Embassy Suites Chicago-Downtown Completes $12.3 Million Renovation

CHICAGO, IL, April 7, 2011—Davidson Hotel Company, one of the nation’s largest independent hotel management companies, today announced that the 367-suite Embassy Suites Chicago-Downtown (top left photo) in Illinois has completed a $12.3 million renovation.

  Davidson has managed the hotel since June 1, 2010, on behalf of owners, Sunstone Hotel Investors, Inc.  Sunstone oversaw the project; Design Force of Denver, Colo., was the design firm for the renovation.

“The renovation has enhanced the overall guest experience of this exceptionally located hotel,” said Patrick Lupsha (lower right photo), Davidson’s chief operating officer.

 “All guest suites were completely renovated, including new case goods, state-of-the-art workstations, carpeting, wall coverings, two flatscreen televisions per suite and bathrooms. 

“We are confident that the significant capital investment, coupled with our expertise in the Chicago market, will establish the Embassy Suites Chicago-Downtown as the leading upscale, all-suite destination in the market.”

“Chicago is a town with an incredible architectural heritage, which made this project all the more interesting and challenging,” said Roxanne Fancy, president, Design Force.

 “In addition to guest suite interiors, we installed new carpeting, wall coverings, contrasting paint on doors and light sconces in the guest corridors.  All aspects of the renovation complement the bold and self-assured style for which Chicago is well known.”

Located at 600 North State Street, in the heart of downtown Chicago, the upscale, all-suite hotel is convenient to Michigan Avenue’s Magnificent Mile, Loyola University, Navy Pier, American Girl Place, and Lincoln Park Zoo.  The 11-story atrium hotel also is near Boeing Headquarters, City Hall and Chicago Board of Trade. 

 For further information, visit Sunstone’s Web site at www.sunstonehotels.com

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 Additional information on Davidson may be found at the company’s Web site, http://www.davidsonhotels.com/

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 Contact:

Cyndi Norwood, Davidson Hotel Company, (901) 821-4155 cnorwood@davidsonhotels.com

Jerry Daly, Chris Daly (media), Daly Gray Public Relations, (703) 435-6293

jerry@dalygray.com                                            ,                                                                                                                                                                                                                             

HFF closes $42.75 million sale of Class AA, urban multi-housing community in Atlanta

 ATLANTA, GA – HFF announced today that it has closed the sale of 660 Apartments (top left photo), a 301-unit, Class AA multi-housing community in Atlanta’s Old Fourth Ward neighborhood.

HFF marketed the property on behalf of Southeast Capital Partners and The Integral Group.  AMLI Residential Properties Trust purchased 660 Apartments for $42.75 million in an all-cash transaction.  At $142,000 per unit, the transaction represents the highest price paid for a rental community in Atlanta during this cycle.  

Completed in 2009, 660 is the recipient of numerous design awards including MHN’s, “2010 Best New Development” and Building of America, “2010 Gold Medal Winner”.   This urban-core asset is the submarket leader in effective rental rates largely due to its superior design and its unique location adjacent to Historic Old Fourth Ward Park, a brand new 35-acre park.

 The HFF team representing the seller was led by senior marketing director Jason Nettles (middle right photo) and director Megan Thompson (lower left photo). 

“Institutional interest in Atlanta has increased over the past 12 months as fundamentals have improved,” says Nettles.  “While we may not see trades at 25 percent over replacement cost like we’re seeing in the gateway markets, Atlanta is clearly moving over the replacement cost benchmark.”

Southeast Capital Partners is an Atlanta-based real estate investment company specializing in the acquisition, ownership and development of rental and for sale multi-family housing. 

The Integral Group is a full-service real estate development company with specialization in investment management, real estate development, construction management and property management.

AMLI Residential Properties Trust is focused on the development, acquisition and management of luxury apartment communities nationwide.

Contacts:

Jason Nettles, HFF Senior Managing Director, (404) 832-8460 jnettles@hfflp.com

Megan Thompson, HFF Director, (404) 832-8460, mthompson@hfflp.com

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

krmurphy@hfflp.com

HFF secures $50 million refinancing for The AutoNation Building in Fort Lauderdale, FL

MIAMI, FL – HFF announced  that it has secured a $50 million refinancing for The AutoNation Building (top left photo), a 204,337-square-foot mixed-use office and retail complex plus a 522-space parking garage in downtown Fort Lauderdale, Florida.

