NAI Realvest Negotiates Sale of 12,897-Square-Foot Office/Warehouse Building and 2.8 Acres at Prime Intersection in Orlando

 ORLANDO, FL -- NAI Realvest recently negotiated the sale of the 12,897 square foot industrial facility located at 8120 and 8400 S. Orange Ave. at the corner of Sand Lake Rd. in Orlando.  

 Robert Blackwell (top right photo), SIOR principal at NAI Realvest and associate Sean DuPree (lower left photo), CCIM negotiated the transaction representing the seller, Redmond, Wash.-based Univar USA, Inc.  

PetroLiance Properties, LLC of Apex N.C. paid $875,000 for the property which includes 2,897 square feet of office space.  Clemens Commercial Real Estate represented the buyer.

For more information, contact:

Robert Blackwell, SIOR or Sean Dupree, CCIM at NAI Realvest 407-875-9989; rblackwell@realvest.com or   sdupree@realvest.com

Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com

 Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

RealtyTrac Hires Sales Veteran Brian Walby as Vice President of Sales & Strategic Alliances

  IRVINE, CA – RealtyTrac™ (www.realtytrac.com), the leading online marketplace for foreclosure properties, announced the hiring of Brian C. Walby (top right photo) as Vice President of Sales and Strategic Alliances.

 In this role, Walby will focus on member subscription sales, advertising sales, lead generation programs and product sales.

 “We are delighted that Brian has joined RealtyTrac,” said James J. Saccacio, (middle left photo), chief executive officer of RealtyTrac. “Brian brings leadership, sales management experience and the kind of industry expertise that will help us in refining, growing and expanding the RealtyTrac brand and product offerings for our customers.”

 Walby brings more than 15 years of sales experience to RealtyTrac. He has held senior management positions in sales and business development with a diverse group of companies, including Experian, LeadPoint and Local.com. Walby has successfully managed sales organizations in both the private and public sector, with sales revenue responsibilities in excess of $80 million.

 “I am excited to join the RealtyTrac family,” said Walby, who will develop and manage sales and business development plans for real estate professionals, customers and prospects. “I look forward to building new sales and business opportunities for RealtyTrac and finding new ways to strategically leverage our proprietary data and content.”

 A graduate of California Polytechnic State University in San Luis Obispo, Calif., Walby lives in Redondo Beach, Calif.

Contact: Heather Pond, AtomicPR, 735 Market Street 4th Floor, San Francisco, CA 94103  PH: 415. 593.1400 ext. 1677:  SF | LA | NYC | London, http://www.atomicpr.com/

HFF arranges $9.99 million refinancing for fully-leased San Jose, CA industrial facility

SAN FRANCISCO, CA – The San Francisco office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $9.99 million refinancing for 940 Remillard Court, a 166,600-square-foot, fully-leased industrial/warehouse facility in San Jose, California.

Working exclusively on behalf of Remillard Court Holdings, LLC, HFF managing director Peter Smyslowski (top right photo) and director Kevin Redford (lower left photo) placed the 5.98 percent fixed-rate loan with Wells Fargo Bank.  The loan has a 10-year term and 30-year amortization schedule.  Loan proceeds are retiring a maturing loan on the property.

Situated on 7.6 acres in South San Jose, 940 Remillard Court is close to Interstates 101 and 280, the San Jose International Airport and downtown San Jose. 

Originally built in 1976, the property was fully renovated in 2000 and 2008, and is 100 percent occupied by tenants including Air Systems, Inc. and Legacy Transportation Services.

Remillard Court Holdings, LLC is an affiliate of Nearon Enterprises, a privately-held real estate investment company headquartered in Danville, California.

Contacts:  

Peter Smyslowski, HFF Managing Director, (415) 276-6300,  psmyslowski@hfflp.com

 Kevin Redford, HFF Director, (415) 276-6300, kredford@hfflp.com

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

krmurphy@hfflp.com

Marcus & Millichap Names Hamid Panahi Sales Manager of Los Angeles Office

 LOS ANGELES, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Hamid Panahi (top right photo) as sales manager of the Los Angeles office, according to Stephen Stein (lower left photo), regional manager of the office.

