Voit Completes 500,000-SF Industrial Lease Renewal for Global Tire Manufacturer in Redlands, CA

INLAND EMPIRE, CA– Frank Geraci, Walt Chenoweth (middle right photo), Juan Gutierrez (lower left photo) and Patrick Wood of Voit Real Estate Services’ Inland Empire office have completed a 24-month, 497,714 square-foot industrial lease renewal in Redlands, Calif. on behalf of the lessee, Continental Tire North America.

Continental Tire, a global manufacturer and distributor of performance tires, has fully occupied this industrial property since 2009, and will continue to use the property for its North American operations, according to Geraci, an Executive Vice President in Voit’s Inland Empire office.

“This renewal is an example of how important it is to be forward-thinking in our industry,” explained Geraci.  “Our team completed the initial 42-month lease of this building on behalf of Continental Tire in 2009. 

“At the time, we anticipated that the Inland Empire industrial market would improve.  With this in mind, we proactively negotiated a renewal option for our client, giving them an opportunity to extend their lease under pre-negotiated terms.”

The market has improved as expected, according to Geraci, who noted that the inventory of large industrial buildings in the Inland Empire continues to rapidly decline, while rental rates are progressively increasing.

“As we examined the current market, we advised our client to take advantage of the renewal option, locking in below-market rates for an additional two years,” said Geraci.

This property, located at 27223 Pioneer Ave (top left photo). in Redlands, Calif., is close to the I-10, I-210 and I-215 freeways.  The lessor, Prologis, a global REIT, represented itself in the transaction. 

  Contact:

Jenn Quader/Judith Brower

Brower, Miller & Cole

(949) 955-7940

JQuader@browermillercole.com

HFF marketing for sale two Class A apartment communities in Bloomingdale, IL

  

CHICAGO, IL – HFF announced it has been named to market for sale Camden at Bloomingdale (top left photo)  and Stratford Place (middle right photo), two Class A garden-style apartment communities in Bloomingdale, Illinois. 

HFF is marketing the properties on behalf of the seller, LaSalle Investment Management.  The properties can be purchased as one investment or individually.

Camden at Bloomingdale is located at 348 Glenwood Drive near the intersection of West Schick Road and Gary Avenue. 

Stratford Place is located approximately one-half mile to the southeast of Camden at Bloomingdale at 232 Butterfield Drive. 

 Both completed in 1991, the properties are comprised of one-, two- and three-bedroom units averaging more than 900 square feet.

 The communities have both been partially upgraded and provide investors the opportunity to complete the renovation and thereby create further value. 

The properties also provide amenities such as clubhouses, fitness centers, business centers, outdoor swimming pools, tennis courts, sand volleyball courts, jogging trails and dog runs.

The HFF investment sales team representing the seller is led by executive managing director Matthew Lawton (middle left photo) and managing directors Marty O’Connell (lower right photo) and Sean Fogarty. 

“These properties represent the very best of both product and location in the suburbs.  This can be evidenced by the fact that occupancies at both properties are above 95 percent and rental rates continue to grow rapidly,” commented O’Connell. 

LaSalle Investment Management is a leading real estate investment manager with nearly 700 employees in 18 countries worldwide.  The firm manages $47 billion of private and public property equity investments as of March 31, 2012 and clients include public and private pension funds, insurance companies, governments, endowments and private individuals from across the globe.

 For more information, please visit www.lasalle.com.

Contacts:                

MARTY O’CONNELL                                             

Managing Director                                             

(312) 528-3650                                                   

 moconnell@hfflp.com                                       

MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com

HFF closes $9.3 million sale of Wal-Mart-anchored neighborhood center in Tampa, FL

ORLANDO, FL – HFF announced it has closed the sale of Bloomingdale Hills, a 78,442-square-foot neighborhood retail center anchored by a new Wal-Mart Neighborhood Market in Riverview, Florida.

HFF represented the seller, Mimms Enterprises.  Thompson National Properties purchased the retail property for $9.3 million free and clear of debt.

Bloomingdale Hills is located at 10863 West Bloomingdale Avenue approximately 12 miles southeast of downtown Tampa in Riverview.  Renovated in 2012, the retail center is 100 percent leased and is anchored by a new 57,756-square-foot Wal-Mart Neighborhood Market.  Other tenants include Tampa Children’s Hospital Outpatient Facility, Happy’s Home Centers and Liberty Tax Service.

