Del Frisco’s Grille to Open First West Coast Florida Location at Tampa’s MetWest International

Del Frisco's Grill interior at MetWest International development,  Westshore area, Tampa, FL

MetWest International development
Westshore area, Tampa, FL

TAMPA, FL  – Del Frisco’s Grille, the winner of the 2012 Hot Concepts Award presented by Nation’s Restaurant News, will open its first Florida West Coast location next year at MetWest International.

 The restaurant has signed a lease for 9,700 square feet at MetLife’s mixed-use development in the Westshore area.

Kalyn Brandewie

“We are thrilled to bring Del Frisco’s Grille and our warm, genuine hospitality to MetWest International Tampa,” said Mark S. Mednansky, CEO of Del Frisco’s Restaurant Group. 

“Whether you’re headed to a Tampa Bay Bucs’ game – or checking out the Yankees during Spring Training, our roof deck will be the perfect place to enjoy Ahi Tacos and a cold local beer or prime steak and an amazing glass of wine from our extensive list.  All of our dishes – like our hand-crafted flatbreads – are easy to share, even if you’re just popping in after work with a group of friends.”

 “MetLife is proud to welcome a fourth new restaurant to Tampa Bay at MetWest International,” stated Chuck Davis, regional director of MetLife’s Tampa real estate investment office.

 “MetWest has become a dining destination for Tampa residents as well as the tenants of the development’s 750,000 square feet of office space. Del Frisco’s Grille with its unique rooftop bar nicely rounds out the dining options at MetWest joining Cooper’s Hawk Winery & Restaurant, Texas de Brazil and Kona Grill.” 

Martin S. Mednansky

 The Del Frisco’s Grille deal was brokered by Kalyn Brandewie of Florida Retail Partners representing MetLife and co-broker Ted Speros of ATS Realty representing Del Frisco’s Grille.

“We are thrilled that Del Frisco’s Grille is bringing its hot, new concept to MetWest,” said Kalyn Brandewie, Retail Leasing Broker for the development. “We were wowed by their Palm Beach location and knew they would be a great addition to MetWest.”

Del Frisco’s Grille is owned by Del Frisco’s Restaurant Group which is based in Southlake, Texas – just outside Dallas – which operates 39 restaurants across the country.  This will be the first Del Frisco’s Grille in the Tampa area. 

Chuck Davis

Del Frisco’s Grille is the sister restaurant to the renowned Del Frisco’s Double Eagle Steak House and Sullivan’s Steakhouse, both owned by Del Frisco’s Restaurant Group (NASDAQ: DFRG) of Southlake, TX.

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

Kalyn Brandewie,

Florida Retail Partners

(813) 251-3333

Kalyn@floridaretailpartners.com

Christine Montemurro,

MetLife

(212) 578-7129

cmontemurro@metlife.com

Casey Shaughnessy

Glodow Nead Communications

(415)394-6500

casey@glodownead.com

www.delfriscosgrille.com.

www.metlife.com/realestate.

www.floridaretailpartners.com

www.metwestinternational.com

                   

Marcus & Millichap Names 30-Year Veteran Gary Willard Western Director, National Office and Industrial Properties Group

Gary Willard

PALO ALTO, CA, Nov. 14, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Gary Willard, CCIM as western director, National Office and Industrial Properties Group (NOIPG). He is based in the firm’s Palo Alto, Calif., office, reporting to managing director Alan Pontius, who oversees NOIPG.

“Gary brings a proven track record of 30 years of investment sales experience to our team,” says Pontius. “Attracting a recognized professional of Gary’s caliber is further testament to the strength of our platform and growth strategy in the office and industrial market. His incredible background and high-profile industry presence make him ideally suited for this role.”

In his new post, Willard is charged with growing and developing Marcus & Millichap’s expanding office and industrial investment sales team for the western United States. He is also responsible for aligning and supporting the firm’s national strategic growth initiatives in the region.

Alan Pontius

As lead broker on over 150 transactions totaling $2.5 billion, Willard has gained invaluable investment brokerage expertise as well as broad and deep relationships with private and institutional investors. During his 18-year tenure with CBRE he was a member of the firm’s Institutional Services Group where he focused on disposition assignments for larger office and business park properties throughout northern California.

In 2001, Willard co-founded NAI BT Commercial’s (Cassidy Turley) Investment Services Group in San Francisco and co-managed the group through 2009.

Most recently he was a partner at TCI Properties, a boutique investment brokerage firm in Redwood City, Calif., where he and his partners represented Forest City in the $93 million sale of the Fairmount Office Center, a 326,000-square-foot high-rise in downtown San Jose.

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

Gina Relva

Public Relations Manager

(925) 953-1716

St. Thomas Aquinas High School Dedicates Multimillion Dollar Innovation Center in Fort Lauderdale, FL

High-tech classroom at St. Thomas Aquinas High School, Fort Lauderdale, FL

FORT LAUDERDALE, Fla. (November 13, 2013) – A multimillion dollar, cutting edge Innovation Center designed to stimulate creativity in students and faculty with interactive high-tech experiences has opened at St. Thomas Aquinas High School.

 Contractor on the project was Herman Construction Services in Sunrise, Fla. and the architect was Anderson Architecture in Boca Raton, Fla.

St. Thomas Aquinas High School’s
Bienes Center for the Arts,
a 315-seat theater

 The nearly 6,000 square-foot Innovation Center features technology, furniture and lighting throughout five glass-walled classrooms and common areas that are conducive to a learning environment in which students can perform at the highest level through the most current interactive technologies.

 Each state-of-the-art classroom is equipped with interactive touchscreen monitors and projectors on every wall; high definition video conferencing capabilities for interactive long distance learning, virtual field trips and guest lecturers; and mobile ergonomically designed chairs, desks and tables to allow for numerous classroom configurations. 

All of these keep students engaged and actively learning. The goal is to energize students by encouraging and exciting them with exploratory learning.

St. Thomas Aquinas High School is a private, Roman Catholic, college-preparatory high school at 2801 SW 12th Street in Fort Lauderdale that educates young men and women in the Catholic tradition of youth formation. For more information, visit aquinas-sta.org. 

  

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

Maria Pierson

954.776.1999, ext. 222

Amy Hoffman

Pierson Grant Public Relations

6301 Northwest 5th Way  Suite 2600

Fort Lauderdale, FL  33309

v. (954) 776-1999  ext. 228

f. (954) 776-0290

ahoffman@piersongrant.com

www.highimpactdigital.com

Meta Housing Corp. Secures Financing for Three New Multifamily Projects in Los Angeles County

LOS ANGELES, CA – Meta Housing Corporation has secured the financing necessary to break ground on three new multifamily developments in Los Angeles County, totaling 160 units, including two affordable senior apartment communities and one affordable family apartment community.

John Huskey

The project cost for all three communities will total $52.5 million, according to Meta Housing President John Huskey.

 “The need for affordable housing continues to grow throughout the nation, and is especially prevalent in metro areas such as Los Angeles and Long Beach,” explained Huskey. 

“Despite the dissolution of the redevelopment agencies, which substantially affected the way in which affordable projects can be financed, we have succeeded in discovering new ways to finance our affordable family and senior communities.”

Huskey continued, “We have been successful in securing tax credits for every project that we have developed.  These credits have assisted us in developing dozens of successful affordable housing projects.”

The three latest developments for which Meta Housing secured tax credits include:

·         Metro @ Compton - planned as a 75-unit, $19.5 million affordable senior apartment community located at 302 N. Tamarand in the city of Compton, Calif.

·         Cabrillo Family Apartments - planned as a 44-unit, $18 million affordable family apartment community located at1640 Cabrillo Avenue in the City of Torrance, Calif.

·         Long Beach & 21st Apartments - planned as a 41-unit, $15 million affordable senior housing community located at 2114 Long Beach Boulevard in the City of Long Beach.

 Each of these new projects will break ground within the next five months, bringing Meta Housing Corporation’s current portfolio of projects under development to seven.  The company also has 14 other projects in the pre-development phase.

“We are actively pursuing new projects throughout California, with an emphasis on urban markets and dense suburban markets, in order to continue to build apartment communities that deliver pride and satisfaction to the Cities we serve, and the partners with whom we work,” said Huskey.

Since 1993, Meta Housing Corporation has established itself as one of Southern California’s most experienced and trusted developers of apartment communities for families and seniors, developing more than 5,000 residential units.

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

Corynne Randel/Jenn Quader

Brower, Miller & Cole

CRandel@browermillercole.com

(949) 955-7940

www.metahousing.com.

Prominent Retailer to Replace Gordon Biersch at 1201 Brickell Avenue in Downtown Miami, FL

1201 Brickell Avenue, Downtown Miami, FL

Carol Ellis-Cutler

MIAMI, FL - Colliers International South Florida is pleased to announce that Carol Ellis-Cutler, Senior Vice President - Partner, represented a prominent retailer in executing a 20-year lease for 10,000-plus square feet at 1201 Brickell Avenue in Miami.

Gordon Biersch, a division of Big River Restaurants, agreed to execute an early termination of its lease on the ground floor space it has occupied there since 2000. The new retail tenant in this landmark office tower will add convenience for businesses and neighborhood residents.

Jerome Hollo of Florida East Coast Realty (FECR) was the owner's representative and the landlord's attorney. Although the deal's rates were not disclosed, Alyce Robertson of Miami's Downtown Development Authority indicated that retail rents in the Brickell submarket are now in the high $70s per square foot and have begun escalating to $80 per square foot, triple net.

Alyce Robertson

"A key factor in the deal's success was the flexibility of the landlord, new tenant, and existing tenant who had options to renew," said Ellis-Cutler of Colliers.

 "The process was a long one, and the market changed significantly between the time that the tenant's initial letter of intent was drawn up in April and the lease signing in October 2013.

Judy Cable

“New projects including Brickell CityCentre entered the market, and other parties interested in subleasing the premises directly from Gordon Biersch also materialized during the course of our negotiations."

Ellis-Cutler acknowledged FECR's leasing director Judy Cable for initially sparking the idea of this location that was not officially on the market.

Ellis-Cutler said that Alex Lucas of Boos Development Group contributed important support by working the tenant's plans through the City of Miami, thus helping to keep the deal alive.

Tibor Hollo and son Jerome

"The tenant took a significant financial risk in pursuing this transaction despite all of its moving parts, contingencies and uncontrollable circumstances. They firmly believed that the retailer was meant to be at 1201 Brickell Avenue."

Although Ellis-Cutler represented the tenant in this transaction, she has a long-standing relationship representing FECR as the leasing agent for 2020 Ponce, a Class A building in Coral Gables.

 "The trust that has developed over the years among the various parties helped to bring this deal to fruition," she said. 

"It will stand out in my 20-plus-year career, not just because of the 30 months of negotiations required, and not just because it 'died' several times, but because of the relationships, tenacity and cooperation among the parties involved.

“The willingness and flexibility of the property's owner and developer, Tibor Hollo, the transactional knowledge and creativity of his son Jerome Hollo, and the cooperation from Gordon Biersch were all factors in adding this amenity to the prominent 1201 Brickell office tower."

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

Crystal Proenza

Vice President of Marketing

Colliers International South Florida

Commercial Real Estate Services

Tel: 305 476 7138

Email: crystal.proenza@colliers.com

www.colliers.com

Foreclosure Starts Up Monthly for Second Straight Month; Big Jumps in Florida, Illinois and Colorado.

Daren Blomquist

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its U.S. Foreclosure Market Report™ for October, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 133,919 U.S. properties in October, a 2 percent increase from the previous month but a 28 percent decrease from a year ago.

The report also shows one in every 978 U.S. housing units with a foreclosure filing during the month.

Sheldon Detrick

“The backlog of delayed judicial foreclosures continues to make its way through the pipeline, with many of these properties now being scheduled for the public auction after starting the foreclosure process last year or earlier this year,” said Daren Blomquist, vice president at RealtyTrac.

“Lenders are likely moving these properties more rapidly to the public auction given that there is strong demand from institutional buy-to-rent investors at the auction and that rising home prices mean more of the loan losses can be recouped, either by selling to an investor at the auction or by repossessing the property and reselling as bank owned.”  

Rick Posner

“People who defaulted three years ago are just now beginning the rest of the foreclosure process, which explains the recent rise in bank repossessions in Oklahoma,” said Sheldon Detrick, CEO of Prudential Detrick/Prudential Alliance Realty covering the Oklahoma City and Tulsa markets.

“When home prices were heading downward banks would sometimes send default notices to homeowners but allow the them to stay in the home without making payments if the homeowner would maintain the home and keep it in good condition. 

“Now that the economy is improving and home prices are rising, banks are willing to complete the foreclosure process if homeowners don’t start making their payments again.”

Craig King

“Homeowners and homebuyers are now able to negotiate home sales together without a bank being involved.  It’s the way real estate should be, and it’s nice to be back to a more normal real estate market again,” said Rich Cosner, President of Prudential California Realty, covering Orange, Riverside and San Bernardino counties in Southern California. 

 “The increase in Reno-area foreclosure activity is likely the result of lenders pushing through some foreclosures before the new Nevada Homeowner Bill of Rights took effect in October,” said Craig King, COO of Chase International, covering the Reno and Lake Tahoe markets.

“Despite that increase, we’re making steady progress away from the problems that plagued the real estate industry in Northern Nevada. Short sales and foreclosures used to be 85 percent of the market and equity sales used to be 15, and now it’s exactly flipped.”

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

Jennifer von Pohlmann

PR Manager

Office: 949.502.8300 ext 139

jennifer.vonpohlmann@realtytrac.com         

HFF arranges $13 million refinancing for WillowBrooke Apartments in Lakeland, FL

WillowBrooke Apartments, 1100 Oakbridge Parkway, Lakeland, FL

MIAMI, FL – HFF announced today that it has arranged a $13 million refinancing for WillowBrooke Apartments, a 300-unit, garden-style multi-housing community in Lakeland, Florida.

Todd Adams

HFF worked exclusively on behalf of the owner to secure the 10-year, 4.31 percent, fixed-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.

WillowBrooke Apartment Homes is located at 1100 Oakbridge Parkway across from the 650,000-square-foot open-air mall, Lakeside Village, and is adjacent to a Target and Publix-anchored shopping center.

 The property is 98 percent leased and includes one-, two- and three-bedroom units averaging 980 square feet each.  Community amenities include a 24-hour fitness center, tennis courts, basketball court, swimming pool and walking/biking trail.

The debt placement team representing the borrower was led by director Elliott Throne and associate director Todd Adams from HFF’s Miami office along with local market support from director Matt Mitchell in HFF’s Tampa office.

Matt Mitchell

Cherishome Living (formerly McArthur Properties) has a 35-year track record of accomplishment that includes multi-housing acquisition, renovation and management and additional commercial real estate experience.  The company’s current portfolio of multi-housing assets includes more than 4,000 units in Florida and Toronto, Canada.

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

tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

HFF closes sale of Stop & Shop and Walmart-anchored shopping center in southwestern Connecticut

Naugatuck Valley Shopping Center, 950 Wolcott Street, Waterbury, CT

Jim Koury

BOSTON, MA – HFF announced today that it has closed the sale of Naugatuck Valley Shopping Center in Waterbury, Connecticut, one in a series of upcoming retail sales for the Boston retail team. 

HFF exclusively marketed the center on behalf of the seller and identified the buyer, Cole Real Estate Investments, Inc.

