Tuesday, July 13, 2010

Banks Repossess 4,000 South Florida Properties Per Month In 2010

MIAMI, FL--Banks repossessed an average of 4,000 South Florida properties per month in the first half of 2010, representing an 83 percent year-over-year increase for the tricounty region of Miami-Dade, Broward, and Palm Beach, according to a new report from CondoVultures.com.

Miami-Dade (top left photo) led the surge, experiencing a 125 percent spike in repossessions - also known as Real Estate Owned by banks (REO) - on a year-over-year basis. Palm Beach experienced a 112 percent jump while Broward's repossessions increased 42 percent, according to the report based on Circuit Court records from Miami-Dade, Broward (lower left photo), and Palm Beach.(middle right photo)

At the current pace, nearly 50,000 properties would be repossessed in South Florida in 2010, which would significantly outpace the modern day high of 30,400 repossessions that lenders took control of in 2009.

 Lenders repossessed nearly 26,250 properties in 2008 after taking title to 10,100 properties in 2007, according to the report.

"South Florida's real estate market is at a crossroads," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"The number of bank repossessions in 2010 is higher than at any time in at least two decades. This additional bank-owned inventory will undoubtedly be coming onto the resale market in the near future as discounted REO product.

"The flip side is, the number of new foreclosure filings in South Florida is down 34 percent in the first half of the year, putting the region on pace for less than 70,000 actions in 2010 compared to 97,000 in 2009."

Contact: Peter Zalewski of Condo Vultures®, 800-750-0517,  or by email at peter@condovultures.com.

Liberty Property Trust's Jacksonville, FL Office Receives 2009 Rouse Award

JACKSONVILLE, FL – July 13, 2010 - Liberty Property Trust (NYSE:LRY) today announced that it has received the prestigious 2009 Rouse Award. The award seeks to identify and recognize the top performing Liberty office in the past year”.

“This is an exceptional honor for our Jacksonville team to be recognized as leaders within the company,” said Mike Heise, (top right photo) vice president and city manager at Liberty. “Receiving the 2009 Rouse Award is an acknowledgement of each member of our Jacksonville team and their hard work and dedication.”

In 2009 the Jacksonville office leased nearly 500,000 square feet office and industrial space, while maintaining low operating costs, exceeding net operating income targets and completing more than 19 tenant improvement projects. In addition the company completed several building common area improvement projects.

The Rouse Award is named in honor of Liberty’s founder, the late Willard G. Rouse III (lower right photo) , who challenged the company’s employees to always reach above and beyond excellence. The competition is held annually among Liberty’s 20+ offices nationwide and in the United Kingdom.

General Inquiries: Mike Heise, Liberty Property Trust, 904/ 281-5454
Media Contact: Margo Hunt Winans, a.s.a.p.r., 757/404-8653

Foster Conant Selected for Second Project in City of Winter Garden, FL

ORLANDO, FL., July 13, 2010 — Foster Conant & Associates has been selected by Orlando-based architectural firm C.T. Hsu + Associates P. A. to provide site specific landscape architectural services for the new community pavilion and fountain park in the City of Winter Garden.

Located in the block south of West Plant Street, the two-acre new park includes an open pavilion with a public restroom facility, and a plaza filled with seating and a series of interactive jet fountains.

Under its scope of services, Foster Conant is providing design, construction documents and construction observation for landscaping, irrigation, aesthetic grading, architectural amenities, site lighting, fountain design, layout and engineering, site signage and hardscape amenities.

According to Rick Conant (top right photo), FASLA, principal of Foster Conant & Associates, the design goal is to create an animated public plaza within the city.

The project’s owner is the City of Winter Garden, Florida. TRI3 Civil Engineering Design Studio inc. of Longwood, Florida, is providing civil engineering.

PR Contact: Elaine Ingra, 407-384-1344, elainei@pr-works.com

Palmer Electric Co. completes contract for Marriott Vacation Club in Orlando

WINTER PARK, FL., July 13, 2010 — The multi-family division of Palmer Electric Company has completed its nearly $3 million contract with general contractor PCL Construction Services Inc. for wiring Marriot’s Lakeshore Reserve at Grand Lakes (top left photo) located on the hospitality giant’s Grand Lakes campus in Orlando, Florida.

Palmer Electric provided site and building electrical wiring and low-voltage systems for the luxury resort. The new Marriott Vacation Club includes two, five-story buildings and five, two-story townhome buildings that house 136 interval ownership units of two- and three-bedrooms, a clubhouse, an operations building, a swim pool, two water slides and a whirlpool spa.

Showcase Lighting & Home D├ęcor Center, Palmer Electric’s sister company, provided lighting fixtures for this project.

The project’s owner is Marriott Vacation Club International. SB Architects of Coral Gables, Florida, designed the resort. Electrical engineering was provided by Hufsey, Nicolaides, Garcia & Suarez Associates Inc. of Miami, Florida.

Contact: Elaine Ingra, 407 384-1344, elainei@pr-works.com

Stirling Sotheby’s International Realty Closes on Largest Home Sale in Brevard County, FL

ORLANDO, FL - Stirling Sotheby’s International Realty recently closed on the $2.5 million sale of a luxury home at 2740 N. Riverside Drive in Indialantic that ranks as the largest home sale in Brevard since 2008.

Roger Soderstrom, owner and founder of Stirling Sotheby’s International Realty, said luxury home specialist Jack Jeffcoat (top right photo) negotiated the sale to an all cash buyer for nearly 93 percent of the asking price after only six months on the market.

The home, with 8,054 air-conditioned square feet situated on 1.35 acres, offers six bedrooms, six full baths, two half baths a 1,300 square foot entertainment room and over 11,000 square feet of space under roof.

The property boasts 101 feet of frontage along the inter coastal waterway, Jeffcoat said.

(Paste in browser to view tour: http://www.jackjeffcoat.com/tour.php?id=560834 )

For more information contact:
Jack C. Jeffcoat, III, Coastal Lifestyle Group, Stirling Sotheby’s International Realty, 321-536-1461, jjeffcoat@stirlingsir.com;
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 Lvershelco@aol.com

DCT Industrial Leases 201,000 SFt in Florida to DHL Global Forwarding Americas

DENVER, CO /PRNewswire-FirstCall/ -- DCT Industrial Trust Inc.® (NYSE:DCT), a leading industrial real estate company,  has signed a lease totaling 201,000 square feet at its Miami International Commerce Center  (top left photo) with DHL Global Forwarding Americas, a global leader in the air and ocean freight markets as well as one of the largest freight forwarders in the European overland transportation business.

 DHL Global Forwarding will occupy 100% of the facility.

"This lease is significant for DCT Industrial because it not only brings our Miami portfolio to 90% occupied, but also further expands a solid and prosperous relationship with one of our top customers," said Todd Watson, Vice President and Regional Market Representative for the entire Florida market.

 "In our continued commitment to meet the needs of our customers, DCT Industrial is pleased to accommodate the relocation and consolidation of DHL Global Forwarding to a centralized facility that provides both distribution and office space."

The building, located at 1801 NW 82nd Avenue in the Airport West submarket, will serve as the headquarters for Global Forwarding and will house 220 employees.

The building interior is LEED certified for its design, construction and operation and is consistent with the customer's GoGreen program to reduce carbon emissions.

 Located close to the to Miami International Airport  (middle right photo) off of the Palmetto Expressway and the Dolphin Expressway, the facility offers direct access to Miami's major cargo hubs.

"This move will be extremely beneficial for our operations because all employees will be located in the same facility," said Hans Toggweiler, CEO DHL Global Forwarding Americas.

 "It will allow for greater knowledge sharing and collaboration among our employees, and create an environment with increased operations efficiency that will enable us to better serve our customers."

DCT Industrial owns and manages 2.8 million square feet in its total Florida portfolio.

For more information on DCT Industrial's portfolio in Florida, contact Todd Watson at twatson@dctindustrial.com.

Contact: : Julie Davis of DCT Industrial Trust Inc., +1-303-597-0474,
Web Site: http://www.dctindustrial.com/

HFF secures $5.8M refinancing for flex/industrial portfolio in Plano, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has secured a $5.8 million refinancing for Jupiter Tech Center and Summit Service Center, flex/industrial buildings totaling 131,882 square feet in Plano, Texas.

HFF associate director Brandon Chavoya (top right photo)  worked exclusively on behalf of Vintage Interests in arranging the five-year, fixed-rate loan through ViewPoint Bank. Loan proceeds are paying off a maturing loan.

Completed in 2001, Jupiter Tech Center  (lower left photo) has three buildings with 36,695 square feet of space that is 88% leased.

Summit Service Center is a 95,187-square-foot property that is 86% occupied.

The properties are located at 1000 Jupiter Road and 1825-1865 Summit Avenue close to the Central Expressway (US 75), and President George Bush Turnpike (Highway 190) near the Research/Technology District of Plano.

Since its inception in 2006, Vintage Interests has acquired 19 industrial facilities totaling close to two million square feet in Dallas/Fort Worth and Austin.


C. Brandon Chavoya, HFF Associate Director, (214) 265-0880, bchavoya@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com