Monday, February 1, 2010

Six Prominent New York Real Estate Finance and Restructuring Lawyers Welcomed to Expanding Haynes and Boone Office in New York City

NEW YORK, Feb. 1 /PRNewswire/ -- In a major expansion of its East Coast real estate, finance and real estate restructuring practices, Haynes and Boone, LLP announces the addition of six partners who bring a wealth of experience, particularly representing top-tier New York financial institutions, real estate funds and private equity groups.

All six partners are making the move to the Haynes and Boone Finance Practice from the Paul Hastings New York-based real estate finance and restructuring practices.

Four of the six are focused on real estate finance. They are Kenneth J. Friedman, (top right photo) Robert J. Grados (top left photo) , Steven Koch  (middle right photo) and Walter F. Schleimer (middle left photo).

The other two - Lawrence Mittman (bottom right photo)  and Carolyn E. Sullivan (bottom left photo) - concentrate on real estate restructurings. The group's collective experience will be invaluable to Haynes and Boone clients for real estate finance, and as restructurings, workouts and bankruptcies continue to create opportunities.

"This is an impressive group of highly respected lawyers who have long been go-to counselors for some of the largest institutions in New York," said Haynes and Boone Managing Partner Terry Conner.

 "Their arrival gives us an even stronger national presence on the East Coast. They bring with them practices that have been consistently robust, even in economic downturns."

In recent months through internal transfers and lateral hiring, the firm has bolstered its New York-based bankruptcy, securities regulation, white collar crime and finance capabilities.

Additions have brought the Haynes and Boone bankruptcy/restructuring/workout group to more than 50 lawyers, 15 of which are now resident in the New York office. The firm has set an overall goal of expanding to at least 100 lawyers in New York in the next several years.

"This group is clearly recognized as a premier practice in real estate finance and restructurings," said Kenneth Bezozo, New York administrative partner. "Also, just as important, their capabilities and practices overlap with and nicely complement our strategic focus and client base.

"It's a great fit - both culturally and strategically - of like-thinking individuals who have common goals and aspirations."

Members of the incoming Haynes and Boone group said they were attracted to the firm for many reasons. "We're intrigued by the firm's goals for expansion," said Mr. Grados. "But we are equally compelled by the fact that Haynes and Boone isn't driven solely by metrics or numbers.

"It is apparent to us that the firm's unique culture is a true partnership of great people. We wanted to be part of a vibrant firm with a bright future, and we believe that we've found it."

CONTACT:  Douglas Bedell, Haynes and Boone, LLP, 214.651.5815 (office), 214.704.3058 (cell)

HFF arranges $48M construction loan for Brooklyn shopping center

NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $48 million construction loan for Canarsie Plaza, (centered photo below) a 256,783-square-foot neighborhood shopping center under construction in Brooklyn, New York.

HFF senior managing director Mike Tepedino (bottom left photo) and director Steven Klein (top right photo)  worked exclusively on behalf of the borrower, a joint venture between Acadia Strategic Opportunity Fund II, LLC (“ASOF II”) and P/A Associates, to secure the loan through M&T Bank and Capital One Bank.

Due for completion in November 2010, Canarsie Plaza is pre-leased to anchor tenant BJ’s Wholesale Club and a New York City Department.

Approximately 44,000 square feet of space will be available for local, regional and national tenants. Canarsie Plaza is situated on nearly 14 acres at the intersection of Remsen and Foster Avenues in the Canarsie area of Brooklyn, adjacent to The Brooklyn Terminal Market, a wholesale market for local vendors since 1942.

“Brooklyn is in the midst of an overall urban renewal that continues to attract new residents and businesses,” said Klein. “Canarsie Plaza will appeal to Brooklyn’s large and dense consumer base.”

ASOF II is managed by Acadia Realty Trust (NYSE:AKR), a real estate investment trust (REIT) focused primarily on the ownership, acquisition, redevelopment and management of retail and mixed-use properties located in dense urban and suburban markets in major metropolitan areas.

P/A Associates is a private real estate development company involved principally in the acquisition and development of mixed-use commercial and industrial opportunities in metropolitan New York and New Jersey.


Steven J. Klein, HFF Director, (212) 245-2425,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HFF closes sale of Carrier-leased industrial facility in Dallas, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of 2000 Luna Road, an 184,317-square-foot industrial facility (top left photo)  fully leased to Carrier Corporation in Dallas, Texas.

HFF managing director Jud Clements (middle right photo)  and director Robby Rieke (bottom left photo) marketed the property exclusively on behalf of the seller, Langford Property Company.

Monmouth Real Estate Investment Corp. purchased the property free and clear of debt.

Completed in 2009, the property functions as Carrier Corporation’s regional distribution building in North Texas and is leased to Carrier for 10 years under a net lease structure. 2000 Luna Road is situated on 10 acres within the Valwood Industrial Park, near the intersection of President George Bush Turnpike, Interstate 35E and LBJ Freeway.

“Valwood is a favored location for HVAC companies like Carrier, primarily due to its central location and the transportation arteries that provide convenient access to all parts of the city,” said Clements.

Langford Property Company develops build-to-suit and speculative real estate investments primarily in Texas.

Monmouth Real Estate Investment Corporation (Nasdaq: MNRTA), which was organized in 1968, is a publicly-owned real estate investment trust specializing in net-leased industrial properties.

The Company's portfolio now consists of sixty-one industrial properties and one shopping center located in twenty-five states. In addition, the Company owns a portfolio of REIT securities.


Judson Clements, HFF Managing Director, (214) 265-0880,
Robby Rieke, HFF Director, (214) 265-0880,
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HFF arranges $45M refinancing for Brookline, MA office property

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $45 million first mortgage loan secured by a 155,896-square-foot office building in Brookline Village, (top left photo) Brookline, Massachusetts.

Working exclusively on behalf of ND/CR 10 Brookline, LLC, HFF senior managing director Fred Wittmann (middle right photo)  and director Janet Krolman (middle left photo)  placed the seven-year loan with People’s United Bank and Sovereign Bank. Loan proceeds were used to retire the existing debt on the property.

The loan can be increased to fund the potential expansion of the building to accommodate its existing tenants.

Located at 10 Brookline Place West, at the intersection of Route 9 and Brookline Avenue, the property has direct access to the Longwood Medical Area, Fenway, Back Bay and downtown Boston. The property is 100% leased on a long-term basis to Dana-Farber Cancer Institute and The New England Institute of Art.

“HFF was able to secure an attractive loan that repaid the acquisition financing on the property and provided a construction facility for a potential expansion to the building for The New England Institute of Art,” said Wittmann.

ND/CR 10 Brookline, LLC is controlled by National Development and Charles River Realty Investors. The group purchased the property in early 2009.


Frederic E. Wittmann, HFF Senior Managing Director, (617) 338-0990,
Janet N. Krolman, Director, (617) 338-0990,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Ramada Says Aloha with Opening of Waikiki Hotel

PARSIPPANY, N.J. (Feb. 1, 2010) – Ramada Worldwide today announced its return to Hawaii with the opening of the 198-room Ramada® Plaza Waikiki (centered photo below)  in Honolulu.

Owned and operated by California-based Cal-Dynasty International, Inc. a wholly owned subsidiary of China Airlines Ltd., the hotel is the second Wyndham Hotel Group property to open in Hawaii in the past six months and gives the Ramada brand a presence in 48 states.

“The Ramada brand continues to be a global leader in its segment with a portfolio of nearly 900 hotels in more than 45 countries around the world,” said Mark Young, Ramada brand senior vice president. “With the addition of the Ramada Plaza Waikiki to our portfolio, we’re able to further strengthen our position in the North American market while providing Honolulu’s more than four million annual visitors the opportunity to experience the modern comfort and value of the Ramada brand.”

Located at 1830 Ala Moana Boulevard, just a short walk to local beaches, shopping and restaurants, the Ramada Plaza Waikiki is a newly renovated, 16-story hotel featuring 196 guest rooms and two junior suites.

Contact:  Rob Myers. Communications Coordinator, Wyndham Hotel Group, 22 Sylvan Way, Parsippany, NJ 07054, 973-753-6590,,

D & A Building Services wins contract for NASCAR headquarters in Daytona Beach, FL

LONGWOOD, FL,  Feb.  1, 2010 — Longwood, Fla.-based D & A Building Services Inc. announced today a new contract for facility maintenance services at the new headquarters of International Speedway Corp (centered photo below). located in Daytona Beach, Fla.

Under the terms of its contract with property management company, Jones Lang LaSalle (NYSE:JLL), D & A is proving full-service janitorial and carpet cleaning services daily at the eight-story, 177,000-square-foot building.

Since the1990s, D & A has provided facility maintenance services to the property management division of Jones Lang LaSalle, and currently performs at six properties.

D & A Building Services Inc. is a privately owned facility maintenance provider founded in 1985. Headquartered in Longwood, Fla., full service offices are located in Jacksonville, Fla., Tampa, Fla., Kansas City, Mo., Madison, Wis., Dallas, Texas, and Detroit, Mich.

Services are provided by a staff of 650 to property managers, building owners, and local and state governments, Federal agents and the military. The veteran-owned company is an Hispanic-Owned Business Enterprise, and a graduate of the Small Business Administration’s 8(a) program. For additional information, please visit

PR Contact: Elaine Ingra, (407) 384-1344

Stan Johnson Co. Completes Sale of Two Chicago Area Walgreens for $8.5M

CHICAGO, IL, Feb. 1, 2010 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of two 14,490-square-foot retail stores 100% leased to Walgreens located in St. Charles and South Elgin, to an Arizona-based institutional investor for $8.5 million.

Gill Warner (top right photo) of Stan Johnson Company represented the seller, an Illinois-based retail developer as well as the buyer.

“Two long-term leased Walgreens located in the Chicago area near Walgreens headquarters are a great investment,” said Warner. “Both stores had great store sales.”

Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms.

Our net lease group is the largest team of professionals focused exclusively on the acquisition, disposition, and financing of net leased real estate.

Building on our 20 plus year foundation in the single tenant net lease industry, completing more than $8 Billion in transactions nationwide, Stan Johnson Company is aligned for continued growth.

A dynamic team approach, refined marketing processes and a foundation built on integrity, professionalism and relationships create a winning combination enabling the firm to consistently deliver quality service and superior results to each unique client.

Contact: David Ebeling, Ebeling Communications, (949) 278-7851,

Wilson Commercial Real Estate Completes Acquisition of Bank of America Plaza in St. Louis, MO for $47.85M

ST. LOUIS, MO – FEBRUARY 1, 2010 – Wilson Commercial Real Estate, one of Southern California’s leading brokerage firms, has represented a Los Angeles-based private investor in the $47,850,000 acquisition of Bank of America Plaza, (centered photo below) a 30-story 749,857-square-foot Class A Trophy office building located in St. Louis, MO.

Geoff Tranchina (middle right photo) and Scott Tiano (middle left photo) of Wilson Commercial Real Estate’s Investment Sales Group represented the buyer in the transaction.

“Although the property was previously on the market, we were able to bring an unsolicited offer to the seller that was acceptable to their executive team,” said Tranchina.

 “In this environment, the most difficult aspect of getting an investment deal done is confidence with both parties. Buyers are concerned that the asset will be worth less in a week, and sellers are concerned that the property is being sold for too little.”

Tranchina went on to say that until pricing stabilizes in the broader marketplace, buyers will have to be able to effectively underwrite with limited comparable sales data to draw from with the belief that their assumptions are correct.

Located in the heart of the St. Louis commercial business district, Bank of America Plaza is 90 percent occupied by several national tenants including Bank of America, Price Waterhouse Coopers, and Ralcorp Holdings.

 The property features unobstructed panoramic views of the Gateway Arch, the Mississippi River and the City skyline and provides an unmatched amenity base inclusive of an on-site Bank of America retail branch, a full service cafeteria and covered access to the connected parking structure.

Geoff Tranchina and Scott Tiano, principals of Wilson Commercial Real Estate’s Investment Sales Group, closed more than $80 million in commercial investment sales in 2009. Tranchina and Tiano will focus in 2010 on conducting privately negotiated transactions between institutional sellers and professional, private investors.

Founded in 1990, Wilson Commercial Real Estate is has leased and sold over 6 million square feet of retail space with an aggregate consideration of more than $1 billion.

The company currently represents more than 8 million square feet of retail space in approximately 90 properties throughout West Coast. In 2008, Wilson Commercial Real Estate formed an Investment Sales Group that provides a complete range of investment sales services for their clients’ acquisition and disposition requirements.

For more information, please visit / or call 800-630-4424.

Contact: David Ebeling, Ebeling Communications, (949) 278-7851,

Marcus & Millichap Sells 1,425-SF Single-Tenant Net-Leased Building in Pinellas Park, FL

PINELLAS PARK, FL, February 1, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Church's Chicken Corporate Store (top left photo),  a 1,425-square foot single-tenant net-leased property located in Pinellas Park, Florida, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $615,000.

