Grubb & Ellis Receives Listing Standards Notice from NYSE

            

 SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has reported that on April 7, 2011, it was notified by the New York Stock Exchange that it is not currently in compliance with the NYSE’s continued listing standards, which require a minimum average closing price of $1 per share over 30 consecutive trading days. 

 Subject to providing required notice and an ongoing assessment by the NYSE, the company is permitted up to a six-month period, from the date of the notification to cure this deficiency. 

During this period, Grubb & Ellis common shares will continue to be listed and traded on the NYSE, subject to its compliance with other NYSE continued listing standards, and a “.BC” indicator will be affixed to the GBE ticker symbol.

  As required, the company intends to notify the NYSE that it intends to cure the deficiency.  The company’s business operations, SEC reporting requirements and debt instruments are unaffected by the notification.

On March 21, Grubb & Ellis announced that it had engaged JMP Securities to explore strategic alternatives, including the potential sale or merger of the company.

 Grubb & Ellis also announced on March 30, that it had received an $18 million financing commitment from Colony Capital, LLC, in the form of a senior secured term loan facility, which gives Colony 60 days to evaluate the possibility of making a larger strategic investment.

Contact:  Janice McDill, Phone, 312.698.6707                                     

Email: Janice.mcdill@grubb-ellis.com

Marcus & Millichap Capital Corp. Brokers Loans in Lancaster, NY and Manhattan

  

$3.9 Million First Mortgage Arranged for Multi-Family and Retail Mixed-Use Complex in Lancaster, NY

LANCASTER, NY – Marcus & Millichap Capital Corporation (MMCC) has arranged a 10-year fixed rate, non-recourse loan to refinance Forestream Center, a 68,100-square foot mixed use property which includes 29 multi-family apartments located in Lancaster, New York.  

Financing for this transaction was provided by an insurance company at the rate of six percent. Terms of the loan are for 10 years and the loan to value is 72 percent.           

Gerald Kray, a senior director in the firm’s Manhattan office, arranged the financing.

$2.185 Million First Mortgage Closed on East 83^rd Street Multi-Family Apartment Building in New York City

NEW YORK, NY– Marcus & Millichap Capital Corporation (MMCC) has arranged $2,185,000 in refinancing for a 16-unit multifamily property located in the Upper East Side of Manhattan, New York.

Gerald Kray (lower right photo), a senior director in the firm’s Manhattan office, arranged the 10-year financing with a New Jersey based Savings Bank.  The interest rate was 4.75 percent with 75 percent loan to value.

Press Contact: J.D. Parker, Vice President and Regional Manager, Manhattan

(212) 430-5100

New Faces and Recognition at Marcus Millichap

Jeff Oram and Nat Gambuzza Named Top Investment Specialists in New Jersey Office

ELMWOOD PARK, N.J., April 4, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named its top producers for 2010, according to Michael J. Fasano, vice president and regional manager of the New Jersey office. Jeff Oram (top right photo) and Nat Gambuzza (top left photo) ranked as the top two agents in the office, closing a combined 22 transactions last year totaling $62 million.

Jeff Oram, a director of the firm’s National Office and Industrial Properties Group (NOIPG), joined Marcus & Millichap in 2009 and specializes in the sale of office and industrial buildings.

 Oram closed 10 transactions last year, including the sale of the underlying senior debt on a 287-unit multifamily complex in Bergen County. In another stand-out deal, he represented a New Jersey industrial developer in the $9 million disposition of two triple-net-leased assets. Oram also closed on the sale of a single-tenant triple-net lease office building in Ridgewood. 

Nat Gambuzza, a vice president investments with the firm and a director of its National Multi Housing Group, joined Marcus & Millichap in 2002 and focuses on multifamily investment sales.

 Gambuzza brokered 12 transactions in 2010. He worked with Oram to sell the underlying debt on a 287-unit multifamily asset in Bergen County; the disposition of Hampshire Court, a 54-unit apartment building in Plainfield; and 41 apartment units on West Englewood Avenue in Teaneck.

“There was a call to action among buyers and sellers to execute transactions in 2010,” explains Fasano. “This was fueled in part by historically low interest rates, but also recognition that for the most part, prices had bottomed and it was time to execute. Investors demonstrated a strong appetite for quality assets. Both private and institutional investors competed for quality, which created momentum that still exists in the current marketplace.”

