Marcus & Millichap Secures $12.95M Listing for Development site in Valley Village, CA

VALLEY VILLAGE, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Sherman Village, a 150,486-square foot development site in Valley Village, a district in the San Fernando Valley region of Los Angeles.

The listing price is $12.95 million.

Greg Harris, (bottom left photo) executive vice president investments and a senior director of the firm’s National Multi Housing Group (NMHG) in Encino, is representing the seller, a Southern California-based private investor.

“Valley Village is a prime San Fernando Valley location adjacent to Sherman Oaks and Studio City,” says Harris. “The area’s average household income is approximately $90,806 per year.”

Located at 12629-12729 Riverside Drive in Valley View, the property is near U.S. Route 101, the Ventura Freeway, Interstate 405, the San Diego Freeway and State Route 170, the Hollywood Freeway. The asset is also proximate to the Sherman Oaks Fashion Square and the Sherman Oaks Galleria.

Sherman Village is a 3.45-acre site entitled for the development of 264 multifamily units on eight parcels.

Founded in 1939, Valley Village was an upscale part of North Hollywood until officially recognized by the Los Angeles City Council as a separate community.

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

Stirling Sotheby’s International Realty negotiates lease agreement for 4,558 SF of Class A office space in Downtown Orlando

ORLANDO, FL --- Stirling Sotheby’s International Realty recently negotiated a new long-term lease agreement for 4,558 square feet of Class A office space on the 14th floor of the Plaza North Tower, (top right photo) located on Orange Ave. at Church St. in downtown Orlando.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said John Kurtz of Stirling Sotheby’s International Realty’s World Marketing Center Team negotiated the lease agreement representing the landlord, Swamp Donkey LLC.

The lease agreement is worth more than $500,000, Soderstrom said.

The tenant is Jaymor Group, a real estate investment and development firm based in Ontario.


For more information, please contact:

Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty, 407-588-1260

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

Grubb & Ellis|Commercial Florida negotiates sublease renewal agreement for 12,000 SF of industrial space in Tampa

TAMPA, FL -- Grubb & EllisCommercial Florida, associated with 130 Grubb & Ellis offices worldwide, recently negotiated a long-term sublease renewal of 12,000 square feet in the industrial center located at 9302 Florida Palm Drive in Tampa.

Jan Boltres, (top right photo) CCIM and Michael Scott, (bottom left photo) principals and senior vice presidents at Grubb & EllisCommercial Florida, represented the sublessor, Qwest Communications Company of Denver, in the negotiations with the tenant, Tampa-based Office Pavillion of South Florida.

http://www.commercialfl.com/

Contacts: Jan Boltres CCIM 813-639-1111, ex270

Michael Scott, 813-639-1111, ex275

Jeffrey Sweeney 407-481-5387

Larry Vershel Communications, 407-644 4142

Entrust President Says Builders, Developers Can Solicit Financial Support from Owners of Self-Directed IRAs

LAKE MARY, Fla. - Builders and developers who are finding it difficult to secure financing from traditional lenders can solicit owners of self-directed retirement accounts, says a leading funds administrator.

Glen Mather,(top right photo) president of Entrust Administrative Services, which administers more than 2,000 retirement accounts that total more than $200 million from offices in Lake Mary, Boca Raton and Jacksonville, told the Latin Builders Association in Miami recently that they should go directly to the source to seek alternative funding for worthy projects.

“It’s not just homes, it’s commercial too,” Mather told the more than 70 builders in the audience. “Builders and developers can gain access to finance through individual IRAs if they take the time to learn the correct approach,” he said.

Mather said IRAs can lend to companies, limited partnerships and individual ventures and serve as a stockholder.

Mather said one representative in the group was raising funds to finance individuals who wanted to buy mortgages.

“They are pooling resources to provide financing for distressed properties at a very low price so that individuals can acquire and remodel properties for resale or rental,” Mather said. “The IRAs would then become the lien holders---in effect, the bank---to make these transactions happen.

