Friday, February 10, 2012

The Residences at W South Beach Hits $250 Million Dollars in Sales

MIAMI BEACH, FL /PRNewswire/ -- The Residences at W South Beach (top left photo) reports a total of $250 million in sales to date. This noteworthy milestone for the project follows a series of 40 closings between May and September 2011 with prices averaging over $1600-per-square-foot.

The 408-unit oceanfront condo-hotel has consistently maintained its premium price point since the inception of sales in 2006, just prior to the market crash that caused the South Florida real estate bubble to burst and a high percentage of projects to halt efforts.

 Pricing at W South Beach continues to far exceed that of its neighbors, with many of surrounding properties selling at over $1000-per-square-foot.

"I am thrilled with the sales results we are seeing at W South Beach," said David Edelstein (lower right photo), the property's co-owner and developer.

 "We launched this project before the market crashed, worked our way through the worst economic downturn in our lifetime, and have come through it with sustained and well-above average pricing. At the end of the day, we are delivering a truly exceptional product in a remarkable location."

For a complete copy of the company’s news release, please contact:

 Jessica Milton,, or
Vanessa Poskanzer,, both of Harrison & Shriftman, +1-305-534-0008

Noble Investment Group Acquires Two Hotels to be Redeveloped as the Hyatt Atlanta Midtown and Memphis Marriott East

ATLANTA, GA /PRNewswire/ -- Noble Investment Group ("Noble"), a leading lodging and hospitality investment organization, announced it completed more than $350 million in real estate investments over the past twelve months, increasing Noble's owned asset portfolio by 14 hotels.

 Most recently, Noble has acquired the Hotel Midtown (middle left photo) in Atlanta and the Holiday Inn Memphis East (bottom right photo). 

Currently, these transient oriented full service hotels are each undergoing a comprehensive repositioning and will be rebranded as the Hyatt Atlanta Midtown and the Memphis Marriott East, respectively.

"These acquisitions represent Noble's ability to source opportunistic investments that best utilize our value-adding core competencies," said Mit Shah (top right photo), Noble's chief executive officer.

 "The Hyatt Atlanta Midtown and the Memphis Marriott East redevelopments are strong examples of our ability to renovate and reposition first class real estate to optimize a hotels physical space, brand affiliation, and operational performance in order to maximize revenue potential and create stable yield."

The 191-room Hyatt Atlanta Midtown will open in early 2013 after a $21 million redevelopment.

The 243-room Memphis Marriott East will open in the fourth quarter of 2012 after a $19 million dollar comprehensive repositioning of the asset. 

For a complete copy of the company’s news release, please contact:

Bonnie Herring, Director, Corporate Communications, Noble Investment Group, +1-404-262-9660,

22nd New Condo Tower Proposed For South Florida Since Real Estate Crash

MIAMI, FL -- Fueled by steady presales at the nearby Apogee Beach condo tower, (lower left photo),  a Miami entity ultimately controlled by Jorge Perez (top right photo) of the Related Group, is planning a 31-story tower with condo and hotel units fronting the Intracoastal Waterway in the city of Hallandale Beach in Southeast Broward County, according to a new report from

The proposed Beachwalk tower - which would stand 305-feet high with 84 residential units and 432 hotel rooms at the western end of the Hallandale Beach Boulevard Causeway - is the second new project slated for construction in the Hollywood / Hallandale Beach coastal condo market since the South Florida real estate crash, according to the Preconstruction Condo Projects list.

Overall, the proposed Beachwalk project would be the 22nd new condo tower with nearly 4,400 units planned for the coastal area of the tricounty South Florida region despite an estimated 4,200 developer units remaining unsold as of Dec. 31, 2011, according to a preliminary estimate based on the Official Condo Buyers Guide™ series.

For a complete copy of the company’s news release, please contact:

Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.

Post Properties Announces Fourth Quarter 2011 Earnings

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced net income available to common shareholders of $3.0 million, or $0.06 per diluted share, for the fourth quarter of 2011, compared to net income of $2.4 million, or $0.05 per diluted share, for the fourth quarter of 2010.

Net income available to common shareholders for the year ended December 31, 2011, was $19.3 million, or $0.38 per diluted share, compared to a net loss of $14.5 million, or a net loss of $0.30 per diluted share, for the year ended December 31, 2010.

The Company’s net income (loss) available to common shareholders for the three months and year ended December 31, 2011 included a $6.9 million loss on the early extinguishment of indebtedness.

The Company’s net income (loss) available to common shareholders for the year ended December 31, 2010 included non-cash impairment charges of approximately $40.6 million primarily relating to the Company’s condominium projects, offset by a net gain of $26.4 million related to the acquisition of all remaining interests in its Atlanta condominium project, adjacent land and infrastructure and the acquisition of the related construction loans.

For a complete copy of the company’s news release and statistics, please contact  Post Properties, Inc., Chris Papa, 404-846-5028

Behringer Harvard Announces Sale of Luxury Multifamily Community in Fort Myers, FL

DALLAS,  TX /PRNewswire/ -- Behringer Harvard announced today that it has completed the sale of The Palms of Monterrey (top left photo), a 408-unit, resort-style multifamily community situated on a 28-acre site in Fort Myers, which is on Florida's southwest coast in Lee County, approximately 100 miles south of Tampa.

The buyer was Newton, Massachusetts-based Churchill Forge Properties, Inc., an owner and operator of more than 10,000 units of multifamily housing.

"We have been pleased with the performance of The Palms of Monterrey in terms of its sustained occupancy and net operating income, which exceeded expectations," said Mr. Samuel A. Gillespie (top right photo), Chief Operating Officer of Behringer Harvard Opportunity REIT II, Inc.

 "In addition to these property-level performance factors, heightened investor interest in the multifamily property sector has been compressing cap rates. These conditions combined to make this an opportune time for us to market The Palms of Monterrey and capture an attractive 28 percent return on our investment.*"

Behringer Harvard acquired a fee simple interest in The Palms of Monterrey in May 2010 through a joint venture between Behringer Harvard Opportunity REIT II, Inc., a public non-listed real estate investment trust, and a partnership formed by DeBartolo Development and Christian Tyler Properties, LLC.

Before May 2010, the joint venture held an interest in a promissory note secured by The Palms of Monterrey that was acquired in October 2009 from the Federal Deposit Insurance Corporation, which was acting as receiver for Corus Bank.

"The Palms of Monterrey is an excellent example of our investment strategy at work, from acquisition to disposition," said Mr. Edward Kobel (middle left photo), President and Chief Operating Officer of DeBartolo Development.

"We acquired The Palms of Monterrey during a time when the capital markets had frozen and financing wasn't available.

"Anticipating a decline in single-family housing demand resulting from the foreclosure crisis, we saw this as an exceptional opportunity to buy a first-class multifamily asset at a significant discount. We successfully added value by leveraging our core competencies and ultimately benefiting from rising demand for apartments and the property's excellent location."

For more information, contact our U.S. headquarters toll-free at 866.655.3600 or our European headquarters at 011 49 40 34 9999 90, or visit us online at http://www,

 Barbara Marler of Behringer Harvard, +1-469-341-2312,;
Nicole Traycoff of Richards Partners for Behringer Harvard, +1-214-891-5751,

NAI Realvest Negotiates Two New Lease Agreements totaling 26,400 SF at Poinciana CommerCenter West in Kissimmee, FL

ORLANDO, FL– NAI Realvest recently negotiated two new lease agreements totaling 26,400 square feet of industrial space at Poinciana CommerCenter West in Kissimmee. 

 Michael Heidrich (top left photo), principal and his son Michael Heidrich Jr. (top right photo), an associate at NAI Realvest, teamed up to negotiate a new lease for 12,800 square feet at 1752-1754 Business Center Lane on behalf of the landlord Maitland-based Poinciana CommerCenter West, LLC. 

The tenant Gilligan & Ferneman, LLC, a local e-commerce company, was represented by Jennifer Wilson Realty in the transaction.

 Heidrich, Sr. also represented Poinciana CommerCenter West in a lease with Deeja Foods, Inc. of Kissimmee for 13,600 square feet of space at 1770 Business Center Lane.  The tenant was represented by Jean Badley of Overton Realty. 

For more information, contact:

Michael Heidrich, Principal, NAI Realvest, 407-875-9989
Patrick Mahoney, President, NAI Realvest 407-875-9989
Beth Payan or Larry Vershel Communications, 407-644-4142      

 Florida Hospital Signs 7.5-Year Lease for Office Space at Oaks Professional Center in Lady Lake, FL

 ORLANDO, FL. – NAI Realvest recently negotiated a new 7½-year lease agreement for 3,328 square feet of medical office space in the Oaks Professional Center, 8575 138th Lane in Lady Lake.

 Jack W. Lynch, senior broker associate at NAI Realvest negotiated the transaction representing the landlord, 138th Place Properties, LLC of Windermere,   

The new tenant is Orlando-based Florida Hospital, who joins existing tenants at the center, Fla. Cancer Institute–New Hope, Family Doctors of Bellview and First Impressions Dental Care. 

 “The Oaks Professional Center is ideally suited for medical services,” Lynch said.

 Anne Deason (middle left photo) of Grubb & Ellis represented the tenant in the transaction.

For more information, contact
Jack W. Lynch, NAI Realvest 407-875-9989 or
Patrick Mahoney, President, NAI Realvest 407-875-9989
Beth Payan, Larry Vershel Communications 407-644-4142

 Heartfelt Home Care Signs Sublease at Quorum Center in Southwest Orlando  

ORLANDO, Fla. - NAI Realvest recently negotiated a new sublease agreement for 2,231 square feet of office space at Suite G-16 of the Quorum Center,  4305 Vineland Rd., in southwest Orlando. 

 NAI Realvest principal Christie Alexander (lower right photo), Associates Drew Saphos (lower left photo), CCIM and Paul Vera and George Livingston, chairman emeritus of the firm, negotiated the agreement representing the sublessee, Orlando-based Heartfelt Home Care of District 7, Inc. a home health agency.  

