HFF secures $37M financing for Class A office complex in St. Louis

NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) has secured $37 million in first mortgage financing for Creve Coeur Center, (top left photo)  a four-building Class A office complex in St. Louis, Missouri.

Working on behalf of institutional investors advised by J.P. Morgan Asset Management – Global Real Assets, HFF senior managing director Whit Wilcox (middle  right photo)  and director Steven Klein (bottom  left photo)  placed the 10-year fixed-rate loan with John Hancock Life Insurance Company (U.S.A.).

Creve Coeur Center is located at 600 Emerson Road at the Interstate 270/Olive Boulevard interchange approximately 13 miles west of downtown St. Louis.

The complex consists of four buildings totaling 587,056 square feet that are 85 percent occupied overall. Notable tenants include EMC, Pepsi, Progressive Insurance, Bunzl Distribution and Colliers Turley Martin Tucker. Complex amenities include a fitness center, cafes and two multi-level parking garages.

“Creve Coeur Center benefits from a superior location with excellent visibility and access to Interstate 270 as well as a diverse rent roll with stable cash flows,” said Klein.

J.P. Morgan Asset Management – Global Real Assets has approximately $43 billion in real estate and infrastructure assets, as of December 31, 2009.

With a 40-year history of successful investing and a staff of 359 professionals, J.P. Morgan Asset Management – Global Real Assets identifies, analyzes, negotiates, acquires, develops, redevelops, renovates, operates, maintains, finances and sells assets, on behalf of its clients.

J.P. Morgan Asset Management's broad investment capabilities and framework for analyzing opportunities in today's complex real estate and infrastructure markets provide critical insights for its institutional clients in both the public and private markets.

John Hancock Life Insurance Company (U.S.A.) has been in the mortgage lending business for 147 years and has a US mortgage portfolio in excess of $10 billion. Together with its parent company, Manulife Financial, it is the world's third largest life insurance company and one of the few AAA-rated stockholder-owned life insurance companies in the world. It invests over $1 billion a year in new investments.

Contacts:

Whitney H. Wilcox, HFF Senior Managing Director, (212) 245-2425, wwilcox@hfflp.com
 Steven J. Klein, HFF Director, (212) 245-2425, sklein@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Fimiani Development Brokers Sale of Yamato Plaza in Boca Raton, FL

BOCA RATON, FL – Boca Raton-based Fimiani Development announced the sale of Yamato Plaza, a 6,065 square-foot shopping center in Boca Raton. Yamato Plaza, LLC sold the property for $900,000 to Ablar Yamato LLC.

 Michael Fimiani, (top right photo)  president of Fimiani Development, handled the transaction as part of a court-appointed receivership.

Yamato Plaza (bottom left photo)  is located in the Arvida Park of Commerce on Yamato Road just west of I-95 and is adjacent to Lifetime Fitness and Hampton Inn.

Tenants include Dean Anthony’s Pizza, Fresco Food Works and Bluefin Express Sushi. In August 2009, Fimiani was appointed receiver of the shopping center and handled the property’s leasing and management.

“Yamato Plaza is an in-fill center in a desirable location which makes it an attractive property,” said Fimiani. “With a strategic marketing plan we were able fix, fill and sell the center rather expeditiously despite the challenging economy.”

Fimiani Development is a full-service firm and offers lenders the ability to work with a single source for their receivership needs.

“We handle leasing, management, tenant improvements, accounting and disposition of assets for our lender clients” said Fimiani. Fimiani Development is also handling office and residential receivership assignments.

Fimiani Development creates value by acquiring and redeveloping retail and commercial real estate projects throughout Florida. The company’s services also include acquisition and redevelopment of existing shopping centers, ground-up development of new centers, consultation in developing third-party leasing programs and performing third-party leasing and management assignments of retail and office properties.

 For more information, visit http://www.fimiani.com/.

Media Contact: Maria Pierson, 954/776-1999, ext. 222

Ground Lease Interest in New Lincoln Park Apple Store in Rosemont, IL Sold to Private Investor

ROSEMONT, IL (April 1, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the ground lease interest of 801 W. North Ave., the future location of a new Apple Inc. store, was sold to a private out-of-town buyer.

