Property Manager Who Allegedly Swindled Property Owner Out of $131,000 Arrested in Sweetwater, FL

 Sweetwater, FL, May 19, 2012 – The city of Sweetwater, FL reports today Sweetwater police detectives closed a white collar police case that had been ongoing since Jan. 2010 in three months.

Sweetwater police took over the case from Miami-Dade Police in Feb. when the property owner came into the station to report the suspected theft.

Rolando Perez, who lives at 14840 SW 148th Street, was arrested at 6:15 a.m. May 18, 2012 and charged with organized scheme to defraud and grand theft for stealing $130,976 from the owner of Sundance Village Apartment Complex (middle right photo) in the 11300 block of Northwest Seventh Street.

 Perez allegedly stole the money between Jan. 18, 2010 and Oct. 3, 2011, while he was employed as the property manager of Sundance Village Apartments Complex. Tenants of the complex allegedly would give Perez checks and money orders without the payee information filled in. Tenants would also allegedly give Perez cash. Perez  allegedly would deposit the cash, checks and money orders into his personal accounts.

Sweetwater detectives acquired 23 sworn and notarized statements and copies of forms of payments/receipts from past tenants showing that rent money was allegedly received by Perez but not deposited into the Sundance Apartment’s account.

 Contact:

  

Michelle Hammontree-Garcia

City of Sweetwater

Public Affairs Specialist

Cell: 786-317-2322

Office: 305-485-4539

mhammontree@cityofsweetwater.fl.gov

Twitter@SweetwaterCity

Like Us on Facebook: City of Sweetwater

City Hall/Police Department

500 SW 109th Avenue

Miami, Fl 33186

Colliers International Completes $2.1 Million Sale of a U.S. Post Office Property in Inglewood, CA

Los Angeles, CA, May 19, 2012 – Colliers International, the third largest global real estate services organization, has completed the $2.1 million sale of a 12,221-square-foot U.S. Post Office facility (top left photo) located at 811 N. La Brea in Inglewood, Calif.

 William Gloege (middle right photo) of Colliers International represented the seller, Arlington, MA-based IIse Perlman Trust. Julian Torkan of Madison Capital Group represented the buyer, Beverly Hills-based EFPAR Development, LLC.

The property had been identified on the possible closure list for the United States Postal Service. Due to the impending possible closure, the seller wanted to realize the best possible value for potential redevelopment or reuse before the expiration of the current lease.

In addition, the seller was able to realize the existing stream of income of the Government-backed lease.  This closed transaction accomplished the owner’s goal.

“Colliers was engaged to determine value the building on current income, future redevelopment, and re-lease potential. Once completed, it enabled us to create an attractive offering that would garner the highest price for the property,” said Gloege.

 “In the process of valuing the building and bringing it to market, I was able to generate multiple competing offers above the original asking price with short due diligence periods.  This transaction required a 30-day marketing period, 60-day escrow and a successful all cash closing.” 

 Gloege added that the new owner plans to rehab the building for a new retail use, maximizing the potential of the property.

Contact:  darcie@spauldingthompson.com

Morrison Commercial Real Estate Completes Lease Transactions totaling 57,900 SF in Central Florida

 ORLANDO, FL -- Morrison Commercial Real Estate announced the completion of two lease transactions totaling 57,900± square feet.

Damien Madsen (top right photo) of Morrison Commercial Real Estate represented Community Food and Outreach Center in renewing and expanding their lease by 7,000± square feet for a total of 29,400± square feet at 150 W. Michigan Street in Orlando, FL. 

 Community Food and Outreach Center’s mission is to provide a hand up for those in need, helping them to break free from poverty by offering hunger relief, crisis care, transformative education, and employment training opportunities.

Damien also represented D1 Sports in leasing 28,500 square feet in the Florida Business Interiors building at Williston Park Point (lower left photo) in Lake Mary.

 D1 Sports provides athletes with superior sports training through knowledgeable and experienced world-class coaches in a proper motivational environment.  Their training facilities teach core values and accountability to athletes.

 Contact:

Cindy Geer

Phone: 407.219.3500

Email:  cgeer@morrisoncre.com

Berkeley, CA Apartment Complex Trades for $11.9 Million

 BERKELEY, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Berkeley Delaware Court Apartments (top left photo), a 34,955-square foot lender-owned property in Berkeley with 51 apartment units and 7,500 square feet of retail space.

The $11,925,000 sales price equates to $219,117 per unit when allocating $100 a square foot to the vacant retail space.

Taylor Flynn (middle left photo) and Eli Davidson (middle right photo), associates, along with Vincent Schwab (lower left photo), a senior vice president investments in Marcus & Millichap’s San Francisco office, exclusively represented the seller, First Citizens Bank of Southern California.

