Monday, December 13, 2010

Jones Lang LaSalle Completes 17,261-SF Office Lease with TrueCar, Inc. in Santa Monica, CA

SANTA MONICA, CA,  Dec. 13, 2010 — Jones Lang LaSalle represented TrueCar, Inc. in a 17,261-square-foot lease at 120 Broadway (top left photo) in Santa Monica, Calif. 

The new space will be used for 90 employees and provides space for further growth and expansion.  Zag, a TrueCar, Inc. Company, previously occupied approximately 10,000 square feet of space at 525 Broadway in Santa Monica.

The Jones Lang LaSalle team of Managing Director John Ghiselli and Senior Vice President Craig Kish represented TrueCar in the transaction.  The building owner, Douglas Emmett, was represented in-house by Bob Zelkin.

“The current economic conditions and our knowledge of local market dynamics allowed Jones Lang LaSalle to find a building that could accommodate TrueCar’s growth at favorable lease terms,” said Ghiselli.

TrueCar, Inc. is a revolutionary online automotive solutions provider on a mission to change the way cars are bought and sold.

The Company is pioneering the automotive industry’s adoption of transparent pricing by distributing timely and accurate transactional data on what other people actually paid for a particular vehicle locally, regionally and nationally.

Zag private labels its car buying program and technology platform to more than 50 of the nation’s leading affinity brands. 
Contact: David Ebeling, Phone: +1 949 278 7851

HFF arranges $35 million first mortgage financing for Glendale, CA hotel

LOS ANGELES, CA – The Los Angeles office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $35 million bridge loan for Embassy Suites Glendale (top left photo), a 272-room, full-service hotel in Glendale, California.

HFF director Tina Derderian (middle right photo) worked on behalf of Kam Sang Company to secure the 36-month, adjustable-rate loan with Prime Finance, a commercial real estate finance company with offices in San Francisco, Chicago and New York.  Loan proceeds financed the payoff of the existing construction loan.

 Kam Sang Company developed the hotel and also manages it. 

Embassy Suites Glendale is located at 800 North Central Avenue in downtown Glendale with easy access to the Ventura Freeway (134) and Burbank, Los Angeles and Pasadena. 

Completed in 2008, the property features a pool, laundry, full-service restaurant, business center and 8,000 square feet of meeting space, including a 5,000-square-foot ballroom.

“Embassy Suites Glendale is the newest upscale-chain hotel in the Tri-Cities area of Pasadena, Glendale and Burbank and is ranked by TripAdvisor as the best business hotel in Glendale,” said Derderian. 

Kam Sang Company, established in 1979, develops, acquires and manages hospitality, retail, residential and mixed-use properties in Southern California.
Tina K. Derderian, CPA, HFF Director, (310) 407-2100,
Kristen M. Murphy, Associate Director, Marketing, (713) 8523500,

Southern Commercial Completes 52,228-SF New Lease in Orlando, FL

ORLANDO, FL-- Principals Tom McFadden, SIOR  and William “Bo” Bradford, CCIM, SIOR of Southern Commercial Real Estate Advisors completed a 52,228 square foot new lease at 7488 Brokerage Drive.

 McFadden and Bradford represented the Landlord, CLP Industrial Properties, LLC.  The Tenant, Courier Express/Orlando, Inc., was represented by Steve Coughlin with Coughlin Commercial.

Media Contact: Celeste MacKenzie, 321-281-8503

Grubb & EllisTapped as Leasing Agent for Strawberry Plaza in Plant City, FL

TAMPA, FL  (Dec. 13, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has been selected by Kendall Pavilion LLC as the leasing agent for approximately 109,000 square feet of retail space at Strawberry Plaza (top left photo), located at 1808 James Redman Parkway in Plant City.

John Stoner, CCIM, and Wanda De Boer, both vice presidents in the Retail Group, will handle the leasing for the property.

“This is an excellent opportunity for users to locate in one of the East Tampa area’s most attractive high-traffic retail corridors at very aggressive lease rates,” said Stoner. 

“Strawberry Plaza also represents one of the few opportunities in the area to co-anchor a development, making it an attractive option for users looking for as much as 38,000 square feet.”

Plant City is located just 30 minutes east of Tampa and is strategically located between I-4 to the north and SR-60 to the south, offering convenient access from Tampa, Lakeland and Brandon. 

