California RealEstateRama

SACRAMENTO, CA - January 30, 2012 - (RealEstateRama) -- United States Attorney Benjamin B. Wagner announced that a federal grand jury returned an indictment yesterday charging two defendants with mail fraud and money laundering in connection with a mortgage fraud scheme that resulted in losses of at least $180,000 to lenders. Charged are Andrey Kim, 28, of Sacramento; and Sultanmurod Rashidov, 29, of Brooklyn, N.Y. Kim was indicted for another mortgage fraud scam last month. He is scheduled to appear on the new charges on January 31, 2012, before Magistrate Judge Carolyn K. Delaney. Rashidov is believed to be out of the country.

Washington, DC - January 26, 2012 - (RealEstateRama) -- Congressman Mike Thompson (CA-1), joined by Democratic Members of the California Congressional Delegation, today welcomed the President’s proposal from the State of the Union to provide responsible homeowners with the opportunity to refinance at historically low rates, but said this is only half of the equation

Washington, DC - January 25, 2012 - (RealEstateRama) -- Yesterday, the House Judiciary Committee approved H.R. 1433, “The Private Property Rights Protection Act of 2011.” Introduced by Congressman James Sensenbrenner (R-WI) and Congresswoman Maxine Waters (D-CA), the legislation is intended to protect private property owners and communities from eminent domain abuse, and restore property rights that the Supreme Court changed in the controversial case, Kelo v. City of New London. In Kelo, the Court upheld the ability of the State and Federal government to transfer privately-owned property against the wishes of the owner to a large corporation, declaring that the resulting economic development would produce benefits to the community

January 25, 2012 - (RealEstateRama) -- A new study that examines energy used by plug loads in commercial office buildings will be featured during a webinar on Jan. 26 at 2 p.m. (Eastern). The results of the study and strategies that building owners and facilities managers can use to reduce energy demand from plug loads will be presented.

SAN JOSE, CA - January 24, 2012 - (RealEstateRama) -- While Jerry Garrity of Silicon Valley's First Statewide Realty works with a long list of properties for seasoned Bay Area investors who use his San Jose property management (http://www.firststatewiderealty.com/) services, he also has a growing portfolio of another abundant asset type: properties whose owners had trouble selling them.

January 24, 2012 - (RealEstateRama) -- Rick Foss sold a 34,768 SF industrial building at 78 E. Gray Road in Scottsdale for $3 million. Kyle Westfall of Cushman & Wakefield represented the seller, Rick Foss represented the buyer.

NEWPORT BEACH, CA - January 24, 2012 - (RealEstateRama) -- Mark Lucescu, President of Lucescu Realty, a market leading investment real estate services firm, announced today the sale of Promenade Corporate Center for $56 million. The transaction is the second, and final part, of the larger sale of Scottsdale Promenade in Scottsdale, AZ, for a total consideration of $166 million. The initial leg of the sale was during the third quarter of 2011, when the retail component was acquired for $110 million by Excel Trust of San Diego, CA. The closing today represented the office component of the property. Lucescu Realty again represented the seller, a local private investor, and procured the buyer, Excel Trust, a publicly-traded NYSE REIT.

LANCASTER, CA - January 18, 2012 - (RealEstateRama) -- Aliso Viejo, Calif.-based CT/KDF Community Development Partners, a joint venture between CT Realty Investors and KDF Communities, in concert with its investment partner, U.S. Bancorp Community Development Corp., has placed $16.15 million of its New Markets Tax Credit (NMTC) allocation with a subsidiary of InSite Development of Woodland Hills, Calif. The NMTC funds will be used to redevelop four properties along the new Lancaster Promenade, now known as The BLVD, in downtown Lancaster, Calif.

IRVINE, CA - January 16, 2012 - (RealEstateRama) -- Award-winning KTGY Group, Inc., Architecture and Planning, is pleased to announce that KTGY Principal and thought-leader, Rohit Anand, AIA, NCARB, will take an active role in shaping future multifamily development by sharing his expertise at the 2012 National Multihousing Council (NMHC) Annual Meeting, held January 17-19, 2012, at the Boca Raton Resort & Club in Boca Raton, Fla. The NMHC Annual Meeting is the largest gathering of the year where NMHC members come together to network with their colleagues.

