ROSEMONT, IL – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that the ground lease interest of 15630 S. Harlem Ave. in Orland Park, was sold to Acorn LLC at a 6.5 percent cap rate.
Peter Block, senior vice president, and Anne Arnold, senior associate, Private Capital Markets group, represented the seller, 15690 S. Harlem LLC.
“With its high-traffic location on Harlem Avenue and long-term credit tenant in place, we saw strong buyer response in this offering,” Block said. “Orland Park is the state’s fifth-highest sales tax generator and has demonstrated population growth in recent years, illustrating its strength for investment properties.”
Chase Bank occupies the site’s 4,300-square-foot retail building on a 30-year primary term with escalations every five years and three 10-year options.
Contact: Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com
Jim Munson Joins Grubb & Ellis as Executive Vice President, Managing Director in San Diego
Munson brings more than 31 years of commercial real estate experience, having held leadership roles at a number of firms throughout Southern California.
“Jim is one of the best-known and most respected commercial real estate professionals in Southern California,” said Jack Van Berkel, (lower left photo) chief operating officer and president, Real Estate Services.
“When we decided to open an owned office in San Diego, Jim was one of the people we looked to for market insight, and he has been instrumental in helping to launch our office. Our goal is to become the market leader, and there’s no one more qualified than Jim to get us there.”
Most recently, Munson was president and founding principal of Lee & Associates’ San Diego office, a position he assumed in 2009. Earlier, he spent six years as regional director of brokerage for Burnham Real Estate Services, during which time he opened the company’s Carlsbad, Temecula and Las Vegas offices.
“Grubb & Ellis has a well-defined growth strategy, and I am excited to be part of a company that is focused on attracting talent and expanding its service platform to provide unparalleled client service,” said Munson.
“Since opening an owned office in March, Grubb & Ellis has become the company to watch in San Diego, and we believe that we are well-positioned to become the real estate service provider of choice.”
Munson holds a bachelor’s degree from St. Mary’s College. He is a member of NAIOP, International Council of Shopping Centers and University of San Diego’s Real Estate Advisory Committee.
Contact: Julia McCartney, Phone: 714.975.2230, Email: julia.mccartney@grubb-ellis.com
Grubb & Ellis Tapped for Disposition of Historic Chester County Properties
Charles Davidson, senior vice president, Jim Dugan, senior vice president, and Elaine Battaglia, associate, all in the company’s Office Group, will handle the disposition of the buildings.
“These properties offer high visibility in the most affluent county in Pennsylvania and one of the top 20 fastest-growing and most educated counties in the U.S.,” said Davidson. “The offering also has very flexible options for buyers – the properties can be converted into a number of uses, including residential, office, retail or institutional.”
The properties are located on the “First Block” in West Chester, reflecting its stature as the prime block in West Chester Borough.
The First Block is also the site of the historic courthouse,(top left photo) dating back to 1848, and is bounded by Market, Church, Gay and High streets. The offices are currently occupied by Chester County for administrative purposes and will be vacated in their entirety with the County’s move to its new offices in April 2011.
“The buildings represent an opportunity to attract tenants that require larger blocks of space and that cannot currently be accommodated in a typical downtown West Chester Building,” Davidson said.
Contacts:
Charlie Davidson at 215.561.8300 or charlie.davidson@grubb-ellis.com.
Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com
Grubb & Ellis Adds Retail Team to Ontario, CA Office
“As natives of the Inland Empire, Sandie and Angie have a thorough understanding of the local retail real estate market,” said Dave Burback, executive vice president, managing director, Inland Empire. “They join Grubb & Ellis with a successful brokerage track record that spreads throughout the San Bernardino and Riverside counties.”
The team’s clients include Chevron, AT&T Mobility, Baja Fresh, Chipotle, McDonald’s, Panera Bread, Wendy’s, Lewis Retail, Cahan Properties, The Ayres Group, Wal-Mart, Rite Aid, Wells Fargo, Allstate and Starbuck’s.
Smith joins Grubb & Ellis following 19 years with the Ontario and Riverside offices of CB Richard Ellis, most recently as a first vice president specializing in retail real estate. She consistently ranked as one of the firm’s top retail producers.
She was a founding member of Coldwell Banker Commercial Real Estate’s Riverside office. Smith holds a bachelor’s degree in real estate, and is a member of the International Council of Shopping Centers, as well as the Association of Commercial Real Estate California. She serves on the board of directors of the Inland Empire chapter of CREW.
Contact: Julia McCartney, Phone: 714.975.2230, Email: julia.mccartney@grubb-ellis.com
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