Friday, January 13, 2012
NEW YORK, NY /PRNewswire/ -- Before an audience of hundreds of industry leaders, RE/MAX Chairman and Co-Founder Dave Liniger (top right photo) accepted the recognition of the "People's Choice Most Influential Real Estate Leader."
At Thursday’s Inman Real Estate Connect conference, attendees heard Liniger outline his thoughts about being successful in today's unique real estate market.
"In reality, change is going to overwhelm those who do not embrace it," Liniger told a packed room at the Marriott Marquis Time Square. "But I have to say, the people in here are really not afraid of change. You're embracing change; you're looking forward to it. And that makes you the leaders in the real estate business."
The Inman News People's Choice honor is the result of a popular vote in a December online survey and is meant to honor the real estate leader who has made the most significant contributions to the industry during the past year. Liniger has been an unwavering supporter of legislative and policy reforms intended to assist consumers and more quickly place housing on a road to sustainable recovery.
Contact: Shaun White, Vice President, Corporate Communications of RE/MAX, LLC, +1-303-796-3405, email@example.com
Web Site: http://www.remax.com
Parkway Announces Purchase of Tampa Asset; Completion of 111 East Wacker Sale; and Sale of Fund II Asset in Atlanta
“The sale of 111 East Wacker accelerates Parkway's portfolio repositioning as well as positions our balance sheet for future growth. Additionally, the sale of 111 East Wacker completes Parkway's exit from Chicago, which we have identified as a non-core market.
“With the removal of this highly leveraged asset from our balance sheet, Parkway's leverage will be materially reduced, which should provide better financial flexibility. Also, Parkway will realize significant savings in projected leasing capital costs as a result of the sale given the amount of leasing required at the property to reach stabilization."
Purchase of The Pointe by Fund II
The Pointe is a 252,000 square foot office building and has an irreplaceable waterfront location on the tip of Rocky Pointe Island within the Westshore submarket of Tampa, Florida. The Property is currently 88.4% leased to 28 customers. The gross purchase price for The Pointe was $46.9 million and Parkway's ownership share is 30%.
Simultaneous with the purchase, Fund II closed a $23.5 million first mortgage with a fixed interest rate of 4.0%, an initial 42-month interest only period, and a maturity date of February 2019. Parkway's equity contribution of $7.0 million was initially funded through availability under the Company's existing revolving credit facility.
Sale of 111 East Wacker
111 East Wacker is a 1.0 million square foot office property located in the central business district of Chicago and was 80.5% occupied as of December 1, 2011. The gross sale price for 111 East Wacker was $150.6 million.
The buyer assumed the $147.9 million non-recourse mortgage loan, which has a fixed interest rate of 6.3% and maturity date in July 2016. In connection with the sale, the Company recorded a non-cash impairment loss in the third quarter of 2011 totaling $18.8 million. Parkway expects to record a gain on the sale of 111 East Wacker of approximately $500,000 in the first quarter of 2012. Parkway received approximately $2.8 million in net proceeds at closing, which were used to reduce amounts outstanding under the Company's credit facility.
Sale of Falls Pointe
Falls Pointe is a 107,000 square foot office property located in the Central Perimeter submarket of Atlanta, Georgia. The building was 100.0% occupied by one customer as of December 1, 2011. The gross sale price for Falls Pointe was $6.0 million and Parkway's ownership share was 30%.
Fund II acquired Falls Pointe in October 2010 as part of a three-asset portfolio, with an original investment strategy to sell the asset after a short-term hold period. The sale of this asset provides Fund II with capital to reinvest into assets more consistent with Fund II's strategy, specifically multi-tenant office properties.
The Company expects to record a gain on the sale of Falls Pointe for financial reporting purposes of approximately $1.3 million, of which approximately $400,000 is Parkway's share, in the first quarter of 2012.
The property was unencumbered with debt at the time of the sale. Fund II received approximately $4.3 million in net proceeds at closing, of which approximately $1.3 million was Parkway's share.
