Colliers International Negotiates 40,900-SF Industrial Lease in Huntington Beach, CA

 HUNTINGTON BEACH, CA, Nov. 1, 2010. – Colliers International, the second largest real estate services organization globally, has negotiated the lease of 40,900 square feet of industrial space located at 14520 Delta Lane in Huntington Beach, Calif., to Ramp Logistics, a third-party warehousing and distribution center specializing in order fulfillment and inventory management for the apparel and accessories market.

 The 37-month lease is valued at $754,196.

The space is part of a larger 185,000 square-foot industrial building built in 2006. Ramp Logistics will occupy 40,900 square feet of space for its warehousing and distribution services. JD Lincoln and Hardy Frames occupy the remaining 144,100 square feet.

“Ramp Logistics is expanding and relocating its headquarters from its current operations at 3641 Sausalito Street in Los Alamitos,”said Adam Deierling (top right photo), vice president in Colliers International’s Torrance, Calif. office.,  .

“They needed a larger building with the type of high-image look the Delta Lane property offers. It was also critical that their new headquarters remained within close proximity to their current operations,”

“As part of the deal, the landlord will build approximately 4,000 square feet of high-image office space, which is perfectly suited to our client’s need.”

Deierling, along with Chris Sheehan (middle left photo), senior vice president in Colliers Torrance office, and Ryan Peterson, senior associate at CBRE, represented the tenant.

Wayne Lambert (lower left photo), senior vice president in Colliers International’s Irvine, Calif. office, represented the landlord, Costa Mesa, Calif.-based Burke Real Estate Group, Inc.

Contact: Megan Morales, Marketing & PR Coordinator, 949 724 5537

megan.morales@colliers.com

Liberty Property Trust Leases 160,000 SF in Jacksonville, FL in Third Quarter

  JACKSONVILLE, FL –  Liberty Property Trust (NYSE:LRY), has signed more than 110,000 square feet of new leases and nearly 50,000 square feet in lease renewals and expansions for industrial and office space in Jacksonville during the past quarter.

 “We are encouraged by the new leases signed during the quarter,” said Mike Heise (top right photo), vice president and city manager at Liberty Property Trust.

 Liberty's Jacksonville portfolio is 92% leased. The company owns and manages 37 buildings offering nearly 2.5 million square feet of office and industrial properties in the market.

 Contact:

General Inquiries: Mike Heise, Liberty Property Trust, 904/281-5454

Media Contact: Margo Hunt Winans, a.s.a.p.r., 757/404-8653

For more information please visit http://www.libertyproperty.com/

NAI Realvest Negotiates Renewal/Expansion Leases totaling 41,104 SF of Industrial space in Sanford and Lake Mary, FL

 

 MAITLAND, FL. --- NAI Realvest recently negotiated renewal and expansion leases for a total of 41,104 square feet of industrial space at the Monroe CommerCenter in Sanford and in the I-4 / Lake Mary Blvd. technology corridor.      

 Michael Heidrich (top right photo), a principal in the firm, negotiated an agreement at Monroe CommerCenter North representing the landlord, Maitland-based COP-Monroe North, LLC with Mason, Ohio-based Cintas Corporation who renewed its lease of suite 1000 with 11,743 square feet at 4200 Church St. and expanded into suite 1006 with 10,061 square feet. 

Travis Price of CB Richard Ellis represented the tenant.

 At 600 Technology Park Drive in Lake Mary, Ocala-based Digital Juice, Inc. renewed its lease of suite 104 with 8,700 square feet and expanded into suite 112 with 10,600 square feet.  Heidrich negotiated the lease agreement on behalf of the landlord John H. Talton Enterprises, Inc. of Vidalia, Ga. and the tenant.

For more information,  contact:

Michael Heidrich, Principal, NAI Realvest 407-875-9989 mheidrich@realvest.com

Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com

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

   

Grubb & Ellis|Commercial Florida Negotiates Lease Renewals in Class A Office Buildings in St. Petersburg and Tampa

TAMPA, FL -- Grubb & Ellis|Commercial Florida, associated with 130 Grubb & Ellis offices worldwide, recently negotiated lease renewal agreements at the City Center in St. Petersburg and in the Westshore district of Tampa totaling 3,444 square feet of Class A office space.

Tom Kennedy, Vice President and Associate Sean Kennedy in the firm’s Office Services Group, negotiated the renewal lease of 2,065 square feet in Suite S101 at St. Petersburg’s City Center, 100 2nd Ave. South representing the landlord, Behringer Harvard Real Estate Investments.  The tenant is the B. Gray Gibbs Law Office.

Vice President Richard Andretta, SIOR and Associate Rob Turner negotiated a renewal agreement representing Mutual of Omaha for suite 1130

with 1,379 square feet that its Tampa operation occupies at Tower Place, 1511 N. Westshore Blvd.

The landlord is Tampa-based Highwoods Properties.

                                                                                                              Contact:

          

www.commercialfl.com

Sean or Tom Kennedy, 813-639-1111

Rob Turner or Richard Andretta, 813-639-1111

Patrick Kelly, Managing Director 813-830-7539

Larry Vershel Communications 407-644-4142

Aloft Bangkok - Sukhumvit 11 Set to Open in early 2011

 BANGKOK, THAILAND -- The heart of Bangkok will soon beat a little bit faster with the early 2011 opening of the stylish new Aloft Bangkok - Sukhumvit 11 (top left photo), the latest brand from Starwood Hotels & Resorts. 

Created for the tech-savvy traveler looking for a fun, social experience, Aloft Bangkok - Sukhumvit 11 – the brand’s first property in Southeast Asia – will offer all that and more in a dynamic, vibrant setting at an affordable price.

 “We’re excited to introduce the Aloft experience to savvy travelers coming to Bangkok,” said Brendan Daly, general manager of Aloft Bangkok - Sukhumvit 11.

 “The Aloft concept is the perfect fit for Bangkok’s Sukhumvit – it’s fresh, stylish, urban and very forward-thinking.  We are providing the perfect space for travelers to meet and connect on their adventures.”

Contact:

Hwee Peng Yeo

Director of Asian Markets

Glodow Nead Communications – Asia

Level 21, Centennial Tower

3 Temasek Avenue

Singapore 039190

Tel : 65 9768.6087

 Glodow Nead Communications

1700 Montgomery Street, Suite 203

San Francisco, CA 94111

T: 1 415.394.6500

C : 1 650.892.4769 F: 415.403.9060

hweepeng@glodownead.com

http://www.glodownead.com/

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Despite Sluggish Economy, Cambridge Chairman Says Positive Vibes Continue to Resonate at 20th Anniversary Inc.

 CHICAGO, IL--As the best performing sector in the commercial real estate sector by far, senior housing/healthcare operators have plenty to feel good about as the economy continues to lurch along at a less than satisfying gait.

Despite the continuing credit and global economic crisis, Cambridge Realty Capital Companies Chairman Jeffrey Davis (top right photo) describes “an almost fantasy-like, positive environment” at the 20th annual NIC Conference meeting held recently in Chicago.

The industry has been surprisingly resilient despite continuing credit woes. For some, the euphoria appears to be “a function of the (approximately) $110 billion in federal government stimulus spending for Medicaid patients in skilled nursing home facilities,” he noted.

Cambridge is one of the nation’s leading senior housing/healthcare lenders, with more than $3 billion in closed transactions. An FHA-approved HUD Lean lender, the company also offers conventional funding options and is active in property acquisitions, joint ventures and sale/leaseback transactions through its Cambridge Investment and Finance Co. subsidiary.

Although many businesses appear to be doing well, Davis points out that the capital needed to fund growth and expansion remains in short supply. At this time, funding is primarily coming from HUD (nursing homes) and from Fannie Mae and Freddie Mac (assisted living and independent living facilities).

 Contact:

Evan Washington

Phone: (312) 521-7604

Fax: (312) 357-1611

E-Mail:  ew@cambridgecap.com

Arbor Closes Two Upstate NY Fannie Mae DUS® Loans Totaling $10,120,000

  UNIONDALE, NY (Nov. 1, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of two (2) loans under the Fannie Mae DUS® Loan product line. These loans include:

 Clover Crossings Apartments, Manchester, NY (top left photo) – The 72-unit complex received $5,480,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

Maplewood Apartments, DeWitt, NY (middle right photo) – The 132-unit complex received $4,640,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

The loans were originated by Ronen Abergel, Director, in Arbor’s full-service New York, NY, lending office.

Contact:  Christopher Ostrowski, costrowski@arbor.com

$34.5 Million Multifamily Complex Trades in Coatesville, PA

 COATESVILLE, PA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Millview Apartments (top left photo), a 350-unit 364,950-square foot multifamily complex in Coatesville.

The sales price of $34,515,000 represents $98,614 per unit and $95 per square foot.

Ridge MacLaren (middle right photo), a vice president investments, and Mark Thomson, a senior associate, Clarke Talone (lower right photo) and Andrew Townsend (middle left photo), multifamily investment specialists, all in Marcus & Millichap’s Philadelphia office, represented the seller, a local developer.

The firm also represented the buyer, a newly formed partnership focused on acquiring newly constructed properties in the Philadelphia region.     

“Despite the high quality of this luxury asset, this deal proved was difficult because Millview Apartments is in a challenged location,” says MacLaren.

 “It took some time to find the right buyer for this deal, but once we did, we were able to overcome all of the obstacles. 

“The buyer acquired a newly constructed luxury asset in Chester County for below replacement cost and financed the property with agency debt at historically low interest rates. As rents continue to rise in Chester County, Millview is a solid long-term investment.”

  “The opportunity to acquire 350 new units in Chester County at roughly half the price per unit of comparable properties doesn’t surface too often,” adds Thomson. “This transaction involved a motivated seller and buyer who overcame a fire at the building during the inspection period to make this deal happen.  Everyone was on the same team in this transaction.”

Developed in 2005 the 33.5-acre Millview Apartments at 100 Cobblestone Drive includes 250 two-bedroom units averaging 1,144 square feet and 100 one-bedroom units averaging 790-square feet. Tenants pay all utilities, including water and sewer.

