Meridian Capital Group Arranges Over $7M in Financing in North Carolina and Florida

Plaza Terrace Apartments in Laurinburg, NC Receives $2.5M

LAURINBURG,  NC - Meridian Capital Group recently arranged a loan in the amount of $2,500,000 for the refinancing of the Plaza Terrace Apartments.( top left photo)

 This 154-unit property is garden style with brick veneer and pitched shingle roofs. Mike Brown and Noam Kaminetzky of Meridian’s Florida office successfully negotiated with Alliant Capital on behalf of the borrower to secure a fixed rate of 5.53% for a 10-year term.

Meridian Arranges Over $2.5M in Financing for Assisted Living Facility in North Miami, FL 

NORTH MIAMI,  FL - Meridian Capital Group recently arranged a loan in the amount of $2,500,000 for the refinancing of a 118 bed, 30,836 square foot assisted living facility in North Miami.

This single story facility sprawled over 2.05 acre, offers meal programs, private and semi-private rooms, 24 Hour Supervision, Daily Housekeeping, Medication Supervision, Laundry Service, On Site Activities & Entertainment and a Barbershop and Beauty Salon.

Daniel Heumann and Noam Kaminetzky of Meridian’s Florida office successfully negotiated with a local lender a rate of 6.50% for a 25-year self-liquidating term. Additionally, Meridian secured the ability for the borrower to obtain supplemental funding of up to 100% of the loan amount.

Self-Storage Facility in Tampa, FL Obtains $2.2M Loan

TAMPA,  FL - Meridian Capital Group recently arranged a loan in the amount of $2,200,000 for the refinancing of a 466 unit, 43,357 square foot self storage facility in Tampa.

The property, situated 2.50 acres, includes 192 Climate-Controlled units and 274 Non Climate-Controlled units. The property includes a cell tower that is leased by Verizon.

Mike Brown and Noam Kaminetzky of Meridian’s Florida office successfully negotiated on behalf of the borrower to secure a rate of 6.50% for a 10-year term.

Founded in 1991, Meridian Capital Group LLC is one of the nation’s largest mortgage brokerages serving the multifamily and commercial real estate sectors. The company is based in New York City with additional offices in New Jersey, Pennsylvania, Maryland, Illinois, Florida and California.

 Working with a wide variety of lenders, Meridian finances transactions ranging from $500,000 to more than $500 million for multifamily, co-op, office, retail, hotel, healthcare, self-storage, industrial, and construction properties. Nationally, Meridian reported more than 2,250 transactions in 2008, totaling over $11.5 billion.

Contact: Dani Sabesan:  (212) 612-0109,  Cell: (516) 551-9109,  Fax: (212) 201-5154     dsabesan@meridiancapital.com, http://www.meridiancapital.com/

Cuhaci & Peterson Win New Contracts in Florida, Georgia, California, South Carolina

Cuhaci & Peterson Architects Awarded Contracts to design renovations for Sweetbay Supermarkets in Sarasota, St. Petersburg and S. Pasadena


ORLANDO, Fla. -- Cuhaci & Peterson Architects, LLC, based in Orlando’s Baldwin Park, which ranks as one of the largest commercial architectural firms in the southeast, was recently awarded contracts to design renovations for Sweetbay grocery store facilities in Sarasota, St. Petersburg and South Pasadena, CA.

Lonnie Peterson, (top right photo)  chairman of Cuhaci & Peterson Architects, said all three facilities measure 35,000 square feet of retail space.

Cuhaci & Peterson Architects Awarded Contract to Design Pizza Hut Restaurant facilities in Georgia, South Carolina

ORLANDO, FL. --- Cuhaci & Peterson Architects LLC, based in Orlando’s Baldwin Park, was recently awarded a contract to design two Pizza Hut restaurant facilities in Baxley, Georgia and Bluffton, South Carolina.

Jed Downs, president of Cuhaci & Peterson Architects, said Yum Brands, Inc., the Louisville, Ky. Company that owns the Pizza Hut, KFC, Taco Bell and Long John Silver’s brands and ranks as the largest restaurant company in the world, awarded the contracts.

Both restaurant facilities will total 1,200 square feet of space, Downs said.

