Marcus & Millichap Secures $13.19M Listing for Tutor Time Child Care Center in Phoenix

PHOENIX, AZ-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 20,032-square foot child care center leased to Tutor Time Child Care in Phoenix. The listing price of $13.19 million represents $658 per square foot.

Jamie Medress, (top right photo) a vice president investments and senior director of Marcus & Millichap’s National Retail Group in Phoenix, and Adam Goldberg, an investment specialist also in the firm’s Phoenix office, are representing the seller.

“This offering presents an investor with the opportunity to acquire the lease to newly developed commercial property in a thriving Phoenix submarket,” says Medress.

Located at 24745 North 23rd Ave., on the corner of Happy Valley Road and North 23rd Avenue, the single-tenant building is situated on 2.2 acres, just off Interstate 17.

Built in 2006, Tutor Time Child Care, which provides early childhood education in 125 corporate and 75 franchise schools nationally, has signed a 22-year absolute triple-net lease with corporate guarantee and two five-year options.

Press Contact: Stacey Corso
Communications Department
(925) 953-1716

Tampa Industrial Leasing Activity Slows Again as Local Demand Withers

TAMPA, FL--The overall pace of Tampa’s industrial leasing activity slowed again in the first period of 2008, breaking the market’s streak of thirteen consecutive quarters of positive absorption, according to the most recent market analysis by Randy Smith (top right photo), Director of Research in the Tampa office of GVA Advantis.

Market rents also lost some ground in the opening period, as local demand withered from the economic slowdown and companies grappled with an uncertain future.

Yet, Tampa’s industrial fundamentals remain well positioned to withstand a limited pullback. The direct vacancy rate closed the first quarter at a healthy 4.2 percent and the average asking rental rate was $7.13 per square foot, up about 3 percent over the same time last year.

At the end of the first quarter, industrial projects under construction in Tampa totaled 1.3 million square feet with almost 40 percent of the available space already committed.

Developers are pulling back from pure speculative starts, instead offering building pads or turnkey build-to-suit opportunities to kickoff new projects.

So far, the attraction of state-of-the-art first generation space is piquing sufficient interest from industrial users to keep new supplies in check.

Tampa’s industrial sales activity started the year relatively strong, posting $65.9 million in transaction volume for the first three months.

This sales mark is slightly ahead of last year’s pace at this time, but market conditions in 2008 could temper future activity as investors become more selective and try to discern the impact of reduced tenant activity on individual properties.

For a detailed copy of GVA Advantis' industrial market analysis, please contact:

Randy Smith, Director of Research, Advantis Real Estate Services Company, 3000 Bayport Drive, Suite 100, Tampa, FL 33607. Tel 813.342.4725. Fax 813.372.4004. E-mail rsmith@gvaadvantis.com
www.gvaadvantis.com

IDI Will Move Headquarters to Midtown Atlanta

ATLANTA, GA -– Midtown (bottom right map) is gaining another national corporation with industrial real estate developer IDI taking two floors at 1100 Peachtree. (top right photo)

The full-service industrial real estate company is moving its headquarters from Monarch Plaza (top left photo) in Buckhead to the 12th and Peachtree Street high-rise. In a deal brokered by John Shlesinger and Anne Lofye of CB Richard Ellis, IDI will lease 44,538 square feet.

“This move signifies an important milestone for IDI as we celebrate our 20th anniversary in 2009,” said David Birdwell, (top left photo) chief operating officer of IDI.

“We’ve grown our company organically, and our office space has been expanded in the same fashion. This new space is nearly a third larger than our current space, allowing us to combine some of the departments and groups that are spread out in our current office, and it provides us room for future growth.”

IDI will move in March 2009 and plans for its new space to be Leadership in Energy and Environmental Design (LEED) certified for interiors. “We’ve already had several planning sessions and are very excited about the early concepts,” Birdwell said.

Midtown’s amenities – including more than a dozen restaurants within a block’s walk from the 1100 Peachtree building – were a strong attraction for IDI. “As always in real estate, location is the biggest part of the deal,” Birdwell added. “1100 Peachtree has parks, restaurants, hotels and the High Museum, all within a few blocks walk. We’re also pleased to be in the company of an impressive array of financial firms and other businesses.”

IDI employs more than 120 people at its Atlanta headquarters, which supplies key executive, accounting, financing and investment functions for IDI offices nationwide. Eight regional offices – including Atlanta, Chicago, Cincinnati, Dallas, Fort Lauderdale, Los Angeles, Memphis and Philadelphia – provide full industrial real estate services to clients throughout the U.S. and Canada. The Atlanta regional offices will remain north of the city in Norcross.

IDI has developed more than 115 million total square feet of institutional-investment quality industrial properties, ranging in size from 80,000 square feet to more than 1 million square feet, valued at $5.3 billion. IDI has grown from assets of $89 million to more than $925 million, plus ownership in long-term investments valued at more than $1.2 billion.

Atlanta-based IDI (http://www.idi.com/) is a full-service industrial real estate company with eight regional development offices. With a single focus on industrial real estate, IDI provides unmatched development, leasing, investment and property management services.

IDI’s state-of-the-art warehouse, distribution and light-manufacturing facilities enable clients to improve employee productivity, reduce operational costs and achieve global supply-chain efficiencies.

To date, IDI has developed more than 115 million square feet of space across North America for a growing roster of international clients. Subsidiary IDI Services Group (http://www.idisg.com/) provides comprehensive property management, leasing and construction management services.

Contact:
Charlotte Marie DuPre, Jackson Spalinding for IDI, P 404.214.3555. F 404.874.6545

cdupre@jacksonspalding.com

Grubb & Ellis|Commercial Florida Negotiates New Lease for 2,793-SF of Office Space at Maitland Center

ORLANDO, Fla. -- Grubb & EllisCommercial Florida, one of the leading providers of integrated real estate services in the southeast, has negotiated a lease agreement for 2,793 square feet of office space at The Paragon Building, 1060 Maitland Center Commons in Maitland.

Andy McCaw, (top right photo) vice president of the firm’s Office Group, and Anne Deason, (top left photo) associate vice president, Office Group, negotiated transaction on behalf of the tenant, Advance Publishers, LC, a leading children’s books publisher based in Maitland. Orlando Bramingham, Inc. of Maitland is the landlord.

Contacts:

Andy McCaw, 407-481-5391 amccaw@commercialfl.com
Anne Deason, 407-481-5411 adeason@commercialfl.com
Larry Vershel, 407-644-4142 lvershelco@aol.com

Hampton(r) Hotels Open 15 Properties in May 2008

MEMPHIS, TN—Hampton Hotels (www.hampton.com), the national brand of more than 1,500 mid-priced Hampton Inn® and Hampton Inn & Suites® hotels, opened 15 properties in May 2008, representing 1,279 new rooms.

The new openings include eight Hampton Inn hotels and seven Hampton Inn & Suites properties. All openings are franchised, newly constructed hotels except for one; the 120-room Hampton Virginia Beach-Oceanfront North, (above photo) a conversion.

“The demand for focused-service hotels is at a particular high during this phase of the hotel industry cycle, when financing for such projects remains easier to find,” said Phil Cordell, (top right photo) senior vice president, Hampton Hotels.

“This is the strongest month for individual openings we have experienced in the past few years and we expect this trend to continue for the foreseeable future.”

(The 106-room Hampton Inn & Suites Salt Lake City/West Jordan, UT is at left)

For consumers who would like to take their hotel room experience home with them, Hampton has a program available online at www.hamptonhomecollection.com, where many of Hampton Hotels’ guestroom amenities are available for purchase.

For a complete list of the hotels, please contact

Tori Roberson/Charmaine Easie-Samuels, Hampton Brand Communications, 901 374 5534 or

Chris Daly, Vice President, Daly Gray Public Relations, 703 435 6293, chris@dalygray.com

HFF Closes $29.7M Sale of Multifamily Development Site on New York’s Long Island

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it closed the sale of a seven-acre multifamily development site (top right photo) in Rockville Centre, New York.

HFF senior managing director Tony Cuccia (top left photo) marketed the land on behalf of a joint venture between Advance Residential Community (ARC) and Chase Partners, LLC that had secured approval for the development of 349 luxury residential units on the site.

Avalon Bay Communities Inc. purchased the land for $29.7 million free and clear of debt.

The former industrial site is located at 100 Banks Avenue a short distance from the train station in Rockville Centre on Long Island. The multifamily development to be built on the site will be eligible for tax credits under the New York State Brownfield Development Program.

“This is an excellent example of turning a former underutilized industrial site into an outstanding residential community, which will add substantially to the tax base of the Village of Rockville Centre,” said Cuccia.

Avalon Bay Communities, Inc. is a major public REIT, which specializes in developing, redeveloping, acquiring and managing luxury apartment communities throughout the U.S.

CONTACTS:

Anthony M. Cuccia, HFF Senior Managing Director, 973 549 2000, acuccia@hfflp.com

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

Marcus & Millichap Sells 110,044-SF Shopping Center in Waxahachie, TX

WAXAHACHIE, TX–- Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Marketplace at Waxahachie, (top right photo) the 100,044-square foot shopping center in Waxahachie.

Samuel Herkovits, a senior associate in the Dallas office of Marcus & Millichap, and Gavin Kam, an associate vice president investments and senior director of the firm’s National Retail Group (NRG) in Dallas, represented the seller.

“The new owner has acquired a fully occupied, newly built Class A open-air shopping center in a stable retail market,” says Herkovits.

Located at 791 North Highway 77, near the intersection of Highway 287 and Interstate 35, the multi-tenant shopping center is situated on an 11.4-acre lot and features tremendous visibility and signage along Highway 77.

Constructed in 2006, The Marketplace at Waxahachie is anchored by Bealls, Hastings, Dollar Tree and Sleep Experts, and boasts a diverse mix of tenants, including Cotton Patch Café and Double Dave’s Pizza.

Press Contact: Stacey Corso
Communications Department
(925) 953-1716

HFF Secures $75M Financing for MBA Headquarters Building in Washington, DC

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) has secured a $75 million financing for The MBA Headquarters Building, a 169,430-square-foot office building in Washington, D.C.

HFF senior managing directors Bill Asbill (top right photo) and Bob Donhauser (top left photo) and director Cary Abod (middle right photo) exclusively represented the borrower, The Mortgage Bankers Association, a national association representing the real estate finance industry.

The acquisition loan was structured as a variable-rate, 30-year taxable bond transaction enhanced by a Letter of Credit Facility provided by PNC Bank. Wells Fargo, Chevy Chase Bank and Virginia Commerce Bank participated in the Letter of Credit Facility. PNC Capital Markets handled the marketing of the bonds, which are typically sold to money market funds at an interest rate near the 30-day LIBOR rate.

“MBA’s leadership and staff are very excited to be moving into its state of the art new building,” said Jonathan L. Kempner,(bottom right photo) MBA’s president and CEO. “This is a great long term investment for our organization and the financing package provided us with the resources and flexibility we needed to make the deal a success.”

“This financing structure resulted in a very cost efficient acquisition loan for MBA’s new headquarters building and provides funding for the remaining tenant improvement and leasing costs for approximately 60% of the space, which will be leased to third-party tenants,” said Asbill.

Completed in April 2008, The MBA Headquarters Building is located at 1331 L Street NW between 13th and 14th Streets in the East End submarket of Washington, D.C. The new Convention Center, the central business district and six Metro stations are within walking distance of the property.

“The building has been pre-certified by the US Green Building Council at the LEED (Leadership in Energy and Environmental Design) Gold Level for the core and shell and Silver for the interior. Currently there are only four buildings in Washington, DC with LEED-Gold certification, giving the property a clear competitive advantage with eco-conscious tenants,” added Donhauser.

“The stunning design with floor to ceiling glass walls is drawing the attention of numerous prospective office and retail tenants.”

CONTACTS:

William S. Asbill, HFF Senior Managing Director, 202 533 2500, wasbill@hfflp.com

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