Flynn, Davidson and Schwab also represented the buyer, Hudson McDonald LLC, an urban infill development firm based in Berkeley.

 “Originally, this property was developed as a condominium project,” explains Flynn. “First Citizens Bank gained control of the asset in late 2011 and after a 45-day marketing period, we received 12 qualified offers from a variety of investors and closed on May 7, 2012.

"The new ownership group is able to obtain $8.4 million in construction financing on the asset even though it was 70 percent vacant at the time of closing,” Flynn notes.

“This is a very well-located property in a strong East Bay submarket, where rents continue to rise,” says Schwab. Healthy demand, including demand from students who attend nearby University of California, Berkley, will enable the new ownership to lease up the remaining vacant apartment units and achieve strong returns over the near and long term,” he adds.

Constructed in 2011, Berkeley Delaware Court Apartments is located at 1800 San Pablo Ave. In addition to three studio units, 40 one-bedroom units, eight two-bedroom units and one 7,500-square foot retail space that can be divided into six separate addresses, the property includes a 67-car parking garage.

The well-designed Berkeley Delaware Court Apartments complex is situated along one of the main arteries of Berkeley – San Pablo Avenue – only two blocks from University Avenue. The property is within walking distance of the Fourth Street commercial district, North Berkeley Bay Area Rapid Transit (BART) station and the Berkeley Amtrak station.

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

W Fort Lauderdale Condo-Hotel Sales Top $16.5 Million In 1st Year

 MIAMI, Fl --Developer sales at the newly launched W Fort Lauderdale (top left photo) condo-hotel project in the Downtown Fort Lauderdale and Beach coastal market are proceeding at a pace of nearly two units per month after the first year of transactions, according to a new report from CondoVultures.com.

As of March 31, 2012, buyers have acquired more than 20 units for a combined price of $16.5 million in the 171-unit tower that stands on the west side of the W Fort Lauderdale property - also known as the Fort Lauderdale Residences hotel condominium - in the 400 block of North Fort Lauderdale Beach Boulevard, according to Broward County records

A twin 24-story tower located on the east side of the rectangular-shaped W Fort Lauderdale property currently operates as a traditional hotel with no units for sale, according to government records.

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

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.

Tradition at Palm Aire in Sarasota, FL Commands $13.5 Million

SARASOTA, FL –Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has closed the sale of Tradition at Palm Aire (top left photo), a 178-unit multifamily property located in the northern Sarasota community of Palm Aire.

The sales price of $13.5 million represents a price of $75,843 per unit or $54 a square foot.

Jamie B. May (middle right photo), a senior IPA Florida director, represented the seller, Beachwold Residential. The buyer is Preston Giuliano Capital Partners.

“Originally a 248-unit condo conversion, Tradition at Palm Aire provides the new owner with 178 units at a significant discount to historical retail sales prices and well below replacement cost,” says May. “The units are presently 95-percent leased and generate strong cash flow, providing new ownership with the flexibility of holding units as rentals until the retail sales market for condominiums recovers.”

“Florida’s recently extended Distressed Condominium Relief Act has made purchasing and owning fractured condominiums much more attractive,” adds May.

The 175,684-square foot property was built in 1991 on 28.3 acres at 8445 Gardens Way in Sarasota in the midst of the vibrant and sought-after University Parkway area.

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

http://www.institutionalpropertyadvisors.com/

Marcus & Millichap Promotes Benjamin H. Firestone and David N. Gaines to Associate Vice President Investments Positions

CHICAGO, IL –Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Benjamin H. Firestone (top right photo) and David N. Gaines (middle left photo) to associate vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists.

 It represents excellence in the development and servicing of long-term client relationships, according to John M. Przybyla (lower right photo), first vice president and regional manager of the firm’s Chicago Downtown office.

Most recently, Firestone and Gaines held the title of senior associate.

Firestone began his career with Marcus & Millichap in May 2006 and was named senior associate in May 2009. He specializes in the sale of seniors housing real estate and has received two sales recognition awards from the firm.

Gaines began his career with Marcus & Millichap in May 2004 and was named senior associate in May 2007. He specializes in the sale of multifamily real estate and has received two sales recognition awards from the firm.

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

Champion Real Estate Co. Announces New Partnership with Chris Wilson to Acquire, Develop and Renovate $200 Million of Retail Properties Throughout California

 LOS ANGELES, CA, MAY 18, 2012 — Champion Real Estate Company and Chris Wilson (top right photo), founder of Wilson Commercial Real Estate have announced a partnership called Champion-Wilson Retail to acquire, develop and renovate retail properties throughout California.

