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