Jeffrey Meierhofer Named Associate Director of Marcus & Millichap Corp.

SALT LAKE CITY, UT– Marcus & Millichap Capital Corporation (MMCC) has named Jeffrey Meierhofer (top right photo) as an associate director in the firm’s Salt Lake City office, according to William E. Hughes, (bottom left photo) senior vice president and managing director of MMCC.

“Jeffrey has an impressive track record of arranging commercial real estate financing on a national scale,” says Hughes. “He brings a wealth of knowledge in arranging debt and equity finance transactions for multifamily, office, retail, industrial, and hospitality properties to his new position.”

Prior to joining MMCC, Meierhofer was the president and owner of The Madison Group, where he closed more than $100 million in commercial and hard money transactions. He has also been the president and owner of Madison Mortgage Inc. and a regional account representative for Old Kent Mortgage Wholesale Division.

Meierhofer is a graduate of Northern Arizona University and holds a bachelor’s degree in communication.

Contact: Stacey Corso, Public Relations Manager,(925) 953-1716

Walgreens Commands $9.5M Sale Price in Staten Island, NY

STATEN ISLAND, N.Y.-- Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of a 7,264-square foot Walgreens drugstore in Staten Island (top left photo)

. The sales price of $9.5 million represents $1,308 per square foot and a cap rate of 7.25 percent.

Steven Siegel, a vice president investments and senior director of the firm’s Net Leased Properties Group in Manhattan, and Scott Plasky, a net-leased properties investment specialist, also in Marcus & Millichap’s Manhattan office, represented the seller, a Walgreens preferred developer.

“The property is a recently opened, brand-new freestanding building located on a major retail corridor surrounded by national credit tenants,” says Siegel. “The total lease term is 75 years with Walgreens having the option to terminate after year 25. This is a zero-management asset,” adds Siegel.

Constructed in 2009, the property is located at 2191 Richmond Ave. in Staten Island, surrounded by national and local retailers including CVS, Rite Aid, Barnes & Noble, Pier 1, Duane Reade, Wendy’s, PC Richard & Sons, Dunkin’ Donuts, Marshalls, Best Buy and Starbucks. The 1.2 million-square foot, 200-store Staten Island Mall, anchored by Sears, JCPenney and Macy's, is less than one-half mile away.

The population within three miles of the property is 190,000 and the average household income is greater than $92,000.

Staten Island is one of the five boroughs of New York City.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Stan Johnson Co. Negotiates Sale of 80,000-SF Single Tenant Class A Office Building in San Antonio, TX for $10.85M

SAN ANTONIO, TX– Stan Johnson Company, one of the nation’s premier net lease brokerage firms, represented both the seller, Inland Western Retail Real Estate Trust, Inc. ("Inland Western”) and a private buyer in the sale of an 80,000-square-foot Class A office building 100% leased to Coventry – First Health for $10.85 million.

Built in 2005, the mid-rise building is located among other corporate users in the Westover Hills area near Sea World and Hyatt Hill Country Resort.

“We were able to work within the confines of a shorter lease and existing conduit debt and bring to Inland Western a buyer we had worked with in the past who liked the quality and credit of the asset,” said Craig Tomlinson (top right photo)  of Stan Johnson Company, who represented both the buyer and the seller.

Inland Western Retail Real Estate Trust, Inc. is a self-managed real estate investment trust that acquires, manages and develops a diversified portfolio of real estate, primarily multi-tenant shopping centers across the United States.

As of December 30, 2009, the portfolio under management totaled in excess of 48 million square feet, consisting of 299 consolidated operating properties. The company also has interests in 11 unconsolidated properties and 11 properties under development. For further information, please visit www.inlandwestern.com.

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

NAI Realvest Chairman George Livingston to Represent Company April 8-11 at International Real Estate Trade Show in Beijing

MAITLAND, Fla. --- NAI Realvest will be represented at the International Real Estate Trade Show April 8-11 in Beijing, China. George Livingston (top right photo), chairman emeritus of NAI Realvest, said he will attend the trade show, which focuses on commercial and resort properties.

“As China’s free enterprise system matures, new Chinese entrepreneurs are looking for secure investment opportunities and commercial and resort properties in the U.S. offer many advantages,” Livingston said.

“This is a market that will take some time to develop, but we are committed to do so. During the trade show our lead effort will be to seek Chinese investors who also want a U.S. visa,” he said.

For more information, contact
George Livingston, Chairman Emeritus, NAI Realvest 407-875-9989 glivingston@realvest.com
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com

Top Associates at Crossman & Co. Earn Seven Awards at CFCAR 2010 Hallmark Awards Banquet

 ORLANDO - Four top associates at Crossman & Company, the Orlando-based commercial property firm that ranks as one of the largest third-party retail leasing and management firms in the Southeast, took home seven Hallmark Awards from the Central Florida Commercial Association of Realtors 2010 Hallmark Awards banquet recently.

John Crossman ( photo) CCIM, president of Crossman & Company, said senior associate Courtney Kowalchuk (top right photo)won the company’s most coveted award as the region’s Top Retail Producer and she is the firm’s fourth associate to with the annual award.

