Cuhaci & Peterson Architects completes design of Four Fresh Markets in Houston, TX

  

ORLANDO, FL --- Cuhaci & Peterson Architects Engineers Planners, based in Orlando’s Baldwin Park recently completed design work on four Fresh Market stores in Houston. The locations are at 5016 San Felipe, 12516 Memorial, 3745 Westheimer and 2617 West Holcombe.

Lonnie Peterson

Lonnie Peterson, chairman of Cuhaci & Peterson Architects, said construction is now underway on the four stores — all 18,000 square feet of grocery / retail space.

This will be The Fresh Market’s first Houston stores and all four are expected to open by Fall this year.

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

Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142, lvershelco@aol.com   

Marcus & Millichap Names Ryan R. Charles Assistant General Counsel

Ryan R. Charles

CALABASAS, CA, June 14, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Ryan R. Charles as Assistant General Counsel.

 He is based in the firm’s corporate headquarters in Calabasas, reporting to First Vice President and General Counsel Paul Mudrich.

Prior to joining Marcus & Millichap, Charles served as a Lieutenant in the U.S. Navy Judge Advocate General’s Corps (JAGC).

Paul Mudrich

His JAGC assignments included defending service members facing prosecution under the Uniform Code of Military Justice, advising law of armed conflict detainee review boards in Afghanistan, and most recently serving as Staff Judge Advocate (equivalent to general counsel) to Recruit Training Command, the Navy’s only “boot camp.”

Prior to joining the Navy, Charles served as a law clerk to the Honorable Eugene E. Siler, Jr., of the United States Court of Appeals for the Sixth Circuit, where he worked on numerous circuit court decisions that now serve as federal appellate case law.

Charles is a graduate of Sewanee: The University of the South and the Pepperdine University School of Law. He is a native of Petoskey, MI.

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

Ben Johnson

 Marketing Director

 Marcus & Millichap

2999 Oak Road

Suite 210

Walnut Creek, CA 94597

 (925) 953-1700 ext. 1736

(925) 953-1710 fax

(925) 270-9079 cell

ben.johnson@marcusmillichap.com

   Follow us at http://www.Twitter.com/mmreis

Marcus & Millichap Finds Escalating Consumer Confidence Bodes Well for Retail but Sales Still Divided Between Luxury and Discount

WALNUT CREEK, CA -- Resilient spending reflects improving economic conditions that have driven retail sales beyond pre-recession levels, according to Marcus & Millichap’s second-quarter industry report.

Consumers are benefiting from rising home values, surging stock prices, declining foreclosures, and reduced household debt in a period of rising employment.

The May survey of the Consumer Confidence Index represents two consecutive months of rising values, surging to 76.2, the highest level in five years.

Significant challenges remain for consumers, however, as they continue to adjust to high structural unemployment, subdued personal income growth and higher payroll taxes.

A bifurcated spending pattern favoring the discount and luxury ends of the consumer spectrum persists, underscoring that recovery remains uneven and segments of the population continue to struggle.

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

Ben Johnson

 Marketing Director

 Marcus & Millichap

2999 Oak Road

Suite 210

Walnut Creek, CA 94597

 (925) 953-1700 ext. 1736

(925) 953-1710 fax

(925) 270-9079 cell

ben.johnson@marcusmillichap.com

   Follow us at http://www.Twitter.com/mmreis

RealtyTrac Reports U.S. Foreclosure Activity Increases 2 Percent in May Boosted by 11 Percent Rise in Bank Repossessions

  

IRVINE, CA— RealtyTrac® (www.realtytrac.com), the leading online marketplace for real estate data, today released its U.S. Foreclosure Market Report™ for May 2013, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 148,054 U.S. properties in May, an increase of 2 percent from the 75-month low in April but still down 28 percent from May 2012.

The report also shows one in every 885 U.S. housing units with a foreclosure filing during the month.

Daren Blomquist

“Foreclosure activity continued to bounce back in some markets where it may have appeared the foreclosure problem had been knocked out by an aggressive combination of foreclosure prevention efforts over the past two years,” said Daren Blomquist, vice president at RealtyTrac.

“Places like Nevada, where foreclosure starts increased to a 20-month high, and Maryland, where overall foreclosure activity increased to a 33-month high. Still, the emerging housing recovery has strengthened most local markets enough to quickly shake off a few more blows from these nagging foreclosures.”

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

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

Ginny Walker

949.502.8300, ext. 268

ginny.walker@realtytrac.com

Data and Report Licensing:

800.462.5193

datasales@realtytrac.com

Marcus & Millichap Sees Economic Tailwinds Lifting Hotel Sector into Summer

WALNUT CREEK, CA -- The thriving energy and auto manufacturing sectors, and new vigor in housing, are boosting prospects for economic growth that will support higher occupancy and room revenue in the nation’s hotels, according to Marcus & Millichap’s second-quarter industry report.

O'Hare International Airport, Chicago, IL

Government spending cuts, however, will weigh more greatly on economic growth as 2013 progresses, though the effects of reduced spending and travel by government personnel and private-sector contractors is not certain.

Recent quarterly earnings calls by major hotel owners and operators revealed that recent declines in government-related room demand have been offset by additional growth in room nights from other demand segments. As room nights rise to record levels, supply growth remains restrained.

The planning pipeline has grown over the past year, and the number of rooms under construction rose more than 18 percent during that time.

Those impending deliveries, however, will expand national room stock a manageable 1.5 percent this year and beyond.

Construction lenders still view hotel construction cautiously, thereby clouding the status of planned projects.

Overall, there is an appetite for projects in locations where a hotel can capture unfilled room demand, and an aversion to new hotels that would merely redistribute existing demand.

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

Ben Johnson

 Marketing Director

 Marcus & Millichap

2999 Oak Road

Suite 210

Walnut Creek, CA 94597

 (925) 953-1700 ext. 1736

(925) 953-1710 fax

(925) 270-9079 cell

ben.johnson@marcusmillichap.com

 Follow us at http://www.Twitter.com/mmreis

REIT CEOs Express Enthusiasm about Retail Sector’s Present and Future

  

Michael Bull

ATLANTA. GA– Encouraged by positive supply-and-demand dynamics as well as the low cost of capital, the CEOs of several retail REITs feel a strong confidence in both their individual firms and the retail sector as a whole.

Their positive outlooks are outlined in the most recent episode of the “Commercial Real Estate Show,” hosted by Michael Bull of Bull Realty.

Brad Thomas

For the second week in a row, the show featured interviews of retail REIT CEOs that were conducted by Bull Realty's Brad Thomas at the recent RECon 2013 convention in Las Vegas. 

Thomas, senior vice president of capital markets at Bull Realty, writes about REITs for Forbes, Seeking Alpha and The Street.

Mark Zalatoris

“There’s a very positive mood in the retailer environment today,” said Mark Zalatoris of Inland Real Estate Corp. “Our leasing people come back from meetings just saying they’re so enthused about the retailers’ desire to expand store counts.”

Drew Alexander

“The mood is really quite good, as the tenant interest in our product type is especially strong,” said Drew Alexander of Weingarten Realty, which focuses on acquiring, managing and developing grocery-anchored and value-retailer-anchored shopping centers.

Additionally, “people realize that a supermarket-anchored or discount-anchored shopping center is an incredibly recession-resilient vehicle so there’s tremendous investor interest,” Alexander said.

Joey Agree

Two other CEOs provided testimony to the enduring appeal of standalone, net-leased retail properties to investors.

 “We continue to see a lack of supply coming online, and there’s a ton of demand for acquisitions, both from traded and non-traded REITs as well as investors seeking yield replacement,” said Joey Agree of Agree Realty Corp. “It’s on fire.”

Craig Macnab

 “What’s happening is that the broad investor base has figured [freestanding, net-leased properties] out,” said Craig Macnab of National Retail Properties. “As a result, there’s a supply-demand imbalance. More people want to get on the gravy train.”

The low cost of financing is helping the retail sector in part by driving up purchase prices, said Joseph Cosenza, vice chairman of Inland Real Estate Corp.

Joseph Cosenza

Cosenza believes the low rates will last a while, noting the federal government’s statement that it won’t do anything to cause interest rates to rise until the unemployment rate drops to 6.5 percent. “That’s going to take a while,” he said.

The entire episode of interviews with retail REIT CEOs is available for download at www.CREshow.com. The next “Commercial Real Estate Show” will examine commercial lease issues.

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

Stephen Ursery

The Wilbert Group

404.405.2354

sursery@thewilbertgroup.com

Marcus & Millichap Sells 40 Apartment Units in New Port Richey, FL for $1.35 Million

New Port Richey Apartment Portfolio, 5644 Grand Boulevard
 New Port Richey, FL

Michael Donaldson

NEW PORT RICHEY, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of the New Port Richey Portfolio, a 40-unit apartment property located in New Port Richey, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

 The asset commanded a sales price of $1,350,000 which equates to $33,750 per unit.

Nicholas Meoli

Michael Donaldson and Nicholas Meoli, senior multifamily associates in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a fund manager. 

Meoli and Donaldson, along with Earle Hyman, a senior vice president investments in Marcus & Millichap’s Encino office, procured the buyer of the property, a limited liability company. 

Earle J. Hyman

 The New Port Richey Portfolio was built in 1973 and is located at 5644 Grand Boulevard..

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

Richard D. Matricaria

Regional Manager, Tampa

(813) 387-4700

$17.3 Million Staples Sale Arranged in Miami, FL by Marcus & Millichap Brokers Mansour, Zylberglait and Shaw

  

Staples-Leased Building, 2121 Biscayne Blvd., Miami, FL

Alvin Mansour

MIAMI, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a Staples net-leased building on Miami’s Biscayne Boulevard. The $17,375,000 sales price equates to $852 per square foot.

            Alvin Mansour of The Mansour Group, senior vice president investments in Marcus & Millichap’s San Diego office, Alex Zylberglait, vice president investments in the Miami office, and Ryan Shaw, senior associate in the Miami office, represented the seller, 2121 Biscayne Blvd. LLC. Mansour, Zylberglait and Shaw also represented the buyer.

Alex Zylberglait

            “Many investors, including a high percentage of international buyers, are seeking stable assets in Miami with highly rated national tenants,” says Mansour. “Few of these properties are being listed, however, and competition is intense.”

“The highly trafficked area where this Staples is located has enjoyed more than 70 percent residential population growth over the past decade,” adds Zylberglait. “Growth of this magnitude provides the new owner with unlimited future development potential.”

Ryan T. Shaw

As the first LEED Gold Certified retail building in Miami, this trophy asset is positioned in a densely populated area with over 470,000 residents within a five mile radius.  Staples signed a 15-year lease which commenced in 2008.  The offering provided the buyer with tremendous upside with up to 36 stories of potential development opportunity.

Located in Miami’s Design District, the property, at 2121 Biscayne Blvd, is near recognizable Miami landmarks such as Downtown Miami, South Beach, and the American Airlines Arena, home of National Basketball Association champions the Miami Heat. The Brickell Financial District is just minutes from the site.

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

Ben Johnson

Marketing Director

(925) 953-1736

Essex Realty Group Lists Multi-Family Building at 2601-15 W. Belmont Avenue, Chicago, IL.

  

2601-15 West Belmont Ave. Apartments, Chicago, IL

CHICAGO, IL -- Essex Realty Group, Inc. has been exclusively engaged to market for sale 2601-15 W. Belmont Ave. (the “Property”), a new construction, 46-unit elevator building located in Chicago’s Avondale neighborhood. 

The property consists of two-bedroom simplex and three-bedroom duplex apartments ranging from 1,040 to 2,109 square feet, and includes an underground parking garage with approximately 49 spaces.

 The Property is in final stages of construction, and will be delivered vacant with the Certificate of Occupancy upon completion.

 Situated along the North Branch of the Chicago River, on the southwest corner of Belmont Avenue and Rockwell Street, the Property is one mile east of both the Kennedy Expressway (I-90/I-94) and the CTA Belmont Station (Blue Line).  In addition, the building is located within walking distance of several CTA bus stops along Belmont and California Avenues.

Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

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

Essex Realty Group, Inc.

2211 N. Elston Avenue, Suite 302

Chicago, Illinois 60614

773.305.4900

HFF closes sale of Class A office complex in suburban New Orleans

Lakeway Center, Metairie, LA

DALLAS, TX – HFF announced today that it has closed the sale of Lakeway Center, a three-building, Class A office complex totaling 1.22 million square feet in Metairie, Louisiana.

Jeffrey Feil

 HFF marketed the property on behalf of the seller, Equity Office Properties.  The Feil Organization purchased the property for an undisclosed amount.

“We are very pleased to close the acquisition of Lakeway Center,” said Jeffrey Feil, chief executive officer of the Feil Organization.

“It is an outstanding property, which is an ideal complement to our nearby Lakeside Shopping Center.  This transaction builds on our nearly 40-year track record of investment and job creation in the greater New Orleans community. 

“We plan to continue to maintain and upgrade Lakeway Center to ensure it remains a top-tier office destination.”

Located in the suburban market of Metairie, roughly equidistant from downtown New Orleans and the New Orleans International Airport, Lakeway is the premier office development in suburban New Orleans and one of the largest office developments in the state. 

 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

www.feilorg.com

www.equityoffice.com

.

HFF named to market for sale The Crossings of Oak Brook in suburban Chicago

The Crossings of Oak Brook, Oak Brook, IL

CHICAGO, IL – HFF announced today that it has been named to market for sale The Crossings of Oak Brook, a two-building, 303,510-square-foot office complex in the western Chicago suburb of Oak Brook.

Jaime Fink

                HFF is co-marketing the property with NAI Hiffman on behalf of the seller, The Davis Companies and Arthur Goldner & Associates.  The asset is listed without a formal asking price free and clear of existing debt. 

The Crossings of Oak Brook is comprised of 1420 and 1520 Kensington Road, three-story properties that were renovated in 2010 and feature 151,340 and 152,170 square feet, respectively.

 Building amenities include a Bright Horizons daycare facility, a recently completed 50-person conference center, a sundry shop, fitness center with shower and locker facilities, and an executive café. 

Jeff Bramson

Overall, the properties are 90 percent leased to tenants including Readerlink, A.M. Castle & Co., Molina Healthcare and Cbeyond Communications.  The Crossings of Oak Brook is situated on more than 16 acres close to Interstates 88 and 294, IL Route 83, Oakbrook Center and Yorktown Center.

                The HFF team representing the seller is led by senior managing directors Jaime Fink and Jeff Bramson and director Mark Katz.  The NAI Hiffman team is led by executive vice president Dan O’Neill.

Mark Katz

                “The Crossings presents an excellent opportunity for investors to achieve outsized equity returns with minimal future capital requirements from exceptionally well-located, stabilized, Class A real estate,” said Katz.

The Davis Companies (www.thedaviscompanies.com), a real estate investment, development and management firm based in Boston, Massachusetts, was founded in 1976. 

On behalf of its clients, The Davis Companies has invested in approximately 140 properties representing over $2.5 billion in gross asset value, and has acquired approximately $550 million of commercial loans and real estate securities.  Today,

Daniel B. O'Neill

The Davis Companies, together with its affiliates, owns and manages a real estate portfolio of approximately 10 million square feet and is an active investor in real estate equity, debt, and fixed-income real estate securities.

Arthur Goldner & Associates, Inc. (AGA) and its affiliates comprise a complete and fully diversified real estate organization. The company provides its investors, tenants, landlords and clients with services and opportunities in all areas of the commercial real estate business.

  Since 1977, AGA, through its principals and affiliates, has successfully sponsored and acted as General Partner and Managing Member for more than 100 real estate investment partnerships and LLC’s. Additionally, AGA currently manages over 2.5 million square feet of real estate valued over $250 million.

 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

HFF arranges $33.5 million financing for Class A office campus in Orange County, CA

Summit Phase V, Aliso Viejo, CA

IRVINE, CA – HFF announced today that it has arranged $33.5 million in financing for Summit Phase V, two Class A office buildings totaling 250,803 square feet in Aliso Viejo, California.

Kevin MacKenzie

                HFF worked exclusively on behalf of a joint venture between Parker Properties and RREEF advising a public pension plan, to secure the 2.89 percent, fixed-rate loan through a life company.  The loan was placed for an eight-year term, full term interest-only, with proceeds used to retire existing construction financing.

                Summit Phase V is comprised of 20 and 30 Enterprise Drive plus a 1,233-space, five-story parking garage. 

The properties were completed in 2007 as the fifth phase of a 1.6 million-square-foot master planned campus with a corporate hotel, dining and fitness amenities immediately adjacent to the 73 Freeway and close to the 405 and 5 Freeways in Aliso Viejo. 

Eric Tupler

Summit Phase V is 97 percent leased to tenants including Bausch & Lomb, UST Global, Marvel Semiconductor, Avanir Pharmaceuticals and The Johnny Rockets Group.

                The HFF team representing the borrower was led by senior managing directors Kevin MacKenzie and Eric Tupler with support from real estate analyst Lee Redmond IV.

                “We were amazed at how competitive the quotes were that we received through HFF’s efforts.  This is a clear indication that lenders are felling bullish on the Orange County market once again,” said Lee Redmond III, managing member of Parker Properties.

Lee Redmond IV

                “This is a good example of how accommodating the current capital markets can be for strong sponsors with high quality assets.

“ Through an extensive marketing process, we were able to generate significant interest from a variety of life companies and banks, ultimately securing terms that aligned perfectly with the sponsor’s needs.

“ This included optimizing proceeds, loan term, a low fixed-rate, full term interest-only, and flexible prepayment,” added MacKenzie.

 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

HFF closes sale of 101 North Sepulveda Boulevard in El Segundo, CA

    101 North Sepulveda office building, El Segundo, CA

Michael Ross

LOS ANGELES, CA – HFF announced today that it closed the sale of 101 North Sepulveda, a 198,532-square-foot office building in El Segundo, California.

HFF marketed 101 North Sepulveda on behalf of a global investment manager.  The buyer, Menlo Equities, purchased the property for an undisclosed amount.

Paul Brindley

Located near the intersection of Pacific Coast Highway, 101 North Sepulveda is less than two miles south of Los Angeles International Airport, two miles from the Pacific Ocean and near the Interstate 105/405 interchange.

 The three-story building is 89 percent leased to Federal Express and International Rectifier and also includes a 734-space subterranean parking garage.

Richard Plummer

The HFF investment sales team representing the seller was led by senior managing directors Michael Ross, Paul Brindley and Richard Plummer and director Andrew Harper.  Eric Lastition, senior executive vice president of Colliers International, assisted as the leasing expert.

Andrew T. Harper

Founded in 1994 by Henry Bullock and Rick Holmstrom and headquartered in Palo Alto, California, Menlo Equities is a vertically integrated commercial real estate company engaged in the acquisition, development and operation of properties in select technology markets in the western United States.

 Since its founding, Menlo Equities has acquired or developed more than 80 properties for a total cost of approximately $2.2 billion, and has developed and built more than 3.2 million square feet of high-profile office, R&D and engineering commercial real estate.

Eric Lastition

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

Jones Lang LaSalle Closes Sale of Buckeye Logistics Center in Southwest Phoenix, AZ for $44.3M

  

Buckeye Logistics Center, 6825 and 6913 W. Buckeye Road. 
Southwest Phoenix, AZ

Mark Detmer

PHOENIX, AZ,  June 13, 2013 – Only months after joining Jones Lang LaSalle's Capital Markets group, the veteran broker team of Managing Directors Mark Detmer and Bo Mills has completed the $44.3 million sale of Buckeye Logistics Center, a two-building institutional-quality industrial project in the sought-after Southwest Phoenix submarket.

Detmer and Mills represented both the seller, Principal Real Estate Investors, and the buyer, IIT Acquisitions LLC. 

Bo Mills

As the project’s exclusive leasing brokers, Jones Lang LaSalle Executive Vice Presidents Pat Harlan and Steve Sayre, and Associate Kyle Westfall brought the property from zero to 100 percent leased and well-positioned for sale.

“This is hands down one of the best institutional-quality projects sold in Phoenix this year,” said Detmer. “It is fully leased to five strong credit tenants, has been institutionally owned and maintained since its delivery to the market, and sits at a high profile location.

Pat Harlan

“These features—along with the submarket’s rapid absorption rate and the property’s tremendous upside potential through rent growth—create a scenario that’s extremely hard to replicate.”

Built in 2008, Buckeye Logistics Center totals 684,064 square feet at 6825 and 6913 W. Buckeye Road. The 6825 building totals 380,569 square feet on 14 acres and is fully leased to HD Supply, Victory Packaging and Mor Furniture for Less.

Steve Sayre

The 6913 building totals 303,495 square feet on 17 acres and is fully leased to Philosophy and Kellogg. Both buildings offer state-of-the-art distribution features including 32’ clear, trailer storage and cross dock loading.

Located directly on Buckeye Road in Phoenix, Buckeye Logistics Center is minutes from Interstates 10 and 17, the 101 Freeway, and Sky Harbor International Airport.

The property is also within a six-hour drive to the Ports of Los Angeles and Long Beach. It is situated within Southwest Phoenix, which is home to more than 25 percent of the entire Phoenix industrial market inventory.

  

Kyle Westphall

“These are the kind of fundamentals that hit the high points of an investor’s checklist,” added Mills. “They make for long-term viability that is unrivaled in any other part of the Valley.”

 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.jll.com