Wednesday, October 21, 2009

Charleston, SC Apartment Community Listed for $23M

ATLANTA, GA--Engler Financial Group, in conjunction with One Eleven Partners, is proud to present Sabal Palms, (top right photo)  a 300 unit class “A-” apartment community located in the West Ashley submarket of Charleston, South Carolina.

The West Ashley area of Charleston is a rapidly growing community with outstanding access to all points of the Charleston metropolitan area via several main transportation arteries.

Sabal Palms is being offered with an asking price of $23,000,000, $76,667 per unit, or $80 per square foot and represents an outstanding opportunity to purchase a stable cash-flowing asset with attractive investment returns at a deep discount to replacement cost.

The asset is being offered free and clear, providing an excellent opportunity for a new buyer to obtain attractive fixed or floating rate agency financing.

Greg Engler, 678/992-2000, ext. 1,
Pat Jones, 678/992-2000, ext. 2,
Kris Mikkelsen, 678/992-2000, ext. 3,
Chris Yeagle, 843/471-2520,

Liberty's Jacksonville, FL Office Leases More Than 100,000 SF in Third Quarter

JACKSONVILLE, FL – Oct.r 21, 2009 - Liberty Property Trust (NYSE:LRY), the real estate investment trust that owns and manages 2.3 million square feet of office and industrial properties in Jacksonville, today announced that it completed nine lease and renewal agreements totaling more than 100,000 square feet of office, flex and warehouse space during the third quarter of 2009.

During the quarter, Liberty gained four new tenants with leases totaling 18,787 square feet. In addition, approximately 81,213 square feet of space was renewed in the third quarter 2009.

(Nightime Downtown Jacksonville, Independent Life Building, bottom left photo)

Companies continue to seek reliable partners who can solve their real estate problems for them,” said Mike Heise, (top right photo)  vice president and city manager at Liberty.

 “Liberty provides high-value properties and superior property management, backed by the financial strength necessary to assure our tenants that their businesses will be well supported by their work environments.”

Liberty's Jacksonville portfolio is 92% leased. The company owns and manages 37 buildings offering a total of 2,300,000 square feet in the market.

General Inquiries: Mike Heise, Liberty Property Trust, 904/ 281-5454

Media Contact: Margo Hunt Winans, a.s.a.p.r., 757/404-8653,,

Cushman & Wakefield Orlando negotiates 11,500 SF warehouse deal for Shred-It International

ORLANDO, FL– Cushman & Wakefield of Florida, Inc. (C&W) announced a new lease for Ontario-based Shred-It International, a document destruction company.

The Industrial Brokerage team of Lee Morris (top right photo) and Jared Bonshire, represented the tenant in the deal for 11,500 square feet of warehouse space at 3800 Enterprise Way in Sanford, from landlord McDonald Ventures.

Contact: Brook Hines, Tel: 407-541-4401,,

HHOA Elects Two New Board Members

WASHINGTON, D.C.—Officials of the Hispanic Hotel Owners Association (HHOA), a rapidly growing non-profit organization that seeks to increase Latino ownership of hotels, today announced the election of two new members to its Board of Directors: Juan Carlos Contalba, (middle left photo)  vice president, international development, Benchmark Hospitality, and Jose Luis Lopez, (top right photo) president, Lopez Marketing Group.

“Both of these individuals bring a wealth of valuable experience to our board of directors,” said Angela Gonzalez-Rowe, (bottom right photo)  founder and president of the Hispanic Hotel Owners Association.

“Juan Contalba is with a leading hotel developer/owner/operator with more than 22 hotels and has in-depth experience and expertise in international markets. Jose Lopez is a highly active and visible member of the Hispanic community who can help HHOA identify and reach out to new potential hotel investors. We expect both men to play a key role in our outreach initiatives to increase the presence of Latinos in the hospitality industry.”

A two-decade veteran of the hospitality industry, Contalba has extensive experience in establishing and operating international ventures in the United States, Europe (France, Monaco, UK, Switzerland, Italy), the Caribbean, Central and South America (Mexico, Costa Rica, Argentina, Panama, Chile).

