Overall Year-Over-Year Foreclosure Activity in U.S. Decreases for 11th Consecutive Month, But Default Notices Jump 33 Percent from July

IRVINE, CA. – Sep. 15, 2011 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for August 2011, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 228,098 U.S. properties in August, a 7 percent increase from the previous month, but still down nearly 33 percent from August 2010.

The report also shows one in every 570 U.S. housing units with a foreclosure filing during the month.

Default notices (NOD, LIS) were filed for the first time on a total of 78,880 U.S. properties in August, a nine-month high and a 33 percent increase from July — the biggest month-over-month increase since August 2007.

Despite the monthly increase, default notices were still down 18 percent from August 2010 and were 44 percent below the monthly peak of 142,064 default notices in April 2009.

Default notices increased more than 40 percent on a month-over-month basis in several states, including New Jersey (42 percent), Indiana (46 percent) and California (55 percent), but were still down from a year ago in all of those states.

“The big increase in new foreclosure actions may be a signal that lenders are starting to push through some of the foreclosures delayed by robo-signing and other documentation problems,” said James Saccacio (top right photo), chief executive officer of RealtyTrac.

 “It also foreshadows more bank repossessions in the coming months as these new foreclosures make their way through the process.”

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

Christine Stricker

949.502.8300, ext. 268

christine.stricker@realtytrac.com

Michelle Schneider

949.502.8300, ext. 139

michelle.schneider@realtytrac.com

TD Wood Brokers Loans Totaling $1.7 Million in Florida and South Carolina

Sarasota, FL—Sept. 15, 2011— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $1,700,000 for Keystone Courtyard (bottom right photo)  and Family Dollar.

Brad Cox (top right photo), CCIM, CPM, Company Vice President, secured financing for Keystone Courtyard in the amount of $1,000,000 through Thomas D. Wood and Company’s correspondent relationship with The Standard Life Insurance Company. 

The permanent fully-amortizing, full-recourse loan has a term of 20 years, based on an interest rate of 6.375%.  The loan-to-value is 60%.  The borrowers, who purchased the apartment building out of a foreclosure, remodeled it and rented it up, and wanted to refinance their current short-term debt with permanent financing. 

 The 28,000 square-foot multi-family complex was built in 1972 and remodeled in 2010, and is located at 3719 Ohio Avenue, Tampa, Florida.

Cox also secured financing for Family Dollar in the amount of $700,000 through The Standard Life Insurance Company.  The full-recourse loan has a term of 10 years, based on 25 years and an interest rate of 6.25%.  The loan-to-value is 62%. 

The borrower wanted to purchase a Family Dollar that was under construction and to find a lender willing to be flexible regarding the closing date.  The 8,320 square-foot single-tenant retail building was built in 2011, and is located at 1120 Red Bank Road, Goose Creek, South Carolina.

The company’s website may be accessed through www.tdwood.com.

For further information, please contact:

Brad Cox, CCIM, CPM    (941) 552-9731, bcox@tdwood.com

Jessica Kinnee, (407) 937-0470, jkinnee@tdwood.com

$15.1 Billion Boutique Hotel Comes to Market in Phoenix, AZ

PHOENIX, AZ– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for The Clarendon Hotel (top left photo), a 105-room boutique hotel located in Phoenix’s Museum District.

The listing price of $15.1 million represents $143,810 per room. The average daily room rate (ADR) is $91.50.

Michael Francis (middle left photo), a senior associate, and Melanie Wright (middle right photo), a hospitality investment specialist, both in the firm’s Salt Lake City office, are representing the seller, Clarendon Hotel Group LLC. David Guido (bottom right photo) of the firm’s Phoenix office is Marcus & Millichap’s broker of record in Arizona.

“The current owners took over the property in 2004, completely renovated it and increased the number of operational guest rooms from 35 to 105,” says Wright. “The Clarendon Hotel boasts high style and flexible indoor/outdoor event spaces that attract corporate guests, pleasure travelers and local groups.”

The property is located at 401 West Clarendon Ave. in midtown within walking distance of a light rail connection.

