Saturday, August 14, 2010

Marcus & Millichap Sells 20-Unit Apartment Building in Tampa

TAMPA, FL, August 13, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Casa del Sol, (top left photo)  a 20 unit, garden apartment property located in Tampa, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

 The asset commanded a sales price of $450,000 or $22,500/unit.

Casey Babb, (lower right photo)  CCIM, a Senior Investment Specialist, and Luis Baez, an Investment Specialist in Marcus & Millichap’s Tampa office, facilitated the transaction on behalf of both the Seller, a regional bank, and the Buyer, a local private investor.

Casa del Sol is a 1970’s vintage, garden apartment community located at 6001 South Dale Mabry Highway in a desirable South Tampa submarket.

The property consists of all 2 bedroom / 1 bath units which are housed in a single, 2-story block building.

At the time of sale, the property had been foreclosed, had significant deferred maintenance and had an extremely high economic vacancy rate.

 Babb commented, “The Casa del Sol transaction is an example of an emerging trend in which the Buyer had formerly owned the property so he was willing to act quickly.

" In this case, the investor had sold the property in 2005 near the height of the market and was able to repurchase the property at 37.5% of the previous sales price. Because of his familiarity with the real estate, he was able to conduct a very short due diligence and closed in 30 days.”

Press Contact:  Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Larry Dale, President/CEO of Orlando Sanford International Airport, Named FDOT Aviation Professional of the Year

Larry Dale, (center) CEO of Orlando Sanford International Airport, flanked by Stephanie Kopelousos, Secretary of Florida Department of Transportation, and Aaron Smith, FDOT Aviation Manager.

SANFORD, FL – Recently (Aug. 10) at the annual Florida Airports Council Conference, the Florida Secretary of Transportation Stephanie Kopelousos and Florida Department of Transportation (FDOT) State Aviation Manager Aaron Smith presented the annual aviation awards, naming Larry Dale, president and chief executive officer of the Orlando Sanford International Airport (OSIA), the 2010 Aviation Professional of the Year.

Every year the Florida Department of Transportation recognizes superior achievement by presenting an award in honor of the Aviation Professional of the Year.

The recipient of this prestigious award has made a significant contribution to Florida aviation or made a continuing commitment to and significant achievements in Florida aviation over a period of years.

The various aspects of aviation to be considered include, but are not limited to, technological research or advancement, airport management, airport construction or maintenance, airport design, air safety, aviation legislation and Florida aviation business.

Mr. Dale, who has served as President and CEO of Orlando Sanford International (top right photo)  for the past nine years, was cited for his diligent effort and success in bringing growth and development to the airport, largely due to his innovative and tenacious approach to problem–solving.

State Aviation Manager Aaron Smith further noted “In 2009, in the aftermath of the crash of US Airways Flight 1549 on the Hudson River due to a bird strike, Mr. Dale recognized the need for legislation to provide immunity from prosecution for airport managers in the lawful execution of their federally mandated response to wildlife hazards on airport property.

As he stated at the time, ‘Airport personnel should not be fearful of prosecution in doing what is necessary to keep people safe.’

In typical Larry Dale-fashion, he immediately enlisted the support of State of Florida Representative Scott Plakon (middle left photo) and Senator Carey Baker (middle right photo)  and worked with them to draft and promote a bill entitled the Airline Safety and Wildlife Protection Act.

 From the initial concept to the final approval of both the House and Senate, to the Governor’s signing on June 11, 2009, Mr. Dale was critically instrumental in the successful passage of this important legislation.

Subsequently, Mr. Dale worked closely with Florida Fish and Wildlife staff to draft the associated promulgated rule, and on June 23, 2010, the Florida Fish and Wildlife Conservation Commission (FFWCC) voted unanimously to adopt 68A-9.012, Take of Wildlife on Airport Property.

 Mr. Dale is now pursuing similar legislation at the federal level. A pilot for more than 40 years, he now holds his ATP certification, and remains steadfastly committed to excellence in aviation through continuous education and training, and the safe, secure and efficient operation of the airport environment.

He is a loyal friend, a tireless leader, and without question, a truly unique and exemplary aviation professional.

That dedication and can-do spirit was sorely put to the test in January and February of 2010 when Orlando Sanford International Airport became one of the primary receiver airports for evacuees from Haiti in the wake of a devastating earthquake.

 In a three-week period, OSIA received more than 9,500 evacuees on 126 military flights, many arriving during the night and on weekends.

As Incident Commander during Operation Haiti Relief, Larry Dale was able to bring together emergency personnel and resources from throughout the community to provide an efficient and effective around-the-clock response for these incoming passengers.

Throughout the three-week event which severely strained local resources, Mr. Dale was a reassuring and constant presence, from personally greeting incoming flights, providing assistance to elderly passengers and carrying children, to working through our legislators and the military forces in Haiti to locate and retrieve misplaced orphans, to coordinating with Airport Police, TSA, CBP and other local law enforcement personnel to address related security issues, while continuing to function as an international airport.

Again, a tireless leader, an exemplary airport professional.

Airport President Larry Dale on accepting the award thanked the FDOT and noted how blessed he was to have been a part of the Haiti relief effort.

 “There is just no way to explain the feeling when adoptive parents who have been united with their children come to you in gratitude and tell you that you will always be a part of their family. It’s just an incredible feeling.”

Contact: Sanford Airport Authority, Diane Crews, Phone: 407-585-4010, Email: