Wilson Commercial Real Estate Completes 28,897-SF Lease to BuyBuy Baby in Temecula, CA

TEMECULA, CA, APRIL 25, 2011 – Wilson Commercial Real Estate, one of Southern California’s leading retail brokerage firms, has completed a 28,897-square-foot lease with buybuy BABY at The Commons at Temecula (top left photo) located at 40450 Winchester Road in Temecula, Calif. 

This is the first location for buybuy BABY in Riverside County and amongst the first few that will open in Southern California. 

Scott Burns (lower right photo) of Wilson Commercial Real Estate represented the landlord, Inland Western Retail Real Estate Trust, in the transaction.  The tenant was represented by Scott Manclark of Cypress Retail Group.

The Commons at Temecula is a 25-acre power center located in the heart of the City of Temecula, California. Totaling 293,000 square feet, this high-end power center is occupied by Pacific Sales, , Jo-Ann Fabrics, Office Depot, Party City, Petco and Sports Chalet.

 For more information, please visit http://www.wcre.net/

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Contact: David Ebeling, Ebeling Communications, (p) 949.861.8351

(c) 949.278.7851, david@ebelingcomm.com

HFF secures $7.25 million financing for sale/leaseback transaction in Irving, TX

  

DALLAS, TX – HFF announced today that it has secured $7.25 million in financing for the sale/leaseback of BancTec Corporate Campus (top left photo), a 310,518-square-foot, three-building complex in Irving, Texas.

Working exclusively on behalf of an affiliate of Angelo Gordon & Company, HFF placed the 10-year, fixed-rate loan with Morgan Stanley Mortgage Capital Holdings.

  Loan proceeds were used to acquire the property in a sale/leaseback transaction to BancTec.  The securitized loan will be serviced by HFF.

BancTec Corporate Campus includes three buildings with 79,418 square feet of office space and 231,000 square feet of industrial space that is fully leased to BancTec, a mid-market data processing and service company. 

 The property is located on 50 acres at 2701 East Grauwyler between downtown Dallas and Fort Worth in Irving.

The HFF team representing Angelo Gordon & Company was led by managing director Steve Heldenfels and director Brandon Chavoya (lower right photo).

Angelo, Gordon & Co. is a privately-held registered investment advisor dedicated to alternative investing.  The firm was founded in 1988 and currently manages approximately $23 billion.

Contacts:  

Steven C. Heldenfels, HFF Managing Director, (214) 265-0880, sheldenfels@hfflp.com

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

krmurphy@hfflp.com

                                                                                                                        

Hyundai Capital America Leases Another 30,446 SF at The Michelson in Irvine, CA

 IRVINE, CALIF. – April 25, 2011 – Emmes Asset Management Company, a privately-owned real estate investment company, is pleased to announce the expansion  of Hyundai Capital America into an additional 30,446 square feet of space at The Michelson (top left photo), an iconic 533,000-square-foot high rise office tower located at 3161 Michelson Drive in Irvine, Calif. 

The firm now occupies 96,443 square feet on floors 17, 18, 19 and 20.  Don Yahn of Cushman & Wakefield represented Hyundai Capital America.

Located in the heart of Orange County at the southeast corner of Jamboree Road and the 405 Freeway, The Michelson is a 19-story tower offering panoramic views of the Pacific Ocean, San Gabriel Mountains and Orange County skyline, and is approximately 80% leased to prominent tenants including Jacobs Engineering Group Inc., Bryan Cave, Gibson Dunn, Greenberg Traurig and Jones Day. 

Since 1992, The EMMES Group of Companies on behalf of its affiliated entities, capital partners and investors, has acquired and managed more than 35 million square feet of retail, office, industrial and multifamily property types. The company's current portfolio includes encompasses nearly 10 million square feet located in 19 states

. Learn more at http://www.emmesco.com/.

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

david@ebelingcomm.com

Shopping centers, malls are transforming as “Big Box” retailers seek smaller stores, developers seek new uses, says WeinPlus chief executive

ST. PETERSBURG, Fla. --- Retailers eyeing smaller, smarter retail facilities could change the look and feel of some malls and retail centers across Florida, says one Florida real estate strategist.

Rachel Elias Wein (top right photo), AIA, founder and principal of WeinPlus Real Estate Advisory Services in St. Petersburg, said many “big box” retailers are opting for smaller facilities that are more efficient.

“Retailers have begun to focus more on smaller real estate footprints, with larger inventory turnover, more sales per square foot and more sales per individual customer,” Wein said. “A store that can meet its sales objectives in 8,000 square feet or 10,000 square feet instead of 14,000 square feet can be much more profitable,” she said.

Wein said Office Depot, Target, Best Buy, Gap and even Wal-Mart are all considering smaller, smarter retail store footprints.

“Wal-Mart plans to open more than 30 smaller format stores in 2011, focusing on grocery products and a smaller inventory of general merchandise,” Wein said.

“Target’s CityTarget concept aims at smaller stores with more targeted merchandise in urban areas.

Smaller, “Big Box” stores offer strategic advantages, Wein said.

Smaller footprints are more efficient, and that means more stores — and more consumer choices — in a single retail center,” she said.

Lowered operating expenses, which include everything from energy costs and maintenance to the workforce, will help retailers economize.

“We should see several changes as developers and retailers shift strategies to accommodate the recession,” Wein said.

For more information, contact

Rachel Elias Wein, AIA, Founder / Principal, WeinPlus, 727-386-9346, http://www.weinplusassociates.com/

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142, lvershelco@aol.com

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Grubb & Ellis Opens Office in St. Louis

 SANTA ANA, CA (April 25, 2011) -- Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has opened an owned office in St. Louis as part of the company’s national strategy to expand its presence in key markets. 

The office will be led by 24-year industry veteran David Morris, SIOR, CCIM, who has joined the company as senior vice president. 

Morris will be responsible for serving real estate clients in the St. Louis area, as well as leading Grubb & Ellis’ business development and recruiting efforts in the market.  He reports to Shawn Mobley (top right photo), president, Brokerage Services.

 “David has a tremendous reputation in the St. Louis market and was our top choice to lead the office in what we consider to be a very important market,” said Mobley.  “I am confident that his knowledge of Grubb & Ellis, combined with his industry expertise, will help us quickly establish a strong presence in St. Louis and enhance the service we provide to multi-market clients that operate in the region.”

 Morris joins from Gundaker Commercial, where he was a senior vice president and leader of the firm’s Brokerage Division.  During Gundaker Commercial’s former affiliation with Grubb & Ellis, Morris served on the Affiliate Leadership Board, a seven-member advisory panel responsible for representing the interests of the company’s affiliates with senior management.

 He began his real estate career in Grubb & Ellis’ Denver office in 1987 and also spent 15 years as a brokerage professional with Colliers Turley Martin Tucker.

Contact: Erin Mays, Phone: 312.698.6735

Email:  erin.mays@grubb-ellis.com

         

Faris Lee Investments Completes $12.5 Million Sale of Shoppes at Puente Hills Mall in City of Industry, CA

IRVINE, CA., April 25, 2011 – Faris Lee Investments, the nation’s largest retail investment  advisory firm, has completed the $12.5 million sale of Shoppes at Puente Hills Mall (top left photo) a 20,174-square-foot retail center located at 17501 Colima Rd. in City of Industry.

 Built in 2009 and situated on 2.52 acres, the center is an outparcel to the very successful Puente Hills Mall.

The property is 87 percent occupied and includes Panera Bread, Chipotle, The Vitamin Shoppe, Wing Stop, T-Mobile, Jamba Juice, and others.

 The sale marks a significant sales record by boasting the highest price per square foot (approximately $619.60) obtained for a multi-tenant retail investment property above $5 million in Southern California since 2008 (per CoStar).

Richard Walter (middle right photo), president, and Shaun Riley, senior managing director, with Faris Lee Investments represented the seller, San Francisco-based Krausz Puente LLC.

Andrew Miliotis from Los Angeles-based AIT Realty Corp. represented the buyer, Navus LLC from Los Angeles.

Faris Lee received a total of eight offers on the property, the majority of which were Asian investors living in the local market.  The sale closed at a 6.86 percent cap rate.

“The strong retail location, creditworthiness of the tenants, and pride of ownership construction attracted a heavy amount of Southern California-based investor interest in the Shoppes at Puente Hills Mall offering,” said Riley.

“There is a heavy concentration of very motivated, well-capitalized Asian investors who own commercial property in the immediate area – especially along Colima Road.  Our marketing effort was heavily targeted to these potential investors.”

 For more information, please visit http://www.farislee.com/

Contact: Darcie Giacchetto, 949.278.6224, Spaulding Thompson & Associates

For Faris Lee Investments

                               

Le Méridien Chiang Rai Resort Debuts Its Grand Deluxe Rooms And An Exclusive Package in Thailand

 Chiang Rai, Thailand (April 25, 2011) – Le Méridien Chiang Rai Resort, (top photo) the only international five-star resort found in Chiang Rai, is pleased to announce the launch of the highly-anticipated Grand Deluxe rooms

 Specifically designed for the resort’s most discerning travelers, the Grand Deluxe rooms will offer 66 square meters of contemporary luxury.  Guests also have the option of booking the exclusive Grand Deluxe Room Package, which offers two nights’ accommodation in the Grand Deluxe Room as well as complimentary gourmet breakfasts and round-trip airport transfers. 

Chic and stylish with a focus on the arts, an inspiring atmosphere, and innovative cuisine, Le Méridien Chiang Rai Resort promises an enchanting stay for any traveler or adventurer with the desire to discover travel with a new perspective.

Le Méridien Chiang Rai offers 159 spacious and contemporary guestrooms and suites.  Located in the resort’s newest wing, the thirty Grand Deluxe rooms are the focal point of Le Méridien Chiang Rai Resort and combine the best of beauty, comfort, and convenience.

luxurious “Cing Mondes” amenities, exclusively prepared to enhance each guest’s experience.

For reservations and more information, please visit www.lemeridien.com/chiangrai and http://www.lemeridien.com/.

 Contact: Hwee Peng Yeo, Tel : 65 9768.6087, hweepeng@glodownead.com

http://www.glodownead.com/

Construction to Begin on Fountains at Mooresville Town Square Apartments in North Carolina

Charlotte, NC – Construction is scheduled to begin next month on Fountains at Mooresville Town Square (top left rendering), a 227-unit, $23 million luxury apartment community developed by Charlotte-based Hawkins-Dixon, Ltd.

The new community, located just north of Charlotte in Mooresville, NC, is the residential component of Mooresville Town Square, a recently-opened mixed-use center featuring a new Lowes Foods, numerous restaurants and businesses, the Bella Lago Spa, and the Goddard School, a five-star preschool.

The walkable town square area features a central greenway with sitting areas and easy access to its many stores and businesses. Located at the intersection of Williamson and Brawley School roads just off I-77, the community is close to major employers, The Shops at Morrison Plantation and Lake Norman itself.

“I don’t think we could find a better location in the Lake Norman area or in northern Mecklenburg County,” said Hawkins-Dixon principal Wyatt Dixon (middle right photo). “My partners and I have been focused on this project for quite some time and we’re happy to see it move forward.” 

This is the third apartment community Dixon has developed in the Lake Norman area; he was involved in the development of two nearby projects during his tenure with Summit Properties and later with Faison and Associates.

Dixon says developing “Class A” residential components within mixed-use communities will be an integral part of the company’s long-term focus. “Well-located lifestyle centers such as Mooresville Town Square offer a good opportunity for us to develop quality apartment communities,” he said. “Residents look for the convenience this type of development brings—the ability to walk to restaurants, bars, entertainment, and even the grocery store next door.”

The architect for the project is The Housing Studio; Design Resource Group is the land planner, engineer and landscape architect. Samet Corporation is the general contractor. Jones Lang LaSalle will handle construction management. Greystar will manage the completed property. 

Contact: Terri Thornton, 404-932-4347 (Cell),  

http://www.territhornton.com/

HEI Hotels & Resorts Wins Top Starwood Awards

 Special Recognition for Volunteer Work Following Flood in Nashville

NORWALK, CT, April 25, 2011—HEI Hotels & Resorts (HEI), the nation’s fastest growing private owner/operator of hotel real estate, today announced that the company received four of the top awards for operating and development excellence from Starwood Hotels & Resorts Worldwide, Inc.

