Tuesday, February 23, 2010

Keystone Asset Management Partners With RealtyTrac to Market Foreclosed Property Listings

LANSDALE, PA – Feb. 23, 2010 – Keystone Asset Management Inc., a national provider of comprehensive REO, Default Management and Property Valuation Services, recently announced that it has partnered with RealtyTrac Inc., the leading online foreclosure marketplace for default, auction and bank-owned REOs.

The partnership gives additional market exposure for foreclosed property listings provided by Keystone Asset Management, displaying them prominently to RealtyTrac’s 3 million unique monthly visitors.

“Having an additional resource to post our listings will provide greater market visibility,” said Jane Hennessy, Executive Vice President of Keystone. “Our strategic partnership with RealtyTrac will help us leverage our exposure to the marketplace and assist our agents in promoting the properties to interested buyers across the country.”

Homebuyers and investors using RealtyTrac can easily make online offers or inquiries on the Keystone-provided REO properties. Users can simply click on the “Bank Owned” tab on any RealtyTrac search results page and look for properties with the “Make Offer” button.

“This partnership will offer great value to our users, giving them the ability to pinpoint REO properties that lenders are actively marketing for sale and to conveniently pursue and purchase those properties,” said Rick Sharga,  (top right photo) Senior Vice President for RealtyTrac. “Together with Keystone, we believe we can have a positive impact on the national housing market by bringing together motivated buyers and sellers of foreclosed real estate.”

In 2009, a record 2.8 million homes received a foreclosure filing. This represents a 21 percent increase in total filings from 2008.

The number of foreclosures is expected to increase significantly in 2010 as millions of option ARMS and ALT-A mortgages reset in the next 12 to 18 months and double-digit unemployment plagues the national economy this year.

Contact: Tammy Chan, Atomic PR, Direct: 212-699-3646, Mobile: 408-802-8682, tammy@atomicpr.com

TPMC California Completes $5M Redevelopment of 107,000-SF Class A Office Building in Los Angeles

LOS ANGELES, CA-- Feb. 23, 2010--TPMC California, a subsidiary of TPMC Realty Corporation, a private real estate development and investment company, is celebrating the completion of a $5 Million redevelopment of 12301 Wilshire Boulevard,(top left photo)  a six floor, 107,000-square-foot Class-A office building in West Los Angeles.

This 1970’s era building underwent a complete transformation at the ground level, including installation of a new modern glass façade and a complete renovation of the building’s lobby and outdoor plaza.

This Gensler designed project’s signature feature is a stainless steel canopy with LED lighting, which illuminates the façade and plaza along Wilshire Boulevard at night.

"The property was completely modernized inside as well as out, from its corridors and common areas to its elevators and restrooms and features welcoming suites with efficient floor plans and floor-to-ceiling windows that reveal tree, sky, mountain, city and partial ocean views.

“Since expanding to California in 2008, all of us at TPMC have been inspired by the creativity, energy and excellence of this dynamic business community,” commented David R. Weinreb, bottom right photo)  Owner, Chairman and CEO of TPMC Realty Corporation.

“Our mission is simple – we want to own properties that mirror the beauty of their surroundings and the quality of their tenants. We believe we have accomplished that here.”

For leasing information,  please visit us online at http://www.12301wilshire.com/
Contact: David Ebeling, Ebeling Communications, 949.278.7851, david@ebelingcomm.com

Liberty Property Trust Selects Grubb & Ellis to Market 2-Million-SF Warehouse/Distribution Complex Facility in Shippensburg, PA

KING OF PRUSSIA, PA -- Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  has been selected by Liberty Property Trust, a leading developer and investment trust, as the exclusive leasing agent of Liberty @ Shippensburg, a proposed two-building warehouse/distribution complex totaling more than 2 million square feet in Southampton Township.

Steve Bonge and Tim Brogan, both senior vice presidents, and Patrick McBride, vice president, all members of the company’s Global Logistics practice group, will market the complex, to be constructed on Olde Scotland Road at I-84’s Exit 24.

“The facility is located along one of the most commercially important north/south highways in the East Coast, the I-81 corridor,” said McBride. “The area’s accessibility to the Mid-Atlantic region and the fact that it is within a single day’s drive of 40 percent of the U.S. population makes Liberty @ Shippensburg one of the region’s premier warehouse/distribution locations.”

For more information, contact Patrick McBride at 717.919.1689 or via e-mail at Patrick.McBride@grubb-ellis.com.

Media Contact: Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com
Brett Hunsaker Assumes Responsibility for Grubb & Ellis's Atlanta Operations

SANTA ANA, CA (Feb. 23, 2010) -- Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Brett Hunsaker (bottom left photo) has been named executive vice president and managing director of the company’s Atlanta office.

Hunsaker, 50, joined Grubb & Ellis in 2008 as executive vice president, Business Development, responsible for overseeing the company’s business development, marketing and training programs for its Real Estate Services business. In his new role, he will be responsible for the company’s Atlanta-area Real Estate Services operations.

“Brett is undoubtedly one of the most respected commercial real estate professionals in the Atlanta area,” said Jack Van Berkel, (bottom right photo) chief operating officer and president, Real Estate Services. “His deep relationships within the Atlanta commercial real estate community, incredible track record and proven ability to lead will greatly support our continued success in this market. I’m pleased he has taken on this role.”

Prior to joining Grubb & Ellis, Hunsaker was senior managing director at CB Richard Ellis, where he served as one of the company’s market leaders and head of its ownership services business in Atlanta. During his tenure, he was responsible for more than 50 property management, agency brokerage and investment sales producers.

Media Contact: Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com

Industrial Team at Southern Commercial Completes Two Leases in Metro Orlando

ORLANDO, FL. (Feb. 23, 2010) Principles Tom McFadden, SIOR and William “Bo” Bradford, CCIM, SIOR of Southern Commercial Real Estate Advisors completed a 18,975 square foot new lease at 7580 Exchange Drive, Orlando, Florida.

McFadden and Bradford negotiated the 7 year lease, representing the Landlord, RREEF. The Tenant is Iberia Foods Corp.

6,100-SF New Lease Closed at 3830 Enterprise Way, Sanford, FL

ORLANDO, FL.(Feb.  23, 2010) Principles Tom McFadden, SIOR and William “Bo” Bradford, CCIM, SIOR of Southern Commercial Real Estate Advisors completed a 6,100 square foot new lease at 3830 Enterprise Way, Sanford, Florida.

McFadden and Bradford negotiated the 8 year lease, representing the Landlord, McDonald Ventures XXVI, LLC. The Tenant is Atlantic Fasteners and Supply Co., Inc.

Contact:  Celeste MacKenzie. Production Assistant, Southern Commercial Real Estate Advisors, LLC, 20 N. Orange Ave., Suite 605, Orlando, FL 32801, 321.281.8503 Direct, 321.281.8519 Fax, http://www.southerncommercialre.com/

South Florida Residential Resales of 20,200 Set 15-Month Record

(MIAMI, FL)—Single-family home and condominium buyers are racing to buy depressed-price properties in Miami-Dade, Broward and Palm Beach counties, according to a new report released today by CondoVultures.com

Purchase contracts on residential resale product in the tricounty South Florida region surpassed the 20,000 threshold on Monday, marking the first time in at least 15 months that pending sales reached that level, the report states

Using data from the Florida of Association of Realtors, CondoVultures finds buyers have gone under contract on nearly 9,100 single-family houses and 11,100 condominium units and townhouses in Miami-Dade, (top left skyline photo)  Broward, and Palm Beach counties.

"Buyers are stepping up their purchases of resale product in South Florida," says Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"Many of these buyers are purchasing all cash as financing is still challenging.

“It is important to note that the resale data does not track sales of new condo product, much of which is located in Greater Downtown Miami, Sunny Isles Beach, and West Palm Beach."

For example, Zalewski says, Greater Downtown Miami was closing an average of nearly 200 condos per month in 2009, and early research shows there has been no slowdown in volume in the first quarter of 2010, according to the Condo Vultures® Official Condo Buyers Guide To Miami™.

On the resale side of the market, pending sales are up 117 percent from 9,300 contracts during Thanksgiving week of 2008 when CondoVultures.com first started tracking the data on a weekly basis.

Additionally, pending sales are up 10 percent since Thanksgiving week of 2009, an increase of more than 1,800 contracts, according to the data.

Miami-Dade County, where Aventura, Miami Beach, (middle right skyline photo)  and Sunny Isles Beach are located, leads the region in pending sales with just over 9,000 contracts. This figure represents 45 percent of the total existing contracts in South Florida.

Broward County, where Fort Lauderdale, (bottom left yacht scene photo)  Hollywood, and Pompano Beach are located, ranks second in the region in pending sales with nearly 8,000 contracts, which represents 40 percent of the deals.

Palm Beach County, where Boca Raton, Delray Beach, and West Palm Beach are located, ranks third in South Florida based on 3,200 contracts, constituting 16 percent of the pending sales, according to CondoVultures.com. #

Contact:  Peter Zalewski, Principal, Condo Vultures® LLC, Office: 305-865-5629, Cell: 305-321-7383, eFax: 1-305-832-0311, Peter@CondoVultures.com, http://www.condovultures.com/

Franklin Street Announces 2 Property Portfolio Note Sale

TAMPA, FL--: Franklin Street Real Estate Services is pleased to announce a note sale of a two property multifamily portfolio. The communities are located in Northeast Tampa.

The notes had an original face value of $6,180,000, originated in late 2006. The properties collateralized by the notes are Regency Palms Apartments, 89 units at 4113 E Linebaugh Avenue and Oasis Apartments, 61 units located at 1503 E 142nd Avenue.

Franklin Street Partners Darron Kattan, (top right photo) Bob Goldfinger and Kevin Kelleher represented both parties. The Buyer was a private partnership that owns apartments locally. The portfolio was in distress with physical and operational challenges. The Buyer had to move quick with minimal to no due diligence during the two week process.

“The lender had taken the foreclosure process to the finish line and sold the notes just before taking title to avoid additional costs and liabilities,” said Kattan.

“The Buyer of the notes wanted to own the properties, so they stepped into the shoes of the lender to finish the foreclosure process.

"The properties had a variety of challenges, physically and operationally, but the Buyer is a hands on operator that will turn them around quickly.”

Contact: Mandy Force, Director of Operations, 5420 Bay Center Drive, Suite 100 ▪ Tampa, FL 33609, Office: 813.839.7300 ext. 317 ▪ Fax: 813.839.7330, Direct: 813.658.3357, Cell: 813.695.2220, Email: Mforce@franklinstreetfinancial.com