Thursday, October 6, 2011
EUSTIS, FL – First Green Bank of Eustis has been nominated for Business of the Year in the competition held annually by the Central Florida Chapter of the U.S. Green Building Council (USGBC), a national coalition of builders, developers, engineers and architects, which sets national standards for “green” construction techniques that promote energy efficiency and environmental sustainability.
Kenneth E. LaRoe (middle right photo), chairman and chief executive officer of First Green Bank, said he was delighted to learn of the nomination.
LaRoe said business of the year awards will be presented during the chapter’s annual LEEDership awards dinner Oct. 26 at the Hilton Hotel in Orlando.
First Green Bank will open its new corporate headquarters facility on U.S. 441 in Mount Dora before the end of the year.
The facility is anticipated to be the first commercial building on the East Coast to meet the USGBC’s rigorous LEED Platinum Certification standards for design, engineering and construction, is a model for green building standards, LaRoe said.
The new facility was built using recycled and healthy building materials, boasts a recharging station for electric cars, will use approximately 66 percent less energy than a traditionally designed building of the same size, and be 79 percent more water efficient.
First Green Bank currently operates facilities in Clermont and Eustis and recently announced plans to expand to Volusia County.
For more information about this press release, contact:
Audrey O’Shaughnessy, Marketing Director, First GREEN Bank, 352-483-9100, Audrey@firstgreenbank.com
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 or 407-461-3780 email@example.com
Commercial Real Estate Execs See Improving Revenue, Headcount, While Distressed Assets Remain Key Issue on Road to Recovery: KPMG Survey
NEW YORK, NY /PRNewswire/ -- Commercial real estate executives expect to see improvements in revenue and headcount next year, but the majority predict a full economic recovery is years away, according to a recent survey by KPMG LLP, the audit, tax, and advisory firm.
These executives also believe distressed real estate will remain a key industry issue.
In the KPMG survey, 64 percent of the commercial real estate executives said their company's current revenue is higher than last year, and 75 percent anticipate that their revenue will be higher one year from now.
They also are beginning to add headcount. Fifty-three percent said they plan to add personnel in the next year, compared to 13 percent seeing a decrease.
However, they are not predicting that hiring will significantly pick up anytime soon. When asked when they expect their company's U.S. headcount to return to pre-recession levels, 27 percent said the end of 2013, 17 percent said the end of 2014 or later, and 11 percent said it would never return to pre-recession levels.
In addition, 57 percent do not expect a full economic recovery until the end of 2013 or later.
For a complete copy of the company’s news release, please contact
Web Site: http://www.us.kpmg.com/
Cuhaci & Peterson Architects Named Production Architects for 200,000 SF of the New Delray Beach Marketplace
Delray Beach Marketplace is planned for a total of 275,000 square feet upon completion and will include Frank Theaters designed by another firm on the team.
For more information, contact:
Jed Downs, President Cuhaci & Peterson Architects, 407-661-9100
Lonnie Peterson, Chairman Cuhaci & Peterson Architects, 407-661-9100
Larry Vershel or Beth Payan, LV Communications, Inc. 407-644-4142
Altamonte Springs, FL. – Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, closed a commercial loan for Doc Watts Electric, Inc. recently for $352,200 in total project costs.
Doc Watts Electric, Inc. located off Semoran Blvd. (S.R. 436) and E. Colonial Drive in Orlando, supplies a wide range of electrical services for residential, commercial and industrial consumers. The company offers services such as bucket truck services, 24 hour on-call troubleshooting repair and maintenance services, electrical inspections, new construction services, installation of generators and transfer switches and low voltage services.
Chris Hurn, Mercantile Capital Corporation, 407-786-5040
Robin Lashley, Mercantile Capital Corporation, 407-786-5040
WASHINGTON, DC--The Mortgage Bankers Association (MBA) has released its second quarter Commercial Real Estate/Multifamily Finance Quarterly Data Book.
The data in this report covers the second quarter of 2011, during which the economy showed signs of modest recovery and commercial real estate finance markets were gaining momentum.
The report details second quarter increases in mortgage origination activity, declines in most commercial/multifamily mortgage delinquency rates and the first increase in commercial/multifamily mortgage debt outstanding since 2009. The Q2 data does not show any of the impacts that might result from the domestic and international turbulence of August and September.
The Data Book compiles the most up-to-date information on topics of interest to commercial/multifamily real estate finance industry participants and observers, including trends in property sales, originations, delinquencies and mortgage debt outstanding..
If you have any questions, please contact Matt Robinson at (202) 557-2727 or firstname.lastname@example.org.
Alesco Global Advisors is a registered investment advisor that focuses on real estate securities and manages three registered mutual funds. Grubb & Ellis acquired a 51 percent interest in Alesco Global Advisors in 2007.
The sale is consistent with the company’s strategy to maximize value for its stakeholders and strengthen the company’s competitive position by exiting unprofitable, non-core businesses.
