Rebman Reports Existing Warehouses in Orlando Doing Better Than New Construction

WINTER PARK, FL--Rebman Properties Inc. reports Orlando’s bulk warehouse leasing market in the third quarter was quiet for the fifth consecutive quarter.

There was 23,245 square feet of net absorption in the 133 surveyed buildings.

"Leasing was nearly at a standstill, although tenants continue to renew at their current locations," says Rebman principal Greg Rebman (top right photo). "As a result, existing warehouses are doing better than new construction."

The largest leases for the third quarter were as follows:

Air Traffic Services leased 55,000 s.f. at Liberty Park @ AIPO, Building B;
Scientific Games Corporation leased 45,000 s.f. at Liberty Park @ AIPO, Building B; and
Tommy Hilfiger leased 12,745 s.f. at Exchange I in Orlando Central Park.

Supply

The vacancy rate dropped slightly from 13.90% at end of the second quarter to 13.76% at the end of the third quarter. There were no new buildings added to the survey in the third quarter, but several will be added in the next two quarters.

"Another factor that does not bode well for the market is that there are a rising number of spaces being offered for sublease," notes Rebman. "These spaces will, of course, compete with space offered for direct lease."

Rental Rate

The average quoted rental rate for the 133 buildings surveyed is $4.67 psf triple net, which is unchanged from the second quarter.

Construction

Lincoln International Corporate Park’s Building C will be completed in October. Building C is a 141,660 s.f. facility.

Beltway Distribution is under construction at the intersection of Lee Vista Boulevard and Highway 417 (The Greenway). Slated for completion in January 2009, Building #100 is a 141,810 s.f., rear-load facility; Building #200 is a 145,540 s.f., rear-load; and Building #400 is a 378,600 square foot, cross-dock facility.

Forecast

Rebman says Orlando industrial brokers expressed that tenants are in a “wait-and-see” mode as a result of the volatility and uncertainty in the financial markets.

Existing tenants are continuing to renew at their current locations and as a result, vacancy rates have only been edging up slightly over time. A number of large tenant prospects have been circulating in the market since the beginning of the year, but most have not committed to leases as yet.

CONTACTS:

Greg Rebman, SIOR, CCIM, Rebman Properties Inc., 407 875 8001

Lynn G. Bailey Rebman Properties, Inc., a CORFAC International Member, 1014 W. Fairbanks Ave/ , Winter Park, FL 32789 USA. Tel: 407.875.800. Fax: 407.875.8004 lynn@rebmanproperties.com
Corporate Facility Advisors Associated Globally with KingSturge

HFF secures $25M first mortgage for Class A office in Rockaway, NJ

NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) has secured a $25 million first mortgage financing for Rockaway 80, (top left photo) a 260,186-square-foot, Class A office building in Rockaway, New Jersey.

HFF director Steven Klein (middle right photo) and senior managing director Michael Tepedino (bottom left photo) represented the borrower, an affiliate of Grosvenor Investment Management (GIM), in arranging the floating-rate loan through MassMutual. GIM is the North American fund management subsidiary of the London-based Grosvenor Group Ltd.

Rockaway 80 has seven stories of office space plus a full-service cafeteria, ATM, picnic area and a two-level, 883-space parking structure.

Originally completed in 1991 and renovated in 2006, the property features a reflective glass facade with granite accents, a lobby with two-story atrium and interior appointments of granite, mahogany and brass.

Rockaway 80 is 77% leased to tenants including Warner Chilcott, Reed Elsevier, Prudential Insurance, Hartford Insurance and Edy’s Ice Cream.

Located at 100 Enterprise Drive, the property is approximately eight miles west of the intersection of Interstates 80 and 287 in Rockaway.

“Rockaway 80 benefits from a strategic location between Exits 34 and 35 of Interstate 80 providing excellent highway access,” said Klein. “This location also offers corporate tenants a unique combination of outstanding corporate amenities and close proximity to a growing population base.”

“We were very pleased with both HFF and MassMutual’s professionalism and execution in such a turbulent capital markets environment,” added Eric Cannon, associate director of acquisitions for GIM.

Grosvenor is a privately owned property group with offices in 17 of the world’s most dynamic cities.

The company has five regional investment and development businesses in Britain & Ireland, the Americas, Continental Europe, Australia and Asia Pacific. Grosvenor’s international fund management business operates across all of these regions. As of December 31, 2007, these six businesses had total assets under management of US$25.7 billion. For more information, please visit http://www.grosvenor.com/

CONTACTS:

Steven J. Klein, HFF Director, 212 245 2425, sklein@hfflp.com

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

Dallas Logistics Hub Gets $20M bridge loan

DALLAS, TX – The Dallas and San Diego offices of HFF (Holliday Fenoglio Fowler, L.P.) have secured a $20 million bridge loan for the recapitalization of 1,031 acres in the Dallas Logistics Hub (DLH) (bottom right map), a 6,000-acre, master-planned development.

Working exclusively on behalf of the Allen Group, HFF associate director John Ahmed and senior managing director Tim Wright (top right photo) placed the 36-month, adjustable-rate loan with American Bank of Texas.

The land assemblage is located within the DLH, adjacent to Union Pacific’s Southern Dallas Intermodal Terminal, a proposed BNSF intermodal facility, four major highway connectors (Interstates 20, 45, 35 and Loop 9) and Lancaster Airport, which is in the planning stage to facilitate air-cargo distribution.

DLH, which spans across the communities of Dallas, Lancaster, Wilmer and Hutchins, is master-planned for 60 million square feet of distribution, manufacturing, office and retail developments.

