Tuesday, August 31, 2010
Grubb & Ellis Commercial Florida Negotiates long term industrial renewal lease of 22,000 SF+ at Orlando Corporate Center
ORLANDO, Fla. -- Grubb & Ellis Commercial Florida, associated with 130 Grubb & Ellis offices worldwide, negotiated a long-term renewal lease for 22,353 square feet of industrial space at 7803 Southland Blvd. in the Orlando Corporate Center.
Jan Boltres, CCIM 813-639-1111, Jboltres@commercialfl.com
Mike Davis, VP Industrial 407-481-5402, Mdavis@commercialfl.com
Jeff Sweeney, 407-481-5387, firstname.lastname@example.org
Larry Vershel 407-644-4142, Lvershelco@aol.com
Central Florida Advisors, a Grubb & Ellis Commercial Florida Subsidiary, Increases Portfolio of Tax Advisory Properties by 300 Percent
ORLANDO - Last year, Central Florida Advisors, the tax advisory subsidiary of Grubb & Ellis Commercial Florida, represented properties valued at more than $100 million.
This year, Central Florida Advisors represents properties valued at more than $460 million in Florida, reports Jeff Sweeney (top right photo), president and managing principal at Grubb & Ellis Commercial Florida.
Central Florida Advisors specializes in helping commercial property owners reevaluate their property tax assessments, Sweeney explained.
Central Florida Advisors helped the owners of one suburban-area mixed use property cut their property taxes by nearly 50 percent, Sweeney said.
“That resulted in over $200,000 of tax savings for their bottom line,” he added.
The deadline for appealing property tax assessments in Orange County is Sept. 10.
Brett Felberg, 407-481-5390;
Jeff Sweeney SIOR President 407-481-5387;
Larry Vershel Communications 407-644-4142
CHICAGO, IL--Applying for and securing HUD Section 232 senior housing/healthcare funding has been likened to balancing the interests of borrowers, lenders and the government agency on a three-legged stool.
And then along came HUD Lean to centralize and streamline the application and underwriting processes and make the rules for borrowers more uniform and user-friendly.
Cambridge Realty Capital Companies Chairman Jeffrey A. Davis (top right photo) says HUD loans still require borrowers and lenders to present impeccably prepared documents and meet demanding underwriting criteria.
And rarely has refinancing a HUD loan offered as much potential for improving profits, he observes.
Chicago-based Cambridge is one of the nation’s leading senior housing/healthcare lenders and consistently ranks among the top HUD healthcare lenders in the country. Since the mid-1990s, the company has closed more than 300 senior housing/healthcare loans totaling more than $3 billion.
The timing for this type of financing is especially auspicious because interest rates are at historically low levels, and lower rates equate to higher operating profits. Because the funding program enables borrowers to refinance the full original loan amount, additional funds for capital improvements are available, he points out.
HUD also appreciates the relative simplicity involved in underwriting these “low risk” loans. This became apparent when agency created a special queue it calls the “Green Lane” to move these loans through the process more swiftly.
Popularity of the funding product is growing. Since the first of this year, 40 percent of the healthcare loans processed by Cambridge have refinance existing HUD loans, and a lot more of these transactions are in the Cambridge pipeline, he said.
Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: mailto:email@example.com
MIAMI, FL--Lenders have initiated more than 250,000 foreclosure actions - also known as Lis Pendens or notices of default - against properties in the tricounty South Florida region since 2007, according to a new report from CondoVultures.com.
The South Florida region reached the 250,000 foreclosure filings threshold on Friday, Aug. 27, when lenders initiated a combined 248 actions against properties in Miami-Dade, Broward, and Palm Beach counties, according to the report based on the Condo Vultures® Foreclosure Database™.
"To reach 250,000 foreclosure filings since the real estate crash began in 2007, lenders have had to file an average of nearly 200 actions per day in the South Florida region," said Peter Zalewski, (top right photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
" In the first seven months of 2010, foreclosure filings are down 35 percent compared to 2009, putting the region on pace for less than 70,000 actions this year.
"Compare that to 2008 when lenders filed about 76,000 foreclosure actions in South Florida."
Condo Vultures® is assembling a panel of experts on Sept. 14 in Downtown Miami to discuss the issue of future foreclosures in a seminar entitled "Concerns Grow About Double Dip For South Florida Real Estate."
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at firstname.lastname@example.org.
ORLANDO, FL--David Liu, (top right photo) corporate president, Foliage Design Systems, Orlando, FL, says, "We live in a time of a challenged real estate market, to say the least.
"While tightened budgets are the norm, don't lose sight of your main objective, which for the commercial building manager or the home seller, is to find a willing customer.
"Potential home buyers and tenants are influenced by the same value as they always have been. It is a known fact that an attractive, well-maintained landscape helps sell homes, so much in fact that some agents will not list a home with a weed infested, broken down landscape.
"He went on to say that these things are glaring to the shopper who might think twice about a return visit.
"In contrast, savvy building owners understand that well-managed plants are one of the least expensive costs for the greatest impact. All property managers live by the rule of the square foot. The cost of management is broken down per square foot as is the cost to sell or lease space.
"Consider this: Two strategically placed planters, perhaps flanking the doors of the exterior entry, may take up about 18 square feet total. Plant these two planters with a color combination of tropical and blooming plants. Depending upon how many times your contractor replants with a fresh new seasonal look, those two planters, if part of the interior plant service program, may cost you an additional $50.00 per month.
"In the case of 100,000 square foot building, the distributed cost of the planting is about half a penny. Look at the impact!
"In today's real estate market, flourishing plants may just be the most economical thing you can do to enhance the perceived property value. Your local Foliage Design Systems office can provide you with a cost free consultation that will allow you maximize your indoor and containerized planting potential."
Contact: David Liu, email@example.com, http://www.foliagedesign.com/
Grubb & Ellis Enhances Lease Administration Capabilities With Addition of Nickie Taylor and Jason Huggins
SANTA ANA, Calif. (Aug. 31, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Nickie Taylor, (top left photo) a 25-year lease administration and property management veteran, has joined the company as vice president, managing director of Lease Administration, effective immediately.
Jason Huggins (top right photo) also joins as vice president, Lease Administration and director of Retail Accounts. Both will be based in the company’s Dallas office.
Taylor, who joins from SRS Real Estate Partners, will be responsible for overseeing Grubb & Ellis’ lease administration portfolio, which totals in excess of 100 million square feet of space.
She will report to Suzanne MacLennan, senior vice president and national director, Client Accounting and Lease Administration.
Huggins was previously senior director of Lease Administration & Worldwide GIS at Blockbuster Inc., where he oversaw the monthly payment and processing of more than $50 million in rent payments. He will be responsible for overseeing lease administration for Grubb & Ellis’ retail clients and will report to Taylor.
ATLANTA (Aug. 31, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Greg O’Brien (middle right photo), LEED AP, has joined the company as senior vice president, Office Group, and Southeast leader of the Clean Energy practice group.
O’Brien joins from Sustainable Options LLC, where he was co-founder and principal.
“Greg has established himself as a leading authority on real estate for the clean energy industry, for the solar and wind sector in particular,” said Bob Dean, (middle left photo) executive vice president and leader of Grubb & Ellis’ Clean Energy practice group.
" His expertise and relationships in the sectors that are emerging in the Southeast, including solar and wind power, are particularly valuable for us.”
Contact: Erin Mays, Phone: 312.698.6735, Email: firstname.lastname@example.org
Grubb & Ellis Tapped as Leasing Agent for 246,800 SF in Chantilly, VA
DALLAS, TX – HFF (Holliday Fenoglio Fowler, L.P.) announced today that Randy Baird has joined the firm as a senior managing director in the investment sales group in its Dallas office.
Baird has more than 20 years of experience in commercial real estate and will join HFF’s Jud Clements (top right photo) and Robby Rieke (lower left photo) in focusing on industrial investment sales.
Baird will also assume a role in the guidance of HFF’s national industrial sales platform. During the course of his career, he has been involved in the sale of more than 350 million square feet of industrial real estate totaling $16 billion in transaction value.
Andrew S. Levy, HFF Senior Managing Director, (214) 265-0880, email@example.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, firstname.lastname@example.org
HENDERSON, NV, Aug. 30, 2010 – Colliers International, the second largest real estate services organization globally, has completed the sale of the 104,030-square-foot Sunset Pointe Industrial Center at 505-585 W. Sunset Rd. in Henderson, Nev., to Laguna Beach, Calif.-based Bakken Wineville Properties, LLC for $4.8 million.
The buyer was represented by Mel Koich of Lee and Associates.
Contact: Megan Morales, Marketing & PR Coordinator, 949 724 5537, email@example.com
Monday, August 30, 2010
Grubb & Ellis Commercial Florida Negotiates New Lease with Family Care at Bardmoor at Fairways Office Center at Bardmoor in Largo, FL
James C. Moler, (bottom right photo) CCIM and Paula Buffa (top right photo), CCIM senior vice presidents in the Office Group at Grubb & Ellis Commercial Florida, and associate Maria Camarinos Hall (top left photo) negotiated the transaction representing the landlord, EJB Fairways, LLC based in Seminole, Fla.
Family Care at Bardmoor, an affiliate of HCA Healthcare, leased suite 101 with 4,783 square feet at the center located at 8200 Bryan Dairy Rd.
With the additional space Family Care at Bardmoor can introduce more primary care physicians, expand their existing clinical services and bringing in-house more tests and equipment for their patients.
Family Care at Bardmoor is a teaching practice and has a rotation of eleven physicians fulfilling their residency requirements.
This provides the patients of Family Care at Bardmoor a host of physicians to choose from and more time to spend with their physicians. The additional space and updated floor plan will allow the practice to be more efficient; reducing wait times and allowing the practice to accept more new patients.
James C. Moler CCIM, 813-639-1111
Paula Buffa, CCIM, RPA 813-830-7887
Jeffrey Sweeney, SIOR President 407-481-5387
Larry Vershel Communications 407-644-4142
The project will involve the management, new construction and/or demolition of Air Force family housing at the Southern Group bases, resulting in an end state of approximately 2,185 units.
"The awarding of the Southern Group is an important milestone for our military housing business," said Charles A. Ratner, (middle right photo) Forest City president and chief executive officer.
"It significantly expands our portfolio and broadens our involvement with Air Force family housing.
"We're proud to have been chosen for this project and to have an even greater opportunity to improve the quality of life and sense of community for military families across the country.
I congratulate our entire military housing team, led by Tom Henneberry (middle left photo), on this important acknowledgement of their skill, capability, professionalism and hard work."
The four bases involved are Shaw AFB and Charleston AFB in South Carolina, Arnold AFB in Tennessee, and Keesler AFB in Mississippi.
As part of the project, the Air Force will lease a combined total of 846 acres of land and convey 2,387 existing housing units to Forest City.
Over the course of a three-year initial development period, the company expects to demolish 1,189 existing, inadequate housing units and construct 987 new housing units.
Following the development phase, Forest City will manage and maintain a combined total of 2,185 housing units at the bases over a 50-year contract period. Closing on the project is expected to occur in early 2011.
“Kevin’s reputation as an experienced tenant representation broker in our market makes him a tremendous addition to our team,” said Bob Nosal, executive vice president and managing director of the Cleveland office.
“Bringing him on board supports our corporate user clients both locally and nationally, enhancing the strength of our Corporate Services platform and helping us grow in an area we’re focused on.”
Riley joins Grubb & Ellis from Colliers Ostendorf-Morris, where he was a Top 10 producer in 2008 and 2009, earning the distinction as the top office broker in 2009. In his six years at Colliers, Riley completed the lease or sale of more than 600,000 square feet of office space valued in excess of $50 million.
“The professionals in Grubb & Ellis’ Cleveland office are considered to be some of the top brokers in our market, and I look forward to working with them to further build Grubb & Ellis’ tenant representation business in Cleveland.”
Contact: Erin Mays, Phone: 312.698.6735, Email: firstname.lastname@example.org
PR contact: Elaine Ingra, PR WORKS, 407 348-1344, email@example.com
Under the scope of its services, the facility maintenance company is providing mowing, trimming, edging, weeding, pruning, annuals, and irrigation maintenance for the right-of-ways and medians on State Road 434 from Tuskawilla Road to the Oak Forest subdivision.
PR Contact: Elaine Ingra, (407) 384-1344 firstname.lastname@example.org
TAMPA, FL, Aug. 30, 2010--Plaza Advisors is pleased to announce the recent sale of a newly constructed Walgreen’s store in Ocala, Florida.
This building totaled 16,510 square feet and is situated at the intersection of State Road 200 and SW 80th Avenue, at the entrance to the On Top of the World residential communities. The Walgreen’s opened in June 2010 and features a liquor store.
Plaza Advisors is a real estate brokerage firm that specializes in the disposition of retail properties in the southeastern United States. The firm has offices in Tampa and Miami. Plaza Advisors’ clients include private equity investors, developers, and major institutions including fund advisors, servicing agents, life insurance companies, REITs, and money center banks.
