Arnstein & Lehr Partner Phillip M. Hudson III helps negotiate agreement with lender resulting in sale of South Beach hotel

MIAMI, FL – Phillip M. Hudson III (top right photo), a partner with Arnstein & Lehr LLP, lead the negotiations on behalf of the Lionstone Group regarding the underlying loan with FirstBank Puerto Rico that resulted in the sale of the Seville Hotel (middle left photo)  to Marriot and hotelier Ian Schrager for $57.5 million.

The previous owner of the Seville Hotel was 2901 Beach Ventures, which consisted of two equal partners, Lionstone Group and Fortune International Management. Hudson represented Lionstone Group.

Media reports indicate that Marriot and partner Ian Schrager plan to redevelop the 12-story, 400-room hotel into a new boutique brand called Edition.

“We are pleased that substantial real estate deals are closing once again in South Florida,” said Hudson, who heads up Bankruptcy and Litigation for the firm’s Miami office.

“Both local and out-of-town buyers are recognizing the unique values available here in Miami.”

This is Hudson’s second multi-million dollar deal that has closed in the past 30 days or so. He and his law partner, Hilda Piloto, (bottom right photo) negotiated the resolution of a $100 million multi-property real estate dispute on behalf of a developer in mid-June.

Contact: Don Silver or Lauren Simo, Boardroom Communications, (954) 370-8999,

donsil@boardroompr.com / lsimo@boardroompr.com

HFF arranges $2.3M loan for American Cancer Society in Norwalk, CT

NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $2.3 million construction and permanent loan for the completion of a new 13,400-square-foot building for the American Cancer Society, New England Division in Norwalk, Connecticut.

HFF senior managing director Al Epstein (top right photo)  worked on behalf of the American Cancer Society to secure the loan through The Bank of New Canaan, a wholly owned subsidiary of BNC Financial Group. Loan proceeds are being used to finance the new facility, which has an approximate cost of $5 million.

The new American Cancer Society facility is located on Richards Avenue in Norwalk on the former site of the Burndy Library of Science & Technology.

 The property will be dedicated as “The C. Anthony and Jean Whittingham Family Building”. The Whittingham family has devoted itself to the support of cancer care, particularly in Fairfield County, Connecticut. Foundation work is underway and the building will be complete and operational in 2011.

“There’s a real narrative here in taking the idea of a new facility and making it a reality," said Epstein.  

"One could start with the current difficult economic climate and the fact that so many people in the community did not hold back or make excuses because of that. At a time when few construction loans are being approved, the officers at The Bank of New Canaan really reached out to do this. A lot of credit goes to bank officers Heidi DeWyngaert, Peter Keller and Bob Palermo,”

Contacts:

Alvin J. Epstein, HFF Senior Managing Director, (203) 226-8171, aepstein@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF secures $31.7M in debt and equity for Naperville Corporate Center in western Chicago

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $31.7 million in financing and joint venture equity for the recapitalization of Naperville Corporate Center (bottom left photo), a four-building, 418,836-square-foot office property located in the western Chicago suburb of Naperville, Illinois.

HFF managing directors Jaime Fink (top right photo) and Mike Kavanau (top left photo)  worked on behalf of Transwestern Investment Company to secure the $23.4 million, adjustable-rate loan with Prime Finance Partners.

HFF engaged TriGate Capital, LLC, a private equity firm, to provide $8.3 million in joint venture equity for the recapitalization of the property.

Proceeds are paying off an existing first mortgage at a discount and providing capital for future tenant improvements and leasing commissions.

“We are excited to enter the Chicago market with this acquisition,” said Jeffrey Yarckin, (middle right photo) managing member of TriGate.

“The location of this property within the submarket is very strong as it benefits from direct access to the tollway in both directions. Also, we believe leasing will benefit from the amenities at the property and in the adjacent new Freedom Commons retail center.”

“Transwestern is pleased to partner with TriGate to recapitalize this asset," added Andy Hess, (lower left photo) senior vice president at Transwestern Investment Company.  

"Our team has created solid leasing momentum over the last 12 months, and we believe our new basis as well as our competitive advantage on expenses will attract tenants looking for quality space, location and amenities at low occupancy costs,”
TriGate Capital is a Dallas-based real estate investment firm that is focused on investing in real estate properties, real estate secured loans and securities, and real estate companies through transactions that emanate from the need of financial institutions and property owners to restructure.

TriGate is focused on investing its capital and its partners’ capital at attractive risk-adjusted returns by using its work-out, restructuring and real estate management skills to add value to its counterparties - lenders and other financial owners of real estate assets.

TriGate’s principals have invested in more than $10 billion of real estate assets, and the company has raised its inaugural fund to take advantage of changes occurring in the commercial real estate market.

 For more information about TriGate Capital, visit http://www.trigatecapital.com/.

Since its inception in 1996, Transwestern Investment Company has acquired interests in over 455 office, retail, industrial and multifamily properties representing a gross investment of nearly $11 billion.

The firm currently employs approximately 75 people and is based in Chicago with offices in Atlanta, Denver, Houston, Los Angeles and New York.

For more information about Transwestern Investment Company, visit http://www.transinvestco.com/.

Contacts:
Jaime M. Fink, HFF Managing Director,(312) 528-3650, jfink@hfflp.com
Michael A. Kavanau, HFF Senior Managing Director, (312) 528-3650, mkavanau@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com

IDI Closes Leasing at 141 Knowlton Way in Savannah, GA

Atlanta, GA,  July 26, 2010 – IDI, a leading full-service industrial real estate company, has signed two new leases in the Savannah market totaling 75,040 square feet.

The leases, for 43,800 square feet and 31,240 square feet, bring 141 Knowlton Way in IDI’s Crossroads Business Center (top left photo) to full occupancy. Gulfstream Aerospace Corporation occupies the remaining 122,890 square feet in the building.

The Parrott Group’s distribution arm, Velocity Services South, LLC, the warehouse and distribution service provider for three Ashley Furniture HomeStores located in South Carolina and Georgia, signed the 43,800-square-foot lease in Suite 300 of 141 Knowlton Way.

The Parrott Group is scheduled to open its fourth Ashley Furniture HomeStore in Savannah in September 2010 and will use the space for storage and distribution of home furniture and accessories sold at their retail storefronts.

Store Supply Warehouse, LLC, a wholesaler of store fixtures and supplies to small, independent retailers, signed a 31,240 square-foot lease in Suite 200 of 141 Knowlton Way.

 The space will serve as the company’s new East Coast distribution center and will allow for ground transportation delivery to the majority of the company’s customer base within a two-day timeframe.

“Both tenants cited location, space size, curb appeal and landlord responsiveness as reasons they chose 141 Knowlton Way,” said Lisa Ward, (top right photo)  vice president of leasing for IDI’s Atlanta market office, which serves Savannah.

“We are pleased to have provided each of our new tenants with Class-A space to serve their warehouse and distribution needs and are happy to see the building at full occupancy.”

Lisa Ward and Cliff Dales (lower right photo)  of Colliers Neely Dales were the listing agents for the property and represented IDI in both leases. Brett Chambless of Chambless Partners, Inc. represented Store Supply Warehouse in the lease transaction and Velocity Services South did not use any outside representation.

160,380 square feet remains available at Crossroads Business Center in 155 Knowlton Way.

More information can be found at http://www.storesupply.com/.

Contacts:

Kim Hardcastle, Jackson Spalding for IDI, 404-214-0693, khardcastle@jacksonspalding.com
Charlotte Marie Sturtz, Jackson Spalding for IDI, 404-214-3555, csturtz@jacksonspalding.com

Grubb & Ellis Healthcare REIT II Secures $25M Credit Facility with Bank of America

SANTA ANA, CA (July 26, 2010) – Grubb & Ellis Healthcare REIT II, Inc. today announced that it has entered into a $25 million secured revolving credit facility with Bank of America, National Association. The credit facility may be utilized to fund property acquisitions and for other general corporate purposes.

“This credit facility further strengthens our ability to execute our business plan and more rapidly expand the portfolio of Grubb & Ellis Healthcare REIT II,” said Jeff Hanson, (top right photo)  chairman and chief executive officer.

 “Particularly for a new REIT like ours, now is an exceptional time in the market cycle to acquire assets and Bank of America is supporting this effort.”

The credit facility matures on July 19, 2012, but may be extended at the option of Grubb & Ellis Healthcare REIT II for an additional year upon meeting certain conditions. The facility bears interest at a rate equal to LIBOR plus 3.75 percent or 5 percent, whichever is greater.

Grubb & Ellis Healthcare REIT II, Inc. intends to qualify as a real estate investment trust that seeks to preserve, protect and return investors’ capital contributions, pay regular cash distributions, and realize growth in the value of its investments upon the ultimate sale of such investments.

 Grubb & Ellis Healthcare REIT II is seeking to raise up to approximately $3 billion in equity and to acquire a diversified portfolio of real estate assets, focusing primarily on medical office buildings and other healthcare-related facilities.

Contact: Damon Elder, Phone: 714.975.2659,Email: damon.elder@grubb-ellis.com

Grubb & Ellis  Represents Dwyer Products Corporation in 79,000-SF Industrial Lease

ROSEMONT, IL. (July 26, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it represented Dwyer Products Corporation in the execution of a long-term lease agreement for approximately 79,000 square feet at Bridge Point Woodridge One (lower left photo), located at 1000 Davey Road in Woodridge from Bridgepoint Woodridge LLC.

Dwyer, a leading designer and assembler of custom compact kitchens and modular furniture systems, will utilize the facility as a showroom, assembly/distribution facility and its new corporate headquarters.

“Particularly given our recent acquisition of the Goelst By Dwyer product line of modular casework for acute care facilities, the building’s capacity to support our future growth needs was an appealing aspect of the property for us,” said Steve Svendsen, vice president and chief financial officer of Dwyer.

 “We’re pleased to be moving into a well-located building that will present a high-class image to our clients while also meeting our assembly and distribution requirements.”

Chris Lydon, SIOR, senior vice president, Industrial Group, and Sam Durkin, associate vice president, Industrial Group, represented the tenant. Jeff Galante of Lee & Associates represented the landlord.

“In its search for a larger facility to support its growth, Dwyer Products Corporation was in a position to take advantage of favorable market conditions to secure a newly constructed facility with tremendous visibility off of Lemont Road,” said Lydon. “The location allows for substantial growth over its previous headquarters in Wood Dale, which totaled 28,000 square feet.”

Developed throughout 2008 and 2009 by Bridge Development Partners, LLC, in partnership with Globe Corporation, Bridge Point Woodridge One is a state-of-the-art development project totaling approximately 264,000 square feet.

Contact: Erin Mays, Phone: 312.698.6735 Email: erin.mays@grubb-ellis.com

Father-Son Pearlstein Team New Addition to Tenant Advisory Group

PHOENIX (July 26, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the father-son team of Robert Pearlstein (lower left photo)  and Brent Pearlstein (lower right photo)  have joined the company as senior vice president and senior associate, Tenant Advisory Group, respectively.

"Bob and Brent bring tremendous experience and energy to Grubb & Ellis and their clients. I am pleased that they chose to be a part of our team,” said Pete Bolton, executive vice president and managing director of Grubb & Ellis’ Phoenix office.

Robert Pearlstein joins Grubb & Ellis with 16 years of experience in the commercial real estate industry. He spent 12 years of his career with CB Richard Ellis, specializing in retail leasing sales and development.

He left the firm in 2008 with the title of senior vice president and began Pearlstein Development LLC, a company specializing in retail development that he ran until joining Grubb & Ellis.

He began his career in 1994 with Midland Development Group in St. Louis. He holds a bachelor’s degree from the University of Missouri and is a member of CoreNet Global and NAIOP.

Brent Pearlstein began his career in 2009 with Cushman & Wakefield of Arizona where he served as an associate specializing in office tenant representation. He holds a bachelor’s degree from Arizona State University and is a member of CoreNet Global and NAIOP.

