Thursday, July 1, 2010

Grubb & Ellis Commercial Florida negotiates 8-Year office lease for The Florida Bar in Tampa Airport Marriott Hotel

TAMPA – Grubb & EllisCommercial Florida, associated with 130 offices worldwide, recently negotiated an eight-year office lease of 8,746 square feet in the Tampa Airport Marriott Hotel (top left photo) at 4200 George Bean Parkway.

Mia Jarrell, (bottom right photo) managing director of Grubb & Ellis Commercial Florida in Tampa, and Anne Deason-Spencer, vice president of the firm’s office group, negotiated the transaction representing The Florida Bar. The landlord is Tampa-based Marriott Hotel Services, Inc.

The Florida Bar is an official agency of the Florida Supreme Court charged with administering a statewide disciplinary system to enforce Supreme Court rules of professional conduct for the 88,000 plus lawyers admitted to practice law in Florida.

It is dedicated to promoting professionalism among its members and to advocating for access to affordable legal services and to the courts for all Floridians.

Contact:  Larry Vershel or Beth Payan at

Fountainhead Business Park II Becomes First Existing San Antonio Office Building to Earn LEED Silver Certification

SAN ANTONIO, TX (July 1, 2010) – Grubb & Ellis Realty Investors LLC today announced that Fountainhead Business Park II (top left photo) , a three-story office building, has earned LEED® Silver (Leadership in Energy and Environmental Design®) by the U.S. Green Building Council®, the nation’s foremost authority on environmentally responsible building practices.

The designation makes Fountainhead Business Park II the first existing office building in San Antonio to earn LEED Silver certification.

Located at 4545 Horizon Hill Road, Fountainhead Business Park II is part of a two-building Class A office campus managed by Grubb & Ellis Realty Investors. Fountainhead Business Park I & II offers 171,000 square feet of rentable area.

“Genzyme Corporation and Grubb & Ellis are both committed to environmental and corporate responsibility,” said Daniel O’Hare, vice president of Asset Management with Grubb & Ellis Realty Investors.

“As such, we worked in close partnership to implement environmentally friendly policies at Fountainhead Business Park II that promote sustainability and reduce our impact on the environment.”

The office complex totals 12.4 acres of land and includes 1,100 parking spaces for tenant and visitor access. Situated within close proximity to Interstate 10 and Loop 410 Intersection, Fountainhead Business Park II is 100 percent occupied by Genzyme Corporation, one of the world’s foremost biotechnology corporations.

The onsite property management team was led by the property manager Cindy James, RPA, and included John Cauley, CBE-J, building engineer; Daphne Shepard, assistant property manager; and Daryn Mieure, assistant vice president and senior portfolio manager.

Ampajen Solutions, which provides LEED consulting and training for existing buildings, and Testing Specialities acted in conjunction with Grubb & Ellis to manage the LEED process. Jennipher Dwyer and Ron Tefteller, onsite Genzyme staff in San Antonio, were instrumental in making this project successful.

“The achievement of LEED certification at The Fountainhead Business Park II adds to our worldwide efforts to incorporate sustainable building practices into our operations,” said Ron Tefteller, (middle right photo)  Genzyme’s vice president of operations for San Antonio.

Genzyme has previously earned LEED Platinum at its world headquarters building in Cambridge, Mass., earning the distinction of not only being one of the very few buildings to earn LEED Platinum, but also being one of the largest buildings.

“Developing the goals and objectives to satisfy the needs of Genzyme and its employees was a team effort. It was this effort that allowed us to achieve LEED certification in a timely and efficient manner,” said Jeff Allen owner of Kill Kare Inc., which provides additional asset management services for the property.

“We are very pleased that Fountainhead Business Park II has achieved both the Energy Star rating as well as being the first existing office building in San Antonio to achieve LEED certification. Additionally, we feel the reduced operational costs and positive global impact will have a compounding effect on the present and in the future. “

Contact: Damon Elder, Phone: 714.975.2659, Email:

Grubb & Ellis Named Leasing Agent of 615,000 SF  of Office Space in Dallas

DALLAS, TX  (July 1, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Trae Anderson, senior vice president, Agency Leasing, has been selected to lease Brookriver Center, middle left photo)  Regions Tower and 1165 Empire Center.

Located in the Stemmons submarket, the three properties offer a total of approximately 615,000 square feet of office space.

