Tuesday, April 12, 2011

Principal of Newmark Knight Frank’s Southeast Capital Markets Group, Whitney Knoll, heads Retail Panel at Interface Retail in Atlanta

ATLANTA, GA --- Whitney Knoll (top right photo), principal for Newmark Knight Frank’s Southeast Capital Markets Group, told an audience of real estate investors, brokers and developers gathered in Atlanta that Real Estate Investment Trusts (REITs) will play an increasingly important role in the retail development industry as the U.S. economy improves.

Knoll headed a panel of experts discussing the impact of REITs on economic development in the southeast U.S. at the Interface Retail: Atlanta conference sponsored by professional trade journals Shopping Center Business and Southeast Real Estate Business.

While the retail development industry’s recovery from the recession has been slow and new construction reflects slow residential growth, retail equity partners have been actively pursuing acquisitions of well-positioned retail facilities throughout the southeastern U.S., Knoll said.

“Retail equity participation is weathering a severe credit crunch and an evolving debt market,” Knoll said. “REITs have emerged as a principal source of liquidity in both debt and equity capital fundraising as investors and developers seek other means of financing projects,” he said.

Knoll, who is responsible for initiating retail investment sale transactions and capital markets transactions for Newmark Knight Frank’s Southeast Capital Markets Group, ranks as one of the leading retail property brokers in the Southeast, with career transactions that total more than 3.3 million square feet of commercial space valued at approximately $3.3 billion.

Knoll’s panel, “Meet the Retail REITs: Hear From the Equity Players in 2011,” included Richard H. Carson, Regional Vice President for New Development and Acquisitions at Weingarten Realty Investors; Mike Cohn, Executive Vice President for Retail Investments, Leasing & Asset Management at Cousins Properties, Inc.; Bob Mitzel, Regional President for Southeast and North Florida at Equity One; and Will Ponder, Vice President of Investments at Edens & Avant.

For more information contact:
C. Whitney Knoll, Principal Southeast Capital Markets Group, Newmark Knight Frank, 201 17th St. Atlanta, GA 30363; wknoll@newmarkkf.com
Larry Vershel,  Larry Vershel Communications 407-644-4142 or 407-461-3780 lvershelco@aol.com.

Marcus & Millichap Capital Corp. Names Dean P. Giannakopoulos as Associate in Chicago

CHICAGO, IL – Marcus & Millichap Capital Corporation (MMCC) has named Dean P. Giannakopoulos (top right photo) as an associate in the firm’s Chicago Downtown office, according to William E. Hughes, senior vice president and managing director of MMCC.

“Dean has an impressive track record of arranging commercial real estate financing on a national scale,” says Hughes. “He brings a wealth of knowledge in arranging debt and equity finance transactions for multifamily, office, retail, industrial, and land properties to his new position.”

Prior to joining MMCC, Giannakopoulos was a senior commercial mortgage analyst and jr. producer at Maverick Commercial Mortgage Inc. He has also held positions as a commercial mortgage analyst with Prairie Realty Advisors Inc. and as a loan officer with Wells Fargo Financial.

Giannakopoulos has a Bachelor of Science degree in finance from the University of Illinois at Urbana-Champaign.

 Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation
(925) 953-1716

Bank Repos Decline In South Florida In Q1 2011

MIAMI, FL--The number of bank repossession in South Florida decreased in the first 90 days of 2011, representing the first quarterly drop since the real estate crash began in 2007 in the tricounty region, according to a new report from CondoVultures.com.

Lenders repossessed two percent fewer South Florida properties between January and March 2011 on a year-over-year basis than in the same three-month period in 2010, according to the report based on the Condo Vultures® Foreclosure Database™.

Banks and other creditors took title to less than 9,000 properties in the tricounty region of Miami-Dade, Broward, and Palm Beach counties in the first quarter of 2011. A year earlier in 2010, lenders repossessed nearly 9,200 properties in the same first-quarter period, according to the report based on government records.

In the first quarter of the three previous years, lenders took title to 7,300 properties in 2009; 4,800 properties in 2008; and 1,350 properties in 2007. 

"A quarterly decrease in bank repossessions in South Florida is noteworthy given that this is the first time it has occurred in four years," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "We would caution, however, about getting overly optimistic and concluding that the distress in the South Florida real estate market has passed. There is no question that the situation has improved compared to 2008 and 2009.

"The unknown is, what will happen when the 'foreclosure freeze' is finally resolved, and lenders once again have confidence in their administrative processes to pursue foreclosures against borrowers in default."

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com

New Orleans Hotel Collection Announces New Partnership with a Worldwide Boutique Hotel Membership Network

NEW ORLEANS, LA - April 12, 2011 - The New Orleans Hotel Collection has announced that four of its hotels have joined K Hotels’ independent hotel membership network. 

The four hotels are:

  • the 217-room Bourbon Orleans Hotel (lower right photo), conveniently located on Bourbon Street near Jackson Square;
  • the 97-room Saint Louis Hotel, located in Bienville Street and currently undergoing extensive remodeling and upgrades;
  • the new 66-room Hotel Le Marais, a stylishly chic and contemporary boutique property on Conti Street; and
  • the 111-room Dauphine Orleans Hotel, a long-time local favorite known for its excellent service. 

All four hotels are located in New Orleans’ most desirable district – the historic French Quarter. Each of these unique properties will appeal to the world traveler seeking unique stays at independent hotels in remarkable destinations.

“We are excited to be partnering with the K Hotels network, which will improve access to our unique properties for the discerning members of K Hotels who make a conscious choice to stay at independent boutique properties around the world,” said Marc Becker, area director of marketing.

 “K Hotels offers its members a frequent traveler loyalty program and a sophisticated online search and reservations system, in addition to a number of other benefits.”

 For more information, visit the website: http://www.neworleanshotelcollection.com/
Marc Becker,Area Director of Marketing,Phone: 504 527 0407

Charles Dunn Co. Brings Two Buildings to 100% Occupancy in Glendale and Burbank, CA

LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed five leases totaling 63,000 square feet of space within two major office buildings in the Tri-City office market. The five leases have an aggregate lease value of approximately $10.2 million.

The Charles Dunn Company leasing team of Bill Boyd and Linda Lee completed two leases totaling 33,000 square feet at 2411 West Olive in Burbank, Calif.

The six-story building totals 115,000 square feet and is now fully occupied. The team also completed three leases at Galleria Office Tower (top left photo) in Glendale, Calif., bringing the 140,000 square foot class A asset to 100 percent occupied.

Adding to the significance of this accomplishment, the properties are the only office buildings totaling more than 100,000 square feet in their markets to be fully occupied.

The Galleria Office Tower is the most successful office tower in the Glendale market which includes 25 buildings in excess of 100,000 square feet. The leases for this property include:

·         A new, five-year lease with LegalZoom totaling 5,000 square feet. The company will use its new ground floor space as an extension of its nearby headquarters.

·         A five-year lease renewal and expansion with Travelers Insurance totaling 19,000 square feet. Travelers expanded its space within the building by an additional 3,000 square feet.

·         A seven-year lease renewal with law firm, Baker, Olson, LeCroy & Danielian, totaling 6,000 square feet.

The Glendale office market, which totals 6.3 million square feet, currently has a 23.6 percent vacancy rate. That translates into approximately 1.5 million square feet of vacant space.

“Given the high market vacancy rate, the competition to renew existing office tenants, as well as attract new tenants, is extremely fierce,” said Lee. “The Galleria Office Tower is a well located, high-profile building that has a longstanding reputation for being well managed. The building ownership appreciates the necessity for being sensitive to market terms and competition which makes the leasing effort even more successful.”

Located at 100 West Broadway in the City of Glendale, Galleria Office Tower was built in 1983 and was part of the second phase of the Glendale Galleria mall’s expansion.

The Boyd and Lee team of the Charles Dunn Company has been responsible for in excess of five million square feet of office leasing in the Tri-City area.
Contact: Darcie Giacchetto, D.G. Communications, Inc.,949.278.6224

NAI Realvest Negotiates Long-Term Lease for 3,800 SF of Office Space at SunTech Commerce Park in Lake Mary

ORLANDO, FL.  --- NAI Realvest recently negotiated a new long-term lease agreement for 3,800 square feet of office space at 43 Skyline Drive in the SunTech Commerce Park (top left photo) in Lake Mary.

NAI Realvest associates Drew Saphos, CCIM and Paul Vera along with Christie Alexander, principal and George Livingston, chairman emeritus, negotiated the transaction representing the tenant, EDCO Group, Inc. d/b/a ABI Document Support Services of Lake Mary.   

 Butters Real Estate Funds of Coconut Creek, Fla. is the landlord who was represented in the transaction by Christi Davis CCIM of Morrison Commercial Real Estate. 

For more information contact
Christie Alexander, Principal, NAI Realvest 407-949-0704 calexander@realvest.com
George Livingston, Chairman Emeritus, NAI Realvest 407-875-9989 glivingston@realvest.com
Patrick Mahoney, President, NAI Realvest, 407-875-9989 pmahoney@realvest.com
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com

Delinquent Loan Rates for Commercial Real Estate Reach All-Time High

 ATLANTA, GA – The national delinquency rate for commercial real estate loans is higher than it has been in at least two decades, according to Tom Fink (top right photo), senior managing director at Trepp and a recent guest on the “Commercial Real Estate Show.”

Fink told radio show host Michael Bull (lower left photo) the national delinquency rate for loans on commercial real estate has reached 9.42 percent, the highest it has been since data on the subject was first tracked in the early 90s. The total amount of delinquent loans on commercial real estate properties is $61 billion, he said.

The cause, according to Fink, is “bad underwriting during the bull market.”

As for the future, Fink estimated that $300 billion in commercial real estate needs to be refinanced in the next three years. At least half of loans coming due are “underwater,” meaning the loans are more than the value of the property.

 “If you are in the distressed real estate market, you still have tons of opportunities out there,” he said.

Contact:  Midd Read, Office: (404) 965-5024. Cell: (404) 901-4433