“I can’t say enough good things about the caliber of the team at American Bank of Texas,” said Ahmed. “Despite a complex transaction and a historic level of disruption in the capital markets, they never waivered in their focus or in their commitment to this deal.”

The Allen Group, one the nation’s fastest growing privately held commercial development firms, specializes in the development of high-end industrial, office, retail and mixed-use properties throughout the U.S.

The Company’s major focus is the development of Logistics Parks and Inland Ports that are located adjacent to some of the most sophisticated rail, intermodal and highway infrastructure in the country.

The Allen Group has developed a wide rage of commercial projects and currently has over 8,000 acres under development across the U.S.

The Allen Group is based in San Diego with regional offices in Visalia, Bakersfield (California), Dallas and Kansas City.

For more information please visit: http://www.allengroup.com/ and http://www.dallashub.com/.

CONTACTS:

John Ahmed, HFF Associate Director, 214 265 0880, jahmed@hfflp.com

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

HFF arranges $38.7M loan through Freddie Mac for Nebraska multifamily property

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $38.7 million loan through Freddie Mac for The Links at Lincoln, (middle left photo) a 612-unit multifamily property in Lincoln, Nebraska.

HFF director Brian Carlton (top right photo) worked on behalf of the borrower, The Links at Lincoln, a Limited Partnership and Lindsey Management Company, Inc., to secure the 10-year, fixed-rate loan with the lender. Proceeds were used to retire the property’s construction financing.

Completed in 2007, The Links at Lincoln has one- and two-bedroom units that are currently 97% leased. Community amenities include a clubhouse with fitness center, activity room and business center, swimming pool, wading pool for kids and tennis court.

In addition, residents have access to a golf shop and unlimited golf privileges at the adjacent Links at Lincoln golf course, which is owned and managed by a Lindsey-affiliated company.

The property is located at 375 Fletcher Avenue close to the Interstates 80 and 180 interchange in Lincoln.

“Lindsey is one of the most prolific and respected multifamily developers in the country. Freddie Mac recognized this and worked extremely hard to rekindle this relationship in spite of the current turmoil in the capital markets,” said Carlton.

Fayetteville, Arkansas-based, Lindsey Management Co., Inc. (LMC) began operations in 1985 and since then has grown to become the largest property management firm of multifamily housing in the state of Arkansas. LMC currently manages over 29,000 units in Arkansas, Alabama, Kansas, Mississippi, Missouri, Nebraska, Oklahoma and Tennessee.

CONTACTS:

Brian G. Carlton, HFF Director, 214 365 0880, bcarlton@hfflp.com

D. Scott Rogerson, Lindsey Management Chief Financial Officer, 479 521 6686, scott.rogerson@lindseymanagmenet.com

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

Arbor Closes 7 Loans Totaling $40M in 4 States

Three Fannie Mae DUS® Loans Total $21,877,700

UNIONDALE, NY--Arbor Commercial Funding LLC ("Arbor"). a wholly-owned subsidiary of Arbor Commercial Mortgage LLC, has funded three loans totaling $21,877,700 under the Fannie Mae DUS® product line. These loans include:

Jamestown Commons, Fayetteville, NC (top left photo)- Refinance of a 216-unit complex in the amount of $16,161,000 under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.41 percent.

The Grant House, South Berwick, ME – Supplemental financing for a 22-unit complex in the amount of $185,900 under the Fannie Mae DUS® Small Loan product line. The 6-year loan amortizes on a 30-year schedule and carries a note rate of 6.70 percent.

Commons at Churchland, Chesapeake, VA - Refinance of a 124-unit complex in the amount of $5,530,800 under the Fannie Mae DUS® MAH product line. The 5-year loan amortizes on a 30-year schedule and carries a note rate of 5.02 percent.

The loans were originated by John Edwards, (top right photo)Vice President, in Arbor’s full-service Boston, MA lending office. “We were pleased with the opportunity to provide financing for these well-located properties with strong sponsorship,” said Edwards.

Four DUS® Loans Totaling $18,285,500 Closed in Texas

Arbor also funded four loans totaling $18,285,500 under the Fannie Mae DUS® product line. These loans include:

Tree Top Apartments, Grand Prairie, TX – Refinance of a 128-unit complex in the amount of $3,804,300 under the Fannie Mae DUS® Cash product line. The 7-year loan amortizes on a 30-year schedule and carries a note rate of 6.41 percent.

Northwood Apartments, Houston, TX (bottom left photo) – Acquisition loan for a 326-unit complex in the amount of $5,630,200 under the Fannie Mae DUS® product line. The 7-year loan amortizes on a 30-year schedule and carries a note rate of 6.63 percent.

St. Cloud Apartments, Houston, TX - Acquisition loan for a 302-unit complex in the amount of $7,501,000 under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30 year schedule and carries a note rate of 6.80 percent.

Stafford Oaks, Stafford, TX (bottom right photo)-– Supplemental loan for a 175-unit complex in the amount of $1,350,000 under the Fannie Mae DUS® product line. The 9-year loan amortizes on a 30-year schedule and carries a note rate of 6.78 percent.

The loans were originated by Matt Norman, (middle right photo) Director, in Arbor’s full-service Dallas, TX lending office.

“Arbor utilized the Fannie DUS® line for three differing structures on the subject loans, illustrating the versatility of the product line,” said Norman.

“One standard post-acquisition refinance, two acquisition loans with minor rehab, and a Supplemental loan on a repositioned property – all of which require differing strategic analysis.

"Arbor’s team worked through minor issues on all four loans, and in each case, provided financing that helped the Borrower meet his or her specific goals.”

Contact: Ingrid Principe, Tel: (516) 506-4298 iprincipe@arbor.com