Palmer Electric Co. completes contract for Marriott Vacation Club in Orlando

WINTER PARK, FL., July 13, 2010 — The multi-family division of Palmer Electric Company has completed its nearly $3 million contract with general contractor PCL Construction Services Inc. for wiring Marriot’s Lakeshore Reserve at Grand Lakes (top left photo) located on the hospitality giant’s Grand Lakes campus in Orlando, Florida.

Palmer Electric provided site and building electrical wiring and low-voltage systems for the luxury resort. The new Marriott Vacation Club includes two, five-story buildings and five, two-story townhome buildings that house 136 interval ownership units of two- and three-bedrooms, a clubhouse, an operations building, a swim pool, two water slides and a whirlpool spa.

Showcase Lighting & Home Décor Center, Palmer Electric’s sister company, provided lighting fixtures for this project.

The project’s owner is Marriott Vacation Club International. SB Architects of Coral Gables, Florida, designed the resort. Electrical engineering was provided by Hufsey, Nicolaides, Garcia & Suarez Associates Inc. of Miami, Florida.

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

Stirling Sotheby’s International Realty Closes on Largest Home Sale in Brevard County, FL

ORLANDO, FL - Stirling Sotheby’s International Realty recently closed on the $2.5 million sale of a luxury home at 2740 N. Riverside Drive in Indialantic that ranks as the largest home sale in Brevard since 2008.

Roger Soderstrom, owner and founder of Stirling Sotheby’s International Realty, said luxury home specialist Jack Jeffcoat (top right photo) negotiated the sale to an all cash buyer for nearly 93 percent of the asking price after only six months on the market.

The home, with 8,054 air-conditioned square feet situated on 1.35 acres, offers six bedrooms, six full baths, two half baths a 1,300 square foot entertainment room and over 11,000 square feet of space under roof.

The property boasts 101 feet of frontage along the inter coastal waterway, Jeffcoat said.

(Paste in browser to view tour: http://www.jackjeffcoat.com/tour.php?id=560834 )

For more information contact:
Jack C. Jeffcoat, III, Coastal Lifestyle Group, Stirling Sotheby’s International Realty, 321-536-1461, jjeffcoat@stirlingsir.com;
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 Lvershelco@aol.com

DCT Industrial Leases 201,000 SFt in Florida to DHL Global Forwarding Americas

DENVER, CO /PRNewswire-FirstCall/ -- DCT Industrial Trust Inc.® (NYSE:DCT), a leading industrial real estate company,  has signed a lease totaling 201,000 square feet at its Miami International Commerce Center  (top left photo) with DHL Global Forwarding Americas, a global leader in the air and ocean freight markets as well as one of the largest freight forwarders in the European overland transportation business.

 DHL Global Forwarding will occupy 100% of the facility.

"This lease is significant for DCT Industrial because it not only brings our Miami portfolio to 90% occupied, but also further expands a solid and prosperous relationship with one of our top customers," said Todd Watson, Vice President and Regional Market Representative for the entire Florida market.

 "In our continued commitment to meet the needs of our customers, DCT Industrial is pleased to accommodate the relocation and consolidation of DHL Global Forwarding to a centralized facility that provides both distribution and office space."

The building, located at 1801 NW 82nd Avenue in the Airport West submarket, will serve as the headquarters for Global Forwarding and will house 220 employees.

The building interior is LEED certified for its design, construction and operation and is consistent with the customer's GoGreen program to reduce carbon emissions.

 Located close to the to Miami International Airport  (middle right photo) off of the Palmetto Expressway and the Dolphin Expressway, the facility offers direct access to Miami's major cargo hubs.

"This move will be extremely beneficial for our operations because all employees will be located in the same facility," said Hans Toggweiler, CEO DHL Global Forwarding Americas.

 "It will allow for greater knowledge sharing and collaboration among our employees, and create an environment with increased operations efficiency that will enable us to better serve our customers."

DCT Industrial owns and manages 2.8 million square feet in its total Florida portfolio.

For more information on DCT Industrial's portfolio in Florida, contact Todd Watson at twatson@dctindustrial.com.

Contact: : Julie Davis of DCT Industrial Trust Inc., +1-303-597-0474,
mailto:jdavis@dctindustrial.com,
Web Site: http://www.dctindustrial.com/

HFF secures $5.8M refinancing for flex/industrial portfolio in Plano, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has secured a $5.8 million refinancing for Jupiter Tech Center and Summit Service Center, flex/industrial buildings totaling 131,882 square feet in Plano, Texas.

HFF associate director Brandon Chavoya (top right photo)  worked exclusively on behalf of Vintage Interests in arranging the five-year, fixed-rate loan through ViewPoint Bank. Loan proceeds are paying off a maturing loan.

Completed in 2001, Jupiter Tech Center  (lower left photo) has three buildings with 36,695 square feet of space that is 88% leased.

Summit Service Center is a 95,187-square-foot property that is 86% occupied.

The properties are located at 1000 Jupiter Road and 1825-1865 Summit Avenue close to the Central Expressway (US 75), and President George Bush Turnpike (Highway 190) near the Research/Technology District of Plano.

Since its inception in 2006, Vintage Interests has acquired 19 industrial facilities totaling close to two million square feet in Dallas/Fort Worth and Austin.

Contacts:

C. Brandon Chavoya, HFF Associate Director, (214) 265-0880, bchavoya@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF secures $5.9M financing for medical office building in Chicago’s Oak Lawn neighborhood

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $5.9 million in financing for the acquisition of Oak Lawn Medical Center, (top left photo)  a 28,000-square-foot, Class A medical office building in Chicago’s Oak Lawn neighborhood.

Working on behalf of Stage Equity Partners, LLC, HFF directors Matthew Schoenfeldt (top right photo)  and Daniel Kaufman  placed the seven-year, 5.89% fixed-rate loan with Wells Fargo Real Estate Group, Inc. Loan proceeds were used to acquire the property.

Oak Lawn Medical Center is located at 10837 South Cicero Avenue close to Advocate Christ Hospital, the Tri-State Tollway and 95th Street, approximately 14 miles southwest of Chicago’s city center in Oak Lawn.

 Completed in 2007, the property is fully leased to multiple tenants including Mid America Cardiovascular Consultants.

“Oak Lawn Medical Center was the first new medical office building constructed in the area in the last 20 years and as a result was fully leased within 15 months of completion,” said Schoenfeldt.

Stage Equity Partners is a Chicago-based, privately-held real estate investment company that specializes in healthcare real estate.

Contacts:

Matthew R. Schoenfeldt, HFF Director, (312) 528-3650, mschoenfeldt@hfflp.com
 Daniel A. Kaufman, HFF Director, (312) 528-3650,dkaufman@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Mike Cohn Returns to Cousins Properties to Lead Retail Investments, Leasing and Asset Management

ATLANTA, GA--Cousins Properties Incorporated (NYSE: CUZ) announced today that Michael Cohn (top right photo)  will rejoin the Company on August 2, 2010 as Executive Vice President of Retail Investments, Leasing and Asset Management.

He will replace Steve Yenser,  (top left photo) who has resigned, effective July 23, 2010. Cohn will be responsible for all facets of the Company’s retail portfolio, including leasing, asset management, strategic planning and new growth initiatives.

Cohn has been Senior Managing Director for Faison Southeast since October 2002. At Faison, he was responsible for procuring and executing all new business for Faison Southeast, as well as running the region’s day-to-day operations.

Under Mike’s direction, Faison Southeast has developed approximately 3 million square feet. Prior to joining Faison, Mike was a Senior Vice President at Cousins Properties, where he managed the retail leasing and management group, as well as the Company’s Western Region.

Mike was at Cousins from 1994 through 2002, during which time the Cousins retail group developed approximately 5 million square feet and launched the Avenue© lifestyle center brand.

He began his career in the commercial real estate department of Troutman Sanders, where he was an associate attorney from 1985 to 1990 before becoming counsel at New Market Development, which was subsequently acquired by Cousins.

Larry Gellerstedt, (lower right  photo)  Cousins President and Chief Executive Officer, noted, “We are pleased to welcome back Mike Cohn to the Cousins team.

"He is very familiar with our culture and portfolio and is well respected within the industry. His broad experience in retail acquisitions, development, leasing, and asset management will be beneficial as we look to build on our recent momentum in the retail portfolio.

"We would also like to thank Steve Yenser for his leadership over the past eight years and wish him well.”

Contact:
Cameron Golden, 404-407-1984
CameronGolden@cousinsproperties.com, http://www.cousinsproperties.com/

Arbor Closes Three Fannie Mae DUS® Loans Totaling $9,984,000

Uniondale, NY (July 12, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three (3) loans under the Fannie Mae DUS® product line. These loans include:

La Joya Apartments, (middle left photo) Arlington, TX – A 185-unit complex in the amount of $3,419,000 funded under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.69 percent.

Linda Vista Apartments, Fort Worth, TX – A 216-unit complex in the amount of $3,367,000 funded under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.69 percent.

Bella Apartments, Fort Worth, TX – A 208-unit complex in the amount of $3,198,000 loan under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.69 percent.

The loans were originated by Anthony Tarter (top right photo) , Director, in Arbor’s full-service Dallas, TX lending office. “We were pleased with the opportunity to provide a streamlined refinance for each of these properties at a very attractive rate for a new Arbor client,” said Tarter.

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

Marcus & Millichap Sells $10.7M Luxury Condominium High-Rise in Philadelphia

PHILADELPHIA, PA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of American Lofts,(top left photo)  a 40-unit 45,825-square foot luxury condominium high-rise in Philadelphia.

 The sales price of $10.7 million represents $267,500 per unit and $233 per square foot.

Frederick Paisley and Kenneth Wellar, senior associates in the firm’s Philadelphia office, represented the seller. Abington Bank provided financing for the buyer.

“American Lofts is in the heart of Northern Liberties, which has been an up-and-coming area for the last 10 years,” says Wellar.

 “The views from the property are some of the best in Philadelphia. Originally built as for-sale condo units, the new owner will be operating American Lofts as an apartment building,” he adds.

“To achieve $267,500 per unit in today’s market shows that premium properties in great locations still command premium pricing,” says Paisley.

Built in 2009, the property is located at 212-20 Brown Street in Philadelphia.

American Lofts’ unit mix consists of 18 one-bedroom/one-bath units, 16 two-bedroom/two-bath units, two three-bedroom/2.5-bath units, two three-bedroom/2.5-bath penthouses and two three-bedroom/2.5-bath townhouses.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

CB Richard Ellis Brokers Sale of San Merano at Mirasol in Palm Beach Gardens, FL

MIAMI, FL--CB Richard Ellis, on behalf of our client, The Kolter Group, LLC is pleased to announce the sale of San Merano at Mirasol (top left photo) , a 476-unit Class-A multi-housing community completed in 2004 and located in Palm Beach Gardens, Florida.

TA Associates acquired this community for $69,062,500 or $145,089 per unit or $117 per sq. ft.

Contact: robert.given@cbre.com

More Price Cuts As ICON Brickell in Miami Reaches 33% Sold Milestone

 MIAMI, FL--It has taken 18 months and two price cuts but the nearly 1,800-unit ICON Brickell (top left photo)  condominium complex in Greater Downtown Miami is finally 33 percent sold, according to a new report from CondoVultures.com.

In an effort to accelerate the pace of future sales on the remaining 1,200 unsold units, prices have been slashed for a third time in the last 10 months in the three-tower ICON Brickell complex on the south bank of the Miami River,(middle right photo)  according to the licensed Florida brokerage Condo Vultures® Realty LLC.

This latest price cut announced this month shaves an additional $63 per square foot, or 15 percent, off of the average completed sales price of $430 per square foot in the complex, according to research for a soon-to-be-released Condo Vultures® White Paper™ analysis of second quarter new condo sales in Greater Downtown Miami.

The current prices vary by building with Tower One (North) asking an average of $402 per square foot, Tower Two (South) asking $363 per square foot, and Tower Three asking (West) $308 per square foot.

"ICON Brickell has experienced tremendous sales velocity in the first half of 2010, selling more than 500 units," said Peter Zalewski (lower left photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"The unknown is whether the sales velocity can continue at the same pace for the next few years to ultimately sell out the project.

"Industry watchers also do not know how many of the 500 sales completed this year were with original contract holders with 20 percent deposits who were offered discounted prices and other incentives to close."

This latest round of price cuts follows discounts of as much as 51 percent in February 2010, which were preceded by a 30 percent price cut in October 2009, according to a recent CondoVultures.com report.

ICON Brickell has experienced tremendous change in the first half of 2010 besides the price cuts.

In May, the project's developer, The Related Group, deeded over 870 units with more than one million square feet of saleable space in Towers One and Two to an entity controlled by the lending group headed by HSBC Bank USA, according to a recent CondoVultures.com report.

The Related Group continues to control Tower Three, which was financed by a lending group headed by Bank of America.

For Towers One and Two, HSBC has implemented an approach that maintains a higher price and offers in-house financing to buyers. For Tower Three which has a condo-hotel located within the building, the approach has been to sell the units at deep discounts to all-cash buyers who must close in 21 days.

As of July 7, buyers had purchased 622 units with more than 685,000 square feet livable space for nearly $295 million, according to the analysis conducted using the Condo Vultures® Official Condo Buyers Guide To Miami™.

In Tower One (North), there have been 342 sales out of 713 units at an average price of $483 per square foot with units selling from a range $331 per square foot to more than $915 per square foot, according to the report based on Miami-Dade County records.

In Tower Two (South), there have been only 93 sales out of 560 units at an average price of $443 per square foot, with prices ranging from $188 per square foot to nearly $850 per square foot.

In Tower Three (West), there have been 187 sales out of 520 units at an average price of $317 per square foot. The sales prices have ranged from $203 per square foot up to nearly $620 per square foot.

The ICON Brickell is the largest project to be constructed in Greater Downtown Miami during a boom that produced more than 80 project with more than 22,250 new units in a 60-block stretch from the Rickenbacker Causeway (midle left  photo)  north to the Julia Tuttle Causeway (middle right  photo), Interstate 95 east to Biscayne Bay, according to theCondo Vultures® Official Condo Buyers Guide To Miami™.

Between 1963 and 2002, developers constructed 11,500 units in the same Greater Downtown Miami area.

At the end of the first quarter, some 6,600 new condo units were still under the developers' control in Greater Downtown Miami but the number was decreasing at a steady pace.

 Buyers purchased nearly 720 units - 83 percent of the deals closed with cash - in the first quarter of 2010 at an average price of $326 per square foot, according to a recent Condo Vultures® White Paper™.

Contact: Peter Zalewski, Principal, Condo Vultures® LLC, Office: 305-865-5629
Cell: 305-321-7383, eFax: 1-305-832-0311, Peter@CondoVultures.com
http://www.condovultures.com/

Marcus & Millichap Capital Corp. Arranges $8.8M Refinancing Package

LA VERNE, CA – Marcus & Millichap Capital Corporation (MMCC) has closed an $8,797,500 refinancing for a multi-tenant retail center in La Verne.

Erik Rogers, a director in the Ontario office of MMCC, arranged the loan for the Inland Empire property.

“The borrower assumed a conduit loan that was interest-only, with a maturity date of 2010. The transaction was challenging because the borrower had to pay down the loan considerably in light of current stringent underwriting standards,” explains Rogers.

“Since many of today’s retail loans are financed with 25-year amortization schedules, the borrower had to come out of pocket with the additional equity.”

A commercial bank provided the 10-year, fixed-rate loan, which has an LTV of 65 percent and a 25-year amortization schedule.

“We were able to structure a 10-year fixed rate loan with a 10-year term, even with 85 percent of the center facing lease-rollover risk in the next four years,” he notes.

Rogers discussed the proposal with more than 30 of the firm’s relationship lenders, including commercial banks, life insurance companies and private lenders. “In the end, an Inland Empire-based commercial bank MMCC has a strong relationship with provided the loan,” he says.

“The borrower initially took the transaction to the bank first and was not able to garner any interest from the lender,” Rogers notes. “By leveraging MMCC’s strong local relationships and creating a solid marketing package, we demonstrated to the lender that this is an excellent deal.”

The borrower’s track record of managing real estate also attracted the bank to this transaction.

“The borrower is a professional investor who manages eight retail centers in the Inland Empire, which is the lender’s primary market. The bank analyzed the properties and liked the historical operating performance of this center, as well as the performance of the entire portfolio.

“Both the lender and borrower understand that this was a win/win transaction in this challenging environment,” he adds.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Arbor Closes $3,373,000 Fannie Mae DUS® MBS Loan for Spring Hill Apartments in Houston, TX

Uniondale, NY (July 9, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $3,373,000 loan under the Fannie Mae DUS® MBS product line for the 228-unit complex known as Spring Hill Apartments in Houston, TX.

The 10-year loan amortizes on a 25-year schedule and carries a note rate of 5.67 percent.

The loan was originated by Jay Porterfield, (top right photo) Vice President, in Arbor’s full-service Plano, TX lending office. “Arbor provided a rate and term refinance for this well-occupied property located in a golf course community near Houston,” said Porterfield.

Contact: Ingrid Principe, Marketing Manager, Arbor Commercial Mortgage, 333 Earle Ovington Blvd., Suite 900, Uniondale, NY 11553, P: 516.506.4298, F: 516.542.2555
http://www.arbor.com,/  Follow us on Twitter @ arbor1

Avison Young acquires Appian Realty Advisors

TORONTO, July 9 /PRNewswire/ -- Mark E. Rose, (top right photo)  Chair and CEO of Avison Young, Canada's largest independently-owned commercial real estate services company, announced today that it has acquired Appian Realty Advisors, LLC, a Northern Virginia-based agency leasing, tenant representation and project management firm.

The acquisition expands Avison Young's market coverage by adding an office in Northern Virginia, the largest market in the Washington, DC region.

The change in ownership will add 16 employees -including 12 brokers and project management professionals led by Dan Gonzalez (top left photo)  and Tom Sandlin (lower right photo)  - to Avison Young's U.S. Capital Region operations.

Effective immediately, Gonzalez and Sandlin become Principals of Avison Young and Senior Vice-Presidents in the Northern Virginia office. Terms of the acquisition were not disclosed.

Avison Young opened its first U.S. office in Chicago, IL in 2009, followed by U.S. offices in Washington, DC, Atlanta, GA and Houston, TX over the past half year.

 In the last 18 months, Avison Young has grown from 11 to, now, 20 offices and from 300 to nearly 700 real estate professionals in Canada and the U.S.

"It is a privilege to have Dan and Tom become Principals of Avison Young and we welcome them and the Appian team to the Avison Young organization," comments Rose.

 "From the outset, we have consistently communicated our growth plan - to invest in the companies and top talent who believe in our client-service model. We have listened to the voice of the client, and it is clear that value is defined by strategic solutions. Our structure transcends the peer group's decades-old command and control silo structures that are more shareholder-based than client-centric."

In 2001, Gonzalez and Sandlin established their own organization, which they renamed Appian Realty Advisors, LLC in 2007, after successful careers at the Staubach Company where they consistently achieved national top production awards.

Contact: Media Relations: Sherry Quan, (604) 647-5098 or (604) 726-0959,

email: squan@ay-bc.com

Grubb & Ellis Opens Cincinnati Office; Former Vollmer Real Estate Professionals Join Firm

SANTA ANA, CA, (July 9, 2010) -- Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Christopher Vollmer Sr.,  (top right photo) SIOR, principal of Vollmer Realty Inc., has joined the company as senior vice president, effective immediately.

Vollmer’s addition will serve as the foundation for a new Grubb & Ellis-owned office in Cincinnati.

Vollmer has more than 30 years of experience in office, medical and industrial sales and leasing. Reporting to Bob Nosal, executive vice president and managing director, Ohio,

Vollmer will be responsible for serving the needs of industrial and office clients, as well as leading Grubb & Ellis’ business development and recruiting efforts in the market.

Grubb & Ellis plans to expand the office by a total of four to five brokerage professionals by year-end.

Vollmer is joined by Christopher Vollmer Jr. (top left photo) as vice president, giving Grubb & Ellis a significant brokerage and management presence in Cincinnati. Grubb & Ellis currently manages approximately 1.2 million square feet of property throughout the Cincinnati area.

“The establishment of a Cincinnati office is in line with company’s growth strategy to operate owned offices in the top markets nationally,” said Jack Van Berkel, (bottom right photo)  chief operating officer and president, Real Estate Services.

“With the addition of the Vollmer team, Grubb & Ellis can immediately serve clients in the Cincinnati area. They bring a strong track record for service excellence and many established relationships. In addition, with this respected father-son team in place, we have a great foundation for growth.”

Vollmer Realty, which was created in 1986, will be folded into Grubb & Ellis.

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

Stirling Sotheby’s International Realty Selected to Lease Office Suites at 500 Delaney Ave. in Orlando

ORLANDO, Fla. --- Stirling Sotheby’s International Realty was recently named exclusive leasing agents at 500 Delaney Ave. (top left photo), a four-story, downtown Orlando office building.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said there is currently 7,000 contiguous square feet available for lease, which can be separated for multiple tenants into varied suites as small as 1,900 square feet.

The well-located building features an on-site private parking facility, lake and fountain views, Soderstrom said.

John Kurtz and James Mincy of Stirling’s Commercial Realty division negotiated the leasing agreement, and they are handling the leasing of the property on behalf of the landlord/owner, Canin Associates.

“The building has a lot of appeal because it’s still downtown but on the quieter outskirts of the central business district with scenic views,” Kurtz said.

For more information,  contact:
John Kurtz or James A. Mincy, Sales Associates, Stirling Commercial Group 407-581-5550
Roger Soderstrom, Owner/Founder Stirling Commercial Group, 407-588-1260;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142