3 New Projects With Hundreds Of Residential Units Proposed For Miami Beach

MIAMI, FL --Developers are proposing three new unrelated projects in the neighborhoods of South Beach and Middle Beach that combined would create hundreds of new residential units in Miami Beach at a time when the coastal South Florida condo market is showing signs of recovering from the dramatic real estate crash that began in 2007, according to a new report from CondoVultures.com.

None of the projects being proposed by the prospective developers - Related Group, Crescent Heights, and Lionheart Capital - have obtained final governmental approval so the details could change before anything is ever constructed, industry watchers said.

The three newly proposed projects follow the announcement of 30 new condo towers with more than 6,200 units that are already being planned for the South Florida coastal market of Miami-Dade, Broward, and Palm Beach counties, according to the Preconstruction Condo Projects list based data from the licensed Florida brokerage CVR Realty™.

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.

  

Grubb & Ellis Selected to Market for Sale Partially Complete, 425,000 SF Mixed-Use Project in Las Vegas

  

LAS VEGAS, NV  (April 27, 2012) – Grubb & Ellis, which recently became a part of BGC Partners, Inc. and has joined with Newmark Knight Frank to create the real estate industry's newest full-service powerhouse, today announced that it has been selected to exclusively market the sale of Manhattan West (top left photo), a partially complete, mixed-use project located at 9255 W. Russell Road.

The 19.22-acre property comprises 425,291 square feet of multifamily, office and retail space, including nine contiguous acres for future development.

 The team of Douglas Schuster (top right photo), senior vice president, Curt Allsop (middle left photo) and Ben Millis, (lower right photo) senior associates, and Vittal Ram, associate, was awarded the listing from the development’s lender, Scott Financial Corporation (“SFC”) in conjunction with Gemstone Development West.

The Eighth Judicial District Court in Clark County, Nevada, recently ruled that SFC’s mezzanine deeds of trust in the amount of $38 million were in first priority with respect to the mechanic’s lienholders.[1]

 “Like so many other speculative developments over the past several years, Manhattan West suffered during the economic downturn and unfortunately couldn’t be delivered by the original developer,” Schuster said. “However, the location of the property and the work completed to date make this a highly desirable investment opportunity.”   

Manhattan West is located seven miles from the Las Vegas Strip at Russell Road and I-215. Construction on the property began in 2005, with original plans for more than 700 multifamily units and approximately 200,000 square feet of office and retail space. 

Existing on the site are two four-story Class A office and retail buildings totaling 190,887 square feet in grey shell condition with underground parking for 451 cars; two four-story Class A multifamily buildings with 160 nearly complete residential units and underground parking for 216 cars; and a nine-story, Class A residential tower with 76 partially complete residential units and underground parking for 77 cars.

 The asking price is $25 million, with an offer deadline of May 2, 2012. Contact Schuster, Allsop, Millis or Ram at 702.733.7500 for more information.

 Contact:        

 Monica Sparreo                                             

 312.698.6709                                     

 monica.sparreo@grubb-ellis.com          

JW Marriott Luxury Brand to Open New Hotel in Santo Domingo -- First JW Marriott in Dominican Republic and Caribbean

BETHESDA, MD, April 27,2012 /PRNewswire/ -- Marriott International's (NYSE: MAR) world-class luxury hotel brand, JW Marriott Hotels & Resorts, announced plans to open a new 131-room JW Marriott Hotel in Santo Domingo (top left rendering), the capital of the Dominican Republic, in 2014.

 The property will be operated by Marriott under an agreement with Grupo Velutini, a Panamanian subsidiary of Fondo de Valores Inmobiliarios (FVI).

The official announcement event took place at the hotel site inside of the Blue Mall with participants including President Leonel Fernandez; J.W. Marriott, Jr. chairman of the board, Marriott International; Luis Emilio Velutini, owner and president of Grupo Velutini; and Rob Steigerwald, chief operating officer, Americas, Marriott International.

"The Dominican Republic is a highly desirable destination for today's luxury traveler and a growing business hub in the Caribbean," said J.W. Marriott, Jr., (lower right photo) chairman of the board, Marriott International. "This makes it ideally suited for our JW Marriott brand, which is now in 22 countries around the world."

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

: Laura Botelho,

+1-954-684-5321,

Laura.Botelho@marriott.com, or

Sara Steffenauer,

+1-301-380-5953,

sara.steffenauer@marriott.com

http://www.marriott.com

www.marriott.com/jw-marriott/travel.mi.

