Voit Directs Five-Year Lease Renewal for Orange County, CA-Based Machinery Company in Placentia

 Orange County, CA, (May 31, 2012) – Mitch Zehner and Seth Davenport of Voit Real Estate Services’ Anaheim office have directed the five-year lease renewal of a 20,000 square-foot industrial building for a total consideration of $561,300 on behalf of the lessor.

 Located at 527 Fee Ana Street in Placentia, Calif., this warehouse property will continue to be fully occupied by CMI Precision Machining, a company that specializes in cnc machinery and related products, according to Zehner, Executive Vice President in Voit’s Anaheim office.

Zehner worked with Davenport, a Senior Vice President with Voit, to represent Terola Enterprises as the lessor. The lessee, CMI Precision Machine, was represented by Greg Osborne of Newmark Grubb Knight Frank.

“We’re seeing Orange County industrial tenants sign increasingly longer leases as the supply of mid-sized warehouse space continues to diminish,” said Zehner. “Many tenants in this market are now ready to secure existing and larger facilities which is a good indication that the market is continuing to stabilize.”

Contact:

Jenn Quader/Judith Brower

Brower, Miller & Cole

(949) 955-7940

Jquader@browermillercole.com

Voit Real Estate Services Expands Retail Team With Addition of Matthew Goldstein

Sacramento, CA–Voit Real Estate Services’ Sacramento office has announced the addition of Matthew Goldstein (top right photo) as a Senior Associate in its retail group, according to Kevin Sheehan (lower right photo), Managing Director of Voit’s Sacramento office. 

In his new role at Voit, Goldstein will work with Executive Vice President Jason Gallelli (middle left photo), who was named Sacramento’s “Broker of the Year” by the Association of Commercial Real Estate (ACRE) earlier this year. 

Goldstein, along with the Gallelli Team Retail Specialists, will focus on both tenant and landlord representation in the Greater Sacramento region.

“Voit’s retail group has been recognized as a top-producing team here in Sacramento, and we continue to recruit strong, driven brokers who will excel within our entrepreneurial company culture,” said Sheehan.

“Matthew has a proven passion for the industry, and his exposure to a wide variety of clients lends to his keen understanding of various retailers’ needs.  As a former college baseball player, he is a strong team player who aims to win - two characteristics which will make him a great asset to our team.”

Prior to joining Voit, Goldstein worked as a Sales Associate at Cornish & Carey Commercial Newmark Knight Frank, where he specialized in retail services in the Greater Sacramento market.

Goldstein earned his bachelor’s degree in Business Administration with an emphasis in sales and marketing from the University of Redlands in Southern California. He is a member of the International Council of Shopping Centers (ICSC).

Contact:

Jenn Quader/Judith Brower

Brower, Miller & Cole

(949) 955-7940

Jquader@browermillercole.com

Stirling Sotheby’s International Realty sale of Auburndale Estate in Florida to Canadian buyer nets highest price in more than a year

ORLANDO, FL--- Stirling Sotheby’s International Realty recently sold an estate home in Auburndale to a Canadian farmer who paid the highest price for any residential property in the Auburndale area in more than a year.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said International Luxury Home Specialist Chris Wilson (top right photo) in the firm’s Orlando/Dr. Phillip’s Marketing Center negotiated the sale.

By all accounts, the estate was well worth the record price.

Situated on 20 hilltop acres with lake views, the property is already zoned RL-2, which allows two to five units per acre if developed.

The 4,400 square foot Arthur Rutenberg home offers four bedrooms, three baths, a game room and a tropical screened pool and spa, a three car garage and its own spring-fed pond.

A 5,000 square foot custom metal building on the site is fully air conditioned with offices, bathroom facilities, a car lift and 18 foot doors, Wilson said.

“The sale we negotiated represents the highest price paid for any residential property in Auburndale for more than a year.”

For more information, contact

Roger Soderstrom, Owner/Founder Stirling Sotheby’s International Realty,

407-588-1260; rsoderstrom@stirlingSIR.com

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

Marcus & Millichap Arranges Sale of Citrus Grove Apartments in St. Petersburg, FL for $2.4 Million

  

 ST. PETERSBURG, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Citrus Grove Apartments (top left photo), an 84-unit, HUD subsidized apartment property located in St. Petersburg, Florida, according to Richard D. Matricaria (middle left  photo), regional manager of the firm’s Tampa office. The asset commanded a sales price of $2,400,000.

Casey Babb (middle right photo), a CCIM and senior multifamily specialist and Luis Baez, multifamily 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 partnership, was also secured and represented by Babb and Baez.

Citrus Grove Apartments was built in 1971 and is located at 731 15th Street South.   This 100 percent Project-Based, Section 8, affordable housing property is situated on 3.16 acres and comprises seven three-story, concrete block apartment buildings with pitched shingle roofs. 

Amenities include: semi-private breezeway entries, fully-appointed kitchens with electric appliances and window-unit air conditioning units.

“Over the years, Citrus Grove had evolved into a problem property plagued by high crime and poor living conditions,” adds Babb. 

“HUD and the city of St. Petersburg were determined to see a change of ownership.  After an exhaustive two-and-a-half-year process, we were able to help make that happen.

. “The incoming owner is planning a half-million dollars’ worth of immediate capital improvements, which is a huge sum for a property of this size.  Improvements will consist of new roofs, new central HVAC systems, improved security, improved landscaping, and more.

“ More importantly, the criminal element is going to be systematically removed so that the good residents at Citrus Grove can finally benefit from much improved living conditions”.

Press Contact:  Richard D. Matricaria, Regional Manager, Tampa

(813) 387-4700

Faris Lee Investments Expands Presence in Las Vegas; Adds Two Executives with Lisa M. Brady as Managing Director and Katie Brase as Director

 Las Vegas, NV– Continuing its strategy to build market share through expansion in major United States markets and the addition of new talent, Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has expanded its Las Vegas office, naming Lisa M. Brady (top right photo) as managing director and Katie Brase (top left photo) as director.

“The timing was right to grow our Las Vegas office with two exceptional new executives. Lisa and Katie’s unique talents and skills will help build on Faris Lee’s growing service platform.

"They will work alongside Robert Moore, senior managing director in Las Vegas, to build on the firm’s local presence,” said Rick Chichester (lower right photo), president and COO of Faris Lee Investments.

Chichester added: “The Las Vegas office will also work with all of our offices to provide clients with street level market intelligence specific to the Las Vegas region. From the beginning, our expansion into Las Vegas was driven by client demand in that market.”

With more than 15 years of experience in the Las Vegas region, Brady has a background in tenant and buyer representation, investment sales, leasing, land acquisition and sales, and property management.  Before joining Faris Lee, Brady was a senior vice president at Sun Commercial Real Estate.

Brase also comes to Faris Lee from Sun Commercial Real Estate where she served as an associate specializing in investment sales and distressed assets. Her expertise includes property analytics, knowledge of sales and leasing comparables and market sales and rents. 

 She is a Certified Commercial Investment Member (CCIM) candidate, member of the CCIM Southern Nevada Chapter and on the CCIM Programs Committee. She is also a NAIOP Developing Leader and a member of the United Way of Southern Nevada Young Philanthropists Society.

  

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

 Darcie Giacchetto,

 949.278.6224

Spaulding Thompson & Associates

For Faris Lee Investments

Foreclosure Homes Account for 26 Percent of all U.S. Residential Sales in Q1 2012, according to RealtyTrac®

  

 IRVINE, CA. – May 31, 2012 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its Q1 2012 U.S. Foreclosure Sales Report™, which shows that sales of homes that were in some stage of foreclosure or bank owned accounted for 26 percent of all U.S. residential sales during the first quarter — up from 22 percent of all sales in the fourth quarter and up from 25 percent of all sales in the first quarter of 2011.

Third parties purchased a total of 233,299 residential properties in some stage of pre-foreclosure (defaults and scheduled foreclosure auctions) or bank-owned (REO) during the first quarter, an increase of 8 percent from the previous quarter and virtually unchanged from the first quarter of 2011.

The average sales price of homes in foreclosure or bank owned was $161,214 in the first quarter, down 1 percent from the previous quarter and down 2 percent from the first quarter of 2011. T

hat average sales price was 27 percent below the average sales price of homes not in foreclosure or bank-owned during the quarter — matching a 27 percent foreclosure discount in the previous quarter but down from a 29 percent foreclosure discount in the first quarter of 2011.

“Foreclosure-related sales picked up in the first quarter, particularly pre-foreclosure sales where a distressed homeowner is selling to avoid foreclosure — typically via short sale,” said Brandon Moore (top right photo), chief executive officer of RealtyTrac.

