Marcus & Millichap Sells 24,750-SF Self-Storage Faco;otu om Dunnellon, FL

DUNNELLON, FL, May 28, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Out-Back Self Storage,(top left photo)  a 24,750-square foot self-storage facility property located in Dunnellon, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,150,000.

Adam Wides, (middle right photo) investment specialist and Michael A. Mele (bottom left photo) , vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company and the buyer, a private investor, both based out of Florida.

“Out-Back Self Storage has a lot of the characteristics an investor looks for in a facility and it proves that quality, income-producing facilities can find a buyer in this market”, stated Wides.

“We were able to generate multiple offers for this property and chose a buyer who came in above 95% of list price and closed in 45 days”, added Mele

Out-Back Self Storage is located at 19545 West Highway 40. This 23,625 net rentable square foot facility is situated on approximately 3.32 acres of land. The property was built in 2006 and expanded in 2009.

Press Contact:  Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Marcus & Millichap Wins New Listings in Illinois, Texas and Arizona

CHICAGO, IL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing for 806 N. Rush St. and 56-58 E. Chicago Ave. (top left photo) , a two-building property in the heart of the Gold Coast.

The unpriced property includes Pippin’s Tavern, (top  right photo)  one of Chicago’s most famous establishments, and a six-story mixed-use building with three ground-floor retail stores and 26 apartment units.

 In all, Marcus & Millichap is selling 26,385 square feet of space in two buildings located on 5,800 square feet of land.

Kyle Stengle, a senior associate, in the firm’s Chicago Downtown office, is exclusively marketing this property on behalf of the owner, a private investor.

“This is an excellent opportunity for an owner to rehab or redevelop this site,” explains Stengle.

“The property has been in the current owner’s hands for a long time, as are most of the properties in this area,” says Stengle, who specializes in the Near North neighborhoods, including the Gold Coast, Lincoln Park, Lakeview and Bucktown.

“Regardless of the current state of the economy, high-demand infill locations still attract investor interest because of the underlying, long-term value of the land in this area. Retail rents in the Gold Coast submarket range between $100 per square foot and $400 per square foot on a triple-net basis,” adds Stengle.

This 26,385-square foot property is surrounded by many high-end tenants including Bentley Gold Coast, Lululemon, Starbucks, Hyatt Hotels, Barney’s New York, Patagonia, Tori Burch, Jimmy Choo and other national-credit and local tenants.

 $20M Mixed-Use Development Site Listed in Midlothian, TX

MIDLOTHIAN, TX– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 560-acre mixed-use development site in Midlothian, which is located approximately 20 miles south of the Dallas/Fort Worth Metroplex.

John Barker, a vice president investments and director of the firm’s National Multi Housing Group in Dallas, and Creighton Stark, a senior associate, also in Dallas, are representing the seller.

“This 560-acre planned development opportunity is ideal for a number of uses and is situated along the city’s two main arteries in a highly progressive and synergistic community,” says Stark. “The location features an abundance of traffic generators, including Joe Pool Lake, a Wal-Mart Supercenter, which is situated across the highway from the property, Navarro College (lower right photo)  and several major employers.”

The parcel is located along U.S. Highway 287 and U.S. Highway 67 in Midlothian with 1.5 miles of frontage along Highway 287, 0.5 miles of frontage on Highway 67 and combined traffic counts of approximately 131,000 vehicles per day.

Midlothian is located 26 miles south of Dallas, 27 miles southeast of Fort Worth, 73 miles north of Waco and 180 miles north of Austin in Ellis County.



Reywest Commerce Center in Tucson, AZ Listed for $11.5M 

TUCSON, Ariz., May 28, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for two adjacent institutional-grade foot industrial assets in Tucson known as the Reywest Commerce Center (bottom left photo). The listing price for the net-leased property is $11.5 million, which represents $95 per square foot.