 “Hamid has extensive experience in commercial real estate as an investment specialist,” says Stein. “He will be an asset to our brokerage team, and instrumental in expanding our national market-making capabilities to clients throughout Southern California.”

Panahi began his career with Marcus & Millichap in January 2004 as a sales intern in the Phoenix office. He transferred to the Tucson office in 2005 and became a senior associate in 2008.

Panahi graduated from Arizona State University with a Bachelor of Science degree.

           

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

Woolpert Celebrates 100 Years of Growth

ORLANDO, FL, Feb. 21, 2011-- In 2011, Woolpert is celebrating a major milestone: its 100th year in business. Established in 1911 as a surveying company, Woolpert has grown over the past 100 years to a fully integrated, multidisciplinary firm with more than 650 employees in 23 offices across the US.

(Company founder Ralph Woolpert top right photo)

“Not only have we been able to grow consistently throughout our 100-year history, we’ve been able to diversify our services and markets to remain a leader in the industry and sustain our business despite economic challenges,” said Mike Flannery (middle left photo), president and CEO.

“We are proud of our past, and we are confident we will continue to be successful well into the future, in large part because our employees embrace a century-old culture that encourages innovation, entrepreneurialism and thought leadership.”

As part of the 100-year celebration, Woolpert has launched an anniversary website and video to commemorate the past and look to the future. The firm has also updated its website, logo and brand to reflect its integrated approach to holistic project solutions above, on and beneath the earth’s surface.

Most recently, Woolpert acquired the Dallas operations of Bohannan Huston, a spatial data, mapping, civil engineering and advanced engineering technology services firm headquartered in New Mexico.

 This is the firm’s fourth acquisition in three years.  Woolpert locations in Florida include our Orlando office established in 2001 and our Miami office established in 1996.

Woolpert, ranked by Engineering News-Record as a top national design firm, provides professional design, geospatial and infrastructure services to clients in the public and private sectors.

Founded in 1911, Woolpert’s innovative design approach and commitment to the creative application of technology have grown the firm into a leader in the consulting industry.

 With nearly 650 professionals in 22 offices located throughout the U.S., Woolpert’s collaborative and multidisciplinary approach is driven by great people, great clients and great projects.

For more information on Woolpert, visit Woolpert’s website. To see how Woolpert has contributed to the advancement of the industry as the firm celebrates 100 years in business, visit the 100-year site. For insight on industry trends and emerging topics, visit our Thought Leaders blog.

Contact: Jocelyn Hodson, 4454 Idea Center Blvd., Dayton, OH 45430

937.531.1373,  jocelyn.hodson@woolpert.com

Mori Hosseini, Founder of ICI Homes to Speak at Entrepreneurs Lecture Series at Halifax Museum Feb. 26

DAYTONA BEACH, FL --- Mori Hosseini,(top right photo) chairman and chief executive officer of Florida based home builder ICI Homes, will present a lecture Saturday, Feb. 26 at the Halifax Historical Museum, 252 S. Beach St. in Daytona Beach.

Hosseini’s presentation is part of the Museum-organized lecture series “Entrepreneurial Dreams That Grew.”

Hosseini founded ICI Homes in 1980 and grew to become the largest residential home builder in Volusia County, expanding in Flagler, Brevard, Osceola, Orange, St. Johns, Nassau and Duval Counties.  More recently, ICI Homes established itself in Georgia, Tennessee and North Carolina.

ICI Homes consistently ranks among Builder magazine’s list of the top 100 builders in the nation.

Hosseini will be speaking at 10 a.m.

For more information about the Entrepreneurs Lecture Series at the Halifax Historical Museum, call Fayn LeVeille, Director 386-255 6976

For more information about this press release, contact:

Lisa A. Egle, Marketing Manager ICI Homes-Daytona Beach, 386-236-4273

Rosemary Messina, Vice President of Sales & Marketing, ICI Homes, 386-236-4231

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 

Chatham Lodging Trust Announces Fourth Quarter Results

 PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium-branded select-service hotels, today announced results for the fourth quarter ended December 31, 2010.

Fourth Quarter 2010 Highlights

• ·            Reported pro forma revenue per available room (RevPAR) for the fourth quarter of $83.19, an increase of 3.5 percent from the comparable period in 2009, assuming the company owned all 13 of its hotels for the entire fourth quarter.

