Tuesday, July 29, 2008

Orlando-based Tilt-Con Corporation under way on new DBSI Park Centre office building in Tampa, FL

TAMPA, FL – Orlando-based Tilt-Con Corporation is under way on the new 3-story, 85,979-square-foot DBSI Park Centre office building at 13010 Telecom Drive, Tampa, FL.

Selected by R.R. Simmons for its unrivaled performance and speed of execution, Tilt-Con utilizes its economical multi-story system for tilt-up concrete walls.

Ranked as Florida’s largest tilt-up concrete constructor by Engineering News-Record magazine, Tilt-Con’s scope of work includes foundations, slab-on-grade and tilt-up concrete wall panels, and is slated for completion in October 2008. The project was designed by kNovations, Tampa, FL.

Tilt-Con Completes New Martin's Famous Pastry Facility in Valdosta, GA

ORLANDO, FL – Orlando-based Tilt-Con Corporation completed the new 2-story, 173,227-square-foot Martin’s Famous Pastry facility located at 2000 Potato Roll Lane in Valdosta, GA, under its contract with Elkins Constructors, Inc. Jacksonville. The project was designed by Newcomer Associates, Chambersburg, PA.

Contact: Kenneth H. Cristol 407-774-2515

Terranova Signs Cici's Pizza at Parkhill Plaza, Miami

MIAMI BEACH, FL– Terranova Corporation has signed Cici’s Pizza at Parkhill Plaza, a 112,448 square foot shopping center located at 9609 West Flagler Street in Miami.

Terranova Corporation represented the landlord in the five-year, 4,000 square foot lease with Cici’s Pizza.

CiCi's Pizza is a fast-growing, family-oriented restaurant chain, serving fresh pizza, pasta, salad and dessert, all you can eat for under $5. CiCi’s mission then and now is to exceed each guest's expectation in food, service and cleanliness at an affordable price.
CiCi’s has grown to over 600 restaurants in 29 states, since opening its first restaurant in Plano, Texas in 1985.

Industry professionals have taken notice of CiCi’s Pizza’s continuous growth and success. Nation's Restaurant News has ranked CiCi’s No. 1 for sales and unit growth in the pizza chain category for the past three years. In its recent 2007 ranking, Entrepreneur magazine designated CiCi’s as the top brand in the Italian restaurant franchise category.

Cici’s will join a line-up of tenants at Parkhill Plaza that include Winn-Dixie, Dollar Tree, Denny’s, Wendy’s, Advance America, The Check Cashing Store, Estrella Insurance, Jackson Hewitt, Papa John’s Pizza, Huntington Learning Center and Washington Mutual Bank. Space is still available for lease. Please call, 305-695-8700 for more information.

CB Richard Ellis Executes Lease with Trustco Bank

ORLANDO, FL– CB Richard Ellis, the world’s leader in commercial real estate is pleased to announce Bobby Palta, (top right photo) Senior Associate in Retail Properties, represented CFT Developments, LLC in signing a 10-year lease on an 1,800-sq.-ft. building at U.S. 441 and Rolling Acres Road in Lady Lake, Florida to Trustco Bank, New York.

This branch will take the southern endcap to this outparcel retail building, joining The Home Depot, Panda Express and a new Sam’s Club that will soon begin construction. The bank is scheduled to open in Summer 2009.

“The Villages/Lady Lake market will see the addition of dozens of new retailers at this intersection, and this should be a strong location for Trustco," says Palta. "There are still two availabilities within the center – one at 1,168-sq.-ft. and another at 1,600-sq.-ft.”

Contact: Bobby Palta, 407.839.3124, bobby.palta@cbre.com

Laramar Group Acquires Oceanview Waterfront Multifamily Property in Boca Raton

Completes Foreclosure on 160-Unit Luxury Apartment Complex

CHICAGO and BOCA RATON, FL/PRNewswire/ -- Chicago-based Laramar Group, a fully-integrated real estate investment and management company, has acquired Oceanview Apartments, (top right photo) a 160-unit waterfront property located in Boca Raton, Fla.

The Oceanview property, to be re-named "Villa Oceana Apartments," was previously a condominium conversion project, and is now designated to be renovated as luxury waterfront apartment units.

Laramar acquired the note on the Oceanview property from the senior lender and negotiated with the mezzanine lender and the current owner to complete an amicable foreclosure process.

During the foreclosure process, Laramar was appointed as receiver and took over management of the property. The sale was brokered by the Boca Raton office of Apartment Realty Advisors.

"We feel very fortunate to have had the opportunity to manage and maintain Oceanview for the last six months. It has provided us valuable knowledge as to how to best implement our rehab program at the property," said Ron Roan, (middle left photo) vice president of acquisitions for Laramar's regional office in Palm Beach Gardens, Fla. "Waterfront apartment properties are very rare, especially in Southeast Florida, and we look forward to improving Oceanview to a luxurious level, maximizing its outstanding setting and waterfront location."

Uniquely situated on 4.7 acres of premium waterfront land, Villa Oceana is bordered on the west side by the Intracoastal Waterway, and on the east side, by the Atlantic Ocean.

"As a unique waterfront property in a prestigious area, Villa Oceana affords Laramar an excellent opportunity to greatly enhance value through extensive renovation," said Jeff Elowe,(middle right photo) president of Laramar. "We were pleased to work with all parties involved (e.g. owners and banks) to find an agreeable solution to address the future of this property."

The acquisition was spearheaded out of the company's Palm Beach Garden's office in Florida, which is dedicated to acquiring multi-family and related assets throughout the state as part of the company's strategy to acquire such investments nationwide.
Laramar has developed an expertise in the acquisition of notes backed by quality real estate and is actively pursuing similar opportunities.About Laramar GroupThe Laramar Group, LLC is a fully-integrated real estate investment and management company, with corporate headquarters in Chicago, property management headquarters in Denver and regional offices in Palm Beach Gardens, Fla., and Irvine, Calif.
With a consistent national operating platform, Laramar is an industry leader in multi-family investment, acquisition, renovation and management.In December 2006, the Laramar Group closed the Laramar Multi-Family Value Fund, giving the company the ability to acquire $1.4 billion in value-add multifamily real estate assets throughout the country.


Kiera Kelly, +1-773-975-3538, kkelly@chasepr.com, or

JulieChase, +1-415-433-0100, jchase@chasepr.com,

both of Chase Communications, forThe Laramar Group, LLC

Stirling Commercial Group Merges With Stirling Sotheby's International Realty

LAKE MARY, Fla. – Stirling Commercial Group, a commercial real estate services company formed in 1989, has joined forces with Stirling Sotheby’s International Realty, the luxury home specialist that is part of the largest luxury real estate brand in the world.

Roger Soderstrom,(top right photo) founder and owner of Stirling Sotheby’s International Realty, also founded Stirling Commercial Group.

“When Stirling International Realty joined the Sotheby’s International Realty network in January of 2006, Sotheby’s was not positioned to include commercial real estate services companies,” Soderstrom explained.

What happened in the meantime is the globalization of commercial realty.

“Today there is a strong global demand for high quality commercial properties in Florida, and Sotheby’s has now opened its brand and its global network to present commercial properties to foreign buyers who have a strong interest in buying income-producing properties and investments,” he said.

Sotheby’s International Realty is the world’s most popular luxury real estate brand, Soderstorm said.

“Stirling Sotheby’s has been receiving requests from commercial clients who want to list their properties with Stirling Sotheby’s to increase their global exposure,” Soderstrom said.

“In today’s market we need to be global and we need to create new services for our clients,” Soderstrom said.

“When the market is slow in Florida, market demand worldwide adds a tremendous element to commercial values,” he added.

For more information, please contact

Roger Soderstrom, Owner/Founder Stirling Sotheby’s International Realty 407-588-1260

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

NAI Realvest negotiates industrial lease of 4,200 SF at Soldiers Creek Business Center

ORLANDO, FL. – NAI Realvest has negotiated an industrial lease for 4,200 square feet at Soldiers Creek Business Center, (photo at left) 2120 Ronald Reagan Blvd. in Longwood.

Michael Heidrich, (top right photo) principal at NAI Realvest negotiated the lease agreement representing the landlord, Landworks Group, LC of Sanford

Madison, Wisconsin-based Cascade Asset Management LLC is the new tenant who leased suites 1100 and 1104 at the center. Forest Askew of Colliers Arnold represented the tenant.

For more information, please contact:

Michael Heidrich, Principal, NAI Realvest, 407-875-9989 mheidrich@realvest.com

Janice Paiano, Director of Marketing, NAI Realvest 407-875-9989 jpaiano@realvest.com;

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

Hotel Brokers International Completes 22 Transactions in 2008 Second Quarter; 43 in First Half

Price Per Hotel Up Significantly

(Photos of HBI featured properties on left side, from top, are South Carolina, 170 rooms; Virginia, 124 rooms; Minnesota, 32 rooms; Arkansas, 79 rooms. On the right side, from top, are Indiana, 66 rooms, Ohio 64 rooms, Connecticut, 104 rooms and Florida 200 rooms.)

KANSAS CITY, Mo., July 29, 2008—Hotel Brokers International (HBI), the nation’s largest hotel brokerage organization with more than 30 offices from coast to coast, today announced that its members sold 22 hotels in the 2008 second quarter, up from 20 properties in the same period a year earlier, for a total of 43 transactions in the first half.

Total transaction volume in dollars rose by more than 52 percent for the second quarter and was up 30 percent for the 2008 first half. Average price per room increased 11 percent for the second quarter and 41 percent for first half, compared to the 2007 first quarter and first six months, respectively.

Concurrently, HBI said that its TransActions Data Services Division recorded a total of 206 hotels sold in the 2008 first half for an aggregate $4.58 billion, down significantly from 486 hotels sold for more than $15.7 million in the first six months of 2007. HBI’s TransActions Data Services Division tracks all publicly announced sales across the nation.

“Larger transactions, those of more than $10 million, have declined significantly, with only 73 deals above that amount reported in the first half, compared to 258 in the same period last year,” said H. Brandt Niehaus,(top right photo) CHB, president of HBI and Louisville-based Huff, Niehaus & Associates, Inc.

“Mid-market hotel transactions have declined, but there still is a lot of active trading taking place, especially in the $10 million and under range. HBI has not seen the sharp declines experienced by the hotel brokerage community as a whole.

" We are seeing a lot of brokers who traditionally don’t deal in or have experience in transactions of under $10 million now seeking listings in this category. That, probably more than anything, describes the current ‘big-box’ hotels market. Fortunately, we have seen minimal impact on our business.”

Capitalization rates for the 2008 first half rose to 10.2 percent from 9.3 percent in last year’s first half.

Niehaus says, “Any time there is a significant shift in the economy, the expectations gap between buyer and seller widens. The buyer is looking ahead at the economy for his pricing and the seller is looking at the past year. Currently, there is about a 50 to 100 basis point spread between buyers and sellers.

“While it may sound self-serving, buyers and sellers need brokers more than ever in today’s market,” he noted. “A third party can build the necessary bridges and find creative ways to get deals done.”

Transactions are taking about 30 to 60 days longer to complete than a year ago, as lenders are requiring more due diligence.

“Equity requirements generally have increased from a range of 15 to 20 percent in early 2007 to 25 to 35 percent today. However, SBA loans under $10 million are still available with as little as 20 percent equity. Personal guarantees also are becoming a factor. Nonetheless, financing remains available at historically attractive rates. HBI brokers are playing a larger role in helping to identify funding sources and in putting the packages together.”

About HBI

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.

In addition to the Hotel Investor’s Marketplace, HBI 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 15,000 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 http://www.hbihotels.com/.

Julie Tullbane, Daly Gray Public Relations, T 703-435-6293, F 703-435-6297, julie@dalygray.com

Glenda Webb, Hotel Brokers International (816) 505-4315

Melanie Boyer, Daly Gray Public Relations, 703) 435-6293

Cushman & Wakefield Negotiates Sale of Corporate Oaks and Centerpointe for $47.3M

TAMPA, FL-– Cushman & Wakefield negotiated the sale of Corporate Oaks (photo at left) and Centerpointe (top right photo) in Tampa, Florida for $47.3 million. This represents Central Florida’s largest office sale this year.

The property was 92 percent occupied at the time of the sale. The two buildings combined total 350,232 rentable square feet.

Executive Director Mike Davis (Capital Markets) and Associate Director Rick Brugge, CCIM (Capital Markets) negotiated the sale on behalf of the seller, USAA Real Estate Company. The buyer was TA Associates

Mr. Davis was quoted as saying, “This is indicative that buyers remain bullish about commercial properties in the Tampa Bay area.”

.Contact: Debbie P’Simer

Marcus & Millichap Names Three New Senior Vice Presidents


PALO ALTO, CA — Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named David J. Dematteis (top right photo) to senior vice president investments in the Palo Alto office, according to regional manager Steven J. Seligman. (top left photo)

“David has earned a reputation as one of the most knowledgeable investment specialists in the nation,” says Seligman. “He is a consummate professional, continually striving to expand his knowledge and expertise. Dematteis’ focus on client services has earned him a high degree of loyalty and respect from investors as well as his peers.”

Dematteis joined Marcus & Millichap 25 years ago, specializing in the multi-family market. He was inducted into the firm’s prestigious Chairman’s Club in 2005 and the Seven-Figure Club in 1988. Also in 1988, he was honored as the No. 5 agent in the firm. He has received six National Achievement Awards and 19 annual Sales Recognition Awards.

Dematteis earned his Bachelor of Science degree from the University of California, Berkeley in business administration.


ENCINO, CA— Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Earle J. Hyman (photo at left) to senior vice president investments in the Encino office, according Mitchell R. LaBar,(middle right photo) managing director and regional manager of the firm’s Encino office.

“Earle has earned a reputation as one of the most knowledgeable investment specialists in the nation,” says LaBar. “He is a consummate professional, continually striving to expand his knowledge and
expertise. Earle’s focus on client services has earned him a high degree of loyalty and respect from investors as well as his peers.”

Hyman began his career with Marcus & Millichap 21 years ago, specializing in multi-family properties. He serves as a director of the firm’s National Multi Housing Group. He has won 11 National Achievement Awards and 20 Sales Recognition Awards. Hyman was inducted into the prestigious Seven-Figure Club in 1994.

Hyman earned his bachelor’s degree from the University of California, Los Angeles.


SACRAMENTO, CA— Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Nicholas Scelsa (photo at right) to senior vice president investments in the Sacramento office, according to regional manager Robert Hicks.

“Nicholas has earned a reputation as one of the most knowledgeable investment specialists in the nation,” says Hicks. “He is a consummate professional, continually striving to expand his knowledge and expertise. Nicholas’ focus on client services has earned him a high degree of loyalty and respect from investors as well as his peers.”

Scelsa began his career with Marcus & Millichap 23 years ago, specializing in retail properties. He has been inducted into the firm’s prestigious Chairman’s Club twice and the Seven-Figure Club in 1995. He has earned 10 National Achievement Awards and 14 Sales Recognition Awards.

Scelsa graduated from Columbia University School of Law.

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