Tuesday, July 6, 2010

Beech Street Capital Provides $7.5M in Permanent Financing for Palm Place Apartments in Miami

 BETHESDA, MD – Beech Street Capital, LLC provided a $7.5 million Fannie Mae
DUS Loan for the refinance of a Palm Place Apartments (top left photo)  located in Miami, Florida.

The transaction was originated by Michael Brown of Meridian Capital Group, LLC and was financed by Beech Street Capital as part of its correspondent relationship with Meridian.

“Based on their deep market knowledge and depth of real estate experience, the Beech Street team was able to quote, underwrite and deliver a fast closing in this highly localized market. It was an impressive effort and execution in all regards," said Michael Brown, Managing Director at Meridian Capital.

The fixed-rate loan has a term of ten years, with 9.5 years of yield maintenance, and a 30-year amortization schedule on an actual/360 basis.

The property was constructed in 1967 and has recently undergone interior and exterior
renovations. Palm Place Apartments consist of 145 units and is conveniently located within walking distance from Dadeland shopping center.

Contact: Michelle BonSalle (703-624-0391), EMAIL: mbonsalle@beechstcap.com

Grubb & Ellis Realty Investors Secures 44,000-SF Lease at Congress Center in Chicago

CHICAGO, IL (July 6, 2010) – Grubb & Ellis Realty Investors LLC today announced that it has secured a 43,817-square-foot lease with the United States General Services Administration for space at Congress Center (top left photo), a 16-story, Class A office building located in Chicago’s West Loop.

Grubb & Ellis Realty Investors manages the property on behalf of multiple investment programs and individual investors.

The lease will increase the property’s occupancy to 93 percent from 84 percent. The GSA currently leases 141,538 square feet of space at the property on behalf of various federal agencies.

The new space leased by the GSA is expected to be occupied during the first quarter of 2011, bringing the total space leased by the GSA to approximately 185,355 square feet.

“Despite incredibly challenging market conditions, Grubb & Ellis Realty Investors has successfully stabilized Congress Center during the past two years,” said Robert Assoian, (middle right photo)  senior vice president of Asset Management.

 “While many owners of commercial real estate are struggling to retain their assets in this environment, we couldn’t be more pleased to provide this exceptional level of performance for our investors.”

Located at 525 W. Van Buren St., Congress Center offers approximately 520,000 square feet of rentable space. Built in 2001, the building’s amenities include a two-story lobby that features granite, glass, exotic wood and stainless steel trim, 24-hour monitored building security and a secure heated indoor executive parking garage.

Acquired by Grubb & Ellis Realty Investors on behalf of investors in January 2003, Congress Center is situated one block from Union Station, Chicago Transit Authority lines and in close proximity to Interstates 90/94 and 290. In addition to the GSA, notable tenants include Amtrak, Azko Nobel and North American Insurance.

Mark Parrish, (top left photo) senior vice president of Grubb & Ellis’ downtown Chicago office, negotiated the lease on behalf of Grubb & Ellis Realty Investors. The GSA was self-represented.

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

Grubb & Ellis Represents Skype in 90,698-SF North America Development Center Lease in Palo Alto, CA

SAN FRANCISCO, CA (July 6, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Simon Clark, MRICS, vice president, Office Group, represented Skype in its long-term lease at 3210 Porter Drive, a 90,698-square-foot office building in Palo Alto.

 Clark worked in conjunction with Jeff Black of CB Richard Ellis in the representation of the software company that allows the public to make free video and voice calls, send instant messages and share files with other Skype users.

The office building will serve as Skype’s North America Development Center and is located within the world-renowned Stanford Research Park, founded by Stanford University and home to more than 150 high-tech, research and development and service companies.

According to Clark, Skype will consolidate two offices located in Brisbane and San Jose when it takes occupancy in November.

Randy Gabrielson, Howie Dallmar and Chase Lyman of Cornish & Carey Commercial represented Stanford University in the transaction.

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

Cuhaci & Peterson Architects Awarded Contract to Design Partial Demolition, Remodeling of Retail Center in Valrico, FL

ORLANDO - Cuhaci & Peterson Architects LLC of Orlando was recently awarded a contract to design remodeling of the Valrico Square retail center at Brandon and Valrico Blvds. in Valrico.

Lonnie Peterson, chairman of Cuhaci & Peterson Architects LLC, said Primerica Group I, Inc. awarded the contract. Work on the 55,800 square foot retail center will include partial demolition of facilities and remodeling of remaining facilities.

For more information,  contact:
Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;
Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Marcus & Millichap Lists $20.6M Walgreens Portfolio

FT. LAUDERDALE, FL,  July 6, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing for a five-store Walgreens portfolio located across the Midwest and the Southeast.

In all, the assets encompass 70,403 square feet on 7.52 acres.

Marc Strauss, (top right photo) a vice president investments and a senior director of the National Retail Group in the Fort Lauderdale office of Marcus & Millichap, is representing the seller.

