Thursday, December 12, 2013

High-Density Land in Miami, FL CBD Sells for $22 Million


Rendering of Brickell CityCenter site, Downtown Miami, FL

Larry Stockton
MIAMI, FL -- Colliers International South Florida is pleased to announce that Larry Stockton, Alex Morcate and Jeff Resnick have closed on another high-density land site in Miami's CBD.

Representing the seller, Brickell Main Gate LLC, on the sale of their 1.7 acre site, located between 7th and 8th Streets and I-95, the brokers were able to achieve almost $300 per square foot, or $22 million, for the land in a very competitive bidding process.

The buyer, La Chanson Overseas, though a relative newcomer to the market, distinguished itself as the right choice with impeccable credentials and aggressive terms.

Alex Morcate
Though they have not yet made public their plans for the property, likely the highest and best use of the site is residential and / or hospitality over retail.

This is the Colliers team's llth closing in Miami's CBD of high-density land, including the majority of the land assembled for Brickell CityCenter.

According to Larry Stockton, the team not only has another large site in the Brickell market under agreement currently, but also they are about to bring to market a very high profile site that is entitled for 466 units, office and ground floor retail in Miami's only gated riverfront community, and for which there is already considerable interest.

Jeff Resnick
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

Marcus & Millichap Arranges Sale 9,976-Square-Foot Shopping Strip in Boca Raton for $3.8 Million

  
Congress Center, Boca Raton, FL


Douglas K. Mandel
BOCA RATON, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Congress Center, a 9,976 square-foot shopping strip located in Boca Raton, FL. The asset sold for $3,800,000.

First Vice President Investments Douglas K. Mandel had the exclusive listing to market the property on behalf of the seller, a private investor from Boca Raton, FL.

Richard Moravek, an Associate in Marcus & Millichap’s Ft. Lauderdale office represented the buyer, a private investor from Boca Raton. 

“Congress Center provided an investor with the opportunity to purchase a well-located, high-quality asset with strong in-place cash flow,” says Mandel.

“The center benefits from the high daytime population of Arvida Park of Commerce office buildings and is also in close proximity to affluent residential communities and major centers of commerce, entertainment and education,”

Richard Moravek
Built in 1998, Congress Center is 100 percent occupied. Its tenants include: Blue Fin Sushi and Tai Grill, Sal's Italian Restaurant, Jimmy John's Sandwiches, Nail Express, and Gianel Salon. Congress Center is located at 861 Yamato Road in Boca Raton, FL. 

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


Gregory Matus
Regional Manager / Vice President
Fort Lauderdale, FL

(954) 245-3400

Construction and Leasing Underway at Tetro Student Village Near University of Texas at San Antonio, TX

Tetro Student Village, 15502 Babcock Road, San Antonio, TX
  
David Nelson
SAN ANTONIO, TX – Carter, one of the nation’s leading real estate investment, development and advisory firms, announced its off-campus student housing project, Tetro Student Village, located near the University of Texas at San Antonio (UTSA) has launched its marketing and leasing efforts.

The 198-unit, 590-bed community, located less than half a mile from the university at 15502 Babcock Rd., will open for the fall semester of 2014.

 The community will feature a truly unique method of property marketing: a mobile leasing center that will be called the Tetro Truck. The customized 14” food truck was remodeled and is fully equipped to tour and provide leasing support.

 The Tetro Truck will travel to nearby festivals, parks, sporting events, restaurants and bars to promote the community and sign up residents. Students will also be able to take life-life virtual tours of the units, and conduct all transactions online.

Del de Windt
Cardinal Group Management will oversee the management and leasing of the property, which is already leasing for the 2014-15 academic term.

 “Tetro Student Village will be a tremendous addition to the San Antonio market,” said David Nelson, vice president of Carter’s development team.

 “All of the pieces are in place for it to be extremely successful: innovative marketing and leasing, strong growth in student enrollment at UTSA, proximity to campus, and a wide array of high-quality amenities that have been re-imagined  for college living to meet the high expectations of today’s student.”
  
“We are excited to be working with Carter to deliver premiere student housing to the San Antonio Market,” said Del de Windt, CEO of Cardinal Group Management. “Tetro will not only be a gorgeous community, but an affordable one as well. With its proximity to campus, unit sizes and top-of-the-market amenities, Tetro will provide students of UTSA with a community-focused living experience unlike any other.”

 The 16-acre community will include 121flats-style apartments and 77 townhomes built around a “town center.” The development will feature one-, two-, three- and four-bedroom units, and the townhomes will include two-car garages. 

