Friday, June 25, 2010
Arbor Closes $1,444,700 Fannie Mae DUS® Small Loan for 421 East 82nd Street Apartments in New York, NY
Uniondale, NY (June 25, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,444,700 loan under the Fannie Mae DUS® Small Loan product line for the 17-unit complex known as 421 East 82nd Street Apartments in New York, NY.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.05 percent.
The loan was originated by Alexander Kaushansky (top right photo) , Director, in Arbor’s full-service New York, NY lending office. “Arbor was pleased to provide the borrower a cash-out refinance on this property,” said Kaushansky.
Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/, Follow us on Twitter @ arbor1
ORLANDO, FL-- Principals William “Bo” Bradford, CCIM, SIOR and Tom McFadden, SIOR of Southern Commercial Real Estate Advisors completed a 33,406 square foot sale at 8825 Boggy Creek Road, Orlando, Florida. Bradford and McFadden represented the Buyer, Muller Investments, LLC. The Seller, Branch Banking & Trust Company was represented by Preston Hage of Maury L. Carter & Associates, Inc.
Southern Commercial Completes 14,500-SF New Lease
ORLANDO, FL.(June 25, 2010) Principals Tom McFadden, SIOR and William “Bo” Bradford, CCIM, SIOR of Southern Commercial Real Estate Advisors completed a 14,500 square foot new lease at 7584 Brokerage Drive, Orlando, Florida. McFadden and Bradford represented the Landlord, RREEF. The Tenant is Florida Carpet & Pad Recycling, LLC.
Media Contact: Celeste MacKenzie, 321-281-8503, firstname.lastname@example.org
The listing price of $14,678,820 represents approximately $15,000 per paper lot.
Paul Edwards, a senior associate, and Will Stone, an investment specialist, both in the firm’s Portland office, are representing the seller, a local investor group.
The 125.46-acre parcel of land is located within the 275-acre former Fairview Training Center sustainable development site in Salem. It is adjacent to other sustainable developments at 2250 Strong Rd. SE, three miles from the center of Salem and one mile from the Salem Municipal Airport. The site offers views of the Cascade mountain range and Willamette Valley.
The Sustainable Fairview Salem master plan will support a variety of uses, including commercial and residential properties, with up to a maximum of 1,000 residential units or lots. The two schools planned for the development have purchased their sites.
The property is available for purchase in increments of approximately one-acre each, up to 125 acres. Seller financing is available.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
Grubb & Ellis Represents Higgins Development Partners in Sale of 602,500-SF Warehouse/Distribution Facility in Carlisle, PA
KING OF PRUSSIA, PA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that its Global Logistics Group represented Pritzker Realty Group and Higgins Development Partners in the investment sale of Key Distribution Center (top left photo) , a 602,500-square-foot warehouse/distribution facility in Carlisle, to Carlisle 44 LP.
Steve Bonge and Tim Brogan, both senior vice presidents, and Patrick McBride, vice president, served as the seller’s representative in the transaction, located at 1700 Ritner Highway.
“The property’s excellent location along the I-81 corridor, as well as its state-of-the-art, Class A building systems, prompted strong buyer response,” said Brogan. “The building is well-suited for a number of uses, including manufacturing, warehouse distribution, customer service/call centers, commercial, and retail/service.”
Higgins Development Partners develops office, industrial, land and governmental, institutional and laboratory projects ranging from award winning multi-story urban office towers to large-scale master-planned suburban business parks, managing all aspects of the development process with its staff of experienced, local real-estate professionals teamed with industry-leading financial partners, consultants, and contractors.
Contact: Erin Mays, Phone: 312.698.6735, Email: email@example.com
Crossman & Co. Closes on Three Retail Leases for a total 3,150 SF at Colonial Corners Shopping Center in Orlando
ORLANDO - Crossman & Company, one of the largest property management and leasing firms in the Southeast, recently completed three lease agreements totaling 3,150 square feet at Orlando’s Colonial Corners Shopping Center.
John Crossman, president of firm, said Leasing Associate Daniel Germano (top right photo) negotiated all three transactions representing F.F. Colonial, LLC, the landlord for the property located at 5600 W. Colonial Drive.
Hendra’s Uniforms is the new tenant who leased unit 306 at the retail center with 1,050 square feet.
Two tenants – Colonial Counseling and Liberty Tax Service -- renewed leases of 1,050 square feet each at Colonial Corners.
Germano said a total of six leases have been signed at Colonial Corners thus far in 2010.
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, firstname.lastname@example.org;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, email@example.com
ORLANDO - Stirling Sotheby’s International Realty recently sold a $410,000 luxury home in Sweetwater Island, a gated community near Wekiva Springs in Longwood.
Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said associate Espe Almarza Anderson (top right photo) in the firm’s Windermere-Dr. Phillips office in southwest Orlando negotiated the sale.
The four-bedroom, three-bath home boasts 2,664 square feet of living space with a swimming pool on its three-quarter-acre home site, which overlooks a conservation area.
