Grubb & Ellis Capital Markets Group Completes Industrial Investment Transaction

CHICAGO, IL– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented Waterton Associates in the sale of 2401 Palmer Drive in Schaumburg, a 110,000-square-foot multi-tenant industrial building, to American Asset Management Services.

Mike Wilson, associate vice president, Capital Markets Group, and Erik Foster, senior vice president, Capital Markets Group, facilitated the transaction.

The building houses three tenants; including Cricket Communications, which recently signed a long-term lease to bring the building close to capacity. Other tenants include Sun Cap, a clothing distributor, and DG Printing, a full-service printing, graphics, design and mailing house.

“We were able to sell the stability of the tenants, the infrastructure investments they’ve made in their respective spaces and the possible expansion into excess dock space in order to drive very aggressive pricing in this market,” said Wilson.

Foster said, “Despite the challenges in today’s investment sale market, this transaction is an indication that if you are willing to work hard, you can still close deals.”

The building closed at $6 million, or $60 per square foot, at an aggressive cap rate of less than 7.5 percent.

Contact: Erin Mays, Phone: 312.698.6735
Email: erin.mays@grubb-ellis.com

WELBRO Building Corporation Appoints Bruce Holmes President/COO

MAITLAND, FL--Bruce E. Holmes, (top right photo) Executive Vice President and State of Florida Licensed General Contractor, has been appointed to the position of President/COO for WELBRO Building Corporation effective October 1, 2008.

With a 21-year history at WELBRO, Bruce has focused on the construction operations side of the business. Under his leadership, WELBRO has constructed over two (2) billion dollars of work. While WELBRO’s main work concentration is in Florida, WELBRO has also constructed projects in Virginia, South Carolina and Tennessee.

Steve Davis, (top left photo) CEO of WELBRO states "Bruce’s appointment is part of the succession plan at WELBRO. As one of the largest privately held and locally owned commercial construction company in Central Florida, it is critical that we have a plan in place to keep WELBRO well positioned in our community. Bruce will continue to be a huge asset to our team and this appointment will engage him even more."

Bruce has a 40 plus year history in the industry. Starting as an intern right out of high school and continuing through college, Bruce has worked in basically every position that the construction industry has to offer.

He has managed the construction of educational, hospitality, healthcare, commercial and industrial projects.

In addition to his duties at WELBRO, Bruce has served the industry and community. He has been a Director of Associated General Contractors (AGC), a Trustee of the Minority/Women Business Enterprise Alliance, President of The International Community School, Past Chairman of the City of Maitland Parks and Recreation Board and Past Chairman of the Orange County Fire Loss Management Board of Appeals. Currently Bruce serves on the Board of Directors of the Children’s Home Society.

Bruce and his wife Kathie live in Maitland and have six children ranging in age from 3 to 29.

WELBRO Building Corporation has been building continuously in the Florida commercial construction market for over 29 years and is consistently ranked among the nation’s top contractors by Engineering News Record (ENR). WELBRO is a dominant force in the hotel/hospitality and education markets. Other major project types include office buildings, retail/commercial and special use facilities.

For More Information, Contact:
Patricia A. Werner, CEcD, Vice President Community & Economic Development, WELBRO Building Corporation. Telephone: 407/475-0800; mobile: 407/766-3951. 2301 Maitland Center Pkwy, Suite 250, Maitland, FL 32751. pwerner@welbro.com

Thomas D. Wood & Co. Closes 2 Loan Deals for $3.8M

United Commercial Investments Office Building Obtains $1.9M Loan

ORLANDO, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $1,905,000 for YBOR Mixed-Use and United Commercial Investments Office Building.

Jeff Schnupp, (top right photo) Company Vice President, financed $1,575,000 for YBOR Mixed-Use through StanCorp Mortgage Investors, one of Thomas D. Wood and Company’s correspondent life insurance lenders, at a permanent fixed-rate of 6.50%.

The loan term is five years, based on a 25-year amortization, and a loan-to-value of 72%. The 10,221 square-foot mixed-use project was built in 1904, and is located at 1603 1/2 E. 7th Avenue, Tampa, Florida.

John Worrell, (top left photo) Company Assistant Vice President, secured financing in the amount of $330,000 for United Commercial Investments Office Building.

