$10.5 Million Houston Apartment Complex Listed by Marcus & Millichap

 HOUSTON, TX– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing to market Savannah Apartments (top left photo), a 306-unit Class B complex in Houston.

 The listing price of $10,500,000 represents a price of $34,414 per unit and a cap rate of 7.8 percent.

Jeffrey Fript (top right photo) a senior associate in the Houston office of Marcus & Millichap, is representing the seller.

 “This property presents a savvy investor with the opportunity to own a multifamily asset with significant upside potential in Houston, one of the healthiest rental markets in the United States,” says Fript.

“The property’s location near some major employment centers and Hobby International Airport (middle right photo), which has plans in place to expand its Southwest Airlines terminal, further enhances its investment appeal.

“The site is a prime candidate for redevelopment into workforce housing for Southwest employees or a mixed-use, rental project. In addition, the property has a five-year IRR of over 21 percent.”

The 231,792-square foot property is located at 8800 Broadway St. on 9.4 acres. Constructed in 1978, the asset includes a mix of one- and two-bedroom units directly across the street from Hobby International Airport.

 Renovations to the property include new roofs, boilers, perimeter fences, an updated clubhouse and laundry facilities, new security cameras and a new pool. Unit upgrades include new appliances, cement balconies, kitchen cabinets and tiles.

The property has a loan assumption that matures in July 2016 and is being offered with in-place financing.

 Hobby International Airport employs 7,000 people and the city of Houston recently approved plans by Southwest Airlines to expand its international gates, which is expected to generate approximately 10,000 new jobs in the region.

Savannah Apartments’ convenient location provides residents easy access to Interstate 45, the 601 Loop, the Sam Houston Toll Road and Highways 288 and 59.

Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716

Kitty Whitney Appointed Executive Director Of Sandestin Real Estate on Florida's Emerald Coast

DESTIN, FL /PRNewswire/ - Kateri "Kitty" Whitney (top right photo) has been appointed executive director of Sandestin Real Estate, it was announced

today by Tom Becnel, chairman of Sandestin Investments LLC.

With more than 13 years in the real estate industry, Ms. Whitney has extensive experience in various areas of residential and commercial real estate.

Her goal for Sandestin Real Estate is to be the top producing company on Florida's Emerald Coast, ranging from Destin through eastern Walton County. She and her team plan to further revitalize the area's real estate market while communicating the value and positive lifestyle that the community offers.

For additional information visit www.SandestinRealEstate.com or call 1-800-277-0801.

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

SarahBrazwell@Sandestin.com

850.267.6131

TimKramer@SandestinRealEstate.com

850.267.5785

Marcus & Millichap Names Derek Hargrove Senior Associate in Houston, TX

 HOUSTON, TX, June 15, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired Derek Hargrove (top right photo) as a senior associate in the Houston office, according to David Luther (lower left photo), regional manager of the office.

In his new position, Hargrove focuses on the sale of multi-tenant shopping centers throughout southwest Texas. He also holds the title of associate director of Marcus & Millichap’s National Retail Group (NRG).

Derek’s in-depth knowledge of the retail investment sales market make him a tremendous asset to our private investor clients and our firm,’ says Luther.

 “His thorough understanding of land development, retailer co-tenancy preferences, site layout fundamentals and financial modeling allow Derek to provide unique perspective on the sale of retail properties.

“Furthermore, as a Houston native, Derek brings exceptional insight on the market forces shaping the region’s submarkets,” Luther notes.

  

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

Stacey Corso

Public Relations Manager

(925) 953-1716

Nutri-Force Nutrition Opens New $13 Million Innovative SoftGel Vitamin Manufacturing Plant in Miami Lakes, FL; 400 New Jobs to be Added Over Three Years

From left:

Julio Piti, Vice Pres, Beacon Council

Mike Fernandez, Chairman, MBF Healthcare Partners

Carlos Gimenez, Miami Dade County Mayor

Florida Governor Rick Scott

Anthony Alfonso, Pres/CEO, Nutri-Force Nutrition

Dan Alhadeff, COO, Nutri-Force Nutrition

Michael Pizzi, City of Miami Lakes Mayor

Dan Marino, Partner, Vitacore

 Miami, FL, June 15, 2012 – Nutri-Force Nutrition, a recognized cGMP leader in the contract manufacturing, private labeling, and branding of nutraceuticals, vitamins, and nutritional supplements, and an MBF Healthcare portfolio company, has opened its new $13 million softgel vitamin manufacturing plant in Miami Lakes at 14700 NW 60 Avenue.

