Daymark Realty Advisors Secures 216,000 SF in Leases and Renewals at Congress Center in Chicago

CHICAGO, IL  (Mar.7, 2011) – Daymark Realty Advisors, Inc., one of the country’s leading providers of strategic asset management and structured finance services to private and institutional owners of commercial real estate, today announced that it has secured more than 216,000 square feet in new leases and renewals at Congress Center over the past 18 months.

This leasing activity will bring the property’s occupancy rate to 94 percent, its highest point since it was delivered to the market in 2001.

Daymark Realty Advisors manages Congress Center, a 16-story, Class A office building located in Chicago’s West Loop, on behalf of multiple investment programs and individual owners.

 Most recently, a lease expansion of 6,000 square feet with the Department of Justice, which will now occupy a total of 50,000 square feet of space, was secured.

Other notable leases over the 18-month period have included Azko Nobel’s 90,000-square-foot lease extension in January 2010; 73,000 square feet of space leased at various times on behalf of various federal agencies; and North American Company for Life and Health Insurance’s renewal of 41,000 square feet.

 “Despite challenging market conditions, Daymark Realty Advisors has been aggressively pursuing leasing activity in this quality office asset,” said Robert Assoian (top right photo), executive vice president, asset management, Midwest.

   “We have increased occupancy at Congress Center by 15 percent over the past 18 months and much of that can be attributed to proactive property management, continued emphasis on tenant service and overall industry relationships in the Chicago market.” 

 Located at 525 W. Van Buren St., Congress Center offers approximately 520,000 square feet of rentable space. 

Built in 2001, the building’s amenities include a two-story lobby that features granite, glass, exotic wood and stainless steel trim, 24-hour monitored building security and a secure heated indoor executive parking garage. 

Acquired by Daymark Realty Advisors on behalf of investors in January 2003, Congress Center is situated one block from Union Station, Chicago Transit Authority lines and in close proximity to Interstates 90/94 and 290. 

 For more information regarding Daymark, please visit http://www.daymarkrealtyadvisors.com/

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Contact:  Damon Elder (714) 975-2659, delder@DaymarkRA.com

Faris Lee Investments Completes $5.4 Million Sale of Phoenix Retail Center

PHOENIX, AZ, Mar. 7, 2011 – Faris Lee Investments, the nation’s largest retail investment  advisory firm, has completed the $5.4 million sale of Garden Lakes Centre, an 88,075-square-foot retail center situated on 8.85 acres.

 Built in 1988, the center is located at 10720 West Indian School Road in Phoenix near the major cross street of 107th Ave.  The center is 83 percent occupied and includes two anchor tenants, Savers and Dollar General.

David Wetta and Joe Compagno, managing directors in Faris Lee’s Phoenix office, represented the buyer in the transaction, Ethan Christopher, a private investor from Encino, Calif. CBRE represented the real estate-owned bank seller, Sterling Savings Bank out of Spokane, Wash.

 “Faris Lee’s knowledge of the Phoenix market enabled us to locate an ideal buyer for Garden Lakes Centre,” Compagno said. “We identified a buyer who owns a large portfolio of shopping centers on the west side of Phoenix and also has a good relationship with Savers. The Garden Lakes Centre property presented an attractive cap rate for the buyer and a strong value-added play.”

“Values for the majority of retail centers in the Phoenix area have bottomed out,” Wetta said. “As that bottoming-out has been recognized and Phoenix is poised to recover as a growth market, we’ve witnessed an increasing investor interest in Arizona, and in particular, from California-based investors.”

 Rick Chichester, COO, Faris Lee Investments, added that as California investor interest in the Arizona retail property market increases, the firm is able to provide exceptional marketing synergy between Arizona and California.

 “Property owners in key Arizona markets see a value in our ability to cross-sell with well-leveraged California buyers.”