Peter P. Ioannou, a vice president investments in the firm’s West Los Angeles office, and David A. Guido, (bottom right photo)  in Marcus & Millichap’s Phoenix office, are representing the seller, a Beverly Hills, Calif.-based limited partnership.

“The built-to-suit asset was developed in the third quarter of 1999 for Raytheon by a division of the Alcoa Co.,” says Ioannou. “Raytheon leased the property for a 10-year term and has just exercised the first of its five three-year options.”

The property is located at 6221 and 6223 South Palo Verde Road on a corner parcel with 312 feet of frontage on South Palo Verde Road, a main arterial road leading to the Tucson International Airport.

The Reywest Commerce Center was built on 7.54 acres of land. Construction consists of five-inch concrete-slab floors, concrete tilt-up walls and a wood panelized built-up roof. Parking is available on grade, 4.3 spaces per 1,000 feet. The structure is in excellent condition and has received improvements by Raytheon. A national credit tenant with global reach, Raytheon has a Standard & Poor’s rating of A-.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Regency Centers Sells $150M of 10-Year Senior Unsecured Notes

JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG) announced  that its operating partnership, Regency Centers, L.P., completed the sale of $150 million of 6.0% ten-year senior unsecured notes under its existing shelf registration statement.

The notes are due June 15, 2020 and were priced at 99.299%. Interest on the notes will be payable semiannually on June 15th and December 15th of each year, beginning on December 15, 2010. The net proceeds will be used to repay near-term maturing indebtedness and for general corporate purposes.

J.P. Morgan Securities Inc. and Wells Fargo Securities, LLC acted as joint book-running lead managers for the transaction.

The co-managers were Banc of America Securities LLC, Capital One Southcoast Inc., Comerica Securities Inc., Daiwa Securities America Inc., Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., Morgan Keegan & Company Inc., PNC Capital Markets LLC, RBC Capital Markets Corporation, SunTrust Robinson Humphrey Inc. and US Bancorp Investments Inc.

A copy of the prospectus supplement and accompanying prospectus meeting the requirements of Section 10 of the Securities Act of 1933 may be obtained by contacting the underwriters at J.P. Morgan Securities Inc., 383 Madison Avenue, New York, NY 10179 – telephone (212) 834-4533 (call collect) or Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, Attn: Syndicate Operations – telephone (800) 326-5897 or prospectus.specialrequests@wachovia.com.

Avalon Park to Start Development of Assisted Living and Memory Care Facility in East Orlando

ORLANDO - The U.S. Department of Housing and Urban Development recently granted preliminary approval of a pre-application for the development of an 80,000 square foot assisted living and memory care facility on Tanja King Parkway and Avalon West Blvd. near downtown Avalon Park (top left photo) , moving the project one step closer to development.

Eric Marks, (middle right photo) senior vice president and chief operating officer at Avalon Park Group, said APG has been planning the 90-unit, 128-bed facility for more than two years.

“Approval of our pre-application is the first of several steps that must be undertaken before construction can start,” Marks said.

Avalon Park Group is preparing its formal application for HUD approval that details project design, contracting schedule, job creation and economic impact.

Ross Halle (lower left photo), town planner at Avalon Park Group, said Baker Barrios Architects, Inc. of Orlando is designing the three-story Avalon Park Assisted Living and Memory Care facility that will be comprised of six neighborhoods, each with 15 studio or one-bedroom units and with its own dining room and living room area.

Additionally, the project consists of an Outreach room for local community activities, a wellness area, occupational and physical therapy, salon and spa. The building will be surrounded by a secured, landscaped courtyard consisting of fountains, trellises and seating areas all under a canopy of oak trees.

Halle said construction of the $15 million facility could start later this year.

“Typically, it takes about seven months to complete the design, permitting and HUD final approval process,” Halle said.

Construction bids have been received and the winning construction company will be announced within the next few weeks after all bidding is studied, he said.

Avalon Park Group is currently seeking focus group participants who have searched for an assisted living facility or memory care center for their loved ones in the recent past, Stephanie Hodson, marketing coordinator for Avalon Park Group said, adding that focus group participants will be paid $50 per session.

“We want to ask them about their experience so we can learn more about how caregivers choose which facility is best for their loved ones,” she said.

Interested participants should contact Hodson at 407-658-6565 or visit www.AvalonParkGroup.com and click on the “Senior Living Focus Group” link.

For more information, contact:
Stephanie Hodson, Marketing Coordinator, Avalon Park Group 407-658-6565;
Eric Marks, Vice President /Chief Operating Officer, Avalon Park Group 407-658-6565;
Beat Kahli, Founder /CEO Avalon Park Group 407-658-6565;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Cambridge Realty Capital Provides $10M FHA-Insured HUD Loan to Refinance Villa Healh Care Property in Sherman, IL

Cambridge Realty Capital Companies has closed on a $10.02 million FHA-Insured HUD LEAN mortgage for Villa Health Care, (top left photo)  a 212-bed skilled nursing and assisted living facility in Sherman, Ill.

Cambridge Chairman Jeffrey A. Davis (lower right photo)  said the fully amortized, 30-year term loan was arranged for the borrower, an Illinois not-for-profit corporation, by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business entity responsible for underwriting HUD loans.

Davis said the property has 99 skilled nursing and 113 assisted living beds. It was financed using HUD’s 232(a)7 - LEAN program, which is used to refinance properties with existing HUD financing. The interest rate was not disclosed.

Contact:  Evan Washington, Phone: (312) 521-7604, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com

Marcus & Millichap Sells 55,067-SF Self-Storage Facility Building in Knoxville, TN

KNOXVILLE, TN, May 27, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Papermill Self Storage, (bottom right photo)  a 55,067-square foot self-storage facility property located in Knoxville, TN, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

 The asset commanded a sales price of $2,025,000.

Michael A. Mele, (top right photo)  vice president investments in Marcus & Millichap’s Tampa office, along with Anne Williams, investment specialist in the firm’s Memphis office, had the exclusive listing to market the property on behalf of the Texas-based seller, a bank/financial institution. The buyer, a limited liability company based out of Mississippi, is also represented by Mele and Williams.

“This sale is one of the first of what will be a wave of REO sales in self-storage”, stated Mele.

 “We will see many more deals like this one over the next two years, as financial institutions look to clear their inventory of self-storage properties” added Mele.

Papermill Self Storage is located at 3980 Papermill Road. This property was built in 2004, expanded in 2007 and enjoys a 70.04 percent physical occupancy.

Press Contact:  Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Arbor Closes $20M on 2 Loans in Illinois and New York

Longacre Ponds in Fairview Heights, IL Receives $17,882,500

UNIONDALE, NY (May 27, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $17,882,500 loan under the Fannie Mae DUS® product line for the 252-unit complex known as Longacre Ponds in Fairview Heights, IL.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.68 percent

The loan was originated by Patrick McNulty (top right photo) , Director, in Arbor’s full-service Chicago, IL lending office.

 "Arbor was pleased to deliver attractive terms to our Borrower on a high quality asset,” said McNulty. “We made certain assumptions in our initial loan screening and the subsequent performance of the property met and exceeded our expectations allowing us to provide additional loan proceeds.”

Livonia Avenue Apartments in Brooklyn, NY Obtains $2.7M

UNIONDALE,  NY (May 27, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,700,000 loan under the Fannie Mae DUS® Small Loan product line for the 22-unit complex known as Livonia Avenue Apartments in Brooklyn, NY.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.87 percent.

The loan was originated by Alexander Kaushansky (middle left photo) , Director, in Arbor’s full-service New York, NY lending office.

“The borrower was looking for permanent financing after they completed construction and leased up the property,” said Kaushansky. “Arbor was able to provide a permanent 10-year loan that met his requirements.”

Contact:  Ingrid Principe, Marketing Manager, Arbor Commercial Mortgage, 333 Earle Ovington Blvd., Suite 900, Uniondale, NY 11553, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/, Follow us on Twitter @ arbor1

EastGroup Properties Announces 122nd Consecutive Quarterly Cash Dividend

JACKSON, MS-– EastGroup Properties (NYSE-EGP) announced  that its Board of Directors declared a quarterly cash dividend of $.52 per share payable on June 30, 2010 to shareholders of record of Common Stock on June 18, 2010.

This dividend is the 122nd consecutive quarterly distribution to EastGroup's shareholders and represents an annualized dividend rate of $2.08 per share.

Contacts:
David H. Hoster II (top right photo) , President and Chief Executive Officer or N. Keith McKey, Chief Financial Officer
(601) 354-3555

Real Estate Trends Offer Mixed Signals for Florida Economy

By George Livingston, CIPS

(Ed. note: George Livingston is chairman emeritus of NAI Realvest in Maitland, FL  and a 30-year veteran real estate and investment analyst.)

Current real estate trends offer mixed signals for the Florida economy. While several economic indicators are stabilizing or recovering, the millions still unemployed hold little promise of a full recovery this year.

Housing markets are showing signs of revival, however, commercial property values dropped 25.8 percent from a year ago and a full 42 percent from the October 2007 apex.

The big question is, how quickly can commercial real estate absorb its losses? We’re moving in the right direction. Commercial property sale volume is way up---$5.6 billion in March, up from $4.2 in February and significantly higher than 2009 levels. And sales are dominated by distressed transactions.

REITs are performing well, with a 6.9 percent total return for April. Cap rates are steady at 7.81 percent in March. But commercial office absorption totaled -7.5 million square feet in the first quarter of this year, down from -39 million during the same period last year.

Job growth in April was strong, as was our 3.2 percent GDP growth.

The S&P index increased 1.6 percent in April with year-over-year returns posting a healthy 38.8 percent.

Real estate capital markets are improving. RBS Commercial Funding offered the first CMBS security the market has seen in two years.

House sales were up in March, and prices strengthened for existing homes.

Investment property vacancy rates and rents stabilized after two years of steady decline.

The consumer confidence index increased and we saw continued growth in March and April for the highest since September, 2008.

We also saw increases in retail sales, apparel and building materials.

Dr. Peter Linneman,  (top  left photo) chief economist for NAI Global, says interest rates could be the key to our economic future.

We could experience sustained growth through the end of this year if the Fed raises artificially low interest rates. If interest rates remain low, the economy could continue to suffer.

Real GDP has increased over the past three quarters. We are seeing early signs of job growth. Both of these indicators support our anticipation that recovery is underway.

However, job creation will lag GDP growth by 12-18 months. With sustained growth, interest rates should increase by June this year.

The current sharp stock market decline will suppress the economy and job growth, at least in the short term.

Looking ahead, the greatest threat is from inflation, thanks to the extraordinary federal budget deficit.

The strengthening of the dollar against many currencies, regardless of our twin deficits and ominous inflation, reveal that although the US is in bad shape, many countries are fundamentally in worse shape.

Contact:
George Livingston, glivingston@realvest.com
Larry Vershel or Beth Payan, lvershelco@aol.com

Court Abruptly Cancels $133M South Beach Auction

MIAMI, FL--The long anticipated $133 million foreclosure auction of the luxury Royal Palm Oceanfront Resort (top left photo) on South Beach planned for 11 am Thursday has been abruptly cancelled just days before going up for sale to the highest bidder, according to a new report from CondoVultures.com.

A Miami-Dade Court judge signed an order on Monday staying the absolute foreclosure auction until further notice.

The auction date of May 27 was originally scheduled back in February when a final judgment was entered in favor of Wachovia Bank, which is acting as the master servicer for the debt, according to the report based on court records.

