Thursday, November 11, 2010

Trump Name On Half Of Unsold Sunny Isles Beach Condos

Nearly half of the 1,000 completed condominium units that were still unsold in Sunny Isles Beach at the end of the third quarter of 2010 are located in the six condo projects bearing the name of the successful New York developer Donald Trump, according to a new report from

Nearly 500 units out of more than 1,800 Trump-named condos constructed on the ocean side of Collins Avenue since 2003 are not sold as of Sept. 30, 2010, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Sunny Isles Beach™.

In fact, the largest concentration of unsold units in Sunny Isles Beach is located in the Trump Tower III (top left photo), where not a single unit had closed in the 271-unit project as of the end of the third quarter of this year, according to Miami-Dade County records.

"The fact that such a large percentage of the Trump-named units are unsold has more to do with the number of condos constructed rather than the product type," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "Many buyers are attracted to the condo product bearing the Trump name. At the right price, today's all-cash buyers will consider purchasing a unit or two in one of the half-dozen Trump projects standing in Northeast Miami-Dade County."

Buyers acquired more than 65 units in a Trump-named project in Sunny Isles Beach in the third quarter of 2010 for a combined $58 million. This works out to an average sales price of $440 per square foot.

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

Supertel Hospitality Reports 2010 Third Quarter Results

NORFOLK, NB,  Nov. 10, 2010 – Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which owns 106 hotels in 23 states, today announced its results for the third quarter ended September 30, 2010.

  • Revenue from continuing operations rose 6.5 percent

  • Net loss per diluted share of $(0.02) compared to prior year net loss of $(0.06) per diluted share.

  • FFO of $0.10 per diluted share, and FFO without impairment of $0.15 per diluted share

  • Revenues from continuing operations for the 2010 third quarter rose 6.5 percent to $24.9 million, compared to the same year-ago period.

  • Net loss attributable to common shareholders for the 2010 third quarter was $(0.5) million, or $(0.02) per diluted share, compared to net loss attributable to common shareholders of $(1.4) million, or $(0.06) per diluted share, in the 2009 same quarter.

  • The $0.9 million improvement in earnings was primarily the result of an increase in revenue from continuing operations.

For a complete copy of the company’s news release and financials, please contact:

Jerry Daly, Carol McCune, Daly Gray, (Media Contact), 703.435.6293,

ARA Arranges Sale of 264 Units in Tampa, FL

TAMPA, FL (Nov. 11, 2010) — The Central/North Florida offices of ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of the 264-unit Reflections at Carrollwood (top left photo) apartment community in Tampa, FL.

The transaction was arranged by the ARA Central/North Florida team of Kevin Judd (middle right photo) , Patrick Dufour (middle left photo), and Dick Donnellan (lower right photo).

 ARA represented the seller, Jackson Square Properties, a San Francisco, CA-based privately-held real estate operating company in the transaction.

The community was purchased by an undisclosed local investor for $12,925,000.š The property was built in 1982 and features 264 units in one of the most desirable submarkets of Tampa.š

The property features a variety of one- and two-bedroom floor plans with an average unit size of 729 square feet.š

 “The buyer is very familiar with the Tampa market and owns several properties in the immediate area. They believe in Tampa’s underlying fundamentals long-term and see significant upside in the market in the near term, ” said ARA Florida's Tampa-based Vice President, Patrick Dufour.

 Reflections at Carrollwood is a well-located, fully-stabilized asset with strong historical operations.š The property is located in a stable, mature submarket of Tampa and has averaged well over 90% occupancy over the past three years.š Additionally, the existing owner has upgraded several unit interiors and is achieving rent premiums for those units.

“Reflections at Carrollwood provides the buyer with excellent in-place cash flow and the ability to increase rents through overall market recovery and continuing the interior upgrade program,” noted ARA’s Orlando-based Principal, Kevin Judd.  “The buyerhad to assume two loans from Fannie Mae, both with favorableinterest-only financing,” 
Reflections at Carrollwood is located in the heart of the Carrollwood submarket, with the easy access to major employment centers and ample shopping and entertainment venues.š Individual units at the property feature fully-equipped kitchens, walk-in closets, screened patios or balconies and additional storage. Community features include clubhouse, pool, fitness center and business center.

