Polk County transportation facility built by Construct Two Group wins trade award

ORLANDO, FL — Associated Builders & Contractors’ Central Florida chapter recognized the quality of construction demonstrated by Construct Two Group, an Orlando-based construction management company, for its work on the new Winter Haven Area Transit (W.H.A.T.) facility (top right photo) in Polk County, Fla.

Construct Two Group earned an Eagle award for best-in-category in the Industrial $1 million to $5 million group. Excellence In Construction competition winners were announced at the Association’s annual banquet held on October 24 at the Omni Orlando Resort at ChampionsGate.

The $3.2 million W.H.A.T. project was completed earlier this year under Construct Two Group’s comprehensive construction management contract with Polk County and the City of Winter Haven.

Along with a 5,800-square-foot core building that houses ticket sales, administrative office, break room, and both public and staff restrooms, the transit facility is composed of twelve covered pavilions averaging 1,500-square-feet each, twelve bus bays and canopied walkways.

The two-acre site located within the urban core of the City of Winter Haven provided several challenges to the construction team such as limited laydown area for contractors to store materials and equipment.

Close coordination between the Construct Two project management team and its subcontractors insured that equipment and materials arrived as crews were ready to install.

Additionally, the 100,000-yard concrete pour needed to cover the site with an 8-inch foundation was scheduled to begin at 3:00 a.m. to avoid interference with morning traffic.

Pickett-Hunter Associates of Bartow, Fla., was the project’s architect. Keith Williams (bottom right photo) is president and CEO of Construct Two.

Please visit http://www.constructtwo.com/ for additional information.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344,
elainei@pr-works.com and http://www.pr-works.com/

Thomas D. Wood & Co. Brokers $3M Borders Book Shop Loan in Miami

MIAMI, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $3,000,000 for Borders Book Shop (top right photo) in Miami, Florida.

Steve Wood, Company Chief Operating Officer, financed the loan through Minnesota Life Insurance Company, one of Thomas D. Wood and Company’s correspondent life insurance companies, at a permanent fixed-rate of 6.55%.

The fully-amortizing loan has a term of 15 years and a 28% loan-to-value. The 17,850 square-foot free-standing retail store was built in 1993 and is located at 9205 South Dixie Highway, Miami, Florida.

For further information, please contact:
Steve Wood, (305) 447-7820, swood@tdwood.com

Jessica Gurtowski, (407) 937-0470, jgurtowski@tdwood.com

http://www.tdwood.com/.

Marcus & Millichap Reports Highest Number of Special Asset Assignments Since 1993

Pipeline indicates major wave of distressed property sales starting in 2009.

ATLANTA, GA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, will complete the highest volume of distressed asset valuations and sales since 1993.

Turmoil in the financial services sector, which has led to an increased number of bankruptcies, mergers and consolidations — combined with the worsening economic downturn — has placed upward pressure on vacancies in a number of commercial real estate sectors, resulting in a higher number of distressed situations.

“To date we have completed more than 1,500 special asset assignments for financial institutions, asset managers and large owners – and we expect that number to exceed 2,000 by year-end 2008, including valuations, advisory work and dispositions,” says Bernard J. Haddigan, (top right photo) senior vice president and managing director of Marcus & Millichap, and executive in charge of the Special Assets Services division.

“Distressed properties and portfolios are being well received by private investors so far, and we expect to market a large volume of these properties during the next several months. This is driven by our lender clients’ need to clear their balance sheets and various types of funds, which are actively working to free up capital,” he adds.

The Special Assets Services division, which was formed in 2006 and expanded earlier this year, is comprised of eight regional directors who oversee a team of experienced investment brokers, located throughout Marcus & Millichap’s network of offices.

“There has been a marked increase in the number of distressed property sales being arranged by Marcus & Millichap investment specialists,” explains Haddigan.

“The macro trend is driven more by banks’ exposure to construction loans, property rehab loans and high-leverage transactions closed between 2006 and 2007 that are facing cash-flow problems due to higher-than-anticipated vacancies.”

Some regions of the United States face greater exposure to distressed assets than others.

“Many of the secondary Midwestern markets are experiencing hardship in the manufacturing sector, including Detroit, which is also experiencing continuing job losses and higher commercial vacancy rates,” explains Haddigan.

Distressed asset acquisitions are dominated by private investors, says Haddigan.

“Some of these investors are new to the market, and some have a higher level of experience. Private investors have the most flexibility and risk tolerance and can obtain financing for smaller transactions, which constitute the majority of the distressed situations.

"We expect this to continue for some time and there appears to be a significant amount of capital on the sidelines that will become more aggressive as the inventory of distressed properties increases next year.

Many of the larger opportunity funds are focused on purchasing commercial paper instead of specific properties, but we expect that trend to shift in 2009 and 2010 as opportunity funds resume their focus on property acquisitions.”

Marcus & Millichap brings several key advantages to owners and lenders of distressed properties including its market research, extensive local market coverage, particularly in secondary and tertiary markets where much of the distressed inventory is concentrated, and most important, its industry-leading access to private capital.

“We engage a team that can assess properties thoroughly and quickly, and expose the appropriate assets to the largest pool of private investors nationally who comprise more than 90 percent of sales in the current market,” says Haddigan.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

The Mele Group of Marcus & Millichap Completes Equity Infusion Deal

TAMPA, FL-The Mele Group of Marcus & Millichap has announced the completion of an equity infusion deal with Son Light Self Storage out of Ocala, FL and a private investor based in Tampa, FL.

Led by Vice President/ Investments Michael Mele,(top right photo) The Mele Group of Marcus & Millichap was able to take Son Light Self Storage, currently in lease-up, and put together a deal that made sense for both parties.

Son Light Self Storage was 30% occupied and lease-up remained flat due to market conditions and construction in front of the facility.

It was in need of a partner or joint venture which could infuse some equity and restructure the management of the facility.

“Despite all of the challenges Son Light was facing we were able to find an equity partner that believed in this project. He was able to take a 50% ownership stake in Son Light and believes in the potential of the deal” says Mele. Mele goes on to say

“The new equity partner has the intentions of increasing profitability of operations with better management and increased advertising of the facility.”

Market conditions are proving more of these types of deals maybe necessary; banks are dry and it’s hard to find institutional capital. The Mele Group of Marcus & Millichap was able to find a private investor to meet the needs of the client, proving the wrong market takes the right broker.

CONTACT:

Michael A.Mele, Marcus & Millichap, (813) 387-4700, http://www.melestoragegroup.com/
http://www.marcusmillichap.com/

Westin Hotels & Resorts Announces Landmark Entry into Vietnam

SINGAPORE – Westin Hotels & Resorts Worldwide, Inc.® (NYSE: HOT) has reached an agreement with Phat Dat Real Estate Development Corporation to develop a Westin resort on a beachfront site in Cam Ranh Bay, (top right photo) Khanh Hoa Province on the southeastern coast of Vietnam.

The 330-room Westin is targeted to open in 2012.
“We are delighted to strengthen our presence in Vietnam with the signing of The Westin Resort & Spa, Cam Ranh.

"The signing of The Westin Resort & Spa, Cam Ranh marks the entry of the Westin brand into Vietnam and strengthens the position of Starwood as one of the largest international upscale hotel chains in the Thailand and Indochina region (Vietnam, Cambodia and Laos),” commented Miguel Ko, (middle right photo) President of Starwood Hotels & Resorts, Asia Pacific.

“We are looking forward to offering travelers to Cam Ranh a retreat from the rigors of travel, with our signature Westin services, products and amenities that will allow them to relax, rejuvenate and recharge during their stay,” added Ko.

Starwood currently operates 15 hotels in the Thailand and Indochina region, with over 15 more under development in Bangkok, Pattaya, Koh Samui, Angkor, Hoi An, Nha Trang and now Cam Ranh, under the brands of Sheraton, Westin, Le Meridien, St. Regis, Four Points by Sheraton, W, The Luxury Collection and aloft.

Scheduled to open in 2012, The Westin Resort & Spa, Cam Ranh will feature 330 rooms and a range of Westin products and services including the famous Westin Heavenly Bed, Westin WORKOUT and Heavenly Spa. Other hotel facilities will also include eight food and beverage outlets, a health club, swimming pools, Westin Heavenly Spa, Westin Kid’s Club, business center and a retail shop.

Cam Ranh Bay is a protected inlet off the South China Sea situated between Phan Rang and Nha Trang, approximately 290 kilometers northeast of Ho Chi Minh City.

It is well-known for its white sandy beaches and pristine turquoise waters. The site features an extensive beach frontage of 550 meters.

Due to the beachfront location and undulating terrain of the site, all guest rooms and villas will feature breath-taking views of the ocean.

The Westin resort is approximately a 10-minute drive from Cam Ranh airport and a 40-minute drive to the Nha Trang city center, the capital of Khanh Hoa Province.

