Open-ended real estate funds posted a gross total return of 2.3% in the second quarter, unchanged from Q1. The income return rose two basis points to 1.14%, while capital value growth declined three bps to 1.12%. The income return rose two basis points to 1.14%, while capital value growth declined three bps to 1.12%. (Source: MSCI)

Phoenix industrial vacancy declined to 10.4% in the second quarter while average asking rents increased 4.2% year over year. Phoenix industrial vacancy declined to 10.4% in the second quarter while average asking rents increased 4.2% year over year. Phoenix industrial vacancy declined to 10.4% in the second quarter while average asking rents increased 4.2% year over year. (Source: Daum Commercial Real Estate Services)

NEWS & NOTABLES

DENVER—With the acquisition of local civil engineering firm Jansen Strawn Consulting, Ware Malcolm has entered the residential estate development industry. The 40-person firm will now operate as Jansen Strawn Consulting Engineers, a Ware Malcomb company.

WASHINGTON, DC—The CRE Finance Council has named Lisa A. Pendergast as executive director, the latest step in the restructuring of the association's management team. She brings 25 years of industry experience in structured finance markets, most recently as managing director and Head of CMBS Strategy & Risk for Jefferies LLC in the Fixed Income Division's MBS/ABS/CMBS Group. Pendergast is a past president of CREFC, having served in 2010-2011. She is a current member of the Board of Governors, and has served on the board for over nine years.

NEW YORK CITY—FirstService Residential has promoted Nadav Schnall to the position of vice president in the company's New Development Property Management Division. He will assume executive oversight for a team of property management and consulting professionals serving developers in the niche market of ultra-luxury residences. Collectively, Schnall's team oversee a portfolio of over 20 luxury condominiums comprising more than 1,500 units.

WASHINGTON, DC—The NMHC Research Foundation has raised over $2.25 million in cash commitments from NMHC members to fund a new website intended to help address critical voids in apartment data and raise the industry's standard of performance. The new non-profit 501(c)3 foundation will pursue unique and original research to fill gaps in knowledge about the multifamily sector and support NMHC's members.

NEW YORK CITY—Architecture, design and planning firm Montroy Andersen DeMarco has hired Allie Roberson as job captain. Her current projects include office fit-outs for Novantas and Sumitomo in Manhattan; a 2,800-sf restaurant at the Dazzler Hotel in Brooklyn; and the building repositioning and upgrades of 111-115 Broadway in Manhattan for Capital Partners. Prior to joining MADGI, Roberson worked in design capacities at the Office of Charles F. Bloszies in San Francisco and at 2 Point Perspective Inc. in Chicago.

FAR HILLS, NJ—More than 200 commercial real estate professionals came out in support of the fight for healthy babies and honored Mitchell E. Rudin, CEO of Mack-Cali, at the recent New Jersey March of Dimes Real Estate Award Reception and Pynes Putting Challenge. The annual event, which took place at the United States Golf Association in Far Hills, NJ, raised a record amount of $280,000 for the March of Dimes.

PHOENIX—DrawAlert, a construction funding risk mitigation tool for owners and lenders, has released its version 2.0, an update that will offer project stakeholders improved operational productivity, increased visibility and expanded dashboard capabilities including a document portal. Key feature updates for DrawAlert v2.0 consist of significantly expanded dashboard capabilities, full functionality across all 50 states, a project close out report and document management, including preliminary notices, conditional waivers, unconditional waivers, certificates of insurance and site inspections.

TAMPA, FL—Senior managing director Paul Carr has joined the local Cushman & Wakefield team of executive managing director Allen McMurty and Megan Fetter and David Kliewed, senior managing directors. The 12-year capital markets veteran was previously a member of Cushman & Wakefield's Capital Markets Group in Tampa, where he represented private, institutional and corporate clients in the acquisition, disposition and analysis of investment properties throughout Florida. With a combined 67 years of experience, his new team has to date closed 168 senior housing transactions in 32 states valued at more than $2 billion.

DEALTRACKER

RESEDA, CA—Marcus & Millichap has sold Potomac Plaza, a 8,304-sf retail property here, for $2.5 million. John Lally, associate, and Brandon Michaels, first VP of investments, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Michaels and Lally.