John Przybyla, (middle left photo)  first vice president of the Chicago Downtown office; John Glass (bottom left photo) , regional manager of the Cleveland office; Stephen Maulden (bottom right photo, below John Leonard photo) , regional manager of the St. Louis office; Matt Fitzgerald (lower left photo), regional manager of the Des Moines office; and John Leonard (lower right photo) , first vice president of the Atlanta office; are also involved in this transaction.

“This portfolio is available with low-interest assumable financing, which provides and investor with an outstanding initial cash-on-cash return with a low down payment,” explains Strauss.

“Long-term double-net leases are in place for all five properties. In addition, the new ownership will benefit from Walgreens’ status as a credit tenant with a Standard & Poor’s rating of A+.”

The properties are located in Chicago, Ill.; Medina, Ohio; Independence, Mo..; Muscatine, Iowa; and Decatur, Ga. Each store features a standard 60-year lease with tenant rights to terminate every five years, beginning on the 20th year of the lease.

As part of this sale, the new owner has the option to buy the corporate entity, which will save the buyer time and reduce overall costs to assume the current loan. The seller has agreed to contribute to the costs of the assumption.

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

Chatham Lodging Trust Closes On Seventh Hotel

PALM BEACH, FL, July 6, 2010—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium- branded select-service hotels, today announced that it has acquired the 120-room Hampton Inn & Suites® Houston – Medical Center (top left photo)  in Houston, Texas for $16.5 million.

The hotel is the first acquisition to be completed by Chatham in a previously announced agreement to acquire a portfolio of four hotels for an aggregate purchase price of $61 million, and marks the seventh acquisition completed by Chatham since its April 21, 2010 initial public offering.

The remaining three hotels are expected to close upon completion of due diligence and satisfaction of closing conditions.

Upon completion of the acquisition of the remaining three hotels in this four-hotel portfolio and the acquisition of a previously announced additional hotel under contract in the greater metropolitan New York area, Chatham will own 11 hotels.

“The Houston Hampton Inn & Suites fits our acquisition profile of premium-branded, select-service and upscale extended-stay hotels in markets with high barriers to entry near strong demand generators,” said Jeffrey H. Fisher, (middle right photo)  Chatham’s chief executive officer. “We have an active pipeline and an aggressive appetite to add to our portfolio.”

Chatham Lodging Trust is a self-advised REIT that was organized to invest in upscale extended-stay hotels and premium-branded, select-service hotels. The company currently owns seven hotels with an aggregate of 933 rooms/suites and has an additional four hotels under contract to purchase.

Additional information about Chatham may be found at www.chathamlodgingtrust.com.


Jerry Daly, Carol McCune, Daly Gray Public Relations, (703) 435-6293,  jerry@dalygray.com
 Peter Willis, Chief Investment Officer, (Media) (Acquisitions), (561) 227-1387,  pwillis@cl-trust.com

Grubb & Ellis Acquires Las Vegas Affiliate

SANTA ANA, CA  (July 6, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has strengthened its presence in the Western United States by acquiring a 100 percent interest in its Las Vegas affiliate, Grubb & Ellis Las Vegas.

The acquisition marks the third owned office the company has established during 2010. Terms of the transaction were not disclosed.

“The acquisition is consistent with Grubb & Ellis’ growth strategy to bolster its full-service capabilities throughout the country,” said Thomas P. D’Arcy (top right photo), president and chief executive officer of Grubb & Ellis. “We believe Las Vegas offers significant opportunity, and Grubb & Ellis

Las Vegas is a recognized leader in the region. They have been one of our most productive affiliate offices, and there is no question that they best represent our company and our clients in the market.”

The change in ownership structure adds approximately 30 experienced brokerage professionals to Grubb & Ellis Company, who specialize in all aspects of commercial real estate, including office, industrial, retail, investments, multi-family and land.

 In addition to leasing, acquisition and disposition services, the office manages nearly 3 million square feet of commercial property.

Joseph E. Kupiec, Sr (lower right photo) . will continue to oversee the Las Vegas office as executive vice president, managing director. Allan M. Murow, (lower left photo)  former principal of Grubb & Ellis
Las Vegas, will stay on as a management consultant.

“Over the past decade, we’ve built a solid relationship with Grubb & Ellis and look forward to working even closer together in the months and years ahead,” said Kupiec.

 “We’re excited about the progress the company has made over the past two years and believe that there is long-term benefit for our employees to be part of Grubb & Ellis.”

Grubb & Ellis has stated that its goal is to be the leading provider of integrated real estate services.

 In support of this objective, over the past two years it has restructured its Real Estate Services business, aggressively recruited top talent into the company and strengthened and expanded its service platform to better meet the needs of clients and enhance the company’s overall profitability.

“Since joining the company as an affiliate in 2000, the Las Vegas office has demonstrated its willingness to take full advantage of the Grubb & Ellis platform and its strong commitment to clients,” said Jack Van Berkel, (top left photo)  chief operating officer of Grubb & Ellis and president, Real Estate Services.

“Our affiliate platform remains an important component of servicing the company’s clients in a number of secondary and tertiary markets throughout the country; however, there are certain markets where we believe it is critical to have an owned-office presence.”

