HFF arranges $3.6 million refinancing for 300 Post Road West in Westport, CT

 NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $3.6 million refinancing for a 20,000-square-foot office building in Westport, Connecticut that is completely leased to the Wealth Management Group of UBS.

HFF senior managing director Al Epstein (top right photo) worked exclusively on behalf of the borrower, 300PRW LLC, to secure the seven-year, fixed-rate loan with Amalgamated Bank. 

“The lender saw this loan as an investment in a very attractive, Class A suburban office property with a good leasing history located within an established and desirable market,” said Epstein.

  “In today’s economic scene, lenders seek out good sponsors, stable rent flows, and the ability to provide reasonable, not excessive loan underwriting.  This property had it all.”

The property is located at 300 Post Road West, across from Birchwood Country Club (middle left photo) with easy access to both Interstate 95 and the Merritt Parkway. 

300 Post Road West has been fully leased since its completion in 2000 for the wealth management business, which originally operated here under the Paine Webber banner.   The two-story property includes an underground parking garage. 

Contacts:                     

Alvin J. Epstein, HFF Senior Managing Director. (212) 245-2425, aepstein@hfflp.com

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

HFF closes $42 million sale of North Lauderdale, FL multi-housing community

 MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Parrot’s Landing (top left photo), a 560-unit multi-housing community in North Lauderdale, Florida.

HFF managing director George Vail (middle right photo) and director Jaret Turkell (middle left photo) led the investment sales team exclusively on behalf of the seller, Principal Global Investors.

  Grand Peaks Property Management through a joint venture with Behringer Harvard purchased the property for $42 million utilizing a loan from Fannie Mae.

Parrot’s Landing Apartments is located at 7900 Hampton Boulevard across from the Hampton Pines Park and about two miles west of the Florida Turnpike in North Lauderdale.

 The property’s 24 residential buildings are situated on more than 25 acres and were built in two phases.  Phase I has 17 buildings with 408 units, which were renovated from 2007 to 2010 and average 912 square feet each.

 Phase II was completed in 1997 and features seven buildings with 152 units averaging 968 square feet each.  Community amenities include a fitness center, car care center, lighted tennis court, two clubhouses and three pools. 

“This was an outstanding opportunity for a buyer to come in and purchase an institutional quality-owned product at a significant discount to the current owner’s cost basis and replacement cost,” said Vail.

Principal Global Investors is a diversified asset management organization and a member of the Principal Financial Group, with expertise in equities, fixed income and real estate investments, as well as specialized overlay and advisory services. Principal Global Investors manages $215.4 billion in assets primarily for retirement plans and other institutional clients as of December 31, 2009.

Strategically headquartered in Denver, Colorado, Grand Peaks Property Management is a fully integrated apartment management company.  They specialize in all aspects of multifamily management from luxury to tax credit communities.

 Grand Peaks Property Management excels in the management, marketing and lease up of apartment communities; with acquisition, disposition and redevelopment consulting expertise.

Contacts:

George Vail, HFF Managing Director, (305) 448-1333, gvail@hfflp.com

Jaret Turkell, HFF Director, (305) 448-1333, jturkell@hfflp.com

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

                                                                           

HFF arranges $80 million first mortgage financing for historic Puck Building in New York’s SoHo neighborhood

NEW YORK, NY – The New York and New Jersey offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have arranged an $80 million first mortgage financing for the Puck Building (top left photo), a 265,000-square-foot, historic office and retail building in New York’s SoHo neighborhood.

Working on behalf of the borrower, Kushner Companies, HFF senior managing directors Mike Tepedino (middle right photo) and Jose Cruz (middle left photo) and director Steven Klein (lower right photo) placed the adjustable-rate loan on the property.

Originally constructed in 1885, the Puck Building is listed on the National Register of Historic Places and is a New York City historic landmark.

The property was the historic headquarters of Puck Magazine, America’s first political satire magazine, and today its tenants include New York University, REI (ground-floor retail) and Swanke Hayden Connell Architects.

  The property is situated at 293-309 Lafayette Street at the corner of Houston Street across from several subway lines in SoHo.

“The Puck Building is one of the most recognizable buildings in all of Manhattan and has a great location in SoHo, one of the most high-profile retail locations in New York City,” said Tepedino.

Kushner Companies is a family-owned developer, owner and asset management real estate firm involved in the ownership and management of a commercial and residential portfolio consisting of nearly eight million square feet of office, industrial and retail space and more than 5,000 apartments.