In 2010, Irvine-Calif.-based Faris Lee Investments began adding senior-level talent and offices, increasing its national reach and presence. The firm’s expansion has been driven by client demand and the opportunity to leverage the firm’s well-established advisory platform and creative capital structure.

Faris Lee now operates in Phoenix, Las Vegas, Atlanta, Miami and Irvine, California with additional openings expected in 2011.

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

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 Contact:  Darcie Giacchetto, Spaulding Thompson & Associates; For Faris Lee Investments, 949.278.6224

NAI Realvest Negotiates Sublease for 4,615 SF of Class A Office Space at Lincoln Plaza in Downtown Orlando

      

ORLANDO, FL. - NAI Realvest recently negotiated a sublease agreement for 4,615 square feet of Class A office space at 300 S. Orange Ave. in downtown Orlando. 

NAI Realvest associate Drew Saphos, CCIM, George Livingston, chairman emeritus and principal Christie Alexander negotiated the agreement representing the local subtenant, Wave Software who subleased suite 900 in the 16-story Lincoln Plaza building at the intersection of Orange Ave. and South Street.   

Wave Software, a provider of software applications for the legal community, relocated its corporate headquarters to the downtown facility from Millenia Blvd. in south Orlando.

The Shutts & Bowen law firm is the sublandlord and was represented by CNL Commercial Real Estate in the transaction.

For more informaltion, please 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

Jones Lang LaSalle Completes 27,280 SF Office Lease with Haight Brown & Bonesteel in Downtown Los Angeles

 LOS ANGELES, CA, Mar. 7, 2011 — Jones Lang LaSalle represented Haight Brown & Bonesteel in a 10-year, 27,280-square-foot sublease from Jones Day at City National Plaza (top left photo), located at 555 South Flower Street in Downtown Los Angeles. 

The new space will be used for the company’s corporate headquarters.  Haight Brown & Bonesteel, a leading law firm in California for more than 70 years, previously occupied space in West Los Angeles.

Jones Lang LaSalle’s team of Managing Director Tony Morales and Senior Vice President Darren Eades represented Haight Brown & Bonesteel in the transaction.  Jones Day was represented by Eric Duncanson of Cushman & Wakefield.

"Moving downtown has been part of our strategic expansion plan since I became Managing Partner," said Chris Stouder, Managing Partner of Haight Brown & Bonesteel. "The increasing need to be in a location that allows us to attract numerous, highly-qualified professionals makes the timing right for this move. We need to be located in the heart of the city."

Currently, there is approximately 223,295 square feet of available office sublease space in Downtown Los Angeles, according to Jones Lang LaSalle Research.

“With our extensive tracking of available law firm space – both direct and sublet - we were able to uncover the perfect solution that fit the firm's long term strategic plan at an attractive rate," said Eades.

 “Due to the lack of second generation law firm space, it is critical to know how all firms are currently utilizing their space in order to take a proactive approach to identifying alternatives for your client.”

Haight Brown & Bonesteel provides services through more than 65 lawyers practicing in Los Angeles, Orange County, San Diego, Riverside and San Francisco. The firm assists clients in a variety of practice areas, including appellate, business solutions, bankruptcy, collections, product liability, construction law, employment & labor, insurance coverage & litigation, product liability, professional liability, toxic tort & environmental law, and trucking & transportation law.

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

(c) 949.278.7851, david@ebelingcomm.com

Crescent Hotels & Resorts appoints Adam Greene to Head Up Expanded Acquisition Program

WASHINGTON, D.C., Mar. 7, 2011—Crescent Hotels & Resorts today announced that Adam Greene has joined the company as senior vice president of development & investments.  In the new role, he will be responsible for spearheading the company’s expanded acquisition, investment and growth strategy.

“We have always had an aggressive appetite for expansion and have the infrastructure and systems in place to manage our planned growth without placing stress on our existing portfolio,” said Michael George, Crescent Hotels & Resorts president and CEO. 

