PKF Consulting USA Reports Healthy Hotel Guests Drive Spa Revenues and Profits

  

Boston, MA, Oct. 21, 2013– While U.S. hotel guests are curbing their appetite for hotel restaurants and room service, they appear to be expressing a desire for pampering and wellness.

Andrea Foster

 For the second consecutive year, hotel spa revenues and profits have increased at a pace greater than other non-rooms department sources of hotel revenue. 

According to the recently released 2013 edition of PKF Consulting USA, LLC’s (PKFC) Trends® in the Hotel Spa Industry report, spa department revenue increased by 5.0 percent at the properties in the survey sample. 

  For reference purposes, this compares favorably to the 2.3 percent increase in food and beverage revenue, the second largest source of revenue for most hotel.

 “Due to its historical stigma as a luxurious amenity, spa revenue initially lagged behind the growth of other revenue sources during the early stages of the recovery,” said Andrea Foster, vice president and national director of spa and wellness consulting for PKFC. 

“However, the 2012 increase in spa revenue is a trend we anticipated would occur.  There has been a notable focus shift to wellness, specifically taking better care of ourselves for improved health and quality of life, of which spas are an important part.”

For a complete copy of the company’s  news release, please contact:

Chris Daly

 President

Daly Gray, Inc.

Ph: 703-435-6293

Cell: 703-864-5553

39-Story Condo Tower Slated For Greater Downtown Miami Waterfront Site

                            (Photo from website of Daniel Hornek, PA Realtor, Miami, FL)

MIAMI, FL -- As the South Florida housing market increasingly rebounds from the real estate crash of 2007, a veteran high-rise developer with ties to New York City is proposing a new 39-story condo tower fronting Biscayne Bay in the Biscayne Boulevard Corridor of Greater Downtown Miami, according to a new report from CondoVultures.com.

Marina Blue Tower condos, Miami

The developer - an entity controlled by Robert Vecsler of the Hyperion Group - plans to build the 129-unit project - dubbed the MBay - on a 0.9-acre site in the 700 block of Northeast 26th Terrace in Greater Downtown Miami, according to the Miami Real Deal.

In the Greater Downtown Miami market, a combination of domestic and international developers - in unrelated projects - are now proposing to construct 41 towers with more than 12,100 new condo units in a market that stretches from the Julia Tuttle Causeway south to the Rickenbacker Causeway, and Biscayne Bay west to Interstate 95 as of October 17, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

Overall in South Florida, at least 172 new condo towers with nearly 22,600 units are proposed, planned, under construction, or recently completed in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach as of October 17, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

In Greater Downtown Miami, the Hyperion-controlled development group acquired the site - which includes a 58-unit rental building constructed in 1982 - for the proposed MBay tower for $9.9 million - or $265 per square of land - in a deal that transacted in August 2012, according to Miami-Dade County records.

Blue Tower condos, Miami

The land for the proposed MBay project has a 2013 value of nearly $3 million while the existing rental tower has a value of $5.3 million, according to the Miami-Dade Property Appraiser's Office. 

During the last South Florida condo boom, Hyperion-controlled entities developed the 35-story Blue tower in 2006 and the 57-story Marina Blue tower in 2008, according to the Condo Vultures® Official Condo Buyers Guide To Greater Downtown Miami™.

The 330-unit Blue condo tower sold out for nearly $153 million while the 516-unit Marina Blue condo tower sold out for nearly $208 million, according to an analysis of government records. 

For a complete copy of the company’s  news release, please contact:

Condo Vultures® LLC

 225 Midtown Building

225 NE 34th St.

Suite 209B,

Downtown Miami, Florida, 33137.

800-750-0517

Trepp CMBS Loss Analysis: Volume Drops, Loss Severity Up Slightly

NEW YORK, NY -- After a near-record amount of loan liquidations in July, August saw volume cut in half. September saw another drop, falling well below the trailing 2.75 year average. September liquidations totaled $870 million, relative to the 12-month moving average of $1.26 billion and 20% below August’s $1.09 billion.

September loss severity registered 43.30%, up from August’s 40.90% but below the 12-month moving average of 43.99%. 

The number of loans liquidated in September was 92, resulting in $376.78 million in losses. The liquidations translated to an average disposed balance of $9.46 million, below the 12 month average of $11.29 million. 

Since January 2010, servicers have been liquidating at an average rate of $1.18 billion per month.

