Marcus & Millichap Sells Telecom Technology Center in Florida for $10.9M

TEMPLE TERRACE, FL, Sept. 3, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the 133,919 square-foot Telecom Technology Center (centered photo below) in Temple Terrace in a 1031 exchange.

The Telecom Technology Center sold for $10.9 million and traded at a cap rate of 10.65 percent.

Douglas K. Mandel, (bottom right photo) an associate vice president investments in the Fort Lauderdale office of Marcus & Millichap, represented the seller, FOA Tampa LLC.

Nathan Wood, an associate director of the National Office and Industrial Properties Group in the firm’s Jacksonville office, represented the buyer, Lepanto Realty Corp.

“Working with the Jacksonville office, Marcus & Millichap was able to procure an all-cash 1031 exchange investor from suburban Boston,” explains Mandel. “The buyer was attracted to the Telecom Technology Center because it was fully occupied with stabilized rent rollover.”

“The Telecom Technology Center is an excellent long-term investment that will also provide solid double-digit returns in the short term,” he adds.

Located at 12911-13051 Telecom Way, the Telecom Technology Center is a three-building, single-story office park located within the growing city of Temple Terrace, a northeastern suburb of Tampa. The multi-tenant asset also includes 553 surface parking spaces.

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

Low Construction, Weak For-Sale Market Temper Cleveland Apartment Vacancy Increases

CLEVLAND, OH — Despite near-term weakness within the local employment market, minimal supply-side pressure and softer for-sale housing conditions will moderate losses in Cleveland apartment occupancy levels and rents, according to a third-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Ongoing changes within the auto industry will drive additional job cuts, with manufacturing employment expected to reach the lowest level this decade by year end.

“Activity within the Cleveland investment market continues to slow as a result of buyers’ expectations for softer market conditions in the near term,” says Michael Glass, (top left photo) regional manager of the Cleveland office of Marcus & Millichap.

For a complete copy of the company's news release, please contact Stacey Corso, Communications Department, (925) 953-1716, stacey.corso@marcusmillichap.com

Job Losses Continue to Challenge Cincinnati Apartment Market

CINCINNATI, OH — Job losses continue to challenge the Cincinnati apartment market, though difficulties have not permeated all areas and property classes, according to a third-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

White-collar employment sectors, for example, have accounted for only 22 percent of all layoffs in the last year, supporting Class A apartment demand.

“Although apartment transactions continue to be recorded throughout the metro, several factors are limiting activity,” says Joshua Caruana, (top right photo) regional manager of the Cincinnati office of Marcus & Millichap.

For a complete copy of the company's news release, please contact Stacey Corso, Communications Department, (925) 953-1716, stacey.corso@marcusmillichap.com

Modest Demand Increase Offset by Addition of Multi-Family Product to Austin, TX Market

AUSTIN, TX— The addition of new supply will weigh on apartment fundamentals in Austin through the remainder of 2009, despite a modest increase in demand, according to a third-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

As developers expand metrowide inventory by nearly 7 percent this year, owners are expected to significantly widen concessions to fill new projects.

“Investor interest in Austin is anticipated to follow tenant demand in the coming months,” says J. Michael Watson, (top left photo) regional manager of the Austin office of Marcus & Millichap

For a complete copy of the company's news release, please contact Stacey Corso, Communications Department, (925) 953-1716

Apartment Rents Continue to Drop in Chicago

CHICAGO, IL — Job losses will continue to weigh on operating conditions in the Chicago apartment market through the remainder of the year, according to a third-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

In response to increased cost-consciousness and waning demand, owners are looking closely at their rents.

“In the suburbs, the weak labor market will hinder fundamentals, and an increase in supply-side pressure will also contribute to softened metrics,” says Steven Weinstock, (top right photo) regional manager of the Oak Brook office of Marcus & Millichap.

For a complete copy of the company's news release, please contact Stacey Corso, Communications Department, (925) 953-1716, stacey.corso@marcusmillichap.com

Grubb & Ellis Promotes Eric Stone to Executive VP, Managing Director, New Jersey

SANTA ANA, CA (Sept.3, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Eric Stone has been promoted to executive vice president, managing director.

In this role, he will oversee the company’s Northern and Central New Jersey operations, which includes offices in Fairfield and Edison and a regional management portfolio totaling in excess of 8 million square feet of property.

Stone joined Grubb & Ellis in 2005 as vice president and director of Management Services. During his tenure, he has overseen the expansion of the company’s relationships with a host of clients, including TIAA-CREF, Guggenheim, Sterling Equities, Principal Global, PM Realty, Invesco, Schering Plough, LexisNexis and Verizon Wireless. Since 2005, New Jersey-managed assets have won three BOMA-TOBY awards, and several have received Energy Star designations.

