Thursday, February 3, 2011

Wells Core REIT Acquires Westway One Building in Houston

 NORCROSS, GA - Wells Core Office Income REIT today announced it has acquired the Class-A Westway One building (top left photo)  in Houston, Texas. 

Built in 2007, the three-story, 143,961 square foot office building is located at 11210 Equity Drive in Westway Park, near Houston’s two major airports, and a short drive from the Energy Corridor, The Galleria, and the Westchase residential area.

Westway One is fully leased to four corporate tenants and anchored by NATCO Group, Inc., a business unit of Cameron Corp., a global provider of flow equipment, services, and systems to the oil, gas, and process industries. 

The property is both LEED Silver and ENERGY STAR®-certified.

“We are pleased to add Westway One to Wells Core REIT’s growing portfolio of Class-A office properties, especially considering its location in one of Houston’s top business centers and the fact that it is fully leased to solid tenants” said Joe Oglesby (lower left photo), chief investment officer of Wells Real Estate Funds, advisor to the REIT. 

Wells was represented internally by Keith Willby, senior vice president, capital markets.

Media Contact: Margot Olcay, Rubenstein Associates, (212) 843-8284,

Ronald Yank Joins CalPERS Board

SACRAMENTO, CA – Ronald Yank (top right photo) became an ex officio member of the CalPERS Board of Administration upon his appointment by Governor Jerry Brown (middle left photo) as Director of the Department of Personnel Administration on January 5, 2011.

Mr. Yank, a retired labor and employment law attorney, has more than 33 years of experience in labor relations.  He served as a neutral arbitrator and mediator in the field of labor and employment law and has been a partner in the law firms of Carroll Burdick & McDonough and Neyhart Anderson & Freitas.

 Mr. Yank was an Assistant Professor of Rhetoric at UC Berkeley from 1967 to 1971.

 Yank has represented bargaining units of State employees including the California Correctional Peace Officers Association and CDF Firefighters.

He earned his law degree from Harvard University and his undergraduate degree from University of California, Berkeley.

CalPERS is the largest public pension fund in the U.S. with approximately $226 billion in assets. The retirement system administers pension plans for more than 1.6 million active and retired California State, public school, and local government agencies on behalf of more than 3,000 public employers, and health benefits for more than 1.3 million enrollees.

More information about CalPERS is available at
External Affairs Branch
(916) 795-3991
Patricia K. Macht, Director
Brad Pacheco, Chief, Office of Public Affairs
Contact: Bob Burton, Information Officer

Morrison Commercial Real Estate Represents Christ for All Nations in 31,854-SF Building Acquisition in Orlando

 ORLANDO, FL -- Greg Morrison, CCIM, SIOR, Principal of Morrison Commercial Real Estate, announced a client’s purchase of the building located at 6880 Lake Ellenor Drive in Orlando.       

David Y. Young (top right photo) and Lisa Bailey (lower left photo), of Morrison Commercial Real Estate, represented the buyer, Christ For All Nations (CFAN), in the purchase of the 31,854 square foot office building which will be used for their National Headquarters.  

Colliers International represented the seller, Patriot –BSP 6880 Lake Ellenor Associates LLC, in the transaction for over $2,300,000 on January 13, 2011.

 Contact: Kathryn Crownover, Phone: 407.219.3500 ext. 210, Email:

ARA Executes Sale of Luxury Multifamily Property in Palm Harbor, FL

TAMPA, FL— The Central and North Florida offices of Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announced the sale of Sabal Palms at Boot Ranch (top left photo), a 432-unit community located in Palm Harbor, an infill affluent submarket within the Tampa Bay MSA.

 The North Florida Team of ARA Tampa-based vice president, Patrick Dufour (middle right photo), ARA Orlando-based principal, Kevin Judd (middle left photo), and ARA Boca Raton-based principal, Dick Donnellan (lower right photo)  represented a public REIT in the sale of the Class A investment property.

“Sabal Palm at Boot Ranch represents a ‘best in class’ property with significant potential going forward,” said ARA Orlando Principal Kevin Judd.š “The property exhibits an excellent opportunity to lead the submarket in rent growth while generating significant long-term returns through property performance.”

 AREA Property Partners acquired the property for $44,200,000 or $100.25 per square foot.

The multi-national investment group closed the all-cash transaction with in-place private equity funds.

“This buyer, like many other investment groups, is allocating more of their portfolio to multifamily properties due to the strong underlying fundamentals today and anticipated performance increases in the near-term,” noted ARA Tampa Vice President Patrick Dufour.šš

 The community was built in 1996 and features one-, two-, three and four-bedroom floor plans with a large average unit size of 1,021 square feet.

