Talk of the sale of Grubb & Ellis to Colony Capital LLC, a Los Angeles-based hedge fund manager, circled on Friday.
Grubb & Ellis Co. (NYSE:GBE) announced in March that is it had hired San Francisco-based investment banking firm JMP Securities to explore strategic alternatives for the company, including a potential sale or merger, provides the latest sign of changes rippling through the CRE brokerage services market.
Grubb then struck a potentially lifesaving $18 million financing deal in late March with Colony Capital LLC, a Los Angeles-based hedge fund manager.
That deal gave Colony—led by billionaire real estate investor Tom Barrack—a 60-day exclusivity period to consider a larger strategic transaction with Grubb, whose stock has been battered by the commercial real estate downturn as well as an ill-fated combination with Santa Ana-based NNN Realty Advisors in 2007.
The exclusivity period ended in May. As a result, Grubb actively engaged in discussions with additional parties, while continuing discussions with Colony.
Effective September 1, 2011, Ron Sneidman has decided to go out on his own, focusing on Investment Sales as well as Buyer and Tenant Representation as a Sole Proprietor.
Ron began his commercial real estate career in 1982 and has worked for a variety of respected organizations including Marcus & Millichap, Grubb & Ellis, Colliers International, and Citigroup. He spent the last 13 years with Penn-Florida.
Ron has also served as tenant and buyer representative for many national accounts including Citigroup, Primerica, Kemper Insurance, and Dunkin’ Donuts. He has also represented numerous office buildings including South City Plaza, One City Centre, 101 Renaissance Centre, One Ocean Plaza, and Reynolds Plaza.
As of mid-year 2011, the Florida commercial real estate market reveals a marked turning point that began late 2010, according to the Florida Market Perspective Mid-Year 2011, a comprehensive assessment and outlook on commercial real estate throughout the state, released by CB Richard Ellis (CBRE).
“Our outlook for Florida is a slow and steady recovery over the next five years,” says Mary Jo Eaton, Senior Managing Director for CBRE in Florida. “During the remainder of 2011 we anticipate seeing more leasing and sales activity—largely in prime submarkets.”
Key Findings:
Select industries are beginning to re-establish their confidence in the market through expansions and long-term lease commitments.
Multihousing properties are highly targeted by investors in Florida. In core markets, international investors continue to show strong interest in commercial real estate assets.
Distressed assets continue to be a concern, but Florida’s lengthy foreclosure process slows the delivery of distressed assets available for acquisition.
Comparatively, Miami is leading the state in new activity. While lease renewals dominate markets outside the core regions, such as Jacksonville and Southwest Florida, market indicators including rental rates and occupancy are showing signs of stabilization. North and Central Florida markets have yet to experience a surge in activity, but CBRE Florida leadership agree that stabilized market indicators and strengthened fundamentals put Florida in a good position for recovery.
What’s your take? Share your perspective by leaving a comment below.
CBRE’s Florida Market Perspective reports on seven major markets in Florida, covering office, industrial, retail, and multifamily properties. For the complete look at commercial real estate in Florida, go to www.cbre.com/fmp.
Andrew Rudzinski and Donald Paurowski have recently joined the NAI Rauch Weaver Norfleet Kurtz team.
Andrew joins RWNK as an Associate, specializing in office and industrial properties. He brings 15 years of commercial real estate experience, with a primary focus on managing office and industrial portfolios for such clients as Invesco, DP Partners, CBREI, TIAA-CREF and Brandywine Realty Trust. Andrew was formerly with CB Richard Ellis.
Donald also comes aboard as an Associate, with a specialty in Investment Sales. He specializes in the sale of multi-family and commercial real estate in the tri-county area, with a focus on apartments, warehouses, strip centers and office properties. Mr. Paurowski also assists with the leasing of these properties.
Brenner Real Estate Group has also added two more to their roster – Peter Messina, Vice President-Commercial Brokerage and Mark Dreyer, Commercial Associate.
Pete will be servicing and expanding the commercial real estate brokerage, property management, recervership and development services for Brenner in SW Broward County.