Jake S. Roberts is Top Loan Originator in West Los Angeles Office       

NEWPORT BEACH, CA– Marcus & Millichap Capital Corporation (MMCC) has named its top loan originators of 2010, according to William E. Hughes, senior vice president and managing director of MMCC. Jake S. Roberts, (middle right photo) a senior director/vice president capital markets in the West Los Angeles office, ranked No. 5 nationwide.

 “It gives me great pleasure to recognize Jake as the firm’s No. 5 loan originator of 2010,” says Hughes. “Through each market cycle, Jake has consistently ranked as one of MMCC’s top performers because of his commitment to providing superior financing and advisory services to his clients.”

 Roberts joined MMCC in April 2004. He was promoted to vice president capital markets in 2010. While with MMCC, Roberts has earned four National Achievement Awards and seven sales recognition awards.

 Roberts graduated from Texas A&M University with a Bachelor of Science degree in business finance.

Brian Adams is New Associate Director in  MMCC Dallas Office

DALLAS, April 8, 2011 – Marcus & Millichap Capital Corporation (MMCC) has named Brian Adams as an associate director in the firm’s Dallas office, according to William E. Hughes (lower left photo), senior vice president and managing director of MMCC.

“Brian has an impressive track record of arranging commercial real estate financing on a national scale,” says Hughes. “He brings a wealth of knowledge in arranging debt and equity finance transactions for multifamily, office, retail, industrial and hospitality properties to his new position.”

Adams has more than 10 years of commercial real estate finance experience. Prior to joining MMCC, he was a loan acquisitions team leader with Beal Bank.

Press Contact: Stacey Corso, Marcus & Millichap Capital Corp.,

(925) 953-1716

Sam Zamani Joins Ardaman & Associates, Inc. in Orlando

  

 ORLANDO, FL – Ardaman & Associates Inc., a leading geotechnical engineering and environmental services firm, is pleased to announce that Sam Zamani, P.E. (top right photo) has joined the firm as director of environment and permitting.

As part of Ardaman’s corporate engineering group, Zamani will serve client needs from both its Tampa and Orlando, Fla., offices. He is a Florida licensed professional engineer, and holds a Bachelor of Science and a Master of Science in Chemical Engineering from the University of South Florida.

 “We are very pleased to welcome a professional of Sam’s experience, ability and reputation, with such a strong industrial background,” said Dr. Nadim F. Fuleihan, Sc.D., P.E. president, Ardaman & Associates, Inc. “He is well known and respected in Florida and brings environmental and regulatory experience that complements our staff’s worldwide capabilities.”

 Previously, Zamani served 35 years with the Florida Department of Environmental Protection as Agency’s statewide phosphate management program administrator.

Please visit http://www.ardaman.com/ for more details on services and experience.     

 Contact: Mark Mongeau, 407 855-3860, mmongeau@ardaman.com

Harsch Investment Properties Selects Grubb & Ellis to Lease 351,000 SF of Industrial Space

 SEATTLE, WA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Harsch Investment Properties selected the company’s Industrial Group to lease West Park Corporate Campus in Auburn and Campus Park in Federal Way. 

The two properties total 351,287 square feet of office/warehouse space.

 The leasing team includes Bill Condon (top right photo), executive vice president and managing director, Matt McGregor (middle left photo), senior vice president, Arne Svendsen, senior associate, and Patrick Mullin, associate.

 “This space is ideal for light industrial users that would like to maintain a professional corporate image,” said Condon.  “Tenants also benefit from each property’s central location to the Ports of Seattle and Tacoma, as well as the Seattle-Tacoma International Airport.”

 West Park Corporate Campus (bottom right photo), located at the intersection of West Valley Highway North and 37th Street Northwest in Auburn, consists of 273,286 square feet in four buildings with 30-foot clear height. 

 Constructed in 2000, the property is situated alongside Highway 167 and is near Highway 18 and Interstate 5.  Current tenants include Acondo LLC, Cobra Roofing Services, Hydro USA, PPG Industries and Vestcom Retail Solutions.  Space immediately available for lease ranges in size from 8,279 to 13,506 square feet. 

Campus Park is a three-building, 78,000-square-foot office/industrial complex at the intersection of Ninth Avenue South and 344th Street in Federal Way, in proximity to Highways 99, 161 and 18. There are currently 10 units available ranging in size from 2,015 to 2,853 square feet. 

For more information, call 206.388.3000, or contact Condon at bill.condon@grubb-ellis.com, McGregor at matt.mcgregor@grubb-ellis.com, Svendsen at arne.svendsen@grubb-ellis.com, or Mullin at patrick.mullin@grubb-ellis.com.

