$10.9M HUD Loan Funds Purchase of Manor Court of Peoria in Illinois

Cambridge Realty Capital Companies has closed a $10.9 million FHA-insured HUD Lean mortgage loan to fund the purchase of Manor Court of Peoria, (top left photo) a 118-bed combination skilled nursing and assisted living property located in Peoria, IL.

Cambridge Chairman Jeffrey A. Davis (bottom right photo) said the property offers residents 50 skilled care and 68 assisted living beds. The fully-amortized, 35-year term loan was arranged for the property’s owner, an Illinois not-for-profit corporation, using HUD‘s Section 232 pursuant to Section 223(f) -Lean funding program.

The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge subsidiary responsible for underwriting FHA-insured HUD loans.

HUD’s new Lean program has introduced sweeping changes in the way HUD loans are processed and approved. Responsibility for processing HUD loans has been shifted from HUD field offices to FHA’s Office of Insured Health Care Facilities (OIHCF) in Washington, D.C., which provides a single source for program and policy development and a more consistent and user-friendly platform for borrowers and lenders.

HUD’s goal is to process loans on a timetable that more closely resembles the timing for conventional loans, Davis said.

The firm also has embraced social media and networking via Twitter at http://twitter.com/cambridgecap , via Facebook at http://www.facebook.com/pages/Chicago-IL/Cambridge-Realty-Capital-Companies/19132944489, and via Linkedin at http://www.linkedin.com/companies/454232 , where information on the firm and its employees can be found.

Contact:: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611

Cousins Properties Reports Results for Quarter and Year Ended Dec. 31, 2009

 ATLANTA--Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the three months and year ended December 31, 2009.

 All per share amounts are reported on a diluted basis; basic per share data is included in the Condensed Consolidated Statements of Income accompanying this release.

Funds from Operations Available to Common Stockholders (“FFO”) for the fourth quarter of 2009 was $11.5 million, or $0.11 per share, before separation and non-cash impairment and valuation charges discussed below, compared with FFO of $10.2 million, or $0.20 per share, for the fourth quarter of 2008.

FFO was $50.1 million, or $0.77 per share, before such charges for the year ended December 31, 2009, compared with $61.0 million, or $1.18 per share, for the same period in 2008.

Net Income (Loss) Available to Common Stockholders (“Net Income (Loss) Available”) was $(3.6) million, or $(0.04) per share, before such separation and non-cash impairment and valuation charges for the fourth quarter of 2009 compared with $(4.1) million, or $(0.08) per share, for the fourth quarter of 2008.

Net Income Available was $156.4 million, or $2.39 per share, before such charges for the year ended December 31, 2009, compared with $7.6 million, or $0.15 per share, for the same period in 2008.

The Company recorded $137.9 million of separation and non-cash impairment and valuation charges during the second and third quarters of 2009 and $4.2 million of such charges during the fourth quarter of 2009.

Including the separation and non-cash impairment and valuation charges, FFO was $7.3 million, or $0.07 per share, for the fourth quarter of 2009 and a loss of $(92.0) million, or $(1.40) per share, for the year ended December 31, 2009.

Net Loss Available, after such separation and non-cash charges, was $(7.8) million, or $(0.08) per share, for the fourth quarter of 2009 and Net Income Available was $14.4 million, or $0.22 per share, for the year ended December 31, 2009.

For a complete copy of the company's news release and financials, please contact:
 
Cousins Properties Incorporated, James A. Fleming, (top right photo) Executive Vice President and Chief Financial Officer, 404-407-1150, jimfleming@cousinsproperties.com, or
 
Cameron Golden, Director of Investor Relations and Corporate Communications, 404-407-1984
camerongolden@cousinsproperties.com, Web site address: http://www.cousinsproperties.com/

North Fulton CID Selects Contractor for Landscaping “Gateway” in the Ga. 400 Interchange at Haynes Bridge Road

 ATLANTA, GA, Feb. 8, 2010 – The entrance to North Fulton at Georgia 400 and Haynes Bridge Road will change drastically for the better this year.

The North Fulton Community Improvement District (CID) is spending an estimated $400,000 to landscape the interchange, creating a “gateway” to North Fulton and the CID. The CID is made up of commercial properties along Ga. 400, from Mansell Road north to McGinnis Ferry Road.