For a complete copy of the company’s  news release, please contact:

Eric R. Gerard

Senior Vice President

Great Ink Communications

27 Union Square West, Suite 205

New York, NY 10001

(212) 741-2977

What Kind of Cash Can Bondholders Expect for Deeply Discounted Bonds? Trepp Looks Back at Losses Over the Last Five Years

 NEW YORK, NY -- Trepp noted last week (as well as today) that CWCapital would be selling more than $2.6 billion of non-performing assets over the next two months, and that  CMBS mezz buyers would have to figure out which liquidations could result in big repayments of existing interest shortfalls.

This news proved timely for some research we've been working on, in which we determine how much written-off bonds have been receiving on average in the months before their balance gets written off.

Since the credit crisis began in late 2008, over one thousand bonds have seen their balances written off to zero. As we've learned over that time period, many of the tranches get sizable payoffs in the months before (or in the month of) final write down.

These sizable cash flows normally come from recovery of ASER amounts that flow through a deal's cash flow waterfall, paying back accumulated interest shortfalls along the way.

To get a sense of what investors have been receiving from these "dead tranches walking," Trepp asked their data team to comb through the rubble to come up with some metrics. As you will see, there is sometimes gold in them hills.

To start, the team looked only at tranches that have been written down in full. The universe of deals included only conduit deals and issues from 2005 through 2008.

Overall, 1,149 tranches (excluding rake classes) have been written off entirely. Of this group, 15.3% of the classes were original first loss classes and 14.6% were second loss classes. For all 1,149 bonds in the group, we summed up all cash flow over the prior 12 months (including the month of final write down) to get a sense of how much cash these bonds were generating.

For a complete copy of the company’s  news release, please contact:

Eric R. Gerard

Senior Vice President

Great Ink Communications

27 Union Square West, Suite 205

New York, NY 10001

(212) 741-2977

Henin Homes Names Tony Marrillia Construction Manager in Custom Homes Division and Raymond Venditti New Home Sales Specialist

Tony Marrillia

WINTER PARK FL– Henin Homes has appointed Tony Marrillia as construction manager to oversee the management and construction of the homebuilder’s custom homes.

Jerome Henin, president of Henin Homes, said Marrillia has more than 20 years of experience as a home building professional.  Marrillia formerly was president of construction for Bel-Aire Homes and most recently was a managing member of Marlin Homes.  The UCF graduate holds an active general contractor’s license.  

Raymond Venditti

Henin said he also appointed Raymond Venditti as new home sales specialist at Henin Homes. Venditti, a licensed real estate broker, has more than 25 years of experience in residential real estate sales, specializing in marketing and launching new home communities as well as REOs and short sales.  

Jerome Henin

 Venditti also enhanced his career by becoming a licensed mortgage broker who has worked for the Orange County Property Appraiser’s office assessing and defending property values.

The Henin Group, parent company of Henin Homes, was recently ranked 37th on the Golden 100 list of Central Florida’s top privately-held firms.

For a complete copy of the company’s news release, please contact:

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

NAI Realvest Negotiates Expansion and Renewal Leases totaling 4,800 square feet at West Orange, FL industrial facility

940 West Oakland Avenue, Oakland, FL

ORLANDO, Fla. – NAI Realvest recently negotiated two lease agreements totaling 4,800 square feet at 940 W. Oakland Ave. in Oakland in West Orange County.

Michael Heidrich

 Michael Heidrich, principal at NAI Realvest brokered the transactions on behalf of the landlord, Countyline Suites, LLC of Winter Garden. 

 Paladin Healthcare, LLC, who already occupied Suite A1 and half of Suite A2 with 3,600 square feet, has expanded into suite A4 with the lease of another 2,400 square feet.

 Heidrich also negotiated a lease renewal with Lea Interiors, Inc. for Suite A5 with 2,400 square feet.   

For a complete copy of the company’s news release, please contact:

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

NAI Realvest Negotiates Two New Lease Agreements totaling 3,077 square feet at Office Buildings in Orlando, FL and Winter Park, FL

Gateway Plaza, 1201 South Orlando Avenue, Winter Park, FL

Mary Frances West

ORLANDO, FL--- NAI Realvest recently negotiated two new lease agreements for a total of 3,077 square feet of office space at office buildings in Orlando and Winter Park.

