Sunday, July 6, 2008

Marcus & Millichap Arranges Sale of 9.49-Acre Car Dealership in Norfolk, VA for $10.3M

NORFOLK, VA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 9.46-acre property leased to Freedom Ford car dealership (middle right photo) in Norfolk. The sales price is $10.3 million.

Glen Kunofsky, (top left photo) a first vice president investments and senior director of Marcus & Millichap’s National Retail Group in Manhattan, and James Mitchell, Amarainder Goli and Conrad FitzGibbon, all investment specialists in the firm’s Washington, D.C., office, represented the seller, a national real estate investment trust, and the buyer, a private global investment company.

“Franchised automobile dealerships represent an excellent single-tenant net-leased investment because of the strength of the real estate that is inherent with most dealerships and cash flows from operations that can quickly adapt to disruptions in the marketplace that are prevalent today” says Mitchell, who has spent a decade working in the automotive industry.

“The offering was an excellent opportunity for the investor to acquire a well-maintained property leased to a stable tenant in an enviable location along one of the busiest arteries servicing one of Norfolk’s main commercial centers,” adds Goli.

Located at 7520 North Military Highway, the property consists of four buildings, totaling 93,275 square feet, and is situated to the north of North Military Highway and to the east of Hilton Street.

Norfolk is one of Virginia’s largest incorporated cities and is located in Hampton Roads, a large natural harbor located at the mouth of the Chesapeake Bay. Norfolk is considered to be the historic, urban, financial, and cultural center of the region. It is home to both the world’s largest naval base, and corporate headquarters of the Norfolk Southern Railway.

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

Foreclosure Report Newsletter Celebrates One-Year Anniversary With Nearly 50,000 Subscribers

IRVINE, CA– RTI Publishing, Inc., a subsidiary of RealtyTrac™ (, the leading online marketplace for foreclosure properties, announced that its Foreclosure News Report, a monthly newsletter dedicated exclusively to foreclosure investing, has reached nearly 50,000 monthly subscribers after just one year of publication.

Foreclosure News Report — a subscription-based 12-to-16 page newsletter — covers news relating to the foreclosure marketplace, success stories from real foreclosure buyers and investors, legal updates, guest columnists and the latest state and national foreclosure trends.

The publication is chock-full of in-depth reporting on all aspects of the foreclosure process nationwide. Each issue includes a state or regional spotlight that goes in-depth about market conditions in that area.

The newsletter covers all aspects of the foreclosure process, from pre-foreclosures to bank-owned properties to courthouse foreclosure auctions — as well as the inner workings of investing in foreclosure properties.

“The initial response to the newsletter has been favorable beyond even our most optimistic expectations,” said Rick Sharga, (top right photo) publisher of Foreclosure News Report and vice president of marketing at RealtyTrac. “Our paid circulation has grown much faster than anticipated, with nearly 50,000 subscribers receiving the newsletter each month, which I believe is a testament to the high caliber of the editorial team.”

Contact: Tammy Chan, Atomic PR, 415 402 0330.

Pinellas County, Florida Office Market Rebounds in First Quarter

TAMPA, FL--Pinellas County’s class A office properties rebounded in the first quarter, posting almost 50,000 square feet of net absorption, according to Randy Smith (top right photo), director of research in the Tampa, FL division of GVA Advantis.

However, heavy occupancy losses in the class B sector dragged down the overall market performance in the opening period and the direct vacancy rate increased 40 basis points to 17.4 percent.

Sublease space has been on a slow climb over the past twelve months and just topped two percent of total office inventory. Market rents for Pinellas office space moved higher in the first quarter, averaging $21.61 per square foot, up 13 percent over the same time last year.

The turbulent economy has taken its toll on the local job market which continues to struggle so far in 2008. Through March, the Tampa-St. Petersburg-Clearwater metro area lost 4,000 jobs and the unemployment rate in Pinellas County has risen to 4.8 percent from 4.5 percent at the beginning of the year.

The downturn in the housing market has had a pronounced effect on the Tampa Bay economy, with financial services and construction industries bearing the brunt of the fallout in employment.

Still, this contraction in the market is expected to ease later this year, setting the stage for a comeback in office demand for 2009. This year, gains in office occupancy will come in small steps, as Pinellas benefits from a diverse economy with a growing base of medium-sized entrepreneurial companies.

For a copy of the Pinellas Area Market Review, please contact:

Randy Smith, Director of Research, Advantis Real Estate Services Company, 3000 Bayport Drive, Suite 100
Tampa, FL 33607. Tel 813.342.4725. Fax 813.372.4004. E-mail

Hunter Realty Associates, Inc. Closes Sale of the Holiday Inn in Frederick, MD

FREDERICK, MD—Hunter Realty Associates represented Lodgian, Inc. in the sale of the Holiday Inn, (top left photo) Frederick, Maryland.

The sale was arranged by Kyle Stevenson (middle right photo) of the Washington, DC office of Hunter for an undisclosed price.

This 158 unit hotel was purchased by West Patrick Hospitality, LLC. The Holiday Inn is an exterior corridor property, built in 1972, and is well located on Route 40 in this fast growing suburb of Washington, DC.

Since 1978, hoteliers have profited from Hunter’s integrity, experience and most importantly results. With offices in Atlanta and Washington, DC, Hunter’s exclusive focus is in hotel brokerage and hotel-related investment banking. The Hunter name is recognized as one of the most respected firms in the hotel industry.

For more information or to view current listings, please visit or contact us at 404-355-0880 in Atlanta, or 703-246-0035 in Washington, DC.


Julie Tullbane, Daly Gray Public Relations, T 703-435-6293. F 703-435-6297.

Chris Daly, media, (703) 435-6293.

Southern Commercial Real Estate Advisors Represent Delta Properties in

ORLANDO, FL-- William “Bo” Bradfordm CCIM, SIOR and Tom Mcfadden, SIOR of Southern Commercial Real Estate Advisors have completed the purchase transaction of an 80,389 square-foot industrial property located at 1815 Cypress Lake Drive, Orlando, Florida.
Bradford and McFadden represented the buyer, Delta Properties Intl, LLC, and the seller, LDL Holdings Florida, LLC was represented by Mark Stratman and Danielle Murphy of The Staubach Company.

Media Contact: Celeste MacKenzie Southern Commercial Real Estate Advisors,
321-281-8503 20 N. Orange Avenue, Suite 605, Orlando, FL 32801

Emerson International Negotiates Eight Long-Term Office Leases Totaling More than 12,300 SF in Central Florida

ALTAMONTE SPRINGS, FL --- Emerson International has negotiated seven long-term lease agreements that total 12,328 square feet of office space at CenterPointe Office Park, Altamonte Lakeside Park in Altamonte Springs and Sanlando Office Park in Longwood.

Pierre de Amezola, director of sales and marketing at Emerson International, Inc., said Emerson leasing associates Sean Westcott and Shauna Norris negotiated a lease agreement for 1,632 square feet at CenterPointe Office Park, 370 CenterPointe Cr. in Altamonte Springs. Developmental Pediatric Therapy Clinic is the new tenant.

Westcott and Norris negotiated another new lease agreement at CenterPointe Office Park for a 160-square foot mini-suite at 378 CenterPointe Cr. Seven Day Challenge is the new tenant.

Westcott and Norris negotiated the following renewal agreements at CenterPointe Office Park (top right photo)

• 1,552 square feet at 378 CenterPointe Circle where Appraisal Group of Central Florida, Inc. is the tenant;
• 705 square feet at 401 CenterPointe Cr. where Onsyte Sales & Services Inc. is the tenant;
• 425 square feet at 370 CenterPointe Cr. where Laura Herrmann Design Inc. is the tenant

Westcott negotiated two new lease agreements at Altamonte Lakeside Park, (bottom left photo) 307 Crane’s Roost Blvd. in Altamonte Springs.

Heilind Electronics Inc. of Wilmington, Mass., leased 3,062 square feet of office space. Joe Hills of Coughlin Commercial, Inc., participated in the lease agreement representing Heilind.

AppleOne Employment, a Glendale, Cal., company, leased 3,228 square feet of office space at Altamonte Lakeside Park. David Wash of Stone Miller in Los Angeles participated in the lease agreement representing AppleOne.

At Sanlando Office Park, (middle left photo) 2170 W. SR 434 in Longwood, Westcott and associate Rosie Ritchie negotiated a lease renewal agreement with the tenant, The Closing Table, who occupies 1,564 square feet of office space.

For more information, contact:
Pierre de Amezola, Director of Sales & Marketing, Emerson International,
407-834-9560. For Leasing Information call Sean Westcott or Kenneth Koch

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

NAI Realvest Negotiates Warehouse Sublease in Maitland

MAITLAND, Fla. NAI Realvest has negotiated a sublease agreement for 11,500 square feet of warehouse space at 110 Atlantic Annex in Maitland.

Jeff Ettinger, (top left photo) NAI Realvest broker associate in the firm’s Maitland office, negotiated the transaction representing the sublessee, Wholesale Furniture Market, Inc. of Fern Park. Norandex Distribution, Inc. of Macedonia, Ohio is the Sublessor.

For more information, contact:
Jeff Ettinger, Broker Associate, NAI Realvest
Janice Paiano, Marketing Director NAI Realvest
Larry Vershel or Beth Payan, LV Communications, 407-644-4142