Jones Lang LaSalle Completes Major Industrial Lease for Schoeller Arca Systems in Goodyear, AZ

PHOENIX, AZ – Jones Lang LaSalle has completed a 153,000-square-foot, long-term industrial warehouse lease for Schoeller Arca Systems, a 100-year-old, Netherlands-based global market leader in the manufacturing of sustainable plastic packaging systems.

The deal will bring as many as 150 new jobs to Phoenix and is the latest example of an increasingly strong local industrial market.

Schoeller Arca Systems will occupy a one-story warehouse/manufacturing property at 17300 W. Broadway Road in Goodyear, Ariz. The building, which was previously occupied by Rubbermaid, Inc., is situated on 47 acres just four miles from Interstate 10 and along an active Union Pacific rail spur.

Schoeller Arca Systems is present in more than 50 countries worldwide.  Historically, Schoeller Arca U.S. relied solely on contract manufacturers. 

Managing Directors Anthony J. Lydon, SIOR (lower left photo), and Marc Hertzberg (middle right photo), SIOR, in the Phoenix office of Jones Lang LaSalle represented Robert Engle, President of Schoeller Arca Systems, in the lease. Dan Calihan and Pat Feeney of CBRE represented the landlord, BET Investments.

“We’ve seen a drastic up-tick in demand for large, rail-served manufacturing buildings in Phoenix,” said Hertzberg. "We're seeing the greatest interest from companies with high employee counts and with operations in industries like food and beverage, sustainable energy and Internet fulfillment.”

"These requirements for 100,000 or more square feet are being spurred on by value-add, energy-centric, high-head-count employers who see metropolitan Phoenix as a strategic location," added Lydon. "We're adjacent to Southern California but substantially more affordable for items like energy and HR costs."

According to Jones Lang LaSalle research, the overall industrial vacancy rate in Phoenix has dropped by almost two percent year-over-year, from 15.8 percent one year ago to 13.9  percent today. First quarter 2011 had approximately 800,000 square feet of net absorption in Phoenix industrial space. In comparison, almost 4.5 million square feet of Phoenix industrial space was absorbed during 2010.

Schoeller Arca Systems is scheduled to occupy its new space in second quarter 2011.

 For more on the company, visit http://www.schoellerarcasystems.us/.

Contact: Stacey Hershauer, Phone: +1 480 600 0195 

Email: stacey@focusaz.com

HFF secures $15.47 million financing for LEED certified Class A office development in northern New Jersey

FLORHAM PARK, NJ – HFF announced it has secured $15.47 million in financing for the completion of Summit Executive Center, a LEED certified, Class A office building being built in Summit, New Jersey.

HFF worked exclusively on behalf of the borrower, a joint venture between Mark Yeager and Normandy Real Estate Partners, to secure the 36-month, acquisition, rehab and construction loan through The Provident Bank.

Due for completion in March 2012, Summit Executive Center will have four stories of office space totaling 65,518 square feet.  The property is 50 percent pre-leased and also includes a 196-space, two-story parking garage.

Located in downtown Summit at One Deforest Avenue, the property is close to Interstates 78 and Route 24 as well as the Summit train station providing access into Manhattan, which is 22 miles to the east.

The HFF team representing the borrower was led by senior managing director Jon Mikula (lower  right photo) and associate director Michael Lachs.

“This transaction is an excellent example of positive leasing activity and lenders willing to fund well-conceived projects,” said Mikula.

Contacts:       

Jon Mikula, HFF Senior Managing Director, (973) 549-2000                                             

jmikula@hfflp.com

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

krmurphy@hfflp.com

                     

Jones Lang LaSalle Completes Sale of Redevelopment Project in Los Angeles

  

LOS ANGELES, CA – Jones Lang LaSalle announced it has completed the sale of Sunset Pacifica, a vacant, six story mixed-use apartment building located at 17351 West Sunset Boulevard in Pacific Palisades (top left photo), an affluent district of Los Angeles, California.

The purchaser is Sonoma, Calif.-based Nine Mile Investments.

Jones Lang LaSalle’s West Coast Multifamily team of Vice Presidents Patrick Shiver and Javier Rivera, represented US Bank in the transaction.  The buyer was represented by Clark Everitt of Investment Real Estate Associates.

“Our knowledge of the local market enabled us to locate a buyer who saw the upside and potential in this property,” said Shiver.  “Nine Mile Investment will begin immediately on the build-out of 16 luxury apartments units and two commercial condominiums with completion planned for 12 to 24 months.”

Sunset Pacific was constructed in 1983 and includes 68,842 square feet of gross building area. It is within walking distance to world-class beaches and features views of the Pacific Ocean. 

Sunset Pacifica is just minutes from Downtown Santa Monica featuring world renowned entertainment, shopping and dining venues.

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

(c) 949.278.7851, david@ebelingcomm.com

CBRE Orlando Closes $37 Million Multi-Housing Sale

ORLANDO, FL--CB Richard Ellis is pleased to announce the sale of the Fountains at Waterford Lakes (top left  and bottom right photos) in Orlando for $37,000,000.

 Built in 2000, this gated community features 400 units in East Orange County near the University of Central Florida.

The property offers private garages, 9’ ceilings, and a full amenity package with two swimming pools.

Shelton Granade and Luke Wickham of CBRE’s Central Florida Multi-Housing Group exclusively represented the seller, and have closed over $111,000,000 in Orlando thus far in 2011 – more than the next three competitors combined.

Buyer interest in multi-housing assets in Central Florida has increased significantly. CBRE currently has several other properties under contract, and is generating substantial interest in other widely marketed offerings.

 For further information, please contact the Central Florida Multi-Housing Group of CB Richard Ellis:

Shelton Granade, T 407.839.3103, shelton.granade@cbre.com

Luke Wickham,T 407.839.3130, luke.wickham@cbre.com

AC Self Storage Solutions LLC Acquires Rivergate Self Storage in Murfreesboro, TN

MURFREESBORO, TN -- AC Self Storage Solutions, LLC of Newport Beach, CA., has acquired Rivergate Self Storage (top left photo), a Class-A, stabilized cash-flowing storage facility with 470 storage units, 17 parking spots for RVs and boats, and approximately 62,000 net rentable square feet of storage in Murfreesboro, TN, a suburb of  Nashville. The price was not disclosed.

 Rivergate Self Storage and Truck Rentals, located at 1323 N.W. Broad St., is approximately 80% occupied with individual and commercial customers. AC Self Storage Solutions, a joint venture of Axxcess Capital Ventures, LLC, bought the facility from Jeff Davis, a Murfreesboro entrepreneur.

Ashley Compton (lower left photo), first vice president of CB Richard Ellis’s Self-Storage Advisory Group in Nashville, represented the seller.

AC Self-Storage “fast-tracked” the all-cash acquisition, closing it 60 days after signing the purchase agreement.

 “Rivergate hit dead center in our most important portfolio acquisition criteria,” said Troy Downing, (middle right photo) managing member of AC Self Storage Solutions who has been in the self storage real estate sector for 10 years.

 “It’s well occupied, situated in an established, in-fill location on a high-traffic road with a good visibility and easy access. It’s close to high-density housing, retail, a K-Mart across the street and solid economic anchors such as Middle Tennessee State University and Middle Tennessee Medical Center comprised of 10 facilities near Rivergate.”

 Downing also cited Murfreesboro ranking as the fastest growing city in Tennessee as a major factor in acquiring the self-storage facility. Population grew 40,000 between 2000 and 2010 and census data is predicting a 14.4% gain in residents over the next five years.

Downing said AC Self Storage Solutions will “significantly enhance” Rivegate’s benefits  to storage customers by adding a call center, longer hours, content insurance coverage, more frequent and creative marketing campaigns to attract new customers and providing “institutional level management and oversight” of the facility.

The name and Internet address will remain the same –www.rivergateselfstorage.com—but will now be interactive allowing customers to make monthly payments on the website.

 Press Contacts:                     

Chris Barnett  cbarn@aol.com   415-336-5092

Troy Downing or Craig Morris, acquisitions@aceselfstorage.com   866-629-9237

Broker: Ashlee Compton, Ashley.compton@cbre.com   615-248-1130.

Colliers International Recruits Mark Keschl as National Director of Retail

SEATTLE, WA /PRNewswire/ -- Colliers International announced that it has taken another major step in the continued growth of its U.S. platform with the hiring of Mark Keschl as National Director of Retail. 

As head of the retail group, Keschl will lead new client pursuits, oversee the group's best practices and strategically recruit the industry's best and brightest to further enhance a dynamic retail services operation. He is based in Boca Raton, Fla.

"Mark has the ideal mixture of in-house and third-party success as a real estate executive serving the biggest national and international names in retail," said Dylan Taylor (top right photo) chief executive officer for Colliers International in the U.S.

 "He has a sophisticated understanding of the nuances inherent to retailers, and is adept at implementing real estate plans that serve their core businesses. In addition, Mark has the personality and client-first mindset that meshes perfectly with the culture at Colliers International."

Previously a principal with Millennium Retail Partners, which provides consulting services to retailers and landlords in transaction, strategic planning and organizational practices, Keschl also served as a principal for Trammell Crow Co. with responsibility for retail in the Chicago area as well as contributions to the National Marketing team.

Prior to his career as a real estate service provider, he held in-house real estate positions as Senior Vice President, Real Estate for OfficeMax, Inc and Vice President, Real Estate for Toys"R"Us.

Contact:  Richard Mulieri or Parke Chapman, The Marino Organization, +1-212-889-0808, Richard@themarino.org, or  Parke@themarino.org

 Web Site: http://www.colliers.com/

Hendricks & Partners Associate Partner Hal Warren Named 3rd Most Active Investment Properties Broker in Central Florida Region

ORLANDO, FL. --- Hal Warren (top right photo), associate partner at Hendricks & Partners in Orlando, earned top honors in the Central Florida Commercial Association of Realtors (CFCAR) Hallmark Awards recently.

Cole Whitaker (middle left photo), partner at Hendricks & Partners, who heads the firm’s southeast region, said Warren earned Hallmark Awards as the Central Florida region’s third most active investment properties broker, eighth most active land sales broker and fourth most active broker in the overall top 10 category.

 Hendricks & Partners is the nation’s largest multi-family advisory group, specializing in sales of apartment communities and development sites.

“Hal Warren, with his operations and due diligence background, is one of the most knowledgeable and experienced brokers of multi-family investment properties, apartment communities and development sites in Florida,” Whitaker said.

 Warren who joined Hendricks & Partners in 2007, has more than 20 years of experience in commercial real estate in Central Florida and currently serves as chairman of the City of Orlando’s Historical Preservation Board.

 For more information, contact:  

Cole Whitaker, Southeast Partner, Hendricks & Partners, 407-218-8880, cwhitaker@HPAPTS.com

Hal Warren, Associate Partner, Hendricks & Partners, 407-218-8881, hwarren@HPAPTS.com

Larry Vershel, Larry Vershel Communications, 407-644-4142 or 407-461-3780, lvershelco@aol.com

  

Marcus & Millichap Capital Corp. Names Jeffery N. Shaddy as Director in Sacramento, CA

SACRAMENTO, CA – Marcus & Millichap Capital Corporation (MMCC) has named Jeffery N. Shaddy (top right photo) as a director in the firm’s Sacramento office, according to William E. Hughes (lower left photo), senior vice president and managing director of MMCC.

“Jeffery 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, self-storage, seniors housing, residential development and hospitality properties to his new position.”

Prior to joining MMCC, Shaddy served from 2005 through 2008 as vice president of Union Bank of California’s commercial mortgage division and as the director of capital markets for Pacific Capital from 1993 to 2005.

He has closed more than 400 commercial real estate transactions, totaling over $1 billion. Shaddy serves on the board of directors for the Investment Marketing Forum, an organization of Northern California commercial real estate brokerage community leaders. He is also the recent past president of the San Francisco Bay Area Mortgage Association (BAMA). 

Shaddy earned his MBA from California State University, East Bay. He holds both a real estate broker’s license and a general contractor’s license.

Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation,

(925) 953-1716

HFF closes sale of Alexan Carlyle in Alexandria, VA

  

WASHINGTON, D.C. – HFF announced today that it has closed the sale of Alexan Carlyle (top left photo), a 280-unit, mid-rise multi-housing community in Alexandria, Virginia to a fund managed by Prudential Real Estate Investors.

HFF marketed the property on behalf of the seller, a partnership led by Trammell Crow Residential.  The HFF team representing the seller was led by senior managing director Dave Nachison (middle right photo), managing director Alan Davis (lower left photo) and senior real estate analyst Brenden Flood.

Alexan Carlyle is located at 800 John Carlyle Street in the Carlyle neighborhood of Old Town Alexandria, close to the Eisenhower Avenue and King Street Metro stations as well as the Capital Beltway, George Washington Parkway and Interstates 395 and 95.  

Completed in 2009, Alexan Carlyle has one- and two-bedroom traditional and loft-style units averaging 868 square feet each.  Community amenities at the 93 percent leased property include three lobbies, an internet café, fitness center, game room with billiards and tabletop shuffleboard, resort-style pool, courtyard with grilling area, controlled access parking garage and full-service concierge.

“PREI®’s acquisition of Alexan Carlyle is the latest example of institutional investors seeking well-located, best-of-class apartment properties in infill, metro-accessible locations across the Washington, D.C. market,” said Nachison. 

“Widely held expectations for continued strong rent growth and D.C.’s nation-leading apartment fundamentals are driving almost insatiable investor demand locally for Class A multi-housing investments,” added Davis.

Headquartered in Dallas, Trammell Crow Residential (“TCR”) is America’s premier multi-family real estate firm.  TCR entities develop, construct and acquire multi-family rental communities of the highest standards.

Contacts:

David r. Nachison, HFF Senior Managing Director, (202) 533-2500, dnachison@hfflp.com

Alan M. Davis, HFF Managing Director, (202) 533-2500, adavis@hfflp.com

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

krmurphy@hfflp.com

Lincoln Wins Lake Destiny Executive Center Assignment in Orlando

ORLANDO, FL, April 14, 2011--Lincoln Property Company announced today that a new leasing and management assignment at Lake Destiny Executive Center, one of central Florida’s most scenic office parks.

The three-building, 150,000-square-feet office complex will be leased by Scott Gregory (middle right photo) and Jay Dixon (lower left photo).

Situated in the heart of Maitland Center, the office park is easily accessible from I-4 and a short commute to downtown Orlando. The three Class A properties, owned by the Three R Corporation, have from 500 to 30,000 contiguous square feet available, including full floors.

“Lake Destiny Executive Center is among the best class A space you will find in the area,” said Scott Gregory, the senior associate leasing all three buildings. “When a potential tenant takes in to account the quality of the space, the location, and the amenities, they will quickly realize these are some very attractive options.”

Lake Destiny Executive Center I, (top left photo) at 1101 North Lake Destiny Drive, is a four-story building with 2,112-square-feet available for lease.

 Neighboring Lake Destiny Executive Center II, at 1001 North Lake Destiny Drive, is a three-story facility with 2,614-square-feet available for lease. One of its biggest selling points is the building’s ample parking.

And Lake Destiny Executive Center III, a four-story building at 2600 Westhall Lane, has 31,956-square-feet of office space available.

“You’ve got three Class A spaces with top of the line finishes, coupled with easy access to the highway and a great view of a beautiful lake,” Gregory said. “The Lake Destiny Executive Center buildings definitely have the ‘wow’ factor.”

 For more information on the Southeast Region of Lincoln Property Company, please visit http://www.lpc.com/  or http://www.lpcsoutheast.com/.

To check out the blog, go to http://blog.lpcsoutheast.com/

Contact:

Midd Read

Office: (404) 965-5024

Cell: (404) 901-4433

mread@wilbertnewsstrategies.com

Colliers International Completes the 9,219-SF Retail Sale Valued at $1.750 Million in San Clemente, CA

TORRANCE, CA– Colliers International, the second largest global real estate services organization, has completed the sale of a 9,219-square-feet multi-tenant retail property located at 1011 - 1041 Avenida Pico, San Clemente, Calif.. The transaction is valued at $1.750 million. 

 This retail center was built in 2005 is part of the Courtyards at Talega (top left photo), a 35,000-square-feet community shopping center, located in the upscale community of San Clemente.

 Ian Schroder and Maurice Nieman, vice presidents, based in Colliers International’s Irvine office, represented both the seller, JP Morgan Chase, and the buyer, SVN Equities, an investment management company.

 “We had worked with the former owner prior to foreclosure on selling this Center and worked on various leasing assignments. Unfortunately the poor economy, high vacancies and tenant turnover caused the property into foreclosure,” said Nieman.

“As a bank-owned property, we found a great local buyer who we believe will be able revitalize and re-lease this 50% vacant center and realize its true potential,” added Schroeder.

Contact:

Angela S. Hwang

Regional Marketing Coordinator | Greater Los Angeles

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

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

angela.hwang@colliers.com

HFF closes sale of Class A office property in Westchester County, New York for more than $30 million

  

NEW YORK, NY –HFF announced that it has closed the sale of The International Corporate Center at Rye (top left photo) a 170,973-square-foot, Class A office property in Rye, New York.

HFF’s investment sales team marketed the property on behalf of the seller, The Gateside Corporation.  Faros Properties and Gould & Company purchased The International Corporate Center at Rye for more than $30 million and assumed existing debt on the property.

Located at 555 Theodore Fremd Avenue in Rye, The International Corporate Center at Rye has immediate access to Interstate 95 and is close to Interstate 287 as well as the Metro North commuter rail stations in Harrison and Rye.

The 17.1-acre site features three interconnected buildings anchored by a five-story glass rotunda lobby.  Tenants at the property include Bank of Tokyo-Mitsubishi, Mitsubishi Imaging and Greenbriar Equity Group.  The property also offers an on-site cafeteria, fitness center, conference facilities and tenant storage. 

The HFF team representing The Gateside Corporation included senior managing directors Andrew Scandalios (middle right photo) and Jose Cruz  and directors Jeffrey Julien and Kevin O’Hearn.

Contacts:    

Andrew Scandalios, HFF Senior Managing Director, (212) 245-2425, 

ascandalios@hfflp.com

Jose Cruz, HFF Senior Managing Director, (973) 549-2000, jcruz@hfflp.com

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

krmurphy@hfflp.com

Grubb & Ellis Strengthens Brokerage Leg in Tampa with Addition of Mark Eilers and Rick Klepal

  

TAMPA, FL – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that it has added two industry veterans to its brokerage team.  Mark Eilers (top right photo) joined the company as senior vice president, Land Group and Rick Klepal (middle  left photo) as vice president, Investment Group.

 “With the addition of Mark and Rick, we have continued to strengthen our Transaction Services team in the Southeast, offering our clients a more extensive platform of services and expertise,” said Randy Buddemeyer (lower right photo), executive managing director, Florida and the Carolinas.

 “They each bring a unique element to our team; Mark will play a huge role in leading our Land Services group in the region and Rick not only holds expertise on the receivership side of our business but also has many years of investment sales experience.” 

 Eilers brings more than 21 years of commercial real estate experience to Grubb & Ellis. He joins from CB Richard Ellis, where he was consistently one of the firm’s top producers.

  Eilers began his real estate career with The Founders Group and in 1997 joined Shoptaw-James, Inc./L.J. Melody & Company, eventually becoming CBRE. Throughout his career, Eilers has cultivated an expertise in land brokerage, focusing on residential land development, both single and multi-family, in-fill development sites, commercial sites and large mixed-use development tracts, as well as investment sales in apartments and office buildings.  

Klepal joins Grubb & Ellis from CB Richard Ellis, where he was a vice president specializing in investment sales, court-appointed receivership, commercial loan restructuring and commercial real estate advisory. At Grubb & Ellis, he will focus on court-appointed receivership services to troubled commercial real estate investments in the State of Florida.

 Prior to joining CBRE in 2005, he spent seven years as a president and owner of Commercial Property Services, Inc. Previously, Klepal spent five years as a vice president with Grandbridge Real Estate Capital.  He began his commercial real estate career with L.J. Melody in 1985.

 Contact: Rachel Andreozzi, Phone: 561.893.6296                                     

Email:  rachel.andreozzi@grubb-ellis.com

          

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/

.

Contact:

Marc Becker,Area Director of Marketing,Phone: 504 527 0407

Email: Marc.Becker@neworleanshotelcollection.com

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

http://www.charlesdunn.com/

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.

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