Northern New Jersey trophy office building receives $25M refinancing arranged by HFF

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $25 million refinancing for Glenpointe Centre West, (top right photo)  a 333,650-square-foot, Class A office building in Teaneck, New Jersey.

HFF senior managing director Tom Didio, (middle left photo)  associate director Michael Lachs and associate Angela Jaramillo worked exclusively on behalf of Alfred Sanzari Enterprises to secure the seven-year, fixed-rate loan through CIGNA Investments.

 Loan proceeds were used to refinance the existing first mortgage. The borrower was represented by Thomas Cangialosi of the Hackensack, New Jersey-based law firm, Winne, Banta, Hetherington, Basralian & Kahn.

Glenpointe Centre West is located at 500 Frank W. Burr Boulevard within Teaneck’s Glenpointe Centre mixed-use development, approximately three and one half miles west of Manhattan via Interstate 95 and the George Washington Bridge. The seven-story Class A office property is leased to numerous national and regional tenants including Cognizant, Univision, Inc. and the law firm of Decotiis, Fitzpatrick, Cole & Wisler.

“HFF is pleased to have represented both David Sanzari as the borrower and Cigna Investments as our correspondent lender in structuring this seven-year transaction. Glenpointe Centre West is the premier office property in Bergen County and for that reason it continues to attract quality national and regional tenants,” said Didio.

Alfred Sanzari Enterprises is a New Jersey-based developer with a portfolio of more than five million square feet of commercial and multifamily space including office, industrial, apartments and hotels.

Contacts:
Thomas R. Didio, HFF Senior Managing Director, (973) 549 200, tdidio@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, 713) 852-3500,  krmurphy@hfflp.com

Chatham Financial Partners With Intuit Real Estate Solutions

KENNETT SQUARE, PA, Sept. 23, 2009--Chatham Financial, the largest independent interest rate and foreign exchange risk management advisor, announced today a strategic alliance with Intuit Real Estate Solutions (IRES). IRES, a division of Intuit Inc., (Nasdaq: INTU) provides real estate portfolio management and accounting software solutions to the global real estate industry.

Chatham has an alliance with IRES to connect Chatham’s FMS debt management system with IRES’ IMPACT system to create a complete view of asset and debt details together in a tool that will enable users to better evaluate risks and opportunities across their portfolio.

FMS is a powerful and dynamic debt management system that provides a clear view of a company’s debt profile. FMS incorporates sophisticated interest rate modeling with real time market data giving companies information and confidence to effectively manage their debt. IMPACT is IRES’ stand-alone application that allows clients to create investment models and scenarios, to evaluate buy, hold and sell decisions, and to deliver portfolio-wide performance reporting.

“Understanding the impact of debt in the current and future valuation of assets and portfolios is key in today’s market environment, and having an integrated debt management solution is critical for our client’s success.” said Jeff Thompson, (top right photo) division president of IRES. “The combination of IMPACT and Chatham’s FMS debt management system will provide an unmatched solution for our joint clients.”

Contact:  Joy Peterson, 720 249 3606, mailto:Peterson720.249.3606jpeterson@chathamfinancial.com

CB Richard Ellis Chosen for 2009 InformationWeek 500

Los Angeles, CA – September 23, 2009 – CB Richard Ellis (CBRE) announced that it has been selected for the prestigious 2009 InformationWeek 500 for the third consecutive year. That publication's annual list identifies and honors the nation's most innovative users of information technology.

A key element in CBRE's inclusion in this year's InformationWeek 500 was the development of a new application called CBRE MarketPlace, which helps securely expedite the property sales process.

CBRE MarketPlace addresses the challenge of providing potential investors the significant amount of information required to consider an offer on a property while also allowing for accelerated investor qualification by CBRE sales professionals. The application offers tools and control points for brokers to share detail information with investors at their discretion while reducing significant third party costs.

"Providing the right solution for our clients requires a 24/7 culture of technology innovation combined with industry leading market insight," said Don Goldstein, Chief Information Officer for CB Richard Ellis. "CBRE's inclusion in the InformationWeek 500 for the third year in a row, underscores the talent of our professionals and the power of our platform."

