Charles Dunn Completes $4.7 Million Sale of 30-Unit Multifamily Property in Los Angeles in Off-Market Transaction

Bryan Glenn

 LOS ANGELES, CA. Jan. 30, 2013 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $4.7 million sale of a 30-unit multifamily property located at 1831-1833 N. Normandie Ave. situated just north of Hollywood Blvd. and south of Franklin Ave. in the Los Feliz submarket of Los Angeles.

Bryan Glenn, senior director with Charles Dunn Company out of the firm’s West Los Angeles office, represented the seller, Normandie Lion, LLC an entity of Lion Real Estate Group. The buyer, MKA Investments, III, LLC was represented by Vahan Saroians of Coldwell Banker.

1831-1833 N. Normandie Ave. 

Glenn utilized his strong relationships in the market to identify a buyer who was aggressively seeking to acquire a stabilized, quality building in this location, and who understood the future upside potential of the asset. 

  The buyer was also able to take advantage of an attractive assumable loan with favorable terms that was originated in July of 2012 through Chase Bank.

“Lion Real Estate Group purchased the property in 2010 and was able to successfully sell it just two years later for a strong return on investment,” said Glenn. 

Vahan Saroians

“Because of Lion’s hands-on management, ability to add value, and increase the financial performance of the property, their exit strategy was able to be realized in this off-market transaction.  They will use the proceeds as part of a 1031 tax-deferred exchange to continue their strategy of investing in value-add and opportunistic multifamily assets in Southern California.”

According to Glenn, the seller had recently renovated about half of the units with new kitchens, bathrooms and flooring, and several common area upgrades were completed including complete exterior painting, interior hallway painting, carpet replacement, installation of security cameras, upgraded intercom, landscaping and signage.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Charles Dunn Co. Completes $5.17 Million Sale of Vacant Office Property to Actors’ Equity Association

Stacy Vierheilig-Fraser

LOS ANGELES, CA Jan. 30, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $5,175,000 sale of a vacant 18,720 square foot office property located at 5636 Tujunga Blvd. in North Hollywood, Calif.

Stacy Vierheilig-Fraser, senior managing director with Charles Dunn Company out of the firm’s Sherman Oaks office, represented the, seller, Gordon Trust.

5636 Tujunga Blvd., North Hollywood, CA

The buyer, Actors’ Equity Association, the labor union that represents more than 49,000 actors and stage managers in the United States, was represented by Mark Robinson of Cushman & Wakefield.

“This property had been vacant for four months including escrow time but is a highly improved bow truss building near NoHo perfect for creative uses,” said Vierheilig-Fraser.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Harbert Management Corp. Raises $522 (EUR 405) Million for Third Pan-European Real Estate Opportunity Fund

Raymond J. Harbert

BIRMINGHAM, AL  /PRNewswire/ -- Harbert Management Corporation ("HMC"), an alternative investment manager, announced it has raised over $325 (EUR254) million of equity commitments for Harbert European Real Estate Fund III ("the Fund"), its third pan-European real estate opportunity fund, including $197 (EUR151) million in co-investment equity.

 The Fund will primarily target institutional-quality European real estate investments at opportunistic pricing with a focus on over-leveraged borrowers, upcoming debt maturities and institutional owners refocusing on core competencies or markets.

To date, the Fund has made four acquisitions, most recently acquiring approximately four million square feet of UK industrial assets.  All current investments are performing at or above underwriting targets. 

"With highly leveraged buyers forced out of the market and many investors still on the sidelines working through legacy portfolio issues, we see opportunities in the European real estate market that we are well-positioned to take advantage of," said Raymond Harbert, CEO and Founder of HMC.

