C&W negotiates sale of 632-unit, two-property apartment portfolio in Central Florida

CASSELBERRY, FL --Cushman & Wakefield of Florida, Inc. (C&W) is pleased to announce the sale of a 2-property multi-family portfolio.

GoldOller Real Estate bought the 336-unit Reflections Apartments (above centered photo) in Casselberry, Florida and 296-unit Ocean Oaks Apartments (top right photo) in Port Orange, Florida for $37.9 million, or $59,968 per unit for the 632 total units.

 The buyer plans capital improvements such as upgraded fitness centers, redesigned clubhouses, and the addition of a business center.

 Orlando Apartment Brokerage Senior Director Jay Ballard (middle left photo), along with Ken Delvillar (lower right photo), CCIM and Lindsey Pfaender represented the seller, Apartment Investment and Management Company (AIMCO), a Denver-based real estate investment trust.

“GoldOller has acquired several multifamily properties in the last 12 months in Central Florida, with a goal towards growing their presence in the state,” said Jay Ballard. “They’re a well capitalized, private buyer who will be able to maximize the property’s potential through their hands-on management and growing scale in the market.”

 Marketed as two separate assets, the properties attracted multiple offers for both assets together, as well as individually. Both Ocean Oaks and Reflections have stable operations with occupancy approximately 90 percent at the time of sale. The blended cap rate based on trailing numbers is approximately 6.5 percent.

 GoldOller Real Estate along with a New York-based private investment firm, was selected as the buyer for the portfolio and placed a new Freddie Mac loan on the property. 

 Contact:

Brook Hines

Marketing Associate

Cushman & Wakefield

800 N. Magnolia Avenue, Suite 450

Orlando, Florida 32803

Tel: 407-541-4401

brookhines@cushwake.com

www.cushwake.com

IDI Purchases 250 Acres in SW Atlanta; Begins Construction on 650,000-SF Industrial Facility

Atlanta, GA,  Jan.18, 2012 – IDI, a leading full-service industrial real estate company, announced today that it has purchased 254 acres of land in the I-20 West submarket of Atlanta and will begin construction immediately on Building A, a 650,000-square-foot speculative building at Riverside Business Center (top left photo).

This is the first substantial speculative land acquisition and speculative building start by any industrial real estate company in the Metro Atlanta market since 2008. IDI purchased the property from Crescent Resources, LLC.

 IDI’s plans for Riverside Business Center include five buildings totaling 1.2 million square feet. Warehouse and industrial space will range in size from 75,000 square feet to 650,000 square feet and pad-ready sites will be available for build-to-suit opportunities.

 In addition, there are two commercial sites on the property totaling 20 acres, which IDI plans to market for retail and commercial uses. These sites are located at the intersection of Thornton Road and Riverside Parkway.

 The I-20 West submarket of Metro Atlanta is a key logistics market for local and regional distribution in the Southeast, offering close proximity to downtown Atlanta, Atlanta’s Hartsfield-Jackson International Airport (top right photo) and excellent access to I-20, I-75 and I-85.

In addition, the area offers one of the best labor pools in Metro Atlanta for targeted industries, such as warehouse, distribution and back office uses, along with substantial infrastructure in terms of high quality roads, utilities and a pro-business environment. 

 “IDI has a long history of success with properties in the I-20 West submarket as this location is ideally positioned for companies seeking to add a key location to their supply chain,” said Lisa Ward (middle left photo), vice president of leasing for IDI’s Atlanta market office.

 “The I-20 West submarket is relatively healthy with very few class-A buildings over 500,000 square feet available currently. As such, we are excited to deliver a new, class-A, IDI-quality property to the marketplace and about the opportunities provided in this submarket.”

Over the past decade, approximately 40 percent of IDI’s Georgia leasing activity has occurred in the I-20 West submarket. Most recently, a 745,000-square foot lease with Colgate-Palmolive brought IDI’s 1.3 million-square-foot WestPoint at Riverside park (lower right photo) to 100 percent occupancy.

 IDI developed the Silver LEED-certified building in 2008, which was leased in late 2008 and occupied in April 2009. Additional parks in the market developed by IDI include Westfork Business Park (4 million square feet) and Camp Creek Business Center (approximately 1 million square feet).  

For more information on IDI, visit www.idi.com.

