$47.2 Million Luxury Apartment Complex Hits the Market in Phoenix, AZ

 PHOENIX, AZ– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing for Arcadia Cove (top left photo), a 432-unit apartment complex in metropolitan Phoenix. The listing price of $47,250,000 equates to $109,375 per unit and $125 per square foot.

Cliff David (middle right photo) and Steve Gebing (middle left photo), multifamily investment specialists in Marcus & Millichap’s Phoenix office, are representing the seller, a JV between a global leader in wealth and asset management services and a publicly traded REIT.

 “Arcadia Cove’s urban in-fill location caters to the growing ‘Generation Y’ renter cohort, is supported by local transportation arteries and provides convenient access to a high concentration of white collar job opportunities,” says Gebing.

“The property is a coveted asset that combines the region’s most centralized location with opulence,” adds David.

The 379,296-square foot property is located at 2252 North 44th St. just south of Phoenix’s affluent Arcadia neighborhood.

Some of the metropolitan region’s largest employment centers are close to Arcadia Cove, including the 44th Street office corridor and the Phoenix Gateway Center, which combine for more than 5 million square feet of office space.

 The Phoenix Gateway Center office complex (lower left photo) spans 80 acres and is the cornerstone of office development in the area.         

Developed by Picerne Real Estate Group in 1996, Arcadia Cove features spacious one-, two- and three-bedroom apartment homes with fully equipped kitchens, full-size washers and dryers and abundant storage space with large walk-in closets. Select apartment interiors offer vaulted ceilings, wood-burning fireplaces and wood-style flooring.

 Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716

Easton & Associates Adds Broker Jim Armstrong to Doral Leasing Team

 Doral, FL—  Easton & Associates, a full-service commercial real estate brokerage firm, is adding more resources to its leasing team covering Doral and other parts of west Miami-Dade County.

 Longtime Easton broker and VP Jim Armstrong (top right photo) will join veteran broker and VP Michael Rice (middel left photo) to help meet a growing demand for new business in the submarket and to better service existing landlord and tenant clients.  Armstrong will continue working the north end of the county in addition to his new duties, said company founder Edward W. Easton (bottom right photo).

 “Doral is one of the hottest areas for industrial leasing at the moment and we wanted to be proactive to make sure we were over-servicing the area,” said Easton. “Mike has done an exceptional job handling this submarket for us over the years, and now with Jim on the team, we will be able to double our results.” 

 Armstrong has been with Easton since 1992. He specializes in investment sales and landlord/tenant representation and oversees the leasing of more than three million square feet of mainly industrial properties. His clients include Seagis Property Group, Hertz Corporation, ASACO International, NAPA, DHL and Elizabeth Arden.

 

 Rice has been with Easton & Associates since 1991 and has specialized primarily in the marketing of Class A industrial properties in the Airport West area since 1979.  He oversees the Americas' Gateway Park, International Corporate Park, and Lakes Corporate Park, three of Miami's premier mixed use business parks containing approximately seven million square feet of quality product. 

Contact:

Todd Templin

Boardroom Communications

ttemplin@boardroompr.com

954-370-8999

 http://www.theeastongroup.com/

South Florida CRE Foreclosures Starting to Rise

 MIAMI, FL, June 12, 2012 — After a decline in commercial real estate foreclosures in February, South Florida activity spiked in March, according to data provided by Off-Market RADAR, the only source for direct contact information to decision-makers on commercial real estate transactions.

A total of 39 CRE foreclosures above $250,000 were filed in Miami-Dade and Broward counties in March and April. March saw the highest amount of activity with 24 filings, compared to only 17 in February.

The April figure dropped again with 15 foreclosures reported. Although April’s decline sounds positive on the surface, further analysis of the types of foreclosures filed may warrant concern among investors.

Of the 17 February filings, Off-Market RADAR tracked only three above $2 million. Meanwhile, in March seven foreclosures above $2 million were filed, and then again in April, seven foreclosures were tracked.

 “While the number of foreclosures has not drastically increased in Miami-Dade and Broward County, the number and percentage of larger deals is accelerating,” explains Brian McCarthy, vice president and co-founder of Off-Market Radar. 

“From February through April, the average number of CRE foreclosures above $250,000 was 19 and the average number over $2 million was 4.4. 

