Tuesday, September 29, 2009

Home Prices Still Down but Show Improvement Signs, Says Case-Shiller

NEW YORK, NY -- Data through July 2009, released today by Standard & Poor's for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show that, although still negative, the annual rate of decline of the 10-City and 20-City Composites improved compared to last month's reading. This marks approximately six months of improved readings in these statistics, beginning in early 2009.




The chart above depicts the annual returns of the 10-City and 20-City Composite Home Price Indices. The 10-City and 20-City Composites declined 12.8% and 13.3%, respectively, in July compared to the same month last year. All 20 metro areas also showed an improvement in the annual rates of decline, with July's readings compared to June.

"The rate of annual decline in home price values continues to decelerate and we now seem to be witnessing some sustained monthly increases across many of the markets" says David M. Blitzer, (middle right photo)  Chairman of the Index Committee at Standard & Poor's.


"The two composites and all metro areas are showing an improvement in the annual rates of return, as seen through a moderation in their annual declines.

“Looking at the monthly data, the 10-City and 20-City Composites and 18 of the 20 metros areas increased in July. In addition, both Composites and 13 of the MSA have had at least three consecutive months of positive prints.

“These figures continue to support an indication of stabilization in national real estate values, but we do need to be cautious in coming months to assess whether the housing market will weather the expiration of the Federal First-Time Buyer's Tax Credit in November, anticipated higher unemployment rates and a possible increase in foreclosures.




The chart above shows the index levels for the 10-City and 20-City Composite Indices. As of July 2009, average home prices across the United States are at similar levels to where they were in the autumn of 2003, From the peak in the second quarter of 2006, the 10-City Composite is down 33.5% and the 20-City Composite is down 32.6%.


In terms of annual declines, despite the overall improvement, all metro areas and the two composites remain in negative territory, with 14 of the 20 metro areas and both composites in double digits.

On the positive side, Cleveland, Dallas and Denver are nearing in on positive territory with July readings of -1.3%, -1.6% and -2.9%, respectively. Las Vegas posted its lowest index level in July since its peak in August of 2006, resulting in a 54.8% peak to trough decline.

In the monthly data, only Seattle and Las Vegas showed monthly declines. Thirteen of the 20 metro areas had three or more consecutive positive returns; and 16 MSAs and the two composites reported monthly returns greater than +1.0%.

The S&P/Case-Shiller Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data. More than 22 years of history for these data series is available, and can be accessed in full by going to www.homeprice.standardandpoors.com.

Since its launch in early 2006, the S&P/Case-Shiller Home Price Indices have published, and the markets have followed and reported on, the non-seasonally adjusted data set used in the headline indices.

For analytical purposes, Standard & Poor's does publish a seasonally adjusted data set covered in the headline indices, as well as for the 17 of 20 markets with tiered price indices and the five condo markets that are tracked.

A summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data can be found in the table below.

The index is a composite of single-family home price indices for the nine U.S. Census divisions and is calculated quarterly. The S&P/Case-Shiller Composite of 10 Home Price Index is a value-weighted average of the 10 original metro area indices.



The S&P/Case-Shiller Composite of 20 Home Price Index is a value-weighted average of the 20 metro area indices. The indices have a base value of 100 in January 2000; thus, for example, a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the subject market.

Contact:  David R. Guarino, 212 438 1471

Grubb & Ellis Commercial Florida Blends National, International Effort to Market Dunedin Gateway in Pinellas County


DUNEDIN, Fla. --- When Pizzuti Solutions starts construction of the $30 million Dunedin Gateway project, which is planned to include striking upscale medical, office and retail facilities on Main Street at the southern gateway to this walkable Pinellas County city, Grubb & Ellis Commercial Florida will already have completed the lion’s share of its work marketing the project.

Jeff Sweeney, SIOR, president and managing partner of Grubb & Ellis
Commercial Florida, said Dunedin Gateway represents a major national and international effort to interest businesses and retailers in leasing or owning facilities in the project which leverages the business advantages of an upscale quality of life location.

“We expect much of the office space will be leased by local tenants or doctors who are already serving the area,” Sweeney said. “For retailers, Dunedin Gateway represents an exciting new opportunity that will interest a broader spectrum in addition to local enterprises,” he said.

Altogether, Dunedin Gateway will include 90,000 square feet of medical, office and retail facilities, Sweeney said. The first phase will include 20,000 square feet of medical office space and 25,000 square feet of retail space, Sweeney added.

Michelle Seifert, (top right photo)  vice president of Grubb & Ellis Commercial Florida’s Retail Group is principal contact for retail space at the Dunedin Gateway project.

Tom Kennedy, vice president and Sean Kennedy, associate in the firm’s Office Group are principal contacts for office and medical office space.

Contacts:
Michelle Seifert, 813-830-7285
Tom Kennedy, 813-830-7892-
Jeffrey Sweeney 407-481-5387
Larry Vershel 407-644-4142
http://www.commercialfl.com/

Monday, September 28, 2009

Grubb & Ellis Commercial Florida Eyes Big Growth in Tax Advisory Work for Commercial Property Owners

ORLANDO, Fla. --- Grubb & Ellis Commercial Florida, which ranks as one of Florida’s most active commercial property firms, sees tax advisory work as a major growth center.

