Stirling Sotheby’s International Realty Exclusive Marketing Agents for Luxury Alaqua Golf Front Home Priced at $575K in Longwood, FL

ORLANDO, FL --- Stirling Sotheby’s International Realty recently listed a luxury home for sale on a one-acre golf and water view homesite in Alaqua (top left photo), the exclusive Seminole County country club community located off Markham Woods Road just south of Lake Mary Blvd. in Longwood. 

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said the 5,174 square foot home has been priced for prompt sale at $575,000 in a community where several homesites on the golf course are currently listed from $575,000 to $725,000 each.

  In recent years golf front homesites have sold in the $750,000 to nearly one million dollar range, Soderstrom said.

“This offering is unique because the buyer will not only be getting a prime lot on the award-winning Gary Player designed 18-hole golf course, but also a luxurious residence with four bedrooms, three-and-a-half baths, a light and airy open floorplan, spectacular water and golf views and an entertainment size pool with covered patio.

Stirling Sotheby’s International Realty’s International Luxury Home Specialists Bo Cooksey (middle right photo) and Alan Bird (lower left photo) are representing the property.

“I don’t think we’ve ever seen a bargain of this significance in Alaqua,” said Soderstrom.

Bordered by the Little Wekiva River with a gated and manned 24-hour guarded security entrance and well-lighted, tree-lined streets, Alaqua Country Club is Seminole County’s premier luxury neighborhood.   “This is truly an unbelievable opportunity.”

To view the property visit http://www.stirlingsir.com/eflyers/agents/abird/albo2.html

For more information, contact: 

Bo Cooksey or Alan Bird, International Luxury Home Specialists, Stirling Sotheby’s International Realty, 321-276-7322 or 407-432-8303; bcooksey@stirlingsir.com or abird@stirlingsir.com

Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890 

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

Marcus & Millichap Facilitates Sale of Millennium Pointe in Orlando, FL for $4.55 Million

ORLANDO, FL,  June 17, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a Millennium Pointe (top left photo), a 200-unit apartment community located in Orlando, Fla. according to Bryn Merrey, Vice President/Regional Manager of the firm’s Tampa office.

The property commanded a sales price of $4,550,000 which represents $22,750 per unit.

Senior Vice President Investments Evan P. Kristol and Still Hunter, III of the firm’s Fort Lauderdale office and Associate Michael Donaldson of the Tampa office represented the seller of the property, a limited liability company from Miami, Fla. The listing agents also secured the buyer of the property, a limited liability company from Lafayette, LA.

“The buyer will benefit from the upside through increasing rents and occupancy.  Millennium Pointe’s in-fill location has strong appeal to prospective residents due to its proximity and easy access to the largest attractions and employment centers in the surrounding area,” says Hunter.

Millennium Pointe Apartments was constructed in 1975 and is fully fenced with a card entry system.  Its amenity package includes: a clubhouse with business center and fitness center, a large pool with an expansive sundeck and a playground. The property is located at 4255 Barwood Drive in Orlando, Fla.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa

(813) 387-4700

Prime $11.25 Million Beekman Place Property Hits Market in Manhattan

NEW YORK, N.Y. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has been selected to sell 32 and 34 Beekman Place (top left photo) in Midtown Manhattan. The property, located between 50th and 51st streets, is on the market for $11, 250,000.

Peter Von Der Ahe (lower right photo), a vice president investments; senior associate Joe Koicim; and David Lloyd, an investment specialist in the Manhattan office of Marcus & Millichap; were hired to exclusively market the property on behalf of the seller, a private investor. 

The property includes two contiguous buildings and occupies 67 feet of frontage on Beekman Place. One building has five stories and nine units, while the second building is a six-story elevator-asset with eight units, including a two-bedroom penthouse with view of the East River. 

“All 17 units have market-rate rents and currently command an average monthly rent of $2,550,” says Von Der Ahe. “The leases are scheduled to expire by the end of August, making the property idea for conversion into a townhouse or live-plus income opportunity on one of the most exclusive blocks in Manhattan.”

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

$71 Million Shopping Center Portfolio Up for Grabs in Five States

CLEVELAND, OH, June 16, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for a 10-property shopping center portfolio.

The listing price of $71.86 million represents $71 per square foot. The properties, which encompass approximately one million square feet, are located in Indiana, Illinois, Missouri, Ohio and Texas.

 The retail assets may be purchased together or separately.

James Stonehill and Scott Wiles in Marcus & Millichap’s Cleveland office, along with Erin Patton in the Columbus office, are representing the seller.

“These properties are either adjacent to strong regional shopping malls in their respective markets or are shadowed by big-box retailers such as Walmart Supercenter, Home Depot and Sam’s Club,” says Stonehill. “Nine out of the 10 centers are anchored by national or regional retailers.”

“Individually or as a group, these assets offer new ownership stable cash flow,” adds Wiles. “They are 86 percent leased with limited tenant lease rollover.”

