$42 Million California Central Coast Multifamily Property Sale Closes

 SANTA MARIA, CA – Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has brokered the sale of La Vista Apartments (top left photo), a 460-unit apartment community located in the Santa Barbara County city of Santa Maria.

 The sales price of $42 million equates to $91,304 per unit and $142 per square foot.

Stan Jones (middle right photo), executive vice president investments, Stewart I. Weston (middle left photo), senior vice president investments, Sal Saglimbeni (middle right photo), vice president investments and Phil Saglimbeni (lower left photo), vice president investments, represented the seller, Security Properties.

The buyer is an investment partnership led by Kennedy Wilson Multifamily.

“Santa Maria is the largest and fastest-growing city in Santa Barbara County, which has the fourth-highest employment rate in the state,” says Jones. “The county is home to a well-regarded wine region, a solid manufacturing base and Vandenberg Air Force Base, which is host to 6,000 employees.” 

 “La Vista Apartments’ operation is well positioned for future rent growth given its amenities, renovation potential and the expected economic upturn in California,” says Weston. “During the past three years, the previous owner invested approximately $2.4 million in capital improvements.”

“As with past sales, we are extremely pleased with IPA’s execution of this transaction,” adds David Dufenhorst (bottom right photo), Security Properties’ chief investment officer. “IPA provides excellent transaction knowledge and outstanding client service.”     

The 296,800-square foot property is located on 32 acres at 740 South Western Ave. in close proximity to Santa Maria’s newer retail, dining and entertainment centers, including Santa Maria Town Center and the Costco Power Center.

Built between 1978 and 1988, La Vista Apartments is situated in a serene park-like setting among single-family homes. The 26 two-story residential buildings are accentuated with a combination of wood and stucco siding and pitched composition shingle roofs. The community offers studio, loft, one-, two- and three-bedroom floor plans.

The community’s amenity package includes two swimming pools, two game rooms, playgrounds, a community room, a soccer field, a dog park and barbecue and picnic areas.

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

 www.InstitutionalPropertyAdvisors.com    

Jones Lang LaSalle Completes Sale of Camelback Arboleda in Phoenix, AZ

PHOENIX, AZ – The Phoenix office of Jones Lang LaSalle has completed the sale of Camelback Arboleda (top left photo), a 179,751-square-foot, multi-tenant office building located at 16th Street and Camelback Road, in the heart of Phoenix’s prestigious Camelback Corridor.

Jones Lang LaSalle’s Senior Managing Director Dennis Desmond (middle right photo) and Senior Vice President Brian Ackerman (middle left photo) managed the sale to El Segundo, California-based Westport Capital Partners LLC, a real estate investment firm specializing in distressed and opportunistic real estate assets.

Camelback Arboleda is currently 81 percent occupied by tenants including Stanley Consultants, Telesoft Corp., and a Starbucks administrative office. It is also the third large, opportunistic office building that Jones Lang LaSalle’s capital markets team has sold in suburban Phoenix since mid-2011.

“All of these buildings are in very sought-after locations and provide great upside opportunity,” said Desmond. “They are the value-add combination that buyers have been waiting for.”

In addition to Camelback Arboleda, the capital markets team recently brokered the sale of Scottsdale Financial Center II, (lower right photo) a 150,892-square-foot building at Indian School and Scottsdale roads that was purchased in late 2011 by Westport Capital Partners, and Scottsdale Centre, a 164,300-square-foot building located on Scottsdale Road near Indian Bend Road that was purchased in mid-2011 by Newport Beach, California-based MIG Real Estate.

According to Jones Lang LaSalle research, the Camelback Corridor was 87 percent occupied five years ago and rental rates averaged $30 per-square-foot. Today, occupancy has dropped to 69 percent and rental rates average approximately $24 per square foot.

“As local office occupancy levels improve, so do rental rates,” said Ackerman. “We are seeing signs of significant increased leasing activity now on the Camelback Corridor and that’s what is attracting investors.”

For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center webpage and visit  www.joneslanglasalle.com.

Contact:

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Regency Centers Announces 109,000 SF Development in Los Angeles Market

    

  TORRANCE, CA--(BUSINESS WIRE)-- Regency Centers (NYSE: REG), a national owner, operator and developer of grocery-anchored and community shopping centers, has begun construction of South Bay Village, a 109,293-square-foot neighborhood center anchored by Orchard Supply Hardware and HomeGoods.