University of Texas Health Science Center
San Antonio, TX
Amenities will include a coffee shop, sports bar, state-of-the-art fitness center, media room for watching sporting events and movies as well as playing video games, a resort-style pool, volleyball, basketball and bocce ball courts, soccer field, grilling area, fire pit, study room, arcade, dog park and tanning room.
  
For a complete copy of the company’s news release, please contact:

Tony Wilbert
The Wilbert Group
404-965-5022


 Tetro’s community website is live at http://tetrostudentvillage.com and its social media platforms include a Facebook page (www.facebook.com/tetrostudentvillage), its own Twitter handle @TetroStudentsand an Instagram account (http://instagram.com/tetrostudentvillage). Twitter followers are encouraged to use #TetroTruck in their tweets.


Passco Companies Acquires 246-Unit Multifamily Community in Raleigh, NC for $31 Million


The 246-Unit Wakefield Glen Apartments, Raleigh, NC

Gary Goodman
RALEIGH, NC – Passco Companies, LLC, has acquired Wakefield Glen Apartments, a 246-unit luxury Class A multifamily community located in Raleigh, North Carolina, for $31 million, according to Gary Goodman, Senior Vice President, Acquisitions of Passco Companies, LLC. The company closed on the Wakefield Glen acquisition in only 45 days.

“Wakefield Glen demonstrates deep potential for growth and stability, making it well-aligned with Passco’s ongoing strategy to acquire high quality, core multifamily assets in secondary markets,” said Goodman.

The property’s potential stems from strong economic fundamentals in the Raleigh-Durham market, as well as its Class A condition and specific location within a highly desirable master planned community, according to Goodman.

Wakefield Glen Apartments is located in the 2,220 acre Wakefield Plantation master planned community, which consists of hundreds of single family homes, apartment units and townhouses, as well as several schools, a retail shopping center and a Tournament Players Club (TPC) golf course.

 “Wakefield Glen is Passco’s second multifamily acquisition this year in the Raleigh-Durham area, and we are actively seeking additional investment opportunities in this market,” noted Goodman. “As one of the top markets in the country for future job and economic growth, Raleigh continues to demonstrate strong potential for rental growth and long term profit.”

Research Triangle Park, Raleigh, NC Area
According to Goodman, the Raleigh-Durham market has rapidly expanded in recent years, and projections indicate that Raleigh’s employment growth numbers will exceed the national employment growth in each of the next four years.

“The catalyst for this projected employment growth is Research Triangle Park, a local economic and employment driver,” explained Goodman.

Research Triangle Park, which houses more than 170 companies and employs over 38,000 full-time employees, is located 20 minutes from Wakefield Glen Apartments.

Duke University Medical Center
Wakefield Glen is also located near three major universities, The University of North Carolina, North Carolina State University, and Duke University.

“The close proximity of universities and employment will continue to fuel demand for quality rental housing,” explained Goodman. “As this activity continues, we expect that the asset will continue to perform well over time.”

Built in 2001, Wakefield Glen Apartments consists of one-, two- and three-bedroom floor plans with nine-foot ceilings, crown molding, and luxury finishes.  The community features a variety of amenities, including a resort-style pool, clubhouse, fitness center, community business center, playground and car care center. 

University of North Carolina
According to Goodman, in addition to stabilizing occupancy and correcting deferred maintenance, Passco plans to bring in professional property management, using a national firm. 

Passco will also offer residents a number of upgrades including installing vinyl wood plank flooring in all first floor units, as well as other interior upgrades such as new appliances and countertops in many units, new cabinets, ceiling fans, kitchen and bathroom fixtures, two inch faux wood blinds, and curved shower rods.

 “Our market research indicates that residents in this location are interested in high-end unit finishes and will pay additional rent to obtain them,” adds Goodman.

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

Corynne Randel / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

Chatham Lodging Announces Monthly Dividend

  

PALM BEACH, FL —Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded select-service hotels, today announced that its board of trustees has declared a monthly common share dividend of $0.07 for December 2013.  The common dividend is payable January 31, 2014, to shareholders of record on December 31, 2013.
  
