$2.05 million buys 132 units in Tampa, FL

 TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Marbella Apartments (top left photo), a 132-unit, 116,880-square foot multifamily property in Tampa, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

 The sales price of $2,050,000 equates to $15,530 per unit and $17.54 per square foot.

Michael P. Regan (middle right photo), an associate vice president investments, Francesco P. Carriera (lower  left photo), senior associate and Nicholas Meoli,  associate, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a Florida-based partnership and the buyer, a private investor. 

Marbella Apartments is located at 12406 North 15th Street.  Built in 1977, the property consists of 96 one-bedroom/one bath units and 36 two-bedroom/two-bath units.  The units are very spacious, and property amenities include a laundry facility, high speed internet access, frost-free refrigerators, ceiling fans and dishwashers.

“This property represents a trend we have seen over the past three to four months with out-of-state investors entering back into the Florida multifamily market,” says Meoli.

“We were able to command 12 offers in less than 60 days, including several from foreign investors.  Ultimately, we negotiated a contract with 10 days due diligence and closed within 30 days,” adds Meoli.         

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

Morrison Commercial Real Estate completes lease transaction totaling 17,186 SF

 ORLANDO, FL (July 28, 2011):  Greg Morrison, CCIM, SIOR, Principal of Morrison Commercial Real Estate, announced the completion of a lease transaction totaling 17,186± square feet. 

Damien Madsen (top right photo) of Morrison Commercial Real Estate represented JHFP, Inc. in leasing 17,186± square feet at the Citrus Center in Downtown Orlando.  Greg Morrison represented the Landlord in this transaction.

Contact: Buffy Gillette, Phone: 407.219.3500, Email:  bgillette@morrisoncre.com

MBA Statement on Debt Ceiling Negotiations

  

WASHINGTON, D.C. (July 28, 2011) - David H. Stevens (top right photo), President and CEO of the Mortgage Bankers Association (MBA) issued the following statement today.

 "The Mortgage Bankers Association is very concerned about the implications to the financial system of the United States if the U.S. defaults on its debt.

 The likely impact to the financial markets, interest rates, and to every family in America will be costly if the ceiling is not raised.

We implore policymakers to act swiftly and find a workable solution, given the short time left, to take this step and not put the credit rating of the United States in jeopardy."

 CONTACT:  John Mechem, (202) 557-2924, jmechem@mortgagebankers.org             

Grubb & Ellis Renews Facilities Management Relationship with Kraft Foods

  

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that Kraft Foods has agreed to extend its contract for facilities and project management services through 2016.

 The extension, which represents an early renewal of Grubb & Ellis’ existing relationship with Kraft Foods, covers 41 locations throughout the U.S. and Canada totaling more than 4 million square feet of property. 

 Grubb & Ellis has served as facilities services provider for the Kraft Foods headquarters in Northfield, Ill., and all of the food company’s office and R&D sites across North America since 2008. 

 “Grubb & Ellis has been a very strong partner in our pursuit of improved efficiency and reduced costs,” said Bruce Windedahl, senior director, Facilities & Real Estate for Kraft Foods.  “Their team understands our needs and has implemented processes and technology that have significantly improved our workflow and operations.”

 Jim Walter, vice president of Grubb & Ellis’ National Accounts Team, heads the Kraft Foods account.

 “We have been honored to serve Kraft Foods over the past three years and are thrilled they have determined we are best positioned to provide for their future real estate needs,” said Thomas P.  D’Arcy (top right photo), president and chief executive officer of Grubb & Ellis.  “Jim and the entire Grubb & Ellis team remain committed to high-quality service and ongoing improvement for the expansive real estate portfolio of the largest food company in North America.”

