HFF arranges $43 million refinancing for The Plaza at Encinitas Ranch in Southern California

 LOS ANGELES, CA – HFF announced today that it has arranged a $43 million refinancing for The Plaza at Encinitas Ranch (top left photo), a 145,303-square-foot power retail center in Encinitas, California.

HFF worked exclusively on behalf of the borrower, a joint venture between Zelman Development Company and Carltas Company, to secure the 13-year, fixed-rate loan through a life insurance company. 

The Plaza at Encinitas Ranch is located at 1550-1590 Leucadia Boulevard near the intersection of Encinitas’ retail-dominated El Camino Real thoroughfare.  Built in 2002, the property is 100 percent leased and is anchored by Wal-Mart.  Other tenants include REI, Starbucks, Pei Wei, Subway and AT&T.

The HFF team representing the borrower was led by senior managing director Paul Brindley (middle right photo).

Zelman Development Co. is a privately-owned commercial real estate development company headquartered in Los Angeles, California.  Founded in the early 1960’s, the company is now a diversified development/investment company with diverse holdings of retail, industrial, hotel, office  and other asset classes.  For more information, visit www.zelman.com.

 Carltas Company is a privately-owned real estate development and investment company committed to creating exceptional development projects for work and recreation. 

Founded in 1958, the company’s principal activities are focused in the Southern California counties of San Diego, Riverside and Orange. 

 The company is based in Carlsbad, California.

Contacts:                

                                   

PAUL C. BRINDLEY                                       

HFF Senior Managing Director                     

(310) 407-2100                                                    

pbrindley@hfflp.com                                        

                                      

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com               

Smaller and More Collaborative: The Changing Face of Office Space

 

ATLANTA, GA (Aug. 27, 2012) – Fueled by the design preferences of Millennials, the rise of telecommuting and continuing economic concerns, U.S. office tenants are opting for smaller spaces that promote more collaborative work environments.

 That was the observation of show host Michael Bull (top right photo) and his guests on the most recent episode of “America’s Commercial Real Estate Show,” which took an enlightening look at the office-use strategies of Corporate America, as well as some of the common mistakes office tenants make.

 “From a utilization point of view, everything’s running about 25 percent [smaller] than it did in the past,” said Rick Ferguson (top left photo), vice president, corporate office services for Bull Realty. “If someone had a 10,000-square-foot office space, it’s now 7,500 square feet.”

 “What we’re seeing is a tremendous push towards more space compression … and a real focus is to get that collaborative environment,” added Scott Panzer (middle right photo), a New York-based vice chairman of Jones Lang LaSalle.

According to Panzer, financial service firms, which once typically sought 250 square feet of office space per employee, now seek 205 square feet for each worker. Media and advertising firms have similarly decreased their requirements, he said.

 “The Googles of the world, they’re already [at] one person per 100 square feet,” Panzer added.

 The use of hoteling (providing office space to workers on an as-needed basis rather than permanently reserving space for a particular individual) to reduce overall space demands has become a significant trend in recent years, said Bob Chodos (lower left photo), a principal with Colliers International in Chicago.

  

“In the last 72 hours, I’ve had two companies ask me these questions: ‘Why is that I can walk around my space and see all these empty offices when people are traveling [to be with] our clients? What can I do to be more efficient?’” Chodos said.

Waiting until a lease expiration is fairly close before beginning negotiations for the next lease is a common mistake tenants make, said Richard Rhodes (lower right photo), managing principal with Cresa Bethesda.

“I’m working on two transactions now that have five years left where we are renegotiating the rent downward and extending the leases for [another] five years,” he said. “Had we not been at that point, that opportunity would never have presented itself. The more time you have [remaining on a lease], the more leverage you have, especially in a soft market.”

“I’ve seen that mistake as well, where tenants don’t have enough time, and they can’t negotiate from a position of power because they’ve started the deal too late,” said Michael Bull, president and founder of Bull Realty.

 The entire episode on corporate office tenant strategies is available for download at www.CREshow.com.

 The next “America’s Commercial Real Estate Show” will be available Aug. 30 and will examine the top college real estate programs.