"For 20 years, the InformationWeek 500 has honored the most innovative users of business technology," said InformationWeek Editor-in-Chief Rob Preston (top right photo) . "Year after year, InformationWeek 500 companies harness technology to improve efficiency, boost productivity, drive revenue, and establish a competitive advantage. We applaud this year's winners, and the CIOs and other executives whose ingenuity and risk taking are at the center of business technology innovation."

Contact: Robert McGrath, 212.984.8267, robert.mcgrath@cbre.com

Marcus & Millichap Sells $37.25M Apartment Portfolio in San Pedro, CA

SAN PEDRO, Calif., Sept. 23, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Harbor View and Bay Ridge, (top right photo)  two apartment communities totaling 220 units in San Pedro. The sales price of $37.25 million represents $169,318 per unit and $168.74 per square foot.

Greg Harris, an executive vice president investments and senior director of the firm’s National Multi Housing Group (NMHG) in Encino, and Ron Harris, a senior vice president investments and senior director of the NMHG in Los Angeles, represented the seller, Equity Residential.

“Despite current market conditions, we continue to create opportunities for our clients,” says Greg Harris. “The core-plus asset located adjacent to Rancho Palos Verdes attracted the most qualified and sophisticated buyers in the marketplace seeking a stable long-term investment with future upside.”

“Although rents at the property had fallen approximately 20 percent during the past year and there was some softness in operations, investors felt that rental rates were beginning to stabilize,” says Ron Harris. “Due to the high quality of this asset and the ability to quantify a moving-forward net operating income, the property attracted offers from a variety of buyers. The buyer closed at a cap rate of approximately 7 percent based on today’s asking rents,” adds Harris.

Located at 1286 and 1099 W. Capital Drive and built in 1984 and 1987 respectively, Harbor View and Bay Ridge are exempt from Los Angeles rent control laws.

Harbor View is a 160-unit multi-family community and Bay Ridge has 60 units.

Both assets offer deluxe accommodations with nine-foot and vaulted ceilings, gourmet kitchens with gas ranges, wood-burning fireplaces, central air-conditioning and heating and individual washers and dryers. Amenities include swimming pools, spa, state-of-the-art fitness center, dry heat sauna, oversized sundeck and ample onsite parking. Each asset also has condominium entitlements.

San Pedro is a neighborhood in the city of Los Angeles located at the eastern tip of the Palos Verde peninsula with views of the Pacific Ocean.


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

Marcus & Millichap Names Richard Matricaria Sales Manager of Fort Llauderdale Office

FORT LAUDERDALE, Fla., Sept. 22, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Richard D. Matricaria (top right photo) sales manager of the Fort Lauderdale office, according to Gene Berman, group managing director of the firm’s Florida offices.

“Richard has extensive experience in commercial real estate as an investment specialist,” says Berman. “He will be an asset to our investment specialists, and instrumental in expanding our national market-making capabilities to clients in Fort Lauderdale and throughout Florida.”

Matricaria joined Marcus & Millichap in November 2000. He entered the firm’s sales intern program as an assistant in December 2001 and became an agent specializing in retail and office property sales in Fort Lauderdale and South Florida in 2002. Matricaria was promoted to senior associate in 2005 and was inducted as a senior investment associate in 2008.

Matricaria is a graduate of University of Alabama and received his MBA from St. Thomas University in Miami Gardens, Fla.

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

Grubb & Ellis’ Self Storage Group Facilitates Sale of Monterey Palms Self Storage in Palm Springs, CA

SANTA ANA, CA (Sept. 22, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that its San Diego affiliate, Grubb & Ellis

BRE Commercial facilitated the sale of Monterey Palms Self Storage  (centered photo below) in Palm Springs.

Monterey Palms Self Storage is an 113,000-square-foot, 645-unit self storage facility located at 73230 Varner Road in Thousand Palms. It is a newly constructed property adjacent to Interstate 10. The project opened for business in July 2007 and was approximately 50 percent occupied at closing of the deal. The buyer purchased the project significantly below replacement cost and was able to assume the existing financing, carrying very attractive terms.

