Thursday, May 26, 2011
ST. LOUIS, MO, May 26, 2011 – Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today its commitment to acquire the brokerage and property management businesses of Carter, a national leader in project development, commercial real estate services and investments.
Based in Atlanta, Carter maintains full-service offices in Atlanta and Tampa and various offices throughout the U.S.
“Cassidy Turley is delighted to announce our commitment to acquire the brokerage and property management businesses from Carter,” said Mark Burkhart (top left photo), Cassidy Turley CEO.
“Carter’s thoughtful and client-driven approach is consistent with ours and will provide our clients across the country access to the best advice from an industry leading team in this region. The addition of Carter will allow us to offer our full spectrum of services in two significant markets—Atlanta and Central Florida.”
An industry leader for over 50 years, Carter was founded in 1958 in Atlanta as a brokerage and property management firm and evolved into a full service real estate company – offering corporate services, property management, investment sales and project management for clients across the nation.
Once the acquisition is completed, Carter’s Brokerage Services and Property and Facility Management groups will operate as Cassidy Turley.
Carter has completed transactions valued at $4.6 billion in Atlanta and Tampa alone in the past five years and manages 25 million square feet in 11 states on behalf of private, institutional and corporate clients as well as for its real estate funds.
Going forward, Carter will focus on continuing to grow its remaining and successful Development, Project Management, Investments, Asset Management and Strategic Consulting groups. Continuing to operate these business units as “Carter,” the company will be focused on delivering value as an investor, developer, project manager, consultant, and asset manager for its clients.
Carter’s Asset Management division manages more than $2.5 billion of third-party and Carter-owned assets, while its Program Development Services division currently oversees projects across the country and is consistently ranked as one of the top 5 commercial real estate development firms in the nation.
“We are excited about moving forward in the process to join Cassidy Turley. This move will allow us to grow and strengthen our service business by leveraging Cassidy Turley’s leading capital markets, leasing, property management and corporate services platforms,” said Bob Peterson (top right photo), Chairman and CEO of Carter.
“With Cassidy Turley’s national platform and service approach, we can better serve our clients with multi-market needs. In addition, Cassidy Turley’s scale and reputation for workplace satisfaction will enable us to offer our professionals additional growth opportunities and a culture that complements Carter’s.”
“This acquisition will allow reciprocal sharing of best practices between the two firms. We welcome Carter’s key leaders, including Bob Peterson, Chairman and CEO, Scott Taylor (middle right photo), President, Holly Hughes (middle left photo), Executive Vice President and Mike Shelly (lower right photo), Executive Vice President, to our team.
“We see joining forces as a win-win for Carter, Cassidy Turley, and most importantly, our clients,” added Mr. Burkhart.
Please visit www.cassidyturley.com for more information about Cassidy Turley.
For additional information on Carter, please visit http://www.carterusa.com
Media contact: Tony Wilbert, email@example.com
Cushman & Wakefield negotiates $28,175,000 sale of Collier Commons Shopping Center in Land O’Lakes, FL to Publix
The 187,132 square foot grocery and department store-anchored community shopping center was bought by Lakeland-based Publix Supermarkets in a $28 million deal which closed on May 25.
C&W Senior Directors Karl Johnston (middle right photo) and Patrick Berman (lower left photo) represented the seller, Collier Commons of Pasco LLC and Publix was self-represented.
"Collier Commons is one of the premier Class A Publix-anchored shopping centers in the Tampa area," said Johnston, Senior Director with the Jacksonville office of C&W. "With its strong tenant mix and location, the center received a large amount of investor interest, along with Publix,” said Johnston.
"There will always be good investor demand for solid, grocery-anchored community shopping centers, as they are viewed as recession proof because they cater to the everyday needs of consumers," said Johnston.
"Collier Commons has been a strong performing center and will continue to be for the foreseeable future given its strong anchor tenancy, sales volume, limited competition, and premier location.”
Originally developed in 2003 & 2005, Collier Commons was 100% leased at the time of sale. Anchored by a 60,667 square foot Publix, and a 66,355 square foot Belk, Collier Commons features a high-quality roster of shop tenants including Walgreens, Chili’s and Verizon.
