Wednesday, December 1, 2010

Colliers International Negotiates $23.85 Million Investment Sale of a 351,723-Square-Foot Distribution Center in Kern County, CA


KERN COUNTY, CA — Colliers International, the second largest real estate services organization globally, has negotiated the disposition of a 351,723-square-foot single tenant, fulfillment and distribution center at the Tejon Industrial Complex I(top left photo)n Kern County, Calif. to a New York City- based institutional group.

The transaction is valued at $23.85 million.

The property is situated within the industrial complex at Tejon Ranch, located in the City of Lebec in Kern County.

 Tejon Ranch is a master-planned development located at the heart of California’s north-south connection, just north of Los Angeles near Interstate 5.

The industrial property is 100 percent leased to Brown Group Retail, Inc., a St. Louis, Mo.- based company operating a chain of footwear stores.

“This transaction evidences the investment market’s continued appetite for ‘yield’,” said John DeGrinis (top right photo), SIOR, executive vice president, based in Colliers International’s Encino, Calif. office, who represented the seller in the transaction.

 “The property services more than 350 Famous Footwear stores west of the Rockies, and this investment offered the buyer a long-term income stream from a name brand tenant in Famous Footwear.”

 Along with DeGrinis, Thomas Taylor (middle left photo), executive vice president, based in Colliers International’s Ontario, Calif. office and Patrick DuRoss (lower right photo), associate vice president, based in Colliers International’s Encino, Calif. office, partnered with Roy L. Splansky, SIOR, and Mark B. Goode, SIOR, of Chicago-based Venture One Real Estate in representing the seller, Clayco Inc., a full-service real estate development, design and construction firm.

Contact:
Angela S. Hwang
Regional Marketing Coordinator
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258
angela.hwang (at) colliers (dot) com
Colliers International
865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA
http://www.colliers.com/


Leading Northeast Commercial Development, Design, Build and Financing Firm Secures Six Key Contracts, Achieves Multiple Corporate Milestones


VOORHEES, NJ – Big Sky Enterprises, LLC (http://bigskyllc.com), a leading Northeast commercial design and build firm that uniquely develops, executes and oversees the entire project life cycle, announced that, despite the economic downturn that continued to oppress the commercial real estate sector at large in 2010, year-to-date it has achieved multiple corporate milestones, including securing 6 large-scale commercial financing and construction contracts.

 “While most other commercial construction companies struggled in 2010, our success in securing multiple new contracts this year is direct validation of our unique business model that takes the project management burden off of our clients and allows it to rest solely with us - proven field experts in all facets of the small- and large-scale project design, development, financing and execution,” said Michael Regina (top right photo), co-founder and owner of Big Sky.

  “Our one-stop, full-service professional oversight approach saves our clients' time, resources and money, also allowing them to tend to other business matters integral to their own corporate growth.”

 In spite of the economic recession and construction industry slump, Big Sky realized many key achievements, including the following:


 Named Ascendant Strategy (www.ascendantstrategy.net) and Kern Communications (www.kerncommunications.com) corporate branding and public relations agencies of record, respectively

Secured multiple contracts in New Jersey and Pennsylvania, including:
50,000 square foot Life in Christ Cathedral of Faith Community Center that will include a sanctuary, charter school, retail, office Incubator and gymnasium;

60,000 SF New Construction of Victory In Christ Christian Center church,  sanctuary, offices, bookstore, nursery, and café;

14,000 square foot new construction of Tuckerton Medical Group facility;

11,000 square foot new construction of Delaware Valley Baptist Church sanctuary & offices;

Strategic development planning, refinancing and project management for New Beginnings Christian Church;

Construction loan procurement for Bethel Baptist Church facilities
  
Broke ground on 14,000 square foot new construction of Tuckerton Medical Group medical facility in New Jersey

Completed 11,000 square foot new construction project of Delaware Valley Baptist Church sanctuary and offices and procured a construction loan for Bethel Baptist Church facilities, both in New Jersey

Hired key personnel: Scott Hartkopf as Director of Field Operations, and  Sara Joy Knoedler as Administrative Assistant

Learn more about BIG SKY online at http://bigskyllc.com and Big Sky  Financial Services at http://www.bigskyfs.com/

 Contact:  Merilee Kern, Kern Communications, 858-577-0206, Merilee@kerncommunications.com






Vincent Cardamon Appointed Director in Arbor’s Oakland, CA, Office


 Uniondale, NY (Dec. 1, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and leader in the commercial real estate finance industry, has announced today the appointment of Vincent Cardamon (top right photo) to Director in Arbor’s new Oakland, CA, office.

