Marcus & Millichap Sells $19M Royal Palm Offices at Doral, FL

DORAL, Fla., May 13, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Royal Palm Offices (top left photo)  at Doral, a 122,000-square foot office building in Doral. The property commanded a sales price of $19 million.

Greg Zeifman, a senior associate, and Benjamin Silver, an associate, both located in the firm’s Miami office, secured the buyer, the American Welding Society, a New York City nonprofit organization. The seller was a limited liability company based in Coral Gables, Fla.

“This was an excellent transaction for both the buyer and the seller. The building met the buyer’s specific requirements for their expansion needs and the seller was able to get a very fair price from a qualified, all cash buyer who saw value in the asset,” says Silver.

“The building was delivered in shell condition except for 15 percent of the space, which was built-out and leased up prior to the sale. The American Welding Society plans to build-out and occupy approximately 50 percent of the facility for its new corporate headquarters and lease out the remaining space,” says Zeifman.

Built in 1972, the five-story office building was recently renovated. The five-acre property is located at 8669 NW 36th St. on the major intersection of Doral Boulevard and NW 87th Avenue across the street from The Doral Golf Resort & Spa.

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

HFF Arranges Total $36.2M in New Loans in 4 States

HFF Arranges $4.4M Refinancing for Industrial Building in New Jersey

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $4.4 million refinancing for 506 Route 46, a 77,804-square-foot, multi-tenant industrial building in Teterboro, New Jersey.

Working on behalf of The Hampshire Companies, HFF senior managing director Jon Mikula (top right photo)  and associate director Michael Klein (lower left photo)  placed the five-year, fixed-rate financing with Oritani Bank. Loan proceeds are paying off an existing life insurance company mortgage HFF arranged for the borrower in 2004.

506 Route 46 is located on a 3.3-acre site across from the Teterboro Airport approximately 10 miles from midtown Manhattan in Teterboro. The property benefits from an extensive highway infrastructure with Routes 3, 17, the New Jersey Turnpike and Interstate 80 a short distance away. In addition, the property is fully leased to W.W. Grainger, Inc. and S. W. Anderson Sales Corp.

The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. www.hampshireco.com.

Contacts:

Jon Mikula, HFF Senior Managing Director, (973) 549-2000, jmikula@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF secures more than $30M  in financing on behalf of WS Development Associates, LLC

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured more than $30 million in financing on behalf of WS Development Associates, LLC for Charles River Center and Stateline Plaza, retail centers in Massachusetts and New Hampshire.

HFF directors Greg LaBine (lower right photo)  and Janet Krolman (lower left photo)  exclusively represented the borrower in the transactions.

Goldman Sachs Commercial Mortgage Capital, LP provided a fixed-rate refinancing for Charles River Center. Ocean Bank, a division of Peoples United Bank, provided a construction loan for Stateline Plaza. WS Development Associates, LLC is a real estate development and management corporation that owns more than 16 million square feet of retail space in the northeast.

Charles River Center is located at 245-249 Hartford Avenue close to Interstate 495 in the southeastern Massachusetts town of Bellingham. The Class A property has 199,511 square feet of space and is anchored by Whole Foods. Other tenants at the center include Gap, Old Navy, Pier One Imports, Michaels’ Stores and Regal Cinemas.

Stateline Plaza is a 181,606-square-foot retail center that includes Lowe’s Home Improvement, NAMCO and a Sovereign Bank branch. Located at 539-541 Broadway Avenue in Salem, New Hampshire, the property is situated near the Massachusetts/New Hampshire State Border one mile from Interstate 93.

“These financings show that lenders are still active for high-quality sponsors with superior assets,” said LaBine. “The local banking community will still fund new construction for retail transactions like Stateline Plaza that have some level of pre-leasing. The Charles River Center refinance received interest from a wide variety of lenders including banks, life insurance companies, CMBS lenders and debt funds.”

Contacts:

Gregory F. Labine, HFF Director, (617) 338-0990, glabine@hfflp.com
Janet N. Krolman, HFF Director, (617) 338-0990, jkrolman@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com


HFF arranges $1.8M  acquisition financing for 27 units at Liberty Lofts in Kansas City, MO

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $1.8 million in financing for the acquisition of 27 units at Liberty Lofts (bottom right photo) , a fractured condominium development in Kansas City, Missouri.

HFF associate director Adam Herrin worked exclusively on behalf of the borrower, Atlas Properties, to secure the five-year, construction mini-perm loan through Mutual of Omaha Bank. Loan proceeds were used to acquire the 27 vacant units and complete the remaining construction that the original developer did not complete.

Liberty Lofts is located at 360 West Pershing adjacent to Union Station in the Crossroads Arts District of Kansas City.

Originally built in 1904, the property was redeveloped in 2004 into a 34-unit luxury loft community; however 27 of the units remain vacant and unfinished.

Community amenities include a fitness center, storage area in the basement, a rooftop deck and on-site parking.

“Mutual of Omaha Bank did a fantastic job in getting up to speed on this transaction and getting it closed within a short period of time. It was apparent that this was a great opportunity for an investor to come in and purchase the vacant units and reposition them as rental units. The downtown Kansas City multi-housing market should allow properties such as Liberty Lofts to lease-up quickly once brought to market,” said Herrin.

Atlas Properties was founded in 2004 and has grown by managing, owning, syndicating, and developing residential, commercial, and mixed-use properties throughout the United States, with Dallas/ Fort Worth being its primary market. Atlas also provides real estate syndication, management, and brokerage services.

Contacts:

Adam F. Herrin, HFF Associate Director, (214) 265-0880, aherrin@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Grubb & Ellis Selected to Market Interstate Transportation Center in Rochelle, IL

ROSEMONT, Ill. (May 12, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has been selected by Black Earth Companies to market Interstate Transportation Center, a 200-acre industrial park featuring a direct connection into the Global III Intermodal Terminal in Rochelle.(top left photo)

John Basile, associate vice president, and Frank Melchert, senior associate, both in the Food & Cold Storage practice group, and Chris Lydon, senior vice president in the Global Logistics Group, are responsible for marketing the park.

“With its conventional and intermodal rail service to BNSF and Union Pacific rail lines and direct access to I-39 and I-88, Interstate Transportation Center is one of the best possible options for logistics and food/cold storage users in the Chicago area,” said Basile. “Essentially, users can potentially reach 80 million people within a 24-hour time period.”

Interstate Transportation Center has build-to-suit warehouse/distribution opportunities available ranging from 100,000 square feet to 1 million.

The park is considered a Foreign Trade Zone/Port of Entry and features flexible site plan and building configurations. Offering the lowest combined gas and electric costs in the Midwest, the greater Rochelle area hosts 5 million square feet of space currently used by food-related industrial users.

For more information, contact Basile at 847.655.8483 or john.basile@grubb-ellis.com or
Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com

Sales at Trump Towers in Sunny Isles Beach, FL Surpasses $100M Mark

SUNNY ISLES BEACH, FL--(BUSINESS WIRE)--Heralding the ongoing positive direction of South Florida’s residential real estate market, Dezer Properties  announced that they had surpassed the $100 million mark in sales since assuming the marketing of all remaining units at Trump Towers (top left photo) , the three-tower, 813-unit luxury oceanfront condominium development located at 16001 Collins Avenue, in Sunny Isles Beach, Florida.

The Dezers recently assumed a $265 million loan from a development partnership that included the Related Group, with Wells Fargo serving as agent for a syndicate of 11 participating financial institutions.

 The project’s three towers have a combined 475 units left to sell. The 181 units sold so far sold range in price from $550,000 to $1.9 million, averaging $414/ square foot.

“We are confident that our adjusted pricing is what has driven beyond-expected results,” says Dezer Properties president Gil Dezer (bottom right photo).. “The ability to purchase a unit in a building as prestigious as Trump Towers for $350 to $600/ square foot has generated unprecedented response from a broad range of local, national and international buyers.”

Trump Towers was New York real estate mogul Donald Trump’s (middle right photo) second development with the father and son team of Michael and Gil Dezer.

 The Dezers and Trump also collaborated on Trump Grande in Sunny Isles Beach, a three-building oceanfront enclave consisting of the Trump International Beach Resort, Trump Palace and Trump Royale.
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“We have always felt that prime oceanfront property would be a signal of the strength of the recovery, as these types of units are so much of South Florida’s appeal,” adds Dezer. “While the residential real estate market clearly has a ways to go to reach full recovery, these initial results have been very encouraging about the state of our industry, at least in Sunny Isles Beach.”

“Our success in marketing Trump Towers has generated numerous inquiries from financial institutions to discuss potential work-outs of distressed properties in their portfolios,” concludes Michael Dezer (middle left  photo)

 “Our experience working with high-end residential condominiums gives us a unique differential advantage in that we understand the needs of the potential buyers, while also recognizing how value-driven the market has become, even in relation to oceanfront property.”

Contacts For Dezer Properties, Kreps DeMaria PR, Israel Kreps or Laura Acker, 305-663-3543 ikreps@krepspr.com
lacker@krepspr.com

Place/BV Student Housing Fund Acquires Stadium View Student Housing in Minneapolis

MINNEAPOLIS, MN /PRNewswire/ -- Place/BV Student Housing Fund, LLC, a real estate investment fund focused on the acquisition and development of student housing properties nationwide, announces that it purchased and is assuming management of Stadium View student apartments, formerly known as The District on Delaware.

BVP Managers, LLC, a joint venture between Atlanta, Georgia-based Place Properties, an affiliated group of companies and Chicago-based Blue Vista Capital Management, LLC, serves as the Manager of the Fund.

Stadium View student apartments is a 956 bed high-rise community overlooking the University of Minnesota's TCF Bank Stadium. Place Management Group, LLC's on-site team is overseeing the day-to-day management responsibilities and has many community improvements planned, such as faster internet service, cable upgrade packages, courtyard WiFi, and more.

Bob Clark, (top right photo)  Executive Vice President, Place Management Group, LLC, said "We are very pleased to add Stadium View to our student housing portfolio. This asset is the premier asset in the market and our capital plan, along with our management team, will enhance the residents experience and satisfaction."

Contact: Jessica H. Nix, National Director of Marketing, 404-495-7591, jnix@placeproperties.com

Tanger Outlets and AARP Announced New Relationship to Make Outlet Savings Available to AARP Members

GREENSBORO, NC--Tanger Outlet Centers, one of the nation’s leading shopping center companies, announced a new program that makes discount savings available to AARP members.

By simply showing their AARP membership card at the Tanger Shopper Services Center, AARP members will receive a free Tanger Coupon Book, which may be worth hundreds of dollars in additional outlet savings from many of the upscale outlet stores located at Tanger Outlet Centers.

 The offer is valid at all 33 Tanger Outlet Centers in 22 states across America.

“We are excited to have the opportunity to make these savings available to AARP’s millions of members each and every time they shop Tanger Outlets,” said Steven B. Tanger, (top right photo) President and Chief Executive Officer of Tanger Factory Outlet Centers, Inc.

“From New York to Texas and South Carolina to California, today’s active, fashion-conscious AARP members can flash their card at Tanger Outlet Centers to get a free coupon book offering real deals from their favorite brands.”

For a complete copy of the company's news release, please contact:
Mike Buescher, 336-834-6826, 3200 Northline Ave., Suite 360  Greensboro, NC 27408  336-834-6826  FAX 336-852-7954

Crescent Hotels & Resorts Successfully Expands into Canada

TORONTO, Ontario, May 12, 2010—Crescent Hotels & Resorts announced today that on its first anniversary of the launch of Crescent Hotels & Resorts Canada, it plans to continue to expand substantially over the next 12 months after growing in its first year of operation to 14 hotels, primarily for full-service, branded and independent hotels and resorts.