• Pro forma occupancy rose 2.7 percent to 73.1 percent and pro forma average daily rate (ADR) was up 0.7 percent to $113.76. Pro forma RevPAR reflects the adverse impact of rooms out of service at three hotels due to accelerated renovations

.

• ·            Recorded gross operating profit (GOP) margins (hotel operating revenue less hotel operating expenses, before property taxes and insurance) of 40.2 percent for the fourth quarter, increasing 170 basis points over the fourth quarter 2009.
•  
• ·            Generated adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $3.4 million, adjusted funds from operations (FFO) of $2.2 million and adjusted FFO per diluted share of $0.24 based on shares outstanding in the fourth quarter.
•  
• ·            Trailing twelve month adjusted EBITDA yield of 9 percent and capitalization rate of 8 percent on 2010 net operating income for the 13 hotels owned at December 31, 2010.
•  
• ·            Declared a dividend of $0.175 per share.
•  
• ·            Invested $53 million to acquire two hotels comprising 269 rooms, bringing Chatham’s current hotel portfolio to 13 hotels and 1,650 rooms.
•  
• ·            Closed on $85 million secured revolving credit facility that can expand to $110 million.

“We continue to successfully execute our business plan, as evidenced by our acquisition pace and income yields, our conservative capital structure and healthy dividends, putting us well ahead of the expectations we set forth at the time of our IPO,” said Jeffrey H. Fisher (top right photo), Chatham’s chief executive officer and president.

 “We are very pleased with our results in 2010 with revenue and EBITDA exceeding our IPO expectations.  With the recent completion of our $74 million secondary offering, we are well positioned to deliver accretive acquisitions that will in turn drive incremental returns for our shareholders.”

Contact:

Dennis Craven (Company), Chief Financial Officer, (561) 227-1386,     

Jerry Daly or Carol McCune, Daly Gray (Media), (703) 435-6293

                                                           

                                                                       

New Faces at Grubb & Ellis

Todd Motoyoshi Joins as Senior Vice President, Office Group

 SAN FRANCISCO, CA) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Todd Motoyoshi (top right photo) has joined the company as senior vice president, Office Group, and will be a member of the company’s Tenant Advisory Group and Law Firm Practice Group.

 “We have significantly expanded our presence in the Bay Area over the past two years by recruiting highly seasoned professionals with versatile skill sets,” said Mark Geisreiter, executive vice president and regional managing director of Grubb & Ellis’ Bay Area Real Estate Services operations.

“Todd is an excellent addition to our office and I’m confident he will contribute to our growth.  He brings established relationships with many law firms and financial institutions throughout the region,”

 A 23-year veteran of commercial real estate, Motoyoshi joins Grubb & Ellis from Colliers International, where he was a senior vice president in the company’s Corporate Services Group.

James E. Morris, SIOR, and James B. Bohar Welcomed at Company’s New Oakland Office 

OAKLAND, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that James E. Morris (middle  left photo), SIOR, and James B. Bohar (middle right photo)  have joined the company’s new Oakland office as vice presidents, Industrial Group.  They join Grubb & Ellis from Cushman & Wakefield. 

 “As we build our Oakland presence I could not be more pleased to have Jim Morris and Jim Bohar on board,” said Edward F. Del Beccaro, managing director of Grubb & Ellis’ East Bay offices.  “They bring considerable experience and a number of long-term client relationships in the region, which gives us a strong industrial platform from which to grow.”

 With more than 21 years of experience in commercial real estate, Morris joins Grubb & Ellis as a member of the company’s Global Logistics practice group.  He joins from the Oakland office of Cushman & Wakefield, where he was a senior director and managing broker. 

Bohar brings 28 years of commercial real estate and specializes in representing landlords and tenants in sale and lease transactions, as well as users and developers of industrial properties.

Grubb & Ellis Adds Project Management with Addition of Kenneth C. Huber as Senior Vice President

SAN JOSE, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has added Project Management capabilities to its San Jose office with the addition of Kenneth C. Huber (lower left photo) as senior vice president, Project Management.  Huber will help with business development in the Silicon Valley as well as supplement the company’s project management efforts throughout the Bay Area. 

