Monday, January 18, 2010

Taylor Morrison Acquires 425 Home Sites at Las Calinas in St. Augustine

ST. AUGUSTINE, Fla. --- Taylor Morrison has acquired 425 home sites at Las Calinas, (top left photo)  located on U.S. 1 near Palencia at International Golf Parkway (Nine Mile Rd.) four miles south of C.R. 210 in St. Augustine.

Kristin Vuckovic, marketing manager at Taylor Morrison in the North Florida region, said the homebuilder will start development of new phases at Las Calinas this month.

Presales of new three, four and five-bedroom single-family homes priced from the $150s will start in March, Vuckovic said.

“In the short term we are conducting presales for Las Calinas at the sales and information center at Austin Park at Nocatee,” Vuckovic explained. Austin Park at Nocatee (middle  right photo)  is located off Coastal Ridge Blvd. just east of U.S. 1 in the Town of Nocatee.

Taylor Morrison will feature its new Heritage Series of one and two-story designer homes at Las Calinas with spacious family rooms, dining nooks, lanais, lofts and dens.

New homes at Las Calinas will range in size from 1,442 square feet of living space to 3,284 square feet.

Vuckovic said Las Calinas home owners will enjoy a wide range of amenities, including a community swimming pool and children’s water park with cabana and tot lots, a basketball court, tennis courts, a sand volleyball court, sports field, covered pavilion and fishing pier.

“St. Johns County’s highly-rated schools will be a big draw at Las Calinas,” Vuckovic said. “In addition, Las Calinas has no CDD fees, which represents an additional savings.”

Taylor Morrison plans to host a grand opening of Las Calinas in the spring, Vuckovic said.

For more information, contact:
Kristin Vuckovic, Marketing Manager, Taylor Morrison, Inc. North Florida Division 321-397-7510,
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142;

Industrial Team at Southern Commercial Completes 100,800-SF New Lease in Orlando

ORLANDO, FL.(Jan. 18, 2010) Principals Tom McFadden (top right photo),  SIOR and William “Bo” Bradford, (bottom left photo) CCIM, SIOR of Southern Commercial Real Estate Advisors completed a 100,800 square foot new lease at 3019 Mercy Drive, Orlando, Florida.

Bradford and McFadden negotiated the lease, representing the Landlord, RREEF. The tenant, Velocity Acquisition I, LLC was represented by Trent Smith of Mohr Partners.

Media Contact: Celeste MacKenzie, Southern Commercial Real Estate Advisors, 321-281-8503 20 N. Orange Avenue, Suite 605,Orlando, FL 3280.

Maury L. Carter & Associates Close Central Florida Deals Valued at $48.2M in Past 10 Months

ORLANDO, FL--Daryl M. Carter,  (top right photo) Trustee of Carter-Orange 23 I-4 Land Trust recently purchased 23± acres along I-4 and Palm Parkway in Orange County, Florida for $7,325,000 cash from RBC Bank USA.

With this acquisition, Carter now controls almost 200 acres along the I-4 corridor between Disney (both left photo), Universal, Sea World, and the Orange County Convention

 The new acquisition is bisected by the future Wildwood Avenue / I-4 overpass which will also bisect Carter's 105± acre Wildwood PD parcel on the north side of Palm Parkway and Carter's 69± acre Vineland Pointe PD parcel on the south side of I-4.

Daryl M. Carter and Patrick Chisholm of Maury L. Carter & Associates, Inc. represented the Buyer. William Bishop with Bishop Realty & Development represented the Seller.

This transaction pushes Maury L. Carter & Associates, Inc.'s volume to $48,240,000 in the last 10 months.

Contact: Joan M. Fisher, 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

Arbor Closes $11.2M Fannie Mae DUS® Loan for Blackwolf Run in Raleigh, NC

UNIONDALE, NY - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $11,200,000 loan under the Fannie Mae DUS® product line for the 168-unit complex known as Blackwolf Run in Raleigh, NC.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.75 percent.

The loan was originated by Alexander Kaushansky, (top right photo)  Director, in Arbor’s full-service New York, NY lending office.

“Due to the borrower’s prepayment penalty on the original loan, the borrower requested an early rate lock,” said Kaushansky. “Our capital markets team was able to lock the loan 60 days in advance, allowing the borrower to meet his timeline and also take advantage of the low interest rate environment.”