"For the court to provide a stay at the 11th hour indicates that a deal could be in the works," said Peter Zalewski, (lower right photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "As unique as the Royal Palm property is, the lender's representative obviously realizes that only so many groups have the ability and the courage to spend $133 million - or about $382 per square foot - in a foreclosure auction that must be funded all-cash on the day of the bidding. The lender's situation is not helped by the dismal U.S. economy and the plummeting Euro."

The Royal Palm Hotel is a three-building complex with nearly 350,000 square feet of space standing on a 1.9-acre site fronting the Atlantic Ocean in the heart of Miami Beach's internationally recognized neighborhood of South Beach, according to the Miami-Dade County Property Appraiser.

Located immediately south of the Loews Miami Beach Hotel, (middle right photo) the Royal Palm resort at 1545 Collins Ave. features two swimming pools, a gym, and 100 parking spaces.

The final judgment calls for the lender to be entitled to $108.4 million in principal, $19.4 million in interest, and $5.4 million in late charges plus attorneys fees. An additional $15 million default judgment in favor of the lender has also been imposed by the court, according to the order.

The property had an assessed value of $68.9 million, or $198 per square foot, in 2009, down from $79.4 million, or $228 per square foot, in 2008, according to Miami-Dade County's Property Appraiser.

In 2005, an entity called Royal Palm Hotel Property LLC purchased the Royal Palm property for $127.5 million, or $365 per square foot of saleable space, with plans to convert nearly half of the 409-room project into condo-hotel units, according to the South Florida Business Journal.

A loan for $112.8 million was used to finance the acquisition and renovations to upgrade the hotel into a luxury condo-hotel that could command top dollar.

Pricing on individual units was to start at more than $1,200 per square foot, according to marketing material still available on the Internet.

It is unclear why the Royal Palm condo-hotel conversion was not successful as the South Florida real estate market did not peak until the fourth quarter of 2005. South Florida prices ultimately did not start to decrease until 2007.

Even in today's dismal market the new W South Beach Residences (middle left photo)  condo-hotel located seven blocks north of the Royal Palm project sold 11 units in the first quarter of 2010 for an average of nearly $1,650 per square foot, according to the Condo Vultures® Official Condo Buyers Guide To South Beach™.

The original principals of the Royal Palm Hotel Property LLC were ultimately Robert Falor (bottom right photo) and Guy Mitchell by way of several corporations, according to the Florida Secretary of State.

In a series of unrelated matters to the Royal Palm, Falor, dubbed the "condo-hotel king of South Florida," was accused in September 2009 by the Securities and Exchange Commission of "improperly pocketing about $5 million from investors in failed South Beach and Chicago Ventures," according to the Miami Herald.

Mitchell, the "low-profile money man behind the Royal Palm acquisition," was indicted in May 2010 on "federal bank fraud charges" related to a failed Georgia bank, according to the Miami Herald.

Contact: Peter Zalewski, Condo Vultures®, 800-750-0517 or by email at peter@condovultures.com

Burlington Coat Factory Brings New Jobs to Thousand Oaks, CA

THOUSAND OAKS, CA – MAY 26, 2010 – In conjunction with NewMark Merrill Companies, Burlington Coat Factory today announced plans to open an 85,000 square foot location in the space formerly occupied by Mervyn’s in Janss Marketplace in Thousand Oaks.

“We are excited to welcome such a dynamic retailer to Janss Marketplace," said Sandy Sigal,  (top left photo) CEO and President of NewMark Merrill Companies.

"When Mervyn’s left the center we were looking for an upgrade which would be an excellent complement to our existing retailers including Old Navy, Mann Theaters, Toys R Us and many other local and national merchants. Burlington Coat Factory’s unique shopping experience and breadth of merchandise is ideal for our shoppers and tenant mix,”

The new store is slated to open in September 2010, being the first in Thousand Oaks and the forty-ninth in California.

When open, the Burlington Coat Factory location will employ approximately 75 sales and management associates. Local Burlington Coat Factory shoppers will also benefit with savings of up to 70% off department store prices…EVERY DAY!

“The new Burlington will appeal not only to local shoppers by providing a unique shopping experience for the whole family, it will also benefit the local community,” says Thomas Kingsbury (lower right photo) , President and CEO of Burlington Coat Factory. “We are thrilled to bring Thousand Oaks new jobs with the opening of the new store.”

For more information, please visit http://www.burlingtoncoatfactory.com/.

Media  Contact:  David Ebeling, Ebeling Communications, 949.278.7851, david@ebelingcomm.com

Grubb & Ellis Enhances Real Estate Services Platform with Healthcare and Medical Office Practice Group

NEWPORT BEACH, CA (May 26, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Garth Hogan (top right photo)  has joined the company as executive managing director, Healthcare and Medical Office practice group.

Hogan joins from Medical Realty Advisors, where he was founder, president and chief executive officer.

Together with Scott Johnstone (middle left photo), a senior vice president who has been with the company since 2002, Hogan will lead the expansion of the company’s capabilities and commitment to provide fully integrated real estate services platform for clients in the healthcare and medical office sector.

“The healthcare industry is undergoing tremendous change, making it more important than ever to offer the best talent and an industry-leading platform to support our clients’ specialized needs,” said Greg Coxon, president, Brokerage Services.

 “With his extensive experience in building his own full-service practice offering tenant representation, agency leasing, property management and investment sales for healthcare clients, Garth’s addition greatly enhances the services we can provide to both investors and users in the sector.”

After founding Medical Realty Advisors in 1992, Hogan grew the firm’s agency leasing portfolio to more than 80 medical buildings totaling in excess of 3 million square feet and has facilitated more than 1,000 leases on behalf of users, including regional and national healthcare systems. Throughout his career, Hogan has negotiated transactions in excess of $1 billion.

Hogan can be reached at 949.608.2115 or via e-mail at garth.hogan@grubb-ellis.com

Contacts:

Erin Mays,  Phone: 312.698.6735 , Email: erin.mays@grubb-ellis.com
Julia McCartney, 714.975.2230, julia.mccartney@grubb-ellis.com

Arbor Closes $2.6M Fannie Mae DUS® Small Loan for Summit Breckenridge Apartments in Duluth, MN

UNIONDALE,  NY (May 26, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,600,000 loan under the Fannie Mae DUS® Small Loan product line for the 107-unit complex known as Summit Breckenridge Apartments in Duluth, MN.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.75 percent.

The loan was originated by Ted Nasca (top right photo), Director, in Arbor’s full-service Chicago, IL lending office.

“This transaction was an excellent fit for Arbor's Small Loan Program,” said Nasca. “Although located in a smaller market, the deal strengths of a solid operating history, good asset quality and excellent management allowed us to deliver on this financing request.”

Contact:  Ingrid Principe, iprincipe@arbor.com

Sun Hospitality Advisors Completes Sale of Radisson Hotel Orlando-UCF

TAMPA, FL, May 26, 2010 – Sun Hospitality Advisors, a division of The Plasencia Group, Inc. (TPG), is pleased to announce the company served as the exclusive advisor in the marketing and sale of the Radisson Hotel Orlando-UCF. (top left photo)

The seller was Moody National; the buyer was SkyLine Hotels, LLC, an Orlando-based owner/operator.

The transaction was completed for a purchase price of $5.5 million. The new owner intends to retain the Radisson brand.

The Radisson transaction marks the fourth hotel sold by TPG in the greater Orlando market in the past six months, signaling the area’s attractiveness to buyers due to its demographics and strong demand drivers.

 Sun Hospitality has also completed the sale of the Holiday Inn International Drive Resort, Baymont Inn and Suites on Orange Blossom Trail, and the Ramada Inn in Altamonte Springs. Of the four transactions, two involved conventional financing and two involved the assumption of existing CMBS debt.

“The worst is definitely behind us,” suggested Dennis Reed, (middle right photo)  TPG’s Senior Vice President for the Southeast Region and a 30-year veteran of the hospitality industry.

“Buyer interest continues to pick up and we are seeing clear signs that financing continues to loosen up. Pricing in the market continues to improve. As a result, we expect transaction volume to continue to ramp up.”

The 150-room Radisson Hotel Orlando-UCF, at 1724 Alafaya Trail in Orlando, is located within two miles of significant demand generators, including Central Florida Research Park, the University of Central Florida, and major corporations Lockheed Martin and Raytheon.

Media Contact:  Karen Brand, VP Marketing & Communications, The Plasencia Group, Inc., (203) 202-4549 / kbrand@TPGhotels.com

Fisher Auction and Cushman & Wakefield close $25.9M Bulk Sale Condo Auction in Orlando

Co-brokers complete 165-unit portfolio auction of brand new condominium units at The Vue at Lake Eola in Downtown Orlando

ORLANDO,  FL – Fisher Auction Company and Cushman & Wakefield today announced the closing of a bulk sale condominium auction for 165 units at The Vue at Lake Eola (top left photo) for $25.9 million. The closing was May 17.

The entire portfolio of 165 units within the 375 unit development, along with a roughly 8,000 square foot retail space, was offered as a bulk–buy auction to the highest bidder. It was ultimately acquired by a foreign investor.

“The Vue at Lake Eola” is a prize piece of real estate”, said Lamar Fisher (middle right photo), President and CEO of Fisher Auction Co., Inc.

“Bidders had to submit a signed non-contingency contract of no less than $20 million just to be qualified to participate in the live auction.” Fisher added “Our combined marketing efforts resulted in nine qualified bidders in the live auction with a final sale price achieved of $25.9 million. We were extremely pleased with the results.”

Fisher Auction Co., Inc. along with Cushman & Wakefield handled the transaction for this portfolio. Marketing and sales needed to be accomplished within a short 60 day timeframe.

 Jay Ballard, (lower left photo)  Senior Director of Cushman & Wakefield of Florida, Inc. stated, “We had a highly experienced team that put together the due diligence package, conducted tours and helped to keep our potential bidders constantly informed.”

The Fisher Auction Co., Inc. and Cushman & Wakefield team are not new to handling the targeted marketing of this type of real estate. They have successfully handled similar properties and have become the new experts of fractured condo auctions. They are looking forward to conducting similar engagements in the near future.

“We had over 225 groups sign confidentiality agreements on this property and over 49 potential buying groups for property tours,” said. Ballard.

“We had inquiries from throughout the U.S. and 11 countries, which was really a strong response to our marketing plan. Our buyer ultimately came from Rio de Janeiro and we were able to achieve 104% of fair market value for the Bankruptcy Court and the creditors.”

For additional auction information, please  visit http://www.fisherauction.com/, or http://www.apartments.cushwake.com/
.
Contact Information:
Lamar Fisher, President / CEO Jay Ballard / Senior Director, Fisher Auction Co., Inc.,  954.942.0917 x 13
http://www.fisherauction.com / info@fisherauction.com
Jay Ballard,  jay.ballard@cushwake.com, Cushman & Wakefield,  407-541-4406
Brook Hines, Cushman & Wakefield, Tel: 407-541-4401, brook.hines@cushwake.com

HFF closes sale of Riverside Station Apartments in suburban Washington, DC

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced that the sale of Riverside Station Apartments (top left photo), a 304-unit luxury multi-housing community in Woodbridge, Virginia, closed on May 18, 2010.

The HFF investment sales team was led by managing directors Dave Nachison (top right  photo)  and Alan Davis (middle left  photo)  who marketed the property on behalf of the sellers, Principal Global Investors. Associates Estates.

Realty Corporation purchased Riverside Station on a free and clear basis.

Riverside Station Apartments is located at 1411 Big Crest Lane overlooking the Potomac River, 20 miles south of Washington, D.C. in Woodbridge, Virginia.

 The property is located adjacent to the Rippon Landing Virginia Rail Express (VRE) station offering commuters convenient access to rail service into downtown Washington, D.C., as well as access to Interstate 95 and Route 1.