Chester County is the wealthiest county in the state and falls under the top 20 wealthiest counties in the United States at No. 19.

            

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

IPA Arranges the Two Largest Multifamily Sales of the Year in Texas

  

 HOUSTON, TX – Institutional Property Advisors (IPA), a national brokerage platform specializing in serving the needs of institutional and major private investors, has arranged the sale of two luxury urban infill assets in Texas: The 450-unit Boardwalk at Town Center (top left photo) located in The Woodlands, and the 404-unit AMLI City Vista (middle right photo), located in Houston.  The terms of the individual transactions were not disclosed.

IPA’s Balthrope Group, led by Will Balthrope (middle left photo), a senior director and Ryan Epstein, a director, brokered both transactions.

 The seller of Boardwalk at Town Center was USAA Real Estate and the buyer was MEPT, a private equity fund advised by Kennedy Associates. The seller of City Vista was Koontz McCombs, and the buyer was AMLI Residential.

“These are the two largest multifamily assets to trade so far this year in Texas,” explains Balthrope. “In addition, these transactions closed within three days of each other, illustrating continued investor demand for quality infill product throughout the state of Texas.”

The 444,693 square-foot Boardwalk at Town Center is a 450-unit, luxury apartment complex located in The Woodlands, a prestigious master-planned community. Designed by Humphreys & Partners Architects and developed in 2008, the institutional-grade asset includes resort-like amenities and has received numerous design awards.

 The 9.27-acre property is located within a walking distance or short commute to more than 1,550 firms, 6.4 million square feet of office space and 43,000-plus jobs.

AMLI City Vista, also developed in 2008, is a 385,358 square-foot mid-rise luxury apartment complex designed to appeal to young urban professionals.

The 5.7-acre property is surrounded by employment centers and expressways: One mile east of City Vista is downtown Houston and Interstate 45, approximately one mile north is I-10, one- and one-half miles south is Highway 59, three miles south is Texas Medical Center, and four miles west is Uptown Houston.

The property is situated a few blocks north of Buffalo Bayou, Houston’s premier greenbelt and recreation area.

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

 

Grubb & Ellis Equity Advisors is Terminating Relationship with Grubb & Ellis Apartment REIT

 SANTA ANA, CA (Nov. 1, 2010) – Grubb & Ellis Equity Advisors, LLC the primary real estate investment and asset management subsidiary of Grubb & Ellis Company (NYSE: GBE), today announced that its and its affiliates’ advisory and dealer-manager relationship with Grubb & Ellis Apartment REIT is being terminated.

 “Over the past few months there has been an increasing divergence in perspective between Grubb & Ellis Equity Advisors, as the advisor, and the REIT’s board of directors, which has resulted in fundamental differences of opinion as it relates to strategic direction of the REIT,” said Jeff Hanson (top right photo), president and chief executive officer of Grubb & Ellis Equity Advisors.

”Grubb & Ellis will continue to work constructively with the REIT board over the coming months to ensure that the interests of shareowners are preserved throughout the transition period.”

 Hanson added, “We remain committed to the non-traded REIT industry and will continue to focus our efforts on Grubb & Ellis Healthcare REIT II, which began acquiring assets earlier this year and seeks to raise $3 billion in equity.”

 Contact:  Damon Elder, Phone, 714.975.2659, Email: damon.elder@grubb-ellis.com

Condo Bulk Deal Era Nears End In Greater Downtown Miami

Institutional investors searching for at least 100 condo units or more to purchase in a single project in the distressed Greater Downtown Miami market are faced with the new reality that the era of the large transaction is nearing an end, according to a new report from CondoVultures.com.

The large-scale bulk buying phase in Greater Downtown Miami - the epicenter of Florida's condo crash - all but ended at about 5.30 pm Wednesday, Oct. 27, in a federal courthouse on Flagler Street.

That is when a U.S. Bankruptcy Court refused to stop a consortium of lenders led by Bank of America from selling its outstanding construction loan on nearly 750,000 square feet of new condo space in the Everglades on the Bay (top left photo) complex to a New York institutional investor. 

The Bank of America note sale for $142 million, or $191 per square foot, set in motion the process for the buyer, Rockwood Capital led by chairman and chief executive Edmond A. Kavounas (middle right photo), to obtain title from the developer, Cabi Downtown LLC, to the remaining unsold residential and commercial condos in the two-tower complex.

As of Oct. 28, the Everglades on the Bay had only sold 177 units out of 849 units, leaving 672 units unsold in the pair of 49-story skyscrapers, according to the Condo Vultures® Official Condo Buyers Guide To Miami™.

"Bulk deals in Greater Downtown Miami are just about as extinct as the residential construction crane," said Peter Zalewski (middle left photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"With nearly 700 unsold units, the Everglades on the Bay was the last of the mega-condo projects standing vacant in Greater Downtown Miami with no clear future.

 In the last two years, lenders and bulk buyers have successfully infused a significant amount of capital into nearly all of the other large-scale distressed condo projects, resulting in a backstop of the price declines."

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

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