Wednesday, May 25, 2011

National Retail Properties, Inc. Announces New and Expanded $450 Million Unsecured Credit Facility



ORLANDO, FL, May 25, 2011 /PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced the closing of a new $450 million unsecured credit facility, replacing its existing $400 million credit facility.

 The new facility matures May 2015, with an option to extend maturity to May 2016. The facility is priced at LIBOR plus 150 basis points. The new facility also includes an accordion feature to increase the facility size to $650 million.

Wells Fargo Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated were joint lead arrangers and joint book-runners of this credit facility with Wells Fargo Bank, National Association as the Administrative Agent and Bank of America N.A. as the Syndication Agent.

Documentation Agents were PNC Bank, National Association, Royal Bank of Canada and U.S. Bank, National Association. Other bank participants include BB&T, Citibank N.A., SunTrust Bank, Capital One, N.A., and Raymond James Bank, FSB.

"We greatly appreciate the strong support of our bank group and the confidence they have in our business," said Kevin B. Habicht (top right photo), Executive Vice President and CFO.

 "This expanded facility gives us significant financial flexibility and enhances our ability to take advantage of acquisition opportunities which helps us perpetuate NNN's track record of 21 consecutive increases in our annual dividend."

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.

As of March 31, 2011, the company owned 1,223 Investment properties in 46 states with a gross leasable area of approximately 13.3 million square feet. For more information on the company, visit www.nnnreit.com.

Contact: Kevin B. Habicht, Chief Financial Officer, +1-407-265-7348

Grubb & Ellis Receives Listing Standards Notice from NYSE

  


SANTA ANA, CA (May 25, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today reported that on May 19, 2011, it was notified by the New York Stock Exchange that it is not currently in compliance with the NYSE’s continued listing standards, which require an average market capitalization of not less than $50 million over 30 consecutive trading days and shareholders’ equity of not less than $50 million. 

 The company intends to notify the NYSE that it will submit a plan within 45 days from the receipt of the NYSE notice that demonstrates its ability to regain compliance within 18 months. 

Upon receipt of the company’s plan, the NYSE has 45 calendar days to review and determine whether the company has made a reasonable demonstration of its ability to come into conformity with the relevant standards within the 18-month period, or whether it will require the company to do so within a lesser time period. 

The NYSE will either accept the plan, at which time it will specify the applicable time period within which the company has to come into compliance.  Thereafter, the company will be subject to ongoing monitoring for compliance with this plan. 

Alternatively, should the NYSE reject the plan, the company will be subject to suspension and delisting proceedings.

The company’s business operations, SEC reporting requirements and debt instruments are unaffected by the notification. 

During any cure period, the company’s shares will continue to be listed and traded on the NYSE, subject to its compliance with other NYSE continued listing standards, and a “.BC” indicator will be affixed to the GBE ticker symbol.

 The company previously announced in April that it had been notified by the NYSE that it was not in compliance with the NYSE’s continued listing standard as the minimum average closing price of the company’s common stock fell below $1.00 per share for over 30 consecutive trading days. 

The company is in the process of developing a plan to comply with this continued listing standard as well.

 In March, Grubb & Ellis announced that it had engaged JMP Securities to explore strategic alternatives, including the potential sale or merger of the company.

 Contact: Janice McDill, Phone: 312.698.6707                                     
          




Daymark Realty Advisors Secures 34,000-SF Lease Renewal with Smiths Medical at 5200 Upper Metro Near Columbus, OH

  

COLUMBUS, OH  (May 25, 2011) – Daymark Realty Advisors Inc., a leading provider of strategic asset, property management and structured finance solutions for owners of commercial real estate, today announced that it has secured a 63-month lease renewal totaling 33,967 square feet with Smiths Medical at 5200 Upper Metro (top left photo) in the Columbus suburb of Dublin, Ohio.

 Since January 1, 2011, Daymark Realty Advisors and its subsidiaries have successfully executed lease transactions totaling in excess of 1.2 million square feet, valued at more than $18.9 million.

 Daymark Realty Advisors and its subsidiaries manage 5200 Upper Metro, a three-story, Class A office building, on behalf of individual owners.

 Smiths Medical, the largest division of the UK-based Smiths Group, is a global supplier of innovative medical devices for the hospital, emergency, home, and specialist environments.

“Smiths Medical has been a tenant at 5200 Upper Metro for the last six years and their renewal maintains the 89 percent occupancy rate at the property,” said Elizabeth Grossman, vice president, asset management.

“Dublin’s friendly entrepreneurial environment has attracted several large companies in the last decade and is home to numerous corporate headquarters.”

 Built in 1999, 5200 Upper Metro is a 96,000-square-foot office building situated on nearly eight acres in the affluent suburb of Dublin. The property is located in the Metro Center Business Park, a 130-acre corporate office park that features numerous amenities, including an onsite café, four hotels, three restaurants, and a fitness center.

Chris Potts and Brett Cisler from Colliers International represented Daymark Realty Advisors in the transaction.  Paul Tingley from Jones Lang LaSalle represented Smiths Medical.

 For more information regarding Daymark, please visit www.DaymarkRealtyAdvisors.com

 Contact: Damon Elder, (714) 975-2659, delder@DaymarkRA.com


EastGroup Properties Announces 126th Consecutive Quarterly Cash Dividend


JACKSON, MS, May 25, 2011—EastGroup Properties (NYSE-EGP) announced today that its Board of Directors declared a quarterly cash dividend of $.52 per share payable on June 30, 2011 to shareholders of record of Common Stock on June 17, 2011.

 This dividend is the 126th consecutive quarterly distribution to EastGroup's shareholders and represents an annualized dividend rate of $2.08 per share.

EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona and California.

 Its strategy for growth is based on its property portfolio orientation toward premier business distribution facilities clustered near major transportation features. EastGroup's portfolio currently includes 28.3 million square feet.

EastGroup Properties, Inc. press releases are available at www.eastgroup.net
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For more information, please contact:
David H. Hoster II (top right photo), President and Chief Executive Officer, (601) 354-3555 or N. Keith McKey, Chief Financial Officer, at same number.

700 New Condos Still Unsold In Downtown West Palm Beach



MIAMI, FL--Even though buyers acquired more developer units per month in the first 90 days of 2011 than a year earlier, the Downtown West Palm Beach market still has more than 700 new condos unsold from the South Florida real estate boom, according to a new report from CondoVultures.com.

As of March 31, 2011, the unsold new condo inventory represents nearly 21 percent of the more than 3,400 units created in Downtown West Palm Beach since 2003, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Downtown West Palm Beach And Palm Beach Island™.
 
In the first quarter of 2011, buyers acquired an average of 12 new condos per month at a blended price of $236 per square foot in Downtown West Palm Beach, according to an analysis of Palm Beach County records.

This year’s new condo sales activity represents a nine percent increase in transactions from the first quarter of 2010 when an average of 11 units were acquired per month at a blended price of $232 per square foot.

“At the current sales pace in this all-cash market, Downtown West Palm Beach has nearly five years of available inventory remaining,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

“The good news is, Downtown West Palm Beach has fewer unsold new condos than the markets of Greater Downtown Miami, South Beach, and Sunny Isles Beach in Miami-Dade County.

“The bad news is, Downtown West Palm Beach's total unsold inventory number does not include some 500 units that were previously acquired in distressed bulk deals by out-of-town investment groups that are now trying to resell the condos at a profit to individual purchasers.”
 
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com
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Marcus & Millichap Capital Corp. Arranges $9.3 Million Multifamily Refinancing Loan



ANAHEIM, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged $9,370,000 in refinancing for an 84-unit multifamily property in Anaheim.

Rick Padilla (top right photo), a senior director in the firm’s Long Beach office, arranged the financing.

“Before coming to MMCC, the borrower was turned down for refinancing by half-a-dozen lenders, including his existing lender,” says Padilla. “He was told that his property’s rents were above market, that the property was not of agency quality and that his net worth, liquidity and experience were insufficient to qualify for an agency refinancing loan.”

“MMCC’s longstanding relationships with agency lenders, and our ability to draw upon market data produced by Marcus & Millichap’s local investment sales agents and research department, helped overcome these hurdles and meet our client’s objectives,” concludes Padilla.

The loan is for 10 years, amortized over 30 years with a fixed interest rate of 5.75 percent. The LTV is 75 percent.

