Tuesday, April 28, 2009

Grubb & Ellis|Commercial Florida negotiates sublease renewal agreement for 12,000 SF of industrial space in Tampa

TAMPA, FL -- Grubb & EllisCommercial Florida, associated with 130 Grubb & Ellis offices worldwide, recently negotiated a long-term sublease renewal of 12,000 square feet in the industrial center located at 9302 Florida Palm Drive in Tampa.

Jan Boltres, (top right photo) CCIM and Michael Scott, (bottom left photo) principals and senior vice presidents at Grubb & EllisCommercial Florida, represented the sublessor, Qwest Communications Company of Denver, in the negotiations with the tenant, Tampa-based Office Pavillion of South Florida.

Contacts: Jan Boltres CCIM 813-639-1111, ex270

Michael Scott, 813-639-1111, ex275

Jeffrey Sweeney 407-481-5387

Larry Vershel Communications, 407-644 4142

Entrust President Says Builders, Developers Can Solicit Financial Support from Owners of Self-Directed IRAs

LAKE MARY, Fla. - Builders and developers who are finding it difficult to secure financing from traditional lenders can solicit owners of self-directed retirement accounts, says a leading funds administrator.

Glen Mather,(top right photo) president of Entrust Administrative Services, which administers more than 2,000 retirement accounts that total more than $200 million from offices in Lake Mary, Boca Raton and Jacksonville, told the Latin Builders Association in Miami recently that they should go directly to the source to seek alternative funding for worthy projects.

“It’s not just homes, it’s commercial too,” Mather told the more than 70 builders in the audience. “Builders and developers can gain access to finance through individual IRAs if they take the time to learn the correct approach,” he said.

Mather said IRAs can lend to companies, limited partnerships and individual ventures and serve as a stockholder.

Mather said one representative in the group was raising funds to finance individuals who wanted to buy mortgages.

“They are pooling resources to provide financing for distressed properties at a very low price so that individuals can acquire and remodel properties for resale or rental,” Mather said. “The IRAs would then become the lien holders---in effect, the bank---to make these transactions happen.

For more information contact:

Glen Mather, President Entrust Administrative Services, Inc. 407-367-3472 gmather@entrustfl.com;

Larry Vershel, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Daryl Carter Closes Deals on 333 Acres in Lake and Sumter Counties, FL

164-Acre Honeycut Road Parcel in Lake County Goes for $657,208 Cash

LAKE COUNTY, FL--Daryl M. Carter, Trustee of Carter-Lake 918 Highway 33 Land Trust recently purchased 164± acres in Lake County, Florida from Honeycut Ranch, LLC for $657,208 cash.

The 164 acre parcel is located on the east side of Honeycut Road and adjoins a 918 acre parcel which Carter purchased in 2007.

Daryl M. Carter, Preston Hage and Patrick Chisholm with Maury L. Carter & Associates, Inc. represented the Buyer.

169-Acres Near Florida Turnpike's Okahumpka Service Plaza Sells for $7M

SUMTER COUNTY, FL--Daryl M. Carter, Trustee of Carter-Sumter 2444 Highway 468 Land Trust recently completed a transaction with Florida Power Corporation d/b/a Progress Energy Florida, Inc. for sale of 108± acres and an easement encompassing 61± acres for a total price of $7,043,865.

The property is located on the east side of the Florida Turnpike near the Okahumpka Service Plaza in Sumter County, Florida.

Daryl M. Carter with Maury L. Carter & Associates, Inc. represented the Seller.


Joan M. Fisher
Administrative Assistant
Maury L. Carter & Associates, Inc.
3333 S. Orange Avenue, Suite 200
Orlando, FL 32806-8500
(407) 581-6207 direct
(407) 422-3144 office
(407) 422-3155 fax

Marcus & Millichap Names David Bradley Regional Manager of Jacksonville, FL Office

JACKSONVILLE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named David Bradley (top right photo) regional manager of the firm’s Jacksonville office, according to Harvey E. Green (top left photo) , president and chief executive officer.

“David has been serving as the sales manager in Jacksonville for nearly a year. He has been instrumental in growing the office and moving it to permanent space,” says Green.

“David’s management skills, combined with his extensive transaction experience as a commercial real estate investment specialist, make him an invaluable resource to our agents and clients throughout Florida.”

Bradley joined Marcus & Millichap in 2004 and achieved associate status in 2005. In 2006, he earned a sales recognition award and joined the management team as a sales manager in the Fort Lauderdale office.

Before joining the firm, Bradley served as a student representative in Pennsylvania for Penn State Lion Line, working with alumni donors. He graduated from Pennsylvania State University with a bachelor’s degree in psychology and a minor in business.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716 direct,
(415) 672-6460 cell, (925) 953-1710 fax, stacey.corso@marcusmillichap.com

Orlando’s Service Center-Flex Space Market Vacancy Rockets to 19%

ORLANDO, FL—There is a war going on among metro Orlando’s space-seeking small service center tenants – and the tenants are winning, reports Lyle N. Nelsen, (top right photo) corporate and industrial specialist at Rebman Properties Inc.

It’s a war where existing and new tenants can quickly choose from 1,752,506 square feet of available service center/flex space in the heart of Orlando’s Industrial Market south of the 408 Expressway.

“Tenants are looking for deals,” says Nelsen who has been tracking this market for 25 years. “One leasing agent said this after a brutal renewal negotiation: “That’s the hardest I have ever worked on a deal that I gave away.”

In his latest market report, Nelsen says “agents are treating existing tenants as new deals – no sending out renewal notices – be aggressive early – get to the tenants before the tenant representatives move in.”

Concessions in the form of extended free rent, increased tenant improvements, lower first year base rents are available and readily offered to close a transaction,” he says.

Nelsen says, “As one agent told me, “we’re pulling out all the stops to fill this vacant space that has been vacant for six months.”

Bankruptcies and downsizing are“big factors in this market where unemployment and lack of business has forced the smaller companies to make tough decisions,” he adds.

The low number of large (over 5,000 s.f.) service center/flex space leases closed in this quarter again reflects “the stagnant economy we are experiencing,” Rebman says.

---Next Plumbing Supply, 21,295 sf, at Southridge VIII, agent Mike Borling – EastGroup
---Delivery Specialists, 21,000 sf, Beachline Commerce Center, Todd Watson – Liberty
---GTE, 12,936 sf, Sunport II, (top left photo) Mike Borling – EastGroup
---The Thomas Kinkade Co., 6,400 sf, Keene Crown, Morgan Wiseman – Realty Capital

The average asking triple net rental rate for a new or current flex building is hovering around $6 psf – down from $6.50 psf. at the end of 2008.

The condominium numbers remained fairly constant with a slight increase in the vacancy from 11.06% to 11.90%. The available condo space is being offered for sale and for lease in an effort to fill the vacant space, Nelsen says.

“The supply side of this market is strongly in favor of the tenant with empty space all over this market in new, fairly new or older buildings,” he says. “The tenant has never had a better selection to choose from in any location they want to be in.”


“The ‘bottom’ of this market may not occur until the early party of 2010. The fallout for the ‘little guy’ in this market will continue and the bigger companies will be finding ways to downsize.

“Rental rates will continue to drop as more and more concessions will be needed to close a deal.

“The big question is whether the President’s stimulus package will affect our economy in Central Florida--and when.

“These are challenging economic times which many of us have never experienced in our lifetimes/ There will be an end to it – the question is, when?” #