Wednesday, January 18, 2012
GoldOller Real Estate bought the 336-unit Reflections Apartments (above centered photo) in Casselberry, Florida and 296-unit Ocean Oaks Apartments (top right photo) in Port Orange, Florida for $37.9 million, or $59,968 per unit for the 632 total units.
The buyer plans capital improvements such as upgraded fitness centers, redesigned clubhouses, and the addition of a business center.
Orlando Apartment Brokerage Senior Director Jay Ballard (middle left photo), along with Ken Delvillar (lower right photo), CCIM and Lindsey Pfaender represented the seller, Apartment Investment and Management Company (AIMCO), a Denver-based real estate investment trust.
“GoldOller has acquired several multifamily properties in the last 12 months in Central Florida, with a goal towards growing their presence in the state,” said Jay Ballard. “They’re a well capitalized, private buyer who will be able to maximize the property’s potential through their hands-on management and growing scale in the market.”
GoldOller Real Estate along with a New York-based private investment firm, was selected as the buyer for the portfolio and placed a new Freddie Mac loan on the property.
Cushman & Wakefield
800 N. Magnolia Avenue, Suite 450
Orlando, Florida 32803
Atlanta, GA, Jan.18, 2012 – IDI, a leading full-service industrial real estate company, announced today that it has purchased 254 acres of land in the I-20 West submarket of Atlanta and will begin construction immediately on Building A, a 650,000-square-foot speculative building at Riverside Business Center (top left photo).
This is the first substantial speculative land acquisition and speculative building start by any industrial real estate company in the Metro Atlanta market since 2008. IDI purchased the property from Crescent Resources, LLC.
In addition, there are two commercial sites on the property totaling 20 acres, which IDI plans to market for retail and commercial uses. These sites are located at the intersection of Thornton Road and Riverside Parkway.
The I-20 West submarket of Metro Atlanta is a key logistics market for local and regional distribution in the Southeast, offering close proximity to downtown Atlanta, Atlanta’s Hartsfield-Jackson International Airport (top right photo) and excellent access to I-20, I-75 and I-85.
In addition, the area offers one of the best labor pools in Metro Atlanta for targeted industries, such as warehouse, distribution and back office uses, along with substantial infrastructure in terms of high quality roads, utilities and a pro-business environment.
“IDI has a long history of success with properties in the I-20 West submarket as this location is ideally positioned for companies seeking to add a key location to their supply chain,” said Lisa Ward (middle left photo), vice president of leasing for IDI’s Atlanta market office.
“The I-20 West submarket is relatively healthy with very few class-A buildings over 500,000 square feet available currently. As such, we are excited to deliver a new, class-A, IDI-quality property to the marketplace and about the opportunities provided in this submarket.”
Over the past decade, approximately 40 percent of IDI’s Georgia leasing activity has occurred in the I-20 West submarket. Most recently, a 745,000-square foot lease with Colgate-Palmolive brought IDI’s 1.3 million-square-foot WestPoint at Riverside park (lower right photo) to 100 percent occupancy.
IDI developed the Silver LEED-certified building in 2008, which was leased in late 2008 and occupied in April 2009. Additional parks in the market developed by IDI include Westfork Business Park (4 million square feet) and Camp Creek Business Center (approximately 1 million square feet).
For more information on IDI, visit www.idi.com.
Jackson Spalding for IDI
Charlotte Marie Sturtz
Jackson Spalding for IDI
Greenville New Markets Opportunity Reports Investment of Over $18.5 Million Using New Markets Tax Credits in Greenville, SC
GREENVILLE, SC /PRNewswire/ -- Greenville New Markets Opportunity ("GNMO") LLC announced that over $18.5 million in below-market financing for Project ONE, a mixed-use development located at the corner of Main and Washington Streets and developed by Hughes Development Corporation.
Project ONE removed abandoned business and retail spaces that had been closed for years in the center of downtown and will transform the area around the project into one of the downtown's focal points for business, retail, and community-based activities.
The project will include offices for the law firm of Haynsworth Sinkler Boyd, P.A., headquarters for CertusBank, and retail space, including Anthrolopologie. Project ONE will also be the first LEED Silver building in downtown Greenville.
GNMO's New Markets Tax Credit financing, combined with additional New Markets Tax Credit and debt financing by TD Bank, was critical in pulling the financing package together.
"Without the New Market Tax Credits provided by GNMO, the ONE project could not have happened,” said Robert E. Hughes, Jr., (top right photo) President, Hughes Development Corporation.
“New Market Tax Credits allowed us to afford a site that owners had been assembling for years -- many of them the high-priced years. They also allowed us to partner with the City, requiring less City investment for a project intended to revitalize this entire end of town.
“Not only will there be new jobs, new retailers, and new businesses on our site, there should be many more in the surrounding blocks."
For a complete copy of the company’s news release, please contact:
Tammy C. Propst
ORLANDO, FL– NAI Realvest, which ranks as one of the region’s largest and most active commercial property companies and one of the area’s largest developers of industrial facilities, recently named five young sales associates to its Next Generation mentoring program.
Paul P. Partyka (top right photo), principal and managing partner and Patrick Mahoney (top left photo), president and chief executive officer of NAI Realvest, said the firm’s Next Generation mentoring program was designed to generate new career opportunities for young commercial real estate professionals and expand the pool of talent at NAI Realvest.
Upon successful completion of the training program, each Next Generation associate is paired with a top performing NAI Realvest professional who will serve as mentor, Mahoney said. The new appointments include:
Michael F. Heidrich, Jr. (bottom right photo), a recent graduate of Boston College who majored in economics and finance. Heidrich, the son of NAI Realvest principal Michael F. Heidrich, Sr., will specialize in tenant and landlord brokerage, leasing, site selection, consultation, build-to-suit, and management services. Heidrich will mentor with his father.
For more information, contact
Paul P. Partyka, Managing Partner, NAI Realvest 407-875-9989 firstname.lastname@example.org;
Patrick Mahoney, President, NAI Realvest 407-875-9989 email@example.com
Larry Vershel or Beth Payan Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com
WASHINGTON, D.C. (Jan. 18, 2012) - David H. Stevens (top right photo), President and CEO of the Mortgage Bankers Association, today delivered a speech to the Exchequer Club of Washington, DC, on the housing market and housing policy titled, "A Bright Future Requires Certainty."
For a complete copy of the speech, please contact:
ORLANDO, FL --Maury L. Carter & Associates, Inc. ended 2011 with the sale of a 5.4± acre bank owned property in Sanford, Seminole County, Florida.
Daryl M. Carter (top right photo) with Maury L. Carter & Associates, Inc. represented Branch Banking & Trust Company (BB&T) in the late December 2011 sale of 5.4± acres along US Highway 17-92 at Mangoustine Avenue in Sanford, Seminole County, FL for $200,000.
This was the third bank disposition for Maury L. Carter & Associates, Inc. in a nine month period during 2011. Previously for BB& T, Maury L. Carter & Associates, Inc. had sold 1,395 acres for $4.5 million cash in Lake County and 2 acres in Volusia County.
Joan M. Fisher
Maury L. Carter & Associates, Inc.
3333 S. Orange Avenue, Suite 200
Orlando, FL 32806-8500
(407) 581-6207 direct
(407) 422-3144 office
(407) 422-3155 fax
CHICAGO, IL, Jan. 18, 2012 /PRNewswire/ - Benefitting from strong fundamentals, Canada's commercial real estate markets continued to enjoy stability and growth in 2011 despite global economic uncertainty. Meanwhile, the
United States suffered from ongoing uncertainty, with limited good news
concentrated in a few select markets.
Each country has its risks and concerns, but better days should be ahead for both as the world deals with its financial issues.
These are some of the key trends noted in Avison Young's 2012 Canada, U.S. Forecast, released today.
The annual report covers the Office, Retail, Industrial and Investment markets in 20 U.S. and Canadian metropolitan regions: Atlanta, Boston, Chicago, Dallas, Houston, Las Vegas, Los Angeles, Washington DC, Calgary, Edmonton, Halifax, Lethbridge, Mississauga, Montreal, Ottawa, Quebec City, Regina, Toronto, Vancouver and Winnipeg.
"There is a dichotomy in the North American commercial real estate market. Canada is experiencing a period of stability and modest growth, while the United States continues to search for traction in the recovery process," comments Mark E. Rose (top right photo), Chair and CEO of Avison Young.
"Despite this disparity, things are looking up in both countries as global financial uncertainty is gradually resolved and clarity begins to emerge," he says.
"As Europe and the U.S. take steps to deal with their economic challenges and financial markets begin to rebound, there
will be opportunities for commercial real estate markets to make further gains."
For a complete copy of the company’s news release, please contact:
For further info/comment/photos:Sherry Quan, National Director of Communications & Media Relations, Avison Young: (604) 647-5098; cell: (604) 726-0959; firstname.lastname@example.org
Mark Rose, Chair and CEO, Avison Young: (416) 673-4028Earl Webb, President, U.S. Operations, Avison Young: (312) 957-7610
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/AYListingsDeals
Follow Avison Young Bloggers: http://blog.avisonyoung.com
WASHINGTON, DC and SAN DIEGO, CA — The international law firm of McKenna Long & Aldridge LLP (MLA) and the California-based law firm of Luce, Forward, Hamilton & Scripps LLP (Luce Forward) have set a target merger date of March 1, 2012, following a recent vote by the firms’ partners.