Jeff Sweeney, (top right photo) SIOR, president of Grubb & Ellis Commercial Florida, with offices in Orlando, Tampa and Melbourne, said work for the firm‘s Tax Advisory Group has grown by more than 100 percent over the past six months.

Earlier this year Sweeney appointed tax specialist Don Lombardi  (bottom left photo) director of Tax Assessment Services to head the division in the firm’s Tampa office. Brett Felberg serves as associate director of Tax Assessment Services in Orlando and Melbourne.

“We have saved our commercial property clients literally thousands of dollars by addressing their tax valuations,” Sweeney said. “Property values have declined across the board due to the recession, but many local government agencies have failed to adjust their assessments accordingly,” Sweeney said.

“In addition, a myriad of tax incentives, benefits and deferments are available to commercial property owners who, for example, retrofit their properties to reduce energy consumption,” Sweeney explained.

“We see this as a major growth market for our firm over the next 24 months,” he said.

Sweeney said the Grubb & Ellis Commercial Florida Tax Assessment Group serves commercial property clients throughout the state of Florida.

Contacts:

Jeff Sweeney, SIOR 407-481-5387, http://www.commercialfl.com/
Larry Vershel Communications, 407-644-4142

Howard Johnson Pays Tribute to its Happy Heritage with HappyHojoWorld.com

PARSIPPANY, NJ – The iconic Howard Johnson® hotel brand, remembered fondly for its happy beginnings as an ice cream shop, orange roofs and restaurants serving fried clams, has announced the launch of happyhojoworld.com, a one-stop destination for all things happy.

Featuring interactive games; a happy wheel that offers Web site visitors a chance to win prizes including $1,000; and a free happy playlist and download of the brand’s highly-requested official happy song, happyhojoworld.com is a tribute to the brand’s happy heritage.

“HoJo, as avid fans affectionately refer to the brand, has been synonymous with happiness so we’re reminding people that it doesn’t take much to get happy, even in the current economic climate,” said Daniel Hughes, senior director of marketing for the Howard Johnson brand. “Whether consumers are planning a trip or simply looking for a smile, we want them to think of Howard Johnson. We’re a hospitality company that’s in the happiness business, and HappyHojoWorld.com is a great expression of this online.”


Howard Johnson enthusiasts can join the brand’s Facebook page at facebook.com/hojo and follow the brand on twitter @twitter.com/happyhojoworld.

Howard Johnson’s Facebook fans have access to travel tips and happy thoughts such as “Have you ever seen someone look upset when they’re holding a s’more? Just might be the key to world peace.”, and the brand’s followers on twitter are greeted with timely travel suggestions and even more happy thoughts.

Happyhojoworld.com is part of the Howard Johnson brand’s “go happy. go hojo.” campaign developed with the help of Berlin Cameron United of New York. The agency, which is known for its ability to transform traditional brands into contemporary icons, is part of The WPP Group.

“The Howard Johnson team understands the power of the social web and is open to exploring programs that give fans the tools to converse, share and participate with HoJo,” said Berlin Cameron’s Director of Digital, Lynn Fischer.

 “The campaign has proven to be very successful with over 100,000 visitors and 10,000 fans on Facebook in its first month.”

Contact:

Christine Da Silva,  973-753-6590, christine.dasilva@wyndhamworldwide.com

Grubb & Ellis Represents Belmont & Grove Land Holdings in 101,690-SF Industrial Lease in CA


ONTARIO, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it represented Belmont & Grove Land Holdings LLC, a division of Panattoni Development Company, in securing a 63-month lease of 101,690 square feet of industrial space to Office Master Inc. at 1110 S. Mildred Ave.

Roger Rhoades, senior vice president, Milo Lipson, senior vice president, and Michael Arens, associate, represented Belmont & Grove Land Holdings LLC in the transaction.

“The building is located within the Belmont and Grove Business Park, a prime west Ontario location,” said Arens. “It is well-fitted for distribution throughout California and the United States, which accommodates the tenant’s needs.”

Office Master Inc., an office furniture manufacturer, was represented by CB Richard Ellis in the transaction.

Contact:  Julia McCartney,  Phone: 714.975.2230,  Email: julia.mccartney@grubb-ellis.com

HFF arranges $4.1M recapitalization for foreclosed mixed-use property in National City (San Diego), CA

SAN DIEGO, CA – The Indianapolis and San Diego offices of HFF (Holliday Fenoglio Fowler, L.P.) have arranged a $4.1 million recapitalization of Harborview Mixed-Use Development (centered photo below) in National City, California.



Working on behalf of Pedcor Commercial Development (“PCD”), HFF associate directors David Ross and Zach Koucos (bottom right photo) placed the three-year construction loan with Embarcadero Bank.

The borrower will use loan proceeds to complete construction on the property, which it will then operate as a for-rent multi-housing complex until the condo sale market returns. PCD seeks to acquire and reposition distressed assets throughout the midwestern and western United States and will have acquired approximately $20 million in distressed assets by the end of the fourth quarter of 2009.


“We were thrilled to have the opportunity to work with PCD,” said Ross. “The issues that inherently accompany any foreclosure combined with the development, construction and lease-up risk made this assignment particularly challenging in today’s risk-averse lending market.”

“We faced a difficult capital market landscape and were pleased to identify a local lender who truly understood how PCD would reposition the Harborview development to fill a need for Class-A rental product in National City,” added Koucos.

Due for completion in early 2010, Harborview Mixed-Use Development will have 75 multi-housing units and 12,000 square feet of office and retail space. The property features one-, two- and three-bedroom units and once complete will offer condo-quality finishes at market rental rates. The Harborview Development is located at 404 East 8th Street in National City, close to Interstate 5 and downtown San Diego.

Contacts:


Zachary E. Koucos, HFF Associate Director,  (858) 552-7690, zkoucos@hfflp.com
 J. David Ross, HFF Associate Director, (317) 630-3191, dross@hfflp.com    
Kristen M. Murphy,  HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Friday, September 25, 2009

Marcus & Millichap Capital Corp. Arranges $6M Loan for Auburn, WA Retail Center


AUBURN, Wash., Sept. 24, 2009 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $6 million, 10-year fixed-rate loan to refinance the Auburn Center, (top right photo)  a 45,402-square foot neighborhood retail center located in Auburn.

Glenn Gioseffi, a director in the firm’s Seattle office, arranged the financing package for the center.

“Refinancing to long-term 10-year money is currently a trend we are seeing,” remarks Gioseffi. “For this loan, we were able to source a local lender. The borrower placed a deposit with the lender and received a below market-value interest rate.”

The refinancing package for Auburn Center was provided by a local bank. The loan-to-value is 50 percent and the term is 30 years. The Auburn Center was built in 1991.

Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation, (925) 953-1716

Gables Residential Moving HQ to The Lenox Building in Buckhead, Atlanta


ATLANTA, GA (Sept. 25, 2009)—Gables Residential has signed a full-floor lease at The Lenox Building (top right photo)  in Buckhead and will move its headquarters to the tower this fall, according to PM Realty Group, which markets and leases space in The Lenox Building.

Gables Residential signed a 10-year lease for about 21,000 square feet in the building at 3399 Peachtree Road, said Dean Giordano, senior vice president for PM Realty Group. Billy Hobbs and Jason Jones with CRESA Partners represented Gables Residential.

Gables will relocate from its current headquarters in Overlook III, an office tower atop Mt. Wilkinson in Vinings. Gables, which owns, develops and manages luxury apartment communities, chose The Lenox Building because of its convenient amenity base and convenient access to MARTA and Ga. 400.


David Fitch, (middle left photo) CEO of Gables Residential, said the convenience of doing business at The Lenox Building and The Lenox Building’s well-capitalized ownership made it an attractive option for Gables.

“As a company that prides itself on offering inviting places to live with extraordinary services, we look for similar attributes in a new headquarters,” said Fitch. “We found these in The Lenox Building.”

The Lenox Building is a 20-story, 350,000-square-foot Class A office tower in Atlanta’s Buckhead submarket. The tower, owned by one of ING Clarion’s separate account pension fund clients, is connected to the Lenox Square Mall (bottom right photo)  and the JW Marriott hotel.


The addition of a tenant of Gables Residential stature fortifies The Lenox Building’s reputation as an ideal location for corporate headquarters, said Giordano, who represents ING Clarion.

“The Lenox Building has a history of being home to headquarters of Atlanta companies,” Giordano said. “The owner is pleased to have a company such as Gables Residential added to the tenant roster at The Lenox Building.”

Gables Residential is a private REIT that owns 72 apartment communities with 18,000 units, and manages more than 20,000 apartment homes for third party owners.

Media Contact: Tony Wilbert, Wilbert News Strategies LLC, 404-888-3091 office/404-405-3656 cell
twilbert@wilbertnewsstrategies.com

Carter Hired to Market Atlanta Center





Downtown Office Tower Offers Largest Space in Submarket


ATLANTA, GA  (Sept. 25, 2009)—Carter, one of the country’s leading full-service commercial real estate firm since 1958, has been hired to market Atlanta Center for lease or sale.

Westmont Hospitality Group, owner of Atlanta Center, a 20-story, 362,340-square-foot office tower at 250 Piedmont Ave., selected the Carter’s Project Leasing Team of Senior Vice President Mike Shelly and Senior Associate Sonia Winfield to lease the building. Carter Senior Vice President Gary Lee and Vice President Andrew Murphy simultaneously will market the building for sale.

Atlanta Center is net-leased to SunTrust Banks Inc. through year end 2010. Carter will begin searching in earnest for replacement tenants at the beginning of next year. Carter currently is developing a strategy to attract tenants to the tower in Atlanta’s Downtown submarket.


