Wednesday, June 30, 2010

Legacy Partners Completes $264M Mixed-Use TOD at Hollywood and Vine in Los Angeles

LOS ANGELES, CA,  June 30, 2010 — Legacy Partners, a leader in residential and commercial real estate for four decades, has completed development of 1600 Vine (top left photo), a $264 million mixed-use community that combines sleek with sustainable in one of California’s most avant-garde Transit Oriented Developments (TOD).

With 12 stories at the iconic corner of Hollywood and Vine in Hollywood, this premier community features market rate and affordable apartment units, nationally known retailers and a dedicated public parking lot, all located on the historic Hollywood Walk of Fame (middle right photo)  and directly above the Hollywood/Vine Red Line Metro Station. (lower right  photo)

Ten years in the making, 1600 Vine was a collaborative effort between Legacy Partners Residential, Gatehouse Capital and the Community Redevelopment Agency of the City of Los Angeles (CRA/LA).

 It encompasses 375 apartments (297 market rate, 78 affordable), 32,595 square feet of ground floor retail featuring Trader Joe’s, Wells Fargo Bank, CafĂ© Entourage, Bubbles (a full service dry cleaners), and a 215-space, on-site public parking lot.

 The community also shares a city block and grand valet parking entry and podium with the W Hotel Hollywood and W Residences, which boasts the famous 30,000-square-foot Drai’s Hollywood nightclub, (middle left photo) one of the most popular rooftop club destinations in Los Angeles. Collectively, the property brings the Golden Age of Hollywood into today’s fast-paced, celeb-driven LA.

With a multitude of floor plan configurations, pet-friendly apartment homes at 1600 Vine range in price from $2,375 to $11,125 per month.

There are 110 studios, 132 one-bedroom flats, 6 one-bedroom townhomes, 78 two-bedroom flats, 47 two-bedroom townhomes and 2 three-bedroom townhomes ranging in size from 612 square feet to 3,183 square feet.

Chic, spacious flats and lofts feature expansive windows, allowing residents to experience the city light and hillside views, including the famous Hollywood sign and Griffith Observatory.

Apartment amenities include spacious gourmet kitchens with solid surface counter tops and Energy Star gas range, microwave, dishwasher and refrigerator with icemaker; full-size stack washer and dryer; bathrooms featuring solid surface countertops and framed mirrors; central heat and air; and pre-wiring for high speed Internet access and cable TV.

Enviable on-site community amenities include a Resident’s Lounge with LCD TVs, billiards, bar and catering kitchen; 6th floor pool, spa, outdoor fireplace and gas barbeques; fitness studio with cardio, free weights, boxing bag and yoga/Pilates room; multiple outdoor furnished lounge retreats with Los Angeles skyline views; 11th floor rooftop terrace featuring outdoor fireplace, LCD TV, lounges and Zen garden; and an executive conference room and fully-equipped business center.

Contact: David Ebeling, Ebeling Communications, (949) 278-7851,

JLL Completes 28,700-SF Lease in Lake Forest, CA

LAKE FOREST, CALIF., June 30, 2010 – Jones Lang LaSalle represented Trimedyne in a multi-year, 28,700-square-foot lease renewal at 25901 Commercentre Drive in Lake Forest, California. This one building property serves as the company’s headquarters.

Trimedyne, Inc. is a manufacturer of lasers and disposable fiber optic delivery devices for use in a variety of surgical applications including, urology, orthopedics, ENT surgery, gynecology, GI surgery, and general surgery.

David Y. Cantwell, Executive Vice President of Jones Lang LaSalle, represented Trimedyne in the transaction. Curt Stalder of Lee & Associates represented the landlord, a private investor.

“Trimedyne took advantage of the current commercial real estate market conditions and achieved substantial more favorable lease term saving thousands of dollars,” said Cantwell

Contact:  David Ebeling, Phone:, +1 949 278 7851, Email:,

Arbor Closes $15M Fannie Mae DUS® Loan for Continental Village Apartments in West Covina, CA

Uniondale, NY (June 30, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $15,000,000 loan under the Fannie Mae DUS® product line for the 200-unit complex known as Continental Village Apartments in West Covina, CA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.26 percent.

The loan was originated by Greg Gillam (top right photo), Director, in Arbor’s full-service Manhattan Beach, CA lending office. “This is another example of Fannie Mae’s ability to provide low-cost financing for properties that provide affordable market rental rates,” said Gillam.

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555,, Follow us on Twitter @ arbor1

Buffalo Wild Wings in Brandon, FL Gets $2M Loan

SARASOTA, FL, June 30, 2010— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $2,070,000 for the Buffalo Wild Wings in Brandon, Florida.

Brad Cox, (top right photo)  CCIM, CPM, Company Vice President, secured financing for the Buffalo Wild Wings through Thomas D. Wood and Company’s relationship with a national bank.

The borrower is a Buffalo Wild Wings franchisee who was leasing the space from the former building owner, and was given the opportunity to purchase the property through a SBA-504 Program.

