Tuesday, October 26, 2010

Joseph Millo Joins Grubb & Ellis Securities as Vice President, National Accounts

 SANTA ANA, CA – Grubb & Ellis Securities, Inc.  announced that Joseph Millo (top right photo)  has joined the company as vice president, National Accounts, responsible for the management of the firm’s relationships with broker-dealers based in the eastern United States.  

 “As we continue to expand our leadership in the publicly registered, non-traded REIT sector, Grubb & Ellis relies on high-caliber professionals with excellent track records of success and established industry relationships, ” said Lavea Lancaster-Thomas (lower left photo), senior vice president of National Accounts with Grubb & Ellis Securities.  “Joseph exemplifies all of these qualities and is an outstanding addition to our team.”

Millo joins Grubb & Ellis Securities from Priority Capital Group Inc., where he served as the director of national accounts responsible for introducing the company as a new distributor of non-traded REIT product in the independent broker-dealer industry. 

 Contact:  Damon Elder, Phone: 714.975.2659, Email: damon.elder@grubb-ellis.com

Colliers International Directs Sale of Three Medical Office Condominiums for $1.46 Million in Fullerton, CA

 IRVINE, CA, Oct. 26, 2010 – Colliers International, the second largest real estate services organization globally, has directed the sale of three medical office condominiums totaling approximately 3,000 square feet at 1955 Sunny Crest Dr. in Fullerton, Calif., to Central Drugs Compounding Pharmacy, owned by Dr. Nayan Patel, a La Habra, Calif.-based physician.

 The transaction is valued at $1,465,563 or $499 per square foot.

Sold in shell condition, the medical suites are part of Providence Two, a 23,890-square-foot medical office building located within Providence Medical Center (top left photo), a three-building, 110,000-square-foot, full-service medical center situated adjacent to St. Jude Hospital (lower left photo) in Fullerton.

Providence Medical Center has seen renewed activity in a market where a significant supply and demand imbalance exists for quality medical space.

 “Demand to own versus lease is finally returning to the market,” said John Wadsworth (middle right photo), vice president and director of healthcare services in Colliers International’s Irvine office.

“Favorable financing returning to the commercial markets, coupled with a well-located medical office building within walking distance to a top Orange County hospital were the key drivers in completing this transaction.”

 Wadsworth added that the developer of Providence Medical Center has dropped prices by more than 25 percent since 2009 to follow suit with the recession.

 “With ‘bottom of the cycle’ pricing and financing options to fix real estate costs for many years to come, Dr. Patel was able to secure a solid investment opportunity in a state-of-the-art medical facility, along with a place to operate his business,” he said.

Wadsworth, along with Casey Immel, an associate in Colliers International’s Irvine office, represented the seller, Accretive Realty Advisors, Inc., an Irvine, Calif.-based real estate investment and advisory firm specializing exclusively in medical office space.

The buyer was represented by John Collins of Lee & Associates.

Contact: Megan Morales, Marketing & PR Coordinator, 949 724 5537

Arbor Closes $1,449,500 Fannie Mae DUS® Small Loan For Little Creek Apartments in Cedar Hill, TX

Uniondale, NY (Oct. 26, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,449,500 loan under the FannieMae DUS® Small Loan product line for the 66-unit complex known as Little Creek Apartments (top left photo)  in Cedar Hill, TX.

 The 10-year loan amortizes on a 30-year schedule.

 The loan was originated by Stephen York (bottom right photo), Director, in Arbor’s full-service New York, NY, lending office.

 “We were pleased to provide our clients with terms that exceeded their expectations and we look forward to growing our financial partnership,” York said.

Contact:  Christopher Ostrowski, costrowski@arbor.com

HFF closes sale of and arranges acquisition financing and joint venture equity for two office buildings in Houston’s Galleria submarket

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced  has closed the sale of 1001 and 2425 West Loop South (top left photo), two office buildings totaling 503,930 square feet in Houston’s Galleria submarket.

The HFF investment sales team was led by senior managing director Dan Miller (middle right photo) and associate director Marty Hogan (middle left photo) who marketed the properties on behalf of the seller, The Ellman Companies.

 Fuller Realty Partners LLC purchased the properties free and clear of debt.  The same team was involved in the sale of both of the assets to Ellman in 2007.   

Acquisition financing was arranged by HFF senior managing director Wally Reid and provided by NexBank as agent for a group of lenders managed by Highland Capital Management, LP.  

HFF managing director Tucker Knight (lower right photo) arranged the joint venture equity for the acquisition with PCCP, LLC.

1001 West Loop South and 2425 West Loop South are situated on the east side of Loop 610 between Westheimer Road and Woodway Drive in the Galleria area.  1001 West Loop South is an eight-story, 222,340-square-foot office building with a 697-space parking garage.

Renovated in 2007/2008, the property is 41.2% leased to tenants including Xerox.  2425 West Loop South has 11 stories of office space totaling 281,590 square feet plus a 947-space parking garage.  The property is 53.8% occupied to tenants including Blue Cross Blue Shield.

“Both assets offer superior upside potential through the lease up of vacant space.  1001 and 2425 West Loop are the only two Class B buildings in the Galleria submarket that can accommodate a 50,000 square foot or larger user,” said Miller.

H. Dan Miller, HFF Senior Managing Director, (713) 852-3500,  
Wallace P. Reid, HFF Senior Managing Director, (713) 852-3500, 
Tucker S. Knight, HFF Managing Director, (713) 852-3500, tknight@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Jones Lang LaSalle to Provide Project Management and LEED Certification Services for Southern California Gas Co.’s 350,000-SF Headquarters in Los Angeles

LOS ANGELES., CA— Jones Lang LaSalle has been awarded project management and LEED Certification services for Southern California Gas Company’s 350,000-square-foot headquarters at 555 W. Fifth Street (top left photo) in Los Angeles.

 The space will be restacked and reconfigured, making it more efficient for the 1500 employees currently at the location.  Completion is planned for February 2012.

Jones Lang LaSalle’s Project and Development Services Group will provide project and move management by overseeing planning, design, construction and close-out phases of the project; guiding the company with new furniture selection and repurposing; managing all contractors and the proposal processes. 

Additionally, the group will provide LEED Certification Project Management services with a goal of achieving LEED Silver Certification, at minimum.  The project will be completed four floors at a time with a total of four phases.

The Jones Lang LaSalle team for this project is Executive Vice President Judy Caruthers, Vice President Maria Naughton and Project Manager Adam Lutz.

“This is a huge endeavor for Southern California Gas Company and we are confident that we will make this a smooth transition with little interruption in their work,” said Caruthers. 

Contact: David Ebeling, Phone:,  +1 949 278 7851