Tuesday, March 10, 2009

HFF arranges $64.78M in debt and equity for Eisenhower Corporate Campus in northern New Jersey

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $64.78 million in debt and joint venture equity for Eisenhower Corporate Campus, (top right photo) a 384,828-square-foot, Class A office building in Livingston, New Jersey.

HFF senior managing director Jon Mikula (top left photo) and managing director Jim Cadranell (middle right photo) worked exclusively on behalf of Eastman Companies and The Sagner Companies to secure a $44.7 million, adjustable-rate loan through Wells Fargo Bank and TD BankNorth.

Fidelity Real Estate Group provided $20.08 million in joint venture equity. Proceeds are being used for the redevelopment of the office building.

Eisenhower Corporate Campus has four interconnected buildings surrounding a four-story atrium lobby. Building amenities at the complex include a full-service cafeteria with seating, a 200-person stadium-style seating auditorium, a fitness center and executive conference center.

Situated on a 33.6-acre campus, the property is located at the intersection of Route 10 and Eisenhower Parkway close to Interstates 280 and 287 approximately 20 miles west of New York City in Livingston, New Jersey.

“Eisenhower Corporate Campus has been a single tenant facility since its completion in 1984. This financing will enable Eastman Management to transform the building into a premier multi-tenant property,” said Mikula.

Eastman Companies celebrated its thirtieth anniversary last year and is a full-service real estate firm with in-house leasing, management and construction capabilities. Eastman is a recognized leader in high quality real-estate developments with property throughout northern New Jersey.

The Sagner Companies are investors and owners of office, medical, retail and healthcare real estate assets.

Fidelity Real Estate Group pursues value-added real estate investment opportunities throughout the U.S. on a fully discretionary basis for its managed funds.

The Real Estate Group is a division of Pyramis Global Advisors, a Fidelity Investments Company. Fidelity Real Estate Group manages approximately $1.2 billion on behalf of institutional and individual clients.

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, loan sales and commercial loan servicing. http://www.hfflp.com/.


Jon Mikula, HFF Senior Managing Director, (973) 549-2000, jmikula@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

MHI Hospitality Corporation Opens Crowne Plaza Tampa Westshore

WILLIAMSBURG, Va., Mar. 10 /PRNewswire-FirstCall/ -- MHI Hospitality Corporation (NASDAQ:MDH) announced today that the Company has opened the Crowne Plaza(R) Tampa Westshore (top right photo) in Tampa, Florida.

This follows the completion of an extensive 16-month repositioning of the property in line with a 10-year franchise agreement with InterContinental Hotels Group through its franchising entity, Holiday Hospitality Franchising, Inc.

The 11-story hotel underwent a renovation of both the interior and exterior.
The newly reconfigured asset features 222 guest rooms including 44 Cabana suites, as well as 10,000 square feet of flexible meeting and pre-function space; a 6,500 square foot signature restaurant lease space; an outdoor pool, and approximately 250 surface parking spaces.

The hotel is situated on 3.82 acres in Tampa's Westshore Corridor, the city's corporate, entertainment, restaurant and shopping district, and is within two miles of Tampa International Airport.

Andrew M. Sims, (middle left photo) President and CEO of MHI Hospitality Corporation, stated, "We are very pleased to announce the opening of the Crowne Plaza Tampa Westshore.

"This completely repositioned hotel is a classic example of our portfolio model in terms of full service amenities, value and strategic location..

"As the asset gains increasing traction in the Florida Gulf market, the Crowne Plaza Tampa Westshore should compete very effectively."

