Sunday, April 8, 2012

Foreclosure Action Filed Against Proposed Condo Tower Site In Miami

MIAMI, FL -- As the South Florida condo market shows signs of a rebirth, one of the first post-crash projects to be revived from the last boom - the proposed 369-unit Sky Palace at Mary Brickell Village tower (top left rendering) in the Brickell Avenue Area of Greater Downtown Miami - is faced with a potential setback.

A foreclosure lawsuit has been filed by the lender of record - MBV Investment Holdings LLC with authorized representative James W. Shindell - against the proposed project's developer - Skypalace Development LLC with Evangeline Gouletas (middle right photo) as managing member - seeking repayment of a $7.4 million mortgage provided in April 2011, according to the South Florida Business Journal and Florida Secretary of State records. 

The foreclosure action also names a second lender - LNR-LYND MBV LLC with a Southern California mailing address of LNR Property's Commercial Property Group - that provided a $1.5 million loan just weeks earlier in February 2012 to Skypalace Development LLC, according to the South Florida Business Journal and Miami-Dade County records.

It is unclear what impact if any the foreclosure action will have the proposed 35-story tower that is slated to stand atop the Publix Super Market at the Shops At Mary Brickell Village (lower left photo) open-air retail center on Southwest 1st Avenue in the Brickell Avenue Area, industry watchers said. 

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

Condo Vultures® LLC, ia real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154.
PH: 800-750-0517.

Colliers International Completes Purchase of 39,995 SF Industrial Building in Chatsworth, CA

 Chatsworth, CA– Colliers International, the third largest global real estate services organization, has completed the purchase of a 39,995 square foot industrial property located at 21900-21910 Plummer Street (top left photo)in Chatsworth.  The transaction is valued at approximately $3.8 million.

John DeGrinis (middle right photo), Senior Executive Vice President, Patrick DuRoss (middle left photo), Associate Vice President, and Jeff Abraham (lower right photo), Senior Associate all based in Colliers International’s Encino office represented the buyer, Earthly Body, Inc.

 The seller, David Shoshan, was represented by Brock Burnett (lower left photo) and Jeff Gould (bottom right photo), also of Colliers International’s Encino office, along with DeGrinis, DuRoss and Abraham.

Earthly Body will be growing its business from three units totaling approximately 18,000 square feet into the single building. 

“Since the company started in 1994, business has grown each year and has almost doubled every year since 2007, an incredible feat considering the state of the market the past five years,” explained Abraham. 

“We have assisted Earthly Body with its growth over the past four years by structuring short term leases on smaller spaces, waiting for the perfect time to acquire a facility that will accommodate its growth plan for years to come.”

“SBA financing allowed our client to obtain advantageous loan terms including 90% loan-to-value,” added DuRoss.  “Low, fixed interest rates and high loan-to-value SBA financing are driving owner-user purchases in today’s market.”

The high-image, free standing industrial building was constructed in 1984 and offers state-of-the-art building features including 22-foot minimum clearance, 600 amps of power and high image office space. 

 It will be used for manufacturing and distribution of natural body and skin care products.

Contact: Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224

Voit Real Estate Services Recognized as a Top Performer in Sales and Leasing in Orange County, CA

NEWPORT BEACH, CA – Voit Real Estate Services has been recognized as a “CoStar Power Broker” Top Sales Firm and Top Leasing Firm in the Orange County market for 2011.

These distinguished honors are awarded based on a firm’s overall sales and leasing transaction volume for the 2011 calendar year, and are measured against all commercial real estate brokers’ activity in the region.

 “Voit is covering an enormous amount of ground in Orange County, and these awards speak to the excellence of our hard working team of brokers and professionals,” said Mark Read (top right photo), Executive Managing Director of Voit’s Orange County operations. “We continue to increase our transaction volume in the market, we look forward to increasing our sales and leasing activity even further as we enter the second quarter of 2012.”

Jenn Quader/ Judith Brower
Brower, Miller & Cole
(949) 955-7940

Voit Selected to Market 73,000-SF Laguna Hills, CA Medical Office Building

ORANGE COUNTY, CA – Dan Vittone (middle right photo) and Alan Pekarcik (middle left photo) of Voit Real Estate Services’ Irvine office have been selected to market a 72,928 square-foot medical office property available for sale at 24012 Calle De La Plata (top left photo) in Laguna Hills, Calif.

 The property, which is adjacent to Saddleback Memorial Medical Center, is currently 57 percent occupied by medical, financial, and professional office tenants.

Formerly known as Saddleback Financial Center, this four-story, Class B building has recently been updated to include a new roof, HVAC units, and a chiller; in addition to upgraded common areas, restrooms and elevators.  The property for sale also includes an interest in the attached, six-level parking structure. 

 “This building has a number of diverse tenants in place, and is well-positioned for a buyer to benefit from future economic expansion and rent growth in Orange County,” said Vittone.

 “In addition, the property’s close proximity to Saddleback Memorial Medical Center presents a unique opportunity for investors to generate increased rental revenue by marketing available space to medical tenants. Neighboring medical office buildings are currently achieving rents ranging from $2.25 to $2.80 PSF/month on a triple net basis.” 

This property is located near Interstate 5 and the Laguna Hills business district on El Toro Road, and is situated next to the Laguna Hills mall.  For more information, contact Dan Vittone at (949) 263-5328 or Alan Pekarcik at (949) 263-5308.


Jenn Quader/ Judith Brower
Brower, Miller & Cole
(949) 955-7940