Thursday, February 18, 2010

Twitter, Facebook Tools for Commercial Real Estate Executives is Agenda of ICSC Panel Discussion Feb. 25-26 in Tampa, FL

TAMPA - Social media---Twitter, FaceBook, Flickr---and, a recent web launch designed for commercial real estate professionals, are the focus of a panel discussion at the International Council of Shopping Centers’ Idea Exchange conference scheduled Feb. 25-26 at the Grand Hyatt Hotel in Tampa.

John Crossman, (top right photo) CCIM, president of Crossman & Company, the Orlando firm that ranks as one of the largest third-party retail leasing and management firms in the Southeast will head the panel discussion on social media tools on Friday, Feb. 25.

“We’re going to take an in-depth look at how social media sites and apps are helping commercial real estate executives gain exposure for projects and ultimately get deals done,” Crossman explained.

Panelists including Andrew Gregory, President of eMedia Concepts; Kevin Hourigan, (middle left photo)  President and CEO of Bayshore Solutions; and Hue Chen, (bottom right photo) founder of, plan to discuss the latest trends in Facebook, Twitter, Flickr, and real estate-specific sites such as, Crossman said.

“We will offer tips and best practices to help all skill levels,” Crossman said. “Social networking can be a valuable and highly profitable tool and anyone can learn to do it,” he said.

For details about the West Florida ICSC Idea Exchange, visit

ICSC Next Generation Chairman Justin Greider, senior associate at Crossman & Company, will present a Retail Trends Update during the conference on the same date.

For more information,  please contact:

John Crossman, CCIM, President, Crossman & Company, 407-581-6218,;
Molly Delahunty, Crossman & Company, 407-581-6220
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142,

NAI Realvest negotiates new lease for Class A office space at Primera Court II in Lake Mary, FL

MAITLAND – NAI Realvest recently negotiated a new lease agreement for 2,760 square feet of class A office space in Primera Court II  (top left photo) at 735 Primera Blvd. in Lake Mary.

Senior Associate Mary Frances West,  (bottom  right photo) CCIM negotiated the transaction representing the landlord Interchange-Primera II, LLC of Daytona Beach.
Paylocity, a payroll and HR services firm based in Arlington Heights, Ill., leased suite 235 in the building for a new office to serve the Central Florida region. Pamela Grossman of Studley, Inc. out of Chicago represented the tenant.

For more information, please contact:

Mary Frances West, CCIM, Senior Associate NAI Realvest, 407-875-9989;
Patrick Mahoney, President, NAI Realvest, 407-875-9989;
Beth Payan, Larry Vershel Communications, 407-644-4142

Real Estate Broker Offers Improved Compensation Plan and Time-savings for Agents

Springer Realty Group of Elverson, PA Pays 100% Commissions

ELVERSON, PA--(BUSINESS WIRE)--“This is a wonderful although challenging time to be in real estate,” says Dave Springer, (top right photo)  Broker-Owner of the Springer Realty Group of Elverson, PA.

“We’re making those challenges easier and fairer for our real estate agents by offering two distinct benefits. First, our 100% commission plans help our agents maximize earnings; second, our technologically advanced paperless records system virtually eliminates office time.

"We invite agents to talk to us who are tired of giving up to 50% of their hard-earned commissions to their real estate offices in the 50%-50% split or even the more liberal 70%-30% commission plan, or who hate dealing with office paperwork drop-offs and floor time issues.”

Springer Realty Group serves home buyers and sellers in a wide area surrounding its Chester County location: all of Berks, Bucks, Chester, Delaware, Lancaster, Lehigh, Montgomery and Philadelphia Counties.

According to Dave Springer, either of the firm’s two commission plans (both of which pay 100%), result in definite financial advantages for the selling agent compared with the commissions earned even in the 70%-30% compensation plan.

Under Springer’s first plan, the agent pays Springer Realty Group $195 per month as an office fee, and $395 per property sold. In plan two, the agent pays Springer a $495 monthly office fee and nothing per property sold.

“Let’s say you sell a home for $300,000 with a commission of 3% for a total of $9,000 paid into the agency,” Dave Springer says.

 “At an office with the fairly decent 70%-30% split, you’d receive a $6,300 commission. At Springer, you’d receive $8,605 under plan one, or $9,000 under plan two. That’s an extra $2,305 under plan one, or $2,700 more under plan two. These greater earnings give our agents extra incentive for working harder to complete each sale. And that benefits everyone involved.”

