Friday, October 17, 2008

Goodman Plans Grand Opening Oct. 30 for Shops at Wiregrass in Pasco County, FL

WESLEY CHAPEL, FL -- The first phase of the 3.5-mile State Road 56 extension road which serves as an entrance to Wiregrass Ranch (bottom left photo) in Pasco County, will open in time for conjunction with the Oct. 30 gala grand opening planned at the Shops at Wiregrass, (top right photo) the 750,000-square foot retail center developed by the Goodman Company of West Palm Beach and Forest City Enterprises of Cleveland.

John W. Dowd III, senior vice president of development at The Goodman Company said his firm and Forest City Enterprises, along with Wesley Chapel Lakes and Wiregrass Ranch helped pay for the first phase.
Dowd praised the cooperation of The Florida Dept. of Transportation and Pasco County for making the planned development opening such a success. “Without their help, none of this would have been possible,” he said.

Anchor tenants in the Shops at Wiregrass include J.C. Penney, Dillards, and Macy's and approximately 90 percent of the space in the Shops at Wiregrass has been leased, Dowd added.

A formal VIP reception is scheduled for 8:30 a.m. on Oct. 30 and a formal ribbon-cutting ceremony with local elected officials and business leaders will be held at 10 a.m.

The 5,022 acre Wiregrass Ranch planned, mixed-use development is located at the northeast corner of S.R. 56 and Bruce B. Downs Blvd. (C.R. 581). S.R. 56, which links Wiregrass Ranch to I-75 two miles to the west, opened in December, 2001. Ultimately Wiregrass Ranch will accommodate 16,000 homes with more than two million square feet of commercial space.

For more information, contact:

John Dowd, Senior VP of Development, The Goodman Company, 561-833-3777
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Colonial Grand at Hunter's Creek, Orlando, Sold for $57.7M

ORLANDO, FL--The Orlando office of CB Richard Ellis is pleased to announce the sale of Colonial Grand at Hunter's Creek, (top right photo) a 496-unit multi-family community in the desirable Hunter's Creek area of Orlando.

Completed in 1997, the property is across from the Hunter's Creek Golf Course, and has nearly 3,000 feet of frontage on John Young Parkway.

Shelton Granade (middle left photo) and Luke Wickham (bottom right photo) represented the seller in the transaction.

CBRE's Central Florida Multi-Housing Group has sold more than 1,600 units in greater Orlando for over $180 million in 2008 thus far.

The assets sold range from "value add" opportunities built in the 1970's and 1980's, to class "A" projects built within the last 10 years. CBRE has also sold several "fractured" deals – communities that converted and sold units as condominiums and reverted the remaining units back to rentals.

CBRE's Central Florida Multi-Housing Group has closed more multi-housing properties locally over the last twelve months than any other company, and continues to be the market leader in Orlando.

For more information on CB Richard Ellis Central Florida Multi-Housing Group visit Shelton Granade at or

Stepan Babani Wins Leed Accreditation

ORANGE CIT, FL – Stepan Babanin, a sales associate for Coldwell Banker Commercial AI Group in Orange City, has been awarded LEED accreditation from the Green Building Certification Institute.

Babanin, who also serves as sustainability program coordinator for Coldwell Banker, is the first person in the Coldwell Banker Commercial network and one of few real estate professionals with the designation, according to John Wanamaker, co-owner of Coldwell Banker.

LEED (Leadership in Energy and Environmental Design) is a nationally accepted benchmark for the design and construction of green buildings.

As a LEED Accredited Professional (LEED AP), Babanin has a thorough understanding of building green and the LEED Green Building Rating System. He also has the knowledge and skills to lead the certification process for LEED buildings.

A native of Ekaterinburg, Russia, Babanin immigrated to the United States in 2005 and received his Florida real estate license in March.

For more information about this release, please contact:

Chuck Rudis, John Wanamaker or Stepan Babanin, Coldwell Banker Commercial AI Group, 386-775-8633,, or
Charlene Hager-Van Dyke, Larry Vershel Communications, 386-837-8780, 407-644-4142 or

CBRE Selected to Market Sale of 220,664-SF Distribution Portfolio 100% Leased to FedEx Ground

TAMPA, FL -– CB Richard Ellis, Inc. (CBRE) has been selected as exclusive marketing advisor for the sale of two Class "A" regional FedEx Ground distribution centers located in Bradenton (top right photo) and West Palm Beach, (bottom left photo) which were built to suit the specifications of FedEx Ground, an operating company and wholly owned subsidiary of FedEx Corporation (NYSE: FDX).