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



Sotheby’s International Realty is Exclusive Sales, Marketing Agents for Spruce Creek Home and Airplane Hangar in Florida


ORLANDO, FL --- Stirling Sotheby’s International Realty was named exclusive sales and marketing agents for a $1.95 million luxury home and airplane hangar at Spruce Creek Fly-In in Volusia County.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said luxury home specialists Rachel McGrath and Debbie Keilin (top right photo) are representing the property and serve as principal contacts for prospective buyers.

The six-bedroom, four-and-a-half bath luxury home offers 6,032 square feet of luxury living space with a separate guest house, huge courtyard, heated oasis style swimming pool and a second gated entry.

The home features golf and lake views, summer kitchen, travertine floors, a ground floor master suite with spa style bath, a second floor media room and library.

The 60-foot-by-68-foot tiled, air-conditioned airplane hangar was previously owned by NASCAR driver Mark Martin and features a full kitchen and a bath, conference room and private office.



For more information, contact
Debbie Keilin, East Volusia Associate, Stirling Sotheby’s International Realty 386 451-4251
Rachel McGrath, East Volusia Associate, Stirling Sotheby’s International Realty 386 795-0911
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890; rsoderstrom@stirlingSIR.com
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142   Lvershelco@aol.com
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Morrison Commercial Real Estate Completes Two Lease Transactions Totaling 31,068 SF in Southwest Orlando



 ORLANDO, FL (May 25, 2011):  Greg Morrison, CCIM, SIOR, Principal of Morrison Commercial Real Estate, announced the completion of two large lease transactions totaling 31,068 ± square feet. 

Lisa Bailey (top right photo) and Phil Marchese (lower left photo) of Morrison Commercial Real Estate represented the NWP Group, LLC in leasing 20,700± square feet at 7570 Exchange Drive. 

Tom McFadden of Southern Commercial Real Estate Advisors represented the Landlord in this transaction.  NWP Group is a residential plumbing company that has been in business for over 52 years serving locations throughout the Southeast.

 Bailey and Marchese represented the Landlord in renewing the lease for Walgreens at Presidents Plaza for a total of 10,368± square feet.  Dan Walsh and Jeff Linklater of NAI Capital represented the Tenant in this transaction.

Contact: Buffy Gillette, Phone: 407.219.3500

NYU-Poly Expands Campus in Brooklyn's MetroTech Center



NEW YORK, NY May 25, 2011 /PRNewswire/ -- In an important step to fulfill NYU's city-wide strategic vision for expansion of its academic facilities, NYU's engineering affiliate, the Polytechnic Institute of New York University (NYU-Poly) (top left center), will expand into neighboring space in Downtown Brooklyn's MetroTech Center. 

The move is part of NYU-Poly's $38 million capital plan, called the i-squared-e Campus Transformation - where the "i-squared-e" stands for invention, innovation and entrepreneurship. 

The expansion into MetroTech will allow NYU-Poly to accommodate faculty offices, dry computational labs, small classrooms, and administrative functions, while freeing up space in current facilities for renovation and potential redevelopment.

"MetroTech Center has a great central commons area," said NYU-Poly President Jerry Hultin (lower right photo).  "Expanding into buildings that flank the commons creates a better presence of NYU-Poly in the square, and imparts a more dynamic, vibrant feel to our campus."

NYU-Poly is entering into a 20-year lease with real estate developer Forest City Ratner Companies for a total of 120,000 rentable square feet of space at 2 MetroTech and 15 MetroTech, which also involves a 9-year sub-lease of space from Wellpoint Insurance. 

For more information about NYU 2031 and a complete copy of the institution’s news release,  please log onto www.nyu.edu/nyu-in-nyc or contact
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Wendi Parson of Polytechnic Institute of New York University, wparson@poly.edu,  +1-718-260-3323



Tuesday, May 24, 2011

Grubb & Ellis Company’s Ernest L. Brown IV Elected to CCIM Institute’s Board of Directors




 SAN ANTONIO, TX (May 24, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Ernest L. Brown IV, CCIM (top right photo), executive vice president and managing director of the company’s San Antonio office, has been elected to the board of directors of the CCIM Institute, a global leader in commercial and investment real estate education and services.

