Grubb & Ellis Enters Into Agreement with C-III Capital Partners LLC and Colony Capital LLC

  

 SANTA ANA, CA (Oct. 17, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced today that it has entered into exclusive negotiations with a subsidiary of C-III Capital Partners LLC, an affiliate of Island Capital Group LLC, which has partnered with an affiliate of Colony Capital LLC regarding a strategic transaction with the company.

 A C-III affiliate also has agreed to invest $10 million in Grubb & Ellis through the expansion of the company’s existing $18 million credit facility with Colony Capital and purchase $4 million of Colony’s existing facility, which will establish both C-III and Colony Capital as significant stakeholders in Grubb & Ellis.

  “This announcement is very positive for Grubb & Ellis employees, clients and stakeholders.  C-III Capital Partners and Colony Capital are highly regarded multifaceted organizations with deep expertise and involvement in the commercial real estate industry.  Partnering with these firms offers significant growth opportunities for Grubb & Ellis,” said Grubb & Ellis Chairman C. Michael Kojaian (top right photo) 

 “Grubb & Ellis is a long-time leader in the real estate industry and we share management’s vision of strengthening the platform and growing the company.  C-III Capital Partners and Colony have the capital base and industry expertise necessary to bolster Grubb & Ellis’ client offerings and position the company for long-term success,” said Andrew L. Farkas (middle left photo), chairman and CEO of C-III Capital Partners.

 Farkas is the founder of New York-based Island Capital Group LLC and former chairman and CEO of Insignia Financial Group, Inc.  Island Capital Group is a leading international real estate merchant banking firm specializing in real estate investing, real estate operating businesses and real estate securities.  Island Capital was founded by Farkas in 2003 immediately following Insignia’s merger with CB Richard Ellis.

“We look forward to working with C-III and Colony to complete a transaction which offers broad benefits to our professionals and platform.  A transaction with these two highly regarded firms would provide the scale for us to more efficiently and effectively serve our clients and broker-dealer partners,” said Thomas P. D’Arcy (lower right  photo), president and chief executive officer of Grubb & Ellis.

 JMP Securities is serving as financial advisor to Grubb & Ellis.

Contact:  Janice McDill, Phone: 312.698.6707                                     

Email: Janice.mcdill@grubb-ellis.com          

Berger Commercial Realty Corp. Broker Keith Graves Announces New Sale

FORT LAUDERDALE, FL. – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale, Fla., and serving clients around the state, announced a new deal from broker Keith Graves, CCIM (top right photo).

 Graves represented Wells Fargo bank in the sale of a multi-tenant office/flex building, located at 4545-4551 NW 9th Avenue in Oakland Park, for $355,000 to buyer Tombee, LLC and 4829 NE 12th Ave., LLC.

 Contact: 

Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999, ext. 226

msologuren@piersongrant.com

HFF closes $8.1 million sale of Island Estates Plaza in Clearwater Beach, FL

 MIAMI, FL – HFF announced today that it has closed the sale of Island Estates Plaza (top left photo), a 50,046-square-foot, grocery-anchored neighborhood center in Clearwater Beach, Florida.

HFF marketed the property on behalf of the seller, DAM Clearwater, LLC, an entity wholly owned by David A. Mack Properties, LLC.  Publix Super Markets, Inc. purchased the asset for $8.1 million free and clear of debt.

Island Estates Plaza is situated on 4.2 acres at 130 Island Way in the Island Estates neighborhood along the Clearwater Memorial Causeway between downtown Clearwater and the island of Clearwater Beach.  The property is fully leased to tenants including Publix, Bank of America, Wells Fargo and The UPS Store.

The HFF team representing the seller was led by managing director Daniel Finkle, (middle right photo)  director Luis Castillo (middle left photo) and real estate analyst Robert Saracco.

“Barrier island, grocery-anchored retail center investment opportunities are rarely available in Florida and the opportunity to acquire this fully leased shopping center made Island Estates Plaza a highly sought after investment,” said Castillo.  “Island Estates has a long history of success that will undoubtedly continue under its new ownership.”

David A. Mack Properties, LLC is a private real estate investor based in Southport, Connecticut that primarily invests in retail and office properties along the East Coast.

Founded in 1930, Publix Super Markets is the largest and fastest-growing employee-owned supermarket chain in the United States.

Contacts: 

 Daniel Finkle, HFF Managing Director, (305) 448-1333, dfinkle@hfflp.com 

Luis Castillo, HFF Director, (305) 448-1333, lcastillo@hfflp.com    

Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com

               

HFF secures $13.43 million refinancing for Four Points by Sheraton hotel in Biloxi, MS

DALLAS, TX – HFF announced today that it has secured a $13.43 million refinancing for a 195-room, full-service Four Points by Sheraton hotel (top left photo) in Biloxi, Mississippi. 

Working exclusively on behalf of the borrower, Dawn Properties, Inc., HFF placed the three-year floating-rate loan with Bank of the Ozarks.  Loan proceeds are taking out an existing construction loan on the property.

Completed in 2009, the Four Points by Sheraton hotel features an outdoor pool with whirlpool and poolside bar, fitness facility, gift/sundry shop, business center with two meeting facilities and a restaurant/bar. 

The 10-story property is located at 940 Beach Boulevard adjacent to the Beau Rivage Casino, and the Hard Rock Café Biloxi close to Interstate 110 and Keesler Air Force Base in downtown Biloxi.

The HFF team representing Dawn Properties, Inc. was led by directors Travis Anderson and John Bourret  (middle right photo)  

Founded in 1986, Dawn Properties Inc. has bought and developed more than one billion dollars’ worth of property in over 40 different markets in 13 states.   From apartment construction and management to hotel and condominium development, Dawn Properties has a proven track record of success and the ambition to build to even greater heights.

Contacts: 

Travis Anderson, HFF Director, (214) 265-0880, tanderson@hfflp.com  

John Bourret, HFF Director, (214) 265-0880, jbourret@hfflp.com  

Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com

               

Kennedy Wilson Enhances Communications Offerings for Tenants with Comcast Business Class

DENVER, CO, Oct. 17, 2011 /PRNewswire/ --Comcast Corporation (Nasdaq: CMCSA, CMCSK), one of the nation's leading providers of entertainment, information and communications products and services, today announced that international real estate firm Kennedy Wilson is providing high-speed Internet, voice and cable television from Comcast Business Class to support its tenants' advanced communications needs in the Denver area.

Kennedy Wilson now is offering Metro Ethernet Services from Comcast Business Class to tenants at the El Dorado Ridge office park (middle right  photo)in Broomfield, Colorado, which currently consists of three facilities totaling approximately 326,000 square feet. El Dorado Ridge II (top left photo) is the first building to receive Comcast Business Class services and plans are in place to expand to the other two buildings later in 2011.

 "I expect that the rollout of Comcast Business Class will give our building a competitive advantage over other multi-tenant office buildings in the greater Denver market," said Mike Pepper, managing director at Kennedy Wilson Group.

"A good portion of our tenants are technology-savvy, high-bandwidth users. After negotiating rental rates and terms with the landlord, their very next question is 'Tell us about telecom services,' so having Comcast high-speed communications in our building will give us an advantage and give tenants the flexibility to choose from multiple providers."

For further information on Kennedy Wilson, please visit http://www.kennedywilson.com/.

Contact: Cindy Parsons, (303) 603-2125

cindy_parsons@cable.comcast.com

Web Site: http://www.comcast.com/

Canyon-Johnson and Centurion Partners Team With Marriott on Hotel ICON Repositioning

 HOUSTON, TX, Oct. 17, 2011 /PRNewswire/ -- Since acquiring the Hotel ICON (top left photo) in downtown Houston earlier this year, joint venture partners Canyon-Johnson Urban Funds and Centurion Partners have implemented a comprehensive repositioning program that includes a $5 million renovation of the property, the selection of Marriott Autograph as a new flag, and the rebranding of the hotel's restaurant. 

The Marriott team is currently implementing the brand's proven reservation system, along with marketing and loyalty programs to help boost occupancy at the 12-story hotel. Earlier this year, Canyon and Centurion Partners selected Sage Hospitality to oversee day-to-day operations at the property.

Renovations have already begun at Hotel ICON, including upgrades to the property's 135 guest rooms, enhanced TV and technology systems, and other aesthetic improvements. 

The restaurant is also currently undergoing a transformation. Recently renamed "LINE & LARIAT," the dining room and bar now feature an innovative menu with modern Texas cuisine and cocktails. The restaurant will soon undergo a redesign as well.

"We are proud to be investing in Houston again, and to be working alongside Centurion Partners and an experienced operator like Sage Hospitality to maximize the potential of an extraordinarily unique hotel asset," said Bobby Turner (top right photo), Managing Partner of Canyon-Johnson Urban Funds. "Marriott is a powerful brand, and I am confident that the reflagging, coupled with our program of upgrades, will help take the hotel to new heights. This investment will help restore a treasured icon for generations to come." 

"We at CJUF are big believers in Houston, and we are excited to be bringing new life to such a beautiful hotel in the heart of Downtown," said Canyon-Johnson partner Earvin "Magic" Johnson (middle left photo). "Investing in Hotel ICON and its future supports not only the hard-working people who are employed at the hotel and restaurant, but the local economy as well."

Originally built as the Union National Bank building 100 years ago and converted to a hotel in January 2004, Hotel ICON is located at the corner of Main Street and Congress Street in downtown Houston, just steps away from top business and leisure attractions in the area, including the George R. Brown Convention Center (bottom right photo), Discovery Green, the Toyota Center and Market Square.

It is also the only downtown hotel with a stop on the 7.5-mile, state-of-the-art METRORail line, which services the Museum District, Rice University, Hermann Park, Texas Medical Center and the Reliant Center convention facility and sports complex.

Hotel ICON's 135 guestrooms include nine different custom-appointed suites with spacious tiled bathrooms, rain showers, Jacuzzis and antique claw-foot bathtubs.

Additional amenities include a state-of-the-art fitness facility and a three-level parking garage with 117 stalls operated as secure, covered valet parking for guests. Hotel ICON also features 7,750 square feet of unique event space, including a 2,263 square-foot ballroom and private wine cellar.

 For more information on all of the companies, please visit www.sagehospitality.com, www.cjuf.com, http://www.centurionpartnersllc.com/.

Contact: Steve Sugerman, +1-310-974-6680

Web Site: http://www.cjuf.com/

Directors Group Honors CalPERS Leaders

 SACRAMENTO, CA – Anne Stausboll (top right photo) Chief Executive Officer of the California Public Employees’ Retirement System (CalPERS), and Anne Simpson (top left photo), CalPERS Senior Portfolio Manager, head of Corporate Governance, have been named to a list of the 100 most influential corporate governance professionals for 2011.

The NACD Directorship 100 Hall of Fame from the National Association of Corporate Directors honors board directors, corporate governance experts, journalists, regulators and academics working to uphold the highest standards in corporate governance. NACD is a national organization of directors and executives from public, private and non-profit companies that works to advance board leadership and enhance long-term shareowner value.

“I’m honored to be included on this list with my CalPERS colleague Anne Simpson,” Stausboll said. “Our entire staff’s hard work on corporate governance issues benefits all shareowners when well-run companies develop and execute business plans that create long-term, sustainable growth and value. This honor from NACD is testimony to the commitment of our investment professionals.”

Other NACD honorees this year include Warren Buffet (middle right photo), Chairman and CEO of Berkshire Hathaway; Mary Schapiro (lower  left photo), Chair of the U.S. Securities and Exchange Commission; Laurence Fink, Chairman and CEO of Blackrock; Jeffrey Immelt, Chairman and CEO of General Electric; Mindy Lubber, President of Ceres, a national coalition of investors, environmental organizations and other groups working with companies on sustainability challenges; and Ann Yerger, Executive Director of the Council of Institutional Investors, an association of institutional investors that advocates for good corporate governance and shareowner rights.

 Stausboll also was honored for her work with Ceres, where she co-chairs the Board of Directors.

CalPERS is the nation’s largest public pension fund with approximately $225 billion in market assets. It administers retirement benefits for 1.6 million active and retired State, public school, and local public agency employees and their families, and health benefits for more than 1.3 million members. The average CalPERS pension is $2,220 per month. For more information on CalPERS, visit www.calpers.ca.gov.

Contact:

External Affairs Branch

(916) 795-3991

Robert Udall Glazier, Deputy Executive Officer

Brad Pacheco, Chief, Office of Public Affairs

Contact: Wayne Davis, Information Officer

pressroom@calpers.ca.gov

Arbor Gives Real Estate Investors the Keys to Financing in Today’s Environment

VP John Kelly Provides Lending Market Insight at Bisnow Washington, DC, Summit

 WASHINGTON, DC — Commercial real estate investors looking for answers and market insight found them in abundance recently at the Bisnow Washington, DC, Investment Summit, where Arbor Commercial Mortgage Vice President John Kelly (top right photo) appeared as a featured speaker.

Offering his expertise during the session on the “Return of Debt & CMBS 2.0,” Kelly explained to event attendees that the best way for investors to work through their debt problems today is to keep debt payments current, a strategy that is met with equal cooperation on the behalf of lenders and servicers.

 Contact:  Christopher Ostrowski, costrowski@arbor.com

Bainbridge River Oaks Apartments Break Ground in Woodbridge, VA

 Bethesda, MD/Woodbridge, VA (Oct. 17, 2011) – Bainbridge River Oaks Apartments (top left rendering), a ‪294-unit luxury apartment community, is now under construction in Woodbridge, Virginia near the thriving Ft. Belvoir military base.

The development is a joint venture between Starwood Capital Group Global, a privately-held global real estate investment firm, and The Bainbridge Companies, a fully-integrated group of multifamily real estate companies.

 “Bainbridge River Oaks will be right in between rapidly-growing Fort Belvoir, which will have a larger workforce than the Pentagon, and Quantico Marine base, ” said Bainbridge Mid-Atlantic Regional Development Manager Neil Goradia (middle right photo). “It will provide much-needed high-quality housing in an extremely tight market. Research shows that the area is projected to grow more than 12% over a 15-year period,” Goradia added.

The 2005 Base Realignment and Closure Commission (BRAC) called for a $4 billion expansion of Ft. Belvoir, which was already one of the largest employers in Fairfax County. The expansion adds more than 19,000 more workers to the base.

 The new community is designed to have ‪spectacular amenities  including a swimming pool and sun deck as well as a clubhouse with a state-of-the-art fitness club, cyber café, billiards area and fully-equipped business lounge. Elevators will be available in some buildings.

Cline Design of Raleigh, North Carolina designed the ‪Craftsman Style buildings, which feature exterior stone detailing. ‪Kitchens in the one- and two-bedroom apartments will have stainless Energy Star appliances and granite-style countertops. Energy-efficient fixtures and lighting are planned as well, to keep utility costs low.

‪The first apartments are expected to be completed in the summer of 2012, with full completion planned for early 2013.

Earlier this year Starwood and Bainbridge embarked on another significant joint venture – the acquisition of 1,626 apartment units in Virginia and Maryland. Bainbridge also started construction this year on Bainbridge Bethesda, a new high-rise community in Bethesda, Maryland; and Campus Circle Tallahassee, a new luxury student housing community in Tallahassee, Florida.

 Additional information about Starwood Capital can be found at http://www.starwoodcapital.com/.

 Contact: Terri Thornton,  404-932-4347 (Cell), 

http://www.territhornton.com/

Lane Management Portfolio Grows

  

Atlanta, GA (Oct.  17, 2011) – Lane Management, LLC reports that the portfolio of multifamily properties it manages has grown substantially this year, returning to pre-recession levels.

 Since the beginning of the year, Lane Company’s property management arm has begun managing an additional 7,886 rental units in Atlanta, Alabama, Louisiana, South Carolina and Texas.

The firm has inked new agreements with nationally-known real estate clients including Wood Partners, Lubert Adler, Provident Realty, National Equity Fund Inc., the Houston Housing Authority and others.

“We pride ourselves on offering excellent personalized property management and asset management services,” said Lane Management President Rob Couch (top right photo). “Large multifamily owners and investors appreciate that we are results-driven and extremely effective.”

 “People are looking at costs now more than ever,” added Brian Willey, Director of Business Development. “We have proven our value to clients by reducing controllable operating expenses and improving collections across the portfolio, resulting in material increases to net operating income.

Contact: Terri Thornton,  404-932-4347 (Cell),  

http://www.territhornton.com/

Davidson Hotels & Resorts to Open New Headquarter Office in Atlanta

 MEMPHIS, TN, Oct. 17, 2011—Officials of Davidson Hotels & Resorts, one of the nation’s largest independent hotel management companies, today announced the company will open a new headquarter office in Atlanta, Ga. 

Certain functions, primarily accounting, risk management, payroll and portions of IT will remain in Memphis.  The relocation is expected to take place in summer 2012.

“We have expanded our portfolio of properties significantly over the past five years, and we believe we are poised for continued growth throughout the coming years,” said John Belden (top right photo), president and CEO of Davidson. 

“By relocating to a gateway city, we provide greater travel options for our associates, and optimize our visibility and accessibility with investors and property owners.  This will also allow us to aggregate more operational and development resources under one roof, as well as materially enhance our ability to attract the best possible talent in the future. 

“We initially looked at five major markets on the East Coast, but Atlanta was chosen because it is rated as one of the nation’s Top 10 most attractive cities for corporate relocation and currently is the 4th largest hotel/hospitality market in the country, providing a deep pool of prospective industry talent,” Belden added. 

“Hartsfield-Jackson International Airport (middle left photo) will provide us with the most comprehensive and efficient access to our portfolio, our clients, our brand partners and our investors.  We intend to locate in the Perimeter area of Atlanta, due to its central and strategic location.”

Corporate functions relocating to Atlanta include:  operations, sales/revenue management, food and beverage, design and construction, legal, human resources and business development.  The Memphis office will continue to house accounting, payroll, risk management and components of the IT departments. 

“This dual-office configuration will provide us with an even stronger platform for growth and portfolio support, and we expect to add personnel in both locations as we expand our business,” Belden said.   

 Additional information on Davidson may be found at www.davidsonhotels.com.

Contacts:

Cyndi Norwood, Davidson Hotels & Resorts, (901) 821-4155, cnorwood@davidsonhotels.com                                                                                                                                                                                                                                                                            Jerry Daly, Chris Daly (media), Daly Gray Public Relations, (703) 435-6293

jerry@dalygray.com or chris@dalygray.com