 Completed in 2005, Riverside Station Apartments has one-, two- and three-bedroom units averaging 952 square feet each.

Community amenities at the 95% leased property include a clubhouse, business center, fitness center, swimming pool, billiards room, jogging trail and playground.

“Riverside Station has outperformed the overall Class A Northern Virginia apartment market in terms of rent growth for the past three years," said Nachison.

"Continued rent growth is widely expected to continue for the foreseeable future as this very active I-395/95 corridor becomes home to over 25,000 known new jobs through BRAC initiatives alone at Fort Belvoir, the Engineering Proving Ground and the marine base at Quantico."

“Riverside Station’s attractiveness is further enhanced by its direct access to the VRE station at Rippon Landing, which provides residents with a convenient commuter option with stops at Fort Belvoir, Crystal /Pentagon City, L’Enfant Plaza and Union Station,” added Davis.

(The Washington Business Journal reported the price as $54.3 million or about $178,618 per unit. The newspaper identified the buyer as Associated Estates Realty Corp. of Cleveland, OH.  The price was not disclosed in the HFF news release.)

Principal Global Investors is a diversified asset management organization and a member of the Principal Financial Group, with expertise in equities, fixed income and real estate investments, as well as specialized overlay and advisory services. Principal Global Investors manages $222 billion in assets primarily for retirement plans and other institutional clients.

Contacts:

David R. Nachison, HFF Managing Director, (202) 533-2500, dnachison@hfflp.com
Alan M. Davis, HFF Managing Director, (202) 533-2500, adavis@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Latino Hotel Association Formed to Advance Worldwide Hispanic Ownership, Leadership and Business Interests in Hotel Industry

Founding Sponsors and Supporters Include Hilton, Hyatt, Wyndham, InterContinental Hotel Group Carlson, Choice, Marriott, and Starwood

HOUSTON, TX,  May 25, 2010—A new global organization dedicated to expanding Latino ownership, leadership and commerce in the hotel industry was launched today.

Called the Latino Hotel Association (LHA), the group will focus on supporting Latinos through education about ownership/development, management and leadership; hosting international and regional conferences; and networking with hotel corporations and suppliers.

 Founding sponsors include Hilton Worldwide, Hyatt Hotels Corporation, InterContinental Hotel Group and Wyndham Hotel Group. Founding supporters include Carlson Hotels Worldwide, Choice Hotels International, Marriott International and Starwood Hotels & Resorts Worldwide.

“The Latino community has established a foothold in the hotel industry, but the full potential remains largely untapped,” said Angela Gonzales-Rowe (top right photo) , president and founder of LHA.

“Latinos are a small, but growing, force in hotel ownership and leadership in the U.S., and opportunities for hotels in Latin America are poised for rapid expansion.

"Prospects for Latinos in Europe, Africa and Asia also offer great potential. LHA’s role is to educate and assist the global Latino community in playing a much larger role in the industry, including development/ ownership, leadership in hotel operations and growth in the number of Latino-owned suppliers.”

LHA also will speak out on issues that affect Latinos and the hotel industry and work closely with organizations such as the American Hotel & Lodging Association to communicate the Latino community’s concerns and recommendations to Congress and other governmental bodies.

Headquartered in suburban Houston, LHA is a worldwide, non-profit association dedicated to increasing Latino participation in the hospitality industry, to include ownership, leadership and commerce.

The organization provides education, international and regional conferences and networking opportunities with the leading hotel companies in the world. Additional information is available at the association’s website, http://www.latinohotelassociation.org/.

Contact information for the association is:

Latino Hotel Association, 2600 South Shore Blvd, Suite 300, League City, Texas 77573, (281) 668 9165 telephone, (281) 668 9199 fax, http://www.latinohotelassociation.org/


Media Contact: Jerry Daly, Chris Daly, Daly Gray Public Relations, (703) 435-6293, jerry@dalygray.com