Greg Wells of Grubb & Ellis BRE Commercial’s Self Storage Group represented the seller, Granite Investment Group, and used his experience in the self storage sector to work through numerous issues in closing the transaction during such a challenging economic climate.

“This transaction could not have been completed without the guidance and expertise shown by the Grubb & Ellis BRE Commercial Self Storage Group,” said John Heller, president of Granite Investment Group.

Mark Avilla and Matty Sundberg, also of Grubb & Ellis BRE Commercial, represented the buyer.

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

Marcus & Millichap Sells Parcel of Land in Bradenton, FL

ST. PETERSBURG, FL, September 22, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a one-acre parcel of land located in Bradenton, Fla., according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $287,500.

Michael J. Jaworski, (top left  photo) an investment specialist in Marcus & Millichap’s Tampa office secured the buyer, a Pinellas County developer.

The property is located at 8605 East SR 70 in Bradenton, Florida. “This land was owned by the FDIC and was a former Freedom Bank asset” noted Jaworski. “This is one example of the growing pipeline of distressed assets from banks that have failed”, added Jaworski.

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

Verizon Building in Pensacola, FL Gets $1.6M Loan

Orlando, Florida—September 22, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on September 16, 2009, in the amount of $1,600,000 for the Verizon Wireless Building in Pensacola, Florida


Doug Rozzell, (top left photo) Company Principal, financed the Verizon Wireless Building through Thomas D. Wood and Company’s correspondent relationship with American Fidelity Assurance.

The loan term is 10 years, based on an 18-year amortization and a loan-to-value of 70%. The interest rate is 6.95%. The 3,706 square-foot single-tenant retail building was newly renovated in August 2009, and is located at 5600 N. 9th Avenue, Pensacola, Florida.

For further information, please contact:

Doug Rozzell (407) 937-0470 drozzell@tdwood.com
Jessica Gurtowski (407) 937-0470 jgurtowski@tdwood.com

Jones Lang LaSalle Names Jeffrey Ingham Brokerage Leader in Orange County, CA

IRVINE, CA, Sept. r 21, 2009 – Jones Lang LaSalle has named Jeffrey Ingham Brokerage Leader in its Orange County, Calif. office. Ingham, a top producer in Southern California for the company for the past 14 years, will be responsible for leading the company’s team of 15 leasing brokers.

Ingham replaces Leland Bruce who is returning to full-time brokerage in the company’s Irvine office. He will also be dedicating a large portion of his time to serving the community.

“With an impressive track record in Orange County brokerage for the past several years, Jeff is the perfect fit to lead our team,” said Jan Pope, Southwest Market Director for Jones Lang LaSalle. “Not only will Jeff continue to act as a tenant representation broker, but he’ll also help facilitate new and innovative commercial real estate solutions for our tenant and landlord clients in the market.”

Ingham is Executive Vice President in Jones Lang LaSalle’s Orange County office. He is responsible for assisting clients with their Southern California transactions as well as working with clients on their national and international real estate needs. Mr. Ingham has extensive experience assisting Fortune 500 and local Orange County companies with portfolio strategy, transaction management, site and building acquisitions/dispositions, sublease dispositions and lease transactions.

“For the past six years, Leland has done an exceptional job in leading our team in Orange County,” said John Gates, (middle left photo) President of Brokerage for Jones Lang LaSalle. “We are confident that he will continue to play an integral role in satisfying the needs of our clients.”

Contact: David Ebeling, Ebeling Communications, 949.278.7851, david@ebelingcomm.com

Al Calhoun Rejoins Hodges Ward Elliott as Senior Managing Director, Select Service Division

ATLANTA, September 21, 2009—Hodges Ward Elliott, Inc. (HWE), the nation’s premier hotel brokerage and investment banking firm, today announced that Al Calhoun has rejoined the firm as senior managing director, select service division.