The HFF team representing the seller was led by senior managing director Brad Peterson (middle right photo)and senior financial analyst Michael Weinberg (lower left photo). 

According to Peterson, “There was an extremely strong response to this offering with nearly 20 offers received from a variety of investors including public and private REITs, pension fund advisors, foreign capital and leading private investors.  Investors responded favorably to the high-growth Tampa location and the credit lease-term and operating prowess of the Wal-Mart brand.”

 For more information on Mimms Enterprises, visit www.mimmsenterprises.com.

For more information regarding Thompson National Properties, please visit www.tnpre.com.

Contacts:                

H. BRADLEY PETERSON                            

HFF Senior Managing Director                         

 (407) 286-5524                                                   

bpeterson@hfflp.com                                       

MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com

Martin Luther King, Jr. Multi-Service Ambulatory Care Center Tops Out Structural Steel in Los Angeles

Los Angeles, CALIF., (June 27, 2012) – McCarthy Building Companies, one of Southern California’s preeminent healthcare builders, recently topped out structural steel on the new $150 million Martin Luther King, Jr. Multi-Service Ambulatory Care Center in Los Angeles. 

 Over the last seven weeks, steel workers installed 1,500 pieces (1,000-tons) of structural steel to create the frame for the new facility. 

A topping out ceremony was held on June 20, 2012 to mark the project milestone. Los Angeles County Supervisor Mark Ridley-Thomas proudly addressed the audience of construction workers, hospital employees, government officials and Trade-Union business agents in attendance at the event. 

Other speakers included McCarthy President, California Region Randy Highland; Los Angeles County Department of Public Works Assistant Deputy Director David P Howard; Los Angeles/Orange Counties Building & Construction Trades Council Representative Ron Miller and McCarthy Project Director Michael Wiggins.

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

Laura Mickelson (LM Communications)                

Susan Garritano (McCarthy Building Companies, Inc.)

Lauramickelson@cox.net; (949) 453-0851          

 Sgarritano@mccarthy.com; (314) 968-3300          

Lincoln Property Co. Brokers URS Corp.’s 16,500-SF Lease at Orlando Office Complex

ORLANDO, FL –Lincoln Property Company Southeast has brokered URS Corp.’s new five-year lease of 16,500 square feet of office/flex space at Discovery Lakes I (top left photo) in Orlando.

Jay Dixon (middle right photo), vice president, office, for Lincoln Property Company Southeast represented the landlord, Grosvenor, in the transaction, and Nick Poole (lower left photo) of CNL represented URS Corp.

Located next to the University of Central Florida, the 75,279-square-foot, Class-B Discovery Lakes is part of the Central Florida Research Park. It features lake views, a parking ratio of six spaces per 1,000 square feet and ceiling heights of 11 feet, 6 inches.

URS Corp is a great fit for this space at Discovery Lakes I,” Dixon said. “We are excited about the value the company brings to the building.”

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

Berger Commercial Realty Represents Forman Industrial Land, LLC in Sale of 15-Acre Parcel in Davie, FL for More than $10 Million

 FORT LAUDERDALE, FL. (June 28, 2012) – Berger Commercial Realty founder and President Lloyd Berger (top right photo) and Senior Vice President Steve Hyatt (middle left photo) , along with Pat Montalbano of Montalbano Commercial Realty, represented Forman Industrial Land, LLC in the sale of 15.493 acres of land in Davie for $10,075,000 to CRP-GREP, an entity of Greystar. The deal closed June 26.

Greystar plans to build 376 luxury, garden-style apartments on the highly visible site, which is located off Davie Road and I-595. 

 "With the strong demographics of the Davie market and its excellent highway accessibility, this site fits perfectly with Greystar’s plan for upscale, garden style apartments in Broward County,” said Hyatt, who has been working with Greystar on other potential acquisitions in Florida.

Headquartered in Charleston, S.C., Greystar is a fully integrated multifamily company offering expertise in property management, development and investment throughout the United States. The company manages more than 190,000 units in more than 100 markets and has invested approximately $3 billion in multifamily investments since its inception in 1993.