" Although activity from November 2011 through February was relatively mild, foreclosures in March and April doubled, with April’s share of $2 million-plus transactions comprising nearly half of all commercial foreclosures over $250,000.”

Multifamily assets accounted for the majority of foreclosures above the $2 million mark during March and April.

Four real estate assets in South Florida in the month of March alone were foreclosed upon, a record high since Off-Market RADAR began tracking transactions in September 2011.

 “Of the major CRE sectors, the apartment market remains the most active in South Florida,” says McCarthy.  As for the most active lenders in March and April? They were BankAtlantic, BB&T, Banco Cafetero and Synovus.

 

“There are a lot of maturities on the horizon,” says McCarthy, “We really see lots of investors chomping at the bit to scoop up deals this year before they hit the auction block in 2013 or beyond,” says McCarthy. 

 “Now that banks are generally better capitalized, the losses they have been ignoring over the past couple of years are going to start hitting the books and at that point, there’s not a huge reason for them to wait for the drawn-out foreclosure process to play out,” adds McCarthy.

Off-Market RADAR tracks foreclosures, loan sales, mortgages, deeds, CMBS loans and other transactions in Miami, Fort Lauderdale, Orlando, Jacksonville and Tampa Bay. The Atlanta-based firm utilizes information from public records as well as its own, independent research. By year’s end, the firm plans to add the top 10 primary metros in the United States to its service area.

The goal of Off-Market RADAR is to relentlessly pursue transparency of commercial real estate information to drastically increase the efficiency of the market, drive down transaction costs, and increase transaction probability.

For more information, contact Brian McCarthy at 404.939.7256.

http://www.offmarketradar.com/

Colliers International’s Matthew Anderson Graduates from Leadership Miami Program

MIAMI, FL -- Colliers International South Florida is pleased to announce that Office Leasing Consultant Matthew Anderson (top right photo) has graduated from Leadership Miami, an annual program sponsored by the Greater Miami Chamber of Commerce.

  Anderson was chosen to attend Leadership Miami, where he had the opportunity to meet Miami's leaders and focus on community issues and leadership skills. The program offered a planned process of lectures, seminars, small group discussions and leadership skills exercises, all aimed at the purpose of preparing the next generation of Miamians to address vital issues affecting Miami-Dade County.

Anderson works alongside Colliers International South Florida Chairman Donna Abood (lower left photo), a recognized industry leader in South Florida office leasing. He leverages his experience in the financial industry, understanding of investing and his creative marketing expertise to think outside of the box and provide a high level of service to his clients.

Contact:

Crystal Proenza

Vice President of Marketing

Colliers International South Florida

Commercial Real Estate Services

Tel: 305 476 7138

Email: crystal.proenza@colliers.com

www.colliers.com

Cuhaci & Peterson Architects to design Interiors for Cigar City Brewing and Mise En Place Restaurants at Tampa International Airport

 ORLANDO, FL. --- Cuhaci & Peterson Architects based in Orlando’s Baldwin Park was recently awarded contracts to design two food and beverage facilities at Tampa International Airport for HMS Host.

Lonnie Peterson (lower right photo), chairman at Cuhaci & Peterson, said the firm is designing Cigar City Brewing a craft beer establishment that totals 1,200 square feet of space and a Mise En Place contemporary American cuisine restaurant and wine bar that totals 1,200 square feet.

For more information, contact:  

Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;  

Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  

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

Cassidy Turley Markets One Hartsfield Centre for Sale in Atlanta

 ATLANTA, GA -- Cassidy Turley, a leading commercial real estate services provider in the U.S., is marketing for sale One Hartsfield Centre (top left photo), a Class-A, 150,000-square-foot office building overlooking the north end of Hartsfield-Jackson Atlanta International Airport.

The eight-story building, which has achieved both LEED and Energy Star certifications, is 80 percent occupied and features long-term, transportation-related credit tenants from both the private sector and the federal government.

Only 30 percent of its existing leases are set to expire before January 2018. Located in a high-barrier-to-entry market, the property offers expansive views of the airport, direct shuttle access to Hartsfield-Jackson and significant development opportunities on its 14 acres.

“We are tremendously excited about the opportunity to put this best-in-class asset on the market,” said Gary Lee (middle right photo), a managing director of Cassidy Turley’s Atlanta office.

“One Hartsfield Centre is in excellent physical condition, has a long track record of tenant retention and provides easy access to the airport and interstate. This is a very strong asset that will receive significant interest nationally from core-plus and value-add office buyers.”