“The sale of Alesco combined with last month’s divestiture of Daymark Realty Advisors has significantly strengthened the company’s balance sheet and better positioned Grubb & Ellis as we continue to search for long-term strategic alternatives,” said Thomas P. D’Arcy (top right photo), president and chief executive officer of Grubb & Ellis.
The transaction, which was announced in June, required approval of the mutual funds’ Board of Trustees and shareholders.
Contact: Janice McDill, Phone: 312.698.6707
Roig’s new role includes the oversight of construction for the new rental community in Doral called Doral Grande. The Class A, multifamily project will consist of 360 rental units spreading across a 30 acre site. He will also be responsible for construction oversight on future developments for A | P.
Alex Lastra (lower right photo), Vice President of Atlantic Pacific Development, a subsidiary under A | P, said “we are excited to get someone with the talents of Mr. Roig. He has worked with and represented many of the largest construction and development firms in Miami and he will most certainly add an incredible value to the Atlantic | Pacific Companies’ team.”
For more information, please contact Randy Weisburd at email@example.com.
Contact: Jessica Wade Pfeffer / Jessica Wade Inc.
DADE CITY, FL, Oct. 6, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Village Inn (top left photo), a 4,620-square foot single-tenant net-leased restaurant located in Dade City, Fla., according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office.
The asset commanded a sales price of $875,000.
Moe Derbala (lower right photo), a retail specialist an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Florida-based seller, a private investor. The listing agent also secured the buyer of the property, a private investor based out of Dunedin, Florida.
Village Inn was built in 1978 and is located at 12880 US Highway 301. The property is situated on an out parcel of a large shopping center, anchored by Big Lots and Save-A-Lot which are adjacent to Walmart and Sweetbay supermarket.
“This was a sale lease-back transaction that closed in just over three months,” says Derbala.
Press Contact: Bryn D. Merrey, Vice President/Regional Manager, Tampa, (813) 387-4700
Grubb & Ellis Healthcare REIT II Enters Agreement to Acquire $166.5-Million Skilled Nursing Facility Portfolio in Southeast
SANTA ANA, CA– Grubb & Ellis Healthcare REIT II, Inc. announced that it has entered into an agreement to acquire the $166.5-million Southeastern Skilled Nursing Facility Portfolio, comprised of 10 skilled nursing facilities in Alabama, Georgia, Louisiana and Tennessee.
The acquisition is subject to customary closing conditions and the satisfaction of other requirements as detailed in the agreement.
Totaling nearly 460,000 square feet, the 1,364-bed Southeastern Skilled Nursing Facility Portfolio includes facilities that range in size from 20,000 square feet to 82,000 square feet, with an average size of 46,000 square feet. Built between 1969 and 1999, the 10 buildings are master leased through 2026 by Wellington Healthcare Services LP, a leading provider of skilled nursing and rehabilitation services.
“The Southeastern Skilled Nursing Facility Portfolio will be an ideal acquisition for Grubb & Ellis Healthcare REIT II,” said Danny Prosky (top right photo), president and chief operating officer.
“Upon completion, this major acquisition will be accretive to our bottom line and will support our investor distribution. Additionally, the facilities are strategically clustered in states with attractive demographics and will be fully occupied for the next 15 years by a highly respected and successful operator.”
The 10 buildings that comprise the Southeastern SNF Portfolio are:
1) Bell Minor Facility (middle left photo): 2200 Old Hamilton Place NE, Gainesville, Ga. A single-story, 104-bed property totaling 43,000 square feet.
2) Buckhead Facility: 2920 Pharr Court South, Atlanta. A five-story, 220-bed property totaling 82,000 square feet.
3) Millington Facility: 5081 Easley St., Millington, Tenn. A single-story, 85-bed property totaling 33,000 square feet.
4) New London Facility: 2020 McGee Road, Snellville, Ga. A single-story, 144-bed property totaling 45,000 square feet.
5) Parkway Facility: 200 South Parkway West, Memphis, Tenn. A single-story, 120-bed property totaling 38,000 square feet.
6) Riverside Facility: 5100 West St., Covington, Ga. A single-story, 158-bed property totaling 43,000 square feet.
7) Rockdale Facility: 1510 Renaissance Drive, Conyers, Ga. A single-story, 102-bed property totaling 48,000 square feet.
8) Sea Breeze Facility: 550 Congress St., Mobile, Ala. A three-story, 120-bed property totaling 42,000 square feet.
9) Shreveport Facility: 1736 Irving Place, Shreveport, La. A four-story, 227-bed property totaling 66,000 square feet.
10) Westminster Facility: 560 St. Charles Ave. NE, Atlanta. A two-story, 84-bed property totaling 20,000 square feet.
As of Sept. 23, 2011, Grubb & Ellis Healthcare REIT II has sold approximately 38,381,440 shares of its common stock, excluding the shares issued under its distribution reinvestment plan, for approximately $382,988,000 through its initial public offering.