“This promotion recognizes Eric’s leadership skills and his ability to team with each client to deliver solutions that meet their unique needs,” said Jack Van Berkel, (top right photo) president of Grubb & Ellis’ Real Estate Services operations. “I’m confident that with Eric as our New Jersey market leader, our clients will be well-served and Grubb & Ellis will continue to grow.”

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

Arbor Closes $20M in 2 Fannie Mae DUS® Loans in Alabama and Texas

Park Place in Montgomery, AL Receives $12.9M

Uniondale, NY (Sept 3, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $12,900,000 loan under the Fannie Mae DUS® Loan product line for the 200-unit complex known as Park Place (top right photo) in Montgomery, AL.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.89 percent.

The loan was originated by Ronen Abergel, Director, in Arbor’s full-service New York, NY lending office. “This deal represents the borrower’s sixth transaction with Arbor and we look forward to financing more projects in the future,” said Abergel.

Green Oaks Village in Houston, TX Gets $7.5M

In Houston, TX, Arbor funded a $7,500,000 loan under the Fannie Mae DUS® Loan product line for the 380-unit complex known as Green Oaks Village in Houston, Texas.

The 10-year loan amortizes on a 25-year schedule and carries a note rate of 6.34 percent.

The loan was originated by Matt Norman, Vice President, in Arbor’s full-service Dallas, TX lending office.

“This transaction, involving an experienced borrower looking for a refinance of a short-term, post-rehab acquisition loan in a challenging market, was a true Arbor and Fannie Mae team effort,” said Norman. “Ultimately, to the borrower’s satisfaction, he was able to pay off his acquisition/rehab loan within his scheduled timeframe.”

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, iprincipe@arbor.com
www.arbor.com.
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Stan Johnson Co. Completes 4 Sales in Texas and Michigan

Havertys in Lewisville, TX Sold for $3M

LEWISVILLE, TX, Sept. 3, 2009 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a 46,998 square foot free-standing Havertys Furniture retail store (top right photo) 100% leased to Haverty Furniture Companies, Inc. located on 3 acres in Lewisville, Texas to an Individual Investor for $3 million.

Gill Warner (top left photo), Rod Pickney (middle right photo) and Chad Byerly (middle left photo) of Team Warner of Stan Johnson Company represented the seller, an individual investor.

Barry Wolfe of Marcus & Millichap represented the buyer, an individual investor, in the transaction. (Team Warner, bottom left photo)

“Our valuable relationships with our clients have made us an expert in the retail single tenant market," said Warner. "This property represents the first property we have closed with this seller. We are continuing to strive toward our goal of becoming a household name in the net lease ‘retail’ industry.”

The property is located directly adjacent to Vista Ridge Mall, a super regional mall servicing multiple communities in the northern portion of the DFW Metroplex. Vista Ridge Mall is anchored by Dillard's, Macy's, JC Penney, and Sears, and features a 15 screen Cinemark movie complex.

Industrial Property in Houston Goes For $2.7M

HOUSTON, TX--Stan Johnson Company has completed the sale of an industrial property 100% leased to Carrier Sales and Distribution, LLC., located in Houston, Texas, to an individual investor for $2.7 million.

Gill Warner, Rod Pickney and Chad Byerly of Team Warner of Stan Johnson Company represented the seller, a developer. William Janis represented the buyer, an individual investor.

Tractor Supply Co. in Saginaw, MI Generates $2.98M Sale

SAGINAW, MI– Stan Johnson Company has completed the sale of a retail store 100% leased to Tractor Supply Co., located in Michigan, to an individual investor for $2.98 million.

Gill Warner, Rod Pickney and Chad Byerly (middle left photo) of Team Warner of Stan Johnson Company represented the seller, a retail developer, and the buyer, an individual investor.

“Our valuable relationships with our clients have made us an expert in the retail single tenant market,” said Gill Warner. “This property represents the seventh property that we have closed with this buyer to date, and the third property that we have closed with this seller to date. This sale also makes a total of 42 Tractor Supplies that our team has sold.”

Sherwin Williams Retail Store in Humble, TX Trades Hands

HOUSTON, TX--Stan Johnson Company has completed the sale of 7,000-square-foot free-standing retail property 100 percent leased to Sherwin Williams located at 9670 N. Sam Houston Parkway in Humble, Texas.

Jim Gibson, (bottom right photo) Senior Associate at Stan Johnson Company’s Houston office, represented the seller, a Houston based retail developer. Donald E. Dennis, Inc. represented the buyer, an individual investor.

“We were able to assist a client obtain a price near asking as well as satisfy an out-of-state buyer’s 1031 exchange. Both parties were extremely happy with the transaction,” states Gibson.

Humble, Texas is located in the northeast quadrant of the Houston metropolitan area, just 21 miles from downtown Houston on Hwy 59; Humble is currently experiencing a robust population and economic growth.
"The combination of a great Texas location, the long term, triple net lease and the strong credit of Sherwin Williams made this an ideal investment," Gibson said.

(Team Warner. bottom left photo)

Contact: David Ebeling, Ebeling Communications, (949) 278-7851, david@ebelingcomm.com

Wyndham Hotels and Resorts to Manage Brand’s Third Hotel in China

PARSIPPANY, N.J. (Sept. 3, 2009) – Wyndham Hotel Group, the world’s largest hotel company with more than 7,000 hotels under 11 brands, today announced the continued international expansion of its Wyndham Hotels and Resorts® brand with the signing of a management contract for the brand’s third hotel in China: the new 337-room Wyndham Wuhan East Lake hotel in Wuhan (Downtown Wuhan, top right photo.)

The announcement comes on the heels of the opening of the five-star, 588-room Wyndham Xiamen in Xiamen, China, which, in addition to being the Wyndham brand’s first hotel to open in China, was also the country’s first Wyndham-managed hotel.

The brand’s second hotel, the 337-room Wyndham Baolian Hotel, is scheduled to open in 2011.

“China continues to play a strong and vital role in the global growth strategy for Wyndham Hotel Group and its brands, including that of our namesake, Wyndham Hotels and Resorts,” said Eric Danziger, (bottom left photo) Wyndham Hotel Group president and chief executive officer.

“With the announcement of this newest hotel, we are delivering on our commitment to developing high-quality properties in key international destinations that further establish the global reach of the Wyndham brand.”

Developed by Wuhan Hongjing Real-Estate Development Co., the 25-story, four-star Wyndham Wuhan East Lake hotel is currently under construction at Special No. 1 in Guanshankou, in the new technology development zone of Wuhan’s Hongshan District.

The hotel is expected to open in the fourth quarter of 2011 and will include multiple full-service restaurants and lounges, state-of-the-art business and fitness centers, tennis courts, spa, gift shop, and more than 1,200 square-meters of meeting space.

CONTACT: Christine Da Silva, 973-753-6590, mailto:973-753-6590christine.dasilva@wyndhamworldwide.com

HFF secures $20M refinancing for River Terrace Gardens Apartments in northeast New Jersey

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured a $20 million refinancing for River Terrace Gardens Apartments, (top left photo) a 379-unit multifamily community in River Edge, New Jersey.



Working exclusively on behalf of River Terrace Gardens Associates, HFF senior managing director Thomas Didio (bottom right photo) and real estate analyst Michael Oliver placed the 10-year, fixed-rate loan with Freddie Mac.



HFF will also service the loan. HFF is a Freddie Mac licensed Program Plus Seller/Servicer. The Borrower was represented by Richard Kahn and Thomas Cangialosi of Hackensack, New Jersey-based law firm, Winne, Banta, Hetherington, Basralian & Kahn.


River Terrace Gardens Apartments is located at 144 Bogert Road off of State Route 4 close to the George Washington Bridge in the northeast New Jersey town of River Edge. The 97% leased property has one-, two- and three-bedroom units averaging 844 square feet each. Community amenities include laundry rooms and covered parking.

“River Terrace Gardens has historically maintained an occupancy rate in the high 90’s in part due to its physical quality and location just off State Route 4, with an abundance of commercial and retail amenities,” said Didio.

Contacts:
Thomas R. Didio, HFF Senior Managing Director, (973) 549-2000, tdidio@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Entertainment Retail Enterprises Signs 50,018-SF Lease at Airport Site

ORLANDO, FL – Moses Salcido, (top right photo) SIOR, a principal of locally-owned Southern Commercial Real Estate Advisors, LLC, Central Florida’s leading industrial and office brokerage, announced that Entertainment Retail Enterprises, LLC, signed a new multi-year 50,018-square-foot lease at DCT Industrial’s Airport Distribution Center IV located at 2437 E. Landstreet Road, Orlando.

The tenant was represented by Lou Payas with USAA.

Southern Commercial Real Estate Advisors currently represents 6.9 million square feet of existing product with another 1.4 million square feet proposed.

Southern Commercial Real Estate Advisors, LLC’s headquarters is located at 20 N. Orange Avenue, Suite 605, Orlando, FL 32801, phone 321-281-8500. For more information, visit http://www.southerncommercialre.com/.

Contact: Kenneth H. Cristol, 407-774-2515

July Resort Tax Collections off 18% in Orange County, FL

ORLANDO, FLORIDA -- Orange County Comptroller Martha Haynie (top right photo) announced today that resort tax collections received by the County in August for the hotel collection month of July 2009 were $10,849,300. Resort taxes are charged on short-term rentals, mostly hotels and motels.

Comptroller Haynie noted that July 2009 collections were 18 percent lower than July 2008.

“Revenues are still off from previous year revenues. We have grown accustomed to this downturn as we ride out the recession with a financially prudent reserve,” Haynie added.

For complete July statistics, please contact Jim Moye, Deputy Orange County Comptroller, (407) 836-5690.
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