Cohen Real Estate Capital Participates in 4 Central Florida Deals Valued at $86 Million

Pacifico Place Apartments Secures $9.5 Million Loan Purchase

ORLANDO, FL--Todd Cohen, founding Principal of Orlando-based Cohen Estate Capital, LLC  represented and advised the purchaser of a defaulted loan having a UPB of $9,500,000. 

The buyer, Miami-based Pensam Capital, LLC, purchased the loan at a discount from a large national bank.  The loan is secured by Pacifico Place Apartments (top left photo), a 188-unit multifamily development in Orlando that is 98% occupied.

 The property was previously purchased in 2005 for $9,950,000  and has had over $2,000,000 in improvements since then.  Cohen was able to negotiate the purchase of the note, conduct due diligence and close in 20 days.

  

Marina Grande in Daytona Beach Sold for $60 Million

Cohen represented and advised the seller of 414 luxury condo units at Marina Grande On The Halifax in Holly Hill / Daytona Beach (middle right photo) for $60,000,000, or around $145,000 per unit. 

The seller was Miami-based Holly Hill Associates, which is an entity controlled by NY-based Cerberus Capital Management.  The building contains 486 condominiums in twin 25-story buildings. 

At the height of the market in 2007, the developer sold 72 units at an average price of over $550,000 per unit or over $300 per square foot.   Cohen acted as the Owner’s Representative for a period of six months preparing for and facilitating the sale to a Florida condo developer.

Grove Park in Orlando Refinanced for $1.525 Million

 Cohen represented Orlando-based Watson Real Estate & Management Inc. in the refinance of 89 condo units in Orlando for $1,525,000.  Grove Park (middle left photo) contains a total of 184 units, 125 of which were sold at an average price exceeding $125,000 per unit at the height of the market in 2006 and 2007. 

Since then, the developer has been acquiring previously foreclosed units at bargain basement prices from mostly Freddie Mac and Fannie Mae and now owns for the 50% of the project.  

Joint Venture Buys 375 Developed Lots for $15 Million

Cohen advised Charlotte-based Mountain Real Estate Capital in their $15 million joint venture with Shea Homes.

The joint venture purchased about 375 developed lots and excess land within the Cascades community (bottom right photo) located on U.S. Highway 27, just west of Orlando, from Bank of America.

 About 250 homes were previously developed and sold by Levitt Homes prior to their Bankruptcy.   Cohen was able to assist Mountain to underwrite and close the joint venture in 30 days.

 Cohen Real Estate Capital, LLC is a five-year old firm specializing in commercial real estate acquisitions, debt and equity financing, loan acquisitions and restructuring, asset management and valuations.

 Contact:  Todd Cohen, Principal, COHEN REAL ESTATE CAPITAL LLC

(407) 956-2544

TCOHEN@COHENRECAP.COM

Marcus & Millichap Sells 20-Unit Apartment Property in St. Petersburg, FL for $365,000

ST. PETERSBURG, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Sherwood Arms (top left photo), a 20-unit apartment property located in St. Petersburg, Fl-, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $365,000.

Michael P. Regan, an associate vice president investments, Francesco P. Carriera, a senior associate and Nicholas Meoli, a multifamily investment specialist all based in the Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. 

The buyer, a limited liability company was secured and represented by Regan, Carriera and Meoli.

Sherwood Arms was built in 1979 and is located at 2729 4th Street South.  “This property was a structured short sale and an all-cash transaction. Throughout the marketing process, we were able to procure over 10 offers” comments Meoli. 

 Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Beech Street Capital Provides $4.55 Million in Financing for Manufactured Home Community in Mesa, AZ

BETHESDA, MD – In partnership with Fannie Mae, Beech Street Capital, LLC announced that it has provided $4.55 million in financing for the acquisition of Mesa Village (top left photo), a manufactured home community (MHC) in Mesa, Arizona. 

The age-restricted 55+ community consists of 201 single- and double-wide home sites.  Beech Street is a Fannie Mae DUS® lender, a Freddie Mac Program Plus® Seller Servicer, and an FHA Multifamily Accelerated Processing (MAP) lender.