Piedmont Landscape Contractors, LLC was awarded the estimated $400,000 project, following a competitive bid process that began in late December 2009.

“After reviewing all the bid documents, we were fortunate to have several good choices to complete this project under budget,” said Brandon Beach, (top right photo) Executive Director of the North Fulton CID. “Piedmont was selected because they demonstrated exceptional value and vast experience with projects of this scale and magnitude.”

Over a dozen varieties of trees and shrubs will be planted in the interchange, along with 30,000 square yards of sod. The landscape plan is modeled after the CID’s successful Mansell Road interchange landscaping.

“Our goal is to create gateway entrances to North Fulton,” Beach continued. “These beautification projects help brand our District, making it more attractive for business and for the people who live, work and play in North Fulton.” All CID contractors are required to choose materials from a pre-approved list that meets the sustainability and branding requirements outlined in Blueprint North Fulton, the CID’s master plan.

The CID worked closely with both the City of Alpharetta and the Georgia Department of Transportation on permitting, allowing them to fast-track the project.

With planting season ending on March 15, timing is critical. Landscape installation will begin in February and will be completed this fall.

Contact: 
Patrick Hill, Jackson Spalding, (404) 724-2506

Lawrence Gellerstedt, Jackson Spalding, (404) 214-3556

Strategic Management Partners Joins with GFI to Rescue Underperforming and Distressed Multifamily Assets Nationwide

ATLANTA, GA--(Feb.  8, 2010) – Strategic Management Partners (SMP) is partnering with GFI Capital Resources Group, a full-service provider of real estate and insurance services for over 26 years, to offer multifamily property management services to owners of underperforming and distressed apartment communities across the country.

The affiliation essentially gives GFI the capability to offer third-party management services separately from its own portfolio. Potential clients may include equity owners as well as special servicers such as banks and other financial institutions.

SMP is an Atlanta-based, third-party management firm providing innovative, cost-effective solutions to increase occupancy, net operating income (NOI) and property values for clients nationwide. It offers property management and turnaround services including third party partnerships, receiverships, foreclosures, lease-up, asset repositioning, renovation and due diligence services.

Cynthia Batey (top right photo)  and Angela Smith, (top left photo)  SMP’s senior executives, have 30 years of combined executive leadership experience with two leading fee management companies, where they managed more than 50,000 rental units in 20 states.

“According to recent statistics, there are over $17 billion in distressed assets in the multifamily sector,” said Cynthia Batey.

“We launched SMP to utilize our vast industry experience and best practices to customize a unique strategy for each asset to achieve our clients’ goals and objectives.”

Angela Smith added, "It is critical for lenders and special servicers to have a knowledgeable, seasoned team they can depend on to manage the distressed assets in their portfolio – stabilizing the asset, recommending improvements for repositioning these assets, and improving NOI. Cindy and I have a breadth of experience in maximizing distressed assets, most notably in the two recent challenging years."

GFI has a national portfolio of 100 multifamily properties consisting of approximately 21,000 units. The new partnership gives SMP a wealth of support and infrastructure, allowing it to greatly leverage GFI’s buying power and access a multitude of specialized resources and professionals. SMP will, however, operate independently of GFI’s portfolio, offering its services exclusively to third-party clients.

GFI has six divisions including insurance services, commercial real estate sales/finance, mortgage banking, development, hotels, and retail leasing in which SMP clients will be offered priority pricing and service.

“We are excited for this new venture,” said Allen Gross, Founder and President of GFI Capital Resources Group, Inc. “As a full-service real estate firm, we have always prided ourselves on providing clients with the most timely real estate services that the market demands.

"Today’s economic challenges certainly necessitate a superior third party management company to help recover the countless distressed assets in the marketplace. I am confident that SMP’s services will deliver tremendous value to property owners nationwide and look forward to this vision becoming a reality.”

Media Contact: Terri Thornton, Thornton Communications 404-932-4347 Terri@TerriThornton.com

Wyndham Brand Expands in Mexico with Monterrey Hotel

 PARSIPPANY, N.J. (Feb. 8, 2010) – Continuing its expansion in Mexico, Wyndham Hotels and Resorts today announced the opening of the 198-room Wyndham® Casa Grande Monterrey. (centered photo below)

Owned and operated by Operadora Casa Grande and located at Av. Lazaro Cardenas 2305 in San Pedro Garza Garcia, the former Radisson hotel is minutes from fine dining and shopping in downtown Monterrey. Nearby attractions include the Museum of Mexican History, Alfa Planetarium, Contemporary Art Museum, Monterrey Arena and area convention centers such as CONVEX and CINTERMEX.

