Grubb & Ellis Announces Results of 2010 Annual Meeting of Stockholders

SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced the results of the voting at its Annual Meeting of Stockholders.

Approximately 76 percent of the voting power of the outstanding shares entitled to vote was represented, in person or by proxy, at the meeting.

Stockholders voted on and overwhelmingly approved the following proposals:

The re-election of each of: Thomas D’Arcy (top right photo), the company’s president and chief executive officer, C. Michael Kojaian (lower  left photo), chairman, Robert J. McLaughlin, Devin I. Murphy, D. Fleet Wallace and Rodger D. Young as directors of the company for one-year terms. 

No fewer than approximately 95 percent of the votes cast voted in favor of each of these nominees.

·         The ratification of the appointment of Ernst & Young, LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2010.

Contact:   Janice McDill

Phone:      312.698.6707                                     

Email:        janice.mcdill@grubb-ellis.com     

IPA Sells Two Large Multifamily Properties in Texas

DALLAS, TX – Institutional Property Advisors (IPA), a boutique brokerage platform serving the needs of institutional and major private investors, has arranged the sale of two large multifamily properties in Texas in two separate transactions.

 They are the  378-unit Mira Loma (top left photo) located in Live Oak, a suburb of San Antonio, and the 270-unit Alta Bayside (top right photo) in Corpus Christi. The terms of the individual transactions were not disclosed.

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

The seller of Mira Loma was Godfrey Residential Group and the buyer was Concierge Asset Management. The seller of Alta Bayside was Wood Partners and the buyer was Camden Property Trust.

“Demand for high-quality investment properties in top locations remains strong,” says Balthrope.

 “Both of these assets demonstrated good operating performances and cleared the market quickly. The IPA platform is gaining traction with institutional clients and large private investors who appreciate the service provided by senior-level advisors,” adds Balthrope. 

Mira Loma, developed in 2009 by Godfrey Residential, is a 335,260-square foot luxury apartment complex located in the northern quadrant of the highly traveled interchange of Interstate 35/Loop 1604 in northeast San Antonio.

Situated on 20.8 acres, Mira Loma is the newest property in this highly desirable submarket at the “front door to San Antonio.” The property is visible from the Interstate 35 and Loop 1604 interchange and provides residents with convenient access to the area’s rapidly growing employment, health and retail centers.

Built in 2007 on 14.5 acres, the 295,593-square foot Alta Bayside is located along Ennis Joslin Road in a strong multifamily submarket of Corpus Christi.

The property is visible from South Padre Island Drive, the primary north-south highway connecting Interstate 37 and downtown Corpus Christi to the Gulf of Mexico, the Naval Air Station and Texas A&M University.

 Alta Bayside features spacious floor plans with sunroom options, gated access, an executive fitness center, 24-hour business center with high-speed Internet and on-site boat parking.

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

Bulk Buyers Resell 2,000 Condos At 24% Premium In South Florida

  

MIAMI, FL--Nearly half of the 70-plus condo bulk transactions for distressed units in South Florida are actively being resold to individual buyers at an average premium of $51 per square foot, according to a new report from CondoVultures.com.

Bulk buyers have resold 25 percent of the nearly 7,900 newly constructed or completely renovated units acquired in distressed transactions in the tricounty South Florida region since July 2008, according to the report based on the Condo Vultures® Bulk Deals Database™.

Private equity groups and institutional investors that have purchased distressed condos in packages of at least 10 units for an average price of $215 per square foot during the last 30 months are now reselling on a retail basis at an average price of $266 per square foot in Miami-Dade, Broward, and Palm Beach counties, according to the report based on recorded deeds.

(Palm Beach skyline middle left photo)

"Bulk condo buyers are reselling units at an average premium of 24 percent, which at first glance seems to fall in the range of every investment group's expected return," said Peter Zalewski (top right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "The issue is, the $51 per square foot average premium is a gross amount that does not factor in carrying costs, real estate commissions, marketing fees, and any sales incentives. Once these additional costs are factored in, the net profits are likely to erode for inferior properties."

The future of bulk condo deals in South Florida is the focus of the upcoming Condo Vultures® panel discussion entitled "Condo Conversions - The Next Wave For Bulk Buyers" at 5.30 pm Tuesday, Dec. 14, at the Miami Marriott Biscayne Bay Hotel in Greater Downtown Miami.

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

37% of New Condos In Boca Raton Still Unsold

 MIAMI, FL---More than one-third of the new condos in the coastal Boca Raton / Deerfield Beach market created during the South Florida real estate boom are still unsold as of Sept. 30, 2010, according to a new report from CondoVultures.com.

