Monday, February 27, 2012
Emerson International Negotiates Long Term Lease Renewal for 28,540 SF at CenterPointe II in Altamonte Springs, FL
ALTAMONTE SPRINGS, FL. --- Emerson International, which developed the CenterPointe Office (top left photo) at 220 E. Central Parkway in Altamonte Springs, recently negotiated a major lease renewal there.
Eric Emerson (lower right photo), vice president and general manager of Emerson International, Inc. said Travel Holdings, Inc., owner of LastMinuteTravel.com renewed its lease for 28,540 square feet in the CenterPointe II building.
Kenneth Koch, commercial portfolio manager at Emerson International negotiated the transaction representing the landlord.
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; email@example.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 firstname.lastname@example.org.
MIAMI, FL, Feb. 27, 2012 – Evolution Ventures (Evolution), a Miami Beach-based software development company, has released a first of its kind iPad and web-based application named Sage that transforms the way real estate agents can show, sell and lease real estate. Evolution’s application was developed for residential, retail, and office real estate.
(MIddle right photo of Eyal Weinstein, left, and Jonathan Oleinick, co-founders of Evolution Ventures)
Residential Sage, specifically developed for the high-rise residential market, provides real estate agents with a dynamic presentation tool to more beautifully and effectively display information to clients.
The application incorporates the company’s revolutionary, patent-pending 3D building visualization system, which enables information such as pricing to be dynamically overlaid on a building’s computer model.
The technology is an innovative way to display information that tends to be presented in long and confusing lists. In addition, the application is used to present building videos, area maps, amenities, floor-plans and details about the unit inventory, as well as other content.
It is exclusively available to the sales teams of Evolution’s clients and is currently being used by Trump Soho (middle left photo) in New York City, The Residences at W South Beach (lower right photo) in Miami Beach, Marquis Residences, and BrickellHouse in Miami, among many others.
Evolution’s application suite is also used by the retail and office markets with clients including national companies such as Edens and Inland Real Estate Corporation.
“We have an innate understanding of what the real estate industry needs in order to function more efficiently," says Jonathan Oleinick, co-founder with Eyal Weinstein of Evolution Ventures.
"Sage is a powerful sales tool that allows agents to give engaging multi-media presentations to buyers and renters of residential units. It helps differentiate the property in a crowded marketplace,”
For more information, visit www.evolutionv.com.
Jessica Wade Pfeffer,
Jessica Wade Inc.,
7100 Biscayne Blvd., Suite 305A | Miami, FL 33138
Cell +1.305.804.8424 | Blackberry Pin 32EC7AE1
Faris Lee Investments Completes $5.27 Million Sale of Retail Property Occupied by Hobby Lobby in Visalia, CA
IRVINE, CA, Feb. 27, 2012 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $5,272,000 sale of a 59,283 square foot retail property occupied by Hobby Lobby (top left photo) in Visalia, Calif.
Situated on 4.89 acres, the property is located at 3231 S. Mooney Blvd. as an anchor to the Sequoia Mall (lower left photo)which includes Sears and Regal Theaters, with Marshalls and Bed Bath & Beyond adjacent to the mall.
Also included in the sale is a potential developable outparcel, which has been approved by Hobby Lobby and the mall ownership, for up to 5,000 square feet of rentable area.
Donald MacLellan (top right photo) and Richard Walter (middle left photo) of Faris Lee Investments represented the seller, Lubert –Adler Management West Inc.
Dennis Vaccaro (lower right photo) of Faris Lee Investments represented the buyer, a private investor from Los Angeles, who paid all-cash.
“This Visalia location which opened a year ago was Hobby Lobby’s first California store and was purported to have one of the strongest store openings in the chain’s history,” said MacLellan. “Faris Lee’s strategy was to educate the capital-rich California buyer pool on the strength of Hobby Lobby as a leading retailer in the industry.”
Vaccaro added: “Hobby Lobby is located in the former Mervyn’s anchor space of Sequoia Mall which has significant vacancy, however, the superior positioning of the Hobby Lobby building within the recovering Visalia marketplace offered an opportunity to capitalize on the property’s intrinsic value.”
Hobby Lobby is located along S. Mooney Blvd. with excellent visibility and strong traffic counts at the intersection of Caldwell Avenue and Mooney Boulevard (56,000 cars per day).
Hobby Lobby operates about 435 stores in 35 states and sells arts and crafts supplies, baskets, beads, candles, frames, home-decorating accessories, and silk flowers. It also has operations in China, Hong Kong, and the Philippines, and it is the #3 craft and fabric retailer (behind Michaels Stores and Jo-Ann Stores). Sister companies, Crafts, Etc! and Hemispheres, supply Hobby Lobby stores with merchandise, received from its Oklahoma distribution facility.
