Avison Young celebrates fifth anniversary in Atlanta by highlighting top five transactions

Steve Dills

ATLANTA – The Atlanta office of Avison Young, the world’s fastest-growing commercial real estate services firm, is celebrating its five year anniversary this month by highlighting its top five transactions.

Established in 2010 by Steve Dils, principal and managing director, Avison Young’s office has grown to more than 100 employees, including 30 brokers and 18 principals. 

The team is supported by a full-service office that includes marketing, property management and research teams. The firm currently manages more than 18 million square feet of property across the Southeast.

The firm’s top five deals since 2010 include:

·         athenahealth - 138,953 rentable square feet at Ponce City Market, Atlanta

·         Mail Chimp - 126,171 rentable square feet at Ponce City Market, Atlanta

·         Sonoco - 286,106 square foot manufacturing build-to-suit development, Sosnowiec-Pieñki, Poland

·         Nestle-Purina – 550,000 square foot lease, Fairburn, GA

·         Kings Hawaiian – 260,000 square foot build-to-suit bakery, Gainesville, GA

 “Our Atlanta office has built a broad platform covering all industry sectors and currently serves as the hub for Avison Young’s Southeast expansion,” said Dils. “During the past five years, we have grown rapidly and forecast continued growth in 2016 and beyond.”

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

Mike Rieman                        __

Vice President

COOKERLY PUBLIC RELATIONS

Monarch Tower

3424 Peachtree Road NE, Suite 500

Atlanta, GA 30326

e-mail: mrieman@cookerly.com – phone: (404) 816-2037 – direct: (404) 419-9230 – cell: (678) 467-9297

CBRE's Philip D. Voorhees and NRIG-West Team Complete $31.8 Million, 97%-Leased McCalla Centre Sale in Santa Ana, CA

Philip D. Voorhees

SANTA ANA, CA – CBRE Executive Vice President Philip D. Voorhees announced today that he and the National Retail Investment Group – West (NRIG-West) team completed the sale of McCalla Centre, a 110,620-square-foot neighborhood shopping center in the city of Santa Ana, Calif., anchored by a high-performing Northgate Market and CVS/pharmacy, along with a synergistic mix of retail and shop tenants.

 The sale price was $31,800,000, representing a 3.76% cap rate on high occupancy.

CBRE’s retail investment experts Voorhees, James Slusher, Megan Wood, Brad Rable, Matt Burson and John Read represented the seller, an Orange County-based private investor partnership and the center’s original developer.

The buyer, also represented by Voorhees and the NRIG-West team, was a San Diego-based private real estate investment fund manager.

Built in 1986, McCalla Centre is located on 8.72 acres at 230 N. Harbor Boulevard in Santa Ana, near W. 1st Street. The shopping center was 97% occupied at the time.

“McCalla Centre possesses the extremely solid real estate fundamentals all seasoned investors covet and pursue: a densely populated, infill Orange County location, low anchor lease rates providing tremendous embedded value and creating a future upside, and like Northgate Market, many of the tenants perform at high sales volumes,” said Voorhees.

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

Anne Monaghan                                                 

Monaghan Communications                         

830.997.0963                                                       

Wyndham Hotel Group Selects Kathy Maher to Lead Global Sales

Kathy Maher

PARSIPPANY, NJ (Dec. 7, 2015) –  Sharpening its focus on groups, corporate meetings and the specialty meetings business at its 7,760 properties around the globe, Wyndham Hotel Group today announced the appointment of Kathy Maher as senior vice president, global sales and revenue, an expanded position that will now oversee the company’s global sales efforts.

Maher, who most recently served as senior vice president of revenue management, will take on the additional responsibility of creating innovative sales strategies and guiding a dynamic global team of more than 125 salespeople.

Her sales teams will focus on implementing new technologies, generating faster commission payments, creating training initiatives and developing innovative incentive programs for meeting planners.

Wyndham Hotel Group is committed to growing groups and meetings business. Just this year the company acquired conference leader Dolce Hotels and Resorts® and launched go meetsm, the world’s most generous rewards program for meeting planners, solidifying its commitment to the group and meetings market while delivering greater rewards and incentives for planners.

“Kathy is a seasoned leader who delivers results, and in her new role she will help inspire fresh and thoughtful solutions for our corporate clients and meeting planner partners,” said Josh Lesnick, executive vice president and chief marketing officer. “Her background in sales, as well as revenue management, and her proven track record of building a winning culture makes her the perfect fit to shape our sales philosophy and strategies on a global basis as we produce exceptional experiences at our properties.”

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

Gabriella Chiera

Wyndham Hotel Group

22 Sylvan Way

Parsippany, NJ 07054

+1 (973) 753-6590

gabriella.chiera@wyn.com

Closings Underway at Marina Palms Yacht Club & Residences

Neil Fairman

North Miami Beach, FL – Marina Palms Yacht Club & Residences, the first residential and marina development to be constructed in Miami-Dade County in a generation, has begun closing on residences in its north tower.

“For those buyers who envisioned living the luxurious yachting and boating lifestyle, our vision is now a reality,” said Neil Fairman, president of The Plaza Group, whose affiliate is developing the project with The DevStar Group. 

“We’re pleased with how the design, fit and finishes have come together, and we are excited to deliver a remarkable waterfront product and living experience to our buyers.”

“We’re pleased with how the design, fit and finishes have come together, and we are excited to deliver a remarkable waterfront product and living experience to our buyers.”

  

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

 Laura Burns

Account Director
lburns@boardroompr.com Office: 954-370-8999 Cell: 617-921-5969

Mortgage Bankers Association Reports Commercial/Multifamily Delinquencies Continue Decline

Jamie Woodwell

ASHINGTON, DC - Delinquency rates for commercial and multifamily mortgage loans continued to decline in the third quarter of 2015, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report.

“Commercial and multifamily mortgages are performing very well,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research.

 “Delinquency rates for loans held by life companies, Fannie Mae and Freddie Mac are all hovering near zero.  

"Among loans held by banks, the delinquency rate for multifamily loans is now lower than it has been since the series began in 1993, and the delinquency rate for mortgages backed by other commercial properties is down to levels seen before the most recent recession.”

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

Ali Ahmad

aahmad@mba.org

(202) 557-2727

Pulte Homes to debut luxury living at Ruby Lake Neighborhood in Orlando, FL in Spring 2016

 

Ruby Lake Clubhouse, Orlando, FL

 ORLANDO, FL  --- Pulte Homes recently announced plans for Ruby Lake, its newest gated community in the Dr. Phillips area featuring upscale homes and resort-style amenities scheduled to open in the Spring of 2016.   

Among the community’s 240 home sites, close to 100 will feature breathtaking waterfront living. 

Tiffani Ferri, vice president of sales for PulteGroup’s North Florida division, said single family homes at Ruby Lake will start from the low $400s with numerous home designs ranging from more than 1,900 square feet to over 5,000 square feet of living area. 

The community, located off Palm Parkway in the Dr. Phillips area, features top-rated schools and sits in close proximity to all of Orlando’s major attractions with convenient access to “Restaurant Row.”

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

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

Crossman & Company Negotiates Long-Term Retail Lease at Banks Crossing in Fayetteville, GA

Sherri Mann

Fayetteville, GA – Crossman & Company, one of the largest retail leasing, management and investment sales firms in the Southeast, recently negotiated a seven-year lease agreement for 7,000 square feet at Banks Crossing shopping center located at Highway 441 S. and Interstate 85 North in Fayetteville.

The new tenant, Sears Authorized Hometown Store will open in mid to late January serving Fayette County and the Atlanta south metro area.

Sherri Mann, Senior Associate at Crossman & Company, negotiated the transaction representing the landlord, Nightingale Realty, LLC based in New York City.

In addition to a broad assortment of appliances and lawn and garden products, the Banks Crossing location of the Sears Hometown Store will also offer Sears Nationwide Service including parts, delivery and installation as well as a pick-up facility for products sold at Sears.com, according to store manager T.J. Rayford.

The 256,671 square foot shopping center is anchored by J.C. Penney and Kroger. 

Other existing tenants include Planet Fitness, Sally Beauty Supply and Cricket Wireless.

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

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

Crossman & Co. Negotiates Lease For Publix-anchored center Southshore Village in Ruskin, FL

Sandra Woodworth

 Ruskin, FL -- Crossman & Company, one of the largest retail leasing, investment sales and management firms in the Southeast, negotiated a long-term lease with national salon chain Great Clips at Southshore Village in Ruskin, Fla. 

