Marcus and Millichap Sells 10-Unit Multi-Family Property in Gulfport, FL

GULFPORT, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Clinton Arms, (bottom left photo) according to Steven M. Ekovich, First Vice President/Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $650,000. Francesco Carriera (top right photo) an investment specialist in Marcus & Millichap’s Tampa office represented the respective parties in this transaction.

Clinton Arms is a 10-unit multi-family property, built in 1972 and located at 3060 Clinton Street South in Gulfport, Florida.

“This transaction was a challenge to get to the closing table for a variety of reasons. The most significant of which was that the buying entity was a foreign national; in fact he was from Russia.

"The lender originally advised the buyer that they would offer him a 75 percent loan-to-value loan. However, after much turmoil in the capital markets the lender finally lowered the loan-to-value to 57 percent because of foreign borrower risk.

"The buyer agreed to provide the additional down payment because we were able to show him future fundamentals of real estate in Pinellas County and in fact, the United States was positive,” says Carriera.

Press Contact: Steven M. Ekovich, First Vice President/Regional Manager, Tampa
(813) 387-4700

Marcus and Millichap's Carrieros Team Brokers Sale of 24,490-SF Assisted Living Facility in Port Charlotte, FL

PORT CHARLOTTE, FL-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Courtyards of Horizon, a 24,490 square foot assisted living facility located in Port Charlotte, Florida, according to Steven M. Ekovich, First Vice President/Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $2,900,000. Kenneth Carriero, Vice President Investments/Director National Seniors Housing Group and Damien Carriero, Investment Specialist (top right photo) had the exclusive listing to market the property on behalf of the seller, a Limited Liability Co. (LLC). The property was purchased by a local doctor.

The Courtyards of Horizon first opened in 1989 by its previous owner and was renovated in 2005 after Hurricane Charlie.

The property was then sold through Carriero in 2006 to the current seller.

The Courtyards of Horizon is licensed for 50 beds and consists of 42 units. The property is located at 26455 Rampart Boulevard.

Press Contact: Steven M. Ekovich, First Vice President/Regional Manager, Tampa,
(813) 387-4700

Goodman Adds New Tenants to Landstown Commons in Virginia Beach, VA

VIRGINIA BEACH, A. --- The Goodman Company’s upscale retail development Landstown Commons (top left photo) in Virginia Beach gets more tenants everyday.

Recently added to the final phase of the 509,192 square foot center at Princess Anne and Dam Neck Roads, according to Susan Ross, senior leasing manager, include: CitiFinancial with 1,600 square feet; Portrait Innovations, 2,827 square feet; Smoked from Above BBQ & Ribs, 2,000 square feet; Memory Lane Sports, 1,940 square feet and Carter’s, 4,000 square feet.

Ross said three additional retailers will open soon at Landstown Commons including Ulta, with 9,900 square feet; Walgreen’s, 14,500 square feet, and Zoots Dry Cleaner, 1,600 square feet.

Recently signed leases include The Sauce Shoppe, with 1,600 square feet, and Zen Hot Yoga with 2,400 square feet.

Retailers at Landstown Commons include Kohl's, Bed, Bath & Beyond, Best Buy, Office Max, Ross Dress for Less, PetSmart, A.C. Moore, Books A Million, Shoe Carnival, Lane Bryant, Justice, Deb Shops, Starbucks and many more.

For more information, contact:

Susan Ross, Senior Leasing Manager, The Goodman Company 561-833-3777;

Robert Saffran, Senior VP of Leasing, The Goodman Company, 561-833-3777;

John Dowd, Senior VP of Development, The Goodman Company, 561-833-3777

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

Goodman Plans Grand Opening Oct. 30 for Shops at Wiregrass in Pasco County, FL

WESLEY CHAPEL, FL -- The first phase of the 3.5-mile State Road 56 extension road which serves as an entrance to Wiregrass Ranch (bottom left photo) in Pasco County, will open in time for conjunction with the Oct. 30 gala grand opening planned at the Shops at Wiregrass, (top right photo) the 750,000-square foot retail center developed by the Goodman Company of West Palm Beach and Forest City Enterprises of Cleveland.

