Tuesday, June 21, 2011

Community Foundation of Broward Moves to Provide “Town Square” for Community Conversations


FORT LAUDERDALE, FL (June 21, 2011) – The Community Foundation of Broward has found a new and larger home in downtown Fort Lauderdale to offer Broward residents a place to work together to improve their community.

 The 10,000-square-foot property located at 910 E. Las Olas Blvd will be the Foundation’s new home for the next decade. The move allows the Foundation to expand its role in addressing pressing issues in Broward and provides for larger training and education facilities that reduce the expense of renting external space.

 “We know we will continue to grow during the next ten years and wanted to find a great space and a great deal before conditions changed,” said Linda Carter, president and CEO of the Community Foundation.

 “From this new home the Foundation will act as the town square for community conversations.  It is in the heart of the business community and provides easy access and great facilities to all those we serve.”

Berger Commercial Realty Corp. broker Steve Hyatt closed the agreement for the Community Foundation of Broward for the office space managed and owned by The Las Olas Company, Inc.

  For more information about the Community Foundation of Broward, visit cfbroward.org or call 954-761-9503.

For more information, visit www.bergercommercial.com
Media Contacts: 

Thor Barraclough, Chief Communications Officer
Community Foundation of Broward
(954) 761-9503, ext. 105

For Berger Commercial Realty. Corp:
Marielle Sologuren
Pierson Grant Public Relations
(954) 776-1999, ext. 226

University Buyers Club adds Executive Vice President to expanding online student based business


 Charlotte, NC – June 21, 2011 - Jamie Swick has joined UClub as Executive Vice President. 

UClub is an innovative online based opportunity that allows owners and operators of Student Housing properties to directly leverage their student tenant base.  UClub increases properties NOI with minimal effort in a one-time push from onsite staff during lease-up. 

 Swick brings expertise in student housing from over ten years of participation in the industry. Five years of onsite management experience was spent initially as a leasing agent while working on her BA in Advertising from the University of Florida in Gainesville.

 Later Swick was promoted to Vice President of Acquisitions within The Collier Companies of Gainesville where she closed over $500 million in disposition, acquisitions and refinances as well as participated in the asset management of several properties.

 Following the freeze of the financial markets, she accepted the position of National Director of Sales for Blue Furniture Solutions, LLC, a furniture provider specializing in student housing.

 In less than 18 months the furniture industry was transformed.  Swick brought a fanatic approach to customer service and revolutionized the niche by forming partnerships and working with customers to structure financial models that helped increase operators’ ROI.  

UClub offers Swick the opportunity to continue creatively servicing the student housing industry in ways that dramatically benefit the bottom line of owners and operators.

Steve Helfrich, Chief Operations Officer, University Buyers Club                                                                                                                                                                                                                                                                                  Jamie Jamie Swick, Executive Vice President, University Buyers Club                                                                                                                                                                    
M: (704) 886-4389 |  steve@shopuclub.com  |  www.shopuclub.com
M: (980) 226-6787 |  jamie@shopuclub.com  |  www.shopuclub.com
200 Unionville-Indian Trail  |  Indian Trail, NC 28079 |  U.S.A.                                                                                                    

HFF closes $14.775 million sale of Century Town Center in Vero Beach, FL


MIAMI, FL – HFF announced today that it has closed the sale of Century Town Center, a 106,976-square-foot community shopping center in Vero Beach, Florida.

HFF represented the seller, CRF Panther IX, LLC, an entity controlled by Lakeland, Florida-based Odyssey Diversified Properties, Inc (“Odyssey”).  Cole Real Estate Investments purchased Century Town Center for $14.775 million. 

Century Town Center is situated on 18.4 acres at 5915-5975 State Road 60 close to Interstate 95 and Federal Highway in Vero Beach.  Completed in 2008, the property is 93.3 percent occupied.  Major tenants include HomeGoods, Marshalls, Petco, JoAnn’s Fabrics and Olive Garden.

The HFF team representing the seller included managing directors Danny Finkle (top right photo) and Brad Peterson (middle left photo) and director Luis Castillo (lower right photo). Thomas Falatko, vice president of acquisitions, represented Cole.

“Century Town Center is one of the premier community shopping centers in the Vero Beach trade area with a prime location on SR 60 and a strong combination of national retailers.  The continued growth of the Vero Beach market and the long-term commitment of the property’s tenancy ensure the long-term success of Century Town Center,” said Finkle.

Odyssey develops, leases and manages a variety of retail projects from small strips to large, neighborhood centers with national tenants such as Publix, Marshalls, Save-A-Lot, Starbucks and Bealls among many more.  Odyssey was organized in 2004 for the purpose of developing and leasing retail projects in Florida, Georgia, Alabama and the Carolinas.

Founded in 1979, Cole Real Estate Investments is one of the most active investors in core commercial real estate assets, managing one of the country’s largest portfolios of retail properties. Today, Cole owns or manages 47 million square feet of commercial real estate in 46 states with a combined acquisition cost of approximately $8 billion.

Daniel Finkle, HFF Managing Director, (305) 448-1333,
Luis Castillo, HFF Director, (305) 448-1333, lcastillo@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500                                        

Cuhaci & Peterson Architects completes design contract on Southlake Family Health Center in Groveland in Lake County, FL

ORLANDO, FL --- Cuhaci & Peterson Architects, LLC, based in Orlando’s Baldwin Park, completed design work on South Lake Family Health Center on E. Broad St. in Groveland in Lake County.

Lonnie Peterson, chairman at Cuhaci & Peterson, said the Southlake Family Health Center offers 13,800 square feet of professional office space.

The contractor was Rieker Duley of Orlando.

Construction is completed on the facility, Peterson said.

For more information, contact:  
Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142,  lvershelco@aol.com

Marcus & Millichap Capital Corp. Arranges $6 Million Mixed-Use CMBS Loan in Los Angeles

 LOS ANGELES, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $6,050,000 refinancing loan with a CMBS lender for a shopping center in Los Angeles. The center includes 85 multifamily units that were not included in the loan.

Rick Padilla (top right photo), a senior director in the firm’s Long Beach office, arranged the financing.

“The property is a low-income development with backing from HUD, City Council District 9 and nonprofit organizations,” says Padilla. “It was developed to provide a portion of South Central Los Angeles with affordable housing, a grocery store and other retail. The 85 multifamily units located above the shopping center were not included in our collateral and can be sold separately in the future,” adds Padilla.

“The property presented some challenges,” continues Padilla. “The largest tenant is not currently regarded as investment grade and some of the stores were not open for business at the time of the closing. Most CMBS lenders require an investment-grade grocery store anchor and are looking for more straightforward transactions,” adds Padilla.

“MMCC sourced a CMBS lender and arranged 10-year fixed debt with a 30-year amortization that other lending sources could not offer,” Padilla says. “The loan covered the borrower’s preexisting past-due construction loan.”

Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation
(925) 953-1716

Marcus & Millichap Names Michael Hoffman National Director of National Self-Storage Group

DENVER, CO June 20, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Michael Hoffman (top right photo) national director of the firm’s National Self-Storage Group (NSSG), according to John J. Kerin (lower left photo), president and chief executive officer. Hoffman is also first vice president and regional manager of the firm’s Denver office.

 “Michael’s extensive knowledge of the national self-storage market will make him a valuable asset to our clients and self-storage investment specialists,” comments Kerin.

“Under his leadership, the NSSG will continue to provide unparalleled service to its clients. With specialists throughout the country, NSSG is the leader in self-storage transactions. Last year we closed more than 101 self-storage transactions valued at $415 million.”

 “By focusing on and thoroughly understanding the unique characteristics and requirements of self-storage, our investment specialists are better able to maximize value for our clients,” says Hoffman.

Hoffman began his career with the firm’s Newport Beach office in 1992 as an associate focusing on the multifamily market. As an agent, he received numerous distinctions for sales achievements. In 2001, Hoffman was named sales manager in the Ontario office, where he managed and trained the office’s sales force.

 He was promoted to vice president in April 2004 and first vice president in April 2008. He has been regional manager of the Denver office since December 2009. Hoffman has also served as regional manager of the Austin, San Antonio and Houston offices.

Hoffman received his bachelor’s degree in real estate finance from the University of Arkansas.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

C&W negotiates new lease for investment bank locating in downtown Orlando

 Orlando, FL – June 21, 2011– Cushman & Wakefield of Florida, Inc. (C&W) Senior Director Richard Solik (top right photo), and Office Brokerage Associate Joe Abascal announced First Southwest Company has signed a new lease in CNL Center located downtown at 450 South Orange Avenue. 

 Mr. Solik and Mr. Abascal negotiated the 3,366 sf, 5-year deal on behalf of the tenant. CNL Real Estate Services Corporation represented the landlord.

 First Southwest Company is an investment bank providing financial advisory, underwriting, asset management and consulting services to public sector entities throughout the United States. 

Contact: Brook Hines, Tel: 407-541-4401, brookhines@cushwake.com

Cambridge Realty Capital Reports Monthly Loan Origination Requests in May were Highest Since 2003

CHICAGO, IL--The economy may be slowing, but someone apparently forgot to tell senior housing/healthcare borrowers.

Cambridge Realty Capital Company reports reviewing 35 separate loan origination requests in May, the highest monthly total processed by the company since 2003.

“Incredibly, the dollar volume of loans processed was almost three times higher than the same month in 2010,” Cambridge Chairman Jeffrey A. Davis (top right photo) said.

In May, the dollar value of origination requests totaled $613.9 million, compared with $210.9 million in May 2010, when the company processed 25 requests.

Davis points out that lenders close a relatively small percentage of the origination requests received. But Cambridge routinely tracks this information as an indication of market directions.

“So far in 2011, we’ve processed fewer requests than last year, but this may be about to change,” he noted.

Davis said credit market restrictions have been impacting the types of loans the company can reasonably consider at this time, causing it to be more selective in the types of loans that are processed. As a result, processed loan requests through the first five months of the year are down, from 115 in 2010 to 109 this year.

The year-over-year comparison shows dollar volume is still down through the first five months of the year, from $1.7 billion in 2010 to $1.5 billion this year.

“However, demand for popular FHA-insured HUD Lean loans remains at a high level and is unlikely to trail off anytime soon. HUD is making an earnest effort to work on its high backlog of orders, and this effort has not gone unnoticed,” he added.

Evan Washington
Phone: (312) 521-7604
Fax: (312) 357-1611

Commercial Real Estate Market is Rebounding in Certain Segments, Experts Find

  ATLANTA. GA (June 20, 2011) – Some areas of the commercial real estate market are showing healthy signs of growth, while others are still struggling — pointing to a very disparate recovery. 

 The “Commercial Real Estate Show” this week talked with some key commercial real estate players about the state of the market at the annual conference of NAREE, the National Association of Real Estate Editors, in San Antonio, Texas.

 John Leary (top right photo), board chair of The Counselors of Real Estate, described the current situation as “a two-tiered marketplace.”

“Strong, well-located assets are trading at prices close to where they were before, whereas assets 20 miles from those locations are not trading or are being held off the market because nobody wants to take that level of loss,” said Leary, president of New Haven, Conn.-based Leary Consulting & Valuation.

 Downtowns, in-town neighborhoods and inner-ring suburbs close to the city are capturing interest, while many suburban markets are still a tough sell, said experts. Demographic trends led by the Baby Boomers and Generation Y will continue to fuel demand for walkable, more urban environments.

 The multi-family sector is especially hot and money continues to be raised to build new multi-family developments, said experts on the show.

 REITs are another bright spot — showing a strong performance on Wall Street and an enviable ease of raising capital. From the REIT perspective, there is a lot of opportunity in the market, said Jay Rickey (lower left photo), publisher and editor of CityBizList.com.

 “There is capital flowing into the markets, so there seems to be a lot of optimism from the standpoint of acquisitions and the ability to really capitalize on some of the distress that is out there,” Rickey said.

 Leary expects to see this trend of a very disparate recovery continue as different places and segments of the real estate market will rebound at various times in the cycle.

For more Information, contact
Tony Wilbert, Wilbert News Strategies, 404.965.5022, twilbert@wilbertnewsstrategies.com