Property, Rentals, Transactions

John Troughton Joins Kennedy Wilson Brokerage Group as Vice President

SACRAMENTO/BEVERLY HILLS, Calif. – July 30, 2014 – (RealEstateRama) — John Troughton, a 22-year commercial real estate veteran, has joined global real estate investment and services company Kennedy Wilson as vice president of its Brokerage Group. A well-known industry expert, over the years Troughton has received numerous accolades from the Governor of California, United States Congress, and several local governments for completing transactions that assisted in boosting local economies.

Updater and zipLogix Partner to Simplify the Moving Process

CHICAGO – July 29, 2014 – (RealEstateRama) — Updater and zipLogix, both investments of the National Association of Realtors®, announced a partnership to help real estate professionals streamline the moving process for their clients from within zipForm®. The technology collaboration will enable zipLogix users to seamlessly offer their clients Updater’s personalized and guided experience for completing moving-related tasks. Updater’s web application helps clients update their new address across all accounts and subscriptions, transfer utilities, forward mail with the U.S. Postal Service, and much more

Realtors® Environmental Summit Evaluates Potential Risks to Real Estate

WASHINGTON – July 29, 2014 – (RealEstateRama) — Realtor® leaders are hearing from the nation’s foremost experts on environmental risk management during the National Association of Realtors® first environmental summit. The slate of distinguished speakers includes Dan Glickman, who served as the Secretary of Agriculture under President Clinton, and Tom Ridge, first Secretary of U.S. Department of Homeland Security, former Governor of Pennsylvania, president and CEO of Ridge Global and partner at Ridge-Schmidt Cyber.

RAINBOW HOUSING ASSISTANCE CORPORATION SUCCESSFULLY SIGNS SEVEN NEW CONTRACTS IN THE FIRST HALF OF 2014

PHOENIX – July 29, 2014 – (RealEstateRama) — Rainbow Housing Assistance Corporation (Rainbow), a nonprofit organization that provides service-enriched housing programs for residents of rental housing communities throughout the country, signed seven new contracts bringing in more than 1,500 new units throughout Washington, California and Texas. Additionally in 2014, Rainbow added three new clients to its service portfolio as well as several service-oriented partners including the Texas Mobile Health Clinics Coalition, Colgate Bright Smiles Dental, and Farmers Insurance Managing Information on Lost Kids (MILK) program. These new contracts and partnerships signal an increased growth that continues from 2013 when Rainbow added to its portfolio more than 19 new communities and 2,194 units across four different states.

Nonresidential Building Activity Expected in Increase in 2015

WASHINGTON, D.C. – July 28, 2014 – (RealEstateRama) — July 28, 2014 – Due to the weather-related slow start in the nonresidential building market during the first part of the year, and the prolonged weakness in the institutional sector, construction spending projections for the rest of the year have been lowered slightly. The commercial construction sector is still looking at solid spending increases throughout the remainder of 2014, paced by high levels of demand for hotels and office buildings. The American Institute of Architects’ (AIA) semi-annual Consensus Construction Forecast, a survey of the nation’s leading construction forecasters, is projecting that spending will see a 4.9% increase in 2014 – down from the previous estimate of 5.8%, with next year’s projection holding at 8%

Pending Home Sales Slip in June

WASHINGTON, D.C. – July 28, 2014 – (RealEstateRama) — After three consecutive months of solid gains, pending home sales slowed modestly in June, according to the National Association of Realtors®.

Existing-Home Sales Up in June, Unsold Inventory Shows Continued Progress

WASHINGTON, D.C. – July 23, 2014 – (RealEstateRama) — Existing-home sales increased in June and reached an annual pace of 5 million sales for the first time since October 2013, while rising inventory continues to push overall supply towards a more balanced market, according to the National Association of Realtors

Federal Home Loan Bank of Boston Requests Nominations for 2015 Advisory Council

WASHINGTON, D.C. – July 23, 2014 – (RealEstateRama) — The Federal Home Loan Bank of Boston is now accepting nominations to fill five vacancies on its 2015 Advisory Council. The vacant seats will be filled by individuals actively involved in providing or promoting housing and community lending in Connecticut, Massachusetts, New Hampshire, Rhode Island, and Vermont.

Yokohama Tire Corporation Chooses County of San Bernardino For 658,000-SF Western Region Distribution Center

COUNTY OF SAN BERNARDINO, CALIF. – July 23, 2014 – (RealEstateRama) — Yokohama Tire Corporation (YTC) has chosen the County of San Bernardino for expansion into a larger Western Region Distribution Center. The company has leased a newly-constructed, 658,000-square-foot facility located at 16388 Fern Ave., Building 2 in the city of Chino, which it plans to occupy late this year. Yokohama will distribute its products, including passenger car/truck, commercial truck and OTR (Off-the-Road) tires from the facility. The company is relocating its warehouse operations from its current 380,000-square-foot facility in the city of Fullerton

PCCP, LLC Provides $25.1 Million Senior Loan to PDC Memphis Oaks 3, LLC, a Property Managed by Panattoni Development Company, for the Recapitalization and Lease-Up of Distribution Property in Memphis, Tennessee

New York, NY – July 23, 2014 – (RealEstateRama) — PCCP, LLC announced today it has provided a $25.1 million senior loan to PDC Memphis Oaks 3 Holdings, LLC, a Class A distribution property totaling 1,025,000 square feet in Memphis, TN managed and sponsored by affiliates of Panattoni Development Company. The loan will recapitalize the existing financing, and will allow Panattoni to focus on leasing efforts on existing and future vacant space

CONSTRUCTION EMPLOYMENT INCREASED IN 38 STATES AND D.C. FROM A YEAR AGO BUT DECLINED IN 27 STATES FROM MAY TO JUNE AS RECOVERY REMAINS ‘CHOPPY’

WASHINGTON, D.C. – July 23, 2014 – (RealEstateRama) –Construction firms added jobs in 38 states and the District of Columbia over the past 12 months, but they reduced headcount in 27 states between May and June, according to an analysis today of Labor Department data by the Associated General Contractors of America. Association officials said the employment gains help, but that construction employment remains below peak levels in every location except North Dakota

Charles Dunn Company Completes $3.37 Million Sale of 27-Unit Multifamily Property in Los Angeles, California

LOS ANGELES, Calif. – July 23, 2014 – (RealEstateRama) — Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $3.37 million sale of a fully occupied 27-unit multifamily property located at 4305 Gateway Ave. in the Silver Lake submarket of Los Angeles, Calif.

Avison Young completes sale of 72,000-sf office building in Phoenix, AZ

Irvine, CA – July 23, 2014 – (RealEstateRama) — Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the sale of Corporate Center at Southbank, a class A office building totaling 72,000 square feet (sf) in Phoenix, AZ

Los Angeles Financial District Shops at Library Court Sells for $6.95 Million

IRVINE, CALIF. – July 23, 2014 – (RealEstateRama) — Hanley Investment (HI) Urban Retail Advisors, a division of Hanley Investment Group Real Estate Advisors, specializing in the sale and advisory of mixed-use and urban retail properties in dynamic commercial districts across the United States, announced today that Hanley Investment Group’s Senior Vice President Eric P. Wohl, along with HI Urban Retail Advisors’ President Carlos J. Lopez, represented the buyer and seller in the sale of The Shops at Library Court located at 630 W. 6th Street in Los Angeles, Calif.

CBRE’s Philip D. Voorhees and NRIG-West Team Complete Orange County Strip Center Sale

GARDEN GROVE, CALIF. – July 23, 2014 – (RealEstateRama) — CBRE Senior Vice President Philip D. Voorhees announced today that he, Brad Rable and their National Retail Investment Group – West (NRIG-West) team completed the sale of Garden Grove Festival Square, a 35,515-square-foot strip center in the City of Garden Grove, Calif., leased to a synergistic mix of regional and local tenants including Popular Community Bank, Woori American Bank and United Dental Group. The sale price was $11.9 million, representing a 5.59% cap rate.

Garbett Homes and KTGY Win 2014 Gold Nugget Grand Award for Best Zero Net Energy Design

IRVINE, CALIF. – July 21, 2014 – (RealEstateRama) — Award-winning national firm KTGY Group, Inc., Architecture + Planning, is pleased to announce that Bellasol (known as “The Zero Home”) in Herriman, Utah, received the Gold Nugget Grand Award for the Best Zero Net Energy Design. The Gold Nugget Awards program, presented by PCBC, recognizes “those who improve our communities through exceptional concepts in design, planning and development.”

CBRE’s Philip D. Voorhees and NRIG-West Team Complete Maywood Convenience Strip Center Sale

MAYWOOD, CALIF. – July 21, 2014 – (RealEstateRama) — CBRE Senior Vice President Philip D. Voorhees announced today that he, Jimmy Slusher and the National Retail Investment Group – West (NRIG-West) team, along with CBRE’s Managing Director, Richard Rizika, completed the sale of Maywood Village Square, a 48,324-square-foot convenience strip center. The property, located at 4401-4487 Slauson Avenue in the city of Maywood, Calif., is anchored by O’Reilly Auto Parts, Subway, US Bank, Yoshinoya, Western Dental Services and a new Fitness 19 health club, which will occupy nearly 9,000 square feet of the property. The sale price was $11.53 million. The property was approximately 94% occupied at the time of sale.

Hodgdon Group Completes Ashley Furniture HomeStore in Los Angeles

COLTON, CALIF. July 21, 2014 – (RealEstateRama) — The Hodgdon Group, a full-service real estate brokerage, development and construction firm, announced today that it has completed construction of the conversion of a former FAMSA building, for the opening of an Ashley Furniture HomeStore in Los Angeles, Calif. Hodgdon Group’s HMC Construction, Inc. handled all entitlements and served as the design-build contractor for the major renovation of the 49,374-square-foot two-story freestanding building located south of I-10 freeway, near Grand Station, at 1810 S. Broadway. The Los Angeles location represents the 19th Ashley Furniture HomeStore to be completed by the Hodgdon Group.

Avison Young completes $7.75-million sale of two office buildings in Murrieta, CA

Irvine, CA – July 18, 2014 – (RealEstateRama) — Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the $7.75-million sale of two, class A office buildings totaling 37,652 square feet (sf) in Murrieta, CA.

PCCP, LLC and TriStar Properties form Joint Venture for a Speculative Industrial Development in Pontoon Beach, Illinois

San Francisco, Calif., – July 18, 2014 – (RealEstateRama) — PCCP, LLC announced today it has formed a joint venture with TriStar Properties to acquire 45 acres of land for the development of a 673,000-square-foot industrial building in Pontoon Beach, IL, a Metro East submarket of greater St. Louis, MO.