Sunday, February 8, 2015

Avalon Park in Orlando, FL matures as one of the Nation’s Premier Examples of “Neotraditional” community design

Senior Living Facility, Avalon Park, Orlando, FL

ORLANDO, FL --- When the first homeowners moved into Avalon Park in 1999, developer Beat Kähli and his staff wanted to establish the emerging neighborhood as one of Central Florida’s first neotraditional communities when “neotraditional” was the “next big thing” in community development and almost no one knew exactly what it meant.

Beat Kahli
Today, Avalon Park is a mature community of 13,000 residents in neatly-tucked neighborhoods and Downtown Avalon Park, with six local schools, four banks, 15 restaurants, a YMCA community center and 16 miles of bike and hiking trails linking neighborhoods with retail and recreational facilities.

Disney’s Celebration claimed title as the area’s first neotraditional community, but two books and dozens of trendy news articles focused on apparent inconsistencies in the Osceola County community and muddied the “neotraditional” water.

Coined by Andrés Duany, the architect and urban planner who founded the Congress for the New Urbanism and designed Seaside in the Florida panhandle, “neotraditional” hoped to make a better world by combining traditional community values with efficient urban-style planning and design.

The idea was to create a self-contained community with multiple residential options served by commercial, recreational and educational choices that are easily accessible. Ideally, residents could live, work, learn and play without ever leaving the safety and comfort of their community.

Walking and bicycling paths were a critical element. Ideally, a resident could do almost everything---shopping, dining, doctor’s visits, school, church, workouts at the gym---without ever cranking the family car.

Andres Duany
“Today I feel we have achieved all those goals,” Kähli said recently. “What we have now is different in some ways from our original concept because we have responded to the market. 

"Home buyers told us what kinds of homes they wanted, what kinds of neighborhoods,” Kähli said.

Duany had played a major role imagining the predecessor of Avalon Park in the 1980s, but when Kähli took over the project in the mid-1990s, he went Duany one better.

Almost immediately he carved off more than 7,000 acres from the original site plan and engineered a series of transactions that created a publicly-owned conservation area along the pristine Econlockhatchee River at bargain prices.

Today, Avalon Park is considerably smaller than its first developers imagined a generation ago, but under Kähli’s guidance, the community now serves as many residents as the City of Longwood with even more services---schools, shopping and the like---and a fraction of the taxes.

There’s more to come---the opening of a new Senior Living Facility in the coming weeks, a new round of apartment construction to serve senior citizens, a new parking garage in Downtown Avalon Park.

Through all the changes Kähli’s initial vision has persevered.  Today, Avalon Park lives up to its reputation as a community where residents can “live, learn, work, and play” without ever leaving the community.

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

Larry Vershel or Beth Payan, Larry Vershel Communications

Marcus & Millichap Brokers Sale of Miami, FL Land Parcel for $5.9 Million

3023 Biscayne Boulevard, Miami, FL

MIAMI, FL– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 3023 Biscayne Boulevard, 20,240-square feet of land located in Miami.

Ryan T. Shaw

The asset sold for $5,900,000 representing nearly $300 per square foot.

Ryan T. Shaw, an associate vice president investments in Marcus & Millichap’s Miami office, represented the seller, a limited liability company from Hollywood, Fla and secured the buyer, a limited liability company from Miami.

“The property's close proximity to luxury condominiums, national retailers, and access to the interstate, makes this a perfect opportunity for a mixed-use project offering high-end residential units and retail space for new national tenants entering the market,” says Shaw.

Located on Biscayne between NE 30th and NE 31st Street, the property consists of two parcels totaling approximately 20,240 square feet. 

The zoning, under Miami 21, is T6-36A-O which allows for the development of 242,880 square feet with a total height of 36 floors. The zoning buildable units is approximately 69 units.

The subject property sits just blocks away from several large development projects. These major projects consist of The Related Groups' Icon Bay, Resorts World Miami, the  Design District, and Midtown.
For a complete copy of the company’s news release, please contact:
 Kirk A. Felici
First Vice President/Regional Manager
 Miami, FL
(786) 522-7000

Marcus & Millichap Arranges Sale of Vacant 200-Room Hospitality Property in Kissimmee, FL

J. Dominic Vito
KISSIMMEE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a vacant, 200-room hospitality property located in Kissimmee, Fla.

The former Econo Lodge sold for $1,000,000.

Ahmed Kabani, a senior associate in Marcus & Millichap’s Miami office, and J. Dominic Vito, an associate in Marcus & Millichap’s Washington D.C. office, represented the seller, a limited liability company from Jacksonville, Fla and the buyer, a limited liability company from Fort Lauderdale, Fla.

“The property’s location with access to the turnpike made this investment opportunity particularly attractive,” says Kabani.

Ahmed Kabani
 “We received interest in the property from a variety of investors including: condominium operators, hoteliers, retail strip center developers and senior living developers.”

 “The buyer plans to redevelop the vacant property into a senior living facility.  This transaction is a testament to Marcus & Millichap’s ability to move capital across product types,” adds Vito.

The vacant, 200-room, interior corridor hotel is located at 2323 E Irlo Bronson Memorial Highway at the entrance to Florida's Turnpike in Kissimmee, FL.

For a complete copy of the company’s news release, please contact:
 Kirk A. Felici
First Vice President/Regional Manager
 Miami, FL
(786) 522-7000

2014 Q4 Commercial/Multifamily Mortgage Originations Up Eleven Percent from 2013 Q4; 2014 Total Up Seven Percent from 2013 Total

Jamie Woodwell
SAN DIEGO, CA  — Commercial and multifamily mortgage originations increased 27 percent between the third and the fourth quarters of 2014, and were up eleven percent compared to the fourth quarter of 2013, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.

MBA’s commercial/multifamily mortgage bankers’ originations index provides a preliminary estimate that originations for the full year 2014 were seven percent higher than in 2013.

“Commercial and multifamily mortgage markets ended the year strong,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research.

 “The fourth quarter set record quarterly origination volumes for life insurance companies, for Fannie Mae and Freddie Mac and for multifamily lending. 

“With low interest rates, rising property values and improving property fundamentals – and in spite of a significant drop in the volume of loans maturing during the year – the preliminary numbers show every major investor group increased commercial and multifamily lending in 2014.”

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

Rob Van Raaphorst
(202) 557-2799   

JLL closes $34.5 million sale and $26.5 million financing of 4141 N. Scottsdale Road in Phoenix, AZ

4141 Camelback Road, Phoenix, AZ

Brian Ackerman
PHOENIX, AZ – As the Phoenix office market continues a steady recovery, buildings in trophy Class A locations are quickly differentiating themselves as leaders of the pack.

Representing 4141 N. Scottsdale Holdings LLC, JLL’s Capital Markets experts closed on one of these assets, located in the heart of downtown Scottsdale, Ariz.

JLL also secured $26.5 million in acquisition financing on behalf of the new buyer, Palisades Capital Realty Advisors LLC.

Senior Vice President Brian Ackerman and Senior Managing Director Dennis Desmond led the JLL team on the $34.5 million sale, while JLL Managing Director Chris Casey and Executive Vice President Reid McGlamery secured the financing.

“This is a highly walkable, Class A environment that is packed with the market’s most popular shopping, dining, entertainment and urban residential amenities,” said Ackerman.

“The combination has attracted all types of vibrant, tech-forward companies, quickly pushing rental rates to almost $30 per-square-foot and causing vacancies to drop into the low single digits.”

Dennis Desmond
“We received a tremendous response from lenders who were impressed with the location and quality improvements at the project, as well as the high occupancy, credit tenancy and strong borrower,” added Casey.

The three-story, 147,356-square-foot 4141 building is 91 percent occupied with leases to credit and blue chip tenants. 

Built in 1989 and renovated in 2013, the project is located at the northeast corner of Scottsdale and Indian School roads, within walking distance to the iconic Scottsdale Fashion Square.

It is approximately two miles from the Loop 101 freeway and less than 10 minutes from the Loop 202 freeway and Sky Harbor International Airport.

 The property features a classic red brick façade, efficient floorplates and 360-degree views of the Camelback and McDowell mountains.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page:

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

Stacey Hershauer
Marketing & Public Relations
(480) 600-0195

Crossman & Company Sells 48,000-SF Multitenant Shopping Center in Ridgeland, MS

Brian Carolan
RIDGELAND, MS – Crossman & Company arranged the $5,400,000 million sale of Trace Station Shopping Center, a 47,510 square foot, multi-tenant retail center located at 500 Highway 51 North in Ridgeland, Mississippi (Jackson MSA). 

The three single-story buildings sitting on 6.52 acres were sold to a private investor in late December.

The property is positioned at the heavily trafficked intersection of Jackson Street and Highway 51. 

The center was 96% occupied at the time of sale and included a great mix of local and regional tenants, such as, Edible Arrangements, Fleet Feet, Lost Pizza Company and Cazadore’s Mexican.

“The Trace Station transaction demonstrates that investors continue to have an appetite for well-located neighborhood retail centers with or without an anchor tenant,” said Brian Carolan, Director of Investment Sales with Crossman & Company.

 Carolan represented the Seller, a Wall Street loan pool, and partnered with Hugh Johnson with J. Walter Michel Agency, a Jackson based company, during this transaction.

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

Sydnie Cobb
 Crossman & Company

Real Estate Capital Institute Reports Interest Rates Remain at Record Low Levels

Jeanne Peck
Chicago, IL – Real Estate Capital Institute (RECI) finds that most recent reports on the economic outlook including a drop in durable goods orders and lower corporate profit forecasts combined with a sluggish global economy,  help keep interest rates at record low levels. 

Since the holidays, treasuries moved dramatically downward, more than 50 basis points for both the five and 10 year treasuries. Furthermore, the 50-basis-point benchmark also applies to the yield curve, representing the narrowing difference between the five
and 10 year notes.

How funding sources reacting to these dramatic interest rate movements?

Once again, floors are being reintroduced, generally ranging from 3% to 4% for longer-term funds.  And with such rates at absolute lows, lenders regularly offer interest-only payments of at least a couple of years for 10 year deals with full leverage (75%), or even full-term interest only for loans of 50% or less.

Some sources are loosening their prepayment standards and offering more flexibility than was available in the past.

With such low overall interest rates, and continued pressure for lower
spreads due to the oversupply of money, smaller lenders are rethinking their real estate lending strategies as profits become more elusive.

 At the same time, larger banks and financial institutions are dealing with regulatory pressures for reserving additional funds against any real estate collateral.

 Expect life insurance companies and agencies to remain competitive with ample funding allocations, but less competition from smaller-scale securitized lenders. 

With the concern over CMBS lenders loosening their underwriting standards coupled with low rates, lenders will trade best rates for more conservative loan structure from CMBS and LifeCo sources. 

In some instances CMBS lenders are competing with LifeCo pricing on lower leveraged deals.  As higher-risk capital retreats due to declining yields, borrowers will turn to lower leverage financing, being rewarded with more favorable rates.

Jeanne Peck, of The Real Estate Capital Institute(r), jokes, "Now more than ever, predicting interest rate movements is at best a lucky guess, at worst a futile exercise - gauge your time and projections accordingly!"

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

Jeanne Peck
Executive Director

Bill Adair joins JLL as Vice President to oversee Landlord Office Leasing division in Nashville, TN Office

Bill Adair
NASHVILLE, TN – JLL  announced that Bill Adair has joined its Nashville office as Vice President. He will lead the office’s Landlord Office Leasing division.

Adair joins JLL from Alex S. Palmer & Co., where he also served as Vice President of marketing and leasing.

Adair is an alumnus of Vanderbilt University and received his Master of Business Administration from the university’s Owen Graduate School of Management with a concentration in Real Estate and Finance.

“The addition of Bill Adair is a tremendous boon to our Nashville office,” said Bo Tyler, Co-Market Leader for JLL’s Middle and East Tennessee markets.

 “He brings an outstanding combination of extensive market expertise, deep experience and great rapport with clients. His intelligence, creativity and tireless work ethic will drive tremendous results for our landlord clients.”

Adair is a member of NAIOP and was named Nashville Business Journal’s Heavy Hitters list in 2013.

For more news, videos and research resources on JLL, please visit JLL’s U.S. Media Center web page and follow @JLLNashville.

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

 Stephen Ursery
  Phone: +1 (404) 549-7150

American Realty Advisors Acquires Unique Low-Density, Multifamily Project in Phoenix, AZ

Altera Highland Apartments, 1601 East Highland Avenue, Phoenix, AZ

LOS ANGELES, CA  – American Realty Advisors, an institutional real estate investment manager with more than $6 billion in assets under management, has acquired a 350-unit luxury multifamily community in Phoenix, Arizona.

Stanley lezman
The acquisition was made in partnership with Wood Partners, a national real estate company that acquires, develops, and manages mixed-use communities.

With this acquisition, the holdings managed by American Realty Advisors encompass more than 153 assets, including multifamily, office, retail and industrial properties throughout the U.S.

“The low-density layout of this asset, approximately 25 units per acre, coupled with its central location in the sought-after Camelback East submarket of Phoenix, makes it well-positioned relative to the newer high-density product,” says Stanley Iezman, Chairman and CEO of American Realty Advisors.

“The acquisition is well-aligned with American Realty Advisors’ strategy to acquire well-located assets in major institutional markets nationwide on behalf of our investors, where we can implement enhancements through active management in order to add value to these assets and drive yields for investors.”

The asset, currently known as Pinnacle Towne Center, will be re-named “Altera Highland,” and will undergo a property-wide renovation program conducted by the partnership.

The Altera Highland community is located at 1601 E. Highland Avenue, Phoenix, Arizona.  American Realty Advisors and Wood Partners represented themselves in the acquisition. The seller, a REIT controlled by Essex Property Trust, was represented by Tyler Anderson of CBRE.

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

Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

S&N Debt Solutions Taps Northbridge Pavilion For New Company's Headquarters Office

Northbridge Pavilion, 515 North Flagler Drive, West Palm Beach, FL

WEST PALM BEACH, FL – Massachusetts-based S&N Debt Solutions has selected Northbridge Pavilion as the headquarters location for a newly formed debt servicing settlement company, inking a 5.5-year lease for a full floor of class A office space with unobstructed views of the Intracoastal Waterway.

Kirk Fetter
Occupancy is eyed for early April. The company has leased the 14,050-sf top floor of the four-story pavilion at 515 N. Flagler Dr., owned by Dallas-based Gaedeke Group.

 Representing the landlord was Gaedeke vice president Kirk Fetter, who offices in the Northbridge complex.

"Northbridge Pavilion was the first building we saw. We toured about a dozen and we circled back to that one," says Shawn MacLean, COO of S&N and principal broker of BLC Real Estate of Beverly, Mass.

 "The space is fantastic. I've been in the real estate business for a while and typically it's not the first space that will win out."

The 41,231-sf pavilion is adjacent to Gaedeke's iconic 247,002-sf Northbridge Centre, a 21-story design known near and far as the "Darth Vader Building."

The Energy Star-certified project features a five-star amenity package, including concierge services and valet parking.  The pavilion boasts a membership-based, 6,000-sf fitness center on the first floor and inviting outdoor space for tenants' corporate events and gatherings on the rooftop terrace.

Northbridge Center, West Palm Beach, FL
Northbridge is positioned within the Central Business District and adjacent to the Palm Beach County Judicial Center – both strong attractions for headquarters tenants.

 The newest one, S&N WPB, will be the 13th company to select the premier property for its headquarters address.

S&N Debt Solutions entered the South Florida market last December, forming S&N WPB to acquire the debt settlement servicing unit of AP Processing in West Palm Beach. Since then, the newly formed company has been operating in roughly 3,000 sf of interim space at 4400 N. Congress Ave.

In the coming months, S&N WPB hopes to start hiring in Florida. The Northbridge office will be launched with 12 professionals who are relocating from Massachusetts and another 11 who were retained after the acquisition. By year's end, the head count could hit 70 employees in sales, client services, settlement servicing and information technology.

S&N began the site search roughly six months ago amid negotiations with AP Processing, which was its first acquisition. 

The parent company was formed in July 2011 and now operates in 26 states. Nicole Morgan is president of S&N and MacLean's wife, Shannon, is vice president.

"Due to rapid growth, S&N is looking forward to moving into the larger accommodations at Northbridge," MacLean says. "In the past six months, I reached out to a number of brokers in West Palm Beach. Kirk's performance and responsiveness have been exemplary."
For a complete copy of the company’s news release, please contact:

Kirk Fetter, 561-835-0100

Taylor & Mathis of Florida Garners Four Toby Awards at the 2015 Annual BOMA Miami-Dade Toby Awards Program

MIAMI, FL – Taylor & Mathis of Florida has garnered four TOBY (The Office Building of the Year) awards from the Miami-Dade chapter of the Building Owners and Managers Association (BOMA). 

The organization held its 27th annual award program January 30th at the Trump Doral Resort in Miami.

Marlene Diaz
Taylor & Mathis received awards in all four of the categories in which it was nominated. 

All of the recipients are multi-year award winners and will go on to compete in the regional competition this April in Tulsa, Oklahoma.

“Our management and building operation staffs are the true award winners. As are the property owners whose financial commitment ensures the buildings operate at peak levels.

“The level of dedication these individuals and our entire South Florida team puts into the properties is immeasurable. They are an amazing group of people. 

“With these awards they have been distinguished by their industry peers for management excellence – winning these awards not once or twice but up to eight times.”  – Marlene Diaz, Taylor & Mathis Director of Operations.

Every year BOMA MIAMI-DADE honors outstanding buildings, property managers, and associates, not an easy task with so many great buildings and members competing for the coveted The Office Building of The Year or TOBY Awards.

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

Marlene Diaz
Taylor & Mathis|Director of Operations