“California capital continues to seek out single-tenant property within the state as well as in other well-located markets throughout the country,” said Walter. “The marriage between location and tenant strength is key to investor appeal as more often than not, annual returns are more reliable and more profitable than other non-real estate investment options.”
For more information, please visit www.farislee.com.
Spaulding Thompson & AssociatesFor Faris Lee Investments
Located 39 miles north of San Francisco in Petaluma, Calif., this new development is strategically located at the intersection of two main arterial roads, East Washington Street and Highway 101, with daily traffic counts in excess of 92,000.
Regency Centers will invest approximately $61 million into the project, which will create approximately 380 construction jobs and 720 permanent jobs.
East Washington Place will fill a retail gap in the Petaluma market which is currently underserved by major retailers. The center will include a 138,324-square-foot Target along with 121,000 square feet of anchor space and 118,676 square feet for junior anchors, small shops and office space. Construction will commence this week with the center opening slated for Summer 2013.
“East Washington Place has all the key attributes that define a Regency center – market-dominant anchor, a prime infill location and superior demographics,” explained Ryan Nickelson, Vice President of Investments for Regency Centers. “Tenant interest remains high as there are very few location options in this highly desirable market that has limited opportunities for future retail development.”
To lease space, contact Leasing Agent Jenny Smith at 925.279.1885.
In 2004, Regency Centers purchased the land occupied by Kenilworth Junior High School, which used the funds to relocate and construct a new school facility. In addition, Regency Centers partnered with the Petaluma National Little League and Petaluma City School District to relocate and construct new baseball fields located at Petaluma Junior High School which will open for the Spring 2012 season.
Regency Centers owns and/or manages 71 properties in California totaling 9 million square feet.
The Hoffman Agency
Bonnie Hayflick, 904-398-9663
Ryan Nickelson, 925-279-1865
Vice President, Investments
CMBS Delinquencies and Bank Troubled Assets Holding Steady, Report Guests on Atlanta’s Commercial Real Estate Show
ATLANTA, GA (Feb. 27, 2012) – When it comes to CMBS loan delinquencies and the percentage of problem assets that banks have on their balance sheets, things are not getting better. But the situation is not getting worse.
Guests of the most recent episode of the “Commercial Real Estate Show” shared those observations in a comprehensive look at the issues facing banks and servicers. Topics included upcoming CMBS maturities, the performance of banks in 2011, best practices for participation loans and successful OREO marketing techniques.
Tom Fink (top right photo), a senior vice president of Trepp LLC, said the volume of CMBS delinquencies are “in a steady state right now. I wouldn’t call it greatly improving, but it’s not getting worse, that’s for sure.”
However, some of the numbers are still unsettling. Approximately $60 billion of CMBS loans are set to mature in 2012 – and about half of those are upside down, Fink said.
CMBS default rates have been improving in the multifamily and hotel sector, but deteriorating among office and retail properties, Fink noted.
Meanwhile, more than 90percent of U.S. banks turned a profit in 2011, up from approximately 60 percent just two years earlier, said Christopher Marinac (top left photo), managing principal and director of research for FIG Partners LLC. “As the cigarette commercial goes, we like to say, ‘We’ve come a long way, baby,’” he said.
The median level of problem assets among banks is about 6 percent, but the measurement is holding steady, Marinac noted. “It may not necessarily get better in the near-term … but it’s not getting worse. That’s real important,” he said, adding banks “are much more stable and much stronger than people give us credit for.”
Banks are lending more and have shown interest in hotels, multifamily properties and retail sites that are characterized by healthy cash flows and reasonable leases, Marinac said.
“That’s good,” replied show host Michael Bull (middle right photo), president and founder of Bull Realty. “Fundamentals are improving slightly for commercial real estate. New loans at the current lowvales may be some of the safest loans lenders will ever originate.”
Lenders that handle theforeclosure of a property well are the ones that make sure their various departments communicate early and often once trouble rears its head, said Rob Whitmire (lower left photo), a partner with Bull Realty. “They’ll bring their advisors in, their brokers, their leasing team, their management team and have them start early on providing expectations for disposition value,” he said.
A successful tactic for foreclosing on an OREO property is to have the property held by a special-purpose entity rather than a bank. That way, the asset “has far less liability issues,” said Robert Reynolds, an attorney with Reynolds, Reynolds & Little.
The next “Commercial Real Estate Show” will be available March 1 and will examine land use and zoning issues.
Wilbert News Strategies