Contact:          Janice McDill                                  

Phone:            312.698.6707                                     

Email:             Janice.mcdill@grubb-ellis.com           

Interstate Hotels & Resorts Continues to Grow its Portfolio in India on Strong Third-Party Management Platform

 ARLINGTON, VA., July 28, 2011—Interstate Hotels & Resorts, the United States’ largest independent hotel management company, today announced that JHM Interstate Hotels India, a 50/50 joint venture management company between Interstate and  JHM Hotels, has signed contracts to operate two more hotels in India that are expected to open this year:

They are the Rajasthali Resort and Spa (top left photo) in Jaipur, developed by Mr. Girish Chand Agarwal, chairman and managing director of Puja Construction Limited, a Jaipur-based real estate development company; and the Ramada Amritsar, owned by Gurgaon-based Starex Developers Private Limited and led by Chairman Mohinder Singh.

“This brings to five the number of hotel management contracts executed since we launched our third-party management platform in India,” said Thomas F. Hewitt (middle right photo), Interstate’s chairman and chief executive officer.

  “Our business model, focused on local contacts and in-country experience, has translated well to India and enabled us to establish a strong operating platform there.  JHM Interstate India opened and currently operates three hotels in the country, and we have developed a robust pipeline of third-party management opportunities to continue our vigorous growth in 2011 and beyond.”

Located at the entrance to Jaipur on National Highway 8, the 63-room Rajasthali Resort & Spa is scheduled to open in late summer 2011 as an independent, upscale luxury resort located in Kukas Village, India, just outside of Rajasthan’s capital city of Jaipur.

 Situated in the cradle of the Aravali Mountains, the resort’s facilities and amenities will include a combination of 31 luxuriously appointed guestrooms and 32 luxury tents with whirlpool tubs, in addition to two restaurants, high-speed Internet access, fitness facility, swimming pool, spa, and indoor and outdoor banqueting space featuring two large picturesque garden lawns.

The 145-room Ramada Amritsar is the first hotel project for Starex Developers Private Limited.  Scheduled to open in October, the five-story hotel, located in the heart of the old city and inside the historic Hall Gate, will be the closest branded hotel to the famous Golden Temple. This central location is approximately a 30 minute drive from the airport and 15 minutes from the railway station. 

 Hotel amenities will include a full-service restaurant, serving both continental and regional specialties, complimentary high-speed Internet access, fitness center, rooftop pool and spa, ancillary retail and approximately 3,000 square feet of function space.

 For more information, contact Lloyd Lauland, Executive Director, JHM Interstate Hotels India, at 91 124 3091700, or visit the company’s website:  www.jhminterstate.com.  

For more information about JHM Hotels, visit the company’s website:  www.jhmhotels.com.

Additional information about Interstate is available at the company’s website:  www.ihrco.com.

Contact:

Jerry Daly, Carol McCune                             Carrie McIntyre

Media                                                              SVP, Treasurer

Daly Gray                                                       Interstate Hotels and Resorts

(703) 435-6293                                               (703) 387-3320

jerry@dalygray.com                                       carrie.mcintyre@ihrco.com

84 Percent of U.S. Metro Areas Post Lower Home Foreclosure Activity in first half of 2011

IRVINE, CA – July 28, 2011 – RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its Midyear 2011 Metropolitan Foreclosure Market Report, which shows that foreclosure activity decreased on a year-over-year basis in 178 out of the nation’s 211 metropolitan areas with a population of 200,000 or more.

The report also shows that all top 10 metro areas with the highest foreclosure rates in the first half of the year posted decreasing foreclosure activity compared to the first half of 2010.

California, Nevada and Arizona cities accounted for all top 10 metro foreclosure rates and 15 of the top 20 metro foreclosure rates in the first half of the year. Only one Florida metro area posted a foreclosure rate among the top 20 — Cape Coral-Fort Myers at No. 12 — in sharp contrast to the first half of 2010, when Florida cities accounted for nine of the top 20 metro foreclosure rates nationwide.

Also posting foreclosure rates ranking among the top 20 were Boise City-Nampa, Idaho, Atlanta-Sandy Springs-Marietta, Ga., Greeley, Colo., and Salt Lake City, Utah.

“Foreclosure activity continued to slow in the first half of 2011, especially in the most foreclosure-saturated markets and in markets where the judicial foreclosure process is used,” said James J. Saccacio (top right photo), chief executive officer of RealtyTrac. “The 20 metro areas with the biggest year-over-year decreases in foreclosure activity were all in states with judicial foreclosure processes — New York, Maryland, Florida, New Jersey, Connecticut, Massachusetts, and Illinois.

These dramatic decreases indicate the foreclosure pipeline continues to be clogged in many local markets across the country, sometimes by a glut of already-foreclosed properties that are not selling quickly, sometimes by a mountain of improperly filed foreclosures that are blocking the inflow of new foreclosure filings — and sometimes by both.”

For a complete copy of the report, please contact

Michelle Schneider, Public Relations Consultant, RealtyTrac

Office: 949.502.8300 ext. 139

Mobile: 760.419.2543

South Florida Real Estate Executive Barbara Salk Joins Lynd as President of Asset Management

  

Miami, FL — (July 27, 2011) — Lynd, a national real estate investment and management company, has hired veteran real estate executive Barbara Salk (top right photo) as President of Asset Management.

 She will work out of the company’s Miami office. In this newly created position, Salk will help grow Lynd’s asset management platform and integrate various business units within the organization to fully-enhance value and returns for investment partners.

She will also assist in sourcing and analyzing future acquisitions on behalf of existing and future funds as well as help identify new opportunistic ventures. 

 Over her 23-year real estate career, Salk has worked for major commercial and residential developers in South Florida and Texas. Her experience extends from underwriting project transactions to the full life cycle of a prospective project including land acquisition and entitlements, feasibility analysis, site planning, and building design to construction, interior design, sales and marketing.

 Prior to joining Lynd, Salk served as Senior Vice President for The Related Group and Executive Vice President for an affiliated company, Related Asset Advisors LLC.

“We are extremely blessed to have someone of Barbara’s caliber on our team as we continue to expand our commercial and multi-family real estate holdings in Florida and throughout the United States,” said President & Chief Operating Officer A. David Lynd (lower  left photo) “She is a consummate professional with a diverse group of skills who will make an immediate positive impact on our organization.”

 So far in 2011, Lynd has invested through its platform more than $200 million which includes loans or real estate owned properties (REOs) encompassing 13 office/industrial projects, 44 multi-family projects and 10 student housing projects. 

  For more information,  log on to www.thelyndco.com.

Media Contact: Todd Templin, Boardroom Communications,

954-370-8999 or 954-290-0810

ttemplin@boardroompr.com

 Lynd Contact:  A. David Lynd, President  &  COO, 210-364-3964

alynd@thelyndco.com

HFF named to market for sale iconic six-property Chicagoland portfolio

                                       

CHICAGO, IL – HFF announced today that it has been named to market for sale a six-property, 1,292 unit multi-housing, senior housing and hotel portfolio in the Chicagoland area.

HFF is marketing the property on behalf of the seller, IRMCO Properties & Management Corporation.  Pricing for the portfolio is anticipated to be well in excess of $200 million.

Individual property details are listed below:

Property                                          Address                                                             Unit Size           Year Built

The Belden-Stratford                    2300 Lincoln Park West, Chicago                 297 Units         1923

Flamingo Apartments                    5500 South Shore Drive, Chicago                 167 Units         1926

The Seneca                                     200 East Chestnut, Chicago                            264 Units         1926

Sovereign Apartments                  1040 West Granville Avenue, Chicago        283 Units         1924

Versailles Apartments                   5254 S. Dorchester Avenue, Chicago          96 Units           1920

North Shore Retirement Hotel    1611 Chicago Avenue, Evanston                   185 Units         1919

  

The HFF team representing IRMCO Properties & Management Corporation is led by executive managing director Matthew Lawton (top right photo), senior managing director Dan Peek (middle left photo) and managing directors Sean Fogarty (lower right photo), Marty O’Connell and Danny Kaufman.

“This is a once in a generation opportunity to purchase a portfolio of well-located, high-amenity, iconic properties that have been family-owned and managed for the past 40 or 50 years,” said Lawton.  “It provides tremendous value-add for a new owner to purchase the trophy properties and place their own mark on them.”

