Friday, July 4, 2008

Grubb & Ellis Apartment REIT Acquires Creekside Crossing in Lithonia, GA

SANTA ANA, CA /PRNewswire-FirstCall/ -- Grubb & Ellis Apartment REIT, Inc. has acquired Creekside Crossing (top left photo) in the Atlanta suburb of Lithonia.
Creekside Crossing is a Class A, 280-unit multifamily property totaling approximately 281,000 of rentable square feet.

Completed in 2003, the property consists of 10 three- and four-story buildings that offer nine different floor plans ranging in size from approximately 704-square-foot one bedroom and one bath units to 1,384-square-foot three bedroom and two bath units.

The site also includes a two-story leasing center, a car care center and 37 storage units. Property amenities include a fitness center, business center, swimming pool and controlled access gates.

Unit features include full-size washer and dryer connections, kitchen pantries, walk-in closets and a patio or balcony.Located at 100 Cavalier Crossing, Creekside Crossing is within close proximity to Interstate 20 and offers easy access to Interstate 285.

The property provides 488 parking spaces and is currently 92 percent occupied.

"Creekside Crossing is an excellent property that further diversifies the existing Grubb & Ellis Apartment REIT portfolio," said Grubb & Ellis Apartment REIT Chief Executive Officer Stanley J. Olander, Jr. (top right photo) "The property is located in a thriving market and has a high tenancy rate, in turn adding economic strength to the REIT's portfolio."

According to Fortune Magazine, Atlanta ranks third among cities in the nation with the most Fortune 500 headquarters, and is home to Coca-Cola, Home Depot, United Parcel Service and Delta Air Lines.

Additionally, the Greater Atlanta region boasts an unemployment rate of 4.9 percent as of April 2008, lower than the national rate of 5.5 percent, according to the United States Bureau of Labor Statistics.

Grubb & Ellis Apartment REIT purchased Creekside Crossing from Harbor Group International, represented by David Gutting and Todd Trepke of Cushman & Wakefield, Inc.

Freddie Mac financing was arranged by Don Marshall, Mike Bryant and John Reed with Capmark Finance.

As of June 20, 2008, Grubb & Ellis Apartment REIT has sold approximately 12 million shares of its common stock, excluding the shares issued under its distribution reinvestment plan, for approximately $120 million through its initial public offering, which began in the third quarter of 2006.

Grubb & Ellis Apartment REIT offers a monthly distribution of 7.00 percent per annum and, as of June 26, 2008, has made 11 geographically diverse acquisitions with a total portfolio valued at approximately $275 million, based on purchase price.

Grubb & Ellis Company (NYSE:GBE), one of the largest and most respected commercial real estate services companies, is the sponsor of Grubb & Ellis Apartment REIT, Inc.


CONTACT: Julia McCartney of Grubb & Ellis Apartment REIT, Inc.,+1-714-667-8252, ext. 230, julia.mccartney@grubb-ellis.com

HFF Secures $7M Financing for Grand Plaza in Englewood, NJ


FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it secured $7 million in financing for Grand Plaza, (above centered photo) a four-story office building in downtown Englewood, New Jersey.

Working exclusively on behalf of Monarch Realty Corp., HFF senior managing director Thomas Didio (top right photo) placed the 10-year, fixed-rate first mortgage loan with Columbia Bank. Established in 1949, Monarch Realty Corp. is a real estate brokerage, development and property management company.

Grand Plaza is located at 106 Grand Avenue close to the New Jersey Turnpike and the George Washington Bridge, three miles west of New York City in Englewood, New Jersey. The property has 53,625 square feet of office and street-level retail space that is 91% occupied primarily by medical tenants from the nearby Englewood Hospital.
A parking deck in the rear of the building has 144 covered spaces and 73 surface spots.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.
CONTACTS:
Thomas R. Didio, HFF Senior Managing Director, 973 549 2000, tdidio@hfflp.com
Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

Marcus & Millichap Sells 42-Unit Apartment Building in San Carlos, CA for $9.9M


SAN CARLOS, CA -– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the Laurel Theater Apartments, (top right photo) a 42-unit multi-family community with 3,006 square feet of ground-floor commercial space in San Carlos.

The sale price of $9.9 million represents $225,000 per unit.

Tom Doglio, a vice president investments and director of Marcus & Millichap’s National Multi-Housing Group in Palo Alto, represented the seller, Laurel Theater Apartments LLC. Doglio also represented the buyer, D&D Laurel Theater Apartments LLC.

“The property was an excellent opportunity for the investor to acquire a recently constructed, high-quality apartment community with outstanding stability and long-term appreciation in one of the best rental locations in the San Francisco Bay Area,” says Doglio.