Naugatuck Valley Shopping Center is a 382,864-square-foot, Stop & Shop and Wal-Mart-anchored shopping center situated on 50.51 acres at 950 Wolcott Street approximately 2.5 miles north of Interstate 84 in Waterbury.     

The HFF team representing the seller was led by senior managing directors Jim Koury and Coleman Benedict.

“The sale of Naugatuck is the first in a series of retail deals HFF’s Boston Retail Group is expecting to close over the next several months,” said Koury. 

Coleman Benedict

“It’s been a busy year for our Boston retail team with more than $135 million in retail sale transactions totaling more than 1.0 million square feet closed thus far in the past 90 days with additional retail transactions totaling more than 2.8 million square feet either in marketing or expected to close over the next several months by the Boston team.”   

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

tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

Todd Dantzler of Coldwell Banker Commercial Saunders Ralston Dantzler Realty Receives 2013 Central Florida Development Council’s Chairman’s Award

R. Todd Dantzler

LAKELAND, FL -- R. Todd Dantzler, CCIM, managing partner of Coldwell Banker Commercial Saunders Ralston Dantzler Realty, LLC in Lakeland, FL and principle with Real Estate Central Group, LLC in Winter Haven, FL was the recent recipient the Central Florida Development Council's Chairman's Award for 2013.

David Petr, president of the Central Florida Development Council (CFDC) says of the award, "The Chairman's award is given to an individual that demonstrates incredible value to the Central Florida Development Council.

“It should be no surprise that this year's recipient was Todd Dantzler. His enthusiasm and expertise have inspired my team and me to help enable prosperity in Polk County. Todd's unselfish drive to better our economy is recognized every day at the CFDC."

David Petr

Todd is has been active in East Polk County real estate for over 28 year and is a second-generation real estate leader. He is a known authority on commercial properties and land use in the Lakeland-Winter Haven metro and surrounding areas and is very active in community leadership.

Todd is a commissioner on the Polk County Board of County Commissioners and serves on many planning committees.

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

brigid@srdcommercial.com

Coldwell Banker Commercial Saunders Ralston Dantzler Realty, LLC

114 North Tennessee Avenue, 3rd Floor

Lakeland, Florida 33801

$15.9 Million Townhome Community Sold by IPA in Naples, FL

Berkshire Reserve townhome community, 3536 Winifred Road Lane, Naples, FL

NAPLES, FL, Nov. 13, 2013 – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Berkshire Reserve, a 146-unit townhome community in Naples, Fla. The $15.9 million sales price equates to $108,904 per unit.

Jamie B. May

            IPA Florida executive director Jamie B. May advised the seller, The Benchmark Group. The buyer is Inland Real Estate Acquisitions Inc.

            “Berkshire Reserve is a stabilized asset that is currently producing strong cash flow,” says May.  “The acquisition presents the new owner with an excellent and timely opportunity to implement additional income generators as the Naples apartment market enters a prolonged period of growth.”

Located at 3536 Winifred Road Lane in Naples, Collier County, Fla., the property is just north of Interstate 75 and seven miles from the Naples-area’s famous beaches.

 Collier County has one of the strongest economies in Florida and is one of the fastest-growing regions in the United States. The county’s population grew 27 percent between 2000 and 2009 and is projected to continue to lead the nation over the next 10 years in population growth, personal income and new job creation.

Collier County, FL Night skyline

            Constructed in 2001, Berkshire Reserve is composed of 37 two-story apartment buildings and a leasing office set amidst landscaped grounds around a large central lake and fountain. 

The 1,300-square-foot townhome-style floor plan features three bedrooms and two-and-one-half baths. Interiors have a full appliance package that includes a microwave and a refrigerator with automatic icemaker, a full-size washer and dryer, water and sewer submeters, ceramic tile tub surrounds, private patios and vaulted ceilings upstairs.

Community amenities include a spacious swimming pool with sundeck, picnic areas, a children’s playground and a car care station.

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

Gina Relva

Public Relations Manager

(925) 953-1716

www.IPAusa.com

IPA Arranges the Sale of 220 Units in Dallas-Fort Worth, TX Corridor

The Creek on Park Place Apartments, Bedford, TX

Will Balthrope

BEDFORD, TX, Nov. 13, 2013 – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of The Creek on Park Place, a 220-unit apartment complex in the Mid-Cities area between Dallas and Fort Worth. The terms of the sale were not released.

IPA executive director Will Balthrope, IPA associate director Drew Kile, Marcus & Millichap vice president investments Nick Fluellen and associate Bard Hoover advised the seller. 

 The buyer, a 1031-exchange investor from the West Coast, sold an apartment property in California with Marcus & Millichap senior associate Joshua Luchs and associate Joshua Ross and reinvested the proceeds in the Texas market.

Brian Adams, an associate director of IPA Capital Markets in Dallas arranged the financing.

Drew Kile

“More than $2.1 million in renovations and improvements during the last 24 months have transformed The Creek on Park Place into one of the premier properties in the submarket,” says Balthrope. “Additional opportunities to add value exist through the implementation of a water conservation program and the continuation of the unit upgrades.”

“The renovations were completed with efficiency and long-term sustainability in mind, lowering make-ready and maintenance expenses for the foreseeable future,” adds Kile.

“IPA Capital Markets arranged a permanent nonrecourse debt structure through an agency lender to meet the client’s long term financing objectives,” says Adams.

The apartment complex is located at 2001 Park Place Blvd. in Bedford, Texas near the intersection of state highways 121 and 183, less than one mile from Texas Health Harris Methodist Hospital and less than six miles from the Dallas/Fort Worth International Airport.

Nick Fluellen

Built in 1980, the Creek on Park Place is situated on nearly 12 acres in a park-like setting with mature trees and a natural creek channel.

 The new interior finishes include gourmet kitchens with contemporary glass backsplashes, stained and resurfaced cabinetry, black-on-black appliances, faux granite-style countertops, brushed nickel hardware and fixtures, gooseneck faucets, upgraded lighting, ceiling fans, two-inch blinds, walk-in closets and wood-plank flooring.

Community amenities include a swimming pool with a custom outdoor pool kitchen, a dog park and playground, fitness center, business center, laundry facility and outdoor seating areas with barbecue grills.

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

Gina Relva

Public Relations Manager

(925) 953-1716

$45 Million Southwest Florida Multifamily Sale Arranged by Jamie B. May of IPA Florida

River Reach Apartments, Naples, FL

 NAPLES, FL, Nov. 13, 2013 – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of River Reach Apartments, a 556-unit apartment complex located on the Gordon River in Naples, Fla. The $45 million sales price equates to $81,000 per unit.

Jamie B. May

            IPA Florida executive director Jamie B. May advised the seller, Aimco. The buyer is Aspen Square.

            “River Reach Apartments is a unique, waterfront, garden-style community that has recently received numerous capital improvements,” says May. “Continued enhancement of the interior units will help put the property in position to outperform the competition.”

            The multifamily asset is located just off Airport Pulling Road at 2000 River Reach Drive in southern Naples, Fla.  It is the only apartment community in the area with boat access leading directly to the Gulf of Mexico.

The location is near the area’s famous beaches, excellent arts and cultural centers and downtown Naples. Nearby employment drivers include Naples’ largest and only enclosed shopping mall, Coastland Center, Physicians Regional Healthcare Center, ASG Software Solutions and Naples Community Hospital.

Gordon River, Naples, FL

Edison State College, part of the Florida College System, is less than 10 minutes from the property and Marco Island, the largest barrier island in Southwest Florida, is 12 miles away.

            Completed in 1989, River Reach Apartments consists of 36 two-story residential buildings situated on approximately 50 acres. 

The community has a tranquil, park-like setting with tropical foliage, picnic areas and a 10-acre illuminated lake with a fountain in it and a jogging path around its perimeter. Boating, kayaking and fishing are available on the Gordon River.

The residences average 909 square feet and consist of 248 one-bedroom units and 308 two-bedroom apartments. Every unit interior has laminate countertops and flat-panel cabinetry and most units feature stainless GE appliances. All apartments have full-size washers and dryers and more than 20 percent of the units have been updated with designer faux-wood flooring in the living, dining and kitchen areas.

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

Gina Relva

Public Relations Manager

(925) 953-1716

$71 Million Secures Eight Silicon Valley Redevelopment Sites in California

El Camino Real corridor runs through San Mateo County and Santa Clara County, CA

Kirk Trammell

PALO ALTO, CA – Kirk Trammell and J.J. Taughinbaugh of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, have facilitated the sale of eight key Silicon Valley redevelopment sites along the El Camino Real corridor. Total consideration for the transactions is $71.1 million.

            “The employment gains and flow of venture capital dollars that returned in earnest to Silicon Valley in 2010 created a strong combination of factors that brought about double-digit multifamily rent growth, robust demand for office space and contributed to the ongoing recovery in the hotel sector,” says Steve Seligman, vice president and regional manager of Marcus & Millichap’s Palo Alto office.

“This growth also initiated a flurry of construction in the region and investors continue to pursue development opportunities in the area’s under-utilized locations.”

J.J. Taughinbaugh

The section of the historic El Camino Real mission trail that runs through the San Francisco Peninsula and Silicon Valley, known locally as the “El Camino Corridor,” is in the midst of a large-scale revitalization project and its transformation is providing many redevelopment opportunities for commercial real estate investors.

“Marcus & Millichap’s Palo Alto office is closely acquainted with this submarket and two of our senior investment specialists, Kirk Trammell and J.J. Taughinbaugh, have been particularly successful in identifying redevelopment project sites for clients,” adds Seligman.

In October 2013, Trammell, a senior vice president investments, and Taughinbaugh, a vice president investments, arranged the $12.35 million sale of a 2.5-acre redevelopment site located at 302 North Fair Oaks Ave., 318 North Fair Oaks Ave., 617 Arques Ave. and 627 Arques Ave. in Sunnyvale, Calif. The existing structures will be replaced by 87 single-family townhomes.

Steven Seligman

“The employment and housing booms in Silicon Valley, along with the Grand Boulevard Initiative (GBI), are creating significant opportunities for investors,” says Trammell. 

“The GBI is an ongoing regional collaboration dedicated to the revitalization of the El Camino Real corridor as it runs through San Mateo County and Santa Clara County.”

From March 2012 to the present, Trammell and Taughinbaugh have sold six additional El Camino Real corridor properties totaling $43.9 million. 

In August, the pair arranged the sale of a 1.6-acre parcel at 881 East El Camino Real and a 0.6-acre parcel at 865 East El Camino Real in Mountain View, Calif., which will see the development of 150 new multifamily units. 

“We are witnessing the transformation of older retail properties and apartments with deferred maintenance into new multifamily assets with high floor-to-area ratios,” says Taughinbaugh.

Former Palo Alto Bowl, Palo Alto, CA

“This activity is neither a new trend nor has it reached its peak. The more than 5,000 market-rate apartment units under construction in the South Bay indicate that the current building boom will last into 2014.”

Another of Trammell and Taughinbaugh’s transactions to have come full circle is the site of the former Palo Alto Bowl and Motel 6 at 4301 El Camino Real and 4329 El Camino Real in Palo Alto.

The two agents arranged the sale of the iconic bowling alley in 2007 for $14,850,000.  The project weathered the Great Recession and is now home to a 138-room Hilton Homewood Suites hotel that is currently under construction and Classics at Monroe Place, a single-family residential project that includes 10 detached residences and 16 duets.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Names Matthew J. Kipp Regional Manager in Long Beach, CA

Matthew J. Kipp

LONG BEACH, CA, Nov. 13, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Matthew J. Kipp regional manager of its Long Beach office, according to John J. Kerin, president and chief executive officer.

“Matthew has a great deal of commercial real estate investment experience as an agent and a manager,” says Kerin. “As regional manager of our Long Beach office he will be an extremely valuable resource for our agents and will expand our services to clients throughout Southern California.”

Kipp was an agent in Marcus & Millichap’s Newport Beach office from April 2003 to December 2010. He has been the sales manager of that office since September 2012.

Kipp is a graduate of the University of the Pacific.

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

Gina Relva

Public Relations Manager

(925) 953-1716

SR Commercial Acquires Two San Diego Assets; Brings Portfolio to 715,996 SF

                                          2790 Business Park Drive, Vista, CA

CJ Stos

SAN DIEGO, CA– SR Commercial has recently completed two acquisitions in the San Diego market - an 89,120 square-foot industrial/flex property in San Diego, Calif., and a 48,208 square-foot office property in Vista, Calif., bringing its current portfolio to 715,996 square feet as of November 2013.

“Investor activity is strong in Southern California, and we believe this momentum will continue,” says CJ Stos, co-founder and Principal at SR Commercial. 

“We have been extremely active buyers this year, completing eight acquisitions in 2013 alone. In addition, we currently have 265,000 square feet of office and industrial properties totaling more than $30 million under contract, set to close before year end, and we plan to continue to actively pursue new investments in San Diego, Orange County, the Inland Empire, and Los Angeles moving forward.” 

Stos notes that one challenge, especially in the San Diego market, is identifying the right properties that provide the opportunity to add value. 

Adam Robinson

“Pricing and debt continue to make this a good time to acquire quality product; however, inventory is extremely limited,” Stos says.  “For that reason, it’s essential for investors to forge strong partnerships with local brokers who can help them to identify functional assets that will be able to perform well over time.”

SR Commercial’s most recent acquisition, an 89,120 square-foot flex/R&D/industrial building located at 2727 Kurtz Street in San Diego, Calif., is an excellent example of a functional asset with strong performance potential, according to Adam Robinson, co-founder and Principal at SR Commercial.

The property was occupied by Eaton Electronics for over 25 years, but it is currently unoccupied.

“This building is unique in its positioning,” explains Robinson.  “As the only available corporate headquarters building in the area, we immediately recognized the opportunity to improve and market this property to both tenants and owner-users.”

SR Commercial plans to implement extensive interior and exterior upgrades and market the property for lease or sale.

Sean Williams

Sean Williams of CBRE and Jeff Brown of Cushman & Wakefield represented both SR Commercial and the seller, 2727 Ltd., in the $5.2 million transaction. 

In addition, SR Commercial’s other recent San Diego acquisition presents the opportunity for added value, according to Robinson, who notes that tenants and investors in the San Diego market continue to seek quality, upgraded space. 

 “Office tenants, in particular, are seeking more modern, open spaces in which they can fuel creativity and increase efficiency,” says Robinson.  “As an investor and owner, we take notice of these trends and implement improvements that will make our properties more competitive in the submarkets in which they are located.”

Jeff Brown

SR Commercial recently acquired a 48,208 square-foot office property located at 2790 Business Park Drive in Vista, Calif.  The property, which was originally developed as a build-to-suit for Cox Communications and used as a call center, is currently unoccupied.

“We plan to upgrade all of the interior space in order to expose the 12 to 14 foot ceilings on both floors, and install Solartubes, as well as additional skylights,” explains Robinson.  “Through these improvements, we will create a more open work environment filled with natural light which will appeal to tenants, as well as potential future buyers.”

SR Commercial acquired the property for $3.3 million, and after extensive upgrades, plans to aggressively market the property as one of the most cost-efficient office buildings in San Diego County with a lower lease rate than the competition, according to Robinson.

Bob Willingham, David Onosko and Ron King of Cushman & Wakefield represented SR Commercial as the buyer and Building Properties, Inc. as the seller in the transaction.

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

Jenn Quader / Amanda Alenick

Brower, Miller & Cole

(949) 955-7940

jquader@browermillercole.com

www.sr-commercial.com.