Contact:

Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999, ext. 226

msologuren@piersongrant.com

Nordstrom To Open First Full-Line Store In NYC

 NEW YORK, NY June 28, 2012 /PRNewswire/ -- Nordstrom, Inc. has finalized an agreement with Extell Development Company to build Nordstrom's first full-line store in New York City.

This new flagship store will open along Manhattan's bustling 57th Street corridor at 225 West 57th Street, between Broadway and Seventh Avenue, in the Columbus Circle area of Manhattan. The 285,000 square-foot store is expected to open in 2018.

The announcement of the Extell/Nordstrom deal was announced at a news conference at Nordstrom's treasure&bond Soho location at 350 West Broadway keynoted by Mayor  Michael R. Bloomberg (middle right photo).

"It makes perfect sense that Nordstrom - one of the premier names in retailing - would want a flagship store in New York, the world's premier city for retailing," said Mayor Michael R. Bloomberg.

 "This is very exciting news for New Yorkers and the millions of tourists who come to our city to shop each year, and this new addition to the West Side of Manhattan is another sign of the private sector's confidence in New York City."

(Nordstrom Chicago store lower left photo)

For Nordstrom, the agreement with Extell marks its full-line store entrance into the New York City marketplace.

  Its 7-story department store will comprise the base of a distinctive mixed-use, retail, hotel and high-rise residential tower still in the planning stages by Extell. Nordstrom views the development as a great opportunity to serve customers within the highly accessible, heavily trafficked and growing West Side retail scene.

The 40,000 square foot block-through site, which fronts on the northern side of 57th Street between Broadway and Seventh Avenue and extends to 58th Street, once housed the original Hard Rock Cafe.  The parcel was assembled by Extell President Gary Barnett over a period of nearly a decade. According to Mr. Barnett, excavation work on the site could begin as early as the first quarter of next year.

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

Media:

Nordstrom:     

Brooke White

(206) 303-3030,

Brooke.White@nordstrom.com

 Nordstrom, Inc.

 Extell: 

George Arzt (212) 608-0333, chief@gacnyc.com

George Arzt Communications, Inc.

Web Sites

 http://www.nordstrom.com

www.extelldev.com

Sperry Van Ness Florida Sells Distressed Clearwater, FL Apartment Complex

  

  

CLEARWATER, FL, June 28, 2012 -- Brookside Gardens, a 44 unit apartment complex in Clearwater sold for $975,000 equaling $22,159 per unit. Enon S. Winkler, (top right photo) CCIM ,Senior Investment Advisor, Jad Richa (middle left photo), Investment Advisor and Nicholas Ledvora (lower right photo) CCIM, Senior Investment Advisor of Sperry Van Ness Florida handled the transaction on behalf of the seller, a national bank. 

The offering represented a value-add opportunity in a strong infill location in Pinellas County, Florida’s most densely populated county.

“We received significant interest and multiple offers, despite its distressed state, which allowed us to maximize the asset’s value for the seller.”  Stated Winkler.  “We were able to secure a full price offer, with a short due diligence time frame and a fast closing.”  The buyer, a private investor, will immediately begin rehabbing the property in an effort for a quick stabilization.

 “We continue to see strong investor demand in B/C assets in the Tampa Bay MSA, due to continued rental growth and rising occupancy rates.” Said Richa “While cap rates continue to compress, this class of asset still represents a strong investment vehicle for private investors and their equity partners.” 

The Winter Park Office of Sperry Van Ness is one of the Southeast’s premier real estate services groups.

 With over $1.5 billion in recent sales transactions, the Winter Park office of SVN is modeled as a boutique real estate services firm headquartered in Orlando. SVN Winter Park Office leverages the SVN National Platform and services the entire Southeast Region with an ardent focus on the Central Florida Market.

 Our SVN office has extensive brokerage experience concentrating on representing sellers of multifamily, retail, office and mobile home communities. 

For more information, please contact::

 Enon Winkler

 (407) 434-0363

Nicholas E. Ledvora, CCIM

Senior Investment Advisor

Sperry Van Ness Florida Commercial Real Estate Advisors

703 Executive Drive | Winter Park, Florida 32789

Phone 407.434.0363 | Cell 407.460.5522

NLedvora@svn.com |  www.svnFlorida.com

Faris Lee Investments Completes $4.51 Million Sale of Goodwill Property in Santa Clarita, CA

  

IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $4.51 million sale of a single-tenant property occupied by Goodwill of Southern California (GSC) (top left rendering).