The area’s demographics include young families in the upscale Walden Lake Golf & Country Club community, which has more than 2,240 homes.

Retail suites ranging from 1,200 square feet to 4,800 square feet are available, as well as a 24,400-square-foot to 38,800-square-foot “big box” space for a potential co-anchor.

The property is also currently available for sale at an asking price of $7.75 million.

For more information, contact:
 Stoner at 305.982.4113 or
 Rachel Andreozzi, 561.893.6296,


Grubb & Ellis Bolsters Lease Administration Capabilities

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that Susan E. Calvert (top right photo) and Joe I. Munoz (middle left photo) have joined the company’s Lease Administration group.  The pair joins from SRS Real Estate Partners and is based in Dallas. 

 Calvert, who joins as manager, Lease Administration, spent two years as a real estate administrator with SRS Real Estate Partners, where she was responsible for commercial portfolios spanning approximately 350 locations.

 Previously, she owned and operated Contracts-to-Close from 2004 to 2008, and worked as a residential real estate agent for 11 years.  She holds a bachelor’s degree from the University of North Texas. 

Munoz, who will also serve on the lease administration team, spent seven years with SRS Real Estate Partners, ultimately rising to the position of lead real estate administrator.

  In this position, he acted as the key point of contact between clients and their landlords, tenants and vendors.  Munoz began his career in commercial real estate in 2000 as a lease specialist for Sprint PCS’ Engineering and Operations division.

 Contact:  Julia McCartney,  Phone: 714.975.2230                                     

Charles Adolphe and Bryan Teel Join Grubb & Ellis’ Industrial Group in San Diego, CA

 SAN DIEGO, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that Charles Adolphe (top right photo) and Bryan Teel (middle left photo) have joined the company’s Industrial Group as senior vice president and associate vice president, respectively. 

The team joins Grubb & Ellis from Cushman & Wakefield. 

“Charlie and Bryan bring a number of established client relationships and are an excellent addition to our local office,” said Jim Munson (lower right photo), executive vice president and managing director of Grubb & Ellis’ San Diego office. 

 “The duo is very well-respected in the region for the deep insight they provide clients and the successful track record they hold,”.

Specializing in tenant and landlord representation of industrial and office properties, the team is best known for its representation of Hamann Properties in its lease of 200,000 square feet of industrial space in Otay Mesa to Mor Furniture For Less in November 2009. 

The transaction has been referred to as one of the most notable industrial transactions in San Diego in recent years.

 The team currently represents clients in leasing and selling more than one million square feet of industrial and office properties.

 Adolphe began his career with Grubb & Ellis in 1988.  He returns to the company from Cushman & Wakefield where he served as a director for the past three years.

Teel began his career with Cushman & Wakefield in 2004 as an associate and holds a bachelor’s degree from the University of Redlands as well as a master’s degree from San Diego State University.

 Contact: Julia McCartney, Phone: 714.975.2230                                     

Grubb & Ellis Announces Results of 2010 Annual Meeting of Stockholders

SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced the results of the voting at its Annual Meeting of Stockholders.

Approximately 76 percent of the voting power of the outstanding shares entitled to vote was represented, in person or by proxy, at the meeting.

Stockholders voted on and overwhelmingly approved the following proposals:

The re-election of each of: Thomas D’Arcy (top right photo), the company’s president and chief executive officer, C. Michael Kojaian (lower  left photo), chairman, Robert J. McLaughlin, Devin I. Murphy, D. Fleet Wallace and Rodger D. Young as directors of the company for one-year terms. 

No fewer than approximately 95 percent of the votes cast voted in favor of each of these nominees.

·         The ratification of the appointment of Ernst & Young, LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2010.

Contact:   Janice McDill
Phone:      312.698.6707                                     

IPA Sells Two Large Multifamily Properties in Texas

DALLAS, TX – Institutional Property Advisors (IPA), a boutique brokerage platform serving the needs of institutional and major private investors, has arranged the sale of two large multifamily properties in Texas in two separate transactions.

 They are the  378-unit Mira Loma (top left photo) located in Live Oak, a suburb of San Antonio, and the 270-unit Alta Bayside (top right photo) in Corpus Christi. The terms of the individual transactions were not disclosed.

IPA’s Balthrope Group, led by Will Balthrope (lower left photo), a senior director and Ryan Epstein, a director, brokered both transactions.