“Brookriver, Regions Tower and 1165 Empire Center are high quality assets that provide the ability for tenants of all sizes to occupy space near the intersection of three of the best known thoroughfares in Dallas and I am thrilled to represent their owners in leasing them,” said Anderson.

He received the listings through a long-standing relationship held with each of the property owners.

Located at 8150-8200 Brookriver Drive, Brookriver Center consists of two seven-story towers that share a first floor concourse and full second floor. Owned by Professors Capital, the property offers 311,689 square feet of space and is currently 33 percent leased. Space availability ranges in size from 500 to 200,000 square feet. The property provides the opportunity for building signage that is visible from Interstate 35.

Regions Tower is a 15-story, 267,352-square-foot office building owned by Diversified Capital. Located at 1111 W. Mockingbird Lane, the property is currently 55 percent leased and has space available for lease ranging in size from 749 to 85,550 square feet. The property boasts onsite management, secure covered parking, a restaurant and a Starbucks.

Owned by Interra-Sky Empire Central LLC, 1165 Empire Central is a two-story, 36,795-square-foot office building. The property is currently 50 percent leased and has space available ranging in size from 500 to 18,500 square feet.

For more information, contact Anderson at 972.450.3300 or

Contact: Julia McCartney, Phone: 714.975.2230, Email:

Cousins Properties Announces Retirement of Jim Fleming

 ATLANTA--Cousins Properties Incorporated (NYSE: CUZ) announced today that James A. Fleming (top right photo), the Company’s Executive Vice President and Chief Financial Officer, will retire on December 31, 2010.

Mr. Fleming has been with Cousins since 2001. Prior to becoming EVP and CFO in May 2004, he served as Senior Vice President and General Counsel. He has agreed to serve as a consultant to the Company after January 1, 2011, to help facilitate a smooth transition to his successor.

Larry Gellerstedt, (lower left photo)  Cousins President and Chief Executive Officer, noted, “Jim will certainly be missed, but we respect his desire to retire at year end and pursue other opportunities.

" He has played a meaningful role in strengthening Cousins’ financial position, particularly in leading us through the past year’s capital markets transactions. We thank Jim for his contributions and leadership over the past decade and his willingness to stay on and effect the eventual transition.”

Mr. Fleming added, “I have had a terrific experience at Cousins, but after 10 years I’m looking forward to exploring some new opportunities. I’m confident that under Larry’s leadership, and with his talented team, the Company is well positioned for success in the years ahead.”

The Company will immediately begin a search for a successor CFO and has retained an executive search firm to assist in that effort.

Contact: Cameron Golden, 404-407-1984,,

Crossman & Co. Negotiates New Long term Lease Agreement for Restaurant Facility at Belle Isle Commons on S. Conway in Orlando

ORLANDO, FL - Crossman & Company, one of the largest third-party retail leasing and management firms in the Southeast, recently negotiated a new five-year lease agreement for 1,600 square feet of retail/restaurant space at 5174 S. Conway Rd. just south of CR 528 in Orlando.

John Crossman, president of Crossman & Company, said associate Katherine Rush (top right photo) negotiated the lease agreement with Restaurant Realty LLC the new tenant, who plans to open a Quiznos Subs at Belle Isle Commons retail center.

Rush negotiated the agreement on behalf of the Landlord Belle Isle Commons, LLC.

For more information, please  contact:
Katherine Rush, Associate, , 407-581-6232;;
Molly Delahunty, Crossman & Company, 407-481-6220;
John Crossman, CCIM, President, Crossman & Company, 407-581-6218,;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142,

Senior Associate Negotiates Seven New Retail Leases at Publix Shopping centers, more than 61,000 SF in less than 60 days

ORLANDO - Crossman & Company, one of the largest third-party retail leasing and management firms in the Southeast, recently negotiated seven new lease agreements at for a total of 61,450 square feet of retail space in less than 60 days.

John Crossman, president of Crossman & Company, said senior associate Justin Greider (lower right photo) negotiated all seven transactions on behalf of the landlord at Publix anchored centers in Orange, Seminole, Polk and Collier counties. All of the centers are part of the 10.4 million square foot Publix-owned shopping center portfolio handled by Crossman & Company.