For a complete copy of the company’s news release, please contact:

 Jerry Daly                                                                             
Daly Gray Public Relations                                                   
(Media)                                                                                        
(703) 435-6293                                                                          

Dennis Craven
Chatham Lodging Trust
 (Company)
 (561) 227-1386  

HC Real Estate Capital Arranges $5 Million Financing for Multi-Family Community in Boca Raton, FL


The 73-Unit Forum Apartments, Boca Raton, FL
 
Boca Raton, FL, Dec. 12, 2013 --   Kurt Hoffmann and Chris Caveglia of HC Real Estate Capital have arranged $5,000,000 in financing for The Forum Apartments located in Boca Raton, FL.  HC Real Estate Capital worked exclusively with the borrower to obtain a 7-year fixed-rate loan through a regional bank at a competitive interest rate.

The Forum is a 73-unit apartment complex that was originally built in 1968 and is situated on 2.26 Acres.   

The property is currently 95% leased and the individual units are made up of 3 studio units, 24 one-bedroom/one bathroom units, 43 two-bedroom/two bathroom units and 3 three-bedroom/three bathroom units.  The average unit size is 1,175 SF. 

Chris Caveglia, Principal at HC Real Estate Capital states, “The Forum is conveniently located in East Boca Raton.   The beach, Mizner Park, Royal Palm Plaza and the Boca Raton Resort are within one mile of the property.”  Caveglia went on to say, “There are two college universities within 5 miles and three public schools within 2 miles of the Forum.”

Boca Raton Resort

HC Real Estate Capital, LLC is a privately owned mortgage-banking firm founded by Kurt Hoffmann and Chris Caveglia. 

 Based in Delray Beach, Florida, HC Real Estate Capital arranges permanent and bridge commercial and multifamily real estate loans.  The company has a broad capital provider base that includes insurance companies, CMBS lenders, pension fund advisors, and commercial banks.

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

Chris Caveglia
HC Real Estate Capital, LLC
660 Linton Blvd. Ste 200 EX5
Delray Beach, FL 33444
Direct: 561-266-3273
Mobile: 561-376-3176


Wednesday, December 11, 2013

NAI Realvest negotiates new lease at SODO Shopping Center off South Orange Ave. for Cupcakes Café, and Cake Decorating Classes in Orlando, FL


SODO Shopping Center, 25 West Crystal Lake Street, Orlando, FL

Jeff Bloom
ORLANDO, FL – NAI Realvest recently negotiated a new agreement for 1,370 square feet of retail space in the SODO Shopping Center at 25 W. Crystal Lake St. in Orlando.

 Senior Director Jeff Bloom brokered the transaction representing the local tenant Sugar Divas Cakery LLC who leased the suite for sales of cupcakes, cake decorating classes and a cafĂ©.

 The landlord of the SODO Shopping Center – off South Orange Ave. south of Michigan St. – is Kimzay of Florida, Inc. (KIMCO) based in New Hyde Park, NY.

 The tenant plans a January opening of the facility.    

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


NAI Realvest Names Veteran Real Estate Broker Jeff Bloom Senior Director


Jeffrey W. Bloom
ORLANDO, FL -- NAI Realvest one of central Florida’s largest commercial real estate services companies and developers of industrial facilities,  recently named Jeffrey W. Bloom, CCIM  as Senior Director.

Robin L. Webb, CCIM, managing director at NAI Realvest said Bloom has 25 years of experience in all facets of commercial real estate in Central Florida, including tenant representation, brokerage, investment sales and leasing.   

Bloom is a graduate of Florida Institute of Technology and is a Certified Commercial Investment Member of the CCIM Institute recognizing expertise in commercial investment real estate.   

In his new role at NAI Realvest, Webb said Bloom will focus on sale and leasing of office property.

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


McCarthy Completes Construction of New $110 Million Math+Science Complex at San Diego Mesa College in San Diego, CA


Math+Science Complex at San Diego Mesa College
7250 Mesa College Drive, Clairemont Area
San Diego, CA

SAN DIEGO, CA– McCarthy Building Companies, Inc. (www.mccarthy.com), one of the nation’s leading education facility builders, has completed construction for the new 206,000-gross-square-foot, four-story Math+Science Complex in the heart of San Diego Mesa College, located at 7250 Mesa College Drive in the Clairemont area of San Diego, Calif.

Representing the largest new project to be built on the San Diego Mesa College campus with Propositions S and N construction bond funds, the $109 million project is the first in the San Diego Community College District to use a combination design build, design assist and CM multiprime delivery method.

“The Math+Science Complex was more technically involved than other construction projects we’ve undertaken, which drove the decision to use this delivery method,” said Lance Lareau, District Architect for the San Diego Community College District. “We’re pleased McCarthy was able to deliver the project on budget and well ahead of the planned opening date.”

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

Best regards,
Bonnie Kutch, Director
Kutch & Company for
McCarthy Building Companies, Inc. - San Diego
619-299-1010

Frank Lloyd Wright’s Winslow House in River Forest IL Listed for $2.4 million



Frank Lloyd Wright-designed William H. Winslow House, River Forest, IL


Pamela Tilton

CHICAGO, IL  (Dec. 11, 2013) – Premier real estate brokerage firm Jameson Sotheby's International Realty (JSIR) has announced that the firm is representing the Walker family in the sale of the historic William H. Winslow House in River Forest, Ill.

The Winslow House, which represents architect Frank Lloyd Wright’s first independent commission, will be listed for $2.4 million on December 16.

 "The Winslow House exemplifies a truly exceptional living experience, and is so special because it is the type of landmark home that rarely comes on the market,” said Chris Feurer, chief executive officer at JSIR.

“We’re honored to be entrusted with the sale of this important piece of architectural history, which is as cherished today as it has been for generations.”

 Built in 1893, most of the home’s features are original, including the quarter-sawn white oak floors and hand-carved front door, columns and archways.

Some of the home’s features were fabricated by its original owner, William H. Winslow, including bronze sconces and other ironwork details that still adorn the home’s interiors and exterior.

Chris Feurer
The Winslow Brothers Company, makers of ornamental ironworks, fabricated the façade of the Carson Pirie Scott building and much of the copper-plated, cast-iron ornamental designs in the former Chicago Stock Exchange.

Winslow met Wright while the young architect was working for the architectural firm Adler and Sullivan.

 “While other Frank Lloyd Wright homes have endured decades of remodeling, the Winslow House is one of the best-preserved Wright homes,” said Pamela Tilton, the JSIR broker representing the Walker family. “The seller has owned the home for more than 55 years, and there have only been five owners in its entire 120-year history.”

A grand reception hall with a private inglenook, featuring built-in seating and a fireplace, greets visitors upon entry into the home.

Tilton said some of the stand-out features include a living room with a polygonal bay window with built-in seating, and a dining room with a stunning solarium with built-in seating and art-glass windows.

Frank Lloyd Wright
“Tangible evidence of Wright’s emerging design philosophy is visible throughout the house,” said Tilton. “It’s hard to imagine that at the young age of 26, Wright created such architecturally significant buildings and interior designs.”

The 5,036-square-foot home also includes very generously sized rooms, such as a library, four bedrooms, a family room with a fireplace and 3½ baths, in addition to a servant’s quarters on the third floor.

 The Winslow home exhibits early features of Wright's Prairie style, including wide eaves, a hipped roof and Roman brick. A large stable, also reflective of early Prairie style design, sits behind the home.

The stable had originally been built for carriages and horses, but was subsequently modified to accommodate cars. It also has living space that includes one bedroom and 1½ baths.

 Among the few renovations made over the last century, are the enclosure of the back porch, a remodeled kitchen and the addition of a powder room on the first floor.

Colleen Vihtelic
“The enclosed porch is an ideal spot for entertaining or just relaxing with family,” said Tilton. 

“But the floor plan throughout the home has lots of private nooks, which are perfect for curling up with a book, or catching up with friends.

" The Winslow House embodies the quaint time period of a century ago, along with a contemporary lifestyle. It is truly ideal for both entertaining and daily living.”     

 Very few tours of the Winslow House have been granted over the past 55 years, although the Walker family routinely welcomed architects from all over the world arriving unannounced at their doorstep.

“My family has cared for this home for more than 55 years, and it holds a special place for us and for all who admire Wright’s work,” said Peter Walker, of the Walker family. “My brothers and I grew up in this home and we hope that the next family will be good stewards and enjoy the home as much as we did for decades to come.”

 A note signed by Wright is in the Walker family library, simply stating to Bill Walker, Peter’s father, "Take good care of it." 

Walker added, “My mother kept the home in pristine condition up until her death earlier this year, and preserving its history and character has been a great source of pride for our family.”

 After Wright’s death in 1959, the American Institute of Architects Board passed a resolution stating that seventeen of his most significant works “be forever preserved.” The Winslow House was toward the top of that list, and was later added to the National Register of Historic Places in 1970. 

Feurer added, “Jameson Sotheby’s mantra has long been to ‘Expect the Exceptional.’

 And representing the owners of a home this rare, and this rich in international history and elegance, is both humbling and rewarding.”








