Grubb & Ellis Represents Macys.com in Lease Expansion of Headquarters Space in San Francisco

  

 SAN FRANCISCO, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Daniel Cressman (middle right photo), executive vice president,  represented Macys.com in a lease expansion of two additional floors for an aggregate 100,000 square feet of office space at the historic Monadnock building (top left photo), located at 685 Market St. 

 A subsidiary of Macy’s Inc., the online department store leased an additional 37,737 square feet of office space at the 10-story tower in downtown San Francisco. 

 According to Macy’s Inc., the combined online sales volume of Macys.com and Bloomingdales.com was up approximately 29.3 percent year-over-year as of September 2010.

 “The continued increase in sales volume led the company to need additional space at the Macys.com headquarters,” said Cressman, who had previously represented Macys.com in its expansion to more than 60,000 square feet of space at 685 Market St., in 2008. 

 Scott Harper of Colliers International represented the property’s owner, Prudential Real Estate, in the expansion. 

  Contact:  Julia McCartney, Phone:  714.975.2230                                     

Email:  julia.mccartney@grubb-ellis.com

John F. Mix Joins Grubb & Ellis as Senior Vice President, Financial Services Asset Management

 SAN FRANCISCO, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that John F. Mix (middle left photo) has joined the company as senior vice president and Bay Area leader of the company’s Financial Services Asset Management group. 

 In his new role, Mix will be responsible for the marketing and account management of the company’s Financial Services Asset Management group, which offers strategic counsel and a full range of services to financial institutions and special servicers looking to create value through their real estate-owned portfolios.

 “John brings a wealth of long-term financial relationships and is very well recognized throughout the San Francisco Bay Area.  We couldn’t be more pleased to have him join us,” said Mark Geisreiter (bottom right photo), executive vice president, and regional managing director of Grubb & Ellis’ Bay Area Real Estate Services operations. 

 “His addition is consistent with our strategy to substantially increase the services we provide our Bay Area clients.”

 Mix is one of 34 real estate services professionals to join Grubb & Ellis in the Bay Area since January 2010. 

Contact: Julia McCartney, Phone: 714.975.2230                                     

Email: julia.mccartney@grubb-ellis.com

Grubb & Ellis Selected to Market Historic,1.1-Million-SF Clock Tower Place in Maynard

 BOSTON, MA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has been selected by Wellesley/Rosewood Maynard Mills, L.P. to lease Clock Tower Place (top left photo), a 1.1-million-square-foot office development located in Maynard.

 Stephen Cook, senior vice president, Jack Kerrigan, executive vice president, Mark Coelho, senior associate, and John Coakley, senior associate, will be responsible for leasing the building. 

 “Clock Tower Place is truly an astounding value option for users of office and flex space,” said Cook.  “The onsite amenities rival those of any Class A building in the country, while the history and construction of the building create a business environment full of character, creativity and progress.”

Built in 1847, the property’s 13 red brick buildings have served a number of historically relevant purposes, including making wool for carpets in the 1840s, wool blankets for Union soldiers during the Civil War and plastics in the 1950s. 

In 1957, Digital Equipment Company was founded within the mill’s walls, starting out with a modest 8,600 square feet and ultimately purchasing the campus in 1974 as the company grew to become a pioneer in the rise of the computer. 

Following Compaq’s acquisition of Digital Equipment in 1998, the mill was renamed Clock Tower Place and became one of the largest multi-tenant buildings in New England.  Its clock tower, built in 1892, is the largest operational hand-wound clock tower in the U.S.

 “The fact that Wellesley Management is headquartered at Clock Tower Place adds an important dimension to the offering,” Kerrigan added.

 “As a result, the campus has a strong, well-capitalized and active owner onsite, complete with property management, site planning, legal and construction all in-house.  That’s a tremendous benefit for tenants.”

Today, the building has approximately 90 tenants and contiguous space from 200 square feet to 250,000 square feet.

 It features classic brick-and-beam interiors with hardwood floors and ample natural light provided by oversize windows. 

The onsite amenities include the Clock Works Café, a full-service printer, a day care facility, self-storage facility, meeting/convention services, bank, parking garage, shuttle service to public transit, coffee shop, free Wi-Fi and fitness and tanning services through Gold’s Gym.

