Thursday, July 28, 2011

Stirling Sotheby’s International Realty Selected as Marketing Agents for 10,176- SF Estate with Ultimate Man Cave: A 2,500 Square Foot Air Conditioned Car Collector’s Garage

ORLANDO, FL. --- Stirling Sotheby’s International Realty has been selected as sales and marketing agents for a unique estate near Heathrow that features its own car collector’s garage.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said International Luxury Home Specialist Teresa Parker (top right photo) is representing the property, which offers a total over-all building area of more than 10,000 square feet.

The home offers four bedrooms, three baths and three half baths on a 1.2 acre home site with luxury finishes throughout, including Travertine flooring, three ornate fireplaces, eight foot solid doors, a chef’s kitchen with natural gas appliances and custom cabinetry, and a 1,080 square foot screen-enclosed outdoor living area with slate tile flooring, fire pit, two flat screen TVs, bar, and a complete kitchen.

But the focus of the luxury estate is its man-cave, a 2,400 square foot air conditioned garage with bar and movie theater. “The garage was built to house the seller’s car collection,” Soderstrom said.

The property is listed for $899,900. 

To view a video visit  and for more information about the property’

Media contact information:
Teresa Parker, Stirling Sotheby’s International Realty, 407 497 5588

Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890;

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142   

Emerson International Starts Development of 200,000-SF Commercial Center at Eagle Creek Golf Club Community in Southeast Orlando

ORLANDO, FL  - Emerson International, the Altamonte Springs based developer of Eagle Creek Golf Club, has started development of the Eagle Creek Commercial Center (top left aerial photo), a 200,000 square foot commercial and retail facility.

Construction is slated to begin at the Eagle Creek commercial center early next year, Eric Emerson, vice president and general manager of Emerson International, reported.

Eagle Creek is located on Narcoossee Rd. just south of the 417 in southeast Orlando.

For more information, contact:
Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560;;    
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142   

Winston James Business Park on Beville Road Completes New Lease Agreement

SOUTH DAYTONA, FL --- Winston James Development, LLC reports it closed on a new long-term lease agreement at the Beville Road Business Park on Beville Road at SR 5A in South Daytona.

Winston Schwartz (top right photo), president of Winston James Development, the developer and landlord of the property, said Cravings to Go, a local corporate catering company, is the new tenant.

Craving to Go leased 1,050 square feet of industrial space, Schwartz said.

For more information,  contact:
Winston Schwartz, President, Winston-James Development, Inc.  933 Beville Rd., South Daytona, Fla. 32119; 386-760-2555;
Larry Vershel, Larry Vershel Communications 407-644-4142

Loja Real Estate Acquires The Shops at Pacific Station in California

 WALNUT CREEK, CA – Tom Engberg, CEO of Loja Real Estate, LLC,  announced the acquisition of The Shops at Pacific Station (top left photo) for one of the Firm’s separate accounts.  Loja Real Estate, LLC, is a wholly-owned subsidiary of Loja Group LLC, a real estate investment management firm.

 Loja Real Estate purchased The Shops at Pacific Station from Pacific Station Property, LLC for $19.5 million. The transaction closed on July 25, 2011.  This is Loja Real Estate’s fourth acquisition.

 The Shops at Pacific Station, a 38, 828 square foot grocery-anchored neighborhood shopping center, is the retail portion of a 98,403 square foot vertical mixed-use center containing second and third-story office space totaling 9,733 square feet, and 47 residential condominium units.

The Shops at Pacific Station is located in Encinitas, a coastal community in San Diego County, CA.  In addition to a 25,000 square foot Whole Foods, which just opened in June.

The Shops at Pacific Station has a strong tenant mix, including an Urban Solace (upscale restaurant), Bliss 101 (craft/furniture gallery), Icons (high-end clothing boutique), and a Bombshell Boutique Salon (to open in August).  The Shops at Pacific Station is currently 96% leased. 

The development is LEED Silver Certified to achieve maximum energy efficiency with the least possible impact on the environment. 

Loja Group was represented by Richard Lebert, Senior Vice President, Colliers International.

 Pacific Station Property, LLC was represented by Ryan Gallagher (lower left photo), Senior Managing Director, Holliday Fenoglio Fowler, LP.  Loja Group has retained Capital Growth Properties, Inc. of La Jolla, CA, to manage the property.

 Additional information about Loja may be found at

Robin Schoen, Robin Schoen Public Relations, 215.504.2122o, 215.595.7542 m

$17.6 Million Credit-Rated, Single-Tenant Asset Hits the Market in Detroit

DETROIT, MI July 28, 2011 –Marc Strauss (middle right photo)  and David Wells of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, have secured the exclusive listing for a 139,056-square foot single-tenant net-leased Home Depot in Detroit (top left photo).

The listing price is $17.6 million, which equates to a 7.5 percent cap rate.

Marc Strauss, a first vice president investments in Marcus & Millichap’s Fort Lauderdale office, and David Wells, a senior associate in the firm’s Miami office are exclusively representing the seller, a private entity.

Strauss and Wells have worked together to successfully execute several retail transactions in the $10 million and above price range in the past few years, which has generated outstanding results for a wide range of investors nationwide.

“Single-tenant net-leased assets in core primary and secondary locations remain the strongest retail property type,” says Strauss. “And since this is the only Home Depot in Detroit, it should garner significant demand from both local and out-of-state buyers,” explains Strauss.

“This property is expected to deliver strong returns over the long term and is secured by the investment-grade, BBB+ rating of Home Depot U.S.A Inc. Further strengthening the property’s position in the marketplace, there are 12 years remaining on Home Depot’s triple net lease, which has 10 five-year options,” he adds.

“Opportunistic investments like this will receive greater interest in the coming months,” adds Strauss.

“Home Depot has occupied this property since 2004 with strong store sales,” says Wells. “As the economy continues to improve, sales are expected to remain healthy and investors are looking for credit backed assets with significant lease term.  An asset of this size with Home Depots investment grade credit rating doesn’t come to market very often.”

Located at 18700 Meyers Rd., the 12.22-acre site was formerly occupied by Kmart until Home Depot assumed its existing lease in 2004. The facility was originally constructed in 1997.

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

U.S. Attorney’s Office in Alabama Sells for $11.5 Million

MONTGOMERY, Ala., July 27, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the 57,815-square foot U.S. Attorney’s office in Montgomery (top left photo).

 The sales price of $11,550,000 represents $200 per square foot. 

 John Wise, a vice president investments in the firm’s Atlanta office, and Henry Schuldinger, an office and industrial properties specialist in Washington, D.C., represented the seller, a national bank.

Tim Feagans, a senior associate and Geoffrey Ficke, an office and industrial properties specialist, both in Marcus & Millichap’s Dallas office, represented the buyer, an institutional investor focused on government-leased properties.  Eddie Greenhalgh, an associate in the firm’s Birmingham, Ala., office, also provided representation.

 “Increasing market demand for federal leased properties, combined with agent specialization in government-leased assets, resulted in multiple offers and a competitive bidding environment to select the buyer,” says Wise. “The property is 100 percent leased to the federal government through the General Services Administration for use by the Department of Justice, U.S. Attorney, Middle District of Alabama.”

The building was constructed as a build-to-suit for the U.S. Attorney with a 10-year lease term that commenced in May 2007.

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

Holly Duran Real Estate Partners Negotiates Tampa Lease for StreetLinks; More than Doubles Firm's Space, Facilitating Addition of 250 New Employees

CHICAGO, IL and TAMPA, FL /PRNewswire/ -- Holly Duran Real Estate Partners LLC (HDREP) announced that the firm has negotiated a significant new lease in Tampa that enables StreetLinks Lender Solutions to expand its operations, more than double its space and add 250 new jobs in Florida. 

The Indianapolis-based real estate appraisal management services provider signed a long-term lease for the entire 36,000 square-foot one-story building at Crosspoint, 9314 E. Broadway.

The new space augments the firm's 33,000 square-foot flagship office in Indianapolis in a lease negotiated by HDREP in 2009.

StreetLinks LLC, recently named a 2011 Top Workplace in a special edition of the Indianapolis Star, intends to add 250 new employees at the Tampa location over the next two years as the company recently announced in Florida.

The firm, which provides warranted residential valuation services and technologies to mortgage lenders nationwide, will invest nearly $2 million to open its Tampa site in early September.

"StreetLinks continues to experience steady growth. The Tampa location will help us fulfill the resource demands that growth creates. It will also serve as an important secondary disaster recovery facility to help ensure business continuity for our clients," said StreetLinks LLC CEO Steve Haslam.

Holly Duran (top right photo)and Jeff Mulder of HDREP represented StreetLinks LLC, along with co-broker Jimmy Johnson, a Tampa-based principal with CNL Commercial Real Estate, which was brought in by HDREP. 

CONTACT: Ellen G. Resnick, Crystal Clear Communications, +1-773-929-9292, +1-312-399-9295 (cell),

Crossman & Co. One of The Region’s Most Award Winning Commercial Real Estate Companies

ORLANDO, Fla. --- Crossman & Company, the Orlando-based commercial real estate company that ranks as one of the largest retail property management, leasing and development companies in the Southeastern U.S., also ranks as one of the region’s top award winners in 2011.

John Crossman, president of Crossman & Company, said the firm and its associates have earned more than 20 noteworthy accolades from NAIOP, the Central Florida Commercial Association of Realtors (CFCAR), and Costar, which ranks commercial realtors nationwide.

Crossman & Company’s 2011 accolades include NAIOP awards for rookie of the year to Associate Whitaker Leonhardt, retail broker of the year to Vice President Justin Greider, and student of the year to Research Analyst Molly Delahunty.

Two Crossman & Company client projects also won NAIOP awards: The Aloma Shopping Center was named retail development of the year in Central Florida and Orlando Fashion Square Mall was named re-use property of the year. 

The Orlando Fashion Square lease to National Entrepreneur Center, which Whitaker Leonhardt of Crossman & Company negotiated, was named “Best Headquarters Campus Relocation of the Year” by Orlando Business Journal.

At the CFCAR Hallmark Awards event earlier this year, Crossman was a top recipient. The company’s Hallmark awards included rookie of the year, Whitaker Leonhardt; circle of achievement, Sr. Associate Daniel Germano; retail top producers, Associates Katherine Rush (middle right photo) and Whitaker Leonhardt, and Vice Presidents Courtney Kowalchuk (middle left photo) and Justin Greider.

Rush won an additional Hallmark award as the region’s top office producer, and Greider was named one of the area’s top overall producers.

Kowalchuk was selected as one of the top 40 under 40 Executives to Watch in Central Florida and one of Central Florida’s Women Who Mean Business by the Orlando Business Journal.

Associate Ashley Thornburg (lower left photo) and Kowalchuk were both nominated for the Real Estate Forum’s 2011 Women of Influence in Commercial Real Estate.

Costar Group named five Crossman & Company Associates top brokers in the region: Greider, Rush, Leonhardt, Germano and Associate Ashley Thornburg in South Florida.

Costar also named Crossman & Company one of the region’s top commercial property brokerage firms and a top power broker.

Crossman & Company Executive Vice President Richard Crotty received the Legacy Award from Lifework Leadership and the James B. Greene Economic Development Award from the Metro Orlando Economic Development Commission. 

A leading U.S. trade publication, Retail Traffic, named Crossman & Company one of the top real estate management companies in the U.S. based on gross leasable area and Florida Trend magazine ranked Crossman & Company number 18 among the State of Florida’s “Best Places to Work.”

“We are a very achievement-oriented firm,” Crossman said. “We set goals and we work hard to see them through. We are very proud of the recognition we have received from our peers and from the industry,” he said.

Headquartered in Orlando, Crossman & Company is a commercial real estate brokerage firm that specializes in the retail industry.  Currently their portfolio under leasing and/or management exceeds 150 shopping centers throughout the Southeast.  Founded in 1990, Crossman & Company focuses solely on landlord representation and serves clients including Publix, PREIT, and GE.

 Please visit, or call 407-423-5400 for more information

For more information, contact:
John Crossman, CCIM, President, Crossman & Company, 407-581-6218,;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142,

Developer Withdraws Oceanfront Condos From Retail Market

MIAMI, FL--Less than 50 days after launching a new sales campaign, the unsold condos in an oceanfront South Beach project with 259 units on Collins Avenue have been "withdrawn" from the retail market, according to a new report from

It is unclear why the units were officially removed from the retail market. A review of Miami-Dade County records shows a series of actions by the owner of record - Sandy Lane Residential LLC in care of the New York City-based Chetrit Group LLC - in 2011, including filing notices to conduct interior renovations of at least two units and obtaining city of Miami Beach approval to construct an eight-foot gate and implement landscaping upgrades, according to government records. 

On June 27, 2011, a dozen units that had previously been available for purchase at an average asking price of $706 per square foot at the Paradiso condominium conversion were taken off the retail market after less than seven weeks, according to an analysis by the licensed Florida real estate broker CVR Realty™.