“Those pre-foreclosure sales hit a three-year high in the first quarter even as the average pre-foreclosure sales price dropped to a record low for our report. Lenders are approving more aggressively priced short sales, which in turn is resulting in more successful short sale transactions.

“Meanwhile the average price of a bank-owned home is stabilizing and even increasing in some areas where a slowdown in REO activity over the past year has resulted in a restricted supply of REO homes available,” Moore continued.

“Still, REO sales did increase on a quarterly basis in 21 states, indicating that lenders are still working through a bottleneck of unsold REO inventory in many areas.”

For a complete copy of the company’s news release and full 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

$12.6 Million San Fernando Valley Apartment Building Sold in California by Marcus & Millichap

  

 STUDIO CITY, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has negotiated the sale of The Verona (top left photo), a 35-unit, three-story apartment building in Los Angeles’s affluent Studio City neighborhood.

 The sales price of $12.6 million equates to $360,000 per unit and $292 per square foot.

 

Clyde Isaacson (middle right photo), a vice president investments, and Lonnie McDermott (middle left photo), an associate, both in Marcus & Millichap’s Encino office, represented the seller, a local developer, and the buyer, a private investor.

 “The Verona is an institutional-quality apartment complex featuring a variety of floor plans and a wealth of property amenities,” says Isaacson. “The new owner has obtained a substantial long-term interest in one of Los Angeles’ premier submarkets.”

The 43,214-square foot building is located at 11115 Aqua Vista St., two blocks north of Ventura Boulevard, San Fernando Valley’s major thoroughfare. The property is close to upscale shopping on Ventura Boulevard, fine dining, entertainment venues and Universal City.

Built in 2004, The Verona features penthouse units, spacious balconies, a well-manicured courtyard with water fountain, an on-site fitness center, subterranean parking, a rooftop patio and washers and dryers in all units.

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

CMBS Delinquency Rate Hits All Time High in May

 Rate Surpasses the 10% Level as Delinquencies Increase for the Third Straight Month

 Delinquency Rate is Up 24 Basis Points in May, 67 Basis Points in the Last Three Months

NEW YORK ,NY -- Back in December we predicted that 2012 could be a rocky year for CMBS in terms of the delinquency rate. 

At the time, the delinquency rate was hovering at 9.51% and had stayed in a fairly tight band for a number of months. 

We wrote that the market could easily see a spike of 70 basis points in the short term, as five-year loans that were securitized in 2007 began to reach their maturity dates.

That prophecy now appears to be have come true.  The CMBS delinquency rate set an all-time high in May. 

Overall, the delinquency rate for U.S. commercial real estate loans in CMBS jumped 24 basis points in May to 10.04%.  In the process, the rate broke through the 10% threshold for the first time ever.

 Whether the rate creeping into double digits for the first time carries some psychological impact remains to be seen.

The good news for the CMBS market is that the five-year loans originated in 2007 were heavily front-loaded.  This means that by the end of June, the number of these loans reaching their maturity date starts to dwindle. 

 As a result, the upward pressure that this has put on the rate should be coming to an end.

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

Lindsay Church | Associate Publicist

Great Ink Communications

27 Union Square West, Suite 205 | New York, NY 10003

(212) 741-2977

Lindsay@greatink.com

@GreatinkPR

HFF closes the sale of 1 Dulles Corridor in Reston, VA

WASHINGTON, D.C. – HFF announced today that it has closed the sale of 1 Dulles Corridor (top left photo), a 216,000 square-foot, Class A office building located in Reston, Virginia.  The sale also included an adjoining 1.9-acre vacant land site.

HFF represented Parkridge 6, LLC and WFLP-H, LLC, entities wholly-owned and controlled by the Estate of Christopher Walker. 

1 Dulles Corridor is located at 10740 Parkridge Boulevard overlooking the Dulles Toll Road at the Hunter Mill interchange in Reston. 

 Built in 2008, the building consists of a seven-story office building plus a four-story parking garage.  Notable features include a two-story lobby, nine-foot ceilings, an efficient center-core design and a rooftop sky garden with panoramic views of Tysons Corner and the Dulles Corridor.

The HFF investment sales team representing the seller was led by senior managing director Andrew Weir (lower right photo) and senior analyst Matt Nicholson.