Sperry Van Ness International Expands Presence in New Braunfels, TX

 IRVINE, CA. (April. 27, 2012) – Sperry Van Ness International Corporation, a national franchisor for commercial real estate brokerages, today announced the addition of a new franchise in New Braunfels, Texas.

 The new franchise is part of Sperry Van Ness International Corporation’s national expansion program which started in 2001 and has grown to more than 1,400 advisors and staff representing more than 150 markets today.

“Sperry Van Ness International Corporation is continuing to grow in key markets across the United States. We are happy to have this New Braunfels office and its talented brokers as part of the SVNI family,” said Kevin Maggiacomo (top right photo), chief executive officer and president of Sperry Van Ness International Corporation. 

Norris Commercial Group, LLC will now operate as Sperry Van Ness® / Norris Commercial Group, LLC. The office is located at 373 S. Seguin Avenue, New Braunfels, TX and is led by owner and principal broker, Mike Norris (middle left photo).

Other team members include: Patrick Lynch and Steve Rodgers who serve as senior advisors; Allison Humphries, Harry Botkin, and Drew Traeger, who serve as advisors; as well as associate advisor, Callie Payne, and  financial officer/advisor Chris Blankenship.

Sperry Van Ness / Norris Commercial Group provides sales, leasing, property management, development, tenant representation and property management services for apartments, hospitality, office, retail, industrial, land, and self storage properties. 

“Norris Commercial Group joined Sperry Van Ness because its culture and business philosophy mirrors our business character, making it a natural fit for our team,” said Norris.

 “New Braunfels has continued to prosper during this current economic downturn creating jobs and economic growth. I can attest that Norris Commercial has had a proactive role in that prosperity. For decades we have been committed to this region and we will continue that legacy well into the future.”

Norris Commercial Group has been in business for over 62 years. Mike Norris has been with the firm for the past 38 years. Leading a team of experienced advisors, Norris engages in the development, sales, marketing, leasing and management of commercial real estate throughout the San Antonio/New Braunfels MSA.

Located between San Antonio and Austin, the city of New Braunfels is known for its beauty, hill country, rivers and quality of life.

Contact: 

Darcie Giacchetto

(949) 278-6224

darcie.giacchetto@svn.com

Marcus & Millichap Promotes Steve A. Sauter to First Vice President Investments

 PALO ALTO, CA –Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Steve A. Sauter (top right photo) to first vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Steven J. Seligman (lower left photo), vice president and regional manager of the firm’s Palo Alto office.

Most recently, Sauter held the title of vice president investments.

Sauter began his career with Marcus & Millichap in January 1992 and was named vice president investments in January 2008. He has received 14 sales recognition awards from the firm.

Sauter specializes in the sale of retail investment real estate located nationwide. He is a senior director in the firm’s National Retail Group and Net Leased Properties Group

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

Construction is Underway on Martin Luther King, Jr. Multi-Service Ambulatory Care Center in Los Angeles

Los Angeles, CA – The design-build team of McCarthy Building Companies, Inc. and HDR Architecture, Inc. have recently begun construction of the new $150 million Martin Luther King, Jr. Multi-Service Ambulatory Care Center (top left rendering) in Los Angeles.

 The new 132,550-square-foot facility was designed to meet LEED (Leadership in Energy and Environmental Design) Gold standards.

The four-story medical facility, which broke ground on January 25, 2012, will house five operating rooms, dentistry, oncology and physical and occupational therapy services.

Additionally, the project will include 10 acres of site parking and landscape, offsite signalization and street improvements as well as a 31,000-square-foot LEED Silver-rated renovation to existing administration space.

“The MLK, Jr. Multi-Service Ambulatory Care Center project will provide a necessary upgrade for how healthcare is delivered to the community,” said Curtis Lockwood, Vice President, HDR Architecture, Inc. “ The new facility will be key to delivering outpatient care and connecting the inpatient and outpatient services to the new state-of-the-art facilities.”

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

Laura Mickelson (LM Communications)

Lauramickelson@cox.net;

 (949) 453-0851                           

Susan Garritano (McCarthy Building Companies, Inc.)    

 Sgarritano@mccarthy.com;

(314) 968-3300                           

http://www.mccarthy.com/ .

Carroll Organization Acquires Houston Apartment Community

  

Atlanta and Houston (April 27, 2012) – Carroll Organization, a multifaceted multifamily real estate firm, has acquired Waterford Place apartments just north of Houston, Texas.  The 267-unit luxury community will be re-branded as ARIUM Fall Creek (top left and middle right photos). The transaction closed April 26.

 The community is Carroll Organization’s seventh multifamily acquisition within 12 months, and its third in the thriving Houston market since February. Last year the firm bought two communities in Georgia plus two more in Tennessee. More acquisitions are expected in the coming months.