 It was the largest number of awards given to any Starwood franchisee at the company’s recent North American Owners Conference.  HEI and its hotels were selected to receive the following awards:

President's Award – for hotel industry leadership and consistently partnering with Starwood in reaching its corporate objectives (HEI Hotels & Resorts)

Social and Cultural Sustainability Award – for demonstrating an individual hotel’s positive impact on a local community, including a high level of associate participation (Sheraton Music City Hotel (middle left photo), owned/managed by HEI Hotels & Resorts)

Conversion - Full Service – for top full-service hotel conversion of the year, including exceptional post-opening results (Le Méridien Philadelphia (lower right photo), owned/managed by HEI Hotels & Resorts)

New Build - Luxury – for best new luxury hotel, including exceptional post-opening results (W Hollywood Hotel & Residences, owned/managed by HEI Hotels & Resorts)

“It is particularly gratifying to be recognized in four diverse categories,” said Gary Mendel, (top right photo) HEI chairman and CEO.

“HEI and its associates are committed to setting and achieving the highest possible standards in all areas of hotel operations and guest service delivery.  These awards recognize that commitment and our collective success in achieving our goals. 

“We consider being named as recipient of four awards to be a singular honor.

 Media Contact: Jerry Daly, media, (703) 435-6293, jerry@dalygray.com

                             

Celebration Golf Club honored by Golf Digest; ranked among top 30 of more than 1,700 Florida golf courses

ORLANDO, FL --- Celebration Golf Club (top left photo) was recently ranked among the top 30 best golf courses in Florida by Golf Digest.

Gene Garrote, president of Celebration Golf Management, which owns and operates Celebration Golf Club and five others in Central Florida, said he was pleased with the ranking, which reviewed more than 1,700 Florida golf courses.

“Celebration Golf Club is an excellent course and we are delighted to be named among the top 30 golf courses in Florida,” Garrote said.

For more information, contact:  

Gene Garrote, President, Celebration Golf Management, 407-566-1045;  

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142  

Wilson Commercial Real Estate Hires Austin Bettar as Leasing Associate and Promotes Parker Champion to Leasing Associate

  

LOS ANGELES, CA, APRIL 22, 2011 – Wilson Commercial Real Estate, one of Southern California’s leading retail brokerage firms, has announced that it has hired Austin Bettar (top right photo) as leasing associate.

  In addition, the company has promoted Parker Champion (middle left photo) to leasing associate.  Both men will specialize in representing retail landlords and tenants in their real estate needs. 

“We are excited to have Austin join our team and Parker further his growth with our company,” said Chris Wilson, President, Wilson Commercial Real Estate.  “We are confident that both men will play integral roles in helping to serve our existing clients and grow our business.”

With more than 25 years of commercial real estate experience, Bettar previously served as a leasing representative with NewMark Merrill Companies, O & S Holdings and CB Richard Ellis, where he was responsible for leasing numerous community, power, lifestyle and neighborhood shopping centers throughout Southern California.  Throughout his career, he has completed transactions encompassing more than one million square feet.

Champion previously served as a runner for Wilson Commercial’s leasing team.  Prior to joining the firm, he worked for Bascom Group, a private equity firm in Orange County, Calif.  Champion graduated from the University of Southern California with a Bachelor of Science in Policy, Planning and Development.

 His family has owned and developed shopping centers in the Southern California market for more than 30 years. The firm now includes five leasing professionals and four investment sales professionals.

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

david@ebelingcomm.com

For more information, please visit http://www.wcre.net/

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Dizengoff-Trading Group Purchases Wal-Mart Anchored Shopping Center in Coral Springs, FL

BOCA RATON, FL (April 22, 2011)– Dizengoff-Trading Group, an income-producing investment real estate firm, has purchased North Hills Square (top left photo), a 63,900 square foot open-air shopping center located in Coral Springs, FL.  The company paid $8.9 million, or $139.28 per square foot. The seller is an undisclosed financial institution.