 “Ken has a long history in the construction industry and has developed a well-respected reputation,” said Dick Scott, managing director of Grubb & Ellis’ San Jose office.  “We are excited to be expanding our service capabilities.”

 Huber brings more than 35 years of experience in all phases of commercial and R&D facility projects, including expansions, alterations and projects with unique requirements or hard to meet time schedules.

Most recently, he spent six years as a site project manager with Benjamin R. Harvey Construction Company.

Grubb & Ellis Landauer Valuation Advisory Services Opens in San Diego with Kent J. Carpenter and Team

 SAN DIEGO, CA) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Kent J. Carpenter, MAI, a former principal of San Diego-based Lipman Stevens & Carpenter Inc., and his partners have joined Grubb & Ellis Landauer Valuation Advisory Services’ new San Diego office, effective immediately. 

 Carpenter joins as managing director of the new Grubb & Ellis Landauer office, which is one of 24 that have opened throughout the country over the past three months.  Also joining the company is Hilliard “Bill” Lipman, MAI, CRE, and Walter “Wally” J. Stevens, MAI, who join as executive vice presidents. 

Mike Merk Joins as Senior Vice President, Office Group

PHOENIX, AZ – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Mike Merk (lower right photo) has joined the company as senior vice president, Office Group. 

“Mike is a solutions-driven commercial real estate professional with extensive corporate experience who will serve our clients well,” said Pete Bolton, executive vice president and managing director of Grubb & Ellis’ Phoenix office.  “He brings great relationships and an in-depth understanding of the brokerage business.  I am thrilled to welcome him to our Phoenix office.”

 Merk joins Grubb & Ellis from BAX Global Inc., where since 2002 he was the director of real estate responsible for the company’s 4.1 million-square-foot North American office and industrial portfolio.

 John Sechser Rejoins Company as Senior Vice President, Retail Group

WALNUT CREEK, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that John Sechser (lower left photo) has rejoined the company’s Walnut Creek office as senior vice president, Retail Group. 

 “I am very happy to have John join Grubb & Ellis’ growing East Bay team and look forward to leveraging his experience, relationships and in-depth knowledge of the marketplace as we continue to expand and strengthen our presence in the local retail market,” said Edward F. Del Beccaro, managing director, Walnut Creek. 

Sechser is the latest professional to join the company’s growing Bay Area operations.  He returns to Grubb & Ellis after spending nearly 12 years with Colliers International, where he was a senior vice president and co-director of the company’s Walnut Creek Retail division.

William Robertson Joins as Senior Vice President, Project Management

LOS ANGELES, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that William Robertson (lower right photo), LEED AP, has joined the company as senior vice president, Project Management.

 “William has earned an excellent reputation in the commercial real estate industry as a skilled project management professional,” said Larry Ebert, executive vice president, national head of Project Management.  “He has assisted a number of high-profile clients in planning and carrying out their real estate projects and I am very pleased he has joined us in Los Angeles.”

 With 15 years of experience, Robertson joins Grubb & Ellis from Studley Inc., where he spent five years as a director of Project Management, where he represented companies such as 20th Century Fox, Fox Interactive Media, Seyfarth Shaw LLP, AltaMed Health Services Corporation and Catholic Healthcare West.

Contact: Julia McCartney, Phone: 714.975.2230                                     

Email:  julia.mccartney@grubb-ellis.com

Beech Street Capital Gains HUD Approval for Map Lending

BETHESDA, MD –Beech Street Capital, LLC, a privately owned mortgage banking company, achieved another important milestone by receiving approval from the U.S. Department of Housing and Urban Development (HUD) as a Multifamily Accelerated Processing (MAP) lender, the company announced.

As a result, Beech Street can now provide its clients additional flexibility by offering financing backed by Federal Housing Administration (FHA) multifamily mortgage insurance. Beech Street is currently a Fannie Mae DUS® lender and a Freddie Mac Program Plus® Seller Servicer. The approval comes after the HUD recently announced more stringent financial requirements for MAP lenders.

