NAI Realvest Negotiates $590,000 Sale of Longwood, FL Industrial Building

MAITLAND, FL – NAI Realvest recently negotiated the $590,000 sale price for a 7,840 square foot industrial building on a 0.75 acre site at 910 Waterway Place (top left photo) in the Big Tree Crossing Industrial Park off C.R. 427 in Longwood. 

 Michael Heidrich, a principal at NAI Realvest, who negotiated the sale of the 15-year- old building, represented the landlord Cambay Corporation of Longwood.  

The buyer, Metal Essence, Inc. who relocated from Altamonte Springs, was represented by Becky Courson Real Estate Broker. 

 The sale included approximately 1,300 square feet of office space in the building and 15 paved parking spaces. 

For more information, please contact:

Michael Heidrich, Principal, NAI Realvest 407-875-9989 mheidrich@realvest.com

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

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

Marriott International Reports Second Quarter 2011 Results

 BETHESDA, MD., July 13, 2011 /PRNewswire/ --

Second-quarter highlights:

     --  Diluted earnings per share (EPS) totaled $0.37, a 19 percent increase

        over prior year results;

    --  Worldwide comparable systemwide REVPAR rose 7.7 percent using actual

        dollars.  Average daily rate rose 4.5 percent using actual dollars;

    --  At the end of the second quarter, the company's worldwide pipeline of

        hotels under construction, awaiting conversion or approved for

        development grew to more than 100,000 rooms, including nearly 44,000

        rooms outside North America;

    --  Marriott repurchased 10.6 million shares of the company's common stock

        for $375 million during the quarter.  Year-to-date through June 17,

        2011, the company repurchased 18.5 million shares for $675 million.

For a complete copy of the company’s news release and statistics, please contact Tom Marder, +1-301-380-2553, or thomas.marder@marriott.com

Web Site: http://www.marriott.com

$241.5 million sale of central New Jersey multi-housing portfolio closed by HFF

  

FLORHAM PARK, NJ – HFF announced that it has closed the sale of a six-property, 2,185-unit multi-housing portfolio in central New Jersey.

HFF marketed the offering on behalf of the seller, AIG Global Investment Group.  Angelo, Gordon & Company and Vantage Properties, LLC purchased the portfolio for $241.5 million.  This sale included the assumption of $150 million of existing debt.

The portfolio is 91.6 percent occupied overall and properties are located within Monmouth and Middlesex counties.  This is a diverse mix of well-located assets.  Individual property details are below:

Property                                                                      # of Units       

Quail Ridge Apartments, Plainsboro                       1,032 Units     

Pheasant Hollow Apartments, Plainsboro             440 Units        

Jumping Brook Apartments, Neptune                    308 Units        

Marine Gardens, Long Branch                                 24 Units          

Long Brook Apartments, Matawan                         241 Units        

Leonardine Gardens, South River                           140 Units        

The HFF team representing AIG Global Investment Group included senior managing directors Jose Cruz (top right photo)and Andrew Scandalios (middle left photo), directors Jeffrey Julien and Kevin O’Hearn and senior real estate analyst Mike Oliver.  In addition, senior managing director Jon Mikula (bottom right photo) and real estate analyst Sam Seiden provided support on the debt. 

“This is one of the most significant sales in Northern New Jersey given the size of the portfolio,” said Cruz.  “Acquiring a portfolio of this quality in premiere locations throughout the state rarely presents itself.”  

He added “The seller took advantage of a strong multifamily market and Vantage and Angelo Gordon saw significant upside potential in the assets.”

AIG Investments comprises a group of international companies, which provide investment advice and market asset management products and services to clients around the world. AIG Investments is a worldwide leader in asset management, with extensive capabilities in equity, fixed income, hedge funds, private equity and real estate.

Angelo, Gordon & Company is a privately-held registered investment advisor dedicated to alternative investing.  The firm was founded in 1988 and currently manages approximately $24 billion.

Founded in 2005, Vantage Properties is one of the leading investors in New York residential and retail properties.

Contacts:

Jose R. Cruz, HFF Senior Managing Director, (973) 549-2000, jcruz@hfflp.com                                

Andrew g. Scandalios, HFF Senior Managing Director, (212) 245-2425 ascandalios@hfflp.com                                                          

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com

Stratford Land and Boyd Development Close on 600 Acres in Horizon West in Orange County, FL

ORLANDO, FL,  /PRNewswire/ -- Stratford Land, a Dallas-based land investment firm, and Boyd Development Corporation, an Orlando-based real estate development firm, have closed on approximately 600 acres of property in Horizon West in Orange County, Florida.

 The property, referred to as "Town Center East," (lower right aerial) is situated on the northeast and southeast quadrants of the Western Beltway (SR 429) at the New Independence Parkway interchange.

Boyd Development is working with Orange County to secure the road agreements necessary to extend New Independence Parkway and North Porter Road. These additions to the existing road network will provide residents with improved access to the Beltway.

"This project is the culmination of two-and-a-half years of work with this development group to provide much needed connectivity throughout the area and onto SR 429 for thousands of residents in west Orange County," said Orange County District 1 Commissioner S. Scott Boyd (top right photo).

 "This will be the first development in the 'Town Center,' and it will provide essential jobs and infrastructure for the west Orange County community."

Once the initial planning phases are complete, Boyd/Stratford plans to position the property as a master-planned, mixed-use project with a strong, unified identity. The land, which is bordered on the east by Lake Hancock, has more than two hundred acres of prime residential land with approximately three miles of lakefront.

"The size and scope of 'Town Center East' will allow us to create a unique blend of high-density commercial uses - which was Orange County's primary intent for the 'Town Center' - with what we believe is some of the most desirable lakefront residential land in all of Orange County," noted Scott Boyd, president of Boyd Development Corporation, (no relation to Commissioner S. Scott Boyd).

"Today, nearly 18,000 residents live within the area east of the SR 429 and New Independence interchange. By the time 'Town Center East' is fully developed, the population in the immediate market area is projected to increase three to four times."

"'Town Center East' is an exceptional opportunity with existing land uses already in place for retail, medical, office and other commercial uses, as well as prime residential land all situated at, or close to, a major interchange along SR 429," said Ryland Lucie (middle left photo), director of investments in Florida for Stratford Land.

 "The property fits perfectly with Stratford Land's strategy of acquiring well-positioned land in areas primed for growth."

For additional information about Stratford Land, visit www.stratfordland.com.

 For more information about Boyd Development Corporation, visit www.boyddev.com.

Contact:

 Brooke Herron, Boyd Development Corporation, brookeherron@costadevault.com, +1-407-284-0071; or Cynthia Pharr Lee, Stratford Land, Cynthia@pharrpr.com, +1-972-931-7576, x 24

Waterton Residential Taps Florida Market for a Second Time in 2011 With Its Property Venture XI Acquisition of Lakeview Cove

CHICAGO, IL, /PRNewswire/ -- Waterton Residential is continuing to expand its footprint and portfolio in Florida with its most recent acquisition of Lakeview Cove (top left photo) - a 224-unit apartment community in popular North Fort Lauderdale, Florida.

Lakeview Cove is the fourth asset acquired this year as part of Waterton Residential Property Venture XI, a $500 million discretionary multifamily investment fund. 

Built in 1997, the two- and three-story, ten-building structure includes 224 apartments consisting of 56 one-bedroom/one-bathroom units, 156 two-bedroom/two-bathroom units, and 12 three-bedroom/two-bathroom units.

Voted "most beautiful property in North Fort Lauderdale" by the City of North Lauderdale, the Lakeview Cove apartment community is located between nearby Ft. Lauderdale with its gorgeous beaches and the shopping and entertainment at Coral Square Mall, in the Broward County School District.

"The purchase of Lakeview Cove was an exceptional opportunity to invest in a terrific physical asset in Broward County with value-added potential," said Max Peek (bottom right photo), vice president, acquisitions, Waterton Residential.

 "We are optimistic given the future multifamily growth trends in South Florida and are actively looking for additional investment opportunities in West Palm Beach, Broward and Miami-Dade Counties."

 Originally developed by American Land, Waterton Residential closed the Lakeview Cove transaction June 22 with a Fannie Mae loan at 65% loan to cost. Avery Klann and Hampton Beebe of Apartment Realty Advisors brokered the sale.