Contact: Julia McCartney,  Phone: 714.975.2230                                     

Email:  julia.mccartney@grubb-ellis.com

         

Grubb & Ellis Represents Regents of the University of California in 24,053-SF Lease Renewal for UCLA

         

 LOS ANGELES, CA (April 6, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that members of its Tenant Advisory Group represented the Regents of the University of California in its lease renewal and restructure of a total of 24,053 square feet of office space located at 11075 Santa Monica Blvd. and 1640 S. Sepulveda Blvd.

 Sean O’Leary, senior vice president, Maury Gentile, executive vice president, Heather Goyan, associate, Mark Sokolowski, associate, and Max Schneider, associate, facilitated the transaction.

 Both spaces are used for research by the Integrated Substance Abuse Programs of the University of California, Los Angeles (campus, top left photo).  The 17,665 square feet of space located at 11075 Santa Monica Blvd. will be remodeled and the university will move back into the space in June.

 Gayle Landes of First Property represented the owner of the property, Hines, in the transaction. 

The 6,388 square feet of space located at 1640 S. Sepulveda Blvd. has been rebuilt and the university has taken occupancy.  Matt Ceragioli of NAI Capital represented the owner of the property, Jamison Properties Inc., in the transaction. 

Contact: Julia McCartney, Phone: 714.975.2230                                     

Email:  julia.mccartney@grubb-ellis.com

Gregory Andris Joins Molinaro Koger Miami Team

  

WASHINGTON, D.C., April 8, 2011—Officials at Molinaro Koger (MK), the global hotel-exclusive real estate brokerage, advisory and capital markets firm, today announced that Gregory Andris (top right photo) has joined the company as vice president and will be based in the firm’s office in Miami, Florida.

 The office is focused primarily on serving clients in the southeastern U.S., Caribbean, Mexico, Central and South American markets. 

“Greg will provide the full range of investment, sales and financing expertise from our office in Miami,” said Robert T. Koger (lower left photo), MK president.

 “Latin America, the Caribbean and the southeastern U.S. markets are rebounding strongly from the downturn, and we are building an active pipeline of properties throughout those areas. 

“We expect real estate transactions in those markets to more than double in 2011 and continue to expand for several years after that.  As those economies expand, we also expect to see an increase in major development projects from Brazil to Panama.

“Greg Andris brings more than 20 years of hotel real estate experience, with particular expertise in those markets, where he has completed more than $800 million in transactions.

“His law degree and years as real estate corporate counsel for Marriott Corporation give him an invaluable perspective on hotel real estate that will greatly benefit our clients.” 

 For further information about the company or current hotel property offerings, call 703.760.9600 or visit the company’s website http://www.mkhotels.com/

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Contact:  Jerry Daly, Chris Daly, (703) 435-6293, chris@dalygray.com

Tim Peters Named General Manager of The Nautical Beachfront Resort in Arizona

LAKE HAVASU CITY, AZ, April 8, 2011—The Nautical Beachfront Resort  (top left photo) today announced that hotel veteran Tim Peters has been named general manager of the state’s only beachfront destination.   

“Tim has more than  30 years’ hotel experience and has done an outstanding job operating our managed upscale beach resort in North Carolina, where he had a significant positive impact on improving profits and guest satisfaction scores,” said Si Sloman, principal of MJS Hotels, operators of the resort.

  “Many of the innovative programs he introduced there will fit well with the major changes and upgrades planned and underway at The Nautical Beachfront Resort.”

Peters replaces Vern Porter who has left the resort to pursue other interests. 

“Vern established a strong relationship between the resort and the community, and we wish him well in his new endeavors,” Sloman said.  “Tim’s job will be to build on those relationships.”

Contact: Jerry Daly, Patrick Daly, Daly Gray Public Relations, (703) 435-6293

jerry@dalygray.com

Marcus & Millichap Sells 55-Unit Apartment Property in Tampa, FL for $900,000

  

TAMPA, FL,  April 7, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Elizabeth Arms (top left photo), a 55-unit apartment property located in Tampa, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $900,000.

Michael P. Regan (top right photo), an associate vice president investments and Francesco P. Carriera, a senior associate in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a Florida-based private investor.  The buyer, a limited liability company, was secured and represented by Regan and Carriera.

Elizabeth Arms is a five-unit apartment complex built in 1971 and located at 4115 Carnegie Court A. The property is of concrete block construction and consists of six buildings on approximately 3.03 acres.

“Elizabeth Arms was a former Project Based Section 8 Community.  After having the HAP contract pulled for non-compliance issues, the property was vacated and then boarded up” says Regan.

“With the help of a local development group and a non-profit organization, we were able to close this deal through the Neighborhood Stabilization Program.  This is the second transaction we have closed with NSP funds.”

Hyde Park Pointe Apartments in Tampa Go For $1.9 Million

 TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Hyde Park Pointe (lower left photo), a 32-unit apartment property located in Tampa, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,900,000.

Casey Babb, CCIM (lower right photo), a senior investment specialist, and Luis Baez, investment specialist in the firm’s Tampa office had the exclusive listing to market the property on behalf of the seller, a private investor based out of Florida.  The buyer, a limited liability company, was also secured by Babb and Baez.

Hyde Park Pointe is a 1960s vintage, “Class B” garden apartment property in a trophy location in the heart of the Hyde Park/SoHo District.  The property was fully-stabilized at the time of sale and the buyer is planning strategic upgrades to the unit interiors and building exteriors. 

“The offering received serious interest from active investors and the per unit sales price of $59,375 per unit was one of the highest in the small apartment marketplace in recent memory,” says Babb.

“It proves that fully-stabilized, well-located properties have held their value well and that investors may be slowly shifting away from ‘bank-owned only’ deals and back to quality real estate with good underlying fundamentals in-place.

“This particular buyer is planning a long-term hold strategy and should do very well with this investment,”

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

stan johnson company completes sale of 10-property retail portfolio for $10.2 million

TULSA, OK– Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a 10-property retail portfolio, 100 percent occupied by CVS/pharmacies, to a Massachusetts-based private investor for $10.2 million. 

Encompassing more than 102,000 square feet, the retail properties are located in Connecticut, Kentucky (3 locations), Massachusetts, Ohio (2 locations), South Carolina (2 locations) and Virginia.

David Clary (lower right photo)  with Stan Johnson Company represented the seller, a Texas-based private owner, as well as the buyer.  

The properties were encumbered by high leverage, zero cash flow structured financing that was assumed by the buyer.

“The buyer of the properties is an experienced owner who was attracted by the investment grade credit, absolute net leases and high leverage, fully-amortizing financing requiring a low level of purchase equity,” said Clary.  “Based on this, the buyer believed the investment offered significant, long-term residual value”

Clary went on to say that “zero cash flow structured investments are an area of expertise for our firm.  We have represented buyers and sellers across the country on these and have a deep understanding of the structure.

 The CVS portfolio transaction was significant in that we have now surpassed the $1.3 billion mark on zero cash flow sales.”

Contact: David Ebeling, Ebeling Communications, (949) 278-7851 

 david@ebelingcomm.com

Essex Realty Group Brokers Sale of Mixed-Use Building in Forest Park, IL

CHICAGO, IL --   Essex Realty Group, Inc. is pleased to announce the sale of a 9,440 square foot mixed-use building in Forest Park, Illinois.

 7227-33 W. Roosevelt consists of 5,340 square feet of commercial space and one 1-bedroom, and four 2-bedroom units with 5 parking spaces.

 Doug Imber (top right photo) and Matt Welke of Essex were the sole brokers in the transaction. The price was approximately $425,000.

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

 Two Adjacent Buildings Sold for $6 Million

CHICAGO, IL, April 7, 2011.   Essex Realty Group, Inc. is pleased to announce the sale of 6610 and 6628 N. Sheridan in Chicago. The combined 124-unit 4+1 apartment buildings are located directly across from Loyola University’s campus  in Chicago’s Rogers Park neighborhood.

The unit mix for the two buildings consists of 34 studio, 74 one-bedroom and 16 two-bedroom units.

 Doug Fisher and Matt Welke (lower left photo) of Essex brokered the transaction. The price was approximately $6,000,000.

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

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

dougimber@essexrealtygroup.com

Marcus & Millichap Capital Corp. Arranges 3 Loans in Missouri and New York

AT&T Receives 5-Year Fixed-Rate Loan in Florissant, MO

FLORISSANT, MO., March 30, 2011 – Marcus & Millichap Capital Corporation (MMCC) has arranged $1,423,360 million in acquisition financing for a 7,020-square foot retail building in Florissant, MO.

 Michael Balan, an Associate Director in the Miami office and Sean Mooney, an Associate Director in the firm’s Manhattan office, arranged the financing for the property.

“With the compression of cap rates for core assets in the New York Market, many investors are seeking higher yielding, value add, and opportunities in the tertiary markets,” states Mooney.   “The borrower negotiated to purchase of a vacant Blockbuster that AT&T had already leased and agreed to completely renovate for their use.”

Michael Balan and Sean Mooney worked closely with the borrower to facilitate the completion of his 1031 exchange. 

The loan is for five years, amortized over 30 years with a fixed interest rate of 5.89 percent.  The loan to value is 66.5 percent and was closed in 37 days.

10-Unit Multifamily Property in Brooklyn, NY Gets $875,000 Loan

BROOKLYN, NY – Marcus & Millichap Capital Corporation (MMCC) has arranged an $875,000 fixed rate loan for the cash-out refinance of a 10-unit multifamily apartment in Brooklyn, New York. 

Brian Ursino, an associate director in the firm’s Manhattan office, arranged the financing.

 Financing for this transaction was provided by an agency and the terms of the loan are 10 years fixed with a 30 year amortization schedule. Loan to value was 55 percent.

                                                                                                (Downtown Brookly middle right photo)

$1 Million Loan Arranged for Mixed-Use Property in Manhattan

 NEW YORK, NY– Marcus & Millichap Capital Corporation (MMCC) has arranged a 10 year fixed rate loan for a mixed use property located at 283 West 11th Street in New York, New York. 

Brian Ursino, (lower left photo) an associate director in the firm’s Manhattan office, arranged the financing.

“The borrower was very conservative and wanted the best interest rate, which we achieved with him,” says Ursino.  “We negotiated key deal terms with the lender relating to change of commercial tenant space and its affect on the certificate of occupancy,” he adds. 

It is a 10 year fixed rate loan that is amortized over 30 years with a fixed interest rate of 5.125 percent. 

Press Contact: J.D. Parker, Vice President and Regional Manager, Manhattan

(212) 430-5100

Emerson International acquires Turtle Creek Community in Medical City Corridor in Osceola County, FL

ALTAMONTE SPRINGS, FL. --- Emerson International in Altamonte Springs recently acquired the remaining 368 developed home sites at Turtle Creek, a planned development in St. Cloud in Osceola County.

Eric Emerson (lower right photo), vice president and general manager of Emerson International, said the development includes finished 25, 50 and 70 foot home sites.

Emerson said he plans to sell finished home sites at Turtle Creek to production home builders.

“Turtle Creek represents an excellent investment opportunity for us in the Medical City Corridor, where significant job growth is anticipated over the next several years,” Emerson said.

Emerson International, a wholly owned subsidiary of The Emerson Group, the global corporation that is one of the largest privately-owned property development companies in the U.K. is the developer of the Eagle Creek Golf Community, located five miles north of Turtle Creek on Narcoossee Road in southeast Orlando. 

For more information,  contact:  

Eric J. Emerson, Vice President and General Manager Emerson International, Inc.  407-834-9560, eemerson@emerson-us.com

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142;  or 407-461-3780.  Lvershelco@aol.com

  

Embassy Suites Chicago-Downtown Completes $12.3 Million Renovation

CHICAGO, IL, April 7, 2011—Davidson Hotel Company, one of the nation’s largest independent hotel management companies, today announced that the 367-suite Embassy Suites Chicago-Downtown (top left photo) in Illinois has completed a $12.3 million renovation.

  Davidson has managed the hotel since June 1, 2010, on behalf of owners, Sunstone Hotel Investors, Inc.  Sunstone oversaw the project; Design Force of Denver, Colo., was the design firm for the renovation.

“The renovation has enhanced the overall guest experience of this exceptionally located hotel,” said Patrick Lupsha (lower right photo), Davidson’s chief operating officer.

 “All guest suites were completely renovated, including new case goods, state-of-the-art workstations, carpeting, wall coverings, two flatscreen televisions per suite and bathrooms. 

“We are confident that the significant capital investment, coupled with our expertise in the Chicago market, will establish the Embassy Suites Chicago-Downtown as the leading upscale, all-suite destination in the market.”

“Chicago is a town with an incredible architectural heritage, which made this project all the more interesting and challenging,” said Roxanne Fancy, president, Design Force.

 “In addition to guest suite interiors, we installed new carpeting, wall coverings, contrasting paint on doors and light sconces in the guest corridors.  All aspects of the renovation complement the bold and self-assured style for which Chicago is well known.”