For more information, contact:
Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100
Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Emerson International Negotiates Office Lease for 15,000 SF at CenterPointe I in Altamonte Springs, FL

  ALTAMONTE SPRINGS, Fla. --- Emerson International recently negotiated a new long-term lease agreement for 15,000 square feet of Class A office space at CenterPointe I, (below centered photo) located at 240 E. Central Parkway in Altamonte Springs.

Kenneth Koch, commercial portfolio manager at Emerson International, negotiated the lease agreement with the new tenant, Crump Insurance Services of Florida, on the landlord’s behalf.

Steve Andrews with Fischer & Company and Matthew Mckeever (bottom right  photo) with Cushman & Wakefield represented the tenant.

Crump Insurance Services of Florida is a property and casualty insurance wholesaler.

For more information, contact

Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560; ejemerson@emerson-us.com
Kenneth Koch, Commercial Portfolio Manager, Emerson International, Inc. 407-834-9560;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

MBA Reports Multifamily Lending 40 Percent Lower in 2008 Than 2007; Market Remained Broad and Diverse

Washington, DC  - In 2008, 2,877 different multifamily lenders provided a total of more than $88 billion in new financing for apartment buildings with five or more units, according to an annual report from the Mortgage Bankers Association (MBA). The 2008 dollar volume represents a 40 percent decline from 2007 levels.

In terms of total dollar volume, the top five multifamily lenders in 2008 were PNC Real Estate, Wachovia, Wells Fargo Bank, N.A, Capmark Financial Group Inc, and Deutsche Bank Commercial Real Estate.

"Multifamily lending volume was down in 2008, but even in the face of the credit crunch, there was a broad and diverse market offering mortgages to apartment building owners," said Jamie Woodwell, (top right photo)  MBA's Vice President of Commercial Real Estate Research.

 "There is a core group of dedicated multifamily lenders that originated a large number of loans in 2008. In addition, there is a broad group of smaller institutions that each originated a small number of loans, but collectively offered borrowers a wide range of options. In fact, 26 percent of lenders who made multifamily loans in 2008 made just one, and two-thirds made five or fewer."

The report is based on data from the MBA 2008 Commercial Multifamily Annual Origination Volume Summation and the Home Mortgage Disclosure Act (HMDA).

The MBA survey targets specialized commercial/multifamily originators and covered $181 billion in commercial/multifamily loans in 2008. The HMDA data adds multifamily loans from banks, thrifts and other institutions that meet certain single-family origination thresholds. When combined, the two datasets provide the most comprehensive assessment of the multifamily mortgage market available.

CONTACT: Carolyn Kemp, (202) 557-2727, ckemp@mortgagebankers.org

Innkeepers USA Trust Suspends Payment of 4th Quarter 2009 Dividen on 8% Series C Cumulative Redeemable Preferred Shares

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

Innkeepers’ board of trustees will continue to review future quarterly dividends on the 8% Series C Cumulative Redeemable Preferred Shares based on financial and economic conditions and other appropriate factors.

A description of the 8% Series C Cumulative Redeemable Preferred Shares, is available in the Amended and Restated Declaration of Trust of Innkeepers USA Trust and the Articles Supplementary to the Declaration of Trust. Certain information regarding the 8% Series C Cumulative Redeemable Preferred Shares may be found on the company’s website at www.innkeepersusa.com.

Innkeepers USA Trust is a real estate investment trust (REIT) and a leading owner of upscale and extended-stay hotel properties throughout the United States. The company currently owns interests in 73 hotels with approximately 10,000 rooms in 19 states and the District of Columbia.

Contact: Dennis Craven, CFO, Innkeepers USA Trust, Telephone: (561) 227-1302

CB Richard Ellis and Prudential Announce Sale of Sweetbay Shopping Center in Tampa, FL

TAMPA, FL -– CB Richard Ellis (CBRE), the world's leading commercial real estate services provider, and Prudential Real Estate Investors announce the sale of Sweetbay Shopping Center, a neighborhood shopping center located at the intersection of North Dale Mabry Highway and Beach Street in Tampa, Fla. The property was acquired by S-O Sweet FL Retail I LLC.

The CBRE Florida National Retail Investment Group exclusively represented the seller, which was a fund advised by Prudential Real Estate Investors. The buyer, S-O Sweet FL Retail, is a private investor based in Ohio.

"Sweetbay Shopping Center is extremely well located and has a history of successful operations since it opened in 2003," said Casey Rosen, (top right photo)  senior vice president for CBRE. "The buyer was interested in a stable low-risk investment involving high quality real estate and this property met that criteria."

Anchored by a 46,147-sq. ft. Sweetbay grocery store, the 56,097-sq.-ft. shopping center features national and regional tenants including Moe's Southwest Grill, Smoothie King, GameStop and Quiznos.

The property is strategically located on the "going home" side of North Dale Mabry Highway, a primary route to and from the affluent neighborhoods of north Tampa.

For more information about the CBRE Florida National Retail Investment Group, please visit: www.cbre.com/ipflorida-retail

Contact: Rachel Andreozzi , 954.745.7464, rachel.andreozzi@cbre.com

Industrial Team at Southern Commercial Completes 12,027-SF New Lease

ORLANDO, FL--Principals William “Bo” Bradford, CCIM, SIOR and Tom McFadden, SIOR of Southern Commercial Real Estate Advisors completed a 12,027 square foot new lease at 2157 Viscount Row, Orlando, Florida. Bradford and McFadden negotiated the lease, representing the Landlord, GE Real Estate. The tenant is The Incredibeds, LLC.

Media Contact: Celeste MacKenzie, Southern Commercial Real Estate Advisors, 321-281-8503 20 N. Orange Avenue, Suite 605, Orlando, FL 32801, cmackenzie@southercommercialre.com

Grubb & Ellis Commercial Florida negotiates long-term lease agreement for 37,175 SF at Tampa multi-tenant facility

TAMPA, FL – Grubb & Ellis Commercial Florida’s, associated with 130 offices worldwide, recently negotiated a long-term lease agreement for 37,175 square feet of office/warehouse flex space at 8800 Adamo Drive just east of downtown Tampa.

Mia Jarrell, (top right photo) vice president of the Office Group at Grubb &  Ellis

Commercial Florida, negotiated the transaction representing the new tenant, Non Stop Digital Services South, LLC. Non Stop Digital specializes in sales, service and custom manufacture of broadband products for the industrial and retail industries, and is headquartered in Tempe, Ariz.

The landlord at the 379,834 square foot multi-tenant facility is Exeter Property Group, based in Plymouth Meeting, Penn.

Contacts: Mia Jarrell, 813-639-1111; Jeffrey Sweeney, 407-481-5387; Larry Vershel, 407-644-4142

http://www.commercialfl.com/

NAI Realvest Negotiates Long-Term Lease of former Captain D’s Restaurant Facility on East Colonial in Southeast Orlando

ORLANDO, Fla. – NAI Realvest recently negotiated a six-year lease agreement for the 2,500 square foot former Captain D’s restaurant facility at 10414 E. Colonial Drive in southeast Orlando.

Mez Birdie, CCIM, director of retail and investment services at NAI Realvest, brokered the transaction on behalf of the landlord, Nashville-based Captain D’s Restaurants/Sagittarius Brands, and the new tenant, The Grill.

Birdie provides various outsourced real estate services including sale-leaseback, leasing, brokerage and surplus site selection to Sagittarius Brands, the parent company for Captain D’s and Del Taco restaurants.

For more information, contact:

Mez Birdie, CCIM, Director/Retail & Investment Services NAI Realvest 407-875-9989, Mbirdie@realvest.com
Patrick Mahoney, President and COO NAI Realvest, 407-875-9989, pmahoney@realvest.com
Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142

Morrison Commercial Real Estate Completes 43,284 SF of Leases in Orlando

ORLANDO, F:--Greg Morrison, (top right photo)  CCIM, SIOR, Principal and Founder of Morrison Commercial Real Estate, announced the completion of several office lease transactions totaling 43,284 square feet throughout Orlando.

Lisa Bailey (bottom left photo) of Morrison Commercial Real Estate completed these transactions including a new lease totaling 9,033± square-feet to RomaCorp, Inc. and 11th Hour Business Center who leased a total of a 10,830± square-feet at the Lake Point Business Park.

At the Atrium Tower, Bailey renewed the lease for American Management Services totaling 9,400± square-feet along with Richard Loiseau and Century 22 Marketing.

Another significant deal, Bailey renewed and expanded the lease for Nurse on Call at Commerce Point totaling 10,391± square-feet along with two new tenants Atlantic P.I. and Urban Models.

Contact: Buffy Gillette, Phone: 407.219.3500, Email: bgillette@morrisoncre.com

HFF closes $5.4M sale of Harris Teeter in Wilmington, NC

ATLANTA, GA – The Atlanta office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of a 57,230-square-foot, free-standing Harris Teeter in Wilmington, North Carolina.

HFF directors Jim Hamilton (top right photo)  and Richard Reid (bottom left photo) and associate director Kevin Hurley marketed the property on behalf of the seller, Inland Western REIT. Lake Davidson Village, LLC, an affiliate of Chen Development, LLC, purchased Harris Teeter for $5.4 million.

Harris Teeter is located at 820 South College Road close to Routes 76 and 74, The University of North Carolina at Wilmington, and Wrightsville Beach in Wilmington. The property is situated on nearly five acres and is fully leased to Harris Teeter through 2015.

Inland Western Retail Real Estate Trust, Inc. is a self-managed real estate investment trust that acquires, manages and develops a diversified portfolio of real estate, primarily multi-tenant shopping centers across the United States.

 As of June 30, 2009, Inland’s portfolio under management totaled in excess of 49 million square feet, consisting of 301 wholly-owned properties.

They also have interest in 12 unconsolidated operating properties and 17 properties in 7 development joint ventures. For further information, please see the company website at www.inlandwestern.com.

Contacts:

Jim Hamilton, HFF Director, (404) 942-2212, jhamilton@hfflp.com
Richard Reid, HFF Director, (404) 942-2209, rreid@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF places $24M loan with Freddie Mac for Fullerton, CA luxury multi-housing property

 

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) has placed a $24 million loan with Freddie Mac for City Pointe Apartments, a 183-unit, Class A multi-housing property in Fullerton, California.

Working exclusively on behalf of Cornerstone Real Estate Advisers, HFF senior managing director Dana Brome (top right photo)  and senior real estate analyst Carlos Febres-Mazzei secured the loan through Freddie’s Capped ARM Program.

The five-year adjustable-rate financing is repaying an existing loan with Cigna Investments also arranged by HFF in 2004.

City Pointe Apartments is located at 130 East Chapman Avenue near the Riverside and Orange Freeways in Fullerton, approximately 23 miles southeast of Los Angeles. Completed in 2004, the property consists of five stories of residential units, averaging 875 square feet each, situated above ground-floor commercial/retail space and a parking garage. The residential portion of the property is 95% leased. Community amenities for residents include a fitness center, pool, media room, business center and community center.

“City Pointe is located in North Orange County, which is recognized as one of the strongest multi-housing markets in the Los Angeles area. Its rapid population growth, desirable location and access to local and regional freeways and amenities have ensured low vacancy for a number of years,” said Brome.

Cornerstone Real Estate Advisers is a national commercial real estate advisor with more than $9.5 billion of assets under management.

Contacts:

Dana E. Brome, HFF Senior Managing Director, (617) 338-0990, dbrome@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF arranges $16.3M refinancing for two-building office campus in Marlborough, MA

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $16.3 million first mortgage loan secured by a 207,000-square-foot, two-building office campus within Lake Williams Corporate Center in Marlborough, Massachusetts.

Working exclusively on behalf of Great Point Investors, LLC, HFF senior managing director Riaz Cassum and senior real estate analyst Lauren O’Neil placed the five-year fixed-rate loan with Danvers Bank. Loan proceeds were used to retire the existing maturing debt on the properties, which was originally placed with a life company by HFF in 2002.

Located at 26 and 62 Forest Street within the Lake Williams Corporate Center, the properties are close to Interstates 495, 90 and 290 in southwest Marlborough approximately 27 miles west of Boston. 26 Forest Street has 119,016 square feet and 62 Forest has 88,342 square feet of Class A office space. Both properties were completed in 2001 and are 90% leased to four tenants: Advanced Micro Devices, International Power America, Netezza and Navilyst Medical.

“HFF was able to secure a loan that was equal to the existing debt on the property, which was a major accomplishment in today’s challenging capital market,” said Cassum. “Additionally, the borrower was able to fix its cost of capital for the next five years at a very attractive interest rate.”

