HFF secures $37M financing for Class A office complex in St. Louis

NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) has secured $37 million in first mortgage financing for Creve Coeur Center, (top left photo)  a four-building Class A office complex in St. Louis, Missouri.

Working on behalf of institutional investors advised by J.P. Morgan Asset Management – Global Real Assets, HFF senior managing director Whit Wilcox (middle  right photo)  and director Steven Klein (bottom  left photo)  placed the 10-year fixed-rate loan with John Hancock Life Insurance Company (U.S.A.).

Creve Coeur Center is located at 600 Emerson Road at the Interstate 270/Olive Boulevard interchange approximately 13 miles west of downtown St. Louis.

The complex consists of four buildings totaling 587,056 square feet that are 85 percent occupied overall. Notable tenants include EMC, Pepsi, Progressive Insurance, Bunzl Distribution and Colliers Turley Martin Tucker. Complex amenities include a fitness center, cafes and two multi-level parking garages.

“Creve Coeur Center benefits from a superior location with excellent visibility and access to Interstate 270 as well as a diverse rent roll with stable cash flows,” said Klein.

J.P. Morgan Asset Management – Global Real Assets has approximately $43 billion in real estate and infrastructure assets, as of December 31, 2009.

With a 40-year history of successful investing and a staff of 359 professionals, J.P. Morgan Asset Management – Global Real Assets identifies, analyzes, negotiates, acquires, develops, redevelops, renovates, operates, maintains, finances and sells assets, on behalf of its clients.

J.P. Morgan Asset Management's broad investment capabilities and framework for analyzing opportunities in today's complex real estate and infrastructure markets provide critical insights for its institutional clients in both the public and private markets.

John Hancock Life Insurance Company (U.S.A.) has been in the mortgage lending business for 147 years and has a US mortgage portfolio in excess of $10 billion. Together with its parent company, Manulife Financial, it is the world's third largest life insurance company and one of the few AAA-rated stockholder-owned life insurance companies in the world. It invests over $1 billion a year in new investments.

Contacts:

Whitney H. Wilcox, HFF Senior Managing Director, (212) 245-2425, wwilcox@hfflp.com
 Steven J. Klein, HFF Director, (212) 245-2425, sklein@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Fimiani Development Brokers Sale of Yamato Plaza in Boca Raton, FL

BOCA RATON, FL – Boca Raton-based Fimiani Development announced the sale of Yamato Plaza, a 6,065 square-foot shopping center in Boca Raton. Yamato Plaza, LLC sold the property for $900,000 to Ablar Yamato LLC.

 Michael Fimiani, (top right photo)  president of Fimiani Development, handled the transaction as part of a court-appointed receivership.

Yamato Plaza (bottom left photo)  is located in the Arvida Park of Commerce on Yamato Road just west of I-95 and is adjacent to Lifetime Fitness and Hampton Inn.

Tenants include Dean Anthony’s Pizza, Fresco Food Works and Bluefin Express Sushi. In August 2009, Fimiani was appointed receiver of the shopping center and handled the property’s leasing and management.

“Yamato Plaza is an in-fill center in a desirable location which makes it an attractive property,” said Fimiani. “With a strategic marketing plan we were able fix, fill and sell the center rather expeditiously despite the challenging economy.”

Fimiani Development is a full-service firm and offers lenders the ability to work with a single source for their receivership needs.

“We handle leasing, management, tenant improvements, accounting and disposition of assets for our lender clients” said Fimiani. Fimiani Development is also handling office and residential receivership assignments.

Fimiani Development creates value by acquiring and redeveloping retail and commercial real estate projects throughout Florida. The company’s services also include acquisition and redevelopment of existing shopping centers, ground-up development of new centers, consultation in developing third-party leasing programs and performing third-party leasing and management assignments of retail and office properties.

 For more information, visit http://www.fimiani.com/.

Media Contact: Maria Pierson, 954/776-1999, ext. 222

Ground Lease Interest in New Lincoln Park Apple Store in Rosemont, IL Sold to Private Investor

ROSEMONT, IL (April 1, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the ground lease interest of 801 W. North Ave., the future location of a new Apple Inc. store, was sold to a private out-of-town buyer.

Peter Block, senior vice president, Anne Arnold, senior associate, and Brad Teitelbaum, associate, all with Grubb & Ellis’ Private Capital Markets group, and Steve Algermissen, executive director, and Kazuko Morgan, executive vice president, both of Cushman & Wakefield, represented the seller in the transaction.

“With its high-traffic location and long-term credit tenant in place, we saw strong buyer response in this offering,” Block said.

Apple Inc. will occupy the site’s 18,000-square-foot retail building, which is scheduled to open within the next several months on the Lincoln Park property. The retailer has a 10-year ground lease on the property and options to extend its lease another 20 years.

Sterling Commerce Center in Dublin, OH Sold to Wells Real Estate Funds

ROSEMONT, IL – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that the company’s Institutional Capital Markets group represented Duke Realty in the sale of Sterling Commerce Center I-IV in Dublin, Ohio, to Wells Real Estate Funds.

The Grubb & Ellis team of Paul Lundstedt and Jeffrey Shell, executive vice presidents, John Ecclestone, vice president, John Gavin, executive vice president, and Richard Schuen, president of Grubb & Ellis
Adena Commercial, LLC, facilitated the transaction on behalf of Duke Realty.

“Sterling Commerce Center is a high-class property fully leased by a strong credit tenant,” said Lundstedt. “This transaction represents good forward momentum in a recovering market.”

Located at 4600-4725 Lakehurst Court and 6060 Emerald Parkway, Sterling Commerce Center is the global headquarters of Sterling Commerce Inc., a subsidiary of AT&T and leading provider of integrated telecommunications services.

The property consists of two four-story and two three-story Class A office buildings with a total of 322,679 leaseable square feet. Built between 1990 and 1998, the property offers ample parking, an attractive campus setting and close proximity to Interstate 270.

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

Houston Food Bank Buys Sysco Industrial Complex

HOUSTON, TX  (April 1, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Rob Stillwell, CCIM, SIOR, vice president, Global Logistics practice group, assisted both parties in the sale of a multi-use industrial complex owned by Sysco Corporation to the Houston Food Bank.

The complex offers a total of approximately 441,000 square feet of space that includes a 272,711-square-foot distribution center, freezer facility and truck maintenance facility, all situated on approximately 34 acres of land.

“This transaction was a real community effort led by the Houston Food Bank and Sysco with the support of many organizations and philanthropists, including the City of Houston,” said Stillwell. “It was extremely rewarding to be able to secure this transaction and have it work out so well for both parties involved. Sysco is a great corporate citizen and the Houston Food Bank does an exceptional job serving our community.”

Constructed in 1974, the distribution center is located at 535 Portwall St. The building is equipped with dry warehouse space, cooler space and office space.

 (Sysco Texas locations bottom right map)

The freezer facility, located at 555 Allen St., offers 153,341 square feet of space split among a large freezer, cool dock and small office areas. The property was built in 1991.

Offering nearly 16,000 square feet of space, the truck maintenance facility was built in 2001 on roughly 12 acres of land. The facility includes three repair bays and one wash bay, as well as a diesel fuel station.

Contact: Julia McCartney, Phone: 714.975.2230, Email: julia.mccartney@grubb-ellis.com

Thomas D. Wood & Co. Closes 4 Loans Totaling $6.75M in Nevada, Georgia and Florida

Standard Life Provides Funds in Nevada and Florida

MIAMI, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $1,975,000 for McCarran Building E and CMC Leasing.

Steve Wood, (top right photo) Company Chief Operating Officer, along with Tony Castrignano of Sky Mesa Capital, financed McCarran Building E through Thomas D. Wood and Company’s correspondent relationship with The Standard Life Insurance Company in the amount of $875,000.

The loan term is 5+5+5+5+5 years, based on a 25-year amortization and an interest rate of 6.75%. The loan-to-value is 50%. The 9,991 square-foot office was built in 1989 and is home to major tenant The Ribeiro Companies. McCarran Building E is located at 6490 S. McCarran Boulevard, Reno, Nevada.

Wood, along with Susan Murry of Skyline Mortgage Services, financed the CMC Leasing Office Building through The Standard Life Insurance Company in the amount of $1,100,000.

The loan term is 5+5+5+5+5 years, based on a 25-year amortization and an interest rate of 6.875%. The loan-to-value is 61%. The 10,570 square-foot office was built in 1975, and is located at 742 US Highway 1, North Palm Beach, Florida.

For further information, please contact:
Steve Wood (305) 447-7820 swood@tdwood.com
Jessica Kinnee (407) 937-0470 jkinnee@tdwood.com

Pike Center in Lawrencevill, GA Obtains $2.8M

SARASOTA, FL, April 1, 2010— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $2,800,000 for Pike Center @ 316 in Lawrenceville, Georgia.


Brad Cox, (bottom left photo) Company Senior Vice President, financed Pike Center @ 316 through Thomas D. Wood and Company’s correspondent relationship with The Standard Life Insurance Company in the amount of $2,800,000.

The partial-recourse loan has a term of seven years, based on a 21-year amortization and an interest rate of 6.55%.

The loan-to-value is 48%. The 93,992 square-foot industrial complex was built in 1988 and 1996, and is home to major tenant Shorter College and G/R/N Community Services. Pike Center @ 316 is located at 575, 585 and 595 Old Norcross Road, Lawrenceville, Georgia.

For further information, please contact:

Brad Cox (941) 552-9731 bcox@tdwood.com
Jessica Kinnee (407) 937-0470 jkinnee@tdwood.com