Monday, January 31, 2011

Colliers International Closes 3 Deals in California; 1 in Tennessee


 Thibiant International Leases  217,929 Square Feet  of Industrial Space Totaling $8.48 million in Chatsworth, CA

LOS ANGELES, CA, Jan. 31, 2011 – Colliers International, the second largest global real estate services organization, has negotiated four industrial leases totaling 217,929 square feet.

 The total combined value of the leases is approximately $8.5 million. Colliers represented the tenant, Thibiant International, a Chatsworth-based cosmetics company in the transactions. The leases represent renewals for three of Thibiant’s current facilities and an expansion into a 62,400 square-foot warehouse.

John DeGrinis (top right photo), SIOR, executive vice president, Patrick DuRoss (top left photo), associate vice president, and Jeff Abraham, associate, all of TEAM DeGRINIS, based in Colliers International’s Encino office, represented the tenant.

Thibiant’s existing landlord, ParRam, LLC, an Encino-based private investment company, represented themselves.  Gordon Mace and Joshua Linn of Beitler Commercial represented the landlord, MSF Estrella Property Co., a Beverly Hills-based private investment company for the fourth facility.

Thibiant has a fairly complex operation that incorporates R&D, manufacturing and distribution of cosmetic products.

 “We’ve worked with Thibiant for many years and have learned a lot about their flow of operations,” said DeGrinis.  “Over 18 months ago, we really started to analyze Thibiant’s processes so we could see if there were facility alternatives that would enhance the flow and efficiency of their operation and ultimately reduce overall operating costs.”

“Over the past year, we’ve explored multiple options including a consolidation plan to relocate into a single building.  We searched nearby, in other submarkets, and found a couple of off-market facility alternatives,” continued DuRoss. 

“After exploring all of these options, Thibiant determined that the best alternative was to move from a 300,000 square foot footprint in five buildings to a 217,929 square foot footprint in four buildings.  Thibiant will remain in three of its existing facilities, and replace two with another nearby facility that was more efficient and cost effective.”

 Thibiant’s operating costs were reduced significantly as a result of finding a more efficient footprint and eliminating wasted space.

 TEAM DeGRINIS is a specialized group within Colliers International that provides consulting on industrial and R&D real estate requirements in the Ventura County and San Fernando Valley.

With a combined 40 years of experience in the commercial real estate industry, TEAM DeGRINIS is a leader in sharing strategic local market insight and has completed more than $425 million in transactions over the past five years.

 For more information, visit www.colliersmn.com/teamdegrinis
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 Colliers International Completes the Sale of 29,681-Squre-Foot Office Building for $2.575 Million in Placentia, CA

PLACENTIA, CA, Jan. 31, 2011 – Colliers International, the second largest global real estate services organization, has completed the sale of a 29,681-square-foot three-story office building located at 774 Placentia Ave., Placentia, Calif. to Interface Rehab, Inc. The transaction is valued at $2.575 million.

 The seller, Kenyon Placentia Inc. a Playa Del Rey-based investment firm was represented by Clyde Stauff  (middle right photo), SIOR, executive vice president in Colliers International’s Irvine office.

 “This property will be used as an office for the new tenant who provides comprehensive rehabilitation and consultation services to patients throughout Southern California,” said Stauff.

  “Interface Rehab will continue to grow the business in the larger, new building, which will undergo an interior remodel.  The building was previously occupied by McMullen Argus Publishing, Inc., a publisher for popular magazines, such as Hot Rod, for more than ten years.”

 Colliers International Completes $2.383 Million Sale of an Industrial Building in Westlake Village, Calif.


 WESTLAKE VILLAGE, CA, Jan. 31, 2011. – Colliers International, the second largest global real estate services organization, has completed the sale of an industrial building located at 3580 Willow Lane, Westlake Village, Calif. to Johnston Plumbing, a plumbing equipment company based in Ventura, Calif. The transaction is valued at $2.383 million.

