Saturday, December 18, 2010

Marcus & Millichap Capital Corp. Arranges $3.3 Million Apartment Loan in Greensboro, NC

GREENSBORO, N.C – Marcus & Millichap Capital Corporation (MMCC) has arranged a $3,304,000 loan for the acquisition of a 159-unit garden-style multifamily asset in Greensboro.

 Tim Kinney, a senior director in the firm’s Atlanta office, arranged the loan.

“This transaction demonstrates the strength of the entire Marcus & Millichap platform,” says Kinney. “MMCC worked closely with agents representing both the seller and buyer. We shared information throughout the underwriting and closing processes. It was a true team effort,” adds Kinney

 The loan is a 10-year fixed-rate loan with an 80 percent loan to value. The interest rate is 5.32 percent and the amortization is 30 years.

Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation, (925) 953-1716

Grubb & Ellis Enhances New York Debt & Equity Finance

NEW YORK, NY – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Richard L. Jarocki Jr., CMB (top right photo), has joined the company as managing director, Debt & Equity Finance. 

“Rich has deep experience establishing and leading strong commercial lending programs, making him a tremendous asset to our team as we build our platform,” said Jeff Majewski (middle left photo), executive managing director, Debt & Equity Finance. 

 “His extensive network of relationships and excellent reputation in the industry gives us an advantage both in New York and nationally.”

Over the past 18 months, Grubb & Ellis has dramatically strengthened its debt and equity finance capabilities, adding senior-level commercial mortgage brokerage professionals in major markets across the country. 

Majewski, former chief operating officer of CB Richard Ellis’ Debt & Equity Finance group and senior managing director of CBRE Capital Markets, joined the company in April to lead the growth of the platform.

Jarocki’s addition follows the hire of Steven Roberts, the former head of CitiGroup’s CMBS lending program and co-leader of the financial institution’s conduit business, in July.  Both long-term industry veterans, Jarocki and Roberts will co-manage Grubb & Ellis’ Debt & Equity Finance group’s efforts in the Northeast.
 Erin Mays, Phone:  312.698.6735  Email:                  
Mary Ryan, 212.326.4747,


Grubb & Ellis  Inks Three Leases at Bay West in Tampa

TAMPA, FL – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced today it has recently closed three office transactions totaling more than 14,000 square feet located at Bay West, an eight-building office complex totaling nearly 195,000 square feet of space in the Westshore Business District.

 James Moler (middle right photo), CCIM, senior vice president, and Paula Buffa (middle left photo), CCIM, senior vice president, both with Grubb & Ellis’ Tampa office completed the following transactions at the building on behalf of Bay West Tampa Investors, LLC, an affiliate of BPG Properties, Ltd. 

 In the largest of the transactions, Meritus, signed a 9,917-square-foot office lease at 5680 W. Cypress St. for a five-year term to serve as their headquarters location. Bruce Heisler of The Duncan Companies, Inc. represented the lessee in the transaction.

GEICO signed a new lease for 2,890 square feet at 5810 W. Cypress St. and will occupy the building as its regional office in the first quarter of 2011.

ReSource recently signed a new lease for 1,364 square feet at 5840 W. Cypress St. Headquartered in Chicago, the hardware and software solutions company will occupy this space as their Tampa sales and service office.

 Thomas Bible of VIP Executive Realty represented the lessee.

 “We are very pleased with the amount of activity we’ve had at Bay West since being named leasing agents nearly six months ago. With no seasonal let down in sight, we expect the strong interest to continue into 2011,” said Moler.

Offering move-in ready suites ranging from 1,015 square feet to 24,242 square feet, Bay West provides on-site property management and maintenance as well as covered parking.

 The property offers lush landscaping, fountains and is adjacent to Cypress Point Park, offering bay views, waterfront trails and picnic tables. The property is minutes to Tampa International Airport, I-275, Veteran’s Expressway, SR 60 and Pinellas County.

Grubb & Ellis Negotiates 10-Year Renewal Agreement for 34,306 SF at Meridian Concourse Center in Clearwater, FL

 TAMPA, FL – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  has recently completed a 10-year lease renewal agreement for 34,306 square feet of Class A flex/warehouse space at 4825 140th Ave. North in Clearwater’s Meridian Concourse Center (middle left photo).

 James Moler, CCIM, senior vice president, and Paula Buffa, CCIM, senior vice president, both with Grubb & Ellis’ Tampa office negotiated the agreement on behalf of the landlord, Meridian Development Group.

 The tenant, APG Electric, Inc., a full-service electrical contractor serving central and west Florida, decided to make the long-term renewal commitment after exploring all options available in the market, Moler said.