Kowalchuk, who joined Crossman & Company in November 2006, completed 35 retail property lease transactions in 2009 valued at $20 million.

Kowalchuk, who began her career in commercial real estate with Crossman & Company, was also named one of the region’s Top 10 Overall Producers.

Crossman & Company senior associate Justin Greider (top left photo)  also scored top honors during the Hallmark wards event as a Top 10 retail producer and also as a Top 10 Overall Producer. Greider, who chairs the International Council of Shopping Centers (ICSC) Florida Next Generation committee, joined Crossman & Company in 2009.

Associate Danny Germano (middle right photo)  who joined Crossman & Company in June 2007 earned two awards, as Rookie of the Year and also as a Top 10 Retail Producer. Germano negotiated 33 lease transactions covering over 72,000 square feet last year.

Associate Whitaker Leonhardt has been with Crossman & Company for one year and received a Circle of Achievement award. “Crossman & Company is a regional firm specializing in retail properties and so the retail sector awards were our main focus for the evening,” Crossman said.

Every year, since the Hallmark awards began in 1995, a Crossman & Company associate has been among the top retail producer awardees.

“We are delighted at the recognition and it was a real heart-thumper to see so many awards this year,” Crossman said.

Contacts:
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;
Molly Delahunty, Crossman & Company, 407-581-6220 mdelahunty@crossmanco.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com.

Mercantile Capital Corp. CEO Chris Hurn Earns Florida SBA Small Business Champion Award

ALTAMONTE SPRINGS - Mercantile Capital Corporation, which ranks as one of the nation’s largest providers of SBA 504 loans for small business owners who want to acquire or develop their own facilities, is about to be honored as the 2010 SBA Florida and 12-state Southeast District Financial Services Champion.

Wilfredo J. Gonzalez, (bottom right photo) District Director of the U.S. Small Business Administration, recently notified Mercantile Capital Corporation president and CEO Christopher G. Hurn (top right photo)  that he was selected the Small Business Financial Services Champion.

“This is the second time we have won the SBA Small Business Champion Award in four years,” Hurn said. “It is a great honor and it is recognition of all the hard work our staff has done to create a sound, dependable lending resource for small business,” he said.

“From the beginning, our strategy has been to provide the best commercial loan program available to small business owners who collectively represent the greatest strength of our economy and the most heavily burdened,” said Geof Longstaff,  (top left photo) chairman of Mercantile Capital Corporation.

“This has been particularly difficult during these economic conditions, and the fact that we have succeeded against the odds is a tribute to the hard work and dedication of all of our staff,” Longstaff added.

For more information, contact:
Chris Hurn, CEO Mercantile Capital Corporation, 407-786-5040; churn@mercantilecc.com;
Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040; glongstaff@mercantilecc.com;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com
.

Sperry Van Ness Becomes First Brokerage Firm to Implement Mobile Marketing Technology for Commercial Property Listings

IRVINE, CA, MARCH 30, 2010 – Sperry Van Ness, one of the nation’s largest commercial real estate brokerage firms, has announced that it has implemented a new mobile marketing platform using Qonnect.mobi for its commercial property listings. Sperry Van Ness is the first commercial real estate brokerage firm to implement this technology.

Qonnect.mobi is a mobile marketing platform that uses 2D barcodes, also known as QR codes, along with highly optimized mobile web pages to instantly deliver information to consumers.

This cutting edge marketing strategy will provide immediate access to property information such as URL links to mobile pages, digital flyers, images, video and contact information by simply scanning a bar code with any smart phone device.

“Technology has always been a key component to the success of this company, and this new mobile marketing platform is a result of our efforts to improve our efficiencies in marketing our listings”, said Kevin Maggiacomo (top right photo) , president and CEO of Sperry Van Ness. “We will continue to look for ways to provide better service to our clients.”

Scott R. Maesel  (middle left photo) and Wayne Caplan (bottom right photo) of Sperry Van Ness’ downtown Chicago office is the first to use this new technology in the marketing of 13,000 square feet of retail/restaurant space in Alta At K Station, a luxury high rise development built by The Fifield Companies.

“We are very excited to be the first commercial real estate firm to embrace this new technology and implement it into our marketing plan” said Maesel

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

New tool aimed at streamlining property marketing process for brokerage industry

BEVERLY HILLS, CA – Commercial Real Estate Solutions, leading national consulting firm for the commercial real estate industry, has launched CRES-Tek, a subscriber-based marketing system that provide brokers a tool to easily and quickly create premier custom property marketing collateral for clients in a format consistent with the professional brand of their company.

CRES-Tek is a one-stop solution for creating property marketing materials in a fraction of the time it typically takes a broker to create.

From a single point of entry, the web-based system automates the creation of property websites, listing proposals, marketing brochures, executive summaries, financial analysis, sale and lease flyers, and exports your materials to the leading online commercial real estate listing services for properties for sale and properties for lease.

CRES-Tek also gives each broker the ability to market themselves with their own personalized marketing webpage.

“Commercial Real Estate Solutions has an in-depth understanding of industry tools and transactional workflow,” said Peyton Moore, broker with Colliers Abood Wood-Fay in Florida. “CRES-Tek makes my life so much easier. I highly recommend it to any firm or broker.”

