Monday, December 5, 2011

Gaedeke Partners With Park Tree Trust and Rain Forest Rescue® Program

DALLAS, TX – Gaedeke Group LLC is putting its "green" to work to further strengthen its impact as a steward of the environment, making significant capital contributions to the Woodall Rodgers Park Foundation's tree trust and the Arbor Day Foundation's Rain Forest Rescue® program.

Gaedeke is pledging $25,000 to the Park Tree Trust, with part of the donation earmarked for the planting of a brilliantly foliaged Shumard Red Oak in The Groves, a 25 foot-wide band of trees along the perimeter of the southern and eastern sides of the Woodall Rodgers Park (middle left photo), where 5.2 acres of shared public green space has been built atop the Woodall Rodgers Freeway in Dallas.

Gaedeke's contribution to the Rain Forest Rescue® program is protecting approximately 3 million square feet of rain forest land – equal to the size of its office portfolio in Texas, Arizona, Florida, Tennessee, Washington, D.C., and Germany.  More than 1,000 farm families grow coffee in the rain forest, and receive fair wages for their labor through the Fair Trade-certified program. In the past 19 years, this program has helped to preserve more than 2 billion square feet of rain forest canopies and ecosystems.

Since its inception in 1995, the Dallas-based investment firm has had a positive impact on the built environment and is continually seeking innovative ways to promote sustainability, such as its strategies for landscaping and irrigation relative to the climates of its properties and installation of electric car charging stations as a tenant perk.

Gaedeke's portfolio is a testament to its green commitment, with over 90% of the portfolio of the class A office space earning Energy Star designations. One McKinney Plaza in Uptown Dallas is Leadership for Energy & Environmental Design (LEED) certified by the U.S. Green Building Council and Energy Star rated.

"Conservation and environmental responsibility has always been a cornerstone of our investment policy," says Sabine Gaedeke Stener (top right photo), CEO of Gaedeke Group.
Gaedeke's on-going initiatives have proven the value-add benefits that can be derived from a strong commitment to green stewardship, with building performance, the environment and its investors sharing in the rewards today, tomorrow and far into the future.
Gaedeke Group LLC's primary mission is to create high-quality office environments by investing new capital and sound management principles in well-built, class A office properties across the country.

Our constant focus is to make pride of ownership obvious-to our tenants, their representatives and everyday observers. The result is a level of commitment to quality that makes Gaedeke Group as unique as its name.


ARA Announces 248-Unit Trophy Sale of Ultra-luxury “Class AAA” Asset in Exclusive Boca Raton, FLš

 Boca Raton, FL (Dec.  5, 2011) — The Boca Raton office of Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of the 248-unit Heritage at Boca Raton (top left photo). The signature asset was 92% occupied at the time of sale.

 The Boca Raton-based sales team of Senior Vice President Hampton Beebe (middle right photo), Principal, Avery Klann (middle left photo) and Principal Marc deBaptiste represented Priderock Capital Management in the sale.š A large Pension Fund Advisor purchased the property through an all cash closing.šš

 “The Heritage is one of the finest rental communities in South Florida, the sale attracted just about every major core buyer in the country in a very competitive sales process,” noted Hampton Beebe, lead broker on the deal.š “The re-developed property consists of a 12,500-square-foot clubhouse and luxurious for-sale quality finishes rivaling the most exclusive communities in South Florida.”š

 Select lavish unit features include 18-inch Saturnia flooring, custom Italian cabinets, granite countertops, stainless steel appliances, hurricane impact glass windows, built-in microwaves, oversized soaking tubs, glass-enclosed showers, large capacity washer/dryers, expansive tiled balconies averaging 260 square feet, intrusion alarms and generous walk-in closets.

 The superbly located property is situated just one mile west ofš beautiful Atlantic Ocean beaches, and within minutes of major transportation networks.š The property enjoys convenient access with a full block of frontage along Palmetto Park Road, a heavily-traveled road extending from Ocean Boulevard in the east to west of U.S. Highway 441.š

 “Heritage is located within walking distance of prestigious Mizner Park, an upscale dining and shopping destination,” added Marc deBaptiste.š “The property is also only five minutes from the 1.7 million square foot Town Center at Boca Raton Mall.”

To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at, 678.553.9360 or Amy Morris at, 678.553.9366; locally, Marti Zenor at or 561.988.8800.šš

ARA Executes Sale of 324-Unit Property in Largo--Tampa MSA

 Tampa, FL (Dec. 5, 2011) — The Tampa office of Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of Monterey Lakes (top left photo), a 324-unit community located in the Tampa submarket of Largo.

 ARA Boca Raton-based Principal Richard Donnellan (middle right photo), along with ARA Tampa-based Senior Vice President, Patrick Dufour, ARA Orlando-based Principal, Kevin Judd, and ARA Jacksonville-based Vice President, Matt Wilcox represented Waterton Residential in the sale.

 “Monterey Lakes represents a well-positioned, stabilized property with significant barriers to entry and diverse employment drivers,” said Patrick Dufour.š

 The property was completed in two phases in 1984 and 1992 respectively and features CBS construction, a low density residential setting with substantial water features and large over-sized units. Current unit features include full size washers and dryers, walk in closets, fireplaces, stunning lake views and screened patios or balconies.

 A private, Florida-based buyer acquired the property for $23,625,000 or nearly $73,000 per unit.š

 “This buyer, like many other investment groups, is making a strategic move into multifamily properties due to the strong underlying fundamentals today and anticipated performance increases across this sector in the near-term,” noted Dufour.šš

 “The North St. Petersburg submarket is one of the top-performing apartment markets in Tampa Bay, featuring ideal rental demographics, excellent demand drivers and strong underlying fundamentals," noted Orlando-based principal Kevin Judd.š The submarket’s average occupancy of 93.6% is 120 bps higher than the MSA average, and market rents are approximately 3% higher than the overall Tampa Bay market, according to REIS.

 To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at, 678.553.9360 or Amy Morris at, 678.553.9366; locally, Marti Zenor at or 561.988.8800.šš

ARA Announces $64.5 MM, 636-Unit Portfolio Sale of Class” Assets in Tampa, FL and Jacksonville, FL

Jacksonville and Tampa, FL (Dec. 5, 2011) — The Jacksonville and Tampa offices of Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of 336-unit Circle at Bartram Park in Jacksonville and 300-unit Circle at Crosstown (middle right photo) in Tampa.

 The Central and North Florida-based sales team, led by Principal, Kevin Judd (lower right photo), Senior Vice President, Patrick Dufour (lower left photo) and Vice President, Matt Wilcox represented an institutional seller in the $64,500,000 portfolio sale which was purchased by Atlanta-based JMG Realty.

Both properties were constructed in 2009 by Crescent Resources and feature best-in-class amenities and several “Green” features including a LEED-Certified “Green” clubhouse and 100% smoke-free communities.

 “Circle at Crosstown is located in Brandon, currently one of Tampa’s strongest performing submarkets, and offered the buyer an excellent opportunity to acquire an exceptional apartment community with near-term upside as the submarket continues to improve,” commented Patrick Dufour.

“Circle at Crosstown recently completed lease-up, providing this ’Core‘ quality asset with additional upside potential to continue to increase effective rents on renewals.”

“Circle at Bartram Park, is located in Jacksonville’s most desirable submarket, Southeast Jacksonville,” noted Wilcox.š “The Class ’A’” property featuresš one of the most luxurious amenity packages in the region, which is known for its high growth potential, white collar employment and affluent demographics.”

 “Multifamily fundamentals continue to improve throughout Central and North Florida, and we are seeing a growing number of both institutional and private buyers interested in these markets,” said Dufour.š “Occupancy has increased nearly 300bps in Tampa over the past 12 months and now boasts 6 consecutive quarters of effective rent growth.”š

 “Jacksonville is expected to reach 93% occupancy market-wide by the end of 2011 with 3.5% effective rent growth projected for 2012,” observed Wilcox.š “We are receiving more investor interest in Jacksonville as the market recovery story continues to prove out.š With extremely limited supply and strong employment and population growth potential, now is a good time to buy in Jacksonville,” Wilcox concluded.

 To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at, 678.553.9360 or Amy Morris at, 678.553.9366; locally, Marti Zenor at or 561.988.8800.šš

NAI Realvest Negotiates New Lease of 2,529 SF Stand Alone Restaurant Building for a Church’s Chicken on SR 436 in Orlando, FL


ORLANDO, FL. – NAI Realvest recently negotiated a new lease of a 2,529 square foot restaurant building at 1375 S. Semoran Blvd. in Orlando for a new Church’s Chicken restaurant.  

 NAI Realvest Principal Matt Cichocki (bottom right photo) brokered the lease agreement representing the tenant, Daytona Beach-based J.Y.C. Group, Inc. a franchisee of the Church’s Chicken restaurants in Florida. 

 The landlord is Jebarron 55, LLC based in Celebration, Fla. 

 Cichocki said building renovations are underway now and the tenant expects to open the restaurant before Christmas. The number of seats for patrons is not yet known.  

For more information, please contact:
Matt Cichocki, Principal NAI Realvest, 407-875-9989 
Patrick Mahoney, President, NAI Realvest 407-875-9989;
Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142


HFF closes REO sale of Veranda Park in Orlando, FL


MIAMI, FL – HFF announced today that it has closed the sale of a portion of Orlando’s Veranda Park (top left photo) mixed-use development comprised of building 4000, ground floor commercial space in buildings 7000 and 8000 and undeveloped land.

Geosam Capital, Inc., a private investment group based out of Toronto, Canada, purchased the property. 

Veranda Park is a mixed-use town center property located in Orlando’s metrowest submarket at 2121 South Hiawassee Road, about nine miles west of downtown Orlando. 

The offering was comprised of the remaining 118 unsold residential condominiums in building 4000; +/-66,000 square feet of retail space in buildings 7000 and 8000, the majority of which remains unleased; and an 11.7-acre development site zoned for multi-housing, retail, office or hotel development.

The HFF investment sales team representing the seller was led by executive managing director Manny de Zárraga, managing director George Vail (middle right photo), director Jaret Turkell and real estate analyst Scott Wadler.

MANUEL DE ZÁRRAGA                          GEORGE VAIL                
 HFF Executive Managing Director          HFF Managing Director                
(305) 448-1333                                          (305) 448-1333                                         

Kristen Murphy, HFF Associate Director Marketing, (713) 852-3500

IDI Signs 192,780 SF with R.N.C. Industries in NE Atlanta Hamilton Mill Business Center Building I Fully Leased

 Atlanta, GA, Dec. 05, 2011 – IDI, a leading full-service industrial real estate company, has signed a new lease with R.N.C. Industries Inc. in the northeast Atlanta sub-market totaling 192,780 square feet.

R.N.C. Industries will occupy space in Building I at IDI’s Hamilton Mill Business Center (top left photo), located at 2510 Mill Center Parkway in Buford, Ga., beginning in December of this year. Joining Daimler Trucks North American, LLC (376,380 SF), and Mizuno USA, Inc. (301,320 SF), R.N.C. will bring Building I to full occupancy.

 R.N.C. Industries, one of the leading manufacturers of shipping containers for temperature sensitive products, will use the facility for storage, production, shipping and distribution of their products. The company previously operated out of approximately 110,000 square feet of space in Lawrenceville, Ga.

 “R.N.C. sought a larger, Class-A space that they could build out to their current requirements, but that also provided the option for future expansion,” said Lisa Ward (middle right photo)  vice president of leasing for IDI’s Atlanta market office. She added, “We were able to meet all of these needs with the Hamilton Mill space and the Gwinnett County location provided further incentive to R.N.C. through lower taxes and utility costs.”

 Notable features of Building I include 32-foot clear heights, a 185-foot-deep truck court, 54-foot by 50- to 60-foot column spacing and early suppression fast response (ESFR) sprinklers.

Strategically located at Hamilton Mill Parkway and I-985, IDI-owned Hamilton Mill Business Center consists of seven buildings totaling 2.8 million square feet and offers easy access to I-85, I-985, Buford Highway and Georgia 20.

 Trip Ackerman of Lee & Associates - Atlanta, Inc. represented R.N.C. Industries in the lease deal. Lisa Ward represented IDI.

 For more information on R.N.C. Industries, visit

 For more information on IDI, visit

 Kim Hardcastle                               
Jackson Spalding for IDI

Charlotte Marie Sturtz
Jackson Spalding for IDI

Northbridge Centre in West Palm Beach, FL Earns High-Profile Nods in Year-End Leasing Rally


 WEST PALM BEACH, FL. – In an end-of-the-year leasing rally, Gaedeke Group LLC has secured four new tenants, including two hotly pursued, high-profile firms, for the 288,233-sf Northbridge Centre (top left photo) in downtown West Palm Beach.

The prestigious accounting firm, Nowlen, Holt & Miner, P.A., has delivered a market coup for Gaedeke – selecting Northbridge Centre for its first relocation in its 50-year history. The firm has signed a 5,682-sf lease with an 8.5-year term for the 17th floor of the 21-story, class A high rise at 515 N. Flagler Dr.

Nowlen, Holt & Miner intends to relocate Feb. 1 from 215 Fifth St., a three-story building right across the street from Northbridge Centre and one in which it had an ownership stake until a few years ago.

"This is actually the first time we've seriously considered leaving our location," says Edward T. Holt, managing partner. "We were in this building when Northbridge Centre was built. We've had clients in Northbridge Centre and it was a good experience. Everyone is looking forward to it."

Northbridge Centre is situated within walking distance of restaurants, retail and clients, a factor that weighed heavily on Nowlen, Holt & Miner's decision as did the high rise's impressive list of professional tenants, according to Holt. Nearly a dozen buildings were evaluated, but he says leaving the downtown wasn't an option.

Bo Paty with Navarro Lowery Inc. represented Nowlen, Holt & Miner in the talks with Dallas-based Gaedeke Group's vice president of leasing, Kirk Fetter (middle right photo).

Nowlen, Holt & Miner's lease fills the balance of Northbridge Centre's 17th floor. The lease calls for a brand-new build-out in space with premium views of the Intracoastal Waterway and Atlantic Ocean.

In a second high-profile win, Gaedeke has secured an eight-year lease with the statewide law firm of Miller, Kagan, Rodriguez & Silver. The 50-year-old firm has leased 3,180 sf on Northbridge Centre's 14th floor, also getting water views and a full office build-out for its West Palm Beach team. C. Todd Everett (middle left photo), managing director of MAI Merin Hunter Codman, represented the firm, which has seven offices in Florida's key markets.

Miller, Kagan, Rodriguez & Silver, moving from One Clearlake Centre, is planning a March 1 move-in at Northbridge Centre as are International Assets Advisory LLC  and Harbor View Lending LLC. In direct deals, Fetter has signed IAA and Harbor View to 3,757 sf on the eighth floor and 1,733 sf on the third floor, respectively.

Orlando-based International Assets Advisory LLC has picked Northbridge Centre to open a new branch office, managed by Robert Natiss, regional vice president. The firm's 13 remaining offices are operated by independent brokers in California, New Jersey, New York, North Dakota, South Carolina and its home state.  International Assets Advisory LLC, members of FINRA/SIPC, is a full-service stock brokerage firm.

The Energy Star-certified Northbridge Centre's well-rounded amenity base is an integral part of its drawing power. The property features a four-story pavilion with a landscaped rooftop terrace, on-site banking, sundry shop and deli, parking garage and valet parking. 

Contact: KIRK FETTER, 561-515-7407

Bluett & Associates Directs $8 Million Sale of Iconic Oakland Tribune building


Buyer to Create 2,300 Jobs in Downtown Oakland

OAKLAND, CA, Dec. 5, 2011) – Bluett & Associates, a national commercial real estate firm headquartered in Sacramento, Calif., has completed the sale of the historic 85,000 square-foot Oakland Tribune building (above centered photo) located at 409 13th Street in Oakland, Calif.

 The building was sold out of receivership for a base price of $8 million to CallSocket, LP, a company that intends to establish an international call center at the building and create 2,300 new jobs in Oakland over the next three years.

Lori Bluett (middle right photo), President of Bluett & Associates, represented the seller, special servicer Torchlight Investors.  The buyer, CallSocket, LP, was represented by CB Richard Ellis’ brokers David Noravian, Hyoung Chon and Robert Newstead. 

 The building was collateralized by a $10.3 million securitized loan that was transferred to Torchlight in December 2009 after the borrower defaulted.  Ms. Bluett was subsequently appointed as receiver in November 2010 and took control of all aspects of the property’s operation. 

 “When Bluett & Associates took over, the property was 15 percent occupied and not generating sufficient cash flow. Our team was successful in negotiating leases with three new tenants, while renewing leases with existing tenants,” said Ms. Bluett.   “In addition, as the receiver, Bluett & Associates made various repairs at the property, restructured the financial performance and designed multi-tenant plans for the asset.”

 Bluett & Associates will be staying on to manage the historic asset.

 “We are excited about the privilege of stewarding this iconic building into a new use, which will have a positive and meaningful impact on the  transitional community of downtown Oakland,” stated Ms. Bluett. 

 “Our client is creating new jobs in a challenging economic climate, and we look forward to being a part of this growth, which will be uplifting to the entire Oakland community.”

 As part of the sale, CallSocket signed a lease for 45 percent of the building, with plans to open an international call center which will immediately bring 300 new jobs to downtown Oakland.  In addition, CallSocket will work in partnership with the San Francisco Regional Center, LLC to create up to 2,000 additional jobs over the next two to three years in multiple businesses.

Through the receivership sale, the buyer was able to assume and restructure the existing debt using an A/B Note structure. This assumption via receivership sale structure is being used by various lenders to minimize their losses on defaulted loans and broaden the buyer pools, according to Ms. Bluett. 

 The buyer assumed an A-Note for a majority of the price of the building, and the A-Note has the same interest rate of the original loan.  The balance of the original loan was partitioned into a non-interest bearing B-Note.

 If the asset is sold or the loan is refinanced, the B-Note will be repaid by an amount equal to 50 percent of the gross proceeds, less a 12.5 percent return for the buyer’s initial equity, as well as all money spent on capital improvements during the term of the loan.    

Jenn Quader/ Judith Brower
Brower, Miller & Cole
(949) 955-7940