North Hills Square is anchored by a 52,024 square foot Wal-Mart Neighborhood Market which comprises 81% of the Center’s gross leasable area. Other major tenants include Wendy’s and Manhattan Bagel.  Overall, the shopping center is 97% occupied.

North Hills Shopping Center is located at 4650 University Drive, on the corner of busy University Drive and Wiles Road, servicing the densely populated areas of Coral Springs and the city of Parkland. Over 60,000 vehicles travel these roads near the area in any given day according to research data.

North Hills Shopping Center marks the third Florida retail purchase for Dizengoff-Trading Group in the past two years. It’s the second anchored with a Wal-Mart, the other being a 223,000 square foot Wal-Mart Super Center located in the Central Florida town of Winter Haven.  

Dizengoff-Trading Group has invested more than $70 million in Florida real estate since opening an office in Boca Raton two years ago. The company targets income-generating properties focused on open-air retail centers and bulk condo units at mid-rise and garden style multi-family complexes. In addition to the retail centers, it has made four bulk condo purchases in South Florida.

 Media Contact: Todd Templin and/or Jennifer Clarin, Boardroom Communications,  (954) 370-8999/Todd Cell: 954-290-0810

Hendricks & Partners negotiates sale of 444-unit Pine Hills Apartment Property in Orlando for $5.5 million

ORLANDO, FL --- Hendricks & Partners, the nation’s leading multi-family property advisory group, recently negotiated the sale of Seville Place Apartments at 3124 N. Pine Hills Rd. in Orlando.

 Cole Whitaker, partner at Hendricks & Partners, who heads the firm’s southeast region, said Associate Partner Hal Warren negotiated the sales transaction.  Bob Hold of Hold Thyssen of Winter Park acted as Receiver for Seville Place Apartments.

 Seville Place Holdings, LTD of Orlando paid $5.5 million to acquire the 444-unit property.

 Built in 1973, Seville Place features five swimming pools, a playground, basketball and tennis courts, seven laundry facilities, car care center and a community clubhouse.

For more information,  contact:  

Hal Warren, Associate Partner, Hendricks & Partners, 407-218-8881, hwarren@HPAPTS.com

Cole Whitaker, Southeast Partner, Hendricks & Partners, 407-218-8880, cwhitaker@HPAPTS.com

Larry Vershel, Larry Vershel Communications, 407-644-4142 or 407-461-3780, lvershelco@aol.com

  

Grubb & Ellis Selected to Market Tech Ridge Center in Austin, TX

  

AUSTIN, TX (April 21, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Tech Ridge L.P. has selected George Cushing, executive vice president, and Wendy Vandeventer, vice president, both members of the company’s Investment Services group, to market Tech Ridge Center (top left photo), a 331,144-square-foot grocery-anchored shopping center in northeast Austin.  The property will be marketed without an asking price, but is expected to sell for approximately $70 million. 

 “Tech Ridge Center is well located at the intersection of two of Austin’s primary thoroughfares and offers potential owners a strong net operating income of more than $4.6 million,” said Cushing.  “Adding to the property’s appeal is that the majority of its tenants are national companies, with a few regional retailers in the mix.”  

 Located at 500 Canyon Ridge Drive, Tech Ridge Center was built in three phases between 2001 and 2007 on roughly 60 acres of land situated at the southeast corner of Interstate 35 and Parmer Lane.  The property is 97 percent leased to numerous tenants, including H-E-B Grocery, one of the largest private employers in Texas; JCPenney Corporation Inc.; Office Depot Inc.; Petco Animal Supplies Inc.; Schlotzsky’s Franchise LLC; Bank of America N.A. and Cullen/Frost Bankers, Inc.  

 For more information, call 713.626.8888, or contact Cushing at george.cushing@grubb-ellis.com  , or Vandeventer at wendy.vandeventer@grubb-ellis.com.

 Contact: Julia McCartney,  Phone: 714.975.2230                                     

Email:  julia.mccartney@grubb-ellis.com

          

Grubb & Ellis’ Kevin Rude Assumes Responsibility of Company’s Southern California Management Services Portfolio

  

LOS ANGELES, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has expanded the responsibilities of Kevin Rude (top right photo), CCIM, RPA, senior vice president, director of Management Services, to include the Southern California region.