The properties in the portfolio are:

• Great Lakes Plaza, Mentor, Ohio, 81,399 square feet
• Ingram Plaza, San Antonio, Texas, 52,231 square feet
• Lake Plaza, Waukegan, Ill., 124,939 square feet
• North Ridge Plaza, Joliet, Ill., 225,597 square feet
• Matteson Plaza, Matteson, Ill.,179,492 square feet
• Washington Plaza, Indianapolis, Ind., 50,303 square feet New Castle Plaza, New Castle, Ind., 91,648 square feet
• Teal Plaza, Lafayette, Ind., 101,087 square feet
• Lincoln Crossing, O’Fallon, Mo., 37,801 square feet
•  Regency Plaza, St. Charles, Mo., 76,846 square feet

 “Marcus & Millichap creates markets for retail properties through our relationships with the broadest pool of private and institutional investors nationwide,” concludes Patton. “By combining unrivaled transaction expertise, in-depth market knowledge and the industry’s most powerful marketing platform, we maximize value for investors.”    

   

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

Marcus & Millichap Lists Four-Property Portfolio of Prime Austin, TX Apartment Buildings

AUSTIN, Texas, June 16, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing to market a four-property portfolio of prime residential buildings in North Austin. The assets include a combined total of 542 residential units on 21.2 acres.

Multifamily investment specialists Joe James and Kent Myers in the Austin office of Marcus & Millichap are representing the seller, The Hayman Co.

“The four assets boast desirable unit mixes, historically high occupancy rates and are located in the densely populated North Austin urban infill market,” according to James.

“As the economy continues to strengthen even further in the already booming Austin MSA, these properties will provide an investor with excellent returns over a long-term basis. Because of our demographics, business-friendly environment and prospects for future growth, Austin is one of the best places in the United States to invest in rental buildings.”

The portfolio include four properties: The 160-unit Woodmark at 1735 Rutland Drive (top left photo), the 132-unit Quail Run at 1200 Mearns Meadow Blvd., the 130-unit Gateways at 1804 W. Rundberg Lane and the 120-unit Woodstone at 4021 Steck Ave.

“Each of these apartment assets has a swimming pool and is proximate to Austin’s major retail and employment centers,” says Myers. “These buildings are in good condition, are being offered on an all-cash basis and rarely come to market, making them a rare and outstanding investment.”

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

Agree Realty Announces Acquisition of Advance Auto Parts

 FARMINGTON HILLS, MI,  /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) announced it has acquired a retail property net leased to Advance Auto Parts in Marietta, Georgia.  The cost of the acquisition was approximately $1,335,000.  The store opened for business in April 2011.  The base term of the lease is 15 years.

"We are pleased to add Advance Auto Parts to our portfolio of net leased assets," said Joey Agree (lower right photo), President and Chief Operating Officer of Agree Realty Corporation. "This acquisition continues to diversify our holdings and adds another national retailer to our growing net lease portfolio."

  

Agree Realty is engaged in the ownership, management and development of properties which are primarily single tenant properties leased to major retail tenants and neighborhood community shopping centers.  Agree Realty owns and operates a portfolio of 81 properties, located in 17 states and containing 3.5 million square feet of leasable space.

 For additional information, visit the Company's home page on the Internet at http://www.agreerealty.com

 .

Contact:  Alan Maximiuk, Chief Financial Officer, +1-248-737-4190

Web Site: http://www.agreerealty.com

-------



Behringer Harvard Forms Joint Venture With Equity Group Investments and Transwestern Investment Company to Recapitalize 200 S. Wacker Drive in Chicago

DALLAS and CHICAGO, /PRNewswire/ -- Behringer Harvard announced that it has formed a joint venture with affiliates of Equity Group Investments LLC and Transwestern Investment Company LLC to recapitalize 200 S. Wacker Drive (top left photo) in the West Loop of Chicago's central business district.

The premier 40-story office tower comprising 754,750 rentable square feet was previously acquired by Behringer Harvard in November 2007.

 As a result of the June 15, 2011 transaction, Behringer Harvard is bringing in additional capital partners for 200 S. Wacker Drive while retaining a 10 percent ownership interest and continuing its responsibility for daily management of the property. J.F. McKinney & Associates will serve as the leasing agent.

"We pursued an extensive competitive process that identified several attractive partner candidates," said Mr. Robert Aisner, President and co-COO of Behringer Harvard.

"We chose to partner with Equity Group Investments and Transwestern Investment Company based on their high statures in the industry, their broad and deep experience, and their track records of success.

“We believe this joint venture offers us and our new partners a superior opportunity to maximize the value of 200 S. Wacker Drive."

Equity Group Investments invested in the building through the Zell Credit Opportunities Fund, which focuses primarily on debt investments and capital restructurings.

"We're beginning to see an increase in investment opportunities as more lenders and owners bring assets for recapitalization into the market,” said Mr. Sam Zell  (lower left photo)l, Chairman of Equity Group Investments.

“The 200 S. Wacker Drive transaction enabled us to acquire an interest in a great asset in a terrific location at below replacement cost, and we did it with strong partners that are also focused on improving the asset and positioning it for leasing success.”

Contacts:

Barbara Marler, Behringer Harvard, +1-469-341-2312, bmarler@behringerharvard.com,

Terry Holt, Equity Group Investments, +1-312-466-3979, tholt@egii.com,

Natalie Papadam, Transwestern Investment Company, +1-312-499-1958, natalie.papadam@transwestern.net

Web Site: http://www.bhfunds.com

Lodging Econometrics Finds Pipeline Growth Muted as Developers Await Further Economic, Operational and Financing Improvements

PORTSMOUTH, NH--Europe's Construction Pipeline is at 790 projects/125,296 rooms at the end of Q1. The United Kingdom has the largest country Pipeline in Europe, with 26% of its total projects.

At 208 projects/27,607, the UK Pipeline has grown 1% by projects, but decreased 5% by rooms year-over-year (YoY). All other European countries combined have seen a 9% increase in projects and 3% increase by rooms YoY.

The rapid recessionary declines in Europe's Construction Pipeline have abated. The Pipeline is in a lower bottoming channel for a fifth consecutive quarter and will likely remain there until the sovereign debt crisis eases, national economies show a more vigorous recovery, improvement in hotel operations accelerates, and construction financing becomes more available. In the meantime, over half of

Total Pipeline projects and rooms are now Under Construction, with many set to exit the Pipeline as New Supply during the next two years. This will continue to draw down Total Pipeline counts, as difficulties in securing construction financing will keep New Project Announcements at low levels.

For a complete copy of the report, please contact:

Jennifer Robertson

Marketing Manager

Lodging Econometrics

500 Market Street, Suite 13

Portsmouth, NH  03801, USA

Ph:    +1 603-431-8740 ext. 19

Fax:   +1 603-431-4418

jrobertson@lodgingeconometrics.com

MBA Reports Commercial/Multifamily Mortgage Debt Outstanding Flat in Q1

Washington, DC (June 16, 2011) - The level of commercial/multifamily mortgage debt outstanding remained essentially unchanged at $2.4 trillion in the first quarter of 2011, decreasing by 0.1 percent from fourth quarter 2010, according to the Mortgage Bankers Association's (MBA) analysis of the Federal Reserve Board Flow of Funds data. 

 MBA's analysis was changed in the fourth quarter of 2010 to more accurately reflect the true level of mortgages backed by income-producing commercial and multifamily properties. The changes are detailed in Appendix A of the report.

 The $2.4 trillion in commercial/multifamily mortgage debt outstanding was $3 billion lower than the fourth quarter 2010 figure. Multifamily mortgage debt outstanding rose to $800 billion, an increase of $3 billion or 0.4 percent from the fourth quarter.

 "New commercial and multifamily mortgage lending offset the amount of debt paid-off and paid-down during the first quarter, leaving the outstanding balance essentially unchanged," said Jamie Woodwell (top right photo) MBA's Vice President of Commercial Real Estate Research.

"Five of the seven largest investor groups increased their holdings of commercial and multifamily mortgages during the quarter. Banks and thrifts and finance companies saw declines in the balances of commercial and multifamily mortgages they hold."

For a complete copy of MBA’s news release, please contact Matt Robinson, (202) 557-2727, mrobinson@mortgagebankers.org

Marcus & Millichap Promotes Neema Ahadian to Associate Vice President Investments

LOS ANGELES, CA, June 16, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Neema Ahadian (top right photo) to associate vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Tony Solomon (lower left photo), regional manager of the firm’s West Los Angeles office.

 Most recently, Ahadian held the title of senior associate.

Ahadian joined the firm in September 2003 and was promoted to associate in October 2004. He was named senior associate in September 2006. He has received two sales recognition awards from Marcus & Millichap.

Ahadian specializes in the sale of multifamily investment real estate in Los Angeles. He received a Bachelor of Arts from the University of Southern California and has studied international management at the Copenhagen Business School.

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

Marcus & Millichap Capital Corp. Arranges $9.3 Million Loan for 152,000-SF Office Buildings in Richmond, VA

   

  Press Contact: J.D. Parker, Vice President and Regional Manager, Manhattan, (212) 430-5100

 RICHMOND, VA. – Marcus & Millichap Capital Corporation (MMCC) has arranged a $9,300,000 fixed rate loan for the refinancing of two modern suburban office buildings – Vistas at Brookfield (top left photo) and Holland Place  located in Richmond, Virginia. 

Gerald Kray (middle right photo), a Senior Director in the firm’s Manhattan office, arranged the financing.

The CMBS financing for this transaction was provided by an investment bank. Terms of the loan are 10 years fixed; the interest rate is at 6.3 percent with a 30 year amortization schedule.  Loan to value was 70 percent.

“Both properties totaled 82 percent occupancy with short term leases and imminent rollover in a flat leasing market,” says Kray.  “This created an underwriting challenge which we successfully structured.”

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