Peter Block, senior vice president, Anne Arnold, senior associate, and Brad Teitelbaum, associate, all with Grubb & Ellis’ Private Capital Markets group, and Steve Algermissen, executive director, and Kazuko Morgan, executive vice president, both of Cushman & Wakefield, represented the seller in the transaction.

“With its high-traffic location and long-term credit tenant in place, we saw strong buyer response in this offering,” Block said.

Apple Inc. will occupy the site’s 18,000-square-foot retail building, which is scheduled to open within the next several months on the Lincoln Park property. The retailer has a 10-year ground lease on the property and options to extend its lease another 20 years.

Sterling Commerce Center in Dublin, OH Sold to Wells Real Estate Funds

ROSEMONT, IL – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that the company’s Institutional Capital Markets group represented Duke Realty in the sale of Sterling Commerce Center I-IV in Dublin, Ohio, to Wells Real Estate Funds.

The Grubb & Ellis team of Paul Lundstedt and Jeffrey Shell, executive vice presidents, John Ecclestone, vice president, John Gavin, executive vice president, and Richard Schuen, president of Grubb & Ellis
Adena Commercial, LLC, facilitated the transaction on behalf of Duke Realty.

“Sterling Commerce Center is a high-class property fully leased by a strong credit tenant,” said Lundstedt. “This transaction represents good forward momentum in a recovering market.”

Located at 4600-4725 Lakehurst Court and 6060 Emerald Parkway, Sterling Commerce Center is the global headquarters of Sterling Commerce Inc., a subsidiary of AT&T and leading provider of integrated telecommunications services.

The property consists of two four-story and two three-story Class A office buildings with a total of 322,679 leaseable square feet. Built between 1990 and 1998, the property offers ample parking, an attractive campus setting and close proximity to Interstate 270.

Contact: Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com

Houston Food Bank Buys Sysco Industrial Complex

HOUSTON, TX  (April 1, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Rob Stillwell, CCIM, SIOR, vice president, Global Logistics practice group, assisted both parties in the sale of a multi-use industrial complex owned by Sysco Corporation to the Houston Food Bank.

The complex offers a total of approximately 441,000 square feet of space that includes a 272,711-square-foot distribution center, freezer facility and truck maintenance facility, all situated on approximately 34 acres of land.

“This transaction was a real community effort led by the Houston Food Bank and Sysco with the support of many organizations and philanthropists, including the City of Houston,” said Stillwell. “It was extremely rewarding to be able to secure this transaction and have it work out so well for both parties involved. Sysco is a great corporate citizen and the Houston Food Bank does an exceptional job serving our community.”

Constructed in 1974, the distribution center is located at 535 Portwall St. The building is equipped with dry warehouse space, cooler space and office space.

 (Sysco Texas locations bottom right map)

The freezer facility, located at 555 Allen St., offers 153,341 square feet of space split among a large freezer, cool dock and small office areas. The property was built in 1991.

Offering nearly 16,000 square feet of space, the truck maintenance facility was built in 2001 on roughly 12 acres of land. The facility includes three repair bays and one wash bay, as well as a diesel fuel station.

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

Thomas D. Wood & Co. Closes 4 Loans Totaling $6.75M in Nevada, Georgia and Florida

Standard Life Provides Funds in Nevada and Florida

MIAMI, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $1,975,000 for McCarran Building E and CMC Leasing.

Steve Wood, (top right photo) Company Chief Operating Officer, along with Tony Castrignano of Sky Mesa Capital, financed McCarran Building E through Thomas D. Wood and Company’s correspondent relationship with The Standard Life Insurance Company in the amount of $875,000.

The loan term is 5+5+5+5+5 years, based on a 25-year amortization and an interest rate of 6.75%. The loan-to-value is 50%. The 9,991 square-foot office was built in 1989 and is home to major tenant The Ribeiro Companies. McCarran Building E is located at 6490 S. McCarran Boulevard, Reno, Nevada.

Wood, along with Susan Murry of Skyline Mortgage Services, financed the CMC Leasing Office Building through The Standard Life Insurance Company in the amount of $1,100,000.

The loan term is 5+5+5+5+5 years, based on a 25-year amortization and an interest rate of 6.875%. The loan-to-value is 61%. The 10,570 square-foot office was built in 1975, and is located at 742 US Highway 1, North Palm Beach, Florida.

