New Moves and Faces at Grubb & Ellis

Shawn P. Mobley Promoted to President, Brokerage Services

SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that Shawn P. Mobley has been promoted to president, Brokerage Services.

In this newly created position, Mobley will be responsible for the day-to-day operations of the company’s Chicago offices and will oversee the Central and Northeast regions.

“Shawn is a proven leader whose success in strengthening our presence in the Chicago market and dedication to delivering unparalleled client service make him the ideal choice for this expanded position, said Jack Van Berkel,  (top left photo) chief operating officer and president, Real Estate Services.

“By leveraging his success in driving profitability, recruiting and building long-term, multi-service client relationships, Grubb & Ellis will be better positioned to take advantage of the recovering commercial real estate market.”

In his new role, Mobley will have responsibility for the company’s largest Real Estate Services region, which includes Grubb & Ellis’ owned offices in Boston, Chicago, Cleveland, Detroit, New Jersey, New York, Philadelphia and Pittsburgh as well as 16 affiliate offices. He will work closely with the individual market leaders to improve profitability, recruit and expand client relationships.

“I am extremely excited about this new role. Having been with Grubb & Ellis since 2005, I know firsthand about Grubb & Ellis’ commitment to excellence and client service, and I’m proud to have the opportunity to contribute to the company’s continued growth,” Mobley said.

Mobley, 42, joined Grubb & Ellis in 2005 as managing director of the company’s Chicago offices. In December 2008, he assumed responsibility for the Midwest region.

Contacts: Janice McDill, Erin Mays, Phone: 312.698.6707, 312.698.6735, Email: janice.mcdill@grubb-ellis.com,  erin.mays@grubb-ellis.com


Stephen M. Tyrrell Rejoins Grubb & Ellis as Senior Vice President, Private Capital Markets

SACRAMENTO, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced  Stephen M. Tyrrell, (middle right photo)  CCIM, a 29-year veteran commercial real estate investment brokerage professional, has rejoined the firm as senior vice president, Private Capital Markets.

“We couldn’t be more excited about Steve’s decision to rejoin Grubb & Ellis,” said Robert Dean, SIOR, executive vice president and managing director of Grubb & Ellis’ Sacramento office. “In addition to being known for being a tremendous advisor to private investors, Steve has also proven himself to be an excellent leader in his arena.”

Tyrrell returns to Grubb & Ellis following 12 years as senior vice president of investment sales at Buzz Oates Real Estate.

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

Paul R. Adkins Named Managing Director of Washington, D.C. Region

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that commercial real estate veteran Paul R. Adkins (middle left photo) has been named managing director of its Washington, D.C., region, effective immediately.

 In this role, he will be responsible for the company’s Washington, D.C., Tysons Corner, Va., Bethesda, Md., and Baltimore Real Estate Services operations.

“Paul was one of the first people who came to mind when we began looking for a new leader in Washington, D.C.,” said Jack Van Berkel, chief operating office and president, Real Estate Services. “He is well-known and respected throughout the region and brings all of the qualities necessary to spearhead our growth initiatives in this important market.”

Adkins will be based in the company’s Washington, D.C., office and report to Steve Dils, executive vice president, managing director of the Southeast region.

Contacts: Janice McDill, Erin Mays, Phone: 312.698.6707 312.698.6735, Email: janice.mcdill@grubb-ellis.com, erin.mays@grubb-ellis.com

Rob Meeks Joins Firm  as Senior Vice President, Retail

TYSONS CORNER, VA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that 18-year commercial real estate veteran Rob Meeks has joined the firm as senior vice president, Retail, where he will specialize in tenant representation.

“Rob is an exceptionally talented and successful retail broker and a valuable addition to our office,” said Paul Adkins, executive vice president and managing director of Grubb & Ellis’ metropolitan Washington, D.C., operations. “He brings tremendous retail knowledge, strength and market credibility to Grubb & Ellis.”

