Marcus & Millichap Opens New Office in Western Massachusetts

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AMHERST, MA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has opened a new office in Amherst, Mass., according to Gary R. Lucas, (top right photo)  regional manager.

 The office is located at 71 Country Corners Road, Amherst, MA 01002. The telephone number is (413) 253-3700 and the fax number is (206) 337-1316.

“We are pleased to bring Marcus & Millichap’s national brand and unique marketing platform to Western Massachusetts,” says Lucas. “The addition of this office boosts our growing position in the New England marketplace.

“During the next several years as the economy improves, there will be tremendous opportunity for growth in Massachusetts and across New England,” continues Lucas. “By acting as long-term advisers to investors throughout this region, we will assist them in acquiring both local and out-of-state investment properties.”

In New England, Marcus & Millichap has offices in Albany, Boston, New Haven and Boston.

Marcus & Millichap Lists $26M Apartment Complex in Portage, Indiana

PORTAGE, IN – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Willow Creek Estates (lower left photo), a 342-unit 334,776-square foot apartment complex in Portage.

The listing price of $26,050,000 represents $76,170 per unit and $78 per square foot.

Scott Harris, a senior vice president investments and senior director of the firm’s National Multi Housing Group, and Kyle Shoemaker, a multifamily investment specialist, both in Marcus & Millichap’s Oak Brook office, are representing the seller.

“Willow Creek Estates is an immaculate, well-located asset that is performing well at a high-occupancy level,” says Harris. “The property is well positioned to continue its current strong operations and to achieve growth for the foreseeable future,” adds Harris.

The property is located at 5990 Wonderland Drive, a densely populated northwestern Indiana market approximately 31 miles from downtown Chicago. The South Shore train line directly connects Portage to downtown Chicago.

Willow Creek Estates is a three-phase apartment complex.

The first phase, Willow Creek Estates South, consists of 130 units, was constructed in the mid-1970s and substantially remodeled in 2001.

The second phase, Sundance, features 72 units and underwent substantial exterior renovation in 2009 and 2010. The final phase, the 140-unit The Reserve at Willowcreek, was completed in 2008.

The entire Willow Creek Estates complex features an attractive and diverse unit mix of traditional one-, two- and three-bedroom units as well as townhome and loft-style floor plans.

Located at the southern tip of Lake Michigan, Portage is the largest city in Porter County, Indiana.

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

Luxe Condominium Approved for Fannie Mae Financing

ATLANTA, GA-– LUXE, (centered photo below) the striking 22-story boutique-style Midtown condominium tower, received approval by Fannie Mae this week giving traditional mortgage lenders the assurance their loans would be backed by the government-sponsored enterprise.

"We are delighted that Fannie Mae has approved of this beautiful property in the heart of Atlanta so we may re-launch sales efforts and inform prospective homeowners that financing is available at LUXE," said Wade Hundley, CEO.

Fannie Mae works with mortgage bankers, brokers and other primary mortgage market partners to help ensure they have funds to lend to home buyers at affordable rates.

LUXE was granted the approval for meeting Fannie Mae’s strict criteria for condominium complexes based on the quality of each project’s construction and maintenance as well as the financial health of the owners’ association.

When completed in 2008, LUXE was the first high-rise to be built on Piedmont Park in over 20 years.

 Its unparalleled location is just steps from Piedmont Park (middle right photo) and the entire spectrum of Midtown’s appeal from first-class retail, to renowned dining and entertainment, to world class cultural venues.

The building is marked by an iconic vertical cylindrical glass element reaching a signature rooftop curved glass and steel structure, which is illuminated at night.

There are one-, two- and three-bedroom homes priced from the $230,000s to over $500,000 as well as penthouses.

Homeowners can enjoy a distinctive 6th floor Amenity Level including a picturesque pool overlooking Piedmont Park; a clubroom with catering kitchen; business center/card room; his and her steam rooms; spa treatment room; furnished guest suite; state of the art fitness center; dog-walk area; 24-hour concierge services and controlled-access entries with security cameras.

Exclusive sales and marketing is handled by The Marketing Directors, LLC. Interested parties can obtain more information at http://www.luxemidtown.com/ or by calling the Sales Gallery at 404.347.2223, which is located on-site at 222 12th Street.

ST is building a contemporary, high-quality lifestyle brand that provides an exciting experience for its homeowners.

