Thursday, January 14, 2010

First Wyndham Brand Hotel in the Netherlands Opens in Amsterdam

 PARSIPPANY, N.J. (Jan. 14, 2010) – Wyndham Hotel Group, the world’s largest hotel company with more than 7,000 hotels and 11 brands, today announced that the Apollo Hotel Amsterdam,(centered photo below)  an iconic, 223-room hotel with a 50-year history of serving visitors, has joined the upscale Wyndham Hotels and Resorts® brand as its first hotel in the Netherlands.

The Wyndham Apollo Hotel Amsterdam, the flagship of Apollo Hotels & Resorts, treats guests to a unique location overlooking the only point in Amsterdam where five canals converge. It is near the RAI Trade and Congress Centre, the World Trade Centre Amsterdam, Royal Concert Hall and the city’s museums, shopping districts and night life of the Leidseplein.

“We proudly welcome the Wyndham Apollo Hotel Amsterdam to our growing system,” said Eric Danziger (middle right photo),  Wyndham Hotel Group president and chief executive officer. “This hotel strengthens our global distribution and will provide international travelers an outstanding destination when they visit the Netherlands.”

The Wyndham Hotel Group portfolio in Europe now includes 232 hotels that span the Wyndham Hotels and Resorts®, Days Inn®, Howard Johnson®, Ramada, Hawthorn Suites by Wyndham and Wyndham-affiliated Corinthia® brands.

The Wyndham Apollo Amsterdam Hotel joins the brand’s luxury Wyndham Grand London Chelsea Harbour in the United Kingdom and Corinthia hotels in Hungary, Portugal and the Czech Republic.

Apollo Hotels & Resorts is owned by European Hotel Management, a Dutch company founded in 2005 that specializes in hotel operations. The chain operates 12 companies including the wellness resort Thermae 2000 in Valkenburg, Netherlands; Crowne Plaza Den-Haag-Promenade; and Holiday Inn Ijmuiden Seaport Inn. For more information, go to

Contact:  Evy Apostolatos, Director, Media Relations, Wyndham Hotel Group, 22 Sylvan Way, Parsippany, NJ 07054, +1 (973) 753-6590,

Arbor Closes Three Fannie Mae DUS® Loans Totaling $47,625,000

UNIONDALE, NY, Jan. 14, 2010 – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three (3) loans totaling $47,625,000 under the Fannie Mae DUS® Loan product line. These loans include:

Mansions in the Park Apartments, (top left photo) Baton Rouge, LA – A 264-unit complex in the amount of $21,825,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.63 percent.

Carriage Oaks Apartments, Blaine, MN (middle right photo) – A 336-unit complex in the amount of $16,900,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.43 percent.

Colonial Estates, Coon Rapids, MN (bottom left photo)– A 192-unit complex in the amount of $8,900,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.43 percent.

“All three properties are in excellent condition and reflect high-quality management from Arbor’s experienced and repeat client,” said Joseph Donovan, (top right photo) Senior Vice President, in Arbor’s full-service Boston, MA lending office.

Contact:  Ingrid Principe,

Grubb & Ellis Represents 6545 Caballero Blvd. LLC in $16.9M Sale of 167,217-Square-Foot Industrial Building in Buena Park, CA

ANAHEIM, CA, Jan. 14, 2010 – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Jeff Read, executive vice president, and Greg Osborne, vice president, represented 6545 Caballero Blvd LLC in the sale of 6545 Caballero Blvd., a 167,217-square-foot industrial property in Buena Park.

BP Westport Properties LLC purchased the property for $16.9 million. The buyer assumed the existing debt on the property and paid cash for the balance of the purchase price.

In executing this sale, the most challenging aspect for the Grubb & Ellis team involved assisting Buyer and Seller in working through the loan assumption process, Read said. “The buyer and seller did an excellent job satisfying the stringent requirements involved with assuming CMBS financing in order to close this sale.”

Built in 2003, 6545 Caballero Blvd. is a freestanding industrial building located in the Commerce Centre at Buena Park near the intersection of the Artesia/Riverside (91) Freeway and Interstate 5.

 Situated on approximately 7.1 acres of land, the property includes 30-foot warehouse clearance, dock-high and ground level loading and ESFR sprinklers, as well as a 20,000-square-foot two-story office area. While the property was 100 percent leased at the time of sale, the buyer anticipates taking occupancy of the property in summer 2010.

Jay Jasaitis of LAREM, in conjunction with Jan Middelburg, an independent broker, represented BP Westport Properties in the transaction.

Contact:  Julia McCartney, Phone: 714.975.2230, Email:

Emerson International Launches VIP Club Competition for Commercial Brokers with Orlando Magic Season Tickets as Grand Prize

ALTAMONTE SPRINGS, Fla. --- Emerson International, which owns and manages Class A office centers in Altamonte Springs, Longwood and Orlando, has launched a VIP Club for commercial property brokers with a leasing contest that features a pair of 2010 Orlando Magic season tickets as the grand prize.

Eric Emerson, (top right photo) vice president and general manager of Emerson International, said the VIP Club and leasing competition will help Emerson International achieve a 10 percent increase in portfolio leasing over the first 10 months of 2010.

Participating brokers will earn one point for leasing up to 3,000 square feet, two points for leasing up to 6,000 square feet and five points for leasing 10,000 square feet. Brokers who lease at least 20,000 square feet qualify for the season tickets, Emerson said.

For more information, contact:
Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

$12.35M Northern California Office-Warehouse Listed by Marcus & Millichap

PETALUMA, CA-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for 715 Southpoint Blvd.,(top left photo)  a two-building 85,490-square foot office and warehouse asset in Petaluma.

The listing price of $12.35 million represents $144 per square foot.

Vincent Schwab, a senior vice president investments and a senior director of the firm’s National Office and Industrial Properties Group in San Francisco, and Kenneth Blomsterberg, (bottom right photo)  a first vice president investments in the Sacramento office, are representing the seller, a local builder.

“The buildings are currently 100 percent occupied by a strong mix of government, international, national and regional tenants with staggered lease expirations,” says Blomsterberg. “Attractive seller financing is available.”

Situated approximately 40 minutes north of San Francisco, the property is located at 715 Southpoint Blvd. in Petaluma near U.S. Highway 101, which links the North Bay to San Francisco and also intersects Interstate 580, which connects the North Bay to the East Bay. The location is close to North McDowell Boulevard, a major four-lane thoroughfare lined with offices, warehouses and retail centers.

Built on 5.9 acres in 1989, 715 Southpoint Boulevard is comprised of 49 percent office space and 51 percent flex space. The steel-frame buildings were constructed by the current owner, whose business occupies a portion of one building. Other tenants include Complete Being Inc., California Department of Motor Vehicles, Dr. Robert Park, FMC Dialysis, Lagunitas Brewing Co., US1COM and Wattgrinder/DY3.

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

EastGroup Properties Acquires Two Buildings in Charlotte, NC for $5.25M

JACKSON, MS-– EastGroup Properties (NYSE-EGP) today announced the acquisition of two business distribution buildings containing 193,000 square feet in Charlotte, North Carolina for a combined purchase price of $5,250,000.

The buildings, which will be renamed Commerce Park 2 and 3, are located in Charlotte's southwest submarket. They were constructed in 1981 and 1987 and are presently 87% occupied by nine customers. The buildings are projected to generate an annualized 11.7% yield at their current occupancy and rents.

David H. Hoster II, (top right photo)  President and CEO, stated, "The acquisition of Commerce Park 2 and 3 allows EastGroup to expand in an attractive in-fill submarket where we have a successful base of assets and increases our ownership in the Charlotte market to over 1.8 million square feet. This represents our third property purchase in the last eight months, and we continue to seek new investment opportunities."


David H. Hoster II, President and Chief Executive Officer
N. Keith McKey, Chief Financial Officer, (601) 354-3555

$217M Renaissance Mayflower Hotel in Washington, DC in Trouble

NEW YORK, NY--The transfer of large balance CMBS loans to special servicing continues to increase as commercial property performance declines, according to Fitch Ratings in the latest edition of 'What's in Special Servicing?'.

An additional $1.2 billion of loans in Fitch-rated CMBS entered special servicing, with a high-profile hotel property in Washington DC among the new entries.

Among the 95 new loans in special servicing include the Renaissance Mayflower Hotel,  (above centered photo) ) a $217 million hotel property located in Washington D.C. that transferred to special servicing on Nov. 6, 2009 for imminent default after the borrower indicated it would no longer be able to cover debt service.

This latest entry is in line with Fitch’s expectations that retail and hotel properties will continue seeing the most adverse and immediate effects. 'Additional high-profile hotel properties transferring to special servicing are likely,' said Senior Director Adam Fox.

Also of note is the $3 billion Peter Cooper Village/Stuyvesant Town loan,  (above centered photo) which became the second largest loan to officially transfer to special servicing. The 11,227 square-foot New York apartment complex moved over to special servicing on Nov. 6, as expected.

With the November increase, specially serviced loans now total 7.8% of Fitch rated CMBS.