“As the hotel fundamentals strengthen, we see substantial opportunities to work with premier, strategic investment partners to capitalize on an increased flow of properties coming to market.

“ Adam brings significant expertise to our platform and will play a key role in our strategic future growth plans.  We expect to make a number of major announcements over the coming months.”

Greene is the former senior vice president, hospitality finance, with Textron Financial, the financing arm of the Fortune 500 company, where he oversaw the company’s hospitality investment portfolio. 

Contact:  Jerry Daly or Chris Daly, media, (703) 435-6293

Bad Loans Trigger $3 Billion In Losses For South Florida Banks

MIAMI, FL--Troubled real estate loans have triggered nearly $3 billion in losses for South Florida-based banks in the last three years of the Great Recession, according to a new report from CondoVultures.com.

South Florida banks lost $1.8 billion in 2008, $802 million in 2009, and $368 million in 2010, according to the analysis based on data from the Federal Deposit Insurance Corp, which guarantees deposits up to $250,000 per account.

During the same three-year period, the number of banks based in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties has decreased by eight institutions to an overall total of 72.

"South Florida banks are dependent upon real estate lending for the majority of their loan portfolios," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "As residential property prices plummeted by more than 40 percent in the tricounty region since 2007, South Florida banks have struggled to absorb the losses associated with real estate loans. Several of the institutions have had to raise additional capital to meet FDIC-established ratios to avoid the fate of the eight South Florida institutions that have failed between 2008 and 2010."

Florida banks are reevaluating their strategies regarding distressed real estate loans going forward.

Real estate lending trends are scheduled to be discussed at the upcoming Condo Vultures® webinar entitled "Buying Mortgage Notes At Deep Discounts" scheduled from 6.30 pm to 8 pm Tuesday, March 1.

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

Cambridge Provides Insured $7.6 Million HUD Loan to Refinance Huntington Retirement Hotel in Torrance, CA

 CHICAGO, IL--Cambridge Realty Capital Companies has provided a $7.6 million FHA-insured HUD mortgage loan to refinance Huntington Retirement Hotel  a 155-bed assisted living community in Torrance, California.

Cambridge Chairman Jeffrey A. Davis says the transaction was coordinated by Hymie Barber, the company’s national origination manager.

 It was underwritten for the owner, a California limited partnership, by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that underwrites HUD Section 232 loans.

Davis said the fully-amortized, 28-year term loan was financed using HUD’s 223(a)(7) program for owners with existing HUD financing. The interest rate was not disclosed.

Contact:  Evan Washington, Phone: (312) 521-7604, Fax: (312) 357-1611

E-Mail:  ew@cambridgecap.com

HFF, Inc. announces new leadership team structure

  

 PITTSBURGH, PA – HFF, Inc. announced today the creation of a new Leadership Team for its operating partnerships to replace their former Operating Committees. 

The Leadership Team includes 41 of the firm’s top professionals who have the overall leadership and management responsibilities of the firm’s business for 2011. 

The Leadership Team consists of professionals spanning across each of HFF’s lines of business, property and product specialties and all of its offices, and it also includes a new four-person Executive Committee, which has overall responsibility for implementing the strategic direction of the firm and the Leadership Team. 

The new structure of HFF’s top line leadership is intended to enable better coordination and communication within the various platforms, specialties and offices, and provide HFF with improved management capacity to further strategically grow its business as well as better identify future leaders of the business.

New leadership designations of note include Gerard Sansosti who is responsible for HFF’s overall Debt Placement line of business.  In addition, as the current head of HFF’s Washington, D.C. debt practice, Sansosti, along with Steve Conley (middle left photo), is responsible for significantly growing and expanding the debt practice there.

Further notable leadership changes include Steve Henderson who is now head of HFF’s Freddie Mac relationship; Randy Baird who leads HFF’s industrial specialty efforts; Jason Nettles is an office head in Atlanta; Trey Morsbach is now an office head in Dallas; Mark Popovich is an office head in Pittsburgh; and Doug Bond helps lead the firm’s Los Angeles office.

