Cuhaci & Peterson Architects Win Contract to Design Interior for Cupcake Crazy Store at Stoneybrook West Village in Winter Garden, FL

ORLANDO, FL --- Cuhaci & Peterson Architects, LLC based in Orlando’s Baldwin Park, was selected to design the interior of the new Cupcake Crazy retail store at Stoneybrook West Village, located at Stoneybrook West Parkway in Winter Garden.

Lonnie Peterson, chairman of the architectural firm, said the Cupcake Crazy story will occupy 1,800 square feet of retail space at Stoneybrook West.

For more information,  contact:  

Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;  

Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  

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

  

Stan Johnson Co. Completes $13.95 Million Sale of Thomson Reuters-Occupied Property in Brookfield, WI

BROOKFIELD, WI, Feb. 7, 2011 –Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a three-story, 84,700-square-foot office building100 percent occupied by Thomson Reuters to a California-based private investor for $13.95 million.

Located within a suburban office park, the property is situated on 6 acres at 350 N Sunny Slope Road in Brookfield, WI, a suburb of Milwaukee.

Craig Tomlinson (top right photo) of Stan Johnson Company represented the buyer who was in a 1031 exchange.

The seller was a unit of CW Capital as special servicer for a Wells Fargo CMBS issuance.  The seller was represented by Cassidy Turley and had only recently acquired the property by a deed in lieu.

The property was built in 1984 and has been occupied by Thomson Reuters, an information services company, since 1989. There are approximately 10 years remaining on its long-term lease.

“The buyer recognized the value in the combination of real estate fundamentals and long-term lease with a credit tenant,” said Tomlinson.  “The seller had already done a great job stabilizing the asset and worked quickly through the process to get the deal closed.”

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

david@ebelingcomm.com

                       

Grubb & Ellis Manages Disposition of 179,200-SF Warehouse/Distribution Facility in New Kingston, PA

 KING OF PRUSSIA, Pa. (Feb. 7, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it represented an affiliate of Lexington Realty Trust in the sale of a 179,200-square-foot warehouse/distribution facility at 34 E. Main St. in New Kingston to Lexmain Realty Ventures LLC.

 Stephen Bonge, Timothy Brogan and Patrick McBride, all senior vice presidents in the Global Logistics group, and Carl Neilson, senior vice president, Investment Services, facilitated the transaction.

 “The facility’s location in one of the Northeast’s most active and growing logistics markets resulted in a high level of buyer interest in the property,” said Brogan.

Located on Route 11 with excellent access to I-81, the Pennsylvania Turnpike and I-83, 34 E. Main St. is a highly functional, food-grade warehouse/distribution facility located in the Central Pennsylvania industrial market.  Property improvements include a ballasted EPDM roof and 10 rail doors.

Contact: Erin Mays. Phone: 312.698.6735                              

Email: erin.mays@grubb-ellis.com

Chesapeake Hospitality Signs Agreement to Manage Holiday Inn Palm Beach Airport

WEST PALM BEACH, FL, Feb/ 7, 2011—Officials of Chesapeake Hospitality, an award winning third-party management firm, today announced that the company has signed an agreement to operate the 199-room Holiday Inn Palm Beach Airport Conference Center (top left photo).

 The property has operated under the Holiday Inn flag for more than 15 years while maintaining consistent ownership under the Phillips Family, a name recognized nationwide for their Phillips Seafood Restaurants and Phillips Foods brands.

“The Holiday Inn Palm Beach Airport aligns with our portfolio of branded full- and select-service hotels,” said Kim Sims, Chesapeake president. 

“Our extensive presence in Florida and our strong affiliation with Intercontinental Hotel Group (IHG) brands makes us a perfect fit for this location. 

" We have a proven track record of successful hotel operations and will be focused on customer service, maximizing revenue streams and taking advantage of IHG’s Priority Club rewards program.”

“We are excited to have Chesapeake Hospitality on board to manage our hotel, and we look forward to working with their management team,” said Steve Phillips (middle right photo), chief executive officer of Phillips Seafood Restaurants and Phillips Foods.

The full-service Holiday Inn is located less than a mile from Palm Beach International Airport (lower left photo) and is convenient to the corporate business community, downtown West Palm Beach and popular leisure demand generators, such as Worth Avenue in Palm Beach and area beaches.

The hotel has recently completed Holiday Inn’s re-launch program that includes 32” flat screen televisions and complimentary Internet service.  Among the hotel amenities are 10 meeting rooms totaling 6,500 square feet, a heated outdoor pool and a well-equipped business center.

 

Contact:    

Joe Smith, (216) 496-9120, jsmith@chesapeakehospitality.com

For additional information, visit the company’s website:  http://www.chesapeakehospitality.com/

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Morrison Commercial Real Estate Completes Office Lease Transactions Totaling 16,431 SF in Metro Orlando

ORLANDO, FL (Feb. 7, 2011):  Greg Morrison, CCIM, SIOR, Principal of Morrison Commercial Real Estate, announced the completion of two office lease transactions totaling 16,431± square feet.

 Lisa Bailey top right photo) and Phil Marchese (lower left photo) represented the landlord, OCP Portfolio, LLC in leasing 10,000± square feet to Certified Testing Laboratories at 1924 Premier Row in Orlando.  The tenant was represented by Joseph Luczaj of Real Estate for Kids.

 In Casselberry, Phil Marchese and Lisa Bailey represented Zvetco, LLC in the of 6,431± square feet at 489 E. Semoran Boulevard. 