The Clarendon Hotel features a heated swimming pool with underwater speakers, massaging water jets and a colorful Sicis Italian tile mural with 24-karat gold and platinum accents. The bottom of the pool is illuminated after dark by almost 1,000 starlights. The pool area features bubbling fountains, a Jacuzzi and a glass water wall that is more than 60 feet wide and two stories tall.

Guestrooms amenities include heating/cooling system with plasma air filtration, 42-to-50-inch flat-screen TV, alarm clock/radio, iron and ironing board, stereo with iPod dock, coffee/tea maker, bathrobe, etc.

In 2010, The Clarendon Hotel was named the “Best Boutique Hotel in Phoenix” by the Phoenix New Times and “One of the Best Things About Phoenix” by the Arizona Republic in 2008.

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

HFF arranges $25.6 million refinancing for Rancho Penasquitos Towne Center Phase I and II in San Diego, CA

SAN DIEGO, CA – HFF announced today that it has arranged $25.6 million in two separate financings for Rancho Penasquitos Towne Center Phase I and II (top left photo), a neighborhood and community shopping center totaling 179,000 square feet in San Diego, California.

HFF worked exclusively on behalf of Rancho Penasquitos Towne Center I, LP and Rancho Penasquitos Towne Center II, LP to arrange the 10-year, fixed-rate securitized financings through Deutsche Bank Mortgage Capital – CMBS. 

A $14.5 million loan was arranged for Phase I, and an $11.1 million loan was secured for Phase II.

 Rancho Penasquitos Towne Center (RPTC) is situated north of Highway 56 at Black Mountain Road in San Diego owned by a joint venture consisting of affiliates of UBS (85%) and Kimco Realty Corporation (15%).

 RPTC is anchored by a 40,000-square-foot Von’s grocery store and a 22,000-square-foot Rite Aid (both of which are not part of the collateral) and includes in-line retail space leased to JP Morgan Chase Bank, Starbucks, State Farm Insurance, Bank of America, Subway and GNC.  As of June 30, 2011, the property was 91 percent occupied.

The HFF team representing Rancho Penasquitos Towne Center I, LP and Rancho Penasquitos Towne Center II, LP was led by associate director Zach Koucos (middle right photo) and managing director Robert Delitsky (bottom left photo).

Contacts:  

Robert Delitsky, HFF Managing Director, (212) 632-1831, rdelitsky@hfflp.com                         

Zach Koucos, HFF Associate Director, (858) 812-2351, zkoucos@hfflp.com  

Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, 

krmurphy@hfflp.com

Colliers International Closes $12.8 Million Multifamily Sale in the San Fernando Valley of California

LOS ANGELES, CA, Sept. 15,  2011.  – Kitty Wallace (middle right photo), Executive Vice President of Colliers International, the second largest global real estate services organization, closed the sale of the Villas at Sherman Place (top left photo) located at 23130 Sherman Place in West Hills, California.

This 39-unit luxurious Tuscan styled property was recently completed in late 2010 and just sold for $12,800,000.

 Wallace, based out of Colliers International’s West Los Angeles office, represented the Seller, Quality Properties Asset Management Company, an Illinois corporation. She also represented the Buyer, a publicly traded company based out of Los Angeles.

“The Villas at Sherman Place is one of the largest new townhome properties in West Hills” said  Wallace.

“The asset was delivered completely vacant offering the new owner the flexibility to lease the townhomes as apartments or to sell them individually to end-users.

“The versatility of this deal coupled with its location and quality of construction caused quite a buzz amongst our investors” notes Wallace.

 “We received 16 highly qualified offers after just one month of marketing and the Buyer won the deal after an aggressive bidding war. They purchased it for $328,200 per unit with a $1 million released deposit and a quick 25 day close.”

Wallace believes the new owner plans to sell the townhomes as condominiums.

. Follow us at www.twitter.com/colliersgla.

 Contact:

Angela S. Hwang

Regional Marketing Coordinator | Greater Los Angeles

Dir +1 213 532 3258 | Mob +1 310 867 4105

Main +1 213 627 1214 | Fax +1 213 327 3258

angela.hwang@colliers.com

Colliers International

865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA

www.colliers.com

The Golf Academy at Celebration Golf Club continues its support of the Fairways for Warriors program – Fits disabled veterans with New Ping Golf Clubs

                       From left: Nick Lawson, William Castillo and Chris Gordon

 ORLANDO, Fla. --- The Golf Academy at Celebration Golf Club, which is actively involved with the Fairways for Warriors program, recently fit two disabled war veterans with complimentary Ping golf clubs donated by the manufacturer.

Kenny Nairn, executive vice president of golf at Celebration Golf Management, said Ping donated five sets of clubs to the Fairways for Warriors program.

Nairn said Chris Gordon and William Castillo received the new clubs and will participate in The Golf Academy clinics for returning war veterans.

Fairways for Warriors is a nonprofit 501(c)(3) company focused on providing golf to wounded warriors.   Visit www.fairwaysforwarriors.org for additional information.

 For more information about this press release, contact

Kenny Nairn, Scottish PGA Golf Professional / EVP of Golf Celebration Golf Management 407-566-1045 ext. 4604; knairn@cgmgolfproperties.com

Gene Garrote, President, Celebration Golf Management, 407-566-1045

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142.

Grubb & Ellis and GearingStone Selected to Manage and Lease 300,000-SF Freezer Facility in Chicago’s I-55 Corridor

CHICAGO, IL (Sept. 15, 2011) – Grubb & Ellis (NYSE: GBE), one of the nation’s leading commercial real estate services firms today announced that the company was recently selected to provide property management and leasing for a state-of-the-art 300,000-square-foot freezer/cooler building in the I-55 Distribution Corridor.

 The assignment is the result of the company’s preferred provider relationship with GearingStone, LLC, a Dallas-based commercial special servicing company, which was awarded the asset management contract.

 A partnership between Gearing Capital Partners, Inc. and Minneapolis-based CarVal Investors acquired the asset in May. 

 “The dual contract is a prime example of the synergistic relationship between loan servicing and commercial real estate services firms,” said Alan Gearing, president of GearingStone.  “We are excited to be working on such a high-quality asset with such an experienced team.”

 Scot Farber, executive vice president, Investment Services, and Dallas-based regional manager of the company’s Financial Services Asset Management group, manages Grubb & Ellis’ relationship with GearingStone. 

 “We couldn’t be more pleased with how our partnership with GearingStone has evolved over the past nine months,” Farber said.  “We view it as a perfect example of how the Financial Services Asset Management group can bring all of Grubb & Ellis’ resources to bear for owners and lenders.”

Jim Cummings, associate vice president, Industrial, Jack Cozzie, senior vice president, Industrial, and Frank Melchert, senior associate, Industrial and a member of the company’s Food & Cold Storage practice group, who are based in Grubb & Ellis’ Rosemont office and specialize in properties located in the I-55 Distribution Corridor, will handle the leasing of the asset.

The team will be bringing more than 70,000 square feet of prime freezer and cooler space to market for lease execution.  The space is equipped with racking equipment that can accommodate over 8,000 pallet positions.

“The facility is unique in terms of its location situated in the premier food district in Chicago with wonderful access to I-55 which is the most sought-after thoroughfare,” said Cummings.  “The space is easily divisible for smaller users, if necessary, and the interior configuration provides 60-foot deep refrigerated staging bays for maximum efficiency, which is a huge competitive advantage for users in the marketplace.”

 The onsite management team will be lead by Jeff Perpich (lower right photo), senior vice president, Director of Management Services. 

 Contact: Janice McDill, Phone, 312.698.6707                                     

Email:  Janice.mcdill@grubb-ellis.com           

CalPERS Board Censures Board Member

SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) Board of Administration today publicly censured board member JJ Jelincic (top right photo) for his involvement in a personnel action based on complaints filed by coworkers at CalPERS.

CalPERS management reprimanded Jelincic last year. The reprimand was upheld last week by the State Personnel Board and administrative law judge Teri L. Block following an appeal by Jelincic.

