NAI Realvest Negotiates New Lease for 6,618 SF of Industrial space for Boxing and Fitness Club Expansion at Goldenrod CommerCenter in Orlando

ORLANDO, FL – NAI Realvest recently negotiated a new lease agreement for 6,618 square feet of industrial space in the Goldenrod CommerCenter (top left photo) located at Suite 200, 1468 N. Goldenrod Rd. in East Orlando.

 Michael Heidrich, principal at NAI Realvest brokered the transaction on behalf of the landlord, Maitland-based COP-Goldenrod, LLC.

The tenant, SOA, Inc. d/b/a The Source Athletics, Inc., is a boxing, and fitness club that subleases suite 310 with 4,382 square feet at Goldenrod and will be relocating and expanding into the larger suite.

For more information, please contact:
Michael Heidrich, Principal, NAI Realvest 407-875-9989 or mheidrich@realvest.com

Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com

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

Mercantile Capital Corporation Provides Commercial Real Estate Loan in Orlando Worth $476,000

 ALTAMONTE SPRINGS, FL – Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, closed a commercial loan for Suhaag Garden, Inc. recently for $476,000 in total project costs.

Suhaag Garden, Inc. is a full service event décor and design company specializing in South Asian weddings and events.

 “With the help of MCC, we were able to secure an SBA 504 loan for our new property and are excited to serve the Orlando community on a full-time basis with a brand new state-of-the-art showroom,” said owner, Jilna Jasani.

 “We especially want to thank Monica and Zenia from MCC, who guided us through the whole process and answered all our questions in a timely manner,” she added.

 The SmartChoice Commercial Loan Program helps owners of small to mid-sized businesses, like Suhaag Garden, Inc., have an opportunity to create wealth and financial freedom. 

Their specialization in SmartChoice Commercial Loans, also known as SBA 504 loans, allows borrowers, like Jigar and Jilna Jasani, to own their commercial property with the highest cash-on-cash return financing available, without tying up their precious capital, so they can grow even faster.

 For more information, visit www.TheSmartChoiceLoan.com

 and www.504Blog.com

Contacts:

Chris Hurn, Mercantile Capital Corporation, 407-786-5040

Robin Lashley, Mercantile Capital Corporation, 407-786-5040

Celebration Golf Club in Orlando to close for major renovations, in preparation for Oct. 15 anniversary celebration

 ORLANDO, FL --- Celebration Golf Club near Walt Disney World is closed through Aug. 22 so owners can undertake major renovations in preparation for the 15th anniversary celebration of Celebration Golf Club in October.

Gene Garrote, president of Celebration Golf Management, said he plans to redo 18 older greens, along with bunker renovation and turf conversion. Garrote said Celebration Golf Management will spend more than $500,000 on the project.

Champion Turf Farms is handling the renovations, Garrote said.

 For more information, contact:  

Gene Garrote, President, Celebration Golf Management, 407-566-1045;  

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

Hendricks & Partners Negotiates Sale of 336 Unit Sawgrass Cove Apartments in Bradenton, FL for $23.2 Million

BRADENTON, FL --- Hendricks & Partners, which ranks as one of the nation’s largest multi-family real estate advisory and research firms, recently negotiated the sale of the Sawgrass Cove Apartments (top left photo), located at 4801 47th Ave. West in Bradenton.

 Cole Whitaker (middle right photo), partner at Hendricks & Partners who heads the Southeast Division of the firm based in Orlando, negotiated the transaction with Associate Partner Hal Warren  representing the seller Chicago-based Equity Residential.

The 336-unit apartment property totaling 342,880 square feet was built in 1991, Whitaker said.  The units, which are 97 percent occupied, are situated in 21 two-story garden-style buildings on 28.02 acres with tranquil lakes and fountains.

 Amenities include resort-style swimming pool, tennis courts and clubhouse with fitness facility and business center.

 New York based Atlas Real Estate Partners and Florida based Andover Real Estate Partners doing business as Sawgrass Cove Apartments, LLC acquired the property and plan to immediately upgrade the exterior, interiors, landscaping and amenities.

