Wednesday, October 6, 2010

150 Foreclosures Filed A Day In South Florida In Q3 2010

MIAMI, FL--Lenders filed an average of 150 foreclosure actions per day in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties in the third quarter of 2010, according to a new report from

As significant as that figure is, the current pace represents a 42 percent decrease in foreclosure actions on year-over-year basis compared to the third quarter of 2009 when lenders initiated 259 filings per day in South Florida, according to the report based on the Condo Vultures® Foreclosure Database™.

For the year, South Florida foreclosure filings are down 36 percent to an average of 179 filings per day between January and September of 2010.

During the same nine month span in 2009, lenders filed an average of 279 foreclosure actions per day, according to the report produced using Clerk of the Court records in Miami-Dade, Broward, and Palm Beach counties.

"New foreclosure filings are slowing dramatically in South Florida," said Peter Zalewski (top right photo) , a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"Foreclosures actions - the first step in the repossession process - are still a significant problem for the region but the housing epidemic appears to be losing some momentum.

“The decrease in filings raises a fundamental question of whether fewer borrowers are defaulting on their mortgages or whether lenders are seeking other options besides the foreclosure process to deal with nonperforming residential loans."

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

HealthSouth Completes Purchase of 30-Bed Rehabilitation Unit in Ft. Smith, Arkansas

BIRMINGHAM, AL /PRNewswire-FirstCall/ -- HealthSouth Corporation (NYSE: HLS) today announced it has completed its purchase of a 30-bed inpatient rehabilitation unit in Ft. Smith, Arkansas, from Health Management Associates (NYSE: HMA).

The rehabilitation unit will be relocated from Health Management Associates' Sparks Regional Medical Center to HealthSouth Rehabilitation Hospital of Ft. Smith.
"HealthSouth is committed to meeting the rehabilitative needs of patients in Ft. Smith, and we look forward to expanding our outreach in this market," said Jay Grinney (top right photo), HealthSouth president and CEO.

"We have provided rehabilitative care in Ft. Smith since 1989," said Terry Maxhimer (middle left photo), president of HealthSouth's Mid-Atlantic Region.

"We have a terrific relationship with Sparks Regional Medical Center and will continue to work with them to provide a seamless continuum of care and ensure access to exceptional services for the patients of the Ft. Smith region."

HealthSouth Rehabilitation Hospital of Ft. Smith serves Ft. Smith and the surrounding area, including Sebastian, Crawford and Logan counties in Arkansas as well as Adair, LeFore and Sequoyah counties in Oklahoma.

 HealthSouth operates four rehabilitation hospitals and one rehabilitation satellite unit throughout Arkansas in Fayetteville, Ft. Smith, Jonesboro, Little Rock and Sherwood.

    Media Contact
    Lindsay Jones, (205) 970-7319

    Investor Relations Contact
    Mary Ann Arico, (205) 969-6175

HFF closes sale of and arranges acquisition financing for Class A office building in Houston’s Greenway Plaza submarket

 HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of and arranged acquisition financing for 3900 Essex,(top left photo) a 235,620-square-foot, Class A office building in the Greenway Plaza submarket of Houston.

Senior managing director Dan Miller (middle right photo) and associate director Martin Hogan (middle left photo)  led the HFF investment sales team on behalf of the sellers, 3900 Essex, L.P. and Aquinas Essex, LLC.

 3900 Essex, L.P. is an affiliate of Fuller Realty Partners, and Aquinas Essex, LLC is an affiliate of Aquinas Companies, LLC.  Beacon Investment LLC purchased the property for an undisclosed amount. 

This was HFF’s 6th sale to Beacon and Beacon’s 12th office building purchase in the last 24 months.    

HFF senior managing director Susan Hil (lower right photo)l arranged the fixed-rate acquisition financing for Beacon through Goldman Sachs Commercial Mortgage Capital, L.P.

