Friday, September 5, 2008

CB Richard Ellis Asset Secured Bright House Networks Expansion

ORLANDO, FL - The Orlando office of CB Richard Ellis is pleased to announce, Maitland Promenade I, (bottom left photo) owned by LaSalle Investment Management (Class A, 228,000-sq.-ft. five-story building at Maitland Center) asset secured Bright House Networks' expansion.

Michael Phipps, (top right photo) Senior Vice President, negotiated the buyout of the lease with Bank Atlantic represented by Jason Schrago of CNL Commercial Real Estate. In addition, Phipps negotiated a new 10 year lease with Bright House Networks, represented by Greg Morrison, Principal, of Morrison Commercial.

Bright House Networks is expanding into 53,000-sq.-ft. space on a new 10 year transaction taking 46,792-sq.-ft. on the third floor and an additional 6,100-sq.-ft. on the first floor. The property is located at 485 North Keller Road, Maitland, Florida.

Bank Atlantic, the existing tenant procured by Jason Schrago of CNL Commercial Real Estate, secures new space of approximately 20,000-sq.-ft. at Eastwoods, a five-story building in Maitland Center. Yvonne Baker negotiated on behalf of Highwoods Properties.

Angelique Greven, 407.839.3158,
Sara Brady, 407.215.5915,

Cushman & Wakefield negotiates New 28,000-SF Corporex Business Park lease

TAMPA, FL– Cushman & Wakefieldhas negotiated a new 28,000 square foot lease for Cobalt Industrial REIT at 3719 Corporex Park Drive in Tampa, Florida with the CPI Group, Inc., a leading internet retailer of consumer products with websites that include, and

Corporex Business Park (top right photo), located at the I-4 and Martin Luther King Boulevard interchange in Tampa, Florida is a 120 acre mixed use business park. The flex space will serve as CPI Group's Headquarters and Distribution Center.

Director, Industrial Brokerage, Rian Smith and Executive Director, Capital Markets, Mike Davis negotiated the new lease on behalf of the landlord, Cobalt Industrial REIT.

Mr. Smith was quoted as saying “we are excited to have CPI as a tenant at Corporex; both sides worked very diligently to bring the deal together and look forward to a long and prosperous relationship”.
Contact: Debbie P’Simer, 813-204-5333, debbie.p’

Grubb & Ellis Realty Investors Acquires The Retreat at Peachtree City in Peachtree City, Ga.

SANTA ANA, CA/PRNewswire/ -- Grubb & Ellis Realty Investors, LLC has acquired The Retreat at Peachtree City, a 312-unit multifamily community in the Atlanta suburb of Peachtree City, on behalf of tenant-in-common investors.

Situated on nearly 26 acres, the approximately 306,000-square-foot property consists of 15 residential buildings and a separate building that houses the clubhouse and leasing center.

Built in 1998, The Retreat at Peachtree City features numerous community amenities, including a swimming pool, lighted tennis court, fitness center, storage units, executive business center and direct access to a 90-mile walking and golf cart trail.

The property offers spacious floor plans and an average unit size of approximately 980 square feet. Select units feature full-size washers and dryers, linen closets, wood burning fireplaces, and recessed art niches. The property offers tenants ample parking and is currently approximately 94 percent occupied.

"The property's location in a thriving submarket, as well as the asset's outstanding amenities makes The Retreat at Peachtree City an attractive addition to our portfolio of assets under management," said Jeff Hanson, (top right photo) President and Chief Investment Officer of Grubb & Ellis Realty Investors.

In the last decade, the Atlanta metropolitan area's population increased by approximately 40 percent to more than 5.1 million people. The property is located in the South Fulton submarket, which led Atlanta in apartment rent growth in 2007 with a 4.6 percent increase.

According to Reis Inc., this submarket includes 29,550 multifamily units and will add minimal new inventory during the next five years, an average of approximately 356 units per year through 2012.

The rental growth is projected by Reis to continue at an average rate of 2.9 percent for the next five years.Grubb & Ellis Realty Investors purchased The Retreat at Peachtree City from a joint venture between AMLI Residential and Prudential, which was represented by Engler Financial Group. Financing was provided by Teacher's Insurance and Annuity Association, arranged by Capstone Realty Advisors.

CONTACTS: Julia McCartney, ext. 230,
or Damon Elder, ext. 659,,
both of Grubb & EllisRealty Investors, LLC, +1-714-667-8252

Sheraton Safari Hotel & Suites Helps Guests and Meeting Planners Go Green with the State of Florida Green Lodging Designation

ORLANDO, FL-– The Florida Department of Environmental Protection has awarded the Sheraton Safari Hotel & Suites Lake Buena Vista (top right photo) the Green Lodging designation for surpassing the stringent guidelines to adopt green savings initiatives to reduce waste and save environmental resources.

“It is exciting to be officially designated by the State of Florida for our conservation and energy saving programs.
" All of our guests and clients can feel good about staying with the Sheraton Safari while doing their part for the environment,” said Jeff Brinda, general manager. “In addition, the State of Florida now requires that state agencies and departments use only designated hotels for meetings and conferences, so meeting planners now have the choice of holding their meeting or event at the Sheraton Safari.”

To become a designated member of the Florida Green Lodging Program, hotels must implement a variety of green practices. These practices include, but are not limited to: water conservation measures through low flow plumbing fixtures, a linen reuse program, energy efficiency achieved by installing ENERGY STAR® appliances and programmable thermostats.

The waste reduction criteria are met by providing the opportunity to recycle, purchasing items in bulk, purchasing recycled materials and by recycling ink and toner cartridges. All designated properties must also use green cleaners and high efficiency air filters.

Visit the hotel on-line:
The Sheraton Safari Hotel & Suites Lake Buena Vista is operated by Interstate Hotels & Resorts, the nation’s largest independent hotel management company. For more information about Interstate Hotels & Resorts, visit the company’s Web-site:

Julie Tullbane, Daly Gray Public Relations, T 703-435-6293, F 703-435-6297

Jeff Brinda, General Manager/ Sheraton Safari Hotel & Suites Lake Buena Vista
(407) 239-0444 /

Wachovia, Midland/PNC, Capmark and Wells Fargo Top Mid-Year Rankings of National Commercial/Multifamily Servicing Volumes

Washington, DC -- The Mortgage Bankers Association (MBA) has released its mid-year ranking of commercial and multifamily loan servicers as of the end of June 30, 2008.

On top of the list of firms is Wachovia Securities with $434.3 billion in U.S. master and primary servicing, followed by Midland Loan Services/PNC Real Estate Finance with $273.8 billion, Capmark Financial Group, Inc. with $258.3 billion and Wells Fargo Bank with $179.5 billion.

(The 52-story Wachovia Corporate Center, Charlotte, NC, top right photo)

Specific breakouts in the report include:

· Total U.S. Master and Primary Servicing Volume
· U.S. Commercial Mortgage-backed Securities (CMBS), Collateralized Debt Obligations (CDOs) and Other Asset-Backed Securities (ABS) Master and Primary Servicing Volume
· U.S. Life Company Servicing Volume
· Fannie Mae and Freddie Mac Servicing Volume
· Federal Housing Administration (FHA) Servicing Volume
· U.S. Commercial Banks and Savings Institution Volume
· U.S. Credit Company, Pension Funds, REITs, and Investment Funds Volume
· U.S. Warehouse Volume
· U.S. Other Investor Volume
· U.S. CMBS Named Special Servicing Volume
· Total Non-U.S. Master and Primary Servicing Volume
A primary servicer is generally responsible for collecting loan payments from borrowers, performing property inspections and other property-related activities.

A master servicer typically serves in a fiduciary capacity and is generally responsible for collecting cash and data from primary servicers and then providing that cash and data, through trustees, to investors.

Unless otherwise noted, MBA tabulations that combine different roles do not double-count loans for which a single servicer performs multiple roles.

Wachovia, Midland/PNC, Capmark, and Wells Fargo are the largest master and primary servicers of commercial/multifamily loans in U.S.

CMBS, CDO and other ABS; GEMSA Loan Services, Prudential Asset Resources, Midland Loan Services/PNC Real Estate Finance and NorthMarq Capital are the largest servicers for life companies; Midland/PNC, Wachovia, Deutsche Bank, and Capmark are the largest Fannie Mae/Freddie Mac servicers.
Wachovia ranks as the top master and primary servicer of commercial bank and savings institution loans; GEMSA the top credit company, pension funds, REITs and investment funds servicer; Capmark the top FHA and Ginnie Mae servicer; Wachovia the top for warehouse loans; and Capmark the top for other investor type loans.

MBA also asked firms to provide information about CMBS loans on which they are the "named special servicer" - that is, where the firm stands ready to service the loan should special problems develop, such as delinquency. The leading named special servicers were LNR Partners, CWCapital, Centerline Servicing Inc. and Midland/PNC.

CONTACT: Jason Vasquez
(202) 557-2950

HFF arranges $90M construction loan for Archstone Avenir in Boston

BOSTON, MA – The Boston and Dallas offices of HFF (Holliday Fenoglio Fowler, L.P.) have arranged a $90 million construction loan for the development of Archstone Avenir, (top left photo) a 241-unit multifamily community in Boston, Massachusetts.

HFF executive managing director Jody Thornton, (top right photo) director Anthony Cutone and associate director John Ahmed worked exclusively on behalf of Archstone to secure the 36-month construction loan through NEBF Investments (National Electrical Benefit Fund).

HFF previously arranged a $149 million equity investment and co-development agreement between Trinity Financial and Archstone for the development of the project.

Due for completion in Spring 2009, Archstone Avenir will have 241 luxury apartment units, approximately 28,000 square feet of street-level retail space and a 115-space structured parking garage.

Intended uses for the retail space include a restaurant, full-service bank and coffee shop. Located at the corner of Canal and Causeway Streets, Avenir is adjacent to the Rose Kennedy Greenway in the Bulfinch Triangle area of downtown Boston.

The property is situated above a newly-constructed MBTA subway super station offering access to the Orange and Green lines, and across Causeway Street from the North Station commuter rail station within the TD Banknorth Garden.

“Archstone Avenir is an exciting new mixed-use development, which will further enhance the vibrant atmosphere of the Bulfinch Triangle neighborhood. Situated along the Rose Kennedy Greenway at the confluence of Government Center, the Financial District, the North End and Beacon Hill, the property enjoys what is arguably the best multifamily location in downtown Boston,” said Cutone.

Archstone is a recognized leader in apartment investment and operations. The company’s portfolio is concentrated in the most desirable protected coastal markets including the Washington, D.C. metropolitan area, Los Angeles area, San Diego, San Francisco Bay area, New York metropolitan area, Seattle and Boston. Archstone owns or operates over 92,000 units in the U.S. and Germany, including its development pipeline.


Anthony Cutone, HFF Director, 617 338 0990,
John Ahmed, HFF Associate Director, 214 265 0880,
Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990,