Grubb & Ellis Names Stephen Jones Executive Managing Director, Institutional Capital Markets

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that Stephen Jones has joined the company as executive managing director, Institutional Capital Markets, effective immediately.  He will report to Glen Esnard (top right photo), president, Capital Markets.

In this role, Jones will leverage his commercial real estate experience, extensive relationships and knowledge of the institutional capital investment market to further enhance the company’s Capital Markets platform. 

As part of Grubb & Ellis’ Investor Services platform, the Capital Markets group integrates investment sales with property management, agency leasing and debt & equity finance to optimize client returns.

 

“Steve’s experience and proven success makes him an excellent choice to enhance our client focus and expand our new business efforts within the Institutional Capital Markets group,” said Esnard.

  “We’ve significantly strengthened our institutional sales capabilities over the past two years with the addition of a number of leading professionals in key markets throughout the country.  As a company, we have observed Steve’s credibility in the marketplace and his deep client relationships.  We are excited to have him on our team.”

Jones’ hire marks the third major leadership addition in the company’s Capital Markets group in recent months. 

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

150 Foreclosures Filed A Day In South Florida In Q3 2010

MIAMI, FL--Lenders filed an average of 150 foreclosure actions per day in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties in the third quarter of 2010, according to a new report from CondoVultures.com.

As significant as that figure is, the current pace represents a 42 percent decrease in foreclosure actions on year-over-year basis compared to the third quarter of 2009 when lenders initiated 259 filings per day in South Florida, according to the report based on the Condo Vultures® Foreclosure Database™.

For the year, South Florida foreclosure filings are down 36 percent to an average of 179 filings per day between January and September of 2010.

During the same nine month span in 2009, lenders filed an average of 279 foreclosure actions per day, according to the report produced using Clerk of the Court records in Miami-Dade, Broward, and Palm Beach counties.

"New foreclosure filings are slowing dramatically in South Florida," said Peter Zalewski (top right photo) , a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"Foreclosures actions - the first step in the repossession process - are still a significant problem for the region but the housing epidemic appears to be losing some momentum.

“The decrease in filings raises a fundamental question of whether fewer borrowers are defaulting on their mortgages or whether lenders are seeking other options besides the foreclosure process to deal with nonperforming residential loans."

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

HealthSouth Completes Purchase of 30-Bed Rehabilitation Unit in Ft. Smith, Arkansas

BIRMINGHAM, AL /PRNewswire-FirstCall/ -- HealthSouth Corporation (NYSE: HLS) today announced it has completed its purchase of a 30-bed inpatient rehabilitation unit in Ft. Smith, Arkansas, from Health Management Associates (NYSE: HMA).

The rehabilitation unit will be relocated from Health Management Associates' Sparks Regional Medical Center to HealthSouth Rehabilitation Hospital of Ft. Smith.
"HealthSouth is committed to meeting the rehabilitative needs of patients in Ft. Smith, and we look forward to expanding our outreach in this market," said Jay Grinney (top right photo), HealthSouth president and CEO.

"We have provided rehabilitative care in Ft. Smith since 1989," said Terry Maxhimer (middle left photo), president of HealthSouth's Mid-Atlantic Region.

"We have a terrific relationship with Sparks Regional Medical Center and will continue to work with them to provide a seamless continuum of care and ensure access to exceptional services for the patients of the Ft. Smith region."

HealthSouth Rehabilitation Hospital of Ft. Smith serves Ft. Smith and the surrounding area, including Sebastian, Crawford and Logan counties in Arkansas as well as Adair, LeFore and Sequoyah counties in Oklahoma.

 HealthSouth operates four rehabilitation hospitals and one rehabilitation satellite unit throughout Arkansas in Fayetteville, Ft. Smith, Jonesboro, Little Rock and Sherwood.