 A list of professionals and areas of responsibility within the new Leadership Team is below:

Line of Business Leadership

Debt Placement & Structured Finance, Gerard Sansosti                   

Investment Sales, Mark Gibson

Loan Sales, Jody Thornton                     

HFF Securities, Investment Banking,  Mark Gibson

Corporate Consulting, John Pelusi

Loan Servicing, David Croskery

Office Location Leadership

Atlanta, Jason Nettles & Mark Sixour  

Austin, Sean Sorrell & Jody Thornton

Boston, Riaz Cassum & Fred Wittmann

Chicago, Mike Kavanau & Matthew Lawton

Dallas, Andrew Levy & Trey Morsbach

Hartford, Dana Brome

Houston, Scott Galloway & Grady Roberts

Indianapolis, Dave Keller

Los Angeles, Paul Brindley, Doug Bond & Dan Cashdan

Miami,  Manny de Zarraga

New Jersey, Tom Didio & Jon Mikula

New York, Mike Tepedino

Orange County, Don Curtis, Sean Deasy & Ryan Gallagher

Pittsburgh, Dave Nackoul & Mark Popovich

Portland, Lloyd Minten

San Diego, Tim Wright

San Francisco, Bruce Ganong & Michael Leggett

Washington D.C,. Stephen Conley & Gerard Sansosti

Property Specialty Leadership

Office, Stephen Conley                                                   

Retail, John Pelusi

Multi-Housing, Sean Deasy & Matthew Lawton

Industrial, Randy Baird

Hospitality, Daniel Peek

Self-Storage, Aaron Swerdlin   

Net Lease, Mark West

Special Assets Group, Manny de Zarraga

Foreign Capital, Riaz Cassum

Freddie Mac, Steve Henderson

Executive Committee, Mark Gibson, John Pelusi, Jody Thornton & John Fowler

 Contacts:

John H. Pelusi Jr., (top right photo)  Chief Executive Officer, (412) 281-8714, jpelusi@hfflp.com

Myra F. Moren, Director, Investor Relations , (713) 852-3500,

mmoren@hfflp.com

                                      

Warehouse Markets Showing Higher Occupancies, RECI Finds

 CHICAGO, IL - As spring approaches economic recovery is delicate, but more encouraging signs are surfacing within specific realty product sectors and markets demonstrating job growth, according to the Real Estate Capital Institute.

For example, many warehouse markets enjoy higher occupancies as global trade rebounds.  In addition, consumers are renewing spending, helping to ease oversupply concerns in the retail sector. 

Of course, problems in the housing sector continue to translate to higher profits in most multifamily markets.

The Middle East tensions are favorably influencing lower mortgage interest

rates.  During February declining treasury yields combined with compressing

mortgage spreads helped interest rates stay in the 4.5%-to-6% range for many

types of fixed-rate, longer-term loans.

Important trends changing the commercial property financing landscape

include:

*   Economic Outlook:  The usual leader in economic recovery, the

housing industry remains depressed.   Housing starts are nearly at a

standstill.  Yet the economy is rebounding at a modest tempo with overall

growth pegged at about three percent.  Such a pace is still below historical

rebounds following severe recessions.  Nonetheless, the unemployment rate is

expected to dip below nine percent - still a favorable statistic for overall

income-realty markets.  Also on the inflation front, increases are minimal

as economic recovery moves at a slow pace, benchmarked below two percent.

*   Low Rates:  In the short term, the Fed's active monetary decisions

are preserving rates at historically insignificant levels.  However,

investors are nervous about longer-term consequences including global growth

and fiscal spending. If overall mortgage rates remain in the

mid-single-digit range, realty values will remain at healthier levels,

otherwise higher rates will lead to more valuation pressures.

