Sunday, January 11, 2009

Grubb & Ellis Announces Sale of 81,874-Square-Foot Shopping Center in Northwest San Antonio, TX

SAN ANTONIO, TX – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced the sale of Fredericks Circle Shopping Center, (top left photo) located at 4400 Fredericksburg Road.

Jason Brumm (bottom left photo) and Jerry “JJ” Williams, )middle right photo) CCIM, with Grubb & Ellis’ San Antonio office, represented the buyer in the transaction.

(The price and terms of the deal were not disclosed.)

A San Antonio-based investment group headed by Daniel Jacob Jr, CCIM purchased the 81,784-square-foot shopping center from a local owner. The property is located one block south of Crossroads Mall and less then a mile inside Loop 410. The property was 88 percent occupied at the time of sale with a good Hispanic-based tenancy.

“The San Antonio market and Texas in general still offer investors a good environment to place cash,” said Williams. “The East and West coast markets have cooled, allowing Texas-based investors a historical stable cash flow.”

Brumm added, “While we don’t count on property appreciation, the overall long-term investments have proven worthwhile to our clients.

"With our lower entry point on a cost per square foot basis, investors feel there is an opportunity to preserve gains made in other markets, while positioning themselves to take advantage of market momentum in a good environment. The San Antonio market continues to create and maintain jobs, quarter after quarter.”

“Jason and JJ have done an outstanding job of finding the right properties for my partners to maximize their investment,” said Jacob, president of San Antonio-based Daniel Jacob Interests Inc. “In this case it was a value-added opportunity in which they were able to match an asset with a buyer that recognized its potential value.”

Contact: Damon Elder, Phone: 714.975.2659, Email:

CB Richard Ellis Closes MetroWest Shoppes in Orlando for $11.95M

ORLANDO, FL – CB Richard Ellis, the world's leading commercial real estate services provider, is pleased to announce the sale of MetroWest Shoppes (top right photo) in Orlando, Fla., for $11,950,000.

Bill Strauss, Dave Donnellan, Dan Baker, and Todd Weintraub, members of CBRE's Private Client Group, and Mark Drazek,a member of CBRE's Net leased Properties Group represented the seller in this transaction, MetroWest Commercial Partners, LLC.

An entity affiliated with The Miller Group, an Orlando-based private development and investment firm, was the buyer in the transaction.

Metrowest Shoppes is a 32,908-sq.-ft. retail center located at 3120 Kirkman Road in the MetroWest submarket of southwest Orlando, Florida. Completed in 2006, MetroWest Shoppes has attracted a number of national and regional tenants including Washington Mutual (Chase Bank), FedEx Kinko's and Verizon Wireless.

Contact: Rebecca Thomas, 305.381.6485,