The sales team for One Hartsfield Centre consists of Lee; Mike Shelly (bottom left photo), a senior managing director in Cassidy Turley’s Atlanta office; and Watson Bryant, an associate vice president in the office.

Public Relations Contact:

Tony Wilbert

Wilbert News Strategies

404-965-5022

twilbert@wnspr.com

Beech Street Capital Closes $18 Million Fannie Mae Loan for Miami, FL Apartments

  

BETHESDA, MD, JUNE 12, 2012– Beech Street Capital, LLC, announced today that it provided an $18 million Fannie Mae conventional loan to refinance 1550 Brickell (top left photo), a 138-unit apartment complex located in Miami, Florida.

Patrick Boyle (middle right photo), vice president based out of Beech Street’s Baltimore, Maryland office, originated the transaction.

 The borrower, new to Beech Street, was pushing to rate lock quickly in order to take advantage of the low interest rate environment.

 “We were able to lock in an extremely low interest rate and close this transaction right on schedule thanks to the smart, committed and hardworking team at Beech Street Capital,” states the borrower, Robert Green (bottom left photo), president of Green Development Group.

 “I have been involved in many commercial loan transactions during my career and, candidly, I have never been involved with one that happened so fast and so smoothly. Beech Street greatly surpassed my expectations.”

The fixed-rate loan has a 10-year term with 9.5 years yield maintenance, and amortization of 30 years payable on an actual/360 basis.

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

Courtney Lewis, 240-507-1948 or

Jenifer Bernardi, 240-507-1946.

Beech Street Capital Closes $25 Million Freddie Mac Loan for Mobile, AL Apartments

 BETHESDA, MD – Beech Street Capital, LLC announced that it closed a $25 million Freddie Mac CME loan to refinance Stone Ridge at Somerby Park (top left photo), a 317-unit apartment complex in Mobile, Alabama.

The transaction was originated by Chad Thomas Hagwood (middle right photo), executive vice president based out of Beech Street’s Birmingham, Alabama office.

 The borrower constructed the property in 2008 and was looking to refinance the existing loan, while taking advantage of low interest rates. Having recently closed a Freddie Mac acquisition loan with Beech Street for a 152-unit apartment complex in Brooksville, Florida, the borrower was confident that the lender could deliver

.

Stone Ridge at Somerby Park is located in west Mobile and is about nine miles west of the Mobile central business district.  The property has convenient access to I-65 and I-10, as well as access to employment centers, shopping, and institutional developments including the Mobile Regional Airport and the University of South Alabama.

 “This transaction represents Beech Street’s increasing presence in the southeast and exemplifies the bright outlook for the west Mobile apartment market growth,” states Hagwood.

 The property consists of nineteen, two and three-story buildings on over 21 acres, and has a corporate concentration of approximately 23 percent of the total units. Amenities include an outdoor swimming pool, 24-hour cardio/fitness center, business center, playground, picnic/grilling areas, dog-walk park, and car care facility.

 The fixed-rate loan has a 10-year term with a two-year interest-only period followed by a 30-year amortization schedule.

 Contact:

Courtney Lewis, 240-507-1948 or

Jenifer Bernardi, 240-507-1946.

Charles Dunn Co. Completes $2 Million Sale of 20-Unit Multifamily Property in Los Angeles County

  

 LOS ANGELES, CA, June 11, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $2,075,000 sale of a 20-unit apartment property located at 225 N. Ave. 53 in Highland Park near the 110 freeway.  

Albert Shilton (top right photo) and Blake Rogers (middle left photo) of Charles Dunn Company represented the seller, Los Angeles-based 225 Avenue 53, LLC, and the buyer, Remedy Investors 2, LLC, from Los Angeles.

Shilton and Rogers generated nine offers for the property, ultimately selling it for a cap rate of 6.8 percent and a price per foot of $168. Both are indicators that have not been seen in Highland Park since 2008.

“After buying the foreclosed asset in mid-2011, the investor immediately began a renovation and lease-up program that resulted in this record breaking price,” said Rogers.

Built in 1991, the property totals 12,350 square feet and was 90 percent occupied at the close of escrow. 

 The unit mix consists of 10 one-bedroom/one-bathroom units and 10 two-bedroom/two-bathroom units.

