Tuesday, May 25, 2010

Fisher Auction and Cushman & Wakefield close $25.9M Bulk Sale Condo Auction in Orlando

Co-brokers complete 165-unit portfolio auction of brand new condominium units at The Vue at Lake Eola in Downtown Orlando

ORLANDO,  FL – Fisher Auction Company and Cushman & Wakefield today announced the closing of a bulk sale condominium auction for 165 units at The Vue at Lake Eola (top left photo) for $25.9 million. The closing was May 17.

The entire portfolio of 165 units within the 375 unit development, along with a roughly 8,000 square foot retail space, was offered as a bulk–buy auction to the highest bidder. It was ultimately acquired by a foreign investor.

“The Vue at Lake Eola” is a prize piece of real estate”, said Lamar Fisher (middle right photo), President and CEO of Fisher Auction Co., Inc.

“Bidders had to submit a signed non-contingency contract of no less than $20 million just to be qualified to participate in the live auction.” Fisher added “Our combined marketing efforts resulted in nine qualified bidders in the live auction with a final sale price achieved of $25.9 million. We were extremely pleased with the results.”

Fisher Auction Co., Inc. along with Cushman & Wakefield handled the transaction for this portfolio. Marketing and sales needed to be accomplished within a short 60 day timeframe.

 Jay Ballard, (lower left photo)  Senior Director of Cushman & Wakefield of Florida, Inc. stated, “We had a highly experienced team that put together the due diligence package, conducted tours and helped to keep our potential bidders constantly informed.”

The Fisher Auction Co., Inc. and Cushman & Wakefield team are not new to handling the targeted marketing of this type of real estate. They have successfully handled similar properties and have become the new experts of fractured condo auctions. They are looking forward to conducting similar engagements in the near future.

“We had over 225 groups sign confidentiality agreements on this property and over 49 potential buying groups for property tours,” said. Ballard.

“We had inquiries from throughout the U.S. and 11 countries, which was really a strong response to our marketing plan. Our buyer ultimately came from Rio de Janeiro and we were able to achieve 104% of fair market value for the Bankruptcy Court and the creditors.”

For additional auction information, please  visit http://www.fisherauction.com/, or http://www.apartments.cushwake.com/
Contact Information:
Lamar Fisher, President / CEO Jay Ballard / Senior Director, Fisher Auction Co., Inc.,  954.942.0917 x 13
http://www.fisherauction.com / info@fisherauction.com
Jay Ballard,  jay.ballard@cushwake.com, Cushman & Wakefield,  407-541-4406
Brook Hines, Cushman & Wakefield, Tel: 407-541-4401, brook.hines@cushwake.com

HFF closes sale of Riverside Station Apartments in suburban Washington, DC

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced that the sale of Riverside Station Apartments (top left photo), a 304-unit luxury multi-housing community in Woodbridge, Virginia, closed on May 18, 2010.

The HFF investment sales team was led by managing directors Dave Nachison (top right  photo)  and Alan Davis (middle left  photo)  who marketed the property on behalf of the sellers, Principal Global Investors. Associates Estates.

Realty Corporation purchased Riverside Station on a free and clear basis.

Riverside Station Apartments is located at 1411 Big Crest Lane overlooking the Potomac River, 20 miles south of Washington, D.C. in Woodbridge, Virginia.

 The property is located adjacent to the Rippon Landing Virginia Rail Express (VRE) station offering commuters convenient access to rail service into downtown Washington, D.C., as well as access to Interstate 95 and Route 1.

 Completed in 2005, Riverside Station Apartments has one-, two- and three-bedroom units averaging 952 square feet each.

Community amenities at the 95% leased property include a clubhouse, business center, fitness center, swimming pool, billiards room, jogging trail and playground.

“Riverside Station has outperformed the overall Class A Northern Virginia apartment market in terms of rent growth for the past three years," said Nachison.

"Continued rent growth is widely expected to continue for the foreseeable future as this very active I-395/95 corridor becomes home to over 25,000 known new jobs through BRAC initiatives alone at Fort Belvoir, the Engineering Proving Ground and the marine base at Quantico."