Buyers have purchased slightly more than 650 units - some 63 percent - of the nearly 1,050 units created since 2003 in the Boca Raton / Deerfield Beach market east of Dixie Highway, leaving nearly 400 unsold developer units available at the end of the third quarter of 2010, according to the report based on the soon-to-be-published Condo Vultures® Official Condo Buyers Guide To Boca Raton / Deerfield Beach™.

"The Boca Raton / Deerfield Beach market has the highest concentration - percentage wise - of unsold developer units in South Florida east of Interstate 95," said Peter Zalewski (bottom left photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "The Boca Raton / Deerfield Beach market like many other parts of the tricounty South Florida region still has a sizable chunk of unsold new condos. The difference in the Boca Raton / Deerfield Beach market is the pricing has held strong much like in the South Beach neighborhood of Miami Beach."

The Boca Raton / Deerfield Beach market has not yet had a bulk deal for new condo product but that could change as much of the unsold developer units near the coast in South Florida are being pursued by investors.

Condo Vultures® is hosting a discussion "Condo Conversions - The Next Wave For Bulk Buyers" on Dec. 14 to explore the topic

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

Tolaris Realty Group reports November sales best in three years

LAKE FOREST, FL –Tolaris Realty Group, based at Lake Forest off SR 46, west of Sanford, reported that sales during this past November rank as the best month for the company in the last three years.

Richard Bavec (top right photo), president of Tolaris Realty Group, said the realty group closed on sales of eight homes that totaled $2.5 million.

 For more information, contact:

Richard Bavec, President, Tolaris Realty Group, 407-402-9866

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

Melrose-Sovereign Companies launches new web site, relocates Daytona Beach Office

 ORLANDO, FL - Melrose-Sovereign Companies which ranks as one of the largest providers of homeowner and condominium association management firms in the southeast has relocated its Daytona Beach office to new facilities at 433 Silver Beach Ave. in Daytona Beach.

 Jack Hanson (top right photo), LCAM, co-founder and partner at Melrose-Sovereign Companies, said the firm will re-launch its web site the week of Dec. 13 at www.Melrose-Sovereign.com.

 Co-founder and partner Ellen Lumpkin, LCAM (lower left photo), said the redesigned web site will offer a wide range of helpful community management services and details for home owners associations and condominium boards.

Headquartered in Orlando, Melrose-Sovereign Companies has eight offices throughout the state.

For more information contact: 

Jack B. Hanson, LCAM, Partner/co-founder, Melrose-Sovereign Companies, 407-228-4181, jhanson@melrose-sovereign.com;

Ellen G. Lumpkin, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181, elumpkin@melrose-sovereign.com;

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

 

ICSC Foundation Announces 2011 Under-Graduate Real Estate Award Recipients

New York  – The International Council of Shopping Centers (ICSC) Foundation announced today that 24 schools, including Florida State, University of Florida and University of Central Florida have been awarded the 2011 Undergraduate Real Estate Award. 

These undergraduate schools were selected based on an overall rating that included its number of ICSC student members, academic ranking, strength of real estate program, industry involvement, faculty investment, real estate clubs and ICSC conference participation.

Established in 2009, the Undergraduate Real Estate Award Program annually provides up to 25 $1,000 awards to a college or university to be given to a junior or senior enrolled in their undergraduate real estate program. 

Students are chosen by the dean of their respective programs based on their dedication to a career in retail real estate as demonstrated by their overall academic and extracurricular involvement.  In addition to the $1,000 for tuition and other related expenses, each award recipient will also receive a free ICSC student membership for one year.

“The two primary objectives of this awards program are first, to help familiarize universities and colleges that offer real estate as an undergraduate major with ICSC and second, to help build and strengthen relationships between those undergraduate real estate programs and ICSC,” said Valerie J. Cammiso, (middle right photo) executive director of the ICSC Foundation.

  “We are very pleased with the success of the program so far and, on behalf of ICSC and the ICSC Foundation, I would like to congratulate the 2011 award recipients,” added Cammiso. 

