Grubb & Ellis Commercial Florida Negotiates long term industrial renewal lease of 22,000 SF+ at Orlando Corporate Center

ORLANDO, Fla. -- Grubb & Ellis Commercial Florida, associated with 130 Grubb & Ellis offices worldwide, negotiated a long-term renewal lease for 22,353 square feet of industrial space at 7803 Southland Blvd. in the Orlando Corporate Center.

Jan Boltres (top right photo), CCIM, senior vice president and Michael T. Davis (top left photo), vice president in the Industrial Group at Grubb & Ellis Commercial Florida, brokered the transaction representing the tenant Tape Products Co. of Cincinnati, Ohio and the landlord Orlando-based Prologis.

The lease is valued in excess of $500,000.

Contact:

Jan Boltres, CCIM 813-639-1111, Jboltres@commercialfl.com
Mike Davis, VP Industrial 407-481-5402, Mdavis@commercialfl.com
Jeff Sweeney, 407-481-5387, jsweeney@commercialfl.com
Larry Vershel 407-644-4142, Lvershelco@aol.com

Central Florida Advisors, a Grubb & Ellis Commercial Florida Subsidiary, Increases Portfolio of Tax Advisory Properties by 300 Percent

ORLANDO - Last year, Central Florida Advisors, the tax advisory subsidiary of Grubb & Ellis Commercial Florida, represented properties valued at more than $100 million.

This year, Central Florida Advisors represents properties valued at more than $460 million in Florida, reports Jeff Sweeney (top right photo), president and managing principal at Grubb & Ellis Commercial Florida.

Central Florida Advisors specializes in helping commercial property owners reevaluate their property tax assessments, Sweeney explained.

Central Florida Advisors helped the owners of one suburban-area mixed use property cut their property taxes by nearly 50 percent, Sweeney said.

“That resulted in over $200,000 of tax savings for their bottom line,” he added.

The deadline for appealing property tax assessments in Orange County is Sept. 10.

Contacts:
Brett Felberg, 407-481-5390;
Jeff Sweeney SIOR President 407-481-5387;
Larry Vershel Communications 407-644-4142

HUD's 223 (a)(7) Funding Program to Refinance Existing HUD Healthcare Loans

CHICAGO, IL--Applying for and securing HUD Section 232 senior housing/healthcare funding has been likened to balancing the interests of borrowers, lenders and the government agency on a three-legged stool.

And then along came HUD Lean to centralize and streamline the application and underwriting processes and make the rules for borrowers more uniform and user-friendly.

Cambridge Realty Capital Companies Chairman Jeffrey A. Davis (top right photo) says HUD loans still require borrowers and lenders to present impeccably prepared documents and meet demanding underwriting criteria.

 However, for borrowers who have been there before and currently have an existing HUD 232 mortgage loan, mutually aligning interests with the lender and federal agency has never been easier -- or on a steadier platform.

And rarely has refinancing a HUD loan offered as much potential for improving profits, he observes.

Chicago-based Cambridge is one of the nation’s leading senior housing/healthcare lenders and consistently ranks among the top HUD healthcare lenders in the country. Since the mid-1990s, the company has closed more than 300 senior housing/healthcare loans totaling more than $3 billion.

Davis says HUD’s 223 (a)(7) program is used by borrowers whose existing HUD loans are currently beyond the lockout period. The lockout period refers to the timespan between a loan’s closing date and the date it is eligible to be refinanced, which can vary depending upon specific sets of circumstances.

The timing for this type of financing is especially auspicious because interest rates are at historically low levels, and lower rates equate to higher operating profits. Because the funding program enables borrowers to refinance the full original loan amount, additional funds for capital improvements are available, he points out.

Davis notes that FHA-approved HUD lenders like to see capital improvements in the assets they’re holding. And they like the fact that debt service is the only major underwriting consideration involved in HUD 223 (a)(7) transactions.

HUD also appreciates the relative simplicity involved in underwriting these “low risk” loans. This became apparent when agency created a special queue it calls the “Green Lane” to move these loans through the process more swiftly.

Popularity of the funding product is growing. Since the first of this year, 40 percent of the healthcare loans processed by Cambridge have refinance existing HUD loans, and a lot more of these transactions are in the Cambridge pipeline, he said.

Contact:  Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: mailto:ew@cambridgecap.com
Twitter: http://twitter.com/CambridgeCap

Foreclosure Filings Top 250,000 In South Florida Since 2007

MIAMI, FL--Lenders have initiated more than 250,000 foreclosure actions - also known as Lis Pendens or notices of default - against properties in the tricounty South Florida region since 2007, according to a new report from CondoVultures.com.

