Grubb & Ellis Expands Walnut Creek, CA Office Team

WALNUT CREEK, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced the industry veteran Scott Ellis has rejoined the firm as senior vice president, Office Group. He is joined by Trigger Reital and Brent Johnson, both vice presidents, Office Group.

“This is a group of professionals who together have a deep understanding of the East Bay commercial real estate market and are essential in helping to expand Grubb & Ellis’ presence in the local market as we continue to grow the company,” said Ed Del Beccaro, managing director, Walnut Creek.

With more than 30 years of experience, Ellis returns to the company after serving as senior vice president of Colliers International for the past 11 years. .

Reital also joins Grubb & Ellis from Colliers International and will specialize in the leasing and sales of office buildings in the Interstate 680 Corridor and tenant representation in the Highway 24 corridor.

Johnson returns to Grubb & Ellis from Kennedy Wilson, where he served as a managing director for two years.

Ken Shishido Joins Grubb & Ellis as Senior Vice President, Retail Group

NEWPORT BEACH, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Ken Shishido has joined the company as senior vice president, Retail Group.

“With more than 27 years of experience, Ken brings many excellent relationships in the industry and will be a perfect fit for our local retail division as we continue to grow and expand the company,” said Greg May, co-managing director of Grubb & Ellis’ Orange County operations.

Shishido joins Grubb & Ellis from Lee & Associates, where he served as a principal for 15 years in Los Angeles County.

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

Chester F. Allen of Grubb & Ellis|Thomas Linderman Awarded CCIM Designation

RALEIGH, NC– Grubb & Ellis|Thomas Linderman Graham, a leading Triangle real estate services firm, announced that Chester F. Allen, real estate advisor, has been awarded the Certified Commercial Investment Member designation by the CCIM Institute®.

Allen joined Grubb & Ellis|Thomas Linderman Graham in 2006. As a member of the company’s land team, he handles all aspects of buyer and seller representation and site selection services. He also specializes in industrial sales and leasing throughout North Carolina.

Contact: Elizabeth Raiford, Phone: 919.420.1563. Email: elizabeth.raiford@tlgcre.com

Mortgage Bankers' Commercial/Multifamily Originations Down 46 Percent in 2009

WASHINGTON, DC--- Commercial and multifamily mortgage origination volumes decreased 46 percent in 2009 among repeat reporters, with mortgage bankers reporting $82.3 billion of closed commercial and multifamily loans, according to the Mortgage Bankers Association's 2009 Commercial Real Estate/Multifamily Finance: Annual Origination Volume Summation.

Commercial banks and savings institutions were the largest single investor group for commercial and multifamily mortgages - responsible for $19.8 billion, or 24 percent, of the closed loan volume. Multifamily properties were the dominant property type - representing $36.5 billion, or 44 percent of the lending total.

"Relatively few commercial mortgages were made in 2009, as the recession curtailed both the supply of and demand for new mortgage debt," said Jamie Woodwell, (top right photo) MBA's Vice President of Commercial Real Estate Research. "As the recession has receded, origination volumes have picked up slightly, but the absolute levels remain low."

Among the key findings are:

· Decreases were seen across most property types and investor groups, and were led by declines in loans intended for:

Credit companies; REITS, mortgage REITs and investment funds; and Commercial mortgage-backed securities (CMBS), collateralized debt obligations (CDO) and other asset-backed security (ABS) conduits;
· $15.9 billion of multifamily loans were closed for Fannie Mae, a 32 percent decline from 2008.
· $15.2 billion of multifamily loans were closed for Freddie Mac, a 24 percent decline from 2008.
· $5.8 billion of loans were closed for FHA/Ginnie Mae, a 168 percent increase from 2008.

Loans for Fannie Mae and Freddie Mac accounted for 85 percent of the total reported multifamily volume in 2009.

· Lending for office properties had the largest percentage decrease in originations by property type, followed closely by retail properties and hotels/motels.

Year-over-year changes are based on the changes in volume among "repeat reporters" that participated in both the 2008 and 2009 surveys.

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

Interstate Hotels & Resorts Forms Strategic Alliance with International Hotel Investments Ltd (IHI Ltd)

ARLINGTON, VA—Interstate Hotels & Resorts, the United States’ largest independent hotel management company,  has formed a strategic alliance with IHI Ltd, an affiliate of Harte Holdings, to operate and selectively invest in hotels in Europe. Interstate already manages six hotels for affiliates of Harte Holdings in the U.S. and Europe, four of which are owned by a joint venture between the two organizations.

The new alliance will expand Interstate’s third-party hotel management platform throughout the EU.

“We have been a pioneer in third-party hotel management in Europe, and with 12 hotels under contract there, we have the size and scale to support additional expansion,” said Thomas F. Hewitt (top left  photo), chairman and chief executive officer.

“In the near future, we intend to open a European office to oversee our growing European portfolio, which will be similar in scope and responsibility to our international offices in Moscow, Mexico, and most recently, India.”

Hewitt noted that the strength of Interstate’s international management platform comes from its reliance on local partners with strong ties to the region.

“IHI Ltd is a highly regarded European company, with considerable experience in the industry. With their strong local relationships, cultural expertise and depth of industry knowledge, they will identify suitable assets, source capital, structure transactions and asset manage.

" Our emphasis will be on third-party management opportunities, and, when appropriate, we may co-invest with owners and developers. We already are working on several possible development projects sourced by IHI Ltd that Interstate will manage.”

In December 2009, the Argyll Hotel Group, an affiliate of Harte Holdings, selected Interstate to manage two upscale boutique hotels in downtown London, increasing the number of its Interstate-managed properties to six.

“Our relationship with Interstate has proven mutually rewarding over the years, and we know them to be a strong and capable operator,” said Donal Kelleher, director of IHI Ltd. “This alliance underscores our confidence in their ability to continue to successfully adapt their proven management practices to international markets.”

“We believe this alliance significantly enhances our ability to source additional new contracts and/or development and acquisition opportunities throughout Europe,” said Leslie Ng, Interstate’s chief investment officer.

 “In addition to our self-generated pipeline, we see significant management opportunities arising as top-quality brands like Marriott, Starwood, Hilton and IHG, with whom we have had long and positive relationships, continue to announce plans to step up the pace of their international expansion.”

Contact:

Jerry Daly, Carol McCune, MediaDaly Gray, (703) 435-6293, jerry@dalygray.com
Carrie McIntyre SVP, Treasurer, Interstate Hotels & Resorts, (703) 387-3320, carrie.mcintyre@ihrco.com

Chatham Lodging Trust Announces Exercise of Underwriters’ Overallotment Option to Purchase Additional Shares

PALM BEACH, FL—Chatham Lodging Trust (the Company) announced the full exercise of the underwriters’ overallotment option to purchase an additional 1,125,000 of the Company’s common shares of beneficial interest at the initial public offering (IPO) price of $20.00 per share, less the underwriting discount.

The overallotment option was exercised in connection with the Company’s IPO of 7,500,000 common shares, which priced on April 15, 2010.

Total proceeds from the IPO, including the overallotment option, are $160.4 million after deducting the full amount of the underwriting discount, including that portion of the underwriting discount that the underwriters have agreed to defer until the Company has used a specified portion of the offering proceeds to acquire hotel properties. The purchase of the shares pursuant to the IPO, including the shares purchased pursuant to the exercise of the overallotment option, is expected to close on April 21, 2010.

The Company will contribute the net proceeds of the offering to its operating partnership, which will use $73.5 million of the net proceeds to purchase six Homewood Suites by Hilton® hotels. The Company’s operating partnership will use the remaining net proceeds to invest in hotel properties in accordance with the Company’s investment strategy and for general business purposes.

Barclays Capital and FBR Capital Markets are acting as the joint book-running managers for the offering. Morgan Keegan & Company, Inc. and Stifel Nicolaus are acting as senior co-managers and Credit Agricole CIB and JMP Securities are acting as co-managers.

A copy of the prospectus can be obtained by contacting Barclays Capital, c/o Broadridge, Integrated Distribution Services, 1155 Long Island Ave., Edgewood, N.Y. 11717, telephone (888) 603-5847 or by e-mail at barclaysprospectus@broadridge.com, or FBR Capital Markets, Prospectus Department, 1001 18th Street, North, Arlington, Va. 22209 or by e-mail at prospectuses@fbr.com.

The prospectus may also be obtained by contacting any of the other underwriters listed above.

Contact:  (Media) Jerry Daly, Carol McCune, Daly Gray Public Relations, (703) 435-6293


Chatham Lodging Trust Acquires Six Hotels from RLJ Development for $73.5 Million

PALM BEACH, Fla., April 26, 2010—Chatham Lodging Trust (NYSE: CLDT ) today announced that it has acquired in an all-cash transaction six Homewood Suites by Hilton® hotels from RLJ Development, LLC for $73.5 million, or approximately $90,406 per suite.