Worrell financed the loan through Thomas D. Wood and Company’s relationship with a regional bank at a permanent fixed-rate of Prime + 2.5%.

The loan term is three years, based on a 25-year amortization, and a loan-to-value of 75%. The 2,640 square-foot office building is home to tenants Pro Kitchens and Top Docs, and is located at 80 Spring Vista Drive, DeBary, Florida.

For further information, please contact:
Jeff Schnupp (407) 937-0470 jschnupp@tdwood.com
John Worrell (407) 937-0470 jworrell@tdwood.com
Jessica Gurtowski (407) 937-0470 jgurtowski@tdwood.com

Windsor Tower Apartments in Ocala, FL Gets $1.9M Loan

ORLANDO, FL-— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $1,900,000 for the Windsor Tower Apartments (site map middle right) in Ocala, Florida.

Jeff Schnupp, Company Vice President, financed the loan through StanCorp Mortgage Investors, one of Thomas D. Wood and Company’s correspondent life insurance companies, at a permanent fixed-rate of 6.75%.

The loan term is five years, based on a 25-year amortization, and a loan-to-value of 55%. The 64-unit multi-family complex was built in 1974. Windsor Tower Apartments is located at 3902 E. Silver Springs Blvd., Ocala, Florida.

For further information, please contact:
Jeff Schnupp (407) 937-0470 jschnupp@tdwood.com
Jessica Gurtowski (407) 937-0470 jgurtowski@tdwood.com

Marcus & Millichap Names 3 Vice Presidents

STEVEN GONZALEZ IS FIRST VICE PRESIDENT INVESTMENTS IN PHOENIX OFFICE

PHOENIX, AZ — The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Steven Gonzalez (top right photo) the position of first vice president investments.

The achievement of first vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to David Guido, regional manager in the firm’s Phoenix office.

Gonzalez joined Marcus & Millichap in 1992 and specializes in office and industrial investment sales.

ALVIN MANSOUR IS FIRST VICE PRESIDENT INVESTMENTS IN SAN DIEGO OFFICE

SAN DIEGO, CA — The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Alvin Mansour (middle left photo) to the position of first vice president investments.

The achievement of first vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to Kent Williams, regional manager in the firm’s San Diego office.

Mansour joined Marcus & Millichap in 2003 and specializes in retail investment sales.

CLIFFORD DAVID NAMED ASSOCIATE VICE PRESIDENT INVESTMENTS IN PHOENIX OFFICE

PHOENIX, AZ— The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Clifford David (bottom right photo) to the position of associate vice president investments.

The achievement represents excellence in client relationships, investment real estate expertise and sales volume, according to David Guido, regional manager in the firm’s Phoenix office.David joined Marcus & Millichap in 2004 and specializes in multi-family investment sales.

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

Hendricks & Partners reports exclusive sale listings valued at more than $180M

Company plans new offices in Atlanta and Miami

ORLANDO — Hendricks & Partners, which opened its southeast U.S. regional office in Orlando four months ago and ranks as the nation’s largest privately- owned, multi-family brokerage firm, reports it has posted exclusive property sale listings of apartment properties in Central Florida valued at more than $180 million since July.

Cole Whitaker, (top right photo) principal and managing partner of Hendricks & Partners in Orlando, said the five month growth surge isn’t over: the firm plans to open an office in Atlanta before April of next year and one in Miami before the fall.

Whitaker, who participated in multi-family property transactions valued at more than three billion dollars since 1983, said the new listings — all added into the 150 days since the firm opened in Orlando — are primarily “Value add” opportunities. “We are finally seeing sellers of apartment communities understand investors want cash flow and future upside,” said Whitaker.

“Most multi-family property firms these days are in attrition, said Whitaker. “We are in a growth mode.” Whitaker said the nation’s economic turmoil could generate substantial multi-family property sales.

“Institutional investor owners such as insurance companies and pension funds constitute a large share of the multi-family market in Florida,” said Whitaker.

The current economic cycle will motivate some institutional investors to sell off select properties in order to increase cash reserves, Whitaker explained.

(Sydney, Australia architect Harry Seilder's Horizon apartment building in Darlinghurst, bottom left photo)

For more information, contact:

Cole Whitaker, Principal/Managing Partner Hendricks & Partners 407-218-5688

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142