Wednesday, February 10, 2010

HFF arranges sale and financing of former Goodwill Headquarters in Pittsburgh

PITTSBURGH, PA – The Pittsburgh office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of and arranged financing for the former Goodwill Headquarters (centered photo below) on Pittsburgh’s South Side.

HFF managing director Mark Popovich (bottom left photo) exclusively represented the seller, Goodwill of Southwestern Pennsylvania. Burns & Scalo Real Estate Services purchased the property for an undisclosed amount.

Popovich assisted the buyer in arranging the acquisition/bridge loan through a local bank and also assisted in the identification and structuring of Goodwill’s new headquarters location at 51st Street Business Center in Lawrenceville.

“Burns & Scalo was a great choice to buy Goodwill’s building. As a full-service real estate firm, they were also instrumental in helping Goodwill plan and build-out their new facility in Lawrenceville,” said Popovich.

Originally built in the early 1900’s, the former Goodwill Headquarters has 130,000 square feet in a seven-story former department store. The buyer is planning to convert the building into loft apartments as well as developing additional land parcels included in the sale. The property is located at 2600 East Carson Street in Pittsburgh’s South Side neighborhood.

Burns & Scalo Real Estate Services (“BSRES”) has developed and currently manages more than 2,000,000 square feet of office, warehouse, flex and retail properties in western Pennsylvania.


Mark Popovich, HFF Managing Director, (412) 281-8714,
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HFF secures financing for One Smithfield Street Building in downtown Pittsburgh

PITTSBURGH, PA – The Pittsburgh office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured financing for One Smithfield Street, (center photo below) a 132,500-square-foot office building and an adjacent 90-space surface parking lot in downtown Pittsburgh, Pennsylvania.

HFF managing director Mark Popovich (bottom right photo)  worked exclusively on behalf of the borrower, Burns & Scalo Real Estate Group, in arranging the long-term fixed-rate financing for the building through a credit lender and the adjustable-rate loan for the parking lot through a local bank.

 Project financing was bifurcated because Burns & Scalo plans to develop the surface lot in the future and needed the flexibility to refinance the parking lot loan to finance the future development.

The property is located at the corner of Smithfield Street and Fort Pitt Boulevard adjacent to Interstate 376 in downtown Pittsburgh. One Smithfield Street was originally built in 1964, and completely renovated in the early 1990’s. Allegheny County’s Department of Health & Human Services leases the entire building.

Burns & Scalo Real Estate Services has developed and currently manages over 2,000,000 square feet of office, warehouse, flex and retail properties in western Pennsylvania.


Mark Popovich, HFF Managing Director, (412) 281-8714,
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HFF San Francisco hires Samuel Brownell as director in its investment sales group

SAN FRANCISCO, CA – HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has hired Samuel Brownell (top right photo)  as a director in the investment sales group in its San Francisco office.

Brownell will focus on retail investment sales in northern California and throughout the west coast. He has more than nine years experience in commercial real estate acquisitions, asset management and investment sales.

 Prior to joining HFF, he was the chief acquisitions officer for Blatteis and Schnur Inc., a fully integrated retail real estate investment management firm. During the course of his career, Brownell has been involved in the acquisition, development, leasing and financing of retail assets totaling more than $300 million. He is a member of International Council of Shopping Centers, Urban Land Institute and received a Bachelor of Arts degree from the University of California at Los Angeles
“Over the past 18 months, HFF has successfully expanded its west coast investment sales presence with the addition of individuals and teams in Los Angeles, Orange County and San Francisco,” said senior managing director of HFF San Francisco, Michael Leggett (bottom left photo).

“We are excited to bring Sam on board as he rounds out our west coast property type specialties with a focus on the sale of retail assets,” added Leggett.


Michael G. Leggett, HFF Senior Managing Director, 415) 276-6300,
Kristen M. Murphy, HFF Associate Director, Marketing, ( (713) 852-3500,

NAI Realvest Negotiates Sales of Two Industrial buildings at Orange and Seminole County industrial centers for $1.78M

ORLANDO – NAI Realvest recently negotiated two sales totaling $1.78 million for two industrial properties in Orlando and Longwood.

Michael Heidrich, (top right photo)  principal at NAI Realvest, represented Conquistador Realty Holdings Inc. of Miami, the seller of a 32,000 square foot industrial facility at 3941 Bryn Mawr St. in Orlando.

