Wednesday, May 30, 2018

NAI Realvest Names Bill Benedict Senior Vice President in Orlando, FL


 
Bill Benedict


ORLANDO, Fla. --- NAI Realvest announced that Bill Benedict, a seasoned commercial real estate professional, has joined the firm as senior vice president in Orlando, FL    
           
Patrick Mahoney, president of NAI Realvest, said Benedict has more than 30 years of hands-on experience in commercial real estate, including brokerage, asset management and appraisals of a wide variety of income producing properties. 

Patrick Mahoney
Throughout his career, Benedict brought several high-profile buildings in downtown Orlando to 100 percent occupancy.

  From 1989 to 1994 he was executive director of Southland Executive Park, a 281,000 square foot office/industrial development in south Orlando. 

At NAI Realvest, Benedict will specialize in investment sales, office and industrial leasing and tenant representation.  

 “Benedict is one of the most astute and versatile commercial real estate professionals in the Central Florida region. We are proud that he is part of our NAI Realvest team,” Mahoney said.


For more information about this press release, please contact
           
Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com.



Hold-Thyssen Negotiates New Lease with Construction Firm Expanding into the Lake Mary-Heathrow Submarket in Central Florida



Darby Hold


Lake Mary / Winter Park, Fla. --- Hold-Thyssen, a full service real estate firm located in Winter Park, closed on a five-year lease for 8,000 square feet of class A office space at 160 International Parkway in Lake Mary.  
  
Darby Hold, Associate at Hold-Thyssen, Inc. brokered the transaction on behalf of Landlord Topaz Eagles, LLC.  Tenant Jr. Davis Construction Company, Inc. with over 30 years of experience and 700+ employees, provides full service, heavy highway and site development for roadway, residential and commercial properties.   

Hold-Thyssen, Inc. provides commercial property brokerage and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.


For more information about this press release, please contact
           
Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com.



After Strong First Quarter CBRE Lifts 2018 U.S. Lodging Forecast



R. Mark Woodworth


Atlanta, GA, May 30, 2018 – Based on better than expected first quarter performance, CBRE Hotels’ Americas Research (CBRE) has enhanced its outlook for 2018. 

According to STR, U.S. hotels enjoyed a 3.5 percent increase in revenue per available room (RevPAR) during the first quarter of 2018, exceeding the 2.5 percent RevPAR gain expected by CBRE for the period. 

Accordingly, CBRE now is forecasting a 2.8 percent annual increase in RevPAR for U.S. hotels in 2018, a 0.3 percentage point enhancement over the 2.5 percent mark published in CBRE’s March 2018 Hotel Horizons® report.

“We continue to be impressed by the ability of the U.S. economy to support demand growth for accommodations away from home,” said R. Mark Woodworth, senior managing director of CBRE Hotels’ Americas Research. 


John B. (Jack) Corgel

 “Helped by an expanding economy, first quarter 2018 lodging demand grew at 3.0 percent, a full 1.1 percentage points greater than anticipated.  This sustains 33 consecutive quarters of demand growth, a streak that started in the first quarter of 2010.”

Given the strong first quarter performance, CBRE’s 2018 annual forecast for growth in lodging demand has increased from 1.8 percent in its March forecast report to 2.1 percent in the June edition. 

With the nation’s lodging supply forecast to grow by 2.0 percent, this now flips the occupancy projection from a 0.1 percent decline to an increase of 0.1 percent. 

“Looking toward 2019, we foresee another year of occupancy growth.  This will mark 10 consecutive years of increases in occupancy and five consecutive years of record occupancy levels,” Woodworth noted.

“With sustained record occupancy levels, we also are starting to see the return of some pricing power for U.S. hoteliers,” said John B. (Jack) Corgel, Ph.D., professor of real estate at the Cornell University School of Hotel Administration and senior advisor to CBRE Hotels’ Americas Research. 


 “Ever since the U.S. lodging industry achieved a new all-time high occupancy level in 2015, we have observed a slowdown in the pace of annual changes in average daily room rates (ADR). 

" This is counterintuitive to basic economic principles.  However, based on the strong performance observed during the first quarter of 2018, we are forecasting a 2.7 percent annual increase in ADR for 2018.  

"This is greater than the 2.1 percent annual change in ADR during 2017.”

 For more information, please contact:

CHRIS DALY
PRESIDENT
DALY GRAY PUBLIC RELATIONS, INC.
620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-864-5553




Strawberry Place Apartments, Plant City, FL


PLANT CITY, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Strawberry Place Apartments, a 55-unit apartment property located in Plant City, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,575,000.

Luis Baez
Luis Baez, CCIM and Casey Babb, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. Baez and Babb secured and represented the buyer, a private investor.
 “This acquisition provided the buyer an opportunity to capitalize on a value-add investment, and in a tertiary market which is a trend we have seen from local investors in pursuit of higher yields,” says Baez.

Strawberry Place Apartments is a 55-unit, early 1980s vintage, Class B, garden apartment community that is 1.5 miles south of downtown Plant City and west of Jim Redman Parkway. The community consists of nine single-story, modular wood frame buildings with pitched shingle roofs which were all replaced in 2015. 

Casey Babb
Set on approximately 3.8 acres the property features mature, shady landscaping and a quiet park-like setting with a creek running through the north part of the property.  The unit mix consists of 51 one-bedroom/one-bathroom units at 575 square feet and four, two-bedroom/one-bath units at 876 square feet. 
Units feature private entries and patios, individual air conditioning units, washer and dryer connections with utility rooms, and fully equipped kitchens. Strawberry Place Apartments is located at 1400 Strawberry Place in Plant City, Florida.
                                                             
For more information, please contact:

Ari Ravi
Regional Manager, Tampa
(813) 387-4700




Marcus & Millichap Arranges Sale of 55-Unit Apartment Building in Plant City, FL

          
Strawberry Place Apartments, 1400 Strawberry Place, 
Plant City, FL








PLANT CITY, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Strawberry Place Apartments, a 55-unit apartment property located in Plant City, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,575,000.

Luis Baez
Luis Baez, CCIM and Casey Babb, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. Baez and Babb secured and represented the buyer, a private investor.
 “This acquisition provided the buyer an opportunity to capitalize on a value-add investment, and in a tertiary market which is a trend we have seen from local investors in pursuit of higher yields,” says Baez.

Strawberry Place Apartments is a 55-unit, early 1980s vintage, Class B, garden apartment community that is 1.5 miles south of downtown Plant City and west of Jim Redman Parkway. The community consists of nine single-story, modular wood frame buildings with pitched shingle roofs which were all replaced in 2015. 

Casey Babb
Set on approximately 3.8 acres the property features mature, shady landscaping and a quiet park-like setting with a creek running through the north part of the property.  The unit mix consists of 51 one-bedroom/one-bathroom units at 575 square feet and four, two-bedroom/one-bath units at 876 square feet. 
Units feature private entries and patios, individual air conditioning units, washer and dryer connections with utility rooms, and fully equipped kitchens. Strawberry Place Apartments is located at 1400 Strawberry Place in Plant City, Florida.
                                                             
For more information, please contact:

Ari Ravi
Regional Manager, Tampa
(813) 387-4700