Contact: Julia McCartney, Phone: 714.975.2230, Email: julia.mccartney@grubb-ellis.com

Grubb & Ellis to Hold 2010 Second Quarter Conference Call on August 10

SANTA ANA, CA. (July 26, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it will host a live webcast to discuss its second quarter 2010 results on Tues., Aug. 10, 2010, at 10:30 a.m. Eastern Time.

The Company will issue its financial results before the market opens that morning.

The conference call will be webcast on the investor relations section of Grubb & Ellis' website at www.grubb-ellis.com or may be accessed by dialing 1.866.578.5771 for domestic callers and 1.617.213.8055 for international callers. The conference call ID number is 26018455.

An audio replay will be available beginning at 1:30 p.m. ET on Tues., Aug. 10, until 7 p.m. ET on Tues., Aug. 17 and can be accessed by dialing 1.888.286.8010 for domestic callers and 1.617.801.6888 for international callers and entering conference call ID 65858047. In addition, the conference call audio will be archived on the Company’s website following the call.

Contact: Janice McDill, Phone: 312.698.6707, Email: janice.mcdill@grubb-ellis.com

Marcus & Millichap Lists $150.9M Mixed-Use Development Site in Tulare, CA

TULARE, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for 312 acres of a 685-acre planned mixed-use development site, the future home of the Tulare Motorsports Complex, the nation’s first fully amenitized master-planned racing complex.

The sales price for the 312 acres is $150,908,698. The remaining acreage will be used for roadways, other public improvements and the construction of a speedway and drag strip.

Bruce Bartleson, a vice president investments and a director of the firm’s National Land Group in Sacramento, is representing the seller, Tulare Motor Sports Complex LP.

“The Tulare Motorsports Complex is designed to host all major categories of American racing, including regional and national races sanctioned by NASCAR, Indy Racing League, National Hot Rod Association and other sanctioning bodies,” says Bartleson.

“All the necessary local, state and federal approvals have been obtained, including all zoning, environmental and planning approvals.

Project elements include a one-mile D-shaped oval speedway, including a quarter-mile short track, a two-plus mile road course in the infield with seating for 40,000 to 100,000 people, and a quarter-mile drag race facility with seating for 20,000,” adds Bartleson.

The one-square-mile property is located just east of State Highway 99 and the Tulare Golf Course between Turner Drive to the north and Avenue 200 to the south.

Three national parks, Sequoia, Kings Canyon (top left photo) and Yosemite, (middle right photo)  are within a short driving distance. Approximately 20 million people live within a 3.5-hour drive.

The development plan includes sites for luxury condominiums overlooking the raceway, a full-service hotel and conference center, extended-stay motels, themed retail centers, a 59.12-acre luxury recreational vehicle park, a driving range, multiplex theaters and 87 acres of automotive-related businesses.

A parcel has been set aside for an indoor sports complex that will include skiing, bobsledding and ice-rock climbing.

“This project is destined to become one of the major destination resorts in California,” says Bartleson.

Tulare is home to the world’s largest agricultural exposition, the World Ag Expo. (bottom left photo)

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Comptroller Says Orange County, FL Bonds Not Downgraded

 ORLANDO, FL--Orange County Comptroller Martha Haynie responded this afternoon to a county mayor candidate’s email message that incorrectly states, “Just this week the credit rating of the bonds for Orange County were downgraded because of ‘too much debt’.”

Comptroller Haynie said, “My office checked directly with the rating agencies after I saw this message, and confirmed that no debt issued by Orange County government has been downgraded.

"Our citizens are not well served when misleading information is disseminated in campaign messages. Mr. Falconer owes it to voters to check his facts before sending out inaccurate and potentially damaging statements.”

Contact: Martha O. Haynie or Jim Moye, 407-836-5690

Stirling Sotheby’s International Realty named exclusive broker for Tavares Estate Home at Squirrel Point on Lake Dora, FL

ORLANDO - Stirling Sotheby’s International Realty has been named exclusive broker for a magnificent 5,460 square foot estate home on Lake Dora at 16001 Acorn Circle in Tavares.

Janice McGeough (middle right photo), certified luxury home marketing specialist at Stirling Sotheby’s International Realty, said the three-acre, $1.5 million Squirrel Point home offers five bedrooms, five-and-a-half baths, a banquet-sized dining room, a huge family room with see-through fireplace, a seven-car garage, a private swimming pool with outdoor terrace, and 800 feet of Lake Dora shoreline.

The gated Spanish-style estate was completed in 1981, said Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty.

“This is a rare find,” Soderstrom said. “For the buyer who aspires to ultimate privacy with a magnificent view of Mount Dora’s ‘Riviera skyline,’ this estate fits the bill.”

For a video tour of the home go to http://www.tourfactory.com/568648

For more information, contact:
Roger Soderstrom, Founder/Owner, Stirling Sotheby’s International Realty 407-581-7890; rsoderstrom@stirlingSIR.com;
Janice McGeough, Stirling Sotheby's International Realty, 352-217-0465; jmcgeough@stirlingsir.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142; lvershelco@aol.com

HFF completes first mortgage loan sale secured by Village at Camp Bowie in Fort Worth, TX

DALLAS, TX – The Dallas and Chicago offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have completed the sale of a first mortgage loan secured by The Village at Camp Bowie, (bottom left photo)  a 270,069-square-foot, six-building retail and office development in Fort Worth, Texas.

HFF senior managing directors Doug Hazelbaker (top right photo)  and Jim Batjer (top left photo)  and managing director Bill Mitchell (bottom right photo)  marketed the loan on behalf of the seller, Wells Fargo Bank.

The loan sale was launched on May 20th. All-in-all, 92 firms signed confidentiality agreements, with 20 firms bidding. Western Real Estate Equities, LLC purchased the loan for an undisclosed price on June 30th.

The Village at Camp Bowie is situated on a 19-acre site on the north and south sides of Camp Bowie Boulevard (US Route 377), one-half mile south of Interstate 30 in western Fort Worth.

 The property was renovated from 2004 to 2007, and is 76% leased to tenants including Frost Bank, Starbucks, Sprint, Edward Jones and State Farm.

“This was an excellent opportunity to purchase a first-mortgage position on a renovated retail center that is located in one of Fort Worth’s best submarkets,” said Hazelbaker.

Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 10,000 stores and 12,000 ATMs and the Internet (wellsfargo.com and wachovia.com) across North America and internationally.

Western Real Estate Equities (“Western”) of Fort Worth, Texas seeks out commercial real estate opportunities primarily in Texas MSA markets focusing on income-producing, multi-tenant, retail, and office properties with either a leasing upside or a rehabilitation value-add component.

Western is an affiliate of Joint Resources Company, an exploration, and production company engaged in the development of oil and natural gas properties.

Also participating in the transaction as a financial partner to both Western and Joint was B-29 Investments, LP (“B-29”), a private equity firm based in Gainesville, Texas.

B-29 deploys capital in opportunities within the upstream and midstream segments of the oil and gas space, in commercial and industrial facilities in the South and Southeastern regions of the United States, and in raw land with mineral right potential upside.

Contacts:

T. Douglas Hazelbaker, HFF Senior Managing Director, (214) 265-0880, dhazelbaker@hfflp.com
William G. Mitchell, HFF Managing Director, (312) 528-3650, wmitchell@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com

Marcus & Millichap Sells 14,490-SF Single-Tenant, Net-Leased Building in Kissimmee, FL

KISSIMMEE, FL, July 23, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a 14,490-square foot Walgreens (top left photo)  located in Kissimmee, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $5,600,000.

Michael J Jaworski, (bottom right photo)  an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a Florida-based developer.

The buyer, a limited liability company based out of Florida, was secured and represented by Paul D. Nudelman, an investment specialist in the firm’s Miami office.

Walgreens is located at 5180 US-192. This investment is a fee simple, new construction triple-net property that opened in September 2009.

The property is located on a major road to Disney World and I-4 into Orlando. Many major retailers are situated in the immediate area. As of August 2009, the company operated 7,496 located in 50 states, the District of Columbia, Puerto Rico and Guam.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Condo Tower Sells At 69% Discount In Miami's Coconut Grove

MIAMI, FL--A bulk buyer has purchased a majority of a troubled 30-unit residential condo project in Miami's Coconut Grove neighborhood (top left, middle right and bottom left photos) for $138 per square foot, representing a 69 percent discount of the average closed sales price in the complex to date, according to a new report from CondoVultures.com.

The buyer, a newly created Delaware entity called 27 Grove LLC, paid nearly $2.5 million on July 16 for the project's remaining 19 units with nearly 18,000 square feet in the South Two Seven Lofts condominium at the intersection of Southwest 27th Avenue and Bird Road, according to the report based on Miami-Dade County records.

"As the new, class A condo product disappears, bulk buyers are increasing being forced to look in the interior of the city for distressed properties," said Peter Zalewski, (bottom right photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"This is the first bulk deal to occur in the artsy Coconut Grove district but surely not the last. Developers put up several small projects of 50 units or less in the area during the boom years that may or may not have sold out."

This is the 54th condo bulk deal to close in the tricounty South Florida region - 44 deals have been in Miami-Dade County - since July 2008.

 During the last 24 months, bulk buyers have acquired for nearly 5,000 units with more than 6.2 million square feet for $1.5 billion, according to the Condo Vultures® Bulk Deals Database™.

Besides the private equity groups, discount-minded, individual buyers are also picking off units, which is depleting the new, class A inventory.

An average of nearly 500 new condos traded per month in Greater Downtown Miami between April and June 2010, representing a 105 percent increase compared to the 241 units per month average in second quarter of 2009, according to a new Condo Vultures® White Paper™.

Transactions for nearly 1,500 units with 1.8 million square feet of saleable space generated a gross sales amount of $584 million, or $333 per square foot.

The flurry of sales activity has reduced the number of new condos under developers' control in Greater Downtown Miami to less than 5,100 units, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Miami™.

The unsold new condos represent about 23 percent of the total inventory constructed in a 60-block stretch of Greater Downtown Miami between 2003 and 2010.

A year ago in July 2009 about 40 percent of the new condos in the same submarket were unsold, according to the licensed Florida brokerage Condo Vultures® Realty LLC.

In Coconut Grove, the South Two Seven Lofts condo was developed by Fadi A. Bahri's Grove Developers LLC in 2007. Construction on the project began in 2005 using an $8.4 million construction loan from Miami-based U.S. Century Bank, according to Miami-Dade County records.

Despite being completed just as prices in the Miami condo market were free falling, the developer was able to sell 11 residential units in the project for $3.7 million, or $444 per square foot, between February and November of 2008.

The project's two ground floor commercial units were also sold during that same period in 2008 for a combined $1.1 million, or $364 per square foot, according to the CondoVultures.com report.

Before the bulk deal, nothing had sold in the condo project in the last 20 months.

U.S. Century Bank filed to foreclose on the project's remaining 19 units in January 2010. The last time the constructon loan was modified in September 2008, the principal was set at $4.05 million, or $226 per square foot, and the maturity date for repayment was scheduled for July 18, 2009, according to Miami-Dade County records.

The 19 bulk deal units are currently assessed at a value of $5.3 million, or $296 per square foot, which is 53 percent higher than the bulk price paid, according to the Miami-Dade County Property Tax Appraiser's Office.

Contact: Peter Zalewski of Condo Vultures®,  800-750-0517 or by email at peter@condovultures.com

Marketplace Advisors Negotiates Three Lease Agreements at Shoppes of Aloma Walk in Oviedo, FL

ORLANDO – Marketplace Advisors, Inc. recently negotiated three new lease agreements for retail space at Shoppes at Aloma Walk, a new Publix anchored shopping center, located at Aloma Avenue and Hwy 417 in Oviedo.

David Marks, president of Marketplace Advisors, Inc. negotiated all three lease agreements representing the landlord Aloma Walk Commercial Venture, LLC of St. Louis, Mo.

Hair Cuttery and Fresh Cleaners each leased 1,050 square feet of space and Paris Nails and Tan leased 1,400 square feet.

Charlotte Struth of For the Rite Site! LLC represented Fresh Cleaners in its lease agreement.

For more information, contact:
David Marks, Marketplace Advisors, Inc., 407-599-0007, dmarks@cfl.rr.com;
Larry Vershel or Beth Payan, LV Communications, 407-644-4142

Ruffin Rhodes, co-founder at Rhodes+Brito Architects, Appointed to Board of Directors of Harbor House

ORLANDO - Ruffin Rhodes (top right photo), co-founder and partner at Rhodes+Brito Architects in Orlando has been appointed to the board of directors at Harbor House, a shelter for women and children.

Rhodes, who earned his architectural degree from Florida A&M University, co-founded Rhodes+Brito Architects with partner Max Brito several years ago.

Rhodes will serve a two-year term on the board for Harbor House.

Rhodes+Brito Architects, which opened in Orlando in 1996, currently employs a staff of 17, including seven registered architects. The firm served as lead architect for the Florida A&M University College of Law facility in downtown Orlando.

For more information,  contact:
Ruffin Rhodes, Rhodes+Brito Architects, 407-648-7288 ruffin@rbarchitects.com;
 Maximiano Brito, Rhodes+Brito Architects, 407-648-7288 max@rbarchitects.com;
 Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 (fax: 4410)

NAI Realvest Negotiates Long Term Lease of 16,000 SF+ of Industrial Space for Countertop Distributor at OCP in Orlando

MAITLAND – NAI Realvest recently negotiated a new five-year lease agreement for 16,126 square feet of industrial space at 2007 Viscount Row in Orlando Central Park (top left photo) in south Orlando.

Robert Blackwell, (top right photo) SIOR principal at the firm and associate Sean DuPree CCIM, negotiated the transaction representing new tenant AA Gulf Coast Countertops LLC of Pensacola.

The landlord, OCP Portfolio, LLC of West Palm Beach was represented by Lisa Bailey and Phil Marchese of Morrison Commercial Real Estate.

For more information,  contact:
Robert Blackwell, SIOR of Sean DuPree, CCIM, NAI Realvest 407-875-9989; or rblackwell@realvest.com; sdupree@realvest.com;
Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com;
Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com


NAI Realvest Chairman and CommerCenters Counsel Return from Exploratory China Trip seeking Chinese Investors, Report on Economy

MAITLAND, FL - An Orlando-based group is looking seriously for foreign investors seeking US Visas. Two of its principals, NAI Realvest chairman George Livingston (lower right photo)  and CommerCenters counsel Richard Hostetter returned recently from an exploratory trip there with good news.

Livingston and Hostetter represented the Orlando based EB-5 Investment group during the journey, which included visits to Shanghai, Beijing, Wenzhou and Hangzhou in China and talks with individual investors, government, banking and development officials there.

(Shanghai skyline,  middle right photo)

“Until recently, China’s housing market was booming” Livingston said. “Real estate prices jumped 11.7 percent in March and April before government action cooled the market. It has since stabilized, but risk remains.”

“China is experiencing a significant real estate bubble,” Livingston reported to his investment group. “Analysts at Bloomberg and Morgan Stanley call it ‘Dubai times 1,000,’” he said.

(Beijing skyline, middle left photo)

Livingston said Chinese government officials have closely monitored the residential real estate bubble. “They aren’t so concerned with the commercial sectors. Their number one goal is to avoid social unrest, and the housing market is a key to that.”

“The primary goal of the Chinese central government is maintaining internal stability,” Hostetter said. “They are very conscious of the market. Local governments bolster their budgets by selling land to developers. The central government has curtailed this in order to land this bubble gently,” Hostetter explained.

Livingston and Hostetter are optimistic about obtaining Chinese investors who seek US visas through their proposed Regional Center in Orlando.

For more information, contact:
G. Richard Hostetter, Senior VP, Capital Markets/General Counsel, CommerCenters LLC 407-875-9989 rhostetter@CommerCenters.com;
George Livingston, Chairman, NAI Realvest, 407-875-9989 glivingston@realvest.com;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142, Lvershelco@aol.com