Sunday, April 4, 2010

Marcus & Millichap Lists $40.7M ShopRite Portfolio in New York

NEW YORK, NY– Marcus &Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for two ShopRite anchored shopping centers and one freestanding ShopRite store located in Upstate New York.

Steven Siegel, (middle left photo) a vice president investments and senior director of the firm’s National Retail Group in Manhattan, is representing the seller.

“The ShopRite centers are stable, long-term investments with no management responsibility,” says Siegel. “ShopRite’s excellent reputation in the region will generate significant interest and competition for this supermarket-anchored portfolio."

"The ShopRite properties allow an investor to acquire three management-free assets: one for seven years and two for 14 years,” adds Siegel.

The three properties are:

ShopRite Plaza–Warwick, (bottom right  photo) located on Route 94 South in Warwick, N.Y., 55 miles southwest of New York City, the 80,263-square foot retail center is anchored and master-leased by ShopRite. The listing price is $21,466,952, or $267 per square foot.

ShopRite Plaza–Ellenville, located on Shoprite Blvd. in Ellenville, N.Y., approximately 100 miles northwest of New York City, the 56,555-square foot retail center is anchored and master-leased by ShopRite. The listing price is $10,000,000, or $177 per square foot.

ShopRite–Fairview Plaza, located on Healy Boulevard in Hudson, N.Y., approximately 100 miles northeast of New York City, the property is a freestanding 59,722 square foot triple-net-leased ShopRite grocery store. The listing price is $9,258,000 or $155 per square foot.

ShopRite Supermarkets Inc. is a wholly owned subsidiary of Wakefern Food Corp. ShopRite stores are among the highest volume stores in the supermarket industry.

Through nearly 60 years of service, ShopRite has built a reputation as a low-price leader while offering the five million customers it serves each week unprecedented variety and excellent customer service.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Orange County, FL Resort Tax Collections Fractionally Higher for February

ORLANDO, FL -- County Comptroller Martha Haynie (top right photo)  announced today that resort tax collections received by the County in March for the hotel collection month of February 2010 were $11,984,800. Resort taxes are charged on short-term rentals, mostly hotels and motels.

Comptroller Haynie noted that February 2010 collections were roughly one percent higher than February 2009. “However, in light of the fact that February 2009 saw the biggest single month decline since 9/11, it is not yet time to celebrate,” Haynie stated.
For a complete copy of the news release and statistics, please contact:
Joan Randolph, Executive Assistant, Comptroller's Administration, 201 S. Rosalind Avenue, Orlando, Florida, 32801, Tele: 407-836-5986, Fax: 407-836-5599 or
Martha O. Haynie (407) 836-5690

NAI Realvest Named Sales, Marketing Representatives for Winter Garden Business Park in Florida

ORLANDO - NAI Realvest has been appointed exclusive sales and marketing representatives for the Winter Garden Business Park, (top left photo) a flex/office park with retail component located at 1218-1232 Winter Garden Vineland Rd., just south of SR 50 in Winter Garden.

NAI Realvest chairman George Livingston, (top right photo)  principal Christie Alexander (lower left photo)and associate Drew Saphos negotiated the exclusive sales and marketing agreement for the property which includes 92,573 square feet in eight buildings on a 7.02-acre site in close proximity to the Florida Turnpike and SR 429.

The property owner OREO Corp. awarded the listing contract on the business park which was developed in 2007 and currently is 80 percent leased.

The Winter Garden Business Park is list priced at $6,500,000.

For more information, contact:
Drew Saphos, Broker Associate, NAI Realvest 407-875-9989;
Christie Alexander, Principal, NAI Realvest 407-875-9989;
George Livingston, Chairman Emeritus, NAI Realvest 407-875-9989;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Mercantile Capital Corp. Reports Big Increase in Commercial Property Loans

ALTAMONTE SPRINGS - Mercantile Capital Corporation, Inc., which specializes in U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, reports it closed on 12 commercial loans for more than $35.7 million in total project costs during the first quarter which ended March 31.

Geof Longstaff, (top right photo) chairman of Mercantile Capital Corporation, said commercial property loans during the first quarter of 2010 represent a significant increase over the first quarter of 2009, when Mercantile Capital closed on three loans for more than $3.2 million in total project costs.

“The market is coming alive,” Longstaff said. “Small business owners are realizing that the SBA 504 loans offer several major advantages over traditional sources, not the least of which is that we have capital available and we are providing it to those small business enterprises,” he said.

The largest single loan during the first quarter---more than $7.59 million in total project costs---financed the acquisition of a Hampton Inn in Port Arthur, Calif.

Mercantile Capital Corporation is one of the most active SBA 504 lenders in the U.S., Chris Hurn, (bottom left photo) chief executive officer of the company, said.

“Our loan volume for the first quarter of this year is almost half our entire loan volume in 2009,” said Hurn, who projects Mercantile Capital Corporation will close on commercial property loans valued at more than $100 million this year.

SBA 504 commercial property loans offer below-market interest rates with only 10 percent down.

For more information about this press release, contact:
Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040;;
Chris Hurn, CEO Mercantile Capital Corporation, 407-786-5040;;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142