“Atlanta Center offers the largest block of contiguous space in the Downtown submarket,” Shelly said. “Because it is a lower-cost alternative to other Downtown office buildings, Atlanta Center is ideal for a state or local government agency and other cost-conscious tenants.”

Atlanta Center, adjacent to the Downtown Connector, is surrounded by amenities. The office tower is connected to the Atlanta Hilton (top right photo)  by a covered walkway. The hotel is home to two award-winning restaurants, a swimming pool, fitness center and drug store. Several of Atlanta’s largest attractions, including the Georgia Aquarium, World of Coca-Cola, CNN Center (middle left photo)  and Philips Arena, are within walking distance of Atlanta Center.

In addition, Atlanta Center is connected by covered walkways to the Peachtree Center MARTA Station and Peachtree Center mall and food court. “It is hard to match the amenity base and accessibility of Atlanta Center,” Winfield said.

The office tower has high visibility along Atlanta’s Downtown Connection and offers a great signage opportunity for a large tenant.

For interested buyers, Atlanta Center offers adaptive reuse opportunities such as student housing, especially as Georgia State University continues to expand its presence Downtown, Lee said.

“We will work hard to identify and sign new tenants at Atlanta Center,” Shelly said. “We also will actively market the building for sale.”

Media Contact: Tony Wilbert, Wilbert News Strategies LLC, 404-888-3091 office/404-405-3656 cell

Thursday, September 24, 2009

Interstate Hotels & Resorts, Inc. Adopts Tax Benefit Preservation Plan


ARLINGTON, Va., September 24, 2009 – Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent hotel management company, today announced that its board of directors has adopted a tax benefit preservation plan designed to preserve the value of its substantial tax assets.

The purpose of the plan is to protect stockholder value by attempting to preserve the company’s ability to maximize available federal tax deductions that may be deemed built-in losses and to prevent a possible limitation on the company’s ability to use its net operating losses, capital losses and tax credit carryforwards (the “tax attributes”) to reduce potential future federal income tax obligations.

The company has experienced and continues to experience tax losses, and under the Internal Revenue Code and rules promulgated by the Internal Revenue Service, Interstate may “carry forward” these losses, as well as capital losses and tax credits, in certain circumstances to offset any current and future earnings with these items, as well as deductions deemed to be built-in losses, and thus reduce Interstate’s federal income tax liability, subject to certain requirements and restrictions.

Contact:: Carrie McIntyre; SVP, Treasurer, (703) 387-3320

C&W announces new 71,500 sf lease for Southeast Fabricators

ORLANDO, FL – Sept.  24, 2009– Cushman & Wakefield’s Industrial Brokerage Directors Sher Tolan and Lee Morris (top right photo)  announced a new 71,500 sf lease at 291 Springview Commerce Drive in Debary for a new facility for Southeast Fabricators. Tolan represented the landlord, Adams Building Materials Property Partnership in the transaction.

Certified by American Institute of Steel Construction, Southeast Fabricators supplies fabricated products to support many industries including alternative energy, military, original equipment manufactures, telecom, aviation, and road construction.

Contact: Brook Hines, Tel: 407-541-4401, brook.hines@cushwake.com, http://www.cushwake.com/

Commercial/Multifamily Mortgage Debt Outstanding Declines in Second Quarter 2009


Washington, DC (Sept.r 24, 2009) - The level of commercial/multifamily mortgage debt outstanding decreased in the second quarter, to $3.47 trillion, according to the Mortgage Bankers Association (MBA) analysis of the Federal Reserve Board Flow of Funds data.

The $3.47 trillion in commercial/multifamily mortgage debt outstanding recorded by the Federal Reserve was a decrease of $9.9 billion or 0.3 percent from the first quarter 2009. Multifamily mortgage debt outstanding grew to $914 billion, an increase of $6 billion or 0.7 percent from first quarter.

"Commercial/multifamily mortgage debt outstanding fell by 0.3 percent in the second quarter, as the amount of loans paid-down and paid-off exceeded the amount of new mortgages taken out," said Jamie Woodwell, (top right photo) MBA's Vice President of Commercial Real Estate Research.

"Most major investor groups, including the CMBS market, life insurance companies and banks and thrifts, saw reductions in their holdings of commercial/multifamily mortgages, while Fannie Mae and Freddie Mac increased their holdings of multifamily mortgages."

Contact:  Carolyn Kemp, (202) 557-2727, ckemp@mortgagebankers.org
 

Post Properties Announces Common Stock Offering


ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced it has commenced a public offering of 3,000,000 shares of its common stock. In connection with the offering, the underwriters will be granted a 30-day option to purchase up to 450,000 additional shares of common stock to cover overallotments, if any.

The Company intends to use the net proceeds from the offering to repay approximately $39.4 million of existing mortgage indebtedness secured by the Company’s Post Fallsgrove property and for an approximately $4.0 million prepayment penalty in connection with the repayment of the Fallsgrove indebtedness. The remaining net proceeds from the offering will be used for general corporate purposes, which may include funding the Company’s development pipeline or the repurchase of its outstanding preferred stock or senior unsecured notes.


