Major Activity in the Cumberland/Galleria Submarket for Ackerman; Leased more than 10,000 SF in 2Q 2012

 Atlanta, GA, July 5, 2012 – Ackerman & Co.’s Corporate Forum has seen increased leasing activity in the last quarter.

The office complex, located in the Cumberland/Galleria submarket, has gained two new tenants and renewed three existing tenants.

 Most notably, long-term tenant, U.S. Air Force, expanded to more than 5,420 square feet.

“With this recent expansion, U.S. Air Force has increased its presence at Corporate Forum,” said Frank Farrell, vice president of leasing at Ackerman & Co. who represents the property.  

 “Some of the determining factors in their decision to expand included their own growth needs, the office’s proximity to the Dobbins Air Reserve Base and the many recent improvements at Corporate Forum,” he said. 

Ackerman acquired the Corporate Forum buildings (top left and middle right photos) in 2011 for $7.2MM and has since spent more than a million dollars in improvements, which include: HVA/mechanical, pressure washing and painting, roofing, and a tremendous amount of landscaping. Ready-to-go suites, starting at less than 1,000 square feet are now available.

Second quarter total leasing deals exceeded 10,000 square feet. Outside brokers who assisted in some of these deals include City Commercial’s Griff Sims and Ash Parker of Richard Bowers.

Contact: 

Fara Wilson,

VP of Marketing

770. 913.3904  |

 fwilson@ackermanco.net

www.ackermanco.net

$15 Million North Bay Multifamily Asset Sold by Marcus & Millichap in Santa Rosa, CA

  

 SANTA ROSA, CA, July 5, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Oak Creek Apartments (top left photo), a 100-unit apartment complex in Santa Rosa, the San Francisco Bay Area’s fifth-largest city.

The sales price of $15 million equates to $150,000 per unit and $189 per square foot.

Brad Pennington, a first vice president investments in Marcus & Millichap’s San Francisco office, represented the seller, a closely held limited partnership, and the buyer, a local family partnership.

“Oak Creek Apartments is a pride-of-ownership 100-unit residential condominium project,” says Pennington. “The previous owners acquired the property from the original developers in 1988 and have operated the project as a 100-percent rental community. The new owner saw Oak Creek as an opportunity to acquire a high-quality asset with a strong operating history and several options available for upside creation,” adds Pennington.

            Built in 1988, the 79,256-square foot complex is located at 174 South Boas Drive in Santa Rosa’s Rincon Valley neighborhood.

Oak Creek Apartments consists of four parcels of land with 16 two-story wood-frame buildings situated on approximately 8.35 landscaped acres that are fully irrigated by an on-site irrigation well and pump system.

The site is slightly rolling, affording many units with outstanding views of the nearby open space and hillsides. In addition to the attractive grounds, other common area amenities include a swimming pool, 24-hour fitness center, basketball court, sauna, community garden, children’s playground and on-site rental office.

The unit mix features 32 one-bedroom/one-bath units, 36 two-bedroom/one-bath apartments and 32 two-bedroom/two-bath units. Twenty-seven units have wood-burning fireplaces.

Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716

Voit Report: Orange County, CA Office Market Posts Highest Positive Net Absorption in 27 Quarters

 

 Orange County, CA, (July 05, 2012) – In the second quarter of 2012, the Orange County office market posted 955,283 square feet of positive net absorption - the most positive net absorption seen in a single quarter since the third quarter of 2005, according to the Second Quarter Market Report from Voit Real Estate Services.

In addition, both vacancy and availability decreased from the previous quarter.

 “The Orange County office market is showing significant improvement with strong indications that this recovery will continue,” said Jerry Holdner (top right photo), Vice President of Market Research at Voit. “Even after this quarter’s substantial positive absorption, we expect to see more positive absorption in Q3 and Q4 of this year.”

Orange County business expansions will contribute to this increase, according to Holder, who noted that major companies are currently growing their footprints in the market.

“There are already commitments which will affect office absorption in Q3,” explained Holdner.  “CoreLogic will move into a 170,000 square-foot office space in the Spectrum in August of 2012, while A to Z Development, which occupies 23,000 square feet in the same building, will expand to 82,000 square feet.”

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

Jenn Quader / Judith Brower

Brower, Miller & Cole

(949) 955-7940

JQuader@browermillercole.com

Ramada Opens Newly Constructed Plaza Hotel in Orlando, FL

PARSIPPANY, N.J. (July 5, 2012) – Ramada®, one of the industry’s most well-known hotel brands with nearly 850 properties worldwide, advanced its domestic strategy to grow its Plaza tier with the opening of the Ramada Plaza Resort & Suites Orlando (top left photo).

The Ramada brand is focused on growing its premier Plaza tier in the U.S. by maintaining and attracting full-service properties in center-city locations, gateway airports and resort areas.

Equipped with the modern amenities that today’s travelers covet, including free Wi-Fi and multiple on-site food and beverage options, Ramada’s Plaza hotels appeal to discerning consumers looking for contemporary accommodations at an affordable price.

“Ramada Plaza properties are our brand’s upper-midscale tier and the Ramada Plaza Resort & Suites Orlando is a welcome addition to the nearly 80 Ramada Plazas we have globally,” said Mark Young (middle right photo), Ramada brand senior vice president.

Set along the banks of Sandy Lake on the popular International Drive in Orlando, Fla., the Ramada Plaza Resort & Suites Orlando showcases a brand new 131 all-suite tower that stands adjacent to the original 164-room Ramada hotel.

 In addition to the standard Plaza amenities, the new suite tower features unique offerings including a complimentary deluxe continental breakfast, a club level food and beverage outlet, an outside terrace overlooking the lake and a rooftop swim-in-place current pool and bar area called The Oasis.

 Totaling 295 guestrooms and suites between the two towers, this resort-style property is located within 10 minutes of Orlando’s major attractions.

Contact:

Joy Gulledge

Public Relations Manager

Wyndham Hotel Group

22 Sylvan Way

Parsippany, NJ  07054

(973) 753-6590

joy.gulledge@wyn.com  

www.ramada.com