TAMPA, FL—Marcus & Millichap has arranged the sale of the Mirasol, a luxury 58-unit apartment community, for $10.4 million, or $180,000 per unit. Frank Carriera and Michael Regan, first VPs-investments, and Michael Donaldson and Nicholas Meoli, VPs-investments, represented the seller and procured the buyer, a local multifamily investor. Considered one of Tampa's most distinguished architectural landmarks, the seven-story Mediterranean revival property was built in 1925 as luxury hotel and converted to apartments in 1962. It also includes a 15-slip marina , a swimming pool overlooking the marina, a three-tiered back patio and a covered waterfront pavilion.

SOUTH HACKENSACK, NJ—Lumber Liquidators has renewed its lease for 11,000 square feet of industrial/warehouse space at 14 East Wesley Street in South Hackensack, NJ. Located in the Meadowlands submarket, the industrial property is owned and managed by Alfred Sanzari Enterprises of Hackensack, NJ. The transaction was negotiated in-house by Alfred Sanzari Enterprises. Brandon Anapol of Metro Commercial represented the tenant.

NATCHITOCHES, LA—The Boulder Group has completed the sale of a single-tenant new construction Dollar General located at 4180 University Parkway for $1.4 million. Randy Blankstein and Jimmy Goodman represented the seller, a Dollar Store developer. A West Coast-based private investor bought the 9,014-sf building in a 1031 exchange. The Dollar General lease has over 13 years remaining with three 5-year renewal option periods. The lease features a 3% rental escalation in year 11 and a 10% rental escalation in each renewal option period.

SAN DIEGO—Marcus & Millichap has arranged the sale of 4375 Jutland Dr., a single-tenant office building here, for $11.1 million. The price of $350 per sf marked the highest achieved for an office property in the submarket larger than 2,000 square feet. Marcus & Millichap Capital Corp. arranged $8.2 million in acquisition financing. Ben Tashakorian, first VP-investments, and Nick Totah, senior associate, represented the seller, Paul Meardon, a local private investor, and procured the buyer, an out-of-state private investor. MMCC first VP-capital markets, Chad O'Connor, and MMCC director Jared Cassidy arranged 12-year debt.

CHERRY HILL, NJ—Markeim Chalmers handled buyer and seller in the $2.2 million sale of 1503 Chapel Avenue, Cherry Hill, NJ, a 10,465 square-foot bar and banquet facility on 2.5 acres that came with a liquor license. Red Eagle Company sold the property to 1503 Chapel Real Estate. The site is close to the Cherry Hill Mall.

BOSTON—Deka Immobilien has acquired the 70 Franklin St. office building here from Munich-based international asset management firm GLL Real Estate Partners for $42.1 million. The 70 Franklin St. office building totals 85,977 square feet and is currently 91% leased. An NGKF Boston Capital Markets team, led by U.S. head of capital markets Robert Griffin, vice chairman Edward Maher and executive managing director Matthew Pullen, oversaw the transaction on behalf of GLL Real Estate Partners. The property's eight-tenant roster is anchored by TIAA-CREF. Ground-floor retailers at the Class B building include Jos. A. Bank and Papyrus.

WAKE FOREST, NC—Marcus & Millichap has arranged the sale of the Market of Wake Forest, a 116,341-sf, grocery-anchored retail center here, for $11.5 million. Andrew Margulies and Benjamin Yelm, VP-investments, represented the seller, a family partnership based in North Carolina. The buyer, a subsidiary of a North Carolina-based real estate investment company, was procured by Margulies. The property was 96% occupied at the time of the sale with tenants including Food Lion, Rite Aid, Subway, Engine Masters, and Capital Bank.

HUNTINGTON BEACH, CA—CBRE Group Inc. has brokered a 33,500-sf lease valued at more than $11 million with 24-Hour Fitness USA Inc. at the Huntington South Shopping Center. CBRE's Richard Rizika represented the landlord, Huntington South Center LLC, in the 15-year lease. The tenant was represented by Avison Young.

NORWOOD, MA—KBS has sold the 169,000-square-foot 825 University Ave. office building in Norwood, MA to Hilco Global for $26 million. The fully occupied two-story building is the corporate headquarters for Xcerra and operates as Illinois Tool Works' research and development production space. The Class-A office building is adjacent to University Station, a 2-million-square-foot mixed-use development anchored by Target and Wegmans.

