HFF arranges $3M loan for new Chase Bank site in Darien, CT

 
NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $3.0 million permanent loan for a 3,500-square-foot JP Morgan Chase bank building under construction in the Noroton Heights section of Darien, Connecticut.

HFF senior managing director Al Epstein (top right photo)  worked on behalf of the borrower, Golden Heights LLC to secure the 10-year, fixed-rate loan through Peoples Bank of Massachusetts. The borrower is an affiliate of Thomas Golden Realty Company, which owns a number of commercial properties in Darien.

The site is located at 169 Noroton Avenue in the Noroton Heights section of Darien. Scheduled for completion within two months, the new Chase Bank building will be a one-story structure with two drive-through ATM’s and 24 parking spaces.

“The lender, Peoples Bank, recognized the uniqueness of the property’s location. New developments don’t come easy in this area as Darien has high barriers to entry. This is a busy intersection across from the Noroton Heights Metro Station that leads into a very active retail area that is anchored by Stop and Shop, Walgreen Drugs and Equinox,” said Epstein.

“In the same general area, Thomas Golden Realty Company is in discussions with the Town of Darien for developing a high quality, low-rise multi-housing/mixed-use commercial transit-oriented property to adjoin the Stop and Shop and Walgreen property.”

Contacts:
Alvin J. Epstein, HFF Senior Managing Director, (212) 245-2425, aepstein@hfflp.com
 Kristen M. Murphy,  HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

National Retail Properties, Inc. Declares Common Dividend

ORLANDO, FL,  Oct. 15, 2009 /PRNewswire-FirstCall/ -- The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend of 37.5 cents per share payable November 16, 2009 to common shareholders of record on October 30, 2009.

The dividend represents an annualized rate of $1.50 per share. This dividend payment marks the twentieth consecutive annual dividend increase for National Retail Properties. Only 156 publicly traded companies in America have increased annual dividends paid to shareholders for 20 or more consecutive years. This quarterly dividend payment brings the total dividend paid for 2009 to $1.50 per share, representing a 1.4% increase over $1.48 per share paid in 2008.

"We're proud to reach our twentieth consecutive year of increased annual dividend payments," said (Craig Macnab, top right photo) Chairman and Chief Executive Officer. "Less than 2% of all public companies in America have achieved this milestone. In an environment when many companies have cut or suspended dividend payments, a consistent and increasing dividend is extremely important to our shareholders."

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2009, the company owned 999 Investment properties in 44 states with a gross leasable area of approximately 11.4 million square feet. For more information on the company, visit http://www.nnnreit.com/.

Contact: Kevin B. Habicht, (bottom left photo)   Chief Financial Officer of National Retail Properties, Inc., +1-407-265-7348

Industry Veteran Richard Wieneke Joins Grubb & Ellis

SEATTLE, WA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that Richard Wieneke (top left photo)  has joined the company as senior vice president, Investment Group. A 28-year veteran of Seattle’s commercial real estate industry, Wieneke will specialize in assisting clients with the sale and acquisition of distressed assets.

“Richard is one of our city’s most accomplished commercial real estate practitioners. He brings extensive experience and relationships, and will be an asset as we continue to build our presence in the Seattle market,” said Bill Condon, (bottom right photo)  managing director of Grubb & Ellis’ Seattle office.

Throughout his career, Wieneke has been involved in the development, acquisition and disposition of real estate assets valued in excess of $2 billion.

Wieneke spent the majority of his career at Kennedy Associates Real Estate Counsel Inc., where he participated in the startup of the investment advisory firm, specializing in value-add acquisitions, in 1981.

During his 20 years at Kennedy Associates, the company grew to 85 people with offices in Seattle, Los Angeles, Dallas, Denver and Washington, D.C., with a nationwide portfolio of $4.5 billion on behalf of more than 200 public, corporate and Taft-Harley pension plans.

Wieneke spent five years from 2001 to 2005 as senior real estate director at Opus Northwest LLC. He joins Grubb & Ellis from TNR LLC, where he was the owner of the development firm since 2005.

Wieneke earned two bachelor’s degrees from Washington State University and a master’s degree from the University of Oregon.

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

Arbor Closes 2 Fannie Mae Loans Totaling $10.6M in Texas

Windemere Apartments in Houston, TX Receives $5.46 Million

UNIONDALE, NY, Oct. 15, 2009– Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $5,460,000 loan under the Fannie Mae DUS® Loan product line for the 257-unit complex known as Windemere Apartments (top right photo) in Houston, Texas.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.05 percent.