The six hotels are the first properties to be acquired by Chatham since it completed its initial public offering on April 21, 2010. The hotels will continue to be managed by Hilton Worldwide.

“These hotels are typical of the type of properties we seek to acquire—upscale extended-stay hotels and premium-branded select-service properties that are located in major markets with high barriers to entry near strong demand generators for both business and leisure guests,” said Jeffrey H. Fisher, Chatham chief executive officer.

“We intend to invest approximately $11 million over the next two years at these hotels to upgrade guest rooms and common areas to enhance the guest experience and to meet brand requirements.”

The six hotels are:
· Homewood Suites by Hilton® Boston – (bottom right photo) Billerica/Bedford/Burlington; Billerica, Mass.; 147 suites.
· Homewood Suites by Hilton® Hartford – Farmington; Farmington, Conn.; 121 suites. (bottom left photo)
· Homewood Suites by Hilton® Minneapolis – Mall of America; Bloomington, Minn., 144 suites.
 Homewood Suites by Hilton® Dallas – Market Center; Dallas, Texas; 137 suites.
· Homewood Suites by Hilton® Orlando – Maitland; Maitland, Fla.; 143 suites.
· Homewood Suites by Hilton®Nashville – Brentwood; Brentwood, Tenn.; 121 suites.

Contact:
 (Media), Jerry Daly, Carol McCune, Daly Gray Public Relations, jerry@dalygray.com, (703) 435-6293
Peter Willis,  (Acquisitions), Chief Investment Officer, pwillis@cl-trust.com, (561) 227-1387

Javier Socorro Promoted to Assistant Vice President at TD Wood & Co.

MIAMI, FL— Javier Socorro was promoted to Assistant Vice President of Thomas D. Wood and Company on April 19, 2010. As Assistant Vice President, Javier is responsible for the underwriting and origination of commercial real estate loans using a variety of lending sources including Life Insurance Companies, Banks, Credit Unions, private money and large institutional sources.


Javier joined our team in June 2006 as a mortgage analyst, where he assisted in the underwriting, market research and financial analysis process. Prior to joining Thomas D. Wood and Company, he served as an assistant to the Project Manager at Terra Group in Miami, Florida.

Javier is a graduate of Duke University, where he earned his Bachelor’s degree in Economics and History, and was a four-year starter on the baseball team.

Javier’s experience in loan underwriting and origination make him well suited for his new role as Assistant Vice President of Thomas D. Wood and Company—Miami, possessing the depth and expertise to provide seamless transactions.

For further information, please contact:
Javier Socorro (305) 447-4855 jsocorro@tdwood.com
Jessica Kinnee (407) 937-0470 jkinnee@tdwood.com

$11.3M refinancing arranged by HFF for Hackettstown Commerce Center in northern New Jersey

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged an $11.3 million refinancing for Hackettstown Commerce Center, a three-building, 200,860-square-foot industrial/flex facility in Hackettstown, New Jersey.

Working exclusively on behalf of the The Hampshire Companies, HFF senior managing director Jon Mikula (top right photo)  and associate director Michael Klein (top left photo)  placed the five-year, fixed-rate loan through M&T Bank. Loan proceeds are taking out mortgages on two of the properties and covering closing costs.

Hackettstown Commerce Park consists of three buildings plus one to-be-developed 5.13-acre parcel. Buildings 1, 2 and 3 are 79% occupied overall to eight tenants including Andrex Inc., Yamazaki Tableware, Inc., Ideal Industries and Computer Warehouse, Inc. The property is located at 101 Bilby Road between Interstate 80 and Route 46 in the Warren County industrial market in northern New Jersey.

The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. www.hampshireco.com.

Contacts:

Jon Mikula, HFF Senior Managing Director, (973) 549-2000, mikula@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF retained by Wells Fargo to market for sale Two Addison Circle in Addison, TX
 

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.)  has been retained by Wells Fargo & Company to market for sale Two Addison Circle, (middle right photo) a 198,000-square-foot Class A office building in Addison, Texas.

Two Addison Circle is located on the Dallas North Tollway at 15725 Dallas Parkway in the Far North Dallas submarket. The six-story property was completed in 2009 by Opus and is currently vacant.

According to HFF, “The property represents one of the highest-quality, large contiguous vacancies in the submarket and thus should be highly sought after by both users and investors looking to acquire a trophy office property at pricing levels well below replacement cost.”

Contacts:
Andrew S. Levy, HFF Senior Managing Director, (214) 265-08880, alevy@hfflp.com
Todd W. Savage, HFF Managing Director, (214) 265-0880, tsavage@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF secures $5.18M financing for historic office building in San Francisco’s north waterfront area

SAN FRANCISCO, CA – The San Francisco and Los Angeles offices of HFF (Holliday Fenoglio Fowler, L.P.)  have secured $5.18 million in financing for 1000 Sansome Street, a 61,680-square-foot historic office building in San Francisco, CA.

HFF managing director Peter Smyslowski (bottom left photo) (San Francisco) and senior managing director Paul Brindley (bottom right photo)  (Los Angeles) worked exclusively on behalf of ATC Partners, LLC, in arranging the five-year, fixed-rate loan through Wells Fargo Real Estate Group, Inc. The loan proceeds were used to retire a maturing CMBS loan.

1000 Sansome Street is located at the base of Coit Tower near Pier 39 in San Francisco’s north waterfront district.

Originally built in 1910, the four-story property was renovated in the early 1990’s however original features such as maple floors, exposed ceilings and brick walls were preserved. 1000 Sansome Street is 92% leased to a mix of engineering, technology and other professional service tenants.

ATC Partners has aggressively pursued multi-tenant office buildings throughout California and the Northwest, focusing on high-quality assets that cater to small businesses. ATC has purchased and renovated more than $600 million in industrial and office buildings over the past 10 years.

Contacts:

Peter Smyslowski, HFF Managing Director, (415) 276-6300, psmyslowski@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF secures $5.4M  financing for Grande Pointe Apartments in Jacksonville, FL

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.)  has secured $5.4 million in financing for Grande Pointe Apartments, a 244-unit multi-housing community in Jacksonville, Florida.

Working on behalf of Dawn Properties, Inc., HFF associate director Travis Anderson placed the two-year, adjustable-rate loan with Mutual of Omaha Bank.

Grande Pointe Apartments is located at 5800 University Boulevard West close to Interstate 95 and less than five miles from Jacksonville’s central business district. Originally built in 1972, the property was renovated in 2009 and is currently undergoing lease-up. The property has 23 buildings with one-, two- and three-bedroom layouts averaging 887 square feet each.

Dawn Properties, Inc. is involved in the acquisition, development, management, renovation and disposition of multi-housing properties. Since their inception in 1986, the company has bought and developed more than one billion dollars worth of property in 40 different markets in 13 different states.

Contacts:

Travis Anderson, HFF Associate Director, (214) 265-0880, tanderson@hfflp.com
 Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

 HFF arranges a joint venture and sale of beachfront hotel and residential redevelopment site in Ft. Lauderdale, FL

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.)  has closed a joint venture and sale of the former Ireland’s Inn beachfront redevelopment site in Ft. Lauderdale, Florida.

The HFF Miami team was led by executive managing director Manny de Zarraga (middle left photo)  and director Ike Ojala, (middle  right photo)  who marketed the redevelopment site on behalf of the original developer, a partnership between Fortune International, the Ireland family/Fairwinds Group pursuant to an agreement with the existing lender.

A new venture including Jorge Perez of The Related Group and a foreign investor purchased the site from the original partnership for $27.1 million. Fortune International, the Ireland family/Fairwinds Group retained a partnership interest in the new venture and will be involved in the eventual development of the site.

 Located at 2220 North Atlantic Boulevard, the 4.6-acre redevelopment site has direct beachfront access and is approximately four miles northeast of downtown Ft. Lauderdale. The site is entitled for the development of up to 622,178 square feet of buildable area with residential, hotel and/or retail uses.

“The combination of Jorge Perez, ( middle left photo)  the Ireland family and Fortune International brings together an exceptional development team with the vision, experience and commitment to bring a world-class project to Fort Lauderdale,” said de Zarraga.

Contacts:

Manuel A. de Zarraga, HFF Executive Managing Director, (305) 448-1333 mdezarraga@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500 krmurphy@hfflp.com


HFF arranges $11.25M in debt and equity for the acquisition and redevelopment of the former Saint Barnabas Union Hospital in Union, NJ

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged debt and equity financing totaling $11.25 million for the acquisition, redevelopment and repositioning of the former Saint Barnabas Union Hospital in Union, New Jersey that closed in 2007.

HFF managing director Tony Cuccia (bottom right photo)  and associate director Michael Lachs worked exclusively on behalf of Andrew J. Piscatelli of Hillcrest Development and Management Corporation to secure the adjustable-rate, first mortgage loan through Columbia Bank, and the private joint venture equity.

An affiliate of Mainardi Management Company was the investor providing the joint venture equity. Loan proceeds will be used to reposition the property into Union Medical Park, which will feature emergency medical services, general medical office and specialty medical space, including a private surgery center.

