Thursday, August 19, 2010
WALNUT CREEK, CA (Aug. 19, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that John A. Dolby (top right photo) has joined the company as senior vice president, Office Group, where he will primary focus on the Oakland, Emeryville, Berkeley and Hayward markets.
“John comes to Grubb & Ellis with 25 years of success in the Oakland office market.” said Ed Del Beccaro (middle left photo) , managing director of Grubb & Ellis’ Walnut Creek office. “He’s an outstanding broker and role model, and just the type of individual we are looking to attract as we continue to expand our team.”
Prior to joining Grubb & Ellis, Dolby spent 13 years as a vice president of Shorenstein Realty Services, where he served as the leasing and marketing vice president of City Center, (bottom right photo) a 1.6 million-square-foot Class A office and retail center located in downtown Oakland.
Dolby holds a bachelor’s degree from the University of California, Berkeley. He previously served as a board member of the Oakland Municipal Chamber of Commerce for nine years and as a board member of the Oakland Ballet for six years.
Erin MaysPhone: 312.698.6735Email: firstname.lastname@example.org
Jason Nettles, HFF Senior Managing Director, (404) 832-8460, email@example.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500
HFF named to market for sale Shops at Sea Island on St. Simons Island, Georgia
ATLANTA, GA – The Atlanta office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has been named to market for sale The Shops at Sea Island (lower right photo), a 95,729-square-foot, grocery-anchored retail center on St. Simons Island, Georgia.
“The Shops at Sea Island is one of the strongest grocery-anchored centers to hit the market this year and is located on one of the best pieces of real estate in the southeast.
Jim R. Hamilton, HFF Director, (404) firstname.lastname@example.org
Richard M. Reid, HFF Director, (404) 942-2209 email@example.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) mailto:firstname.lastname@example.org
Robert Beni Joins Meridian Capital Group, LLC as a Vice President in its Originations Group in New York City
Mr. Beni will be supporting the underwriting and origination efforts of the Commercial Originations Group nationally and will be reporting to Marty Lanigan, (top left photo) Senior Managing Director of Origination and Strategic Initiatives, and Chad Johnson (lower right photo) , Managing Director. He will be working out of Meridian’s headquarters in New York City.
NEWPORT BEACH, CA (Aug. 19, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Michelle Schierberl, CCIM, senior vice president, Institutional Capital Markets, and Donald Ellis, associate, Investment Group, sold Temecula Creek Plaza, (top left photo) a 69,000-square-foot retail center, to a private investor on behalf of the property’s receivership.
Robert Griffith, senior vice president, Financial Services Asset Management, who represents the property’s special servicer, JER Special Servicing, throughout Southern California, assisted the investment team in the transaction. Financial terms were not disclosed.
close proximity to Temecula Creek Inn Golf Resort.
William Meinhold of Swoboda Hospitality Specialists represented the buyer in the transaction.
Erin Mays Phone: 312.698.6735Email: email@example.com
Julia McCartney 714.975.2230 firstname.lastname@example.org
Liberty Property Trust Receives Leed Gold Certification for its Maitland Summit III Building in Orlando, FL
ORLANDO, FL – Liberty Property Trust (NYSE: LRY) announced that it has earned LEED (Leadership in Energy and Environmental Design) Gold certification from the U.S. Green Building Council (USGBC) for its 211,000 square foot Maitland Summit III building (top left photo) in Orlando.
“LEED certified buildings are attractive to occupants because they offer lower operating costs and provide a more productive work environment,” said Stephen Whitley, (lower right photo) vice president and city manager for Liberty.
Maitland Summit III marks the company’s first LEED certified development project in Orlando and it is the sixth LEED building to open in the state.
General Inquiries: Stephen Whitley, Liberty Property Trust, 407/447-1776
Media Contact: Margo Hunt Winans, a.s.a.p.r., 757/404-8653
The CoreNet Global Summit is the only corporate real estate (CRE) event that brings together the real estate industry's demand side comprising Fortune 1000 senior level real estate executives with the industry's commercial real estate supply side.
"The fledgling economic recovery and how corporations are responding to it and planning for the future will be top of mind, as we gather this international group of leaders and experts in CRE," said Brenda Wisniewski, (top left photo) Chief Learning Officer for CoreNet Global.
The Summit theme of "Space Matters" focuses on how the economy has spurred the adoption of mobility and other flexible workplace practices, as well as how companies are adjusting their real estate portfolio strategies to address the dual challenges of meeting new growth demands versus continued cost reduction pressure.
More information is available at http://www.corenetglobal.org/
Contact: Richard Kadzis, CoreNet Global, +1-404-589-3240,, email@example.com
Web Site: http://www.corenetglobal.org/
Forest City Announces Land, Leasing Agreements for Rock Gaming Cleveland Casino Development at Tower City Center
CLEVELAND, OH, Aug. 19 /PRNewswire-FirstCall/ -- Forest City Enterprises, Inc. (NYSE:FCEA)(NYSE:and)(NYSE:FCEB) and Rock Gaming LLC, announced that subsidiaries have reached agreements under which Rock Gaming will acquire land and air rights from Forest City for development of a casino along Huron Road adjacent to the Tower City Center complex (above centered photo) in downtown Cleveland.
The land and air rights transaction is expected to close in Forest City's fiscal 2010 fourth quarter.
In addition, the two companies also announced an agreement in principle on a multiyear lease for space in the Higbee Building (bottom left photo) within Tower City for potential construction and operation of a Phase 1 casino.
"The casino is an important project for Cleveland and the entire Northeast Ohio region, and today's agreements are major milestones in moving forward," said Charles A. Ratner, (top right photo) Forest City president and chief executive officer.
"We are confident that the partnership of Rock Gaming and Harrah's Entertainment will create and deliver a great project that will benefit not only downtown, but all of Northeast Ohio for years to come.
Contact: Robert O'Brien, Executive Vice President - Chief Financial, Officer, +1-216-621-6060, or
Jeff Linton, Vice President - Corporate Communication, +1-216-621-6060, both of Forest City Enterprises, Inc.
Web Site: http://www.forestcity.net/
CHARLOTTE, NC, /PRNewswire/ -- Grandbridge Real Estate Capital recently closed a $40.5 million transaction for The Province at University of Louisville (top left photo), a "Best in Class" student housing community in Louisville, Ky.
"The Edwards Companies have developed more than 7,000 student housing beds on and around major universities located in the Northeastern, Midwestern and Southeastern parts of the United States," said Ted Schmidt, (top right photo) Grandbridge senior vice president.
Grandbridge's Columbus, Ohio, office originated and closed the fixed-rate refinance loan.
Funding for the loan was provided by Freddie Mac under its Capital Markets Execution (CME) loan program. Financing was secured for a new venture sponsored by The Edwards Companies and Kayne Anderson Real Estate Advisors, L.P.
The 22-acre property consists of nine, three-story apartment buildings. It offers fully furnished efficiency, one-, two-, three- and four-bedroom units with individual bathrooms, exterior entries, and full kitchens with all appliances (including washer and dryer).
Other amenities include a resort-style pool and clubhouse, fitness center, media and gaming theaters, Wi-Fi accessible study/social areas, volleyball and basketball courts and game room.
Charlotte, N.C.-based Grandbridge, a subsidiary of BB&T Corporation, has a broad investor base that includes insurance companies, pension fund advisers, commercial banks and capital markets investors, as well as a proprietary lending platform.
Business contact: Thomas S. Dennard, Grandbridge CEO, +1-704-379-6910, firstname.lastname@example.org
Transaction contact: : H.E. (Ted) Schmidt, Senior Vice President, +1-614-358-4102, email@example.com
Media Contact: Patricia Muse, Vice President, Marketing, +1-205-978-1139,
Web Site: http://www.bbt.com/
Uniondale, NY (Aug. 19, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,000,000 loan under the Fannie Mae DUS® Manufactured Housing Community (MHC) product line for the 99-unit complex known as Quail Trails Village in Paradise, CA. (top left photo)
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.75 percent.
“Despite Fannie Mae’s high standards for manufactured housing, the high-quality asset, with its strong, long-term ownership, was well received and we delivered the terms that the borrower wanted,” Scharf said.
Arbor Closes Two Fannie Mae DUS® Small Loans Totaling $2,615,000
Uniondale, NY (Aug. 19, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of two (2) loans under the Fannie Mae DUS® Small Loan product line. These loans include:
Sandpiper, McKinleyville, CA (middle left photo – The 28-unit complex received $1,430,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.95 percent.
Bates Court Apartments, McKinleyville, CA – The 20-unit complex received $1,185,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.95 percent.
The loans were originated by Stephen York, (lower right photo) Director, in Arbor’s full-service New York, NY, lending office.
Contact: Christopher Ostrowski, Communications Manager, Arbor Commercial Mortgage, LLC, 333 Earle Ovington Blvd., Suite 900, Uniondale, NY 11553, 516-506-4255, firstname.lastname@example.org
ORLANDO, Fla. --- Crossman & Company, one of the largest third party retail leasing and management firms in the Southeast, will be presenting the bi-annual ICSC Florida Retail Report at the Keynote Presentation, Monday Aug. 23 at 1 p.m.
Crossman & Company has produced the report on behalf of ICSC for the past 15 years, and includes contributions from over 75 separate companies throughout the state.
“We have seen a return to stability in the market in the first half of 2010,” stated Justin Greider (top right photo) , the primary author of the report. “In nearly every market of the state we have seen the freefall of rents and occupancy leveling off, indicating we may have found the bottom of the market, though significant challenges still remain for owners and retailers alike.”
“The outlook for the next 6-12 months is one of cautious optimism,” Greider added, “People throughout the state are very positive, but the recovery is going to be long and slow, and there is still a lot of over-valued product that has to work its way through the system.”
To view the 2010 ICSC Florida Retail Report go to: http://crossmanco.com/assets/files/2010%20ICSC%20Florida%20Retail%20Report.pdf
For more information, please contact:
Justin M Greider, Senior Associate, Crossman & Company, ICSC Southern Division NextGen Chair, 407-581-6225
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, email@example.com;
Molly Delahunty, Crossman & Company, 407-581-6220 firstname.lastname@example.org;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, email@example.com
ATLANTA, GA, Aug. 19, 2010—Hunter Realty, a leading national hotel investment advisory firm, today announced the sale of two adjoining downtown Atlanta hotels, the former Wyndham Garden Hotel (bottom right photo) and The Baymont Inn and Suites, (bottom left photo) at 175 Piedmont Avenue.
The two hotels were acquired by Georgia State University for an undisclosed amount and will be converted as soon as possible into student housing for the University.
The hotels are adjacent to the main campus. Bob Hunter (top right photo) in Hunter’s Atlanta office and Kyle Stevenson (top left photo) in Hunter’s Washington, DC office advised the seller in the transaction.
“Approximately 31,000 students are on campus this semester” said Bob Hunter, CEO of Hunter Realty. “This transaction will help meet the growing demand for quality, convenient student housing in the downtown area.”
This transaction is attractive for all parties involved, as well as the hotel market in Atlanta.
“Georgia State University makes notable contributions to the vitality of the downtown Atlanta community, and the additional student housing should spark additional nearby development to meet student needs,” Hunter noted. “This is a great transaction from all angles.”
Hunter Realty, an award-winning firm founded in 1978, has offices in Atlanta, Ga., Chicago, IL , Dallas, TX , Los Angeles, CA , Miami, FL, Minneapolis, MN and Washington, DC. Hunter’s exclusive focus is on hotel investment advisory and financing.
Additional information, including current listings, is available at the company’s website http://www.hunterhotels.net/ or contacting the company’s Atlanta office at 770-916-0300.
Contact: Patrick Daly, media, (703) 435-6293, firstname.lastname@example.org
MIAMI, FL--Nearly 300 new condo units remain unsold in the Hollywood / Hallandale Beach market of Southeast Broward County through the first half of the year, representing about five percent of the total inventory constructed during the real estate boom, according to a new Condo Vultures® White Paper™.
Buyers paid $2.2 billion for 4,666 newly created units with 6.1 million square feet of livable space in Hollywood / Hallandale Beach between 2003 and 2010.
The price works out to an average of $360 per square foot, according to the report based on the soon-to-be-published Condo Vultures® Official Condo Buyers Guides To Hollywood / Hallandale Beach™.
"The primary reasons for the higher sales ratio in Hollywood / Hallandale Beach is the lower average asking price per square foot and the fact that fewer units were constructed.
The Hollywood / Hallandale Beach submarket is defined by Condo Vultures® as Federal Highway (U.S. 1) east to the Atlantic Ocean, and Sheridan Street south to Holiday Drive (Broward / Miami-Dade County line). This study considers condominiums with at least 25 units.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at email@example.com