Crowne Plaza has been recognized by Lodging Hospitality magazine as one of the industry's top growing hotel brands. As part of the IHG global portfolio, the Crowne Plaza Tampa Westshore is one of more than 300 hotels in nearly 60 countries

Bill Zaiser, Chief Financial Officer of MHI HospitalityCorporation, +1-301-220-5400; or
Vicki Baker, +1-703-796-1808, for MHIHospitality Corporation

Morrison Commercial Real Estate Completes 42,334-SF Lease at University Corporate Center III, Orlando, FL

ORLANDO, FL (Mar. 10, 2009): Greg Morrison, CCIM, SIOR, Principal of Morrison Commercial Real Estate, announces the completion of an office lease totaling 42,334 square feet at University Corporate Center III, (bottom right photo) located in the Quadrangle Business Park at 11474 Corporate Boulevard, Orlando, Florida.

Greg Morrison (top left photo) and Emily Zinaich (top right photo) of Morrison Commercial Real Estate negotiated the lease on behalf of the landlord, Opus Real Estate FL VII UCC3, L.L.C.

The tenant, Northrop Grumman Systems Corporation was represented by Christopher Sproles of CB Richard Ellis.

Morrison noted that “The University Submarket” is one of the office submarkets in the Orlando area that is still seeing positive leasing activity. This is largely due to the fact that it is the hub for the “Simulation Training Industry.”

Northrop Grumman Systems Corporation is a leading global security company whose 120,000 employees provide innovative systems, products, and solutions in aerospace, electronics, information systems, shipbuilding and technical services to government and commercial customers worldwide.

Contact: Marylyn Tryon, Phone: 407.219.3500. Email: mtryon@morrisoncre.com

HFF places $33.2M loan for Newbury Common Apartments in Stamford, CT

WESTPORT, CT –HFF (Holliday Fenoglio Fowler, L.P.) has arranged first mortgage acquisition financing on behalf of Seaboard Properties for its purchase of Newbury Common Apartments (above centered photo) in Stamford, Connecticut.

HFF senior managing director Al Epstein (top ;eft photo) and director Christine Riniti worked exclusively on behalf of Seaboard in arranging the $33.2 million, fixed-rate loan through Freddie Mac (Federal Home Loan Mortgage Corporation).
HFF, a designated Freddie Mac Seller/Servicer, has closed more than $70 million in financings with Freddie Mac in 2009.

Newbury Common Apartments is located at 1450 Washington Boulevard in Stamford’s central business district near the Stamford campus of the University of Connecticut.

It has two towers with 261 units, which are 96% leased as well as 9,000 square feet of commercial space plus a 295-space underground parking garage.

Newbury Common Apartments also offers an affordability component whereby a portion of the units are occupied by qualified tenants.

“This is a substantial, well-built property. It is a concrete structure as opposed to the more common wood frame building and is located in a healthy multifamily environment.

"It stands out because of the quality of its construction, the generous size of the apartment units and the unmatched amenities, which include an indoor swimming pool, health club, business center, screening room, billiards room, tennis courts and community room,” said Epstein.

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, loan sales and commercial loan servicing. http://www.hfflp.com/.


Alvin J. Epstein, HFF Senior Managing Director, (203) 226-8171. aepstein@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500. krmurphy@hfflp.com

Marcus & Millichap's Michael Yu Named One of Firm's Top Investment Specialists

Yu is also the firm’s top hospitality agent nationwide.

ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named its top investment specialists for 2008.

Michael Yu, (top right photo) of the firm’s Houston office, ranked in the Top 30 out of more than 1,300 investment specialists nationwide. Yu has been the firm’s top hospitality agent nationwide for the past two years.

Yu is an associate vice president investments and director of the firm’s National Hospitality Group in Houston. He joined Marcus & Millichap in July 2003. Yu and Rahul Bijlani, also a director of the firm’s National Hospitality Group in Houston, have dominated the mid-market hotel investment sales market in Texas.

Yu and Bijlani facilitated more than 16 hospitality transactions in 2008, despite the turmoil in the financial markets. Together, Yu and Bijlani have represented the buyer, the seller or both on almost 90 percent of Marcus & Millichap’s hospitality transactions in Texas and Louisiana during the past four years.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716

WELBRO Receives AGC's 2009 Horizon Award and Chairman’s Award for Valencia Community College Allied Health and Sciences Building

ORLANDO, FL: Associated General Contractors of Greater Florida recently presented WELBRO Building Corporation with their annual Horizon Award for New Construction of a facility in the 15 to 30 million dollar category for Valencia Community College’s Allied Health and Sciences Building located on the VCC West Campus.

