Saturday, September 19, 2009
TAMPA, FL – The Plasencia Group, Inc. (TPG) announced that it has served as advisor to the Blackstone Group on the sale of the Ft. Lauderdale Beachside Hotel (top right photo) in Fort Lauderdale. The purchaser was Weston, Florida-based InSite Group. Terms of the transaction, which was completed on September 16, were not disclosed.
“This will prove to be an excellent investment for the new owners,” noted Dennis Reed, TPG’s southeast regional senior vice president who managed the transaction.
“The Florida hotel market is poised to reap the benefits of a recovering economy as leisure travelers begin returning to the state. Pent-up demand within the leisure segment of the industry will help pull Florida out of the economic downturn. This hotel’s excellent location will place it on the frontline during that recovery.”
The 240-key property is located at the corner of Sunrise Boulevard and A1A facing the beach. The hotel, which has been shuttered since the first quarter of 2008, had been a Holiday Inn before becoming an independent. No future plans for the hotel were disclosed.
Karen Brand, 203.202.4549 Cell, kbrand@TPGhotels.com
Dennis Reed, TPG, 813.932.1234 x.102
“While other real estate firms are downsizing, Grubb & Ellis is recruiting and attracting top talent,” said David Arena, president of Grubb & Ellis New York. “Our investment sales capabilities are strong because of institutional quality expertise and execution within the middle market size range – properties trading at or under $100 million. Jon, Charles and Yoav will play a huge role in taking our business to the next level.”
Grubb &; Ellis has significantly expanded its Capital Markets platform in recent months. Since January, the company has added 29 experienced investment sales professionals throughout the country.
Epstein, Kingsley and Oelsner all join Grubb & Ellis’ Private Capital Markets Group as Executive Vice President.
Since the beginning of 2000, other institutional investment sales brokerage firms have focused on larger trophy deals, leaving a void in the middle-market deal segment. This opened the door for high-quality, professional brokerage representation. The Epstein/Kingsley/Oelsner team recognized this void and focused its efforts on building a sophisticated middle markets practice.
According to Epstein, Grubb & Ellis’ diverse market range will allow the team to focus on a broader range of transactions. “By coming to Grubb & Ellis, we are joining an expanding platform that will allow us to better serve our clients. We can focus on institutional properties as well as private capital transactions going forward,” Epstein said. “It truly is a win-win situation all around.”
Arielle Herzfeld, 212.326.4745, email@example.com
Peter Moore, 212.792.8494, firstname.lastname@example.org
NEW YORK, NY-- Fitch Ratings has placed 28 classes in eight collateralized debt obligations (CDOs) backed primarily by trust preferred securities (TruPS) and subordinated debt issued by real estate investment trusts (REITs), homebuilders, and specialty finance companies (collectively REIT TruPS CDOs) on Rating Watch Negative.
Issuers that participated in the exchanges have shadow ratings centered in the 'CCC' category. Resolution of the current Rating Watch Negative status will consider the potential implications of observed defaults, expectations for further debt exchanges undertaken by the asset manager and additional ratings downgrades.
For a complete list of Fitch's actions, please contact:
Johann Juan +1-312-368-3339, Derek Miller +1-312-368-2076,
Chicago; or Kevin Kendra +1-212-908-0670, New York.
Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278, Email: email@example.com
(David P. Stockert, top right photo, is CEO of Post Properties Inc.)
Post also announced regular quarterly dividends for its 8.5 percent Series A Cumulative Redeemable Preferred Stock and its 7 5/8 percent Series B Cumulative Redeemable Preferred Stock.
On its 8.5 percent Series A Cumulative Redeemable Preferred Stock, Post declared a regular quarterly dividend of $1.0625 per share for the third quarter. The dividend is payable on September 30, 2009 to all Series A preferred stock shareholders of record as of September 15, 2009.
On its 7 5/8 percent Series B Cumulative Redeemable Preferred Stock, Post declared a regular quarterly dividend of $0.47656 per share for the third quarter. The dividend is payable on September 30, 2009 to all Series B preferred stock shareholders of record as of September 15, 2009.
Contact: Dave Stockert, 404-846-5000
ST. PETERSBURG, FL, September 18, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Northbay Villa Apartments, (top left photo) a 25-unit apartment property located in St. Petersburg, Fla., according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $730,000.
Michael P. Regan (bottom right photo) and Matt Reichenthal (bottom left photo) , investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Michael Regan and Matt Reichenthal.
Posted by Alex at 1:30 PM
ORLANDO, Fla. – NAI Realvest recently negotiated the sale of a 22.70-acre commercial development site on U.S. Highway 27 in Groveland in south Lake County.
Associate Jeff Ettinger (top right photo) brokered the transaction representing the buyer, Edward Meixsell. Robert J. Hester IV, Trustee, based in DeLeon Springs is the seller.
The buyer plans a future commercial development on the site fronting US 27.
For more information, contact:
Jeff Ettinger, NAI Realvest, 407-875-9989 firstname.lastname@example.org
Patrick Mahoney, President NAI Realvest 407-875-9989 email@example.com
Larry Vershel or Beth Payan, LV Communications, 407-644-4142