D & A Building Services of Longwood, FL Names Jen DeOrio 2009 Employee of the Year

LONGWOOD, FL, Jan. 26, 2010— Jen DeOrio  (top right photo)senior executive associate with D & A Building Services Inc. has been named 2009 Employee of the Year at the facility maintenance provider.

DeOrio, who interned at the Company during college from 1992 until 1995, joined the company in July 2002 after teaching for several years.

She was the unanimous choice of her peers on the Company’s management team where she supports the husband and wife team of president and executive vice president, Al and Kathy Sarabasa, (middle left photo)  as well as the sales team of both the landscape and janitorial divisions.

DeOrio has a Bachelor of Arts in Education from the University of Central Florida. She resides in Orlando with her husband and daughter.

“Jen is a valued part of our management team,” said Al Sarabasa, Jr., (bottom right photo) president, D & A Building Services Inc. “She is the type of person that jumps in and does whatever it takes to get the job done.”

D & A was recently named the largest janitorial/commercial cleaning company in Central Florida. The Company ranks annually among the Hispanic 500, a national poll of the largest Hispanic owned businesses.

PR Contact: Elaine Ingra, (407) 384-1344, elainei@pr-works.com

Marcus & Millichap Sells 264-Room Hotel in Altamonte Springs, FL

ALTAMONTE SPRINGS, FL, Jan.  26, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Clarion Inn and Suites, (top left photo)  a 264-room hotel located in Altamonte Springs, Florida, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $6,200,000.

Jaimin P. Patel, a Senior Associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Mr. Patel.

Clarion Inn and Suites is located at 230 West State Road 436.

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

HFF secures $4.2M refinancing for 63,000-SF Houston office building

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $4.2 million in refinancing for the Oceaneering Office Building II, (bottom left photo)  a 63,000-square-foot office building in Houston, Texas.

Working exclusively on behalf of the borrower, Cole Space Center, Ltd., HFF senior managing director Susan Hill (top right photo) placed the seven-year, fixed-rate loan with Sentinel Asset Management.

The Oceaneering Office Building II is located at 16665 Space Center Boulevard adjacent to the Lyndon B. Johnson Space Center approximately 20 miles southwest of downtown Houston. The property is 100% occupied by Oceaneering International.

Contacts:


Susan L. Hill, HFF Senior Managing Director, (713) 852-3500 shill@hfflp.com

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

HFF secures $13.1M refinancing for Worcester, MA grocery-anchored retail center

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured a $13.1 million refinancing for Perkins Farm Marketplace, (top left photo) a 203,000-square-foot, grocery-anchored retail center in Worcester, Massachusetts.

Working on behalf of the borrower, an affiliate of Centro Properties Group, HFF director Anthony Cutone (bottom right photo)  and senior real estate analyst Lauren O’Neil placed the fixed-rate loan with UniBank.

UniBank was the lead lender and worked with participants, Webster Five and Marlborough Savings, to provide the $13.1 million loan.


"UniBank is dedicated to the Worcester business community and is pleased to be a part of offering financing to Perkins Farm Marketplace. This is certainly an investment in local commerce as well as the Worcester community," said UniBank vice president Steve Anderson.

Perkins Farm Marketplace was redeveloped in 1998 and is 100% leased to tenants including Super Stop & Shop, A.J. Wright, Building 19, Flagship Bank, Burger King and Bank of America.

Situated on nearly 20 acres, the property is located at 867-965 Grafton Street along the Route 122 retail corridor, approximately three miles from downtown Worcester.

Centro Properties Group (Centro) is a retail investment organization specializing in the ownership, management and development of retail shopping centers. Centro manages both listed and unlisted retail property and has an extensive portfolio of shopping centers across Australia, New Zealand and the United States.

Contacts:

Anthony Cutone, HFF Director, (617) 338-0990, acutone@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Longer-Term Outlook for Senior Housing and Health Care Industry Improves, Says Cambridge

CHICAGO, IL--While there may be no reason for senior housing/healthcare borrowers to believe the immediate future will be a huge improvement over the immediate past, the longer-term outlook continues to brighten.

Cambridge Realty Capital Companies Chairman Jeffrey A. Davis (top right photo)  says the latest good news impacting the financial system involves the government’s much maligned efforts to bail out the banking system.

 In a stunning turnaround, tens of billions of dollars have begun flowing back from the major banks to the U.S. Treasury in recent months. As it turns out, the $700 billion Troubled Asset Relief Program (TARP) program is not on course to become the fiscal sinkhole some were predicting not long ago, he observes.

Speaking recently at a White House summit on creating jobs, President Obama claimed the TARP program “has been much cheaper than any of us anticipated.” And Federal Reserve Board Chairman Ben Bernanke, who pushed for the program, recently told legislators at his second confirmation hearing that he felt the end result for the program would be “something close to breakeven.”

Davis notes that if these assessments hold up, history will be forced to agree with those who now are claiming that the government’s unpopular medicine appears to have saved the patient. However, from the perspective of senior housing/healthcare borrowers, the patient still will appear to be a bit groggy in the months ahead.

“Wall Street banking firms may be solidly in the black, but credit is expected to remain tight as local and regional banks continue to contend with bad loans and a foreclosure rate that continues to rise,” he noted.

For the immediate future, the Cambridge Chairman says credit will continue to be constrained. And banks will be heavily dependent on relationships already in place, either directly with the borrower or with intermediaries representing clients.

For senior housing/healthcare borrowers, activity will primarily revolve around bridge and term lending through commercial banks, Fannie Mae and Freddie Mac government agency lending on independent living and assisted living buildings, and HUD Lean lending on nursing homes and assisted living facilities.

Davis says underwriting is tighter and everything is taking longer than has been the case for the past 20 years. But there are lenders lending and more hopeful signs on the horizon as compared to a few short months ago.

“Owners who have a debt problem should not hesitate to call in outside, expert help,” he advises.

Contact:: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com, Twitter: http://twitter.com/CambridgeCap

Cushman & Wakefield Orlando's Margery Johnson honored by Real Estate Florida Magazine

ORLANDO, FL– Margery Johnson, (top right photo)  Senior Director and Land Specialist in the Orlando office of Cushman & Wakefield (C&W) was honored by Real Estate Florida Magazine as a 2009 ‘Woman of Influence.’ Johnson was one of 17 women commercial estate professionals honored in the Second Annual ‘Women of Influence’ competition.

A 20-year veteran of commercial brokerage in Central Florida, Ms. Johnson cites changes in the historically male-dominated industry, and predicts more for the future.

"Women have played an increasingly significant role since I started over 20 years ago, but we still have a long way to go in becoming leaders in this industry," says Johnson in the Women of Influence feature.

"The economic and social challenges facing our country may bring change to the business. Greater collaboration and cooperation among professionals will be one result of downsizing--we need to work together to foster the best possible outcome for investors and users."

  Matthew McKeever negotiates 2 office transactions for insurance companies totaling 42,000 SF

ORLANDO, FL – Jan. 26, 2010--Cushman & Wakefield of Florida, Inc. (C&W) announced that Public Risk Underwriters renewed their office lease with a long-term commitment in Lake Mary in December.

Senior Director of Office Brokerage Services, Matthew McKeever  (bottom right photo) CCIM, SIOR, represented the tenant in the deal with landlord Colonial Properties Trust which closed on December 7.

Offering property, casualty, workers’ compensation, and risk management programs for government and public sector, Public Risk Underwriters renewed 27,000 square feet in Tower II at Primera.

A 20-year veteran of office brokerage in Central Florida, Matthew McKeever represented Public Risk Underwriters in their original transaction for office space in Primera Tower II back in 2002. "I’ve been brokering office deals for so long that many of my transactions, at this point, are the result of repeat business," says McKeever.

In another deal, Crump Insurance Services leased new offices in CenterPointe I, in Altamonte Springs.(bottom left photo)

 An independent wholesale distributor of commercial property and casualty (P&C) insurance, Crump Insurance signed a contract for 15,083 square feet. McKeever represented the tenant, along with agents from Fisher & Co. in the transaction with Emerson Properties which closed on December 1.

Contact:  Brook Hines, Marketing Associate, Cushman & Wakefield, 800 N. Magnolia Avenue, Suite 450
Orlando, Florida 32803. Tel: 407-541-4401, brook.hines@cushwake.com  http://www.cushwake.com/

Carter Hires Rob Adamson for Focused Brokerage Services Role

ATLANTA, GA—Carter, one of the country’s leading full-service commercial real estate firms since 1958, has hired Rob Adamson (top right photo)  to help the company win additional business in the corporate brokerage services area.

Part of Carter’s Brokerage Services Group, Adamson will leverage his relationships and extensive network to identify and deliver new business opportunities for Carter to invest in buying and selling land and other commercial properties in Metro Atlanta and across the country.

 Building on Carter’s unmatched market knowledge, superior negotiation skills and level of professionalism, Adamson will help Carter further leverage trustworthy relationships, build new solid relationships and gain a mutual trust in the industry while specifically focusing on land and investment properties.

Carter’s Chief Executive Officer Bob Peterson said, “Rob is a valuable addition to our Brokerage Services Group and is just what we’re looking for to spearhead distressed land and bank opportunities during a challenging economic time when we are seeing a complete turnover of ownership in this area of commercial real estate.”

Adamson currently is marketing more than $60 million worth of bank-owned properties. Adamson joins Carter from Wildwood Property Group, LLC.

Contact:  Tony Wilbert, twilbert@wilbertnewsstrategies.com,  http://www.wilbertnewsstrategies.com/, 404-888-3091 office, 404-405-3656 cell

Grubb & Ellis Expands Pacific Northwest Region; Bob Dean Assumes Regional Responsibility for Portland Office

SANTA ANA, Calif. (Jan. 25, 2010) -- Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has expanded the responsibilities of Bob Dean,  (top right photo) executive vice president, regional managing director, Pacific Northwest, to include the Portland office.

Dean has served as the Pacific Northwest regional managing director for the past four years. In addition to having responsibility for the regional management of the Portland office, he will continue to have the day-to-day management responsibilities for the company’s Sacramento, Roseville and Stockton offices, as well as the regional oversight of the company’s Seattle operations and three affiliate offices.

He will work closely with the individual market leaders to improve profitability, recruit and expand client relationships.

“As regional managing director of the Pacific Northwest, Bob has demonstrated an immense capability for growing the business,” said Jack Van Berkel (bottom left photo), , chief operating officer and president, Real Estate Services. “He is a well respected professional and will play a key role in business operations as we expand the region to include our Portland office.”

During his tenure, Dean has recruited a number of market-leading brokerage professionals throughout the Pacific Northwest. Most recently, he played a key role in recruiting Bill Condon to lead the company’s Seattle office.

Dean began his commercial real estate career with Grubb & Ellis in 1987 as a broker specializing in office properties. He joined Bishop Hawk Commercial Real Estate in Sacramento in 1988, where he served as a manager for six years.

He returned to Grubb & Ellis in 1993 as senior vice president, district manager of the Sacramento office. In 1998, Grubb & Ellis Company acquired Bishop Hawk, in which Dean played a key role in, creating one of Northern California’s largest commercial real estate brokerage firms. He was honored at Grubb & Ellis' Circle of Excellence in 1996, 2005, 2006 and 2007.

Dean is a member of the NAIOP and the Association of Commercial Real Estate. He holds a bachelor’s degree from California State University, Chico, and a master’s degree from California State University, Sacramento.

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

Grubb & Ellis Commercial Florida Completes Renewal Leases at Angebilt Building and Citrus Center in downtown Orlando

ORLANDO, FL --- Grubb & Ellis Commercial Florida recently negotiated two office renewal leases for a total of 3,102 square feet in the Angebilt Building (bottom left photo)  at 37 N. Orange Ave. and The Citrus Center at 255 S. Orange.

Anne Deason,  (top right photo) vice president of Office Services at Grubb & Ellis Commercial Florida, negotiated a lease agreement at the Angebilt Building representing the tenant Wagner, Hohns, Inglis Inc. who renewed its lease of suite 850 with 1,298 square feet for 62 months.

The New Angebilt Corporation is the landlord and was represented by Marc Cook of Tom Cook Commercial.

Deason also represented management consultants Diane Meiller & Associates, Inc. in a renewal lease for 1,804 square feet in suite 1510 at The Citrus Center. The Landlord is Parkway Properties of Orlando.

Contacts:

Anne Deason, 407-481-5411, adeason@commercialfl.com

Jeff Sweeney, 407-481-5387, jsweeney@commercialfl.com

Larry Vershel 407-644-4142, Lvershelco@aol.com

Emerson International Negotiates 8 Office Lease Agreements Totaling Over 18,000 SF

ALTAMONTE SPRINGS - Emerson International recently negotiated eight lease agreements that total 18,188 square feet of office space in Altamonte Springs, Longwood and Winter Park.

