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