Sunday, January 30, 2011

Lionstone Sells Lakefront at Washingtonian in Gaithersburg, MD

 WASHINGTON, D.C– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced the company’s Institutional Capital Markets group represented the Lionstone Group in the disposition of Lakefront at Washingtonian, (top left photo) a 103,823-square-foot Class A office building in Gaithersburg, Md., to the Brick Companies.

 Eric Berkman and Steve Gichner, both executive vice presidents, facilitated the sale.

 “This Class A asset is 94 percent leased to a diversified group of tenants with a number of long-term leases in place,” said Berkman.

 “Lakefront at Washingtonian’s excellent location in the heart of Washingtonian Center – Montgomery County’s premier 24-hour work, live and play town center – combined with the Washington, D.C., metro area’s overall attractiveness to investors, produced tremendous buyer interest in the offering.”

Washingtonian Center (bottom right photo) represents one of the densest amenity bases in Montgomery County, offering approximately 530,000 square feet of high-end retail, 13 restaurants, a 200,000-square-foot entertainment center and nearly 800 Marriott-affiliated hotel rooms, all within walking distance of the property.

Contact: Erin Mays, Phone: 312.698.6735,                               

LandMark Retail Group Continues Aggressive Expansion Throughout California

WOODLAND HILLS, CA – LandMark Retail Group (LRG), a subsidiary of NewMark Merrill Companies, has kicked off 2011 in strong fashion with the completion and opening of three new CVS/pharmacy stores in California.

This continues its success with CVS/pharmacy (top left photo) after opening five stores in 2010 and seven in 2009. LRG, the CVS preferred developer since 2005, continues its development from Greater Los Angeles County and the Inland Empire through Central California, the Central Coast and into San Francisco and the Greater Bay Area of Northern California with new stores slated to open throughout the State in 2011 and beyond.

On Sunday, January 23, 2011, LandMark Retail Group opened two new stores in Los Angeles and one new store in San Francisco. The first store is located in downtown Los Angeles at the corner of Figueroa Street and 32nd Street just one block north of the University of Southern California campus and across the street from the Galen Center.

Next, LRG opened a store at the corner of Roscoe Blvd. and DeSoto Avenue in the Winnetka submarket of the San Fernando Valley in Los Angeles.

 In addition to these three stores, LRG is currently developing six new CVS/pharmacy stores with openings scheduled throughout the year.

“CVS CareMark Corporation continues to be great partner for LRG and we look forward to expanding with CVS for years to come,” said Jeremy Just (middle right photo), Principal, Chief Executive Officer, LandMark Retail Group, LLC.

  “Our significant experience acquiring and developing in high density markets with difficult barriers to entry has positioned LandMark Retail Group to assist retailers in executing their growth objectives in these sought after markets.”

“We are excited to open these stores in areas that can greatly benefit from the services we provide,” said Mark Miller, Regional Vice President of Real Estate, CVS CareMark Corporation.  “We are committed to identifying areas that are underserved with health and pharmacy services.”

David Ebeling, Ebeling Communications, (p) 949.861.8351,
(c) 949.278.7851,

AREA Property Partners Acquires Two Tampa Area Multifamily Properties

NEW YORK, NY, /PRNewswire/ -- AREA Property Partners has acquired two multifamily rental properties with a total of 766 units in the Tampa Bay area, the firm announced.

 The total purchase price for the two properties, Promenade at Carillon (top left photo) in St. Petersburg and Sabal Palm at Boot Ranch (middle right photo) in Palm Harbor, acquired from an undisclosed seller, was $78 million.  

"We feel that Promenade and Sabal Palm have strong upside potential. They are both high quality rental properties in excellent locations. This acquisition is consistent with AREA's strategy of investing in multifamily properties in markets with strong demographics that are poised for a solid recovery," said partner Steven Wolf of AREA Property Partners.   

 The Promenade at Carillon, 540 Carillon Parkway, has 334 units in two-story garden-style buildings, some with attached garages.  The complex offers one, two and three-bedroom apartments ranging from 670 square feet to over 1,300 square feet.

 Amenities include a business center, a fitness center and spa, swimming pool, walking, jogging and bike trails, and a playground.

 The Promenade is located off of Ulmerton Road, in St. Petersburg's Carillon professional district.  The complex is convenient to I-275 and the St. Petersburg/Clearwater International Airport and is across the Howard Franklin Bridge from Tampa. 

Sabal Palm at Boot Ranch has 432 one, two, three and four-bedroom apartments ranging from 633 square feet to more than 1,400 square feet. 

Amenities at the complex include private patios and balconies, a business center, a fitness center with cardio theater, swimming pool, wireless Internet access at the pool, and a clubhouse.

Located at 1350 Seagate Drive, at East Lake Road and the Lake Tarpon Canal in Palm Harbor, the community is about 45 minutes from both Tampa and St. Petersburg, and offers easy access to St. Petersburg/Clearwater International Airport.

Michelle Manoff, Rubenstein Public Relations, +1-212-843-8051,; or
 Julie Solomon, AREA Property Partners, +1-212-515-3343,