Wednesday, September 8, 2010

Justin R. Lanné Joins Grubb & Ellis as Senior Vice President, Investment Services


TUCSON, AZ (Sept. 8, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Justin R. Lanné (top right photo) has joined the company as senior vice president, Investment Services.

“A seasoned multi housing investment professional, Justin is a significant addition to our office,” said Howard Kong, (middle left photo)  CCIM, managing broker of Grubb & Ellis’ Tucson office.

 “He brings extensive relationships with clients and industry professionals to our team, as well as a dedication to client service that has proven successful throughout his career.”

Lanné joins from Lanné Company, a Tucson-based commercial real estate company he founded in 1985 to specialize in multi housing investments.

Prior to joining his own company, he spent eight years with Coldwell Banker Commercial, where he was the top producer of the Tucson office five times.

Over the course of his 33-year career, Lanné has completed transactions valued in excess of $414 million, including the sale of approximately 6,500 multi housing units, on behalf of clients such as Cottonwood Properties and Cyprus Minerals.

Lanné holds bachelor’s and master’s degrees from the University of Arizona and serves on the board of directors of the Pima County Sports and Tourism Authority.

He also serves as the chairman for The Celebrity Waiters Dinner, a sanctioned fund-raising event of The Leukemia and Lymphoma Society.

Contact: Julia McCartney, Phone: 714.975.2230, Email: julia.mccartney@grubb-ellis.com

HFF arranges $15M financing for Stamford, CT Stop & Shop

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $15 million financing for a 69,733-square-foot, free-standing Stop & Shop (top left photo) on more than seven acres in Stamford, Connecticut.

HFF senior managing director Dana Brome (top right photo)worked on behalf of the borrower, Cole Real Estate Investments, to secure the seven-year, fixed-rate loan through Farmington Bank.

The term loan is interest-only for the first three years and on a 30-year amortization thereafter until maturity in 2017. The loan was priced as a floating-rate of 1-month LIBOR plus 200 bps. The loan rate was swapped to fixed, at a rate of 4.31%.

The Stop & Shop is located at 1937 West Main Street (Route 1) in Stamford and adjacent to the Greenwich town line. Completed in 2006, the property is fully leased to Stop & Shop with 21 years remaining on the 25 year lease.

In addition, Stop & Shop has 11 five-year extension options. The lease is fully guaranteed by Koninklijke Ahold, N.V., the parent company of Stop & Shop.

Founded in 1979, Cole Real Estate Investments is one of the most active investors and owners of core real estate assets, managing one of the country’s largest portfolios of retail properties.

Today, Cole owns or manages 32 million square feet of commercial real estate in 45 states with a combined acquisition cost of more than $6 billion.

Contacts:

Dana e. Brome, HFF Senior Managing Director, (617) 338-0990, dbrome@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com

$114M financing for six-property multi-state industrial portfolio arranged by HFF

PORTLAND, OR – The Portland office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $114 million in financing for six industrial distribution facilities totaling 4.7 million square feet located in Georgia, Illinois, Ohio, Pennsylvania and Texas.

HFF senior managing director Lloyd Minten worked exclusively on behalf of Cardinal Industrial Real Estate Services to secure the loan, which will be included in an upcoming CMBS securitization and serviced by HFF.

 Loan proceeds were used to acquire the portfolio from Dividend Capital Trust who acquired these assets as part of the iStar portfolio sale, which was closed by HFF Securities and financed by HFF.

Completed in the mid-to-late 1990’s, the portfolio consists of “strategically-located” bulk distribution centers in Georgia, Illinois, Ohio, Pennsylvania and Texas.

“The entire process from the initial call from the borrower to the closing took only 31 days, which emphasized the commitment by the borrower and lender, who worked diligently to complete this transaction under significant time constraints.

"The lender’s planned securitization of this loan underscores the improvements in the capital markets through the reemergence of the CMBS market,” said Minten.

With the acquisition, Cardinal Industrial increased their portfolio of single tenant industrial assets located throughout the United States to approximately 13.4 million square feet.

