Tuesday, July 20, 2010
ORLANDO - Worldwide Auction Realty Services will host a global auction on Saturday, Aug. 19 to sell a new Winter Garden equestrian estate that is under construction and designer-ready with 75 percent of work completed.
Lori Chipps (top right photo), lead auctioneer for Worldwide Auction Realty Services, said the four-acre estate is located within the Savannah Ridge equestrian community in Winter Garden near Windermere.
Erin Wanner (middle left photo), a luxury home specialist at Stirling Sotheby’s International Realty, is representing the equestrian estate.
The suggested opening bid for the property is $475,000.
For a video tour of the Savannah Ridge equestrian estate, go to http://www.youtube.com/watch?v=VFxSZQZzmfg
Bids will be accepted in person, via telephone, and on the Internet. For more information: www.SavannahRidgeAuction.com.
For more information, contact:
Jon or Lori Chipps, Worldwide Auction Realty Services, 800-327-1048, email@example.com;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142
ORLANDO, FL (July 20, 2010): Greg Morrison (top right photo) , CCIM, SIOR, Principal of Morrison Commercial Real Estate, announced the completion of three lease transaction totaling 30,094± square feet.
On June 30th, Lisa Bailey (top left photo) and Phil Marchese (lower right photo) of Morrison Commercial Real Estate represented the Landlord in leasing 16,126± square feet to AA Gulf Coast Countertops at 2007 Viscount Row for sixty-six (66) months.
Contact: Buffy Gillette, Phone: 407.219.3500, Email: firstname.lastname@example.org
FAIRFIELD, N.J. (July 19, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that 27-year real estate veteran David F. Zwang (top right photo) has joined the company as senior vice president, Office Group.
“David has a tremendous track record providing real estate services to major multi-market corporations,” said Eric Stone, executive vice president and managing director of Grubb & Ellis’ Northern and Central New Jersey offices. “His realm of experience greatly enhances our corporate services platform.”
Zwang joins Grubb & Ellis from Cushman & Wakefield, where spent 17 years as director, Corporate and Brokerage Services, responsible for representing clients including Met Life, USI Corporation, Ames Tru-Temper and York Telecom Corporation in leasing and sales needs.
Previously, he was corporate leasing director with the Lansco Corporation, where he created and was responsible for overseeing the firm’s corporate services department. Throughout his career, Zwang has been involved in commercial real estate transactions totaling in excess of $750 million.
Contact: Erin Mays, Phone: 312.698.6735, Email: email@example.com
Grubb & Ellis to Participate in U.S. Department of Energy International Energy Efficiency Pilot Program
The Partnership is designed to drive continuous improvements in building efficiency through an international network of government agencies, national-level certification programs and other public/private sector organizations.
Jack Van Berkel, (middle right photo) Grubb & Ellis’ chief operating officer and president, Real Estate Services, also with David Susoreny, president, Corporate Services, Greg Cichy, senior vice president, Operations, and Michael Groppi, senior vice president, Energy, Sustainability and Technology Solutions, attended the event.
“We’re honored to take part in this important program and look forward to the measurable effects it will have on lessening the impact of commercial properties on the environment. Additionally, we believe our participation in this program will bring our clients long-term energy cost reductions and higher asset values.”
Grubb & Ellis is represented in the Department of Energy’s Commercial Real Estate Energy Alliance by Groppi, who co-chairs the organization’s Existing Building subcommittee, and Robert Sprinker, vice president, who serves as chairman of the HVAC subcommittee. The organization strives to promote technology that will reduce the energy consumption and greenhouse gas emissions of the commercial real estate market.
Janice McDill, Phone: 312.696.6707, Email: firstname.lastname@example.org
Erin Mays, 312.698.6735, email@example.com
Metro Chicago Office Market Snapshot: Second Quarter 2010
The region posted a total of 72,000 square feet of positive absorption during the second quarter. This amount slightly offset the negative net absorption posted in the first quarter. Net absorption was 680,000 square feet for the first six months of 2010.
Average Class A asking rental rates for the region declined $0.41 from the first quarter to $29.49 per square foot.
Inventory of available sublease space saw a decline in the second quarter to 6.6 million square feet – down from 7.2 million square feet in the previous quarter and at just 53 percent of the peak level of sublease space available in 2002 after the previous recession.
The investment market has resurfaced, with 19 properties valued in excess of $1.3 billion trading during the first six months of 2010. This is 2.5 times the total volume in 2009.
CHICAGO CENTRAL BUSINESS DISTRICT
Class A average asking rental rates decreased by $0.13 to $36.79 per square foot, full service gross.
No new construction is underway in the CBD.
The vacancy rate crept to 25 percent, an increase of 10 basis points from the previous quarter, despite nearly 60,000 square feet of positive net absorption.