As a member of Grubb & Ellis’ Retail Tenant Representation practice group, Meeks is responsible for providing commercial real estate brokerage services to Grubb & Ellis retail occupier clients throughout the Mid-Atlantic. His addition strengthens Grubb & Ellis’ Retail Occupier Services platform, which provides services to national retail occupiers, including strategic consulting, tenant representation brokerage, asset management, project management, lease administration and facilities management services.

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

Moore&Associates and URDANG Buy Massive D.C. Office Complex

Joint venture plans to reposition Station Square in vibrant Silver Spring submarket

BETHESDA,MD – Moore&Associates Inc., developer of the Station Square office complex (top left photo) in Silver Spring, Md., has repurchased the asset in a joint venture with Urdang Value-Added Fund II L.P.

The joint venture acquired the Class-A, three-building property in December for an undisclosed sum and will immediately commence a multimillion-dollar renovation of all three buildings.

The seller was National Office Partners Limited Partnership, a joint venture of Hines and the California Public Employees' Retirement System (CalPERS), which purchased the 500,000-square-foot asset in 2005 from Moore&Associates for $129.8 million.

Bill Prutting Jr., Bill Kaye and Randall Heilig of CB Richard Ellis’ Investment Properties Group represented the seller in the recent sale.

“Reentering Silver Spring now feels right,” Lloyd W. Moore, (middle right photo) Chairman of Moore&Associates, said of the company’s return to Silver Spring and to Station Square, which it developed in the mid 1980s and owned, managed and leased until the sale to National Office Partners.

“Our decision to sell in 2005 was driven by historically low capitalization rates,” Moore said. “Today, capitalization rates are much higher and Silver Spring remains a strong office market in a balanced urban center.”

Moore&Associates has been instrumental in the evolution of Silver Spring, which is enjoying a resurgence in anticipation of the opening in 2011 of one of the metro area’s largest comprehensive transit centers, now under construction on a tract adjacent to Station Square.

In addition to developing Station Square, Moore&Associates assembled the land that is now home to Discovery Communications’ 600,000-square-foot headquarters and Silver Spring’s Town Center, a vibrant, live-work-play retail and entertainment corridor.

Moore &Associates’ acquisition of the property is a joint venture with Urdang Value-Added Fund II L.P.

“We found the acquisition of Station Square to be compelling as the complex is situated in a highly desirable, transit-oriented, infill location in a strong Washington D.C. submarket.” said David L. Rabin,  (middle left photo) Managing Director of Acquisitions at Urdang.

“The attractive cost basis and ability to create value in the asset through a repositioning plan were also key investment factors.”

“Station Square fits our acquisition strategy perfectly,” said Stephen P. Durr, (bottom right photo)  Moore&Associates’ President. “We’re searching for properties with solid fundamentals in excellent locations and at prices that are reflective of the current investment sales market.

“Opportunities that require repositioning are all the more exciting because through hands-on control of property management, leasing and construction, we can maximize the opportunity for success,” Durr says. “Station Square fits the bill in every way.”

Station Square marks the fourth joint venture acquisition between Urdang Capital Management and Moore&Associates. The two firms own Bethesda Towers, a 540,000-square-foot office complex in Bethesda, Md., and two office buildings in Austin, Texas.

Urdang Value-Added Fund II L.P. is a private real estate fund managed by Urdang Capital Management Inc., based in Plymouth Meeting, PA. Urdang Capital Management is a provider of real estate investment management services and currently manages in excess of $3.3 billion in private equity, debt and global real estate securities. Urdang is part of BNY Mellon Asset Management.

Moore&Associates is an owner-managed, full-service commercial real estate investment, development and management firm serving affiliated and independent clients. With more than 50 employees, the firm has completed $800 million in capital transactions during the past four years and currently manages 2 million square feet of office properties.

Contact: Stephen Durr, President, Moore&Associates Inc., 301-565-5100 durrs@mooreassociates.com

Pennsylvania Shopping Center Commands $13.6M

Marcus & Millichap arranged the sale of Bensalem Crossing, (top left photo)  a property developed, leased and managed by The Goldberg Group.