“This is the first of many MHC transactions we hope to complete,” said Grace Huebscher (middle left photo), president and CEO of Beech Street Capital. “We have a great deal of experience in this area, a number of deals in the pipeline, and a real commitment to grow this business.”

 An occupancy rate of just 74.88% was a hurdle that Beech Street overcame in structuring the deal.

 “We made the case that the borrower is a veteran MHC operator who would bring experienced management to the property,” said Damon Reed, the loan’s originator. 

 “It’s potentially a very attractive community, with a host of amenities.”

  In addition to a clubhouse with exercise room and billiards area, Mesa Village features a swimming pool, spa, and miniature golf course. 

 The fixed-rate loan has a term of seven years, 6.5 years of yield maintenance and a 30-year amortization schedule payable on an actual/360 basis.

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

Contact: Jenifer Bernardi,   jbernardi@beechstcap.com
  

Charlie Engel Joins RealtyTrac as Director of Business Development—Real Estate

IRVINE, CA – RealtyTrac™ (www.realtytrac.com), the leading online marketplace for foreclosure properties, today announced the hiring of real estate veteran Charlie Engel  (top right photo) as the new Director of Business Development – Real Estate. Engel will lead the company’s efforts driving additional real estate professional partnerships.

“We are delighted that Charlie has joined the RealtyTrac family,” said James J. Saccacio (middle left photo), chief executive officer of RealtyTrac.

 “Charlie brings the kind of forward-thinking, fast-paced decision making qualities that we look for in our senior management.

“He has the national sales experience and business development know-how we are always seeking in talented professionals.

“Charlie will help us expand the RealtyTrac brand among our real estate professional partners who are a key component of our growing customer base. His sales experience will help us expand our affiliate partnership programs with the nation’s leading real estate franchises.”

Engel brings more than 10 years of sales management and business development experience to RealtyTrac.

He has held senior sales positions in a diverse group of companies, including Oodle.com, Network Communications and UBM Canon. He most recently was vice president of real estate sales at Oodle.com, the second largest online classified website. Prior to Oodle.com, Engel was the director of business development at Network Communications, where he was responsible for developing and increasing online sales for the largest fully integrated real estate media company in North American.

 “I am excited about joining an industry leader like RealtyTrac,” said Engel, who will spearhead new business development and sales activity with the leading real estate franchises. “I look forward to building relationships and expanding new business opportunities with senior management at the leading real estate brokerages nationwide.”

Engel earned a Bachelors degree in Economics from the University of Arizona in Tucson.

Media Contact: Michelle Sabolich, Atomic Public Relations.

(415) 593-1400 ext. 1233, michelle.sabolich@atomicpr.com

Wilson Commercial Real Estate Complete 12,000-SF Lease to Dollar Tree in Palm Desert, CA

PALM DESERT, CA– Wilson Commercial Real Estate, one of Southern California’s leading retail brokerage firms, has completed a 12,000-square-foot lease with Dollar Tree Stores, Inc. at Monterey Shore Plaza located at 72630 Dinah Shore Road in Palm Desert, Calif. 

In the past two years, Wilson Commercial has completed approximately 30 Dollar Tree leases in Southern California.  Dollar Tree Inc., with over 4,000 stores, is the nation's leading operator of discount variety stores selling everything for $1 or less.

Scott Burns (middle right photo) of Wilson Commercial Real Estate and Lea Clay Park of Studley Retail Services represented the Dollar Tree in the transaction.  The landlord, STB Properties, was represented by Abraham Kahen of Medallion Investment & Development Co.

Built in 1990, Monterey Shore Plaza is ideally located at the I-10 Freeway and Dinah Shore Drive, one of the area’s busiest intersections.  The center is anchored by PetSmart, Ethan Allen and Arizona Tile.

 For more information, please visit http://www.wcre.net/.

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

(c) 949.278.7851, david@ebelingcomm.com

Carter to Complete Interiors Projects for Kilpatrick Townsend, LLP

ATLANTA, GA – When Kilpatrick Townsend & Stockton, LLP decided to renovate 10 floors in the Atlanta office at 1100 Peachtree (top left photo), the firm called on Carter, one of the country’s leading commercial real estate service providers, advisors and investors, to complete the six phase project.