Contact:

Stephen Ursery

Wilbert Public Relations

E-mail: sursery@wnspr.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.wnspr.com

Voit Real Estate Services Directs Six Transactions Totaling 50,000 SF of Office Space in Greater Sacramento, CA

         

 Sacramento, CA (Aug.  27, 2012) – Voit Real Estate Services’ Sacramento team has directed six office transactions encompassing 46,937 square feet in the greater Sacramento market.

          “We have seen an increase in transaction activity in the Sacramento office market over the past 12 months,” said Jon Walker (top right photo), a Senior Vice President in Voit’s Sacramento office.

 “Owner/users are especially active in the buying market, as they take advantage of competitive pricing on higher quality properties. Also, as predicted, medical office tenants are leading the demand for mid-sized office product in the Roseville/Rocklin submarket.”

Transaction #1

         Jon Walker and Tom Bacci (middle left photo) of Voit’s Sacramento office directed a 20,880 square-foot office lease at 1025 Creekside Ridge Dr. in Roseville, Calif. (top left photo)  Jon Walker represented the lessor, RREEF Real Estate, a company that specializes in institutional asset management.

          The lessee, Adventist Health System/West, a faith-based, not-for-profit, integrated health care delivery system, was represented by  Bacci.

Transaction #2

          Voit Real Estate Services completed a new 9,901 square-foot office lease in Roseville, Calif. on behalf of the lessee.  Jon Walker of Voit’s Sacramento office worked with Jon Boland (middle right photo) and Mark Caston (lower left photo) of Voit’s San Diego office to represent Imortgage.com Inc. as the lessee.  Boland and Caston represent Imortgage.com nationally. 

          Imortgage.com is a residential financing company which provides an array of mortgage products and has over 50 locations throughout the Western U.S.  The company will use the space for its local operations.

          The lessor, Olympus Corporate Center, LP, was represented by Scott Rush of CBRE. The property is located at 3013 Douglas Blvd, Suite 205 and 210 in Roseville, Calif.

  Transaction #3

          Robb Osborne (lower right photo) of Voit’s Sacramento office completed the $1.495 million sale of a 7,000 square-foot office space located at 990 Reserve Dr., Suite 102 in Roseville, Calif. Osborne represented the seller, 990 Reserve Drive, LLC, and the buyer, 990 Reserve Drive Real Estate, LLC, in the transaction.

Transaction #4

          Voit’s Sacramento team directed the owner/user sale of a 3,650 square-foot office building located at 902 Cirby Way, Building C in Roseville, Calif. for a total consideration of $614,000. Jon Walker and Tom Bacci of Voit’s Sacramento office represented the seller, Wells Fargo Bank.

The buyer, KC Ventures, plans to use the space as a pediatrician office.  KC Ventures was represented by Nathan Bragg (bottom left photo) of Remax Commercial. 

Transaction #5

          Jon Walker of Voit’s Sacramento office completed a new, five-year, 3,500 square-foot office lease in Rocklin, Calif. Walker represented the lessee, Dr. Sunnie Skiles, a local pediatrician who will use the new space for her practice.

          The lessor, Harragon Trust, was represented by Scott Rush of CBRE. The property is located at 6815 Five Star Blvd., Suite 100 in Rocklin, Calif.

Transaction #6

 

  Voit’s Sacramento office completed the $200,600 sale of a 2,006 square-foot office condo in the VCC Rocklin business park. Robb Osborne, a Senior Vice President in Voit’s Sacramento office, represented the seller, LB-VCC Rocklin LLC.

          The buyer, BCT Williams LLC, was represented by Jon Walker, a Senior Vice President in Voit’s Sacramento office.

          The property is located at 5724 Lonetree Blvd. (bottom right photo), Unit 202 in Rocklin, Calif.

Contact: 

Jenn Quader/Judith Brower

Brower, Miller & Cole

(949) 955-7940

JQuader@browermillercole.com

J. Edward Sauter Receives Prestigious Robert D. Sawyer Award for 2012

Mt. Vernon, IA – During it’s Annual Convention in Acme, Michigan, J. Edward Sauter (top right photo), current Executive Director for the Concrete Foundations Association (CFA) – a North American association dedicated to improving the quality and acceptance of cast-in-place concrete foundations –  was awarded the Robert D. Sawyer Distinguished Service Award.

 The Annual Convention was held July 25-27, 2012 at the Grand Traverse Resort.

 Previous recipients Barry Herbert (middle left photo) of Herbert Construction (2009) and Scott Smith (lower right photo) of MPW Construction Services (2010) recognized Sauter as this year’s recipient.

“Ed’s devotion to the CFA is perhaps most apparent when you look at what the organization was when he became Executive Director twenty years ago”, states Barry Herbert. 

“The association was in severe disarray, money was scarce, membership was declining, and the continuing existence of the CFA was in question.  His professionalism became immediately apparent, and in the next few meetings it became evident that he was the right choice for the job.  Ed’s commitment and hard work had the association back on its feet and thriving in no time.”

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

Jim Baty

319-895-6940

e-mail: jbaty@cfawalls.org

www.cfawalls.org.

LYND Acquires $200M of Unpaid Principle Balance in Distressed Multifamily Assets

 San Antonio, TX— (Aug, 27, 2012) — LYND, a national real estate investment, development and management company specializing in the multifamily sector, is continuing with its strategy of investing in distressed real estate.

 Most recently, the firm partnered with Florida Value Partners (FVP), based in Miami Lakes, Florida, to acquire a portfolio of 11 multifamily properties in a court-appointed receivership sale brokered by CBRE. The original loan balance was $200M. The purchase price was not disclosed. 

 “This pretty much followed the model of similar transactions we’ve made over the last couple of years,” said A. David Lynd (top right photo), LYND’s president and COO.

“Sellers recognize us as a serious buyer because we know the multifamily business very well, we’re well-capitalized and are real closers. We continue to seek opportunities that align with our investment strategy of acquiring value-add properties where we can effectively use our operating platform to create returns.”

 The multifamily properties, a total of 3,241 units, are located in seven states: Florida, Georgia, South Carolina, Texas, Virginia, California and Colorado.  They were built between 1972 and 2000.  The strategy for the newly-purchased portfolio is to perform a substantial rehab to the properties and hold them for several years.

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

Media Contact:

Todd Templin

Boardroom Communications

954-370-8999 or 954-290-0810

ttemplin@boardroompr.com

 Lynd Contact:

A. David Lynd, President/COO

210-364-3964

alynd@thelyndco.com

 Florida Value Partners Contact:

Gus Alfonso, Managing Partner

305-823-2469

galfonso@floridavaluepartners.com

 www.lyndworld.com.

www.floridavaluepartners.com

Marcus & Millichap Arranges Sale of Bryan Dairy Place Apartments in Largo, FL for $4.9 Million

LARGO, FL, Aug. 27, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Bryan Dairy Place Apartments (top left photo), a 96-unit multifamily property located in Largo, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office.

 The asset commanded a sales price of $4,985,000.

Michael P. Regan (middle right photo) and Francesco P. Carriera (middle left photo), vice presidents investments, along with Nicholas Meoli, a multifamily specialist, all based in Marcus & Millichap’s Tampa office, represented the seller, a financial institution from Kansas.  Carriera and Regan also represented the buyer, who is based out of Florida.

Bryan Dairy Place Apartments was built in 1986 and is located at 6701 Bryan Dairy Road North.  The property consists entirely of two-bedroom/two-bathroom units with approximately 925 rentable square feet. 

“We were able to generate multiple offers within the first several weeks of marketing and were successful in creating a competitive market for the asset” comments Regan.  “The amount of activity we had confirms that investor interest in ‘B’ quality assets remains extremely strong.”

Press Contact:

Richard D. Matricaria

Regional Manager,

Tampa

(813) 387-4700

NAI Realvest Negotiates $1.2 Million Sale of Four-acre Site to City of Clermont, FL for New Police Station

ORLANDO, FL— NAI Realvest recently negotiated the $1.2 million sale of a four-acre parcel at the southwest corner of Hooks Street and Citrus Tower Blvd. in Clermont.

 NAI Realvest Broker Associate George Viele (top right photo) negotiated the transaction representing the seller, DeWitt Enterprises, Inc. of Winter Garden.  

 The City of Clermont purchased the property to build the new Clermont police station.   

For more information, contact:

George Viele, Broker Associate, NAI Realvest 407-875-9989 gviele@realvest.com

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

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

Baymont Inn & Suites Salutes “Noteworthy Neighbors”

PARSIPPANY, NJ– Honoring the selfless work of their guests, the Baymont Inn & Suites® hotel brand announced the winners of “Noteworthy Neighbors”, a Facebook-based contest and sweepstakes designed to recognize the notable deeds of people who are a positive influence in their community.

