Monday, February 7, 2011
Cuhaci & Peterson Architects Win Contract to Design Interior for Cupcake Crazy Store at Stoneybrook West Village in Winter Garden, FL
For more information, contact:
Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;
Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;
Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142, firstname.lastname@example.org
Stan Johnson Co. Completes $13.95 Million Sale of Thomson Reuters-Occupied Property in Brookfield, WI
BROOKFIELD, WI, Feb. 7, 2011 –Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a three-story, 84,700-square-foot office building100 percent occupied by Thomson Reuters to a California-based private investor for $13.95 million.
Located within a suburban office park, the property is situated on 6 acres at 350 N Sunny Slope Road in Brookfield, WI, a suburb of Milwaukee.
Craig Tomlinson (top right photo) of Stan Johnson Company represented the buyer who was in a 1031 exchange.
The seller was a unit of CW Capital as special servicer for a Wells Fargo CMBS issuance. The seller was represented by Cassidy Turley and had only recently acquired the property by a deed in lieu.
The property was built in 1984 and has been occupied by Thomson Reuters, an information services company, since 1989. There are approximately 10 years remaining on its long-term lease.
“The buyer recognized the value in the combination of real estate fundamentals and long-term lease with a credit tenant,” said Tomlinson. “The seller had already done a great job stabilizing the asset and worked quickly through the process to get the deal closed.”
Contact: David Ebeling, Ebeling Communications, (949) 278-7851,
KING OF PRUSSIA, Pa. (Feb. 7, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it represented an affiliate of Lexington Realty Trust in the sale of a 179,200-square-foot warehouse/distribution facility at 34 E. Main St. in New Kingston to Lexmain Realty Ventures LLC.
Stephen Bonge, Timothy Brogan and Patrick McBride, all senior vice presidents in the Global Logistics group, and Carl Neilson, senior vice president, Investment Services, facilitated the transaction.
“The facility’s location in one of the Northeast’s most active and growing logistics markets resulted in a high level of buyer interest in the property,” said Brogan.
Located on Route 11 with excellent access to I-81, the Pennsylvania Turnpike and I-83, 34 E. Main St. is a highly functional, food-grade warehouse/distribution facility located in the Central Pennsylvania industrial market. Property improvements include a ballasted EPDM roof and 10 rail doors.
Contact: Erin Mays. Phone: 312.698.6735
“The Holiday Inn Palm Beach Airport aligns with our portfolio of branded full- and select-service hotels,” said Kim Sims, Chesapeake president.
“Our extensive presence in Florida and our strong affiliation with Intercontinental Hotel Group (IHG) brands makes us a perfect fit for this location.
" We have a proven track record of successful hotel operations and will be focused on customer service, maximizing revenue streams and taking advantage of IHG’s Priority Club rewards program.”
“We are excited to have Chesapeake Hospitality on board to manage our hotel, and we look forward to working with their management team,” said Steve Phillips (middle right photo), chief executive officer of Phillips Seafood Restaurants and Phillips Foods.
The full-service Holiday Inn is located less than a mile from Palm Beach International Airport (lower left photo) and is convenient to the corporate business community, downtown West Palm Beach and popular leisure demand generators, such as Worth Avenue in Palm Beach and area beaches.
The hotel has recently completed Holiday Inn’s re-launch program that includes 32” flat screen televisions and complimentary Internet service. Among the hotel amenities are 10 meeting rooms totaling 6,500 square feet, a heated outdoor pool and a well-equipped business center.
Joe Smith, (216) 496-9120, email@example.com
For additional information, visit the company’s website: http://www.chesapeakehospitality.com/
Morrison Commercial Real Estate Completes Office Lease Transactions Totaling 16,431 SF in Metro Orlando
In Casselberry, Phil Marchese and Lisa Bailey represented Zvetco, LLC in the of 6,431± square feet at 489 E. Semoran Boulevard.
Contact: Kathryn Crownover, Phone: 407.219.3500 ext. 210
MBA: Only 11 Percent of $1.4 trillion of Non-Bank Commercial/Multifamily Mortgage Debt Set to Mature in 2011
"For most investor groups, commercial mortgage maturities are relatively spread out, with some increases starting in 2015 as the loans originated in 2005, 2006 and 2007 come due."
MBA's 2010 survey collected information directly from servicers on the maturity years of more than $1.4 trillion in outstanding non-bank commercial/multifamily mortgages.
Only small shares of the commercial and multifamily mortgage debt held by life insurance companies, Fannie Mae, Freddie Mac or FHA, or in fixed-rate commercial mortgage-backed securities (CMBS) will be coming due in 2011 or 2012.
Greater shares of mortgages held in short-term and floating-rate commercial mortgage-backed securities (CMBS) and by credit companies, warehouse facilities and other investors will mature in 2011 and 2012.
To learn more or to purchase a copy of the report, please visit:
Contact: Melissa Key, (301) 509-5537, firstname.lastname@example.org
The $47 million loan, provided by Mesa West Capital, will finance the completion of Savanna’s capital improvement plan, which will cover bathroom and hallway renovations, elevator and major building system upgrades, and minor cosmetic improvements to the recently renovated lobby.
Additionally, the financing capitalizes the property to pay the leasing and tenant fit out costs necessary to attract top quality tenants.
With this transaction, Savanna has successfully secured financing to recapitalize four major commercial properties in Manhattan over the past 12 months.
“It has been a pleasure to work with Mesa West Capital on this transaction and we look forward to financing future deals with them,” said Nicholas Bienstock (middle right photo), a Managing Partner of Savanna.
“Additionally, we are pleased to continue the major capital investment program started by Swig Equities, which has and will continue to transform 5 Hanover into a very attractive building for its tenants.
“Swig Equities will remain the Managing Agent and we are excited to launch a marketing and leasing effort with Frank Cento of Cushman & Wakefield and Todd Korren of Swig Equities.”
Adam Spies of Eastdil Secured represented ownership in this financing.
“Mesa West continues to expand its platform on the East Coast and we are delighted to have closed our first transaction in New York City and with such a strong sponsor.”
Contact: Alan Segan, Telephone: 212-843-8064