PossibleNOW, Inc., Expands its Space at The Alter Group’s Chattahoochee Corners, Duluth, GA

Atlanta, GA – PossibleNOW, Inc. (http://www.possiblenow.com/) has leased 18,889 SF of office space at The Alter Group’s (www.altersouth.com/) 106-acre Chattahoochee Corners business park (photo below), in Duluth, GA.

Michael J. Alter, (top right photo)  President of the Chicago-based national corporate real estate development firm, announced the transaction.

Gregg Metcalf,  (middle right photo) Vice President, represented The Alter Group. Rob Coatsworth, Broker with CTR Partners, LLP, represented PossibleNOW in the transaction.

According to Metcalf, “PossibleNOW is relocating from the 4375 River Green Parkway building to 4400 River Green Parkway, and is doubling the space it occupies at Chattahoochee Corners. To accommodate them, we are combining three existing suites into one.

"This is generally an extremely expensive process, but we were able to value engineer the process to control costs. Additionally, PossibleNOW has an ongoing right of first refusal on the entire 50,000 SF building, providing team flexibility for future growth.”

PossibleNOW’s primary requirements to complete this transaction were the ability to tear up their old lease, which did not expire until 2010; retain the ability to expand in the future; and remain close to their current location.

According to Scott Frey, President & CEO of PossibleNOW, “PossibleNOW is growing at a very rapid pace. Since our business was launched ten years ago, we have doubled our office space nearly every two years. In planning for continued growth, it was important for us to work with a landlord who could provide the necessary options for future expansion.

" The arrangement with Alter gives us the flexibility and support to manage our accelerated growth. I’m particularly excited about customizing the new space to meet the needs of our staff so that they can better serve our customers.”

PossibleNOW is the leading provider of direct marketing compliance solutions, consumer privacy preference management and marketing services. The firm’s services are used by industry leaders in global direct marketing. PossibleNOW also offers information technology services.

The award-winning Chattahoochee Corners is located on Peachtree Industrial Boulevard in Gwinnett County (Duluth), GA. The park’s first three phases have 627,291 SF of office and service-center space. Phase IV completion will give Chattahoochee Corners more than 1,000,000 SF of space.

The Alter Group is a national corporate real estate development firm of office, industrial and healthcare facilities. Additionally, the firm provides comprehensive services in brokerage, construction, investment services, and property and asset management.

Founded by William A. Alter (above photo)  in 1955, The Alter Group has developed close to 100,000,000 SF of speculative projects for its own portfolio and build-to-suit facilities for corporate users. This year, the company has 4,000,000 SF of space, worth $600,000,000, under development in national markets. The firm was recently ranked as # 5 in the National Real Estate Investor survey of America's top office developers.

Contact: Tom V. Silva, Vice President of Marketing, (847) 568-5897

Sale of West Oaks Mall in Houston closed by HFF

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of West Oaks Mall, food court (photo below) a five-anchor, super regional mall in Houston, Texas.

HFF senior managing directors Robert Williamson (top right photo)  and Rusty Tamlyn (top left photo)  represented special servicer LNR Partners, Inc. in the sale of West Oaks Mall, which they acquired in 2008 through foreclosure. Pacific Retail Capital Partners, LLC purchased the property for an undisclosed amount free and clear of debt.

West Oaks Mall is located at the intersection of Westheimer Road and State Highway 6 in west Houston. The sale included the in-line shop space, an outparcel site and two of the five anchor stores (Sears and former Steve & Barry’s), totaling 505,236 square feet of the mall’s 1,082,836 square feet. Excluded from the sale were Macy’s, Dillard’s and a vacant department store that formerly housed JC Penney.

“West Oaks Mall is located in the heart of desirable far west Houston and is primed to regain its former stature now that it is back in the hands of a seasoned operator of regional malls,” said Williamson.

LNR Partners is one of the largest special servicers of CMBS loans in the U.S. and is part of privately-held LNR Property Corporation based in Miami Beach, Florida.

Pacific Retail Capital Partners is a privately-held operator of retail properties with a focus on turning around troubled assets. Pacific Retail Capital Partners is headquartered in Los Angeles.

Contacts:

Robert Williamson, HFF Senior Managing Director, (713) 852-3500, rwilliamson@hfflp.com
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

HFF closes $6.1M sale of Publix in Birmingham, AL

ATLANTA, GA – The Atlanta office of HFF (Holliday Fenoglio Fowler, L.P.)  has closed the sale of a 44,271-square-foot Publix grocery store in Birmingham, Alabama.

