Friday, August 20, 2010

McCarthy Building Companies Tops Out Structural Steel on Terminal C at John Wayne Airport in Orange County, CA

ORANGE COUNTY, CA,  Aug. 20, 2010— McCarthy Building Companies, one of Southern California’s preeminent builders, topped out structural steel on the new Terminal C at John Wayne Airport (top left photo)  on August 2, 2010 when construction workers from W&W Steel Company lifted and secured the final steel beam to the top of the structure.

 Over the last four months, construction workers used a 350-ton crawler crane to install 2,400 pieces of structural steel for the new Terminal.

Serving as the general contractor for the project, McCarthy is building a new 280,000-square-foot, three-level terminal with six bridged aircraft gates at John Wayne Airport.

The new terminal is being built just south of the existing terminal complex. Once completed, John Wayne Airport will house a total of 20 commercial passenger gates, two of which will be capable of connecting to Federal Inspection Services (FIS) (Customs) facilities allowing JWA to accommodate international flights.

 Additionally, new commuter passenger terminals with space for up to three commuter/ regional jets at the north end of Terminal A and three commuter/regional jets at the south end of Terminal C are being built.

McCarthy is also performing upgrades and renovations to the existing Terminals A and B. The $102.3 million construction project is part of the Airport Improvement Program (AIP) – one of Orange County’s largest-ever public works programs.

“We are conducting a very detailed plan for the project due to the logistics of building in an operational airport facility; a constricted site bounded by airport operations and roadways; and tight security constraints at the airport,” said Khatchig Tchapadarian, (bottom left photo)  McCarthy’s project director.

 “In order to minimize any impact to airport operations, the project is being phased, some construction work is being conducted at night and barricades have been installed.”

With architectural and engineering provided by Gensler of Newport Beach, Terminal C is being built with a structural steel frame and cast-in-place concrete.

To maintain a seamless connection between all three terminals, the new building’s exterior skin will incorporate masonry, plaster, and stone along with glass and metal panels similar to the existing structures. The interior features vaulted ceilings resembling a fuselage, several windows and skylights.

Terminal C will house a centrally located concessions area on the second level, surrounding a three-story atrium; baggage claim with three baggage carousels as well as a separate security screening area.

Additionally, custom-designed power receptacles located between the backs of the passenger seating rows will allow travelers to power up their cell phones, laptop and other electronic devices while waiting for their flight.

Environmentally responsible construction techniques are being used throughout the project including: curbing storm water runoff from the construction sites to prevent discharge of pollutants to the storm drains; recycling 90 percent of construction-related materials and waste; and dust mitigation activities to minimize air quality effects during construction.

Furthermore, some of the structure’s sustainable aspects feature: utilization of natural lighting and other methods to maximize energy efficiency; as well as a Water Quality Management Plan which incorporates environmental controls into the building designs and specifies the means and methods of pollution control after completion of the buildings.

Parsons of Pasadena, CA is the Program Manager; Arcadis/Pinnacle One of Irvine, Calif. is the Construction Management firm; Jacobs of Santa Ana, Calif. is the Civil & MEP Engineer; and IDS Group, Inc. of Irvine, Calif. is the Structural Engineer. The main specialty contractors are: Capparelli/KHS&S of Orange (framing/drywall); Helix of San Diego, Calif. (electrical), A.O. Reed of San Diego (HVAC) and Pan Pacific Plumbing of Irvine (plumbing).

Construction began in August 2009 and is scheduled to open to the public in late 2011.


Laura Mickelson (LM Communications), (949) 453-0851
Susan Garritano (McCarthy Building Companies, Inc.), (314) 968-3300

Forest City Announces Closing of $46.1M Financing for D.C. Apartment Project at The Yards

CLEVELAND, OH Aug. 20 /PRNewswire-FirstCall/ -- Forest City Enterprises, Inc. (NYSE:FCEA)(NYSE:and)(NYSE:FCEB) today announced that a subsidiary closed a $46.1 million HUD-insured mortgage loan for Foundry Lofts, (top left photo)  a 170-unit, 80/20 multifamily apartment building at The Yards, (bottom left  photo)  Forest City's mixed-use project in southeast Washington, D.C.

"This financing is an important milestone for The Yards for several reasons," said Charles A. Ratner (middle right photo) , Forest City president and chief executive officer.

"It is the beginning of active construction on our first building at The Yards. It also demonstrates the strength of the public/private partnership that has persevered through difficult financial and economic conditions.

