Grubb & Ellis Represents MRS Investments in Purchase of Two Industrial Properties in Puget Sound, WA for $37.9 Million

 SEATTLE, WA (Dec. 20, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Matt McGregor (middle left photo), senior vice president, Industrial Group, Bill Condon (middle right photo), executive vice president, managing director, and Andrew Hitchcock (lower left photo), vice president, Industrial Group, represented MRS Investments in its purchase of Cedar River Corporate Park (top left photo) in Renton and the Lincoln Distribution Center (top right photo) in Kent for a combined total of $37.9 million. 

 “Each of these acquisitions presented a strong investment opportunity for our client for a number of reasons, including their excellent locations near major thoroughfares,” said McGregor. 

“Additionally, Cedar River Corporate Park is a brand new building and the only LEED-certified property of its kind in the Puget Sound, creating a unique competitive advantage.  Lincoln Distribution Center is fully leased and functions very well with a possible value-add prospect.”

Cedar River Corporate Park is located at 2200 Lind Ave. S.W. and consists of four buildings offering a total of 143,300 square feet of flex space.

  Purchased for $27 million, the newly constructed Class A business park holds the silver LEED certification from the U.S. Green Building Council. 

It is situated within close proximity to Interstate 405 and Highway 167.

Michael Ross, executive vice president, and Andrew Harper, vice president, members of Grubb & Ellis’ Institutional Capital Markets group in the company’s downtown Los Angeles office, assisted the Seattle team in the transaction.

 John Gilliland, John Sullivan and Charlie Farra of CB Richard Ellis represented the seller, Tarragon LLC, in the transaction. 

 Located at 5808 S. 196th St., the Lincoln Distribution Center is a 170,000-square-foot warehouse/distribution building that was purchased for $10.9 million.

 

The property was 100 percent leased at the time of sale to multiple tenants, including Pacific Power Generation and Certified Folder Display Inc. 

The property is situated within close proximity to Interstate 5 and State Route 181.  Richard Peterson of NAI Puget Sound Properties represented the seller, Lincoln Center LLC, in the sale.

Contact: Julia McCartney, Phone:714.975.2230                                     

Email: julia.mccartney@grubb-ellis.com

Wyndham Hotel Opens in Historic Baltimore Neighborhood

PARSIPPANY, N.J. (Dec. 20, 2010) – Wyndham Hotels and Resorts, LLC, a subsidiary of Wyndham Worldwide Corporation (NYSE: WYN), today announced its expansion in Maryland with the addition of the 104-room Wyndham Baltimore Peabody Court  (top left photo) in Baltimore’s historic Mount Vernon neighborhood.

Owned and managed by Silver Spring, Maryland-based Sunburst Hospitality Corporation, the 14-story property joins the Wyndham Garden Hotel Gaithersburg in Maryland in serving travelers visiting the greater Baltimore-Washington, D.C., area.

“Baltimore is a historic, vibrant city that attracts travelers from across the world for both business and leisure travel,” said Jeff Wagoner (lower right photo), president of Wyndham Hotels and Resorts.

  

CONTACT:

Kathryn Zambito

Public Relations Manager

Wyndham Hotel Group

22 Sylvan Way

Parsippany, NJ 07054

+1 (973) 753-6590

kathryn.zambito@wyn.com

Stan Johnson Co. Completes Sale of Blue Cross Blue Shield Building in Rockford, IL for $12.3 Million

Rockford, IL, Dec. 20, 2010 –Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a 77,200-square-foot office building 100 percent occupied by Blue Cross Blue Shield of Illinois to a California-based individual investor for $12.3 million.

The property is situated on 10.5 acres at 2787 McFarland in Rockford, IL.

Craig Tomlinson (top right photo), CCIM of Stan Johnson Company represented the buyer, a Chicago-based individual investor, in the transaction. Kevin Lynch of Sperry Van Ness represented the seller..

The property is one of two Blue Cross Blue Shield customer service centers in the upper Midwest serving the company’s health insurance clients. Built in 1999, the facility was built by Blue Cross and was sold in a sale-leaseback scenario in 2000.

“The health care industry continues to grow and provides commercial real estate investors an attractive investment for buyers looking for stability,” said Tomlinson.

“In this transaction, the buyer benefitted from a long term, triple net lease with Blue Cross Blue Shield, a leading health insurance company, and the seller secured a favorable sale price.”

Contact: David Ebeling, Ebeling Communications, (949) 278-7851    david@ebelingcomm.com

NAI Realvest Negotiates New Industrial Lease for 2,700 SF in Poinciana CommerCenter East

ORLANDO – NAI Realvest negotiated a new lease agreement for 2,700 square feet at 1743 Business Center Lane at Poinciana CommerCenter East (top left photo) in Kissimmee. 

 Michael Heidrich, a principal at NAI Realvest brokered the transaction representing the landlord and developer, Small Bay Partners, LLC of Maitland and the tenant B.A.S.S., LLC. of Celebration, Fla.

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 or Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com

     

BDG Construction Services Earns Contract to Build out Surgical Plaza at Florida Hospital East Orlando

 ORLANDO - BDG Construction Services, LLC, in Winter Springs recently earned a major contract to build out the interior of a new medical office at the Florida Hospital East Orlando Surgical Plaza (top left photo), located at 258 S. Chickasaw Trail in Orlando.

 Kevin Guffee, president of BDG Construction, said the contract includes 4,972 square feet of interior medical office space.

 Guffee said construction has already started and the new medical office will open in March.

 BDG Construction is a client of the University of Central Florida Business Incubation Program at the Business Incubator in Winter Springs at 1511 East State Road 434.

For more information, contact:  

Kevin Guffee, Principal, BDG Construction Services, LLC, 407-729-5832 kguffee@bdgcs.com;

Esther Vargas-Davis, Site Manager, UCF Business Incubator–Winter Springs, 407-278-4881, evargasd@mail.ucf.edu;

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

Major Leasing and Management Company President Sees Good Signs Ahead for Central Florida Economy

Scott  Crossman (left) and John Crossman (above) recently celebrated the 20th anniversary of Crossman & Company, one of the Southeast’s largest third-party retail leasing and management firms.

ORLANDO, FL. --- John Crossman sees some light shining through the challenges with the Central Florida economy.

 Crossman, who heads Crossman & Company, now celebrating its 20th year in business in Orlando and one of the largest and most active retail property specialists in the Southeast, said the biggest economic indicator---employment---may be weak but other signs are pointing in the right direction.

“Retail sales are a huge factor in the economy in Central Florida,” Crossman said. “Some retailers are sensing that the worst of the recession is behind us. The retailers who remain are in a better position now than before the recession began,” he explained.

 Those retailers who are left standing made the changes necessary for their survival. Retailers who are still operating today have a good chance of staying around. And, Crossman said, some retailers are looking to expand.

 “We will probably see some retailers fail next year but they will create opportunities for the ones that are growing,” he said.

Crossman said his associates report a big decrease in the number of tenants asking for rent relief. 

 “This is a great sign,” Crossman said. “It’s a clear indicator we have reached the bottom of the curve and we’re starting to see some upward progress.”

 Crossman said some retailers---Publix and Darden are two of the most prominent Central Florida companies---are expanding.

 “They are doing deals and gaining market share,” Crossman said.

 And as sad as it may be to see retail centers close, the aftermath will bring good news for families hoping for a paycheck.

“When the lenders get control of a property, they usually hire local companies like us to bring centers up to marketable standards,” Crossman said. “That means increased demand for landscapers, painters, cleaning companies and the like who are bearing the downturn in new construction,” Crossman said.

Lenders know what they are doing. Crossman said he knows of many REITs---Real Estate Investment Trusts---and private capital groups that are seeking commercial property investments.

 “The brokerage and acquisitions business will see a significant increase in 2011,” Crossman said.

 As the national economy begins to recover, Crossman said he expects Central Florida will be one of the biggest beneficiaries.

 “People who have been economizing through three years of recession are going to loosen the purse strings and that means family vacations,” Crossman said.

“We are very fortunate that our tourism industry here will help lead us out of the recession first,” he said. “We all owe a vote of thanks to Harry Potter and Mickey Mouse,” he added.

Contacts:

John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;

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

 

Arbor Closes Six Fannie Mae DUS® Loans Totaling $28.1M Across U.S.

 Uniondale, NY (Dec. 20, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of six loans under the Fannie Mae DUS® Loan and Fannie Mae DUS® Small Loan product lines across the country. These loans include:

 South View Place Towers, Littleton, CO  (top left photo) – The 259-unit, mid-rise complex, which is primarily marketed to seniors, received $12,860,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

River Hills Apartments, Kerrville, TX  (top right photo) – The 88-unit complex in the Texas Hill Country received $4,450,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

London Square Apartments, Tulsa, OK  (middle left photo) – The 172-unit complex received $4,800,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

Village at Lamar Apartments, Austin, TX (middle right photo) – The 154-unit complex received $4,025,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

Madison Place Apartments, Cordele, GA (lower left photo) – The 29-unit complex, which is owned by a local investor, received $1,000,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.

Exeter Apartments, Colorado Springs, CO (lower right photo) – The 26-unit complex received $1,000,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.

The loans were originated by Jay Porterfield, Vice President, in Arbor’s full-service Plano, TX, lending office.

Arbor helped refinance each one of these properties, except Exeter Apartments, for which an acquisition loan was provided in a rather quick closing time frame.” Porterfield said.

 “Of note among the other deals, London Square Apartments utilized its funding to restore several fire-damaged units. Arbor’s work also helped allow the borrowers to restructure their borrowing entities in the case of London Square as well as Village at Lamar Apartments.”

Contact:  Christopher Ostrowski, costrowski@arbor.com