Friday, January 16, 2009

Chadwick Unveils Beach Street Courtyard in Daytona Beach, FL

Upscale loft condos and retail shops unveiled to hundreds of eager onlookers at downtown ribbon-cutting ceremony

DAYTONA BEACH – The recent ribbon-cutting ceremony to mark the opening of Chadwick Real Estate Group’s Beach Street Courtyard luxury downtown lofts and retail center at 128 S. Beach St. attracted more than 250 prospective buyers, realtors and city officials.

Robert Abraham, (bottom left photo) chairman of the city’s Downtown-Ballough Road Redevelopment Area Board; and Sheila McKay-Vaughan, (bottom right photo) Daytona Beach City Commissioner for Zone 3 and member of the city’s Community Development Agency, did the ribbon-cutting honors and welcomed those attending the festivities, which included cocktails, hors de oeuvres, music and self-guided tours.

McKay-Vaughan said the project – 12 luxury condominiums atop more than 8,000 square feet of retail space – is something she’d like to see more of.

“We [Daytona Beach city officials] tried for 15 years to make this a commercial community and it just didn’t work,” she said. “So, instead of building new skyscrapers, we add a couple of floors across from a beautiful park and hope that families will come here to live and shop.”

The mixed-use development – which is being marketed by Aswin Suri (middle right photo) of Exit Realty Central – blends two-story loft residences with first-floor commercial space that will include Amore, a 5,000 square foot restaurant that features al fresco dining in an Old World style cobblestone courtyard.

With its intimate setting, yet close proximity to restaurants, shops, theaters and other event venues, Beach Street Courtyard is as appealing to retirees as it is to young professionals, Suri said.

“We recently marketed mainly to young professionals who now might be living in areas like Winter Park,” he said. “But, we’re finding that the lofts are just as appealing to retirees and second home buyers who would like to be within walking distance of downtown activities.”

The one- and two-bedroom lofts – which include garage parking, elevators, terraces and river views – range in size from 1,304 to 2,135 square feet of living space, according to Richard A. Friedman, (top left photo) Chadwick’s managing director.

Friedman said the townhomes, which are priced from $399,000 to $599,000, include upgrades that would be expected in multi-million dollar homes: granite countertops, Viking stainless steel appliances, polished hardwood floors, custom cabinets and doors, travertine tile, cathedral ceilings, premium hardware, Berber carpeting, ceiling fans, interior sprinkler systems and high-grade category 5 data/video/audio and telephone lines.

Suri, the area’s top producer of 2007-2008, said several potential buyers are in the process of being pre-approved by local lenders after more than 100 people toured Beach Street Courtyard at a soft opening in December. He said he expects the remaining units to sell within 90 days.

As incentive, Chadwick has reduced the price of each loft by as much as $125,000, will pay the buyers’ closing costs and is offering a free membership at nearby Sunset Harbor Yacht Club.

Like the developers, Commissioner McKay-Vaughan is excited to see Beach Street Courtyard welcome new residents and hopes that developers will create more redevelopment projects like it.

“I hope that this is just the beginning of this kind of re-development,” she said. “It’s a really good example of the new urbanism.”

For more information, please contact:

Richard A. Friedman, managing director, Chadwick Real Estate Group, 970-875-0999 or

Brooks L. Kellogg, principal, Chadwick Real Estate Group, 970-875-0999, 847-680-1020 or

Aswin Suri, Exit Realty Central, Marketing Representatives Beach Street Courtyard, 888-608-6564

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

Grubb & Ellis|Commercial Florida negotiates 12,876-SF Office Lease in Downtown Orlando

ORLANDO, FL – Grubb & EllisCommercial Florida, associated with 200 Grubb & Ellis offices worldwide,has negotiated a long-term lease for 12,876 square feet of Class A office space at Gateway Center, 1000 Legion Place off N. Orange and Garland Avenues in downtown Orlando.

Anne Deason, (top right photo) associate vice president and Andrew E. McCaw, (top left photo) FMA, senior vice president, Office Services Group at Grubb & EllisCommercial Florida, negotiated the transaction on behalf of the tenant, Orlando-based Sunshine Network, Inc., a regional sports TV network.

The landlord for the 228,000 square foot office building is PKY Fund Orlando I, LLC headquartered in Jackson, Miss. represented by Greg Morrison (bottom right photo) of Morrison Commercial.