BUILDING BLOCKS

INDIANAPOLIS—Embassy Suites by Hilton and Sun Development & Management Corp. has broken ground on the Embassy Suites by Hilton Indianapolis/Noblesville. Slated to open in late 2017, the property is expected to be the third for the brand in the state of Indiana. When complete, the hotel will be feature the brand's Design Option III and will be comprised of 192 suites in seven stories, an indoor pool, on-site restaurant and a state-of-the-art conference center with nearly 21,000 square feet of meeting and function space.

NEW YORK CITY—Western Development Corp. and Akridge will lead a consortium of developers and investors, including Orr Partners, Redbrick LMD LLC and Jefferson Apartment Group, to buy and redevelop 2100 Second Street SW. EagleBank and Greenfield Partners provided financing for the new project, dubbed Riverpoint. Located at the site of the former U.S. Coast Guard headquarters at Buzzard Point, Riverpoint will deliver 80,000 square feet of restaurant and retail space, as well as over 450 apartment and condominium units and waterfront activities with new piers, floating restaurants and the continuation of the Anacostia Riverwalk Trail. Orr and Jefferson will co-develop the mixed-use community, with Western leading the development and leasing of the retail and waterfront components. Redbrick sourced, capitalized and structured the transaction.

AUSTIN—The Greater Austin marker will receive two new WoodSpring Suites Signature hotels, thanks to a new agreement between WoodSpring Hotels and Tanuj Nathan and Vinesh Kumar, owners of management company MVK Hospitality. The hotels, to be located in the Austin submarkets of Buda and Georgetown, represent the first time the extended-stay hotel company has worked with MVK, which owns and operates several hotels. WoodSpring Hotels currently has three open properties in the Austin market and one under construction.

This is where you would write your op-ed on Fridays. It would be based on trends you're noticing or hearing about, research you've seen, buzz, etc. This is where you would write your op-ed on Fridays. It would be based on trends you're noticing or hearing about, research you've seen, buzz, etc. This is where you would write your op-ed on Fridays. It would be based on trends you're noticing or hearing about, research you've seen, buzz, etc. This is where you would write your op-ed on Fridays. It would be based on trends you're noticing or hearing about, research you've seen, buzz, etc. This is where you would write your op-ed on Fridays. It would be based on trends you're noticing or hearing about, research you've seen, buzz, etc. This is where you would write your op-ed on Fridays. It would be based on trends you're noticing or hearing about, research you've seen, buzz, etc.—YourNameHere

BY THE NUMBERS

Retail sales rose 3.8% year over year through July 31, thanks to a number of net lease deals that closed etc etc . Non-store sales including e-commerce increased 14.1% from a year ago. Retail sales rose 3.8% year over year through July 31, thanks to a number of net lease deals that closed etc etc . Non-store sales including e-commerce increased 14.1% from a year ago. (Source: Marcus & Millichap)

Open-ended real estate funds posted a gross total return of 2.3% in the second quarter, unchanged from Q1. The income return rose two basis points to 1.14%, while capital value growth declined three bps to 1.12%. The income return rose two basis points to 1.14%, while capital value growth declined three bps to 1.12%. (Source: MSCI)

Phoenix industrial vacancy declined to 10.4% in the second quarter while average asking rents increased 4.2% year over year. Phoenix industrial vacancy declined to 10.4% in the second quarter while average asking rents increased 4.2% year over year. Phoenix industrial vacancy declined to 10.4% in the second quarter while average asking rents increased 4.2% year over year. (Source: Daum Commercial Real Estate Services)

NEWS & NOTABLES

DENVER—With the acquisition of local civil engineering firm Jansen Strawn Consulting, Ware Malcolm has entered the residential estate development industry. The 40-person firm will now operate as Jansen Strawn Consulting Engineers, a Ware Malcomb company.

WASHINGTON, DC—The CRE Finance Council has named Lisa A. Pendergast as executive director, the latest step in the restructuring of the association's management team. She brings 25 years of industry experience in structured finance markets, most recently as managing director and Head of CMBS Strategy & Risk for Jefferies LLC in the Fixed Income Division's MBS/ABS/CMBS Group. Pendergast is a past president of CREFC, having served in 2010-2011. She is a current member of the Board of Governors, and has served on the board for over nine years.

NEW YORK CITY—FirstService Residential has promoted Nadav Schnall to the position of vice president in the company's New Development Property Management Division. He will assume executive oversight for a team of property management and consulting professionals serving developers in the niche market of ultra-luxury residences. Collectively, Schnall's team oversee a portfolio of over 20 luxury condominiums comprising more than 1,500 units.