Unit amenities include vaulted ceilings, walk-in closets, washer/dryer hookups and several units feature water or pool views. Garages and covered parking are available as well. Community amenities include two swimming pools, tennis court, basketball court, fitness center, business center and clubhouse.

The property was 94% occupied at the time of the sale.

 “Sabal Palm at Boot Ranch is located in an affluent residential area with good schools, several golf communities and strong household demographics," noted Dufour.

“The property also features a strong local employment base with a large concentration of medical employment and an average household income approximately 20% above the MSA average ”

 To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Marti Zenor of ARA Florida at or 561-988-8800.

Arbor Closes Three Fannie Mae DUS® Loans Totaling $16.1M In North Carolina

UNIONDALE, NY - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three loans totaling $16,110,200 under the Fannie Mae DUS® Loan, Fannie Mae DUS® Dedicated Student Housing and Fannie Mae DUS® Small Loan product lines in North Carolina:

 Legacy Park Apartments, Winston-Salem, NC (top left photo) – The 198-unit complex received $11,000,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

 Spartan Crossing, Greensboro, NC (middle right photo)– The 116-unit complex received $3,700,000 funded under the Fannie Mae DUS® Dedicated Student Housing Loan product line. The property serves students attending the University of North Carolina at Greensboro. The 10-year loan amortizes on a 30-year schedule.

Sunnybrook Apartments, Fayetteville, NC (lower left photo) – The 24-unit complex received $1,410,000 funded under the Fannie Mae DUS® Small Loan (8.3 percent Military Concentration) product line. The 10-year loan amortizes on a 30-year schedule.

The loans were originated by John Edwards, Vice President, in Arbor’s full-service Boston, MA, lending office. “Arbor’s team effort provided our clients with terms that surpassed the competition in an extremely timely manner,” Edwards said.

 “We were most pleased with the opportunity to once again demonstrate to the marketplace our focus and determination when presented with exciting financing opportunities.”

Contact:  Christopher Ostrowski,

Woolbright Development finds opportunity in West Palm Beach, FL


 BOCA RATON, FL – Woolbright Development announces the acquisition of Village Commons (top left photo) in West Palm Beach, Fla.  Woolbright will oversee the center’s leasing, property management, construction management, marketing and promotions.

“Village Commons is a great center with a very appealing location and a strong tenant mix; it also offers the potential for improvement in leasing and its aesthetic appearance,” said Jorge Morell, (middle right photo) vice president of Woolbright.

“Our immediate goals are to fill the vacancies and invest in the overall appearance and atmosphere at the center; in addition to making the center more attractive, we will roll out our marketing programs to assist the tenants in growing their businesses.”

Located at 701-971 Village Blvd. northwest of Palm Beach Lakes Blvd., the 169,000 square-foot Village Commons is a Mediterranean-style open-air center, featuring lush landscaping, decorative tile accents and a prominent courtyard area with ample seating and a sparkling fountain as the centerpiece. 

“Village Commons has all the elements to be the ultimate shopping destination in West Palm Beach,” said Morell.  “Our plans are to beautify the center and optimize the tenant mix; this will result in the creation of an attractive and desirable common gathering place.”

Village Common is anchored by Publix and CVS. Additional retailers and restaurants in the center include Starbucks, Panera Bread, Coldstone Creamery, PNC Bank, Duffy’s Sports Bar and Grill, and many other national, regional and local merchants. Despite the challenging economic climate that has plagued Florida; the center’s strengths have played a role in merchants’ success.

“We credit our success to Village Commons’ premier location near I-95 and our prominent location in the courtyard of the center,” said Abe Dababneh, (middle left photo) owner of Smoke Inn. “We look forward to working with Woolbright and are excited for the improvements they have planned to enhance the overall appearance of the center and increase business.”

The area’s growing demographics also show real market potential exists for Village Commons.  Over the last decade, the population has grown nearly 24 percent within a one-mile radius and it is expected to continue to outpace Florida’s averages for the next five years. 

   Village Commons is surrounded by upscale private golf course communities, is located near the Palm Beach Airport and also is close to the Palm Beach Mall, which has its own plans for re-development.

“Our restaurants have a loyal following and our guests have responded favorably to our location in Village Commons,” said Paul Emmett (lower right photo), owner of Duffy’s.  “Our customer base has grown extensively in the past five years at this location, making Duffy’s of the Villages one of the best performing Duffy’s restaurants in South Florida.”

Leasing of the center will be managed Jennifer McNeil.  Morrell will oversee the property management.

 Media contact:  Rachel Shapiro, Pierson Grant Public Relations,
(954) 776-1999, ext. 230,