Akerman Senterfitt Plays Pivotal Role as Circuit Court Rules for Homebuilders on Chinese Drywall Issue

  

MIAMI, FL-- /PRNewswire/ -- Akerman Senterfitt  announced that a Palm Beach County, Florida Circuit Court Judge has ruled that builders and installers cannot be held liable for negligence for faulty drywall (commonly referred to as "Chinese drywall") installed during home construction if they did not have actual or implied notice of a defect in the drywall at the time of construction. 

Judge Glenn Kelley (top right photo) of the 15th Judicial Circuit issued the Omnibus Order which is applicable to all lawsuits in Palm Beach County, Florida.  It is one of a number of wins the Akerman team has secured for several homebuilders it has represented on this issue in both state and federal courts.

"Judge Kelley's ruling is an important victory for the homebuilding industry, as it adds clarity and requires that builders and their subcontractors have knowledge of potential drywall defects at the time of construction," said Stacy Bercun Bohm (middle left photo) a shareholder with Akerman's Construction practice. 

In various lawsuits around the country, builders and their installer subcontractors have been accused of being "negligent" with respect to Chinese-manufactured drywall.

  Specifically, these businesses have been charged with having failed to "inspect" or "test" the foreign sourced drywall before installation, and have been faulted with having failed to "warn" homeowners of the problems associated with some Chinese-manufactured drywall.

 Implicit in these allegations is the expectation that these businesses should have been prescient enough to know, in early 2005-06 (in some cases, well before this), of problems associated with Chinese drywall. 

"We are hopeful that this decision will be adopted by other judicial circuits as well as in the multi-district litigation currently pending in a federal court in Louisiana," said Leslie Tomczak (middle right photo)  a construction litigation and real estate shareholder with Akerman.

Ms. Tomczak led the Akerman team that argued the issues before the Court. The team included shareholders Stacy Bercun Bohm, Valerie Greenberg, Sam Heywood, Samantha Kavanaugh and Hugh Turner, as well as associates Carmen Tugender, Michael Sayre, Lauren Fernandez, Stacy Harrison and Alan Fry in Akerman's Fort Lauderdale and Miami offices.

Judge Kelley entered the Omnibus Order regarding this matter on March 18, 2011.

More information can be found at www.akerman.com or www.twitter.com/akerman_llp

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Contact:

Pat Tucker, RF|Binder Partners, Inc., (212) 994-7561 

Patrick.Tucker@rfbinder.com

Web Site: http://www.akerman.com/

Fitch U.S. CMBS Newsletter: Mood Among Market Players Mixed

 

NEW YORK, NY--The  mood  among  U.S.  CMBS lenders and third-party loan sellers is fairly optimistic,  while servicers and traditional b-piece buyers are maintaining a  more  guarded view of the sector's health, according to Fitch Ratings in its  roundup  of  last  week's  Distressed Debt Summit. The full roundup is featured in this week’s U.S. CMBS newsletter.

Most agreed that commercial real estate values are on the upswing. However, the  improvements  are  being  driven  more by compressed cap rates than by

increasing  cash flow.  Additionally, servicers are increasingly turning to

loan modifications with increased success.

In contrast, much of the market pessimism centers on the amount of loans in

special  servicing. While new transfers into special servicing have slowed,

the  inventory  of  assets  to  work  through is large. Approximately $89.7

billion  of  loans  are  in  special  servicing  as  year end-2010 (YE’10),

compared to $73.9 billion at YE’09.

New  issuance is seen as a positive sign to help temper the volume of loans

entering  special  servicing.  However,  the  burgeoning  trend  is also of

concern  among  investors  who  are wary of competitive pressures weakening

underwriting standards.

Additional  information  is available in Fitch's weekly e-newsletter, 'U.S.

