Monday, January 23, 2012

Jones Lang LaSalle Awarded Leasing of 1.1M-SF Safari Business Center in Ontario, CA




 ONTARIO, CA,  Jan. 23, 2012 – Jones Lang LaSalle has been awarded the leasing for Safari Business Center (top left photo), a 16-building, 1,138,219-square-foot business park in Ontario, Calif. The premier industrial complex has immediate availability for users ranging from 5,000 to 57,440 square feet. 

Leading the leasing efforts for the property are Jones Lang LaSalle Vice President Jeff Bellitti (middle right photo) and Associate Jordan Quinn.

“Jones Lang LaSalle was selected for this assignment because of its deep understanding of the Inland Empire industrial market,” said Quinn.  “Safari Business Center is ideal for companies seeking a superior building in an excellent location.”

Jones Lang LaSalle was hired by the asset manager, American Realty Advisors, on behalf of the landlord.


Strategically located in the heart of the Inland Empire, Safari Business Center offers close proximity to the I-10, I-15 and SR-60 freeways as well as rail lines and airports including the Ontario International Airport. (lower left photo) 

Safari Business Center features 30’ minimum warehouse clearance; truck-well and ground-level loading with ample truck staging and maneuverability; loading dock doors with automatic levelers; and .45 or .60 GPM/3,000 sprinkler system.

For more news, videos and research resources on Jones Lang LaSalle, please visit our U.S. media center Web page. Bookmark it here:  http://www.us.am.joneslanglasalle.com/UnitedStates/EN-US/Pages/News.aspx.

Contact:
David Ebeling
Ebeling Communications
(p) 949.861.8351
(c) 949.278.7851

HFF arranges $5.1 million financing for southwest Austin, TX retail center

                                        

DALLAS, TX – HFF announced today that it has arranged $5.1 million in first lien financing for the refinance of Southcross Plaza (top left photo), a 34,051-square-foot retail center in Austin, Texas. 

HFF worked exclusively on behalf of Cencor Realty Services to secure the five-year, 4.85 percent, fixed-rate loan through First National Bank & Trust of McAlester.  The loan’s interest rate will reset at the end of year five for an additional five years.

Southcross Plaza is located at 3601 West William Cannon Drive across the street from H-E-B in southwest Austin.  Completed in 1999, the property is fully leased to several tenants including State Farm Insurance, Thundercloud Subs and Texas State Optical.

The HFF team representing Cencor Realty Services was led by director Travis Anderson (middle right photo). 

Cencor Realty Services was founded in 1989 as a full-service commercial real estate company specializing in property management, asset management, development and construction services.

 The company has grown from managing five million square feet of space in 1989 to managing a portfolio of more than 20.4 million square feet today.  Cencor is one of the largest retail property management companies based in Texas with space under management throughout Texas’ major market areas in Dallas, Fort Worth, Austin, Houston and San Antonio.
                 
Contact:

TRAVIS ANDERSON                  KRISTEN MURPHY
HFF Director                                HFF Associate Director, Marketing
(214) 265-0880                            (713) 852-3500
tanderson@hfflp.com                   krmurphy@hfflp.com

HFF hires James Fowler as managing director in its Orange County, CA office



 IRVINE, CA – HFF announced today that it has hired James Fowler as a managing director in its Orange County office. 

Mr. Fowler will focus on debt placement and structured finance transactions for properties throughout Southern California.  .

 Prior to joining HFF, Mr. Fowler was the principal and founder of US Realty Capital, a nationwide commercial real estate financial intermediary.

“James’ strategic skills and extensive industry experience as well as his unwavering commitment to both excellence and integrity with regard to client satisfaction will be an asset to the west coast debt placement team  and we are excited to welcome him to HFF,” said Kevin MacKenzie (top right photo), senior managing director and co-head of HFF’s Orange County office.

Contacts:  

KEVIN MACKENZIE                                     
HFF Senior Managing Director               
(949) 253-8800                                        
kmackenzie@hfflp.com                             

KRISTEN M. MURPHY
HFF Associate Director, Marketing
(713) 852-3500

Sale of large Class A central New Jersey multi-housing community closed by HFF



FLORHAM PARK, NJ – HFF announced today that it has closed the sale of Ravens Crest (top left photo), a 704-unit, Class A multi-housing community in Plainsboro, New Jersey.