 It has a nationwide portfolio of properties with the highest level of style, quality and consistency. ST offers a combination of strong financial backing and a unique public private partnership with the FDIC.

Contact: traci buch, liz lapidus pr, 772 edgewood avenue ne, atlanta, ga 30307, p 404-688-1466 f 404-681-5204, http://www.lizlapiduspr.com/

MBA Names Kathy Marquardt Associate Vice President of Commercial Servicing and Council Coordinator

WASHINGTON, DC-- John A. Courson (top right photo), President and CEO of the Mortgage Bankers Association (MBA), today announced the appointment of Kathy Marquardt as Associate Vice President of Commercial Servicing and Council Coordinator, effective August 9, 2010.

In this role, Marquardt will serve as MBA's expert on commercial real estate loan servicing issues.

 In addition, she will coordinate all commercial business activities, including programs and industry standards efforts and manage all activities related to the Commercial business councils of the Commercial Real Estate/Multifamily Finance Board of Governors (COMBOG).

She will report to MBA's Senior Vice President of Commercial/Multifamily, Gail Cardwell.

Contact: Sarah Tinsley, (202) 557-2730, stinsley@mortgagebankers.org

Marcus & Millichap Sells 18-Unit Apartment Building in Clearwater, FL

CLEARWATER, FL, July 22, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Wildwood Villas (top left photo), an 18-unit apartment property located in Clearwater, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $475,000.

Casey Babb, (top right photo)  CCIM, senior associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private, Miami, Florida-based investor.

“This sale was more difficult than normal, as it was only 33 percent occupied and was a short-sale which required lender approval” commented Babb.

 “After successfully navigating through the complex process, the seller was released from personal guarantees and the buyer was able to purchase the property at a steep discount to replacement cost with upside potential.”

Paul Bouldin, (lower left photo)  a senior associate, also in the firm’s Tampa office represented the Tampa, Florida-based buyer.

Wildwood Villas is located at 600 Wildwood Way in the heart of Pinellas County, just south of downtown Clearwater.

 This 18-unit apartment community, built in 1972, consists of ten one-bedroom/one-bath units and eight two-bedroom/one-bath units, housed in two, two-story buildings.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Cambridge Closes 6 HUD Lean Loans on Senior Housing Facilities Totaling $40.4M in First Half

CHICAGO, IL--Cambridge Realty Capital Companies reports closing six transactions totaling $40.4 million during the first half of 2010 and notes that activity totals should be even more robust in the third quarter of this year.

“Given the economic challenges, we’re very pleased with the way the year is shaping up. Based on loans currently being processed, it now appears that third quarter closings alone could exceed totals for the first six months of the year,” said Chairman Jeffrey A. Davis (top right photo).

“With interest rates at current low levels, borrowers are reconsidering the economics of their current situation and giving more serious thought to the refinance option,” he noted.

Cambridge is one of the nation’s leading senior housing/healthcare debt and equity capital providers and consistently ranks among the top FHA-approved HUD 232 Lean lenders. The firm has closed more than 300 senior housing/healthcare loans totaling more than $3 billion since the early 1990s.

In the first half of 2010, the average loan size closed by the company was $6.76 million.

The largest transaction was over $10 million and the smallest was a $1.4 million HUD loan to refinance McGill Terrace Apartments in Chicago. Davis said Cambridge originally provided HUD funding for the 48-unit apartment community in December, 1996.

Contact:  Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com, Twitter: http://twitter.com/CambridgeCap

New Wyndham Hotel Opens in New Orleans

PARSIPPANY, NJ– Wyndham Hotels and Resorts, LLC, a subsidiary of Wyndham Worldwide Corporation (NYSE:WYN), announced its continued expansion in Louisiana with the opening of the 170-room Wyndham Garden® Hotel Baronne Plaza  New Orleans.(top left photo)

Located at 201 Baronne Street in the city’s National Historic Lower Central Business District, the new Wyndham® hotel, built in 1931, was completely renovated in 2009 and still features the building’s original Art Deco stone and granite façade.

The hotel is just 12 miles from Louis Armstrong New Orleans International Airport, within minutes of Ernest N. Morial Convention Center and only one block from the famous French Quarter, home to countless jazz clubs, restaurants and entertainment venues.