CMBS  Market  Trends',  which  also  contains  recent rating actions and an

overview  of  newly  released  CMBS  research, including Fitch presales and

Focus  reports.  The  link  below enables market participants to sign up to

receive future issues of the E-newsletter:

'http://www.magnetmail.net/forms/display_form.cfm?fid=22908&mid=929091&rid=297925736&rtype=mm&uid=Fitch'

Contact:

Mary MacNeill

Managing Director

+1-212-908-0785

Fitch Inc., 1 State Street Plaza, New York, NY 10004

Lindsay Weichert

Director

+1-212-908-0398

Media   Relations:   Sandro   Scenga,   New  York,  Tel:  +1  212-908-0278:

sandro.scenga@fitchratings.com.

Additional information is available at http://www.fitchratings.com/

Bank To Repo 21 Condos, 163 Rentals In Greater Downtown Miami

MIAMI, FL---A developer in Greater Downtown Miami is days away from losing 21 unsold new condo units and a combined 163-rental apartments located on Biscayne Bay to a lender following a foreclosure auction, according to a new report from CondoVultures.com. 

The lender, an entity ultimately controlled by Mellon United National Bank's acquirer Sabadell United Bank, won a foreclosure auction on March 16. This was the last step in taking ownership of the Platinum condo (above centered photo) units on Northeast 30th Street and nearly 87,400 square feet of rental space in a series of 1950s and 1960s buildings fronting Biscayne Bay, according to an analysis of Miami-Dade County records.

Completed in 2006, the Platinum condominium tower is a 119-unit project where 98 units have been sold at an average price of $340 per square foot, according to the Condo Vultures® Official Condo Buyers Guide To Miami™. 

"The irony is, this developer held a public auction to dispose of the condos back in 2007 but ultimately decided not to sell the units to the highest bidders," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "In the end, the lender is days away from taking control of an attractive block of units and more than 115,000 square feet of developable land on Biscayne Bay. It is clear from the location that the future use of the land is new development when the market warrants it."

The foreclosure auction was the last step following a "final judgment of foreclosure" in the amount of nearly $24 million - the entire real estate portfolio has an assessed property value of a combined $11.97 million - signed by Miami-Dade Circuit Court Judge Lester Langer, according to court records.

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

Santa Clarita, CA Water Division Takes Occupancy of New 12,971-SF Headquarters at Summit Pointe Office Park

  

SANTA CLARITA, CA— Santa Clarita Water Division (SCWD) has moved into its new 12,971-square-foot headquarters located within Summit Pointe Office Park (top left photo)  at 26521 Summit Circle in Santa Clarita, Calif.. 

SCWD acquired the property in the third quarter of 2010 and was represented by Dennis Verner at SCV Commercial in the acquisition.

Summit Pointe Office Park is a six building, 31,536-square-foot, Class A office condominium property located within the 240 acre Centre Pointe Business Park.

 With convenient access to the I-5 and US 14 Freeways, the property is ideal for professional services firms seeking quality, free-standing space in a state enterprise zone with favorable tax credits.

Jones Lang LaSalle’s Managing Director Nigel Stout and Vice President Ryan House are marketing the units for sale or lease on behalf of the landlord, CMD Real Estate.  The JLL team represented the landlord in the sale to SCWD.  Currently there are only four units remaining ranging from 2,000 square feet to 5,026 square feet.

“We are seeing a great deal of interest from prospective tenants and owners who understand the value of being located in premium space,” said House.  “Summit Pointe is one of the region’s premier office properties featuring abundant amenities and pristine views of the valley.”

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

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

(c) 949.278.7851, david@ebelingcomm.com

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Marcus & Millichap Sells 131-Room Hotel in Tucson, AZ for $1 Million

  

 TUCSON, AZ,  Mar. 23, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of the Executive Inn & Suites (top left photo), a 131-room hotel located in Tucson, Ariz., according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,000,000.

Jonathan S. Ruprai, a hospitality investment specialist in Marcus & Millichap’s Tampa office, along with Aseem Tandon, a hospitality investment specialist in the firm’s Ontario office, had the exclusive listing to market the property on behalf of the seller, a financial institution. 

The buyer was secured and represented by Ruprai and Tandon.  David Guido, broker, assisted in closing this transaction.

