Marcus & Millichap Sells Condominiums in Van Nuys, CA for $6.15M

VAN NUYS, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of 99 condominiums within the 161-unit, 57,459-square foot Sonterra Homes, (top right photo) an REO complex in Van Nuys.

The sales price of $6.15 million represents $62,121 per unit.

Ron Harris, (bottom left photo) a senior vice president investments and senior director of the firm’s National Multi Housing Group in Los Angeles, represented the seller, a Chicago-based lender, and the buyer, Gidi Cohen of Cohen & Associates.

“This is one of the larger broken condo deals to close in the San Fernando Valley,” says Harris. “These units were selling for as much as $310,000 each in 2007.”

Located at 15425 Sherman Way, the property is situated between Sepulveda Boulevard and Interstate 405, within an easy commute to downtown Los Angeles, Beverly Hills /Century City, Warner Center and Burbank.

Property amenities include a swimming pool, spa, fitness center, ample controlled-access on-site parking, barbecue/picnic area and lushly landscaped mature-growth grounds with terra cotta fountains. The unit mix is 31 studios, 61 one-bedroom/one-bath units, six two-bedroom/one-bath units and one two-bedroom/two-bath apartment.

Van Nuys is in the heart of the San Fernando Valley.

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

Paulette Barrett Joins Benson Media in Ball Ground, GA

BALL GROUND,, GA -- Benson Media and ApartmentMarketingStore.com welcome Paulette Barrett  (top right photo) to their team as New Media Director. Barrett now leads Benson Media’s Internet marketing initiatives.

 Her responsibilities include consulting with clients and training them in core product areas including Internet advertising and syndication, e-mail, social media and Internet marketing programs.

Barrett brings more than ten years multifamily real estate experience on both the owner/manager and associate/supplier sides. Prior to joining Benson, she was Regional Vice President with Property Solutions and National Account Executive with Resite Online, where she provided clients with Web-based technologies including Web sites, leasing and resident portals and online payments systems. She was previously Regional Account Executive and National Sales Training Manager for Apartments.com.

“After two years of extensive research and work with apartment communities, we now have more direction supporting the importance of social media in multifamily,” said Brian Benson, (middle left photo) Chief Executive Officer of Benson Media. “It became clear that a multifamily professional like Paulette would be a valuable addition to our team, which already works with more than 6,000 apartment communities nationwide.”

Barrett is a certified instructor for the original Dale Carnegie Course in Effective Communication and Human Relations. She holds a Master of Science degree from North Carolina State University. She telecommutes from the Tampa/St. Petersburg, Florida area, where she resides.

Follow Paulette Barrett on Twitter at http://www.twitter.com/AptMktg. Her LinkedIn profile can be found at www.linkedin.com/in/pbfla.

Benson Media (www.bensonmedia.net) is a privately-owned multifamily real estate marketing firm whose flexible, full-service platform helps clients improve quality, efficiency and brand identity while reducing costs. Benson fulfills orders quickly and cost-effectively by creating, printing, manufacturing, storing and distributing customizable products at one centralized location.

 In addition to commercial printing and creative design services, the firm also produces cutting-edge online and social media campaigns. In addition, its Apartment Marketing Store (www.ApartmentMarketingStore.com) offers one-stop-shopping for high quality, competitively-priced apartment marketing kits and materials for property managers everywhere.

Founded in 1992, Benson Media offers exceptional personal service from start to finish.

Contact:  Terri Thornton. 404-687-8760, 404-932-4347 (Cell),  http://www.territhornton.com/
www.twitter.com/Ttho

Branson Edwards Joins Grubb & Ellis in Chicago Office

SANTA ANA, CA (Nov. 11, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Branson Edwards (top right photo)  has joined the company as executive vice president, managing director of the company’s Retail Occupier Services Group, effective immediately.

 Edwards brings 19 years of experience that includes executive positions in the retail and retail real estate services industries.

“Branson brings tremendous retail real estate field execution and corporate management experience,” said Jack Van Berkel, (top left photo) chief operating officer and president, Real Estate Services. “He has participated in developing and managing thousands of stores as a retailer and as a service provider. Bringing him on board is a big step toward enhancing the level of service we can provide our retail occupier clients.”

