Thursday, February 16, 2012
ELMWOOD PARK, NJ – Marcus & Millichap Capital Corporation (MMCC) has named Joseph Belgiovine (top right photo) as an associate director in the firm’s New Jersey office, according to William E. Hughes (middle left photo), senior vice president and managing director of MMCC.
“Joseph has an impressive background in commercial real estate,” says Hughes. “His skills and experience will be of enormous benefit to our clients in New Jersey and throughout the East Coast.”
Prior to joining MMCC, Belgiovine was the owner and broker of Belcore Enterprises LLC, a commercial real estate brokerage firm in Miami.
Before that, he was director of operations for The Integrated Group LLC, an Edgewater, N.J.-based commercial real estate brokerage company.
Belgiovine has also worked as an account executive for private hard money lender Kennedy Funding Inc. in Hackensack, N.J. and been a project manager assistant with Daibes Enterprises Inc., a real estate development firm in Edgewater, N.J.
Belgiovine graduated from Providence College in Providence, R.I. with a Bachelor of Science degree in finance. He is a member of the National Association of Realtors and the Realtor Association of Greater Miami and the Beaches.
Belgiovine is a licensed real estate broker in Florida and a licensed real estate agent in New Jersey.
Press Contact: Stacey Corso , Marcus & Millichap Capital Corporation
DAYTONA BEACH, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of CVS/Pharmacy (top left photo), a 10,908-square foot net-leased property located in Daytona Beach, Florida, according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office. The asset commanded a sales price of $4,000,000.
Leon Brockmeier (middle right photo), a retail investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami, Florida.
Patrick Whitney (lower left photo), a retail investment specialist in the firm’s Jacksonville office, procured the purchaser, a Colorado based limited liability company who acquired the property in order to satisfy a 1031 Exchange transaction.
This CVS/Pharmacy was built in 2001 and is located at 1350 Beville Road. The property is situated in a mature submarket approximately one mile southeast of the Daytona International Speedway and the Daytona International Airport.
“Investor interest in the Florida drugstore market is robust with demand outpacing supply of both new and established stores,” says Brockmeier. “Single-tenant net-lease investors continue to demonstrate a preference for assets in very good locations, occupied by strong tenants and preferably with remaining lease terms of at least ten years.”
“We marketed the Daytona CVS/Pharmacy aggressively for several weeks prior to the parties entering into a definitive purchase agreement. Our client completed their due diligence expeditiously and this all-cash transaction closed within 3 percent of the list price,” Whitney adds.
Press Contact: Bryn D. Merrey, Vice President/Regional Manager, Tampa
Huntington Beach, CA, Feb. 16, 2012 – Corecon V7, a Web-based platform for estimating, project management, job cost control and scheduling was recently selected as a residential 2012 Constructech Magazine Top Product.
The Constructech Residential Top Products Awards honor technology solutions that have demonstrated the greatest innovations geared toward the homebuilding market.
The winning solutions are judged by Constructech magazine’s editorial team and are selected based on various criteria, including the product’s growth rate over the last few years as well as the product’s overall usefulness and uniqueness to the construction industry. To learn more, visit constructech.com.
The judges noted that they particularly liked the complete technology overhaul of the product, especially Corecon Technologies latest collaboration application—TeamLink Portal— for sharing project information among team members.
Free to all Corecon V7 subscribers and others involved in the project, TeamLink Portal streamlines the construction process by providing the residential developer or home owner as well as all other project team members with secure, real-time access to information corresponding to all phases of the project.
“This year’s Top Products award winners offer the best in functionality and cost effectiveness.” said Peggy Smedley, editorial director, Constructech magazine. “It is exciting to watch a product such as Corecon advance and provide even more capabilities for mobility, collaboration and integration.”
“We are honored that Corecon V7 has been recognized as a residential Constructech Top Product for the second consecutive year,” said Norman J. Wendl, president of Corecon Technologies, Inc.
“The launch of Corecon V7 in 2010 and the recent addition of our new TeamLink Portal are helping residential builders streamline operations by providing them with a more complete and efficient project management solution.”
