Saturday, April 12, 2008

Marcus & Millichap Lists 75,071-SF Office Building in Federal Way, WA for $19M

FEDERAL WAY, WA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Federal Way Center, (above photo) a 75,071-square foot office building in Federal Way. The listing price of $19 million represents $253 per square foot.

Michael Kapnick, a vice president of investments and director of Marcus & Millichap’s National Office and Industrial Properties Group in Portland, is representing the seller, a local investment group.

“Federal Way Center provides an investor with a clear value and a rare opportunity to purchase a Class A office building at an attractive yield and below replacement cost in the No. 1 office market in the country, according to Marcus & Millichap’s 2008 National Office Property Report,” says Kapnick.
Located at 2505 320th St. South, the office building is situated on a 123,069-square foot lot with easy access to Interstate 5.

Due to its strategic location, Federal Way Center features a strong mix of local and national credit tenants on triple-net leases, which has resulted in a stabilized occupancy of nearly 100 percent since 2005.

Tenants include Berry Co. Bell South, Digital Escrow LLC, First Horizon, Prudential NW Association, RL O’Connor, Wells Fargo and Westsound Bank. Nearby retail amenities include Starbucks, Bank of America, Pier 1 Imports, Red Lobster, TJ Maxx and Bally Total Fitness.

Press Contact:

Stacey Corso
Communications Department
(925) 953-1716

Realtors(R) Reach Out to International Buyers

WASHINGTON, DC /PRNewswire-USNewswire/ -- As the falling dollar makes the U.S. second-home market more attractive to international buyers, the National Association of Realtors(R) is joining with the Salon Immobiliario de Madrid, Europe's largest home and resort exposition, to educate potential buyers about U.S. real estate investment options.

More than 100,000 homes are sold to foreigners annually in the international second-home market, particularly to buyers from Europe, North and South America, Africa and the Middle East.

Current valuations of the U.S. dollar against foreign currencies have made U.S. property one of the world's great bargains, and the prestige of owning U.S. property remains high.

"This is our fifth year participating in the SIMA event, which draws investors from more than 50 countries," said Miriam Lowe, (photo at left) NAR's vice president of international affairs. "As the leading advocate for real estate in this country, NAR welcomes this opportunity to educate overseas buyers about the benefits of real estate investment in the United States."

The Florida Association of Realtors(R), the Realtor(R) Association of Greater Miami and the Beaches, and the Sarasota Association of Realtors(R) are joining NAR as sponsors of the SIMA trade show. In a 2007 NAR study, 18 percent of all Realtors(R) surveyed had at least one client involved in an international transaction in the previous year. An additional 14 percent had international prospects that had not yet completed a transaction.

In Florida, the numbers were considerably higher; 65 percent of Realtors(R) in the Sunshine State had foreign clients in the previous year."Fifteen percent of all Florida home sales now involve foreign purchasers," said Lowe. "In part, this interest in the United States stems from the fact that more and more people in different nations recognize the value of owning real property, and our country represents one of the best and safest places to make such an investment," she said.

The SIMA international second-homes exposition takes place April 8-12 in Madrid.

The event attracts resort developers and second-home investors from around the world and features more than 800 trade exhibitors.The National Association of Realtors(R), "The Voice for Real Estate," is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.

Information about NAR is available at This and other news releases are posted in the News Media section. Statistical data, tables and surveys also may be found by clicking on Research. First Call Analyst: FCMN
National Association of Realtors
Iverson Moore

Grubb & Ellis Healthcare REIT Names Danny Prosky Executive Vice President, Acquisitions

SANTA ANA, CA/PRNewswire/ -- Grubb & Ellis Healthcare REIT, Inc. has announced the promotion of Danny Prosky (top right photo) to Executive Vice President of Acquisitions. Prosky had served as Vice President of Acquisitions since the inception of the REIT's initial public offering in September 2006.

Prosky is responsible for the acquisition, management and potential disposition of healthcare-related real estate assets for Grubb & Ellis Healthcare REIT. He has played a key role in building the existing portfolio of the REIT, which has acquired 27 geographically diverse properties for a total of $513 million as of April 4, 2008.

"Danny Prosky is a talented real estate professional with tremendous depth of experience and long-standing relationships in the healthcare sector that have helped us build a diverse portfolio of healthcare-related properties," said Grubb & Ellis Healthcare REIT Chief Executive Officer Scott D. Peters.(top left photo)

"His expertise has allowed us to establish the REIT as an attractive investment option for thousands of individual investors and tens of thousands of registered representatives. As our equity raise continues to accelerate, Grubb & Ellis Healthcare REIT will rely even more heavily upon Danny as we rapidly expand our presence and acquire investment-grade healthcare properties throughout the United States."

Throughout his 16-year career, Prosky has been responsible for the acquisition of more than 10 million square feet of healthcare-related real estate. In 2007, Prosky was named co-chair of the Medical Office Building and Healthcare Facilities Conference Planning Committee of the Building Owners and Managers Association International.

He had previously served as vice chair of the committee since 2005.Grubb & Ellis Healthcare REIT offers a monthly distribution of 7.25 percent per annum and has sold approximately 26.8 million shares of its common stock, excluding the shares issued under its distribution reinvestment plan, for approximately $268 million as of March 31, 2008.

Julia McCartney,
+1-714-667-8252, ext. 230,