The HFF investment sales team was led by director Jim Hamilton (top right photo) who represented the seller, Inland Western Retail Real Estate Trust, Inc. Cole Capital – Cole Real Estate Investments purchased the property for $6.1 million free and clear of debt.

 In addition, HFF Atlanta recently closed the sale of a Harris Teeter store in North Carolina on behalf of Inland Western Retail Real Estate Trust, Inc.

Completed in 2004, the property is fully leased to Publix through November 2024. The store is situated on a 4.8-acre site at 3141 Overton Road in the Mountain Brook area of Birmingham.

“There are only three competing grocers in the immediate Mountain Brook area, encouraging strong sales and stability at the property,” said Hamilton.

“In addition, the Mountain Brook area is an extremely affluent area of Birmingham with an average household income of more than $132,000 within a three-mile radius from the property.”

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 http://www.inlandwestern.com/.

For three decades, Cole has partnered with thousands of investors in the ownership of various types of commercial real estate. Since 1979, Cole has introduced more than 100 investment programs and manages a portfolio of properties valued at approximately $4.0 billion across 45 states and the U.S. Virgin Islands.

Contacts:

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

Grubb & Ellis Represents Jani-King in Purchase of 48,000-SF Office Building in Rolling Meadows, IL

ROSEMONT, IL (Dec. 8, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it facilitated the sale of 2900 Golf Road in Rolling Meadows to Jani-King.

 The purchase price for the 48,000-square-foot office building was not disclosed.

Craig Cassell, vice president, and Jim Ward, senior vice president, facilitated the transaction on behalf of Jani-King. Vince D’Amico and Dirk Riekse, both senior vice presidents, represented the seller, an undisclosed investor.

“Companies in a position to make long-term decisions can benefit from purchasing in today’s market,” said Cassell. “The extra space and land Jani-King acquired in this transaction presents cash flow and/or future expansion options.”

Jani-King will move its operations to the new facility in the first quarter of 2010 from 1701 E. Woodfield Road, where it was previously a long-term lessee. The commercial cleaning company will occupy approximately 15,000 square feet and plans to market the remaining 33,000 square feet for lease.

In addition to the 48,000 square feet of office space, the building has a 28,000-square-foot basement. The sale also included an adjacent 3.5-acre parcel of land.

Contact:

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

Franklin Street Announces Latest Sale of Bank Owned Apartment Community

Tampa, Florida, December 8, 2009: Franklin Street Real Estate Services is pleased to announce the sale of Omni Apartments (top left photo)  in Tampa, Fla., for $595,000. The sales price represents $12,660 per unit and $15.74 per square foot.

Franklin Street Partners Darron Kattan, Bob Goldfinger and Kevin Kelleher represented the buyer and seller. The buyer was Tropic Property Management Inc. The property was REO and was sold by the servicing company handling the asset for the bondholders.

“The property was 100% vacant at the time of sale, and every unit needed some level of work,” said Kattan. “The buyer was a local owner with the ability to fix up and manage a rental property like Omni in a lower income area. The previous owner was out of area, had a vision of a low income condo conversion and did not appear to have any ability to execute on that business plan.”

Built in 1983, Omni Apartments is located at 1008 E. 109th Ave. Tampa, FL. The property was constructed of wood frame and concrete block and offers 32,994 rentable square feet. The apartment community consists of 47 two and three-bedroom units that are 702 square feet.

Franklin Street Real Estate Services is a Franklin Street Financial Partners company providing a complete scope of commercial real estate services to an extensive array of clientele.

 For more information, please visit our website at FranklinStreetFinancial.com or contact our office at (813) 839-7300. Franklin Street Financial Partners – Financial Strength From Partners you can trust.

Contact:

Mandy Force, Franklin Street Real Estate Services, 5420 Bay Center Dr. Suite 100, Tampa, Florida 33609 Phone: 813.839.7300, Fax: 813.839.7330, http://www.franklinstreetfinancial.com/

Grubb & Ellis Commercial Florida Negotiates $250,000 Sale Price for Retail Building in Melbourne Beach, FL

MELBOURNE, Fla. --- Grubb & Ellis Commercial Florida, associated with 130 offices worldwide, recently negotiated the sale of a 3,470 square foot retail building at 317 Ocean Ave. in Melbourne Beach for $250,000.00.

Cheryl Harrington, (top right photo)  vice president of retail development for Grubb & Ellis Commercial Florida in the Melbourne region, negotiated the transaction representing the seller, Nueva Guinea S.A. of San Jose, Costa Rica.

Laura Dowling-Roy of Melbourne bought the property that includes 1,920 square feet of space built in 1964 and another 1,550 square feet of newer, partially finished space.

Contacts:
Cheryl Harrington, VP Retail Development, 2108 W. New Haven Avenue, West Melbourne, FL 32904, 321.984.1957
Larry Vershel or Beth Payan, lvershelco@aol.com

Grubb & Ellis Commercial Florida negotiates expansion lease for Morgan & Morgan Law Firm at Tampa City Center

TAMPA, Fla. – Mia Jarrell, (top right photo) vice president of Grubb & Ellis Commercial Florida’s Office Group, recently negotiated a long-term expansion lease agreement for 7,386 square feet of Class A office space at 201 N. Franklin Street in Tampa City Center (bottom left photo).

Jarrell, a CBD specialist, negotiated the lease with landlord, Mainstreet Capital Partners of Fort Lauderdale, on behalf of the tenant Morgan & Morgan Law Firm, who already leased 32,000 square feet, and now occupies a total of 39,386 square feet on the sixth and seventh floors of the building.

The downtown Tampa City Center is one of the Morgan & Morgan Law Firm’s several locations throughout the Southeast. They employ more than 100 attorneys, mainly trial lawyers with a wide array of specialties to represent individuals nationwide in cases that involve personal injury or wrongful death.


Contacts:

Mia Jarrell,  813-639-1111
Jeffrey Sweeney,  407-481-5387
Larry Vershel , 407-644-4142
http://www.commercialfl.com/

HFF named to market sale of Hock Plaza I at Duke University in Durham, NC

HOUSTON, TX – The Houston and New York offices of HFF (Holliday Fenoglio Fowler, L.P.)  have been named to market for sale Hock Plaza I at Duke University,(middle right photo)  a 327,162-square-foot Class A office building in Durham, North Carolina.

HFF senior managing directors Jeff Hollinden (top right photo), Glenn Whitmore (top left photo) and Andrew Scandalios (bottom right photo) , along with associate director Barbara Guffey, (bottom left photo)  will lead the investment sales team on behalf of the seller, Brickman.

The property is being offered for sale without a formal asking price and is subject to in-place assumable financing. HFF arranged the prior sale of Hock Plaza I to Brickman in 2005.

Completed in 2004, Hock Plaza I has 12 floors of office space plus an attached 1,100-space parking garage.

The property is 98.4% occupied under long-term leases by Duke University and Duke University Healthcare Systems. The 2.5-acre site is located at 2424 Erwin Road immediately adjacent to the Duke University campus and the “world-renowned” Duke Medical Center.

“Hock Plaza I is an asset of exceptional quality with a stable income stream backed by Duke University and its affiliated healthcare system,” said Hollinden. “The immediate proximity to Duke’s campus and medical center make this a truly irreplaceable location as well.”

“This is arguably one of the top office buildings on the market in the country at this time,” added Whitmore. “Core investors today are seeking Class A quality, investment grade credit and long term leases – this asset offers all of those attributes plus very attractive assumable financing.”

Brickman is a real estate private equity firm that invests with the perspective and insight of an owner-operator.

 Since 1992, the firm has invested in excess of $2.7 billion of total capital in more than 61 real estate transactions throughout the United States.

 Brickman owns and operates all property types, applies opportunistic and core investment strategies, and invests across the entire capital structure of real estate assets.

Contacts:

Jeff Hollinden, HFF Senior Managing Director, (713) 852-3500, jhollinden@hfflp.com

 Glenn Whitmore, HFF Senior Managing Director, (212) 632-1807, gwhitmore@hfflp.com

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

$98M construction loan arranged by HFF for future headquarters of DARPA in Arlington, VA

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.)  has arranged a $98 million construction loan for the development of the 352,740-square-foot future headquarters of the Defense Advanced Research Projects Agency (DARPA) in Arlington, Virginia.

This project is the first phase of the 1.1 million-square-foot Founders Square mixed-use development.

HFF senior managing directors Bill Asbill,  (top right photo) Bob Donhauser (top left photo)  and John Duffy   and director Dan McIntyre worked exclusively on behalf of the owner, Ashton Park Associates I, LLC, to arrange the equity capital with local investors and the construction loan with Landesbank Hessen-Thuringen, also known as Heleba.

The Shooshan Company is handling the development of the property, which was designed by RTKL. Clark Construction Group is the general contractor.

“A truly collaborative effort between the State of Virginia, Arlington County, the GSA and the ownership has enabled this landmark project to commence construction despite the difficult capital markets environment,” said Asbill.

Due for completion in the first quarter of 2012, the 13-story, trophy quality office building will meet the Department of Defense’s Level IV security standards and is designed to be certified LEED-Gold. The property is situated at 675 North Randolph Street across from the Ballston Common Mall in the heart of Washington, D.C.’s Rosslyn-Ballston Corridor (R-B Corridor).

“The R-B Corridor is the primary ‘Inside the Beltway’ office submarket in Northern Virginia and is truly an extension of Washington, D.C.,” added McIntyre. “The Founders Square site is one of the last great development sites in this area and the DARPA headquarters building will serve as an important anchor for its continued development.”

“Especially in these difficult and challenging conditions, we are grateful to our existing and new clients who continue to show their confidence in our ability to create and execute viable solutions for them, as evidenced by nearly 30 separate capital markets transactions that our Washington, D.C. office has closed over the course of 2009,” added Duffy.

Formed in 1986, The Shooshan Company has planned, developed, managed and/or leased approximately 2.5 million square feet in the Rosslyn-Ballston Corridor. Projects include One and Two Liberty Center, The Residences at Liberty Center, Liberty Tower, Arlington Square, One Virginia Square and Quincy Street Station.

Contacts:

William S. Asbill, HFF Senior Managing Director, (202) 533-2500, wasbill@hfflp.com
Daniel J. McIntyre, HFF Director, (202) 533-2500, dmcintyre@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Marcus & Millichap Promotes Stacey Milam to First Vice President Investments in Washington, DC

 WASHINGTON, D.C., Dec. 7, 2009 — The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Stacey Milam (top right photo)  to the position of first vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists.

It represents excellence in the development and servicing of long-term client relationships, according to David Feldman, regional manager of the firm’s Washington, D.C. office.

Milam joined Marcus & Millichap in December 1999. He was promoted to associate in 2001 and earned senior associate status in December 2002.

Milam advanced to senior investment associate in July 2005 and vice president investments in January 2008. He specializes in the sale of multifamily properties and currently serves as a director of the firm’s National Multi Housing Group. Milam has received numerous sales achievement awards from Marcus & Millichap, including five National Achievement Awards.

 Contact:  Stacey Corso, corporate communications, stacey@marcusmillichap.com

Marcus & Millichap Capital Corp. Arranges $5.4M Loan in Oregon

ALBANY, OR– Marcus & Millichap Capital Corporation (MMCC) has arranged a $5.4 million loan to refinance Albany Meadows Apartments, (top left photo)  a 127- unit garden-style multifamily apartment building in Albany.

Bradley Willson, a director in the firm’s Newport Beach office, arranged the financing for the building.

“We have a longstanding relationship with the lender and they were willing to take the time to understand the nuances of this transaction and move forward when perhaps other lenders would not have,” says Willson. “The fully renovated property is just beginning to demonstrate stabilized operations. By engaging in negotiations prior to the application and during the loan process, we are able to achieve the goals of the borrower and satisfy the lender.”

The loan, a refinancing of a construction/bridge loan, is a 10-year fixed-rate loan with a 30-year amortization, a loan-to-value of 77.5 percent and a 5.58 percent interest rate.

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

NAI Realvest negotiates two new industrial leases totaling 5,000 SF in Casselberry, FL and Sanford, FL

MAITLAND, FL --- NAI Realvest recently negotiated two new three-year lease agreements for industrial space totaling 5,000 square feet at commerce centers in Sanford and Casselberry.

Michael Heidrich, (top right photo)  a principal in the firm, brokered both transactions at

• Monroe CommerCenter South, representing landlord COP-Monroe LLC and the tenant, Orlando Pump & Equipment LLC who leased 2,000 square feet at 647 Progress Way in Sanford, and

• Anchor Road Commerce Center, representing the landlord Justin Time Developers, LLC of Longwood and the tenant, Casselberry-based Enterprise Telecom Solutions LLC who leased units 1713 and 1719 with a total of 3,000 square feet at 211 Reece Way in Casselberry.

For more information, please  contact:
Michael Heidrich, Principal, NAI Realvest 407-875-9989 mheidrich@realvest.com
Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com
Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com

CBRE Capital Markets Arranges $15.6M Permanent Financing for Bridgeview Apartments in Tampa, FL

TAMPA, FL, Dec.  7, 2009 – CBRE Capital Markets, a Freddie Mac correspondent, has arranged acquisition financing in the amount of $15,600,000 for Bridgeview Apartments, a multi-family community totaling 348 units located in Tampa, Fla.