For further information, please contact:
Steve Wood (305) 447-7820 swood@tdwood.com
Jessica Kinnee (407) 937-0470 jkinnee@tdwood.com

Pike Center in Lawrencevill, GA Obtains $2.8M

SARASOTA, FL, April 1, 2010— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $2,800,000 for Pike Center @ 316 in Lawrenceville, Georgia.


Brad Cox, (bottom left photo) Company Senior Vice President, financed Pike Center @ 316 through Thomas D. Wood and Company’s correspondent relationship with The Standard Life Insurance Company in the amount of $2,800,000.

The partial-recourse loan has a term of seven years, based on a 21-year amortization and an interest rate of 6.55%.

The loan-to-value is 48%. The 93,992 square-foot industrial complex was built in 1988 and 1996, and is home to major tenant Shorter College and G/R/N Community Services. Pike Center @ 316 is located at 575, 585 and 595 Old Norcross Road, Lawrenceville, Georgia.

For further information, please contact:

Brad Cox (941) 552-9731 bcox@tdwood.com
Jessica Kinnee (407) 937-0470 jkinnee@tdwood.com

Jeffrey Meierhofer Named Associate Director of Marcus & Millichap Corp.

SALT LAKE CITY, UT– Marcus & Millichap Capital Corporation (MMCC) has named Jeffrey Meierhofer (top right photo) as an associate director in the firm’s Salt Lake City office, according to William E. Hughes, (bottom left photo) senior vice president and managing director of MMCC.

“Jeffrey has an impressive track record of arranging commercial real estate financing on a national scale,” says Hughes. “He brings a wealth of knowledge in arranging debt and equity finance transactions for multifamily, office, retail, industrial, and hospitality properties to his new position.”

Prior to joining MMCC, Meierhofer was the president and owner of The Madison Group, where he closed more than $100 million in commercial and hard money transactions. He has also been the president and owner of Madison Mortgage Inc. and a regional account representative for Old Kent Mortgage Wholesale Division.

Meierhofer is a graduate of Northern Arizona University and holds a bachelor’s degree in communication.

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

Walgreens Commands $9.5M Sale Price in Staten Island, NY

STATEN ISLAND, N.Y.-- Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of a 7,264-square foot Walgreens drugstore in Staten Island (top left photo)

. The sales price of $9.5 million represents $1,308 per square foot and a cap rate of 7.25 percent.

Steven Siegel, a vice president investments and senior director of the firm’s Net Leased Properties Group in Manhattan, and Scott Plasky, a net-leased properties investment specialist, also in Marcus & Millichap’s Manhattan office, represented the seller, a Walgreens preferred developer.

“The property is a recently opened, brand-new freestanding building located on a major retail corridor surrounded by national credit tenants,” says Siegel. “The total lease term is 75 years with Walgreens having the option to terminate after year 25. This is a zero-management asset,” adds Siegel.

Constructed in 2009, the property is located at 2191 Richmond Ave. in Staten Island, surrounded by national and local retailers including CVS, Rite Aid, Barnes & Noble, Pier 1, Duane Reade, Wendy’s, PC Richard & Sons, Dunkin’ Donuts, Marshalls, Best Buy and Starbucks. The 1.2 million-square foot, 200-store Staten Island Mall, anchored by Sears, JCPenney and Macy's, is less than one-half mile away.

The population within three miles of the property is 190,000 and the average household income is greater than $92,000.

Staten Island is one of the five boroughs of New York City.

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

Stan Johnson Co. Negotiates Sale of 80,000-SF Single Tenant Class A Office Building in San Antonio, TX for $10.85M

SAN ANTONIO, TX– Stan Johnson Company, one of the nation’s premier net lease brokerage firms, represented both the seller, Inland Western Retail Real Estate Trust, Inc. ("Inland Western”) and a private buyer in the sale of an 80,000-square-foot Class A office building 100% leased to Coventry – First Health for $10.85 million.

Built in 2005, the mid-rise building is located among other corporate users in the Westover Hills area near Sea World and Hyatt Hill Country Resort.

“We were able to work within the confines of a shorter lease and existing conduit debt and bring to Inland Western a buyer we had worked with in the past who liked the quality and credit of the asset,” said Craig Tomlinson (top right photo)  of Stan Johnson Company, who represented both the buyer and the seller.

Inland Western Retail Real Estate Trust, Inc. is a self-managed real estate investment trust that acquires, manages and develops a diversified portfolio of real estate, primarily multi-tenant shopping centers across the United States.

As of December 30, 2009, the portfolio under management totaled in excess of 48 million square feet, consisting of 299 consolidated operating properties. The company also has interests in 11 unconsolidated properties and 11 properties under development. For further information, please visit www.inlandwestern.com.

Contact: David Ebeling, Ebeling Communications, (949) 278-7851, david@ebelingcomm.com

NAI Realvest Chairman George Livingston to Represent Company April 8-11 at International Real Estate Trade Show in Beijing

MAITLAND, Fla. --- NAI Realvest will be represented at the International Real Estate Trade Show April 8-11 in Beijing, China. George Livingston (top right photo), chairman emeritus of NAI Realvest, said he will attend the trade show, which focuses on commercial and resort properties.

“As China’s free enterprise system matures, new Chinese entrepreneurs are looking for secure investment opportunities and commercial and resort properties in the U.S. offer many advantages,” Livingston said.

“This is a market that will take some time to develop, but we are committed to do so. During the trade show our lead effort will be to seek Chinese investors who also want a U.S. visa,” he said.

For more information, contact
George Livingston, Chairman Emeritus, NAI Realvest 407-875-9989 glivingston@realvest.com
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com

Top Associates at Crossman & Co. Earn Seven Awards at CFCAR 2010 Hallmark Awards Banquet

 ORLANDO - Four top associates at Crossman & Company, the Orlando-based commercial property firm that ranks as one of the largest third-party retail leasing and management firms in the Southeast, took home seven Hallmark Awards from the Central Florida Commercial Association of Realtors 2010 Hallmark Awards banquet recently.

John Crossman ( photo) CCIM, president of Crossman & Company, said senior associate Courtney Kowalchuk (top right photo)won the company’s most coveted award as the region’s Top Retail Producer and she is the firm’s fourth associate to with the annual award.

Kowalchuk, who joined Crossman & Company in November 2006, completed 35 retail property lease transactions in 2009 valued at $20 million.

Kowalchuk, who began her career in commercial real estate with Crossman & Company, was also named one of the region’s Top 10 Overall Producers.

Crossman & Company senior associate Justin Greider (top left photo)  also scored top honors during the Hallmark wards event as a Top 10 retail producer and also as a Top 10 Overall Producer. Greider, who chairs the International Council of Shopping Centers (ICSC) Florida Next Generation committee, joined Crossman & Company in 2009.

Associate Danny Germano (middle right photo)  who joined Crossman & Company in June 2007 earned two awards, as Rookie of the Year and also as a Top 10 Retail Producer. Germano negotiated 33 lease transactions covering over 72,000 square feet last year.

Associate Whitaker Leonhardt has been with Crossman & Company for one year and received a Circle of Achievement award. “Crossman & Company is a regional firm specializing in retail properties and so the retail sector awards were our main focus for the evening,” Crossman said.

Every year, since the Hallmark awards began in 1995, a Crossman & Company associate has been among the top retail producer awardees.

“We are delighted at the recognition and it was a real heart-thumper to see so many awards this year,” Crossman said.

Contacts:
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;
Molly Delahunty, Crossman & Company, 407-581-6220 mdelahunty@crossmanco.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com.

Mercantile Capital Corp. CEO Chris Hurn Earns Florida SBA Small Business Champion Award

ALTAMONTE SPRINGS - Mercantile Capital Corporation, which ranks as one of the nation’s largest providers of SBA 504 loans for small business owners who want to acquire or develop their own facilities, is about to be honored as the 2010 SBA Florida and 12-state Southeast District Financial Services Champion.

Wilfredo J. Gonzalez, (bottom right photo) District Director of the U.S. Small Business Administration, recently notified Mercantile Capital Corporation president and CEO Christopher G. Hurn (top right photo)  that he was selected the Small Business Financial Services Champion.

“This is the second time we have won the SBA Small Business Champion Award in four years,” Hurn said. “It is a great honor and it is recognition of all the hard work our staff has done to create a sound, dependable lending resource for small business,” he said.