Working exclusively on behalf of Stiles Financial Services, HFF placed the seven-year, 6.22 percent fixed-rate loan with JP Morgan Chase & Company.  Loan proceeds are being used to refinance existing debt that matured in March 2011. 

Completed in 2007, The AutoNation Building is 90 percent leased to key corporate tenants, including Auto Nation, Ever Bank, and law firms Kopelowitz Ostrow and Lewis Brisbois Bisgaard & Smith.

 The 17-story property is located at the corner of Las Olas Boulevard and SW First Avenue within walking distance to Las Olas’ restaurants, museums, the Federal Courthouse and Florida Atlantic University’s Broward County campus.

 Senior managing director Paul Stasaitis (middle right photo) led the HFF team, which included managing director Danny Finkle (lower  left photo) and associate director Kimberly Flores. 

“This transaction further illustrates continued improvement within the capital markets, particularly as it relates to best in class owners of high-quality real estate,” commented Stasaitis.

Ft. Lauderdale-based Stiles has developed more than 37 million square feet of office, retail, residential, mixed-use, and industrial properties throughout the southeastern United States.

 In addition to development, construction, architecture, realty and property management, Stiles also specializes in financing, acquisitions and asset repositioning.

Contacts:

Paul Stasaitis, HFF Senior Managing Director, (305) 448-1333,  pstasaitis@hfflp.com

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

                                     

Marcus & Millichap Brokers Self-Storage Properties in Denver, CO and Birmingham, AL

  

 23,459-Unit Portfolio in 3 States Listed for  $188 Million

DENVER, CO – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing for the A-American Self-Storage portfolio, a 46-property portfolio located in California, Hawaii and Illinois.

The listing price is $188 million. The 3.18 million-square foot, 23,459-unit portfolio may be sold together or separately.

Charles “Chico” LeClaire (top right photo), a senior vice president investments and a senior director of Marcus & Millichap’s National Self-Storage Group in Denver, is representing the seller, A-American Self Storage, a privately held self-storage company based in Los Angeles.

“A-American Self Storage is one of the largest independent owners of self-storage properties in the United States with more than 75 properties. A-American plans to retain the remaining facilities within the family portfolio,” says LeClaire.

“Because of the improving economy, more people are relocating to urban centers that offer more abundant job opportunities,” he adds. “As people migrate and downsize their residences, self-storage property operations should improve significantly through year end, making the A-American facilities an excellent long-term investment.”

All together, the facilities include 23,459 storage units encompassing 3,181,562 square feet of space in the following locations:

• California: 29 properties, 18,130 units, 2,056,173 rentable square feet, 111.79 acres
•  Illinois: 13 properties, 6,735 units, 847,247 rentable square feet, 57.91 acres
• Hawaii: four properties, 4,302 units, 278,142 rentable square feet, 9.15 acres

 LeClaire has 20 years experience as self-storage property investment specialist. He has closed more than $1 billion in self-storage property transactions nationwide during the course of his career.

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

75,897-SF  Facility in Birmingham, AL Sold for $2.5 million

BIRMINGHAM, AL, April 6, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Downtown Storage (middle right photo) of Birmingham, a 75,897-square foot self-storage facility located in Birmingham, Ala, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $2,500,000.

Michael A. Mele (lower  left photo), vice president investments, and senior director of the National Self-Storage Group and Nicholas Walker (lower right photo), an associate in the firm’s Tampa and Ontario, offices, had the exclusive listing to market the property on behalf of the seller, a financial institution based out of California. 

 The Alabama-based buyer, a private investor, was secured and represented by Edwin Greenhalgh, an associate in Marcus & Millichap’s Birmingham office. 

Downtown Storage of Birmingham is a state-of-the-art facility situated on approximately 1.52 acres of land at 900 17th Street North.  The facility consists of 627 storage units, 519 of which are climate controlled. 