Commercial Real Estate Solutions is currently marketing CRES-Tek to local, regional and national commercial real estate brokerage firms across the United States after beta testing it with several brokers. Thus far, they have received very positive feedback and numerous demos of the tool.

“For the past several years, brokers throughout the country have been telling us that they needed a tool that would create materials more efficiently so they could spend more time selling and leasing more properties as well as getting more clients,” said Mark Donahue, (middle left photo)  president and CEO of Commercial Real Estate Solutions. “We achieved our goal of providing clients with tools to win more business, market properties faster, and standardize a consistent company image.”

Donahue went on to say that this system provides the brokerage firm the ability to manage properties and marketing materials across multiple offices.

Commercial Real Estate Solutions, a leading national consulting firm for the commercial real estate industry, was founded by Mark Donahue and Ingrid van Arnhem, (top right photo)  who have a combined 68 years of experience in commercial real estate brokerage. For more information, visit http://www.cres-tekonline.com/

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

Home Prices in the New Year Continue the Trend Set in Late 2009, According to the S&P/Case-Shiller Home Price Indices

NEW YORK, NY, Mar. 30, 2010 – Data through January 2010, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, show that the annual rates of decline of the 10-City and 20-City Composites improved in January compared to December 2009.

In fact, the 10-City Composite is unchanged versus where it was a year ago, and the 20-City Composite is down only 0.7% versus January 2009. Annual rates for the two Composites have not been this close to a positive print since January 2007, three years ago.

The chart (in the full release)  depicts the annual returns of the 10-City and 20-City Composite Home Price Indices, with a flat (0.0%) reading and down 0.7%, respectively, in January 2010 compared to the same month last year. All 20 metro areas and both Composites showed an improvement in their annual rates with this month’s readings compared to the December 2009 print.

“The report is mixed. While we continue to see improvements in the year-over-year data for all 20 cities, the rebound in housing prices seen last fall is fading.

"Fewer cities experienced month-to-month gains in January than in December 2009, on both a seasonally adjusted and unadjusted basis.” says David M. Blitzer, (top right photo) Chairman of the Index Committee at Standard & Poor’s.

“Moreover, in four cities – Charlotte, NC, Las Vegas, Seattle and Tampa – prices reached new lows following the financial crisis. Tampa and Las Vegas experienced some of the largest gains and declines in this cycle, while Charlotte and Seattle saw much more modest price booms and relatively late peaks.

 On a brighter note, San Francisco and Minneapolis are 15.2% and 12.9% above their trough values.”

For a complete copy of the release and graphs, please contact:
David R. Guarino, Director of Global Index Communications, Standard & Poor's, 212 438 1471

Thomas D. Wood & Co. Brokers $3M Financing for 3 Central Florida Properties

ORLANDO, FL, Mar. 29, 2010— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $3,085,000 for Pepperwood Apartments, Strawberry Place Apartments, and Lazy Acres Mobile Home Park.

Doug Rozzell, Company Principal, financed Pepperwood Apartments through Thomas D. Wood and Company’s correspondent relationship with The Standard Life Insurance Company in the amount of $1,450,000. The loan has a 5+5+5+5+5-year term, based on a 25-year amortization and an interest rate of 6.90%. The loan-to-value is 70%.

The 72-unit apartment complex was built in 1974 and is located at 13725 Susan Kay Drive, Tampa, Florida.

As with Pepperwood Apartments, Rozzell also financed Strawberry Place Apartments through The Standard Life Insurance Company in the amount of $1,150,000. The loan has a 5+5+5+5+5-year term, based on a 25-year amortization and an interest rate of 6.90%. The loan-to-value is 70%. The 55-unit apartment complex was built in 1982 and is located at 1400 Strawberry Place, Plant City, Florida.

Rozzell financed the Lazy Acres Mobile Home Park through Thomas D. Wood and Company’s relationship with a local bank in the amount of $535,000. The interest rate is fixed at 6.75% for a five-year term, based on a 25-year amortization. The loan-to-value is 50%. The 50-pad mobile home park is located on 2.34 acres at 14011 N. Nebraska Avenue, Tampa, Florida.

For further information, please contact:
Doug Rozzell (407) 937-0470 drozzell@tdwood.com
Jessica Kinnee (407) 937-0470 jkinnee@tdwood.com

42% Of South Florida Resale Condos Distressed

MIAMI, FL--Nearly 42 percent of the nearly 53,000 condominiums for resale in the tricounty South Florida region are in some form of distress with the ratio of troubled product reaching as high as 50 percent in Miami-Dade County, according to a new report from CondoVultures.com.

More than 22,200 condominium units on the resale market in Miami-Dade, Broward, and Palm Beach counties are either bank-owned properties or in the process of a short sale where a lender accepts less than the amount owed on the existing mortgage, according to the report based on Florida Association of Realtors data.

"Distressed condos are going under contract in South Florida at a pace that is three times faster than those units that are not bank-owned or in the process of a short sale," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "Today's condo buyers are purchasing with all cash, so the natural focus is to gravitate toward the distressed units that can be acquired at a deep discount. The product that is not officially deemed to be distressed is selling but at a much slower pace."

