Marcus & Millichap Sells $14.5 Million Boutique Shopping Center in New Jersey

   

EAST WINDSOR TOWNSHIP, NJ – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Windsor Crossing (top left photo), an 80,009-square foot boutique shopping center in East Windsor Township, N.J. The sales price of $14.5 million represents $181 per square foot.

Brad Nathanson (middle right photo), a vice president investments and a senior director of Marcus & Millichap’s National Retail Group (NRG), and Christopher Munley, a senior associate and an associate director of the NRG, both in Philadelphia, represented the seller, Windsor Crossing West #4 LLC.

Nathanson and Munley also represented the buyer, East Windsor Crossing LLC, a New York-based private shopping center operator. Michael Fasano in the firm’s New Jersey office also provided representation.

“There was heavy competition regionally for this asset given its proximity to Princeton and because limited new retail product is being delivered to the market, especially in New Jersey,” says Nathanson.

Windsor Crossing was built in 2008 on 11.09 acres at 761 Route 33 West, near Princeton, N.J., Philadelphia and New York City.

The property is part of a master-planned development that includes a 110,000-square foot Home Depot, a 142,000-square foot Walmart and 102 single-family homes on 125 acres. Windsor Crossing shares two access roads off Route 33 with Home Depot and Walmart.

“We have seen an increase in demand for well-positioned centers in affluent and growing markets during the past few quarters,” says Munley. “I expect that trend to continue.”

The center currently has 14 tenants, including Gold’s Gym, The Learning Experience, New York Community Bank, Mahzu, a Japanese restaurant and Patidar, a grocery store.

 Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Colliers International Recruits Mark Tarczynski and Adam Tischer to its Downtown Los Angeles Office

LOS ANGELES, CA – Colliers International, the second largest global real estate services organization, welcomes Mark Tarczynski (top right photo) and Adam Tischer (middle left photo)  to its Downtown Los Angeles office. They specialize in representing large corporate investment and developer clients in the Downtown Los Angeles market. 

 “We are thrilled to welcome Mark and Adam to Colliers,” said Martin Pupil (lower right photo), regional managing director for Colliers International’s Greater Los Angeles operations.

 “Mark’s leading reputation and success in selling high profile urban properties along with his recognition as one of the chief agents to Downtown LA’s growth into a dynamic urban center will be a tremendously valuable addition to our growing platform in the Greater Los Angeles region.”

 Mark Tarczynski will serve as executive vice president. Previously he was with CB Richard Ellis’ Los Angeles office where he founded the Los Angeles Urban Redevelopment Group.

Adam Tischer will serve as vice president. Previously, he was with CB Richard Ellis’ Los Angeles office where he earned their coveted Rookie of the Year award in 2008.

Contact:

Angela S. Hwang, Regional Marketing Coordinator,

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

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

angela.hwang@colliers.com

D & A Building Services Spins off Waterproofing Division

LONGWOOD, FL — D & A Building Services Inc., one of the nation’s largest Hispanic owned facility maintenance companies, has incorporated its waterproofing division now known as D & A Waterproofing Services Inc.

According to D & A founder and President Al Sarabasa, Jr. (lower left photo), the division was established in 2005 to meet client needs following the unprecedented building damage left by the 2004 hurricane season.

Heather Sarabasa (top right photo), who managed the waterproofing division since 2005, has been named president/COO of the new entity.

She has 13 years of industry experience and an Associate of Arts from Valencia Community College. Heather is a member of the Sealant Waterproofing and Restoration Institute and serves on the Ambassador Committee of Associated Builders & Contractors. 

For additional information, please visit http://www.dabuildingservices.com/

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

Grubb & Ellis|Thomas Linderman Graham Brokers Sale of 240-Unit Patriot’s Pointe Apartments in Hillsborough, NC

 RALEIGH, N.C. (Jan. 21, 2011) – Grubb & Ellis|Thomas Linderman Graham, a leading North Carolina real estate services firm, announced today that it represented an undisclosed seller in the disposition of Patriot’s Pointe Apartments, (top left photo) located at 100 Patriot’s Pointe Drive in Hillsborough. The property sold for $16.0 million, or $66,667 per unit.

 Completed in 2005, Patriot’s Pointe Apartments is a 240-unit apartment complex totaling 284,082 square feet on 27.55 acres of land.  The complex was approximately 90 percent occupied at the time of sale.

Curteis Calhoun (lower right photo) of Grubb & Ellis|Thomas Linderman Graham represented the seller in the transaction.  Brantley Properties, based in Greensboro, N.C., purchased the apartment complex.

 Contact: Elizabeth Raiford, Phone: 919.420.1563,

Email:  elizabeth.raiford@tlgcre.com

Cambridge Realty Capital Reports Processing 267 Loan Origination Requests Totaling $3.72 Billion in 2010

  

CHICAGO, IL--Cambridge Realty Capital Companies processed 267 loan origination requests in 2010 totaling $3.72 billion, or slightly fewer than last year when the company reviewed 298 loan requests totaling $4.0 billion, Chairman Jeffrey A. Davis (top right photo) reports.

“Loan origination request volume remained strong but Cambridge was forced by reality to be more selective in the type of loans logged into the company’s internal processing system,” he noted.

Cambridge is one of the nation’s leading senior housing/healthcare lenders, with more than $3 billion since the mid-1990s. The company is consistently ranked among the leading HUD 232 healthcare lenders in the country.

Davis said demand for HUD 232 financing was strong throughout the year and in recent months the company “has been seeing more and more conventional debt and finance activities. Also, acquisition activity continues to be active and moving forward,” he said.

“But general conditions in the capital markets have made it more difficult to obtain funding for new construction except on a selective basis. Our strategy has been to be upfront with borrowers who request our help. Some loan requests that may have logged into our system in the past are not making it into the mix at this time,” he said.

Davis points out that lenders close a relatively small percentage of loan requests received. However, he believes it’s useful to track this information as an indication of market directions.

“Although down slightly, when technical adjustments are taken into account, our numbers do, in fact, confirm reports that lending activity is increasing. But deals are being completed at very low loan-to-value ratios with more conservative underwriting guidelines,” he said, adding:

“In general, the more typical acquisition loans continue to be challenged and, for some borrowers, relationships with capital sources have been strained.”

Contact:  Evan Washington, Phone: (312) 521-7604, Fax: (312) 357-1611, E-Mail:  ew@cambridgecap.com

NAI Realvest Negotiates Two New Office Leases in Orlando and Lake Mary, FL

 MAITLAND, FL. --- NAI Realvest recently negotiated two new lease agreements for office space in Orlando and Lake Mary.   NAI Realvest Principal Tom R. Kelley II (top right photo) CCIM negotiated both transactions. 

 In Lake Mary Kelley represented the landlord in a lease agreement for 1,275 square feet of office space at 153 Parliament Loop in Regency Pointe.  

 Jonathan Fitzgerald of KW Commercial represented the tenant, JD Insurance & Financial Group of Lake Mary.

 Kelley brokered a lease transaction in Orlando for 750 square feet of office space at 2212 Hillcrest St. where Brian Adams Photographics is the new tenant and Whirly Properties, LLC is the landlord.   

For more information, contact:  

Tom R. Kelley II, CCIM, Principal, NAI Realvest, 407-875-9989, tkelley@realvest.com

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

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

Urgo Hotels Acquires Ocean Point Hotel in Pompano Beach, FL

  

POMPANO BEACH, FL./BETHESDA, MD—Urgo Hotels, a major operator, developer and owner of upscale hotels, has acquired for an undisclosed amount the Ocean Point Hotel, a beachfront property in Pompano Beach, Fla.

 It is the ninth hotel the company has added to its owned and managed portfolio in the past 13 months.  The company now owns or operates 26 hotels in the U.S. and Canada.

“This property has outstanding potential and will benefit from our total planned makeover,” said Kevin Urgo, senior vice president of Urgo Hotels. 

“We have enjoyed substantial growth during the recent difficult economy, adding nine hotels to our portfolio through both acquisitions and third-party management contracts, aggregating 1,426 rooms. 

“We continue to have an aggressive appetite for expansion and have the infrastructure in place to continue comfortably at this pace for at least the next several years.  We have the resources and flexibility to invest as a joint-venture partner or in wholly owned projects, as well as provide third-party management.”

The Ocean Point Hotel is situated on approximately two-and–-half acres of oceanfront property with more than 500 linear feet of beachfront at 1208 and 1200 North Ocean Boulevard, as well as a half acre overflow parking lot across the street. 

Contact: Jerry Daly or Chris Daly(703),  435-6293

Hodges Ward Closes $2.4 Billion in Hotel Transactions in 2010

ATLANTA, GA—Hodges Ward Elliott, Inc. (HWE), the nation’s premier hotel brokerage and investment banking firm, today announced that it closed on $2.4 billion in transactions in 2010, led by a strong fourth quarter.

 The company predicted a solid increase in transactions in 2011 due to pent-up buyer demand, an increase in available financing and a positive outlook for the hotel industry over the next few years.

“We saw a marked increase in properties being brought to market beginning in the second quarter of 2010,” said Mark Elliott (top right photo), principal of Hodges Ward Elliott.

  “The mix ranges from luxury to premium-branded, select-service properties and includes both cash flowing and distressed hotels.  We enter 2011 with more properties being brought to market than anytime in the last three years.  Since the beginning of 2011, HWE already has transacted seven hotels, including the Renaissance in downtown Pittsburgh.  The hotel real estate market is definitely on the upswing.

“As a result of rapidly improving fundamentals and increasing liquidity in the capital markets the gap between buyer and seller has narrowed.  Consequently, we expect the 2011 transaction activity to be greater than 2010,” he said.

Bill Hodges (middle left photo), founding partner of HWE, said the company will actively expand its staff in the U.S. and Europe in 2011.

 “We currently have 30 professionals in the United States and six in our affiliate firm HVS Hodges Ward Elliott in London.  We intend to add top quality talent on a highly selective basis to assist us in achieving optimum returns for our clients.”  He noted that long-time associate, Bob Webster, recently left the company.  “We wish him well in his new endeavors.

“We anticipate an increase in mixed-use development transactions over the next several years and are looking at adding executive talent that also has expertise in other real estate classes,” he commented.  “We also expect to handle more portfolios and financing transactions.”

Contact: Jerry Daly or Chris Daly, (703) 435-6293

Pyramid Hotel Group Adds 3,300 Rooms

  

 BOSTON,  MA, Jan. 21, 2011—Officials of Pyramid Hotel Group, a Boston-based hotel management, asset management and project management firm, today announced that the company added 11 hotels and resorts aggregating more than 3,300 rooms to its managed and asset managed portfolio in 2010. 

These ranged from city center commercial hotels to large destination resorts in multiple markets across the U.S.

In addition, Pyramid Hotel Group provided receivership services and its highly regarded “Comprehensive Asset Performance Study” (CAPS) for a significant number of hotels and resorts representing over 23,000 rooms during 2010. 

These properties were located in such diverse markets as Ft. Lauderdale, Las Vegas, and San Diego and ranged from four-star hotels and destination resorts to limited-service properties.

“We enjoy very close relationships with a sizable number of lenders and investment groups,” said John Hamilton, senior vice president-business development for Pyramid Hotel Group.

  “The market today is coming out of a down cycle.  Clients who may be restructuring or considering their alternatives look to Pyramid to help them get a better sense of the value of their assets and, most importantly, get our studied view of how the asset may perform in the near future. The diversity of the collection of hotels we’ve worked on speaks to Pyramid’s uncommon depth and breadth of experiences of our professional staff.”

