Sunday, July 27, 2008

Southwest Florida Lender-Owned Foreclosed Homes Auction Aug. 5

CHICAGO, IL/PRNewswire/ -- Rick Levin & Associates, Inc., the real estate auction marketing firm, announced it will conduct a multiple-property auction of lender-owned foreclosed homes in southwest Florida.

The auction will take place at 7 p.m. August 5, 2008, at the Ambassador Riverfront Hotel located at 2500 Edwards Drive in Fort Myers, Florida.

"Because lenders are in the business of lending money and not owning property, this national lender has partnered with us to sell these foreclosed properties.

"The lender is very motivated to sell these properties now as they want them off of their books as soon as possible," said Rick Levin, president of Rick Levin & Associates, Inc. "This is a one-day only opportunity for anyone, including first and second home buyers and bargain-seeking investors, to purchase any of these properties at substantial discounts from their original prices," he continued.

Many of the properties are located in Lehigh Acres and Cape Coral with some located in Ft. Myers and Alva. Most of the homes are new construction and most have 3 bedrooms and 2 baths.

The properties were previously priced up to $329,000 and have suggested opening bids starting at $55,000.

Ten properties will be sold absolute, regardless of price. A cashier's check in the amount of $5,000 is required to bid. The broker co-op for participating brokers is 4%.

The August 5th auction will be conducted in conjunction with Rob Nord, licensed FL auctioneer #AU3574, JL Todd Auction Company License #AB249 and Thomas J Tarpley, FL license #AU40.

For the complete list of auction properties and terms of sales, interested parties should call Rick Levin & Associates, Inc. at 866-655-4500, or visit their Website at

Marcus & Millichap Sells Four-Building Apartment Portfolio on Manhattan's West Side for $16.65M

Located in two of the city’s most desirable neighborhoods – Fashion Center and Hell’s Kitchen – this portfolio commanded a price of $231,250 per unit.

NEW YORK N.Y.– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the $16.65 million sale a four-building portfolio consisting of 72 rental units on Manhattan’s West Side. (middle left photo)
Ideally located in the Fashion Center and Hell’s Kitchen neighborhoods, the portfolio traded at $231,250 per unit, or $421.73 per square foot. The portfolio sold at a cap rate of 4.87 percent cap rate and a GRM of 15.

Peter Von Der Ahe,(top right photo) an associate vice president investments and director of Marcus & Millichap’s National Multi Housing Group in Manhattan, and Joe Koicim, (top left photo) an investment specialist also in the firm’s Manhattan office, represented the seller, a locally based investor.

Said Boukhalfa, an investment specialist in the firm’s Brooklyn office, along with Von Der Ahe and Koicim represented the buyer, a Brooklyn-based investor.

“This portfolio allowed the investor to acquire four well-maintained multi-family buildings in a tight market with tremendous opportunity for rent growth,” says Von Der Ahe.

The portfolio includes:

· 529 West 48 Street: Located between 10th and 11th Avenues, the 11,310-square foot, five-story apartment building features 21 units situated on a 25-foot by 100-foot lot.

· 534 West 50th Street: Situated between 10th and 11th Avenues, the 10,750-square foot, five-story apartment building features 21 units situated on a 25-foot by 100-foot lot.

· 317 and 319 West 35th Street: These two buildings between 8th and 9th Avenues total 17,420 square feet with 26 apartments and 4 retail units. Under the current zoning there are an additional 31,941 square feet of air rights.

"The two buildings on West 35th street combined make up 50 feet of frontage right off of 8th Avenue”, says Koicim, "And with the additional available air rights, it is a prime candidate for a future residential or hotel site situated one block from Pennsylvania Station."

All four properties recently received upgrades, including new boilers, burners, electrical service and water mains.

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

HFF closes sale of One City Centre in Houston’s CBD

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of One City Centre, a 31-story, Class A office tower with two parking garages in Houston’s central business district.

The HFF investment sales team was led by managing directors Robert Williamson (top right photo) and Jeffrey Hollinden,(middle left photo) who marketed the property on behalf of the seller, Broadway Real Estate Partners.
Behringer Harvard Real Estate Investments purchased One City Centre for an undisclosed amount and assumed an existing loan.
HFF arranged the previous sale of the property to Broadway Real Estate Partners in 2007.

Located at 1021 Main Street and occupying one-and-a-half full city blocks, One City Centre fronts the METRORail Station Stop and is situated at the crossroads of Houston’s central business district pedestrian tunnel system.
The property has 608,660 square feet of office space that is 96% occupied by tenants including Waste Management.

Broadway Partners is a private real estate investment and management firm headquartered in New York.
Behringer Harvard is a real estate investment company that is based in Dallas, Texas and invests both domestically and internationally.

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.

Robert E. Williamson, HFF Managing Director, 713 852 3500,

Jeffrey A. Hollinden, HFF Managing Director, 713 852 3500,

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

HFF engineers $92.5M sale of Orlando area office properties to Flagler Development Company

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) has engineered the sale of Reserve at Maitland, a three-property office portfolio in suburban Orlando, Florida as well as Maitland Promenade, (top left photo) a Class A, 230,368-square-foot office building in Maitland, Florida to Flagler Development Company.

HFF executive managing director Manny de Zárraga (top right photo) and managing directors Danny Finkle (middle left photo) and Hermen Rodríguez (middle right photo) represented the purchaser in acquiring the assets from Grubb & Ellis Realty Investors, LLC. Flagler acquired Reserve at Maitland for $39.56 million and Maitland Promenade for $52.94 million.

Reserve at Maitland is located at 30, 65 and 70 South Keller Road in Maitland, approximately seven miles north of Orlando via Interstate 4. The properties have a total of 197,000 square feet of Class A office space and are fully occupied by three primary tenants including Earth Tech, Bright House and Inverness Medical.

Maitland Promenade is currently 92% leased to tenants including Star Networks, Trammel Crow Residential, United Health Care, Brice Building Company, Custom Staffing and BE&K Group. The property is located at 485 North Keller Road approximately a half mile west of Interstate 4 in Maitland.

Grubb & Ellis Realty Investors, LLC is the real estate investment and asset management subsidiary of Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm. Grubb & Ellis Realty Investors and affiliates manage a growing portfolio of assets valued in excess of $6.1 billion located throughout 30 states.
Flagler Development Group is the leading integrated commercial real estate firm specializing in commercial and industrial workplaces in the state of Florida. The company owns, develops, leases and holds in joint ventures approximately 9.8 million square feet of Class A office and industrial space, as well as an additional 1.2 million square feet under construction.

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.

Manuael de Zarraga, HFF Executive Managing Director, 305 448 1333,

Danny Finkle, HFF Managing Director, 305 448 1333,

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