The South Florida region reached the 250,000 foreclosure filings threshold on Friday, Aug. 27, when lenders initiated a combined 248 actions against properties in Miami-Dade, Broward, and Palm Beach counties, according to the report based on the Condo Vultures® Foreclosure Database™.

"To reach 250,000 foreclosure filings since the real estate crash began in 2007, lenders have had to file an average of nearly 200 actions per day in the South Florida region," said Peter Zalewski, (top right photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "If current trends continue, South Florida foreclosure filings would have hit their peak in 2009 when more than 97,000 actions were filed in a single year.

" In the first seven months of 2010, foreclosure filings are down 35 percent compared to 2009, putting the region on pace for less than 70,000 actions this year.

"Compare that to 2008 when lenders filed about 76,000 foreclosure actions in South Florida."

Condo Vultures® is assembling a panel of experts on Sept. 14 in Downtown Miami to discuss the issue of future foreclosures in a seminar entitled "Concerns Grow About Double Dip For South Florida Real Estate."

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

Plants, the Ultimate Building Amenity in Commercial Real Estate

ORLANDO, FL--David Liu, (top right photo) corporate president, Foliage Design Systems, Orlando, FL, says,  "We live in a time of a challenged real estate market, to say the least.

"While tightened budgets are the norm, don't lose sight of your main objective, which for the commercial building manager or the home seller, is to find a willing customer.

"Potential home buyers and tenants are influenced by the same value as they always have been. It is a known fact that an attractive, well-maintained landscape helps sell homes, so much in fact that some agents will not list a home with a weed infested, broken down landscape.

"The same is true of the office building or shopping center. A high level developer seeking acquisition of a mall once told me that poor housekeeping and dying, badly cared for plants are the death knoll of a shopping center.

"He went on to say that these things are glaring to the shopper who might think twice about a return visit.

"In contrast, savvy building owners understand that well-managed plants are one of the least expensive costs for the greatest impact. All property managers live by the rule of the square foot. The cost of management is broken down per square foot as is the cost to sell or lease space.

"Consider this: Two strategically placed planters, perhaps flanking the doors of the exterior entry, may take up about 18 square feet total. Plant these two planters with a color combination of tropical and blooming plants. Depending upon how many times your contractor replants with a fresh new seasonal look, those two planters, if part of the interior plant service program, may cost you an additional $50.00 per month.

Hibiscus Entryway

"In the case of 100,000 square foot building, the distributed cost of the planting is about half a penny. Look at the impact!

"The exterior planters, flanking the entry, greet every tenant and visitor like high-end doormen, well-known to the hotel industry as an important part of the guest experience. For passers-by, a blaze of blooming color, shimmering in the sun light, will surely draw their attention for a future visit.

"In today's real estate market, flourishing plants may just be the most economical thing you can do to enhance the perceived property value. Your local Foliage Design Systems office can provide you with a cost free consultation that will allow you maximize your indoor and containerized planting potential."

Contact: David Liu,  info@foliagedesign.com,  http://www.foliagedesign.com/

Grubb & Ellis Enhances Lease Administration Capabilities With Addition of Nickie Taylor and Jason Huggins

SANTA ANA, Calif. (Aug. 31, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Nickie Taylor, (top left photo)  a 25-year lease administration and property management veteran, has joined the company as vice president, managing director of Lease Administration, effective immediately.

Jason Huggins (top right photo)  also joins as vice president, Lease Administration and director of Retail Accounts. Both will be based in the company’s Dallas office.

Taylor, who joins from SRS Real Estate Partners, will be responsible for overseeing Grubb & Ellis’ lease administration portfolio, which totals in excess of 100 million square feet of space.

 She will report to Suzanne MacLennan, senior vice president and national director, Client Accounting and Lease Administration.

Huggins was previously senior director of Lease Administration & Worldwide GIS at Blockbuster Inc., where he oversaw the monthly payment and processing of more than $50 million in rent payments. He will be responsible for overseeing lease administration for Grubb & Ellis’ retail clients and will report to Taylor.

Greg O’Brien Joins Grubb & Ellis as Senior Vice President, Office Group

ATLANTA (Aug. 31, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Greg O’Brien (middle right photo), LEED AP, has joined the company as senior vice president, Office Group, and Southeast leader of the Clean Energy practice group.

 O’Brien joins from Sustainable Options LLC, where he was co-founder and principal.

“Greg has established himself as a leading authority on real estate for the clean energy industry, for the solar and wind sector in particular,” said Bob Dean, (middle left photo)  executive vice president and leader of Grubb & Ellis’ Clean Energy practice group.

“In addition to providing valuable insight to enhance the sustainability initiatives we employ nationwide, Greg’s addition to the Clean Energy practice group supports our ability to bring a higher level of real estate expertise to the production of energy from alternative sources.

" His expertise and relationships in the sectors that are emerging in the Southeast, including solar and wind power, are particularly valuable for us.”

Contact: Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com

Grubb & Ellis Tapped as Leasing Agent for 246,800 SF in Chantilly, VA

TYSONS CORNER, VA (Aug. 31, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has been selected by MRP Realty and Rockpoint Group as the leasing agent for Plaza East (top right and lower left photos), a two-building Class A office complex totaling 246,800 square feet in Chantilly.

Andy Klaff, executive vice president, and Charles Dilks, vice president, will handle the leasing for the property, located at 14291 and 14295 Park Meadow Drive.

Plaza East is prominently located in Westfields Corporate Center, a premier Northern Virginia corporate campus, well-known for its beautiful landscaping, tree-lined walkways and jogging paths.

 The property’s proximity to Route 28 provides convenient access to the District of Columbia and the Northern Virginia suburbs, as well as easy access to Dulles Toll Road, I-66 and Washington Dulles International Airport.

Built in 2007, the two five-story, 123,400-square-foot buildings feature signature architecture by HOK Inc. including flexible floor plates and an award-winning lobby with limestone slate floors, glass walls and stainless steel details.

 Overlooking Route 28, the major north-south transportation corridor in western Fairfax County, the buildings offer tenants spectacular corporate signage opportunities.

Nearby amenities include a wide array of restaurants and shops, as well as Marriott Westfields Conference Center, a world-class hotel and conference facility which offers 340 guest rooms, 40,000 square feet of flexible meeting space and three restaurants.

For more information, contact

Dilks at 703.918.0251 or charles.dilks@grubb-ellis.com.

Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com

Randy Baird joins HFF as senior managing director to focus on industrial investment sales

DALLAS, TX – HFF (Holliday Fenoglio Fowler, L.P.) announced today that Randy Baird has joined the firm as a senior managing director in the investment sales group in its Dallas office.

Baird has more than 20 years of experience in commercial real estate and will join HFF’s Jud Clements (top right photo) and Robby Rieke (lower left photo)  in focusing on industrial investment sales.

Baird will also assume a role in the guidance of HFF’s national industrial sales platform. During the course of his career, he has been involved in the sale of more than 350 million square feet of industrial real estate totaling $16 billion in transaction value.

 Most recently, Baird was a managing partner at Baird Fitzgerald Partners. Prior to that, he was an executive vice president at CB Richard Ellis and an executive director at Cushman & Wakefield. He graduated from the University of North Texas with a Bachelor of Business Administration and a concentration in Real Estate.

Contacts:

Andrew S. Levy, HFF Senior Managing Director, (214) 265-0880, alevy@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Colliers International Completes $4.8M Sale of Sunset Pointe Industrial Center in Henderson, NV

HENDERSON, NV, Aug. 30, 2010 – Colliers International, the second largest real estate services organization globally, has completed the sale of the 104,030-square-foot Sunset Pointe Industrial Center at 505-585 W. Sunset Rd. in Henderson, Nev., to Laguna Beach, Calif.-based Bakken Wineville Properties, LLC for $4.8 million.

Sunset Pointe is a state-of-the-art business park comprised of 21 individual industrial buildings.

 Built in 2009, the property features storefront glass entrances, 18-foot warehouse clearance and potential fenced storage yards on eight of the 21 buildings.

“We offer clients an efficient process that directly markets an asset to today’s buyer pool. Our marketing platform generated 15 offers, allowing our seller to capture the best price and deal terms.

Escrow closed within 90 days of listing the property,” said Scott Heaton, (top right photo)  senior vice president in Colliers’ Downtown Los Angeles office.

Heaton, along with Patrick Barnes, (middle right  photo)  associate vice president in Colliers’ Downtown Los Angeles office, and E.J. Paul Sweetland (lower left  photo) , IV, SIOR, vice president in Colliers’ Las Vegas office, represented the seller, City National Bank.

“This transaction illustrates a current market trend where a quality development goes from the original developer back to the bank, and is then purchased by another investor/developer,” added Sweetland.

The buyer was represented by Mel Koich of Lee and Associates.

Contact: Megan Morales, Marketing & PR Coordinator, 949 724 5537, megan.morales@colliers.com