Wednesday, March 24, 2010

J.D. Parker Named Regional Manager of Marcus & Millichap's Manhattan and New Haven Offices

NEW YORK, N.Y.,  – Marcus & Millichap, the nation’s largest real estate investment services firm, has promoted J.D. Parker (top right photo)  to regional manager of the Manhattan and New Haven offices, according to Harvey E. Green (top left photo), president and chief executive officer of the firm.

“J.D.’s success as the manager of our Brooklyn office and his achievements as an investment specialist make him an invaluable resource to our clients and agents in New York City and in Connecticut.”

Since April 2007, Parker has served as the regional manager of the Brooklyn office, a position he will continue to hold in addition to his new duties as regional manager of the Manhattan and New Haven offices.

Parker joined Marcus & Millichap in April 2004 and was named Rookie of the Year in the Manhattan office. As an investment specialist, Parker has mentored several successful agents in the Manhattan and Brooklyn marketplace. In October 2005, he was promoted to associate status. He was soon promoted to the management team, taking over as sales manager of the Manhattan office in May 2006.

Parker received his bachelor’s degree in Operations and Information Systems Management from Penn State University.

Mark Ruble Promoted to Associate Vice President Investments in Phoenix
PHOENIX, AZ– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, announces the promotion of Mark Ruble (lower right photo)  to associate vice president investments in the Phoenix office, according to regional manager David A. Guido.

“Mark has extensive experience as an investment sales specialist in the Phoenix office, focusing on net-leased investment transactions,” says Guido. “Throughout his career with Marcus & Millichap, Mark has matched numerous private and institutional investors with investment real estate in the Phoenix area and throughout the United States. Mark has been instrumental in driving our business forward and developing new business leads.”

Ruble joined the firm in December 2004 and was promoted to senior associate in June 2009. He holds a bachelor’s degree in business real estate from Arizona State University.

Brooklyn, NY Building Listed for Sale at $11.75M

BROOKLYN, N.Y., – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for 752-760 and 762-770 60th St., (lower left photo) a 9,200-square foot combined apartment building in Brooklyn.

 The listing price of $11.75 million represents $146,875 per unit and $169 per square foot.

Multifamily investment specialists Dolly Amigon and Jon Taubes of the firm’s Brooklyn office are representing the seller.

“This is a rare opportunity for an investor to acquire a large building in the heart of Brooklyn’s thriving Chinatown,” says Amigon.

Located between Seventh and Eighth Avenues in Brooklyn, the properties include 200 feet of frontage on 60th Street.

 The lot measures 200 feet by 100 feet; the block and lot numbers are 05785-0023 and 0028. The building is two blocks from an N express subway station, or approximately 30 minutes from Manhattan.

The asset is near the Eighth Avenue retail corridor, which is near many restaurants, public transportation and schools.

The four-story apartment building is zoned C1-3/R6. The property includes two one-bath studios, 48 one-bedroom/one-bath units and 30 two-bedroom/one-bath apartments. Average rents at the property are $1,100 per month.

North Florida Development Site Listed for $12.8M

GLEN ST. MARY, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for a development site consisting of approximately 3,660 acres of acres of timberland with merchantable and pre-merchantable planted pines and natural hardwoods.

Merchantable timber consists of trees that have attained sufficient size, quality and/or volume to make them commercially valuable. The sales price of $12.8 million represents approximately $3,497 per acre.

Paul Bouldin (lower right photo)  and Robert Jinks, both senior associates in Marcus & Millichap’s Tampa office, are representing the seller, a Florida real estate owner.

“The property was part of the Cedar Creek Development, a mixed-use residential golf community,” says Bouldin. “Currently, it is an excellent opportunity for cash flow with income from the management of the timber, until the market returns for future development.”

“Approximately 44 percent of the property is composed of merchantable planted pines, ranging in age from 15 to 35 years with substantial volume,” adds Jinks.