 “We seriously considered purchasing our own building, but after comparing that option with the benefits of this property, its excellent management and other strategic factors, we determined it was better for our business to renew,” said John R. Kavula, chairman and chief executive officer of APG Electric.

 Contact: Rachel Andreozzi,  Phone: 561.893.6296

Arlene Sommer, Mark Robinson and Evan Kantor Join Grubb & Ellis

  LOS ANGELES, CA Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced Arlene Sommer (middle left photo) and Mark Robinson (middle  right photo) have joined the company’s Office Group as executive vice presidents, along with Evan Kantor (lower left photo) who joins as a senior associate. 

Specializing in office tenant representation, primarily in the media, entertainment, legal and financial industries, the team joins from Studley Inc., where they served as executive managing director, senior managing director and assistant director, respectively. 

 Robinson and Sommer represent the National Academy of Recording Arts and Sciences Inc., known for the Grammy Awards, Screen Actors Guild, Revolution Studios, Dick Clark Productions Inc., Actors’ Equity Association, Wilshire Associates, Bryan Cave LLP and Perkins Coie LLP. 
 “Arlene and Mark have an immense knowledge base about the entertainment and media industries, as well as the legal and financial business. 

" They bring a number of long-term client relationships throughout Southern California,” said Chuck Hunt (bottom right photo), executive managing director, Southern California.  “I couldn’t be more pleased to welcome them to Grubb & Ellis.” 

 Primarily focusing on real estate in Santa Monica, Sommer has negotiated transactions totaling more than 6.5 million square feet of space on behalf of clients during her 25-year career.

 More than half of her career was spent at Studley, she was consistently ranked as one of the company’s top performing professionals in the Western Region.  In 2000, she ranked as the company’s top producer in Southern California. 

 A 25-year industry veteran, Robinson spent 14 years with Studley, where he was involved in the closing of more than 3.2 million square feet of space and the formation of the Media Services Group, where he served as a senior strategist and lead negotiator. 

The group consists of brokerage, architectural, financial and project management professionals and was designed to ensure integrated service delivery throughout an entire project. 

Robinson began his career in 1985 with Leonard Nadler Associates Inc., a boutique commercial real estate firm specializing in corporate and tenant representation, where he spent 11 years and ultimately rose to the position of vice president. 

 “We were attracted to Grubb & Ellis’ integrated national platform.  We believe the company’s broad service offerings and footprint will allow our team to better serve our clients who have wide-ranging real estate needs. 

“We are truly looking forward to collaborating with our new colleagues throughout the country to ensure our clients have the best real estate insight possible,” said Robinson. 

 Kantor began his career in commercial real estate in 2004 with DAUM Commercial Real Estate Services, and joined Sommer and Robinson in their tenant representation practice at Studley in 2008.  He holds a bachelor’s degree from the University of Arizona and serves on the Young Professionals Board of the Upward Bound House. 

 Contact: Julia McCartney, Phone: 714.975.2230,                                       

C&W negotiates sale of Lakeland’s Victoria Manor Apartments for $36.5 million

ORLANDO, FL– Cushman & Wakefield of Florida, Inc. announced that Panther Properties Investment, LLC has completed the purchase of the 352 unit Victoria Manor Apartments (top left photo), located in Lakeland, Florida for $36,500,000 or $103,693/unit.

Victoria Apartments is located in Lakeland, Florida, between Tampa and Orlando less than one mile south of Interstate 4. Cushman & Wakefield represented both the buyer Panther Properties and PacLand Development, the seller.

 Panther secured a 10-year FreddieMac CME loan as part of their capital stack.

Cushman & Wakefield’s Orlando Apartment Brokerage Services team led by Jay Ballard (middle right photo) and Ken Delvillar (middle left photo), negotiated the sale between buyer, Panther Properties and seller PAC LAND Development.

“As a result of representing developers in their acquisition of sites for development as well as selling existing multi-family assets for over 25 years, we knew early on that this asset would be a possible candidate for a sale” Ballard said.

“We worked this asset for over two years, and when the owner indicated a willingness to consider an “off-market” offer, we presented the asset to Panther and they stepped up to the plate”

Built in 2007 by PAC Land Development, this Class A, institutional quality community rests on 23.31-acres and features a state-of-the-art fitness center, an indoor basketball court, an air conditioned racquetball court, car wash, two off-leash pet walks, pet wash, Tiki bar, resort style pool, spa, and private cabanas.

C&W negotiates new lease for Tropical Smoothie Café

 ORLANDO, FL– Cushman & Wakefield of Florida, Inc. (C&W) Office Brokerage Associate Betsy Owens (lower right photo) announced a new lease for Tropical Smoothie Café in University Tower in Research Park.

 Owens represented the landlord in the 1,064 sf, seven-year deal, and the tenant self-represented.

 Tropical Smoothie Café is a franchise with more than 100 locations throughout the southeast.

Contact: Brook Hines, Tel: 407-541-4401,

Stan Johnson Co. completes sale of a WellSpring Children’s Academy in Houston, TX for $3.2 Million

HOUSTON, TX – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a 12,180-square-foot free-standing childcare facility 100% leased to Phoenix Children’s Academy d/b/a/ Wellspring Children's Academy (middle left photo), located on 2.16 acres at 18518 Green Land Way in Houston,Texas for $3.2 million.

Hunter Jaggard (top right photo) of Stan Johnson Company represented the seller, PGTX Development, LLC. Derrick Fujiasaki represented the buyer.

Jaggard commented, "The daycare was in a great location for growth due to the close location of Houston's energy corridor and the large population of children under the age of 6.

"It presented a great opportunity for the buyer looking to diversify properties to fulfill their 1031 exchange.”

The property is located just north of Interstate 10/Katy Freeway in a residential area, directly across the street from a public elementary school serving approximately 1027 students.

 Stan Johnson Co. completes sale of  a  Jack in the Box in Manvel, TX for $1.28 Million

MANVEL, TX– Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a 2,684 square-foot free-standing drive-through restaurant 100% leased to Jack in the Box, located on 1.18 acres at 17502 Highway 6 in Manvel, Texas for $1.28 million.

Hunter Jaggard of Stan Johnson Company represented the seller, an individual investor. Dennis Johnston of McDade, Smith, Gould, Johnston represented the buyer in the transaction.

Jaggard commented, “The property proved to be an excellent fit for a local buyer with a 1031 exchange looking for a quality credit tenant and a well located asset.”

 The Jack in the Box is located directly off of South Freeway/288, the main north/south thoroughfare for the city of Houston. Manvel is a fast growing suburb of Houston with an average household income of $104,027 within a five mile radius.

Contact: David Ebeling, Ebeling Communications, (949) 278-7851

Tolaris Homes Completes Remodeling of $2.5 Million Estate Home at Alaqua in Longwood, FL

LONGWOOD, FL –Tolaris Homes, a division of Tolaris International and based at Lake Forest west of Sanford, recently completed the remodeling of a 10,000 square foot $2.5 million estate home at Alaqua Golf and Country Club in Longwood.

Richard Bavec, president of Tolaris Homes, said the firm completely remodeled the six-bedroom, seven-and-a-half bath luxury home fronting on the Alaqua Golf Course.

For more information, contact:
Richard Bavec, President, Tolaris Homes, 407-402-9866
Larry Vershel or Beth Payan, LV Communications, 407-644-4142 (fax: 4410)

Stirling Sotheby’s International Realty named exclusive marketing agents for unique mixed-use development in Brevard County, FL

 ORLANDO, FL --- Stirling Sotheby’s International Realty has been named exclusive sales and marketing agents for a unique mixed-use commercial-residential project (above photo) overlooking the Indian River on Florida’s intercoastal East Coast in Brevard County.

Roger Soderstrom (middle  right photo), founder and owner of Stirling Sotheby’s International Realty, said the property includes a four-bedroom, three-bath main residence with 3,244 square feet of living space, a large three-bedroom, two-bath luxury apartment with 2,086 square feet of living space, and two luxury studio apartments, along with four office suites.

 The property features a beautiful infinity pool and a private dock on the Indian River which is convenient tothe Atlantic Ocean beaches, Soderstrom said.

Kim Tillett (middle left photo), International Luxury Home Specialist with Stirling Sotheby’s International Realty, is the listing agent for the property.  Tillett serves the Brevard County area working through Stirling Sotheby’s downtown Orlando World Marketing Center.   

 The seller is willing to finance the $1,360,000 asking price and creative terms are available, Tillett said, adding “This is one of the most unique mixed use investment properties in Brevard County.” 

 “It is certainly one of the most unique properties we have ever marketed,” Soderstrom said. “The setting is superb, the facilities are luxurious and the investment potential is enormous,” he said.

For more information about this press release, contact:

Kim Tillett, Stirling Sotheby’s International Realty, 321-446-9035
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890  
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644

Marketplace Advisors, Inc. Negotiates $1.15 million land sale to SunTrust Bank at the Shoppes at Aloma Walk in Seminole County, FL

ORLANDO, FL --- Marketplace Advisors, Inc. recently negotiated the $1.15 million sale of a 1.2-acre commercial outparcel at the Shoppes at Aloma Walk (lower left photo), a Publix-anchored retail center located on Aloma Ave. at S.R. 417 in Seminole County.

 David Marks (top right photo) president of Marketplace Advisors, Inc., negotiated the transaction representing the seller, Aloma Walk Commercial Venture, LLC.

 SunTrust Bank acquired the property.  James Mitchell with CB Richard Ellis represented SunTrust.

 For more information please, contact:  
David Marks, Marketplace Advisors, Inc., 407-694-7040,;
Larry Vershel or Beth Payan, LV Communications, 407-644-4142   

EXIT Realty of Daytona to Host Grand Opening of Opus Oceanfront Condominium on S. Atlantic Ave. Jan. 7

 DAYTONA BEACH, FL--- Exit Realty of Daytona owner Aswin Suri (top right photo) and Senior Associate and Team Leader Glen Herring will host a grand opening Jan. 7 at Opus (lower left photo), a luxury oceanfront condominium formerly known as Islamorada in Daytona Beach Shores.

Suri said the 11-story Opus condominium offers 53 new three-bedroom luxury residences that range in size from 1,700 square feet of living space to just under 4,000 square feet.

Exit Realty of Daytona was appointed exclusive sales and marketing agents for the Condominiums at Opus Daytona which are priced from the low $200s. One penthouse condominium is available priced at $999,000 and includes a $100,000 builder allowance.

Suri said refreshments will be served at the Grand Opening event, which starts at 4 p.m. at Opus located at 2071 S. Atlantic Ave. in Daytona Beach Shores.  

To RSVP  or for more information, contact 386-257-EXIT (3948) or visit

For more information, contact

Aswin Suri, MHA, B.A., Owner, Exit Realty of Daytona 386-257 3948 or;
 Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142;

Landlords Should Adjust Lease Agent Commissions to Bolster Incentives for Lease Renewals

ST. PETERSBURG - Landlords who pay substantially lower commissions for lease renewals than for new leases haven’t kept up with the commercial real estate market and that mistake could be costing them millions of dollars in operating revenues and portfolio values, says one real estate expert.

Rachel Elias Wein AIA (top right photo), who heads WeinPlus Real Estate Advisory Services in St. Petersburg, said antiquated lease commission structures worked well when businesses were expanding and new retailers were flooding the Florida market.

But that’s no longer the case, Wein said.

“Today, all things being equal, it costs much more to recruit and sign a new tenant than it does to renew an existing tenant,” Wein said. “Leasing agents are usually compensated significantly less for renewals than for new leases, and that has the effect of disincentivizing lease renewals,” she said.

“Typical lease commission structures are based on a high-growth market,” Wein said. “In a low-growth or no-growth cycle, existing tenants constitute a valuable asset.

"Vacancies reduce operating revenues, substantially impact the value of a portfolio, and significantly reduce the market appeal and retail sales of existing tenants as well,” Wein said.

Wein said most office and retail tenants today report they have been recruited by competing facilities.

“Competition that was focused on new tenants in a high-growth cycle is taking aim at existing tenants and landlords must adjust their strategies accordingly,” she said.

For more information, contact:  
Rachel Elias Wein, AIA, Founder / Principal, WeinPlus, 727-403-1595,
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142, 

NAI Realvest Negotiates Industrial Lease and Sublease at Goldenrod CommerCenter in Orlando

 ORLANDO – Michael Heidrich (top right photo), principal at NAI Realvest recently negotiated lease agreements for industrial space totaling 4,397 square feet in the Goldenrod CommerCenter on N. Goldenrod Rd. in East Orlando.

 Heidrich represented the landlord Maitland-based COP-Goldenrod, LLC and new tenant David Caldwell who leased suite 325 with 2,191 square feet at 1476 N. Goldenrod Road. 

 At 1468 N. Goldenrod Rd. Heidrich represented sublandlord Arnaldo Echevarria in a sublease to Brothers Subdivision Maintenance, Inc. for Suite 215 with 2,206 square feet.

For more information, contact:  

Michael Heidrich, Principal, NAI Realvest 407-875-9989 or
Patrick Mahoney, President, NAI Realvest 407-875-9989;
Beth Payan, Larry Vershel Communications 407-644-4142

NAI Realvest negotiates industrial leases totaling 20,440 SF at Monroe CommerCenter South in Sanford, FL

  MAITLAND, FL--- NAI Realvest recently negotiated two lease agreements for industrial space totaling 20,440 square feet at  Monroe CommerCenter South (middle left photo) in Sanford.      

Michael Heidrich, a principal in the firm, brokered both transactions representing the landlord, Maitland-based COP-Monroe LLC.  

Heidrich negotiated a new lease agreement with TekQuest Industries Corp. d/b/a Rush Hampton. of Sanford for 16,200 square feet in suite 1000 at 4275 Church Street.  

In addition Sanford based Jesewitz Sports Group, Inc. renewed its lease of 4,240 square feet in suite 1001 at 4265 Church Street at the center.

For more information, contact:

Michael Heidrich, Principal, NAI Realvest 407-875-9989
Patrick Mahoney, President, NAI Realvest 407-875-9989
Beth Payan, Larry Vershel Communications, 407-644-4142

NAI Realvest Negotiates Long Term Office Lease at 501 S. New York Avenue in Winter Park, FL

ORLANDO, FL. – NAI Realvest recently negotiated a new office lease agreement for 1,560 square feet at 501 S. New York Ave. in downtown Winter Park. 

 Jack W. Lynch (middle right photo), senior associate at NAI Realvest and Tom Kelley II CCIM (middle left photo), a principal in the firm, negotiated the long term lease on behalf of the landlord, Yoda, Inc. 

The tenant, Breuer Investment Consultants, Inc. was represented by Vincent Arch of CitiSpace Orlando, LLC. 

 For more information, contact:
Jack Lynch, NAI Realvest 407-875-9989 or
 Tom R. Kelley II, CCIM  NAI Realvest 407-875-9989 or
 Patrick Mahoney, President, NAI Realvest 407-875-9989
Beth Payan, Larry Vershel Communications 407-644-4142

NAI Realvest Negotiates New and Expansion Leases at University Court and The Quadrangle in East Orlando

ORLANDO, FL. --- NAI Realvest Senior Associate Mary Frances West (lower right photo), CCIM negotiated an office expansion lease at 3504 Lake Lynda Drive in The Quadrangle (lower left photo) in east Orlando. 

West represented the tenant, Dignitas Technologies, LLC in the transaction, the tenant’s second expansion this year.

Dignitas expanded from 3,287 square feet to 6,376 square feet, which is a net increase of 3,089 square feet in the Laurel Building at The Quadrangle.

 Mike Caridi of Tower Realty Partners represented the landlord, DRA CRT Orlando University Center LLC c/o Colonial Properties Trust.

At University Court, 3361 Rouse Road, West represented the landlord Interchange Rouse, LLC of Daytona Beach in a new lease agreement with ZTEC Instruments, Inc. of Albuquerque, New Mexico.   The tenant leased a 1,380 square foot suite. 

 For more information, contact:
Mary Frances West, CCIM, Senior Broker-Associate NAI Realvest, 407-875-9989;
Patrick Mahoney, President, NAI Realvest, 407-875-9989
Beth Payan, Larry Vershel Communications, 407-644-4142

Emerson International Reports Four New Office Leases in Metro Orlando

ALTAMONTE SPRINGS, FL --- Emerson International recently negotiated four new long-term lease agreements that total 3,925 square feet of office space in Altamonte Springs and Longwood.

Sean Westcott, director of leasing and property management for Emerson International, negotiated all four leases, according to Eric Emerson (top right photo), vice president and general manager.

New tenants at CenterPointe Office Park (middle  left photo) on CenterPointe Circle in Altlamonte Springs, include Project Greens Inc. with 1,114 square feet, A Personal Massage Inc. with 750 square feet and Bogo Magazine LLC with 739 square feet.

Westcott also negotiated a new lease agreement at Sanlando Center, 2160 West State Road 434 in Longwood.  The new tenant is J.R. Traindo LLC with 1,322 square feet of office space.

For more information, contact
Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560;;
 Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Emerson International Expands Lease Agreement for North American Risk Services at CenterPointe I in Altamonte Springs, FL 

ALTAMONTE SPRINGS - Emerson International recently negotiated a long-term expansion lease at CenterPointe I, (middle right photo) the four-story, 97,500 square foot Class A office building Emerson International developed on
East Central Parkway
in Altamonte Springs.

Kenneth Koch, commercial portfolio manager for Emerson International, negotiated the lease agreement with the tenant, North American Risk Services, Inc., which earlier this year leased 19,496 square feet for five years at CenterPointe I.

North American Risk Services, Inc. expanded its lease by 3,044 square feet. Koch said North American Risk Services plans to locate in its new offices at CenterPointe I in January.   Chris Sproles (bottom left photo) of CBRE represented North American Risk Services.
For more information, contact :  

Kenneth Koch, Commercial Portfolio Manager, Emerson International, Inc. 407-834-9560;
Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560;;  
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142