Tuesday, September 7, 2010
JOPLIN, Mo. (Sept. 7, 2010) – Grubb & Ellis Healthcare REIT II, Inc. today announced that it has acquired Joplin Long-Term Acute Care Hospital (top left photo) , a single-story, 26,000-square-foot, Class A single-tenant medical facility in Joplin. The acquisition closed on Aug. 31.
Located at 2040 W. 32nd St., at the heart of the “Four State Area” where Missouri, Oklahoma, Arkansas and Kansas converge, Joplin Long-Term Acute Care Hospital is less than one mile from St. John’s Regional Medical Center (middle right photo), the region’s leading healthcare provider and a significant source of referral patients.
Built in 2007, Joplin Long-Term Acute Care Hospital is leased by Landmark Holdings of Missouri, LLC, which signed a long-term lease through 2025.
The Joplin facility is the second of a $42 million, four-property portfolio of regional long-term acute care hospitals being acquired by Grubb & Ellis Healthcare REIT II.
A similar facility in Cape Girardeau was acquired by the REIT on Aug.12 and two other facilities, one in Columbia and one in Athens, Ga., are currently under contract.
“They enjoy very limited competition, have strong relationships with major healthcare systems, and provide stable long-term income that is immediately accretive and supportive of our investor distribution.”
Creative Health Capital, LLC represented the seller, White Oaks Real Estate Investments, LLC, an unaffiliated third party, in the transaction. Grubb & Ellis Healthcare REIT II financed the acquisition using cash proceeds received from its offering and $8 million in borrowings under its line of credit with Bank of America, N.A.
Contact: Damon Elder, Phone: 714.975.2659, Email: firstname.lastname@example.org
SARASOTA, Fla. --- CORE Construction Services of Florida, LLC recently started construction of Villa Grande of Sarasota, an active adult apartment community located off Fruitville and Beneva Roads in Sarasota.
John Wiseman, (top right photo) president of CORE Construction Services of Florida, LLC said construction of Villa Grande, with 108 apartment residences is now underway and will be completed and ready for move in by next spring.
Villa Grande LLC is the developer of Villa Grande and construction cost is approximately $13.5 million.
For more information, contact
John P. Wiseman, President CORE Construction Services of Florida, LLC, 6320 Tower Lane, Sarasota, FL 34240, 941-552-0240.
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142
Grubb & Ellis Represents California College Career & Technical Education Center in 164,330-SF Lease for New School
SACRAMENTO, CA (Sept. 7, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Sandy Sandoval, senior vice president, Investment Services, represented California College Career & Technical Education Center in a 164,330-square-foot lease of office and R&D space at 890 Embarcadero Drive in West Sacramento.
The non-profit public benefit corporation will use the space for a tuition-free charter high school.
“Throughout the economic downturn, education has remained among the top thriving industries nationally,” said Sandoval. “I am thrilled to have assisted California College Career & Technical Education Center in finding the perfect location for their school. This will be a significant boost to the local economy.”
The charter school is scheduled to open on Sept. 8 with approximately 250 9th and 10th grade students.
John Fondale of Cornish & Carey Commercial represented the landlord, Affymetrix Inc., in the transaction.
Christopher J. Stallings Joins Grubb & Ellis Landauer Appraisal & Valuation as Managing Director, Houston
HOUSTON, TX (Sept. 7, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading
real estate services and investment firm, today announced that Christopher J. Stallings MAI, CCIM, MRICS, has joined Grubb & Ellis Landauer Appraisal & Valuation as managing director, Houston, effective immediately.
In this role, he will be responsible for developing and overseeing the company’s appraisal operations in Houston.
Stallings’ addition follows Grubb & Ellis’ announcement in June that it was launching a national appraisal business and reinvigorating the Landauer brand under the leadership of industry veterans Douglas W. Haney and Eduardo Alegre.
James S. Adams Joins Grubb & Ellis as Managing Director, Houston, TX
Adams brings more than 25 years of commercial real estate experience to the managing director role. His responsibilities will include overseeing the company’s more than 50 local professionals, in addition to growing Grubb & Ellis’ presence throughout the Houston marketplace.
During much of his career, Adams has specialized in mortgage banking, closing more than $4 billion in debt and equity transactions across the U.S. He will use this experience to help establish and grow the company’s local mortgage banking practice.
Grubb & Ellis Adds Investment Team to East Bay Office in California
Bland and Alcaraz join from CB Richard Ellis and will be part of the company’s Private Capital Markets group.
“Rick and Raul’s addition brings tremendous strength to our medical, office and industrial investment capabilities in the East Bay,” said Ed Del Beccaro, (lower left photo) managing director, Walnut Creek.
“Rick is highly regarded throughout the market, having developed a reputation for professionalism and a dedication to client service over his 28-year career. We’re excited that they are now part of our team.”
Contact: Julia McCartney, Phone: 714.975.2230, Email: email@example.com
Grubb & Ellis Company Declares Preferred Stock Dividend
SANTA ANA, CA (Sept.7, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced today that its board of directors has declared a dividend of $3.00 per share on the company’s 12% Cumulative Participating Perpetual Convertible Preferred Stock to stockholders of record as of September 17, 2010. The dividend is for the quarterly period from July 1, 2010 and is payable on September 30, 2010.
Contact: Janice McDill, Phone: 312.698.6707, Email: firstname.lastname@example.org
MIAMI, FL--Plaza Advisors is pleased to announce the sale of Country Walk Plaza in Miami, Florida.
This exceptional shopping center is situated at the intersection of SW 152nd Street and SW 137th Avenue in unincorporated Miami-Dade County.
Plaza Advisors represented the seller in the transaction and co-managing partners Anthony Blanco (middle right photo) and Jim Michalak, (lower left photo) together with Senior Financial Analyst, Lenard Williams were involved in the engagement.
Miami Office, Anthony Blanco, 305-629-3606, FAX: mailto:Anthony.email@example.com
Tampa Office, Jim Michalak, 813-837-1300, FAX: 813-831-2627 Jim.firstname.lastname@example.org
Grubb & Ellis Forms Strategic Alliance with Kettler Inc. to Offer Residential Property Management Services Nationwide
SANTA ANA, CA (Sept. 7, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has established a strategic alliance with Kettler Inc., one of the Mid-Atlantic’s largest real estate and property management firms, to provide residential property management services nationwide.
“We are excited to expand our best-in-class property management services to include the multifamily residential space,” said Jack Van Berkel (lower left photo), executive vice president and chief operating officer of Grubb & Ellis and president, Real Estate Services.
“Many of our clients have told us that they are looking for a service provider that can provide solutions across all asset types and throughout the lifecycle of their ownership.
"Kettler’s residential property management capabilities combined with Grubb & Ellis’ comprehensive real estate services platform will enable us to lease, manage and dispose of all asset classes on behalf of our clients.”
“We are thrilled that this relationship with Grubb & Ellis will allow for Kettler to enter new markets and to provide residential management services on a national level,” said Cindy Clare (top right photo), president of Kettler Management Inc. “We are confident that it will prove to be beneficial to both firms.”
The alliance, which will operate as Grubb & Ellis Kettler Residential Management, will benefit clients by allowing the firms to work together seamlessly when a property owner requires both residential and commercial property management services.
In these situations, Grubb & Ellis will coordinate marketing efforts, streamline suppliers and interconnect technology systems, and in markets where Kettler currently does not have a presence, the alliance will provide Kettler an opportunity to expand its residential management portfolio.
Janice McDillPhone: 312.696.6707Email: email@example.com
Karen Kossow703.226.6040 firstname.lastname@example.org
BANGKOK, THAILAND, Sept. 10, 2010 – Minor International PCL is pleased to announce a creative partnership with the renowned Lotus Arts de Vivre to accent its Thailand portfolio of luxury properties with extraordinary Thai-inspired objets d’art.
The distinctive, hand-made pieces will be incorporated into the interiors of the new show suite at The Residences at The St. Regis Bangkok (middle right photo), The Estates Samui (lower left photo), and The Residences at Four Seasons Chiang Mai .(above centered photo)
Founded and managed by the von Bueren family and based in Bangkok, Lotus Arts de Vivre is renowned for creating extraordinary, one-of-a-kind extraordinary objets d’art inspired by the unique beauty and culture of Southeast Asia.
The creations include distinctive jewelry, home accents, and accessories that are handcrafted by skilled artists and craftspeople living in India, Nepal, and Indonesia. The pieces incorporate beautiful and sumptuous materials from the region, such as rubies, Basra pearls, gold, jade, emeralds, Liana Wood, red lacquer and others.
For media inquiries, contact Hwee Peng Yeo, Glodow Nead Communications, at email@example.com.
ORLANDO, FL— Sept. 7, 2010— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $4,530,000 for AT&T Wireless, Flamingo West Apartments and Mims Warehouse.
Doug Rozzell, (top right photo) Company Principal, secured $1,400,000 in construction financing for AT&T Wireless on August 10, 2010, through Thomas D. Wood and Company’s relationship with a regional bank.
The construction loan is six months, with an interest rate of LIBOR + 325 basis points, with a floor rate of 4%. The construction loan will be followed by a 60-month mini-permanent loan.
John Worrell, (middle left photo) Company Assistant Vice President, secured $2,350,000 in financing for the Flamingo West Apartments on August 11, 2010, through Thomas D. Wood and Company’s correspondent relationship with Security Mutual Life Insurance Company of New York.
The borrower refinanced the former CMBS loan into permanent loan with a term of 10 years, based on a 25-year amortization and an interest rate of 7.25%. The loan-to-value is 70%. The 72-unit multi-family complex was built in 1972, and is located at 3707 W. Idlewild Circle, Tampa, Florida.
The loan has a term of three years, based on a 25-year amortization and an interest rate of 6.5%. The loan-to-value is 70%. The 18,800 square-foot warehouse is home to major tenant Fuel Tech, Inc. Mims Warehouse is located at 2680 Highway 1, Mims, Florida.
For further information, please contact:
Doug Rozzell (407) 937-0470 firstname.lastname@example.org
John Worrell (407) 937-0470 email@example.com
Jessica Kinnee (407) 937-0470 firstname.lastname@example.org