Marcus & Millichap Sells Sweet Tomatoes Ground Lease in West Palm Beach, FL

 WEST PALM BEACH, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a Sweet Tomatoes (top left photo) ground lease, a 6,800 square-foot net leased property located in West Palm Beach, Florida, according to Spencer Yablon, Vice President/Regional Manager of the firm’s Philadelphia office.

 The asset commanded a sales price of $1,935,000.

  

 Matthew P. Gorman and Michael Shover of the Philadelphia office, along with Robert Granda in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from New Jersey.

 The buyer, a limited liability company from South Florida, was secured and represented by Gorman, Shover and Granda, as well as Douglas K. Mandel (top right photo) in Marcus & Millichap’s Ft. Lauderdale office.  Kirk Felici (lower left photo), Broker of Record in the Florida office, assisted in closing this transaction.

“The single-tenant Sweet Tomatoes is located within a few hundred yards of the planned multi-million dollar redevelopment of the former Palm Beach Mall on Palm Beach Lakes Boulevard” said Gorman. 

“This major redevelopment will positively change the local market with regards to employment and traffic counts, as well as reestablish this location as a main retail hub.  The buyer was procured in less than a week and closed thirty days later.  He was able to see the long-term upside in the real estate and moved quickly to take it down,” says Granda.

Situated immediately off Interstate-95, Sweet Tomatoes is located at 1900 Palm Beach Lakes Boulevard in West Palm Beach, FL.  At closing it had 13 years remaining on a ground lease and provided rental increases every five years. 

Press Contact:

Ashley Steele

Fort Lauderdale Office

954.245.3400

Marcus & Millichap Names Gus Lagos Senior Associate in Houston, TX

 HOUSTON, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired Gus N. Lagos (top right photo) as a senior associate in the Houston office, according to David Luther, vice president and regional manager of the office.

In his new position, Lagos focuses on the sale of retail real estate in the Houston area. He also holds the title of associate director of Marcus & Millichap’s National Retail Group (NRG).

“We are extremely excited to have Gus be part of our team,’ says Luther. “His extensive investment sales experience and strong client relationships will further enhance our ability to serve private investors in Houston,” Luther notes.

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

Stacey Corso

Public Relations Manager

(925) 953-1716

Equity Funds in the Red for Second Quarter Despite June Rally, Morningstar Canada Data Show

TORONTO, July 4, 2012 /CNW/ - Despite posting positive results in June,most equity and balanced funds in Canada were not able to overcome their losses suffered in the previous two months and ended the second quarter of 2012 in negative territory, according to preliminary performance numbers released today by Morningstar Canada.

 Among the 22 Morningstar Canada Fund Indices that measure the aggregate performance of equity fund categories, only two managed to stay positive last month. Among balanced funds, the target-date portfolio categories posted slight increases, while all other balanced categories were in the red.

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

Adam Fisch,

 Fund Analyst,

Morningstar Canada,

 (416) 484-7815;

Christian  Charest,

Editor,

 Morningstar Canada,

 (416) 484-7817

Marcus & Millichap Arranges Sale of Sealy Tract Agriculture Land in DeFuniak Springs, FL for $1 Million

DEFUNIAK SPRINGS, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Sealy Tract Agricultural Land (top left photo)  located in Defuniak Springs, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The 1,019.22-acre vacant property sold for $1,050,000.

Paul Bouldin (lower  right photo), a senior associate and member of the National Land Group (NLG) in Marcus & Millichap’s Tampa office, represented the seller, a financial institution. The buyer was a Florida timber company.

The 1,019.22-acre Sealy Tract is located at Cosson Road between Freeport and Defuniak Springs in Walton County.

The property is zoned GA (General Agriculture) and is intended for future timber operations, the enhancement of natural resources and conservation. According to Bouldin, future land use is limited to low-impact residential usage and activities compatible with natural resources and wildlife conservation.

“Complications of transactions today have made it increasingly important to have real professionals involved,” comments Bouldin.  “We are extremely pleased that we closed on time and under the agreed terms, in spite of the difficulties that arose. The successful closing is a testament to all the people involved.”

Contact:

Richard D. Matricaria

Regional Manager, Tampa

(813) 387-4700

Colliers Lists Class A Cypress Creek Office for Lease in Fort Lauderdale, FL

MIAMI, FL - Colliers International South Florida is pleased to announce that Senior Commercial Associates Sal Bonsignore (middle right photo) and Clinton Casey (lower left photo) have been appointed the exclusive leasing agents for 1201 W. Cypress Creek Road in Fort Lauderdale, FL.

 The 110,500-square-foot Class A office building is part of the 24-acre Crown Center (top left photo) green campus. Crown Center is the only "for profit" LEED Certified Campus within the State of Florida. Office spaces available at the property range between 5,000 to 16,000 square feet.

"We are truly excited to begin working with the Ownership at Crown Center," says Bonsignore. "They have a great reputation for creating and maintaining the class A office campus. We are glad to be part of their marketing and leasing team."

The Crown Center campus consists of six buildings and is home to numerous large corporate tenants. This 470,000-SF office park is located within minutes of I-95, restaurants, hotels, shops and banking.

The property offers numerous amenities such as an on-campus café, abundant parking and a professional on-site property management team that ensures all tenants and the grounds receive the utmost attention. Current tenants at the building include Sanford-Brown, CruiseOne, and Brown & Brown Insurance.

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

Faris Lee Investments Completes $1.23 Million Sale of Jiffy Lube Property in Phoenix Area

 IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $1.23 million sale of a single-tenant property occupied by Jiffy Lube (top left photo).

 Built in 2005, the 1,947 square foot property is located at 115 E. Van Buren Street in Avondale (Phoenix area).

Jeff Conover (middle right photo), senior managing director with Faris Lee Investments represented the seller, Los Angeles-based Camden Holdings. The buyer who paid all-cash was Graham Real Estate Two LLC from Tacoma, WA and was represented by Steve Brown of Lake Chelan Real Estate.

 

“Faris Lee’s marketing strategy for this NNN leased property was to obtain mass market exposure across the nation through our proprietary database of buyers and sellers,” said Conover. “We identified an all-cash investor from out of state and made the sale at 99 percent of list price. The transaction also sold at a high price per square foot of $632.”

Jiffy Lube is the largest system of franchised and company operated service centers in the fast-lube industry, servicing approximately 27.5 million customers each year, with more than 2,000 service centers in North America. The tenant (Phoenix Lubrication Services, Inc.) and its affiliates, own/operate 50 plus Jiffy Lube facilities throughout the Phoenix metro area.

“The property has more than ten years remaining on its long-term lease and with rental increases every five years, which helps the owner hedge against inflation,” said Conover. “Single tenant properties in densely populated areas such as this offer an investor a passive return as they can own a tangible asset and feel they are taking on less risk than other more variable investments such as stocks and bonds.”

The property is located at the very busy intersection/southeast corner of Van Buren St. and Central Ave. (over 44,000 vehicles per day). Jiffy Lube is strategically located adjacent to a Circle K and a car wash and has unobstructed street visibility on Van Buren Street.

A 99¢ Only-anchored shopping center and Wells Fargo Bank are located directly across the street. The densely populated market area has more than 72,000 people plus another 44,000 daytime/employee population within three miles of the Jiffy Lube property.

Conover also noted that Faris Lee Investments has recently put two more oil change properties on the market in Arizona including Valvoline Oil Change located in Lake Havasu for $1,454,000 and Jiffy Lube in Avondale (Phoenix) for $1,300,000.

 Contact:             

 Darcie Giacchetto,

949.278.6224

Spaulding Thompson & Associates

For Faris Lee Investments

Manhattan Apartment Sales Prices Up Slightly from a Year Ago

New York, NY -- According to the second quarter Manhattan residential market report released today by Brown Harris Stevens, the average Manhattan apartment sale price of $1,451,155 was up just 1% from same period in 2011.

The number of closings rose 5% when compared to the second quarter of 2011.

The average price for cooperatives sold during the second quarter of 2012 was slightly below the same period last year, at $1,197,949. The average condominium price was $1,811,957, up 8% from a year ago with all size categories seeing an increase in their average price.

“Continued steady growth in activity and stability in both the average and median prices achieved was bolstered by record low interest rates and limited inventory this quarter,” said Hall. F. Willkie (top right photo), president of Brown Harris Stevens Residential Sales.

 “Employment in New York City continues to best most predictions with over 70,000 private-sector jobs created through May; this bodes well for the City’s economy in the coming months.”

Report highlights include:

·         The average condominium price increased  8% over the second of 2011 due in large part to a $70 million deal at 50 Central Park South.

·         The average price for 3 bedroom and larger cooperatives was up 15% over the same period last year helped by 2 sales over $40 million.