“The portfolio is unique in that there are three pure apartment communities, an age-restricted living facility, two properties that function as both a hotel and apartment complex and three properties that draw from the student populations at the University of Chicago and Loyola University,” added O’Connell.

IRMCO Properties & Management Corporation is recognized for its management of some of Chicago’s most renowned properties.  These properties are located along Chicago's famous lakefront, where IRMCO has established its reputation for operating hotels, apartment buildings and retirement communities since 1951.

Contacts:  

Matthew D. Lawton, HFF Executive Managing Director,  (312) 528-3650, mlawton@hfflp.com

Janice B. Greenberg, President, IRMCO Properties & Management Corporation, (773 )880-2006,  jgreenberg@irmcoproperties.com

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

              

Grubb & Ellis Represents Incipio in 110,399-SF Global Headquarters Industrial Lease in Irvine, CA

NEWPORT BEACH, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, and Incipio, a mobile device accessories company, today announced that Wade Tift, senior vice president, and Byron Foss, associate, represented Incipio in its seven-year lease of 110,399 square feet of R&D/manufacturing space at the Oak Canyon Business Center (top left photo) in Irvine, from the Irvine Company. 

 “We’re blessed; that about sums it up.  We have experienced tremendous growth, we work with great people and local vendors and we made our home in an amazing city.  We’re excited to move into our new global headquarters right where it all started 12 years ago,” said Andy Fathollahi (middle right photo), president and founder of Incipio. 

Incipio, which manufactures and distributes mobile device accessories, is expanding from 75,000 square feet of space.  Located at 6001 Oak Canyon, the property will serve as Incipio’s global headquarters, with the company consolidating its two existing U.S.-based locations into one facility. 

 “This is a high image corporate headquarters industrial facility that provides the workspace a creative company like Incipio needs to promote business growth and employee synergy,” said Tift.  “The property includes a large amount of office space to support their corporate needs and enough space to support the company’s projected expansion.”

Incipio will take occupancy in the first quarter of 2012 once tenant improvements are complete.  Situated near the Irvine Spectrum Center, The Oak Canyon Business Center offers easy access to Interstates 405 and 5 and California State Route 133, as well as abundant surface parking. 

“It is great to have a growing company such as Incipio as a customer,” said Steve Case (lower left photo), executive vice president of Irvine Company Office Properties.  “Incipio joins a long list of innovative, emerging companies that have expanded to a world-class Irvine Company property.”

 Tift and Foss, who are both members of Grubb & Ellis’ Industrial Group, worked with Sue Lyle, leasing director of the Irvine Company, to complete the transaction. 

 Fathollahi added, “The level of customer service and assistance that The Irvine Company has given us has truly been world class.  Our new facility will be one that I feel both Incipio and the Irvine Company will be very proud of.”

Contacts:

Julia McCartney, 714.975.2230,  julia.mccartney@grubb-ellis.com 

Erin O’Neil, 949.250.4929, erin@myincipio.com

HFF arranges financing for 612-unit multi-housing community in San Antonio, TX

                                       

HOUSTON, TX – HFF announced today that it has arranged acquisition financing for Signature Ridge (top left photo), a 612-unit, Class A multi-housing community in San Antonio, Texas.

HFF worked exclusively on behalf of Canyon-Johnson Urban Funds and its joint venture equity partner Venterra Realty, to secure the fixed-rate loan through PPM Finance, Inc. 

Completed in 2001 and 2003, Signature Ridge has 27 three-story buildings with one-, two- and three-bedroom units averaging 940 square feet each.  Community amenities include a resort-style pool, spa and cabana, fitness center, clubhouse, business center and detached garages. 

The infill property is situated on 27.47 acres at 3711 Medical Drive at the entrance to the South Texas Medical Center, which is home to 50,000 employees in 10 plus hospitals, 45 clinics and medical related institutions in San Antonio.

The HFF team that represented Canyon-Johnson Urban Funds and Venterra Realty was led by director Cortney Cole.

