Monday, May 24, 2010

NAI Realvest Principal Michael Heidrich Named To Costar Power Broker List of Top Commercial Property Specialists

MAITLAND, Fla. -- NAI Realvest Principal Michael Heidrich (top right photo) was named a CoStar Power Broker, ranking him as one of the top commercial property brokers in Central Florida.

George Livingston, (top left photo) chairman emeritus of NAI Realvest, said Heidrich joined the firm in 1990 and has consistently ranked as one of Central Florida’s top industrial and land sales specialists.

Heidrich negotiated 92 transactions in 2009 valued at close to $8 million.

CoStar Group tracks data on commercial real estate leasing and sales transactions throughout the U.S.

For more information,  contact:
Michael Heidrich, Principal, NAI Realvest 407-875-9989
George Livingston, Chairman Emeritus NAI Realvest 407-875-9989
 Patrick Mahoney, President, NAI Realvest 407-875-9989
Larry Vershel, Larry Vershel Communications, 407-644-4142

Struggling Bulk Buyer Opts To Auction Off New Miami Condos

MIAMI, FL--A Miami bulk buyer struggling to resell individual condos is taking the surprising step of auctioning off most of its remaining units at an asking price of $11 per square foot less than the original acquisition price, according to a new report from

VH Miami Investments LLC with Vicky Haw as principal plans to auction off 37 units out of the remaining 42-unit portfolio at a price of $58 per square foot in the Altos de Miami condominium (top left photo)  in Miami's Little Havana neighborhood, according to report based on the auction collateral and government records.

Some 15 months earlier in March 2009, VH Miami Investments purchased 56 units for $4 million, or $69 per square foot, in the troubled 16-story condo tower. At the time of the bulk deal, 69 units had sold in Altos de Miami at an average of $181 per square foot, according to the report based on Miami-Dade County records.

"This is a first for the South Florida bulk market during this latest condo crash," said Peter Zalewski (bottom right photo) , a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "To date, none of the other nearly 50 South Florida bulk buyers that have purchased blocks of new condos in South Florida at deep discounts have taken such a unique exit strategy. Most other bulk buyers are opting to sell units slowly and lease out the remainder.

"Regardless of the results of the auction, there will be some who will undoubtedly wonder whether the original bulk purchase price was simply too high."

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

515 East 72nd Street/Miraval Living Sees Increasing Interest and Record Sales Month in April for Entire Upper East Side in New York City

NEW YORK, NY (May 24, 2010) -- Spring, traditionally the biggest selling season in real estate, is off to a strong start at 515 East 72nd Street/Miraval Living, a spa-inspired condominium that has seen an incredible amount of traffic, resulting in over $23,000,000 in sales just in the month of April.

Even before officially unveiling its Tower Residences, the building sold two units on the 32nd floor for a total of $5,300,000. These premier residences carry through the themes of serenity and well-being embodied by the building, but it is their elevated finishes, expansive floor plans, abundant natural light and unparalleled views that make them extraordinary.

“Because of the variety of homes available at Miraval Living -- from one-, two-, and three-bedroom units to the premier Tower Residences on the uppermost floors -- we’re thrilled to see an overwhelming response from buyers across every demographic," said Elaine Diratz, Senior Managing Director of Corcoran Sunshine Marketing Group, the exclusive sales and marketing firm for the development.

 "We’ve seen interest from everyone from first-timer buyers to pied-a-terre and even luxe penthouse buyers,”
Through a collaboration with Miraval, a destination resort and spa in Tucson, Arizona, the condominium conversion has seamlessly integrated serenity and well-being throughout the entire building. The vast offering of private services, programs, classes and amenities is complemented by modern interiors designed by the internationally celebrated Bonetti/Kozerski Studio.

515 East 72nd Street/Miraval Living offers one-, two- and three-bedroom homes,most boasting private outdoor balconies or terraces.

The building has over 40,000 square feet of amenities space, in addition to “Miraval Park,” which is one of the largest private lawns in all of Manhattan.

Residents can take advantage of a host of recreational activities that includes an on-site state-of-the-art fitness facility, complete with a competition-sized pool, indoor rock-climbing wall and half-court for basketball and squash.

The residents-only spa offers a private yoga studio, massage and treatment rooms with separate locker rooms for men and women.

The building’s in-house health club features sauna, steam and individual stall showers stocked with Miraval luxury bath products. The Creative Arts Studio allows residents to take advantage of music and dance lessons, poetry readings and guest lectures, while the Activity Space, Playroom and an outfitted Game Room are all perfect for kids.

For more information or to view the model apartments, please contact the on-site sales office at 212-772-2722 or visit

Media Contact:  Rubenstein Associates, Inc. – Public Relations, Annie Welker;;
 (212) 843-9350

Arbor Closes $1,878,700 Fannie Mae DUS® Small Loan for 1322 Commonwealth Avenue in Boston, MA

UNIONDALE, NY (May 24, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,878,700 loan under the Fannie Mae DUS® Small Loan product line for the 16-unit complex known as 1322 Commonwealth Avenue in Boston, MA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.98 percent.

The loan was originated by John Kelly, (middle right photo) Vice President, in Arbor’s full-service Boston, MA lending office. “In a challenging financing market, Arbor was pleased to provide financing on this acquisition,” said Kelly. “The deal allowed for 80 percent loan to value, non-recourse debt at what continue to be historically low interest rates.”

Arbor Closes $1,931,800 Fannie Mae DUS® Small Loan for Alder Village in  Portland, OR

UNIONDALE, NY (May 24, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,931,800 loan under the Fannie Mae DUS® Small Loan product line for the 50-unit complex known as Alder Village in Portland, OR.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.91 percent.

The loan was originated by Brian Scharf, (bottom left photo) Director, in Arbor’s full-service Uniondale, NY lending office. “Arbor provided acquisition financing for Alder Village at 80% of cost,” said Scharf. “This transaction further illustrates our commitment to providing non-recourse, maximum leverage financing for quality assets in the Pacific Northwest.”

Contact: Ingrid Principe, Marketing Manager, 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

Grubb & Ellis’ Phoenix Office Recruits Office/Industrial Team

Bo Sederstrom, Delia Stirling and Tricia Gumulka are first to join company’s newest office

PHOENIX (May 24, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced its Phoenix office, which opened for business in May, has recruited its first team of Office/Industrial professionals Robert “Bo” Sederstrom (middle right photo), Delia Stirling, (top left photo) CCIM, and Tricia Gumulka (top right photo)  join the company from Landmark TCN, and will specialize in landlord and tenant representation in the lease and sale of office and industrial properties in the Southeast Valley.

“Bo and his team are well-established in the Phoenix market and join Grubb & Ellis with a long list of prestigious clients,” said Pete Bolton (middle left photo) , executive vice president and managing director of the company’s Phoenix office.

 “They characterize the type of quality professionals we are looking to attract as we build the best full service commercial real estate operation in the Valley.”

Sederstrom, who has 23 years of experience in the Phoenix commercial real estate market, joins Grubb & Ellis as vice president. He spent 10 years at Landmark TCN, during which time he was recognized as the company’s broker of the year four times.

Earlier he spent five years with Ross Brown Partners. He began his career in commercial real estate in 1987 with Allen Tenant Services. Sederstrom holds a bachelor’s degree from Northern Arizona University and an M.B.A. from Arizona State University.

He is a member of the Greater Phoenix Chamber of Commerce, serving on the Economic Development Committee and the Governmental Affairs Committee.

Stirling joined Landmark TCN in 2005, having begun her commercial real estate career in 2002 at Cavan Commercial, where she specialized in office condominium sales and development. She holds a bachelor’s degree from Cornell University and is a member of NAIOP, the Urban Land Institute and the Alumni Association of Cornell University

Gumulka has four years of commercial real estate experience, having joined Landmark TCN in 2006, where she specialized in office and industrial sales and leasing. She holds a bachelor’s degree from Arizona State University and is a member of NAIOP and the Urban Land Institute.

Paul O’Boyle Joins Grubb & Ellis as Senior Vice President, Investment Group

SAN DIEGO (May 24, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Paul O’Boyle (middle left photo)  has joined the company as senior vice president, Investment Group.

In this role, the veteran real estate professional will focus on investment sales and court-appointed receivership assignments.

“Paul is a very talented professional who brings 20 years of experience in many aspects of commercial real estate and I am confident clients will benefit from the service he provides as well as Grubb & Ellis’ comprehensive and integrated service platform,” said Greg Coxon, president, Brokerage Services.

O’Boyle joins Grubb & Ellis from San Diego-based Commercial Realty Advisers Inc. In March, Grubb & Ellis acquired the principals of CRA to serve as the foundation from which to build an owned brokerage office.

Hotel Veteran Curtis R. Davies Returns to Grubb & Ellis as Senior Vice President, Hotels, Golf & Leisure

SAN FRANCISCO (May 24, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Curtis R. Davies (bottom left photo) has returned to the company as senior vice president, Hotels, Golf & Leisure practice group.