BENSALEM, PA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Bensalem Crossing, a 67,315-square foot grocery-anchored shopping center developed, leased and managed by The Goldenberg Group.

The center is located at the intersection of Hulmeville Road and Neshaminy Boulevard in Bensalem, which is located in Lower Bucks County. The sales price of $13.6 million represents $202 per square foot or a cap rate of 7.85 percent.

Brad Nathanson, (middle right photo) a vice president investments and senior director in the Philadelphia office of Marcus & Millichap’s National Retail Group, represented the seller, Bensalem Crossing Associates.

Kevin McCrann, a senior associate, and Thomas McConnell, an investment specialist, in the firm’s New Jersey office, represented the buyer, a New Jersey-based private partnership.

“Located in the Delaware Valley, this premier anchored center represents a safe and stable shopping-center investment,” says Nathanson. “Both anchor tenants, Safeway, which is subleased to ShopRite, and CVS possess investment-grade credit ratings and occupy 93 percent of the shopping center.

"We received multiple offers on the asset shortly after taking it to market due to the property’s proximity to Philadelphia and because it was anchored by one of the strongest grocery store operators in the Tri-State Area.

"Historically, ShopRite has the highest sales per square foot within the grocery store sector in Philadelphia. Ultimately, this asset traded at an aggressive cap rate, given the lack of quality assets that have come to market in the past 12 to 18 months.

“Despite challenging market conditions, quality product located strong suburban markets such as Philadelphia are still trading at a premium due to excellent demographics. Savvy investors will likely take advantage of opportunities in 2010 and realize long-term appreciation in assets that simply don’t trade hands too often,” adds Nathanson.

“The sale of this property is a good example how The Goldenberg Group creates long- term value in its shopping centers by developing in superior locations with excellent credit tenants under long-term leases,” says Robert W. Freedman, senior vice president and general counsel of the Goldenberg Group,

The Goldenberg Group will continue to management the center on behalf of the new owners.

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

Marcus & Millichap Capital Corp. Arranges $4.6M Loan in Ohio

LAKEWOOD, OH – Marcus & Millichap Capital Corporation (MMCC) has arranged a $4.6 million loan for the acquisition of a Walgreens drugstore in Lakewood.

Ian Harrison, an associate director in the firm’s Columbus office, arranged the financing for the property.

“At a time when the market’s appetite for Walgreens’ credit and bond structure was waning, we were able to promote the viability of the pure real estate associated with this transaction, mixed with the strength of the borrowing entity,” says Harrison. “We secured the very best long-term fixed rate on the market for such a financing product.”

The loan has a loan-to-value of 83.1 percent and a 6.57 percent interest rate, fixed over 23 years. The 14,000-square foot property was built in 2007 and has 23 years remaining on the initial lease term.

“Increasingly, commercial real estate investors are interested in acquiring single-tenant credit assets such as Walgreens,” adds Harrison.

Lakewood is a first-ring suburb of Cleveland, Ohio.

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

Marcus & Millichap Names Adam Christofferson Regional Manager of Encino, CA Office

ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Adam Christofferson (top right photo) regional manager of the firm’s Encino office, according to Harvey E. Green, (bottom left photo) president and chief executive officer.

“More than seven years ago, Adam relocated from Southern California to spearhead the firm’s Denver expansion and now he will return to manage the Encino office,” comments Green.

“The Denver, Fort Collins and Salt Lake City offices have all benefited greatly from his leadership and dedication to superior client service. His extensive management experience and highly successful track record as an investment specialist make him an invaluable resource to our clients and agents in Southern California,” adds Green.

Christofferson began his career as an agent assistant with Marcus & Millichap in 1997, becoming a sales agent in 1998 and the No. 2 retail agent in the Encino office just two years later. As sales manager, he assisted in leading the Encino sales team to a record-breaking year in 2001.