To date, the REIT has made 24 geographically diverse acquisitions comprised of 55 buildings valued at approximately $430.8 million, based on purchase price in the aggregate. As of Sept. 15, 2011, the company’s property portfolio held debt equaling approximately 26.8 percent of its value, based on purchase price in the aggregate.
Contact: Damon Elder, Phone: 714.975.2659
Built in 1999, 880 W. Crowther is a Class A building, high image building with extensive glass, freeway visibility, 26’ minimum warehouse clearance, dock high loading, a large secure yard and heavy power.
Ian Britton (middle right photo), Senior Vice President, and John Long (lower left photo), Associate, both based in Colliers’ Irvine office represented the building owner/landlord, Denning Investment Trust. The tenant, Precision Water Jet, an expanding cutting and machining group, was represented by Greg Osborne of Grubb & Ellis.
“Even in a tough leasing market where tenants are having a difficult time making long term real estate commitments given the macro-economic challenges, there is clearly a ‘flight to quality,’” noted Britton.
“Newer, functional, well located buildings are in short supply and are in high demand. Toward the end of the marketing campaign there were multiple tenants interested in the building.
“ While there will always be a certain amount of functionally challenged, older buildings on the market at significantly low lease rates, average lease rates will certainly increase as supply dwindles and demand heats up,” added Britton.
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Mark Thiel (middle right photo) a senior associate in Marcus & Millichap’s San Diego office, represented the buyer, a Southern California-based private family trust. Jonathon Dwoskin (lower left photo), regional manager of the firm’s Detroit office, is Marcus & Millichap’s broker of record in Michigan.
“There are more than 19 years remaining on the primary term of this rare absolute triple-net LA Fitness lease,” says Thiel.
“Rent commenced in September 2010 and extends through September 2030 with three five-year renewal options. Rent increases every five years are based on the lesser of the percentage increase in CPI over the preceding five-year period or 10 percent,” continues Thiel. “The lease requires the tenant to report financials once a year at the landlord’s request.”
The property is located at 25352 Woodward Ave. in Royal Oak, just north of the Interstate 696 interchange and approximately 10 miles north of downtown Detroit.
The property is bordered by the entrance to the Detroit Zoo, which attracts more than one million visitors per year and is the largest family attraction in the state of Michigan.
The Royal Oak LA Fitness was built in 2010 on 3.3 acres. The building features a unique ground-level parking structure with both outdoor and covered parking. There are a total of 289 parking spaces throughout the property, which allows for multiple types of reuse.
LA Fitness is a privately owned American health club chain with more than 360 clubs and millions of members across 21 U.S. states and in Canada.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
The project consists of condominiums that are currently being leased as apartment units, as well as ground-floor retail space.
Greg Harris and Ron Harris, executive vice presidents of IPA, are representing the seller, a joint venture that includes Beverly Hills, Calif.-based Kennedy Wilson and two institutional investors. Greg Harris and Ron Harris are not related.
“The selling entity acquired this asset as a JV partnership when it was a condominium project,” explains Greg Harris. “As the demand for rental units spiked in this area following the downturn of the single-family housing market, the partnership converted this complex into rental units,” he says.
“This property is one of the only core high-rise multifamily assets on the market in Los Angeles that will provide an investor with stabilized returns over the short and long term.”
“North Hollywood is one of the fastest-growing and developing urban centers in Los Angeles,” says Ron Harris. “Small-scale, urban infill development like this will continue to thrive throughout the heart of the city, driven by demand from young renters eager to be near employment centers and entertainment destinations.”
Located at 5440 North Tujunga Ave., NoHo 14 is one of the only transportation-centric projects in San Fernando Valley, located along a rail, bus and car transportation corridor, providing convenient access to the North Hollywood subway station and the trans-San Fernando Valley high-speed bus system.
Constructed in 2008, the 14-story, Class A high-rise tower includes a total of 208,238 rentable square feet, which includes 11,000 square feet of ground-floor retail space.
Community amenities include a pool, spa, sundeck, theater room, gardens, BBQ area, fitness center, concierge and parking security for approximately 400 parking spots, which represents a higher than 2:1 ratio of spaces to units. The rooftop viewing deck offers unobstructed views of San Fernando Valley, the San Gabriel Mountains, Universal City (lower left photo) and the Hollywood Hills.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
Posted by Alex at 10:14 AM
Marcus & Millichap Promotes Salvatore S. Saglimbeni to Vice President Investments in Palo Alto, CA Office
“Sal has earned a reputation as an extremely knowledgeable investment specialist,” says Seligman. “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.”
Saglimbeni began his career with Marcus & Millichap in January 2004, specializing in the sale of multifamily properties.
Most recently, Saglimbeni held the position of associate vice president investments.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
“MMCC was able to provide valuable insight to the borrower regarding the types of bridge construction financing available for this project and work within a tight construction timeline,” says Rock. “Many developer/borrowers are having difficulty securing conventional financing due to the challenging capital markets and limited availability of construction financing.”
“MMCC provided expertise and identified the best lender to get the project completed,” continues Rock. “This luxury property is part of a master-planned community created by a world-class developer.”
Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation