Property, Rentals, Transactions

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.

PCCP, LLC Provides $25.1 Million Senior Loan to PDC Memphis Oaks 3, LLC for Recapitalization and Lease-Up of Distribution Property in Memphis, TN

WASHINGTON, D.C. – July 18, 2014 – (RealEstateRama) — 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.

National Association of Realtors® Announces Major National Advertising Campaign

WASHINGTON – July 14, 2014 – (RealEstateRama) — As a new generation of home buyers enters into recovering real estate markets across the country, the National Association of Realtors® today announced the launch of a major national advertising campaign in conjunction with realtor.com®, as well as a comprehensive public relations effort, “Real Insight,” which together will showcase the value of the local knowledge and accurate data available to consumers through Realtors® and

Realtors® Applaud Confirmation of Castro as HUD Secretary

WASHINGTON, D.C. – July 11, 2014 – (RealEstateRama) — The following is a statement by National Association of Realtors® President Steve Brown: “The National Association of Realtors® commends the U.S. Senate today for approving the nomination of San Antonio Mayor Julian Castro to serve as the Secretary of the Department of Housing and Urban Development

PIQUET REALTY APPOINTS DAVID BENMEN AS NEW REAL ESTATE AGENT

NEW YORK – July 10, 2014: Piquet Realty, a leading luxury real estate firm known for its deep ties to the high-end Brazilian investor community, announced the addition of David Benmen as a Licensed Real Estate Broker. He will be based in the firm’s New York City office.

Kennedy Wilson’s Brokerage Group Closes Four Lease Transactions

LOS ANGELES – July 10, 2014 – (RealEstateRama) — Global real estate investment and services firm Kennedy Wilson has closed four retail and entertainment lease transactions in Hollywood, Santa Monica and Westchester. This collection of new leases, which carry an aggregate value of more than $3 million, points to an uptick in the Los Angeles retail market

Buyers in Hiding: The Real Estate Market

WASHINGTON, D.C. – July 9, 2014 – (RealEstateRama) — What’s wrong with the housing market these days is that the future isn’t getting here fast enough. The most prolonged recession since the Great Depression – the 2007 through mid-2009 decline – has been followed by the slowest recovery in our lifetimes