Contact: David Stockert, CEO, Post Properties Inc.,  404-846-5000

Grubb & Ellis Company Responds to NYSE Inquiry Regarding Recent Trading Activity


SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has disclosed that the New York Stock Exchange, in accordance with the NYSE's standard policies, contacted the company earlier Wednesday in light of the recent trading activity in the company's common stock.

The company has advised the NYSE that it knows of no reason for the recent increased trading activity.

Contact: Janice McDill, Phone: 312.698.6707, Email: janice.mcdill@grubb-ellis.com

Smith Equities Presents Student Housing Reports for Orlando and Tampa

ORLANDO, FL--This year we have produced two student housing reports: one for UCF and the other for USF so that you will now be able to review both of these markets.

Only rent by the bed apartments were used in the USF report while both rent by the bed and rent by the apartment were used at UCF.

The rents quoted are the rents that were being charged in August or the last date before lease‐up was completed so some communities will have higher rents from students who signed up early. Some communities lowered rents multiple times.

Last year we talked about how the term “recession proof” is no longer a viable description of the student housing market. However “recession resilient” may be an appropriate term.




Both of these markets had disappointing lease up results, partly as a result of the downturn in the economy which is supposed to produce more students because those who are out of work go back to school. While some students did go back to school to retool their skills many of them were older who already live in the community and are, essentially, day‐hop students who are not customers for student housing.


The busted housing market, both single family houses and busted condos also produced many unsold homes that now are being rented at bargain prices.
(UCF campus aerial photo, middle right)

These problems are evident in both communities. We hope that they will only last a year or two since both schools are in growth modes, especially at USF where the present enrollment is about 43,000 students at it s main campus with another 3,000 at its other three campuses.

At just over 50,000 students UCF may be starting to curtail its growth on the main campus while continuing to grow its satellite campuses. Neither school reached 100% occupancy in their on‐campus housing.

In Tampa at USF it appears that overbuilding reared its ugly head, as it does from time to time in university towns. Almost 2,600 beds, including 1,050 beds on campus in suite style rooms each with two bedrooms and adjoining bathrooms, plus the fact that USF required freshmen to live on campus, seem to have caught some owners off guard.

 Both of the new off‐campus complexes, The Province (822 beds) on the south side of campus and Sterling on 42nd Street (722 beds) on the north side of campus, did relatively well in a bad market.

(UCF School of Education buildings, middle left photo)

On the whole rents should have been lowered earlier in the rental season in an effort to try to offset the arrival of these new units. There was no new construction at UCF.

However 763 bedrooms are under construction in a complex to be known as Camelot and another 535 bedrooms at the old Addison Place site are slated for construction. Camelot is scheduled for delivery for the 2010‐11 school year, with Addison Place to start at a time yet to be announced.

Several owners at UCF appear to have seen a soft market coming and reacted aggressively by lowering rents early. As a result occupancies at UCF are much better than at USF. Some owners reduced their rents substantially, one or two by more than $90 per bed, with the average reduction at $49 per bed (rents for 4x4’s were used for this analysis).


(UCF Library building, bottom right photo)

Only the well located properties had minimal rent reductions while most eliminated move‐in and other fees. Properties that provide access to the school through the Science Park, on the south, and from McCulloch, on the north, did the best.

The UCF affiliated properties also did very well this year. Pegasus Pointe, with its 4x2’s and distance from the school, pitched the parents of students that it is better to use the Shuttle Bus to get to school rather than pay the high price charged by the school to live on campus.

 By the way the Shuttle Bus is a must for all properties, as it is for the school. It limits the amount of traffic on campus and on the nearby roads. That’s good for both the school and the students.

Returning to my original premise, student housing seems to be “resilient” to many of the adverse rental market pressures. So long as owners have the ability, and willpower, to lower rents and move‐in fees quickly when over building occurs then they will be able to keep occupancies high.



(UCF student housing pad, bottom left photo)

Student housing has fared better than the overall apartment rental market. In addition the expected growth in the population of college age people will help the rental market.

It is a time to emphasize management skills, a time to do those rehab projects that you may have been putting on hold because you didn’t think they were needed.

Now you will have to compete for the dollars of those students who have also become more astute renters. It is not a time for the faint of heart but a time for the young and industrious to make sure that you have the best property on the block.

If you have any question about the market at either UCF or USF call the undersigned. Also, when selling or buying student housing in Florida call Paul Guyet (top right photo)  at Smith Equities Real Estate Investment Advisors.

Contact: Paul M. Guyet, Student Housing Specialist, 407‐422‐0704, ext. 105

Arbor Closes $1,875,000 Fannie Mae DUS ® Small Loan for Mayflower Apartments in Lynn, MA


Uniondale, NY (Sept,  24, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,875,000 loan under the Fannie Mae DUS® Small Loan product line for the 48-unit complex known as Mayflower Apartments in Lynn, MA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.18 percent.