 Contacts:

 

  Kim Hardcastle                               

Jackson Spalding for IDI

404-214-0693       

khardcastle@jacksonspalding.com

 Charlotte Marie Sturtz

Jackson Spalding for IDI

404-214-3555

csturtz@jacksonspalding.com

 

Greenville New Markets Opportunity Reports Investment of Over $18.5 Million Using New Markets Tax Credits in Greenville, SC

GREENVILLE, SC  /PRNewswire/ -- Greenville New Markets Opportunity ("GNMO") LLC announced that over $18.5 million in below-market financing for Project ONE, a mixed-use development located at the corner of Main and Washington Streets and developed by Hughes Development Corporation. 

Project ONE removed abandoned business and retail spaces that had been closed for years in the center of downtown and will transform the area around the project into one of the downtown's focal points for business, retail, and community-based activities.

The project will include offices for the law firm of Haynsworth Sinkler Boyd, P.A., headquarters for CertusBank, and retail space, including Anthrolopologie. Project ONE will also be the first LEED Silver building in downtown Greenville.

GNMO's New Markets Tax Credit financing, combined with additional New Markets Tax Credit and debt financing by TD Bank, was critical in pulling the financing package together. 

"Without the New Market Tax Credits provided by GNMO, the ONE project could not have happened,” said Robert E. Hughes, Jr.,  (top right photo) President, Hughes Development Corporation.

“New Market Tax Credits allowed us to afford a site that owners had been assembling for years -- many of them the high-priced years. They also allowed us to partner with the City, requiring less City investment for a project intended to revitalize this entire end of town.

“Not only will there be new jobs, new retailers, and new businesses on our site, there should be many more in the surrounding blocks."

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

Tammy C. Propst

tpropst@taxadvantagegroup.com

864.271.2737

NAI Realvest Orlando Names Five Young Sales Associates to Next Generation Mentoring Program

ORLANDO, FL– NAI Realvest, which ranks as one of the region’s largest and most active commercial property companies and one of the area’s largest developers of industrial facilities, recently named five young sales associates to its Next Generation mentoring program.

 Paul P. Partyka (top right photo), principal and managing partner and Patrick Mahoney (top left photo), president and chief executive officer of NAI Realvest, said the firm’s Next Generation mentoring program was designed to generate new career opportunities for young commercial real estate professionals and expand the pool of talent at NAI Realvest.

New associates accepted into the Next Generation mentoring program are required to complete NAI Realvest’s rigorous eight-week training program.

Upon successful completion of the training program, each Next Generation associate is paired with a top performing NAI Realvest professional who will serve as mentor, Mahoney said.    The new appointments include:

Aron M. Harrison (middle right photo), who joined NAI Realvest in 2008 as a data analyst intern while pursing his B.S. degree at the University of Central Florida. Harrison specializes in retail sales and leasing, site selection, market and demographic analytics, management services and tenant representation. Harrison will mentor with Mez R. Birdie, CCIM, SCSM, director of retail and investment services.

Erik Halverson (middle left photo), who majored in Finance at UCF, started his own construction company that he sold in 2007. He worked as an investment banking analyst for PCE Holdings before joining NAI Realvest and will be receiving his Master of Business Administration from the Crummer Graduate School of Business at Rollins College this April.  Halverson will be mentored by senior vice president and 30-year veteran Dan Colachicco and will specialize in multi-family and investment properties.

Eric Parrs (lower right photo), who recently earned his Master of  Science in Real Estate (MSRE) degree from the University of Florida’s Warrington College of Business Administration.  Parrs specializes in office investment sales and will mentor with NAI Realvest principal Tom Hankins.

 Mitch Heidrich (lower left photo), a recent University of Central Florida graduate who will specialize in retail properties and land. Heidrich will mentor with NAI Realvest principals Kevin O’Connor and Matt Cichocki.

 Michael F. Heidrich, Jr. (bottom right photo), a recent graduate of Boston College who majored in economics and finance. Heidrich, the son of NAI Realvest principal Michael F. Heidrich, Sr., will specialize in tenant and landlord brokerage, leasing, site selection, consultation, build-to-suit, and management services. Heidrich will mentor with his father.

For more information, contact

Paul P. Partyka, Managing Partner, NAI Realvest 407-875-9989 ppartyka@realvest.com;

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

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

MBA's Stevens Addresses the Exchequer Club of Washington, DC

  WASHINGTON, D.C. (Jan.  18, 2012) -  David H. Stevens (top right photo), President and CEO of the Mortgage Bankers Association, today delivered a speech to the Exchequer Club of Washington, DC, on the housing market and housing policy titled, "A Bright Future Requires Certainty." 

For a complete copy of the speech, please contact:

John Mechem             

(202) 557-2924

jmechem@mortgagebankers.org

Maury L. Carter & Associates Inc. Brokers 5.4-Acre Sale for BB&T in Sanford, FL

ORLANDO, FL --Maury L. Carter & Associates, Inc. ended 2011 with the sale of a 5.4± acre bank owned property in Sanford, Seminole County, Florida.