WASHINGTON, DC—The NMHC Research Foundation has raised over $2.25 million in cash commitments from NMHC members to fund a new website intended to help address critical voids in apartment data and raise the industry's standard of performance. The new non-profit 501(c)3 foundation will pursue unique and original research to fill gaps in knowledge about the multifamily sector and support NMHC's members.

NEW YORK CITY—Architecture, design and planning firm Montroy Andersen DeMarco has hired Allie Roberson as job captain. Her current projects include office fit-outs for Novantas and Sumitomo in Manhattan; a 2,800-sf restaurant at the Dazzler Hotel in Brooklyn; and the building repositioning and upgrades of 111-115 Broadway in Manhattan for Capital Partners. Prior to joining MADGI, Roberson worked in design capacities at the Office of Charles F. Bloszies in San Francisco and at 2 Point Perspective Inc. in Chicago.

FAR HILLS, NJ—More than 200 commercial real estate professionals came out in support of the fight for healthy babies and honored Mitchell E. Rudin, CEO of Mack-Cali, at the recent New Jersey March of Dimes Real Estate Award Reception and Pynes Putting Challenge. The annual event, which took place at the United States Golf Association in Far Hills, NJ, raised a record amount of $280,000 for the March of Dimes.

PHOENIX—DrawAlert, a construction funding risk mitigation tool for owners and lenders, has released its version 2.0, an update that will offer project stakeholders improved operational productivity, increased visibility and expanded dashboard capabilities including a document portal. Key feature updates for DrawAlert v2.0 consist of significantly expanded dashboard capabilities, full functionality across all 50 states, a project close out report and document management, including preliminary notices, conditional waivers, unconditional waivers, certificates of insurance and site inspections.

TAMPA, FL—Senior managing director Paul Carr has joined the local Cushman & Wakefield team of executive managing director Allen McMurty and Megan Fetter and David Kliewed, senior managing directors. The 12-year capital markets veteran was previously a member of Cushman & Wakefield's Capital Markets Group in Tampa, where he represented private, institutional and corporate clients in the acquisition, disposition and analysis of investment properties throughout Florida. With a combined 67 years of experience, his new team has to date closed 168 senior housing transactions in 32 states valued at more than $2 billion.

DEALTRACKER

RESEDA, CA—Marcus & Millichap has sold Potomac Plaza, a 8,304-sf retail property here, for $2.5 million. John Lally, associate, and Brandon Michaels, first VP of investments, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Michaels and Lally.

TAMPA, FL—Marcus & Millichap has arranged the sale of the Mirasol, a luxury 58-unit apartment community, for $10.4 million, or $180,000 per unit. Frank Carriera and Michael Regan, first VPs-investments, and Michael Donaldson and Nicholas Meoli, VPs-investments, represented the seller and procured the buyer, a local multifamily investor. Considered one of Tampa's most distinguished architectural landmarks, the seven-story Mediterranean revival property was built in 1925 as luxury hotel and converted to apartments in 1962. It also includes a 15-slip marina , a swimming pool overlooking the marina, a three-tiered back patio and a covered waterfront pavilion.

SOUTH HACKENSACK, NJ—Lumber Liquidators has renewed its lease for 11,000 square feet of industrial/warehouse space at 14 East Wesley Street in South Hackensack, NJ. Located in the Meadowlands submarket, the industrial property is owned and managed by Alfred Sanzari Enterprises of Hackensack, NJ. The transaction was negotiated in-house by Alfred Sanzari Enterprises. Brandon Anapol of Metro Commercial represented the tenant.

NATCHITOCHES, LA—The Boulder Group has completed the sale of a single-tenant new construction Dollar General located at 4180 University Parkway for $1.4 million. Randy Blankstein and Jimmy Goodman represented the seller, a Dollar Store developer. A West Coast-based private investor bought the 9,014-sf building in a 1031 exchange. The Dollar General lease has over 13 years remaining with three 5-year renewal option periods. The lease features a 3% rental escalation in year 11 and a 10% rental escalation in each renewal option period.

