NAI Realvest Negotiates Sale of Volusia Building Industry Association Headquarters Building for Port Orange, FL Church Relocation

 Daytona Beach, FL. --- NAI Realvest recently negotiated the sale of the 4,108 square foot office building and its 1.83-acre site previously occupied by Volusia Building Industry Assn. at 3520 W. International Speedway Blvd.  (top left photo). in Daytona Beach.

Chris Butera, investment associate at NAI Realvest in Maitland, brokered the transaction representing the seller Volusia Building Industry Assn.      

 The buyer, New Church Family from Port Orange paid $287,500 for the property that will serve as the church’s new sanctuary. Sue Turnbull of Swann and Associates represented the buyer.

For more information, contact

Chris Butera, Associate NAI Realvest 386-453-4789 cbutera@realvest.com;

Patrick Mahoney, President, NAI Realvest 407-875-9989; pmahoney@realvest.com;

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

MBA Releases 2012 Mid-year Commercial/Multifamily Servicer Rankings

 WASHINGTON, DC – The Mortgage Bankers Association (MBA) released its mid-year ranking of commercial and multifamily mortgage servicers as of June 30, 2012.

At the top of the list of firms is Wells Fargo with $430.5 billion in U.S. master and primary servicing, followed by PNC Real Estate/Midland Loan Services with $357.0 billion, Berkadia Commercial Mortgage LLC with $206.6 billion, Bank of America Merrill Lynch with $110.1 billion, and KeyBank Real Estate Capital with $100.1 billion.

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

:       

Matt Robinson

(202) 557-2727

mrobinson@mortgagebankers.org

MAA Announces Acquisition in Orlando, FL

 MEMPHIS, TN /PRNewswire/ -- MAA (NYSE: MAA) announced it has completed the acquisition of Retreat at Lake Nona (top left photo), an upscale 394-unit multi-family apartment community in Orlando, Florida.

Retreat at Lake Nona is located only two miles from the emerging Medical City development, a new 600-acre science and technology park that is currently home to Sanford-Burnham Medical Research Institute, the University of Central Florida College of Medicine, and the MD Anderson Cancer Research Institute.

 Medical City will also soon see the opening of The University of Florida Academic & Research Center, Nemours Children's Hospital and the Orlando Veterans Affairs Medical Center.

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

Investor Relations of MAA,

+1-901-682-6600,

investor.relations@maac.com

 Web Site: http://www.maac.com

Essex Realty Group Brokers Sale Of 2 Mixed-Use Buildings in Chicago, IL

 CHICAGO, IL – Essex Realty Group, Inc. is pleased to announce the sale of 4501 & 4503 N. Milwaukee avenue, an 18-unit mixed-use, two building portfolio located in Chicago’s Jefferson Park neighborhood.

 The Subject Portfolio consists of three 1 bedroom/1bath, ten 2 bedroom/1 bath, one 3 bedroom/2 bath, two 800 SF Commercial units, two 1,100 SF Commercial Units and nine parking spaces.

Doug Fisher and Matt Welke of Essex represented the seller and Doug Imber and Kate Varde represented the buyers in the transaction. The price was approximately $750,000.00

Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

 Contact:

Douglas S. Imber

Essex Realty Group, Inc.

773.305.4902

dougimber@essexrealtygroup.com

www.essexrealtygroup.com

Greystone Provides $72.7 Million in HUD Financing for Two Affordable New York City Properties.

 

New York, NY – Aug. 22, 2012 – Greystone Funding Corporation (Greystone), a leading national provider of multifamily and commercial mortgage loans, today announced that it has originated $72.7 million in financing for two multifamily housing projects in New York City.

Greystone Managing Directors Mordecai Rosenberg (top right photo), Donny Rosenberg and Traverse Fournier lead the effort to close the transactions.

The first property, a 224-unit building, received approximately $40 million of loan proceeds including a meaningful amount of cash-out to the owner. The second, a 152-unit building, generated $32.7 million, also with cash-out to the sponsor.

“HUD financing today represents a once in a lifetime opportunity to lock in 35-year, self- amortizing financing at rates below 3%. More and more property owners are starting to recognize the distinct value that HUD-insured financing can provide to their portfolio – even in New York City, where owners have long relied on 5-10 year bank financing,” said Rosenberg.

“Today, HUD financing provides not only the lowest available interest rate and, often, the highest level of loan proceeds, but also represents the most direct way to ensure the continued success of the project in a rising interest rate environment.

"It’s the optimal antidote for anyone who has lost sleep in the past over looming loan maturities.”

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

 Loretta Mock/Josh

Gerth Cognito

+1 646 395 6300

Greystone@cognitomedia.com

www.greyco.com.

Marcus & Millichap Capital Corp. Arranges $10.3 Million in Refinancing for Multifamily Asset

SEASIDE, CA– Marcus & Millichap Capital Corporation (MMCC) has arranged $10,312,500 in refinancing for a 121-unit multifamily property.

            David Campbell (lower right photo), an associate director in MMCC’s Palo Alto office, arranged the loan.

            “The client was looking for a competitive rate,” says Campbell. “While other lenders were quoting lower loan amounts with higher rates, we delivered cash-out financing in a smaller market, at a great rate.”

            “This loan demonstrates the demand for multifamily loans and the competitive lending environment that exists for these loans,” adds Campbell. “The amount of leverage we achieved in a smaller market, with cash-out is impressive.”

            The loan was structured with a 10-year term and amortizes over 30 years with an interest rate of 4.07 percent. The LTV is 75 percent.

Press Contact:

Stacey Corso

Marcus & Millichap Capital Corporation

(925) 953-1716

www.mmCapCorp.com

Emerson International Negotiates Long-Term Lease Renewal for 6,593 SF of Office Space at Major Plaza I in Southwest Orlando

ORLANDO, FL --- Emerson International recently negotiated a long-term lease renewal for 6,593 square feet of office space at Major Plaza I (top left photo), 5728 Major Center Blvd. in southwest Orlando.

Kenneth Koch (lower right photo), commercial portfolio director for Emerson International, negotiated the lease agreement representing the landlord. 

Shannon Rzeznikiewicz of Jones Lang LaSalle represented the tenant, ADP, Inc.

Emerson International is a wholly owned subsidiary of The Emerson Group, the global corporation that is one of the largest privately-owned property development companies in the U.K. 

For more information about this release, contact

 Kenneth Koch, Commercial Portfolio Manager, Emerson International, Inc. 407-834-9560; kkoch@emerson-us.com

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

Marcus & Millichap Promotes Five Western-Based Agents to Vice President Investments

Joe Hendrickson, Steve Gebing, Mark Ruble, Chris Child, Marc Cunningham

 CALABASAS, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted eight western-based agents to vice president investments.

 This designation exemplifies superior performance achieved by an associate during his or her sales career at Marcus & Millichap and in the investment real estate brokerage profession, according to Steven R. Chaben (lower right photo), senior vice president and managing director.

            The agents, their office locations and specialties are:

·         Jon Hendrickson, Denver, retail and net-leased

·         Steve Gebing, Phoenix, multifamily

·         Mark Ruble, Phoenix, retail and net-leased

·         Chris Child, Salt Lake City, multifamily

·         Marc Cunningham, Seattle, multifamily

Previously, Ruble, Child and Cunningham held the title associate vice president investments. Hendrickson and Gebing were senior associates. 

 “With this promotion, these commercial real estate investment specialists have earned a prestigious designation within the firm and solidified their reputations as knowledgeable and successful investment professionals,” says Chaben.

“Their focus on providing superior client services has earned them a high degree of loyalty and respect from investors as well as from their peers.”

       

Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716

Marcus & Millichap Promotes Seven Agents in the South

  

         Frank Carriera, David Greenberg, Craig Johnson, Drew Kristol

  

CALABASAS, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted seven agents based in the South to vice president investments.

This designation exemplifies superior performance achieved by an associate during his or her sales career at Marcus & Millichap and in the investment real estate brokerage profession, according to Gene A. Berman (lower right photo), executive vice president and managing director.