Based in the Chicago office, Edwards will lead the newly created group, developed to deliver strategic consulting, tenant representation brokerage, asset management, project management, lease administration and facilities management services to retailers nationally.

 As part of his responsibility, Edwards will develop the company’s Retail Tenant Representation Practice Group, as well as recruit experienced retail corporate services and tenant representation brokerage professionals throughout the country.

Most recently, Edwards was managing director of Jones Lang LaSalle’s Retail Outsources Services. He founded retail real estate services company The Standard Group, which merged with Jones Lang LaSalle in early 2008.

The Standard Group outsourced real estate department and management functions for retailers, managing both high growth new store rollouts and existing store portfolios for clients such as T-Mobile USA Inc., Hollywood Video and Buffalo Wild Wings.

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

Grubb & Ellis Company Reports 2009 Third Quarter Results

SANTA ANA, CA  (Nov. 11, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today reported revenue of $136.1 million for the third quarter of 2009, compared with revenue of $153.2 million for the third quarter of 2008. The company reported revenue of $385.1 million for the first nine months of 2009, compared with revenue of $468.8 million for the comparable 2008 period.

The net loss attributable to the company for the third quarter of 2009 was $21.4 million, or $0.34 per share, compared with a net loss of $56.3 million, or $0.88 per share, for the same period a year ago.

For the first nine months of 2009, the company reported a net loss of $95.7 million, or $1.51 per share, compared with a net loss of $68.0 million, or $1.07 per share, for the first nine months of 2008.

For a complete copy of the company's new release and financials, please contact:
Janice McDill, Phone: 312.698.6707, Email: janice.mcdill@grubb-ellis.com

Construct Two Group secures new school contract

ORLANDO, Fla.,— Construct Two Group has secured a $14.2 million construction management contract to build a new elementary school for Orange County Public Schools (OCPS).

The construction management company is providing pre-construction, value engineering, site construction, vertical construction and commissioning services for the Old Cheney/North Forsyth Area Elementary School. (top left rendering by SchenkelShultz Architects)

The two-story, 100,000-square-foot educational facility will be built on an undeveloped 14-acre site on Curtis Street in Orlando, Fla. The project, on a fast track 11-month schedule, is due for completion in June 2010. African American owned, Construct Two Group has reached a company record on this project with 44 percent participation for Minority/Women Owned Business Enterprises.

According to Construct Two Group’s President/CEO Keith Williams (bottom right photo),  “We are pleased to be working with OCPS once again to deliver a much needed elementary school to this area of Orange County.”

The educational facility is composed of administration, classrooms, art and music rooms, commercial kitchen and multi-purpose/dining room. Designed by Schenkel Shultz Architects of Orlando, Fla., this is only the second school built with this new prototype.

The Central Florida-based engineering team for this project includes BBM Structural Engineers, Longwood, for structural; Matern Professional Engineering Inc., Orlando, for mechanical, electrical, plumbing and fire protection; WBQ Design & Engineering, Orlando, for civil.

Construct Two Group has a long history building schools for OCPS. Noted projects include Jones High Phase A, B, and C, Timber Creek High, Olympia High, Dr. Phillips Ninth Grade Center, Discovery Middle, Corner Lakes Middle, Chain of Lakes Middle, and Eagle Nest, Avalon Park and Westbrooke elementary schools.

Contact:  Elaine Ingra, PR WORKS!, PH: 407 384-1344, elainei@pr-works.com,  http://www.pr-works.com/

C&W announces sale of property for Barnes, Ferland and Associates offices

ORLANDO,  FL – Nov.11, 2009– Cushman & Wakefield of Orlando announced the sale of a 12,000 square foot downtown building located at 1230 Hillcrest Street for the headquarters of Barnes, Ferland and Associates, an engineering firm specializing in environmental engineering.

Richard Solik, (top left  photo)  Senior Director of C&W’s Office Brokerage Services represented the buyer in the transaction with RBO Associates. The $1,300,000 deal closed on October 30.

Barnes, Ferland and Associates has satellite offices in West Palm Beach, Miami, and New Orleans.

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

Arbor Closes $12M Fannie Mae DUS® Loan for Sanctuary Apartments in Augusta, GA

Uniondale, NY (Nov, 11, 2009) Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $12,000,000 loan under the Fannie Mae DUS® product line to finance the 323-unit complex known as Sanctuary Apartments in Augusta, GA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.69 percent.

The loan was originated by John Edwards, (top right photo)  Vice President, in Arbor’s full-service Boston, MA lending office.

 “This financing represents our ongoing effort to secure long-term relationships with strong owner/operators by providing timely execution at attractive interest rates,” said Edwards. “In addition, we are pleased to acknowledge the outstanding efforts by Jackson Howard of Carolina Mortgage who arranged this financing.”

Contact: Ingrid Principe, iprincipe@arbor.com

HFF closes sale of Princeton, NJ office building

WASHINGTON, D.C. – The Washington, D.C. and New York offices of HFF (Holliday Fenoglio Fowler, L.P.) have closed the sale of 1100 Campus Road, a 166,991-square-foot trophy office building in Princeton, New Jersey.

HFF executive managing director Stephen Conley, (top right photo)  senior managing director Andrew Scandalios, (top left photo)  managing director Andrew Weir  (bottom right photo) and directors Jeffrey Julien and Elizabeth Taylor led the investment sales team exclusively on behalf of the seller, Patrinely Group and USAA Real Estate Company.

 Dividend Capital Total Realty Trust Inc. purchased the property.

Completed in 2006, 1100 Campus Road is fully leased to Novo Nordisk, Inc. through May 2023. The five-story property has direct access to and visibility from Route 1 and is situated less than four miles from downtown Princeton in central New Jersey.

“The sale of 1100 Campus Road offered an investor the rare opportunity to acquire a trophy-quality asset that is 100% leased to an A-credit tenant for the long-term on a triple-net basis,” said Conley.

“Princeton is a core, institutional submarket that continues to attract corporate tenants and owners due to the proximity to New York and Philadelphia and its access to a highly educated labor pool,” added Scandalios.

Since 1983, Patrinely Group has emerged as a national leader in the development of large-scale real estate projects throughout the United States, in particular build-to-suit corporate headquarters and regional offices.

With more than $5 billion in assets, USAA Real Estate Company provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors.

 The USAA portfolio consists of office, industrial, retail, multi-family and hotel properties with annual volume transactions exceeding $3 billion. USAA Real Estate Company is a subsidiary of USAA, which has served military families since 1922 and has become one of America’s leading financial services companies.

Dividend Capital Total Realty Trust Inc., a Denver-based REIT, invests in a diversified portfolio of commercial real estate assets. As of June 30, 2009, the company owned 76 properties totaling approximately 12.5 million square feet in 26 geographic markets.

Contacts:

Stephen C. Conley, HFF Executive Managing Director, (202) 533-2500, sconley@hfflp.com
Andrew G. Scandalios, HFF Senior Managing Director, (212) 245-2425, ascandalios@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF closes sale of Amarillo, TX retail center on behalf of Weingarten Realty Investors

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.)  has closed the sale of Wolflin Village, a 159,502-square-foot community retail center in Amarillo, Texas on behalf of the seller, Weingarten Realty Investors.

The HFF investment sales team was led by senior managing directors Doug Hazelbaker (top right photo) and Jim Batjer (top left photo)  and managing director Ryan Shore (bottom right photo).

Dunhill Partners, Inc. purchased the property for an undisclosed amount free and clear of debt.

Wolflin Village is situated on nearly 10 acres at the intersection of Wolflin Avenue and Georgia Street in Amarillo. The property is 92% leased to tenants including Office Depot, Talbots, Starbucks, GNC and Cold Stone Creamery
.

“Wolflin Village benefits from an excellent location along Interstate 40, just west of Highway 287, two of the most highly traveled thoroughfares in Amarillo, allowing accessibility to a regional trade area,” said Hazelbaker.

Weingarten Realty Investors (NYSE: WRI) is a commercial real estate owner, manager and developer.

At June 30, 2009, the company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 378 developed income-producing properties and 24 properties under various stages of construction and development.

