Thursday, June 16, 2011

Randy K. Weisburd of Atlantic | Pacific Companies Appointed Receiver for Stuart Commons in Stuart, FL






MIAMI, FL (Thursday, June 16, 2011) – As of June 2011, Randy K. Weisburd (top right photo), Chief Operating Officer of Atlantic | Pacific Companies (A|P), has been appointed as Receiver for the Stuart Commons office building which operates as a Crexent Business Center. The office building is located in Stuart, Florida.

 Under Mr. Weisburd’s direction, Atlantic | Pacific Advisory Services (APAS), A|P's real estate advisory & asset management platform, is charged with operating, repositioning and protecting the property which offers executive and corporate suites.  APAS will oversee the property management which will be handled by Atlantic | Pacific Management.

 Stuart Commons is a two story building containing 45,119 gross building square feet and 30,736 net usable area including 27 Corporate Suites and 66 Executive Suites. 

Completed in 2005, the Class A building is located on U.S. 1 just north of the Downtown Stuart area.

Stuart Commons provides an alternative to traditional office leasing with turn-key office solutions for companies and individuals with office suites ranging from several hundred to several thousand square feet supported by full service amenities, including a receptionist, conference and meeting space, and a private fitness center. In addition,

Stuart Commons offers virtual office programs to companies that require a prestigious business address but do not require physical office space.

clients with the finest level of support and satisfaction found within the industry.  A|P is best recognized by some of the country’s largest lending institutions for providing advisory and consulting work on highly complex affairs.

 For more information, please contact Randy Weisburd at rweisburd@apmanagement.net. and visit www.apmanagement.net

Media contact:  Jessica Wade Pfeffer / Jessica Wade Inc. / Jessica@jessicawadeinc.com   / 305.804.8424


South Florida Residential Resale Inventory Drops Below 50,000



 
MIAMII, FL--For the first time since the real estate crash began, there are less than 50,000 residential properties on the resale market in the tricounty South Florida region, according to a new report from CondoVultures.com.

As of June 13, there are 22,200 single-family houses and 27,700 condos and townhouses actively available for purchase in Miami-Dade, Broward, and Palm Beach counties, according to an analysis by the licensed Florida real estate brokerage Condo Vultures® Realty LLC.

Back in November 2008 after the U.S. financial meltdown, there were nearly 108,000 residences for resale in South Florida with 46,600 single-family houses and 60,900 condos and townhouses available, according to the analysis based on Florida Realtors association data.

“The amount of residential resale inventory on the South Florida market has decreased by more than 50 percent since the U.S. financial meltdown in the fall of 2008,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

“A couple of factors are driving the reduction in South Florida’s residential resale inventory. Buyers – especially foreign investors with strong currencies - are scooping up South Florida properties at dramatic discounts due to the lack of financing available for domestic buyers.

“ In addition, lenders that are dealing with the 'robo-signing' controversy involving administrative irregularities with the foreclosure process appear to be still withholding bank-owned properties from the resale market in South Florida.”

As of June 13, there are less than 1,950 bank-owned properties actively available on the South Florida resale market. The bank-owned properties – also known as Real Estate Owned – represent less than four percent of the available resale inventory in South Florida.
 
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com

Crossman & Company Negotiates Long Term Restaurant Lease at Northbridge at Millenia Lake in Orlando



ORLANDO, FL --- Crossman & Company, one of the largest retail leasing, management and development firms in the Southeast, recently completed a lease agreement for a new pizza restaurant at 4902 Millenia Blvd. in southwest Orlando.

 Senior Leasing Associate Daniel Germano and Associate Whitaker Leonhardt negotiated the three-year lease on behalf of the landlord Northbridge at Millennium Partners, a subsidiary of Concord Management Ltd., for 750 square feet at Northbridge at Millenia Lake (top left photo) near the Mall at Millennia. 

The tenant, Pizza Napolitana is now open and operating as Genova Pizza. 

For more information, please contact

Daniel Germano, Senior Associate, Crossman & Company, 407-423-5400 dgermano@crossmanco.com
or Whitaker Leonhardt, Associate wleonhardt@crossmanco.com
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com
.



NAI Realvest Negotiates Two New Leases for Professional Office Space at University Court in East Orlando




ORLANDO, Fla. --- NAI Realvest recently negotiated two new lease agreements totaling 2,502 square feet of office space at University Court located at 3361 Rouse Rd. off University Blvd. in east Orlando.

Senior Associate Mary Frances West (top right photo), CCIM negotiated both transactions representing the landlord, Interchange Rouse, LLC of Daytona Beach.   

 Orlando-based Space & Defense Engineering Services Company, LLC leased suite 120 with 1,380 square feet and 139 Education LLC d/b/a Neurocore leased suite 130 with 1,122 square feet. 

 Josh Smith of Realty Capital represented Neurocore in the transaction. 

For more information, contact:
Mary Frances West, CCIM, Senior Broker-Associate NAI Realvest, 407-875-9989 mwest@realvest.com;
Patrick Mahoney, President, Realvest, 407-875-9989 pmahoney@realvest.com
Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com




Stirling Sotheby’s International Realty Offers New Incentive in Investor Sale of Lake County Home Sites: Prepaid School, Transportation Impacts




ORLANDO, FL. --- Stirling Sotheby’s International Realty is offering a new incentive on the sale of 84 investor/builder home sites in three desirable Lake County communities: prepaid transportation and school impact fees.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said in addition to the lots being sharply discounted, pre-paid impact fees are also being offered as an unusual marketing incentive that will appeal to builders and investors.

“Transportation and school impact fees can total as much as $11,513 per home site and that can add dramatically to the cost of a new home,” Soderstrom said.

Altogether, Stirling Sotheby’s is marketing six finished home sites at Addison Place, located off Wolf Branch Rd. at Wolf Ridge Lane in Mount Dora; 58 finished home sites at Grand Island Oaks, located off S.R. 44 at Chain of Lakes Rd. in Grand Island; and 20 finished home sites at Sleepy Hollow, located south of S.R. 44 on Sleepy Hollow Rd. in Leesburg.

“All three established neighborhoods are in excellent locations, and these home sites represent an excellent private investment and even more valuable inventory for an established home builder,” said Troy Fletcher, the Stirling Sotheby’s International Realty  agent representing the property.

Showcase Homes of Florida is the seller.


For more information, contact:
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890  
Larry Vershel or Beth Payan, Larry Vershel Communications 407-461-3780 or 407-644-4142 

Wednesday, June 15, 2011

Berger Commercial Realty Corp. Hired by Principal Life Insurance Co. to Lease and Manage Mangonia Business Park in West Palm Beach, FL


FORT LAUDERDALE, FL– Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced the firm has been hired by Principal Life Insurance Co. to lease and manage Mangonia Business Park, located at 4711 N. Australian Ave. in West Palm Beach, Fla.

 Brokers Judy Dolan and Greg Milopoulos of Berger Commercial Realty Corp. will handle the property's leasing and Tim Hackett, Vice President Of Property Management, will handle management of the property, a 50,000+/- square-foot, multi-tenant small bay warehouse building located in the Mangonia Park section of West Palm Beach.

 Contact:  Marielle Sologuren, Pierson Grant Public Relations, (954) 776-1999, ext. 226, msologuren@piersongrant.com


Marcus & Millichap Facilitates Sale of Two-Property Assisted Living Portfolio in Florida for $8.5 Million



  

VENICE, FL and NEW PORT RICHEY, FL, June 15, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a two-property assisted living portfolio in Florida, totaling 82,112 square feet, with 190 licensed beds and 148 units. 

 Summerville of Venice (top left photo), located at 200 N. Nassau Street in Venice Fla. is a 42,714-square foot facility with 90 licensed beds and 78 units.  

Summerville of New Port Richey (bottom right photo), located at 5539 Charles Street, New Port Richey, is a 39,398-square foot facility with 100 licensed beds and 70 units, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The portfolio sold for $8,505,000.

Krone Weidler, Senior Associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, Emeritus Corporation (NYSE:  ESC) located in Seattle, Washington. 

The buyer, Nelson Brothers Professional Real Estate LLC located in Aliso Viejo, California, was secured and represented by Ms. Weidler. 

 Summerville of Venice is a historic landmark that was built in 1926 and upgraded in 1984.  Summerville of New Port Richey was built in 1967 and caters to a memory care population.

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

$140.5 Million Multifamily Complex Trades in Northern California



RICHMOND, CA,  June 15, 2011 – Institutional Property Advisors (IPA), a brokerage platform serving the needs of institutional and major private investors, has announced the sale of Bella Vista at Hilltop (top left photo), a 1,008-unit multifamily property located in Richmond. IPA is a division of Marcus & Millichap Real Estate Investment Services.

David Forrest and Randall Calvert of GMH Capital Partners Commercial Realty Services LP represented the seller, GMH Capital Partners.

The Jones-Saglimbeni Group of IPA, which includes Stan Jones (middle right photo), Phil Saglimbeni (lower left photo) and Sal Saglimbeni, also provided representation. The buyer was Kennedy Wilson.

The property was marketed in 2008, but did not close because of the recession’s impact on the capital markets, according to Jones.

“This closing signifies the overall improvement in market conditions, specifically in the San Francisco Bay Area multifamily sector,” says Jones.

Phil Saglimbeni adds, “The combinations of significant liquidity returning to the capital markets, improving operations and very attractive interest rates have facilitated strong buyer demand for larger multifamily opportunities in core markets.”

Gary Holloway Jr., president of GMH Capital Partners says, “We were very pleased with the entire sale process, and found the Jones-Saglimbeni Group to be an invaluable resource of market data throughout our ownership of Bella Vista.”

 Located at 3400 Richmond Pkwy., the 893,856 square-foot Bella Vista at Hilltop is 20 miles from San Francisco and 15 miles from downtown Oakland in Contra Costa County.

Built in 1988, the property consists of 42 buildings on approximately 50 acres. The unit mix is 48 percent one-bedroom units and 52 percent two-bedroom units. Bella Vista at Hilltop’s community amenities include five swimming pools, four lighted tennis courts, a state of the art fitness center and a fully equipped business center.

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

HFF arranges $4.48 million financing for Los Angeles area multi-housing community

SAN DIEGO, CA – HFF announced today that it has arranged $4.48 million in financing for Lagoon Terrace Apartments, a 62-unit multi-housing community in Wilmington (Long Beach), California.

HFF worked exclusively on behalf of the borrower, a joint venture between Coastline Capital Partners LLC and KFG Investment Company, to secure the 10-year fixed-rate FNMA loan. Loan proceeds were used to acquire the property.

Lagoon Terrace Apartments is located at 1010 North Lagoon Avenue in Wilmington, close to the 110 and 710 Freeways and the Pacific Coast Highway about 22 miles south of downtown Los Angeles. The 95 percent leased property has one- and two-bedroom units averaging 760 square feet each. Coastline Real Estate Advisors, Inc., Coastline Capital Partners’ premier third-party management firm, will be managing the property on behalf of the borrower.

The HFF team representing the borrower was led by associate director Patrick Burger and real estate analyst Husayn Hasan.

“Lagoon Terrace is a great asset and will benefit from the repositioning and value-add expertise that Coastline and KFG bring to the table,” said Burger.

Contacts:

Patrick M. Burger, HFF Associate Director, (858) 552-7690, pburger@hfflp.com

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

EIS is Proud to Announce the Addition of Adam Tahaney

  

ORLANDO, FL--Equity Investment Services (EIS) is proud to announce the addition of Adam Tahaney (top right photo) to its retail leasing team in Orlando, FL. As an associate agent, Mr. Tahaney will help lead the firm’s retail leasing efforts throughout Central Florida.

 Within a week of joining EIS, Adam closed a three year lease for a 1,450 SF office space on Lee Road, and has another lease in review for a 4,200 SF retail space in Oviedo, FL. Mr. Tahaney is excited about the opportunity that has been given to him, as he looks forward to closing more business for EIS.