Dave Springer encourages mobile agents who want to manage their own time, work outside an office, and not be burdened with floor time. “I started Springer Realty Group to give agents the chance to be part of a company that believes this is your business and that you should be able to run it as you see fit. The fact that we cover such a large territory is helpful for mobile agents, too.

"Our agents never have to waste time coming to the office; they can submit and retrieve all their paperwork from any computer with Internet access, and work wherever they are.

"Of course, we provide space for agents who prefer an office environment; they are welcome here, too.”

Springer Realty Group is at 38 West Main Street, Elverson PA 19520. Phone (484) 498-4000; on the Internet:;

Serpente & Company Inc.
Joe Serpente, 856-275-6931

Emerald Creek Capital Funds $2.1M Bridge Loan in Georgia

NEW YORK, NY, /PRNewswire/ -- Emerald Creek Capital ( has recently funded a $2,100,000 loan to QR Capital. The proceeds were used to acquire and renovate Highland Forest Apartments in Stone Mountain, GA.

Located just outside of Atlanta, Highland Forest features 1, 2, and 3 bedroom apartments and townhomes.

A renovation reserve was established at the closing to upgrade the property and increase occupancy. Once stabilization is reached, it is expected that takeout financing can be achieved through either a HUD or Fannie Mae loan.

Opportunities to purchase REO properties at significant discounts represent a growing trend in the commercial real estate market. Formed last year, private equity firm Emerald Creek Capital is capitalizing on the lack of liquidity in today's credit environment.

They have been actively providing financing to real estate companies who are looking to take advantage of the many discounted deals in the marketplace.

Mark Penna, a managing partner at Emerald Creek, explains, "When we launched our fund we knew that eventually there would be great buying opportunities out there; our fund enables firms to take advantage of them."

CONTACT: Mark Bahiri, +1-212-239-6861,
Web Site:

CB Richard Ellis Orlando Brokers Sale of Waterways in Orlando

ORLANDO, FL--CB Richard Ellis is pleased to announce the sale of Waterways (top, middle and bottom photos), a 360-unit rental community in Orlando.

Shelton Granade (top right photo) and Luke Wickham  (bottom left photo) of CBRE’s Orlando office exclusively represented the seller, and procured more than 40 offers on the transaction.

Completed in 1988, Waterways features one- and two-bedroom floor plans averaging 830 SF. Property operations were not stabilized, and the community was 76% occupied at closing.

Buyer interest in multi-housing assets in Central Florida has increased significantly over the last several months. CBRE currently has three other offerings under contract. For further information, please contact the Central Florida Multi-Housing Group of CB Richard Ellis.

Shelton Granade,  Senior Vice President, T 407.839.3103,
Luke Wickham, Director of Operations, T 407.839.3130,

First Coast Apartment Association now offering Free, Online Market Surveys to all property owners/managers in Jacksonville FL MSA.

 JACKSONVILLE, FL– Jacksonville‐based First Coast Apartment Association (FCAA) announced that they are now offering a free online market survey tool to all property managers/owners in Clay, Duval, Flagler, Nassau, Putnam, and St. Johns Counties.

 They recently partnered with Orlando based to handle all of their on line market surveys.

Now the owners or property managers can just go to,, click the market survey button and log in to update their rents/occupancies and run a free market survey on up to nine  apartment properties surrounding their community.

According to Peggy Queen, (middle left photo)  Executive Vice President of FCAA, “In order to gain the most from this patent pending system, all property managers need to do is to edit their rents on a Monday. If anyone calls during the week, they can save time by sending the caller to to download their latest rent information.”

“This is the first online market survey system that is designed specifically for the property managers and the local apartment associations” said Mr. Robert E. Smith, (top right photo)  Founder of

He added, “The apartment association’s membership consists of owners, management companies and vendors who sell products or services to the apartment communities.

This system allows the property manager/owner to save time. It also gives the product or service providers another opportunity to advertise their products or services directly to property managers.

In addition, the apartment association can boost its membership, since the website was designed to send everyone who calls an apartment property for a market survey to the apartment association’s website. Property owners and managers also get a free password protected website at( just for participating with the online market survey.”

The First Coast Apartment Association began in 1981 with a small group of apartment managers and owners with a vision. That vision was an association dedicated solely to the educational, legislative, and professional networking needs of the multi‐family industry.

The association grew rapidly and today represents more than 260 apartment communities with more than 60,000 units.