“Riverside Station’s attractiveness is further enhanced by its direct access to the VRE station at Rippon Landing, which provides residents with a convenient commuter option with stops at Fort Belvoir, Crystal /Pentagon City, L’Enfant Plaza and Union Station,” added Davis.

(The Washington Business Journal reported the price as $54.3 million or about $178,618 per unit. The newspaper identified the buyer as Associated Estates Realty Corp. of Cleveland, OH.  The price was not disclosed in the HFF news release.)

Principal Global Investors is a diversified asset management organization and a member of the Principal Financial Group, with expertise in equities, fixed income and real estate investments, as well as specialized overlay and advisory services. Principal Global Investors manages $222 billion in assets primarily for retirement plans and other institutional clients.


David R. Nachison, HFF Managing Director, (202) 533-2500, dnachison@hfflp.com
Alan M. Davis, HFF Managing Director, (202) 533-2500, adavis@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Latino Hotel Association Formed to Advance Worldwide Hispanic Ownership, Leadership and Business Interests in Hotel Industry

Founding Sponsors and Supporters Include Hilton, Hyatt, Wyndham, InterContinental Hotel Group Carlson, Choice, Marriott, and Starwood

HOUSTON, TX,  May 25, 2010—A new global organization dedicated to expanding Latino ownership, leadership and commerce in the hotel industry was launched today.

Called the Latino Hotel Association (LHA), the group will focus on supporting Latinos through education about ownership/development, management and leadership; hosting international and regional conferences; and networking with hotel corporations and suppliers.

 Founding sponsors include Hilton Worldwide, Hyatt Hotels Corporation, InterContinental Hotel Group and Wyndham Hotel Group. Founding supporters include Carlson Hotels Worldwide, Choice Hotels International, Marriott International and Starwood Hotels & Resorts Worldwide.

“The Latino community has established a foothold in the hotel industry, but the full potential remains largely untapped,” said Angela Gonzales-Rowe (top right photo) , president and founder of LHA.

“Latinos are a small, but growing, force in hotel ownership and leadership in the U.S., and opportunities for hotels in Latin America are poised for rapid expansion.

"Prospects for Latinos in Europe, Africa and Asia also offer great potential. LHA’s role is to educate and assist the global Latino community in playing a much larger role in the industry, including development/ ownership, leadership in hotel operations and growth in the number of Latino-owned suppliers.”

LHA also will speak out on issues that affect Latinos and the hotel industry and work closely with organizations such as the American Hotel & Lodging Association to communicate the Latino community’s concerns and recommendations to Congress and other governmental bodies.

Headquartered in suburban Houston, LHA is a worldwide, non-profit association dedicated to increasing Latino participation in the hospitality industry, to include ownership, leadership and commerce.

The organization provides education, international and regional conferences and networking opportunities with the leading hotel companies in the world. Additional information is available at the association’s website, http://www.latinohotelassociation.org/.

Contact information for the association is:

Latino Hotel Association, 2600 South Shore Blvd, Suite 300, League City, Texas 77573, (281) 668 9165 telephone, (281) 668 9199 fax, http://www.latinohotelassociation.org/

Media Contact: Jerry Daly, Chris Daly, Daly Gray Public Relations, (703) 435-6293, jerry@dalygray.com

Arbor Closes 2 Fannie Mae DUS® MAH Loans Totaling $3.43M in Texas and Pennsylvania

Lake June Village Apartments in Dallas Gets $1.93M

 UNIONDALE,, NY (May 25, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,930,000 loan under the Fannie Mae DUS® Multifamily Affordable Housing product line for the 64-unit complex known as Lake June Village Apartments in Dallas, TX.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.00 percent.

The loan was originated by John Kelly, (top right photo)  Vice President, in Arbor’s full-service Boston, MA lending office.

 “Arbor was pleased to work on this acquisition of a 100% Project-Based Section 8 deal for a repeat client,” said Kelly.

”This client has an excellent track record of efficiently running these tough to manage complexes; we look forward to our next deal with this excellent ownership group.”

Lakeside Manor Apartments in East Stroudsburg, PA Obtains $1.5M

 Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,500,000 loan under the Fannie Mae DUS® Small Loan product line for the 44-unit complex known as Lakeside Manor Apartments in East Stroudsburg, PA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.68 percent.

The loan was originated by Ronen Abergel (bottom right photo) , Director, in Arbor’s full-service New York, NY lending office. “This transaction was a Tier 4 deal which provided the borrower with a low- fixed rate for a 10-year term,” said Abergel.

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

Stirling Sotheby’s International Realty completes sale of NASCAR Driver Mike Skinner’s Spruce Creek Fly-In Residence for $1.5M

PORT ORANGE, Fla. --- Stirling Sotheby’s International Realty Associates Debbie Keilin (left) and Rachel McGrath (right)) recently completed the sale of NASCAR driver Mike Skinner’s (top left photo)  personal residence at Spruce Creek Fly-In, one of the most recognized fly-in communities in the nation.

The luxury estate in the unique Port Orange community developed for airplane owners was listed for $1,975,000 and sold for $1.5 Million, with furnishings.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said McGrath and Keilin negotiated the sale and also served as principal contacts and listing agents for the Tuscany themed Mediterranean Estate Home.

Last fall McGrath and Keilin also negotiated a $925,000 sale of the nearby 11,000 square foot Commercial Aviation Hangar that was once part of the Skinner estate.

With almost 10,000 square feet of total living space, the home situated on a premium golf course lot overlooking a lake in the prestigious “Bella Vista Estates” of Spruce Creek Fly-In and features

For more information, please contact:
Debbie Keilin, East Volusia Associate, Stirling Sotheby’s International Realty 386 451-4251
Rachel McGrath, East Volusia Associate, Stirling Sotheby’s International Realty 386 795-0911
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

CORE Construction ranked one of the top 100 Contractors in U.S. by National Trade Magazine for 5th Year consecutive year

 SARASOTA – CORE Construction Group, with offices in Sarasota, was recently named one of the top 100 commercial contracting companies in the U.S. by an international trade publication that represents all sectors of the construction industry.

John Wiseman, (top right photo)  president of CORE Construction Services of Florida said Engineering News Record ranked CORE the 100th largest commercial construction firm among the publication’s “Top 400 U.S. Contractors” in 2009.

Wiseman said CORE has been ranked in the top 100 for the past five years.

CORE Construction Services of Florida currently has projects underway valued at more than $50 million.

CORE Construction Services of Florida has extensive experience in construction of adult living facilities and multi-family communities. CORE’s team of professional staff includes LEED AP accreditations. CORE is an active member of the Florida Assisted Living Association, the Gulf Coast Builders Exchange and the U.S. Green Building Council.

For more information, please contact:
John P. Wiseman, President CORE Construction Services of Florida, LLC, 6320 Tower Lane, Sarasota, FL 34240, 941-552-0240;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Crossman & Co. Negotiates Long Term Lease Agreement at Fashion Village for Resale Boutique

   ORLANDO - Crossman & Company, one of the largest third-party retail leasing and management firms in the Southeast, recently negotiated a new five year lease agreement for 4,880 square feet of retail space at the Fashion Village Shopping Center, 3851 E. Colonial Drive in Orlando.

John Crossman, president of Crossman & Company, said associate Daniel Germano (top right photo)  negotiated the lease agreement representing the landlord, F.F. Fashion Village, L.P.

The new tenant is Transitions-a Resale Boutique that supports the Samaritan Village transitional home for women seeking freedom from addiction and street life.

“Crossman and Company made it possible for us to be in a prime location in the city and the opportunity to make our ministry successful, said Rhonda Stapleton, chief executive officer at Samaritan Village. “This helps transitional women who have no other options available to them.”

For more information, please visit http://www.samaritanvillage.net/ or
Daniel Germano, Leasing Associate, Crossman & Company, 407-423-5400 or 407-581-6223;
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;
 Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

Six Brokers at Grubb & Ellis Commercial Florida Named among Area’s Top Power Brokers in CoStar Survey

Four Orlando Office  Professionals Ranked High

ORLANDO, FL - Four commercial property brokers at Grubb & Ellis Commercial Florida in Orlando were named among the region’s top Power Brokers in the 2010 CoStar survey of commercial property firms.

Jeff Sweeney, president of Grubb & Ellis Commercial Florida, said Anne Deason-Spencer (top right photo)  was named a CoStar Power Broker for negotiating office leases and sales that totaled more than $10 million in 2009.

Sweeney said the Office Services Team of Jay Dixon (top left photo) , Jerry Thornbury (middle left photo under Jay Dixon photo)  and Robert Kellogg (middle right photo under Anne Deason photo))  also made the CoStar Power Broker list for negotiating sales and leases valued at more than $15 million in 2009.

CoStar is the nation’s leading commercial real estate news and information provider.

Grubb & Ellis Commercial Florida is an affiliated commercial real estate services firm specializing in the leasing and sale of office, industrial, retail, land and investment properties.

Currently Grubb & Ellis
Commercial Florida has 45 brokers divided among its Orlando, Tampa and Melbourne offices to serve the entire mid-Florida marketplace. Visit www.commercialfl.com.


Jeff Sweeney, 407-481-5387, jsweeney@commercialfl.com
Larry Vershel 407-644-4142

Two Tampa Bay Area Brokers Earn Ranking on CoStar Top Brokers List

TAMPA - Two Tampa Bay commercial brokers at Grubb & Ellis Commercial Florida have earned spots on the annual CoStar List of top commercial brokers in the Tampa Bay region.

Mia Jarrell, managing director of Grubb & Ellis Commercial Florida’s Tampa office, said industrial properties specialists Jan Boltres (lower left photo)  and Michael Scott (bottom right photo) were named to CoStar’s 2010 Power Broker list in the Tampa Bay region.

Boltres joined Grubb & Ellis Commercial Florida 11 years ago and Scott joined the firm nine years ago.
The two CoStar Power Brokers average industrial property leases and sales that total more than $10 million each annually.


Mia Jarrell 813-639-1111, ext 254;
Jeffrey Sweeney, President 407-481-5387;
Larry Vershel 407-644-4142

Rebman Properties Handles 109,933 SF of New Industrial Leases in Central Florida

Chick-fil-A and Starbucks Coffee to Occupy 60,058-SF of Warehouse Space in Apopka, FL

WINTER PARK, FL (May 25, 2010) --Rebman Properties’ brokers, Roger Rebman, Greg Rebman and Lyle Nelsen closed two large industrial leases in the past 30 days.

"Activity has increased during the past 90 days in the Orlando industrial market," notes Roger Rebman, president, Rebman Properties.

". The increased activity is just beginning to translate into closed transactions as the deals work their way through the “pipeline.”

 Quality Custom Distribution Services (QCD), a subsidiary of Golden State Foods Corporation, leased 60,058 square feet of warehouse space at Northwest Distribution Center (“NWDC”) in Apopka, Florida, located in northwest Orange County.

 QCD will be providing logistics services for Chick-fil-A and Starbucks Coffee. The facility will provide storage/distribution of dry goods as well as 15,000 square feet of cooler/freezer space. Occupancy is scheduled for August.

The landlord’s agent is Winter Park, Florida-based Rebman Properties, Inc., represented by Roger Rebman (top right photo) and Lyle Nelsen (top left photo) . The tenant’s agent is Corporate Realty Advisors of Dallas, Texas. Quentin Caruso (middle right photo)  of Realty Capital Advisors represented the tenant locally.

Oakmont Industrial Group, the landlord, is a fully integrated industrial real estate investment, development and management company based in Atlanta, Georgia. The company develops state-of-the-art warehouse/distribution facilities with a development pipeline totaling approximately 12.5 million square feet from coast to coast
Andes Fiber and Paper Leases 49,875 SF from ABC Supply

Andes Fiber and Paper leased 49,875 square feet of warehouse space at 2550 Clark Street, Apopka from ABC Supply Company. Greg Rebman, (middle left photo)  SIOR, CCIM, represented the Owner. Matt Sullivan  (bottom right photo) and Wilson McDowell of Colliers Arnold represented the Tenant.