 Christofferson was named the regional manager of the Denver office in September 2002 and was also charged with overseeing the firm’s Salt Lake City operations. Under his supervision, the Denver and Salt Lake City offices had five consecutive record-breaking years. In 2007, he was instrumental in opening the Fort Collins, Colorado, office through the acquisition of Wheeler Commercial Real Estate Services.

Christofferson graduated with a bachelor’s degree from Brigham Young University.

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

Richmond, VA State of the Office Market Q4 2009

RICHMOND, VA--Fourth quarter highlights of the office market in Richmond, VA presented by Perry H. Moss, (top right photo) CCIM, MBA, Research Analyst, Jones Lang LaSalle Americas, Inc., are shown below:

Leasing activity


CBD

• Investment and banking firm, BB&T/Scott & Stringfellow leased

140,000 square feet of Class A space at Riverfront Plaza. This

space was formerly occupied by Wachovia Securities and was

transformed into sublet space upon Wachovia’s departure to St.

Louis in their merger with A.G. Edwards.

• Sands Anderson Marks & Miller, a law firm, inked a deal for 38,800

square feet at The Bank of America Tower. They should move in

early in 2010, while vacating a Class B, downtown property.

• Glave and Holmes, an architectural and design firm, signed a lease

for 14,600 square feet in Shockoe Bottom.

Suburban

• Title and closing services firm, Lawyers Title, leased 27,500 square

feet in Innsbrook Office Park in Henrico County.

• Bell Techlogix, an IT consulting firm, inked a renewal of 15,300

square feet in The Arboretum Office Park of Chesterfield County.

• Family law firm, Batzli Wood Stiles, signed a deal for 11,900 square

feet at Westerre Office Park in Henrico County.

Sales activity

Suburban

• 101 West Commerce Road (41,000 square feet, Class B), located in

South Richmond, sold for $4.74 million, or $116 per square foot. The

buyer was 101 West Commerce LLC, while the seller was Thomas

Carter Ryley Inc.

Construction activity

CBD

• MeadWestvaco’s new corporate headquarters is materially complete

along the James River. Foundry Park I will encompass some

330,000 square feet over nine stories of full glass exterior. The

packaging conglomerate will be vacating their West Broad location

upon completion. Recent layoffs have led to the subleasing of certain

floors at Foundry Park. A few employees have started to move in,

however, the full occupancy will not take place until February 2010.

At that time, some 700 employees will occupy the new building.

• The Williams Mullen Center on South 10th Street is also under

development, albeit not as far along as Foundry Park I. The property

is 63.0 percent pre-leased, primarily to law firm Williams Mullen. The

building should be ready next spring. Upon moving into their new

headquarters, Williams Mullen will be vacating 120,000 square feet

at James Center II.
 
 
Contact:   Perry H. Moss, CCIM, MBA, Research Analyst, Jones Lang LaSalle Americas, Inc., tel +804 200 6463, mobile +804 245 9774, perry.moss@am.jll.com

Penzance’s Ashburn, VA Office Condos Now Sold Out

 
WASHINGTON, D.C. – Penzance has now completed the sale of office and flex condominiums at Beaumeade Technology Center in Ashburn, VA., a 130,000-square-foot two building, 12-acre campus at 44675 Cape Court and 21740 Beaumeade Circle.

 Recognizing the demand for and appeal of this kind of product, Penzance acquired the properly in 2006, undertook the conversion to condos and began the marketing process. With the final sale this month, Penzance realized an overall rate of return on the project of in excess of 30%, a notable achievement in a tentative market.

“Beaumeade Technology Campus offered the unique opportunity for professionals and small businesses to own their own spaces in rapidly growing Loudoun County. The substantial return on investment is an indication that there was a real desire for this kind of product; we are proud to have recognized that need and to have been able to meet it.” said Victor Tolkan, Penzance, CEO.

Penzance director of leasing Matt Pacinelli spearheaded the sales effort working with Bob Gibbs, Jeff Roman, and Bill Kamp of CB Richard Ellis.