Ron Schultz (middle right photo) investment specialist and John E. Brigel, (bottom left photo) senior investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

The buyer, a private investor, was secured and represented by Paul A. Bitonti, vice president investments and Brenton J. Baskin, investment specialist in the firm’s Newport Beach office.

“Using the Marcus & Millichap national platform, we were able to bring the highest price and best terms to the closing table for the seller” said Schultz.

“The seller originally built and operated this location which he transitioned into a corporate training store. Shortly before the expiration of the original 20-year lease term, we assisted the seller in negotiating a new lease structure with Church’s Chicken Corporation as a new guarantor.

"With this new lease in place, the seller exclusively listed the property with us and we were able to plug in a buyer from California through another Marcus & Millichap broker in our Newport Beach office” added Schultz.

 “Because of Marcus & Millichap’s national, regional, and local cooperation, we attained the highest price, best terms and fastest closing for the seller, despite the current temperature of the economy and perceived reluctance in the market. The seller is now retired and enjoying the results of this transaction

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

Warnick + Company Named Asset Manager of Montelucia Resort in Paradise Valley, AZ

PHOENIX, AZ,  Feb.  1, 2010—Warnick + Company today announced it has been appointed asset manager of the 293-room luxury Montelucia Resort  (centered photo below) in Paradise Valley, Ariz., by the property’s lender, a bank consortia led by Eurohypo AG, one of the world’s preeminent commercial banks.

Operated by InterContinental Hotels Group, the luxury resort includes a 31,000-square foot spa, four restaurants, 27,000 square feet of meeting space, and 34 for-sale residential villas serviced by the resort. It opened in the fall of 2008 at a cost of approximately $330 million.

“Effective asset management is even more critical in these troubled times,” said Richard Warnick, (middle right photo)  president of Warnick + Company. “Having worked successfully through many cyclical downturns, our team has the necessary experience and in-depth expertise to work with lenders, owners, and operators to optimize their return on investment.

“Germany-based Eurohypo has been one of the most active lenders in high-end real estate, including hotels," says Warnick.

" Our role will be to help stabilize the Montelucia and help position it as one of the preeminent resorts in the highly competitive Phoenix/Scottsdale market. We also will oversee the sale of the unsold villa units, and work with Eurohypo on the ultimate disposition of the resort through Eastdil Secured, its investment sale broker.

Warnick + Company currently asset manages over 20 hotels and resorts in the U.S. (including Hawaii), Japan, and South Korea, including such properties as the 350-room Hyatt Regency Tamaya Resort & Spa near Santa Fe, N.Mex., the 1,000-room Sheraton Phoenix in Phoenix, Ariz., and the 800-room Hilton Austin in Austin, Texas.

 “Based on current market conditions, we expect to double our asset management portfolio in the next three years,” Warnick added. “We have more than 350 years of combined industry experience to assist lenders and owners, as well as real-world, hands-on experience and a perspective honed through every economic cycle dating back to the early 1970s.

“The next few years will be difficult, but there are solutions available,” Warnick noted. “We’ve been there before and know how to protect assets and optimize cash flow and value under any set of circumstances.”

Warnick + Company ( is a strategic advisory firm that creates opportunities and value-enhancing solutions in lodging and recreational real estate for clients worldwide. The firm is known for its ability to deliver high-impact results through its multi-disciplinary expertise, real-world perspective, and hands-on experience.

Contact: Jerry Daly, Chris Daly, Daly Gray, (703) 435-6293,,

Grubb & Ellis Commercial Florida negotiates long-term renewal lease for 5,000 SF at Metric Plaza in Winter Park. FL

ORLANDO,.FL- - Grubb & Ellis Commercial Florida, associated with 130 offices worldwide, recently completed a long-term renewal agreement for 5,000 square feet at 4202-4208 Metric Drive in Metric Plaza, an office/flex development located off University Blvd. and S.R. 436 in Winter Park, FL.

Robert Kellogg, (top right photo) CCIM vice president in the Office Services Group at Grubb & Ellis Commercial Florida represented the tenant, Winter Park-based DMC Components International, LLC., who renewed the lease of suite 4202 for five years. The 16,000 square foot building which was built in 1985 is 100 percent leased.

The landlord, DA Metric LLC of Rahway, N.J., was represented by Tom McFadden of Southern Commercial Real Estate.


Grubb & Ellis Commercial Florida, 315 E. Robinson St. Suite 555, Orlando, FL 32801,;
Robert Kellogg, CCIM, 407-481-5408,;
Jeff Sweeney, SIOR 407-481-5387
Larry Vershel 407-644-4142