 “We are aggressively seeking high quality communities in strong locations throughout the Southeast, Texas and the West Coast,” said Carroll Organization’s founder and CEO M. Patrick Carroll (middle left photo). “We’re looking for opportunities where our expertise in property and asset management can help deliver the best possible returns for our investors.”

The community was financed in part through a private fund, Carroll Fund I, which co-invests with equity partners to secure Class A and B+ communities. Carroll Management Group, an affiliate company, manages the new acquisitions. The terms of the sale were not disclosed.

 ARIUM Fall Creek is a relatively new community on Sam Houston Tollway near Highway 59. It is just north of Fall Creek, one of Houston’s most affluent master-planned communities, and within a few miles of several large employers including George Bush Intercontinental Airport. (lower right photo) 

The property has 267 one-, two- and three-bedroom apartments with luxury amenities including chef’s kitchens, a resort-style pool washer/dryers and garages. The beautifully-appointed clubhouse features amenities including a high-tech fitness center, business center and WiFi computer lounge.

 Carroll Organization is a multifaceted enterprise focusing on the ownership and operation of multifamily real estate. Its primary services include private equity real estate investment, property management and asset management.

This integrated approach, which makes the organization an attractive investment partner, has contributed to the firm’s rapid growth and success.

 Founded in 2004, Carroll Organization has grown significantly through the acquisitions of both properties and former competitors. Headquartered in Atlanta, it has regional offices in Dallas, Houston, Los Angeles, Denver, Charlotte, Tampa, Orlando and Miami.

For more information, visit www.CarrollOrganization.com.

Contact:

Terri Thornton

404-932-4347 

www.TerriThornton.com

Financing and joint venture equity arranged by HFF for two Woodlands, TX area multi-housing communities

                                                                                        

 

HOUSTON, TX – HFF announced today that it has arranged financing and joint venture equity for Forest View (middle left photo) and Timbermill (lower right photo), two multi-housing communities totaling 472 units in The Woodlands, Texas.

HFF worked exclusively on behalf of Venterra Realty to secure the fixed-rate acquisition loans through Freddie Mac. 

 The seven-year, fixed-rate loans for Forest View and Timbermill include four years of interest-only payments with interest rates of 3.98 percent and 3.99 percent, respectively. 

HFF will service the securitized loans through its Freddie Mac Program Plus® Seller/Servicer program.  A fund managed by BayNorth Capital LLC is providing the joint venture equity for both properties.

Forest View is located at 4545 South Panther Creek Drive and Timbermill is located at 1481 Sawdust Road.  Both properties are west of Interstate 45 and close to Woodlands Parkway, Waterway Square, The Woodlands Mall and Market Street in the Woodlands.

The 95 percent leased Forest View community has 256 units with an average unit size of 842 square feet.  Timbermill, which is 97 percent leased, has 216 units averaging 839 square feet each. 

Community amenities at each property include a sundeck and pool, laundry facilities, clubhouses and playgrounds.

The HFF team representing Venterra was led by director Cortney Cole (top right photo).

Contacts:

CORTNEY COLE                                            

HFF Director                                           

(713) 852-3500                                         

ccole@hfflp.com                                        

                                              

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

HFF arranges sale of $11.5 million loan secured by retail center in Sacramento, CA area

 SAN FRANCISCO, CA – HFF announced today that it has arranged the sale of a senior mortgage loan secured by Green Valley Station (top left photo), a 52,245-square-foot, CVS-anchored retail center in Cameron Park, California. 

HFF marketed the $11.5 million loan on behalf of a major financial institution.  The loan was originated by the lender in 2006 to fund the construction of the collateral property. 

The loan had an original funding balance of $17.5 million before it was later modified to reduce to total funding to $15.8 million. 

Completed in 2007, Green Valley Station is 69 percent leased to CVS, Starbucks, El Dorado Fitness and Sears Hometown Store.  The property is located at 3000 Green Valley Road about 20 miles east of Sacramento in Cameron Park.

The HFF team representing the seller was led by managing director Nicholas Bicardo (middle right photo), senior managing director Gerry Rohm (lower left photo) and director Daniel O’Donnell.

Contacts:

NICHOLAS T. BICARDO                  

 HFF Managing Director                         

 (415) 276-6300                                        

nbicardo@hfflp.com 

DANIEL J. O’DONNELL            

HFF Director                                      

(214) 265-0880                                 

dodonnell@hfflp.com 

                                              

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

HFF closes sale of eight-building industrial facility in Houston

HOUSTON, TX – HFF announced today that it has closed the sale of Commerce Center (top left photo), an eight-building, 256,265-square-foot industrial facility in Houston, Texas.

