$12.8 Million Lowe’s Ground Lease Hits the Market in New England

Lowe's facility, 64 Manchester Drive
Windham, ME

WINDHAM, ME – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for the triple-net ground lease on a 138,134-square foot Lowe’s in Windham, Maine. The listing price of $12,890,625 equates to $93 per square foot.

Robert Horvath

            Robert Horvath, a vice president investments, and Todd Tremblay, an associate vice president investments, both in the Boston office of Marcus & Millichap, are representing the seller, a regional developer.

            “The original 20-year lease was signed in March 2005, which leaves 12-plus years on the initial term,” says Horvath. “The lease has six five-year options to renew and rental increases of five percent are scheduled to occur at the commencement of each exercised option period.”

“The Windham Lowe’s is situated within a well-established retail trade area with close proximity to numerous national tenants,” adds Tremblay. “The ground lease is absolute triple-net with zero landlord responsibilities.”

The store is located at 64 Manchester Drive in Windham, Maine off U.S. Route 302, a main thoroughfare through Southern Maine known in the region as the Roosevelt Trail.

Todd Tremblay

Traffic counts along Route 302 exceed 21,780 vehicles per day.

Windham is part of the Portland/South Portland/Biddeford metropolitan statistical area.

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

Ben Johnson

 Marketing Director

(925) 953-1736

Marcus & Millichap Names Raj Ravi Regional Manager in Orlando, FL

Raj Ravi

 ORLANDO, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Raj Ravi regional manager of its Orlando office, according to John J. Kerin, president and chief executive officer.

“As the sales manager in Tampa and Orlando, Raj demonstrated his expertise in expanding our national market-making capabilities to clients in the Gulf Coast region and throughout Central Florida,” says Kerin. “As regional manager, he will continue to expand the Orlando office and provide leadership and support to our investment professionals.”

Ravi began his career with Marcus & Millichap in March 2012 as the sales manager of the firm’s Tampa office.  He transferred to the Orlando office and became the sales manager there in July 2012.

John J. Kerin

Prior to joining the firm, Ravi was the managing director of a Florida-based full-service brokerage firm with offices in Tampa and Palm Harbor.

He received a bachelor’s degree in decision and information sciences from the University of Florida and is a certified commercial investment member (CCIM). 

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

Ben Johnson

 Marketing Director

(925) 953-1736

Where Are the Five Fastest-Moving Housing Markets in the U.S.?

Orange County, CA Skyline

EMERYVILLE, CA – Zip Realty reports the fastest-moving housing markets are in the West, based on declines in median days on market. These same metro areas saw a huge increase in the number of homes selling in seven days or less.

The Top 5 Fastest-Moving Housing Markets ZipRealty surveyed are Orange County, CA, San Diego, Sacramento, Los Angeles and Las Vegas. http://bit.ly/Yptt8S

San Diego, CA Skyline

 Orange County, CA

 ·         Median days on market declined 71% from 52 to 15 on a YOY basis as of 3/31/2013.

·         29% of OC housing sells in 7 days or less, a 17 percentage-point increase from the previous year.

·         OC median home prices increased 27% to $495,000 on a YOY basis.

San Diego

 ·         Median days on market declined 59% from 49 to 20 on a YOY basis as of as of 3/31/2013.

·         One-quarter or 25% of San Diego houses sell in 7 days or less, a 13 percentage-point increase from the previous year.

·         San Diego median home prices increased 22% to $390,000.

Sacramento, CA Skyline

Sacramento

 ·         Median days on market declined 57% from 28 to 12 on a YOY basis as of 3/31/2013.

·         Nearly one-third – 30% – of Sacramento houses sell in 7 days or less, an 11 percentage-point increase from the previous year.

·         Sacramento median home prices increased 31% to $210,000.

Los Angeles

Los Angeles, CA Skyline

 ·         Median days on market declined 56% from 52 to 15 in 2013.

·         29% of the homes in LA County sold in 7 days or less, an increase of 17 percentage points from the previous year.

·         LA County median home prices  increased 26% to $307,564

Las Vegas

 ·         Median days on market declined 53% from 28 to 12 in 2013.