The company said it expects to add six to 10 additional management contracts in Canada over the next year in response to signs of a recovery in the hotel industry and the demand for Crescent’s operating expertise that can optimize profitability in all phases of the economic cycle.

“It has always been part of the company’s strategy to have a solid base of operation in Canada,” said Michael George, (top right photo)  Crescent Hotels & Resorts president and CEO.

“The senior management team has in-depth experience in Canadian markets. We have a full operating company infrastructure in place in Toronto and the field, supported by corporate leaders and resources at the parent company’s headquarters office outside of Washington, D.C.

"This allows us to achieve significant economies of scale. We see growing interest in our services from both publicly and privately held institutional grade hotel ownership groups.”

“The Canadian hotel industry, like most parts of the world has had a difficult time with the worldwide economic downturn,” said Anthony “Tony” Cohen, (middle left photo)  Crescent Canada senior vice president of development.

“In this challenging environment, hotel owners seek a high impact, proven operator who can positively influence revenues while holding down costs, while preparing to take full advantage of the opportunities available as the economy and industry recover. Crescent fills that need and void in Canada and also can bring fresh equity to transactions, when appropriate.”

Crescent Hotels & Resorts Canada, a division of Crescent Hotels & Resorts, operates hotels and resorts in the provinces of Ontario, Alberta and Northwest Territories. The division is headquartered in Toronto, Ontario.

Headquartered in Fairfax, Va., outside of Washington, D.C., parent company Crescent Hotels & Resorts owns, manages and co-invests in hotel real estate, and is a nationally recognized Top 10 independent, third-party operator of hotels and resorts.

The company currently owns or operates 65 hotels and resorts aggregating more than 13,000 rooms in 28 states, Canada and the Caribbean.

The company’s portfolio encompasses properties in the resort, luxury, upper upscale, boutique, convention and premium select-service segments under the premier hotel brands of Marriott, Hilton, Starwood, Hyatt, InterContinental, Radisson, Preferred, and Wyndham, as well as ledgendary independent hotels and resorts.

Additional information about Crescent Hotel & Resorts Canada may be found on the company’s Web site http://www.chrco.com/.

Contact: Jerry Daly or Chris Daly, media, (703) 435-6293

Marcus & Millichap Lists $23M Shopping Center in Jacksonville, FL

JACKSONVILLE, FL,  May 11, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Gateway Town Center,(top left photo)  a 560,352-square foot regional shopping center in Jacksonville.

The listing price of $23 million represents $41 per square foot.

David Hsieh, (middle right photo) an associate vice president, and James Hoggatt, (bottom left photo)  a retail investment specialist, both in Marcus & Millichap’s Jacksonville office, are representing the seller, a Jacksonville-based limited liability corporation.

"The Gateway Town Center is comprised of an indoor mall and an outdoor retail center anchored by Publix,” says Hsieh. “The upside potential for an investor lies in the more than 160,000 vacant square feet.”

Located at 5320 Norwood Ave. in Jacksonville, the property features more than 1,600 feet of linear frontage on Interstate 95, is accessible from two highway exits and is less than three miles from Shands HealthCare, which is affiliated with the University of Florida Health Science Center, and downtown Jacksonville.

 The city’s third-largest public transportation station is located on the site as well.

Built in 1967 on approximately 56 acres, Gateway Town Center was renovated in 2005. The center’s national anchor tenants include Publix, Radio Shack, Firestone, Payless and Family Dollar. The Publix lease expires in 2015 with options to renew.

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

Condo Resale Inventory Falls Below 40,000 In South Florida

MIAMI, FL--Fewer than 40,000 condominiums and townhouses are now for resale in the tricounty South Florida region, marking the fewest number of available units on the market in the last 18 months, according to a new report from CondoVultures.com.

The number of condos and townhouses for resale in Miami-Dade, Broward, and Palm Beach counties has dropped by 23 percent on a year-over-year basis compared to May 2009 when there were 52,000 units on the market, according to the report produced using Florida Association of Realtors data.

The available resales do not reflect the new units that developers are privately marketing, according to the licensed Florida brokerage Condo Vultures® Realty.

"South Florida's condo resale inventory has decreased by more than 35 percent - or 21,400 units - in the last 18 months," said Peter Zalewski, (bottom  right photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "The inventory is depleting for a variety of reasons, ranging from more investors and second-home buyers purchasing units at prices they think are deeply discounted to primary users taking advantage of the government incentives related to real estate. There also have been some sellers who have decided to take their condos off the market as a result of obtaining mortgage modifications.

"The unknown is whether more product will be put up for resale once some of the better capitalized sellers determine that the market is stabilizing, reducing the chances of having to accept a fire sale price."

Contact: Peter Zalewski, Condo Vultures®,  800-750-0517 or by email at peter@condovultures.com.

Cousins Properties Reports Results for Quarter Ended March 31, 2010

ATLANTA--Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter ended March 31, 2010. 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”) was $14.0 million, or $0.14 per share, for the first quarter of 2010 compared with FFO of $7.6 million, or $0.15 per share, for the first quarter of 2009.

Net Loss Available to Common Stockholders was $(1.6) million, or $(0.02) per share, for the first quarter of 2010 compared with Net Income Available to Common Stockholders of $160.6 million, or $3.13 per share, for the first quarter of 2009.

During the first quarter of 2009, the Company recognized approximately $167 million of deferred gain related to a joint venture that holds several retail properties.

First quarter 2010 highlights of the Company included the following:

Sold nine outparcels at three retail centers, generating FFO of approximately $4.7 million.

Closed 19 units at its 10 Terminus Place (top left photo)  condominium project, generating FFO of approximately $2.2 million.

Sold Glenmore Garden Villas in Charlotte, North Carolina, generating FFO of approximately $369,000.

Sold 53 acres of land at Jefferson Mill Business Park, (top right photo)  generating FFO of approximately $328,000.

Increased the percent leased of Lakeside Ranch Business Park (middle left photo)  to 77% upon execution of a lease with Owens & Minor for 223,000 square feet.

Executed or renewed leases covering approximately 232,000 square feet of office space and 162,000 square feet of retail space.

Amended its Credit and Term Facilities to provide more financial flexibility.

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

2 Las Vegas Buildings Get Total $7M Loan

MIAMI, FL, May 11, 2010— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $7,000,000 for Copper Pointe and Quail Park I Office Buildings in Las Vegas, Nevada.


Steve Wood,  (top right photo) Company Chief Operating Officer, along with Tony Castrignano of Sky Mesa Capital, financed Copper Pointe through Thomas D. Wood and Company’s correspondent relationship with The Standard Life Insurance Company in the amount of $2,600,000.

The fixed-rate loan has a term of five years, with rate resets every five years, based on a 25-year amortization and an interest rate of 6.25%. The loan-to-value is 65%. The 34,685 square-foot office was built in 1988 and is home to major tenant Hand Surgery Specialist of Nevada. Copper Pointe is located at 4530-4570 S. Eastern Avenue, Las Vegas, Nevada.

Together they also secured financing for Quail Park I through Thomas D. Wood and Company’s correspondent relationship with Symetra Life Insurance Company in the amount of $5,450,000.

The fixed-rate loan has a term of 10 years, based on a 25-year amortization and an interest rate of 6.90%.

The loan-to-value is 61%. The 73,444 square-foot office was built in 1980 and is home to major tenants Plaster Development Company and Global Industries. Quail Park I is located at 801 S. Rancho Drive, Las Vegas, Nevada.

For further information, please contact:
Steve Wood (305) 447-7836 swood@tdwood.com
Jessica Kinnee (407) 937-0470 jkinnee@tdwood.com

HFF closes $14.2M sale of biotech building in Maryland’s DNA Alley

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today the sale of 50 West Watkins Mill Road, (bottom right photo)  a 57,410-square-foot biotech building in Gaithersburg, Maryland.

HFF senior managing directors Jim Meisel (top right photo)  and Dek Potts (middle left photo)  and senior real estate analyst Jimmy Barter led the investment sales team on behalf of the seller, Moore & Associates, Inc.

BioMed Realty Trust purchased the property for $14.2 million all cash. HFF sold the adjacent property, 55 and 65 West Watkins Mill Road to BioMed in February 2010, and most recently represented BioMed in their purchase of the Venter Institute in Rockville, Maryland.

Located within the Bennington Corporate Center, 50 West Watkins Mill Road is located in the Interstate 270 corridor, more commonly known as “DNA Alley” in Gaithersburg. The property is fully leased to GeneLogic, a subsidiary of Ocimum Biosolutions.

“This sale made sense for Moore & Associates, Inc., given they sold the neighboring property, 30 West Watkins Mill Road, several years ago,” said Meisel. “BioMed has been active in acquiring biotech buildings in the I-270 corridor and this purchase of yet another outstanding Class A property fits well in their portfolio of Maryland assets.”

BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused on Providing Real Estate to the Life Science Industry®. BioMed acquires, develops, owns and operates laboratory and office space.

Contacts:

James A. Meisel, HFF Senior Managing Director(202) 533-2500, jmeisel@hfflp.com
 Stephen 'Dek" Potts, HFF Senior Managing Director, (202) 533-2500, dpotts@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Insured HUD Loan Refinances Skilled Nursing Home in Owensville, IN

CHICAGO, IL--Cambridge Realty Capital Companies reports closing on a $4.32 million FHA-insured HUD Lean mortgage loan for Transcendent Healthcare of Owensville, a 68-bed skilled care nursing home in Owensville, Indiana.

Cambridge Chairman Jeffrey A Davis (top right photo)  said the fully-amortized, 27-year term loan was arranged for the property’s owner, an Indiana limited liability company, by Cambridge Realty Capital Ltd. Of Illinois, the Cambridge business entity responsible for underwriting HUD loans. The property was refinanced using HUD’s Section 232 pursuant to Section 223(f) program.

HUD’s new Lean program introduced sweeping changes in the way insured loans are processed and approved. Responsibility for processing HUD loans has been shifted from field offices to FHA’s Office of Insured Healthcare Facilities (OIHCF) in Washington, D.C., and efforts to streamline the funding process have been put in place.

There is now a single source for program and policy development, and a more consistent and user-friendly platform for borrowers and lenders. The goal is to process loans on a timetable that more closely resembles the timing for conventional funding sources, Davis said.

Contact:: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com

HFF secures refinancing for New Windsor, NY multi-housing community

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured a $1.7 million refinancing for Windsor Terrace Apartments, a 28-unit multi-housing community in New Windsor, Orange County, New York.

HFF associate director Michael Klein (top right photo)  and senior managing director Thomas Didio  (middle left photo) worked on behalf of Tower Management Company to arrange the five-year, fixed-rate loan with Oritani Bank.

Tower Management Service, L.P. is a real estate operating company, which owns approximately 2,200 multi-family apartment units in 20 garden-style apartment communities in New Jersey and New York State.

Windsor Terrace Apartments is located at 3 Provost Drive close to the New York State Thruway, Interstate 84 and 9 West in New Windsor. The property has two buildings with one-, two- and three-bedroom units averaging 914 square feet each. Community amenities include common laundry and on-site parking.

“The borrower acquired Windsor Terrace Apartments in the summer of 2008 and has since repositioned the property and improved occupancy to 100 percent,” said Klein.