Contact:  Peter Zalewski,  800-750-0517, peter@condovultures.com   

Marcus & Millichap Promotes Armand Tiberio to First Vice President Investments in Seattle

SEATTLE, WA– The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Armand Tiberio  to the position of first vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Gregory S. Wendelken, vice president and regional manager of the firm’s Seattle office.

After joining the firm in January 2002, Tiberio was quickly promoted to associate in October 2002. He was promoted to senior associate in 2005 and became a vice president investments in July 2008.

Tiberio specializes in the sale of Section 42 Low Income Housing Tax Credit (LIHTC) properties and is a senior director of the firm’s National Multi Housing Group. He has received more than a dozen sales awards from Marcus & Millichap, including six National Achievement Awards.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

$118M sale of trophy residential tower in Arlington, VA completed by HFF

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of The Palatine, (top left photo) a 262-unit, Class A high-rise multi-housing community in Arlington, Virginia.

The HFF investment sales team was led by managing director Dave Nachison (middle right photo) and director Alan Davis (middle left photo) .

HFF was engaged by the lenders to market the property for sale during the pendency of the foreclosure process in the expectation that the price for the property would be maximized through a foreclosure auction.

Crescent Heights of America was the successful bidder at the foreclosure auction and purchased the property for $118 million.

Completed in 2008, The Palatine includes a mix of one-, two- and three-bedroom units that average 1,055 square feet each and feature condominium quality finishes and spectacular D.C. and monument views.

Building amenities include a rooftop pool with sundeck, fitness center, Zen garden, 24-hour business center, bicycle storage and controlled access garage parking.

The Palatine is located at 1301 North Troy Street in the Rosslyn-Ballston corridor of Arlington, Virginia two blocks from the Courthouse Metrorail station and minutes from downtown Washington, D.C.

“The Palatine was 95% occupied at closing in what is quickly becoming one of the tightest apartment submarkets in the entire metro D.C. area. All recently delivered apartment supply has been quickly absorbed and leasing concessions are rapidly being reduced by landlords in the area,” said Nachison.

"Despite being held in the middle of a blizzard among bidders that were required to bring $9 million in certified funds to be qualified to bid, the open auction-style offering of the Palatine garnered a very strong response from institutional, off-shore and private equity investors.

 The success of this offering illustrates the depth of capital aggressively seeking trophy quality multi-housing product locally and nationally," added Nachison.
"Washington, D.C. (Capitol building bottom right photo)  remains the #1 target for multi-housing investments with investors recognizing the nation leading fundamentals and the excellent prospects for near-term job growth," commented Davis.

Crescent Heights of America is one of the nation’s largest developers and marketers of high-rise, multifamily housing and hotels.

The company’s premier properties stretch from New York to Los Angeles, from Miami to Chicago, and points in between.

Crescent Heights prides itself at uncovering real estate trends, and knowing when and how to develop projects – from residential and hotel construction to redevelopment and adaptive re-use.

Contacts:

David R. Nachison, HFF Managing Director, (202) 533-2500, dnachison@hfflp.com
 Alan M. Davis, HFF Director, (202) 533-2500, adavis@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Alta Brookwood Apartments in Simpsonville, SC on Market for $23.5M

ATLANTA, GA--Engler Financial Group, LLC is pround to present Alta Brookwood, (top left photo) an upscale 256 unit garden-style Class “A” apartment community located off I-385 in Simpsonville, South Carolina within the greater Greenville MSA.


The Property is being offered for sale for $23,500,000 and represents an excellent opportunity to purchase a well located apartment community in one of the fastest growing markets in the Southeast.

Alta Brookwood is located in the southern portion of Greenville County, approximately eight miles south of downtown Greenville and four miles south of I-85.

Greenville County is the economic growth engine of the Upstate South Carolina region, a nine county area which includes the Greenville, Spartanburg, and Anderson MSAs, and has a 2009 estimated population of over 1.3 million. Greenville is now home to numerous world class companies, including Lockheed Martin, General Electric IBM, Michelin, Sealed Air Corp., Kemet Corp., and BMW.

Alta Brookwood is strategically located about three miles south of the Clemson University International Center for Automotive Research (CU-CAR), a new $230 million, 250-acre, advanced R&D campus located off I-85 and Highway 276 in Greenville. CU-ICAR was jointly formed by the automotive industry, the South Carolina state government, and Clemson University and has created approximately 600 new jobs since 2006.

Please follow the link below to view the asset teaser for Alta Brookwood. If you have an interest in pursuing this outstanding investment opportunity, please execute an electronic Confidentiality Agreement on Peracon.

If you have any questions or would like to schedule a tour of Alta Brookwood, please contact Greg Engler, Pat Jones or Kris Mikkelsen. We look forward to working with you on this exciting opportunity.

Contacts:
Greg Engler, 678/992-2000, ext. 1, gengler@efgus.com
 Pat Jones, 678/992-2000, ext. 2, pjones@efgus.com
Kris Mikkelsen, 678/992-2000, ext. 4, kmikkelsen@efgus.com

Sperry Van Ness Names Sperry Van Ness/Commercial Specialists Inc. in Winchester, VA

WINCHESTER, VA– Sperry Van Ness, one of the nation’s largest commercial real estate brokerage firms, has announced that Winchester, VA-based Sperry Van Ness/Commercial Specialists Inc. was the firm’s #4 office in 2009 with a total sales transaction volume in excess of $22 million along with 22 individual leasing transactions.

Sperry Van Ness is one of the nation’s most recognizable commercial real estate brands according to nationally recognized commercial real estate consultant, Mike Lipsey Co.

Additionally, three individual advisors were honored for being in the firms list of Top 25 in 2009 including Gillian Greenfield (#9) (middle left photo), Conrad Koneczny  (middle right photo)  (#18) and Betty Friant (bottom left photo) (#23).

Greenfield serves as a senior advisor specializing in industrial leasing, commercial and industrial land development, portfolio disposition, and triple-net income property acquisition.

Koneczny serves as managing director specializing in investment grade commercial real estate, industrial, office, retail and assisted living facilities.

Friant serves as a senior advisor specializing in the sale of investment property and land sales. Sperry Van Ness Commercial Specialists, Inc. was founded in Winchester in 2004.

“In the past few years, Sperry Van Ness/Commercial Specialists has become one of the premier brokerage offices in the United States,” said Kevin Maggiacomo, (top right photo) president and CEO of Sperry Van Ness. “We look forward to its continued success with our company.”

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

Brandon Pacheco Joins Grubb & Ellis Securities as Regional Vice President

SANTA ANA, CA, (Mar. 26, 2010) – Grubb & Ellis Securities, Inc. today announced that Brandon Pacheco  (top right photo) has joined the company as a regional vice president. In his new role, Pacheco is responsible for raising equity in the states of Colorado, Kansas, Nebraska and Wyoming for the various real estate investment programs sponsored or advised by the investment subsidiaries of Grubb & Ellis Company (NYSE: GBE).

These programs include Grubb & Ellis Apartment REIT, Inc. and Grubb & Ellis Healthcare REIT II, Inc., both publicly registered non-traded real estate investment trusts.

“Brandon is a seasoned sales professional with an exceptional reputation and thorough understanding of the industry,” said Richard Arnitz, (bottom left photo) executive vice president of sales with Grubb & Ellis Securities. “He is an exceptional addition to our sales force, and I am confident that he will provide exceptional service to our broker-dealer partners and clients in Colorado, Kansas, Nebraska and Wyoming.”

Pacheco joins Grubb & Ellis Securities from Sun Life Financial Distributors, Inc., where he served as a regional vice president. Prior to entering the securities field with Oppenheimer Funds in 1998, he served as an aviation ordinance third class petty officer with the United States Navy aboard the USS Constellation.

Contact: Damon Elder, Phone: 714.975.2659, Email: damon.elder@grubb-ellis.com


 Grubb & Ellis Opens San Diego Office

SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the six principals of Commercial Realty Advisers, along with a majority of the firm’s brokerage professionals, have joined the company to form a new Grubb & Ellis-owned office in San Diego, effective immediately.

Joining Grubb & Ellis as senior vice presidents are Gregory Albertini, Brent Bohlken, Jeffrey Chasan, Steve Dok, Brandon Keith and Robert Vallera, all industry veterans whose varied and complementary expertise spans a wide range of commercial real estate specialties. Each will have a participating interest in the success of the new office.

The team will be joined by the majority of Commercial Realty Advisers’ brokerage professionals, giving Grubb & Ellis a significant brokerage and management presence in San Diego. The company currently manages approximately 5 million square feet of property throughout San Diego.

“Grubb & Ellis is already a well-known brand with a significant management presence in San Diego,” said Jack Van Berkel, (lower right photo)  Grubb & Ellis’ chief operating officer and president, Real Estate Services. “With the addition of Commercial Realty Advisers’ principals and its top professionals, the company has established itself as a leader in the San Diego commercial real estate market overnight. We’ve also enhanced Grubb & Ellis’ presence throughout Southern California.”

Grubb & Ellis will operate its San Diego operations from the former Commercial Realty Advisers office in UTC, located at 4275 Executive Square in La Jolla.

Contacts:
Janice McDill,  Phone: 312.698.6707, Email: janice.mcdill@grubb-ellis.com
Erin Mays,  312.698.6735,  erin.mays@grubb-ellis.com

Marcus & Millichap Lists $17.9M Retail Property in Las Vegas

LAS VEGAS, NV-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 104,397-square foot Harley-Davidson/24 Hour Fitness (top left photo)  in Las Vegas. The listing price of $17,905,000 represents $172 per square foot.

Jeremy Foley and Ray Germain, both net-leased property investment specialists in the firm’s Las Vegas office, are representing the seller, a private investor.

“Las Vegas Harley-Davidson has been in this location since 2003 and is the world’s largest Harley-Davidson dealership,” says Foley. “24 Hour Fitness has been there since 1988 and has completed more than $2 million in tenant improvements since 2005.”

“Below-market assumable financing of $10.9 million is available for the property at 5.69 percent interest, fixed, due February 2016,” says Germain.