Penzance (www.penzco.com ) is a private equity real estate investment company that owns, develops and manages commercial properties.

Founded in the mid-1990s by principals Victor Tolkan and Julia Springer Tolkan, Penzance focuses on investment grade real estate opportunities in the metropolitan Washington, D.C. area.

Contact: Matt Pacinelli, 202-339-8001, mpacinelli@penzco.com

Arbor Closes Three Fannie Mae DUS Loans Totaling $6M

 $2,275,000 Fannie Mae DUS® Small Loan Closed for  Singing Oaks in Denton, TX

UNIONDALE, , NY- - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,275,000 loan under the Fannie Mae DUS® Small Loan product line for the 126-unit complex known as Singing Oaks (top left site map)  in Denton, TX.

The 10-year loan amortizes on a 25-year schedule and carries a note rate of 5.83 percent.

The loan was originated by Matthew Norman, Vice President, in Arbor’s full-service Dallas, TX lending office.

“This transaction required flexibility from Arbor and patience from the Borrower, as we were dealing with a potential acquisition that turned mid-process into a straight refinance,” said Norman.

“The tight deadline on the soon-to-be-retired debt added additional challenges that we were able to meet with a new Fannie Mae loan for this repeat client.”

$1,900,000 Fannie Mae DUS® Small Loan Closed  for 717-719 Parker Street in Boston, MA

UNIONDALE,  NY (Jan.  7, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,900,000 loan under the Fannie Mae DUS® Small Loan product line for the 7-unit complex known as 717-719 Parker Street in Boston, MA.

The 5-year loan amortizes on a 30-year schedule and carries a note rate of 5.57 percent.

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

“This transaction represented Arbor’s continued strong presence in closing deals via our small loan program,” said Kelly. “This repeat client was able to secure long-term debt for another successfully renovated project and help us to further grow this financial partnership.”

 $1.6M Fannie Mae DUS® Small Loan Completed for 6 Lincoln Street in  Denver, CO

UNIONDALE,  NY (Jan.  7, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,600,000 loan under the Fannie Mae DUS® Small Loan product line for the 39-unit complex known as 6 Lincoln Street in Denver, CO.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.89 percent.

The loan was originated by Jay Porterfield,  (bottom left photo) Vice President, in Arbor’s full-service Plano, TX lending office. “Arbor provided acquisition financing for this property in a strong submarket near downtown Denver, “said Porterfield. “Additionally, to enhance future cash flow, the borrower is working on plans to upgrade this already stable property.”

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

300 Crown Colony in Quincy, MA receives $8.6M financing arranged by HFF

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged an $8.6 million financing for 300 Crown Colony, (top right  photo) a 118,000-square-foot Class A office property in Quincy, Massachusetts.

HFF senior managing director Bob Herron, (middle left photo)  director Greg LaBine (bottom right photo)  and senior real estate analyst Porter Terry worked exclusively on behalf of the borrower, Campanelli Companies, to secure the fixed-rate loan through Boston Private Bank & Trust.

 Loan proceeds were used to acquire the property and provide capital for building improvements and leasing costs.

“Given the acquisition nature of the deal, certainty of execution within a tight time frame around the holiday season was critical. Boston Private Bank worked with HFF and the borrower to dual track the commitment and loan documentation process such that the legal process was done shortly after the receipt of the loan commitment, with no changes to the deal from the original terms discussed.

 This transaction is another example of HFF’s continued success on deals less than $15 million with local banks such as Boston Private Bank,” said LaBine.

300 Crown Colony is located on six acres within the Crown Colony office park close to the intersection of Interstate 93 and State Route 3 as well as the Quincy Adams MBTA station in Quincy, approximately 11 miles south of Boston.

The five-story property is 70% leased to tenants including Murphy, Hesse, Toomey & Lehane, LLP, LarsonAllen LLP and Massachusetts Eye & Ear. On-site amenities include the Crown Café and a conference center.

