Friday, May 2, 2008

Marcus & Millichap Sells Broadmoor Assisted Living for $3M

TAMPA, FL--The sale of Broadmoor Assisted Living (photo at left) was announced by Steven M. Ekovich,(top right photo) First Vice President and Regional Manager for the Tampa, Florida office of Marcus & Millichap Real Estate Investment Services.

The property sold for $3,000,000 to Dale and Roni Zaletel of Senior Management Solutions, investors based out of Birmingham, Alabama. The seller, Christopher Lundstrom of Perfect Healthcare FP, LLC, has owned the property since 2000.

Ms. Krone Weidler of Marcus & Millichap’s Tampa office represented both parties in the transaction. “Broadmoor was initially part of a portfolio that included the Chateau at Lawnwood. The Chateau closed at the end of 2007 and Broadmoor closed in April 2008. Broadmoor specializes in the care of people with Alzheimer’s disease and is the only free-standing Alzheimer’s specific assisted living facility in the area,” says Ms. Weidler.

Broadmoor Assisted Living is a full service, 32 unit, 55 bed assisted living and Alzheimer’s community, located in Fort Pierce, Florida.

Steven M. Ekovich
Marcus & Millichap
813 387 4700

Sue Sampson
Brokerage Administrator/CAST
Marcus & Millichap
7650 Courtney Campbell Causeway
Suite 920
Tampa, FL. 33607
Phone: (813) 387-4700
Fax: (813) 387-4710

Grubb & Ellis Realty Investors Acquires 5200 Upper Metro Place in Dublin, OH

SANTA ANA, CA/PRNewswire/ -- Grubb & Ellis Realty Investors, LLC has acquired 5200 Upper Metro Place, a three-story Class A office building in the Columbus-suburb of Dublin, Ohio, on behalf of tenant-in-common investors.

Built in 1999 on nearly eight acres, 5200 Upper Metro Place is comprised of more than 96,000 rentable square feet and is 90 percent leased to multiple tenants, including Smith's Medical and CoreSource Inc.

"This asset is a high quality office building located in a strong market where we believe we can maintain a high occupancy rate and ensure reliable cash flow for our tenant-in-common investors," said Grubb & Ellis Realty Investors President and Chief Investment Officer Jeff Hanson.

"Additionally, the quality of this asset and the nature of the market indicate that we should be able to increase rental rates annually."

The property offers direct access to Route 33/161 and Interstate 270, the beltway that circles Greater Columbus, providing tenants with convenient access to Port Columbus International Airport (photo at left above) and the entire metropolitan region.

An on-site surface parking lot provides space for 433 vehicles for a healthy ratio of 4.4 parking spaces per 1,000 square feet of rentable space. As of the fourth quarter of 2007, the Dublin submarket consisted of more than 6.9 million square feet of office product with an estimated vacancy rate of 10.3 percent, the second lowest in the Columbus area.

Columbus' central location in the Midwest provides convenient access to most of the major markets within the United States, making it an attractive corporate location.

Grubb & Ellis Realty Investors purchased 5200 Upper Metro Place from Upper Metro, LLC, which was represented by George Stecz of CB Richard Ellis. Financing was arranged by Jeff Morris with Morris, Smith & Feyh.

Julia McCartney
of Grubb & Ellis Realty Investors, LLC,
+1-714-667-8252, ext. 230,

Linens 'n Things Inc. Ratings Withdrawn After Chapter 11 Filing

NEW YORK May 2, 2008--Standard & Poor's Ratings Services said today it withdrew its 'D' ratings on Clifton, N.J.-based Linens 'n Things Inc. and its '6' recovery rating on the company's senior secured floating-rate notes.

Subsequent to the company's Chapter 11 filing earlier today, we determined that we would not have access to sufficient information to continue surveillance on the company's recovery ratings.

Media Contact:
David Wargin, New York
(1) 212-438-1579,
Analyst Contact:
Alison Sullivan, CFA, New York
(1) 212-438-3007

HFF Closes Sale of Downtown D.C. Office Building

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of 1750 K Street NW, (above photo) a 152,470-square-foot office building in downtown Washington, D.C.

HFF senior managing directors Jim Meisel and Dek Potts (top left photo) and director Andrew Pulliam led the investment sales team that represented Bernstein Companies. Sumitomo Corporation of America purchased the property free and clear of debt for a total consideration of $76 million.

1750 K Street NW is 100% occupied by six tenants including the law firm of Wiley, Rein LP. The 12-story, mid-block office building is located three blocks from the White House in the “Golden Triangle” Business Improvement District (BID) and walking distance to many upscale restaurants as well as high end retail.

The Farragut North and West Metrorail stations are very accessible providing access to Red and Orange/Blue lines.

“The Class A location and excellent tenancy of this property made this an extremely compelling investment opportunity,” said Meisel. “We had significant interest from multiple investor sources.”

Founded in 1933, The Bernstein Companies is a privately-owned real estate firm based in Washington, D.C. The company owns, manages, develops and invests in a variety of commercial and residential properties, with a focus on office buildings and hotels. Concentrating on the greater Washington, D.C., metro area, including Annapolis, Maryland, The Bernstein Companies also has extensive holdings throughout the mid-Atlantic region.


Laurie Fish McDowell
Associate Director HFF, Marketing
One Post Office Square, Suite 3500
Boston, MA 02109
tel 617.338.0990
fax 617.338.2150
Stephen "Dek" Potts Jr.
HFF Senior Managing Director
(202) 533-2500

James A. Meisel
HFF Senior Managing Director
(202) 533-2500

GVA Advantis Represents Adler Financial in Sale of Virginia Commerce Bank Building

(Above photo shows the 28,161-sf Virginia Commerce Bank Building at 4221 Walney Road, Chantilly, VA)

WASHINGTON, D.C. - (May 2, 2008) - GVA Advantis is pleased to announce a recent investment sales transaction in Chantilly, Va. in the amount of $8,700,000.

Brian Ball, (top right photo) CCIM, SIOR, executive director and Jack Regler, associate, of the Washington, D.C. office of GVA Advantis represented the seller, Adler Financial, in the transaction.

Adler Financial sold 4221 Walney Road for $8,700,000, or $309/SF, to a small group of private investors. The Property is a 28,161 SF office building located near the intersection of Highway 50 and Route 28, in the Route 28 South submarket.
Constructed in 1987, the Property is a five-story class B office building. Virginia Commerce Bank, the building’s largest tenant, occupies a total of 19,914 square feet, or 71% of the building.

Media Contact:

Tonya Ginter
GVA Advantis
1747 Pennsylvania Avenue, NW
Suite 1100
Washington, DC 20006

Taurus Investment Holdings Has Construction Under Way on New Discovery TechCenter II Building One in Central Florida Research Park

(Rendering above of planned Discovery TechCenterII Building One by Orlando-based Baker Barrios Architects Inc.)

ORLANDO, FL – Boston-based Taurus Investment Holdings, LLC, has construction under way on the new, sustainable 62,500-square-foot Discovery TechCenter II, Building One, Central Florida’s first environmentally-friendly LEED-CS Gold office complex at 2600 Discovery Drive in the Central Florida Research Park, Orlando, FL, according to Jeff K. McFadden,(top right photo) SIOR, Managing Partner of its Winter Park-based subsidiary Taurus Southern Investments, LLC.

McFadden said the innovative two-building, single-story, office/flex-tech complex totaling 118,400 square feet will feature not only the latest in green development but the finest in tenant stewardship as well.

Designed to exacting specifications developed by the U.S. Green Building Council known as the Leadership in Energy and Environmental Design (LEED) Green Building Rating System®, Discovery TechCenter II’s LEED-CS Gold pre-certification complies with high-performance standards for sustainable design and construction of core and shell buildings.

Award-winning Baker Barrios Architects, Inc., Orlando, serves as project architect.

“Taurus Investment Holdings recognizes and appreciates the environmental benefits resulting from green design, and accordingly we feel this is the proper way to develop,” stated McFadden. “We believe that many elements designed into green buildings will become commonplace within the next decade and we are proud to be on the forefront of sustainable development in Central Florida.” Kelsey Construction, Inc., Orlando, serves as general contractor for the project.

“Thanks to the countless sustainable features we’ve incorporated into our Discovery TechCenter II, the reduced operating costs associated with this building will positively influence out tenants’ bottom lines,” McFadden said..

Additionally, the landscape irrigation system will be supplied from an on-site retention pond which, when equipped with a meter, can be connected to a gray water system that will run through Central Florida Research Park. As a result, it is anticipated that Discovery TechCenter II will use 90% less potable water than a conventional building and will save more than 450,000 gallons of water per year.

“Taurus Southern’s successful track-record is the result of mutual trust and integrity,” said McFadden. “Enduring client relationships,” he added, “are the result of consistent performance in the marketplace and we are poised to expand our presence in key markets throughout Florida.”

Taurus Southern Investments, LLC, is headquartered at 1560 Orange Avenue, Suite 410, Winter Park, FL. For more information, visit

Kenneth H. Cristol,
Cristol Marketing Company
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Longwood, FL 32779 USA
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FX 407-774-6647
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