Contacts:

Michael Tepedino, HFF Senior Managing Director, (212) 245-2425, mtepedino@hfflp.com

 Jose Cruz, HFF Senior Managing Director, (973) 549-2000,  jcruz@hfflp.com

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

krmurphy@hfflp.com

                 

NAI Realvest negotiates Expansion Lease for Clinical Pathology Laboratory Southeast at Lee Vista Business Center in Southeast Orlando

MAITLAND, FL --- NAI Realvest recently negotiated a new expansion lease of 4,533 square feet of office space at Lee Vista Business Center (lower left photo), 6490 Hazeltine Drive in southeast Orlando.

 Senior Associate Mary Frances West (top right photo), CCIM negotiated the transaction representing the tenant Clinical Pathology Laboratories Southeast, Inc. which is part of Sonic Healthcare USA headquartered in Austin, Texas.

 CPLSE, which now employs more than 300, was originally represented by West in the lease of its current 15,869 square feet at Lee Vista Business Center.

 The expansion will bring the total square footage to 20,402 RSF (rentable square feet). Buildout of the tenant’s added space is slated for completion before the end of the year.

 The landlord, Lee Vista Flex LLC of Apopka, was represented by Chuck McNulty of McNulty Group. 

 For more information contact

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

Patrick Mahoney, Chief Operating Officer NAI Realvest, 407-875-9989 pmahoney@realvest.com

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

Arbor Closes $1.8 Million Fannie Mae DUS® Small Loan for 12 Willard Street Apartments in Hartford, CT

 Uniondale, NY (Oct. 8, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,800,000 loan under the Fannie Mae DUS® Small Loan product line for the 61-unit complex known as 12 Willard Street Apartments (top left photo) in Hartford, CT.

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

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

 “After completing a gut renovation and leasing up this property, our client was looking to place long-term debt on the property at an attractive interest rate,” York said.

 “We were pleased to deliver on our initial terms and, additionally, lock in an interest rate nearly half a percent lower than where we started at application. We look forward to future opportunities together.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

Woolbright Development Announces Plato’s Closet Opening at London Square in Kendall, FL

           

BOCA RATON, FL (Oct. 7, 2010) – Woolbright Development announced that Plato’s Closet will be opening its first Miami location at London Square (top left photo) in Kendall, Fla.

           

Scheduled to have its grand opening in November, Plato’s Closet will occupy 2,880 square feet and sell gently used name-brand clothing and accessories that have been in the retail stores within the past 12 to 18 months.

The store opened for buying in September. The store’s hours will be Monday through Saturday 10 a.m. to 9 p.m. and on Sundays from noon to 6 p.m.

“Plato’s Closet will complement the diverse tenant mix at London Square,” said Pete Schlang (lower left photo), Woolbright’s director of leasing.

.

 “Here shoppers will have the unique opportunity to not only buy named brand clothes, but also make money by selling their own gently used branded clothing to the store.”

London Square is a 475,000 square-foot shopping center located at the southeast corner of S.W. 120th Street and S.W. 137th Avenue.

  Anchored by Costco, T.J. Maxx/HomeGoods, Ross Dress For Less, Anna’s Linen’s, Dollar Tree and Party City, the center serves more than 380,000 people and more than 120,000 households in a five mile radius. 

 London Square is the first development in the area to connect the communities of Kendall and Country Walk.

Howard Lefkowitz, leasing vice president at Woolbright, handled this transaction. 

Media Contact:  (954) 776-1999

Pierson Grant Public Relations

Maria Pierson, ext. 222, mpierson@piersongrant.com

Rachel Shapiro, ext. 230, rshapiro@piersongrant.com

Emerson International Reports Lease Agreements at Major Center Plaza, Sanlando Center and Louisiana Office Park in Winter Park and Orlando, FL

ALTAMONTE SPRINGS, FL. – Emerson International recently negotiated new long term commercial office lease agreements at Major Center Plaza (top left photo)  in Southwest Orlando, Sanlando Center (middle right photo) in Longwood and Louisiana Office Park (lower left photo) in Winter Park.

Kenneth Koch, commercial portfolio manager at Emerson International negotiated a lease agreement for 974 square feet of office space at Major Center Plaza on

Major Center Blvd.

near Universal in Southwest Orlando.

The new tenant is Holiday Advertising, LLC. Koch represented Emerson International, the landlord at Major Center Plaza.

Sean Westcott, director of leasing and property management for Emerson International negotiated an expansion lease at Sanlando Center on West SR 434 in Longwood.

.

Sunbelt Title Agency, a division of St. Joe Title, LLC expanded its facilities at Sanlando Center from 2,174 square feet of office space to 4,609 square feet.

Westcott negotiated a second office lease expansion at Louisiana Office Park at

1133 Louisiana Ave.

in Winter Park.  Nutritionist Karen Beerbower with 1,131 square feet has now expanded her office facilities to 2,615 square feet. 

For more information contact

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

Sean T. Westcott, Director of Leasing Emerson International, Inc. 407-834-9560;

Kenneth Koch, Commercial Portfolio Manager, Emerson International, Inc. 407-834-9560;

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

 

Wells Real Estate Funds Again NamedOne of Atlanta’s “Best Places to Work”

 NORCROSS, GA. (Oct. 7, 2010) – Wells Real Estate Funds has been named again as one of Atlanta’s “Best Places to Work” by the Atlanta Business Chronicle. It’s the company’s sixth appearance in the newspaper’s prestigious annual rankings, and its fourth in a row.

From over 400 companies nominated, Wells was ranked seventh among midsize companies (those with 101 to 500 employees).

Wells, a national real estate investment company based in suburban Norcross, employs 361 people nationwide, 318 of those in metro Atlanta.

“We’ve been recognized in these rankings a number of times, but it is always an honor,” said Leo Wells (top right photo), founder and president of Wells Real Estate Funds. “I believe it’s a credit to our people that they’ve created such a great environment in which to work.”

 The rankings are based on an independent third-party survey of employees, under the auspices of the Atlanta Business Chronicle. Wells Real Estate Funds has been recognized nationally for its outstanding benefits programs, including a 2006 award as one of The Principal® 10 Best Companies for Employee Financial Security.

Wells Real Estate Funds was founded in 1984.  Since then, Wells investment programs - current and closed - have invested more than $12 billion in real estate for more than 250,000 investors.   For more information, see http://www.wellsref.com/

Media Contact:

Margot Olcay, Rubenstein Associates, (212) 843-8284, molcay@rubenstein.com 

Stirling Sotheby’s International Realty Awarded Exclusive Sales and Marketing Assignment for Titusville, FL Town Home Development

TITUSVILLE, FL--- Stirling Sotheby’s International Realty has been appointed exclusive sales and marketing agents for a 14-unit town home development site on

Dairy Road

in Titusville.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said the property with four town homes that have been completed along with 10 additional pads approved for future construction is priced at $499,000.

“This property has great market appeal for both builders and investors or possibly a builder/investor,” said luxury home specialist Cassandra Levine (top right photo), the Stirling Sotheby’s agent representing the property.

Newly completed town homes on the site offer three bedrooms and two baths in 1,628 square feet of living space with one-car garages, Levine said, and the location is just two minutes from I-95 and close to the beaches, she added.

“The town homes are within walking distance of Oak Park Elementary School and James Madison Middle School,” said Levine.

To view the property visit http://www.luxurylivingfl.com/

For more information about this press release, contact:

Cassandra Levine, Stirling Sotheby’s International Realty, 407-333-1900

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

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

Henin Group Home Building Division Awarded Contract To Expand Gator’s Dockside Restaurant in DeLand, FL

DEBARY, FLA. --- Henin Signature Homes, a division of the Henin Group, was recently awarded a contract to expand the Gator’s Dockside Restaurant facility on U.S. 17-92 in DeLand.

Jerome Henin (top right photo), principal and chairman of the Henin Group, said the well over $200,000 contract included a complete remodeling of the kitchen, game room and dining room, and the addition of an exterior patio to increase the total seating to 273.

Henin said construction work on the facility has been scheduled during weekdays and nights starting Oct. 24 so the restaurant can continue to operate.

“They won’t miss any weekend business,” Henin said.

For more information contact:

Jerome Henin, Founder / President, Henin Group, 407 644-8595

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

Morrison Commercial Real Estate Completes Office Lease Transactions Totaling 21,418 SF

 ORLANDO, FL (Oct. 7, 2010):  Greg Morrison (middle left photo), CCIM, SIOR, Principal of Morrison Commercial Real Estate, announced the completion of three office lease transactions totaling 21,418± square feet. 

Lisa Bailey (top right photo) of Morrison Commercial Real Estate has renewed FASNAP Corp for a total of 5,791 square feet at the Lake Point Business Park located on Hazeltine Drive in South Orlando. 

 Andrei Savitski with Coughlin Commercial represented the Tenant in this transaction

  Lisa Bailey also renewed Walgreens Health Care Plus, represented by Nan McCormick of CB Richard Ellis, for a total of 9,394 square feet at the Atrium Tower located at 6780 Universal Blvd. 

 At the University Corporate Center III (UCC III), Greg Morrison and Emily Zinaich (bottom left photo)  expanded the Siemens Corporation for a total of 6,233 square feet. 

Leo Orisi of The Princeton Group represented the Tenant in this transaction.  UCC III is located at 11474 Corporate Blvd and is currently 100% leased. 