Irvine, CA - January 16, 2012 - (RealEstateRama) -- Trent Walker and Sam Olmstead of Voit Real Estate Services’ Irvine office directed the industrial sale with the largest consideration of 2011 in Orange County, according to CoStar data. Walker represented the seller and, both Walker and Olmstead the buyer in the $47 million sale of the Irvine Crossings project, a 420,000 square-foot industrial warehouse and data center situated on 21.7 acres at 17871 Von Karman and 17836 Gillette in Irvine, Calif.

Torrance, CA - January 12, 2012 - (RealEstateRama) -- Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has closed a $3.8 million sales transaction for a 102,566-square-foot industrial building located at 26090 Ynez Road in Temecula, Calif.

San Francisco, CA - January 12, 2012 - (RealEstateRama) -- Danielle Lazier has been named Zephyr Real Estate’s Top Producer of 2011. Having sold 60 properties during the year, Lazier ranks among the top one-half of one percent of real estate agents in all of San Francisco.

Washington, DC - January 12, 2012 - (RealEstateRama) -- Representatives Mike Thompson (CA-1), Zoe Lofgren (CA-16) and Anna Eshoo (CA-14) led a group of 25 California Members of Congress in calling on President Barack Obama to address the housing crisis and appoint a Director of the Federal Housing Finance Agency (FHFA). The FHFA, which oversees mortgage backers Fannie Mae and Freddie Mac, has been without a permanent director for two and a half years.

Torrance, CA - January 11, 2012 - (RealEstateRama) -- Lee & Associates Net Leased Group in Carlsbad, Calif., a division of the national brokerage firm Lee & Associates, has closed a $19.1 million sale of a car dealership property at 6801 E. Frontage Rd, in Merriam, Kansas. The 58,430-square-foot property, which is occupied by CarMax, Inc., was purchased by an undisclosed buyer. CarMax, which will remain in the property, has 17 years on the initial lease term, which also includes four, 5-year options to extend.

IRVINE, CA - January 11, 2012 - (RealEstateRama) -- Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in the western United States and a market leader in the sale of retail properties, announced today that Edward B. Hanley, William B. Asher and Patrick G. Kent sold three multi-tenant strip centers totaling 96,327 square feet in southern California for a total consideration of $8,170,026

IRVINE, CA - January 11, 2012 - (RealEstateRama) -- Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment sales groups in the western United States and a market leader in the sale of retail properties, announced today that William B. Asher and Edward B. Hanley sold a 31,900-square-foot multi-tenant retail center located on Highway 111 in Rancho Mirage, Calif. The purchase price was $6.8 million.

WASHINGTON, D.C. - January 11, 2012 - (RealEstateRama) -- Today Mayor Edwin M. Lee and Supervisor Malia Cohen today introduced a resolution at the Board of Supervisors to ensure that major redevelopment projects, such as Mission Bay, the Hunters Point Shipyard, and Transbay as well as affordable housing projects under the San Francisco Redevelopment Agency can continue after the State required their elimination. The resolution is also co-sponsored by Supervisors Jane Kim and Christina Olague.

Washington, DC - January 11, 2012 - (RealEstateRama) -- Congressman Mike Thompson (CA-1) today announced more than $5.5 million for homeless programs across California’s First Congressional District. The funding comes through the U.S. Department of Housing and Urban Development (HUD) and will ensure these housing and service programs remain operating in 2012 in an effort to reduce and end homelessness.

SAN DIEGO, CA - January 10, 2012 - (RealEstateRama) -- Aliso Viejo, Calif.-based CT/KDF Community Development Partners, a joint venture between CT Realty Investors and KDF Communities, has placed $10.45 million of its New Markets Tax Credit (NMTC) allocation to develop a 36,000-square-foot, freestanding market in the Mercado del Barrio project in Downtown San Diego in concert with its investment partner, Wells Fargo.

LOS ANGELES, CA - January 10, 2012 - (RealEstateRama) -- Commercial real estate investment banking firm George Smith Partners has successfully arranged $16 million in construction financing for DJM Capital Partners, Inc., whose affiliate is the owner of the Bella Terra Shopping Center in Huntington Beach, Calif. according to Principal and Managing Director, Steve Bram and Senior Vice President, David Pascale. The construction loan will allow DJM to create a big box retail pad for new tenant Costco Wholesale Corporation.