Located 19 miles south of downtown Los Angeles, the retail center is strategically positioned within the primary retail corridor of South Bay on Hawthorne Boulevard with daily traffic counts of 78,000. Scheduled anchor openings begin in September 2012.

Built on the site of a former Kmart, South Bay Village will include a 49,687-square-foot Orchard Supply Hardware, 25,109-square-foot HomeGoods, a future 30,000-square-foot anchor and one outparcel. The existing building will be renovated and expanded with a new exterior façade, upgraded architectural components, new signage, lighting and parking lot improvements.

“We have received strong national retailer interest in South Bay Village due to its infill location among 242,000 people with average household incomes exceeding $90,000 within a three-mile radius,” said John Mehigan, Regency Centers Vice President of Investments.

Regency Centers owns and manages 19 properties in the Los Angeles market totaling 2.4 million square feet.

Contacts:

The Hoffman Agency

Bonnie Hayflick, 904-398-9663

bhayflick@thehoffmanagency.com

or

Regency Centers

John Mehigan, 213-553-2273

Vice President Investments

johnmehigan@regencycenters.com

Michael Weinberg of HFF appointed ICSC’s Next Generation State Chair for Florida

ORLANDO, FL – HFF announced today that the International Council of Shopping Centers (ICSC) has appointed Michael Weinberg (top right photo) as the state chair of Florida for ICSC Next Generation for a one-year term beginning in May.

 In this volunteer role, Mr. Weinberg will represent the interests of owners, developers, investors, marketers and other retail specialists across the state of Florida.

“Michael has been a leader with many strong local organizations including ICSC in the past, so it is no surprise that ICSC asked him to take on this important statewide position,” said Brad Peterson (middle left photo), managing director at HFF.

“ICSC is delighted to welcome Michael Weinberg into this new leadership role,” said Chuck Taylor (lower right photo), state chair of Florida for ISCS.  “His enthusiasm and willingness to contribute to the success of ICSC and the retail real estate industry will be of great benefit to our growing membership in Florida.”

Mr. Weinberg is a senior real estate analyst in HFF’s Orlando office with nearly seven years of experience in the commercial real estate industry.   

 For more information, visit http://www.icsc.org/.

 Contacts:

 BRADLEY J. PETERSON                       

 HFF Managing Director                           

 (407) 286-5224                                         

bpeterson@hfflp.com                                 

KRISTEN MURPHY

HFF Associate Director, Marketing

 (713) 852-3500                      

krmurphy@hfflp.com                               

HFF Brokers Sale of Multi-Housing Community in Houston’s Westchase District

  

HOUSTON, TX – HFF announced today that it has closed the sale of and arranged financing for Westchase Creek (top left photo) (formerly known as Camden Creek), a 456-unit multi-housing community in Houston’s Westchase District. 

HFF marketed the property on behalf of the seller, Camden Property Trust. 

Allen Harrison Company, LLC purchased the property in a joint-venture partnership with Dome Equities LLC and Equity Resource Investments, LLC, with the assistance of a seven-year, fixed-rate loan with two years of interest-only payments that HFF secured through Freddie Mac (Federal Home Loan Mortgage Company). 

HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program.

Westchase Creek is located at 3000 Woodland Park Drive between Westheimer and Richmond Avenues west of Beltway 8 in west Houston.

The property has an average unit size of 639 square feet and is 96 percent leased.  Upon acquisition, Allen Harrison Company will execute a capital improvement plan to upgrade unit interiors and the property exterior.

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

HFF’s debt placement team representing Allen Harrison Company, LLC was led by director Cortney Cole (lower left photo).

Camden Property Trust is one of the largest publicly traded multifamily companies in the United States. 

 Structured as a Real Estate Investment Trust (REIT), the company is engaged in the ownership, development, acquisition, management, and disposition of multifamily residential apartment communities. Camden's workforce totals nearly 1,800 employees, and the company is headquartered in Houston, Texas.

Allen Harrison Company is a privately-held real estate investment and service company specializing in multifamily properties.  Headquartered in Houston, Texas, Allen Harrison Company focuses on properties located in major markets throughout the southern United States.

Contacts:

TODD STEWART                                       

HFF Senior Managing Director             

(713) 852-3500                                       

tstewart@hfflp.com                               

CORTNEY COLE                                

HFF Director                                    

(713) 852-3500                               

ccole@hfflp.com    

KRISTEN MURPHY

HFF Associate Director, Marketing

 (713) 852-3500                      

krmurphy@hfflp.com                                

Berger Commercial Realty Corp. Awarded Exclusive Lease Listing in Sunrise, FL

FORT LAUDERDALE, Fla. –Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale, and serving clients around the state, has been awarded an exclusive lease listing, announced Vice President Joseph Byrnes (top right photo).

 Byrnes is representing 1351 Sawgrass Corporate Parkway in the lease of 35,050-square-feet of available office space.

 Byrnes currently represents more than 800,000 square feet of office, industrial and retail space. He is a retail real estate specialist in the capacity of landlord and tenant representation.

Contact: 

Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999, ext. 226

msologuren@piersongrant.com

Annaly Capital Management, Inc. Announces 1st Quarter 2012 Dividend of 55 Cents per Share

 NEW YORK--(BUSINESS WIRE)-- The Board of Directors of Annaly Capital Management, Inc. (NYSE: NLY) declared the first quarter 2012 common stock cash dividend of $0.55 per common share. This dividend is payable April 26, 2012, to common shareholders of record on March 30, 2012. The ex-dividend date is March 28, 2012.

The Company distributes dividends based on its current estimate of taxable earnings per common share, not GAAP earnings. Taxable and GAAP earnings will typically differ due to items such as unrealized and realized gains and losses, differences in premium amortization and discount accretion, and non-deductible general and administrative expenses.

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

Annaly Capital Management, Inc.

Investor Relations,

1-888-8Annaly

http://www.annaly.com/

Marcus & Millichap Sells 43-Unit Apartment Portfolio in New Port Richey, FL

NEW PORT RICHEY, FL, March 21, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a 43-unit apartment portfolio located in New Port Richey, Florida, according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office.

The asset commanded a sales price of $1,175,000.

Michael P. Regan (middle right photo), vice president investments, Francesco P. Carriera (middle left photo), associate vice president investments and Nicholas Meoli, (lower right photo) investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

The buyer, a private investor, was also secured and represented by Michael Regan, Francesco Carriera and Nicholas Meoli.

This portfolio is located at 5528 Executive Drive and consists of three properties that are situated on approximately 2.35 acres of land.  The properties include ten, one- and two-story buildings.

“This was a unique opportunity for a buyer to capture a multifamily portfolio with significant upside through management, as well as net the seller a very competitive price” says Meoli. 

“We were able to command six written offers within 45 days through our customized marketing strategy. Ultimately, we negotiated an all-cash contract with five days due diligence and closed within 15 days from the effective date” adds Meoli.

Press Contact: Bryn D. Merrey, Vice President/Regional Manager, Tampa, (813) 387-4700

HFF Dallas hires Troy Manson as managing director to focus on student housing transactions

 DALLAS, TX – HFF announced today that Troy Manson (top right photo) has joined the firm as a managing director in its Dallas office.  Mr. Manson will work alongside managing director Brian Kelly (top left photo) in HFF’s Chicago office to handle student housing sales nationally.

Mr. Manson has more than nine years of experience in student housing investments and operations and has been involved in nearly $1 billion of student housing transactions. 

He joins HFF from Halyard Ventures, where he was the managing principal and founder.

 “Having producers in both Chicago and Dallas that focus solely on student housing will allow HFF to further penetrate into a marketplace that we believe has tremendous momentum and economic viability,” said Jody Thornton (middle right photo), executive managing director in HFF’s Dallas office.

“In 2011, HFF closed more than $756 million in investment sales, structured finance and debt financing in the student housing space, an impressive 347 percent increase over the prior year. 

"We are very excited to have Troy join our existing student housing team,” said Matthew Lawton (lower left photo), co-head of HFF’s national multi-housing group.