·         Nearly one-third, or 30%, of Las Vegas homes sold in less than 7 days, an increase of 11 percentage points from the previous year.

·         Las Vegas median home prices increased 35% on a YOY basis to $148,500.

Las Vegas, NV Skyline

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

 Stacey Corso

Public Relations Manager

ZipRealty, Inc.

Office: 510.735.2667

Cell: 415.672.6460

www.ziprealty.com

Follow us on Twitter: @ZipRealty

Atlantic | Pacific Secures Management Assignment of Atlas Plaza in Miami Design District

       

 

           

MIAMI, FL  – Atlantic | Pacific Management, subsidiary of Atlantic | Pacific Companies, is pleased to announce its appointment as the property management company for Atlas Plaza located in the Miami Design District, home of Michael’s Genuine Food & Drink, and the future home of Rolex and Longchamp.

Located on NE 39th Street and NE 40th Street, Atlas Plaza is approximately 22,000 square feet. The property is home to a number of luxury boutiques including Turchin Love & Light, Sebastien James, I On The District, Hair Dragon, Scotch & Soda, and Markowicz Fine Art.

 Atlantic | Pacific Management Senior Managing Director Tom Smith says “Atlantic | Pacific Management is delighted to include Atlas Plaza and its luxury brand tenant roster to our expanding retail management portfolio.”

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

  

Randy Weisburd

rweisburd@apmanagement.net.

www.apmanagement.net

Jessica Wade Pfeffer / Jessica Wade Inc.

Jessica@jessicawadeinc.com

 305.804.8424

Snyder Langston | Optym Names Dale Colosi as Senior Project Manager

John F. Rochford

IRVINE, CA— Snyder Langston, one of Southern California’s largest and most respected builders, has named Dale Colosi as senior project manager in its Optym division, which specializes its focus on tenant improvements and special projects that require a quick, nimble response.

With more than 30 years of industry experience, Colosi offers a diversity of expertise in retail, restaurant, commercial, institutional, industrial, residential, and specialty products.

Colosi recently served as a construction manager with WD Partners, where he acted as an owner’s representative to shepherd projects from site selection to completion.

“Dale is an important addition to our Snyder Langston team. His extensive background and proven success in all aspects of the construction process will support making our Optym division even stronger and more efficient, which in turn will benefit our firm as well as our valued clients,” said John F. Rochford, president  and COO, Snyder Langston.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949-278-6224

Stan Johnson Co. Completes $5.87 Million Sale of FedEx Property in Alpharetta, GA

              FedEx facility, 1525 Morrison Parkway, Alpharetta, GA

ATLANTA, GA  – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the $5.87 million sale of an 88,215-square-foot industrial property 100 percent leased to FedEx Corporation and located on 19.97 acres at 1525 Morrison Pkwy in Alpharetta, Georgia.

Britton Burdette

 Britton Burdette of Stan Johnson Company represented both the buyer, Sealy & Company, Inc., and the seller, Wallace Enterprise, in this transaction. The property featured five years remaining on a recently extended NN lease term with one three-year renewal option. Originally constructed as a build-to-suit, the property has been occupied by FedEx since 1998.

                The property is strategically located in a dense area of Alpharetta, 25 miles north of downtown Atlanta in a solid performing industrial submarket with strong demographics.

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

David Ebeling

Ebeling Communications

(949) 278-7851

     

Little Rock Marriott Celebrates Grand Opening

  

                          Little Rock Marriott, Downtown Little Rock, AR

ATLANTA, GA - - May 2, 2013 - Officials today celebrated Little Rock’s newest Marriott Hotels & Resorts property, the 418-room Little Rock Marriott in downtown Little Rock, Ark. 

To commemorate the event, the hotel hosted a special ribbon cutting ceremony with community and business leaders.  

The hotel, operated by Davidson Hotels & Resorts and owned by an affiliate of Fairwood Capital, will undergo a multi-million dollar renovation of all guest rooms and public spaces starting in early 2014.

“The addition of the Marriott Hotels & Resorts flag, along with its associated accommodations, amenities and reservation system, will better position our hotel to meet the needs and demands of both business and leisure travelers seeking upscale accommodations in the area,” said Bill Fontes, general manager.  “We are the only full-service Marriott hotel in Arkansas which we believe gives us a significant competitive advantage.”

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

Chris Daly

President

Daly Gray, Inc.

Ph: 703-435-6293

Cell: 703-864-5553

www.MarriottHotels.com.

www.facebook.com/marriott

www.davidsonhotels.com.

Cyndi Norwood                                                                                                               

Davidson Hotels & Resorts                                                                                           

(678) 349-0909                                                                                                                 

cnorwood@davidsonhotels.com

     

Robert LaCasse Joins Davidson Hotels and Resorts Team as General Manager of the Hyatt Regency Newport

  

                         Hyatt Regency Newport, Downtown Newport, RI

Newport, RI, May 2, 2013 – Robert “Bob” LaCasse has joined Davidson Hotels & Resorts’ team as general manager of the Hyatt Regency Newport, a resort property in downtown Newport surrounded by the waters of Narragansett Bay. 

Robert LaCasse

He brings with him more than 25 years’ experience in the hospitality industry. Most recently he served as regional director of operations for Interstate Hotels & Resorts where he oversaw the day-to‐-day operation of five hotels. Prior to that, he was with HEI Hotels & Resorts, Le Meridien Hotel and the general manager at the Sheraton Austin in Texas.

“Bob brings with him a wealth of industry expertise that will prove invaluable as the Hyatt Regency Newport seeks to improve its market share,” said Patrick Lupsha, COO of Davidson Hotels and Resorts, the hotel’s management company.

Patrick Lupsha

LaCasse has held a variety of roles throughout the hospitality industry, where he started as an executive steward at the Sheraton Boston Hotel. He was promoted up through the ranks to director of food and beverage. He has a Bachelor of Science from Hesser College, as well as a certification in Graphic/Advertising Arts from Blue Hills Vocational Technical Institute.

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

Cassandra Earle

Regional Marketing Manager

Hyatt Regency Newport

(401) 851- 3322 

cearle@hyattnewport.com

Chris Daly

President

Daly Gray, Inc.

Ph: 703-435-6293

Cell: 703-864-5553

www.davidsonhotels.com.

Marcus & Millichap Notes Healthcare Providers Look to Real Estate to Create Efficiencies and Cut Costs

  

Alan L. Pontius

 CALABASAS, CA – Exclusive research by Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, reveals that ever-increasing operational costs and potential physician shortages are forcing providers to identify and exploit opportunities to create efficiencies and maximize revenues.

Many large practices and health systems have started to look to real estate for assistance in meeting these objectives.

Bill Hughes

“From an investment perspective, health system mergers and acquisitions stand to elevate the overall credit characteristics of the nation’s medical office sector, resulting in additional high-quality acquisition opportunities, and potentially more favorable financing terms,” says Alan L. Pontius, managing director of the firm’s National Office and Industrial Properties Group (NOIPG).

 “While a shrinking tenant pool, along with ongoing pressure on reimbursements, may act as headwinds to rent growth in coming years, the lower-risk profile associated with hospital-grade tenants should counterbalance any impact on property prices and cap rates.”

Pontius also believes that healthcare industry consolidation and an approaching wave of physician retirements will contribute to further divergence in property performance and values based on asset age, as large providers overlook many aging properties due to their inflexible designs.

When it comes to financing, the medical office sector continues to be a magnet for capital. “Financing remains abundant for institutional-grade medical office buildings, such as performing on-campus assets and select top-quality off-campus properties affiliated with high-credit hospital systems,” says Bill Hughes, senior vice president and managing director of Marcus & Millichap Capital Corp.

Hughes also notes that commercial mortgage-backed securities (CMBS) originations in the medical office space increased 60% in 2012.

            Marcus & Millichap’s Research Department produces more than 800 reports annually, and is considered a leading source for the latest, authoritative industry information. A copy of the new 2013 Medical Office Research Report is attached.