Built in 1994, the property offers 16,144 square feet of space and is close to the 101 freeway.

 The seller, a Santa Barbara-based family trust, was represented by Chris Itule (middle left photo), senior associate, based in Colliers International’s Encino, Calif. office and Jeff Albee (lower right photo), Senior Vice President, also based in Colliers International’s Encino Calif. office.

The buyers, Garry and Linda Fishman of Johnston Plumbing were represented by Tony Principe, president of Westoaks Commercial Group. 

 “We were able to acquire strong price per foot for this property in this market,” said Itule. “This property is ideal for the buyers’ business and offers abundant space for them to build out.”

Colliers International Completes $1.17 Million Sale of KFC/ Taco Bell Building in Lake City, Tenn.

LAKE CITY, TN, Jan. 31, 2011. – Colliers International, the second largest global real estate services organization, has completed the sale of a 4,608-square-foot retail building located at 117 Colonia Lane in Lake City, Tenn. to Oak Park, Calif.-based Calvert Family Trust, a private investor. The transaction is valued at $1,175,000.

Built in 1980, the freestanding, retail building was renovated in 2006 and is leased to KFC/Taco Bell. Situated on 0.89 acres of land, the building is located­­­ just minutes from downtown Lake City and a half hour from Knoxville, Tenn.

 “Our client needed to exchange out of an industrial asset into a more stabilized property that provided a secure return on investment. After selling their previous asset to an industrial owner/user, we located this this property for our client.

“ This stabilized asset offered the security and ease of management they were seeking,” said Jeff Albee, senior vice president in Colliers International’s Encino office, who represented the buyer in the transaction, along with Jeff Gould (lower left photo), senior associate in Colliers International’s Encino office. 

The seller, Harbor View LLC, a private investor, was represented by Jay Gomez, James Kaye and Lindsey Lantis of Colliers VGK Investments.

Contact:
Angela S. Hwang
Regional Marketing Coordinator
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258

Essex Realty Group Brokers Sale of 74-Unit Vintage Apartment Building in Chicago


CHICAGO, IL, Jan. 31, 2011--Essex Realty Group, Inc. is pleased to announce the sale of a vintage 74-unit apartment building in the Rogers Park neighborhood of Chicago just one block from Lake Michigan. 

The property, 7665 N. Sheridan Road (top left photo) Chicago consists of 13 Studio, 48 one-bedroom, and 13 two-bedroom units.

 Doug Imber of was the broker for the transaction.  The sale price was approximately $4,400,000.

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

  Contact: Douglas S. Imber, Essex Realty Group, Inc., 773.305.4902,

Arbor Appoints Erica Mileo as Director, Conferences & Tradeshows

 Uniondale, NY (Jan. 31, 2011) – Arbor Commercial Mortgage, LLC, a leader in the commercial real estate finance industry, announced today the appointment of Erica Mileo (top right photo) to Director, Conferences and Tradeshows, in Arbor’s Uniondale, NY, headquarters.

She reports to Bonnie Habyan (lower left photo), Executive Vice President, Marketing.

 Ms. Mileo is now responsible for driving the Arbor family of companies’ brand awareness and qualified new business leads through conferences, tradeshows and other events.

 She will also oversee the creation of engagement programs and processes that focus on new business opportunities at conferences and tradeshows and the utilization of such events in driving high-level networking opportunities and new partnership ventures with various real estate industry companies and associations.

Prior to joining Arbor, Ms. Mileo held the position of Marketing Manager at McGraw-Hill Construction, a division of The McGraw-Hill Companies.

Contact:  Christopher Ostrowski, costrowski@arbor.com

Marcus & Millichap Arranges Sale of 13 CVS Drugstores in 11 States to Cole Real Estate Investments


 PHILADELPHIA ,PA Jan. 31, 2011 - Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, announced that it has arranged the sale of a portfolio of 13 single-tenant net-leased CVS drugstores nationwide to Cole Real Estate Investments (Cole) of Phoenix, one of the nation’s most active buyers of high-quality, income-producing commercial real estate assets, for approximately $70.1 million.

 The properties are located in 11 states including California, Florida, Georgia, Kansas, Minnesota, Mississippi, New Jersey, New York, Oklahoma, South Carolina and Texas.

(Top left photo of  CVS Pharmacy at 14240 Tamiami Trail North, Naples, Fla.).


All of the properties in the 174,000-square-foot portfolio are new stores, opened in 2009 and 2010, and are subject to 24-year triple-net leases.

Dean Zang, (top right photo)  vice president investments; Mark Taylor, (middle left photo) vice president investments; and Chris Munley, senior associate, are the Marcus & Millichap brokers, based in the firm’s Philadelphia office, who represented the seller in the transaction. Chad Adams, director of acquisitions, represented Cole.
“We are pleased to acquire a prime portfolio of CVS properties, which exactly fits the parameters of our conservative acquisition strategy, focused on income-producing ‘necessity retail’ properties, long-term leased to creditworthy tenants,  and providing a stable flow of income for our investors,” said Kim Kundrak (lower right photo), senior vice president and chief acquisitions officer for sing-tenant retail at Cole.

Zang explained, “This portfolio sale demonstrates that investors are increasing their transactions nationwide. As cap rates continue to compress for Class A assets, we will see acquisition volume increase in the B and C sector moving into 2011.”

“Single-tenant properties net-leased to national credit tenants such as CVS are in high demand among investors,” added Taylor.

 “This trend is expected to continue in 2011 as well-capitalized private investors and REITs with strong balance sheets continue to acquire assets. These particular CVS assets each have 24 years of lease term remaining, further strengthening their intrinsic, long-term value.”

Additional Marcus & Millichap investment professionals providing representation on these transactions were: J.D. Parker, broker of record (BOR) for New York State; Tim Speck, BOR for Texas; Solomon Poretsky, BOR for Minnesota; Adam Christofferson, BOR for Kansas; Bill Buford, BOR for South Carolina; John Leonard, BOR for Georgia; Greg Matus, BOR for Florida; and David Bohanon, BOR for Oklahoma.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Chatham Lodging Signs Agreement to Acquire Upscale Extended-Stay Hotel in Pittsburgh


PALM BEACH, FL, Jan. 31, 2011—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium-branded select-service hotels, today announced that it has signed a contract to acquire an upscale extended-stay hotel in Pittsburgh, Pa. for $24.9 million. 

The acquisition will be funded in part through the assumption of an existing $7.3 million mortgage loan.  The hotel will be the 14th property acquired by Chatham since its initial public offering.

“Our disciplined approach to acquisitions remains focused on upscale extended-stay hotels and premium-branded select-service properties, either as multi-property portfolios or individual hotels, located in major markets with high barriers to entry near strong demand generators,” said Jeffrey H. Fisher (top right photo), Chatham's chief executive officer. 

“Pittsburgh is home to six Fortune 500 companies, the University of Pittsburgh, Carnegie Mellon University, the University of Pittsburgh Medical Center and Hillman Cancer Center, as well as three professional sports venues.”

Following completion of the acquisition, the hotel will be managed by Island Hospitality Management, a hotel management company 90 percent-owned by Fisher.  Completion of the acquisition is subject to lender approval and satisfactory completion of due diligence and other customary closing conditions.

Business Update


Chatham anticipates that it will report pro forma revenue per available room (RevPAR) for the fourth quarter 2010 of $83.27, up 3.5 percent compared to the same period of the prior year. 

As highlighted in our December 16th business update, the fourth quarter RevPAR reflects the adverse impact of rooms out of service at three hotels due to accelerated renovations, which are expected to continue through the first quarter of 2011. 


Pro forma RevPAR is calculated as if Chatham had owned all 13 of its hotels for the entire fourth quarter of both 2009 and 2010.  Pro forma RevPAR for the three months ended December 31, 2010 is based on Chatham’s internal reporting and has not yet been audited and, therefore, is subject to revision based on the audit.

Additional information about Chatham may be found at http://www.chathamlodgingtrust.com/
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Contact: 
Jerry Daly, Carol McCune, Daly Gray Public Relations, (Media) (703) 435-6293, jerry@dalygray.com                                                                                                                                                     Dennis Craven, Chief Financial Officer, (Company), (561) 227-1386, dcraven@cl-trust.com

Sunday, January 30, 2011

Lionstone Sells Lakefront at Washingtonian in Gaithersburg, MD


 WASHINGTON, D.C– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced the company’s Institutional Capital Markets group represented the Lionstone Group in the disposition of Lakefront at Washingtonian, (top left photo) a 103,823-square-foot Class A office building in Gaithersburg, Md., to the Brick Companies.

 Eric Berkman and Steve Gichner, both executive vice presidents, facilitated the sale.

 “This Class A asset is 94 percent leased to a diversified group of tenants with a number of long-term leases in place,” said Berkman.

 “Lakefront at Washingtonian’s excellent location in the heart of Washingtonian Center – Montgomery County’s premier 24-hour work, live and play town center – combined with the Washington, D.C., metro area’s overall attractiveness to investors, produced tremendous buyer interest in the offering.”

Washingtonian Center (bottom right photo) represents one of the densest amenity bases in Montgomery County, offering approximately 530,000 square feet of high-end retail, 13 restaurants, a 200,000-square-foot entertainment center and nearly 800 Marriott-affiliated hotel rooms, all within walking distance of the property.

Contact: Erin Mays, Phone: 312.698.6735,                               
               

LandMark Retail Group Continues Aggressive Expansion Throughout California



WOODLAND HILLS, CA – LandMark Retail Group (LRG), a subsidiary of NewMark Merrill Companies, has kicked off 2011 in strong fashion with the completion and opening of three new CVS/pharmacy stores in California.

This continues its success with CVS/pharmacy (top left photo) after opening five stores in 2010 and seven in 2009. LRG, the CVS preferred developer since 2005, continues its development from Greater Los Angeles County and the Inland Empire through Central California, the Central Coast and into San Francisco and the Greater Bay Area of Northern California with new stores slated to open throughout the State in 2011 and beyond.

On Sunday, January 23, 2011, LandMark Retail Group opened two new stores in Los Angeles and one new store in San Francisco. The first store is located in downtown Los Angeles at the corner of Figueroa Street and 32nd Street just one block north of the University of Southern California campus and across the street from the Galen Center.

Next, LRG opened a store at the corner of Roscoe Blvd. and DeSoto Avenue in the Winnetka submarket of the San Fernando Valley in Los Angeles.

 In addition to these three stores, LRG is currently developing six new CVS/pharmacy stores with openings scheduled throughout the year.

“CVS CareMark Corporation continues to be great partner for LRG and we look forward to expanding with CVS for years to come,” said Jeremy Just (middle right photo), Principal, Chief Executive Officer, LandMark Retail Group, LLC.

  “Our significant experience acquiring and developing in high density markets with difficult barriers to entry has positioned LandMark Retail Group to assist retailers in executing their growth objectives in these sought after markets.”

“We are excited to open these stores in areas that can greatly benefit from the services we provide,” said Mark Miller, Regional Vice President of Real Estate, CVS CareMark Corporation.  “We are committed to identifying areas that are underserved with health and pharmacy services.”

Contact:
David Ebeling, Ebeling Communications, (p) 949.861.8351,
(c) 949.278.7851, david@ebelingcomm.com

AREA Property Partners Acquires Two Tampa Area Multifamily Properties

  
NEW YORK, NY, /PRNewswire/ -- AREA Property Partners has acquired two multifamily rental properties with a total of 766 units in the Tampa Bay area, the firm announced.

 The total purchase price for the two properties, Promenade at Carillon (top left photo) in St. Petersburg and Sabal Palm at Boot Ranch (middle right photo) in Palm Harbor, acquired from an undisclosed seller, was $78 million.  

"We feel that Promenade and Sabal Palm have strong upside potential. They are both high quality rental properties in excellent locations. This acquisition is consistent with AREA's strategy of investing in multifamily properties in markets with strong demographics that are poised for a solid recovery," said partner Steven Wolf of AREA Property Partners.   

 The Promenade at Carillon, 540 Carillon Parkway, has 334 units in two-story garden-style buildings, some with attached garages.  The complex offers one, two and three-bedroom apartments ranging from 670 square feet to over 1,300 square feet.

 Amenities include a business center, a fitness center and spa, swimming pool, walking, jogging and bike trails, and a playground.

 The Promenade is located off of Ulmerton Road, in St. Petersburg's Carillon professional district.  The complex is convenient to I-275 and the St. Petersburg/Clearwater International Airport and is across the Howard Franklin Bridge from Tampa. 

Sabal Palm at Boot Ranch has 432 one, two, three and four-bedroom apartments ranging from 633 square feet to more than 1,400 square feet. 

Amenities at the complex include private patios and balconies, a business center, a fitness center with cardio theater, swimming pool, wireless Internet access at the pool, and a clubhouse.

Located at 1350 Seagate Drive, at East Lake Road and the Lake Tarpon Canal in Palm Harbor, the community is about 45 minutes from both Tampa and St. Petersburg, and offers easy access to St. Petersburg/Clearwater International Airport.

CONTACT:
Michelle Manoff, Rubenstein Public Relations, +1-212-843-8051, mmanoff@rubensteinpr.com; or
 Julie Solomon, AREA Property Partners, +1-212-515-3343, jsolomon@areaprop.com


Saturday, January 29, 2011

Arbor Closes Four Fannie Mae DUS® Loans Totaling $17M From Texas to Hawaii



UNIONDALE, NY - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of four loans totaling $16,958,400 under the Fannie Mae DUS® Loan and Fannie Mae DUS® Small Loan product lines in Texas and Hawaii:


 Upper E Portfolio, Dallas, TX (top left photo) – The 466-unit portfolio received $10,050,000 funded under the Fannie Mae DUS® Loan product line. The seven-year loan amortizes on a 30-year schedule.

Maple Terrace Apartments, Dallas TX (top right photo) – The 81-unit complex received $4,696,000 funded under the Fannie Mae DUS® Loan product line. The seven-year loan amortizes on a 30-year schedule.

Ashton Place Apartments, Amarillo, TX (middle left photo) – The 62-unit complex received $1,250,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.

Honolulu Apartments, Honolulu, HI (lower right photo) – The 10-unit complex received $962,400 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.

The loans were originated by Anthony Tarter, Director, in Arbor’s full-service Dallas, TX, lending office.

“This diverse group of our most recent deals included two well-located properties in Dallas, both of which were acquired with the assistance of our funding,” Tarter said.

“The Ashton Place Apartments in Amarillo, TX, were refinanced and feature a high occupancy as well as high-quality units.

“Meanwhile, for the refinance of the Honolulu Apartments, Arbor helped guide the new Fannie Mae borrower through the funding process, securing good terms during the course of the transaction.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

Aveda Institute to Open at Brookwood Place on Peachtree in Atlanta


 ATLANTA, GA – Selig Enterprises is pleased to announce Aveda Institute will be opening at Brookwood Place on Peachtree (top left photo)  in Fall 2011. The cosmetology school will occupy the 18,040sf currently occupied by Borders Books & Music. Borders is slated to close February 28, 2011.

Brookwood Place on Peachtree is a mixed-use development featuring a 130,000 square foot retail component and 150 premier condominiums and townhomes, and is located at 1745 Peachtree Street.

