Wednesday, March 5, 2008

HFF Closes Sale of and Secures Financing for Southwest Houston Retail Center

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it closed the sale of and secured financing for Sharpstown Court, (photo top right) an 84,188-square-foot retail center in southwest Houston.

The HFF investment sales team was led by senior managing director Rusty Tamlyn and associate director Mike Parker who marketed the property on behalf of the seller, Kimco Realty Corporation. Wu Investments purchased Sharpstown Court for an undisclosed amount free and clear of debt.

Kimco Realty Corporation is a retail REIT specializing in the acquisitions, development and management of neighborhood and community shopping centers nationwide.

HFF managing director Tucker Knight and real estate analyst Steve Gautier worked on behalf of the borrower, Wu Investments, to secure the five-year, fixed-rate acquisition loan with Mercantil Commercebank.

Sharpstown Court is located on a 5.6-acre site at 6900-6904 US 59/Southwest Freeway in Houston. The property is fully leased to tenants including Office Depot, Metropolitan Furniture, Exclusive Furniture, Quizno’s and Today’s Vision.

“Wu Investments is a California-based private investor who has been looking to expand into Texas for some time due to greater perceived value from higher cap rates,” said Tamlyn. “They had a 1031 exchange need and this asset met their trade requirement and investment objectives.”


Laurie Fish McDowell, Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.comOne Post Office Square, Suite 3500, Boston, MA 02109,

Rusty Tamplyn, CCIM, SIOR, HFF Senior Managing Director, 713 852 3500,

Tucker S. Knight, HFF Managing Director, 713 852 3500,

HFF Closes Sale of FAMSA Retail Property Along Interstate 45 in Houston

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it closed the sale of a 30,000-square-foot FAMSA retail property (photo top left) along Interstate 45 in Houston, Texas.

The HFF investment sales team was led by senior managing director Rusty Tamlyn and associate director Mike Parker who marketed the property on behalf of the developer and seller, Read-King Commercial Real Estate. An unnamed private equity firm with a 1031 exchange requirement purchased the property for an undisclosed amount free and clear of debt.

The property is situated on a 2.39-acre site at 7460 Interstate 45 North approximately eight miles north of downtown Houston. Completed in 2006, the property is fully occupied by FAMSA, a Mexico-based household goods retailer that is under a 15-year lease.

Read-King Commercial Real Estate was formed in 1991 and since that time has become one of the premier real estate developers in the Houston market, specializing in tenant representation, disposition, development and leasing.

Laurie Fish McDowell
Associate Director HFF
One Post Office Square, Suite 3500
Boston, MA 02109
tel 617.338.0990
fax 617.338.2150

Rusty Tamlyn, CCIM, SIOR
HFF Senior Managing Director
713 852 3500

Michael L. Parker
HFF Associate Director
713 852 3500

Arbor Closes $1,300,000 Fannie Mae DUS® 3MaxExpress® Loan for Taylor Place Apartments in Chocowinity, NC

UNIONDALE, NY (March 5, 2008) Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,300,000 loan using Fannie Mae’s DUS® 3MaxExpress® product line to refinance the 40-unit complex known as Taylor Place Apartments (photo top left) in Chocowinity, NC.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.42 Percent.

The loan was originated by John Edwards, Director, in Arbor’s full-service Boston, MA lending office. “This transaction reflects a great opportunity to finance a stable multifamily asset in a good rental market,” said Edwards,” “We were pleased with this opportunity.”

Arbor Commercial Funding, LLC, Arbor Commercial Mortgage, LLC, and Arbor Realty Trust, Inc., have extensive experience in mortgage origination, servicing and securitization and have built a reputation for service, quality and flexibility. Arbor’s seasoned management team specializes in debt and equity financing for multifamily, office, retail, hotel and various other commercial real estate properties. The company offers a broad array of financing options including Fannie Mae DUS®, FHA, CMBS, Bridge and Mezzanine products. Currently, Arbor services approximately $3 billion in loans. Arbor is a rated Standard & Poor’s third-party commercial loan and special servicer.

Arbor also manages Arbor Realty Trust, Inc., a real estate investment trust, (REIT), formed to invest in real estate-related bridge and mezzanine loans, preferred equity investments and in limited cases, discounted mortgage notes and other real estate related assets. Arbor is headquartered in Uniondale, NY, and has full-service lending offices throughout the United States.

DUS and 3MaxExpress are registered trademarks of Fannie Mae.

Arbor Commercial Mortgage, LLC
Arbor Realty Trust, Inc.
333 Earle Ovington Blvd,
Suite 900
Uniondale, NY 11553

Ingrid Principe
Tel: (516) 506-4298

Flome, Gallimore Join REIAC Board

ATLANTA– The Southeast Chapter of the Real Estate Investment Advisory Council (REIAC) has added two distinguished members of the real estate community – Paul Gallimore (photo top left) and Jeff Flome (photo top right) – to its board of directors.

Paul Gallimore, Ph.D. is a Professor of Real Estate in the Robinson College of Business at Georgia State University. He teaches graduate and undergraduate courses in real estate principles and investment analysis. Before coming to GSU, he was Associate Dean of the Faculty of Construction, Computing and Technology at Nottingham Trent University, England.

He has practiced as an appraiser and property manager and is a Fellow of the Royal Institution of Chartered Surveyors. His works have been published in a number of scholarly journals; his research focuses on the behavioral dimensions of property markets and decision-making. He earned his Masters and Ph.D. from the University of Keele in England.

Jeff Flome is Vice President of Business Development in the Atlanta office of Marsh, a global professional services risk management consulting firm with more than 55,000 employees and annual revenue exceeding $11 billion. A unit of Marsh & McLennan Companies (MMC), it has 26,000 employees, and provides advice and transactional capabilities to clients in over 100 countries. His responsibilities include seeking new and expanded opportunities and prospects in real estate, construction, hospitality, healthcare, and manufacturing.

Additionally, he is a relationship manager for existing clients. Jeff earned both his MBA degree in Finance and BBA degree in Risk Management & Insurance from The Terry College of Business at The University of Georgia.

The Real Estate Investment Advisory Council (REIAC) is a national nonprofit trade association that provides an open forum for the exchange of ideas, concerns and experiences between professionals who conduct commercial real estate transactions.

The organization is comprised of real estate owners and senior executives of institutions and real estate investment firms who, acting as principals, are primarily engaged in the areas of equity transactions and debt origination. REIAC also provides opportunities for improving the knowledge and professional standards within the industry; and acts as a vehicle for community service.

For more information visit
Media Contact: Terri Thornton, 404-687-8760, or 404-932-4347 (Cell)

Crescent Resources to Start Construction of 300 Rental Apartments at Crosstown Center in Brandon

Other Projects in the Park to Commence Construction in 2008

TAMPA, FL--- Crescent Resources LLC, which ranks as one of the largest and most active commercial property developers in the southeast, will start construction of 300 rental apartments this summer at Crosstown Center, (aerial photo top right) the 260-acre mixed-use development Crescent Resources is developing east of the Tampa city limits on the Lee Roy Selmon Expressway, U.S. 301 and Falkenburg Rd. in Brandon.

Richard A. Buck, regional vice president for Crescent Resources Multi-family, said one, two and three-bedroom rental apartments will range in size from 782 square feet of living space to 1,563 square feet. Monthly rents will range from $905, and the first apartment units will open in January.

Lud Hodges, vice president of commercial development at Crescent Resources in Tampa said Crosstown Center is slated for other construction this year in addition to the apartment community.

Candlewood Hotels previously acquired a 2.5-acre hotel site at Crosstown Center and has construction plans in process to commence construction of a 100-room hotel before the end of the year. Lifelink will commence construction on a 60,000 square foot facility during 2008 in the Park as well.

Hodges also said Crescent Resources is currently pre-leasing 90,000 square feet of space in Crosstown Center One, a three story, LEED certified Class-A office building that will serve as Crescent’s first Class A office facility at Crosstown Center. Plans for the project are currently being reviewed for construction permits.


Crescent Resources is a joint venture between Duke Energy and Morgan Stanley Real Estate Fund. Crescent’s formation in 1969 to its position today as a real estate force in the Southeast and Southwest remains a dominant development and land management company comprised of dedicated people with uncompromising integrity. More information aboutCrescent Resources is available on the Internet at

For more information, contact:

Richard A. Buck, Regional Vice President Multi-family Crescent Resources LLC 772-220-4552;

G.L. “Lud” Hodges, Vice President Commercial Development, Crescent Resources LLC 813-639-0060;
Whit Duncan, Crescent Resources, LLC, Senior Vice President, Florida 407-804-1200,;
Larry Vershel, Larry Vershel Communications Inc 407-644-4142

35th RE/MAX Anniversary Marked by Achievement

Franchise Sales Strong, Office Count Up and New Initiatives Announced

LAS VEGAS, PRNewswire/ -- Despite what many are describing as a difficult real estate market, RE/MAX is reporting success in 2007, as it marks its 35th anniversary.

At the annual RE/MAX International Convention, Co-Founder and Chairman, Dave Liniger, (photo top right) announced the good news to over six thousand enthusiastic real estate professionals from 56 countries. During the very challenging year of 2007, RE/MAX opened more than 370 new offices worldwide and increased franchise sales at a rate 12.3% higher than the average increases since 2000.

Liniger told the gathering, "Given the conditions in the housing market, and mixed signals in the economy, our growth in 2007 was remarkable. After 35 years of success, the tremendous power of the RE/MAX brand shouldn't be underestimated."

Turning from the success of last year to the preparation for the future, Linger said the key to continued success is in quality customer service and being prepared for market realities. "This market is demanding that we be intelligent, informed and innovative," Liniger said. "If we do our job smarter, the consumer will prefer to work with RE/MAX Sales Associates."

