11% Of New Condos Still Unsold In Greater Downtown Miami

MIAMI, FL--Less than 11 percent of the nearly 22,250 condos created in various projects in Greater Downtown Miami during the South Florida real estate boom remain unsold and under the control of the original respective developers as of June 30, according to a new report from CondoVultures.com.

The remaining 2,300-unsold units controlled by the original developers are situated in two dozen of the more than 80 condo projects that were created in a 60-block stretch comprised of the Brickell Avenue Area, Downtown Miami, and the Biscayne Boulevard Corridor during the real estate boom that began in 2003, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To Miami™.

A year ago in June 2010, developers still controlled 23 percent - more than 5,000 units - of the new inventory in Greater Downtown Miami. In June 2009, the number of unsold developer units represented 40 percent - more than 8,800 units - of the new inventory added to the market during the condo boom, according to the report. 

"Foreign investors and the Florida legislature deserve a lot of credit for bailing out the Greater Downtown Miami condominium market when it was at the brink of disaster," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"Foreign buyers - armed with strong currencies and a bullish outlook on Greater Downtown Miami - have flooded into the market in the last three years to purchase new units for investment.

“These international buyers account for a super majority of the individual transactions that are occurring in projects located between the Julia Tuttle and the Rickenbacker causeways east of Interstate 95.

"The other ingredient that is proving critical in the turnaround in Greater Downtown Miami is the work in 2010 by the Florida legislature and former Gov. Charlie Crist to ease liability related to completing bulk transactions.

“The legislative revisions effectively put hedge funds and private equity groups on notice that their assistance and investment dollars were welcome in Greater Downtown Miami and across the state of Florida."

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com

Marcus & Millichap Facilitates Sale of Scot’s Arms in Orlando, FL for $400,000

 ORLANDO, FLA., July 21, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Scot’s Arms (top left photo), a 14-unit apartment complex located in Orlando, Fla., according to Bryn Merrey, Vice President/Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $400,000.

George Pjevach, investment specialist in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a developer.  Michael Donaldson (bottom right photo), a multifamily specialist in the firm’s Tampa office, secured the buyer, a foreign investor.

Scot’s Arms is located at 11600 Mendel Drive, across from the University of Central Florida, the nation’s second largest university. Built in 1973 and recently renovated, the apartment complex is comprised of 14 units; 12 one-bedroom and 2 two-bedroom units.

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

Marshall Hotels & Resorts, Inc. Adds Four Properties to Management Portfolio

SALISBURY, Md., July 21, 2011—Officials of Marshall Hotels & Resorts, Inc., a leading, Maryland-based hotel management and services company, today announced the addition of four properties to its management portfolio.

The properties include  the  90-room Pocono Inne Town Magnuson Hotel, in Stroudsburg, Pa.; 131-room Sea Esta Motels, spanning Dewey Beach, Del., and Long Neck, Del.; 88-room Four Points by Sheraton Long Island City/Queensboro Bridge in Long Island City, N.Y.; and the 60-room Econo Lodge University Arena, in Charlottesville, Va.

“Although the rebound continues to gain traction,  hotels still face numerous challenges, creating significant opportunities for management companies like Marshall that have a strong track record in turn-arounds,” said Mike Marshall (middle right photo), president and CEO.

 “Many markets across the country still lag behind last year’s forecasts, and we have adapted our revenue management approach appropriately.  Marketing efforts are the key to driving same store sales and penetration.  People are getting restless and moving on from the notion that the government will fix everything.  However, the hotel industry is not quite as agile.”

About the Properties

Pocono Inne Town Magnuson Hotel—Located at 700 Main Street, in Stroudsburg, Pa., the property is the only hotel in the heart of downtown Stroudsburg and is within walking distance to more than 20 dining options

Sea Esta Motels—This four-motel complex is located on the beach in Dewey Beach, Del., and nearby Long Neck, Del.  The properties feature two double beds per room; refrigerator; microwave; and daily maid service

Four Points by Sheraton Long Island City/Queensboro Bridge (top left photo)—Located at 27-05 39th Avenue, in Long Island City, N.Y., near the Statue of Liberty and Museum of Modern Art, the hotel offers panoramic views of the Manhattan skyline.  The property features a 24-hour business center, state-of-the-art fitness facility, and dining at Michael’s Café and Bar, serving American cuisine in a casual setting. 