"Most important, we believe it marks the start of a new period of economic revitalization and opportunity for this neighborhood and all of southeast D.C."

"Foundry Lofts is also significant for us as a company," Ratner added.

"With the exception of the Barclays Center arena in Brooklyn, this is the first new construction we have started in two years.

"Throughout the recession and into the current recovery, we've consistently stated that we would only start a project when there was a combination of market demand and available financing.

"The D.C. market has held up very well during the downturn, giving us confidence in the market. The innovative financing behind this project provided the other necessary piece.

"The project also highlights the significant entitlements we hold in quality markets that enable us to move forward on projects as markets and financing allow."

The 41-year financing, at a 4.66 percent interest rate (before mortgage insurance), was completed through a risk-sharing program between the District of Columbia Housing Finance Agency and the U.S. Department of Housing and Urban Development, and was funded by a total of $47.7 million of New Issue Bond Program (NIBP) bonds.

The NIBP program, which was implemented as part of the Housing and Economic Recovery Act of 2008, is designed to help provide market liquidity for bonds that housing finance agencies use to provide financing.

The Yards is located on 42 acres along the Anacostia River in the Capital Riverfront District adjacent to Nationals Park, (bottom left photo) the home of the Washington Nationals major-league baseball team.

At full build-out, The Yards is expected to have a total of approximately 5.5 million square feet of development, including nearly 3,000 units of residential multifamily housing, 1.8 million square feet of office space and up to 400,000 square feet of retail space.

Contact:  Robert O'Brien, Executive Vice President - Chief Financial Officer, +1-216-621-6060; Jeff Linton, Vice President - Corporate Communication, +1-216-621-6060
Web Site:

Grubb & Ellis Commercial Florida Names NiCole Barry Vice President of Office Services Group in Orlando area

ORLANDO, Fla. --- Grubb & Ellis Commercial Florida has appointed NiCole Barry (top right photo)  vice president of office services in the Orlando region.

Jeff Sweeney, SIOR, president of Grubb & Ellis Commercial Florida in Orlando, Tampa and Melbourne, said Barry is a graduate of the University of Florida and has more than 20 years of experience in commercial real estate.

“NiCole Barry is one of the bright stars in the office leasing field in Central Florida,” said Sweeney. “We are delighted she has joined our team and we expect her to play a key role in our expansion,” he said.

Barry will office in the firm’s new expanded headquarters facility at 20 N. Orlando Ave. in Maitland.

Contact: Jeff Sweeney, SIOR 407-481-5387,

BDG Construction Services Awarded Contract by Largest Florida Panera Bread Franchisee to build out space for new operation in Fort Lauderdale

WINTER SPRINGS, FL (Aug. 20, 2010) --- BDG Construction Services in Winter Springs was recently awarded a contract to build out the interior space for a new Panera Bread franchise operation at Southport Shopping Center (top left photo) at 1461 SE 17th St. in Fort Lauderdale.

Kevin Guffee, principal with BDG Construction Services, LLC said Covelli Enterprises–the largest Panera Bread franchisee in Florida–awarded the contract for the 4,976 square foot facility that will seat 279 patrons when it’s completed and opened by the end of this year.

BDG is a member of the University of Central Florida Business Incubation Program located at the Seminole County/Winter Springs Incubator on E. State Road 434 in Winter Springs.

For more information, contact:
Kevin Guffee, Principal, BDG Construction Services, LLC, 407-729-5832
Esther Vargas-Davis, Site Manager, UCF Incubator-Seminole County, 407-278-4881,
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

NAI Realvest negotiates industrial lease renewals for more than 33,800 SF in Central Florida

ORLANDO, Fla. – NAI Realvest recently negotiated two renewal leases for industrial space totaling 33,858 square feet at commerce centers in Orlando and Lake Mary

Michael Heidrich (top right photo), principal at NAI Realvest, negotiated both transactions representing the landlords.

At Lake Mary Business Center the tenant Goulds Pumps Inc., based in Upper Saddle River, N.J., renewed its lease of 32,358 square feet for three years at 1150 Emma Oaks Trail. Lee Morris (bottom right photo) of Cushman & Wakefield represented Goulds. Lake Mary BC, LLP of Maitland is the landlord.

Heidrich also represented the landlord Airport Investment Properties LLC of Columbus, Ohio in the renewal lease agreement with the tenant Kissimmee-based Eagle Party of Florida, Inc., who renewed its lease of Unit 100-1 with 1,500 square feet at 7466 Narcoossee Rd. in the Airport Industrial Center.

For more information, please contact:
Michael Heidrich, Principal, NAI Realvest, 407-875-9989
Patrick Mahoney, President, NAI Realvest 407-875-9989
Beth Payan or Larry Vershel Communications, 407-644-4142

Berger Commercial Realty Corp. Closes $1.35M Sale of Pompano Beach, FL Apartment Portfolio

FORT LAUDERDALE, Fla. – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale, Fla. and serving clients around the state, announced brokers Steve Hyatt (top right photo) and Reese Stigliano, (bottom left  photo)  SIOR, represented Yellow Park of Pompano, LLC, in the short sale of a five-building, 60-unit apartment portfolio for $1.35 million to Silver Key, LLC.
"The five buildings sold for about $22,500 per unit," said Stigliano, a principal of the firm. "We negotiated a short sale; the original debt was over $2.9 million. The deal was an all-cash transaction."

The five, two-story buildings were all built between 1967 and 1970, and feature one-bedroom, one-bathroom units. The buildings are located in Pompano Beach at 170 S.W. 8th St.; 180 S.W. 8th St.; 200 S.W. 8th St.; 220 S.W. 8th St.; and 241 S.W. 8th Court.

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

Epic Unloads 14 Downtown Miami Condos At 32% Discount

MIAMI, FL--Developer Ugo Colombo's (top right photo)  luxury Epic West condominium (top left photo) in Downtown Miami has unloaded 14 units in bulk at a 32 percent discount off of the project's $556-per-square-foot average sales price, according to a new report from

This deal ranks as the highest price paid per square foot for a block of at least 10 units in Greater Downtown Miami, according to Condo Vultures® Bulk Deals Database™.

A trio of entities - two based in the British Virgin Islands and the other in Coral Gables - purchased a combined 14,600 square feet of space for $5.5 million, or $378 per square foot, in separate transactions that closed on June 30 and Aug. 12, according to the report based on Miami-Dade County and Florida Secretary of State records.

The bulk discount is even deeper if a 2,500-square-foot unit on the 45th floor, which was part of the purchase, is excluded from the acquired package, according to the report based on a recent Condo Vultures® White Paper™.

"This is an example of value-oriented buyers paying a premium in terms of bulk pricing for a superior product," said Peter Zalewski, (top left photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "The immediate challenge will be generating a healthy annual return on the rent until the units can be retraded. Despite the obvious risk, the buying group was so impressed with the product that it returned within 45 days of its original transaction to buy more units."

Built in 2008 on the north bank of the Miami River, Epic West is a 54-story tower mixed-use project with 342-condominium units, a hotel, retail space, a marina, and several restaurants including London's acclaimed Zuma, in the heart of Downtown Miami, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Miami™.

The project's Italian-born developer established a reputation in Miami for luxury condos based on his success with the Bristol Tower (lower left photo)  in 1993 and the Santa Maria condominium (lower right photo)  some years later.

Before the bulk deal, the project had slowly sold about one-third of its inventory since December 2008 with prices ranging from $400 to more than $1,000 per square foot, according to the licensed Florida buy-side brokerage Condo Vultures® Realty LLC.

With this bulk deal, there have now been 21 transactions in Greater Downtown Miami representing more than 1,900 units and 2.7 million square feet at an average of $215 per square foot, according to the report.

Overall, bulk buyers have transacted more than 60 condo deals in South Florida since July 2008, accounting for more than 5,500 units with 6.5 million square feet for an average price of $237 per square foot, according to the Condo Vultures® Bulk Deals Database™.

Developers constructed some 22,250 new condo units in Greater Downtown Miami between 2003 and 2010, effectively tripling the amount of inventory that had been constructed in the four previous decades, according to the Condo Vultures® Official Condo Buyers Guide To Miami™.

At the end of the second quarter, there were 5,000 unsold developer units in Greater Downtown Miami, which stretches from the Julia Tuttle Causeway south to the Rickenbacker Causeway, Interstate 95 east to Biscayne Bay.

The average price per square foot for a new unit in Greater Downtown Miami at the end of the second quarter was $333, according to the licensed Florida sell-side brokerage CVR Realty™.

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at

$79M refinancing for The Shops at Sunset Place in Miami arranged by HFF

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $79 million refinancing for The Shops at Sunset Place, (top left photo)  an open-air mall in Miami, Florida.

HFF executive managing director Manny de Zárraga (top right photo), director Luis Castillo (bottom left photo) and managing director Danny Finkle (top left photo), in conjunction with managing director Claudia Steeb and executive managing director and managing member, John Pelusi, Jr. (middle right photo)  of the Pittsburgh office of HFF, worked exclusively on behalf of the property’s ownership group comprised of Simon Property Group and Institutional Mall Investors, LLC, a joint venture between an affiliate of Miller Capital Advisory, Inc. and the California Public Employees’ Retirement System (CalPERS).

The HFF team secured the 10-year, fixed-rate loan through JP Morgan Securities, Inc, which replaced a maturing facility on the property.

The Shops at Sunset Place is located at 5701 Sunset Drive at the intersection of US Route 1 and SW 57th Avenue in South Miami.

Completed in 1999, the property has three open-air retail buildings and an eight-story parking garage all connected via pedestrian sidewalks and bridges.

The Shops at Sunset Place is leased to a variety of tenants including AMC Theaters, LA Fitness, Gameworks, Barnes & Noble, Niketown and Splitsville, among others.

“This is the dominant entertainment and lifestyle center in Miami and provides one of the most unique venues in the market,” said Castillo.

“The combination of stellar sponsorship, strong surrounding demographics and proven operating history attracted a large number of lenders, which competed aggressively for the financing opportunity.”

Simon Property Group, Inc. is an S&P 500 company and the largest real estate company in the U.S. The company currently owns or has an interest in more than 373 properties comprising in excess of 256 million square feet of gross leasable area in North America, Europe and Asia.

Institutional Mall Investors LLC (“IMI”) is a co-investment venture owned by an affiliate of Miller Capital Advisory, Inc. (MCA) and CalPERS. MCA serves as investment manager for IMI. IMI is a core-oriented investment platform focused on high quality, market dominant, fashion-oriented retail properties.

The IMI portfolio features some of the most dominant regional and super regional shopping centers in the United States. As of June 2010, the portfolio included approximately 16.4 million square feet of retail GLA and over 750 thousand square feet of prime office space.

IMI also seeks to invest in productive lifestyle, mixed-use and development opportunities as circumstances warrant.

Luis Castillo, HFF Director, (305) 448-1333,
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Grubb & Ellis Commercial Florida is Co-Sponsor of RealShare Distressed Assets Conference in Dallas Sept. 16

ORLANDO, Fla. --- Grubb & Ellis Commercial Florida in Orlando, Tampa and Melbourne will participate and be a key sponsor the RealShare Distressed Assets Conference set for Sept. 16 in Dallas.

Jeff Sweeney, (middle right photo) president of Grubb & Ellis Commercial Florida, said the firm will play a major role in the conference.

“Grubb & Ellis Commercial Florida has grown to become one of the major service providers for distressed property assets in Florida,” Sweeney said.

The firm has projects under way in 35 Florida counties and has handled 71 distressed asset transactions within the last year valued at more than $150 million.

In 2009, Grubb & Ellis Commercial Florida created a Property Tax Advisory Division to service distressed assets, and has seen that business grow by 225 percent in the past 12 months.

Jeff Sweeney, SIOR 407-481-5387,
Larry Vershel Communications, 407-644-4142

Grubb & Ellis Commercial Florida Negotiates 10-Year Lease with 7-Eleven Franchisee opening at 55 West in Downtown Orlando

ORLANDO, Fla. -- Grubb & Ellis
Commercial Florida recently completed a new 10-year lease agreement for 2,800 square feet of retail space at 55 West, located at 55 W. Church St. (bottom right photo)  in downtown Orlando.

Aaron Gray, (middle left photo) associate at Grubb & Ellis Commercial Florida, negotiated the lease on behalf of the Netherlands-based landlord FFWO LLC. The new tenant is 55 West Convenience Store LLC d/b/a 7-Eleven

“We are extremely pleased to welcome 7-Eleven to 55 West. The choice to occupy space within the 55 West tower on Pine Street is a vote of confidence not only in 55 West but in Pine Street and downtown Orlando as well,” Gray said.

Jay Manji of Manji Realty represented the tenant.


Aaron Gray, 407-481-5397,
Jeff Sweeney, 407-481-5387,
Larry Vershel 407-644-4142