 Nutri-Force expects to add 400 new jobs over the next three years as a result of the new softgel plant opening. 

“We have built a successful business in the nutritional supplements industry and have now expanded into even more specialized softgel manufacturing,” said Anthony Alfonso (top right photo), CEO of Nutri-Force Nutrition.

“The new facility will help us handle existing demand and grow the high-end soft gel business through competitive pricing, efficiencies in production and maintaining the highest manufacturing and compliance standards.”

One of only a handful of such plants in the entire U.S., the expanded facility is dedicated to softgel supplement manufacturing. Trends propelling the demand for softgels include the aging population, consumer’s desire to self-medicate and engage in preventive nutrition, softgels are easier to swallow plus a greater acceptance in the medical community.

The new $13 million 40,000 square foot softgel facility expands upon Nutri-Force’s existing 170,000 square feet manufacturing plant where they currently have a total of over 400 employees.

 

“We anticipate strong continued growth not only from our existing core business but also from the exciting addition of softgel manufacturing to our service set,” said Dan Alhadeff (middle left photo), COO of Nutri-Force Nutrition. “Our goal is to become a complete solution for our customers and continue bring high quality, innovative products to consumers.”

As a cGMP (Current Good Manufacturing Practices) certified manufacturing facility, Nutri-Force complies and often exceeds all FDA published guidelines and standards for nutritional supplement manufacturing. 

Nutri-Force Nutrition was founded in 2001 with a mission of providing leading edge quality nutritional supplements, vitamins, and nutraceuticals with effective health benefits of the highest quality.

The company is a recognized cGMP leader in the contract manufacturing, private labeling, and branding of nutraceuticals, vitamins, and nutritional supplements.

The company’s relentless focus on quality, innovation, and unprecedented customer service has been at the core of Nutri-Force’s success.

For additional information, visit www.nutriforce.com.

Contact:

Brittany Nguyen

Becker Public Relations

2506 Ponce De Leon Blvd.

Coral Gables, FL 33134

Telephone 305 444-2181 x221

Email: bnguyen@beckerpublicrelations.com

www.beckerpublicrelations.com

Twitter@BeckerPRFirm and @JeanneBecker

Facebook: Becker Public Relations and Jeanne Becker

Endeavor Real Estate Group and LYND Secure Equity for JV Development in Austin, TX

  

 Austin, TX (June 15, 2012) - Endeavor Real Estate Group, an Austin-based commercial owner/developer, and LYND, a San Antonio-based multifamily owner/developer, have secured equity for their mixed-use joint venture development, currently known as 3 eleven Bowie (top left rendering.

. The project, located in downtown Austin, is a 36-story high-rise comprised of 359 luxury rental residences along with roughly 42,000 square feet of office and 3,000 feet of street level retail.  

Equity is being provided by an institutional investor that is being advised by Dallas-based L&B Realty Advisors, LLP.  The project marks LYND’s second such development with L&B acting in an advisory capacity. Terms were not disclosed.

3 eleven Bowie is the first joint venture between Endeavor and LYND.  LYND CEO Michael J. Lynd, Jr. (middle right photo) and Endeavor Managing Principal O. Jamil Alam (middle left photo) struck a deal in the summer of 2011 to form a JV to develop the site that Endeavor had previously placed under contract.

“LYND and Endeavor have assembled an excellent team to design and build what we believe will be one of the finest luxury residential rental buildings in all of downtown Austin,” said Lynd.  “Together, LYND, Endeavor and L&B are focused on delivering a residential experience that reflects the unique spirit, texture and culture of Austin.  This is a special project with a fantastic location.”

 "We believe that the Market District in downtown Austin has evolved into the premiere high-rise residential location within the city,” said Alam.

“The combination of views, proximity to Whole Foods (lower right photo), ease of access to the hike and bike trail, and the walkability to the core of downtown make this a very special site, and we believe that 3 eleven Bowie will set the new standard for high-rise multifamily living in Austin.  We elected to include two floors of boutique office space into the project and plan to move our offices into the building."

 3 eleven Bowie will feature a rooftop garden/dog park on the 10th floor:  a rooftop sky deck, club room and fitness facility on the 31st floor; and a rooftop pool on the 36th floor. The building is being designed by Dallas-based architect HKS Inc. which also designed The Ashton (lower left photo), a residential high-rise in downtown Austin, and served as architect of record for the Frost Bank Tower (bottom right photo).

 The project is located along the future expansion of the Shoal Creek Hike & Bike Trail, at the southeast corner of 5th and Bowie Street.  The corporate headquarters of Whole Foods and its flagship grocery store are located across the street from the site.

Additionally, the headquarters of HomeAway, GSD&M, and Cirrus Logic, some of Austin’s most established and nationally-recognized corporate residents are located within blocks of the property. 

 Construction is scheduled to begin in the 3rd quarter of this year and will take approximately 24 months to complete.  First units are projected to be delivered in the 3rd quarter of 2014 with residential units ranging from 427 square feet to 2,405 square feet.

 Media Contact:

Todd Templin

Boardroom Communications

954-370-8999 or 954-290-0810

ttemplin@boardroompr.com

 Lynd Contact:

Michael J. Lynd, LYND CEO

210-798-8138

mlynd@lyndworld.com

 Endeavor Contact:

Jamil Alam, Managing Principal

512-682-5575

jalam@endeavor-re.com

St. Regis Bal Harbour New Condo Sales in South Florida Top $623 Million In 7 Months

 MIAMI, FL --New condo transactions at the St. Regis Bal Harbour Resort & Residences (top left photo) on the barrier island in Northeast Miami-Dade County are off to a rapid start, with nearly 170 units trading for more than $623 million in the first seven month of sales, according to a new report from CondoVultures.com.

Buyers purchased nearly 435,000 square feet of livable space in the St. Regis Bal Harbour Resort & Residences at an average price of more than $1,435 per square foot between Nov. 15, 2011 and June 4, 2012, according to an analysis of Miami-Dade County records.

Individual transactions in the ultra-exclusive project have ranged in price from less than $850 per square foot to more than $2,625 per square foot with units trading for between $1.35 million and $13.5 million, according to the report based on recorded deeds.

The St. Regis Bal Harbour Resort & Residences is comprised of three towers up to 27 stories with nearly 500 condos, condo-hotels, fractional condos, and hotel rooms.

The North and South towers feature a combined 205 traditional condo units - officially known as the Bal Harbour North South Condominium - while the 287-unit Center Tower is comprised of a St. Regis hotel that includes condo-hotel units, fractional residences, and traditional condominiums. 

 The St. Regis Bal Harbour Resort & Residences features four swimming pools, a 12,000-square-foot Remede spa, and signature restaurants on a nearly nine-acre oceanfront site across from the Bal Harbour Shops on Collins Avenue.

Bal Harbour is an ultra-wealthy village of 3,300 people located on a barrier island between Miami Beach and Sunny Isles Beach. 

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

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.

HFF closes $57 million sale of multi-housing community in Atlanta’s Vinings neighborhood

 ATLANTA, GA – HFF announced that it closed the sale of Paces Station (top left photo), a 610-unit, Class B garden-style multi-housing community in Atlanta’s Vinings neighborhood.

HFF marketed the property on behalf of a national REIT.  The buyer, TA Associates Realty, purchased Paces Station for $57 million, or $93,400 per unit, in an all-cash transaction. 

Paces Station is located at 3000 Paces Walk near Interstate 285 northwest of downtown Atlanta.  The three-phased community is situated such that each phase offers its own entrance and amenity package. 

Completed in 1989, the community includes 51 buildings totaling 593,922 square feet and includes one- and two-bedroom units averaging 974 square feet each. 

The HFF team representing the seller was led by senior managing director Jason Nettles (middle right photo) and director Megan Thompson (lower left photo).

“Paces Station’s location in Vinings, one of Atlanta’s most desirable in-town neighborhoods, provides a great value-add opportunity for the buyer,” commented Nettles who continued, “Paces Station represents one of the last untouched rehab opportunities for a Class B asset in Vinings.  This unique position created a very institutional bid pool and the property sold to an unleveraged, core buyer.”

 Established in 1982, TA Associates Realty is one of the largest and most experienced privately held real estate advisors in the United States.  TA Associates Realty manages 91 million square feet of commercial real estate and 12,300 residential units located in 35 markets nationwide.

Contacts:

JASON NETTLES                            

HFF Senior Managing Director         

(404) 832-8460                                    

jnettles@hfflp.com    

MEGAN THOMPSON                    

HFF Director                                       

(404) 832-8460                                   

mthompson@hfflp.com  

MYRA MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com

ARA Announces Sale of South Florida Bulk Portfolio

  

Boca Raton, FL  — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of the South Florida Bulk Portfolio, a two-property bulk offering comprised of Portofino at Jensen Beach (top left photo) and Courtney Park at Winston Trails (middle right photo) located in Lake Worth, FL.

ARA South Florida-based Principals Marc deBaptiste and Avery Klann, along with Senior Vice President, Hampton Beebe represented Dizengoff-Trading Group, an private Israel-based investor with regional offices in Boca Raton, in the transaction.

 Both Portofino at Jensen Beach and Courtney Park at Winston Trails are garden-style communities with a diverse mix of functional floor plans, located within close proximity to major arteries, employment centers and recreation.

 To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Marti Zenor, at mzenor@ARAusa.com or 561.988.8800.šš

Two Manhattan Office Buildings For Sale at $35 Million

 NEW YORK, NY– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing to market two 12-story office buildings encompassing 56,724 square feet in Midtown Manhattan’s NoMad neighborhood.

Brian Hosey (top right photo), an associate in Marcus & Millichap’s Manhattan office, is representing the seller.

“The buildings are prominently located on the south side of East 33rd Street between Madison Avenue and Fifth Avenue,” says Hosey.

 “They are currently 100 percent leased to a diverse group of tenants at below-market rates but one or both could be converted into condominiums, high-end apartments or a boutique hotel.”

The properties are located at 10 East 33rd St. and 12 East 33rd St. in Manhattan.

The location is adjacent to the Empire State Building (lower left photo), which receives more than 15,000 visitors daily. The buildings are also steps from Madison Square Garden, Madison Square Park and the prime Fifth Avenue and 34th Street retail corridors. Direct access to major transportation hubs such as the No. 6 line subway station, Penn Station, Grand Central Station, the Midtown Tunnel and the Lincoln Tunnel is nearby.

The two office buildings feature 22 full-floor office lofts and 4,000 square feet of ground floor retail. The properties total 50 feet of frontage on East 33rd Street (Block: 862, Lots: 66 and 67). Both buildings are situated on 25-foot by 98-foot lots and are built 25 feet by 94 feet. The properties are zoned C5-2 (R10A equivalent).

The buildings have received significant improvements, including new lobbies and new elevators within the last year. Both properties have private security and a full-time super on the premises.

Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716

U.S. Foreclosure Activity Increases 9 Percent in May, According to RealtyTrac® U.S. Foreclosure Market Report

 IRVINE, CA, June 14, 2012 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for May 2012, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 205,990 U.S. properties in May, an increase of 9 percent from April but still down 4 percent from May 2011.

The report also shows one in every 639 U.S. housing units with a foreclosure filing during the month.

“U.S. foreclosure activity has now decreased on a year-over-basis for 20 straight months including May, but the jump in May foreclosure starts shows that it’s going to be a bumpy ride down to the bottom of this foreclosure cycle,” said Brandon Moore (top right photo), CEO of RealtyTrac.

“Based on the rise in pre-foreclosure sales we’ve seen so far this year, a higher percentage of these new foreclosure starts will likely end up as short sales or auction sales to third parties rather than bank repossessions going forward.

“While pre-foreclosure sales have less of a negative impact on home values than bank-owned sales, they still represent a discounted sale where a distressed homeowner is losing his or her home.

“Disposing of distressed homes by pre-foreclosure sale can also benefit lenders and servicers because pre-foreclosure homes sell at a higher average price point than bank-owned homes,” Moore continued.

“Our first quarter foreclosure sales report showed that the average price of a pre-foreclosure home was more than $27,000 higher than the average price of a bank-owned home — which quickly adds up given that there have been an average of 1.6 million nationwide foreclosure starts per year for the past five years.

“More banks are now recognizing that treating the problem of delinquent mortgages with short sales rather than bank repossessions can help them minimize their losses and also avoid taking on more REOs, which they then have to manage, maintain and market for sale.”

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:

Data Sales Department

800.913.0439

datasales@realtytrac.com

Lawson Dann Joins Morrison Commercial Real Estate in Orlando, FL

 ORLANDO, FL (June 13, 2012):  Morrison Commercial Real Estate is proud to announce that Lawson Dann (top right photo) has joined its’ team as Vice President. 

Lawson will be representing clients throughout Central Florida with a focus on the leasing and sales of office and industrial properties.  Lawson adds more than 23 years of experience to this dynamic and diverse team headquartered in downtown Orlando.    

 Greg Morrison, Founding Principal of Morrison Commercial Real Estate said, “I am pleased to have Lawson join the firm. He is a respected veteran in our industry and has deep roots in Orlando.  In addition, his outstanding business development skills will prove to be a valuable asset to our team.”

 Contact:

 Buffy Gillette

Phone: 407.219.3500

Email:  bgillette@morrisoncre.com

NAI Realvest Negotiates Office Expansion Lease in Deerfield Beach, FL for TLC Engineering for Architecture

 DEERFIELD BEACH, Fla. – NAI Realvest recently negotiated an expansion lease agreement for 7,250 square feet of office space in suite 250 at 800 Fairway Drive (bottom left map) in Deerfield Beach.  

NAI Realvest Principals Paul P. Partyka (top right photo) and Christie Alexander, CCIM (top left photo) along with George Livingston (lower right photo), chairman of the firm, represented the Orlando-based tenant TLC Engineering for Architecture, one of the largest engineering firms in the Southeast.

 TLC Engineering, which also has Florida locations in Jacksonville, Tampa, Miami, and Fort Lauderdale, now leases a total of 14,500 square feet in the Deerfield office. “This expanded space will accommodate TLC’s approaching business growth,” Partyka said.

The landlord, Western National Life Insurance Company of Amarillo, Texas was represented in the transaction by Madelayne Garcia of Stiles Realty. 

For more information, please contact:

Paul P. Partyka, Managing Partner, NAI Realvest, 407-875-9989, mailto:glivingston@realvest.com

Christie Alexander, CCIM, Principal, NAI Realvest, 407-875-9989, calexander@realvest.com

Patrick Mahoneypmahoney@realvest.com , President, NAI Realvest, 407-875-9989,

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

Charles Dunn Co. Names Joseph A. Mackin as Director in West Los Angeles Office

 LOS ANGELES, CA, June 13, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has named industry veteran, Joseph A. Mackin (top right photo), as director in the firm’s West Los Angeles office. Mackin will focus on multifamily investment sales for the firm.

Mackin comes to Charles Dunn Company from Joseph Mackin Investment Real Estate where he served as the owner/broker. He managed all facets of his clients’ commercial real estate investment portfolios with a specialization in the multifamily sector. Prior to that, he served as a senior investment broker and then as national director of career opportunities with Marcus & Millichap.

“Over the past several months, Charles Dunn Company has been aggressively recruiting talented brokers who share in the firm’s philosophy of providing exceptional, hands-on client service,” said Darrell Levonian (middle left photo), executive managing officer with Charles Dunn Company. “Joseph brings a depth of experience to Charles Dunn that will meet the diverse needs of our multifamily clients.”

 

Mackin’s commercial real estate career spans multiple years with the majority of that time spent within the greater Los Angeles market.

“I joined Charles Dunn Company because the firm is well-established and provides a personalized approach to its clients, which closely aligns with my values and philosophy,” said Mackin.

 “My objective is to deliver the highest level of support and service to my clients, regardless of the complexity of the venture. With more than thirty years of experience specializing in real estate investment properties within the Hollywood and USC markets, I am able to identify opportunities aimed at optimizing profits for investors in the improving multi-residential sector.”

Contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Davidson Hotels & Resorts to Operate DoubleTree by Hilton Bethesda-Washington

  

 WASHINGTON, DC, June 13, 2012—Davidson Hotels & Resorts, one of the nation’s largest independent hotel management companies, today announced that it has been selected to manage the DoubleTree by Hilton Hotel Bethesda-Washington DC (top left photo) 

The property is owned by Pebblebrook Hotel Trust and is situated in the heart of Bethesda’s trendy downtown shopping and dining neighborhood.

“This hotel will be Davidson’s eighth metro-DC area property,” said Patrick Lupsha (middle right photo), Davidson’s chief operating officer. “The extensive market knowledge we have accumulated will allow us to quickly help this hotel achieve its full potential as a business and leisure player.

“This outstanding property is the closest full-service hotel to both the National Institutes of Health and the new Walter Reed National Military Medical Center, two significant demand drivers that have been underpenetrated thus far. 

“Davidson will utilize our proven group sales expertise  to aggressively grow market share and achieve the ADR the property deserves.”  

Located at 8120 Wisconsin Ave. in Bethesda, Md. The DoubleTree by Hilton Hotel Bethesda – Washington, DC brings the brand’s CARE culture to life with 270 newly-renovated rooms including six suites and nine two-room Luxury Suites perfectly designed for the extended stay guest.

Contact:

Cyndi Norwood                                                         

Davidson Hotels & Resorts                                       

(678) 349-0909                                                          

cnorwood@davidsonhotels.com                                

Jerry Daly, Chris Daly (media)

Daly Gray Public Relations

(703) 435-6293

jerry@dalygray.com