“The opening of the Wyndham Casa Grande Monterrey underscores our commitment to expanding the Wyndham portfolio in key markets throughout Mexico,” said Jeff Wagoner, (bottom right photo)  president of Wyndham Hotels and Resorts. “Its close proximity to key corporate complexes as well as numerous tourist attractions makes this a prime destination for business and leisure travelers alike.”

 Four other upscale all-inclusive resorts recently joined the Wyndham brand in Mexico: Beach Palace®, Wyndham Grande Resort in Cancun; Isla Mujeres Palace®, Wyndham Grand Resort in Isla Mujeres; Playacar Palace®, Wyndham Grand Resort in Riviera Maya and Xpu-Ha Palace®, Wyndham Resort, also in Riviera Maya.

According to General Director Gerardo Murray of Grupo Hotelero Casa Grande, the hotel’s management company, the “already elegant hotel underwent a half-million dollar renovation to further enhance the guest experience and meet brand standards before joining the upscale Wyndham system.”

Additional information and reservations for all Wyndham hotels are available by calling (800) WYNDHAM— (800) 996-3426—or visiting http://www.wyndham.com/.

Contact:  Evy Apostolatos, Director, Media Relations, Wyndham Hotel Group, 22 Sylvan Way, Parsippany, NJ 07054, +1 (973) 753-6590, evy.apostolatos@wyndhamworldwide.com

Obama Administration Should Expand Small Business Administration Lending to Spur Economic Recovery, Mercantile Capital Corp. CEO says

ALTAMONTE SPRINGS, FL --- The Obama Administration’s proposal to funnel $30 billion in TARP receipts to community banks to spur lending to small businesses could do more to help the economy if it focused on the U.S. Small Business Administration lending programs themselves, says Christopher G. Hurn, (top right photo)  chief executive officer of Mercantile Capital Corporation in Altamonte Springs.

Hurn, whose company ranks as one of the leading providers of SBA 504 commercial loans to small business owners who want to acquire or develop their own facilities, said changes in SBA lending could go a long way toward growing the national economy.

“One of the things I’ve been saying for a few years is that the SBA 504 program should be used to refinance commercial real estate as well,” Hurn said. “You can’t do that with the program right now,” Hurn explained.

 “But as of Friday the 5th, the President  (middle left photo) seems to be on board with my proposal. We’ll see how quickly this solution can be put in place.”

Hurn gave the Obama administration high mark for its plan to eliminate capital gains tax on investments in small business.

“That’s phenomenal,” Hurn said. “We’ve finally seen a free market solution out of this President and this one actually would be good. That would be the kind of thing that will stimulate equity investments in the small business sector,” he said.

Hurn said many Obama administration proposals are problematic.

“The small business lending proposals are going to have mixed results,” Hurn explained. “Most community banks that have survived over the past 18 months have better capital ratios than large national banks, are relatively flush with capital and yet they’re lending less of their capital.

“Providing them up to five percent of their weighted assets to lend to small business customers at interest rates in the low fives to seven percent, doesn’t provide enough profit to cover the banks’ overhead.

The only community banks that will be interested in this program are the ones that aren’t doing as well,” Hurn said. “Healthy community banks probably aren’t going to participate,” he said.

The $5,000 jobs credit is also troublesome, Hurn said. “If you’re a smart business person you’re not going to hire somebody for a position for something that you don’t have a demand for in your products and services just in order to get the job credit,” Hurn said.

The plan may benefit companies that are already expanding, but too few companies are expanding in this economy, he said.

“Expense reductions for equipment purchases also falls flat,” Hurn said.

“If you are a company that’s buying equipment, it helps you, but it doesn’t really get to the underlying problem affecting most small businesses in America that are struggling right now,” he said.

Contacts:
Chris Hurn, CEO, Mercantile Capital Corporation, 407-786-5040 or
Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040;
Larry Vershel, Larry Vershel Communications 407-644-4142

UPDATE: Miami Bankruptcy Judge Rules Bank of America Lawyers Lied in Everglades Condo Suit

(MIAMI, FL)—Bank of America has lost the first round in one of the most controversial condominium developer-versus-lender lawsuits seen in South Florida in recent years.

U.S. Bankruptcy Judge Laurel Isicoff (top right photo)  has thrown out the Charlotte, NC-based bank’s petition to dismiss a lawsuit filed by Cabi Downtown LLC, a company owned by Mexican investors and based in Aventura, FL.

The judge found Bank of America lawyers falsified their Sept. 15, 2009 filing to dismiss the Cabi suit. That suit alleged the bank had lied in affidavits attached to its countersuit.

When Cabi filed for Chapter 11 protection, the bank alleged Cabi owed a balance of $209 million on a $256 million first mortgage loan.

Isicoff said she may also order the bank’s lawyers to pay all legal and other related costs that Cabi incurred in coming to the Feb. 4 hearing.

Cabi filed for Chapter 11 protection Aug. 18, 2009.

At that time, the developers’ petition stated it was seeking the court’s protection because slow condo sales were preventing them from meeting scheduled repayments on a $256 million first mortgage for the $300 million, 849-unit, 49-story Everglades on the Bay project. (middle left photo)

The property is at 250 Biscayne Blvd., the site of the former Everglades Hotel in Miami’s central business district.

According to a transcript of the Feb. 4 bankruptcy hearing reported by South Florida Business Journal, the judge said to the Bank of America lawyers:

“I don’t know what you all were thinking. I don’t know what else to say.

“I am going to issue an order to show cause why Bank of America and its counsel should not be sanctioned for the cost of all attorneys appearing at this hearing today for filing this motion and the affidavit.”

Another round of hearings in the case is scheduled for Feb. 11.

In an e-mailed statement to Real Estate Channel, Andrew Glenn  (middle right photo) of New York City-based Kasowitz, Benson, Torres & Friedman, one of Cabi’s bankruptcy lawyers, says:

"The debtor is gratified that the judge denied Bank of America's motions to dismiss the bankruptcy and to enjoin the Debtors' Deferred Purchase Program.

“We intend to pursue our plan of reorganization to maximize value for all stakeholders.

“However, the debtor remains very troubled that Bank of America made false statements that have damaged the reputations of the owners, management and residents of Everglades on the Bay and is evaluating its options to redress this substantial harm."

Cabi filed its bankruptcy petition after the bank refused to allow write-downs of sales prices.

The bank argued Cabi was violating guidelines that were agreed upon before the developer started a new lease-to-own program.

The bank alleged that Cabi’s leasing program “has damaged the value” of Everglades on the Bay, which “amounts to waste.”

In response, Cabi attorneys told South Florida Business Journal the bank’s accusations range from “outright falsehoods to gross mischaracterizations of the facts.”

Bank of America filed the allegations about the leasing program as an emergency motion. But the judge said during the Feb. 4 hearing the motion clearly was not an emergency.

“Having heard the evidence … I find that the debtors do have a legitimate intent to reorganize, and that the debtor did not file this case for the sole purpose of frustrating Bank of America's exercise of its rights as a secured creditor and, therefore, I find that the case was not filed in bad faith,” Isicoff said.

She added that the developer still must prove it can make the financial numbers work for a reorganization.

While many condo developers have similar rent-to-own programs, this one is somewhat novel because it is being played out in federal bankruptcy court, South Florida Business Journal reports.

When it entered bankruptcy, the 849-unit building had sold 739 units, but only closed on 122. There are now 249 units in the deferred purchase program. Both of the towers are being rented.

(Biscayne Bay Miami skyline middle left photo)

At the time of the bankruptcy filing, the $300 million project still owed $209 million on its BofA-led mortgage.

A January 2009 appraisal of the twin towers on Biscayne Boulevard, ordered by the bank, stated the project is worth $205 million. The latest appraisal, in October, stated a value of $184.5 million.

Cabi, owned by Mexican developers from the Cababie family, had proposed a new loan of $215 million in secured senior notes on which the lenders would get LIBOR (the London Interbank Offer Rate) plus 1 percent.

The developers later increased that number to LIBOR plus 2.5 percent – about 3.35 percent based on a recent rate of 0.85 percent for one-year LIBOR.

Cabi Downtown LLC is owned by GICSA, which says it is the largest and most profitable real-estate developer in Mexico. GICSA chairman Elias Cababie  (bottom right photo) assumed a leadership role in Cabi after Cabi CEO Jacobo Cababie died Jan. 26, 2008. #

Media contact: Dave Satterfield, Dave_Satterfield@sitrick.com

HFF Dallas hires Coler Yoakam to focus on firm’s net lease initiative

DALLAS, TX – HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has hired Coler Yoakam (top right photo)  as a director in its Dallas office. Mr. Yoakam joins HFF as the firm launches a dedicated single tenant, net lease real estate transactions initiative.

HFF now offers dedicated personnel who assist owners during all stages of an investment life cycle as they provide turnkey solutions for owners in need of investment sales and financing services for their net lease properties.

The brokers spearheading this effort include managing director Mark West, (middle left photo) director Coler Yoakam and associate director Brandon Chavoya (middle right photo).

Mr. Yoakam will focus on implementing the net lease infrastructure and process at HFF as well as playing a key role in the origination and execution of net leased investment sale transactions.

He has five years of experience in net lease investment sales and was most recently employed as a senior associate at Connected Net Lease (affiliated with The Retail Connection).

Prior to Connected Net Lease, Mr. Yoakam was a senior associate at Staubach Capital Markets and prior to that, a manager of business development at Stan Johnson Company.

Mr. Yoakam has a Master of Business Administration from Thunderbird, The American School of International Management and a Bachelor of Arts in Economics from Denison University.

“The net lease industry in its current state is highly fragmented and lacks a full-service dedicated intermediary that can provide quality knowledge of capital markets. A singularly focused net lease initiative provides a complimentary service to our clients and is a natural extension of our current business lines.

HFF’s goal is to play an integral role in the net lease business by offering unique and creative solutions on a continuous basis to improve the quality and predictability of the client’s net lease program,” said West.

“Yoakam’s experience in creating marketing and brand management programs for his prior firm, a net lease company, is a perfect match for HFF’s newest initiative and we are excited to have him on board as we embark on this new program ,” added West.

Contacts:

Mark E. West, HFF Managing Director, (214) 265-0880, mwest@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Grubb & Ellis Names David Burback Managing Director of Anaheim and Ontario Offices in California

SANTA ANA, Calif. (Feb. 4, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that David Burback (top right photo)  has been named managing director of the company’s Anaheim and Ontario offices, effective immediately.

 In his new role, Burback will have responsibility for managing and growing Grubb & Ellis’ presence throughout Northern Orange County and the Inland Empire.

“Dave’s extensive experience in the industrial real estate sector and many client relationships throughout the local markets make him extremely qualified for this position,” said Jack Van Berkel (bottom left photo) , the company’s chief operating officer and president, Real Estate Services.

“Grubb & Ellis has a long history of success throughout the region, and we are focused on growing our presence to better serve the needs of our clients.”

Burback joined Grubb & Ellis in 2005 as managing director of the company’s South Bay office in Los Angeles. He most recently served as head of the company’s national Industrial Group. He has served as the acting managing director of the Anaheim office for the past six months.

“I am very excited about this new opportunity, and I’m especially looking forward to working with our professionals and our clients. We are committed to making Grubb & Ellis the real estate services provider by exceeding our clients’ expectations,” said Burback.

Prior to joining Grubb & Ellis, Burback was a principal at Northwest Realty Advisors for six years where he specialized in commercial investment services. He also spent four years as the senior vice president and general manager of Colliers International’s Portland office, a positioned he began in 1995.

Earlier, he spent 14 years with CB Richard Ellis in various management positions, including senior vice president and managing director of the firm’s Inland Empire office.

Burback holds a bachelor’s degree from the University of Southern California. He is a member of NAIOP and CoreNet Global.

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

Grubb & Ellis Realty Investors Secures 90,000-SF Lease Renewal at Congress Center in Chicago

CHICAGO (Feb. 4, 2010) – Grubb & Ellis Realty Investors LLC today announced that it has secured a 90,138-square-foot lease renewal with AkzoNobel for space at Congress Center, (top centered photo)  a 16-story, Class A office building located in Chicago’s West Loop (bottom centered photo)

The lease renewal extends AkzoNobel’s lease by six years, through the end of 2019. Grubb & Ellis Realty Investors manages the property on behalf of multiple investment programs and individual investors.

“In the midst of an incredibly difficult commercial real estate environment, Grubb & Ellis Realty Investors is very pleased to have executed this lease,” said Robert Assoian, senior vice president of Asset Management, who oversees the asset on behalf of the owners.

