Jones Lang LaSalle Completes 411,548-SF Industrial Lease with Pacific Coast Warehouse Co. in Ontario, CA

ONTARIO, CA,  April 4, 2011 — Jones Lang LaSalle represented Pacific Coast Warehouse Company in a 411,548-square-foot industrial lease at Ontario Distribution Center II  (top left photo)) located at 3601 Jurupa Street in Ontario, Calif.

Pacific Coast Warehouse will occupy the entire building after relocating from 5125 Schaefer Ave in Chino, Calif.

Jones Lang LaSalle’s Southern California Industrial Tenant Representation Team of Executive Vice President Tim O’Rourke and Senior Vice President Barry Hill represented Pacific Coast Warehouse in the transaction. 

The property owner, Ontario Industrial Partners, was represented by Steve Bellitti and Tom Taylor of Colliers International.

“With our knowledge of the Inland Empire industrial market, Jones Lang LaSalle enabled the tenant to upgrade its facility and amenities by relocating to a Class A facility, while also significantly reducing its overall expenses – this is the quintessential ‘Flight to Quality,’” said O’Rourke.

 “This transaction along with other recent deals in the market illustrate that the Inland Empire industrial market is leading the recovery in the U.S. industrial market.”

Located in the Inland Empire industrial market, Ontario Distribution Center II features a clear height of 30+ feet, 58 dock-high loading doors, 76 trailer stalls and a large secured concrete yard area.

Pacific Coast Warehouse Company dates back more than 80 years and has clearly become one of the finest 3rd party distribution organizations in the Western United States by operating as an extension of their customer and focusing on service.

Pacific Coast Warehouse Company is a privately-owned company who understands that quality service, flexibility, technology, and value added services are required for effective supply chain management. 

Pacific Coast Warehouse Company currently operates more than 1,000,000 square feet of space in Southern and Northern California.

For further information, please visit our website, http://www.joneslanglasalle.com/.

Contact: David Ebeling, Ebeling Communications, (p) 949.861.8351

(c) 949.278.7851, david@ebelingcomm.com

HFF closes sale of two-building, Class A office complex in Dallas, TX

DALLAS, TX – HFF announced today that it has closed the sale of Bluffview Towers (top left photo), a two-building, 196,356-square-foot, Class A office complex in Dallas, Texas.

HFF marketed the property on behalf of the seller, Capstar Real Estate Advisors along with an institutional partner.  CDI purchased Bluffview Towers for an undisclosed amount. 

Bluffview Towers is located at 3860 and 3890 Northwest Highway close to Love Field, the residential neighborhoods of Bluffview, Park Cities and Preston Hollow.  The property’s East Tower has 126,132 square feet in seven stories and the West Tower totals 70,224 square feet in four stories.

 Renovated in 2009, the property is 96 percent leased to tenants including GSA, Inland American, Sewell, HEB Grocery and Atrium Companies.

Contacts:

Andrew Levy, HFF Senior Managing Director, (214) 265-0880, alevy@hfflp.com

Todd Savage, HFF Associate Director, (214) 265-0880, tsavage@hfflp.com

 Elizabeth Malone, HFF Managing Director, (214) 265-0880, emalone@hfflp.com

Kristen Murphy, Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Thomas D. Wood & Co. Brokers 3 Loans totaling $4 Million in Pembroke, FL

MIAMI, FL, April 4, 2011— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $4,000,000 for Melson Corporation, 3A3B, Ltd., and Park 25 Corporation.

Marshall Smith (top right photo), Company Executive Vice President, secured financing for Melson Corporation through Thomas D. Wood and Company's correspondent relationship with The Standard in the amount of $1,000,000. 

The fixed-rate, fully-amortizing loan has a term of 15 years, based on an interest rate of 6.375%.  The loan-to-value is 50%.  The 40,000 square-foot multi-tenant industrial building was built in 1980, and is home to major tenant Rainbow Tile.  Melson Corporation is located at 1800 N. Powerline Road, Pembroke Park, Florida.

Smith secured financing for 3A3B, Ltd., in the amount of $1,500,000 through Thomas D. Wood and Company's correspondent relationship with Advantus Capital Management. 