To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson ( or Amy Morris ( at (404) 495-7300; locally, please contact

For detailed information on ARA’s extensive multihousing investment services, visit

  Marti Zenor, Director of Marketing
ARA  Florida, 777 Yamato Road, Suite 140 Boca Raton, FL 33431
561.988.8800 x112 Direct  954.205.5207 Cell  561.988.8810 Fax

Marcus & Millichap Sells $6.9 Million Los Angeles Apartment Building in 1031 Exchange

 COSTA MESA, Calif., Nov. 11, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has executed a 1031 exchange involving two Southern California multifamily properties.

The firm arranged the sale of an 18-unit apartment building at 1420 Kelton Ave. (lower right photo) in Los Angeles, and used the proceeds to negotiate the acquisition of the 40-unit Villa Cordova (top left photo) in Costa Mesa.

Justin White, a vice president investments; John Vorsheck (middle right photo), a senior associate; and Rebecca Caldwell, a multifamily investment specialist, all based in the Long Beach office, found the replacement property using Marcus & Millichap’s unique brokerage platform, which provides sellers with access to a nationwide pool of investment capital and encourages cooperation between brokers.

The Long Beach office worked with John L. Nguyen (lower left photo), a vice president investments in Newport Beach, on this transaction.
“This transaction is indicative of the investment opportunities available in today’s market,” explains White.

“Our client improved his cash flow; now owns a newer property; has more two-bedroom units, which are historically the most-sought after; and has new depreciation to offset increasing taxes.

“We also advised our client on a long-term investment strategy, which is always exciting. Right now, investors have the opportunity to trade up, and we enjoy working with those who are utilizing our expertise to make profitable deals, while others remain on the sidelines.”

Located at 2323 Elden Ave. in Costa Mesa, Villa Cordova includes 26 one-bedroom units and 14 two-bedroom units.

 Located in the highly desirable East Costa Mesa residential neighborhood, properties of this size rarely come to market.

The property is situated on a large lot providing the tenants a quiet park-like setting with ample parking and enclosed garages.

The value of the Villa Cordova sale was $172,375 per unit.

“Because of the high quality of this asset, there was an extremely large amount of interest, enabling us to close the Villa Cordova sale in a record 22 days,” explains Nguyen.

 “This transaction provided the buyer with an excellent opportunity to create immediate value by upgrading the interiors and increasing the rents, which were 10 percent to 15 percent below market,” says Nguyen.

1420 Kelton Ave., an 18-unit apartment complex, is located in the heart of Los Angeles’ Westwood neighborhood. Built in 1968, 1420 Kelton Ave. is ideally located just minutes from UCLA, Westwood Park, Century City and Beverly Hills. The apartment building encompasses 14,166 square feet.

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

Berger Commercial Realty Corp. Announces New Hire

 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 Cindy Rios has been hired as a property manager.

 Rios has more than six years of real estate experience. She was previously an assistant property manager at Stiles Corporation. At Berger Commercial Realty Corp., Rios will be responsible for overseeing a property portfolio consisting of Parkway Lauderhill, University Park, Nova 95, and Palm Crossing.

 Rios graduated from Miami Dade College. She is a resident of Miami.

  For more information, visit

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

Grubb & Ellis Company Represents The John Buck Company in Sale of Markel Midwest Headquarters Building in Deerfield, IL

ROSEMONT, IL (Nov. 11, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced today that its Institutional Capital Markets group represented The John Buck Company in the sale of Ten Parkway North (top left photo) in Deerfield, a 99,566-square-foot Class A office building, to CBRE Realty Trust. 

The building is fully leased to Markel Midwest Inc.

Paul Lundstedt (middle right photo), executive vice president, Institutional Capital Markets, Jeff Shell, executive vice president, Corporate Finance, and John Gavin (lower left photo), Institutional Capital Markets, facilitated the sale. 

 “This is a great example of a well-located, fully leased core asset trading at a premium despite market conditions,” said Lundstedt.  “Given the relative strength of the North Suburban submarket and the fact that the lease in place runs through 2020, this opportunity was one that drew considerable activity.”

 Built in 1999, Ten Parkway North is part of a best-in-class, master-planned suburban office park that includes six office buildings totaling just over one million square feet and a 251-room Marriott Suites hotel with more than 3,000 square feet of conference space. 

The park is situated at the union of the Tri-State Tollway and the Edens Expressway, locating it within 20 minutes of O’Hare International Airport and 30 minutes from downtown Chicago. 

Contact:  Erin Mays, Phone 312.698.6735, Email:


Grubb & Ellis Commercial Florida Negotiates REO Sales of Six Treasure Island, FL Condos Totaling $2.956 Million

 TAMPA, FL-- Grubb & Ellis|Commercial Florida recently negotiated REO sales of six 2,650 square foot waterfront condominiums on Treasure Island for a total of $2,956,000.00. 

 Nat Barganier (top right photo), executive director of the Grubb & Ellis|Commercial Florida Distressed Property Services Group, negotiated the six sales to multiple local buyers, and was also the court appointed receiver of the St. Petersburg based bank-owned property.

 Bargainer said the condominiums were part of a portfolio of nine bank-owned luxury Serena Bay Condominiums (lower left photo) at 260 108th Ave. in Treasure Island overlooking Boca Ciega Bay.

  Grubb & Ellis|Commercial Florida handled the sale of the other three condominiums earlier this year for $1.995 million.

 “For the buyers, these sales represent tremendous value for high-end residential property.  For the lender, we are able to remove more distressed properties from their books at an agreeable price,” said Barganier.  

Nat Barganier 813-639-1111 ext. 205
Jeffrey Sweeney, SIOR 407-481-5387
Larry Vershel Communications 407-644-4142

NAI Realvest negotiates Renewal Lease for 11,034 square feet of Class A office space at The Citadel in Southeast Orlando

ORLANDO, Fla. – NAI Realvest recently negotiated a renewal lease agreement for 11,034 square feet in Citadel International a Class A office building located at
5950 Hazeltine National Drive
in southeast Orlando.

Senior Associate Mary Frances West (top right photo), CCIM negotiated the lease transaction on behalf of the landlord, Citadel Partners, Ltd., based at The Villages. 

The tenant is Orlando-based Pentaho Corporation, a business intelligence system integration firm.   The tenant was represented by Greg Morrison of Morrison Commercial Real Estate.

NAI Realvest is exclusive management and leasing representative for the property and West leads the leasing team at The Citadel that includes NAI Realvest principals Kevin O’Connor and Matt Cichocki.

For more information, please contact:
Mary Frances West, CCIM, Senior Associate, NAI Realvest, 407-875-9989;
Matt Cichocki or Kevin O’Connor, Principals, NAI Realvest, 407-875-9989;;;
 Patrick Mahoney, President  NAI Realvest 407-875-9989;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142          

Hendricks & Partners Associate Partner Hal Warren elected Chairman of the City of Orlando Historic Preservation Board

ORLANDO, Fla. --- Hal Warren (top right photo), associate partner at Hendricks & Partners in Orlando, was recently elected to a 2nd term as Chairman of the City of Orlando Historic Preservation Board.

Warren was appointed to the board in December, 2007 by Orlando Mayor Buddy Dyer (bottom right photo) and served as vice chairman and most recently Chairman.

Earl Crittenden (middle  left photo) was elected vice chairman for a 2nd term this year.  Earl Crittenden is an attorney with Gray Robinson and also serves as the Chief of Protocol under Mayor Dyer for the City of Orlando.

“The work we do at the Orlando Historic Preservation Board helps to preserve architectural elements and historic neighborhoods that make Orlando a unique city and serving the greater community this way is very rewarding,” Warren said.

Warren has more than 20 years of experience in commercial real estate and formerly served as senior director with Cushman & Wakefield’s Apartment Brokerage Services.

He is a graduate of the College of Business at Florida State University in Tallahassee and has a MBA from the University of Central Florida.

For more information, contact:
Hal Warren, Associate Partner, Hendricks & Partners 407-218-8880
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Rhodes+Brito Architects Awarded Contract to Design $12 Million Renovation Project at Princeton Elementary School in Orlando

ORLANDO, Fla. --- Rhodes+Brito Architects in downtown Orlando was recently awarded a contract to design an addition and renovation of the historic Princeton Elementary School on
Princeton Street
in College Park

 The proposed addition will be approximately 50,000 square feet and the existing building will undergo improvements with finishes, mechanical systems and classroom upgrades.

Ruffin Rhodes (top right photo), co-founder and partner at Rhodes+Brito Architects, said the $12 million project will start construction in June of 2011.

The façade of the historic building, which dates from the 1920s, will remain intact, Rhodes said. Additions will include new classrooms and a media center.

For more information, contact:
Ruffin Rhodes, Rhodes+Brito Architects, 407-648-7288 x103
 Maximiano Brito, Rhodes+Brito Architects, 407-648-7288
 Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 (fax: 4410)

Top Executive at NAI Realvest appointed court receiver for Lee Vista Plaza in Orlando

MAITLAND, Fla. Mez R. Birdie (top right photo) CCIM, CPM, SCSM, director of retail and investment services at NAI Realvest, has been appointed court receiver for the Lee Vista Plaza on
South Semoran Blvd.
in Orlando.

As court receiver, Birdie is responsible for management, leasing and sale of the property.  

Birdie said he retained First Capital Property Group to manage and lease the center.

For more information,  contact:
Mez Birdie, CCIM, Director/Retail & Investment 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              

WeinPlus Real Estate Advisory Services Marks $3 Million in Savings For Client Companies Over Past 18 Months

ST. PETERSBURG, Fla. --- With a nationwide recession that has centered on the real estate market, commercial property owners are looking hard at ways to reduce costs.

That’s a big plus for WeinPlus, Real Estate Advisory Services, the company headed by architect and development consultant Rachel Elias Wein (top right photo), AIA of St. Petersburg.

Wein, former development manager with the Sembler Company in St. Petersburg and senior associate with Ernst & Young’s Construction and Real Estate Advisory Services in Philadelphia, has saved client companies more than $3 million over the past 18 months with a variety of solutions that range from construction cost control and dispute resolution to organizational process improvement strategies.

Wein offers her clients---Forge Capital Partners in Tampa, Pinellas County Schools and Equity One, Inc. to name a few---more than a sharp pencil and a nose for cost savings.

She earned Bachelor of Design, Master of Architecture and Master of Science in Real Estate Degrees from the University of Florida and was elected to the UF Hall of Fame and Florida Blue Key.

But while strong credentials and a stronger track record might open doors, they don’t earn much respect in a commercial real estate community enduring the worst market in a generation.

“Commercial real estate is all about concrete results,” Wein said. “It’s the bottom line that makes the difference, and the devil is in the details,” she said.

Wein revels in the details.

“With a background in building construction and financial accounting, I’ve been trained to analyze projects on multiple levels concurrently,” Wein said. “It is a discipline anyone can master, but it takes a great deal of hard work, concentration and hands-on experience,” she said.

Seemingly minor changes can result in enormous benefits to a project, Wein said. Likewise, tiny details can have disastrous consequences if overlooked.

For clients such as Publix Super Markets, Inc., Woolbright Development, Englander & Fischer, LLP and Community Reinvestment Partners II, WeinPlus strategy solutions, litigation support and construction cost recovery efforts have earned her a solid reputation for getting results.

“Commercial development and construction are complex processes that take years to complete,” Wein said. “In the best of circumstances there is room for improvement, and there is always room for error,” she explained. “That’s where we can shine.”

For more information, contact
Rachel Elias Wein, AIA, Founder / Principal, WeinPlus, 727-403-1595,;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142,

NAI Realvest Negotiates Lease of 15,045 Square Foot Industrial facility in Longwood, FL

MAITLAND, Fla. – NAI Realvest recently negotiated a lease agreement for 15,045 square feet of industrial/flex space at 260 Hunt Park Cove off
Florida Central Parkway
and SR 434 in Longwood.

NAI Realvest associate Sean DuPree (top right photo), CCIM negotiated the transaction representing the new tenant MasTec North America, Inc., based in Coral Gables.

The landlord, Dunhill Investments, Inc. of Longwood was represented by William St. Laurent of St. Laurent Realty.

For more information,  contact:  
Sean DuPree, CCIM, NAI Realvest 407-875-9989;;
Patrick Mahoney, President, NAI Realvest 407-875-9989;
Beth Payan, Larry Vershel Communications, 407-644-4142,