The loan was originated by Edward Petti,  (top right photo) Director, in Arbor’s full-service New York, NY lending office. “The client had a 1031 exchange that needed to be completed in 30 days,” said Petti. “Arbor committed and structured a closing that helped the borrower meet the requirements of the 1031 exchange and close in the necessary time frame.”

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/, Follow us on Twitter @ arbor1

Northern New Jersey trophy office building receives $25M refinancing arranged by HFF


FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $25 million refinancing for Glenpointe Centre West, (top right photo)  a 333,650-square-foot, Class A office building in Teaneck, New Jersey.

HFF senior managing director Tom Didio, (middle left photo)  associate director Michael Lachs and associate Angela Jaramillo worked exclusively on behalf of Alfred Sanzari Enterprises to secure the seven-year, fixed-rate loan through CIGNA Investments.

 Loan proceeds were used to refinance the existing first mortgage. The borrower was represented by Thomas Cangialosi of the Hackensack, New Jersey-based law firm, Winne, Banta, Hetherington, Basralian & Kahn.

Glenpointe Centre West is located at 500 Frank W. Burr Boulevard within Teaneck’s Glenpointe Centre mixed-use development, approximately three and one half miles west of Manhattan via Interstate 95 and the George Washington Bridge. The seven-story Class A office property is leased to numerous national and regional tenants including Cognizant, Univision, Inc. and the law firm of Decotiis, Fitzpatrick, Cole & Wisler.

“HFF is pleased to have represented both David Sanzari as the borrower and Cigna Investments as our correspondent lender in structuring this seven-year transaction. Glenpointe Centre West is the premier office property in Bergen County and for that reason it continues to attract quality national and regional tenants,” said Didio.

Alfred Sanzari Enterprises is a New Jersey-based developer with a portfolio of more than five million square feet of commercial and multifamily space including office, industrial, apartments and hotels.

Contacts:
Thomas R. Didio, HFF Senior Managing Director, (973) 549 200, tdidio@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, 713) 852-3500,  krmurphy@hfflp.com

Wednesday, September 23, 2009

Chatham Financial Partners With Intuit Real Estate Solutions


KENNETT SQUARE, PA, Sept. 23, 2009--Chatham Financial, the largest independent interest rate and foreign exchange risk management advisor, announced today a strategic alliance with Intuit Real Estate Solutions (IRES). IRES, a division of Intuit Inc., (Nasdaq: INTU) provides real estate portfolio management and accounting software solutions to the global real estate industry.

Chatham has an alliance with IRES to connect Chatham’s FMS debt management system with IRES’ IMPACT system to create a complete view of asset and debt details together in a tool that will enable users to better evaluate risks and opportunities across their portfolio.

FMS is a powerful and dynamic debt management system that provides a clear view of a company’s debt profile. FMS incorporates sophisticated interest rate modeling with real time market data giving companies information and confidence to effectively manage their debt. IMPACT is IRES’ stand-alone application that allows clients to create investment models and scenarios, to evaluate buy, hold and sell decisions, and to deliver portfolio-wide performance reporting.

“Understanding the impact of debt in the current and future valuation of assets and portfolios is key in today’s market environment, and having an integrated debt management solution is critical for our client’s success.” said Jeff Thompson, (top right photo) division president of IRES. “The combination of IMPACT and Chatham’s FMS debt management system will provide an unmatched solution for our joint clients.”

Contact:  Joy Peterson, 720 249 3606, mailto:Peterson720.249.3606jpeterson@chathamfinancial.com

CB Richard Ellis Chosen for 2009 InformationWeek 500



Los Angeles, CA – September 23, 2009 – CB Richard Ellis (CBRE) announced that it has been selected for the prestigious 2009 InformationWeek 500 for the third consecutive year. That publication's annual list identifies and honors the nation's most innovative users of information technology.

A key element in CBRE's inclusion in this year's InformationWeek 500 was the development of a new application called CBRE MarketPlace, which helps securely expedite the property sales process.

CBRE MarketPlace addresses the challenge of providing potential investors the significant amount of information required to consider an offer on a property while also allowing for accelerated investor qualification by CBRE sales professionals. The application offers tools and control points for brokers to share detail information with investors at their discretion while reducing significant third party costs.

"Providing the right solution for our clients requires a 24/7 culture of technology innovation combined with industry leading market insight," said Don Goldstein, Chief Information Officer for CB Richard Ellis. "CBRE's inclusion in the InformationWeek 500 for the third year in a row, underscores the talent of our professionals and the power of our platform."

"For 20 years, the InformationWeek 500 has honored the most innovative users of business technology," said InformationWeek Editor-in-Chief Rob Preston (top right photo) . "Year after year, InformationWeek 500 companies harness technology to improve efficiency, boost productivity, drive revenue, and establish a competitive advantage. We applaud this year's winners, and the CIOs and other executives whose ingenuity and risk taking are at the center of business technology innovation."