 Brown was one of 18 Certified Commercial Investment Members elected to the board responsible for voting on policy, procedural and financial issues pertaining to the organization, its membership and educational programs.  He will serve a three-year term beginning January 2012. 

 Brown has more than 27 years of commercial real estate experience and as managing director, oversees roughly 30 employees.  He is the director of the Austin/San Antonio regional chapter of NAIOP, serves on the board of trustees of the Texas Military Institute and is president of the Texas Military Institute Alumni Association.  Brown holds a bachelor’s degree from the University of the South.

Contact: Julia McCartney, Phone: 714.975.2230                                     
          

HFF closes sale of and arranges financing for office building in northwest Houston

   


HOUSTON, TX – HFF announced today that it has closed the sale of and arranged financing for 4600 Highway 6 North (top left photo), a three-story, 53,037-square-foot office building in northwest Houston.

HFF marketed the property on behalf of the seller, the Brookfield Real Estate Opportunity Fund, a division of Brookfield Asset Management. 

Rockwell Management Corporation represented the buyer in the purchase of 4600 Highway 6 North for an undisclosed amount.  HFF arranged the acquisition financing through ViewPoint Bank. 

Renovated in 2007-2008, 4600 Highway 6 North is 82 percent leased to tenants including JPMorgan Chase and the Attorney General’s Office.  The property is located between Interstate 10 and Highway 290 on State Highway 6 in west Houston.

Brookfield Asset Management Inc., focused on property, renewable power and infrastructure assets, has more than $100 billion of assets under management and is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM and on NYSE Euronext under the symbol BAMA. www.brookfield.com.

Rockwell is a full-service management firm that provides services in due diligence, construction, renovation, marketing, bookkeeping, property and asset management.

The HFF investment sales team representing the seller was led by senior managing director Dan Miller (lower  right photo) and associate director Trent Agnew.  The HFF debt team was led by associate director Colby Mueck.

Contacts:   
H. Dan Miller, CCIM, SIOR, HFF Senior Managing Director, (713) 852-3500,    M. Colby Mueck, HFF Associate Director, (713) 852-3500, cmueck@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
          



HFF arranges refinancing for multi-housing community in Houston’s Galleria area



 HOUSTON, TX – HFF announced today that it has arranged refinancing for Tree Tops at Post Oak (top left photo), a 112-unit multi-housing community in Houston’s Galleria area.

Working exclusively on behalf of Venterra Realty, HFF placed the seven-year, 3.90 percent adjustable-rate loan with Freddie Mac (Federal Home Loan Mortgage Corporation).  HFF will service the loan through its Freddie Mac Program Plus® Seller/Servicer program.

Located at 4510 Briar Hollow Place inside the 610 Loop, Tree Tops at Post Oak is close to the Houston Galleria, Uptown Park and Highland Village.

 The property has two three-story buildings with one- and two-bedroom units averaging 741 square feet each.  Residents have access to a swimming pool and fitness center as well as reserved and covered parking.  Tree Tops at Post Oak is 95 percent leased.

The HFF team that represented Venterra Realty was led by director Cortney Cole (lower right photo).

Venterra specializes in the identification, finance, acquisition and management of multi-family residential communities in the southern United States.  Venterra currently manages a portfolio of multi-family real estate assets totaling over $600 million in value that generates gross annual income in excess of $80 million. 

The organization has completed in excess of $1.3 billion of real estate transactions.  Venterra has offices in both Houston and Toronto and employs over 350 people.

Contacts: 
Cortney R. Cole, HFF Director,  (713) 852-3500, ccole@hfflp.com
 Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
krmurphy@hfflp.com                                                                                     

HFF Washington, D.C. hires Susan Carras as senior managing director


WASHINGTON, D.C. – HFF announced today that Susan Carras (top right photo) has joined the firm as a senior managing director in its Washington, D.C. office.

Ms. Carras will be in charge of the local debt placement team and will co-head the Washington, D.C. office alongside Stephen Conley. 

She has more than 30 years of experience in commercial real estate. Prior to joining HFF, Ms. Carras was a senior managing director in Cushman & Wakefield Sonnenblick Goldman’s Capital Markets Group.

  Prior to that, she worked at StonebridgeCarras, Sonnenblick-Goldman and First National Bank of Chicago. 

Ms. Carras began her career at Chase Manhattan Bank where she was a lending officer in the real estate finance division.  She graduated magna cum laude from Lafayette College and is involved with Urban Land Institute, Greater Washington Commercial Association of Realtors and the Board of Trustees for Lafayette College and McLean School of Maryland.

“HFF is honored to have an experienced professional such as Susan join our team.  As co-head, she will play an integral role in the day-to-day operations of the D.C. office and be instrumental in securing new business and closing debt and structured finance transactions,” said Stephen Conley (lower left photo), co-head and executive managing director in HFF’s Washington, D.C. office.

Contacts:     
Stephen C. Conley, HFF Executive Managing Director,  (202) 533-2500                                                                                                                      
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500                    

HFF closes sale of and arranges financing for One and Two Park Ten Place in Houston’s Energy Corridor

  

HOUSTON, TX – HFF announced today that it has closed the sale of and arranged financing for One and Two Park Ten Place (top left photo), two office buildings totaling 91,166 square feet in Houston’s Energy Corridor.

The HFF investment sales team marketed the property on behalf of the seller, KBS Realty Advisors.  A Miami-based investor purchased One and Two Park Ten Place for an undisclosed amount. 

HFF arranged the fixed-rate acquisition financing on behalf of the buyer through Morgan Stanley Mortgage Capital, Inc.

One and Two Park Ten Place are located at 16300 and 16365 Park Ten Place Drive at the northwest corner of Interstate 10 and Park Row in west Houston.  The properties are 92 percent leased overall to tenants including Ensco.

The HFF investment sales team representing KBS Realty Advisors was led by senior managing director Dan Miller and associate director Martin Hogan. 

HFF senior managing director Susan Hill arranged the financing on behalf of the buyer.

KBS Realty Advisors, an SEC-registered investment advisor, and its affiliate, KBS Capital Advisors, are one of the nation's largest buyers of commercial real estate and structured debt investments, having consummated more than $16.5 billion in transactional volume.

Contacts:
H. Dan Milller, CCIM, SIOR, HFF Senior Managing Director, (713) 852-3500, Susan L. Hill, HFF Senior Managing Director, (713) 852 3500
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
                      

HFF Atlanta hires Andrew Seng as managing director in debt placement group

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ATLANTA, GA – HFF announced today that Andrew Seng (top right photo) has joined the firm as a managing director in its Atlanta office. 

Mr. Seng will focus on debt and structured finance transactions for all property types throughout the southeastern United States.  

Prior to joining HFF, Mr. Seng was an executive vice president with First Fidelity Companies where he was involved in securing more than $1.6 billion in debt and equity investments for real estate projects across North America. 

Prior to First Fidelity Companies, he worked as an investment analyst with the University of Notre Dame Investment Office and an investment associate with Putnam Investments.

 Mr. Seng is a Chartered Financial Analyst, a member of the CFA Institute and CFA Society of Atlanta, and currently serves as vice-chair for membership of the urban development mixed-use council for Urban Land.

 Mr. Seng received his Master of Business Administration degree from Goizueta Business School at Emory University and his Bachelors of Business Administration degree from the University of Notre Dame.

“Andrew is a welcome addition to the Atlanta team and brings with him a wealth of experience in various types of financings across all major property types,” said Mark Sixou (lower left photo)r, senior managing director of HFF Atlanta.

Contacts:  
Mark D. Sixour, HFF Senior Managing Director, (404) 832-8460 msixour@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing,  (713) 852-3500                      
                                             

Marcus & Millichap Capital Corp. Closes $7.5 Million Multifamily Refinancing Loan in New Jersey

  

SOMERS POINT, N.J., May 24, 2011 – Marcus & Millichap Capital Corporation (MMCC) has secured a $7,500,000 refinancing loan for a 214-unit multifamily property in Somers Point, N.J, according to Michael J. Fasano (top right photo), vice president and regional manager of the firm’s New Jersey office.

Joshua Lipsey (middle left photo), an associate director in MMCC’s New Jersey office, delivered the financing for the loan.

“MMCC delivered a rate that was well below agency pricing,” says Lipsey. “We were able to craft the terms of the transaction in order to meet our client’s needs.