 Mr. Cardamon is responsible for originating loans nationwide using Arbor’s complete product portfolio with a special focus on Fannie Mae DUS® and Federal Housing Administration (FHA) transactions. He reports to Ken Fazio (middle left photo), Vice President, National Sales Manager.

 Mr. Cardamon’s appointment further bolsters Arbor’s presence on the West Coast and across the Western U.S. market, as the firm now has a total of three offices in California.

Mr. Cardamon’s addition also represents his return to Arbor, where he worked as a Director in the San Francisco, CA, office from 2000 to 2006.

During that time, he was responsible for originating, structuring and screening commercial mortgage loans throughout the U.S. with a special focus on Arbor’s Fannie Mae, FHA and commercial mortgage-backed security product lines.

Prior to re-joining Arbor, Mr. Cardamon was the owner of JT Properties in Oakland, where he invested in small-scale apartment foreclosure opportunities and conducted related due diligence, analysis, rehabilitation, property repositioning and property management activities.

 Previous to that role, Mr. Cardamon held the position of Vice President at CWCapital in San Francisco, where he was responsible for originating, structuring and analyzing commercial Agency, Bridge, CMBS and Mezzanine loans throughout the Western U.S.

In his financial and real estate career, Mr. Cardamon has also held positions at Bay View Bank/Bankers Mutual, First California Mortgage, Continental Savings of America, Marcus & Millichap, Inc. and Winters Commercial Investments.

 Mr. Cardamon resides in Oakland.

Contact:  Christopher Ostrowski, costrowski@arbor.com

HFF closes sale of Park on the Bayou in Houston, TX


HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.)  has closed the sale of Park on the Bayou (top left photo), a 159,563-square-foot office property plus five-story, 486-space parking garage in Houston, Texas.

HFF senior managing director Rusty Tamlyn (middle right photo) and real estate analyst Trent Agnew represented the seller, ING Clarion Partners. 

 Boxer Management Corporation purchased the property for an undisclosed price on an all cash basis.

Park on the Bayou is located at 2500 East T.C. Jester Boulevard just south of Loop 610 about four miles north of the Galleria area of Houston.  The five-story property, which is now 100% vacant, was most recently leased to the Federal Bureau of Investigation (FBI) for more than 16 years.

“Purchasing the property fully vacant allows the new owner to have flexibility in lease-up and either hold out for a single-user or reconfigure the space for multi-tenant use,” said Tamlyn.

ING Clarion is the Americas investment management arm of ING Real Estate Investment Management, assembling and managing portfolios of real estate assets for institutional and individual investors. 

Boxer Management Corporation was founded in 1992 to manage, lease, renovate and administer closely held commercial properties from acquisition through disposition

Contacts:                      
 Rusty Tamlyn, CCIM, SIOR, HFF Senior Managing Director, (713) 852-3500,  rtamlyn@hfflp.com
                                                    
                                                               
 Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Grubb & Ellis|Commercial Florida Negotiates New Lease with Engine Products Manufacturer for a 12,000 Square Foot commercial building in Melbourne, FL


MELBOURNE, FL--- Grubb & Ellis|Commercial Florida, associated with 130 offices worldwide, recently negotiated a long-term lease agreement for a 12,000 square for office/warehouse building on 1.15-acres at 5145 Commercial Drive off N. Wickham Road and Business Center Blvd. in Melbourne.

 Scot W. Marschang (top right photo), vice president in the Grubb & Ellis|Commercial Florida Industrial Group, negotiated the transaction representing the landlord, C&L Investment Properties, Inc., based in Oakland Park.

 Marshang said the new tenant is Leading Edge Engine Products Inc. of Rockledge, the manufacturer of a patented regulated exhaust system for internal combustion engines who is also engaged in contract product development for the U .S. Government.

Contacts:
Scot W. Marschang, 321.984.1957 
Larry Vershel Communications, 407.644.4142

Wells Core REIT Buys Bridgestone Building in Bloomingdale, IL


NORCROSS, GA– Wells Core Office Income REIT has acquired the Bridgestone building in Bloomingdale, Ill., its second office property in as many months. 

The property serves as divisional headquarters for Bridgestone Corp.’s retail operations, and is leased to the tire giant through November 2018.

  Built in 2001, it contains 71,000 square feet and is located at 333 East Lake Street, near Chicago O’Hare International Airport and adjacent to the famous Medinah Country Club (middle left photo).

