Tuesday, November 17, 2009

Arbor Commercial Mortgage Appoints Louis Sarube to Vice President, Asset Management

Uniondale, NY--- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and leader in the commercial real estate finance industry,announced the appointment of Louis Sarube (top right photo) to Vice President, Asset Management. Mr. Sarube is based out of the Company’s Uniondale office and reports to John Felletter, SVP, Asset Management.

As Vice President, Asset Management, Mr. Sarube is responsible for the overall analysis of Arbor Realty Trust’s (ART) loan portfolio. His primary responsibilities include loan valuation, restructure and workout of Senior, Mezzanine and Bridge loans. Other responsibilities include identifying and implementing value enhancement opportunities and coordinating loan activity with senior management, attorneys and outside auditors to ensure compliance with CDO requirements.

Prior to joining Arbor, he served as a Director, Real Estate Finance for UBS Investment Bank/Dillon Read Capital Management. In this role, he closed in excess of $1.2 billion in transactions and was responsible for originating, underwriting, structuring and closing commercial fixed rate, bridge and floating rate loans.

Before UBS Investment Bank/Dillon Read Capital Management, he served as President and Chief Executive Officer at LPS Real Estate Analyst Inc., where he performed complete underwriting due diligence for loans originated by UBS Investment Bank. He held positions previously with Parallel Commercial Capital, LLC and Aetna Life Insurance Company.

Mr. Sarube holds a B.S. in Accounting from Bryant University and resides in Tarrytown, NY.

Contact:  Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/, Follow us on Twitter @ arbor1

HFF arranges $22.6M refinancing for Lincoln Park in Dallas

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has arranged a $22.6 million refinancing for Lincoln Park, (top left photo)  a 148,806-square-foot, grocery-anchored retail center in Dallas, Texas.

HFF managing director Kevin MacKenzie (middle right photo) and senior managing director Trey Morsbach (bottom left photo) worked exclusively on behalf of a joint venture between a client of Invesco Real Estate and Inland Western REIT to secure the five-year, fixed-rate loan.

 The loan is replacing debt that was maturing in November 2009.

Lincoln Park is located at the southwest corner of West Northwest Highway and North Central Expressway across from the NorthPark Mall in north Dallas. Completed in 1998, the property is 98% leased to tenants including Tom Thumb, The Cheesecake Factory, Container Store and Barnes & Noble.

“The loan request attracted a wide variety of interest from lenders providing aggressive financing proposals due to the strength of the tenant line-up, the location, the sales performance, and the class A sponsorship,” said MacKenzie. “The property continues to have strong occupancy levels and benefits from its proximity to NorthPark Mall and the affluent neighborhoods of Highland Park and University Park.”

Inland Western Retail Real Estate Trust, Inc. is a self-managed real estate investment trust that acquires, manages and develops a diversified portfolio of real estate, primarily multi-tenant shopping centers across the United States. As of June 30, 2009, Inland’s portfolio under management totaled in excess of 49 million square feet, consisting of 301 wholly-owned properties. Inland also has interest in 12 unconsolidated operating properties and 17 properties in seven development joint ventures. For further information, please see the company website at www.inlandwestern.com.


Kevin C. Mackenzie, HFF Managing Director, (214) 265-0880, kmackenzie@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Marcus & Millichap Lists $10.8M Huntington Beach Medical Office Tower in California

HUNTINGTON BEACH, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for the Huntington Beach Medical Tower, (top left photo)  a four-story, 58,518-square foot medical office building in Huntington Beach. The listing price of $10,875,000 represents $186 per square foot.

John Smelter, first vice president investments and a senior director of the National Office and Industrial Properties Group in the firm’s San Diego office, is representing the seller.

“In 2008, the average sales price per square foot for a California medical office building was twice that of the current per square foot asking price for the Huntington Beach Medical Tower,” comments Smelter. “Additionally, the existing rents are 18 percent to 23 percent below the market average. At a 7.95 percent cap rate, this is the best-priced medical office property on the market. With the upside in rents, as evidenced by the recent renewals, we project a 9.8 percent cap rate by year four,” adds Smelter.

The property is located at 17822 Beach Blvd. in Huntington Beach, just west of the San Diego Freeway, Interstate 405, on the campus of the Huntington Beach Hospital, a 131-bed facility with more than 500 employees and 300 physicians.

Built of reinforced concrete and brick on approximately 2.6 acres, the Huntington Beach Office Tower features well-groomed landscaping, an attractive lobby area and three elevators. There are approximately 458,397 people living within a five-mile radius of the property.

Huntington Beach is located on the California coast in Orange County, 40 miles south of Los Angeles. The city contains high-quality residential neighborhoods, upscale shopping and a diversified business sector, which includes retail and outlet shopping, service industries, automotive sales and professional corporations.

Contact: Stacey Corso, (925) 953-1716 direct, (415) 672-6460 cell, (925) 953-1710 fax, stacey.corso@marcusmillichap.com

Marcus & Millichap Sells an 83-Unit Apartment Building in Tampa, Fl

TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Tampa Heights Apartments, an 83-unit apartment property located in Tampa, Florida, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $3,000,000.

Michael P. Regan, (top right photo)  a Senior Associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.

 “In a rental market that has declining rents and rising concessions; the stability that a Project-Based Section 8 asset offers is unmatched. Investor demand for this property was high. Within four weeks of marketing the property, we had twelve offers from qualified investors,” says Regan.

The buyer, a limited liability company, was secured and represented by Francesco P. Carriera, (middle left photo) an Investment Specialist in the firm’s Tampa office. “This is the buyer’s second acquisition in the Tampa Bay area, states Carriera. “He will be doing some major exterior renovations in the near future and over the long term will renovate each unit individually, as-needed.”