Today, FCAA is the 4th largest apartment association in Florida and still growing. Our mission is to
promote, inform, and serve the apartment industry through education, legislation, and professional networking.
For more information:,
Peggy Queen, 904‐292‐1345 Robert E. Smith 407.206.3791, ext. 101,

Grubb & Ellis Represents JPMorgan Chase in 67,533-SF Office Lease in Irvine, CA

NEWPORT BEACH, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented JPMorgan Chase & Co. (NYSE: JPM), in a seven-year lease for 67,533 square feet of office space at Jamboree Center, (centered photo below)  a 20-story Class A office building in Irvine.

Jack McNutt, executive vice president, Tenant Advisory Group, and Chon Kantikovit, senior vice president, Tenant Advisory Group, represented JPMorgan Chase in the transaction. They were joined by Maury Gentile, executive vice president, Tenant Advisory Group, of Grubb & Ellis’ South Bay office. The property’s landlord, the Irvine Company, represented itself.

Located at 3 Park Plaza, the space will serve as the regional banking headquarters for JPMorgan Chase. They are expected to take occupancy July 1.

“Located in the heart of the airport area, Jamboree Center provides our client with premier space in an excellent office park setting that is easily accessible from every major freeway in the area,” said Kantikovit.

Contact: Julia McCartney, Phone: 714.975.2230, Email:

Grubb & Ellis Reports, Fourth-Quarter and Full-Year 2009 Results

SANTA ANA, CA  (Feb. 18, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today reported fourth quarter 2009 revenue of $150.6 million, compared with revenue of $160.0 million for the fourth quarter of 2008.

For the full year 2009, Grubb & Ellis reported revenue of $535.6 million, compared with revenue of $628.8 million in 2008.

Net income attributable to the company for the fourth quarter of 2009 was $16.8 million, or $0.11 per share, primarily as a result of a gain of $21.9 million realized on the repayment of debt and $3.5 million of income from discontinued operations related to the disposal of two real estate related assets held for sale.

 In the comparable 2008 period, the company reported a net loss of $262.9 million, or $4.15 per share.

For 2009, the company reported a net loss of $78.8 million, or $1.27 per share, compared with a net loss of $330.9 million, or $5.21 per share, for the same period a year ago.

For a complete copy of the company's news release and financials, please contact Janice McDill, Phone: 312.698.6707, Email:

James T. Cobb, Jr. Joins Grubb & Ellis as Senior Vice President, Financial Services Asset Management

DENVER (Feb. 17, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that James T. Cobb, Jr.  (top right photo) has joined the company as senior vice president and local leader of the company’s Financial Services Asset Management group.

In his new role, Cobb will be responsible for marketing and account management of the company’s Financial Services Asset Management group, which offers strategic counsel and a full range of services to financial institutions and special servicers looking to create value through their real estate owned portfolios.

“Jim is well-known throughout the financial services industry in Denver and we are counting on him to play a critical role in servicing the needs of financial institutions and special servicers grappling with distressed commercial real estate assets,” said Conrad Andersen, executive vice president, Financial Services Asset Management. \

“His addition is part of Grubb & Ellis’ companywide initiative to build market share as the number of distressed assets grow over the coming year.”

Contact: Julia McCartney, Phone: 714.975.2230, Email:

Grubb & Ellis Realty Investors Secures 62,399-SF Lease Renewal at Darien Business Center in Chicago Suburb

DARIEN, IL– Grubb & Ellis Realty Investors LLC  has secured a 62,399-square-foot lease renewal with the University of Chicago Medical Center  (top left photo) at 7955 and 8205 S. Cass Ave. in Darien Business Center.

“The Chicago suburbs have experienced tremendous levels of negative absorption in the past two years,” said Bob Assoian, senior vice president, Asset Management.

 “Considering these headwinds, this lease renewal speaks volumes about the quality of Darien Business Center, the local property management team and our leasing brokers.”

Located just minutes from Interstates 55, 355, 294 and Route 83, Darien Business Center is a 175,969-square-foot office complex in metropolitan Chicago’s I-55 Corridor submarket.

The park currently has roughly 25,000 square feet available for lease, including some built-out suites that feature private restrooms, kitchens, a mix of offices and open area and excellent window lines.

The buildings offer ample parking and easy access to a number of amenities in the area, including retail, restaurants, hotels and business services.

Jason Streepy (middle left photo)  and Linda Garske,(bottom left photo)  senior vice presidents with Grubb & Ellis Company, negotiated the agreement on behalf of Grubb & Ellis Realty Investors. Andrew Davidson and Jay Beadle of MB Real Estate represented the University of Chicago Medical Center.

Contact: Damon Elder, Phone: 714.975.2659, Email: