Tuesday, June 22, 2010

Marcus & Millichap Lists $10.6M Apartment Building in Los Angeles


LOS ANGELES, June 22, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Palm Terrace Apartments (top left photo), a 148-unit, 77,200-square foot apartment building in Los Angeles. The listing price of $10,650,000 represents $71,959 per unit.

Matthew Friedman, (lower right photo)  a vice president investments and a senior director of the firm’s National Multi Housing Group in Encino, is representing the seller.

“Offered significantly below replacement costs and at a low price per unit, Palm Terrace presents an opportunity for an astute investor to make enhancements to the property and dramatically increase rents to submarket levels,” says Friedman.

 “Given the strong local demographics and proximity to Los Angeles’ primary employment centers, Palm Terrace is well positioned to benefit from the continuously improving economy.”

Built in 1957 on 2.48 acres, the property is located in the historic West Adams district, a densely populated submarket of Los Angeles.

Palm Terrace provides easy access to major Southern California freeways and is within minutes to public transportation, allowing for easy reach to employment opportunities, retail shops and recreational offerings.

The property is also minutes from some of Los Angeles’ most famous destinations, including Dodger Stadium, Staples Center, and L.A. Live. Several nearby prominent institutions of higher education provide the property with continuous housing demand.

Palm Terrace is comprised of 148 one- and two-bedroom units

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

South Florida Inventory Grows For 3rd Straight Week


MIAMI, FL-As the South Florida residential resale market shows signs of stabilization, a small but increasing number of sellers are suddenly putting their single-family houses, townhouses, and condominium units up for sale, according to a new report from CondoVultures.com.

For the third consecutive Monday on June 21, the amount of residences on the resale market in the tricounty region of Miami-Dade, Broward, and Palm Beach counties increased on a week-over-week basis, pushing the total number of resales up to nearly 66,400, according to the report based on Florida Association of Realtors data.

Seven weeks ago on May 3, there were 65,100 residences for resale. This figure marks the lowest number of properties for resale in South Florida since Condo Vultures® Realty began tracking the inventory back on Nov. 24, 2008.

"As South Florida's residential resale inventory dwindles, some sellers are apparently testing the market to determine if an acceptable price can be achieved," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"Some of these sellers are patient owners who still have some equity in their homes and would like to move but not necessarily unload at a foreclosure-like price. It is premature to call this the beginning of double dip  but it is worth monitoring."

 Contact: Peter Zalewski,  Condo Vultures®,  800-750-0517, peter@condovultures.com

Jim Donovan Joins Grubb & Ellis as Vice President, Multi Housing


SACRAMENTO, CA) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Jim Donovan, (top right photo) LEED AP, has joined the firm as vice president, Multi Housing Group.

“With 15 years of experience in all facets of multi housing commercial real estate, Jim’s reputation as a leading multi housing professionals spans the Western United States,” said Bob Dean,  (lower left photo) executive vice president and regional managing director of Grubb & Ellis’ Pacific Northwest offices.

 “His many relationships, coupled with his knowledge and penchant for service excellence, will be a tremendous value to our company and our clients.”

Donovan previously was senior vice president of Apartment Energy Consultants where he aided owners of multi-family projects in the western U.S. with the 45L Federal Tax Credit Program provided to owners of energy efficient homes.

Prior to joining Apartment Energy Consultants in 2007, he spent four years as the vice president of acquisitions and development for the California division of American Capital Group. In this role, he oversaw the development of approximately 1,500 apartment units valued in excess of $200 million. Donovan began his career in multi housing real estate serving as president of JD Development Company, a private firm he began in 1995.

He holds a bachelor’s degree from the University of California, Davis.

Contact: Julia McCartney, Phone: 714.975.2230, Email: julia.mccartney@grubb-ellis.com

Pembroke Place North Plaza in Pembroke Pines, FL Gets $3.6M Loan


MIAMI, FL, June 22, 2010— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $3,600,000 for Pembroke Place North Plaza in Pembroke Pines, Florida.


Ben Jimenez, (top right photo) Company Assistant Vice President, secured financing for Pembroke Place North Plaza through Thomas D. Wood and Company’s correspondent relationship with The Standard Life Insurance Company.

The fully-amortizing permanent loan has a term of 25 years and an interest rate of 6.25%, fixed for the first five years.

The loan-to-value is 55%. The 51,061 square-foot retail center was built in 1987 and is home to major tenants Planet Fitness, Pets are People Too and Burger King. Pembroke Place North Plaza is located at 8913-9091 Taft Street, Pembroke Pines, Florida.

For further information, please contact:
Ben Jimenez (305) 447-7830 bjimenez@tdwood.com
Jessica Kinnee (407) 937-0470 jkinnee@tdwood.com

BB&T Building on Boggy Creek Road in South Orlando Sold for $1.6M


ORLANDO, FL--Preston Hage with Maury L. Carter & Associates, Inc. recently handled the sale of a 34,406± gross square foot office/warehouse for Branch Banking and Trust Company (BB&T).

The two-story building, located at 8825 Boggy Creek Road in Orlando, was purchased by Muller Investments, LLC for $1,600,000.00.

An adjacent 2.67± acre undeveloped parcel was included in the sale for a total of 4.67± acres.

 William "Bo" Bradford  (top right photo)  with Southern Commercial Real Estate Advisors, LLC represented the Buyer.

Contact:  Joan M. Fisher, Maury L. Carter & Associates, Inc., 3333 S. Orange Avenue, Suite 200
Orlando, FL 32806-8500, (407) 581-6207 direct, (407) 422-3144 office, (407) 422-3155 fax, jfisher@maurycarter.com

Arbor Closes $1.25M Fannie Mae DUS® Small Loan for 15004 Nordhoff Street Apartments in North Hills, CA


UNIONDALE,  NY (June 22, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,250,000 loan under the Fannie Mae DUS® Small Loan product line for the 15-unit complex known as 15004 Nordhoff Street Apartments in North Hills, CA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.66 percent.

The loan was originated by Yogesh Joshi, (top right photo)  Director, in Arbor’s full-service Woodland Hills, CA lending office.


Arbor Closes $3,775,000 Fannie Mae DUS® MAH Coop Loan for Winfield Village Cooperative in Savoy, IL

UNIONDALE,, NY (June 22, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $3,775,000 loan under the Fannie Mae DUS® Multifamily Affordable Housing product line for the 348-unit complex known as Winfield Village Cooperative in Savoy, IL.

The 30-year loan amortizes on a 30-year schedule and carries a note rate of 7.48 percent.

The loan was originated by Michael Jehle, (lower left photo)  Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI lending office.

 “The members of Winfield Village Cooperative will see significant improvements to their property through this new loan with Arbor,” said Jehle. “They were especially pleased with their long-term, low fixed-rate loan.”

Contact:  Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/
Follow us on Twitter @ arbor1

Cotter Ryan Commercial Awarded Contract to Complete Tenant Improvements for Law Firm in Kissimmee, FL


LONGWOOD - Cotter Ryan Commercial, LLC in Longwood was recently awarded a contract to complete tenant improvements for law offices that will open in the Osceola Corporate Center, located off Greenwall Way in Kissimmee, FL.

Scott Ryan, (top right photo)  president of Cotter-Ryan Commercial LLC, said the construction work is estimated to cost $125,000.

For more information,please  contact:
Scott H. Ryan, President, Cotter Ryan Commercial, LLC, 407-786-7686 sryan@cotterryan.com;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142, lvershelco@aol.com

Melrose-Sovereign Awarded Contract to Manage Summer Lakes at MetroWest in Southwest Orlando


ORLANDO - Melrose-Sovereign Companies, which ranks as one of Florida’s fastest-growing community management firms, was recently awarded a contract to manage Summer Lakes (top left photo)  located off Old Winter Garden and Edgewood Ranch Roads in MetroWest.

Jack Hanson, co-founder and partner at Melrose-Sovereign Companies, said Summer Lakes includes 96 single-family homes. The community has a lake with boat ramp, tennis court and tot lot.

Melrose Sovereign Companies specializes in the management of home owner associations and condominium associations.

Headquartered in Orlando, Melrose-Sovereign Companies has eight offices throughout the state including an office recently opened in Daytona Beach.

For more information, please  contact:
Ellen G. Lumpkin, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181, elumpkin@melrose-sovereign.com;
 Jack B. Hanson, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181, jhanson@melrose-sovereign.com;
 Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, Lvershelco@aol.com

Grubb & Ellis Commercial Florida’s Fleet of Green Electric Carts to Chauffeur Tenants to Commercial Property Sites


ORLANDO - Grubb & Ellis Commercial Florida has enlisted a fleet of electric carts by  http://www.ocartz.com/  to reduce fuel consumption while chauffeuring prospective tenants through its portfolio of office, warehouse and retail properties in Orlando, Melbourne and Tampa.

Jeff Sweeney, SIOR, president and Anne Deason Spencer, vice president of the office group at Grubb & Ellis Commercial Florida, said they made arrangements to lease the fleet of electric O-carts as a way to reduce the company’s fuel costs and conserve energy.

(Above photo: from left:--, Associate Brandon Burleson, Anne Deason-Spencer and driver Corey Lamb owner of the o-cart company)

“We think every American has an obligation to look for ways to conserve energy resources and this is one small way we can play a role in that effort as a corporation,” Spencer said.

“Most of our clients and most of our landlords want to play an active role in energy conservation. It’s an important duty, and it’s also a sensible business decision,” Sweeney said.

Nationally Recognized Real Estate Lawyer Joins Morris, Manning & Martin in Atlanta


Atlanta, GA  – Morris, Manning & Martin, LLP, one of Atlanta’s leading law firms and an AmLaw 200 firm, is pleased to announce that Homer Lee Walker (top right photo)  will join the firm as a partner in its Real Estate and Real Estate Capital Markets practices.

Walker is joining the firm from Alston & Bird. His practice focuses on the development and operational aspects of commercial and residential projects, including complex mixed-use projects, as well as formation and capitalization of joint venture platforms and investment funds.

“Morris, Manning & Martin has a leading real estate practice with national and international reach. Lee recognized that we provide him with a premier platform from which to service his clients,” offered Louise M. Wells, (top left photo)  Morris, Manning & Martin’s Managing Partner, adding,

“We are thrilled Lee is joining us. There’s a lot of energy flowing through our halls these days.”

“Real estate is one of our core practices. We took advantage of 2009 to refine our focus and message. Today, our efforts have substantially strengthened and broadened the reach of our practice,” said John G. (Sonny) Morris, (lower right photo)  one of the firm’s founding partners, providing, “Adding someone of Lee’s quality is concrete evidence of that.”

“Morris, Manning & Martin is a firm with a national and international Real Estate and Real Estate Capital Markets practice staffed by seasoned lawyers that understand the business of real estate and the related capital markets,” offered Walker.

“Additionally, the firm’s nationally-recognized Tax, Environmental, Bankruptcy and Litigation practices provide the broad spectrum of legal services necessary to support my clients’ needs. It also helps that the firm’s lawyers believe that the practice of law can be, and should be, fun. I’m looking forward to quickly becoming a contributing member of the firm.”


Media Contact: Terri Thornton, Thornton Communications (404) 932-4347, terri@territhornton.com

Jones Lang LaSalle Names Michael Prabhu Director of Property Management of the Southwest Region


LOS ANGELES, CA– Jones Lang LaSalle has named Michael Prabhu (top right photo)  Director of Property Management of the Southwest Region.

In this new role, he will be responsible for growing the firm’s property management portfolio in Southern California, Arizona and Nevada.

Additionally, he will work closely with the company’s leasing and capital markets professionals to thoroughly integrate its service platform for institutional and investor clients.

“Michael is the perfect fit to lead our property management team in the Southwest,” said Jan Pope, Southwest Market Director for Jones Lang LaSalle.

 “Property management is a core business for Jones Lang LaSalle and we are focused on expanding our integrated property management, agency leasing and capital markets services to owners and investors both locally and nationally. Michael has a deep understanding of the ownership mentality and his experience will deliver the highest level of service to our investor, special servicer and corporate clients in the southwest.”

Contact: David EbelingEbeling Communications, 949.278.7851, david@ebelingcomm.com

Gaedeke Brokers Museum Tower Lease in Miami


Elser & Foster-Morales has leased 4,223 sf of office space in Museum Tower (top left photo) , 150 W. Flagler St., Miami, from Gaedeke Group.

Kirk Fetter, (lower right photo)  vice president of Gaedeke Group, represented the owner. Diana Parker of Cushman & Wakefield Inc. represented the tenant.


Gaedeke Group, founded in 1995, is a full-service real estate firm that provides investment, acquisition, management, leasing construction management and portfolio management services. Headquartered in Dallas,

Gaedeke's current portfolio encompasses three million square feet of class A office properties in Arizona, Florida, Tennessee, Texas, Washington, D.C. and Germany.


Contact:
Kirk Fetter, 561-515-7407
prcourier@att.net

HFF arranges refinancing totaling $36.75M for Oklahoma multi-housing communities


DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.)  has arranged refinancing totaling $36.75 million for The Links at Oklahoma City (top left photo)  and The Greens at Broken Arrow Phase III, (middle right photo)  multi-housing communities in Oklahoma City and Broken Arrow, Oklahoma.

Working exclusively on behalf of Lindsey Management Company, Inc., HFF director Brian Carlton (bottom left photo)  placed the fixed-rate loans with M&T (FNMA). The Links at Oklahoma received a 20-year, fully-amortizing loan and The Green at Broken Arrow Phase III received a 10-year loan.

The Links at Oklahoma City has 49 two-story buildings with 588 units averaging 800 square feet each. The 98% leased property is situated on 86 acres surrounding a golf course at 700 NE 122nd Street in Oklahoma City.

Completed in 2009, The Greens at Broken Arrow Phase III has 216 units within 18 buildings. Units average 843 square feet each and are fully leased.

The Greens at Broken Arrow Phase III is located at 2101 East Omaha Street surrounding a golf course in Broken Arrow, approximately 10 miles southeast of downtown Tulsa.

Lindsey Management Co., Inc. (LMC), based in Fayetteville, Arkansas, began operations in 1985.

Since then, the company has grown to become the largest property management firm of multi-family housing in the state of Arkansas and is making a strong presence in the states of Alabama, Kansas, Mississippi, Missouri, Nebraska, Oklahoma and Tennessee.

Contacts:

Brian G. Carlton, HFF Director, (214) 265-0880, bcarlton@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF closes sale of REO office assets in Houston’s Westchase submarket

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.)  has closed the sale of 9950 Westpark Drive and 10333 Harwin Drive, REO office assets totaling 259,854 square feet in Houston’s Westchase submarket.

HFF senior managing directors Dan Miller (lower right photo)  and Robert Williamson (lower left photo)  led the investment sales team on behalf of special servicer LNR Partners, Inc. Boxer Property purchased the properties for an undisclosed amount.

The 111,159-square-foot 9950 Westpark Drive property is 69% leased and is situated on 2.3 acres on the north side of the Westpark Tollway at the intersection of Gessner Road in west Houston. 10333 Harwin, located on the south side of Westpark Tollway, has 148,695 square feet that is 46% occupied.


Both of these properties were acquired at a significant discount to replacement cost and are poised to benefit from increasing occupancy and revenue as the leasing market rebounds,” said Miller.



LNR Partners is one of the largest special servicers of CMBS loans in the U.S. and is part of privately-held LNR Property Corporation based in Miami Beach, Florida.

Boxer Property was founded in 1992 to manage, lease, renovate, and administer closely held commercial properties from acquisition through disposition.

Contacts:

H. Dan Miller, CCIM, SIOR, HFF Senior Managing Director, (713) 852-3500, dmiller@hfflp.com
 Robert E. Williamson, HFF Senior Managing Director, (713) 852-3500, rwilliamson@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Expedia Signs Global Partnership Agreement With Spain's Iberostar Hotels & Resorts


BELLEVUE, WA. and Palma de Majorca, Spain. –– Expedia, Inc. (NASDAQ: EXPE), the world’s largest online travel company,  has signed a global partnership agreement with Iberostar Hotels & Resorts, a Spanish hotel chain with properties in 16 countries throughout the Caribbean, South America, Europe and North Africa.

Under this agreement, Iberostar’s portfolio of beachfront properties will be available to the millions of consumers who shop and book travel on more than 90 Expedia®- and Hotels.com®-branded sites worldwide each month.

This agreement comes as Iberostar seeks to reinforce its existing geographical footprint and to diversify its product offering in new destinations and hotel business segments, with four new properties recently opened this year in Tunisia, Morocco and Cape Verde.

“Partnering with Expedia extends Iberostar’s reach and grows our audience, supporting our efforts to expand into entirely new markets for us, such as South America and Africa,” said Luis Hérault, (top right photo) CMO, Grupo Iberostar.

“Expedia is committed to growing the global selection of hotels we offer to travelers worldwide, and Iberostar enhances that selection,” said Melissa Maher, (middle left photo) Vice President of Strategic Accounts, Expedia.

“We’re pleased to support Iberostar’s international expansion by delivering global demand and working with them to grow their business.”

Expedia, Inc. is the largest online travel company in the world, with an extensive brand portfolio.  

Expedia Partner Services Group (PSG) is the central point of contact for travel suppliers to access the global Expedia marketplace of leading travel brands comprising more than 90 points of sale worldwide.

IBEROSTAR Hotels & Resorts is a family-owned hotel chain based in Palma, Majorca. IBEROSTAR resorts are 4 and 5 star properties, located in 16 countries across Spain, the Mediterranean, the Caribbean, and South America.

The hotel chain belongs to GRUPO IBEROSTAR, one of the most consolidated Spanish tourist groups with 50 year experience. The company currently has over 100 hotels and 36.000 rooms.

Contacts:
Katie Deines, Expedia, +1 425 679-7991, press@expedia.com
Julie Tullbane, Daly Gray, Inc., T 703-435-6293, F 703-435-6297, julie@dalygray.com

CHM Forms CHM Partners to Acquire Hotels; Roger Clark Joins as Managing Partner


BEVERLY, MA—Capital Hotel Management (CHM), a leading hotel investment, advisory and asset management firm,  has formed CHM Partners LLC, a new division of the company, to acquire hotels primarily as a co-investor with other equity partners.

Hotel real estate veteran Roger Clark (top right photo)  has joined the partnership as a managing partner. He will be responsible for sourcing and negotiating acquisitions. The firm has assembled capital and plans to acquire both full-service and select-service hotels in urban and resort markets.

“When CHM was founded in 2000, investment was a major part of our strategy and execution and we successfully sold those owned assets near the top of the last cycle,” said Ken Wilson, (top left photo) CEO of CHM. “We believe the timing is right to return to our original strategic platform and to again invest in hotels to take advantage of the coming next cycle.

“In our conversations with our investment partners, many remain leery of jumping back into the hotel acquisition ring because of the difficulties of the past two years,” Wilson noted.

 “While the industry appears to have bottomed out, there are still strong headwinds ahead that will require the creative, strategic thinking CHM brings to the acquisition and ownership process.

" We intend to back the confidence in our abilities with meaningful investment. Roger will lead our program in putting transactions together.”

Contact: Jerry Daly, Chris Daly, (703) 435-6293, jerry@dalygray.com