Sandra Woodworth, Senior Associate at Crossman & Company, negotiated the transaction on behalf of the landlord, Lakeland-based Publix Super Markets, Inc.  

Great Clips, based in Minneapolis, leased a new 1,200 square foot bay bringing occupancy at the 56,831 square foot center to 95.80 percent.  Brian Bern of Franklin Street Real Estate Services represented the tenant. 

Publix plans to break ground soon on its 46,000 square foot anchor store that is slated to open in December 2016.  Two bays remain with deals pending and two outparcels are available for ground lease only, according to Woodworth.

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

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

University of Wisconsin-Stout Professor co-authors business book: ‘The Human Factor to Profitability’

Jeanette Kersten

Menomonie, WI — Two experts on helping companies operate at maximum efficiency through wise use of their employees have authored a new book: “The Human Factor to Profitability — Building a People-Centered Culture for Long-Term Success.”

The book is by Jeanette Kersten, associate professor in the College of Management at University of Wisconsin-Stout, and Kelly LaVenture, assistant professor at Bemidji (Minn.) State University.

Kersten is the UW-Stout People Process Culture endowed chair, an effort funded through gifts from Robert and Debbie Cervenka, owners of Phillips Plastics Corp. until 2010, to improve organizational efficiency and effectiveness through research-based human resources principles.

Kersten said the book she was using for her organizational culture class (INGMT 416/616 People Process Culture) needed updating.

Kelly LaVenture

“We were using a book from 1994 for the People Process Culture course and were unable to find a suitable replacement text that matched the PPC concepts and met the curriculum requirements,” Kersten said. “That prompted the research proposal for writing this book.”

In the forward to the book, Debbie Cervenka described the practices used at Phillips Plastics to retain its people and enhance the company’s performance.

“When you run your organization, valuing all people (and) respecting all people, you find that those people take ownership and pride, and the end results become meaningful. Because we built the best products, our sales grew as a direct result of having people committed to the organization — people who wanted to excel and who didn’t just want a job.”

Kersten said the major points covered in the book are:

·         All people are important

·         A strong belief that people shape the best organizational cultures

·         Happy people working together perform at higher levels and, as a result, all people benefit

Debbie Cervenka

 Kersten added: “These principles are the basis for the seven key elements of a people-centered culture: leveraging people-first core values; leadership that walks the talk; open communication; high levels of trust; aligned operations and work environments focused on human resources and talent development practices; change responsiveness; and organizational resiliency.

 These principles are backed by extensive evidence-based research, Kersten said, as well as practical applications gleaned from dozens of interviews. The results of implementing these practices are higher retention, greater productivity and increased profitability.

The book is published by River Grove Books and is available from online booksellers, including Amazon and Barnes & Noble.

More information on the Cervenka People Process Culture at UW-Stout is available at www.uwstout.edu/ppc.

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

Doug Mell

Executive Director of Communications and External Relations

715-232-1198

melld@uwstout.edu

Gelt, Inc. Acquires 564-Unit Apartment Community for $74 Million in Denver, CO

  

3300 Tamarac Apartments, Denver, CO

 

Keith Wasserman

Los Angeles, CA  – Gelt, Inc., a Los Angeles-based real estate investment and asset management firm, has acquired 3300 Tamarac, a 564-unit apartment community, for $74 million in Denver, CO.

This marks the firm’s largest apartment property purchase to date in terms of both units and price, as well as its first acquisition in Colorado. The property was acquired from Los Angeles-based TruAmerica Multifamily.

  

“3300 Tamarac checked all the boxes for our acquisition criteria,” said Jeff Harris, director of acquisitions with Gelt, Inc. “The asset is strategically located in an infill submarket with immediate access to major transportation, key employment centers, and an array of retail options.

“Additionally, the seller invested a significant amount of capital in a successful value-add program. We see continued upside through renovation of the remaining classic units and the addition of new amenities such as a bike room, additional storage, and an outdoor recreation area.”

Jeffrey Harris

“We like the Denver region for investment as it has diverse economic drivers, impeccable migration statistics as a result of job growth, great quality of life, and a growing population of millennials. All of these key fundamentals are driving a healthy apartment market.” noted Keith Wasserman, partner with Gelt, Inc.

Damian Langere, partner of Gelt, Inc. added: “The area surrounding the property has seen a tremendous transformation in the last few years with the opening of a new Whole Foods two blocks away and Target across the street. 

"The asset’s stellar location ensures a long-term competitive advantage for apartment housing in the local market.”

  

David Martin of Moran & Company represented both the seller and buyer in the transaction. Brian Eisendrath and Ross Moore of CBRE procured the debt for Gelt.

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

Darcie Giacchetto

949.278.6224

Marcus & Millichap Arranges $1.9 Million Sale of Value Self Storage in Port Charlotte, FL

Mike Mele

PORT CHARLOTTE, 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 Value Self Storage, a 35,758-square foot self-storage facility located in Port Charlotte, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The asset sold for $1,900,000.

Michael A. Mele, senior vice president investments in Marcus & Millichap’s Tampa office and senior director of the firm’s National Self-Storage Group, had the exclusive listing to market the property on behalf of the seller, a private investor.  

The buyer, a private investor, was secured and represented by Mele and Brian Baldwin, associate in the firm’s Tampa office. 

“This deal is an example of how well the private client market has rebounded in self-storage,” says Mele.

Value Self Storage is located just off of Port Charlotte’s main thoroughfare at 23227 Freedom Avenue in Port Charlotte, Florida. This facility is comprised of 687 units that range in size from small lockers to 300-square foot units. 

There is a combination of climate-controlled units, non-climate units, lockers and RV and boat parking. It is situated on approximately 2.83 acres, and has a total of 35,758 net rentable square feet. Value Self Storage was constructed in 1984 and was expanded in 1997 to meet the increasing demand in the area. The property is meticulously maintained and features amenities such as truck rentals, 24-hour gate access, video surveillance and perimeter fencing.

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

Richard D. Matricaria

Vice President/Regional Manager,

Tampa, FL

(813) 387-4700

Wyndham Garden Hotels Debuts in the Pacific Rim with Guam Property

 

Barry Robinson

Tamuning, Guam  – Strengthening its growing presence in the Pacific Rim, Wyndham Hotel Group introduced its upper-midscale Wyndham Garden® Hotels brand to the region today with the opening of a 144-key property in Guam.

The all-suites hotel, operated by Sentry Hospitality, LLC, is centrally located in Tamuning, Guam’s main tourism and business hub. 

Just five minutes from the Antonio B. Won Pat International Airport and two minutes from Ypao Beach, Wyndham Garden Guam puts guests within easy reach of the area’s dining, shopping, businesses and natural attractions. It becomes Wyndham Hotel Group’s second property in Guam, joining a Days Inn® hotel also in Tamuning.

 “Known for its friendly people, beautiful landscape and fascinating history, Guam continues to gain traction as a prime destination for business and holiday travel, especially among Asian and American travellers,” said Barry Robinson, president and managing director, Wyndham Hotel Group South East Asia and Pacific Rim.

 “More than 1.3 million visitors have made their way to the country so far this year, and inbound travel is expected to rise. This growth, coupled with a lack of hotel supply, gives us a timely opportunity to introduce our vast portfolio of brands and provide visitors with quality, globally renowned accommodations, along with exceptional value, to serve their lodging needs.”

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

Angie Christofis

Manager PR & Communications

Wyndham Hotel Group - South Pacific

T: +61 (0) 7 5512 8307

angie.christofis@wyn.com

Real Estate Capital Instiitute Predicts Fed Preparing Bond Markets for First Rate Hike in 10 Years

Jeanne Peck

Chicago, IL - Real Estate Capital Institute predicdts The Fed is clearly preparing bond markets for the first rate hike in nearly a decade.  

Investors react by pricing two- and 10- year benchmark Treasurys to the thinnest margin since this Spring.   With the markets psychologically factoring such increases,

longer-term bond investments [including mortgages] will benefit from a slow, predictable pace of increases mainly based upon tame inflation news.

Even as longer-term benchmark rates gain more predictability, mortgage market players react differently to pricing realty risk premiums over these yields.  Major players carve out niches as follows:

Life Companies: Without question, these balance-sheet funding sources win battles on rate, less so on leverage. Fixed rate loans can be had starting in the higher-3% range. Virtually all players in this sector have targeted

appetites well above the amount of deal volume, as investment departments shift more dollars into commercial realty debt instead of corporate bonds.

Conduits:  Relentless volatility hampers Wall Street from providing consistent pricing as AAA-pieces of the loan continue to widen to their highest levels in the year; BBB-piece price widening shows no mercy on the other end of the pricing spectrum. In fear of wiping out profitability due to mismatched pricing during loan aggregation, Wall Street sources wait to

the last minute to finalize loans.  Expect more credit discipline and conservative underwriting than in the recent past, but higher leverage levels than life companies with pricing typically starting in the mid-4%

range. 

Agencies:  Despite wider pricing in recent months, agencies lead in

higher-leverage multifamily lending.  Agencies have a generous allocation of

funds for the foreseeable future.  Execution consistency and continuous

market presence remain the largest reasons for the continued success of this

funding sector.

Banks:  Local and regional banks fill any liquidity gaps for borrowers in

non-core markets.  Flexibility, especially for shorter-term debt, is the

hallmark funding characteristic of banks.  Pricing tends to fall somewhere

between life companies and conduits.

Ms. Jeanne Peck of the Real Estate Capital Institute's Jeanne Darrow Peck

advises, "keep in mind-rates are still relatively low, even as spreads

widen."  She adds, "The planned Fed actions reflect a vote of confidence in

the economy, and resulting mortgage rate impacts should be gradual and work

within project budgeting goals and objectives."

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

Jeanne Peck,

 Executive Director

director@reci.com

www.reci.com

HFF closes sale of Class A downtown Mountain View, CA office property

Castro Station, 100, 150 and 200 West Evelyn Avenue,  Mountain View, CA

Steven Golubchik

SAN FRANCISCO, CA -– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Castro Station, a three-building, Class A office property in the Silicon Valley city of Mountain View, California. 

HFF marketed the property on behalf of the seller, SFF Realty Fund as advised by PSAI Realty Partners.  TIAA-CREF purchased the asset for an undisclosed amount. 

Castro Station, located at 100, 150 and 200 West Evelyn Avenue, consists of 114,809 square feet plus a three-level, 362-space subterranean parking garage.  

Buildings 100 and 200 were built in 2000 and total 65,757 square feet.  Building 150 is a 49,052-square-foot building completed in 2014.

 The fully-leased property is occupied by nine tenants in the security software, social networking, cloud software and e-commerce industries, among others.  

The 3.94-acre site is located at the intersection of Central Expressway and Highway 85 (Norman Y. Mineta Highway) adjacent to the Mountain View Baby Bullet Caltrain Station. 

Michael Leggett

Castro Station’s location in downtown Mountain View provides walkable access to its retail core and vehicular access to Highways 101, 82, 85 and 237. 

Castro Station is also within close proximity of Stanford University as well as numerous high-profile corporate users in Silicon Valley such as LinkedIn, Microsoft, Amazon, HP, Samsung and Google. 

HFF’s investment sales team representing the seller was led by senior managing director Steven Golubchik, co-head of HFF’s national office investment sales platform Michael Leggett and director Ben Bullock.

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

www.tiaa-cref.org

Prime Waterfront Office Property in Newport Beach, CA Across from Balboa Island Acquired by Shopoff Realty Investments and Invesco Real Estate

 

William Shopoff

Newport Beach, CA. –– Shopoff Realty Investments announced today that the company has partnered with Invesco Real Estate to acquire Bayside Square, a 35,000-square-foot office building, in Newport Beach, Calif.

The asset is uniquely situated directly on the water overlooking beautiful Bayside Marina at the foot of the bridge to prestigious Balboa Island. 

The partnership intends to maintain and improve upon the current operations of the office building, while exploring opportunities to enhance long-term value.

“Bayside Square is a one-of-a-kind property, in a location unlike almost any other, at the heart of some of the most desirable and expensive real estate in the country,” said William Shopoff, chief executive officer of Shopoff Realty Investments. “Our company envisions multiple strategies to unlock the hidden value of this asset.”

“We’re excited about the ability to align our opportunistic capital with a first class, specialized partner in a truly irreplaceable location,” said Chase Bolding, an investment officer with Invesco Real Estate.

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

Jill Swartz

Spotlight Marketing Communications

949.427.5172, ext. 701

jill@spotlightmarcom.com