Tuesday, March 22, 2011

Grubb & Ellis Hires JMP Securities as Strategic Advisor

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that it has engaged JMP Securities to explore strategic alternatives, including the potential sale or merger of the company.

 “The Board is pleased to formalize this engagement with JMP Securities, which has an intimate working knowledge of our company and each of our businesses,” said C. Michael Kojaian (top right photo), chairman of the board.

 “While the management team has made progress restructuring the business and driving top-line growth, we believe now is the time to explore opportunities on how to best leverage the broad platform and capabilities of the company into an improving market for the benefit of all stakeholders.

“ We have received unsolicited inquiries, and decided that a formal process is in the best interest of all of our constituents.”

 In conjunction with today’s announcement, the Board also determined, as permitted, not to declare  the quarterly dividend to holders of its 12% Cumulative Participating Perpetual Convertible Preferred Stock.

 “A formal process to explore a transaction which affords the company the opportunity to drive additional scale across our platform is in the best interests of our corporate stakeholders, clients, broker-dealer partners and Grubb & Ellis professionals.  We look forward to working with JMP in this process,” said Thomas P. D’Arcy (top left photo), president and chief executive officer.

 For more information, visit http://www.grubb-ellis.com/

Contact: Janice McDill,  Phone: 312.698.6707                                     

Grubb & Ellis|Wilson Kibler Named Affiliate of the Year

SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that Grubb & Ellis|Wilson Kibler has been named Affiliate of the Year for 2010. 

Grubb & Ellis|Wilson Kibler serves as the company’s affiliate throughout South Carolina.

 The award is presented annually to the affiliate that ranks highest in all the areas measured, including quality of service, utilization of systems, tools and processes and participation in all other aspects of the affiliate program.  In recognition of this special designation, the firm will be honored at the company’s 2010 Circle of Excellence in May.

“With the firm’s strong market performance, dedication to its clients and superior level of service, Grubb & Ellis|Wilson Kibler exemplifies all the qualities that make our affiliate program so successful,” said Jim Jones (middle right photo), executive vice president, Real Estate Services and head of Grubb & Ellis’ Affiliate Program. 

“The firm plays an integral role in our ability to serve our clients across all the markets in which they operate, which is the core of mission of Grubb & Ellis’ Affiliate Program.  We’re pleased to honor Grubb & Ellis|Wilson Kibler with this distinction.”

 Headquartered in Columbia, S.C., Grubb & Ellis|Wilson Kibler is one of the largest commercial real estate brokerage firms in the state. 

The company was founded by the firm’s principals, Jeremy G. Wilson and C. Marshall Kibler, in 1987, and has been affiliated with Grubb & Ellis since 2001.  In addition to its Columbia office, the firm operates an office in Myrtle Beach, S.C. 

The company offers a full range of commercial real estate services through a team of 33 brokers, staff and property management professionals. 

 “Grubb & Ellis’ Affiliate program gives us access to national relationships and an expanded platform of services, supporting our ability to provide fully integrated real estate solutions to our clients throughout the country,” said Kibler.

 “We’re honored to receive this recognition and look forward to our continued relationship with Grubb & Ellis.”

Contact:  Erin Mays, Phone:  312.698.6735                              


Axxcess Capital and Winthrop Realty Trust to Provide Liquidity for Sponsors, Managers and Investors in Fractional Ownership Structures

NEWPORT BEACH, CA. (Mar. 22, 2011) –Axxcess Capital Ventures, LLC today announced an agreement with Winthrop Realty Trust (NYSE: FUR) to provide liquidity for acquiring  sponsors, managers, and investor interests in fractional ownership structures including Tenant in Common investments, Delaware Statutory Trusts (DST’s) and private non-traded real estate investment trusts (REITS).

Axxcess, together with Winthrop, plans to provide solutions for companies and investors that require capital, expertise, and institutional management for fractional ownership structures. 

Through its agreement with Winthrop, Axxcess will now have the ability to bring an array of capital sources, structuring knowledge, and management expertise to create tax-efficient solutions for sponsors and investors.

“We spoke to several potential partners, and Winthrop was the best fit for several reasons-- leadership, capital sourcing, and asset management capabilities,” says Dick Gee, chairman of Axxcess Capital.

Demand Grows for Capital and Expertise in Fractional Ownership Structures

"We have positioned ourselves so that we can provide options for cash strapped operators and investors, that may not be unable to provide the capital necessary to enable the property to succeed in a tough market," says Tim Snodgrass, president of Axxcess Capital.

"Success may turn on the venture’s ability to work with lenders to reposition the property, while concurrently injecting capital and providing strong management," says Snodgrass. “To accomplish this, it takes an entity with institutional leadership, relationships, creativity, and unparalleled trust in the community.” 

Fractional ownership structures are generally more complex than typical ownership structures and have a unique set of parameters distinguishing them from other types of ownership structures.

 “Understanding how all these parts interact, and how to navigate through them to provide an acceptable outcome for every situation, is the difference with this team,” says Eli Spiro, chief executive officer of Axxcess.

“The fractional ownership market today calls for a company and partner that can successfully address the needs of lenders, investors, and asset managers. We have the unique ability to work with all parties, from acquiring large corporate entities, to individual investors.

“Through our experience in this industry, and the strength of Winthrop, collectively we have the experience, capital, and transparency to overcome all obstacles in these types of transactions,” says Axxcess’ COO Craig Morris.

Friedman, Billings and Ramsey (NYSE: FBR) represented Axxcess Capital in the transaction.

Access Capital, LLC, based in Newport Beach, CA with offices in New York and San Diego, provides uncompromised advisory services in alternative investments, wealth building, real estate client services and acquisitions for institutions, corporations, individuals and foundations. Visit www.axxcesscapital.com.

Press Contact:  Chris Barnett for Axxcess Capital LLC,  415-921-5092 or cbarn@aol.com

EIS Executes 9 Leases in the Last Sixty Days in Metro Orlando

ORLANDO, FL - Equity Investment Services (EIS) is proud to announce the successful execution of 9 leases in the last sixty days; all of which were new leases totaling more than 16,400 square feet.

Notable leases include 4,900 square feet leased to the Dollar Store located at Publix at Southchase on South Orange Blossom Trail and 2,230 square feet leased to Phoenix Networks US located at Hovey Court in Delaney Avenue.

Other notable tenant signings include Indra’s Kitchen, Angels Resale and S7 Hair Studio.

Agent 60-Day Track Record:

Matthew Edmiston – 4 leases totaling 5,104 SF

Nathan Cutchin – 3 leases totaling 8,753 SF

Sebastian Smith – 2 leases totaling 2,600 SF

 EIS is a full service commercial real estate investment advisory company based in Orlando, FL. EIS represents owners in the dispositions and acquisitions, leasing and professional management of shopping centers, office buildings, industrial properties, single tenant net leased investments and multi-family properties. EIS concentrates its efforts in the southeast region of the U.S. with a core focus on the Central Florida marketplace.

 For more information, contact:
Christopher M. Savino Managing Director, 407.573.0711 (o) Csavino@EISRE.com

Estefania Enriquez |Marketing Coordinator, Phone: 407.573.0711 ♦ Fax: 407.573.0710, Email: EEnriquez@EISRE.com

Cambridge Processes 21 Loan Origination Requests in February Totaling $415.1 Million

CHICAGO, IL--Cambridge Realty Capital Companies reports processing 21 loan origination requests totaling $415.1 million during the month of February, or slightly fewer than the same month last year.

Cambridge is one of the nation’s leading senior housing/healthcare lenders, with more than $3 billion in closed transactions since the mid-1990s. Chairman Jeffrey A. Davis (top right photo) said the company’s February loan origination requests were down from 28 loans totaling $478.2 million for the same month in 2010.

Since the first of the year, processed loan origination requests are down about 20 percent and dollar volume for the same two-month period is down as well, from $852.1 million in 2010 to $733.3 million a year later, he said.

Davis points out that lenders close a relatively small percentage of origination requests received. But Cambridge routinely tracks this information as an indication of market direction.

“Credit market restrictions are impacting the types of loans we can reasonably consider at this time, and this is causing us to be more selective in the types of loans that are entered into our system. The lower comparative totals are a bit misleading for this reason.

“For popular FHA-insured HUD loans, the demand continues unabated,” he said.

Contact: Evan Washington, Phone: (312) 521-7604,
Fax: (312) 357-1611, E-Mail:  ew@cambridgecap.com

HFF closes $18 million sale of Class A multi-housing community in suburban Indianapolis

 INDIANAPOLIS, IN –HFF announced today that it has closed the sale of Washington Quarters Apartments (top left photo), a 256-unit, Class A multi-housing community in Avon, Indiana.
HFF marketed the property on behalf of the seller, Crossmann Properties, LLC. Washington Quarters was purchased by Thiemann Real Estate, LLC for approximately $18 million. 

HFF also worked on behalf of the buyer/borrower to secure new debt on the property through Freddie Mac. 

Washington Quarters Apartments is located in the growing suburban community of Avon, approximately 12 miles west of downtown Indianapolis. 

Constructed in 1999 and maintaining an occupancy rate of more than 95 percent, the property has a mix of one-, two- and three-bedroom units averaging 956 square feet each. 

The property offers an expansive clubhouse with a fitness room, billiards room and a swimming pool.  Additional community amenities include a car wash station, sand volleyball court, basketball court and picnic area.

The HFF team representing the seller included managing director John Sebree and senior managing director David Keller.