The CBRE Investment Properties Group team of Dale Peterson, Senior Vice President and Paul W. Carr, Associate, out of the Tampa office is collaborating with Senior Vice Presidents Jeff Kelly and Robert Smith in the West Palm Beach office to represent the owner in the disposition of the 220,664-square-foot portfolio. The properties are being marketed for purchase individually or as portfolio.

"With the challenges we face in today's capital markets environment, investors have the ability to be very selective in choosing where to place their equity, which is resulting in a flight to quality," says Paul Carr, "This is an excellent investment opportunity for investors seeking a long-term high quality, low risk net leased investment."

Both buildings have long-term net leases in place, guaranteed by FedEx Ground. Located in Bradenton (123,367 sq. ft.) and in West Palm Beach (97,297 sq. ft.), the facilities have expansion potential for over 48,500 and 21,000 square feet, respectively.
The Bradenton location is still under construction, to be delivered in January 2009, and the West Palm location was recently completed in 2007.
Lauren Crawford, Communications Specialist, 813 273 8482

Blumberg Capital Partners Completes Two-Year Real Estate Disposition Strategy

Commercial Real Estate Sales Raise Cash for Future Investment

TAMPA, FL /PRNewswire/ -- Blumberg Capital Partners, a Coral Gables, Fla.-based investment fund has completed a two-year strategy to dispose of its major commercial real estate holdings nationally, raising cash to capitalize on strategic investment opportunities, amid a tightened credit environment and lower asset prices.

The most recent transaction was completed last month, with the $9.3 million sale of its smallest holding, a 76,397-square-foot office building in Tampa, Fla.

Chief investment strategist Philip Blumberg, (top right photo) Chairman and CEO of Blumberg Capital Partners, said the cash raised from the dispositions will allow his Funds to explore investment opportunities in office building investment, media and entertainment, distressed debt, and European REITs.

"The sale of our Tampa office building encapsulates a strategy we've undertaken since 2006, in anticipation of a weakening economy," said Blumberg.

"We originally bought the property for $3.3 million, and it provided great cash flow and growth. We more than achieved our expected return, even though we believe there is more upside."

The Tampa sale follows closely a transaction completed earlier this year when Blumberg Capital Partners sold its 400,000 square-foot Houston office tower (Three Riverway) in above photo.


Sean Healy, 201-218-2039.
Ludovic Roche, 305-569-9500,

10-Year Loans for Income Properties Jump to 7.5%-Plus, RECI Reports

Current conditions are expected to prevail until the end of the year, as many lenders have already reached their funding goals and objectives.

CHICAGO, IL-- The Real Estate Capital Institute's Capital Scoreboard noted today commercial real estate capital markets are tightly strapped into the Wall Street roller coaster with rates jumping up and available funds tumbling down.

During the past week, mortgage pricing has been rapidly climbing based on spreads over comparable-term treasuries.

Key market highlights are as follows:

--About 80% +/- of the traditional funding sources (life insurance companies, pension funds and banks) remain sidelined, waiting for more capital market stability.

--Five-year permanent loans are frequently breaking the 7%-mortgage-rate barrier, translating to spreads of about 400 basis points

10-year loans, the most common term, are priced 7.5% or more.

Exceptions apply: Prime multifamily and commercial properties with limited leverage of 50% or less, pricing occasionally reduced by as much as one half of a percent.

Lenders will only seek conventional property types (apartment, industrial, office and retail); projects with "stories" shunned.

Funds are still selectively available for refinancing, with a loan restriction of 65% +/- LTV.

As a comparison, today's commercial mortgage terms and conditions reflect pricing not seen since the beginning of the decade. However, leverage levels and funding availability are substantially less favorable than that time, as owners must post at least 10 to 15% more equity.

Historical 5-year and 10-Year Mortgage Spread Range as Compared to the 10-Year US Treasury Note shown in chart below:

(The above chart plots rates from 1983 through 2008. The dark area (blue) indicates the high and low range of mortgages (5-year and 10-year pricing combined) in relationship to the 10-year Treasury Note shown in red, underneath the blue or dark area. The graph assumes lowest rates available at full leverage (e.g. 75% loan), rounded to the nearest quarter percent at the beginning of each calendar year.)


The Real Estate Capital Institute® is a volunteer-based research organization tracking debt and equity rate data. The Institute posts daily and historical rates including treasuries and short-term rates. The Real Estate Capital RateLine 7RE-CAPITAL (773-227-4825) provides updates as necessary each business day.

The Real Estate Capital Institute®
3517 West Arthington Street
Chicago, Illinois USA 60624
Contact: Nat Zvislo, Research Director
Toll Free 800-994-RECI (7324) /