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

Julie Liedtke,
312-267-4521

Kim Manning,
312-267-4527

For more information on the Winslow House, contact Pamela Tilton at 312.446.7714 / ptilton@jamesonsir.com or Colleen Vihtelic at 773.255.5837 / cvihtelic@jamesonsir.com.

.

FrontDoor Communities Continues to Expand Presence in Georgia






ATLANTA, GA (Dec. 11, 2013) – FrontDoor Communities is continuing to expand its presence in the Georgia market, this time with a new community in Atlanta’s popular Cobb County.

Eric White
CopperLeaf,” will consist of 24 single-family homes with as many as five different floor plans ranging in size from 2,800 to 4,000 square feet.

Located off Stilesboro Road in West Cobb County with close proximity to Barrett Parkway, CopperLeaf will provide residents with convenient access to the top-rated Kennesaw Mountain High School, Pine Mountain Middle School and Hayes Elementary School, as well as access to recreation and shopping destinations.

“Our priority at FrontDoor communities is to build better homes through quality design, and we are very excited to be in a position to bring the FrontDoor lifestyle to another area in Georgia,” said Eric White, division vice president of FrontDoor Communities.

“We recognize the importance of education in a family’s decision to purchase a home. The proximity to and quality of schools nearby only adds to the value of the homes and enriches the community as a whole.”

Homes in CopperLeaf will reflect the company’s signature architectural style and feature amenities such as spacious lots with 20,000 square feet or more, three-car garages with side entries and basements. Prices for completed homes will start in the low $400,000’s.

 Construction is expected to begin in early 2014 and homes will be move-in ready by late summer.

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

Michael Phillips                                                                                                                
404.996.0828

HFF closes $16.1 million sale of The Gateway at Sawgrass in Sunrise, FL


The 40,136-square-foot  Gateway at Sawgrass retail center, Sunrise, FL

Karen Reiter
MIAMI, FL – HFF announced today that it has closed the sale of The Gateway at Sawgrass, a 40,136-square-foot retail center in Sunrise, Florida.

               HFF marketed the properties on behalf South Florida-based Stiles.   The buyer, Gateway at Sawgrass Investments LLC, purchased the property for $16.1 million free and clear of existing debt. 

Affiliates of Gateway at Sawgrass Investments LLC, continue to actively pursue national retail portfolio acquisitions in the South Florida market.

               The Gateway at Sawgrass is located near the Interstate 595 and Interstate 75 interchange, adjacent to Sawgrass International Corporate Park and less than three miles from Sawgrass Mills Mall and BB&T Center in east-central Broward County. 

Danny Finkle
Completed in 2008, the center includes tenants such as Starbucks, Chipotle, GameStop, Mattress Firm and Subway.  The center is shadow-anchored by South Florida’s only IKEA. 

               The HFF team representing the seller was led by senior managing director Danny Finkle, director Luis Castillo and senior real estate analyst Rob Saracco. 

The buyer was represented by Karen Reiter, Michael Matluck and Adam Freeman with ICS Realty and its legal counsel Alex D. Sirulnik Esq.

Luis Castillo
“Gateway at Sawgrass benefits from an extremely high-traffic location fronting IKEA and is surrounded by strong demand drivers,” said Castillo.

 “The quality of the property and its long-term potential made it a highly coveted investment opportunity.”

HFF has capitalized more than $4.3 billion in retail assets nationally through third quarter 2013.

 The HFF Florida team has capitalized more than $476 million in retail transactions during this time.



Michael Matluck



Stiles is a private full-service commercial real estate company responsible for the development of more than 40 million square feet of quality office, industrial, retail, mixed-use and residential property throughout the southeast United States.

 In addition to investment, financial and development services, the company also specializes in construction, architecture, realty and property management.

HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF).




Adam Freeman
 HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.

 For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.  

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com


HFF sources $105 million secured credit facility for N3 Real Estate


DALLAS, TX – HFF announced today that it has sourced a $105 million secured credit facility for N3 Real Estate backed by a portfolio of  more than 50 net-leased  retail assets.

 The properties are predominantly single-tenant, triple net lease assets in various cities across the United States.

               HFF worked on behalf of N3 Real Estate to secure the $105 million financing through a bank syndicate including KeyBank Real Estate Capital, Regions Bank and Comerica Bank. 

Key Bank served as the administrative agent and lead arranger with Regions serving as syndication agent.  The transaction included a $60 million term loan and a $45 million revolver.  The facility will allow N3 to grow its portfolio significantly in the future.  

Travis Anderson
               The initial portfolio is 100 percent occupied with an average remaining lease term of more than 11 years.  Furthermore, the portfolio’s tenant profile is approximately 35 percent investment grade. 

               The HFF team representing the borrower was led by managing director Travis Anderson and De’On Collins.

N3 Real Estate (Southlake, TX) owns, manages and develops net-leased retail assets across the United States. 

 Founded in 2004, N3 has developed more than 200 single and multi-tenant retail projects for national and local retailers across the United States.   Today, N3 owns and manages more than $200 million of retail assets with an additional $250 million available for investment.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com


Tuesday, December 10, 2013

Eileen Conn, Regional VP of Charles Dunn Real Estate Services, Inc., Awarded Certified Property Manager of the Year Award by IREM LA


Eileen Conn and Charles Brown, president, IREM Los Angeles Chapter

LOS ANGELES, CA,  Dec. 10, 2013 – Eileen Conn, regional vice president of Charles Dunn Real Estate Services, Inc., has been awarded the Certified Property Manager® of the Year award by the Los Angeles Chapter of the Institute of Real Estate Management (IREM).

The CPM of the Year award is presented by IREM to recognize members who have provided outstanding service to their profession and community throughout the year.


Conn, a Certified Property Manager® with more than 13 years of property management experience, joined Charles Dunn Real Estate Services, Inc. in 1997.

As regional vice president, she is responsible for all aspects of the day-to-day management of a 14 million-square-foot portfolio of office, retail, industrial, and multifamily properties primarily in the greater Los Angeles region.

To be considered for the award, the CPM member must be an active professional in their region, distinguish themselves by making significant contributions to the field of property management, serve as active members within the local chapter, and participate in local community and business affairs. 

“Eileen is truly deserving of this award as she demonstrates excellence in contributing to the advancement of real estate management as a profession. She has also been a dedicated and proactive IREM member through participation in our events and initiatives,” said Charles Brown, CPM®, RPA®, FMA®, and the 2013 President of the IREM Los Angeles Chapter.

Brown added that the Los Angeles chapter of IREM has more than 500 members and is one of the largest and earliest chapters established.

A member of IREM LA for five years, Conn currently serves as IREM’s vice president of membership where she introduces all new CPMs and organizes Friends of IREM, a program designed to attract vendors with a proven track record of quality and service who have been recommended for participation by Los Angeles chapter members.

She is also is on the Forecast Committee, and has been heavily involved in organizing and attending IREM’s events throughout the year.

Conn is a graduate from Gonzaga University with a B.A. in Philosophy. She holds a California Real Estate License, is an active member of the International Council of Shopping Centers and is a Real Property Administrator (RPA®), Facilities Management Administrator (FMA®) and a Certified Property Manager (CPM®).

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

Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224


Faris Lee Investments Completes $3.28 Million Sale of Retail Property Occupied by O’Reilly Auto Parts in Riverside, CA

  
O'Reilly Auto Parts, 1691 University Avenue, Riverside, CA



Shaun Riley
IRVINE, CA,  Dec. 10, 2013 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $3,285,000 sale of an 11,814-square-foot, single-tenant retail property occupied by O’Reilly Auto Parts located at 1691 University Ave. in Riverside, Calif.

 The property was sold at a cap rate of 5.5 percent, representing one of the lowest cap rates paid in the country for a single-tenant auto supply store. 

 Shaun Riley, senior managing director of Faris Lee Investments, represented the seller, Ximeno Associates LLC from Newport Beach. The all-cash buyer, Riverosity LLC from Los Angeles, was represented by Marc Pollock and Mark Einbund of Westside Retail.

Marc Pollock
 “With well-located, corporate-backed single-tenant offerings  in Southern California in short supply, Faris Lee marketed this property as a unique opportunity to acquire a highly sought after real estate investment where the tenant has been successfully operating since 1995, and has ten years remaining on its current lease,” said Riley.

“The demand for this caliber of property was evidenced by the high amount of investor interest as well as the low closing cap rate.” 

 Built in 1965 with a complete building rehabilitation in 1995, O’Reilly Auto Parts is situated on .74 acres on the corner of University Ave. and Chicago Ave. between downtown Riverside and University of California at Riverside.


Mark Einbund
 The asset is also between the 215 and 91 freeways which have a combined traffic count of more than 336,000 cars per day.

The property is within a strong retail corridor with nearby national tenants including Food 4 Less, Dollar Tree, Walgreens, and Rite Aid.

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

Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224