Renovated in 2011, the 21,600 square foot property is situated on 1.08 acres and is located at 18901 Soledad Canyon Road in Santa Clarita, Calif.

 Donald MacLellan (middle right photo), senior managing partner, and Christopher Tramontano (middle left photo), managing director, of Faris Lee Investments represented the seller, Paragon Commercial Group from El Segundo, Calif. along with Adam Fisher at Centerra Retail Group who provided the local leasing market expertise. 

The buyer was 11730 Ventura Blvd, LLC, a private 1031 exchange buyer from Ventura, Calif. who was represented by Illi Commercial Real Estate.  The closing cap rate was 7 percent, which according to CoStar is the lowest cap rate for a Goodwill-occupied property in California for the past seven years.

 “Faris Lee positioned the proven strength of the tenant, the long-term lease and opening success of the store as our marketing strategy,” said Tramontano.  “There was significant offer activity and we sold the asset at very close to the asking price and at a record-breaking low cap rate.”

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

Darcie Giacchetto

949.278.6224

Spaulding Thompson & Associates

For Faris Lee Investments

www.farislee.com.

Colliers International and CBRE Team Complete Largest Sale in Six-Building Industrial Center Disposition at Brea Canyon Commerce Center in Brea, CA

  

June 26, 2012 – Brea, Calif. – As part of six-building marketing program, Colliers International, the third largest global real estate services organization, along with CBRE, have completed the $5.64 million sale of a 70,492-square-foot industrial distribution property located within Brea Canyon Commerce Center (top left photo) at 1415 Moonstone in Brea, Calif.

Ian Britton (middle right photo) and John Long (middle left photo) of Colliers International, along with Tom Dorman (lower right photo) of CBRE represented the seller, Cohen Asset Management in the transaction.

 Fred Chen of Focus Group represented the buyer, Perfect 85 Degrees, Inc. Perfect 85 Degrees is an expanding Taiwanese bakery and has retail locations in both Irvine and Hacienda Heights.  Specializing in fresh pastries and baked goods, this building will be used as a central bakery to support their expanding retail operation.

Built in 1989, the facility includes seven dock positions, a fenced yard and 2,700 square feet of office space. This transaction marks the largest transaction from among the five buildings sold thus far within Brea Canyon Corporate Center after an aggressive, 18-month marketing program from the Colliers/CBRE team.

 All told, the five buildings which total approximately 230,000 square feet were sold to a diverse group of buyers and just one 19,779 square foot building remains available within the project.  This building currently has multiple offers in place and should close escrow by the end of June according to Dorman.

 “The seller, Cohen Asset Management, purchased the six buildings from the former owner/occupant, Simpson Manufacturing in 2010,” said Britton. “The ownership reconditioned the buildings once Simpson vacated, which included adding modern landscaping, new paint, resurfacing of the parking lot areas and enhancing the overall image of the project.  Lot lines were also adjusted allowing future buyers to have fenced yard areas and adequate parking.”

 “This project was extremely successful and well-timed given the sharp increase in buyer demand over the last 12 to 18 months,” said Britton. “The majority of the buyers took advantage of record low interest rates on SBA financing, requiring a modest 10 percent down payment.” 

 Britton and Dorman added that as the overall market vacancy rate tightened, buyers from neighboring submarkets like Santa Fe Springs and City of Industry began to target the project due to its attractive business park environment, low tax rate and proximity to quality residential options.

  

Contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

TNP Strategic Retail Trust Acquires Visalia Marketplace in Visalia, CA

 IRVINE, CA – TNP Strategic Retail Trust, Inc. (the “Company”), a public non-traded REIT that invests in grocery and drug-store anchored, multi-tenant necessity retail properties and other real estate-related assets, announced the completion of the Company’s 20th acquisition, Visalia Marketplace (top left photo) a 200,794-square-foot retail center located in Visalia, Calif.

Visalia Marketplace was recently renovated in 2008. The center is 92 percent leased and anchored by Save Mart Supermarkets and Kmart. Other national and regional tenants include Starbucks, Brandman University and Great Clips.

The anchor tenants have long-term leases, with Save Mart Supermarket’s lease expiration at the end of 2028 and Kmart’s lease expiration in 2024.