“Eddie and Brooks Lumpkin of Metro Mini Storage, along with their bank, were able to come to the table and close this transaction within a 72-hour timeline from start to finish” says Mele..

  “This is a personal record and shows that deals can be done in this market with local banking relationships. This ‘Class A’ facility fits perfectly into Metro’s portfolio and they are very excited to be the new owners,” adds Mele..

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



Marcus & Millichap Capital Corp. Arranges 7-Year, Fixed-Rate Loan for Mixed-Use Property in Brooklyn, NY

 BROOKLYN, NY– Marcus & Millichap Capital Corporation (MMCC) has arranged a seven year fixed rate loan for a mixed use property located at 808 Prospect Avenue in Brooklyn, New York. 

Sean Mooney, an associate director in the firm’s Brooklyn and Manhattan offices, arranged the financing.

“The property was in great need of rehabilitation, with multiple violations, extensive deferred maintenance, and a certificate of occupancy that did not match the current use,” says Mooney.

 Mooney assisted the borrower in correcting the certificate of occupancy issue, cured the violations and negotiated a draw schedule for the rehabilitation that needed to be done. 

“Things are defiantly starting to loosen up with respects to financing for rehab and construction,” states Mooney.

The loan is for seven years, amortized over 30 years with a fixed interest rate of 4.875 percent.  The loan to cost is 70 percent.

  

5-Year, Fixed-Rate Loan Arranged for 461 St. John’s in Brooklyn

BROOKLYN, NY-- Sean Mooney and Christopher Marks of Marcus & Millichap Capital Corporation (MMCC) have arranged $350,000 in refinancing for a multifamily property located at 461 St. Johns in Brooklyn, NY.

Sean Mooney an Associate Director of the firm’s Brooklyn & Manhattan office and Christopher Marks, an Associate in the Manhattan office, have arranged the financing for the building.

The loan is for five years, amortized over 30 years with a fixed interest rate of 4.75 percent.  The loan to value is 75 percent.

Press Contact: J.D. Parker, Vice-President and Regional Manager, Manhattan

(212) 430-5100

Lincoln Property Company Acquires 55 Allen Plaza in Atlanta on Behalf of Pension Fund Client

ATLANTA, GA (April 5, 2011) –Lincoln Property Company, one of the most respected and diversified real estate service firms in the U.S., said today it has acquired 55 Allen Plaza (top left photo) on behalf of a pension fund client.

Lincoln has taken over leasing and management of the landmark office tower situated prominently overlooking the Downtown Connector on downtown’s northern edge.

The location of 55 Allen Plaza makes it an attractive option for companies seeking space with easy access to Atlanta’s intown markets.

The office tower’s location on the Allen Plaza mixed-use development means tenants are surrounded by amenities including restaurants, the W-Atlanta Downtown Hotel & Residences, shopping and Centennial Olympic Park.

“55 Allen Plaza is a top-quality office tower with unparalleled access and name recognition,” said Tony Bartlett (middle right photo), senior vice president of Lincoln’s Southeast Region.

 “Its tenant roster, which includes Ernst & Young, Skanska, Cushman & Wakefield and ASD, is filled with excellent companies. Lincoln intends to focus on leasing the remaining 80,000 square feet of available office space and providing top-quality management for the existing tenants at 55 Allen Plaza.”

The 350,000-square-foot Class A office tower opened in May 2007.

The addition to 55 Allen Plaza fortifies Lincoln’s already-strong position in Atlanta’s downtown and Midtown submarkets, increasing the company’s presence there to more than 1.2 million square feet.

Lincoln Vice Presidents David Danhof (middle left photo) and Leigh Braswell (lower right photo) are in charge of leasing at 55 Allen Plaza.

“The office tower at 55 Allen Plaza is the newest Class A multi-tenant building downtown” Danhof said. “Its efficient floor plates, accessibility, amenities and views make it an attractive office location.”

For more information on the Southeast Region of Lincoln Property Company, please visit http://www.lpc.com/  or http://www.lpcsoutheast.com/

For more information, contact

Tony Wilbert, Wilbert News Strategies,  404-965-5022 or 404-405-3656

43 Flamingo South Beach Condos Go Into Foreclosure In Q1 2011

MIAMI, FL--Foreclosure actions have been filed against the owners of 43 units in the Flamingo South Beach (top left photo) condominium conversion project in the first three months of 2011 by the complex's association, according to a new report from CondoVultures.com.

The project's condominium association is seeking nearly $760,000 in past-due monthly maintenance fees used to operate the trendy South Beach condo project fronting Biscayne Bay, according to an analysis of the Condo Vultures® Foreclosure Database™.

The surge in foreclosure filings at the Flamingo South Beach comes at a time when South Florida Lis Pendens actions - the first step in the repossession process - are down by two-thirds on a year-over-year basis to about 6,800 filings in the first quarter of 2011, according to the report. 

"At the peak of the market, the Flamingo South Beach condominium was one of the most popular projects for investors," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"Buyers were willing to pay a premium for the units in the refurbished 1960s structure as lease rates in the complex achieved some of the highest rents per square foot in South Beach. The condo market has since changed with an increasing number of renters heading across the causeway to the new condos in Greater Downtown Miami."   

Located at 1500 Bay Road on the west side of Miami Beach, the Flamingo South Beach condominium units that are in foreclosure with the association have a combined "value" of more than $4.6 million, according to Miami-Dade County records.

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

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CB Richard Ellis Central Florida Multi-Housing Group Closes 2 Sales Valued Over $60 Million

ORLANDO, FL--The CB Richard Ellis Central Florida Multi-Housing Group is pleased to announce two more Central Florida multi-housing sales – Marina Grande (top left photo) and Quiet Waters (lower right photo).

The transactions totaled more than $60,000,000, and are a further testament to the recovery of the multi-housing sector.

Built in 2007, Marina Grande features twin luxury high-rise residential towers on the Intracoastal Waterway in the Daytona Beach area. This 486-unit asset was built as condominiums, and the remaining 414 units were sold in bulk.

Quiet Waters, which is located in the Sanford suburb of Orlando, sold to another buyer in a separate transaction.

That rental community was completed in 1965 and features barrel tile roofs and wood floors in unit interiors. Shelton Granade and Luke Wickham of CBRE’s Central Florida Multi-Housing Group exclusively advised the sellers on both deals.

CBRE continues to generate strong interest in the Orlando market, and has sold more than $110,000,000 in local multi-housing assets thus far in 2011.

Contact:

Shelton Granade, T 407.839.3103, shelton.granade@cbre.com

Luke Wickham, T 407.839.3130, luke.wickham@cbre.com

Jones Lang LaSalle Completes 411,548-SF Industrial Lease with Pacific Coast Warehouse Co. in Ontario, CA

ONTARIO, CA,  April 4, 2011 — Jones Lang LaSalle represented Pacific Coast Warehouse Company in a 411,548-square-foot industrial lease at Ontario Distribution Center II  (top left photo)) located at 3601 Jurupa Street in Ontario, Calif.

Pacific Coast Warehouse will occupy the entire building after relocating from 5125 Schaefer Ave in Chino, Calif.

Jones Lang LaSalle’s Southern California Industrial Tenant Representation Team of Executive Vice President Tim O’Rourke and Senior Vice President Barry Hill represented Pacific Coast Warehouse in the transaction. 

The property owner, Ontario Industrial Partners, was represented by Steve Bellitti and Tom Taylor of Colliers International.

“With our knowledge of the Inland Empire industrial market, Jones Lang LaSalle enabled the tenant to upgrade its facility and amenities by relocating to a Class A facility, while also significantly reducing its overall expenses – this is the quintessential ‘Flight to Quality,’” said O’Rourke.

 “This transaction along with other recent deals in the market illustrate that the Inland Empire industrial market is leading the recovery in the U.S. industrial market.”

Located in the Inland Empire industrial market, Ontario Distribution Center II features a clear height of 30+ feet, 58 dock-high loading doors, 76 trailer stalls and a large secured concrete yard area.

Pacific Coast Warehouse Company dates back more than 80 years and has clearly become one of the finest 3rd party distribution organizations in the Western United States by operating as an extension of their customer and focusing on service.

