Bull Realty Brokers $4.851 Million Sale of Roswell Summit Office Building, Wins Leasing Assignment for the Facility

 ATLANTA, GA– Bull Realty has brokered the $4.851 million sale of Roswell Summit (top left photo) a 127,342-square-foot office complex in the Roswell, Ga., sub-market of metro Atlanta.

Sean Williams (middle right photo), vice president, corporate office services, with Bull Realty, represented the buyer, Emcade Acquisitions.

Kevin Markwordt ofTranswestern represented the seller, CSMC 2006-C5 Holcomb Office Limited Partnership. The estimated cap rate on the transaction is 11.8 percent.

Emcade Acquisitions also has awarded Bull Realty the leasing assignment for Roswell Summit, making the property one of several leasing assignments Bull Realty handles for Emcade.

The property, located near Georgia 400 at 1080 HolcombBridge Road, currently has a vacancy rate of nearly 50 percent. Emcade willinvest in interior and exterior upgrades and offer enticing rental rates and terms. Roswell Summit was constructed in the mid-1980s and features two three-story buildings, each approximately 63,500 square feet in size.

“This represents an exciting opportunity for tenants, as the new landlord has a much lower basis and is able to offer very competitive rental rates,” Williams said. “Our client has a great track record of improving facilities and is ready to combine physical improvements with an enhanced management and tenant rep incentives to drive occupancies at Roswell Summit.”

Contacts

Stephen Ursery

 Wilbert News Strategies LLC

404-965-5026

sursery@wnspr.com

swilliams@bullrealty.com

Mercantile Capital Corp. CEO Chris Hurn in the running for 2012 Small Business Influencer Award

ORLANDO, FL– Chris Hurn (top right photo), chief executive officer and co-founder of Orlando based Mercantile Capital Corporation, has been nominated for a 2012 Small Business Influence Award, under the category “small business expert.”

Hurn, whose Mercantile Capital Corporation opened nine years ago and ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, said he is flattered by the nomination.

Currently, Hurn ranks third in the U.S. in an online poll of small business owners voting for 2012 Small Business Influencer Award nominees. Nominations for the award closed on July 15. Online voting will continue through Aug. 5.

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

Chris Hurn, Chief Executive Officer, Mercantile Capital Corporation, ChrisHurn@MercantileCC.com, 407-786-5040

Anita Campbell, Chief Executive Officer, Small Business Trends, LLC, admin@smallbiztrends.com

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

 http://www.smbinfluencers.com/.

Lincoln Property Company Brokers 25,691-SF Lease by IPG at North Atlanta Office Building

 ATLANTA, GA– Lincoln Property Company Southeast has brokered a seven-year, 25,691-square-foot new lease with Implantable Provider Group (IPG) at 400 Northwinds Center (top left photo), located at 11605 Haynes Bridge Road in Alpharetta, Ga., in the North Fultonsubmarket of Atlanta. IPG will occupy an entire floor in the building.

Hunter Henritze (middle right photo) and Michael Howell (middle left photo), both vice presidents of leasing for Lincoln Company Property Southeast, represented the landlord, Equity Office, in the transaction. Dom Wyant of Jones Lang LaSalle represented the tenant.

 IPG previously was located in Two Northwinds, which, like 400 Northwinds, is part of the Northwinds Center office park. “IPG has experienced tremendous growth over the past few years, having more than doubled in size since 2009,” Henritze said. “This is a great example of how a park the size of Northwinds is a good fit for growing tenants.”

400 Northwinds Center is a six-story, Class-A office building featuring a comprehensive package of amenities. It is located near two hotels, four banks, nine restaurants, two complimentary fitness centers and a daycare/learning facility.

 In December 2011, Equity Office awarded Lincoln Property Company Southeast contracts to manage 3.3 million square feet and lease 1.9million square feet in suburban Atlanta.

The management assignment covers buildings in the North Fulton and Northeast submarkets, and the leasing assignment, which includes the Northwinds Center office park, is for buildings in North Fulton. Lincoln began servicing the contracts at the start of the year.

 Contact:

Stephen Ursery

Wilbert News Strategies

E-mail: sursery@wnspr.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.wnspr.com

www.lpcsoutheast.com

http://blog.lpcsoutheast.com.

$84 Million in Net-Leased Investment Sales Closed in First Half by Marcus & Millichap’s John Glass

 SAN FRANCISCO, CA– John Glass (top right photo) of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has closed $84,413,625 in single-tenant net-leased property sales during the first six months of 2012.

Glass, a senior vice president investments and senior director of the National Retail Group (NRG), is based in the San Francisco office of Marcus & Millichap. He has closed more than $2.4 billion in commercial real estate transactions during his 23-year career. 