This combination will enhance the legal services provided to clients in litigation, real estate, insurance, government contracts, government affairs and corporate law. The merger will also strengthen MLA’s California foothold and increase Luce Forward’s national and international presence.
The combined firm will continue as McKenna Long & Aldridge LLP, and will operate with more than 600 attorneys and public policy advisors in 15 offices in the United States and internationally.
The integrated resources and leveraged capabilities of the combined firm will place it among the top 80 largest law firms in the U.S. It will also rank among the 20 largest firms and the third largest real estate practice in California, and will have more than 120 practicing litigation attorneys in the state.
“We took a long look at ways to better meet the growing needs of our clients on the West Coast,” stated MLA Chair Jeff Haidet (top right photo). “The market for legal and regulatory work in California is growing, and Luce Forward’s statewide platform represented a perfect fit for our firm.
“ MLA and Luce Forward share similar values and cultures, and are fully committed to delivering innovative solutions to our clients. Combining with Luce Forward is part of our common strategic vision to pursue growth opportunities in our clients’ industries, to strengthen our core practice areas, and to further extend our culture of collaboration to our client relationships.”
Through the merger, MLA attorneys and clients will gain access to Luce Forward’s significant litigation, real estate, insurance and corporate capabilities throughout California. The merger provides Luce Forward attorneys and clients access to the nation’s largest and oldest government contracts practice and a nationally-recognized government affairs practice based in Washington, DC.
“Our focus for the past 138 years has always been to provide our clients with the highest level of service and legal experience,” said Luce Forward Managing Partner Kurt Kicklighter (middle left photo)
“By combining with McKenna Long & Aldridge, we provide our clients with an international network of talented attorneys who can service any needs they might have beyond California.”
McKenna Long & Aldridge LLP
JACKSON SPALDING for McKenna Long & Aldridge
Image Creation, Cultivation and Communication
Marcus & Millichap Exapnds in Northeast with Opening of White Plains, NY Office; J.D. Parker Named Regional Manager.
WHITE PLAINS, NY – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has opened a new office in White Plains, N.Y., according to John J. Kerin (middle left photo), president and chief executive officer.
J.D. Parker (top right photo), a vice president of the firm, will oversee the office as its regional manager. Parker also oversees the Manhattan and New Haven, Conn., offices as regional manager.
The White Plains office is located at 50 Main St., White Plains, N.Y. 10606. The phone number is (914) 397-1700 and the fax number is (914) 290-4129.
“As we continue to grow our market share in the Tri-State region, adding a new White Plains office to serve the needs of investors in the New York Metro Area, Upstate New York and throughout New England makes strategic sense,” says Parker. “The opening of this new office further strengthens our position as the leading real estate investment services firm not only in the Northeast, but in the United States.”
“Investment properties in the Northeast boast some of the best fundamentals in the entire country,” says Gene A. Berman (lower right photo), executive vice president of Marcus & Millichap, and group managing director of the company’s northeastern offices.
“As the economy continues to improve, both domestic and foreign investors are rebuilding their real estate portfolios, shedding non-performing assets, executing more 1031 exchanges and requiring more complex financing for their transactions.
“In short, investors are requiring more sophisticated brokerage, advisory and financing services uniquely offered by Marcus & Millichap,” adds Berman. “This is an opportune time to push forward with our expansion plans and capitalize on the investment opportunities in the Northeast.”
In addition to the White Plains office, Marcus & Millichap’s northeastern offices include Baltimore, Boston, Brooklyn, Manhattan, New Haven, New Jersey, Philadelphia, Pittsburgh, Providence and Washington, D.C
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
Charles Dunn Co. Names Rene Soto as Senior Managing Director to focus on the Tri-Cities and greater Los Angeles markets
LOS ANGELES, CA– Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has named 15-year industry veteran Rene Soto (top right photo) as senior managing director in the firm’s Glendale office.
Soto previously served as a managing director with a national brokerage firm in downtown Los Angeles. Soto will focus on tenant representation services throughout the Tri-Cities office market of Burbank, Glendale and Pasadena as well as the greater Los Angeles area. The company’s Glendale office is the largest full-service commercial real estate firm in the Tri-Cities.
“Charles Dunn Company has been focusing on the expansion of its tenant representation services as this is a market that shows signs of continued growth over the next several years,” said Chris Cooper (middle left photo), CEO of Charles Dunn Company. “Rene has an impressive roster of clients and a keen knowledge of the market that will compliment the firm’s already successful presence in the Tri-Cities.”
Cooper added that Charles Dunn Company will continue an aggressive recruiting campaign in 2012 as it seeks to increase its transactional volume in all property sectors for its brokerage and property management divisions.
Soto has completed in excess of 15 million square feet of transactions over his 15-year career and has worked with diverse business sectors including entertainment, media, law firms, insurance groups, non-profits and public companies.
Some of the clients Soto has completed transactions with include TTG Engineering, Guidance Software, Magellan Navigation, Art Directors Guild of America, DVS TV, and the Community Development Commission of Los Angeles to name a few.
“Rene is a strategic and very significant addition to our Glendale office,” said Bill Boyd (lower right photo), senior managing director with Charles Dunn Company who heads the office. “He will help grow our tenant representation business and add to our presence in a market that we have served for more than 30 years. The current market environment has its challenges, but also offers great opportunities.”
“Charles Dunn Company offers a strong regional presence, entrepreneurial culture and hands-on client service that meshed well with my professional philosophy,” added Soto.
D.G. Communications, Inc.
Hunter Realty Sells Record 54 Hotels in 2011; $4 Billion in Broker Opinion of Value Reports; Predicts Active 2012 for Hotel Industry
ATLANTA, GA Jan. 18, 2012—Officials at Hunter Realty, a leading national hotel investment advisory services firm, today announced that the firm brokered the sale of a record 54 hotels in 2011.
During the year, the firm also completed over 400 broker opinion of value reports totaling $4 billion for special servicers, lenders and owners.
“2011 was a banner year, and there is every indication that 2012 also will be even better for both our firm and the hotel real estate industry,” said Teague Hunter (top right photo), president.
“Our business mix this year included a sizable number of complicated transactions, such as multi-use transactions and brand changes. In today’s challenging real estate marketplace, brokers play a pivotal role in working with both troubled and conventional properties, structuring a win-win transaction for buyer and seller, locating financing and helping the buyer obtain the right brand.”
Hunter noted that as the market continues to firm up, they expect to see a larger number of conventional hotels coming to market.
“About 75 percent of sales in 2011 were distressed, but that should begin to move to a 50-50 ratio, distressed versus conventional, in 2012. It appears banks and special servicers have concluded that the ‘delay and pray’ period is over.”
He added that the firm also expects to see a lot more full-service hotels coming to market next year, a trend that began in the summer and has been accelerating.
“Financing for larger transactions is loosening up. Hilton and Marriott are the most sought-after brands, while interest in Hyatt and IHG brands are increasing rapidly. IHG properties are attracting more attention, especially now as they ratchet up the quality for their Crowne Plaza brand, similar to the impact of the successful upgrade of the Holiday Inn brand.”
Earlier in the year, the firm opened a full-service office in New York to expand its reach to the nation’s most important hotel real estate/financial marketplace, bringing to six the number of Hunter offices in the U.S.
“We polled our offices and found that the areas of greatest buyer interest are the West Coast and Northeast regions, where values have rebounded more quickly than the rest of the country,” Teague said.. “We are looking for opportunities to further build a national presence, and we expect to open additional offices in 2012 as the market continues to improve.”
Additional information, including current listings, is available at the company’s website, www.HunterHotels.net, or by contacting the Atlanta office at 770-916-0300.
Jerry Daly or Carol McCune (media)
Daly Gray, Inc.
Office: (703) 435-6293
Cell: (703) 300-8289
Cassidy Turley represents Outback Steakhouse Owner in two leases totaling 209,000 SF in Westshore submarket of Tampa, FL
In the second transaction, PB Americas leased 29,000 square feet. An engineering consulting firm, PB Americas will be a new tenant in the building. Phil Giunta and Mia Jarrell of Grubb & Ellis represented the tenant in the transaction.
“The renewal and expansion of OSI is testament to Corporate Center One’s ability to attract headquarters and regional offices of top-tier companies,” Ruffner said. “The new lease with PB Americas shows that the building is a preferred location for firms conducting business in Tampa.”
Corporate Center One is a six-story, 390,582-square-foot building situated at 2202 N.Westshore Blvd. Amenities include an on-site café, world-class fitness center and a free airport shuttle to Tampa International Airport.
Corporate Center One is located in Tampa’s Westshore Business District. Westshore is the center of activity in Tampa Bay and Florida’s west coast. Located in the city of Tampa, the Westshore district is Florida’s largest office submarket with more than 12 million square feet of office space.
Wilbert News Strategies