Thursday, November 5, 2009
ORLANDO, FL— Construct Two Group, a construction management company, has won an Eagle award for best in category at the annual Excellence In Construction award program sponsored by the North Florida Chapter of Associated Builders and Contractors.
Construct Two Group snagged top honors for its role building the Florida A & M University-Developmental Research School (FAMU-DRS). Awards were presented at a banquet held in the University Center Club in Tallahassee, Fla., on October 15, 2009.
On hand to accept the award were Construct Two Group’s Founder and Chairman Derrick Wallace (top right photo) and President/CEO Keith Williams, (middle left photo) who are both FAMU Alumni.
“As FAMU alumni, Keith and I have felt a special pride in having the opportunity to build this school,” said Derrick Wallace, chairman, Construct Two Group. “This award is a tribute to the strength of the construction management team we have built.”
Rhodes + Brito Architects, Orlando, Fla., designed the facility. TLC Engineering for Architecture, Orlando Fla., provided the electrical and structural engineering. Mechanical and plumbing engineering was provided by J.J. Christie & Associates, Winter Park, Fla.
Subcontractors under contract with Construct Two Group included: site grading by Genesis Engineering & Constructors Corp, Tallahassee, Fla., tilt-up concrete by Bolognese Construction Services Inc., Bonita Springs, Fla., electrical by Joyner Electric Inc., Tallahassee, Fla., mechanical by Lang Mechanical, Thomasville, Ga., plumbing by Dowdy Plumbing Corp., Tallahassee, Fla., and fire protection by Fire Sprinkler & Systems, Inc., Ellerslie, Ga.
Greg Harris (middle right photo), an executive vice president and senior director of the firm’s National Multi Housing Group (NMHG) in Encino, and Ron Harris, (bottom left photo) a senior vice president investments and senior director of the NMHG in Los Angeles, represented the receiver, Michael Fiorina, of Los Angeles-based Total Companies.
Financing for the acquisition was arranged by Capmark senior vice president Jim McBirney. The buyer is a Los Angeles-based private investor.
“The property was placed into foreclosure by Union Bank of California through its affiliate, UnionBanCal Equities Inc. Rather than foreclose and take title to the real property, Union Bank decided to pursue a rare receiver’s sale,” explains Greg Harris.
“The complex transaction involved the receiver obtaining court orders to sell the property and stand in the stead of the owners for purposes of contracting, due diligence and document execution.”
“Our marketing produced an almost unprecedented number of offers – 44 in the initial round and 25 best and final offers,” adds Ron Harris. “The transaction closed within 24 days of contract execution.”
Torrance is halfway between Los Angeles and Orange counties and is bound by the Pacific Ocean. The South Bay region is situated on the southwest peninsula of Los Angeles County. Torrance is considered the heart of the South Bay.
Hampton at South Bay represents the upper echelon of rental housing in the South Bay.
RICHMOND, VA--Jones Lang LaSalle Americas, Inc. research reports strong headwinds from the regional and local economies have kept companies cautious with little incentive for expansion plans.
As a result, closings and cutbacks have placed downward pressure on absorption
and put upward pressure on vacancy rates.
Looking ahead, the credit markets have stifled new development activity, leading to stagnant new supply through 2011. From the demand side, smaller companies have started to reenter the market, generally a leading indicator of stabilization and a possible start into recovery.
For a complete copy of the company's news release, please contact Perry H. Moss, (top right photo) CCIM, MBA, Research Analyst, Jones Lang LaSalle Americas, Inc., tel +804 200 6463, mobile +804 245 9774, email@example.com
Posted by Alex at 11:29 AM
ARLINGTON, VA—Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent hotel management company, reported operating results for the third quarter ended September 30, 2009. The company’s performance for the third quarter includes the following (in millions, except per share amounts):
Highlights for the third quarter and through today include:
Highlights for the third quarter and through today include:
SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has filed a Form 12b-25 with the Securities and Exchange Commission related to the filing of its Form 10-Q for the third quarter ended September 30, 2009.
TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired Bill Renje and Casey Babb, (top right photo) two leading multifamily investment specialists in its Tampa office, according to Bryn Merrey, (bottom left photo) regional manager of the firm’s Tampa office.
“We are excited to welcome Bill and Casey to the firm,” says Merrey. “Their experience, in-depth knowledge of the Tampa Bay and Gulf Coast apartment markets and their dedication to providing institutional and private investor clients with superior transaction and advisory services will further enhance our presence in the Tampa Bay area and throughout Florida.”
Renje and Babb, both Certified Commercial Investment Members (CCIM), bring a combined 15 years of investment brokerage experience to the firm and will continue to focus on representing sellers in the disposition of multifamily properties in Tampa Bay and throughout the Gulf Coast region.
Babb graduated from Florida State University with bachelor’s degrees in real estate and finance. He is a member of the Florida Gulfcoast Commercial Association of Realtors, the Urban Land Institute and the National Multi Housing Council.
Prior to joining Marcus & Millichap, both Renje and Babb were multifamily investment specialists with NAI Tampa Bay.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
ATLANTA--Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the three and nine months ended September 30, 2009. All per share amounts are reported on a diluted basis; basic per share data is included in the Condensed Consolidated Statements of Income accompanying this release.
