Thursday, February 11, 2010

C&W announces sale at Alafaya Business Center for medical offices in Orlando

ORLANDO, FL – Feb. 11, 2010– Cushman & Wakefield Associate Directors Mindy Boehm and Betsy Owens announced the sale of a 2,500 square foot condo unit in the Alafaya Business Center (top left photo)  to Dr. Ronald J. Trevisani for medical offices.

The deal closed on January 14.

Contact: Brook Hines, Tel: 407-541-4401, brook.hines@cushwake.com

HFF arranges $3.3M refinancing for San Diego area multi-housing community

SAN DIEGO, CA – The San Diego office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $3.335 million refinancing for Silver Oaks Apartments, a 57-unit multi-housing community in El Cajon, California.

HFF associate director Rob Hinckley  and senior managing director Tim Wright (top right  photo) worked exclusively on behalf of the borrower, a Linda Vista, California-based private investor, to secure the 10-year, 5.90% fixed-rate Fannie Mae loan through Centerline Capital Group.

This loan was originated to pay off a seller’s note and secure historically low-priced long-term debt.

Silver Oaks Apartments is located at 945 Estes Street close to Interstate 8 in El Cajon, approximately 12 miles northeast of downtown San Diego. The property has one- and two-bedroom units and is currently 98% occupied. Community amenities include a pool and on-site laundry and storage facilities.


Timothy Wright, HFF Senior Managing Director, (858) 552-7690,
Rob Hinckley, HFF Associate Director, (858) 552-7690,
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Arbor Closes Two Fannie Mae DUS® Loans Totaling $6,104,300

UNIONDALE, NY– Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of two (2) loans totaling $6,104,300 under the Fannie Mae DUS® product line. These loans include:

Crescent Cove I, Evans, CO – A 96-unit complex in the amount of $4,229,300 funded under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.75 percent.

Amberwood Apartments II & III, Norfolk, NE – A 56-unit complex in the amount of $1,875,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.89 percent.

The loans were originated by Michael Jehle, (top right photo) Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI lending office.

“These two loans were with the same borrower who needed a quick turnaround because their existing CMBS loans were coming due,” said Jehle. “Arbor was able to exceed their expectations in terms of a sift execution at very low interest rates.”

Contact:  Ingrid Principe, Marketing, Arbor Commercial Mortgage, 333 Earle Ovington Blvd., Suite 900, Uniondale, NY 11553, P: 516.506.4298, F: 516.542.2555,, Follow us on Twitter @ arbor1

NAI Realvest Negotiates New Long Term Lease for 32,736-SF Industrial Building in Orlando

MAITLAND – NAI Realvest recently negotiated a new long-term lease agreement for a 32,736 square foot industrial building at 6363 Edgewater Drive in Orlando.

Sean DuPree  (top right photo) CCIM, associate at NAI Realvest, negotiated the transaction representing the tenant, Allied Building Products Corp., headquartered in East Rutherford, N.J.

The landlord for the 25 year-old building is Orlando-based Smyth Lumber Company Trust No.1 who was represented by Matt Sullivan and Wilson McDowell at Colliers Arnold.

For more information, please contact:

Sean DuPree, CCIM, NAI Realvest 407-875-9989;;
Patrick Mahoney, President, NAI Realvest 407-875-9989
Beth Payan, Larry Vershel Communications, 407-644-4142,

Cambridge Says $12.9M HUD First-Mortgage Loan Refinances 128-Bed Skilled Pediatric Facility in Chicago

CHICAGO, IL--Cambridge Realty Companies reports closing a $12.9 million FHA-insured HUD first mortgage loan that has refinanced Alden Village North, (top right photo)  a 128-bed skilled care pediatric facility in Chicago, IL.

Cambridge Chairman Jeffrey A. Davis (middle left photo)  said the fully amortized; 40-year-term loan was arranged for the property’s owner, an Illinois limited liability company.

The loan utilized HUD’s Section 232 MAP funding program and also covered rehabilitation costs.

Davis said the loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge subsidiary responsible for underwriting HUD Section 232 loans. The interest rate was not disclosed.

Privately owned since its founding in 1983 as a real estate investment banker specializing in commercial real estate properties, Cambridge today has three distinctive business units: FHA-insured HUD loans, conventional financing, and investments and acquisitions.

 The company is one of the nation’s leading senior housing and healthcare debt and equity capital providers with more than 300 closed transactions totaling more than $3.0 billion since the early 1990’s, when the firm began its specialization in providing senior housing capital.

The firm also has embraced social media and networking via Twitter at , via Facebook at, and via Linkedin at , where information on the firm and its employees can be found.

Contact:  Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail:

Ramada Brand Continues China Expansion with Development of Four Hotels

PARSIPPANY, N.J. (Feb. 11, 2010) – Wyndham Hotel Group, the largest US-based hotel company in China and the world’s largest hotel company with more than 7,100 hotels under 11 brands, today announced that it has signed agreements for an additional four hotels in China.

Currently under development, the properties include the Ramada® Sanya hotel (top left photo) owned by Hainan Mingboda Real Estate Co. Ltd.; Ramada Plaza Wenzhou hotel owned by Wenzhou Tianrun Real Estate Development Co. Ltd.; Ramada Longyan hotel owned by Fujian LongYan Yifeng Hotel Co. Ltd.; and the Ramada Xi’an Bell Tower hotel owned by Xi’an Xi Hua Investment Co. Ltd.

“We are thrilled to be adding these four fine hotels to the brand’s 35 already in operation in China and the other Ramada properties in our expanding pipeline,” said Tom Monahan, (top right photo) Wyndham Hotel Group executive vice president of international development.

“Clearly, China is the engine of our growth in the Asia Pacific region. With five brands present in the country today, including Wyndham Hotels and Resorts®, Ramada, Howard Johnson®, Days Inn® and Super 8®, we have 190 hotels in operation in the country.”

Centrally located in Sanya, the southernmost city in the Hainan province, the 508-room Ramada Sanya (top left photo)  property will be a 12-story, new-build hotel with one restaurant, a lobby lounge, rooftop lounge/bar, one ballroom, eight meeting rooms, a swimming pool and fitness facilities. The property is expected to open in the second quarter of 2012.

The six-story, 230-room Ramada Plaza Wenzhou hotel, expected to open in the fourth quarter of this year, is located on Jiangbing Road, next to the Ou Jiang River. Amenities will include two restaurants, a lobby lounge, a ballroom with seating for up to 800 people, seven meeting rooms, an indoor swimming pool and fitness facilities.

The 160-room Ramada Longyan property will occupy 12-storys of a 27-story mixed-use building, which will be centrally located on Longchuan Middle Road and surrounded by shopping malls and government office buildings. Amenities will include three restaurants, a lobby lounge, a ballroom with seating for over 800 people, four meeting rooms plus outdoor banquet space and fitness facilities. The property is expected to open in the third quarter of 2011.

Expected to open later this year in Xi’an, one of the four great ancient capitals of China, the 14-story, 172-room Ramada Xi’an Bell Tower is well-located on the North Avenue, near commercial and government office buildings. Amenities will include three restaurants, a bar, four meeting rooms and spa and fitness facilities.

Contact: : Rob Myers, Communications Coordinator, Wyndham Hotel Group, 22 Sylvan Way, Parsippany, NJ 07054, +1 (973) 753-6590,

EastGroup Properties Announces Fourth Quarter and Year 2009 Results

 Funds from Operations of $19.7 Million or $.75 Per Share, a Decrease of 11.8% Compared
to the Same Quarter Last Year
 Net Income Available to Common Stockholders of $5.7 Million or $.22 Per Share
 Same Property Net Operating Income Decline of 5.6% With and Without Straight-Line Rent
 90.0% Leased, 89.4% Occupied
 Paid 120th Consecutive Quarterly Cash Dividend – $.52 Per Share
 Interest and Fixed Charge Coverages of 3.3x


 Funds from Operations of $80.6 Million or $3.14 Per Share, a Decrease of 4.8% Compared
to 2008
 Net Income Available to Common Stockholders of $26.7 Million or $1.04 Per Share
 Same Property Net Operating Income Decline of 4.3%; 4.0% Decrease Without Straight-
Line Rent Adjustments
 $53 Million Invested in Development and Acquisitions
 Six Development Projects With Estimated Costs to Complete of $5.5 Million at Year-End
 Paid Annual Cash Dividends of $2.08 Per Share
 Total Capital Raised of $125.6 million
 Issued 1,600,000 Shares of Common Stock With Net Proceeds of $57.6 Million
 Completed a $67 Million Mortgage at 7.5% Fixed Interest Rate With a 10-Year Term
 Sold a Property for $1 Million
 Reduced Floating Rate Bank Debt by $20.7 Million
 Interest and Fixed Charge Coverages of 3.5x
 No Debt Maturities in 2010
 Bank Line Capacity of $133 Million as of December 31, 2009

JACKSON, MS-- EastGroup Properties, Inc. (NYSE-EGP) announced  the results of its operations for the three months and year ended December 31, 2009.

David H. Hoster II, (top right photo) President and CEO, stated, “We are pleased to report that funds from operations for the fourth quarter met the mid-point of guidance and that occupancy increased 50 basis points to 89.4% at December 31 as compared to the end of the third quarter.

"We expect occupancy to decline in the first quarter of 2010 due to several large move-outs and lease terminations but to then improve in each subsequent quarter of the year.”
For more informaltion, please contact: David H. Hoster II, President and Chief Executive Officer or

N. Keith McKey, (bottom left photo)  Chief Financial Officer, (601) 354-3555

Marriott 4Q earnings reflect increased EPS, weak RevPAR

BETHESDA, MD – Feb. 11, 2010 – Marriott International, Inc. (NYSE:MAR) today reported fourth quarter and full year 2009 results.

Fourth quarter 2009 adjusted income from continuing operations attributable to Marriott totaled $118 million, a 2 percent decline over the year-ago quarter, and adjusted diluted earnings per share (“EPS”) from continuing operations attributable to Marriott shareholders totaled $0.32, down 3 percent. On October 8, 2009, the company forecasted fourth quarter adjusted diluted EPS of $0.20 to $0.23.

For more information or reservations, please visit our web site at

 For an interactive online version of Marriott's 2008 Annual Report, which includes a short video message from Chairman and CEO J.W. Marriott, Jr. (top right photo), visit

For a complete set of financial tables, click here: Download 02 11 MAR Q4 2009 Press Release Schedules FINAL.

Marcus & Millichpa Lists $44.5M Mobile Home Park in San Diego County

POWAY, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Poway Royal Estates, a 399-space, 51-acre mobile home community in Poway.

 The listing price of $44.5 million represents $111,529 per space at a 5.75 cap rate.

Douglas Danny, (middle right photo) a vice president investments and senior director of the firm’s National Manufactured Home Communities Group in San Diego, is representing the seller, the City of Poway.

“Poway Royal Estates is a high-quality, fully amenitized, all-age community in a prime San Diego County location near all services, schools, transportation and medical facilities,” says Danny. “The seller will carry secondary, interest-only financing at 5 percent for 20 years.”

The property was constructed in 1972 at 13300 Alpine Dr. and received significant upgrades to its infrastructure in 1997. The park is surrounded by single-family residential developments, prime commercial office space, retail centers and open space. The community has pedestrian access to all of the city amenities.

Poway Royal Estates has city utilities and electric, gas, water, sewer and cable TV are sub-metered or passed-through. The park consists of almost all doublewide homes on all doublewide sites. There are 396 revenue-generating sites, one vacant park-owned home and two park-owned employee homes.

The sites are built on 45.18 net acres with a density of 8.26 sites per gross acre and the sites measure from 40 feet to 42 feet in width and from 70 feet to 74 feet in length. The road area is 3.09 acres, or 134,600 square feet. There is a 2.69-acre vehicle storage lot with 87 spaces for vehicle storage.

The park is currently 99 percent occupied and is one of the premier manufactured home communities in Southern California. Poway Royal Estates is a trophy asset that is rarely on the market.

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

LA Fitness in Highland, CA Commands $9.2M Sale Price

HIGHLAND, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of a 45,000-square foot LA Fitness (top right photo)  in Highland.

The sales price of $9,215,000 represents $205 per square foot.

Chris Maling, (middle left photo) a first vice president investments and a director of the firm’s Net Leased Properties Group in Los Angeles, and David Maling, a vice president investments and a director of the firm’s National Retail Group in Los Angeles, represented the seller, a real estate investment trust, and the buyer, an Arizona-based opportunity fund.

“LA Fitness is part of a master-planned community that includes more than 165 acres of new homes and commercial services,” says Chris Maling.

 “LA Fitness operates under a 15-year, triple-net lease with fixed rent escalations every five years and three five-year options to extend the lease, each with a 10 percent fixed rental escalation.”

Located in the southeast quadrant of Interstate 210 and Greenspot Road in Highland, LA Fitness is one of the anchor tenants in Highland Crossroads,(bottom right map) a new 8.5-acre retail development. The other anchor tenants are Lowe's and Staples.

The average household income within three miles of the property exceeds $60,348 and the population within a five-mile radius is greater is than 201,000.

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

City of Oviedo, FL selects Ardaman & Associates for contract

ORLANDO, FL —Ardaman & Associates Inc. has been selected for a new continuing services contract by the City of Oviedo, Fla.

The scope of services includes geotechnical engineering, materials testing and environmental sciences services on an as needed basis for a period of one-year with the possibility of three, one-year renewals. Fees for this contract are awarded per task order based on an approved unit fee schedule.

Ardaman & Associates Inc. is an engineering practice that provides geotechnical, environmental, water resources, facilities engineering, and construction materials testing to public, industrial and private clients worldwide.

Headquartered in Orlando, Fla., the Company has offices in Bartow, Cocoa, Fort Myers, Miami, Port St. Lucie, Sarasota, Tallahassee, Tampa, and West Palm Beach, Fla., and in New Orleans, Baton Rouge, Shreveport, Monroe and Alexandria, La. Established in 1959, Ardaman employs a professional, support and field staff of 485.

Please visit more details about services and experience.

Media contact:

Grubb & Ellis Reports Preliminary Results for Fourth Quarter 2009; Updates Fiscal Year 2010 Outlook

SANTA ANA, CA, (Feb. 11, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced unaudited preliminary results for the fourth quarter of 2009 and updated expectations for fiscal year 2010.

For the fourth quarter of 2009, the company expects to report revenue of approximately $147 million and adjusted EBITDA of approximately $1.0 million. The company’s previous guidance had anticipated revenue of $149 million to $161 million and adjusted EBITDA of $6 million to $10 million. (1)

“Although we are beginning to see early signs of a recovery and an improvement in market sentiment and business confidence, these trends did not translate into the higher transaction volume we historically have experienced in the fourth quarter,” said Richard W. Pehlke, (top right photo)  executive vice president and chief financial officer of Grubb & Ellis.

Overall revenue and adjusted EBITDA were positively impacted by better than anticipated results in the Management Services and Investment Management segments. Those results were offset by lower than expected revenue in Transaction Services due to reduced transaction activity, higher direct costs and the deferral of transactions that the company anticipated closing late in the quarter, which resulted in the fourth quarter 2009 shortfall.

Given the company’s current market expectations and following a detailed review of its three main business segments, the company has reset its outlook for 2010. The company now anticipates 2010 total revenue of $550 million to $575 million and adjusted EBITDA of $10 million to $15 million.

The company expects to return to profitability in 2010 as its recruiting efforts mature and cost containment efforts are fully realized. The company is targeting further reductions in operating expenses of 12 to 14 percent on an annualized basis.

The company stated that it continues to expect a 25 to 30 percent increase in 2010 investment sales activity over 2009 levels, and a 10 to 15 percent increase in leasing activity over the prior year. The company’s original guidance was based on stronger financial performance for 2009.

“Having reviewed all the company’s operations, Grubb & Ellis has a very solid foundation from which to build, and I am optimistic about the company’s long-term growth potential,” said Thomas P. D’Arcy, (middle left photo)  president and chief executive officer of Grubb & Ellis.

“Our recent recapitalization, which generated gross proceeds of $96 million and net proceeds of $40 million after repayment of debt and expenses, considerably strengthened our financial position and the company today is essentially debt-free.

"When combined with our key strategic hires, broad market presence and strong client relationships, Grubb & Ellis is well positioned to capitalize on the opportunities that will present themselves as the market recovers.”

D’Arcy added, “During the year we will continue to invest in our business to drive revenue, expand our service offerings and improve our overall service quality.

"At the same time, we will realign our cost structure to more closely match resources to the drivers of our revenue in order to make our company lean, profitable and cost competitive. We look forward to discussing these initiatives and the company’s growth opportunities in greater detail on our fourth quarter earnings call.”

(1) Revenue excludes approximately $4.0 million of revenue from wholly owned properties held for investment.

Adjusted EBITDA is a non-GAAP financial measure which excludes the impact of non-cash items such as charges related to sponsored programs, real estate-related impairment and stock-based compensation.

The company will release its fourth quarter earnings before the market opens on Thursday, Feb. 18, 2010. Management will host a conference call at 10:30 a.m. Eastern Time to review the results. A live webcast will be accessible through the Investor Relations section of the company's Web site at

The direct dial-in number for the conference call is 1.800.706.7749 for domestic callers and 1.617.614.3474 for international callers.

The conference call ID number is 81705538. An audio replay will be available beginning at 1:30 p.m. ET on Thursday, Feb. 18 until 7 p.m. ET on Thursday, Feb. 25 and can be accessed by dialing 1.888.286.8010 for domestic callers and 1.617.801.6888 for international callers and entering conference call ID 41102092.

In addition, the conference call audio will be archived on the company's Web site following the call.

Contacts: Janice McDill, Phone: 312.698.6707, Email:

Grubb & Ellis Represents Landlord in Lease Extension and Expansion Totaling 251,000SF to NCR Corp.

ATLANTA (Feb. 10, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it represented Satellite Realty Holdings LLC in the lease extension of 187,298 square feet and lease expansion of 64,198 square feet of office space at 2651 Satellite Blvd. in Duluth to NCR Corporation.

Steve Morgan, senior vice president, Office Group, facilitated the transaction on behalf of the landlord; John Shlessinger and John Ferguson of CB Richard Ellis represented NCR Corporation.

“The quality of the building, the numerous amenities in the area and the proximity of 2651 Satellite Blvd. to NCR’s new world headquarters makes this facility a prime location for NCR’s continued tenancy,” said Morgan. “We’re pleased to support NCR Corporation’s growth in Atlanta, and we look forward to talking to additional prospective tenants interested in a global corporate neighbor like NCR.”

The transactions extend the term of NCR’s lease of 187,298 square feet for an additional six years, while the lease term of the 64,198-square-foot expansion is 10 years and nine months.

Built in 1989, 2651 Satellite Blvd. is a single-story, 308,000-square-foot Class B office building. Originally owned and fully occupied by NCR, the building was sold to Satellite Realty Holdings in 1996 on a sale/partial leaseback basis. At that time, NCR occupied 187,000 square feet and has since regrown its presence in the facility to more than 251,000 square feet. The building currently has 57,000 square feet of space available for lease.

Contact: Erin Mays, Phone: 312.698.6735, Email:

Grubb & Ellis Tapped as Leasing Agent of 2.3 Million-SF300 East Randolph Street in Chicago

CHICAGO, IL– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  has been selected as the leasing agent for 300 East Randolph Street, (centered photo below) a 2.3 million-square-foot Class A office building in downtown Chicago.

 The building is owned by Health Care Service Corporation, which operates Blue Cross and Blue Shield of Illinois, as well as the Blue Cross and Blue Shield plans in New Mexico, Oklahoma and Texas.

Mark Parrish, (middle left photo) senior vice president, and Sara Spicklemire, (bottom right photo)  LEED AP, associate, both members of Grubb & Ellis’ Office Group, will assist HCSC in leasing up to 175,000 square feet of space in the building. Spaces ranging from 15,000 square feet to as much as 130,000 square feet could be made available for occupancy as soon as early 2011.

“We are delighted that HCSC has selected Grubb & Ellis as the exclusive leasing agent for this project,” said Parrish. “World-class architecture and access to public transportation and amenities combined with strong, stable ownership and anchor tenancy by HCSC serve to make this an unparalleled opportunity for prospective tenants in the downtown Chicago marketplace.”

The building, fully occupied by HCSC since it was built in 1997, recently completed an unprecedented vertical expansion that added 24 stories comprising 900,000 square feet to what had been a 33-story, 1.4 million-square-foot structure.

 For the first time, third party tenants will be added to the expanded building to complement HCSC’s occupancy. All building tenants will have access to the building’s amenities, including its conferencing center, cafeteria, on-site parking and direct access to the Grant Park Garage via enclosed pedestrian overpass. The building, designed by Goettsch Partners, features efficient 32,000-square-foot floor plates.

Contact:  Erin Mays, Phone: 312.698.6735, Email: