C&W negotiates renewal for Harland Financial Services headquarters in Lake Mary, FL

ORLANDO, FL – Cushman & Wakefield of Florida, Inc. (C&W) announced Harland Financial Services has renewed their 80,000 sf lease at 605 Crescent Executive Court (top right photo).

Richard Solik, (bottom left photo) Senior Director, Office Brokerage Services represented the tenant in the $18 million, 10-year deal .

A major supplier of software and services for financial institutions, Harland Financial Solutions has occupied the top three floors of Primera Building III in Lake Mary since 1998.

Contact: Brook Hines, 407-541-4401, brook.hines@cushwake.com
http://www.cushwake.com/

Hal Warren elected Vice-Chairman of Orlando Historic Preservation Board

ORLANDO, FL - Hal Warren, (top right photo) a veteran commercial broker in Central Floridaand associate partner at Hendricks & Partners in Orlando, has been elected vice-chairman of the Orlando Historic Preservation Board.

Warren was appointed to the Orlando Historic Preservation Board in December 2007 by Orlando Mayor Buddy Dyer. (bottom left photo)

A graduate of Florida State University in Tallahassee, Warren earned his MBADegree from the University of Central Florida. He has more than 20 years of experience in commercial real estate, including positions as southeast acquisitions director for United Dominion Realty Trust, Inc. and senior director with Cushman & Wakefield's Apartment Brokerage Services

.Last year he joined Hendricks & Partners, the nation's largest private capital network of advisors and systems, as associate partner in the firm's southeast regional division headquartered in downtown Orlando.

"The Orlando Historic Preservation Board plays an important role in maintaining and protecting those elements of architecture and infrastructure that make Orlando a unique place with a vivid connection to its past,"Warren said.

For more information, please contact:

Hal Warren, Associate Partner, Hendricks & Partners, 407-218-8881

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

General Services Administration Signs Lease for 32,980 SF, Build-to-Suit Office Building in El Segundo, CA

Facility Will House Los Angeles United States Military Entrance Processing Station

EL SEGUNDO, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announces that the U.S. General Services Administration signed a lease for a 32,980-square-foot, build-to-suit office building (top right rendering) on 4.25 acres in El Segundo.

The facility will house the Los Angeles United States Military Entrance Processing Station. Terms of the transaction were not disclosed.

An agency of the Department of Defense, MEPS is responsible for qualifying and processing applicants for the United States Armed Forces and federal service.



Of the 65 MEPS facilities located throughout the United States, Los Angeles is the largest. Construction is under way on the new Los Angeles MEPS facility, which will be located at 1700 E. Grand Ave.

It is slated to open in August 2009. The Los Angeles facility will be relocating from 5051 Rodeo Road in Los Angeles.

Jim Biondi, Terry Reitz, Jeff Smart and Gerald Kim of Grubb & Ellis’ Los Angeles South Bay office represented the lessor, Mar Canyon Grand LLC, in the transaction. Shadd Walker of Colliers International represented the lessee.

Contacts:

Sharon Abar, 714.975.2185, sharon.abar@grubb-ellis.com
Damon Elder, 714.975.2659, damon.elder@grubb-ellis.com

Richard Plummer Joins Grubb & Ellis as Senior Vice President, Institutional Capital Markets

LOS ANGELES, CA (Mar. 9, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Richard Plummer, (top right photo) one of Southern California’s top investment sales professionals, has joined its downtown Los Angeles office as senior vice president.

Plummer will be part of Grubb & Ellis’ Institutional Capital Markets Group, which provides real estate investment and advisory services to the company’s most sophisticated clients.

“Richard is an exceptionally talented and successful broker and is an excellent fit for us culturally,” said Glen Esnard, president of Grubb & Ellis Capital Market Group.

“He shares our commitment to client service and his expertise further strengthens our Institutional Capital Markets platform, which we have structured to best address the issues our clients are facing today.”

Plummer, a 31-year veteran of commercial real estate, joins Grubb & Ellis from Cushman & Wakefield, where for 21 years he was a member of the Capital Markets Group.

He has successfully completed more than 100 transactions valued in excess of $5 billion, primarily representing institutional sellers in the sale of trophy office buildings.

Major transactions in the Downtown LA market include the disposition of 333 S. Hope St. (1.4 million square feet), 444 S. Flower St (891,000 square feet), (bottom left photo) 725 Figueroa (895,000 square feet, 6300 Wilshire Blvd. (401,000 square feet) (middle right photo) and 1000 Wilshire Blvd. (471,692 square feet). (top left photo)

Chuck Hunt, executive vice president and regional managing director of Grubb & Ellis’ Los Angeles operations, said, “Richard is one of the best known players in the institutional investment arena. He is an invaluable addition to our team. ”

Plummer was a consistent top performer while at Cushman & Wakefield, earning the C&W Investment Sales Service Excellence Award for Southern California, the C&W National Deal of the Year Award and was a regular member of C&W Chairman’s Circle.

“Grubb & Ellis is an established name with a strong national presence. At the same time, it is a new company – with a senior management team that has a specific game plan to grow the company,” said Plummer.

“Grubb & Ellis has shown the ability to recruit and retain top professionals, despite the challenges of the current market.”

Plummer earned a bachelor’s degree from the University of Wisconsin and is a member of the Urban Land Institute’s Transit-Oriented Development Council.

Contacts:

Sharon Abar, 714.975.2185, sharon.abar@grubb-ellis.com

Damon Elder 714.975.2659, damon.elder@grubb-ellis.com

3 Retailers Share Grand Openings at Posner Park in Davenport, FL

ORLANDO, FL – Mar. 9, 2009 – The Orlando office of CB Richard Ellis is pleased to announce the grand openings of Ross Dress for Less, Payless Shoes, GNC, and Camille's Sidewalk Cafe at Posner Commons at Posner Park (middle left photo) in Davenport, Florida.

Jorge Rodriguez, (bottom right photo) Senior Associate, and leasing agent for Posner Commons stated, "The recent grand opening of Ross completes Posner Commons' last phase of anchor tenants.

"Ross is the 11th, and last, anchor tenant to open in this center. In the midst of the current economic turmoil and a credit crunch crisis, Posner Commons remains vibrant and active with local shoppers and tourists alike.

"Having a captive audience at a major interchange with virtually no competition for many miles around has helped to secure tenants such as the ones who have recently opened."

Anchor and junior anchor tenants include, Best Buy, JC Penney, Belk, Books A Million, Target, Staples, PetSmart, Michael's, Ross, Dollar Tree, and Dick's Sporting Goods.

Contact: Angelique Greven, 407.839.3158, angelique.greven@cbre.com

West Side Industrial Team Joins Grubb & Ellis Company’s Detroit Office

Addition of Rob Hughes and team strengthens capabilities in western suburbs

SANTA ANA, CA(Mar. 9, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Rob Hughes (top right photo) has joined the company’s Industrial Group as senior vice president, bringing with him a two-person team.

The team’s addition enhances the office’s tenant, owner/user and landlord representation capabilities in western Wayne, western Oakland, Washtenaw and Livingston counties.

Hughes, 38, joins Grubb & Ellis from Colliers International Detroit, where he was a vice president and associate broker. He brings his two-person team, which includes Tom Oldham (top left photo) and Curtis Ullstrom.(middle right photo) Oldham and Ullstrom join Grubb & Ellis as associate vice president and associate, respectively.

“The west side suburbs have historically been a strong region for the industrial market because of the diverse industry base and excellent talent pool,” said Fred Liesveld, (bottom left photo) executive vice president and managing director of Grubb & Ellis’ Detroit offices.

“Bringing Rob and his team on board creates opportunities to gain market share, and their excellent reputation for quality service will allow us to better serve our existing clients.”

During his nearly 10 years with Colliers, Hughes specialized the leasing and sales of industrial, R&D/flex and manufacturing facilities as well as site selection and build-to-suit projects.

Some of his most recent assignments include a 35,000-square-foot build-to-suit flex building for J.H. Bennett and Co. in Novi and the representation of Helicon Therapeutics in the leasing of a 77,461-square-foot life sciences/bio-pharmaceutical facility in Sorrento, Calif.

Hughes began his career in the real estate industry with Crabill & Company in 1995, where he specialized in industrial properties. He is a member of the Michigan Commercial Board of Realtors, the National Association of Realtors, the Michigan Association of Realtors and is a licensed salesperson in the state of Michigan.

Hughes said, “We’re pleased to join forces with such a strong team of industrial professionals. As part of Grubb & Ellis, we will better-positioned to serve our clients locally as well as on a multi-market basis.”

Oldham, 30, joined Colliers in 2001 as a sales associate. He holds a bachelor’s degree from Miami University and is a member of the National Association of Realtors.

Ullstrom, 44, joined Colliers in 2007 as a sales associate. He is a Certified Commercial Investment Manager and a member of the National Association of Realtors.

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

Investors Lose $32M in Trump's Mexico Condo-Hotel Project

(BAJA, MEXICO)—There is no joy in Trumpville today. The mighty Donald has struck out – again.

New York entrepreneur Donald J. Trump’s planned 526-suit Trump Ocean Resort Baja – 30 minutes south of Downtown San Diego --- is nothing but a deep hole in the ground today.

The condo-hotel project (top right rendering)in North Baja, Mexico, could not obtain financing from a German bank to start construction.

Investors who had rushed to plunk down 30 percent deposits on suites priced from $300,000 to $3 million, are out their money.

Trump Entertainment Resorts Inc., through a Mexican entity, PB Impulsores, informed investors there were no funds to refund deposits totaling $32.2 million.

Trump Entertainment Resorts maintains a clause in the buyers’ contracts gave the developer a right to spend their deposits.

Several lawsuits have already been filed in Los Angeles Superior Court.

Trump Baja condos went on sale in October 2006. S&P Destination Properties sold 188 units for a total $122 million on the first day of the sale.

Trump and his partner in the project, Los Angeles-based Irongate Capital Partners LLC, had retained S&P Destination to handle sales and marketing.

Trump claims his only relationship to the project was licensing his name for a fee. He will argue in court that he was not a direct investor in the project, according to sources in a position to know.

Trump, through his Trump Organization, now says Irongate violated a contract to license the Trump name and also missed deadlines to find construction financing. Irongate officials declined to comment.

At the gala San Diego sales reception in October 2006, Trump told buyers Trump Baja “will redefine the standard of premier property ownership and service excellence for all of Northern Mexico.”

He added, “I’ve always said, ‘location is everything,’ and being just 30 minutes from Downtown San Diego makes this an ideal locale for a premier resort property.”

The planned studio, one-bedroom, two-bedroom and three-bedroom residences were designed for 532 square feet to 2,200 square feet of living area.

As Real Estate Channel previously reported, Trump Entertainment Resorts Inc., a nine-company related leisure-vacation group, filed for Chapter 11 bankruptcy protection in February.

The holding company listed assets of $2.96 billion and debts of $1.74 billion. The bankruptcy filing was the third in 20 years for Trump-directed companies.

Holliday Fenoglio Fowler's Big Deals in Last 45 Days

Marcus & Millichap Names Top Producers

Mark Myers in Chicago has closed more than $1.6B in career transactions

CHICAGO, IL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named its top investment specialists for 2008.

One agent in Marcus & Millichap’s Chicago office ranked in the Top 30 out of more than 1,300 investment specialists nationwide. The agent is Mark Myers (25). (top right photo)

“We are proud to recognize Mark as one of the firm’s top agents,” says Harvey E. Green, (top left photo) president and chief executive officer of Marcus & Millichap. “His accomplishments and track record reflect his superior transaction expertise and commitment to client service.”

Myers, a senior vice president investments and senior director of the firm’s National Seniors Housing Group in Chicago, facilitated transactions valued at more than $97.05 million last year. Myers joined Marcus & Millichap in November 1993 and was promoted to senior vice president investments in January 2008.

His notable transactions last year included the sale of a $23 million assisted living care facility in Corona, Calif., a $15.3 million skilled nursing facility portfolio in various locations in Indiana, and a $ 7.1 million assisted living and specialty care facility in Meredith, N.H. Myers has closed more than 250 transactions in his career, valued at greater than $1.6 billion.

MATTHEW KESTERSON NAMED ONE OF FIRM’S TOP INVESTMENT SPECIALISTS
VERO BEACH, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named its top investment specialists for 2008.

One agent in Marcus & Millichap’s Vero Beach office ranked in the Top 30 out of more than 1,300 investment specialists nationwide. The agent is Matthew Kesterson (20).(middle left photo)

“We are proud to recognize Matthew as one of the firm’s top agents,” says Harvey E. Green, president and chief executive officer of Marcus & Millichap. “His accomplishments and track record reflect his superior transaction expertise and commitment to client service.”

Kesterson, a vice president investments and a director of the firm’s National Multi Housing Group in Vero Beach, facilitated transactions valued at more than $88.59 million last year.

Kesterson joined Marcus & Millichap in 2002 and was promoted to vice president investments in July 2008. His notable transactions last year included the sale of $10.15 and $9.24 million multi-family communities in Montgomery, Ala., and a $9.95 million apartment community in Daytona Beach, Fla.

STEPHEN STEIN RETURNS AS REGIONAL MANAGER OF LOS ANGELES OFFICE

LOS ANGELES, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Stephen Stein (bottom right photo) regional manager of the firm’s Los Angeles office, according to Harvey E. Green, president and chief executive officer.

“With great pleasure, we welcome Steve back to the position of regional manager of the Los Angeles,” comments Green. “This is a position in which he has previously served with great distinction.

"Steve’s hands-on management skills, combined with his extensive transaction experience as a commercial real estate investment specialist, make him an invaluable resource to our agents and clients throughout Southern California.”

Stein joined Marcus & Millichap’s Phoenix office in 1990 as an investment specialist. He ranked among the firm’s Top 10 agents in 1991 and in 1994, and became a senior associate in 1993. He received the senior investment associate distinction in 1996 and was promoted to regional manager in the firm’s Long Beach office in August of that year.

In April 1999, Stein became the regional manager of the Los Angeles office, and in April 2000, was elected a first vice president of the firm. In June 2003, Stein rejoined the sales force in Los Angeles. He earned two National Achievement Awards and was promoted to vice president investments in January 2008.

Throughout his sales career, Stein has received 10 internal sales recognition awards. Stein graduated from Arizona State University in 1979 with a degree in marketing.

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

Marcus & Millichap Lists Crystal Casino Hotel in Compton, CA for $16M

COMPTON, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for the guestrooms portion of the Crystal Casino Hotel, (top right photo) a 238-room hotel and casino in Compton.

The listing price of $16 million represents $67,227 per room.

Gordon Allred, (middle left photo) vice president investments and director of the firm’s National Housing Group in Ontario, is representing the seller.

“The Crystal Casino Hotel offers an investor a unique opportunity to acquire the guestrooms portion of a full-service casino hotel in Los Angeles County,” says Allred.

“The seller will lease back the entire ground floor and retain operation of the casino, restaurant and bar.

"In addition to the sale/leaseback, the food and beverage profits and the proposed seller financing, present an opportunity to achieve positive cash flow based on current operations with an opportunity for substantial growth through improved management and renovation.”

Located at 123 East Artesia Blvd. in Compton, the nine-story hotel and casino is situated on 9.19 acres along the Alameda Corridor between Long Beach, Calif., and Los Angeles in the center of Los Angeles County.

Crystal Casino Hotel is comprised of eight floors with 238 keys above the leased ground floor, which contains the casino, restaurant and bar. The seller will lease back the entire ground floor for $600,000 per year and retain operation of the casino, restaurant and bar.

The seller will provide a $12 million all-inclusive trust deed loan at a 7.5 percent fixed rate for five years.

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

Marcus and Millichap Sells a 76-Unit Apartment Complex in Winter Haven, FL

WINTER HAVEN, FL, Mar. 6, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of West Place Apartments, (top right photo) a 69,540 square foot apartment complex located in Winter Haven, Florida, according to Bryn Merrey,(bottom right photo) Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $3,100,000. Michael P. Regan, (middle left photo) an Investment Specialist in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller. The buyer, a private investor, was also secured by Regan.

West Place Apartments is located at 3137 Woodhill Road in Winter Haven, Florida.

­­­­­­­­­­­­­­­­“West Place Apartments is an example of the basic concepts of investment real estate. This opportunity involved a quality asset with strong returns based on current numbers, great upside potential and a defined exit strategy.

"This transaction is indicative of where we have seen the market settle since the days of the ‘conversion era.’” states Regan.

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

The Lynd Co. Acquires 50% Stake in Easton Group's Property Management Division

MIAMI – The Lynd Company, a top national property management firm with an office in South Florida, has acquired a 50 percent interest in Easton Management, both companies announced.

Easton Management is the property management division of Doral, Florida-based The Easton Group, founded and chaired by Edward W. Easton (top right photo).

The new company will be known as Easton Lynd Management and will be a subsidiary of the Lynd Company.

As of February 1, The Lynd Company assumed management control of seven-million-plus square feet of commercial and association property that had been developed and managed by Easton. Most of the assets are industrial and warehouse properties.

Going forward, Easton Lynd Management will provide third-party commercial property management services in Florida and 13 other states where The Lynd Group currently has a footprint.

The Lynd Company manages medium and large size apartment complexes and has 35,000 units under management, primarily in Texas and the Southeast. The company is ranked as the 35th largest national operator on the Multi Housing Council’s list of “Top 50 Apartment Managers” in the United States for 2008.

Easton Management is the 8th largest commercial property management company in South Florida based on the latest figures from the South Florida Business Journal. Both companies have been family-run for more than 30 years.

The partnership gives The Lynd Company a new platform to grow its business in South Florida where it opened an office last summer, said Lynd Regional Vice President Andrew Ginsburg.

Lynd President and COO David Lynd said his company is now two thirds on its way toward creating a full-service management platform for industrial, office, retail, and condominium association, and apartments.

“This was the next step in our expansion plan, both in asset class and geographic location,” said Lynd.

“Since we wanted to enter the Florida market in a big way, partnering with Easton Management accomplished both goals in one transaction. Ed Easton has an incredible track record and reputation in South Florida and we couldn’t be any more excited about partnering with him.”

Lynd Easton Management will benefit from the technology and protocols pioneered by The Lynd Group and the commercial real estate expertise of Ed Easton.

(David Lynd, left and brother Michael, vice president, investments, bottom left photo)

”This deal fits perfectly with our strategy of joint venturing with companies that are a natural complement to our business,” said Easton. “We have always managed assets that we bought or developed, but with Lynd as our partner, we’ll now be able to grab a bigger piece of the market, both regionally and nationally.”

Contacts:

Todd Templin or Marielle Sologuren, Boardroom Communications, 954-370-8999 ttemplin@boardroompr.com or msologuren@boardroompr.com

Geoffrey D. Harris Named Top Loan Originator at Marcus & Millichap Capital Corp.

NEWPORT BEACH, CA– Marcus & Millichap Capital Corporation (MMCC), has named its top loan originator for 2008. The originator is Geoffrey D. Harris (top right photo) in MMCC’s Phoenix office, according William E. Hughes, (bottom left photo) the firm’s senior vice president and managing director.

“We are proud to recognize Geoffrey as the firm’s top loan originator,” says Hughes. “Harris been recognized as one of the top loan originators each year since he joined the firm in 2007.

"This achievement is a testament to his tremendous market knowledge, superior transaction expertise and commitment to providing clients with excellent capital markets knowledge and advisory services.”

Harris, a senior director in the firm’s Phoenix office, joined MMCC in June 2006. In 2007 and 2008, Harris earned the firm’s prestigious National Achievement Award and was honored as one of the firm’s top five brokers in 2008 nationwide.

Harris has more than 10 years of mortgage banking experience, having closed more than 1,400 transactions in excess of $1.5 billion in loans.

His notable transactions in 2008 included the origination and closing of a $13 million single-tenant retail store in Centerville, Utah; a $7.3 million multi-family apartment complex in Phoenix; and a $7 million office building Fort Worth, Texas.

Contact: Kathy Molitor, (925) 953-1704

Joseph Dear Joins Thomas D. Wood and Co.

ORLANDO, FL—Mar. 6, 2009— Joseph Dear (top right photo) joined Thomas D. Wood and Company on March 2, 2009, as Vice President of our Orlando Office.

As Vice President, Joe is responsible for providing clients with advice regarding the lending industry and securing both debt and equity for clients’ commercial real estate needs through a variety of lending sources including Life Insurance Companies, Banks, Credit Unions, private money and large institutional sources.

Joe has over 18 years of experience in commercial real estate, encompassing various roles in appraisal, underwriting, sales, and finance. He attended Florida State University and graduated with a B.S. Degree in Finance.

He then spent four years as a commercial real estate appraiser before joining General American Life Insurance Company as an underwriter/originator of commercial real estate loans and equity investments, covering the entire state of Florida.

After seven years with General American, he joined Broad Street Advisors as a Vice President in Investment Sales. At Broad Street Advisors, he handled investment property disposition and advisory services for institutional clients and worked on assignments throughout the United States.

After three years with Broad Street Advisors, he joined GE Real Estate in 2004 as a Vice President in the Business Property group, a position he held for five years. At GE Real Estate, Joe was responsible for covering the Central and North Florida markets and provided financing solutions for commercial real estate to include construction-to-perm loans, long-term permanent financing, and sale/leasebacks.

For further information, please contact:
Joe Dear, (407) 937-0470 ext. 7, jdear@tdwood.com

Jessica Gurtowski, (407) 937-0470 ext. 4, jgurtowski@tdwood.com

CREC Negotiates Total 22,000 SF of Office Space at 3 South Florida Buildings

CORAL GABLES, FL – Continental Real Estate Companies (“CREC”) is pleased to announce the following leases at Lennar Corporate Center, Brickell Bayview Center and 2121 Ponce with an aggregate value of more than $5 million.

Lennar Corporate Center (top right photo)
Owner: Colony Realty Partners
Tenant: Alliance for Aging
Broker - The Campbell Group (Doug & Darren Campbell)
LL Reps – David Moret, Principal and Douglas Okun, Senior Leasing Associate
SF - 11,270

New Deal

Brickell Bayview Centre (middle left photo)
Owner: Colony Realty Partners
Tenant: Eco Concepts
Broker: The Ehrich Group (Graham Ehrich)
LL Reps: David Moret, Principal and Douglas Okun, Senior Leasing Associate
SF - 2,685

New Deal

2121 Ponce (bottom right photo)
Owner: Greenstreet Real Estate Partners, LP/CREC
Tenant: Gold Container
Broker : Transwestern (Josh Gibbons)
LL Reps : Steven Hurwitz, Sr. VP & Douglas Okun, Senior Leasing Associate
SF - 2,159
New Deal

Tenant : Gold, Chavez & Gold
Broker : Newmark Knight Frank (Ryan Levy)
LL Reps: Steven Hurwitz, Sr. VP & Douglas Okun, Senior Leasing Associate
SF - 1,532
New Deal

Tenant : Jet Trading & Leasing
No co-broker
LL Reps : Steven Hurwitz, Sr. VP & Douglas Okun, Senior Leasing Associate
SF - 2,961
New Deal

799 Brickell Plaza (Eastern National Bank Building)
Tenant: DCSI-Group, Inc.
SF: 2,171 sf
LL Rep: Douglas Okun, Senior Leasing Associate
New Deal

CONTACT:
Lisa Rosario Continental Real Estate Companies "CREC" 2121 Ponce de Leon Blvd, Suite 1250 Coral Gables, Florida 33134. 305-854-7342. http://www.crec.com/.