Mark brings his diversified domestic and international experience and success in direct sales, management, operations, acquisitions, strategic planning and business channel development.
https://sfoba.com/wp-content/uploads/2011/08/andrew-rudzinski.jpg270275SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2011-08-17 18:08:262011-08-17 18:08:26RWNK and Brenner Beef Up
Garda Cash Logistics only signed a short-term lease at Via Mizner in Boca Raton and will be out looking to buy a new headquarters building within a year.
Pernod Liqueur, believed to be based out of LA, is looking for around 20,000 SF of space. From what we’ve heard, Pernod may be representated by a Cushman & Wakefield broker.
If you have some additional inside scoop on either of these tenants, leave us a comment!
The 100,000-square-foot Boca Village Corporate Center, one of the premier Class A office buildings in Boca Raton, is under contract for about $30 million to an investment group from Brazil. The developable land next door is not part of the deal, sources said.
The identity of the buyer was not known, but sources said the buying group is made up of individual investors seeking to park their
money in a stable, revenue-generating property. The character of the group is important because groups of individual investors from Brazil are increasingly interested in South Florida’s commercial inventory.
Malcolm Butters, Ned Segal and Art Falcone were partners in the development of the Boca Village Corporate Center, at 4855 Technology Way. Tenants include professional services firms like Oppenheim and Smith Barney.
Butters Construction and Development would not comment on the possible sale. CB Richard Ellis’ Chris Lee and is representing both parties in the deal, was not immediately available for comment.
Peter Reed, principal with Commercial Florida Realty Services, which is not involved in the deal, said the interest in Boca Village, which may sell for as much as $300 a square foot, is justified because of its location, the quality of the building and the solid tenancy.
Tom Capocefalo, managing director with tenant representative firm Studley, was not involved in the deal, but said the “top tier” tenancy and the small number of trophy office buildings in Boca Raton drove the price.
https://sfoba.com/wp-content/uploads/2011/08/boca-village.jpg270276SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2011-08-10 12:57:412011-08-10 12:57:41Boca Village Corporate Center Under Contract
Grubb & Ellis Sold?
/in Rumors/by SFOBA STAFFTalk of the sale of Grubb & Ellis to Colony Capital LLC, a Los Angeles-based hedge fund manager, circled on Friday.
Grubb & Ellis Co. (NYSE:GBE) announced in March that is it had hired San Francisco-based investment banking firm JMP Securities to explore strategic alternatives for the company, including a potential sale or merger, provides the latest sign of changes rippling through the CRE brokerage services market.
Grubb then struck a potentially lifesaving $18 million financing deal in late March with Colony Capital LLC, a Los Angeles-based hedge fund manager.
That deal gave Colony—led by billionaire real estate investor Tom Barrack—a 60-day exclusivity period to consider a larger strategic transaction with Grubb, whose stock has been battered by the commercial real estate downturn as well as an ill-fated combination with Santa Ana-based NNN Realty Advisors in 2007.
The exclusivity period ended in May. As a result, Grubb actively engaged in discussions with additional parties, while continuing discussions with Colony.
Ron Sneidman Goes Single Shingle
/in News/by SFOBA STAFFEffective September 1, 2011, Ron Sneidman has decided to go out on his own, focusing on Investment Sales as well as Buyer and Tenant Representation as a Sole Proprietor.
Ron began his commercial real estate career in 1982 and has worked for a variety of respected organizations including Marcus & Millichap, Grubb & Ellis, Colliers International, and Citigroup. He spent the last 13 years with Penn-Florida.
Ron has also served as tenant and buyer representative for many national accounts including Citigroup, Primerica, Kemper Insurance, and Dunkin’ Donuts. He has also represented numerous office buildings including South City Plaza, One City Centre, 101 Renaissance Centre, One Ocean Plaza, and Reynolds Plaza.
You can reach Ron at rsneidman@gmail.com or at 954.240.8575.
Florida CRE Market Heading Toward Recovery?