"This included working with the bank to allow the borrower to pay down a portion of the principal each year without penalty. We were also able to lock the interest rate at application for an extended period of time in order to help our client avoid defeasance costs on the existing debt,” adds Lipsey.

“When state registration issuance delays threatened to derail the closing, we were able to coordinate the re-inspection with the New Jersey Department of Community Affairs to complete their review, abatement and the issuance of a new five-year registration,” continues Lipsey.

 “When the property condition report raised potential issues, our team, in collaboration with the bank, was able to remove a significant property improvement reserve. With the support and hands-on engagement of the client, all repairs and improvements were completed within 30 days at a fraction of the potential contemplated reserve,” Lipsey goes on.

“When clients come to MMCC, they want to know that we will take all the necessary steps to get to the closing table,” concludes Lipsey.

“This transaction is another example of our commitment to meeting that expectation and of the value-added services we provide in the execution of acquisition and refinancing for our clients.”

The loan is for 10 years with a fixed interest rate, amortized over 30 years and nonrecourse.

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


OliverMcMillan Rebrands 8-Acre Buckhead Development





LAS VEGAS, (May 23, 2011) – OliverMcMillan, a San Diego-based real estate firm that develops urban and mixed-use retail, entertainment and residential projects, unveiled today new renderings, a new architectural model and a new name for Buckhead Atlanta, a six-block, eight-acre luxury mixed-use urban village located in the heart of Atlanta’s upscale Buckhead neighborhood.

The announcement was made at he International Council of Shopping Centers’ annual RECon show in Las Vegas.

Formerly known as The Streets of Buckhead (top left photo), the project was one of the highest profile developments in the country halted by the economic downturn and financing drought. The new name signifies a departure from the concept of a single destination development and a move toward a mixed-use community that will fit seamlessly within the existing Buckhead Village. Buckhead Atlanta will provide a foundation that encourages the natural evolution of the surrounding community.

“Buckhead Atlanta will be woven into the fabric of this world-class community,” said Morgan Dene Oliver, chief executive officer of OliverMcMillan. “Anyone who visits Buckhead Atlanta will know they are someplace special and they will want to return often.”

Contacts: Bryan Long, 404-724-2501, blong@jacksonspalding.com

Arizona’s Only Beachfront Resort to Mark Memorial Day Weekend with Opening of State’s Largest Infinity Pool



 LAKE HAVASU CITY, AZ —Nautical Beachfront Resort (top left photo), Arizona’s only beachfront resort hotel, will open the state’s largest infinity pool, “WET,” Friday May 27, just in time for the Memorial Day Weekend.

 In honor of the occasion and to kick off the holiday weekend, members of the city’s VFW Post 9401 have been invited to be the first residents to get WET at 4 p.m.

“We like to have fun at Nautical Beachfront Resort, but we’re also mindful that Memorial Day is a meaningful holiday,” said Tim Peters, general manager.  “So, we wanted to honor our local veterans by inviting them to christen our pool.  American soldiers are often the first to respond in times of crisis, this time they can be the first ones in on the fun.”

WET, a free-form pool roughly the size of a stadium Jumbotron and filled with 108,000 gallons of water, is part of the first wave of property enhancements planned by the resort’s owners, RW Partners LLC of Phoenix.  A new arrival center, scheduled to open later this summer, is also under way. 

Media Contact:  Lauralee Dobbins/Chris Daly, 703-435-6293,

Grubb & Ellis Facilitates 60,000-SF Office Lease Renewal in Clearwater, FL


 TAMPA, FL– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that it represented Meridian Development Group in CCS Medical Inc.’s 60,000-square-foot office lease renewal at Meridian Concourse Center (top left photo), located at 4800 140th Ave. N in Clearwater.

 James Moler (middle right photo), CCIM, and Paula Buffa (lower left photo), RPA, CCIM, both senior vice presidents with Grubb & Ellis’ Office Group, exclusively represented the landlord in the transaction.  Brent Miller with Jones Lang LaSalle represented the tenant.

 “CCS Medical evaluated numerous options in the market for the consolidation of their operations,” said Moler.  “Our building was looked at very favorably due to the overall quality of the asset, the responsiveness of property management and the long-standing relationship between the owner and the tenant.”

