Friday, August 22, 2008

Marcus & Millichap Arranges Sale of 93,087-SF Greyhound Office Building in Dallas

DALLAS, TX– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the Greyhound Office Building, (top right photo) a 93,087-square foot office building in Dallas.

Ron Hebert, a senior associate and director of Marcus & Millichap’s National Office and Industrial Properties Group in Dallas, and Matthew Kipp, a senior associate in the firm’s Newport Beach office, represented the seller. Hebert also procured the buyer and has sold this building twice in the past five years.

“The Greyhound Building’s Class A location and guaranteed income stream through 2012 allowed us to generate tremendous interest in the property with more than 20 offers,” says Hebert.

Located at 15110 North Dallas Parkway, the single-tenant six-story office building with a three-level parking garage is situated on a 2.66-acre lot on the northeast corner of Beltline Road and North Dallas Parkway.

The building was 100-percent leased and served as the Greyhound Corporate Headquarters before they moved out. The buyer plans to enjoy the income stream as he waits for the leasing activity to improve.

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

San Buenaventura Housing Authority, CA Assigned 'A' ICR

NEW YORK Aug. 22, 2008--Standard & Poor's Ratings Services assigned its 'A' issuer credit rating (ICR) to San Buenaventura Housing Authority (VHA), Calif.

"The rating reflects strong overall management, as well as a newly implemented strategic plan with clear goals and objectives that support a new business model for the agency which may result in additional income streams that can improve VHA's overall financial strength," said Standard & Poor's credit analyst Valerie White (top right photo).
"VHA is, however, challenged by a weakening profitability position, which is reflected in a reduction in net assets and a negative return on equity ratio," she added.

The rating also takes into account strong support from city government and other local stakeholders, strong portfolio quality that blends well within market locations, and strong essentiality for VHA housing evidenced by a waiting list of more than 3,500 applicants for public housing and housing choice vouchers.

(For a more detailed copy of S&P's release, please contact Christopher Mortell, New York (212) 438 3446

Analyst Contacts: Valerie White, New York (1) 212-438-2078. Mikiyon Alexander, New York (1) 212-438-2083

Harkins Development Corp. completes Florida Neurology, P.A.'s interior build-out at new Stirling Center in Lake Mary, FL

LAKE MARY, FL – Harkins Development Corporation, the full-service development, general contracting and tenant improvement division of Sanford-based Harkins Companies, completed Florida Neurology, P.A.’s $300,000, 3,111-square-foot Phase II interior build-out at the new Stirling Center off Rinehart Road in Lake Mary, FL, according to company president Matt Harkins.

He added that Harkins Development also constructed Florida Neurology’s 4,600-square-foot professional office building shell and 1,489-square-foot Phase I build-out.

Harkins Realty, Inc. lists prime office building at Woodland Lakes Professional Plaza in Orlando, FL

ORLANDO, FL – Harkins Realty, Inc., the commercial brokerage, leasing and property management division of Orlando-based Harkins Companies, listed a prime free-standing 1,600-square-foot office building for sale or lease at Woodland Lakes Professional Plaza (photo at left) on Lake Underhill Road between Florida Hospital East and Waterford Lakes Town Center.

The building is owned by LCK Investments, LLC, according to Harkins Realty managing director Mark Harkins. For more information, visit and enter its real estate website.

Contact: Kenneth H. Cristol 407-774-2515

Habif, Arogeti & Wynne CPAs Join REIAC Board

ATLANTA, GA-- Alan Vaughn (top left photo) and Alison Fossyl (top right photo) from accounting firm Habif, Arogeti & Wynne, LLP have joined the board of directors of The Southeast Chapter of the Real Estate Investment Advisory Council (REIAC).

Vaughn is a partner at HA&W, and co-chairs its tax department. He has extensive experience advising companies in the real estate industry. He also heads up HA&W Cost Recovery Partners, LLC, the firm's cost segregation practice. He is active in a number of community and professional activities includes serving on the Georgia Society Professional Ethics Committee, of which he is a past chairman. He earned his BBA degree from Auburn University.

Fossyl is Senior Audit Manager with HA&W. She specializes in the audit and tax requirements of the construction and real estate industries, including multifamily housing. She works extensively with corporations, S-Corporations and partnerships in the real estate and retail industries and provides top quality client service in the areas of audit and taxation. She earned her Bachelor of Science degree in Accounting and Finance from Miami University.

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

Habif, Arogeti & Wynne, LLP Habif, Arogeti & Wynne, LLP is the largest independent ccounting and business advisory firm headquartered in Georgia. The firm's more than 300 professionals provide financial solutions – including accounting, auditing and tax services, management consulting, financial planning, technology consulting and financial staffing – to more than 8,000 clients in a variety of industries.

HA&W is a member of Baker Tilly International, an association of leading independent accounting firms worldwide. For more information, visit

CONTACT: Terri Thornton,

HFF secures $10M refinancing for Los Angeles multifamily complex

SAN FRANCISCO, CA – The San Francisco office of HFF (Holliday Fenoglio Fowler, L.P.) has secured a $10 million refinancing for The Gaylord Apartments, (top right photo) a 193-unit multifamily property in Los Angeles, California.

Working exclusively on behalf of The Gaylord, LLC, Scott McMullin, (middle left photo) Zane Sweet and John Crump of HFF placed the 10-year, interest-only loan fixed at 5.85% with Freddie Mac (Federal Home Loan Mortgage Corporation).
Loan proceeds were used to take-out an existing loan with a higher pay-rate and return some equity to the borrower for reinvestment. HFF, a registered Freddie Mac seller/servicer, will also service the loan.

The Gaylord Apartments is located at 3355 Wilshire Boulevard in the Mid-Wilshire area of Los Angeles. Built in 1923, the property operated as a renowned hotel until the mid 1960s when it was converted and renovated into an apartment building. The 13-story building has ground-floor retail with multifamily units on the upper floors and is currently 98% occupied.

“Freddie Mac provided an outstanding loan structure to the borrower,” said Sweet. “In an otherwise challenging real estate market, we have seen multifamily fundamentals sustain in major metro markets. HFF was able to get Freddie comfortable with the use of loan proceeds based on strength of market fundamentals and of course the undeniable quality of the asset.”

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.

Zane N. Sweet, HFF Director, 415 276 6300,
Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990,

Softening Economy Impacts Office Sector in Minneapolis-St.Paul

MINNEAPOLIS, MN — Key metrics in the Minneapolis-St. Paul office sector remain strong, but the effects of a soft economy on space demand are becoming evident, pointing to an increase in vacancy by year end, according to a second-quarter Office Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

(The 57-story, 774-feet tall Wells Fargo Center, top right photo)

Employment continues to grow, but not in numbers sufficient to generate significant new space needs, as concerns over the state of the economy encourage caution among startup and existing tenants.

“Strong office-using demographics and fairly steady property fundamentals will only intensify interest in the market as economic and credit market conditions improve,” says Solomon Poretsky, regional manager of the Minneapolis-St. Paul office of Marcus & Millichap.

(The 55-story, 1.4 million-sf, 792-foot tall IDS Center, middle left)

Following are some of the most significant aspects of the Minneapolis-St. Paul Office Research Report:

· Employers are forecast to add 8,500 positions this year, a 0.5 percent gain.

· Builders are predicted to bring 800,000 square feet of office space online this year.

· Vacancy is projected to end the year at 15.6 percent.
· Asking rents are forecast to rise 1.7 percent to $22.12 per square foot.

· Effective rents are on track to advance 2 percent to $18/25 per square foot.
(The 58-story, 775-foot tall, 1.4 million-sf Capella Tower, bottom right)

For a copy of the complete Minneapolis-St. Paul Office Research Report, as well as reports on other markets nationwide, visit our website at

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