Sweetwater Island features a boat ramp, tennis courts, picnic area, playground and nature trails.
For more information, please contact:
Espe Almarza Anderson, MA, CSP, SFR, Stirling Sotheby’s International Realty 407-992-8900; firstname.lastname@example.org;
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty, 407-581-7890;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142
PALMDALE, CA– Wilson Commercial Real Estate, one of Southern California’s leading retail brokerage firms, has completed the sale of 1.83 acres of land in Palmdale, Calif. to CVS Pharmacy.
Currently being developed by May Centers, Plaza Vallarta will encompass 99,131 square feet of retail space located at the northeast corner of 47th Street East and Avenue R in Palmdale, Calif. The center will be anchored by Vallarta Supermarket.
“We are proud to be part of this new development, working with retailers like Vallarta and CVS whom remain active in this economy,” said Scott Burns (top right photo), senior vice president of Wilson Commercial Real Estate.
CVS Pharmacy will develop a 14,576-square-foot retail store at the center.
Scott Burns of Wilson Commercial Real Estate represented the landlord, May Centers . Mark Esses of California Realty Group represented CVS Pharmacy
Contact: David Ebeling, Ebeling Communications, (949) 278-7851, email@example.com
Arnstein & Lehr LLP partners Phillip M. Hudson III, Hilda Piloto negotiate resolution to $100M real estate dispute
MIAMI, FL – Phillip M. Hudson, III (top left photo) and Hilda Piloto (top right photo) partners with Arnstein & Lehr LLP recently negotiated the resolution of a $100 million dispute between developers South Florida Federal Partners and related entities (SFFP), its lender Dexia Real Estate Capital Market and its general contractor, Moss & Associates.
The confidential agreement involves four South Florida buildings now occupied by the U.S. Citizenship and Immigration Services, pursuant to long-term leases. The Properties are being sold to an unrelated third party which sale will consummate the settlement process.
“Given the size of the project, the large sums involved, and the number of subcontractor claims this was not an easy matter to settle,” said Hudson, head of the firm’s commercial and bankruptcy department in Miami, “We successfully resolved what could have been protracted and costly litigation for all parties.” There were five pending lawsuits settled pursuant to the agreement.
“Challenges arose even with full occupancy of the buildings,” said Hudson, who has handled sophisticated workout transactions for over 25 years. “The developers needed alternate financing as the buildings neared completion, but the capital markets had dried up due to the banking crisis and downturn in the economy.”
Construction delays and disputes over loan payments and fees complicated matters further and escalated costs, but the developers and Moss worked together to complete project.
“After Dexia and Moss filed their respective lawsuits, I sat down with the various parties and worked through each issue,” said Hudson. “We discussed what each side wanted and what was realistic. In a matter of months, we came to a viable agreement. The good news is that everyone is getting paid a substantial amount of their claim – the lender, the general contractor and sub contractors,” he said.
Don Silver, Boardroom Communications, firstname.lastname@example.org, (954) 370-8999, (954) 629-7523
Lauren Simo, (954) 370-8999 , (954) 370-8892 Fax , email@example.com
PORT ST. LUCIE, FL--RJS Realty Group has arranged the sale of The Landing at Tradition (above centered photo) and Tradition Village Center, (bottom centered photo) two exceptional retail assets totaling a combined 610,753 square feet, and situated in the impressive master planned community of Tradition in Port St. Lucie, Florida.
The purchase price for the 472,285 square feet conveyed was a combined $73.7 million.
The Landing is a 498,332 square foot power center anchored by a 138,468 square foot Target (not conveyed), TJ Maxx, Bed Bath & Beyond, Old Navy, Sports Authority, Babies R’ Us, PetSmart, LA Fitness, and Michaels, among other noted national retailers.
Completed in 2007, this attractive center is situated with exceptional exposure along I-95 at Gatlin Blvd. The sale of The Landing also included four vacant outparcels totaling 12.5 acres.
“These are two of the most attractive and well-positioned retail assets in South Florida”, noted Miskew and Sullivan.
“Their location in this exceptional residential community and proximity to the adjacent 150-acre Florida Center for Innovation, home to the renowned Torrey Pines Institute, Oregon Health & Science University’s Vaccine Gene Therapy Institute and Mann Research Center as well as the nearby planned Digital Domain Studios, will ensure their continued viability.
"We had a significant level of interest in these assets from many of the industry’s most capable investors, and we are pleased to have consummated the sale with Inland. We believe that these exceptional centers, developed in one of Florida’s finest master planned communities, will prove to be a solid investment for Inland.”
RJS Realty Group was founded by Sullivan and Miskew in 1986, and provides comprehensive Investment Sales services to the commercial real estate industry. The firm has completed a wide range of transactions totaling over $3 billion on behalf of many of the industry’s most recognized owners.
For further information please visit www.rjsrealty.com or phone us at 561-659-9771.