·         Average time on the market for apartments sold this quarter was down 5% from the second quarter of 2011.

·         On the East Side, the number of sales of 3 bedroom and larger apartments for over $10 million was more than double the second quarter of 2011.

·         While the East Side saw price decreases for all size apartments except 3 bedroom and larger, the West Side experienced the opposite.

·         In the Downtown market, the average condo price per square foot rose 9% over the past year to $1,280.

  For a complete copy of the report, please contact:

 Jennifer Little

Rubenstein Public Relations

212.843.8364

jlittle@rubensteinpr.com

 www.BrownHarrisStevens.com

$5 million refinancing of Meridian Crossing arranged by HFF in Carmel, IN

INDIANAPOLIS, IN – HFF announced it has arranged a $5 million refinancing for Meridian Crossing (top left photo), a 155,003-square-foot office building in Carmel, Indiana.

HFF worked on behalf of the property’s manager and owner, REI Real Estate Services, LLC, to secure the 10-year, fixed-rate loan through Aviva Investors for Aviva Life and Annuity Company, an HFF exclusive correspondent relationship.

Originally completed in 1982, the six-story building has undergone $4.3 million in capital improvements over the past several years, most recently in 2011.  The property is situated in central Carmel with close proximity to Indiana University Health North Hospital.

The HFF team representing REI Real Estate Services, LLC was led by managing director Jon Everson (middle right photo). 

“REI’s commitment to the property via capital improvements, along with the property’s location in the heart of Carmel and proximity to Indiana University Health North Hospital made this an attractive investment for Aviva,” said Everson.

REI Real Estate Services, LLC is a real estate services company based in Indianapolis, Indiana.  The company owns approximately one million square feet of office space and operates more than 2.8 million square feet in the Indianapolis area alone and has decades of experience working on major development and construction projects across the nation. 

 Contact:

JON EVERSON                                                 

HFF Managing Directo

(317) 630-3191                                                  

jeverson@hfflp.com

MYRA MOREN

HFF Director, Marketing

(713) 852-3500

 mmoren@hfflp.com                                                                                         

Newmark Grubb Knight Frank’s Fletcher Named Commercial Association of Brokers’ 2011 Industrial Broker of the Year

 PORTLAND, OR — Newmark Grubb Knight Frank  announced that Bradford H. Fletcher (top right photo), SIOR, executive managing director, was named the 2011 Industrial Broker of the Year by the Commercial Association of Brokers (formerly Commercial Association of Realtors) for Oregon and Southwest Washington.

This is the eighth time Fletcher has been recognized as the region’s leading industrial broker. 

 Broker of the Year honors are given to real estate professionals who stand out among their peers, recognizing the highest levels of production in the Portland Metropolitan area. In 2011, Fletcher representing his clients in the lease and sale of nearly 745,000 square feet of property valued at over $36.3 million.

 Included in Fletcher’s impressive resume of transactions were five leases for Nike totaling 351,616 square feet, which represented the market’s largest flex deals.

In addition, he continued his long-standing tenant representation of Intel and IBM, two of Oregon’s most prominent employers, and handled sale and lease transactions for a number of other corporate clients. The significant square footage transacted by Fletcher over a 12-month period resulted in a record drop in vacancy for the Sunset Corridor submarket.

For three decades, Fletcher has been one of the market’s top producers, concentrating on the sale and leasing of industrial, office, mixed use, investment real estate and land for corporate, public, institutional and individual clients worldwide.

A specialist in the high technology sector, he is a member of the Society of Industrial Office Realtors, the Urban Land Institute and a graduate of Dartmouth College.

 Press Contact:

Monica Sparreo

312.698.6709

monica.sparreo@grubb-ellis.com

 

  

Atlanta’s Commercial Real Estate Show Looks at the Success of Student Housing

 ATLANTA, GA (July 3, 2012) – While it may be one of the more low-profile sectors of the commercial real estate market, student housing has quietly been one of the industry’s steady success stories.

 That’s the opinion of host Michael Bull and his guests on the most recent episode of “America’s Commercial Real Estate Show,” which took an enlightening look at the student-housing sector.

 “I think [student housing is] performing very well,” said Jim Arbury (top right photo), president of student housing for the National Multi-Housing Council. “Really, it’s a town-by-town unique experience, but generally speaking, it’s doing very well.”

 Demographics appear to favor the student-housing industry, Arbury added. “We did a study a year ago that showed freshman applications were up 20 percent in spite of the recession,” he said.

