Monday, August 15, 2011

Six Cleveland Area Hotels Become the First Residence Inn by Marriott Properties in Ohio to Feature PURE Allergy Friendly Rooms

CLEVELAND, OH--(BUSINESS WIRE)--Travelers to the Cleveland area can breathe a little easier knowing that six Residence Inn by Marriott hotels in the greater metropolitan region have introduced PURE Allergy Friendly Rooms.

These Residence Inn hotels are setting a new standard by launching PURE Rooms, which create an allergy-friendly environment and remove up to 98% of bacteria and viruses.

These ultra-comfortable accommodations are enjoyed by all guests, but bring an extra level of relief to asthma and allergy sufferers by providing the cleanest, freshest air for a more restful sleep during their stay.

The six Residence Inn hotels are:

  • The 158-suite Residence Inn Airport (middle right photo), located at 17525 Rosbough Drive, has 10 PURE Rooms.
  • The 174-suite Residence Inn Beachwood (lower left photo), located at 3628 Park East Drive, has 12 PURE Rooms.
  • The 175-suite Residence Inn Cleveland Downtown (top left photo), located at 527 Prospect Avenue, has 12 PURE Rooms.
  • The 118-suite Residence Inn Independence, located at 5101 West Creek Road, has 10 PURE Rooms.
  • The 96-suite Residence Inn Mentor, located at 5660 Emerald Court, has 8 PURE Rooms.
  • The 104-suite Residence Inn Westlake, located at 30100 Clemens Road, has 8 PURE Rooms.
 To reserve a PURE allergy friendly room at any of the six Residence Inn by Marriott hotels in the Cleveland area, visit the website:

For a complete copy of the company’s news release, please contact the two persons listed at the bottom of this posting:

For further information, on PURE Rooms call toll-free 877-787-7666 or log on to

Contacts for Residence Inn by Marriott Cleveland Area Hotels
Stacy Faulk
Vice President of Operations
Interstate Hotels & Resorts

Lindsay Hall
Marketing for PURE

HFF named to market for sale value-add multi-housing community in Aurora, IL



CHICAGO, IL – HFF announced today that it has been named to market for sale Aspen Place Apartments (top left photo), a 416-unit, value-add multi-housing community in Aurora, Illinois.

HFF is marketing the property on behalf of Kensington Realty Advisors.  There is no asking price and the property may be purchased on an all cash basis free and clear of debt.

Aspen Place Apartments is located at 826 Terrace Lake Drive near the intersection of Eola Road and Ogden Avenue (US Route 34) in the western Chicago suburb of Aurora.

 The 96 percent leased property has 50 residential buildings with one- and two-bedroom apartment homes and townhome units averaging 1,061 square feet each. 

Townhomes all feature direct access garages.  Community amenities include an outdoor heated pool, business center, fitness center and clubhouse. 

The HFF investment sales team representing Kensington is led by executive managing director Matthew Lawton (middle right photo), and managing directors Marty O’Connell (middle left photo) and Sean Fogarty (lower right photo).

Kensington Realty Advisors, Inc. is a Registered Investment Advisor providing investment management and advisory services.  Acting strictly as a fiduciary, the firm’s primary clientele includes institutional and corporate owners.

Matthew D. Lawton, HFF Executive Managing Director, (312) 528-3650,                                
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500               

Blue Asset Management Sells Jersey City Property

Jersey City, NJ, Aug. 15, 2011 --( Charles Blumenkehl (top right photo), managing partner of Blue Asset Management, said his company recently sold an apartment building in the West Bergen section of Jersey City, New Jersey.

The building had been purchased as part of a package of distressed multi family apartment buildings acquired by Blue Asset Management in 2009.

According to Blumenkehl, “We were happy to be a part of the revitalization of Jersey City by bringing this building back to the rental market, while helping to upgrade the neighborhood of the property.”

Blumenkehl continued, “As the current real estate market cycle matures, we are finding many robust opportunities and are being very selective of the residential assets we maintain as we add a greater allocation of commercial real estate opportunities in our portfolio.

