HFF secures refinancing for Houston area multi-housing communities

Cortney Cole

HOUSTON, TX – HFF announced it has secured refinancing for Shadowbrooke and Silverbrooke, two Class A multi-housing communities totaling 552 units in Stafford, Texas.

HFF worked exclusively on behalf of the borrower, Venterra Realty, to arrange the refinancing in two separate transactions. 

 HFF secured the five-year, 3.07 percent fixed-rate loans with two years of interest-only payments through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  

The securitized loans will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  HFF brokered the sale of the properties and arranged acquisition financing for Venterra when the company originally purchased the assets in 2011.

Shadowbrooke and Silverbrooke are located at 1025 Dulles Avenue and 1020 Brand Lane respectively in Stafford, about 18 miles southwest of downtown Houston. 

 Shadowbrooke was completed in 2003 and features 240 units that are 95.8 percent leased.  Completed in 2007, Silverbrooke has 312 units and is 96.15 percent occupied.  The properties are adjoined by a private park including shared amenities such as a jogging trail, sand volleyball court, playground and putting green.  Each houses its own resort-style swimming pool, hot tubs, clubhouses and fitness centers.  

 

The HFF debt placement team representing the borrower was led by director Cortney Cole and real estate analyst Will Crawley.

Venterra specializes in the identification, finance, acquisition and management of multifamily residential communities in the southern United States.  

Venterra currently manages a portfolio of approximately 17,000 multifamily units totaling more than $1.45 billion in value that generates gross annual income in excess of $180 million.  

The organization has completed in excess of $2.2 billion of real estate transactions.  Venterra has offices in both Houston and Toronto and employs more than 500 people.

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

RealtyTrac Reports U.S. Foreclosure Decreases 2 Percent in June to Lowest Level Since July 2006, Before Housing Bubble Burst

Daren Blomquist

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the leading online marketplace for real estate data, today released its Midyear 2014 U.S. Foreclosure Market Report™, which shows a total of 613,874 U.S. properties with foreclosure filings — default notices, scheduled auctions and bank repossessions — in the first half of 2014, a 19 percent decrease from the previous six months and down 23 percent from the first half of 2013.

The report also shows that 0.47 percent of all U.S. housing units (one in 214) had at least one foreclosure filing in the first six months of the year.

“Nationwide foreclosure activity in June reached an important milestone, dropping to levels not seen since before the housing price bubble burst in August 2006,” said Daren Blomquist, vice president at RealtyTrac. “Over the next six to nine months nationwide foreclosure numbers should start to flat line at consistent historically normal levels.

“There continue to be concerning trends in some states and local markets that clearly indicate those markets are not completely out of the woods when it comes to the lingering foreclosure problem left over from the housing bust,” Blomquist continued.

“While it’s important that any remaining foreclosure infection is addressed promptly to keep it from festering, foreclosures are no longer a widespread contagion threatening to derail the housing market’s return to full health.”

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

Jennifer von Pohlmann

949.502.8300949.502.8300949.502.8300949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

HFF secures $7.5 million refinancing for Hampton Inn St. Petersburg

Hampton Inn St. Petersburg, FL

TAMPA, FL – HFF announced today that it has secured a $7.5 million refinancing for the Hampton Inn St. Petersburg.

Daniel C. Peek

HFF worked on behalf of the borrower, JMC Communities, to secure the 10-year, fixed-rate CMBS loan.  HFF is servicing the loan, which will be used to refinance existing debt and update the lobby, meeting rooms and guest rooms. 

The Hampton Inn St. Petersburg is a 91-room hotel located on Beach Drive in downtown St. Petersburg.  

It is within walking distance to the Salvador Dali Museum, Museum of Fine Arts and Museum of History and minutes to several nearby beaches.  

The hotel was built in 2003 and includes 4,180 square feet of retail space.

The HFF team representing the borrower was led by senior managing director Daniel Peek and director Michael Tabor. 

               HFF’s Hotel Group has been active in the sale and financing of similar hotels across the country.  In the last 24 months, the firm financed or sold more than $1 billion of hospitality properties in Florida.

Michael Tabor

               Building in Florida and South Carolina, JMC specializes in condominiums, single family homes, Traditional Neighborhood Development (TND) communities, resorts and commercial enterprises.  Each is distinguished by thoughtful planning, innovative design, quality craftsmanship, attention to detail and unparalleled personal service.  Learn more at jmccommunities.com.

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

krmurphy@hfflp.com

IPA Sells Coastal Florida Multifamily Complex for $25.3 Million

Still Hunter III

ORMOND BEACH, FL, July 16, 2014  – Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, has arranged the sale of Crowne at Ormond Beach, a 272-unit multifamily community in Ormond Beach, Fla. The $25,300,000 sales price equates to $93,000 per unit.

            IPA senior director Still Hunter III and Marcus & Millichap associate vice president investments Michael Donaldson represented the seller, Crowne Ormond Beach Associates. The buyer is Waypoint Residential.

            “Crowne at Ormond Beach is a stable asset with strong cash flow,” says Hunter. “The strengthening market and limited competition will contribute to the property’s future growth.”

            “The intense competition for high-quality multifamily assets in primary markets has led many investors to look to secondary markets with strong fundamentals and growth potential like Ormond Beach,’’ adds Donaldson. “ The high level of interest we received on Crowne at Ormond Beach is reflective of this trend.”

Michael Donaldson

            The apartment complex is located six miles from one of Central Florida’s most scenic beaches at 600 Crowne Commerce Court in Ormond Beach, Fla.

The location provides residents with convenient access to more than 10 parks and three country clubs. Interstate 95, Florida’s primary north/south thoroughfare, and State Road 40 (West Granada Boulevard), a major east/west retail artery in the area, are less than two miles away.

The new $270 million Florida Hospital Memorial Medical Center is adjacent to the property. The Ormond Town Square shopping center, home to Publix, Walmart and various other retailers, is one mile away.

            Built in 2003 on a 34-acre site, Crowne at Ormond Beach is composed of 14 two- and three-story buildings featuring one-, two- and three-bedroom apartments with full-size washer and dryer or connections, balconies and patios with storage, nine-foot ceilings, crown moldings, six-panel doors, track lighting, mini-blinds, large walk-in closets and oversized garden tubs.

            Community amenities include a resort-style swimming pool and sundeck with wireless Internet access; a clubhouse with an executive business/computer center and fitness center; nature trails; 24-hour on-site laundry facilities; private garages and a pet-friendly environment.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Two-Property Mixed-Use Portfolio in Old Town Pasadena CA Sold by IPA for $42.6 Million

Ronald Harris

PASADENA, CA, July 16, 2014 – Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, has arranged the sale of the Old Pasadena Collection, two buildings consisting of 91 residential units, 22 West Green St. and 65 West Dayton St., and two freestanding retail buildings, 60 West Green St. and 70 West Green St.

The properties are located in Old Pasadena, a designated historic district in Pasadena, Calif. The collection of properties sold for $42,630,000.

            IPA executive vice president investments Ron Harris, IPA director Paul Darrow, and IPA associate director Michael DiSimone represented the seller, a private party. The buyer is a private investor.

            “The Old Pasadena Collection is a portfolio of high-quality assets in a market known for its upscale homes, rich cultural history and thriving downtown,” says Harris.

Paul Darrow

“The properties’ pedestrian-friendly Old Town Pasadena location and proximity to some of the world’s most pioneering companies position them well to provide durable cash flow and above-average rent growth.”

            “This transaction is a meaningful example of the power that private capital has in the current marketplace,” adds Darrow.

“The assets’ location and vintage, plus the rarity of the offering, attracted a great deal of serious interest from both private and institutional capital. 

"Normally, institutional investors who are, generally speaking, more competitive and better capitalized, purchase opportunities of this size. In this instance however, a high-net worth private investor was extremely competitive and acquired the property.”

            Built in 2003, the four-story, 48-multifamily unit building at 22 West Green St., called “Palermo,” is on the southwest corner of West Green Street and South Fair Oaks Avenue.

Michael DeSimone

The property features 26 one-bedroom/one-bath units and 22 two-bedroom/two-bath apartments. The building also includes four ground-floor retail suites occupied by a paint-your-own-pottery store, a restaurant and a dance company.

One suite is vacant. Community amenities include controlled access, on-site gated parking and a central courtyard. Apartments have nine-foot ceilings, granite countertops, a black appliance package, full-size in-unit washers and dryers, track lighting and sunshades. Select units have lofted ceilings, mountain views, oversized windows and private patios.

            The five-story building located between South De Lacey Avenue and South Fair Oaks Avenue at 65 West Dayton St., called “Messina,” was constructed in 2004. It features 43 residential units: two studios, 16 one-bedroom/one-bath apartments and 25 two-bedroom/two-bath units.

The building also has one ground-floor retail suite that is currently occupied by a tutoring and college-test-preparation business and the leasing office for both the Messina and Palermo properties.

Messina is a controlled-access building with on-site gated parking, a central courtyard and a roof deck with lounge furniture and a barbecue grill.

Old Pasadena Collection, Pasadena, CA

 Apartments include central air conditioning, nine-foot ceilings, granite countertops, a black appliance package, in-unit stacked washers and dryers, laminate tile flooring in the kitchens and bathrooms, carpeted living areas and a two-tone paint scheme. Select units have private patios.

            “Despite being of relatively recent vintage and featuring luxury finishes, both Messina and Palermo will be renovated to meet the demands of the current market,” notes DiSimone. 

“Multifamily assets constructed just a decade ago lack some of the modern finishes and appointments that tenants expect from new construction.”    

            Design Within Reach leases the retail building at 60 West Green St., and 70 West Green St. is currently the home of Gyu-Kaku, a Japanese barbecue restaurant. Both buildings were constructed of reinforced brick masonry in 1916 and 1921, respectively, and consist of 5,750 square feet of rentable space each.

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

Gina Relva

Public Relations Manager

(925) 953-1716

PCCP, LLC and TriStar Properties form Joint Venture for a Speculative Industrial Development in Pontoon Beach, IL

Jim Galovan

San Francisco, CA, July 16, 2014 – PCCP, LLC announced today it has formed a joint venture with TriStar Properties to acquire 45 acres of land for the development of a 673,000-square-foot industrial building in Pontoon Beach, IL, a Metro East submarket of greater St. Louis, MO.

Development of the Class A industrial warehouse building will commence immediately.  The building will include a 32’ clear height, cross-docks, 172 trailer spaces, up to 264 car parking spaces, and an ESFR system. Anticipated completion is slated for February 2015.

The site is within Gateway Commerce Center, a fully leased, 2,000-acre industrial park that includes major tenants such as P&G, Hershey’s and Unilever.

“PCCP sees this as a solid development opportunity with TriStar Properties, who is the master-developer of Gateway Commerce Center,” said Jim Galovan, managing director with PCCP, LLC. “The demand for large space requirements outweighs the availability in this market, and we believe this quality project will lease up quickly either to a single tenant or several users.”

Gateway Commerce Center is the submarket’s prime industrial park as it offers ease of access to road, rail, and water transportation. 

It is situated on the loop of 270/255, which provides access to the entire St. Louis metro area and connects easily with four major interstates, which include I-70, I-55, I-44 and I-64.

Over the past four years, the St. Louis industrial market fundamentals have been improving. 

The market includes approximately 234 million square feet and less than 10 availabilities larger than 100,000 square feet. The industrial market has proved to be a viable alternative to Chicago as St. Louis is less congested, has lower taxes, and offers favorable logistical access.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Marcus & Millichap Arranges Sale of Texaco Xpress Lube in Tampa, FL

Tammy Saia

TAMPA, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Texaco Xpress Lube, a 3,344-square foot net-leased property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,274,138.

James Medefind and James Garner, associates in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor based in Florida. 

The California-based buyer, a private investor, was secured and represented by Tammy A. Saia, a vice president investments in the firm’s Chicago Oak Brook office. 

Texaco Xpress Lube was built in 2003 and is located at 4319 Ehrlich Road in Tampa, Florida.  The property is surrounded by national retailers including Publix, Walmart, Staples and Applebee’s.

James Medefind

“This is a classic example of Marcus & Millichap’s ability to attract buyers from across the country,” says Medefind.

 “A California investor had a relationship with an agent located in our Chicago - Oak Brook office. The Florida asset appealed to him as it was located in an income-tax free state with anticipated population growth in the coming years.”

“Bringing capital from across the country has allowed us to add true value to our clients looking to dispose of quality assets like this one,” concludes Medefind.

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

Richard D. Matricaria

Regional Manager

Tampa, FL

(813) 387-4700

Marcus & Millichap Arranges Sale of Belfair Park Townhomes Development in South Tampa, FL for $1.27 Million

  

Casey Babb

TAMPA, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Belfair Park Townhomes Phase II, 17 pad-ready townhome lots located in the Hyde Park neighborhood of South Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The vertical-ready lots sold for $1,270,000 or $74,705 per unit.

Casey Babb, a CCIM and associate vice president investments and Luis Baez, senior associate, both in Marcus & Millichap’s Tampa office, acted in a transaction broker capacity and put the deal together on an off-market basis.  

Belfair Park Townhomes Development is located at 2442 West Mississippi Avenue in Tampa, Fla.

“The original Belfair Park developer initiated construction back in 2006 and delivered 10 townhomes before being forced into a holding pattern due to the housing collapse,” says Babb. 

Belfair Park Townhomes, South Tampa, FL

“The community abuts the Crosstown Expressway in Hyde Park/Palma Ceia and today, represents one of the last large townhome development sites in that submarket, where units are again trading for as much as $500,000. 

“As opposed to finishing the project himself, the original developer elected to sell the lots to a new developer who will finish the project and sell off the remaining units in 2016,” concludes Babb.

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

Richard D. Matricaria

Regional Manager

Tampa, FL

(813) 387-4700

MHA Brokers Four Multifamily Sales in South Carolina Totaling $39 Million

Marc Robinson

CHARLOTTE, NC — Multi Housing Advisors (MHA) has recently brokered four multifamily sales in South Carolina for a total of more than $39 million. Marc Robinson and Jordan McCarley of MHA’s Charlotte, North Carolina, office represented the sellers of the properties.

 “The offerings received tremendous investor interest and illustrate that investor demand for multifamily assets in the Southeast is very strong,” Robinson said.

Details are the deals are below:

·      Covenant Capital acquired the 246-unit Century Forest, located in Greenville, South Carolina, from Centennial Holding Company, LLC for $19.3 million. Century Forest, constructed in 1985, includes a swimming pool with a sundeck, a fitness center, tennis courts, a car-care facility, and picnic and grilling areas.

Jordan McCarley

·      PRG Real Estate sold a two-property portfolio in Spartanburg, South Carolina, comprised of The Corners Apartments and Magnolia Townhomes, to Graycliff Capital for $10 million. Both assets were constructed in 1974. The Corners Apartments comprises 176 units and Magnolia Townhomes includes 98 units.

·      Hudson Capital purchased the 120-unit Fox Run, located in Camden, South Carolina, for $9.79 million. Pulliam Investments sold the property, constructed in 2002. Amenities include a fitness center, laundry facility and swimming pool.

 “Overall, market fundamentals remain solid and financing options for multifamily assets continue to improve, so we anticipate tremendous investment activity in multifamily well into 2015,” McCarley said.

For more information, visit www.usmha.com.

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

Stephen Ursery

The Wilbert Group

404-549-7150 (O) 404-405-2354 (C)

sursery@thewilbertgroup.com

Thomas D. Wood and Company’s Boca Raton, FL Office Secures $8,510,000 in Commercial Mortgage Transactions

Patrick Madore

Boca Raton, FL – The Boca Raton Office of Thomas D. Wood Company, a Strategic Alliance Mortgage LLC member, secured $8,510,000 in commercial mortgage transactions.  Interest rates continue to stay as low as 4%, contributing to the increase in successful closings.

 Senior Vice President Patrick Madore obtained financing for a free standing Walgreen’s in Wichita Falls, Texas, through Thomas D. Wood and Company’s correspondent relationship with The Standard in the amount of $2,430,000.  Madore secured a 25-year fully-amortizing loan on a non-recourse basis.

 Madore secured financing for a branch location for JP Morgan Chase Bank in Sarasota, Florida, in the amount of $2,730,000.  

Madore also obtained financing in the amount of $500,000 for the Allen Hill Building, a multi-tenant industrial property in Melbourne, Florida, as well as Deaconess Health, a free standing medical office building in Oklahoma City, Oklahoma, in the amount of $2,850,000.

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

JESSICA KINNEE

Director of Marketing & Public Relations

Thomas D. Wood & Co.

(407) 374-0251

jessica@tdwood.com

Thomas D. Wood and Company’s Sarasota, FL Office Secures $13,235,000 in Commercial Mortgage Transactions

Brad Cox

Sarasota, FL  – The Sarasota Office of Thomas D. Wood Company, a Strategic Alliance Mortgage LLC member, secured $13,235,000 in commercial mortgage transactions for properties throughout the state of Florida.  Interest rates continue to stay as low as 4%, contributing to the increase in successful closings.

 Senior Vice President Brad Cox, CCIM, obtained financing for two multi-family properties in Fort Walton Beach, Florida, through Thomas D. Wood and Company’s correspondent relationship with Symetra Life Insurance Company. 

The total loan amount for both properties is $4,050,000.  The borrower wanted to refinance his current loans, and needed to close on a specific day to satisfy the terms of the existing first mortgages.  Both permanent fixed-rate loans are full-recourse with a term of 15 years and a 25-year amortization.

 Cox also secured financing from Symetra for Temple Terrace Business Center, a retail and office property in Temple Terrace, Florida, in the amount of $1,200,000.  Cox secured a permanent fixed-rate loan with a term of 15 years and a 20-year amortization.

Temple Terrace Business Center
Temple Terrace, FL

Additional commercial mortgage transactions include:

Financing for Palm River Business Park, a 22,500 square-foot industrial property in Tampa, Florida, in the amount of $660,000

Financing for Affordable Secure Self-Storage and Kings Ransom, a mini-storage facility in Hudson, Florida, in the amount of $1,100,000

Financing for Days Inn and Tiki Bar in Fort Myers, Florida, in the amount of $1,925,000

Financing for Plymouth and Regal Shopping centers in Fort Myers, Florida, in the amount of $4,300,000

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

BRADFORD COX, CCIM, CPM             JESSICA KINNEE

Sr. Vice President                                        Director of Marketing & Public Relations
Thomas D. Wood & Co.                        Thomas D. Wood & Co.

(941) 552-9731                                               (407) 374-0251

bcox@tdwood.com                                        jessica@tdwood.com

Marcus & Millichap Arranges Sale of North Miami, FL Land Development for $1.125 Million

Michael A. Mele

NORTH MIAMI, FL, July 15, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of North Miami Land Development, 57,997 square feet of land located in North Miami, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,125,000.

Michael A. Mele, a first vice president investments and Luke Elliott, associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a local developer. 

The buyer, Banner Storage Group, was secured and represented by Sean M. Delaney, a vice president investments in the firm’s Chicago Oak Brook office. 

North Miami Land Development is located at 640-685 NW 133rd Street in North Miami, Florida.  The property is situated on five parcels of land that have been zoned for commercial self-storage and consists of approximately 1.33 acres, allowing for a footprint up to approximately 46,000 buildable square feet, with a maximum height of 55 feet. 

Sean M. Delaney

This investment also includes 9,500 square feet on 133rd Street and easements in-between the parcels with the right-of-way abandoned.

“This is the first self-storage development site we have sold since before the downturn,” says Mele.  “It shows that development is back in a big way in south Florida, particularly in Dade County.”

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

Richard D. Matricaria

Regional Manager

Tampa, FL

(813) 387-4700

HFF closes sale of Atascocita Shopping Plaza in northeast Houston, TX suburb

  

Rusty Tamlyn

HOUSTON, TX – HFF announced today that it has closed the sale of Atascocita Shopping Plaza, a 158,613-square-foot, grocery-anchored retail center in Humble, Texas.

               HFF marketed the property on behalf of the seller, Red Tail Acquisitions.  A private investor purchased the asset.

               Atascocita Shopping Plaza is situated on a 16.73-acre site at 6900-7072 FM 1960 in Humble, a retail corridor in northeast Houston less than seven miles from I-69.  The grocery-anchored property is 94.7 percent leased to tenants including Aldi, Dollar Tree, Specs and Goodwill Industries. 

               The HFF investment sales team representing the seller was led by senior managing director Rusty Tamlyn, managing director Ryan West and associate director Matt Berry.

“This property featured Aldi on a lease, which is rare in the Houston area as most are free-standing owned stores,” Tamlyn said. “It also involved a loan assumption and is located in a thriving retail section of Atascocita in northeast Houston.”

Ryan West

Red Tail Acquisitions is a value investor that seeks office, industrial and retail properties that normally have leasing or construction issues. Over the last 25 years, the group has purchased more than 10 million square feet of commercial property in the western United States.  Learn more at www.rtacq.com.

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

krmurphy@hfflp.com

Avison Young completes $7.75-million sale of two office buildings in Murrieta, CA

  

 

Dan Vittone

Irvine, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the $7.75-million sale of two, class A office buildings totaling 37,652 square feet (sf) in Murrieta, CA.

Avison Young Principals Dan Vittone and Alan Pekarcik, based in the company’s Irvine office, represented the seller, Village Walk Square, LLC, as well as the buyer, Village Walk Murrieta, LP.

 Built in 2004, the well-located buildings offer high visibility from Interstate 15. The first building in the acquisition is called Village Walk Corporate Center and is located at 41391 Kalmia Street.

The three-story property totals 32,572 sf and was 96% occupied by 11 tenants at the close of escrow. The second building in the sale is located at 41381 Kalmia Street and totals 5,080 sf. The building is fully occupied by Pacific Western Bank.   

 The two assets are within the first phase of Village Walk Murrieta, a 65-acre mixed-use business park which includes more than 400,000 sf of upscale shops, restaurants, seniors housing and office buildings.

Alan Pekarcik

 “This transaction was a favorable one for both the buyer and seller,” comments Vittone. “The seller was able to dispose of a stable asset that is outperforming the immediate submarket, and the buyer acquired a high-quality asset below replacement cost.”

 Vittone adds: “Murrieta has a growing population base that wants to work close to where it lives as opposed to commuting to employment centers such as San Diego or Orange County. With that said, the Murrieta office market is poised to strengthen over the next few years.”

 The City of Murrieta is situated within southwestern Riverside County. Murrieta – part of the greater Temecula Valley market, which includes the cities of Temecula and Menifee – has emerged as a major employment center for the local area. 

Murrieta’s projected expanding employment base and the region’s affordable housing provide favorable conditions for commercial real estate investment now and in the foreseeable future.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Award Winning Calculator Helps Local Agencies Predict Hotel Occupancy Tax Revenues

Jamie Lane

Atlanta, GA, July 15, 2014  -- PKF Hospitality Research, LLC (PKF-HR) today announced the release of the “Hotel Occupancy Tax Calculator,” an Excel-based tool that gives local agencies the ability to incorporate objectively developed forecasts into their estimates of future hotel occupancy tax collections.

 “The calculator helps agencies improve their projections and avoid operational inefficiencies, such as unjustified budget cuts, hiring freezes and changes in tourism promotion efforts,” said Jamie Lane, senior economist with PKF-HR.

 The award-winning calculator estimates taxed revenues for the next five years using the PKF-HR Hotel Horizons® econometric forecasting methods.  These highly accurate forecasts come from estimating the stable statistical relationship between measures of the economy and hotel performance for the metropolitan area in which the tax district is located.

 “The Hotel Occupancy Tax Calculator allows users to customize their forecasts based on the taxing juristiction historical data and also make alternative assumptions about key inputs, such as occupancy tax rates,” Lane added.

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

Jamie Lane                                                           Chris Daly

PKF Hospitality Research, LLC                          Daly Gray Public Relations

Tel: 404 809 3950                                                Tel: 703 435 6293

Email: jamie.lane@pkfc.com                                Email: chris@dalygray.com

www.pkfc.com                                                       www.dalygray.com