 “HUD’s approval of our application as a MAP lender builds on our positive momentum at Beech Street, allowing us to offer our clients a more flexible range of financing options,” said Grace Huebscher (top right photo), president and CEO of Beech Street Capital.  “During our first year, we closed over $1 billion in financing with Freddie Mac and Fannie Mae.  This latest approval will help us reach our goal of more than doubling this volume in 2011.”

 FHA insures mortgages for new construction, substantial rehabilitation, purchase, or refinance of apartment properties among other purposes.  It provides insurance for loans with lower debt service coverage requirements, longer amortization, and lower rates than those available from other conventional funding sources.

 “Our team navigated the application process in record time,” said Jeff Lee, Beech Street’s executive vice president for credit.  “It’s an example of the kind of close collaboration and in-house expertise that enable us to get deals done quickly for our clients.”

 

Web site: http://www.beechstcap.com/

Contact:  Jenifer Bernardi, jbernardi@beechstcap.com      

Concord Hospitality Enterprises Breaks Ground on LEED-Designed Property in

COLUMBUS, OH, Feb.  18, 2011—Officials of Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, today announced the company has broken ground on a LEED-designed 136-suites SpringHill Suites by Marriott in Columbus, Ohio, in a joint venture with Continental Real Estate Companies.

 

(Top left photo is of SpringHill Suites by Marriott Columbus Airport Gahanna)

The property, located at 1421 Olentangy River Road, is slated to open in late summer 2011.

Meyers + Associates Architecture oversaw the property’s design and architecture.  Continental Building Systems is general contractor. 

“We continue to see opportunities for growth in the hotel sector, further diversifying our real estate portfolio,” said Frank Kass, Continental Real Estate Companies chairman.

 “This project appealed to us for a number of reasons, including its great location near the university in our headquarters city, its environmentally responsible construction and operation, and the ability to partner with one of the industry’s premier hoteliers.”

“With each LEED-designed property we add to our growing portfolio of hotels, we continue to use new technology and systems that reduce sustainability costs while optimizing energy savings and environmental impact,” said Mark G. Laport (middle right photo), president and CEO of Concord Hospitality.

 “We are constantly seeking ways to reduce costs and garner the highest returns these types of properties inherently offer.  We look forward to developing our relationship with Continental Real Estate Companies further on similar projects in the years to come.”

Near Interstate 670, the SpringHill Suites by Marriott is within walking distance of The Ohio State University.  The interior features OSU’s colors in custom décor to create a unique “Buckeye” experience.

 The four-story property offers a mix of oversized rooms that include a living room space and features king or double/queen suites.  There are two separate bathroom compartments: shower and vanity in one section and toilet and sink in the other. 

  For more information, visit http://www.concordhotels.com/

.

Contact: Patrick Daly, Account Executive, Daly Gray Public Relations,

Office:  (703) 435-6293, Cell:  (703) 300-8289, patrick@dalygray.com

NAI Realvest Principal Robert Blackwell Achieves Elite Status with NAI Global

ORLANDO, FL – Robert Blackwell (top right photo), SIOR, principal at NAI Realvest has achieved the coveted Elite Status with NAI Global.  The award is given to NAI brokers who have closed a high level of commercial real estate transactions assigned among the 325 offices in the NAI Global worldwide system.

 Patrick Mahoney (middle left photo), president of NAI Realvest, said one of the transactions Blackwell closed was also one of the largest industrial lease deals in Central Florida last year. 

  Blackwell represented the tenant Pelliconi Group in a lease of an 87,000 square foot warehouse/manufacturing facility at Orlando Central Park South (lower right photo), where the landlord is Duke Realty.

 Pelliconi, based in Bologna Italy, is the largest bottle cap manufacturer in the world.  Rick Leighton with NAI Global in Princeton N.J. assigned the deal to Blackwell when Pelliconi identified Orlando as a potential location for its first U.S. cap manufacturing facility.

 Mahoney said another large transaction Blackwell closed in late 2010 also ranks as one of the largest industrial/flex deals of the year. 

ADT Security Services – a subsidiary of Tyco international – leased 47,000 square feet of flex space at Semoran CommerCenter on Shadowridge drive just north of Orlando International Airport. 

The landlord will build to suit over $1.5 million dollars of tenant improvements in one of the two new flex buildings leased at the center.

 “ADT chose this location because of its high parking ratio and the landlord’s ability to build out the space according to the tenant’s specific requirements,” Blackwell said.

 NAI Realvest is located at 2200 Lucien Way, Suite 350, Maitland, Fla.  For more information visit http://www.nairealvest.com/.

 

For more information about this press release, contact:  

Robert Blackwell, SIOR, NAI Realvest 407-875-9989, rblackwell@realvest.com

Patrick Mahoney, President NAI Realvest 407-875-9989, pmahoney@realvest.com

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

  

ATLANTA, GA (Feb. 17, 2011) –Lincoln Property Co., one of the most respected and diversified service firms in the U.S., announced today that Chick-fil-A recently signed a 51,454-square-foot lease to expand at Airport-West Distribution Center (top left photo). This lease brings the project to 100 percent leased.

The building, owned by a Morgan Stanley affiliate, is located at 5295 Buffington Road in Atlanta and about 5 minutes from Hartsfield-Jackson Atlanta International Airport. The 287,560 square foot, two-building project was completed in 2002.

Denton Shamburger of Lincoln Property Co. represented the landlord in the transaction. Chick-fil-A has taken occupancy of its new space and with the expansion, now occupies over 103,000 square feet of Airport-West.

“The Chick-fil-A transaction is a testament to Airport-West Distribution Center’s ability to attract top corporate tenants,” Shamburger said.  In addition to Chick-fil-A, Airport West Distribution Center is the home to Bank of America, Cox Enterprises and PitneyBowes.

Lincoln Property Company currently leases and or manages 12 million square feet of commercial space in the Southeast Region.

Contact:  Laura Dudebout, (678) 642-4301

ldudebout@wilbertnewsstrategies.com

Jones Lang LaSalle Completes 19,674 SF Office Headquarters Relocation for the Center for Civic Education in Woodland Hills, CA

  

WOODLAND HILLS, CA, Feb. 17, 2011 — Jones Lang LaSalle represented the Center for Civic Education in a 19,674-square-foot lease at Warner Center Towers (top left photo), a 1.9-million-square-foot, Class-A office campus located in Woodland Hills, Calif.  The new space will be used for the company’s headquarters. 

Jones Lang LaSalle Vice President Dean Hawthorne and Managing Director Jim Lindvall represented the Center for Civic Education in the transaction.  The property owner, Douglas Emmett, was represented by Troy Pollett, David Solomon and Matt Heyn of CB Richard Ellis. 

“While the market is recovering, there is still great space – even sublease space – that can be found for well below market rates,” said Hawthorne.  “Jones Lang LaSalle was able to identify pristine space that required no improvements, further adding to the Center for Civic Education’s bottom line.”

The Center for Civic Education is an independent, non-profit organization based in California with a network of civic education programs in every state and congressional district in the country and in more than 80 emerging and advanced democracies throughout the world.

Contact:  Ebeling Communications, (p) 949.861.8351, (c) 949.278.7851

david@ebelingcomm.com

Marcus & Millichap Capital Corp. Arranges $4.2 Million Loan in Michigan

 DUNDEE, MI – Marcus & Millichap Capital Corporation (MMCC) has arranged a $4,284,000 credit-tenant lease (CTL) loan for the purchase of a 13,650-square foot Walgreens drugstore in Dundee.

Steven Wiltshire, an associate director in the firm’s Portland office, arranged the loan.

“In this transaction, MMCC sourced funds from bond investors for competitive leverage at 92 percent loan to value and a debt coverage ratio of 1.01,” says Wiltshire.

“The borrower is from Australia and not only were we able to qualify him, but due to our leverage, his down payment and loan cost amounted to less than 10 percent all in, which is a great return on his initial investment. CTLs are one of the safest investments in this market place,” adds Wiltshire.

The loan is for 23 years, amortized over 23 years with a fixed interest rate of 6.05 percent.

