Marcus & Millichap Capital Corp. Arranges $3.5M Loan for San Francisco Mixed-Use Building

SAN FRANCISCO, CA– Marcus & Millichap Capital Corporation, (MMCC), has arranged a $3.5 million adjustable-rate loan for the refinance of a 12,019-square foot multi-family and retail building in San Francisco. (top left photo)

William Craun, an associate director in the San Francisco office, arranged the financing package for the property located at 3650-3664 Sacramento St.

“The borrower was seeking $1 million in cash-out proceeds to purchase another property in San Francisco,” says Craun.

Financing for this transaction was provided by a savings and loan bank at an adjustable rate of 5.95 percent. Terms of the loan are for 10 years. Loan to value was 60 percent.

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704, Kathryn.Molitor@marcusmillichap.com

Grubb & Ellis Announces 2 New Execs in Seattle and Denver

Bill Condon Named Managing Director of Seattle Office

SANTA ANA, Calif. (June 29, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Bill Condon (top right photo) has been named managing director of its Seattle office, effective immediately.

In this role, he will split time between managing the company’s commercial real estate services platform in Seattle and continuing to serve his established base of industrial brokerage clients.

“The qualities that have made Bill a successful brokerage sales professional – integrity, leadership and a commitment to client service will serve him well in his new role as managing director of our Seattle office,” said Jack Van Berkel, president, Grubb & Ellis Real Estate Services.

Condon joins Grubb & Ellis from Colliers International where he began his brokerage career in 2003.

Contact: Janice McDill, 312.698.6707, janice.mcdill@grubb-ellis.com

Patrick G. Lynch, RPA, FMA, is New Senior Director, Corporate Services Group in Denver

DENVER (June 29, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Patrick G. Lynch, (bottom left photo) RPA, FMA, has joined the company as senior director, Corporate Services Group.

In addition to providing real estate solutions to the company’s corporate clients, he will focus on assisting clients with their data center needs.

“Pat has a proven track record of successful real estate and facilities management on a global scale and will play a key role in providing our clients with a superior level of service regarding data center facilities,” said Mark Ballenger, executive vice president and managing director of Grubb & Ellis’ Denver office.

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

Marcus & Millichap Sells 2,723-SF Single-Tenant Net-Leased Building in Vidalia, GA

VIDALIA, GA, June 29, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Wendy's, (bottom left photo) a 2,723 square foot single-tenant net-leased property located in Vidalia, Georgia, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,370,000.

John E. (Jay) Brigel, (top right photo) a Senior Associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of both the seller and the buyer, a limited liability company.

John Leonard, Regional Manager of Marcus & Millichap’s Atlanta office, assisted in closing this transaction.

“It’s always a pleasure to deal with quality concepts like Wendy’s and with the quality franchisees that make their product so attractive to the market,”states Brigel.

Wendy's is located at 901 East First Street in Vidalia, Georgia.

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

CBRE Orlando Sells Four Apartment Communities Totaling $67.4M

ORLANDO, FL – The Orlando office of CB Richard Ellis is pleased to announce that its Central Florida Multi-Housing Group closed four local apartment properties in June for approximately $67.4 million.

CBRE exclusively represented the seller in all transactions, and has retained its position as the top multi-housing sales team in Orlando with 75% market share thus far in 2009.

The assets sold totaled approximately 700 units, and included two value-add opportunities built in the late 1980s, a newer community built after 2000, and a small low-income tax credit property.

The properties were marketed individually for different owners, and were purchased by three separate buyers. CBRE also has three other apartment projects currently under contract.

For further information, please contact:

Shelton Granade, First Vice President, T 407.839.3103. F 407.404.5001 shelton.granade@cbre.com
http://cbremarketing.com/ve/ZZ85Kr66u86J6599O71/stype=click/OID=70962695931647/VT=0

Luke Wickham, Director of Operations, T 407.839.3130. F 407.404.5001
luke.wickham@cbre.com
http://cbremarketing.com/ve/ZZ85Kr66u86J6599O71/stype=click/OID=60962695931847/VT=0

CBRE Orlando Releases 2Q Industrial and Office Reports

ORLANDO, FL--CB Richard Ellis has released its second quarter 2008 Orlando MarketView Reports on the industrial and office sectors. Highlights include:

Industrial

--The Institute for Supply Management's manufacturing index was up in May, rising to 42.8 percent, a reading that still indicates a deep contraction in the manufacturing sector, but a welcome increase over the 40.1 percent reported during April.