Formerly the headquarters of Baker Hughes Corporation, 3900 Essex underwent an extensive renovation in 2007 that included a Gensler-designed renovation to the lobby and common spaces, modernized ADA-compliant restrooms, a complete lighting retrofit, installation of sprinklers throughout the building and upgraded HVAC systems. 

Tenants at the 92% leased property include Thomson Reuters, Bank of Houston, Open Solutions, Aquinas Companies, Mohle Adams  and numerous other professional firms, the principals of which live in the surrounding River Oaks and West University neighborhoods. 

 The property is located adjacent to Central Market and Highland Village providing abundant retail and restaurant options for tenants.

“The co-owners purchased the building in 2006; planning for an extensive renovation to occur upon the departure of longtime tenant Baker Hughes. 

The quality renovation coupled with an urban infill location adjacent to River Oaks, West University and abundant retail amenities of Highland Village, resulted in the extremely successful re-tenanting program. 

"The offering was highly contested with multiple offers coming from fund advisors and private capital buyers,” said Miller.

Fuller Realty Partners, LLC, established in 1979, is a privately owned, full-service commercial real estate firm headquartered in Houston, Texas.  Affiliates of Fuller performed leasing and property management services for the co-owners and will continuing providing such services for Beacon.

Aquinas Companies, LLC is a privately-owned management company based in Houston, Texas, with interests in construction management, real estate and early-stage investments.  Aquinas’s largest affiliate is Linbeck Group, a construction company founded in 1938.  Affiliates of Aquinas negotiated the 2006 acquisition of 3900 Essex, arranged the acquisition financing and planned the property renovation.

Beacon Investment LLC is a privately-owned real estate investment management firm based in Miami.

H. Dan Miller, CCIM, SIOR, HFF Senior Managing Director, (713) 852-3500 
 Susan L. Hill, HFF Senior Managing Director, (713) 852-3500    
 Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500                                 

Penzance continues strong leasing results and celebrates Reston Association’s occupancy at Reston Corner, VA

WASHINGTON, D.C. (Oct. 6, 2010) –Penzance is pleased to announce that the Reston Association has successfully completed its headquarters relocation to Reston Corner I,(top left photo) 12001 Sunrise Valley Drive in Reston, Virginia. 

Owned and managed by Penzance, the 100,000-square-foot Class A office building is one of three buildings that comprise the Reston Corner office park.  After more than 35 years at 1930 Isaac Newton Square, the Reston Association now calls Reston Corner home.

 “We are delighted to welcome a venerable organization like the Reston Association to its distinguished new address and are pleased that the Association identified Reston Corner as the place to launch the next chapter in its impressive history as the representative of Reston homeowners.

“It seems fitting that the cornerstone of residential Reston is at home in Reston Corner,” said Victor K. Tolkan, Penzance, Managing Partner and co-founder.

Penzance Leasing Director Matt Pacinelli spearheaded the leasing effort with Terry Reiley, Jeff Roman, and Tom Walsh of CB Richard Ellis. Rich Rhodes and Rick Meadows of CresaPartners represented Reston Association.

Despite challenging market conditions that are directly attributed to the national and global economic downturn, Penzance continues to significantly outperform in the Reston/Herndon submarket, leasing over 200,000 square feet since it acquired its Reston portfolio.

 This represents an 8% market share of all transactions despite Penzance’s portfolio size, which represents 2% of the market.

“We know the Reston market and the Penzance team works hard to attract tenants who recognize and appreciate as we do the appeal and value of our Reston Corner and Parkridge Center assets,” said Thomas Ikeler, Penzance, Managing Director, Capital Markets.

Reston Corner is a 3-building, 300,000-square-foot office park strategically located at the corner of Reston Parkway and Sunrise Valley Drive. 

 Adjacent to the headquarters of the U.S. Geological Survey, the park enjoys superior access to the Washington Dulles Toll Road and the many amenities Reston has to offer.

Reston Corner boasts an award-winning, naturally landscaped environment as well as stunning new contemporary building lobbies and common areas. In addition, the park features a new state-of-the-art fitness facility, conference center, café and outdoor fountains.

Penzance’s Parkridge Center assets include Parkridge Two, Four and Five (middle left photo), buildings totaling approximately 425,000 square feet  located directly on the Dulles Toll Road with superior signage opportunities.

Strategically situated at the corner of Hunter Mill Road and Sunrise Valley Drive, the park is the eastern-most, and largest, office park in Reston with than 1 million square feet, offering a variety of office space options for private and public sector tenants.

The park features such appealing amenities as a new state-of-the-art fitness facility, a beach volleyball court, outdoor fountains, and café.

Contact:  Matt Pacinelli, 202-339-8001,

Lindsey Pfaender Joins Cushman & Wakefield’s Florida Apartment Brokerage Services

Orlando, FL – Oct. 6, 2010–The Orlando office of Cushman & Wakefield (C&W) announced that Lindsey Pfaender (top right photo) has joined Florida Apartment Brokerage Services.

  As a FABS Associate, Ms. Pfaender is responsible for client advisory, business development and brokerage services for the multi-family brokerage team. 

A recent graduate of Rollins College Crummer Graduate School of Business MBA program, Ms. Pfaender began her real estate career serving as Vice President of Sales and Marketing for The VUE at Lake Eola Condominium (bottom left photo), and as a broker for Premier Property Group, which collectively represents the high rise condominiums in Downtown Orlando. 

Her accomplishments include leading a sales team in closing over 210 transactions, valued at over $100M at The VUE and being recognized as a multi-million dollar producer through Premier Property Group.

Ms. Pfaender most recently served as an investment analyst for a private equity firm acquiring distressed assets in the state of Florida. 

An active community member, Ms. Pfaender participates in several charity events benefitting Florida Hospital, Charity Arts, MD Association, and Make-A-Wish Foundation.
Contact: Brook Hines, Tel: 407-541-4401,

Cuhaci & Peterson Architects Awarded Contract to Remodel Two Winn-Dixie Grocery Stores in Apopka and Jacksonville, FL

ORLANDO, Fla.  – Cuhaci & Peterson Architects LLC, based in Orlando’s Baldwin Park, was recently awarded a contract to remodel two Winn-Dixie Supermarkets in Apopka and Jacksonville.

Both grocery stores are 4,600 square feet.

The store in Apopka is located in Errol Plaza off SR 441 and the store in Jacksonville is off of CR 210 and I-95, according to James E. Downs, (top right photo) president at Cuhaci & Peterson Architects. 

For more information contact:  
Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

NAI Realvest negotiates new lease in Altamonte Springs for Lake Mary,FL- based medical technology firm

MAITLAND, Fla. – NAI Realvest recently negotiated a new three-year lease agreement for 1,764 square feet of professional office space at
377 Maitland Ave.
in Altamonte Springs

Senior Associate Mary Frances West (top right photo), CCIM negotiated the transaction representing the new tenant, Eden Spine, LLC. 

Eden Spine, headquartered in Lake Mary, is a medical device company engaged in development and distribution of motion preservation technologies for spinal solutions.

The landlord, HB Properties LLC of Altamonte Springs was represented by John J. Roper Company.

For more information contact:
Mary Frances West, CCIM, Senior Associate NAI Realvest, 407-875-9989;
Patrick Mahoney, President, NAI Realvest, 407-875-9989;
Beth Payan, Larry Vershel Communications, 407-644-4142

NAI Realvest negotiates new long term lease agreement with La Familia Pawn & Jewelry at Haines City Plaza in Polk County

MAITLAND, Fla. – NAI Realvest recently negotiated a five-year lease agreement for 8,000 square feet of retail space at
1707 E. Hinson Ave.
in the Haines City Plaza in Haines City.

Mez Birdie (top right photo), CCIM, director of retail services at NAI Realvest, negotiated the transaction on behalf of the landlord of the 48,000 square foot shopping center, A Milestone, LLC of Newport Beach, Calif.

The new tenant is La Familia Pawn & Jewelry, which is headquartered in Winter Park.   

For more information contact:
Mez Birdie, CCIM, Director of Retail Services NAI Realvest 407-875-9989,
Patrick Mahoney, President and COO NAI Realvest, 407-875-9989,
 Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142              

Grubb & Ellis|Commercial Florida Executive Offers Encouraging Words at “State of the Real Estate” Panel Discussion in Sarasota

TAMPA, Fla. --- Patrick Kelly (top right photo), executive vice president and managing director of Grubb & Ellis|Commercial Florida in Tampa, had encouraging words for the more than 150 real estate professionals who attended the recent “State of the Real Estate“ expert panel discussion during the recent Sarasota International Realty conference.
 “The pain of marking our state’s growth drivers back to our historical market has been generally accomplished thus setting the stage for future prosperity,” Kelly said.

“Affordability, exceptional workforce and extraordinary quality of life are the indictors that distinguish Tampa Bay.  These touch points have stabilized and are poised for future growth,” Kelly said.

Contact:  Beth Payan, Larry Vershel,

C&W negotiates 29,000 sf lease for Contact Centers of America in Orlando

Orlando, FL– Cushman & Wakefield of Florida, Inc. (C&W) Office Brokerage Senior Director Richard Solik announced a new lease for Contact Centers of America in Windsor at MetroCenter.

Mr. Solik  represented the tenant, in the five-year deal for 30,000 sf.  Yvonne Baker of Highwoods Properties represented the landlord in the deal which will  commence on December 1.

The Orlando-based company provides domestic call center support for  customer service, telesales, health care subscribers and relationship management.

Contact:  Brook Hines, Tel: 407-541-440,

C&W negotiates renewal for Walter P. Associates, Inc. engineering

Orlando, FL – Cushman & Wakefield of Florida, Inc. (C&W) Office Brokerage Senior Director Richard Solik (top right photo)  announced a renewal for Walter P. Moore and Associates, Inc in Lincoln Plaza downtown. Mr. Solik represented the tenant, in the six-year deal for 5,400 sf.

Lincoln Properties represented the landlord in the deal which commences on October 1.

The Houston-based engineering firm has worked on many high profile projects in Orlando including the Orlando Convention Center, Downtown Disney West and the Orlando International Airport.

Contact:  Brook Hines, Tel: 407-541-4401,

Chatham Lodging Trust Completes Acquisition of Residence Inn New Rochelle in Westchester County, N.Y.

PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium-branded select-service hotels, has completed the acquisition of the Residence Inn by Marriott® – New Rochelle, N.Y. (top left photo) in an all-cash transaction for $21 million, or approximately $169,000 per key.

  It is the 12th property acquired by the hotel since its April 2010 IPO.  The company has one additional hotel under contract. 

“With this acquisition, we have invested essentially all of the net proceeds from our IPO which is well ahead of our announced strategy when we took the company public,” said Jeffrey H. Fisher (middle right photo), Chatham’s chief executive officer.

“We expect to close on an $85 million revolving credit facility shortly, which will give us the flexibility to continue our acquisition program, and we just declared our first dividend so we are pleased with the company’s progress to date.”

Located at 35 LeCount Place in New Rochelle, NY, the 10-story upscale extended-stay Residence Inn by Marriott® hotel features 124 suites, complimentary high speed Internet access and fully equipped kitchens.

 The hotel offers an on-site fitness center, swimming pool and structured parking.  The hotel will be managed by Island Hospitality Management, a hotel management company 90 percent-owned by Fisher.

Additional information about Chatham may be found at

Jerry Daly, Carol McCune, (Media) Daly Gray Public Relations
(703) 435-6293,
Peter Willis Chief Investment Officer (Acquisitions) (561) 227-1387,