Thursday, April 2, 2009

HFF secures $22.1M refinancing with Freddie Mac for southern California multifamily community

NEW YORK, NY, April 2, 2009 – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured a $22.1 million refinancing with Freddie Mac for Fairway Palms Apartments, (top right photo) a 236-unit multifamily community in Rancho Cucamonga, California.

Working on behalf of institutional investors advised by J. P. Morgan Asset Management - Global Real Assets, HFF senior managing director Whit Wilcox (top left photo) placed the seven-year, adjustable-rate loan with the Federal Home Loan Mortgage Corporation (Freddie Mac).

Loan proceeds are paying off a maturing loan that the borrower had with a portfolio lender. HFF has closed more than $100 million in financing through Freddie Mac in 2009.

Fairway Palms Apartments is located at 11201 5th Street, less than one mile from the Interstate 10 and 15 freeways and approximately 40 miles east of downtown Los Angeles in Rancho Cucamonga.

Completed in 2002, the 94% leased property has one-, two- and three-bedroom units that average 928 square feet each.

Residents of Fairway Palms have access to a swimming pool, fitness center and clubhouse and may also use the amenities at the adjacent Ironwood Apartments, which is also owned by the borrower.

"Even in the most challenging credit market environment, superior properties will attract capital at favorable levels. Fairway Palms enjoys strong operating performance and best of class sponsorship. Through all of the travails that have plagued global credit markets and derailed economic growth, Freddie Mac has remained an unshakable pillar of capital to the multifamily sector,” said Wilcox.


Whitney H. Wilcox, HFF Senior Managing Director, (212) 245-2425,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Jacoby Development and Suniva Make Solar Commitment to Aerotropolis Atlanta

Two Georgia Companies Aim to Create “Green Collar” Jobs

ATLANTA--(BUSINESS WIRE)--In a major partnership agreement signed this week, Jacoby Development, Inc., developer of smart growth and sustainable development national model Atlantic Station, and Suniva, a Norcross based manufacturer of high efficiency solar cells, will collaborate on incorporating solar technology into Aerotropolis Atlanta, the redevelopment of the former Hapeville Ford Plant adjacent to Hartsfield-Jackson Atlanta International Airport.

The initial phase of the partnership includes the planned installation of up to 10 MW of solar power in the main parking structure of the redevelopment.

“Partnering with Suniva at Aerotropolis Atlanta promises to deliver environmental sustainability and economic development by bringing a Georgia company to the table with us,” said Jim Jacoby, (top right photo) Chairman and CEO of Jacoby Development Inc.

Aerotropolis Atlanta, a 6.5-million-square-foot, 130 acre mixed-use redevelopment will be an aviation-intensive business district expected to include office, retail, restaurant, hotel and airport parking.
And Suniva has been widely recognized, most recently in Governor Sonny Perdue’s (bottom right photo) State-of-the-State address, as a stand out company in the renewable energy sector – bringing new technology and green jobs to Georgia.

“Building a new commercial center to attract jobs to the site of a former automotive plant is a great example of how American business reinvents itself, bringing new life and new opportunity to the community through innovation and hard work,” said Suniva CEO John Baumstark.(top left photo)

While the partnership between Jacoby Development and Suniva will begin with Aerotropolis Atlanta’s parking structure, both companies say they are investigating more opportunities to work together at this site and other projects.

Antenna Group for Suniva, Wendy Rosen, 415-977-1930, or

Jacoby Development, Howard Lalli, 404-455-0348,

34 Peachtree St. in Atlanta Earns Energy Star Designation Again

ATLANTA, GA-- 34 Peachtree, (top right photo) a 30-story office tower in downtown Atlanta, has earned the U.S. Environmental Protection Agency’s (EPA’s) Energy Star designation for the second straight time for its performance during 2008.

"We believe strongly in what Energy Star represents and are extremely proud of our ability to meet our energy goals,” said Cissy Anderson Pritchard, General Manager.

"Our engineering staff has gone to great lengths to ensure the property works at peak efficiency without sacrificing tenant comfort. This accomplishment benefits not only our tenants by keeping operating costs contained, but also the greater good by utilizing less of our limited natural resources.”

Harbor Group Management Company took the following actions to earn the Energy Star designation at the 34 Peachtree:

---Used direct digital controls to operate the HVAC systems, providing the ability to control the building environment by using either a scheduled or demand program.
---Utilized energy efficient T-8 and compact fluorescent lighting.
---Used variable frequency drives on cooling tower fans to modulate the fan speeds to meet the building cooling demands.
---Installed electric water heaters to allow for gas utility cost savings during months when building was not using gas heat.

34 Peachtree also earned the designation for 2007.

Other properties achieving the designation while managed by Harbor Group include The Hurt Building in Atlanta, Georgia; 300 South Wacker in Chicago, Illinois; E.ON US Center in Louisville, Kentucky; 200 Public Square in Cleveland, Ohio; PNC Center in Cincinnati, Ohio; State House Square in Hartford, Connecticut; National City Center in Indianapolis, Indiana; One Enterprise Center in Jacksonville, Florida; and Dominion Tower in Norfolk, Virginia.

Harbor Group International has owned and managed 34 Peachtree since December of 2005.

Contact: Amy Ford, 757-640-0800, phone; 757-640-0817 fax,

GVA Advantis Appointed Exclusive Leasing Agent and Property Manager for Five-Building Portfolio in Hampton Roads, VA Market

NORFOLK, VA. – GVA Advantis has been appointed the exclusive listing agent and property manager for a five building office portfolio owned by the BGK Group, totaling just under 320,000 square feet in the Hampton Roads market.

The portfolio consists of Main Street Tower, a 186,933 SF Class A office building located in Downtown Norfolk, VA, as well as The Atrium at Oyster Point, a 62,971 SF Class A office building, Rock Landing II, a 33,224 SF, Class A office building, Rock Landing IV and Rock Landing V, both 18,125 SF Class B office buildings, all located within Oyster Point Park, Newport News, VA.

Keith Pezzella, Director, and Brian Kollar, Associate, will handle the leasing for Main Street Tower and Chris Bendit, Director, will be the leasing agent for the Newport News properties.

Tim Allison, Vice President of Management Services, will oversee the management of the entire portfolio, Karla Cline, Senior Property Manager, will lead the team for Main Street Tower and Natalie Wilmer will be the Property Manager for the Newport News properties.

“We are very excited to have the opportunity to represent such an impressive inventory of property. We stand ready to meet the expectations of the ownership in locating quality tenants and providing a high level of service to the already notable roster of tenants in each of these buildings.”, says Clark Baldwin, Managing Director, GVA Advantis – Hampton Roads.

BGK Group purchased its first building in Santa Fe, New Mexico in 1991 and has since evolved into one of the largest and most respected private real estate companies in the United States.

They have acquired a high quality portfolio of more than 200 properties—including over 265 buildings—comprising over 20 million square feet and worth more than $2 billion.

Their current portfolio is geographically diversified across 26 states and includes office, industrial, retail and multi-family residential properties.

Contact: Susan Childress, 757.213.8217,

Marcus & Millichap Names Brent Smith Sales Manager of Austin, TX Office

AUSTIN, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Brent Smith (top right photo) sales manager of the Austin office, according to Gene Berman, (bottom left photo) group managing director of the firm’s Texas offices.

“Brent has extensive experience in commercial real estate as an investment specialist and manager,” says Berman.

“He will be an asset to our investment specialists, and instrumental in expanding our national market-making capabilities to clients in Austin and throughout Texas.”
Smith joined Marcus & Millichap in April 2003 as an agent specializing in retail property sales in the San Antonio and South Texas markets.

During his first year as an agent, he generated marketing assignments of more than $28 million and closed more than $17 million in transactions.

In October that same year, Smith opened Marcus & Millichap’s San Antonio office. By April 2004 he had achieved associate status.

In May of 2005, Smith joined the management team as sales manager of the Houston office.

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

Grubb & Ellis Extends 10-K Filing Beyond Mar. 31, 2009

SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that the filing of its 2008 Annual Report on Form 10-K with the Securities & Exchange Commission will be delayed beyond the March 31, 2009 due date.

The company previously announced on March 18 that it had filed a Notification of Late Filing on Form 12b-25, and was intending to file its 2008 10-K by March 31, 2009, as a consequence of having to restate certain previously issued financial statements to correct accounting errors related to the timing of revenue recognition relating to certain tenant-in-common investment programs sponsored by NNN Realty Advisors prior to the company’s merger with NNN Realty Advisors in December 2007.

The company has now substantially completed the work necessary to report 2008 financial results. However, additional time is necessary to complete the restatement of its previously issued financial statements for the years ended December 31, 2007 and 2006, and the related quarters that will be reflected in the 2008 Form 10-K.

The company currently intends to file its 2008 Annual Report on Form 10-K within the next 30 days.

Contact: Janice McDill, 312.698.6707,