Wednesday, July 16, 2008

Cynthia Frank Joins CB Richard Ellis as Director of Retail Asset Services for Florida

FORT LAUDERDALE, FL--- CB Richard Ellis, Inc., the world's largest real estate services provider, is pleased to announce that Cynthia Frank (top right photo) has joined CBRE as the Director of Retail Asset Services for the state of Florida.

In her new position, Ms. Frank will be responsible for new retail business development throughout the state of Florida as well as servicing existing retail clients to ensure that the objectives for their properties are being met. CBRE currently leases and manages in excess of 5.6 million square feet of retail space throughout the state of Florida.

"I look forward to exploring the market and expanding upon the already outstanding services being offered by CBRE's asset services team," Ms. Frank said. "I am honored to have the opportunity to work alongside such a well respected and successful team of CBRE professionals, all of whom already have established well-earned reputations for excellent client services."

Ms. Frank brings more than 20 years of commercial property management experience to CBRE. Prior to relocating to South Florida, she co-founded Metro Commercial Management Services, the largest third-party retail management company in Philadelphia. Under her direction, the company grew to more than 6.0 million sq. ft. in four states.

Ms. Frank has a Bachelor of Arts from the University of Delaware and is a Certified Property Manager as designated by the Institute of Real Estate Management. She is also an active member of ICSC, IREM and BOMA.


Tina Moyerman, 305.381.6423,

Rebecca Thomas, 305.381.6485,

Osceola County Development Site Becomes First Industrial Park in State to Register with U.S. Green Building Council

KISSIMMEE, FL - CB Richard Ellis, the world's leading commercial real estate services provider, is pleased to announce that Yeehaw Transportation & Distribution Center in Osceola County, Fla., has become the first industrial park in the state to register with the U.S. Green Building Council.

The 430-acre site is located at the crossroads of State Road 60 and Florida's Turnpike (Yeehaw Junction) in Central Florida.

Kevin Hoover,(top right photo) vice president, and Kerry Jackson, (top left photo) vice president, SIOR, have been retained to exclusively represent the owner, Yeehaw Ranch LLC, in the sale of the property.

"Yeehaw Junction is strategically positioned for statewide distribution," Mr. Hoover said of the development opportunity.

"It is accessible to a market of 7 million people within 100 miles and recently received land use approval from Osceola County and the State Department of Community Affairs and is now in the design process."

According to developer Dan Shalloway, the decision to go green with the project's design was a logical one.

"While I am a true believer that green building is needed to sustain our country, it also makes economic sense," Mr. Shalloway said. "Sophisticated companies understand that the energy savings and safe environment offered by a green building provide a competitive advantage."

Part of this economic advantage, added Brian Dugas, director for the Renewable Energy Institute of Florida, is the savings involved in providing a healthy work environment for employees. He said the certification process looks at ventilation, volatile organic compounds in paint and carpets, lighting and thermal comfort.

"A well designed green building contributes to employee health and productivity which just happens to be good for the bottom line," Mr. Dugas said.

Grand Bay Properties Negotiated Sale of 3.58-Acre Self-Storage Site in San Carlos, FL

SAN CARLOS, FL. --- Grand Bay Properties, the marketing arm of Pelican Bay Development, recently negotiated the sale of a 3.58-acre parcel in San Carlos for $905,000 to My Garage, LLC who will develop a self-storage facility behind the existing Publix supermarket located on the northwest corner of Tamiami Trail and Sanibel Blvd.

James Nashman, president of Pelican Bay Development, said Broker William J. Wolf of Grand Bay Properties negotiated the transaction.

For more information contact:
Jim Nashman, President of Pelican Bay Development, 239-498-5363
William Wolf, Broker of Record, Grand Bay Properties, 239-498-5363
Larry Vershel or Beth Payan, LV Communications, 407-644-4142 (fax 4410)

CBRE Tampa Releases Q2 Marketview Reports

TAMPA, FL--The Tampa office of CB Richard Ellis Group Inc. has released second-quarter market reports on the Tampa Bay office and industrial markets and the Polk County industrial market.

For copies of the complete reports, please contact Lauren Crawford at

Tampa Bay Office Highlights:
· Over one million sq. ft. of new Class A office space will be delivered to the Tampa Bay market in the next 12 months.
· The overall vacancy rate ticked up 0.3% over the first quarter 2008 to 15%--the highest since fourth quarter 2008.
· Buschwood I & II was purchased by Eola

Tampa Bay Industrial

· The [industrial] economy remains fairly strong, the biggest challenge is battling the perception that it's not.
· Over one millions sq. ft. of industrial space is actively under construction.
· Answering to the rise in vacancy rates, average asking lease rates decreased slightly to $6.65 per sq. ft. (down $0.50 over the quarter.)

Polk Industrial

· Of the six properties under construction (902,000 sq. ft.), 46% is pre-leased..
· Year-to-date, the Polk County industrial market has experienced over one million sq. ft. of positive net absorption.
· Swiss fragrance company, Firmenich, announced it will expand its Lakeland operations with a new 12,000-sq.-ft. bldg.

HFF arranges $18.45M financing for Cameron Creek Apartments in Fort Worth, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged $18.45 million in financing for Cameron Creek Apartments, (above centered photo) a 446-unit, garden-style multifamily community in Fort Worth, Texas.

HFF associate director Travis Anderson and senior managing director John Brownlee (top right photo) worked exclusively on behalf of the borrower, The Bascom Group to secure the 36-month, fixed-rate loan through GE Real Estate.

Loan proceeds are being used to acquire and renovate the property. The Bascom Group owns and operates 115 properties containing 33,788 units in California, Arizona, Washington, Hawaii, Colorado, Utah, Nevada, Texas and Georgia.

Cameron Creek Apartments has one-, two- and three-bedroom units averaging 859 square feet each. Community amenities include two pools, two tennis courts, a spa, a fitness center, a volleyball court and a club house.

As part of the renovation program, Bascom plans to add BBQ areas, tot lots and a wi-fi business center as well as making significant interior upgrades to individual units.

Located at 5209 Bryant Irvin, Cameron Creek Apartments is located close to Interstate 20, Highway 183, University of Texas at Arlington and Hulen Mall.
“The planned renovations will allow the borrower to increase rents while offering updated interior finishes at market rents that are still lower than those offered by many of the property comparables,” said Anderson.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.
HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.


Travis Anderson, HFF Associate Director, 214 265 0880,

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990,