Located at 600 North State Street, in the heart of downtown Chicago, the upscale, all-suite hotel is convenient to Michigan Avenue’s Magnificent Mile, Loyola University, Navy Pier, American Girl Place, and Lincoln Park Zoo.  The 11-story atrium hotel also is near Boeing Headquarters, City Hall and Chicago Board of Trade. 

 For further information, visit Sunstone’s Web site at www.sunstonehotels.com

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 Additional information on Davidson may be found at the company’s Web site, http://www.davidsonhotels.com/

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 Contact:

Cyndi Norwood, Davidson Hotel Company, (901) 821-4155 cnorwood@davidsonhotels.com

Jerry Daly, Chris Daly (media), Daly Gray Public Relations, (703) 435-6293

jerry@dalygray.com                                            ,                                                                                                                                                                                                                             

HFF closes $42.75 million sale of Class AA, urban multi-housing community in Atlanta

 ATLANTA, GA – HFF announced today that it has closed the sale of 660 Apartments (top left photo), a 301-unit, Class AA multi-housing community in Atlanta’s Old Fourth Ward neighborhood.

HFF marketed the property on behalf of Southeast Capital Partners and The Integral Group.  AMLI Residential Properties Trust purchased 660 Apartments for $42.75 million in an all-cash transaction.  At $142,000 per unit, the transaction represents the highest price paid for a rental community in Atlanta during this cycle.  

Completed in 2009, 660 is the recipient of numerous design awards including MHN’s, “2010 Best New Development” and Building of America, “2010 Gold Medal Winner”.   This urban-core asset is the submarket leader in effective rental rates largely due to its superior design and its unique location adjacent to Historic Old Fourth Ward Park, a brand new 35-acre park.

 The HFF team representing the seller was led by senior marketing director Jason Nettles (middle right photo) and director Megan Thompson (lower left photo). 

“Institutional interest in Atlanta has increased over the past 12 months as fundamentals have improved,” says Nettles.  “While we may not see trades at 25 percent over replacement cost like we’re seeing in the gateway markets, Atlanta is clearly moving over the replacement cost benchmark.”

Southeast Capital Partners is an Atlanta-based real estate investment company specializing in the acquisition, ownership and development of rental and for sale multi-family housing. 

The Integral Group is a full-service real estate development company with specialization in investment management, real estate development, construction management and property management.

AMLI Residential Properties Trust is focused on the development, acquisition and management of luxury apartment communities nationwide.

Contacts:

Jason Nettles, HFF Senior Managing Director, (404) 832-8460 jnettles@hfflp.com

Megan Thompson, HFF Director, (404) 832-8460, mthompson@hfflp.com

Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

krmurphy@hfflp.com

HFF secures $50 million refinancing for The AutoNation Building in Fort Lauderdale, FL

MIAMI, FL – HFF announced  that it has secured a $50 million refinancing for The AutoNation Building (top left photo), a 204,337-square-foot mixed-use office and retail complex plus a 522-space parking garage in downtown Fort Lauderdale, Florida.

Working exclusively on behalf of Stiles Financial Services, HFF placed the seven-year, 6.22 percent fixed-rate loan with JP Morgan Chase & Company.  Loan proceeds are being used to refinance existing debt that matured in March 2011. 

Completed in 2007, The AutoNation Building is 90 percent leased to key corporate tenants, including Auto Nation, Ever Bank, and law firms Kopelowitz Ostrow and Lewis Brisbois Bisgaard & Smith.

 The 17-story property is located at the corner of Las Olas Boulevard and SW First Avenue within walking distance to Las Olas’ restaurants, museums, the Federal Courthouse and Florida Atlantic University’s Broward County campus.

 Senior managing director Paul Stasaitis (middle right photo) led the HFF team, which included managing director Danny Finkle (lower  left photo) and associate director Kimberly Flores. 

“This transaction further illustrates continued improvement within the capital markets, particularly as it relates to best in class owners of high-quality real estate,” commented Stasaitis.

Ft. Lauderdale-based Stiles has developed more than 37 million square feet of office, retail, residential, mixed-use, and industrial properties throughout the southeastern United States.

 In addition to development, construction, architecture, realty and property management, Stiles also specializes in financing, acquisitions and asset repositioning.

Contacts:

Paul Stasaitis, HFF Senior Managing Director, (305) 448-1333,  pstasaitis@hfflp.com

Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com