Wednesday, November 3, 2010
SEATTLE, WA Nov. 3, 2010 /PRNewswire/ -- The U.S. office market absorbed 6.5 million square feet of space on a net basis during the third quarter in a major improvement over the 1.8 million square feet of similar activity recorded in the prior quarter, according to new research from Colliers International.
This latest report from Colliers International, one of the world's leading commercial real estate services firms, strengthens the argument that the nation's largest office hubs are in the early throes of a sustained recovery.
Findings from the report also suggest that office users have a limited amount of time left before the market cycle once again begins to favor landlords and rising rents.
"Our third quarter office market findings are indeed encouraging in many respects," said Ross Moore (top right photo), chief economist at Colliers International.
"One of the most positive findings is that the national office vacancy rate appears to have peaked earlier this year at 16.3 percent as the volume of new office completions has virtually dried up. In a healthier cycle, a dearth of new office development would not bode well for growing businesses.
For a complete copy of the company’s news release, please contact:
Richard Mulieri, firstname.lastname@example.org, or Parke Chapman, email@example.com, both at +1-212-889-0808
Web Site: http://www.colliers.com
ORLANDO, FL--- The Henin Group, which is developing the award-winning Riviera Bella luxury community overlooking the St. Johns River in DeBary, has formed a partnership with SERCIB, Europe’s largest commercial development firm specializing into sustainable developments headquartered in Brussels.
Jerome Henin (top right photo), chairman of the Henin Group, said SERCIB maintains headquarters facilities in Brussels and Paris and project offices in China and Singapore.
Henin Group will represent SERCIB in the U.S., and look for sites that could accommodate the construction of “positive energy” office buildings, Henin said.
GESSIMO; SERCIB Commercial Real Estate Brokerage firm will assist Henin Realty with additional international exposure of its U.S. listings.
For more information, contact:
Jerome Henin, Founder & President, Henin Group, 407-425-7888;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142
HOUSTON, TX – The Houston and Miami offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have secured financing for Waterford at Mandarin (above centered photo), a 432-unit multi-housing community in Jacksonville, Florida.
Working exclusively on behalf of Venterra Realty, HFF directors Cortney Cole and Elliott Throne (middle right photo) placed the 10-year, 4.66% fixed-rate acquisition loan with Freddie Mac (Federal Home Loan Mortgage Corporation).
HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program.
Venterra Realty purchased the property from Freddie Mac, who foreclosed on the prior owner in July 2009. The purchase price was approximately 40% lower than the prior owner paid for it in 2005.
Waterford at Mandarin is situated on a 35-acre site at 11247 San Jose Boulevard in southeast Jacksonville. The 97% leased property has 22 buildings with one-, two- and three-bedroom units averaging 1,066 square feet each.
Community amenities include two pools, lighted tennis courts, three lakes, a racquetball court, sand volleyball court, bark park, resident clubhouse, fitness center and playground.
“Waterford at Mandarin has an outstanding location within the Mandarin submarket of Jacksonville, historically one of the area’s highest performers in terms of rent and occupancy,” said Cole.
“The strength of the sponsor and the asset is further evident by Freddie Mac’s willingness to finance an asset they previously took back on REO,” added Throne.
Venterra specializes in the identification, finance, acquisition and management of multi-family residential communities in the southern United States. Venterra currently manages a portfolio of multi-family real estate assets totaling over $600 million in value that generates gross annual income in excess of $80 million.
The organization has completed in excess of $1.3 billion of real estate transactions. Venterra has offices in both Houston and Toronto and employs over 350 people.
Cortney R. Cole, HFF Director, (713) 852-3500, firstname.lastname@example.org , Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
HFF arranges $22.5 million construction loan for Preferred Freezer Services facility in Elizabeth, NJ
FLORHAM PARK, NJ – The New Jersey and Boston offices of HFF (Holliday Fenoglio Fowler, L.P.) have arranged a $22.5 million construction loan for the development of Bayway II, (top left photo) a 150,826-square-foot warehouse facility in Elizabeth, New Jersey.
HFF senior managing directors Jon Mikula (middle right photo) and Bob Herron (middle left photo) and director Greg LaBine (bottom right photo) worked exclusively on behalf of the borrower, 108-166 Bayway Avenue, LLC, to secure the five-year loan through TD Bank.
The property is located on 10.6 acres at 200 Bayway Avenue in Elizabeth immediately off of the New Jersey Turnpike and close to the Port Newark-Elizabeth Maine Terminal, which is the largest port complex on the east coast of North America.
Upon completion in mid-2011, Bayway II will be fully leased to Preferred Freezer Services on a long-term basis and will accommodate 28,000 pallets in its cold storage warehouse.
Preferred Freezer Services, Inc. was founded in 1989 and is the fourth largest operator of public refrigerated warehouse facilities in North America.
“Like many port-related specialty uses, the Preferred Freezer facility is a capital intensive and complex project unlike typical industrial or distribution buildings. HFF’s experience with port-related projects and specialty financing enabled us to help get this financing done,” said Mikula.
“Preferred Freezer’s newest location in Elizabeth will be one of the most technologically advanced and efficient freezer facilities in the world,” added Herron
Jon Mikula, HFF Senior Managing Director, (973) 549-2007,
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,
TAMPA, FL--CLW Health Care Services Group is pleased to have represented Summerfield Retirement Residence, LTD in the sale of Summerfield (top left photo) located in Bradenton, Florida.
This 120-unit Assisted Living/Memory Care community was sold for $9,500,000 or $79,167 per unit.
TJM Properties, Inc., based in Clearwater, Florida was the purchaser. Summerfi eld Retirement Residence is the fourth Senior Housing community TJM has purchased in 2010.
CLW Health Care Services Group is a division of CLW Real Estate Services Group, a national, commercial real estate fi rm providing investment sales, multi-market tenant representation, project management, and construction services throughout the United States.
CLW Health Care Services Group specializes in exclusively representing sellers throughout the United States in the sale of Senior Housing properties. CLW has sold $1.3 billion in Senior Housing assets.
• Built in 1988
• Single story building - 74,786± SF
• 7.7± acres
• Occupancy - 78% at closing
Contact: Allen McMurtry (bottom right photo), president, CLW Health Care Services Group, 813.349.8349, email@example.com
LONGWOOD, FL, Nov. 3, 2010 — D & A Building Services Inc. has secured a full service janitorial contract from Bright House Networks for three Central Florida retail locations that total 30,000-square-feet of space. Two of the Orlando, Florida, facilities are located on Semoran Boulevard and one is on All American Boulevard.
PR Contact: Elaine Ingra, (407) 384-1344 firstname.lastname@example.org
LONGWOOD, FL, Nov. 3, 2010 — Ric Wilson (top right photo) has joined D & A Building Services Inc. as a Branch Manager.
His responsibilities include overall operational management of contract performance within his Central Florida territory. Further, Wilson is involved in the Company’s business development efforts.
He has 22 years of experience in the facility maintenance industry. Previously, Wilson was an Account/Operations Manager at the Minneapolis, Minn., office of ABM Industries (NYSE:ABM), a facility maintenance company.
“Ric’s extensive experience in facility maintenance will certainly enhance our management team, “said Al Sarabasa Jr. (bottom left photo), president/CEO, D & A Building Services.
For additional information, please visit http://www.dabuildingservices.com/.
PR Contact: Elaine Ingra, (407) 384-1344 email@example.com
CLEARWATER, FL, Nov. 3, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Lady Mary Drive Apartments (top left photo), a 20-unit apartment property located in Clearwater, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.
The asset commanded a sales price of $730,000.
The buyer, a local housing authority, was secured and represented by Casey Babb (bottom right photo), CCIM and senior associate in Marcus & Millichap’s Tampa office.
“The transaction took almost a year to complete since the buyer utilized federal grant money from the Neighborhood Stabilization Program to purchase the property. Their plan is to provide public housing after rehabbing the units”, said Babb.
Lady Mary Drive Apartments was built in 1972 is located at 30 and 110 Lady Mary Drive.
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
Uniondale, NY (Nov. 3, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,000,000 loan under the Fannie Mae DUS® Small Loan product line for the 42-unit complex known as Taylor Avenue Apartments (top left photo) in Norwalk, CT. The 10-year loan amortizes on a 30-year schedule.
The loan was originated by Brian Scharf (bottom right photo), Director, in Arbor’s full-service Uniondale, NY, lending office.
“The borrower on Taylor Avenue Apartments represents an ideal partner for Arbor, as he is a self-made businessman who has quietly and personally accumulated a strong presence of multifamily asset ownership in his home market,” Scharf said.
Contact: Christopher Ostrowski, firstname.lastname@example.org