Friday, August 8, 2008

Marcus & Millichap Sells Mixed-Use Property in Santa Cruz, CA for $22.05M

SANTA CRUZ, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Chestnut Town Homes and Apartments, (top right photo) a 96-unit multi-family community with four commercial units in Santa Cruz.

The sales price of $22.05 million represented $220,500 per unit.

Jamie D’Alessandro, a vice president and director of Marcus & Millichap’s National Multi Housing Group in Palo Alto, and Brian Henry, an associate and member of National Multi Housing Group also in the firm’s Palo Alto office, represented the seller, Wavecrest Development. Marcus & Millichap also represented the buyer, Essex Property Trust.

“The new owner has acquired a recently constructed mixed-use property in an infill location with high barriers to entry that also offers immediate rental upside,” says D’Alessandro.

“The fact that this transaction was consummated amidst such a difficult lending environment is a testament to the potential of the asset and the long-term viability of the location,” added Henry.

Located at 525 Laurel St., the 87,640-square foot asset consists of two buildings on two parcels. Built in 2002, the apartment community features a mix of 96 one- and two-bedroom town home units and four commercial units.

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

S&P: Multiple Ratings Actions Taken On Title Insurers

NEW YORK, NY--Standard & Poor's Ratings Services has revised its outlook on Fidelity National Financial Inc. (FNF) to negative from stable and at the same time affirmed its 'BBB' counterparty credit rating on FNF and its 'A' counterparty credit and financial strength ratings on FNF's title insurance subsidiaries (FNF Title).

At the same time, Standard & Poor's affirmed its 'A-' counterparty credit and financial strength ratings on First American Title Insurance Co. (FATICO) and removed FATICO from CreditWatch. The outlook is negative. The counterparty credit rating on First American Corp. (FAF) remains on CreditWatch negative, where it was placed on Jan. 16, 2008.

The CreditWatch placement followed FAF's announcement that it planned to spin-off its title insurance and specialty insurance operations. FATICO is the flagship carrier of FAF's title insurance division (FAF Title). The affirmation reflects improvement in FAF Title's recent operating results.

In addition, Standard & Poor's affirmed its 'AA-' counterparty credit and financial strength ratings on Old Republic International Corp.'s (ORI) title insurance subsidiaries (ORTIG). The outlook remains negative. The ratings on ORTIG reflect Standard & Poor's view that the title insurance division is a core business unit of ORI. The negative outlook is primarily due to the very challenging environment for ORI's mortgage insurance subsidiaries.

Lastly, the ratings on LandAmerica Financial Group Inc. (LFG) and its title insurance subsidiaries (LandAmerica) remain on CreditWatch negative, where they were placed on July 25, 2008. The CreditWatch placement followed the announcement of unfavorable operating results by LandAmerica's peers and news on macroeconomic factors that affect title insurers, such as mortgage originations. Subsequently, LFG reported a pretax loss of $72 million for the second quarter of 2008. The resolution of the CreditWatch could be a downgrade of up to two notches.

For a complete copy of S&P's news release, please contact Jeff Sexton, New York, (1) 212-438-3448,

Analyst Contacts:
James Brender, New York (1) 212-438-3128
Rodney A Clark, FSA, New York (1) 212-438-7245

Concord Hospitality Appoints Nick Kellock Chief Operating Officer

Former Senior VP at Marriott to Oversee Accelerated Growth Phase

RALEIGH-DURHAM, N.C., August 8, 2008—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, today announced that Nick Kellock (top right photo) has joined the company as the chief operating officer, effective September 15th.

Kellock will provide strategic direction to the overall operation and develop focused initiatives to manage and enhance the infrastructure of the company during a period of accelerated growth.

Kellock joins Concord from Marriott International, where he most recently served as a senior vice president in charge of franchising for five of Marriott’s select-service hotel brands-- Courtyard, Fairfield Inn, Residence Inn, SpringHill Suites and TownePlace Suites.

“Nick is an extraordinary addition to our leadership team,” said Mark Laport (top left photo) , Concord’s president and CEO. “Concord is entering a period of rapid growth and Nick’s experience and demonstrated strategic expertise will be critical as we focus on expanding.

"Nick has a proven track record of successfully launching and growing franchises, experience we expect to leverage heavily as we work to meet our goal of doubling our current portfolio of more than 50 owned and managed hotels by 2010.”

Kellock will replace Robert J. Micklash, who served in the position for 11 years and recently was named chief operating officer of Extended Stay America, effective July 1.

For more information, visit


Melanie Boyer, Account Executive, Daly Gray Public Relations
(703) 435-6293

Cambridge Provides $24.2M HUD Loan to Refinance Senior Housing Community in Chicago

CHICAGO, IL-- Cambridge Realty Capital Companies has provided a $24.2 million FHA-insured permanent mortgage loan to refinance Maple Point Apartments, (top right photo) a 342-unit independent living senior housing community at 150 W. Maple Street on Chicago‘s Near North side.

Cambridge Chairman Jeffrey A. Davis (top left photo) said the HUD Section 207 pursuant to Section 223(f) loan was arranged for the property’s owner, an Illinois not-for-profit corporation.

The fully amortized, 35-year term loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that underwrites insured HUD loans. The interest rate was not revealed.

Privately owned since its founding in 1983 as a real estate investment banker specializing in commercial real estate properties, Cambridge emerged in the 1990s as one of the nation’s leading senior housing and healthcare debt and equity capital providers, closing more than 300 such transactions totaling more than $2.75 billion since then.

The company is one of the nation's leading HUD 232 FHA / MAP-approved lenders and also has an integrated debt / equity financing strategy that includes direct property acquisitions and joint ventures; sale / leasebacks for clients; conventional and mezzanine debt financing; and acquisition of distressed debt.
Additionally, Cambridge offers a wide array of conventional lending options for senior housing / healthcare owners, including permanent construction and interim loans on either a floating or variable rate basis.

The company has a regional office in New York, affiliate office in Los Angeles, and correspondent relationships nationwide. The firm also has established key origination relationships and a dozen or more Internet-based strategies.


Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611,

GVA Advantis Negotiates Four New Leases in Metro Orlando

ORLANDO, FL – (Aug. 8, 2008) – GVA Advantis is pleased to announce the arrangement of the following lease transactions in Metro Orlando. Lisa Bailey,(top right photo) Senior Director, Office/Industrial Services of GVA Advantis’ Orlando office, represented the landlord in each transaction.

· HANDS of Central Florida, a private not-for-profit organization that provides assistance to low-income home buyers and apartment dwellers, has signed a long-term lease for 5,356 SF at 1707 Orlando Central Parkway.
· squareFactor, Inc., specializing in online interactive marketing, has leased 2,438 SF in Mayflower Center, 220 S. Westmonte Drive, in Altamonte Springs.

· DocuTrust Services, LLC, which offers document distribution solutions, has leased 2,000 SF in Orangewood Business Park, 2125 Orinoco Road, Orlando.

· Sami & Jeana Qubty have signed a long-term lease for 1,259 SF in Atrium Tower, 7680 Universal Boulevard, Orlando, to relocate their insurance agency.

Media Contact:

Shelli Browning, 255 South Orange Ave., Suite 750, Orlando, FL 32801, 407.999.4775, Email:

CB Richard Ellis Represents Pei Wei Asian Diner Within Loop West

ORLANDO,FL-- CB Richard Ellis, the world's leader in commercial real estate is pleased to announce Bobby Palta, (top right photo) Senior Associate in Retail Properties, represented Pei Wei Asian Diner, Inc. in signing a 10-year lease in a new 3,000-sq.-ft. space.

The restaurant will be located in the new Loop West in Kissimmee at Osceola Parkway and Thacker Road. The location has just broken ground and a grand opening is scheduled for September/October 2008. "Pei Wei is a strong addition to the Loop submarket, and should give a much needed upscale quick-casual restaurant option to the residents of this growing area," adds Palta.

Pei Wei has over 200 locations in 15 states serving contemporary pan-Asian cuisine. They are the faster, more casual take of their parent company, P.F. Chang's China Bistro.

This will be their third location within Central Florida, joining their existing location at East Colonial Dr and Maguire Rd near Fashion Square Mall; as well as their newest location in Doctor Phillips at the Whole Foods Marketplace at Sand Lake Road and Turkey Lake Road. The Loop West will be their third location and a fourth deal has just been signed near UCF at University Blvd and Technological Way.

Pei Wei will have doubled their presence in the state of Florida by the end of 2008 and shows no signs of slowdown within the Southeast where its performance remains strong despite troubles within the restaurant industry.

In Central Florida, Pei Wei is actively pursuing deals in Altamonte Springs, Lake Mary/Heathrow and Lake Buena Vista submarkets. Bobby Palta, Senior Associate at CB Richard Ellis is the exclusive broker for Pei Wei within Central Florida


Bobby Palta, 407.839.3124,

Thomas D. Wood completes Two Financing Deals in Kissimmee, FL and Another in Fort Lauderdale

ORLANDO, FL—Aug. 8, 2008— Jeff Schnupp,(top right photo) Vice President for Thomas D. Wood and Company, secured financing in the amount of $2,665,500 for Super Saver Pharmacy #4 and CDM Commerce Center (middle left photo) .

Both properties were financed through Thomas D. Wood and Company’s relationship with a regional banking institution.

Schnupp secured construction financing for Super Saver Pharmacy #4 in the amount of $744,000 and a rate of Prime + 1/2%. The 24-month loan has a loan-to-cost of 74%.

The 2,730 square-foot multi-tenant office/retail property will be built on 0.4 acres on Vine Street in Kissimmee, Florida.

Schnupp arranged financing in the amount of $1,921,500 for the CDM Commerce Center at a rate of 6%.

The loan term is five years, based on a 25-year amortization, with a loan-to-value of 66%.

The 14,000 square-foot multi-tenant retail center was built in 2006, and is located at 1901 S. John Young Parkway, Kissimmee, Florida.

For further information, please contact:

Jeff Schnupp (407) 937-0470

Jessica Gurtowski (407) 937-0470

Bayview Offices in Fort Lauderdale Gets $8M Loan

MIAMI, FL— Tom Wood, Jr.,(top right photo) and Ben Jimenez (top left photo) of Thomas D. Wood and Company secured financing in the amount of $8,000,000 for Bayview Offices in Ft. Lauderdale, Florida.

The loan was financed through Thomas D. Wood and Company’s relationship with a regional banking institution at a rate of 6.25%, fixed for five years.

The loan term is 10 years with a 25-year amortization, and a loan-to-value of 67%.
The 84,000 square-foot office building was built in 1968, and is home to major tenants Corinthian Colleges, Bank of America and 7-11 Stores. Bayview Offices is located at 1040 Bayview Drive, Ft. Lauderdale, Florida

Momentum Eases in Brooklyn Office Market

BROOKLYN, N.Y.— While the near-term outlook for Brooklyn office fundamentals is mixed, the longer-term view offers interesting possibilities, according to a second-quarter Office Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Residential development in Brooklyn has gradually transformed the local worker profile, making the area increasingly attractive to office-using firms and office property developers. (Downtown Brooklyn, top right photo)

“New residents across the borough will continue to spur tenant demand for lower-tier space among population-driven services employers, such as medical practices and insurance providers, helping sustain occupancy and fuel revenue growth,” says J.D. Parker, regional manager of the Brooklyn office of Marcus & Millichap. (Soliders and Sailors Arch, Grand Army Plaza, middle right photo)

Following are some of the most significant aspects of the Brooklyn Office Research Report:

· Approximately 50,000 square feet of new office space is expected to be completed in the borough this year.

· Vacancy is forecast to end the year at 10.5 percent.

· The average asking rent is expected to increase 4.3 percent to $27.41 per square foot.

· In the entire New York metro area, which consists of the five boroughs plus other counties in New York and New Jersey, 4,000 office-using jobs have been created during the last year.

· The median price of $310 per square foot recorded in deal during the past 12 months was up 2 percent from the previous year.

For a copy of the complete Brooklyn Office Research Report, as well as reports on other markets nationwide, visit our website at

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

Grubb & Ellis|Commercial Florida Appointed Exclusive Leasing and Management Representatives for Orlando CBD office building

ORLANDO, FL. --- Grubb & EllisCommercial Florida, associated with 200 Grubb & Ellis offices worldwide, has been appointed exclusive leasing and property management representatives for the South Orange Plaza office building with 45,559 square feet of class A office space and an attached three story parking garage.

Jeff Sweeney, (top right photo) SIOR, president of Grubb & EllisCommercial Florida said the building located at 2 S. Orange Ave. is the second building the firm has taken over in the past ninety days. “This represents our commitment to represent owners in all of Orlando’s submarkets including the critically important downtown market,” Sweeney said.

Jay Dixon, vice president in the firm’s Office Group, will serve as leasing agent for the property. Dixon said the building is currently 100 percent leased but some space will be available in the near future.

Lydia J. Mittwede, portfolio manager, will serve as property manager.

For more information, contact:
Jay Dixon, Vice President/Office Group, Grubb & EllisCommercial Florida 407481-5382
Jeffrey S. Sweeney, SIOR, President, Grubb & EllisCommercial Florida, 407-481-5387
Larry Vershel or Beth Payan Larry Vershel Communications, 407-644-4142 (fax: 4410