Jones Lang LaSalle Inks 25,678 SF Office Lease at Black Canyon Corporate Center in Phoenix, AZ

  

 PHOENIX, AZ– The Phoenix office of Jones Lang LaSalle has completed a 25,678-square-foot, five-year office lease at Black Canyon Corporate Center (top left photo) in Phoenix.

The expansion doubles the size of tenant TeleTech Holdings, Inc., a leading global provider of technology enabled customer experience solutions that operates a call center for subsidiary company, Revana, out of the Black Canyon Corporate Center space.

 Managing Directors John Bonnell (middle right photo) and Don Mudd (lower left photo), and Vice President Brett Abramson (lower right photo), in the Phoenix office of Jones LaSalle represented the building owner, Parallel Capital Partners. TeleTech was represented by CBRE brokers Chris Hook in Phoenix and Lee Diamond in Denver.

Located at 16404 N. Black Canyon Highway in Phoenix, the 219,000-square-foot Black Canyon Corporate Center sits between Greenway and Bell roads, with direct frontage to Interstate 17. The property is also less than two miles from the I-17/Loop 101 interchange and has more than 2.5 million square feet of retail within a two-mile radius. Property signage is visible from I-17.

“We’ve seen a significant uptick this year in tenant interest across the Phoenix office market, with no signs of falling off,” said Bonnell. “This kind of consistent pressure can quickly drive vacancies down and rents up, and provide some long-awaited relief.”

According to the Jones Lang LaSalle Mid-Year Office Market Overview, overall direct office market vacancy continued to fall from 26.1 percent down to 25.3 percent during the second quarter. With no new office completions happening, Phoenix net absorption for the second quarter 2012 hit almost 600,000 square feet.

 “This compares very favorably to the negative 565,000 square feet of absorption experienced during first quarter 2012,” said Bonnell. “TeleTech moved on a great expansion opportunity, at a property that’s well suited for its call center needs, at a very good time in the market cycle.”

A real estate investment and operating firm that focuses on office, industrial and retail property acquisition, Parallel Capital Partners owns Black Canyon Corporate Center, as well as the City Square Office Towers (722,000 rentable square feet in three buildings; located in Phoenix’s Midtown submarket) and US Bank Center building (364,773 rentable square feet at 101 North in the heart of downtown Phoenix.)

Bonnell, Mudd and Abramson are the exclusive leasing brokers for all three buildings.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

www.joneslanglasalle.com

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Colliers International Completes $5.3 Million Sale of Restaurant Property Formerly Occupied by Islands Restaurant in Encino, CA.

 ENCINO, CA --Colliers International, the third largest global real estate services organization, has completed the $5.3 million sale of an approximately 7,487-square-foot freestanding vacant restaurant building on approximately 32,313 square feet of land.

The Colliers team was able to achieve tremendous pricing for the seller at more than $707-per-square-foot for the building and $164-per-square-foot for the land.

This highly visible property, located at 15927 Ventura Blvd., is situated in the heart of the Encino Business District and was formerly occupied by Islands Restaurant (top left photo)

Jeff Gould (middle right photo) and Brock Burnett (middle left photo)  of Colliers International represented the seller, a private family trust.  Rob Ippolito of Cushman and Wakefield out of San Diego represented the buyer, a private investor.

The asset was leased to the Islands Restaurant and is a landmark property in Encino. When Islands vacated the property in late 2011, Colliers was hired by the ownership to assess sale and lease strategies for the property.

Colliers launched an aggressive sale and lease marketing campaign, which ultimately lead to multiple qualified offers from tenants, investors and owner/users.

Ultimately, Burnett and Gould were able to create competition amongst multiple bidders and identified the most qualified investor to close on this asset all cash, at the highest price and with limited contingencies. The new ownership has enlisted the Colliers team to lease the property for them.

“Our team worked hand in hand with the property owner to establish a clear strategy to maximize value on this asset. After thoroughly analyzing all of the leasing prospects that we generated and comparing them to the sales offers, we determined that selling this asset was the best strategy for ownership,” said Gould.

  

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Colliers International Completes Sale of 54,171-SF Multi-Tenant Industrial Property in Northridge, CA

  

 Northridge, CA. – Colliers International, the third largest global real estate services organization, has completed the sale of a 54,171-square-foot multi-tenant industrial property located at 19015-19031 Parthenia Street in Northridge.  The transaction is valued at $2.55 million.

John DeGrinis (top right photo), SIOR, senior executive vice president, Patrick DuRoss (lower left photo), associate vice president, and Jeff Abraham, senior associate all based in Colliers International’s Encino office represented both the seller, OneWest Bank, and the buyer, Devarim Investment, LLC.

“This property is somewhat unique given its diverse unit sizes that attracted a flurry of interest,” DuRoss explained.  “The major upside with this property was the small unit sizes that make up most of the project.  These smaller units continue to carry reasonably strong demand, and the below market rents that were in place offered the buyer upside in the rents.”

The property consists of four buildings with 19 units ranging from 900 to 30,082 square feet and is 100 percent occupied.

Contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Faris Lee Investments Completes $20.75 Million Sale of Forever 21 Property Within The Shops at Montebello in Montebello, CA

IRVINE, CA– Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $20.75 million sale of a single-tenant property occupied by Forever 21 (top left photo) within The Shops at Montebello. The store is located at 1800 Montebello Town Center in Montebello, totals 81,619 square feet and is situated on 5.6 acres.

Donald MacLellan (middle right photo), senior managing partner, and Christopher Tramontano (middle left photo), managing director, of Faris Lee Investments represented the seller, Macerich, an owner, operator, and developer of retail properties from Santa Monica. 

The all-cash buyer was a large core fund advised by Hartford -based UBS Realty Investors LLC who represented itself in the transaction.

“Faris Lee’s marketing strategy was to focus on all investor pools from the large institutional buyers to the private high net worth investors with holdings in Southern California utilizing our extensive proprietary investor database,” said MacLellan.

 “The offering presented a unique opportunity to acquire a Forever 21 long-term leased investment. We garnered multiple offers and sold the asset very close to the asking price to an all-cash buyer.”

“Forever 21 is on a new long term absolute NNN lease with over 16 years remaining on the initial term and attractive rental increases of 10 percent every five years,” added Tramontano.

Forever 21 is a dominant anchor tenant in The Shops at Montebello, a successful regional mall  located adjacent to the Pomona (60) Freeway (193,000 vehicles per day) and in close proximity to Los Angeles Freeways; Interstate 605 and 710.

The mall is co-anchored by Macy’s, Macy’s Home Store, and JCPenney. The trade area includes over 2.5 million residents. Additionally, the store ranks in the top tier within the retailer’s national chain.

 “High quality locations adjacent to successful regional malls such as this asset are very highly sought after,” said Rick Chichester, president and COO of Faris Lee Investments. “Investors are plentiful in the $20 million-plus price range as they appreciate the traditional fundamentals of a property with all the qualities vital to a well-rounded investment.”  

Forever 21 operates more than 480 stores under the Forever 21, XXI Forever, ForLove 21, and Heritage 1981 banners in the United States as well as internationally. The chain offers chic apparel and accessories for women, men, teens, and kids.

 Contact:            

Darcie Giacchetto,

949.278.6224

Spaulding Thompson & Associates

For Faris Lee Investments

Colliers International Completes $11.4 Million Sale of 180,035-SF Industrial Building in Rancho Cucamonga, CA

Rancho Cucamonga, CA – Colliers International, the third largest global real estate services organization, has completed the $11.04 million sale of an 180,035-square-foot industrial building located at 11167-11177 White Birch Drive Rancho Cucamonga, Calif. Built in 1983, the building is situated on 5.17 acres and is fully occupied by Steelscape and Puratos Bakery.

Mark Zorn (top right photo),  Richard Schwartz (lower left photo) and Brad Yates of the Ontario office of Colliers International represented the buyer, Denver-based DCT Industrial Trust, an institutional investor and owner of industrial real estate. The seller, was Quagletti M J & P Trust, a private investor who was represented by Mike Quagletti with Industrial Realty.

Contact:  Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224

HFF marketing for sale Kinder Morgan Tower in Houston, TX

 HOUSTON, TX – HFF announced it been named to market for sale Kinder Morgan Tower (top left photo), a 1,037,350-square-foot, Class A office tower with a parking garage in downtown Houston.  Kinder Morgan will be occupying its portion of the building under a long-term lease.

HFF is marketing the property on behalf of the seller, Kinder Morgan, Inc., for an undisclosed amount free and clear of debt.

Kinder Morgan Tower is located at 1001 Louisiana in downtown Houston.  The 32-story building underwent a ground-up renovation, which was completed in 2012, to bring the property up to current Class A, LEED Gold standards. 

The architecturally significant building had previously served as the headquarters of El Paso Corporation until El Paso was acquired by Houston-based Kinder Morgan in May 2012. 

The property is now the new global headquarters for both the Kinder Morgan family of companies and the now-separate EP Energy, which also leases space in the tower.  Kinder Morgan Tower occupies two full city blocks and features a structured parking garage, state-of-the-art conference facilities, retail amenities and health club.

The HFF investment sales team representing the seller is led by senior managing directors Jeff Hollinden,  Robert Williamson (lower right photo)  and Grady Roberts.  HFF is marketing the property in conjunction with Studley, Kinder Morgan’s leasing representative.  The Studley team is led by corporate managing director Aaron Howes.

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

JEFF HOLLINDEN                                 

HFF Senior Managing Director         

(713) 852-3500                                   

jhollinden@hfflp.com                         

ROBERT WILLIAMSON                       

HFF Senior Managing Director      

(713) 852-3500                   

rwilliamson@hfflp.com                       

  

KRISTEN MURPHY               

HFF Associate Director, Marketing  

(713) 852-3500                                   

krmurphy@hfflp.com 

www.kindermorgan.com

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MAA Announces Acquisition of Haven at Blanco Apartments in San Antonio, TX

MEMPHIS, TN /PRNewswire/ -- MAA (NYSE: MAA) announced it has completed the acquisition of Haven at Blanco (top left photo), an upscale 436-unit multi-family apartment community in San Antonio, Texas.

Haven at Blanco was developed in 2010 and is located just minutes from San Antonio's northwest job corridor, the city's largest employment sector. 

The community also has excellent access to major thoroughfares and is less than ten minutes from USAA, San Antonio's largest private employer, and the South Texas Medical Center, which is home to 45 medically-related institutions.

The Haven at Blanco community provides residents with a wide array of amenities including a private entrance gate, resort-style swimming pool with cabanas and heated spa, and both attached and detached garages.

The apartment homes boast an average 1,063 square feet and offer nine foot ceilings with crown molding, walk-in closets and granite countertops in select units.

Commenting on the announcement, Al Campbell (lower left photo), EVP and CFO said, "We are pleased to be expanding our footprint in the San Antonio market.  We believe our operating platform in this economically diversified area will generate attractive investment returns for our shareholders."

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

 Investor Relations of MAA,

+1-901-682-6600,

investor.relations@maac.com

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

Beech Street Capital Provides $20.4 Million in Freddie Mac Loans to Acquire West Palm Beach, FL Apartments

BETHESDA, MD – Beech Street Capital, LLC announced it provided $20.4 million in Freddie Mac Capital Markets Execution loans for the acquisition of Golf Villas at Sabal Palm and Palo Verde.

David Hayum originated the transactions for Meridian Capital Group, LLC, which was financed by Beech Street Capital as part of its correspondent relationship with Meridian.

 The borrower, a repeat client of Beech Street, was impressed with the execution of Golf Villas, their first with Freddie Mac.

 “We worked with Freddie Mac to meet the borrower’s acquisition timeline,” states Rick Del Roio, deputy chief underwriter. “Pleased with the transaction, the borrower signed up a second Freddie acquisition with us to finance another West Palm Beach apartment complex, Palo Verde.” The transactions closed one month apart.

 Golf Villas at Sabal Palm, a 166-unit apartment complex, is located in the city of West Palm Beach, Broward County, approximately 15 miles from downtown Fort Lauderdale business district, with convenient access to Interstate 95, the Florida Turnpike, and the Sawgrass Expressway.

 Built in 1987, the property consists of nine, two-story apartment buildings and one leasing office. Amenities include a swimming pool and spa, a cabana changing facility, tennis courts, a laundry facility, as well as 279 open parking spaces. 

  

Palo Verde, a 276-unit apartment complex, is located in West Palm Beach, approximately six miles southwest of the West Palm Beach central business district. Interstate 95, the Florida Turnpike, Palm Beach International Airport and

 The fixed-rate loans have a 10-year term and a 30-year amortization schedule.

  

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

Courtney Lewis

 240-507-1948 or

Jenifer Bernardi

 240-507-1946.

.Web site: www.meridiancapital.com

Web site: www.beechstcap.com 

CFA Presents 2012 Contractor of the Year Award to Lance Jordan

MT. VERNON, IA -- The Concrete Foundation Association (CFA) – an organization dedicated to improving the quality and acceptance of cast-in-place concrete foundations – announces the presentation of its 2012 Contractor of the Year Award to Lance Jordan (top left photo).

Jordan, Chairman of Stephens & Smith Construction Co.  Inc. of Omaha and Lincoln, Neb. has been a member of CFA for over a decade. Jordan served as a Board member for a 3-year term ending last year.

 He was nominated for this prestigious award for his leadership in a CFA position on OSHA’s residential fall protection regulation that became effective earlier this year.

“I am very humbled to be recognized by our “peer companies” who are members of the CFA,” states Jordan.  “For well over thirty years we have admired many of the CFA companies and their owner/managers.

“In fact we have tried to duplicate many of their processes and systems, which we felt fit our own ‘business model’. The CFA and its members definitely have set the standards of quality, excellence and professionalism for the cast-in-place foundation industry.”

The annual award recognizes the contributions of a poured wall contractor to the industry. This year’s award was presented at the CFA Summer Convention held on Jul. 26-29th in Acme, Mich. at the Grand Traverse Resort.

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

Ed Sauter, 319-895-6940 or esauter@cfawalls.org

Jim Baty, 319-895-6911 or jbaty@cfawalls.org

www.cfawalls.com

HFF facilitates $59 million ground lease of 177 Huntington Ave. in Boston

BOSTON, MA – HFF announced today that it has finalized the long-term ground lease of 177 Huntington Avenue on the Christian Science Plaza (top left photo) in Boston. 

HFF exclusively represented The First Church of Christ, Scientist, and the Trustees of Church Realty Trust and procured the ground lessee – an affiliate of Beacon Capital Partners, LLC (http://www.beaconcapital.com).

177 Huntington Avenue is an iconic 26-story, 198,825-square-foot office tower located in the heart of Boston’s Back Bay neighborhood.

 This modernist landmarked structure was designed by “internationally renowned” architects I. M. Pei & Partners and Araldo A. Cossutta, Associated Architects.  The building was completed in 1972 to house the Church’s administration departments and is connected to a 550-space underground parking garage.  The Church occupied the building until 2008, when it moved its worldwide headquarters into the renovated Christian Science Publishing House Building, also on the Plaza.

The HFF team representing the lessor was led by managing director Coleman Benedict and director Ben Sayles along with executive managing director John Fowler, senior managing director Riaz Cassum and senior real estate analyst Mark Campbell. 

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

                

COLEMAN BENEDICT                                 

HFF Managing Director                                      

 (617) 338-0990                                                    

cbenedict@hfflp.com   

                                             

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

North American Properties Begins Construction on ParkCentral Luxury rental community on Centennial Park in Nashville, TN

   

ATLANTA, GA (Aug.29, 2012) — North American Properties (NAP) announced today that it is beginning construction at ParkCentral, an eight-story, 200-unit luxury rental community on Nashville’s Centennial Park.

ParkCentral residents will be within walking distance of all the shopping, dining and entertainment in Nashville’s West End. 

Located two blocks from Vanderbilt University (lower left photo), one block from Centennial Hospital and less than a half-mile from Baptist Hospital, ParkCentral is the only luxury residential community located directly on Centennial Park. Known as Nashville’s premier urban park, Centennial Park is 132 acres — larger than Boston Commons and nearly as large as Atlanta’s Piedmont Park.

“ParkCentral residents will have the ultimate playground right in their front yard,” said Richard Munger (top right photo), partner and vice president of development for NAP. “In a single day one could walk home from work, exercise on the park’s running trails, attend one of the many seasonal festivals or concerts at the park, walk to dinner and attend a sporting event at Vanderbilt.”

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

Elizabeth Hagin

O: 404-965-5023

C: 678-642-4301

@elizabethhagin

To follow ParkCentral's progress and inquire about leasing, please visit http://www.livethepark.com or find us on Facebook and Twitter.

   

www.naproperties.com

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NAI Realvest Negotiates Sale of 8.7 Acre Commercial Site in Winter Springs, FL

ORLANDO, FL. – NAI Realvest recently negotiated the sale of an 8.72 acre commercial site known as Parcel 14B-1 located on Dover drive just west of the Oviedo Marketplace in Winter Springs.

Paul P. Partyka (top right photo), the managing partner of the firm, and associate George Viele brokered the transaction representing the seller, The Viera Company, of Melbourne. 

 The buyer, Orlando-based Flagship Development Viera LLC, purchased the property for $450,000.

For more information, contact:

 Paul P. Partyka or George Viele, NAI Realvest 407-875-9989; ppartyka@realvest.com;

gviele@realvest.com;

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

lvershelco@aol.com;

LandMark Retail Group Completes Development of Two CVS/Pharmacy Stores in California

 Bakersfield, CA and Palmdale, CA(Aug. 29, 2012)—LandMark Retail Group, a full service retail development firm, has completed the development of two CVS/Pharmacy stores in Calif. -- Bakersfield and in Palmdale.

Since 2007, the firm has developed 30 stores in California and has 12 additional opening scheduled for this year.

 Located at the corner of Ming and Buena Vista, in the heart of Seven Oaks, Bakersfield most distinctive and elegant master planned community, this CVS will be a part of the newly developed Grand Island Village Shopping Center, a 90,000 square foot neighborhood/specialty style shopping center that shares street corners with the Seven Oaks Country Club. The shopping center is home to Chevron, Republic Bank and other small tenants..

The second CVS/Pharmacy store is located on the corner of 47th Street and R Street in Palmdale, Calif. (middle right photo). It is located in a Vallarta-anchored shopping center and offers a drive-thru pharmacy.

This store is located in a neighborhood shopping center with regional attraction and will serve the immediate neighborhood as well as the larger Palmdale community.

"Landmark identified this location as part of a larger strategy for the market and then negotiated a ground lease on behalf of CVS, said Sandy Sigal, (lower left photo) Chairman, Landmark Retail Group. “We coordinated the design and approvals with the ownership and delivered the store on time and on budget."

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

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

 www.newmarkmerrill.com.

www.landmarkretailgroup.com

Marcus & Millichap Lists $25 Million Self-Storage Portfolio in Palm Harbor, FL

  TAMPA, FL, Aug. 29, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing to market a three-property, 2,250-unit portfolio in Florida for Safeguard Self Storage (top left photo).

Located in Palm Harbor, Tampa and St. Petersburg, the storage assets are listed at $25 million, or $111 per square foot. The properties may be acquired individually or as a portfolio.

Michael Mele (lower right photo), a first vice president investments and senior director of the firm’s National Self-Storage Group (NSSG) in Tampa, is representing the seller, Safeguard Self Storage.

“A savvy investor has the opportunity to acquire three Class A self-storage facilities in the highly desirable Tampa Bay region,” says Mele. “Extremely well-located with excellent highway visibility, these properties feature a variety of amenities, which further enhance their long-term investment value.”

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

Stacey Corso

Public Relations Manager

(925) 953-1716

M/I Homes Relocates to New Headquarters Facility in Heathrow, FL Area

LAKE MARY, FL ---  M/I Homes, formerly located on Colonial Centre Parkway in North Seminole County, has relocated to new headquarters facilities approximately one mile south at 400 International Parkway in the Heathrow area.

David Byrnes (top right photo), 30-year veteran homebuilder and former president of Beazer Homes in Florida who recently rejoined M/I Homes as area president, said M/I’s headquarters now totals over 14,000 square feet of office space.

M/I Homes builds single-family homes and town homes priced from the $130s in 10 Orlando-area communities.

For media information,  contact:

David Byrnes, Area President, M/I Homes Central Florida, 407-531-5100

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