The loan was originated by Matt Norman, Vice President, in Arbor’s full-service Dallas, TX lending office. “This transaction involved Arbor assisting an existing client with a new acquisition designed to bolster their portfolio,” said Norman.

Huntington Cove Townhomes in Farmers Branch, TX Obtains $5.19 Million


UNIONDALE, NY - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $5,190,000 loan under the Fannie Mae DUS® Loan product line to refinance the 100-unit complex known as Huntington Cove Townhomes in Farmers Branch, TX.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.98 percent.

The loan was originated by Jay Porterfield,  (top right photo) Vice President, in Arbor’s full-service Plano, TX lending office. “Arbor provided attractive, non-recourse financing that allowed the borrower to retire his existing recourse financing from a local bank,” said Porterfield. “We look forward to continuing to grow our financial partnership with this client.”

Arbor Appoints Thomas Dodge to FHA Chief Underwriter

UNIONDALE, NY - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and leader in the commercial real estate finance industry, has announced today the appointment of Thomas Dodge to FHA Chief Underwriter. He reports to Joseph Donovan, (bottom left photo) Senior Vice President, Production Management.

Mr. Dodge oversees the underwriting of multifamily and healthcare loans under the FHA Mortgage Insurance Programs, as well as the training and development of FHA/MAP staff. Additionally, he will ensure the Company’s compliance with HUD, MAP and LEAN requirements.

Mr. Dodge has more than 30 years of experience in commercial real estate finance, with a strong focus on Underwriting. Prior to joining Arbor, Mr. Dodge served as Vice President, Senior Underwriter with Neace Lukens Capital. Previously, he held posts with Bedford Lending Corp., First NH Bank and Shawmut Bank.

Mr. Dodge earned a Bachelor of Science degree in Management from C.W. Post College. He resides in Hooksett, NH.

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

C&W Orlando negotiates sale of 50 acres in Colina Bay at Montverde, FL

 
 ORLANDO, FL– As Exclusive Right of Sale Listing Agent, Cushman & Wakefield negotiated the sale of 60 developed lots in Colina Bay, a residential subdivision overlooking Lake Apopka in Montverde, FL.

The buyer, Colina Bay Investments, LLC, paid the Seller, Colina Recovery Inc, $2,400,000 or $40,000 per lot. Margery Johnson (top right photo)  of Cushman & Wakefield was the broker in the transaction.


C&W negotiates 15,000 SF warehouse deal for Autopart International

ORLANDO, FL– Cushman & Wakefield of Florida, Inc. (C&W) announced a new lease for Massachusetts-based Autopart International, an aftermarket parts distributor for automotive professionals that is moving into the Florida market for the first time.

The Industrial Brokerage team of Lee Morris (bottom left photo)  and Jared Bonshire, represented the tenant in the deal for 15,000 square feet at 613 Triumph Court, from landlord Harrel & Davis. Autopart International is owned by Advance Auto Parts.

Contact:  Brook Hines, Tel: 407-541-4401, brook.hines@cushwake.com,  http://www.cushwake.com/

Lennar Launches End-of-the-Year Sale in all its Southwest Florida Communities

FORT MYERS, Fla. - Lennar’s Southwest Florida Division is hosting an End-of-the-Year Sale in all new home communities in the Southwest Florida region.

Matt Devereaux, director of sales for Lennar’s Southwest Florida Division, said Lennar is offering special pricing on all new homes under construction, along with upgraded stainless steel appliances, granite counters and free golf and country club memberships.

“This is a great opportunity to take advantage of the $8,000 U.S. federal tax credit for new home buyers,” Devereaux said.

For more information, contact:
Matt Figlesthaler, Area Sales Manager Lennar-Southwest Florida 239-278-1177
Matt Devereaux, Director of Sales, Lennar-Southwest Florida 239-278-1177
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Chicago Office Market Snapshot: Third Quarter 2009

CHICAGO, IL--The following summary is designed to provide a brief overview of the Chicago metro office market during the third quarter of 2009. For more information or to speak with one of the company’s local market experts, please contact Erin Mays at 312.698.6735 or via email at erin.mays@grubb-ellis.com.

REGION

· Nearly 1.3 million square feet of vacant space was added to the Chicagoland market during the third quarter, increasing the total negative net absorption to more than 3.3 million square feet year-to-date and contributing to the region’s 60-basis-point increase in vacancy to 19.6 percent.

· The area currently has more than 2.7 million square feet of new development under construction. However, much of it is the 1.1-million-square-foot 155 N. Wacker and the 1.2-million-square-foot 353 N. Clark in Chicago’s CBD, both delivering in the fourth quarter and both 80- to 85-percent leased.

· Average Class A asking rental rates for the region stayed flat at $29.80 per square foot from $29.79 per square foot in the second quarter.

· With commercial property values continuing to erode, CMBS and traditional bank loan maturities are expected to remain a major concern through 2012.

Analysis:  Most tenants are interested in evaluating their options while it is a tenant’s market. However, inability to make a long-term commitment has caused tenants to either put decisions on hold or sign short-term renewals in order to maintain maximum flexibility. Many well-capitalized landlords are holding out for the market to revive, or alternatively, they are “backloading” deals by offering rental rates that are initially low to help the tenant through the recession, then escalating those rates toward the end of the term to recoup the discount.

CHICAGO CENTRAL BUSINESS DISTRICT

· The vacancy rate in the Chicago CBD office market increased 60 basis points to 15.4 percent from the second quarter.

 (O'Hare Airport, middle right photo)

· The market had overall negative net absorption of 770,000 square feet in the third quarter, bringing the total negative net absorption accumulated year-to-date up to 1.5 million square feet.

· Class A average asking rental rates decreased by $0.02 to $37.13 per square foot for the third quarter.

Analysis: While 155 N. Wacker and 353 N. Clark may be mostly preleased, the older buildings from which tenants are moving don’t have other businesses waiting in the wings to take the space. This, combined with the existence of more than 4.3 million square feet of sublease space on the market, indicate that things are likely to get worse before they get better.

The downtown real estate market continues to be a tale of two landlords. Well-capitalized landlords are in a position to either wait out the recession or to woo tenants with attractive incentives, including moving allowances and tenant improvement dollars. Highly leveraged landlords, however, are very limited in what incentives they can provide to tenants, and lenders have taken a more active role in these discussions.

(300 N. Riverside Plaza, middle left photo)


SUBURBAN CHICAGO

The vacancy rate crept to 24.3 percent overall, an increase of 40 basis points from the previous quarter.

The market saw more than 500,000 square feet in negative net absorption during the quarter, bringing the total for the year to 1.8 million square feet of negative net absorption.

A modest 430,000 square feet is currently under construction in the I-88 East, I-88 West, North and O’Hare submarkets. The Northwest submarket, which has the highest vacancy of the region at 29.3 percent, currently has no new construction underway.

Average Class A asking rental rates in the Chicago suburbs stood at $24.19 per square foot, an increase of $0.09 from the previous quarter.

Analysis:  Commercial real estate fundamentals continued to soften in the Chicago suburbs as vacancy increased and negative absorption mounted. However, these losses have slowed compared with previous quarters, potentially signaling that the suburbs may emerge from the recession before Chicago’s CBD. The construction pipeline has begun to dry up while the CBD awaits 2.3 million square feet of new construction deliveries, and the suburbs posted less negative absorption this quarter than did the CBD.

To access the full Chicago Metro Office Trends report and other Grubb & Ellis research publications, visit www.grubb-ellis.com/research.

Grubb & Ellis Represents Chinatrust Bank USA in Sale of The Flat

LOS ANGELES, CA (Oct. 12, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that its Financial Services Asset Management Group represented Chinatrust Bank USA in the sale of The Flat, (top right photo) a 206-unit REO apartment conversion that the bank took ownership of in September.

The property was sold to SA Properties Holding LLC in an all-cash transaction. Financial consideration was not disclosed.

The Flat is located at 750 S. Garland Ave., and was 93 percent occupied at the time of the sale. Although the sale price was not disclosed, the property was listed at $27 million, making it one of the city’s largest real-estate-owned investment sales transactions in 2009.

Senior Vice Presidents Phillip Sample and Chris Cooney were the lead brokers. Chris Caras, senior vice president, Sandi Mann, senior associate, Mike Shustak, senior vice president, and Ed Rosenthal, vice president, assisted Sample and Cooney in the representation of Chinatrust Bank..

“Navigating the foreclosure, bankruptcy and subsequent sale of the asset was extremely complicated,” said Sample.

“Adding to the complexities of the transactions was our client’s goal to close the transaction prior to the end of the third quarter. Certainly, having a buyer with the ability to quickly close all-cash on this complex asset was key to our success.”

Sonya Moreno, managing partner of SA Properties Holdings, represented SA Properties Holding LLC in the transaction.

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

Wyndham Hotel Group Recognized as Largest Hotel Company in the U.S.

PARSIPPANY, N.J.– After a year of solid system growth and increased efforts focused on franchisee retention, Wyndham Hotel Group, franchisor and manager of well-known hotel brands, including Wyndham Hotels and Resorts®, Ramada®, Days Inn®, Super 8®, Wingate by Wyndham®, Baymont Inn & Suites®, Microtel Inns & Suites®, Hawthorn Suites®, Howard Johnson®, Travelodge® and Knights Inn®, has been recognized by Hotel & Motel Management magazine as the largest hotel company in the U.S. by number of rooms.

Included in the magazine as part of its 2009 Top U.S. Hotel Companies Survey, the distinction highlights the more than 464,000 rooms and nearly 6,000 hotels that make up the company’s 11-brand U.S. portfolio, as of June 2009, which, in a little over a year, has grown by more than 300 hotels and 20,000 rooms. Wyndham Hotel Group is also the largest hotel company in the U.S. by number of hotels.

“Over the past year, we’ve made significant strides in enhancing our development and retention efforts by increasing the size and scope of our development team while providing the necessary tools and flexibility to ensure that current owners and developers succeed in this challenging environment,” said Eric Danziger, (top right photo)  Wyndham Hotel Group president and chief executive officer.

“This achievement underscores the success of those efforts and is a testament to the strength and value of our brands.”

(Ramada Bangkok Sukhumvit, bottom left photo)

Wyndham Hotel Group, part of the Wyndham Worldwide family of companies (NYSE: WYN), encompasses more than 7,000 hotels and 590,000 rooms under its 11 brands in 66 countries. All hotels are independently owned and operated excluding certain Wyndham and international Ramada hotels which are managed by our affiliate or through a joint venture partner.

Wyndham Hotel Group is based in Parsippany, N.J. Additional information is available at http://www.wyndhamworldwide.com/

CONTACT:  Christine Da Silva, 973-753-6590, christine.dasilva@wyndhamworldwide.com

Grubb & Ellis Commercial Florida Negotiates Three New Lease transactions

TAMPA, FL--- Grubb & Ellis Commercial Florida recently negotiated three new Class A office lease agreements that total 16,754 square feet of space at Laurel Place, 5102 W. Laurel St. in Tampa’s Westshore district.

Paula Buffa,  (top right photo) CCIM, senior vice president of Grubb & Ellis Commercial Florida’s Tampa Office Group and Associate Maria Camarinos Hall (bottom left photo) negotiated all three lease agreements representing the landlord, Tampa-based Arcis Investments, Inc., a private equity real estate investment group.

The three leases resulted in 100 percent occupancy at Laurel Place.

Idearc Media Sales-West, Inc., a Delaware corporation, leased 3,380 square feet of office space, Alaska-based Tyonek Manufacturing Group leased 5,035 square feet, and IT Authorities, Inc., of Tampa leased 8,339 square feet.

Contacts:

Paula Buffa, 813-830--7887

Maria Camarinos Hall, 813-830-7894

Jeffrey Sweeney,  407-481-5387
Larry Vershel,  407-644-4142

New Faces and Duties at Mortgage Bankers Association

Tom Koonce to Join MBA as Vice President of Legislative Affairs

WASHINGTON, D.C.--- John A. Courson, Chief Executive Officer of the Mortgage Bankers Association (MBA), today announced that Tom Koonce (top right photo) will join MBA as Vice President of Legislative Affairs, effective November 2, 2009.

In this role, Koonce will lead MBA's day-to-day lobbying efforts on Capitol Hill working with Members of Congress and their staff on issues important to MBA's members. He will report to Steve O'Connor, MBA's Senior Vice President of Government Affairs.

"We are very fortunate to have someone with Tom's expertise leading MBA's legislative team," said Courson. "Tom has valuable experience working on the Hill on issues related to housing and mortgage finance, and he knows how to work with a variety of constituencies in a major trade association."

Cheny and Bradshaw Get New Posts

WASHINGTON, D.C. - John A. Courson, President and CEO of the Mortgage Bankers Association (MBA), today announced the appointment of Brad Cheney as Director of Legislative Affairs. In addition, he also announced the promotion of Pace Bradshaw to Director of Government Affairs.

"Promoting Pace and adding Brad will ensure MBA's voice on Capitol Hill continues to be strong and effective on behalf of our members," said Courson. "Given the issues facing our industry, we believe that having our strong and experienced lobbying team is more important than ever."

Cheney is joining MBA from the office of Congressman Brad Sherman (D-CA), where he served as Chief of Staff. In that role, he was responsible for managing all operations of the Washington, DC office, including developing and implementing critical strategy during the recent financial crisis and stabilization efforts. In his new role, Cheney will join MBA's lobbying team on Capitol Hill working with Members of the House of Representatives and Senate. He will begin on November 10.

"MBA is excited to add Brad's energy and expertise in lobbying for the issues important to our members," said Steve O'Connor, (top left photo) MBA's Senior Vice President of Government Affairs. "He brings with him valuable experience and knowledge which he will put to use on the industry's behalf."


CONTACT: John Mechem, (202) 557-2924, mechem@mortgagebankers.org
   
MBA, CMSA Comment to Regulators on Proposed Treatment of Assets Coming on Books as a Result of FAS 166 and FAS 167

Washington, DC-- The Mortgage Bankers Association (MBA) and the Commercial Mortgage Securities Association (CMSA) filed a comment letter with banking regulators Wednesday to address the proposed risk-based capital (RBC) treatment of assets coming on the books of banks on January 1, 2010, as a result of FAS 166 and FAS 167.

FAS 166 and FAS 167, issued by the Financial Accounting Standards Board (FASB) in June 2009, will generally require that assets and liabilities of prior private label residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS) be put on the balance sheet of the issuer, servicer or special servicer for all deals prior to January 1, 2010. These new guidelines will also apply to all deals commencing on or after that date.

A copy of the joint comment letter can be found on both www.mortgagebankers.org and http://www.cmsaglobal.org/.

CONTACTS:

MBA CMSA, John Mechem , (202) 557-2924, jmechem@mortgagebankers.org
Kenneth Reed (212) 589-0961, kreed@cmsaglobal.org

Grubb & Ellis's Bach Says Commercial Real Estate Not as Dark as Pictured

SANTA ANA, CA--Bob Bach, (top right photo) senior vice president and chief economist, Grubb & Ellis Co., shares his views on the current commercial real estate markets:

Smart Money called “second derivative” one of those “needlessly nerdy financial words.”

 In the context of the recession, it means that conditions are still getting worse but at a slowing rate – a prelude to bottoming out. A number of economic indicators have seen improvement in their second derivatives and some are signaling expansion. But because commercial real estate is a lagging indicator, we haven’t seen second derivative improvement… until now.

Preliminary third quarter data from Grubb & Ellis show an abatement in the pace of deterioration compared with the past two quarters.

The national office vacancy rate appears to be about 50 basis points higher than in the second quarter, which would take it to just above 17 percent.

By comparison, vacancy in the first and second quarters increased by 80 and 100 basis points, respectively. Negative net absorption and sublease space also appear to be moderating.

What could explain this slowdown in the rate of decline?

One theory is that panicked employers “over-fired” after the credit markets froze in September 2008. The faster deterioration in the leasing market during the first and second quarters likely reflected this panic. Now that the recession appears to be ending, tenants may feel less of a need to further slash their space requirements, although we won’t see positive absorption until job growth returns.

A couple of other notable data releases this week:

The Labor Department reported that initial jobless claims fell 33,000 to 521,000 last week, beating analyst expectations.

The decline, which was the fourth in the past five weeks, brought the four-week moving average to its lowest level since January 17th. Continuing claims for the previous week slipped by 72,000 to 6.04 million.

Chain store sales rose 0.1 percent in September according to ICSC, the first increase since July 2008. The increase was driven more by calendar and weather effects than by underlying strength in spending, but we’ll take what we can get.

Contact:  corporatecommunications@grubb-ellis.com.

Florida First Capital Announces First-Ever Dip below 5% Interest for SBA Commercial Real Estate, Equipment Loans

 

TALLAHASSEE, FL.--(BUSINESS WIRE)--For the first time ever, the 20-year fixed rate for commercial real estate and equipment loans from the U.S. Small Business Administration’s (SBA) “504” loan program has fallen below the five percent threshold to a historic low of 4.86 percent.

This is one of the lowest rates that has ever been widely available in the country for the acquisition and enhancement of commercial space and equipment by small- and mid-size businesses.

“Such a rate may never be seen again, and small business owners can now also save substantial sums on most program fees, which have largely been waived or eliminated under the American Recovery and Reinvestment Act,” said Todd Kocourek, top right photo) president and CEO of Florida First Capital Finance Corp., Florida’s statewide certified development company.

The SBA 504 loan program is reserved exclusively for the purchase, construction or renovation of owner-occupied commercial real estate and/or the acquisition of industrial equipment or other fixed assets.

“Business owners who understand the benefits of owning rather than leasing their space and equipment will recognize that there may never be a better opportunity to invest in growing their business,” concluded Kocourek.

Florida First Capital Finance Corp. is the state’s largest non-profit certified development company that promotes economic development and job creation throughout Florida by working with the SBA and private-sector lenders to provide financing to small businesses. Florida First Capital lends to small businesses under the SBA 504 loan program for real estate and equipment as well as via the Florida Recycling Loan Program and other small business assistance programs.

For information on the SBA or State of Florida loans, call 888-320-5504, email info@ffcfc.com or visit www.ffcfc.com.

Contact:  For Florida First Capital Finance Corp., John P. David, 305-255-0035, john@davidgarciapr.com

Grubb & Ellis Represents University of Phoenix in Downtown Expansion

CHICAGO, IL– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that it represented the University of Phoenix in a lease renewal and expansion at 203 N. LaSalle St., bringing the institution’s total occupancy to approximately 44,000 square feet.

“The University of Phoenix has experienced a significant increase in enrollment, driving the need for additional classroom space,” said Craig Cassell, vice president in the Office Group at Grubb & Ellis and tenant representative in the transaction.

 “The available space on the floor directly above the school’s currently occupied space proved to be an excellent solution.”

The university’s existing lease of 27,000 square feet was originally scheduled to expire within the next several years. The renewal and lease expansion, which provides an additional 17,000 square feet of space, has been signed on a long-term basis.

The landlord, M&J Wilkow, was represented directly by Jack O'Brien.


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

Grubb & Ellis AGA Realty Income Fund Announces Dividend

SAN MATEO, CA– Grubb & Ellis Alesco Global Advisors  announced that Grubb & Ellis AGA Realty Income Fund (NSDQ: GBEIX) paid a dividend of $0.132 per share on Sept. 30 to shareholders of record as of Sept. 29. The fund intends to make regular quarterly distributions.

Grubb & Ellis AGA Realty Income Fund is managed by an experienced portfolio team with public and private market real estate experience, as well as long-standing industry relationships. The fund is distributed by Quasar Distributors, LLC.

Grubb & Ellis Alesco Global Advisors is a subsidiary of Grubb & Ellis Company (NYSE: GBE), one of the largest commercial real estate services and investment management firms. This relationship affords them access to a nationwide network of real estate brokers and researchers, providing market insights and understanding on virtually every real estate market and product type in the country.

For more information regarding Grubb & Ellis AGA Realty Income Fund, please visit the fund’s Web site at http://www.gbemutualfunds.com/.


Contact: Damon Elder, Phone: 714.975.2659, Email: damon.elder@grubb-ellis.com

Gary Bechtel is New  Senior Vice President in Newport Beach Office

NEWPORT BEACH, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that commercial real estate veteran Gary Bechtel (bottom right photo) has joined the company’s Newport Beach office as senior vice president, effective immediately. He will be responsible for serving the debt financing and equity needs of clients, expanding the office’s service offerings to include mortgage brokerage.

During his 22-year career, Bechtel has been involved in roughly $7.5 billion in commercial debt transactions involving multiple property types, including office, retail, industrial, multifamily, hospitality, self storage and manufactured housing.

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

Thomas D. Wood Brokers $4.6M Loan in South Florida

MIAMI, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on October 1, 2009, in the amount of $4,600,000 for Lincoln-Lauderhill Industrial in Lauderdale Lakes and Lauderhill, Florida.


Marshall Smith, (top right photo)  Company Executive Vice President, financed Lincoln-Lauderhill through Thomas D. Wood and Company’s relationship with a local bank.

The loan term is ten years, and the rate can be reset after five years, based on a 25-year amortization and a loan-to-value of 49.4%. The interest rate is 6.50%.

The two properties total 328,400 square feet of industrial space, and were built between 1974 and 1978. Lincoln-Lauderhill Industrial is located at 3435-3699 NW 19th Street, Lauderdale Lakes, and 1840-1898 NW 38th Avenue, Lauderhill, Florida.

For further information, please contact:
Marshall Smith (305) 447-7820 msmith@tdwood.com
Jessica Gurtowski (407) 937-0470 jgurtowski@tdwood.com