Thursday, August 11, 2011

Feds Target 13 Condos In Downtown Miami, South Beach For Seizure

MIAMI, FL--The U.S. Attorney’s Office in Miami is attempting to seize 13 condos in Greater Downtown Miami and Miami Beach, a townhouse in Miami's Coconut Grove neighborhood, and undeveloped land in the North Carolina mountains as part of a grand jury indictment alleging “conspiracy to commit money laundering” and “bulk cash smuggling,” according to a new report from

The criminal indictment of five individuals was first reported in an online advanced article entitled “Los Miami Gang Nabbed In Huge Drug Bust” that is scheduled to appear in the Aug. 11, 2011 edition of the Miami New Times.

The government is targeting for seizure two Miami Beach condos - one unit located in the Continuum On South Beach (top left photo) and the other in the Murano At Portofino (middle right photo) - in the exclusive South of Fifth neighborhood at the tip of the barrier island, according to the grand jury indictment dated July 12, 2011 in the U.S. District Court's Southern District Of Florida.

An additional 11 condos earmarked for federal seizure are located in two complexes - One Miami and The Mark on Brickell - in Greater Downtown Miami, according to the indictment.

The government is also pursuing for seizure a townhouse on South Bayshore Drive across from David Kennedy Park in Miami's Coconut Grove neighborhood, according to the indictment.

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at

Grubb & Ellis to File Form 10-Q Detailing Second Quarter Results

 SANTA ANA, CA. (Aug. 11, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it will file a Form 10-Q with the Securities and Exchange Commission detailing its second quarter and first-half 2011 results on Aug. 15, 2011.

 The company will not issue an earnings release or host an investor conference call in light of its announcement on March 21 that the company had retained an investment advisor to explore strategic alternatives.

Contact: Janice McDill, Phone: 312.698.6707                                     

Avant Healthcare Signs Five-Year Lease near Orlando


ORLANDO, FL, aug. 11, 2011-- Lincoln Property Company inked another deal in Casselberry, Fla. at Interlachen Corporate Center (top left photo). Avant Healthcare, a company specializing in recruiting international nurses and therapists for the U.S., signed a five-year-lease for 10,585 square-feet.

Jay Dixon (lower right photo), vice president with Lincoln Property Company, represented the landlord, Parkway Properties.  Greg Morrison of Morrison Commercial Real Estate represented the tenant.

 Located at 1211 Semoran Blvd., the three-story building is only 14 miles from Orlando International Airport. It boasts a recently renovated common area and is conveniently located near banks, hotels and restaurants.

"Even in a challenging market, deals are getting done.  It just takes time and patience to figure out a structure that will work for both parties," said Dixon.

Laura Dudebout
O: 404.965.5023
C: 678.642.4301

Melrose-Sovereign Companies names Michael Gonzalez marketing and multimedia coordinator

ORLANDO, FL --- Melrose-Sovereign Companies has named Michael Gonzalez (top right photo) marketing and multimedia coordinator.

Jack Hanson, LCAM, co-founder and partner at Melrose-Sovereign Companies said Gonzalez is a recent graduate of the University of Central Florida.

Gonzalez will focus on the firm’s new media marketing, including social network facilities such as Facebook and Twitter.

Melrose Sovereign Companies manages residential communities and condominium associations throughout Florida.

For more information, contact: 
Michael Gonzalez, Marketing/Multimedia Coordinator, Melrose-Sovereign Companies, 800-647-0055;
Jack B. Hanson, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181,   
Ellen G. Lumpkin, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181,   
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142,  

Rhodes+Brito Architects Earn Continuing Service Contract with City of Eatonville, FL

 ORLANDO, FL --- Rhodes+Brito Architects in Orlando was recently awarded a continuing services contract to provide architectural services for the City of Eatonville.

Ruffin Rhodes (top right photo) co-founder and partner at Rhodes+Brito Architects, said the continuing services contract enables the City of Eatonville to initiate small architectural projects valued at under $2 million.

Rhodes+Brito Architects is a full-service architectural firm that opened its offices in downtown Orlando in 1996 to specialize in design of public facilities, including schools, airports and courthouses.

For more information, contact:
Ruffin Rhodes, Rhodes+Brito Architects, 407-648-7288 x103
Maximiano Brito, Rhodes+Brito Architects, 407-648-7288
Beth Payan, Larry Vershel Communications, 407-644-4142

NAI Realvest Negotiates Two New Leases for Office Space at Facilities in Oviedo, FL and Maitland, FL

ORLANDO, FL--- NAI Realvest recently negotiated two new lease agreements totaling 3,898 square feet – one at an Oviedo office campus and one in a Maitland office building. 

Senior Associate Mary Frances West (top right photo), CCIM represented the tenant Orbis Technologies, Inc. of Annapolis, Md. in the lease of Building 4 at 1255 City View Center,  a 3,170 square foot stand alone office building located off SR 434 and Mitchell Hammock Road.  The landlord, InfoSource. Inc. of Oviedo, was represented by Robin Kesler of Re/Max Optima Commercial.

 West represented the landlord, Shoppes of Maitland LLC of Orlando in the lease of 728 square feet to Indianapolis-based Citation 34, LLC dba iStudio Salons, who leased Suite 202 at 400 South Orlando Ave. in Maitland.  Scott Corbin of Colliers International represented the tenant.

For more information, contact:
Mary Frances West, CCIM, Senior Broker-Associate NAI Realvest, 407-875-9989;
Patrick Mahoney, President, NAI Realvest, 407-875-9989
Beth Payan, Larry Vershel Communications, 407-644-4142

Avison Young opens new office in Los Angeles


TORONTO, Aug. 11, 2011 /PRNewswire/ - Mark E. Rose (top right photo), Chair and CEO of Avison Young, Canada's largest independently-owned commercial real estate services company, announced today the opening of a newly-formed office in Los Angeles, California.

The newest American office marks Avison Young's eighth location outside
of Canada and represents the next step in the firm's aggressive growth
and expansion strategy.

Effective immediately, industry veteran Neil Resnick (lower left photo) joins Avison Young as a Principal and will help launch the company's brokerage business in Southern California.

CONTACT: For further information/comment/photos: Sherry Quan, National Director of Communications & Media Relations, Avison Young: (604) 647-5098; cell: (604) 726-0959

Mark Rose, Chair and CEO, Avison Young: (416) 673-4028
Earl Webb, President, U.S. Operations, Avison Young: (847) 881-2237
Neil Resnick, Principal, Avison Young: (310) 871-1961
Temporary address for new Los Angeles office: 1100 Glendon Avenue, 17th  Floor, Los Angeles, CA 90024
Follow Avison Young on Twitter:

Florida's Existing Home, Condo Sales Up in 2Q 2011

ORLANDO, FL /PRNewswire/ -- Florida's existing home and existing condo sales experienced an upswing in the second quarter of 2011 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®.

Existing home sales rose 1 percent in 2Q 2011 with a total of 52,421 homes sold statewide; during the same period the year before, a total of 51,973 homes changed hands according to Florida Realtors.

 Statewide sales of existing condos in the second quarter rose 14 percent compared to the year-ago sales figure.

For a complete copy of FAR’s news release, along with statistical data, please contact:

Marla Martin, Communications Manager, or Jeff Zipper, Vice President of Communications, +1-407-438-1400, ext. 2326 or 2314

Marcus & Millichap Closes Sale of $40 Million Seniors Housing Portfolio in New England

LOS ANGELES, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of two New England assisted-living care facilities. The portfolio’s sales price was $40 million. The properties are:

  • Village at Fillmore Pond (middle right photo) in Bennington, Va., 101 units, 92,600 square feet, $20,935,276
  • The Inn at Spruce Wood (top left photo) in Durham, N.H., 100 units, 85,64 square feet, $19,064,724
  Michael Pardoll, a senior vice president investments in the firm’s Charlotte, N.C. office, and Christopher Hyldahl, a senior associate in West Los Angeles, represented the seller in both transactions, NE4 Senior Living Facilities LLC.

Pardoll and Hyldahl also represented the buyer of both properties, Emeritus Senior Living. Jeffrey Nick of NAI J. L. Davis Realty provided representation in Vermont and Todd Tremblay, a senior associate in Marcus & Millichap’s Boston office, provided representation in New Hampshire.

 “Seniors housing assets with consistent returns are becoming increasingly attractive to investors,” says Pardoll. “Facilities with assisted-living, independent-living and memory-care components remain the most sought-after seniors housing properties.”

“Each property in this portfolio has sustained occupancy levels greater than 90 percent through the economic downturn, while increasing rents between 4 percent and 6 percent annually since 2007,” adds Hyldahl. “Currently, the two properties have a combined total of 201 stabilized units, with expansion potential for another 16 cottages at the Bennington, Va. facility.”

 The Village at Fillmore Pond is comprised of 30 independent-living units units, 45 assisted-living units, 12 memory-care units and 14 newly built independent-living cottages located on 85 acres at 300 Village Lane in Bennington.

 The independent-living and assisted-living sections were constructed in 2000 and the 24-bed, 12-unit memory-care section was added in 2009. The community draws residents from Massachusetts, New York and Vermont.

The Inn at Spruce Wood is located at 25 Worthen Road in Durham, approximately one hour north of Boston and approximately nine miles from the 115-bed Wentworth-Douglas Hospital.

Built in 2004 on 16 acres, the facility has 35 independent-living units and 65 assisted- living units, 25 of which are dedicated to memory care. All units have 24-hour emergency call systems, central monitoring, fire sprinkler and smoke detection systems.

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

Grubb & Ellis Completes Sale of Daymark Realty Advisors


SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE) announced the sale of Daymark Realty Advisors, Inc., to a joint venture entity controlled by Sovereign Capital Management Group and Infinity Urban Century, an investment affiliate of The Infinity Group.

 Grubb & Ellis has exited the tenant-in-common business with the disposition of its wholly owned subsidiary.

 “The sale of Daymark is extremely positive for our company.  Daymark was noncore to our Real Estate Services and non-traded REIT businesses.  This sale will allow us to focus on profitability and growth, while continuing to review our broader corporate strategic alternatives,” said Thomas P. D’Arcy (top right photo), president and chief executive officer of Grubb & Ellis.

 “We are very pleased to have completed our acquisition of Daymark, which manages one of the most attractive portfolios of tenant-in-common properties in the U.S., and we plan to use our knowledge of the sector to enhance the company’s competitive advantage and performance in the marketplace,” said Etienne Locoh (middle left photo), managing partner of Infinity’s Urban Century investment unit. 

“We believe that the investment acumen and capital markets relationships of Sovereign Capital and Infinity Urban Century will strengthen this platform with asset capital solutions and deep real estate management experience.”

 Grubb & Ellis entered the tenant-in-common business as part of the company’s 2007 merger with NNN Realty Advisors, Inc.  Daymark is one of the largest real estate asset management companies in the country, serving more than 5,200 clients and overseeing a nationwide portfolio of commercial property totaling approximately 33 million square feet, including more than 8,700 multifamily units. 

 The sale involved the purchase of Daymark stock by the joint venture entity.  Additional terms of the transaction will be included in a Form 8-K to be filed with the Securities and Exchange Commission.

 FBR Capital Markets & Co. served as financial advisor to Grubb & Ellis in connection with the transaction.

Contact: Janice McDill, Phone: 312.698.6707                                     

Foreclosure Activity Falls to 44-Month Low in July, According to RealtyTrac U.S. Foreclosure Market Report

 IRVINE, Calif. – Aug. 11, 2011 — RealtyTrac® (, the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for July 2011, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 212,764 U.S. properties in July, a 4 percent decrease from June and a 35 percent decrease from July 2010.

The report also shows one in every 611 U.S. housing units with a foreclosure filing during the month of July.

“July foreclosure activity dropped 35 percent from a year ago, marking the 10th straight month of year-over-year decreases in foreclosure activity and the lowest monthly total since November 2007,” said James J. Saccacio (top right photo), chief executive officer of RealtyTrac.

“This string of decreases was initially triggered by the robo-signing controversy back in October 2010, which forced lenders to substantially slow the pace of foreclosing, but the downward trend in foreclosure activity has now taken on a life of its own.

“It appears that the foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts — including loan modifications, lender-borrower mediations and mortgage payment assistance for the unemployed — may be allowing more distressed homeowners to stave off foreclosure.”

For a complete copy of RealtyTrac’s report, along with statistical data, please contact:

Christine Stricker
949.502.8300, ext. 268

Michelle Schneider
949.502.8300, ext. 139