 “This property was a natural acquisition for Tower Management as they currently own and operate 351 additional units in three Orange Country communities including Forge Hill Apartments, which is adjacent to Windsor Terrace.”

Contacts:

Michael Klein, HFF Associate Director, (973) 549-2000, mklein@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF arranges $24.15M  in permanent financing for Ohio and Pennsylvania grocery-anchored retail centers

PITTSBURGH, PA – The Pittsburgh office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $24.15 million in permanent financing for two grocery-anchored retail centers in Wadsworth, Ohio and Pittsburgh, Pennsylvania.

HFF managing director Claudia Steeb worked on behalf of Echo Real Estate Services Company for the borrowing entities to secure the cross-collateralized, fixed-rate loans through CUNA Mutual Group.

 The $10.5 million and $13.65 million loans have 20-year terms with 20-year amortization schedules. The loans will also be serviced by HFF. Echo Real Estate Services Company offers development and construction management services, leasing and brokerage services, property management, partnership management and syndication and financial services for retail projects in the Ohio and Pennsylvania areas.

The Wadsworth, Ohio property is located at the Akron Road interchange of Interstate 76, approximately 10 miles west of Akron. Completed in September 2009, the property consists of a 92,600-square-foot supermarket and a pad site that is leased to Key Bank.

Completed in October 2009, the Pittsburgh property is a 130,000-square-foot grocery store situated within the Settlers Ridge Retail Development (bottom right photo). The property is visible and easily accessible from Parkway West (Interstate 376) in Robinson Township.

Contacts:
Claudia A. Steeb,HFF Managing Director, 412) 281-8714, csteeb@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, ( (713) 852-3500, krmurphy@hfflp.com

DCT Industrial Trust Inc. Selects Grubb & Ellis as Leasing Agent for 1.1-Million-SF Industrial Portfolio

SEATTLE, WA (May 10, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that DCT Industrial has selected the company as the leasing agent for seven Class A industrial properties offering a total of 1.1 million square feet space throughout the Seattle market.

“This is an enormous win for Grubb & Ellis’ newly expanded Seattle industrial team and we are pleased that DCT Industrial selected us to represent such a high class portfolio,” said Bill Condon, (top right photo)  executive vice president, managing director, Seattle.

Condon will be joined on the leasing team by Matt McGregor, (middle left photo)  senior vice president, Industrial Group, and Andrew Hitchcock, (middle right photo)  vice president, Industrial Group.

This is the second major industrial leasing assignment for the office, which was recently selected by AMB Property to market a four-building, 1.3-million-square-foot Class A portfolio located in Kent, Tukwila, South Seattle and Renton.

The DCT Industrial portfolio in the Seattle market is 95 percent leased. Approximately 59,433 square feet of space is available for rent at O’Brien Business Park, a 182,000-square-foot building located at 6804 212th St. in central Kent, The park offers excellent access to Highway 167 and Interstate 5. The property is anchored by BarclayDean Environments, a workspace furniture manufacturer.

The portfolio also includes three other properties in Kent:

§ The Van Doren’s Landing Shaw Industries building, located at 22408-22620 64th Ave. S, is anchored by Shaw Industries and offers approximately 192,000 square feet of space.

§ The 183,000-square-foot Van Doren’s Landing Sea-Pac Building, located at 6215-6307 S. 228th St., is fully occupied by multiple tenants, including Sea-Pac Sales Company and Cronin and Company.

§ Seattle Bike Supply building, located at 7620 S. 192nd St., offers 66,500 square feet of space is fully occupied by Seattle Bike Supply.

The portfolio also includes two assets in Algona, Algona Business Park Buildings A and B. Located at 1150 Industry Drive N, Building A offers nearly 100,000 square feet of space. Building B is located at 840 Industry Drive N and consists of nearly 200,000 square feet of space.

The portfolio also includes 800 S.W. 27th St., Renton, a 182,000-square-foot building fully occupied by Trojan Lithograph.

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