Just one building totaling 48,000 square feet is currently under construction in the I-88 East submarket.
Average Class A asking rental rates in the Chicago suburbs stood at $23.69 per square foot, a decrease of $0.34 from the previous quarter.
Analysis: The market has experienced a slight drop in unemployment and stabilizing vacancy rates; however, improvement in the office demand has yet to be seen.
The investment market has seen an increase in activity, though that activity is largely relegated to “trophies and train wrecks” – stable, well-located core assets with a full rent roll of credit tenants locked into long-term leases, or distressed assets priced well below replacement value.
To access the full Chicago Metro Office Trends report and other Grubb & Ellis research publications, visit www.grubb-ellis.com/research.
MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of the former Seville Beach Hotel (top left photo) in Miami Beach, Florida.
HFF executive managing director Manny de Zárraga (bottom left photo), senior managing directors Dan Carlo (top right photo) and Daniel Peek (top left photo) , and director Jaret Turkell represented the 2901 Beach Ventures, LLLP ownership group, on an exclusive basis.
“The sale of the Seville is among the most significant hotel sale transactions of 2010 in the southeast United States. This sale highlights the exceptional confidence held by institutional investors in the Miami Beach hospitality investment sector,” said Peek.
Located along Collins Avenue between 29th and 30th Streets in Miami Beach, the hotel and development sites encompassed nearly 4.5 acres on both the east and west sides of Collins Avenue (bottom right photo).
The property included 350 feet of frontage along the Atlantic Ocean and 100 feet of frontage along Indian Creek Drive.
The east lot is improved with the former Seville Beach Hotel, a 12-story structure that was gutted in anticipation of a redevelopment program. The site has the ability of being developed as a residential or hotel project or any combination thereof.
“This was a rare opportunity to acquire a historically significant, trophy asset with diverse redevelopment potential.”
“Real estate along South Beach rarely changes hands, with most of the properties considered to be generational assets,” added Carlo. “The sale of a property of the Seville’s prominence is unique.
" In addition, Miami Beach is woefully underrepresented within the major hotel brands. As a result, the Seville was highly attractive to a wide variety of investors, including a number of high-quality brands that could make their mark in Miami Beach and restore the Seville Beach Hotel to its rightful position as a leader in the South Beach lodging market.”
Manuel A. DeZarraga, HFF Executive Managing Director, (305) 448-1333, firstname.lastname@example.org
J. Daniel Carlo, HFF Senior Managing, (305) 448-1333, email@example.com
Daniel C. Peek, Director HFF Senior Managing Director, (305) 448-1333, firstname.lastname@example.org
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, email@example.com
HFF closes sale of 539-unit self storage facility in Houston
The HFF investment sales team was led by senior managing director Aaron Swerdlin (middle right photo) and managing director Doug McCarron (middle left photo) who exclusively represented the seller, Weiss Realty, LLC.
A subsidiary of WEDGE Real Estate Holdings purchased the facility for an undisclosed amount.
In addition to the Safe-Keeping transaction, the HFF Self Storage Group has completed several recent property transactions including a 67,923-square-foot facility in Clifton, New Jersey and a 42,313-square-foot facility in Brooklyn, New York.
The group also closed the financing of a three-property portfolio in Houston, in which associate director Colby Mueck and senior managing director Aaron Swerdlin represented the borrower.
WEDGE Real Estate Holdings owns, leases and manages a diversified portfolio of real estate including office buildings, hotels, self storage facilities and parking garages.
Aaron A. Swerdlin, HFF Senior Managing Director, (713) 852-3500, firstname.lastname@example.org
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, email@example.com
Chris Drew joins HFF Miami as an associate director
MIAMI, FL – HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has hired Chris Drew as an associate director in the debt and structured finance capital markets group in its Miami office.
Drew will focus on originating debt and structured finance transactions throughout the southeastern United States. He has more than six years of experience in commercial real estate and most recently worked at Cushman & Wakefield where he was an associate in the capital markets group and prior to that, an associate in the commercial brokerage group.
Manuel A. De Zarraga, HFF Executive Managing Director, (305) 448-1333, firstname.lastname@example.org
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
ORLANDO, FL.-- Principals Tom McFadden, SIOR and William “Bo” Bradford, CCIM, SIOR of Southern Commercial Real Estate Advisors completed a 13,800 square foot new lease at 7443 Emerald Dunes Drive, Orlando, Florida (Lee Vista Business Center, top left photo)).
McFadden and Bradford represented the Landlord, McDonald LeeVista D, LLC. The Tenant, Arbon Equipment Corporation, Inc. was represented by David Newton of Lee & Associates.
Media Contact: Celeste MacKenzie, Southern Commercial Real Estate Advisors, 321-281-8503 20 N. Orange Avenue, Suite 605,Orlando, FL 32801