The following schools were selected by the ICSC Foundation for the 2011 Undergraduate Real Estate Award:

• Baruch College
• California State University - Northridge
• DePaul University - Chicago, Illinois
• Florida Agricultural & Mechanical University
• Florida International University
• Florida State University
• Georgia State University
• Indiana University
• Marquette University
• Southern Methodist University
• University of Central Florida
• University of Cincinnati
• University of Connecticut
• University of Denver
• University of Florida
• University of Georgia
• University of Guelph
• University of Illinois at Urbana-Champaign
• University of Northern Iowa
• University of Pennsylvania
• University of San Diego
• University of Southern California
• University of Wisconsin
• Villanova University

Media contact:  Larry Vershel or Beth Payan, http://www.lvershel.com/

NAI Realvest Negotiates Long Term Lease of Former Bennigan’s Restaurant Facility on S.R. 46 in Sanford, FL

Maitland, FL - NAI Realvest recently negotiated a 10-year lease of the 6,313 square foot former Bennigan’s Restaurant facility at 4520 West S.R. 46 in Sanford near Heathrow.

 Matt Cichocki (top right photo) and Kevin O’Connor (lower left photo), principals at NAI Realvest brokered the transaction representing both the tenant and the landlord, GE Capital Franchise Finance Corporation, operating as GE CPAC Investment II, Inc.

The new tenant, Sun Valley Buffet, plans to open an Asian fusion-style buffet in January, Cichocki said. 

 This is the seventh buffet style restaurant transaction the NAI Realvest team has completed in the last 18 months.

For more information, contact:  

Matt Cichocki or Kevin O’Connor, Principals, NAI Realvest, 407-875-9989; mcichocki@realvest.com;  koconnor@realvest.com

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

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

CEO Nexus to Co-Host Conference at Rollins College Dec. 14 with Robert Finfrock

ORLANDO, Fla. --- CEO Nexus will co-host a seminar at Rollins College Dec. 14 featuring speaker Robert D. Finfrock (top right photo).

Steve Quello (middle left photo), president of CEO Nexus, said Finfrock is the owner/president of Finfrock Design-Manufacture-Construct, a design-builder of commercial buildings utilizing precast and prestressed concrete structures.

Finfrock created a company that is totally unique in the construction industry by integrating architecture, engineering, general contracting, precast concrete manufacturing and industry specific software development within one firm. The principles he used in his own business are the basis for a competitive strategy business book that he co-authored, titled "Beyond Price."

Finfrock has served as the Chairman of the Precast/Prestressed Concrete Institute and is a fellow of both the American Concrete Institute and the Precast/Prestressed Concrete Institute, which named him as a "Titan" of their industry and one of their 50 most influential people of the past 50 years.

Quello said the 6 p.m. invitation-only presentation will be for CEO’s of second-stage businesses at the Center for Advanced Entrepreneurship at the Crummer Graduate School of Business at Rollins College in Winter Park.

For more information contact:  

Steve Quello, President, CEO Nexus 407-590-6101, squello@ceonexus.com;

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

Emerson International Reports Sales of 67 New Luxury Homes Worth $20 Million This Year at Eagle Creek Golf Club in Orlando

ORLANDO - Emerson International reports it has sold 67 new luxury homes for revenues of more than $20 million this year at Eagle Creek Golf Club located off Narcoossee Rd.near Medical City in south Orlando.

Eric Emerson, vice president and general manager of Emerson International, which developed the Eagle Creek Golf Club community (top left photo) said 13 luxury homes sold in three weeks ending Dec. 9.

The average sale price of a new home at Eagle Creek is $300,000, Emerson said.

Eagle Creek Golf Club features a championship 18-hole golf course, a New England Manor Clubhouse, and distinct neighborhoods that offer golf, lake or forest views with luxury single-family homes, golf villas, and town homes.

Eagle Creek Golf Club is owned by Emerson International, a wholly owned subsidiary of The Emerson Group, the global corporation that is one of the largest privately-owned property development companies in the U.K. 

For more information, contact:

Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560; ejemerson@emerson-us.com;

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

  

Abingdon Apartments Sold to JAIR LYNCH Development Partners/MacFarlane Partners

WASHINGTON, DC – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that its Multi Housing group represented The Brick Companies in the sale of Abingdon House Apartments, an 82-unit mid-rise apartment complex in the Pentagon City area of Arlington, Va., to a joint venture of JAIR LYNCH Development Partners and MacFarlane Partners.

The purchase price was not disclosed.

Christopher Doerr, vice president, and Rachel Ley, associate, represented the seller in the disposition of the building, located at 815 18^th St. S.

“This offering represented the opportunity to purchase a fully stabilized, mid-rise building in Pentagon City, one of the Metro area’s strongest rental submarkets,” said Doerr. 

 “It’s rare to buy a property from the original owner, and the fact that The Brick Companies owned the property since it was built in 1963 greatly added to its value.

"It has been meticulously maintained and amenities were adopted organically – everything from the brick façade to its balconies and outdoor recreation areas makes it stand out among the newer steel and concrete high-rises.”

The property is within walking distance to world class retail, restaurants and parks, including Crystal City, The Fashion Centre at Pentagon City (lower right photo) and Virginia Highlands Park. 

The property is located in one of the top school districts in the country and is across the street from a branch of the Arlington public library.  The property is currently 100-percent leased. 

Contact:  Erin Mays                                            

Phone:     312.698.6735                                       

Email:      erin.mays@grubb-ellis.com     

Grubb & Ellis Declares Preferred Stock Dividend

 

SANTA ANA, CA (Dec. 10, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced today that its board of directors has declared a dividend of $3.00 per share on the company’s 12% Cumulative Participating Perpetual Convertible Preferred Stock to stockholders of record as of December 20, 2010.  The dividend is for the quarterly period from October 1, 2010 and is payable on December 31, 2010.

Contact:  Janice McDill

Phone:     312.698.6707                                     

Email:       janice.mcdill@grubb-ellis.com     

Palmer Electric Wins UCF Contract in Orlando

 WINTER PARK, FL— Palmer Electric Company has secured a continuing services contract from the Facilities Department of the University of Central in Orlando, Fla.

Under the scope of services, Palmer Electric’s Low Voltage division will provide voice, data and communications services on an as-needed basis campus-wide. The one-year contract has three, one-year renewals.

Palmer Electric has extensive experience at the University’s main campus that includes the new Arts Complex II and the recently completed Solar Electric Vehicle Charging Station. Additionally, Palmer Electric has wired four student dormitories, four multi-level parking structures and the Knight’s Plaza.               

Contact: Elaine Ingra, 407 384-1344, elainei@pr-works.com

Central Florida Builders’ Exchange Elects Officers and Board of Directors

  

            WINTER PARK, FL,— Central Florida Builders’ Exchange is pleased to announce its 2010 - 2011 board of directors: Robert High, H. J. High (top right photo),Construction, chair; David L. Shaw (top left photo), Shaw Mechanical Services LLC, vice chair; Tony Salvo, Just Concrete & Masonry Inc., secretary;  Michael Thornton, Clancy & Theys Construction Company, treasurer.

The directors are Steve Belflower, AIA, HuntonBrady Architects; Adam Eckelbarger, Mader Southeast Inc.; Vince Horton, Advantage Integration Technology Inc.; Deanna Jenkins, Thomas Lumber Co. Inc.; John Mathews, J B Mathews Co.; Charles Wallin, Florida Rock Industries Inc.; and Robert K. Vaughn, Palmer Electric Co.

            Trudi Larson, president, remains at the helm of the organization, a position she has held since 1995.  

        Headquartered in Winter Park, Florida, Central Florida Builders’ Exchange, a member-owned, commercial construction association celebrating 66 years in business, is one of the oldest and largest design, engineering and construction related associations in Central Florida.

Serving the needs of architects, engineers, contractors, suppliers and vendors since 1944, the association provides information, project leads, and a physical and Internet plan room to its 500 members.

 Please visit http://www.cfbe.net/  for additional information.

Contact:  Elaine Ingra, 407 384-1344, elainei@pr-works.com

EagleBridge Capital Arranges $2 Million Mortgage for Rite Aid Pharmacy in Mansfield, MA

Boston, MA, Dec. 9, 2010-- EagleBridge Capital has arranged permanent mortgage financing in the amount of $2,000,000 for the acquisition of the Rite Aid Pharmacy (top left photo) located in Mansfield, Massachusetts. 

The mortgage financing was arranged by EagleBridge principals Ted M. Sidel (middle right photo) and Brian D. Sheehan (middle left photo) who stated that the loan was provided by a leading commercial bank.

Mr. Sidel and Mr. Sheehan stated, “We are pleased that EagleBridge was able to arrange financing within a very short closing window and provide permanent mortgage at a very competitive rate.”

The Rite Aid Pharmacy is located at 243 Chauncy Street (Route 106) near the intersection of Route 140.

The free standing building contains 13,500 square feet and is situated on a 1.25 acre parcel.  The Rite Aid features a drive thru for pick up of prescriptions.  The exterior façade is clapboard and shingles.

Rite Aid is one of the largest operators of pharmacies in the United States with over 4700 pharmacies in 31 states and the District of Columbia.  There are currently 157 Rite Aid Pharmacies in Massachusetts. 

EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for shopping centers, free standing retail buildings, apartments, office, industrial, and r & d buildings, hotels, condominiums, and mixed use properties as well as special purpose buildings.

Contact: 

Ted Sidel, (617) 292-7177, Ext. 10 

33 Broad St., Boston,, MA 02109; FAX: 617.292.7575

http://www.eaglebridgecapital.com/

GearingStone Establishes Preferred Provider Relationship with Grubb & Ellis

  

 DALLAS, TX,  (Dec  9, 2010) – GearingStone, LLC (GS), a Dallas-based commercial special servicing company announced it has established  a preferred provider relationship with Grubb & Ellis Company (NYSE: GBE) one of the country’s largest commercial real estate services firms.

 As a preferred provider, GearingStone will engage Grubb & Ellis, which offers a fully integrated scope of services to financial institutions managing distressed assets, to provide leasing and disposition, BOVs, consulting, property management, project management, valuation and other services.

 “We are excited to expand our service offering to include the Grubb & Ellis professional network and proprietary research,” said Alan Gearing (top right photo), President of GearingStone.

 “Grubb & Ellis’ services are 100% complementary to GS’s special servicing platform and human capital network spawned from our related FDIC receivership work. 

“Together, we can provide clients with a fully integrated scope of services for distressed asset management that covers the entire United States.  We feel that this is the most dynamic management solution for small- to mid-sized balance commercial assets that exists in the marketplace today.” 

 Gearing added that the relationship will serve as yet another business model differentiator and competitive advantage for GearingStone and enables GearingStone to effectively manage small- to mid-sized balance commercial loans and OREO on a national scale.

  “By tapping into Grubb & Ellis’ service offerings, we are able to provide a unique mix of workout/resolution expertise coupled with strong real estate valuation and management capabilities,” he said.

 GearingStone’s relationship manager at Grubb & Ellis is Scot Farber (lower right photo), Executive Vice President, Investment Services. 

 “We are thrilled that GearingStone has selected Grubb & Ellis as a preferred provider,” Farber said.

“Our Financial Services Asset Management practice, which utilizes Grubb & Ellis’ national platform to provide banks and special services throughout the United States integrated receivership, property management, valuation, note sales and transaction services, uniquely positions us in the marketplace and is consistent with GearingStone’s desire to offer comprehensive services to its clients. 

"We believe that working together we can maximize the value of real estate owned assets.”

 As part of the relationship, both GearingStone and Grubb & Ellis have agreed to introduce each other to their respective clients and in certain instances engage in joint marketing of their services.

For more information: http://www.gearingstone.com/

Contact: Alan B. Gearing, (972) 392-8635, agearing@gearingstone.com

Arbor Closes $2,920,000 Fannie Mae DUS® Small Loan for Delshah Valery Place in Washington, DC

 Uniondale, NY (Dec. 9, 2010) – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,920,000 loan under the Fannie Mae DUS® Small Loan product line for the 23-unit complex known as Delshah Valery Place (top left photo) in Washington, DC.

The 10-year loan amortizes on a 30-year schedule.

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

 “The borrower acquired this property via a foreclosure sale,” Kaushansky said. “He saw value based on a great location in the Columbia Heights section of Washington, DC. The asset was fully rehabilitated and has been stabilized. We were happy to have provided a permanent loan for a repeat client.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

Chicago Area Entrance Fee Retirement Communities Sell

  

TAMPA, FL -- CLW Health Care Services Group is pleased to announce the sale of Sedgebrook (top left photo) and Monarch Landing (bottom right photo), two Chicago area continuing care retirement communities with 963 total units.

CLW represented Sedgebrook, Inc. and Monarch Landing, Inc. in the sale. The buyer is an affiliate of Senior Care Development, LLC (www.SeniorCareDevelopment.com) and its capital partner Fundamental Advisors LP (www.FundamentalAdvisorsLP.com).

 SEDGEBROOK - LINCOLNSHIRE, ILLINOIS

• Type C (100% Refundable) Entrance Fee CCRC

• Built 2005-2009

• 601 units (IL/AL/SN)

• 849,265± square feet (excluding parking decks)

• 91± acres

MONARCH LANDING - NAPERVILLE, ILLINOIS

• Type C (100% Refundable) Entrance Fee CCRC

• Built 2006-2007

• 362 units (IL)

• 612,484± square feet (excluding parking decks)

• 78± acres

Contact: Allen McMurtry • 813.349.8349 • amcmurtry@clwrg.com