Contacts

Cortney R. Cole, HFF Director, (713) 852-3500, ccole@hfflp.com                                        
 Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com:                

154 Units of Prime Student Housing Hit the Market Near Texas A&M University

  

COLLEGE STATION, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing for the Warehouse at Northgate and the Factory at Northgate (top left photo), a two-building, 154-unit student housing portfolio in College Station.

 Joe James and Kent Myers, multifamily investment specialists in the Austin office of Marcus & Millichap, are representing the seller, a Houston-based developer.

“These are truly unique assets, with their exposed brick, loft-style units and package of full amenities,” says James. “Buyers seeking solid returns over the long term in a submarket that will continue to experience strong demand for student housing over the next 10 years or more should consider this portfolio.”

Located at 405 Cross St., the Factory at Northgate and the Warehouse at Northgate include a total of 154 units, or 227 beds.

 Situated in the heart of the historic Northgate entertainment district, the units at the Factory at Northgate average 712 square feet in size, while the Warehouse at Northgate’s units average 1,082 square feet. The buildings are also within walking distance of Texas A&M University (lower left aerial photo), which currently has a student enrollment of 49,000.

“We are expecting to see strong demand for these assets due to the scarcity of product in this location and the strength of Texas A&M’s enrollment growth,” says Myers. 

All of the 154 units feature loft-style living with nine- to 10-foot ceilings, exposed brick walls, stained concrete flooring and high-capacity stackable washers and dryers. Community amenities include a swimming pool, an on-site parking lot, as well as a parking garage.  In addition, the units have high-speed Internet as well as satellite or cable TV.

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

Stan Johnson Co. completes sale of retail building occupied by hhgregg in

                  

                       

Midlothian, VA, July 27, 2011 –Stan Johnson Company, has completed the sale of a 43,505-square-foot retail building 100 percent occupied by hhgregg to a New Jersey based private investor. 

The list price was $5 million. The building is located at 1321 Huguenot Road in Midlothian, Virginia.

Jim Gibson (top right photo) and Mike Parker (lower left photo) of Stan Johnson Company represented the seller, a Virginia based private investor.  Steve Maloy of ARC Properties represented the buyer.

 hhgregg is a specialty retailer of consumer electronics, home appliances and related services operating under the name hhgregg™.

  hhgregg currently operates 175 stores in Alabama, Delaware, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee and Virginia.hhgregg was recently selected as one of the fasted growing retailers by Forbes.

Contact:  David Ebeling, Ebeling Communications , (949) 278-7851

david@ebelingcomm.com

                       

Coro Realty Announces the Acquisition of Taylor Collision and Suwanee Tool Rental and Long-Term Lease Agreement with ABRA Auto Body & Glass in Atlanta

ATLANTA, GA /PRNewswire/ -- Coro Realty Advisors, LLC announces its acquisition of Taylor Collision and Suwanee Tool Rental, located at 3730 Lawrenceville-Suwanee Road, Suwanee, GA, 30024.

Coro simultaneously entered into a development agreement and long-term lease with ABRA Auto Body & Glass to convert the former Taylor Collision and Suwanee Tool buildings into a 5,000 square foot free-standing office for ABRA and an adjacent 6,480 square foot auto repair facility.

John Lundeen (top right photo), President of Coro, noted, "We saw an opportunity to redevelop an underutilized property in a high-traffic area for a quality tenant. We hope that this will be the first of several such build-to-suit transactions."

The transaction was coordinated by Bart Cross of Grubb & Ellis, who represented ABRA and Coro in the purchase.

Coro Realty Advisors, LLC was founded in 1997 and is synonymous in Atlanta and throughout the Southeast with intelligent real estate development and investment.

 With a commitment smart growth, the urban landscape, and innovation, incorporating distinctive architectural designs and the latest in building trends and technology, Coro continues to demonstrate its leadership in the market with the successful execution of quality developments.

The firm provides Asset Management, Property Management and Real Estate Advisory Services for a myriad of residential and commercial properties throughout the Southeastern United States.

For More Information, please contact:

Teresa Pastore

Coro Realty Advisors, LLC.

