Monday, January 12, 2009

Marcus and Millichap Sells a 4,300-SF Net Leased Bank

ST. PETERSBURG, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of BB&T, (top right photo) a 4,300-square foot, net leased bank located in St. Petersburg, Florida, according to Bryn Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $2,462,500.

John E. Brigel, Senior Associate and Angela Birdsong, Investment Specialist in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller. The buyer, a private investor, was also secured by John E. Brigel and Angela Birdsong.

BB&T is located at 100 34th Street North in St. Petersburg, Florida. In uncertain times BB&T is still commanding strong financials and has proved to be a great investment for this 1031 exchange buyer.

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

RealtyTrac and Assist-2-Sell Enter Partnership

IRVINE, CA – RealtyTrac™ (, the leading online marketplace for foreclosure properties, and Assist-2-Sell (, North America’s leading discount real estate company, today announced a new agreement and strategic partnership that will allow Assist-2-Sell visitors to search nationwide for foreclosure properties, supplied in real time from RealtyTrac’s comprehensive database of defaults, auctions and bank-owned homes.

“Assist-2-Sell is an exciting new addition to our ever-growing network of valued partners,” said Rick Sharga,(top right photo) senior vice president at RealtyTrac.

“We are committed to providing Assist-2-Sell and its visitors the most comprehensive set of foreclosure properties, and pertinent foreclosure-related editorial content, written to help consumers understand the foreclosure process and the steps involved with buying a home in foreclosure.”

With real estate in a downturn in most markets nationwide, the foreclosure marketplace is one of the few growing areas in real estate.

More than 750,000 homes received a foreclosure notice in the third quarter of 2008, up 71 percent from the third quarter of 2007, according to the RealtyTrac U.S. Foreclosure Market Report.

“We are delighted to announce this new partnership with RealtyTrac, one of the strongest and most trusted real estate brands on the Web,” said Mary LaMeres-Pomin, co-founder with Lyle Martin and co-chief executive officer of Assist-2-Sell. (bottom left photo)

“This new alliance between Assist-2-Sell and RealtyTrac will add value to our customers and extend the reach of both companies on the Internet.”

CONTACT: Tammy Chan, Atomic PR, 415-402-0230,

Grubb & Ellis Represents Morgan Stanley in Lease Renewal at Drake Oakbrook Plaza in Illinois

CHICAGO, IL – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented Morgan Stanley in the lease of 24,014 square feet at Drake Oakbrook Plaza, (top left photo) 2211 York Road in Oakbrook. Louis Hall, senior vice president, facilitated the transaction.

The transaction represents a long-term renewal of Morgan Stanley’s lease. The global financial services provider has been a tenant at Drake Oakbrook Plaza since 1988.

Contact: Erin Mays Phone: 312.698.6735 Email:

Grubb & Ellis Awarded Property Management of Red Mountain Retail Group's 4.8 Million-SF Portfolio

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that Red Mountain Retail Group Inc., one of the most active developers and redevelopers of retail real estate throughout the Southwest, has selected the company to provide comprehensive property management and accounting services for its 4.8-million-square-foot portfolio.

“Grubb & Ellis is very pleased to have been selected as Red Mountain Retail Group’s property management partner,” said Dylan Taylor, president of Global Client Services. “This is a significant assignment, and we look forward to working with Red Mountain to offer their tenants the best retail environment in the industry.”

Founded in 1999, Red Mountain is headquartered in Santa Ana. The company’s portfolio is comprised of an assortment of big box and neighborhood retail centers as well as mixed-use assets, which are primarily located in California and Arizona. The portfolio also includes 11 properties spread across Utah, Montana, New Mexico, Tennessee, Kansas and Wisconsin.

The Grubb & Ellis property management team for the Red Mountain Retail Group portfolio is led by Hans Mumper, (middle right photo) senior vice president and director of management services, based in the company’s downtown Los Angeles office.

Contact: Damon Elder, Phone: 714.975.2659, Email:

Palmer Electric wins contract to wire townhomes for Lennar Homes

WINTER PARK, FL— The residential division of Palmer Electric Co. has secured a contract with Lennar Homes to provide electrical contracting services for a new townhome community, Camden Landing at Wyndham Lakes, (top right photo) located in Orlando, Fla.

Palmer Electric’s scope of services includes electrical wiring, low voltage systems and lighting fixture installation.

Lighting fixtures for the project are being supplied by Palmer Electric’s sister company, Showcase Lighting and Home D├ęcor Center in Winter Park, Fla. The project is under construction and will be completed as sales progress.

Camden Landing at Wyndham Lakes is composed of 22, two-story buildings housing 122 townhomes offered in three floor plans that range in size from 1,733-square-feet to 1,834-square-feet.

Founded in 1951 in Central Florida, Palmer Electric Company is an electrical contracting and service provider headquartered in Winter Park.

The Company employs a staff of 350 serving the electrical contracting needs of contractors and builders for new construction and renovations of residential, commercial, institutional and industrial buildings as well as providing service and repairs to utilities, businesses and consumers. For additional information on Palmer Electric Company, please visit

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344,,