Wednesday, March 14, 2012
Ruble joined Marcus & Millichap in December 2004 as a sales intern. He became an agent in June 2006. During his career, Ruble has closed 162 transactions valued at more than $416 million.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
Rhodes+Brito Architects start design work for 6,500 SF Ocoee Community Center in Florida Vernacular Style
ORLANDO, FL--- Rhodes+Brito Architects, based in Orlando, has started design work for a new Ocoee Community Center that will be built across from City Hall in Downtown Ocoee.
Max Brito, co-founder and partner at Rhodes+Brito, said the 6,500 square foot facility will include a banquet hall, meeting rooms and warming kitchen.
Brito said the Florida Vernacular architectural style will complement Ocoee’s “Old Florida” historical look and feel.
Rhodes+Brito, which opened in Orlando in 1996, currently employs a staff of 17, including seven registered architects. The firm served as lead architect for the Florida A&M University College of Law facility in downtown Orlando.
For more information, contact:
Ruffin Rhodes, Rhodes+Brito Architects, 407-648-7288 x103 email@example.com
Maximiano Brito, Rhodes+Brito Architects, 407-648-7288 firstname.lastname@example.org
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 (fax: 4410)
Commercial Asset Partners Realty closes $555K medical office sale in Trinity, FL to multi-specialty practice
TRINITY, FL (March 14, 2012) – In an indication of the demand for medical office space in the Trinity area of Pasco County, Commercial Asset Partners (CAP) Realty closed a 4,800-square-foot office sales transaction in Trinity Professional Center for a wellness and rehabilitation practice. The space, sold for $555,000, is located at 1814, 1820 and 1822 Wellness Lane (top left photo) in Trinity.
Carol Kinnard (middle right photo) of CAP Realty represented the seller, MLRS Properties, LLC. Heidi Tuttle-Beisner (lower left photo), CCIM, also of CAP Realty, represented the buyers, Dr. Edward J. Leonard and Dr. Stephen J. Unger.
Aiming to provide a full range of evidence-based healthcare under one roof, Drs. Leonard and Unger’s practice, Florida Wellness and Rehab, offers chiropractic care, physical therapy and massage therapy, as well as family medicine, which is a new addition to the practice with the move to the location on Wellness Lane.
“We’d outgrown our old space, which we were leasing,” said Dr. Unger. “Our new offices will accommodate our current needs and is large enough for us to grow into as we go forward. We were at the right place at the right time to get an excellent deal in a great professional park.”
Florida Wellness and Rehab’s new location was already prepped for medical use, possibly saving the new owners expenses that may have been required to retrofit a general-office building for medical use.
Kinnard, who holds the Associated Medical Office Expert (AMO) certification, specializes in the sales and leasing of medical office space and is well-versed on the unique requirements for certain specialty practices.
“Move-in ready medical office space is in great demand near the Medical Center of Trinity,” she said, “and the sale of this unit to Florida Wellness and Rehab will undoubtedly heighten activity further.”
For more information, see the company’s website at http://www.cap-realty.com/.
Noelle Anderson, APR
Principal & President
True Blue Communications
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Colliers International Completes the Sale of Kindred Hospital Rancho a 98,176 SF Hospital And Medical Office Building in Rancho Cucamonga, CA
Built in 1996, Kindred Hospital Rancho (top left photo) is comprised of a single-story Long-Term Acute care (“LTAC”) hospital building consisting of 55 beds with an attached 3-story medical office building. Both the hospital and medical office building are currently occupied and operated by Kindred Healthcare.
Kindred Healthcare is a major healthcare service provider operating hospitals, nursing rehabilitation centers and sub-acute care facilities throughout the United States.
“Kindred Rancho is a unique asset due to the property consisting of a Long Term Acute Care (“LTAC”) hospital and attached medical office building.” said Wadsworth.
“The unique physical nature of the property combined with a master lease to an industry leader like Kindred Healthcare appealed to a wide range of potential investors,” added Wadsworth.
Regional Marketing Manager
+1 949 724 5545
Colliers International Completes Sale of REO Multi-Tenant Office Building for $4.8 Million in Westlake Village, CA
William Gloege, Associate Vice President, based in Colliers International’s Downtown Los Angeles office, Jeff Albee (middle right photo), Senior Vice President, Jeff Gould (middle left photo), Senior Associate and Chris Itule (lower right photo), Senior Associate, all based in the Encino office represented the Seller and Buyer.
The Seller was a national Special Servicer. The Buyer was Toth Properties, a private capital syndication investor.
“We successfully developed and executed a top tier marketing strategy that not only maximized the value of the asset, but also ensured a fluid closing within a specific and tight time frame,” said Gloege.
“At the time of foreclosure, leasing and tenant relations at the property had been abandoned by the previous owner, requiring a quick and effective solution. We quickly worked with a Special Servicer to mitigate these issues, stabilize the property and preserve value,” added Gloege.
The multi-tenant office building is located in the heart of Westlake Village, one of the most affluent communities in California and is an ideal value-add opportunity.
At the time of the sale, the property was 60% occupied with rent upside, which commanded a low initial capitalization rate for the Seller. This represents one of the first REO sales transactions for a commercial property in the Westlake Village market.
Regional Marketing Manager
+1 949 724 5545
ATLANTA, GA (March 14, 2012) –The Marketing Directors’ top sales associates were recognized for outstanding performance by The Atlanta Board of REALTORS’® Multi-Million Dollar Sales Club (MMDSC) at a banquet held on Friday, March 9, at the Ritz-Carlton, Buckhead.
Gina Barnabo, J. Dunn, Jill Grenuk and Judy Hollowell were named among the top 10 sales agents in the New Homes category in 2011.
“These agents have been an integral part of our sales success in Atlanta,” says David Tufts, president of The Marketing Directors. “We are proud of their accomplishments and thrilled to dominate in the area of new homes sales for the Multi-Million Dollar Sales Club.”
Jill Grenuk (top right photo) is the #1 ranking new homes associate for all of Atlanta. With her son in attendance, she received the top award in the New Homes sales category with over $16 million in sales at The Brookwood last year.
J. Dunn (#4) (middle left photo), also at The Brookwood, sold over $10 million in new homes in 2011. Judy Hollowell (#3), with over $11 million in sales, was part of the TMD sales team that sold out Luxe in Midtown.
Gina Barnabo (#6) (lower right photo) had over $9 million in sales at Serrano. The Marketing Directors represent 49% of the new condominium market share in Atlanta.
For more information, visit www.themarketingdirectorsinc.com or follow us on Facebook.
Liz Lapidus Public Relations:
Liz Lapidus or Kate Thacker
ATLANTA, GA– When it’s time to negotiate a lease, exploring all of your options and an attention to detail are critical. Otherwise, you could find yourself saying, “Oops – I should have covered that in the lease” and crippling your bottom line.
Guests of the most recent episode of the “Commercial Real Estate Show” shared those observations and many others in a detailed discussion of the current issues surrounding commercial real estate leases.
Before entering lease negotiations, tenants should make sure they have solid representation in the form of brokers and experienced real estate attorneys, guests said.
“The reality for corporate America is, real estate costs are typically one of the three biggest items on [companies’] balance sheets,” said David Tennery (top right photo), a principal of Regent Partners’ Office Properties and Development Group. “My sense is you’re not going to negotiate any of those other two [items] without proper representation.”
Negotiating parties shouldn’t agree to overly general letters of intent (LOIs), guests noted. “We think it’s really important to include a lot of different points in your negotiations right up front to protect your interests and avoid costs,” said Phil Baugh (middle left photo), managing director of Baum Realty Group.
Baugh also urged prospective tenants to be on the lookout for problems with common area maintenance costs (CAMs) during negotiations. “CAM unchecked can be a black hole that just sucks profit out of your business,” he said.
For starters, tenants should make sure that CAM is based on leasable space in a building and not leased space. Otherwise, “if a tenant moves out, you’re going to be increasing your CAM costs and paying for that unoccupied space,” Baugh said.
“I think a lot of the business points that sometimes get left out of an LOI should be covered upfront because they’re such major points in a lease,” added show host Michael Bull (middle right photo), founder and president of Bull Realty.
Jonathan Neville (lower left photo), a partner with the Arnall Golden Gregory law firm, said a prospective tenant should pay close attention to how broad a landlord wants to make the definition of rent; leases are sometimes structured so that increases in annual rent also trigger increases in expenses such as parking and extra-hour utility costs.
“If you’re representing a tenant, the key is to negotiate those things out of [the definition of rent] that you want out,” Neville said.
Other topics included co-tenancy provisions; subordination, non-disturbance and attornment agreements (SNDAs); and the basics of properly executed leases and lease amendments.
The next “Commercial Real Estate Show” will be available March 15 and will examine the top commercial real estate associations in the nation.
Wilbert News Strategies
The new tenants welcomed to the office park were Perry Becker (1,849 square feet), a landscape design firm represented by Craig Castor at Cresa Partners, and Harvard Jolly Architects (1,583 square feet).
The Lincoln team also negotiated three lease renewals with Kimley Horn and Associates (10,000 square feet), United Mortgage Partners (2,395 square feet) and Nursefinders (757 square feet).
The leases come shortly after Lincoln completed an extensive renovation of the office park.
“We are extremely excited about the amount of activity we have been able to generate at Corporate Park,” said Gregory, vice president for Lincoln Property Company Southeast. “The renovations look great and the new monument signage will be an added benefit for new and existing tenants.”
Wilbert News Strategies
PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded select-service hotels, announced that its board of trustees has declared a common share dividend of $0.175 for the 2012 first quarter.
Based on the company’s common share closing price of $12.90 at the close of business on March 12, the annualized dividend represents a yield of approximately 5.4 percent.
The common dividend is payable April 27, 2012, to shareholders of record on March 30, 2012. The company will continue to evaluate and adjust its dividend on a quarterly basis
Jerry Daly, Carol McCune
Daly Gray Public Relations