Palm Beach County Retail Market on the Move Again, According to Marcus & Millichap

    Palm Beach, FL Mall

PALM BEACH, FL -- After years of little movement, the Palm Beach County, FL retail sector is gaining traction, buoyed by improvements in employment, housing and tourism, according to the latest research from Encino, CA-based Marcus & Millichap.

Downtown Delray Beach oceanside

Payrolls have slowly returned to 2008 levels and although the pace has been erratic, the typically higher-paying services segments led job creation during the past year, which bodes well for the housing sector.

Existing home sales and values are climbing, and as the supply of available for-sale inventory falls, new housing starts are accelerating. 

Tourism is also bouncing back with hotel occupancy and room rates rising. In February, tourism-based tax collections reached early 2007 levels and additional visitors are helping elevate retail sales.

Ritz Carlton Palm Beach Hotel

 Bolstered by the brighter economic outlook, developers are moving forward with projects, many of which were put on hold during the recession.

Construction is under way on the redevelopment of the Palm Beach Mall into the Palm Beach Fashion Outlets. Also, Delray Place is one of many redevelopment projects along Federal Highway expected to get off the ground this year.

.

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

Gina.Relva@marcusmillichap.com

Rising Tourism Boosts Orlando, FL Retail, Marcus & Millichap Reports

Walt Disney World Magic Kingdom’s new Fantasyland opened 2013

Seaworld Orlando's Antarctica exhibit

ORLANDO, FL -- The recovery of tourism and housing in the Orlando area will spawn job growth, supporting solid retail gains.

Hotels in the Orlando metro have posted three years of occupancy improvement and rising rates, as visitor numbers continue to set new records.

Last year, tourism spending jumped by $3 billion and will escalate with the debut of Walt Disney World Magic Kingdom’s new Fantasyland and SeaWorld Orlando’s Antartica: Empire of the Penguin exhibit.

Seaworld Orlando's Empire of the Penguin

To support this growing demand, hundreds of new hotel rooms are under way which will in turn bolster leisure and hospitality job creation.

The improving employment outlook has begun to generate housing demand, breathing new life into subdivisions put on hold during the downturn.

 Lake Nona is one area where builders have become increasingly active, and retailers are taking notice. Wawa, 7-Eleven, Chick-fil-A, and O’Reilly’s Auto Parts have all committed to adding multiple stores this year.

.

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

Gina.Relva@marcusmillichap.com

Marcus and Millichap Finds International Investors Boost Competition in Tampa Bay, FL

                                                    Tampa, FL Night Skyline

TAMPA BAY, FL – Marcus & Millichap’s research devision reports Tampa Bay’s retail outlook will brighten this year, underpinned by mounting job growth and a firming housing market, which are boosting retail sales.

Local employment surged in the first three months of the year, posting the highest quarterly gain since 2004, and dropping the unemployment rate to the mid-2008 level.

 The housing market is also turning the corner. In March, home sales reached their highest level since 2006, reducing available inventory to a four-month supply. High demand has brought home builders back to subdivisions put on hold during the recession.

Stronger economic signals have retailers reviving expansion plans. Among the companies building multiple stores this year are Wawa, Dollar General, Wal-Mart, O’Reilly Auto Parts and Racetrac.

In addition, vacant space is being trimmed as Publix, Dick’s Sporting Goods and Ross join retailers inking large leases.

The consolidation of Sweetbay Supermarket will offer additional space opportunities in the near term, but shopping center vacancy should fall as the year progresses, allowing operators to realize rent growth

.

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

Gina.Relva@marcusmillichap.com

TREPP May Loss Analysis: Volume Backs Off, Loss Severity Ticks Up

NEW YORK, NY -- After jumping in April, liquidation volume fell back below the $1 billion territory in May, although loss severity moved up on a majority of losses in the greater than 2% category. 

May liquidations totaled $849.2 million, relative to the 12-month moving average of $1.30 billion.

The number of loans disposed with a loss in May came in at 82, down from 128 in April. The 82 loan liquidations resulted in $408.9 million in losses, translating to an average loss severity of 48.15%.

 May's reading was 2.35 percentage points higher than April's 45.80% and above the 12-month moving average of 42.54%.

Since January 2010, servicers have been liquidating at an average rate of $1.16 billion per month. 

The average size of liquidated loans in May was $10.36 million, lower than April's $12.66 million but in line with the 12-month average of $10.18 million.

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

Eric@greatink.com

Cuhaci & Peterson Architects Completes Design on Two Bottom Dollar Stores in Pennsylvania

 ORLANDO, Fla. --- Cuhaci & Peterson Architects Engineers Planners, based in Orlando’s Baldwin Park, completed design on two Bottom Dollar stores in Pennsylvania.

Both stores are 18,000 square feet, according to Chairman Lonnie Peterson.

One store is on Ninth Street in Philadelphia and the other one is at 15th Street and Edgemont in Chester, Pa.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

New long term lease in Downtown Avalon Park, FL brings Real Estate Attorney, Title Company and seven full time employees

Avalon Park, FL

 

Rich Browning

ORLANDO, FL--- Avalon Park Group recently negotiated a new long term lease agreement for 1,600 square feet of office space on the second floor of a Class A Office Building located at 3680 Avalon Park East Blvd. in Downtown Avalon Park.

Stephanie Hodson

Stephanie Hodson, vice president of marketing at Avalon Park Group, said Vice President Rich Browning negotiated the lease agreement for Avalon Park Group.

Attorney Karen R. Spell, P.A. is the new tenant, along with Avex Title, LLC.

Hodson said the law firm and title company totals seven full time employees.

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

Stephanie Hodson, Vice President of Marketing, Avalon Park Group 407-658-6565 

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Atlanta Property Group Acquires 1000 Parkwood in city’s Cumberland/Gallelria submarket

  

1000 Parkwood in Atlanta's Cumberland/Galleria office submarket

Jay O'Meara

ATLANTA (June 7, 2013) – Atlanta Property Group, a locally based real estate investment firm, said today it has closed on its acquisition of 1000 Parkwood, a 212,565-square-foot office building in the heart of Atlanta’s Cumberland/Galleria submarket.

 The 10-story, LEED Gold-certified building at 1000 Parkwood Circle in Cobb County is located just northeast of the intersection of I-285 and I-75. Built in 1985, the recently renovated building is 87 percent leased.

Justin Parsonnet

Jay O’Meara, Justin Parsonnet and Will Yowell of CBRE represented the seller in the transaction, the terms of which were not disclosed.

 “1000 Parkwood is a perfect fit for our portfolio of well-located, value-oriented properties that provide tenants with high-quality office space at outstanding prices,” said Court Thomas, an Atlanta Property Group partner. “With its easy access to all parts of metro Atlanta, this is an immensely appealing facility.”

Will Yowell

 1000 Parkwood marks the eighth acquisition completed by Atlanta Property Group since mid-2010; the acquisitions total 1.6 million square feet. 

Two of the other properties purchased in that timeframe also are in the Cumberland/Galleria submarket: the 124,000-square-foot 280 Interstate North and the 70,000-square-foot Paces Cumberland.

Austin Chase

 The purchase of 1000 Parkwood follows Atlanta Property Group’s recent acquisition of the 535,000-square-foot Northcreek Office Park in Buckhead. .

The 1000 Parkwood transaction brings Atlanta Property Group’s portfolio to 2.9 million square feet in 16 properties. “We are continually seeking future investment opportunities across the metro Atlanta area,” Thomas said.

Josh Baine

  Austin Chase, Atlanta Property Group’s Director-Leasing, and Josh Baine, will handle leasing for 1000 Parkwood.

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

Tony Wilbert                                          

The Wilbert Group

404-254-1487 (O) 404-405-3656 (C)

twilbert@thewilbertgroup.com

Lincoln Brokers Tropical Smoothie Café’s Lease of New Headquarters at Eleven Seventeen Perimeter in Atlanta, GA

                              1117 Perimeter, Atlanta, GA

Leigh Braswell

ATLANTA (June 7, 2013) – Lincoln Property Company Southeast (Lincoln) has brokered Atlanta-based Tropical Smoothie Café’s lease of its new 7,800-square-foot corporate headquarters at Eleven Seventeen Perimeter in Atlanta’s Perimeter submarket.

 Leigh Braswell, a vice president at Lincoln, and Sabrina Altenbach, a senior leasing associate with the firm, represented the property owner, Colony Realty Partners, in the transaction. Kevin Carroll of CBRE represented the tenant.

 Tropical Smoothie Café will move its support center into Eleven Seventeen Perimeter, a Class-A, five-story office building near the Sandy Springs MARTA station, Georgia 400 and Interstate 285, on June 10.

Sabrina Altenbach

The move comes as the chain, which has nearly 340 restaurants across the country, prepares to open an Atlanta store at the Perimeter Pointe shopping center, located near Eleven Seventeen Perimeter on Mount Vernon Highway. The store is likely to open in September. The chain currently has no stores in Atlanta.

 “We are very excited about moving into our new home at Eleven Seventeen Perimeter,” said Mike Rotondo, CEO of Tropical Smoothie Café. “This building provides a great setting to attract the talent and resources that will support our growing business. It’s LEED-certified, close to public transportation, in a thriving area and has a great property-management staff. We couldn’t be happier.”

 Eleven Seventeen Perimeter features free covered and surface parking, an onsite café and courtyard, a fitness center, and a newly renovated conference facility.

Mike Rotondo

 “We are very excited about welcoming Tropical Smoothie Café to Eleven Seventeen Perimeter,” Braswell said. “With its easy access to major highways and its abundant on-site amenities, the building is the perfect location for Tropical Smoothie’s new home offices.”

 “Eleven Seventeen Perimeter offers a unique environment in the submarket,” Carroll said. “This calculated move to Central Perimeter positions Tropical Smoothie to continue its growth locally and around the country.”

 The Tropical Smoothie Café lease is one of several recent transactions brokered by Braswell and Altenbach at ElevenSeventeen.

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

Stephen Ursery

The Wilbert Group

E-mail: sursery@thewilbertgroup.com

Please note new office number: (404) 549-7150

Cell: (404) 405-2354

www.thewilbertgroup.com

www.lpcsoutheast.com

http://blog.lpcsoutheast.com

www.cbre.com

Atlanta-based “Commercial Real Estate Show” Picked Up by Three More Outlets

  

ATLANTA (June 7, 2013) – Building on the show’s growing popularity, the “Commercial Real Estate Show” has begun airing on three new outlets: KIVA 1600 AM in Albuquerque, N.M., Talk 920 WGKA AM in Atlanta and The Liberty Express, an online radio station.

 The show examines national commercial real estate and business issues by featuring high-caliber analysts, accountants, brokers, lenders, developers, attorneys and architects.

Host Michael Bull, president of Bull Realty, launched the one-hour weekly program in October 2010 on one station.

The show has grown popular nationally and is now airing on 12 stations in 11 markets, on iTunes and on multiple websites.

 “I am pleased with the impact the ‘Commercial Real Estate Show’ has had, and I’m excited to again extend its reach,” Bull said.

“The feedback has been awesome. Listeners comment that the shows are informative and interesting. I’ll thank the guests publicly for that right now.”

For a complete list of show times around the country, visit http://www.commercialrealestateshow.com/stationsandtimes.html.

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

Stephen Ursery

The Wilbert Group

E-mail: sursery@thewilbertgroup.com

Please note new office number: (404) 549-7150

Cell: (404) 405-2354

www.thewilbertgroup.com

www.CREshow.com.

Essex Realty Group Brokers Sale Of Mixed-Use Walk-Up Building in Chicago, IL

  

                7801 South Ashland Avenue, Chicago, IL

James Darrow

CHICAGO, IL -- Essex Realty Group, Inc. is pleased to announce the sale of 7801 S. Ashland Ave., a lender-owned, vintage, mixed-use walk-up building located in Chicago’s Auburn Gresham neighborhood. 

Jordan Gottlieb

The property is situated on the southeast corner of Ashland Avenue and 78th Street, conveniently located across from the Ashland and 78th Street CTA bus stop and one block north of the 79th Street CTA bus route.

The property’s location offers neighborhood residents easy access to the Dan Ryan Expressway (I-94) via 79th Street, as well as the shops and restaurants along the 79th Street commercial corridor.

Matt Welke

The subject property consists of a unit mix of Three (3) Studios, five (5) 1 bed/1 bath, nine (9) 2 bed/1 bath residential units and one (1) commercial space.

 Jim Darrow and Jordan Gottlieb of Essex represented the seller. Matt Welke and Jason Fishleder of Essex represented the buyer in in the transaction.  The price was approximately $192,500.

Jason Fishleder

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

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

Douglas Fisher

Essex Realty Group, Inc.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com