Baymont Inn & Suites’ most noteworthy neighbors are Mike Groesbeck of Port Saint Lucie, Florida; Michael and Alison Schuchs of Fulton, Mississippi; and Marcus King of Platte, South Dakota.

Three months ago, Baymont Inn & Suites launched the contest looking to celebrate people who embody its hometown hospitality philosophy.

Baymont Inn & Suites fans were able to nominate worthy members of their communities on the brand’s Facebook page by describing the positive impact their nominees have made in their hometowns.

The three entrants and their nominees were chosen by a panel of judges and each will receive a $1,000 prize.

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

Joy Gulledge

Public Relations Manager

Wyndham Hotel Group

22 Sylvan Way

Parsippany, NJ 07054

+1 (973) 753-6590

joy.gulledge@wyn.com

www.baymontinns.com

Marcus & Millichap Closes Sale of Two Southern California Medical Office Buildings

  

SAN DIEGO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a two-property, three-building, medical office building portfolio.

The properties are Bellwood General Hospital Medical Center (top left photo), a 36,827-square foot off-campus medical office building located in Bellflower, Calif., and the on-campus La Palma Medical Buildings, 5451 La Palma Ave. and  5471 La Palma Ave., which together total 58,812 square feet and are located in La Palma, Calif.

The terms of the sale were not disclosed.        

John Smelter (lower left photo), a first vice president investments in Marcus & Millichap’s San Diego office, represented the seller, La Palma Medical Buildings LLC and Bellwood Medical Building LLC. The buyer was Positive Investments Inc.

 “The Bellwood General Hospital Medical Center serves the Bellflower, Buena Park, Cerritos and Lakewood communities from its ideal location along Artesia Boulevard,” says Smelter. “The La Palma Medical Buildings are stable medical office properties in an improving city with a strong physician referral pattern.”

“Major property owners and lenders continue to show favor for on-campus medical buildings, but off -campus buildings will become ever more attractive as health systems and other providers respond to patient demands for greater convenience and readily accessible care,” Smelter adds.

The Bellwood General Hospital Medical Center is located at 10230 Artesia Blvd. in Bellflower, a growing Los Angeles suburb with a current population of 76,616. The center’s major tenants are Bellwood Medical Pharmacy, Pioneer Medical Group, Mid-Cities IPA and Quest Diagnostics.

The La Palma Medical Buildings are located directly adjacent to La Palma Intercommunity Hospital with visibility on La Palma Avenue and Walker Street and within close proximity of California State Highway 91. Major tenants include Labcorp, LP Towers Pharmacy and La Palma Intercommunity Hospital.

Contact:

Stacey Corso

Public Relations Manager

Marcus & Millichap

(925) 953-1716

Michael Carew Joins Marcus & Millilchap Capital Corp. as Associate Director in Milwaukee, WI

 MILWAUKEE,  WI – Marcus & Millichap Capital Corporation (MMCC) has named Michael Carew (top right photo) an associate director  in the firm’s Milwaukee’s office, according to William E. Hughes (lower left photo), senior vice president and managing director of MMCC.

In his new position, Carew will arrange debt and equity financing for a broad array of commercial real estate properties.

“Michael has a strong background in commercial real estate finance,” says Hughes. “His experience will be of great value to our clients in Milwaukee, Madison and throughout Wisconsin.”

Joining MMCC with 30 years of experience in sourcing, underwriting, financing and managing commercial real estate investments, Carew most recently served as president of CreativeVest Real Estate Advisory Services LLC, based in Hartland, Wis. He assisted real estate investors and lending clients in placing debt and equity.      

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

Stacey Corso

Marcus & Millichap Capital Corporation

(925) 953-1716

www.mmCapCorp.com

Commercial Mortgage Advisors Closes $7 Million Loan for Planned Holiday Inn Express in Orlando, FL

Orlando, FL -- Commercial Mortgage Advisors is pleased to announce the closing of this $7 million  construction and permanent financing with a SBA 504 loan for a proposed Holiday Inn Express at 12250 East Colonial Drive, Orlando, Florida.

This loan will be funded by Urban Trust and IDSC, for Premier Resorts and Management Commercial Mortgage.