 “The buyer was drawn to the property because it was non-rent controlled and offered a strong unit mix,” said Shilton. “The condition of the building allowed the buyer to obtain agency financing. Based on a projected cap rate of 6.8 percent, the buyer should have terrific cash flow.”

Contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Voit Real Estate Services Directs $5.6 Million Office Sale to National University in San Diego, CA

 San Diego, CA (June 11, 2012) – Voit Real Estate Services’ San Diego office has successfully directed the $5.6 million sale of a 31,421 square-foot office building located at 9980 Carroll Canyon Road (top left photo) in San Diego, Calif., on behalf of the seller.

The buyer, San Diego-based National University, the second-largest private, nonprofit institution of higher education in California and the twelfth-largest in the United States, plans to use this two-story building for administrative and educational purposes, according to Brian Mulvaney (middle right photo), CCIM, SIOR, a Senior Vice President in Voit’s San Diego Office.

 Mulvaney worked with Bruce Sanders (lower left photo), Paul Brown and Matthew Bean of Voit to represent the seller, Rancho Santalina, LLC, a San Diego-based real estate investment firm. The buyer, National University, was represented by John Bucher of John Bucher Real Estate.

“We understood the development potential of this property, which sits on a 5.03-acre parcel.  The excess land can accommodate an additional building, and potentially a parking structure,” said Mulvaney. 

 “We were successful in communicating this potential, and identifying a buyer who was seeking a property with opportunities for development down the road.”

This property is located just off of the I-15 freeway at the intersection of Carroll Canyon Road and Business Park Avenue in Scripps Ranch, San Diego.

Contact: 

Judith Brower/Jenn Quader

Brower, Miller & Cole

(949) 955-7940

Jquader@browermillercole.com

NBC 5 / KXAS-TV Announces Construction Of State-of-the-Art Media Facility to Include Telemundo and NBC Universal Businesses

DALLAS and FORT WORTH, TX June 11, 2012 /PRNewswire/ -- NBC 5 / KXAS-TV has finalized plans for construction of a state-of-the-art broadcasting and multimedia news facility to be located in The CentrePort Business Park (top left photo), just south of the Dallas-Fort Worth International Airport (bottom right photo)

The technologically advanced facility is being specifically designed to provide the resources for journalists to collect, interpret and report the news and information most relevant to North Texans 24-hours each day on multiple distribution platforms.

 The 75,000-square-foot building will combine NBC 5 facilities currently located in east Fort Worth and Dallas to the 8.1 acre site in Fort Worth.  The project developer, KDC, will commence construction at the end of June with completion slated for late 2013.

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

Brian Hocker, +1-817-654-6380

Web Site: http://www.nbcdfw.com/

Atlanta Commercial Real Estate Show Highlights How Businesses Can Improve Bottom Line through Tax Credits

ATLANTA, GA (June 11, 2012) – State and federal tax credits are among the most powerful tools available to help businesses improve their bottom lines and help real estate developers raise cash needed for their projects. However, a huge majority of companies and developers don’t take full advantage of the credits.

 On this week’s “Commercial Real Estate Show,” companies and investors gain insight on the availability of and the ways to benefit from tax credits.

“I would say greater than 80 percent of companies don’t capture every tax credit opportunity” available to them, said guest David McMillian (top right photo), president of McMillian & Associates.

 Depending on your location, tax credits are available for new hires, renewable energy projects, movie productions, small businesses that provide health insurance to their employees and companies that retrain their employees in new technologies and equipment, guests noted.

Businesses seeking to take advantage of tax credits benefit by the guidance of a specialist, in part because the credits can be obscure and the accompanying paperwork daunting,guests advised. “They are advertised. It really is a niche environment,” said Brett Weal, a senior manager with Reznick Group. “Get an expert upfront.”

 Real estate developers can receive either federal or state tax credits for building low-income housing projects, restoring historic buildings, building in impoverished areas and developing old textile-mill sites, among other credits. The developers are then able to sell the credits to raise the equity needed to execute their projects.

The public, the developers and the taxpayers who buy the tax credits all benefit in the process, guests said. “Developers in this day and age need cash for their projects,” said Chris Rogers (top left photo) of Tax Credit Advisors. “They [the developers] tend to not need these credits themselves … There’s a market out there for these tax credits, [and the tax payers] put cash into the projects in exchange for an allocation of the credits.”