Overland Holding Corporation of Altamonte Springs purchased the property for $1,300,000 and was represented in the transaction by Joe Ardolina.

Heidrich also negotiated the sale of a 5,250 square foot industrial building at 370 North St. in Longwood representing the Newport News, Va.-based seller, Ferguson Enterprises, Inc. The buyer, Structural Contactors South, Inc. of Winter Park represented by Lee Ungaro of Charles Rutenberg Realty, paid $480,000 for the property.

For more information, please contact:

Michael Heidrich, Principal,  NAI Realvest, 407-875-9989,;
Patrick Mahoney, President, NAI Realvest,  407-875-9989,
Beth Payan, Larry Vershel Communications, 407-644-4142,

Stirling Sotheby’s International Realty named exclusive sales and marketing agents for Keith Fields Mount Dora Estate Home

ORLANDO- Stirling Sotheby’s International Realty’s was recently named exclusive sales and marketing agents for a custom built estate home by Keith Fields with a two acre Lake Dora Home site at 3835 Lake Shore Drive in Mount Dora.

Janice McGeough, (top right photo) certified luxury home marketing specialist at Stirling Sotheby’s International Realty, said the 6,719 square foot estate home offers a total of 9,081 square feet under roof, with four bedrooms, six and one-half baths, a three car garage a separate guest cottage and a private boat/seaplane dock on Lake Dora.

The spectacular New England traditional home is priced at $2,950,000.

For more information, please contact:

Janice McGeough, Stirling Sotheby's International Realty, 352-217-0465;;
Roger Soderstrom, Founder/Owner, Stirling Sotheby’s International Realty 407-581-7890;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142;

Post Properties, Inc. Announces At-the-Market Offering

ATLANTA, GA--Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, has filed a prospectus supplement under which it may sell up to 4 million shares of its common stock from time to time through J.P. Morgan Securities, Inc. and Cantor Fitzgerald & Co., as sales agents.

Sales of common stock under the at-the-market offering, if any, would be made by means of ordinary brokers’ transactions on the New York Stock Exchange at market prices or as otherwise agreed with the agents. The Company intends to use the proceeds from any sales for general corporate purposes.

J.P. Morgan and Cantor Fitzgerald & Co. are the sales agents for the at-the-market offering. Copies of the prospectus supplement and accompanying prospectus relating to these securities may be obtained by contacting J.P. Morgan Securities Inc., Attention: National Statement Processing, Prospectus Library, 4 Chase Metrotech Center, CS Level, Brooklyn, New York, 11245, telephone: 718-242-8002 or Cantor Fitzgerald & Co., Attention: Equity Capital Markets, 110 East 59th Street, New York, New York, 10022, telephone: 212-829-7122.

Contact:  Post Properties, Inc., David Stockert, (top right photo)  president,  404-846-5000

Foreclosure Filings Fall 7% In South Florida In January

MIAMI, FL-Lenders initiated seven percent fewer foreclosure actions in South Florida in January 2010 on a year-over-year basis, with total filings slipping for the month below 5,800 in the tricounty region, according to a new report from

By comparison, in January 2009 there were nearly 6,200 foreclosure actions - also known as Lis Pendens or Notices of Default - filed in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties.

In January 2008, there were nearly 4,100 actions filed, according to a report prepared using the Condo Vultures® Foreclosure Database™.

"President Obama's loan modification program to keep people in their homes combined with a newfound willingness of lenders to work with borrowers appears to be slowing South Florida's foreclosure spiral downward," said Peter Zalewski, (top right photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "It is unclear if this sudden decrease in foreclosure actions in South Florida is a trend or just an anomaly due in part to the December holidays. If this does prove to be a trend, that would mean South Florida may not eclipse the psychological threshold of 100,000 foreclosure actions in a year."

Zalewski is scheduled to discuss South Florida's foreclosure trends in 2010 along with banking analyst Ken Thomas, (bottom right photo) who is a lecturer at the University of Pennsylvania's Wharton Business School, at the upcoming Condo Vultures® seminar scheduled for Feb. 16 at the Miami Marriott Biscayne Bay Hotel just north of Downtown Miami.

Contact:  Peter Zalewski, Condo Vultures®,  800-750-0517,