HFF managing directors Kevin MacKenzie (middle right photo) and Jon Everson (lower left photo) represented Thiemann Real Estate LLC in the financing side of the transaction.

Thiemann Real Estate, LLC is a multi-housing owner based out of St. Louis, Missouri.  This is their second acquisition in the Indianapolis area within the past six months.  In total, Thiemann Real Estate, LLC controls 3,500 multifamily units in Indiana, Illinois, and Missouri.

John S. Sebree, HFF Managing Director, (317) 632-7502, jsebree@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500 krmurphy@hfflp.com,

Promotions and Honors at Marcus & Millichap

Phil Sambazis Promoted to Associate Vice President Investments in San Diego

SAN DIEGO CA, Mar. 22, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Phil Sambazis (top right photo)  to associate vice president investments.

This designation represents excellence in the development and servicing of long-term client relationships, according to Kent R. Williams, senior vice president and managing director based in the firm’s San Diego office.

Most recently, Sambazis held the position of senior associate.

“Phil continues to excel as a commercial real estate investment specialist,” says Williams. “His ability to execute transactions nationwide over the past few years – a challenging time for the industry – demonstrates his tenacity and dedication to providing superior client service.”

A retail investment specialist, Sambazis began his career with Marcus & Millichap in March 2006. He was named an associate in January 2007 and was promoted to senior associate in March 2009. Sambazis has received five internal sales awards from the firm, including a National Achievement Award in 2010

 Michaal Yu and Rahul Bijlani Named Top Hospitality Investment Specialists in Houston

 ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Michael Yu (middle left photo) and Rahul Bijlani (bottom right photo) of the firm’s Houston office as the two top hospitality agents nationally for the second consecutive year.

Yu has been the firm’s top hospitality agent nationwide for the past four years.

 “We are proud to recognize Michael and Rahul as the firm’s top hospitality agents for the second year in a row, and to recognize Michael for being the firm’s top hospitality agent for four years consecutively,” says John J. Kerin, president and chief executive officer of Marcus & Millichap.

“Their consistency in attaining the highest level of achievement, especially during the past two years of unsettled market conditions, reflects the depth of their market knowledge, superior transaction skills and commitment to client service.”

Yu is a vice president investments and director of the firm’s National Hospitality Group. He joined Marcus & Millichap in July 2003. Bijlani, an associate vice president investments and also a director of the firm’s National Hospitality Group, joined Marcus & Millichap in June 2005.

Together, Yu and Bijlani have dominated the mid-market hospitality sector in Texas.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Bull Realty Signs State of Georgia to Expanded Lawrenceville, GA Office

ATLANTA, GA (Mar. 22, 2011) – Bull Realty, Inc said today the state of Georgia renewed and expanded its office lease for The 316 Business Center (top left photo) at 1000 Hurricane Shoals Road in Lawrenceville.

The state signed the 14,700 sq ft lease for the Department of Human Resources and Office of Child Support Services, which will continue to work out of the building.

The state needed additional space to increase efficiencies of the department’s field office. And because of recent budget challenges the state also was looking to reduce occupancy costs.

“We were able to work out an agreement that worked for both sides,” said Mark Stockwell, V. P. with Corporate Office Services at Bull Realty.

 “The landlord was able to keep his tenant improvement costs in check, while the state saved money on computer server issues. The space provides the right-sized environment for the department to better serve the public.”

Bull Realty handles leasing for the 98,000 sq ft office building representing the owners, Sun 316 , LLC et al (a Tenant In Common ownership).

Since beginning the assignment, Stockwell has finalized 13 renewals and 6 new leases totaling 70,535 sq ft bringing 316 Business Center to 82% occupancy. The average occupancy in the submarket is 62%.

Essex Realty Group Brokers Sales of 2 Chicago Apartment Buildings

 Vintage Corridor-Style Apartment Building in Chicago Goes for $1 Million

 CHICAGO, IL-- Essex Realty Group, Inc. is pleased to announce the sale of a vintage apartment building the Rogers Park neighborhood of Chicago.  The property located at 1546 W. Jonquil Terrace consists of 27 units – 9 studios, 17 one-bedroom and 1 two- bedroom units.

Doug Fisher (top right photo) was the broker for the transaction. The sale price was approximately $1,007,825.

Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

 41-Unit Apartment Building in Chicago Sold for $1.64 Million

 CHICAGO IL-- Essex Realty Group, Inc. is pleased to announce the sale of a 41-unit vintage corridor apartment building in the Rogers Park neighborhood of Chicago.  6818 N. Wayne consists of 39 studio and 2 one-bedroom units.

 Doug Imber (bottom left photo) was the broker on the transaction. The sale price was approximately $1,645,000.

Contact:  Douglas S. Imber, Essex Realty Group, Inc., 773.305.4902