 He began his career with Benchmark Hospitality International and later served with Hyatt Hotels Corporation. He subsequently left the industry to enter the legal and financial fields.

In his career, he has represented foreign companies and individuals doing business in the United States, as well as U.S. entities and individuals doing business abroad. He attended Rice University and the South Texas College of Law.

Lopez is founder and president of Lopez Marketing Group, Inc., an integrated marketing and public relations firm based in El Paso, Texas. During his career in consumer marketing, he spent more than 15 years in El Paso supervising advertising campaigns for such national companies as Nabisco, Kimberley-Clark, Procter & Gamble, Quaker Oats and Pepsi. Prior to founding his own firm, he was responsible for regional marketing for Coca-Cola Foods Division.

 A civic activist, Lopez currently serves on the boards of the El Paso Hispanic Chamber of Commerce Education Development Foundation and the USHCC (U.S. Hispanic Chamber of Commerce), is past chairman of the El Paso Hispanic Chamber of Commerce and is former committee chair of the United Way. He earned his BA degree from the University of Texas at El Paso.

Additional information about HHOA is available at the association’s Web site, To learn more about the Hotel Investment Series, contact Angela Gonzalez-Rowe at 202-587-5707, or

Contact: Jerry Daly or Chris Daly, Daly Gray Public Relations, (703) 435-6293,

HFF secures financing through Aetna Health and Life for Addison, TX office-flex property

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $4.45 million in financing for the purchase of Addison II, a 181,000-square-foot office-flex property in Addison, Texas.

Working exclusively on behalf of Luzzatto Real Estate Value Fund I, LP, HFF associate director Brandon Chavoya (top right photo) placed the five-year, 6.75% fixed-rate loan with Aetna Health and Life Insurance Company.

Luzzatto Real Estate Value Fund I, L.P. is a closed-end fund seeking opportunities to acquire distressed real estate in the southwestern United States with a particular focus on Southern California and Texas.

Situated on 11.2 acres at 4550 Excel Parkway, Addison II is adjacent to Addison Airport and close to the Dallas North Tollway in the Far North Dallas suburb of Addison. The two-story property is 60% leased.


C. Brandon Chavoya, HFF Associate Director, (214) 265-0880,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HFF secures financing for San Francisco Bay area multi-housing community

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured financing for Enclave at Adobe Creek (formerly known as Lakeville Resort), a 492-unit multi-housing community in Petaluma, California.

Working exclusively on behalf of an affiliate of Abacus Capital Group, LLC, HFF senior managing director Mona Carlton (top right photo) placed the seven-year, fixed-rate loan with Freddie Mac (Federal Home Loan Mortgage Corporation).

 The loan will be serviced by HFF and proceeds are being used to acquire the property. The executive team of Abacus Capital Group has over 60 years of combined experience in the multifamily housing industry and has acquired more than $2.5 billion of real estate assets including 23,000 apartment units.

Located at One Lakeville Circle in Petaluma, Enclave at Adobe Creek has convenient access to Redwood Highway and is approximately 33 miles north of San Francisco.

 The 94% leased property has one-, two- and three-bedroom apartment homes averaging approximately 939 square feet each.

Community amenities include five swimming pools, a spa, clubhouse, fitness center, tennis courts, basketball courts, outdoor picnic areas, on-site laundry facilities, children’s playground and reserved parking.


Mona K. Carlton, HFF Senior Managing Director, (214) 265-0880,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Grubb & Ellis's U.S. Industrial Market First Look: 2009-Q3

SANTA ANA, CA--· The bad news was that the vacancy rate increased to 10.4 percent in the third quarter, a 15-year high.

The good news: The rate of increase was 30 basis points, well below the first and second quarter gains of 70 and 60 basis points, respectively.

This trend was evident as well in the office, retail and apartment sectors.

 Industrial vacancy was lowest in Los Angeles County at 3.2 percent, although the availability rate of 8.7 percent suggests that vacancy is poised to rise as leases expire. Vacancy was highest at 15.2 percent in Phoenix, a region hit hard by the housing slump and job losses.

· Absorption was sharply negative for a third consecutive quarter as tenants vacated a net total of 32.3 million square feet. Still, this was a slight improvement from the first and second quarter totals of minus 39.8 and minus 51.7 million square feet.

Deliveries were at their lowest level of the decade at just 7.1 million square feet, a sign of how thoroughly developers and lenders have cut back.

Negative absorption was most pronounced in Northern and Central New Jersey where occupiers returned a net total of 3.8 million square feet to the market. Nevertheless, this was a vast improvement from the 9 million square feet emptied in the second quarter.

 Eleven of the 56 markets tracked by Grubb & Ellis recorded positive third quarter absorption. The Greater Philadelphia region, encompassing Central and Eastern Pennsylvania, led with 523,000 square feet.

· Space under construction plunged to 24 million square feet at the end of the third quarter, its lowest level since the mid-1990s. Philadelphia led all markets with 2.6 million square feet remaining in the pipeline, down from a recent peak of 9.5 million square feet in the third quarter of 2008.

· The average asking rental rate for all types of industrial space offered on the market at the end of the third quarter was $5.34 per square foot per year triple net, a decline of 6.7 percent from the year-ago quarter. The average effective rental rate for industrial space year-to-date declined by 12 percent compared with the annual average for 2008, pushed lower by generous periods of free rent and other concessions to tenants.


There are some signs in the economy and the industrial market itself that this brutal softening cycle could be approaching a bottom.

Many economists including Federal Reserve Chairman Ben Bernanke (bottom left photo)  think the recession is over, although a majority thinks the recovery will be very sluggish, particularly in the labor market.

Both imports and exports are on the rise as global trade resumes following precipitous drops last fall. The increase in imports is vital for port-adjacent industrial markets such as California’s Inland Empire, while the increase in exports will support manufacturing-oriented markets such as parts of the Midwest.

Retail sales have posted modest increases in recent months, which is significant for markets where retailers locate their distribution centers.

Even the long-suffering labor market is showing some signs of life as weekly jobless claims, though still elevated, are at their lowest level since the first week of the year.

Commercial real estate usually is the last industry to recover from a recession, but the slower pace of deterioration in the third quarter raises hope that a market bottom is not too far off. Look for industrial leasing market fundamentals to level out by the middle of 2010 and embark on a slow recovery beginning in 2011.

Contact:  Janice McDill, vice president, Public & Investor Relations, at 312.698.6707 or

New Posts at Marcus & Millichap in Atlanta and Washington, DC

David Feldman Named Regional Manager in Washington, DC

WASHINGTON, D.C.– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named David Feldman (top right photo) regional manager of the firm’s Washington, D.C. office, according to Harvey E. Green, president and chief executive officer.

“David’s extensive commercial real estate brokerage skills and sales management expertise make him a valuable resource to our agents and clients in the District of Columbia, Virginia and Maryland,” says Green.

Feldman joined the West Los Angeles office of Marcus & Millichap in 2004 as an investment specialist focused on single-tenant net-leased and retail assets. He was a member of the firm’s National Retail Group and an associate member of the Net Leased Properties Group. He was promoted to associate status in March 2005 and in June 2007 earned the title of senior associate. Feldman has been serving as sales manager of Marcus & Millichap’s Atlanta office since November 2008.

Elliott Hollander is New Sales Manager in Atlanta   

ATLANTA, GA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Elliott Hollander (bottom left photo)  sales manager of the Atlanta office, according to John Leonard, vice president and regional manager of the Atlanta office.

“Elliott has extensive experience in commercial real estate as an investment specialist and manager,” says Leonard. “He will be an asset to our brokerage team, and instrumental in expanding our national market-making capabilities to clients in Atlanta and throughout Georgia.”

Hollander began his career with Marcus & Millichap in September 2003 as an agent in the Atlanta office specializing in multifamily sales. He was promoted to associate status in November 2004 and earned senior associate status in September 2006. Hollander was a director of the firm’s National Multi Housing Group and is a three-time sales recognition award recipient.

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

Grubb & Ellis Represents Wells Fargo Trust in Sale of Former Wickes Furniture Store in Victorville, CA for $4.2M

RIVERSIDE, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that Ted Bradach, senior associate, Investment Group, represented Wells Fargo Trust in the sale of a former Wickes Furniture store to Ashley Furniture Industries Inc.

The asset, located at 12704 Amagosa Road in Victorville, sold for $4.2 million. .

The free-standing retail building offers 39,200 square feet of space and is located on approximately two acres of land.

Ashley Furniture, represented in the transaction by Aaron Hodgdon of The Hodgdon Group, is expected to open a store in November.

Contact::  Julia McCartney, Phone: 714.975.2230, Email:

 Robert Black Joins  Edison, NJ Office as Vice President

EDISON, N.J. – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that Robert F. Black, CCIM, has joined the company’s Edison, N.J., office as vice president, Office Group.

“Rob’s experience both as an office leasing expert as well as a business owner make him a valuable asset to our Office Group,” said Eric Stone, executive vice president and managing director of Grubb & Ellis’ Central and Northern New Jersey offices.

Black is a 35-year industry veteran with experience in office leasing and owner representation. Prior to joining Grubb & Ellis, he was principal and chief operating officer of Black & Company, a commercial real estate brokerage firm he founded in 1996.

Previously, Black was a vice president with CB Richard Ellis from 1981 to 1996, where he was recognized as the company’s top producer in the Central New Jersey office in 1989 and 1991.
Contact: Erin Mays, Phone: 312.698.6735, Email:

Bulls Capital Partners Secures a $2.85M Refinance of 122-Unit Age-Restricted Apartment Property in Aberdeen, MD

VIENNA, VA -- Bulls Capital Partners LLC, a multifamily financial services provider and Fannie Mae Delegated Underwriting & Servicing (DUS®) lender, today announced it has provided financing to Waterford Group, Inc., in the amount of $2,850,000 for the refinance of Fairbrooke Senior Housing, (top right photo)  a 122-unit apartment complex in Aberdeen, Maryland.

 The property is a mid-rise age-restricted apartment complex built in 1997 with a mixture of one- and two-bedroom units. Property amenities include a laundry facility, leasing office, and a community room.

The loan was directly originated by Mark B. Van Kirk, (bottom right photo)  Chief Operating Officer and Co-Founder of Bulls Capital Partners, LLC.

"We are pleased to provide financing for this well maintained asset, which provides a critical market need for its tenant base," said Herman Bulls, (middle left photo) President and CEO of Bulls Capital Partners.

 "The Waterford Group's commitment to the property's long-term success was a factor in the decision by Bulls Capital Partners and Fannie Mae to provide financing for this high quality asset."

"It was a pleasure to work with Jim Ginsberg, Dave Bramble and the entire Waterford Group team on this transaction," said Van Kirk. "Our team at Bulls Capital Partners and Goldman Sachs Commercial Mortgage Corporation (GSCMC) was able to meet the financial needs of this property and work diligently with Fannie Mae to close this transaction in a timely manner."

"We were happy to be working with Bulls Capital Partners and GSCMC on this refinance, said Ginsberg. "This is a challenging time to seek financing, but a strong team effort allowed us to achieve our objective at a lower rate than we expected."
Herman Bulls, President & CEO,, phone: (202)256-1814
Mark B. Van Kirk, Co-Founder & COO,,  phone: (703)283-9700

Foster Conant picked for landscape architecture for new office building

ORLANDO, Fla.— Foster Conant & Associates secured a contract for site-specific landscape architectural services for Maitland Summit Park III, (bottom left photo)  the new mid-rise office building underway in Maitland, Fla.

Under its contract with the project’s architect HuntonBrady Architects, Foster Conant is providing design, construction documents and construction observation for landscape, irrigation, hardscape amenities, architectural appointments and landscape lighting.

Foster Conant has specified drought tolerant plant materials and is utilizing water conservation methods in its design of the 11.6-acres site to assist the developer’s efforts to attain LEED Gold certification from the U.S. Green Building Council.

According to Foster Conant Principal, Richard R. “Rick” Conant, (top right photo)  FASLA, landscape planting for the seven-story, 220,000-square-foot building is scheduled to begin this fall.

The project’s developer, Liberty Property Trust (NYSE:LRY), has tapped Brasfield & Gorrie LLC to handle general contracting. MSCW Inc. is providing civil engineering for the project

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344,,

Stirling Sotheby’s International Realty Negotiates $925,000 sale of NASCAR Star Airplane Hangar at Spruce Creek Fly-In, Volusia County, FL

ORLANDO, Fla. --- Stirling Sotheby’s International Realty, which ranks as one of Central Florida’s largest and most active realty companies specializing in luxury homes, recently negotiated a $925,000 sale of a commercial airplane hangar located at Spruce Creek Fly-In, a gated, country club community in Volusia County and the world’s finest residential airpark.

The hangar was offered for sale along with an estate home located at 3118 Spruce Creek Blvd., both owned by NASCAR driver Mike Skinner.

The 11,000 square foot Commercial Aviation Hangar includes two delivery doors, a 1,200 square foot workshop and three private offices all with hangar views, plus a meeting room and wet bar.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said associates Rachel McGrath (left, top photo) and Debbie Keilin (right, top photo)  negotiated the sale and also serve as principal contacts and listing agents for the Tuscany themed Mediterranean Estate Home that is the personal residence of Mike and Angie Skinner.

“With almost 10,000 square feet of total living space, situated on a premium golf course lot overlooking a lake in the prestigious “Bella Vista Estates” of Spruce Creek Fly-In, the custom residence features controlled gated access, a dramatic two-story entry with Cantera iron arched doors and a grand foyer that opens onto a graceful living room with soaring fireplace and columned music room,” said McGrath.

For more information, contact
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-588-1260
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Winston-James Development Co Reports Two New Leases Totaling 6,566 SF at Aloma Commerce Center in Oviedo, FL

OVIEDO, Fla. --- Winston-James Development, Inc. recently negotiated two new long-term lease agreements at Aloma Commerce Center, (top left photo)  its office/warehouse development located at 2785 Wrights Rd. off Aloma Ave. and S.R. 417 in Oviedo.

Winston Schwartz, a principal at Winston-James Development, based in South Daytona, said Lake Masters, Inc., which specializes in aquatic weed control, leased 4,690 square feet of space and Arcs Outdoors, a distributor of footwear, leased 1,876 square feet at the business center.

Both leases were negotiated by Tyler Brackley with Dunhill Companies of Orlando.

For more information,  contact:
Winston Schwartz, President, Winston-James Development, Inc. Beville Rd., South Daytona, Fla. 32119; 386-760-2555
Charles N. Kasza, Vice President Winston-James Development, Inc. 386-760-2555
Larry Vershel, Larry Vershel Communications 407-644-4142

Congress Needs More Emphasis on Stimulating Small Business to Speed National Economic Recovery, Says Mercantile Capital's Chris Hurn

ALTAMONTE SPRINGS, Fla. --- Congress should shift public policy to put more emphasis on small business in America if the U.S. economy is to improve quickly, says one Central Florida financial expert.

Christopher G. Hurn, (top right photo) chief executive officer of Mercantile Capital Corp. of Altamonte Springs, which ranks as one of the largest providers of U.S. Small Business Administration (SBA) 504 loans in the nation, said U.S. economic stimulus efforts so far have gone almost exclusively to big banks and big business.

“Small business in the U.S. got less than one percent of the economic stimulus funds, when small businesses create more new jobs and more new economic activity than all other economic sectors put together,” Hurn said.

Hurn said many small businesses are the unsung heroes of the recession.

“Time after time we’re dealing with small businesses that are performing despite the worst of the economic trends,” Hurn said. “Instead of closing their doors, they are showing income statements with slight downward trends, and in this economy that’s heroic,” Hurn explained.

But that’s a problem, Hurn said. Lenders want to see increasing revenues and profits. Holding the line may be heroic in a staggering economy, but it won’t convince banks to lend them the capital they need to grow---and create more jobs.

“We need public policy in Washington to ease some of the restrictions to getting capital flowing again . . . to allow people who have done pretty well during this recession to tap some of their embedded equity in their property for instance,” Hurn said.

For more information, contact:
Chris Hurn, CEO, Mercantile Capital Corporation, 407-786-5040
Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040
Larry Vershel, Larry Vershel Communications 407-644-4142