Wells acquired the property from Hamilton Partners in a negotiated transaction.  The REIT made its first acquisition last month, in suburban Dallas.

 “This makes two quality properties in a month for this new portfolio,” said Don Henry (top right photo), chief real estate officer of Wells Real Estate Funds, advisor to the REIT. 

“We’re very pleased to be in metro Chicago, one of the country’s top business centers, with a high-quality corporate tenant like Bridgestone.”

Wells was represented internally by Peter Mitchell, senior vice president, Capital Markets.  Hamilton was represented by Jones Lang LaSalle.  Terms were not announced. 

 For more information, see http://www.wellsref.com/;
for more information on Wells Core REIT, visit http://www.wellscorereit.com/

Media Contact: Margot Olcay, Rubenstein Associates, (212) 843-8284 molcay@rubenstein.com

Thomas D. Wood & Co. Brokers Properties in Georgia and Nevada


MIAMI, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $2,900,000 for Quail Corners I and Duluth Retail Center.

Steve Wood (top right photo), Company Chief Operating Officer, along with Tony Castrignano of Sky Mesa Capital and Realty, secured financing for Quail Corners I through Thomas D. Wood and Company’s correspondent relationship with Symetra Life Insurance Company in the amount of $1,400,000.

The borrower was looking to secure a fixed-rate loan to pay off the existing loan that was maturing.  The loan has a term of 10 years, based on a 25-year amortization and a fixed rate of 5.95%. 

The loan-to-value is 58%.  The 11,277 square-foot office building was built in 1999, and is home to major tenant City National Bank.  Quail Corners I is located at 6518-6522 S. McCarran Boulevard, Reno, Nevada.

Patrick Madore (top left photo), Company Vice President, secured financing for Duluth Retail Center through Thomas D. Wood and Company’s correspondent relationship with Symetra Life Insurance Company in the amount of $1,500,000. 


The borrower refinanced the building into a permanent loan with a rate reset after 10 years, based on a 25-year amortization and an interest rate of 6.45%.  The loan-to-value is 58%.

The 8,500 square-foot retail center was built in 1995, and is home to major tenants Casual Male and Dental Care Alliance. 

Duluth Retail Center is located at 1950 Pleasant Hill Road, Duluth, Georgia.

For further information, please contact:

Steve Wood, (305) 447-7836, swood@tdwood.com
 Patrick Madore, (561) 338-9799, pmadore@tdwood.com
 Jessica Kinnee, (407) 937-0470, jkinnee@tdwood.com

Jared Karras Joins Marshall Hotels & Resorts, Inc. as Vice President of Operations


 SALISBURY, MD—Officials of Marshall Hotels & Resorts, Inc., a leading, Maryland-based hotel management and services company, announced that Jared Karras (top right photo), CFBE, has joined the company as vice president of operations. 

He will oversee a number of properties in Marshall’s management portfolio, including the opening of the Best Western Brooklyn and Fairfield Inn & Suites Manhattan/Chelsea.

“Jared has extensive expertise in opening and repositioning hotels and adds solid bench strength to our hotel operations team,” said Mike Marshall (middle left photo), president and CEO. 

“He has extensive food and beverage experience, as well as a proven track record in cost control, and maintaining high guest and associate satisfaction scores for both full-service and limited-service hotels.”

Prior to joining Marshall Hotels & Resorts, Inc., Karras was vice president of operations for Sun Development & Management Corporation, a 30-unit hotel development and management company based in Indianapolis.

Previously, he was owner and operating partner for Meridian Hospitality Group, Inc., in St. Louis, where he increased annual profitability by 50 percent. 

Karras began his hospitality career with Chicago-based Allied Hospitality Group, Inc., holding positions in food and beverage and hotel operations, rising to corporate food & beverage director for the 20-unit portfolio. 

Contact: Jerry Daly, media, Daly Gray Public Relations,(703) 435-6293
 

Marcus & Millichap Lists $11 Million Power Center in Jacksonville, FL


JACKSONVILLE, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Island Walk (top left photo), a 68,575-square foot power center in Fleming Island, (middle right photo) which is located in Jacksonville. The listing price of $11 million represents $160 per square foot.

Craig Lewis Thomas, CCIM, a senior associate and an associate director of the firm’s National Retail Group in Jacksonville, is representing the seller, a northeastern Florida developer.

 “The Island Walk shopping center represents an unparalleled opportunity to acquire a market-dominant power center in the risk-insulated high-density submarket of Fleming Island,” says Thomas.

 “This opportunity is financially feasible and, more importantly, includes fully amortizing nonrecourse financing, which may be assumed.”