HFF marketed the asset on behalf of the seller, Equity Residential.  The purchaser is an affiliate of Chicago-based, Heitman LLC.   

Ravens Crest is located at 3217 Ravenscrest Drive close to Interstate 95/The New Jersey Turnpike and Princeton in central New Jersey, equidistant to Philadelphia and New York City.  The property has one- and two-bedroom units and features a swimming pool and tennis court.  Occupancy is more than 95 percent.

The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz (top right photo) and Andrew Scandalios (lower left photo), and directors Kevin O’Hearn and Jeffrey Julien.

“Raven represents one of the top assets in the central New Jersey market and the sale represents one of the largest apartment transactions in New Jersey over the past two years.  EQR timed this sale perfectly to coincide with a high demand for multi-housing in this market,” said Cruz.  “The buyer will be able to capitalize on future rent growth over the next several years.”

“This is the fourth multi-housing asset that HFF has completed in the Plainsboro market.  The firm has sold more than $350 million over the last 12 months in the municipality.  Overall, the New York and New Jersey offices of HFF have sold more than $1 billion of multi-housing properties in the last 18 months in the tri-state area,” added Cruz.

Equity Residential (NYSE: EQR) is an S&P 500 company, over 4,000 employees strong, that owns, develops and operates more than 400 high-quality apartment properties in top U.S. growth markets.

Contacts:  
                   
JOSE R. CRUZ                                    ANDREW G. SCANDALIOS          
HFF Senior Managing Director          HFF Senior Managing Director      
(973) 549-2000                                     (212) 245-2425                               
jcruz@hfflp.com                                    ascandalios@hfflp.com                    

KRISTEN M. MURPHY
HFF Associate Director, Marketing
(713) 852-3500

Stan Johnson Co. completes sale of two FedEx properties in Michigan



 Tulsa, OK, Jan. 23, 2012 –Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of two distribution facilities, 100% leased to FedEx Corporation, located in suburban Detroit and in Kalamazoo, Michigan.  The combined sale price was $7.85 million.

Craig Tomlinson (top right photo) and John Zimmerman (lower left photo) of Stan Johnson Company represented both parties, who are private individuals. 

“The lack of new builds in the single-tenant space is driving buyers to shorter and shorter leases,” said Tomlinson. “While both are sub 10-year leases, the buyer is very satisfied with the long-term prospects of keeping his tenant. 

The seller did a great job timing the market, having recently exercised lease extensions on both buildings,” said Zimmerman.


Contact:      
David Ebeling
Ebeling Communications
(949) 278-7851

PCCP LLC Provides $16 Million Senior Loan to Recapitalize University Mall in Chapel Hill, NC

  


NEW YORK, NY, Jan. 23, 2012 - PCCP, LLC announced today it has provided a $16 million senior loan to recapitalize University Mall (top left photo) in Chapel Hill, NC on behalf of the owner, Madison Marquette, a retail real estate investor and operator.

Built in 1973 and renovated in 2008, University Mall is a 367,623 square foot enclosed shopping mall on 39.5 acres. The center is approximately 89 percent leased and anchored by Dillard’s, Rose’s, Harris Teeter, and A Southern Season.

Madison Marquette purchased the mall in 2007 and has since invested approximately $3.4 million in interior and exterior renovations as part of its repositioning strategy for the asset.

The business plan is to undertake a series of physical, merchandising and programming enhancements intended to position the center as Chapel Hill’s primary shopping and entertainment destination, a focal point of community and cultural activity, and a venue that reflects the unique character of this highly educated community. 

Recent leasing activity will provide for the $9 million expansion and conversion of an existing Harris Teeter Supermarket into the grocer’s flagship store concept, and the addition of the Chapel Hill Library.

“Madison Marquette is a premier national real estate investment and operating company that specializes in the development, redevelopment and repositioning of retail and mixed use properties,” said John Randall (top right photo), senior vice president with PCCP, LLC.