“We were able to complete the loan approval of 80 percent and the HUD approvals within 30 and 90 days respectively” added Carriera.

Tampa Heights Apartments is located at 4817 Temple Heights.

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

Recession Generating Big Changes in Retail Property Strategies, but Classic Values, Conservative Approach is Winning, says Orlando Broker John Crossman

ORLANDO, Fla. --- All economic cycles help generate evolutionary changes in the way people buy and sell things and the current national economic recession may be responsible for more than its share, according to one longtime retail analyst.

John Crossman, (top right photo) president of Crossman & Company, one of the largest third-party retail leasing and management firms in the Southeast, said that despite a number of new trends, the most successful retailers today embrace core conservative values.

“Look at a chain retailer like Publix,” Crossman said. “Publix stock is up. They are doing deals---opening new stores and redeveloping old ones in down a market when some of their competitors are closing stores. They have weathered the storm and they will grow their market share because they developed a classic conservative strategy to the recession,” Crossman said.

Other retailers are taking a more progressive approach to practical necessities.

“One of the hottest trends in retail leasing right now is short-term leases,” Crossman said.

Historically, retail spaces have been leased in five and 10-year terms.

“Recently, we’ve seen three-year, one-year, and even month-to-month lease terms, and ‘temporary tenant’ who need space for 30 days for a big event or a seasonal sales campaign.” Crossman said. “We’re seeing a lot of that for the upcoming holiday season.”

Crossman said such short-term tenants create activity, traffic and energy at a retail center or mall, and that helps other tenants.

But some property owners aren’t so sure.

“Some people see the negative, and assume that more tenant rollover will shadow a retail center’s image,” Crossman said, “but that’s a misnomer.

Fifth Avenue in New York (bottom left photo)  has plenty of rollover tenants, and Fifth Avenue is still the number one retail destination in the world,” he said.

For more information, contact:

John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com
Justin Greider, Senior Associate, Crossman & Company/ICSC Florida Next Generation Chair, 407-581- 6225; jgreider@crossmanco.com
 Larry Vershel, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

Lennar offers to double your tax credit now through Dec. 31 in Four Lennar communities in Southwest Florida

FORT MYERS, Fla. --- Lennar’s Southwest Florida Division has announced it will double the U.S. Federal Tax Credit available to qualified new home buyers through Dec. 31 on the purchase of any new home in four Lennar communities in Southwest Florida.

Matt Devereaux, director of sales for Lennar’s Southwest Florida Division, said the $8,000 Federal tax credit is available to first time home buyers through next April and a new $6,500 tax credit is now available to home buyers who already own homes.

“Lennar will double the tax credit and new home buyers can apply the savings to their down payment, to their closing costs, to upgrade on their new homes or pocket the cash,” /1:51 PM 11/16/2009Devereaux said.

The offer is good through the end of the year at all of Lennar Southwest’s communities.

For more information, contact:
Matt Devereaux, Director of Sales, Lennar-Southwest Florida 239-278-1177
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Volume of Distressed Commercial Properties to Increase in 2010 as Lenders Respond Lethargically, Says Jeff Sweeney of Grubb & Ellis Commercial Florida

ORLANDO, Fla. --- The volume of distressed commercial properties---offices, retail buildings and industrial properties in danger of foreclosure---will likely increase substantially in 2010, says Jeffrey Sweeney (top right photo), SIOR, president or Grubb & Ellis Commercial Florida, one of the state’s largest commercial property companies with offices in Orlando, Tampa and Melbourne and associated with 130 Grubb & Ellis offices worldwide.

“Lenders have developed the internal processes to deal with distressed properties and are now ready to deal with them,” Sweeney said.

“Regulators have put significant pressure on banks to shed under-performing loans, and the real estate downturn has depressed the loan value of many commercial property assets,” Sweeney said. “Property sales volume will increase in 2010 but prices will be depressed,” he said.

The situation is a mixed blessing for commercial property companies, Sweeney said. Grubb & Ellis
Commercial Florida projects its brokerage business will grow by 10 percent or more next year due primarily to distressed property sales.


Jeff Sweeney, SIOR, 407-481-5387, http://www.commercialfl.com/
Larry Vershel Communications, 407-644-4142

Grubb & Ellis and Real Property Tax Advisors Join Forces to Expand Company’s Real Estate Services Platform

SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  has formed a limited liability company with Real Property Tax Advisors, Inc., an Atlanta-based property tax services firm, to provide its clients a full range of tax advisory services.

The new entity, Grubb & Ellis–Real Property Tax Advisors LLC, will serve clients nationally.

“Real Property Tax Advisors is a firm we’ve had a relationship with for some time,” said Eric Forshee, executive managing director, Grubb & Ellis Management Services. “They have a solid reputation, a national presence and share our commitment to exceptional service. As we work with our clients to address their real estate issues, this is just one of many avenues we explore to minimize costs and create value.”

Providing property tax services since 1972, Real Property Tax Advisors offers property tax management; property tax appeal; litigation support; personal property compliance; personal property audit support; and consulting. The firm prides itself on its strategic approach to managing the entire property tax process. Its appeal success rate is significantly higher than the industry average, resulting in measurable cost savings for its clients.

Anne Sheehan, chairman and president, Real Property Tax Advisors, said, “We are excited to further strengthen our relationship with Grubb & Ellis. The company’s strong brand recognition and expertise managing a wide range of corporate and investment real estate portfolios is a perfect fit for our team of expert tax advisors.”

Contact: Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com