 Champion Real Estate Company has allocated $50 million of equity to the venture, which could be leveraged up to $200 million in properties over the next three years.  Wilson, will spearhead the new venture’s efforts, while retaining his current role as Founder and Chairman of Wilson Commercial Real Estate.

Champion-Wilson Retail will focus on acquiring existing retail projects with value add opportunity; distressed retail assets and notes; and prime shopping center and urban retail land. The venture also expects to leverage Champion’s public-private expertise to resurrect retail projects abandoned as a result of the demise of Redevelopment Agencies in Southern California. The venture will consider opportunities in prime retail markets ranging in price from $10 million to $100 million. 

“For the past 22 years, Chris has been a leader in the retail brokerage industry on the West Coast,” said Bob Champion (top left photo). “We are confident that now is a great time to take advantage of the recovering retail market and that Chris' knowledge of the market will provide the venture the opportunity to acquire great opportunities.”

"This is an exciting time in the retail industry and I am looking forward to working with Bob and his team on this venture, in addition to expanding the capabilities of Wilson Commercial Real Estate," said Wilson.  "Bob is an commercial real estate icon on the West Coast who has succeeded in this industry countless times over the past 25 years."

 For more information, please visit http://www.championrealestatecompany.com/.

Contact:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Hilton Woodcliff Lake Announces SENSEational Events

WOODCLIFF LAKE, NJ – May 18, 1012 – Hilton Woodcliff Lake (top left photo) today announced a new group event promotion, SENSEational Events. Starting on May 16, 2012, the hotel will offer meeting planners the ability to build a group event at the property combining a unique off-site experience with responsible business impact.

Connect with Hilton Woodcliff Lake at

www.facebook.com/hiltonwoodclifflake, www.twitter.com/HiltonWdclifLak,

 www.youtube.com/watch?v=vREG9e1yH7g

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

Scott Becque

 Hilton Woodcliff Lake

+201 505 4436

scott.becque@interstatehotels.com

Debbie Previti

 Hilton Woodcliff Lake

+201 505 4466

debbie.previti@interstatehotels.com

Watt Properties Awards Charles Dunn Co. 526,000-SF Retail Property Management Assignment in Los Angeles and Ventura Counties, CA

LOS ANGELES, CA. May 17, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has been awarded a nearly 526,000 square foot property management assignment from Watt Properties, a division of Santa Monica, Calif.-based Watt Companies.

The seven-property portfolio consists entirely of retail centers – six of them located in Los Angeles County and one in Ventura County.

“We are honored to add Watt, a major regional commercial real estate owner, to our diverse roster of property management clients,” said Patrick Conn (top right photo), president of Charles Dunn Company’s Management Services division.

 “Our ability to proactively provide an entrepreneurial, hands-on approach combined with our depth of management resources, were both key factors in winning this substantial new business.”

The properties Charles Dunn will be managing range in size from nearly 11,000 square feet to more than 132,000 square feet. Romy Miura, senior portfolio manager with Charles Dunn, will oversee management on all seven locations with James Byun (lower right photo) serving as assistant property manager.

“This is the first time Watt has gone outside of its own firm for property management services,” said Wendy Campbell (middle right photo), vice president, property management, Watt Commercial Properties.

 “We selected Charles Dunn Company based on the firm’s consistently strong level of customer service and depth of expertise in successfully managing retail properties. Additionally, we were seeking a firm that was a match with our corporate culture and values that would be a natural extension of our company. Charles Dunn fit that requirement as well.”

Contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Colliers International Completes $1.01 Million Sale of an 8-Unit Multifamily Property in Altadena, CA

Los Angeles, CA, May 17, 2012 – Colliers International, the third largest global real estate services organization, has completed the $1.01 million sale of an eight-unit apartment property located at 692 E. Pine Ave (top left photo). in Altadena, Calif.

 Han Widjaja Chen (bottom right photo) and Jeff Abraham of Colliers International represented the seller, a Northridge-based private investor. Chen also represented the buyer, Pasadena-based 692 Pine, LLC. The property was purchased at a 6.50 percent cap rate and was 100 percent occupied at the close of escrow.

“The Colliers International brokers worked together with the seller who was in a 1031 exchange, to identify a buyer for the property,” said Chen.

 “Additionally, there was a collaborative effort within Colliers to team with our firm’s North Los Angeles industrial brokers, John DeGrinis, Patrick DuRoss and Jeff Abraham, to help achieve the client’s business expansion by selling the apartment property and acquiring an industrial building for the seller’s business.”

.

Contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Colliers International Completes $4.46 Million Sale of a 40-Unit Multifamily Property in Glendale, CA

  

Los Angeles, CA, May 17, 2012. – Colliers International, the third largest global real estate services organization, has completed the $4,462,000 sale of a two-story, 40-unit apartment property located at 401-403 W. Glenoaks Blvd (top left photo). in Glendale, Calif.

Han Widjaja Chen (middle right photo) of Colliers International represented the buyer, Glendale-based Meridian-Kenwood, LLC.

Judy Stevens of Prudential California represented the seller, Arcadia-based 727 Del Coronado, LLC. The property was purchased at a 6.41 percent cap rate. The property was fully occupied at close of escrow.

 “Colliers International was able to negotiate a favorable price for this multifamily property,” said Chen.

“We also helped the buyer navigate through a grueling due diligence period. The buyer was pleased with the purchase and the high cap rate providing positive leverage for the buyer.”

 Chen added that the buyer plans to add value to the property by making capital improvements to the units and re-tenanting of the property.

Contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

NAI Realvest Negotiates Two New Office Lease Agreements in Lake Mary, FL and Maitland, FL

MAITLAND, FL--- NAI Realvest recently negotiated two new lease agreements in Lake Mary and Maitland totaling 2,124 square feet of Class A office space.

 Senior Broker Associate Mary Frances West (top right photo) CCIM represented the tenant RPO Management LLC in the lease of 1,002 square feet at Lucien Green, 2250 Lucien Way, Suite 270 in Maitland.   Natany Bramingham, Inc. of Warrington, Pa., is the landlord and was represented

by Nathan Eissler of Realty Capital. 

In Lake Mary, West represented the landlord, Interchange-Primera II, LLC of Daytona Beach in a lease agreement with Stewart Title Company for suite 105 with 1,122 square feet in Primera Court II at 735 Primera Blvd.   The new tenant, who was represented by Nan McCormick (lower left photo) of CBRE, is relocating from Altamonte Springs.

 The 31,840 square foot Primera Court II is currently 96 percent leased.

For more information, contact:

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

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

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

New Castle Hotels and Resorts Teams With RHS Holdings, LLC to Launch the Inns at Armory Square in Syracuse, NY

 SHELTON, CT and SYRACUSE, NY -- May 17, 2012 - -Officials of New Castle Hotels and Resorts, a leading hotel owner, operator and developer, today announced its joint venture and  long term management agreement for the Residence Inn/Courtyard by Marriott (top left rendering) project currently under development by RHS Holdings, LLC, a prominent Syracuse-based real estate development firm. 

The combination hotel, a 78- room Residence Inn and 102-room Courtyard by Marriot, constructed under one roof, will be located in the heart of the city’s Armory Square district and is the first new-build hotel in downtown Syracuse in more than 50 years.   

The hotels, scheduled to open a year from today, also mark the return of Marriott brands to downtown Syracuse.  The project is the largest, non-office building new construction project in downtown Syracuse in more than 25 years.

“Armory Square (lower left photo) is one of the great urban redevelopment stories in the country.  In its heyday, the neighborhood was home to numerous hotels.  The addition of our hotels will assure the Syracuse visitors a unique and memorable experience,” said Richard Sykes, vice president RHS Holdings, LLC.

 “Gerry Chase (middle right photo) and his team from New Castle have deep roots in Syracuse.  They’ve been involved in managing five hotels in the Syracuse market over the last 25 years, so their knowledge of the market, coupled with their hotel industry experience made them the only choice for this venture.”

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

Lauralee Dobbins

Daly Gray, Inc.

703-435-6293

Lauralee@dalygray.com

RealtyTrac® Reports U.S. Residential Foreclosure Activity Shifting Eastward

IRVINE, CA. – May 17, 2012 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for April 2012, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 188,780 U.S. properties in April, the lowest monthly total since July 2007.

April foreclosure activity decreased 5 percent from the previous month and was down 14 percent from April 2011. One in every 698 U.S. housing units had a foreclosure filing during the month.

“Rising foreclosure activity in many state and local markets in April was masked at the national level by sizable decreases in hard-hit foreclosure states like California, Arizona and Nevada,” said Brandon Moore (top right photo), CEO of RealtyTrac.

“Those three states, and several other non-judicial foreclosure states like them, more efficiently processed foreclosures last year, resulting in fewer catch-up foreclosures this year.

“In addition, more distressed loans are being diverted into short sales rather than becoming completed foreclosures,” Moore continued.

“Our preliminary first quarter sales data shows that pre-foreclosure sales — typically short sales — are on pace to outnumber sales of bank-owned properties during the quarter in California, Arizona and 10 other states.”  

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

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