In addition to PCCP’s senior loan, Jay Lask (middle left photo), managing director of Madison Marquette, has indicated the company plans to invest another $7.5 million in capital to continue to execute its repositioning and value enhancement strategy. 

Says Lask: “University Mall benefits from serving a community with high barriers to entry, a recession resistant economy and a large daytime employment base. 

"Additionally, its resident population, that ranks among the most highly educated in the country, has a high level of disposable income and a very strong desire to spend locally.”

University Mall is well situated at the intersection of Route 15/501 (North Fordham Blvd.) and South Estes Drive. Route 15/501 is a major thoroughfare and provides direct access to Durham, NC to the northeast and Pittsboro to the south.

Mark Remington and Jordan Lex of HFF arranged the financing.

 Learn more about PCCP at http://www.pccpllc.com/.

Contact: Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224

CRE Show: U.S. Retail Real Estate Market on the Road to Recovery



ATLANTA (Jan. 23, 2012) – The Great Recession left the retail real estate market ailing, but the sector exhibited some significant signs of health last year and should continue to recover in 2012.

 Guests of the most recent episode of the “Commercial Real Estate Show” provided those observations and others in a detailed look at the market.

Topics included retail spending, investment sales activity, landlord-tenant negotiations and the growth of Smashburger, an award-winning, fast-casual restaurant chain.

On a chain-store basis, retail spending grew by 4.7 percent in 2011 when compared to the year before, according to Michael Niemira (top right photo), chief economist for the International Council of Shopping Centers. The growth was the largest since 1999, but Niemira qualified the rise by noting it was fueled to a large degree by price increases implemented by retailers grappling with inflation in their supply chains.

 Chain-store sales should increase by 3 percent in 2012, Niemira said. “In many respects, [that] is a better number because the inflationary pressures are receding,” he added.

Investment sales of retail properties also grew substantially in 2011. Such transactions totaled about $47 billion last year – almost double 2010’s figure of $24 billion, said Kevin Imboden, senior market analyst for Real Capital Analytics, who added his firm hasn’t finalized the 2011 figures yet.

 “A lot of investors are looking for new opportunities,” Imboden said. “I think there might be a little bit of a conservative element too because a lot of the centers that were selling were grocery-anchored strip centers … Everyone needs to go to those centers.”

 Max Sheets (middle left photo), senior vice president of real estate for Smashburger, said his firm concentrates on what he calls “A+” real estate – meaning the site features high traffic counts, has big-box retailers nearby and is in an area where the household incomes are $60,000 or more. The rents for such locations have risen above their pre-recession levels, Sheets noted. “Thankfully, what I’m starting to see is construction start again,” he said.

 Jonathan Neville (middle right photo), a partner with the Arnall Golden Gregory law firm, said retail tenants are now frequently trying to negotiate self-help provisions into their leases to allow them to recover the expense of property repairs and maintenance they undertake in the face of landlord inaction.

 Such negotiations often feature “an argument as to how you get your money back, whether you can offset rent, whether you just send a bill to the landlord and hope they pay it, or whether you have to go to court,” Neville said.

 Self-help provisions are easier for big, national tenants to get, Neville added.

 To learn more about the U.S. retail real estate market, listen to the whole show, which is available for download here.

 The next “Commercial Real Estate Show” will be available Jan. 25 and will provide an update on the U.S. industrial market.

 Contact:
Stephen Ursery
 Wilbert New Strategies


Berger Commercial Realty Corp. Announces Three New Leases



 FORT LAUDERDALE, FL –Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale, and serving clients around the state, announced Senior Vice President Steve Hyatt (top right photo) closed three new lease transactions.

 Hyatt represented tenant Trans-I Technologies in the 3-year lease of 1,336-square-feet of space located at 888 E. Las Olas Blvd in Fort Lauderdale from landlord The Las Olas Company.

 Additionally, Hyatt represented landlord Carbogen Corporation in the 2-year lease of 950-square-feet of space located at 1041 S.E. 17th St. Causeway in Fort Lauderdale to tenant Water’s Edge Consulting, LLC.

 Hyatt also represented landlord Carbogen Corporation in the 3-year lease of 950-square-feet of space located at 1041 S.E. 17th St. Causeway in Fort Lauderdale to tenant MTS Yachts, represented by Kathleen Beasley of Charles Rutenberg Realty.


Joseph Byrnes Hired as Vice President

FORT LAUDERDALE, FL. – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced it has hired commercial real estate broker Joseph Byrnes (middle right photo) as vice president.

 Byrnes has more than 27 years of real estate experience in Broward County. At Berger Commercial Realty Corp., he will be responsible for providing a full range of commercial real estate and brokerage services, including the representation of property owners in the sale, lease and oversight of their assets.

Byrnes currently represents more than 800,000 square feet of office, industrial and retail space. He is a retail real estate specialist in the capacity of landlord and tenant representation.

 “We are proud to welcome Joe to the firm," said Lloyd Berger (lower left photo), founder and president Berger Commercial Realty Corp. "The synergy between his professional expertise and our firm's services is tremendous. He immediately brings new business development to the firm while offering expanded services to his existing client roster." 

 Byrnes was previously a broker at ComReal in Fort Lauderdale. He is CCIM member, a member of the South Florida Office Brokers Association, and a past member of the Commercial Industrial Real Estate Broker Association, for which he served as president from 2005 through 2010. Byrnes has been named a CoStar Power Broker for the past seven consecutive years. He holds a Bachelor of Science degree from the University of South Florida and is a resident of Plantation.

Contacts:

Lindsey Marmorstein
Pierson Grant Public Relations
6301 NW 5th Way, Suite 2600
Fort Lauderdale, FL 33309
P:  954-776-1999, ext. 255
F: (954) 776-0290

Marielle Sologuren
Pierson Grant Public Relations
(954) 776-1999, ext. 226

Saturday, January 21, 2012

Rhodes+Brito Architects Earns One Year Continuing Services Contract from Seminole, FL County Schools



ORLANDO, FL --- Rhodes+Brito Architects based in Orlando was recently awarded a continuing services contract from Seminole County Schools.

Ruffin Rhodes (top right photo), co-founder and partner at the architectural firm said the one year contract, which starts in November, covers small projects valued at $2 million or less, and it can be renewed for an additional year.

Rhodes+Brito Architects is a full-service architectural firm that opened its offices in downtown Orlando in 1996 to specialize in design of public facilities, including schools, airports and courthouses.


Firm  Awarded Continuing Service Contract by City of Ocoee to Handle “Key” Architectural Projects

ORLANDO, Fla., --- Rhodes+Brito Architects based in Orlando was recently awarded a continuing services contract to handle architectural projects for the City of Ocoee for construction projects not to exceed $2 million, Ruffin Rhodes, co-founder and partner of the firm reported.

For more information, contact:

Ruffin Rhodes, Rhodes+Brito Architects, 407-648-7288 x103 ruffin@rbarchitects.com
Maximiano Brito, Rhodes+Brito Architects, 407-648-7288 max@rbarchitects.com
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 (fax: 4410)



First Green Bank in Mount Dora, FL to showcase newest technology for environmental efficiency


 



MOUNT DORA, FL – First Green Bank’s newest headquarters facility (top centered photo)in Mount Dora, which will host its official “Grand Green Opening” on Saturday, Feb 4 from 10 a.m. to 2 p.m., is a marvel of modern environmental engineering that’s as much a museum of science and technology as a working bank.

Kenneth LaRoe (middle right photo) chairman and chief executive officer of First Green Bank, said he plans to host tours of the bank facility to show off the building’s environmental features, including a unique “living wall” system that helps reduce CO2 and VOC.

“This is the way of the future,” LaRoe said, “and we are very proud to unveil this technology here in Lake County.”

A rooftop solar panel system will generate 17 percent of the total operating energy the building will need, LaRoe said. New LEED parking lights utilize only 20 percent of the typical energy requirements to generate 14,000 lumens — more than enough light to keep the area secure without adding to “ambient light pollution” that blacks out stars and confuses nocturnal wildlife.

Inside, specially designed fluorescent lighting and automated lighting controls reduce energy usage by almost 40 percent.

Ninety percent of the bank’s workers have windows to capitalize on daylight and reduce indoor electrical consumption.

And not just any windows! Engineers designed special green screens, efficient glazing and exterior shades to block infrared heat and decrease energy demand for interior cooling.

Building materials were selected for their environmental qualities. Structured steel studs that reinforce walls were made from 100 percent recycled steel. The plaster finish was made from natural American clay that is non-toxic and environmentally benign. The cedar wood canopy above the drive-through tellers is made from 100 percent locally reclaimed wood. And pine trees removed to make way for the building were used for building construction and interior décor.
 
“There’s a lot of Lake County in this building,” LaRoe said.

The building’s “butterfly roof” was designed to collect rain water for use in irrigating the Florida native landscaping, and roofing vegetation and reflective material further reduce the building’s energy needs.

The air-conditioning system funnels more than 80,000 gallons of condensate annually to a special cistern so it can be reused to flush toilets and irrigate indoor plants. Altogether, First Green Bank’s water usage is almost 80 percent more efficient than comparably sized buildings in Florida.

Only the second commercial building in Florida to claim the U.S. Green Building Council’s prized LEED standard, First Green Bank was designed to stand out as a local landmark.

“We are a local community bank with a global mission and we are proud of our Lake County heritage,” LaRoe said.

For more information about this press release, contact:  

 Kenneth E. LaRoe, CEO and Chairman, First GREEN Bank, 352-483-9100, ken@firstgreenbank.com
Paul Rountree, President, First GREEN Bank, 352-483-9100, paul@firstgreenbank.com
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 or 407-461-3780, lvershelco@aol.com   

NAI Realvest Orlando’s Michael Heidrich Brokers Two Leases in Central Florida


Performance Group Takes 1,991 SF of Office Space at 1015 Maitland Center Commons Blvd.

MAITLAND, Fla. --- NAI Realvest negotiated a new lease agreement for 1,991 square feet of office space in suite 104 at 1015 Maitland Center Commons Blvd.

 Michael Heidrich (top right photo), a principal in the firm, brokered the transaction representing the Maitland-based landlord, 1015 Maitland Center Commons, LLC and the tenant, Internet Performance Group, LLC.


A & B Stucco Expands Lease at Goldenrod CommerCenter in Orlando

MAITLAND, FL --- NAI Realvest negotiated a new lease agreement for 2,206 square feet of industrial space at Suite 250 Goldenrod CommerCenter (lower left photo), 1468 N. Goldenrod Rd. in Orlando.

 Michael Heidrich, a principal in the firm, brokered the transaction representing the Maitland-based landlord, COP-Goldenrod, LLC and the tenant, A & B Stucco, Inc. of Orlando.

 A & B Stucco, Inc., who already occupies suites 240 and 255 with 8,824 square feet increased its occupancy by another 25 percent and now leases a total of 11,030 square feet at Goldenrod CommerCenter (middle left photo).   

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  


40-Year Industry Veteran Al Schwacke Rejoins Grubb & Ellis in Philadelphia



 PHILADELPHIA, PA – Grubb & Ellis Company today announced that Alfred W. Schwacke (top right photo), a 40-year industry veteran, has rejoined Grubb & Ellis as senior vice president in the company’s Philadelphia office.

Schwacke will focus on serving his existing client base and institutional investment sales.

 “With more than four decades of experience in the Philadelphia area, Al has really seen it all. From leasing to sales to development and beyond, he brings a unique and valued perspective to client engagements,” said Wayne Fisher (middle left photo), executive vice president, director, of Grubb & Ellis’ Philadelphia office. “He will help us continue to build our local market presence and we are thrilled to welcome Al back to Grubb & Ellis.”

Schwacke opened the Philadelphia office of Oliver Realty in 1980 which was acquired by Grubb & Ellis in 1986.

During his tenure, he grew Grubb & Ellis into a major regional firm with multiple service lines, including transaction management, property management, architectural services and construction management.