John W. Dowd III, senior vice president of development at The Goodman Company said his firm and Forest City Enterprises, along with Wesley Chapel Lakes and Wiregrass Ranch helped pay for the first phase.
Dowd praised the cooperation of The Florida Dept. of Transportation and Pasco County for making the planned development opening such a success. “Without their help, none of this would have been possible,” he said.

Anchor tenants in the Shops at Wiregrass include J.C. Penney, Dillards, and Macy's and approximately 90 percent of the space in the Shops at Wiregrass has been leased, Dowd added.

A formal VIP reception is scheduled for 8:30 a.m. on Oct. 30 and a formal ribbon-cutting ceremony with local elected officials and business leaders will be held at 10 a.m.

The 5,022 acre Wiregrass Ranch planned, mixed-use development is located at the northeast corner of S.R. 56 and Bruce B. Downs Blvd. (C.R. 581). S.R. 56, which links Wiregrass Ranch to I-75 two miles to the west, opened in December, 2001. Ultimately Wiregrass Ranch will accommodate 16,000 homes with more than two million square feet of commercial space.

For more information, contact:

John Dowd, Senior VP of Development, The Goodman Company, 561-833-3777
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Colonial Grand at Hunter's Creek, Orlando, Sold for $57.7M

ORLANDO, FL--The Orlando office of CB Richard Ellis is pleased to announce the sale of Colonial Grand at Hunter's Creek, (top right photo) a 496-unit multi-family community in the desirable Hunter's Creek area of Orlando.

Completed in 1997, the property is across from the Hunter's Creek Golf Course, and has nearly 3,000 feet of frontage on John Young Parkway.

Shelton Granade (middle left photo) and Luke Wickham (bottom right photo) represented the seller in the transaction.

CBRE's Central Florida Multi-Housing Group has sold more than 1,600 units in greater Orlando for over $180 million in 2008 thus far.

The assets sold range from "value add" opportunities built in the 1970's and 1980's, to class "A" projects built within the last 10 years. CBRE has also sold several "fractured" deals – communities that converted and sold units as condominiums and reverted the remaining units back to rentals.


CBRE's Central Florida Multi-Housing Group has closed more multi-housing properties locally over the last twelve months than any other company, and continues to be the market leader in Orlando.

For more information on CB Richard Ellis Central Florida Multi-Housing Group visit Shelton Granade at www.cbre.com/shelton.grande or

Luke Wickham at www.cbre.com/luke.wickham

Stepan Babani Wins Leed Accreditation

ORANGE CIT, FL – Stepan Babanin, a sales associate for Coldwell Banker Commercial AI Group in Orange City, has been awarded LEED accreditation from the Green Building Certification Institute.

Babanin, who also serves as sustainability program coordinator for Coldwell Banker, is the first person in the Coldwell Banker Commercial network and one of few real estate professionals with the designation, according to John Wanamaker, co-owner of Coldwell Banker.

LEED (Leadership in Energy and Environmental Design) is a nationally accepted benchmark for the design and construction of green buildings.

As a LEED Accredited Professional (LEED AP), Babanin has a thorough understanding of building green and the LEED Green Building Rating System. He also has the knowledge and skills to lead the certification process for LEED buildings.

A native of Ekaterinburg, Russia, Babanin immigrated to the United States in 2005 and received his Florida real estate license in March.

For more information about this release, please contact:

Chuck Rudis, John Wanamaker or Stepan Babanin, Coldwell Banker Commercial AI Group, 386-775-8633,
chuck@cbcaigroup.com,
john@cbciagroup.com or stepan@cbciagroup.com
Charlene Hager-Van Dyke, Larry Vershel Communications, 386-837-8780, 407-644-4142 or chagervandyke@yahoo.com

CBRE Selected to Market Sale of 220,664-SF Distribution Portfolio 100% Leased to FedEx Ground

TAMPA, FL -– CB Richard Ellis, Inc. (CBRE) has been selected as exclusive marketing advisor for the sale of two Class "A" regional FedEx Ground distribution centers located in Bradenton (top right photo) and West Palm Beach, (bottom left photo) which were built to suit the specifications of FedEx Ground, an operating company and wholly owned subsidiary of FedEx Corporation (NYSE: FDX).

The CBRE Investment Properties Group team of Dale Peterson, Senior Vice President and Paul W. Carr, Associate, out of the Tampa office is collaborating with Senior Vice Presidents Jeff Kelly and Robert Smith in the West Palm Beach office to represent the owner in the disposition of the 220,664-square-foot portfolio. The properties are being marketed for purchase individually or as portfolio.

"With the challenges we face in today's capital markets environment, investors have the ability to be very selective in choosing where to place their equity, which is resulting in a flight to quality," says Paul Carr, "This is an excellent investment opportunity for investors seeking a long-term high quality, low risk net leased investment."

Both buildings have long-term net leases in place, guaranteed by FedEx Ground. Located in Bradenton (123,367 sq. ft.) and in West Palm Beach (97,297 sq. ft.), the facilities have expansion potential for over 48,500 and 21,000 square feet, respectively.

The Bradenton location is still under construction, to be delivered in January 2009, and the West Palm location was recently completed in 2007.

Contact:
Lauren Crawford, Communications Specialist, 813 273 8482

Blumberg Capital Partners Completes Two-Year Real Estate Disposition Strategy

Commercial Real Estate Sales Raise Cash for Future Investment

TAMPA, FL /PRNewswire/ -- Blumberg Capital Partners, a Coral Gables, Fla.-based investment fund has completed a two-year strategy to dispose of its major commercial real estate holdings nationally, raising cash to capitalize on strategic investment opportunities, amid a tightened credit environment and lower asset prices.

The most recent transaction was completed last month, with the $9.3 million sale of its smallest holding, a 76,397-square-foot office building in Tampa, Fla.

Chief investment strategist Philip Blumberg, (top right photo) Chairman and CEO of Blumberg Capital Partners, said the cash raised from the dispositions will allow his Funds to explore investment opportunities in office building investment, media and entertainment, distressed debt, and European REITs.

"The sale of our Tampa office building encapsulates a strategy we've undertaken since 2006, in anticipation of a weakening economy," said Blumberg.

"We originally bought the property for $3.3 million, and it provided great cash flow and growth. We more than achieved our expected return, even though we believe there is more upside."

The Tampa sale follows closely a transaction completed earlier this year when Blumberg Capital Partners sold its 400,000 square-foot Houston office tower (Three Riverway) in above photo.

Contact:

Sean Healy, 201-218-2039. sean.healy@fleishman.com

Ludovic Roche, 305-569-9500, lroche@blumbergcapitalpartners.com

10-Year Loans for Income Properties Jump to 7.5%-Plus, RECI Reports

Current conditions are expected to prevail until the end of the year, as many lenders have already reached their funding goals and objectives.

CHICAGO, IL-- The Real Estate Capital Institute's Capital Scoreboard noted today commercial real estate capital markets are tightly strapped into the Wall Street roller coaster with rates jumping up and available funds tumbling down.

During the past week, mortgage pricing has been rapidly climbing based on spreads over comparable-term treasuries.

Key market highlights are as follows:

--About 80% +/- of the traditional funding sources (life insurance companies, pension funds and banks) remain sidelined, waiting for more capital market stability.

--Five-year permanent loans are frequently breaking the 7%-mortgage-rate barrier, translating to spreads of about 400 basis points

10-year loans, the most common term, are priced 7.5% or more.

Exceptions apply: Prime multifamily and commercial properties with limited leverage of 50% or less, pricing occasionally reduced by as much as one half of a percent.

Lenders will only seek conventional property types (apartment, industrial, office and retail); projects with "stories" shunned.

Funds are still selectively available for refinancing, with a loan restriction of 65% +/- LTV.

As a comparison, today's commercial mortgage terms and conditions reflect pricing not seen since the beginning of the decade. However, leverage levels and funding availability are substantially less favorable than that time, as owners must post at least 10 to 15% more equity.