The total number of properties includes 318 neighborhood and community shopping centers located in 22 states spanning the country from coast to coast. The company also owns 81 industrial projects located in California, Florida, Georgia, Tennessee, Texas and Virginia and three other operating properties located in Arizona and Texas. At June 30, 2009, the company’s portfolio of properties was approximately 71.4 million square feet.

Dunhill Partners specializes in commercial real estate sales, leasing and management in Dallas and Fort Worth, Texas. Dunhill Partners currently owns and operates 29 properties totaling more than four million square feet primarily in Dallas/Ft. Worth, Austin, Houston, Louisiana and Hawaii.

Contacts:

T. Douglas Hazelbaker, HFF Senior Managing Director, (214) 265-0880, dhazelbaker@hfflp.com
Jim C. Batjer, HFF Senior Managing Director, (214) 265-0880, jbatjer@hfflp.com
Kristen M. Murphy,HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Post Properties Announces Executive Departure

ATLANTA, GA-- Post Properties, Inc. (NYSE: PPS) announced today that, as part of an overall restructuring intended to streamline its business and reduce costs, Thomas L. Wilkes, (top right  photo) President of Post Apartment Management and EVP of Post Properties, Inc., will leave the Company, effective December 31, 2009.

Mr. Wilkes’ responsibilities will be assumed by S. Jamie Teabo, SVP Property Management, and Charles A. Konas, EVP Construction/ Development. Both Ms. Teabo and Mr. Konas have substantial industry and company experience.

 Post expects to incur a charge in the fourth quarter related to settling its contractual obligations with Mr. Wilkes and in connection with the overall restructuring.

 Post Properties CEO David P. Stockert (bottom left photo)  said, “With his background in multifamily real estate and commitment to the business, Tom Wilkes has made substantial contributions to Post over many years. We appreciate his accomplishments on behalf of the Company and wish him every continued success.”

Contacts: Post Properties, Inc., David P. Stockert, 404-846-5000

C&W announces sale of 104 acres in Margate, FL

Orlando, FL– Cushman & Wakefield of Orlando announced the sale of 104 acres located in Margate, Florida, owned by Uniprop Manufactured Housing Communities Income Fund, who was represented by Cushman & Wakefield Senior Director of Land Brokerage, Margery Johnson (top right photo).

The land was formerly the site of Aztec Estates, a manufactured housing park which has been rezoned for mixed residential units. Buyer Aztec RV Resort paid $15,750,000, or $112,500 per acre in the transaction which closed on October 20.

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

Central Florida Builders’ Exchange Elects Officers and Board of Directors

WINTER PARK, FL — Central Florida Builders’ Exchange, celebrating 65 years in business, announced  the election of its 2009 - 2010 officers and board of directors.

Vince Horton (top right photo) of Advantage Integration Technology, Inc., is chairman of the board with Robert J. High  (top left photo) of H. J. High Construction serving as vice chairman.

David L. Shaw (bottom left  photo) of Shaw Mechanical Services LLC is secretary and Robert K. Vaughn (middle right photo) of Palmer Electric Co. is the treasurer.

 The 2009 – 2010 board of directors is composed of Steve Belflower, (bottom right photo) AIA, HuntonBrady Architects; Adam Eckelbarger, Mader Southeast Inc.; Deanna Jenkins, Thomas Lumber Co. Inc;

John Mathews,J B Mathews Co.; Greg Orleman, Gulfeagle Supply Inc; Tony Salvo, Just Concrete & Masonry Inc; Dave Shuman, Hubbard Construction Co.; Michael Thornton, Clancy & Theys Construction Co.; Tim Vickers, Vickers Metal Works Inc; Charles Wallin, Florida Rock Industries Inc.

Trudi Larson, president, remains at the helm of the organization, a position she has held since 1995.

Celebrating 65 years in business, Central Florida Builders Exchange is one of the oldest and largest design, engineering and construction related associations in Central Florida.

 Serving the needs of architects, engineers, contractors, suppliers and vendors since 1944, the association provides information, project leads, and a physical and Internet plan room to its 650 members.

The association is headquartered in Winter Park, Fla. Please visit www.cfbe.net for additional information.