“Our relationship with Al goes back nearly two decades, and it is a delight to welcome him back to our firm after a nine-year sabbatical,” said Mark Elliott, (top right photo) principal of Hodges Ward Elliott. “His experience in the select service segment is unparalleled, and he adds tremendous depth to our 10-person select service team. Combined with our full-service and Europe divisions, we now have the deepest and most experienced hotel transaction team in the industry.”

 In his new role, he will be responsible for leading and growing HWE’s select service division, including brokerage, investment and advisory services. He will work closely with Anthony Falor, who will remain managing director of the select service division. HWE has closed more than $2 billion in select service transactions in the past five years. Select service currently represents approximately 30 percent of HWE’s transaction volume.

Contact:  Jerry Daly or Chris Daly, (703) 435-6293
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Davidson Hotel Company to Manage New Westin Berkeley Heights in New Jersey

BERKELEY HEIGHTS, N.J., Sept. 21, 2009—Davidson Hotel Company, one of the nation’s largest independent hotel management companies, today announced that it will manage the 244-room Westin Berkeley Heights in eastern New Jersey, 22 miles from New York City. The new-build property is situated in the 185-acre Connell Corporate Park. It is the first hotel Davidson will manage for owner, The Connell Company.

“This is a superb location for an upscale lodging project, in a major office park with a large existing corporate tenant base, situated in a high-income area with significant barriers to entry,” said Steve Margol, (top right photo) Davidson’s chief investment officer.

“Our extensive experience with pre-opening/opening and operating upscale hotels and resorts, including three other Westin products, will enable us to quickly establish the Westin Berkeley Heights as a market leader. In addition to the obvious corporate and group meetings business potential, we also plan to focus on the local social market, which our research determined is underserved.



“The addition of the Westin Berkeley Heights to our ever-growing portfolio of premier hotel assets marks the continuation of our very successful third-party management platform,” he noted.

“The property will become our fourth Westin and our tenth Starwood-branded asset. The Connell Company has a sterling reputation in the region, and we are proud to add them to our growing roster of institutional and high net-worth clients.”

“This upscale, full-service hotel marks our entry into the hospitality industry and is a perfect complement to our office park, whose Life Time Fitness Athletic club and five Class A commercial office buildings with more than 30 corporate tenants represent a significant built-in source of demand,” said Shane Connell, executive vice president, The Connell Company.

Contacts:

Cyndi Norwood, Davidson Hotel Company,  (901) 821-4155, cnorwood@davidsonhotels.com
Jerry Daly, Chris Daly (media), Daly Gray Public Relations, (703) 435-6293, jerry@dalygray.com

Thomas D. Wood & Co. Brokers $1.52M Ground Lease Deal in Coconut Creek, FL

Sarasota, Florida—September 21, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on September 17, 2009, in the amount of $1,520,000 for the TD Bank Ground Lease in Coconut Creek, Florida.


Brad Cox (top right photo), CCIM, CPM, Company Vice President, financed the TD Bank Ground Lease through Thomas D. Wood and Company’s correspondent relationship with Summit Investment Advisors.

The borrower acquired the parcel of land to lease to TD Bank to build a branch office. The loan term is 10 years, based on a 25-year amortization and a loan-to-value of 60%. The TD Bank branch will be built on 0.9 acres, located at 6700 State Road 7, Coconut Creek, Florida.

For further information, please contact:


Brad Cox, CCIM, CPM,  (941) 552-9731, bcox@tdwood.com
Jessica Gurtowski,  (407) 937-0470, jgurtowski@tdwood.com

HFF secures $4.08M financing for White Plains industrial

NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $4.08 million in financing for a 79,532-square-foot industrial facility at 535 Old Tarrytown Road in White Plains, New York.

HFF senior managing director Al Epstein (top right photo)  worked exclusively on behalf of the borrower, Phoenix White Plains, LLC, in arranging the financing through Valley Bank. New financing was needed as the former loan on the property was expiring and the mortgage lender no longer had an active loan program. Phoenix White Plains is affiliated with Phoenix Realty Management, a Connecticut-based commercial real estate operating company.

“The lender was comfortable with the tenant, New Castle, which had a long history and a proven track record even in more difficult times. It also liked the property’s location, close to an entrance of Interstate 287,” said Epstein.

