Friday, October 14, 2011
GROVELAND, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has negotiated the sale of Eagle Ridge Shoppes (top left photo), a 65,751-square foot Publix-anchored shopping center in Groveland. The sales price of $9.1 million represents $138 per square foot.
Daniel “Sonny” Molloy (middle right photo), a vice president investments in Marcus & Millichap’s Atlanta office, represented the seller, Groveland Associates LLC, a Tampa-based development company. Kirk Olson and Drew A. Kristol, senior associates in the firm’s Miami office, represented the buyer, a private equity group based in Miami.
“Eagle Ridge Shoppes is anchored by Publix, which is performing quite well,” says Molloy. “A Burger King corporate ground lease was also part of the sale.”
“Eagle Ridge Shoppes is an attractive asset because it has a stable base of tenants and the opportunity to enhance returns through a leasing effort,” Molloy continues.
“The center also possesses a unique geographical location feature that seems to have contributed to the success of Publix. There are many lakes in the surrounding area—several are positioned between Groveland and the nearby town of Clermont—and for many residents of Clermont it is easier to come to the Groveland Publix than it is to shop at one in their own town,” adds Molloy.
The shopping center is located on the northeast corner of State Road 50 and County Road 565A at 7975 State Road 50 in Groveland. State Road 50 is Groveland’s main artery and connects Orlando, Fla. with Tampa, Fla. The center is approximately 25 miles northwest of downtown Orlando and less than five miles from Clermont, Fla.
Eagle Ridge Shoppes was built in 2007 on 10.9 acres. The shopping center is 80 percent leased with Publix occupying 70 percent of the space, not including the Burger King outpad. Other notable tenants include Great Clips and Subway.
Publix draws from a trade area beyond the town of Groveland; an area that includes the west side of Clermont. Population growth of approximately 15 percent is projected for the area during the next five years.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
The HFF investment sales team representing the seller was led by managing director Danny Finkle (top right photo), director Luis Castillo (lower left photo) real estate analyst Robert Saracco.
HFF director Chris Drew and senior managing director Wally Reid represented the borrower in arranging the acquisition financing.
“The combination of long-term leases with Publix and hhgregg, value-add potential in lease-up and outparcel development, and stellar location proximate to the Walt Disney World Resort and across the street from the highly successful LOOP projects made Osceola Village a highly compelling acquisition opportunity,” said Castillo.
Daniel Finkle, HFF Managing Director, (305) 448-1333, firstname.lastname@example.org Luis Castillo, HFF Director, (305) 448-1333, email@example.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500
Emerson International Okays McDade Construction to build Interior Improvements at CenterPointe I Office Building in Altamonte Springs, FL
Eric Emerson, vice president and general manager of Emerson International, said the project will total 8,753 square feet of office space.
Emerson International is a wholly owned subsidiary of The Emerson Group, the global corporation that is one of the largest privately-owned property development companies.
For more information, contact
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.
Mercantile Capital Corp. reports five commercial loan closings in September to finance projects worth nearly $14 million
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, closed five commercial loans in September to finance projects worth more than $13.8 million in total project costs.
Chris Hurn (top right photo), chief executive officer at Mercantile Capital Corporation, said the largest single loan in September was for the $9.8 million refinance of a plastic surgery center in Utah.
Hurn reported Mercantile Capital closed on 19 loans during the third quarter to finance projects totaling more than $55.7 million in total project costs. Through the first three quarters of 2011, the company closed loans worth $124.85 million, a 33.07 percent increase over the same nine-month period last year, Hurn said.
Mercantile Capital is a wholly-owned subsidiary of Old Florida National Bank.
For more information about this press release, contact:
Chris Hurn, Chief Executive Officer, Mercantile Capital Corporation, ChrisHurn@MercantileCC.com, 407-786-5040
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142
Avison Young acquires property management and leasing portfolio from Atlanta-based Barry Real Estate Companies, Inc.
Effective immediately, Avison Young will assume the property management of four buildings in Atlanta totaling nearly 600,000 square feet. The properties are
30 Allen Plaza (top left photo), Lenox Plaza (middle right photo), Lenox Center (middle left photo), and 2045 Peachtree (lower right photo).
Avison Young will also handle the leasing in 30 Allen Plaza and 2045 Peachtree
(totaling 353,000 sf).
Major tenants in 30 Allen Plaza include the Southern Company (headquarters), and the law firm of Balch & Bingham LLP.
"Avison Young has been very successful in strategically growing its platform in the Southeast during the past year. This acquisition expands the office side of our agency platform and is a deliberate step in executing on our growth plan," comments Dils.
"The expansion is a logical move for us, and we are excited about our new relationship with the owners of these properties and the opportunity to continue our growth."
In conjunction with the acquisition, Avison Young will begin relocation of its Southeastern offices to 30 Allen Plaza immediately.
"Barry Real Estate Companies is one of the leading developers in Atlanta and the Southeastern U.S.," notes Mark Rose, Chair and CEO of Avison Young.
"This acquisition deepens Avison Young's presence in Atlanta and is in line with the company's strategy to further strengthen our property management platform and capabilities in North America."
Avison Young, which also acquired Atlanta-based Hodges Management and Leasing Company (HMLC) in July 2010, now has in excess of 20 msf under management in Atlanta.
"Barry Real Estate Companies has created exceptional buildings, and Atlanta is one of the most diverse real estate markets in the country
and the hub of commercial activity in the Southeast U.S.," says Earl Webb, Avison Young's President, U.S. Operations.
