Grubb & Ellis Realty Investors Names Dan O'Hare Vice President, Asset Management

SANTA ANA, CA, May 15 /PRNewswire/ -- Grubb & Ellis Realty Investors, LLC today announced that Dan O'Hare is rejoining the company as Vice President of Asset Management.

O'Hare is an industry veteran with more than 20 years of commercial real estate experience.O'Hare was previously a senior asset manager for Grubb & Ellis Realty Investors, formerly known as Triple Net Properties, during 2003 and 2004.

"Dan brings a wealth of knowledge and experience, along with proven team building and leadership qualities and a strong work ethic to Grubb & Ellis Realty Investors," said Jeff Hanson, (top right photo) Grubb & Ellis Realty Investors' President and Chief Investment Officer. "His return is a great addition to our talented team of asset managers, and adds tremendous value to our Wealth Management program."

O'Hare joins Grubb & Ellis Realty Investors from TA Associates Realty, a Boston-based pension fund advisor, where he was a senior asset manager responsible for numerous office, industrial, retail and development assets.

O'Hare also previously served as vice president of asset management for Birtcher-Anderson Properties as well as a project director for Spieker Properties, which was acquired by Equity Office Properties.

CONTACT: Julia McCartney, 1 714 667 8252, Ext. 230, julia.mccartney@grubb-ellis.com

HFF Closes $21.38M Sale of Lafayette Marketplace in Lafayette, IN

CHICAGO, IL – The Chicago and Indianapolis offices of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of Lafayette Marketplace, a 214,876-square-foot power center in Lafayette, Indiana.

Managing director Paul Barile and director Janice Sellis of HFF Chicago, and senior managing director Dave Keller (top left photo) of HFF Indianapolis led the investment sales team on behalf of the seller, Kimco Realty Corporation. Baceline Investments, LLC purchased the property free and clear of debt for $21.38 million.

Lafayette Marketplace is located on State Road 38 across from the Tippecanoe Mall (right photo) in Lafayette, less than four miles from Purdue University. The property was completed in 1996 and is 80% leased to national tenants including Michaels, Petsmart, Pier 1 Imports and Staples. In addition, the property is shadow anchored by Kmart.

“Lafayette Marketplace is situated in a prime retail area of Lafayette that has traffic counts of nearly 30,000 cars per day,” said Barile. “The presence of Purdue University also generates strong retail demand.”

Kimco Realty Corporation is the nation’s largest publicly traded owner and operator of neighborhood and community shopping centers, with more than 1,337 properties totaling 174.4 million square feet of leaseable space in 45 states, Canada, Mexico and Puerto Rico.

Baceline Investments is a real estate company, which sponsors and manages member-owned, private equity financed partnerships that make direct investments in high-quality commercial real estate in the Midwest, Southwest and Rocky Mountain regions of the U.S. Baceline is expanding into select secondary and tertiary markets, such as Lafayette.

CONTACTS:

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

David B. Keller, HFF Senior Managing Director, 317 630 3191, dkeller@hfflp.com

Paul Barile, HFF Managing Director, 312 528 3650, pbarile@hfflp.com/

HFF and Colliers Abood Wood-Fay Close Sale of Retail Component of Plaza San Remo in Coral Gables, FL

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.), in collaboration with Colliers Abood Wood-Fay (Colliers), has closed the sale of the Whole Foods-anchored Plaza San Remo (photo above) retail condominium in Coral Gables, Florida.

HFF managing director Danny Finkle, (top left photo) director Terri Echarte (middle left photo) and associate director Luis Castillo along with Colliers principal Michael Fay, (photo at right above John Crotty photo) vice president John Crotty, (photo at right above David Metalonis photo) and commercial associate David Metalonis (bottom right photo) led the investment sales team on behalf of the seller, Venera Holdings.

A German investment group advised by Phoenix Property Company of Dallas, Texas purchased the property free and clear of debt for an undisclosed price.

Completed in late 2007, Plaza San Remo is a seven-story, 180,000-square-foot mixed-use development that includes retail, medical office condominiums and a 739-space structured parking garage.

Located at 6701 Red Road, the property is across the street from Simon Property’s Shops at Sunset Place and just south of U.S. Route 1 in Coral Gables.

“Plaza San Remo is an irreplaceable project in one of the premier retail locations in South Florida with an industry leading grocery store anchor in Whole Foods. Solid fundamentals at both the property and market levels, make this an exceptional long-term investment,” said Finkle.

Venera Holdings is a Miami-based development company led by industry veterans Ford Gibson and George “Bud” Scholl.

Phoenix Property Company is a diversified real estate development and investment advisor based out of Dallas, Texas. In addition to its multifamily and mixed use development expertise, the company provides advisory services to European investors for all aspects of commercial real estate investments in the U.S.

Colliers Abood Wood-Fay is an independently owned and operated business and member firm of Colliers International Property consultants, an affiliation of independent companies with 267 offices throughout more than 55 countries worldwide.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.

CONTACTS:
Lawrie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com
Daniel P. Finkle, HFF Managing Director, 305 448 1333, dfinkle@hfflp.com

Cambridge Loan Origination Requests Slow in April But Dollar Volume Continues to Outpace 2007 Totals

CHICAGO, IL--The nation’s credit woes haven't put too big of a dent in enthusiasm levels for senior housing/healthcare borrowers, Cambridge Realty Capital Companies reports.

“The number of loan requests reviewed in April were down from the same month last year, but year-to-date tallies compare favorably with 2007. And the dollar volume for loan requests reviewed this year has continued to run ahead of last year’s totals through the first four months of the year,” Chairman Jeffrey A. Davis (top right photo) reports.

Davis said Cambridge reviewed 27 loan requests in April totaling $468.1 million, compared with 38 loans totaling $576.6 million for April 2007.

However, through the first four months of the year, the company had reviewed 118 origination requests totaling $1.9 billion, compared with 123 loans totaling $1.4 billion for the same period in 2007.

Davis points out that lenders close a relatively small percentage of the loan origination requests they receive. But it’s useful to track this information as an indication of market directions, he believes.

“In a turbulent period for the credit markets, it’s fair to say borrowers are continuing to check out their options. Also, by historical standards, money has remained available at competitive rates,” he observed.

Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com

Texas State Affordable Housing Corp. (American Opportunity for Housing) Rating Placed On Watch Neg

NEW YORK, NY--Standard & Poor's Ratings Services placed its 'C' underlying rating (SPUR) on Texas State Affordable Housing Corp.'s (American Opportunity for Housing portfolio) multifamily housing revenue bonds series 2002A bonds on CreditWatch with negative implications.

The trustee, Wells Fargo Bank N.A., informed Standard & Poor's that it drew on the series 2002A debt service reserve fund to make the March 3, 2008, payment on the bonds. After the draw, there was $431,332 left in the series 2002A debt service reserve fund, well below the $3.77 million which is required pursuant to the trust indenture.

Although the bonds will be paid by the bond insurer, it is unlikely that the project will generate enough revenue to make the next debt service payment in September 2008.

The bonds are credit enhanced by MBIA, and will continue to have a 'AAA' rating based on the bond insurance policy, which will remain in place for this issue.

Media Contact: Christopher Mortell , New York, (1) 212-438 3446 christopher_mortell@standardandpoors.com
Analyst Contacts: Renee J Berson, New York (1) 212-438-7966 and Louis F. Louis, New York (1) 212-438-2054

Heidi Adams Named Among Top Women in Florida Commercial Real Estate

ORLANDO, FL – Heidi C. Adams, Director of Leasing for Winter Park-based Taurus Southern Investments, LLC, a subsidiary of Boston-based Taurus Investment Holdings, LLC, was prominently named among The Top Women in Florida Commercial Real Estate for 2008 by Florida Real Estate Journal.

Among 21 professional women statewide to be honored at a

reception this fall, Adams co-brokered an impressive $68 million in transactions during 2007, and was earlier named among Orlando Business Journal’s 2007 “Forty Under 40” most successful young business professionals.

Notably, Adams co-brokered Taurus’ $50.4 million portfolio sale of four office buildings at the Central Florida Research Park (photo at left) in Orlando, and her portfolio responsibilities also include nearly 1.5 million square feet of developed space in Orlando and Jacksonville.

Specializing in high technology, simulation and bio-tech tenancies, Adams numerous 2007 multi-year leases included VaxDesign, Infrasafe, Teranex, Rockwell Collins, GSA and others.

Taurus Southern Investments, LLC, is headquartered at 1560 Orange Avenue, Suite 410, Winter Park, FL. For more information, visit http://www.tiholdings.com/.

CONTACT:
Kenneth H. Cristol, President, Cristol Marketing Company, 237 Hunt Club Blvd., Suite 102, Longwood, FL 32779 USA, PH 407-774-2515, FX 407-774-6647, khc@crismktg.com and http://www.crismktg.com, Strategic Marketing, Brand Management, Publicity and Advertising, and Corporate Communications

Marcus & Millichap Lists Historic Silk Mill in Petaluma, CA for $6.25M

Petaluma’s city council plans to vote on the General Plan in May, which will pave the way for major revitalization efforts in the CBD.

PETALUMA, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for The Silk Mill (photo above and at left) at 450 Jefferson St., a 39,317-square foot historic structure in Petaluma.

The listing price of $6.25 million represents $159 per square foot.
John Redwine, an investment specialist in the San Francisco office of Marcus & Millichap, and Vincent Schwab, a senior vice president of investments also in the firm’s San Francisco office, are representing the seller, the Petaluma Preservation Group.

“Designed by famed architects Charles Havens and Brainerd Jones, this Georgian Colonial Revival building, with its classic brick construction and distinct three-story towers, is perfectly suited for an adaptive re-use,” explains Redwine.

“The building is listed on the National Register of Historic Places, which could allow a new investor certain tax benefits for rehabilitation. Due to the explosion of recent development in Petaluma, this property should be particularly attractive to both local and out-of-state developers and users.”

(Other Petaluma structures listed in the National Register of Historic Places are the Opera House at right, built in 1870, and the Carnegie Library, at left, constructed in 1906. However, they are not current Marcus & Millichap listings.)

Originally constructed in 1892, this (Silk Mill) property staked its claim as the only Silk Mill west of the Mississippi. In addition, this structure is believed to be the only building north of San Francisco designed in the Georgian Colonial Revival style, a common motif among the 19th century silk mills of New England.

The city of Petaluma plans to vote next month on a new General Plan, a blueprint for the city’s growth through 2025, demonstrating the city’s commitment to revitalizing its commercial business district.

(At right, the Petaluma skyline shows a summer view from Petaluma looking toward the southwest slop of Sonoma Mountain. Photo by Scott Hess.)

“The sale of the Silk Mill building is a key part of that plan because it would contribute to the transformation of a city block in an area near downtown Petaluma that is slated for major redevelopment,” explains Skip Sommer, general partner of the Petaluma Preservation Group. “There is overwhelming support by the city and its residents to salvage the building.”

According to Marcus & Millichap, the new owner will retain the original shell of the property, in an effort to maintain the historic integrity of Petaluma. As an adaptive re-use property, the asset will be repositioned to meet the demands of the growing Petaluma community. The asset could be redeveloped into an office, retail, hotel, self-storage or light industrial space.

Redwine says its best use would be a mixed-use project, or a luxury residential project with up to 30 lofts and additional townhome units.

The Silk Mill is situated on 1.45 acres, just three blocks from downtown Petaluma, two blocks from the Theatre District and two blocks from the city’s new transit center.

CONTACT:
Stacey Corso, Public Relations Manager, Marcus & Millichap, 2999 Oak Road, Suite 210, Walnut Creek, CA 94597. Office, 925 953 1716. Mobile, 415 672 6460. Fax, 925 953 1710. http://www.marcusmillichap.com/

Grubb & Ellis Company Reports First Quarter 2008 Results

SANTA ANA, CA /PRNewswire-FirstCall/ -- Grubb & Ellis Company (NYSE:GBE), a leading real estate services and investment firm, has reported revenue of $160.6 million for the first quarter of 2008.

The Company reported a net loss of $5.9 million, or $0.09 per fully diluted share, for the first quarter. The loss is primarily due to charges related to the previously announced write-off of the Company's investment in Grubb & Ellis Realty Advisors, as well as merger-related and integration costs resulting from the Company's recent merger with NNN Realty Advisors, LLC.

"In a difficult market environment, each of our individual businesses benefited from our ability to leverage the Grubb & Ellis brand as well as synergies created by the expanded platform that resulted from our merger with NNN Realty Advisors," said Scott D. Peters, (top right photo) Chief Executive Officer of Grubb & Ellis Company.

"We believe that our performance as a combined entity was clearly stronger than it would have been as separate entities. We continue to focus on strengthening our market presence, eliminating redundancies and creating operating efficiencies as part of our overall strategy to make Grubb & Ellis a best in class real estate services firm."

(For a detailed copy of the company's news release, please contact Janice McDill, +1-312-698-6707, janice.mcdill@grubb-ellis.com. Web site: http://www.grubb-ellis.com/)

CB Richard Ellis Awarded Exclusive Listing Agreement With Continental Properties

ORLANDO, FL - CB Richard Ellis, leader in commercial real estate services worldwide, is pleased to announce the exclusive retail listing with Continental Properties Company, Inc.

Headquartered in Milwaukee, Wisconsin, with offices in Jacksonville, Florida; Phoenix, Arizona; and Cincinnati, Ohio; Continental develops, builds and manages retail, multifamily, and hospitality projects across the country.

Jorge Rodriguez, CCIM, and James Mitchell, Senior Associate, are representing the owner to lease the 3 Kohl's anchored shopping centers owned by Continental Properties Company, Inc. in Sanford, Oviedo, and Tavares.

The Sanford location includes a total of 15,000 square feet of small shop space starting at 1,400 square feet. There are three single-tenant outparcels available for ground lease or sale. In the Oviedo location there is space available for junior tenants up to 50,000 square feet, 13,000 square feet of small shop space and 3 single-tenant outparcels.

Finally, the Tavares location currently has 90,000 square feet under construction and is scheduled to open during October 2008. There is a total of 14,000 square of available retail space with small shop space starting at 1,400 square feet. A single-tenant deal is currently pending for the one-acre outparcel in that location.

Jorge Rodriguez shares his thoughts on this new representation saying, "I'm very excited to participate on this assignment with James Mitchell to serve Continental Properties.

"CB Richard Ellis' platform allows us to structure a leasing strategy that integrates several different tactics considering the junior anchor and small shop opportunities by grouping the assets to appeal to select retailers that are seeking to target the dense surrounding communities."

This is a 400,000 square foot retail portfolio win for CB Richard Ellis. Rodriguez and Mitchell have begun marketing the available space and are positive about the opportunities these shopping centers bring to the individual market areas.

CONTACTS:

Jessica Wilhoite, 407 839 3158, jessica.wilhoite@cbre.com

James Mitchell, 407 404 5024, james.mitchell@cbre.com

Jorge Rodriguez, 407 404 5014, jorge.rodriguez@cbre.com

Harkins Development Corp. Ranked 147th Largest Among Southeast's Top Contractors

ORLANDO, FL – Harkins Development Corporation, the full-service development and general contracting division of Orlando-based Harkins Companies, is prominently ranked 147th largest among “The Southeast’s Top Contractors” according to Southeast Construction Magazine published April 2008. Headed by Matt Harkins, president, the company reported 2007 revenues totaling $25 million.

CONTACT:

Kenneth H. Cristol, President, Cristol Marketing Company,237 Hunt Club Blvd., Suite 102, Longwood, FL 32779 USA, PH 407-774-2515, FX 407-774-6647 khc@crismktg.com and http://www.crismktg.com/ Strategic Marketing, Brand Management, Publicity and Advertising, and Corporate Communications