The fixed-rate loan has a 10-year term, based on a 20-year amortization and an interest rate of 5.15%.  The loan-to-value is 50%.  The 68,000 square-foot industrial building was built in 1985, and is located at 3126 Park Road, Pembroke Park, Florida.

Smith also secured financing for Park 25 Corporation through Advantus Capital Management in the amount of $1,500,000.  The fixed-rate loan has a 10-year term, based on a 20-year amortization and an interest rate of 5.15%.  The loan-to-value is 50%.  The 45,000 square-foot industrial building was built in 1985 and is located at 3126 John P. Curci Drive, Pembroke Park, Florida.

Contact:

Marshall Smith   (305) 447-7825   msmith@tdwood.com

Jessica Kinnee   (407) 937-0470   jkinnee@tdwood.com

www.tdwood.com

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Crossman & Co. negotiates Five Lease agreements totaling 12,000 SF at Orange City Marketplace in Orange City, FL

ORANGE CITY, FL--- Crossman & Company, one of the largest retail leasing, management and development firms in the Southeast, recently negotiated five lease agreements totaling 12,000 square feet at the Orange City Marketplace located on Saxon Blvd. at the corner of Enterprise Rd. in Orange City.

 Senior Associate Daniel Germano (top right photo) represented the landlord Orange City Marketplace, LLC in negotiating the transactions, which included

• Renewal and expansion lease by Hong Kong Buffet for a total of 5,600 square feet;
• Renewal lease of 1,200 square feet by Weight Watchers;
• Renewal lease of 2,100 square feet by Saxon Dental;
• New lease of 2,400 square feet by All American Karate and
• Renewal and expansion lease of 700 square feet by Quest Comm Mobile.

For more information please contact:

Daniel Germano, Leasing Associate, Crossman & Company, 407-423-5400 or 407-581-6223

John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com

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

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Maury L. Carter & Associates Brokers $4.2 Million Land Deal in Lake County, FL

ORLANDO, FL, April 4, 3011 -- Maury L. Carter & Associates, Inc. represented Branch Banking & Trust Company (BB&T) in the sale of 1,236± acres in Lake County, FL for $4,200,000.

  The property consists of a 653± acre parcel on the south side of Schofield Road and a 583± acre parcel on the west side of Five Mile Road.

The parcels are east of Highway 27 and approximately five miles south of Highway 50.  South Lake Crossings II, LLC was the Buyer. 

Daryl M. Carter (top right photo), Preston Hage, and Patrick Chisholm of Maury L. Carter & Associates, Inc. represented the Seller.  Jim Dowd of Dowd Properties, Inc. represented the Buyer.

Contact:

Joan M. Fisher

Maury L. Carter & Associates, Inc.

3333 S. Orange Avenue, Suite 200

Orlando, FL 32806-8500

(407) 581-6207 direct

(407) 422-3144 office

(407) 422-3155 fax

jfisher@maurycarter.com

http://www.maurycarter.com/

http://www.disneyuniversalland.com/

Grubb & Ellis Represents Interlog USA Inc. in 285,600-SF Industrial Lease

         

ONTARIO, CA (April 4, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Mark Kegans (middle right photo), SIOR, senior vice president and Gerald Kim (lower left photo), vice president, both members of the company’s Global Logistics practice group, represented Interlog USA Inc. and its wholly owned subsidiary, American West Worldwide Express, Inc. in its five-year lease of 5725 E. Jurupa St., (top left photo) a 285,600 square-foot warehouse/distribution building.

 The logistics company, which specializes in full-service international and domestic shipping services for manufacturers and receivers, will take occupancy of the building in May.

Interlog and American West will be relocating and expanding the space for its West Coast distribution, warehouse and LTL operations from the current location in Compton. 

Constructed in 1998, the concrete warehouse/distribution building offers a 32’ clear height and is situated on nearly 16 acres of land.  The property is located within close proximity to Interstates 15 and 10, as well as California State Route 60. 

“This is a great location for Interlog USA and American West due to its close proximity to major freeways and excellent property visibility,” said Kegans. 

Kevin McKenna of CB Richard Ellis represented the owner of Ontario Gateway, James Campbell Company LLC, in the transaction. 

Contact:  Julia McCartney, Phone: 714.975.2230                                     

Email: julia.mccartney@grubb-ellis.com

Grubb & Ellis Receives $18 Million Financing Commitment from Colony Capital

 SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that it has received an $18 million financing  commitment from Colony Capital, LLC, a private, international investment firm focusing primarily on debt and equity investments in real estate-related assets and operating companies, headquartered in Los Angeles.

In conjunction with this financing, Colony was granted the right to an exclusive 60-day negotiating period during which it can evaluate a potential larger strategic investment with Grubb & Ellis. 

 “Colony Capital is a premier real estate investment and advisory firm with a strong track record of identifying undervalued real estate and corporate investment opportunities, and we welcome their support and the confidence they have shown in Grubb & Ellis,” said Thomas P. D’Arcy (top right photo), president and chief executive officer. 

“We will work with Colony over the next 60 days as they focus on a possible larger strategic transaction.  With this show of support by Colony, our clients and partners should feel confident that our experienced team of professionals will continue to provide the same outstanding service that they have come to expect from us.”

Should the company and Colony enter into a definitive agreement for a strategic transaction, Grubb & Ellis retains the right to solicit competing strategic transactions for a period of 25 business days.

JMP Securities served as financial advisor to Grubb & Ellis in connection with this financing.

 Contact: Janice McDill,  Phone: 312.698.6707                                     

Email: Janice.mcdill@grubb-ellis.com

          

Colliers International Negotiates Three Industrial Leases Equaling 101,010 SF Totaling $3.151 million in Orange County, CA

ORANGE COUNTY, CA, April 4, 2011 – Colliers International, the second largest global real estate services organization, recently negotiated three leases with the combined transactions values equaling $3.151 million.

 Chuck Wilson, senior vice president, based in Colliers International’s Irvine office, negotiated all three leases.

The first transaction was for a 66,510-square-foot industrial property located at 7101 Cate Drive (top left photo)  in Buena Park, Calif. The transaction is valued at $1.7 million.

The property is a free standing building, completely refurbished by the ownership. Wilson represented the tenant, Adams and Sons Transportation, a La Mirada-based warehouse company.  He has represented this tenant in five separate transactions in the past. The landlord, a Whittier-based company, Oltmans, was represented by Joe Milo from Inco Commercial Brokerage.

 Next transaction was for a 10,500-square-foot industrial property located at 525 Shepard (middle right photo), Anaheim, Calif. The transaction is valued at $700,000. The property offers outstanding frontage on the 91 freeway.

The landlord was represented by Scott Seal of Lee & Associates. The tenant, The Bug Man, a pest control company, was represented by Wilson.

 “The Bug Man is relocating its corporate office from Fullerton to Anaheim for 91 freeway frontage exposure,” said Wilson. “The Bug Man has been in business in Orange County since 1958 and was voted People’s Choice for ‘Best of Orange County’ for both residential and commercial pest control.”

The property located at 11042 Forest Place (lower left photo), Santa Fe Springs, Calif, is a freestanding, 24,000-square-foot industrial building, and this transaction is valued at $751,000.

 The landlord, represented by Wilson, is Polley Real Estate Rental, and the tenant, a Pittsburg-based refractories company, Harbison-Walker, relocated from Pico Riviera, Calif., was represented by Clif Fincher of Lee & Associates.

 Built in 1982, it will be used as a warehouse and distribution center by the new tenant.

Contact: Angela S. Hwang

Dir +1 213 532 3258 | Mob +1 310 867 4105

Main +1 213 627 1214 | Fax +1 213 327 3258

angela.hwang@colliers.com

http://www.colliers.com/

Colliers International Negotiates a Three-Year Lease for 113,500-SF Industrial Building in Pacoima, CA

PACOIMA, CA, April 4, 2011 -- Colliers International, the second largest global real estate services organization, recently negotiated the lease of a 113,500-square-foot industrial building located at 12224 Montague St., Pacoima, Calif. for Natural Balance Pet Foods, Inc., a California-based pet food company.

The three-year lease is valued at approximately $1.7 million.

 The landlord, a private investor, Michael Lichstein, was represented by David Hoffberg, SIOR and Jerry Scullin of Delphi Business Properties.

The tenant was represented by John DeGrinis (top right photo), SIOR, senior executive vice president based in Colliers International’s Encino office, Patrick DuRoss (middle left  photo), associate vice president, and Jeff Abraham (lower right photo), senior associate.

 “The 4th quarter 2010 and the beginning of 2011 witnessed some larger transactions in our region,” said DeGrinis.

 “This is one of five larger transactions (80,000 sf +) just completed in the last four months.  Despite a smaller inventory of available larger buildings, we are still seeing ongoing erosion in lease rates.

 “Rents for all five of these transactions are in the $0.40s per square foot range, which evidences the continuing slide we have seen in average rental rates over the past few years.  We expect that as supply and demand forces get closer to equilibrium, we will see some firming in rates.”

 “We have been working with Natural Balance for many years,” added DuRoss.  “Their business has been experiencing significant growth, and current market conditions led them to consider their multiple facility options.  In the end, Natural Balance was able to secure a good distribution facility that will accommodate their immediate growth at very low rents relative to prior years.”

For more information, visit www.colliers.com/markets/greater_los_angeles/degrinis

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Follow us at www.twitter.com/colliersgla

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Contact: Angela S. Hwang

Dir +1 213 532 3258 | Mob +1 310 867 4105

Main +1 213 627 1214 | Fax +1 213 327 3258

angela.hwang@colliers.com

http://www.colliers.com/

Marcus & Millichap Honors Top Producers

  

Douglas A. Danny Named Marcus & Millichap’s Top Manufactured Housing Investment Specialist

ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Douglas A. Danny (top right photo) of the firm’s San Diego office as the top manufactured housing agent nationally.

“We are proud to recognize Doug as the firm’s top manufactured home communities agent nationally,” says John J. Kerin, president and chief executive officer of Marcus & Millichap. “His attainment of this high level of achievement reflects the depth of his market knowledge, his superior transaction skills and his commitment to client service.”

 Danny is a vice president investments and a senior director of the firm’s National Manufactured Home Communities Group. He has been a licensed real estate professional since 1978 and a Marcus & Millichap investment specialist since November 1992.

Danny has been in the manufactured home community business as a broker and owner since 1988 and currently owns seven communities, five in the Los Angeles basin, one in Arizona and one near Denver. 

 Since 1994, Danny has closed 97 manufactured home community transactions totaling 12,867 sites for a total sales volume of $422,444,054. Danny specializes in larger, quality communities in primary markets across the nation.

Chad O’Connor Named a Top Loan Originator at Marcus Millichap Capital Corp.

NEWPORT BEACH, CA– Marcus & Millichap Capital Corporation (MMCC) has named its top loan originators of 2010, according to William E. Hughes, senior vice president and managing director of MMCC. Chad O’Connor (top left photo), a vice president capital markets in the San Diego office, ranked No. 2 nationwide.

 “It gives me great pleasure to recognize Chad as the firm’s No.2 loan originator of 2010,” says Hughes. “Through each market cycle, Chad has consistently ranked as one of MMCC’s top performers because of his commitment to providing superior financing and advisory services to his clients.”

 O’Connor joined MMCC in June 2004. He was promoted to vice president capital markets in 2010. While with MMCC, O’Connor has earned two National Achievement Awards and four sales recognition awards.

  

 Marcus & Millichap Capital Corp. Names Michael G. Derk a Top Loan Originator

  

NEWPORT BEACH, CA– Marcus & Millichap Capital Corporation (MMCC) has named its top loan originators of 2010, according to William E. Hughes, senior vice president and managing director of MMCC. Michael G. Derk (middle right photo), a senior director/vice president capital markets in the Long Beach office, ranked No. 3 nationwide.

            “It gives me great pleasure to recognize Michael as the firm’s No. 3 loan originator of 2010,” says Hughes. “Michael has consistently ranked as one of MMCC’s top performers because of his commitment to providing superior financing and advisory services to his clients.”

            Derk joined MMCC in December 2002. He was promoted to vice president capital markets in 2008. While with MMCC, Derk has earned five National Achievement Awards and eight sales recognition awards.

  

 Rick Padilla Named a Top Loan Originator at Marcus & Millichap Capital Corp.

NEWPORT BEACH, CA – Marcus & Millichap Capital Corporation (MMCC) has named its top loan originators of 2010, according to William E. Hughes, senior vice president and managing director of MMCC. Rick Padilla (bottom left photo), a senior director in the Long Beach office, ranked No. 4 nationwide.

 “It gives me great pleasure to recognize Rick as the firm’s No. 4 loan originator of 2010,” says Hughes. “Rick has consistently ranked as one of MMCC’s top performers because of his commitment to providing superior financing and advisory services to his clients.”

 Padilla joined MMCC in January 2009. He has earned one National Achievement Award and two sales recognition awards.

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

Tolaris Homes Starts Construction of 5,000-SF “Green” Lakefront Custom Home at Lake Forest, FL

 LAKE FOREST, FL – Tolaris Homes, a division of Tolaris International, has started construction of a 5,000 square foot waterfront home at Lake Forest the luxury, gated community on SR 46 west of Sanford.

 Richard Bavec (top right photo), president of Tolaris Homes, said the four-bedroom home with a game room and den, is a Green home featuring photovoltaic panels, solar heat, Low-E windows, 16 seer AC unit, programmable thermostat and other elements to increase energy and water efficiency and indoor air-quality.

 “The custom home will meet or exceed EPA’s Energy Star® standards and will reduce monthly utility bills for the new owners who are expected to move in when construction is completed this summer,” Bavec said.

 For more information contact:

Richard Bavec, President, Tolaris Homes, 407-402-9866 rbavec@tolarishomes.com

Larry Vershel or Beth Payan, LV Communications, 407-644-4142 (fax: 4410) lvershelco@aol.com

HFF arranges $15.5 million refinancing for industrial warehouse in Pittsburgh

 

PITTSBURGH, PA – HFF announced today that it has arranged a $15.5 million refinancing for 615 Alpha Drive, a 327,500-square-foot industrial warehouse in Pittsburgh’s RIDC O’Hara Business Park (top left photo).

Working exclusively on behalf of McKnight Realty Partners, HFF placed the 10-year, fixed-rate loan with Nationwide Real Estate Investments.  Loan proceeds were used to refinance the acquisition and renovation loan.

615 Alpha Drive is situated on 14 acres within the RIDC O’Hara Business Park about eight miles northeast of downtown Pittsburgh via the Allegheny Valley Expressway.  The property is 80 percent leased to tenants including Benshaw, Inc., a subsidiary of Curtis-Wright Corporation. 

The HFF team representing McKnight Realty Partners was led by executive managing director Gerard Sansosti.

McKnight Realty Partners is a leading real estate investment and development company based in Pittsburgh, Pennsylvania.

Contacts:

Gerard T. Sansosti, HFF Executive Managing Director, (412) 281-8714 gsansosti@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

 krmurphy@hfflp.com

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Marcus & Millichap Sells 37,631-SF Self-Storage Facility in Panama City Beach, FL for $900,000

PANAMA CITY BEACH, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Top Shelf Storage (top left photo), a 37,631-square foot self-storage facility located in Panama City Beach, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $900,000.

Michael A. Mele (middle right photo), vice president investments, and senior director of the National Self-Storage Group, and Edwin Greenhalgh (lower left photo), investment specialist with Marcus & Millichap’s Tampa and Birmingham offices respectively, had the listing to market the property on behalf of the seller, a financial institution. 

The buyer, a private investor, was also secured and represented by Mele and Greenhalgh.

 “This sale was significant in that we were able to close this transaction in seven days, start to finish, proving there are cash buyers ready to expand their portfolio in this market” says Mele.

Top Shelf Storage is located at 105 Estes Place.

Press Contact:  Bryn D. Merrey, Regional Manager, Tampa

(813) 387-4700

The Real Estate Capital Scoreboard issued by the Real Estate Capital Institute

 CHICAGO, IL, April 1, 2011-- Modest economic growth steadily fuels the commercial realty markets with abundant debt and equity funds staying in step.

 Inflation pressures are under control in the short-term, alleviating concerns of a double-dip recession.

 However, maintaining modest growth proves challenging under current economic conditions as unemployment, weak housing conditions, cautious consumer spending, concerns about Europe and the Middle East and lack of liquidity for many business sectors still haunts

entrepreneurial investment appetite. 

Regardless, realty capital markets are undoubtedly back to more normal levels as evidenced by the REIT and CMBS market rebound.  The number of capital providers and financing structures are far superior to those provided a few years ago based upon several factors:

Solid Values:   Conservative investors flock to the best quality, best located properties, accepting lower cap rates in lieu of volatility.  For instance, multifamily properties support 6.5% cap rates on a national average.  Interestingly, same-property dynamics show about a 400-basis-point range within the Class A-B-C quality spectrum.

Public market demand:  The strongest evidence of solid gains in the commercial real estate ("CRE") sector rests with the public markets. Appetite for income properties via REITs offers strong performance and tight pricing.  The underestimated rebound in the capital markets allows these companies to sell stock at very competitive rates; few attractive alternatives are offered in conventional stocks and bonds.  Many investors firmly believe that the commercial property sector has bottomed-out and is set for a steady recovery.

Prudent underwriting:  Rating agencies have increased subordination levels, translating to higher-rated tranches, which are more appealing to investors. Furthermore, CMBS spreads dramatically tightened to more historical norms of about 250 basis points; B-Piece buyers are keeping new issues in-check. Borrowers now have more varied options in addition to life companies and banks. 

Real equity:  Pricing concerns plague non-stabilized properties, especially in competition with under-performing maturing loans.  Extremely conservative loans backed by substantial equity are the only panacea for this sector. That said, savvy investors purchasing such assets at reset prices on an "all cash" basis are expected to handsomely profit, if projects are well conceived and in strategic locations. 

Jeanne Peck (top right photo) of the Real Estate Capital Institute, forecasts "Spring capital markets are clearly in full swing as proof of REIT and CMBS dynamics." Adding, "CMBS [and other] investors are out in full force armed with lots of cash, but still maintain discipline as the memories are still fresh of the Great Recession."

Contact: Jeanne Peck, Research Director

Toll Free 800-994-RECI (7324)

E-mail:  director@reci.com

http://www.reci.com/

McCarthy Building Companies Begins Demolishing Former March Air Force Base Hospital in Southern California

McCarthy Building Companies representatives at the March Air Force Base hospital demolition event included, from left to right, Mike McGee, superintendant; Laura Barton, assistant project manager; Don Ecker, chairman/founder, March HealthCare Development; Steve Mynsberge, executive vice president, healthcare services; and Jesse Ruiz, Southern California Division safety coordinator. (Photo Credit – Loren Faulkner)

RIVERSIDE/MORENO VALLEY, CA—April 1, 2011—McCarthy Building Companies, Inc., one of the premier hospital builders in the U.S., has begun demolishing the former March Air Force Base (AFB) Hospital ( middle centered photo to make way for construction of a $3.3 billion, 200 acre medical, “health and wellness city” known as March LifeCare.

A ceremony to mark the final stages of deconstruction at March AFB and kicking-off demolition of the 190,000 sq. ft., five-level military hospital tower was held on March 28. The event included speakers, a military fly-over, and a live band before a wrecking ball was swung from a 145-foot crane into the southwest corner of the hospital.

                               (Photo Credit – Loren Faulkner)

The event was attended by more than 100 U.S. Veterans as well as other community members, healthcare community leaders, project team members, and state and local officials.

Joining master developer March HealthCare Development was special guest Willie Brown, the longest serving Speaker of the Assembly and former Mayor of San Francisco. Brown, a redevelopment visionary, successfully led the effort to build a new medical research campus in San Francisco’s Mission Bay neighborhood.

 Along with Brown, some of the other speakers at the event included:

• Don Ecker, Master Developer, March HealthCare Development/March LifeCare
• Dr. Steve Larson, Chairman & CEO, Riverside Medical Clinic
• Steve Barron, CEO, St. Bernardine Medical Center, Catholic Healthcare West
• Marion Ashley, Chairman, March Joint Powers Authority
• Joel Ayala, Director, Governor’s Office of Economic Development

Since July 2010, McCarthy Building Companies, the March LifeCare program master construction manager, has been working with U.S. Demolition Company to raze a total of 22 buildings on the base before construction of the new facilities can begin. Bragg Crane Co. brought in an American 125-ton crane with a 145-ft. boom and jib, lifting an 8,000 lb. wrecking ball for the initial work. The hospital demolition is expected to be completed in three months.

 “We are recycling much of the materials from the old buildings,” said Laura Barton, McCarthy assistant project manager. “Concrete will be crushed then compacted back into the former basement areas, and the remaining concrete and asphalt from all the demolished buildings will be processed as aggregate base for future March LifeCare campus streets.”

 Brown, in his remarks before a crowd of some 500 people, said the new March LifeCare City will become the standard to which future healthcare facilities will look, “…it will be replicated all over this Country.” Last year, former Governor Schwarzenegger said of March LifeCare, “This is going to be known as the ‘Mayo Clinic’ of the West.”

 When completed, March LifeCare will include six-million square feet of healthcare related structures including a 550-bed hospital, a senior continuum of over 700 beds, medical office buildings, retail, ambulatory care facilities, education, research and training facilities, plus a hotel, a healing institute and a veteran’s facility. Construction is planned in phases and will provide some 12,700 local construction jobs and employ 7,200 permanent medical-related personnel when completed.

 Internationally renowned architectural firm Ho+k designed the Master Plan for the March LifeCare Campus.

 March LifeCare is being called the largest healthcare construction project in the West and is attracting the attention of federal, state and local officials at a time when the Inland Empire area suffers through some of the worst unemployment figures in the U.S., hovering around 14 percent.

 Laura Barton noted that March LifeCare’s original founder, Don Ecker, has provided, “…vision, enthusiasm, and tireless work that brought this project to life. March LifeCare will have a lasting positive impact on the local community and the way total health care is delivered to individuals here. McCarthy is proud to be part of the team!”

 More information about the company is available online at http://www.mccarthy.com/

Contact:

Laura Mickelson (LM Communications), (949) 453-0851

Susan Garritano (McCarthy Building Companies, Inc.), (314) 968-3300

Manhattan Residential Sales Prices Down 5% from Previous Quarter but Unchanged from a Year Ago

 Manhattan Average Apartment Price $1,364,733

           

 NEW YORK, NY--:According to the first quarter market report released today by Brown Harris Stevens Residential Sales, the average Manhattan apartment sale price of $1,364,733 was down 5% from last quarter and nearly unchanged from same period in 2010.

 This is the first quarter of declines after six consecutive quarters in which the average sales price rose in Manhattan. At 1,769, the number of reported sales was down 23% from a year ago.

 The average price for cooperatives sold during the first quarter of 2011 was down just 1%, to $1,070,229, from the first quarter of 2010. The average condominium price was $1,745,464, up just 1% from a year ago.

 “Prices remained essentially steady when compared to the first quarter of last year, but we did see a decrease in activity,  said Hall. F. Willkie (top right photo), president of Brown Harris Stevens Residential Sales.

“Many home owners decided to sell last year to try and take advantage of Bush-era tax cuts that were set to expire.

“As we see a steady increase in job growth in Manhattan and the general economic outlook continues to improve in New York City, demand for housing will remain strong. At the same time, low inventory will continue to be a factor,”

The median price, which measures the middle of the market, fell 4% from a year ago to $787,500.

On the East Side, two-bedroom apartments posted a large gain in average price, 16%. This is the second consecutive quarter two-bedrooms saw a large gain.

The East Side was the only market where prices increased over the past year for both prewar and postwar co-ops as well as condos.

The average price per room for Midtown West prewar co-ops fell sharply because studio units comprised nearly half the sales in this market.

Downtown prices fell for all size categories except two-bedrooms.

Brown Harris Stevens, established in 1873, is the premier provider of residential real estate services in New York.  The company has offices throughout New York City, the Hamptons, North Fork and Palm Beach.

Brown Harris Stevens offers more luxury residential exclusives than any other Manhattan firm, and serves as the exclusive affiliate of Christie’s International Real Estate Inc., a subsidiary of Christie’s International PLC, the world’s oldest fine arts auctioneer.

 For more information, please visit http://www.brownharrisstevens.com/

 Contact: Jennifer Little, 212.843.8364, jlittle@rubensteinpr.com