Structural Steel Work Completes on Torrance Memorial Medical Center New Patient Tower

  

 TORRANCE, CA—Construction is one step closer to completion on the new $450 million Torrance Memorial Medical Center Patient Tower. 

Located on the existing medical center site at 3330 Lomita Boulevard in Torrance, Calif., the project reached a major milestone when construction workers placed the final piece of structural steel on the 398,350-square-foot facility.

You may see a video of the event at: http://www.torrancememorial.org/Video_Center/Main_Tower_Construction/Topping_Out_Celebration.aspx .

McCarthy Building Companies, Inc., is serving as general contractor for the project which began construction in February 2010.

During the steel erection phase, iron workers from Herrick Steel placed 5,820 pieces of structural steel within three months in order to build the frame for the new tower.

The project team celebrated the topping out of structural steel on February 23, 2012 during a barbecue luncheon held for the construction workers and other project officials.  Later that same day, more than 75 hospital guests were invited to sign the ceremonial steel beam, which was adorned with an American flag and evergreen tree, then lifted 270 feet high to the top of the structure.

“The evergreen tree symbolizes growth, life and good luck for the construction workers and future occupants, and the flag is a patriotic symbol that signifies the united effort by the project team,” explained McCarthy Project Manager Erik Chessmore. “Everyone involved on the project has worked closely and collaboratively to come this far, and construction is currently nine-days ahead of schedule.”

“This day marks a tremendous milestone in our community’s healthcare history and future,” said Craig Leach (lower left photo), president and CEO of Torrance Memorial Medical Center. 

“It has taken a community to raise this tower, and we want to express our tremendous gratitude for its continued contributions of time and money in its shaping. The tower’s leading edge design will help us facilitate the standard of care our growing community needs and deserves well into the future.

 The project is scheduled to complete by November 2014 and open in spring of 2015.

 More information about the company is available online at www.mccarthy.com .

 Media Contacts: 

Laura Mickelson (LM Communications)                        

 (McCarthy Building Companies, Inc.)    

Lauramickelson@cox.net;

 (949) 453-0851                            

Susan Garritano

Sgarritano@mccarthy.com;

(314) 968-3300                          

Hendricks & Partners Negotiates sale of 44 Unit Oak Clusters West Apartments in Orlando for $1,188,000

 ORLANDO, FL. --- Hendricks & Partners, which ranks as one of the largest and most active multi-family investment banking and research companies in the U.S., recently negotiated the sale of Oak Clusters West Apartments at 5453 Oak Cluster Terrace in Orlando for $1,188,000.

Cole Whitaker (lower left photo), partner and director of the Southeast Division of Hendricks & Partners in Orlando said Associate Partner Hal Warren (top right photo) negotiated the sale representing the seller, Berkadia Commercial Mortgage, LLC.

A private investment group acquired the property.  Oak Clusters West, built in 1984, includes 44 two-bedroom townhome apartment units in 11 two-story buildings situated on 2.3 acres. 

For more information, contact 

Cole Whitaker, Southeast Partner, Hendricks & Partners, 407-218-8880, cwhitaker@HPAPTS.com;  

Hal Warren, Associate Partner, Hendricks & Partners, 407-218-8881, hwarren@HPAPTS.com;  

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

Marcus & Millichap Sells 144-Unit Apartment Building in St. Petersburg, FL

ST. PETERSBURG, FL, March 1, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Gateway Apartments (top left photo), a 144 unit Apartments property located in St. Petersburg, FL, according to Bryn D. Merrey, Vice President/Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $5,250,000.

Michael P. Regan (middle right photo) and Francesco P. Carriera (middle left photo), investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a special servicer. 

 The buyer, a private investor, was also exclusively secured and represented by Regan and Carriera.

Gateway Apartments is located at 2000 Gandy Blvd., within the Gateway Business district and in close proximity to major retail and national/regional headquarters for companies such as Raymond James Financial, The Home Shopping Network, Franklin Templeton Investments, Tech Data, Jabil Circuit and Danka Office Imaging Company.  Its convenient location, with direct access to Interstate 275 and US Highway 19, make it an ideal place to live. 

 “This sale was a major success for the client because they were focused on maximizing the property’s value and we helped them sell the asset for $400,000 over the clients target strike price,” Carriera said.

 “To do that,  we created a highly customized marketing approach designed to clearly articulate the potential future value of this property, the strength of its location and the growth of the submarket.

“We attracted 15 written offers from investors across the country procured by us, other Marcus & Millichap agents and other brokerage firms. The result was a sale price 8% over the seller’s expectations, which was a 6.44% cap rate.”

