Wednesday, July 25, 2012

CBRE Orlando Brokers $12.5 Million Sale of Oakwood Village Apartments in Winter Park, FL

ORLANDO, FL -- CBRE is pleased to announce the sale of Oakwood Village apartments (top left and lower right photos) in Winter Park, FL for $12,500,000.

Built in 1973, the community features 278 units on Lake Nan with an average of 811 SF per unit. The property was 90% occupied at closing.

Shelton Granade and Luke Wickham ofCBRE’s Central Florida Multi-Housing Group exclusively represented the seller. The closing was CBRE’s second in two weeks and a marketleading 22nd multi-housing transaction locally in 2012 year to date.

Buyer interest in multi-housing assets in Central Florida has increased significantly.

For further information, please, contact

Central Florida
Multi-Housing Group of CBRE.
Shelton Granade
Executive Vice President
T 407.839.3103

Luke Wickham
Director of Operations
T 407.839.3130

Post Properties Announces $74 Million Acquisition of Post South End™ in Charlotte, NC

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today the closing of its acquisition of the 360-unit Post South End™ (top left photo) apartment community.

 The community is located in the South End neighborhood of Charlotte, at the Bland Street station on Charlotte’s Lynx Blue Line, which provides light rail service to Charlotte’s major Uptown employment center.

Post South End™ is LEED Silver certified, and was completed in 2009. The community has average unit sizes of 847 square feet and is currently approximately 95% occupied. The community also features 7,612 square feet of retail space that is 100% leased to three restaurant/bar concepts.

The purchase price of the acquisition is $74 million, which the Company funded with available cash. The Company currently expects the yield over its first twelve months of ownership will be approximately 5%, after a 3% management fee and $300 per unit reserve.

Said Dave Stockert (lower right photo) CEO, “The Charlotte apartment market is performing very well, and we are pleased to add a high-quality, well-located community to the Post portfolio in that city.

“Post South End™ provides access to transit and a mixed-use environment that appeals to the young, educated professionals we look to attract and retain as our residents.”

For a complete copy of the company’s news release, please contact:
Post Properties, Inc., Dave Stockert, 404-846-5000

Two of the Best Economic Recovery Programs for Small Businesses in the U.S. set to expire unless Congress acts soon

ORLANDO, FL. – Two of the most effective economic recovery programs for small businesses in the U.S. are set to expire in late September unless Congress ends its election-year deadlock and acts to extend them.

Christopher Hurn (top right photo), chief executive officer of Mercantile Capital Corporation, one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, said he’s worried that SBA 504 loans for small businesses are being overlooked as Congress grapples with more visible public policy issues.

Hurn said the two initiatives — the SBA 504 refinance program and the First Mortgage Lien Pooling (FMLP) program — significantly expand the benefits of SBA 504 financing for small businesses in the U.S. at a time when our economy needs those businesses to grow and create jobs.

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

Chris Hurn, Mercantile Capital Corporation, 407-786-5040
Larry Vershel Communications 407-644 4142

Colliers International South Florida Lists Medical Building for Lease After Completing Sale

MIAMI, FL, July 25, 2012 - Colliers International South Florida has been named the exclusive representative to lease Boca West Medical Center (top left photo), a 31,600-square-foot former medical building, located just south of the intersection of Glades Road and State Road 7 in Boca Raton, FL.

 Last year Executive Vice President Robert Listokin, SIOR and Senior Commercial Associate Peyton Moore, MBA sold the building to the current owners on behalf of the previous owner, Aptium Oncology, and have now been engaged to lease the building.

The available space is fully furnished and ideal for medical and medical related users.

"The property presents the perfect opportunity for an outpatient surgery center, cancer treatment center, physicians' group or other healthcare related business, to lease the premier medical building along the busy Glades Road/State Road 7 (US 441) corridor in West Boca Raton," says Listokin.

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

Crystal Proenza
Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138

Advenir Acquires Apartment Community in Orlando, FL for $27.1 Million

 ORLANDO, FL, July 25, 2012 – Advenir, a premier provider of multi-family real estate investment and management services, has acquired Advenir at Polos East (top left photo) (formerly Polos East at Waterford), a 308 unit community located in the upscale Waterford Lakes submarket of Orlando, Florida for $27.1 million. 

 In the past 12 months, Advenir has acquired more than 2,300 multi-family units.

“We were attracted to Advenir at Polos East because of the significant value to replacement cost, strong market fundamentals and clear value-add potential,” said Todd Linden (lower right photo), Chief Acquisition Officer of Advenir.

 “Advenir is actively looking to acquire stabilized income producing multi-family assets in markets that have exhibited, and are projecting, healthy economies, positive employment growth, and in-migration.”

Advenir at Polos East is 94 percent leased.  The community features 140 one bedroom/one bathroom units, 136 two bedroom/two bathroom units and 32 three bedroom/two bathroom units.  Currently, rents average $750-$1,100 per month.

Advenir represented itself in the transaction.  Kevin Judd, Patrick Dufour and Matt Wilcox of ARA represented the seller, a National-based REIT.

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

David Ebeling
Ebeling Communications
949.278.7851 (Cell)

Institutional Property Advisors Names Drew Kile Director

FORT WORTH, TX– Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has named Drew Kile (top right photo) as a director, according to Hessam Nadji, managing director of IPA.

 “As a Fort Worth native, Drew brings unparalleled market expertise to his new position,” says Nadji. “The addition of Drew to our team of elite multifamily brokerage specialists allows IPA to bring its client-focused approach to every market in Texas.”

Kile joins the Balthrope Group, which is led by IPA executive director, Will Balthrope. Working from IPA’s Fort Worth office, Kile focuses on enhancing IPA’s services for institutions and major private owners throughout Tarrant County, one of the fastest-growing urban areas in the United States.

Bill Rose of Marcus & Millichap Appointed ICSC Western Division Operations Chairman

 SAN DIEGO, CA ­­­– Marcus & Millichap announced that the International Council of Shopping Centers (ICSC) has appointed Bill Rose (lower left photo) as Western division Operation Chair for a one-year term beginning in April 2012. In this volunteer role, Rose will represent the interests of owners, developers, investors, marketers and other retail specialists across the western region of the United States. 

“Bill has been instrumental in improving our service delivery to major retail investors and in expanding the firm’s retail and net-lease business,” says John J. Kerin, president and chief executive officer of Marcus & Millichap. “Furthermore, he has successfully mentored and assisted our retail agents in developing their business, which makes him an excellent choice as the ICSC Western Division Operations Chairman. His involvement and understanding of the inner workings of the ICSC organization also make him a great selection.”

For complete copies of both news releases, please contact:

Stacey Corso
Public Relations Manager
(925) 953-1716