Contact:

David J. Patten, CMB-Master

Owner-Partner

Commercial Mortgage Advisors

605 East Robinson Street, Suite 500

Orlando, FL 32801

Cell 407-808-7273; Fax 407-420-9589

david@cmacapital.com;

 www.cmacapital.com

NAI Realvest Negotiates Class A Office Lease to Architectural firm at Primera Court I in Lake Mary, FL

 ORLANDO, FL --- NAI Realvest recently negotiated a new lease agreement for 1,408 square feet of Class A office space at Suite 230 Primera Court I, 725 Primera Blvd. in Lake Mary. 

 NAI Realvest Senior Broker Associate Mary Frances West, CCIM (top right photo) negotiated the transaction representing the landlord RREF Interchange-FL, Primera I, LLC, based in Daytona Beach. 

 The new tenant MDC Architects, Inc., is relocating from Orlando and was represented in the transaction by Betsy Owens of Cushman & Wakefield.

For more information, contact:

Mary Frances West CCIM, NAI Realvest, 407-875-9989 mwest@realvest.com;

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

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

NAI Realvest Negotiates new Industrial Lease of 10,000 SF for a new Orlando Volleyball Academy

ORLANDO, FL– NAI Realvest recently negotiated a new lease agreement for 10,000 square feet of industrial space in Suite 120 at 522 S. Econ Circle in Oviedo.    

 Paul P. Partyka (top right photo), managing partner at NAI Realvest, negotiated the transaction representing the Oviedo based landlord M&O LP.

 The tenant, Orlando Volleyball Academy, Inc., represented by Robert Freeman & Co., leased the space for expansion of its operations into the eastern Seminole County region to take advantage of all the growth in the area, according to Partyka.   

The 100% air-conditioned facility is perfect for recreational use and has ample parking.

For more information, please contact:

Paul P. Partyka, Managing Partner, NAI Realvest, 407-875-9989, ppartyka@realvest.com

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

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

Charles Dunn Completes Two Sales of Multifamily Properties in Los Angeles

 LOS ANGELES, CA Aug. 24, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed two multifamily sales totaling approximately $3 million in Los Angeles. 

Ramin Gheitanchi (middle  right photo) of Charles Dunn Company represented the single buyer for both transactions with entity names: 10438 JCE Santa Monica LLC and 10501 JCE Missouri LLC.

Gregg Elliott of The Elliott Co. represented the sellers on both transactions.

 “This buyer owns numerous other properties in the immediate area and was seeking to expand its ownership as the market for multifamily remains strong and property values continue to increase,” said Gheitanchi. 

The first property was sold for $1.73 million and is located at 10438 Santa Monica Blvd. in Los Angeles near the cross street of Beverly Glen.  It includes ten units and is fully occupied. The seller was Elliott Properties California LP.

The second property was sold for $1,325,000 and is located at 10501 Missouri Ave. (lower left photo) in Los Angeles near the cross street of Thayer Ave. The property includes six units and is 83 percent occupied. The seller was Mortenson Capital LLC.

 Gheitanchi specializes in multifamily properties in the prime Westside market consisting of Westwood, West Los Angeles and Beverly Hills. 

 With a proven track record and an extensive database of buyers, sellers and property information, Gheitanchi continually sells a large percentage of the closed transactions in the specialized market.

Contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Newly Redeveloped South Beach, FL BankUnited on the Market at $8.48 Million

 MIAMI, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing for a 4,900-square foot, newly redeveloped BankUnited branch (top left photo) situated on a 15,000-square foot parcel in Miami Beach, Florida. The listing price is $8,475,000.

Senior Associates Scott Sandelin (middle right photo) and Ronnie Issenberg (lower left photo) in the firm’s Miami office are representing the seller, a limited liability company from Miami Beach.

 “This is a particularly attractive listing as BankUnited recently invested more than $2.5 million in improvements including two drive-through lanes and the bank is located adjacent to Lincoln Road and the Miami Beach Convention Center,” says Sandelin.

BankUnited is located at 1695 Alton Road, at the signalized intersection of Alton Road (the main north/south retail corridor) and 17th Street (the main east/west transportation route) on South Beach.

Contact:

Ashley Steele

Fort Lauderdale Office

954-245-3400