  

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

Ben Johnson,

Marketing Director

(925) 953-1736

HFF marketing for sale Lincoln at River Run in suburban Chicago, IL

Lincoln at River Run Apartments
Bolingbrook, IL

CHICAGO, IL – HFF announced today that it has been selected to market the sale of Lincoln at River Run, a 374-unit, Class A, garden-style multi-housing community in Bolingbrook, Illinois.

Matthew Lawton

HFF is marketing the property for an undisclosed amount free and clear of debt on behalf of the seller, Multi-Employer Property Trust (“MEPT”) advised by Bentall Kennedy. 

Lincoln at River Run is located at 350 Whitewater Drive on the border of Bolingbrook and Naperville approximately 30 miles southwest of downtown Chicago. 

Situated on 25.14 acres with views of the DuPage River and access to nearby parks, the property is 95 percent leased and units average 945 square feet each.  Community amenities include an outdoor resort-style swimming pool, 24-hour fitness center, clubhouse and business center.

Sean Fogarty

The HFF investment sales team representing the seller is led by executive managing director Matthew Lawton and managing directors Sean Fogarty and Marty O’Connell.

MEPT is a $5.7 billion, open-end commingled real estate equity fund that invests in a diversified portfolio of institutional-quality real estate assets in 30 major metropolitan markets across the U.S.  Founded in 1982, MEPT is owned by approximately 360 multi-employer, public employee and corporate pension plans.  MEPT is recognized as a pioneer in Responsible Property Investing (RPI) and is one of the largest U.S. real estate funds that is signatory to the UN Principals for Responsible Investment (UN PRI).

Marty O'Connell

Bentall Kennedy is one of North America’s largest real estate investment advisors, providing its clients with access to one comprehensive North American real estate platform.  Bentall Kennedy serves the interests of more than 500 clients on assets of more than $30 billion across 140 million square feet of office, retail, industrial and multifamily properties.

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

NAI Realvest Negotiates New Lease with retailer selling Licensed Disney Products at Kissimmee Shopping Center

Kissimmee Shopping Center, Kissimmee, FL

 ORLANDO, FL – NAI Realvest recently negotiated a new lease agreement for 8,983 square feet at Kissimmee Shopping Center at 2545 Old Vineland Rd. with a retailer focusing on selling licensed Disney products.

Paul Partyka

 Paul P. Partyka, managing partner at NAI Realvest, brokered the transaction representing the landlord, Herndon, Va.-based KVOS, LLC.   Partyka said the Kissimmee Shopping Center is the second Central Florida location for the tenant, Party & Gift Outlet doing business as Licensed Disney Products of Kissimmee.

 Licensed Disney Products joins national tenants Tommy Hilfiger, Nike, Converse , Dollar Tree and Bealls at the center located at 2501-2573 Old Vineland Rd.

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

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

Celebration Golf Club launches second season of Golf ‘n Gals League, membership still open

Celebration, FL--- Celebration Golf Club near Walt Disney World launched the second season of its Golf’n Gals 9 Hole Ladies League recently with a launch party that included cocktails, hors d’oeuvres, announcements, news of exciting trunk shows, and prizes.

Carol Daniels

“We are looking forward to a successful season of good times and golf.” said Golf Sales Agent Carol Daniels

“We hosted more than 30 ladies and our first event will tee off Wednesday May 8 with a shotgun start at 5:30 p.m.,” Daniels said.

A $20 registration fee includes green fees, cart fees and prizes following the nine-hole event.

The season ends with a tournament in November to benefit the American Cancer Society.

To join the Golf’n Gals League, RSVP by phone to the Celebration Golf Shop at 407-566-4653ext 4605 or email cdaniels@celebrationgolf.com/

Trepp April 2013 US CMBS Delinquency Report: Rate Plunges; Lowest Level Sinc­e November 2010

NEW YORK, NY -- In April, the Trepp CMBS delinquency rate posted its lowest reading in more than two years.

 The 47 basis point drop in the delinquency rate was the biggest one month gain since Trepp began publishing the number in the fall of 2009.

 All major property types saw their delinquency rates fall in April. Hotel and apartment loans led the pack, each with more than 100 basis points in improvement.

The delinquency rate for US commercial real estate loans in CMBS was 9.03% in April, the lowest reading since the November 2010 rate of 8.92%.

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

Eric R. Gerard

Senior Vice President

Great Ink Communications

27 Union Square West, Suite 205

New York, NY 10001

(212) 741-2977

McCarthy Completes Design-Build Master Plan for Phased Approach to Expansion of Sharp Chula Vista Medical Center in San Diego’s South Bay

Sharp Chula Vista Medical Center 
751 Medical Center Court
 Chula Vista, CA

SAN DIEGO – Utilizing a unique design-build approach, McCarthy Building Companies, Inc., in concert with the Cuningham Group (formerly NTD Healthcare), has completed the master plan for the Sharp Chula Vista Medical Center, located at 751 Medical Center Court in Chula Vista, Calif.

Performed on behalf of Sharp HealthCare, the master plan creates a clear, realistic, constructible road map for a five-phased expansion of the hospital campus over the nearly two decades.

 The Sharp Chula Vista Medical Center acute care campus originally was developed in 1973 upon the donation of the 32-acre land parcel. 

The East Tower, which provided 139 inpatient beds, opened in 1979 and was augmented in 1989 with the Birch Patrick skilled nursing facility, which added an additional 100 beds for skilled nursing and long-term care beds. 

The campus was expanded in 1991 with the addition of the West Tower, providing an additional 104 inpatient beds and expanding the hospital’s women’s health and emergency care services to residents of the south bay region of San Diego County.

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

Bonnie Kutch

Director

619-299-1010

Kutch & Company

6434 Caminito Listo | Suite B-100 | San Diego, California 92111

"Keeping our clients in the limelight"

 www.kutchco.com

$26.6 Million Three-Property Sale Arranged by Marcus & Millichap

226-247 Wanaque Ave., Pompton Lakes, NJ

ELMWOOD PARK, NJ – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of two retail properties in Manhattan’s West Village and one mixed-use property in Pompton Lakes, N.J., The three properties commanded a total selling price of $26,650,000. They are:

• 333 Sixth Ave., New York, N.Y., a retail condominium, $16,500,000
• 192 Seventh Ave. South, New York, N.Y., a net-leased retail property, $4,100,000
• 226-247 Wanaque Ave., Pompton Lakes, N.J., four mixed-use assets, $6,050,000

Mark Gjonbalaj

In the purchase of the two Manhattan properties, Mark Gjonbalaj, a senior associate in Marcus & Millichap’s New Jersey office, represented The Jackson Group, a New York-based investor specializing in urban retail investment opportunities. Gjonbalaj also represented Florida-based YMZ Realty LLC and Tilou Realty Corporation, a local family, in the respective sales of the Sixth Avenue and Seventh Avenue assets.

            “The Jackson Group has redevelopment plans for both West Village properties,” says Gjonbalaj. 

192 Seventh Ave. South, New York, NY

“Sixth Avenue is a tremendous retail location with over 100 feet of prime retail frontage that will be repositioned with trendy retailers. Situated near the New York University campus, this location is a 24/7 retail business environment that will continue to command higher rents,” adds Gjonbalaj.

            “The 192 Seventh Ave. South property is located on a prime West Village corner, three blocks from a subway stop and across the street from the St. Vincent’s redevelopment site,” Gjonbalaj continues. 

  “The property is net-leased at a below market rent, and with 4,575 square feet of available air rights, there is potential for future redevelopment.”

333 Sixth Ave., New York, NY

Gjonbalaj also advised the buyer of 226-247 Wanaque Ave., Ocean Lake Realty LLC, a New Jersey-based investor.

 Barbara Dansker, an associate in the firm’s Manhattan office, and Michael Lombardi, a senior associate in Marcus & Millichap’s New Jersey office, represented the seller, Alrose Pompton LLC.

            “The Wanaque Avenue properties comprise a four-building mixed-use package situated in the main local business district of Pompton Lakes,” Gjonbalaj concludes.  “The properties are 100 percent leased and one tenant has 11-plus years remaining on the lease, which has a 3 percent annual rental escalation.”

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

Ben Johnson,

 Marketing Director

(925) 953-1736