 Contact: Buffy Gillette, Phone: 407.219.3500, Email:  bgillette@morrisoncre.com

Arbor Closes $1.43 Million Fannie Mae DUS® Small Loan for Jersey Street Apartments in Waterbury, CT

 Uniondale, NY (Oct. 7, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,430,000 loan under the Fannie Mae DUS® Small Loan product line for the 42-unit complex known as Jersey Street Apartments (top left photo)in Waterbury, CT.

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

The loan was originated by John Edwards (bottom right photo), Vice President, in Arbor’s full-service Boston, MA, lending office.

 “This financing highlights the flexibility of the Small Loan Program,” Edwards said. “We were pleased to have the opportunity to provide our client with the requested loan structure and dollars.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

Hendricks & Partners Appoints Jerrianne Zook Wingerter Branch Manager of Orlando Office

ORLANDO, FL. --- Hendricks & Partners, which ranks as the nation’s largest apartment property sales and research company, has appointed Jerrianne Zook Wingerter (top right photo) as branch manager of the firm’s Orlando office.

Cole Whitaker (bottom left photo), southeast partner who heads the Orlando office of Hendricks & Partners, said Wingerter graduated from Florida State University in Tallahassee.    She was formerly with Cushman & Wakefield in Orlando for nine years as a financial associate before joining Hendricks & Partners.   

Wingerter is also a member of Commercial Real Estate Women (CREW) and served as its president in 2003.

For more information, contact:

Cole Whitaker, Managing Partner, Hendricks & Partners 407-218-8880 cwhitaker@HPAPTS.com

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

HFF closes $31 million sale of Morristown, New Jersey multi-housing community

  FLORHAM PARK, NJ – The New Jersey and New York offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have closed the sale of Morris Crossing (top left photo), a recently-renovated, 123-unit multi-housing community in Morris Township, New Jersey.

The HFF investment sales team was led by senior managing directors Jose Cruz (middle right photo) and Andrew Scandalios (middle left photo) and directors Kevin O’Hearn and Jeff Julien, who represented the seller.

  Hartz Mountain Real Estate purchased Morris Crossing for $31 million free and clear of debt.

Situated on 12 acres, Morris Crossing is located at 18-23 Max Drive close to Route 202 and Interstate 287 in Morris Township, approximately 25 miles west of Manhattan. 

The six-building property, renovated from 2007 to 2009, has one-, two- and three-bedroom units that average 948 square feet each and are 96% occupied.  The property has undergone interior and exterior renovations in the past three years. 

 “Morris Crossing is strategically located less than one mile from both the Morris Plains and Morristown train stations with direct service into Manhattan, making this is an ideal location for commuters that want ease of access into the city.

“The property is also within close proximity to downtown Morristown, which is one of only a few New Jersey locations that provide a true 24/7 cosmopolitan feel, featuring fine dining, premium shopping, various entertainment and cultural venues and a lively nightlife atmosphere,” said Cruz.

“In addition, the property maintains a competitive advantage through the look and feel of its suburban single-family home-style living with expansive yards, which is in stark contrast to the mid-rise buildings in downtown Morristown,” added Scandalious.

Hartz Mountain Real Estate, headquartered in Secaucus, New Jersey, owns and operates more than 200 buildings in the New York and New Jersey area.

Contacts:

Jose R. Cruz, HFF Senior Managing Director, (973) 549-2000 

jcruz@hfflp.com

Andrew G. Scandalios, HFF Senior Managing Director, (212) 245-2425

ascandalios@hfflp.com

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

krmurphy@hfflp.com

                    

New Marketing Theme Introduced by Cambridge Realty Capital Urges Potential Clients to ‘Let Cambridge Help You do What You do Best’

CHICAGO, IL--Chicago-based Cambridge Realty Capital Companies has redesigned the home page of its corporate website to deliver an “important message,” Chairman Jeffrey A. Davis (top right photo) reports.

“In the current credit crisis, senior housing/healthcare businesses are frustrated with lenders and investors. It’s difficult to find the money they need to grow and hard to find financial people who understand their business,” he observes.

Davis says the company’s new marketing theme asks potential clients to “Let Cambridge Help You Do What You Do Best.”

 Cambridge is the nation’s largest privately-owned company specializing in senior housing/healthcare loans. The Cambridge staff communicates daily with senior housing and long-term care owner/operators nationwide and has access to the “best” capital sources.

Additional information is available on the Cambridge website, http://www.cambridgecap.com/, and Cambridge can be reached at (312) 357-1601 or via e-mail to info@cambridgecap.com

Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com

Twitter: http://twitter.com/CambridgeCap

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