*   Demand for Quality:  During the past three quarters, further

consolidation occurring as commercial realty markets bask in the abundant

supply of attractively priced debt capital.  Although more equity is

required [and readily available, universal investor demand is unabated for

quality, income-producing properties.  Second-tier assets continue to suffer

and a wide pricing differential exists between various quality classes. 

*   Restrictive underwriting:  As Wall Street revives the CMBS platform,

mortgage delinquency rates reach new highs, hovering just below ten percent.

New loan origination underwriting is now more restrictive due to lingering

legacy issues.  As a result, life companies, and other lenders void of major

legacy loans, are more competitive in this funding arena.  In addition,

while pricing is relatively attractive, the net result across the board for

newly originated loans includes more restrictive covenants, mandatory

collection of reserves and escrows and loan covenants.  Investors demand

adequate protections and want reduced risks in the event problems emerge.

The Real Estate Capital Institute's Jeanne Peck (top right photo), emphasizes, "Conditions are improving and optimism is in the air.  New construction should selectively rebound as demand is unabated for high-quality, urban infill properties."

The Real Estate Capital Institute(r) is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates including treasuries, bank prime and LIBOR. 

Furthermore, call the Real Estate Capital RateLine at 7RE-CAPITAL (773-227-4825) for hourly rate updates.

Contact:

The   Real Estate Capital Institute(r)

3517 West Arthington Street

Chicago, Illinois USA 60624

Contact: Jeanne Peck, Research Director

Toll Free 800-994-RECI (7324)

director@reci.com

http://www.reci.com/

Texas Shopping Center Trades for $15.5 Million

WAXAHACHIE, TX, Mar. 4, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Waxahachie Crossing (top left photo), a 96,983-square foot shopping center in Waxahachie. The sales price of $15,500,000 represents $159 per square foot. 

Craig Fuller and Scott Wiles in Marcus & Millichap’s Cleveland office, along with Erin Patton in the firm’s Columbus office, brokered this transaction. Jason Vitorino in the firm’s Dallas office, also provided representation.

“Waxahachie Crossing is a high-quality core asset located in a growing area with a strong tenant base,” says Fuller. “The property was a great fit for the buyer’s current acquisition strategy.”

 Built in 2009, the property is located near U.S. Route 287 and U.S. Route 77 in Waxahachie, Texas.

Waxahachie Crossing is anchored by Best Buy, Ross and PetSmart. Shadow anchors include JCPenney and Home Depot. Wal-Mart, Target, Lowe’s and Belk and various national restaurants are located within the area.

The center’s tenants have triple-net leases and pay their own taxes, insurance and common area maintenance. Anchor tenants have recent 10-year leases. Shop tenants are on five-year original term leases.

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

stan johnson company completes sale of Comerica Bank ground lease in

RANCHO CUCAMONA, CA – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of 0.76 acre parcel 100% leased to Comerica Bank and guaranteed by Comerica Incorporated to a foreign private investor  for $3.3 million or a 5.09 percent cap rate.  The property is located at 12035 Foothill Blvd. in Rancho Cucamonga.  

Brandon Duff and Brad Feller of Stan Johnson Company exclusively represented the seller in the transaction, a California private partnership. 

“This cap rate is one of the most aggressive I have seen in recent years,” says Duff.  “We are seeing similar activity on comparable properties we are currently marketing and continue to see investors who are first time net lease investors enter the marketplace.”

Duff went on to say that the buyer was looking for a passive, investment grade, net-lease property in the United States. There were multiple offers on the property and the buyer performed a five day due diligence period and closed seven days thereafter in order to win the deal.

The property is situated within the Victoria Commons master-planned project, on Foothill Boulevard, the primary retail corridor for the Rancho Cucamonga trade area. It is located adjacent to national restaurants and hotels.