CONTACT:

Hwee-Peng Yeo
Director, Corporate Communications
Starwood Asia Pacific Hotels & Resorts Ltd
9 Temasek Boulevard, Suntec City Tower 2
#24-02, Singapore 038989

Tel : +65 6335 4837; Cell : +65 9768 6087; +65 9248 0424
Fax : +65 6335 4820
http://www.starwoodhotels.com/;

http://www.starwoodpressclub.com/

Oaks Development Group Closes on Third San Antonio Project

SAN ANTONIO, TX/PRNewswire/ -- The Texas office of Oaks Development Group announced today the company closed on Shavano Oaks II, a 35,000 square-foot medical office building at 3603 Paesanos Parkway in north central San Antonio.

The site, located just east of the intersection of Loop 1604 and Northwest Military Highway, will feature the company's unique tenant-ownership model that divides ownership of the building among the tenants, equity investors and the developer.

This is Oaks' third project in San Antonio. The building is ready for occupancy, and the company has received commitments for about 85 percent of the building with signed leases and letters of intent.

Tenant owners include the Neurology Institute of San Antonio with Dr. Suzanne Gazda and Dr. R. Braden Neiman and the Spine & Pain Center of San Antonio with Dr. Dennis Karasek.

There are also plans for a physical therapy, a sleep clinic and imaging on site, according to Sarah Teel (top right photo) of MSL Investments, broker/real estate agent for Oaks Development Group in Texas.

"The building is in a convenient location with an easy flow to hospitals in both the medical center and Stone Oak," said Teel. "With its beautiful 'lifestyle' environment and strong tenant owner mix, only a small amount of space remains available."

CONTACT:

Ann Close of Oaks Development Group, +1-919-460-6779, aclose@oaksdevelopment.net; or

Debi Pfitzenmaier, +1-210-669-6911, debi@pfitzpr.com, for Oaks Development Group

Web site: http://www.oaksdevelopment.net/

Keller Outdoor, Inc. Completes Three Major Projects

SANFORD, FL --- Keller Outdoor, Inc., a major commercial contracting company that specializes in landscaping, lawn maintenance, irrigation, environmental services, demolition and drainage projects, recently completed work on three projects.

Richard Keller, vice president of Keller Outdoor, Inc., said the firm recently completed renovation of parking surfaces at Lockheed Martin on Lake Underhill Road in south Orlando including extensive landscaping, resurfacing of parking areas and hardscaping common areas.

In addition, Keller Outdoor recently completed landscape maintenance and renovation projects at Atlantic Villas Condominium and Minorca Condominium, (top left photo) two luxury resort communities in New Smyrna Beach.

Company Relocates to Sanford, FL Site near Airport

Keller has relocated to new headquarters facilities on a 12-acre site near the entrance to Orlando Sanford International Airport at 2150 Marquette Ave. in Sanford. Bobby Keller, president of Keller Outdoor, Inc., said the firm plans to host a public grand opening next spring.

Formerly, Keller Outdoor was located on Monroe Rd. in Sanford.

The firm posted revenues from commercial and residential projects that totaled more than $13 million last year and currently employs more than 120 workers.

For more information, please contact:

Richard S. Keller, Vice President Keller Outdoor Inc., 407-330-2750; rkeller@kelleroutdoorfla.com

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

C&W negotiates lease renewal for Ross Dress for Less in Apopka, FL

ORLANDO, FL–Cushman & Wakefield of Florida, Inc. (C&W) announced that Ross Dress for Less, Inc., has renewed their lease of 44,000 sf space at Shoppes at Hunt Club, committing to five years at 474 South Hunt Club Boulevard in Apopka.

Associate Director of Retail Brokerage Services Mindy Boehm (top right photo) negotiated the lease, representing the landlord, Shoppes at Hunt Club Enterprises, Inc., in the transaction.

Contact: Brook Hines, 407-541-4401, brook.hines@cushwake.com

http://www.cushwake.com/

Marcus & Millichap's Adelaide Polsinelli Spearheads Children's Aid Society Toy Drive

More than 1,000 toys have been donated to New York City’s children in need.

NEW YORK, N.Y.– Adelaide Polsinelli (top right photo) in the Manhattan office of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has spearheaded one of the largest toy drives in Manhattan.

Polsinelli, an associate vice president investments at Marcus & Millichap, also serves as the president of the co-op apartment building at 2 Fifth Ave. Polsinelli organized this year’s record-breaking toy drive to benefit the Children’s Aid Society of New York.

More than 1,000 toys were donated and distributed to children in need throughout the Metropolitan New York City Area. For Polsinelli, 2008 marks the eighth year she has participated in the toy drive.

