Friday, September 9, 2011

C&W negotiates 10,000-sf lease for ConvergEx at University Corporate Center 1 in Orlando, FL



 ORLANDO, FL – Sept. 9, 2011– Cushman & Wakefield Senior Associate Betsy Owens, and Associate Director Mindy Boehm announced the lease of 10,002 square feet in University Corporate Center I (top left photo) located at 3501 Corporate Boulevard to ConvergEx Group which is relocating from 11486 Corporate Boulevard.

Cushman & Wakefield represented the tenant in the long-term deal that commences in November.  

 Formed in 2006, ConvergEx Group develops technology tools and infrastructure for the institutional investment industry.

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


Mercantile Capital Corporation Hires Four New Associates



ALTAMONTE SPRINGS, FL --- Mercantile Capital Corporation, a wholly-owned subsidiary of Old Florida National Bank, that ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) loans for small business owners who want to acquire or develop their own facilities, recently hired four new associates -- two sales associates, one marketing associate and a credit analyst.

Christopher Hurn, chief executive officer at Mercantile Capital Corporation, said Kristina Clements (top left photo) and Ray Drew (top right photo) were appointed sales associates.

 Clements is a graduate of the University of Central Florida and has more than four years of business experience with the Winter Park Chamber of Commerce and Orlando Business Journal.

Drew is a recent graduate of the University of Central Florida with a degree in Marketing and previously served as an intern with Mercantile Capital Corporation.



Hurn said Mandy Drinkard (lower right photo) was appointed marketing associate with the firm. Drinkard holds a Bachelor’s Degree in Business Administration from Furman University and has more than two years experience in marketing.

At the same time, Hurn said Cristina Sanchez (lower left photo) was named a credit analyst. Sanchez is a graduate of Florida State University and has an MBA from the Rollins College Crummer Graduate School of Business. Sanchez has three years of experience and previously was an investment associate with the Bank of New York Mellon.


For more information about this press release, contact:

Chris Hurn, Chief Executive Officer, Mercantile Capital Corporation,
407-786-5040
Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Tolaris Homes Remodeling Division Starts Florida Construction at Lake Forest, Baldwin Park and College Park

  

LAKE FOREST, FL. --- Tolaris Homes, which builds luxury homes in Seminole, Orange and Lake Counties, reports its remodeling division has started construction of major projects at Lake Forest in north Seminole County and at Baldwin Park and College Park in Orlando.

Rick Bavec, founder and principal of Tolaris Homes, said the remodeling projects include interior renovation to a 3,500 square foot home at Lake Forest, an addition to a 5,000 square foot home in Baldwin Park; and an addition to a 2,500 square foot home in College Park.

For more information, contact
Richard D. (Rick) Bavec, President Tolaris Homes/Tolaris Realty Group 407-402-9866; rbavec@Tolarishomes.com;
Larry Vershel or Beth Payan, Larry Vershel Communications Inc., 407-644-4142, (fax 644-4410) Lvershelco@aol.com.

Celebration Golf Management Launches “Central Florida Golf Trips” to Book Golf Trips in Florida



ORLANDO, FL --- Celebration Golf Management has launched Central Florida Golf Trips to help golfers book stay and play packages in Florida.

Gene Garrote, president of Celebration Golf Management, said the offices of Central Florida Golf Trips is located at the CGM reservation office in Winter Garden.

Kenny Nairn, executive vice president of operations at Celebration Golf Management, is heading the new enterprise, Garrote explained.

“Central Florida Golf Trips will be a golfer’s one stop shop for golf vacations,” Garrote said.

For media information, contact:
Gene Garrote, President, Celebration Golf Management, 407-566-1045 x 4601
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Emerson International Reports Six Office Lease Agreements Totaling 11,953 SF in Longwood, FL and Altamonte Springs, FL

  

ALTAMONTE SPRINGS, FL --- Emerson International recently negotiated six new lease agreements for a total of 11,953 square feet of office space in Altamonte Springs and Longwood.

Kenneth Koch, commercial portfolio director at Emerson International, negotiated one lease agreement for 2,759 square feet of office space in the CenterPointe II (top left photo) building at 220 E. Central Parkway in the CenterPointe Office Park.

Koch represented Emerson International, the landlord. Chris Sproles (middle right photo) of CBRE represented the tenant, B.C. Ziegler and Company.

Sean Westcott, director of leasing and property management at Emerson negotiated five lease agreements.

