Berger Commercial Realty Closes $4.925 Million Sale of Downtown Fort Lauderdale Law Plaza

Courthouse Law Plaza, Fort Lauderdale, FL

FORT LAUDERDALE, FL  (March 25, 2013) – Berger Commercial Realty President Lloyd Berger and Senior Vice President Steve Hyatt recently represented CBSA Law Plaza, LLC in the $4.925 million sale of the Courthouse Law Plaza, located at 700 and 750 S.E. 3rd Ave in Fort Lauderdale, to the AIDS Healthcare Foundation, which hired the firm to manage the 52,000-square-foot office property.

Last summer, CBSA Law Plaza retained Berger Commercial Realty to reposition the property after Jacksonville-based Everbank filed a foreclosure lawsuit against the company. 

Tim Hackett

After several months of improvements, managed by Berger Commercial Realty Vice President of Property Management Tim Hackett, the property was listed on the market. 

 "Our client CBSA had several significant offers on the property, and after we helped them evaluate their options, they selected the AIDS Healthcare Foundation," said Lloyd Berger.  "All stakeholders in the transaction were pleased with the result."  

 After the sale, Everbank withdrew its lawsuit and declared the loan satisfied.

Lloyd Berger

CBSA Law retained approximately one acre of land adjacent to the property, previously used as an overflow parking lot, which is now for sale. Hyatt is marketing the parcel. 

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

 Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999, ext. 226

msologuren@piersongrant.com

Bull Realty Arranges $1.88 Million Sale of Georgia Verizon Wireless Store

Verizon Wireless Store, Macon, GA

 ATLANTA, GA (March 25, 2013) – Bull Realty has negotiated the $1.88 million sale of a 3,300 square-foot, freestanding Verizon Wireless store in Macon, Ga. Located at 6204 Zebulon Rd., the property was purchased by Cooper Industries.

Sheree Strome and Nancy Miller, vice presidents in Bully Realty’s National Net Lease Investment Group, represented the seller, Family Convenience Stores, in the transaction.

Sheree Strome

 “This property received a great deal of interest, including some full-price offers,” Strome said. “It’s a highly sought-after property type in a high-growth industry.” 

 One of the largest Verizon resellers with more than 530 locations nationwide, Cellular Sales entered into a 10-year, triple-net lease of the facility, which is located just off Interstate 475 and across from a Lowe’s Home Improvement Warehouse, a Kohl’s and a Walmart.

Nancy Miller

The seller owned the location for more than 15 years before re-purposing the building from the studs up, which was finished in September 2012. Represented by Marcelo Campos of First American Real Estate in Carlsbad, Calif., the buyer was completing a 1031 exchange. 

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

Stephen Ursery

The Wilbert Group

E-mail: sursery@thewilbertgroup.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.thewilbertgroup.com

While Positives Abound for CMBS Market, 2007 Loans Continue to Lag, According to Trepp

NEW YORK, NY -- Over the last few months, the story in the CMBS world has been one of spread tightening, falling delinquency rates, and spikes in new issuance.

CMBS delinquencies peaked at 10.34% in the middle of 2012, largely due to a flood of maturing bubble-era loans, many of which were over-levered to start with and ultimately struggled to find refinancing.

As that tide receded in the second half of 2012, the delinquency rate slowly but surely dropped (to 9.42% in February), as did spreads on legacy and new-issue CMBS bonds.

All of these developments were positives for the industry, and the outlook for 2013 remains highly optimistic as investors expect $80 billion or more in new issuance on the year. That would b almost double the total for 2012 and the highest level since the peak of approximately $230 billion in 2007.

Despite all the good news, one category that continues to lag is the 2007 vintage. While we suspected this, one longtime reader urged us to look at the numbers. Their thesis was that for the 2007 loans, "the bathtub is still filling up as quickly as it is emptying."

This idea is largely correct. Despite a steady dose of modifications (which lead to loan cures) and resolutions of distressed assets, both of which should push the rate lower, the delinquency rate on 2007 fixed rate conduit loans remains well into the double digits.

Above is a chart of the delinquency rate, outstanding current, and outstanding delinquent balances since 2010. The universe is fixed rate, conduit loans that were securitized in 2007 deals.