For more information, contact:  

Cole Whitaker, Southeast Partner, Hendricks & Partners, 407-218-8880, cwhitaker@HPAPTS.com

Hal Warren, Associate Partner, Hendricks & Partners, 407-218-8881, hwarren@HPAPTS.com

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

  

Grubb & Ellis Reaches Definitive Agreement for Sale of Assets of Alesco Global Advisors to Lazard Asset Management;

  

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the company has entered into a definitive agreement for the sale of substantially all of the assets of its real estate investment fund business, Alesco Global Advisors, to Lazard Asset Management LLC.  Terms of the transaction were not disclosed.

 Alesco Global Advisors is a registered investment advisor that focuses on real estate securities and manages three registered mutual funds.  Grubb & Ellis acquired a 51 percent interest in Alesco Global Advisors through its Daymark subsidiary in 2007.

 “We are executing on our plan to maximize value for our stakeholders and strengthen the company’s competitive position,” said Thomas P. D’Arcy (top right photo), president and chief executive officer of Grubb & Ellis.

 “Today’s agreement on Alesco is a positive step forward in the sale of Daymark Realty Advisors, which is a key part of our plan.  At the same time, we believe Alesco and its talented fund manager, Jay Leupp (middle left photo), will benefit from having access to the scale and resources of Lazard Asset Management, one of the world’s preeminent asset management firms.”

 “We look forward to having this experienced real estate investment team join our firm,” said Ashish Bhutani (bottom right photo), chief executive officer of Lazard Asset Management.  “By adding listed real estate investment strategies to our platform, we will continue to provide diversified and superior investment solutions for our clients.” 

The transaction is subject to related approvals by the mutual funds’ Board of Trustees and shareholders and is expected to close in the third quarter of 2011.

 Contact: Janice McDill, Phone 312.698.6707,                                       

Email: Janice.mcdill@grubb-ellis.com

          

Marcus & Millichap Promotes Matthew E. Friedman to First Vice President Investments

ENCINO, Calif., June 10, 2011 – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Matthew E. Friedman (top right photo) to first vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Adam P. Christofferson, (lower left photo) first vice president and regional manager of the firm’s Encino office.

“Matthew’s high level of repeat business is direct evidence of his dedication to providing the highest level of customer service to his clients,” says Christofferson.

 Most recently, Friedman held the title of vice president investments.

After being named an associate of the firm in October 2003, Friedman was promoted to senior associate in October 2005 and to vice president investments in July 2008. He has received nine sales awards from Marcus & Millichap.

 Friedman specializes in the sale of multifamily investment real estate throughout the country.

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

Carter Instrumental in Purchase of Medici

ATLANTA, GA– Carter, one of the country’s leading commercial investors, advisors and real estate service providers, sourced the acquisition of The Medici Office Building (top centered photo) on behalf of Piedmont Office Realty Trust (NYSE:PDM). The Class-A property is located within the prominent Piazza at Paces development complex in Atlanta’s desirable Buckhead submarket.

Piedmont purchased the six-story, 152,221 square-foot office building for $13,210,000 million at a Fulton County foreclosure auction. The Medici building, located at 3284 Northside Parkway NW, Atlanta, was constructed in 2008 as part of the Piazza at Paces mixed-use high-end office and residential development.

 The property land area totals 1.85 acres and includes a 4-level below grade parking garage. The building, formerly the headquarters of Silverton Bank, is currently 15 percent leased to two tenants and will be actively marketed for lease.  Carter’s Glenn Kolker will be responsible for the leasing and marketing of the building.

Wil Stone, Senior Vice President, Capital Markets for Piedmont Office Realty Trust, represented the company in the transaction.  “We appreciate the role Carter played for us in the acquisition of this quality building.  We look forward to working with Carter to lease-up the building and execute on our goal of realizing significant value in the future.”

Jim Shelton (middle right photo), vice chairman of Carter, said “The Medici is a Class A+ office building that will attract top-quality tenants. The Medici is hard to match from a location, access, and quality standpoint,” said Shelton. “Carter looks forward to leveraging our relationships to help quickly lease the building for Piedmont.”

For more information, see www.piedmontreit.com

. 

For additional information on Carter, please visit www.carterusa.com

Contact:

Laura Dudebout

O: 404.965.5023

C: 678.642.4301

ldudebout@wilbertnewsstrategies.com

Equity Investment Services to Lease Two Publix-Anchored Shopping Centers

ORLANDO, FL; June 10, 2011 — Equity Investment Services (EIS) has been retained by The Rosen Group, Inc. to exclusively lease two Publix-anchored shopping centers. 

The assets, Harbor Oaks Plaza (top left photo)and  Springhill Commons (bottom right photo) are located in Clearwater and Gainesville, FL.  EIS is currently leasing Rosen’s Publix-anchored Southchase Shopping Center in Orlando, FL. 

 Christopher M. Savino, Managing Director of Equity Investment Services said “We have put together a comprehensive strategy to stabilize these assets”.

 Senior Associate, Nathan R. Cutchin and Associate, Matthew D. Edmiston of Equity Investment Services will oversee the leasing of all three properties.

 The Rosen Group is a privately held real estate development and management company with a portfolio of over twelve million square feet.

 Equity Investment Services is a full service commercial real estate investment advisory company based in Orlando, Florida.. EIS represents owners in the disposition/acquisition, leasing and professional management of shopping centers, office buildings, and single tenant net leased investments.

 For more information, visit: www.EISRE.com

Contact:

Nathan R. Cutchin (o) 407/573-0711 ext. 307  ncutchin@eisre.com

Matthew D. Edmiston (o) 407/573-0711 ext. 305  medmiston@eisre.com

 Estefanía Enriquez |Marketing Coordinator, Phone: 407.573.0711 ♦ Fax: 407.573.0710, Email: EEnriquez@EISRE.com

Website: www.EISRE.com

Marcus & Millichap Sells $16.1 Million Medical Office Building in Tennessee

JOHNSON CITY, TN– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of 701 Med Tech Parkway (top left photo), a 60,600-square foot, four-story multi-tenant medical office building in Johnson City.

 Anthony Lunceford, an office and industrial property specialist in the firm’s Nashville office represented the sellers. Joseph Massa (lower right photo), a senior associate, also in Nashville, represented the buyer, a regional private equity firm located in the Southeast.   

“701 Med Tech Park was built in 2008 and is anchored by the East Tennessee Ambulatory Surgical Center (ETASC),” says Lunceford. “ETASC signed an initial 25-year lease with 15 percent escalations every five years.” 

The other tenants in the building are East Tennessee Brain & Spine and John Lawson Surgical.

 The property, located at 701 Med Tech Parkway in the Med Tech Park corridor, is next to the brand-new Franklin Woods Community Hospital and is less than 2.5 miles from the Johnson City Medical Center.

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

6,800 New Condos From Boom Era Still Unsold In South Florida

 

MIAMI, FL---Nearly 6,800 condominium units - some 14 percent of the total new inventory - created near the coast in the tricounty South Florida region during the real estate boom are still not sold as of March 31, 2011, according to a new report from CondoVultures.com.

The total number of unsold new condos does not include any of the more than 8,000 units that were purchased in bulk transactions by investment groups that plan to one day resell the units at a premium, according to the Condo Vultures® Bulk Deals Database™.

Developers created nearly 250 projects with 49,000 units since 2003 in the seven largest condo markets east of Interstate 95 in Miami-Dade, Broward, and Palm Beach counties during the boom.

In the four decades prior to the boom, developers created nearly 700 condominium projects with more than 76,500 units in the same seven coastal markets of Greater Downtown Miami (top left photo), South Beach, Sunny Isles Beach (top right photo), Downtown Fort Lauderdale and the Beach, Hollywood / Hallandale Beach, Downtown West Palm Beach (bottom left photo) and Palm Beach Island, and Boca Raton / Deerfield Beach (bottom right photo), according to a comprehensive study undertaken for the Condo Vultures® Official Condo Buyers Guide™ eBook series.

"At the current pace of about 200 new condo sales per month - or 600 units per quarter - in South Florida, the tricounty region has nearly three years of remaining inventory in Miami-Dade, Broward, and Palm Beach," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"Despite the new unit inventory overhang in South Florida's seven largest coastal markets, some developers are already taking steps to secure land and governmental approval to launch presales for new projects in the near future.

" It is unclear if prospective buyers will decide to purchase newly constructed units when nearly 49,000 condos were built during the boom that began in 2003." 

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

HFF places $17.8 million agency loan for Tallahassee area multi-housing community

               

MIAMI, FL – HFF announced today that it has placed a $17.8 million financing with Freddie Mac for Delaney Park at Southwood  (top left photo), a 248-unit, premier Class A multi-housing community in Tallahassee, Florida.

HFF worked on behalf of Epoch Properties, Inc. to secure the seven-year, fixed-rate loan through Freddie Mac’s Early Rate Lock Capital Markets Execution (CME) Program.  The securitized loan has a rate below five percent and will be serviced through HFF’s Freddie Mac Program Plus® Seller/Servicer program.

Delaney Park at Southwood is adjacent to SR 251 in Tallahassee about 3.7 miles from the Florida State capitol.  Epoch completed the development in 2007 and has managed the property since completion. Delaney Park at Southwood has 12 residential buildings that are 95 percent leased. 

Community amenities include a beach-style entry swimming pool, whirlpool spa, cardio/strength training fitness center, indoor basketball court, steam sauna, private movie theater, billiards and game area, resident conference room with library, car care center and controlled access gates.

The HFF team representing Epoch Properties, Inc. was led by director Elliott Throne and senior real estate analyst Todd Adams.

“Epoch took advantage of the current low interest rate environment and paid off their original construction loan with a new permanent loan that had terms only Freddie Mac could offer.  They now have an attractive low interest rate long-term financing that can be assumed by a new buyer if they choose to sell the asset in the future,” said Throne.

Epoch Properties, Inc. is based in Winter Park (Orlando), Florida and has developed over 32,000 multifamily living units in over 55 cities from California to Florida. Epoch currently owns 3,913 units in 11 properties and manages over 6,100 units

Contacts:

Elliott P. Throne, HFF Director, (305) 421-6549, ethrone@hfflp.com

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

krmurphy@hfflp.com

                                                                                                                               

HFF secures $10.92 million financing for Sparks, NV multi-housing community

IRVINE, CA – HFF announced today that it has secured $10.92 million in financing for The Waterford (top left photo), a 240-unit multi-housing community in Sparks, Nevada.

Working on behalf of Silverwing Development, AJU Investments and the Strand Group of Companies, HFF placed an 80 percent LTV, seven-year, Capped ARM acquisition loan with Freddie Mac (Federal Home Loan Mortgage Corporation).

  HFF will service the loan through its Freddie Mac Program Plus® Seller/Servicer program.

The Waterford is located at 800 Nichols Boulevard across from the Sparks Marina.  The property offers one-, two- and three-bedroom units and is currently 92 percent leased.  Community amenities include a swimming pool and hot tub, 24-hour fitness center, lighted basketball court, picnic areas with barbecues, covered parking and five laundry facilities.

The HFF team representing Silverwing, AJU and Strand was led by managing director David Bleiweiss (lower right photo) and associate director Greg Brown. 

“This was a tremendous opportunity for the buyers of this asset,"said Bleiweiss.

"We were able to obtain a waiver for 80 percent financing through our relationship with Freddie Mac, and the buyer was able to capitalize on the attractive Capped ARM Program offered by Freddie Mac. 

" This drove the cash-on-cash returns for this investment above what is typical for this quality of multi-housing, especially in today’s competitive acquisition environment,”  

Silverwing Development is a residential and land developer, headquartered in Concord, CA, that is currently focused on repositioning commercial and multifamily assets in the Western US.  AJU Investments is focused on the acquisition and repositioning of multi-housing and retail properties throughout the Southwest US and Florida.  Strand is actively involved in the acquisition and financing of multifamily and single family residential projects throughout the US.

.