At Imperial Lakes Plaza, 2040 Shepherd Rd. in Mulberry, Polk County, Joshua’s Diner leased 3,200 square feet and Dollar Shop leased 2,800 square feet;

Coast Dental leased 1,403 square feet at Plantation Square located at 5375 N. Socrum Loop Rd. in Lakeland;

Tri-Florida Pool Supply leased 1,247 square feet at the Publix in the Highlands shopping center located at 2125 E. C.R. 540A in Lakeland;

Passion Nail and Spa leased 1,200 square feet at Palm Springs Crossing, 482 E. Altamonte Drive, Altamonte Springs. Michael Battey of CBRE Orlando represented the tenant;

Halloween Express subleased space in two retail centers commencing July 1 for the Halloween season (six months) – at Tarpon Springs Plaza, 2415 Tarpon Bay Blvd. in Naples, 21,600 square feet and 30,000 square feet at Colonial Marketplace, 2999A E. Colonial Drive in Orlando.

For more information, contact:
Justin Greider, Senior Associate, Crossman & Company/ICSC Florida Next Generation Chair, 407-581-6225;;
John Crossman, CCIM, President, Crossman & Company, 407-581-6218,;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142,

Over-Reacting to Panic Headlines is Not the Best Strategy for Senior Housing and Healthcare borrowers, Finance Expert Advises

CHICAGO, IL--When it comes to covering the bad news people are most interested in following, the news media doesn’t always connect with public sentiment all that well, a recent study by the Pew Research Center for the People & the Press suggests.

In the survey, conducted in May, 33 percent of adult respondents said the news event they followed most closely was the worsening oil spill (centered photo below)in the Gulf of Mexico.

Far back in second place was the new Arizona Immigration law, which 16 percent of those interviewed said they followed most closely. The attempted car bombing in New York‘s Times Square (below centered photo)  was tracked most closely by 13 percent of the sample.

But the media had a different take. In terms of the amount of coverage focused on these events -- what survey sponsors call the “newshole” -- the bomb threat received the most attention with the media devoting 25 percent of its coverage to this event. The Gulf oil spill was close behind at 20 percent but the new Arizona Immigration law was a distant third with a lowly 2 percent coverage total.

From this example one might get the idea that there’s a disconnect between what the media believes the public wants to know more about and what the reality of the situation might be. But the more sensational and frightening headlines usually have a residual effect on public sentiment.

Finance expert Jeffrey A. Davis (top right photo)  notes that the public appears to have moved on following the huge scare brought on by dire predictions of economic Armageddon and the ignominy of government bailouts in the waning hours of the Bush Administration. But the current Pew Research Center Survey suggests that negative energy left over from this debacle remains embedded in the public psyche.

When asked about the economy, 30 percent of survey respondents said the news was mostly bad while only 4 percent said it was mostly good. The remaining 66 percent opined that the news was a mixture of bad and good.

                                                         (Arizona skyline above)
“What this says is that a relatively large percentage of the population remains pessimistically fixated on a negative interpretation of current economic events. Optimists are few and far between, and roughly two-thirds of the population is on an up-and down elevator ride where this topic is concerned,” he noted.

Davis is Chairman of Cambridge Realty Capital Companies, one of the nation’s leading senior housing/healthcare lenders with more than 300 closed transactions totaling more than $3 billion since the mid-1990s. For more than a decade the company has ranked among the top FHA-approved HUD lenders in the country.

“While the industry is more recession proof than most, tight credit markets have been a significant concern. And some senior housing market segments have been negatively impacted by bad news on the housing front.

“The advice we have for borrowers dealing with troubling headlines in difficult times is to be a long-range planner. No one knows the future, but the economy is cyclically-driven with good times usually following bad,” he said.

“Although underwriting criteria has become more restrictive, the good news for senior housing/healthcare borrowers is that interest rates have remained near historical lows. Borrowers able to act on the long-range financial needs of their business at this time most likely will view the timing of their decision in a positive light later on,” he predicted.

Contact:  Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail:, Twitter:

Cambridge Realty Capital Says $11.6M HUD Loan Refinances Orchard Villa 1 Nursing Facility in Oregon, OH

CHICAGO, IL--Cambridge Realty Capital Companies reports closing an $11.6 million FHA-insured HUD Lean loan to refinance Orchard Villa I, a 164-bed skilled- care nursing facility in Oregon, Ohio.