The full-recourse loan has an interest rate of 6.25%, based on a 20-year term and 25-year amortization. The loan-to-value is 90%. The 6,400 square-foot single-tenant restaurant was built in 2004 and is located at 2055 Badlands Drive, Brandon, Florida.

For further information, please contact:

Brad Cox, CCIM, CPM (941) 552-9731
Jessica Kinnee (407) 937-0470

$10.1M Ground Lease for Lowe's Listed by Marcus & Millichap

KNOXVILLE, TN – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 160,000-square foot Lowe’s ground lease in Knoxville. The listing price of $10.1 million represents $63 per square foot.

Alvin Mansour, (top right photo)  a senior vice president investments and a senior director of the firm’s National Retail Group in San Diego, is representing the seller. Anne Williams, an investment specialist in the firm’s Memphis office, is also providing representation.

“Lowe’s has signed a 20-year triple-net ground lease with rent increases between each of the six five-year options,” says Mansour. “The property is positioned immediately east of a Wal-Mart Supercenter and a Home Depot. Other retailers close by include Food City, Goody’s, Walgreens, Sprint, IHOP and H&R Block,” adds Mansour.

The property is located at 7520 Mountain Grove Drive at the intersection of Highway 441 and Highway 168, with excellent exposure along these two dominant traffic corridors.

Lowe’s is publicly traded on the NYSE under the ticker symbol LOW. The company currently has Standard & Poor’s credit rating of A.

Knoxville is one of the nation’s fastest-growing MSAs.

Charles G. Shillington  Promoted to First Vice President Investments in Ontario, CA

ONTARIO, Calif.., June 30, 2010 — The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Charles G. Shillington (bottom right photo)  to the position of first vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Douglas J. McCauley, regional manager of the firm’s Ontario office.

Shillington joined Marcus & Millichap in February 1990. He was promoted to associate in December 1996 and senior associate in June 1998.

He became a senior investment associate in July 2002 and earned vice president investments status in January 2008. He specializes in the sale of retail assets and currently serves as a director of the firm’s National Retail Group. Shillington has received numerous sales achievement awards from Marcus & Millichap, including four National Achievement Awards.

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

HFF Securities serves as financial advisor in sale of $1.35 billion iStar CTL Portfolio

LOS ANGELES, CA – HFF Securities L.P., an affiliate of Holliday Fenoglio Fowler, L.P. (HFF), announced today that it served as the exclusive financial advisor to iStar Financial Inc. (NYSE:SFI) in the sale of a nationwide portfolio of 32 corporate tenant-leased properties, or interests therein, totaling approximately 11.3 million net rentable square feet of office and industrial space.

HFF Securities head of investment banking Dan Cashdan, senior managing director Doug Bond and director Mike Joseph, CFA, led the team exclusively advising iStar on the sale. Dividend Capital Total Realty Trust, Inc. purchased the portfolio for approximately $1.35 billion.

Working on behalf of Dividend Capital, executive managing director John Fowler and directors Janet Krolman (top right photo)  and Greg LaBine (top left photo)  of HFF Boston arranged approximately $750 million of senior secured acquisition financing through a combination of fixed and floating-rate facilities.

“We believe that this is the largest real estate transaction completed this year,” said Cashdan. “Both iStar and Dividend Capital worked cooperatively to execute a large, complicated transaction in a timely manner.

"We are honored to have served as financial advisor on this transaction and to have achieved the objectives of both the buyer and seller.”

“We are pleased to have assisted Dividend Capital in arranging a creative financing solution for the transaction,” said Fowler. “The parties worked diligently to complete the financing transaction on attractive terms in a narrow time frame.”

HFF Securities L.P. is a registered broker-dealer with the SEC and a member of FINRA.

Holliday Fenoglio Fowler, L.P., and HFF Securities L.P. are acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740


Doug Bond, CA Lic (#01701004), HFFS Senior Managing Director, (310) 407-2100,
 Janet Krolman, HFF Director, (617) 338-0990,
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HFF to market for sale two GSA-leased single tenant office properties

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has been exclusively retained to market for sale two U.S. Government-leased, single tenant office buildings in Las Vegas, Nevada and Denton, Texas, a suburb of Dallas-Fort Worth.

The FBI Building, (middle right photo)  in Las Vegas, Nevada totals 106,955 square feet and is leased to the Federal Bureau of Investigation (“FBI”) through October 2021.

The FEMA Building is an 83,481-square-foot facility in Denton, Texas that is leased to the Federal Emergency Management Agency (“FEMA”) through May 2022. Both buildings were constructed in the past nine years as build-to-suit facilities for these GSA entities.


Barry M. Brown, HFF Senior Managing Director, (214) 265-0880,
Andrew S. Levy, HFF Senior Managing Director, (214) 265-0880,
Todd W. Savage, HFF Managing Director, (214) 265-0880,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HFF named to market for sale Simi Valley Town Center in California

IRVINE, CA – The Orange County and Los Angeles offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have been exclusively retained to market for sale Simi Valley Town Center, (bottom right photo)  a newly-developed, trophy lifestyle center located off the 118 Freeway in Simi Valley, California.

HFF senior managing director Ryan Gallagher (lower left photo)  and directors Bryan Ley, Kelly Rohfeld (bottom right photo) and John Crump will market the property on behalf of the seller.

The 612,000-square-foot lifestyle center has an impressive merchandising mix containing some of the nation’s most recognizable retailers including: Macy’s, Apple, Anthropologie, Chico’s, Coldwater Creek, California Pizza Kitchen, Forever XXI, Urban Outfitters and Victoria’s Secret.
Developed by Forest City Enterprises and designed by F+A Architects, the project is modeled after a hillside Italian village with oak trees, a Koi pond, an outdoor fireplace and garden. F+A also designed such recognizable projects as Glendale Galleria and the internationally renowned South Coast Plaza in Costa Mesa.

The project is currently 86% occupied by 90 tenants and provides additional land for outparcel development.

The center serves the affluent and growing community of Simi Valley. The average household income in Simi Valley exceeds $112,000 per year and the population has grown more than 12% over the past decade.

In addition, Simi Valley Town Center is strategically located adjacent to the upscale, 500-unit Archstone Simi Valley apartment community. The project is expected to garner interest nationally from a wide range of private and institutional investors.


Ryan Gallagher, Ca. Lic. (#01269918), HFF Senior Managing Director, (949) 798-4100,
Bryan Ley, Ca. Lic. (#01458927), HFF Director,  (310) 407-2120,
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Grubb & Ellis Healthcare REIT II Acquires Livingston Medical Arts Pavilion in Texas

LIVINGSTON, TX  (June 30, 2010) – Grubb & Ellis Healthcare REIT II, Inc. today announced that it has acquired Livingston Medical Arts Pavilion, (top left photo)  a two-story, 30,000-square-foot, multi-tenant medical office building in Livingston. The acquisition closed on June 28.

Located at 403 Ogletree Drive, Livingston Medical Arts Pavilion is located on the 41-acre campus of, and adjacent to, the Memorial Medical Center – Livingston, (lower left photo)a 66-bed facility specializing in critical access care and women’s health.

A member of the Memorial Health System of East Texas, the medical center recently constructed a new 160,000-square-foot hospital wing in response to growing demand for healthcare services in the community.

“Livingston Medical Arts Pavilion is a Class A building that is fully leased on the campus of a thriving medical center,” said Danny Prosky (middle right photo), president and chief operating officer of Grubb & Ellis Healthcare REIT II. “Additionally, this acquisition is immediately accretive and supportive of our stockholder distribution, making it an ideal and very attractive addition to our portfolio.”

Built in 2007 within close proximity of Highway 59, the property is 100 percent leased to multiple tenants, but primarily to Memorial Health System of East Texas, which leases approximately 94 percent of the building.

 Livingston Medical Arts Pavilion offers multiple clinical procedures, including: neurology, sleep medicine, podiatric surgery, sports medicine, pediatrics, obstetrics, gynecology, family medicine and rheumatology.

Livingston Medical Office Building was acquired from McShane Development, an unaffiliated third party represented by Toby Scrivner and Jeff Matulis of Stan Johnson Company. Grubb & Ellis Healthcare REIT II financed the acquisition using cash proceeds received from its offering.

Contact: Damon Elder, Phone: 714.975.2659, Email:

Grubb & Ellis Facilitates REO Sale of Kaleidoscope Retail Center in Mission Viejo, CA for $22M

NEWPORT BEACH, CA (June 30, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Dixie Walker (lower left photo) , executive vice president, Financial Services Asset Management, represented both parties in the sale of Kaleidoscope Retail Cente (lower right photo)  in Mission Viejo.

 Westport Capital Partners LLC purchased the 220,000-square-foot center from C-III Asset Management LLC, the special servicer of the property formerly known as Centerline, for $22 million in an all-cash sale.

“Westport Capital was a very committed buyer who saw the tremendous potential of this property and executed very quickly. Their active, hands-on management will help this property realize its full potential. This deal is significant as it represents one of the first significant retail foreclosures in Orange County,” Walker said.

The three-story Kaleidoscope lifestyle and entertainment center is located at 27741 Crown Valley Parkway at the intersection of Interstate 5 and Crown Valley Parkway. Constructed in 2000 on nearly five acres of land, the property is 62 percent leased to retailers such as Regal Theatres, Buffalo Wild Wings, Islands Restaurant, Burke Williams Salon and Day Spa, Riptide Restaurant, The Derby Restaurant and Piano Bar and Laser Quest.

“The City of Mission Viejo is looking forward to the upcoming renovation and transformation of Kaleidoscope Retail Center into a vibrant retail, restaurant and entertainment center serving the needs of South Orange County,” said Trish Kelley, mayor of Mission Viejo.

Westport Capital Partners named Mark Baziak, senior vice president, and Terrison Quinn, associate, also of Grubb & Ellis’ Retail Group, as the leasing agents of the property at the time of the sale.

Contact: Julia McCartney, Phone: 714.975.2230, Email: