Saturday, November 8, 2014

CBRE Arranges Sale of Land to Developer for Planned $100 Million Waterfront Multifamily Project in Orlando, FL

Shelton  D. Granade Jr.
Orlando, FL – CBRE arranged the sale of a 10-acre lakefront site located at 1711 and 1887 Jake Street in Orlando’s affluent Baldwin Park submarket, the site of a future planned $100 million luxury lakefront multifamily community.

The property was acquired by Orlando-based ZOM Development Inc. and its joint venture partner AIG Global Real Estate from the Baldwin Newco investment group for $1 6 million.

The land will be developed into a 483-unit rental apartment community to be called Baldwin Harbor. The $16 million cost for the land signifies a per unit price of $33,126, which represents the largest per unit apartment land price in the metropolitan Orlando area since

“This truly is one of the best development sites in Central Florida, and is a game-changer for the area,” said Shelton Granade, Executive Vice President of CBRE Capital Markets, Multifamily. “

Luke Wickham
Construction is expected to commence in November.

CBRE’s Shelton Granade, Luke Wickham, and Justin Basquill exclusively represented the seller in the transaction, and have closed more than $1.4 billion in apartment sales in Central Florida since 2013 to date.

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

Shelton D. Granade, Jr., Executive Vice President
CBRE | Investment Properties - Multifamily
200 S. Orange Avenue, Suite 2100 | Orlando, FL 32801
T 407 839 3103 F 407 404 5001

Housing & Foreclosure Reports U.S. Institutional Investors & Cash Sales Report Q3 2014

Daren Blomquist

IRVINE, CA — RealtyTrac® (, the nation’s leading source for comprehensive housing data,  released its Q3 2014 U.S. Institutional Investor & Cash Sales Report, which shows that sales to institutional investors — entities that purchase at least 10 properties in a calendar year — accounted for 4.3 percent of all sales of single family homes and condos in the third quarter, down from 5.0 percent in the previous quarter and down from 5.3 percent a year ago to the lowest level since the fourth quarter of 2010.

Meanwhile all-cash sales accounted for 33.9 percent of all sales of single family homes and condos nationwide in the third quarter, down from 36.9 percent in the second quarter and unchanged from a year ago.

“Cash sales continue to be an important piece of the real estate puzzle right now, representing one in every three home sales nationwide in the third quarter of 2014 and helping to drive up U.S. median home prices 38 percent over the last two and half years,” said Daren Blomquist, vice president at RealtyTrac.

“As institutional investors and other cash buyers slow down their purchasing in many markets across the country, more traditional buyers — including first-time homebuyers and move-up buyers — will need to increasingly fill in the missing puzzle pieces to maintain the momentum of the housing recovery.

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

Jennifer von Pohlmann
949.502.8300949.502.8300, ext. 139

Crossman & Co. Closes Deal on Winn-Dixie-Anchored Center in Pensacola, FL

Bruce Lyons
PENSACOLA, FL – Eastgate Plaza, a 168,427 square foot retail center, anchored by Winn-Dixie was transacted on August 27th.  Located in the heart of Pensacola, Florida and is a key commercial corridor at the intersection of N. 9th Avenue and Creighton Road.  

The center was built on 19.87 acres and renovated in 2012.
 Some notable tenants include ITT Technical Institute, Guitar Center and Powerhouse Gym.

Crossman & Company’s Senior Managing Director, Bruce Lyons, noted “It was very gratifying to see our efforts we put forth for three years toward this center play out and become successful.”

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

Sydnie Cobb
Crossman & Company

Charles Dunn Company Completes $15.1 Million Sale of a 103-Unit Multifamily Portfolio in Los Angeles, CA

Hamid Soroudi
 LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $15.1 million sale of a multifamily property portfolio totaling 103 units in Los Angeles. The sale includes two properties located within one block of each other at 119 N. Avenue 51 and 219 N. Avenue 51.

Hamid Soroudi of Charles Dunn Company represented the seller, Pacific 119 & 219 Ave-51, LP, a California limited partnership.

Darrell Levonian and Tanel Harunzade of Charles Dunn Company resented the buyer, BWCH Inc., a California Corporation. The property sold at a capitalization rate of 4.9 percent.

According to Soroudi, the buyer is a local investor group that plans on adding value to the portfolio through a substantial renovation in order to bring rents up to market rates.

Darrell Levonian
“Charles Dunn aggressively marketed this value-add portfolio opportunity and garnered several strong offers,” said Soroudi. “The market is extremely competitive and this type of value-add property is attractive as opportunities like this are few and far between.”

119 N. Avenue 51 was built in 1990 and 219 N. Avenue 51 was built in 1991. The portfolio includes 70 two-bedroom/one-bathroom units; 23 one-bedroom/one-bathroom units; and 10 single units. Each three-story property includes controlled access with two-level subterranean parking, garages and elevators.

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

Darcie Giacchetto
D.G. Communications, Inc.

Westgroup Designs Achieves LEED Platinum Certification for the Google Orange County, CA Headquarters

Google Orange County Headquarters,
Jamboree and MacArthur, Irvine, CA

Irvine, CA  -- The 140,000-square-foot Google Orange County Headquarters, a striking glass structure completing the Impac Center campus and plaza was recently Certified LEED© Platinum by the USGBC for Core and Shell.  The building is located at the intersection of Jamboree and MacArthur in the City of Irvine.

The building, designed by Westgroup Designs, is the first multi-story commercial office project located throughout Southern and Central California to receive LEED Platinum Certification.

LEED, or Leadership in Energy & Environmental Design, is a green building certification program that recognizes best-in-class building strategies and practices.

Westgroup’s sustainability solutions for the Google building incorporated strategic design elements such as the use of energy-efficient, 10’ high monolithic glass, streamlined structural design, exterior balconies and 45-foot interior bay depths. These solutions contributed to the sustainability of the project as well as providing significant savings on construction costs.

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

Capital Resorts Group Corporate Office Relocates and Expands Corporate Office to Morgan Stanley Tower in Downtown St. Petersburg, FL

David DeShaw

 St. Petersburg, FL – Capital Resorts Group, a leader in the vacation ownership industry, has announced it has moved its corporate office from Clermont to St. Petersburg, Florida.

 A significant growth in the company necessitated the move, which took place on November 1, 2014.

 The new headquarters are located at 150 2nd Avenue North, Suite 450, St. Petersburg, Florida 33703.

     "As our brand and resort locations have become known throughout the industry, demand has risen – and quickly,” says David DeShaw, Chief Hospitality Officer of Capital Resorts Group.

“Our new corporate office is significantly larger than our previous offices and offers a more efficient layout. It will support our continued growth and expansion, while providing a better work environment for current and future staff. I think it underscores our commitment to our owners, partners, lenders and employees." 

     The new 14,000 square foot office will be located in the Morgan Stanley Tower in downtown St. Petersburg.

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

Paige Perme
Capital Resorts Group
(417) 332-8589

Kelley J. Williams Joins MBA as Associate Vice President of Government Affairs

Bill Killmer

 Washington, DC -- The Mortgage Bankers Association (MBA) announced Kelley J. Williams has joined the Association as Associate Vice President of Legislative Affairs.

In this position, Williams will serve as MBA’s lead Democratic lobbyist for the House of Representatives. Williams comes to MBA from The Hartford, where she was Director of Government Affairs. She will assume this position on November 10, 2014.

“We are pleased Kelley is rejoining MBA and her addition will only strengthen our already deeply experienced team,” said Bill Killmer, Senior Vice President, Legislative & Political Affairs.

 “Her work will be invaluable to MBA as we move forward into a new legislative year. I am confident that she will continue the excellent performance she has consistently demonstrated in her previous government relation experience.”

Before her position at the Hartford, Williams was Director of Political Affairs for MBA. As Director, Williams coordinated efforts to raise a then record amount of $1.26 million in the 2011-2012 fundraising cycle for MORPAC (the Mortgage Bankers Political Action Committee).

Prior to joining MBA, she was the Manager of Government Affairs at the American Land Title Association (ALTA), where she split her duties between direct lobbying on association issues and managing the operations of ALTA's political action committee. Williams was also a Government Affairs Associate at KPMG LLP.

Williams holds a B.S.C. in Communication and Political Science from the University of Miami, in Coral Gables, FL.

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

Rob Van Raaphorst
(202) 557-2799