This established lifestyle center features Spa Sydell, Viking Culinary Arts Center, Kroger, Tuk Tuk Thai Loft and Baroni Pizza & Pasta.

Aveda Institutes are part of an integrated team of more than 6,500 salons, spas, institutes and stores in over 20 countries worldwide. It is a powerful global affiliate aligned by a common goal.

Aveda Institute is one of the fastest growing worldwide salon networks and the most successful salon business model in the industry.

Selig Enterprises, Inc. is a real estate holding and development company with a portfolio in excess of ten million square feet and with properties throughout the Southeast. The company operates AAA Parking, which manages over 100 parking facilities.

 Headquartered in Atlanta, the company provides leasing, development, acquisition, space design, construction, legal, property management, brokerage and accounting services.

For More Information, contact:
Hilary W. Shure, CMD, Selig Enterprises, Inc.
Direct: 404.898.9065; Fax: 404.875.2629
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Mercantile Capital Corp. launches SBA 504 interim loans website


  
ALTAMONTE SPRINGS, FL --- Mercantile Capital Corporation, a wholly owned subsidiary of Old Florida National Bank, which specializes in U.S. Small Business Administration 504 loans that assist small business owners acquiring or developing their own facilities, has announced the launch of a new website dedicated exclusively to SBA 504 interim loans.

Chris Hurn (top right photo), chief executive officer of Mercantile Capital Corp., said www.SBA504InterimLender.com is designed to provide banks and non-bank lenders information on how SBA 504 interim loans are best used and how to best secure these loans.

“For instance, a bank may not want to do an SBA interim/bridge loan because of possible regulatory pressure, lending limits, or the fact that the property type doesn’t meet their loan policy guidelines,” Hurn said.

 “Or perhaps they’d rather not do construction/renovations for a particular 504 loan.  In these cases, we can provide the interim loan and help get the loan done for both the lender and the small business,” he added.

Additionally, www.SBA504InterimLender.com is helpful for Certified Development Companies (CDCs), which are certified by the SBA to provide the government-guaranteed second mortgage/trust deed position for SBA 504 loans.

“When a CDC originates an SBA 504 loan, we can commit to providing the interim loan which will expedite securing a first mortgage lender for them,” Hurn said.

Mercantile Capital Corp. finished 2010 with loan volume 80 percent above its 2009 volume, and expects a substantial increase in 2011. Nearly $141 million of SBA 504 loans were originated by Mercantile Capital Corp. in 2010 in 13 states.

Visit www.SBA504InterimLender.com; www.504Experts.com; and www.504Blog.com.

For more information, contact:
Chris Hurn, CEO Mercantile Capital Corporation, 407-786-5040 ChrisHurn@MercantileCC.com
 Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com

Friday, January 28, 2011

HFF arranges $41.25 million acquisition and leasehold financing for Princeton, New Jersey mixed-use development



FLORHAM PARK, NJ –HFF (Holliday Fenoglio Fowler, L.P.) has arranged $41.25 million in financing for Princeton Forrestal Village (top left photo), a 550,000-square-foot mixed-use development in Princeton, New Jersey.

HFF senior managing directors Mike Tepedino (middle right photo) and Jon Mikula (middle left photo) worked exclusively on behalf of Investcorp International, Inc. to secure the five-year, fixed-rate loan from Morgan Stanley. 

 The securitized loan provided acquisition financing and leasehold financing with Princeton University as the lessor under the ground lease agreement.

Princeton Forrestal Village is located along Route 1 close to downtown Princeton and Princeton University in central New Jersey. 

The 41.89-acre site has 10 buildings with 349,239 square feet of office space, 188,198 square feet of retail space comprised of a stand-alone health club and spa (Can Do), two outparcel restaurants (Ruth’s Chris Steakhouse and Salt Creek Grille) and Harmony Day School, plus 11,891 square feet of common area and amenity space.

 Also included on the site, but not part of the financing collateral, are a Westin Hotel and Conference Center and the Eden Institute.  In total, the property is 89% leased to 77 tenants.

“Several medical tenants signed leases at the property and a handful more have expressed interest in negotiating lease deals.  Medical tenants are attracted to the property for its close proximity to the new hospital, the extensive amenity base, and the cost effectiveness of the space as compared to other buildings in the market,” said Mikula.

Investcorp International is a global investment group with offices in London, New York and Bahrain and has more than 300 employees worldwide.  The real estate team of Investcorp International is an established, well capitalized, value-oriented real estate investor with a long and distinguished track record of success for almost 30 years, completing transactions with an aggregate value of nearly $43 billion globally. It currently has more than $6 billion of property under management.

Contacts:
Michael Tepedino, HFF Senior Managing Director, (212) 245-2425 mtepedino@hfflp.com
Jon Mikula, HFF Senior Managing Director, (973) 549-2000, jmikula@hfflp.com
 Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,


Thursday, January 27, 2011

Marcus & Millichap Hires Brian Bornhorst as a Multifamily Investment Specialist


DENVER, CO – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired Brian Bornhorst (top right photo)  as a multifamily investment specialist, according to Michael Hoffman (middle left photo), first vice president and regional manager in Denver.

 In his new position, Bornhorst will serve as a director in the Denver office of the firm’s National Multi Housing Group.

 Most recently, Bornhorst was the vice president of transactions for AIMCO, a Denver-based multifamily REIT.

“It is with pleasure that we welcome Brian to Marcus & Millichap,” says Hoffman. “His in-depth knowledge of the multifamily investment market in Colorado and across the United States will be an asset to the firm.

"Brian has a great deal of experience in negotiating major apartment transactions on behalf of institutional investors as well as major private investors, which will enhance our national brokerage platform.”

Bornhorst brings more than 17 years of multifamily investment and real estate operations expertise to his new post at Marcus & Millichap. He has arranged approximately $7.2 billion in apartment transactions on behalf of institutional and private investors throughout his career.

Prior to joining AIMCO, Bornhorst worked for Deloitte & Touche as a manager in the firm’s real estate consulting practice, providing operations and process improvement services for clients across the US and Canada.

Bornhorst received his bachelor’s degree in real estate and marketing from the University of Cincinnati.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

NewMark Merrill Awarded 1.1 Million SF Management Assignment


WOODLAND HILLS, CA – NewMark Merrill Companies, a retail development and full-service property management firm, is proud to announce the addition of four new Property Management assignments of 1,169,500 square feet, in addition to expanding its’ list of clients.

The shopping centers include: Grand Plaza, Nordahl Marketplace, Peru Marketplace and Heritage Plaza.

The four high-profile Southern California and Illinois shopping centers are owned by affiliates of both World Premier Investments (WPI) and United American Properties (UAP).  NewMark Merrill Companies retail portfolio now exceeds 8 million square feet under management including its owned assets.

This outstanding portfolio of Shopping Centers includes: 

Grand Plaza (top left photo) located along Highway 78 at Las Posas Road in the north county area of San Marcos, CA.  The center totals more than 356,000 square feet.  Tenants include Sprouts, Nordstrom Rack, Ross, Bed Bath and Beyond, Marshalls, Sports Chalet, Petco, Lane Bryant, Party City and many more. The center is 95% leased.  Leasing for this property is handled by Cushman Wakefield of San Diego.

Nordahl Marketplace (middle right map) located along Highway 78 at the northwest corner of Highway 78 and Nordahl Road, also in San Marcos, CA. The center totals more than 315,000 square feet and is home to Wal-Mart, Kohl’s, Guitar Center, Payless Shoes, Burger King, Starbucks, Coldstone Creamery and several others.  The center was built in 2003 and remodeled in 2007.  The center is currently 96 % leased.  Leasing for this property is also handled by Cushman Wakefield.

Heritage Plaza (middle left photo) is a 119,000 square foot center, located along Arlington Avenue in Riverside California.  The center is home to many retailers, including Albertsons, 99 Cent Only Store, Starbuck’s Coffee, Subway, Rent A Center, Radio Shack and Yum Yum Donuts to name a few.  Leasing for this property is handled by Colliers International.

Peru Marketplace (lower right photo) is a 362,463 square foot center, located at Route 251 & La Salle in Peru, Illinois.  The center is home to Wal-Mart, GameStop, Kohl’s and opening soon PetSmart to name a few.

Contact: David Ebeling, Ebeling Communications, (p) 949.861.8351, (c) 949.278.7851, david@ebelingcomm.com

NAI Realvest Negotiates 3 New Leases in Metro Orlando


Azuleri Takes 1,991 SF in Maitland Center 

 MAITLAND, Fla. --- NAI Realvest negotiated a new lease agreement for 1,991 square feet of office space in suite 104 at 1015 Maitland Center Commons Blvd.

 Michael Heidrich (top right photo), a principal in the firm, brokered the transaction representing the Maitland-based landlord, 1015 Maitland Center Commons, LLC and the tenant, Azuleri, Inc., a hearing aid systems manufacturer relocating from southeast Orlando.

  
Hanging Moss CommerCenter and Airport Industrial Center Welcome New Tenants


 ORLANDO, Fla. – Michael Heidrich, principal at NAI Realvest recently negotiated two lease agreements for industrial space totaling 5,000 square feet at Hanging Moss CommerCenter (lower left photo) and Airport Industrial Center in Orlando.

 Heidrich represented the landlord Maitland-based COP-Hanging Moss, LLC in a lease to Winter Park Auto Exchange, Inc. for suite 410 with 2,000 square feet at 6112 Hanging Moss Rd. 

 At 7466 Narcoossee Rd., Citadel Capital Management, Inc. of Winter Park leased unit 200-F with 3,000 square feet . Heidrich negotiated the transaction on behalf of the landlord Airport Investment Properties, LLC of Columbus, Ohio.  Rory Williams of Acquisition Consultants represented the tenant.

 For more information, contact:
Michael Heidrich, Principal, NAI Realvest 407-875-9989 mheidrich@realvest.com
Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com
Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com

Colliers International Completes the Sale of an 82 unit Multi-Family Property in the Inland Empire


REDLANDS, CA, Jan. 27, 2011 --  Colliers International, the second largest real estate services organization globally, has completed the sale of a 89,248-square-foot multi-family property (top left photo) located at 301 E. Cypress Ave, Redlands, CA to Sequoia Equities, a Walnut Creek-based real estate investment firm.

The property sold for $625,000 above list price, at $11.625 million and $141,768 per unit.

Kitty Wallace (top right photo), executive vice president, based in Colliers International’s West Los Angeles office, represented the buyer and the seller, MJW Receivers.

 “We ran an aggressive marketing campaign for the seller and received 21 offers in just eight days, 19 of which were above asking price,” said Wallace.


“With so many offers on Cypress Villas, it is clear that there is investor demand for the Inland Empire. Positive third quarter statistics indicate that the Inland Empire may have found its way out of the recession.” 

 Built in 2004, Cypress Villas is an 82 unit garden style property situated on 4.68 acres in the Inland Empire. 

This gated community features a mix of one, two, and three bedroom apartments that were 100% occupied at the point of sale. The property also features a large leasing office, community room, fitness center, and a resort style swimming pool and spa.

The property is well-situated in one of the best areas of the city, just east of Redlands Blvd. and the 10 freeway. It is also within one mile of the University of Redlands (lower right photo), History Downtown Redlands, the Redlands Mall and Prospect Park.

Contact:
Angela S. Hwang, Regional Marketing Coordinator
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258