Monday, June 29, 2009

Grubb & Ellis Announces 2 New Execs in Seattle and Denver

Bill Condon Named Managing Director of Seattle Office

SANTA ANA, Calif. (June 29, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Bill Condon (top right photo) has been named managing director of its Seattle office, effective immediately.

In this role, he will split time between managing the company’s commercial real estate services platform in Seattle and continuing to serve his established base of industrial brokerage clients.

“The qualities that have made Bill a successful brokerage sales professional – integrity, leadership and a commitment to client service will serve him well in his new role as managing director of our Seattle office,” said Jack Van Berkel, president, Grubb & Ellis Real Estate Services.

Condon joins Grubb & Ellis from Colliers International where he began his brokerage career in 2003.

Contact: Janice McDill, 312.698.6707,

Patrick G. Lynch, RPA, FMA, is New Senior Director, Corporate Services Group in Denver

DENVER (June 29, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Patrick G. Lynch, (bottom left photo) RPA, FMA, has joined the company as senior director, Corporate Services Group.
In addition to providing real estate solutions to the company’s corporate clients, he will focus on assisting clients with their data center needs.

“Pat has a proven track record of successful real estate and facilities management on a global scale and will play a key role in providing our clients with a superior level of service regarding data center facilities,” said Mark Ballenger, executive vice president and managing director of Grubb & Ellis’ Denver office.
Contact: Julia McCartney, 714.975.2230,

Marcus & Millichap Sells 2,723-SF Single-Tenant Net-Leased Building in Vidalia, GA

VIDALIA, GA, June 29, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Wendy's, (bottom left photo) a 2,723 square foot single-tenant net-leased property located in Vidalia, Georgia, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,370,000.

John E. (Jay) Brigel, (top right photo) a Senior Associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of both the seller and the buyer, a limited liability company.

John Leonard, Regional Manager of Marcus & Millichap’s Atlanta office, assisted in closing this transaction.

“It’s always a pleasure to deal with quality concepts like Wendy’s and with the quality franchisees that make their product so attractive to the market,”states Brigel.

Wendy's is located at 901 East First Street in Vidalia, Georgia.

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

CBRE Orlando Sells Four Apartment Communities Totaling $67.4M

ORLANDO, FL – The Orlando office of CB Richard Ellis is pleased to announce that its Central Florida Multi-Housing Group closed four local apartment properties in June for approximately $67.4 million.

CBRE exclusively represented the seller in all transactions, and has retained its position as the top multi-housing sales team in Orlando with 75% market share thus far in 2009.

The assets sold totaled approximately 700 units, and included two value-add opportunities built in the late 1980s, a newer community built after 2000, and a small low-income tax credit property.

The properties were marketed individually for different owners, and were purchased by three separate buyers. CBRE also has three other apartment projects currently under contract.

For further information, please contact:

Shelton Granade, First Vice President, T 407.839.3103. F 407.404.5001

Luke Wickham, Director of Operations, T 407.839.3130. F 407.404.5001

CBRE Orlando Releases 2Q Industrial and Office Reports

ORLANDO, FL--CB Richard Ellis has released its second quarter 2008 Orlando MarketView Reports on the industrial and office sectors. Highlights include:


--The Institute for Supply Management's manufacturing index was up in May, rising to 42.8 percent, a reading that still indicates a deep contraction in the manufacturing sector, but a welcome increase over the 40.1 percent reported during April.

--A drop in the employment index suggests manufacturing payrolls will continue to decline in the coming months.
--A forecast from the University of Central Florida's Institute for Economic Competitiveness for 2009-2012 shows manufacturing jobs in Orange, Seminole, Osceola and Lake counties are expected to drop from 39,900 jobs to 36,300 by the end of second quarter 2010.


--As vacancy rates skyrocket and sublease space cannibalizes the market, landlords are increasingly desperate to reduce risk by extending lease terms in exchange for months of free rent, competitive tenant improvement allowances, and other rent concessions.

--Lease rates have not been this low since $20.65 in the third quarter of 2006. Class A space in the Downtown submarket continues to command the highest lease rate of $27.69, a decrease of $0.70 from the previous quarter.

--The Downtown submarket experienced negative 102,296 sq. ft. or 37.1 percent of net absorption experienced in Orlando.

For a complete copy of both reports, please contact Angelique Greven,

Behringer Harvard Appoints Real Estate Industry Veteran to Its Opportunity REIT II Board

DALLAS, TX, June 29, 2009 /PRNewswire/ -- Behringer Harvard announced today that real estate industry veteran Diane S. Detering-Paddison (top right photo) has been appointed as an independent director on the board of directors of Behringer Harvard Opportunity REIT II, Inc.

"We're pleased to welcome Diane to our Opportunity REIT II board," said Robert S. Aisner, (bottom left photo) CEO of Behringer Harvard Opportunity REIT II, Inc. "She brings to this role more than two decades of experience with several prestigious giants in the commercial real estate industry.

"Her expertise will be instrumental in guiding our opportunity-style REIT through the completion of its acquisition phase and beyond."

Paddison served from June 2008 to January 2009 as chief operating officer of Denver-based ProLogis (NYSE:PLD), a Fortune 500 company that owns, manages and develops distribution facilities and has more than $32 billion in real estate assets under management.


Katie Myers of Richards Partners, +1-214-891-5842,,
for Behringer Harvard; or
Jason Mattox, Chief Administrative Officer, 1-866-655-3600,,
Barbara Marler, +1-469-341-2312,,
both of Behringer Harvard