Avison Young completes $7-million land sale in Santa Monica, CA for development of MINI car dealership

  

Rendering of planned MINI of Santa Monica, 1402 Santa Monica Boulevard, Santa Monica, CA

Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today the $7-million sale of a half-acre land parcel in an off-market transaction for development of a MINI car dealership.

Joseph Gabbaian

The land parcel, which currently houses a gas station, will become the new home of MINI of Santa Monica, a two-story state-of-the-art car dealership dedicated to all things MINI. 

Avison Young Principal Joseph Gabbaian, based in the firm’s West Los Angeles office, represented the seller, Santa Monica, CA-based SBZ Partnership, as well as the buyer, Q6 Real Estate, Inc., an affiliate of Toronto, Canada-based The Quinn Automotive Group.

 The land parcel is located at 1402 Santa Monica Boulevard at the corner of 14th Street in Santa Monica.

 “The buyer had been awarded a MINI dealership franchise in the area, so location was of paramount importance,” comments Gabbaian. “The buyer intends to build a 33,700-square-foot dealership facility on the site.”

 Q6 Real Estate is in the process of securing permits for the dealership, which can take 12 to 18 months. Construction completion is slated for mid-2016.

 “The acquisition of this parcel was very complex and time-consuming; however, Joseph Gabbaian’s dedication and commitment to the purchase and sale greatly simplified the process,” notes Steve Quinn, President of Q6 Real Estate.

“He personally shepherded the project from beginning to end and acted as our feet on the street in Santa Monica, connecting us with a number of service providers for our legal, finance and planning needs.”

 Quinn adds that Avison Young’s local knowledge, connections and services will continue to be utilized as Q6 Real Estate works closely with city planners to create a MINI car dealership of the future of which residents, stakeholders and planners can be proud.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Industrial Sector Continues Its Slow and Steady Improvement

  

ATLANTA, GA (Aug. 5, 2013) – On the road to recovery, the industrial sector has been more of a tortoise than a hare. Fueled by the growing e-commerce market and the recovering housing sector, the industrial segment appears set to continue its slow and steady improvement in the months ahead.

Michael Bull

That was the consensus of a panel of experts on the most recent episode of the “Commercial Real Estate Show” radio program, hosted by Michael Bull of Bull Realty. Bull and his guests discussed vacancy rates, rent growth and the small-scale return of speculative construction, among other topics.

The national vacancy rate for the warehouse/distribution market fell by 10 basis points from the first quarter to the second quarter, to 11.8 percent, said Ryan Severino, senior economist at Reis. Additionally, the average asking rent grew .5 percent to $4.74 per square foot, while the average effective rent also rose by .5 percent to $4.30 per square foot.

For flex/R&D properties, the national vacancy rate also declined 10 basis points to 13.8 percent, according to Severino. The average asking rent increased .1 percent to $8.82 per square foot, and the average effective rent grew .1 percent to $7.84 per square foot.

Ryan Severino

The improving fundamentals are gradually making the industrial sector less of a tenant’s market, guests noted. “As more space gets absorbed, particularly the space that people find appealing that’s the right location and size, it does shift the dynamics of the lease negotiation a little bit more toward the landlord,” said Larry Callahan, CEO of Pattillo Industrial Real Estate.

Looking ahead, expect more slow improvement in the sector, Severino said. “We are still waiting to see an acceleration in the underlying economic growth before we see more of an acceleration in the industrial market fundamentals,” he said. “I would expect the rate of improvement to be about the same as we’ve seen over the last six to 12 months.”

Larry Callahan

Online retailers are driving much of the new demand, according to the show guests. “E-commerce users are having a significant impact on the industrial market,” Severino said. “They are clearly preferring new centers with large contiguous blocks of space with more dock doors, preferably cross-decked, with greater clear heights and floors that can support heavier loads.”

A reviving housing market could also help drive down industrial vacancy rates in the future as suppliers need more warehouse space for their materials, Callahan added. “All of the people that serve housing like carpeting, flooring, cabinetry and air conditioning are all going to pop up with it as building comes back,” he said.

Brian Cardoza

Guests also noted that both build-to-suit and speculative construction are taking place, although the latter is happening to a decidedly limited extent. “Certainly we are doing build-to-suits,” said Brian Cardoza, senior leasing manager at Prologis. ”For spec, we are being strategic. There are certain markets where we are either under construction or considering going under construction.”

“There are places where we are seeing the dynamics reach a point where it makes sense to [build speculative developments],” Callahan added. “We don’t expect a flood of it but people are tip-toeing back into the market.”

The entire industrial market episode is available for download at www.CREshow.com. The next “Commercial Real Estate Show” will be available on Aug. 8 and will feature an update on asset and property managment.

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

Stephen Ursery

The Wilbert Group

404.405.2354

sursery@thewilbertgroup.com

Marshall Hotels & Resorts Appoints Mucciano to Executive Vice President of Sales & Marketing

    

S. Lynn Mucciano

 SALISBURY, Md., Aug. 5, 2013—Officials at Marshall Hotels & Resorts, Inc., a leading hotel management and services company that operates properties nationwide, today announced that S. Lynn Mucciano has been appointed executive vice president of sales and marketing.

  In her new role, Mucciano will oversee the sales and marketing effort for the company’s 50-plus hotel and resort management portfolio.

“Lynn is a career hotel sales and marketing professional who has led highly effective, creative marketing efforts for hotels in every category, from select service to full service hotels and resorts,” said Mike Marshall, president and CEO.

Michael Marshall

 “Her breadth of experience, coupled with a focus on developing and implementing comprehensive training programs, will be beneficial to both our managed hotels and the associates who wish to advance their careers in the hospitality industry.  She’s a great fit for our growing company because she understands the needs of operators and owners alike.”  

A nearly 25-year hospitality veteran, Mucciano previously worked for Prism Hotels and Resorts where she was vice president sales and later vice president business development.  

Her background includes extensive experience working for owners, developers and operators, including Turnberry Associates and The Goldman Properties. She is a graduate of the hospitality management school at Florida International University and is an HSMAI-certified trainer in reservations, sales and revenue management.

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

Chris Daly, media

Daly Gray Public Relations

 (703) 435-629

chris@dalygray.com

www.marshallhotels.com.

5 New Condo Towers Planned For Bal Harbour / Surfside / Bay Harbor Islands in South Florida

    

St. Regis Bal Harbour Resort, Bal Harbour, FL

MIAMI, FL -- With at least 147 new condo towers already proposed for South Florida, developers are planning an additional five new condo project in the barrier island market of Bal Harbour / Surfside / Bay Harbor Islands in Northeast Miami-Dade County as the region's real estate market shows signs of recovering from the dramatic downturn of 2007, according to a new report from CondoVultures.com.

Peter Zalewski

The new condo projects - dubbed the Bay Harbor I, Bay Harbor 101, 1120 Bay Breeze, 1150 Condominium, and Bay View 102 - are slated to be developed at a time when 14 towers with nearly 1,000 units have already been proposed for the Bal Harbour / Surfside / Bay Harbor Islands market, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

Overall in South Florida, developers are now proposing nearly 19,900 units for the tricounty region of coastal Miami-Dade, Broward, and Palm Beach as of Aug. 4, 2013, according to the report.

"The Bal Harbour / Surfside / Bay Harbor Islands area is one of the busiest South Florida markets in terms of newly proposed condo towers," said Peter Zalewski, a principal with the Downtown Miami-based real estate consultancy Condo Vultures® LLC.

"The new condo sales success - more than $1 billion and counting - at the St. Regis Bal Harbour complex has been the catalyst attracting developers to the Bal Harbour / Surfside / Bay Harbor Islands market. To date, developers are proposing at least 19 condo towers with more than 1,150 units in the Bal Harbour / Surfside / Bay Harbor Islands market.

"The unanswered question is, whether the buyer demand is deep enough to justify the development of all of the proposed condo projects slated to go up in the Bal Harbour / Surfside / Bay Harbor Islands market." 

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.

Arbor Funds $49.6 in FHA Financing for Multifamily Properties Nationwide

Shafer Grace Apartments, Richmond, VA

UNIONDALE, NY --Arbor Commercial Mortgage, LLC, a national, direct commercial real estate lender, announced the funding of seven FHA-insured multifamily loans totaling $49,607,900:

Hal Reinauer

·         Shafer Grace, Richmond, VA – This 152-unit multifamily apartment complex received a total of $22,039,000 funded under the FHA 221(d)(4) product line. The 40-year new construction loan amortizes on a 40-year schedule. Planned amenities include a fitness center; roof deck and clubhouse; high-speed Internet, cable and phone service included in all rent; a washer and dryer in each unit; central air conditioning; garage parking; and extra storage. The loan was originated by Hal Reinauer, Director in Arbor’s Boston office.

Michael Jehle

·         Chesterfield Gardens Apartments, Chester, VA – This 105-unit multifamily property received $7,281,900 funded under the FHA 223(a)(7) product line. The 37-year refinance loan amortizes on a 37-year schedule. The complex is a garden-style property.  Amenities include a clubhouse, leasing office, 24-hour fitness center, swimming pool, tennis court and playground. The loan was originated by Hal Reinauer, Director in Arbor’s Boston office.

Phillip Gause

·         Capital Villa Apartments, East Lansing, MI – This 172-unit multifamily apartment complex received a total of $8,160,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. The complex is within walking distance to Michigan State University and has a concentration of students. Amenities include an outdoor pool, a fitness center, a computer lab, indoor bike storage, Wi-Fi access, a common laundry facility, a private study room and designated picnic areas with gas grills. The loan was originated by Michael Jehle, Midwest Regional Director in Arbor’s Bloomfield Hills, MI, office.

Joseph Donovan

·         Burnt Tree Apartments, East Lansing, MI – This 96-unit multifamily property received $3,750,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. The complex is a garden-style property located within close proximity to Michigan State University.  Amenities include common laundry rooms in each building, on-site parking, a playground and a picnic area with a grill and picnic table. The loan was originated by Michael Jehle, Midwest Regional Director in Arbor’s Bloomfield Hills, MI, office.

·         Country View Apartments, Savage, MN – This 58-unit multifamily property received $3,057,000 funded under the FHA 223(f) product line. The 30-year refinance loan amortizes on a 30-year schedule. The complex is a garden-style property located approximately 20 miles southwest of Minneapolis, MN. Amenities include a common area laundry, a playground, a swimming pool and additional storage lockers. The loan was originated by Phillip Gause, Director in Arbor’s Philadelphia, PA, office.

Arbors at Evansville Apartments
Evansville, IN

·         Arbors at Evansville Apartments, Evansville, IN – This 150-unit multifamily property received $2,960,000 funded under the FHA 223(f) product line. The 30-year refinance loan amortizes on a 30-year schedule.  The complex provides either a balcony or patio for all units and is approximately two hours from Louisville, KY.

·         Arbors at Red Bank Apartments, Evansville, IN – This 88-unit multifamily property received a total of $2,360,000 funded under the FHA 223(f) product line. The 30-year refinance loan amortizes on a 30-year schedule.  All units have a balcony or patio and the complex includes on-site maintenance and a common laundry room.

Arbors at Red Banks Apartments
Evansville, IN

“As seen by our most recent group of funding transactions, Arbor’s robust FHA financing platform has been able to deliver diverse loan products to suit our borrowers’ unique needs throughout the country,” said Joseph Donovan, Arbor’s Senior Vice President and Director of FHA Lending. “From refinance to new construction, the FHA platform is consistently able to achieve the financial goals multifamily borrowers seek in today’s strong market.”

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

Christopher Ostrowski

costrowski@arbors.com

SterlingFunder CEO David Lilenfeld to Speak at Entrepreneur Boot Camp in Atlanta, GA

   

David M. Lilenfeld

 ATLANTA, GA — David Lilenfeld, co-founder and CEO of SterlingFunder, will speak at the Urban League Young Professionals 5th Annual Entrepreneur Boot Camp Aug. 3. Lilenfeld will participate in the Crowdfunding 101 panel. 

“I’m happy to share my crowd-funding knowledge and participate in a conversation about this topic,” said Lilenfeld. “This event is certainly a great opportunity to not only share experiences, but learn a great deal as well. I’m excited to exchange ideas with others in the Atlanta entrepreneurial community.”

The annual event gives young entrepreneurs the opportunity to receive guidance and training from key leaders in the metro Atlanta business community. The daylong conference will include networking opportunities and workshop sessions. Course topics include time management, funding, creative effective business plans and more.

SterlingFunder is an Atlanta-based equity and debt crowd-funding platform. In addition to facilitating national crowd-funding transactions, SterlingFunder is the nation’s only crowd-funding portal for non-accredited investors, under the Invest Georgia Exemption.

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

Caroline Wilbert

The Wilbert Group

404-405-6479 (c) 404-748-1250 (o)

cwilbert@thewilbertgroup.com

http://www.SterlingFunder.com

Stan Johnson Co. Hires Lanie Rea as Director of Research

  

Lanie Rae

TULSA, OK— Stan Johnson Company, a leading real estate brokerage and advisory firm specializing in net-lease investment sales, announced today that it has hired Lanie Rea as Director of Research.  In this role, Rea will build, lead and supervise a customer-focused research team aimed at mining key economic and industry trends to benefit the firm's clients. 

            "We are excited to have Lanie join our firm as she will provide insight that will help our brokers better serve their clients,” said Jeff Cox, Chief Operating Officer of Stan Johnson Company. “We are confident that Lanie will play an integral role in growing our firm.”

For the past five years Rea has been with Jones Lang LaSalle where she most recently served as Vice President, Director of Research Operations, Americas. Rea holds a Bachelor degree from Ohio State University.

 

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

David Ebeling

Ebeling Communications

(949) 278-7851

david@ebelingcomm.com

www.stanjohnsonco.com.

Cousins Properties Reaches Atlanta Better Buildings Challenge Goal

  

American Cancer Society Center, 250 Williams Street, Downtown Atlanta, GA

ATLANTA, GA – The Atlanta Better Buildings Challenge (Atlanta BBC) recognized Cousins Properties for reaching a milestone achievement in sustainability for its American Cancer Society Center (ACSC) building. The ACSC, located downtown at 250 Williams Street, was one of just 20 Atlanta properties to complete its Atlanta BBC goal in 2013.

Lauren Dufort

 Atlanta BBC participants work to realize a 20 percent reduction in energy and water consumption in commercial properties by or before 2020. 

Cousins is among the first Atlanta BBC participants to achieve this goal within less than two years of the program’s launch.

 Atlanta, along with Seattle and Los Angeles, were the first cities selected by President Obama in 2011 to participate in this U.S. Department of Energy-backed sustainability program that has since expanded throughout the country.

Denise Quarles

Originating in Downtown, the Atlanta Better Buildings Challenge has grown to include participation throughout the city, including the Midtown and Buckhead communities. Central Atlanta Progress (CAP) works in partnership with the City of Atlanta Mayor’s Office of Sustainability to manage the Atlanta BBC. 

 To date, the Atlanta BBC boasts more than 80 participants, representing more than 65 million square feet of commercial space working to implement sustainability improvements.

 “We commend and congratulate Cousins for taking this important step to improve Atlanta’s energy and water efficiency,” said Lauren Dufort, Director of Sustainability at Central Atlanta Progress.

 “The City of Atlanta applauds Cousins in its efforts to make our city a more sustainable place to live and conduct business,” said Denise Quarles, Director, City of Atlanta Mayor’s Office of Sustainability. “Their hard work is just the beginning, and we are glad that they paved the way for other Atlanta BBC participants.”

  

President Barack Obama

Cousins was formally recognized in a ceremony held July 16 at Hudson Grille Midtown.

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

Kyle Stapleton

JACKSON | SPALDING

P 404-214-2191

E kstapleton@jacksonspalding.com

www.cousinsproperties.com.

www.atlantabbc.com.

NAI Realvest Negotiates New Retail Lease at Jourdan Crossing in Oviedo, FL for Oviedo Spinal Dynamics

Jourdan Crossing, 310 West Mitchell Hammock Road, Oviedo, FL

George Viele

ORLANDO, Fla. – NAI Realvest recently negotiated a new retail lease agreement for 1,370 square feet in the Jourdan Crossing retail center at 310 West Mitchell Hammock Rd. in Oviedo.

 George Viele, vice president at NAI Realvest, brokered the transaction representing the landlord, Jourdan Crossing, LLC. 

Tenant Oviedo Spinal Dynamics LLC, a medical group specializing in treatment of the spine, skeletal, muscle and nervous system, is opening in early August at Jourdan Crossing.  

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

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

Hendricks-Berkadia negotiates sale of 289-unit Addison Landing Apartments in Jacksonville, FL for $19,185,000

Addison Landing Apartments, 9455 103rd Street, Jacksonville, FL

Cole Whitaker

ORLANDO, FL --- Hendricks-Berkadia Real Estate Advisors, which ranks as one of the leading multi-family investment banking and research companies in the nation, recently negotiated a $19,185,000 sale price for the Addison Landing Apartments located at 9455 103rd St. in Jacksonville.

Hal Warren

Cole Whitaker, partner who heads the Southeast Division of Hendricks-Berkadia, negotiated the transaction with associate partner Hal Warren and vice president Jason Stanton representing the seller, Jacksonville Zone, LLC. 

WRH Income Properties, Inc. of St. Petersburg, Fla. acquired the 289-unit apartment property consisting of 20 two and three-story buildings built in 2006 with one to four bedroom apartment homes.  

Jason Stanton

Amenities include controlled access entry, swimming pool, fitness center, business center and 24-hour maintenance.

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

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

Crossman & Company Makes Florida Trends' Top 100 Best Companies List

Mark Howard

Orlando, FL (July 25, 2013) — Crossman & Company was recently named one of Florida’s Best Companies To Work For. (The Orlando-based company placed 21^st on a Best Small Companies list of 31 firms.)  Crossman & Co. made the list for the fourth consecutive year.

The fifth annual Best Companies list appears in the August issue of Florida Trend magazine. One-hundred companies are ranked in small, medium and large employer categories.

"Our Best Companies coverage this year is simple and direct: We went to the employees of the Best Companies To Work For and asked them to tell us what they like most about working where they work," says Mark Howard, executive editor.

"The responses are illuminating. Some of them highlight innovative perks, benefits and incentives, while others reveal how these top companies communicate effectively with their employees and empower every worker to make decisions. We hope these ideas are instructive for other companies that are looking to create a Best Companies-type workplace."

The Best Companies To Work For In Florida program was created by Florida Trend and Best Companies Group and is endorsed by the HR Florida State Council.

For a list of the 100 Best Companies To Work For In Florida, go to www.FloridaTrend.com/BestCompanies.

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

Mark Howard,

 Executive Editor

 mhoward@floridatrend.com

727-892-2644

www.crossmanco.com

CBRE Orlando Closes Sailpointe at Lake Monroe in Sanford, FL for $18.5 Million

Sailpointe at Lake Monroe Apartments, Sanford, FL

ORLANDO, FL -- CBRE is pleased to announce that it has sold Sailpointe at Lake Monroe in Sanford for $18,500,000. This 256-unit rental community was built in 1985, and was 94% occupied at closing.

Shelton Granade

 Shelton Granade, Luke Wickham, and Justin Basquill of CBRE’s Orlando office exclusively represented the seller in the transaction.

Luke Wickham

Sailpointe offers 1 and 2 bedroom units averaging 811 SF with resort-style amenities oriented to maximize views of Lake Monroe. The property is within walking distance of downtown Sanford, the Sanford Marina, and the Riverwalk recreational area.

CBRE’s Central Florida Multi-Housing Group continues to be the market leader, and has closed more than $410,000,000 in the Orlando MSA thus far in 2013.

Justin T. Basquill

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

Shelton Granade, Luke Wickham or  Justin Basquill

Executive Vice President, First Vice President,  Director of Operations

T 407.839.3103, T 407.839.3130,  T 407.839.3169

shelton.granade@cbre.com,

 luke.wickham@cbre.com,

 justin.basquill@cbre.com

189 S. Orange Avenue

Suite 1900

Orlando, FL 32801

Crossroads Village: National Urgent Care to Open This Fall in Atlanta, GA

  

Crossroads Village shopping center, Atlanta, GA

Atlanta, GA- Amanda Steidtmann of Crossman & Company signed a new-lease for 3,210 square feet at 3979 Buford Highway Atlanta, GA 30345.  Crossroads Village leased the space to National Urgent Care. National Urgent Care is expected to open this Fall.

Amanda Steidtmann

 “There’s always a need for people to be able to have access to a physician outside of traditional office hours. Crossroads Village is helping to meet that need.” Stated Steidtmann.

 National Urgent Care is a subsidiary of Tenet Healthcare who invested $2.3 million in three urgent care centers in metro Atlanta. National Urgent Care will provide walk-in services for minor illnesses and injuries.

 Crossroads Village, located in Fulton County is positioned just off of Buford Highway and has excellent daytime traffic.

For more details on spaces available for lease please contact Amanda Steidtmann, asteidtmann@crossmanco.com or 770-541-0864.

Crossman & Company was founded in 1990 and is a regional shopping center brokerage firm which represents over 200 shopping centers in FL, GA, AL, TN, SC and NC.

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

 Claire Pagán at

407-581-6223.

www.crossmanco.com

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Cohen Commercial Realty Signs Dr. Bryan Aling in New Lease Transaction

  

Shoppes at Cresthaven, West Palm Beach, FL

Bryan S. Cohen

West Palm Beach, FL— Bryan S. Cohen, and Allan Carlisle announced today the signing of Dr. Bryan Aling, to lease a 1,600-square-foot unit at Shoppes at Cresthaven located on the northwest corner of Military Trail and Cresthaven Boulevard. 

Allan Carlisle

Cohen Commercial Realty represents the landlord, Sansone Group.  There he joins Winn Dixie, YouFit, Dollar Tree, and Dade Medical College in Shoppes at Cresthaven.

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

Jamie Crocker 561-471-0212

Cohen Commercial Realty, Inc.

P.O. Box 223244

West Palm Beach, FL 33422

www.cohencommercial.com

National Retail Properties Inc. Announces Second Quarter Operating Results

Craig Macnab

Orlando, FL – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, announced its operating results for the quarter and six months ended June 30, 2013.

Craig Macnab, Chief Executive Officer, commented: "We are very pleased to have completed a number of attractive acquisitions during the second quarter which allowed us to increase our earnings guidance again to a level that produces approximately 8% growth in FFO per share over 2012's results.

“Additionally, we raised $877 million of very well-priced long-term capital during the first half which positions us well to fund future acquisitions. While this may modestly constrain 2013 per share results, securing this low cost capital provides us with increased visibility in per share growth for 2014.”

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2013, the company owned 1,838 properties in 47 states with a gross leasable area of approximately 20.2 million square feet.

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

Kevin B. Habicht

Chief Financial Officer

(407) 265-7348

www.nnnreit.com.