Lloyd Berger of Berger Special Assets Named Receiver of 2 Properties in Naples, FL

FORT LAUDERDALE, Fla. – Berger Special Assets, a division of Berger Commercial Realty Corp., announced Lloyd Berger (top right photo)  has been named receiver for two properties in Naples, Fla. – River Park (middle map)  located at 330 11th St. North and 1015 2nd Ave. North; and Gordon River (bottom right map), located at 1400 5th Ave. North.

“Our plan is to turn around these properties and restore their values and occupancy levels,” said Berger, founder and president of Berger Commercial Realty Corp.

River Park is a nine-building complex consisting of 108 units. Gordon River is a 12-building apartment complex containing 96 units. The property features a playground and a pool and is near the beach.

Berger Special Assets (BSA), a division of Berger Commercial Realty Corp., serves as receiver, management company, leasing and sales agent for distressed commercial and multi-family properties on behalf of lenders.

Founded in late 2008, BSA grew exponentially in 2009 from nine active accounts in five cities and 16 properties to 25 cities with 128 properties, geographically expanding from South Florida to Tampa, St. Petersburg, Orlando, Daytona, the Southwest corridor and all points in between.

 In the process, Berger Commercial Realty Corp. and its subsidiaries have grown to a staff of 38 statewide.

In addition to referrals from real estate attorneys and lenders, BSA now is seeing new assignments coming from debt investors acquiring distressed loan portfolios from lenders.

Contact: Marielle Sologuren, Pierson Grant Public Relations, (954) 776-1999, ext 226

msologuren@piersongrant.com

Marcus & Millichap Sells 56-Unit Apartment Building in DeLand, FL

DELAND, FL, July 7, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Laurel Oaks (top left photo), a 56-unit apartment community located in DeLand, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,650,000 and closed in one week.

Michael Donaldson, (middle right photo) an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Florida-based seller, a limited liability company.

The buyer, a regionally based private investor, was represented by Tommy Grim of Re/Max Assured.

“This transaction represents an excellent opportunity for the buyer to realize an immediate desirable return and have the opportunity to increase value by finishing the remaining renovations” says Donaldson.

Laurel Oaks is located at 650 North Boundary Road. Built in 1984, the property consists of 14 cardinal-style buildings constructed of frame with stone siding.

Situated on 5.58 acres MOL, Laurel Oaks is close to the Florida Hospital DeLand (lower left photo). The property was approximately 90 percent occupied at the time of sale and featured numerous renovations throughout.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Cambridge Realty Capital Provides $1.39M FHA-Insured Mortgage Loan to Refinance McGill Terrace Apartments in Chicago

CHICAGO, IL--Cambridge Realty Capital Companies has arranged a $1.39 million FHA-insured first mortgage loan to refinance McGill Terrace Apartments (top left photo), a 48-unit apartment complex at 821-829 49th Street in Chicago, Cambridge Chairman Jeffrey A. Davis announced.

Cambridge originally funded the property for the owner, an Illinois limited partnership, in December, 1996. The loan was refinanced using HUD’s 223(a)(7) program for properties with an existing HUD loan.

The fully-amortized, 38-year term loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business unit that underwrites HUD loans. The interest rate was not announced.

Contact:  Evan Washington, Phone: (312) 521-7604, Fax: (312) 357-1611
E-Mail: ew@cambridgecap.com

Shane Wilder Joins Grubb & Ellis as Senior Vice President, Tenant Advisory Group

NEWPORT BEACH, CA(July 6, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Shane Wilder (top right photo)  has joined the company as senior vice president, Tenant Advisory Group, specializing in office leasing.

“Shane’s entire 15-year career has been in tenant representation and he brings tremendous value to our company with his vast experience representing clients in multiple sectors of the industry,” said Greg May, (lower left photo)  executive vice president, co-managing director, Orange County.

 “His devotion and deep understanding of the market will bode well for our clients and I am pleased to welcome him to the team.”

Wilder joins Grubb & Ellis from Studley, where he served as a corporate managing director overseeing the company’s strategic planning and consulting group in Southern California.

During his 11-year career with Studley he consistently ranked as one of the company’s top producers.

 Prior to joining Studley, Wilder began his career with Arledge Power Real Estate Group in 1995. Throughout his career he has represented Fortune 100 companies and large corporate users in leasing more than six million square feet of space.


Grubb & Ellis Represents PPF Orchard Industrial 2164 Batavia LLC in Sale of 246,732-SF Warehouse Building in Orange County, CA

ANAHEIM, CA (July 7, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Jeff Read, (lower left photo)  executive vice president, and Greg Osborne, (lower right photo)  vice president, represented PPF Orchard Industrial 2164 Batavia LLC in the sale of a 246,732-square-foot headquarters/distribution building located at 2164 N. Batavia St. in Orange.

 Frick Family Properties LLC, doing business as Paper Mart, purchased the property for $22.2 million.

“This transaction is among multiple sizeable owner/user sales that have closed in the Orange County area in the last several months, providing good indication of overall improvement in the industrial market,” said Read.

Paper Mart will use 2164 N. Batavia St. as its corporate headquarters and the warehouse and distribution of packaging supply products.

Situated on roughly 10.7 acres of land, the property is located in the North Orange County submarket. The building includes nearly 36,000 square feet of Class A office space, as well as approximately 210,000 square feet of state-of the-art warehouse/distribution space.

Brian Bennett of Cresa Partners represented Frick Family Properties in the transaction.

Over the past 12 months, Read and Osborne have been involved in several of the largest industrial transactions in Orange County, totaling roughly 810,000 square feet with a total consideration value of approximately $60 million.

 These transactions include the $16.9 million sale of a corporate headquarters/distribution building in Buena Park and the $12.3 million sale of a 15-acre manufacturing site in Fullerton.

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

HFF closes $95.1M sale of four-property office portfolio in South Florida

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.)  has closed the sale of a four-property office portfolio fully leased to the United States General Services Administration in South Florida.

HFF managing director Hermen Rodriguez (top right photo)  and director Ike Ojala (top left photo)  led the investment sales team on behalf of the seller, South Florida Federal Partners.

NGP Fund V LLC purchased the portfolio for $95.1 million free and clear of debt. NGP Fund V LLC has created a fund to acquire and hold office buildings fully occupied by the GSA. These four buildings are among the first acquired by the newly created fund.

The portfolio totals 196,915 square feet and is fully occupied by the United States Citizenship and Immigration Services (USCIS) under 15-year firm term leases. Individual property details are listed below:

Property Building Size (SF)

Miami-Dade County Properties

8801 NW 7th Ave., Miami, FL 60,157 SF

SW 120th Street & 147th Ave., Miami, FL 45,911 SF

Miami Gardens Drive & NW 59th Ave., Miami, FL 41,064 SF

Broward County Property
NW 44th Street & 31st Ave., Oakland Park, FL 28,667 SF

“Rarely do portfolios of this size and quality come to market in South Florida,” said Rodriguez.

 “This was an outstanding opportunity to acquire a portfolio with unrivaled investment-grade tenancy, long-term steady and reliable cash flow, state-of-the-art construction and strategic locations throughout the South Florida tri-county area.”

Contacts:
Hermen Rodriguez, HFF Managing Director, (305) 448-1333, hrodriguez@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com


HFF arranges $35M  financing for 1100 Campus Road in Princeton, NJ

FLORHAM PARK, NJ – The New Jersey and Dallas offices of HFF (Holliday Fenoglio Fowler, L.P.)  recently arranged $35 million in financing for 1100 Campus Road, a 166,991-square-foot, Class A office property in Princeton, New Jersey.

HFF senior managing director Jon Mikula (middle left photo) and director Brian Carlton (middle right photo)  worked exclusively on behalf of the borrower, Dividend Capital Total Realty Trust, to secure the five-year, fixed-rate loan through a leading life insurance company.

 HFF arranged the sale of the asset to Dividend Capital Total Realty Trust, a Denver-based REIT, in November 2009 on an all-cash basis for approximately $51 million.

Completed in 2006, 1100 Campus Road is fully leased to Novo Nordisk, Inc. through May 2023. The five-story property has direct access to and visibility from Route 1 and is situated less than four miles from downtown Princeton in central New Jersey.

“We are pleased to have helped Dividend Capital secure financing on their property in New Jersey,” said Mikula.

Contacts:

Jon Mikula, HFF Senior Managing Director, (973) 549-2000, jmikula@hfflp.com
Brian Carlton, HFF Director HFF, (214) 265-0880, bcarlton@hfflp.com
Kristen Murphy, Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF secures $10.7M refinancing through Freddie Mac for Tempe, Arizona multi-housing community

SAN DIEGO, CA – The San Diego office of HFF (Holliday Fenoglio Fowler, L.P.)  has secured $10.7 million in financing through Freddie Mac (Federal Home Loan Mortgage Corporation) for Monarch at Tempe, (middle left photo)  a 270-unit garden style multi-housing community in Tempe, Arizona.

HFF director Aldon Cole (lower right  photo)  and associate director Rob Hinckley  worked exclusively on behalf of the borrower, Monarch Group, in arranging the 10-year, 5.18% fixed-rate securitized loan, which will refinance a GECC note that was originated when the property was purchased in 2007.

HFF will service the loan through their Freddie Mac Program Plus® Seller/Servicer program.

Monarch at Tempe is located at 4502 and 4505 South Hardy Drive close to the Arizona Mills super regional mall and Interstate 10, approximately two miles south of Arizona State University in Tempe.

The 88% leased property has one- and two-bedroom units ranging from 700 to 980 square feet. Residents at Monarch have access to a 24-hour fitness center, two pool areas, a picnic area with grills, a tennis court and a children’s playscape.

The Monarch Group is a private real estate investment and development firm founded in 1997 and is based in La Jolla, California.

Contacts:

Aldon L. Cole, HFF Director, (858) 552-7690, acole@hfflp.com
Rob Hinckley, HFF Associate Director, (858) 552-7690, rhinckley@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com