Friday, July 9, 2010
In an effort to accelerate the pace of future sales on the remaining 1,200 unsold units, prices have been slashed for a third time in the last 10 months in the three-tower ICON Brickell complex on the south bank of the Miami River,(middle right photo) according to the licensed Florida brokerage Condo Vultures® Realty LLC.
The current prices vary by building with Tower One (North) asking an average of $402 per square foot, Tower Two (South) asking $363 per square foot, and Tower Three asking (West) $308 per square foot.
"ICON Brickell has experienced tremendous sales velocity in the first half of 2010, selling more than 500 units," said Peter Zalewski (lower left photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"Industry watchers also do not know how many of the 500 sales completed this year were with original contract holders with 20 percent deposits who were offered discounted prices and other incentives to close."
This latest round of price cuts follows discounts of as much as 51 percent in February 2010, which were preceded by a 30 percent price cut in October 2009, according to a recent CondoVultures.com report.
ICON Brickell has experienced tremendous change in the first half of 2010 besides the price cuts.
Buyers purchased nearly 720 units - 83 percent of the deals closed with cash - in the first quarter of 2010 at an average price of $326 per square foot, according to a recent Condo Vultures® White Paper™.
Contact: Peter Zalewski, Principal, Condo Vultures® LLC, Office: 305-865-5629
Cell: 305-321-7383, eFax: 1-305-832-0311, Peter@CondoVultures.com
LA VERNE, CA – Marcus & Millichap Capital Corporation (MMCC) has closed an $8,797,500 refinancing for a multi-tenant retail center in La Verne.
Erik Rogers, a director in the Ontario office of MMCC, arranged the loan for the Inland Empire property.
“The borrower assumed a conduit loan that was interest-only, with a maturity date of 2010. The transaction was challenging because the borrower had to pay down the loan considerably in light of current stringent underwriting standards,” explains Rogers.
A commercial bank provided the 10-year, fixed-rate loan, which has an LTV of 65 percent and a 25-year amortization schedule.
“We were able to structure a 10-year fixed rate loan with a 10-year term, even with 85 percent of the center facing lease-rollover risk in the next four years,” he notes.
“The borrower initially took the transaction to the bank first and was not able to garner any interest from the lender,” Rogers notes. “By leveraging MMCC’s strong local relationships and creating a solid marketing package, we demonstrated to the lender that this is an excellent deal.”
The borrower’s track record of managing real estate also attracted the bank to this transaction.
“Both the lender and borrower understand that this was a win/win transaction in this challenging environment,” he adds.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
Uniondale, NY (July 9, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $3,373,000 loan under the Fannie Mae DUS® MBS product line for the 228-unit complex known as Spring Hill Apartments in Houston, TX.
The 10-year loan amortizes on a 25-year schedule and carries a note rate of 5.67 percent.
The loan was originated by Jay Porterfield, (top right photo) Vice President, in Arbor’s full-service Plano, TX lending office. “Arbor provided a rate and term refinance for this well-occupied property located in a golf course community near Houston,” said Porterfield.
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
TORONTO, July 9 /PRNewswire/ -- Mark E. Rose, (top right photo) Chair and CEO of Avison Young, Canada's largest independently-owned commercial real estate services company, announced today that it has acquired Appian Realty Advisors, LLC, a Northern Virginia-based agency leasing, tenant representation and project management firm.
The acquisition expands Avison Young's market coverage by adding an office in Northern Virginia, the largest market in the Washington, DC region.
Effective immediately, Gonzalez and Sandlin become Principals of Avison Young and Senior Vice-Presidents in the Northern Virginia office. Terms of the acquisition were not disclosed.
"It is a privilege to have Dan and Tom become Principals of Avison Young and we welcome them and the Appian team to the Avison Young organization," comments Rose.
"From the outset, we have consistently communicated our growth plan - to invest in the companies and top talent who believe in our client-service model. We have listened to the voice of the client, and it is clear that value is defined by strategic solutions. Our structure transcends the peer group's decades-old command and control silo structures that are more shareholder-based than client-centric."
In 2001, Gonzalez and Sandlin established their own organization, which they renamed Appian Realty Advisors, LLC in 2007, after successful careers at the Staubach Company where they consistently achieved national top production awards.
Contact: Media Relations: Sherry Quan, (604) 647-5098 or (604) 726-0959,
SANTA ANA, CA, (July 9, 2010) -- Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Christopher Vollmer Sr., (top right photo) SIOR, principal of Vollmer Realty Inc., has joined the company as senior vice president, effective immediately.
Vollmer’s addition will serve as the foundation for a new Grubb & Ellis-owned office in Cincinnati.
Vollmer has more than 30 years of experience in office, medical and industrial sales and leasing. Reporting to Bob Nosal, executive vice president and managing director, Ohio,
Grubb & Ellis plans to expand the office by a total of four to five brokerage professionals by year-end.
Vollmer is joined by Christopher Vollmer Jr. (top left photo) as vice president, giving Grubb & Ellis a significant brokerage and management presence in Cincinnati. Grubb & Ellis currently manages approximately 1.2 million square feet of property throughout the Cincinnati area.
“With the addition of the Vollmer team, Grubb & Ellis can immediately serve clients in the Cincinnati area. They bring a strong track record for service excellence and many established relationships. In addition, with this respected father-son team in place, we have a great foundation for growth.”
Vollmer Realty, which was created in 1986, will be folded into Grubb & Ellis.
Contact: Erin Mays, Phone: 312.698.6735, Email: firstname.lastname@example.org
Stirling Sotheby’s International Realty Selected to Lease Office Suites at 500 Delaney Ave. in Orlando
ORLANDO, Fla. --- Stirling Sotheby’s International Realty was recently named exclusive leasing agents at 500 Delaney Ave. (top left photo), a four-story, downtown Orlando office building.
Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said there is currently 7,000 contiguous square feet available for lease, which can be separated for multiple tenants into varied suites as small as 1,900 square feet.
The well-located building features an on-site private parking facility, lake and fountain views, Soderstrom said.
John Kurtz and James Mincy of Stirling’s Commercial Realty division negotiated the leasing agreement, and they are handling the leasing of the property on behalf of the landlord/owner, Canin Associates.
“The building has a lot of appeal because it’s still downtown but on the quieter outskirts of the central business district with scenic views,” Kurtz said.
For more information, contact:
John Kurtz or James A. Mincy, Sales Associates, Stirling Commercial Group 407-581-5550
Roger Soderstrom, Owner/Founder Stirling Commercial Group, 407-588-1260;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142