Timeshare Survey Shows Exchange Availability and High Maintenance Fees at Top of Owners' Complaint List

SEATTLE,, WA, Feb.  26, 2010 --(PR.com)-- A timeshare survey released by RedWeek.com the largest online timeshare marketplace, identified the top five timeshare improvements.

Topping the list were exchange availability and the high maintenance fees charged by the resorts. The remaining three categories rounding out the top five list are: honesty, resale opportunities, and resort improvements.

The number one item on the list - exchange availability - refers to a timeshare owner's desire to trade their interval week at one resort for a week at another resort.

High maintenance fees, the second survey item, indicated respondents concerns over the rising annual fee charged by the resort and paid by the owners. These fees vary from resort to resort and also by size and type of the timeshare unit owned.

"RedWeek.com visitors are telling us that it's not easy to make their desired exchange," said Randy Conrads, (top right photo)  RedWeek.com CEO. "It is also clear that flexibility and reasonable fees are vital to timeshare."

Timeshare owner and RedWeek.com member Caroline Lindholm commented, "We love our timeshares but are concerned about rising maintenance fees.

"My family owns several weeks and we have made approximately 100 exchanges since 1995. In recent years,  there has been a sharp decrease in the availability of desired exchange weeks."

The breakdown of over 650 responses received to the question, "What would you like to improve about timeshare?" are:

*Exchange availability, 34%
*High maintenance fees, 28%
*Honesty and less pressure, 14%
*Resale opportunities, 12%
*Resort improvements, 7%

Survey response categories not included in the top five are: easier to understand (timesharing), poor management (of resorts), and shorter stays - the typical timeshare interval is seven nights.

RedWeek.com is the largest online marketplace for timeshare rentals, timeshare resale and timeshare exchange. It is a member-supported marketplace connecting travelers and the timeshare community.

The site was launched in November of 2002 and now has over 1,300,000 registered users and includes 5,000 timeshare resorts worldwide. It offers resort condominium accommodations for rent, purchase, and exchange directly between users.

The company was co-founded by Randy Conrads, who also founded the popular Classmates.com Web site, which was acquired in 2004 by United Online, Inc.

Contact: John Locher,  425-458-4440, ext. 1, john@redweek.com, http://www.redweek.com/

$16.5M Luxury Apartment Complex in Northern California Listed by Marcus & Millichap

 NOVATO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Oak Grove Apartments (top left photo) , an 88-unit, 75,666-square foot luxury apartment complex in Novato.

The listing price of $16.5 million represents $187,500 per unit and $218 per square foot.

Brad Pennington, a first vice president investments and a director of the firm’s National Multi Housing Group in San Francisco, is representing the seller.

“Oak Grove Apartments is the premiere multifamily community in this submarket,” comments Pennington. “The current ownership has been in place for the past 10 years.”

 Nestled into a hillside adjacent to a greenbelt, the property is located at 100-145 Cielo Lane in Novato, Marin County’s northernmost city.

Built in 1998, Oak Grove Apartments sits on six separate parcels of land totaling approximately 6.16 acres. The complex consists of eight three-story residential buildings, seven enclosed garage buildings and a freestanding fitness center.

 The buildings are wood-frame construction with stucco and wood exteriors on slab foundations. The roofs are pitched-composition shingle and the property has ample parking for 204 cars.

 The unit mix is comprised of 55 two-bedroom/two-bath apartments ranging from 893 to 1,089 square feet and 33 one-bedroom/one-bath units ranging from 636 to 870 square feet.

The large individual units all have washers and dryers, one-car garages and either a patio or a balcony. Seven storage closets are available for tenants to rent.

 Novato is located approximately 29 miles north of San Francisco and 37 miles northwest of Oakland, Calif.

The Golden Gate Bridge (bottom left photo)  links Marin County to San Francisco and the Richmond-San Rafael Bridge connects the county to the East Bay.

Marin County is bordered to the north by Sonoma County and to the west by the Pacific Ocean.

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

Grubb & Ellis Commercial Florida negotiates long-term office lease for 3,021 SF in downtown Tampa

TAMPA – Grubb & Ellis Commercial Florida, associated with 130 offices worldwide, recently negotiated a long-term office lease for 3,021 square feet in MetWest International at 4030 Boy Scout Boulevard in downtown Tampa.

Mia Jarrell, (top right photo)  managing director of Grubb & Ellis Commercial Florida in Tampa, negotiated the transaction representing the new tenant The Judge Group, Inc. The Pennsylvania-headquartered firm leased suite 450 in the Class A. office building for 7.5 years.

The landlord is Tampa-based Metropolitan Life Insurance.
 
Contacts:
Mia Jarrell 813-639-1111;
Jeffrey Sweeney 407-481-5387
Larry Vershel 407-644-4142

Grubb & Ellis Commercial Florida Negotiates Sale of 30,040 SF Industrial building in Denver

TAMPA - Grubb & Ellis Commercial Florida, which is associated with 130 Grubb & Ellis offices worldwide, recently negotiated the sale of a 30,040 square foot industrial building at 4707 Lima Street in Denver.

Tom Kennedy, (middle left photo)  vice president in the firm’s Office Services Group and Sean Kennedy (bottom right photo) vice associate negotiated the transaction representing the seller, Clearwater-based Metal Industries.

Tacoma, Wash.-based Ellingson Brothers, LLC a food service equipment and supply company purchased the facility for expansion of its operations in the Northwest.

 Contact:s:
Tom Kennedy, VP Office Group 813-830-7892;
Jeffrey Sweeney, SIOR President 407-481-5387
Larry Vershel Communications 407-644-4142

Palmer Electric secures contract to wire new church in Sanford, FL

WINTER PARK, FL— Palmer Electric Company has secured a $700,000 contract with Turner Construction Company for electrical contracting for the new Winter Springs Seventh-day Adventist Church in Sanford, Fla.

Under its scope of services, Palmer Electric is providing site and building electrical services along with low voltage systems.

The new two-story, 60,000-square-foot facility is composed of worship space, classrooms, pre-school and administrative offices. The $9 million project is scheduled for completion in January 2011.

Slocum Platts Architects P.A. of Winter Park, Fla. is the project architect. Orlando, Fla.-based Ingenuity Engineers Inc. is the electrical engineer.

Contact: Elaine Ingra, 407 384-1344, elainei@pr-works.com

Cindy Pfeifer Named Lane Company President

ATLANTA, GA, – Real estate veteran Cindy Pfeifer (top right photo)  has been named president of Atlanta-based multifamily firm Lane Company.

She will work with the firm’s current executive team to implement new strategies to capitalize on market opportunities. Founder George Lane (middle left  photo) retains the position of CEO and Chairman of the Board.

“Cindy is uniquely qualified to lead Lane Company through this period of our history,” Lane said. “Her decades of experience through several up and down economic cycles will help us identify new opportunities to grow the business.”

Pfeifer consulted with Lane Company for several months before accepting the post. This helped her get to know the firm and gain insight into its operations.

“Lane Company not only has a fabulous reputation, but it is continuing to grow,” Pfeifer said. “We’re going to aggressively seek market opportunities with various new capital resources.

"Plus, the property management arm – Lane Management – is unsurpassed in service to both residents and owners. Its president Rob Couch is doing a tremendous job and I look forward to working with him and the rest of the executive team.”

During her successful 25-year career, she served in a variety of leadership positions in some of the most successful real estate companies in the Southeast.

She was most recently the Chief Operating Officer/Chief Investment Officer of Place Properties, one of the top multifamily companies in the country, where she oversaw the placement of more than $250 million of investor equity while leading the development, construction, acquisition, property management and asset management teams.

Before that, she was a partner and Chief Financial Officer for Carter, the largest full service commercial real estate company in Atlanta for more than 20 years.

Contact: Terri Thornton, 404-687-8760, 404-932-4347 (Cell), www.TerriThornton.com

HFF secures $71M financing for five-property office portfolio in Southern California

IRVINE, CA – The Orange County and San Diego offices of HFF (Holliday Fenoglio Fowler, L.P.)  have secured $71 million in financing for a five-property office portfolio in Los Angeles and San Diego counties.

HFF senior managing directors Don Curtis (top right photo)  and Tim Wright (bottom left photo)  arranged the seven-year fixed-rate loan through Northwestern Mutual Life Company.

The portfolio includes three properties in San Diego and two properties in El Segundo and totals 576,457 rentable square feet.

Contacts:

Donald J. Curtis, HFF Senior Managing Director, (949) 253-8800, dcurtis@hfflp.com
Timothy J. Wright, HFF Senior Managing Director, (858) 552-7690, twright@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF closes sale of and arranges financing for office building in Houston’s Energy Corridor

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced that it has closed the sale of and arranged financing for Timberway II, a 130,822-square-foot office building in Houston’s Energy Corridor.

HFF senior managing director Dan Miller, (top right photo) associate director Martin Hogan  (middle  left photo) and real estate analyst Trent Agnew led the investment sales team on behalf of the seller, PS Business Parks, Inc. Beacon Investment LLC purchased the property for an undisclosed amount.

The HFF debt team was led by senior managing director Susan Hill, (bottom right photo)  who worked exclusively on behalf of the borrower, BRI 1826 Timberway, Ltd., a Texas limited partnership, to secure the fixed-rate acquisition financing through First Community Credit Union.

Timberway II is situated on a 4.5-acre site at 15995 North Barkers Landing, adjacent to BP’s North American Headquarters in Houston’s Energy Corridor submarket.

The fully-leased property has three stories of office space plus a two-level, 357-space parking garage. Tenants include Severn Trent Environmental, Christian Brothers Automotive and eProduction Services.

“The Energy Corridor submarket is historically one of Houston’s most dynamic and best-performing submarkets,” said Miller. “Tenants are attracted to the area due to its proximity to executive and middle-management residential neighborhoods and master planned communities, desirable school districts and an extensive amenity base.”

PS Business Parks, Inc. (NYSE:PSB) is a publicly-traded corporation specializing in leasing commercial multi-tenant flex, office and industrial space throughout the United States.

Beacon Investment Properties is a real estate investment and property development group based in Hallandale Beach, Florida with additional offices in Houston, Texas. This is Beacon’s third acquisition in Houston having previously acquired 8866/8876 Gulf Freeway and 1717 St. James.

Contacts:

H. Dan Milelr, CCIM, SIOR, HFF Senior Managing Director, (713) 852-3500, dmiller@hfflp.com

Susan L. Hill, HFF Senior Managing Director, (713) 852-3500, shill@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF arranges $7.85M financing for 25 Commerce Way in North Andover, MA

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.)  has arranged $7.85 million in financing for 25 Commerce Way (top left photo), a 168,735-square-foot flex industrial building in North Andover, Massachusetts.

HFF directors Greg LaBine (middle  right photo)  and Janet Krolman (bottom left photo) worked exclusively on behalf of the borrower to secure the fixed-rate loan through Salem Five.

The borrower is One Clark Street North Andover LLC. Loan proceeds are being used to refinance existing debt, fund tenant improvements, leasing commissions and cover closing costs.

Situated on 18.5 acres, 25 Commerce Way is located adjacent to the Lawrence Municipal Airport along State Route 125 in North Andover, approximately two miles from Interstate 495.

The single-story building has office, warehouse and manufacturing space and is 82% leased to GarrettCom, Peabody Supply, Comfort Foods and OSI Electronics.

 “This transaction serves as another example of the availability of debt from the local banking community for loans under $15 million.

"HFF received considerable interest for 25 Commerce Way, due to the quality of the sponsorship coupled with the solid cash flow being generated by the multi-tenant property,” said LaBine.

Contacts:

Gregory F. Labine, HFF Director, (617) 338-0990, glabine@hfflp.com
Janet N. Krolman, HFF Director, (617) 338-0990, jkrolman@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Arbor Closes Almost $8M in Two New Fannie Mae DUS Loans

Avalon Apartments in August, GA Gets $3.1M Loan

UNIONDALE, NY (Feb.26, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $3,127,600 loan under the Fannie Mae DUS® product line for the 64-unit complex known as Avalon Apartments in Augusta, GA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.15 percent.

The loan was originated by John Edwards, (top right photo) Vice President, in Arbor’s full-service Boston, MA lending office. “We were pleased with the opportunity to provide financing for a repeat client of Arbor,” said Edwards. “The property is well-positioned in the market and we look forward to future opportunities with this long-term client.”

$4.62M  Loan Closed for Cloverly Park Apartments in Philadelphia, PA

UNIONDALE,, NY (Feb.  26, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $4,620,000 loan under the Fannie Mae DUS® Loan product line for the 52-unit complex known as Cloverly Park Apartments in Philadelphia, PA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.14 percent.

The loan was originated by John Kelly, (bottom  left photo) Vice President, in Arbor’s full-service Boston, MA lending office. “Arbor was pleased to provide permanent financing on this recently renovated asset, which benefited from the client’s excellent job during the construction,” said Kelly.

“We look forward to working on other similar projects that are currently underway in the same market.”

Contact:  Kelly Maxey, KMaxey@arbor.com