Great Point Investors, LLC creates and manages private market real estate transactions for institutional investors.

Contacts:

Riaz A. Cassum, HFF Senior Managing Director, (617) 338-0990, rcassum@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Corporate Office Centers Leases Floor at Lenox Building

ATLANTA, GA-- Corporate Office Centers of Arlington, Texas, signed a lease for 21,000 square feet at the Lenox Building, (top left photo)  according to PM Realty Group, which markets and leases space in The Lenox Building.

Corporate Office Centers, one of the largest executive office business center operators in the United States, committed to a 10-year lease at the Lenox Building. The lease commences in December.

Corporate Office Centers is in the middle of a growth initiative that has positioned it as a nationwide provider of executive office space.

"The Lenox Building will offer our clients a true Class A environment with direct access to unparalleled amenities," said Thad Pittman, president of Corporate Office Centers. "It is the type of building that is ideal for a Corporate Office Centers location."

The Lenox Building is a 20-story, 350,000-square-foot Class A office tower in Atlanta's Buckhead submarket. The tower, owned by one of ING Clarion's separate-account pension fund clients, is connected to the Lenox Square Mall and the JW Marriott hotel.

"Corporate Office Centers is a nice addition to the tenant mix at the Lenox Building," said Dean Giordano, (bottom right photo)  a senior vice president at PM Realty Group. Giordano and Bill Weghorst, senior vice president and director of PM Realty Group's Atlanta Region, represented the landlord.

The Corporate Office Centers lease continues the Lenox Building's leasing momentum. Earlier this month, Gables Residential signed a 21,000-square-foot deal at the Lenox Building. The developer, owner and manager of multifamily properties will move its headquarters to the building this fall.

Corporate Office Centers owns and operates 31 executive suite locations nationwide The company provides cost-effective, immediate office space solutions, virtual office plans, meeting facilities, administrative support services and network access to office space and business services worldwide.

Media Contact:

Tony Wilbert, Wilbert News Strategies LLC, 404-888-3091 office/404-405-3656 cell, twilbert@wilbertnewsstrategies.com

Transwestern's Atlanta Investment Services Group Sells $20.2M in Assets Over the Past 90 Days

ATLANTA, GA - Transwestern's Atlanta office announced today that its investment services group, led by Kevin Markwordt, (top right photo),  Jon Kleinberg, (middle left photo)  and Mike McGaughy, (bottom right photo)  has closed more than $20.2 million in sales in Atlanta over the past 90 days.

Southlake Festival, an 81,725-square-foot retail development sold in October, is located in the City of Morrow. Markwordt and Kleinberg represented Wells Fargo Bank, the owner of Southlake Festival. Malon D. Mimms Company purchased Southlake Festival for $1,600,000.

In August, the group's Kleinberg and McGaughy sold Ivy Place, a 122-unit multifamily property in Atlanta, for $8,750,000, and Windmont, a 178-unit multifamily property in Atlanta, for $9,889,000. They represented Equity Residential, the seller of the properties.

"What we're seeing is that despite a slow market, Transwestern is performing for its clients," said Bruce Ford, executive vice president and leader of Transwestern's Southeast region. "We attribute this success to the fact our team relies on a more personal approach with direct solicitation of a highly-targeted list of likely purchaser prospects."

Markwordt, Kleinberg, and McGaughy have almost 70 years of combined experience in the commercial real estate industry, and together have sold more than $3.0 billion in retail, office, multifamily, industrial, and land assets throughout the Southeast.

Transwestern, one of the largest privately held commercial real estate and development firms in the U.S., is focused on creating value for our clients in each local market we serve.

Transwestern's unique business model offers fully integrated real estate services and operates through six distinct functional lines of business - agency leasing, property and facility management, investment services, tenant advisory, development and research - for a broad range of property types, including office, industrial, retail, healthcare and multifamily.

Transwestern leads the industry in sustainability and has received multiple EPA ENERGY STAR®awards. We have partnered with our clients and the USGBC to pursue LEED® certification on projects across the country.

 Please visit us at http://www.transwestern.net/.
Media contact:  Tony Wilbert, twilbert@wilbertnewsstrategies.com
404-888-3091 office, 404-405-3656 cell