Contacts:
Lloyd L. Minten, HFF Senior Managing Director, (503) 224-0444, lminten@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com

HFF arranges $23M in debt plus the equity required for construction of suburban Philadelphia multi-housing community

WASHINGTON, D.C. – The Washington, D.C. and New Jersey offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have arranged construction financing and joint venture equity for Jefferson at West Goshen (middle  right rendering), a to-be-built, 230-unit luxury multi-housing community in West Goshen, Pennsylvania.

HFF senior managing directors Bob Donhauser (lower left photo)  and Bill Asbill  (lower right photo) and managing director Jim Cadranell (bottom left under Bob Donhauser photo) worked on behalf of the borrower, Jefferson Apartment Group, to secure the $22.85 million, 36-month construction loan through Wells Fargo’s Real Estate Banking Group.

 AEW Value Investors II, a value-added real estate fund sponsored by AEW Capital Management, L.P., provided joint venture equity for the project.

Due for completion in 2011, Jefferson at West Goshen will be a four-story building with one-, two- and three-bedroom units averaging 1,024 square feet each.

 Community amenities will include a 5,600-square-foot clubhouse, resident pub room, business center, two-story fitness center, theatre room, swimming pool, grill area and dog park.

The property is located on a 12.8-acre site at the intersection of US Route 202 and South Matlack Street, about one mile from downtown West Chester and 25 miles west of downtown Philadelphia.

“Jefferson at West Goshen will be well-received in the market as demand for luxury apartments in this high employment corridor has been strong, yet the high barriers to entry have limited development of Class A projects,” said Donhauser.

“HFF did an excellent job assisting Jefferson Apartment Group in acquiring debt in a very challenging market. This closing represents one of the first ground-up projects to get started in this market in over three years. This closing says a lot about JAG’s experience and sponsorship; we look forward to closing other loans in the coming months,” said Jim Butz, president and managing partner of Jefferson Apartment Group.

Founded in 2009 through the acquisition of JPI East, the Jefferson Apartment Group’s principals have acquired and/or developed more than 18,000 units with a value of more than $3 billion in 10 states along the East Coast. See www.JAGllc.com.

Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage approximately $27 billion of capital invested in over $40 billion of property and securities in North America, Europe and Asia (as of June 30, 2010). For more information please visit www.aew.com.

Contacts:

James A. Cadranell, HFF Managing Director, (973) 549-2007, jcadranell@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

NAI Realvest Negotiates New Lease at Winter Garden Business Park for German-based lab equipment manufacturer


ORLANDO, FL - NAI Realvest recently negotiated a new office lease agreement for 2,500 square feet of space at the Winter Garden Business Park (top left photo), 1226 Winter Garden Vineland Rd. in Winter Garden.

NAI Realvest associate Drew Saphos along with principal Christie Alexander and George Livingston, chairman at the firm, negotiated the three-year agreement representing the tenant, Medite Inc., a German-based manufacturer of lab equipment.

The landlord is Adler Winter Garden, LLC (a division of Miami-based Adler Group).

For more information,  contact
Drew Saphos, NAI Realvest 407-875-9989 dsaphos@realvest.com;
Christie Alexander, Principal, NAI Realvest 407-949-0704 calexander@realvest.com
George Livingston, Chairman Emeritus, NAI Realvest 407-875-9989 glivingston@realvest.com
Patrick Mahoney, President, NAI Realvest, 407-875-9989 pmahoney@realvest.com
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com

NAI Realvest negotiates two new industrial leases totaling 4,500 square feet at commerce centers in Apopka and Orlando


ORLANDO, Fla. – NAI Realvest recently negotiated two new industrial leases totaling 4,500 square feet at Mackin Commerce Center in Apopka and Forsyth Central Commerce Park in Orlando.

NAI Realvest principal Michael Heidrich negotiated a new lease agreement with Miami-based Power Exterminators, Inc. for Suite 2 with 3,000 square feet at 5032 Forsyth Commerce Rd., representing the landlord, Maitland-based Forsyth Central Commerce Park, LLC.

Heidrich also represented landlord Mackin Commerce Center, Ltd. of Orlando in the lease of 1,500 square feet in Suite B5 at 2312-2310 Clark St. in Apopka. Local landscape and pressure cleaning firm EZ4U P&O and Paul Roger Jenkins III leased the property for two years. David Hammett of McNulty Group represented the tenant in the transaction.

For more information, contact:
Michael Heidrich, Principal NAI Realvest, 407-875-9989 mheidrich@realvest.com;
Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com
Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com


Emerson International Negotiates New Long-Term Office Lease at Major Center Plaza in southwest Orlando


ORLANDO, Fla. --- Emerson International recently completed a new five-year lease agreement for 3,324 square feet of office space at Major Center Plaza (middle left photo), 5728 Major Blvd. in southwest Orlando.

Eric Emerson, (middle right photo) vice president and general manager of Emerson International, said commercial portfolio manager Kenneth Koch negotiated the lease for the landlord, Emerson.

The new tenant, Insphere Insurance Solutions, Inc., was represented by Rick Solik of Cushman & Wakefield.

For more information, contact
Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560; ejemerson@emerson-us.com;
Kenneth Koch, Commercial Portfolio Manager, Emerson International, Inc. 407-834-9560;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

NAI Realvest Brokers sale of development site in Southeast Orlando for a new Tire Kingdom Store


ORLANDO, FL – NAI Realvest recently negotiated the $585,000 purchase of Lot 1, a 0.70-acre retail development site at 7138 Narcoossee Rd. in southeast Orlando for a new Tire Kingdom store.

NAI Realvest Principals Kevin O'Connor (lower left photo)  and Matt Cichocki (lower right photo) negotiated the transaction representing both the buyer and the seller.

The buyer, Pavilion TK-Narcoossee, LLC based in Charlotte, N.C. is a developer for Tire Kingdom and plans to construct a 7,100 square foot store on the site.

Thomas Bardon and Lawrence and Terri Razzano of Orlando are the sellers.

This is the eighth Central Florida location the NAI Realvest retail team of O’Connor and Cichocki has secured for Tire Kingdom, with three additional sites under contract.

For more information, contact:
Kevin O’Connor or Matt Cichocki, Principals NAI Realvest, 407-875-9989
koconnor@realvest.com; mcichocki@realvest.com
Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com
Beth Payan or Larry Vershel, Larry Vershel Communications, Inc. 407-644-4142

Emerson International Negotiates New Long-Term Office Lease at Major Center Plaza in southwest Orlando


ORLANDO, FL. --- Emerson International recently completed a new five-year lease agreement for 3,324 square feet of office space at Major Center Plaza, (top left photo) 5728 Major Blvd. in southwest Orlando.

Eric Emerson (bottom left photo), vice president and general manager of Emerson International, said commercial portfolio manager Kenneth Koch negotiated the lease for the landlord, Emerson.

The new tenant, Insphere Insurance Solutions, Inc., was represented by Rick Solik of Cushman & Wakefield.

For more information, contact
Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560; ejemerson@emerson-us.com;
Kenneth Koch, Commercial Portfolio Manager, Emerson International, Inc. 407-834-9560;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Concord Hospitality Signs Three New Management Contracts


RALEIGH-DURHAM, N.C., Sept. 8, 2010—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, today announced that it has signed contracts to manage the Courtyard by Marriott Lynchburg, in Va.; Courtyard by Marriott Princeton, in N.J.; and Courtyard by Marriott Charlotte, in N.C.

The three properties represent the latest round of additions to Concord Hospitality Enterprises’ growing 3rd party management portfolio. Concord currently owns and/or operates more than 70 hotels, offering more than 9,000 rooms, with several hotels under development.

“The recovering economy has encouraged us to actively seek out institutional partners with upscale select service hotels who want to rebound quickly,” said Mark G. Laport, (top right photo) president and CEO of Concord.

“We have had more significant company growth in the last 24-month period than in our 24-year history. Our focus in this phase of the cycle will be to continue growing our 3rd party management portfolio, supported by development. Our current portfolio mix is split about evenly between third-party management and owned hotels.

“All three of these properties will undergo some capital enhancement renovation projects, including the latest Marriott innovations, such as the new Refreshing Business lobby, to keep the properties fresh and highly competitive,” Laport added.

The Courtyard by Marriott Lynchburg (Va.)(middle left photo)—The 90-room hotel is located at 4640 Murray Place/Candlers Mountain Road, directly off Highway 460, near the Lynchburg Regional Airport and proximate to Liberty University. The three-story property features 990 square feet of flexible meeting and banquet space, indoor swimming pool, fitness center and the Courtyard Café eatery. All rooms offer coffee makers, irons, high-speed Internet access and 32" flat-screen televisions.