“Few cities possess the historical significance, heritage and unique spirit that exist in New Orleans,” said Jeff Wagoner (lower right photo), president of Wyndham Hotels and Resorts.

 “We are proud to welcome the newest Wyndham offering in one of America’s most beloved travel destinations -- with its great location, personalized services and classic New Orleans style, the Wyndham Garden Hotel Baronne Plaza is a wonderful addition to the growing Wyndham family and in serving visitors to this unique and vibrant city.”

Contact: Kathryn Zambito, +1 (973) 753-6590, kathryn.zambito@wyndhamworldwide.com

Arbor Closes $1.5M Fannie Mae DUS® Small Loan for Villa Serena Apartments in Pittsburg, CA

Uniondale, NY-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,500,000 loan under the Fannie Mae DUS® Small Loan product line for the 48-unit complex known as Villa Serena Apartments in Pittsburg, CA.

The 10-year loan amortizes on a 20-year schedule and carries a note rate of 5.56 percent.

The loan was originated by Brian Scharf (top right photo),  Director, in Arbor’s full-service Uniondale, NY lending office.

 “The low-leverage request on Villa Serena was easy to execute,” said Scharf. “Current occupancy levels required a waiver from Fannie Mae; however, given the long-term ownership and low-leverage level, the deal was approved and closed in five weeks.”

Arbor Closes $1M Fannie Mae DUS® MAH Coop Loan for Birch Run Cooperative in Romulus, MI

Uniondale, NY - - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,000,000 loan under the Fannie Mae DUS® Multifamily Affordable Housing Coop product line for the 111-unit complex known as Birch Run Cooperative in Romulus, MI.

The 30-year loan amortizes on a 30-year schedule and carries a note rate of 7.41 percent.

The loan was originated by Michael Jehle (lower right photo), Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI lending office.

“In addition to paying off HUD, our loan will provide funds for capital improvements to the property. All the members of the cooperative will enjoy the benefits from these improvements,” said Jehle.

Arbor Closes $6M Fannie Mae DUS® Coop Loan for Three Fountains West Cooperative in Indianapolis, IN



Uniondale, NY (July 22, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $6,000,000 loan under the Fannie Mae DUS® Coop product line for the 300-unit complex known as Three Fountains West Cooperative in Indianapolis, IN.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.31 percent.

The loan was originated by Michael Jehle, Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI lending office.

 “All proceeds from this loan will be put back into the property for kitchen and bathroom upgrades, new flooring and new windows,” said Jehle. “The members of the cooperative are thrilled to receive these improvements to their units.”

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

John Kerin Named President and CEO of Marcus Millichap

ENCINO, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, announces that John Kerin (top right photo)  has been named the president and chief executive officer of the firm effective July 1, according to founder and chairman George M. Marcus (top left photo).

Kerin is a senior vice president and managing director of the firm, overseeing 18 offices nationwide.

“Marcus & Millichap is entering a new and exciting phase of growth and John is uniquely qualified to lead our efforts to expand market share and improve our agent support and client services,” says Marcus.

 “The depth of John’s experience and having supervised numerous operations throughout the country for the past several years gives him the knowledge and understanding essential to strengthening our value proposition,” he adds.

Since joining the firm in 1981, Kerin ranked among the top 10 agents nationwide in 1985 and 1986 and was promoted to senior investment associate.

In 1987, he was promoted to regional manager of the Los Angeles office where he succeeded in making it one of the top-producing offices. He was elected first vice president in 1994 and managing director in 1996.

“The recent market dislocation reinvigorated the importance of value-added brokerage, which has always been Marcus & Millichap’s driving force,” says Kerin.

 “We have demonstrated our unique ability to help investors strategize and have executed more transactions than any other source in one of the most difficult markets.

"More than any other time, there are significant opportunities to bring more efficiency to the market place and substantially grow our financing, transaction and advisory services.”

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

HFF closes sale of medical office building in Lewisville, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of an 18,000-square-foot medical office building fully leased to US Oncology Holdings in Lewisville, Texas.

HFF director Coler Yoakam (top right photo)  and managing director Mark West (top left photo)  led the investment sales team on behalf of the seller, CC Lewisville MOB, L.P. A health care REIT purchased the property free and clear of debt.

The property is located at 2790 Lake Vista Drive close to Interstate 35 East and State Highway 121 in the northern Dallas suburb of Lewisville.

Completed in 2000, the property is leased to Physician Reliance, LP (US Oncology Holdings) on a NNN basis. US Oncology Holdings is a national oncology services company and cancer treatment and research network.

Contacts:

Coler Yoakam, HFF Director, (214) 265-0880, cyoakam@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com


HFF arranges $2.65M financing for Village at Timarron in Southlake, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $2.65 million in financing for Village at Timarron (middle left photo), a 36,284-square-foot, neighborhood/specialty center in Southlake, Texas.

Working exclusively on behalf of Timarron Venture, Ltd., a Dallas-based limited partnership assembled by Cencor Realty Services, HFF associate director Travis Anderson placed the seven-year, fixed-rate loan with First National Bank & Trust Co. of McAlester.

Loan proceeds were used to place first lien debt on the property, which was acquired in April by Timarron Venture, Ltd.

Situated at the southeast corner of Southlake Boulevard (FM 1709) and Byron Nelson Parkway, the property is located in Southlake’s main retail corridor.

Village at Timarron is leased to tenants including Frost Bank, Spa D’Aroma, Studio A, Nelson’s, Adventure Kids, Salon DeMello, Hexter Fair Title Company, Duncan Cleaners and K&C Tailor.

Cencor Realty Services offers property management, asset management and development services. Cencor is one of the largest property management firms in Texas and one of the 25 largest such firms in the United States.

Cencor currently represents approximately 21 million square feet of space throughout Texas' major market areas of Austin, Dallas, Fort Worth, Houston and San Antonio.


 HFF arranges sale of promissory note secured by a senior mortgage encumbering a mixed-use condominium in Coral Gables, FL

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged the sale of a promissory note secured by a senior mortgage encumbering The Ponce De Leon Condominium (lower right photo), a mixed-use condominium building in Coral Gables, Florida.

HFF managing director George Vail director Jaret Turkell and executive managing director Manny de Zárraga (bottom left photo) led the investment sales team on behalf of Wells Fargo Bank, N.A. W Capital Group purchased the note.

Completed in 2008, The Ponce De Leon Condominium has 50 one-, two- and three-bedroom units plus 20 retail and office condominiums.

The note was secured by the 32 unsold residential condominium units totaling approximately 36,395 square feet as well as eight commercial condominium units totaling approximately 6,836 square feet.

Community amenities include a swimming pool, pool bar area, Jacuzzi, BBQ area, fitness room, sauna and a three-floor, 144-space parking garage. The Ponce De Leon Condominium is located at 1607 Ponce De Leon Boulevard close to Miracle Mile, Northwestern University, and Coral Gables Hospital in downtown Coral Gables.

Contacts:

George Vail, HFF Managing Director, (305) 448-1333, gvail@hfflp.com
Jaret Turkell, HFF Director, (305) 448-1333, jturkell@hfflp.com,
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Beech Street Capital Hires Industry Veteran as Senior Vice President--Loan Origination

 BETHESDA, MD – Beech Street Capital announced that Larry Sneathern has joined the firm as senior vice president of loan origination. Sneathern will be responsible for originating multifamily loans nationwide.

“Larry is a fantastic addition to our team,” said Grace Huebscher (top right photo), president and chief executive officer of Beech Street Capital. “With almost 20 years of DUS experience and over $4 billion in multifamily origination, Larry will be integral to the growth of Beech Street’s origination platform.”

Prior to joining Beech Street Capital, Sneathern was with PNC ARCS for 15 years and most recently was regional senior vice president. Six of his 15 years at PNS ARCS, Sneathern was the compnay’s top loan producer.



“I am very excited to become a member of the Beech Street Capital team,” said Sneathern. “I believe Beech Street is returning to the entrepreneurial lender model of the late-90’s; the firm is not encumbered by a legacy book or bureaucracy so we can be more responsive to the borrower’s needs.”

Sneathern will be working out of the Company’s Dallas office.

Contact:  Sharee Lawler (240-507-1923), EMAIL: slawler@beechstcap.com

Tremont Structures $4.5M Financing for Wisconsin Manufactured Housing Community

CHICAGO, IL--The Chicago office of Tremont Realty Capital structured financing for the refinance of Oakwood MHC (top left photo), a 215-unit manufactured housing community located in Kenosha, WI.

Tom Lorenzini, (middle right photo)  a Managing Director with Tremont, arranged the $4,500,000 loan, which was funded through one of Tremont’s correspondent relationships.

The five year non-recourse loan provided for roughly 63% loan-to-value with a 5.25% interest rate.

According to Lorenzini, “Given Tremont’s successful track record with manufactured housing communities, we were able to ensure a smooth and timely closing for the borrower despite the challenging capital markets.”

Tremont Realty Capital, LLC is a national real estate investment and advisory firm, which makes direct debt and equity investments and provides institutional advisory services.

Direct programs include high leverage bridge loans, short and long term mezzanine loans and equity capital. The Chicago office of Tremont Realty Capital is located at 30 N. LaSalle Street, Suite 2050, Chicago, IL 60602. The phone number is 312.236.0960 and the fax number is 312.236.1534. You can visit Tremont on the Internet at www.tremontcapital.com.

For additional information on this transaction, please contact:

Tom Lorenzini at 312.236.0960 or tlorenzini@tremontcapital.com
Aimee Munsey, Senior Associate, Marketing & Communications, Tremont Realty Capital, 200 State Street, 13th Floor, Boston, MA 02109, p: 617.867.0700 x784, f: 617.867.0077, amunsey@tremontcapital.com, http://www.tremontcapital.com/
PLEASE NOTE NEW ADDRESS ABOVE.

Richfield Hospitality and Shelbourne Falcon Investors Complete Acquisition of Renaissance Syracuse Hotel

SYRACUSE, NY/DENVER, CO—Richfield Hospitality, a leading hotel management company, has completed the acquisition of the 279-room/suite Renaissance Syracuse Hotel (top left photo) in a 50-50 joint venture with Shelbourne Falcon Investors for an undisclosed amount.

The complex transaction involved acquiring the hotel’s loan and negotiating a deed in lieu of foreclosure exchange with the owner. Richfield will operate the hotel.

The hotel will convert to the Crowne Plaza brand in mid-August and begin a $5 million renovation in September that includes upgrading all guest rooms and public spaces, as well as enhancements to the exterior. The renovation will occur in phases to minimize potential guest disruptions.

Mark Zimmerman, a 30-year hotel veteran, has joined the hotel as general manager. Previously, he was general manager at another Richfield property in Albany.

 His career includes more than 17 years with Marriott International, including sales and marketing and operations, where he won awards for operating excellence. He is a member of the Advisory Boards for SUNY Delhi University and Schenectady Community College.

“Upon conversion to the Syracuse Crowne Plaza, this well located, newly renovated property will be well positioned to quickly gain market share,” said Greg Mount,  (middle right photo)Richfield Hospitality president.

“This is our first acquisition under our new growth strategy focused on adding hotels to our portfolio as owners/joint venture partners and through third-party management. We also have added third-party and asset management assignments.

"We have seen an increase in acquisition opportunities to our already robust pipeline since the first of July. We continue to focus on hotels and resorts in the U.S., Canada and the Caribbean.”

Contact: Jerry Daly or Chris Daly, (703) 435-6293

1,500 New Condos Trade in Greater Downtown Miami

MIAMI, FL--An average of nearly 500 new condos traded per month in Greater Downtown Miami between April and June 2010, representing a 105 percent increase compared to the 241 units per month average in second quarter of 2009, according to a new Condo Vultures® White Paper™.

Transactions for nearly 1,500 units with 1.8 million square feet of saleable space generated gross sales of $584 million, or $333 per square foot, in the second quarter of 2010.

The flurry of sales activity has reduced the number of new condos under developers' control in Greater Downtown Miami to less than 5,100 units, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Miami™.

The unsold new condos represent about 23 percent of the total new inventory constructed in a 60-block stretch of Greater Downtown Miami between 2003 and 2010. A year ago in July 2009 about 40 percent of the new condos in the same submarket were unsold, according to the licensed Florida brokerage Condo Vultures® Realty LLC.

"In the last year, the landscape of the Greater Downtown Miami's new condo market has begun to take shape," said Peter Zalewski, (bottom left photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "Nearly 3,800 new condo units have traded in the last 12 months as developers have cut pricing in some cases as much as 51 percent. Based on our early research, four-out-of-every-five-condo deals is being transacted in all cash."

