NAI Realvest Negotiates New Lease for 6,618 SF of Industrial space for Boxing and Fitness Club Expansion at Goldenrod CommerCenter in Orlando

ORLANDO, FL – NAI Realvest recently negotiated a new lease agreement for 6,618 square feet of industrial space in the Goldenrod CommerCenter (top left photo) located at Suite 200, 1468 N. Goldenrod Rd. in East Orlando.

 Michael Heidrich, principal at NAI Realvest brokered the transaction on behalf of the landlord, Maitland-based COP-Goldenrod, LLC.

The tenant, SOA, Inc. d/b/a The Source Athletics, Inc., is a boxing, and fitness club that subleases suite 310 with 4,382 square feet at Goldenrod and will be relocating and expanding into the larger suite.

For more information, please contact:
Michael Heidrich, Principal, NAI Realvest 407-875-9989 or mheidrich@realvest.com

Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com

Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Mercantile Capital Corporation Provides Commercial Real Estate Loan in Orlando Worth $476,000

 ALTAMONTE SPRINGS, FL – Mercantile Capital Corporation, which ranks as 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, closed a commercial loan for Suhaag Garden, Inc. recently for $476,000 in total project costs.

Suhaag Garden, Inc. is a full service event décor and design company specializing in South Asian weddings and events.

 “With the help of MCC, we were able to secure an SBA 504 loan for our new property and are excited to serve the Orlando community on a full-time basis with a brand new state-of-the-art showroom,” said owner, Jilna Jasani.

 “We especially want to thank Monica and Zenia from MCC, who guided us through the whole process and answered all our questions in a timely manner,” she added.

 The SmartChoice Commercial Loan Program helps owners of small to mid-sized businesses, like Suhaag Garden, Inc., have an opportunity to create wealth and financial freedom. 

Their specialization in SmartChoice Commercial Loans, also known as SBA 504 loans, allows borrowers, like Jigar and Jilna Jasani, to own their commercial property with the highest cash-on-cash return financing available, without tying up their precious capital, so they can grow even faster.

 For more information, visit www.TheSmartChoiceLoan.com

 and www.504Blog.com

Contacts:

Chris Hurn, Mercantile Capital Corporation, 407-786-5040

Robin Lashley, Mercantile Capital Corporation, 407-786-5040

Celebration Golf Club in Orlando to close for major renovations, in preparation for Oct. 15 anniversary celebration

 ORLANDO, FL --- Celebration Golf Club near Walt Disney World is closed through Aug. 22 so owners can undertake major renovations in preparation for the 15th anniversary celebration of Celebration Golf Club in October.

Gene Garrote, president of Celebration Golf Management, said he plans to redo 18 older greens, along with bunker renovation and turf conversion. Garrote said Celebration Golf Management will spend more than $500,000 on the project.

Champion Turf Farms is handling the renovations, Garrote said.

 For more information, contact:  

Gene Garrote, President, Celebration Golf Management, 407-566-1045;  

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142  

Hendricks & Partners Negotiates Sale of 336 Unit Sawgrass Cove Apartments in Bradenton, FL for $23.2 Million

BRADENTON, FL --- Hendricks & Partners, which ranks as one of the nation’s largest multi-family real estate advisory and research firms, recently negotiated the sale of the Sawgrass Cove Apartments (top left photo), located at 4801 47th Ave. West in Bradenton.

 Cole Whitaker (middle right photo), partner at Hendricks & Partners who heads the Southeast Division of the firm based in Orlando, negotiated the transaction with Associate Partner Hal Warren  representing the seller Chicago-based Equity Residential.

The 336-unit apartment property totaling 342,880 square feet was built in 1991, Whitaker said.  The units, which are 97 percent occupied, are situated in 21 two-story garden-style buildings on 28.02 acres with tranquil lakes and fountains.

 Amenities include resort-style swimming pool, tennis courts and clubhouse with fitness facility and business center.

 New York based Atlas Real Estate Partners and Florida based Andover Real Estate Partners doing business as Sawgrass Cove Apartments, LLC acquired the property and plan to immediately upgrade the exterior, interiors, landscaping and amenities.

For more information, contact:  

Cole Whitaker, Southeast Partner, Hendricks & Partners, 407-218-8880, cwhitaker@HPAPTS.com

Hal Warren, Associate Partner, Hendricks & Partners, 407-218-8881, hwarren@HPAPTS.com

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

  

Grubb & Ellis Reaches Definitive Agreement for Sale of Assets of Alesco Global Advisors to Lazard Asset Management;

  

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the company has entered into a definitive agreement for the sale of substantially all of the assets of its real estate investment fund business, Alesco Global Advisors, to Lazard Asset Management LLC.  Terms of the transaction were not disclosed.

 Alesco Global Advisors is a registered investment advisor that focuses on real estate securities and manages three registered mutual funds.  Grubb & Ellis acquired a 51 percent interest in Alesco Global Advisors through its Daymark subsidiary in 2007.

 “We are executing on our plan to maximize value for our stakeholders and strengthen the company’s competitive position,” said Thomas P. D’Arcy (top right photo), president and chief executive officer of Grubb & Ellis.

 “Today’s agreement on Alesco is a positive step forward in the sale of Daymark Realty Advisors, which is a key part of our plan.  At the same time, we believe Alesco and its talented fund manager, Jay Leupp (middle left photo), will benefit from having access to the scale and resources of Lazard Asset Management, one of the world’s preeminent asset management firms.”

 “We look forward to having this experienced real estate investment team join our firm,” said Ashish Bhutani (bottom right photo), chief executive officer of Lazard Asset Management.  “By adding listed real estate investment strategies to our platform, we will continue to provide diversified and superior investment solutions for our clients.” 

The transaction is subject to related approvals by the mutual funds’ Board of Trustees and shareholders and is expected to close in the third quarter of 2011.

 Contact: Janice McDill, Phone 312.698.6707,                                       

Email: Janice.mcdill@grubb-ellis.com

          

Marcus & Millichap Promotes Matthew E. Friedman to First Vice President Investments

ENCINO, Calif., June 10, 2011 – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Matthew E. Friedman (top right photo) to first vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Adam P. Christofferson, (lower left photo) first vice president and regional manager of the firm’s Encino office.

“Matthew’s high level of repeat business is direct evidence of his dedication to providing the highest level of customer service to his clients,” says Christofferson.

 Most recently, Friedman held the title of vice president investments.

After being named an associate of the firm in October 2003, Friedman was promoted to senior associate in October 2005 and to vice president investments in July 2008. He has received nine sales awards from Marcus & Millichap.

 Friedman specializes in the sale of multifamily investment real estate throughout the country.

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

Carter Instrumental in Purchase of Medici

ATLANTA, GA– Carter, one of the country’s leading commercial investors, advisors and real estate service providers, sourced the acquisition of The Medici Office Building (top centered photo) on behalf of Piedmont Office Realty Trust (NYSE:PDM). The Class-A property is located within the prominent Piazza at Paces development complex in Atlanta’s desirable Buckhead submarket.

Piedmont purchased the six-story, 152,221 square-foot office building for $13,210,000 million at a Fulton County foreclosure auction. The Medici building, located at 3284 Northside Parkway NW, Atlanta, was constructed in 2008 as part of the Piazza at Paces mixed-use high-end office and residential development.

 The property land area totals 1.85 acres and includes a 4-level below grade parking garage. The building, formerly the headquarters of Silverton Bank, is currently 15 percent leased to two tenants and will be actively marketed for lease.  Carter’s Glenn Kolker will be responsible for the leasing and marketing of the building.

Wil Stone, Senior Vice President, Capital Markets for Piedmont Office Realty Trust, represented the company in the transaction.  “We appreciate the role Carter played for us in the acquisition of this quality building.  We look forward to working with Carter to lease-up the building and execute on our goal of realizing significant value in the future.”

Jim Shelton (middle right photo), vice chairman of Carter, said “The Medici is a Class A+ office building that will attract top-quality tenants. The Medici is hard to match from a location, access, and quality standpoint,” said Shelton. “Carter looks forward to leveraging our relationships to help quickly lease the building for Piedmont.”

For more information, see www.piedmontreit.com

. 

For additional information on Carter, please visit www.carterusa.com

Contact:

Laura Dudebout

O: 404.965.5023

C: 678.642.4301

ldudebout@wilbertnewsstrategies.com