Marcus & Millichap Capital Corp. Arranges $6.5 Million Office Refinance in Northern California

Jeffrey Shaddy

 BERKELEY, CA– Marcus & Millichap Capital Corporation (MMCC) has arranged $6.5 million in debt as a refinance on a 47,000-square foot Class B office property in Berkeley’s central business district.

            Jeffery Shaddy, a director in MMCC’s Sacramento office, arranged the loan.

            “There were several challenges facing this transaction,” says Shaddy. “Despite the short-term, predominately single-tenant lease, the request was for longer-term, low-rate financing without tenant improvement and leasing commission or lease-up reserves and a 30-year amortization schedule, instead of the more conservative standard of 25 years for commercial properties.

“And, due to proximity to a seismic fault zone, the request was for non-recourse financing without an earthquake insurance requirement,” adds Shaddy.

            “We were able to resolve environmental, seismic, term structuring, estoppel and swap issues and meet the client’s expectations,” concludes Shaddy. “We delivered at the rates and terms promised and closed precisely on time.”

            The 10-year loan amortizes over 30 years at 4.5 percent. The LTV is 65 percent. The property was built in 1969.

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

Ben Johnson,

Marketing Director

(925) 953-1736

Two-Building Mixed-Use Portfolio Changes Hands in Los Angeles, CA

Guardian Arms Apartments, Los Angeles, CA

 LOS ANGELES, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a two-building mixed-use portfolio well positioned in the upward trending area between Hollywood and Los Feliz in Los Angeles.

 The two buildings are the Guardian Arms Apartments, a seven-story 90-unit apartment building with four retail spaces on the ground level, and an adjacent four-story mixed-use asset with 11 apartments and five ground-floor retail units.  

Richard Ringer

The buildings are located at 5217-5233 Hollywood Boulevard. The terms of the sale were not disclosed.

            Richard Ringer, a first vice president investments in the firm’s West Los Angeles office, represented the seller, a private partnership, and the buyer, M West Holdings LLC, a vertically integrated private real estate investment company.

Jake Roberts and Anita Roberts, both vice presidents capital markets in Marcus & Millichap Capital Corporation’s (MMCC) West Los Angeles office, arranged the financing.

Jake Roberts

            “Guardian Arms Apartments is a ‘character building’ with a grand lobby, polished concrete and marble floors, art-deco style units, 180-degree unobstructed views of  the Hollywood sign, Griffith Park Observatory and the downtown skyline, and a prestigious Hollywood Boulevard address,” says Ringer. 

“The new owner is in an excellent position to realize rental upsides through unit turns and stronger management, and may apply for reduced real estate taxes under the Mills Act property tax abatement program.”

Los Angeles skyline

The two contiguous properties were built in the late 1920s on a lot totaling 44,998 square feet with 100 feet of boulevard frontage.

 The total unit mix for the two buildings is 21 “bachelor” apartments without kitchens, 52 studios with kitchens, 28 one-bedroom/one-bath apartments and nine retail spaces

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

Ben Johnson,

Marketing Director

(925) 953-1736

Jones Lang LaSalle Inks Lease to Expand BSE Group’s Arizona Office Presence

Jim Sadler

PHOENIX, AZ – On behalf of Boston Semi Equipment, LLC the Phoenix office of Jones Lang LaSalle has completed a 54,900-square-foot lease in Tempe, Ariz. that allows Massachusetts-based Boston Semi Equipment (BSE) to expand its local market presence and increase its production capacity.

“BSE recognized its growth potential in Phoenix and conducted an extensive multi-market search to find a location that supports this important move in the company’s history,” said Jones Lang LaSalle Executive Vice President Jim Sadler, who brokered the deal with Jones Lang LaSalle Vice Presidents Keith Lammersen and Jason Moore on behalf of BSE Group.

Keith Lammersen

“They have done a thorough job of researching and selecting a new home that fulfils a requirement for state-of-the-art engineering space, provides a central location for employees and offers space for expansion. We were honored to be selected to help them in this effort.”

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

 Stacey Hershauer

480.600.0195

stacey@focusaz.com

Donna Abood and Colliers International South Florida Named to TCI's Top 50 Women-Led Businesses

Donna Abood

MIAMI, FL - We are pleased to announce that the Commonwealth Institute South of Florida (TCI) has selected Chairman-Founding Partner of Colliers International South Florida Donna Abood as one of the Top 50 Women-Led Business Leaders in Florida.

Abood's inclusion in the list of honorees was derived from her participation in a recent study conducted by TCI and Moore Research that examined the characteristics of woman leaders and the businesses they lead.

 In addition to announcing the Top 50, the survey found that a majority of women-led organizations (53%) are more optimistic about current economic conditions in Florida, with many expecting continued improvement through 2013. A detailed summary and additional findings will be released in the full report later this month.

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

HFF arranges $78 million refinancing for Alameda Square Campus in Los Angeles

Aerial of Alamedia Square Campus
Downtown Los Angeles, CA

LOS ANGELES – HFF announced today that it has arranged a $78 million refinancing for the Alameda Square Campus, an industrial and creative office campus totaling more than 1.6 million square feet in downtown Los Angeles.

HFF worked on behalf of the borrower, a subsidiary of EVOQ Properties Inc., to secure the three-year adjustable-rate loan through Olen Properties. 

The loan will be used to refinance first and second lien mortgages currently secured by the campus.

Paul Brindley

The new loan will also provide capital to pay tenant improvement and leasing costs for a recently executed 82,000-square-foot headquarters lease for Splendid® and Ella Moss®, two subsidiaries of VF Contemporary Brands.  

The Alameda Square Campus at 7th and Alameda in downtown L.A. is comprised of approximately 1.4 million square feet of creative office, retail and light manufacturing space situated next to the historic 7th Street Produce Market and a wholesale market comprised of more than 200,000 square feet of industrial space. 

Located near the Los Angeles Arts and Fashion Districts, the 32-acre campus is a prime location for the area’s growing enclave of fashion and creative companies.  The campus also serves as the world headquarters for major fashion label American Apparel, and up-and-coming fashion brand Groceries Apparel relocated to the campus in late 2012 to expand operations.

Groceries Apparel Clothing Line

The HFF team representing the borrower was led by senior managing director Paul Brindley and senior real estate analyst Jeff Sause.

  

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

The Down Hotel Co. Promotes Teresa Sims to Resident Manager for Hyatt North Houston

  

Teresa Sims

                  SEATTLE, WA, March 26, 2013—The Dow Hotel Company, LLC (DHC), a hotel ownership, investment and management company, today announced the promotion of Teresa Sims to resident manager for the Hyatt North Houston in Greenspoint, Texas. 

                A veteran of the Houston market, Sims most recently was the hotel manager for the Sheraton North Houston where she was responsible for substantial increases in guest satisfaction, profitability and employee retention and managed a $6 million post-hurricane renovation. Prior to joining Dow in 2008, she held numerous positions, at other full-service, Houston-area hotels.

Larry Bundy

 “Teresa understands the Houston market and has had great success in motivating associates to meet the expectations of today’s guests,” said Larry Bundy, general manager.

 “Her track record in improving guest satisfaction and reducing turnover is a testament to her focus on training and motivation.  Those skills, coupled with a keen understanding of maximizing economic returns, make her an exceptional addition to the hotel’s leadership team.” 

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

Chris Daly,

Lauralee Dobbins                    

Phone:  (703) 435-6293

Chris@dalygray.com

W3 Partners Names Peter Mette as Managing Partner

Diane Olmstead

SAN RAFAEL, CA (March 26, 2013) W3 Partners, a real estate investment operating company, has named Peter Mette as managing partner. In his new role, Mette is charged with sourcing new deals in Northern California and the Pacific Northwest.

With more than 20 years of industry experience, Mette comes to W3 from KBS Realty Advisors in San Francisco where he served for nearly eight years as senior vice president/director of acquisitions and dispositions. There he opened and managed the San Francisco office and led more than $860 million of investments totaling over 3.8 million square feet of office and industrial properties.

Peter Mette

“Peter brings with him a breadth of acquisition knowledge and experience, as well as a deep understanding of the key markets in which we are seeking to have a stronger ownership presence,” said Diane Olmstead, co-founding partner of W3 Partners. “He will focus on strategic value-add investment opportunities that point to promising returns for our investment partners and our company.” 

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

Darcie Giacchetto,

949.278.6224

Spaulding Thompson & Associates

 For Faris Lee Investments

Faris Lee Investments Completes $4.27 Million Sale of Retail Center in Pico Rivera, CA

Pico Crossings, Pico Rivera, CA

RVINE, CA, March 26, 2013 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $4.27 million sale of an 11,722-square-foot portion of Pico Crossings, a retail center situated on 1.29 acres located at 9311-9333 Whittier Blvd., in Pico Rivera, Calif.

 Built in 2008, the property is 77 percent occupied and includes Starbucks, Subway, and Sherwin-Williams. Other tenants in the center that weren’t a part of the transaction include Rite Aid and Tommy’s. 

Nicholas Coo

                Nicholas Coo, Dennis Vaccaro and Ryan Tomkins with Faris Lee Investments represented the seller, Heslin Becker Properties. The buyer, who paid all cash, was CEO Huang and was represented by Jason Hong of Realty Executives.  The closing cap rate was 6.5 percent.

                “The success of this transaction was the direct result of strategic pricing which took into consideration our upward trending real estate market,” said Coo, senior managing director with Faris Lee.

 “After analyzing the property, we structured a rent guarantee with the seller that covered the vacant space’s rent for up to 12 months and secured a leasing team tasked with procuring tenant interest. This strategy allowed us to apply value to the vacant space and maximize value for the seller, via an all-cash buyer.”

Dennis  Vaccaro

Pico Crossings is located at the highly trafficked, signalized intersection of Whittier Blvd., and Durfee Ave. with nearly 50,000 vehicles per day and is less than a mile from Interstate 605.

The surrounding area features approximately 510,000 consumers and 220,000 day time employees within a five-mile radius. Home Depot and Target are within close proximity to the property.

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

Darcie Giacchetto,

949.278.6224

Spaulding Thompson & Associates

 For Faris Lee Investments

Sheraton Bali Kuta Resort Announces Sunset Gatherings

Sheraton Bali Kuta Resort
Bali, Indonesia

BALI, INDONESIA, March 26, 2013 – Sheraton Bali Kuta Resort is pleased to announce Sunset Gatherings, a unique nightly culinary experience that showcases the dramatic sunsets of Kuta from the stunning venues at Sheraton Bali Kuta Resort.

Each evening, gather with fellow world travelers to enjoy great music, mouthwatering bites, and a selection of international wines and cocktails with unparalleled sunset views of the Indian Ocean on center stage, setting a beautiful, romantic scene for a perfect evening.

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

Hwee Peng Yeo
Director of Asian Markets
Glodow Nead Communications
Level 21, Centennial Tower
3 Temasek Avenue
Singapore 039190

Glodow Nead Communications • San Francisco • New York • Singapore
O: 65.9768.6087 or 1.415.394.6500 • E hweepeng@glodownead.com • FB: GlodowNead

Stirling Sotheby’s International Realty named exclusive sales agents for historic Titusville, FL home

Wager House, Titusville, FL

TITUSVILLE, FL --- Stirling Sotheby’s International Realty has been named exclusive sales and marketing agents for the historic Wager House, a restored three-story Colonial Revival style estate home located at 8 South Street, overlooking the Indian River in Titusville.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said the Wager House was added to the National Register of Historic places almost 25 years ago and is one of the oldest structures in Titusville and Brevard County.

Joe Janson

Soderstrom said Florida Luxury Homes Specialist Joe Janson in the firm’s Brevard County division is representing the unique property listed for sale at $899,000.

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

Joe Janson, International Luxury Homes Specialist Stirling Sotheby’s International Realty, 321-338-5833 jjanson@stirlingsir.com and www.extraordinaryhomes.us

 Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty

407-333-1900 

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

Marcus & Millichap Sells 56-Unit Multifamily portfolio in South Florida

Prospect Apartment Portfolio
 Fort Lauderdale, FL and Oakland, FL

FORT LAUDERDALE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Prospect Apartment Portfolio, a 56-unit multifamily portfolio comprised of three parcels in Fort Lauderdale and Oakland Park, FL.

The portfolio commanded a sales price of $2,700,000.


Joseph P. Thomas



Associate Vice President Investments Joseph P. Thomas and Associate Adam Duncan in Marcus & Millichap’s Ft. Lauderdale office, represented the seller, a local partnership based in Fort Lauderdale. Thomas and Duncan also represented the buyer, a partnership from Coral Gables, FL.

Due to time constraints, the buyer could not close with conventional bank financing. Senior Associate Daniel Greenberg, along with Associate Director Steve Goldwyn of Marcus & Millichap Capital Corporation arranged a $1.85 million private bridge loan for the buyer which allowed the deal to close within two weeks.

Steve Goldwyn

The Prospect Apartment Portfolio consists of three separate parcels totaling 56 units in Fort Lauderdale and Oakland Park, FL. All buildings are two-stories with two-bedroom/one bathroom units and central air conditioning.

The portfolio includes:

--- 999 West Prospect Road – Oakland Park, FL (32 units)
---1007 West Prospect Road – Fort Lauderdale, FL (16 units)
--- 240 NW 42nd Street – Oakland Park, FL (8 units)



Press Contact:

Gregory Matus
Regional Manager / Vice President,
Fort Lauderdale, FL
(954) 245-3400

Fort Lauderdale Beach Condo Tower Site To Be Sold To Baltimore Developer

Orion Condos rendering
Fort Lauderdale Beach, FL

MIAMI, FL -- With more than 120 new condo towers proposed for coastal South Florida since the real estate crash of 2007, the developer of the proposed 170-unit Orion project planned for Fort Lauderdale Beach has identified a buyer to purchase the project's site with entitlements, according to a new report from CondoVultures.com.

The prospective buyer - Mah Cignal Holdings based in the Baltimore area - won the right to purchase the nearly two-acre site on Fort Lauderdale Beach Boulevard with a winning bid of $22.5 million in a U.S. Bankruptcy Court-ordered auction, according to the South Florida Business Journal.

Silvia Coltrane

The transaction is reportedly scheduled to be completed in March 2013 although no deed transfer has been recorded as of March 24, 2013, according to Broward County Clerk of the Court records.

Silvia Coltrane's Transacta Prive Developers - which in March 2012 obtained approval to build the planned 18-story Orion condo tower on a former Howard Johnson hotel property in Fort Lauderdale Beach - formally put the development site on the market in December 2012 for an undisclosed price, according to the South Florida SunSentinel.

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

Condo Vultures® LLC

225 Midtown Building

225 NE 34th St., Suite 209B,

 Downtown Miami, Florida, 33137.

800-750-0517.

PM Hospitality Strategies Adds Two Contracts as Part of New Expansion Plan

  

Hampton Inn, Potomac Mills/Woodbridge 

WASHINGTON, D.C., March 25, 2013—PM Hospitality Strategies (PMHS), a hotel management and joint-venture investment company, today announced that it recently signed two hotels to its management portfolio, the first step in a new expansion program. 

The Hampton Inn and Fairfield Inn and Suites-branded properties are located in the Washington, D.C. Metro area.

“Our goal is to add 5 to 10 hotels in 2013, focusing on third-party management contracts with strong institutional investors,” said Joseph Bojanowski, PMHS president.  “We have extensive expertise in acquisitions, turn-arounds and repositionings, areas in which we expect to see a significant amount of activity over the next several years.” 

 Fairfield Inn and Suites by Marriott,
Dulles Airport Chantilly

The new management contracts include:

·         Hampton Inn, Potomac Mills/Woodbridge  -This 87-room hotel is located just off Interstate 95 between the Fort Belvoir and Quantico military bases and within close proximity to the massive Potomac Mills factory outlet mall complex.

  The hotel recently completed a comprehensive refresh program and is in peak physical condition.  Amenities include a fitness center and swimming pool, as well as a refrigerator and microwave in each room. 

·         Fairfield Inn and Suites by Marriott, Dulles Airport Chantilly -Located at 3960 Corsair Court in Chantilly, Va., just four miles from Dulles International Airport, this 84-room hotel offers a swimming pool, fitness facilities and business center.  

Dulles International Airport,
Washington, DC

Other amenities include a smoke-free environment, complimentary high-speed Internet, free breakfast, and toll-free telephone service. 

PMHS is headquartered in Washington, D.C.  Additional information about the company may be found at www.pmhs.com.    

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

 Chris Daly,

Jerry Daly, media

(703) 435-6293

chris@dalygray.com

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