Westcott negotiated three leases at CenterPointe Office Park (middle left photo): Nano Research leased 1,332 square feet; Customer and Business Debt Service, Inc., leased 1,255 square feet and Advanced Enterprises at Northwest Florida, Inc., leased 4,637 square feet.

Westcott negotiated two lease agreements at Sanlando Center in Longwood: National Pension Association leased 788 square feet and Myers Research leased 1,392 square feet.

For more information, contact

Sean Westcott, Director of Leasing and Property Management, Emerson International, Inc. 407-834-9560 swestcott@emerson-us.com;
Kenneth Koch, Commercial Portfolio Director, Emerson International, Inc., 407-834-9560 kkoch@emerson-us.com;
Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560; ejemerson@emerson-us.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com.

Marcus & Millichap Capital Corp. Arranges $4.8 Million Loan in Orlando



ORLANDO, FL, Sept. 9, 2011 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $4.8 million loan for the acquisition and build-out of a retail neighborhood property in Orlando.

Michael Balan (top right photo), a director in MMCC’s Miami office, arranged the financing.

“Commercial real estate purchases are usually either investment or owner-occupied; seeing both types together is unusual,” says Balan.

“Part of this property will be an owner-occupied entertainment concept, but other retail tenants will remain. The buyer was unable to obtain a loan because he attempted to finance the purchase solely with an SBA loan,” adds Balan.

 “The problem with using an SBA loan alone was that the buyer has no experience with the concept he’s creating and experience is critical for an SBA loan,” continues Balan.

“MMCC arranged for the buyer to receive a conventional loan to purchase the investment portion of the property and an SBA loan to cover the purchase and build-out of the owner-occupied portion.

“Our structure reduced the size of the SBA portion of the loan by making nearly half of it a conventional loan with separate collateral,” Balan goes on. “By doing that, we were able to reduce the importance of the borrower’s experience by reducing the SBA’s exposure.”

 The conventional loan is fixed for 10 years with amortization over 20 years. The LTV is 60 percent. The SBA loan is fixed for 20 years with amortization over 20 years. The LTV of the SBA loan is 85 percent

 “We were able to get the conventional loan done with a very short term remaining on the tenant’s lease,” Balan adds.

  “It’s an ideal location and the buyer got a great price because he’s essentially buying at the bottom of the market. Most banks would not consider a loan on a single-tenant property with a short lease, in spite of the location or the cost basis,” says Balan. “I give credit to the lender for having the confidence to do that.”

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


Parkway Sells Non-Core Asset in Columbia, SC



 JACKSON, MS /PRNewswire/ -- Parkway Properties, Inc. (NYSE: PKY) announced the sale of Tower at 1301 Gervais (top left photo) ("the Property") for a gross sale price of $19.5 million. 

Tower at 1301 Gervais is a 298,000 square foot office property located in the central business district of Columbia, South Carolina.  The building was 92.7% occupied as of September 1, 2011. 

Steven G. Rogers (middle right photo), President and Chief Executive Officer of Parkway stated, "The sale of Tower at 1301 Gervais resulted in a significant amount of cash proceeds which will contribute to our continuing efforts to improve our balance sheet.  With the sale of this property, we now own one asset totaling 108,000 square feet in Columbia, which we have identified as a non-core market."

 The Company estimates the gross sale price for the Property represents a capitalization rate of approximately 9.4%, which is based on projected in-place cash net operating income for the 12 month period following the closing date, including the impact of contractual rent abatements. 

The property was unencumbered with debt at the time of the sale.  Parkway received approximately $17.9 million in net proceeds at closing, which were used to reduce amounts outstanding under the Company's credit facility.

Parkway Properties, Inc., a member of the S&P Small Cap 600 Index, is a self-administered real estate investment trust specializing in the operation, leasing, acquisition, and ownership of office properties.  Parkway owns or has an interest in 67 office properties located in 12 states with an aggregate of approximately 14.5 million square feet of leasable space as of September 8, 2011.

  Included in the portfolio are 26 properties totaling 6.6 million square feet that are owned jointly with other investors, representing 45.5% of the portfolio.

Fee-based real estate services are offered through wholly-owned subsidiaries of the Company, which in total manage and/or lease approximately 12.9 million square feet for third-party owners at September 8, 2011.

Parkway Properties, Inc.'s press releases and additional information about the Company are available on the Company's website at www.pky.com.

Contact:
Steven G. Rogers, president and chief executive officer or
Richard G. Hickson IV, chief financial officer, (601) 948-4091




MBA Issues Statement on Senate Banking Committee's Passage of Flood Insurance Bill



  WASHINGTON, DC--David H. Stevens (top right photo), President and CEO of the Mortgage Bankers Association (MBA), released the following statement in response to Thursday's passage of the Flood Insurance Reform and Modernization Act of 2011 by the U.S. Senate Committee on Banking, Housing and Urban Affairs:

 "MBA applauds the Senate Banking Committee, led by Chairman Tim Johnson (D-SD) (top left photo)) and Ranking Member Richard Shelby (R-AL), (bottom right photo) on its unanimous passage of the Flood Insurance Reform and Modernization Act of 2011.

"This legislation is vital to the real estate finance industry and flooding this week on the U.S. East Coast is a reminder of that."
"The National Flood Insurance Program (NFIP) is set to expire at the end of this month and with that in mind we would urge passage of this legislation by the full Senate and a swift reconciliation so the President may sign a bill into law by September 30, 2011.

“If it is impossible to get a bill to the President's desk in that timeframe, it is critical that Congress grant an extension of NFIP, rather than allow it to lapse, which would ill-serve lenders, borrowers and owners of real estate."
  
If you have any questions, please contact Matt Robinson at (202) 557-2727, or mrobinson@mortgagebankers.org.    



HFF closes $390 million sale of 600 West Chicago Avenue in Chicago

  

CHICAGO, IL – HFF announced today it has closed the sale of 600 West Chicago (top left photo), a 1.5 million-square-foot mixed-use property in Chicago.

HFF marketed the property on behalf of the seller, 600 West Chicago Associates LLC.  CommonWealth REIT purchased the asset for $390 million and assumed existing financing, which had been arranged by HFF in 2007.  HFF also arranged $180 million in financing for the previous owners in 2005.

Completely redeveloped in 2001, 600 West Chicago was originally built in 1908 as the distribution center for the Montgomery Ward catalogue division, and has been designated as a Chicago Landmark Building and is listed on the National Register. 

The property is 94.2 percent leased to office and retail tenants including Groupon,  Wrigley, Fox Sports, Level 3, Japonais Restaurant and David Barton Gym.  Parking is available in two garages in the building that together total 1,270 spaces.

 Located within Kingsbury Park along the Chicago River, 600 West Chicago is close to Interstates 90 and 94, and has direct shuttle bus service to commuter train stations and nearby El stops.    

The HFF investment sales team representing the seller was led by senior managing directors Jaime Fink (middle right photo) and Jeffrey Bramson (lower left photo).

CommonWealth REIT is an office and industrial real estate investment trust, or REIT.  As of June 30, 2011, it owned  7.4 billion of office and industrial properties with approximately 70.3 million square feet located in 31 states, Washington, D.C. and Australia.

Contacts:  
Jaime M. Fink, HFF Managing Director, (312) 528 3650,
 jfink@hfflp.com                                                                                  
Jeffrey M. Bramson, HFF Managing Director, (312) 528-3650, jbramson@hfflp.com  
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500                       


Richfield Hospitality to Manage Tempo Miami



DENVER, CO, Sept. 9, 2011—Richfield Hospitality, a leading hotel management company, today announced that it will assume management responsibilities for Tempo Miami (top left photo), a 56-room luxury downtown resort hotel. 

“This contract is an important addition to our portfolio of lifestyle hotels,” said Greg Mount (middle right photo), president of Richfield Hospitality.  “It is a stylish, up-to-the-minute property that is perfect for the global jetsetter visiting the upscale Miami market.

“Having been open for less than two years, Tempo Miami has already gained an impressive following, and we are confident that with our marketing and operational expertise, we can help it secure its position as one of Miami’s hottest, luxury boutique hotels,” Mount continued.  

Tempo Miami is situated in the heart of Miami’s cultural district and reflects the city’s sense of hip, urban style.  Tucked into a soaring, 67-story building, the hotel features an 8,000 square foot Spa and Amuse, a dining destination offering healthy, sustainable options for  breakfast, lunch and dinner.  The 14th floor pool and skydeck,  along with the lobby- level Gallery, can accommodate groups and weddings for up to 200 people.

 Each room and suite at Tempo Miami is lavishly appointed and features floor to ceiling windows, a large balcony and expansive views of Biscayne Bay and downtown Miami.  All rooms and suites are generously equipped with free-standing soaking tubs, 42-inch flat screen televisions, iPod docking stations and luxurious 310-thread count linens.

Tempo Miami is  located at 1100 Biscayne Blvd., near the American Airlines Arena and across from Bicentennial Park and two blocks from the Adrienne Arsht Center for the Performing Arts. 

Additional information about Richfield Hospitality may be found at the company’s website, www.richfield.com.  

Contact: Jerry Daly or Chris Daly,  Daly Gray, (703) 435-6293

1,350 New Highrise Condo Units Proposed For Coastal South Florida



MIAMI, FL--Despite more than 5,400 new highrise condos still unsold in South Florida at the end of the second quarter of 2011, nearly 1,350 new condo units are being planned – and in one case constructed - for the region’s seven largest coastal markets, according to a new report from CondoVultures.com.

As of Sept. 6, 2011, developers have announced plans to develop three new towers in Miami-Dade County, one project in Broward County, and a two-tower project in Palm Beach County, according to the CondoVultures.com Preconstruction Condo Projects list. 

A sixth project – the Sky Palace at Mary Brickell Village (middle right rendering) located in Greater Downtown Miami - that began presales prior to the South Florida real estate crash is actively working with plans to initiate construction, according to the licensed Florida real estate brokerage CVR Realty™.

 Developers are betting that some of the same buyers who are currently flooding into South Florida looking for deals on existing units will instead opt to purchase a significant chunk of the nearly 180 floors of new condos being proposed for the tricounty region, industry watchers said.

CondoVultures.com has been profiling the latest residential real estate trends in the second quarter of 2011 in the seven largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward (Fort Lauderdale skyline bottom left photo), and Palm Beach counties.

 Since the week of July 21, the Condo Vultures® Market Intelligence Report™ has published a seven-part series analyzing new condo sales trends between April and June of 2011 in Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Downtown West Palm Beach and Palm Beach Island,and Boca Raton / Deerfield Beach.
 
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com

New Promotions at Marcus & Millichap




Michael P. Regan Moves Up to Vice President Investments in Tampa


TAMPA, FL – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Michael P. Regan (top right photo) to the position of vice president investments.

 This designation exemplifies superior performance in the accomplishments an agent has achieved in his or her sales career at Marcus & Millichap and in the investment real estate brokerage profession, according to Bryn D. Merrey (top left photo) vice president and regional manager of the firm’s Tampa office.

  “Michael has earned a reputation as one of the most knowledgeable investment specialists in the nation,” says Merrey. “He is a consummate professional, continually striving to expand his knowledge and expertise. His focus on providing superior client services has earned him a high degree of loyalty and respect from investors as well as from his peers.”

Regan began his career with Marcus & Millichap in July 2005, specializing in the sale of multifamily properties.  Most recently, Regan held the position of associate vice president investments.



James C. ‘Chris’ Rea is the New Senior Vice President Investments in Atlanta

 ATLANTA, GA, Sept. 9, 2011 – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted James C. “Chris” Rea (middle right photo) to the position of senior vice president investments.

This designation exemplifies superior performance in the accomplishments an agent has achieved in his or her sales career at Marcus & Millichap and in the investment real estate brokerage profession, according to John M. Leonard (middle left photo), regional manager of the firm’s Atlanta office.

 “Chris has earned a reputation as one of the most knowledgeable investment specialists in the nation,” says Leonard. “He is a consummate professional, continually striving to expand his knowledge and expertise. His focus on providing superior client services has earned him a high degree of loyalty and respect from investors as well as his peers.”

Rea began his career with Marcus & Millichap in September 1995, specializing in the sale of retail properties. Most recently, Rea held the position of first vice president investments.


Nick Fluellen Advances to Vice President Investments in Dallas

 DALLAS, TX – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Nick Fluellen (bottom right photo) to the position of vice president investments.

This designation exemplifies superior performance in the accomplishments an agent has achieved in his or her sales career at Marcus & Millichap and in the investment real estate brokerage profession, according to Tim A. Speck (bottom left photo) first vice president and regional manager of the firm’s Dallas office.

“Nick has earned a reputation as one of the most knowledgeable investment specialists in the nation,” says Speck. “He is a consummate professional, continually striving to expand his knowledge and expertise. His focus on providing superior client services has earned him a high degree of loyalty and respect from investors as well as from his peers.”

Fluellen began his career with Marcus & Millichap in December 2005, specializing in the sale of multifamily properties.  Most recently, Fluellen held the position of associate vice president investments.

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