Grubb & Ellis Represents InterPark in Acquisition of Museum Parc Parking Garage in San Francisco

SAN FRANCISCO, CA– Grubb & Ellis Company announced that Seth McKinnon (top right photo), vice president, Investment Services, represented InterPark LLC in the acquisition of Museum Parc Garage (middle left photo), a three-story, 353-stall parking structure located at 300 3rd St., from an private seller.

 “Museum Parc is an extremely well-located parking asset that benefits from significant and diverse demand generators ranging from a rapidly expanding technology base to existing condominium owners and resurgence in convention business,” McKinnon said.

 InterPark LLC is the premier owner of parking assets in the U.S. The company also owns and operates PreFlight Airport Parking, an off-airport parking provider with locations at nine of the largest airports in the United States.

This represents the third parking garage transaction McKinnon has facilitated over the past 12 months.

 In February 2011, he represented AGI Capital and TMG Partners in the disposition of the 364-stall SOMA Grand Garage, located at 1160 Mission Street, to a private buyer. In addition, he represented a private seller in the disposition of a 185-stall parking garage located at 490 Post St.

 In total, McKinnon has transacted 902 parking stalls with a combined consideration of $28 million. 

 “We work closely with local and national parking operators and investors to ensure they have a full understanding of a market’s parking demand and trends. Other factors, such as a city’s parking codes, tax laws and future parking initiatives, also come into play when a client is making a decision about a parking structure,” he added.

 For more information, contact

Seth, McKinnon, 415.694.9698.

 Monica Sparreo, 312.698.6709, monica.sparreo@grubb-ellis.com            

National Retail Properties Inc. Declares Dividend for Its Series C Preferred Stock

ORLANDO, FL -- The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend on its Series C Cumulative Redeemable Preferred Stock of 46.09375 cents per depositary share payable March 15, 2012, to shareholders of record on February 29, 2012.

The dividend represents an annualized rate of $1.84375 per depositary share.

National Retail Properties invests primarily in high‐quality retail properties subject generally to long‐term, net leases. As of December 31, 2011, the company owned 1,422 properties in 47 state with a gross leasable area of approximately 16.4 million square feet. For more information on the company, visit www.nnnreit.com.

Contact:

Kevin B. Habicht

Chief Financial Officer

(407) 265‐7348

345 South Beach Condo Units in Florida Trade In Bulk For $124 Million

MIAMI, FL -- Nearly 350 South Beach residential and commercial condo units in a pair of projects - the Paradiso (top left photo) and Roney Palace (lower right photo) - on the ocean side of Collins Avenue have traded for nearly $124 million, according to a new report from CondoVultures.com.

The buyers – 2377 Collins Resort LP and Roney 3 Investors LP both with Eric Franklin of Rinaldi, Finkelstein & Franklin of Greenwich, Conn. as contact – acquired the condo units in the first week of February 2012, according to an analysis of Miami-Dade County records.

The condos are part of a series of transactions totaling nearly $230 million that includes 340 hotel rooms in the former Gansevoort Miami Beach Hotel and more than 50,000 square feet of developable land on the west side of Collins Avenue, according to government records.

A consortium of investment funds comprised of Starwood Capital Group, the LeFrak Organization, and Invesco Limited has issued a joint statement claiming credit for the deal but declining to disclose the purchase price.

The consortium did state it intends to invest "$100 million in an extensive renovation of the overall property" in hopes of repositioning the project into being one of Miami Beach "premier" destinations.

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

Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.

Ownership Culture Rockets McCarthy Building Companies Up 102 Spots to Number 10 on the Training Top 125

 Newport Beach, CA (Feb. 20, 2012) – McCarthy Building Companies, Inc. one of the nation’s oldest and largest privately-held construction companies and a 100 percent employee-owned business, was honored last night with a 2012 Training Magazine Top 125 Award.

The award was presented during the Training 2012 Conference & Expo in Atlanta, recognizing the top companies based on excellence in employer-sponsored training and development programs. For the second year in a row, McCarthy was honored with placement on the prestigious list, moving up 102 spots from 112th in 2011 to 10th in this year’s ranking.

 “As an employee-owned company, it is our responsibility to help one another achieve our greatest potential,” explained McCarthy Chairman and CEO Mike Bolen (top right photo).

“And in our highly technical industry with little room for error we know we must meet the highest standards in construction quality and safety. When each of our 1,400 owners focuses on small incremental improvements, the impact is very powerful.