“John has successfully advised a wide array of institutional and private owners of QSR restaurant chains, bank branches, drugstores and other single-tenant net-leased properties by putting together unique execution strategies that allow his clients the twofold benefit of obtaining the highest possible sales price while minimizing their market exposure,” says Bill Rose (middle left photo), national director of Marcus & Millichap’s NRG. 

“The sale-leaseback market continues to thrive,” says Glass. “Current market dynamics are optimal, allowing companies to strengthen their balance sheet at the lowest sale-leaseback rates in the last five years. By repositioning their balance sheets through a sale-leaseback, companies are also able to tap additional sources of both short- and long-term credit facilities at historically low rates,” he adds.

Single-tenant net-leased properties, even in secondary and some tertiary markets, with strong corporate guarantees and backing are in high demand among investors seeking a safe haven from other volatile investments, such as the stock market.

“The single-tenant segment of the market has outperformed virtually every other segment of the commercial real estate market over the past two years,” says Glass.

 “Investor preference for these assets will remain strong as the year progresses, but will hinge upon demand from cost-conscious consumers. While more Americans are returning to work each month, personal incomes are relatively stagnant. As a result, the average consumer has become an avid bargain-hunter after the prolonged recession,” Glass concludes.   

Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716

   

59% of U.S. Metro Areas Post Higher Foreclosure Activity in First Half, RealtyTrac® Reports

 IRVINE, CA– RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties released its Midyear 2012 Metropolitan Foreclosure Market Report, which shows that foreclosure activity in the first half of 2012 increased from the previous six months in 125 of the nation’s 212 metropolitan areas with a population of 200,000 or more.

 Despite the increases from the second half of 2011, 129 of the metro areas still posted year-over-year decreases in foreclosure activity.

California accounted for seven of the 10 highest metro foreclosure rates and 10 of the top 20 metro foreclosure rates during the first half of the year.

Florida accounted for four of the top 20 metro foreclosure rates, and Illinois accounted for two of the top 20. Georgia, Arizona, Nevada and Colorado each had one city in the top 20.

“Increasing foreclosure starts in many local markets helped push total foreclosure activity higher in the first half of this year compared to the second half of 2011,” said Brandon Moore (top right photo), CEO of RealtyTrac.

“Those foreclosure starts are welcome news for prospective buyers and real estate brokers in many local markets where a shortage of aggressively priced inventory has been holding up sales activity.

"Markets with increasing foreclosure starts will likely see more distressed inventory for sale in the form of short sales and bank-owned properties in the second half of the year.” 

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

Data Sales Department

800.913.0439

datasales@realtytrac.com

Hendricks & Partners Negotiates Sale of Cedarbrook Apartments in Hoover, AL for $16,750,000

BIRMINGHAM, AL--- Hendricks & Partners, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of Cedarbrook Apartments, a 320-unit apartment community located in Hoover, Ala. for $16.75 million.

David Oakley (lower right photo), senior investment advisor of Hendricks & Partners Alabama office negotiated the sale representing the seller, Cedarbrook Apartments, LLC, an Alabama limited liability company, based in Birmingham.

Cedarbrook, built in 1972 and renovated in 2010/2011, has a total of 329,980 square feet of rentable living space with one-, two- and three-bedroom apartments.

The buyer was Landmark at Deerfield Glen, LLC, based in Florida, and was represented by Tom Hinton of Hinton Properties.

 For more information, contact:

David Oakley, Senior Investment Advisor, Hendricks & Partners - Alabama, 205.918.0785,  doakley@hpapts.com. 

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

Faris Lee Investments Names Michael Ward to Director

 IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has named Michael Ward (top right photo) to director.

At Faris Lee, Ward will focus on business development, expanding the firm’s market and client share primarily in the multi-tenant retail sector.

Ward had recently worked as vice president, director of acquisitions for Centro Properties where he was involved in the acquisition and closing of nearly $9 billion dollars of retail properties across the country.

“Michael is a strong addition to our team. He brings great diversity to the firm having spent the last ten years working on the principal side of the business,” said Rick Chichester (lower left photo), president and COO, Faris Lee Investments.

 “Michael will provide valuable insight and expertise to our focused approach to retail investment and will play a key role in our growth plans.”

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Steve Goldwyn Joins Marcus & Millichap Capital Corp. as Associate Director in Fort Lauderdale, FL

 FORT LAUDERDALE, Fla., July 25, 2012 – Marcus & Millichap Capital Corporation (MMCC) has named Steve Goldwyn (top right photo) an associate director in the firm’s Fort Lauderdale office, according to William E. Hughes, senior vice president and managing director of MMCC.

In his new position, Goldwyn will arrange debt and equity transactions for all types of commercial real estate, including multifamily, office buildings, industrial facilities, shopping centers, self-storage properties and manufactured home communities.

“Steve has a solid background in commercial real estate finance,” says Hughes. “His broad-based background in real estate finance experience will be of great value to our clients in Fort Lauderdale and throughout South Florida.”

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

Stacey Corso

Marcus & Millichap Capital Corporation

(925) 953-1716

Lincoln Property Company Brokers Two Leases Totaling 17,903 SF in Metro Atlanta

ATLANTA, GA (July 26, 2012) – Lincoln Property Company Southeast has brokered two metro Atlanta leases totaling 17,903 square feet on behalf of OA Development.

Hunter Henritze (lower left photo) and Michael Howell (lower right photo) both vice presidents of leasing for Lincoln Company Property Southeast, represented OA Development in the transactions.

The transactions are as follows:

• Dispersive Solutions, Inc. signed a lease for 10,907 square feet in the Lakeview 400 office park (top left photo), located at 2555 and 2575 Westside Parkway in Alpharetta, Ga. Kathy Burke at Cresa Partners represented the tenant.

With this transaction, Lakeview 400 is now 90 percent leased, with only 15,003 square feet of vacancy remaining.

• Peak 10, Inc. signed a lease for 6,996 square feet in Northwoods Business Center (middle right photo), located at 3000 Northwoods Parkway in Norcross, Ga. Wendy McArthur of CBRE represented the tenant.

Lincoln has now brokered more than 20,000 square feet of new leases, renewals and expansions at Northwoods Business Center in the past six months.

Earlier this year, Lincoln Property Company Southeast won leasing assignments for four metro Atlanta office properties owned by OA Development and totaling nearly 450,000 square feet. In addition to Lakeview 400 and Northwoods Business Center, the portfolio includes 2400 Lake Park Drive in Smyrna and Bluegrass Promenade in Alpharetta.

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

Stephen Ursery

Wilbert News Strategies

404-965-5026

sursery@wnspr.com

McCarthy Building Companies Completes Structural Steel Ahead of Schedule on St. Jude Medical Center’s New Patient Tower in Fullerton, CA

  

FULLERTON, CA.—July 26, 2012—The St. Jude Medical Center patient tower project recently reached a major construction milestone when iron workers secured the final structural steel beam atop the four-level structure.

Located on the northern side of the existing medical campus at Bastanchury Road and Harbor Boulevard, the $285.4 million hospital tower project is 35% complete and three days ahead of schedule. Construction began on the project in September 2011.

The design/build team of McCarthy Building Companies and TAYLOR are working with Petra-ICS (Formerly St. Joseph Health System) to build the project which includes a new patient tower, central utility plant and parking structure.

Over the two month long steel erection phase, iron workers from Schuff Steel erected approximately 2,650 tons of structural steel using a 300 ton lattice boom truck crane with a reach of 250 feet.

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

Laura Mickelson (LM Communications);

 Lauramickelson@cox.net;

 (949) 453-0851    

                      

Susan Garritano (McCarthy Building Companies, Inc.); Sgarritano@mccarthy.com;

(314) 968-3300

www.mccarthy.com

        

Colliers Sells Downtown Miami Bank REO Office Building

MIAMI, FL, July 26, 2012 - Colliers International South Florida is pleased to announce the sale of a 34,741-square-foot office property located at 261 NE 1st Street in Downtown Miami.

The property, known as 261 Lofts, was a vacant, bank owned leasehold that consisted of a 42-year ground lease and an improved office building. Colliers International South Florida Executive Vice President John K. Crotty (middle right photo), CCIM and Chairman - Founding Partner Michael T. Fay (lower left photo), represented the seller and the buyer in the transaction.

 

Buyer 261 Lofts, LLC purchased the leasehold, which was originally for 99 years, from seller NAFH National Bank. The new owner will use the building for its own business and lease the remaining vacant space.

"This was a challenging sale as the existing ground lease made the subject property virtually impossible to finance and the buyer had to close with cash," explains Crotty.

"The buyer was a perfect fit for the property as they were leasing space nearby and had the desire to become a landlord, as well as create value and cash flow with the remaining vacant space."

The sale is just one of many recent transactions for Colliers, which has represented approximately 50 lenders in the sale of their distressed REO properties and non performing notes.

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

Gemstone Hotels & Resorts to Manage Maison 140 in Beverly Hills, CA

BEVERLY HILLS, CA and PARK CITY, UT July 26, 2012—Gemstone Hotels & Resorts, a full-service hotel management company that specializes in owning and operating luxury and upscale urban hotels and resorts, today announced the company has assumed management of Maison 140 (top left photo), in Beverly Hills, Calif.  