Daryl M. Carter (top right photo) with Maury L. Carter & Associates, Inc. represented Branch Banking & Trust Company (BB&T) in the late December 2011 sale of 5.4± acres along US Highway 17-92 at Mangoustine Avenue in Sanford, Seminole County, FL for $200,000.

 The Buyer was Florida Superior Properties Economic Community Services, Inc., a non-profit corporation.  Karen M. Ledet (lower left photo) with My Realty & Management Services, Inc. represented the Buyer.

 This was the third bank disposition for Maury L. Carter & Associates, Inc. in a nine month period during 2011.  Previously for BB& T, Maury L. Carter & Associates, Inc. had sold 1,395 acres for $4.5 million cash in Lake County and 2 acres in Volusia County. 

Contact:

Joan M. Fisher

Maury L. Carter & Associates, Inc.

3333 S. Orange Avenue, Suite 200

Orlando, FL 32806-8500

(407) 581-6207 direct

(407) 422-3144 office

(407) 422-3155 fax

jfisher@maurycarter.com

www.maurycarter.com

www.disneyuniversalland.com

Avison Young releases 2012 commercial real estate forecast for U.S. and Canada

  

CHICAGO, IL, Jan. 18, 2012 /PRNewswire/ - Benefitting from strong fundamentals, Canada's commercial real estate markets continued to enjoy stability and growth in 2011 despite global economic uncertainty. Meanwhile, the

United States suffered from ongoing uncertainty, with limited good news

concentrated in a few select markets.

Each country has its risks and concerns, but better days should be ahead for both as the world deals with its financial issues.

These are some of the key trends noted in Avison Young's 2012 Canada, U.S. Forecast, released today.

The annual report covers the Office, Retail, Industrial and Investment markets in 20 U.S. and Canadian metropolitan regions: Atlanta, Boston, Chicago, Dallas, Houston, Las Vegas, Los Angeles, Washington DC, Calgary, Edmonton, Halifax, Lethbridge, Mississauga, Montreal, Ottawa, Quebec City, Regina, Toronto, Vancouver and Winnipeg.

"There is a dichotomy in the North American commercial real estate market. Canada is experiencing a period of stability and modest growth, while the United States continues to search for traction in the recovery process," comments Mark E. Rose (top right photo), Chair and CEO of Avison Young.

"Despite this disparity, things are looking up in both countries as global financial uncertainty is gradually resolved and clarity begins to emerge," he says.

 "As Europe and the U.S. take steps to deal with their economic challenges and financial markets begin to rebound, there

will be opportunities for commercial real estate markets to make further gains."

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

For further info/comment/photos:Sherry Quan, National Director of Communications & Media Relations, Avison Young: (604) 647-5098; cell: (604) 726-0959; sherry.quan@avisonyoung.com  

Mark Rose, Chair and CEO, Avison Young: (416) 673-4028Earl Webb, President, U.S. Operations, Avison Young: (312) 957-7610

www.avisonyoung.com

Follow Avison Young on Twitter:

For industry news, press releases and market reports: www.twitter.com/avisonyoung

For Avison Young listings and deals: www.twitter.com/AYListingsDeals

Follow Avison Young Bloggers: http://blog.avisonyoung.com

McKenna Long & Aldridge LLP to Combine with Luce, Forward, Hamilton

 WASHINGTON, DC and SAN DIEGO, CA — The international law firm of  McKenna Long & Aldridge LLP (MLA) and the California-based law firm of Luce, Forward, Hamilton & Scripps LLP (Luce Forward) have set a target merger date of  March 1, 2012, following a recent vote by the firms’ partners. 

This combination will enhance the legal services provided to clients in litigation, real estate, insurance, government contracts, government affairs and corporate law.  The merger will also strengthen MLA’s California foothold and increase Luce Forward’s national and international presence.

The combined firm will continue as McKenna Long & Aldridge LLP, and will operate with more than 600 attorneys and public policy advisors in 15 offices in the United States and internationally.

The integrated resources and leveraged capabilities of the combined firm will place it among the top 80 largest law firms in the U.S.  It will also rank among the 20 largest firms and the third largest real estate practice in California, and will have more than 120 practicing litigation attorneys in the state. 

 “We took a long look at ways to better meet the growing needs of our clients on the West Coast,” stated MLA Chair Jeff Haidet (top right photo).  “The market for legal and regulatory work in California is growing, and Luce Forward’s statewide platform represented a perfect fit for our firm.

“ MLA and Luce Forward share similar values and cultures, and are fully committed to delivering innovative solutions to our clients.  Combining with Luce Forward is part of our common strategic vision to pursue growth opportunities in our clients’ industries, to strengthen our core practice areas, and to further extend our culture of collaboration to our client relationships.”

Through the merger, MLA attorneys and clients will gain access to Luce Forward’s significant litigation, real estate, insurance and corporate capabilities throughout California.  The merger provides Luce Forward attorneys and clients access to the nation’s largest and oldest government contracts practice and a nationally-recognized government affairs practice based in Washington, DC.

“Our focus for the past 138 years has always been to provide our clients with the highest level of service and legal experience,” said Luce Forward Managing Partner Kurt Kicklighter (middle left photo) 

“By combining with McKenna Long & Aldridge, we provide our clients with an international network of talented attorneys who can service any needs they might have beyond California.”

 To learn more about the firms and their services, please visit www.mckennalong.com and www.luce.com

 Press Contact:

Sabrina McGowan

McKenna Long & Aldridge LLP

202-496-7796, smcgowan@mckennalong.com

Matt Scofield

JACKSON SPALDING for McKenna Long & Aldridge

Image Creation, Cultivation and Communication

P  404.214.3554

E  mscofield@jacksonspalding.com

www.jacksonspalding.com

Marcus & Millichap Exapnds in Northeast with Opening of White Plains, NY Office; J.D. Parker Named Regional Manager.

 WHITE PLAINS, NY – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has opened a new office in White Plains, N.Y., according to John J. Kerin (middle left photo), president and chief executive officer.

 J.D. Parker (top right photo), a vice president of the firm, will oversee the office as its regional manager. Parker also oversees the Manhattan and New Haven, Conn., offices as regional manager.

The White Plains office is located at 50 Main St., White Plains, N.Y. 10606. The phone number is (914) 397-1700 and the fax number is (914) 290-4129.

 “As we continue to grow our market share in the Tri-State region, adding a new White Plains office to serve the needs of investors in the New York Metro Area, Upstate New York and throughout New England makes strategic sense,” says Parker. “The opening of this new office further strengthens our position as the leading real estate investment services firm not only in the Northeast, but in the United States.”

“Investment properties in the Northeast boast some of the best fundamentals in the entire country,” says Gene A. Berman (lower right photo), executive vice president of Marcus & Millichap, and group managing director of the company’s northeastern offices.

“As the economy continues to improve, both domestic and foreign investors are rebuilding their real estate portfolios, shedding non-performing assets, executing more 1031 exchanges and requiring more complex financing for their transactions.

“In short, investors are requiring more sophisticated brokerage, advisory and financing services uniquely offered by Marcus & Millichap,” adds Berman. “This is an opportune time to push forward with our expansion plans and capitalize on the investment opportunities in the Northeast.”

In addition to the White Plains office, Marcus & Millichap’s northeastern offices include Baltimore, Boston, Brooklyn, Manhattan, New Haven, New Jersey, Philadelphia, Pittsburgh, Providence and Washington, D.C

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

Charles Dunn Co. Names Rene Soto as Senior Managing Director to focus on the Tri-Cities and greater Los Angeles markets

 LOS ANGELES, CA– Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has named 15-year industry veteran Rene Soto (top right photo) as senior managing director in the firm’s Glendale office.

Soto previously served as a managing director with a national brokerage firm in downtown Los Angeles. Soto will focus on tenant representation services throughout the Tri-Cities office market of Burbank, Glendale and Pasadena as well as the greater Los Angeles area. The company’s Glendale office is the largest full-service commercial real estate firm in the Tri-Cities.

“Charles Dunn Company has been focusing on the expansion of its tenant representation services as this is a market that shows signs of continued growth over the next several years,” said Chris Cooper (middle left   photo), CEO of Charles Dunn Company. “Rene has an impressive roster of clients and a keen knowledge of the market that will compliment the firm’s already successful presence in the Tri-Cities.”

Cooper added that Charles Dunn Company will continue an aggressive recruiting campaign in 2012 as it seeks to increase its transactional volume in all property sectors for its brokerage and property management divisions.        

Soto has completed in excess of 15 million square feet of transactions over his 15-year career and has worked with diverse business sectors including entertainment, media, law firms, insurance groups, non-profits and public companies.

Some of the clients Soto has completed transactions with include TTG Engineering, Guidance Software, Magellan Navigation, Art Directors Guild of America, DVS TV, and the Community Development Commission of Los Angeles to name a few.

“Rene is a strategic and very significant addition to our Glendale office,” said Bill Boyd (lower right photo), senior managing director with Charles Dunn Company who heads the office. “He will help grow our tenant representation business and add to our presence in a market that we have served for more than 30 years. The current market environment has its challenges, but also offers great opportunities.”

 “Charles Dunn Company offers a strong regional presence, entrepreneurial culture and hands-on client service that meshed well with my professional philosophy,” added Soto. 

Contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Hunter Realty Sells Record 54 Hotels in 2011; $4 Billion in Broker Opinion of Value Reports; Predicts Active 2012 for Hotel Industry

  

ATLANTA, GA Jan. 18, 2012—Officials at Hunter Realty, a leading national hotel investment advisory services firm, today announced that the firm brokered the sale of a record 54 hotels in 2011. 

During the year, the firm also completed over 400 broker opinion of value reports totaling $4 billion for special servicers, lenders and owners.

 “2011 was a banner year, and there is every indication that 2012 also will be even better for both our firm and the hotel real estate industry,” said Teague Hunter (top right photo), president.

 “Our business mix this year included a sizable number of complicated transactions, such as multi-use transactions and brand changes.  In today’s challenging real estate marketplace, brokers play a pivotal role in working with both troubled and conventional properties, structuring a win-win transaction for buyer and seller, locating financing and helping the buyer obtain the right brand.” 

Hunter noted that as the market continues to firm up, they expect to see a larger number of conventional hotels coming to market.

 “About 75 percent of sales in 2011 were distressed, but that should begin to move to a 50-50 ratio, distressed versus conventional, in 2012.  It appears banks and special servicers have concluded that the ‘delay and pray’ period is over.”

He added that the firm also expects to see a lot more full-service hotels coming to market next year, a trend that began in the summer and has been accelerating.

 

 “Financing for larger transactions is loosening up.  Hilton and Marriott are the most sought-after brands, while interest in Hyatt and IHG brands are increasing rapidly.  IHG properties are attracting more attention, especially now as they ratchet up the quality for their Crowne Plaza brand, similar to the impact of the successful upgrade of the Holiday Inn brand.”

Earlier in the year, the firm opened a full-service office in New York to expand its reach to the nation’s most important hotel real estate/financial marketplace, bringing to six the number of Hunter offices in the U.S. 

 “We polled our offices and found that the areas of greatest buyer interest are the West Coast and Northeast regions, where values have rebounded more quickly than the rest of the country,” Teague said..  “We are looking for opportunities to further build a national presence, and we expect to open additional offices in 2012 as the market continues to improve.”

Additional information, including current listings, is available at the company’s website, www.HunterHotels.net, or by contacting the Atlanta office at 770-916-0300.

 Contact: 

Jerry Daly or Carol McCune (media)

(703) 435-6293

Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289                 

Cassidy Turley represents Outback Steakhouse Owner in two leases totaling 209,000 SF in Westshore submarket of Tampa, FL

TAMPA, FL – [Jan. 18, 2012] Cassidy Turley, a leading commercial real estate services provider in the U.S., recently negotiated two leases at Corporate Center One totaling 209,000 square feet. Cassidy Turley’s Ron Ruffner (middle right photo) and Clay Sovich (middle left photo) represented the landlord in both transactions.

 The first lease is a major expansion and renewal of OSI Restaurant Partners’ headquarters, the parent company of Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, Fleming’s and Roy’s. The company renewed its lease at Corporate Center I for 120,000 square feet and expanded an additional 60,000 square feet. Jimmy Garvey of CLW Real Estate Services Group represented the tenant.

 In the second transaction, PB Americas leased 29,000 square feet. An engineering consulting firm, PB Americas will be a new tenant in the building. Phil Giunta and Mia Jarrell of Grubb & Ellis represented the tenant in the transaction.

 “The renewal and expansion of OSI is testament to Corporate Center One’s ability to attract headquarters and regional offices of top-tier companies,” Ruffner said. “The new lease with PB Americas shows that the building is a preferred location for firms conducting business in Tampa.”

 Corporate Center One is a six-story, 390,582-square-foot building situated at 2202 N.Westshore Blvd. Amenities include an on-site café, world-class fitness center and a free airport shuttle to Tampa International Airport.

Corporate Center One is located in Tampa’s Westshore Business District. Westshore is the center of activity in Tampa Bay and Florida’s west coast. Located in the city of Tampa, the Westshore district is Florida’s largest office submarket with more than 12 million square feet of office space.

 Contact:

Tony Wilbert

Wilbert News Strategies

404-965-5022

twilbert@wnspr.com

http://www.cassidyturley.com/