 "While we are seeing the European investment market taking more time to recover than in the US, high-grade distribution assets in the UK and prime office space in Paris, for example, provide attractive long-term investment

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

Bill Wos

Marketing Manager

Telephone: 205 987 5589 

E-mail: bwos@harbert.net

Harbert Management Corporation

Web Site: http://www.harbert.net

Marcus & Millichap Capital Corp. Arranges $10.6 Million CMBS Refinance for Austin, TX Self-Storage Facility

Michael Laurencelle

AUSTIN, TX – Marcus & Millichap Capital Corporation (MMCC) has arranged a $10.6 million refinance with a CMBS lender for a self-storage facility in Austin.

            Michael Laurencelle, an associate director in MMCC’s Austin office, arranged the loan.

            “The borrower’s net operating income from this property was low for a loan of this size,” says Laurencelle. “Obtaining approval took six months, during which time we worked closely and diligently with an appraiser to demonstrate value.”

David Knobler

 “David Knobler, an associate in Marcus & Millichap Real Estate Investment Services’ Houston office, was instrumental in supplying sales comparables, which helped to raise the appraisal value to an acceptable level,” adds Laurencelle.

            The 10-year loan amortizes over 30 years at 4.54 percent. The loan-to-value is 75 percent.

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

Public Relations

(925) 953-1716

Aventura Business Park in Miami-Dade County, FL Sells for $17.3 Million

  

Aventura Business Park
Miami-Dade County, FL

 MIAMI, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Aventura Business Park, a 203,567-square foot industrial warehouse park. The asset commanded a selling price of $17.3 million, or approximately $85 per square foot.

            Douglas K. Mandel, a vice president investments in Marcus & Millichap’s Fort Lauderdale office, represented both the seller, and the buyer, Bristol Group Inc.

Douglas K. Mandel

“A best-of-class asset in a land-constrained market with high barriers to entry, the property offers exceptional upside potential, particularly considering its low cost of ownership,” says Mandel. 

Completed in 1989, the property consists of three buildings situated in a secure office park setting located just off Interstate 95 and Ives Dairy Road.

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

Public Relations

(925) 953-1716

HFF arranges $19.6 million financing for student housing community at University of Alabama in Tuscaloosa

The Bluffs at Waterworks Landing
Student Housing, Tuscaloosa, AL

DALLAS, TX – HFF announced it has arranged $19.6 million in financing for The Bluff at Waterworks Landing, a newly-constructed, 162-unit, 308-bed, off-campus student housing community serving the University of Alabama.

Working exclusively on behalf of Ellis-Trick Multifamily, HFF placed the 10-year, 3.77 percent fixed-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  

The loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  Loan proceeds were used to refinance the original construction debt on the property.

Adam Herrin

The HFF team representing the borrower was led by associate director Adam Herrin.

The Bluff at Waterworks Landing is located less than one mile from campus at 534 7th Avenue Northeast near the intersection of Jack Warner Parkway Northeast and McFarland Boulevard East. 

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

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

Landlord-representation specialist Eric Myers joins Avison Young in Chicago

Eric Myers

CHICAGO, IL  /PRNewswire/ - Michael McKiernan, Avison Young Principal and Managing Director of the company's Chicago office,announced that leading commercial real estate broker Eric Myers has joined Avison Young's brokerage operations in Chicago.

Effective immediately, Myers joins Avison Young as a Principal and will

lead the firm's landlord/agency-leasing efforts in Chicago and the

Midwest.

Myers brings 21 years of commercial real estate industry experience to

Avison Young. During his career, he has closed more than 3 million

square feet (msf) of office leases in the Chicago metropolitan area.

Michael McKiernan

He was most recently an office leasing broker specializing in landlord

representation with Tishman Speyer in Chicago.

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

Media Relations:             

Sherry Quan                 

(604) 647-5098 or (604) 726-0959

email: sherry.quan@avisonyoung.com

Preferred Apartment Communities, Inc. Announces Acquisition of Three Multifamily Communities

ATLANTA, GA /PRNewswire/ -- Preferred Apartment Communities, Inc. (NYSE MKT: APTS) ("PAC") announced its acquisition of three multifamily communities aggregating 928 apartment homes located in Atlanta, Georgia, Austin, Texas and suburban Raleigh, North Carolina utilizing a portion of the net proceeds from PAC's recently completed $40.0 million private placement transaction.

 Following the closings of these acquisitions, the multifamily communities will each be rebranded as "a Preferred Apartment Community."

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

Leonard A. Silverstein,

President and Chief Operating Officer,

Preferred Apartment Communities, Inc.,

+1-770-818-4147,

lsilverstein@pacapts.com

Three-Quarter-Acre Santa Monica, CA Redevelopment Site Sold by Marcus & Millichap

Santa Monica, CA redevelopment site
1513 Lincoln Boulevard

SANTA MONICA, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 0.73-acre lot slated for redevelopment in Santa Monica. The terms of the sale were not disclosed.

            Vice presidents investments Alex Kozakov and Patrick Wade, both in the firm’s Los Angeles office, represented the seller, a private partnership. Kozakov and Wade also represented the buyer, an institutional joint venture.

Alex Kozakov

“Situated in an A-plus location of Santa Monica, the asset was in great demand as a mixed-use redevelopment project,” says Kozakov. “The lot carries the highly desirable zoning designation ‘mixed-use boulevard’ under the Santa Monica Land Use and Circulation Element.”

Located at 1613 Lincoln Blvd. one parcel south of the signalized southeast corner at Colorado Avenue and just north of Interstate 10—the Santa Monica Freeway—the site faces the newly planned Expo light-rail line. The light rail will run along Colorado Avenue and connect downtown Santa Monica to downtown Los Angeles.

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

Public Relations

(925) 953-1716

Crescent Resources Acquires 221 Acres for New Residential Community in Tennessee

Keith Glenn

FRANKLIN, TN /PRNewswire/ -- Crescent Resources, LLC, has acquired 221 acres from South Carothers Partners, LLC for a new residential community named Lockwood Glen.

Planning is under way for the master-planned community of up to 384 for-sale homes and 240 apartment homes, and construction of the initial phase of 70 single-family homesites and 27 townhomes will begin in March.

The property is located along the east side of the I-65 corridor approximately one mile south of Murfreesboro Road and will feature approximately one mile of frontage on the recently approved extension of Carothers Parkway.

Lockwood Glenn development
area, middle Tennessee

"Williamson County is one of the most vibrant and economically attractive areas in the Southeast, and this property is well-positioned to satisfy the high demand for new housing," said Keith Glenn, vice president of the residential division for Crescent Resources.

 "Adjacent to the major roadways that connect Cool Springs' employment center and the planned Berry Farms, this is an exceptional location for a new master-planned community. With the addition of our thoughtful land plan and desirable amenities, we'll transform the property into a great place to call home."

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

Kathryn Blanchard,

+1-704-376-3434,

kblanchard@crown-com.com

Web Site: http://www.crescent-resources.com

Parkway Agrees To Purchase Eight Office Buildings in Prime Submarket of Jacksonville, FL

James R. Heistand

ORLANDO, FL /PRNewswire/ -- Parkway Properties, Inc. (NYSE: PKY) announced it has entered into a purchase and sale agreement to acquire a portfolio of eight office properties totaling 1.0 million square feet located in the Deerwood submarket of Jacksonville, Florida (the "Deerwood Portfolio") for a purchase price of $130 million.

 The properties were developed in phases from 1996 through 2005 and are currently a combined 93.7% occupied with an average in place gross rent per square foot of $19.11. 

James R. Heistand, Parkway's President and Chief Executive Officer, stated, "We believe the Deerwood portfolio offers a stable, core investment with strong occupancy and a high-quality rent roll. 

"  The Deerwood submarket has been a targeted growth area for Parkway given its prime location and the many amenities it offers, attracting a multitude of institutional and strong credit tenants to the area. 

“Parkway will have a critical mass in this submarket, owning approximately 29% of the total office inventory, which should provide us with operational efficiencies and leasing advantages.  In addition, our attractive cost basis of $128 per square foot represents a significant discount to estimated replacement cost."