For more information about Corecon Technologies and Corecon V7, visit www.corecon.com or call toll free at 1-866-258-6698.
Laura Mickelson Communications
16 Technology Drive, Suite 125
Irvine, CA 92618
(949) 453-8420 fax
Follow me on Twitter@LauraMickelson
The premier property has immediate availability for users ranging from 10,000 to 43,754 square feet.
Leading the leasing efforts for the property are Jones Lang LaSalle Executive Vice President Dan Sanchez (middle right photo) and Vice President Ryan House (middle left photo).
“Jones Lang LaSalle was selected for this assignment because of its deep understanding of the San Fernando Valley office market,” said Sanchez. “LNR Warner Center IV is ideal for companies seeking visibility in a superior address in one of the most desirable submarkets in the Los Angeles region.”
Jones Lang LaSalle was hired by the landlord, LNR, which developed the building in 2008.
Bookmark it here
Concord Hospitality Bullish on Hotel Industry as Company Nears 14,000 Rooms; $355 Million Development Pipeline Committed for 2012
The development activity is expected to add approximately 3,500 construction jobs and more than 1,000 new hotel jobs to local economies. In addition, the company said it will continue to expand its third-party management portfolio, focusing primarily on the full-service sector and premium-branded select-service hotels.
“Last year we opened or broke ground on five new properties and assumed management of seven, which was a robust year considering the stagnant economy,” said Mark Laport, (top right photo) president and CEO.
“For 2012, we expect to more than double our development pipeline. Operationally, we will focus on adding more premium brand select-service and full-service hotels to our third -party managed portfolio, such as the DoubleTree in Albuquerque and Sheraton in Oklahoma City which we were selected to manage late in 2011.”
Concord, which historically has focused primarily on the Marriott brand family, is significantly expanding to include the top-tier brands, Hyatt, Hilton, Starwood and upscale Choice flags.
Laport cited several Cambria Suites and Hyatt House projects currently in Concord’s development pipeline, as well as the recent agreement to develop a 250 room full service Marriott hotel in Sugar Loaf in Atlanta as current examples of a more diversified portfolio mix.
North American Growth Strategy
“Last year, we expanded our portfolio geographically by adding hotels in major gateway cities such as Washington D.C. and New York City,” Laport added.
“In 2011, we have become much more geographically diverse and are looking to add hotels in an ever increasing number of states as well as developing in new markets near our existing hotels such as a yet-to-be-branded hotel in Jersey City, N.J., which will expand our presence in Metro NY.
“To the south, we have a mixed-use development hotel near the University of Tennessee in Knoxville and have just broken ground on a Hyatt-branded hotel near our headquarters in the city of Raleigh, and our highly successful Renaissance North Hills Hotel (middle left photo). We also remain quite active in the Cleveland and Pittsburgh markets, where Concord has a significant stake.
For more information, visit www.concordhotels.com.
Contact: Lauralee Dobbins, Chris Daly, (703) 435-6293
Daly Gray, Inc.
Polk County, FL (Feb. 16, 2012) – The Mosaic Company today announced the selection of Interstate Hotels & Resorts as the hotel management company for its Streamsong® Resort project (top left rendering) and KemperSports as the management company for the resort’s golf operations.
Mosaic, the world’s leading producer and marketer of phosphate-based crop nutrients and a major landowner in Central Florida, is developing the resort, golf and conference center destination on approximately 16,000 acres of formerly mined phosphate land in rural Polk County between Tampa and Orlando.
“We are extremely pleased to place the operating management of Streamsong® Resort into the very capable hands of Interstate Hotels & Resorts and KemperSports,” said Tom Sunnarborg (top right photo), Mosaic’s vice president - land development and management.
“They have an outstanding reputation and portfolio of managed resorts and renowned golf venues. We are confident that the expertise they bring to Streamsong will help solidify its position as a superior destination for luxury travelers, conference attendees and outdoor enthusiasts who are seeking an escape from the ordinary resort experience.”
As previously announced, Streamsong will feature a main lodge and nearby golf clubhouse offering a combined 228 guest rooms, approximately 18,500 square feet of flexible conference and meeting space, a full-service spa, fine and casual dining, several bars including a rooftop lounge, guided bass fishing on surrounding lakes, hiking and birding trails, a sporting clays range and two exceptional golf courses.
The principal architect for the resort is Alfonso Architects of Tampa. Construction of the two golf courses has been underway since August 2010 by renowned architects Bill Coore (lower left photo) and Ben Crenshaw of Coore and Crenshaw and Tom Doak of Renaissance Golf Design.
“We have significant, proven experience in the resort segment and are well versed in the operations of destination, world-class resorts,” said Jim Abrahamson (middle left photo), Interstate’s chief executive officer. “Streamsong will be the luxury lifestyle destination in this market, and we are delighted to be working with Mosaic. We look forward to partnering with KemperSports in delivering the highest level of service to our resort guests.”
Northbrook, Ill.-based KemperSports operates golf facilities as well as athletic clubs, lodging venues and major sporting events, including nationally ranked courses and tournament venues such as Bandon Dunes Golf Resort, The Glen Club, Desert Willow Golf Resort and Chambers Bay, host of the 2010 U.S. Amateur and the 2015 U.S. Open.
“It is a great honor to be selected to manage the golf operations at Streamsong Resort,” said Josh Lesnik, president of KemperSports. “There are only three places in the world where Coore, Crenshaw and Doak have courses side-by-side – Tasmania, Bandon and now Streamsong, which is sure to become a must-play destination.”
The two golf courses and lakeside golf clubhouse — featuring 12 guest rooms, a steakhouse restaurant, 4,400 square feet of meeting space, lounge and pro shop — are projected to open in late 2012, providing an initial golf and meeting destination.
Opening of the main lodge and other resort amenities is planned for fall 2013.
For general information about Interstate Hotels & Resorts, KemperSports, Streamsong Resort or The Mosaic Company, please go to:
Daly Gray Public Relations
Daly Gray, Inc.
Office: (703) 435-6293
Cell: (703) 300-8289
Arbor Sets Multifamily Agency Loan Origination Volume Record; Business Momentum Leads to Top 10 Fannie Mae DUS® Ranking 5th Year in a Row
UNIONDALE, NY (Feb. 16, 2012) – Meeting the rising demands of the robust Multifamily real estate investment market, Arbor Commercial Mortgage, LLC, a national, direct commercial real estate lender, established a new company record for Multifamily agency loan origination volume in 2011, funding $1.3 billion worth of loans across its Fannie Mae DUS® and Federal Housing Administration (FHA) product lines.
Arbor’s 2011 origination volume total breaks its previous record set in 2008 and places the company—for the fifth consecutive year—within the Top 10 Fannie Mae DUS® Multifamily Lender ranking.
During 2011, Arbor originated $1,201,705,689 in Fannie Mae DUS® Multifamily loans as well as $97,223,700 in FHA Multifamily business for a combined Government-Sponsored Enterprise (GSE) funding total of $1.3 billion. Arbor’s previous origination volume high in 2008 was $1.2 billion.
With regard to its 2011 Top 10 Fannie Mae DUS® Multifamily Lender origination volume ranking, Arbor placed eighth.
“As the Multifamily real estate sector outperforms other commercial real estate classes, Arbor has remained at the forefront of lenders exclusively originating within the sector in partnership with Fannie Mae and the U.S. Department of Housing and Urban Development’s FHA program,” said Ivan Kaufman, (top right photo) Arbor’s Chairman and CEO.
“Providing a record level of origination for our clients is just one indication of the business momentum Arbor has exhibited during the past few years and is further indicative of the origination and service capacity Arbor possesses moving forward.”
John Caulfield (top left photo), Arbor’s newly named Chief Operating Officer, further noted, “Arbor’s Multifamily origination capabilities and infrastructure are extremely well positioned within the fundamentally strong Multifamily investment market, allowing Arbor to provide our clients with industry-leading loan products, terms and service that few lenders can provide.
“ The GSEs currently offer the best financing products available in the Multifamily arena, and Arbor has excelled at providing our borrowers with such lending options, leading to our large repeat client base and strong and fundamentally sound origination performance.”
Contact: Christopher Ostrowski, firstname.lastname@example.org