WELBRO was also awarded the Chairman’s Horizon Award for the same project.

Accepting the awards for WELBRO were Richard Rodriguez, Operations Manager; George Novo, Sr. Project Manager and Paul Hayes, Site Manager. Helene Loiselle, Assistant Vice President of Facilities and J Iverson, Project Director accepted on behalf of Valencia Community College.
WELBRO provided construction management services for this three-story, 80,000-square-foot building. The facility is Valencia’s first LEED-certified green building.

Contact: Patricia A. Werner, CEcD, 407/475-0800; mobile: 407/766-3951 2301. pwerner@welbro.com

C&W negotiates renewal for Harland Financial Services headquarters in Lake Mary, FL

ORLANDO, FL – Cushman & Wakefield of Florida, Inc. (C&W) announced Harland Financial Services has renewed their 80,000 sf lease at 605 Crescent Executive Court (top right photo).

Richard Solik, (bottom left photo) Senior Director, Office Brokerage Services represented the tenant in the $18 million, 10-year deal .

A major supplier of software and services for financial institutions, Harland Financial Solutions has occupied the top three floors of Primera Building III in Lake Mary since 1998.

Contact: Brook Hines, 407-541-4401, brook.hines@cushwake.com

Hal Warren elected Vice-Chairman of Orlando Historic Preservation Board

ORLANDO, FL - Hal Warren, (top right photo) a veteran commercial broker in Central Floridaand associate partner at Hendricks & Partners in Orlando, has been elected vice-chairman of the Orlando Historic Preservation Board.

Warren was appointed to the Orlando Historic Preservation Board in December 2007 by Orlando Mayor Buddy Dyer. (bottom left photo)

A graduate of Florida State University in Tallahassee, Warren earned his MBADegree from the University of Central Florida. He has more than 20 years of experience in commercial real estate, including positions as southeast acquisitions director for United Dominion Realty Trust, Inc. and senior director with Cushman & Wakefield's Apartment Brokerage Services

.Last year he joined Hendricks & Partners, the nation's largest private capital network of advisors and systems, as associate partner in the firm's southeast regional division headquartered in downtown Orlando.

"The Orlando Historic Preservation Board plays an important role in maintaining and protecting those elements of architecture and infrastructure that make Orlando a unique place with a vivid connection to its past,"Warren said.

For more information, please contact:
Hal Warren, Associate Partner, Hendricks & Partners, 407-218-8881
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

General Services Administration Signs Lease for 32,980 SF, Build-to-Suit Office Building in El Segundo, CA

Facility Will House Los Angeles United States Military Entrance Processing Station

EL SEGUNDO, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announces that the U.S. General Services Administration signed a lease for a 32,980-square-foot, build-to-suit office building (top right rendering) on 4.25 acres in El Segundo.

The facility will house the Los Angeles United States Military Entrance Processing Station. Terms of the transaction were not disclosed.

An agency of the Department of Defense, MEPS is responsible for qualifying and processing applicants for the United States Armed Forces and federal service.

Of the 65 MEPS facilities located throughout the United States, Los Angeles is the largest. Construction is under way on the new Los Angeles MEPS facility, which will be located at 1700 E. Grand Ave.

It is slated to open in August 2009. The Los Angeles facility will be relocating from 5051 Rodeo Road in Los Angeles.

Jim Biondi, Terry Reitz, Jeff Smart and Gerald Kim of Grubb & Ellis’ Los Angeles South Bay office represented the lessor, Mar Canyon Grand LLC, in the transaction. Shadd Walker of Colliers International represented the lessee.


Sharon Abar, 714.975.2185, sharon.abar@grubb-ellis.com
Damon Elder, 714.975.2659, damon.elder@grubb-ellis.com