Osceola County, FL Pays $775,500 for Three-Acre Tract in Orlando, FL

ORLANDO, FL--Daryl M. Carter, Trustee, et al., recently sold a 3± acre parcel along Narcoossee Road (Highway 15) to Osceola County for $775,500.00 cash. The parcel is located on the east side of Narcoossee Road, just north of Cyrils Drive. Daryl M. Carter (top right photo)  with Maury L. Carter & Associates, Inc. represented the Seller.

Contact: Joan M. Fisher, Maury L. Carter & Associates, Inc., (407) 581-6207 direct, (407) 422-3144 office, (407) 422-3155 fax, jfisher@maurycarter.com

CB Richard Ellis Orlando Brokers Sale of Manatee Woods Apartments in Bradenton, FL

CB Richard Ellis is pleased to announce the recent sale of Manatee Woods apartments, (top right photo)  a 226-unit rental community in Bradenton, Florida.

Completed in 1993, the property features 1, 2, and 3 bedroom floor plans averaging 898 SF. The property was 92% occupied at closing.

Shelton Granade (middle left photo), Luke Wickham, (bottom right photo)  Jim Bobbitt, and John Selby of CBRE exclusively represented the seller in the transaction.

Including the sale of Manatee Woods this month, CBRE’s Central Florida Multi-Housing Group has closed nearly $93 million of the approximately $134 million in apartment transactions in Orlando so far this year.

Multi-housing sales activity has continued to increase throughout the year. CBRE’s Central Florida Multi-Housing Group has closed more multi-housing properties locally in 2009 than any other company, and continues to be the market leader in Orlando.

For further information, please contact the Central Florida Multi-Housing Group of CB Richard Ellis.

Shelton Granade, Senior Vice President , Central Florida Multi-Housing Group,T 407.839.3103, shelton.granade@cbre.com

 Luke Wickham, Director of Operations, Central Florida Multi-Housing Group, T 407.839.3130,
 luke.wickham@cbre.com

Marcus & Millichap Sells $22M REO Apartment Community in Suburban Chicago

WAUKEGAN, IL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Northgate Apartments, (top left photo) a 363-unit REO apartment community in Waukegan. The sales price of $22 million represents $60,606 per unit and $63 per square foot.

Scott Harris, a senior vice president investments and senior director of the firm’s National Multi Housing Group in Oak Brook, represented the seller, an East Coast-based lender. Harris also represented the buyer, an LLC organized by Monarch Investment and Management Group, a private investment group based in Colorado.

“Despite reports to the contrary, commercial real estate transactions are still closing,” says Harris. “On this transaction, the seller’s cooperation with our marketing efforts made it possible to generate significant interest in the property. In 30 days, we scheduled 30 showings of the asset and obtained 12 offers from qualified investors,” adds Harris.

The 348,930-square foot property is located on 10.76 acres at 2330 North Samson Way in Waukegan, a northern suburb of Chicago on the shores of Lake Michigan.

Northgate Apartments has a strong unit mix of 15 small one-bedroom/one-bath units, 45 large one-bedroom/one-bath apartments, 108 two-bedroom/one-bath units, 90 large two-bedroom/two-bath apartments, 90 extra-large two-bedroom/two-bath units and 15 three-bedroom/two-bath apartments.

Built in 2001, Northgate Apartments is in very good condition. Each unit has a washer, dryer, a walk-in closet in the bedroom and a balcony. Shared amenities include a clubhouse, fitness center, playground, swimming pool and tennis court.

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

Marcus & Millichap Capital Corp. Names Michael Balan Associate Director of Miami Office

MIAMI, FL– Marcus & Millichap Capital Corporation (MMMC) has named Michael Balan (top right photo) an associate director of the firm’s Miami office, according to William E. Hughes, (bottom left photo) senior vice president and managing director of MMCC.

“Michael has an impressive track record of arranging commercial real estate financing on a national scale,” says Hughes. “He brings a wealth of knowledge in arranging debt and equity finance transactions for multifamily, office, retail, industrial, and hospitality properties to his new position.”

Balan brings more than 20 years of commercial finance experience to the firm. He has been involved in more than $500 million in finance transactions. Prior to joining MMCC, Balan was the president of U.S. Capital Advisors Inc. Before that, he was vice president and lender for Amresco Commercial Finance Inc. and Bank of America.

Balan is a graduate of the University of Maryland and holds a bachelor’s degree in business management. He has a Florida mortgage broker’s license and belongs to the Mount Sinai Medical Center Foundation and Business Networking International.

Balan is a Leadership Miami Outstanding Community Service Project award recipient and is active with The Miami Beach JCC and Habitat for Humanity of Greater Miami.

Contact:  Stacey Corso, Marcus & Millichap Capital Corporation,  (925) 953-1716

Grubb & Ellis Participates in 3 Lease Deals Totaling 351,000 SF

Firm's  Fairfield Office Represents De’Longhi in 200,000-SF Lease Renewal in Wood-Ridge, NJ

FAIRFIELD, N.J.– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented De’Longhi, a leader in Italian-designed kitchen and home comfort products, in the renewal of 200,000 square feet of warehouse/distribution space at 24 and 30 Passaic St. in Wood-Ridge.

Frank Lopriore, senior vice president, Tenant Advisory Group, and John Donnelly, vice president, Global Logistics Group, facilitated the transaction on behalf of De’Longhi. The landlord, Wood-Ridge Industrial Associates, was represented by Team Resources.

“We were able to assist De’Longhi in achieving its corporate objectives, which were to remain in its current location and find cost saving solutions,” said Donnelly.

Founded in 1902, De'Longhi is the leader in innovative designed-in-Italy kitchen and home comfort products for consumers demanding both high style and long-lasting performance. For additional information about De'Longhi, please visit http://www.delonghiusa.com/.

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

Evangelical Covenant Church Buys 50,000-SF Office Building in Chicago

CHICAGO, IL– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has  facilitated the sale of 8303 Higgins Road to Evangelical Covenant Church. The purchase price for the 50,000-square-foot office building was not disclosed.

Craig Cassell, vice president and Dirk Riekse, senior vice president facilitated the transaction on behalf of Evangelical Covenant Church. Jason Streepy and Jim Ward, both senior vice presidents, represented the seller, Akton Realty.

“The property provides a centralized location with a Chicago address, great visibility and access to I-90,” said Cassell. “It was a good opportunity for Evangelical Covenant Church to purchase in this marketplace.”

Covenant is expected to take occupancy of the building in the first quarter of 2010.

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

 Intercontinental Real Estate Corp. Signs  101,436 SF Lease in Tucson, AZ

TUCSON, AZ – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented Intercontinental Real Estate Corporation in its lease of a 101,436-square-foot industrial building, located at 2929 E. Corona, to APAC Customer Services Inc. Financial terms of the 10-year lease were not disclosed.

Bill DiVito, senior vice president, and Howard Kong, CCIM, vice president, managing broker, represented Intercontinental Real Estate in the transaction.

APAC, which immediately took occupancy of 2929 E. Corona, is a leading provider of customer interaction solutions for market leaders in retail and business services, communications, healthcare, insurance and financial services, media and entertainment, and travel industries. The company plans to use the space as a call center.

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

HFF closes sale of Houston-area industrial complex on behalf of national REIT

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.)  has closed the sale of Central Park Northwest, a 283,182-square-foot industrial flex service center in Houston, Texas.

HFF senior managing director Rusty Tamlyn (top right photo)  led the investment sales team on behalf of the seller, Weingarten Realty Investors. CC Realty Advisors, a national investor of retail, industrial and office properties, purchased Central Park Northwest for an undisclosed amount. The transaction was completed in 86 days from contract to close.

Central Park Northwest contains eight single-story buildings that are 81% leased. The property is situated on more than 18 acres at 2200-2501 Central Parkway and 4930 Dacoma near the intersection of Interstate 610 and US Highway 290 in northwest Houston.

Contacts:

Rusty Tamlyn, HFF Senior Managing Director, (713) 852-3500, rtamlyn@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing. (713) 852-3500, krmurphy@hfflp.com

Hunter Hotels and Matrix to Provide Unique Advisory Services to Lodging Companies with Distressed Assets

ATLANTA, GA./RICHMOND, Va. - October 28, 2009 - Matrix Capital Markets Group, Inc. (“Matrix”) and Hunter Hotels (“Hunter”) announced today that they will partner to provide advisory solutions to lodging companies with financially distressed hotel properties.

The broad array of services provided by the partnership will include the restructuring of debt, corporate recapitalization and/or the sale of some or all of the assets.

Matrix and Hunter have successfully advised on the sale of hotels for over 30 years, as well as numerous transactions involving financially distressed companies operating in or outside of bankruptcy.

 Having managed these distressed asset sales, many under Chapter 11 of the U.S. Bankruptcy Code, and with unmatched hotel industry expertise and contacts, Hunter and Matrix will be able to advise operators on the complex issues they face as they seek to de-leverage their businesses.

Tom Kelso, (bottom  left photo) a Managing Director and Principal at Matrix, said “We are excited about the advisory services that we will be able to offer through our partnership with Hunter Hotels. Our combined experiences and skill sets will provide a unique solution to help hotel owners preserve or realize as much value for their properties as possible.”

Hunter Hotels’ President Teague Hunter (top right photo)  expressed great enthusiasm for the joint venture.

"The continued stress in our industry has created a need for financial restructuring at many different companies. Matrix's long history of advising firms through difficult times, and our long history of advising hotel investors, together will give our clients access to the resources they need to thrive in the current environment."

Contact: Julie Tullbane, Daly Gray Public Relations, T 703-435-6293, F 703-435-6297, mailto:julie@dalygray.com. 
Follow us on Twitter: http://twitter.com/dalygray

Marcus & Millichap Capital Corp. Arranges $11M Loan in Riverside, CA

RIVERSIDE, CA– Marcus & Millichap Capital Corporation (MMCC) has arranged an $11 million loan for the refinancing of a 192-unit apartment building in Riverside.

Michael Derk,  (top right photo) vice president capital markets in the firm’s Long Beach office, arranged the financing for the building.

“We were able to execute the closing of the loan with a $4 million cash-out, which is nearly impossible in a declining market, and was subject to the lender’s review,” says Derk.

 “The property had just undergone a significant rehab that negatively impacted the historical occupancy; therefore, we had to emphasize the strength of the borrower’s résumé and financial stability.”

The loan is a 10-year fixed rate loan with a 30-year amortization, a loan-to-value of 62 percent and a 5.99 percent interest rate.

Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation, (925) 953-1716

$52M Apartment Complex Sold in Petaluma, CA by Marcus & Millichap

PETALUMA, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has sold the 492-unit Lakeville Resort  (top left photo) in Petaluma for $52 million. The sales price represents $105,691 per unit.

Stanford Jones, an executive vice president investments and senior director of Marcus & Millichap’s National Multi Housing Group in Palo Alto, and associate vice presidents investments Phil Saglimbeni and Sal Saglimbeni, also in the Palo Alto office, represented the seller, Equity Residential. Marcus & Millichap also represented the buyer, Abacus Capital Group.

“Pricing has been redefined over the past nine months to levels that are significantly below their peaks. Supported by compelling agency financing, the result is a rare opportunity to acquire assets in supply constrained markets with positive leverage,” says Jones.

“The new owner of Lakeville Resort has acquired a value-added, urban infill multifamily complex with the potential to generate a healthy income stream on a long-term basis,” says Phil Saglimbeni.

“In spite of the challenging economic environment, investors remain interested in well-located apartment assets in locations markets supported by strong fundamentals,” adds Phil Saglimbeni. “Institutional sales activity increased in the second and third quarters of 2009, a trend we expect to continue moving into 2010.”

The 461,798-square foot Lakeview Resort apartment complex at 1 Lakeview Circle is located in the southern portion of Sonoma County’s world-renowned wine country. The property is near U.S. Highway 101 and State Route 116, which provide easy access to employment centers in San Francisco, the North Bay and East Bay.


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

Marcus & Millichap Sells $10M Distressed Health Care Facility in Green Springs, OH

GREEN SPRINGS, OH – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of St. Francis Health Care Centre, (top left photo) a 150-licensed bed nursing home and 36-licensed bed long-term acute-care hospital (LTACH), in Green Springs.

The sales price of $10 million represents $53,763 per bed.

Jacob Gehl, a vice president investments and member of the firm’s National Seniors Housing Group (NSHG) in the firm’s Chicago Downtown office, and Mark Myers (bottom left photo), a senior vice president investments and senior director of the NSHG in Chicago, represented the seller, a church-based non-profit religious group. The buyer is a local healthcare provider.

Michael Glass (middle  right photo) , of the firm’s Cleveland office, also provided representation.

“The seller used approximately $16 million in bonds to build the LTACH and to renovate the nursing home a few years ago,” says Gehl.

“The property had difficulty servicing the bonds, entered into default with the lender, a large national bank, and had to be liquidated. While we are pleased with the final sales price of nearly $54,000 per bed, it is unfortunate that the non-profit’s approximately 100 years of mission work here must end,” adds Gehl.

“Fortunately, we were able to locate a buyer who owns a facility in the area and can provide care to a wide variety of residents,” comments Myers.

The 186,000-square foot property is located on approximately 35 acres at 401 North Broadway Ave.

The St. Francis Health Care Centre includes a park, pond, courtyard, chapel, greenhouse, multi-purpose gym, therapeutic pool with adjustable floor, large therapy spaces, a full basketball court and three dining rooms. The buildings feature brick exteriors, carriage porches and tasteful interior décor with high-end finishes.

Green Springs is located near Sandusky and Port Clinton, Ohio, two vacation destinations located on the banks of Lake Erie. The property is approximately 40 miles from Toledo. Green Springs is home to Mineral Springs, the largest natural sulfur spring in the world. The town was named for the color of the spring’s water.

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

Marcus & Millichap Names David Luther Regional Manager of Fort Worth, TX Office

FORT WORTH, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named David Luther (top right photo) regional manager of the firm’s Fort Worth office, according to Harvey E. Green, president and chief executive officer.

“David’s sales management expertise and extensive commercial real estate brokerage skills make him a valuable resource to our agents and clients in Fort Worth and throughout Texas,” says Green.

Luther has been the sales manager of Marcus & Millichap’s Fort Lauderdale office since March 2009. He joined the firm in 2001, specializing in multifamily investment property sales in the Fort Lauderdale office.

 He was promoted to associate director of the firm’s National Multi Housing Group and in 2007 achieved senior investment associate status. In January 2008, Luther was promoted to vice president investments.

 He is a five-time winner of the firm’s National Achievement Award and has earned six sales recognition awards. Prior to commencing his sales career, Luther was Marcus & Millichap’s research manager for South Florida.

Luther graduated from Southern Methodist University with degrees in mathematics and real estate finance.

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

Arbor Closes $3,784,000 FHA 223(f) Loan for Crown Gardens in Houston, TX

Uniondale, NY (October 28, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $3,784,000 loan under the FHA 223(f) program to refinance the 164-unit complex known as Crown Gardens in Houston, TX.

The 35-year loan amortizes on a 35-year schedule and carries a note rate of 5.50 percent.

The loan was originated by Jay Porterfield, (top right photo) Vice President, in Arbor’s full-service Plano, TX lending office.

“Arbor refinanced this acquisition loan through our HUD MAP license using the HUD 223(f) program,” said Porterfield. “Through this program, Arbor was able to provide an attractive loan amount at very competitive interest rate.”

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/
Follow us on Twitter @ arbor1

Thomas D. Wood Brokers $2M Loan for Connecticut Apartments

 MIAMI, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on October 13, 2009, in the amount of $2,080,000 for the Baron Apartments in Southington, Connecticut.

Steve Wood, (top right photo) Company Chief Operating Officer, and Alan R. Cohen (bottom left photo)  Company Vice President, financed the Baron Apartments through Thomas D. Wood and Company’s relationship with a national multi-family lender.

The loan term is 10 years, based on a 30-year amortization and a loan-to-value of 65%. The interest rate is 5.61% The 54-unit apartment complex was built in 1968 and 1969, and is located at 191 Queen Street, Southington, Connecticut.

For further information, please contact:

Steve Wood (305) 447-7820 swood@tdwood.com
Alan R. Cohen (305) 447-7820 acohen@tdwood.com
Jessica Kinnee (407) 937-0470 jkinnee@tdwood.com

Cushman & Wakefield Negotiates Sale/Leaseback of Verizon-Owned Building in Temple Terrace, FL

Tampa, FL – Cushman & Wakefield negotiated the Sale/Leaseback of a 57,886 sf two story office building (top right photo) in Temple Terrace, Florida for $2.6 million.

The asset located at 10402 N. 56th Street, was owned by Verizon and will be occupied by them for 15 months from the date of sale.

Associate Director of C&W Florida’s Capital Markets Group, Rick Brugge was quoted as saying,

 “In a challenging environment we were able to structure a transaction that was accretive to both the seller and
buyer.”

Executive Director Mike Davis (Capital Markets) (bottom left photo); Associate Director Rick Brugge, CCIM (Capital Markets); Executive Director Andy May; Director, Office Brokerage Barry Oaks, CCIM and Bill Reeves Associate Director of C&W negotiated the sale on behalf of the seller, Verizon.

The buyer, Franklin Property & Development Group, was represented by Director Rian Smith, Industrial Brokerage of C&W.

Contact:  Debbie P’Simer, 813-204-5333. debbie.p’simer@cushwake.com
http://www.cushmanwakefield.com/

Grubb & Ellis Commercial Florida Appoints Charles Alloway a Vice President in Retail Group

TAMPA, Fla. --- Grubb & Ellis Commercial Florida, associated with 130 Grubb & Ellis offices worldwide, has appointed Charles Alloway (top right photo)  a vice president in the Retail Services Group at the firm’s Tampa office.

Jeff Sweeney, SIOR, president of Grubb & Ellis Commercial Florida, with offices in Tampa, Orlando and Melbourne, said Alloway has more than 20 years of experience in commercial real estate in the Tampa Bay market, including 18 years with the Development Team at McDonald’s Corporation and three years in brokerage closing over 60 million in transactions as acquisition agent for Fifth Third Bank, McDonald’s, Panda Express Restaurants and others.

Most recently, Alloway served as regional director of real estate in the Tampa office of Armstrong Development Properties, Inc. a Pennsylvania based development company known for their work with CVS Pharmacy and Publix Supermarkets.

“Charlie is one of the most experienced commercial real estate executives in the Tampa Bay region and an excellent addition to our Retail Services team,” Sweeney said.

Alloway will partner with Retail Services Group vice president Michelle Seifert, (bottom left photo)  and will focus on both landlord and tenant representation, Sweeney said.

Contacts:
Jeffrey Sweeney, President,  407-481-5387

Larry Vershel Communication, s 407-644-4142