Contact: Robert McGrath, 212.984.8267, robert.mcgrath@cbre.com

Marcus & Millichap Sells $37.25M Apartment Portfolio in San Pedro, CA


SAN PEDRO, Calif., Sept. 23, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Harbor View and Bay Ridge, (top right photo)  two apartment communities totaling 220 units in San Pedro. The sales price of $37.25 million represents $169,318 per unit and $168.74 per square foot.

Greg Harris, an executive vice president investments and senior director of the firm’s National Multi Housing Group (NMHG) in Encino, and Ron Harris, a senior vice president investments and senior director of the NMHG in Los Angeles, represented the seller, Equity Residential.

“Despite current market conditions, we continue to create opportunities for our clients,” says Greg Harris. “The core-plus asset located adjacent to Rancho Palos Verdes attracted the most qualified and sophisticated buyers in the marketplace seeking a stable long-term investment with future upside.”

“Although rents at the property had fallen approximately 20 percent during the past year and there was some softness in operations, investors felt that rental rates were beginning to stabilize,” says Ron Harris. “Due to the high quality of this asset and the ability to quantify a moving-forward net operating income, the property attracted offers from a variety of buyers. The buyer closed at a cap rate of approximately 7 percent based on today’s asking rents,” adds Harris.

Located at 1286 and 1099 W. Capital Drive and built in 1984 and 1987 respectively, Harbor View and Bay Ridge are exempt from Los Angeles rent control laws.

Harbor View is a 160-unit multi-family community and Bay Ridge has 60 units.

Both assets offer deluxe accommodations with nine-foot and vaulted ceilings, gourmet kitchens with gas ranges, wood-burning fireplaces, central air-conditioning and heating and individual washers and dryers. Amenities include swimming pools, spa, state-of-the-art fitness center, dry heat sauna, oversized sundeck and ample onsite parking. Each asset also has condominium entitlements.

San Pedro is a neighborhood in the city of Los Angeles located at the eastern tip of the Palos Verde peninsula with views of the Pacific Ocean.


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

Tuesday, September 22, 2009

Marcus & Millichap Names Richard Matricaria Sales Manager of Fort Llauderdale Office

FORT LAUDERDALE, Fla., Sept. 22, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Richard D. Matricaria (top right photo) sales manager of the Fort Lauderdale office, according to Gene Berman, group managing director of the firm’s Florida offices.

“Richard has extensive experience in commercial real estate as an investment specialist,” says Berman. “He will be an asset to our investment specialists, and instrumental in expanding our national market-making capabilities to clients in Fort Lauderdale and throughout Florida.”

Matricaria joined Marcus & Millichap in November 2000. He entered the firm’s sales intern program as an assistant in December 2001 and became an agent specializing in retail and office property sales in Fort Lauderdale and South Florida in 2002. Matricaria was promoted to senior associate in 2005 and was inducted as a senior investment associate in 2008.

Matricaria is a graduate of University of Alabama and received his MBA from St. Thomas University in Miami Gardens, Fla.

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

Grubb & Ellis’ Self Storage Group Facilitates Sale of Monterey Palms Self Storage in Palm Springs, CA

SANTA ANA, CA (Sept. 22, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that its San Diego affiliate, Grubb & Ellis
BRE Commercial facilitated the sale of Monterey Palms Self Storage  (centered photo below) in Palm Springs.





Monterey Palms Self Storage is an 113,000-square-foot, 645-unit self storage facility located at 73230 Varner Road in Thousand Palms. It is a newly constructed property adjacent to Interstate 10. The project opened for business in July 2007 and was approximately 50 percent occupied at closing of the deal. The buyer purchased the project significantly below replacement cost and was able to assume the existing financing, carrying very attractive terms.

Greg Wells of Grubb & Ellis BRE Commercial’s Self Storage Group represented the seller, Granite Investment Group, and used his experience in the self storage sector to work through numerous issues in closing the transaction during such a challenging economic climate.

“This transaction could not have been completed without the guidance and expertise shown by the Grubb & Ellis BRE Commercial Self Storage Group,” said John Heller, president of Granite Investment Group.
Mark Avilla and Matty Sundberg, also of Grubb & Ellis BRE Commercial, represented the buyer.

Contact: Janice McDill, Phone: 312.698.6707, Email: janice.mcdill@grubb-ellis.com

Marcus & Millichap Sells Parcel of Land in Bradenton, FL


ST. PETERSBURG, FL, September 22, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a one-acre parcel of land located in Bradenton, Fla., according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $287,500.

Michael J. Jaworski, (top left  photo) an investment specialist in Marcus & Millichap’s Tampa office secured the buyer, a Pinellas County developer.

The property is located at 8605 East SR 70 in Bradenton, Florida. “This land was owned by the FDIC and was a former Freedom Bank asset” noted Jaworski. “This is one example of the growing pipeline of distressed assets from banks that have failed”, added Jaworski.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Verizon Building in Pensacola, FL Gets $1.6M Loan



Orlando, Florida—September 22, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on September 16, 2009, in the amount of $1,600,000 for the Verizon Wireless Building in Pensacola, Florida


Doug Rozzell, (top left photo) Company Principal, financed the Verizon Wireless Building through Thomas D. Wood and Company’s correspondent relationship with American Fidelity Assurance.