Contact: Michelle Moore, Involve,  Mobile: 614-633-8124

 mmoore@getinvolve.com

moore-galvin@mindspring.com

Web Site: http://www.watertonassociates.com

Jamestown Assumes Ownership of Atlanta's City Hall East, Reveals Ponce City Market Redevelopment Project

ATLANTA, GA /PRNewswire/ -- Jamestown, a leading real estate investment firm headquartered in Atlanta, announced that it has closed on the acquisition of the historic Sears, Roebuck & Company building located on Ponce de Leon Avenue.

It plans to restore the 2.1 million square-foot property as a mixed-use development named Ponce City Market.

Jamestown purchased the property, currently referred to as City Hall East, from the city of Atlanta for $27 million, including an initial $15.5 million payment at closing. The remaining balance will be paid to the city after the development achieves certain milestones.

The landmark project represents a $180 million investment by Jamestown as well as a partnership between the firm and its sustainable development subsidiary, Green Street Properties. With an emphasis on preservation, sustainability and neighborhood connectivity, the two firms are uniquely suited to restore the now-dormant building into a thriving urban destination for retail, dining, offices and residences.

Outlining a two-year timeline, Jamestown and Green Street will begin construction immediately and continue through early 2014, when Ponce City Market will open to the public.

 Founded in 1983 with headquarters in Atlanta, Ga., and Cologne, Germany, Jamestown is a leader in asset acquisition and management.

For 28 years, Jamestown has generated billions of dollars in strategic investments. The company is focused on core and private equity real estate funds in two primary market classes: 24-hour cities and Sunbelt territories with strong demographic growth.

Acquiring more than $8 billion in these submarkets, Jamestown's recent growth has been significant. Jamestown successfully invests in multiple U.S. markets including New York City, San Francisco, Boston, Washington, D.C., Raleigh, N.C., Charlotte, N.C., Chattanooga, Tenn., Charleston, S.C., Jacksonville, Fla., Savannah, Ga. and many more.

 For more information, visit www.jamestownproperties.com.

  

Contact: Mary Reynolds, mary@thereynoldsgroupinc.com, or Meridith Ford Goldman, meridith@thereynoldsgroupinc.com, both of The Reynolds Group for Jamestown Properties, +1-404-888-9348, Toll Free, +1-877-231-1568, or Fax, +1-404-888-9349

Colliers International Corporate Solutions Appoints New Managing Director of Integrated Client Services

IRVINE, CA,  July 13, 2011 – Colliers International Corporate Solutions announced today that it has continued its expansion in key personnel and new offices with the appointment of Liz Johnson as a Managing Director within the Integrated Client Services division of Corporate Solutions, based in Orange County, Calif.

Johnson joins the organization with more than 20 years of commercial real estate experience spanning  brokerage and corporate services.

“We are very excited to have Liz join our team and to expand our efforts out of Orange County,” said Scott Nelson, President of Colliers International’s Integrated Client Services division of Corporate Solutions for the United States. “Her experience, spanning many aspects of the commercial real estate sector and having created powerful, measurable solutions for clients, will benefit the range of corporate clients we now serve.”

Jeff Brock Joins Colliers International in DTLA

 LOS ANGELES, CA, July 13, 2011 – Colliers International, the second largest global real estate services organization, welcomes Jeff Brock (lower right photo) to its Downtown Los Angeles office.

Brock will serve as Vice President and Director of Hospitality Services specializing in the sale of branded limited service, select service, extended stay and smaller full service hospitality assets. 

 Prior to joining Colliers International, Brock practiced real estate at a number of brokerage firms including most recently, his own boutique hospitality advisory, as well as a six-year stint with CB Richard Ellis.

 “Jeff strategically fills the need for hospitality services in our region,” said Hans Mumper (lower left photo), managing director of Colliers International’s DTLA office. “His diligent approach to his clients align with Colliers’ culture perfectly.” 

 “Jeff’s extensive work with the hospitality industry combined with his entrepreneurship makes him a great addition to Colliers,” states Martin Pupil, regional managing director of Colliers International.