Furthermore, “there’s plenty of financing out there for both new development and refinancing of existing properties,” Arbury said.

 One “potential negative on the horizon” is that student-body populations could decrease if more students become leery of assuming a hefty amount of debt to go to school and then graduating into a poor job market, Arbury added.

 Andy Feinour (top left photo), a senior vice president with Carter, echoed Arbury’s observations, noting, “From a national perspective, all the metrics are up. Vacancies are down. Rent growth is up. Net operating income is up.”

“There’s no question that student housing is one of the darlings of the real estate business right now,” Feinour added.

 Dennis Gulseth (middle right photo) a project manager for the BOKA Powell design firm, said modern student housing features many more individual bedrooms and bathrooms than in decades before.

Also, “residence halls we see today in student housing are more like hotels or country clubs … They have spacious hallways, are well-lit. They’ve got all these specialty rooms, lounges, game rooms. It’s quite a different experience from what it used to be,” he said.

 Despite the high level people of interested in providing both equity and debt financing, it can be still be difficult to get student housing deals done, Feinour noted. “Underwriting standards are very high,” he said.

 Other topics discussed included amenities, cap rates and the compressed leasing timeframe for off-campus, privately operated facilities. The entire episode on student housing is available for download at www.CREshow.com.

 The next “America’s Commercial Real Estate Show” will be available July 5 and will feature interviews with the CEOs of leading retail REITs.

Contact:

Stephen Ursery

Wilbert News Strategies

E-mail: sursery@wnspr.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.wnspr.com

George Smith Partners Arranges $15.2 Million in Debt and Equity Financing for a 107-Unit Multifamily High-Rise in Denver, CO

DENVER, CO– Commercial real estate investment banking firm George Smith Partners (GSP) has successfully arranged financing on behalf of its client, Bruckal Properties Inc., for the acquisition and rehabilitation of Wellshire Arms Apartments (top left photo), a 107-unit, upscale multifamily high-rise in Denver, CO, according to Vice President Malcolm Davies (lower right photo).

Davies was assisted by Vice President Michelle Lee in the transaction, which included $10.9 million in debt and $4.3 million in equity.

According to Davies, the financing George Smith Partners secured for its client funded not only the acquisition, but also extensive renovations, which Bruckal Properties will undertake in order to elevate the property to Class A status.

 The senior, non-recourse loan closed at one-month LIBOR +575 with a 6.5 percent floor for 36 months, and included an amortization of 25 years with a two year IO and a 74 percent loan-to-close ratio.

Wellshire Arms Apartments is located at 2499 South Colorado Boulevard in Denver, CO. The 12-story, high-rise apartment complex contains 107 units featuring one-, two- and three- bedroom floor plans and ranging from 800 to 1,500 square feet.

Additional information about George Smith Partners is available at, www.GSPartners.com

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

Corynne Randel/ Judith Brower

Brower, Miller & Cole

(949) 955-7940

Crandel@browermillercole.com

Real Estate Capital Institute’s Scoreboard Finds 10-Year Treasury Notes Drifting

Chicago, IL, July 2, 2012 - Treasury behavior continues a sideways course with the benchmark 10- year note drifting by 15 basis points during the past 30 days.

 The Fed's Operation Twist based upon selling shorter maturity bonds and purchasing longer bonds in full swing as part of the effort to stimulate the economy.

 Interest rate policies are mainly governed by the Eurocrisis and bank rating downgrades as well as China's interest rate cut announcements.  All arrows point to reviving slowing economies throughout the world.

Housing starts provide some positive news on the real estate development front with three months of rising construction permits and slight pricing

gains; the residential real estate market is starting to recover despite the overall US economic slowdown.  

On the other end of the spectrum, while commercial-property sales volume levels are brisk, some firms report lower figures than a year ago, as buyers are cautious and sellers unload more assets into reasonably liquid markets.

Additionally, buyers hunt for values outside core markets, hoping to capture more reasonable yields than in the mid-single-digits.

Since high-quality multifamily assets remain elusive at affordable price levels, new construction multifamily is still "hot". 

Developers target younger renters seeking Class A quality living, rather than homeownership. The trend towards smaller units with significant amenities remains the

target project profile.

Not much news to report for mortgage rates.  In the past month, treasury benchmarks and mortgage spreads stayed within a very tight range. The 5 and 10-year notes moved less than 20 basis points, generally trending downward.

In comparison, overall mortgage rates are nearly 1.5% lower than a year ago. Some life insurance companies are not reducing their rates as the treasuries lower; rather some are imposing floors of 4%, which is still an attractive long term interest rate.         

                                 

The Real Estate Capital Institute's Jeanne Peck (top right photo) observes, "Everything in the debt markets points to a 'wait-and-see' mentality for improving economic conditions.  Let the moderate times roll!  No reason to panic about [mortgage] rates in the near future."

The Real Estate Capital Institute(r) is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates including treasuries, bank prime and LIBOR.  Furthermore, call the Real Estate Capital RateLine at 7RE-CAPITAL (773-227-4825) for hourly rate updates.

Contact:

The   Real Estate Capital Institute(r)

3517 West Arthington Street

Chicago, Illinois USA 60624

Contact: Jeanne Peck, Executive Director

director@reci.com

www.reci.com

Georgia Power and Solar Design & Development form alliance on utility-scale solar projects

  

 Atlanta, GA – Georgia Power and Atlanta-based Solar Design & Development (SD&D) have collaborated to develop and install around the state a series of solar projects totaling 19 megawatts (MW) – Georgia Power’s first retail utility-scale solar power development. 

When complete, the projects will more than double Georgia’s solar production. (Georgia Power headquarters building top left photo)

The 19 MW of solar capacity, part of Georgia Power’s 50 MW large-scale solar initiative approved last year by the Georgia Public Service Commission, will be added to the company’s growing renewable energy portfolio. Georgia Power has contracted to purchase the output for the next 20 years.

In addition, Georgia Power awarded SD&D a 1 MW contract under the company’s solar request for proposals (RFP) issued in May 2011.

 Solar resources from this RFP will supply Georgia Power’s subscriber-based Green Energy program, bringing the total capacity in the program to 5.4 MW.

The 1 MW plant on 10 acres in Upson County, Ga., recently became operational and is now providing enough power to supply the electrical needs of approximately 300 homes.

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

Georgia Power

Lynn Wallace

(404) 506-7676

www.georgiapower.com

Solar Design & Development

Terri Thornton

(404) 932-4347

Terri@TerriThornton.com

www.TerriThornton.com

Harbor Pointe Apartments in Milwaukee Changes Hands for $27 Million

MILWAUKEE, June 28, 2012– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Harbor Pointe (top left photo),  a 596-unit multifamily property in Milwaukee. The sales price of $27,050,000 represents $45,386 per unit and $51 per square foot.

Scott Harris,  a senior vice president investments in Marcus & Millichap’s Oak Brook, Ill. office and Matthew Whiteside, (lower right photo), a vice president investments in the firm’s Milwaukee office, represented the seller, a private investment group. Harris and Whiteside also represented the Denver-based buyer.

 “This was a satisfying exchange for both parties in the transaction,” says Harris. “Harbor Pointe is one of the largest multifamily properties in Wisconsin and Milwaukee is one of the strongest rental markets in the country.”

“The property was 95 percent occupied and climbing at the time of the sale,” adds Whiteside. “The new owners have the ability to achieve high cash flows from Harbor Pointe’s current operations.”

The 531,186-square foot property is located at 9200 North 75th St. on Milwaukee’s north side, within walking distance of major retailers, restaurants and hotels.

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

Stacey Corso

Public Relations Manager

(925) 953-1716

Jones Lang LaSalle Hires Steve Larsen as Vice President in Phoenix

 PHOENIX, June 25, 2012 – Pursuing expansion opportunity in a key growth market, the Phoenix office of Jones Lang LaSalle has hired Steve Larsen (top right photo) as a Vice President in its industrial brokerage team. Larsen is based in the Southeast Valley and will leverage that presence to widen Jones Lang LaSalle’s geographic footprint and reach new Phoenix-area clients who can benefit from the firm’s extensive global research and service capabilities.

“Steve is very well established in the Southeast Valley,” said Dennis Desmond, Senior Managing Director and head of the Phoenix Jones Lang LaSalle office. “He has earned the trust and respect of clients in these communities, and he will be a great ambassador for this firm as we take our presence in the Southeast submarket to the next level.”

Larsen specializes in industrial building and land sales, leasing and build-to-suits. He develops property marketing strategies and prepares in-depth analysis to maximize and achieve the highest and best use for each project.

Larsen holds a bachelor’s degree in Public Administration from San Diego State University and is a former professional football player for the Chicago Bears.

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

Stacey Hershauer

(480) 600-0195

stacey@focusaz.com