Community amenities include a swimming pool/spa, clubhouse, car wash area, two lighted tennis courts, and playground. Terms of the fixed rate financing include a 10-year term, 30 year amortization, 75% loan to purchase price and very favorable interest rate.

Charles J. Foschini, (top right photo)  vice chairman of CBRE's Debt & Equity Finance and Institutional Group located in CBRE's Miami office arranged the financing through Freddie Mac on behalf of Bridgeview Apartments, LLC, along with his team members.

CBRE Capital Markets is consistently among the top three Freddie Mac Seller/Servicers each year and was number one for the first and second quarters of 2009. Since 2003, CBRE Capital Markets has originated over 817 multi-family transactions totaling in excess of $12.2 billion.

 In addition to the consistent high rankings of loans originated for purchase by Freddie Mac, CBRE Capital Markets has received the top Correspondent Scorecard Ranking among Freddie Mac Seller/Servicers for 2005 and 2006.


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

Orange County Court Appoints Hans Mumper of Grubb & Ellis Receiver of Maguire Properties Asset in Irvine, CA

IRVINE, CA (Dec. 7, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the Orange County Superior Court appointed Hans Mumper (top right photo),  senior vice president, director of Management Services, as receiver of 2600 Michelson (centered photo) , a 310,000-square-foot Class A office building owned by Maguire Properties.

“This property will once again become one of the outstanding assets in the market,” said Mumper. “An intensive marketing campaign will reintroduce this asset and help us increase the value for the benefit of the ownership structure.”

Greg May and Oliver Fleener, both senior vice presidents in the company’s Newport Beach office, will be responsible for leasing the asset. Current space availability ranges as small as 1,400 square feet and up to 80,000 square feet.

“2600 Michelson is a high-quality building that provides tenants with many surrounding amenities, unobstructed views and an excellent location,” said May. “During this current business cycle it is also very important to make the market aware that the ownership structure is fully capable to fund tenant improvement and commissions. We have already received numerous inquiries since we took the leasing assignment and are involved in negotiations with a number of tenants.”

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

Tampa Hotel Completes Multimillion-Dollar Makeover

Sheraton Suites Tampa Airport Westshore Unveils Comprehensive Transformation of Property

TAMPA, FL (Dec.  7, 2009) – Showcased by a gala opening and ribbon-cutting, the Sheraton Suites Tampa Airport Westshore officially completed its multimillion-dollar renovation and unveiled the Westshore district’s “newest” property. The 261-suite hotel is managed by Davidson Hotel Company, one of the nation’s largest independent hotel management companies, which also oversaw the extensive eight-month-long project. The hotel is co-owned in a joint venture between Square Mile Capital Management and Davidson.

“With this sweeping renovation, we offer a completely new guest experience, with a goal of becoming the leading business property in the Westshore area,” said Ray Zepp, general manager. “This hotel has been an important part of the Westshore community for so many years, and these latest enhancements will provide our guests with the highest quality product in the market.”

“Our objective was to implement a plan that would help make this hotel a focal point in Tampa’s business district, as well as attract business and leisure travelers visiting the city,” said Pat Lupsha, Davidson’s chief operating officer. “We intend to deliver exceptional service levels to our guests that match the upscale renovation.”

The property’s facelift touched virtually every aspect of the hotel, including all of the two-room suites; the eight-story tropical atrium; the innovative, modern business lounge; the 12,000+ square feet of meeting space (including a 2,000 square foot expansion); the St. James Grill Restaurant and Bar; and the fitness center and pool area. It also added such signature Sheraton amenities as the Sweet Sleeper Bed, the ‘Link @ Sheraton’ lobby, flat-panel HD televisions and hardwood flooring on select floors.

Colleen Beck, director of sales and marketing at the hotel, noted that although the renovations came at a time when the economy is affecting nearly every industry, the hotel’s renovations were needed to meet the unique needs of business travelers. “This is a special property with a legacy of serving the Westshore area. The upgrade totally repositions the hotel and returns it to its leadership role in the market,” she added.

Located at 4400 West Cypress Street, in Tampa’s upscale Westshore business district, a significant locale for both business and leisure, the Sheraton Suites Tampa Airport Westshore is surrounded by more than 11 million square feet of office space.
 For more information or reservations call (813) 873-8675, or visit http://www.sheratontampaairport.com/.

Contacts:

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