    Media Contact
    -------------
    Lindsay Jones, (205) 970-7319
    Lindsay.jones@healthsouth.com

    Investor Relations Contact
    --------------------------
    Mary Ann Arico, (205) 969-6175
    maryann.arico@healthsouth.com

HFF closes sale of and arranges acquisition financing for Class A office building in Houston’s Greenway Plaza submarket

 HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of and arranged acquisition financing for 3900 Essex,(top left photo) a 235,620-square-foot, Class A office building in the Greenway Plaza submarket of Houston.

Senior managing director Dan Miller (middle right photo) and associate director Martin Hogan (middle left photo)  led the HFF investment sales team on behalf of the sellers, 3900 Essex, L.P. and Aquinas Essex, LLC.

 3900 Essex, L.P. is an affiliate of Fuller Realty Partners, and Aquinas Essex, LLC is an affiliate of Aquinas Companies, LLC.  Beacon Investment LLC purchased the property for an undisclosed amount. 

This was HFF’s 6th sale to Beacon and Beacon’s 12th office building purchase in the last 24 months.    

HFF senior managing director Susan Hil (lower right photo)l arranged the fixed-rate acquisition financing for Beacon through Goldman Sachs Commercial Mortgage Capital, L.P.

Formerly the headquarters of Baker Hughes Corporation, 3900 Essex underwent an extensive renovation in 2007 that included a Gensler-designed renovation to the lobby and common spaces, modernized ADA-compliant restrooms, a complete lighting retrofit, installation of sprinklers throughout the building and upgraded HVAC systems. 

Tenants at the 92% leased property include Thomson Reuters, Bank of Houston, Open Solutions, Aquinas Companies, Mohle Adams  and numerous other professional firms, the principals of which live in the surrounding River Oaks and West University neighborhoods. 

 The property is located adjacent to Central Market and Highland Village providing abundant retail and restaurant options for tenants.

“The co-owners purchased the building in 2006; planning for an extensive renovation to occur upon the departure of longtime tenant Baker Hughes. 

" The quality renovation coupled with an urban infill location adjacent to River Oaks, West University and abundant retail amenities of Highland Village, resulted in the extremely successful re-tenanting program. 

"The offering was highly contested with multiple offers coming from fund advisors and private capital buyers,” said Miller.

Fuller Realty Partners, LLC, established in 1979, is a privately owned, full-service commercial real estate firm headquartered in Houston, Texas.  Affiliates of Fuller performed leasing and property management services for the co-owners and will continuing providing such services for Beacon.  www.fuller-realty.com.

Aquinas Companies, LLC is a privately-owned management company based in Houston, Texas, with interests in construction management, real estate and early-stage investments.  Aquinas’s largest affiliate is Linbeck Group, a construction company founded in 1938.  Affiliates of Aquinas negotiated the 2006 acquisition of 3900 Essex, arranged the acquisition financing and planned the property renovation.  www.aquinasco.com.

Beacon Investment LLC is a privately-owned real estate investment management firm based in Miami.  www.beaconri.com.

Contact:

H. Dan Miller, CCIM, SIOR, HFF Senior Managing Director, (713) 852-3500 

dmiller@hfflp.com

 Susan L. Hill, HFF Senior Managing Director, (713) 852-3500    

 shill@hfflp.com

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

krmurphy@hfflp.com

Penzance continues strong leasing results and celebrates Reston Association’s occupancy at Reston Corner, VA

WASHINGTON, D.C. (Oct. 6, 2010) –Penzance is pleased to announce that the Reston Association has successfully completed its headquarters relocation to Reston Corner I,(top left photo) 12001 Sunrise Valley Drive in Reston, Virginia. 

Owned and managed by Penzance, the 100,000-square-foot Class A office building is one of three buildings that comprise the Reston Corner office park.  After more than 35 years at 1930 Isaac Newton Square, the Reston Association now calls Reston Corner home.

 “We are delighted to welcome a venerable organization like the Reston Association to its distinguished new address and are pleased that the Association identified Reston Corner as the place to launch the next chapter in its impressive history as the representative of Reston homeowners.

“It seems fitting that the cornerstone of residential Reston is at home in Reston Corner,” said Victor K. Tolkan, Penzance, Managing Partner and co-founder.

Penzance Leasing Director Matt Pacinelli spearheaded the leasing effort with Terry Reiley, Jeff Roman, and Tom Walsh of CB Richard Ellis. Rich Rhodes and Rick Meadows of CresaPartners represented Reston Association.

Despite challenging market conditions that are directly attributed to the national and global economic downturn, Penzance continues to significantly outperform in the Reston/Herndon submarket, leasing over 200,000 square feet since it acquired its Reston portfolio.

 This represents an 8% market share of all transactions despite Penzance’s portfolio size, which represents 2% of the market.

“We know the Reston market and the Penzance team works hard to attract tenants who recognize and appreciate as we do the appeal and value of our Reston Corner and Parkridge Center assets,” said Thomas Ikeler, Penzance, Managing Director, Capital Markets.

Reston Corner is a 3-building, 300,000-square-foot office park strategically located at the corner of Reston Parkway and Sunrise Valley Drive. 

 Adjacent to the headquarters of the U.S. Geological Survey, the park enjoys superior access to the Washington Dulles Toll Road and the many amenities Reston has to offer.

Reston Corner boasts an award-winning, naturally landscaped environment as well as stunning new contemporary building lobbies and common areas. In addition, the park features a new state-of-the-art fitness facility, conference center, café and outdoor fountains.

Penzance’s Parkridge Center assets include Parkridge Two, Four and Five (middle left photo), buildings totaling approximately 425,000 square feet  located directly on the Dulles Toll Road with superior signage opportunities.

Strategically situated at the corner of Hunter Mill Road and Sunrise Valley Drive, the park is the eastern-most, and largest, office park in Reston with than 1 million square feet, offering a variety of office space options for private and public sector tenants.

The park features such appealing amenities as a new state-of-the-art fitness facility, a beach volleyball court, outdoor fountains, and café.

Contact:  Matt Pacinelli, 202-339-8001, mpacinelli@penzco.com

Lindsey Pfaender Joins Cushman & Wakefield’s Florida Apartment Brokerage Services

Orlando, FL – Oct. 6, 2010–The Orlando office of Cushman & Wakefield (C&W) announced that Lindsey Pfaender (top right photo) has joined Florida Apartment Brokerage Services.

  As a FABS Associate, Ms. Pfaender is responsible for client advisory, business development and brokerage services for the multi-family brokerage team. 

A recent graduate of Rollins College Crummer Graduate School of Business MBA program, Ms. Pfaender began her real estate career serving as Vice President of Sales and Marketing for The VUE at Lake Eola Condominium (bottom left photo), and as a broker for Premier Property Group, which collectively represents the high rise condominiums in Downtown Orlando. 

Her accomplishments include leading a sales team in closing over 210 transactions, valued at over $100M at The VUE and being recognized as a multi-million dollar producer through Premier Property Group.

Ms. Pfaender most recently served as an investment analyst for a private equity firm acquiring distressed assets in the state of Florida. 

An active community member, Ms. Pfaender participates in several charity events benefitting Florida Hospital, Charity Arts, MD Association, and Make-A-Wish Foundation.

Contact: Brook Hines, Tel: 407-541-4401, brook.hines@cushwake.com

www.cushwake.com

Cuhaci & Peterson Architects Awarded Contract to Remodel Two Winn-Dixie Grocery Stores in Apopka and Jacksonville, FL

ORLANDO, Fla.  – Cuhaci & Peterson Architects LLC, based in Orlando’s Baldwin Park, was recently awarded a contract to remodel two Winn-Dixie Supermarkets in Apopka and Jacksonville.

Both grocery stores are 4,600 square feet.

The store in Apopka is located in Errol Plaza off SR 441 and the store in Jacksonville is off of CR 210 and I-95, according to James E. Downs, (top right photo) president at Cuhaci & Peterson Architects. 

