Marcus and Millichap Sells Mixed-Use Building in Prime Midtown Manhattan Location for $4.2M

NEW YORK, N.Y.– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 5,000-square foot mixed-use building (above photo) at 41 East 41st St. between Park and Madison avenues in Manhattan. The sales price of $4,225,000 represents $845 per square foot.

Peter Von Der Ahe, (top right photo) an associate vice president investments in the Manhattan office of Marcus & Millichap, and Scott Edelstein, (top left photo) an investment specialist also in the firm’s Manhattan office, represented the seller, Twin 41 Realty LLC, and the buyer, 41 East 41st Street Holding LLC.

“This mixed-use asset is located in the heart of Midtown Manhattan, steps from Grand Central Station and a block from Bryant Park,” says Von Der Ahe. “Through rent growth or conversion to office space, this property is expected to appreciate rapidly in value, presenting excellent upside potential to the new owner. Because of its prime East Side location, this asset can be converted to a variety of uses, including office, consulate/government or retail space.

Located at 41 East 41 St., the five-story building consists of three large multi-family units and two commercial units. The property is situated on a 20-foot by 52-foot lot.

“Supply and demand trends in Midtown have remained positive despite the recent downturn impacting the rest of the country, and this asset’s proximity to the United Nations complex makes it perfectly suited for use as a small embassy or other diplomatic building. Just a block from the Fifth Avenue retail corridor, this property could also be repositioned as a flagship retail location,” Von Der Ahe adds.

Press contact:

Stacey Corso, Communications Dept., 925 953 1716 SCorso@marcusmillichap.com

Stirling Sotheby's International Realty to Host Absolute Auction of 46 Luxury Condominiums June 21 at Siena in Downtown St. Petersburg

ST. PETERSBURG, FL --- Stirling Sotheby’s International Realty will conduct an absolute auction Saturday, June 21, to sell 46 luxury condominiums at Siena Downtown, (above photo) located at 555 3rd St. North in St. Petersburg.

The auction will begin at 11 a.m. at Siena Downtown and bids will be accepted live, online and via telephone. Roger Soderstrom, (top right photo) founder and owner of Stirling Sotheby’s International Realty in Orlando, said that with no reserve bids or minimum bids, the auction will establish a firm and accurate market price for condominiums in the area.

Siena Downtown features one and two-bedroom condominiums that range from 468 square feet of living space to 937 square feet.

Its close proximity to Tampa Bay and downtown waterfront parks, restaurants, cafes and shopping makes Sienna Downtown a perfect vacation getaway, Soderstrom said.

The condominium community has been totally renovated to include upgraded finishes, cabinetry, stainless steel appliances, and granite countertops, Soderstrom said. Soderstrom said Siena Downtown condominiums were last offered at prices ranging from $135,000 to $262,000. For more information, visit http://www.auctionsbystirling.com/ or call Lori Chipps, director of Auction Services, 1-800-327-1048.

For media information, please contact:

Lori Chipps or John Chips, Auction Services, Stirling Sotheby’s International Realty 407-588-1260;

Roger Soderstrom, Owner/Founder Stirling Sotheby’s International Realty 407 588-1260

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

HFF Named to Market Sale of Preserve at Cress Creek in Naperville, IL

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has been named to market for sale Preserve at Cress Creek, (above photo) a 474-unit multifamily community located in Naperville, Illinois.

HFF senior managing director Matthew Lawton, (top right photo) managing director Marty O’Connell (middle right photo) and director Sean Fogarty (middle left photo) will lead the investment sales team on behalf of the seller, Waterton Associates, LLC.

The property is being listed without an asking price and is subject to Freddie Mac debt that is to be assumed by the purchaser.

Situated in a 28-acre pond setting at 701 Royal St. George Drive, the Preserve at Cress Creek is located near downtown Naperville, approximately 30 miles southwest of Chicago.

The property has six residential buildings with one- and two-bedroom units averaging 934 square feet each. Community amenities include a clubhouse, fitness center, business center, laundry facilities, swimming pool and 72 detached garages.

The Preserve at Cress Creek underwent a $4 million renovation between 2000 and 2003, which included exterior improvements, common area upgrades and apartment home renovations.

Additionally, over the past two years, the property has undergone further renovation to exterior and interior areas including added upgrades to select apartment homes.

“The Preserve at Cress Creek presents an opportunity to enter the Naperville market with a strong rental product and one that gives an investor further opportunity to add value,” said Lawton.

“Naperville’s market continues to see a decline in apartment homes as there are currently five conversions underway that when completed will further reduce the apartment supply by 586 homes with no new supply in the pipeline.”

Waterton Associates was founded in 1995 and has acquired multifamily properties and other property types over the past 13 years and has completed over $2 billion in real estate investments to date.

Since its inception, Waterton Associates has acquired in approximately 40,000 apartments in 106 properties in most major metro areas in the U.S.

CONTACTS:

Matthew D. Lawton, HFF Senior Managing Director, 312 528 3650, mlawton@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

Marcus & Millichap Closes $8.75M Multi-Family Property Sale in New York City

NEW YORK, N.Y. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of four 5-story apartment buildings consisting of 87 units (above photo) in Manhattan.

The selling price of $8.75 million represents $100,575 per unit.

Peter Von Der Ahe, (top right photo) a senior associate in the Manhattan office of Marcus & Millichap, and Scott Edelstein,(middle left photo) an investment specialist also in the firm’s Manhattan office, represented the seller, Norman Steele. Marcus & Millichap also represented the buyer, Heritage Realty LLC.

“The seller sold this prime property after more than 20 years of ownership, which will allow the new owner to create value through rent growth,” says Von Der Ahe.

Located at 575-587 W. 177th St., the 48,350-rentable square foot property consists of four 5-story buildings situated on a 148-foot by 94-foot lot between St. Nicolas and Audubon avenues.

The asset features a strong mix of 46 one-bedroom, 20 two-bedroom and 21 three-bedroom units. “Average rents are just over $700, leaving ample upside for this investor to increase the NOI,” comments Edelstein.

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

CBRE Global In-Sight Web Meeting June 20

Global In-Sights: United States

Please note that there is a maximum attendance of 200 people for this meeting. Access is granted on a first come basis.

BOSTON, MA--CBRE provides capital and property market analyses to its clients through multiple avenues. One such avenue is CBRE's Global In-Sight web-meetings, a series of presentations on the economy of major global markets.

Raymond Torto, (top right photo) CBRE's Global Chief Economist, hosts each web meeting and sets the stage for the presentation.

This presentation features Jon Southard, (middle left photo) Principal and Director of Forecasting at CBRE Torto Wheaton Research who will opine on the current state of the economy, the capital markets and the outlook for commercial real estate.

Please join Jon Southard and Raymond Torto to discuss the US Economy and Real Estate Outlook on Friday, June 20, 2008, at 14:00 GMT (10:00 am EDT)

AGENDA:

• US within a Global Perspective

• Capital Markets Flows and Pricing

• Property Fundamentals

• Q & A Duration: 60 minutes


For computer issues accessing the meeting, please contact Live Meeting Technical Support at (866) 493-2825 (Toll Free) or (650) 526-6950 (International Toll)

Marcus & Millichap Secures $13.19M Listing for Tutor Time Child Care Center in Phoenix

PHOENIX, AZ-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 20,032-square foot child care center leased to Tutor Time Child Care in Phoenix. The listing price of $13.19 million represents $658 per square foot.

Jamie Medress, (top right photo) a vice president investments and senior director of Marcus & Millichap’s National Retail Group in Phoenix, and Adam Goldberg, an investment specialist also in the firm’s Phoenix office, are representing the seller.

“This offering presents an investor with the opportunity to acquire the lease to newly developed commercial property in a thriving Phoenix submarket,” says Medress.

Located at 24745 North 23rd Ave., on the corner of Happy Valley Road and North 23rd Avenue, the single-tenant building is situated on 2.2 acres, just off Interstate 17.

Built in 2006, Tutor Time Child Care, which provides early childhood education in 125 corporate and 75 franchise schools nationally, has signed a 22-year absolute triple-net lease with corporate guarantee and two five-year options.

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

Tampa Industrial Leasing Activity Slows Again as Local Demand Withers

TAMPA, FL--The overall pace of Tampa’s industrial leasing activity slowed again in the first period of 2008, breaking the market’s streak of thirteen consecutive quarters of positive absorption, according to the most recent market analysis by Randy Smith (top right photo), Director of Research in the Tampa office of GVA Advantis.

Market rents also lost some ground in the opening period, as local demand withered from the economic slowdown and companies grappled with an uncertain future.

Yet, Tampa’s industrial fundamentals remain well positioned to withstand a limited pullback. The direct vacancy rate closed the first quarter at a healthy 4.2 percent and the average asking rental rate was $7.13 per square foot, up about 3 percent over the same time last year.

At the end of the first quarter, industrial projects under construction in Tampa totaled 1.3 million square feet with almost 40 percent of the available space already committed.

Developers are pulling back from pure speculative starts, instead offering building pads or turnkey build-to-suit opportunities to kickoff new projects.

So far, the attraction of state-of-the-art first generation space is piquing sufficient interest from industrial users to keep new supplies in check.

Tampa’s industrial sales activity started the year relatively strong, posting $65.9 million in transaction volume for the first three months.

This sales mark is slightly ahead of last year’s pace at this time, but market conditions in 2008 could temper future activity as investors become more selective and try to discern the impact of reduced tenant activity on individual properties.