Contact:  Ingrid Principe, Marketing, Arbor Commercial Mortgage, 333 Earle Ovington Blvd., Suite 900, Uniondale, NY 11553, P: 516.506.4298, F: 516.542.2555,, Follow us on Twitter @ arbor1

$65M refinancing for 1700 Pacific in downtown Dallas arranged by HFF

 DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has arranged a $65 million refinancing for 1700 Pacific, (top right photo)  a 49-story, Class A office tower in downtown Dallas, Texas.

Working exclusively on behalf of Berkeley Investments, HFF managing director Steve Heldenfels and senior managing director Whitaker Johnson  (bottom  left  photo) placed the five-year, fixed-rate loan with ING Investment Management.

 HFF is the correspondent for ING. Berkeley Investments is owned by Jon Hamilton and the Hamilton family.

1700 Pacific has 1,340,481 square feet of office space and some of the larger tenants include Akin Gump Strauss Hauer and Penson Worldwide.

The recently renovated property’s amenities include Starbucks, Camille’s, Subway, CafĂ© Solace, Elevation Fitness Club, a concierge, a dry cleaner and a three-level 297-space underground parking garage.

The property is also attached via a sky bridge to the Elm Street Garage, which has 1,439 spaces. Located between Elm and Pacific Streets, 1700 Pacific is close to Thanksgiving Square in Dallas’ central business district.

“1700 Pacific is a world-class, trophy office tower in Dallas’ central business district that has earned a reputation as the market leader for small tenant leases,” said Heldenfels.

Steve Heldenfels, HFF Managing Director, (214) 265-0880,
Whitaker Johnson, HFF Senior Managing Director, (214) 265-0880,
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

D & A contracted to keep Darden headquarters’ windows clean

LONGWOOD, FL, Jan.18, 2010 — D & A Building Services Inc. has secured a contract from Darden Restaurants (NYSE:DRI) to provide window cleaning for the more than 140,000 square feet of glass curtain wall cladding the exterior of the restaurant company’s new headquarters building (top left photo).

 A data center also located on the restaurant company’s 57-acre Orlando campus is included in D & A’s scope of services. The windows of both building will be cleaned periodically according to the terms of the contract.

PR Contact:  Elaine Ingra, (407) 384-1344,

National Retail Properties Inc. Declares Common Dividend

ORLANDO, FL ‐ The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend of 37.5 cents per share payable February 15, 2010 to common shareholders of record on January 29, 2010.

The dividend represents an annualized rate of $1.50 per share. National Retail Properties has paid increased annual dividends per share for 20 consecutive years and is one of only four publicly traded REITs and 156 publicly traded companies in America to have increased annual dividends for 20 or more consecutive

National Retail Properties invests primarily in high‐quality retail properties subject generally to long‐term, net leases. As of September 30, 2009, the company owned 1,004 Investment properties in 44 states with a gross leasable area of approximately 11.4 million square feet.

For information, please contact: Kevin B. Habicht, (top right photo) Chief Financial Officer, (407) 265‐7348,

La Jolla Pacific to Present Opportunities and Recovery Solutions for builders at 2010 International Builders' Show in Las Vegas

Don Neff to Lead a Panel Discussion on Strategies for Repositioning & Maximizing the Value of Distressed Assets

LAS VEGAS, NV— Leading construction risk management firm La Jolla Pacific, Ltd. announced  its Chief Executive Officer and President Don Neff  (top right photo) will be a featured speaker next week at the International Builders’ Show (IBS) in Las Vegas, Nevada.

Combining the recent positive industry news and mixed current economic outlooks, builders remain cautiously optimistic and expect another tough year.

“Now more than ever, repositioning construction projects to ensure maximum value is critical to ensuring business survival and profitability,” said Neff. “This educational session will explore different opportunities and strategies that businesses can use to reposition their assets and weather the economic storm.”

The educational session is scheduled for Wednesday, January 20, 2010 from 3:30-5pm.

Joining Neff for this discussion will be Jeff Masters, (middle left photo)  a Partner in the Litigation Department and Co-Chair of the Development Risk Management Practice Group at Cox, Castle & Nicholson LLP.

Together, Neff and Masters will examine opportunities presently available for homebuilders, factors to consider in the decision process, and the risks associated with holding, repositioning, completing, or selling off projects and troubled real estate assets.

The International Builders’ Show, presented each year by the National Association of Home Builders, is the largest building industry tradeshow in the country. La Jolla Pacific will be at the Las Vegas Convention Center throughout the show, January 19–22, in booth N 3215.

With an extensive background in direct construction experience, Irvine, Calif.-based La Jolla Pacific Ltd. is the leader in construction risk management solutions, third-party peer review, sustainability consulting, quality assurance audits, and forensic-investigation services.