A 24 month project, the design phase was completed in September 2010, and Carter began the construction and implementation that is scheduled to be finished in November 2011.

With LEED certification in mind, Carter is managing Kilpatrick Townsend’s restack consolidation. Once completed, the firm will occupy a 10 floor 206,000-square-foot space instead of its current 13 floor 270,000-square-foot space.

Kilpatrick Townsend’s new layout will include seven practice floors, one floor for administrative support and two client special function floors that include a dining room, library and conference center.

Carter has also begun work on Kilpatrick Townsend’s new Raleigh, N.C. office. The design phase has been completed and construction is scheduled to begin this month.

“Carter has been working with Kilpatrick Townsend since 1991,” said Nan Loudon, senior vice president with Carter. “It is exciting to continue our relationship with the firm and work on these two projects.”

Carter has completed projects for Kilpatrick Townsend & Stockton at other locations including Charlotte, N.C. and Washington D.C.

For additional information on Carter, please visit http://www.carterusa.com/.

Contact: Laura Dudebout, (678) 642-4301,

ldudebout@wilbertnewsstrategies.com

Colliers International Completes the Investment Sale of the 66,800-square-foot Multi-Tenant Building for $4.15 Million in Fontana, CA

FONTANA, CA. – Colliers International, the second largest global real estate services organization, recently completed the investment sale of the 66,800-square-foot multi-tenant project located at 7888 & 7898 Cherry Ave. Fontana, Calif. to a Orange County-based investor, Heritage Business Center Investment Group, LLC.

The transaction is valued at $4.15 million.

 Rick Nunez (top right photo), senior associate based in Colliers International’s Inland Empire office and Whit Gifillan, associate also based in Colliers’ Inland Empire office, represented the seller, a Nevada-based developer, Shankle-Law, LLC. The buyer was represented by Windsor Investments.

“Besides its strategic location, one of the greatest advantages of this property is its commercial zoning which allows for a wide range of uses, including commercial activities such as wholesale / retail, distribution and even medical and administrative office uses, “ said Nunez.

Built in 2009 and comprised of 18 condo units, the business park was 50% leased at the time of the sale.

Contact:  Angela S. Hwang

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

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

angela.hwang@colliers.com

http://www.colliers.com/

Follow us at www.twitter.com/colliersgla.

South Beach Heats Up As 2 New Condo Projects Launch Sales

MIAMI, FL--Competition for all-cash buyers is heating up in the trendy South Beach neighborhood of Miami Beach as a pair of new condo projects are facing off, according to a new report from CondoVultures.com. 

The developers of two new midrise projects located across the street from each other - and near the ultra-luxury Setai Resort and Residences and W South Beach Residences complexes - have both recently launched their sales campaigns in attempt to generate transactions before the winter tourism season ends in April.

Both projects were originally planned to come to market earlier but experienced delays due to the South Florida housing crash.

In late January, the Boulan South Beach (top left photo) - originally dubbed the Parc Place South Beach Residences - located on Collins Avenue initiated its sales efforts with asking prices starting at $351 per square foot but averaging $790 per square foot, according to an analysis by the licensed Florida buyer brokerage Condo Vultures® Realty LLC.

Earlier this week on March 14, the Artecity (middle right photo) complex - which is nearly complete - formally kicked off its sales campaign with opening asking prices of $346 per square foot but averaging $430 per square foot, according to information provided by the licensed Florida brokerage CVR Realty™. 

"South Beach is one of the most sought-after addresses for buyers looking to purchase new condos in South Florida today," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"At the right price, both of these developers are positioned to tap into the deep pool of all-cash buyers circling the market right now. The competition may keep both developers in check in terms of price increases going forward."

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

Mercantile Capital Corp. Provides Commercial Real Estate Loan in Orlando Worth Over $3.2 Million

ALTAMONTE SPRINGS, FL – Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, closed a commercial loan for XL Soccer World Orlando, LLC recently for $3,203,100 in total project costs.

XL Soccer World Orlando will provide the premier indoor soccer facility in the Central Florida area.  The facility will be the only fully air conditioned multi-field indoor soccer facility in Central Florida and will be a fun, pleasant environment to play and watch soccer.  XL will be offering indoor leagues to players of all ages and abilities.

 “We are delighted to be finally breaking ground on this fantastic project, and everyone involved so far has been great to work with and very enthusiastic,” said owner Ciaran McArdle (top right photo).

  “It certainly helps when your lenders are huge soccer fans like Mercantile.  This allowed them to understand the project in fine detail and pulled together a very motivated team so we could get this through to the finish line.

“ Most of the staff are either players themselves or have children who will be playing in the facility, so I think we had our first customers lined up before the ink was dry!” 

The SmartChoice Commercial Loan Program helps owners of small to mid-sized businesses, like XL Soccer World Orlando, LLC, have an opportunity to create wealth and financial freedom, said Chris Hurn, chief executive officer of Mercantile Capital Corporation.   

“Mercantile Capital Corporation’s specialization in SmartChoice Commercial Loans, also known as SBA 504 loans, allows borrowers like McArdle to own their commercial property with the highest cash-on-cash return financing available, without tying up their precious capital, so they can grow even faster,” Hurn explained.

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

and http://www.504blog.com/

.

Contacts:

Chris Hurn, CEO Mercantile Capital Corporation, 407-786-5040 churn@mercantilecc.com

Ciaran McArdle, XL Soccer World Orlando, 407-641-4791

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

 

Nathanson and Mele Honored at Marcus & Millichap

 Brad Nathanson Named One of Marcus & Millichap’s Top Investment Specialists Nationwide

ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced its top investment specialists for 2010. Brad Nathanson (top right photo) of the firm’s Philadelphia office ranked No. 9 out of more than 1,200 investment specialists nationwide.

Nathanson is also the firm’s top multi-tenant retail investment specialist.

“We are proud to recognize Brad Nathanson as one of the firm’s top agents and as the firm’s No.1 multi-tenant retail investment specialist,” says John J. Kerin (middle left photo), president and chief executive officer of Marcus & Millichap. “Brad’s accomplishments reflect his superior transaction expertise and unwavering commitment to client service.”

Nathanson, a vice president investments, specializes in the sale of retail investment real estate. He joined Marcus & Millichap in September 2003 and was promoted to senior associate in September 2006.

 In January 2008, he was promoted to associate vice president investments and in July 2009 achieved vice president investments status. Nathanson also serves as a senior director of the firm’s National Retail Group.

Nathanson facilitated transactions valued at more than $161 million last year.

            

Michael A. Mele Named Marcus & Millichap’s top Self-Storage Properties Investment Specialist

ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Michael A. Mele (middle right photo) of the firm’s Tampa office as the top self-storage agent nationally.

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

Mele is a vice president investments and a senior director of the firm’s National Self-Storage Group. He joined Marcus & Millichap in May 1999.

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

Sarabasa Honored with Service Award from Zoological Park

 LONGWOOD, Fla., Mar. 17, 2011 — D & A Building Services Inc. President and founder Albert Sarabasa Jr.(top right photo) was honored with the 2011 Joseph A. Oritt Service Award presented by the Central Florida Zoo & Botanical Gardens at the zoological park’s annual meeting in Sanford, Florida.

Sarabasa joined the Central Florida Zoo’s board of directors in 2009. This is the first time Mr. Sarabasa received this award.

The Joseph A. Oritt Service Award, whose late namesake set the standard for community volunteerism and served as an inspiration toward higher levels of achievement, is awarded to an individual and individuals that exemplify Mr. Oritt’s work for the Central Florida Zoo & Botanical Gardens.

For additional information, please visit http://www.dabuildingservices.com/.