“By renewing and extending AkzoNobel’s lease, we have further stabilized Congress Center and realized additional value on behalf of the investors we serve.”

Located at 525 W. Van Buren St., Congress Center offers approximately 520,000 square feet of rentable space.

 Built in 2001, the building’s amenities include a two story lobby that features granite, glass, exotic wood and stainless steel trim, 24-hour monitored building security and a secure heated indoor executive parking garage.

Acquired by Grubb & Ellis Realty Investors on behalf of investors in January 2003, Congress Center is situated one block from Union Station, Chicago Transit Authority lines and in close proximity to the Congress Expressway. In addition to AkzoNobel, notable tenants include Amtrak, the United States General Services Agency and North American Insurance.

Mark Parrish and Sara Spicklemire of Grubb & Ellis Company negotiated the lease on behalf of Grubb & Ellis Realty Investors.

 Rob Schmidt, A.J. Magner and A.J. Whitehead of Jones Lang LaSalle represented AkzoNobel.

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

Real Estate Capital Market Leaders Cautiously Optimistic

LAS VEGAS,  NV -- As lenders gathered here this week to discuss income-property financing programs, nervous optimism filled the air.

The overall forecast is mildly positive -- particularly as compared to 2009. Funding sources were battling liquidity in 2008; rebuilding balance sheets in 2009; and are now earning profits in 2010 which means mortgage investing is back in vogue again.

However, lenders fear more uncertainty as the capital markets are imbalanced with relationship to income-property supply & demand fundamentals. Based on key opinions of various lenders an economic outlook relating to realty capital markets is summarized as follows:

· Modest job growths combined with controlled government spending discussions directly affect the current economic recovery, slowly trickling into the real estate capital markets. A 10%+ unemployment rate is still problematic, though.

· Slowly recovering economy due to improved CMBS pricing, housing sales and employment statistics.

· Policymakers are also helping by holding interest rates low at levels favorable for real estate markets.

· Industry leaders are reporting a pickup in capital activity including hiring staff, allocating more funds for advertising/marketing and bidding on more transactions.

· Commercial-property problems loom including hanging vacancy (especially office and retail), less space needs, increased operating costs.

· As lenders workout of their legacy problems, new funding goals surface which are clearly more ambitious than 2009.

· Life companies under less pressure than banks to liquidate assets, if recovery is on the horizon – longer-term balance sheet hold.

· Still a “buyers market” bias due to flat or declining pricing and lower demand, a worrisome scenario for sizing property values.

In summary, industry experts agree that these and other factors will assure that mortgage capital will be readily available in the foreseeable future. The realty capital markets should continue on a path of greater liquidity.

 Yet the biggest trick will be finding suitable real estate investments as the property markets are recovering slower than the capital markets.

Contact: Nat Zvislo, Research Director, Toll Free 800-994-RECI (7324), director@reci.com
http://www.reci.com/

HFF secures financing for ground leases totaling 255 acres in California, Indiana and Pennsylvania

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $6 million in financing for three ground leases totaling 255 acres in California, Indiana and Pennsylvania.

Working exclusively on behalf of the borrower, an affiliate of The LCP Group, L.P., HFF managing director Mark West (top right photo)  placed the 38-month, fixed-rate permanent loan with a Texas-based life insurance company.

LCP, headquartered in White Plains, New York, is a private real estate investment banking firm that has been acquiring, syndicating and overseeing real estate investments nationally since 1974.

The three parcels of land are improved with warehouse and distribution facilities leased to an international food company. The Pennsylvania property is situated on 86 acres at 555 Nestle Way in Breinigsville (Allentown); the Indiana property is located on 118 acres at 2909 Pleasant Center Road in Fort Wayne; and the California property is situated on 50.8 acres at 2 Nestle Way in Lathrop (Stockton).

Contacts:

Mark E. West, HFF Managing Director, (214) 265-0880,  mwest@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing,  (713) 852-3500, krmurphy@hfflp.com

HFF named to market for sale trophy office tower in Pittsburgh

PITTSBURGH, PA – The Pittsburgh and Chicago offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have been named to market for sale EQT Plaza (top left photo) , a 32-story, trophy office tower in Pittsburgh, Pennsylvania.

HFF executive managing directors John Pelusi (middle right photo)  and Gerard Sansosti   in Pittsburgh along with managing directors Jeff Bramson (bottom left photo) and Jaime Fink in Chicago are marketing the property on behalf of the seller.

EQT Plaza is a 615,942 rentable-square-foot, trophy-quality office tower located at 625 Liberty Avenue in Pittsburgh’s central business district.


 The property is the corporate headquarters for EQT Corporation and is 96.2% leased with minimal near-term lease rollover.

Additional tenants include Cohen & Grigsby, McGuire Woods, and National Union Fire Insurance. The building features a full-service health club, a 5,170-square-foot conference center, underground parking garage and a Morton’s of Chicago restaurant.

 The current owner has invested nearly $3 million during the last five years on plaza and lobby renovations, a new life safety system, and fitness and business center upgrades.

”This is the premier address in Pittsburgh as evidenced by the property’s high occupancy rate,” said Sansosti. “The average lease term is an attractive 9.5 years making this an exceptionally stable office asset.”

Contacts:

Gerard T. Sansosti, HFF Executive Managing Director, (412) 281-8714, gsansosti@hfflp.com
 Jeffrey M. Bamson, HFF Managing Director, (312) 528-3650,  jbramson@hfflp.com
Kristen M. Murphy,   HFF Associate Director, Marketing, (713) 852-3500,  krmurphy@hfflp.com

HFF named to market for sale Residence Inn by Marriott in downtown Milwaukee

CHICAGO, IL – The Chicago and Miami offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have been named to market for sale the 131-suite Residence Inn (centered  photo below) by Marriott in downtown Milwaukee, Wisconsin, a super high-quality urban select service hotel.

HFF senior managing director Dan Peek (middle right photo) , director Danny Kaufman  and managing director Jaime Fink (Wisconsin Lic. #54163) (middle left  photo)  will lead the investment sales team on behalf of the owner, Investcorp International, Inc.

The hotel is being sold with the potential for a new investor to assume attractive in-place, fixed-rate, financing.

The Residence Inn is located at 648 North Plankton Avenue, along the west bank of the Milwaukee River and West Wisconsin Avenue, in a high density, in-fill area at the heart of downtown Milwaukee’s central business district.

Completed in 2001, the property underwent a significant $1.8 million ($14,000 per room) renovation in 2008.

 The renovation impacted all areas of the hotel and was particularly focused on the suites (FF&E replacement) and high-touch areas of the property.

The property is downtown Milwaukee’s only all-suite hotel and is part of a larger mixed-use re-development of the landmark former Gimbel’s (later Marshall Field’s) department store.

The hotel successfully maintains the look and feel of the original building’s neoclassical architecture while providing a thoroughly modern physical plant, amenities, and features.

“The Residence Inn is a landmark property; a dominant and highly recognizable hotel. It is located at the nexus of downtown Milwaukee’s office, retail, convention, entertainment, and residential districts. The hotel offers guests high ceilings and windows, large suites and best-in-class finishes.

" The property’s Marriott brand affiliation is also a significant competitive advantage in terms of driving room- night demand and rate. The Residence Inn is positioned for strong improvements in operating performance as the broader economy improves,” said Peek.

“The Residence Inn consistently outperforms and leads the downtown Milwaukee market, and its competitive set, which includes several well established full-service hotels.

" The property’s focus on extended stay and corporate business, combined with the property marketing team’s mature relationships with the city’s top demand generators, allow it to maintain historically high and stable occupancy and rate levels,” added Kaufman.

Contacts:


Daniel C. Peek, HFF Senior Managing Director, (305) 448-1333, dpeek@hfflp.com
 Daniel A. Kaufman, HFF Director , (312) 528-3650, dkaufman@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Ardaman & Associates selected by Seminole County, FL school district

ORLANDO, FL— Ardaman & Associates Inc. was recently selected by the school board of Seminole County Public Schools for a continuing services contract.

 Under its scope of services, Ardaman is providing geotechnical engineering, construction materials testing and threshold inspection services on an as-needed basis to the school district.

The one-year contract has an option for two, one-year renewals. Ardaman’s Orlando area office will perform services for this contract. The contract amount is undetermined, as engineering services will be billed per task order according to an approved fee schedule.

Nordarse & Associates Inc., Professional Services Industries Inc. and Universal Engineering Sciences Inc. were also selected for contracts.

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