--A drop in the employment index suggests manufacturing payrolls will continue to decline in the coming months.

--A forecast from the University of Central Florida's Institute for Economic Competitiveness for 2009-2012 shows manufacturing jobs in Orange, Seminole, Osceola and Lake counties are expected to drop from 39,900 jobs to 36,300 by the end of second quarter 2010.

Office

--As vacancy rates skyrocket and sublease space cannibalizes the market, landlords are increasingly desperate to reduce risk by extending lease terms in exchange for months of free rent, competitive tenant improvement allowances, and other rent concessions.

--Lease rates have not been this low since $20.65 in the third quarter of 2006. Class A space in the Downtown submarket continues to command the highest lease rate of $27.69, a decrease of $0.70 from the previous quarter.

--The Downtown submarket experienced negative 102,296 sq. ft. or 37.1 percent of net absorption experienced in Orlando.

For a complete copy of both reports, please contact Angelique Greven, angelique.greven@cbre.com

Behringer Harvard Appoints Real Estate Industry Veteran to Its Opportunity REIT II Board

DALLAS, TX, June 29, 2009 /PRNewswire/ -- Behringer Harvard announced today that real estate industry veteran Diane S. Detering-Paddison (top right photo) has been appointed as an independent director on the board of directors of Behringer Harvard Opportunity REIT II, Inc.

"We're pleased to welcome Diane to our Opportunity REIT II board," said Robert S. Aisner, (bottom left photo) CEO of Behringer Harvard Opportunity REIT II, Inc. "She brings to this role more than two decades of experience with several prestigious giants in the commercial real estate industry.

"Her expertise will be instrumental in guiding our opportunity-style REIT through the completion of its acquisition phase and beyond."

Paddison served from June 2008 to January 2009 as chief operating officer of Denver-based ProLogis (NYSE:PLD), a Fortune 500 company that owns, manages and develops distribution facilities and has more than $32 billion in real estate assets under management.

CONTACTS:

Katie Myers of Richards Partners, +1-214-891-5842, katie_myers@richards.com,

for Behringer Harvard; or

Jason Mattox, Chief Administrative Officer, 1-866-655-3600, jmattox@behringerharvard.com,

or

Barbara Marler, +1-469-341-2312, bmarler@behringerharvard.com,

both of Behringer Harvard

Web Site: http://www.bhfunds.com/

Round Table: Institutional Lenders, Capital Partners Have Upper Hand in Commercial Real Estate Development and Investment

ORLANDO, FL--- Institutional investors and capital partners will play an increasingly dominant role in commercial real estate development projects, according to participants in the U.S. Real Estate Opportunity and Private Fund Investing Forum held recently in New York City.

George Livingston, (top right photo) chairman emeritus of NAI Realvest in Maitland, attended the exclusive gathering of lenders, investors and developers sponsored by the Information Management Network.

“Capital partners will control much of the decision-making in commercial real estate projects,” Livingston said. “Capital is hard to come by for large-scale projects, and most industry insiders expect that capital partners will have an increasingly powerful say in even minor decisions,” he said.

Developers – operating partners with the expertise to make big projects happen on time and on budget – will have to settle for a smaller slice of the pie in the end, Livingston added.

“Investors are demanding less risk, lower developer fees, and a bigger share of the profits,” Livingston said.

“They are more likely to back developers who invest substantially in their projects, have a sound track record and are willing to make a long-term commitment to the project,” Livingston added.

Livingston said that’s good news and bad news for commercial development.

“We can expect to see less commercial development and less innovation,” Livingston said. “Capital partners will tend to favor proven strategies in primary markets that will generate immediate cash flow and – to the extent it is possible to project – sure rewards,” Livingston said.

CONTACTS:

George Livingston, Chairman Emeritus, NAI Realvest, 407-875-9989 glivingston@realvest.com;

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com;

Emerson International in Altamonte Springs to take part in Anniversary events to honor U.K. based The Emerson Group

ALTAMONTE SPRINGS, FL --- The Emerson Group, a global corporation based in the U.K. and serves as parent company to Emerson International, Inc., in Altamonte Springs, is celebrating its 50th anniversary this year with festivities and events scheduled.

Eric J. Emerson, (top right photo) vice president and general manager of Emerson International, said The Emerson Group is one of the largest privately-owned property development companies in the U.K.

“Emerson International, one of the three principal divisions of The Emerson Group,” develops residential and commercial properties in the U.S. and internationally,” Emerson explained.

Emerson International’s Central Florida projects include Eagle Creek off Narcoossee Rd. in southeast Orlando, Emerson Pointe, adjacent to Bayhill in southwest Orlando; Emerson Plaza and CenterPointe on the Park in Altamonte Springs.


CONTACTS:
Eric J. Emerson, Vice President and General Manager, Emerson International, Inc. , 407-834-9560; ejemerson@emerson-us.com;

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

Foster Conant completes landscape for The First Academy in Orlando, FL

ORLANDO, FL— Foster Conant & Associates recently completed its contract for site-specific landscape architecture for The First Academy Middle-Upper School in Orlando, Fla.

Under its scope of services with the owner, Foster Conant provided design, construction documents and construction observation for landscape, irrigation, hardscape for commemorative plazas, and a parking lot.

The landscape architects seamlessly integrated approximately 4.5-acres surrounding the new two-story, 80,000-square-foot classroom building into the existing campus.


According to Foster Conant Principal René A. Ramos, RLA several noted specimens were specified in the design including large Drake Elm trees in planters on the main plaza at the entryway, and seven 200-gallon Magnolias planted along the building’s perimeter to complement the character of the architecture.

Architecture for the project was provided by Royal Architecture & Design of West Palm Beach, Fla. Tipton Associates Inc. of Orlando, Fla., provided civil engineering.

Celebrating 40 years in business, Foster Conant & Associates is an award-winning, site-specific landscape architectural firm that practices throughout the U.S. and abroad.


Public and private clients afford the firm a varied portfolio of expertise that includes hotels, resorts and themed entertainment complexes, timeshare resorts, airports, large-scale residential land developments, mixed-use complexes, office buildings, business parks and apartment complexes.

Headquartered in Orlando, Fla., the 12-person firm is managed by principals Richard R. “Rick” Conant, (top right photo) FASLA, Keith Oropeza, ASLA, René A. Ramos, RLA and John P. Sullivan, III, ASLA. For an extensive presentation of projects, please visit http://www.fosterconant.com/.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344,
elainei@pr-works.com, www.pr-works.com

Ardaman & Associates picks up new water authority contract

ORLANDO, FL — Ardaman & Associates Inc. was one of three firms recently selected for continuing services contracts by the board of supervisors for the Tohopekaliga Water Authority.

Under its scope of services, Ardaman is providing the Authority with geotechnical and environmental engineering, and materials testing and evaluation services on an indefinite duration, indefinite quantity continuing contract.

Services for this contract will be performed by Ardaman’s Orlando office. The Authority has not determined the amount of the contract.

Nordarse & Associates and Geotechnical and Environmental Consultants Inc., both located in Central Florida, were also selected for contracts.

Ardaman & Associates Inc. is an engineering practice providing geotechnical, environmental, water resources and facilities engineering, and construction materials testing to public, industrial and private clients worldwide.

Headquartered in Orlando, Fla., the Company has additional offices in Bartow, Cocoa, Fort Myers, Miami, Port St. Lucie, Sarasota, Tallahassee, Tampa, and West Palm Beach, Fla., and in New Orleans, Baton Rouge, Shreveport, Monroe and Alexandria, La. Established in 1959, Ardaman employs a professional, support and field staff of 485.

Please visit http://www.ardaman.com/ for more details about services and experience.