“ The sale of our West Bergen building provided an excellent return for our portfolio and a benefit to the local community while assisting the bank from which we acquired the asset from achieving liquidity for what used to be a ‘problem’ asset.”

Located in Wayne, New Jersey, Blue Asset Management was founded by Charles Blumenkehl to leverage opportunities resultant from the mortgage meltdown.

The company is actively buying performing and non-performing residential and commercial mortgages and distressed and investment real estate in New Jersey.

Blue Asset Management LLC
Real Estate Press Releases
973 835 1400

California Home Sales Decline in July, But Still Higher Than a Year Ago, C.A.R. Reports

LOS ANGELES, CA--(BUSINESS WIRE)--California home sales fell in July but were up from the previous year, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

Closed escrow sales of existing, single-family detached homes in California dropped 4.1 percent to a seasonally adjusted 458,440 units in July, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.

July home sales were up 4.5 percent from the 438,850 units sold in July 2010. The statewide sales figure represents what would be the total number of homes sold during 2011 if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

“Although July sales improved over last year, they were somewhat weaker than expected, given current prices and mortgage rates,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young (top right photo).

 “Economic uncertainty and recent developments in financial markets have caused hesitation among buyers, the effects of which we may see in the coming months. We must see sustained job and income gains along with an increase in consumer confidence before we can expect to see consistent improvement in the housing market,” Appleton-Young added.

The statewide median price of an existing, single-family detached home sold in California dipped 0.3 percent in July to $294,230 from a revised $295,210 in June. July’s median price was down 7.6 percent from the $318,550 recorded in July 2010.

“Despite the uncertain outlook, interest rates are at near-record lows, and home prices are favorable,” said C.A.R. President Beth L. Peerce (middle left photo). “Well-qualified, motivated buyers who expect to own their home for more than a few years should carefully study their options now.”

For a complete copy of the association’s news release, please contact
Lotus Lou, 213-739-8304,

FelCor’s Holiday Inn Santa Monica Beach Wins 2011 STR Best Performing Hotel Award

RVING, TX--(BUSINESS WIRE)--FelCor Lodging Trust Incorporated (NYSE: FCH) today announced that its Holiday Inn Santa Monica Beach – at the Pier hotel (top left photo) won the 2011 STR Best Performing Hotel Award (upper midscale segment), based on 2010 RevPAR performance.

One hotel is recognized in each of the seven chain scale segments, as defined by STR (Smith Travel Research), the leading source of overall performance trends in the lodging industry.

The Holiday Inn Santa Monica Beach is ideally situated across the street from the historic Santa Monica Pier.(middle right photo) 

 The hotel generated 2010 RevPAR of $172, second out of 647 Holiday Inn hotels. In addition, FelCor’s historic Charleston-Mills House hotel and the Boston at Beacon Hill hotel ranked seventh and eighth of all Holiday Inns in the U.S. FelCor’s core Holiday Inn hotels generated 2010 RevPAR of $98, more than double the brand’s segment average.

“Leslie Minton, the hotel’s General Manager, and her team working alongside Tim Van Allen, FelCor’s Vice President of Asset Management, continue to do an outstanding job of maximizing revenue and driving average rate for this hotel,” said Troy A. Pentecost, FelCor’s Executive Vice President and Chief Operating Officer.

FelCor Lodging Trust Incorporated
Stephen A. Schafer, 972-444-4912
Vice President Strategic Planning & Investor Relations

Stirling Sotheby’s International Realty sells 34 home sites at Bella Foresta in Seminole County, FL

ORLANDO, FL --- Stirling Sotheby’s International Realty reports it recently brokered the sale of 34 one acre luxury home sites at Bella Foresta, located on SR 46 in North Seminole County.

 Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty said John Kurtz (middle right photo), associate for Stirling Sotheby’s represented the seller, Bradford Development Corp. based in Winter Garden.

 The buyer — Taylor Morrison of Florida, Inc.,one of the best known home builders in Central Florida – paid $3,178,000 for the sites.  

“Bella Foresta is a well-developed luxury community with a total of 54 one acre home sites,” Soderstrom said.  

 “The property is heavily treed, and the community’s Spanish Mediterranean architectural style is very striking,” he added.

For more information, contact:
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890 
 Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 (fax: 4410)

Rhodes+Brito Architects Earn Continuing Service Contract with City of Groveland. FL

 ORLANDO, FL  --- Rhodes+Brito Architects based in Orlando was recently awarded a continuing services contract to provide architectural services for the City of Groveland.

Ruffin Rhodes, co-founder and partner at Rhodes+Brito Architects, said the continuing services contract enables the City of Groveland to initiate small architectural projects valued at under $2 million.

Rhodes+Brito Architects is a full-service architectural firm that opened its offices in downtown Orlando in 1996 to specialize in design of public facilities, including schools, airports and courthouses.

For more information, contact:
Ruffin Rhodes, Rhodes+Brito Architects, 407-648-7288 x103
Maximiano Brito, Rhodes+Brito Architects, 407-648-7288
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 (fax: 4410)

Daymark Realty Advisors Completes Sale of the Biewend and Tupper Buildings in Boston, MA


Boston, MA. (Aug. 15, 2011) – Daymark Realty Advisors Inc., a leading provider of strategic asset, property management and structured finance solutions for owners of commercial real estate, today announced the sale of the Biewend (top left photo) and Tupper Buildings (middle right photo) in Boston for approximately $112 million. The disposition closed on Aug. 11, 2011.

 Daymark and its subsidiaries managed the Biewend and Tupper buildings, which are situated on the historic Tufts Medical Center campus, on behalf of individual owners.

Both properties are 100 percent leased until 2017 to Tufts Medical Center, the principal teaching hospital for Tufts University Medical School.

Biewend and Tupper were originally purchased as a sale-leaseback with Tufts in 2007. The two properties, which sold for $112 million, are unique for their prime location in the central business district, as well as the lack of a ground lease with the medical center.

 “Boston’s medical office sector is one of the strongest in the nation due to the vast number of hospitals, teaching institutions and biomedical research labs in the city,” said Mike Waddell (lower left photo), executive vice president, asset management.

“Medical office properties in the central business district, particularly those situated on a hospital campus like Biewend and Tupper, have been more insulated from the economic downturn than properties located off-campus or in suburban locales.”

The Biewend Building, located at 260 Tremont Street, is a 14-story 154,500-square-foot medical office building which houses the numerous hospital outpatient services, including the New England Eye Center, Division of General Internal Medicine, and the Adult Orthopedic Clinic.

The Tupper Building, located at 15 Kneeland Street, is a 14-story 97,600-square-foot medical office building with 12 stories of laboratory space and two floors housing office space and the human resources department.

Biewend and Tupper were purchased by ProMed Properties, a privately owned subsidiary of a global public real estate company engaged in the acquisition and management of medical office and medical-research buildings in growing metropolitan areas of the United States. Phil Giunta and Anthony Biette of Grubb & Ellis Company represented Daymark Realty Advisors and procured the buyer.
About Daymark Realty Advisors               

For more information regarding Daymark, please visit   

Contact: Damon Elder, Senior Director, Communications, Grubb & Ellis Equity Advisors, 714.975.2659 office, 714.356.1460 cell         

Mercantile Capital Corp. Provides Commercial Real Estate Loan in Longwood, FL worth over $695,000

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, recently closed a commercial loan for Metal Essence, Inc. for $695,250 in total project costs.

Metal Essence, Inc. is a precision metal and plastics fabricator that specializes in high-quality close-tolerance machining for the electronics, military, telecommunications and medical industries.

“We are excited about our new location and the opportunity it presents to expand our business,” said co-owner, Yvonne Stimac.  “Thanks to Mercantile Capital Corp., we are putting money back into our company instead of throwing it away in rent payments.”  

The SmartChoice Commercial Loan Program gives owners of small to mid-sized businesses like Metal Essence, Inc. an opportunity to create wealth and financial freedom.   SmartChoice Commercial Loans, also known as SBA 504 loans, allow borrowers like Alfredo and Yvonne Stimac to own their commercial property with the highest cash-on-cash return financing available, without tying up their precious capital, so they can grow even faster.

For more information, visit and

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

Cambridge Realty Capital Expands and Updates Popular Glossary of Lending Terms on Company’s Corporate Website

CHICAGO, IL--If you don't know the difference between a haircut, a kicker and a Mother Hubbard clause, at least you’re not alone.

Borrowers and other curious members of the senior housing/healthcare community routinely check out these and the more than 240 other lending terms defined in a glossary posted on the Cambridge Realty Capital Companies corporate website,

Cambridge is one of the nation’s leading senior housing/healthcare lenders and is consistently ranked among the top HUD 232 Lean lenders in the country. Loan officer Katie Trice (top right photo) says visitors can find a link to the Glossary of Terms in the INFOCENTER section of the Cambridge website.

On average, about 215 unique visitors check out the glossary every month.

In case you’re wondering, a “haircut” is the difference between the market value of a mortgage and the amount of money a lender will advance against it. A “kicker” is a loan arrangement in which borrowers are required to pay a specified amount or percentage of income or cash flow in addition to normal debt service.

A “Mother Hubbard clause” has naught to do with bare, boneless cupboards. In the event of a loan default, a Mother Hubbard clause enables the lender to foreclose not only the on the property affected but on any other mortgage the borrower might have with the same lender.  Ouch!

Trice says Cambridge routinely defines new terms as the need arises. The latest addition to the glossary is the term “contractual allowance”, which is defined as the difference between what a hospital or senior care facility bills for services rendered and the amount actually paid by third party payors; for example, Medicare/Medicaid and insurance companies under contractual agreements.

Evan Washington
Phone: (312) 521-7604
Fax: (312) 357-1611

Dallas Texas Union, Ltd. Selects Grubb & Ellis to Lease Town North Bank Building


DALLAS, TX (Aug. 15, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the Dallas Texas Union, Ltd. selected Trae Anderson, senior vice president, and Noreen Mehdi, associate, both of the Dallas Agency Leasing team, as the leasing agents of  Town North Bank building (top left photo) in the LBJ Freeway submarket.

 Located at 4455 Lyndon B. Johnson Freeway, the 12-story, approximately 300,000-square-foot Town North Bank office tower was originally constructed in 1980 and last renovated in 2008. 

 In addition to Town North Bank, the building’s anchor tenants include Texas Credit Union League, Southwest Securities, Mortgages USA, and NTR North America.  Space currently available ranges in size from 1,000 to 62,032 square feet.  

 “Town North Bank building’s strategic location makes it easily accessible from just about anywhere in the area,” said Mehdi.  “The space is offered at a great price point considering the number of onsite and nearby amenities that tenants can take advantage of.”

 The property is near the Galleria Dallas shopping center and is easily accessible via the Dallas North Tollway, LBJ Freeway and Welch and Midway roads.  Onsite amenities include a fitness center, conference room, bank, cafĂ©, unobstructed views of downtown Dallas and 24-hour security. 

 “The Grubb & Ellis Agency Leasing team headed by Kathy Permenter demonstrated the level of experience, market knowledge, enthusiasm and dedication for us to entrust this important assignment to them.

“ I always say ‘nobody cares like an owner,’ but the Grubb & Ellis team demonstrated that they are sensitive to the needs and interests of our ownership,” said Jeff Harkinson (lower right photo), president of Harkinson Investment Corporation, the managing partner of Dallas Texas Union Ltd.

 For more leasing information, call 972.450.3300, or contact Anderson at, or Mehdi at  

 Contact: Julia McCartney, Phone: 714.975.2230                                     

National Retail Properties, Inc. Declares Dividend for Its Series C Preferred Stock


ORLANDO, FL, Aug. 15, 2011/PRNewswire/ -- The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend on its Series C Cumulative Redeemable Preferred Stock of 46.09375 cents per depositary share payable September 15, 2011, to shareholders of record on August 31, 2011.

 The dividend represents an annualized rate of $1.84375 per depositary share.

 National Retail Properties, Inc. Announces Put Option Notification for 3.95% Convertible Senior Notes

ORLANDO, FL Aug. 15, 2011 /PRNewswire/ --National Retail Properties, Inc. (NYSE: NNN) (the "Company") today announced that it is notifying holders of its outstanding 3.95% Convertible Senior Notes due 2026 (the "Notes") that, pursuant to the terms of the Notes and the indenture governing the Notes, they have the option to require the Company to purchase, on September 20, 2011 (the "Repurchase Date"), all or a portion of their Notes (the "Put Option") at a price equal to 100% of the principal amount of the Notes, plus any accrued and unpaid interest to, but not including, the Repurchase Date.

 The Company will pay for any Notes validly surrendered and not validly withdrawn with cash. 

For a complete copy of the company’s news release, please contact
Kevin B. Habicht, Chief Financial Officer, +1-407-265-7348

For more information on the company, visit

Carter Completes Headquarters Deal in Vinings, GA for Medtech

ATLANTA, GA (Aug. 15, 2011) - Carter, one of the country's leading commercial real estate advisors, service providers and investors announced it completed a headquarters deal for Medtech at Overlook II (top left photo) in Vinings.

Medtech, a technical school  focused in business, healthcare and technology, signed an 11,000-square-foot lease for more than 10 years. Dale Lewis of Carter, along with Cassidy Turley, represented Medtech. Dean Giordano with PM Realty Group along with Chris Breeden and Bill Hollett of Parkway Properties represented the landlord.

Medtech was founded in Indianapolis in 2004 and now has 10 locations in the Midwest and South, including three locations in metro Atlanta. This lease will move the school's headquarters, currently based on Medtech's Marietta campus at 4501 Circle 75 Parkway, to a separate headquarter location.

"Medtech is enjoying significant growth and we are excited to have a standalone headquarters," said Mark Chesney, vice president of strategy and development for Medtech. "Our new home has great amenities and is within walking distance of a number of shops, hotels and restaurants."

Cassidy Turley tapped Dale Lewis for his knowledge of the Atlanta market. This lease also served as a foundation for the new relationship between Cassidy Turley and Carter. Next month, Cassidy Turley will acquire the brokerage and property management businesses of Carter allowing Cassidy Turley to offer a full spectrum of services in Atlanta and Central Florida. The acquisition allows reciprocal sharing of best practices between the two firms.

"This transaction was great for a number of reasons," said Lewis. "Not only did we find an excellent propertyand landlord for the client, this deal jumpstarted Carter and Cassidy Turley's pending partnership. Both firms have a similar culture and working with the Cassidy Turley team felt like a natural extension of Carter."

  For additional information on Carter, please visit

Laura Dudebout
O: 404.965.5023
C: 678.642.4301

EagleBridge Capital Arranges Mortgage for Goodwill Industries Retail Building in Attleboro, MA


Boston, MA--EagleBridge Capital has arranged acquisition/permanent mortgage financing in the amount of $2,000,000 for a free standing retail building leased on a long term basis to Goodwill Industries (top left photo) located in Attleboro, Massachusetts.
The mortgage financing was arranged by EagleBridge principals Brian D. Sheehan (middle right photo) and Ted M. Sidel (lower left photo) who stated that the loan was provided by a regional financial institution.

The Goodwill Industries store is a single story 15,950 square foot architectural block and steel retail building located on a three acre site at 115 Washington Street (Route 1).   The store opened in August 2009 and is one of eleven Goodwill Industries stores in Massachusetts. The store sells clothing and household items at affordable prices.  

The store is located in the heart of the Route 1 retail area.  Located within one mile are a number of shopping centers, restaurants, and auto dealerships.  Major retailers located along and near Route 1 include Walmart Superstore, Christmas Tree Shops, Home Depot, BJ’s Wholesale Club, TJMaxx, Staples, Dick’s Sporting Goods, and Toy’s R Us.

Mr. Sheehan and Mr. Sidel stated, “We are pleased that EagleBridge was able to structure and deliver mortgage financing for our borrower which met all of his financing requirements.”

EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for shopping centers, condominiums, apartments, office, industrial, r & d buildings, hotels and mixed use properties as well as special purpose buildings.

Contact:  Ted Sidel, (617) 292-7177, Ext. 10