Cambridge Chairman Jeffrey A. Davis said the fully amortized, 34-year term loan was arranged for the property’s owner, an Ohio corporation, by Cambridge Realty Capital Ltd. Of Illinois, the Cambridge business entity responsible for underwriting HUD loans.

The first mortgage loan was funded using the HUD Section 232 pursuant to Section 223(a)(7) Lean program, which is used to refinance existing HUD loans.

Davis said HUD’s new Lean funding program introduced sweeping changes in the way HUD loans are approved and processed. The Orchard Villa I loan was processed in the “Green Lane,” a special queue created by HUD to fast-track low risk loans.

Contact:  Evan Washington, Phone: (312) 521-7604, Fax: (312) 357-1611, E-Mail:

Arbor Closes $1,683,900 Fannie Mae DUS® Small Loan for William Street Apartments in Worcester, MA

Uniondale, NY (July 1, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,683,900 loan under the Fannie Mae DUS® Small Loan product line for the 30-unit complex known as William Street Apartments in Worcester, MA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.09 percent.

The loan was originated by Edward Petti, (top right photo) Director, in Arbor’s full-service New York, NY lending office. “This was an acquisition of a small apartment complex in Worcester, Massachusetts,” said Petti. “Our underwriting team is very familiar with this market and aggressively moved it through commitment and closing.”

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

$21.7M Private Resort in California Listed by Marcus & Millichap

CALIFORNIA CITY, Calif., June 30, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for the Silver Saddle Ranch and Club (top left photo) , an 80-acre full-service resort in California City.

 The listing price is $21,700,000.

Irwin Woldman, a hospitality investment specialist in the firm’s Encino office, is representing the seller.

“Membership in the Silver Saddle Ranch and Club is private and controlled,” says Woldman. “Each member has purchased a single-family lot nearby, which allows them to join the resort and club. The offering includes more than 900 lots and 1,000-plus undeveloped acres surrounding the resort.”

The property is located at 20751 Aristotle Drive at the foot of the Sierra Nevada mountain range. The 20 Mule Team Parkway, a main thoroughfare, leads from California City’s main business district to the resort.

The Silver Saddle Ranch and Club features a hotel with spa, salon, restaurant, bar and offices.

 The hotel has 45 rooms, including three fully appointed executive suites and eight bungalows with private patios.

Amenities include a family pool, an adults-only pool, a driving range, game room, adult and children’s recreation rooms, exercise room and outdoor seating/barbecue area. Meeting rooms with audio-visual capabilities and a kitchen are also available.

Outdoor recreation at the resort includes miniature golf, bicycling, boating, horseback riding, camping, archery, trap and skeet shooting, picnicking, rock hounding, playing horseshoes and bird watching.

Corporate Spending, Manufacturing Gains to Bolster U.S. Industrial Sector 

ENCINO, CA – While industrial vacancies will remain elevated through year-end 2010, the economic recovery will stabilize property performance and set the stage for modest improvement next year, according to a new report issued by Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm.

“Future economic expansion will be driven by personal and corporate spending, which were the primary drivers of GDP growth during the first quarter of 2010,” says Alan Pontius, managing director of the firm’s National Office and Industrial Properties Group. “As private consumption resumes, business will be encouraged to replenish depleted inventories in anticipation of further increases in demand, albeit at a slow pace.

“Manufacturing continues to post gains, which will also bolster a 2011 recovery in the industrial property sector,” explains Pontius.

"The manufacturing sector grew for the 10th consecutive month during May, driven by continued strength in new orders and production.

According to the Special Industrial Research Report, employment growth will be a crucial component in buoying consumer sentiment and supporting spending, and while recent payroll additions have exceeded expectations, it will take years for the economy to recover the 8.4 million jobs lost during the recession.

Recent positive economic developments have yet to translate into heightened tenant demand for industrial space, as many tenants have more space than they need.

Widespread improvement in the industrial market will likely not occur until 2011 and 2012, when more robust economic and employment growth will take hold.

The report contains the National Industrial Index (NII), which ranks 27 of the nation’s industrial markets based on a various factors, including projected employment changes, construction, net absorption, revenue change and vacancy. Houston, Los Angeles and Denver are the top three markets, while Tampa, Atlanta and Detroit rounded out the bottom of the list.

For a copy of the Special Industrial Research Report from Marcus & Millichap, please log on to

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