Contact:

Angela S. Hwang

Regional Marketing Coordinator | Greater Los Angeles

Dir +1 213 532 3258 | Mob +1 310 867 4105

Main +1 213 627 1214 | Fax +1 213 327 3258

angela.hwang@colliers.com

Colliers International

865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA

www.colliers.com

Sperry Van Ness, Promus Commercial Merge Operations, Expand Services

 SAN DIEGO, CA (July 13, 2011) - Two premier San Diego commercial real estate firms – Sperry Van Ness and Promus Commercial, AMO® – today announced the merging of their San Diego-based operations.

 The new company, Sperry Van Ness/Promus Commercial, will operate out of two offices located at 8745 Aero Dr., #308 in San Diego and 124 W. Main St., Ste. 120 in El Cajon, Calif.

"We are very excited to join together our San Diego Sperry Van Ness team, led by Jim Taylor (top right photo), with the Promus Organization, led by Lauri Hines (middle left photo) and Scott Cook,” said Kevin Maggiacomo, chief executive officer and president of Sperry Van Ness International.

 “The combined entity will have the ability to continue expanding and providing clients with exceptional service and the proprietary tools and services only offered at Sperry Van Ness. Lauri, Scott, Jim and their team are proven professionals of the highest caliber.  We are proud to have them representing us in the greater San Diego area."

Lauri Greenblatt-Hines will serve as managing director/president of Sperry Van Ness/Promus Commercial. 

Jim Taylor will serve as managing director/vice president of Sperry Van Ness/Promus Commercial, focusing on multifamily, land subdivision, and distressed assets in Southern California. 

 The combined Sperry Van Ness/Promus team will also include the following real estate market leaders:

Scott Cook, CPM®, CCAM®, will serve as a managing director/chief operating officer.

Barbara Kreis will serve as senior vice president specializing in the sale, lease and management of investment properties.

Chuck Wise, CCIM®, will serve as vice president specializing in the brokerage of investment real estate, with an emphasis on optimizing private investment real estate portfolios.

The following advisors are founding members of the Sperry Van Ness/Promus Commercial Team:

Tom Aycock, CCIM®, will serve as vice president specializing in the sale of shopping centers.

Krista Berger will serve as advisor specializing in the sale of commercial beach properties, including in multifamily, mobile home parks and land development.

Shelly Bird will serve as transaction coordinator, ensuring timely closings and assisting team members in their transactions.

Sheri Braemer will serve as associate specializing in commercial sales and leasing with an emphasis on the uptown market.

Charles Copelan, CCIM®, will serve as senior advisor specializing in overall building efficiencies and cost savings for investment owners.

Patty Doolen (formerly Haulley), will serve as senior advisor specializing in coastal multifamily sales and north county retail leasing.

Rick Hardy will serve as advisor specializing in the leasing and sales of office, industrial and retail commercial properties in San Diego.

Chris Mosh, MBA, will serve as associate advisor specializing in investment sales.

Dottie Surdi will serve as associate specializing in office, retail and industrial properties and will provide corporate real estate services throughout San Diego County and Southern California.

Tony Yousif will serve as vice president specializing in the sale of multifamily, land, retail and hospitality properties throughout the nation.  

 Contact:  David Ebeling, Ebeling Communications, (949) 278-7851

david@ebelingcomm.com

               

First Green Bank of Eustis, FL One of Only 24 Florida Banks to Earn Coveted Five-Star Rating from BauerFinancial, Inc.

EUSTIS, FL--- First Green Bank of Eustis was recently awarded the coveted five-star rating from BauerFinancial, Inc., the nation’s leading independent financial institution rating service since 1983.

Kenneth E. LaRoe, chairman and chief executive officer said First Green Bank of Eustis was one of six banks in the entire Central Florida region to earn BauerFinancial’s highest rating.

“We are extremely pleased to have scored such a high rating this early in our cycle and we feel it thoroughly validates our careful approach to serving all the community’s interest,” LaRoe said.

According to the BauerFinancial website, “Five-Star institutions generally have twice the capital required by regulators,” LaRoe said.

“The institutions for our recommended report are either profitable or had only an insignificant loss for the reports quarter,” LaRoe said.

First Green Bank has locations in Eustis and Clermont and plans to open a new 11,800 square foot headquarters facility in Mount Dora later this summer.

For more information about this press release, contact   

   

 Kenneth E. LaRoe, Chairman and CEO, LEED® AP, First GREEN Bank, 352-483-9100, ken@firstgreenbank.com

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 or 407-461-3780, lvershelco@aol.com   

For more information about this press release, please contact:

Bishop Construction Group Earns Contracts Worth more than $55 Million at Little River Elementary in East Orlando and Dr. Phillips High School

SANFORD, FL (July 13, 2011) --- Bishop Construction Group, Inc. a minority-owned construction company specializing in water intrusion remediation, commercial construction, design/build and project management services, and the Mentor Protégé Partner for The James A. Cummings Construction Corp., was recently awarded contracts worth more than $55 million to perform as the Construction Manager at risk for two Orange County Public School (OCPS) projects.  

Steven Bishop, president of Bishop Construction Group, Inc. said the contract work in partnership with Cummings includes comprehensive renovation of the Dr. Phillips High School (top left photo) on Turkey Lake Rd. and construction of a campus at the Little River Elementary School in east Orlando.

Bishop Construction Group is certified as a Minority Business Enterprise (MBE) and DBE (Disadvantaged Business Enterprise). 

Bishop Construction is a client company of the University of Central Florida Business Incubation Program and located at the UCF Business Incubator on West First Street in downtown Sanford.

For more information, contact:

Steven Bishop, Bishop Construction Group, Inc. 321-804-4419, sbishop@bishopconstruction.com;

Peggy Allen, UCF Business Incubation Program – Sanford, 407-278-7999 peggy.allen@ucf.edu;

Gordon Hogan, Director of Operations UCF Business Incubation Program 407-882-1577, gordon.hogan@ucf.edu;

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

Cornerstone Acquires $58.6 Million Mixed-Use Apartment Community in Monravia, CA

  

MONROVIA, CA – Institutional Property Advisors (IPA), a boutique brokerage platform serving the needs of institutional and major private investors, has arranged the sale of Paragon at Old Town (top left photo), a 163-unit 150,069-square foot mixed-use apartment community in Monrovia.

The sales price of $58.6 million equates to $359,509 per unit and $376 per square foot. IPA is a division of Marcus & Millichap Real Estate Investment Services.

Ron Harris (middle right photo), an executive vice president in Los Angeles, and Greg Harris, an executive vice president in Encino, represented the seller, Urban Housing Group and the buyer, Cornerstone Real Estate Advisers LLC. The Harrises are not related.

“Paragon at Old Town has differentiated itself from the rest of the competitive product in the area and stands tall as a premier Los Angeles County asset,” says Ron Harris. “The property experienced an expedient lease-up and effective rents have increased substantially following stabilization in the fourth quarter of 2010.”

 “This was a rare opportunity to acquire a meticulously designed core asset in the Los Angeles marketplace,” adds Greg Harris.

Built in 2010, the property is located at 700 South Myrtle Ave., just steps away from the high-end restaurants and boutiques of Old Town Monrovia.

Paragon at Old Town’s residents enjoy an amenity package that includes a state-of-the-art 24-hour fitness center with cardio stations equipped with individual LCD televisions, a resort-style elliptical swimming pool with a spa, sun deck and private cabanas.

The apartments feature gourmet kitchens with black appliance packages, high-end fixtures, gas ranges, granite countertops and hardwood cabinetry.

Other apartment amenities include stately nine- or 10-foot ceilings, hardwood flooring, deep soaking tubs, large walk-in closets, full-size washer/dryers, central air conditioning and heating and private balconies/patios.

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

Marcus & Millichap Sells 296 Apartment Units in Suburban Philadelphia

MARLTON, NJ – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Willow Ridge Village (top left photo), a 296-unit 251,824-square foot multifamily property in Marlton. The property was sold at a 6.25 percent cap rate.

Ridge MacLaren (middle right photo), a vice president investments, and multifamily investment specialists Clarke Talone (lower left photo) and Andrew Townsend (lower right photo), all in Marcus & Millichap’s Philadelphia office, represented the seller, Willow Ridge Village Apartments LLC.

 “Willow Ridge Village is exactly the type of apartment asset that sophisticated buyers have been asking us for these past few years: It’s a good property in a great location,” says MacLaren.

 “With some upgrades to the units, the new ownership will be able to achieve rents closer to current market levels and realize a strong return on their investment over the next five to 10 years.

“Our marketing process generated a tremendous amount of interest among local and regional buyers from the private and public sectors,” adds MacLaren.

 “We gave 45 property tours and received almost 30 offers. Once the purchase and sale contract was executed, the transaction went smoothly and the deal closed in less than 60 days,” MacLaren concludes. 

Willow Ridge Village was delivered free and clear of debt, which enabled the buyer to place new attractive agency financing on the property.

The apartments are at 1 Meridian Ct. in Marlton, not far from the intersection of Route 70 and Route 73. Marlton is an affluent suburb, located approximately 15 miles from Philadelphia. Willow Ridge Village is near the Promenade, an upscale lifestyle center, and the newly constructed Virtua Voorhees Hospital.

Constructed from 1987 through 1992, Willow Ridge Village includes 24 buildings with 56 one-bedroom units and 240 two-bedroom units. The apartments feature full-size washers and dryers, dishwashers, eat-in kitchens, ample storage areas and patios or balconies. Units on the second floor have skylights. Community amenities include a swimming pool, tennis courts and a playground. 

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

Monthly Loan Origination Requests Totals Continue to Improve Dramatically, Cambridge Realty Capital Chairman Jeffrey Davis Reorts

 CHICAGO, IL--Cambridge Realty Capital Companies reports that senior housing/healthcare loan origination requests processed by the firm during the month of June were up substantially over the same month last year.

Chairman Jeffrey A. Davis (top right photo) said the company processed 28 funding requests in June totaling $379.2 million, which compares with 19 requests totaling $243.1 million in June 2010.

“This marked the second consecutive month in which request activity has been arching sharply higher. In May, the 35 separate loan requests processed by the company was the highest monthly total since 2003,” he said.

Davis points out that lenders close a relatively small percentage of loan requests received. However, Cambridge routinely tracks this information as an indication of market directions.

“Thanks to exceptional, back-to-back monthly gains, year-to-date totals have already moved slightly ahead of last year’s,” he said.

Over the past six months Cambridge has processed 137 loan origination requests totaling $2.12 billion. Last year at this time there were 132 requests totaling $1.7 billion.

“Demand for popular HUD Lean financing remains exceptionally strong. HUD’s Office of Healthcare Programs (OHP) has been making excellent progress in working through the backlog of orders currently in the system,” he said.

Contact:

Evan Washington

Phone: (312) 521-7604

Fax: (312) 357-1611

E-Mail:  ew@cambridgecap.com

Marquis Residences’ Custom-Designed iPad App Provides Dynamic and Personalized Sales Presentations for Potential Buyers

MIAMI, FL – The Marquis Residences (top left photo), Miami’s majestic 67-story luxury residential tower, is harnessing the latest power of technology with its custom-designed iPad app. The new app personalizes and simplifies the sales process, making it more buyer friendly and efficient for brokers.

One of only a handful of properties to employ this technology, the Marquis credits this effective tool with helping to reach potential buyers – many of whom live overseas. In only its first year, the Marquis has sold 70 percent of its 292 units, well ahead of sales projections. At least one buyer at the Marquis purchased an apartment sight unseen as result of this application.

“This app makes it so easy to send a comprehensive recap immediately following a meeting,” said Susan Trevisa, a top-producing sales agent at Marquis. “I feel like I’m at the top of my game professionally thanks to this technological advancement.”

Designed specifically for the Marquis by Evolution Ventures, a Miami-based real estate and technology company, the Residential Sage app offers an interactive, 3D-generated look into everything a prospective buyer needs to know about the building including an overview and history on the property and amenities, location maps, information on  surrounding neighborhoods and relevant locations such as houses of worship, restaurants, retailers, yoga studios, etc.

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

Robin Diamond, Hundred Stories PR, (305) 903 - 5444

www.afigroup‐global.com

Atlantic | Pacific Companies Announces Significant Portfolio Expansion with New Deals in Boca Raton, Orlando, Key West and Alabama

   

MIAMI, FL – As of the Summer 2011, Atlantic | Pacific Companies (A|P) is pleased to announce recent business developments including:

 On June 17, 2011, A|P’s COO, Randy Weisburd (top right photo), was appointed as Receiver for Star Tower in Downtown Orlando, Florida. Under Mr. Weisburd’s direction, Atlantic | Pacific Advisory Services (A|P Advisory Services), A|P's real estate advisory & asset management platform, is overseeing the management of the project, including its 48 unsold residential units and one commercial unit. 