Established in 1947, Campanelli Companies is a full-service commercial real estate development company with extensive experience in the industrial, office, medical office, warehouse/distribution and retail markets.

To date, Campanelli has developed over 17 million square feet of commercial real estate property in New England and the Eastern Seaboard. The company’s signature capabilities include land development, design and build, redevelopment and value-added acquisitions.

It is Campanelli’s all-encompassing and quality services that have led to its successful track record as a highly-regarded developer; from site selection, feasibility analysis, local, state and federal permitting, to architectural and engineering design, building construction and facilities and property management.

 With a cohesive development team that has worked together for more than fifty years, Campanelli can assure its clients that every aspect of a project is directed, monitored and controlled by Campanelli Companies. For more information, visit www.campanelli.com.

Contacts:

Robert M. Herron, HFF Senior Managing Director, 617) 338-0990,  rherron@hfflp.com
Gregory F. Labine, HFF Director, (617) 338-0990, glabine@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing,  (713) 852-3500,  krmurphy@hfflp.com

HFF arranges $23M redevelopment loan for Olney, MD retail property

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $23 million redevelopment loan for Olney Town Center (top left photo) , a 98,848-square-foot retail property in Olney, Maryland.

HFF managing director Mark Remington worked exclusively on behalf of the borrower, an affiliate of Carl M. Freeman Companies to secure the three-year adjustable-rate loan with RBS Citizens Bank.

Originally built in 1987, Olney Town Center will undergo a combination of new construction and renovations and upon completion in second quarter 2011, will increase from 98,848 square feet to 110,941 square feet with Harris Teeter as the new anchor tenant.

Other tenants in the center will include PNC Bank, Chevy Chase Bank, Subway and Green Turtle Restaurant. The property is located near the major intersection of Georgia Avenue and Sandy Spring Road in Olney, approximately 10 miles north of the Washington Beltway.

“In a challenging credit environment, this represents a very successful combination of high quality real estate, sponsor and lender,” said Remington.

Contacts:

Mark T. Remington, HFF Managing Director, (202) 533-2500, mremington@hfflp.com 
Kristen M. Murphy,  HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Wilton, CT shopping center receives $5.45M refinancing arranged by HFF

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $5.45 million refinancing for Town Green at Wilton Center, (top left photo) a 34,730-square-foot specialty shopping center in Wilton, Connecticut.

HFF senior managing director Fred Wittmann and senior real estate analyst Lauren O’Neil worked exclusively on behalf of the borrower, Boylston Properties Company, Inc. to secure the seven-year, fixed-rate loan through the Ocean Bank Division of People’s United Bank.

 Boylston Properties Company is a Boston-based real estate development firm founded in 1983. HFF simultaneously arranged an $11.6 million refinancing with the same lender for Boylston Properties Company’s CityPlace property in Boston’s Theatre District.

Town Green at Wilton Center is located at 101 Ridgefield Road across from Village Market in downtown Wilton. The property is fully occupied by tenants including the United States Postal Service, Webster Bank, Kreg Corporation, Hunan Café and Subway.

“The Wilton retail market has remained relatively strong compared to the rest of the country during the economic downturn and the property benefits from its location in one of the wealthiest towns in the country where the median home value within a five-mile radius is $765,000,” said Wittmann.

Contacts:

Frederic E. Wittmann, HFF Senior Managing Director, (617) 338-0990f, wittmann@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing,  (713) 852-3500, krmurphy@hfflp.com

HFF arranges $11.6M refinancing for CityPlace in Boston’s Theatre District

 
BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged an $11.6 million refinancing for CityPlace, (top left photo) the 54,878-square-foot retail component of the Massachusetts State Transportation Building in Boston’s Theatre District.

Working exclusively on behalf of the borrower, Boylston Properties Company, Inc., HFF senior managing director Fred Wittmann (middle right photo) and senior real estate analyst Robyn King placed the seven-year, fixed-rate loan with Ocean Bank, a division of People’s United Bank.