 The campus is located among all that downtown Maynard has to offer, including restaurants, pubs, retail and other establishments, and is a short drive from numerous scenic and recreational areas including Maynard Country Club Golf Course (middle left photo with map on bottom right), Walden Pond, lakes, rivers, apple orchards and jogging paths.

 Clock Tower Place has a TIF agreement and ETA designation in place that offers reduced tax rates and no personal property tax. 

 For more information, contact Cook at 617.772.7216 or via e-mail at stephen.cook@grubb-ellis.com

.

 Contact: Erin Mays, Phone: 312.698.6735

Email:  erin.mays@grubb-ellis.com

 

 

Southern Commercial Completes 40,000-SF New Lease in Orlando

ORLANDO, FL-- Principals, William “Bo” Bradford (top left photo), CCIM, SIOR and Tom McFadden (bottom right photo), SIOR of Southern Commercial Real Estate Advisors completed a 40,000 square foot new lease at 519 Codisco Way.

 Bradford and McFadden represented the Tenant, Industrial Lighting Products.  The Landlord, Sanford Partners, LLC, was represented by Clark Brandt with The Bywater Company. 

 Firm Also Completes 20,500-SF New Lease

ORLANDO, FL-- Principals, Tom McFadden, SIOR and William “Bo” Bradford, CCIM, SIOR of Southern Commercial Real Estate Advisors completed a 20,500 square foot new lease at 7443 Emerald Dunes Drive.

 McFadden and Bradford represented the Landlord, McDonald LeeVista D, LLC.  The Tenant, American Woodmark Corporation, was represented by Lisa Bailey with Morrison Commercial Real Estate. 

Media Contact:  Celeste MacKenzie,  321-281-8503                                                                                     

cmackenzie@southerncommercialre.com

                                                                     

                                   

Wooldridge Joins The Bainbridge Companies

WELLINGTON, FL--Josh L. Wooldridge (top right photo) has joined the Bethesda office of The Bainbridge Companies as Regional Development Manager.

 He will oversee the acquisition of new multifamily real estate development opportunities throughout the Mid-Atlantic. He is also responsible for daily development operations and strategic directives in the area.

 "We are very excited to grow our development capability in the D.C. Metro area by adding Josh to the Bainbridge team locally. He brings great local industry knowledge, on the ground experience, area relationships and an entrepreneurial drive to our development business," stated Tom Keady (middle left photo), President of Development for The Bainbridge Companies.

Wooldridge was most recently with Trammell Crow Residential’s Mid-Atlantic division, where he helped develop a number of new luxury apartment communities in the Washington, D.C. metropolitan area.

 During his tenure, the division developed more than 5,000 luxury multifamily units in the region with a total combined capitalization of over $1 billion. He has also worked for the City of Alexandria’s Economic Development Partnership.   

 According the Wooldridge, “The Bainbridge name represents a tremendous reputation and track record of success in all aspects of the multifamily residential business. As a native of the Washington Metropolitan area, I am eagerly looking forward to fostering this tradition in the Mid-Atlantic.”

 Wooldridge earned both his MBA and his undergraduate degree in urban planning and design from the University of Maryland.

Contact: Terri Thornton, 404-932-4347 (Cell) http://www.territhornton.com/

Marcus & Millichap Sells 196-Room Hotel in Birmingham, AL for $3.7 Million

 BIRMINGHAM, AL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of the Clarion Hotel (top left photo), a 196-room hotel located in Birmingham, Ala., according to Bryn D. Merrey, regional manager of the firm’s Tampa office.

The asset commanded a sales price of $3.7 million.

Jonathan S. Ruprai, a hospitality investment specialist in Marcus & Millichap’s Tampa office, and Edwin Greenhalgh, an investment specialist in the firm’s Birmingham office, had the exclusive listing to market the property on behalf of the seller, a limited liability company based in Alabama.

The buyer, a limited liability company, was secured and represented by Ruprai. Greenhalgh, an associate in the Birmingham office, also represented the buyer in this transaction.

The Clarion Hotel was built in 1975 and is located at 5216 Messer Airport Highway.  This is a four-story, full-service interior corridor hotel located at the Birmingham International Airport (bottomright photo).