“Approximately 31 percent is pre-merchantable planted pine, from seven to 14 years of age and approximately 10 percent of the property contains natural stands of bottomland pine, hardwood and cypress. A variety of tree species are found in these natural stands, including slash pine, water oak, laurel oak, maple and sweetgum,” says Jinks.

The property is located approximately three miles north of Interstate-10 on County Route 125 in Glen St. Mary. Glen St. Mary is one mile west of the Baker County seat, Macclenny, and is approximately 20 miles west of Jacksonville.

 Glen St. Mary is part of the Jacksonville metropolitan statistical area (MSA).

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Grubb & Ellis Commercial Florida Appoints Wendy Supino Associate in Retail Group in Orlando

ORLANDO - Grubb & EllisCommercial Florida has appointed Wendy Supino (top right photo)  CCIM an associate in the firm’s Orlando Retail Group.

Jeff Sweeney, SIOR, president and managing partner of Grubb & Ellis
Commercial Florida, said Supino has more than 24 years of experience in commercial real estate.

Supino started her real estate career with Commercial Net Lease Realty in Orlando. She was the real estate epresentative for Batteries Plus in Wisconsin where she assisted with site selection and store development throughout the Southeast.

Most recently Supino served as a senior investments advisor at Sperry Van Ness in Orlando.

Sweeney said Supino will focus on retail property leasing and sales with Grubb & Ellis
Commercial Florida retail specialists Mark Sneed, Ray Hayhurst and Steven Tanner.

Jeff Sweeney, SIOR 407-481-5387
Larry Vershel Communications 407-644-4142

Crossman's Daniel Germano Closes Retail Leases in Winter Park and Eustis, FL

 Company negotiates new and renewal lease agreements at Winter Park, FL retail center totaling 4,068 SF

ORLANDO, FL - Crossman & Company, one of the largest third-party retail leasing and management firms in the Southeast, recently completed two lease agreements – one new and one renewal – for a total of 4,068 square feet in the shopping center on Lee Road at the corner of Adanson Street in Winter Park.

Leasing Associate Daniel Germano (top right photo) negotiated  both lease transactions, representing the landlord Lee Road Partners LP.

Star Nails renewed its lease of 1,525 square feet for three years at the center; Beauty Alliance signed a new one-year lease for 2,543 square feet.

Company negotiates long-term renewal lease of 1,300 square feet of storefront space in Eustis, FL

EUSTIS, FL - Crossman & Company, one of the largest third-party retail leasing and management firms in the Southeast, recently negotiated a four year lease renewal agreement with Dr. Eric Meeker, DDS for 1,300 square feet at 228 West Ardice Ave. in the Eustis Square Shopping Center.

Leasing Associate Daniel Germano negotiated the transaction representing the landlord Eustis Square One.

For more information, please contact:
Daniel Germano, Leasing Associate, Crossman & Company, 407-423-5400 or 407-581-6223;
John Crossman, CCIM, President, Crossman & Company, 407-581-6218,;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142,

Plano, TX picks D & A Building Services of Longwood, FL for new contract

 LONGWOOD, FL — D & A Building Services Inc. was selected by the City of Plano, Texas, for a new contract.

Under the scope of services, D & A’s certified window-cleaning specialists will clean the windows of 31 municipal buildings that range in height from one- to three-stories on a periodic basis.

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

Holliday Fenoglio Fowler Closes $57.55M in New Loans

HFF secures $5.1 million refinancing for Newark self storage facility

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) secured a $5.1 million refinancing for a 63,813-square-foot self storage facility in Newark, New Jersey.

HFF senior managing director Jon Mikula (top right photo)  and associate director Michael Klein (top left photo)  worked exclusively on behalf of the borrower, The Hampshire Companies, to secure the three-year, fixed-rate loan through TD Bank.

Completed in 2007, the property has 816 climate controlled units and a 500-square-foot office and sales center. Hampshire Self Storage operates the facility and it is currently 84% occupied. The property is situated on nearly one acre at 320-324 Elizabeth Avenue close to Interstate 78 in Newark.

The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments.


