Tuesday, June 28, 2011
The asset commanded a sales price of $625,000 or $26.71 per net rentable square foot.
“This transaction was a good example of the increased activity in the market place, as the seller was able to choose from multiple offers. It was a smooth transaction and the deal was closed in just over a month” said Wides.
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
LAKELAND, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Willowbrooke Apartments (top left photo), a 300-unit apartment complex in Lakeland. The property sold for $14,150,000, which represents $47,167 per unit and $50 per square foot.
Casey Babb (middle right photo), a senior associate in the firm’s Tampa office, represented the seller, Willowbrooke Apartments LLC, an affiliate of the Birmingham, Alabama-based Drummond Company Inc. The buyer, a Toronto, Canada-based investor, was represented internally.
“Prior to the sale, Willowbrooke Apartments was owned and meticulously operated by the original developer for more than 20 years,” says Babb.
“The property received $3,200,000-plus in renovations between 2004 and 2007 and yet upside potential remains through the strategic renovation of original unit interiors. As a result, the offering commanded significant interest and 16 written offers,” adds Babb.
The 283,000-square foot property is located at 1100 Oakbridge Pkwy. on the south side of Lakeland, just north of Polk Parkway along Harden Boulevard within Oakridge, one of the premier master-planned communities in Central Florida.
Willowbrooke Apartments was constructed in 1988 on a 23.38-acre site that features lush, mature Florida landscaping, private lakes and access to a two-mile walking, jogging and biking trail. Other community amenities include a large on-site leasing office and a clubhouse that opens onto a resort-style swimming pool, sundeck, fitness center and tennis and basketball courts.
The complex consists of 21 three-story, garden apartment buildings with breezeways and pitched shingle roofs. The unit mix features one-bedroom/one-bath, two-bedroom/two-bath and three-bedroom/two-bath floor plans averaging 943 square feet. Units feature semi-private entries, private patios/balconies, fully appointed kitchens and baths, full-size washer/dryer connections and fireplaces and vaulted ceilings in some units.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
Jones Lang LaSalle Continues Phoenix Expansion; Names Pat Williams as Head of Tenant Representation Team
PHOENIX, AZ– Highlighting its notable growth in Phoenix, Jones Lang LaSalle has expanded its local office space by 35 percent and named Pat Williams (top right photo) as head of the firm’s established tenant representation broker team.
The company’s new office occupies 11,934 square feet on the fourth floor of 3131 E. Camelback Rd., at 32nd Street and Camelback Road in Phoenix.
Jones Lang LaSalle’s Phoenix headquarters expansion consists of consolidating two offices and growing by more than 5,000 square feet of space. This move expands the firm’s local presence and consolidates its capital markets, tenant and landlord representation, project development and research services into one space.
Enhancing the move, Jones Lang LaSalle has named 11-year real estate industry veteran Pat Williams to Managing Director, responsible for leading the established Jones Lang LaSalle Phoenix tenant representation team.
Williams has exclusively represented tenants since 2000, when he joined the Staubach Company. In 2008, Staubach was purchased by Jones Lang LaSalle to provide comprehensive, global commercial real estate services.
“Over the last decade, I have watched this office grow in numbers, expertise and services, and ultimately become part of a global platform through Jones Lang LaSalle,” said Williams. “Our new space strengthens that platform, and furthers the benefits and uncompromised trust we provide to our clients.”
Williams holds a bachelor’s degree in business from the University of Arizona and is involved in the Phoenix Boys and Girls Club. He now directs the Phoenix office alongside Senior Managing Director Dennis Desmond, a 32-year industry veteran and top broker who leads Jones Lang LaSalle’s local operations. Desmond has managed the acquisition and disposition of more than 12 million square feet of commercial properties valued at $1.5 billion.
Contact: Stacey Hershauer, focusAZ, Marketing & Public Relations
(480) 600-0195, www.focusaz.com
STATE COLLEGE, PA, June 28, 2011—Officials of Shaner Hotels, a developer/owner/operator that currently owns and manages more than 30 hotels, today announced that seven of the company’s hotels received the Certificate of Excellence from TripAdvisor.
The awards follow shortly after eight Shaner-managed hotels received awards for operating excellence from Marriott International, Inc.
TripAdvisor’s Certificate of Excellence program, initiated in 2010, honors highly rated lodging businesses, based on travelers’ reviews. Award criteria include a guest satisfaction score of 4.0 or more out of a possible 5.0; high frequency and quality of reviews; and successful communication from the hotel to travelers. Award-winning hotels are indicated by a digital recognition badge displayed on their website.
The seven properties are:
· Fairfield Inn & Suites Augusta
· Durham Marriott City Center
· Crowne Plaza Hotel Paramus
· Courtyard Jacksonville Northeast/Kendall Town
· Hampton Inn & Suites Miami–South/Homestead
· Fairfield Inn & Suites St. Augustine I-95
· Courtyard Jacksonville Beach Oceanfront
“Over the past 18 months, we have worked hard to raise our online profile, accessibility and effectiveness,” said Lance Shaner (top right photo), chairman and CEO of Shaner Hotels.
“TripAdvisor gets millions of visits every day, and the information posted there by travelers has become a vital part of the booking process.
" These seven properties represent 22 percent of our portfolio, which is approximately double the average for competing management companies. Receiving these awards speaks not only to our focus and attention given to the TripAdvisor site, but also to the quality of service provided by our teams on property.”
For more information about the Shaner Group, please visit www.ShanerCorp.com
Contact: Dave Kopac (Shaner Hotels, (814) 234-4460,