Tuesday, June 29, 2010

Bainbridge To Develop High-Rise Apartments In Bethesda, MD

WELLINGTON, FL--Bainbridge Companies is pleased to announce that it will be developing a 200-unit luxury high-rise rental apartment community (above centered rendering) in downtown Bethesda, MD.

The asset will be developed in conjunction with our partner – Restis Group, with additional equity being provided by National Real Estate Advisors.

Bainbridge has acquired the site and anticipates ground-breaking for fall 2010, with initial occupancy in the fall of 2012.

 “We are all very excited to bring this project closer to the construction phase and to deliver a superior community for the neighborhood and our future residents,” remarks Thomas Keady, (middle right photo)  President of Development for The Bainbridge Companies.

Bainbridge is actively seeking select development opportunities throughout the Mid-Atlantic and urban in-fill areas in major East Coast markets.

Founded in 1993, The Bainbridge Companies (www.bainbridgecompanies.com) is engaged in the development, construction, management, acquisition and disposition of residential and commercial real estate.

The Bainbridge principles have developed, redeveloped, and/or repositioned more than 35,000 multifamily units. The firm’s full service real estate platform includes asset and property management, leasing, sales, marketing, renovation, construction, and development. Bainbridge’s emphasis is on innovation, creativity, resident service and cultivating relationships.

Based in Wellington, Florida, it also has offices in North Carolina and the Washington, D.C. metro area.

Contact: Terri Thornton, 404-687-8760, 404-932-4347 (Cell) , http://www.territhornton.com/

HFF secures $23.13M financing for AMLI at Bryan Place in Dallas

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $23.13 million in financing for AMLI at Bryan Place (top left photo) , a 420-unit, Class A multi-housing community in Dallas, Texas.

Working exclusively on behalf of AMLI Residential Properties, HFF senior managing director Mona Carlton (bottom right photo)  placed the 7-year, adjustable-rate loan with Freddie Mac (Federal Home Loan Mortgage Corporation).

 Loan proceeds are refinancing an existing agency loan. HFF will service the loan through their Freddie Mac Program Plus® Seller/Servicer program.

Located at 910 Texas Street, AMLI at Bryan Place is adjacent to Interstate 45 close to the Arts District and Deep Ellum neighborhoods of Dallas
The property was completed in 1999 and features one-, two- and three-bedroom units. Community amenities include a swimming pool, clubhouse, fitness center, game room, bbq grills and a movie theatre.

AMLI Residential Properties is focused on the development, acquisition and management of luxury apartment communities throughout the United States


Mona K. Carlton, HFF Senior Managing Director, (214) 265-0880, mcarlton@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Fort Lauderdale's Condo Supply Surged 66% During Boom

MIAMI, FL--Nearly 5,100 new condominium units were added in Fort Lauderdale's Downtown and Beach neighborhoods during the last real estate boom, increasing the existing inventory by 66 percent in less than a decade, according to a new report from CondoVultures.com.

Since 2003, developers constructed and converted 47 projects of 15 units or more in a stretch of central Fort Lauderdale from Sunrise Boulevard south to State Road 84/Southeast 24th Street, Northwest 7th/Southwest 4th Avenue east to the Atlantic Ocean, according to research compiled for the soon-to-be-released Condo Vultures® Official Condo Buyers Guide To Fort Lauderdale™.

The surge in new condo construction increased Fort Lauderdale's total condo inventory in the Downtown and Beach neighborhoods to nearly 12,800 units located within 180 projects that feature a combined 1,500 floors of residential living, according to the study.

"Fort Lauderdale experienced tremendous growth in the number of new condos constructed in the city's Downtown and Beach neighborhoods during the last real estate run up," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "If not for the controlled-growth approach, relatively speaking, by the city leaders at the time, the condominium markets in Fort Lauderdale's eastern corridor would likely be in the same state as the markets to the south in Greater Miami."

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

Arbor Closes $22M Fannie Mae DUS® Loan for Brook Arbor Apartments in Cary, NC

Uniondale, NY (June 29 , 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $22,000,000 loan under the Fannie Mae DUS® product line for the 302-unit complex known as Brook Arbor Apartments in Cary, NC.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.68 percent.

Joseph Donovan, (top right photo)  Senior Vice President, Production Management, in Arbor’s full-service Boston, MA lending office said, “We were please to deliver a loan amount, terms and pricing that met our valued client’s needs.”

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

Grubb & Ellis Healthcare REIT II Acquires St. Vincent Medical Office Building in Cleveland

CLEVELAND, OH  (June 29, 2010) – Grubb & Ellis Healthcare REIT II, Inc. today announced that it has acquired St. Vincent Medical Office Building (top left photo) , a three-story, 51,000-square-foot, multi-tenant medical office building on the campus of St. Vincent Charity Medical Center (middle right photo) in Cleveland.

The acquisition closed on June 25.

Located at 2322 E. 22nd St., St. Vincent Medical Office Building is in the heart of downtown Cleveland and on the campus of, and physically connected to, the 480-bed St. Vincent Charity Medical Center, which has tended to the city’s sick and injured since 1865.

A member of the Sisters of Charity Health System, the medical center is an acute care inpatient and outpatient facility providing comprehensive care.

HealthGrades, an independent healthcare ratings organization, has recognized the center with the Distinguished Hospitals for Clinical Excellence award for the past five years.

“When evaluating a potential new acquisition, we are most concerned with the quality of the affiliated medical system and the proximity of the building to the system’s medical centers,” said Jeff Hanson, (lower left photo)  chairman and chief executive officer of Grubb & Ellis Healthcare REIT II.

 “St. Vincent Medical Office Building is a home run on both counts. Our acquisition is not only on the campus of one of the nation’s finest hospitals, but it is actually connected to it.”

Built in 1984 on approximately 4.8 acres of land, the property is approximately 92 percent leased to multiple tenants, but primarily to St. Vincent Charity Medical Center, which occupies nearly 65 percent of the gross leasable area.

The medical office building offers multiple clinical procedures, including: bariatric surgery, oncology, cardiology, rheumatology, ophthalmological and occupational wellness services.

St. Vincent Medical Office Building was acquired from Vincent MBL Investors, LP, an unaffiliated third party represented by Jim Moloney and Joe Dominguez of Cain Brothers. Grubb & Ellis Healthcare REIT II financed the acquisition using cash proceeds received from its offering.

Contact: Damon Elder, Phone: 714.975.2659, Email: damon.elder@grubb-ellis.com

Grubb & Ellis Represents Econocaribe in 144,000-SF Lease in Miami

MIAMI, FL (June 29, 2010) -- Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it represented Econocaribe Consolidators, Inc., in the lease of 144,000 square feet of warehouse/distribution space at Airport East Distribution Center, (top left photo)  located at 7000 NW 32nd Ave., from BlackRock Realty.

The lease represents a relocation for the global transportation company, which is relocating one of its Miami area freight forwarding operations from SE 9th Court in Hialeah.

Jonathan Kingsley (bottom right photo) , executive vice president and managing director of Grubb & Ellis’ South Florida offices, facilitated the transaction on behalf of the tenant in what respresents one of the largest industrial lease transactions in the Miami-Dade County industrial market this year.

“Given the current market conditions, this was a great opportunity for Econocaribe to cost-effectively lease space in a high-quality facility that was more efficient over the previous location,” said Kingsley.

Built in the 1960s and renovated in 2008, the 400,000-square-foot facility features ceiling height of 18 to 21 feet, ample parking and gated security.

Contact:  Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com

PKF-Hospitality Research Releases Hotel Horizons® Forecast Accuracy Assessment

ATLANTA, GA – Hotel industry forecasting is not for the faint of heart. During the recession that began in earnest in 2008, the magnitude of the economic declines deviated so far from long run norms that it was virtually impossible for econometric models to predict what ultimately occurred in the hotel industry.

 Despite the challenge, the lodging forecasts still provided meaningful guidance for owners and investors trying to operate through the historic downturn.

Because of the severity of the decline and its length, lodging forecasts had to be updated based on the ever changing economic outlook. These are some of the conclusions of a whitepaper recently published by PKF-Hospitality Research (PKF-HR) whose purpose was to quantify the accuracy of their proprietary Hotel Horizons® reports.

The assessment compares forecast changes in hotel market performance measures and actual changes at two critical points during the recent economic cycle (2007 – 2009). The whitepaper report is available on a complimentary basis to all industry participants (www.pkfc.com/accuracy).

“When we initially entered the econometric forecasting business over 10 years ago, we committed ourselves to a process of continuous self-evaluation,” said R. Mark Woodworth (top right photo)  president of PKF-HR.