“Our comprehensive approach to training and development is a key part of this process. To be included once again among the Training Top 125 companies is an outstanding honor.”

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

Laura Mickelson (LM Communications)

(949) 453-0851

Susan Garritano (McCarthy Building Companies, Inc.)

(314) 968-3300

Engel & Volkers Introduces the "Barefoot House" to the Market in Jupiter Island, FL

NAPLES, FL /PRNewswire/ -- Engel & Volkers Florida, a globally recognized luxury real estate firm, announces their Jupiter Yacht Club location's recent listing of a historic beach house, also referred to as the Barefoot House.

The estate which has been in one family for three generations is located on 365 South Beach Road in Jupiter Island.

The residence comes with impressive amenities that include a large wood burning fireplace and two guest suites.

The tranquil house once belonged to Four Star General James A. Van Fleet (lower right photo), a soldier described by resident Harry Truman as "the greatest general" our nation has ever had.

 Nicknamed the "Barefoot House" by a member of the family, this home has seen a mixture of formal elegance and casual relaxation, all enhanced by its unique setting on one of the world's greatest beaches.

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

Rachel Levy

Levy Communications

305.592.5389 x 103

rachel@levyad.com

Web Site: http://www.engelvoelkers.com/florida

HFF named to market for sale Riverside Plaza in Riverside, CA

LOS ANGELES, CA – HFF announced that it has been named to market for sale Riverside Plaza (top left photo), a 475,211-square-foot dual-grocery/drug and entertainment-anchored center in Riverside, California.

HFF is marketing the property on behalf of the seller, The Westminster Funds.  The property is a core-plus opportunity and is listed for sale without an asking price and will be sold free and clear of debt.

Riverside Plaza is situated on nearly 33 acres at 3545 Central Avenue adjacent to State Highway 91 in Riverside. 

The property is a landmark in the region and was renovated in 2004 and is approximately 93 percent leased to tenants including Von’s (not included in the collateral), Trader Joes, CVS Pharmacy, Regal Cinemas, Stadium 16, Forever 21, El Torito California Pizza Kitchen, Panera Bread and many more national tenants.

The shopping center offers investors a large upside opportunity in below market leases and future development opportunity, which compliments the already existing strong center.  

The HFF investment sales team representing the seller is led by managing director Bryan Ley,  senior managing director Ryan Gallagher (middle right photo) and director John Crump (lower left photo).

The Westminster Funds are diversified real estate investment partnerships for private investors and their foundations.

Contacts:

BRYAN LEY                                       RYAN GALLAGHER                      

CA Lic. #01458927                           Ca Lic. #01269918                       

 HFF Managing Director                   HFF Senior Managing Director       

 (310) 407-2100                                 (949) 253-8800                                   

bley@hfflp.com                                  rgallagher@hfflp.com 

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

Banner Apartments LLC Names John Nikolich Executive Vice President – Capital Markets and Investor Relations

NORTHBROOK, IL – Banner Apartments, LLC announced today that it has named John Nikolich as Executive Vice President - Capital Markets & Investor Relations.

Prior to joining Banner Apartments, Mr. Nikolich was the Managing Director & Founder of Flint Creek Partners, LLC, a boutique real estate investment bank where he provided investment banking and financial advisory services to real estate companies.

Mr. Nikolich has over 20 years of experience in the real estate industry and has raised more than $6,000,000,000 for private and public real estate companies.  He began his institutional real estate career in the Investment Management Division of Jones Lang LaSalle in 1992. 

Following Jones Lang LaSalle, Mr. Nikolich joined the Real Estate Investment Banking group at Wells Fargo Securities (formerly known as EVEREN Securities, Inc.), where he raised capital for publicly traded real estate investment trusts (REITs) as well as for leading private real estate operating companies.  He spent the first five years of his career at Accenture, evaluating, recommending and implementing financial solutions for an international clientele. 

“We are very pleased to have John join Banner.” said Milton Pinsky (top right photo), Chief Executive Office of Banner Apartments.  “The depth of his experience in raising capital, coupled with the strength of his reputation will be a great compliment to our company.”

“Banner’s impressive track record and approach to creating value for their investors, combined with strong fundamentals in the multi-family industry, made this a unique opportunity.  I’m looking forward to joining Banner’s team and helping the Company execute its growth strategy.” said Mr. Nikolich. 

Mr. Nikolich holds an M.B.A. in Finance & Marketing from the Booth School of Business at The University of Chicago and a B.A. in Economics from Northwestern University. 

Banner Apartments, LLC is a real estate investment management business specializing in the ownership, development and management of multi-family properties.  Banner was founded in 1989 and currently has ownership interests in and manages over 5,890 apartment units.  In addition, the principals of Banner formed a 501(c)(3) corporation for philanthropic reasons which has acquired to date an additional 439 affordable apartments in Illinois and Florida.  Banner currently employs 208 team members.

  More information is available at the company’s website: www.BannerApartments.com.

Contact: Douglas S. Imber, 773.305.4902

Timothy Taylor Named CalPERS Chief of Enterprise Solutions Development

SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) today announced the appointment of Timothy W. Taylor as Chief of the Enterprise Solutions Development Division.

Taylor replaces Ron Reagan, who retired last year. He will report to Dale Jablonsky, CalPERS Assistant Executive Officer of CalPERS Information Technology Services Branch.

“Tim is an outstanding technology manager with a wealth of experience and expertise in developing automated business solutions,” said Jablonsky. “I am confident CalPERS members, employers, and staff will be very well served by this appointment and his continued work to develop technology solutions that support our organization.”

Taylor has spent more than 14 years at CalPERS, promoting up the ranks from Staff Services Analyst to the Assistant Division Chief responsible for application development and support. He has a strong background in application architecture and played a major role in the development of the CalPERS website and the my|CalPERS business application.

Taylor has a BA in communications studies and an MA in multimedia production and design from California State University, Sacramento.

Contact:

External Affairs Branch

(916) 795-3991

Robert Udall Glazier, Deputy Executive Officer

Brad Pacheco, Chief, Office of Public Affairs

Contact: Edward Fong, Information Officer

pressroom@calpers.ca.gov

Morrison Commercial Real Estate and Morrison CLW Property Services Announce New Leasing and Management Assignment of Grand National Plaza and the Vanguard Building.

ORLANDO, FL (fFeb. 17, 2012):  Greg Morrison, CCIM, SIOR, Principal and Founder of Morrison Commercial Real Estate, announced that Morrison Commercial Real Estate and Morrison CLW Property Services have been awarded the leasing and management of Grand National Plaza (top left photo) and the Vanguard Building, totaling 270,273± square feet located at the corner of Grand National Drive and Vanguard Street in Orlando, FL.

Lisa Bailey (middle right photo) and Phil Marchese (lower left photo) of Morrison Commercial Real Estate will handle the leasing for these properties while Terri Walther and Michelle Jimenez will oversee the day to day operations.  The Morrison team will be focused on repositioning these properties which will include significant capital improvements and rebranding.

 Grand National Plaza is a professional office and flex property servicing tenants on a full service and triple net basis.  Executive Suites are also available.

 The Vanguard building is approximately 44,000 square feet with the ability to be subdivided into four quadrants and has an abundance of parking at 8:1000.  Space is immediately available at both of these properties conveniently located near International drive with easy access to Interstate-4, the Florida Turnpike, the Beachline and Kirkman Road.

Contact:

 Buffy Gillette

Phone: 407.219.3500

Email:  bgillette@morrisoncre.com

Brookdale Senior Living Announces Acquisition and Financing Transactions

 NASHVILLE, TN, /PRNewswire/ -- Brookdale Senior Living Inc. (NYSE: BKD) (the "Company")  announced that it has recently completed the acquisition of nine communities with a total of 1,295 units for an aggregate purchase price of $121.3 million, plus customary transaction expenses.

 The communities had previously been operated by the Company under long-term leases that were accounted for as operating leases.

"Acquiring these communities gives us the opportunity to move forward with renovating and repositioning these assets to improve their financial performance,” said Bill Sheriff (top right photo), Brookdale's Chief Executive Officer.

“By owning these assets outright, we will capture the assets' entire value creation potential and preserve important optionality with respect to these assets, including the ability to expand some of these communities if we decide to do so or to dispose of those that may not fit our long-term strategy,"

The Company financed the transaction with $77.9 million of first mortgage financing secured by seven of the communities and $15.0 million of seller-financing secured by two of the communities. 

The $77.9 million first mortgage facility has a 10-year term.  75% of the facility bears interest at a fixed rate of 4.21% and the remaining 25% of the facility bears interest at a variable rate of 30 day LIBOR plus a margin of 276 basis points.  The $15.0 million mortgage loan has a two year term and bears interest at a fixed rate of 7.0%.