The Courtyard by Marriott Princeton (N.J.)(middle right photo)—Situated on 3815 US Route 1 at Mapleton Road, the hotel is near Princeton University and the Princeton Healthcare System. The 154 guestrooms offer oversized work areas with two-line telephones with voicemail, ergonomic chairs and complimentary Internet access. The property features the Courtyard Café restaurant, indoor pool, fitness center and 1,344 square feet of meeting space.


The Courtyard Charlotte City Center (N.C.) (lower left photo)—The 181-room hotel is located in Charlotte’s financial and entertainment districts at 237 South Tryon Street and is near the world headquarters of Bank of America, Wachovia Corporation and Duke Energy Corporation. The hotel occupies the top four floors of a 15-story building and features an outdoor pool, fitness center, 2,800 square feet of meeting space, onsite restaurant, lobby bar and lounge. All guestrooms feature large, well-lit work areas, coffee makers, high-speed Internet access and new 32”-42” high-definition, flat screen televisions.

Contact: Chris Daly, Senior Vice President, Daly Gray Public Relations, or Jerry Daly,
ph: 703-435-6293.  Follow us on Twitter: http://twitter.com/dalygray

Colliers International Completes $3.45 Million Industrial Building Sale in Santa Fe Springs, CA

LOS ANGELES, CA, Sept. 7, 2010 – Colliers International, the second largest real estate services organization globally, has completed the sale of a 32,006-square-foot industrial building at 13021 Arctic Circle in Santa Fe Springs, Calif., to Cerritos, Calif.-based GHI Group, LLC, a manufacturer of computer components, for $3,456,648.

With immediate access to the 5, 605 and 91 freeways, the state-of-the-art property was constructed in 2004 and features dock-high and ground-level loading, an ESFR sprinkler system, 24-foot clear height and heavy power.

GHI Group has plans to occupy the high-image building for the warehousing and distribution of its products, but is also considering leasing the building as an investment property.

“The buyer acquired this property both for its size, which allows for future company expansion, and its investment potential,” said Chris Sheehan (top right photo), director of industrial services in Colliers’ Torrance office. “This high-image industrial building also provided a unique opportunity for our client to own a quality piece of real estate in a market where the Class A inventory and opportunities are limited.”

Sheehan, along with Adam Deierling (lower left photo), vice president in Colliers’ Torrance office, represented the buyer in the transaction.

Dan Berkenfield of VOIT Real Estate Services represented the seller, Dodson, LTD., a private investor.

Contact: Megan Morales, Marketing & PR Coordinator, 949 724 5537, megan.morales@colliers.com

Loan Defaults Near $65 Billion In South Florida Since 2007

MIAMI, FL--Borrowers have defaulted on nearly $65 billion in financing in the tricounty South Florida region since the real estate crash began in 2007 as an increasing number of strategic defaults drive up the total amount past due, according to a new report from CondoVultures.com.

In the first eight months of 2010, lenders have initiated nearly 44,000 foreclosure filings - the first step in the repossession process - seeking repayment of nearly $12 billion in outstanding loans secured by properties in Miami-Dade, Broward, and Palm Beach counties, according to the report based on the Condo Vultures® Foreclosure Database™.

South Florida borrowers - some of which are choosing not to pay their mortgages despite having the financial means to do so - are on track to default on more than $18 billion in real estate loans by the end of the year, according to the report compiled using Clerk of the Court records from Miami-Dade, Broward, and Palm Beach counties.

"An interesting trend is emerging in South Florida in that the number of foreclosure filings is decreasing but the average loan amount in default is increasing due in large part to borrowers who are strategically defaulting," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "Our research suggests that many South Florida borrowers are opting to not pay their mortgages, and virtually live for free, until the banks can repossess their properties byway of the foreclosure process."

Condo Vultures® is assembling a panel of experts on Sept. 14 in Downtown Miami to discuss the issue of strategic defaults and other foreclosure trends in a seminar entitled "Concerns Grow About Double Dip For South Florida Real Estate."

Contact: Peter Zalewski of Condo Vultures®,  800-750-0517 or by email at peter@condovultures.com.