For a detailed copy of GVA Advantis' industrial market analysis, please contact:

Randy Smith, Director of Research, Advantis Real Estate Services Company, 3000 Bayport Drive, Suite 100, Tampa, FL 33607. Tel 813.342.4725. Fax 813.372.4004. E-mail rsmith@gvaadvantis.com
www.gvaadvantis.com

IDI Will Move Headquarters to Midtown Atlanta

ATLANTA, GA -– Midtown (bottom right map) is gaining another national corporation with industrial real estate developer IDI taking two floors at 1100 Peachtree. (top right photo)

The full-service industrial real estate company is moving its headquarters from Monarch Plaza (top left photo) in Buckhead to the 12th and Peachtree Street high-rise. In a deal brokered by John Shlesinger and Anne Lofye of CB Richard Ellis, IDI will lease 44,538 square feet.

“This move signifies an important milestone for IDI as we celebrate our 20th anniversary in 2009,” said David Birdwell, (top left photo) chief operating officer of IDI.

“We’ve grown our company organically, and our office space has been expanded in the same fashion. This new space is nearly a third larger than our current space, allowing us to combine some of the departments and groups that are spread out in our current office, and it provides us room for future growth.”

IDI will move in March 2009 and plans for its new space to be Leadership in Energy and Environmental Design (LEED) certified for interiors. “We’ve already had several planning sessions and are very excited about the early concepts,” Birdwell said.

Midtown’s amenities – including more than a dozen restaurants within a block’s walk from the 1100 Peachtree building – were a strong attraction for IDI. “As always in real estate, location is the biggest part of the deal,” Birdwell added. “1100 Peachtree has parks, restaurants, hotels and the High Museum, all within a few blocks walk. We’re also pleased to be in the company of an impressive array of financial firms and other businesses.”

IDI employs more than 120 people at its Atlanta headquarters, which supplies key executive, accounting, financing and investment functions for IDI offices nationwide. Eight regional offices – including Atlanta, Chicago, Cincinnati, Dallas, Fort Lauderdale, Los Angeles, Memphis and Philadelphia – provide full industrial real estate services to clients throughout the U.S. and Canada. The Atlanta regional offices will remain north of the city in Norcross.

IDI has developed more than 115 million total square feet of institutional-investment quality industrial properties, ranging in size from 80,000 square feet to more than 1 million square feet, valued at $5.3 billion. IDI has grown from assets of $89 million to more than $925 million, plus ownership in long-term investments valued at more than $1.2 billion.

Atlanta-based IDI (http://www.idi.com/) is a full-service industrial real estate company with eight regional development offices. With a single focus on industrial real estate, IDI provides unmatched development, leasing, investment and property management services.

IDI’s state-of-the-art warehouse, distribution and light-manufacturing facilities enable clients to improve employee productivity, reduce operational costs and achieve global supply-chain efficiencies.

To date, IDI has developed more than 115 million square feet of space across North America for a growing roster of international clients. Subsidiary IDI Services Group (http://www.idisg.com/) provides comprehensive property management, leasing and construction management services.

Contact:
Charlotte Marie DuPre, Jackson Spalinding for IDI, P 404.214.3555. F 404.874.6545

cdupre@jacksonspalding.com

Grubb & Ellis|Commercial Florida Negotiates New Lease for 2,793-SF of Office Space at Maitland Center

ORLANDO, Fla. -- Grubb & EllisCommercial Florida, one of the leading providers of integrated real estate services in the southeast, has negotiated a lease agreement for 2,793 square feet of office space at The Paragon Building, 1060 Maitland Center Commons in Maitland.

Andy McCaw, (top right photo) vice president of the firm’s Office Group, and Anne Deason, (top left photo) associate vice president, Office Group, negotiated transaction on behalf of the tenant, Advance Publishers, LC, a leading children’s books publisher based in Maitland. Orlando Bramingham, Inc. of Maitland is the landlord.

Contacts:

Andy McCaw, 407-481-5391 amccaw@commercialfl.com
Anne Deason, 407-481-5411 adeason@commercialfl.com
Larry Vershel, 407-644-4142 lvershelco@aol.com

Hampton(r) Hotels Open 15 Properties in May 2008

MEMPHIS, TN—Hampton Hotels (www.hampton.com), the national brand of more than 1,500 mid-priced Hampton Inn® and Hampton Inn & Suites® hotels, opened 15 properties in May 2008, representing 1,279 new rooms.

The new openings include eight Hampton Inn hotels and seven Hampton Inn & Suites properties. All openings are franchised, newly constructed hotels except for one; the 120-room Hampton Virginia Beach-Oceanfront North, (above photo) a conversion.

“The demand for focused-service hotels is at a particular high during this phase of the hotel industry cycle, when financing for such projects remains easier to find,” said Phil Cordell, (top right photo) senior vice president, Hampton Hotels.