 

PR Contact: Elaine Ingra, (407) 384-1344 elainei@pr-works.com

Arbor Closes Five Fannie Mae DUS® Loans Totaling $43.2M In California

Uniondale, NY (Mar. 16, 2011) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of five multifamily loans totaling $43,242,000 under the Fannie Mae DUS® Loan and Fannie Mae DUS® Small Loan product lines across California:

Tustin Portfolio, Tustin, CA (top centered photo) – The three-building, 117-unit portfolio received $15,500,000 funded under the Fannie Mae DUS® Loan product line. Located within Orange County, the assets are situated in an area near retail centers, thoroughfares, public transportation and community services. Tustin, CA, has also recently shown rising apartment demand, declining vacancy rates and increasing rents. The properties’ 10-year refinance loan amortizes on a 30-year schedule.

 Tuscany Villas, West Covina, CA (above centered photo) – The 165-unit complex received $13,600,000 funded under the Fannie Mae DUS® Loan product line. The garden-style property is located about 20 miles east of downtown Los Angeles, CA, in a submarket that has added no new multifamily assets within the past five years and is not scheduled to add to the supply until 2014. The 10-year refinance loan amortizes on a 30-year schedule.

Bayside Terrace Apartments, San Pedro, CA (above centered photo) – The 99-unit complex received $9,600,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

Eddy Street Apartments, San Francisco, CA  (above centered photo)– The 19-unit complex received $2,442,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.

Sherman Grove Apartments, Sunland, CA (above centered photos)– The 71-unit complex received $2,100,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.

The loans were originated by Greg Gillam (lower right photo), Director, in Arbor’s full-service Manhattan Beach, CA, lending office.

“These loans are examples of Fannie Mae’s effort to provide financing for well-maintained properties that provide affordable market-rate housing for the California rental market,” Gillam said.

 Contact: Christopher Ostrowski, costrowski@arbor.com

HFF arranges $3.6 million financing for JP Realty Partners purchase of Atrium at Bent Tree in Addison, TX

 DALLAS, TX – HFF announced today that it has arranged $3.6 million in financing on behalf of JP Realty Partners to fund their purchase of Atrium at Bent Tree (top left photo), a 112,607-square-foot office building in Addison, Texas.

HFF worked exclusively on behalf of Mark Jordan of JP Realty Partners to secure the fixed-rate loan to finance the purchase from CapMark.  This is JP Realty Partners’ second purchase in the last year and a half in the Addison area.

According to HFF, this was an extremely quick turnaround as JP Realty Partners went under contract on March 2nd and closed only seven days later on March 9th, which is a testament to the strength of the borrower and the asset itself. 

Atrium at Bent Tree is located at 16775 Addison Road close to the Dallas North Tollway and Addison Airport in Dallas’ Far North submarket.  The property was renovated in 2008 and is currently 68 percent leased.

“We feel the property is well positioned to offer attractive lease terms, which in turn will facilitate the leasing process,” said Mark Jordan of JP Realty Partners.

The HFF team representing JP Realty Partners included managing director Steve Heldenfels and associate director Adam Herrin.

JP Realty Partners owns approximately 2,000,000 square feet of single entity assets.  JP's portfolio consists of a variety of buildings that fall into several scenarios, from Class "A" office buildings leased to long-term credit tenants, to golf courses and/or country clubs.

Contacts:

Steve Heldenfels, HFF Managing Director, (214) 265-0880, 

sheldenfels@hfflp.com

Adam Herrin, HFF Associate Director, (214) 265-0880, aherrin@hfflp.com

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

krmurphy@hfflp.com

HFF closes $23.3 million sale of grocery-anchored shopping center in Richmond, VA

 

WASHINGTON, D.C. –HFF announced today that it has closed the sale of Westpark Shopping Center (top left photo), a 176,973-square-foot, grocery-anchored shopping center in northwest Richmond, Virginia. 

HFF marketed the property on behalf of the seller, a commingled fund managed by J.P. Morgan Investment Management, Inc.  Westdale Real Estate Investment and Management purchased Westpark for $23.3 million and assumed existing financing on the property. 

Westpark Shopping Center is situated on a 14.7-acre site at 9645 West Broad Street approximately five miles northwest of downtown Richmond in Glen Allen.  The property is 74 percent leased to tenants including Martin’s (former Ukrop’s) and The Tile Shop.