This 43-room boutique, urban hotel  recently was acquired by the Chadha Family Trust which also owns the nearby Mosaic Hotel.  Gemstone will now manage both hotels.

“Maison 140 is an outstanding addition to Gemstone’s growing collection of ‘one-of-a-kind’ hotels in top destination markets with high barriers to new entry,” said  Thomas Prins (lower right photo), Gemstone principal. 

“With the addition of this lifestyle hotel, we now can meet the needs of a different demographic: the younger, Beverly Hills visitor who is looking to sample all that the city has to offer, from a convenient, stylish hotel.”

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

Chris Daly, Lauralee Dobbins/media

(703) 435-6293

Lauralee@dalygray.com

Wyndham Expands in Latin America with Panama Resort at Playa Blanca

   PARSIPPANY, NJ. (July 26, 2012) – Wyndham Hotel Group, the world’s largest hotel company with over 7,170 hotels and part of Wyndham Worldwide Corporation (NYSE: WYN), today announced the expansion of its upscale Wyndham® Hotels and Resorts brand in Panama with the addition of the Wyndham Grand Playa Blanca (top left photo), a 220-room all-inclusive resort located on the Pacific coast in Panama’s Coclé Province.

 The beachfront property, owned by Casa de Campo Farallon, S.A., and operated by RG Hotels, becomes the third hotel in Panama to fly the Wyndham® flag, joining sister properties Veneto – A Wyndham Grand Hotel and Wyndham Garden Panama City (lower right photo), both located in Panama City.

Wyndham Grand Playa Blanca is part of the prestigious Wyndham Grand® Collection, an ensemble of distinguished hotels within the Wyndham Hotels and Resorts brand that represent one-of-a-kind experiences in key destinations with refined accommodations, attentive service and relaxed surroundings.

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

Kathryn Zambito

Public Relations Manager

Wyndham Hotel Group

22 Sylvan Way

Parsippany, NJ 07054

+1 (973) 753-6590

kathryn.zambito@wyn.com

www.wyndhamworldwide.com. 

 www.whgdevelopment.com

desarrollo.grupowyndham.com

Metropolitan Properties Announces Opening of Richelieu Flats Condominiums in Chicago

 CHICAGO, IL (July 26, 2012) – Chicago-based Metropolitan Properties of Chicago announces the start of sales at Richelieu Flats (top left and bottom photos), an adaptive reuse of a seven-story building that is part of the historic South Michigan Avenue “streetwall.

” Named for the Richelieu Hotel the building housed during the time of the Columbian Exposition, Richelieu Flats is located at 318 South Michigan Avenue and includes four fully renovated 2,650-square-foot full-floor residences and one 4,300-square-foot duplex penthouse.

 “Nowhere else in the city will you find this type of intimate boutique building paired with all the benefits of a Michigan Avenue address. Residents will have unparalleled access to one of the most vibrant areas of downtown Chicago,” said Louis D. D’Angelo, president and founder of Metropolitan Properties of Chicago. “Our buyers are actively seeking quality, distinctive homes. There is always a market for quality.” 

Richelieu Flats represents the final piece of Metropolitan Properties’ much acclaimed redevelopment of the entire 300 block of South Michigan Avenue, which has also included neighboring Metropolitan Tower at 310 South Michigan Avenue and The Residences of 330 South Michigan Avenue.

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

Julie Grange 

Administrative Assistant

TAYLOR JOHNSON

Public Relations :: Social Media :: Internet Marketing

d. 312.267.4518  p. 312.245.0202  f. 312.245.9205

jgrange@taylorjohnson.com 

http://www.taylorjohnson.com/

Emily Johnson,

ejohnson@taylorjohnson.com,

312-267-4522

Hospitality Industry Veteran Jerry Petitt To Sell “Personal Mountain”

DENVER,  CO, July 26, 2012—Forty-year hospitality industry veteran Jerry Petitt has a reputation for using unorthodox methods to sell hotel franchises and room nights.  Now, he’s out to sell his personal mountain, and true to form, he’s scaling new heights to do it. 

The former president of Choice Hotels bought the land in 2002 and opened Echo Mountain (top left photo) in early 2006, just 45 minutes from downtown Denver.

Like many of his other marketing ideas, such as the legendary “man in the suitcase” ad campaign for Choice Hotels featuring celebrities like Evel Knievel, Vanna White and Jimmy Conners, Petitt is running counter to conventional thinking and is selling the 226-acre resort via a sealed bid auction, with bids due by August 2, 2012. 

 The auction is being handled by Sheldon Good & Company, www.EchoMtnAuction.com.

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

Chris Daly, media

(703) 435-6293

chris@dalygray.com