The seller of Mira Loma was Godfrey Residential Group and the buyer was Concierge Asset Management. The seller of Alta Bayside was Wood Partners and the buyer was Camden Property Trust.

“Demand for high-quality investment properties in top locations remains strong,” says Balthrope.

 “Both of these assets demonstrated good operating performances and cleared the market quickly. The IPA platform is gaining traction with institutional clients and large private investors who appreciate the service provided by senior-level advisors,” adds Balthrope. 

Mira Loma, developed in 2009 by Godfrey Residential, is a 335,260-square foot luxury apartment complex located in the northern quadrant of the highly traveled interchange of Interstate 35/Loop 1604 in northeast San Antonio.

Situated on 20.8 acres, Mira Loma is the newest property in this highly desirable submarket at the “front door to San Antonio.” The property is visible from the Interstate 35 and Loop 1604 interchange and provides residents with convenient access to the area’s rapidly growing employment, health and retail centers.

Built in 2007 on 14.5 acres, the 295,593-square foot Alta Bayside is located along Ennis Joslin Road in a strong multifamily submarket of Corpus Christi.

The property is visible from South Padre Island Drive, the primary north-south highway connecting Interstate 37 and downtown Corpus Christi to the Gulf of Mexico, the Naval Air Station and Texas A&M University.

 Alta Bayside features spacious floor plans with sunroom options, gated access, an executive fitness center, 24-hour business center with high-speed Internet and on-site boat parking.

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

Bulk Buyers Resell 2,000 Condos At 24% Premium In South Florida

MIAMI, FL--Nearly half of the 70-plus condo bulk transactions for distressed units in South Florida are actively being resold to individual buyers at an average premium of $51 per square foot, according to a new report from

Bulk buyers have resold 25 percent of the nearly 7,900 newly constructed or completely renovated units acquired in distressed transactions in the tricounty South Florida region since July 2008, according to the report based on the Condo Vultures® Bulk Deals Database™.

Private equity groups and institutional investors that have purchased distressed condos in packages of at least 10 units for an average price of $215 per square foot during the last 30 months are now reselling on a retail basis at an average price of $266 per square foot in Miami-Dade, Broward, and Palm Beach counties, according to the report based on recorded deeds.

(Palm Beach skyline middle left photo)
"Bulk condo buyers are reselling units at an average premium of 24 percent, which at first glance seems to fall in the range of every investment group's expected return," said Peter Zalewski (top right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "The issue is, the $51 per square foot average premium is a gross amount that does not factor in carrying costs, real estate commissions, marketing fees, and any sales incentives. Once these additional costs are factored in, the net profits are likely to erode for inferior properties."

The future of bulk condo deals in South Florida is the focus of the upcoming Condo Vultures® panel discussion entitled "Condo Conversions - The Next Wave For Bulk Buyers" at 5.30 pm Tuesday, Dec. 14, at the Miami Marriott Biscayne Bay Hotel in Greater Downtown Miami.

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at

37% of New Condos In Boca Raton Still Unsold

 MIAMI, FL---More than one-third of the new condos in the coastal Boca Raton / Deerfield Beach market created during the South Florida real estate boom are still unsold as of Sept. 30, 2010, according to a new report from

Buyers have purchased slightly more than 650 units - some 63 percent - of the nearly 1,050 units created since 2003 in the Boca Raton / Deerfield Beach market east of Dixie Highway, leaving nearly 400 unsold developer units available at the end of the third quarter of 2010, according to the report based on the soon-to-be-published Condo Vultures® Official Condo Buyers Guide To Boca Raton / Deerfield Beach™.

"The Boca Raton / Deerfield Beach market has the highest concentration - percentage wise - of unsold developer units in South Florida east of Interstate 95," said Peter Zalewski (bottom left photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "The Boca Raton / Deerfield Beach market like many other parts of the tricounty South Florida region still has a sizable chunk of unsold new condos. The difference in the Boca Raton / Deerfield Beach market is the pricing has held strong much like in the South Beach neighborhood of Miami Beach."

The Boca Raton / Deerfield Beach market has not yet had a bulk deal for new condo product but that could change as much of the unsold developer units near the coast in South Florida are being pursued by investors.

Condo Vultures® is hosting a discussion "Condo Conversions - The Next Wave For Bulk Buyers" on Dec. 14 to explore the topic

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at