Pursuant to its board governance principles, the CalPERS Board voted to publicly censure Jelincic and suspend his position as Chair of the pension fund’s Investment Policy Subcommittee and Vice Chair of its Health Benefits Committee until March 1, 2012.

The Board also voted to suspend Jelincic’s board travel privileges for the same time period except for pre-approved travel, travel to and from Board and committee meetings and constituent meetings, and is requiring Jelincic to attend sensitivity training.

 “The CalPERS Board does not condone harassment or similar conduct of any kind and all our Board Members are expected to meet this standard,” said Rob Feckner (middle left photo), President of the CalPERS Board. “Our employees are one of our greatest assets and we are committed to ensuring that their work environment is professional, safe and free from all forms of discrimination and harassment.”

Jelincic was elected to the CalPERS Board in December 2009 as a Member-At-Large representing all CalPERS members. He has been employed with CalPERS for 25 years as an investment officer.

CalPERS is the nation’s largest public pension fund with approximately $227 billion in market assets. It administers retirement benefits for 1.6 million active and retired State, public school, and local public agency employees and their families and health benefits for more than 1.3 million members.

 The average CalPERS pension is $2,220 per month.

For more information about CalPERS, visit www.calpers.ca.gov.

Contact:
External Affairs Branch
(916) 795-3991
Robert Udall Glazier, Deputy Executive Officer
Brad Pacheco, Chief,
Office of Public Affairspressroom@calpers.ca.gov

 

Inland Empire Apartment Complex in Riverside, CA Commands $32.5 Million in Sale Completed by Marcus & Millichap’s Ontario, CA office

 RIVERSIDE, CA Sept. 14, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Waterstone Magnolia (top left photo), a 304-unit multifamily community located at 3610 Banbury Drive in Riverside.

The sales price of $32.5 million represents $106,908 per unit, or $139 per foot.

 “This well-maintained apartment complex in the heart of the Inland Empire was an excellent value-added play for the new ownership,” says Doug McCauley (lower right photo), regional manager of the firm’s Ontario office.

  “Waterstone is positioned for both short- and long-term growth because of the area’s improving demographics and its proximity to schools, universities, prime retail corridors, key employers and Southern California’s freeway system.”

Constructed in 1985, the 233,584-square foot Waterstone Magnolia has a mix of one- and two-bedroom apartments spread across 15.15 acres in an urban infill setting. The apartment community is easily accessible from State Routes 91 and 60, as well as Interstate 15. In addition, residents can walk to nearby restaurants, the Galleria at Tyler Mall and Kaiser Permanente Riverside Medical Center.

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

HFF named to market for sale Sysmex Corporate Center in Lincolnshire, IL

CHICAGO, IL – HFF announced today that it has been named to market for sale Sysmex Corporate Center (top left photo), a newly-constructed, triple-net leased office property in Lincolnshire, Illinois.

HFF is marketing the property on behalf of the sellers, Bridge Development Partners, LLC and Globe Corporation.

Completed in 2010, Sysmex Corporate Center has 162,739 square feet of office space that is 100 percent, triple-net leased to Sysmex American, Inc. as their North and South American headquarters. 

The lease is guaranteed by Sysmex Corporation, a Japan-based company that is principally engaged in the health care business and publicly traded on the Tokyo Stock Exchange (TYO: 6869.T). 

Sysmex specializes in the development, manufacturing, sale and service of clinical laboratory equipment, laboratory test drugs and products related to laboratory testing. 

Sysmex has a current investment grade credit rating of A from Rating and Investment Information, Inc. a Japan-based credit rating agency. 

  

The four-story property is LEED Gold certified; one of only five Class A office buildings in Chicago’s north suburban office market to have been awarded this distinction by the U.S. Green Building Council. 

Sysmex Corporate Center is located at 577 Aptakisic Road close to Interstates 94 and 294 in the northern Chicago suburb of Lincolnshire. 

The HFF investment sales team representing the seller is led by senior managing directors Jaime Fink (middle leftt photo) and Jeffrey Bramson (lower right photo).

Bridge Development Partners, LLC (http://www.bridgedev.com/) is a privately-owned firm focused on the development and acquisition of industrial and office real estate.

Globe Corporation (http://www.globecor.com/) and its affiliates operate as a diversified set of investment companies concentrating on real estate, investment management and private equity.

Contacts:      

Jaime M. Fink, HFF Senior Managing Director, (312) 528-3650, jfink@hfflp.com  

Jeffrey M. Bramson, HFF Senior Managing Director, (312) 528-3650,  jbramson@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com

KB Home to Participate at Zelman & Associates 2011 Housing Summit in Dallas, TX

LOS ANGELES, CA--(BUSINESS WIRE)--KB Home (NYSE: KBH), one of America’s premier homebuilders, announced today that President and Chief Executive Officer Jeffrey Mezger (top right photo) and Executive Vice President and Chief Financial Officer Jeff Kaminski (lower left photo) will participate at the Zelman & Associates 2011 Housing Summit on Tuesday, September 20, 2011 in Dallas.

 In connection with their participation at the Housing Summit, the two executives will meet one-on-one with institutional investors throughout the day and Mr. Mezger will take part in a builder panel discussion.

A copy of the investor presentation materials provided at the conference will be available for viewing and download through the Company’s website on September 20.

 To access the presentation materials, go to the investor relations section of the KB Home website at www.kbhome.com/investor and select the link under Events and Presentations. The presentation will be available for 30 days.

For more information about KB Home's new home communities, call 888-KB-HOMES or visit www.kbhome.com.

Contacts

KB Home

Katoiya Marshall

310-893-7446 or kmarshall@kbhome.com

Teles Properties Names Sharran Srivatsaa as New Chief Operating Officer

BEVERLY HILLS, CA--(BUSINESS WIRE)--The Board of Directors of Teles Properties has selected Sharran Srivatsaa (top right photo) as the firm’s new Chief Operating Officer.

Srivatsaa will focus on the firm’s core offerings that consist of technology, marketing, and integrated operations. Additionally, he will be responsible for Teles’ corporate finance strategy and is charged with building the firm’s proprietary research and analytics platform.

Srivatsaa joins Teles after spending several years at Credit Suisse and Goldman Sachs, where he focused on working with management teams of fast-growing businesses across the country on strategic planning and corporate finance.

 In addition to his Wall Street experience, Sharran brings a deep technology background from his time working with founding teams of cutting-edge companies in Silicon Valley such as Lightera (acquired by telecom giant CIENA) and international mobile-payment powerhouse, Obopay.

“I have worked with Sharran on business transactions over the last 10 years and I am excited to have him join our leadership team,” said Peter Loewy (middle left photo), Chairman and CEO of Teles.

“He brings a unique set of skills that is hard to find in the marketplace: a core technology background combined with stellar Wall Street experience topped off with international hospitality training at Four Seasons and Ritz-Carlton.”

Teles Properties was founded in Beverly Hills in 2007 by a group of real estate veterans who believed that there was a more modern and efficient way to represent residential real estate.

Since then, Teles has proved itself to be a progressive, technology-oriented boutique real estate firm serving key markets in Los Angeles and Orange counties. With offices in Beverly Hills, Brentwood, Newport Beach and now Pasadena, Teles recently launched an International Division to link buyers to properties around the globe.

Contacts

Teles Properties

Peter Hernandez

310.990.5905

peter.hernandez@telesproperties.com

San Diego Buildings Earn Prestigious LEED Certifications

SAN DIEGO, CA--(BUSINESS WIRE)--The Irvine Company today announced that two of its premier San Diego properties have been awarded prestigious Leadership in Energy and Environmental Design (LEED) certifications, a designation reserved for the highest performing, most sustainable buildings.

101 W. Broadway (top left photo) a 20-story office building in downtown San Diego, and La Jolla Centre (middle right photo), a two-building office complex in La Jolla-University Towne Centre, received LEED certifications from the Washington, D.C.-based U.S. Green Building Council.

