NAI Realvest Negotiates lease agreements totaling more than 12,000 SF at CommerCenters in Orlando, Winter Garden, Sanford

ORLANDO, FL- Michael Heidrich, (top right photo) principal at NAI Realvest, recentlynegotiated four lease agreements for a total of 12,200 square feet of industrial space at CommerCenters in Orlando, Winter Garden and Sanford.

In Orlando, Heidrich negotiated the sublease of suites 310 and 315 with 4,382 square feet at Goldenrod CommerCenter, 1476 N. Goldenrod Rd. representing Small Bay Partners, the sublessor. The sublessee/tenant is Issac Vasquez of Winter Park.

At the same location, Heidrich negotiated a lease for 2,191 square feet representing the landlord, COP-Goldenrod, LLC. The new tenant is Islamic Society of Central Florida, Inc. of Orlando.

Heidrich negotiated a new lease for 1,875 square feet in suite 290 at CarterCommerCenter, 902 Carter Rd. in Winter Garden representing landlord COP-Carter LLC of Maitland. Liberty Diagnostics LLC of Winter Garden is the tenant.

At Monroe CommerCenter South (bottom left photo) in Sanford, Heidrich negotiated renewal of thesublease of 3,750 square feet at 4153 Flex Court representing The Girard Companies, LLC, sublessor.

Sanford-based Total Medical Solutions is the sublessee.

For more information, please contact:

Michael Heidrich, Principal, NAI Realvest 407-875-9989, mheidrich@realvest.com

Janice Paiano, Director of Marketing, NAI Realvest, 407-875-9989, jpaiano@realvest.com

Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

Industry Veteran Janine Watson Returns to Grubb & Ellis’ San Francisco Office

SAN FRANCISCO, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that industry veteran Janine Watson, (top right photo) SIOR, has returned to the company’s San Francisco office, where she began her commercial real estate career in the mid-1980s.

Watson will serve as vice president and specialize in tenant representation and office leasing.

“Janine is a highly qualified individual who has extensive experience in all sectors of the commercial real estate market,” said Mark Geisreiter, executive vice president and regional managing director of Grubb & Ellis’ San Francisco Bay Area operations.

“She has represented clients in leasing, buying, developing and selling buildings, as well as partnered with brokers in other states to arrange new facilities for local clients.

"She is a very knowledgeable individual and we are fortunate to have her on board.”

Watson joins Grubb & Ellis from Pacific Union/GMAC Commercial Brokerage in San Francisco, where she served as director, responsible for tenant representation. She also served as a leasing agent for Cushman & Wakefield.

Watson is LEED™ accredited and a member of SIOR. She holds an M.A. from University of Arkansas at Fayetteville.

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

Grubb & Ellis Promotes Mark Kowal to Vice President, Project Management Group

SOUTHFIELD, MI– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced today that Mark Kowal (bottom left photo) has been promoted to vice president, Project Management Group, from senior project manager.

“With his commitment to providing value and contributing to our clients’ bottom line, Mark has been a driving force behind expanding the services we can provide,” said Fred Liesveld, executive vice president and managing director of Grubb & Ellis’ Southfield office.

“As more and more companies seek to benefit from ‘one-stop shopping’ for real estate services, the benefits of having one of the best project management teams in town supporting our brokerage professionals is immeasurable.”

An 18-year veteran of the commercial real estate business, Kowal’s, expertise includes large corporate turn-key projects, tenant improvement and specialty construction.

Since joining Grubb & Ellis in 2007, he has overseen the construction of ITC’s 188,000-square-foot corporate headquarters building in Novi, and he is currently managing the retail rebranding for more than 40 locations nationally for AAA.

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

Former Merchant Returns to Pinecrest in S. FLorida With Original Restaurant Concept

MIAMI BEACH, FL– Terranova Corporation is adding unique local flavor to the tenant lineup at Suniland Shopping Center, (top right photo) bringing a former merchant with a new restaurant concept back to the Pinecrest area.

Cine-It Burger and Grill, an independently owned, casual restaurant serving homemade burgers and other favorites, opened a new 2,517-square foot restaurant at 11421 South Dixie Highway, at the Suniland Shopping Center on April 9.

Meals at Cine-It will be served in a fun setting in which big-screen TVs will play memorable scenes from movie favorites, such as Arnold Schwarzenegger’s “I’ll be back” scene in The Terminator and Clint Eastwood’s “Go ahead, make my day” scene in Sudden Impact.

“We are particularly delighted with this new tenant because he brings a fun, original and personal touch to the all-American burger meal, and I think the center’s customers are going to love it,” said Terranova executive vice president Mindy McIlroy, who represented the landlord in the lease.

“This is an experienced merchant who has served this market before and knows well what people like and need when they come to eat at Suniland.”

Cine-It Burger and Grill is owned by Jesse Vazquez, a veteran of the fast food industry in South Florida.

Vazquez worked for years in the McDonald’s chain, before owning the Chicken Kitchen franchise at Suniland.

The Chicken Kitchen still operates at Suniland, while Vazquez moved on to conceive and launch his own venture, resulting in the creation of Cine-It Burger & Grill.

He chose to open it in his former stumping ground.

“I couldn’t think of a better place to open my restaurant,” Vazquez said. “This is a great center and a great market, and I look forward to serving the many people who come to Suniland for lunch and dinner.”



Contact: Karen LaFleur, klafleur@terranovacorp.com

Arbor Closes $4.25M Fannie Mae DUS® Loan on University Apartments in East Lansing, MI

UNIONDALE, NY– Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $4,250,000 loan under the Fannie Mae DUS® product line for the 122-unit complex known as University Apartments in East Lansing, MI.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.10 percent.


The loan was originated by Michael Jehle, (top right photo) Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI lending office.

“The subject loan is secured by three non-contiguous properties all owned by the same borrowing entity,” said Jehle. “Arbor was successful in paying off the existing indebtedness and providing cash out for this repeat client.



Contact: Ingrid Principe, Iprincipe@arbor.com

GVA Advantis Closes 2 Industrial Leases Totaling 270,000 SF in NC and VA

U.S. COAST GUARD MOVES INTO 102,000 SF AT FORMER WAL-MART LOCATION
IN ELIZABETH CITY, NC

NORFOLK, VA – GVA Advantis announces the lease of 102,000 SF to the U.S. Coast Guard at the Port Elizabeth Shopping Center (top right photo) in Elizabeth City, NC.

John Wessling, associate and Bill Overman, CCIM, senior director with GVA Advantis, represented the landlord, BH Properties.

“It is gratifying working with a company whose representatives consistently practice integrity and reliability. GVA Advantis is professional, honest, fair, and very responsive.” says Laurette Tulley of the U.S. Coast Guard Civil Engineering Unit.The space was formerly occupied by Wal-Mart and will now be used for storage of aircraft parts.

DIAMOND HILL PLYWOOD TAKES 150,000 SF IN DOSWELL, VA

NORFOLK, VA – (April 2009) – GVA Advantis announces Diamond Hill Plywood Company, Inc. has leased 150,000 SF of warehouse/distribution space at 17320 Washington Highway in Doswell, Virginia. (bottom left photo)

Stephanie Sanker, CCIM, SIOR, senior director and Clay Culbreth, CCIM, SIOR, senior director, with GVA Advantis-Norfolk, represented the tenant and Porter Realty represented the landlord.

Diamond Hill Plywood was established over 60 years ago, establishing itself as a major wholesale distributor of building material and construction products to the retail and industrial market segments.

The company, with a network of 9 sales and distribution centers in Georgia, Virginia, Tennessee and the Carolinas (and a reload center), serves a customer base throughout the Southeastern states.The tenant has consolidated their Richmond and Chesapeake, VA operations into this location.

Contact: Susan Childress, Regional Director of Marketing, Advantis Real Estate Services Co.,
757.213.8217. schildress@gvaadvantis.com

http://www.gvaadvantis.com/

StepStone Hospitality Formed to Provide Third-party Management to Upscale Independent Boutique and Branded Hotels

Experienced Team Brings Strong Asset Management Support and Restaurant Expertise to Optimize Returns

PROVIDENCE, R.I.—An elite group of senior hotel and restaurant officials with more than 90 combined years of operating and asset management experience announced the formation of a new third-party management company to operate upscale boutique and branded hotels and resorts.

Called StepStone Hospitality, the company is a sister organization to Hotel Asset Value Enhancement, Inc. (hotelAVE), one of the nation’s largest hotel real estate advisory firms specializing in hospitality asset management and due diligence.

StepStone will focus on hotels of up to 400 rooms, with an emphasis on urban and premium suburban boutique and branded properties located in the eastern half of the United States.

StepStone currently operates The Hotel Providence, (bottom left photo) a luxury, Four Diamond, boutique hotel in the heart of Rhode Island’s state capital and has had management oversight of luxury to three-star properties in Boston and New York.

The company distinguishes itself from other third-party management companies with a strong emphasis on strategy and asset management and unparalleled, in-depth restaurant expertise.

The company’s three principals are:

Thomas Russo, (top right photo) CEO and president, a 45-year hospitality veteran with extensive experience in hotel, resort and restaurant operations, including boutique hotels, major hotel chains and leading restaurants. He has developed and operated numerous award-winning restaurant concepts and is widely regarded as one of the industry’s most creative and strongest operators.

James McGrath, (middle left photo) chief operating officer and partner, with a 25-plus year career as an hotelier overseeing the operations of more than 250 hotels, both branded and independent. He most recently headed up hotel operations for Lodgian, Inc.’s 40-property portfolio.

Michelle Russo, (middle right photo) partner, brings a strong background in asset management and strategy with experience in hotels valued at more than $2 billion. She is president of hotelAVE and previously managed a $500 million hotel portfolio for John Hancock Mutual Life Insurance. Russo is a former hospitality and real estate financial analyst at Deutsche Bank.

“We created StepStone to respond to specific requests from a number of institutional and private investors who wanted strong, hands-on operations by senior leadership, world-class strategic asset management and food and beverage expertise to generate the highest possible hotel investment returns in all phases of the economy,” said Thomas Russo.

“The missing ingredient in most third-party management is a strategic mind-set.

"In addition to on-site management, which focuses solely on day-to-day operations, every StepStone-managed property has a highly experienced regional support team that focuses on strategy.

"That team oversees only a limited number of hotels, and each team has an asset manager who is a true owner’s representative. That person is responsible for benchmarking and constantly seeking new ways to further enhance the operation and returns.”

The company has the ability to co-invest with owners, as well as bring multiple tranches of equity to projects.

StepStone Hospitality is located at:333 Westminster St. Suite 3Providence, R.I. 02903. PH (401) 865-6901.

Additional information about the company may be found at http://www.stepstonehospitality.com/.

Contact: Jerry Daly or Chris Daly, Daly Gray Public Relations, (703) 435-6293, jerry@dalygray.com

Innkeepers USA Trust Suspends Payment of First Quarter Dividend on 8% Bond Series

PALM BEACH, FL – Innkeepers USA Trust (OTC: INKPP) has suspended payment of its 2009 first quarter dividend on its 8% Series C Cumulative Redeemable Preferred Shares.

Decisions regarding future quarterly dividends on the 8% Series C Cumulative Redeemable Preferred Shares will be made by Innkeepers’ board of trustees based on financial and economic conditions and other factors that the board deems appropriate.

A description of the 8% Series C Cumulative Redeemable Preferred Shares, is available in the Amended and Restated Declaration of Trust of Innkeepers USA Trust and the Articles Supplementary to the Declaration of Trust.

Certain information regarding the 8% Series C Cumulative Redeemable Preferred Shares may be found on the company’s website at http://www.innkeepersusa.com/.

Innkeepers USA Trust is a real estate investment trust (REIT) and a leading owner of upscale and extended-stay hotel properties throughout the United States. The company currently owns interests in 74 hotels with approximately 10,100 rooms in 20 states and the District of Columbia.
Contacts:

Patrick Daly,Daly Gray Public Relations, Tel (703) 435-6293. Fax (703) 435-6297. patrick@dalygray.com

Dennis Craven, Innkeepers USA Trust, (561) 227-1302.

Ending Insanity on Madison Avenue

By Christopher DeCrosta, (top right photo) Vice President of Madison Retail Group, Chicago.

CHICAGO, IL--USA Today’s article about Madison Avenue vacancies is more than five years in the making.

The vacancy rate on Madison Avenue is certainly among the highest and most noticeable in the city, but it does not come as much of a surprise to those familiar with this market.

Rents over the past 5 years have grown at an alarming rate. Other than Fifth Avenue, Madison was the first retail strip in New York to break the $1,000 per square foot barrier.

Once it did, it quickly became $1500 per square foot and until the recent downturn asking rents exceeded $2,000 per square foot.

The fact that space did not sit on the market for very long emboldened landlords to continue to charge such astronomical rents. International luxury brands or jewelry retailers quickly snatched up the space and in many cases the high rent numbers were absorbed in part by their large marketing budgets.

Years ago, Madison Avenue was the only destination for luxury shopping in Manhattan. Much of the rest of Manhattan has changed while the Madison rents skyrocketed.

Neighborhoods like SoHo and The Meatpacking District became viable alternatives for high-end retail. Retailers like Moschino, who only require one Manhattan location, opted to move to West 14th Street for a fraction of the cost that would have been required to renew on Madison.

These newer neighborhoods offer brands the ability to appeal to a younger, hipper crowd – one that might reject Madison Avenue’s perceived stodginess.

The real victims of the Madison Avenue collapse have been the smaller and local brands.

Forced to renew at rents 3-4 times what they had been historically paying, many tenants have found themselves underwater and unable to stay afloat. There is a positive side of all this turmoil, however.

Once rents correct and stabilize at a lower number, it will allow these smaller retailers to return to the market.

Not only will this relief be good for the retailers, it will add diversity and charm to Madison Avenue and once again make it one of the world’s most unique shopping destinations.

Contact: Kurt Ivey, kurt.ivey@madisonmarquette.com

Chase Opens Walk-In Mortgage Help Centers in DC, MD and VA

All 24 Chase Homeownership Centers Now Open to Help Families Keep Their Homes

WASHINGTON--(Business Wire))--Chase today marked the official opening of its new homeownership center to provide face-to-face help to D.C., Maryland and Virginia area families struggling with their mortgage payments.

Trained loan advisors at the center at 1350 I Street, NW, Suite 530 will help borrowers who have a home loan serviced by Chase, Washington Mutual or EMC – all now part of JPMorgan Chase.

“We created these local Homeownership Centers as a place for our borrowers to sit down and discuss their situation face-to-face with trained loan advisors in these challenging times,” said David Schneider, head of mortgage servicing at Chase.

“They are part of a wide-ranging initiative to help families stay in their homes whenever possible.”

(U.S. Capitol, top left photo)

Chase is the only large mortgage servicer in the country to open local walk-in centers to provide borrowers face-to-face loan counseling.

It now has a total of 24 homeownership centers in areas around the country with high levels of mortgage delinquencies: nine centers in California, five in Florida, two in the New York City area, and one each in the Phoenix, Denver, Atlanta, Chicago, Detroit, Las Vegas, Philadelphia and D.C. areas.

The Washington D.C. area center will feature:

Trained advisors. A team of homeownership advisors will assist customers whose circumstances have changed and are no longer able to make their scheduled monthly payment, who want to avoid foreclosure and stay in their home. The trained advisors will evaluate their finances, review possible workout options and answer any questions.

Scheduled appointments. To reduce wait time, customers are encouraged to set up an appointment in advance. They should bring documentation, including recent W-2s and tax forms, recent pay stubs and bank statements and monthly expense documentation. Also, they should bring any information, such as a hardship letter, that will help explain their current financial challenges.

A track record of helping. The advisors reflect Chase’s commitment to helping families sustain homeownership over the long term. Since 2007, Chase has helped prevent 330,000 foreclosures of Chase, WaMu and EMC loans, primarily by reducing interest rates, extending the term of the loans and providing principal deferral.

Through its own initiatives and by participating in Obama administration programs, Chase expects to help a total of more than 650,000 families by modifying more than $110 billion of home loans.

The Washington D.C. area center will be open from 10 a.m. to 7 p.m. Monday through Thursday, 9 a.m. to 6 p.m. Friday and 9 a.m. to 1 p.m. Saturday. The center can be reached directly at (202) 216-8189

. Customers who would like to receive more information can call 1-866-550-5705.

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), which operates more than 5,000 branches and 14,000 ATMs nationally under the Chase and WaMu brands.

Chase has 168 million credit cards issued and serves consumers and small businesses through bank branches, ATMs and mortgage offices as well as through relationships with auto dealerships and schools and universities. It also serves more than 30,000 commercial banking customers.

Contacts:
Media: JPMorgan Chase & Co., Jennifer Zuccarelli, 212-270-7433

jennifer.r.zuccarelli@jpmchase.com

Industry Veteran Sheila J. Bellinger Joins Grubb & Ellis Company’s Dallas Office

DALLAS, TX– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that 16-year industry veteran Sheila J. Bellinger, (top right photo) SIOR, has joined the company’s Dallas office as vice president, specializing in tenant representation of office and industrial related transactions.

“Having served more than 350 clients on a local and national level, Sheila comes to Grubb & Ellis with high regard from the field,” said Moody Younger, executive managing director of Grubb & Ellis’ Texas offices. “She has built her relationships on trust, collaboration and results, and I am happy to welcome her to the team.”

Prior to Grubb & Ellis, Bellinger spent time at Hudson Peters Commercial and Cushman & Wakefield of Texas where she represented tenants in the office and industrial sectors.

She received Hudson Peters’ Platinum Award in 2008 service excellence and top production, and Cushman & Wakefield’s Client Service Award in 2004 and 2006, given to the broker who receives the highest client satisfaction responses.

Bellinger holds a bachelor’s degree from the University of Texas at Austin.

Contacts:

Julia McCartney, 714.975.2230, julia.mccartney@grubb-ellis.com

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

CREC Named Broker for Five Florida Parcels

Land Suitable for Commercial, Residential Projects

CORAL GABLES, FL– CREC (Continental Real Estate Companies), Florida’s largest full-service commercial real estate company, has been engaged as broker for four land parcels in South Florida and one in Cape Coral with a total value of $29.75 million.

Cape Coral, Florida
· 30-acre commercial site
· $15 million
· Notes: Located in an emerging residential market with high visibility, well suited for big-box retail or mixed-use development
· Listing agent: Charles Anderson and Bob Robinson

Davie, Florida
· 6.25-acre commercial site
· $4.25 million
· Notes: Zoned for a variety of commercial uses and situated on a major commercial artery adjacent to a new Publix shopping center just west of the Florida Turnpike and just a quarter-mile south of the Seminole Hard Rock Hotel & Casino

· Listing agent: Harry Blyden (top right photo)

Plantation, Florida
· 4.25-acre commercial site
· $2.5 million
· Notes: Located on Sunrise Blvd between the Florida Turnpike and U.S. 441, the land’s hybrid commercial zoning permits retail, office or multifamily residential uses.

· Listing agent: Liran Friedman

Miami, Florida
· 2.83-acre multi-family site
· $4.8 million
· Notes: Located in the densely populated Allapattah neighborhood; zoned for high density residential and is an excellent affordable housing/tax credit development opportunity

· Listing agent: Charles Anderson and Harry Blyden

Miami, Florida
· 1.49-acre multi-family site
· $3.2 million
· Notes: Located in the densely populated Little Havana neighborhood the site is an excellent affordable housing/tax credit development opportunity.
· Listing agent: Charles Anderson and Harry Blyden

Miami Contact:
Harry Blyden, Senior Vice President, is part of CREC’s brokerage team focusing in the area of investment and property sales. Working with CREC’s multidisciplinary team of specialists. Mr. Blyden and the rest of CREC’s brokerage team provides brokerage services to private individuals, corporations, institutions as well as providing exit strategies for distressed assets for the special asset and REO departments of financial institutions, receivers and trustees.

CREC:
Founded in 1989 by Chairman Warren P. Weiser and President Carol G. Brooks, CREC today is one of Florida’s largest commercial firms, managing a portfolio of more than 80 office and retail properties totaling 11 million square feet. For more information, visit www.crec.com.

With offices in Miami, Orlando and Jacksonville, CREC provides fully integrated real estate services, including management and leasing, workout solutions, acquisition/ disposition strategies, debt/equity financing, brokerage, tenant representation, property management and construction management.


Contact: Lisa Rosario Continental Real Estate Companies "CREC" 2121 Ponce de Leon Blvd, Suite 1250 Coral Gables, Florida 33134 305-854-7342

Marcus & Millichap Expands in South, Opens Little Rock, AR Office

LITTLE ROCK, AR– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has opened a new office in Little Rock, according to Matthew Fitzgerald, (top right photo) regional manager.

The office is located at 5507 Ranch Drive, Suite 201, Little Rock, AR, 72223. The phone number is (501) 228-9600 and the fax number is (501) 868-1164.

“We are extremely excited to bring Marcus & Millichap’s national brand and unique marketing platform to Little Rock and the entire state of Arkansas,” says Fitzgerald.

“During the next several years, there will be tremendous opportunity for growth throughout the state and region.

"By acting as long-term advisers to Arkansas investors, we will assist them in acquiring both local and out-of-state investment properties.”

The office opens with an immediate local presence and market knowledge by incorporating the former CJ Cropper Co. into its national platform.

For information about the firm’s services or to inquire about career opportunities, contact Matthew Fitzgerald at mfitzgerald@marcusmillichap.com, or at (501) 228-9600

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

HFF closes $2.88M sale of Queens, New York industrial property

NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has closed the sale of 24-20 49th Street, (top right photo) a 24,939-square-foot industrial property in Queens, New York.

HFF senior managing director Andrew Scandalios (bottom left photo) and director Jeff Julien led the investment sales team on behalf of the seller.

Criterion Group, LLC purchased the property for $2.88 million free and clear of debt.

24-20 49th Street is 100% net leased to Sabra Dipping Company, LLC, one of the leading Mediterranean food manufacturers in North America.



Located at the intersection of 49th Street and Astoria Boulevard in the borough of Queens, the property is adjacent to the Grand Central Parkway and close to Interstate 278, LaGuardia International Airport, Triborough Bridge and Manhattan.

Criterion Group, LLC is based in New York and their diversified property offerings include residential development and acquisitions; industrial and distribution; retail; office and value added repositioning.


Criterion has industry recognized expertise in asset management, real estate acquisition and sales, new development, construction management, property management and financing.


CONTACTS:

Andrew G. Scandalios, HFF Senior Managing Director, (212) 245-2425, ascandalios@hfflp.com
Jeffrey N. Julien, HFF Director, (212) 245-2425, jjulien@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing (713) 852-3500, kmurphy@hfflp.com

HFF secures $8M refinancing for Corey Place Apartments in Dallas/Fort Worth

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged an $8 million refinancing for Corey Place Apartments, (top left photo) a 276-unit multifamily community in Dallas/Fort Worth, Texas.

Working exclusively on behalf of Granite Redevelopment, LLC, HFF associate director Travis Anderson placed the 10-year, 5.76% fixed-rate loan with Wachovia Multifamily Capital, Inc. through Fannie Mae’s DUS Program.

Loan proceeds are refinancing an existing acquisition rehab loan.

Corey Place Apartments is located at 602 West Pioneer Parkway approximately 12 miles west of downtown Dallas via Interstate 30 in Grand Prairie. The property was renovated in 2008 and is currently 95% occupied.

Granite Redevelopment, LLC currently owns approximately 2,500 units and has been acquiring and rehabilitating multifamily properties for 14 years.

They are actively pursuing distressed multifamily assets in the Dallas, San Antonio and Austin markets.

CONTACTS:
Travis Anderson, HFF Associate Director, (214) 265-0880, tanderson@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF closes sale of five-property Houston office portfolio

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has closed the sale of a five-property, 157,672-square-foot office portfolio in Houston, Texas.

The HFF investment sales team was led by senior managing director Dan Miller (middle left photo) and real estate analyst Trent Agnew, who marketed the portfolio on behalf of the seller, Brookfield Asset Management.

SLS Houston Properties, LLC purchased all five properties for an undisclosed price.

The approximately 75% leased portfolio is 43% occupied by JPMorgan Chase (top right photo) with an average remaining lease term of 12.5 years. Additional tenants include local and regional companies or individuals. Two of the properties have excess land for future development.

“The length of term and credit on the JPMorgan Chase lease, coupled with the excess land and potential to increase occupancy, created interest from a number of private buyers,” said Agnew.

Individual property details are below by
Property, Address and Size:

Gulfgate, 2900 Woodridge, 54,747 Square Feet
West Oaks, 6200 Highway 6 South, 29,250 Square Feet
Westwood, 9525 Bissonnet, 23,002 Square Feet
Stafford, 11806 Wilcrest, 21,622 Square Feet
Cy Fair 13103 FM, 1960 West, 29,051 Square Feet

“Due to JPMorgan Chase’s desire to be located in highly visible locations, the portfolio has frontage on some of Houston’s busiest roadways including Interstate 45, Highway 290, Westpark Tollway/Highway 6 and US 59,” added Miller.

Brookfield Asset Management Inc. is a global asset manager focused on property, power and other infrastructure assets with approximately $80 billion of assets under management.

CONTACTS:

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

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

http://www.hfflp.com/.