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

Mid-point of 2010 Highlights Disposition Activity and Continued Leasing Success for IDI

More than 3.6 Million SF Leased YTD in Seven Key Markets

ATLANTA, GA – In the midst of one of the most challenging real estate markets in decades, IDI is marking the mid-point of 2010 with considerable success in both leasing activity and disposition of key assets.

From January to June, IDI tallied leases in excess of 3.6 million square feet in seven of the company’s eight U.S. markets, and sold $264 million worth of existing assets.

Leasing activity was most prevalent in Atlanta with five new leases and two renewals totaling just over 1.9 million square feet.

 Cincinnati saw a total of three new leases for 607,648 square feet leased, including a 360,000-square-foot deal with a third-party logistics provider at the Southpoint One facility. (top left photo)

 Finally, in one of four major deals in the Chicago market (total square footage leased in Q1 and Q2 was 588,367) Ozburn-Hessey Logistics signed a 183,500-square-foot lease at Bolingbrook Corporate Center West. (middle right photo)

The Dallas market saw a renewal of 36,427 at Valwood West A with tenant YKK AP America.

 Renewals were also prevalent in the Ft. Lauderdale market with 106,778 SF in two facilities and a new 7,290-square foot lease at Miramar Centre.(middle left photo)

 Memphis and Philadelphia both saw the expansion of existing leases with Bound Tree Medical (27,243 SF) and International Cargo (42,000 SF), respectively.

And, a new 130,205-square-foot lease was signed with Exel, Inc. in Philadelphia on February 26.

IDI’s 2010 sales activity has also been strong. IDI has completed five sales transactions year-to-date totaling approximately four million square feet in five markets.

Of particular note, IDI’s investment team, in a joint venture with institutional investors advised by J.P. Morgan Asset Management, boasted the largest sale of 2010 when 679,000 square feet at Weston Business Center (lower right photo) sold for $65 million in mid-April.

The Weston facility was sold to RREEF, the real estate investment management arm of Deutsche Bank’s asset management division. Chicago was also home to a significant sale of the 525,000-square-foot, build-to-suit for Freudenberg Household Products at Prairie Point West. The facility sold to Freudenberg Real Estate, L.P. on May 12 for $25 million.

“The level of activity we’ve seen in early 2010 suggests a return to confidence not only in the real estate market, but also in the logistics sector,” said Tim Gunter (top right photo) , president and CEO of IDI. “We anticipate the remainder of the year will see a heightened level of investment activity that will continue to buoy and stabilize the market.”

IDI also received LEED certification from the U.S. Green Building Council in 2010 on one facility completed in 2009. The 525,000-square-foot Prairie Point West facility now owned by Freudenberg Real Estate in Chicago was certified LEED Silver in April 2010.

“IDI weathered a very tumultuous time in our industry well, thanks to our team members across the country and our ability to adapt to the constantly-evolving market,” added Gunter. “We are looking forward to closing 2010 with strong numbers and are excited about what’s on the horizon.”

Contacts:

Kim Hardcastle, Jackson Spalding for IDI, 404-214-0693
khardcastle@jacksonspalding.com
Charlotte Marie Sturtz, Jackson Spalding for IDI, 404-214-3555
csturtz@jacksonspalding.com

CBRE Orlando SOLD: Nine Closings in Orlando in 2010 (January – July 15, 2010)

ORLANDO, FL--CB Richard Ellis is pleased to announce the sale of two more multi-housing communities in Orlando over the last two weeks – their ninth apartment closing in 2010.

The two most recent sales occurred in separate transactions to different buyers.

The properties are Silver Oaks and the Residences at Sabal Point.

Shelton Granade (top right photo)  and Luke Wickham (top left photo)  of CBRE’s Central Florida Multi-Housing Group exclusively represented the sellers on both assignments.

The properties sold range from a value-add deal built in 1990 (Silver Oaks, 320 units) to another bulk sale on a fractured condo community (Residences at Sabal Point in Longwood).

Buyer interest in multi-housing assets in Central Florida has increased significantly over the last few months.

CBRE currently has several other assets under contract, and is generating more than 40 offers on some widely marketed offerings.

For further information, please contact the Central Florida Multi-Housing Group of CB Richard Ellis.

Shelton Granade, Senior Vice President, T 407.839.3103,  shelton.granade@cbre.com

Luke Wickham, Director of Operations, T 407.839.3130,  luke.wickham@cbre.com