Jon Mikula, HFF Senior Managing Director, (973) 549-2000,
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HFF arranges $26.55M  refinancing for The Village at Muller Park® near Indiana University

INDIANAPOLIS, IN – The Indianapolis office of HFF (Holliday Fenoglio Fowler, L.P.)  has arranged a $26.55 million refinancing for The Village at Muller Park®, a 248-unit / 668-bed luxury, off-campus student housing community serving students attending Indiana University in Bloomington, Indiana.

HFF managing director Jon Everson  (lower right  photo) worked on behalf of the borrower to arrange permanent financing that refinanced the borrower’s construction/mini-perm bank loan. The financing was secured through a 10-year fixed-rate loan through M & T Realty Capital Corporation – Fannie Mae. Debt service payments are based on interest-only for the first two years followed by a 30-year amortization.

Since opening for the 2008 Fall semester, the property has experienced strong occupancy and rent levels. Community amenities include a clubhouse with recreation room, fitness center, spa and tanning facility, computer/business center, swimming pool and basketball and volleyball courts. The Village at Muller Park® also provides residents with shuttle bus service to and from Indiana University’s campus.


Jonathan P. Everson, HFF Managing Director, (317) 630-3191,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HFF secures $25.9M  refinancing for Sawyer Heights Lofts in Houston

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.)  has secured a $25.9 million refinancing for Sawyer Heights Lofts, (bottom right photo)  a 326-unit Class A multi-housing community in Houston, Texas.

Working on behalf of Martin Fein Interests, Ltd., HFF executive managing director Scott Galloway, director Matthew Kafka and real estate analyst Robert Wooten placed the 10-year fixed-rate securitized loan with Freddie Mac (Federal Home Loan Mortgage Corporation). HFF will service the loan through their Freddie Mac Program Plus® Seller/Servicer program.

Built in 2007, Sawyer Heights Lofts amenities include a clubhouse, conference room, library, billiards room, direct-access parking garage, fitness facility with Pilates studio, swimming pool and two Jacuzzis. The property is situated on nearly five acres at 2424 Sawyer Heights Street in the Washington Avenue area of Houston close to Interstate 10 and Houston’s central business district.

“Sawyer Heights Lofts benefits from a fantastic amenity package and great location in the Washington Avenue area, which has experienced tremendous growth and revitalization due to the influx of young professionals,” said Kafka.

Martin Fein Interests, Ltd. is a Houston-based real estate investment company engaged in the development of Class A multi-housing communities across the southwest United States. Fein was recently ranked as one of the top-50 multi-housing builders by Multifamily Executive magazine.


Matthew Kafka, HFF Director, (713) 852-3500,
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Marcus & Millichap Sells 13,800-Squere-Foot Retail Building in Orange Park, FL

ORANGE PARK, FL, Mar. 24, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 57 Heaven Center,(top left photo)  a 13,800 square-foot retail property located in Orange Park, FL, according to Richard D. Matricaria, (middle right photo) Sales Manager of the firm’s Jacksonville office. The asset commanded a sales price of $1,325,000.

David Hsieh, Associate Vice President, and James Hoggatt, an investment specialist in Marcus & Millichap’s Jacksonville office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a partnership, was secured and represented by David Hsieh and James Hoggatt, in Marcus & Millichap’s Jacksonville office.

Press Contact: Richard D. Matricaria, Regional Manager, Jacksonville, (904) 672-1400

Bob Peterson Joins Grubb & Ellis as Managing Director, Corporate Services

CHICAGO, IL – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that 22-year commercial real estate veteran Bob Peterson (top right photo)  has joined the firm as managing director, Corporate Services, effective immediately.

In this role, Peterson will oversee the company’s Corporate Services offerings in Chicago by providing “single-point-of-contact” delivery of multi-market tenant representation, disposition and real estate consulting solutions to corporate accounts.

“Bob has a proven track record of providing real estate services on a global scale and will play a key role in developing and servicing corporate accounts based in the Midwest,” said Shawn P. Mobley, (top left photo)  president, Brokerage Services.

