Marcus & Millichap Sells 128-unit Apartment community in Brunswick, GA for $5.4M

BRUNSWICK, GA-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Glynn Place, (bottom left photo) a 128-unit multi-family community in Brunswick.

The sales price of $5.4 million represented $42,188 per unit at an 8.61 percent cap rate.

David Hsieh, (top right photo) an associate vice president investments and associate director of Marcus & Millichap’s National Multi Housing Group in Jacksonville, represented the buyer and the seller in the transaction.

Glynn Place was an excellent opportunity for the buyer to acquire an existing, well-maintained Section 42 Low Income Housing Tax Credit property,” says Hsieh.

Located at 820 Scranton Road, the 152,068-square foot apartment community is situated on 13.38 acres.

Glynn Place consists of spacious three-bedroom garden- and townhome-style apartment homes, with an average unit size of 1,188 square feet.

Unit amenities include washer and dryer connections, well-equipped, modern kitchens, ample cabinets, extra storage space and a private balcony or patio. Community amenities include an on-site leasing office, clubhouse, children’s playground, on-site laundry facility, swimming pool, picnic shelter, volleyball court and fitness center.

Press Contact: David Bradley, Marcus & Millichap, (904) 296-6765

Emerson International launches Eagle Creek Realty in Southeast Orlando

ORLANDO, Fla. --- Emerson International, developer of the master planned Eagle Creek golf course community on Narcoossee Rd. two miles south of S.R. 417 in southeast Orlando, has launched Eagle Creek Realty to serve as the official sales and marketing agents for the more than 3,000 planned luxury single-family homes, golf villas, and town homes at Eagle Creek.

Eric J. Emerson, vice president and general manager of Emerson International, said the gated golf course community has proved a popular choice for a wide variety of families in all price ranges.

Surrounding a championship 18-hole golf course with its New England manor clubhouse and enviable golf, lake, and forest views, Eagle Creek is currently home for some 500 families.

Emerson said 2,000 new homes are planned, along with a wide range of amenities that include community swimming pool, tennis courts, jogging, hiking and biking paths, equestrian trails, a new elementary school within the community, shopping at the planned Village Center, and a planned hotel with luxury accommodations for out-of-town guests.

“Eagle Creek Realty will provide specialized sales and marketing for residential opportunities at Eagle Creek,” Emerson said.

For more information about this press release, contact Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560; ejemerson@emerson-us.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Palmer Electric to wire 1500 SouthPark in Orlando

WINTER PARK, FL — The commercial division of Palmer Electric Company has secured a contract from Brasfield & Gorrie LLC, a general contractor, to wire 1500 SouthPark, (top right photo) an office building located in SouthPark Center in Orlando, Fla.

Palmer Electric’s scope of services is composed of site and building electrical contracting including systems for fire alarm, access control and lightning protection. The four-story, 155,000-square-foot building is scheduled for completion in April 2009.

The Jacksonville, Fla., office of Flagler Development Company Land Holdings LLC is developing the project. HuntonBrady Architects of Orlando, Fla., is the architect. CHPA Consulting Engineers of Maitland, Fla., is providing electrical engineering. Palmer Electric has provided electrical contracting services for the construction of seven buildings in SouthPark Center.

Palmer Electric Company is a provider of electrical contracting and service to contractors and builders for new construction and renovations of residential, commercial, institutional and industrial buildings as well as providing service and repairs to utilities, businesses and consumers.

Founded in 1951, the Company employs a staff of 350 from its headquarters in Winter Park, Fla. For more information, visit http://www.palmer-electric.com/.

Thomas G. Beard, bottom left photo, is Chairman, President, and CEO of Palmer Electric.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344,
elainei@pr-works.com, and http://www.pr-works.com/

Construct Two Group secures contract from City of Lakeland

ORLANDO, FL— Construct Two Group has secured a $1.8 million contract from the City of Lakeland, Fla., for general contracting services for renovations and an addition to the Coleman-Bush Building, (top right photo) a community center located on Martin Luther King, Jr. Drive.

The scope of services is comprised of site preparation, the renovation of 20,328-square-feet of existing space and a 2,420-square-foot addition.

Once completed, the facility will feature larger meeting and community rooms, expanded restrooms and offices for the City’s Code Enforcement and Housing units.

Originally, the project was scheduled for completion in April 2009. However, Construct Two is working to finish the renovated east portion of the building in January to meet the City’s need to move Code Enforcement and Housing into offices earlier than planned. The remainder of the project will be completed according to the initial schedule.

Swilley Curtis Mundy Hannicutt Associates Architects Inc., Lakeland, Fla. is the architect of record. Florida-based subcontractors under contract with Construct Two include Bodie Electrical Contractors Inc., Jacksonville; Payne Air Conditioning & Heating Inc., Lakeland; Assured Excavating, Orlando; Advantage Roofing, Orlando; A Catapano Plumbing Inc., Orlando; and Beneficial Fire Protection, Thonotosassa.

Construct Two Group provides construction management, design-build and program management services to public and private sector clients. (Keith Williams, bottom left photo, is president and CEO of Construct Two Group.)

Having completed more than $500 million in projects since its founding in 1990, Construct Two Group is the largest African-American-owned construction management company in Florida. The Company employs a professional and support staff of 31 from offices in Orlando, Tampa and Tallahassee, Fla.

Please visit http://www.constructtwo.com/ for additional information.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344,
elainei@pr-works.com and http://www.pr-works.com/

D & A Building Services ranked largest commercial cleaning company in Central Florida

LONGWOOD, FL —D & A Building Services Inc. was recently ranked the largest commercial cleaning/janitorial services company in 2008 by Orlando Business Journal.

The poll, published in the publication’s December 5 – 12, 2008 issue, notes the Longwood, Fla.-headquartered facility maintenance company topped the list with 2007 revenues of $18.6 million.

“It is a tremendous compliment to our staff to be ranked number one,” said Al Sarabasa, Jr., (top right photo) president and founder, D & A Building Services Inc.

Founded in Central Florida in 1985, D & A Building Services has grown to a full-service facility maintenance company with offices in Longwood, Fla., Jacksonville, Fla., Tampa, Fla., Kansas City, Mo., Madison, Wis., Dallas, Texas; and Detroit, Mich.

D & A provides janitorial, exterior maintenance, landscape maintenance, waterproofing, construction clean-up and communications services to property managers, building owners, and local, state and Federal governments. The veteran-owned company is an Hispanic-Owned Business Enterprise.

For additional information, please visit http://www.dabuildingservices.com/.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344, elainei@pr-works.com, http://www.pr-works.com/

Seminole Community College bestows honorary degree on David M. Beasley

WINTER PARK, FL— David M. Beasley, senior vice president at Palmer Electric Co., received an honorary Associate of Arts degree from Seminole Community College (SCC) at a commencement ceremony held at its Sanford/Lake Mary Campus on December 12.

Beasley was honored for his efforts to improve construction education, and for his leadership role in Central Florida’s construction industry throughout his 49 year career.

(SCC President Dr. E. Ann McGee, top right photo, presents an Honorary Associate in Arts Degree to David Beasley. Photo by Bob Knight Photo and Chappell Studio.)

Beasley currently serves on the SCC Construction Management Advisory Board. During his long association with SCC, he worked on the design, construction and funding of the Bellwether award-winning Construction Trades Building (building D) on the Sanford/Lake Mary, Fla., campus.

Beasley’s efforts helped create a unique funding mechanism to construct the building with the State of Florida providing $2.7 million and the construction industry providing matching in-kind contributions. Further, Beasley and Palmer Electric Co. continue their partnership with SCC, and their support of the construction management program through donations.

Beasley also worked with SCC and Seminole County Public Schools to offer Dual Enrollment opportunities for high school students enrolled in the Academy of Construction Technologies (ACT), an organization Beasley helped found, that affords high school students pre-apprenticeship training at SCC.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344,
elainei@pr-works.com, and http://www.pr-works.com/

Expert Says Funding Options Available in Sub-Acute Nursing Field

CHICAGO, IL--Nursing home owners wishing to expand and tap into profits from sub-acute nursing business are not without funding options.

“FHA-insured HUD loans can be an ideal vehicle for funding these projects, but conventional lenders with healthcare specializations are also interested in this profitable facet of the business,” says Cambridge Realty Capital Companies Senior Vice President Brent Holman-Gomez. (top right photo)

Cambridge is one of the nation’s leading senior housing/healthcare lenders, with more than 300 closed transactions totaling more than $2.75 billion since the mid 1990s. The company has consistently ranked among the leading HUD 232 lenders and offers conventional funding options as well.

Holman-Gomez points out that four years ago, sub-acute nursing was a new concept. Today, the business model is widely recognized as a proven bottom-line contributor and is projected to become an even more important profit center in the future.

Most typically, sub-acute residents enter the nursing home following hospital stays of three or more days and hope to exit and return to their own homes following a short-term stay. Primarily, the concept is being marketed to individuals with financial resources and those with Medicare benefits, which cover costs for up to 90 days.

Holman-Gomez points out that serving this market segment is more capital-intensive, with owners investing more in both staff services and facilities.

Significant investments are being made to improve older homes and create the sort of environment and ambience that appeals to sub-acute residents.

Some owners of existing homes are dedicating entire wings of their buildings to this more profitable sub-acute market segment, while others are completely retro-fitting their facilities to cater to these residents.

In what’s becoming a more competitive industry, owners hoping to attract this lucrative business are stepping up marketing efforts to doctors and hospitals. The trend has been for owners to offer improved services and more spacious private rooms and a “homey” ambience to attract residents.

Holman-Gomez believes HUD is an excellent choice to fund these improvements because the high loan-to-cost value on these loans minimizes the amount of additional investment that will be needed by the owner.

Owners can either underwrite existing business income with increased loan proceeds for minor to mid-sized improvements, or underwrite projected business income from a substantial new construction project.

While the capital markets are tight, some conventional lenders with healthcare specializations are providing funding to refinance with expansion and for accounts receivable financing to fund business growth, he said.

Contact: Evan Washington, Phone: (312) 521-7603. Fax: (312) 357-1611

E-Mail: ew@cambridgecap.com