Historical 5-year and 10-Year Mortgage Spread Range as Compared to the 10-Year US Treasury Note shown in chart below:


(The above chart plots rates from 1983 through 2008. The dark area (blue) indicates the high and low range of mortgages (5-year and 10-year pricing combined) in relationship to the 10-year Treasury Note shown in red, underneath the blue or dark area. The graph assumes lowest rates available at full leverage (e.g. 75% loan), rounded to the nearest quarter percent at the beginning of each calendar year.)

ABOUT US:

The Real Estate Capital Institute® is a volunteer-based research organization tracking debt and equity rate data. The Institute posts daily and historical rates including treasuries and short-term rates. The Real Estate Capital RateLine 7RE-CAPITAL (773-227-4825) provides updates as necessary each business day.

CONTACT:
The Real Estate Capital Institute®
3517 West Arthington Street
Chicago, Illinois USA 60624
Contact: Nat Zvislo, Research Director
Toll Free 800-994-RECI (7324)
director@reci.com / http://www.reci.com/

Sikon Completes Two Kohl's and Two SuperTargets in Florida

BROWARD COUNTY, FL – Deerfield Beach-based Sikon Construction Corporation, one of the nation’s leading retail-commercial contractors, completed two new SuperTarget stores in Broward County.

They are a 186,212-square-foot store located at Hillsboro Boulevard and Powerline Road in Deerfield Beach, and a 185,000-square-foot store at U.S. 441 and Wiles Road in Coral Springs, FL.

Both were designed by RSP Architects, Minneapolis, according to longtime Florida construction veteran Dale E. Scott, Senior Executive Vice President of Sikon.

Sikon also completed a two-story, 96,000-square-foot Kohl's store in Hollywood and Miramar,FL, both in Broward County. The Hollywood store at 4999 Sheridan Street was designed by Scott & Goble Architects, Tulsa, OK.

The 96,000-square-foot Kohl’s Department Store at 12200 Miramar Parkway, Miramar, was also designed by Scott & Goble Architects.

Contact: Kenneth H. Cristol 407-774-2515

Amerilodge Hospitality Group Opens New Holiday Inn Express Hotel & Suites in Chesterfield, MI

CHESTERFIELD, MI--Amerilodge Hospitality Group of Rochester Hills, MI has opened its new 77-room Chesterfield Holiday Inn & Suites (top left photo) at Chesterfield, MI.
The Grand Opening Ribbon Cutting Ceremony was hosted by the Macomb County Chamber.

The ceremony was held at the hotel located at the Chesterfield Marketplace Development on the corner of I-59 and I-94. Address of the hotel is 45825 Marketplace Blvd, Chesterfield, MI 48051.

Congresswoman Candice Miller and Township Supervisor Jim Ellis joined Chamber Chairpersons Maureen Rovas and Grace Shore, and Asad Malik and Terry Riddle from Rochester Hills based Amerilodge Hospitality Group, the project’s developer.

The new 77-room Chesterfield Holiday Inn Express Hotel & Suites blends into the contour of Chesterfield with a “Traditional Feel”. It has traditional brick to enhance the upscale feel of the development. It blends a combination of upscale suites with beautifully appointed executive suites.



The property includes suites for families, a pool, fitness center, and a conference room.

Hotel amenities include internet access, continental breakfast, local telephone calls and upgraded bedding. Whirlpool suites are also available.

The hotel’s architects were Romeo based Burmann, Simpson, & Associates. The hotel's construction was financed by Flint-based Citizens Bank.

Contact:
Jenny Richardson at (810) 841-6668 or jenny.richardson@amerilodge.com

MBA Reports Multifamily Lending Hit $147.7B in 2007

Leading Lenders Part of Industry Consolidation

Washington, DC - - In 2007, 2,739 different multifamily lenders provided a total of more than $147.7 billion in financing for apartment buildings with five or more units, according to a report from the Mortgage Bankers Association (MBA).

Lenders closed 48,577 individual loans, with an average loan size of $3 million. The average lender made 18 multifamily loans over the course of the year.

In terms of total dollar volume, the top five multifamily lenders in 2007 were Wachovia, Washington Mutual Bank, Deutsche Bank Commercial Real Estate, Capmark Financial Group, Inc., Wells Fargo Bank, N.A.

The top three lenders in terms of the number of multifamily loans closed were Washington Mutual, Wells Fargo Bank, N.A., and Wachovia.