Anne Deason, 407-481-5411,

Andy McCaw, 407-481-5301,

Larry Vershel Communications, 407-644-4142,

Grubb & Ellis|Commercial Florida Launches Division to Provide Receivership Services in Commercial Property Foreclosures

ORLANDO, Fla. --- Call it another sign of the times. Grubb & EllisCommercial Florida, associated with 200 Grubb & Ellis offices worldwide, has launched a new division to provide receivership services to lenders in commercial property foreclosures.

Jeffrey S. Sweeney, (top right photo) SIOR, president of Grubb & EllisCommercial Florida, said he is heading up the firm’s receivership division in the east Central Florida region, which includes the Orlando and Melbourne offices.

Many of the same travails home owners face are impacting commercial property developers and owners, Sweeney explained. While commercial foreclosure activity doesn’t approach the scope of residential mortgage defaults, volume is increasing and the size of commercial mortgages---often in the millions---requires special expertise.

When lenders file for foreclosure on a commercial property mortgage, the courts typically assign a receiver to manage the asset---a commercial building, retail center or hotel, for example---until the foreclosure is discharged.

“Receivers are experts who are approved by the courts and assigned the task of safeguarding the interests of the lender until the foreclosure is settled,” Sweeney explained.

“At the court’s discretion, and with the consent of the lender, the receiver may be responsible for management and maintenance of a facility, leasing space in the facility or selling it to a new owner,” he said. “Market expertise comes into play in advising courts and lenders on the best and highest disposition for a foreclosed property,” he added.

Sweeney said seven Grubb & Ellis offices in Florida offer statewide reach.

“We can offer lenders and the courts a seamless network of property management, leasing and sales expertise that covers every market in Florida,” Sweeney said.

Jeff Sweeney, SIOR, 407-481-5387
Larry Vershel Communications Inc., 407-644-4142

NAI Realvest marks 10 leases completed at Winter Garden Business Park during 2008

ORLANDO, FL– The NAI Realvest leasing team of Robert Blackwell, (top right photo) SIOR, Sean DuPree, (top left photo) CCIM and associate Jim Murr (bottom right photo) leased a total of 43,548 square feet in 2008 at Winter Garden Business Park with their latest new lease to top nationwide engineers Dyer, Riddle, Mills & Precourt, Inc. for 2,400 square feet of office space.

The southwest Orange County business park, which offers retail, office and flex warehouse space, is located just south of SR 50 on Winter Garden Vineland Road.

Blackwell, a principal at the firm, said the most recent tenant landed on behalf of landlord Winter Garden Business Park, LLC c/o Leasco Management Co. marks the 10th lease the team completed at the office/industrial park during the market decline of 2008.

The largest transaction NAI Realvest negotiated this past year at Winter Garden Business Park was the 10,000 square feet occupied by Shaw Facilities, Inc.

Others include Turf Athletics LLC who leased 6,700 square feet; Total Renal Care, Inc. 6,000 square feet; Rollins HT, Inc. 5,600 square feet; Hill Printing, Inc., 4,800 square feet; Superior Dental Design Services, LLC and Custom Sportbike Concepts, Inc. each leased 2,500 square feet; Strompizza, Inc. leased 1,710 square feet and EDH (US), LLC leased 1,338 square feet.

For more information, contact:

Robert Blackwell, SIOR, Sean DuPree, CCIM or Jim Murr at NAI Realvest 407-875-9989; or; or;

Janice Paiano, Director of Marketing, NAI Realvest 407-875-9989;

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

Marcus & Millichap Capital Corp. Arranges $4.76M Loan for San Clemente, CA Office Building

SAN CLEMENTE, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $4.76 million fixed-rate loan to refinance a 23,602-square foot mixed-use office and retail building, located at 1020 Calle Recodo in San Clemente.

Chad O’Connor, (top right photo) a senior director in the firm’s San Diego office, arranged the financing package for the San Clemente office building.

“The property is a quality office building located in South Orange County,” says O’Connor. “The borrower contacted many lenders, but couldn’t find a lender who would finance a single-tenant, special-purpose property.

“MMCC was able to secure a lender that could finance the transaction and deliver a 70 percent loan-to-value when most other lenders are only financing a 60 percent loan-to-value,” says O’Connor.
Financing for this transaction was provided by Mark One Capital, Inc. at a 6 percent interest rate. Terms of the loan are for five years with a 30-year amortization schedule.

“We were able to deliver an interest rate 100 basis points below the competition, and a 30-year amortization schedule rather than a 25-year schedule,” says O’Connor.

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704