For further information, please visit  or contact Cassie Cherry, (bottom right  photo)  Director of Marketing & Media Relations, at (949) 336-8913.

$12.75M Loan Arranged by Marcus & Millichap Capital Corp.

PUYALLUP, WA– Marcus & Millichap Capital Corporation (MMCC) has arranged a $12,750,000 refinancing loan for Sunrise Medical Campus, (top left photo)  a medical office property in Puyallup.

Glenn Gioseffi, a director in the firm’s Seattle office, arranged the financing for the property.

“In this market, many banks have been reluctant to provide financing for office buildings,” says Gioseffi. “The age of the property and the tenant mix really helped push this one over the top.”

The Sunrise Medical Campus was constructed in 2006.

The loan has a loan-to-value of 75 percent and a 7 percent fixed interest rate with a five-year term and 30-year amortization.

“Currently, most office transactions have LTVs of between 50 percent and 60 percent,” adds Gioseffi. “According to our records, this was the highest-leveraged $10 million-plus loan in the area for a non-multifamily project.”

Press Contact:  Stacey Corso, Marcus & Millichap Capital Corporation, (925) 953-1716

Investor Acquires $16.5M apartment Complex in Huntington Beach, CA

HUNTINGTON BEACH, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Harborscape Apartments (top left photo), an 88-unit, 73,972-square foot apartment community in Huntington Beach.

 The sales price of $16.5 million represents $187,500 per unit, $223 per square foot and a cap rate of 5.4 percent.

John Nguyen, (bottom right photo) a vice president investments and a director of the firm’s National Multi Housing Group in Newport Beach, and Sheil Stampwala, a multifamily investment specialist, also in Newport Beach, represented the seller, a private investor.

“Harborscape Apartments is truly a rare investment,” says Nguyen. “The community is located in the Huntington Beach harbor area, five minutes from the wetlands preserve and the beach. There were multiple offers on the property because of its location and rarity,” adds Nguyen.

The property was built in 1970 on a 169,994-square foot lot at 5152 Heil Ave. in Huntington Beach.

The units at Harborscape Apartments are two-bedroom/one-bath single-story, two-story or private cottage. Select cottage styles have wood flooring, stainless-steel appliances, glass doors, upgraded cabinets, countertops, recessed lighting and new fixtures.

Huntington Beach, known widely as “Surf City,” is the fourth-largest city in Orange County and the 16th-largest city in California.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Grubb & Ellis Represents Both Parties in Sale of 912,820-SF Former Delphi Facility in Saginaw, MI

SOUTHFIELD, MI– Grubb & Ellis Company (NYSE:GBE), a leading real estate services and investment firm,  represented both parties in the sale of Delphi’s 912,820-square-foot manufacturing facility at 2328 E. Genesee in Saginaw to a California-based private investor. The purchase price was not disclosed.

Chris Dowell and Geoff Hill, SIOR, CCIM, both senior vice presidents in the company’s Industrial Group, and Patrick Shannon, vice president, Investment Group, facilitated the transaction.

“This was a success on many levels,” said Dowell. “We were able to bring together diverse parties to sell an automotive manufacturing facility in a tough market. It’s also a win for Michigan – this is the buyer’s first investment in the state, indicating that some investors see long-term potential here.”

Approximately 682,000 square feet of the facility is currently leased on a long-term basis to TRW Integrated Chassis Systems LLC, a subsidiary of TRW Automotive, which purchased Delphi’s braking unit in 2008. Dowell has been named the exclusive leasing agent for the remaining 230,000 square feet of available space.

Contact:  Erin Mays, Phone: 312.698.6735, Email:

CBRE Tampa MarketViews - Office, Industrial, Retail

Tampa, FL - January, 14, 2010 - CB Richard Ellis is pleased to release the Fourth Quarter 2009 MarketView covering office, industrial & retail properties in the greater Tampa Bay area.

For a complete copy of the report, please contact

Tampa Bay Office

Recently, we have seen significant transactions that will set the bar as we move forward and establish value in 2010. Core Class A asset sales in 4Q09: Corporate Center IV and 4200 W Cypress St. sold this quarter, both located in the Westshore submarket.

Tampa Bay Industrial

Average asking lease rates continue to soften, currently standing at $5.69 NNN with all submarkets experiencing drops from last years asking rate of $6.31 NNN.

Polk County Industrial

Overall vacancy ticked up by 330 bps from this time last year. Much of this increase in inventory can be attributed to a handful of large blocks of space vacated this quarter in the East Polk submarket, with this submarket's overall vacancy approaching 25%.

Tampa Bay Retail

Key indicators continue to lag recovery in 4Q09. Investors and users alike are seeing stabilization, while landlords are struggling for TI & build-out dollars.

CBRE Jacksonville Releases Q4 2009 MarketView Reports

JACKSONVILLE, FL--For a complete copy of CB Richard Ellis's fourth-quarter report, please contact Brian Cornett at

Office Marketview

The fourth quarter ends with evident signs of the weakened economy but with some indicators pointing to potential market improvements.

Quick Stats Change from last

Total Vacancy 22.0%
Direct Lease Rate $18.19
Qtr Net Absorption (14.4) K
Under Construction 0 K

Industrial Marketview

The Jacksonville Industrial Market vacancy rate increased to 9.3% versus the prior quarter's 8.5%. Despite increasing vacancy, the average asking lease rate showed a slight increased to $4.64 NNN PSF versus $4.59 NNN PSF for the third quarter.

Quick Stats Change from last

Total Vacancy 9.3%
Direct Lease Rate $4.64
Qtr Net Absorption (205,682) K
Under Construction 0 K
Completions 126 K

Retail Marketview

The Jacksonville Retail Market direct vacancy rate experienced an increase of 0.1 percentage points, bringing it to 10.5% versus the prior quarter's 10.4%.

Quick Stats Change from last

Total Vacancy 10.8%
Direct Lease Rate $15.95
Qtr Net Absorption (30.5) K
Under Construction 738 K

Two Crossman & Company Executives to Chair Roundtable Discussions at ICSC Conference in Orlando in March

ORLANDO, Fla. – Two executives at Crossman & Company, which ranks as one of the largest third-party retail leasing and management companies in the Southeast, will chair roundtable discussions during the International Council of Shopping Centers’ conference on Open-Air Centers March 10-12 in Orlando.

John Crossman, (top right photo) president of the firm, said he will head a roundtable discussion that focuses on leasing Big Box retail space.

Justin Greider, (top left photo) senior associate at Crossman & Company, said his roundtable discussion will focus on using ICSC resources and facilities to better facilitate networking.

The ICSC Conference on Open-Air Centers is scheduled at the Ritz-Carlton Grand Lakes hotel on Central Florida Parkway in East Orlando.

Crossman & Company Team scheduled for Presentations, Roundtable Analyses at ICSC West Florida Idea Exchange Feb. 25 and 26

ORLANDO, Fla. --- Two industry leaders from Crossman & Company, one of the largest third-party leasing and management firms in the southeast, are scheduled to appear at the International Council of Shopping Centers’ (ICSC) West Florida Idea Exchange Feb. 25-26 at the Grand Hyatt Tampa Bay in Tampa.

Justin Greider, senior associate at Crossman & Company based in Orlando, will present the firm’s landmark 2010 Retail Report, an in-depth analysis of retail property trends throughout Florida. Greider said he will focus on retail trends in the Tampa Bay region, including property development and leasing.

John Crossman, president of Crossman & Company, will lead a roundtable discussion on How to Find Tenants Where None Exist starting at 9 a.m. on Feb. 26.

For more information, contact:

Justin Greider, Senior Associate, Crossman & Company/ICSC Florida Next Generation Chair, 407-581-6225;
John Crossman, CCIM, President, Crossman & Company, 407-581-6218,
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142,

Real Estate Expert Forecasts Uptick in Downtown Orlando Property Sales and Leasing as Gas Prices Rise

ORLANDO, FL --- Roger Soderstrom, (top right photo) founder and owner of Stirling Sotheby’s International Realty, which specializes in downtown Orlando properties from its 16th floor penthouse offices in The Plaza (bottom left photo)  on Orange Ave. at Pine Street, expects to see downtown Orlando property sales and leasing surge as gas prices increase.

Soderstrom said expected increases in gas prices will make downtown properties more appealing to commuters and real estate investors.

“During the 2008 gas crisis we saw a measurable increase in downtown properties,” Soderstrom said. “When gasoline approaches the $4 per gallon mark, many commuters adopt a different view to downtown living near the city’s employment center,” he said.

Since the last gas crisis, downtown property values have been reduced to reflect the real estate downturn and Soderstrom said the downtown district now offers some remarkable values.

“We have substantial new condominium properties available at historically low prices,” Soderstrom said. “New retail and entertainment venues in the downtown district are turning the downtown district into one of the most desirable lifestyles in the region,” he said.

For more information, contact:
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty,  407-581-7890
Larry Vershel or Beth Payan, Larry Vershel Communications,  407-644-4142