Wednesday, January 6, 2010

Grubb & Ellis Represents NCS Pearson Inc. in Lease Renewal at 1 N. Dearborn, Chicago

CHICAGO (Jan. 6, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced today it represented NCS Pearson Inc. in its lease renewal and relocation at 1 N. Dearborn. (top left photo)  The publishing firm leased 15,938 square feet of space for 10 years.

Peter Block, senior vice president, and Alan Klingler, senior associate, both of the company’s Investment Group, facilitated the long-term lease.

“NCS Pearson was looking to downsize its space and relocate to another area of the building,” said Block. “We were able to reach an agreement with all parties to find a space that better meets the company’s needs.”

NCS Pearson Inc. is a leading publishing and education company headquartered in London. The company is scheduled to take occupancy on approximately April 1, 2010.

Contact: Erin Mays, Phone: 312.698.6735, Email:

Franklin Street Announces Bank Owned Sale in Fort Myers, FL

TAMPA, FL, Jan, 6, 2010: Franklin Street Real Estate Services is pleased to announce the sale of 2341 Willard Street Apartments (top left photo)  in Fort Myers, Fla., for $119,000. The sales price represents $13,222 per unit and $13.49 per square foot.

Franklin Street Associate Kevin Kelleher represented the buyer and seller. The buyer was a private, local investor. The selling entity was a publicly traded lender that foreclosed on the property in 2009.

“The property was less than 50% occupied at the time of sale, and every unit needed some level of work,” said Kelleher. “The buyer was a local investor who purchased the property despite the current operational challenges in Fort Myers, believing in the long term fundamentals of the Florida multi-family market.”

Built in 1978, 2341 Willard Street Apartments is located at 2341 Willard Street Fort Myers, FL. The property was constructed of concrete block and offers 8,820 rentable square feet. The apartment community consists of 9 two bedroom units that are 980 square feet.

Contact:  Mandy Force, Franklin Street Real Estate Services, Phone: 813.839.7300, Fax: 813.839.7330, 5420 Bay Center Dr. Suite 100, Tampa, Florida 33609,

Arbor Closes Two FHA 223(f) Loans Totaling $15,873,200

Uniondale, NY (Jan. 6, 2010) - Arbor Commercial Mortgage, LLC, announced the recent funding of two (2) loans totaling $15,873,200 under the FHA 223(f) program. The loans include:

· Villagewood, Waterbury, CT – A 164-unit complex in the amount of $7,956,600. The 35-year loan amortizes on a 35-year schedule and carries a note rate of 4.65 percent.

· Northwood, Waterbury, CT – A 164-unit complex in the amount of $7,916,600. The 35-year loan amortizes on a 35-year schedule and carries a note rate of 4.65 percent.

“The refinances facilitate the long-term preservation of affordable housing in Waterbury,” said Joseph Donovan, (top right photo)  Senior Vice President, Production Management in Arbor’s full-service Boston, MA lending office.

 “We were pleased to be able to provide fixed-rate, fully amortizing loans at a very favorable rate. We also want to recognize the Hartford HUD staff for their efforts as Arbor’s partner on the loans.”

Contact:  Ingrid Principe, P: 516.506.4298, F: 516.542.2555,, Follow us on Twitter @ arbor1

NAI Realvest negotiates lease renewal for 7,251 SF of industrial space at Monroe CommerCenter in Sanford, FL

MAITLAND, FL --- NAI Realvest recently negotiated a renewal agreement for the lease of 7,251 square feet of industrial space at Monroe CommerCenter North (top left photo) in Sanford.

Michael Heidrich, (bottom right photo)  a principal in the firm, brokered the transaction representing the landlord, Maitland-based COP-Monroe North, LLC and the tenant, Sanford-based Florida Builders Consortium, Inc. d/b/a Saw Tech, who renewed its lease of Suite 1018 at 4150 Church Street in the industrial center.

For more information, contact:

Michael Heidrich, Principal, NAI Realvest 407-875-9989
Patrick Mahoney, President, NAI Realvest 407-875-9989
Beth Payan, Larry Vershel Communications, 407-644-4142

Crossman & Company Negotiates New Retail Lease Agreements at Five Publix Retail Centers in Florida

ORLANDO, FL. --- Crossman & Company, which ranks as one of the largest third-party retail leasing and management companies in the Southeast, recently negotiated five new retail lease agreements at five Publix centers throughout Central and South Florida.

All of these centers are part of the 10.4 million square foot Publix-owned shopping center portfolio.

Justin Greider, (middle right photo) senior associate at Crossman & Company, negotiated three of the lease agreements:

•South Gate Shopping Center (Publix-anchored), 102 S.R. 60 E. in Lake Wales, 1,815 square feet to Pandora’s Beauty Box;

•Publix at Treasure Island (Publix-anchored), 111 104th Ave. in Treasure Island, Pinellas County, 1,851 square feet to Golden Nails & Spa II; The center is now 100 percent leased after opening in early 2009.

•Plantation Square (Publix-anchored), 5375 N. Socrum Loop Rd. in Lakeland, 1,449 square feet to EZ Wireless;

Crossman & Company’s South Florida associate Ashley Thornburg negotiated two additional lease agreements:

•Miramar Town Centre (Publix-anchored), 6890 Miramar Parkway, 586 square feet to TaxEasy. The center is now 100 percent leased.

•Publix at the Acreage, 7070 Seminole Pratt Whitney Rd. in Loxahatchee in Palm Beach County, 1,300 square feet to American Blue Pool Supplies.

For more information, please contact:

Justin Greider, Senior Associate, Crossman & Company/ICSC Florida Next Generation Chair, 407-581-6225;
John Crossman, CCIM, President, Crossman & Company, 407-581-6218,
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142,

Social Security Administration Buildings Obtain $3.7M Financing in Lake City and St. Augustine, FL

ORLANDO, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $3,707,043 for the Social Security Administration (SSA) Buildings in Lake City and St. Augustine, Florida.

Doug Rozzell, (top right photo)  Company Principal, financed the SSA Lake City Building through Thomas D. Wood and Company’s relationship with a regional bank in the amount of $1,905,345.

 The mini-permanent loan has a term of three years, based on a 20-year amortization. The loan-to-value is 80% and loan-to-cost is 85%, with an interest rate of LIBOR + 300 basis points, floor of 6.75%. The 9,432 square-foot single-tenant office was built in 2009 and is located on Bascom Norris Drive, Lake City, Florida.

Rozzell also financed the SSA St. Augustine Building through a regional bank in the amount of $1,801,698. The mini-permanent loan has a term of three years, based on a 20-year amortization.

The loan-to-value is 80% and loan-to-cost is 90%, with an interest rate of 6.75%. The 7,306 square-foot single-tenant office was built in 2009 and is located at 2440 Old Moultrie Road, St. Augustine, Florida.

Doug Rozzell (407) 937-0470
Jessica Kinnee (407) 937-0470

Marcus & Millichap Sells $10.6M Class-A Medical Office Building in San Diego County

CHULA VISTA, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of the 77,002-square foot Class A County of San Diego Health and Human Services agency building (top left photo)  in Chula Vista.

The sales price of $10.6 million makes it one of the largest office transactions in San Diego County this year.

Joshua Volen, (bottom right photo)  an associate vice president and a director of the firm’s National Office and Industrial Properties Group in San Diego, represented both the buyer and seller.

“The County of San Diego Health and Human Services agency is a high-profile tenant that leases space in a Class-A project,” says Volen. “The property features a brand new 10-year lease extension with annual increases that provide new ownership with a stable long-term investment.”

The asset is located on 7.07 acres at 690 Oxford St. in Chula Vista with easy access to Interstates 5 and 805. The building features 420 surface parking spaces and excellent ingress and egress. Located seven miles from downtown San Diego, Chula Vista is the second-largest city in San Diego County.

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

Resort Taxes Down Again in Orange County, FL

ORLANDO, FLORIDA -- County Comptroller Martha Haynie announced today that resort tax collections received by the County in December for the hotel collection month of November 2009 were $11,199,600. Resort taxes are charged on short-term rentals, mostly hotels and motels.

Comptroller Haynie noted that November 2009 collections were nearly eight percent lower than November 2008. “Clearly, we are still looking forward to some good news in 2010,” Haynie stated.

For more detailed information and statistics, please contact:

Martha O. Haynie, Orange County Comptroller,  (407) 836-5690
Joan Randolph, Executive Assistant. Tele: 407-836-5986, Fax:

Equity Investment Services Completes 14 Lease Deals in Orlando

ORLANDO, FL--Nicholas E. Ledvora, CCIM and Christopher M. Savino, Managing Directors of Equity Investment Services of Orlando, are pleased to announce that EIS successfully executed three new exclusive leasing/management assignments and fourteen leases in the month of December.

Highlighting the leasing activity, Sebastian Smith, Nate Cutchin, and Brett Green signed two new leases at South Trail Plaza, a neighborhood shopping center located on the corner of Holden and US 441 in Orlando. The freestanding outparcel was leased to a new Chinese restaurant concept.

Along with stabilizing South Trail Plaza, the group signed four leases at the Mercantile Bank Building (top left photo)  located in Winter Garden, Florida. The four new leases totaled 6,987 square feet, representing approximately 20% of the gross leaseable area.

Ledvora and Savino were also successful in representing 3 clients with real property tax disputes in Orange, Seminole, and Volusia Counties. Tax savings amongst the three were over $35,000, equating to approximately 25% of their previous assessed value.

Equity Investment Services employs a staff of experienced brokerage, leasing, and management professionals. EIS exclusively represents owners in leasing and management assignments of over 1,500,000 square feet of investment office, medical, retail, and shopping centers in the Central Florida market.

Equity Investment Services and Launch Pad Development Jointly Broker 13 Leases for Snap Fitness

Equity Investment Services, in partnership with Launch Pad Development, have negotiated and executed 13 leases across the US for Snap Fitness in the month of December.

As Snap’s national Tenant Representative, EIS/LP manage territory planning, siting, lease negotiation and build out for Snap’s corporate stores, multi-unit developers and franchisees.

Snap Fitness, based in the Minneapolis suburb of Chanhassen, MN, is a fast-growing franchisor of compact, state-of-the-art 24/7 fitness centers worldwide. Entrepreneur Magazine ranked Snap Fitness No. 1 "Best in Category" for fitness franchises, and the editors of Inc. Magazine placed us at No. 16 on its annual, "Inc. 500" list of privately owned businesses 2009).

Contact: Nicholas E. Ledvora, CCIM│ Managing Director, Brokerage ♦ Leasing ♦ Management ♦ Advisory, 820 North Thornton Avenue, Orlando, Florida 32803
Phone: 407.573.0711 ♦ Fax: 407.573.0710, Email: