Fifth Third Bank in Altamonte Springs, FL Sells for $2.625M

ALTAMONTE SPRINGS, FL, July 1, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Fifth Third Bank, (top right photo) a 4,629-square foot single-tenant net-leased property located in Altamonte Springs, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $2,625,000.

John E. Brigel, (bottom left photo) Senior Associate and Ronald Schultz, Investment Specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property

on behalf of the seller, (tenants in common).

The buyer, a limited liability company, was also secured and represented by Brigel and Schultz.

This ground lease opportunity with Fifth Third Bank is positioned in the geographic heart of central Florida. Fifth Third Bank is located at 795 Gateway Drive.

“Ron and I represented the seller who was located in California. The property is in Orlando and we procured the buyer, who was in Albany, New York”.

“It was a relatively complex deal as it is a ‘to-be-built Fifth Third branch’ on an existing restaurant pad site. Environmental concerns, plan approvals and current economic instability made for a very interesting process with lots of moving parts to be wrangled in. All parties are quite excited about getting this deal done,” states Brigel.

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

Arbor Closes $730,000 Fannie Mae DUS® Small Loan for Chalet Apartments in Irving, TX

UNIONDALE, NY) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $730,000 loan under the Fannie Mae DUS® Small Loan product line for the 40-unit complex known as Chalet Apartments in Irving, TX

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.87 percent.

The loan was originated by Peter Margolin, (top right photo) Director, in Arbor’s full-service Northbrook, IL lending office. “The borrowers were looking for long-term debt for their acquisition of this 40-unit property,” said Margolin.

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555
http://www.arbor.com/

Marcus and Millichap Sells Apartment Community in Pittsburgh for $29.75M

PITTSBURGH, PA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the disposition of Chestnut Ridge, (top left photo) a 468-unit apartment community in Pittsburgh.

The sales price of $29.75 million represents $63,568.38 per unit and $82.69 per square foot.

Matthew Friedman, (middle right photo) a vice president investments and senior director of the firm’s National Multi Housing Group in Encino, and David Poluszejko, an associate in the Pittsburgh office, represented the seller, an institutional investor. Marcus & Millichap also represented the buyer, a local private investor.

“Located in a market that experiences very minimal property turnovers, this quality institutional-sized asset is well positioned to benefit the investor over the long term, given its affordable rental rates and continuing stability,” says Friedman.

“In the current economic climate, well-located multi-family properties are poised to perform more favorably than the other major property types: office, retail and industrial. The response from interested buyers in the marketplace was evidence of the apartment sector’s long-term stability.”

The property is located at 3200 Chestnut Ridge Drive in Robinson Township, within the prominent Montour School District. Robinson Township is one of the fastest-growing communities in Pittsburgh.

Developed in 1986, the 359,760-square foot Chestnut Ridge apartment complex features 31 buildings on 25 acres of maturely landscaped grounds. The asset consists of five different one- and two-bedroom layouts designed to attract a variety of renters.

The well-appointed units have private entrances, full-size washers and dryers, ceiling fans, a breakfast bar and walk-in closets. Select units feature vaulted ceilings with skylights and wood-burning fireplaces.

Community amenities include a newly renovated clubhouse with wireless Internet access, a pool, park-like recreation area with grills, a sand volleyball court, lighted tennis courts and indoor basketball and racquetball courts.

The property also has a tanning salon, fitness center and ample parking, including carports and attached garages.

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

Green Medical Center, Haines City, FL Gets $1.65M Loan: CVS, $950,000

ORLANDO, FL—July 1, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $2,600,000 for Green Medical Center and CVS Pharmacy.

John Worrell, (top right photo) Company Assistant Vice President, financed Green Medical Center through Thomas D. Wood and Company’s correspondent relationship with the Standard Life Insurance Company in the amount of $1,650,000 and a rate of 7.125%.

The loan term is seven years, and can be reset every seven years, based on a 25-year amortization.

The loan-to-value is 70%. The 20,700 square-foot medical office is home to major tenants United States Department of Agriculture and Pediatrics Health Choice. Green Medical Center was built in 1966 and renovated in 2006, and is located at 306 S. 10th Street, Haines City, Florida.

Joe Dear, (bottom left photo) Company Vice President, financed a CVS Pharmacy through Thomas D. Wood and Company’s correspondent relationship with the Standard Life Insurance Company in the amount of $950,000.

The loan has a five-year term, based on a 25-year amortization and an interest rate of 6.75%. The loan-to-value is 62%. The single-tenant retail store was built in 1996 and is located at 105 W. Hampton Springs Avenue, Perry, Florida.

For further information, please contact:
John Worrell, (407) 937-0470, jworrell@tdwood.com

Joe Dear, (407) 937-0470, jdear@tdwood.com

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

http://www.tdwood.com/

Thomas D. Wood & Co. Brokers $5.25M in Loans for 2 Reno, NV Properties

MIAMI, FL, July 1, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on June 30, 2009, in the amount of $5,250,000 for Sierra Quail Office and Quail Medical Center in Reno, Nevada.

Steve Wood, (top right photo) Company Chief Operating Officer, along with Tony Castrignano of Sky Mesa Capital, financed Sierra Quail Office in the amount of $2,550,000 through Thomas D. Wood and Company’s correspondent relationship with the Standard Life Insurance Company at an interest rate of 6.625%.

The loan term is five years, and can be reset every five years, based on a 25-year amortization and a loan-to-value of 63.75%. The 30,486 square-foot office building is home to major tenants United Healthcare Group and Career Choices of Nevada. Sierra Quail was built in 1995 and is located at 6880 S. McCarran Boulevard, Reno, Nevada.

Together they also financed Quail Medical Center in the amount of $2,700,000 through Thomas D. Wood and Company’s correspondent relationship with the Standard Life Insurance Company at an interest rate of 6.625%.

The loan term is five years, and can be reset every five years, based on a 25-year amortization and a loan-to-value of 57.45%.

The 23,140 square-foot office building is home to major tenants Reno Neurological Associates and Sierra Regional. Quail Medical Center was built in 1996 and is located at 6630 S. McCarran Boulevard, Reno, Nevada.


For further information, please contact:
Steve Wood, (305) 447-7820, swood@tdwood.com

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

Driftwood Plaza in Jupiter, FL Gets $4M Loan

FORT LAUDERDALE, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on June 29, 2009, in the amount of $4,000,000 for Driftwood Plaza (top right photo) in Jupiter, Florida.

Patrick Madore, Company Vice President, financed Driftwood Plaza through Thomas D. Wood and Company’s relationship with a regional bank.

The loan has an interest rate of 6.5% and a 10-year term with a five-year rate review, based on a 25-year amortization. The loan-to-value is 40%. The 46,000 square-foot unanchored retail center was built in 1994. Driftwood Plaza is located at 2113 South US 1, Jupiter, Florida.

For further information, please contact:
Patrick Madore, (954) 233-6024, pmadore@tdwood.com


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


http://www.tdwood.com/

Hotels Booked Solid as Michael Jackson Fans Rush to Anticipated Burial Site near Neverland

LOS OLIVOS, CA—It was a prediction that couldn’t fail—Michael Jackson’s fans are rushing to his anticipated burial site near Neverland Ranch, (bottom left photo) the entertainer’s private version of Disneyland.

The burial date and time has not been officially announced but that is not stopping a horde of Jackson fans from descending on the Neverland area this weekend, according to the entertainment network TMZ.

Jackson, (top right photo) 50, died June 25 at his home in Holmby Hills, CA.

TMZ reporters claim nearby Neverland area hotels in CA are all booked and sold out for the weekend.

TMZ reporters cite the Fess Parker Wine Country Inn in Los Olivos as their source of the hotel bookings. The inn is located less than a mile from Neverland Ranch.

"They tell us that once news hit Jackson's body might be coming to Neverland, they sold out in just 20 minutes,” TMZ is reporting. “They are booked up solid from Thursday until Saturday."

The TMZ report states “people who are planning to drive to the Los Olivos area, are advised there aren't many places for lodging. The area hotels are mostly, if not all, sold out.”

The network’s reporters advise Jackson fans “to make a possible reservation before you drive to Los Olivos area.”

TMZ adds, “It is expected that many Americans, who were planning to take a short summer vacation for the July 4 holiday, may change their directions and instead drive to Los Olivos, towards Neverland.”

Plaza Advisors Announces Its Fifth Shopping Center Sale of 2009

PLANT CITY, FL, July 1, 2009--Plaza Advisors is pleased to announce the sale of the Plant City Crossing shopping center (top right photo) located in the Tampa Bay MSA.

The transaction closed July 1, 2009. The center is 85,252 square feet (sf) and features a 37,860 sf Publix Supermarket.

The project, built in 2001, is located at the intersection of I-4 and Thonotosassa Road in Plant City, FL.

The property was 95% occupied at the time of sale. The center included several recognizable tenants such as Cato, Dollar General, Little Caesar’s Pizza, Supercuts, H & R Block, Blockbuster Video, and Subway.

Plaza Advisors represented the seller in the transaction and co-managing partners Anthony Blanco (bottom right) and Jim Michalak, (middle left photo) together with Senior Financial Analyst Lenard Williams were involved in the engagement.

The seller and buyer were Southeast Plant City, L.L.C. and Fraga Development Corporation, respectively.

The sale of Plant City Crossing is the fifth transaction for Plaza Advisors in 2009.

Earlier this year, Plaza Advisors sold Regency Village, a Publix-anchored center located in Orlando, The Village Shopping Center, a Publix and Bealls Outlet anchored center in Port Orange, Belleair Bazaar, a Bonefish Grill-anchored center in the Clearwater area, and Palafox Square, a WalMart Supercenter and Office Depot shadow anchored center located in Pensacola, FL

CONTACTS:

Jim Michalak, office 813-837-1300. FAX: 813-831-2627 Jim.michalak@plazadvisors.com

Anthony Blanco, office 305-629-3606. FAX: 305-647-6441
Anthony.blanco@plazadvisors.com

$350M financing arranged by HFF for world-class laboratory/office facility in Boston’s Longwood Medical Area

BOSTON, MA, July 1, 2009 – The Boston and San Diego offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have arranged $350 million in financing for the Center for Life Science Boston, a 700,000+- square-foot, Class A research facility in Boston’s Longwood Medical Area.

Working exclusively on behalf of BioMed Realty Trust, Inc. (NYSE: BMR), HFF senior managing director Tim Wright, (top right photo) executive managing director John Fowler (middle left photo) and director Janet Krolman (bottom right photo) placed the five-year, 7.75% fixed-rate loan with three lenders: John Hancock Life Insurance Company, TIAA-CREF and Westdeutsche ImmobilienBank AG.

Completed in 2008, the Center for Life Science Boston is located at 3 Blackfan Circle, across from Harvard Medical School and directly connected to Children’s Hospital Boston and Beth Israel Deaconess Medical Center in the Longwood Medical Area of Boston.

The property has 18 stories of laboratory and office space that is leased to Beth Israel Deaconess Medical Center, Children’s Hospital Boston, Dana-Farber Cancer Institute, Immune Disease Institute and Kowa Company, Ltd.

The property also includes a six-level, 750-space underground parking garage.
“We believe the completion of a loan transaction of this size in the current credit environment reflects the lenders’ recognition of the quality of the property, tenancy and sponsor,” said Wright.

“We appreciate the due diligence and support of John Hancock, TIAA-CREF and Westdeutsche ImmobilienBank.”

BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused on Providing Real Estate to the Life Science Industry®.

The company’s tenants primarily include biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry.

BioMed Realty Trust owns or has interests in 69 properties, representing 112 buildings with approximately 10.5 million rentable square feet, including approximately 640,000 square feet of development in progress.

The company also owns undeveloped land parcels adjacent to existing properties that it estimates can support up to 1.4 million rentable square feet. The company’s properties are located predominantly in the major U.S. life science markets of Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania and New York/New Jersey, which have well-established reputations as centers for scientific research.

CONTACTS:

Timothy D. Wright, Senior Managing Director, (858) 552-7690, twright@hfflp.com
Janet N. Krolman, HFF Director, (617) 338-0990, jkrolman@hfflp.com

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

CHICAGO, IL, July 1, 2009 - While the Fed decides to keep interest rates steady, the capital markets reset property values and debt underwriting metrics to levels not seen in nearly a decade, according to the latest Scoreboard from The Real Estate Capital Institute in Chicago.

An advisory board member of the Real Estate Capital Institute, JimPostweiler (top right photo) notes, "Smaller properties below $25 million enjoy the most amount of acquisition activity.

"Larger projects still create issues for attracting optimum leverage and sufficient funding sources."

Postweiler adds, "Foreign investors, mainly from Europe, are reemerging as buyers for prime investments in major CBD markets."

Meanwhile, lenders focus on recasting legacy deals with preferred borrowing relationships.

As expected, new funding opportunities are extremely limited, based on highly conservative leverage of 60% or less for commercialproperties with capitalization rates in the high single-digit range.

On other hand, apartment financing funds remain readily available via the Agencies at attractive spreads and leverage.

However, more submarkets are reviewed for possible downgrades as vacancies continue to rise throughout various parts of the country.

While the market activities are generally slow, especially in the mid-summer months, clear signs of readjusting capital markets are evident as noted by the following dynamics:

* As capitalization rates approached 10% for many type of "Core +"investments, pricing on a per unit basis look "right" according to many investors, yet uncertainty remains with respect to rent growth and tenant retention. The big fear being reduced cash-flow pro forma projections, now known as "re-forma."

* Landlord underwriting is now an important part of the tenant process to ensure performance on space build-out, payment of commissions and reliable future operations. Landlords without the ability to demonstrate capital resources are at a competitive disadvantage.

* "Zombie" properties, defined as overvalued performing assets which will be difficult to refinance within the immediate and medium-term timeline, haunt lenders and borrowers alike as to exit strategy reversions.

* Net operating income calculations based on adding capital reserves create more debate between buyers and lenders; lender funding availability and underwriting guidelines overrule any such discussions.

* Active bidders include private funds in various formats such asREITs, opportunistic syndicates and wealthy individuals - few public players hunting today.

* Largest transactions are limited to about $75 million per lender,and few deals are "clubbed" as lenders are remain focused on internal portfolio issues.

CONTACT:

The Real Estate Capital Institute(r), 3517 West Arthington Street, Chicago, Illinois USA 60624.

Nat Zvislo, Research Director, Toll Free 800-994-RECI (7324), director@reci.com

http://www.reci.com/

Marcus & Millichap Capital Corp. Arranges $3.5M Loan for San Francisco Mixed-Use Building

SAN FRANCISCO, CA– Marcus & Millichap Capital Corporation, (MMCC), has arranged a $3.5 million adjustable-rate loan for the refinance of a 12,019-square foot multi-family and retail building in San Francisco. (top left photo)

William Craun, an associate director in the San Francisco office, arranged the financing package for the property located at 3650-3664 Sacramento St.

“The borrower was seeking $1 million in cash-out proceeds to purchase another property in San Francisco,” says Craun.

Financing for this transaction was provided by a savings and loan bank at an adjustable rate of 5.95 percent. Terms of the loan are for 10 years. Loan to value was 60 percent.

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704, Kathryn.Molitor@marcusmillichap.com

Grubb & Ellis Announces 2 New Execs in Seattle and Denver

Bill Condon Named Managing Director of Seattle Office

SANTA ANA, Calif. (June 29, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Bill Condon (top right photo) has been named managing director of its Seattle office, effective immediately.

In this role, he will split time between managing the company’s commercial real estate services platform in Seattle and continuing to serve his established base of industrial brokerage clients.

“The qualities that have made Bill a successful brokerage sales professional – integrity, leadership and a commitment to client service will serve him well in his new role as managing director of our Seattle office,” said Jack Van Berkel, president, Grubb & Ellis Real Estate Services.

Condon joins Grubb & Ellis from Colliers International where he began his brokerage career in 2003.

Contact: Janice McDill, 312.698.6707, janice.mcdill@grubb-ellis.com

Patrick G. Lynch, RPA, FMA, is New Senior Director, Corporate Services Group in Denver

DENVER (June 29, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Patrick G. Lynch, (bottom left photo) RPA, FMA, has joined the company as senior director, Corporate Services Group.

In addition to providing real estate solutions to the company’s corporate clients, he will focus on assisting clients with their data center needs.

“Pat has a proven track record of successful real estate and facilities management on a global scale and will play a key role in providing our clients with a superior level of service regarding data center facilities,” said Mark Ballenger, executive vice president and managing director of Grubb & Ellis’ Denver office.

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

Marcus & Millichap Sells 2,723-SF Single-Tenant Net-Leased Building in Vidalia, GA

VIDALIA, GA, June 29, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Wendy's, (bottom left photo) a 2,723 square foot single-tenant net-leased property located in Vidalia, Georgia, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,370,000.

John E. (Jay) Brigel, (top right photo) a Senior Associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of both the seller and the buyer, a limited liability company.

John Leonard, Regional Manager of Marcus & Millichap’s Atlanta office, assisted in closing this transaction.

“It’s always a pleasure to deal with quality concepts like Wendy’s and with the quality franchisees that make their product so attractive to the market,”states Brigel.

Wendy's is located at 901 East First Street in Vidalia, Georgia.

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

CBRE Orlando Sells Four Apartment Communities Totaling $67.4M

ORLANDO, FL – The Orlando office of CB Richard Ellis is pleased to announce that its Central Florida Multi-Housing Group closed four local apartment properties in June for approximately $67.4 million.

CBRE exclusively represented the seller in all transactions, and has retained its position as the top multi-housing sales team in Orlando with 75% market share thus far in 2009.

The assets sold totaled approximately 700 units, and included two value-add opportunities built in the late 1980s, a newer community built after 2000, and a small low-income tax credit property.

The properties were marketed individually for different owners, and were purchased by three separate buyers. CBRE also has three other apartment projects currently under contract.

For further information, please contact:

Shelton Granade, First Vice President, T 407.839.3103. F 407.404.5001 shelton.granade@cbre.com
http://cbremarketing.com/ve/ZZ85Kr66u86J6599O71/stype=click/OID=70962695931647/VT=0

Luke Wickham, Director of Operations, T 407.839.3130. F 407.404.5001
luke.wickham@cbre.com
http://cbremarketing.com/ve/ZZ85Kr66u86J6599O71/stype=click/OID=60962695931847/VT=0

CBRE Orlando Releases 2Q Industrial and Office Reports

ORLANDO, FL--CB Richard Ellis has released its second quarter 2008 Orlando MarketView Reports on the industrial and office sectors. Highlights include:

Industrial

--The Institute for Supply Management's manufacturing index was up in May, rising to 42.8 percent, a reading that still indicates a deep contraction in the manufacturing sector, but a welcome increase over the 40.1 percent reported during April.

--A drop in the employment index suggests manufacturing payrolls will continue to decline in the coming months.

--A forecast from the University of Central Florida's Institute for Economic Competitiveness for 2009-2012 shows manufacturing jobs in Orange, Seminole, Osceola and Lake counties are expected to drop from 39,900 jobs to 36,300 by the end of second quarter 2010.

Office

--As vacancy rates skyrocket and sublease space cannibalizes the market, landlords are increasingly desperate to reduce risk by extending lease terms in exchange for months of free rent, competitive tenant improvement allowances, and other rent concessions.

--Lease rates have not been this low since $20.65 in the third quarter of 2006. Class A space in the Downtown submarket continues to command the highest lease rate of $27.69, a decrease of $0.70 from the previous quarter.

--The Downtown submarket experienced negative 102,296 sq. ft. or 37.1 percent of net absorption experienced in Orlando.

For a complete copy of both reports, please contact Angelique Greven, angelique.greven@cbre.com