Executive Inn & Suites is an interior corridor, full service hotel, built in 1960 and located at 333 West Drachman Street.

Press Contact:  Bryn D. Merrey, Regional Manager, Tampa

(813) 387-4700

D & A Building Services Wins New Contract with ITT Tech in Lake Mary, FL

LONGWOOD, FL— D & A Building Services Inc. has secured a long-term contract with ITT Technical Institute for facility maintenance services at the private college’s Lake Mary, Fla., campus.

Under its scope of services, D & A is providing full-service janitorial, window cleaning and floor refinishing services for the one-story, 32,000-square-foot building on 1400 International Parkway, Lake Mary, Fla.

                      

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

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

C&W announces sale of World Quest Resort Near Disney in Orlando

Orlando, FL – Cushman & Wakefield of Florida, Inc. announces the sale of WorldQuest Resort (top left photo), consisting of 96 unsold units plus 9.29 developable acres, pool, and amenity center.

The property was owned by REDUS Florida Condos, which was represented by Cushman & Wakefield Senior Director of Land Brokerage, Margery Johnson, CCIM, CIPS.

Buyer WQ Hotel Management, LLC paid $12,000,000 in the transaction, which closed on March 10.  The property is located within the World Gateway DRI, near the entrance to Walt Disney World.

"We are pleased with this sale, which is an indication of the improving prospects for Orlando tourism," said Johnson.

Contact:  Brook Hines,  Tel: 407-541-4401, brook.hines@cushwake.com

Berger Commercial Realty Corp. Announces Several New Leases

  

FORT LAUDERDALE, FL– Commercial real estate brokers Judy Dolan (top right photo) and Joe Jarkesy (lower left photo) of Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale, Fla., and serving clients around the state, announced several new lease transactions.

 Dolan and Jarkesy represented landlord  4811 Lyons Tech Pkwy, LLC in the renewal of a lease for 1,562 square feet of space in a multi-tenant small bay warehouse, located at  4911 Lyons Technology Parkway in Coconut Creek, Fla., to tenant Butters Construction.

The pair also represented 4811 Lyons Tech Pkwy, LLC in the renewal of a lease to tenant Franz, Inc., doing business as Handyman Connection, for 1,562 square feet of space in the same building.

Dolan and Jarksey also represented landlord Merrill Industrial Center, Inc. in the lease of 4,071 square feet of space in a multi-tenant warehouse, located at 3406 SW 26th Terrace in Dania, Fla., near Fort Lauderdale's Marina Mile, to tenant KW Management, LLC.

 Contact: 

Marielle Sologuren, Phone: (954) 776-1999, ext. 226

Fax: (954) 776-0290, msologuren@piersongrant.com

http://piersongrant.com/

HighImpactDigital.com

Jones Lang LaSalle Awarded Leasing of The Koll Office Building in Newport Beach, CA

 NEWPORT BEACH, CA – Jones Lang LaSalle has been awarded the leasing for Newport Beach Financial Plaza, a 54,000-square-foot Class A office building located at 4343 Von Karman Avenue in Newport Beach.

Leading the leasing efforts for the premier property are Jones Lang LaSalle Senior Vice Presidents Jay Nugent and Thomas Murphy.

“Jones Lang LaSalle was selected for this assignment because of our deep understanding and appreciation for the historical significance this building has played in the Orange County business community,” said Nugent.  “We intend on reminding the entire market that Newport Beach Financial Plaza is an Orange County landmark located in one of Southern California’s premier business destinations.

Jones Lang LaSalle was hired by the landlord, Picoco, LLC, which acquired the three-story building in 2008.

Newport Beach Financial Plaza is ideally located just minutes from the I-405 Freeway and 73 Toll Road as well as the John Wayne Orange County Airport. 

The property is adjacent to the Pacific Club, Orange County’s premier professional and business gathering venue. Newport Beach Financial Plaza can currently accommodate a single tenant on the second floor totalling 17,692 RSF. 