The medical facility was originally developed in 1962 as a small hospital, but over the years the property was upgraded and expanded. When the hospital was closed in 2007, it encompassed 141,526 square feet of rental space including a surgical unit, radiology unit, emergency room, patient rooms and general medical office.

Hillcrest Development and Management Company is a New Jersey-based developer and operator of commercial properties, specializing in the healthcare industry. In 2001, the company shifted its focus to the redevelopment and repositioning of shuttered hospital facilities and since that time they have acquired, repositioned and stabilized a portfolio of four former hospitals in New Jersey.

Contacts:

Anthony M. Cuccia, HFF Managing Director, (973) 549-2000, tcuccia@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Arbor Closes 5 Fannie Mae Loans Totaling $78M

June Beene Garden in Conway, AR Receives $5.5M

UNIONDALE, NY-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $5,500,000 loan under the Fannie Mae DUS® product line for the 166-unit complex known as June Beene Garden (bottom left photo)  in Conway, AR.

The 10-year loan amortizes on a 26-year schedule and carries a note rate of 5.77 percent.

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

“We were pleased with the opportunity to provide the client with their objective of a low interest rate and shorter amortization,” said Edwards. “Additionally, we are grateful for the efforts of Magna Bank in arranging this financing.”


Cedar Brook Apartments in Portland, OR Obtains $688,000

Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $688,000 loan under the Fannie Mae DUS® Small Loan product line for the 17-unit complex known as Cedar Brook Apartments in Portland, OR.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.95 percent.

The loan was originated Brian Scharf, Director, (middle right photo) in Arbor’s full-service Uniondale, NY lending office. “As we continue to grow our presence in the Northwest, this particular transaction, a quality asset in a strong market, showcases our commitment to providing capital solutions in the small loan space,” said Scharf.


Villa Bella Apartments in Euless, TX Gets $2,740,800

Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,740,800 loan under the Fannie Mae DUS® product line for the 150-unit complex known as Villa Bella Apartments in Euless, TX.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.91 percent.

The loan was originated by Anthony Tarter, (middle left photo) Director, in Arbor’s full-service Dallas, TX lending office.


Tangi Lake Townhomes in Hammond, LA Receives $6.3M

Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $6,300,000 loan under the Fannie Mae DUS® product line for the 102-unit complex known as Tangi Lake Townhomes (bottom left photo) in Hammond, LA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.04 percent.

The loan was originated by Scott Waddington, (middle right photo) Vice President, in Arbor’s full-service Tampa Bay, FL lending office.

“Tangi Lakes Townhomes presented Arbor with a unique opportunity to refinance an assemblage of contiguous fourplex multifamily dwelling units featuring individual mortgages into a $6.3 million Fannie Mae DUS® debt execution,” said Waddington.

 “Arbor was able to mitigate the prevalent student tenant concentration at the subject property from nearby Southeastern Louisiana State University by employing Fannie Mae’s special risk underwriter parameters as a means to achieve the borrower’s requested loan objective.

"Additionally, we are greatly appreciative to Eustis Mortgage for presenting the finance opportunity and their continued support and confidence in Arbor’s ability to service their clients’ needs.”


Arbor Closes $27M Fannie Mae DUS® (Military Concentration) Loan for Westlake at Morganton Apartments in  Fayetteville, NC

 Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $27,000,000 loan under the Fannie Mae DUS® (Military Concentration) product line for the 327-unit complex known as Westlake at Morganton Apartments (bottom right photo) in Fayetteville, NC.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.94 percent.

The loan was originated by John Edwards, Vice President, in Arbor’s full-service Boston, MA lending office. “This financing represents our commitment to long-term owner operators that understand the specific market dynamics, and we look forward to continuing our relationship with this client,” said Edwards. “Additionally, we appreciate the efforts of Carolina Mortgage Company in arranging this financing.”

 Contact: Kelly Maxey, Arbor Commercial Mortgage, 333 Earle Ovington Blvd, Ste. 900, Uniondale, NY 11553, 516.506.4602, kmaxey@arbor.com

Penzance Completes 34,000-SF Lease with Global Computer Enterprises, Inc.

WASHINGTON, DC – Penzance announced that Global Computer Enterprises, Inc. (“GCE”) has signed a lease for approximately 34,000-square-feet of office space at Parkridge Center Five, (top left photo)  10780/10790 Parkridge Boulevard in Reston, Virginia.

Owned and managed by Penzance, the 200,000-square-foot Class A office building is one of six buildings that make up the Parkridge Center office park.

“GCE is a valued Penzance tenant and client and we are pleased that we could accommodate their expansion needs and provide top-quality office space and Toll Road visibility at Parkridge Center Five,” said Julia Springer Tolkan, Penzance, Managing Partner and Founder.

“The park’s superior location, and class A premises are major attractions to our tenants at Parkridge Center and we are delighted that GCE decided to expand and extend its occupancy to take advantage of what the building and park at Parkridge Center have to offer ,” Ms. Tolkan added.

Parkridge Center Five is a Class A, four-story office building located directly on the Dulles Toll Road with superior signage opportunities. Strategically situated at the corner of Hunter Mill Road and Sunrise Valley Drive, the park is the eastern-most, and largest, office park in Reston with than 1 million square feet, offering a variety of office space options for private and public sector tenants. The park features such appealing amenities as a new state-of-the-art fitness facility, a beach volleyball court, outdoor fountains, and café.

Penzance director of leasing Matt Pacinelli spearheaded the leasing effort along with Andy Klaff, Jake McInerney, and John Dettleff of Grubb & Ellis, while Rich Rhodes, Tom Birnbach and Russell Canard of CresaPartners represented GCE.

Contact: Matt Pacinelli, Director of Leasing, Penzance, 2400 N Street, NW, Suite 600, Washington, DC 20037.  202.349.5686 direct, 202.271.0526 mobile, 888.690.1885 fax

Marcus & Millichap Capital Corp. Refinances Multifamily Asset for $3.1M

SAN JOSE, CA– Marcus & Millichap Capital Corporation (MMCC) has arranged a $3.1 million refinancing loan for a 40-unit apartment building in San Jose.

Rick Padilla, a senior director in the firm’s Long Beach office arranged the loan for the property.

“The borrower came to MMCC after trying to obtain a loan directly from a lender,” says Padilla. “The building had more than 40 percent of its perimeter as tuck-under parking, the property was 2.2 miles from the Hayward fault line and the borrower had 45 days to refinance.

“We were able to obtain a waiver for no earthquake insurance and remove the tuck-under issue completely,” continues Padilla.

“The rate we arranged was significantly better than what had been quoted to the borrower from other sources and we were able to structure cash-out proceeds. Also, we met the 45-day closing period and the borrower was able to waive the 1 percent prepayment penalty from the note holder.”

The loan has a loan-to-value of 59 percent and a 5.78 percent interest rate, fixed for 10 years with a 30-year amortization.

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

Engler Financial Presents Prime Properties in Florida and South Carolina

ATLANTA, GA--Engler Financial Group, LLC is proud to present Alexan Back Beach, (top left photo)  an upscale 360-unit apartment community located in Panama City Beach, Bay County, Florida.

Built in 2007, Alexan Back Beach offers market-leading community amenities and an outstanding location near Simon's new Pier Park regional mall, major employers, and pristine Gulf of Mexico beaches.


Alexan Back Beach is being offered for sale on an unpriced basis and represents an excellent opportunity to purchase a Class “A+” apartment community in one of the Florida Panhandle's fastest growing markets.

The operations at the property continue to excel. Alexan Back Beach is currently 99.4% leased and 93.3% occupied. Concessions continue to decline since stabilizing.


Financial Update on Alta Brookwood in Greenville, SC


Alta Brookwood’s March financials and an analysis of the ten (10) most recent leases are now available online for review. March collections grew 2.8% over the previous month and 6.6% over the trailing six month average.

Concession reduction continues as a result of the property’s improving occupancy.


The property is currently 97% occupied and effective rents on the last ten leases are up more than 9% over current in place figures.

If you would like to schedule a tour of the property, please contact Kris Mikkelsen at your earliest convenience at (678) 992-2000, extension 4 or kmikkelsen@efgus.com.

Contact:
Greg Engler, CEO/President, 678/992-2000, ext. 1, gengler@efgus.com
Pat Jones, Senior Vice President, 678/992-2000, ext. 2, pjones@efgus.com
 Kris Mikkelsen, Senior Associate, 678/992-2000, ext. 4, kmikkelsen@efgus.com

NAI Realvest negotiates renewal lease agreement for 144,000 SF of Industrial space in Sanford, FL

ORLANDO – NAI Realvest recently negotiated a renewal agreement on the lease of 144,000 square feet at 2000 E. Lake Mary Blvd. in Sanford.

Michael Heidrich, (top right photo)  a principal at NAI Realvest, brokered the transaction representing the landlord, Columbus, Ohio-based Lake Mary Industrial Partners LLC.

The tenant, Florida Extruders International Inc., a building products distributor and manufacturer of aluminum products such as screen doors and windows, renewed the lease for its Florida headquarters.

NAI Realvest is the exclusive leasing and management representative of the 242,000 square foot industrial center.

For more information, 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 or Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com;

Crossman & Co. Welcomes Seven New Tenants at Orlando Fashion Square

ORLANDO, Fla. – Crossman & Company, one of the largest third-party retail leasing and management firms in the Southeast, which represents Orlando Fashion Square,(top left photo)  announced seven new tenants at the mall totaling more than 10,000 square feet of retail space.

The new tenants are American Wedding Star, Altar Photography and Video, Samy’s Kidswear, Ink Spot, Pete’s Karate and in Fashion Square’s Food Court, new tenants are Tropical Rotisserie Grill, featuring Latin inspired food, and Big Idea which will offer generous portions of food items.

Orlando Fashion Square is centrally located in the heart of Orlando on Colonial Drive (SR 50) and Maguire Rd.

Contacts:
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;
Molly Delahunty, Crossman & Company, 407-581-6220 mdelahunty@crossmanco.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

Melrose-Sovereign Co. Awarded Contract to Manage Abbey Glenn Community in Dade City, FL

ORLANDO, FL - Melrose Sovereign Companies, LLC was recently awarded a contract to manage the home owners association at Abbey Glenn, a community of 113 single-family homes located in Dade City.

Jack Hanson,  co-founder and principal at Melrose-Sovereign Companies, said Maronda Homes is currently building in Abbey Glenn.

Maronda Homes is a leading Central Florida homebuilder and has built over 20,000 homes throughout Florida, Pennsylvania, Ohio, Kentucky and Georgia.

Melrose-Sovereign Companies is one of Florida’s largest and most active community association management companies, specializing in single-family and multi-family communities. Based in Orlando, Melrose-Sovereign Companies now has eight offices throughout the state.

For more information,  contact:
Jack B. Hanson, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181, jhanson@melrose-sovereign.com;
Ellen G. Lumpkin, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181, elumpkin@melrose-sovereign.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, Lvershelco@aol.com

Grubb & Ellis Represents Saddle Creek Corp. in 432,308-SF Warehouse/Distribution Lease in Ontario, CA

ONTARIO, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that members of its Global Logistics practice group represented Saddle Creek Corporation in a 432,308-square-foot warehouse/distribution lease at 5431 E. Philadelphia St.

The Lakeland, Fla., third party logistics company signed a five-year lease, and immediately took occupancy.

Ron Washle, SIOR, senior vice president, and Mark Kegans, SIOR, senior vice president, in conjunction with Ladson Montgomery, senior vice president of G&E Phoenix Realty Group, the company’s Jacksonville, Fla., affiliate, represented Saddle Creek in the transaction. The property’s landlord, ProLogis, represented itself.

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

Leading wireless technology developer moves headquarters from Rolling Meadows to Elgin, IL

ROSEMONT, IL – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented Memorylink in the lease of 9,314 square feet of office space located at 590 Tollgate Road in Elgin.

Craig Cassell, senior vice president, and Max Chopovsky, senior associate, both of the company’s Tenant Advisory Group, facilitated the six-year lease for the location, which serves as the company’s headquarters and lab/office space.

“Memorylink wanted to move out of its existing space immediately, upgrade its image and consolidate separate operations under one roof,” said Chopovsky. “This new location fit the client’s timing, space and economic needs.”

Tom Freeburg, COO of Memorylink, added, “Max and Craig were able to find a space that is nearly ideal for our needs, while at the same time negotiating a generous tenant improvement allowance from the landlord, all for an amount that made it profitable to walk away from our previous facility well before the end of our lease there. We’re grateful for their tremendous efforts.”

Memorylink is a leading developer of wireless broadband products such as wireless voice, video, and data technologies. The company took occupancy of the space on December 1, 2009.

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

700 New Condos Sell In Downtown Miami in 1st Quarter

Miami Developer Loses New 324-Unit Condo Complex To Lender

MIAMI, FL--A Miami developer who was unable to sell a single unit in the new 324-unit Terrazas Riverpark Village condominium (top right photo)  complex west of Greater Downtown Miami has lost the two-tower project to the lender, iStar Financial, according to a new report from CondoVultures.com.

The Terrazas Riverpark's original developer, Windmoor Project LLC with Miguel Angel Barbagallo  (middle left photo) as principal, signed a "special warranty deed in lieu of foreclosure" that was recorded on April 13 in Miami-Dade County. The eight-page deed-in-lieu document was originally signed on Sept. 18, 2009 by Barbagallo, but not recorded until this week, according to government records.

Before recording the deed-in-lieu document, the lender established an entity - 1861 NW South River Drive - Miami LLC - to take title to the Terrazas Riverpark project that stands on nearly 2.2 acres north of the site of the new Florida Marlins ballpark.

The value of the deed-in-lieu transaction was recorded at $45 million, or nearly $139,000 per residential unit. The original construction loan for $84.5 million, or nearly $261,000 per unit, was made in March 2006, according to the report based on government records.

"Chances are the write down that the lender has taken on the Terrazas Riverpark will not be deep enough to lure a bulk buyer and/or individual buyers for this product at this time," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "After all, a local developer of the new San Lorenzo condo tower nearby just held an auction on April 10 where the average bid on 65 units worked out to $121 per square foot for a property that the lender is owed $216 per square foot.

"We do not envision a much different scenario for the Terrazas Riverpark at this time given the financing difficulties of today's market."

Condo Vultures® is scheduled to release its first quarter of 2010 new condo closing report for Miami on Monday, April 19, in its free weekly Market Intelligence Report™.

The report's latest findings will be discussed in detail at the upcoming Condo Vultures® panel discussion entitled the "Future of Condo Development in South Florida" scheduled for Tuesday, April 20, at the Miami Marriott Biscayne Bay Hotel on North Bayshore Drive.

A couple of weeks before the recording of the deed-in-lieu, the Terrazas Riverpark's developer filed on March 29 the necessary paperwork - a 295-page declaration of condominium - to formally establish the project as a Florida condominium.

The Terrazas Riverpark is comprised of a 20-story and 27-story tower with more than 200,000 square feet of saleable residential space plus four commercial condominiums. The project consists of 157 one-bedroom units, 145 two-bedroom units, and 22 three bedrooms located on Northwest South River Drive, just north of Florida State Road 836, or the Dolphin Expressway, according to a CondoVultures.com analysis of the condominium documents.

Construction on the project began in April 2006, stalling several times during the last four years. A fourth notice of commencement to finally finish up the project was filed on Jan. 28, 2010, according to government records.

The Terrazas Riverpark site was originally purchased in November 2002 for $4 million. At the time of the purchase, a four-story health care facility with 67,229 square feet of space stood on the site before being demolished in July 2005.

Windmoor Project's original construction loan for $84.5 million was provided on March 10, 2006 by Fremont Investment & Loan, which was one of the top four condo construction lenders in South Florida during the boom years. In summer 2007, Fremont sold its commercial real estate loan portfolio - which included the Terrazas Riverpark - to iStar Financial.

More than 40 bulk deals for more than 3,600 new condo units with more than four million square feet of saleable space have closed at an average price of $241 per square foot in the tricounty South Florida area since July 2008, according to the Condo Vultures® Bulk Deals Database™.

About one-third of the bulk deals have transacted in Greater Downtown Miami where developer constructed nearly 23,000 new units between 2003 and 2010, according to the Condo Vultures® Official Condo Buyers Guide To Miami™.

First-Quarter Condo Sales Pace  in Downtown Miami Tops 2009 Activity

MIAMI, FL--Buyers purchased more than 700 new condo units in Greater Downtown Miami in the first quarter of this year, pushing the overall closed sales ratio for the epicenter of Florida's condo crash to more than 70 percent, according to a new Condo Vultures® White Paper™.

A year ago, buyers purchased units at half that pace, acquiring only 370 new condos between January and March of 2009.

At that time, only 59 percent of the more than 22,200 new condo units constructed in Greater Downtown Miami since 2003 had been sold, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Miami™.

The strong buying activity in a market with virtually no financing means that 35 projects out of a total of 82 are now completely sold out. An additional 24 projects have successfully sold at least half of their respective units for sale. Only six projects have not sold a single unit, according to CondoVultures.com.

"The condo sales in Greater Downtown Miami are a function of price," said Peter Zalewski (b ottom right photo) , a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"A year ago, developers and lenders were still asking $300 per square foot for a new condo. The asking prices dipped shortly after that to the $200 per square foot range, triggering a buying frenzy that reduced the overall inventory by 11 percent.

"As the inventory of new condo product dips below 6,600 units, some developers are attempting to boost prices back up to the $300 per square foot range. Time will tell if the new pricing sticks."

Contact: Peter Zalewski of Condo Vultures®  at 800-750-0517 or by email at peter@condovultures.com.