Sunday, October 10, 2010
PHOENIX, AZ— Jones Lang LaSalle has completed an 85,000-square-foot lease commitment at the MAX at Kierland (top left photo) for Universal Technical Institute, Inc. (NYSE: UTI), a leading provider of post-secondary degrees for auto-related technicians and on the shortlist of Arizona-based public companies.
The building is owned by a Trammell Crow Company/ING Clarion joint venture.
The new UTI home office will occupy two floors at the MAX, a 285,000-square-foot, six-story office building within the Kierland development, south of the Loop 101 on Scottsdale Road in Scottsdale, Ariz.
The new UTI headquarters will house approximately 425 employees. UTI is currently headquartered at 20410 N. 19th Avenue.
“The MAX at KIERLAND is a high quality facility that reflects the UTI company image. We are pleased that our extensive search for new space has resulted in an exceptional location with tremendous amenities, while achieving a value that is consistent with current commercial real estate market conditions,” said Chad Freed, General Counsel and Senior Vice President Business Development for UTI.
“We are pleased to welcome UTI to MAX at KIERLAND and our growing base of national tenants and corporate headquarter companies,” said Jim Mahoney (middle right photo), Senior Managing Director of Trammell Crow Company’s Phoenix Business Unit.
“We are confident that MAX at KIERLAND will provide UTI with the environment it needs as it continues to seek new business opportunities with industries that will benefit its students and enhance their business model.”
Earlier this year, MAX at KIERLAND was awarded LEED® Certification by the U.S. Green Building Council, becoming one of a select few multi-tenant office buildings in Metro Phoenix to achieve such a designation.
Contact: Stacey Hershauer, focusAZ, Marketing & Public Relations, (480) 600-0195, http://www.focusaz.com/
PORTAND, OR – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented NIKE, Inc. (NYSE: NKE) in its lease of 189,385 square feet of office space on the Tektronix campus (middle right photo) in Beaverton.
The transaction took the form of an 82,495-square-foot-lease at Building #55 (top left photo), located at 14200 SW Karl Braun Drive, and a 106,890 square-foot-lease at Building #58, 2540 SW Alan Blumlein Way.
"This new office space will house a combination of new and current Nike IT employees," said Nike Spokesperson Erin Dobson.
“The majority of new staff will come from third-party vendors with a small number being full-time Nike hires. As with many businesses, Nike’s IT resources are managed on a flexible basis. Our growth in this area is part of our strategic approach to manage necessary investments and updates in our systems.”
According to Grubb & Ellis research, this lease represents the largest new office lease in the Sunset Corridor since 2000 and will push vacancy in the Sunset Corridor office submarket down to 23.1 percent from 27.6 percent, its lowest level since the fourth quarter of 2008.
Brad Fletcher, executive vice president and managing director of Grubb & Ellis represented Nike.
Mark Carnese, senior director, Paul Carlson, director and Tom Usher, senior director of Cushman & Wakefield of Oregon represented Tektronix.
Contact: Patricia Raicht, Phone: 503.972.5456, Email: firstname.lastname@example.org
ATLANTA, GA--Richard Munger (top right photo), a veteran of the Southeastern real estate market, is joining Cortland Partners as a Construction Manager. His immediate assignments are two new renovation projects for the Atlanta-based multifamily firm. Munger joins Cortland in a consultant capacity.
“Richard’s a top-caliber talent,” said Cortland Partners president Steven DeFrancis. “Not only has he held high-level positions with leaders in the multifamily industry, he also has considerable experience in environmentally-friendly ‘green’ building practices. He has the perfect skill set for our needs, and for the current market.”
Munger has 25 years multifamily construction and development experience. He has developed $450 million worth of Class “A” garden and midrise projects within the past ten years alone.
Four recent projects earned EarthCraft™ and Energy Star™ certifications. He was most recently Regional Vice President of Investments at Gables Residential Trust, EarthCraft’s 2009 Multifamily Developer of the Year.
He has also been Senior Vice President of Development and Partner at Worthing Southeast Corporation.
A member of the Urban Land Institute, he has served on the Boards of Directors of the Atlanta Apartment Association and Georgia Apartment Association. A licensed realtor and general contractor, he also holds his Certified Commercial Investment Member (CCIM) designation.
He received his Bachelor of Science degree from Texas A&M University and is currently earning his Executive MBA from Georgia State University’s Robinson College of Business.
For more information, visit http://www.cortlandpartners.com/
Contact: Terri Thornton, 404-932-4347 (Cell), http://www.territhornton.com/
NORCROSS, GA – Wells Core Office Income REIT announced its first property acquisition: a Class-A office building in suburban Dallas, fully leased to JPMorgan Chase.
Royal Ridge V, with 119,000 square feet, is located at 3929 John W. Carpenter Freeway in Irving, Texas, in the popular business submarket of Las Colinas and adjacent to Dallas-Fort Worth International Airport (top left photo). The three-story building was constructed in 2005.
“This first acquisition is a good example of our strategy for Wells Core REIT – core office real estate, leased to investment-grade tenants at quality locations,” said Don Henry (middle right photo), chief real estate officer, Wells Real Estate Funds, advisor to the REIT.
“We’re very pleased to launch our portfolio with a great tenant like JPMorgan Chase,” Henry added. The banking giant is under lease until 2020.
Wells acquired the property from Brookfield Real Estate Opportunity Fund II, which acquired it from JPMorgan Chase earlier this year.
Wells was represented internally by Keith Willby, senior vice president, Capital Markets. Brookfield was represented by CB Richard Ellis. Terms were not announced.
Wells Real Estate Funds, manager for Wells Core REIT, is a national real estate investment company based in suburban Atlanta. Since its founding in 1984, Wells investment programs – current and closed – have invested more than $11 billion in real estate for more than 250,000 investors.
For more information, see http://www.wellsref.com/; for more information on Wells Core REIT, visit http://www.wellscorereit.com/
For a prospectus, contact Wells Investment Securities, Inc., 6200 The Corners Pkwy., Norcross, Ga. 30092-3365 (tel. 800-448-1010). SEC filings: http://www.wellscorereit.com/
Media Contact: Margot Olcay, Rubenstein Associate, (212) 843-8284, email@example.com
Atlantic|Pacific Management Will Host Educational Insurance Seminar and Breakfast Oct. 29 in Miami Beach
MIAMI BEACH, FL--Atlantic|Pacific Companies’ property leasing & management platform, Atlantic|Pacific Management, will host an educational insurance seminar for condominium board members and industry professionals.
The seminar will be presented by Wells Fargo Insurance Services USA. who will also be providing breakfast.
Senior Vice Presidents Adam K. Lopatin and Kenneth M. Jacobs of Commercial Lines will be presenting the following: budgeting for 2011; legislative changes; methods of reducing premiums; hurricane preparation; and understanding co-insurance.
The event is scheduled for Friday, Oct. 29, 2010 from 8:30 AM to 11:30 AM at The Crown at Miami Beach, 4041 Collins Avenue, Miami Beach, FL 33140
RSVP by October 22nd to Amanda via email firstname.lastname@example.org
or call 305.438.7326
For more information, visit http://www.apmanagement.net/.
For opportunity presentations, please contact Randy Weisburd at email@example.com.
MEDIA CONTACT: Jessica Wade Pfeffer / Jessica Wade Inc. / Jessica@jessicawadeinc.com / 305.804.8424
SOUTH BRUNSWICK, NJ – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Fresh Ponds (top left photo), a 120-unit 110,760-square foot multifamily complex in South Brunswick.
The sales price of $15 million represents $125,000 per unit and $135 per square foot.
Press Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
GREENFIELD, IN– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Washington Village (top left photo), a 288-unit 294,826-square foot multifamily property in Greenfield.
The sales price of $14,485,000 represents $50,295 per unit and $49 per square foot.
Michael Wernke, a vice president investments in the firm’s Indianapolis office, represented the seller, locally based Village Apartments of Sugar Creek LLC and the buyer, Financial Equity Associates, an Illinois-based limited partnership.
“Washington Village is an attractive investment,” says Wernke.
“The property has been performing well in an expanding submarket and the existing, assumable, in-place debt gave the purchaser extremely competitive financing terms.”
Located at 4211 West Potomac Drive, the property is approximately 15 minutes from Indianapolis via Interstate 70. In addition to Interstate 70, Greenfield is served by U.S. Highway 40, the “Old National Road” and State Road 9. Interstates 69 and 74 are also nearby.
Built during 2000 and 2001, Washington Village is comprised of 18 two-story buildings that encircle a small body of water, Lake Potomac.
The community’s unit mix includes one-, two- and three-bedroom floor plans ranging from 776 to 1,205 square feet.
There are 64 one-bedroom/one-bath apartment homes, 156 two-bedroom/two-bath apartments and 68 three-bedroom/two-bath apartments. On-site amenities include a 24-hour fitness center, clubhouse with billiard table, large swimming pool, basketball court, sand volleyball court and a playground.
Greenfield, Ind., is the county seat of Hancock County.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
CORAL GABLES, FL--Berwood Investors, LLC has announced that Ms. Arden Karson (top right photo) has been named President of the company.
Ms. Karson will be leading Berwood Investors, LLC with a focus on the acquisition of opportunistic commercial real estate promissory notes and non‐performing loans in the southeastern US.
Ms. Karson brings over 25 years of high‐level experience in all aspects of distressed commercial and residential real estate including finance, acquisitions, development, asset management, investments and new business development.
Thomas D. Wood, Jr., (middle left photo) Principal of Berwood Investors, LLC said, “Arden”s extensive knowledge of commercial real estate along with her outstanding reputation throughout the industry will provide our investors with an unprecedented level of insight and strategic thinking regarding opportunistic
real estate investments.”
Gary L. Berman (middle right photo), Principal of Berwood, added, “Having Arden’s vast experience along with the extensive and highly‐regarded business relationships that she has developed throughout her career will provide our investors and partners with a unique 360 degree perspective on the real estate industry.”
After graduating from Harvard Business School, Arden began her career at Bank of America, where she served as Loan Officer. She went on to work with Arvida/JMB Partners directing the sales,marketing and development of over 600 homes. She became Director of Acquisitions and Development for Lennar Corporation /LNR, including serving as Assistant to the President.
Ms. Karson served as Senior Vice President of Acquisitions and Asset Management for Barrow Street Capital, where she oversaw a portfolio of over $500 million. She went on to assume the role of New Business Development Officer of Advenir Real Estate.
Jack Azout, Principal of Premier Commercial Real Estate said, "Ms. Karson is a valuable addition to the Berwood team and her vast experience, reputation for integrity and knowledge of the complexities of the current real estate market will continue to set Berwood apart.”
Mike Wohl (lower left photo), Principal of Pinnacle Housing Group added, "We are delighted to learn that Ms. Karson has joined Berwood Investors, LLC and we look forward to continue working with her and their great team.”
Contact: Gary Berman, Principal, Berwood Investors, LLC, Direct: 3054477837
Cell: 3054841999, firstname.lastname@example.org