Contact: Jim Michalak, Managing Partner, Plaza Advisors, 3412 Bay To Bay Boulevard Tampa, FL 33629, 813.837.1300 Ext. 101, Fax 831.2627
Grubb & Ellis Commercial Florida Negotiates new lease agreement for Fastener Distributor at industrial facility in Tampa
TAMPA – Grubb & Ellis Commercial Florida, associated with 130 Grubb & Ellis offices worldwide, negotiated a lease agreement for 15,945 square feet of industrial space at 4300 E. 7th Ave. at the intersection of N. 43rd Street in Tampa.
Chuck Bohac, (top right photo) vice president in the Industrial & Land Services Group at Grubb & Ellis Commercial Florida, brokered the transaction representing the new tenant Vertex Distribution. Vertex is an Attleboro, Mass.-based distributor of fasteners, rivets and clamps relocating its Tampa operations from nearby Adamo Drive.
The landlord is ABD Capital Corporation of Tampa.
Media contact: Beth Payan, Larry Vershel, email@example.com
MAITLAND, FL - NAI Realvest recently negotiated the sale of an industrial condo at Southwest Orlando’s All Star Service Center, 6610 Kingspointe Parkway off Sandlake Rd. West near the Florida Turnpike.
NAI Realvest associate Drew Saphos (top right photo) negotiated the transaction along with principal Christie Alexander (lower left photo) and chairman George Livingston. NAI Realvest represented the seller, Columbus, Ohio-based United Midwest Savings Bank.
Chuck McNulty of McNulty Group represented the buyer in the transaction.
For more information, please contact:
Christie Alexander or Drew Saphos, NAI Realvest, 407-875-9989;
Patrick Mahoney, President, NAI Realvest 407-875-9989 firstname.lastname@example.org;
Beth Payan, Larry Vershel Communications, 407-644-4142 email@example.com
Grubb & Ellis Apartment REIT Agrees to Acquire Nine Properties and Property Management Business for $182M
The acquisitions are subject to customary closing conditions and the satisfaction of other requirements as detailed in the agreements.
“We will enjoy greater economies of scale, equity will increase by approximately 18 percent, and the transactions will be immediately accretive to our bottom line earnings, increasing funds from operations and coverage of our investor dividend.”
The nine multifamily properties include 2,676 apartment units located in North Carolina, Tennessee and Texas.
One of the properties is owned by a limited partnership for which an affiliate of MR Holdings serves as general partner.
Total consideration for the acquisition of the nine properties totals $176.9 million comprised of cash, debt and limited partnership interests in Grubb & Ellis Apartment REIT’s operating partnership.
Mission Residential Management is the property manager of 41 multifamily communities, including the nine under contract for purchase, totaling approximately 12,000 apartment units in Georgia, Texas, North Carolina, Tennessee, Utah and Florida.
According to Olander, “The acquisition of the Mission Residential property management business will provide immediate fee income to Grubb & Ellis Apartment REIT, provides a platform for the self-management of our entire portfolio, and adds nearly 300 experienced professionals to our talented employee base.”
Additionally, Grubb & Ellis Apartment REIT will seek the consent of the respective tenant-in-common owners of six multifamily communities totaling 1,510 apartment units in North Carolina and Texas to acquire these properties.
Total consideration for these proposed acquisitions would be $99.5 million, including limited partnership interests in the REIT’s operating partnership and assumed debt.
The Grubb & Ellis Apartment REIT portfolio is currently comprised of 14 multifamily properties totaling 3,747 apartment units valued at approximately $358 million, based on purchase price.
Should the REIT successfully complete all 15 proposed property acquisitions, its portfolio will total 29 multifamily properties totaling 7,933 apartment units valued at approximately $661.4 million, based on purchase price.
FBR Capital Markets & Co. served as financial advisor to MR Holdings in connection with the transactions, while Wells Fargo Securities / Eastdil Secured served as financial advisor to Grubb & Ellis Apartment REIT.
Contact: Damon Elder, Phone: 714.975.2659, Email: firstname.lastname@example.org
Uniondale, NY (Aug. 30, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,080,000 loan under the Fannie Mae DUS® Small Loan product line for the 68-unit complex known as Haltom Oaks Apartments (top left photo) in Haltom City, TX.
The 10-year loan amortizes on a 25-year schedule and carries a note rate of 5.51 percent.
“We were pleased to be able to provide financing for the repeat Fannie Mae borrower and this good quality property, which sits in a desirable location within the Dallas/Fort Worth area.”
Contact: Christopher Ostrowski, email@example.com