 “We put a lot of resources into the development and management of our properties,” said Steven Kossoff, managing director, Meridian Development Group, “but our tenant relationships are just as important.  Flexibility and attention have been cornerstones for us since we began and have helped us make it through this tough market.”

 Meridian Development Group owns and manages 1.5 million square feet of Class A and B office, flex and industrial assets located across west-central Florida. 

Meridian Concourse Center is comprised of four buildings totaling 214,000 square feet.  4800 140th Avenue totals 60,000 square feet; all of which CCS Medical currently occupies.  The property’s central Tampa Bay location provides convenient access to both Pinellas and Hillsborough Counties and is adjacent to the St. Petersburg/Clearwater Airport.

  

For more information, contact

 Moler at 813.830.7963 or james.moler@grubb-ellis.com
 or Buffa at 813.830.7887 or
Rachel Andreozzi, Phone: 561.893.6296, rachel.andreozzi@grubb-ellis.com


NAI Realvest Extends Hudson Restaurant Property Online Auction to June 8



ORLANDO, FL --- Paul P. Partyka (top right photo), managing partner at NAI Realvest in Maitland, is going online to sell a 9,367 square foot restaurant building on a 2.8 acre site in Hudson to the highest bidder on June 8.

Partyka said the facility, located on S.R. 52 in Hudson between U.S. 19 and County Road 1, is well located on a busy thoroughfare, posts daily traffic counts that range between 30,000 and 63,000, surrounded by residential neighborhoods.

“It’s an excellent opportunity for development as a restaurant or for redevelopment with another use,” Partyka said.

Buyers of mid-range commercial facilities don’t often tour Hudson looking for opportunities.

“The online auction format offers us an excellent opportunity,” Partyka said. “We can present to a worldwide audience of potential bidders who are more interested in the facts---demographics, location, facility size, parking---than the general area,” he explained.

NAI Realvest designed a special web site for the auction at NAIauction.com/Hudson, and bids will be accepted online from 11 a.m. to 3 p.m. on Wednesday, June 8.

For more information,  contact:
Paul P. Partyka Principal, Managing Partner, NAI Realvest, 407-875-9989 ppartyka@realvest.com;
Patrick Mahoney, President NAI Realvest, 407-875-9989 pmahoney@realvest.com
 Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142 lvershelco@aol.com



NAI Realvest Negotiates New Long-Term Office Lease at Primera in Lake Mary, FL

ORLANDO, FL --- NAI Realvest recently negotiated a five-year lease agreement for 1,380 square feet of office space at Suite 125, Primera Court I, 725 Primera Blvd. in Lake Mary. 

NAI Realvest Senior Broker Associate Mary Frances West, CCIM brokered the transaction.   The landlord at Primera Court I is Interchange-Primera II, LLC based in Daytona Beach. 

 The new tenant RezZiliant, which provides IT services, offsite backup, Virtual and Server colocation, recovery and security services, and also has a division that develops Healthcare software, has relocated from Waterbury, Conn. Their website is www.rezziliant.com  and contact info is 1-866-581-4678

For more information, contact:
Mary Frances West CCIM, NAI Realvest, 407-875-9989 mwest@realvest.com
Patrick Mahoney, President NAI Realvest, 407-875-9989 pmahoney@realvest.com;
Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 or 407-461-3780 Lvershelco@aol.com


NAI Realvest Negotiates 10 Year Lease in South Daytona, FL



MAITLAND, FL.  - NAI Realvest recently negotiated a ten-year lease of the 11,414 square foot former Whistle Junction facility at 1854 South Ridgewood Ave. in South Daytona.

Paul P. Partyka, principal and managing partner at NAI Realvest, along with principals Matt Cichocki (lower right photo) and Kevin O’Connor (lower left photo), negotiated the transaction representing the landlord, SBI Leasing of Titusville. 

The new tenant is Fort Myers-based Ocean Buffet, Inc., who was represented by Josephine Wang of Carlino Commercial Group.  It will be the third location for Ocean Buffet when it is anticipated to open in July.  The firm also operates Ocean Buffet restaurants in Fort Myers and St. Augustine, Cichocki said.

This is also the eighth transaction involving a buffet style restaurant that the NAI Realvest team has completed in the last 18 months.

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