“This is the strongest month for individual openings we have experienced in the past few years and we expect this trend to continue for the foreseeable future.”

(The 106-room Hampton Inn & Suites Salt Lake City/West Jordan, UT is at left)

For consumers who would like to take their hotel room experience home with them, Hampton has a program available online at www.hamptonhomecollection.com, where many of Hampton Hotels’ guestroom amenities are available for purchase.

For a complete list of the hotels, please contact

Tori Roberson/Charmaine Easie-Samuels, Hampton Brand Communications, 901 374 5534 or

Chris Daly, Vice President, Daly Gray Public Relations, 703 435 6293, chris@dalygray.com

HFF Closes $29.7M Sale of Multifamily Development Site on New York’s Long Island

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it closed the sale of a seven-acre multifamily development site (top right photo) in Rockville Centre, New York.

HFF senior managing director Tony Cuccia (top left photo) marketed the land on behalf of a joint venture between Advance Residential Community (ARC) and Chase Partners, LLC that had secured approval for the development of 349 luxury residential units on the site.

Avalon Bay Communities Inc. purchased the land for $29.7 million free and clear of debt.

The former industrial site is located at 100 Banks Avenue a short distance from the train station in Rockville Centre on Long Island. The multifamily development to be built on the site will be eligible for tax credits under the New York State Brownfield Development Program.

“This is an excellent example of turning a former underutilized industrial site into an outstanding residential community, which will add substantially to the tax base of the Village of Rockville Centre,” said Cuccia.

Avalon Bay Communities, Inc. is a major public REIT, which specializes in developing, redeveloping, acquiring and managing luxury apartment communities throughout the U.S.

CONTACTS:

Anthony M. Cuccia, HFF Senior Managing Director, 973 549 2000, acuccia@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

Marcus & Millichap Sells 110,044-SF Shopping Center in Waxahachie, TX

WAXAHACHIE, TX–- Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Marketplace at Waxahachie, (top right photo) the 100,044-square foot shopping center in Waxahachie.

Samuel Herkovits, a senior associate in the Dallas office of Marcus & Millichap, and Gavin Kam, an associate vice president investments and senior director of the firm’s National Retail Group (NRG) in Dallas, represented the seller.

“The new owner has acquired a fully occupied, newly built Class A open-air shopping center in a stable retail market,” says Herkovits.

Located at 791 North Highway 77, near the intersection of Highway 287 and Interstate 35, the multi-tenant shopping center is situated on an 11.4-acre lot and features tremendous visibility and signage along Highway 77.

Constructed in 2006, The Marketplace at Waxahachie is anchored by Bealls, Hastings, Dollar Tree and Sleep Experts, and boasts a diverse mix of tenants, including Cotton Patch Café and Double Dave’s Pizza.

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

HFF Secures $75M Financing for MBA Headquarters Building in Washington, DC

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) has secured a $75 million financing for The MBA Headquarters Building, a 169,430-square-foot office building in Washington, D.C.

HFF senior managing directors Bill Asbill (top right photo) and Bob Donhauser (top left photo) and director Cary Abod (middle right photo) exclusively represented the borrower, The Mortgage Bankers Association, a national association representing the real estate finance industry.

The acquisition loan was structured as a variable-rate, 30-year taxable bond transaction enhanced by a Letter of Credit Facility provided by PNC Bank. Wells Fargo, Chevy Chase Bank and Virginia Commerce Bank participated in the Letter of Credit Facility. PNC Capital Markets handled the marketing of the bonds, which are typically sold to money market funds at an interest rate near the 30-day LIBOR rate.

“MBA’s leadership and staff are very excited to be moving into its state of the art new building,” said Jonathan L. Kempner,(bottom right photo) MBA’s president and CEO. “This is a great long term investment for our organization and the financing package provided us with the resources and flexibility we needed to make the deal a success.”

“This financing structure resulted in a very cost efficient acquisition loan for MBA’s new headquarters building and provides funding for the remaining tenant improvement and leasing costs for approximately 60% of the space, which will be leased to third-party tenants,” said Asbill.

Completed in April 2008, The MBA Headquarters Building is located at 1331 L Street NW between 13th and 14th Streets in the East End submarket of Washington, D.C. The new Convention Center, the central business district and six Metro stations are within walking distance of the property.

“The building has been pre-certified by the US Green Building Council at the LEED (Leadership in Energy and Environmental Design) Gold Level for the core and shell and Silver for the interior. Currently there are only four buildings in Washington, DC with LEED-Gold certification, giving the property a clear competitive advantage with eco-conscious tenants,” added Donhauser.

“The stunning design with floor to ceiling glass walls is drawing the attention of numerous prospective office and retail tenants.”

CONTACTS:

William S. Asbill, HFF Senior Managing Director, 202 533 2500, wasbill@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com