CALIFORNIA ASSOCIATION OF REALTORS® Applauds Gov. Brown on Signing SB 458 into Law

LOS ANGELES, CA--(BUSINESS WIRE)--The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) applauds Gov. Jerry Brown (top right photo) on signing SB 458 (Corbett) into law. SB 458 extends the protections of SB 931 (2010), to ensure that any lender that agrees to a short sale must accept the agreed upon short sale payment as payment in full of the outstanding balance of all loans.

Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short sale payment as full payment for the outstanding balance of the loan, but unfortunately, the rule did not apply to junior lien holders. SB 458 extends the protections of SB 931 to junior liens.

“The signing of this bill is a victory for California homeowners who have been forced to short sell their home only to find that the lender will pursue them after the short sale closes, and demand an additional payment to subsidize the difference,” said C.A.R. President Beth L. Peerce (lower left photo).

“SB 458 brings closure and certainty to the short sale process and ensures that once a lender has agreed to accept a short sale payment on a property, all lienholders – those in first position and in junior positions – will consider the outstanding balance as paid in full and the homeowner will not be held responsible for any additional payments on the property.”

SB 458 contains an urgency clause making it effective upon signing.

Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 160,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

Contact:

CALIFORNIA ASSOCIATION OF REALTORS®

Lotus Lou, 213-739-8304

lotusl@car.org

Carter Validus Mission Critical REIT Acquires $28.9 Million Data Center in Texas

TAMPA, FL.--(BUSINESS WIRE)--Carter Validus Mission Critical REIT, Inc. (“CV REIT”) announced today that it has acquired a $28.9 million data center in Richardson, Texas.

The property is 100% leased by a Standard & Poor’s AA rated (as of November 2010) national health organization.

 The company, which wishes to remain anonymous for security reasons, operates in 19 states and includes 72 hospitals; 40 long-term care, assisted- and residential-living facilities; two community health-services organizations; and home health agencies.

 With annual revenues of approximately $9 billion, the tenant is one of the nation's largest health care organizations.

John Carter (top right photo), CEO of Carter Validus Mission Critical REIT stated, “We are thrilled to acquire this data center as we believe it fits perfectly within our mission critical investment strategy.

"The property is a well-located data center leased to an investment-grade healthcare tenant. We were able to acquire this property at a purchase price and with financing terms that support our declared distribution rate.”

The 20,000 square foot facility is located on 1.52 acres in the Dallas-Fort Worth area in an established technology corridor. The data center supports the deployment of technology infrastructure equipment on over 10,000 square feet of 36 inch raised floor space.

There are diverse feeds from two power substations that provide redundant power supporting 1.68 megawatts of critical load power (expandable to 2.25 megawatts). Additionally, dual generators and a resilient air cooled chiller infrastructure contribute to increased reliability in support of continuous 24/7/365 operations.

Carter Validus Mission Critical REIT, Inc. is a public, non-traded REIT. The REIT intends to acquire mission critical real estate assets located throughout the United States. Mission critical real estate assets are purpose-built facilities designed to support the most essential operations of tenants.

Carter Validus Mission Critical REIT, Inc. will focus its acquisitions on mission critical assets in three distinct real estate sectors: data centers, healthcare and education.

Contact:

Carter Validus Mission Critical REIT, Inc., John Carter, CEO

813-387-1700

EastGroup Announces New Developments in Orlando, FL and San Antonio, TX

 JACKSON, MS,  /PRNewswire/ -- EastGroup Properties (NYSE: EGP) announced  that it has begun the development of new business distribution buildings in Orlando and San Antonio.

 Southridge IX, located in EastGroup's Southridge Commerce Park, will contain 76,000 square feet and has a projected total cost of $5,350,000.  The building is scheduled to be completed in the first quarter of next year.  To-date, EastGroup has developed 970,000 square feet in its Southridge Park which is currently 100% leased.

In San Antonio, Thousand Oaks I and II will together offer 109,000 square feet of multi-tenant space with a combined total projected cost of $9,622,000.  Thousand Oaks, which also is scheduled to be completed in the first quarter of 2012, is located in the north central submarket where EastGroup owns 1.2 million square feet that is currently 97% leased.

David H. Hoster II (top right photo), President and CEO, stated, "We are pleased to add these new buildings to our development program reflecting the strength of the submarkets where we are building and the success of our existing assets in these submarkets.  Our development program now contains five buildings with 411,000 square feet and a projected total investment of $31.7 million."

CONTACT: David H. Hoster II, President and Chief Executive Officer, or N. Keith McKey, Chief Financial Officer, +1-601-354-3555

Web Site: http://www.eastgroup.net

Marcus & Millichap Capital Corp. Arranges $7 Million in Refinancing for Philadelphia Shopping Center.

            

PHILADELPHIA, July 15, 2011 – Marcus & Millichap Capital Corporation (MMCC) has arranged $7,040,000 in refinancing for a 24,500-square foot neighborhood shopping center in Philadelphia.

James Conley, a director in the firm’s Philadelphia office, arranged the loan.

“MMCC was able to deliver maximum proceeds that were needed to take out the construction debt,” says Conley. “We also provided valuable market information to the lender to help mitigate the high loan dollars per square foot.”

The loan is fixed at 5.5 percent for 10 years. The amortization term is 30 years and the LTV is 72 percent.

Press Contact: Stacey Corso , Marcus & Millichap Capital Corporation

(925) 953-1716

Self-Storage Investment Sales to Increase Through Year's End, Marcus & Millichap Predicts

 WALNUT CREEK, CA—Marcus & Millichap Real Estate Investment Services Inc. reports self-storage investment activity will increase this year as banks sell off REO properties, drawing regional syndicates from the sidelines to target Class B/C assets throughout the Sun Belt.

California and Florida will register a sizable share of closings as maturing loans and soft operations push properties into foreclosure, especially with banks still hesitant to refinance devalued assets.

 Financing for new buyers seeking properties below $5 million and with a stable operating history will emerge in the form of SBA loans, helping to accelerate activity.

At the top of the market, cash-heavy REITs and institutions are moving back into the self-storage arena, leveraging operating efficiencies to add value to recently purchased properties.

Class A assets in primary markets, including those in the Northeast, will garner the most attention. Such properties generally will trade for more than $10 million and at initial yields in the mid-7 percent to low-8 percent range, depending on location and age.

For a complete copy of the company’s report, please contact Stacey Corso, Stacey.corso@marcusmillichap.com

Marcus & Millichap Names Mondana Hamzavi Vice President

 ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has elected Mondana Hamzavi (top right photo) vice president, according to senior vice president and managing director, Martin E. Louie (lower left photo).

“Mondana has been instrumental in the implementation of numerous business systems and processes that provide more services to the firm’s agents and employees,” says Louie.

“Her strategic planning and accounting skills and her determination to achieve the department’s goals have been of enormous benefit to the firm.”

Hamzavi began her career with Marcus & Millichap in 2007 as a controller. Her responsibilities include overseeing multiple areas within the accounting department, including general ledger, financial reporting and accounts payable.

Hamzavi’s background includes experience as a senior finance executive at MGA Entertainment, ABC Family Channel, Warner Bros. Studios and Sony Pictures.

Hamzavi received her degree in mathematics/computer science from Portland State University. She is a California CPA.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Marcus & Millichap Names Yitzie Sommer Vice President

  

ENCINO, Calif., July 14, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has elected Yitzie Sommer (top right photo) vice president, according to John J. Kerin (lower left photo), president and chief executive officer. Sommer works in the firm’s Chicago Downtown office.

“Research is an integral part of our client services and Yitzie’s contributions to the firm’s research division have been invaluable to our agents and clients,” says Kerin. “As vice president, Yitzie will continue to work closely with our investment specialists to support property valuation and advise clients on the latest market trends and developments.”

Sommer began his career with Marcus & Millichap in 1999 as a part-time research intern in the Chicago office. He joined the firm full time in 2001 as the research manager for the Chicago, Indianapolis and Milwaukee offices. In 2002,

Sommer became the research manager for the National Office and Industrial Properties Group (NOIPG). He was promoted to senior director of research for NOIPG in 2004. Since May 2010, Sommer’s responsibilities have expanded to include all commercial property groups, including retail.

 Sommer’s research has been published in NAIOP’s Development magazine and Real Estate Forum and has been used in case studies at the Harvard Business School and at Dartmouth’s Tuck School of Business. Sommer is a member of International Council of Shopping Centers (ICSC) and currently serves as vice chairman of the NAIOP Young Professionals Forum.

Sommer graduated from Brandeis University with a bachelor’s degree in political science.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Leed-Certified Multifamily Asset Commands $133 Million in Los Angeles

  

 IPA has arranged one of the largest single-property transactions to have closed in LA County since 2005.

  

LOS ANGELES, CA – Institutional Property Advisors (IPA), a boutique brokerage platform serving the needs of institutional and major private investors, has negotiated the sale of The Millennium Warner Center (top left photo), a newly constructed 438-unit luxury multifamily community. The 415,040-square foot complex traded for $132,850,000.

 IPA’s Stan Jones (middle right photo) and Ron Harris (lower left photo), executive vice presidents investments; Sal Saglimbeni (lower right photo), an associate vice president investments; and Joseph Smolen, an associate director; represented the seller, Warner Center Apartments LP. The buyer was Wesco LLP, an Essex Property Trust-sponsored joint venture.  

“There is tremendous demand for newer, Class A assets in core California markets and these opportunities are few and far between,” says Jones.  “The Millennium Warner Center is currently in a rapid lease-up and is absorbing 40 to 70 leases per month. Given the intense buyer demand and leasing momentum, investors are willing to assume the lease-up risk for true core assets,” he adds.

 “The demand has also created an environment in which developers are building new ground-up construction again in many Los Angeles neighborhoods, as is evidenced by the number of cranes in view all over the city,” adds Harris.  “In addition, there is ample financing available for these high-quality, newly constructed institutional assets.”

 Located at 21201 Kittridge St. in the thriving Warner Center business district, The Millennium Warner Center is one of the first LEED-Certified Silver multifamily assets in the Los Angeles MSA. 

 It has a mix of one-, two-, and three-bedroom units and boasts a state-of-the-art amenities package that includes two resort-style swimming pools with expansive sun decks as well as a 24-hour health club facility with tanning beds, saunas and men’s and women’s locker rooms.

 More than 10 million square feet of office space is located within a three-mile radius of The Millennium Warner Center.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Seniors Housing Gains Momentum, Marcus & Millichap Finds

WALNUT CREEK, CA—Marcus & Millichap Real Estate Investment Services Inc. has published a new report noting the seniors housing sector has improved significantly since last year, as demand begins to pick up from aging baby boomers.

Another year of subdued construction is tempering supply concerns, paving the way for a modest recovery during 2011. The resumption of job creation has begun to restore healthcare benefits for Americans, for instance, enabling the re-employed to move ahead with procedures requiring rehabilitative services in skilled nursing facilities.

 This increase in demand has fueled investment activity from institutions and REITs, whereas last year few institutions risked investing in this sector. Instead there were a healthy number of county healthcare systems disposing of their core assets.

For a complete copy of the report, please contact Stacey Corso, Stacey.Corso@marcusmillichap.com

Greystar Expands Development and Construction Expertise with Key Hires

CHARLESTON, SC, July 15, 2011 --(PR.com)-- Greystar Real Estate Partner announced that it has hired Jerry Brand and Ali Warner to further expand the company’s growing development and construction capabilities in major markets throughout the U.S.

Brand has joined Greystar as Senior Managing Director and will direct development efforts in the west with his principal focus on Seattle, Northern California, Southern California, and Phoenix.

 Warner is joining Greystar as Managing Director located in their San Francisco office. Ali spent his past 6 years as Vice President of Acquisitions for Urban Housing Group sourcing multi-family and mixed-use development opportunities in Northern California. Ali will continue to focus on development opportunities throughout Northern California and Seattle for Greystar.

“We are extremely excited to have Jerry and Ali join the Greystar family and look forward to many exciting new projects and future iniatives,” said Scott Wise, Executive Director of Greystar Real Estate Partners.

 To learn more about Greystar, visit www.Greystar.com.

Contact  Tricia Peters, (602) 522-1228, tpeters@greystar.com

www.greystar.com

Grubb & Ellis: U.S. Office Market First Look: 2011-Q2

 SANTA ANA, CA--The following summary was prepared by Bob Bach (top right photo),  Grubb & Ellis Co. senior vice president and chief economist:

• The market took a modest and – considering the poor economic news of late – an unexpected turn for the better in the second quarter.
• The vacancy rate fell by 40 basis points, which is a pace more in line with a typical market recovery than with the numbers posted in recent quarters. However, at 17.3 percent, vacancy remains well above the 12-14 percent range that represents a balanced market.
• Absorption totaled 12.0 million square feet in the second quarter. It was the strongest performance since the third quarter of 2007, which – not coincidentally – was the quarter when the financial markets first seized up, a harbinger of the collapse in September 2008.
• At 14.7 percent, CBD vacancy remained far below the 18.7 percent rate in the suburbs, but the velocity of the recovery in the suburbs was greater in the second quarter – stronger absorption and less new space added.

Deliveries totaled 1.7 million square feet in the second quarter with the new Hess Tower in downtown Houston accounting for about half of that. Hess will occupy the building in August, which will boost third quarter absorption at the local and national levels.

• Space still in the construction pipeline remained very low at 19.5 million square feet. More than half of the total is located in New York City and the Washington, D.C. area, each of which have just over 5 million square feet in the pipeline.
• Average rental rates showed little movement at the national level. The average Class A asking rental rate for space available at the end of the second quarter was $31.06 per square foot per year, full service gross, a decline of 0.5 percent from the first quarter.
• The average Class B rate of $22.91 was 0.1 percent below the first quarter. Preliminary numbers released last quarter suggested that rates might be turning, but those meager gains were revised away.
• Broadly speaking, the recovery has not progressed enough to push asking rental rates higher. But some submarkets, notably areas with growing technology companies, have already turned the corner as landlords lighten up on concessions.
• Sublease space moved lower by 1.5 million square feet to a total of 83.1 million square feet at the end of the second quarter. Sublease space has returned to a normalized level as it has been successfully leased or converted to direct available space when the leases expire.

Forecast

This may be one of those rare occasions when the performance of the office market says more about the economy than vice versa. Despite soft economic data in recent months, tenants absorbed space at a respectable clip in the second quarter, driving down the vacancy rate by 40 basis points to 17.3 percent.

The office market is a lagging indicator, so this improvement could be related to the stronger labor market early this year, and it could be short-lived. But it also appears to be an indication of business confidence, a sign that companies feel good enough about their prospects that they are willing to make multi-year commitments for new space.

Many economists still think that a second-half pick-up is possible, which would sustain the office market recovery. And, conversely, the willingness of businesses to expand may sustain the economy.

Look for the twin recoveries of the economy and the office market to continue at a modest pace through the remainder of this year.

Contact: Janice McDill, Direct: 312.698.6707• Fax: 312.698.5941, janice.mcdill@grubb-ellis.com

 http://www.grubb-ellis.com/

National Retail Properties, Inc. Increases Common Dividend

    

ORLANDO, FL, July 15, 2011 /PRNewswire/ -- The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend of 38.5 cents per share payable August 15, 2011 to common shareholders of record on July 29, 2011.

 The dividend represents an annualized rate of $1.54 per share and marks the twenty-second consecutive year National Retail Properties has paid increased annual dividends per share.  National Retail Properties is one of only four publicly traded REITs and 105 publicly traded companies in America to have increased annual dividends for 22 or more consecutive years.

"We are proud to reach our twenty-second consecutive year of increased annual dividend payments," said Craig Macnab (top right photo), Chairman and CEO.  "A consistent and increasing dividend is extremely important to our shareholders and is a track record we intend to perpetuate."

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of March 31, 2011, the company owned 1,223 Investment Properties in 46 states with a gross leasable area of approximately 13.3 million square feet. For more information on the company, visit www.nnnreit.com.

Contact: Kevin B. Habicht, Chief Financial Officer, +1-407-265-7348

$148 Million Of New Miami Condo, Rental Units Deeded To N.Y. Bank

MIAMI, FL--For the second consecutive year, HSBC Bank USA’s Buffalo, N.Y. office has taken back a block of more than 500 new residential units from a borrower in Greater Downtown Miami, according to a new report from CondoVultures.com.

A year ago in the second quarter of 2010, a Florida entity controlled from a principal address on the 27th floor of the bank's 40-story One HSBC Center in Downtown Buffalo took title to nearly 870 units and one million square feet of salable space in two towers at the ICON Brickell complex (top left photo) in Greater Downtown Miami, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To Miami™.

At the time, the value attributed to the residential units located in the Brickell Avenue Area neighborhood was nearly $344 million, according to Miami-Dade County records.

Earlier this month beginning on July 1, a series of newly created Florida entities controlled from the bank's same principal address on the 27th floor of the One HSBC Center  (lower right photo)in Downtown Buffalo took title to 531 new residential units in the Midtown Miami complex in the Biscayne Boulevard Corridor of Greater Downtown Miami, according to Miami-Dade County and Florida Secretary of State records.

In this latest transaction, the HSBC Bank USA-controlled entities took title to more than 573,000 square feet of salable space under three separate Florida corporate entities, according to Miami-Dade County records.

 

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com.

Southern Commercial Completes Over $6 Million in Transactions for 2nd Quarter 2011

 ORLANDO, FL--Southern Commercial Real Estate Advisors completed $3,100,000 in lease transactions totaling over 260,000 SF, and $3,800,000 in sale transactions totaling over 94,800 SF during 2nd quarter of 2011.  

Southern Commercial recently completed transactions with LG Electronics for 96,000 SF, Sale of 5220 Vanguard Street for 88,000 SF, American Furniture for 39,250 SF, Fisher & Paykel for 22,000 SF, Orange County for 20,000 SF,  Signature Brands for 19,200 SF, Exide Technologies for 18,000 SF, and Atlantic Tower Services for 19,068 SF to name a few.

Media Contact: Celeste MacKenzie, 321-281-8503, cmackenzie@southerncommercialre.com   

Chatham Completes First of Two Transformative Acquisitions

 PALM BEACH, FL – Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in premium-branded, select-service hotels, today announced that it has acquired the five Innkeepers hotels listed below, which comprise a total of 764 rooms, for a total purchase price of $195 million, or approximately $255,000 per room. 

The previously announced acquisition nearly doubles Chatham’s existing hotel investments.

Hotels	Locations	Room Count
Residence Inn Anaheim	Garden Grove, Calif.	200
Residence Inn San Diego	Mission Valley, Calif.	192
Residence Inn Tysons Corner	Tysons Corner, Va.	121
Doubletree Guest Suites Washington, D.C.	Washington, D.C.	105
Homewood Suites on the Riverwalk	San Antonio, Texas	146
	Total:	764

 “These top-tier branded hotels give us a strong presence in some of the country’s prime hotel markets,” said Jeffrey H. Fisher (top right photo), Chatham’s chief executive officer and president. 

 “The hotels are in excellent physical condition, with four of the five hotels having been recently renovated, providing a solid foundation for future growth.  Based on our previous operating experience with these properties, we know these assets well and expect great results from them.”

Chatham funded the acquisition through the assumption of five individual mortgage loans, secured by the hotels, totaling $134.2 million, as well as available cash and borrowings under its senior secured revolving credit facility.  The five loans have a weighted average interest rate of 6.0 percent and mature in 2016

. 

They will amortize based on a 30-year amortization period, other than the loan related to the hotel in Garden Grove, Calif., which will be interest-only for the first two years after closing.  The five loans are pre-payable in whole at any time without prepayment premiums or defeasance.

These five hotels will continue to be managed by Island Hospitality Management, a hotel management company that is 90-percent owned by Fisher.

 Additional information about Chatham may be found at http://www.chathamlodgingtrust.com/.

Contact:   

Jerry Daly, Carol McCune, (Media), Daly Gray Public Relations, (703) 435-6293, jerry@dalygray.com 

DennisCraven, (Company), Chief Financial Officer, (561) 227-1386, dcraven@cl-trust.com