Other tenants in the building include The Koll Company who occupies the first floor and Picoco who occupies the third floor.

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

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

(c) 949.278.7851, david@ebelingcomm.com

Colliers International Recruits Christopher Maling and David Maling to its Downtown Los Angeles Office

 

LOS ANGELES, CA – Colliers International, the second largest global real estate services organization, has recruited top senior brokers, Christopher Maling (top right photo) and David Maling (middle left photo), aka The Maling Brothers, in Downtown Los Angeles. They both specialize in investment sales.

 “Chris and David bring more than 35 combined years of experience in commercial real estate,” said Martin Pupil (lower right photo), regional managing director for Colliers’ Greater Los Angeles operations. “They will be a great asset to our growing full-service platform.” 

Chris Maling will serve as senior vice president. He has successfully listed and sold apartment buildings, retail shopping centers, office buildings and industrial office warehouse properties throughout Greater Los Angeles.

 Additionally, he has extensive experience with 1031 tax-deferred exchanges, foreclosures and Chapter 7 and Chapter 11 bankruptcies. Previously, he was with Marcus & Millichap in Los Angeles where he won their sales recognition awards virtually every year since 1993.

 David Maling will also serve as senior vice president. He specializes in asset management, leasing activity management and disposition and acquisition of investment real estate.

Prior to joining Colliers, he was with Marcus & Millichap where he was awarded the Marcus & Millichap’s “Rookie of the Year” award in his first year of joining its Los Angeles office.

He was also ranked as one of the top 20 agents in the Marcus & Millichap’s Los Angeles office since 1998.  David Maling is a court-appointed receiver, Certified Property Manager (CPM), and Accredited Residential Manager (ARM). 

 Both Chris and David Maling were Marcus & Millichap’s Top 20 Producers nationally in multi & single tenant retail and recipients of Marcus & Millichap’s Top Closing Agent in 2010 with 65 transactions. In total, they have closed more than $1 billion in sales during their combined commercial real estate career.

“The Maling brothers bring incredible added depth to the downtown Los Angeles Office.  Both our retail and office investment capabilities will be significantly enhanced,” said Hans Mumper (lower left photo), managing director for Colliers International’s Downtown Los Angeles office.

Follow us at www.twitter.com/colliersgla

 Contact: Angela S. Hwang, Regional Marketing Coordinator | Greater Los Angeles.

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

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

angela.hwang@colliers.com

Grubb & Ellis Hires JMP Securities as Strategic Advisor

   

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that it has engaged JMP Securities to explore strategic alternatives, including the potential sale or merger of the company.

 “The Board is pleased to formalize this engagement with JMP Securities, which has an intimate working knowledge of our company and each of our businesses,” said C. Michael Kojaian (top right photo), chairman of the board.

 “While the management team has made progress restructuring the business and driving top-line growth, we believe now is the time to explore opportunities on how to best leverage the broad platform and capabilities of the company into an improving market for the benefit of all stakeholders.

“ We have received unsolicited inquiries, and decided that a formal process is in the best interest of all of our constituents.”

 In conjunction with today’s announcement, the Board also determined, as permitted, not to declare  the quarterly dividend to holders of its 12% Cumulative Participating Perpetual Convertible Preferred Stock.

 “A formal process to explore a transaction which affords the company the opportunity to drive additional scale across our platform is in the best interests of our corporate stakeholders, clients, broker-dealer partners and Grubb & Ellis professionals.  We look forward to working with JMP in this process,” said Thomas P. D’Arcy (top left photo), president and chief executive officer.

 For more information, visit http://www.grubb-ellis.com/

Contact: Janice McDill,  Phone: 312.698.6707                                     

Email:  Janice.mcdill@grubb-ellis.com

Grubb & Ellis|Wilson Kibler Named Affiliate of the Year

SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that Grubb & Ellis|Wilson Kibler has been named Affiliate of the Year for 2010. 

Grubb & Ellis|Wilson Kibler serves as the company’s affiliate throughout South Carolina.

 The award is presented annually to the affiliate that ranks highest in all the areas measured, including quality of service, utilization of systems, tools and processes and participation in all other aspects of the affiliate program.  In recognition of this special designation, the firm will be honored at the company’s 2010 Circle of Excellence in May.

“With the firm’s strong market performance, dedication to its clients and superior level of service, Grubb & Ellis|Wilson Kibler exemplifies all the qualities that make our affiliate program so successful,” said Jim Jones (middle right photo), executive vice president, Real Estate Services and head of Grubb & Ellis’ Affiliate Program. 

“The firm plays an integral role in our ability to serve our clients across all the markets in which they operate, which is the core of mission of Grubb & Ellis’ Affiliate Program.  We’re pleased to honor Grubb & Ellis|Wilson Kibler with this distinction.”

 Headquartered in Columbia, S.C., Grubb & Ellis|Wilson Kibler is one of the largest commercial real estate brokerage firms in the state. 

The company was founded by the firm’s principals, Jeremy G. Wilson and C. Marshall Kibler, in 1987, and has been affiliated with Grubb & Ellis since 2001.  In addition to its Columbia office, the firm operates an office in Myrtle Beach, S.C. 

The company offers a full range of commercial real estate services through a team of 33 brokers, staff and property management professionals. 

 “Grubb & Ellis’ Affiliate program gives us access to national relationships and an expanded platform of services, supporting our ability to provide fully integrated real estate solutions to our clients throughout the country,” said Kibler.

 “We’re honored to receive this recognition and look forward to our continued relationship with Grubb & Ellis.”

Contact:  Erin Mays, Phone:  312.698.6735                              

Email:  erin.mays@grubb-ellis.com

          

Axxcess Capital and Winthrop Realty Trust to Provide Liquidity for Sponsors, Managers and Investors in Fractional Ownership Structures

NEWPORT BEACH, CA. (Mar. 22, 2011) –Axxcess Capital Ventures, LLC today announced an agreement with Winthrop Realty Trust (NYSE: FUR) to provide liquidity for acquiring  sponsors, managers, and investor interests in fractional ownership structures including Tenant in Common investments, Delaware Statutory Trusts (DST’s) and private non-traded real estate investment trusts (REITS).

Axxcess, together with Winthrop, plans to provide solutions for companies and investors that require capital, expertise, and institutional management for fractional ownership structures. 

Through its agreement with Winthrop, Axxcess will now have the ability to bring an array of capital sources, structuring knowledge, and management expertise to create tax-efficient solutions for sponsors and investors.

“We spoke to several potential partners, and Winthrop was the best fit for several reasons-- leadership, capital sourcing, and asset management capabilities,” says Dick Gee, chairman of Axxcess Capital.

Demand Grows for Capital and Expertise in Fractional Ownership Structures

"We have positioned ourselves so that we can provide options for cash strapped operators and investors, that may not be unable to provide the capital necessary to enable the property to succeed in a tough market," says Tim Snodgrass, president of Axxcess Capital.

"Success may turn on the venture’s ability to work with lenders to reposition the property, while concurrently injecting capital and providing strong management," says Snodgrass. “To accomplish this, it takes an entity with institutional leadership, relationships, creativity, and unparalleled trust in the community.” 

Fractional ownership structures are generally more complex than typical ownership structures and have a unique set of parameters distinguishing them from other types of ownership structures.

 “Understanding how all these parts interact, and how to navigate through them to provide an acceptable outcome for every situation, is the difference with this team,” says Eli Spiro, chief executive officer of Axxcess.

“The fractional ownership market today calls for a company and partner that can successfully address the needs of lenders, investors, and asset managers. We have the unique ability to work with all parties, from acquiring large corporate entities, to individual investors.

“Through our experience in this industry, and the strength of Winthrop, collectively we have the experience, capital, and transparency to overcome all obstacles in these types of transactions,” says Axxcess’ COO Craig Morris.

Friedman, Billings and Ramsey (NYSE: FBR) represented Axxcess Capital in the transaction.

Access Capital, LLC, based in Newport Beach, CA with offices in New York and San Diego, provides uncompromised advisory services in alternative investments, wealth building, real estate client services and acquisitions for institutions, corporations, individuals and foundations. Visit www.axxcesscapital.com.

Press Contact:  Chris Barnett for Axxcess Capital LLC,  415-921-5092 or cbarn@aol.com

EIS Executes 9 Leases in the Last Sixty Days in Metro Orlando

ORLANDO, FL - Equity Investment Services (EIS) is proud to announce the successful execution of 9 leases in the last sixty days; all of which were new leases totaling more than 16,400 square feet.

Notable leases include 4,900 square feet leased to the Dollar Store located at Publix at Southchase on South Orange Blossom Trail and 2,230 square feet leased to Phoenix Networks US located at Hovey Court in Delaney Avenue.

Other notable tenant signings include Indra’s Kitchen, Angels Resale and S7 Hair Studio.

Agent 60-Day Track Record:

Matthew Edmiston – 4 leases totaling 5,104 SF

Nathan Cutchin – 3 leases totaling 8,753 SF

Sebastian Smith – 2 leases totaling 2,600 SF

 EIS is a full service commercial real estate investment advisory company based in Orlando, FL. EIS represents owners in the dispositions and acquisitions, leasing and professional management of shopping centers, office buildings, industrial properties, single tenant net leased investments and multi-family properties. EIS concentrates its efforts in the southeast region of the U.S. with a core focus on the Central Florida marketplace.

 For more information, contact:

Christopher M. Savino Managing Director, 407.573.0711 (o) Csavino@EISRE.com

Estefania Enriquez |Marketing Coordinator, Phone: 407.573.0711 ♦ Fax: 407.573.0710, Email: EEnriquez@EISRE.com

Website: http://www.eisre.com/

Cambridge Processes 21 Loan Origination Requests in February Totaling $415.1 Million

CHICAGO, IL--Cambridge Realty Capital Companies reports processing 21 loan origination requests totaling $415.1 million during the month of February, or slightly fewer than the same month last year.

Cambridge is one of the nation’s leading senior housing/healthcare lenders, with more than $3 billion in closed transactions since the mid-1990s. Chairman Jeffrey A. Davis (top right photo) said the company’s February loan origination requests were down from 28 loans totaling $478.2 million for the same month in 2010.

Since the first of the year, processed loan origination requests are down about 20 percent and dollar volume for the same two-month period is down as well, from $852.1 million in 2010 to $733.3 million a year later, he said.

Davis points out that lenders close a relatively small percentage of origination requests received. But Cambridge routinely tracks this information as an indication of market direction.

“Credit market restrictions are impacting the types of loans we can reasonably consider at this time, and this is causing us to be more selective in the types of loans that are entered into our system. The lower comparative totals are a bit misleading for this reason.

“For popular FHA-insured HUD loans, the demand continues unabated,” he said.

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

Fax: (312) 357-1611, E-Mail:  ew@cambridgecap.com

HFF closes $18 million sale of Class A multi-housing community in suburban Indianapolis

 INDIANAPOLIS, IN –HFF announced today that it has closed the sale of Washington Quarters Apartments (top left photo), a 256-unit, Class A multi-housing community in Avon, Indiana.

                                                 

HFF marketed the property on behalf of the seller, Crossmann Properties, LLC. Washington Quarters was purchased by Thiemann Real Estate, LLC for approximately $18 million. 

HFF also worked on behalf of the buyer/borrower to secure new debt on the property through Freddie Mac. 

Washington Quarters Apartments is located in the growing suburban community of Avon, approximately 12 miles west of downtown Indianapolis. 

Constructed in 1999 and maintaining an occupancy rate of more than 95 percent, the property has a mix of one-, two- and three-bedroom units averaging 956 square feet each. 

The property offers an expansive clubhouse with a fitness room, billiards room and a swimming pool.  Additional community amenities include a car wash station, sand volleyball court, basketball court and picnic area.

The HFF team representing the seller included managing director John Sebree and senior managing director David Keller.

HFF managing directors Kevin MacKenzie (middle right photo) and Jon Everson (lower left photo) represented Thiemann Real Estate LLC in the financing side of the transaction.

Thiemann Real Estate, LLC is a multi-housing owner based out of St. Louis, Missouri.  This is their second acquisition in the Indianapolis area within the past six months.  In total, Thiemann Real Estate, LLC controls 3,500 multifamily units in Indiana, Illinois, and Missouri.

Contacts:                

John S. Sebree, HFF Managing Director, (317) 632-7502, jsebree@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500 krmurphy@hfflp.com,

                                             

Promotions and Honors at Marcus & Millichap

               

Phil Sambazis Promoted to Associate Vice President Investments in San Diego

SAN DIEGO CA, Mar. 22, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Phil Sambazis (top right photo)  to associate vice president investments.

This designation represents excellence in the development and servicing of long-term client relationships, according to Kent R. Williams, senior vice president and managing director based in the firm’s San Diego office.

Most recently, Sambazis held the position of senior associate.

“Phil continues to excel as a commercial real estate investment specialist,” says Williams. “His ability to execute transactions nationwide over the past few years – a challenging time for the industry – demonstrates his tenacity and dedication to providing superior client service.”

A retail investment specialist, Sambazis began his career with Marcus & Millichap in March 2006. He was named an associate in January 2007 and was promoted to senior associate in March 2009. Sambazis has received five internal sales awards from the firm, including a National Achievement Award in 2010

 Michaal Yu and Rahul Bijlani Named Top Hospitality Investment Specialists in Houston

 ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Michael Yu (middle left photo) and Rahul Bijlani (bottom right photo) of the firm’s Houston office as the two top hospitality agents nationally for the second consecutive year.

Yu has been the firm’s top hospitality agent nationwide for the past four years.

 “We are proud to recognize Michael and Rahul as the firm’s top hospitality agents for the second year in a row, and to recognize Michael for being the firm’s top hospitality agent for four years consecutively,” says John J. Kerin, president and chief executive officer of Marcus & Millichap.

“Their consistency in attaining the highest level of achievement, especially during the past two years of unsettled market conditions, reflects the depth of their market knowledge, superior transaction skills and commitment to client service.”

Yu is a vice president investments and director of the firm’s National Hospitality Group. He joined Marcus & Millichap in July 2003. Bijlani, an associate vice president investments and also a director of the firm’s National Hospitality Group, joined Marcus & Millichap in June 2005.

Together, Yu and Bijlani have dominated the mid-market hospitality sector in Texas.

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

Bull Realty Signs State of Georgia to Expanded Lawrenceville, GA Office

ATLANTA, GA (Mar. 22, 2011) – Bull Realty, Inc said today the state of Georgia renewed and expanded its office lease for The 316 Business Center (top left photo) at 1000 Hurricane Shoals Road in Lawrenceville.

The state signed the 14,700 sq ft lease for the Department of Human Resources and Office of Child Support Services, which will continue to work out of the building.

The state needed additional space to increase efficiencies of the department’s field office. And because of recent budget challenges the state also was looking to reduce occupancy costs.

“We were able to work out an agreement that worked for both sides,” said Mark Stockwell, V. P. with Corporate Office Services at Bull Realty.

 “The landlord was able to keep his tenant improvement costs in check, while the state saved money on computer server issues. The space provides the right-sized environment for the department to better serve the public.”

Bull Realty handles leasing for the 98,000 sq ft office building representing the owners, Sun 316 , LLC et al (a Tenant In Common ownership).

Since beginning the assignment, Stockwell has finalized 13 renewals and 6 new leases totaling 70,535 sq ft bringing 316 Business Center to 82% occupancy. The average occupancy in the submarket is 62%.

  

Contact: Midd Read, mread@wilbertnewsstrategies.com