Additionally, the Company announced that it had obtained a $63.0 million first mortgage loan secured by one of the Company's communities.  The loan has a five year term and bears interest at a variable rate of 30 day LIBOR plus 300 basis points.

  In connection with the transaction, the Company repaid a $62.8 million first mortgage loan that was scheduled to mature in 2013.  The refinancing transaction represents another step in the process of the Company's plan for addressing its 2013 debt maturities.

Contact:   Ross Roadman, Brookdale Senior Living Inc., +1-615-564-8104

Web Site: http://www.brookdaleliving.com

Foreclosure Activity Increases 3% in January, According to RealtyTrac® U.S. Foreclosure Market Report

 IRVINE, CA— RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, released its U.S. Foreclosure Market Report™ for January 2012, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 210,941 U.S. properties in January. That was a 3 percent increase from the previous month but still down 19 percent from January 2011.

The report also shows one in every 624 U.S. housing units with a foreclosure filing during the month.

“Although overall foreclosure activity was down from a year ago for the 16th straight month in January, we continue to see signs on a local and regional level that the frozen-up foreclosure process is beginning to thaw,” said Brandon Moore (top right photo), CEO of RealtyTrac.

 “Foreclosure activity increased on a year-over-year basis for the first time in more than 12 months in Florida, Illinois, Indiana and Pennsylvania, following a pattern we saw in late 2011 in states such as California, Arizona and Massachusetts.

“We expect the pattern of increasing foreclosures to continue in the coming months, especially given the finalized mortgage and foreclosure settlement reached in early February between 49 state attorneys general and five of the nation’s largest lenders,” Moore continued.

“The settlement sets forth clear guidelines for lenders and servicers to follow when foreclosing, which should allow them to push through some of the delayed foreclosures from last year.

“Other roadblocks to foreclosure are still in place at the state level, however, including legislation altering the foreclosure process and lawsuits against lenders.

“We expect to see somewhat uneven trends in local and regional foreclosure numbers going forward as lenders work through these additional legislative and legal roadblocks.” 

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

Order Custom Data:

Tyler White

949.502.8300, ext. 158

tyler.white@realtytrac.com

Marcus & Millichap Capital Corp. Names Joseph Belgiovine as Associate Director in New Jersey

  

ELMWOOD PARK, NJ – Marcus & Millichap Capital Corporation (MMCC) has named Joseph Belgiovine (top right photo) as an associate director in the firm’s New Jersey office, according to William E. Hughes (middle left photo), senior vice president and managing director of MMCC.

“Joseph has an impressive background in commercial real estate,” says Hughes. “His skills and experience will be of enormous benefit to our clients in New Jersey and throughout the East Coast.”

Prior to joining MMCC, Belgiovine was the owner and broker of Belcore Enterprises LLC, a commercial real estate brokerage firm in Miami.

 Before that, he was director of operations for The Integrated Group LLC, an Edgewater, N.J.-based commercial real estate brokerage company.

Belgiovine has also worked as an account executive for private hard money lender Kennedy Funding Inc. in Hackensack, N.J. and been a project manager assistant with Daibes Enterprises Inc., a real estate development firm in Edgewater, N.J.

Belgiovine graduated from Providence College in Providence, R.I. with a Bachelor of Science degree in finance. He is a member of the National Association of Realtors and the Realtor Association of Greater Miami and the Beaches.

Belgiovine is a licensed real estate broker in Florida and a licensed real estate agent in New Jersey.

Press Contact: Stacey Corso , Marcus & Millichap Capital Corporation

(925) 953-1716

Marcus & Millichap Facilitates Sale of 10,908-SF CVS Pharmacy in Daytona Beach, FL for $4 Million

 DAYTONA BEACH, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of CVS/Pharmacy (top left photo), a 10,908-square foot net-leased property located in Daytona Beach, Florida, according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office. The asset commanded a sales price of $4,000,000.

Leon Brockmeier (middle right photo), a retail investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami, Florida.

Patrick Whitney (lower left photo), a retail investment specialist in the firm’s Jacksonville office, procured the purchaser, a Colorado based limited liability company who acquired the property in order to satisfy a 1031 Exchange transaction. 

 This CVS/Pharmacy was built in 2001 and is located at 1350 Beville Road.   The property is situated in a mature submarket approximately one mile southeast of the Daytona International Speedway and the Daytona International Airport. 

“Investor interest in the Florida drugstore market is robust with demand outpacing supply of both new and established stores,” says Brockmeier. “Single-tenant net-lease investors continue to demonstrate a preference for assets in very good locations, occupied by strong tenants and preferably with remaining lease terms of at least ten years.”

 “We marketed the Daytona CVS/Pharmacy aggressively for several weeks prior to the parties entering into a definitive purchase agreement.  Our client completed their due diligence expeditiously and this all-cash transaction closed within 3 percent of the list price,” Whitney adds.

Press Contact:  Bryn D. Merrey, Vice President/Regional Manager, Tampa

(813) 387-4700

Corecon V7 Software Selected as a 2012 Residential Top Product by Constructech Magazine

Huntington Beach, CA, Feb. 16, 2012 –  Corecon V7, a Web-based platform for estimating, project management, job cost control and scheduling was recently selected as a residential 2012 Constructech Magazine Top Product.

The Constructech Residential Top Products Awards honor technology solutions that have demonstrated the greatest innovations geared toward the homebuilding market.

The winning solutions are judged by Constructech magazine’s editorial team and are selected based on various criteria, including the product’s growth rate over the last few years as well as the product’s overall usefulness and uniqueness to the construction industry. To learn more, visit constructech.com.

The judges noted that they particularly liked the complete technology overhaul of the product, especially Corecon Technologies latest collaboration application—TeamLink Portal— for sharing project information among team members.

Free to all Corecon V7 subscribers and others involved in the project, TeamLink Portal streamlines the construction process by providing the residential developer or home owner as well as all other project team members with secure, real-time access to information corresponding to all phases of the project.

“This year’s Top Products award winners offer the best in functionality and cost effectiveness.” said Peggy Smedley, editorial director, Constructech magazine.  “It is exciting to watch a product such as Corecon advance and provide even more capabilities for mobility, collaboration and integration.”         

“We are honored that Corecon V7 has been recognized as a residential Constructech Top Product for the second consecutive year,” said Norman J. Wendl, president of Corecon Technologies, Inc.

 “The launch of Corecon V7 in 2010 and the recent addition of our new TeamLink Portal are helping residential builders streamline operations by providing them with a more complete and efficient project management solution.”

For more information about Corecon Technologies and Corecon V7, visit www.corecon.com or call toll free at 1-866-258-6698.

Contact:

Laura Mickelson

Laura Mickelson Communications

16 Technology Drive, Suite 125

Irvine, CA  92618

(949) 453-0851

(949) 453-8420 fax

lauramickelson@cox.net

Follow me on Twitter@LauraMickelson

Jones Lang LaSalle Awarded Leasing of 509,923-SF Class A Office Property in Woodland Hills, CA

 WOODLAND HILLS, CA – Jones Lang LaSalle has been awarded the leasing for LNR Warner Center IV (top left photo), a two-building, 509,923-square-foot Class A office complex located at 21215 and 21255 Burbank Blvd. in Woodland Hills, Calif.

The premier property has immediate availability for users ranging from 10,000 to 43,754 square feet. 

Leading the leasing efforts for the property are Jones Lang LaSalle Executive Vice President Dan Sanchez (middle right photo) and Vice President Ryan House (middle left photo).

“Jones Lang LaSalle was selected for this assignment because of its deep understanding of the San Fernando Valley office market,” said Sanchez.  “LNR Warner Center IV is ideal for companies seeking visibility in a superior address in one of the most desirable submarkets in the Los Angeles region.”

Jones Lang LaSalle was hired by the landlord, LNR, which developed the building in 2008.

Located one block north of the Ventura (101) Freeway, LNR Warner Center IV has large, efficient floor plates and offers the most efficient buildings in the market.  It also features unmatched visibility and convenient access to a deep and highly skilled labor pool, numerous dining and entertainment venues and an outstanding array of amenities, both on-site and within the immediate vicinity. More information can be found at www.lnrwarnercenter.com.

For more news, videos and research resources on Jones Lang LaSalle, please visit our U.S. media center Web page.

http://www.us.am.joneslanglasalle.com/UnitedStates/E

For more information on the Commercial Property Group, please visit us at www.LNRcpg.com or contact us at (305) 695-5426.

 

 For further information, please visit our website, www.joneslanglasalle.com.

Contact:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

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