The November 2009 edition of 'What's in Special Servicing?' is availabl at '' under 'Latest Research'. Additional information is available at
Contact:  Adam Fox +1-212-908-0869 or Mary MacNeill +1 212-908-0785, New York.
Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278:,

Marcus & Millichap Brokers North Miami Beach, FL Chevron Station Sale

Type: Single-Tenant Vacant/User

Size: 2,364

Location: North Miami Beach, FL

Price: $950,000


Located at a Signalized Intersection
Over 73,000 Daily Traffic Count
Excellent East and West Bound Ingress and Egress
Fronts State Highway 826, Connecting I-95 to the Beaches
Potential Business Opportunity for Jobber, Dealer or C-Store Operator
Multiple Opportunities for Cash Flow in Reopening the Service Station
Option to Redevelop the Site for Alternate Business Uses
Population of 191,000 within Three Miles and 460,000 within Five Miles

Exclusively listed by MARK J. WOHL, Vice President Investments, 5201 Blue Lagoon Drive
Suite 100 , Miami, FL 33126, Ph: (786) 522-7074, License: FL: SL-0702082

Carter Pilots Day Cleaning Program

Firm Plans to Expand Pilot to Other Buildings if Successful

ATLANTA, GA (Jan. 14, 2010)—Carter, one of the country’s leading full-service commercial real estate firms since 1958, has kicked off a day cleaning pilot program in Atlanta designed to reduce electricity use and costs while providing better service to owners and tenants.

Carter initiated its day cleaning pilot program at its headquarters building at 171 17th Street (bottom right photo)  in the Atlantic Station mixed-use development in Midtown Atlanta.

The office tower owner, an affiliate of JP Morgan, has endorsed the pilot and is strongly supportive. If successful, Carter plans to work with other owners to roll out the program at other Carter-managed properties across the country.

The potential impact is large because Carter manages approximately 25 million square feet of property across the country. Earlier this month, Carter’s Property and Facility Management Group was ranked No. 4 on Atlanta Business Chronicle’s List of Atlanta’s Top 25 Commercial Property Management Companies.

Like most property management companies, associates on Carter’s cleaning crew traditionally have cleaned tenant offices in Carter-managed buildings after work hours. This requires several additional hours of office lighting and climate control and a reliance on workers who typically come to work after finishing another job.

Now, cleaning crews at 171 17th Street work in two shifts: 7 a.m. to 3 p.m. and 11 a.m. to 7 p.m. Initial indications show the switch to day cleaning will reduce energy consumption by at least 20 percent.

“The day cleaning program is part of Carter’s overall strategy to help our clients reduce energy use at the buildings we manage for them,” said Holly Hughes, (top right photo)  chief administrative officer and head of Carter’s Property and Facility Management Group. “We want to stay on the leading edge of ways to incorporate greener cleaning methods, and day cleaning is an ideal way.”

So far, response from tenants has been very positive. The switch to day cleaning allows crew members to build a rapport with workers in the offices. The crews come to learn the tenants’ schedules and preferences.

“Overall, the day cleaning program has been very well received. We even had one tenant e-mail to let us know how happy she is with the day cleaning program,” said Rutledge Beacham, (top left photo) vice president of Property and Facility Management. “This is a culture change – tenants are getting used to people cleaning their work areas during the day.”

Kathryn M. Stephens, who works at Jacoby Development, a tenant in 171 17th Street, sent Carter’s management office an e-mail to let the team know how pleased she is with the switch to day cleaning.

“[The associate assigned to clean our offices] is pleasant and thorough, keeps it very low key and really seems to care,” Stephens writes in the e-mail. “I told him … how much we appreciate his efforts.”

The cleaning company Carter has retained at the 171 17th Street tower, ICS Contract Services, takes several steps to be as unobtrusive as possible. These include using battery-powered vacuums and making sure not to enter an office when the occupant is on the phone or in a meeting.

In addition to energy savings, day cleaning has created savings in staffing at 171 17th Street. Before the switch to day cleaning, a crew of 25 part-time workers had been cleaning the tower. After the switch, a crew of 11 full-time cleaners is used at the building.

The full-time staff has exhibited more energy because cleaning the tower is their main job as opposed to a second job in the evening. Moreover, the cleaning staff receives higher wages and receives benefits associated with full-time employment.

 For additional information on Carter, please visit

Media Contact:  Tony Wilbert, Wilbert News Strategies LLC, 404-888-3091 office/404-405-3656 cell,

RealtyTrac Year-End Report Shows Record 2.8M U.S. Properties with Foreclosure filings in 2009

Filings Increase 21% from 2008 and 120% from 2007

December Foreclosure Actions Mark Tenth Straight Month of Over 300,000 Notices and Drive Yearly Total to Over 3.9 million Foreclosure Filings

IRVINE, CA – Jan. 14, 2010 – RealtyTrac® (, the leading online marketplace for foreclosure properties, today released its Year-End 2009 Foreclosure Market Report™, which shows a total of 3,957,643 foreclosure filings — default notices, scheduled foreclosure auctions and bank repossessions — were reported on 2,824,674 U.S. properties in 2009, a 21 percent increase in total properties from 2008 and a 120 percent increase in total properties from 2007.

The report also shows that 2.21 percent of all U.S. housing units (one in 45) received at least one foreclosure filing during the year, up from 1.84 percent in 2008, 1.03 percent in 2007 and 0.58 percent in 2006.

Foreclosure filings were reported on 349,519 U.S. properties in December, a 14 percent jump from the previous month and a 15 percent increase from December 2008 — when a similar monthly jump in foreclosure activity occurred.

Despite the increase in December, foreclosure activity in the fourth quarter decreased 7 percent from the third quarter, although it was still up 18 percent from the fourth quarter of 2008.

“As bad as the 2009 numbers are, they probably would have been worse if not for legislative and industry-related delays in processing delinquent loans,” said James J. Saccacio, (top right photo)  chief executive officer of RealtyTrac. “After peaking in July with over 361,000 homes receiving a foreclosure notice, we saw four straight monthly decreases driven primarily by short-term factors: trial loan modifications, state legislation extending the foreclosure process and an overwhelming volume of inventory clogging the foreclosure pipeline.

“Despite all the delays, foreclosure activity still hit a record high for our report in 2009, capped off by a substantial increase in December,” Saccacio continued.

“In the long term a massive supply of delinquent loans continues to loom over the housing market, and many of those delinquencies will end up in the foreclosure process in 2010 and beyond as lenders gradually work their way through the backlog.”

Nevada, Arizona, Florida post top state foreclosure rates in 2009

More than 10 percent of Nevada housing units received at least one foreclosure filing in 2009, giving it the nation’s highest state foreclosure rate for the third consecutive year. Nevada foreclosure activity in December increased 27 percent from the previous month but was still down 22 percent from December 2008. Fourth quarter foreclosure activity in Nevada was down 37 percent from the previous quarter thanks to substantial decreases in October and November.

Arizona registered the nation’s second highest state foreclosure rate in 2009, with more than 6 percent of its housing units receiving at least one foreclosure filing during the year, and Florida registered the nation’s third highest foreclosure rate, with 5.93 percent of its housing units receiving at least one foreclosure filing during the year.

Other states with 2009 foreclosure rates ranking among the nation’s 10 highest were California (4.75 percent), Utah (2.93 percent), Idaho (2.72 percent), Georgia (2.68 percent), Michigan (2.61 percent), Illinois (2.50 percent), and Colorado (2.37 percent).

California, Florida, Arizona, Illinois account for 50 percent of national total

Four states accounted for more than 50 percent of the nation’s 2009 total, with more than 1.4 million properties receiving a foreclosure filing in California, Florida, Arizona and Illinois combined.

A total of 632,573 California properties received a foreclosure filing in 2009, the nation’s largest state foreclosure activity total and an increase of nearly 21 percent from 2008.

 After four straight month-over-month declines, California foreclosure activity in December increased nearly 9 percent from the previous month, but the state’s fourth quarter foreclosure activity was still down 17 percent from the previous quarter.

Florida posted the nation’s second largest total, with 516,711 properties receiving a foreclosure filing in 2009 — a 34 percent increase from 2008. The state’s fourth quarter foreclosure activity was down nearly 9 percent from the previous quarter despite a 4 percent monthly increase in foreclosure activity in December.

Arizona foreclosure activity in December spiked 40 percent from the previous month, helping the state post the third largest foreclosure activity total for the year. A total of 163,210 Arizona properties received a foreclosure filing in 2009, a nearly 40 percent increase from 2008.

A total of 131,132 Illinois properties received a foreclosure filing in 2009, the nation’s fourth largest total and an increase of nearly 32 percent 2008. The state’s fourth quarter foreclosure activity increased nearly 29 percent from the previous quarter, and the state’s December foreclosure activity was up nearly 9 percent from the previous month.

Other states with 2009 totals among the 10 highest in the country were Michigan (118,302), Nevada (112,097), Georgia (106,110), Ohio (101,614), Texas (100,045), and New Jersey (63,208).

Media Contact: Michelle Sabolich, Atomic Public Relations, (415) 593-1400 ext. 233,