Located less that 1/8 of a mile from the subject property is Victoria Gardens Regional Town Center. Victoria Gardens (bottom right photo) is one of Southern California’s premier shopping, dining and entertainment destinations with over 150 specialty stores, restaurants, AMC Theatres (12 screens), the Victoria Gardens Cultural Center; and Bass Pro Shops Outdoor World (a 180,000 square foot sportsman’s paradise).

Contact: David Ebeling, Ebeling Communications, (949) 278-7851 david@ebelingcomm.com

                      

Jones Lang LaSalle Completes Four Leases at Manhattan Towers in Manhattan Beach, CA

MANHATTAN BEACH, CA. Mar. 4, 2011 — Jones Lang LaSalle (NYSE:JLL) today announced that it has completed four leases totalling approximately 10,000 square feet at Manhattan Towers (top left photo), a Class A, two-building complex totalling 309,705 square feet at 1230 and 1240 Rosecrans Avenue in Manhattan Beach, Calif. 

Jones Lang LaSalle’s team of Managing Directors Chris Strickfaden and Steve Solomon along with Mark Mattis of PM Realty Group represented the landlord, Wells REIT II, and are responsible for leasing at the complex.

The leases signed include:

·         APEX signed a five-year lease for 3,530 square feet of space.  APEX was represented by Gary Horwitz of Jones Lang LaSalle.

·         Oppenheimer & Co. signed a five-year lease for 3,039 square feet of space.  The company is relocating its regional office from another building in Manhattan Beach.  Oppenheimer & Co. represented itself in the transaction.

·         Spolin Silverman Cohen & Bosserman signed a five-year lease for 2,061 square feet of space.  The law firm is moving from Santa Monica.  Spolin, Silverman & Cohen was represented by John Ottinger of Tenant Advisors Corp.

           Edward S. Jones signed a three-year lease renewal for approximately 1,000 square feet of space.  Edward S. Jones represented itself in the transaction.

“Manhattan Towers is ideally suited for companies that desire premier office space ranging from 1,000 square feet up to 150,000 square feet in an ideal location with abundant nearby amenities,” said Strickfaden. 

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

Contact:  David Ebeling, Phone: +1 949 278 7851

 Email: david@ebelingcomm.com

 

Hunter Realty Transacts Three Hampton Inn & Suites for $26 Million

 ATLANTA,  GA,  Mar. 3, 2011—Officials at Hunter Realty today announced the firm represented the sellers of three properties in three separate transactions. 

The transacted hotels are the Hampton Inn & Suites Dallas/Arlington-South, in Texas; the Hampton Inn & Suites Pine Bluff, Ark.; and the Hampton Inn & Suites Texarkana, Texas.  The aggregated price of the three hotels was $26 million.

“These are premium-branded properties in ‘like-new’ condition with an average age under three years old, which means they will require minimal product improvement plan investments,” said Teague Hunter (top right photo), president, Hunter Realty.

 “We have seen the volume of properties coming to market increase substantially over the past five months, including conventional and distressed assets. 

“Concurrently, we’ve seen a sharp rise in activity from special servicers and lenders, which seems to indicate they are ready to begin selling after a period of ‘delay and pray.’  More and more hotels’ performance have begun to improve and the bid/ask spreads have narrowed thanks to give and take on both sides.

 

 “Owners now feel they are receiving a better price and buyers recognize the good value they are acquiring.  All are positive signs of a rebounding hotel environment.”

Lee Hunter (middle left photo) chief operating officer, Hunter Realty, noted that the firm’s nationwide office network played an important role in listing and selling the properties.

“It was a team effort with Gary Mills (bottom right photo), who heads up our Dallas office, as the team leader on all of these transactions,” said Lee Hunter. 

“Gary had a deep understanding of the owners, their needs and the local markets.  This helped him to conclude transactions that were mutually advantageous for both buyers and sellers.”

Contact:    Patrick Daly, Jerry Daly,  media, (703) 435-6293, patrick@dalygray.com