The property is located at 2605 South Eastern Avenue in Las Vegas, just north of West Sahara Avenue, in a well-established retail corridor with traffic counts in excess of 82,000 vehicles per day. Nearby tenants include CVS, Food 4 Less, Panda Express, Burger King, 7 Eleven, Kmart, Ross and Starbucks.

The property is 100 percent leased by the two tenants. 24 Hour Fitness’s triple-net lease expires in 2016. Harley-Davidson’s triple-net lease expires in 2013 and has two five-year options to renew.

A total of $637,800 has spent on recent capital improvements, which include roof replacement, exterior paint and parking lot resurfacing. These were completed in 2005, 2006 and 2008.

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

Cambridge Says Loan Origination Requests Rise Modestly in February

CHICAGO, IL--Cambridge Realty Capital Companies reports the number of senior housing/healthcare loan origination requests processed by the company rebounded modestly in February but the dollar volume was up a robust 21.6 percent over the same month last year.

Cambridge Chairman Jeffrey A. Davis  (top right photo) said the company processed 28 loans totaling $478.2 million in February. This compares with 25 loans totaling $393.1 million for the same month last year.

For the year-to-date, Cambridge has processed 50 loan requests, compared with 52 loans during the first two months of 2009. However, the $852.1 million dollar volume for this year is running about 12 percent ahead of the $757.7 million volume for the same period last year.

Davis points out that lenders close a relatively small percentage of loan requests received, but thinks it’s useful to track this information as an indication of market direction.

“All things considered, the results to date are encouraging. Cambridge is predicting a rebound in funding activity in 2010 if the economy continues to improve,“ he noted.

Cambridge is one of the nation’s leading senior housing/healthcare lenders with more than 300 closed transactions totaling more than $3 billion since the mid-1990s, when the firm began specializing in senior housing/healthcare financing. The company consistently ranks among the top FHA-approved HUD 232 healthcare lenders in the country.

Davis says Cambridge has been privately owned since its founding in 1983 as a real estate investment banker specializing in commercial real estate properties. The company today has three distinctive business units: FHA-insured HUD loans, conventional financing, and investments and acquisitions.

Contact:
Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com, Twitter: http://twitter.com/CambridgeCap

Two Luxury Home Sales at Turtle Creek in Dr. Phillips Area Sold for $741,000

ORLANDO - Sally Taylor and Emily White, a sales associate team in Stirling Sotheby’s International Realty’s Windermere/Dr. Phillips office recently represented both buyers and sellers of two luxury homes at Turtle Creek in the Dr. Phillips area that totaled $741,000.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said the two homes, located at 10625 and 10626 Woodchase Circle respectively, sold for $355,000 and $386,000.

Soderstrom said Taylor and White formed a special team in the firm’s Dr. Phillips office. “Sally Taylor and Emily White are originally from the U.K., and they extensively market their properties both locally and internationally,” Soderstrom said. “They have excellent contacts with European investors and they are very meticulous in their presentations and strategies,” he said.

Soderstrom added that the luxury homes market is coming back strong in southwest Orlando.

“The luxury homes market is coming back strong because the opportunities throughout Central Florida are abundant, and especially in southwest Orlando” Soderstrom said.

For more information contact:
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Spring Hill Suites by Marriott opens at Tampa Palms Professional Center

TAMPA - Sun Development and Management Group of Indianapolis has opened the Spring Hill Suites by Marriott (top left photo) on a 2.5-acre site at the Tampa Palms Professional Center, located in Tampa Palms on Commerce Center Blvd. off Bruce B. Downs Blvd.

Paula Buffa,  (bottom right photo) RPA, CCIM, senior vice president at Grubb & Ellis Commercial Florida in Tampa, said the 127-suite hotel complex with meeting rooms, a fitness center and heated pool plans to cater to business travelers in the Tampa Palms Professional Center area as well as area visitors to nearby Busch Gardens, the University of South Florida and the New Tampa Recreational Center.

“Spring Hill Suites by Marriott will draw increased attention to office suites available at Tampa Palms Professional Center,” said Buffa, who represents the professional office complex.

Tampa Palms Professional Center offers 460,000 square feet of Class A office, medical, commercial, restaurant, retail and hotel space in a natural setting that overlooks conservation areas, lakes and ponds. Buildings range from 2,000 to 18,000 square feet of customized space.

CONTACTS:
Paula Buffa, CCIM, RPA 813-830-7887;
Jeffrey Sweeney, SIOR President 407-481-5387;
Larry Vershel Communications 407-644-4142

RiskMetrics Group Recommends Lodgian Stockholders Vote “FOR” Proposed Merger with LSREF Lodging Investments, LLC

ATLANTA, Ga., March 26, 2010—Lodgian, Inc. (NYSE Amex Equities: LGN), one of the nation’s largest independent hotel owners and operators, today announced that RiskMetrics Group, Inc. (formerly Institutional Shareholder Services), a leading independent proxy advisory firm, recommends that Lodgian stockholders vote “FOR” Lodgian’s proposed merger with LSREF Lodging Investments, LLC (“LSREF”), an affiliate of Lone Star Funds.

As previously announced, under the terms of the merger agreement, LSREF will acquire all of the outstanding common stock of Lodgian for $2.50 per share in an all-cash transaction, which represents a premium of approximately 67.2 percent over Lodgian's average closing share price during the trading period of one calendar month prior to January 15, 2010 and 64.3 percent over Lodgian's average closing share price during the trading period of six calendar months prior to January 15, 2010.

Lodgian urges stockholders to follow the recommendation of RiskMetrics by signing, dating and returning the company’s proxy card today. Lodgian stockholders who have questions or require assistance voting their shares should contact the company’s proxy solicitor, Innisfree M&A, toll-free at (888) 750-5834 (banks and brokers may call collect at (212) 750-5833).

The vote of Lodgian’s stockholders is very important regardless of the number of shares of common stock they own. Whether or not stockholders are able to attend the special meeting of the stockholders (the “Special Meeting”) in person, to ensure their votes are counted, stockholders are urged to vote by telephone or Internet as soon as possible.

 If stockholders fail to return their proxy cards, fail to register their vote by telephone or Internet, fail to attend the Special Meeting and vote in person, or fail to instruct their broker on how to vote, it will have the same effect as a vote against approval of the merger and the merger agreement.

Contact:
Debi Neary Ethridge, Vice President, Finance & Investor Relations, (404) 365-2719. dethridge@lodgian.com
Jerry or Chris Daly, DalyGray Public Relations, jerry@dalygray.com
chris@dalygray.com

Meet the Money Conference Set for May 3-5 in Los Angeles

LOS ANGELES, CA—Encouraging signs of a thaw in the worst recession in decades are the rationale behind this year’s optimistic theme, “Unlocking the Game-changers for the Coming Recovery,” for the 2010 Meet the Money® conference.

This year’s event, which marks its 20th consecutive year, will be held May 3-5, 2010, at the Sheraton Gateway Los Angeles Hotel (top left photo)  near LAX in California.

“We expect attendees at this year’s conference to fall into two distinct categories,” said conference founder Jim Butler, (middle right photo) author of www.HotelLawBlog.com and chairman of the Global Hospitality Group® of Jeffer, Mangels, Butler & Marmaro LLP.

 “There will be investors with cash who are gearing up for an active acquisition run over the next several years. We expect to see a large number of opportunity funds, especially as the bid-ask spread is narrowing.

“On the sell side will be troubled hotel owners who are seeking ways to work through these unprecedented economic times,” he noted.

 “Rounding out the group will be representatives from dozens of banks, institutional lenders and private investors who will update attendees on the availability of capital. Industry experts suggest that it will take at least three to five years to resolve the significant number of hotel work-outs in process and the tsunami of CMBS loans coming due.

"This will be a period of both tremendous opportunities and a tremendous amount of pain.”

Meet the Money® will feature some 100 industry leader speakers, in more than 25 sessions. Major emphasis will be placed on CMBS loans, receivership, financing and investment strategies, revenue management, repositioning, public-private partnerships, timeshare and asset management.

“In the past two decades, the conference has seen two major economic cycles,” Butler said.

 “The world of finance and the issues associated with ownership have become increasingly complex, which is reflected in the way the format of the conference has changed over the years. We began as an extended breakfast meeting sitting around a table in 1990.

" We now are a three-day event attracting more than 400 people from throughout the U.S., as well as overseas. This will be the most dynamic group we’ve had in the conference’s history.”

Registration fee for the conference is $950. For more information about the conference, to register or learn how to become a Meet the Money® sponsor or exhibitor, please visit http://www.meetthemoney.com/  or contact Diane Phillips at (310) 785-5320 or at dphillips@jmbm.com.

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

Liberty Property Trust Receives Toby Award for Centurion Plaza in Jacksonville, FL

JACKSONVILLE, FL-- Liberty Property Trust (NYSE:LRY) today announced it has received a TOBY Award from the Jacksonville Building Owners and Managers Association (BOMA) for its Centurion Plaza Building (top left photo) The award recognizes excellence in property management.

“Receiving this award from BOMA is a true honor,” said Mike Heise, (lower right photo)  vice president and city manager at Liberty. “We feel that this award is recognition of the unique amenities of Centurion Plaza and a testament to the dedication and professionalism of our staff.”

The award, presented to Liberty last week for its building located at 10245 Centurion Parkway North, was received in the office category for buildings under 100,000 square feet. Centurion Plaza is a 51,974 square foot three-story building that has qualified to be Energy Star rated.

The local BOMA chapter sponsors the annual performance and criteria include all facets of a building's operations, including tenant relations, community involvement, emergency evacuation processes, continuing education for building personnel and overall exceptional service.

General Inquiries: Mike Heise, Liberty Property Trust, 904/ 281-5454
Media Contact: Margo Hunt Winans, a.s.a.p.r., 757/404-8653

Engler Financial Group Markets Loan Backed by Oxford Creek in Georgia

ATLANTA, GA--Engler Financial Group has been engaged on an exclusive basis to market for sale the multifamily mortgage loan collateralized by Oxford Creek (top left photo)

 Bid Due Date is tentatively set for Wednesday, April 7th.

Oxford Creek is a 232-unit Class “A” all townhouse apartment community located at the northwest corner of McDonough Parkway and Bridges Road in McDonough, Henry County, Georgia.

As one of the fastest growing counties in Georgia, many top corporations have located facilities in Henry County including Ford Parts and Distribution, Nestle' USA and BellSouth Services.

The submarket's proximity to Hartsfield-Jackson International Airport will continue to attract new businesses and households.

All floor plans offered at Oxford Creek are desirable two-story townhouses which provide residents with private direct-unit entrances. The two-story townhouse design of the Property's units gives the community a more "single family" feel unlike other garden apartment properties. The community's townhouse units have been well received in the submarket as evidenced by the strong occupancy trend at the property.

If you have an interest in pursuing this opportunity, please follow the link below to view the asset teaser for Oxford Creek and execute an electronic Confidentiality Agreement on Peracon.

If you have any questions or would like to schedule a tour of Oxford Creek, please contact Greg Engler, Pat Jones or Kris Mikkelsen. We look forward to working with you on this exciting opportunity.

Contacts:
Greg Engler, 678/992-2000, ext. 1, gengler@efgus.com
 Pat Jones, 678/992-2000, ext. 2, pjones@efgus.com
Kris Mikkelsen, 678/992-2000, ext. 4, kmikkelsen@efgus.com

CLW Health Brokers $9.5M Sale of Alabama Retirement Community

TUSCALOOSA, AL--CLW Health Care Services Group of Tampa, FL  is pleased to have represented Capstone Village, Inc. in the 9.5 million sale of Capstone Village, (top left photo)  an Entrance Fee Continuing Care Retirement Community located on the campus of The University of Alabama in Tuscaloosa, Alabama.

The 159-unit, 24-acre  Capstone Village includes 22 Independent Living Garden Homes, 108 Independent Living Apartments, and a 29-unit Health Center (13 Assisted Living and 16 Memory Care units).
Tuscaloosa News.com reports the university  will not be responsible for about $51 million in mortgage bonds. The university will assume payback of deposits and owe $800,000 immediately and another $2.1 million when vacant units are resold.

Sale will be official once a court order is obtained. Trustees approved buying Capstone Village, on the eastern edge of campus, for about 20 cents on the dollar.

“Given the location of Capstone Village and the fact that many of the residents, if not most of the residents, are friends of the university, it’s important for us to protect this piece of property and our relationship with the inhabitants,” UA President Robert  E. Witt told trustees.

Built in 2005, Capstone Village sits on 24 acres of UA’s campus and has 159  units in a 228,000-square-foot facility, with 22 patio homes totaling 35,000 square feet behind it. It’s valued at $40 million, said Lynda Gilbert, (middle left photo)  UA vice president for financial affairs.

Under the sale terms, UA will pay $9.5 million to Capstone’s lenders but will not be responsible for about $51 million in mortgage bonds. In other words, UA would own the community outrightwhile Capstone’s lenders will take a loss.

“The bondholders have decided they no longer want to be in the retirement community business, so they’re moving away from those type of investments, and this is one of their last commitments to these types of facilities,” Gilbert told trustees. “They are just cleaning up financial statements, and we were able to take advantage of their changes of philosophy.”

UA officials first floated the idea of a retirement community on campus in the early 1990s, and in 1998, trustees leased 24 acres off Fifth Avenue East to Cooperative Retirement Services  of America, based in Memphis, Tenn.

CRSA set up Capstone Village Inc., the nonprofit company that developed and marketed the $45 million complex. Although several prominent current and former UA staff members serve on the company’s board of directors, the community has been independent of the university and pays rent to UA.

“It’s a major accomplishment for our long-term plans,” trustee chairman Finis St. John said. Capstone will continue to operate as a retirement community, said Debbie Lane (lower right photo), UA spokeswoman.

“We plan to make sure (it)continues to be a vibrant retirement community for a long time,” she said.

UA plans to keep Capstone Village as a nonprofit, but there has been no decision on whether its staff will become university employees, Lane said.

UA will pay the $9.5 million from cash reserves, but, under the resolution approved by trustees, there is an option to include up to $14 million for the purchase in a future bond issue. The $4.5 million padding between the purchase price and the potential bond is in case UA has to spend any more on renovations or upgrades once it becomes owner of the facility, Lane said.

“We don’t anticipate needing it, but it will give us wiggle room if we do,” she said.

As part of the sales terms, UA will take over paying back residential deposits, which as long as vacancies are filled will not cost UA money long term.

Before residents can move in, they must pay an entrance fee, or deposit, which is 90 percent refundable when they move out and the unit is resold. Under the proposed sale terms, UA will assume payback of deposits and owe $800,000 immediately, which UA will pay from reserves, and another $2.1 million when vacant units are resold. The occupied units now have about $14 million in deposits that will become a revolving liability for UA.

The trustees’ executive committee approved the action Thursday by conference call. The committee can act on behalf of the full board so no other action is needed.

A court order approving the sale is still needed, but UA and Capstone’s lenders hope to close the sale before the end of the year.

Contact:
Allen McMurtry, CEO (lower left photo) CLW Health Care Services Group, 4301 Anchor Plaza Parkway, Suite 400, Tampa, FL 33634, (813)-349-8349, CLW Health Care Services Group