Friday, September 9, 2011
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, email@example.com
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.
Chris Hurn, Chief Executive Officer, Mercantile Capital Corporation,
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
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.
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
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 firstname.lastname@example.org;
Kenneth Koch, Commercial Portfolio Director, Emerson International, Inc., 407-834-9560 email@example.com;
Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560; firstname.lastname@example.org;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 email@example.com.
“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
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.
Steven G. Rogers, president and chief executive officer or
Richard G. Hickson IV, chief financial officer, (601) 948-4091
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:
“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 firstname.lastname@example.org.
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.
Jaime M. Fink, HFF Managing Director, (312) 528 3650,
Jeffrey M. Bramson, HFF Managing Director, (312) 528-3650, email@example.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
“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
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 firstname.lastname@example.org
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.
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.
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