Funds from Operations Available to Common Stockholders (“FFO”) was $7.3 million, or $0.12 per share, before certain separation and non-cash impairment and valuation charges discussed below for the third quarter of 2009, compared with FFO of $20.9 million, or $0.39 per share, for the third quarter of 2008. FFO was $38.6 million, or $0.70 per share, before such charges for the nine months ended September 30, 2009, compared with $50.9 million, or $0.95 per share, for the same period in 2008.
For a complete copy of the company's news release and financials, please contact James A. Fleming, (top right photo) Executive Vice President and Chief Financial Officer, 404-407-1150, firstname.lastname@example.org or
Cameron Golden, Director of Investor Relations and Corporate Communications, 404-407-1984
mailto:email@example.com,%20Web site address: http://www.cousinsproperties.com/
ATLANTA, GA--Engler Financial Group, LLC is proud to present Lexington Park at Westchase, (top right photo) a 400-unit class “A+” apartment community built in 2002 in Tampa, Hillsborough County, Florida.
The Property is located along the west side of Countryway Boulevard, just north of West Linebaugh Avenue within the upscale Westchase planned community.
Lexington Park at Westchase is being offered for sale on an “unpriced” basis and represents an exciting opportunity to purchase a well-located core Class “A+” multifamily community at a significant discount to new replacement cost.
The property has favorable assumable financing in-place with a $24,908,000 principal amount, May 2016 maturity date, 5.51% fixed interest rate, and “interest only” payments until June 2011
Greg Engler, CEO/President, 678/992-2000, ext. 1, firstname.lastname@example.org
Pat Jones, Senior Vice President, 678/992-2000, ext. 2, email@example.com
Kris Mikkelsen, Senior Associate, 678/992-2000, ext. 4, firstname.lastname@example.org
TAMPA, FL, November 3, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Palms Center (top left photo), a 25,088-square foot office property located in Tampa, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $2,700,000.
Michael J. Jaworski, (bottom right photo) an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a limited liability company, was also secured by Michael Jaworski.
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
NAI Realvest Negotiates Long Term Lease for 27,560 SF of Office Space at Florida Central Commerce Park in Longwood, FL
MAITLAND, FL – NAI Realvest recently negotiated a new six-year lease agreement for 27,560 square feet of office space at 1124 Florida Central Parkway in the Florida Central Commerce Park off S.R. 434 in Longwood.
Robert Blackwell, (top right photo) SIOR principal at the firm, and associates Jim Murr and Sean DuPree CCIM, negotiated the transaction representing the landlord, Chicago-based G&G partners, LLC.
The new tenant is IDEX Corp., headquartered in Northbrook, Ill. The company specializes in highly engineered fluid dispensing and metering technologies and is known worldwide for its expertise in fire and safety products. Joe Hills of Coughlin Commercial represented IDEX in the transaction.
For more information, contact:
Robert Blackwell, SIOR, Sean DuPree, CCIM or Jim Murr, NAI Realvest 407-875-9989; or email@example.com; firstname.lastname@example.org; email@example.com
Patrick Mahoney, President, NAI Realvest 407-875-9989 firstname.lastname@example.org
Beth Payan, Larry Vershel Communications, 407-644-4142, email@example.com
ATLANTA, GA--Carter, one of the country's leading full-service commercial real estate firm since 1958, has been hired by Montecito Medical Management Corp. to provide property management and leasing services to a four-building portfolio in the Tampa area.
The four buildings are Summit Medical Center Buildings I, II (top right photo) and III and Premier Medical Center (bottom right photo) Combined, the buildings comprise more than 70,000 square feet of medical office space.
"The addition of the Montecito Medical Management buildings to Carter's management portfolio is a big win for us," said Holly Hughes, executive vice president of Carter's Property and Facility Management Group. "It is a testament to Carter's deep level of expertise in managing and leasing medical office buildings and healthcare facilities."
Carter currently manages and leases several premier medical properties across the Southeast. In the Tampa Bay area, Carter manages 200,000 square feet of medical office properties, including Habana Medical Center and the University of South Florida Health South Tampa Center. In Atlanta, Carter manages and leases Piedmont West, a 264,000-square-foot medical office tower in Atlanta.
"Carter's track record with medical offices played a critical role in our decision to hire the firm to manage our buildings in Tampa," said David McNeil, vice president of asset management at Montecito Medical Management.
Sarah Nettles, RPA, CCIM is the Carter general manager responsible for the Montecito portfolio, and Mike Burson is the vice president overseeing the buildings' management. Juan Vega and Liz Fay with Carter provide leasing services for the four buildings.
Carter's Property and Facility Management Group has a long track record of excellent customer service. With more than 25 million square feet under management among 170 buildings in 11 states, Carter helps clients increase asset values and reduce costs. Carter's 200-person Property and Facility Management team delivers the same industry-leading management standards to any property or facility.
Media contact: Tony Wilbert, 404 405 3656, firstname.lastname@example.org