw millions of visitors a year from more than 100 miles away, Pier Park will be the only venue of its kind in the Panhandle and the only significant restaurant site along U.S. Highway 98.

The relocation of the Panama City International Airport (scheduled to open in May 2010) to a new $300 million facility is expected to have a major economic impact on Bay County. Located within the 1,400 acre West Bay development approximately ten miles north of Alexan Back Beach, the new Northwest Florida Beaches International Airport will greatly enhance accessibility and tourism to Panama City Beach.

A major recent announcement was the St. Joe Company's decision to relocate its corporate headquarters to the West Bay development in Bay County. The new St. Joe headquarters will be located within Phase 1 of the West Bay Sector Plan near the entrance of the new international airport. The Company will be consolidating offices from Jacksonville, Tallahassee, Port St. Joe, and South Walton County into the new location. Construction of the 50,000 square foot Class “A” multi-tenant office building is scheduled to begin summer 2010, with relocation of the Company's headquarters and personnel by summer 2011.

. If you have an interest in pursuing this outstanding investment opportunity, please execute an electronic Confidentiality Agreement on Peracon.

If you have any questions or would like to schedule a tour of Alexan Back Beach, please contact Greg Engler or Pat Jones. We look forward to working with you on this exciting opportunity.


Contacts:
Greg Engler, CEO/President, 678/992-2000, ext. 1, gengler@efgus.com
 Pat Jones, Senior Vice President, 678/992-2000, ext. 2, pjones@efgus.com
 Kris Mikkelsen, Senior Associate, 678/992-2000, ext. 4, kmikkelsen@efgus.com

Morrison Commercial Real Estate Completes 3 office Lease Transactions totaling 75,487 SF in Central Florida

ORLANDO, FL -- Greg Morrison, (top right photo)  CCIM, SIOR, Principal and Founder of Morrison Commercial Real Estate, announced the completion of three office lease transactions totaling 75,487± square feet.

Morrison and Emily Zinaich of Morrison Commercial Real Estate represented the landlord in leasing a 57,319 square foot space to Digital Risk, LLC in the Maitland 200 building located at 2301 Maitland Center Parkway. Tom Green of Providence One Asset Management represented the tenant in this transaction.

Morrison and Zinaich also represented the landlord in leasing 6,563 square feet to Informa Software at the Maitland 100 located at 2300 Maitland Center Parkway in Maitland, FL. Lawson Dann of Bishop Beale represented the tenant in this transaction.

In Downtown Orlando, Greg Morrison and Damien Madsen (middle left photo) renewed a lease of 11,605 square feet for South Milhausen, P.A. at the Gateway Center. The tenant was represented by Todd Watson of Woodward Properties.


Morrison Commercial Real Estate Announces Morrison CLW Property Services New Management Assignment of University Corporate Center III

ORLANDO, FL-- Greg Morrison, CCIM, SIOR, Principal and Founder of Morrison Commercial Real Estate, announced that Morrison CLW Property Services has been assigned the management of the University Corporate Center III (UCCIII) building,(bottom right photo)  totaling 104,154± square feet located at 11474 Corporate Blvd, Orlando, FL.

Cathy Veasey of Morrison CLW Property Services will oversee the day to day operations as Senior Property Manager for the property while  Morrison and Emily Zinaich of Morrison Commercial Real Estate will continue to handle the leasing.

University Corporate Center III is a full service building with high quality finishes throughout. The four 36,000± square foot floor plates were efficiently designed with the high-tech and corporate user in mind. UCCIII is close to the Greenway (417), University of Central Florida, Central Florida Research Park as well as several dining and retail establishments making its’ location convenient for its’ tenants.

Contact:  Buffy Gillette, Phone: 407.219.3500, Email: bgillette@morrisoncre.com

HEI Hotels & Resorts Completes Acquisition of Le Méridien Hotel in Center City Philadelphia

NORWALK, CT—HEI Hotels & Resorts, a rapidly growing hotel ownership and operating company, today announced that it has acquired the 202-room Le Méridien hotel in Center City Philadelphia.

The property was developed as an adapative reuse project by Development Services Group, Inc. of Memphis, TN, utilizing the historic YMCA building that had been closed for several years. HEI also will operate the hotel upon its upcoming opening in May.

“This marks our third Le Méridien and third hotel in downtown Philadelphia, a perfect complement to our portfolio of upper upscale hotels in markets with high barriers to new entry,” said Steve Mendell, (middle right photo) HEI’s president – acquisitions and development.

“The beautifully constructed adaptive reuse will be a significant addition to the Philadelphia marketplace and a tremendous addition to our growing portfolio.”

Located at 1421 Arch Street, the hotel originally was built as a YMCA in 1912 and designed by famed architect Horace Trumbauer.

The 10-story Georgian revival style building underwent an extensive renovation to create an ideal setting for business and leisure travelers. The classic, red-brick building is located on the north side of Arch Street, just west of Broad Street and within a block of the under-way expansion of the Pennsylvania Convention Center, in the heart of Philadelphia’s Central Business District.

The Le Méridien hotel lobby is located on the ground level, with guest rooms on floors five through 10 of the 10-story building. The hotel will feature 5,330 square feet of meeting space, including a 2,900-square-foot ballroom that can accommodate groups of up to 250.

 The full-service, boutique-style hotel also houses a cocktail/wine bar and gourmet restaurant, named Amuse, concierge service and a state-of-the-art fitness center.

“Center City is in the midst of a revival, and the Le Méridien is well positioned to benefit from the on-going development in the area, including the expanding convention center,” said Roger Clark, (lower left photo) senior vice president, acquisitions and development. “We fully expect the hotel to become the premier destination for travelers seeking the brand’s unique amenities and appealing décor.”

Media Contacts:
 Jess Petitt, HEI Hotels & Resorts, 203-849-2228, jpetitt@heihotels.com
Chris Daly, Senior Vice President, Daly Gray Public Relations, ph: 703-435-6293, chris@dalygray.com
Follow us on Twitter: http://twitter.com/dalygray

Marcus & Millichap Sells $14.3M Apartment Portfolio in Southern California

GARDEN GROVE, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of the Grove Park Apartments portfolio (top left photo) , a 13-building, 104-unit, 74,000-square foot multifamily community in Garden Grove.

 The sales price of $14.3 million represents $137,500 per unit and $191 per square foot.

John L. Nguyen, a vice president investments and a director of the firm’s National Multi Housing Group in Newport Beach, represented the seller and the buyer.

“The portfolio was sold as an affordable housing development and all 13 properties closed escrow together,” says Nguyen. “The property is located in the Buena-Clinton area, which historically has been one of the most challenging areas within Garden Grove/Santa Ana.”

Five of the properties are located on Keel Avenue and eight are on Morningside Avenue in Garden Grove.

The Grove Park Apartments unit mix consists of 72 one-bedroom/one-bath units, 16 two-bedroom/one-bath apartments and 16 three-bedroom/two-bath units.

Garden Grove is located in northern Orange County, just south of Los Angeles. Garden Grove is known for its annual Memorial Day weekend Strawberry Festival, one of the largest community festivals in the western United States.


Marcus & Millichap Opens New Office in North Carolina

RALEIGH, NC– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has opened a new office in Raleigh, according to Gary R. Lucas, (middle left phto)  regional manager.

 The office is located at 101 J Morris Commons Lane, Ste. 130, Morrisville, N.C. 27560. The phone number is (919) 388-1278 and the fax number is (919) 388-1542.

“During the next several years, there will be opportunity for growth throughout the Carolinas,” says Lucas. “By acting as long-term advisers to real estate investors and throughout the region, Marcus & Millichap will assist them in acquiring both local and out-of-state investment properties.”

Retail Center in Cerritos, CA Sold for $9.8M

CERRITOS, Calif., April 27, 2010– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of the 58,126-square foot Del Amo Plaza neighborhood retail center (middle right photo)  in Cerritos.

The sales price of $9,839,600 represents $169 per square foot.

Chris Maling, a first vice president investments and a senior director of the firm’s National Retail Group (NRG) in Los Angeles, and David Maling, a vice president investments and a director of the NRG, also in Los Angeles, represented the seller.

“Currently operating at 91 percent occupancy, the center is anchored by national tenants Starbucks, Bally Total Fitness and Quiznos,” says Maling. “This stable investment gives the investor an opportunity for steady cash flow in an up-and-coming market.”

Located on the signalized southeast corner of the intersection of Pioneer Boulevard and Del Amo Boulevard at 11853 Del Amo Blvd. in Cerritos, the property is near Interstate 605 and California State Route 91. Area traffic counts total approximately 25,000 cars per day.

Newly renovated, Del Amo Plaza was constructed in 1963 on 4.69 acres.

Cerritos is located midway between downtown Los Angeles and the business centers of Irvine, Santa Ana and Anaheim in the heart of Southern California.

Marcus & Millichap Capital Corp. Refinances Multifamily Asset for $10.6M

LONG BEACH, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $10,625,000 loan to refinance a garden-style apartment building in Long Beach.

Richard Judge, a senior director/vice president capital markets in the firm’s Newport Beach office arranged the loan for the property.

“The driving force behind this origination was my ability to negotiate relief of a $200,000 prepayment penalty with the existing lender and to procure $2 million in cash-out proceeds from the new loan for my client,” says Judge.

“This transaction is indicative of owners who are looking to place long-term fixed debt on assets earmarked as long-term holds in their portfolios and to utilize existing equity to acquire new assets. The deal closed in 30 days.”

The loan has a loan-to-value of 75 percent and a 5.82 percent interest rate, fixed for 10 years with a 30-year amortization.

The 108-unit property was built in 1969. The average unit size is approximately 850 square feet.

Lender-Owned Multifamily Asset in Arlington, TX Sold

ARLINGTON, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Lodge at Legacy Park (bottom left photo) , a 256,800-square foot 476-unit lender-owned multifamily asset in Arlington.

Will Jarnagin and Michael Ware, multifamily investment specialists in the firm’s Dallas office, represented the seller, a regional bank. Marcus & Millichap also represented the buyer, a New York-based private equity investor.

“The Lodge at Legacy Park is representative of a highly sought-after asset type in the commercial real estate investment market– a well-built distressed asset in a solid location,” says Jarnagin. “Marcus & Millichap’s nationwide platform and in-depth knowledge of the Dallas/Fort Worth market assisted the lender in finding an extremely well-capitalized out-of-state buyer quickly. We were able to close the transaction in 11 days,” he adds.

The property is located at 2601 Furrs St. in Arlington, within the Dallas/Fort Worth Metroplex, approximately 12 miles south of Dallas/Fort Worth International Airport, 15 miles east of Fort Worth and 20 miles west of downtown Dallas.

The Lodge at Legacy Park was built in 1978 and has 384 one-bedroom/one-bath apartments, 24 two-bedroom/one-bath units and 68 two-bedroom/two-bath apartments. Amenities include a business center, two swimming pools, a hot tub, a picnic area and sand volleyball.

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

Las Vegas Leads Nation Again in Foreclosure Volume

IRVINE, CA--They are rolling the dice in Las Vegas these days –- on the casino craps tables as well as on foreclosure charts, betting how many more homes will go under.

A first-quarter analysis of the housing market released today by Irvine, CA-based RealtyTrac®’ shows Las Vegas continues to post the nation’s highest metro foreclosure rate with one in 28 housing units receiving a foreclosure filing (3.51 percent) — 4.9 times the national average,

.A total of 28,480 Las Vegas housing units received a foreclosure filing during the quarter, an increase of nearly 13 percent from the previous quarter but a decrease of 19 percent from the first quarter of 2009.

Vegas, however, is not alone on the high-volume foreclosure list. Cities in California, Florida, Nevada and Arizona once again accounted for all top 20 foreclosure rates among metropolitan areas with a population of at least 200,000 -- even while the majority of those top metros reported decreasing foreclosure activity from the first quarter of 2009.

California accounted for 10 out of the top 20 metro foreclosure rates, followed by Florida with seven, Nevada with two and Arizona with one.

Foreclosure activity declined on a year-over-year basis in 14 of the cities in the top 20 and in eight of the cities in the top 10.

 In contrast, foreclosure activity in the first quarter increased on an annual basis in 159 of the 206 metro areas tracked in the report, and foreclosure activity nationwide increased 16 percent from the first quarter of 2009.

“The decreasing foreclosure activity in some of the nation’s top foreclosure hot spots in the first quarter is largely the result of government intervention and other non-market influences, and not a sure signal that those areas are out of the woods yet when it comes to foreclosures,” said James J. Saccacio, (top left photo)  chief executive officer of RealtyTrac.

“For example, the federal government’s new program designed to encourage short sales, which was launched April 5, may have caused some lenders to delay initiating foreclosure against distressed properties — particularly in hard-hit housing markets where a short sale costs less than a foreclosure.

Top 10 metro foreclosure rates

Modesto, Calif., foreclosure activity decreased 13 percent from the first quarter of 2009, but the metro area still documented the nation’s second highest metro foreclosure rate, with one in every 34 housing units receiving a foreclosure filing (2.93 percent).

Other California cities in the top 10 were Riverside-San Bernardino at No. 4 (2.82 percent), Stockton (skyline photo middle left)  at No. 5 (2.77 percent), Merced at No. 6 (2.76 percent), Vallejo-Fairfield at No. 8 (2.41 percent) and Bakersfield at No. 9 (2.33 percent).

With one in every 35 housing units receiving a foreclosure filing (2.82 percent) the Cape Coral-Fort Myers metro area in Florida documented the third highest metro foreclosure rate despite foreclosure activity decreasing nearly 6 percent from the previous quarter and decreasing nearly 26 percent from the first quarter of 2009. The other Florida metro area in the top 10 was Orlando-Kissimmee at No. 10 (2.30 percent).

The Phoenix-Mesa-Scottsdale metro area in Arizona documented the nation’s seventh highest metro foreclosure rate in the first quarter, with one in every 38 housing units receiving a foreclosure filing (2.63 percent). First quarter foreclosure activity in Phoenix was up 23 percent from the previous quarter and up 9 percent from the first quarter of 2009.

Cities outside Sun Belt post big increases

Several cities in the top 100 but not in the top 20 posted substantial year-over-year increases, continuing the trend of foreclosure activity spreading to areas previously protected from the brunt of the real estate slump.

Foreclosure activity increased nearly 171 percent from the first quarter of 2009 in Columbia, S.C., and the city’s foreclosure rate ranked No. 99, with one in every 202 housing units receiving a foreclosure filing.

Baltimore’s first quarter foreclosure rate was also below the national average, with one in every 170 housing units receiving a foreclosure filing, but the city’s foreclosure activity increased nearly 141 percent from the first quarter of 2009.

Salt Lake City and Charlotte, N.C. also posted year-over-year increases in foreclosure activity of more than 100 percent.

Contact:  Tammy Chan, Atomic PR, Direct: 212-699-3646, Mobile: 408-802-8682, tammy@atomicpr.com

Grubb & Ellis Expands Walnut Creek, CA Office Team

WALNUT CREEK, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced the industry veteran Scott Ellis has rejoined the firm as senior vice president, Office Group. He is joined by Trigger Reital and Brent Johnson, both vice presidents, Office Group.

“This is a group of professionals who together have a deep understanding of the East Bay commercial real estate market and are essential in helping to expand Grubb & Ellis’ presence in the local market as we continue to grow the company,” said Ed Del Beccaro, managing director, Walnut Creek.

With more than 30 years of experience, Ellis returns to the company after serving as senior vice president of Colliers International for the past 11 years. .

Reital also joins Grubb & Ellis from Colliers International and will specialize in the leasing and sales of office buildings in the Interstate 680 Corridor and tenant representation in the Highway 24 corridor.

Johnson returns to Grubb & Ellis from Kennedy Wilson, where he served as a managing director for two years.

Ken Shishido Joins Grubb & Ellis as Senior Vice President, Retail Group

NEWPORT BEACH, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Ken Shishido has joined the company as senior vice president, Retail Group.

“With more than 27 years of experience, Ken brings many excellent relationships in the industry and will be a perfect fit for our local retail division as we continue to grow and expand the company,” said Greg May, co-managing director of Grubb & Ellis’ Orange County operations.

Shishido joins Grubb & Ellis from Lee & Associates, where he served as a principal for 15 years in Los Angeles County.

Contact: Julia McCartney, Phone: 714.975.2230, Email: julia.mccartney@grubb-ellis.com

Chester F. Allen of Grubb & Ellis|Thomas Linderman Awarded CCIM Designation

RALEIGH, NC– Grubb & Ellis|Thomas Linderman Graham, a leading Triangle real estate services firm, announced that Chester F. Allen, real estate advisor, has been awarded the Certified Commercial Investment Member designation by the CCIM Institute®.

Allen joined Grubb & Ellis|Thomas Linderman Graham in 2006. As a member of the company’s land team, he handles all aspects of buyer and seller representation and site selection services. He also specializes in industrial sales and leasing throughout North Carolina.

Contact: Elizabeth Raiford, Phone: 919.420.1563. Email: elizabeth.raiford@tlgcre.com