Tuesday, December 8, 2009

Grubb & Ellis Represents Jani-King in Purchase of 48,000-SF Office Building in Rolling Meadows, IL

ROSEMONT, IL (Dec. 8, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it facilitated the sale of 2900 Golf Road in Rolling Meadows to Jani-King.

 The purchase price for the 48,000-square-foot office building was not disclosed.

Craig Cassell, vice president, and Jim Ward, senior vice president, facilitated the transaction on behalf of Jani-King. Vince D’Amico and Dirk Riekse, both senior vice presidents, represented the seller, an undisclosed investor.

“Companies in a position to make long-term decisions can benefit from purchasing in today’s market,” said Cassell. “The extra space and land Jani-King acquired in this transaction presents cash flow and/or future expansion options.”

Jani-King will move its operations to the new facility in the first quarter of 2010 from 1701 E. Woodfield Road, where it was previously a long-term lessee. The commercial cleaning company will occupy approximately 15,000 square feet and plans to market the remaining 33,000 square feet for lease.

In addition to the 48,000 square feet of office space, the building has a 28,000-square-foot basement. The sale also included an adjacent 3.5-acre parcel of land.


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

Franklin Street Announces Latest Sale of Bank Owned Apartment Community

Tampa, Florida, December 8, 2009: Franklin Street Real Estate Services is pleased to announce the sale of Omni Apartments (top left photo)  in Tampa, Fla., for $595,000. The sales price represents $12,660 per unit and $15.74 per square foot.

Franklin Street Partners Darron Kattan, Bob Goldfinger and Kevin Kelleher represented the buyer and seller. The buyer was Tropic Property Management Inc. The property was REO and was sold by the servicing company handling the asset for the bondholders.

“The property was 100% vacant at the time of sale, and every unit needed some level of work,” said Kattan. “The buyer was a local owner with the ability to fix up and manage a rental property like Omni in a lower income area. The previous owner was out of area, had a vision of a low income condo conversion and did not appear to have any ability to execute on that business plan.”

Built in 1983, Omni Apartments is located at 1008 E. 109th Ave. Tampa, FL. The property was constructed of wood frame and concrete block and offers 32,994 rentable square feet. The apartment community consists of 47 two and three-bedroom units that are 702 square feet.

Franklin Street Real Estate Services is a Franklin Street Financial Partners company providing a complete scope of commercial real estate services to an extensive array of clientele.

 For more information, please visit our website at FranklinStreetFinancial.com or contact our office at (813) 839-7300. Franklin Street Financial Partners – Financial Strength From Partners you can trust.


Mandy Force, Franklin Street Real Estate Services, 5420 Bay Center Dr. Suite 100, Tampa, Florida 33609 Phone: 813.839.7300, Fax: 813.839.7330, http://www.franklinstreetfinancial.com/

Grubb & Ellis Commercial Florida Negotiates $250,000 Sale Price for Retail Building in Melbourne Beach, FL

MELBOURNE, Fla. --- Grubb & Ellis Commercial Florida, associated with 130 offices worldwide, recently negotiated the sale of a 3,470 square foot retail building at 317 Ocean Ave. in Melbourne Beach for $250,000.00.

Cheryl Harrington, (top right photo)  vice president of retail development for Grubb & Ellis Commercial Florida in the Melbourne region, negotiated the transaction representing the seller, Nueva Guinea S.A. of San Jose, Costa Rica.

Laura Dowling-Roy of Melbourne bought the property that includes 1,920 square feet of space built in 1964 and another 1,550 square feet of newer, partially finished space.

Cheryl Harrington, VP Retail Development, 2108 W. New Haven Avenue, West Melbourne, FL 32904, 321.984.1957
Larry Vershel or Beth Payan, lvershelco@aol.com

Grubb & Ellis Commercial Florida negotiates expansion lease for Morgan & Morgan Law Firm at Tampa City Center

TAMPA, Fla. – Mia Jarrell, (top right photo) vice president of Grubb & Ellis Commercial Florida’s Office Group, recently negotiated a long-term expansion lease agreement for 7,386 square feet of Class A office space at 201 N. Franklin Street in Tampa City Center (bottom left photo).

Jarrell, a CBD specialist, negotiated the lease with landlord, Mainstreet Capital Partners of Fort Lauderdale, on behalf of the tenant Morgan & Morgan Law Firm, who already leased 32,000 square feet, and now occupies a total of 39,386 square feet on the sixth and seventh floors of the building.

The downtown Tampa City Center is one of the Morgan & Morgan Law Firm’s several locations throughout the Southeast. They employ more than 100 attorneys, mainly trial lawyers with a wide array of specialties to represent individuals nationwide in cases that involve personal injury or wrongful death.


Mia Jarrell,  813-639-1111
Jeffrey Sweeney,  407-481-5387
Larry Vershel , 407-644-4142

HFF named to market sale of Hock Plaza I at Duke University in Durham, NC

HOUSTON, TX – The Houston and New York offices of HFF (Holliday Fenoglio Fowler, L.P.)  have been named to market for sale Hock Plaza I at Duke University,(middle right photo)  a 327,162-square-foot Class A office building in Durham, North Carolina.

HFF senior managing directors Jeff Hollinden (top right photo), Glenn Whitmore (top left photo) and Andrew Scandalios (bottom right photo) , along with associate director Barbara Guffey, (bottom left photo)  will lead the investment sales team on behalf of the seller, Brickman.

The property is being offered for sale without a formal asking price and is subject to in-place assumable financing. HFF arranged the prior sale of Hock Plaza I to Brickman in 2005.