On July 1, 2011, Atlantic | Pacific Management (A|P Management), the property management and leasing subsidiary under A|P, became the new property management company for High Point Town Center in Prattville, Alabama (outside Montgomery). A|P Management will be managing approximately 450,000 square feet of the center.

On July 1, 2011, A|P Management became the new property management company for Habana Plaza in Key West, Florida.

 On July 7, 2011, A|P Management became the new property management company for Boca Colony Apartments in Boca Raton, Florida.

 Randy Weisburd, Chief Operating Officer of A|P states “In the first six months of 2011, A|P has grown its property management portfolio to equal over one million square feet. Our success in the first half of the year is a testament to our growing reputation as a company that delivers quality service in an array of platforms.”

 For more information, visit www.apmanagement.net or please contact Randy Weisburd at rweisburd@apmanagement.net.

MEDIA CONTACT: Jessica Wade Pfeffer / Jessica Wade Inc. / Jessica@jessicawadeinc.com / 305.804.8424

Office Vacancy Declines in Orlando as Average U.S. Vacancy Drops to Two-Year Low

  

ORLANDO, FL – Cushman & Wakefield released its midyear 2011 statistics for the U.S. Central Business District (CBD) office market, which show that Orlando’s vacancy rate declined to 18.9 percent, down from 19.1 percent at the end of the first quarter. 

 At the same time, the overall average vacancy rate for U.S. CBDs fell to 13.9 percent, down 0.7 percentage points from 14.6 percent at the end of the first quarter of this year, and at its lowest level since midyear 2009, when vacancy measured 13.7 percent. 

It was the largest quarterly decline in the U.S. CBD vacancy rate since 2007.  Vacancy rates declined in 71 percent of the markets tracked by Cushman & Wakefield, with the strongest drops in markets including Miami, Midtown South Manhattan and Washington, D.C.

 The trigger for the significant decline in vacancy was a notable increase in new leasing activity in U.S. CBDs, up 43.9 percent from midyear 2010 levels.  With 41.8 million square feet in new office leases signed year-to-date, the first half of 2011 proved to be the strongest in terms of leasing activity since 1998, when 44.5 million square feet in leases were completed in the first half of the year.

 In the second quarter of 2011 alone, 23.6 million square feet in leases were signed, the highest three-month total since the third quarter of 2006.  At midyear, leasing activity in Orlando totaled 402,152 square feet, a 17.8% decrease from 489,484 at this time last year.

 “At this point in the year, there has been more new leasing activity in U.S. CBDs than we had at midyear 2006 and 2007 – two extremely strong years,” said Maria Sicola, executive managing director and head of Americas Research for Cushman & Wakefield.  “If activity continues at this pace, 2011 will be on track for a historic year.”

 With no new construction completed in U.S. CBDs in the second quarter, year-to-date construction completions remained at the first quarter total of 2.3 million square feet.  An additional 2.1 million square feet of new office space is expected to be completed by year-end, with projects under way in Washington, D.C., Houston, Miami and Portland.

Soaring levels of leasing activity and no new construction boded well for absorption, totaling 7.1 million square feet year-to-date for U.S. CBDs, compared to negative 441,498 square feet at this time last year.  With 6.4 million square feet absorbed in the second quarter, absorption was positive for the third consecutive quarter.  Absorption in Orlando totaled positive 35,722 feet at midyear, up from negative 332,894 sf at midyear 2010.

 Average rental rates were $35.86 per square foot at midyear 2011, a $0.63 decline from this time last year.  Rental rates for Orlando’s CDB rose during the second quarter to $24.54 per square foot, up $0.35 from $24.19 at this time last year.

 “Leasing activity and declining vacancies have given us a strong indicator in which direction the market is moving,” said Ms. Sicola.  “While the national average for rental rates remained stagnant, more than half of the U.S. markets we track did see an increase, and looking forward the remainder are expected to follow suit by year-end.”

 Contact: Brook Hines, Tel: 407-541-4401, brookhines@cushwake.com

www.cushwake.com