Contact: Brook Hines, Tel: 407-541-4401
Stirling Sotheby’s International Realty Named Exclusive Sales and Marketing Agent for Unique Sweetwater Club Luxury Estate
ORLANDO, FL--Stirling Sotheby’s International Realty was recently named exclusive sales and marketing representatives for a unique luxury estate at
106 Squire Hill Rd. in the Sweetwater Club in Longwood.
Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said the prestigious 8,500 square foot estate home is one of the most desirable properties in
“Sweetwater Club was originally developed by Everette Huskey and still ranks as one of the most unique, beautiful and exclusive neighborhoods in
,” Soderstrom said. Florida
“Sweetwater Club will never be duplicated, as zoning and land use laws have since changed. This property offers a lifestyle that is one of the last of its kind anywhere,” Soderstrom said.
International Luxury Home Specialists Sally Andy (top right photo) and David Warren (middle left photo) of Stirling Sotheby’s Heathrow Gallery are representing the property which is listed at $1,299,000 with its 4.5 acre park-like homesite.
The recently renovated home, with eight bedrooms, seven full baths and two half-baths, features an island gourmet kitchen with all new custom cabinetry and granite counters.
Outside, the estate features a resort style outdoor living area with tropical pool, waterfalls, stone grotto, koi pond and oversized heated spa. The home also features a seven car garage.
Photo Gallery: http://www.tourfactory.com/idxr731285
For more information, contact
Sally Andy or David Warren, Stirling Sotheby’s International Realty 407-687-7295 or 407-928-3760; firstname.lastname@example.org or email@example.com;
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890; rsoderstrom@stirlingSIR.com;
Amazon, who occupied the building since it was built in 2001, vacated the building at the end of April of this year as part of a corporate consolidation.
The office building is within the Union Station office complex, a five-building, 1.1 million square foot development consisting of mid-rise office buildings over a central 1,100 stall parking garage and the restored Union Station railroad depot (middle left photo).
The Union Station project was developed from 1998 to 2002 and enjoys excellent access to I-90, the primary connector between Seattle and the Eastside markets of Bellevue and Redmond, as well as direct access to the Metro Transit bus tunnel connecting Pioneer Square with the Seattle CBD and residential neighborhoods to the north and the Sounder Transit light rail to the south and the airport.
The property is also immediately adjacent to both Qwest and Safeco fields, home to the Seattle Seahawks and Mariners respectively.
Morgan Deal, of Principal Real Estate Investors, also observed that the building quality, access to public and private transportation corridors, and surrounding environment will allow the property to compete with the upper echelon of class A buildings throughout the Seattle CBD.
“There is distinct market momentum for technology related firms to target locations not only in close proximity to downtown Seattle, but the Pioneer Square area in particular due to the architectural character of the area, entertainment and service amenities, and regional transportation access.”
The allure of the submarket is illustrated by the 300,000 square feet of leases executed by tenants within the last 120 days including Cobalt, Isilon and Zulily; as well as a large amount of companies currently in the market for office space. Jesse Ottele of CBRE will be the primary listing agent at the property.
Learn more about PCCP at www.pccpllc.com
Media Contact: Darcie Giacchetto, Spaulding Thompson & Associates, Inc. (949) 278-6224
Post also announced regular quarterly dividends for its 8.5 percent Series A Cumulative Redeemable Preferred Stock of $1.0625 per share for the second quarter of 2011. The dividend is payable on June 30, 2011 to all Series A preferred shareholders of record as of June 15, 2011.
Shareholders elected the Board’s nine nominees, voted to approve, on an advisory basis, executive compensation, voted for a one year frequency, on an advisory basis, on the future advisory vote on executive compensation, and ratified the appointment of Deloitte & Touche LLP as the Company’s independent registered public accountants for 2011.
On May 25, 2011, following the Annual Meeting of Shareholders, the Board of Directors determined that future advisory votes on executive compensation will be held on an annual basis.
Contact: Post Properties, Inc., Chris Papa, 404-846-5000
Posted by Alex at 11:10 AM
Uniondale, NY (May 26, 2011) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender, announced the recent funding of three loans totaling $31,400,000 under the Fannie Mae DUS® Loan and Fannie Mae DUS® Small Loan product lines from Texas to California:
Greenhaven Apartments, Union City, CA (top left photo) – The 250-unit complex received $26,300,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The 28-year-old San Francisco Bay-area property is and has historically been a greater-than-95-percent-occupied asset. Furthermore, there have not been any significant housing developments in the surrounding area recently.
Lions Gate Apartments, Fresno, CA (middle right photo) – The 48-unit complex received $2,000,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
Coronado North Apartments, Denton, TX (lower left photo) – The 144-unit complex received $3,100,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
All of the loans were originated by Jay Porterfield, Vice President, in Arbor’s full-service Plano, TX, lending office.
“The large Greenhaven Apartments acquisition deal involved an experienced and professional California-based borrower that is very familiar with the property and surrounding market.
“Arbor provided a competitive interest rate for the deal and underwrote and closed the loan in an expeditious manner,” Porterfield said.
“The sponsors involved in the Lions Gate and Coronado North Apartments transactions both opted for lower-leverage refinancings. Lions Gate is consistently highly occupied and Coronado North is managed and maintained exceedingly well.”
Contact: Christopher Ostrowski, firstname.lastname@example.org
Posted by Alex at 11:05 AM
Further, Colliers International contends that while the retail recovery will likely be uneven across sectors and regions, an increasing number of retail real estate owners, operators and investors are returning to a more fundamentals-based approach, again basing financial decisions and expansion plans on the strength of the retail operations' core underlying business.
National retail vacancy now stands at roughly 11 percent, essentially flat on a year-over- year basis. And despite some improving leasing activity over the past several months, total absorption has remained under 2 million square feet nationally, as several big box retailers have put more than 65 million square feet of space back on the market. But with several improving sectors and densely populated urban markets rebounding more quickly, the retail market is loaded with potential.
- Madison Avenue, Chicago's Michigan Avenue and San Francisco's Union Square leading the way.
IRVINE, CA, May 26, 2011 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its Q1 2011 U.S. Foreclosure Sales Report™, which shows that sales of bank-owned homes and those in some stage of foreclosure accounted for 28 percent of all U.S. residential sales in the first quarter of 2011, up slightly from 27 percent of all sales in the fourth quarter of 2010 and the highest percentage of sales since the first quarter of 2010, when 29 percent of all sales were foreclosure sales.
The average sales price of properties in some stage of foreclosure — default, scheduled for auction or bank-owned (REO) — was $168,321, down 1.89 percent from the fourth quarter of 2010 and down 1.46 percent from the first quarter of 2010.
The average sales price of foreclosure properties was nearly 27 percent below the average sales price of properties not in foreclosure, unchanged from the 27 percent foreclosure discount in the fourth quarter and up slightly from the 26 percent foreclosure discount in the first quarter of 2010.
Third parties purchased a total of 158,434 U.S. bank-owned homes and those in some stage of foreclosure during the first quarter, a decrease of 16 percent from a revised fourth quarter total and down 36 percent from a revised Q1 2010 total. Bank-owned properties that sold in the first quarter had been repossessed by the bank an average of 176 days prior to the sale, while properties that sold in the earlier stages of foreclosure in the first quarter were in foreclosure an average of 228 days before selling.
“While foreclosure sales continue to account for an unusually high percentage of all residential home sales, sales volume is well off the peak we saw in the first quarter of 2009, when nearly 350,000 foreclosure properties sold to third parties,” said James J. Saccacio (top right photo), chief executive officer of RealtyTrac.
“While this is probably helping to keep home prices relatively stable, it is also delaying the housing recovery. At the first quarter foreclosure sales pace, it would take exactly three years to clear the current inventory of 1.9 million properties already on the banks’ books, or in foreclosure.”
For a complete copy of the news release and report, please contact:
Michelle Sabolich, Atomic Public Relations, 415.593.1400, ext. 1233