Wednesday, July 7, 2010
FORT LAUDERDALE, Fla. – Berger Special Assets, a division of Berger Commercial Realty Corp., announced Lloyd Berger (top right photo) has been named receiver for two properties in Naples, Fla. – River Park (middle map) located at 330 11th St. North and 1015 2nd Ave. North; and Gordon River (bottom right map), located at 1400 5th Ave. North.
“Our plan is to turn around these properties and restore their values and occupancy levels,” said Berger, founder and president of Berger Commercial Realty Corp.
Berger Special Assets (BSA), a division of Berger Commercial Realty Corp., serves as receiver, management company, leasing and sales agent for distressed commercial and multi-family properties on behalf of lenders.
In the process, Berger Commercial Realty Corp. and its subsidiaries have grown to a staff of 38 statewide.
In addition to referrals from real estate attorneys and lenders, BSA now is seeing new assignments coming from debt investors acquiring distressed loan portfolios from lenders.
Contact: Marielle Sologuren, Pierson Grant Public Relations, (954) 776-1999, ext 226
DELAND, FL, July 7, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Laurel Oaks (top left photo), a 56-unit apartment community located in DeLand, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.
The asset commanded a sales price of $1,650,000 and closed in one week.
Michael Donaldson, (middle right photo) an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Florida-based seller, a limited liability company.
“This transaction represents an excellent opportunity for the buyer to realize an immediate desirable return and have the opportunity to increase value by finishing the remaining renovations” says Donaldson.
Laurel Oaks is located at 650 North Boundary Road. Built in 1984, the property consists of 14 cardinal-style buildings constructed of frame with stone siding.
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
Cambridge Realty Capital Provides $1.39M FHA-Insured Mortgage Loan to Refinance McGill Terrace Apartments in Chicago
CHICAGO, IL--Cambridge Realty Capital Companies has arranged a $1.39 million FHA-insured first mortgage loan to refinance McGill Terrace Apartments (top left photo), a 48-unit apartment complex at 821-829 49th Street in Chicago, Cambridge Chairman Jeffrey A. Davis announced.
Cambridge originally funded the property for the owner, an Illinois limited partnership, in December, 1996. The loan was refinanced using HUD’s 223(a)(7) program for properties with an existing HUD loan.
The fully-amortized, 38-year term loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business unit that underwrites HUD loans. The interest rate was not announced.
Contact: Evan Washington, Phone: (312) 521-7604, Fax: (312) 357-1611
NEWPORT BEACH, CA(July 6, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Shane Wilder (top right photo) has joined the company as senior vice president, Tenant Advisory Group, specializing in office leasing.
“Shane’s entire 15-year career has been in tenant representation and he brings tremendous value to our company with his vast experience representing clients in multiple sectors of the industry,” said Greg May, (lower left photo) executive vice president, co-managing director, Orange County.
Wilder joins Grubb & Ellis from Studley, where he served as a corporate managing director overseeing the company’s strategic planning and consulting group in Southern California.
During his 11-year career with Studley he consistently ranked as one of the company’s top producers.
Prior to joining Studley, Wilder began his career with Arledge Power Real Estate Group in 1995. Throughout his career he has represented Fortune 100 companies and large corporate users in leasing more than six million square feet of space.
Grubb & Ellis Represents PPF Orchard Industrial 2164 Batavia LLC in Sale of 246,732-SF Warehouse Building in Orange County, CA
Frick Family Properties LLC, doing business as Paper Mart, purchased the property for $22.2 million.
“This transaction is among multiple sizeable owner/user sales that have closed in the Orange County area in the last several months, providing good indication of overall improvement in the industrial market,” said Read.
Paper Mart will use 2164 N. Batavia St. as its corporate headquarters and the warehouse and distribution of packaging supply products.
Situated on roughly 10.7 acres of land, the property is located in the North Orange County submarket. The building includes nearly 36,000 square feet of Class A office space, as well as approximately 210,000 square feet of state-of the-art warehouse/distribution space.
Brian Bennett of Cresa Partners represented Frick Family Properties in the transaction.
These transactions include the $16.9 million sale of a corporate headquarters/distribution building in Buena Park and the $12.3 million sale of a 15-acre manufacturing site in Fullerton.
Contact: Julia McCartney, Phone: 714.975.2230, Email: email@example.com
HFF managing director Hermen Rodriguez (top right photo) and director Ike Ojala (top left photo) led the investment sales team on behalf of the seller, South Florida Federal Partners.
The portfolio totals 196,915 square feet and is fully occupied by the United States Citizenship and Immigration Services (USCIS) under 15-year firm term leases. Individual property details are listed below:
Property Building Size (SF)
Miami Gardens Drive & NW 59th Ave., Miami, FL 41,064 SF
Broward County Property
NW 44th Street & 31st Ave., Oakland Park, FL 28,667 SF
“Rarely do portfolios of this size and quality come to market in South Florida,” said Rodriguez.
Hermen Rodriguez, HFF Managing Director, (305) 448-1333, firstname.lastname@example.org
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, email@example.com
HFF arranges $35M financing for 1100 Campus Road in Princeton, NJ
HFF senior managing director Jon Mikula (middle left photo) and director Brian Carlton (middle right photo) worked exclusively on behalf of the borrower, Dividend Capital Total Realty Trust, to secure the five-year, fixed-rate loan through a leading life insurance company.
Completed in 2006, 1100 Campus Road is fully leased to Novo Nordisk, Inc. through May 2023. The five-story property has direct access to and visibility from Route 1 and is situated less than four miles from downtown Princeton in central New Jersey.
“We are pleased to have helped Dividend Capital secure financing on their property in New Jersey,” said Mikula.
Jon Mikula, HFF Senior Managing Director, (973) 549-2000, firstname.lastname@example.org
Brian Carlton, HFF Director HFF, (214) 265-0880, email@example.com
Kristen Murphy, Associate Director, Marketing, (713) 852-3500, firstname.lastname@example.org
SAN DIEGO, CA – The San Diego office of HFF (Holliday Fenoglio Fowler, L.P.) has secured $10.7 million in financing through Freddie Mac (Federal Home Loan Mortgage Corporation) for Monarch at Tempe, (middle left photo) a 270-unit garden style multi-housing community in Tempe, Arizona.
The 88% leased property has one- and two-bedroom units ranging from 700 to 980 square feet. Residents at Monarch have access to a 24-hour fitness center, two pool areas, a picnic area with grills, a tennis court and a children’s playscape.
The Monarch Group is a private real estate investment and development firm founded in 1997 and is based in La Jolla, California.
Aldon L. Cole, HFF Director, (858) 552-7690, email@example.com
Rob Hinckley, HFF Associate Director, (858) 552-7690, firstname.lastname@example.org
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,