For more information, please contact: Roger K. Rebman, SIOR, CCIM, 407.875.8001 roger@rebmanproperties.com

Berger Commercial Realty Corp. Announces Two Multifamily Sales in Pompano Beach, FL

FORT LAUDERDALE, FL. – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state of Florida, announced the following two sales of multifamily properties:

Address: 160 NW 14th Street Pompano Beach, FL 33060
Loan: $745,000
Sold: $380,000
Units: 14
Seller: ECP Properties, Inc., represented by Reese Stigliano and Steve Hyatt
Buyer: Merk Funds, LLC

Address: 100 NE 10th Street Pompano Beach, FL 33060
Loan: $559,000
Sold: $255,000
Units: 8
Seller: Letelier, LLC, represented by Reese Stigliano and Steve Hyatt
Buyer: Wilcin, LLC

"Although neither of these sales are very large in dollar volume, a couple of significant trends have emerged in this asset class," said Reese Stigliano (lower left  photo) , principal of Berger Commercial Realty Corp.

"Transactions are happening. We now see buyers making offers and sellers accepting offers.

"Prices have dropped to a level that are acceptable to the buyer and the general feeling is we have hit the bottom of the market. These sales show that today’s prices are 50% or less than the last sale of the property."

Contact: Marielle Sologuren, Pierson Grant Public Relations, (954) 776-1999 ext. 226, mmsologuren@piersongrant.com

PKF-HR Updates Forecast to Show RevPAR Growth in 2010 While Profits Lag

ATLANTA, GA., May 25, 2010 – PKF Hospitality Research (PKF-HR) today announced that, according to the May 2010 edition of Hotel Horizons®, U.S. hotels should enjoy a 1.7 percent growth in RevPAR in 2010, but bottom-line profits (NOI) will contract another 1.4 percent.

The projection of growth in RevPAR for 2010 marks a very positive change in the outlook for the U.S. lodging industry since PKF-HR’s last forecast published in March of 2010.

“We believe the first quarter surge in occupied rooms foretells the start of a strong comeback in the demand for lodging accommodations,” said R. Mark Woodworth (top right photo) president of PKF-HR.

“As early as September of 2008, we anticipated the inflection point for hotel demand to occur in the first quarter of 2010, but quite frankly, the magnitude of the turnaround was a very pleasant surprise.

" Such a large increase in lodging demand suggests a return of pent up travel that did not occur in 2009 because of budget constraints, plus the real hotel demand growth attributable to improvements in the long-term economic outlook.”

 According to Smith Travel Research (STR), lodging demand in the first quarter of 2010 increased 5.3 percent over the first quarter of 2009. This is the largest quarterly increase in hotel demand since the second quarter of 1989, and surpassed PKF-HR’s forecast of a 2.6 percent gain.

“Forecasting turning points in hotel market performance is a tricky proposition, largely because of the complications on the supply side of the hotel market,” said John B. Corgel Ph.D. (lower left photo), the Robert C. Baker professor of real estate at the Cornell University School of Hotel Administration and senior advisor to PKF-HR.

 “The hotel cycle is a hybrid of the business cycle on the demand side and an endemic cyclical pattern of the real estate market on the supply side.

"The shape of hotel market movements over time begins with the connection to the business cycle, but then takes its final form as the result of the considerable time required to construct new hotels to be built in response to increases in hospitality demand.

"Therefore, the market tends to ‘hang’ for a lengthy period at the peak until construction accelerates. Conversely, the market ‘hangs’ in the trough because hotels are not demolished simply because demand is weak.”

To purchase Hotel Horizons® forecast reports for the United States, or one of 50 individual markets, please visit the firm’s online store at http://www.hotelhorizons.com/, or call (866) 842-8754.

For a complete compy of PKF's news release, pleasse contact:
Mark Woodworth, President, PKF Hospitality Research, (404) 842-1150, ext 222  or 
Chris Daly or Jerry Daly (media), Daly Gray Public Relations, ( (703) 435-6293