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, 407-644-4142

NAI Realvest negotiates new lease in Altamonte Springs for Lake Mary,FL- based medical technology firm

MAITLAND, Fla. – NAI Realvest recently negotiated a new three-year lease agreement for 1,764 square feet of professional office space at

377 Maitland Ave.

in Altamonte Springs. 

Senior Associate Mary Frances West (top right photo), CCIM negotiated the transaction representing the new tenant, Eden Spine, LLC. 

Eden Spine, headquartered in Lake Mary, is a medical device company engaged in development and distribution of motion preservation technologies for spinal solutions.

The landlord, HB Properties LLC of Altamonte Springs was represented by John J. Roper Company.

For more information contact:

Mary Frances West, CCIM, Senior Associate NAI Realvest, 407-875-9989 mwest@realvest.com;

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

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

NAI Realvest negotiates new long term lease agreement with La Familia Pawn & Jewelry at Haines City Plaza in Polk County

MAITLAND, Fla. – NAI Realvest recently negotiated a five-year lease agreement for 8,000 square feet of retail space at

1707 E. Hinson Ave.

in the Haines City Plaza in Haines City.

Mez Birdie (top right photo), CCIM, director of retail services at NAI Realvest, negotiated the transaction on behalf of the landlord of the 48,000 square foot shopping center, A Milestone, LLC of Newport Beach, Calif.

The new tenant is La Familia Pawn & Jewelry, which is headquartered in Winter Park.   

For more information contact:

Mez Birdie, CCIM, Director of Retail Services NAI Realvest 407-875-9989, Mbirdie@realvest.com

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

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

Grubb & Ellis|Commercial Florida Executive Offers Encouraging Words at “State of the Real Estate” Panel Discussion in Sarasota

TAMPA, Fla. --- Patrick Kelly (top right photo), executive vice president and managing director of Grubb & Ellis|Commercial Florida in Tampa, had encouraging words for the more than 150 real estate professionals who attended the recent “State of the Real Estate“ expert panel discussion during the recent Sarasota International Realty conference.

 “The pain of marking our state’s growth drivers back to our historical market has been generally accomplished thus setting the stage for future prosperity,” Kelly said.

“Affordability, exceptional workforce and extraordinary quality of life are the indictors that distinguish Tampa Bay.  These touch points have stabilized and are poised for future growth,” Kelly said.

Contact:  Beth Payan, Larry Vershel,  lvershel@aol.com

C&W negotiates 29,000 sf lease for Contact Centers of America in Orlando

Orlando, FL– Cushman & Wakefield of Florida, Inc. (C&W) Office Brokerage Senior Director Richard Solik announced a new lease for Contact Centers of America in Windsor at MetroCenter.

Mr. Solik  represented the tenant, in the five-year deal for 30,000 sf.  Yvonne Baker of Highwoods Properties represented the landlord in the deal which will  commence on December 1.

The Orlando-based company provides domestic call center support for  customer service, telesales, health care subscribers and relationship management.

Contact:  Brook Hines, Tel: 407-541-440, brook.hines@cushwake.com

www.cushwake.com

C&W negotiates renewal for Walter P. Associates, Inc. engineering

Orlando, FL – Cushman & Wakefield of Florida, Inc. (C&W) Office Brokerage Senior Director Richard Solik (top right photo)  announced a renewal for Walter P. Moore and Associates, Inc in Lincoln Plaza downtown. Mr. Solik represented the tenant, in the six-year deal for 5,400 sf.

Lincoln Properties represented the landlord in the deal which commences on October 1.

The Houston-based engineering firm has worked on many high profile projects in Orlando including the Orlando Convention Center, Downtown Disney West and the Orlando International Airport.

Contact:  Brook Hines, Tel: 407-541-4401, brook.hines@cushwake.com

www.cushwake.com

Chatham Lodging Trust Completes Acquisition of Residence Inn New Rochelle in Westchester County, N.Y.

PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium-branded select-service hotels, has completed the acquisition of the Residence Inn by Marriott® – New Rochelle, N.Y. (top left photo) in an all-cash transaction for $21 million, or approximately $169,000 per key.

  It is the 12th property acquired by the hotel since its April 2010 IPO.  The company has one additional hotel under contract. 

“With this acquisition, we have invested essentially all of the net proceeds from our IPO which is well ahead of our announced strategy when we took the company public,” said Jeffrey H. Fisher (middle right photo), Chatham’s chief executive officer.

“We expect to close on an $85 million revolving credit facility shortly, which will give us the flexibility to continue our acquisition program, and we just declared our first dividend so we are pleased with the company’s progress to date.”

Located at 35 LeCount Place in New Rochelle, NY, the 10-story upscale extended-stay Residence Inn by Marriott® hotel features 124 suites, complimentary high speed Internet access and fully equipped kitchens.

 The hotel offers an on-site fitness center, swimming pool and structured parking.  The hotel will be managed by Island Hospitality Management, a hotel management company 90 percent-owned by Fisher.

Additional information about Chatham may be found at www.chathamlodgingtrust.com.

Contact:    

Jerry Daly, Carol McCune, (Media) Daly Gray Public Relations

(703) 435-6293, jerry@dalygray.com

Peter Willis Chief Investment Officer (Acquisitions) (561) 227-1387, pwillis@cl-trust.com

HFF closes sale of 14-property national self storage portfolio

 HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of a 14-property self storage portfolio located in California, Florida, Hawaii, Louisiana, New Jersey, New York, Pennsylvania and Texas. 

The portfolio totals approximately 8,923 units and 830,000 square feet of rentable space. 

HFF senior managing director Aaron Swerdlin (top right photo) and managing director Doug McCarron (middle left photo) exclusively represented the seller. 

Public Storage purchased four properties in California and one in Hawaii totaling 3,528 units.   Metro Self Storage purchased the remaining nine properties in the portfolio totaling 5,395 units. 

Public Storage built their first facility in 1972 and since then has developed and/or acquired more than 2,000 locations throughout the United States.  Public Storage is the largest operator of self storage facilities in the world. http://www.publicstorage.com/

.

Over the past 35 years, Metro Self Storage has developed, acquired, managed and sold more than 200 facilities totaling 10,000,000 square feet of self storage property.  http://www.metrostorage.com/

Contacts:

Aaron A. Swerdlin, HFF Senior Managing Director, (713) 852-3500, aswerdlin@hfflp.com

Doug McCarron, HFF Managing Director, CA. Lic. #01473385  (310) 407-2100, dmcarron@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Grubb & Ellis Facilitates the Sale of 9103 Riverside Parkway in Douglasville, GA

 ATLANTA, GA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it represented Wells Real Estate Funds in the sale of 9103 Riverside Parkway (top left photo) in Douglasville, a 593,404-square-foot industrial building, to Medline Industries Inc. 

The sale price was not disclosed. 

 Dave Watson and Darren Ross, both senior vice presidents in the Industrial Group, facilitated the sale. 

 “This transaction illustrates the importance many users place on being close to the airport,” said Watson.  “It will certainly serve to increase the competition in the South Side submarket and offset some of the vacancies to go on the market within the last 18 months.”

 Built in 2003 and 2004, 9103 Riverside Parkway features wide column spacing, high power, 110 loading doors, ample truck and car parking and a fenced truck court with guard shack.

 Medline Industries, a supplier of medical equipment, reportedly chose Atlanta over a number of markets due to the transportation systems, proximity to a highly regarded international airport and highly educated workforce.

Contact:  Erin Mays, Phone: 312.698.6735                         

Email:  erin.mays@grubb-ellis.com

Arbor Closes Three Oregon Fannie Mae DUS® Loans Totaling $9,616,500

 Uniondale, NY (Oct. 5, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three (3) loans under the Fannie Mae DUS® Loan and Fannie Mae DUS® Small Loan product lines. These loans include:

 Mountain Glen Apartments, Bend, OR  (top left photo) – The 147-unit complex received $5,120,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

 Cloverfield Place Apartments, Portland, OR (middle right photo) – The 72-unit complex received $3,250,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

Hawthorne Apartments, Portland, OR (middle left photo) – The 17-unit complex received $1,246,500 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 Brian Scharf (lower right photo), Director, in Arbor’s full-service Uniondale, NY, lending office.

 “With specific regard to the Mountain Glen Apartments, we were excited to have financed a strong borrower with one of the leading residential properties in a market with significant upside,” Scharf said.

 “As for the Portland properties, Cloverfield Place Apartments has benefitted from a substantial rehab and we felt strongly that the borrower added significant value by repositioning the asset.

 And what attracted us the most to Hawthorne Apartments was the desirable location for young professionals within close proximity to downtown Portland.”

Contact: Christopher Ostrowski, costrowski@arbor.com

Self Storage Properties in Georgia and Shopping Center in Texas Receive $11.65 Million Loan

SARASOTA, FL, Oct. 5, 2010— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $11,650,000 for Washington Road Self Storage #1 and #3, Evans Self Storage #1 and #2, and the New Caney Shopping Center.

Brad Cox (top right photo), CCIM, CPM, Company Vice President, secured financing for Washington Road Self Storage #1 through Thomas D. Wood and Company’s correspondent relationship with The Standard Life Insurance Company in the amount of $3,000,000. 

The full-recourse, fixed-rate loan has a term of seven years, based on a 25-year amortization and an interest rate of 6.50%.  The loan-to-value is 70%.  The 77,148 square-foot self-storage facility was built between the years 1994-1997, and is located at 122 Davis Road, Martinez, Georgia.

 Cox secured financing for Washington Road Self Storage #3 through The Standard Life Insurance Company in the amount of $2,700,000.

 The full-recourse, fixed-rate loan has a term of seven years, based on a 25-year amortization and an interest rate of 6.50%.  The loan-to-value is 60%.  The 104,346 square-foot self-storage facility was built in 2000, and is located at 3700 Washington Road, Martinez, Georgia.

Cox also secured financing for Evans Road Self Storage #1 and #2 through The Standard Life Insurance Company in the amount of $3,600,000. 

 The full-recourse, fixed-rate loan has a term of seven years, based on a 25-year amortization and an interest rate of 6.50%.  The loan-to-value is 56%.

 The 120,479 square-foot self-storage facility was built between the years 1996 and 2008, and is located at 4731 Washington Road and 852 Blanchard Road, Evans, Georgia.

Lastly, Cox arranged financing for the New Caney Shopping Center through The Standard Life Insurance Company in the amount of $2,350,000.

 The full-recourse, fixed-rate loan has a term of five years, based on a 25-yer amortization and an interest rate of 6.0%.  The loan-to-value is 63%.

  The 55,944 square-foot retail center was built in 1982, and is home to major tenant Brookshire Brothers.  New Caney Shopping Center is located at 20185 US Highway 59, New Caney, Texas.

Contact:

Brad Cox, CCIM, CPM  (941) 552-9731,  bcox@tdwood.com

Jessica Kinnee, (407) 937-0470, jkinnee@tdwood.com

Marcus & Millichap Lists Distressed Multifamily Property in Peoria, AZ

 PEORIA, AZ., Oct. 4, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Suntree Apartments (top left photo), a 216-unit 175,152-square foot distressed asset in Peoria, Ariz., a major suburb of Phoenix.

The property is being offered unpriced with attractive in-place financing.

Multifamily investment specialists Cliff David (top right photo), Steve Gebing and Rich Butler, based in Marcus & Millichap’s Phoenix office, are representing the seller, a court-appointed receiver.

 “Suntree offers a lineup of interior amenities and community advantages that are unparalleled for an asset of this vintage,” says Gebing.

 “Well-designed interior floor plans that amplify the available living space, combined with revenue-enhancement capabilities through existing washer/dryer connectivity, make for a highly desirable apartment home community.”