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

Thomas E. Blalock

Vice President of Investor Relations

(407) 650-0593

Arbor Selected by HUD as Approved Lender for Low Income Housing Tax Credit Pilot Program

Joseph Donovan

UNIONDALE, NY (Jan. 30, 2013) - Arbor Commercial Mortgage, LLC (“Arbor”), a leading, direct commercial real estate lender originating on a national basis, has further expanded its multifamily Federal Housing Administration (FHA) loan origination capabilities with HUD approval to participate in the Low-Income Housing Tax Credit (“LIHTC”) Pilot Program.

 The LIHTC Pilot program was launched to streamline the approval process for FHA-insured mortgage loans on affordable housing projects that utilize LIHTCs and allows for closings within 90 days.  The program also significantly increases the amount of repairs/rehabilitation allowed under the Section 223(f) program and creates a separate application platform and processing track for Section 223(f) transactions. 

The LIHTC Program initially launched in early 2012 through HUD offices in Chicago, Detroit, Boston and Los Angeles and recently expanded to the Atlanta, Denver, San Francisco, Seattle and Fort Worth, TX, offices.

 “We are pleased to have been selected by HUD for this innovative pilot program. By offering the LIHTC Program in conjunction with our extensive experience and knowledge of the affordable housing marketplace, we will now be able to better fulfill our clients’ needs and help them secure quicker approval for the preservation of affordable housing,” said Joseph Donovan, Arbor’s Senior Vice President, Director of FHA Lending.

As an approved FHA Multifamily Accelerated Processing and LEAN Lender, Arbor’s FHA Group provides borrowers access to all FHA-insured multifamily and healthcare loan programs on an expedited basis. Arbor also provides Bridge loans that are underwritten to a permanent FHA loan take out.

 Contact:  Christopher Ostrowski, costrowski@arbor.com

Charles Dunn Company Completes $4.96 Million Sale of Multifamily Property in Los Angeles

1522 South Hayworth Ave.
Los Angeles, CA

  LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $4.96 million sale of a 17-unit multifamily property located near Fairfax Ave. and Pico Blvd. at 1522 S. Hayworth Ave. in Los Angeles.

Albert Shilton and Blake Rogers of Charles Dunn Company represented the sellers, private investors from Los Angeles, as well as the buyer, Los Angeles-based South Hayworth Investments.

The property traded in the off-market transaction for a 4.2 percent cap rate, and at a $228 cost per square foot. The cap rate is the lowest achieved in the 90035 zip code since 2006.

Albert Shilton

The property includes 16, two-bedroom, two-bathroom units and one, one-bedroom/one-bathroom unit. Rents for the two-bedroom units ranged from $1,650-1,825 at the close of escrow. 

The majority of the units are two-story, townhouse-style floor-plans with large balconies and central air conditioning.

“Our client intends to renovate unit interiors and add common area amenities to increase rents,” said Shilton. “The revenue is expected to increase by 20 percent and since the property is not subject to rent control, this increase can be realized relatively quickly.”

Blake Rogers

The property traded in the off-market transaction for a 4.2 percent cap rate, and at a $228 cost per square foot. The cap rate is the lowest achieved in the 90035 zip code since 2006.

“The buyer capitalized on the opportunity to purchase a non-rent controlled asset in a prime area that sees very few transactions,” said Rogers. “While the going-in cap rate is low, the pro forma cap rate approaches 6 percent, which is significantly higher than market.”

Shilton and Rogers specialize in the sale of multifamily properties and land for development within Los Angeles and Orange Counties. In 2012, they closed on transactions totaling approximately $39,000,000 representing over 500 existing and future units.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Cousins and Watkins Retail Group Open Mahan Village in Tallahassee, FL

  

 ATLANTA, GA – Mahan Village is now open for business. The community shopping center developed by Cousins Properties Incorporated (NYSE: CUZ) with Watkins Retail Group and New Horizon Retail is anchored by Academy Sports + Outdoors and Publix Supermarkets.