Contact:

ANDREW M. WEIR                                      

HFF Senior Managing Director                        

(202) 533-2500                                                

aweir@hfflp.com    

MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com                                          

HFF arranges $21 million refinancing for Hotel Tria in Cambridge, MA

BOSTON, MA – HFF announced today that it has arranged a $21 million refinancing for Hotel Tria (top left photo), a 121-room boutique hotel in Cambridge, Massachusetts.

HFF worked exclusively on behalf of KW Development LLC to secure a new $16 million first mortgage provided by Ladder Capital Finance LLC. 

In a separate transaction, HFF also advised the ownership in securing a $5 million mezzanine and preferred equity loan on behalf of KW Development from a private investor.  The combined proceeds of these loans were used to refinance the existing loan on the property.

Hotel Tria is located at 220 Alewife Brook Parkway on Route 2 in Cambridge in the burgeoning neighborhood of West Cambridge.  The property benefits from the recent and planned development in the area and its proximity to the Alewife MBTA train station. 

Acquired by the owner in 2008, the property underwent an extensive renovation and expansion in 2009, which included the renovation of the existing 66 guest rooms along with the addition of 55 guest rooms.

 The property is part of the Best Western franchise and has earned the distinction of being named a Best Western Plus hotel by the brand.  Hotel amenities include a business center, fitness center, shuttle service, bar and on-site Starbucks.

The HFF team representing KW Development LLC was led by senior managing director Riaz Cassum (middle right photo) and director Lauren O’Neil.

KW Development LLC (“KW”), based in Wayland, Massachusetts, was formed in 1984 by Robert Karol to develop, own and manage lodging properties and commercial real estate. 

Over the years, KW has developed, owned and managed a successful hotel portfolio under the Marriott, Starwood, US Franchise Systems and Choice Hotels brands as well as a variety of other commercial real estate assets.

Contacts: 

              

RIAZ A. CASSUM

 HFF Senior Managing Director                         

617) 338-0990                                                   

rcassum@hfflp.com   

LAUREN O’NEIL                               

HFF Director                                 

(617) 338-0990                               

loneil@hfflp.com                            

 MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com

$95 million refinancing of Boston's 116 Huntington Avenue. Building arranged by HFF

BOSTON, MA – HFF announced today that it has arranged a $95 million refinancing for 116 Huntington Avenue (top left photo), a 264,000-square-foot, Class A office building in Boston’s Back Bay.

HFF worked on behalf of the property’s owner, Broadway Real Estate Fund III, L.P., to secure the adjustable-rate loan through RBC Real Estate Capital Partners, a unit of RBC Capital Markets.  The loan proceeds were used to refinance the maturing first mortgage and mezzanine loans.

Completed in 1991, 116 Huntington Avenue is located between the Copley Place Marriott and the Colonnade Hotel, directly across from the Prudential Center.  The 15-story property features a 120-space parking garage and ground floor retail, and is currently 99 percent leased to tenants including GE Healthcare, American Tower, Constellation New Energy and Brigham & Women’s Hospital.

The HFF team representing Broadway Real Estate Fund III, L.P. was led by senior managing director Riaz Cassum and director Porter Terry. 

“In addition to replacing the existing financing, the new loan provides Broadway with additional funds that can be drawn as they execute their business plan,” said HFF senior managing director Riaz Cassum.  “116 Huntington’s Back Bay location made it desirable to numerous lenders, but ultimately RBC Capital Markets provided the best solution for Broadway.”

Broadway Partners is a private real estate investment and management firm headquartered in New York.  The firm invests in high quality real estate in select markets nationwide.  Since 2000, Broadway Partners has acquired assets with a transaction value in excess of $15 billion, and currently owns interests in office assets with over six million square feet located in Boston, New York, San Francisco and Los Angeles.

Contacts: 

              

RIAZ A. CASSUM

 HFF Senior Managing Director                         

617) 338-0990                                                   

rcassum@hfflp.com                                          

                                               

 MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com

Publix Opening Completes Boynton Lakes Plaza Redevelopment in Florida

BOYNTON BEACH, FL--(BUSINESS WIRE)-- Regency Centers (NYSE:REG) completed the redevelopment of Boynton Lakes Plaza, a 117,124-square-foot neighborhood center in Boynton Beach, Fla., which included the addition of a 45,000-square-foot Publix.

The new anchor relocated from an undersized store in a nearby center and is slated to open on June 9.

Boynton Lake Plaza’s redevelopment included the demolition of a former Winn-Dixie store and the construction of anchor and side shop space, new exterior facade and architectural components, parking lot improvements, upgraded lighting and landscaping.

Local artist Suzi K. Edwards (lower left photo) was commissioned to create a mosaic tile archway to further enhance the center’s aesthetics.

“The opening of a new, larger store by market-leading grocer Publix offers area residents a better grocery experience, as well as adds vibrancy to the center,” said Josh Spooner (lower right photo), vice president of investments for Regency Centers.

“Regency is proud to be an active member of this region’s retail business community. We have 14 shopping centers throughout the South Florida market, and we are committed to investing, upgrading and maintaining quality shopping centers that meet the needs of our neighborhoods.”

As part of Regency’s greengenuity® program to reduce the environmental impact of developing and operating shopping centers, the project incorporated basic sustainable elements such as recycling building materials, installing heat-reflective roof material and employing environmentally friendly plumbing fixtures, paint and coatings.

Located one mile west of Interstate 95 at the intersection of Congress Avenue and Hypoluxo Road in Boynton Beach, Boynton Lakes Plaza includes national retailers such as Hair Cuttery and Dunkin’ Donuts. The center is located at 4753 N. Congress Ave. For leasing information, contact Ross Kirchman at 561-630-2314.

The center was built in 1994 and acquired by Regency in 1997.

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

Contact:

For Regency Centers

The Hoffman Agency

Bonnie Hayflick, 904-398-9663

bhayflick@thehoffmanagency.com

or

Josh Spooner, 561-630-2308

Vice President, Investments

JoshSpooner@RegencyCenters.com

Post Properties Announces Quarterly Dividends, Increases Dividend Payout to Common Shareholders and Reports Annual Shareholders Meeting Results

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced quarterly dividends on its common stock of $0.25 per share for the second quarter of 2012. The dividend is payable on July 13, 2012 to all common shareholders of record as of June 29, 2012.

Said Dave Stockert (top right photo), CEO and President, “With ongoing strength in our business, and a solid financial position, we are pleased to be able to increase the quarterly rate of dividends to common shareholders by more than 13 percent. With today’s announcement, we expect our annual run-rate of common stock dividends to rise to $1.00 per share.”

Post also announced regular quarterly dividends for its 8.5 percent Series A Cumulative Redeemable Preferred Stock of $1.0625 per share for the second quarter of 2012. The dividend is payable on July 2, 2012 to all Series A preferred shareholders of record as of June 15, 2012.

Shareholders elected the Board’s nine nominees, voted to approve, on an advisory basis, executive compensation, and ratified the appointment of Deloitte & Touche LLP as the Company’s independent registered public accountants for 2012.

Contact:

Post Properties, Inc.

Chris Papa, 404-846-5000

Voit Completes New 47,500-SF Industrial Lease for Large Insulation Fabricator in Southern California.

COMMERCE, CA. (May 30, 2012) – David Fults (middle right photo) and Brian McLoughlin (middle left photo) of Voit Real Estate Services’ Greater Los Angeles office have successfully completed the new, seven-year, $1.6 million lease of a 47,500 square-foot industrial warehouse at 6655 East 26th Street in Commerce, CA on behalf of the lessee.

This free-standing industrial facility will be fully occupied by Insul-Therm International, Inc., a company that manufactures and distributes insulation products for the industrial and commercial insulation markets, according David Fults, a Senior Vice President in Voit’s Greater Los Angeles office.

Fults worked with Brian McLoughlin, also a Senior Vice President at Voit, to represent Insul-Therm International as the lessee.  Insul-Therm is expanding its business with this new lease - the company is relocating from a 30,000 square-foot building also in Commerce.

“This is a rare expansion for a manufacturing company in California. The market for Class B industrial buildings continues to struggle because of the shrinking manufacturing sector,” said Fults. ”Our team was able to identify this property, which exceeded the needs of our customer, while leveraging the soft leasing market to negotiate a very low lease rate.  We cut Insul-Therm’s rent by 40 percent on a per-square-foot basis.”

According to Fults, the Voit team also negotiated attractive move-in terms for its client, enabling Insul-Therm International to cut significant expenses during the initial set-up of its manufacturing operation.

The lessor, the Los Angeles Board of Adjusters, was represented by Jeff Sanita, John McMillian and Tim Wallace of Cushman & Wakefield.

Contact:

Jenn Quader/Judith Brower

Brower, Miller & Cole

(949) 955-7940

JQuader@browermillercole.com