Parkway Properties Inc.
James R. Heistand
President and Chief Executive Officer
Richard G. Hickson IV
Chief Financial Officer
Web Site: http://www.pky.com/
Naples, FL and Bonita Springs, FL, Jan. 13, 2012 -- KW Property Management & Consulting, a statewide leader in turnkey management, has been selected to handle property management services for the following new clients:
Tuscany Cove Master Property Owners Association, Inc.
15076 Toscana Way
Naples, FL 34120
Botanical Place Condominium Association, Inc.
4455 Bayshore Place Circle
Naples, FL 34112
Cypress Glen Village Condominium Association, Inc.
3298 Megan Lane
Naples, FL 34109
With its Southwest regional office in Bonita Springs, KW Property Management & Consulting is one of the largest onsite management companies in Southwest Florida. The company currently manages properties such as Saturnia Lakes (middle right photo) (580 units), Positano Place (lower left photo) (330 units), and Napoli (232 units) in Naples.
From upscale high-rises, to homeowners associations and garden-style townhomes, KW Property Management & Consulting meets the needs of more than 35,000 unit owners.
For more information, visit www.kwpropertymanagement.com.
Becker Public Relations
2506 Ponce de Leon Blvd.
Coral Gables, FL 33134
Telephone 305/444-2181 X 224
ST. PETERSBURG, FL (Jan. 13, 2012) – Taking an aggressive step to expand its business in Pinellas County, residential real estate brokerage powerhouse Smith & Associates will open a new office at 1100 4th Street N (middle left photo), just north of downtown St. Petersburg, with plans to house 50 real estate professionals there.
The space, which consists of 10,139 square feet within a 15,552-square-foot building, was purchased by Smith & Associates broker/owner Robert Glaser (lower right photo), through Glaser 1100 4th St. N LLC, for $625,000.
Paula Clair Smith (top right photo), CCIM, Broker Associate for Commercial Asset Partners Realty, represented the seller, 1100 4th St. LLC, while the buyer represented himself.
Smith & Associates, ranked as the third-largest residential real estate brokerage in the Tampa Bay area by the Tampa Bay Business Journal, sold 1,330 homes worth a total of $542 million in 2011.
Building on its established presence in Tampa and the Clearwater / Belleair area, the Tampa-based company will have a major presence in St. Petersburg when the new office, its fourth, opens in the first quarter of 2012.
“The popularity of the St. Petersburg urban core continues to grow, and our new office gives us the ability to help even more buyers and sellers there,” said Glaser, whose company already has a smaller walk-in office on St. Petersburg’s Beach Drive that will remain open.
“St. Petersburg’s walkability and wide range of entertainment and services is driving buyer demand - people in a wide range of ages want to live there.”
Smith & Associates has thrived despite the residential real estate downturn by providing clients up-to-the-minute information in a rapidly changing market. By leveraging technology and their own experience and knowledge, Smith’s agents have continued to sell homes while also helping buyers find the market’s best opportunities.
The company plans to rename the building the Smith & Associates Building, and plans to install custom signage and artwork in the building’s windows to draw notice to the new location.
“On a road with one of the highest traffic counts in Pinellas County, this location will immediately raise Smith & Associates’ visibility in the St. Petersburg market,” said CAP Realty’s Paula Clair Smith.
“And by purchasing the space in shell condition, the company can create an eye-catching space that’s also highly functional.”
Noelle Anderson, APR
Principal & President
True Blue Communications
Please connect with us online:
(For more information about Smith & Associates, visit http://www.smithandassociates.com).
INDIANAPOLIS, IN – HFF announced that it has arranged a $29 million refinancing for Prairie Lakes (top left photo), a 402-unit luxury multi-housing community in Noblesville, Indiana.
HFF worked on behalf of a partnership between Hearthview Residential and its institutional partner to secure the seven-year, fixed-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.