 “Overall, we remain pleased with our demonstrated accuracy. We have learned that our forecasts are extremely reliable during less volatile periods in the business cycle, but less accurate during turbulent times. These findings will be used to inform our ongoing forecasting efforts.”

PKF-HR’s Hotel Horizons® is a series of periodic hotel forecast reports that analyze the historical and expected performance of U.S. lodging markets.

Driven by an econometric forecasting model, the Hotel Horizons® reports cover five years of supply, demand, occupancy, ADR, and RevPAR for 50 major U.S. markets, as well as six national chain-scale segments.

Within each market forecast, separate estimates are prepared for upper-price and lower-price hotels. The model relies on historical lodging data from Smith Travel Research, as well as historic and forecast economic data from Moody’s Economy.com.

“To assess the accuracy of our macro U.S. and MSA hotel forecasting models, we analyzed two forecast periods,” Woodworth said. “The first ran from the fourth quarter of 2007 through third quarter of 2008.

"This represents a fairly traditional expansion phase which culminates at the eventual turning point of the business cycle. The second period of the analysis covers calendar year 2009, a period of extreme stress within the lodging industry.”

“These points in time highlight two very different periods of economic expectations: pre-financial crisis, and post-financial crisis,” said John B. (Jack) Corgel, Ph.D. (middle left photo) , the Robert C. Baker professor of real estate at the Cornell University School of Hotel Administration and senior advisor to PKF-HR.

 “Econometric models have a difficult time performing at the turning points of a cycle, and have no ability to predict shocks, such as hurricanes and terrorist attacks. Therefore, we focused on how the model performed during a ‘normal’ period of economic growth, and during a time of economic stress, post-turning point.”

For further information, please contact:
Mark Woodworth, President, PKF-Hospitality Research Tel: 404 842 1150 x 222, Email: mailto:mark.woodworth@pkfc.com 

Chris Daly, Daly Gray Public Relations, Tel: 703 435 6293, Email: chris@dalygray.com

NAI Realvest Negotiates Two New Industrial Lease Agreements for more than 29,600 square feet in Longwood, FL

MAITLAND, FL – NAI Realvest recently negotiated two new lease agreements for industrial space totaling 29,620 square feet in Longwood.

Robert Blackwell, (top right photo)  SIOR principal at the firm, and associate Sean DuPree (middle  left photo)  CCIM, represented Integrated RX Solutions of Longwood, the new tenant who leased 17,120 square feet for 66 months at 1205 Sarah St.

The landlord, Industrial Property Partners based in Coral Springs, Fla. was represented by Deborah Mickler (bottom right photo) and Forrest Askew of Colliers Arnold.

At 111 Highline Drive, DuPree represented the landlord, Clearwater-based Wolf Baad Investments, LLC in the lease of a 12,500 square foot industrial facility. Dreamway Trading, LLC of Casselberry was represented by Craig Kesler of Re/MAX Select.

For more information, please contact:
Sean DuPree, CCIM or Robert Blackwell, SIOR, NAI Realvest 407-875-9989, sdupree@realvest.com or rblackwell@realvest.com;
Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com;
Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

Marcus & Millichap Brokers $14.5M Shopping Center Sale in Westminster, CO

WESTMINSTER, Colo., June 28, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Mission Commons Shopping Cente (top left photo) r, a 118,673-square foot shopping center in Westminster. The sales price of $14.5 million represents $122 per square foot.

Garrette Matlock, a senior vice president investments and a senior director of the firm’s National Retail Group in Denver, and Jon Hendrickson, a senior associate, handled the transaction.

“Mission Commons provides the new investor with a strong mix of national, regional and local tenants, while offering substantial upside potential that can be realized from leasing the 14,069 square feet of available space,” says Matlock.

The property is located at 7615-7689 West 88th Ave. and 8895 Wadsworth Blvd. on the northwest corner of West 88th Avenue and Wadsworth Boulevard in Westminster, a northwestern suburb of Denver.

Mission Commons is anchored by a Sears’s Outlet store, Bally Total Fitness and Big 5 Sports. The property includes two inline strip buildings divided into 24 tenant spaces and a freestanding Long John Silver’s on a pad. Major tenants include Americas Best, Wild Birds, Hoffbrau Colorado, Sheri’s Hallmark and Souper Salad.

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