WVU board OKs $14.5M real estate purchase

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MORGANTOWN, W.Va. — West Virginia University is buying nearly 40 properties in Morgantown in a $14.5 million real estate deal that the Board of Governors approved without discussion Tuesday afternoon.

The sale was revealed in a report submitted last month to the Legislature’s Joint Committee on Government and Finance. WVU officials have declined to discuss the details this week but told media outlets they may have more to say in a few days.

The board unanimously approved the transaction and the issuance of up to $15 million in revenue bonds after a brief, private session that the chairman said related to other matters. Closing is set for Thursday.

It’s the latest in a string of big real estate deals for the university.

Just last month, WVU acquired more than 25 acres, including rental properties, three other lots and an unoccupied apartment building, for about $10 million. Last year, WVU bought the Augusta apartment complex property out of bankruptcy for $13.1 million.

The new deal includes 39 parcels near the Summit Hall dormitory in Sunnyside, a run-down neighborhood dominated by student housing. Among the properties to be acquired is a longtime bar, Mutt’s.

WVU says the parcels are “uniquely positioned to meet critical current and future needs of WVU” and part of a plan to increase the number of beds for students from 6,000 to 7,600.

WVU says it wants to use the properties to provide students safe, affordable housing near the downtown campus in time for the fall 2014 semester, but the document also mentions laundromats, a grocery store and coffee shops as possible amenities.

According to the plan, WVU would acquire the properties from Paradigm Development Group and RCL Holding. The companies would help develop, finance and manage at least one new student housing facility

Paradigm incorporated just eight months ago, according to records filed with the secretary of state, and lists its corporate officers as Ryan Lynch, James E. Brown and David R. Martinelli. The three are also partners WV Campus Holding LLC, which was incorporated in July.

Martinelli is a longtime professor in WVU’s Department of Civil and Environmental Engineering. He said Tuesday he’s “not at liberty” to discuss the project yet.

Lynch is also the principal of RCL, which incorporated in April 2011, and three other companies formed since March — WV Campus Housing LLC, RCL Sunnyside Holdings LLC and RCL Evansdale Holdings LLC. His partner in the RCL Sunnyside and RCI Evansdale ventures is attorney Carl H. Cather III.

All the companies are based in Morgantown.

The agreement with Paradigm and RCL Holding was reached in May, according to WVU’s letter.

It says the developers approached WVU with the deal but will only sell if allowed to “participate in the development, financing, construction and management of one or more student housing facilities and of various enterprises.”

Paradigm attorney Brian Helmick declined to discuss the project, and Lynch didn’t immediately respond to phone or email messages Tuesday.

WVU’s letter says Paradigm and RCL have acquired or are now acquiring the affected properties.

Yamuna Expressway to stoke real estate boom

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WSJ Plans Friday Real Estate

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The Wall Street Journal will introduce a weekly real-estate section targeting high-end buyers, one of several investments that the newspaper is considering, at a time when its parent company, News Corp.,

is preparing to spin off the paper along with other publishing assets.

The 16-page residential real-estate section, to be introduced in late September or early October, will appear in the newspaper’s Friday editions nationally and online. The paper plans to hire up to 10 staff members for the section.

“It will be mostly U.S.-focused, but it will have a more global feeling than a local paper’s perspective,” said Robert Thomson, managing editor of The Wall Street Journal, in an interview.

The real-estate section is being introduced ahead of a planned News Corp. spinoff that has increased scrutiny on the publishing unit’s financial performance. Last month, News Corp. approved plans to split the media conglomerate into two businesses, separating the entertainment businesses from publishing assets like Dow Jones and Harper Collins.

Mr. Thomson said plans for the real-estate section were in place before News Corp. decided to move forward with its split-up last month.

“This shows real commitment” as the company puts both money and resources into the paper and Dow Jones, Mr. Thomson said. Two additional investments for The Wall Street Journal are also being planned, he said, without providing specifics.

Dow Jones has made other product changes recently, such as ending the print version of SmartMoney. That decision resulted in the elimination of 25 jobs, although Dow Jones plans to add six new positions to help with the expansion of SmartMoney’s digital platform.

The real-estate section will include articles on topics such as home finance, distinctive neighborhoods and properties around the world, the company said. It will have a broader focus than the real-estate section of New York Times Co.’s namesake paper, with which it is likely to compete for readers and advertising dollars.

In response, a Times spokeswoman said, “We have a highly regarded Sunday real-estate section that has been successful for many, many years, and we don’t expect that to change.”

Mr. Thomson said the real-estate section’s online platform will include expanded video content and more slide shows of high-end properties, which are already popular features on the Journal’s website, WSJ.com. The site will expand on content from The Wall Street Journal’s existing network of real-estate coverage; in addition, coverage will appear in local editions, including China.

The Wall Street Journal aims to expand revenue from the section by attracting advertisers from the financial sector, real-estate firms and furniture and home-design companies catering to high-net-worth consumers.

“Hopefully, we will attract advertisers from different asset classes too,” said Mr. Thomson, who has helped to expand real-estate coverage at different papers throughout his career.

A name for the section hasn’t been disclosed. The paper’s daily real-estate page in the Greater New York section, and other real-estate coverage, will remain in place.

Write to William Launder at william.launder@dowjones.com

A version of this article appeared July 20, 2012, on page B6 in the U.S. edition of The Wall Street Journal, with the headline: WSJ Plans Friday Real Estate.

Zephyr Real Estate Launches Online Agent Resource Center

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SAN FRANCISCO, CA, Jun 04, 2012 (MARKETWIRE via COMTEX) –
Zephyr Real Estate continues its advance as the leader in
cutting-edge marketing and technology with the launch of its new
online agent resource center. This internal information repository is
home to updates in sales, marketing, technology, real estate and
tenant law, company news, and market trends. Agents are afforded a
quick, effective and proficient means of managing clients, media,
properties and information.

“This new service provides a nerve center for agents to handle all
aspects of client management from any location,” commented Randall
Kostick, Zephyr’s Chief Operating Officer. “Our top-notch marketing
and technology team continues to keep Zephyr at the forefront.”

The resource center has a friendly and inviting interface and is
smartphone compatible. Agents can manage off-market pocket listings,
clients and internet leads, and intra-company communications with
ease and facility. The search and review process for service
professionals, from artists and photographers to plumbers and
remodeling contractors, is convenient and comprehensive.

“Our goal was to streamline the user interface with simple,
straightforward design for quick use while maintaining the
professional look and feel that is Zephyr’s trademark,” stated Melody
Foster, Zephyr’s Director of Marketing and Web Development.

The center’s library is a permanent resource containing training
videos, neighborhood maps, professional development tools, relocation
materials and information on social and digital media, and a wealth
of pragmatic options.

“The on-demand training video library is an ongoing process always
expanding to include new technology, online resources and how they
affect business,” added Hud Bixler, Director of Technology. “We’re
always looking forward to the next new wave of innovation.”

About Zephyr Real Estate
Founded in 1978, Zephyr Real Estate is San
Francisco’s largest independent real estate firm with $1 billion in
gross sales in 2011 and a current roster of more than 200 full-time
agents. In 2010, Zephyr launched its new website, which has earned
three web design awards, including the prestigious WebAward for
Outstanding Website from the Web Marketing Association. Zephyr Real
Estate is a member of the international relocation network, Leading
Real Estate Companies of the World; the luxury real estate network,
Who’s Who in Luxury Real Estate; and the local luxury marketing
association, the Luxury Marketing Council of San Francisco. Zephyr
has six strategically located offices in San Francisco, a business
center in Marin County, and serves a large customer base throughout
the San Francisco Bay Area. For more information, visit

www.zephyrsf.com .



        
        Contact:
        Melody Foster
        Zephyr Real Estate
        San Francisco, CA
        415.729.3555
        Email Contact
        
        
        


SOURCE: Zephyr Real Estate


http://www2.marketwire.com/mw/emailprcntct?id=6703AA795444FA41

Copyright 2012 Marketwire, Inc., All rights reserved.

Zephyr Real Estate Sponsors Mill Valley Little League Team

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SAN FRANCISCO, CA, May 14, 2012 (MARKETWIRE via COMTEX) –
The Bowling Green Hot Rods, in the Rookie Division of the Mill
Valley Little League, is now proudly sporting new uniforms provided
by their new sponsor, Zephyr Real Estate.

The Rookie Division is for kindergarteners. The focus is on basic
rules and entry-level play, batting off a tee, and all members bat
and play in the field with no strikes, no outs and no score. The goal
is to help them become familiar with rules, equipment and coaching
along with the development of confidence on the field. The team is
coached by Robert Lucchese, a senior vice president in the financial
field. He is assisted by Dave Weisberg, a software developer. One of
the moms, an agent with Zephyr, said, “These kindergarteners are
incredibly cute, and if I have my way, we will continue to sponsor
this team as they grow up.”

Mill Valley Little League has been around since 1954, beginning with
only two teams, the Yankees and the Indians. Now over 700 players
comprise 59 teams, and many volunteers put in countless hours to make
sure the League runs smoothly. Mill Valley residents see the Little
League as a great family opportunity to gather and support the great
American pastime. Little League traces its origins back to 1939 when
Carl Stotz, a resident of Williamsport, PA, began with his nephews
and their neighborhood friends. Through trial and error, the rules,
regulations and dimensions that are still in use today were
established. Once a boys-only institution, the League has welcomed
girls since 1974. Recent statistics estimate that there are
approximately 2.6 million players in Little League Baseball worldwide
with 16 geographic regions.

“We are pleased to support the development of team spirit and good
sportsmanship in these kids,” commented Randall Kostick, Zephyr’s
Chief Operating Officer. “Best of luck to the eager Hot Rods as they
move through the season and through the Little League line-up.”

About Zephyr Real Estate
Founded in 1978, Zephyr Real Estate is San
Francisco’s largest independent real estate firm with $1 billion in
gross sales in 2011 and a current roster of more than 200 full-time
agents. In 2010, Zephyr launched its new website, which has earned
three web design awards, including the prestigious WebAward for
Outstanding Website from the Web Marketing Association. Zephyr Real
Estate is a member of the international relocation network, Leading
Real Estate Companies of the World; the luxury real estate network,
Who’s Who in Luxury Real Estate; and the local luxury marketing
association, the Luxury Marketing Council of San Francisco. Zephyr
has six strategically located offices in San Francisco, a business
center in Marin County, and serves a large customer base throughout
the San Francisco Bay Area. For more information, visit

www.zephyrsf.com .

Image Available:

http://www2.marketwire.com/mw/frame_mw?attachid=1981039



        
        Contact:
        Melody Brown
        Zephyr Real Estate
        San Francisco, CA
        415.729.3555
        Email Contact
        
        
        


SOURCE: Zephyr Real Estate


http://www2.marketwire.com/mw/emailprcntct?id=4DFAD64815BBE25F

Copyright 2012 Marketwire, Inc., All rights reserved.

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