He was instrumental in establishing relationships with institutional owners such as Prudential and Teachers Insurance and corporate tenants including Towers Perrin, Colonial Penn Life Insurance, PSFS and Campbell Soup.

 In 1996, Schwacke opened the real estate division of Legg Mason, which was later acquired by Northmarq Advisors. Serving as executive vice president, his responsibilities included the development of corporate service accounts and oversight of client relationships. He also focused on brokerage of investment and industrial properties and portfolios, and provided consulting expertise to developers and owners.


Contacts:        
Monica Sparreo                                    Matthew Wright
312.698.6709                                        215.246.2725


Chicago Walgreens Trades for $13 Million

  

 CHICAGO, IL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of a 16,047-square foot Walgreens drugstore (top left photo) in Chicago. The sales price of $13 million represents $810 per square foot.

Sean Sharko (middle right photo) and Austin Weisenbeck (middle left photo), senior associates in Marcus & Millichap’s Oak Brook office, represented the seller, Clark Street Development LLC, an affiliate of Mega Realty.

Sharko and Weisenbeck also represented the buyer, an overseas-based private capital investor. Loukas Kozonis provided general counsel services for Clark Street Development.

“Single-tenant net-leased assets continue to trade briskly in Chicago,” says Sharko. “This property is a very infill, difficult-to-replace piece of real estate.”

“Walgreens signed an absolute-net, 75-year lease with zero landlord responsibilities,” adds Weisenbeck. “The building was renovated from the ground up.”

The property is located on Chicago’s North Side in the historic Andersonville neighborhood at 5440 North Clark St. Jewel-Osco, Chicago’s No. 1 grocer, is across the street.

Other retailers in the area include 7-Eleven, Fifth-Third Bank, Chase Bank, Subway and McDonald’s. The location is bordered by three streets: Catalpa Avenue, Clark Street and Ashland Avenue.

Walgreens Co. is one of the fastest-growing retailers in the United States and is a leader in the chain drugstore industry in sales and profits.

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

Stan Johnson Co. Completes Sale of Five My Dentist Properties in Oklahoma for $7.5 Million



Tulsa, OK –Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the portfolio sale of five dental clinics, 100% leased to My Dentist, located in Oklahoma  for a combined price of $7.5 million.

Jeff Matulis, Toby Scrivner, and Karen Vinsko of Stan Johnson Company represented the seller, a developer based in Oklahoma City, and the buyer, an institutional REIT out of New York.

The portfolio of properties was sold free and clear of debt.  All properties are situated within excellent retail trade areas in markets throughout Oklahoma.The properties featured new 15-year triple net leases with attractive annual rent increases.

Contact:      
David Ebeli
Ebeling Communications
(949) 278-7851



Friday, January 20, 2012

Happy Chinese New Year From Your Friends at C.T. Hsu + Associates Architects in Orlandp. FL




ORLANDO, FL -- Chinese New Year is the most important of all traditional Chinese holidays.

It is often called the Lunar New Year because it is determined by the lunar calendar and falls anywhere between late January and mid February. This year, it falls on January 23, 2012.

 The origins of this holiday date back to 2600 B.C. when the Emperor Huang Ti introduced the first cycle of the Chinese zodiac based on ancient legend.

 When Lord Buddha summoned all animals to bid him farewell before he departed the Earth, only twelve animals came. As a reward, he named a year after each one and proclaimed that people born in each animals' year would possess some of that animals personality.

 2012 is the Year of the Dragon, and is the most vital and powerful of any in the Chinese Zodiac. 

 Dragon people are imaginative, always able to see new paths and will take a radical approach.

Dragons are innovative, inspiring, self assured, brave, passionate, conceited, and quick-tempered. 

People born in Dragon years (1940, 1952, 1964, 1976, 1988, 2000) find pleasure in helping others, and you can always count on their help.

 Some famous people born under the sign include Joan of Arc (lower right photo), Susan B. Anthony, Florence Nightingale (middle left photo), John Lennon (top right photo) and Sigmund Freud.


  Contact:
C.T. Hsu + Associates, P.A.
820 Irma Avenue · Orlando, FL 32803 ·
407 423 0098 · Fax 407 423 4793