“Our goal with any management or asset management assignment is to immediately create value for the owner accomplished by implementing a series of revenue enhancement opportunities and diligent expense management,” said Jim Dina, chief operating officer for Pyramid.

“Pyramid brings extensive sales and marketing expertise, highly effective revenue management practices and the ability to benchmark performance across multiple brands and independent properties. When the opportunity exists, we also provide owners with a highly creative project management team and purchasing services, creating a platform for executing renovations and strategic repositionings to enhance the property’s value and performance.”

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

Richfield Hospitality to Manage Sheraton Bloomington in Minnesota

BLOOMINGTON, MN./DENVER, CO, Jan. 21, 2011—Richfield Hospitality, a leading hotel management company, today announced that it will partner with Platinum Equity, a Los Angeles-based private equity firm, to operate the 564-room Sheraton Bloomington (top left photo). 

Platinum Equity acquired the Bloomington Sheraton from LaSalle Hotel Properties earlier this month. 

“We are thrilled to kick off the year by entering the Twin Cities market alongside Platinum Equity with such an outstanding institutional quality asset,” said Greg Mount (middle right photo), President of Richfield Hospitality.  “The plan is to reposition this hotel as the premier business and events destination in the Twin Cities.” 

Platinum Equity expects to immediately launch a $12.5 million renovation of the hotel’s public and event spaces, as well as all guest rooms.  The renovation is expected to be finished by mid-year 2012. 

“This is a business in a prime location with a lot of potential, and it will benefit greatly from a high-quality makeover and other operational restructuring initiatives,” said Mark Wiesenthal, Principal at Platinum Equity.

As part of a complete overhaul, the hotel will be converted from the Sheraton to the DoubleTree Hotel brand during the third quarter of 2011.  Platinum Equity also owns and is renovating the DoubleTree Carson Hotel (lower right photo) in Carson, Calif.

Located in the heart of Bloomington at 7800 Normandale, the Sheraton Bloomington is just 10 minutes from the Minneapolis-St. Paul International Airport and the Mall of America. 

The hotel offers one of the Twin Cities’ largest hotel meeting spaces with 38 meeting rooms aggregating 70,000 square feet of space, capable of accommodating groups of from five to 1,000 people. 

“The hotel is well designed for meetings and can comfortably handle a mix of small and large groups without losing the personal attention required to make an event successful,” Mount said.  “With the renovation, we will have the city’s ‘newest’ hotel with cutting-edge technology and a central location.”

Wiesenthal added that Platinum is excited about working with Richfield and is eager to get started on the renovation.

“Richfield’s hospitality expertise and impressive track record fits perfectly with Platinum’s unique M&A&O® approach to creating value,” added Wiesenthal

Contact:  Jerry Daly or Chris Daly, (703) 435-6293

Jones Lang LaSalle Completes 19,010 SF Office Lease with Cie Studios in Long Beach, CA

  

LONG BEACH, CA — Jones Lang LaSalle represented Cie Studios in a 19,010-square-foot lease at Landmark Square (top left photo), a 24-story, 443,480-square-foot, LEED Certified and ENERGY STAR labelled office property located at 111 W. Ocean Blvd. in Long Beach, Calif. 

The lease represents a renewal and expansion of the company’s headquarters.  Cie Studios previously occupied 13,201 square feet of space.

Jones Lang LaSalle Managing Director Tony Morales, Executive Vice President Tom Turley and Vice President Jason Fine represented Cie Studios in the transaction.  The property owner, Brookfield Properties, was represented in-house by Toliver Morris and John Barganski.

“We were able to secure expansion space for Cie Studios within their current building at favorable lease terms, allowing them to maximize spatial efficiencies and take advantage of the current market conditions to reduce their operating costs,” said Fine.

Contact: David Ebeling, Phone: +1 949 278 7851, Email:

 david@ebelingcomm.com

Arbor Promotes Ken Fazio to Senior Vice President, National Production Manager

Uniondale, NY (Jan. 18, 2011) - Arbor Commercial Mortgage, LLC (“Arbor”) announces the promotion of Ken Fazio (top right photo) to Senior Vice President, National Production Manager. Mr. Fazio previously held the title of Vice President, National Sales Manager.

Mr. Fazio will continue to oversee Arbor’s overall loan production through the management of the company’s National Sales Team and corporate accounts.

During his nearly four years with Arbor, Mr. Fazio collaborated in the expansion of the company’s origination infrastructure and has also helped develop numerous management policies affecting corporate sales, travel and expenses.

He has worked in connection with the Marketing, Underwriting, Capital Markets and Closing departments to help raise Arbor’s profile in the lending industry and has contributed to refining and growing Arbor’s business processes, loan volume and customer service.

Prior to joining Arbor in 2007, Mr. Fazio was a President/Partner at First Eagle Mortgage, Inc., a boutique brokerage firm focusing on residential transactions.

Previously, he held positions as Regional Manager for Champion Mortgage, Vice President of Sales for Mailnet, Inc. and Area Manager for TNT Worldwide Inc. In his career, he has also held sales posts with Curtis 1000, Inc. and US Sprint.    

Mr. Fazio earned a Bachelor of Science Degree in Marketing from the State University of New York at Old Westbury. He resides in Wantagh, NY.

Contact:  Christopher Ostrowski, costrowski@arbor.com

Arbor Closes Nine Fannie Mae DUS® Loans Totaling $31.6M In New York

Uniondale, NY (Jan. 20, 2011) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of nine loans totaling $31,648,200 under the Fannie Mae DUS® Loan and Fannie Mae DUS® Small Loan product lines across New York State.

These loans include:

 East Village Portfolio, New York, NY (top left photo) – The five-building, 52-unit portfolio received $15,243,200 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loans amortize on 30-year schedules.

Brookhaven Apartments, Lancaster, NY (top right photo) – The 84-unit complex received $7,030,000 funded under the Fannie Mae DUS® Loan product line. The seven-year loan amortizes on a 30-year schedule.

Willow Wood Apartments, Lafayette, NY (middle left photo) – The 80-unit complex received $4,070,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

Apple Ridge, Lafayette, NY (lower right photo) – The 56-unit complex received $2,755,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

Belmont Ridge, Tully, NY – The 66-unit complex received $2,550,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

The loans were originated by Ronen Abergel, Vice President, in Arbor’s full-service New York, NY, lending office.

 “Even amidst the current lending environment, we continue to execute transactions on time and as promised to the satisfaction of our clients,” Abergel said.

Contact:  Christopher Ostrowski, costrowski@arbor.com

Interstate Hotels & Resorts has Opened and is Now Managing the New Crowne Plaza Charleston Airport Convention Center Hotel

  

 CHARLESTON, S.C./ARLINGTON, VA,  Jan. 19, 2011—Interstate Hotels & Resorts, the United States’ largest independent hotel management company, today announced that it has opened and is now managing the new 166-room Crowne Plaza Charleston Airport Convention Center (top left photo) in South Carolina. 

The hotel has completed a major, $13 million renovation and reflagged to become the first Crowne Plaza-branded hotel in Charleston.  The hotel is owned by Barclay Hospitality Services Inc., a subsidiary of Inland American Lodging Group Inc.

“This brings to 12 the number of hotels we now manage for Inland, and we consider this contract a gratifying vote of confidence in our ability to continue generating superior returns for them,” said Thomas F. Hewitt (middle right photo), Interstate’s chairman and chief executive officer.  “We look forward to building on our relationship with Inland with additional developments in the future.” 

“Interstate helped shepherd the hotel through the transition to a new brand,” said Craig Lambert, senior vice president asset management, Inland. 

 “The property has re-opened with a strong book of business, and, as the first Crowne Plaza hotel in Charleston, we expect it to rapidly assume a leadership position.”

Located at 4831 Tanger Outlet Blvd. in North Charleston, S.C., the five-story Crowne Plaza Charleston Airport Convention Center is convenient to the Performing Arts Center, Charleston Convention Center and Tanger outlets.  The hotel also is a short distance from Charleston’s beautiful beaches, world-class golf, historic homes and plantations. 

Additional information about Interstate is available at the company’s website:  http://www.ihrco.com/

For information about the new Charleston Crowne Plaza, visit the hotel’s website, www.crowneplaza.com/charlestonsc, or call the hotel direct at (877) 747-7301.

Contact:

Jerry Daly, Carol McCune, Media, Daly Gray, Inc., (703) 435-6293,                                                                                                                jerry@dalygray.com

Carrie McIntyre SVP, Treasurer, Interstate Hotels & Resorts, (703) 387-3320

carrie.mcintyre@ihrco.com

23rd Hunter Hotel Investment Conference to Examine How to Take Full Advantage of Rebounding Hotel Economy

ATLANTA, GA,  Jan. 19, 2011—Officials of the upcoming Hunter Hotel Investment Conference, one of the four major national annual hotel investment conferences, today unveiled its agenda noting that it will focus primarily on strategies hoteliers can use to take full advantage of the rebounding hotel economy. 

The 23rd annual event will take place on March 6-8, 2011, at the Atlanta Marriott Marquis (lower right photo) in Georgia.

“Registration is strong, reflecting the rebounding hotel economy and the resultant positive attitude,” said Bob Hunter (top right photo), CEO of Hunter Realty and conference co-chair.

 “Owners are telling us they are anxious to step away from their hotels, where they have been hunkered down to survive the hard downturn. 

“They want to talk to other owners and hear industry experts help them determine how best to proceed to take full advantage of what they anticipate to be the beginning of a long-awaited turnaround. 

“In most sectors of the industry, there are growing signs of new activity; renovations are being considered and more real estate deals are getting done. 

“After two years of kicking the can down the road, people are ready to kick-start their hotels and acquisition activities.  We believe this will spark more deals to be initiated at this year’s conference than any in the past few years.”

“We are getting particularly strong positive response to the topics of hotel real estate values and finance,” said Lee Hunter (middle left photo), Conference co-chair.  “The speakers and timely topics, plus the networking opportunities, are very compelling at this phase of the cycle.”

 “Our conference is targeted to, and draws the greatest percentage of hotel owners of any of the major hotel investment conferences,” he noted.

 “The Conference content this year is especially targeted to that group to provide them with the creative strategies to take optimum advantage of the rebound.”

The Hunter Hotel Investment Conference will present more than 100 speakers from 27 states in 25 sessions.

For more information on the program and to register, please visit the conference website at http://www.hunterconference.com/

or contact Bob Hunter or Nancy Petenbrink, Conference Director, at 770-916-0300 or by email at nancy.petenbrink@hunterhotels.net

. 

The conference headquarters are located at 300 Galleria Parkway, S-620, Atlanta, Ga. 30339.

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

Central Florida Commercial Association of Realtors hosts monthly luncheon to discuss Immigration and Real Estate

  

ORLANDO, FL - CFCAR members gathered at the Dubsdread Golf Club for their monthly luncheon to discuss Immigration and Real Estate — EB-5.

“This year, the CFCAR Board is making a diligent effort to continue to be relevant to our members,” says Chere Roane (top right photo), President of CFCAR.

“We are hosting monthly luncheons as a way to educate our members in ways that will help them become more effective real estate professionals.

“This month we focused on how visas and immigration trends are affecting our business. Other ideas for events include economic development initiatives that are being enacted, real estate accounting practices, and finding tenants, where no tenants seem to be.”

 February's speaker will be Edgar Kidd with the IRS to further educate our members on their investments and taxes. 

Highlighted by guest speakers were Richard Asta (top left photo), President and COO of CommerCenters, LLC and Richard Hostetter, General Counsel and Sr. Vice President of Capital Markets, CommerCenters LLC

Richard Hostetter revealed, “There were 1885 EB-5 Visas awarded in 2010. Capital raised over the last five years exceeds $2.5 billion.”

Also mentioned by George Livingston (lower right photo):  “In the capital stressed environment in which commercial real estate in the U.S. is operating, the EB-5 program is providing foreign capital for U.S. developers and creating much needed jobs”.

CFCAR Luncheons are held the 2nd Tuesday of the month at Dubsdread Country club. Details are at http://www.cfcar.net/

For more information,  contact:

Chere R. Roane,	CCIM, CIPS — Principal & Broker — Nicole Hudson Realty CFCAR — 2011 President(407) 872-0062 - Broker@NicoleHudson.com
Nicholas E. Ledvora,	CCIM, Managing Director - Equity Investment Services CFCAR — Vice President of Operations — Marketing & Press Release Chair(407) 573-0711 - NLedvora@EISRE.com
Whitaker Leonhardt,	Associate — Crossman & Company CFCAR — Vice President of Admin — Marketing & Press Release Co-Chair(407) 423-5400 - mailtop:WLeonhardt@CrossmanCo.com

Essex Realty Group Inc. Celebrates 20th Anniversary and Appointments of Principals to the Firm

CHICAGO IL, Jan. 18, 2011--.Essex Realty Group, Inc. is proud to announce it is celebrating its 20th anniversary successfully serving the Chicago-area investment real estate market.

Essex is also pleased to announce it has named James Darrow, Douglas Fisher  Matthew Welke as principals of the firm.

 James J. Darrow  (top right photo) is a third generation investment real estate professional and is a past President of the Commercial Real Estate Forum. He has more than 15 years of investment real estate experience and has been with Essex since 1998.

Doug Fisher (middle left photo) a former commercial and investment banker, has over 20 years of commercial real estate experience and joined Essex Realty Group in 2002 as a Managing Director.

 Matthew Welke (lower right photo) joined Essex Realty Group as Managing Director in March 2004. He was recently honored by GlobeSt.com and Real Estate Forum as a national 40 Under 40 award recipient.

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

Since it’s founding in 1990, Essex has carved a unique niche, focusing exclusively on the brokerage of investment properties valued between $1 million and $30 million, with a strong emphasis in multi-family, retail and shopping center sales.

Contact:  Douglas S. Imber, Essex Realty Group, Inc., 773.305.4902

dougimber@essexrealtygroup.com

Grubb & Ellis Represents Strada Investment Group in Acquisition of Berkeley Crossing for $15 Million

  

WALNUT CREEK, CA (Jan. 18, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Steve Golubchik (top right photo) and Nicholas Bicardo (top left photo), both vice presidents of the company’s Investment Services group, represented Strada Investment Group in its acquisition of Berkeley Crossing, a Class A office building in Berkeley. 

 Strada Investment purchased the note, originally valued at $28 million, and worked with both the lender, New York Life Investment Management LLC, and the previous owner to take ownership of the property in a deed-in-lieu-of-foreclosure transaction.

 Located at 1608 4th St., Berkeley Crossing offers 131,694 square feet of space and was approximately 30 percent leased at the time of the acquisition.  Renovated in 2000, the property is designed for technology use with open floor plans for flexible layouts.

 Additionally, Berkeley Crossing is equipped with a roof deck that provides views of the surrounding Bay Area and East Bay Hills.  The property is located within close proximity to Interstates 80 and 580 as well as State Route 123. 

 “This is a high quality property in a strong location that offers a tech type feel for tenants in the region looking for larger contiguous blocks of space that are rarely available in Berkeley,” said Golubchik.

 

Contact: Julia McCartney, Phone: 714.975.2230                                     

Email:  julia.mccartney@grubb-ellis.com