The Tohopekaliga Water Authority, established in 2003 by the Florida legislature, is the largest provider of water, wastewater and reclaimed water services in Osceola County, Florida.

The Authority owns and operates 20 water plants and 10 wastewater plants, and treats and distributes 35 million gallons of potable water and reclaims 21 million gallons of wastewater each day.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344,
elainei@pr-works.com, www.pr-works.com

NAI Realvest Completes $1M Sale of 10,723 SF former Whistle Junction Restaurant in St. Cloud, FL

ORLANDO, FL -- NAI Realvest recently completed the $1 million sale of the 10,723 square foot Whistle Junction restaurant facility located at 4551 13th St.
in St. Cloud.

Paul P. Partyka, (top right photo) principal and managing partner at NAI Realvest, who represented the seller Sovereign Investment Company of Palo Alto, Calif., said the property was purchased by Melbourne-based Sooner Investment.

Partyka said this is the second former Whistle Junction restaurant sale handled by NAI Realvest.

CONTACTS:

Paul P. Partyka, Managing Partner/Principal NAI Realvest, 407-875-9989, ppartyka@realvest.com;
Patrick Mahoney, Principal/Chief Operating Officer, 407-875-9989
Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142

Baymont Brand Opens First Hotel Outside the U.S. in Canada

PARSIPPANY, NJ– At a time when news reports are focused on the challenging economic climate, the Baymont brand, one of North America’s fastest growing hotel chains known for its hometown hospitality, continues to grow to meet consumer demand with the opening of its first hotel outside of the U.S.: the 59-room Baymont Inn & Suites® by the Falls hotel in Niagara Falls, Ontario.

Owned and operated by PHI Properties Inc., the recently renovated hotel marks a significant achievement in the growth of the Baymont brand, which, since joining the Wyndham Hotel Group family in 2006, has almost doubled the size of its portfolio to more than 225 hotels.

“With so many loyal Baymont consumers located just across the border, we’ve been focused on finding the right opportunity for the brand to enter the Canadian market,” said Patrick Breen, Baymont Inn & Suites brand senior vice president.

“Given its outstanding location and exceptional staff, the Baymont Inn & Suites by the Falls hotel was the ideal choice. As we grow and expand the brand throughout Canada we will continue to seek hotels of a similar quality and character.”

CONTACT:
Christine Da Silva, +1 (973) 753-6590
chris.dasilva@wyndhamworldwide.com

IHR Opens Lancaster County Convention Center and Lancaster Marriott at Penn Square in Pennsylvania

ARLINGTON, VA—Interstate Hotels & Resorts (OTC: IHRI), a leading hotel real estate investor and the nation’s largest independent management company, has opened the 299-room, full-service integrated Lancaster Marriott at Penn Square (bottom left photo) and Lancaster County Convention Center, (top right photo) comprising a combined 90,000 square feet of meeting space.

Interstate has been actively involved in the development of the project for more than a decade, including feasibility, construction oversight and devising marketing strategies to maximize the overall economic benefit for Lancaster County.

The $177-million hotel and convention center project is a joint venture of the Redevelopment Authority of the City of Lancaster, Lancaster County Convention Center Authority and private developer Penn Square Partners. Interstate operates both parts of the integrated facility.

“Lancaster County, with its rich history, old-world charm and unique tradition, is a major regional travel destination, and this all-new upscale hotel and convention center offers a compelling lodging alternative for both business and leisure travelers,” said Thomas F. Hewitt, (middle left photo) Interstate chairman and chief executive officer.

“With its central Pennsylvania location and more than 90,000 square feet of combined meeting space that can accommodate groups of up to 5,000, this state-of-the-art facility offers a convenient and affordable option for meeting planners throughout the Northeast.

" It also will be a magnet for the millions of visitors who come to enjoy the natural beauty and amenities of the Pennsylvania Dutch countryside.”

“Interstate’s proven track record with convention centers and hotels, along with its size advantage, in-depth knowledge of the region, and experience and relationship with Marriott made them a very compelling choice for our hotel management company selection," said Nevin Cooley, (middle right photo) chief executive officer of Penn Square General Corp.