SAN DIEGO—Marcus & Millichap has arranged the sale of 4375 Jutland Dr., a single-tenant office building here, for $11.1 million. The price of $350 per sf marked the highest achieved for an office property in the submarket larger than 2,000 square feet. Marcus & Millichap Capital Corp. arranged $8.2 million in acquisition financing. Ben Tashakorian, first VP-investments, and Nick Totah, senior associate, represented the seller, Paul Meardon, a local private investor, and procured the buyer, an out-of-state private investor. MMCC first VP-capital markets, Chad O'Connor, and MMCC director Jared Cassidy arranged 12-year debt.

CHERRY HILL, NJ—Markeim Chalmers handled buyer and seller in the $2.2 million sale of 1503 Chapel Avenue, Cherry Hill, NJ, a 10,465 square-foot bar and banquet facility on 2.5 acres that came with a liquor license. Red Eagle Company sold the property to 1503 Chapel Real Estate. The site is close to the Cherry Hill Mall.

BOSTON—Deka Immobilien has acquired the 70 Franklin St. office building here from Munich-based international asset management firm GLL Real Estate Partners for $42.1 million. The 70 Franklin St. office building totals 85,977 square feet and is currently 91% leased. An NGKF Boston Capital Markets team, led by U.S. head of capital markets Robert Griffin, vice chairman Edward Maher and executive managing director Matthew Pullen, oversaw the transaction on behalf of GLL Real Estate Partners. The property's eight-tenant roster is anchored by TIAA-CREF. Ground-floor retailers at the Class B building include Jos. A. Bank and Papyrus.

WAKE FOREST, NC—Marcus & Millichap has arranged the sale of the Market of Wake Forest, a 116,341-sf, grocery-anchored retail center here, for $11.5 million. Andrew Margulies and Benjamin Yelm, VP-investments, represented the seller, a family partnership based in North Carolina. The buyer, a subsidiary of a North Carolina-based real estate investment company, was procured by Margulies. The property was 96% occupied at the time of the sale with tenants including Food Lion, Rite Aid, Subway, Engine Masters, and Capital Bank.

HUNTINGTON BEACH, CA—CBRE Group Inc. has brokered a 33,500-sf lease valued at more than $11 million with 24-Hour Fitness USA Inc. at the Huntington South Shopping Center. CBRE's Richard Rizika represented the landlord, Huntington South Center LLC, in the 15-year lease. The tenant was represented by Avison Young.

NORWOOD, MA—KBS has sold the 169,000-square-foot 825 University Ave. office building in Norwood, MA to Hilco Global for $26 million. The fully occupied two-story building is the corporate headquarters for Xcerra and operates as Illinois Tool Works' research and development production space. The Class-A office building is adjacent to University Station, a 2-million-square-foot mixed-use development anchored by Target and Wegmans.

BUILDING BLOCKS

INDIANAPOLIS—Embassy Suites by Hilton and Sun Development & Management Corp. has broken ground on the Embassy Suites by Hilton Indianapolis/Noblesville. Slated to open in late 2017, the property is expected to be the third for the brand in the state of Indiana. When complete, the hotel will be feature the brand's Design Option III and will be comprised of 192 suites in seven stories, an indoor pool, on-site restaurant and a state-of-the-art conference center with nearly 21,000 square feet of meeting and function space.

NEW YORK CITY—Western Development Corp. and Akridge will lead a consortium of developers and investors, including Orr Partners, Redbrick LMD LLC and Jefferson Apartment Group, to buy and redevelop 2100 Second Street SW. EagleBank and Greenfield Partners provided financing for the new project, dubbed Riverpoint. Located at the site of the former U.S. Coast Guard headquarters at Buzzard Point, Riverpoint will deliver 80,000 square feet of restaurant and retail space, as well as over 450 apartment and condominium units and waterfront activities with new piers, floating restaurants and the continuation of the Anacostia Riverwalk Trail. Orr and Jefferson will co-develop the mixed-use community, with Western leading the development and leasing of the retail and waterfront components. Redbrick sourced, capitalized and structured the transaction.

AUSTIN—The Greater Austin marker will receive two new WoodSpring Suites Signature hotels, thanks to a new agreement between WoodSpring Hotels and Tanuj Nathan and Vinesh Kumar, owners of management company MVK Hospitality. The hotels, to be located in the Austin submarkets of Buda and Georgetown, represent the first time the extended-stay hotel company has worked with MVK, which owns and operates several hotels. WoodSpring Hotels currently has three open properties in the Austin market and one under construction.