During 2010, Grubb & Ellis opened owned offices in San Diego and Phoenix, and announced similar plans for Cincinnati and Columbus, Ohio, and Charlotte, N.C.

Grubb & Ellis’ Las Vegas office will remain at 3930 Howard Hughes Parkway, Suite 180.

Contact: Janice McDill, Phone: 312.698.6707, Email: janice.mcdill@grubb-ellis.com

Foreclosure Filings Drop 49% In South Florida In 2nd Quarter

MIAMI, FL--Lenders filed 49 percent fewer foreclosure actions against borrowers in the tricounty South Florida region in the second quarter of 2010 compared to a year earlier, according to a new report by CondoVultures.com.

Banks initiated about 14,500 foreclosure actions in Miami-Dade, Broward, and Palm Beach counties between April and June of 2010 compared to about 28,400 foreclosure actions initiated during the same three-month span of 2009, according to the report based on the Condo Vultures® Foreclosure Database™.

For the year, South Florida foreclosure filings are down 34 percent to 34,500 in the first six months of 2010 compared to about 52,200 actions in 2009, 37,800 actions in 2008, and 8,000 actions in 2007, according to the report based on Clerk of the Court records in Miami-Dade, Broward, and Palm Beach counties.

"Lenders filed an average of 190 foreclosure actions per calendar day in the first half of 2010," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"As high as the current number seems, the pace is down significantly from recent years when a daily average of 288 actions were filed in 2009 and 209 actions in 2008.

 Prior to the real estate crash, lenders filed fewer than 50 foreclosure actions per calendar day."

Contact: Peter Zalewski of Condo Vultures®,  800-750-0517 or by email at peter@condovultures.com

Mercantile Capital Corp. Provides Commercial Real Estate Loan Worth over $1,828,000 in Altamonte Springs, FL

ALTAMONTE SPRINGS, FL – Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, closed a commercial loan for Silver Sea Homes, Inc. recently for $1,828,800 in total project costs.

Silver Sea Homes is a local custom home building and development company. Husband-and-wife team Horatio Gonzalez and Graciela Blanco (natives of Europe and Argentina) founded Silver Sea Homes from a rich legacy of time-tested building techniques and legendary design forms, reminiscent of their native lands rather than novel trends.

“It was almost impossible to find a lender for our project. All of the banks were pessimistic and closed-minded to doing any kind of business,” said owner, Graciela Blanco. “But Mercantile Capital was open to fight and they worked hard for us until we got it.”

The SmartChoice Commercial Loan Program helps owners of small to mid-sized businesses, like Silver Sea Homes, Inc. have an opportunity to create wealth and financial freedom. Their specialization in SmartChoice Commercial Loans, also known as SBA 504 loans, allows borrowers to own their commercial property with the highest cash-on-cash return financing available, without tying up capital.

For more information, visit http://www.thesmartchoiceloan.com/ and http://www.504blog.com/.

Chris Hurn, Mercantile Capital Corporation, 407-786-5040;
Robin Lashley, Mercantile Capital Corporation, 407-786-5040

Mercantile Capital Provides Commercial Real Estate Loan in Orlando Worth over $884,000

ALTAMONTE SPRINGS, FL – Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, closed a commercial loan for Stillwater Technologies, Inc. recently for $884,500 in total project costs.

Stillwater Technologies is a multi-disciplined consulting firm specializing in the areas of civil and environmental engineering, land planning, and petroleum engineering. They are based in Orlando, Florida and also have an office in Nashville, Tennessee.

“Mercantile’s experience with the SBA Program was extremely valuable in allowing us to pursue and ultimately close this transaction,” said owner, Barry Robertson. “All of their staff was very professional and helpful and we would certainly recommend them to others.”

For more information, visit http://www.thesmartchoiceloan.com/
and http://www.504blog.com/.

Chris Hurn, Mercantile Capital Corporation, 407-786-5040;
Robin Lashley, Mercantile Capital Corporation, 407-786-5040

AMLI at West Paces, Atlanta, GA - Bids Due, July 15

ATLANTA, GA--Operations at AMLI at West Paces (top left photo)  continue to excel.

Effective rents increased 5.5% (year-to-date), and new leases are being signed at rents 8.8% above the previous lease rate.

The property is currently 95.5% occupied and 98.5% leased. An analysis of the most recent new and renewal leases is available for review on Peracon. Bids are due by July 15

AMLI at West Paces is an upscale 337-unit midrise apartment community located off Interstate-75 and Paces Ferry Road in Atlanta, Fulton County, Georgia.

The property's outstanding location off I-75, high quality construction, outstanding demographics, and desirable amenities help distinguish AMLI at West Paces as one of the most unique multifamily assets in Atlanta.

If you would like to schedule a tour, please contact Pat Jones or Kris Mikkelsen at (678) 992-2000.

Greg Engler, CEO/President, 678/992-2000, ext. 1, gengler@efgus.com
 Pat Jones, Senior Vice President, 678/992-2000, ext. 2, pjones@efgus.com
 Kris Mikkelsen, Senior Associate, 678/992-2000, ext. 4, kmikkelsen@efgus.com