HFF marketed the properties exclusively on behalf of the seller, Insite Commercial Real Estate. Agarita Management purchased the properties for an undisclosed amount.

Acquisition financing was secured through American Family Life Insurance, which was arranged by Kirk Oden with Trinity Finance in San Antonio.

Commerce Center is located at 9000 Southwest Freeway close to Beltway 8/Sam Houston Tollway and the Westpark Tollway in southwest Houston. The property is leased to 40 tenants.

The HFF investment sales team representing Insite Commercial Real Estate was led by senior managing director Rusty Tamlyn (middle right photo) and associate director Trent Agnew (middle left photo).

InSite is a full service commercial real estate company with a focus of determining investment opportunities where value is maximized through disciplined execution of asset management, property management, and project leasing and ultimately providing significant returns for its clients.

garita Management Company, LLC, is a private equity real estate investment company focused on acquiring industrial real estate assets in Texas. Agarita’s principal is Ryan S. Smith who has over a decade of experience owning and operating industrial real estate assets in Texas. Since Agarita’s formation in May 2010, Agarita has acquired five industrial properties totaling 520,000 square feet. These assets are located in Ft. Worth, Houston and San Antonio.

Contacts:

RUSTY TAMLYN, CCIM, SIOR
HFF Senior Managing Director
(713) 852-3500
rtamlyn@hfflp.com

KRISTEN MURPHY
HFF Associate Director, Marketing
(713) 852-3500
krmurphy@hfflp.com

Foreclosure Activity Still Down From Year Ago in Majority of U.S. Metros, RealtyTrac® Reports

IRVINE, CA – April 26, 2012 – RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its Q1 2012 Metropolitan Foreclosure Market Report, which shows first quarter foreclosure activity increased from the previous quarter in 114 out of the nation’s 212 metropolitan areas with a population of 200,000 or more.

First quarter foreclosure activity increased from the previous quarter in 26 out of the nation’s 50 largest metro areas, led by Pittsburgh (up 49 percent), Indianapolis (up 37 percent), Philadelphia (up 30 percent), New York (up 24 percent), Raleigh, N.C. (up 23 percent), and Virginia Beach, Va. (up 22 percent).

The biggest quarterly decreases in foreclosure activity among the 50 largest metro areas were in Portland, Ore. (down 28 percent), Las Vegas (down 26 percent), Providence, R.I. (down 24 percent), Salt Lake City (down 22 percent), Boston (down 21 percent), and San Jose, Calif. (down 21 percent).

“First quarter metro foreclosure trends were a mixed bag,” said Brandon Moore (top right photo), chief executive officer of RealtyTrac. “While the majority of metro areas continued to show foreclosure activity down from a year ago, more than half reported increasing foreclosure activity from the previous quarter — an early sign that long-dormant foreclosures are coming out of hibernation in many local markets.”   

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

Historical & Detailed Data

Tyler White

949.502.8300 ext. 158

tyler.white@realtytrac.com

Marcus & Millichap Announces Sale of Oak Creek Apartments in Clearwater, FL for $8.8 Million

CLEARWATER, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Oak Creek (top left photo), a 165,600-square foot multifamily property located in Clearwater, Fla., according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office.

The asset commanded a sales price of $8,800,000.

Michael P. Regan (middle right photo), a vice president investments and Francesco P. Carriera (middle left photo), associate vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.

 The buyer, a private investor, was also exclusively secured and represented by Michael P. Regan and Francesco P. Carriera.

Oak Creek was built in 1984 and is located at 2175 62nd Street North.  The property consists of seventeen, two-story buildings and is comprised of 184 two-bedroom/two-bath units with 900 rentable square feet. Amenities include three on-site laundry facilities, ample on-site parking, a playground and a swimming pool.

“This transaction represents why we are back to some level of normalcy in multifamily commercial real estate” says Carriera.  “This property underwent a significant renovation over the last couple of years and was stabilized at 96 percent occupancy at the time of sale.  The buyer was a private entity and this was their first multifamily acquisition.  They were able to receive financing in the amount of 80 percent LTV with favorable rate and terms.”

“This sale proves that the investor pool for stabilized “B” class product remains strong” adds Regan.

 Press Contact:  Bryn D. Merrey, Vice President/Regional Manager, Tampa, FL, (813) 387-4700

Marcus & Millichap Facilitates Sale of Rex Storage in Ellenwood, GA for $1.75 Million

ELLENWOOD, GA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Rex Storage (top left photo), a 56,325-square foot storage facility located in Ellenwood, Georgia, according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office and John Leonard first vice president and regional manager of the Atlanta office.

The asset commanded a sales price of $1,750,000.

Michael A. Mele (middle right photo), a first vice president investments and senior director of Marcus & Millichap’s National Self-Storage Group and Stacey Gorman (middle left photo), an associate in the Atlanta office, had the exclusive listing to market the property on behalf of the seller, a financial institution. 

The California-based buyer, a limited liability company, was secured and represented by Mele and Gorman.

Rex Storage was built in 2007 and is located at 5353 Georgia 42.  This is a “Class A”, state-of-the-art, self-storage facility situated on three acres of land.  The property consists of four buildings and has a large office and manager’s apartment.  Amenities include; an electronic gate, cameras, an intercom system and computerized operations as well as a large reader board sign.

“This is another example of the strong demand for distressed self-storage deals. We had several full price offers and chose the buyer who closed in less than two weeks” comments Mele.

Press Contact:  Bryn D. Merrey, Vice President/Regional Manager, Tampa, FL, (813) 387-4700

Voit Real Estate Services Directs $24 Million Sale of Class A Inland Empire Office Property

INLAND EMPIRE, CA (April 24, 2012) –Voit Real Estate Services’ Irvine and Anaheim offices have successfully directed the $24 million sale of three office buildings encompassing 282,760 square feet in the Corona Summit Corporate Center (top left photo), on behalf of the seller. 

The property is comprised of three Class A, mixed-use office buildings, located at 2375, 2390 and 2455 Anselmo Drive in Corona, Calif.

John Griffin and John Harty of Voit’s Irvine office worked with Rob Socci and Peter Castleton of Voit’s Anaheim office to represent the seller, Corona Summit LLC, in the transaction. 

“This sale is representative of the ongoing strength of investor interest in the Inland Empire market,” said Griffin. “We knew that this vacant property presented an excellent value-add opportunity for investors, and we launched an extensive marketing campaign which resulted in more than 25 offers.

“ The competition amongst potential buyers allowed us to secure favorable terms for our client, while negotiating a deal that was beneficial to both parties.”

The buyer, Latham Management and Consulting, plans to occupy a portion of the property and lease out the renaming space.

The property is located adjacent to the 91 Freeway at McKinley Street in the City of Corona.

Contact:

Jenn Quader/ Judith Brower

Brower, Miller & Cole

(949) 955-7940

JQuader@browermillercole.com

www.voitco.com.

HFF arranges $75 million refinancing for Westin DFW Airport in Dallas area

NEW YORK, NY – HFF announced today that it has arranged a $75 million refinancing for the Westin DFW Airport, a 506-room hotel situated near the Dallas/Fort Worth International Airport in Irving, Texas.

Working exclusively on behalf of Investcorp International, Inc. and The Procaccianti Group, HFF secured the adjustable-rate loan through J.P. Morgan Chase Bank N.A.  The loan will be serviced by HFF.

The Westin DFW Airport is located at 4545 West John Carpenter Freeway northwest of downtown Dallas and less than two miles from the Dallas/Fort Worth International Airport.

 In addition to guest rooms, the property offers 29 meeting spaces totaling 38,000 square feet, the largest being a 10,541-square-foot ballroom.  Renovated in 2007, the hotel features 24-hour room service, a business center, dry cleaning service, concierge service, restaurant with bar and lounge, fitness center and outdoor heated pool.

 The HFF team representing the borrower was led by senior managing director Mike Tepedino (top right photo), managing director John Bourret (middle left photo)and associate director Michael Gigliotti (lower right photo).

Investcorp is a global investment group with offices in London, New York and Bahrain and has more than 300 employees worldwide.  The Investcorp real estate team is an established, well-capitalized, value-oriented real estate investor with a distinguished 30-year track record of success, having completed transactions with an aggregate value of nearly $43 billion globally.    

The Procaccianti Group (TPG), founded in 1964, is a second generation, privately-held real estate investment and management company with a broad national platform that spans all sectors of real estate. Throughout five decades, the company has owned or managed hundreds of real estate assets surpassing 50 million square feet with a value of more than $5 billion.

Contacts:                                                  

MICHAEL TEPEDINO                               

HFF Senior Managing Director             

(212) 245-2425                                       

mtepedino@hfflp.com                           

 MICHAEL GIGLIOTTI                       

HFF Associate Director              

(212) 245-2425                               

mgigliotti@hfflp.com  

JOHN BOURRET

HFF Managing Director

(214) 265-0880

jbourret@hfflp.com

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com