535 Old Tarrytown Road is situated one quarter mile from exit four of the Cross Westchester Expressway (Interstate 287) and one exit from the Sprain Brook Parkway.

The property has been the long-term home of New Castle Building Supply and features offices, a distribution-warehouse and a retail store. New Castle has additional facilities in The Bronx, Connecticut and Massachusetts.

“The property is not only a convenient distribution point to the center section of Westchester County, but it is less than 10 minutes from the Tappan Zee Bridge and the Rockland County marketplace,” added Epstein.

Contacts:

Alvin J. Epstein, HFF Senior Managing Director, (212) 245-2425, aepstein@hfflp.com

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

Interstate Hotels & Resorts/JHM Hotels’ JV Management Co. to Open Four Points® by Sheraton in Jaipur, India

ARLINGTON, VA, Sept.r 21, 2009—Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent hotel management company, today announced that its India-based joint venture management company, JHM Interstate Hotels India, will open its first managed hotel in India, the 115-room Four Points® by Sheraton Jaipur, (top right photo)  City Square, in October.

 It will be the second Four Points hotel to open in the country and the first project developed by Duet India Hotels Limited, a U.K.-based, real estate investment group dedicated solely to hotel investment and development in India. Interstate and JHM Hotels, its JV partner, have an equity interest in Duet, which provides JHM Interstate Hotels India the first opportunity to manage the hotels developed or acquired by Duet.

“With the opening of this hotel, we will add a sixth country outside of the United States, our first in the Asia Pacific region, to our management portfolio as we continue to extend our reach internationally,” said Thomas F. Hewitt, chairman and chief executive officer. “India remains one of the world’s fastest growing economies, with projected growth of 5 to 6 percent this year despite the global economic downturn.”

Jaipur (center photo)  is part of India’s Golden Triangle, along with Delhi and Agra, site of the Taj Mahal, and has long been a major tourist mecca. More recently, the city, which is the capital of the state Rajasthan, has become a hotbed of economic development activity, which is decreasing its reliance on leisure business alone and attracting growing numbers of business travelers with a need for lodging.

 In June, Jaipur opened a new international airport, dramatically improving domestic and international access to the city. “We believe the Four Points brand will appeal to both travel groups, with its exceptional amenities, comfortable and stylish decor and value pricing,” he added.

Contact:  Carrie McIntyre, SVP, Treasurer, (703) 387-3320

HFF Los Angeles hires Christopher Vittetoe as director in debt placement group

LOS ANGELES, CA – HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has hired Christopher Vittetoe (top right photo)  as a director in its debt placement group in its Los Angeles office.

Mr. Vittetoe will focus on debt and structured finance transactions with a particular emphasis on multi-housing properties in Southern California and throughout the Western United States.

“Chris is a wonderful complement to HFF’s existing debt placement team and brings with him extensive knowledge and relationships in the multi-housing/agency lending sector,” said Scott McMullin,  (bottom left photo) an executive managing director of HFF Los Angeles.

He has more than five years of experience in the commercial real estate industry and throughout the course of his career has been personally involved in more than $750 million in commercial real estate transactions including numerous agency financings.

Prior to joining HFF, Mr. Vittetoe was a mortgage banker at CapMark Finance, Inc. (formerly known as GMAC Commercial Mortgage) in San Francisco where he closed more than $189 million in loans in 2007 and 2008 and underwrote more than $500 million in loan requests on multi-housing, industrial, office, retail, self storage and warehouse properties.

Mr. Vittetoe began his commercial real estate career as an associate at Butler Burgher Group Real Estate Services (formerly known as Land America Valuation) in Dallas. He is a graduate of The University of Texas at Austin, a member of the International Council of Shopping Centers (ICSC) and a licensed California real estate salesperson (Ca. Lic. # 01807651).

Contacts:

Scott F. McMullin, Ca. Lic. # 01278290, HFF Executive Managing Director, (310) 407-2100, smcmullin@hfflp.com 
Kristen M. Murphy, HFF Associate Director, Marketing(713) 852-3500, krmurphy@hfflp.com