The HFF team representing the seller included directors Richard Reid (middle right photo) and Jim Hamilton (lower left photo) and managing director Mark Remington.

“J.P. Morgan sold this institutionally-managed, well-maintained property into a strengthening retail investment environment and Westdale purchased a necessity-driven asset with the dominant grocer and upside potential in Richmond’s fastest growing corridor; this is a win-win for both sides,” said Remington.

“We are seeing tremendous opportunities to acquire properties and distressed debt at attractive valuations, to provide equity for owners to recapitalize their current holdings, and to serve as a new viable sponsor for lenders seeking a sponsor to assume existing debt,” commented Joe Beard, founder of Westdale.

Beard added, “Westpark presented a perfect opportunity to acquire a dominant Class A shopping center with strong upside while optimizing debt proceeds for the holders of a securitized loan.”

Contacts:    

Richard M. Reid, HFF Director, (404) 832-8460, rreid@hfflp.com

Mark T. Remington, HFF Managing Director, (202) 533-2500 mremington@hfflp.com

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

krmurphy@hfflp.com

HFF arranges $22.35 million financing for a green multi-housing community in North Texas

  

 DALLAS, TX – HFF announced today that it has arranged $22.35 million in financing for La Valencia at Starwood (top left photo), a 270-unit, Class AA green residential community in Frisco, Texas. 

HFF placed the seven-year fixed-rate loan with New York Life Insurance Company.  This loan will place permanent financing on the asset.

La Valencia at Starwood is located at 6805 Lebanon Road along the Dallas North Tollway within the Starwood master planned development of Frisco. 

Completed in 2009, the property was awarded the “Green Multifamily Project of the Year” from the National Association of Home Builders. 

La Valencia at Starwood is 95 percent leased and has one-, two- and three-bedroom units ranging from 744 to 1,450 square feet.  Community amenities include a business center, resort-style pool, fitness center and gated entry.

The HFF team representing the borrower was led by managing director Kevin MacKenzie (bottom right photo).

Contacts:

Kevin C. MacKenzie, HFF Managing Director, (214) 265-0880 kmackenzie@hfflp.com

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

krmurphy@hfflp.com

HFF arranges $43.1 million refinancing for Frisco, TX office portfolio

  

DALLAS, TX – HFF announced today that it has arranged a $43.1 million refinancing for a three-property, 375,694-square-foot office portfolio within the Hall Office Park in Frisco, Texas.

HFF worked exclusively on behalf of the borrower, Hall Financial Group, to secure the 10-year, fixed-rate loan through Deutsche Bank Securities, Inc. 

Situated within Hall Office Park, the three properties are located at 2600 Network Boulevard, and 3000 and 3211 Internet Boulevard close to Texas Route 121 and the Dallas North Tollway in Frisco, a northern suburb of Dallas.

 Hall Office Park amenities include a YMCA, conference center, bank, webcasting and videoconferencing facilities, a major university branch and on-site childcare.  2600 Network Boulevard was completed in 2006 and has six stories of office space totaling 143,542 square feet. 

Completed in 2007, the six-story building at 3000 Internet Boulevard has 144,913 square feet.  3211 Internet Boulevard, built in 2005, is a three-story building with 87,239 square feet.  The properties are 93 percent leased to tenants including ThyssenKrupp Elevator Corporation, Sanyo, Citrus Energy Corporation, Blade Energy Partners and Oracle, among others.

The HFF team representing Hall Financial Group was led by senior managing director Whitaker Johnson (top right photo) and managing director Steve Heldenfels.

Founded in 1968, Hall Financial Group and affiliated companies are comprised of diversified private investment holdings, which are primarily owned by Craig Hall, his family and various family trust.

Contacts:

Whitaker Johnson, HFF Senior Managing Director, (214) 265-0880 wjohnson@hfflp.com

Steve Heldenfels, HFF Managing Director, (214) 265-0880 sheldenfels@hfflp.com

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

krmurphy@hfflp.com

Faris Lee Investments Completes $5.21 Million Sale of Property Occupied by Walgreens in Stockton, CA

IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment sales and advisory team, has completed the sale of a 14,820-square-foot retail property (top left photo) occupied by Walgreens for $5.21 million.

 Built in 2008 and situated on just under 1.5 acres, the property is located at 7850 West Lane in Stockton, Calif. Walgreens has a long-term, absolute triple-net lease with 72 years remaining on the lease term.  

Jeff Conover, senior managing director of Faris Lee Investments, represented the seller, West Hammer Properties from San Juan Capistrano, Calif.

The all-cash buyer, a family trust from Gilroy who was in a 1033 exchange, was represented by Kevin Cunningham with Cornish & Carey. The property closed at a 6.5 percent cap rate.

“The cap rate of 6.5 percent on this transaction is the lowest for a single-tenant Walgreens in the state of California over the past 18 months,” said Conover. “Faris Lee garnered multiple, all-cash offers, identified a buyer through mass exposure from Faris Lee investor database that includes a 1031/1033 exchange network for Northern California and closed escrow in just two weeks.”

The Walgreens property includes a drive-thru pharmacy and is part of a neighborhood shopping center near Costco. It sees 68,000 cars per day and is situated at a signalized intersection. Additionally, the property has unobstructed street visibility and monument signage. There are more than 123,000 people within a three-mile radius.

 “Single tenant properties in strong retail markets/locations such as this one are highly sought after and provide better returns than bank CDs and less risky income than stock market investments,” said Rich Walter (lower right photo), president of Faris Lee Investments. “The buyer has a tenant with an extremely long-term commitment and no maintenance or landlord responsibilities.”

Walgreen Co. is the number one drug store in the nation in sales. Walgreens builds rather than buys stores, so it can pick prime locations. The company operates approximately 6,934 stores.

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

.

 Contact:  Darcie Giacchetto, 949.278.6224, Spaulding Thompson & Associates

For Faris Lee Investments

                               

Scott Gregory Joins Lincoln Property Company Orlando Office

ORLANDO, FL– Lincoln Property Co., one of the most respected and diversified service firms in the U.S., announced today that Scott Gregory (top right photo) has joined LPC’s Orlando office as a senior associate for the office and industrial division.

In his new role, Gregory will oversee the leasing and marketing of a portfolio of industrial and office properties throughout Orlando. He will also assist select tenants with lease negotiations, property acquisitions and new development opportunities.

Gregory has a diverse mix of real estate experience. He has redeveloped hotel and multifamily projects and handled large tract land acquisitions. Most recently, he was responsible for the leasing, marketing and management of over 3 million square feet of industrial, flex, office and retail properties in central Florida.

“LPC is one of the premier names in real estate, especially in the southeast,” said Gregory. “And I’m very excited to be joining the team.”

Scott holds an MBA from Hawaii Pacific University and a bachelor’s degree from the University of New Hampshire. He is a member of NAIOP, CCIM, ULI, ICSC and EDC.

  

 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, mread@wilbertnewsstrategies.com

Sherry Walker Appointed Director of Sales for the Bourbon Orleans Hotel

NEW ORLEANS, LA – Mar. 15, 2011 - The Bourbon Orleans Hotel (top left photo) announced today the appointment of Sherry Walker as director of sales for the 218-room boutique property in the French Quarter of New Orleans. Walker will be responsible for sales team leadership and sales revenue at the property.

“We are delighted to welcome Sherry to the hotel,” said General Manager Mark Wilson. “With 20 years of director-level sales experience, Sherry will be a great asset to the Bourbon Orleans team, guests and clients.”

Most recently Walker was director of sales and marketing for the Chateau Bourbon where she was instrumental in developing several signature events including the Tennessee Williams Festivals Annual Cocktail contest and the annual Kids on Canal event in conjunction with the New Orleans Downtown Development District’s Home for the Holidays. 

Walker’s experience also includes director of sales and marketing positions with the Baton Rouge Marriott and the Best Western Richmond Suites.  While at the Marriott, she received several commendations including Marriott International’s William R. Tiefel Award of Excellence and Columbia Sussex Top Performer Sales Shop Award.

Contact: Mark Wilson, General Manager, 504 523 2222

mark.wilson@ihrco.com