Liniger then announced the newly developed initiative, "RE/MAX 365: Connecting to Clients Day to Day." Created in conjunction with respected industry trainers, Buffini and Company, "RE/MAX 365" is a multi-faceted program designed to teach agents how to assist their customers more effectively.

While many real estate franchise companies are reducing their network services, Liniger pledged that, "The full resources of the RE/MAX organization will be put into place to help our Sales Associates serve their clients better." Included in the "RE/MAX 365" program will also be a sophisticated agent training course, "RE/MAX Ultimate Agent," to present the most up-to-date methods, technologies and practices in the industry today.

At this year's Las Vegas convention, RE/MAX celebrated its 35th anniversary. RE/MAX was founded by Dave and Gail Liniger in 1973. From a single office in Denver, Colorado, the real estate franchisor has grown to be a global network with over 7,000 offices in more than 65 countries.

During his presentation, Liniger reflected on the past 35 years, "We had a lot of skeptics, who said it just couldn't be done, but we also had a great group of supporters, who helped us make it all come true. We are grateful to everyone who has had a hand in this unbelievable American dream."

About RE/MAX International, Inc.

Today, all the home listings in thousands of cities and towns can be found at, the most visited web site of any real estate brokerage brand. Nobody in the world sells more real estate than RE/MAX.RE/MAX International is proud of its Premier Community Citizenship, which has raised millions of dollars for deserving organizations like Susan G. Komen for the Cure, Children's Miracle Network and The Sentinels of Freedom Foundation.

For information on RE/MAX International visit: or

First Call Analyst:
FCMN Contact:
Source: RE/MAX International, Inc.

Ronda Scholting,
Public Relations Manager of RE-MAXInternational,

The Mele Group of Marcus & Millichap Lists Northeast Storage For $3.65M

TAMPA, FL--The Mele Group of Marcus & Millichap has announced the listing of Northeast Self Storage (photo top right) in North Andover, Massachusetts. This leasehold interest provides an investor with 337 units and 45,650 net rentable square feet. The listing price of $3,650,000 represents $79.96 per square foot.

Michael A. Mele, Vice President/ Investments and Scott Rutherford, Senior Associate out of Marcus & Millichap’s Tampa office are working with Todd Tremblay and Robert Horvath, out of the Boston office, to represent the seller.

“This is an opportunity for an investor to come in and have a solid cash flowing deal in this high end area ” says Rutherford. “Looking at the strong occupancy history of this facility, currently at 95%, there is no reason to believe that rents can’t be pushed in the near future.”

Northeast Self Storage sits less than a mile away from Interstate 495, a major highway with traffic counts in excess of 82,000 cars per day. The strategic location provides good exposure with over 15,000 cars passing the facility each day and is surrounded by excellent demographics.

Amenities at this infill facility include, but are not limited to: computerized gate entrance, perimeter fencing, digital surveillance, freight elevators, roll-up doors, exterior lighting, fire sprinkled, and a manager's office. The facility’s quality of construction, strategic location, and amenities are of superior quality.

This offering provides a facility located in an irreplaceable infill location surrounded by residential and commercial developments that will provide a savvy investor with substantial capital appreciation and positive cash flow in the years to come.

Michael A. Mele
Marcus & Millichap
813 387 4700

Elizabeth Scarwid
Marketing Coordinator
The Mele Group of Marcus & Millichap
Real Estate Investment Brokerage Company of Florida
7650 Courtney Campbell Causeway, # 920
Tampa, FL 33607

Keltner to Step Back from Role at Hilton

BEVERLY HILLS, CA.--Thomas Keltner, Hilton's c.e.o. for the Americas and global brands, has announced he will step down from his position, effective in June. (Hilton Hotels Corp. headquarters, top right photo)

Kendra Walker, v.p. of brand communications, said there are no plans to replace Keltner.

In a statement released by Hilton, Keltner said: "After more than 30 years in the hospitality industry, including eight years with Hilton Hotels Corp., I've announced plans to step away from an active role, effective this June. I will continue to work with Chris Nassetta, c.e.o., as an advisor for a couple of years. During and following that period of time, I will continue to serve on a few boards, increase my involvement in philanthropic endeavors, polish my golf game and do some traveling for pleasure!

"The eight years I have spent with Hilton have been unbelievably exciting and satisfying. Our brands are in good shape and enjoy significant competitive RevPAR premiums. We have received more J.D. Power Awards for customer satisfaction than all our major competitors combined. Our owner relationships, which I greatly value, are solid and based on open, two way communication. Throughout the last eight years, we have opened nearly one new hotel every other day, and our development pipeline is the largest in our history.

"This is a perfect time for me to step back from day to day activities and relaunch into new and exciting directions."

Linda Bain
SVP – Global Communications
Hilton Hotels Corporation
Tel: +1 310 205 4030
Cell: + 1 310 435 3285