W Fort Lauderdale Condo-Hotel Sales Top $16.5 Million In 1st Year

 MIAMI, Fl --Developer sales at the newly launched W Fort Lauderdale (top left photo) condo-hotel project in the Downtown Fort Lauderdale and Beach coastal market are proceeding at a pace of nearly two units per month after the first year of transactions, according to a new report from CondoVultures.com.

As of March 31, 2012, buyers have acquired more than 20 units for a combined price of $16.5 million in the 171-unit tower that stands on the west side of the W Fort Lauderdale property - also known as the Fort Lauderdale Residences hotel condominium - in the 400 block of North Fort Lauderdale Beach Boulevard, according to Broward County records

A twin 24-story tower located on the east side of the rectangular-shaped W Fort Lauderdale property currently operates as a traditional hotel with no units for sale, according to government records.

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

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.

Tradition at Palm Aire in Sarasota, FL Commands $13.5 Million

SARASOTA, FL –Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has closed the sale of Tradition at Palm Aire (top left photo), a 178-unit multifamily property located in the northern Sarasota community of Palm Aire.

The sales price of $13.5 million represents a price of $75,843 per unit or $54 a square foot.

Jamie B. May (middle right photo), a senior IPA Florida director, represented the seller, Beachwold Residential. The buyer is Preston Giuliano Capital Partners.

“Originally a 248-unit condo conversion, Tradition at Palm Aire provides the new owner with 178 units at a significant discount to historical retail sales prices and well below replacement cost,” says May. “The units are presently 95-percent leased and generate strong cash flow, providing new ownership with the flexibility of holding units as rentals until the retail sales market for condominiums recovers.”

“Florida’s recently extended Distressed Condominium Relief Act has made purchasing and owning fractured condominiums much more attractive,” adds May.

The 175,684-square foot property was built in 1991 on 28.3 acres at 8445 Gardens Way in Sarasota in the midst of the vibrant and sought-after University Parkway area.

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

http://www.institutionalpropertyadvisors.com/

Marcus & Millichap Promotes Benjamin H. Firestone and David N. Gaines to Associate Vice President Investments Positions

CHICAGO, IL –Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Benjamin H. Firestone (top right photo) and David N. Gaines (middle left photo) to associate 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 John M. Przybyla (lower right photo), first vice president and regional manager of the firm’s Chicago Downtown office.

Most recently, Firestone and Gaines held the title of senior associate.

Firestone began his career with Marcus & Millichap in May 2006 and was named senior associate in May 2009. He specializes in the sale of seniors housing real estate and has received two sales recognition awards from the firm.

Gaines began his career with Marcus & Millichap in May 2004 and was named senior associate in May 2007. He specializes in the sale of multifamily real estate and has received two sales recognition awards from the firm.

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

Champion Real Estate Co. Announces New Partnership with Chris Wilson to Acquire, Develop and Renovate $200 Million of Retail Properties Throughout California

 LOS ANGELES, CA, MAY 18, 2012 — Champion Real Estate Company and Chris Wilson (top right photo), founder of Wilson Commercial Real Estate have announced a partnership called Champion-Wilson Retail to acquire, develop and renovate retail properties throughout California.

 Champion Real Estate Company has allocated $50 million of equity to the venture, which could be leveraged up to $200 million in properties over the next three years.  Wilson, will spearhead the new venture’s efforts, while retaining his current role as Founder and Chairman of Wilson Commercial Real Estate.

Champion-Wilson Retail will focus on acquiring existing retail projects with value add opportunity; distressed retail assets and notes; and prime shopping center and urban retail land. The venture also expects to leverage Champion’s public-private expertise to resurrect retail projects abandoned as a result of the demise of Redevelopment Agencies in Southern California. The venture will consider opportunities in prime retail markets ranging in price from $10 million to $100 million. 

“For the past 22 years, Chris has been a leader in the retail brokerage industry on the West Coast,” said Bob Champion (top left photo). “We are confident that now is a great time to take advantage of the recovering retail market and that Chris' knowledge of the market will provide the venture the opportunity to acquire great opportunities.”

"This is an exciting time in the retail industry and I am looking forward to working with Bob and his team on this venture, in addition to expanding the capabilities of Wilson Commercial Real Estate," said Wilson.  "Bob is an commercial real estate icon on the West Coast who has succeeded in this industry countless times over the past 25 years."

 For more information, please visit http://www.championrealestatecompany.com/.

Contact:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Hilton Woodcliff Lake Announces SENSEational Events

WOODCLIFF LAKE, NJ – May 18, 1012 – Hilton Woodcliff Lake (top left photo) today announced a new group event promotion, SENSEational Events. Starting on May 16, 2012, the hotel will offer meeting planners the ability to build a group event at the property combining a unique off-site experience with responsible business impact.

Connect with Hilton Woodcliff Lake at

www.facebook.com/hiltonwoodclifflake, www.twitter.com/HiltonWdclifLak,

 www.youtube.com/watch?v=vREG9e1yH7g

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

Scott Becque

 Hilton Woodcliff Lake

+201 505 4436

scott.becque@interstatehotels.com

Debbie Previti

 Hilton Woodcliff Lake

+201 505 4466

debbie.previti@interstatehotels.com