The landlord, James M. Rudnick, as trustee for the James M. Rudnick Revocable Living was represented by Lee Zerivitz of the Bywater Company.

Contact: Kathryn Crownover, Phone: 407.219.3500 ext. 210

Email:  kcrownover@morrisoncre.com

MBA: Only 11 Percent of $1.4 trillion of Non-Bank Commercial/Multifamily Mortgage Debt Set to Mature in 2011

  

SAN DIEGO, CA (Feb. 7, 2011) - Of the $1.4 trillion balance of outstanding commercial/multifamily mortgages held by non-bank investors, only 11 percent of the total ($155 billion) will mature in 2011, and 9 percent ($125 billion) in 2012 according to today's release of the Mortgage Bankers Association's (MBA) 2010 Commercial Real Estate/Multifamily Survey of Loan Maturity Volumes. 

The survey found that maturities vary considerably by the type of investor holding the loan. 

 "The long-term nature of commercial real estate means that relatively fewer - not more - commercial and multifamily mortgages have been maturing during the throes of the credit crunch and recession compared to other credit types," said Jamie Woodwell (top right photo), MBA's Vice President of Commercial Real Estate Research.

 "For most investor groups, commercial mortgage maturities are relatively spread out, with some increases starting in 2015 as the loans originated in 2005, 2006 and 2007 come due."

 MBA's 2010 survey collected information directly from servicers on the maturity years of more than $1.4 trillion in outstanding non-bank commercial/multifamily mortgages.

Only small shares of the commercial and multifamily mortgage debt held by life insurance companies, Fannie Mae, Freddie Mac or FHA, or in fixed-rate commercial mortgage-backed securities (CMBS) will be coming due in 2011 or 2012. 

Greater shares of mortgages held in short-term and floating-rate commercial mortgage-backed securities (CMBS) and by credit companies, warehouse facilities and other investors will mature in 2011 and 2012.

  

To learn more or to purchase a copy of the report, please visit:

http://www.mortgagebankers.org/ResearchandForecasts/ProductsandSurveys/LoanMaturityVolumes.htm

 Contact: Melissa Key, (301) 509-5537, mkey@mortgagebankers.org

Savanna Secures $47 Million Financing for 5 Hanover Square in Manhattan’s Financial District

NEW YORK, NY – FEB. 7, 2011 – Savanna, a New York-based institutional real estate private equity and asset management firm, today announced the closing of a $47 million loan for 5 Hanover Square (top left photo). 

Located between William and Hanover Streets in Manhattan’s Financial District submarket, this 25-story, 333,000-square-foot multi-tenant office building designed by architect Henry G. Green was built in 1962 and has undergone over $24 million of renovations and upgrades since 2003.

The $47 million loan, provided by Mesa West Capital, will finance the completion of Savanna’s capital improvement plan, which will cover bathroom and hallway renovations, elevator and major building system upgrades, and minor cosmetic improvements to the recently renovated lobby.

Additionally, the financing capitalizes the property to pay the leasing and tenant fit out costs necessary to attract top quality tenants. 

With this transaction, Savanna has successfully secured financing to recapitalize four major commercial properties in Manhattan over the past 12 months.

“It has been a pleasure to work with Mesa West Capital on this transaction and we look forward to financing future deals with them,” said Nicholas Bienstock (middle right photo), a Managing Partner of Savanna.

 “Additionally, we are pleased to continue the major capital investment program started by Swig Equities, which has and will continue to transform 5 Hanover into a very attractive building for its tenants.

“Swig Equities will remain the Managing Agent and we are excited to launch a marketing and leasing effort with Frank Cento of Cushman & Wakefield and Todd Korren of Swig Equities.”

Adam Spies of Eastdil Secured represented ownership in this financing. 

“Savanna has an excellent business plan and the new financing provides capital to reposition the building in an improving market,” says Raphael Fishbach (lower left photo), a Principal who heads Mesa West’s New York City office and directs its East Coast originations.

“Mesa West continues to expand its platform on the East Coast and we are delighted to have closed our first transaction in New York City and with such a strong sponsor.”

 Contact: Alan Segan, Telephone: 212-843-8064

Email: asegan@rubensteinpr.com

Stirling Sotheby’s International Realty Named Exclusive Sales, Marketing Agents for $2.75 Million Equestrian Estate in Highlands County, FL

ORLANDO, FL --- Stirling Sotheby’s International Realty has been appointed exclusive sales and marketing agents for a $2.75 million equestrian estate off U.S. Highway 27 near Lake Placid in Highlands County.

Roger Soderstrom, founder and owner at Stirling Sotheby’s International Realty, said luxury home specialist Erin Wanner (top right photo) negotiated the exclusive listing in Clover Trails (middle  left photo), a gated, deed-restricted equestrian community.

The five-acre estate includes a 7,120 square foot luxury home with five bedrooms, five and one-half-baths, a bonus room or game room an executive office, a spacious master suite with its own private sitting room, private gym, custom closet and large master bath with four person Jacuzzi tub.

Wanner said the estate includes a resort-style swimming pool with a 10-foot waterslide, grotto, beach style entry, tiki bar and huge spa, summer kitchen and an indoor gourmet kitchen with a 13 foot island, Viking stainless steel appliances, and butler’s pantry.

The detached workshop and garage feature an air conditioned office and restroom, 2nd floor storage and RV and boat parking with a raised ramp for easy access to a yacht.

To view the property see  http://www.stirlingsir.com/index.php?action=listingview&listingID=98441

For more information, contact

Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890 

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