“We believe we have found exceptional value in this property, acquiring it for $1.8 million less than an appraised value established by KeyBank in June 2012,” said Steve Corea, senior vice president of acquisitions for Thompson National Properties.

“Further, this property has the zoning and land parcels to add 60,000 square feet of additional leasable area and has excellent freeway frontage and minimal lease rollover during the next five years.”

 

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

Jill Swartz at

949-485-1552,

 jill@spotlightmarcom.com

www.tnpre.com.

Cuhaci & Peterson Architects Completes Design Work for six LA Fitness Centers throughout Florida

ORLANDO, FL — Cuhaci & Peterson Architects, Engineers, Planners based in Orlando’s Baldwin Park, recently completed design work on six LA Fitness Centers located in the Tampa, Jacksonville and Sarasota areas.

Lonnie Peterson, chairman at Cuhaci & Peterson Architects, said each facility includes 50,000 square feet of space and all have opening dates before the end of this year.

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   

Orange County, CA Retail Asset Commands $12.1 Million

  

SANTA ANA, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 58,450-square foot Burlington Coat Factory (top left photo) in Santa Ana. The sales price of $12,100,000 equates to $207 per square foot.

Paul Bitonti (middle right photo) a vice president investments in Marcus & Millichap’s Newport Beach office, represented the seller, a limited liability corporation. Mark Thiel (lower left photo), a senior associate in the firm’s San Diego office, represented the buyer, an Orange County-based private family partnership.

“The property was marketed to a wide range of potential buyers, including institutions, REITs and private investors, both foreign and domestic,” says Bitonti. “Investors were attracted to the excellent location and submitted multiple offers.”

“The asset is a high-identity building with 285 lineal feet of frontage along the Bristol street corridor,” adds Bitonti. “ The site’s average daily traffic count exceeds 40,000 cars per day and is home to numerous national and regional tenants, including Walgreens, IHOP, Target, Trader Joe’s, In-N-Out Burger, Burger King, Taco Bell, Starbucks and El Super.”

“This absolute net leased investment will provide the new owner with a rental increase of 2.7 percent in November 2013,” says Thiel. “There are also four five-year options to extend with 50-cent per square foot rent increases every five years.”

Built in 2000 on 5.3 acres, the Santa Ana Burlington Coat Factory is located at 2840 South Bristol St. at the northwest corner of Bristol Street and Segerstrom Avenue. The location is one mile north of South Coast Plaza, the largest shopping mall in California.

Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716

           

Christopher A. Kelly joins Berger Commercial Realty as a research analyst

 FORT LAUDERDALE, Fla. (June 27, 2012) – Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced Christopher A. Kelly (top right photo) has been hired as a research analyst.

 At Berger Commercial Realty, Kelly's primary focus will be providing in-depth information to the firm's brokerage team by collecting and analyzing current market data and trends, utilizing criteria such as property types, location, price, and occupancy and lease rates. He also will assist with the firm's social media initiatives.

 Kelly is working toward his bachelor’s degree in economics from Florida International University in Miami. He is a resident of Davie.

Contact: 

Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999 ext. 226

msologuren@piersongrant.com

Gladstone Commercial Corp. Announces Property Acquisition in Columbus, GA

MCLEAN, VA  /PRNewswire/ -- Gladstone Commercial Corporation (NASDAQ: GOOD) (the "Company") reported it purchased  a recently constructed 32,000 square foot state-of-the-art office and classroom facility located in Columbus, GA for $7.3 million.

The building is fully leased to the University of Phoenix and fully guaranteed by Apollo Group, Inc., its publicly traded parent company.

Apollo Group, Inc. is one of the world's largest private education providers and has been in the education business for more than 35 years. Apollo offers innovative and distinctive educational programs and services both online and on-campus at the undergraduate, master's and doctoral levels. 

 

 The Property was selected by University of Phoenix to accommodate additional capacity not available at its previous location in the same market. University of Phoenix student enrollment includes a mix of both on-campus and online classroom environments.

"This acquisition adds another first rate tenant and high value property to our existing portfolio," said Buzz Cooper, the Managing Director responsible for the transaction.

Additional information can be found at www.gladstonecompanies.com.

For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstone.com.

Contact:

 Gladstone Commercial Corporation,

+1-703-287-5893

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