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

Eric R. Gerard

Senior Vice President

Great Ink Communications

27 Union Square West, Suite 205

New York, NY 10001

(212) 741-2977

Bidding Wars: The Formats and Energy of Commercial Real Estate Auctions Are Growing

Michael Bull

 ATLANTA, GA (March 25, 2013) – Owners of commercial properties or notes who are looking to sell their assets at auction now have a variety of formats to choose from – and they’re finding more potential buyers bidding for those assets.

 Those were some of the insights provided by a panel of experts on the most recent episode of the “Commercial Real Estate Show” radio program, hosted by Michael Bull of Bull Realty.

The episode provided an enlightening look at commercial real estate auctions. Topics included the different types of auctions, tips for buyers and sellers, and current activity levels at auctions.

Jeb Howell

 As a result of the slowly improving economy, there are more parties interested in buying and selling commercial real estate, and that has led to more properties being put up for auction and more potential buyers interested in snapping the assets up, said Jeb Howell, president of Auction Management Corp., which conducts live auctions.

 “We’ve seen a major sea change in the last year,” Howell said. “There’s a lot of people buying at auctions now. When we now hold an auction, we’re getting easily 30 to 45 percent more [bidders] than we got a year ago. What it’s telling me is we’ve passed the bottom, and now is the time to buy.”

Louis Fisher

A perception exists that only deeply troubled properties or loans are put up for auction, but that is not true, said Joe Cuomo, senior vice president of Auction.com. About 75 percent of the transactions that closed on the site last year were transactions in which the underlying asset had an occupancy rate of at least 50 percent, he said.

Louis Fisher, national director of Sperry Van Ness Auction Services, outlined his firm’s upcoming online auction called Auction Point 2013 (which will take place at AuctionPoint.com). The auction will feature all property types and is accepting bids until May 31.

 The entire episode on commercial real estate auctions is available for download at www.CREshow.com. The next “Commercial Real Estate Show” will be available March 28 and will provide a detailed examination of the issues surrounding commercial real estate contracts.

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

Stephen Ursery

The Wilbert Group

E-mail: sursery@thewilbertgroup.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.thewilbertgroup.com

MMM and CRE Finance Council Host “Borrower 2.0” Event in Atlanta, GA; Commercial Real Estate Finance Issues Spotlighted

Rusty Fleming

Atlanta, GA  ─ Commercial real estate lenders will gather to educate borrowers – and give tips on what they need to successfully finance deals – at a special event next month.

Morris, Manning & Martin, LLP and the CRE Finance Council (CREFC) are sponsoring an after-work seminar entitled “Borrower 2.0 – Lender Perspective on Borrower Profiles and Issues in Today’s Market.”

Rusty Fleming, a Partner in MMM’s Commercial Finance Practice and a member of CREFC’s Education Committee, will moderate a panel of top finance executives. They include:

Greg Michaud

• Bill Lafferty, Managing Director, Hanover Street Capital/Deutsche Bank 

• Greg Michaud, Senior Vice President & Head of Real Estate Finance, ING Investment Management 

• Mark Sixour, Senior Managing Director, HFF 

• Joel Stephens, Managing Director, Regions Bank

The panel will discuss what lenders look for in borrowers, how negative sponsor history impacts current financing opportunities and other challenges facing borrowers in the current market.

Mark Sixour

They are also expected to clear up common misconceptions they encounter, and analyze factors driving borrowers back to the CMBS market.

“As debt capital becomes more available to borrowers, many are finding that not only has the underwriting landscape changed, but loan structure and other requirements have also changed, so hearing the lenders’ perspective should be very helpful for borrowers seeking access to this capital,” Fleming said. “MMM is proud to be a member of CREFC and the first to host an After-Work Seminar in the Southeast.”

City Club, Buckhead, GA

The event will be held at 5:00 p.m. Thursday April 18 at the City Club of Buckhead. For more information, or to register, visit the CREFC website at www.CREFC.org.

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

Terri Thornton

terri@territhornton.com

HFF closes sale of and arranges acquisition financing for Galleria Plaza in Houston, TX

Galleria Plaza, Houston, TX

HOUSTON, TX – HFF announced today that it has closed the sale of and arranged acquisition financing for Galleria Plaza, a 428,285-square-foot mixed-use complex in Houston, Texas.