101 W. Broadway earned the highest level of certification attainable—LEED Platinum—in the Existing Buildings: Operations and Management category, which scores buildings on water and energy efficiency, waste management, sustainable purchasing, temperature monitoring, commuting programs, environmentally friendly cleaning and other criteria.

To earn LEED Platinum certification, buildings have to score 80 or higher out of a possible 110 points, including bonus points.

101 W. Broadway is only the second existing office building in San Diego to earn LEED Platinum and is among just a select number of buildings nationally with the honor, according to the U.S. Green Building Council.

Built in 1982, 101 W. Broadway is among even fewer from its era to hold LEED Platinum status. It is the second Irvine Company Office Properties building to earn LEED Platinum certification after Hyatt Center in downtown Chicago.

La Jolla Centre earned LEED Silver certification in the Existing Buildings: Operations and Management category. For LEED Silver certification, buildings have to score 50 to 59 points out of a possible 110 points.

 Built in 1986 and 1989, La Jolla Centre joins Irvine Company Office Properties’ Symphony Towers in downtown San Diego with LEED Silver certification.

“These certifications are an honor and speak to the quality of operations at 101 W. Broadway and La Jolla Centre,” said John Turner, San Diego regional vice president of Irvine Company Office Properties.

 “The certifications were made possible by our customers, cleaning and maintenance staff and the building management teams. We are pleased that our customers can share in the operating benefits associated with being in sustainable buildings.”

To find out more about LEED certification, please click on www.usgbc.org.

To learn more about The Irvine Co., please visit www.irvinecompanyoffice.com.

Contacts

Irvine Company

Erin Freeman, 949-720-2587

efreeman@irvinecompany.com

Gladstone Development Corp. Announces Acquisition of Major Connecticut Grocery-Anchored Center

GREENWICH, CT.--(BUSINESS WIRE)--Gladstone Development Corp. announces that Winrock LLC has completed the purchase of The Shops at Ledgebrook (top left photo), a grocery-anchored shopping center in Winsted, Connecticut for a purchase price of $15,360,000.

The center, located on Route 44 (New Hartford Road), contains over 105,000 square feet of leasable space and is 92% occupied. It is anchored by Super Stop & Shop and Rite Aid. The center also contains other strong national and regional tenants, including Cingular, State Farm, TD Bank and Webster Bank, along with a host of local retailers.

Richard Gladstone, a principal in Winrock LLC and President of Gladstone Development Corp., said: “We are pleased to announce the acquisition of The Shops at Ledgebrook.

“The center is well located on Route 44, has a strong tenant roster and is the dominant shopping center in the Winsted market. We believe that The Shops at Ledgebrook will continue to be a popular choice for retailers and local residents for many years to come.”

Gladstone Development Corp., based in Greenwich, CT, is a real estate investment company that specializes in the acquisition, leasing and redevelopment of shopping centers on the East Coast.

With principals that have over 70 years of combined experience in commercial real estate, Gladstone Development Corp. has owned commercial properties in 11 states and seeks further acquisitions of retail, multi-family, office and industrial properties.

 For more information, visit the company’s website at www.gladstonedevelopment.com.

Contacts

Gladstone Development Corp.

Richard H. Gladstone, President, 203-629-5100

Marcus & Millichap Promotes Travis R. Trauvetter to Vice President Investments in San Diego, CA Office

 SAN DIEGO, CA – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Travis R. Trautvetter (top right photo) to the position of vice president investments.

This designation exemplifies superior performance in the accomplishments an associate has achieved in his or her sales career at Marcus & Millichap and in the investment real estate brokerage profession, according to John Vorsheck (lower left photo), regional manager of the firm’s San Diego office.

 “Travis has earned a reputation as an extremely knowledgeable investment specialist,” says Vorsheck. “He is a consummate professional, continually striving to expand his knowledge and expertise. His focus on providing superior client services has earned him a high degree of loyalty and respect from investors as well as from his peers.”

 Trautvetter specializes in the sale of office and industrial properties. In 2010, he was Marcus & Millichap’s No. 1 office and industrial property agent nationwide.

Most recently, Trautvetter held the position of associate vice president investments.

Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation

(925) 953-1716