David Susoreny, executive vice president, Corporate Services, added, “Bringing someone with Bob’s experience and skill set furthers our strategy of ensuring a consistently high level of service across our clients’ geographic footprints. We couldn’t be more pleased that he has joined our team.”

Peterson, 47, was most recently an executive vice president with NAI Hiffman. In this role, he managed the company’s downtown Chicago office and provided office tenant representation and corporate real estate strategic planning to a number of multi-market clients.

Prior to joining NAI Hiffman in 2005, Peterson spent five years as a brokerage professional for Staubach Company, where he was the downtown Chicago office’s top producer in 2003.

Throughout his career, Peterson has worked with a number of global corporations, including Ford Motor Company, McDonald’s Corporation, Northwestern Mutual, Comcast and AT&T.

He began his career in real estate with CB Richard Ellis in 1988 as a founding member of the company’s Corporate Services Group.

“I joined Grubb & Ellis for three reasons – the people, the platform and the opportunity for growth,” said Peterson. “Grubb & Ellis is in a great position, not only in Chicago, but nationally, to capitalize on the future of the marketplace.”

Peterson is a licensed real estate salesperson in the state of Illinois and is president of the Chicago Office Leasing Brokers Association. He is also on the board of directors of Chicago Youth Centers’ Fellowship House and New Foundation Center Associates. He received his bachelor’s degree from Miami University.

Contact: Erin Mays, Phone: 312.698.6735, Email:


Bulk Buyers Resell 400 Condos At $83 Per Foot Profit in South Florida

MIAMI, FL--Nearly 400 South Florida new condo units purchased in bulk by investment groups have been turned around and resold for more than $164 million, representing an average return of $83 per square foot, according to a new report by

Of the 42 bulk transactions for 3,300 units to occur since July 2008, at least 16 of the bulk buyers have successfully retraded more than 21 percent of their newly acquired condos - some 1,800 units - at an average price of $388 per square foot, according to the report based on the Condo Vultures® Bulk Deals Database™ and government records in Miami-Dade, Broward, and Palm Beach counties.

These bulk buyers, who are now reselling their units, paid an average of $305 per square foot, which translates into a 27 percent return in what typically takes a matter of months, according to the report.

"A small but growing number of bulk buyers are purchasing blocks of condos at wholesale prices from developers or lenders, slapping a spread on, and then reselling the units on a retail basis to individual buyers," said Peter Zalewski, (lower right photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"Not all bulk buyers are looking for a quick exit immediately but some clearly are trying to capitalize on the strong demand for new units by all-cash investors. A pair of bulk buyers in unrelated deals went as far as flipping their new units - albeit only 24 condos combined - the same afternoon of their transaction to other buyers, and in the process earned an average of $10,000 per minute.

"This is not the norm but it has happened twice since August 2009."

New 60-Unit Miami Condo Tower Deeded To Lender

The developer of the troubled Vista Del Rio condo (top right photo) project just west of Greater Downtown Miami has signed a deed-in-lieu-of-foreclosure, transferring over all 60 units the eight-story tower over to the lender of record, according to a new report from

The developer, Villa Lante Properties LLC with principal Egbert Anthony Gorra, signed over control of the nearly 42,000-square-foot tower with 42 one-bedroom and 18 two-bedroom apartments on March 16 in a $4.9 million deal, according to the report based on Miami-Dade County records.

Lender Files To Foreclose Downtown Miami Condo Tower

A foreclosure action has been initiated against the 17-story Capital Lofts at the Security Building (middle left photo) condominium conversion in Downtown Miami, seeking repayment of $24.6 million, according to a local press resport.

The Miami Daily Business Review first reported that a private lender, Capital Loft Miami LLC with principal Guy Sharon of Aventura, filed to foreclose, seeking repayment of the outstanding balance or ownership of the 47-unsold developer condo units in the project located at 117 NE First Ave. in Downtown Miami.

Contact: Peter Zalewski,  Condo Vultures®,  800-750-0517,