Tuesday, July 6, 2010
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: email@example.com
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.
Contact: Damon Elder, Phone: 714.975.2659, Email: firstname.lastname@example.org
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: email@example.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
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.
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.
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, firstname.lastname@example.org
Peter Willis, Chief Investment Officer, (Media) (Acquisitions), (561) 227-1387, email@example.com
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
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.
“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.
“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: firstname.lastname@example.org
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™.
"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.
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 email@example.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.
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
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/
Chris Hurn, Mercantile Capital Corporation, 407-786-5040;
Robin Lashley, Mercantile Capital Corporation, 407-786-5040
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, firstname.lastname@example.org
Pat Jones, Senior Vice President, 678/992-2000, ext. 2, email@example.com
Kris Mikkelsen, Senior Associate, 678/992-2000, ext. 4, firstname.lastname@example.org