Colliers International Completes $4 Million Sale of a 16,469-Square-Feet Office Building in Claremont, CA

CLAREMONT, CA  – Colliers International, the second largest global real estate services organization, recently sold a 16,496-square-feet office space located at 358-398 W Foothill Blvd (top left photo), Claremont, Calif. The transaction is valued at $4 million.

 “I successfully helped buyer exchanged his apartment in Arcadia with less management intensive product, with great location in Claremont,” said Han Chen (bottom right photo), a senior associate based in Colliers International’s Downtown Los Angeles office, who represented the buyer.

  “Through this reposition strategy, I helped my client increased his cash flow position significantly (he more than doubled his cash flow from his downleg property). It is a win-win situation for both buyer and seller.”

 The seller, Community Commerce Bank, was represented by Cheryl Pestor at NAI Capital. The property was built in 1958 and remodeled twice in 2003 and in 2006. 

Contact:

Angela S. Hwang

Regional Marketing Coordinator | Greater Los Angeles

Dir +1 213 532 3258 | Mob +1 310 867 4105

Main +1 213 627 1214 | Fax +1 213 327 3258

angela.hwang@colliers.com

Colliers International

865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA

www.colliers.com

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 Follow us at www.twitter.com/colliersgla

Colliers International Sells 60-unit –Apartment Community in Culver City, CA for 5.7 CAP Rate

  

CULVER CITY, CA  – Colliers International, the second largest global real estate services organization, recently sold a 60-unit apartment complex, The Keswick Court Apartments (top left photo), located at 3902-3920 Lenawee Ave, Culver City, Calif. 

 Kitty Wallace (middle right photo), Executive Vice President based out of Colliers International’s West Los Angeles office, represented both the Seller, private investors, and the Buyer, M West Holdings LLC, a Los Angeles-based real estate investment firm in the transaction.

 “The Keswick Court Apartments are located in Culver City, a city in Los Angeles that has recently been transformed by redevelopment and new infrastructure. This sale was a bit more challenging due to the age of the building; however, we were able to sell the city’s non-rent control ordinance,” said Wallace. “We also emphasized the resurgence of the Culver City market which has not yet peaked”

 “Over the past three months we have noticed that the Los Angeles apartment market has gained momentum which helped with this sale. Our team just closed three deals in three weeks, which is a reflection of the kind of demand we are seeing for investment properties.

“According to a recent report by RCA, multifamily sales volume in Los Angeles increased by 138% in Q1’11 YTD. The city now ranks amongst the nation’s top four most active multifamily markets since 2010,” states Wallace.

 The Keswick Court Apartment complex was built in 1957, and includes common area amenities such asa swimming pool, leasing office, landscaped courtyards, two laundry facilities, and 64 open or gated tuck-under parking spaces.

 The property also has an excellent unit mix and is comprised of 15 three-bedroom, two-bathroom units; 27 two-bedroom, two-bathroom units; 8 two-bedroom, one-bathroom units, 3 one-bedroom plus a den, and two-bathroom units, and 7 one-bedroom, one-bathroom units.

 Contact:

Angela S. Hwang

Regional Marketing Coordinator | Greater Los Angeles

Dir +1 213 532 3258 | Mob +1 310 867 4105

Main +1 213 627 1214 | Fax +1 213 327 3258

angela.hwang@colliers.com

Colliers International

865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA

www.colliers.com

Follow us at www.twitter.com/colliersgla

Commercial Real Estate Markets Heating Up, RECI Reports

CHICAGO, IL,  June 1, 2011 - The markets are heating up with the summer months, according to the latest Scoreboard from the Real Estate Capital Institute.   Once again, interest rates continue trending downward to some of the lowest levels ever seen and spreads narrow as funding sources case prime quality investments. Investors are rethinking and retooling their funding programs based on the following:

Higher Leverage:  To stay competitive, creative lenders are teaming up with Mezzanine debt players to provide a "one-stop" funding solution based on a higher leverage loan.  The combined leverage often results in loans of up to 85% with blended interest rates in the 6% or higher range, a premium over conventional first mortgage debt.

Mezzanine/Preferred Equity:  With yields tightening in the lower single-digit range, the preference for entertaining more equity rather that debt risk is appealing. Targets of 15% or more are still available within
this funding format.  However, the amount of higher-quality projects are bid up quickly, even in challenging markets as many investors are squeezed out of primary markets.

Alternative Property Types:  Existing "value add" opportunities for favorite property types are sparse.  Lodging, self-storage, data centers, flex industrial/office are gaining attention. Overall yields for such properties also are approaching the mid-teens for stabilized assets, while repositioning and value creation situations approach 20% or more.

New Construction:  A small window exists for new construction, as lenders are reentering the marketplace with construction funds. Through most of 2012, new-construction will be limited, but investment pipeline is increasing for hard-to-find investments, particularly multifamily assets which are trading at pricing close to replacement costs.  Since interest rates are extremely low, return on development cost are approaching a very narrow band, often within 100 basis points or less of the "exit" capitalization rate.

Ms. Jeanne Peck, (top right photo) research director for The Real Estate Capital Institute, forecasts "very little room remains for absolute rates to drop further."Peck thinks, "The main focus must be on improved cash flow performance through expense reductions and more aggressive income growth, where available."

The Real Estate Capital Institute(r) is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates including treasuries, bank prime and LIBOR. 

 Furthermore, call the Real Estate Capital RateLine at 7RE-CAPITAL (773-227-4825) for hourly rate updates.

The   Real Estate Capital Institute(r)
3517 West Arthington Street
Chicago, Illinois USA 60624
Contact: Jeanne Peck, Research Director
director@reci.com / 
www.reci.com

Available Spec Suites at 3405 Piedmont Draw Interest

 ATLANTA, GA - The three brand-new speculative office suites at 3405 Piedmont (top left photo) in Atlanta’s Buckhead submarket are attracting a lot of attention from small- and mid-sized businesses.

In fact, one of them already has been leased.

 EOS Marketing and Communications, Inc. agreed to lease the spec suite of the building’s top floor. A full-service marketing and advertising agency, EOS will move into its new 3,828-square-foot suite this summer, says Lincoln Vice President Leigh Braswell. (middle right photo)

She and David Danhof, (lower left photo) also a Lincoln VP, lease market and lease space at 3405 Piedmont on behalf of owner Colony Realty Partners. April Hawkinson and Julie Hoffman brokered the deal.

3405 Piedmont is a five-story office building within walking distance to several restaurants, hotels and shops. The building, with has great access to Ga. 400, is about a mile away from Phipps Plaza and Lenox Square.

The Colony-owned building offers free parking to tenants and visitors. The three spec spaces Colony and Lincoln created at 3405 Piedmont are built out and ready for occupancy.

“The spaces are ready to roll,” David says. “They make it easy on the tenant and enable them to spend time on their core business instead of overseeing design and construction of their office space.”

With EOS Marketing taking the spec suite on the 5th floor, two more suites remain available. There’s a 5,180-square-foot space available and ready for occupancy on the first floor and a 4,781-square-foot suite available on the second floor.

EOS Marketing was founded in 2005 by marketing veterans Margaret Gearing and Susan Frost. The firm’s client roster includes companies in consumer products, commercial and residential real estate, hospitality and financial planning.

Lincoln and Colony look forward to having EOS as a client at 3405 Piedmont.

For more information on the Southeast Region of Lincoln Property Company, please visit http://www.lpc.com/ or http://www.lpcsoutheast.com/. To check out the blog, go to http://blog.lpcsoutheast.com//

Contact:

Laura Dudebout

O: 404.965.5023

C: 678.642.4301

ldudebout@wilbertnewsstrategies.com

Post Properties Announces Donald C. Wood to Join Board of Directors

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), announced that Donald C. Wood (top right photo), age 50, President and CEO of Federal Realty Trust (NYSE: FRT), has been appointed to the Company’s Board of Directors.

Mr. Wood’s appointment as an independent director anticipates the retirement one year from now, under the Company’s mandatory retirement policy, of Douglas Crocker II. Mr. Crocker will continue to serve as Vice Chairman of the Board until the Company’s 2012 Annual Meeting.

Said David P. Stockert (middle left photo) President and CEO of Post Properties, “We are delighted to have Don Wood bring to our Board his considerable experience as a successful REIT-industry CEO.

 “Although our two companies focus on different real estate product types, we have complimentary retail and residential mixed-use development skills.

“Our companies also have experience working together over the years at Pentagon Row™, a dynamic mixed-use project located in Arlington, Virginia, where Federal developed and owns the retail component and Post developed and owns the residential.”

Said  Wood: “I have admired Post’s commitment to product excellence ever since working together to develop Pentagon Row™ over a decade ago. I am honored to join the Post Board at a time that looks especially bright for high quality apartments in the U.S.”

Contact: David P. Stockert, 404-846-5000

Hartman Simons Partner Helps Finalize Sale of Former NEC Distribution Center

 ATLANTA, GA - Recycling Technologies, which recycles computers and other technology assets, is the new owner and soon-to-be tenant of an industrial building in Austell that was formerly home to the National Envelope Corporation (NEC). The building is located at 2989 Humphries Hill Road.

 Hartman Simons partner Jeremy Cohen (top right photo) represented the seller, William Ungar, who, as Trustee of an Indenture of Trust, had owned the property since 1975. The property was occupied by NEC, a paper conglomerate, as the tenant and used as a warehouse/distribution center until NEC filed bankruptcy last year and rejected the lease.

 Cohen not only handled legal aspects of the sale, he also helped identify a buyer and negotiated the terms of the deal. The sale was contingent on the nearly nine acres of land being  rezoned from light industrial to heavy industrial – which the Austell City Council approved this spring.

 “I am very pleased to see this deal close, especially in the current economic climate, and to know that I was able to add value for our client on a number of levels,” said Cohen.

 “At Hartman Simons, we take pride in knowing that we assist not only with the legal aspects of a transaction, but that we also act and think like a business partner to our clients. This is an example of that philosophy in action.”

 For more information check out our website at http://www.hartmansimons.com

 and our blog http://hartmansimons.typepad.com

.

Contact: Laura Dudebout, Wilbert News Strategies, 678.642.4301

ldudebout@wilbertnewsstrategies.com

Grubb & Ellis Provides Update on Strategic Process

  SANTA ANA, CA (May 31, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today issued the following update regarding the strategic process currently being conducted.

 As previously disclosed, the Board of Directors of Grubb & Ellis initiated a process in the first quarter of 2011 to explore strategic alternatives for the company, with the goals of maximizing value for all stakeholders and strengthening the company’s competitive position.

 This process included hiring JMP Securities to explore the potential sale or merger of the company and engaging FBR Securities to market for sale the company’s wholly owned but separately managed subsidiary, Daymark Realty Advisors. 

 The company received initial indications of interest from numerous strategic and financial buyers after hiring JMP Securities on March 21, and on March 30 it announced the signing of a loan agreement with Colony Capital LLC, which included a 60-day exclusivity period for Colony to explore a larger strategic transaction. 

As of May 29, Colony’s exclusivity period ended, which allows Grubb & Ellis to actively engage in discussions with additional parties, while continuing discussions with Colony.

 In addition, the company has made significant progress in the Daymark process and expects to complete a transaction with respect to Daymark.  Daymark is a full service property and asset management company and is responsible for the management of the company’s tenant-in-common portfolio, which consists of 30 million square feet of commercial real estate, including 8,700 apartment units and nearly 5,000 investors. 

“We have already made significant progress with both initiatives and now that we have expanded the pool of potential strategic partners the Board and management are intent on bringing the strategic process to conclusion in a manner that creates value for all of our stakeholders,” said Thomas P. D’Arcy (top right photo), president and chief executive officer of Grubb & Ellis.

 “The market reaction to our core real estate services and non-traded REIT business – with its broad platform, talented professionals and deep client and investor base – has been very strong.  At the same time, Daymark has attracted strong interest from a range of potential buyers.”

There can be no assurances that the company will reach an agreement for the sale of Daymark or successfully conclude negotiations with a strategic investor.  The company will continue to provide updates on both initiatives as appropriate

Contact: Janice McDill, Phone: 312.698.6707                                     

Email: Janice.mcdill@grubb-ellis.com

          

Essex Realty Group Brokers Sale of Six-Building Apartment Portfolio

CHICAGO, IL, May 31, 2011.   Essex Realty Group, Inc. is pleased to announce the sale of a portfolio consisting of 6 apartment buildings totaling 249 units located on Chicago’s south and southwest sides.

Neighborhood              Address                                               # of Units

Marquette Park            6656-58 S. Sacramento                                85

Avalon Park                 8054 S. Ingleside                                             45

Avalon Park                 8061 S. Cottage Grove                                    29

Grand Crossing            7600-34 S. Stewart (3 separate bldgs.)        62

Grand Crossing            7121 S. Harvard                                                13

South Chicago             7922 S. Muskegon                                              15

Doug Imber (top right photo) of Essex represented the seller and Matt Welke and Doug Fisher (lower left photo) also of Essex, represented the buyer. The price for the portfolio was approximately $3,300,000.

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

Contact: Douglas S. Imber, Essex Realty Group, Inc., 773.305.4902

dougimber@essexrealtygroup.com

Morrison Commercial Real Estate Completes Two Lease Transactions Totaling 15,870 SF at Lake Point Business Park in Orlando

ORLANDO, FL (May 31, 2011):  Greg Morrison, CCIM, SIOR, Principal of Morrison Commercial Real Estate, announced the completion of two lease transactions totaling 15,870± square feet. 

Lisa Bailey and Phil Marchese of Morrison Commercial Real Estate represented the Landlord in leasing 5,040± square feet to CCK Construction Services at the Lake Point Business Park (top left photo) on Hazeltine National Drive.  Danny Brown of 828 Realty represented the Tenant in this transaction. 

 Bailey and Marchese also renewed the lease of 11th Hour Business Center at the Lake Point Business Park for a total of 10,830± square feet. 

 Contact: Buffy Gillette, Phone: 407.219.3500

Email:  bgillette@morrisoncre.com

Stirling Sotheby’s International Realty Reports Strong Traffic at Johns Lake Point, Three Homes under Contract Already

ORLANDO, FL--- Barely one month after Stirling Sotheby’s International Realty was named exclusive sales and marketing agents at Johns Lake Point on Avalon Road in Winter Garden, three of nine ready-to-move-in homes are under contract.

“Home buyer visits to the sales center have been greater than we anticipated,” said Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty.

Jennifer Gonzalez and Luis Gonzalez are representing the Johns Lake Point developer Misty Ridge Ventures in sales of new homes at Johns Lake Point priced from the $160s to the mid $400s.

Altogether, 323 new homes are planned at Johns Lake Point in three distinct villages with 50-, 75- and 85-foot home sites. 

 Soderstrom said construction is planned to start this summer on a 4,000 square foot amenity center with fitness facilities, a junior Olympic-sized pool, tennis courts and children’s play area.

New three to six-bedroom homes at Johns Lake Point range in size from 1,600 square feet of living space to 3,800 square feet.

Some of the homes, according to Soderstrom, offer nature preserve and pond frontages.

See Photo Gallery at http://askagonzalez.com/hub/johnslake/gallery/

For more information, contact

Jennifer Gonzalez, Sales Executive, The Gonzalez Team, Stirling Sotheby’s International Realty 407-333-1900, 321-377-3325 or thegonzalezteam@stirlingsir.com

 Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890; rsoderstrom@stirlingSIR.com

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

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Emerson International Reports Sales of 13 New Homes in April at Eagle Creek Golf Community in South Orlando

ORLANDO, FL - Emerson International, the Altamonte Springs based developer of Eagle Creek Golf Club off Narcoossee Road near Medical City in southeast Orlando, reported it closed on sales of 13 new homes at Eagle Creek in April.

“That’s the most sales in a single month we have seen this year,” said Eric Emerson (bottom right photo), vice president and general manager of Emerson International.

Emerson said new homes at Eagle Creek range in price from the low $200s to more than $900,000.

Emerson added that April closings totaled more than $5 million.

Eagle Creek Golf Club features a championship 18-hole golf course, a New England Manor Clubhouse and distinct neighborhoods that offer golf, lake or forest views with luxury single-family homes, golf villas, and town homes.

Eagle Creek Golf Club is owned by Emerson International, a wholly owned subsidiary of The Emerson Group, the global corporation that is one of the largest privately-owned property development companies in the U.K. 

For more information, contact:

Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560; ejemerson@emerson-us.com

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

  

Jones Lang LaSalle Announces Merger With King Sturge

  

 LONDON, May 27, 2011/PRNewswire/ --Global commercial real estate firm Jones Lang LaSalle (NYSE: JLL) today announced it will merge with international property consultancy King Sturge.

The combined firm will be the clear leader in the UK and also in continental Europe, with greatly enhanced strength and depth of service capabilities across the region that will directly benefit the clients of both companies.

The transaction is expected to close on 31 May 2011. Under its terms, Jones Lang LaSalle will pay consideration of 197 million pounds Sterling

($319 million) to the partners of King Sturge, with 98 million pounds

Sterling in cash at closing and the balance paid out in cash over five years.

All 43 King Sturge offices and businesses across Europe, including 24 in

the UK, will become part of Jones Lang LaSalle and will operate under the

Jones Lang LaSalle brand. Integration of business lines and teams, and the

full rebranding of all business activities, will begin immediately.

Christian Ulbrich (top right photo), Jones Lang LaSalle Chief Executive Officer for EMEA said: "The obvious strategic and cultural fit between Jones Lang LaSalle and King Sturge makes this a logical and very attractive proposition for both firms. It gives us a scale and depth of expertise that will make our client service delivery capabilities second to none in both the UK and continental Europe."

Richard Batten, (lower left photo) Joint Senior Partner, King Sturge said: "This is a coming together of two great companies who are culturally aligned, with fantastic business synergies, to create the best firm of property advisers in Europe. We truly believe that we will be better together. The ability to operate on a global platform, and the opportunities that this will provide, is great news

for all our staff and clients."

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

Madeleine Little, +44 (0)20 7852 4868, +44 (0)7809 596 921, madeleine.little@eu.jll.com;

Mark Roberts, +44 (0)20 7087 5120, +44 (0)7815 940 891, mark.roberts2@kingsturge.com

Lynd Wins Bid to Purchase $80 Million Portfolio of Distressed Student Housing in Florida

 SAN ANTONIO, TX— (May 27, 2011) — Lynd, LLC, has purchased an $80 million portfolio of distressed student housing in Tallahassee, Florida from LNR Property LLC, a diversified real estate investment, financing and management company based in South Florida.

The portfolio is comprised of seven distressed notes and two bank owned properties. LNR chose Lynd’s bid over several other real estate investors who made offers. The company closed on the property just eight days after going to contract. The purchase price was not disclosed.

 “I think LNR recognized that we are an attractive buyer,” said A. David Lynd (top right photo), Lynd’s chief operating officer. “Our 30 year track record as a successful owner- operator and our ability to write a check on the spot gives us a big edge against competing investors.  We are flush with plenty of equity and actively seeking to talk with anyone looking to divest of their troubled assets.”

 Over the past two months, Lynd has acquired $161 million in distressed assets including a major bulk purchase of $62 million worth of notes on 14 commercial properties back in February.

The Tallahassee portfolio includes nine student apartment buildings totaling 1.756 million square feet, 1,785 units and 4, 255 beds. Two thirds of product was built between 1999 and 2004.  All of the buildings are located very close to the Florida State University campus as well as several other colleges in the area. Tallahassee is home to nearly 65,000 college students.

 Lynd has already begun tenant improvements on the two REO properties it has taken title to. It will take title on the remaining properties as each is disposed of in the court system. The company is actively seeking a regional manager to manage the portfolio.  

 The properties were listed and marketed by Holliday Fenoglio Fowler’s New York office. Joe Morningstar (bottom right photo) was the listing broker.

 With this purchase, Lynd has increased its national multi-family unit count to 36,000. It now manages 2,000 units in three Florida markets including Miami, Tampa and Tallahassee.

 For more information log on to www.thelyndco.com

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Media Contact: Todd Templin, Boardroom Communications

954-370-8999 or 954-290-0810,  ttemplin@boardroompr.com

Lynd Contact: A. David Lynd, President, 210-364-3964

alynd@thelyndco.com

McClatchy Announces Sale of Miami Real Estate

SACRAMENTO, CA, May 27, 2011 /PRNewswire/ -- The McClatchy Company (NYSE: MNI) announced today that it has sold 14.0 acres of Miami land, including the building housing its subsidiary, The Miami Herald Media Company and an adjacent parking lot, for a purchase price of $236 million to Bayfront 2011 Property LLC, a subsidiary of Genting Malaysia Berhad (Genting). The transaction closed today.

The Miami Herald Media Company is the publisher of The Miami Herald, El Nuevo Herald, related websites and other media businesses.Genting and its affiliates are leading developers and operators of destination resorts around the world, including the United States, Malaysia, Manila, Singapore and the United Kingdom.

The Miami Herald Media Company will continue to operate from its existing location for up to two years rent free while McClatchy pursues other sites for its media operations. Approximately 9.4 acres of the land was previously under contract to be sold, but that agreement expired in January 2011.

Gary Pruitt, (middle right photo) McClatchy's chairman and chief executive, said, "We are pleased to complete this transaction. The Genting team has been great to work with and has been true to its word throughout our negotiations.

"This property, located on Biscayne Bay, has been home to The Miami Herald for many years. While locating newspaper operations on the bay may have made sense in the past, it no longer is the best fit.

"Importantly, the sale of this real estate has no impact on the mission of The Miami Herald and El Nuevo Herald," Pruitt said.

"The Miami Herald is the premier provider of news and information in South Florida, winning 20 Pulitzer Prizes and numerous other awards over a long and distinguished history of community service.

 El Nuevo Herald is among the finest Spanish language newspapers in the United States and is dedicated to serving the Hispanic community in South Florida and surrounding areas.

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

Elaine Lintecum, Investor Relations, 916-321-1846, elintecum@mcclatchy.com

 Web Site: http://www.mcclatchy.com

COLUMBUS, OH – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Adam Schlosser (top right photo) as sales manager of the Columbus office, according to Michael L. Glass (lower left photo), regional manager of the office.

 “Adam has extensive experience in commercial real estate as an investment specialist,” says Glass. “He will be an asset to our brokerage team, and instrumental in expanding our national market-making capabilities to clients throughout the Midwest.”

Schlosser began his career with Marcus & Millichap in October 2005 as a sales intern. He became an agent in November 2006, was promoted to associate in 2008 and to senior associate in 2009.

Prior to joining Marcus & Millichap, Schlosser was on active duty in the Army National Guard. He graduated from Ohio State University with a bachelor’s degree in consumer affairs.

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