Sunday, October 16, 2011

"Brand" Opening at Westchester's Ridge Hill Nears: Eighty-One-Acre Shopping Complex in Yonkers, N.Y. to Celebrate Debut Of Highly Anticipated Stores and Restaurants





YONKERS, NY  /PRNewswire/ -- Westchester's Ridge Hill (top left rendering), the New York metropolitan area's largest mixed-use outdoor shopping center, will celebrate the first in a series of "brand" openings next week, unveiling brands never before seen in the area, coupled with an unrivaled shopping experience.

Located in Yonkers, N.Y., Westchester's Ridge Hill, which spans more than 81.4 acres and will include 1.3 million square feet at full build-out, will change the shopping habits of tens of thousands of New Yorkers.

 Best of all, this exceptional destination is conveniently situated just off the New York State Thruway I-87 at Exit 6A, and the Sprain Brook Parkway Tuckahoe Road West Exit, making it easily accessible to New Yorkers and tourists alike. 

To commemorate the opening of many exciting restaurants and retailers, Ridge Hill will host a four-day celebration, complete with live music, street performances and interactive characters. The festivities are scheduled for Thursday, Oct. 20 through Sunday, Oct. 23.

Ridge Hill will soon boast delectable food options such as a 50,000-square-foot Whole Foods Market; New York State's first Yard House, with its award winning selection of over 150 beers on tap and American cuisine; and The Cheesecake Factory, with seating for 295 guests.

The complex will also welcome popular national retailers L.L.Bean, H&M, Old Navy, Sephora, Orvis, Gap and Desigual -- all slated to open their doors this month, with more new store openings to follow in November and December.

 At dusk on Thursday, Oct. 20, Yonkers' Mayor Philip A. Amicone (middle right photo) will greet the crowd alongside Forest City Ratner Companies'(FCRC) chairman and chief executive officer Bruce C. Ratner, James A. Ratner, chairman and chief executive officer of Forest City Commercial Group and Andy Silberfein, executive vice president and director of retail and finance for FCRC.

Contact:
Hundred Stories PR, Public Relations, +1-212-570-2700, Robin Dolch; Robin@hundredstoriespr.com, or Cassandra Carpio; Cassandra@hundredstoriespr.com



Saturday, October 15, 2011

NAI Realvest negotiates sale of industrial/flex condominium for $300,200 at South Park Business Center in Orlando, FL



ORLANDO, FL — NAI Realvest recently negotiated the sale of a 2,143 square foot industrial/flex condo at South Park Business Center (top left photo), 8600 Commodity Circle in Orlando.

 Tom R. Kelley, II, (middle right photo) CCIM, principal at NAI Realvest and managing partner/principal, Paul P. Partyka negotiated the transaction on behalf of the landlord, Miami-based South Park, LLC.

 HNN Investments, LLC a local privately held investment management firm purchased the property.     Angela Chapman of Century 21 Capital Realty Group represented the buyer in the transaction.

For more information, contact
Tom R. Kelley, II, CCIM, Principal, NAI Realvest, 407-875-9989 tkelley@realvest.com 
Paul P. Partyka, Principal/Managing Partner, NAI Realvest 407-875-9989 ppartyka@realvest.com
Patrick Mahoney, President, NAI Realvest, 407-875-9989 pmahoney@realvest.com  
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142, lvershelco@aol.com.
  

NAI Realvest Negotiates Two Lease Agreements totaling 7,000 SF at Monroe CommerCenter South in Sanford, FL


MAITLAND, FL --- NAI Realvest recently negotiated a renewal lease and a new lease totaling 7,000 square feet of industrial space at Monroe CommerCenter South (middle left photo) in Sanford.  

 Michael Heidrich, a principal in the firm, brokered the transactions on behalf of the landlord, COP-Monroe, LLC of Maitland. 

 Truck and auto parts and equipment supplier Advanced Van & Truck Equipment, Inc. renewed its lease of 5,000 square feet at 4154 Incubator Court. 

 The new tenant, Transit Designs, LLC, a screen printing company and design studio, leased 2,000 square feet at 711 Progress Way in Monroe CommerCenter South.

For more information,  contact
Michael Heidrich, Principal, NAI Realvest,  407-875-9989,  mheidrich@realvest.com;
Patrick Mahoney, President, NAI Realvest, 407-875-9989,  pmahoney@realvest.com;
Beth Payan, Larry Vershel Communications, 407-644-4142,  lvershelco@aol.com.    

Rachel Wein of WeinPlus: In Slow Growth Market, Specialization sets companies apart from the competition

  

ST. PETERSBURG, FL. --- Look for real estate owners and developers to specialize more and emphasize their strongest talents as the economy continues to grow slowly, says one top Florida management consultant.

Rachel Elias Wein (top right photo), AIA, founder and principal of WeinPlus Real Estate Advisory Services in St. Petersburg, said that’s the most logical solution for developers in a slow-growth economy.

“The universe of real estate development projects is not increasing,” Wein said. “Real estate companies who want to maintain market share are going to have to focus on what they do best — what distinguishes them from the competition.”

Wein said one of her clients has focused efforts on specializing in sensitive projects likely to engender political controversy.

“They have a track record of developing solutions that address the needs of the local community and neighbors while maintaining focus on tenants and the bottom line,” Wein said.

“Another client specializes in redevelopment of older retail centers, making improvements, re-tenanting and making older centers shine like new,” she said.

“If you’re dealing in a commodity business, find a way to make your service unique to differentiate yourself and your company from the competition,” Wein said.


For more information, contact
Rachel Elias Wein, AIA, Founder / Principal, WeinPlus, 727-386-9346, http://www.weinplusassociates.com/;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142, lvershelco@aol.com.



Grubb & Ellis Represents DCG Fulfillment in Lease of Nearly 190,000 SF in Eastvale, CA


  
 ONTARIO, Calif. (Oct. 12, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it represented DCG Fulfillment, a third-party logistics company, in its lease of 190,000 square feet of warehouse/distribution space located at 12430 Riverside Drive in Eastvale.    

 Mark Kegans (middle right photo), SIOR, and Ron Washle, SIOR, both senior vice presidents, Industrial Group, and members of the company’s Global Logistics practice group, represented DCG Fulfillment in the transaction. 

DCG Fulfillment took occupancy of the building immediately following the lease transaction.  The company now occupies approximately 700,000 square feet of space split between three buildings in the Inland Empire and expanded its operations with this new location, which it primarily uses for consumer-related products. 

 According to Kegans, the property was a good fit due to its Class A building features and proximity to the company’s existing locations. 


David Consani and Joey Sugar of CB Richard Ellis represented the owner of the property, Alere Property Group LLC, a Newport Beach-based investor and developer that has developed and acquired more than $950 million in assets since 2003, in the transaction.

Contact: Julia McCartney, Phone: 714.975.2230                                     
Email:  julia.mccartney@grubb-ellis.com                                                                                                               

Downtown Glendale, CA Development Site Listed by IPA



 GLENDALE, CA – Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has retained the exclusive listing for City Center II, (top left rendering)  a 1.38-acre development site located at the corner of Wilson Avenue and Brand Boulevard in downtown Glendale. The property is being offered as an open bid.

Ron Harris, an executive vice president investments, and associate directors Paul Darrow and Joseph Smolen are representing the seller.

City Center II is located in a true infill location two blocks from the The Americana at Brand (lower left photo) lifestyle center, the Glendale Galleria (middle right photo) and dozens of local stores and restaurants along Brand Boulevard,” says Darrow. “The site is currently entitled for the construction an 18-story tower and a 20-story tower that combine for a total of 184 condominium units and 172 hotel rooms.” 

Although the current entitlements are being evaluated by a number of developers, many prospective buyers are considering re-entitling the site for a lower density mid-rise concept consisting of apartments over retail.

“The multifamily rental market has gained significant momentum, both in operations and values,” adds Harris. “Many developers are indicating that they find a mid-rise concept to be a more cost-efficient approach that will be better suited to current market conditions.”

Located at 111 N. Brand Blvd. in Glendale, the site will provide future residents and guests with easy walks to a wide variety of shopping and dining options, farmer’s markets, theatrical productions and dance shows.

Glendale offers a myriad of public and private transportation options for residents seeking to visit adjacent employment hubs, including downtown Los Angeles, Burbank and Century City.  

Glendale is the third-largest city in Los Angeles County with a population close to 200,000 and more than 1.4 million people within a seven-mile radius.

IPA is a division of Marcus & Millichap Real Estate Investment Services.

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

Marcus & Millichap Promotes Jason S. Ladner to Vice President Investments in Milwaukee Office


 MILWAUKEE, WI – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Jason S. Ladner (top right photo) to the position of vice president investments.

This designation exemplifies superior performance in the accomplishments an agent has achieved in his or her sales career at Marcus & Millichap and in the investment real estate brokerage profession, according to Matthew M. Fitzgerald (lower left photo), vice president and regional manager of the firm’s Milwaukee office.

 “Jason has earned a reputation as one of the most knowledgeable investment specialists in the nation,” says Fitzgerald. “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.”

Ladner began his career with Marcus & Millichap in July 2005, specializing in the sale of retail properties.

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

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

$30.43 Million Apartment Portfolio Hits the Market in Cleveland, OH




CLEVELAND, Oct. 14, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listings for four multifamily properties in Ohio. They are:

De Ville Apartments (top left photo), Beachwood, 190 units, 259,077 square feet, $15,100,000

Arbor Court (middle right photo), Mayfield Heights, 300 units, 265,750 square feet, $11,500,000


Beachwood Villa North (middle left photo), Beachwood, 28 units, 30,402 square feet, $1,915,000

Beachwood Villa South (lower right map), Beachwood, 28 units, 30,200 square feet, $1,915,000

The properties may be purchased together or separately.

 Michael Barron and Daniel Burkons, both vice presidents investments in Marcus & Millichap’s Cleveland office, are representing the seller, Wolf Real Estate Management LLC and The Goldberg Cos. Inc.

“The properties are all being offered by the original developer,” says Burkons. “They are located in two of Ohio’s most sought-after submarkets and are between 93- and 98-percent occupied.”

 De Ville Apartments, located at 23305 Chagrin Blvd. in Beachwood, is a three mid-rise-building apartment complex situated on 9.8 acres. Constructed in the 1960s, the buildings are nestled between trees above two large underground parking garages. The unit mix is 44 one-bedroom units, 114 two-bedroom apartments, 30 three-bedroom units and two five-bedroom apartments.

 Beachwood Villa North and Beachwood Villa South, located at the corner of Chagrin Boulevard and South Green Road at 3443 South Green Road and 3465 South Green Road, respectively, are both 28-unit apartment communities, offering residents easy access to the east side of Cleveland’s robust employment centers, shopping and fine dining.

Arbor Court Apartments consists of 34 buildings on 12.6 landscaped acres at 6484-6643 Maplewood Drive, adjacent to Mayfield Road and Route 271 in Mayfield Heights. The apartments are 93-percent occupied and have maintained high historical occupancy rates in Mayfield Heights’ strong rental market.

The property provides residents with easy access to city amenities such as the shopping and dining along Som Center Road and Mayfield Road. The Cleveland Clinic’s newly expanded Hillcrest Hospital and the world headquarters of Progressive Insurance are located within one mile of the property.

Beachwood, Ohio, is an affluent suburb of Cleveland with a highly rated school district.

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

Friday, October 14, 2011

Central Florida Publix Shopping Center Sells for $9.1 Million



GROVELAND, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has negotiated the sale of Eagle Ridge Shoppes (top left photo), a 65,751-square foot Publix-anchored shopping center in Groveland. The sales price of $9.1 million represents $138 per square foot.

 Daniel “Sonny” Molloy (middle right photo), a vice president investments in Marcus & Millichap’s Atlanta office, represented the seller, Groveland Associates LLC, a Tampa-based development company. Kirk Olson and Drew A. Kristol, senior associates in the firm’s Miami office, represented the buyer, a private equity group based in Miami.

“Eagle Ridge Shoppes is anchored by Publix, which is performing quite well,” says Molloy. “A Burger King corporate ground lease was also part of the sale.”

 “Eagle Ridge Shoppes is an attractive asset because it has a stable base of tenants and the opportunity to enhance returns through a leasing effort,” Molloy continues.

“The center also possesses a unique geographical location feature that seems to have contributed to the success of Publix. There are many lakes in the surrounding area—several are positioned between Groveland and the nearby town of Clermont—and for many residents of Clermont it is easier to come to the Groveland Publix than it is to shop at one in their own town,” adds Molloy.

 The shopping center is located on the northeast corner of State Road 50 and County Road 565A at 7975 State Road 50 in Groveland. State Road 50 is Groveland’s main artery and connects Orlando, Fla. with Tampa, Fla. The center is approximately 25 miles northwest of downtown Orlando and less than five miles from Clermont, Fla.

 Eagle Ridge Shoppes was built in 2007 on 10.9 acres. The shopping center is 80 percent leased with Publix occupying 70 percent of the space, not including the Burger King outpad. Other notable tenants include Great Clips and Subway.

Publix draws from a trade area beyond the town of Groveland; an area that includes the west side of Clermont. Population growth of approximately 15 percent is projected for the area during the next five years.


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

HFF closes sale and arranges financing for Orlando grocery-anchored shopping center




MIAMI, FL – HFF announced today that it has closed the sale of Osceola Village (top left photo), a 116,645-square-foot grocery-anchored retail center in Orlando, Florida.

HFF marketed the property exclusively on behalf of the seller, SO Wehren Holding Corp.  Strategic Retail Trust, Inc. a real estate investment trust advised by Thompson National Properties, LLC, purchased the center.

HFF’s debt placement team secured fixed-rate acquisition financing on behalf of Thompson National Properties.

Completed in 2008, Osceola Village is 77 percent leased to anchor tenants Publix and hhgregg, among others.  The property also includes seven undeveloped outparcels totaling 9.5 acres.  Located on 23.7 acres at 304 Dyer Boulevard, Osceola Village is less than seven miles west of the Walt Disney World resort area.

The HFF investment sales team representing the seller was led by managing director Danny Finkle (top right photo), director Luis Castillo (lower left photo) real estate analyst Robert Saracco. 

HFF director Chris Drew and senior managing director Wally Reid represented the borrower in arranging the acquisition financing.

“The combination of long-term leases with Publix and hhgregg, value-add potential in lease-up and outparcel development, and stellar location proximate to the Walt Disney World Resort and across the street from the highly successful LOOP projects made Osceola Village a highly compelling acquisition opportunity,” said Castillo.

Contacts:

Daniel Finkle, HFF Managing Director, (305) 448-1333, dfinkle@hfflp.com                             Luis Castillo, HFF Director, (305) 448-1333, lcastillo@hfflp.com                           
 Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500

Emerson International Okays McDade Construction to build Interior Improvements at CenterPointe I Office Building in Altamonte Springs, FL


ALTAMONTE SPRINGS, FL. --- McDade Construction has been awarded a contract by Emerson International to build interior improvements at the CenterPointe I (top left photo) office building at 240 E. Central Parkway in Altamonte Springs.

Eric Emerson, vice president and general manager of Emerson International, said the project will total 8,753 square feet of office space.

Emerson International is a wholly owned subsidiary of The Emerson Group, the global corporation that is one of the largest privately-owned property development companies.