 Developers can obtain more than one kind of credit for their projects, guests noted. Robert Lewis (middle right photo), a principal with Tax Credit Advisors, cited the example of one of his clients who “generated 45 percent of the project cost” by combining multiple types of tax credits on a single project.

 The full show on tax credits is available for download at www.CREshow.com.

 The next “Commercial Real Estate Show” will be available June 14 and will provide an update on the REIT market.

 Contact:

Stephen Ursery

Wilbert News Strategies

E-mail: sursery@wnspr.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.wnspr.com

Industry leader Steven Morgan joins Avison Young in Atlanta

ATLANTA, GA, June 11, 2012 /PRNewswire/ - Steve Dils (lower left photo), Avison Young Principal and Managing Director of the company's Atlanta office, announced today that leading real estate professional Steve Morgan (top right photo) has joined Avison Young'sbrokerage operations in Atlanta.

Effective immediately, Morgan joins Avison Young as a Principal. He will focus on his specialties of office sales, leasing and investments and will provide multi-market advisory for corporate and international clients.

He was most recently Senior Vice-President and Associate Broker at Grubb & Ellis in Atlanta.

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

Sherry Quan, Nat'l Director of Communications & Media Relations: (604) 647-5098; (604) 726-0959

First Green Bank President Speaks to U.S. Green Chamber of Commerce

 MOUNT DORA, FL --- Kenneth LaRoe (top right photo), president of First Green Bank in Mount Dora, spoke to the U.S. Green Chamber of Commerce in Orlando recently.

LaRoe told the group that the U.S. banking industry faces many challenges, including environmental leadership.

“Clearly America’s banking industry is behind the times on environmental issues,” LaRoe said. “At First Green Bank, one of our missions is to help eliminate that conservation gap,” he said.

 

First Green Bank is ranked as one of the most environmentally “green” banks in the U.S., according to the American Bankers Association and the Independent Community Bankers of America.

First Green Bank opened in 2009 and has a branch in Ormond Beach in addition to Clermont.    Its Mount Dora headquarters, opened late last year, is the second privately constructed building in Florida to qualify for the U.S. Green Building Council’s LEED Platinum certification for energy efficiency and environmental sustainability.  

For more information about this press release, contact:  

Kenneth E. LaRoe, CEO and Chairman, First GREEN Bank, 352-483-9100, ken@firstgreenbank.com

 Paul Rountree, President, First GREEN Bank, 352-483-9100, paul@firstgreenbank.com

 Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 or 407-461-3780, lvershelco@aol.com  

Pulte Homes Hosts More Than 130 People at Windermere Terrace Grand Opening

Windermere, FL--- Pulte Homes reports it hosted more than 130 people at the recent grand opening at Windermere Terrace, Pulte’s newest single family community located off Overstreet Road in Windermere.

Sean Strickler (middle right photo), vice president of sales for Pulte Homes in Central Florida, said guests enjoyed foods from local gourmet food trucks, Yum-Yum Cupcakes and the Crooked Spoon.

Strickler said guests also met new home sales consultants Kristi McCollom and CaliAnne Howell and toured the Madison (top and bottom photos) – a two story, four-bedroom, 3.5-bath model home priced from $329,990.

McCollom and Howell also unveiled eight floor plans for single-family homes at Windermere Terrace on 50-foot and 60-foot home sites.

“Windermere is such a highly desirable community we expected a good turnout but 130 prospective home buyers is a clear sign that interest is high and the housing market in the Orlando region is bouncing back,” said Strickler.

Windermere Terrace features wooded conservation and pond view homes.  Strickler said the eight new single family home designs offered at Windermere Terrace starting from the $220s have three to six bedrooms with two to four baths and range from 1,744 to 3,649 square feet with two and three car garages.

For more information about Windermere Terrace, visit www.Pulte.com/orlando  or call 407-656-1009.

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

Kara Lushear, Marketing Coordinator Pulte Homes North Florida Division,

813-661-6214; kara.lushear@Pultegroup.com  

Lyndsey Patterson, Director of Marketing, Pulte Homes North Florida Division, 407-661-2150 ext 1416 2301 Lucien Way, Suite 400, Maitland, FL 32751; lyndsey.patterson@pultegroup.com;

 Sean C. Strickler, Vice President Sales, Pulte Homes North Florida Division, 407-661-1461 sean.strickler@pultegroup.com;    

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