"2007 saw strong multifamily lending activity, but the market is changing significantly," said Jamie Woodwell, (top right photo) MBA's Vice President of Commercial Real Estate Research.

"In just the last two weeks, we've seen announcements of 2007's two leading multifamily lenders - Wachovia and Washington Mutual - being absorbed into other institutions."

(Wachovia headquarters building in Charlotte, NC, middle left photo)

The MBA report is the most comprehensive view available of the multifamily lending market and includes:

A detailed summary of the $148 billion multifamily market,
Profiles of distinct market segments, including the very-small loan (loans of $1 million or less) segment,

A listing of 2,739 lenders who made multifamily loans in 2007, including their lending volume, number of loans made and average loan size, and a listing of metropolitan areas and the volume of very-small loans made in each in 2007.

The report is based on data from the MBA 2007 Commercial Multifamily Annual Origination Volume Summation and the Home Mortgage Disclosure Act (HMDA).

The MBA survey targets specialized commercial/multifamily originators and covered $508 billion in commercial/multifamily loans in 2007.

The HMDA data adds multifamily loans from banks, thrifts and other institutions that meet certain single-family origination thresholds. When combined, the two datasets provide the most comprehensive assessment of the multifamily mortgage market available.

This publication is an example of the extensive offerings of real estate finance research produced by MBA.

CONTACT: Jason Vasquez, (202) 557-2950 jvasquez@mortgagebankers.org.

AutoNation Leases 105,000 SF at 200 Las Olas Circle in Fort Lauderdale, FL

Nation's Largest Auto Retailer Renews Commitment to Downtown Fort Lauderdale

FORT LAUDERDALE, FL/PRNewswire-FirstCall/ -- AutoNation (NYSE: AN) and Stiles Corp. announce that AutoNation, the largest U.S. automotive retailer, has leased 105,000 square feet at 200 Las Olas Circle (top right photo) for its corporate headquarters, reflecting a continuing commitment to downtown Fort Lauderdale.

AutoNation will move to Stiles' new 17-story mixed-use downtown building in mid-2009, from the nearby 110 Tower.

Stiles' new building provides both practical and intangible advantages from operating efficiencies and state-of-the-art systems, to superb finishes that reflect AutoNation's dedication to quality.

"AutoNation is proud to have been a Fort Lauderdale-based company from Day One," said Mike Jackson, (top left photo) Chairman and Chief Executive Officer for the auto retailing giant.

"This community has supported us with its outstanding talent, its business-friendly policies, its welcoming spirit, and that special combination of factors is a leading reason why we've been able to grow as quickly and as successfully as we have. This is home for us, and we're looking forward to calling it home for many years to come.

"Terry Stiles, (bottom right photo) chairman and CEO, Stiles Corp., pointed to the "multiplier effect" of AutoNation's long-term commitment, noting that the lease has a 12-year term. "With more than 300 employees based at its headquarters and with many suppliers throughout South Florida, AutoNation is an economic engine for downtown and the wider community."

AutoNation will lease five floors at 200 Las Olas Circle and join Bank of Florida along with other tenants in the building. A key element in AutoNation's leasing decision included Stiles' commitment to make this a green friendly building as Stiles will be obtaining a LEED EB Certification.

Also the building's hurricane-resistant glass, covered parking, energy-efficient systems and state-of-the-art security were important contributing factors. Designed for tenant flexibility, the building has efficient floor plates of approximately 21,000 square feet.

CONTACT:

Marc Cannon, AutoNation, Inc., +1-954-769-3146, Cannonm@autonation.com

Web sites: http://corp.autonation.com/

http://www.autonation.com/

http://www.stiles.com/

Rebman Reports Existing Warehouses in Orlando Doing Better Than New Construction

WINTER PARK, FL--Rebman Properties Inc. reports Orlando’s bulk warehouse leasing market in the third quarter was quiet for the fifth consecutive quarter.

There was 23,245 square feet of net absorption in the 133 surveyed buildings.

"Leasing was nearly at a standstill, although tenants continue to renew at their current locations," says Rebman principal Greg Rebman (top right photo). "As a result, existing warehouses are doing better than new construction."

The largest leases for the third quarter were as follows:

Air Traffic Services leased 55,000 s.f. at Liberty Park @ AIPO, Building B;
Scientific Games Corporation leased 45,000 s.f. at Liberty Park @ AIPO, Building B; and
Tommy Hilfiger leased 12,745 s.f. at Exchange I in Orlando Central Park.

Supply

The vacancy rate dropped slightly from 13.90% at end of the second quarter to 13.76% at the end of the third quarter. There were no new buildings added to the survey in the third quarter, but several will be added in the next two quarters.

"Another factor that does not bode well for the market is that there are a rising number of spaces being offered for sublease," notes Rebman. "These spaces will, of course, compete with space offered for direct lease."

Rental Rate

The average quoted rental rate for the 133 buildings surveyed is $4.67 psf triple net, which is unchanged from the second quarter.

Construction

Lincoln International Corporate Park’s Building C will be completed in October. Building C is a 141,660 s.f. facility.

Beltway Distribution is under construction at the intersection of Lee Vista Boulevard and Highway 417 (The Greenway). Slated for completion in January 2009, Building #100 is a 141,810 s.f., rear-load facility; Building #200 is a 145,540 s.f., rear-load; and Building #400 is a 378,600 square foot, cross-dock facility.

Forecast

Rebman says Orlando industrial brokers expressed that tenants are in a “wait-and-see” mode as a result of the volatility and uncertainty in the financial markets.

Existing tenants are continuing to renew at their current locations and as a result, vacancy rates have only been edging up slightly over time. A number of large tenant prospects have been circulating in the market since the beginning of the year, but most have not committed to leases as yet.

CONTACTS:

Greg Rebman, SIOR, CCIM, Rebman Properties Inc., 407 875 8001

Lynn G. Bailey Rebman Properties, Inc., a CORFAC International Member, 1014 W. Fairbanks Ave/ , Winter Park, FL 32789 USA. Tel: 407.875.800. Fax: 407.875.8004 lynn@rebmanproperties.com
Corporate Facility Advisors Associated Globally with KingSturge

HFF secures $25M first mortgage for Class A office in Rockaway, NJ

NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) has secured a $25 million first mortgage financing for Rockaway 80, (top left photo) a 260,186-square-foot, Class A office building in Rockaway, New Jersey.

HFF director Steven Klein (middle right photo) and senior managing director Michael Tepedino (bottom left photo) represented the borrower, an affiliate of Grosvenor Investment Management (GIM), in arranging the floating-rate loan through MassMutual. GIM is the North American fund management subsidiary of the London-based Grosvenor Group Ltd.

Rockaway 80 has seven stories of office space plus a full-service cafeteria, ATM, picnic area and a two-level, 883-space parking structure.

Originally completed in 1991 and renovated in 2006, the property features a reflective glass facade with granite accents, a lobby with two-story atrium and interior appointments of granite, mahogany and brass.

Rockaway 80 is 77% leased to tenants including Warner Chilcott, Reed Elsevier, Prudential Insurance, Hartford Insurance and Edy’s Ice Cream.

Located at 100 Enterprise Drive, the property is approximately eight miles west of the intersection of Interstates 80 and 287 in Rockaway.

“Rockaway 80 benefits from a strategic location between Exits 34 and 35 of Interstate 80 providing excellent highway access,” said Klein. “This location also offers corporate tenants a unique combination of outstanding corporate amenities and close proximity to a growing population base.”

“We were very pleased with both HFF and MassMutual’s professionalism and execution in such a turbulent capital markets environment,” added Eric Cannon, associate director of acquisitions for GIM.

Grosvenor is a privately owned property group with offices in 17 of the world’s most dynamic cities.

The company has five regional investment and development businesses in Britain & Ireland, the Americas, Continental Europe, Australia and Asia Pacific. Grosvenor’s international fund management business operates across all of these regions. As of December 31, 2007, these six businesses had total assets under management of US$25.7 billion. For more information, please visit http://www.grosvenor.com/

CONTACTS:

Steven J. Klein, HFF Director, 212 245 2425, sklein@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com