Located at 1500 Laurel St., the 32,270-square foot apartment community is situated on a .63-acre lot, only one block from Trader Joe’s and Walgreens and near White Oaks single-family residential neighborhood.

Built in 2000, Laurel Street Apartments features a mix of one- and two-bedroom units. Amenities include kitchens with a full-size refrigerator, oven/range, dishwasher and garbage disposal and bathrooms with quality porcelain fixtures and a tub/shower combination and lighted mirrors above the vanity. Some apartments include individual washer/dryer hookups, and 17 units include washers and dryers.

Press Contact: Stacey Corso
Communications Department
(925) 953-1716

HFF Arranges $23.53M Construction Loan for Class A Office Development in The Woodlands, TX

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $23.53 million construction loan for a speculative Class A, 180,000-square-foot office development in The Woodlands, Texas. (top left photo)

Working exclusively on behalf of Stream Realty Partners, L.P. HFF’s Matt Kafka (middle right photo) and Adam Jackson placed the non-recourse construction loan with Wachovia Bank, N.A. Stream Realty Partners, L.P. is a full-service real estate investment, development and services company that currently leases and/or manages more than 45 million square feet of commercial and residential buildings in Dallas, San Antonio, Houston, Fort Worth and Austin, Texas.

Situated on 35.5 acres at 1601 Sawdust Road, the development site is within The Woodlands master planned community north of Houston via Interstate 45. The property, which will be called Sierra Pines, is due for completion in January 2009 and is the first phase of a three-building, 540,000-square-foot office development.

“This was a rare opportunity to provide financing for a projected located inside The Woodlands city limits, which has extremely high barriers to entry. Development has been strictly regulated by The Woodlands Development Company, essentially eliminating outside competition from other developers,” said Jackson.

“In addition, sites not controlled by The Woodlands Development Company typically do not have access to utilities; however Stream was able to negotiate an annexation and utility development agreement for the site.”

“Stream is receiving a lot of interest at the $18 NNN asking rate,” added Kafka.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.

CONTACTS:

Matthew Kafka, HFF Associate Director, 713 852 3500, mkafka@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

Arbor Closes $7.28M Fannie Mae DUS® Loan on Park Greenwood Apartments in Greenwood, IN


UNIONDALE, NY--Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, has funded a $7,280,000 loan under the Fannie Mae DUS® product line to refinance the 192-unit complex known as Park Greenwood Apartments in Greenwood, IN.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.99 percent.

The loan was originated by Alex Kaushansky, (top right photo) Director, in Arbor’s full-service New York City lending office. “The loan was provided for an experienced operator who needed competitive financing after stabilization,” said Kaushansky.

CONTACT:

Ingrid Principe, Tel: (516) 506-4298, Arbor Commercial Mortgage, LLC Arbor Realty Trust, Inc. 333 Earle Ovington Blvd, Suite 900, Uniondale, NY 11553.

HFF Named to Market Sale of Pittsburgh Class A Office Portfolio



PITTSBURGH, PA – The Pittsburgh, Chicago and New York offices of HFF (Holliday Fenoglio Fowler, L.P.) have been named to market for sale a new Class A office building portfolio consisting of approximately 453,000 square feet located in Cranberry, Pennsylvania.

The HFF investment sales team will be led by executive managing director John Pelusi, (top right photo) senior managing director Gerard Sansosti (top left photo)and managing director Nick Matt (middle left photo) in the Pittsburgh office, as well as managing director Jaime Fink (bottom right photo) in HFF’s Chicago office and senior managing director Glenn Whitmore (bottom right photo above Jaime Fink photo) in the New York office. The portfolio will be listed for sale without a formal asking price.

This four-building 100% leased Class A office portfolio has a strong roster of credit tenants such as Westinghouse Electric, Cellco (Verizon) and McKesson and is located within the Cranberry Woods Office Park, (above centered photo) which is generally thought of as the premier suburban office park in Western Pennsylvania.

The Cranberry Woods Office Park is also the home of the world headquarters of Mine Safety Appliance and, following a national search, was recently selected as the site where Westinghouse Electric will build its new nearly one million-square-foot world headquarters.

“This is a major sale opportunity for HFF as Cranberry Woods is the one of the best suburban office parks in the Commonwealth of Pennsylvania,” said Pelusi.

“The Wall Street Journal and Money Magazine have ranked Cranberry one of the fastest growing communities in the U.S.,” added Sansosti.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.

CONTACTS:

John H. Pelusi,
HFF Executive Managing Director
412 281 8714

Gerard T. Sansosti
HFF Senior Managing Director
412 281 8714

Laurie Fish McDowell
HFF Associate Director, Marketing
617 338 0990