The properties – being marketed under the name “The Residences above the Gansevoort South Beach” or "24th & Collins" - were originally listed for sale on the retail market on May 12, 2011 with units ranging in asking price from $578 per square foot to $804 per square foot, according to Florida Realtors association data.

The change in retail strategy comes despite the project having 255 unsold units as of June 30, 2011, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To South Beach™.
Peter Zalewski (lower right photo) of Condo Vultures® can be reached at 800-750-0517 or by email at

$2.05 million buys 132 units in Tampa, FL

 TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Marbella Apartments (top left photo), a 132-unit, 116,880-square foot multifamily property in Tampa, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

 The sales price of $2,050,000 equates to $15,530 per unit and $17.54 per square foot.

Michael P. Regan (middle right photo), an associate vice president investments, Francesco P. Carriera (lower  left photo), senior associate and Nicholas Meoli,  associate, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a Florida-based partnership and the buyer, a private investor. 

Marbella Apartments is located at 12406 North 15th Street.  Built in 1977, the property consists of 96 one-bedroom/one bath units and 36 two-bedroom/two-bath units.  The units are very spacious, and property amenities include a laundry facility, high speed internet access, frost-free refrigerators, ceiling fans and dishwashers.

“This property represents a trend we have seen over the past three to four months with out-of-state investors entering back into the Florida multifamily market,” says Meoli.

“We were able to command 12 offers in less than 60 days, including several from foreign investors.  Ultimately, we negotiated a contract with 10 days due diligence and closed within 30 days,” adds Meoli.         

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

Morrison Commercial Real Estate completes lease transaction totaling 17,186 SF

 ORLANDO, FL (July 28, 2011):  Greg Morrison, CCIM, SIOR, Principal of Morrison Commercial Real Estate, announced the completion of a lease transaction totaling 17,186± square feet. 

Damien Madsen (top right photo) of Morrison Commercial Real Estate represented JHFP, Inc. in leasing 17,186± square feet at the Citrus Center in Downtown Orlando.  Greg Morrison represented the Landlord in this transaction.

Contact: Buffy Gillette, Phone: 407.219.3500, Email:

MBA Statement on Debt Ceiling Negotiations


WASHINGTON, D.C. (July 28, 2011) - David H. Stevens (top right photo), President and CEO of the Mortgage Bankers Association (MBA) issued the following statement today.

 "The Mortgage Bankers Association is very concerned about the implications to the financial system of the United States if the U.S. defaults on its debt.

 The likely impact to the financial markets, interest rates, and to every family in America will be costly if the ceiling is not raised.

We implore policymakers to act swiftly and find a workable solution, given the short time left, to take this step and not put the credit rating of the United States in jeopardy."

 CONTACT:  John Mechem, (202) 557-2924,             

Grubb & Ellis Renews Facilities Management Relationship with Kraft Foods


SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that Kraft Foods has agreed to extend its contract for facilities and project management services through 2016.

 The extension, which represents an early renewal of Grubb & Ellis’ existing relationship with Kraft Foods, covers 41 locations throughout the U.S. and Canada totaling more than 4 million square feet of property. 

 Grubb & Ellis has served as facilities services provider for the Kraft Foods headquarters in Northfield, Ill., and all of the food company’s office and R&D sites across North America since 2008. 

 “Grubb & Ellis has been a very strong partner in our pursuit of improved efficiency and reduced costs,” said Bruce Windedahl, senior director, Facilities & Real Estate for Kraft Foods.  “Their team understands our needs and has implemented processes and technology that have significantly improved our workflow and operations.”

 Jim Walter, vice president of Grubb & Ellis’ National Accounts Team, heads the Kraft Foods account.

 “We have been honored to serve Kraft Foods over the past three years and are thrilled they have determined we are best positioned to provide for their future real estate needs,” said Thomas P.  D’Arcy (top right photo), president and chief executive officer of Grubb & Ellis.  “Jim and the entire Grubb & Ellis team remain committed to high-quality service and ongoing improvement for the expansive real estate portfolio of the largest food company in North America.”

Contact:          Janice McDill                                  
Phone:            312.698.6707                                     

Interstate Hotels & Resorts Continues to Grow its Portfolio in India on Strong Third-Party Management Platform

 ARLINGTON, VA., July 28, 2011—Interstate Hotels & Resorts, the United States’ largest independent hotel management company, today announced that JHM Interstate Hotels India, a 50/50 joint venture management company between Interstate and  JHM Hotels, has signed contracts to operate two more hotels in India that are expected to open this year:

They are the Rajasthali Resort and Spa (top left photo) in Jaipur, developed by Mr. Girish Chand Agarwal, chairman and managing director of Puja Construction Limited, a Jaipur-based real estate development company; and the Ramada Amritsar, owned by Gurgaon-based Starex Developers Private Limited and led by Chairman Mohinder Singh.

“This brings to five the number of hotel management contracts executed since we launched our third-party management platform in India,” said Thomas F. Hewitt (middle right photo), Interstate’s chairman and chief executive officer.

  “Our business model, focused on local contacts and in-country experience, has translated well to India and enabled us to establish a strong operating platform there.  JHM Interstate India opened and currently operates three hotels in the country, and we have developed a robust pipeline of third-party management opportunities to continue our vigorous growth in 2011 and beyond.”

Located at the entrance to Jaipur on National Highway 8, the 63-room Rajasthali Resort & Spa is scheduled to open in late summer 2011 as an independent, upscale luxury resort located in Kukas Village, India, just outside of Rajasthan’s capital city of Jaipur.

 Situated in the cradle of the Aravali Mountains, the resort’s facilities and amenities will include a combination of 31 luxuriously appointed guestrooms and 32 luxury tents with whirlpool tubs, in addition to two restaurants, high-speed Internet access, fitness facility, swimming pool, spa, and indoor and outdoor banqueting space featuring two large picturesque garden lawns.

The 145-room Ramada Amritsar is the first hotel project for Starex Developers Private Limited.  Scheduled to open in October, the five-story hotel, located in the heart of the old city and inside the historic Hall Gate, will be the closest branded hotel to the famous Golden Temple. This central location is approximately a 30 minute drive from the airport and 15 minutes from the railway station. 

 Hotel amenities will include a full-service restaurant, serving both continental and regional specialties, complimentary high-speed Internet access, fitness center, rooftop pool and spa, ancillary retail and approximately 3,000 square feet of function space.

 For more information, contact Lloyd Lauland, Executive Director, JHM Interstate Hotels India, at 91 124 3091700, or visit the company’s website:  

For more information about JHM Hotels, visit the company’s website:

Additional information about Interstate is available at the company’s website:


Jerry Daly, Carol McCune                             Carrie McIntyre

Media                                                              SVP, Treasurer

Daly Gray                                                       Interstate Hotels and Resorts

(703) 435-6293                                               (703) 387-3320                             

84 Percent of U.S. Metro Areas Post Lower Home Foreclosure Activity in first half of 2011

IRVINE, CA – July 28, 2011 – RealtyTrac® (, the leading online marketplace for foreclosure properties, today released its Midyear 2011 Metropolitan Foreclosure Market Report, which shows that foreclosure activity decreased on a year-over-year basis in 178 out of the nation’s 211 metropolitan areas with a population of 200,000 or more.

The report also shows that all top 10 metro areas with the highest foreclosure rates in the first half of the year posted decreasing foreclosure activity compared to the first half of 2010.

California, Nevada and Arizona cities accounted for all top 10 metro foreclosure rates and 15 of the top 20 metro foreclosure rates in the first half of the year. Only one Florida metro area posted a foreclosure rate among the top 20 — Cape Coral-Fort Myers at No. 12 — in sharp contrast to the first half of 2010, when Florida cities accounted for nine of the top 20 metro foreclosure rates nationwide.

Also posting foreclosure rates ranking among the top 20 were Boise City-Nampa, Idaho, Atlanta-Sandy Springs-Marietta, Ga., Greeley, Colo., and Salt Lake City, Utah.

“Foreclosure activity continued to slow in the first half of 2011, especially in the most foreclosure-saturated markets and in markets where the judicial foreclosure process is used,” said James J. Saccacio (top right photo), chief executive officer of RealtyTrac. “The 20 metro areas with the biggest year-over-year decreases in foreclosure activity were all in states with judicial foreclosure processes — New York, Maryland, Florida, New Jersey, Connecticut, Massachusetts, and Illinois.

These dramatic decreases indicate the foreclosure pipeline continues to be clogged in many local markets across the country, sometimes by a glut of already-foreclosed properties that are not selling quickly, sometimes by a mountain of improperly filed foreclosures that are blocking the inflow of new foreclosure filings — and sometimes by both.”

For a complete copy of the report, please contact

Michelle Schneider, Public Relations Consultant, RealtyTrac
Office: 949.502.8300 ext. 139
Mobile: 760.419.2543