Friday, April 27, 2012

3 New Projects With Hundreds Of Residential Units Proposed For Miami Beach

MIAMI, FL --Developers are proposing three new unrelated projects in the neighborhoods of South Beach and Middle Beach that combined would create hundreds of new residential units in Miami Beach at a time when the coastal South Florida condo market is showing signs of recovering from the dramatic real estate crash that began in 2007, according to a new report from

None of the projects being proposed by the prospective developers - Related Group, Crescent Heights, and Lionheart Capital - have obtained final governmental approval so the details could change before anything is ever constructed, industry watchers said.

The three newly proposed projects follow the announcement of 30 new condo towers with more than 6,200 units that are already being planned for the South Florida coastal market of Miami-Dade, Broward, and Palm Beach counties, according to the Preconstruction Condo Projects list based data from the licensed Florida brokerage CVR Realty™.

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

Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.


Grubb & Ellis Selected to Market for Sale Partially Complete, 425,000 SF Mixed-Use Project in Las Vegas


LAS VEGAS, NV  (April 27, 2012) – Grubb & Ellis, which recently became a part of BGC Partners, Inc. and has joined with Newmark Knight Frank to create the real estate industry's newest full-service powerhouse, today announced that it has been selected to exclusively market the sale of Manhattan West (top left photo), a partially complete, mixed-use project located at 9255 W. Russell Road.

The 19.22-acre property comprises 425,291 square feet of multifamily, office and retail space, including nine contiguous acres for future development.

 The team of Douglas Schuster (top right photo), senior vice president, Curt Allsop (middle left photo) and Ben Millis, (lower right photo) senior associates, and Vittal Ram, associate, was awarded the listing from the development’s lender, Scott Financial Corporation (“SFC”) in conjunction with Gemstone Development West.

The Eighth Judicial District Court in Clark County, Nevada, recently ruled that SFC’s mezzanine deeds of trust in the amount of $38 million were in first priority with respect to the mechanic’s lienholders.[1]

 “Like so many other speculative developments over the past several years, Manhattan West suffered during the economic downturn and unfortunately couldn’t be delivered by the original developer,” Schuster said. “However, the location of the property and the work completed to date make this a highly desirable investment opportunity.”   

Manhattan West is located seven miles from the Las Vegas Strip at Russell Road and I-215. Construction on the property began in 2005, with original plans for more than 700 multifamily units and approximately 200,000 square feet of office and retail space. 

Existing on the site are two four-story Class A office and retail buildings totaling 190,887 square feet in grey shell condition with underground parking for 451 cars; two four-story Class A multifamily buildings with 160 nearly complete residential units and underground parking for 216 cars; and a nine-story, Class A residential tower with 76 partially complete residential units and underground parking for 77 cars.

 The asking price is $25 million, with an offer deadline of May 2, 2012. Contact Schuster, Allsop, Millis or Ram at 702.733.7500 for more information.


 Monica Sparreo                                             

JW Marriott Luxury Brand to Open New Hotel in Santo Domingo -- First JW Marriott in Dominican Republic and Caribbean

BETHESDA, MD, April 27,2012 /PRNewswire/ -- Marriott International's (NYSE: MAR) world-class luxury hotel brand, JW Marriott Hotels & Resorts, announced plans to open a new 131-room JW Marriott Hotel in Santo Domingo (top left rendering), the capital of the Dominican Republic, in 2014.

 The property will be operated by Marriott under an agreement with Grupo Velutini, a Panamanian subsidiary of Fondo de Valores Inmobiliarios (FVI).

The official announcement event took place at the hotel site inside of the Blue Mall with participants including President Leonel Fernandez; J.W. Marriott, Jr. chairman of the board, Marriott International; Luis Emilio Velutini, owner and president of Grupo Velutini; and Rob Steigerwald, chief operating officer, Americas, Marriott International.

"The Dominican Republic is a highly desirable destination for today's luxury traveler and a growing business hub in the Caribbean," said J.W. Marriott, Jr., (lower right photo) chairman of the board, Marriott International. "This makes it ideally suited for our JW Marriott brand, which is now in 22 countries around the world."

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

: Laura Botelho,

Sara Steffenauer,

Sperry Van Ness International Expands Presence in New Braunfels, TX

 IRVINE, CA. (April. 27, 2012) – Sperry Van Ness International Corporation, a national franchisor for commercial real estate brokerages, today announced the addition of a new franchise in New Braunfels, Texas.

 The new franchise is part of Sperry Van Ness International Corporation’s national expansion program which started in 2001 and has grown to more than 1,400 advisors and staff representing more than 150 markets today.

“Sperry Van Ness International Corporation is continuing to grow in key markets across the United States. We are happy to have this New Braunfels office and its talented brokers as part of the SVNI family,” said Kevin Maggiacomo (top right photo), chief executive officer and president of Sperry Van Ness International Corporation. 

Norris Commercial Group, LLC will now operate as Sperry Van Ness® / Norris Commercial Group, LLC. The office is located at 373 S. Seguin Avenue, New Braunfels, TX and is led by owner and principal broker, Mike Norris (middle left photo).

Other team members include: Patrick Lynch and Steve Rodgers who serve as senior advisors; Allison Humphries, Harry Botkin, and Drew Traeger, who serve as advisors; as well as associate advisor, Callie Payne, and  financial officer/advisor Chris Blankenship.

Sperry Van Ness / Norris Commercial Group provides sales, leasing, property management, development, tenant representation and property management services for apartments, hospitality, office, retail, industrial, land, and self storage properties. 

“Norris Commercial Group joined Sperry Van Ness because its culture and business philosophy mirrors our business character, making it a natural fit for our team,” said Norris.

 “New Braunfels has continued to prosper during this current economic downturn creating jobs and economic growth. I can attest that Norris Commercial has had a proactive role in that prosperity. For decades we have been committed to this region and we will continue that legacy well into the future.”

Norris Commercial Group has been in business for over 62 years. Mike Norris has been with the firm for the past 38 years. Leading a team of experienced advisors, Norris engages in the development, sales, marketing, leasing and management of commercial real estate throughout the San Antonio/New Braunfels MSA.

Located between San Antonio and Austin, the city of New Braunfels is known for its beauty, hill country, rivers and quality of life.


Darcie Giacchetto
(949) 278-6224

Marcus & Millichap Promotes Steve A. Sauter to First Vice President Investments

 PALO ALTO, CA –Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Steve A. Sauter (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 Steven J. Seligman (lower left photo), vice president and regional manager of the firm’s Palo Alto office.

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

Sauter began his career with Marcus & Millichap in January 1992 and was named vice president investments in January 2008. He has received 14 sales recognition awards from the firm.

Sauter specializes in the sale of retail investment real estate located nationwide. He is a senior director in the firm’s National Retail Group and Net Leased Properties Group

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

Construction is Underway on Martin Luther King, Jr. Multi-Service Ambulatory Care Center in Los Angeles

Los Angeles, CA – The design-build team of McCarthy Building Companies, Inc. and HDR Architecture, Inc. have recently begun construction of the new $150 million Martin Luther King, Jr. Multi-Service Ambulatory Care Center (top left rendering) in Los Angeles.

 The new 132,550-square-foot facility was designed to meet LEED (Leadership in Energy and Environmental Design) Gold standards.

The four-story medical facility, which broke ground on January 25, 2012, will house five operating rooms, dentistry, oncology and physical and occupational therapy services.

Additionally, the project will include 10 acres of site parking and landscape, offsite signalization and street improvements as well as a 31,000-square-foot LEED Silver-rated renovation to existing administration space.

“The MLK, Jr. Multi-Service Ambulatory Care Center project will provide a necessary upgrade for how healthcare is delivered to the community,” said Curtis Lockwood, Vice President, HDR Architecture, Inc. “ The new facility will be key to delivering outpatient care and connecting the inpatient and outpatient services to the new state-of-the-art facilities.”

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

Laura Mickelson (LM Communications)
 (949) 453-0851                           

Susan Garritano (McCarthy Building Companies, Inc.)    
(314) 968-3300                           

Carroll Organization Acquires Houston Apartment Community


Atlanta and Houston (April 27, 2012) – Carroll Organization, a multifaceted multifamily real estate firm, has acquired Waterford Place apartments just north of Houston, Texas.  The 267-unit luxury community will be re-branded as ARIUM Fall Creek (top left and middle right photos). The transaction closed April 26.

 The community is Carroll Organization’s seventh multifamily acquisition within 12 months, and its third in the thriving Houston market since February. Last year the firm bought two communities in Georgia plus two more in Tennessee. More acquisitions are expected in the coming months.

 “We are aggressively seeking high quality communities in strong locations throughout the Southeast, Texas and the West Coast,” said Carroll Organization’s founder and CEO M. Patrick Carroll (middle left photo). “We’re looking for opportunities where our expertise in property and asset management can help deliver the best possible returns for our investors.”

The community was financed in part through a private fund, Carroll Fund I, which co-invests with equity partners to secure Class A and B+ communities. Carroll Management Group, an affiliate company, manages the new acquisitions. The terms of the sale were not disclosed.

 ARIUM Fall Creek is a relatively new community on Sam Houston Tollway near Highway 59. It is just north of Fall Creek, one of Houston’s most affluent master-planned communities, and within a few miles of several large employers including George Bush Intercontinental Airport. (lower right photo) 

The property has 267 one-, two- and three-bedroom apartments with luxury amenities including chef’s kitchens, a resort-style pool washer/dryers and garages. The beautifully-appointed clubhouse features amenities including a high-tech fitness center, business center and WiFi computer lounge.

 Carroll Organization is a multifaceted enterprise focusing on the ownership and operation of multifamily real estate. Its primary services include private equity real estate investment, property management and asset management.

This integrated approach, which makes the organization an attractive investment partner, has contributed to the firm’s rapid growth and success.

 Founded in 2004, Carroll Organization has grown significantly through the acquisitions of both properties and former competitors. Headquartered in Atlanta, it has regional offices in Dallas, Houston, Los Angeles, Denver, Charlotte, Tampa, Orlando and Miami.

For more information, visit


Terri Thornton