 EIS is a full service commercial real estate investment advisory company based in Orlando, FL. EIS represents owners in the dispositions and acquisitions, leasing and professional management of shopping centers, office buildings, industrial properties, single tenant net leased investments and multi-family properties. EIS concentrates its efforts in the southeast region of the U.S. with a core focus on the Central Florida marketplace.

 For more information, contact:
Christopher Savino Managing Director, 407.573.0711 (o) CSavino@EISRE.com
 Estefanía Enriquez |Marketing Coordinator
Phone: 407.573.0711 ♦ Fax: 407.573.0710
Website: www.EISRE.com


Tuesday, June 14, 2011

HFF secures $32 million construction loan for suburban Philadelphia multi-housing community


                             

FLORHAM PARK, NJ – HFF announced today that it has secured a $32 million construction loan for The Station at Bucks County (top left photo), a to-be-built 233-unit luxury multi-housing community in Warminster, Pennsylvania, a suburb of Philadelphia.

Working exclusively on behalf of the borrower, J.G. Petrucci Co. Inc., HFF placed the three-year construction loan with Webster Bank.

The Station at Bucks County will be located at 330 Jacksonville Road adjacent to the Warminster Train Station about 14 miles north of city center Philadelphia.  Upon completion in 2012, the property will feature 19 buildings with one- and two-bedroom units averaging 932 square feet each.  Community amenities will include a clubhouse, fitness center and pool. 

The HFF team representing J.G Petrucci Co. Inc. was led by senior managing director Jon Mikula. (middle right photo)

 Established in 1987, J.G. Petrucci Co. Inc. (JGPCO) is a privately-held, full-service owner and developer of industrial, office, medical, retail and other commercial properties throughout the northeastern United States.  With offices in New Jersey and Pennsylvania (Bethlehem-Lehigh Valley), JGPCO has grown to become one of the region’s most productive and well respective development and design/build organizations.

Webster Bank, N.A., a wholly owned subsidiary of Webster Financial Corp. (WBS), is an $18 billion institution headquartered in Connecticut with 176 banking offices located between Boston and West Chester, New York.  Webster has a commercial real estate loan origination office located in Radnor, Pennsylvania responsible for originating commercial real estate loans in Pennsylvania, New Jersey and Delaware.

Contacts: 
Jon Mikula, HFF Senior Managing Director, (973) 549-2000,  jmikula@hfflp.com
 Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,                                        krmurphy@hfflp.com


NAI Realvest Negotiates Expansion Lease with The Nemours Foundation at La Vina Marketplace in Southeast Orlando



 MAITLAND, FL --- NAI Realvest recently negotiated an expansion lease agreement with The Nemours Foundation for 9,037 square feet of office space at La Vina Marketplace, 9145 Narcoossee Rd. in southeast Orlando.

 Senior Associate Mary Frances West (top right photo), CCIM negotiated the transaction representing the landlord, Orlando-based Ripley’s International LLC.

 The tenant, who already occupies 12,345 square feet at La Vina Marketplace, is expanding its facilities on the second floor.  The expansion brings the total square footage Nemours occupies to 21,382 square feet at the La Vina Marketplace.   

Mickey Hage of Mickey Hage, Inc. represented The Nemours Foundation in the transaction.


For more informaltion, please contact:
Mary Frances West, CCIM, Senior Broker-Associate NAI Realvest, 407-875-9989 mwest@realvest.com
Patrick Mahoney, President NAI Realvest, 407-875-9989 pmahoney@realvest.com
Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com




Sandy River Co. Partners With Cambridge Realty Capital to Provide HUD 232 Lean Financing to New England Client Base




CHICAGO, IL--Sandy River Company, one of the largest privately held healthcare consulting companies in the state of Maine and the northeast, will provide HUD 232 LEAN financing to clients in New England through an exclusive partnership arrangement with Chicago-based Cambridge Realty Capital Companies, a firm that has ranked among the nation’s leading FHA-approved HUD lenders for more than a decade.

Sandy River Company Vice President Daniel Maguire (top right photo), a partner in the firm, said the arrangement expands upon a relationship with Cambridge that dates to the 1990s when Cambridge provided HUD financing for a portfolio of more than a dozen nursing home and assisted living properties developed, owned and operated by Sandy River Systems.

Sandy River sold its operating companies to Genesis HealthCare in 2007 but continues to own the real estate and lease the buildings to Genesis. Since the sale, Sandy River Company has transitioned into a full service consulting, advisory, development and loan origination firm that is able to draw upon many years of experience in all facets of the senior housing/healthcare business, he said.

The company has arranged more than $150 million in financing for nursing homes and assisted living projects using FHA-insured HUD programs.

Maguire said Cambridge is a privately-owned lender that has specialized in funding senior housing projects since the mid-1990s. Nationally, the FHA-approved lender has closed more than 300 transactions totaling more than $3 billion.


Contact:
Evan Washington
Phone: (312) 521-7604
Fax: (312) 357-1611

Lincoln Property Co. Southeast Secures 10-year Lease at 2501 Discovery Lakes in Orlando, FL



ORLANDO, FL. (June 14, 2011) - Lincoln Property Company Southeast recently secured a 10-year lease with VaxDesign Corporation, one of the leading research corporations studying the human immune system.

A subsidiary of Sanofi Pasteur, VaxDesign leased a 34,318-square-foot space in the Discovery Lakes building (top left photo) located in the Central Florida Research Park.  Adjacent to the University of Central Florida, this class B office building at 2501 Discovery Lakes in Orlando, Fla. features lake views and a landscaped, park-like setting.

"Over the last year, LPC Southeast’s Orlando’s office has completed over 225,000 square feet of deals in the university research submarket," said Jay Dixon (lower right photo), vice president with LPC.

Dixon represented the owner and Steve Coughlin with Coughlin Commercial and Louis Kluger with ZM Zell Partner represented the tenant in this transaction.

 For more information on the Southeast Region of Lincoln Property Company, please visit www.lpcsoutheast.com
To check out the blog, go to http://blog.lpcsoutheast.com


. Contact:
Laura Dudebout
O: 404.965.5023
C: 678.642.4301


Renaissance Raleigh North Hills Hotel Wins AAA Four-Diamond Award

   

RALEIGH, NC, JUNE 14, 2011 – Officials of Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, today announced that their flagship hotel, the Renaissance Raleigh North Hills Hotel (top left photo), has received the coveted Four Diamond ranking from AAA.

  In addition, the hotel was named Marriott International, Inc.’s 2010 Hotel of the Year.  Concord Hospitality owns, developed and manages the hotel.

“It is a singular honor to be chosen from among more than 60,000 properties nationwide to receive the coveted AAA Four Diamond designation,” said Mark G. Laport (middle right photo)  president and CEO of Concord. 

“To simultaneously be named a Marriott International Hotel of the Year as one of the company’s Renaissance Hotels is especially gratifying and a testament to the hard work and dedication of our associates.”

The AAA award is based on a property’s physical cleanliness and attractiveness, as well as the level of amenities, quality of service and hospitality.  The Hotel of the Year Award by Marriott International, Inc., was earned from high scores the hotel received for Associate Satisfaction, Leadership, Market Share, Financials and Guest Satisfaction.”

 “The hotel opened in 2009 and quickly established itself as a market leader,” Laport added.  “Also, during its inaugural year, the Renaissance Raleigh North Hills Hotel won the 2010 Best New Product Award from Marriott International, Inc.  The property continues to gain support from visitors to Raleigh, and we look forward to building on its award-winning reputation.”

Located at 4100 Main at North Hills Street, the Renaissance Raleigh North Hills Hotel anchors the North Hills shopping district and is near the Progress Energy Center for the Performing Arts. 

To make reservations and for more information visit www.renaissancehotels.com

Follow Renaissance on Facebook at www.facebook.com/RenaissanceHotels and on Twitter at www.twitter.com/RenHotels
and via the RLife blog at www.therenaissancelife.com
.   

 For more information, visit www.concordhotels.com
.
Contact:  Chris Daly, Jerry Daly, (703) 435-6293, chris@dalygray.com