The HFF investment sales team representing the seller was led by senior managing director Dan Miller and director Martin Hogan. 

HFF’s debt placement team representing the buyer was led by senior managing director Wally Reid.

Dan Miller

HFF represented the seller, Chase Merritt and PCCP, in the sale of the property to a joint venture between Songy HighRoads LLC and The Carlyle Group.  The purchase price is confidential. 

In addition, HFF secured a three-year, 75 percent loan-to-value acquisition financing on behalf of the buyer through Bank of America Merrill Lynch – CMBS.

The complex is located across from the Houston Galleria with frontage on Westheimer, Alabama and Sage and comprises 7.6 acres of land. 

Martin Hogan

“This tract truly represents generational real estate,” said Miller.

  The Carlyle Group employs 1,400 people in 33 offices across six continents.

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

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

Bull Realty Brokers $5.4 Million Sale of 856 Acres in Atlanta Submarket

  

John DeYonker

 ATLANTA, GA – Bull Realty has brokered the $5.4 million, all-cash sale of 856 acres in Douglasville, Ga., approximately 15 miles from the Hartsfield-Jackson Atlanta International Airport.

 John DeYonker, a vice president in Bull Realty’s Land and Developer Services division, and Rob Whitmire, a partner with the firm, represented the seller, DBSI Villages at Riverview LLC, in the transaction.

The seller is a related entity to DBSI Inc., which filed for bankruptcy. The trustee of the liquidating trust set up to sell the assets of DBSI Inc. hired Bull Realty to market the property and secure a buyer.

Rob Whitmire

Josh Reeves of Sotheby’s Atlanta Fine Homes represented the buyer, ETPC Company LLC.

 The property was previously slated to be the site of developer Brooks Land Inc.’s Villages of Riverview master-planned community, and the site is currently entitled for 1,095 single-family homes, 325 town homes and 14 acres of commercial space.

 “This outstanding site is one of the largest fully entitled properties in metro Atlanta and, being located about 15 miles from downtownAtlanta and the Hartsfield airport, offers great possibilities for future development,” said Michael Bull, president and founder of Bull Realty. 

Michael Bull

“John and Rob did an outstanding job in procuring a buyer and closing this transaction within 90 days of the property being listed.”

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

Stephen Ursery

The Wilbert Group

E-mail: sursery@thewilbertgroup.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.thewilbertgroup.com

NAI Realvest Negotiates New Lease for Software Firm at the American Building in Maitland, FL

Mitch Heidrich

MAITLAND, FL– NAI Realvest recently negotiated a new lease agreement for 1,141 square feet of office space in the American Building at 1051 Winderley Place in Maitland. 

 Mitch Heidrich associate at NAI Realvest, negotiated the transaction representing the local tenant, Script-Bit Inc., a software firm that services the medical and healthcare industries.

 The landlord, MPM Holdings Inc. of Maitland was represented by Paul Reynolds and Alex Rosario of CNL Commercial Real Estate.

Contacts:

Mitch Heidrich, Associate NAI Realvest, 407-875-9989; mitchheidrich@realvest.com  

Robin L. Webb, CCIM, CHA, CHB, CRB, CPM, MRICS, Managing Director, NAI Realvest, 407-875-9989 Rwebb@realvest.com

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

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

Berger Commercial Realty Brokers Judy Dolan and Jonathan Thiel Close 5,000-SF Lease in Fort Lauderdale, FL

Jonathan Thiel

 FORT LAUDERDALE, Fla. (March 22, 2013)- Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced a new deal from Vice President Judy Dolan and Sales Associate Jonathan Thiel.

 Dolan and Thiel represented AMS Diagnostics in the lease of 5,000 square feet of flex space in the Taylor Building, located at 1790 N. Commerce Parkway in Weston. AMS Diagnostics relocated from Miami.

Contact: 

Marielle Sologuren

Pierson Grant Public Relations

msologuren@piersongrant.com

(954) 776-1999, ext. 226

Doral Court Plaza in Doral, FL Adding 4,500 SF and Lime Fresh Mexican Grille

DORAL, FL – Doral Court Plaza, a 9,5000-square-foot retail center, announced today that it will expand by 4,500 square feet to encompass a total of 14,000 square feet.

 The expansion project is expected to break ground within 90 days and be completed this fall. This project will bring Lime Fresh Mexican Grille to the property. The Ruby Tuesday, Inc.-owned restaurant signed a long-term lease for a majority of the new space. The expansion area has one remaining space of approximately 2,000 square feet available for lease.

Doral Court Plaza, Doral, FL

“Due to enormous demand, and our premier location within Doral, we are expanding our center,” said Steven Caster, president of Samoset Real Estate and managing member of Doral Court Plaza LLC. “Now that Lime’s space is confirmed and the site plan has been approved, we will turn our attention to the final remaining space.”

 Doral Court Plaza, located on NW 36th Street and 87th Ave. in Doral, has been completely leased to Edwin Watts Golf and First United Bank since its development in 2006.

Contact:

 Teresa Shum,

Boardroom Communications

tshum@boardroompr.com

 954-370-8999.

Peter Katz Named One of Marcus & Millichap’s Top Investment Specialists Nationwide

Peter Katz

CALABASAS, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced its top investment specialists for 2012.

Peter Katz, a Phoenix-based senior vice president investments and executive director of Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has ranked as the firm’s No. 8 agent out of more than 1,000 investment specialists nationwide.

 “Peter achieved significant success in 2012 and we are proud to recognize him for his outstanding achievements,” says John J. Kerin, president and chief executive officer of Marcus & Millichap. “His accomplishments as an institutional property advisor specializing in student housing and market-rate core assets in the Southwest are a testament to his superior transaction expertise and unwavering commitment to client service.”

John J. Kerin

Katz joined Marcus & Millichap in 1991 as an agent in the firm’s Phoenix office. His product specialty is institutional student housing and market-rate product in the Southwest. He is a senior director of the firm’s National Multi Housing Group. Katz became a vice president investments in July 1999 and a senior vice president investments in January 2008. 

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

Ben Johnson,

Marketing Director

(925) 953-1736

Inland Empire Retail Center Sells for $9.9 Million in Hemet, CA

Hemet West Shopping Center, Hemet, CA

HEMET, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Hemet West Shopping Center, a 61,312-square foot Stater Bros.-anchored center in Hemet, a city in Riverside County, Calif.  The sales price of $9,900,000 equates to $161 per square foot.

            Alan Krueger, a senior vice president investments, and Charles Shillington, a first vice president investments, both in the Ontario, Calif. office of Marcus & Millichap, represented the seller, GC Properties. The buyer is a private investor in a 1031 exchange.

Alan Krueger

  “Last year’s surge in multi-tenant asset transactions in the Inland Empire continues as investors seek out stabilized properties in order to reach their investment goals,” says Krueger.

            “At the time of the sale, Hemet West Shopping Center was 96 percent leased to a diverse mix of tenants,” adds Shillington.

Built in 1975, the property is located at the signalized intersection of Florida Avenue and Sanderson Avenue —California state routes 74 and 79—and enjoys an excellent window on both streets.

            Hemet West Shopping Center’s major tenants include Coco’s, Del Taco, Steer ‘n Stein, a United States post office, Advance America and Banner Mattress. All components and pads of the center were included in the sale.

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

Ben Johnson,

Marketing Director

(925) 953-1736

Waterstone Apartment Homes in Tracy, CA Commands $25.2 Million

Waterstone Apartment Homes, Tracy, CA

TRACY, CA  – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Waterstone Apartment Homes, a 156-unit apartment community in Tracy. The $25,250,000 sale price equates to approximately $161,800 per unit.

Stanford Jones, an IPA executive vice president investments, and Philip Saglimbeni and Salvatore Saglimbeni, IPA vice presidents investments, advised the seller, Fairfield Edgewood Station LP.  The buyer was MG Properties Group.

“Waterstone Apartment Homes’ historically stable operations, luxury status and free and clear delivery all added to its appeal for the investor,” says Jones.

            “The property’s revenue has been trending up over the last three months, which reflects well on the investor’s timing,” adds Philip Saglimbeni.

Philip Saglimbeni

“This property attracts upscale tenants,” Sal Saglimbeni concludes, “but has rents lower than those of comparable luxury communities in the neighboring East Bay cities of Livermore, Dublin and Pleasanton, allowing room for upside.”

Located at 1951 West Middlefield Drive, the 152,674-square foot property, completed in 2007, comprises seven three-story residential buildings and a one-story community building, all with stucco exteriors and pitched shingle roofs. Its one- and two-bedroom floor plans average approximately 979 square feet, with two-bedroom units making up 69 percent of the total unit mix.

Sal Saglimbeni

Unit amenities at Waterstone Apartment Homes include nine-foot ceilings with crown molding accents, in-home washers and dryers, central heating and air conditioning, oversized walk-in closets, illuminating ceiling fans in master bedrooms and breakfast bars in select units. 

Community amenities include a fitness center, a pool and spa, a cabana and barbecue pavilion, a community lounge with kitchen and bar, a resident business center and a leasing office.

 The apartment complex is situated within a reasonable commute to many employment centers along interstates 580 and 680, as well as from employers in Oakland, San Francisco, and the Silicon Valley. 

The ACE train station, a short drive from the property, provides employment access throughout South Bay as well. Local shopping options including Red Maple Village, West Valley Mall and the Tracy Outlet Center are minutes away, as are recreation and entertainment opportunities, including historic downtown Tracy.

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

Ben Johnson,

Marketing Director

(925) 953-1736

Two South Florida Office Properties Listed at $33.75 Million

Town Executive Center, Boca Raton, FL

FORT LAUDERDALE, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, is exclusively listing two South Florida office buildings, the 46,486-square foot Town Executive Center in Boca Raton and the 140,635-square foot Cypress Executive Center in Fort Lauderdale.

The Town Executive Center is being offered at $18,500,000. The listing price for the Cypress Executive Center is $15,250,000. The properties are owned by unrelated parties.

Cypress Executive Center
Fort Lauderdale, FL

Douglas K. Mandel, a vice president investments is Marcus & Millichap’s Fort Lauderdale office is representing the sellers.

The Town Executive Center is located at 6100 Glades Road in Boca Raton, across from the Town Center Mall on the southwest corner of Glades Road and St. Andrews Boulevard.

Douglas K. Mandel

The Cypress Executive Center is located at 1901 West Cypress Creek Road in the center of the Cypress Creek uptown business district of Fort Lauderdale and across from the Fort Lauderdale Executive Airport.

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

Ben Johnson,

Marketing Director

(925) 953-1736

Inland Empire Multifamily Complex Sells for $19 Million in Victorville, CA

VICTORVILLE, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Riverton of the High Desert, a 220-unit luxury apartment complex located in Victorville, the Victor Valley’s largest city. The $19 million sales price equates to $86,364 per unit.

            Alexander Garcia, Jr., a senior vice president investments in Marcus & Millichap’s Ontario, Calif. office, and Shane McConnell, an associate vice president investments in the firm’s Newport Beach, Calif. office, represented the seller, a developer. Garcia, McConnell and Ron Harris, an executive vice president investments in Los Angles, represented the buyer, a private investor.

Alexander Garcia Jr.

            “Riverton of the High Desert is one of the top multifamily assets in the Victor Valley,” says Garcia. “The property features high-quality construction and amenities, stable operations and a desirable location within an improving rental market.”

            Built in 2008 on 11 acres at 14374 Borego Road in Victorville, the property is located near Palmdale Road, which provides direct access to the greater Victor Valley area and to Interstate 15.

Shane McConnell

            Riverton of the High Desert is comprised of 15 two-story residential buildings and one single-story leasing and management office that also houses the business and fitness centers.

The grounds are extensively landscaped with lush grass, maturing shade trees and water-friendly shrubs and ground cover. Community amenities include a pool surrounded by a large furnished sundeck, an in-ground spa and a small trellis-covered sitting area.

All units feature nine-foot ceilings, fully equipped kitchens, central heating and air conditioning, full-sized washers and dryers, individual hot water heaters and a large private patio or balcony.

Victorville is 37 miles east of San Bernardino over the Cajon Pass on the southwestern edge of the Mojave Desert. The Victor Valley also includes the towns of Apple Valley, Hesperia, Adelanto and Barstow.

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

Ben Johnson,

Marketing Director

(925) 953-1736