 Located at 8650 West Peoria Avenue, east of Loop 101, the Aqua Fria Freeway, Suntree’s location provides excellent freeway access with connectivity to Interstate 10, Interstate 17, State Highway 60, State Highway 74, the future Loop 303 and access to nearly any Valley destination, including downtown Phoenix and Sky Harbor International Airport (middle left photo).

 Suntree was developed by Tricom III in 1984 with wood-frame and stucco construction.

The unit mix features 72 one-bedroom/one-bath apartments at 696 square feet, 72 one-bedroom/one-bath apartments at 717 square feet and 72 two-bedroom/two-bath apartments at 977 square feet. Interior amenities include individual washer/dryer connections in each unit, garden kitchen windows, oversized walk-in closets, custom cabinets with pantries, individual exterior storage rooms, private patios/balcony decks, frost-free refrigerators, dishwashers and garbage disposals.

Community amenities include heated swimming pools and spa, poolside ramada with built-in barbecues, a lighted tennis court, horseshoe pit, shuffleboard, covered parking and a contemporary clubhouse.

 Peoria is Arizona’s fourth-largest city in terms of incorporated area, covering 178 square miles and is home to approximately 158,000 residents.

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

Lots of Investment Cash Sitting on Sidelines, Says RECI

 CHICAGO, IL, Oct. 4, 2010 -- The Real Estate Capital Scoreboard, issued by the Real Estate Capital Institute, notes:

 Benchmark indices declined about 30 basis points in September.  However, mortgage rates taking a steady course as funding sources demand yield despite the recent movement in Treasuries.

Alternative debt product options (e.g., bonds) offer more competition keeping pressure on yields and pricing at current levels.

 In summary, overall mortgage rates comfortably trade within the mid-4% range for longer-term mortgage featuring full leverage.

 Money for real estate investing is bountiful and lot's of cash sits on the sidelines in search of the "right" deal, translating to the following trends:

• As market fundamentals continue slowly improving, banks and other financials institutions with excess real estate exposure are not selling assets very quickly, particularly properties with cash flow. 

• The hottest income-property markets with the fastest recovery prospects include the coastal core markets and major 24-hour urban markets with Washington DC, San Francisco, New York and Southern California at the leading edge.

• Often times in the final bidding process for new deals, a handful of final bidders appear; but the disparity in pricing is wide among such finalist, indicating the investors still have vary different expectations regarding market fundamentals.

• While prime-property pricing is being bid up for new acquisitions, lenders restrict refinancing to loan-to-cost limits as "cashout" of equity is a key concern.   Loan-to-cost restrictions hover at 75% or less, in most instances.

• The very best properties are trading close to replacement cost. More funds are considering new construction options for both debt and equity, especially for multifamily deals.

• Lenders are still very conservatively underwriting most loans with lower leverage (e.g., 70% or less for commercial properties) providing the  most common safety cushion for prudent sizing.

•   However since rates are so low and debt service coverage are high, many lenders are willing to "loosen" underwriting standards to include longer amortization schedules, more flexible prepayment provisions and other such tweaks.

 Jeanne Peck (top right photo), Executive Director of the Real Estate Capital Institute, notes that "The pent-up demand for higher quality real estate leaves a huge vacuum in the non-core property and market sectors." 

She adds, "Eventually, the older properties in tertiary markets may witness pricing appreciation and funding demand, as many investors are priced out of the core deals."

The Real Estate Capital Institute(r) is a volunteer-based research

organization that tracks realty rates data for debt and equity yields.  The

Institute posts daily and historical benchmark rates including treasuries,

bank prime and LIBOR.

 Furthermore, call the Real Estate Capital RateLine at

7RE-CAPITAL (773-227-4825) for hourly rate updates.

The   Real Estate Capital Institute(r)

3517 West Arthington Street

Chicago, Illinois USA 60624

Contact: Jeanne Peck, Executive Director

Toll Free 800-994-RECI (7324)

:director@reci.com> director@reci.com /  <http://www.reci.com/>

http://www.reci.com