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

(925) 953-1716

http://www.mmcapcorp.com/

Abacus Capital Group Sells $68 Million Northern California Multifamily Complex

PETALUMA, CA, – Less than a year-and-a-half after purchasing it, an investment fund advised by New York-based multifamily advisor Abacus Capital Group, in partnership with Los Angeles-based real estate private equity fund QVT Mount Auburn Capital LP, sold one of the largest apartment properties in Sonoma County for a significant gain.

 Last Friday, the firms closed on the sale of the Enclave at Adobe Creek (top left photo), a 492-unit property located in Petaluma for a sales price of $68 million. Abacus and QVT Mount Auburn purchased the property, formerly known as Lakeville Resort, in October 2009, for $52 million. 

According to Abacus Executive Vice President Greg Lyden, the investment is an excellent example of company’s “value-add” strategy it implements on behalf of its institutional investors.

“Abacus recognized that the property could be repositioned both physically and operationally to garner a greater share of the higher end of the market,” says Lyden.

Upon purchasing the property, the Abacus-led partnership immediately invested $2 million tackling deferred maintenance issues and re-branding the property with a series of strategic capital improvement programs.

 Abacus worked with its design team on to renovate the property’s clubhouse, amenities and select unit interiors. 

The new clubhouse included an upgraded fitness center, resident lounge, business center and a resort-style pool area with gas barbecues. The renovation also included a new tennis court and the introduction of a trash compactor to the property along with more energy efficient laundry facilities.

 “Our revenue this month was $980,000 (or nearly 17 percent) higher than the month we took over the property driven by higher rents and better collections.”


Lyden continues, "It is our philosophy to create value for our investors and then to harvest that value as quickly as possible. We think the Enclave is a great example of that investment philosophy in action."

Stan Jones (middle left photo)  and Phil Saglimbeni  (lower right photo) of Institutional Property Advisors (IPA), represented Abacus and QVT Mount Auburn in the Enclave sale. IPA also served as broker when the firms originally purchased the property.

Contacts:

Gregory Lyden, Phone: (212) 203-4962, Email: glyden@abacuscapitalgroup.com,

Stacey Corso, Phone: (925) 953-1716, Email: scorso@institutionalpropertyadvisors.com

www.InstitutionalPropertyAdvisors.com

Sandy Springs’ Serrano Condominium Achieves Record Sales

                                           

 ATLANTA, GA – The first five months of sales at Serrano (top left photo), the luxury condominiums at 901 Abernathy Road NE in Sandy Springs, have produced off-the-charts success.

 Seventy-seven of the 150 homes in the community are sold – that’s 51 percent of the one-, two- and three-bedroom condos, qualifying the building for Federal Housing Administration (FHA) financing.

 The homes sold for an average price of $142,605 over the five-month period from August 26, 2010 through the end of January 2011.  Serrano is one of six condominium communities launched by ST Residential last year.

 “Buyers are realizing this is the perfect economic climate to purchase,” says John Huckaby, ST Residential’s Regional Director in Atlanta.  “The economy has presented them with a unique opportunity and Serrano’s value-driven pricing and luxurious amenities are appealing to the savvy buyer.”

 Serrano buyers can now apply for FHA home loans.  FHA loans offer purchasers the most flexible down payment and qualifying guidelines.  Prospective homeowners can now purchase a condominium with as little as 3.5% down.  The building is also pre-approved for home loans by MetLife.

 Serrano is a five-story condominium community perfectly located off GA 400, extremely close to Perimeter Place and Perimeter Mall, and just a few minutes from Buckhead, Midtown and downtown Atlanta.  For those interested in a quick commute and easy access to Atlanta’s best shopping, dining, and entertainment, Serrano delivers.

 Serrano’s luxurious amenities feature a lush courtyard with swimming pool, outdoor grill and fireplace.  Residents have access to a clubroom with kitchen, a movie room, fitness center, pet walk and controlled-access parking.

The homes feature 13 different floor plans and include stainless steel appliances, granite countertops, crown molding, glass enclosed showers, soaking tubs, double vanities, designer lighting and fixtures, hardwood flooring in the living areas, and balconies.

 To learn more about the Serrano condominium community, buyers can call 404.645.7999 or visit http://www.serrano-atlanta.com/

Contact:  Liz Lapidus Public Relations. Liz Lapidus/Traci Buch, 404-688-1466

traci@lizlapiduspr.com