“During difficult economic times, the work of the Children’s Aid Society is crucial,” explains Polsinelli. “I am thankful to all of the citizens of New York who donated to this important cause.

“The children are our city’s future,” she shares. “By giving to kids in our own backyard, we are paving the way for a brighter tomorrow.”

Polsinelli also donates a toy in the name of her real estate clients and associates.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Morrison Commercial Real Estate Completes Downtown Orlando Land Sale

ORLANDO, FL-- Morrison Commercial Real Estate announces the completion of the sale of the property at 714 Franklin Lane, in Orlando, Florida.

The property consists of approximately 8,426 square feet of office warehouse buildings and 31,886 square feet of land.

All Roads, LLC has purchased the property for $1,030,000. Greg Morrison (top right photo) of Morrison Commercial Real Estate represented All Roads, LLC, the Buyer.

Carlton Vandiver (bottom left photo) and Trevor W. Hall Jr. (middle left photo) of Colliers Arnold represented Mid-Florida Pools, Inc., the Seller in the transaction.

ABOUT MORRISON COMMERCIAL REAL ESTATE

Founded by Greg Morrison, a 22-year veteran of the Central Florida commercial real estate market, Morrison Commercial Real Estate is a full-service brokerage firm specializing in the office sector.

Headquartered in Downtown Orlando, our professional experience and extensive knowledge of the Central Florida market enables us to achieve maximum transaction value, and optimal return on investment for our clients.

Morrison Commercial Real Estate provides landlord, owner and tenant representation services in leasing, buying, selling and site selection of commercial property in Central Florida.

Contact: Marylyn Tryon, Phone: 407.219.3500

Email: mtryon@morrisoncre.com

Barry Real Estate Cos. building Nashville’s first LEED-certified building

The Pinnacle at Symphony Place (top right photo) to be Nashville’s Environmental Leader with goal of using 72 percent less water than comparable properties

ATLANTA, GA-– Barry Real Estate Cos. is building The Pinnacle at Symphony Place, Downtown Nashville’s first Silver LEED-certified class A multi-tenant office building, as certified by the United States Green Building Council.

Among numerous environmentally sustainable features, The Pinnacle features a design to minimize the building’s demand for and use of potable water from Metro Water Services (MWS).

The plumbing system is expected to reduce The Pinnacle’s water use more than 72 percent below the usage of comparable buildings constructed to meet current plumbing standards.

“We are big believers in Nashville and are proud to lead the way for commercial office towers like The Pinnacle at Symphony Place to reduce water consumption and waste,” said Jimmy Barry, project developer for Barry Real Estate Cos.

“It takes more time, more careful planning and more money to successfully complete a project like this but, in the end, the building becomes a better value for our tenants and for Nashville.”

When The Pinnacle at Symphony Place opens in January 2010, it will feature a Pinnacle Financial Partner's bank branch, a fitness facility, a 7,000 square-foot white tablecloth restaurant, a neighborhood restaurant and coffee shop, concierge service, dry cleaning delivery, mobile auto detailing and an outdoor roof garden overlooking Nashville with seating and wireless Internet access.

For a complete copy of the company's news release describing details on the building's construction plan, please contact Bryan Long (404) 724-2501; blong@jacksonspalding.com

Marcus & Millichap Arranges Sale of $13M Apartment Building in Briarwood, NY

BRIARWOOD, N.Y. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Kent Arms Apartments, (top right photo) an 80-unit multi-family building in Briarwood, a residential section of Jamaica, Queens.

Listed at $13 million, the sales price of $13 million represented $162,500 per unit.

Peter Vassiliou, a senior associate, and John Stewart, an investment specialist, both in the firm’s Manhattan office, represented the seller, Kent Properties Co., and the buyer, 85-02 139th Realty LLC.

“Kent Arms Apartments was an excellent opportunity for the buyer to own and operate a well-maintained, income-producing building in a strong residential section of Queens that has historically low vacancy and sales velocity,” says Vassiliou.

“In the short-term, the new owner can add value by increasing parking fees, renting the unused office space, and increasing stabilized rents through individual apartment improvements. In the long-term, due to the size of the units, there is the possibility of a co-op or condo conversion when the market recovery takes shape,” adds Stewart.

Located at 85-02 139th St., at the intersection of 139th and Manton streets, the 92,000-square foot, six-story apartment building is situated on a 169-foot by 119-foot lot.

The property is across the street from the F/E-line subway station and just one block from Queens Boulevard.

The building is adjacent to the Van Wyck Expressway, providing access to JFK International Airport and other destinations in the New York Metropolitan Area.