Contact: Elaine Ingra, 407 384-1344, elainei@pr-works.com

Arbor Closes $2.4M Fannie Mae DUS® Small Loan for Villa Shatto in Los Angeles, CA

 
Uniondale, NY (Nov.  9, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,400,000 loan under the Fannie Mae DUS® Small Loan product line for the 52-unit complex known as Villa Shatto in Los Angeles, CA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.08 percent.

The loan was originated by Ronen Abergel, (top right photo)  Director, in Arbor’s full-service New York, NY lending office. “This deal represents the borrower’s second transaction with Arbor and we look forward to conducting more business together in the future,” said Abergel.

Arbor Commercial Mortgage Appoints Alan Steinmetz to Associate General Counsel

Uniondale, NY (Nov. r 10, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and leader in the commercial real estate finance industry, today announced the appointment of Alan Steinmetz to Associate General Counsel. Mr. Steinmetz is based out of the Uniondale office and reports to Peter Reisert,  (bottom left photo) SVP, Capital Markets.

As Associate General Counsel, Mr. Steinmetz directs the legal process pertaining to all Fannie Mae and FHA loan activity, manages the Closing department and is responsible for coordinating the relationships among borrowers, counsel, investors and guarantors.

Mr. Steinmetz has over 20 years of experience in real estate lending and finance; acquisitions, ownership and disposition; and workouts and restructures. He has successfully closed several billion dollars of loans covering a full array of transaction types, including conventional financings, refinancings and assumptions, taxable and tax-exempt bonds, 1031 tax-free exchanges, forward commitments and conversions.

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

Arbor Closes $500,000 Fannie Mae DUS® Small Loan for Sierra Madre Apartments in Fresno, CA

Uniondale, NY (Nov. 9, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $500,000 loan under the Fannie Mae DUS® Small Loan product line for the 18-unit property known as Sierra Madre Apartments (top left photo) in Fresno, CA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.99 percent.
The loan was originated by Greg Gillam, Director, in Arbor’s full-service Manhattan Beach, CA lending office.

“This transaction demonstrates Arbor’s continued ability to provide the most favorable financing available for multifamily properties,” said Gillam. “Arbor was pleased to deliver on the borrower’s request for funding with a competitive rate.

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

Hawthorn Suites by Wyndham Debuts with New Logo and Web Site

PARSIPPANY, N.J. (Nov. 9, 2009) – A new logo, Web site and cross-sell reservations functionality have been launched to celebrate the integration of the extended-stay Hawthorn Suites by Wyndham® brand into the Wyndham Hotels and Resorts® family.

The brand’s new red and orange logo, featuring a design derived from the Wyndham crown, appears prominently at the top of the brand’s new Web site, www.hawthorn.com.

In addition, cross-sell functionality was introduced among Hawthorn Suites by Wyndham, Wingate by Wyndham® and Wyndham Hotels and Resorts on their Web sites, within their telephone reservations centers and on the Global Distribution Systems used by travel agents.

CONTACT: Evy Apostolatos, 973-753-6590, evy.apostolatos@wyndhamworldwide.com

Thomas P. D’Arcy Named President and CEO of Grubb & Ellis

SANTA ANA, CA (Nov. 9, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Thomas P. D’Arcy will join the company as president, chief executive officer and a member of the board of directors, effective Nov. 16.

“Tom is an experienced and respected executive in the commercial real estate industry and we are extremely pleased to have him joining our company. With the recent completion of the company’s recapitalization, we are confident that Tom will accelerate the execution of Grubb & Ellis’ growth strategy and build long-term value for stockholders,” said C. Michael Kojaian, (top right photo) chairman of the board of Grubb & Ellis Company.

 “I also want to take this opportunity to thank Gary Hunt (bottom left photo) for the time and effort he devoted to the company as interim CEO.”

D’Arcy, 49, brings 25 years of successful leadership experience at various public and private real estate companies, and is currently the non-executive chairman of Inland Real Estate Corporation (NYSE: IRC), a $1.5-billion REIT where he has served as an independent director since 2005.

 D’Arcy also previously served as chairman and chief executive officer of Bradley Real Estate, Inc., a NYSE-listed real estate investment trust, from 1989 to 2000.

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