 Contacts:

David A. Bleiweiss, HFF Managing Director, (949) 253-8800 dbleiweiss@hfflp.com

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

krmurphy@hfflp.com

$128 million financing secured by HFF for eight-property multi-housing portfolio in Georgia, North Carolina and Texas

 DALLAS, TX – HFF announced today that it has secured $128 million in financing for an eight-property, 2,407-unit multi-housing portfolio located in the metropolitan areas of Atlanta, Georgia; Raleigh, North Carolina; and Dallas and Houston, Texas.

Working exclusively on behalf of MAA, HFF placed the 10-year, 5.08 percent fixed-rate loan with New York Life Insurance Company.  Loan proceeds are paying off an existing facility.

The HFF team representing MAA was led by senior managing director Kevin MacKenzie (top right photo).

MAA is a self-administered, self-managed apartment-only real estate investment trust, which currently owns or has ownership interest in 47,654 apartment units throughout the Sunbelt region of the U.S.  www.maac.com.

Contacts:

Kevin C. Mackenzie, HFF Senior Managing Director, (214) 265-0880,  kmackenzie@hfflp.com

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

HFF closes $20.58 million sale of The Cannery in San Francisco

SAN FRANCISCO, CA – HFF announced today that it has closed the sale of The Cannery (top left photo), a 98,983-square-foot mixed-use building in San Francisco’s Fisherman’s Wharf district.

HFF marketed the property on behalf of the seller.  The property was purchased for $20.58 million free and clear of debt. The iconic property was aggressively pursued resulting in over 25 offers to purchase.

Originally developed in 1907 as the world’s largest peach cannery, the property has operated as a multi-level mixed-use center for the last 50 years.  The Cannery was extensively renovated in 2001 and includes two, three-story office and retail buildings.  Located at 2801 Leavenworth Street, the 1.29-acre site is situated in the heart of San Francisco’s Fisherman’s Wharf district, which attracts more than 16 million visitors annually and is ranked as one of the top five destinations nationally.  

The HFF team representing the seller included directors Samuel Brownell and Nicholas Bicardo and senior managing director Michael Leggett.

Contacts:

Samuel A.  Brownell, Ca. Lic. # 01323731, HFF Director, (713) 852-3500, sdeasy@hfflp.com

Nicholas T. Bicardo, Ca. Lic. #01380524, HFF Director, (415) 276-6300, nbicardo@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (415) 276-6300                                                                 

krmurphy@hfflp.com

Berger Commercial Realty Corp. Closes Transactions Totaling More Than $3 Million in April

  

FORT LAUDERDALE, FL. – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced brokers  Judy Dolan (top right photo) and Steve Hyatt (lower left photo) closed three transactions totaling more than $3 million in April.

Hyatt and Dolan represented BMR Funding LLC in a fractured condo sale for $2.5 million to Club Cortile LLC. The 48-unit, multifamily property is located at 700 Lyndhurst St. in Dunedin, Fla. The deal closed April 15.

 Hyatt and Dolan also represented Miami D Properties LLC in the $450,000 sale of a 16-unit apartment building, located at 451 NW 7th St. in Miami, to Manhattanville LLC. The deal closed April 12.

Additionally, Hyatt represented Lloyd Berger, who was acting as receiver for Green Square Investments, in the $500,000 sale of a 19-unit, multifamily apartment building located at 5624 LaSalle Court in New Port Richey, Fla., to LaSalle Properties LLC.

 Dolan, Vice President of Berger Commercial Realty Corp., has more than 12 years of experience in commercial real estate brokerage and is a licensed attorney with expertise in real estate transactions.

 Hyatt serves as Senior Vice President of Berger Commercial Realty Corp and has more than 28 years of experience in commercial real estate and investment sales. He specializes in turn-around situations and distressed asset sales for banks and other institutional clients. 

 For more information, visit www.bergercommercial.com

 Contact:

Marielle Sologuren

Pierson Grant Public Relations

6301 Northwest 5th Way, Suite 2600

Fort Lauderdale, FL 33309

Phone: (954) 776-1999, ext. 226

Fax: (954) 776-0290

msologuren@piersongrant.com

http://piersongrant.com/

HighImpactDigital.com