Kent Arms Apartments contains a mix of 79 apartment units, ranging from medium-sized one-bedrooms to large two-bedrooms with a second bathroom, separate dining room and outdoor terraces. The property also has indoor parking and two commercial spaces, one of which is currently vacant and the other leased until 2011.

Press Contact: Stacey CorsoCommunications Department(925) 953-1716

Bill Martin Joins SchenkelShultz

ORLANDO, FL – Bill Martin (top right photo) has joined SchenkelShultz Architecture, Orlando, as Architect and LEED® Accredited Professional.

Martin, who has nine years of major commercial design experience, holds a Master’s of Architecture and Bachelor’s of Design with Honors from the University of Florida.

Martin previously served as an Architect with Thompson, Ventulett, Stainback and Associates in Atlanta, GA, where he was involved in many high-profile projects including the Washington, DC, Convention Center, the Inn on Biltmore Estate, the InterContinental Hotel Buckhead, and the Atlanta Marriott Marquis Hotel Renovation, among others.

Contact: Kenneth H. Cristol 407-774-2515

Grubb & Ellis Realty Investors Secures 47,000 -F Lease at Lake Center IV in New Jersey

SANTA ANA, CA– Grubb & Ellis Realty Investors, LLC has secured a 47,000 square-foot lease at Lake Center IV, (top left photo) a four-story Class A office building located in Marlton, N.J., owned and managed on behalf of tenant-in-common investors.

Conner Strong Companies Inc., a leading provider of property and casualty insurance and employee benefits products and services with clients in all 50 states and abroad, has signed a 10-year lease agreement to occupy the third and fourth floor of Lake Center IV.

The space makes up more than 50 percent of the building. The company will take occupancy in March 2009.
“The large amount of space became available at Lake Center IV when the mortgage lending company that previously occupied the space dissolved,” explained Kent Peters, (top right photo) executive vice president of Asset Management, Grubb & Ellis Realty Investors.

“We were able to backfill the space quickly with a high-quality tenant and I couldn’t be more pleased with our results on behalf of the tenant-in-common owners of this asset.”

Purchased by Grubb & Ellis Realty Investors in May 2006, Lake Center IV is situated on approximately eight acres of land within a roughly 19 acre office park, and includes walking and jogging paths overlooking two lakes.

Anne Klein, senior vice president, and Joe Sklencar Sr., senior associate, of Grubb & Ellis’ Marlton office negotiated the lease on behalf of Grubb & Ellis Realty Investors.

“When we learned the space was being vacated, we began contacting every decision maker in the marketplace to make sure we saw all large deals taking place that we could become involved with,” said Klein.

Contacts: Julia McCartney, 714.975.2230, julia.mccartney@grubb-ellis.com

Damon Elder, 714.975.2659, damon.elder@grubb-ellis.com

Hotel Room Rates Fall the World Over

LONDON--UK and global hotel prices have fallen for the first time in four years, according to a comprehensive index compiled by booking agent Hotels.com.

Prices in the UK fell by 4% year-on-year in the third quarter, while international prices fell by 3%.

Rates fell as hotels tried to entice hard-up travellers with cheap offers.

But the weakening pound, together with slight increases in European rates, meant that some continental hotels cost 30% more for UK holiday makers.

The average hotel price in the UK fell from £101 (US $151.78) in the third quarter last year to £97 (US $145.19) this year.

Prices in Scotland fell the most, with rates in Inverness, (top left photo) for example, falling by 15% to an average of £94 (US $140.70).

Bath was the most expensive place to stay, with an average room costing £142 ($US $212.56). Nottingham was the cheapest, with rates averaging just £65 ($US $97.29).

"Price falls across the UK mean that there are currently great deals to be had, as more affordable accommodation is on offer," said David Roche, (top right photo) president of Hotels.com Worldwide.

And it wasn't just the UK where prices fell.

Global rates were driven down by an average 5% price fall in America, with rates in Las Vegas falling by 20%. (Palazzo Resort, Las Vegas, middle left photo)

But the weak pound meant UK travellers derived less benefit from these price cuts.

In fact, because rates in Europe actually rose in the third quarter, they ended up paying considerably more. In some cases, this was as much as a third more.

"However, European prices are starting to come down and there is likely to be an increasing number of good deals," said Mr Roche.

The most expensive destination globally was Moscow, with the average room costing £207 (US $309.84). The cheapest in their index was Las Vegas, at £58 ($86.82).

The Hotels.com Hotel Price Index is based on prices paid by customers at 68,000 hotels across 12,500 locations around the world.