Wednesday, June 9, 2010

BDG Construction Services Awarded Contract to Build Out Extreme Pita Restaurant Facility near UCF in Orlando, FL

WINTER SPRINGS, FL - BDG Construction Services was recently awarded a contract to build out the 1,440 square foot Extreme Pita restaurant facility at 3402 Technology Ave. in Orlando near the University of Central Florida.

Kevin Guffee, a principal at BDG, said work on the construction of the Extreme Pita restaurant facility is already under way. Extreme Pita will open this summer.

BDG Construction Services builds and renovates a variety of properties, including retail shopping centers, office buildings, and public facilities.

BDG is a member of the University of Central Florida Business Incubation Program located at the Seminole County/Winter Springs Incubator on E. State Road 434 in Winter Springs.

For more information, contact:
Kevin Guffee, Principal, BDG Construction Services, LLC, 407-729-5832;
Esther Vargas-Davis, Site Manager, UCF Incubator-Seminole County, 407-278-4881,;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

CB Richard Ellis Markets Prime Sun Key Apartment Community in Winter Park, FL

ORLANDO, FL--CB Richard Ellis is pleased to present Sun Key, a 596-unit multi-housing investment opportunity with a highly desirable Winter Park address. (The listing price is still to be determined.)

Completely rehabbed in 2008, this infill community benefits from more than $11 million in capital upgrades over the last five years. The property is currently 94% occupied, and presents new ownership with the opportunity to acquire a fully renovated project well below replacement cost and newer “A” product.

 This extremely desirable entry point is likely to allow investors to enjoy tremendous returns through sound property management and further market improvement going forward.

The extensive recent rehab at Sun Key provides a distinct advantage over competitors in the submarket. Interior upgrades within the last two years in every unit include:

 new stainless steel appliances with flat surface stoves, new faux wood and Berber flooring, new washer/dryers, faux granite countertops, new deep basin kitchen sinks, new light fixtures, new ceiling fans, and new kitchen and bathroom cabinetry.

Major exterior and common area improvements were also made, including: new roofs on all buildings; new exterior paint; new signage; new pool pavers and pool furniture; the addition of a state of the art Wi-Fi business center; two fully renovated clubhouses; new architectural lattice work on the stairway windows; and an impressive game room with flat-screen TVs, video game stations, air hockey, foosball, and a pool table.

These significant capital improvements coupled with the asset’s desirable location make Sun Key the rental community to call home in the Winter Park area.

Sun Key and the Orlando market are poised for meaningful improvement. MPF Torto Wheaton’s 2010 Research Report projects that Orlando will add jobs in 2010 and enjoy the 2nd strongest employment growth in the country over the next five years.

That report predicts that the metro area will add 207,000 jobs from 2010 – 2015. During that same time, they forecast that average apartment rents in Orlando will climb from $810 to $965 with occupancy reaching 94.8% by 2012. Those expected gains bode extremely well for owners of infill properties like Sun Key.

Investment Contacts:

Shelton Granade, (top left photo)  Senior Vice President, 407-839-3103,,
Luke Wickham, (middle right photo) Director of Operations, 407-839-3130,

Financing Contact:  Charles Foschini, (lower left photo) Vice Chairman, 305.381.6424,

Grubb & Ellis Represents Door Systems in Lease Renewal of 63,000 SF in Itasca, IL

 ROSEMONT, Ill. (June 7, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  represented Door Systems, a division of KONE, in the long-term lease renewal of 63,305 square feet at 751 Expressway Drive in Itasca.

The maker of dock doors and dock equipment has been in the building since 1993.

Matt Mulvihill, executive vice president, Industrial Group, Tom Tunnicliff, executive vice president, Office Group, and Sam Durkin, associate vice president, Industrial Group, facilitated the transaction.

“Door Systems has benefited from the signage visible from I-355, as well as convenient access to all major expressways,” said Mulvihill. “We’re pleased to have helped Door Systems implement its long-term real estate strategy.”

Since 1954, Door Systems has specialized in the assembly, installation and servicing of all makes and types of doors and dock equipment. Rather than follow a “one size fits all” approach to doors, the company tailors the doors to match the specific requirements for each client by offering both custom and standard stock items in the most popular styles and colors.

Anne P. Rahm Joins Grubb & Ellis as Vice President, Corporate Finance

GROSSE POINTE, MI – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that Anne Rahm  (middle left photo) has joined the company as Vice President, Corporate Finance.

A 19-year veteran of the commercial banking and finance sector, Rahm will support the Corporate Finance group in providing capital markets advisory and execution expertise for single-tenant assets on behalf of corporate users, developers and owners.

“Annie brings tremendous banking and corporate credit experience to support the execution of assignments and the service of our clients and capital sources,” said Jeff Shell, executive vice president and director, Corporate Finance. “She has a tremendous understanding of today’s corporate credit and capital markets issues, making her a great addition to our team.”

 Rahm joined Grubb & Ellis from Community Central Bank, where she was a commercial lending officer responsible for managing a commercial loan portfolio with approximately $20 million in exposure.

Previously, she served in commercial loan officer roles with the Northern Trust Company, Michigan National Bank, First Union National Bank and Riggs National Bank. She was also co-founder and principal/treasurer of Rahm Building Company, a private real estate investment and development firm.

Rahm is a licensed real estate salesperson in the state of Michigan. She received her bachelor’s degree from Miami University.

Contact: Erin Mays, Phone: 312.698.6735, Email:

Grubb & Ellis Issues Statement Regarding Registration Rights Filing

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has  filed a registration statement on Form S-3 with the Securities and Exchange Commission relating solely to shares of common stock owned by the company’s Chairman, C. Michael Kojaian, (lower right photo)  and entities affiliated with Mr. Kojaian.

The registration was effected pursuant to a registration rights agreement entered into with the Kojaian Parties on April 28, 2006.

“This shelf registration relates to a long-standing registration rights agreement,” said C. Michael Kojaian, the company’s chairman. “As stated in last week’s filing, the Kojaian Parties have no specific plan or current intention to sell any shares of common stock. I have a long history with the company, and my confidence in Grubb & Ellis’ leadership and long-term growth strategy has never been stronger.”

The registration statement relating to these securities has been filed, but has yet to become effective.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

 Contact: Janice McDill, Phone: 312.698.6707, Email:

Phoenix Office of Grubb & Ellis  Expands with Addition of Office/Medical Condo Team

PHOENIX, AZ) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has expanded its Phoenix office with the addition of the three-person office and medical condo leasing and sales team of Sheila Bale (lower left photo), Colleen McPherson (lower right photo)  and Ryan O’Connor (bottom left photo)  

Since opening in a temporary location in April, the Grubb & Ellis Phoenix office has grown to include 12 professionals.

Bale joins Grubb & Ellis as vice president, Office Group, from Prudential CRES Commercial Real Estate, where she served seven years as a vice president specializing in the sales and leasing of office space in the greater Phoenix area.

With more than 10 years of commercial real estate experience, McPherson, vice president, joins Grubb & Ellis from The Plaza Companies, a medical office development and brokerage firm. Prior to that, she spent six years at CB Richard Ellis as vice president, leading the firm’s local medical leasing and office condo sales team.

O’Connor began his career in commercial real estate with Prudential CRES Commercial Real Estate in 2008, where he teamed with Bale and was involved in transactions valued in excess of $6.4 million. He holds a bachelor’s degree from the University of Arizona and is a member of NAIOP’s local Young Leaders committee as well as the Urban Land Institute’s local Young Leaders Group.

Contact: Julia McCartney, Phone: 714.975.2230, Email:

HFF closes largest retail REO property in Southern California for $94.5M

IRVINE, CA -The Orange County and Los Angeles offices of HFF (Holliday Fenoglio Fowler, L.P.) announced that the sale of The Shoppes at Chino Hills (above centered photo) , a 388,000-square-foot, trophy lifestyle center located in Chino Hills, California, closed on May 28th.

The HFF investment sales team was led by senior managing director Ryan Gallagher (middle left photo) and directors Kelly Rohfeld (middle right photo) , Bryan Ley and John Crump, who marketed the property on behalf of the sellers, a bank consortium group led by Bank of America.

A private Southern California-based investment group purchased the property on a free and clear basis for $94.5 million.
The Shoppes at Chino Hills was originally developed by Opus West in 2008.

A bank consortium group took the property over when Opus West went bankrupt in 2009. Located at 13800-13920 Village Center Drive in Chino Hills,

The Shoppes at Chino Hills is part of a larger master-planned project that includes the Chino Hills Civic Center, (middle left photo)  Chino Hills City Hall, Chino Hills Police Station and the public library.

The 87% leased property was designed by Altoon + Porter architects and is anchored by XXI Forever, H&M, Trader Joes, Banana Republic, Victoria's Secret and Barnes & Noble.

“The Shoppes at Chino Hills is a trophy asset that was highly sought after.

"As the economy recovers, the center should be well-positioned to capitalize on the affluent surrounding demographics and continue to serve as a ‘best in class’ lifestyle center in the region,” said Gallagher.


Ryan Gallagher, Ca. Lic. # 01269918, HFF Senior Managing Director, (949) 253-8800,
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HFF arranges $26.5M construction loan for downtown Oakland, CA multi-housing project

LOS ANGELES, CA – The Los Angeles and San Francisco offices of HFF (Holliday Fenoglio Fowler, L.P.)  have arranged a $26.5 million construction loan for City Walk, a 264-unit, transit-oriented multi-housing project in Oakland, California.

The HFF deal team of Paul Brindley (middle right photo) , Kevin Redford (middle left photo) , Todd Sugimoto (lower right photo underneath Paul Brindley photo) , Mark Sixour (lower left photo underneath Kevin Redford photo)  and Wally Reid worked exclusively on behalf of the borrower, Wood Partners, to secure construction-permanent financing through a life insurance company.

The deal was structured with a recourse burn-off at stabilization and no prepay penalty providing maximum flexibility for the borrower.

Wood Partners acquired the project 60% complete and will use the loan proceeds to finish the construction and facilitate the lease-up of the Class A property.

Due for completion in 2011, City Walk will feature a mix of studio, one-, two- and three-bedroom units.

 The property is located in the heart of City Center in downtown Oakland and is two blocks from the 12th Street Bay Area Rapid Transit Station, providing easy access to downtown San Francisco as well as other parts of the Bay Area via public transportation.

 City Walk sits across the street from the Federal Buildings and is close to the Central Business District.

“The City Walk project is anticipated to achieve very compelling returns as Wood Partners acquired it at such an attractive basis,” said Redford.

Wood Partners is a national multifamily real estate company that acquires, develops, constructs and manages high density and mixed-use communities.

Paul  Brindley, HFF Senior Managing Director, (310) 407-2100,
Kevin Redford, HFF Director, (415) 276-6300,
Kristen Murphy,  HFF Associate Director, Marketing,  (713) 852-3500,

HFF arranges $18M  financing for manufactured housing community in San Diego, CA

SAN DIEGO, CA – The San Diego office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged $18 million in financing for The Highlands, a 306-home-site manufactured housing community in Santee (San Diego), California.

HFF senior managing director Tim Wright (lower left photo) and associate directors Zach Koucos and Zack Holderman (lower right photo)  worked exclusively on behalf of the borrower, The Highlands Mobile Home Community Association, to secure the 10-year, fixed-rate loan through Northwestern Mutual Life Insurance Company.

 The loan proceeds enabled the borrower to purchase the fee simple interest in the property and recapitalize existing debt. The Highlands Mobile Home Community Association is a California non-profit mutual benefit corporation comprised of the community’s residents.

The Highlands is located at 7467 Mission Gorge Road in close proximity to State Route 52 in the City of Santee just east of San Diego. The property has 306 home sites and is an age-restricted (55+) community. Amenities at The Highlands include a clubhouse, two pools, and a shuffleboard pavilion.

“We were pleased to have a number of lenders compete for the financing of The Highlands in a challenging capital marketplace,” said Koucos.


Timothy D. Wright, HFF Senior Managing Director, (858) 812-2341,
Zachary E. Koucos, HFF Associate Director, (858) 812-2341,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,