Loan proceeds are refinancing existing debt on the property and funding capital improvements to the property. Boylston Properties Company, Inc. is a Boston-based real estate development firm founded in 1983. HFF also arranged refinancing for Wilton Town Center in Wilton, Connecticut on behalf of Boylston in December 2009.

CityPlace, the retail portion of the Massachusetts State Transportation Building, is currently 95% leased to tenants including Emerson College, Rock Bottom Brewery, P.F. Chang’s China Bistro and Vapiano.

 Located at 8 Park Plaza in Boston’s Theatre District, a busy location night and day, CityPlace has easy access to Back Bay, Downtown Crossing and Boston’s Financial District as well as the Boylston Street and Essex Street MBTA subway stations.

“Ocean Bank and Boylston Properties Company, Inc. were able to work quickly and efficiently together to close this transaction approximately five weeks after the issuance of Ocean Bank’s preliminary term sheet, allowing the borrower to lock in an attractive, long-term interest rate,” said Wittmann.

Contacts:

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

South Florida Foreclosure Filings Top 97,000 In 2009

MIAMI, FL--More than 97,000 foreclosure filings were initiated in 2009 in the tricounty South Florida region, representing a 29 percent increase compared to nearly 76,000 actions in 2008, according to a new report from CondoVultures.com.

By comparison, in 2007 there were more than 32,000 foreclosure filings - also known as a Lis Pendens or a notice of default - initiated against properties in Miami-Dade, Broward, and Palm Beach counties, according to the report produced using the Condo Vultures® Foreclosure Database™.

"As projected, the number of foreclosure filings in South Florida failed to eclipse the 100,000 threshold," said Peter Zalewski, (top left photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"At the end of the second quarter of 2009, the region was on pace for more than 100,000 foreclosure actions. That momentum slowed just enough in the third and fourth quarters, allowing the region to fall just short of the psychologically significant mark.

"The newfound willingness of lenders to suddenly work with borrowers to modify mortgages or approve short sales has undoubtedly had an effect on the number of foreclosure filings in South Florida."

Contact: Peter Zalewski,  800-750-0517 or by email at peter@condovultures.com

Grubb & Ellis Represents NCS Pearson Inc. in Lease Renewal at 1 N. Dearborn, Chicago

CHICAGO (Jan. 6, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced today it represented NCS Pearson Inc. in its lease renewal and relocation at 1 N. Dearborn. (top left photo)  The publishing firm leased 15,938 square feet of space for 10 years.

Peter Block, senior vice president, and Alan Klingler, senior associate, both of the company’s Investment Group, facilitated the long-term lease.

“NCS Pearson was looking to downsize its space and relocate to another area of the building,” said Block. “We were able to reach an agreement with all parties to find a space that better meets the company’s needs.”

NCS Pearson Inc. is a leading publishing and education company headquartered in London. The company is scheduled to take occupancy on approximately April 1, 2010.

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

Franklin Street Announces Bank Owned Sale in Fort Myers, FL

TAMPA, FL, Jan, 6, 2010: Franklin Street Real Estate Services is pleased to announce the sale of 2341 Willard Street Apartments (top left photo)  in Fort Myers, Fla., for $119,000. The sales price represents $13,222 per unit and $13.49 per square foot.

Franklin Street Associate Kevin Kelleher represented the buyer and seller. The buyer was a private, local investor. The selling entity was a publicly traded lender that foreclosed on the property in 2009.

“The property was less than 50% occupied at the time of sale, and every unit needed some level of work,” said Kelleher. “The buyer was a local investor who purchased the property despite the current operational challenges in Fort Myers, believing in the long term fundamentals of the Florida multi-family market.”

Built in 1978, 2341 Willard Street Apartments is located at 2341 Willard Street Fort Myers, FL. The property was constructed of concrete block and offers 8,820 rentable square feet. The apartment community consists of 9 two bedroom units that are 980 square feet.

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