For more information contact:

Glen Mather, President Entrust Administrative Services, Inc. 407-367-3472 gmather@entrustfl.com;

Larry Vershel, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Daryl Carter Closes Deals on 333 Acres in Lake and Sumter Counties, FL

164-Acre Honeycut Road Parcel in Lake County Goes for $657,208 Cash

LAKE COUNTY, FL--Daryl M. Carter, Trustee of Carter-Lake 918 Highway 33 Land Trust recently purchased 164± acres in Lake County, Florida from Honeycut Ranch, LLC for $657,208 cash.

The 164 acre parcel is located on the east side of Honeycut Road and adjoins a 918 acre parcel which Carter purchased in 2007.

Daryl M. Carter, Preston Hage and Patrick Chisholm with Maury L. Carter & Associates, Inc. represented the Buyer.

169-Acres Near Florida Turnpike's Okahumpka Service Plaza Sells for $7M

SUMTER COUNTY, FL--Daryl M. Carter, Trustee of Carter-Sumter 2444 Highway 468 Land Trust recently completed a transaction with Florida Power Corporation d/b/a Progress Energy Florida, Inc. for sale of 108± acres and an easement encompassing 61± acres for a total price of $7,043,865.

The property is located on the east side of the Florida Turnpike near the Okahumpka Service Plaza in Sumter County, Florida.

Daryl M. Carter with Maury L. Carter & Associates, Inc. represented the Seller.

Contact:

Joan M. Fisher
Administrative Assistant
Maury L. Carter & Associates, Inc.
3333 S. Orange Avenue, Suite 200
Orlando, FL 32806-8500
(407) 581-6207 direct
(407) 422-3144 office
(407) 422-3155 fax
jfisher@maurycarter.com

Marcus & Millichap Names David Bradley Regional Manager of Jacksonville, FL Office

JACKSONVILLE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named David Bradley (top right photo) regional manager of the firm’s Jacksonville office, according to Harvey E. Green (top left photo) , president and chief executive officer.

“David has been serving as the sales manager in Jacksonville for nearly a year. He has been instrumental in growing the office and moving it to permanent space,” says Green.

“David’s management skills, combined with his extensive transaction experience as a commercial real estate investment specialist, make him an invaluable resource to our agents and clients throughout Florida.”

Bradley joined Marcus & Millichap in 2004 and achieved associate status in 2005. In 2006, he earned a sales recognition award and joined the management team as a sales manager in the Fort Lauderdale office.

Before joining the firm, Bradley served as a student representative in Pennsylvania for Penn State Lion Line, working with alumni donors. He graduated from Pennsylvania State University with a bachelor’s degree in psychology and a minor in business.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716 direct,
(415) 672-6460 cell, (925) 953-1710 fax, stacey.corso@marcusmillichap.com

Orlando’s Service Center-Flex Space Market Vacancy Rockets to 19%

ORLANDO, FL—There is a war going on among metro Orlando’s space-seeking small service center tenants – and the tenants are winning, reports Lyle N. Nelsen, (top right photo) corporate and industrial specialist at Rebman Properties Inc.

It’s a war where existing and new tenants can quickly choose from 1,752,506 square feet of available service center/flex space in the heart of Orlando’s Industrial Market south of the 408 Expressway.

“Tenants are looking for deals,” says Nelsen who has been tracking this market for 25 years. “One leasing agent said this after a brutal renewal negotiation: “That’s the hardest I have ever worked on a deal that I gave away.”

In his latest market report, Nelsen says “agents are treating existing tenants as new deals – no sending out renewal notices – be aggressive early – get to the tenants before the tenant representatives move in.”

Concessions in the form of extended free rent, increased tenant improvements, lower first year base rents are available and readily offered to close a transaction,” he says.

Nelsen says, “As one agent told me, “we’re pulling out all the stops to fill this vacant space that has been vacant for six months.”

Bankruptcies and downsizing are“big factors in this market where unemployment and lack of business has forced the smaller companies to make tough decisions,” he adds.

The low number of large (over 5,000 s.f.) service center/flex space leases closed in this quarter again reflects “the stagnant economy we are experiencing,” Rebman says.