For more information, contact
Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560; ejemerson@emerson-us.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com.

Mercantile Capital Corp. reports five commercial loan closings in September to finance projects worth nearly $14 million


 ALTAMONTE SPRINGS, FL. --- Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners, closed five commercial loans in September to finance projects worth more than $13.8 million in total project costs.

Chris Hurn (top right photo), chief executive officer at Mercantile Capital Corporation, said the largest single loan in September was for the $9.8 million refinance of a plastic surgery center in Utah.

Hurn reported Mercantile Capital closed on 19 loans during the third quarter to finance projects totaling more than $55.7 million in total project costs. Through the first three quarters of 2011, the company closed loans worth $124.85 million, a 33.07 percent increase over the same nine-month period last year, Hurn said.

Mercantile Capital is a wholly-owned subsidiary of Old Florida National Bank.

More information can be found at http://www.504experts.com/ and http://www.504blog.com/.

For more information about this press release, contact:

Chris Hurn, Chief Executive Officer, Mercantile Capital Corporation, ChrisHurn@MercantileCC.com, 407-786-5040
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Avison Young acquires property management and leasing portfolio from Atlanta-based Barry Real Estate Companies, Inc.



ATLANTA, GA  /PRNewswire/ - Steve Dils (top right photo), Avison Young Principal and Managing Director of the company's Atlanta office, announced today the expansion of Avison Young's leasing and management platform through an agreement with Atlanta-based Barry Real Estate Companies, Inc. to acquire the majority of its third-party business unit.

The acquisition of the office property management and leasing portfolio
from the local developer will add to Avison Young's approximately 50
million square feet (msf) of retail, industrial and office properties
under management in Canada and the U.S.


 Effective immediately, Avison Young will assume the property management of four buildings in Atlanta totaling nearly 600,000 square feet. The properties are
30 Allen Plaza (top left photo), Lenox Plaza (middle right photo), Lenox Center (middle left photo), and 2045 Peachtree (lower right photo).

Avison Young will also handle the leasing in 30 Allen Plaza and 2045 Peachtree
(totaling 353,000 sf).

Major tenants in 30 Allen Plaza include the Southern Company (headquarters), and the law firm of Balch & Bingham LLP.

"Avison Young has been very successful in strategically growing its platform in the Southeast during the past year. This acquisition expands the office side of our agency platform and is a deliberate step in executing on our growth plan," comments Dils.

 "The expansion is a logical move for us, and we are excited about our new relationship with the owners of these properties and the opportunity to continue our growth."

In conjunction with the acquisition, Avison Young will begin relocation of its Southeastern offices to 30 Allen Plaza immediately.

"Barry Real Estate Companies is one of the leading developers in Atlanta and the Southeastern U.S.," notes Mark Rose, Chair and CEO of Avison Young.

"This acquisition deepens Avison Young's presence in Atlanta and is in line with the company's strategy to further strengthen our property management platform and capabilities in North America."

Avison Young, which also acquired Atlanta-based Hodges Management and Leasing Company (HMLC) in July 2010, now has in excess of 20 msf under management in Atlanta.

 "Barry Real Estate Companies has created exceptional buildings, and Atlanta is one of the most diverse real estate markets in the country
and the hub of commercial activity in the Southeast U.S.," says Earl Webb, Avison Young's President, U.S. Operations.

 He adds that the company's plans include further acquisitions and partnerships to grow the Avison Young brand internationally.

 For further information/comment/photos:

Sherry Quan, National Director of Communications & Media Relations, Avison Young: (604) 647-5098; cell: (604) 726-0959

Steve Dils, Principal and Managing Director, Atlanta, Avison Young: (404) 865-3666

Mark Rose, Chair and CEO, Avison Young: (416) 673-4028

Earl Webb, President, U.S. Operations, Avison Young: (847) 881-2237
http://www.avisonyoung.com/  Follow Avison Young on Twitter:

For industry news, press releases and market reports: www.twitter.com/avisonyoung

For Avison Young listings and deals: www.twitter.com/AYListingsDealsFollow Avison Young Bloggers: http://blog.avisonyoung.com/


National Retail Properties, Inc. Declares Common Dividend, Marking 22nd Consecutive Annual Increase



 ORLANDO, FL  /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 November 15, 2011 to common shareholders of record on October 31, 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.

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2011, the company owned 1,248 Investment Properties in 46 states with a gross leasable area of approximately 13.6 million square feet.

For more information on the company, visit http://www.nnnreit.com/.

 

Fitch: U.S. CREL CDOs Delinquencies Up Slightly

  
NEW YORK, NY -- After  four  consecutive  months  of  decline,  CREL CDO delinquencies rose slightly  last  month,  according  to  the  latest index results from Fitch Ratings. The full results are featured in this week’s U.S. CMBS newsletter.

CREL CDO late-pays rose to 12% from 11.6% in August. ‘Given the instability
in the broader economy, CREL CDOs delinquencies are expected to continue to
seesaw going forward,’ said Director Stacey McGovern.

In  September, asset managers reported 11 new delinquent assets.  Among the newly  delinquent  assets  were three matured balloon loans, six new credit impaired  securities,  and  two term defaults. Partially offsetting the new delinquencies were six removed assets, which included:

--One real estate-owned (REO) asset, which was sold at 38% of par;
--One mezzanine loan that was foreclosed out at a total loss; and
--Four formerly credit impaired CMBS securities.

Ratings  on  the most junior classes remain subject to volatility as losses
continue  to  accumulate.   In  September, CREL CDO asset managers reported
approximately $60 million in realized losses.

Additional  information  is available in Fitch's weekly e-newsletter, 'U.S.
CMBS  Market  Trends',  which  also  contains  recent rating actions and an overview  of  newly  released  CMBS  research, including Fitch presales and Focus  reports.  The  link  below enables market participants to sign up to receive future issues of the E-newsletter:




Contact:
Stacey McGovern
Director
+1-212-908-0722
Fitch Inc., 1 State Street Plaza, New York, NY 10004

Karen Trebach
Senior Director
+1-212-908-0215

Media   Relations:   Sandro   Scenga,   New  York,  Tel:  +1  212-908-0278:

Additional information is available at http://www.fitchratings.com/

Engler Financial Group & Rockwood Real Estate Advisors Offer Cumberland Park, Orlando, FL for Sale


 ATLANTA, GA -- Engler Financial Group, LLC and Rockwood Real Estate Advisors are pleased to offer for sale Cumberland Park (middle centered photo), an upscale 456 unit apartment community built in 2008 in Orlando, Orange County, Florida.

The Property is located along International Drive South, approximately, one-mile north of State Road 536 in the rapidly expanding southwest Orlando submarket. Cumberland Park is being offered for sale on an unpriced basis and represents an excellent opportunity to purchase a well located Class "AA" multifamily asset with strong investment potential.


Cumberland Park offers residents a "Best in Class" asset for southwest Orlando. The Property features "condo quality" finish and energy-efficient "Green" construction.  Cumberland Park includes a mixture of one, two and three-bedroom units. 

Three of the Property’s residential buildings offer elevator floor access which allows for additional rent premiums. The upscale community and unit amenities offered at Cumberland Park clearly separates the Property from the other rental communities in the submarket.

.  In order to schedule a property tour, please contact Greg Engler, Pat Jones, or  Dave Pepe.  We look forward to meeting you at Cumberland Park!

Contacts:
 
Greg Engler
Engler Financial Group, LLC
CEO/President
678/992-2000, ext. 1

Pat Jones
 Engler Financial Group, LLC
Senior Vice President
678/992-2000, ext. 2

 Dave Pepe
Rockwood Real Estate Advisors
Managing Director - Capital Markets
646/871-6034