Monday, January 10, 2011

Terri Echarte Joins Atlantic| Pacific Companies as Managing Director, Real Estate Group

MIAMI, FL (Jan. 10, 2011) – Atlantic | Pacific Companies (A | P), a fourth generation real estate company, is pleased to announce the addition of Terri Echarte (top right photo).

Terri joins the company as Managing Director of the Real Estate Group and comes with over 25 years of experience in the real estate industry including commercial real estate management, marketing and finance.

Terri’s leading role at A | P will be to coordinate new business development and asset management.

 Prior to joining A | P, Terri opened a Miami office for the Douglas Wilson Companies, a national firm specializing in real estate receiverships. 

As Regional Managing Director, her focus included marketing the firm’s services with lenders and attorneys in the Southeast and East Coast of Florida.

 In addition, she worked on distressed real estate assignments. Previously, Terri was a Managing Director for Holliday Fenoglio Fowler (HFF) where she arranged debt financing on all types of commercial real estate.  She also served as Senior Vice President with Bank of America for nearly ten years.

 Randy Weisburd (middle left photo), Chief Operating Officer, says "A | P is delighted to add Terri to our team of top professionals;  2010 was a year of tremendous growth and Terri’s addition will further position A|P as the market leader in providing commercial real estate advisory and management services.

For more information, please contact
Randy Weisburd at
Jessica Wade Pfeffer / Jessica Wade Inc., 305.804.8424


Bourbon Orleans Hotel Completes Internet Network

 NEW ORLEANS, LA - In a move recognizing the needs of today’s travelers and meeting attendees, the Bourbon Orleans Hotel has installed an all new network for wireless internet (Wi-Fi) provided throughout the hotel at no charge to guests, effective immediately.

Noting that the demand for more individualized, interactive digital information and entertainment services has grown to become a leading factor in every guest’s choice of property, owners of the Bourbon Orleans announced the selection of a technology vendor to partner in this Wi-Fi improvement plan throughout the hotel’s guestrooms and public spaces.
 The vendor, iBAHN, is the only global provider of integrated digital IP platform based solutions for the hospitality and meeting industries, providing best-in-class broadband performance, security and bandwidth management tools to keep guests satisfied.

In addition, with more than 200 meetings and conference groups booked annually at the Bourbon Orleans Hotel, the choice of iBAHN Conference Services provides a fully managed network that includes iBAHN hardware, end-to-end Wi-Fi and wired security, and an unlimited pool of IP addresses.

Mark Wilson, General Manager, 504 523-2222,  
Web site:                                 

Realty Markets Rebounding, Says New RECI Study

CHICAGO, IL, Jan. 10, 2011 - Realty markets are rebounding,
although at a slow and sporadic pace.  Each property sector shows varied investor demand, strictly driven by location, quality and cash flow dynamics as broadly outlined below:

Jeanne Peck (top right photo), director of the Real Estate Capital Institute, predicts, "The new year brings more optimism and hope as the worst seems to be behind us."

Peck says, "While economic recovery is in motion, throwing caution in the
wind is a reckless investment strategy.  Market volatility is very property-type and location-driven and proper due diligence is more important than ever"

Multifamily -- As has been the case for most of this decade, investors clamor
for Class A apartments in major markets.  Extremely aggressive pricing leads
many to consider new construction in the major markets based on rapidly rising rental rates and tight supply.  In many cases, investor demand is overflowing into secondary markets, driving up pricing across the entire sector.  As long as the GSEs are active players in the financing arena, expect the apartment sector to maintain peak prices, often valued with below 6% cap rates.

Net Lease -- Single-tenant, net lease properties in nearly all categories enjoy strong investor demand.  Overall pricing ranges from 6%  cap rates or more, depending upon credit and length of lease term.  This market segment is the most sensitive to interest rate volatility and should continue to show solid performance gains, depending upon cost of capital.

Industrial/Warehouse -- Economic recovery helps this property sector maintain a strong foothold of investor demand.  Industrial properties tend to rebound faster than other commercial property sectors as overbuilding as "spec" development is closely linked to the overall economy, keeping capital in check with supply and demand.  Expect solid pricing in the "gateway" markets along the coasts and in the Midwest.  Cap rates will mirror net lease

Retail -- Retail properties are more location-driven than any other asset class.  While credit tenancy is important, sales performance of each location drives pricing as many retailers represent marginal credit. Existing and new-construction infill properties are in strong investor demand with cap rates mirroring the highest quality properties in other property sectors.

Office -- Office property values have been vacillating during the past year as office space dynamics greatly vary in different parts of the country and downtown vs. outlying locations.  "Core" CBD properties maintain strong pricing with cap rates hovering in the 6% to 7% range for newer, multitenant
assets with long-term leases.  Conversely, many investors avoid the suburbs
as oversupply and employment fundamentals lag. 

Lodging, senior housing, recreational and other property types are also rebounding, but on an extremely selective basis.  These "business-type"
properties vary widely in values and are heavily linked to sponsorship and
performance.  As such, valuation metrics continue to emerge.

The Real Estate Capital Institute(r) is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates including treasuries, bank prime and LIBOR.

Call the Real Estate Capital RateLine at 7RE-CAPITAL (773-227-4825) for hourly rate updates.

The   Real Estate Capital Institute(r)
3517 West Arthington Street
Chicago, Illinois USA 60624
Contact: Jeanne Peck, Research Director
Toll Free 800-994-RECI (7324)

Grubb & Ellis Represents Sorgente Group in Lease for Tomasella’s First Manhattan Store


NEW YORK, NY (Jan. 10, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it represented Sorgente Group in the lease of 5,520 square feet of retail space to Tomasella U.S.A. at 32 Greene St. in SoHo (top left photo and top right map). 

 The location represents the first Manhattan location for the high-end Italian furniture retailer.

Jason Meister, associate, Investment Group, and Gary Schwartzman, managing director, Retail Group, facilitated the transaction on behalf of Sorgente, which has been expanding its portfolio of real estate assets in New York and major markets throughout the U.S. 

Grubb & Ellis represented Sorgente in the acquisition of 32 Greene St. in 2007.

 “This is a significant retail transaction for the New York City market, as the rent achieved indicates an upward trend for the SoHo retail corridor,” said Meister.  “The fact that there are so many luxury home furnishing retail tenants in this area of Greene Street make it the perfect home for Tomasella U.S.A.”

 Tomasella has leased the 2,610-square-foot ground floor and 2,910-square-foot lower level of the newly renovated cast-iron building, which has high-end residential condo units in the upper floors.  The retail ground floor features approximately 34 feet of frontage, 15-foot ceilings and dramatic skylights spanning the width of the property.

Schwartzman added, "By combining and artfully renovating two classic SoHo buildings, Sorgente created spacious loft condominiums and a dramatic new retail space.”

 The Sorgente Group is an owner and investor in New York and other top markets throughout the U.S. and globally.  The company recently purchased a majority stake in the Flatiron Building.

 Erin Mays, 312.698.6735,
 Mary Ryan , 212.326.4747,