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Arbor Closes $3,904,000 Fannie Mae DUS® Small Loan For Villa Sorrento Apartments in Clovis, CA

Uniondale, NY  - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $3,904,000 loan under the Fannie Mae DUS® Small Loan product line for the 35-unit complex known as Villa Sorrento Apartments (top left photo) in Clovis, CA. The 10-year loan amortizes on a 30-year schedule.

 The loan was originated by Jay Porterfield (lower right photo), Vice President, in Arbor’s full-service Plano, TX, lending office.

 “Arbor had the opportunity to provide a rate and term refinance for this Class A property,” Porterfield said. “The property was recently constructed and has enjoyed strong leasing due to the excellent quality and location.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

Arbor Closes $1,998,000 Fannie Mae DUS® Small Loan For Hickory Square Apartments in Hickory, NC

 Uniondale, NY -- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,998,000 loan under the Fannie Mae DUS® Small Loan product line for the 108-unit complex known as Hickory Square Apartments (top left photo) in Hickory, NC. The 10-year loan amortizes on a 30-year schedule.

 The loan was originated by Ronen Abergel (bottom right photo), Director, in Arbor’s full-service New York, NY, lending office.

Contact:  Christopher Ostrowski, costrowski@arbor.com

Foreclosure Activity Increases 4 Percent in Third Quarter, According to RealtyTrac® U.S. Foreclosure Market Report

IRVINE, CA — RealtyTrac® (http://www.realtytrac.com/), the leading online marketplace for foreclosure properties, released its U.S. Foreclosure Market Report™ for the third quarter of 2010, which shows that foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 930,437 properties in the third quarter, a nearly 4 percent increase from the previous quarter but a 1 percent decrease from the third quarter of 2009.

One in every 139 U.S. housing units received a foreclosure filing during the quarter.

Foreclosure filings were reported on 347,420 U.S. properties in September, an increase of nearly 3 percent from the previous month and an increase of 1 percent from September 2009.

A record total of 102,134 bank repossessions were reported in September, the first time bank repossessions have surpassed the 100,000 mark in a single month.

"Lenders foreclosed on a record number of properties in September and in the third quarter, taking a bite out of the backlog of distressed properties where the foreclosure process was delayed by foreclosure prevention efforts over the past 20 months," said James J. Saccacio (top right photo), chief executive officer of RealtyTrac.

 "We expect to see a dip in those bank repossessions -- and possibly earlier stages of the foreclosure process -- in the fourth quarter as several major lenders have halted foreclosure sales in some states while they review irregularities in foreclosure-processing documentation that has been called into question in recent weeks."

Impact of lender foreclosure halts

Foreclosure activity in the 24 judicial foreclosure states most affected by the foreclosure documentation issue accounted for 40 percent of all foreclosure activity in the third quarter and 36 percent of bank repossessions, or REOs.

"If the lenders can resolve the documentation issue quickly, then we would expect the temporary lull in foreclosure activity to be followed by a parallel spike in activity as many of the delayed foreclosures move forward in the foreclosure process," Saccacio said.

"However, if the documentation issue cannot be quickly resolved and expands to more lenders we could see a chilling effect on the overall housing market as sales of pre-foreclosure and foreclosed properties, which account for nearly one-third of all sales, dry up and the shadow inventory of distressed properties grows -- causing more uncertainty about home prices."

Preliminary RealtyTrac foreclosure sales numbers for September show that overall foreclosure sales -- including pre-foreclosure sales and REO sales -- accounted for 31 percent of all sales during the month. REO sales alone accounted for 18 percent of all sales.

Foreclosure sales in the 24 states most affected by the foreclosure documentation issue accounted for 32 percent of all foreclosure sales nationwide, based on the preliminary September data.

Foreclosure Activity by Type

During the quarter a total of 269,647 properties received default notices (Notices of Default or Lis Pendens), a decrease of 1 percent from the previous quarter and a decrease of 21 percent from the third quarter of 2009, when default notices peaked at more than 342,000.

Foreclosure auctions were scheduled for the first time on a total of 372,445 properties during the quarter, the highest quarterly total for scheduled auctions in the history of the report.

Scheduled auctions increased 5 percent from the previous quarter and were up 4 percent from the third quarter of 2009.

Bank repossessions (REOs) also hit a record high for the report in the third quarter, with a total of 288,345 properties repossessed by the lender during the quarter -- an increase of 7 percent from the previous quarter and an increase of 22 percent from the third quarter of 2009.

Nevada, Arizona, Florida post top state foreclosure rates in third quarter

As it has for the past 15 quarters, Nevada continued to document the nation's highest state foreclosure rate in the third quarter of 2010 despite a year-over-year decline in foreclosure activity.

One in every 29 Nevada housing units received a foreclosure filing during the quarter, almost five times the national average. Nevada foreclosure activity increased nearly 1 percent from the previous quarter but was down nearly 20 percent from the third quarter of 2009.

Arizona posted the nation's second highest state foreclosure rate for the fifth consecutive quarter, with one in every 55 housing units receiving a foreclosure filing, and Florida posted the nation's third highest state foreclosure rate for the fourth consecutive quarter, with one in every 56 housing units receiving a foreclosure filing.

With one in every 70 housing units receiving a foreclosure filing during the third quarter, California documented the nation's fourth highest foreclosure rate, followed by Idaho, with one in every 86 housing units receiving a foreclosure filing during the quarter.

A total of 7,424 Idaho housing units received a foreclosure filing during the quarter, an increase of nearly 20 percent from the previous quarter and an increase of nearly 14 percent from the third quarter of 2009.

Other states with foreclosure rates ranking among the top 10 in the first quarter were Utah, Georgia, Michigan, Illinois and Hawaii.

Five states account for more than 50 percent of nation's third quarter total

California alone accounted for 21 percent of the nation's total foreclosure activity in the third quarter, with 191,016 properties receiving a foreclosure notice -- the nation's largest foreclosure activity total.

California foreclosure activity decreased nearly 1 percent from the previous quarter and was down nearly 24 percent from the third quarter of 2009.

Florida foreclosure activity increased 12 percent from the previous quarter and was flat from a year ago, giving the state the second largest foreclosure activity total, with 157,026 properties receiving a foreclosure filing.

With 49,103 properties receiving a foreclosure filing in the third quarter, Arizona posted the nation's third largest state foreclosure activity total. Arizona foreclosure activity increased nearly 8 percent from the previous quarter but was down 2 percent from the third quarter of 2009.

Illinois posted the nation's fourth largest foreclosure activity total, with 47,802 properties receiving foreclosure filings, and Michigan posted the nation's fifth largest foreclosure activity total, with 46,100 properties receiving foreclosure filings.

Foreclosure activity in both Illinois and Michigan increased on a quarterly and annual basis in the third quarter.

Other states with foreclosure activity totals among the nation's 10 highest were Georgia (41,231), Nevada (38,429), Ohio (36,677), Texas (34,187) and Washington (17,670)

Contact:

Linden Kohtz Garcia

735 Market Street 4th Floor, San Francisco, CA 94103

(415) 593.1211

SF | LA | NYC | London

www.atomicpr.com

AtomicPR

NAI Realvest negotiates new long-term retail lease with Quest Diagnostic Lab in New Smyrna Beach, FL

 MAITLAND, FL. – NAI Realvest recently negotiated a new long term lease for 1,654 square feet of retail space at 1700-1722 Canal Street (SR 44) in New Smyrna Beach.  

 Thomas E. Hankins (top right photo) CCIM SIOR, principal at NAI Realvest negotiated the transaction representing the landlord, Concord Americas Corporation of San Antonio, Texas.  

 The tenant, Tampa-based Quest Diagnostics Clinical Laboratories, Inc., leased the space for its East Volusia operations.

 For more information, please contact:

Thomas E. Hankins, CCIM, SIOR, Principal, NAI Realvest 407-949-0727 (Direct) or thankins@realvest.com

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

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

Sanford City Commission Names Ball, Bowlin to Sanford Airport Authority Board to Oversee Orlando Sanford International Airport

 SANFORD, Fla. --- The Sanford City Commission recently appointed Sanford residents Tom Ball (top left photo) and Henry Bowlin (middle left photo) to four-year terms on the Sanford Airport Authority Board.

 Ball is a longtime area commercial real estate professional. Bowlin is an executive at Century Link.

 Larry Dale (lower right photo), president of Orlando Sanford International Airport, said Ball and Bowlin will replace William Miller, who served as a member of the Sanford Airport Authority Board for 18 years, and John Williams, a member of the board for eight years.

  “William Miller helped usher in a new era at Orlando Sanford International Airport,” Dale said.

 Miller played an instrumental role in the development of regular scheduled passenger service at the airport and construction of both airport passenger terminals, Dale explained.

Both Miller and Williams helped lead the effort to extend Runway 9R-27L and develop the airport’s parking garage, along with numerous other capital projects on the airfield and in the Airport Commerce Park, Dale said.

 For more information, please contact:

Diane Crews, VP of Administration, Sanford Airport Authority, 407-585-4010

Larry Dale, President, Sanford Airport Authority; 407-585-4002

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

NAI Realvest Negotiates Industrial leases at Commerce Centers in Orlando and DeBary, FL totaling 10,000 SF+

 MAITLAND, FL– NAI Realvest recently negotiated two industrial leases for a total of 10,120 square feet at the Hanging Moss CommerCenter (bottom left photo) in Orlando and at Springview CommerCenter in DeBary.

 Michael Heidrich (top right photo), principal in the firm, negotiated a lease for 6,200 square feet at Suite 100 6148 Hanging Moss Rd. representing the landlord COP-Hanging Moss, LLC of Maitland.   The tenant is Florida Injury and Rehabilitation Centers, Inc.

 Heidrich also represented Shockley Group, Inc. the landlord in a lease at 210 Springview Commerce Drive at Springview CommerCenter in DeBary.  The tenant Ricky Ramirez leased Unit 110 with 3,920 square feet at the facility.

 For more information, please contact:

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

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

Beth Payan or Larry Vershel, LV Communications, 407-644-4142  (fax: 4410)

Florida REO Managers awarded contract to manage foreclosed St. Petersburg apartment community, more expected

ORLANDO, FL--  Florida REO Managers, Inc. (www.floridareomanagers.com), an affiliated company of Realty Marketing Associates, based in Orlando, was recently awarded a contract to manage Oak Clair Apartments, a 32-unit St. Petersburg rental community owned by City National Bank of Los Angeles.

Ron Schwartz (top right photo), principal at Florida REO Managers, said he formed the new company to meet demands for local and statewide management and court appointed receivers of residential apartments and commercial properties that have been by out-of-state lenders in foreclosures.

Already, Florida REO Managers has been assigned 10 properties by the courts or the lenders in areas from Vero Beach to Ft Walton Beach and from the Atlantic to the Gulf of Mexico.

“We work with out-of-state lenders and attorney’s who have taken back Florida properties, or who need a receiver to make sure that the borrower’s property continues to be maintained properly during the sometimes lengthy foreclosure process,” Schwartz said.

“In today’s real estate market it is imperative that the bank REO properties take good care of their tenants as well as their properties, and many lenders are based in other states,” Schwartz explained.

“They need a Florida based management representative and we have more than 30 years of experience managing and operating residential apartments and commercial properties,” Schwartz said.

 Schwartz said he expects a wave of new business as more properties enter the foreclosure process.

“Residential apartments and commercial property foreclosures have been overshadowed by the single family foreclosures problem, but a wave of apartments and commercial property foreclosures is headed our way,” Schwartz said.

Kevin Kellehe (lower right photo)r with Franklin Street Real Estate Services, a Tampa real estate broker, was awarded the listing of the St Petersburg property for sale.

Recently, Florida REO Managers completed a Titusville project as a court appointed receiver and REO manager that was awarded to them by Crown North, a service corporation in Jacksonville, and a Brevard County court.

 “We’re getting calls from lenders and attorneys on a daily basis,” Schwartz said. “This is a big story that will have major implications for Florida’s economy."

For more information, please contact:

Ron Schwartz, Principal, Florida REO Managers, Inc. 407-342-3648 (direct)

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

Women’s Healthcare of Orlando to open in Avalon Park

 ORLANDO, FL. --- Avalon Park Group recently negotiated a long term lease with Women’s Healthcare of Orlando for 1,795 square feet of professional office space at 3701 Avalon Park Blvd. West in downtown Avalon Park off Alafaya Trail in east Orlando.

 Stephanie Hodson, marketing coordinator for Avalon Park Group, said Dr. Ingrid Dunn (top right photo) , an OB/Gyn physician, will open her practice in mid December in suite 230 of the Keith A. Ewing Medical Office Building.  

 Hodson said Dr. Dunn has clinical privileges at Florida Hospital and Winter Park Memorial Hospital. 

 Dr. Dunn is a member of the American Medical Association and American College of Obstetricians and Gynecologists. 

Beat Kahli (lower left photo) is founder and owner of Avalon Associates. 

 For more information, please contact:

Stephanie Hodson, Marketing Coordinator, Avalon Park, 407-658-6565

Beat Kahli, Founder/Owner Avalon Associates 407-658-6565 

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

Arbor Closes Two Chicago Fannie Mae DUS® Small Loans Totaling $3,307,500

Uniondale, NY (Oct. 14, 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® Small Loan product line. These loans include:

 Woodlawn Apartments, Chicago, IL (top left photo) – The 51-unit complex received $1,297,500 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 26-year schedule.

Drexel Apartments, Chicago, IL (middle right photo) – The 56-unit complex received $2,010,000 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 Michael Jehle (bottom left photo), Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI, lending office.

 “The owners were looking for long-term, fixed-rate loans to refinance their existing debt coming due and provide some cash out if possible,” Jehle said. “We were able to satisfy their needs on both fronts in a very timely manner.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

Latino Hotel Association Forms Alliance with STR to Provide Data to Members

            HOUSTON, TX—The Latino Hotel Association (LHA), a newly formed global organization dedicated to expanding Latino ownership, leadership and commerce in the hotel industry, today announced that it has formed a strategic alliance with STR, the hotel industry’s leading data provider. 

            Under terms of the agreement, LHA members will provide historical operating data from their hotels to STR, and LHA members will receive special pricing for a variety of STR products.  “This is the win-win situation for LHA and for the hotel industry,” said Angela Gonzales-Rowe (top right photo), president and founder of LHA. 

             “Our members will benefit from greater access to market intelligence, and as we grow internationally we will provide STR with data they might not otherwise have obtained.”
         The Latino community on a global basis is a major force in the hotel industry,” said Amanda Hite, STR’s chief strategy officer.

           “While our initial focus with LHA will be in the U.S. & Mexico, South and Central America have tremendous long-term growth potential as their economies expand and hotels, especially international brands, gain more traction.  This relationship with LHA members will allow us to add greater depth to our database, and we look forward to expanding our relationship with them.”

Headquartered in suburban Houston, LHA is a worldwide, non-profit association dedicated to increasing Latino participation in the hospitality industry, to include ownership, leadership and commerce. 
 The organization provides education, international and regional conferences and networking opportunities with the leading hotel companies in the world.  Additional information is available at the association’s website, http://www.latinohotelassociation.org/.

Contact: Jerry Daly, Chris Daly, Daly Gray Public Relations, (703) 435-6293, jerry@dalygray.com

             

HFF secures $10 million permanent financing for 3000 Park Lane Office Building in Pittsburgh

PITTSBURGH, PA – The Pittsburgh office of HFF (Holliday Fenoglio Fowler, L.P.) has secured $10 million in permanent financing for 3000 Park Lane Office Building, (top left photo) a 105,315-square-foot office building in Pittsburgh, Pennsylvania.

HFF managing director Claudia Steeb in cooperation with the Los Angeles office of Marcus & Millichap, worked on behalf of The Matteson Companies to secure the 10-year, 4.89% fixed-rate loan through One America, an HFF correspondent lender.  Loan proceeds were used to acquire the property. 

 The property is located at 3000 Park Lane Drive just off Interstate 376 (the Parkway West), at the edge of the major retail development in Robinson Township, which includes a regional mall as well as restaurants, hotels and other service providers.

 3000 Park Lane Office Building is fully leased to Connecticut General.  Originally constructed in 1991, the property recently underwent a major renovation to meet “green building” certifications. 

“As a lender, One America does a magnificent job in providing financing for single tenant properties at highly competitive interest rates,” said Steeb. 

The Matteson Companies are a group of affiliated entities engaged in real estate investment, development and management, headquartered on the San Francisco Peninsula with operations in diverse western United States markets.

 This is their first acquisition east of the Mississippi, and they are seeking other single tenant opportunities throughout the United States.

Contacts:        

Cllaudia A. Steeb, HFF Managing Director, (412) 281-8714, csteeb@hfflp.com

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