The sublessor Fines Enterprises, Inc. of Orlando was represented in the transaction by Ray Romano of CBRE.

For more information, contact

Christie Alexander, Principal, NAI Realvest 407-949-0704,
George Livingston, Chairman Emeritus, NAI Realvest 407-875-9989
 Patrick Mahoney, President, NAI Realvest, 407-875-9989
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

PCCP Provides $65 Million Senior Loan to Finance Acquisition and Repositioning of 165-Room Cassa Hotel in New York City

NEW YORK, NY, Feb. 10, 2012 - PCCP, LLC announced today it has provided a $65 million senior loan for the acquisition and repositioning of Cassa Hotel (top left photo),  a 165-room luxury hotel property located at 70 West 45th Street in New York City, on behalf of the buyer, HNA Property Holding Group Co, a Chinese corporation.

The loan is secured by the lower 24 stories and basement levels (hotel and retail portion) of a 45-story tower, with floors 25-45 consisting of residential condo units that are not collateral for the loan. 

Cassa Hotel is located in the heart of midtown Manhattan on 45th Street between 5th and 6th Avenues.  The property is newly constructed and was purchased from the original developer who delivered the project in August 2010.

“This investment gives PCCP the opportunity to originate a loan at an attractive basis on a newly constructed luxury hotel in a market with strong fundamentals,” said Rob Cohen, senior vice president with PCCP.

Kevin Chin, vice president with PCCP added: “The property has an ideal Midtown Manhattan location that is proximate to a wide range of demand drivers including Times Square (middle right photo), Rockefeller Center (lower left photo), luxury shopping on Fifth Avenue and the midtown office market, and we expect the property will benefit from the opening of the BLT restaurant and improved management by an experienced operator.” 

In addition to the 165 hotel rooms, Cassa Hotel includes 11,000 square feet of restaurant space leased to BLT Restaurant which is scheduled to open in early 2012, 1,100 square feet of meeting space, 2,000 square feet of lounge and outdoor terrace space, and a fitness center.

HNA has plans for a minor renovation and will commence a rebranding of the hotel to a boutique luxury 4-star hotel that will be managed by Viceroy Hotel Group.

Contact: Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224

Ed Fritsch Appointed to Board of Directors of National Retail Properties, Inc.

ORLANDO, FL /PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced that its Board of Directors appointed Ed Fritsch (top right photo) as a member of the company's board.

Mr. Fritsch is President, Chief Executive Officer and Director of Highwoods Properties, a real estate investment trust based in Raleigh, North Carolina.

"We are pleased to add a director of the caliber of Ed Fritsch," said Craig Macnab (lower left photo), Chairman and Chief Executive Officer.  "Ed's extensive real estate and REIT expertise combined with his integrity and professional reputation will be a constructive addition to NNN."

Mr. Fritsch is a member of the National Association of Real Estate Investment Trusts (NAREIT) Board of Governors and serves on its Executive Committee; Director and immediate past President of the YMCA of the Triangle;

Director and audit committee member of Capital Associated Industries, Inc.; member of Wells Fargo's Central Regional Advisory Board; steering committee member of Raleigh Diocesan Cathedral Campus Project; member of the University of North Carolina at Chapel Hill Foundation Board;

Director of the University of North Carolina at Chapel HillReal Estate Holdings; Ravenscroft Board of Trustees and Past Chair of the University of North CarolinaBoard of Visitors. He earned an undergraduate degree in Business Administration from the University of North Carolina at Chapel Hill.

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of December 31, 2011, the company owned 1,422 properties in 47 states with a gross leasable area of approximately 16.4 million square feet.

For more information on the company, visit

Berger Commercial Realty Corp. Announces Six New Lease Transactions in South Florida

 FORT LAUDERDALE, FL– Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale, Fla., and serving clients around the state, announced new deals from brokers Judy Dolan (top right photo), Keith Graves (middle left photo) and Greg Milopoulos (lower right photo).

 Dolan, Graves and Milopoulos represented Oakland Center Associates, LTD in the lease of a 2,000-square-foot office space located at 3317 NW 10th Terrace, in Fort Lauderdale, to Time Shares By Owners of Sunrise LLC.

Dolan and Milopoulos represented GA 4711 Australian Avenue, LLC in the lease of a 3,064-square-foot warehouse, located at 4711 N. Australian Ave., in Mangonia Park, to Ryan Formsma.

Dolan and Milopoulos also represented GA 4711 Australian Avenue, LLC in the lease of a 3,064-square-foot warehouse, located at 4711 N. Australian Ave., in Mangonia Park, to SeaHawke Rigging Inc.

Dolan and Milopoulos also represented 4811 Lyons Tech Parkway, LLC in the lease of a 3,124-square-foot warehouse, located at 4911 Lyons Tech Parkway, in Coconut Creek, to Athletic Teak Won Do Center LLC.

Graves represented SPG Palm Crossing, LLC in the lease of a 2,500-square-foot flex space, located at 5381 NW 33rd Ave., in Fort Lauderdale, to Airdogs Supplies, Inc.

 Marielle Sologuren
Pierson Grant Public Relations
(954) 776-1999, ext. 226