Sean Westcott, director of leasing for Emerson International, negotiated all eight transactions on behalf of the landlord.

At 2160 Sanlando Center (middle right photo)  on W. SR 434 in Longwood, Westcott negotiated leases with University Diagnostic Institute of Winter Park, Inc. for 2,161 square feet, Real Estate Support Systems, Inc. for 2,021 square feet and K2 Evolution 1,564 square feet. Greg State with Bishop Realty Development Inc. represented University Diagnostic.

Select Communication & Marketing leased 6,427 square feet at 417 CenterPointe Circle in CenterPointe Office Park  (top left photo) off E. Central Parkway in Altamonte Springs; VFT Marketing, Inc. leased 3,125 square feet at 385 CenterPointe Circle; Softworx Solutions, Inc. leased suite 1166 with 424 square feet at 370 CenterPointe Circle and Hennen Appraisal, Inc. leased suite 1102 with 650 square feet in the same building.

Surrey Homes, LLC leased suite 106 with 1,716 square feet at Louisiana Office Park l(bottom left photo) ocated at 1133 Louisiana Ave. in Winter Park.

CONTACTS;

Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560; ejemerson@emerson-us.com;

 Sean Westcott, Director of Leasing, Emerson International, Inc. 407-834-9560

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

Baroni Italian Joins Brookwood Place on Peachtree in Atlanta

ATLANTA, GA – Selig Enterprises announces the signing of Baroni Italian, a casual dining concept by the creators of Baraonda and Ciao Bella. The new 4,000 square foot eatery will open at Brookwood Place on Peachtree, (Peachtree and 25th Streets) this coming Spring. (top left photo) 

Baroni Italian, a sister concept to Baraonda, is a casual, full-service, dining concept featuring Italian pastas, pizzas and sandwiches. Established in 1999, Baraonda is an authentic wood-brick oven pizzeria and caffe Italiano located in the heard of Midtown.

“We are excited to bring one of Atlanta’s most renowned restaurant operators to Brookwood Place. They will be a great addition!” says Shirley Gouffon, Senior Vice President, Selig Enterprises, Inc..

Selig Enterprises, Inc. is a real estate holding and development company with a portfolio in excess of ten million square feet and with properties throughout the Southeast. The company operates AAA Parking, which manages over 100 parking facilities. Headquartered in Atlanta, the company provides leasing, development, acquisition, space design, construction, legal, property management, brokerage and accounting services.

Contact: Hilary W. Shure, CMD, Selig Enterprises, Inc., Direct: 404.898.9065, Fax: 404.875.2629

Email: hshure@seligenterprises.com,   URL: http://www.seligenterprises.com/

Marcus & Millichap Sells FedEx Freight Facility Near Dallas, TX

SUNNYVALE, TX– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of a FedEx Freight facility in Sunnyvale, approximately 10 miles from downtown Dallas.

Alvin Mansour, (top left photo) a senior vice president investments and senior director of the firm’s Net Leased Properties Group in San Diego, represented the seller, a Washington State-based developer.

Ben Sgambati, a vice president investments, and Alan Cafiero, an industrial investment specialist, both in the firm’s New Jersey office, represented the buyer, a New York-based investor. Will Jarnagin, the licensed partner in the firm’s Dallas office, also provided representation.

“With increasing demand for large single-tenant properties backed by credit-rated corporate guarantors, The Mansour Group was able to produce more than six offers and a fully executed letter of intent within 30 days of marketing,” says Mansour.

“Our ability to create a market for each property we list, combined with our streamlined due diligence process, ultimately got the deal closed just 17 days after completion of the inspection period.”

“This transaction is another example of the Marcus & Millichap marketing platform producing results for our clients by moving equity across the country,” comments Sgambati.

Located at 301 Clay Road in Sunnyvale, the property has easy access to U.S. Highway 80, where traffic counts exceed 69,000 vehicles per day.

The 136,751-square foot FedEx freight facility is situated on more than 30 acres and is designed to accommodate approximately 20,860 square feet of building expansion.

The property consists of 11,761 square feet of office space, 113,270 square feet of warehouse space, 9,640 square feet of shop space, an 80-square foot guard shack and a 2,000-square foot fuel island.

The fuel island includes a 12,000-gallon, double-walled fiberglass underground storage tank with a Veeder-Root monitoring system.

Sunnyvale, an affluent part of the Dallas/Fort Worth Metroplex, has an average household income of more than 22 percent above the national average.

Press Contact:  Stacey Corso, Communications Department, (925) 953-1716

U.S. Industrial Market First Look: 2009-Q4

SANTA ANA, CA--Grubb & Ellis Co. presents highlights of its U.S. Industrial Market for fourth quarter, 2009:

· Vacancy increased for a ninth consecutive quarter to end the year at 10.6 percent. For a fourth consecutive quarter, the rate of increase declined. Vacancy increased sequentially by 70, 60, 30 and 20 basis points over the last four quarters.

Among the major markets, vacancy remained lowest in land-constrained Los Angeles County at 3.3 percent and was highest in economically depressed Detroit at 22.0 percent. Vacancy increased most sharply last year in San Diego, Las Vegas and Palm Beach County, Fla., all of which recorded gains of 400 to 500 basis points. Only the Oklahoma City industrial market saw vacancy tighten slightly in 2009.

· Absorption totaled a negative 140 million square feet last year – the amount of space given up by occupiers with move-ins and move-outs netted out. Fourth quarter absorption was a negative 16 million square feet, the shallowest decline of the year. Northern and Central New Jersey occupiers gave up 22 million square feet in 2009, well behind second-to-last place Atlanta where negative absorption totaled 11 million square feet.

· Space under construction plunged for a ninth consecutive quarter with a minimal 11.5 million square feet still under way at year-end. This represents a little over 0.1 percent of the standing inventory, the lowest ratio since Grubb & Ellis began tracking the U.S. industrial market in 1986. Dallas-Fort Worth led all markets with 1.6 million square feet still to be completed. Five other markets each had more than 1 million square feet remaining in the pipeline: Philadelphia, California’s Inland Empire, Oklahoma City, Phoenix and Houston.

· The average asking rental rate for all types of industrial space offered on the market at year-end was $5.21 per square foot per year triple net. This was a decline of 2.2 percent in the fourth quarter and 6.8 percent in 2009. Among the three major property subtypes, asking rates fell last year by 9.1 percent for R&D-flex space, 7.1 percent for warehouse-distribution space and 3.0 percent for general industrial space (primarily manufacturing).

Forecast

Industrial is likely to be one of the first, if not the first commercial property type to bottom out and embark on a recovery. The reason is that occupier demand for industrial space is less dependent on job creation, a lagging economic indicator, compared with the office, retail and apartment markets.

 Moreover, the drivers of demand for industrial space – production activity, freight shipments and global trade – have bottomed out and begun to grow again, at least tentatively. This is reflected in the steady moderation of vacancy increases and negative absorption in recent quarters.

The trend line suggests that industrial vacancy could peak as early as mid-2010 and embark on a gradual, multi-year recovery cycle late this year or early 2011. However, a return to equilibrium remains several years away.

Contact: Janice McDill, Vice President, Public & Investor Relations, Grubb & Ellis Company, 500 West Monroe Street, Suite 2700, Chicago, IL 60661. Direct: 312.698.6707• Fax: 312.698.5941, janice.mcdill@grubb-ellis.com,  http://www.grubb-ellis.com/

New Moves and Faces at Grubb & Ellis

Pete Bolton to Head Grubb & Ellis-Owned Office in Phoenix

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Pete Bolton, (top right photo)  one of the most successful and best known leaders in the Phoenix commercial real estate market, has rejoined the company as executive vice president, managing director.

Bolton’s hire follows Grubb & Ellis’ announcement earlier this month that it will open a company-owned office to serve the Phoenix market.

“Grubb & Ellis has been an integral part of the Phoenix commercial real estate market for four decades. We have significant client relationships, which we believe will be better served through a company-owned office,” said Jack Van Berkel, (top left photo)  chief operating officer of Grubb & Ellis Company and president, Real Estate Services.

“When we began searching for a Phoenix market leader, Pete was the first person to come to mind. He brings the leadership skills, relationships and local market knowledge that will allow us to get our office up and running quickly, and the commitment to client service that will help to make us the market leader.”

Bolton brings extensive leadership experience to his new role, having spent nine years at CB Richard Ellis as senior managing director of the company’s Phoenix office during which time he significantly increased productivity and tripled the office’s revenue.

 Prior to joining CB Richard Ellis in 1999, he spent three years at Grubb & Ellis Company as senior vice president, district manager. Bolton began his real estate career in 1980 at Grubb & Ellis as an industrial broker.

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

Chuck Hunt Assumes Responsibility for Grubb & Ellis’s Southern California Region

SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Chuck Hunt, (middle right photo) executive managing director, Los Angeles, has been promoted to oversee the company’s newly created Southern California region.

Hunt, a 31-year commercial real estate veteran, has served as executive managing director of the company’s Los Angeles operations since 2008. In addition to having responsibility for the day-to-day management of the Los Angeles area, he will have oversight of the company’s Ontario, Anaheim and Newport Beach offices. He will work closely with the individual market leaders to improve profitability, recruit professionals and expand client relationships.

Contacts: Janice McDill, Julia McCartney, Phone: 312.698.6707, 714.975.2230, Email: janice.mcdill@grubb-ellis.com,  julia.mccartney@grubb-ellis.com

3rd Land Deal In 30 Days Closes In Greater Downtown Miami

MIAMI, FL, Jan. 22, 2010--A South Florida private equity group has purchased a 1.2-acre condo highrise development site in Greater Downtown Miami's Brickell Avenue area for $159 per square foot, representing a 15 percent discount off the current assessed value, according to a new report from CondoVultures.com.

The buyer, South Miami Avenue LLC, paid $8.35 million for six lots totaling 52,584 square feet of developable land at 1300 S. Miami Ave. that was earmarked to accommodate the proposed Infinity II condominium, according to the CondoVultures.com report based on Miami-Dade County records.

After acquiring the land on Jan. 12, the buyer satisfied a $12 million land loan on Jan. 19 that had been taken out against the property by the seller, Infinity II At Brickell LLC. Terms of the land loan satisfaction are not known.

The first Infinity condominium, (top left photo)  a 56-story tower with 459-units, stands immediately west of the Infinity II developable site that was acquired. In fact, a two-story former bank branch with 4,927 square feet of office space that stands on the Infinity II site is used as the sales center for the first Infinity condo tower.

"This is the third land sale to occur in the Greater Downtown Miami market in the last 30 days," said Peter Zalewski, (middle  right photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"The pricing has ranged from as little as $53 per square foot to as much as $159 per square foot for the dirt. Interestingly enough, all of the buyers own or have previously owned in South Florida."

For instance, South Miami Avenue LLC is a Delaware company controlled by Coral Gables developer Alex Vadia, according to the Miami Daily Business Review.

Another Coral Gables group, Benzol Properties Corp with principals Bernard Herskowitz and Jerome Herskowitz, paid $53 per square foot for three lots in a rectangular shape on the south bank of the Miami River at 99 SW 6th St., according to a recent report from CondoVultures.com.

The Miami River site closed on Jan. 5, 2010, at a 52 percent discount off of the current assessed value, according to government records.

On Dec. 30, 2009, the Related Group, South Florida's largest condominium developer, unloaded a Downtown Miami development site for the proposed Loft III high-rise condominium tower (middle left photo)  at $151 per square foot to a local landowner who immediate resold the land to Miami-Dade College.

The Related Group's sold the property at a discount of at least 33 percent below the original purchase price, according to a recent report from CondoVultures.com.

The recent development site acquisitions come at a time when individual and bulk buyers are purchasing new condos at a pace of nearly 200 per month in Greater Downtown Miami, according to a recent Condo Vultures® White Paper.

Greater Downtown Miami is defined as a 60-block stretch from the Rickenbacker Causeway north to the Julia Tuttle Causeway, Interstate 95 east to Biscayne Bay. Greater Downtown Miami is comprised of the Brickell Avenue Area, Downtown Miami, and the Biscayne Boulevard Corridor.

In Greater Downtown Miami, there have been 15 bulk deals (two of the transactions were note sales with no deeds conveyed) since July 2008. Bulk buyers have paid $181 per square foot for more than 900 units and about 1.1 million square feet of livable space, according to the Condo Vultures® Bulk Deals Database™.

Less than 7,300 new condo units are still in the hands of developers of a pool of nearly 23,000 units constructed in Greater Downtown Miami since 2003. At the end of the 2008, developers were in possession of more than 9,300 new condo units, according to the Condo Vultures® Official Condo Buyers Guide To Miami™.

Contact:  Peter Zalewski, Principal, Condo Vultures® LLC, Office: 305-865-5629, Cell: 305-321-7383, eFax: 1-305-832-0311, Peter@CondoVultures.com,  http://www.condovultures.com/