He adds that the company's plans include further acquisitions and partnerships to grow the Avison Young brand internationally.
For further information/comment/photos:
Sherry Quan, National Director of Communications & Media Relations, Avison Young: (604) 647-5098; cell: (604) 726-0959
Steve Dils, Principal and Managing Director, Atlanta, Avison Young: (404) 865-3666
Mark Rose, Chair and CEO, Avison Young: (416) 673-4028
Earl Webb, President, U.S. Operations, Avison Young: (847) 881-2237
http://www.avisonyoung.com/ Follow Avison Young on Twitter:
For industry news, press releases and market reports: www.twitter.com/avisonyoung
For Avison Young listings and deals: www.twitter.com/AYListingsDealsFollow Avison Young Bloggers: http://blog.avisonyoung.com/
ORLANDO, FL /PRNewswire/ -- The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend of 38.5 cents per share payable November 15, 2011 to common shareholders of record on October 31, 2011.
The dividend represents an annualized rate of $1.54 per share and marks the twenty-second consecutive year National Retail Properties has paid increased annual dividends per share.
National Retail Properties is one of only four publicly traded REITs and 105 publicly traded companies in America to have increased annual dividends for 22 or more consecutive years.
National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2011, the company owned 1,248 Investment Properties in 46 states with a gross leasable area of approximately 13.6 million square feet.
For more information on the company, visit http://www.nnnreit.com/.
CREL CDO late-pays rose to 12% from 11.6% in August. ‘Given the instability
in the broader economy, CREL CDOs delinquencies are expected to continue to
seesaw going forward,’ said Director Stacey McGovern.
In September, asset managers reported 11 new delinquent assets. Among the newly delinquent assets were three matured balloon loans, six new credit impaired securities, and two term defaults. Partially offsetting the new delinquencies were six removed assets, which included:
--One real estate-owned (REO) asset, which was sold at 38% of par;
--One mezzanine loan that was foreclosed out at a total loss; and
--Four formerly credit impaired CMBS securities.
Ratings on the most junior classes remain subject to volatility as losses
continue to accumulate. In September, CREL CDO asset managers reported
approximately $60 million in realized losses.
Additional information is available in Fitch's weekly e-newsletter, 'U.S.
CMBS Market Trends', which also contains recent rating actions and an overview of newly released CMBS research, including Fitch presales and Focus reports. The link below enables market participants to sign up to receive future issues of the E-newsletter:
Fitch Inc., 1 State Street Plaza, New York, NY 10004
Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278:
Additional information is available at http://www.fitchratings.com/
ATLANTA, GA -- Engler Financial Group, LLC and Rockwood Real Estate Advisors are pleased to offer for sale Cumberland Park (middle centered photo), an upscale 456 unit apartment community built in 2008 in Orlando, Orange County, Florida.
The Property is located along International Drive South, approximately, one-mile north of State Road 536 in the rapidly expanding southwest Orlando submarket. Cumberland Park is being offered for sale on an unpriced basis and represents an excellent opportunity to purchase a well located Class "AA" multifamily asset with strong investment potential.
Cumberland Park offers residents a "Best in Class" asset for southwest Orlando. The Property features "condo quality" finish and energy-efficient "Green" construction. Cumberland Park includes a mixture of one, two and three-bedroom units.
Three of the Property’s residential buildings offer elevator floor access which allows for additional rent premiums. The upscale community and unit amenities offered at Cumberland Park clearly separates the Property from the other rental communities in the submarket.
. In order to schedule a property tour, please contact Greg Engler, Pat Jones, or Dave Pepe. We look forward to meeting you at Cumberland Park!
Engler Financial Group, LLC
678/992-2000, ext. 1
Engler Financial Group, LLC
Senior Vice President
678/992-2000, ext. 2
Rockwood Real Estate Advisors
Managing Director - Capital Markets
FORT OGLETHORPE, GA /PRNewswire/ --The Lightstone Group, one of the largest private real estate owners in the country, announced today that a new lease transaction, totaling approximately 5,250 square feet, was recently signed at Cloud Springs Plaza in Fort Oglethorpe, Ga.
Tobacco For Less signed a six-year lease amendment for 2,400 square feet of space. The retailer is also expanding into 2,850 square feet of additional space to offer customers a wider variety of tobacco and liquor products.
"Local shoppers have made Tobacco For Less a popular destination at Cloud Springs Plaza," stated David Lichtenstein, chairman of the Lakewood, N.J.-based Lightstone Group. "We're pleased that the tenant has experienced much success at this location, leading them to renew and expand on their lease."
Located at 1503 Lafayette Road, the property is on the southwest corner of Route 27, just across the state line from Chattanooga, Tenn. The tenant roster includes Big Lots, Food Lion and Autozone and W.S. Badcock Corp.
"This shopping center has a diverse mix of stores that attract a wide range of customers," stated Jeffrey Dash, vice president of leasing for The Lightstone Group. "It is also convenient to major local roads."
To learn about leasing opportunities at Cloud Springs Plaza or other retail centers owned by the Lightstone Group, please contact Jeffrey Dash at firstname.lastname@example.org or by calling (908) 688-8300.
Contact: Christa Segalini, +1-201-465-8021, email@example.com; or Ryan Smith, +1-201-465-8033, firstname.lastname@example.org
Web Site: http://www.lightstonegroup.com