The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program. Loan proceeds are retiring the construction loan on the property.
Prairie Lakes is situated on 44 acres at 14260 Bald Eagle Drive close to State Road 37 and Interstate 69 in the northern Indianapolis suburb of Noblesville.
Completed in 2010, the property has one-, two- and three-bedroom units averaging 957 square feet each. Community amenities include a saltwater swimming pool, grilling cabana and clubhouse with business center, fitness center, gaming lounge and meditation studio. At closing, Prairie Lakes was 97 percent occupied.
The HFF team representing Hearthview Residential and its institutional partner was led by senior managing director Dave Keller (middle right photo) and senior real estate analyst Ken Martin.
Hearthview Residential has been developing, building and managing commercial real estate and multi-housing properties since 2000.
The principals of Hearthview have been responsible for the successful development and/or financing of more than $2 billion of real estate throughout the eastern half of the United States during their careers and have been responsible for the development and construction of several thousand for-sale and rental residential units across multiple market areas.
DAVID B. KELLER, HFF Senior Managing Director, (317) 630 3191
KRISTEN M. MURPHY, HFF Associate Director, Marketing, (713) 852-3500
FLORHAM PARK, NJ – HFF announced that it has arranged a $49.1 million construction loan for 175 Park Avenue (top left photo), a 280,000-square-foot office development that is pre-leased to Realogy Corporation in Madison, New Jersey.
Working exclusively on behalf of The Hampshire Companies, HFF placed the loan with US Bank and M&T Bank. HFF secured US Bank to be the lead agent and brought in M&T to participate in the loan.
175 Park Avenue is located near State Route 24 and Interstate 287 adjacent to BASF’s new North American headquarters and the headquarters for the New York Jets.
The building will be built to LEED standards and will feature a full range of amenities including a fitness center, full-service cafe, and conference / team room facilities. Realogy Corporation is a global provider of real estate and relocation services.
The Hampshire Companies is a full-service, private real estate firm with equity in assets valued at more than $2.5 billion, based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments.
JON MIKULA, HFF Senior Managing Director, (973) 549-2000 firstname.lastname@example.org
KRISTEN MURPHY, HFF Associate Director, Marketing, (713) 852-3500
RealtyTrac Reports 1.9 Million U.S. Properties Receive Foreclosure Filings in 2011 – Down 34 Percent from 2010 to Lowest Level Since 2007
Average Days to Foreclose Up to 348 Nationwide; Over 800 Days in NY, NJ and FL ; Annual Activity Down in 45 States; Nevada, Arizona, California Post Highest Rates
IRVINE, CA– RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties,released its Year-End 2011 U.S. Foreclosure Market Report™, which shows a total of 2,698,967 foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,887,777 U.S. properties in 2011, a decrease of 34 percent in total properties from 2010. Foreclosure activity in 2011 was 33 percent below the 2009 total and 19 percent below the 2008 total.
The report also shows that 1.45 percent of U.S. housing units (one in 69) had at least one foreclosure filing during the year, down from 2.23 percent in 2010, 2.21 percent in 2009, and 1.84 percent in 2008.
Total U.S. foreclosure activity and the U.S. foreclosure rate in 2011 were both at their lowest annual level since 2007.
“Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” said Brandon Moore (top right photo), chief executive officer of RealtyTrac.
“The lack of clarity regarding many of the documentation and legal issues plaguing the foreclosure industry means that we are continuing to see a highly dysfunctional foreclosure process that is inefficiently dealing with delinquent mortgages — particularly in states with a judicial foreclosure process.
“There were strong signs in the second half of 2011 that lenders are finally beginning to push through some of the delayed foreclosures in select local markets.
"We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011, though still below the peak of 2010.”
The complete report, along with an interactive nationwide foreclosure heat map and other relevant charts, will be available on the RealtyTrac website at the following link
949.502.8300, ext. 268
949.502.8300, ext. 139
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949.502.8300, ext. 158