Friday, July 8, 2011

Uptown Grandeur and Downtown Style Meet on the TriBeCa Waterfront at 250 West Street, New York City

NEW YORK, NY--(BUSINESS WIRE)--In the heart of TriBeCa’s landmark historic district, 250 West Street (top left photo) – the monumental former warehouse built in 1906 – is being transformed into a unique collection of 111 luxury condominium residences by developer El Ad Group.

The unique residences at 250 West, designed by GNA Architects, start at $1.5M.

Overlooking the Hudson River and Hudson River Park’s new Piers 25 and 26, the building’s majestic exterior will return to its early 20th century origins through the restoration of its cornice, arched windows and grand entryways with 10-foot iron gates.

The residences at 250 West are ideal for those seeking waterfront living in one of the world’s most sought-after neighborhoods.

Directly across from 250 West, residents can enjoy miniature golf, beach volleyball, a children’s playground and much more at Hudson River Park’s exciting new Piers 25 and 26. 250 West is also central to TriBeCa’s renowned restaurants, art galleries and boutiques.

 “250 West Street is a dramatic follow-up to our landmark restoration of the Plaza Hotel—a downtown architectural treasure with the presence of a grand mansion.

"This building has extraordinary proportions, astounding views and offers residents enduring value, world-class amenities and an array of options to suit many lifestyles,” said Tom Elliott, Executive Vice-President of Sales and Marketing for El Ad Group.

For details, please contact exclusive sales and marketing agent Cantor & Pecorella at 212-343-2509 or visit

Shannon Lynch, 212-575-4545

Prudential Mortgage Capital and Perella Weinberg Partners affiliate create commercial mortgage joint venture

NEWARK, N.J. and NEW YORK--(BUSINESS WIRE)--Prudential Mortgage Capital Company and affiliated funds of Perella Weinberg Partners’ Asset Based Value strategy have formed a joint venture to originate commercial mortgages for future securitization, the companies announced today.

Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU).

The joint venture combines Prudential Mortgage Capital Company’s strong credit culture and finance expertise with Perella Weinberg Partners’ Asset Based Value strategy’s real estate lending and principal investing experience.

 Loans will be originated through Prudential Mortgage Capital Company’s origination platform, then warehoused and securitized by the joint venture, and serviced by Prudential Asset Resources, one of the largest commercial/multifamily servicers in the industry.

The new venture enables Prudential Mortgage Capital Company to provide its borrowers with access to the commercial mortgage backed securities market without creating a new CMBS warehouse, following the divestiture of Prudential’s commercial mortgage securitization business in 2008.

The joint venture, which is structured to adapt to potential regulatory changes, is initially targeting more than $1 billion a year in fixed rate mortgages for stabilized commercial properties across all asset classes.

 The venture will create a branded vehicle and partner with third parties to issue commercial mortgage backed securities. The joint venture is accepting applications through Prudential Mortgage Capital Company loan officers, effective immediately.

“Participation in the re-emerging CMBS market is critical to maintaining our leadership position in the commercial mortgage arena,” said David Twardock (top right photo), president of Prudential Mortgage Capital Company.

 “This is an excellent opportunity to leverage our national origination network and expand the financing options we provide for our borrowers. We are proud of our relationship with Perella Weinberg and look forward to working with them through this joint venture to better meet our clients’ needs.”

Said David Schiff, partner at Perella Weinberg Partners and portfolio manager of the Asset Based Value strategy, “Today’s announcement reflects our continued commitment to partnering with proven teams and businesses to provide specialty finance solutions to underserved capital markets. This joint venture, which unites two like-minded credit cultures, will leverage each entity’s core competencies to bring additional liquidity to borrowers and high-quality securities, secured by conservative underwriting on quality assets, to bond investors.

The joint venture will be led by Richard Flohr, Sean Beggan and Jean Baker at Prudential Mortgage Capital Company, along with David Schiff, Billy Jacobs and Roger Nussenblatt of the Perella Weinberg Partners’ Asset Based Value strategy. This team brings a wealth of commercial real estate industry experience.

For more information, please visit


John Chartier, 973-802-9829
For Perella Weinberg Partners:
Kara Findlay, 212-287-3197
Sard Verbinnen & Co.
Denise DesChenes/ Renée Soto, 212-687-8080

Oviedo-Winter Springs Chamber members name Paul P. Partyka, Best Commercial Realtor, NAI Realvest Best Commercial Property Firm

MAITLAND, FL– Members of the Oviedo-Winter Springs Regional Chamber of Commerce recently named Paul P. Partyka (top right photo), the area’s best commercial Realtor and NAI Realvest in Maitland the area’s best commercial property company.

The 2011 Fan Favorites Ovation, an annual poll of Oviedo-Winter Springs Chamber of Commerce members sponsored by the biweekly Seminole Voice newspaper, cited Partyka and NAI Realvest as the best in the commercial real estate arena.

Partyka, past president of the Oviedo-Winter Springs Chamber of Commerce and the former mayor of Winter Springs, is managing partner at NAI Realvest.

Partyka will moderate a chamber business roundtable conference Tuesday July 19 on commercial development in Oviedo-Winter Springs that features speakers John Jones of Land Design Innovations; Bryan Cobb, development services director at the City of Oviedo; and Randy Stevenson, community development director at the City of Winter Springs.

The breakfast conference, sponsored by NAI Realvest, is scheduled from 7:30 to 9 a.m. in the chamber training room at the UCF Business Incubator in Winter Springs.

For more information, contact:
Paul P. Partyka, Managing Partner, NAI Realvest 407-875-9989;  
Patrick Mahoney, President, NAI Realvest 407-875-9989;
Beth Payan or Larry Vershel, Larry Vershel Communications, Inc.  407-644-4142 

Equity Investment Services Successfully Sells and Lists Distressed Bank Assets in Q2

ORLANDO, FL— Nicholas Ledvora (top right photo), Director of Investment Sales and Managing Director with Equity Investment Services (EIS), is pleased to announce the successful sale of four bank owned properties and the listing of 3 additional bank owned assets in the second quarter of 2011.

These bank owned assets are located in three states and consist of retail, office, industrial and single tenant properties.

Recent Closings Include:

Brannen Road Industrial – Lakeland, FL – 9,000sf Industrial  Sold: 4/2011
Flowood Office Complex – Jackson, MS – 29,274sf Office  Sold: 5/2011
The Dove Restaurant – Satellite Beach, FL – 5,184sf Restaurant  Sold: 6/2011
Colonial Office Building – Orlando, FL – 1,904sf Office  Sold: 6/2011
Recent REO Listings Include:

Missouri Office Building – Clearwater, FL – 1,335sf
Forsyth Commerce Industrial – Orlando, FL – 9,100sf
Webberville Industrial – Webberville, MI – 80,000sf

  Equity Investment Services’ brokerage team advises sellers, banks, and institutions on dispositions throughout the Southeastern United States. Other divisions within the Equity Investment Services Platform include leasing, management, and real property tax advisory.

 For more information, visit:

Alana L. Champagne
Operations Manager
Director of Property Management
Phone: 407.573.0711 ♦ Fax: 407.573.0710

$167 million in financing secured by HFF for The Breakers Resort in Denver

IRVINE, CA –HFF announced today that it has arranged $167 million in first trust deed and mezzanine financing for The Breakers Resort (top left photo), a six-village, 1,523-unit, Class A multi-housing community in Denver, Colorado. 

HFF worked exclusively on behalf of the borrower, a joint venture between The Bascom Group and Koelbel and Company.

 The financing involved securing a $132 million floating-rate first trust deed through ING Real Estate Finance, and a $35 million mezzanine loan from Blackstone.  The non-recourse loan was interest-only and featured a combined interest rate of 4.6 percent.  Proceeds were used to pay off existing maturing debt and fund capital improvements.

Situated on 127 acres, The Breakers Resort is located at 9099 East Mississippi Avenue close to Cherry Creek, the Lowry Redevelopment and a new community shopping center.  The “strongly performing” property is 96 percent leased and is comprised of six interconnected communities, each with their own clubhouse, surrounding a 55-acre recreational lake.

  The project has an attractive low density of 14 units to the acre and has a master clubhouse featuring a large fitness center with views of the Rockies, restaurant, business center, community room and private theater.

 The property has 50 one- and two-bedroom floorplans averaging 1,019 square feet each.  Also included, is an 18.23-acre apartment development parcel, which is one of the best remaining infill apartment sites in Denver, according to HFF.

The HFF team representing the borrowers was led by director Mark Erland and associate director Charles Halladay (middle right photo) in Orange County, and senior managing director Mona Carlton (lower left photo) in Dallas.

 ”The loan structure was chosen because of the competitive interest rate, the low combined loan constant, prepayment flexibility, funds available to finance capital improvements, and certainty of execution,” said Erland.

 “ING Real Estate Finance and Blackstone provided a very competitive combined financing structure and were highly responsive to the loan request.

“ We had less than one month to close the refinance, and the good working relationship between the two lenders gave HFF confidence in making the recommendation to proceed. 

“The borrower closed in 29 days from application, which was a testament to the skill of the combined closing team.”

 For more information, visit

Mark J. Erland, HFF Director, (949) 253-8800,  
Charles W. Halladay, HFF Associate Director, (949) 253-8800,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,


HFF closes $4.725 million sale of retail center in St. Augustine, FL

MIAMI, FL – HFF announced today that it has closed the sale of a 62,000-square-foot component of Riverside Centre (top left photo), a regional community center in St. Augustine, Florida.

HFF represented the seller, Kimco Realty Corporation.  Cole Real Estate Investments purchased the property, which was sold without existing debt, for $4.725 million in June.  Thomas Falatko, vice president of acquisitions represented Cole in the transaction.

Riverside Centre is situated at one of the most dominant retail intersections between Daytona Beach and Jacksonville; the intersection of US Highway 1 and State Road 312 in St. Augustine.

 The portion of the property that sold is 100% occupied by a 57,000-square-foot Hobby Lobby and 5,000-square-foot Color Wheel Paint.  Tenants within the larger center (not part of the collateral) include Big Lots and Bealls Outlet.

The HFF team representing Kimco Realty Corporation included managing directors Brad Peterson and Danny Finkle.

Brad Peterson, HFF Managing Director, (405) 286-5224,                        Daniel Finkle, HFF Managing Director, (305) 448-1333,                             Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500

Berger Commercial Realty Corp. Broker St. George Guardabassi Named to Small Business Advisory Committee of the 22nd Congressional District of Florida

 FORT LAUDERDALE, FL. – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale, Fla., and serving clients around the state, announced that Senior Vice President St. George Guardabassi (top right photo) has been named to the Small Business Advisory Committee of the 22nd Congressional District of Florida.

Additionally, Guardabassi has been named Chairman of the Rotary Club of Fort Lauderdale's New River Raft Race.

 The Small Business Advisory Committee consists of small business experts who will advise U.S. Congressman Allen West in their respective areas of business. The Rotary Club of Fort Lauderdale's New River Raft Race will be held on Nov. 19 at Esplanade Park in downtown Fort Lauderdale and benefits the 1090 Foundation, which provides funding to local scholarships and community service projects.

 Guardabassi, who is a resident of Fort Lauderdale, has more than 25 years of experience in South Florida's commercial real estate market and is actively involved in  the 100 Club and the Fort Lauderdale Marine Advisory Board, in addition to the Rotary Club of Fort Lauderdale.

 Guardabassi received his Bachelor’s degree from TCU in Fort Worth, Texas. He is a licensed Real Estate Associate, former president of the Commercial Industrial Real Estate Brokers Association (CIREBA), and received the designation of a Real Property Administrator (RPA) from the Building Owners Management Association (BOMA).

For more information, visit

Media Contact: 
Marielle Sologuren, Pierson Grant Public Relations, (954) 776-1999, ext. 226

Grubb & Ellis Facilitates Sale of 13-Acre Industrial Property in Irvine, CA

NEWPORT BEACH, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Gary Allen, senior vice president, Industrial Group, and Robert Griffith, senior vice president, Investment Services, facilitated the sale of a 13-acre industrial property located at 16700 Red Hill Ave. in Irvine.

 Newport Beach-based Western Realco LLC purchased the property from OE Holdings Inc. for in excess of $19 million. 
“This acquisition illustrates our continued efforts to find quality real estate in Southern California,” said Gary Edwards, principal, Western Realco.  “Together with the Irvine property, we are working on three speculative development projects.  The company will continue to seek strategic, value-add industrial opportunities to take advantage of the strengthening real estate fundamentals in Southern California.”
The 13-acre property is located within the Irvine Business Complex (top left rendering and middle right map) and includes one single-story building offering 183,000 square feet of space.  Originally built in 1968 and last refurbished in 2000, it offers abundant corporate office, high tech assembly and warehouse space. 

 The building is 97 percent leased to multiple tenants, including Kulicke & Soffa and Liquid Graphics. 

There is an additional 3.5 acres of land available for development on the property, where Western Realco plans to construct two additional industrial buildings for sale or lease. 

The company also plans to renovate the existing building and put it up for sale once existing leases expire in 2014.

 “The sale of 16700 Red Hill Ave. attracted a number of interested institutional investors, being one of the few large corporate industrial facilities in Irvine that also has expansion and development potential,” said Allen.

Allen and Griffith worked in conjunction with Voit Real Estate Services to represent Western Realco.

Contact: Julia McCartney, Phone: 714.975.2230,          

Marcus & Millichap Promotes Michael A. Mele to First Vice President Investments

 TAMPA, FL–Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Michael A. Mele (top right photo) to 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 Bryn D. Merrey (bottom left photo), vice president and regional manager of the firm’s Tampa office.

Most recently, Mele held the title of vice president investments.

Mele joined the firm in May 1999 and was promoted to senior associate in May 2002. He was named vice president investments in January 2008. He has received nine sales recognition awards from Marcus & Millichap.

Mele specializes in the sale of self-storage investment real estate. He is a senior director of the firm’s National Self-Storage Group and was the No.1 self-storage agent firm wide in 2010 and in 2008.

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

Jones Lang LaSalle Brokers Sale of Scottsdale Centre in Phoenix, AZ for $20.8 Million

PHOENIX, AZ, July 8, 2011 – Jones Lang LaSalle’s Capital Markets experts today announced the firm has brokered the sale of Scottsdale Centre (top left photo) for Los Angeles-based Arden Realty, Inc. and its team, led by Michael Lynch from GE Capital Real Estate.

The 164,000-square-foot building is located at 7373 N. Scottsdale Road. Newport Beach, California-based MIG Real Estate purchased the property for  $20.8 million.

Leading the Jones Lang LaSalle team on this transaction was Senior Managing Director Dennis Desmond and Senior Vice President Brian Ackerman.

Desmond said the sale is a prime example of renewed investor interest in Phoenix commercial real estate.

“Experienced companies that have previously invested here see that market prices are still well below replacement costs and that a recovery in Phoenix has begun. This will encourage a steady rise in values that will continue for at least the next 24 months,” said Desmond.

 “MIG Real Estate is one of the companies that understands these market fundamentals, and they are not alone. The competition generated for this listing is the perfect illustration of increased demand for Phoenix assets.”

Within the first days of marketing, Scottsdale Centre attracted more than 130 signed confidentiality agreements. Bids were submitted in early May, with strong interest and negotiations continuing for several weeks before a final bid was accepted from MIG Real Estate. The sale closed on June 30.

Scottsdale Centre is a two-story project with mountain and golf course views. It is located on Scottsdale Road about two miles north of Camelback Road, within minutes of the Loop 101 Freeway, just north of the 1.8 million-square-foot Scottsdale Fashion Square and just south of the resorts, boutique shopping and dining of Gainey Ranch, Kierland and The Borgata.

For further information, please visit our website,

Stacey Hershauer
Marketing & Public Relations
(480) 600-0195