Rude has been responsible for the oversight of all property management activity in Arizona and Nevada for the past four years, and with the addition of Southern California, will oversee a total of 20 million square feet of space.  A 27-year veteran of property management, Rude will be based in Grubb & Ellis’ downtown Los Angeles office. 

“Since joining Grubb & Ellis in 2007, Kevin has been instrumental in business development, helping to add more than 9 million square feet of space to the company’s portfolio under management,” said Karen Whitt  (lower left photo), CPM, RPA, CRE, president, Property Management, Strategic Accounts of Grubb & Ellis Management Services.

“With his proven track record and wealth of relationships, I couldn’t be more confident of the service he will provide clients, as well as his ability to continue the growth of the business in Southern California.”

Under Rude’s direction, Phoenix was awarded the 2009 Grubb & Ellis Management Services District of the Year.  Prior to joining Grubb & Ellis, Rude served as a senior portfolio manager of Trammell Crow Company.  He also spent time with Parkway Realty, CommonWealth Partners LLC and Cushman & Wakefield.  Rude began his career in 1984. 

 He holds a bachelor’s degree from Fort Hays State University and is a member of the CCIM Institute, Building Owners and Managers Association and NAIOP.  Rude has also been approved as a receiver by the State of Arizona and has served as an instructor of the Arizona School of Real Estate & Business.   

Contact:  Julia McCartney, Phone: 714.975.2230                                     

Email:  julia.mccartney@grubb-ellis.com

          

Berger Commercial Realty Corp. Announces $2.5 Million Sale in Fort Myers, FL

FORT LAUDERDALE, FL – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale, Fla., and serving clients around the state, announced brokers Judy Dolan (top right photo) and Steve Hyatt  (top left photo) closed a $2.5 million sale in Fort Myers, Fla.

 The property, a 136-unit apartment complex located at 3726 Central Ave, was sold by Coral Gulf IV, LLC,  to RFH Advisors Palm Vista, LLC. The deal closed March 31. Dolan and Hyatt represented the seller.

Lloyd Berger (lower right photo) of Berger Special Assets, a division of Berger Commercial Realty Corp., previously served as receiver for the multifamily property, known as Palm Vista.

 The property consists of 12 two-story buildings and  features one-bedroom/one-bath and two-bedroom/two-bath apartment units, as well as amenities such as a clubhouse, playground, pool and fitness center. 

“We were able to resolve challenges facing this property in a cost-efficient manner and restored the asset's value,” said Lloyd Berger, founder and president of Berger Commercial Realty Corp.

Berger Special Assets, founded in 2008, serves as receiver, management company, and leasing agent to enhance the value of distressed commercial and multi-family properties across the state on behalf of lenders and financial institutions.

In another, unrelated transaction, Steve Hyatt closed the sale of a 10-unit apartment building located at 77 NW 77th St. in Miami for $315,000. Hyatt represented the seller, ECP Properties, Inc., in the sale to Greg Celentano, which closed March 25.

 For more information, visit http://www.bergercommercial.com/

 Contact:

Marielle Sologuren

Pierson Grant Public Relations

6301 Northwest 5th Way, Suite 2600

Fort Lauderdale, FL 33309

Phone: (954) 776-1999, ext. 226

Fax: (954) 776-0290

msologuren@piersongrant.com

http://piersongrant.com/

HighImpactDigital.com

CBRE Orlando Brokers sale of 200-Unit Vista Verde in Orlando

ORLANDO, FL--CB Richard Ellis is pleased to announce the sale of Vista Verde in Orlando.

Built in 1990, this luxury community features 200 units adjacent to the Metrowest Golf Course.

The property was 94% occupied at closing, and offers private garages, barrel tile roofs, and a full amenity package with a resort-style swimming pool.

Shelton Granade and Luke Wickham of CBRE’s Central Florida Multi-Housing Group exclusively represented the seller, and have closed over $111,000,000 in Orlando thus far in 2011 – more than the next three competitors combined.

Buyer interest in multi-housing assets in Central Florida has increased

significantly.

For further information, please contact:

Shelton Granade, T 407.839.3103, shelton.granade@cbre.com    

 Luke Wickham, T 407.839.3130, luke.wickham@cbre.com

New Condo Sales Prices Rise 14% In Greater Downtown Miami In Q1

MIAMI, FL--Buyers paid an average of 14 percent more for new units in Greater Downtown Miami -  the epicenter of Florida's condo crash - in the first 90 days of 2011 on a year-over-year basis compared to the same three-month span in 2010, according to a new report from CondoVultures.com.

As the prices for new developer units increased to $348 per square foot in 2011, the average number of sales dropped by 54 percent to 111 transactions per month in the first quarter, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Miami™.

A year earlier in the first quarter of 2010, buyers purchased an average of 239 new condos per month when prices averaged $306 per square foot, according to the report based on an analysis of Miami-Dade County records.

"Bulk buyers, lenders, and those few developers still involved with Greater Downtown Miami's unsold condo inventory have been working - and marketing - diligently for the last six months to increase the average market price to about $350 per square foot," said Peter Zalewski (lower right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"As Greater Downtown Miami heads into the humid summer months after a busy winter tourism season, the question is whether sellers will stand firm on their sales price objectives or roll back prices to generate more transaction velocity given the 29-month supply of unsold condo inventory."

Besides the unsold developer inventory in Greater Downtown Miami, there are more than 1,300 condos built during the boom currently on the resale market and more than 1,000 units being marketed by bulk buyers attempting to resell condos at a premium to individuals investors, according to the licensed Florida buyer brokerage Condo Vultures® Realty LLC. 

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com

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Grubb & Ellis Healthcare REIT II Acquires Medical Facilities in Arizona, Texas and Florida

SANTA ANA, CA /PRNewswire/ -- Grubb & Ellis Healthcare REIT II, Inc. announced that it has acquired, in three separate transactions, Yuma Skilled Nursing Facility in Yuma, Ariz., Hardy Oak Medical Building in San Antonio, and Lakewood Ranch Medical Office Building in Bradenton, Fla.  

"The acquisition of these properties was attractive to Grubb & Ellis Healthcare REIT II due to their proximity to well-managed medical centers and their financial performance," said Danny Prosky (top right photo), president and chief operating officer of the REIT.

As of April 8, 2011, Grubb & Ellis Healthcare REIT II has sold approximately 21,844,902 shares of its common stock, excluding the shares issued under its distribution reinvestment plan, for approximately $217,954,000 through its initial public offering, which began at the end of the third quarter of 2009.

To date, the REIT has made 19 geographically diverse acquisitions comprised of 33 buildings valued at approximately $262 million, based on purchase price in the aggregate.

Contact: Damon Elder, +1-714-975-2659, damon.elder@grubb-ellis.com

Web Site: http://www.grubb-ellis.com/

Propp Realty Management Selects Grubb & Ellis to Lease 866,000-SF Office Portfolio in Denver Area

  

 DENVER, CO – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that Propp Realty Management has selected Victor Frandsen, executive vice president, Office Group, and John Gustafson, senior associate, Office Group, as the leasing agents of the company’s entire Denver-area portfolio, including 16 office buildings totaling 866,166 square feet of space.   

 “This portfolio is ideally suited for a wide range of uses, including general, technology or medical office needs,” said Frandsen.  “Tenants also enjoy stable and professional ownership under local commercial real estate veteran Daryll Propp and his firm.”

 The portfolio contains six properties available for lease in Lakewood, including: Academy Park Commons, Golden Hill Office Centre, Applewood Tech Center, Youngfield Park, Terrace Point and 12157 W. Cedar Drive. 

Also located in Lakewood is the Energy Star rated 155 Van Gordon St., a 148,000-square-foot building that is fully leased to the Department of Veteran Affairs, and 2850 Youngfield St., which offers 70,000 square feet of space and is fully leased by the Bureau of Land Management.   

For more information, call 303.572.7700, or contact Frandsen at victor.frandsen@grubb-ellis.com, or Gustafson at john.gustafson@grubb-ellis.com

Contact: Julia McCartney,  Phone:  714.975.2230                                     

Email:  julia.mccartney@grubb-ellis.com

          

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