Tuesday, August 5, 2008

GVA Advantis Negotiates $1.4M Sale of Parcel Near Proposed Courthouse Site in Downtown Jacksonville, FL

JACKSONVILLE, FL – (August 5, 2008) – GVA Advantis represented the Raabe Family Property, LLC in the sale of a .51-acre parcel in downtown Jacksonville, Duval County, Fla., for $1,400,000.00 or $63.49 per square foot. The 22,050-square foot parcel is located directly across the street from the site of the proposed new county courthouse. (above centered rendering)

Monte Merritt, (top right photo) senior director for GVA Advantis, exclusively represented the seller, Raabe Family Property, LLC, a company based in St. Petersburg, Fla.

The buyer, Manhattan Condominium Development, Inc., is a Florida corporation based in Miami and was represented by Nancy Link, an independent Miami broker, in the transaction.

“This sale shows the revitalizing interest in the area surrounding the site of the new location for the much-anticipated new Jacksonville courthouse complex,” says Merritt. “The site was purchased on speculation that it might be used for downtown parking until the courthouse is constructed,” he adds.

Situated at the southeast corner of West Adams Street and Broad Street, the property is located in the heart of Jacksonville’s Central Business District. The vacant parcel was known as 516 West Adams Street before the building previously on the property was torn down.


Lisa Hyde, Director of Marketing, Advantis Real EstateServices Company. 3000 Bayport Drive, Suite 100, Tampa, Florida 33607, Tel 813.342.4752, Fax 813.342.4004
E-mail Lhyde@gvaadvantis.com

Sikon Construction Starts New Publix at Canyon Lakes Retail Center in Boynton Beach, FL

BOYNTON BEACH, FL – Deerfield Beach-based SIKON Construction Corporation, one of the nation’s leading retail contractors, is under way on the new multimillion-dollar Publix at Canyon Lakes retail center on West Boynton Beach Boulevard in Boynton Beach, FL, under its contract with GL Commercial, Sunrise, FL.

Designed by Saltz Michelson Architects, Fort Lauderdale, the project will consist of a 54,000-square-foot Publix Super Market and approximately 17,000 square feet of retail space according to longtime Florida construction veteran Dale E. Scott, (top right photo) Senior Executive Vice President of SIKON. Completion in slated for December 2008.

SIKON is headquartered at 431 Fairway Drive, Deerfield Beach, FL 33441, phone 954-354-8338. For more information, visit the company’s website at http://www.sikon.com/.

Contact: Kenneth H. Cristol 407-774-2515

Now Not a Good Time for Procrastination, Cambridge Advises Healthcare Borrowers

CHICAGO, IL, Aug. 5, 2008--A new Bloomberg News survey predicts that economic expansion in the fourth quarter will most likely slow to the weakest pace observed in six years, and this may not be as bad as it gets.

At Morgan Stanley Co., Richard Berner,(top left photo) co-head of global economics, describes the credit crunch, record energy costs and declines in payrolls and house prices as a “perfect storm” that figures to wash the economy into a recession during the fourth quarter once the tax stimulus package loses its effectiveness as a flotation device.

Apparently on board with this projection are Federal Reserve policy makers who have been indicating they’ll put off raising interest rates until next year unless a very unlikely scenario unfolds.

“This,” says funding expert Jeffrey A. Davis, (middle right photo) “is one of those times when it’s difficult to find encouraging words for the economy -- of any kind. But it may still be possible for senior housing/healthcare owner/operators to get something productive done in the financial arena.

“With the economy floundering, interest rates have continued to decline. In a dramatic example, the one month LIBOR index rate, which is one of the factors banks consider when setting rates on conventional mortgages, was 2.46 percent early in July, compared with 5.32 percent a year earlier,” he noted.

Davis is Chairman of Cambridge Realty Capital Companies, one of the nation’s leading senior housing healthcare lenders. The company has consistently ranked among the top HUD Section 232 healthcare lenders and optionally offers various conventional funding options as well.

For a boatload of reasons, Davis thinks it’s unlikely mortgage rates will move as low as they did the last time the Fed pushed the short-term federal funds rate to current levels. Waiting for this to happen may not be realistic.

“What borrowers need to focus on is the fact that mortgage interest rates are probably scraping bottom for this particular cyclical phase and remain attractive by historical standards. Looking back on this period from the future, it may be fairly obvious that this was not a particularly good time for financial procrastination,” he noted.

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

Madison Capital Closes $63M Non-Recourse Construction Loan for Mixed-Use Project in Plantation, FL

August 5, 2008/Miami, FL - Madison Capital Group, LLC ("Madison"), acting as exclusive financial advisor to American Land Ventures, has arranged a $63 million non-recourse construction loan for The Residences at the Fountains (top right photo) , a 251-unit luxury mid-rise apartment community with ground floor retail in the Midtown District of Plantation, Florida, one of Broward County's most affluent suburbs.

(Madison managing director Timothy E. Martorella is at top left photo)

Madison had already arranged equity financing for the project earlier this year. The Residences at the Fountains is the first phase of a two phase residential development with construction anticipated to start immediately with occupancy expected in 2010.

With the development of The Residences at the Fountains, American Land Ventures continues to be on the forefront of residential development trends.

Recognizing the strong local economy and the lack of recently completed multifamily product in Plantation, American Land identified an underutilized surface parking lot in the heart of Plantation's Midtown District as a prime redevelopment opportunity.

American Land Ventures was able to create significant value by gaining support from the City for the redevelopment, obtaining necessary governmental approvals and creating an integrated plan that should result in higher returns for the existing retail and new residential development.

"The Residences at the Fountains will be a residential community fully integrated in the neighboring retail, office and hospitality components creating a mixed-use urban village in the heart of Plantation's core economic hub, the complimentary nature of the uses should result in more efficient parking and traffic management as well as returns greater than the market because of the mix of uses" said Granvil Tracy, (middle right photo) principal of American Land Ventures.

"When completed, this development will be among the highest quality apartment communities in Broward County and is representative of the current trend of non-CDB luxury urban living options. Our role in this transaction illustrates Madison's ability to continue to close financing for our clients despite the current difficult financing markets," explained Timothy E. Martorella,(photo top left) Managing Director at Madison Capital Group.

Madison Capital Group, LLC is a real estate investment and merchant banking firm based in Miami. The firm has a product focus on apartments, condominiums, and mixed-use projects and offers a broad range of financial and transactional capabilities to owners of existing or to-be-developed properties and land suitable for these types of development. The firm has closed transactions of all these types for projects in excess of $2 billion in the last four years

American Land Ventures, LLC is a Miami-based multi-family developer and owner, having developed more than 3,500 high-rise, mid-rise and garden apartments and condominiums in Florida.

The firm specializes in urban infill projects and has recently completed The Peninsula, a 234-unit luxury high-rise condominium community in downtown Jacksonville. American Land also recently completed Phase II of the New River Village development, a 409-unit luxury project located in Downtown Fort Lauderdale on the New River.

Timothy E. Martorella, Managing Director, 305.375.9110 x 116, tm@madison-capital.com
Adam Cappel, Vice President, 305.375.9110 x 109, acappel@madison-capital.com
Madison Capital Group, LLC, 800 Brickell Avenue, Penthouse 3, Miami, FL 33131

305.375.9110 (PH) 305.375.9153 (fax)

GVA Advantis Negotiates 9,715-SF Long-Term Lease Renewal for Collman & Karsky Architects in Fountain Square Centre, Tampa, FL

TAMPA, Fla. – (August 5, 2008) – GVA Advantis is pleased to announce it has negotiated a 9,715-square foot long-term lease renewal in Fountain Square Centre (bottom right photo) for Collman & Karsky Architects, Inc. in Tampa, Hillsborough County, Florida.

Vince La Mariana, (top right photo) senior director of office and industrial services with GVA Advantis, negotiated the transaction on behalf of the property owner, a Utah-based investment group. The tenant, Collman & Karsky Architects, Inc, was represented by CLW Real Estate Services Group.

“We are extremely pleased Collman & Karsky Architects will continue to enjoy a long-term tenancy at Fountain Square Centre,” says La Mariana.” Collman & Karsky Architects offers comprehensive architectural and interior design services for high-tech, financial, university, healthcare, commercial, religious and public market sectors (http://www.collman-karsky.com/).

Fountain Square Centre is a four-story, 97,155-square foot multi-tenanted Class A office building located at 4301 Anchor Plaza Parkway, just off the Eisenhower and Veterans corridor near the Rocky Point area of the Westshore submarket of Tampa. Built in 1999, the property is 98.3% occupied and is exclusively leased and managed by GVA Advantis.


Lisa Hyde, Director of Marketing, Advantis Real Estate Services Company, 3000 Bayport Drive, Suite 100, Tampa, Florida 33607, Tel 813.342.4752, Fax 813.342.4004
E-mail Lhyde@gvaadvantis.com
Web: http://www.gvaadvantis.com/

Marcus & Millichap Arranges Sale of Eleven 20 Club in Oak Park, IL for $15.8M

OAK PARK, IL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the Eleven 20 Club (top right photo), a 63,256-square foot retail center in Oak Park.

The sales price of $15.8 million represents $250 per square foot.

Evan Halkias, a senior associate in the Chicago Downtown office of Marcus & Millichap, and Michael Marks, a senior associate also in the firm’s Chicago Downtown office, represented the seller and the buyer in this transaction.
“Eleven 20 Club was an excellent opportunity for the investor to acquire a newly constructed retail center with prominent tenants in a high-density, heavily trafficked area in Chicago’s prominent suburb of Oak Park,” says Halkias.

Located at 1120 Lake St., Eleven 20 Club features retail tenants Bar Louie and Lane Bryant on the first floor and Fitness Formula Gym, which occupies the second and third floors.

All leases for the retail tenants are triple-net with rent increases throughout the terms of their leases. Directly above the Eleven 20 Club are 44 condominium units that commanded between $300,000 and $1 million.

Completed in 2007, the Eleven 20 Club is surrounded by other national retailers, including Starbucks, Chipotle, Borders Books, Gap, Panera Bread Co. and Talbot’s.

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

Post Properties Reaches Agreement with Pentwater Capital

Nominates David Schwartz to Stand for Election to the Board of Directors; One Additional Director to be Agreed Upon by Company and Pentwater

Names Doug Crocker Vice Chairman of the Board;
Schedules Annual Meeting to be Held October 16, 2008

ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced that it has entered into an agreement with Pentwater Capital Management and Pentwater Growth Fund in connection with the election of directors at the Annual Meeting of Shareholders scheduled to be held on October 16, 2008.

The Company also announced that its Board of Directors has named Douglas Crocker II (middle right photo) as Vice Chairman. Mr. Crocker will also continue to serve as chairman of the Strategic Planning and Investment Committee of the Board.

Under the terms of the agreement with Pentwater, David R. Schwartz (middle left photo) will stand for election at the 2008 Annual Meeting and the Company will select a new mutually agreed upon independent director.

Eight of the Company’s nine incumbent directors will stand for re-election. One incumbent director has reached the mandatory retirement age under the Company’s Corporate Governance Guidelines and, as a result, will not stand for re-election to the Board. Pentwater has agreed to support and vote for the agreed upon slate of nominees at the Annual Meeting. Under the Company’s Board structure, each director stands for election annually.

Mr. Schwartz is a Managing Member and founder of Waterton Associates, a Chicago-based real estate firm that, since its inception in 1995, has acquired more than 39,000 apartments in 109 properties in most major metropolitan areas of the United States.

The record date for determining shareholders entitled to notice of and to vote at the Annual Meeting is September 8, 2008.

Robert C. Goddard, III, Chairman of the Company’s Board of Directors, said, “We are pleased that the agreement with Pentwater will allow the Company to continue to focus exclusively on its business. The Board looks forward to the contribution of David Schwartz, and to the continuing leadership of Doug Crocker in his added role as Vice Chairman.”

Said David P. Stockert,(top right photo) President and CEO, “Working together with the Board, our management team is committed to build on the strengths of the Company to pursue the common goal of enhancing value for shareholders.”

CONTACT: Post Properties, Inc., David Stockert, 404-846-5000