Pacific Coast Warehouse Company is a privately-owned company who understands that quality service, flexibility, technology, and value added services are required for effective supply chain management. 

Pacific Coast Warehouse Company currently operates more than 1,000,000 square feet of space in Southern and Northern California.

For further information, please visit our website, http://www.joneslanglasalle.com/.

Contact: David Ebeling, Ebeling Communications, (p) 949.861.8351

(c) 949.278.7851, david@ebelingcomm.com

HFF closes sale of two-building, Class A office complex in Dallas, TX

DALLAS, TX – HFF announced today that it has closed the sale of Bluffview Towers (top left photo), a two-building, 196,356-square-foot, Class A office complex in Dallas, Texas.

HFF marketed the property on behalf of the seller, Capstar Real Estate Advisors along with an institutional partner.  CDI purchased Bluffview Towers for an undisclosed amount. 

Bluffview Towers is located at 3860 and 3890 Northwest Highway close to Love Field, the residential neighborhoods of Bluffview, Park Cities and Preston Hollow.  The property’s East Tower has 126,132 square feet in seven stories and the West Tower totals 70,224 square feet in four stories.

 Renovated in 2009, the property is 96 percent leased to tenants including GSA, Inland American, Sewell, HEB Grocery and Atrium Companies.

Contacts:

Andrew Levy, HFF Senior Managing Director, (214) 265-0880, alevy@hfflp.com

Todd Savage, HFF Associate Director, (214) 265-0880, tsavage@hfflp.com

 Elizabeth Malone, HFF Managing Director, (214) 265-0880, emalone@hfflp.com

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

Thomas D. Wood & Co. Brokers 3 Loans totaling $4 Million in Pembroke, FL

MIAMI, FL, April 4, 2011— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $4,000,000 for Melson Corporation, 3A3B, Ltd., and Park 25 Corporation.

Marshall Smith (top right photo), Company Executive Vice President, secured financing for Melson Corporation through Thomas D. Wood and Company's correspondent relationship with The Standard in the amount of $1,000,000. 

The fixed-rate, fully-amortizing loan has a term of 15 years, based on an interest rate of 6.375%.  The loan-to-value is 50%.  The 40,000 square-foot multi-tenant industrial building was built in 1980, and is home to major tenant Rainbow Tile.  Melson Corporation is located at 1800 N. Powerline Road, Pembroke Park, Florida.

Smith secured financing for 3A3B, Ltd., in the amount of $1,500,000 through Thomas D. Wood and Company's correspondent relationship with Advantus Capital Management. 

The fixed-rate loan has a 10-year term, based on a 20-year amortization and an interest rate of 5.15%.  The loan-to-value is 50%.  The 68,000 square-foot industrial building was built in 1985, and is located at 3126 Park Road, Pembroke Park, Florida.

Smith also secured financing for Park 25 Corporation through Advantus Capital Management in the amount of $1,500,000.  The fixed-rate loan has a 10-year term, based on a 20-year amortization and an interest rate of 5.15%.  The loan-to-value is 50%.  The 45,000 square-foot industrial building was built in 1985 and is located at 3126 John P. Curci Drive, Pembroke Park, Florida.

Contact:

Marshall Smith   (305) 447-7825   msmith@tdwood.com

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

www.tdwood.com

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Crossman & Co. negotiates Five Lease agreements totaling 12,000 SF at Orange City Marketplace in Orange City, FL

ORANGE CITY, FL--- Crossman & Company, one of the largest retail leasing, management and development firms in the Southeast, recently negotiated five lease agreements totaling 12,000 square feet at the Orange City Marketplace located on Saxon Blvd. at the corner of Enterprise Rd. in Orange City.

 Senior Associate Daniel Germano (top right photo) represented the landlord Orange City Marketplace, LLC in negotiating the transactions, which included

• Renewal and expansion lease by Hong Kong Buffet for a total of 5,600 square feet;
• Renewal lease of 1,200 square feet by Weight Watchers;
• Renewal lease of 2,100 square feet by Saxon Dental;
• New lease of 2,400 square feet by All American Karate and
• Renewal and expansion lease of 700 square feet by Quest Comm Mobile.

For more information please contact:

Daniel Germano, Leasing Associate, Crossman & Company, 407-423-5400 or 407-581-6223

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

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

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Maury L. Carter & Associates Brokers $4.2 Million Land Deal in Lake County, FL

ORLANDO, FL, April 4, 3011 -- Maury L. Carter & Associates, Inc. represented Branch Banking & Trust Company (BB&T) in the sale of 1,236± acres in Lake County, FL for $4,200,000.

  The property consists of a 653± acre parcel on the south side of Schofield Road and a 583± acre parcel on the west side of Five Mile Road.

The parcels are east of Highway 27 and approximately five miles south of Highway 50.  South Lake Crossings II, LLC was the Buyer. 

Daryl M. Carter (top right photo), Preston Hage, and Patrick Chisholm of Maury L. Carter & Associates, Inc. represented the Seller.  Jim Dowd of Dowd Properties, Inc. represented the Buyer.

Contact:

Joan M. Fisher

Maury L. Carter & Associates, Inc.

3333 S. Orange Avenue, Suite 200

Orlando, FL 32806-8500

(407) 581-6207 direct

(407) 422-3144 office

(407) 422-3155 fax

jfisher@maurycarter.com

http://www.maurycarter.com/

http://www.disneyuniversalland.com/

Grubb & Ellis Represents Interlog USA Inc. in 285,600-SF Industrial Lease

         

ONTARIO, CA (April 4, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Mark Kegans (middle right photo), SIOR, senior vice president and Gerald Kim (lower left photo), vice president, both members of the company’s Global Logistics practice group, represented Interlog USA Inc. and its wholly owned subsidiary, American West Worldwide Express, Inc. in its five-year lease of 5725 E. Jurupa St., (top left photo) a 285,600 square-foot warehouse/distribution building.

 The logistics company, which specializes in full-service international and domestic shipping services for manufacturers and receivers, will take occupancy of the building in May.

Interlog and American West will be relocating and expanding the space for its West Coast distribution, warehouse and LTL operations from the current location in Compton. 

Constructed in 1998, the concrete warehouse/distribution building offers a 32’ clear height and is situated on nearly 16 acres of land.  The property is located within close proximity to Interstates 15 and 10, as well as California State Route 60. 

“This is a great location for Interlog USA and American West due to its close proximity to major freeways and excellent property visibility,” said Kegans. 

Kevin McKenna of CB Richard Ellis represented the owner of Ontario Gateway, James Campbell Company LLC, in the transaction. 

Contact:  Julia McCartney, Phone: 714.975.2230                                     

Email: julia.mccartney@grubb-ellis.com

Grubb & Ellis Receives $18 Million Financing Commitment from Colony Capital

 SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that it has received an $18 million financing  commitment from Colony Capital, LLC, a private, international investment firm focusing primarily on debt and equity investments in real estate-related assets and operating companies, headquartered in Los Angeles.

In conjunction with this financing, Colony was granted the right to an exclusive 60-day negotiating period during which it can evaluate a potential larger strategic investment with Grubb & Ellis. 

 “Colony Capital is a premier real estate investment and advisory firm with a strong track record of identifying undervalued real estate and corporate investment opportunities, and we welcome their support and the confidence they have shown in Grubb & Ellis,” said Thomas P. D’Arcy (top right photo), president and chief executive officer. 

“We will work with Colony over the next 60 days as they focus on a possible larger strategic transaction.  With this show of support by Colony, our clients and partners should feel confident that our experienced team of professionals will continue to provide the same outstanding service that they have come to expect from us.”

Should the company and Colony enter into a definitive agreement for a strategic transaction, Grubb & Ellis retains the right to solicit competing strategic transactions for a period of 25 business days.

JMP Securities served as financial advisor to Grubb & Ellis in connection with this financing.

 Contact: Janice McDill,  Phone: 312.698.6707                                     

Email: Janice.mcdill@grubb-ellis.com

          

Colliers International Negotiates Three Industrial Leases Equaling 101,010 SF Totaling $3.151 million in Orange County, CA

ORANGE COUNTY, CA, April 4, 2011 – Colliers International, the second largest global real estate services organization, recently negotiated three leases with the combined transactions values equaling $3.151 million.

 Chuck Wilson, senior vice president, based in Colliers International’s Irvine office, negotiated all three leases.

The first transaction was for a 66,510-square-foot industrial property located at 7101 Cate Drive (top left photo)  in Buena Park, Calif. The transaction is valued at $1.7 million.

The property is a free standing building, completely refurbished by the ownership. Wilson represented the tenant, Adams and Sons Transportation, a La Mirada-based warehouse company.  He has represented this tenant in five separate transactions in the past. The landlord, a Whittier-based company, Oltmans, was represented by Joe Milo from Inco Commercial Brokerage.

 Next transaction was for a 10,500-square-foot industrial property located at 525 Shepard (middle right photo), Anaheim, Calif. The transaction is valued at $700,000. The property offers outstanding frontage on the 91 freeway.

The landlord was represented by Scott Seal of Lee & Associates. The tenant, The Bug Man, a pest control company, was represented by Wilson.

 “The Bug Man is relocating its corporate office from Fullerton to Anaheim for 91 freeway frontage exposure,” said Wilson. “The Bug Man has been in business in Orange County since 1958 and was voted People’s Choice for ‘Best of Orange County’ for both residential and commercial pest control.”

The property located at 11042 Forest Place (lower left photo), Santa Fe Springs, Calif, is a freestanding, 24,000-square-foot industrial building, and this transaction is valued at $751,000.

 The landlord, represented by Wilson, is Polley Real Estate Rental, and the tenant, a Pittsburg-based refractories company, Harbison-Walker, relocated from Pico Riviera, Calif., was represented by Clif Fincher of Lee & Associates.

 Built in 1982, it will be used as a warehouse and distribution center by the new tenant.

Contact: Angela S. Hwang

Dir +1 213 532 3258 | Mob +1 310 867 4105

Main +1 213 627 1214 | Fax +1 213 327 3258

angela.hwang@colliers.com

http://www.colliers.com/

Colliers International Negotiates a Three-Year Lease for 113,500-SF Industrial Building in Pacoima, CA

PACOIMA, CA, April 4, 2011 -- Colliers International, the second largest global real estate services organization, recently negotiated the lease of a 113,500-square-foot industrial building located at 12224 Montague St., Pacoima, Calif. for Natural Balance Pet Foods, Inc., a California-based pet food company.

The three-year lease is valued at approximately $1.7 million.

 The landlord, a private investor, Michael Lichstein, was represented by David Hoffberg, SIOR and Jerry Scullin of Delphi Business Properties.

The tenant was represented by John DeGrinis (top right photo), SIOR, senior executive vice president based in Colliers International’s Encino office, Patrick DuRoss (middle left  photo), associate vice president, and Jeff Abraham (lower right photo), senior associate.

 “The 4th quarter 2010 and the beginning of 2011 witnessed some larger transactions in our region,” said DeGrinis.

 “This is one of five larger transactions (80,000 sf +) just completed in the last four months.  Despite a smaller inventory of available larger buildings, we are still seeing ongoing erosion in lease rates.

 “Rents for all five of these transactions are in the $0.40s per square foot range, which evidences the continuing slide we have seen in average rental rates over the past few years.  We expect that as supply and demand forces get closer to equilibrium, we will see some firming in rates.”

 “We have been working with Natural Balance for many years,” added DuRoss.  “Their business has been experiencing significant growth, and current market conditions led them to consider their multiple facility options.  In the end, Natural Balance was able to secure a good distribution facility that will accommodate their immediate growth at very low rents relative to prior years.”

For more information, visit www.colliers.com/markets/greater_los_angeles/degrinis

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Follow us at www.twitter.com/colliersgla

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Contact: Angela S. Hwang

Dir +1 213 532 3258 | Mob +1 310 867 4105

Main +1 213 627 1214 | Fax +1 213 327 3258

angela.hwang@colliers.com

http://www.colliers.com/