Contacts:                      

JOE B. THORNTON                                

HFF Executive Managing Director   

 (214) 265-0880                                     

jthornton@hfflp.com                          

MATTHEW D. LAWTON                       

HFF Executive Managing Director  

(312) 528-3650                                     

mlawton@hfflp.com                           

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

Interstate Hotels & Resorts Unveils New Logo and Website as Part of Global Rebranding Initiative

 ARLINGTON, Va., March 21, 2012—Interstate Hotels & Resorts (www.interstatehotels.com) has unveiled its new global corporate identity, logo and website.

 The new imaging was revealed internally to the Company’s 1,200 corporate and hotel leadership teams at its Global Leadership Conference last week.  The rebranding initiative was undertaken to better communicate the Company’s position as the only large-scale, U.S.-based hotel management company with a global footprint.

“The new Interstate Hotels & Resorts’ identity reflects and unites our global reach, strength, world-class operations and leadership position in the industry,” said Jim Abrahamson (middle right photo), Interstate’s chief executive officer.

  “We hold a unique position in our industry that separates us from our competitors.  The new logo graphically expresses our brand strategy, vision and mission to internal and external audiences and serves to integrate a consistent brand in all regions across the globe.”

Along with a new logo, Interstate has launched a new website, www.interstatehotels.com.

For more information, visit http://www.interstatehotels.com/.

Connect with Interstate at www.linkedin.com/company/interstate-hotels-&-resorts, 

 www.facebook.com/InterstateHotels, and 

 http://jobs.interstatehotels.com/.

Contact:

Chris Daly, Jerry Daly                                    

Media                                                             

Daly Gray, Inc.                                              

(703) 435-6293                                               

chris@dalygray.com                                      

NAI Realvest Negotiates Renewal Lease for long-time Tenant on Horatio Avenue in Maitland, FL

MAITLAND, Fla. --- NAI Realvest recently negotiated a long term renewal lease agreement for 1,067 square feet of office space at Suite 1, 541 E. Horatio Ave.  in Maitland.

 Senior Broker Associate Mary Frances West (top right photo) CCIM negotiated the transaction representing the landlord Dallas-based Horatio Florida Partners LLC. 

 The tenant Edward D. Jones and Company L.P. d/b/a Edward Jones has been located at this address for over 20 years and has renewed for an additional five years.

For more information, contact:

Mary Frances West CCIM, NAI Realvest, 407-875-9989 mwest@realvest.com;  or

Patrick Mahoney, President NAI Realvest, 407-875-9989 pmahoney@realvest.com;

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 

Lincoln Property Company Southeast Hires Chip Sipple As Senior Analyst

  

ATLANTA, GA (March 20, 2012) – Lincoln Property Company Southeast has hired Chip Sipple (top right photo) as a senior analyst.

Sipple, who was previously a senior investment analyst for Prudential Asset Resources, will analyze office, industrial and retail assets for acquisition opportunities and disposition assignments. His research also will also aid Lincoln in support of its various lines of business.

At Prudential, Sipple worked with the Special Servicing division on problem loan resolutions and REO disposition strategies. Prior to his stint with Prudential, he worked for Trimont Real Estate Advisors and Bullock and Mannely Partners.

“Chip was a stellar performer at Prudential, and we couldn’t be more excited to put his analytical skills and market knowledge to work for Lincoln and our clients,” said Tony Bartlett (middle left photo), senior vice president of Lincoln Property Company. “His keen insight and experience will help us deliver outstanding service to our clients and partners.”

Sipple received a Bachelor of Business Administration with concentrations in Finance and Real Estate from the University of Georgia’s Terry Business of College. He is a member of the Terry Real Estate Alumni Network’s Steering Committee and a member of the Terry School of Business Alumni Association.

 For more information on the Southeast Region of Lincoln Property Company, please . visit www.lpcsoutheast.com

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

Contact

Stephen Ursery

Wilbert News Strategies

404.965.5026

sursery@wnspr.com

Associations Lend Commercial Real Estate Industry a Helping Hand

 ATLANTA, GA – Navigating the world of commercial real estate is no easy task. Fortunately, it’s a task you don’t have to undertake on your own. Numerous associations help industry members network, grow their businesses and stay up to date on emerging issues.

 The most recent episode of the “Commercial Real Estate Show” examined four of the leading commercial real estate associations: the International Council of Shopping Centers (ICSC), the Building Owners and Managers Association (BOMA) International, the Certified Commercial Investment Member (CCIM) Institute and the CREW Network. Topics included the associations’ recent initiatives, upcoming events and their members’ concerns.

 Randi Glass (top right photo), director of membership and volunteer development for ICSC, said the council has received a lot of positive feedback from its special industry groups. ICSC launched the groups, which allow members with similar specialties to share best practices, about a year ago.

 ICSC also has fully embraced social media, Glass added. “We encourage our members to tweet their deals and space requirements, and our social media manager retweets those to all our followers,” she said, adding that ICSC has 12,000 followers on Twitter. ICSC will have a booth at its upcoming RECon show in Las Vegas in May that will provide brief tutorials on social media.   

As 2012 unfolds, BOMA International will spend much of its time advocating against what its chair-elect described as excessive regulation from federal, state and local governments seeking to create “green” communities.

“While we agree with the concept, the overregulation, the mandates from governmental agencies are the things we’re trying to mitigate a little bit,” said Joseph W. Markling (middle left photo), chair-elect of the organization.

 Gail S. Ayers (middle right photo), CEO and president of the CREW Network, said her organization’s annual conference, to be held in Chicago in October, will focus on making choices in a tough economy. “When you’re looking at an uncertain economy, you have to focus constantly on what you do, how you do it and whom you do it with,” she said.

 CREW is dedicated to advancing the achievements of women in commercial real estate. 

 Vast networking, abundant educational opportunities and even increased income are among the benefits of belonging to the CCIM Institute, said Leil Koch (lower left photo), president of the organization, which awards the CCIM designation to members who takes a series of classes and pass a comprehensive exam. “CCIMs earn, on average, 79 percent higher incomes than non-affiliated professionals,” he said.

 The Institute has emphasized more case studies in its course work and also has launched monthly property marketing webinars to allow members to showcase their sites to a national audience.

The next “Commercial Real Estate Show” will be available March 22 and will examine best practices for the social media network LinkedIn.

Contact

Stephen Ursery

Wilbert News Strategies

404.965.5026

sursery@wnspr.com

Sears Holdings Names David Lukes to Real Estate Leadership Position

HOFFMAN ESTATES, IL. March 20, 2012 /PRNewswire/ -- Sears Holdings (NASDAQ: SHLD) announced today that David Lukes (top right photo) has joined the company in its real estate business unit as president, real estate development.

 Mr. Lukes comes to Sears Holdings from Mall Properties, Inc. where he served as president and CEO of the privately owned $3 billion real estate firm. 

In this new role, Mr. Lukes will lead the company's effort to  further develop certain of its real estate assets, including those real estate assets that are no longer in use as retail stores.  Jeff Stollenwerck, president of the company's real estate business unit, will continue in that role and oversee the traditional corporate real estate functions for Sears Holdings.

"We have a very strong real estate team at Sears Holdings and that team will only be stronger with the addition of an executive of David's caliber," said Lou D'Ambrosio (lower right photo) Sears Holdings' chief executive officer and president.

 "Historically, Sears has selectively realized value from its real estate holdings through store acquisitions, strategic store sales, and our leasing and licensed business programs.  David's hiring allows us to expand our capabilities to include the enhancement and re-development of appropriate properties."

Contact:

Sears Holdings Public Relations

(847) 286-8371

http://www.searsholdings.com/

HFF arranges $26.7 million in joint venture equity for residential and golf development in Nashville, TN

                                       

DALLAS, TX – HFF announced today that it has arranged $26.7 million in joint venture equity for the development of The Grove (top left photo), formerly named Laurel Cove, an 1,184-acre residential development and golf community in College Grove, Tennessee.

HFF worked on behalf of Terra Verde Group to secure the joint venture equity through an institutional private equity partner.

The development can accommodate up to 800 homes and will include a clubhouse with full-service spa, casual and gourmet dining, swim and athletic center, tennis complex and an 18-hole Greg Norman signature golf course. 

 The golf course is expected to open in September 2012.  The Grove is located south of Nashville at the intersection of Interstate 849 and Arno Road in College Grove.

The HFF team representing Terra Verde Group was led by senior managing director Trey Morsbach (lower right photo).

 Learn more at http://www.tvgllc.com/.

Contacts:                     

 TREY MORSBACH                                         

HFF Senior Managing Director                         

(214) 265-0880                                                

tmorsbach@hfflp.com                                      

 KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com