“As the facility fully ramps up, it is expected to create 200 to 300 new jobs and attract more than 150,000 new visitors to Lancaster annually.”

Located at 25 South Queen Street in historic Penn Square, the combined facility features a unique architectural blend of the old and the new in an adaptive reuse of an historic landmark.

The 19-story Lancaster Marriott at Penn Square incorporates the 19th-century Beaux Arts façade of the landmark Watt & Shand department store and features a breathtaking lobby highlighted by grand cathedral ceilings and mahogany paneling.

All 299 guest rooms feature stunning views of downtown Lancaster, as well as 37-inch LCD high-def televisions and the industry’s only digital “plug & play” system that connects laptops to TVs.

The integrated facility features a spacious 46,500-square-foot exhibition space; 9,000 square-foot ballroom; and numerous smaller, finely appointed meeting spaces.

Wireless connectivity is available throughout the facility. Other hotel amenities include two on-site business centers; a fine dining restaurant/lounge with 100-seat dining room and private dining; lobby bar; indoor swimming pool and whirlpool tub; exercise room; and two spa treatment rooms.

“This represents one of the 16 management contracts we have signed for properties under development or construction,” said Leslie Ng, chief investment officer. “Our pipeline remains quite active as we continue to focus on expanding our third-party management contract business.”

CONTACTS:

Julie Tullbane, Daly Gray Public Relations, T 703-435-6293. F 703-435-6297, julie@dalygray.com

http://twitter.com/dalygray

Carrie McIntyre, SVP, Treasurer, Interstate Hotels & Resorts, (703) 387-3320

Tremont Structures $4,749,500 Bedford Office Financing

BOSTON, MA--The Boston office of Tremont Realty Capital arranged financing for the refinance of 54 Middlesex Turnpike,(top right photo) a two story, 42,500 square foot, multi-tenant office building and separate 8,068 square foot daycare center located on 6.7 acres in Bedford, MA.

David Ross, (bottom left photo) a Managing Director with Tremont, arranged the $4,749,500 loan, which was funded through a local bank.

The 20 year loan provided for roughly 70% loan-to-value with a 5.75% interest rate. The property is located near Routes 95 and 3.

According to Ross, “The owners had just completed the addition of a free-standing, 8,000 square foot daycare center at the property. They had financed the new improvements out of pocket and were looking for a new permanent loan to refinance the existing loan, in order to recoup some of their recent investment into the daycare center.

"While the daycare center was a start-up, the location was terrific and the office history and rent roll were compelling.”

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 Boston office of Tremont Realty Capital is located at 800 Boylston Street, 45th Floor, Boston, MA 02199.

CONTACTS:

David Ross, 617.867.0700 x773

Aimee Munsey, Senior Associate, Marketing & Communications, Tremont Realty Capital

p: 617.867.0700 x784. f: 617.867.0077.
amunsey@tremontcapital.com
http://www.tremontcapital.com/

Jones Lang LaSalle Expands Orange County, CA Operations

IRVINE, CA – Jones Lang LaSalle has relocated and expanded its Orange County operations by combining its Irvine and Newport Beach operations in a new full-service, regional office located at 4 Park Plaza (bottom left photo) in Irvine, California.

The expanded office will be multi-functional and will house 20 executives with expertise in tenant representation, agency leasing, capital markets, and project and development services.

“It was important for us to have our entire Orange County team in one location so that all our teams – across all business lines – can collaborate more effectively on behalf of our clients,” said Leland Bruce, (top right photo) Senior Managing Director for Jones Lang LaSalle’s Irvine office.

“We are now better positioned to satisfy the needs of our growing client base in Orange County.”

With a property and facilities management portfolio of 43.4 million square feet, Jones Lang LaSalle employs more than 700 professionals in Southern California’s six offices in the region, including Los Angeles Downtown, Los Angeles West, Los Angeles North, South Bay, Orange County and San Diego.

CONTACT: David Ebeling, Ebeling Communications, 949.278.7851, david@ebelingcomm.com