“Curtis will serve an integral role as we continue to expand the capabilities of the San Francisco office. I couldn’t be more thrilled that he has chosen to return to Grubb & Ellis,” said Mark Geisreiter, executive vice president, managing director, Bay Area.

Davies began his commercial real estate career with Grubb & Ellis in 1985 and spent 15 years at the company. While with the company, he served as a co-founding member of the Hotel and Leisure Advisory Group.

Mark R. Hush Joins Grubb & Ellis as Vice President, Industrial Group

SANTA ANA, CA (May 24, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Mark R. Hush (lower right photo)  has joined the company as vice president, Industrial Group.

“Mark is a very talented individual who joins the company with a wealth of client relationships,” said David Squire, SIOR, executive vice president, managing director of the company’s Portland office. “Through his diverse experience as a broker and appraiser, he has developed an in-depth knowledge of many facets of the commercial real estate industry and I am pleased to welcome him to the team.”

Hush, a 19-year veteran of the industry, joins Grubb & Ellis from Capacity Commercial Group LLC, where he served six years as a senior associate broker. In this position, he represented clients in negotiating lease and sale contracts primarily in the warehousing, manufacturing and technology sectors.

Grubb & Ellis Company Selected by Hertz Investment Group to Market for Sale The Poydras Center in New Orleans

LOS ANGELES, CA (May 24, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Hertz Investment Group has selected its Institutional Capital Markets Group to market for sale The Poydras Center (lower left photo) , a 453,255-square-foot Class A office building located in the central business district of New Orleans.

Richard Plummer and Michael Ross, executive vice presidents, and Andrew Harper, vice president, will represent Hertz in conjunction with Bryan Burns III of Transwestern’s New Orleans office.

“We are elated to have been chosen to market such a top-tier asset. The Poydras Center is well-located and provides investors the opportunity of entry into a thriving office market with a low unemployment rate amidst an economic downturn,” said Plummer.

Located at 650 Poydras St., the 27-story office tower is within a few blocks of the world-renowned French Quarter and adjacent to the Hale Boggs Federal Building, the local U.S. Courthouse.

The building is situated on a nine-story parking garage, providing unobstructed views of the city from the lowest leasable office suites. Developed in 1983 by MetLife, the property is 89 percent leased primarily to law firms and the local U.S. Attorney’s office, which recently signed a 15-year lease to occupy 15 percent of the building.

According to the U.S. Bureau of Labor Statistics, as of March 2010, the New Orleans-Metairie-Kenner, La. region was one of the metro areas with the lowest jobless rates in the country, posting an unemployment rate of 6 percent.

Contact: Julia McCartney, Phone: 714.975.2230, Email:

Hunter Realty Sells or Places Under Agreement 18 Hotels in Last Four Weeks

ATLANTA, GA., May 24, 2010—Hunter Realty, a leading national hotel investment services firm, today announced that it had sold or placed under contract 18 hotels in the last four weeks.

“There are definite indications that positive changes are on the horizon,” said Teague Hunter, (top right photo)  President. “We are placing hotels under agreement and closing on deals at a much heavier and quicker pace than in recent months.”

“We see more lenders starting to take action on their troubled hotel loans,” said Lee Hunter, (top left photo) COO. “This action by lenders appears to be the start of a new wave of properties coming to market.”

“Despite substantial headwinds, people are feeling optimistic. Pricing power is coming back and consumer confidence is returning,” said Teague Hunter. “There are assets in the full-service and upscale segments, which have been on the sidelines, now becoming available.”

Hunter has six offices nationwide and the 18 properties under agreement or sold are

“We have a comprehensive understanding of local market conditions, financing opportunities and qualified buyers. Financing for these hotels was varied and ranged from all-cash to community banks and SBA loans,” Teague Hunter added.

“We expect that as the recovery continues and lenders are able to bolster their balance sheets, loans will become more readily available.

“Deals are out there and through our long-standing relationships in the hotel finance industry, we are able to help our buyers obtain the financing they need. More money is coming to the market every day.

" The majority of the dollars are all chasing the same product; newer, better branded assets in high barrier to entry (top 25 MSA) markets. Values for these assets will remain surprisingly high. There are deals to be made all over the country.”

Hunter Realty, founded in 1978, has offices in Atlanta, Washington, D.C., Los Angeles, Chicago, Dallas and Minneapolis. The firm’s exclusive focus is in hotel brokerage and financing.

 For more information or to visit current listings, please visit  or contact Teague Hunter at 770-916-0300 in Atlanta.

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