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

(813) 387-4700

KW Property Management & Consulting Names Sandy Bennett Executive Director

Miami, FL --- March 2, 2012 – KW Property Management & Consulting, a leader in turnkey management and consulting, has named Accounting Executive Sandy Bennett (top right photo) as Executive Director.

Bennett is a Certified Public Accountant in the state of Florida with more than 27 years of experience.  Prior to this, she was the Accounting and Audit partner at Bennett & Bennett CPAs, P.A. in Ft. Lauderdale. 

Her accounting practice consisted of numerous developers, homeowners and condominium associations. 

She was responsible for various accounting and audit services such as compilations, reviews and audits of year end financial statements while under developer control and post developer control, audits of turnover financial statements from developer control to the owners, the preparation of federal and state income tax returns and engagements for agreed upon procedures.

 

Bennett will be responsible for various programs at KW including hospitality, value optimization for clients and developer services.

                

For more information, visit www.kwpropertymanagement.com.

Contact:

Christina Grate

Junior Account Executive

Becker Public Relations

2506 Ponce de Leon Blvd.

Coral Gables, FL 33134

Telephone 305/444-2181 x224

Email: cgrate@beckerpublicrelations.com

www.beckerpublicrelations.com

Twitter:@BeckerPRFirm

Advenir Acquires Class A Apartment Community in South Florida

LAKE WORTH, FL– Advenir, a premier provider of multi-family real estate investment and management services, has acquired Advenir at Boynton (formerly Colony Club) (top left photo), a 214-unit Class A apartment community located at 7132 Colony Club Drive in the Boynton Beach submarket of Palm Beach County, Florida for $26.65 million. 

“We were attracted to Advenir at Boynton because of the management upside, significant value to replacement cost, strong market fundamentals and lack of new construction,” said Todd Linden (middle right photo), Chief Acquisition Officer of Advenir. 

“Advenir is actively looking to acquire stabilized income producing multi-family assets in markets that have exhibited, and are projecting, healthy economies, positive employment growth, and in-migration.”

Linden went on to say that Advenir will implement a capital improvement program for this property focused on beautifying the exterior of the buildings and upgrading the community amenities.    

Built in 2005, Advenir at Boynton offers a for-sale feel with luxurious interiors including full size washer/dryers, ceiling fans, nine-foot ceilings, ceramic tile flooring, walk-in closets, Internet access, intrusion alarms, balconies/patios with hurricane shutters, windows with impact glass, gourmet kitchens with Whirlpool appliances, microwaves and direct-access one- and two-car garages. 

 Community amenities include automated gate access, clubhouse, pool with spa, fitness center, tot lot, two tennis courts, basketball court, sauna, locker rooms, picnic areas with BBQ, gazebo, extra storage, and onsite large lake creating beautiful waterfront views. 

Advenir at Boynton is 84 percent leased while the market is at 94 percent leased.  The community features 34 one bedroom/one bathroom units, 118 two bedroom/two bathroom units and 62 three bedroom/two bathroom units.  Currently, rents average $1,000-$1,600 per month.

 Advenir represented itself in the transaction.  Avery Klann (lower right photo) and Hampton Beebe (lower left photo) of Apartment Realty Advisors represented the seller, New York-based Holiday Organization.

 Additional Company information is available at www.advenir.net.

Contact:      

David Ebeling

Ebeling Communications

(949) 278-7851

david@ebelingcomm.com

Charles Dunn Co. Completes Two West Side Los Angeles Multifamily Deals Totaling $3.57 Million

LOS ANGELES, CA – Kimberly Roberts (middle right photo) Stepp, senior  managing director with Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed two multifamily property sales totaling $3,575,000 million within Los Angeles’ Westside submarket.  Roberts Stepp represented both sides on each of the two transactions.

The first property is located at 1412 17th Street in Santa Monica near the major cross streets of Santa Monica Blvd. and 17th Street. The 7-unit property sold for $2,025,000 and closed escrow at a low 4.3 percent cap rate. The seller was Picone Trust and the buyer was LS Investments from Los Angeles.

“This property sold for $25,000 over the asking price and closed in just 14 days,” said Roberts Stepp. “This is another testimony to the reemerging strength of the Westside apartment market and a result of the current shortage of product.” 

The second property is located at 2820 3rd Street in Santa Monica (top left photo) near Main Street. The 6-unit property sold for $1.55 million and closed escrow in less than three weeks at a sub 4 percent cap rate. The seller and buyer were both private investors from Los Angeles.  

“The investment presented significant upside in rents. Additionally, the buyer had the opportunity to obtain seller financing on the property,” said Roberts Stepp.  “Even with cap rates in the 4 percent range in the Santa Monica area, investors see the opportunity for a stable, well located investment that appreciates over the long term.”

 

 A top broker with Charles Dunn Company, Roberts Stepp specializes in the sale and exchange of multifamily, development sites and commercial real estate in the areas of Santa Monica and the Westside.  

Contact:  Darcie Giacchetto, 949.278.6224

www.charlesdunn.com

NAI Realvest negotiates Industrial Lease of 2,000 SF at Monroe CommerCenter South in Sanford, FL

MAITLAND, FL --- NAI Realvest recently negotiated a new lease agreement for 2,000 square feet of industrial space at 631 Progress Way at Monroe CommerCenter South (top left photo) in Sanford.      

 Michael Heidrich, a principal in the firm, brokered the transaction representing the landlord, Maitland-based COP-Monroe LLC and the tenant Half Full Coffee, Inc. d/b/a Twisted Cuban, a local mobile Cuban cuisine kitchen.

For more information, 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    

HFF closes sale of and arranges financing for St. Andrews Apartments in suburban Houston

  

 HOUSTON, TX – HFF announced today that it has closed the sale of and arranged financing for St. Andrews Apartments (top left photo), a 472-unit, Class A multi-housing community in Pearland, Texas.

HFF marketed the property on behalf of the seller, a T-I-C ownership group managed by Joseph and Henry Mandelbaum of RealTax Inc.  Venterra Realty purchased St. Andrews Apartments for an undisclosed amount.

Fixed-rate financing for the acquisition was arranged by HFF through PPM Finance, Inc.  HFF will also service the loan.  PPM was represented by Holly Wathan, CCIM, associate regional director for PPM Finance, Inc.

St. Andrews Apartments is situated on a 20-acre site at 9900 Broadway Street close to Highway 288, the Texas Medical Center and downtown Houston in Pearland.  The property has an average unit size of 945 square feet and is 99.6 percent leased. 

The HFF investment sales team representing the seller included senior managing directors Craig LaFollette (middle right photo), Todd Stewart (middle left photo) and Todd Marix (lower right photo), director Tre Banks and associate director Chris Curry. 

 HFF’s debt placement team representing Venterra Realty was led by director Cortney Cole (lower left photo).

Venterra specializes in the identification, finance, acquisition and management of multi-family residential communities in the southern United States. 

Venterra currently manages a portfolio of multi-family real estate assets totaling over $850 million in value that generates gross annual income in excess of $90 million. 

The organization has completed in excess of $1.5 billion of real estate transactions.  Venterra has offices in both Houston and Toronto and employs over 450 people.

Contacts: 

                   

TODD STEWART                                  CORTNEY COLE                                

HFF Senior Managing Director              HFF Director                                  

(202) 533-2500                                      (202) 533-2500                               

tstewart@hfflp.com                                ccole@hfflp.com                             

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

Marcus & Millichap Names Jason S. Vitorino Senior Director of National Retail Group in Dallas, TX

 DALLAS,  TX– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Jason S. Vitorino (top right photo) senior director of the firm’s National Retail Group in Dallas, according to Bill Rose, national director of the National Retail Group.

Vitorino joined Marcus & Millichap’s sales intern program in September 2003. He became an agent in April 2004. During his career, Vitorino has closed more than 200 transactions valued at over $660 million.

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

Voit Real Estate Services Announces Two Key Appointments

 Donald Morrow  Named  Managing Director of Phoenix Office

 Phoenix, AZ  (Mar. 01, 2012) – As part of an ongoing initiative to ensure the continued strength of its regional leadership team, Voit Real Estate Services has appointed Donald Morrow as Managing Director of the firm’s Phoenix operations, according to Robert D. Voit (top right photo), Chief Executive Officer of Voit Real Estate Services.

“Over the past year, Voit’s Phoenix office has more than doubled the size of its brokerage to meet the increasing demand of new assignments,” said Voit.

“The addition of Don will enable us to continue to produce real solutions for our clients, while further integrating our brokerage and asset services platforms in order to meet the needs of real estate owners, operators, buyers and tenants in the Phoenix market.”

In his new role, Morrow will oversee all aspects of Voit’s operations in the Phoenix market, including brokerage, asset and property management.

Prior to joining Voit, Morrow served as a partner at Biltmore Holdings.

Mark Read Hired as Executive Managing Director in Irvine, CA

 IRVINE, CA (Mar. 1, 2012) – As part of Voit Real Estate Services’ strategic initiative to further strengthen its regional leadership team, Mark Read (middle left photo) has been named to the position of Executive Managing Director.

Mark’s primary responsibility will be managing and leading Voit’s Irvine office, though he will also oversee the company’s Orange County, Los Angeles  and Inland Empire operations, according to Robert D. Voit, Chief Executive Officer of Voit Real Estate Services.

“Mark’s experience in integrating business lines across multiple divisions will be beneficial to our brokers and asset services providers, as well as our clients,” said Voit.  “He will be a vital asset in fueling the ongoing success of our teams in Orange County, Los Angeles and the Inland Empire.”

Read brings more than 30 years of experience in the commercial real estate industry to Voit.  In his new role, he will spearhead Voit’s brokerage, asset and property management operations in each of his assigned markets.

 Further information is available at www.voitco.com.

Contact: 

Judith Brower/Jenn Quader

Brower, Miller & Cole

(949) 955-7940

JQuader@browermillercole.com

Chatham Lodging Trust Announces Distributions of $13.1 Million from Joint Venture

 PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium-branded select-service hotels, announced  that the joint venture between Chatham and Cerberus Capital Management LP, which owns 64 hotels with 8,329 rooms/suites, closed on a $130 million mortgage loan secured by 10 previously unencumbered hotels comprising 1,707 rooms.

 Eastdil Secured, L.L.C. arranged the $130 million first mortgage and mezzanine non-recourse financing with lenders Citibank, N.A., Wells Fargo Bank, National Association and an affiliate of Starwood Property Trust, Inc. 

The maturity of the facilities is three years with two one-year extension options and carries an all-in interest rate of 6.9 percent.

 In addition to net proceeds from the financing, additional cash generated from operations was distributed to the partners, resulting in a distribution to Chatham of approximately $13.1 million, or more than $1 per share. 

The $13.1 million distribution represents 35 percent of the company’s initial $37 million investment.  Chatham will use part of the distribution to pay down borrowings outstanding on its senior secured credit facility.

“We believe the joint venture is going to be very successful for Chatham, Cerberus and our shareholders, and this is a first step toward optimizing our equity investment returns in the joint venture,” said Dennis Craven, Chatham’s chief financial officer. 

 “The joint venture has now returned over $1 per share in cash to Chatham.  Our remaining equity investment in the joint venture is approximately $24 million, and we are excited about the expected future returns to Chatham shareholders from this remaining investment.”

Additional information about Chatham may be found at www.chathamlodgingtrust.com.

Contact:

Dennis Craven (Company),

 Chief Financial Officer,

 (561) 227-1386

                                                                                                

Jerry Daly or Carol McCune,

Daly Gray (Media),  

(703) 435-6293

Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

RealtyTrac® Reports Pre-Foreclosure Sales Volume Up From Year Ago; REO Sales Volume Down; More Than 907,000 Foreclosure-Related Sales For All 2011

IRVINE, CA – Mar. 1, 2012 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its Q4 and Year-End 2011 U.S. Foreclosure Sales Report™, which shows that sales of homes that were in some stage of foreclosure or bank owned accounted for 24 percent of all U.S. residential sales during the fourth quarter — up from 20 percent of all sales in the previous quarter, but down from 26 percent of all sales in the fourth quarter of 2010.

Third parties purchased a total of 204,080 residential properties in some stage of pre-foreclosure (NOD, LIS, NTS, NFS) or bank-owned (REO) during the fourth quarter, down 8 percent from a revised third quarter total and down 2 percent from the fourth quarter of 2010.

That brought total foreclosure-related sales in 2011 to 907,138, down 2 percent from 2010 and accounting for 23 percent of all sales during the year.

The average sales price of homes in foreclosure or bank owned was $164,944 in the fourth quarter, nearly identical to the average foreclosure-related sales price in the previous quarter and down 5 percent from the fourth quarter of 2010.

The average price of a foreclosure-related sale was 29 percent below the average price of a non-foreclosure sale during the quarter, down from a 34 percent foreclosure discount in the third quarter and down from a 35 percent foreclosure discount in the fourth quarter of 2010.

“Sales of foreclosures in the fourth quarter continued to be slowed by questions surrounding proper foreclosure paperwork and procedures,” said Brandon Moore (top right photo), chief executive officer of RealtyTrac.

 “Even so, foreclosures accounted for nearly one in every four sales during the quarter and for the entire year. We expect to see foreclosure-related sales increase in 2012, particularly pre-foreclosure sales, as lenders start to more aggressively dispose of distressed assets held up by the mortgage servicing gridlock over the past 18 months.”

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

Media Contacts:

Christine Stricker

949.502.8300, ext. 268

christine.stricker@realtytrac.com

Michelle Schneider

949.502.8300, ext. 139

michelle.schneider@realtytrac.com

Order Custom Data:

Tyler White

949.502.8300, ext. 158

tyler.white@realtytrac.com

Lincoln Property Company Southeast Inks Slew of Leases at PerimeterOffice Complex in Atlanta

ATLANTA, GA (Feb. 29, 2012) – Lincoln Property Company Southeast recently brokered seven leases totaling nearly 27,000 square feet at Eleven Seventeen Perimeter (top left photo), located in the Perimeter submarket of Atlanta.

The transactions closed in fourth-quarter 2011, and Leigh Braswell (middle right photo) and David Danhof (middle left photo), both vice presidents of Lincoln, represented the landlord in each deal.

 

In the biggest transaction, Hospice Preferred Choice leased 8,686 square feet in the building. John Thornton of CB Richard Ellis represented the tenant.

In the other deals:

• TekStream, represented by Patrick Braswell of Scotland Wright Associates, leased 5,929 square feet.

• York Claims, represented by Todd Smith of The Acclaim Group, leased 3,485 square feet.

• Pathbuilders, represented by Jud Bass of Bass Commercial, leased 3,210 square feet.

• BF Benefits leased 1,937 square feet. No agent represented the tenant.

• GPD Group, represented by Taylor Smith of Lee & Associates, leased 1,933 square feet.

• Compass Supply LLC, represented by Adam Richards of Resource, leased 1,632 square feet.

 

“We are tremendously pleased by the amount of activity at Eleven Seventeen Perimeter,” said Tony Bartlett (lower right photo), senior vice president of Lincoln Property Company Southeast. “Leigh and David continue to bring our client outstanding value in their leasing efforts.”

Contact:

Stephen Ursery

Wilbert News Strategies

404-965-5026

sursery@wnspr.com

please visit www.lpcsoutheast.com.

To check out the blog, go to http://blog.lpcsoutheast.com.

Lincoln Property Company Southeast Brokers Gilbert RV Insurance’s Lease Renewal in Orlando, FL

ORLANDO, FL (Feb. 29, 2012) – Lincoln Property Company Southeast has brokered Gilbert RV Insurance’s five-year renewal of an 8,525-square-foot lease at Global Business Center (top left photo) in Orlando, Fla.

Jay Dixon (lower right photo), vice president of Lincoln’s Office Group, represented the landlord and was the only agent involved in the transaction.

Global Business Center is located near the Orlando International Airport, as well as hotels and restaurants. The center features four parking slots for every 1,000 square feet of space.

“We are proud of efforts in making Global Business Center a top-notch office/flex facility,” Dixon said. “Gilbert’s renewal is a great example of our ability to bring value to our clients.”

Contact:

Stephen Ursery

Wilbert News Strategies

sursery@wnspr.com

  

please visit www.lpcsoutheast.com.

To check out the blog, go to http://blog.lpcsoutheast.com.

Beech Street Capital Provides $9.5 Million Fannie Mae Loan to Acquire Miami, FL Aparrtments

 BETHESDA, MD – Beech Street Capital, LLC announced it has provided a $9.5 million Fannie Mae conventional loan for the acquisition of Oak Grove Apartments (top left photo), a 369-unit apartment complex located in Miami, Florida.

The transaction was originated by David Hayum of Meridian Capital Group, LLC, and was financed by Beech Street Capital as part of its correspondent relationship with Meridian. 

Beech Street was able to satisfy the borrower’s request of a short sale acquisition with great efficiency.  The company completed the underwriting package and was positioned to rate lock prior to the 15 day due diligence period after approval from the special servicer, a requirement of a short sale acquisition. 

“The entire process was incredibly smooth,” comments Mose Popack, one of the key principals on the deal. 

 “It would have been great for a savings bank and is remarkable for an agency loan.”  Hayman adds, “Beech Street was also able to provide the borrower with their revised request loan term of five years at the original application amount of $9.5 million versus a 10-year loan term.”

Over the past four years, the property has undergone over $2 million in capital improvements and the current borrower plans to make renovations to units upon turnover.

Located in North Miami, the property is surrounded by a public park with recreational activities, multifamily properties and other neighborhood serving retail and services. Common amenities include an on-site leasing office, gated access, three swimming pools, barbeque / picnic area, and 24-hour emergency maintenance.

 The fixed-rate loan has a term of five years with 4.5 years of yield maintenance, 30-year amortization, and actual/360 interest accrual.

 Contact:

Jenifer Bernardi    

jbernardi@beechstcap.com

Web site: www.meridiancapital.com

Web site: www.beechstcap.com