The property is located at 1997 East West Parkway with immediate access to County Road 220 and U.S. 17 and proximity to Interstate 295 and Blanding Boulevard; all primary arteries.

 Island Walk was built in 2007 and is currently 97 percent occupied by national or regional retailers including Kohl’s, which is not a part of the offering,

Michaels, Shoe Carnival, Petco, Kirkland’s, Dollar Tree and Justice for Girls. The majority of the tenants’ leases are triple-net and scheduled with regular escalations of up to 10 percent.

Other retailers in the vicinity include Walgreens, CVS, Wendy’s, McDonalds, Super Walmart, Target, Publix, Starbucks, Chili’s, Bank of America, Home Depot and Winn Dixie, among others.

 The annual household income in the area is $100,000, which is 32 percent above the national average.

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

Arbor Closes Three Brooklyn, NY, Fannie Mae DUS® Small Loans Totaling $12,725,000


 Uniondale, NY - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three loans for a single borrower under the Fannie Mae DUS® Small Loan product line in Brooklyn, NY. These loans include:

 2775 East 16th Street Apartments, Brooklyn, NY  (top left photo) – The 91-unit complex received $5,000,000 funded under the Fannie Mae DUS® Small Loan product line. The five-year refinance loan amortizes on a 30-year schedule.

 2301 Kings Highway Apartments, Brooklyn, NY (middle right photo) – The 94-unit complex received $4,725,000 funded under the Fannie Mae DUS® Small Loan product line. The five-year acquisition loan amortizes on a 30-year schedule.

1570 East 14th Street Apartments, Brooklyn, NY (middle  left photo) – The 65-unit complex received $3,000,000 funded under the Fannie Mae DUS® Small Loan product line. The five-year refinance loan amortizes on a 30-year schedule.

The loans were originated by Stephen York (lower right photo), Director, in Arbor’s full-service New York, NY, lending office.

“Our clients traditionally financed their properties with local banks, but decided to take advantage of Arbor’s Fannie Mae Small Loan program due to our exceptional rates and terms,” York said.

 “We were pleased to deliver final terms that exceeded our clients’ expectations and we look forward to future opportunities together.”

 The clients’ extensive property ownership and management expertise made all three deals desirable in Arbor’s assessment.

 Furthermore, all three properties are in submarkets significantly strengthened by Manhattan’s nearby employment districts as well as their own local retail services, hospitals and schools.

Both the 2301 Kings Highway and 1570 East 14th Street properties are in Brooklyn’s Midwood neighborhood, which is in the central part of the borough.

The 2775 East 16th Street property is located in the Sheepshead Bay neighborhood in southern Brooklyn.

Contact:  Christopher Ostrowski, costrowski@arbor.com

Jones Lang LaSalle Expands Project and Development Services in Orange County, CA


IRVINE, CA Jones Lang LaSalle announced the hiring of David Prolo (middle left photo)  as an Executive Vice President and Pamela Heckman, LEED AP, (top right photo)  as Vice President for the firm’s Project and Development Service group in Orange County. 

 In this role, Prolo will manage complex developments of multi-family, mixed-use and commercial projects throughout the Orange County market.

He is also tasked with growing the firm’s business in the region.  Heckman will be responsible for the oversight and management of various construction projects in Orange County.

“We see Orange County and the multifamily sector as two areas for growth in the coming years,” said Judy Caruthers, Executive Vice President of the firm’s Project and Development Services group in the Southwest region.


“We anticipate that client demand will increase in 2011 and we are confident that David and Pamela have the experience and skills necessary to serve this growing need for project management services.”
 
Contact: David Ebeling, 949 278 7851, david@ebelingcomm.com
 




    



Arbor Closes Two Crystal Lake, IL, Fannie Mae DUS® Small Loans Totaling $3,625,000


 Uniondale, NY, Dec. 1, 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 in Crystal Lake, IL. These loans include:

 Uteg Apartments, Crystal Lake, IL  (top left photo)– The 48-unit complex received $2,175,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.

 Brandywine Townhomes (lower left photo) – The 18-unit complex received $1,450,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.

The loans were originated by Stephen York (middle right photo), Director, in Arbor’s full-service New York, NY, lending office.

“Our clients traditionally financed their properties with local banks, but decided to take advantage of Arbor’s Fannie Mae Small Loan program because of our exceptional rates and terms,” York said.

“We were pleased to deliver final terms that exceeded our clients’ expectations and we look forward to future opportunities together.”

Contact:  Christopher Ostrowski, costrowski@arbor.com