Econo Lodge University Arena—Situated at 400 Emmet Street North in Charlottesville, Va., off I-64, exit 118B (US 29), the hotel is within walking distance of the University of Virginia, University Hospital and John Paul Jones Arena.  . 

Additional information about Marshall Management may be found at the company's Web site: www.marshallhotels.com.

Contact:  Jerry Daly, media, Daly Gray Public Relations, (703) 435-6293

jerry@dalygray.com

                           

HFF Orange County names Kevin MacKenzie head of local debt placement group

                                       

IRVINE, CA – HFF announced today that senior managing director Kevin MacKenzie (top right photo) will be relocating from the firm’s Dallas office to its Orange County office. 

Mr. MacKenzie will be in charge of the local debt placement and structured finance team and will assume the role of office head along with senior managing directors Ryan Gallagher (middle left photo) and Sean Deasy (middle right photo).

Since joining HFF in 2004, Mr. MacKenzie has been involved in more than $4.0 billion of commercial real estate financings for retail, office, multi-housing and industrial properties nationally.

Prior to HFF, he worked in strategic finance and business development roles at various venture capital backed technology companies in Silicon Valley.  Mr. MacKenzie is affiliated with Urban Land Institute, International Council of Shopping Centers and The Real Estate Council. 

He graduated Magna Cum Laude with a Bachelor of Science degree from California Polytechnic State University.

“HFF has purposely and strategically grown its West Coast presence over the past two years,” said Mark Gibson, executive managing director and member of HFF’s four-person leadership team.

“In that time frame, we have successfully recruited four significant investment sales teams in Orange County and San Francisco specializing in office, multi-housing, retail and industrial product types and also have expanded via the addition of many individual capital market specialists across our five West Coast offices (San Diego, Orange County, Los Angeles, San Francisco and Portland).  

“Kevin’s relocation to the West Coast and his promotion to an office head/leadership role is in keeping with our corporate mission, which is to identify future leaders of our business, quickly put them in positions, which appropriately match their leadership skills, and align interests to significantly grow our presence in a given market and/or business line.

 “It is our strong preference to organically grow the firm given our unique culture and Kevin is an excellent example of an individual who trained as an analyst, quickly demonstrated extraordinary talent and leadership skills and is now in a significant leadership position within the firm.”

  

Contacts: 

Kevin C. MacKenzie, HFF Senior Managing Director,  (949) 253-8800, kmackenzie@hfflp.com                                                                                                                      

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

krmurphy@hfflp.com

HFF named to market for sale value-add multi-housing high-rise in Chicago’s River North neighborhood

 CHICAGO, IL – HFF announced today that it has been named to market for sale 77 West Huron (top left photo), a 304-unit, 25-story luxury multi-housing community with ground-floor retail space in Chicago’s River North neighborhood.  

The HFF team representing Archstone includes executive managing director Matthew Lawton (bottom right photo) and managing directors Marty O’Connell and Sean Fogarty.  The property is offered without a formal asking price free and clear of existing debt.

77 West Huron is located within walking distance of “The Magnificent Mile” and CTA train and bus service in Chicago’s River North neighborhood. 

The property has studio, one-, two- and three-bedroom homes that range in size from 536 square feet to 2,862 square feet and offer panoramic views of the downtown skyline.

 The 25th floor functions as the amenity level and features an indoor heated pool, sauna, exercise room, locker rooms and sundeck with lounge furniture and grills.  Additional community amenities include doorman service, a laundry room, on-site dry cleaners, bicycle storage and a 192-space parking garage. 

“The property has excellent value-add potential through a renovation program for both kitchens and baths as well as common areas.  Being located in the River North neighborhood is ideal for residents and is further supported by its current occupancy of 99%,” commented Lawton.

  

Contacts: 

Matthew D. Lawton, HFF Executive Managing Director, (312) 528-3650, mlawton@hfflp.com                                  

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

krmurphy@hfflp.com

                                       

Marcus & Millichap Names Justin White Vice President, Pacific Northwest

  

ENCINO, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Justin White (top right photo) vice president, Pacific Northwest, according to John J. Kerin (lower left photo), president and chief executive officer.

“Justin brings a great deal of knowledge and experience to the position gained from his time as a successful sales agent and in his previous management roles with the firm,” says Kerin. “He will be a great resource for our clients and for our agents in Northern California, Northern Nevada and the Pacific Northwest.”

White began his career with Marcus & Millichap in the fall of 1999 as an agent in the Long Beach office, specializing in multifamily investment properties.

During his brokerage career, he provided representation to more than 100 clients and was a three-time national achievement award winner.

White was promoted to sales manager and then to regional manager of the firm’s Long Beach office in 2003 and was elected a vice president in April 2008.

 During his management career, White was also the regional manager of Marcus & Millichap’s West Los Angeles office. He rejoined the sales force in Long Beach as a vice president investments in February 2010.

White graduated from UC Santa Barbara with a Bachelor of Arts degree in environmental studies.

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

Marcus & Millichap Capital Corp. Arranges $6 Million Student Housing Loan

      

CORVALLIS, OR – Marcus & Millichap Capital Corporation (MMCC) has arranged $6 million in refinancing with cash out for an 87-unit student housing property in Corvallis.

 Steven Wiltshire (top right photo), an associate director in the firm’s Portland office, arranged the financing.

“The property is a fully stabilized asset in a captive market with no loss of occupancy during breaks in the academic year,” says Wiltshire. “MMCC provided supportive data for the underwriting and helped established unit value.

“ We also demonstrated demand for the asset, which further supported the market value needed to complete the loan request,” adds Wiltshire. “We established rate-lock early in the process and were prepared to close in 45 days.”

 The loan is for five years, amortized over 30 years with a fixed interest rate of 5.04 percent. The LTV is 70 percent.

The property was built in 2006.

Press Contact: Stacey Corso , Marcus & Millichap Capital Corp., (925) 953-1716

www.mmCapCorp.com

Berger Commercial Realty Corp. Broker Keith Graves Awarded Exclusive Sales Listings from Wells Fargo Bank for Seven Properties Throughout South Florida

 FORT LAUDERDALE, FlL – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced broker Keith Graves, CCIM (top right photo), has been awarded exclusive sales listings from Wells Fargo Bank for seven properties located in Hallandale, Miami, Doral, Opa Locka, Pompano Beach and Royal Palm Beach, Fla.

 Graves has more than 22 years of experience in South Florida's commercial real estate market, specializing in industrial, office, land and retail transactions.

He provides strategic commercial real estate services to local and national companies, including lease acquisition and disposition, market and site analysis, financial analysis, transaction structuring, and long-term strategic planning.

 For more information, visit www.bergercommercial.com.

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

Edens & Avant Purchases Park Road Shopping Center in Charlotte, NC

CHARLOTTE, N.C., July 20, 2011 /PRNewswire/ -- Edens & Avant, one of the nation's leading retail real estate owners and developers, announced today that it has purchased Park Road Shopping Center in Charlotte, NC from its owners

Wake Forest University, Queens University of Charlotte, and Wingate University.  Philanthropist and legendary North Carolina businessman Porter Byrum (lower right photo) gifted the Park Road Shopping Center to his three favorite universities and worked hard to assist them in connection with its sale.

Opened in 1956, Park Road Shopping Center was the first open air shopping center in Charlotte, and the largest of its kind between Washington D.C. and Atlanta.

Purchased by Porter Byrum in 1967, Park Road has experienced virtually 100% occupancy for the last 44 years and has enjoyed unparalleled community support in an often volatile retail market.

To continue its focus on community-oriented retail and to assist its retailers with direct messaging to its shoppers, Park Road Shopping Center is now on Facebook at www.facebook.com/parkroadshoppingcenter and on Twitter @ParkRoadCenter.

 For additional information about the Company and its retail real estate portfolio, please visit www.edensandavant.com.  Or follow on Twitter @EdensandAvant.

CONTACT: Robbie Robertson, Communications Director, +1-803-744-2446, rrobertson@edensandavant.com

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

Cuhaci & Peterson Architects to design new Quizino’s Bakery in Celebration

ORLANDO, FL --- Cuhaci & Peterson Architects LLC, based in Orlando’s Baldwin Park, has been awarded a contract to design a new Quizino’s Bakery in Celebration.

Jed Downs, president of Cuhaci & Peterson Architects, said the new Quizino’s Bakery will offer 2,000 square feet of space.

General Electric Credit Equity is the developer.

For more information, please contact:  

Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  

Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;  

Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142, lvershelco@aol.com   

HFF closes $39.5 million sale of Montague Oaks Business Park in San Jose, CA

SAN FRANCISCO, CA – HFF announced today that it has closed the sale of Montague Oaks Business Park (top left photo), an eight-property, 262,357-square-foot office and R&D business park in San Jose, California.

HFF’s investment sales team marketed the property on behalf of the seller, a joint venture between Prudential Real Estate Investors and McCandless Management Corporation.  Eagle Ridge Partners and CarVal Investors purchased Montague Oaks for $39.5 million.    

Montague Oaks Business Park is located at 611-695 River Oaks Parkway in Silicon Valley’s Innovation Triangle, close to Interstate 880, US Highway 101 and the San Jose International Airport.  The property is 87 percent leased to 12 tenants including Verizon, MicroProbe, ePowersoft and Baxano.

The HFF team representing the seller included director Dave Karol and senior managing directors Michael Leggett and Gerry Rohm.

Contacts:                          

David Karol, Ca. Lic. #01813372,  HFF Director, (415) 276 6300, dkarol@hfflp.com

Michael Leggett, HFF Senior Managing Director, (415) 276-6300, mleggett@hfflp.com,  

Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500 http://www.blogger.com/krmurphy@hfflp.com,                                            

The St. Regis Bangkok introduces the brand’s century-old ritual of Afternoon Tea

BANGKOK, THAILAND – The St. Regis Bangkok (top left photo) is pleased to invite guests to enjoy the cherished tradition of Afternoon Tea at the St. Regis. 

The elegant ritual, cultivated by the Astor family over 100 years at the flagship St. Regis in New York City, is brought to life each day at St. Regis hotels around the world. 

Afternoon tea at The St. Regis Bangkok – Thailand’s first St. Regis hotel – infuses the century-old tradition with distinct Asian elements to create an unforgettable and delightful experience for guests and locals alike. Afternoon Tea is offered each afternoon from 2:00 – 6:00pm at The Drawing Room.

 Since opening in April, 2011, the St. Regis Bangkok has redefined the region’s high standards for luxury hospitality.

Contact:

Hwee Peng Yeo

Director of Asian Markets

Glodow Nead Communications – Asia

Level 21, Centennial Tower

3 Temasek Avenue

Singapore 039190

Tel : 65 9768.6087

 Glodow Nead Communications

1700 Montgomery Street, Suite 203

San Francisco, CA 94111

T: 1 415.394.6500

C : 1 650.892.4769 F: 415.403.9060

 hweepeng@glodownead.com

www.glodownead.com

Essex Realty Group Brokers Sale of Multifamily Apartment Building in Wilmette, IL

CHICAGO, IL--Essex Realty Group, Inc. is pleased to announce the sale of three-story modern walk-up style apartment building in Wilmette, Illinois. 1119 Greenleaf is located in the heart of the downtown business district in Chicago’s affluent north suburb of Wilmette.

The property consists of 12 one-bedroom and 6 two-bedroom units just one mile from Lake Michigan.

Doug Imber (top right photo) of Essex represented the seller and Doug Fisher, also of Essex, represented the buyer. The price was approximately $1,950,000.

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

 If you would like more information, please call Doug Imber at 773.305.4902 or e-mail him at dougimber@essexrealtygroup.com.

Thomas D. Wood & Co. Closes $14 Million in New Loans

MIAMI, FL, July 20, 2011— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $14,000,000 for the Shoppes at Beacon Light (top left photo), Boca Raton Comprehensive Cancer Center (middle right photo) and Common Wealth Industrial Center.

Steve Wood, Company Chief Operating Officer, secured financing for the Shoppes at Beacon Light in the amount of $8,100,000 through Thomas D. Wood and Company’s correspondent relationship with Advantus Capital Management. 

The permanent fixed-rate loan has a term of 10 years, based on  a 25-year amortization and an interest rate of 5.43%.   The loan-to-value is 46.55%.  The borrower refinanced the previous loan that was set to mature.  The 98,048 square-foot Publix-anchored shopping center was built in 1957, 2000 and 2002, and is located at 2450 N. Federal Highway, Lighthouse Point, Florida.

 Thomas D. Wood, Jr., (lower left photo) Company President, secured financing for Boca Raton Comprehensive Cancer Center in the amount of $3,000,000 through Thomas D. Wood and Company’s correspondent relationship with Summit Investment Partners. 

 The loan has a term of 10 years, based on a 20-year amortization and an interest rate of 5.90%.  The first four months are interest-only, and remaining term is fixed rate. 

 The loan-to-value is 74.9% and loan-to-cost is 71%.  The borrower secured the loan to purchase the property, which was vacant at the time of acquisition.  The 31,632 square-foot medical office building was built in 1999, and is located at 21020 N. State Road 7, Boca Raton, Florida.

Tom Wood also secured financing for the Common Wealth Industrial Center  with Summit Investment Partners in the amount of $2,900,000.  The fixed-rate loan has a term of 10 years, based on a 20-year amortization and an interest rate of 5.85%. 

The loan-to-value is 66.58%.  The borrower refinanced the former loan in order to pull some equity out of the property.  The 108,795 square-foot multi-tenant flex industrial center was built in 1980, and is located at 3131 Irving Boulevard, Dallas, Texas.

 The website may be accessed through http://www.tdwood.com./

For further information, please contact:

Steve Wood, (305) 447-7820, swood@tdwood.com

Tom Wood, Jr., (941) 552-9731,  tomjr@tdwood.com

Jessica Kinnee,  (407) 937-0470,  jkinnee@tdwood.com

Nike Signs 65-Month Lease for 26,000 SF at Woodside Corporate Park Near Portland, OR

  

PORTLAND, OR – Daymark Realty Advisors Inc., a leading provider of strategic asset, property management and structured finance solutions for owners of commercial real estate, today announced that Nike Inc. has signed a new 65-month lease for 26,000 square feet of additional space at Woodside Corporate Park (top left photo) in the Portland suburb of Beaverton.

 Daymark Realty Advisors and its subsidiaries manage Woodside Corporate Park, a master-planned office campus, on behalf of individual owners. The Nike World Headquarters is conveniently located adjacent to the property on the corner of SW Murray Boulevard and SW Jenkins Road.

 “Nike is Woodside’s largest tenant, with more than 425 employees occupying a total of nearly 260,000 square feet of space,” said Dan O’Hare, vice president, asset management. “The lease expansion brings the property’s occupancy rate to a very healthy 95 percent, far outperforming the Sunset submarket, which had an average office occupancy rate of just 75 percent last quarter.”

Woodside Corporate Park is comprised of 13 office buildings totaling nearly 600,000 square feet approximately eight miles from downtown Portland.

The 40-acre park is conveniently located near Highway 26, a major east-west thoroughfare, and offers convenient access to public transportation, restaurants, shopping and Tualatin Hills Park and Recreation.

Woodside Corporate Park offers tenants ample parking with 1883 spaces, a ratio of 3.4 spaces per 1,000 square feet.

 Eric Haskins, Dave Squire and Brandon Frank of Grubb & Ellis represented Daymark Realty Advisors in the transaction. Brad Fletcher of Grubb & Ellis represented Nike.

 Since January 1, 2011, Daymark Realty Advisors and its subsidiaries have successfully executed lease transactions totaling in excess of 1.6 million square feet, valued at more than $164 million.

For more information regarding Daymark, please visit www.DaymarkRealtyAdvisors.com.   

Contact: Damon Elder (714) 975-2659, delder@DaymarkRA.com