Thursday, August 19, 2010

John Dolby Joins Grubb & Ellis as Senior Vice President - Office Group

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.”

Dolby’s addition extends Grubb & Ellis’ recruiting success in the San Francisco region. Over the past eight months, nine professionals have joined the company’s Walnut Creek office and 32 have joined the company overall in the Bay Area, expanding the company’s Office, Retail and Investment capabilities.

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.

 During his tenure, he handled leasing more than four million square feet of office space. In 2003, Dolby received the company’s Walter Shorenstein Real Estate Award, which is presented annually to the highest achieving professional.

 He joined Shorenstein following its acquisition of the City Center in 1997. He began his career with Norris Beggs and Simpson in 1985.

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:

HFF closes sale of Brandon, Florida multi-housing community

ATLANTA, GA – The Atlanta office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Providence Place Apartments, a 444-unit multi-housing community in Brandon, Florida.

he HFF investment sales team was led by senior managing director Jason Nettles (top right photo)  and director Megan Thompson (bottom left photo)  who represented a New York-based advisor. The buyer was Nashville-based Covenant Capital Group.

Providence Place Apartments is located in Brandon close to the Crosstown Expressway, providing access to all of the Bay-area’s employment nodes.

“It was a notable transaction in that nearly every buyer that bid on the asset was underwriting a significant value-add,” says Nettles. “The strategy makes perfect sense as new construction is at a virtual stand-still, and there is an improving rental market for the high-end product.”

Covenant Capital Group is a real estate private equity firm specializing in the value-added acquisition and redevelopment of apartment communities. Covenant manages $350 million of equity invested in over $1 billion of apartment assets with over 18,000 units.


Jason Nettles, HFF Senior Managing Director, (404) 832-8460,
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.

HFF directors Jim Hamilton (lower left photo)  and Richard Reid (bottom right photo)  will lead the marketing efforts on behalf of the seller.

The Shops at Sea Island is located at 600 Sea Island Road along the primary thoroughfare into Sea Island.

 Completed in 1996, the property is fully leased to tenants, which include Harris Teeter, Bank of America, Blockbuster, Chico’s, CVS Pharmacy, GNC, Jos. A. Banks, Talbots and the UPS Store.

“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.

"Furthermore, the Shops at Sea Island is the dominant retail development that serves Sea Island and St. Simons Island, and it is anchored by the number one grocer on the islands,” said Hamilton.


Jim R. Hamilton, HFF Director, (404)
Richard M. Reid, HFF Director, (404) 942-2209
Kristen M. Murphy, HFF Associate Director, Marketing, (713)

Robert Beni Joins Meridian Capital Group, LLC as a Vice President in its Originations Group in New York City

New York, NY, Aug.  19, 2010, – Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, is pleased to announce the addition of Robert Beni, Jr.  (top right photo) as a Vice President in its Commercial Originations Group.

 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.

Mr. Beni has substantial experience analyzing loan applications, sponsors, collateral and performing due diligence for balance sheet and conduit transactions.

 He has held underwriting, credit and risk roles with Amboy Bank, Mezz Cap, Fillmore Financial Services and Prudential Financial. Mr. Beni and Mr. Lanigan previously worked together at Mezz Cap, where Mr. Beni served as Credit and Risk Manager.

“Bob’s strong background as a credit and deal management professional will be of tremendous value in helping us to more effectively manage our growing commercial and institutional mortgage finance activities,” said Mr. Lanigan. “As Meridian continues to expand its mortgage banking and finance platform, talent like Bob’s will be crucial,” he added.

Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms.

Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California.

Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties.

Contact: Jonathan Stern, Meridian Capital Group, LLC, 212/972-3600

Grubb & Ellis Represents Receivership in Sale of 69,000-SF Temecula Creek Plaza in Temecula, CA

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.

Located at 31021 – 31141 Temecula Parkway, Temecula, Temecula Creek Plaza was 68 percent leased at the time of the sale and anchored by CVS Pharmacy and Guaranty Bank. Built in 2007, the property is located within

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:
Julia McCartney 714.975.2230

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.

“This building, our first LEED Gold certified property in this market, builds upon all we have learned in our development of more than 30 sustainable commercial buildings around the country.”

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

CoreNet Global Summit Phoenix Convenes Who's Who of Corporate Real Estate Asset Management

ATLANTA, GA  /PRNewswire-USNewswire/ -- CoreNet Global, the world's leading professional association for corporate real estate executives, service providers and economic developers, will convene its next Global Summit in Phoenix September 19 - 21, 2010.

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.

More than 1,500 industry professionals will attend, including executives overseeing corporate asset management, sustainability, workplace practices, site location decision making and economic development.

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.

 A special Industry Exposition will also highlight new services and technologies impacting workplace design, space allocation, portfolio optimization, energy savings and other strategic needs.

Richard Florida, (top right photo) one of the world's leading and sometimes-controversial intellectuals on economic competitiveness, demographic trends, and cultural and technological innovation, will kick off the Global Summit with a presentation based on his new best-selling book, The Great Reset: How New Ways of Living and Working Drive Post-Crash Prosperity.

The closing address will be given by Jeff Salz, (middle right photo)  anthropologist, explorer, mountaineer, author and television personality, will share the value of his 30 years of exploration and expedition leadership, with his presentation, The Adventure of Change.

In addition, the CoreNet Global Summit will feature three experts all with different perspectives on redefining "space," in their presentation Bending SPACE: A Mind Expanding Experience: Tom Wujec (lower right photo) , expert on Innovation and fellow at Autodesk; Ted Sargent (middle left photo) , Innovator in Nanotechnology; and Taryn Mead (lower left photo), Biologist at the Design Table for the Biomimicry Guild.

And, representatives from Intel Corp, Hewlett Packard, Oracle, US Bank, AT&T, Adidas Group, and numerous other category leading companies will facilitate sessions on topics including sustainable development, workplace technologies, collaboration and individual management skills.

CoreNet Global's 6,500 members, who include 70% of the top 100 U.S. companies and nearly half of the Global 2000, meet locally, globally and virtually to develop networks, share knowledge, learn and thrive professionally.

More information is available at

Contact: Richard Kadzis, CoreNet Global, +1-404-589-3240,,    
Web Site:

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.

Under the agreements, Rock Gaming will acquire approximately 16 acres, including land immediately adjacent to Tower City as well as a portion of the current Riverview parking lot.

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.

The Rock Gaming casino at Tower City Center represents the start of a dynamic new future for downtown entertainment and economic revitalization in Cleveland."

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:

Grandbridge Closes $40.5M Student Housing Transaction in Louisville, KY

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.

"This financing was very attractive to Freddie Mac given the high quality of the property, the in-fill location next to campus and the exceptional sponsorship."

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 Province was completed in August 2009 with more than 95 percent being leased for the 2009-2010 academic year. It is within an eight-minute walk from the University of Louisville campus. (bottom left photo)

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,
Transaction contact: : H.E. (Ted) Schmidt, Senior Vice President, +1-614-358-4102,
Media Contact: Patricia Muse, Vice President, Marketing, +1-205-978-1139,,
Web Site:

Arbor Closes $2MFannie Mae DUS® MHC Loan for Quail Trails Village in Paradise, CA

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.

The loan was originated by Brian Scharf (middle right photo), Director, in Arbor’s full-service Uniondale, NY, lending office.

 “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.

 “The borrower’s goal with the properties was to refinance into 10-year loans at attractive rates,” York said. “We were pleased to help the borrower accomplish his objective and look forward to future opportunities together.”

Contact:  Christopher Ostrowski, Communications Manager, Arbor Commercial Mortgage, LLC, 333 Earle Ovington Blvd., Suite 900, Uniondale, NY 11553, 516-506-4255,

Crossman & Company Releases ICSC 2010 Florida Retail Report

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 report notes that rental rates for the entire state average $16.60 for mid-year 2010, down nearly 15 percent from the peak in the first quarter of 2008. Occupancy has leveled off at just over 89 percent, a decrease of about 6 percent from its peak in 2006.

“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:

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,;
Molly Delahunty, Crossman & Company, 407-581-6220;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142,

Hunter Realty Advises on Two-Hotel Atlanta Transaction

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.

The two hotels combined have a total of 453 rooms, which will greatly expand the University’s inventory of convenient student housing.

“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.

The University gains convenient student housing at an attractive price below replacement costs and the seller received a fair value for its real estate in a challenging market,” Hunter noted. “In addition, all downtown hotel owners will benefit as a large number of competitive rooms will be removed from the market.”

“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 or contacting the company’s Atlanta office at 770-916-0300.

Contact: Patrick Daly, media, (703) 435-6293,

Marcus & Millichap Taps Bill G. Jordan as a Senior Associate in Fort Worth, TX

 FORT WORTH, Texas, Aug. 18, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired Bill G. Jordan (top right photo)  as senior associate, according to David Luther, (middle  left photo)  regional manager of the Fort Worth office.

As a senior associate in the Fort Worth office, Jordan will broker the sale of retail investment properties.

“We are excited that Bill has selected Marcus & Millichap,” explains Luther. “His in-depth market knowledge of the D/FW and Tarrant County retail sector make him an asset to both our private and institutional investor clients.”

Most recently, Jordan was a partner at a Tarrant County-based commercial real estate firm that specialized in land, retail and office properties. Jordan has experience in investment sales, leasing, land sales and development. In all, he brings 24 years of experience to his new post.

Jordan received his M.B.A from Dallas Baptist University.

Cliff David Promoted to Vice President Investments in Phoenix

PHOENIX, Aug. 19, 2010 – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Cliff David (lower right photo)  to vice presidents investments.

The achievement is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to John J. Kerin, (bottom left photo)  president and chief executive officer.

Most recently, David was an associate vice presidents investments.

David began his career with Marcus & Millichap in 2002 as a sales intern. He specializes in multifamily investment sales.

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

300 New Hollywood / Hallandale Beach Condos Still Unsold

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™.

"Unlike Miami Beach or Sunny Isles Beach to the south where each market has at least 20 percent of its new product still available, less than five percent of the new condo inventory is still available for purchase in Hollywood / Hallandale Beach," said Peter Zalewski, (top right photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"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 market also benefitted greatly from the fact that most of the projects became available for purchase before the South Florida real estate market began to crash in late 2007."

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