Thursday, April 3, 2008

Marcus & Millichap Facilitates Sale of Fort Lauderdale Apartment Building

FORT LAUDERDALE, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment brokerage firm, has announced the sale of a 16-unit Fort Lauderdale apartment building, according to Gene A. Berman, (top right photo) Managing Director of the firm’s Fort Lauderdale office.



The Courtyard Apartments, a 16-unit Victoria Park apartment building, commanded a sales price of $1,310,000.


Senior Associate Felipe Echarte (bottom left photo) and investment specialist Joseph Thomas of the Fort Lauderdale office and Vice President Investments Matthew Kesterson (photo top left) of the Melbourne office represented the seller, Golden Properties of S. FL. Echarte and Thomas secured the buyer of the property, Geruy, Inc.



“Location is perhaps the biggest highlight of the Courtyard Apartments. This area has seen significant population growth and there are multiple high-end townhome projects being developed. The investor will benefit from this true value add opportunity,” says Echarte. The property, located at 408 NE 7th Avenue in Fort Lauderdale, Fla, consists of eight studios, four one bedroom/one baths and four two-bedroom/ two-baths.






CONTACT:

Ashley Steele
Marketing Coordinator
Marcus & Millichap
5900 N. Andrews Avenue, Suite 100
Fort Lauderdale, FL 33309
Direct Tel: (954) 245-3516
Cell: (215) 828-9585
Fax: (954) 245-3410

Marshall Adds Depth to Marketing Team

Additional Bench Strength Bolsters Key Area

SALISBURY, MD—Marshall Management, Inc., a leading, mid-sized hotel management company, today announced that Duane Quintana (bottom left photo) and Josephine Allen (top left photo) have joined the company as regional director of sales and marketing and marketing manager, respectively. Photo of Charles L. Allen, chairman, Marshall Management, is at right)

Together, Quintana and Allen have extensive marketing and hospitality expertise, expanding Marshall’s existing capacity and industry expertise. The two join Marshall’s team just as the company announced its fourth management contract of 2008.

“Duane and Josephine add depth and breadth to our existing strengths at a critical time for us and for the industry,” said Michael Marshall, president and CEO of Marshall Management. “We continue to add contracts at a reasoned pace, but are obtaining more sophisticated properties in more diverse locations.

"Marketing has always been a core strength, and we believe they will help us add value, especially if the economy softens. We pride ourselves in achieving superior market share where we compete, and we now have an even greater competitive advantage.”

Quintana comes to Marshall with an extensive background in the hotel industry, including 15 years with Marriott Corporation. He also served as vice president of sales and marketing at Luxe Worldwide Hotels, Grand Tradition Hotels & Resorts and Utell Hotels & Resorts, a collection of three- to five-star independently owned or distinctively branded properties.

Josephine Allen comes to Marshall from PERDUE® farms. She also worked with Salisbury University, where she specialized in new product development, marketing campaigns and advertising. At Marshall, she will oversee the marketing and promotion of the company’s portfolio. She previously worked with Marshall in the late ‘90s.

About Marshall Management

Salisbury, Md.-based Marshall Management, founded in 1980, has special expertise in operating three- and four-star branded hotels and resorts, averaging 100 to 400 rooms, in urban and central business districts, suburban/drive-to and resort locations.

In addition, the company has a proven track record managing independent resort and unique urban properties. The company has managed a wide array of leading hotel brands, including Hilton, Starwood, InterContinental Hotel Group, Hyatt, Choice and Wyndham.

Additional information about Marshall Management may be found at the company’s Web site: http://www.marshallhotels.com/.

CONTACTS:

Rick Day
Senior Vice President – Sales and Marketing
Marshall Management, Inc.
(410)749-8464
rday@marshallhotels.com

Chris Daly, media
Daly Gray Public Relations
(703) 435-6293
chris@dalygray.com

Melanie Boyer
Account Executive
Daly Gray Public Relations
(703) 435-6293

Hotel Brokers International Presents Leadership Award to Ron McCord

KANSAS CITY, MO—Hotel Brokers International (HBI), the nation’s largest brokerage organization with more than 30 offices coast to coast, today announced that Wisconsin-based broker Ron McCord, (right top photo)CHB, CHA, has received HBI’s top leadership honor, the Noah L. Canfield Distinguished Service Award.


First presented in 1994, the award recognizes HBI member brokers or associates who have demonstrated distinctive leadership within the organization and the hospitality industry at large.



“Ron conducts himself with integrity and professionalism and has always displayed extraordinary dedication to this organization,” said H. Brandt Niehaus, (left top photo) CHB, CHA, CCIM, HBI board president, and president, Huff Niehaus & Associates, Inc.


“He has served nine of his 13 years with HBI on the board of directors, was the organization’s president for two consecutive years in 2003-04, and constantly volunteers his time for various committees. Ron is a skilled broker with an insightful understanding of our industry, but what sets him apart is his dedication—his commitment adds immeasurable value to this organization.”

Niehaus noted that in HBI’s 50 year history, McCord is only the second member to be elected to two consecutive terms.



Ron McCord is president of Milmark Hotel/Motel Investments, LLC and has more than 35 years of experience in hotel real estate sales. He was recognized by HBI in 2002 as the regional broker of the year and was a founding member of the Council of Inns & Suites of the American Hotel and Lodging Association. He also has served as a board member with AH&LA for eight years, in addition to serving as president of the Wisconsin Innkeepers Association.



Hotel Brokers International, with more than 100 hotel brokerage specialists, is the world’s leading hotel sales organization. The organization annually accounts for the greatest market share of mid-market transactions in the United States. HBI also hosts the Hotel Investor’s Marketplace, sponsors the Certified Hotel Broker program and publishes TransActions Recap, the leading source of hotel real estate sales data.




HBI currently has more than 150 properties listed for sale in its proprietary database and access to more than 10,000 hotel investors and owners. In addition to broker services, HBI offers affiliate membership to professionals in allied fields, including franchising, lending, appraisals and investment services.

For more information about HBI’s hotel listings or to become a broker or affiliate member, HBI may be reached at (816) 505-4315 or via the Internet at www.hbihotels.com.


CONTACTS:

Glenda Webb
Hotel Brokers International
(816) 505-4315

Melanie Boyer
Account Executive
Daly Gray Public Relations
(703) 435-6293

Marcus & Millichap Lists 10-Property Retail Portfolio in Michigan, New York and Ohio for $11.09M

DETROIT, MI – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a portfolio of 10 single-tenant net-leased properties for Rite Aid, CVS and Family Dollar in Michigan, New York and Ohio.

The listing price is $11.09 million.

Simon Jonna, associate director of Marcus & Millichap’s National Retail Group, and Brandon Hanna, an investment specialist in the firm’s Detroit office, are representing the seller.

“This stabilized portfolio will provide an investor with a secure investment opportunity: high-quality free-standing properties with long-term growth potential due to low rents,” says Jonna. “The portfolio is currently 100 percent occupied with double-net lease structures.”

The portfolio includes:


· Rite Aid — 222 S. Chestnut St., Reed City, Mich.
· Rite Aid — 117 S. Main St., Fredericktown, Ohio
· Rite Aid — 305 E. State St., Cassopolis, Mich.

· Rite Aid — 612 St. Joseph Ave., Berrien Springs, Mich.
· CVS — 711 Park Road, Worthington, Ohio
· CVS — 3100 Cleveland Ave., Columbus, Ohio
· Family Dollar — 415 N. Main St., Clyde, Ohio
· Family
Foods — 700 Woodfield Road, W. Hempstead N.Y.
· Family Dollar — 7415 Superior Ave., Cleveland, Ohio
· Library — 209 E. Main St., Enon, Ohio

All properties must be sold together.











CONTACT:

Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710
http://www.marcusmillichap.com/

Welbro Building Corp. Ranks #43 in Southeast's Top Contractors


ORLANDO, FL--Southeast Construction has released its 8th annual Top Contractors ranking for 2007 with 161 firms reporting and a record $33.1 billion in collective revenue represented, up from $29.7 billion in 2006.


WELBRO Building Corporation was ranked 43rd out of the 161 firms in the southeast and 22nd for Florida construction companies. Steve Davis (top right photo) is president and CEO of Welbro.


Florida revenue made up the largest part of the cumulative revenue total representing nearly $19.6 billion in Florida revenue, up $18.2 billion from 2006.

WELBRO Building Corporation is headquartered in Maitland, Florida and has been serving the Southeast commercial construction market since 1979. What started as a small commercial construction company, through partnership and collaboration is today ranked as one of the nation’s top contractors by Engineering News Record (ENR). WELBRO is a dominant force in the hotel/hospitality, education and commercial office markets, as well as retail/commercial and special use facilities.

Southeast Construction is a monthly magazine providing local, in-depth and comprehensive coverage on heavy engineering, highway, building and industrial construction news in the four-state area of Florida, Georgia, North Carolina and South Carolina. Additionally, Southeast Construction is part of a family of 10 regional construction magazines known as Dodge Construction Publications (DCP), a division of McGraw-Hill Construction - which also includes Engineering News-Record, Architectural Record, Design Build, Dodge and Sweet's.


CONTACT:
Welbro Building Corp.,
2301 Maitland Center Parkway, Suite 250
Maitland, Florida 32751
PH 407-475-0800
FAX 407-475-0801
Branch Office: Pigeon Forge, TN

Patricia A. Werner, CEcD
Vice President Community & Economic Development
Welbro Building Corp.
Telephone: 407/475-0800;
mobile: 407/766-3951

David Patten Named Mortgage Broker of the Year


ORLANDO, FL-The Central Florida Commercial Association of Realtors has named David J. Patten (photo at right) Mortgage Broker of the Year for 2007.


Patten is a commercial mortgage banking veteran with over 30 years of experience. He has managed the origination, closing and servicing of more than $2 billion in commercial mortgage loans, with more than 40 life insurance companies, Wall Street conduits, banks and other institutional investors.


He hold the Certified Mortgage Banker-Masters designation (CMB) from the MBA of America. Patten is also the chairman and founder of CFCAR's President's Council Commercial Real Estate Forum which links the many different commercial real estate organizations in Central Florida.

Cambridge Loan Origination Request Totals Decline but Dollar Volume Gains in February Still Impressive

CHICAGO, IL--Cambridge Realty Capital Companies reports the number of loan origination requests processed by the company during the first two months of the year were down 15 percent from the same period in 2007, but the dollar volume for these requests was significantly higher, rising to slightly more than $1 billion from $748.9 million a year earlier.

In February, there were 30 origination requests totaling $468.1 thousand compared with 33 requests totaling $236.2 thousand in 2007, Cambridge Chairman Jeffrey A. Davis said. (photo top right)

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

“Although the capital markets may be in disarray, we’re not seeing a big drop-off in interest, and the volume gain is sizable. Presumably, this is indicative of an increased level of loan requests for new construction, or increased interest in HUD financing due to other lenders dropping out of the market,” he said.

Privately owned since its founding in 1983 as a real estate investment banker specializing in commercial real estate properties, Cambridge emerged in the 1990s as one of the nation’s leading senior housing and healthcare debt and equity capital providers, closing more than 300 such transactions totaling more than $2.75 billion since then.

Contact:

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