The loan term is 10 years, based on an 18-year amortization and a loan-to-value of 70%. The interest rate is 6.95%. The 3,706 square-foot single-tenant retail building was newly renovated in August 2009, and is located at 5600 N. 9th Avenue, Pensacola, Florida.

For further information, please contact:

Doug Rozzell (407) 937-0470 drozzell@tdwood.com
Jessica Gurtowski (407) 937-0470 jgurtowski@tdwood.com

Monday, September 21, 2009

Jones Lang LaSalle Names Jeffrey Ingham Brokerage Leader in Orange County, CA

IRVINE, CA, Sept. r 21, 2009 – Jones Lang LaSalle has named Jeffrey Ingham Brokerage Leader in its Orange County, Calif. office. Ingham, a top producer in Southern California for the company for the past 14 years, will be responsible for leading the company’s team of 15 leasing brokers.

Ingham replaces Leland Bruce who is returning to full-time brokerage in the company’s Irvine office. He will also be dedicating a large portion of his time to serving the community.


“With an impressive track record in Orange County brokerage for the past several years, Jeff is the perfect fit to lead our team,” said Jan Pope, Southwest Market Director for Jones Lang LaSalle. “Not only will Jeff continue to act as a tenant representation broker, but he’ll also help facilitate new and innovative commercial real estate solutions for our tenant and landlord clients in the market.”

Ingham is Executive Vice President in Jones Lang LaSalle’s Orange County office. He is responsible for assisting clients with their Southern California transactions as well as working with clients on their national and international real estate needs. Mr. Ingham has extensive experience assisting Fortune 500 and local Orange County companies with portfolio strategy, transaction management, site and building acquisitions/dispositions, sublease dispositions and lease transactions.

“For the past six years, Leland has done an exceptional job in leading our team in Orange County,” said John Gates, (middle left photo) President of Brokerage for Jones Lang LaSalle. “We are confident that he will continue to play an integral role in satisfying the needs of our clients.”

Contact: David Ebeling, Ebeling Communications, 949.278.7851, david@ebelingcomm.com

Al Calhoun Rejoins Hodges Ward Elliott as Senior Managing Director, Select Service Division

ATLANTA, September 21, 2009—Hodges Ward Elliott, Inc. (HWE), the nation’s premier hotel brokerage and investment banking firm, today announced that Al Calhoun has rejoined the firm as senior managing director, select service division.

“Our relationship with Al goes back nearly two decades, and it is a delight to welcome him back to our firm after a nine-year sabbatical,” said Mark Elliott, (top right photo) principal of Hodges Ward Elliott. “His experience in the select service segment is unparalleled, and he adds tremendous depth to our 10-person select service team. Combined with our full-service and Europe divisions, we now have the deepest and most experienced hotel transaction team in the industry.”

 In his new role, he will be responsible for leading and growing HWE’s select service division, including brokerage, investment and advisory services. He will work closely with Anthony Falor, who will remain managing director of the select service division. HWE has closed more than $2 billion in select service transactions in the past five years. Select service currently represents approximately 30 percent of HWE’s transaction volume.

Contact:  Jerry Daly or Chris Daly, (703) 435-6293
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Davidson Hotel Company to Manage New Westin Berkeley Heights in New Jersey


BERKELEY HEIGHTS, N.J., Sept. 21, 2009—Davidson Hotel Company, one of the nation’s largest independent hotel management companies, today announced that it will manage the 244-room Westin Berkeley Heights in eastern New Jersey, 22 miles from New York City. The new-build property is situated in the 185-acre Connell Corporate Park. It is the first hotel Davidson will manage for owner, The Connell Company.

“This is a superb location for an upscale lodging project, in a major office park with a large existing corporate tenant base, situated in a high-income area with significant barriers to entry,” said Steve Margol, (top right photo) Davidson’s chief investment officer.

“Our extensive experience with pre-opening/opening and operating upscale hotels and resorts, including three other Westin products, will enable us to quickly establish the Westin Berkeley Heights as a market leader. In addition to the obvious corporate and group meetings business potential, we also plan to focus on the local social market, which our research determined is underserved.



“The addition of the Westin Berkeley Heights to our ever-growing portfolio of premier hotel assets marks the continuation of our very successful third-party management platform,” he noted.

“The property will become our fourth Westin and our tenth Starwood-branded asset. The Connell Company has a sterling reputation in the region, and we are proud to add them to our growing roster of institutional and high net-worth clients.”

“This upscale, full-service hotel marks our entry into the hospitality industry and is a perfect complement to our office park, whose Life Time Fitness Athletic club and five Class A commercial office buildings with more than 30 corporate tenants represent a significant built-in source of demand,” said Shane Connell, executive vice president, The Connell Company.

Contacts:

Cyndi Norwood, Davidson Hotel Company,  (901) 821-4155, cnorwood@davidsonhotels.com
Jerry Daly, Chris Daly (media), Daly Gray Public Relations, (703) 435-6293, jerry@dalygray.com