 It also has 30,000 square feet of shops and restaurants, such as Uncle Maddio’s Pizza Joint, Bruegger’s Bagels, Moe’s Southwest Grill, Jersey Mike’s, Sport Clips and H&R Block. 

Michael Cohn

The $26 million+ development at Capital Circle and Mahan Drive is located at one of the busiest intersections in the City of Tallahassee.

“We’re proud to have Mahan Village 90 percent leased upon opening, including first-rate anchor tenants that fit the vibrant and booming Tallahassee area,” said Michael Cohn, Cousins’ executive vice president.

In early 2011, Cousins announced a partnership with Watkins Retail Group to recapitalize Publix-anchored neighborhood shopping centers in Florida and Tennessee. This will be the fifth project the two companies have partnered.

The Publix Supermarket (45,600 square feet) was relocated to Mahan Village from an existing, undersized store located across the street. Academy Sports & Outdoors (67,664 square feet) chose to locate its only store in the Tallahassee market in Mahan Village

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

Rachel Tobin,

Jackson Spalding                                                                                                                                                                

(404) 724-2501;

rtobin@jacksonspalding.com

Feeling Stable: Retail Sector Starts to Find Its Bearings in 2012

  

Michael Bull in Recording Studio

 ATLANTA, GA (Jan. 29, 2013) – After enduring a brutal stretch during the Great Recession and its aftermath, the U.S. retail real estate sector stabilized in 2012.

 That was the consensus of a panel of experts on the most recent episode of the weekly “Commercial Real Estate Show” radio program, hosted by Michael Bull of Bull Realty. The episode took an enlightening look at the sector, examining investment sales, development trends and retailers that are expanding.

Dan Fasulo

“We definitely moved into a period of stabilization [last year],” said Dan Fasulo, managing director of Real Capital Analytics. “We’re not seeing huge declines in occupancy anymore, not really seeing rents plummeting. There might be certain submarkets that are still pressured, but all in all, fundamentals have stabilized.”

 The sector should continue to improve gradually in the year ahead, Fasulo added. “I think we’ll see incremental growth,” he said. “The U.S. economy is like a big ship – once it’s going in the right direction, it’s hard to turn back around.”

Bob Simons

 All of the components of the retail real estate sector are feeling better about the industry, said Bob Simons, a partner with the Hartman Simons commercial real estate law firm.

“There’s an increased confidence,” he said. “There’s confidence from the consumers – [they] are starting to spend more money out there. There’s increased confidence from the equity markets. Going back to ’09, 2010, the equity markets were running as fast as they could from the retail sector.

John Crossman

“They’re starting to come back, and valuations are starting to stabilize, improve, which brings lenders back to the fold.”

 Despite the overall uptick, the sector still faces issues, and filling vacancies can remain a challenge. John Crossman, CEO of Crossman & Co., said his firm often has to get creative to fill the retail properties it leases.

 “We’re being very pro-active on non-traditional uses … ,” he said. “Maybe there’s an office tenant that comes into a retail space. We’re [finding] medical [tenants], which can be very helpful, and we’ve had churches come into shopping centers.”

Jeff Fuqua

The guests said the sector is nearing the point where new development is feasible, but Jeff Fuqua of Fuqua Development said new retail properties will be a good deal smaller than the suburban power centers of the past, will incorporate other uses such as residential, and will be located in intown or dense suburban environments. Contemporary retail developments are“smaller, more complicated, more expensive – [they’re] different,” he added.

 According to the guests, sporting-good chains and specialty grocers are adding sites aggressively, while home-improvement retailers have been stagnant when it comes to expansion.

The entire episode on the U.S retail real estate market is available for download at www.CREshow.com.

 The next “Commercial Real Estate Show” will be available Jan. 31 and will examine the U.S. industrial market.

Contact:

Stephen Ursery

The Wilbert Group

E-mail: sursery@thewilbertgroup.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.wnspr.com