“From the beginning, our strategy has been to provide the best commercial loan program available to small business owners who collectively represent the greatest strength of our economy and the most heavily burdened,” said Geof Longstaff,  (top left photo) chairman of Mercantile Capital Corporation.

“This has been particularly difficult during these economic conditions, and the fact that we have succeeded against the odds is a tribute to the hard work and dedication of all of our staff,” Longstaff added.

For more information, contact:
Chris Hurn, CEO Mercantile Capital Corporation, 407-786-5040; churn@mercantilecc.com;
Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040; glongstaff@mercantilecc.com;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com
.

Sperry Van Ness Becomes First Brokerage Firm to Implement Mobile Marketing Technology for Commercial Property Listings

IRVINE, CA, MARCH 30, 2010 – Sperry Van Ness, one of the nation’s largest commercial real estate brokerage firms, has announced that it has implemented a new mobile marketing platform using Qonnect.mobi for its commercial property listings. Sperry Van Ness is the first commercial real estate brokerage firm to implement this technology.

Qonnect.mobi is a mobile marketing platform that uses 2D barcodes, also known as QR codes, along with highly optimized mobile web pages to instantly deliver information to consumers.

This cutting edge marketing strategy will provide immediate access to property information such as URL links to mobile pages, digital flyers, images, video and contact information by simply scanning a bar code with any smart phone device.

“Technology has always been a key component to the success of this company, and this new mobile marketing platform is a result of our efforts to improve our efficiencies in marketing our listings”, said Kevin Maggiacomo (top right photo) , president and CEO of Sperry Van Ness. “We will continue to look for ways to provide better service to our clients.”

Scott R. Maesel  (middle left photo) and Wayne Caplan (bottom right photo) of Sperry Van Ness’ downtown Chicago office is the first to use this new technology in the marketing of 13,000 square feet of retail/restaurant space in Alta At K Station, a luxury high rise development built by The Fifield Companies.

“We are very excited to be the first commercial real estate firm to embrace this new technology and implement it into our marketing plan” said Maesel

Contact: David Ebeling, Ebeling Communications, (949) 278-7851, david@ebelingcomm.com

New tool aimed at streamlining property marketing process for brokerage industry

BEVERLY HILLS, CA – Commercial Real Estate Solutions, leading national consulting firm for the commercial real estate industry, has launched CRES-Tek, a subscriber-based marketing system that provide brokers a tool to easily and quickly create premier custom property marketing collateral for clients in a format consistent with the professional brand of their company.

CRES-Tek is a one-stop solution for creating property marketing materials in a fraction of the time it typically takes a broker to create.

From a single point of entry, the web-based system automates the creation of property websites, listing proposals, marketing brochures, executive summaries, financial analysis, sale and lease flyers, and exports your materials to the leading online commercial real estate listing services for properties for sale and properties for lease.

CRES-Tek also gives each broker the ability to market themselves with their own personalized marketing webpage.

“Commercial Real Estate Solutions has an in-depth understanding of industry tools and transactional workflow,” said Peyton Moore, broker with Colliers Abood Wood-Fay in Florida. “CRES-Tek makes my life so much easier. I highly recommend it to any firm or broker.”

Commercial Real Estate Solutions is currently marketing CRES-Tek to local, regional and national commercial real estate brokerage firms across the United States after beta testing it with several brokers. Thus far, they have received very positive feedback and numerous demos of the tool.

“For the past several years, brokers throughout the country have been telling us that they needed a tool that would create materials more efficiently so they could spend more time selling and leasing more properties as well as getting more clients,” said Mark Donahue, (middle left photo)  president and CEO of Commercial Real Estate Solutions. “We achieved our goal of providing clients with tools to win more business, market properties faster, and standardize a consistent company image.”

Donahue went on to say that this system provides the brokerage firm the ability to manage properties and marketing materials across multiple offices.

Commercial Real Estate Solutions, a leading national consulting firm for the commercial real estate industry, was founded by Mark Donahue and Ingrid van Arnhem, (top right photo)  who have a combined 68 years of experience in commercial real estate brokerage. For more information, visit http://www.cres-tekonline.com/

Contact: David Ebeling, Ebeling Communications, (949) 278-7851, david@ebelingcomm.com

Home Prices in the New Year Continue the Trend Set in Late 2009, According to the S&P/Case-Shiller Home Price Indices

NEW YORK, NY, Mar. 30, 2010 – Data through January 2010, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, show that the annual rates of decline of the 10-City and 20-City Composites improved in January compared to December 2009.

In fact, the 10-City Composite is unchanged versus where it was a year ago, and the 20-City Composite is down only 0.7% versus January 2009. Annual rates for the two Composites have not been this close to a positive print since January 2007, three years ago.

The chart (in the full release)  depicts the annual returns of the 10-City and 20-City Composite Home Price Indices, with a flat (0.0%) reading and down 0.7%, respectively, in January 2010 compared to the same month last year. All 20 metro areas and both Composites showed an improvement in their annual rates with this month’s readings compared to the December 2009 print.

“The report is mixed. While we continue to see improvements in the year-over-year data for all 20 cities, the rebound in housing prices seen last fall is fading.

"Fewer cities experienced month-to-month gains in January than in December 2009, on both a seasonally adjusted and unadjusted basis.” says David M. Blitzer, (top right photo) Chairman of the Index Committee at Standard & Poor’s.

“Moreover, in four cities – Charlotte, NC, Las Vegas, Seattle and Tampa – prices reached new lows following the financial crisis. Tampa and Las Vegas experienced some of the largest gains and declines in this cycle, while Charlotte and Seattle saw much more modest price booms and relatively late peaks.

 On a brighter note, San Francisco and Minneapolis are 15.2% and 12.9% above their trough values.”

For a complete copy of the release and graphs, please contact:
David R. Guarino, Director of Global Index Communications, Standard & Poor's, 212 438 1471

Thomas D. Wood & Co. Brokers $3M Financing for 3 Central Florida Properties

ORLANDO, FL, Mar. 29, 2010— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $3,085,000 for Pepperwood Apartments, Strawberry Place Apartments, and Lazy Acres Mobile Home Park.

Doug Rozzell, Company Principal, financed Pepperwood Apartments through Thomas D. Wood and Company’s correspondent relationship with The Standard Life Insurance Company in the amount of $1,450,000. The loan has a 5+5+5+5+5-year term, based on a 25-year amortization and an interest rate of 6.90%. The loan-to-value is 70%.

The 72-unit apartment complex was built in 1974 and is located at 13725 Susan Kay Drive, Tampa, Florida.

As with Pepperwood Apartments, Rozzell also financed Strawberry Place Apartments through The Standard Life Insurance Company in the amount of $1,150,000. The loan has a 5+5+5+5+5-year term, based on a 25-year amortization and an interest rate of 6.90%. The loan-to-value is 70%. The 55-unit apartment complex was built in 1982 and is located at 1400 Strawberry Place, Plant City, Florida.

Rozzell financed the Lazy Acres Mobile Home Park through Thomas D. Wood and Company’s relationship with a local bank in the amount of $535,000. The interest rate is fixed at 6.75% for a five-year term, based on a 25-year amortization. The loan-to-value is 50%. The 50-pad mobile home park is located on 2.34 acres at 14011 N. Nebraska Avenue, Tampa, Florida.

For further information, please contact:
Doug Rozzell (407) 937-0470 drozzell@tdwood.com
Jessica Kinnee (407) 937-0470 jkinnee@tdwood.com

42% Of South Florida Resale Condos Distressed

MIAMI, FL--Nearly 42 percent of the nearly 53,000 condominiums for resale in the tricounty South Florida region are in some form of distress with the ratio of troubled product reaching as high as 50 percent in Miami-Dade County, according to a new report from CondoVultures.com.

More than 22,200 condominium units on the resale market in Miami-Dade, Broward, and Palm Beach counties are either bank-owned properties or in the process of a short sale where a lender accepts less than the amount owed on the existing mortgage, according to the report based on Florida Association of Realtors data.

"Distressed condos are going under contract in South Florida at a pace that is three times faster than those units that are not bank-owned or in the process of a short sale," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "Today's condo buyers are purchasing with all cash, so the natural focus is to gravitate toward the distressed units that can be acquired at a deep discount. The product that is not officially deemed to be distressed is selling but at a much slower pace."

Contact:  Peter Zalewski,  800-750-0517, peter@condovultures.com