3715 Northside Parkway

400 Northcreek - Suite 100

Atlanta, Georgia 30327

(404) 846-4000

tpastore@cororealty.com

www.cororealty.com

NAI Realvest Negotiates Industrial Leases totaling 9,449 SF at Springview CommerCenter in DeBary, FL and Airport Industrial Center in Orlando

DeBary, FL – Michael Heidrich, principal at NAI Realvest, recently negotiated a lease renewal for 6,449 square feet of industrial space at Springview CommerCenter (top left photo) in DeBary representing the landlord,

Springview CommerCenter LLC based in Maitland.  The tenant Artscape LLC renewed its lease at 290 Springview Commerce Drive in the center located off U.S. Hwy 17-92 and Highbanks Rd.  

 Heidrich also negotiated a new lease agreement for 3,000 square feet at Airport Industrial Center on Narcoossee Rd. in southeast Orlando on behalf of  the Columbus, Ohio-based landlord Airport Investment Properties LLC and the new local tenant Plant It Earth, Inc.

For more information, please contact:

Michael Heidrich, Principal, NAI Realvest 407-875-9989 mheicrich@realvest.com

Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com

Beth Payan or Larry Vershel, LV Communications, 407-644-4142 Lvershelco@aol.com

Stone Point Capital Forms Access Point Financial, Inc. with Veteran Hospitality Finance Team

ATLANTA, GA. and GREENWICH, CT., July 27, 2011 – Stone Point Capital LLC announced today the formation of Access Point Financial, Inc., a newly created specialty finance company focused on the hospitality industry. 

Access Point is a full-service lending and advisory platform that will provide financing to qualified franchisees of major hotel brands throughout the United States.  The company expects to originate over $1 billion of loans over the course of its first three years of operations.

Trident V, L.P., a private equity fund managed by Stone Point Capital, is partnering with Jon S. Wright (top right photo) and other members of the Access Point senior management team to form the company.

Wright, who will serve as president and CEO of Access Point, will lead a team of industry veterans with more than 100 years of combined hospitality finance experience.  Wright is the former president and managing director of Specialty Finance Group. 

Previously, Wright founded the Asset Backed Lending Group for GMAC Commercial Mortgage and managed the hospitality franchise industry’s first captive finance division for InterContinental Hotel Group.  Wright and his team are widely recognized as leaders in the development and implementation of hotel finance programs for franchise hotel owners.

“Initially, we will focus on creating lending programs to facilitate renovations for major hotel brands and their franchisees, an area where we have substantial expertise and deep relationships,” Wright said.

  “Industry experts estimate that a significant percentage of hotels must immediately implement brand-mandated Product Improvement Plans (PIP), which typically is a recurring requirement,” he said. 

“During the recent severe economic downturn, hotel owners were hesitant to invest additional dollars in their hotels and lenders were unwilling to provide the capital.

“ As a result, there is a tremendous backlog of necessary renovation projects and a need for capital to finance them.  Access Point will fill this need.  We have already begun developing programs with a number of leading hotel brands and expect to announce our first significant program in the coming weeks.”

Charles A. Davis (top  left photo), CEO of Stone Point Capital, said, “We are pleased to be partnering with Jon Wright and his team to build Access Point Financial. 

 The formation of this company is in response to the dislocation that has developed in the hospitality finance sector in recent years.  The Access Point team has built an excellent reputation and a consistent record of strong performance over a 20-year period in the hospitality finance industry.”

In addition to the need for capital to finance renovations, Wright noted that there also is sizeable demand for hotel debt refinancing as billions of CMBS and other loans are forecasted to come due by the end of 2012.  “We have long-standing relationships with a substantial number of these hotel owners and investors.  We know their track records and their ability to execute.  The timing is excellent for a financing organization like ours, and we anticipate significant demand for our products.” 

Contact information for Access Point Financial, Inc.:

1 Ravina Drive, Suite 900, Atlanta, GA 30346, (404) 382-9599

www.accesspointfinancial.com

For further information about Stone Point Capital, see www.stonepoint.com.

Contact:  Jerry Daly, Chris Daly, (703) 435-6293, jerry@dalygray.com