                               Jamie May, Kirk Olson, Al Silva

            The agents, their office locations and specialties are:

·         Craig Johnson, Atlanta, retail and net-leased 

·         David M. Greenberg, Fort Lauderdale, hospitality

·         Drew A. Kristol, Miami, retail and net-leased 

·         Kirk D. Olson, Miami, retail and net-leased 

·         Frank P. Carriera, Tampa, multifamily

·         Jamie B. May, Tampa, multifamily

·         Al Silva, Fort Worth, multifamily

  

Previously, Johnson, Greenberg, Olson and Carriera held the title associate vice president investments. Kristol, May and Silva were senior associates. 

            “With this promotion, these commercial real estate investment specialists have earned a prestigious designation within the firm and solidified their reputations as knowledgeable and successful investment professionals,” says Berman.

“Their focus on providing superior client services has earned them a high degree of loyalty and respect from investors as well as from their peers.”

Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716

Colliers International Completes Sale of a 16,204-SF School Facility in West Hills, CA

West Hills, CA– Colliers International, the third largest global real estate services organization, has completed the sale of a 16,204-square-foot school facility located at 7401 Shoup Avenue in West Hills.  The transaction is valued at approximately $2.3 million.

The property, known as the Parkhill School, is a special education learning center for students.  The new buyer will continue to operate the facility as a school.

John DeGrinis (lower right photo), SIOR, senior executive vice president, Patrick DuRoss, associate vice president, and Jeff Abraham, senior associate all based in Colliers International’s Encino office represented the seller, LeRoy Haynes Center.  The buyer, New School for Child Development, represented itself.

The property has previously been utilized as a school and a church.   

 Contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

PCCP, LLC Purchases Interest in a Senor Construction Loan Secured by Belara Apartments in Phoenix, AZ

 San Francisco, CA  - PCCP, LLC announced it has purchased a 50 percent syndicated interest in a senior construction loan secured by Belara Apartments (top left photo), a 307‐unit Class A apartment community located north of the Deer Valley submarket in the city of Phoenix. Built in 2009, the property is over 90 percent leased.  

Belara Apartments consists of 13, three‐story, garden‐style apartment buildings with a unit mix of one‐ and two‐bedrooms.  The community also features a pool, spa, fitness center, picnic area with BBQ grills, clubhouse with a kitchen, as well as an executive business center.

 

“Belara is a high quality apartment community with best in class sponsorship that should continue to stabilize with improving Phoenix apartment fundamentals,” said Rob Cohen, senior vice president with PCCP, LLC.

“Belara benefits from a location just north of the eight million-square-foot Deer Valley office market. This market has a strong roster of major employers and retail amenities available for tenants at Belara. ”

Major employers in Deer Valley include USAA, American Express, Cigna, Gore, NPL Construction, Universal Technical Institute, Discover Card, Honeywell Aerospace, PetSmart corporate headquarters, and John C. Lincoln Hospitals ‐ Deer Valley. The new $62 million, 210,000 square foot FBI headquarters building also opened in early 2012.   Jones Lang LaSalle’s note sale group represented the seller in the transaction.

 Contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Charles Dunn Company Completes Sale of Two-Building Retail Property in Long Beach, CA

  

 LOS ANGELES, CA, Aug. 22, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $1,627,500 sale of a two-building retail property located at 6350-6380 N. Long Beach Blvd. in Long Beach, Calif.

 The property totals 5,678 square feet and is fully occupied by two tenants which include Golden Burger, that has been at the property since 1968, and London Liquor, that has been at the property since 1972.

Ramin Gheitanchi of Charles Dunn Company represented the buyer, a private investor from Los Angeles. The seller, a private investor from Los Angeles, was represented by Kevin Fryman of Hanley Investment Group. The property sold at a cap rate of 8.4 percent.

This transaction was the 1031 exchange upleg property for the buyer as Gheitanchi sold their Westwood apartment building earlier in the year. 

“The buyer was attracted to the high cap rate as well as the stability of the tenants who have been there for decades,” said Gheitanchi.  “The property is triple-net leased, translating into virtually no management responsibilities for the property whereas their apartment building required consistent management.” 

Contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Tolaris Built Home in Lake Forest: 3,614 SF of Living Space, July Electric Bill: $88.14 including taxes

LAKE FOREST, Fla. – When the owners of a 3,614 square foot luxury home Tolaris Homes built in Lake Forest early this year, got their July electric bill they couldn’t help but chuckle. Despite record temperatures that kept most air conditioners in the neighborhood working overtime, their electric bill — including taxes — was just $88.14.

And while that’s not unusual, says Rick Bavec, president of Tolaris Homes, it’s no accident either.

“We spent several weeks to determine the optimum placement of the house on the home site to minimize direct sunlight into the home and maximize exposure to the solar systems we installed,” Bavec said.

Those systems — including 10 photovoltaic panels to generate electrical power and passive panels to heat the home owner’s swimming pool and hot water — were part of an energy efficiency package Bavec designed to work in conjunction with Icynene®  insulation, PGT Low-e windows, and eight inch concrete block walls.

Bavec said he installed a renewable energy system that sells electrical power back to Florida Power and Light whenever the solar panels generate excess current.

Bavec also adapted an old Florida trick, designing and building almost 1,000 square feet of roof overhangs and screened patio to cool the air surrounding the home and provide extensive “outdoor living” areas.

“Altogether, the home has 5,545 square feet under roof,” Bavec said.

Too, the home owners had a little help. For 10 days they flipped the switch on their electric hot water heater to “vacation mode”, turned up the thermostat on the Carrier Infinity® Control heat pump digital air conditioning controls and took a vacation.

“Measured against their neighbors’ electric bills they saved about $400,” Bavec said. “That’s not quite enough to pay for their vacation, but it sure helped,” Bavec added.

For more information, contact:

Richard Bavec, President, Tolaris Homes, 407-402-9866 rbavec@tolarishomes.com;

 Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 (fax: 644-4410) lvershelco@aol.com

McCarthy Begins Construction on New Transportation Center at Bob Hope Airport in Burbank, CA

Burbank, CA (Aug. 21, 2012) – McCarthy Building Companies recently began construction on the new $72.7 million Bob Hope Airport Regional Intermodal Transportation Center (RITC).

The facility, which broke ground on July 6, 2012, is being built to provide seamless connectivity for airport, train and bus passengers, as well as rental car customers and bicyclists. It is scheduled for completion in 2014

The 520,000-square-foot project includes construction of a three-level consolidated rental car parking structure with a car wash and fueling system; a rental car customer service building; and a ground level bus transit station for MTA, Burbank Bus, Amtrak and charter/shuttle buses.

The bus station features an open air design complemented by 16 art panels adorning all three levels of the structure.

Work also entails construction of an elevated, 1,100 foot-long moving walkway which will transport rental car customers and rail and bus passengers between the RITC and airport terminal.

 “For the Airport Authority, this project represents our ongoing commitment to improving convenience for our passengers and Southern California, while at the same time improving quality of life for our neighbors,” said Burbank-Glendale-Pasadena Airport Authority President Chris Holden (lower left photo).

“This project will reduce traffic and promote use of alternative public transportation while providing a state-of-the-art rental car facility for our airport patrons.”

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          

Marcus & Millichap Names Ryan Nee Sales Manager in Manhattan

  

 NEW YORK, Aug. 20, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Ryan Nee (top right photo) as sales manager of the firm’s Manhattan office, according to J.D. Parker (lower left photo), vice president and regional manager of Marcus & Millichap’s Manhattan, New Haven and White Plains offices. Prior to joining the Manhattan office, Nee was the sales manager of the firm’s Fort Lauderdale office.

“Ryan’s extensive commercial real estate knowledge and management experience make him a strong asset for our clients and for our investment sales professionals,” says Parker. “He will be instrumental in expanding our national market-making capabilities to clients in Manhattan and throughout the Tri-State Area.”

Nee began his career with Marcus & Millichap as a sales intern in February 2007. He became an agent in October 2007 and was awarded the firm’s “Rookie of the Year” honor in 2008. He became sales manager of the firm’s Fort Lauderdale office in October 2011. Nee’s product specialty is office and industrial investment properties.

He has a bachelor’s degree in finance from the University of Florida.

 Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716