Tom R. Kelley II

At Gateway Plaza, 1201 S. Orlando Ave. in Winter Park, Tom R. Kelley II, CCIM, a principal in the firm, Senior Broker Associate Mary Frances West, CCIM and Associate Chris Adams negotiated the lease of Suite 203 with 1,697 square feet representing Landlord Gateway Plaza LLC. 

  The new tenant is Strong Properties, Inc. and the property is now 100 percent leased.

Chris Adams

 West also negotiated a new office lease of 1,380 square feet at University Court, 3361 Rouse Rd. off University Blvd. in east Orlando, representing the landlord, RREF Interchange-Fl, LLC c/o Charles Wayne Properties.  The local tenant is Marketing Consultants of Orlando, Inc. represented by Nichole DeForge of Morrow Hill.

For a complete copy of the company’s news release, please contact:

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

Cousins Properties Declares Fourth Quarter Preferred Stock Dividend

 

ATLANTA, GA -- Cousins Properties Incorporated (NYSE: CUZ) announced that its Board of Directors has declared a regular quarterly cash dividend on its Series B Cumulative Redeemable Preferred Stock. The dividend of $0.46875 per share, or $1.875 on an annualized basis, is payable November 15, 2013, to Series B preferred stockholders of record on November 1, 2013.

The Company also announced that it expects to declare its regular quarterly common dividend in mid-November 2013, to be paid in late December 2013. The timing of the fourth quarter 2013 common dividend is consistent with the Company’s historic practice for all cash dividends.

For a complete copy of the company’s news release, please contact:

Cousins Properties Incorporated

Cameron Golden, 404-407-1984

Vice President of Investor Relations and Corporate Communications

camerongolden@cousinsproperties.com

www.cousinsproperties.com

Berger Commercial Realty Launches Fundraising Campaign to Benefit Local Breast Cancer Prevention Program

Holy Cross Hospital, Fort Lauderdale, FL

FORT LAUDERDALE, FL– In honor of Breast Cancer Awareness Month, Berger Commercial Realty, a Fort Lauderdale-based commercial real estate firm, is launching a fundraising campaign for Holy Cross Hospital's Partners in Breast Health program.

Courthouse Law Plaza, 700 SE Third Avenue
Fort Lauderdale, FL

 The firm will donate $5 to the program for every person who posts a picture of themselves wearing pink to Facebook.com/BergerCommercialRealtyCorp between now and October 31st.

 Additionally, the firm has placed pink ribbons on its for-sale and for-lease signs throughout the tri-county area, and will donate $5 to Partners in Breast Health for every person who takes a photo in front of a sign and posts it to the firm's Facebook page. The firm will donate up to $5,000 total.

 Properties featuring the pink-ribbon real estate signs include the Courthouse Law Plaza at 700 S.E. 3rd Ave. in Fort Lauderdale, Harbor Place at 1600 S.E. 17th St. in Fort Lauderdale, Plantation Technology Park at 1700 N.W. 66th Ave. in Plantation, and the Vista Center at 2005 Vista Parkway in West Palm Beach, among more than 50 other locations.

Harbor Place, 1600 SE 17th Street
 For Lauderale, FL

 "Breast cancer is a disease that touches so many right here in our local community," said Berger Commercial Realty President Lloyd Berger. "We are donating to Holy Cross Hospital's Partners in Breast Health program to help reduce cancer deaths among Broward County's most vulnerable and in-need populations."

 Established in 2011, Holy Cross Hospital's Partners in Breast Health program aims to improve early cancer diagnosis and access to treatment among underserved communities in Broward County.

Plantation Technology Park
1700 NW 66th Avenue, Plantation, FL

Since 2011, the program has provided more than 1,600 free diagnostic procedures for women who are at the federal poverty level, and 15 women have been diagnosed and treated for breast cancer.

  

For more information about the Partners in Breast Health program, visit holy-cross.com/partners-breast-health.

For a complete copy of the company’s news release, please contact:

Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999, ext. 226

msologuren@piersongrant.com

www.bergercommercial.com

.

Berger Commercial Realty Hires Team of New Employees to Manage Industrial Portfolio Owned by Seagis Property Grou

  

Kristen Cigalotti

FORT LAUDERDALE, FL – Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced it has hired 12 new employees to manage a portfolio of 4.7 million square feet of industrial space owned by Pennsylvania-based Seagis Property Group.

Claudia Fajardo

The new staff members, who were previously employed by Flagler Real Estate and are retaining their former titles, include:

• Kristen Cigalotti, accounts receivable specialist;
• Paola Duran, assistant property manager;      
• Alisha Eutsey, senior 
• property manager;
• Dolores Guerrero, property manager;
• Claudia Fajardo, property manager;
• Mitzi Jordling, accounts payable specialist;
• Tony Perez, tenant improvement and capital project manager;
• Veronica Perez, senior accountant;
• Ana Pereira,  property manager;
• Cindy Rios, property manager;
• Maria Roman, lease administrator;



Alisha Eutsey

• Juan Sotolongo, assistant property manager.

Ana Pereira

They will be based out of the firm's Miramar office and will oversee 38 flex and industrial properties in Broward and Miami-Dade counties.

 "We are proud to welcome this team of experienced real estate professionals to the firm," said Berger Commercial Realty President Lloyd Berger. "Each employee offers  our clients valuable knowledge and expertise, and enhances our reputation as one of South Florida's premier commercial real estate firms."

Cindy Rios

 Ranked among the largest commercial  real estate firms in South Florida, Berger Commercial Realty provides comprehensive, cost-effective property management and brokerage services to both institutional and non-institutional owners. For more information, visit

For a complete copy of the company’s news release, please contact:

Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999, ext. 226

msologuren@piersongrant.com

www.bergercommercial.com

.

Multi Housing Advisors Brokers $22.3 Million Sale of 248-Unit Foxcroft Apartments in Chapel Hill, N.C.

  

CHARLOTTE, N.C.  — Multi Housing Advisors (MHA) has brokered the $22.3 million sale of Foxcroft Apartments, a 248-unit community in Chapel Hill, N.C.

Marc Robinson

 Marc Robinson and Jordan McCarley of MHA’s Charlotte office represented the seller, Douthit & Co., in the transaction.

An affiliate of Eller Capital Partners purchased the 40-year-old property, which was 95 percent occupied at the time of closing, and will undertake an extensive renovation of the property. The sale marks only the second time that Foxcroft Apartments has been sold.

 “This is a notable sale due to the fact that apartments in Chapel Hill change hands very rarely,” Robinson said. “The town’s extremely high barriers to entry and strong market fundamentals create a unique dynamic that favors long-term ownership.

Jordan McCarley

“ The buyer is planning a property-wide renovation that will significantly enhance the community’s physical appearance and interior unit features to bring it to a quality level that will allow the property to compete with much newer properties.”

 MHA recently expanded its Charlotte office and intends to open additional offices in the South. The firm has made a number of significant new hires over the past year as well, adding experienced brokers to expand its geographic reach and to take advantage of the increasing volume of multifamily investment sales.

 For a complete copy of the company’s news release, please contact:

Stephen Ursery

The Wilbert Group

404-549-7150 (O) 404-405-2354 (C)

sursery@thewilbertgroup.com

 www.usmha.com.

MBA to Promote Fratantoni to Chief Economist

  

Michael Fratantoni

WASHINGTON, DC–  David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA) announced today that Michael Fratantoni, currently MBA’s Vice President, Single Family Research and Policy Development will be appointed Chief Economist and Senior Vice President, Research and Industry Technology, reporting directly to MBA’s President and CEO David Stevens. 

Mr. Fratantoni will succeed Jay Brinkmann, and his appointment will be effective February 1, 2014. 

Jay Brinkmann

Mr. Fratantoni will bring two decades of industry experience to his new position.  In his current position, he serves as Brinkmann’s top deputy on residential real estate and economic issues, managing MBA's industry surveys, economic and mortgage originations forecasts, industry technology efforts, and policy development research for issues impacting single-family lending.

 He is also Executive Director of MBA's Research Institute for Housing America (RIHA) and President of the Mortgage Industry Standards Maintenance Organization (MISMO).

David H. Stevens

“Mike has been an invaluable resource to MBA and its members as we try and navigate an ever-changing industry and economic environment,” said Stevens.  “Mike’s ability to compile and analyze data and apply it to complex public policy discussions has been a major factor in MBA effectively representing its members as policymakers implement many post-crisis reforms. 

“His work has enabled us to make fact-based arguments about the impact of proposed rules, arguments that were critical in improving many of the Dodd-Frank reforms during the notice and comment period."

  

For a complete copy of the company’s news release, please contact:

John Mechem 

(202) 557-2727

Home Sweet Home: Housing Market Recovery Continues

  

Michael Bull

 ATLANTA, GA– As the single-family housing market continues to recover, prices and sales volume are nearing pre-recession levels. Furthermore, with the population and household formations rising, the housing market shows no signs of slowing down.

 Those were a few of the points made during the most recent episode of the “Commercial Real Estate Show” radio program, hosted by Michael Bull of Bull Realty. Bull and his guests discussed home sales, supply and demand, and land costs.

Brad Hunter

 The lack of supply of newly built homes and available lots is causing an increase in pricing, said Brad Hunter, chief economist of MetroStudy.

 “Compared to this time last year, prices are up approximately 15 percent nationally,” said Jed Smith, managing director of quantitative research for the National Association of Realtors. A medium-priced house today is selling for $212,000, compared to $176,000 in 2012, he said.

Jed Smith

 “We have tracked submarkets where builders have raised prices by as much as 20 percent during the last 12 months,” Hunter said.

 By the end of 2013, the volume of home sales is expected to reach more than 5.2 million sales, up 13 percent from 4.7 million sales in 2012, Smith added.

 “In Class A and B submarkets around the country, there’s a one- to one-and-a-half-month supply of new homes and as low as a 10- to 15-month supply of lots,” Hunter said. Depending on the market, the normal supply of newly built homes is about two-and-a-half months, he added.

Steve Palm

 Nationwide, two kinds of supply shortages are occurring — one of newly built homes and one of building lots, Hunter said. Developers are complaining that they can’t find lots in areas where there used to be a plethora to choose from, he added.

 Developable lots are disappearing at a rapid rate in Class A submarkets, said Steve Palm, president of Smart Numbers. “In the Southeast, lots have been gobbled up in central locations in Atlanta, Charlotte and Orlando,” Palm said.

 “We have been saying since 2011 that we think America will face its biggest land shortage in history,” added Sebastian Drapac, executive director of Drapac USA.

Sebastion Drapac

 Pent-up demand, the growing population and a continued trend of household formations all indicate a booming housing market is on the horizon, guests said. “It’s going to be an interesting next two years,” Drapac said.

 The entire episode on the rebirth of the housing market is available for download at www.CREshow.com.

For a complete copy of the company’s news release, please contact:

Stephen Ursery

The Wilbert Group

404.405.2354

sursery@thewilbertgroup.com

Franklin Street Brokers Sale of Jacksonville Shopping Center for $1.1M, All Cash

            

Lem Turner Shopping Center, 3200 Armsdale Road, Jacksonville, FL

Jonathan Graber

JACKSONVILLE, FL (Oct. 18, 2013)—Franklin Street Real Estate Services announces the sale of Lem Turner Shopping Center in Northwest Jacksonville for $1,092,500. National investors based in the Midwest paid all cash in the transaction. This was their first Florida purchase.

 Jonathan Graber, CCIM, Rafaell Wright, CCIM, and Nicolas Prevolos, all of Franklin Street Real Estate Services, represented the seller in the transaction, national investors also based in the Midwest.

Nicolas Prevolos

 “We generated multiple offers from across the country,” Graber said.  “Even though the property was located in a green area of Jacksonville hit hard by the recession, we were able to close in less than four months with offers as far West as Los Angeles and as far North as Maine.”

The new owner plans on making cosmetic improvements to the building and developing an aggressive lease-up strategy. The center is currently 50 percent occupied.

 “We find that buyers are willing to enter markets far from where they are accustomed to owning property if there is a value-add opportunity – especially in re-emerging areas with more opportunities,” Wright said.

Prevolos added that the shopping center was built speculatively before sufficient residential development and other economic fundamentals were in place. 

However, activity is beginning to emerge with Dollar Tree recently backfilling the adjacent Home Depot outparcel to the south as well as multiple new 7-11 locations nearing completion in the surrounding area.

Lem Turner Shopping Center is located at 3200 Armsdale Road in Northwest Jacksonville, Fla. off the Lem Turner/I-295 Interchange. Anchor tenants include Walmart and Home Depot.

 For a complete copy of the company’s news release, please contact:

Kelsy Pazur

813-839-7300, ext. 337

Kelsy.Pazur@FranklinSt.com

@FranklinST_llc

www.FranklinSt.com

Michelle Friedman

Account Director

Boardroom Communications

(904) 641-3226

(561) 706-4585 Cell

(954) 370-8999

(954) 370-8892 Fax

mfriedman@boardroompr.com