/in News, Trends/by SFOBA STAFFAs of mid-year 2011, the Florida commercial real estate market reveals a marked turning point that began late 2010, according to the Florida Market Perspective Mid-Year 2011, a comprehensive assessment and outlook on commercial real estate throughout the state, released by CB Richard Ellis (CBRE).
“Our outlook for Florida is a slow and steady recovery over the next five years,” says Mary Jo Eaton, Senior Managing Director for CBRE in Florida. “During the remainder of 2011 we anticipate seeing more leasing and sales activity—largely in prime submarkets.”
Key Findings:
Comparatively, Miami is leading the state in new activity. While lease renewals dominate markets outside the core regions, such as Jacksonville and Southwest Florida, market indicators including rental rates and occupancy are showing signs of stabilization. North and Central Florida markets have yet to experience a surge in activity, but CBRE Florida leadership agree that stabilized market indicators and strengthened fundamentals put Florida in a good position for recovery.
What’s your take? Share your perspective by leaving a comment below.
CBRE’s Florida Market Perspective reports on seven major markets in Florida, covering office, industrial, retail, and multifamily properties. For the complete look at commercial real estate in Florida, go to www.cbre.com/fmp.
RWNK and Brenner Beef Up
/in News/by SFOBA STAFFAndrew Rudzinski and Donald Paurowski have recently joined the NAI Rauch Weaver Norfleet Kurtz team.
Andrew joins RWNK as an Associate, specializing in office and industrial properties. He brings 15 years of commercial real estate experience, with a primary focus on managing office and industrial portfolios for such clients as Invesco, DP Partners, CBREI, TIAA-CREF and Brandywine Realty Trust. Andrew was formerly with CB Richard Ellis.
Donald also comes aboard as an Associate, with a specialty in Investment Sales. He specializes in the sale of multi-family and commercial real estate in the tri-county area, with a focus on apartments, warehouses, strip centers and office properties. Mr. Paurowski also assists with the leasing of these properties.
Brenner Real Estate Group has also added two more to their roster – Peter Messina, Vice President-Commercial Brokerage and Mark Dreyer, Commercial Associate.
Pete will be servicing and expanding the commercial real estate brokerage, property management, recervership and development services for Brenner in SW Broward County.
Mark brings his diversified domestic and international experience and success in direct sales, management, operations, acquisitions, strategic planning and business channel development.
Tenant Talk
/in Rumors/by SFOBA STAFFRumor has it that…
Garda Cash Logistics only signed a short-term lease at Via Mizner in Boca Raton and will be out looking to buy a new headquarters building within a year.
Pernod Liqueur, believed to be based out of LA, is looking for around 20,000 SF of space. From what we’ve heard, Pernod may be representated by a Cushman & Wakefield broker.
If you have some additional inside scoop on either of these tenants, leave us a comment!
Boca Village Corporate Center Under Contract
/in Trends/by SFOBA STAFFThe 100,000-square-foot Boca Village Corporate Center, one of the premier Class A office buildings in Boca Raton, is under contract for about $30 million to an investment group from Brazil. The developable land next door is not part of the deal, sources said.
The identity of the buyer was not known, but sources said the buying group is made up of individual investors seeking to park their
money in a stable, revenue-generating property. The character of the group is important because groups of individual investors from Brazil are increasingly interested in South Florida’s commercial inventory.
Malcolm Butters, Ned Segal and Art Falcone were partners in the development of the Boca Village Corporate Center, at 4855 Technology Way. Tenants include professional services firms like Oppenheim and Smith Barney.
Butters Construction and Development would not comment on the possible sale. CB Richard Ellis’ Chris Lee and is representing both parties in the deal, was not immediately available for comment.
Peter Reed, principal with Commercial Florida Realty Services, which is not involved in the deal, said the interest in Boca Village, which may sell for as much as $300 a square foot, is justified because of its location, the quality of the building and the solid tenancy.
Tom Capocefalo, managing director with tenant representative firm Studley, was not involved in the deal, but said the “top tier” tenancy and the small number of trophy office buildings in Boca Raton drove the price.
Source: SFBJ