---Next Plumbing Supply, 21,295 sf, at Southridge VIII, agent Mike Borling – EastGroup
---Delivery Specialists, 21,000 sf, Beachline Commerce Center, Todd Watson – Liberty
---GTE, 12,936 sf, Sunport II, (top left photo) Mike Borling – EastGroup
---The Thomas Kinkade Co., 6,400 sf, Keene Crown, Morgan Wiseman – Realty Capital

The average asking triple net rental rate for a new or current flex building is hovering around $6 psf – down from $6.50 psf. at the end of 2008.

The condominium numbers remained fairly constant with a slight increase in the vacancy from 11.06% to 11.90%. The available condo space is being offered for sale and for lease in an effort to fill the vacant space, Nelsen says.

“The supply side of this market is strongly in favor of the tenant with empty space all over this market in new, fairly new or older buildings,” he says. “The tenant has never had a better selection to choose from in any location they want to be in.”

Forecast

“The ‘bottom’ of this market may not occur until the early party of 2010. The fallout for the ‘little guy’ in this market will continue and the bigger companies will be finding ways to downsize.

“Rental rates will continue to drop as more and more concessions will be needed to close a deal.

“The big question is whether the President’s stimulus package will affect our economy in Central Florida--and when.

“These are challenging economic times which many of us have never experienced in our lifetimes/ There will be an end to it – the question is, when?” #

Sheraton Hotel North Houston Converts Amphitheater to 3,600 SF Ballroom

Final Step in $8 Million Renovation After Damages from Hurricane Ike

HOUSTON, TX—Officials at the Sheraton Hotel North Houston (top right photo) at George Bush Intercontinental Airport announced they have converted the property’s former amphitheater to the Stephen F. Austin Ballroom, a 3,600-square-foot space, capable of accommodating groups of up to 250 people.

The new ballroom, the hotel’s second largest, will become the new centerpiece for the hotel’s mid-sized meeting activities. The hotel offers a total of more than 30,000 square feet of meeting space and can comfortably handle groups of 10 to 1,000 people. The hotel has 24 meeting spaces, ranging from executive boardrooms to the 8,750-square-foot Grand Ballroom.

The conversion was part of a multi million renovation to repair damages related to Hurricane Ike. Other renovations included replacing all carpeting, walls and furniture, fixtures and equipment on the main floor.

The hotel, which now is in like-new condition, is operated by The Dow Hotel Company, a leading third-party hotel management and ownership group.

“The new, multi-function Stephen F. Austin Ballroom offers more flexibility for today’s meeting planners than our previous amphitheater,” said Robert Kisker, general manager. “The new configuration will allow us to better host business meetings, training sessions, award celebrations, weddings, and other social events.

Contact: Jerry Daly, Patrick Daly, (703) 435-6293 (office), (703) 624-7187 (cell) jerry@dalygray.com

HFF closes $31M loan sale for Nationwide Life Insurance Company

CHICAGO, IL –The Loan Sales group of HFF (Holliday Fenoglio Fowler, L.P.) announced today it consummated the sale of four performing first mortgage commercial loans on behalf of Nationwide Life Insurance Company.

HFF senior managing director Stuart Salins and associate director Thomas Gerfin represented the seller in the transaction.

The four loans range in size from approximately $3.95 million to $10 million, with an aggregate face amount of approximately $31 million.

The loans were sold to two institutional investors and pricing ranged between a modest discount to a slight premium. The loans are secured by retail centers and multifamily properties located in Massachusetts, Pennsylvania and Utah.

“The loans are well-performing and the sale was motivated by a desire of the seller to slightly rebalance its portfolio,” said Salins.

HFF (NYSE: HF) operates out of 17 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, loan sales and commercial loan servicing. http://www.hfflp.com/.

Contacts:

Stuart M. Salins, HFF Senior Managing Director , 312 528 3678, ssalins@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Daniel Byrnes of Thomas D. Wood & Co. Wins U. of F. Honors

ORLANDO, FL— Daniel Byrnes, (top right photo) CCIM, MSRE, was recently recognized by the University of Florida’s Alumni Association as a 2009 Outstanding Young Alumnus.

The University of Florida Alumni Association established this award to recognize Gators who have distinguished themselves in business, community or service, and are age 40 and younger.

UF’s Bergstrom Center for Real Estate Studies nominated Dan to represent the Warrington College of Business Administration for his efforts in leading and expanding the UF Friends & Alumni of Real Estate network (UF-FARE).

Dan is a mortgage banker with Thomas D. Wood & Co. in Orlando, FL and specializes in financing commercial real estate. He is a 2004 graduate of UF’s Master of Science in Real Estate program and currently serves as the Chairman of this 1300 member organization; overseeing the growth of its 10 regions nationally. Go Gators!

For further information, please contact:
Daniel Byrnes, CCIM, MSRE (407) 937-0470, dbyrnes@tdwood.com
Jessica Gurtowski, (407) 937-0470, jgurtowski@tdwood.com

Charles R. Lewis III of Construct Two, Orlando, attains LEED AP accreditation

ORLANDO, FL— Charles R. Lewis III (top right photo) has earned his LEED AP designation as an Accredited Professional in the Leadership in Energy and Environmental Design (LEED) program from the United States Green Building Council.

Lewis, the director of operations for Orlando-based Construct Two Group, has 15 years of experience in the construction industry. He has a Master of Science in Industrial Engineering Technology from Eastern Michigan University, and a Bachelor of Science in Construction Engineering Technology from Florida A & M University.

Lewis is a Certified Professional Constructor by the American Institute of Constructors, and is certified by the American Society for Healthcare Engineers.

Construct Two Group provides construction management, design-build and program management services to public and private sector clients. Having completed more than $500 million in projects since its founding in 1990, Construct Two Group is the largest African-American-owned construction management company in Florida. The Company employs a professional and support staff of 31 from offices in Orlando, Tampa and Tallahassee, Fla. Please visit http://www.constructtwo.com/ for additional information.


The USGBC is a nonprofit organization established in 1993 to promote sustainable building and construction through educational resources and committee forums. In 2000, the USGBC developed the LEED (Leadership in Energy and Environmental Design) accreditation system as an independent benchmark for rating high-performance green buildings. The organization also offers professional LEED certification to individuals who demonstrate expertise in green building practices and principles.

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

Construct Two Group wins library construction contract

ORLANDO, FL — Construct Two Group has secured a $1.88 million contract from Panama City Beach City Council for construction management services for a new library in the North Florida community.

The scope of services under Construct Two Group’s contract includes site work, building construction and landscaping for a new 10,632-square-foot facility (top left photo) with 209 parking spaces.

According to President Keith Williams, (middle right photo) work will be performed by Construct Two Group’s Tallahassee office. Construction is scheduled for completion in February 2010.

Features of the new library include a children’s program room, young adult reading area, and a literacy/meeting room. The new building more than doubles the space of the old 4,500-square-foot library, which the City plans to convert into needed office space.

Collins & Associates Inc. Architecture & Planning is the Architect of Record for the new library that features a tapered column entry, three-quarter stone façade walls, clearstory windows for daylighting and a standing seam roof.

A state grant, projected library impact fees and private donations are funding the design and construction of the new library.

Construct Two Group provides construction management, design-build and program management services to public and private sector clients. Having completed more than $500 million in projects since its founding in 1990, Construct Two Group is the largest African-American-owned construction management company in Florida.

The Company employs a professional and support staff of 31 from offices in Orlando, Tampa and Tallahassee, Fla. Please visit http://www.constructtwo.com/ for additional information.

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

Tampa's Mike Davis Named Cushman & Wakefield's Top Investment Sales Professional Nationally for 2008

TAMPA, FL – Mike Davis, (top right photo) a leading commercial property sales professional and veteran of Cushman & Wakefield, was recognized as the firm’s No.1 Investment Sales professional nationally for 2008.

Mr. Davis, a Cushman & Wakefield Executive Director, was involved in several of the largest and most prestigious property sales in Florida in 2008, including
the 400,000 square foot Laurel Gardens development, the 385,000 square foot Fowler Distribution Center and the 350,000 square foot Centrepointe & Corporate Oaks office complex.

Senior Managing Director of Cushman & Wakefield, Inc.’s Tampa office, Larry Richey (bottom left photo) is quoted as saying “in any environment, this is a very prestigious honor, however, in these uncertain economic times it demonstrates the skill and dedication required to stay ahead of the competition.

We are very proud that Mike has earned this recognition.” Mr. Davis specializes in the disposition of industrial and office real estate for major institutional clients including life insurance companies, REITs, pension fund advisors, developers and investors.

http://www.cushmanwakefield.com/.

Contact: Debbie P’Simer, 813-204-5333, debbie.p’simer@cushwake.com

Noble Investment Group Unveils Hyatt Regency Valencia in California

244-Room Hotel Offers Award Winning Service to the Los Angeles County/Santa Clarita Community

ATLANTA, GA–Privately held Noble Investment Group (“Noble”), a leading sponsor of private equity real estate funds and an integrated lodging and hospitality operating and development organization, has unveiled the ‘Regency’ designation for the Hyatt Regency Valencia and Santa Clarita Conference Center (top right photo) (“Hyatt Regency Valencia”).

Noble acquired the 244-room first class Hyatt Valencia in early 2008 and has since completed property upgrades and enhancements, completing the conversion to the ‘Regency’ designation.

The Hyatt Regency Valencia is integrated into the approximately one million square foot mixed-use development, Valencia Town Center.

The hotel is also home to the Santa Clarita Conference Center, the valley’s premier meetings and events venue, which features 16,000 square feet of exceptional meeting and event space including three outdoor garden areas overlooking the prestigious Valencia Country Club.

The Hyatt Regency Valencia is ranked among the top 20 properties in the Hyatt North American Region for Overall Guest Satisfaction and was recently recognized by the Santa Clarita Signal’s 2008 Reader’s Poll for being the Best Overall Hotel, having the Best Chef, and the Best Banquet and the Best Brunch experience.

“The Hyatt Regency Valencia has had longstanding success through their dedication of providing the very best hotel and event experiences for their guests and the community of Santa Clarita,” said Paul Burke, (bottom left photo) a Noble principal and executive vice president, operations.

“The recognition by the Santa Clarita Signal coupled with the Regency designation from Hyatt Hotels further solidifies the hotels outstanding reputation in the marketplace.”

Contacts: Chris Daly, Vice President, Daly Gray Public Relations, ph: 703-435-6293
Bonnie Herring, Noble Investment Group, 404-262-9660, bonnie.herring@nobleinvestment.com

HFF places $18.5M loan with Freddie Mac for Tampa, FL multifamily community

MIAMI, FL – The Miami and Boston offices of HFF (Holliday Fenoglio Fowler, L.P.) announced that they have placed an $18.5 million loan with Freddie Mac for Mallory Square Apartments,(top right photo) a 383-unit multifamily community in Tampa, Florida.

HFF director Elliott Throne and senior managing director Fred Wittmann exclusively represented the borrower, the investment management subsidiary of Connecticut General Life Insurance Company.

HFF placed the seven-year, adjustable-rate loan with the lender, which will also be serviced by HFF. Loan proceeds are refinancing a construction loan.

“Freddie Mac ultimately provided the maximum loan available in the market for a non-recourse financing. The day one interest rate was in the low four percent range with a built-in cap that is not significantly higher than where fixed-rate loans are priced today,” said Throne.

“The lender was attracted to the deal due to the quality of the asset and the strength of the sponsorship.”

Completed in 2006, Mallory Square Apartments is located at 11306 Mallory Square Drive approximately 10 miles from both Tampa’s central business district and Crystal and Clearwater Beaches.

Contacts:

ELLIOTT P. THRONE, HFF Director, (305) 421-6549, ethrone@hfflp.com

KRISTEN M. MURPHY, HFF Associate Director, Marketing (713) 852-3500 krmurphy@hfflp.com