Completed in 2004, Hock Plaza I has 12 floors of office space plus an attached 1,100-space parking garage.

The property is 98.4% occupied under long-term leases by Duke University and Duke University Healthcare Systems. The 2.5-acre site is located at 2424 Erwin Road immediately adjacent to the Duke University campus and the “world-renowned” Duke Medical Center.

“Hock Plaza I is an asset of exceptional quality with a stable income stream backed by Duke University and its affiliated healthcare system,” said Hollinden. “The immediate proximity to Duke’s campus and medical center make this a truly irreplaceable location as well.”

“This is arguably one of the top office buildings on the market in the country at this time,” added Whitmore. “Core investors today are seeking Class A quality, investment grade credit and long term leases – this asset offers all of those attributes plus very attractive assumable financing.”

Brickman is a real estate private equity firm that invests with the perspective and insight of an owner-operator.

 Since 1992, the firm has invested in excess of $2.7 billion of total capital in more than 61 real estate transactions throughout the United States.

 Brickman owns and operates all property types, applies opportunistic and core investment strategies, and invests across the entire capital structure of real estate assets.


Jeff Hollinden, HFF Senior Managing Director, (713) 852-3500, jhollinden@hfflp.com
 Glenn Whitmore, HFF Senior Managing Director, (212) 632-1807, gwhitmore@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, kmurphy@hfflp.com

$98M construction loan arranged by HFF for future headquarters of DARPA in Arlington, VA

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.)  has arranged a $98 million construction loan for the development of the 352,740-square-foot future headquarters of the Defense Advanced Research Projects Agency (DARPA) in Arlington, Virginia.

This project is the first phase of the 1.1 million-square-foot Founders Square mixed-use development.

HFF senior managing directors Bill Asbill,  (top right photo) Bob Donhauser (top left photo)  and John Duffy   and director Dan McIntyre worked exclusively on behalf of the owner, Ashton Park Associates I, LLC, to arrange the equity capital with local investors and the construction loan with Landesbank Hessen-Thuringen, also known as Heleba.

The Shooshan Company is handling the development of the property, which was designed by RTKL. Clark Construction Group is the general contractor.

“A truly collaborative effort between the State of Virginia, Arlington County, the GSA and the ownership has enabled this landmark project to commence construction despite the difficult capital markets environment,” said Asbill.

Due for completion in the first quarter of 2012, the 13-story, trophy quality office building will meet the Department of Defense’s Level IV security standards and is designed to be certified LEED-Gold. The property is situated at 675 North Randolph Street across from the Ballston Common Mall in the heart of Washington, D.C.’s Rosslyn-Ballston Corridor (R-B Corridor).

“The R-B Corridor is the primary ‘Inside the Beltway’ office submarket in Northern Virginia and is truly an extension of Washington, D.C.,” added McIntyre. “The Founders Square site is one of the last great development sites in this area and the DARPA headquarters building will serve as an important anchor for its continued development.”

“Especially in these difficult and challenging conditions, we are grateful to our existing and new clients who continue to show their confidence in our ability to create and execute viable solutions for them, as evidenced by nearly 30 separate capital markets transactions that our Washington, D.C. office has closed over the course of 2009,” added Duffy.

Formed in 1986, The Shooshan Company has planned, developed, managed and/or leased approximately 2.5 million square feet in the Rosslyn-Ballston Corridor. Projects include One and Two Liberty Center, The Residences at Liberty Center, Liberty Tower, Arlington Square, One Virginia Square and Quincy Street Station.


William S. Asbill, HFF Senior Managing Director, (202) 533-2500, wasbill@hfflp.com
Daniel J. McIntyre, HFF Director, (202) 533-2500, dmcintyre@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Marcus & Millichap Promotes Stacey Milam to First Vice President Investments in Washington, DC

 WASHINGTON, D.C., Dec. 7, 2009 — The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Stacey Milam (top right photo)  to the position of first vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists.

It represents excellence in the development and servicing of long-term client relationships, according to David Feldman, regional manager of the firm’s Washington, D.C. office.

Milam joined Marcus & Millichap in December 1999. He was promoted to associate in 2001 and earned senior associate status in December 2002.

Milam advanced to senior investment associate in July 2005 and vice president investments in January 2008. He specializes in the sale of multifamily properties and currently serves as a director of the firm’s National Multi Housing Group. Milam has received numerous sales achievement awards from Marcus & Millichap, including five National Achievement Awards.

 Contact:  Stacey Corso, corporate communications, stacey@marcusmillichap.com

Marcus & Millichap Capital Corp. Arranges $5.4M Loan in Oregon

ALBANY, OR– Marcus & Millichap Capital Corporation (MMCC) has arranged a $5.4 million loan to refinance Albany Meadows Apartments, (top left photo)  a 127- unit garden-style multifamily apartment building in Albany.

Bradley Willson, a director in the firm’s Newport Beach office, arranged the financing for the building.

“We have a longstanding relationship with the lender and they were willing to take the time to understand the nuances of this transaction and move forward when perhaps other lenders would not have,” says Willson. “The fully renovated property is just beginning to demonstrate stabilized operations. By engaging in negotiations prior to the application and during the loan process, we are able to achieve the goals of the borrower and satisfy the lender.”

The loan, a refinancing of a construction/bridge loan, is a 10-year fixed-rate loan with a 30-year amortization, a loan-to-value of 77.5 percent and a 5.58 percent interest rate.

Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation, (925) 953-1716