Thursday, October 28, 2010

Colliers International Negotiates 410,208-SF Industrial Sale in Fontana, CA

 FONTANA, CA – Colliers International, the second largest real estate services organization globally, has negotiated the sale of a 410,208-square-foot industrial building located at 10721 Jasmine St. (top left photo) in Fontana, Calif., to BlackRidge Real Estate Group, LLC, a Lakewood, Colo.-based privately held full-service real estate investment firm, for an undisclosed amount.

Built in 1991, 10721 Jasmine Street is a freestanding, concrete tilt-up industrial building with 50 dock-high doors and 3,000 amps of electrical service.

 The property has a fully-secured yard with a mechanical gate and security booth. The new owner will renovate the building and upgrade the sprinkler system to early suppression fast response (ESFR).

“This is the first vacant Class B building we’ve seen in Fontana sell to an institutional investor," said Tom Taylor (middle right photo) , executive vice president in Colliers’ Ontario office, who represented the both the buyer and the undisclosed seller in the transaction.

"Due to a shortage of Class A assets available for purchase, combined with the recent rebound in values, institutions are now aggressively pursuing Class B assets on a value added basis,” 

Along with Taylor, Steve Bellitti (middle left photo), executive vice president, and Summer Coulter (bottom right photo), associate, both in Colliers’ Ontario office, represented the buyer and seller in the transaction.

Megan Morales
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Southern Commercial Brokers 33,178-SF Lease in Orlando, FL

ORLANDO, FL--Principal Moses Salcido (top right photo), SIOR of Southern Commercial Real Estate Advisors completed a 33,178 square foot renewal at 2544 E Landstreet Road.  Salcido represented the Landlord, DCT Boggy Creek FL LP.  The Tenant was LiveTV, Inc. 

Media Contact: Celeste MacKenzie, 321-281-8503,

Arbor Closes $13,760,000 Fannie Mae DUS® Loa for Westpointe Apartments in Robinson, PA

Uniondale, NY (Oct. 27, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $13,760,000 loan under the Fannie Mae DUS® Loan product line for the 291-unit complex known as Westpointe Apartments (top left photo) in Robinson, PA. The 10-year loan amortizes on a 30-year schedule.

The Westpointe Apartments are located within the West Submarket of the Pittsburgh metropolitan area in an neighborhood of increasing residential and retail development.

The West Submarket is currently outperforming the Pittsburgh market as a whole with a declining vacancy rate.

The loan was originated by Ronen Abergel (bottom right photo), Director, in Arbor’s full-service New York, NY, lending office.

Contact:  Christopher Ostrowski,

MBA Announces New Members and Leadership of Residential Board of Governors (RESBOG) and Residential Committee Chairs

ATLANTA, GA - The Mortgage Bankers Association (MBA) announced Henry V. (Hank) Cunningham, Jr., (top right photo) CMB, President of Cunningham & Company, Greensboro, NC, as Chairman of its Residential Board of Governors (RESBOG) and Garry Cipponeri (middle left photo), Senior Vice President of Chase in Iselin, NJ as Vice Chair of RESBOG at the association's 97th Annual Convention & Expo.  

RESBOG is the governing body for MBA's single-family residential members, responsible for establishing legislative and regulatory policies and positions on single-family residential lending issues.  

"Hank and Garry will provide excellent leadership for RESBOG as it sets MBA policy for the myriad of issues that residential mortgage lenders will face in the coming year," said MBA Chairman Michael D. Berman, CMB.  "Their dedication and commitment to MBA has made them respected leaders in our industry."

Cunningham and Cipponeri presently sit on MBA's Board of Directors and both have been active MBA members and served on several committees.  Hank has been a member of MBA's Regulatory Reform Task Force, Warehouse Lending Task Force and the GSE Policy Task Force.

Garry was previously Chair of the Secondary and Capital Markets Committee and continues to be a member of MBA's Council on Ensuring Mortgage Liquidity.

MBA also named the newly elected members of RESBOG.  The new members are:

  • Steve Alonso, Consumer Lending-Mortgage & Business, Cincinnati, OH
  • David H. Katkov, PMI Mortgage Insurance Co., Walnut Creek, CA
  • Stewart Larsen, CMB, Bank of the West, Omaha, NE
  • Marla Mayne, U.S. Bank Home Mortgage, Minneapolis, MN
  • Samuel B. Morelli, CMB, WestStar Mortgage Inc., Chadds Ford, PA

MBA's returning members of RESBOG are:

  • Gary Acosta, Prado Mortgage, San Diego, CA
  • Michael D. Berman, CMB, CWCaptial, Needham, MA
  • Phillip W. Bracken, CMB, Wells Fargo Home Mortgage, Ellisville, MO
  • Robert D. Broeksmit, CMB, Bethesda, MD
  • James G. Carter, SunTrust Mortgage Inc., Richmond, VA
  • Todd Chamberlain, Regions Financial Corporation, Birmingham, AL
  • Garry Cipponeri, Chase, Iselin, NJ
  • Dan Crockett, Franklin American Mortgage Company, Franklin, TN
  • James H. Danis II, CMB, AMP, Residential Mortgage Corp., Fayetteville, NC
  • James M. Deitch, CMB, American Home Bank NA, Mountville, PA
  • Abraham Eisner, GFI Mortgage Bankers Inc., New York, NY
  • William C. Emerson, Quicken Loans Inc., Detroit, MI
  • Robert Gaither, Bank of America Home Loans, Charlotte, NC
  • James F. Jandrisevits, USAA Federal Savings Bank, San Antonio, TX
  • John B. Johnson, CMB, MortgageAmerica Inc., Birmingham, AL
  • Michael C. Koster, EverHome Mortgage Company, Jacksonville, FL
  • Michael McQuiggan, Tri-Emerald Financial Group, Lake Forest, CA
  • J. David Motley, CMB, Colonial National Mortgage, Fort Worth, TX
  • Donald L. Salmon, TBI Mortgage Company, Horsham, PA
  • Debra W. Still, CMB, Pulte Mortgage LLC, Englewood, CO
  • Gregory S. Tornquist, Cenlar FSB, Ewing, NJ
  • G. Todd White, CMB, Avrest Mortgage Company, Lowell, AR
  • Dena L. Yocom, CMB, Inc., San Diego, CA
  • Michael W. Young, Cenlar FSB, Ewing, NJ

MBA's Residential Committee Chairs serving on RESBOG:

  • Financial Management: Jennifer Simons, PNC Financial Services Group Inc.
  • Legal Issues, Quality Assurance and Regulatory Compliance: David Hay, SunTrust Mortgage Inc.
  • Loan Administration: Jordan Dorchuck, AMP, American Home Mortgage
  • Residential Loan Production: Noel McGarvey, Pulte Mortgage
  • Secondary and Capital Markets: Rob Gaither, Bank of America
  • State Legislative and Regulatory: John V. Konyk, Weiner Brodsky Sidman Kider PC
John Mechem,  (202) 557-2924,   
Melissa Key, (202) 557-2799, 

Marcus & Millichap Sells 2,216-SF Single-Tenant, Net-Leased Building in Vidalia, GA

 VIDALIA, GA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a 2,216-square foot Taco Bell (top left photo) located in Vidalia, Ga., according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $795,000.

Leon Brockmeier (middle right photo) and Patrick O’Halloran, retail investment specialists in Marcus & Millichap’s Tampa and Atlanta offices respectively, had the exclusive listing to market the property on behalf of the seller, a Florida-based private investor. 

The buyer, a limited liability company based out of California, was secured and represented by Justin White and John Vorsheck, investment specialists in the Long Beach office, along with Tina Taylor and Ned Zivkovich investment specialists in the Las Vegas office. 

The Taco Bell is located at 400 E. 1st Street (US Hwy 280) in Vidalia.

 “This transaction is a testament to our national platform and our ability to move capital across the country. The buyer was in a 1031 exchange and we were able to sell this deal from start to close in roughly 30 days,” says O’Halloran.

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

Marcus & Millichap Sells 62-Unit Apartment Property in Tampa, FL for $2.275 Million

 TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Raintree Oak (top left photo) , a 62-unit apartment property located in Tampa, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

 The asset commanded a sales price of $2.275 million.

Robert Jinks (middle right photo), CCIM, senior associate and James Vestal (bottom left photo), associate in the firm’s Tampa office, facilitated the sale on behalf of the seller, a Miami-based private investor.

 The buyer, a limited liability company, was also secured and represented by Jinks and Vestal.

Raintree Oak was built in 1983 and is located at 12710 English Hills Court. 

“Even though this was a fractured condo deal, the property was being operated as a fully functioning apartment complex with high occupancy and was essentially a turnkey asset,” says Vestal.

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

Marcus & Millichap Arranges Receivership Sale of Student Housing Community in Fort Myers, FL

FORT MYERS, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of College Club (top left photo), a 144-unit, 504-bed, 218,520-square foot student housing community in Fort Myers.

            Peter Katz (middle right photo)  a senior vice president investments in Marcus & Millichap’s Phoenix office; Dorothy Jackman (middle left photo), a vice president investments; Travis Prince, a senior associate; and Michael Harris, an associate; all in the Tampa office, represented the buyer, Florida Gulf Coast University, and the seller.

“With the university’s explosive enrollment growth, this property will allow the school to provide additional quality housing to their students,” says Jackman.

“College Club features high-end amenities such as a pool, a sand volleyball court, a tanning booth, fitness center and computer lab. The units provide students with their own private bedroom and bathroom and are fully furnished with modern furniture and appliances,” adds Jackman.

The property is located approximately one mile from Florida Gulf Coast University at 17100 College Club Loop in Fort Myers. The Miromar Outlets mall and the Gulf Coast Town Center mall are nearby.

The Campus Club unit mix features 72 three-bedroom/three-bath units and 72 four-bedroom/four-bath units. The average weighted unit size is approximately 1,518 square feet.

Florida Gulf Coast University has an enrollment of more than 11,000 students.

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

Stirling Sotheby’s International Realty named exclusive sales and marketing agents for Chateau Am Ufer in Indialantic, Brevard County, FL

ORLANDO - Stirling Sotheby’s International Realty was recently appointed exclusive sales and marketing agents for Chateau Am Ufer (above centered photo), a 9,800 square foot waterfront estate in Indialantic priced as a bank approved short sale at $1.75 million.

Roger Soderstrom, founder and owner at Stirling Sotheby’s International Realty, said the seven-bedroom, five-and-a-half bath estate features a 20-foot waterfall and koi pond in the three-story foyer with a sweeping grand staircase.

“Chateau Am Ufer ranks as the most magnificent estate home available for sale in Brevard County,” Soderstrom said.

Designed by MAI Architects and built in 1999, the home features 230 feet of deepwater frontage on two sides and every conceivable luxury feature,” Soderstrom said.

Stirling Sotheby’s International Realty luxury home specialist Jack Jeffcoat (lower left photo), who personally represents the property, said the estate in Indialantic resembles a storybook European castle with modern design flourishes and rock-solid engineering that includes 29 pinpoint pilings, bronzed storm windows that exceed Miami-Dade hurricane code specifications and a whole-house generator.

The estate can accommodate two yachts of up to 60 feet on the canal side and up to 90 feet on the river side. The gourmet kitchen features hand-stained tile pointers and Italian tile flooring. The media room features four large LCD screens and a drop-down theater screen.

“Chateau Am Ufer is one of the most striking luxury estates I have ever seen. At the bank approved short sale price, it may rank as the greatest estate value in Florida,” Soderstrom said.

Visit for a video tour of the property.

For more information, please  contact: 
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890;  
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 

NAI Realvest negotiates sale of office condominium for Dental Office at Narcoossee Commerce Park

ORLANDO — NAI Realvest recently negotiated the $408,375 sale price for a 2,475 square foot “gray shell” office/retail condominium at Narcoossee Commerce Park,
8257 Narcoossee Park Drive
in southeast Orlando

Michael Heidrich (top right photo), a principal at NAI Realvest, negotiated the sale representing the seller, Harkins Development Corporation of Sanford

OCAV Holdings, LLC of Orlando purchased unit A in Building 1 at the commerce park and plans to build out the space for use as a dental office.  David Murray of ProMax Property Solutions represented the buyer in the transaction.

For more information, contact:  
Michael Heidrich, Principal NAI Realvest, 407-875-9989;
   Patrick Mahoney, Principal/Chief Operating Officer, 407-875-9989;  
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142  

Marketplace Advisors, Inc. Developing Database for Retailers

ORLANDO, – Marketplace Advisors, Inc., the specialty commercial real estate firm that focuses on the development of town centers and downtown development districts is developing a major area database that will help retailers identify areas that show the most promise for new retail and restaurant locations.

David Marks (top left photo), president of Marketplace Advisors, Inc. said he has identified 15 submarkets with local demographics data and retail buying trends.

“The real estate market is slowly recovering and over the next few years we will see select new development, relocation and expansion in Central Florida,” Marks said.

Typically, area studies are developed independently by retailers and development consultants, Marks said.

“We’re establishing a region-wide database that will answer all the questions a retail chain or restaurant may have about the region and about specific submarkets within our region,” he said.

For more information, please contact:  
David Marks, Marketplace Advisors, Inc., 407-599-0007,;  
Larry Vershel or Beth Payan, LV Communications, 407-644-4142    

Stirling Sotheby’s International Realty Reports Sale of Home Site at Bella Collina

ORLANDO - Stirling Sotheby’s International Realty reports it recently sold an estate home site at Bella Collina, the luxury country club community located in Lake County north of
Colonial Dr.
near Montverde.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said associates Dan Natol (lower  left photo)i and Carolyn Burgiel (top right photo) of Stirling Sotheby’s Luxury Residential Team sold the home site to a British buyer who plans to build a 10,000 square foot luxury home at Bella Collina.

Stirling Sotheby’s represented the buyer in the transaction, Soderstrom said.

“This sale marks the start of a resurgence at Bella Collina that we have been reporting for three months,” Soderstrom said. “We have seen a marked increase in activity at Bella Collina, with interested buyers from all over the world,” he said.

But all the interest isn’t international---Soderstrom said more than half of the sales inquiries Stirling Sotheby’s has fielded come from Central Florida buyers.

To see a video of the Bella Collina home,

For more information about this press release, contact:  
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890;  
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142