Tuesday, December 21, 2010

Henin Group completes construction of Gator’s Dockside Restaurant in DeLand, FL

DELAND, FL - The Henin Group, based in Orlando recently completed the remodeling of the Gator’s Dockside Restaurant (top left photo) facility located on Woodland Blvd. (U.S. 17-92) in DeLand.

 Jerome Henin, principal and chairman of the Henin Group, said the remodeling construction costs totaled over $200,000.

 Remodeling of the 9000 square foot facility included an outdoor patio, new flooring, new tile, renovation of the kitchen facilities and a new bar.

For more information, contact:  
Jerome Henin, Founder / President, Henin Group, 407 644-8595;  
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142  

Rebman Properties Brokers Lake Wales, FL Sale and Orlando Lease

4 Buildings in Lake Wales Go for Total $800,000

WINTER PARK, FL (Dec. 21, 2010) -- Greg Rebman (top right photo) of Rebman Properties, Inc. sold four buildings totaling 74,000 square feet on 24.76 acres in Lake Wales, Florida. Greg Rebman represented the seller, Industrias Vassallo, Inc.

Albert Cross of Cross Realty and Ronald Booth, both of Winter Haven, represented the buyer, Stephen F. Baker.

 The property sold for $800,000.

The property is rail-served and approximately eleven miles from the planned CSX Integrated Logistics Center in Winter Haven.

The ILC will be a centralized hub of transportation, logistics and goods distribution anchored by a new rail-based intermodal and automotive terminal.

Greg Rebman specializes in industrial building and land sales and leasing.

For More Information, contact: Greg Rebman, SIOR, CCIM

Central Supply Sub-Leases 23,444 SF of  Combined Office and Warehouse Space

WINTER PARK, FL - Central Supply Company sub-leased 23,444 square feet of office/warehouse space at 515 Ferguson Street, Orlando, Florida. Gemini Management, Inc. was the Sub-lessor on this transaction.

Lyle Nelsen (lower left photo) of Rebman Properties, Inc. represented the Sub-lessor.

 For more information, contact: Lyle N. Nelsen, 407.875.8001 lyle@rebmanproperties.com

Marcus & Millichap Sells 7 Walgreens for $31 Million

PHOENIX, AZ – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced that two agents in the firm’s Phoenix office recently sold seven Walgreens drugstores, according to David Guido (top right photo), regional manager of the Phoenix office.

Jamie Medress (bottom right photo) a senior vice president investments and Mark Ruble, an associate vice president investments, both in Phoenix, represented the sellers and buyers of the seven Walgreens drugstores, which traded between June and October.

The properties are:

  • 4470 Royal Pine Drive, Colorado Springs, Colo.: 14,550 square feet; $3,358,000 or $231 per square foot
  • 15450 North Tatum Boulevard, Phoenix, Ariz.: 14,832 square feet; $7,725,000 or $521 per square foot
  • 15490 West Bell Road, Surprise, Ariz.: 13,905 square feet; $3,156,000 or $227 per square foot
  • 4420 East Brown Road, Mesa, Ariz.: 13,905 square feet; $2,994,000 or $215 per square foot  (top left photo)
  • 1025 S. Milton Road, Flagstaff, Ariz..: 13,695 square feet; $3,911.000 or $286 per square foot
  • 25073 W. Southern Avenue, Buckeye, Ariz.; 14,820 square feet; $4,445,000 or $300 per square foot
  • W62N190 Washington Avenue, Cedarburg, Wis., 14,550 square feet or $381 per square foot

“As in other markets around the country, single-tenant properties net-leased to top-rated corporate tenants in the West and Midwest generate intense bidding when listed,” says Medress. “This trend is expected to continue in 2011 as high-net worth individuals and well-funded REITs compete for acquisitions.”

“Unimpressive returns offered by alternative investments and ongoing stock market uncertainty will continue to heighten private buyers’ appetite for low-risk, corporate-backed assets,” adds Ruble.

Matthew Fitzgerald of the firm’s Madison office provided representation in Wisconsin and Michael Hoffman of the firm’s Denver office provided representation in Colorado Springs.

Lior Regenstreif of the Encino office represented the buyer of the Colorado Springs Walgreens and Steve Gonzalez in Phoenix assisted in representing the seller of the 15450 North Tatum Blvd. in Phoenix.

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

HFF closes sale of Eagle Ridge Apartments in Monroeville, PA

PITTSBURGH, PA – The Pittsburgh office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Eagle Ridge Apartments (top left photo), a 352-unit, luxury multi-housing community in Monroeville, Pennsylvania.

HFF executive managing director Gerard Sansosti  and managing director Mark Popovich (middle right photo) led the investment sales team on behalf of the seller, Abacus Capital Group LLC.

 ER Partners, LP, an affiliate of Ringham Corporation, purchased the property for $25,000,000 and assumed existing financing.  HFF also arranged the sale and financing of Eagle Ridge Apartments in 2007 to Abacus Capital Group LLC on behalf of Sentinel Real Estate Corporation for $20.7 million.

Situated on 45 acres overlooking Parkway East (Interstate 376), Eagle Ridge Apartments is located at 1500 Eagle Ridge Drive in Monroeville, close to the UPMC hospital opening in 2012, the Pennsylvania Turnpike and downtown Pittsburgh. 

The 94% leased property has 13 residential buildings with one- and two-bedroom units averaging 911 square feet each.  Community amenities include a clubhouse, business center, fitness center, car wash center, two heated pools and two tennis courts.

“Eagle Ridge Apartments has a truly irreplaceable in fill location.  No apartments have been built in the submarket since 1990 and there are no new properties presently planned or under construction,” said Sansosti.

Abacus Capital Group LLC is a New York, New York-based investment advisor specializing in multifamily housing.  Since its formation in 2004, the company has purchased over $600 million of apartment assets on behalf of institutional and high net worth clients.

 For further information about Abacus, please contact Benjamin Friedman at (212) 203-4959 or Gregory Lyden at (212) 203-4962, or visit http://www.abacuscapitalgroup.com/

Ringham Corporation is a Pittsburgh-based private investment company with 35 years of experience in multi-family housing and private equity investing.  For further information about Ringham, please contact Jonathan Ringham or Michael Dvorsky at 412-372-1746.

Gerard Sansosti, HFF Executive Managing Director, (412) 281-8714, gsansosti@hfflp.com
Mark Popovich, HFF Managing Director, (412) 281- 8714, mpopovich@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

C&W industrial group negotiates 72,500 SF Lease for Czarnowski in Orlando, FL

ORLANDO, FL– Cushman & Wakefield of Florida, Inc. (C&W) Industrial Brokerage team of Lee Morris (top right photo)  and Jared Bonshire negotiated an 8-year lease on behalf of Czarnowski. The landlord, Prologis, was represented by CBRE.

 Czarnowski leased 72,561 SF at 10805 Lee Vista Boulevard in the Airport submarket.

 Czarnowski was established in 1947 and is headquartered in Chicago, Illinois.
 A leading exhibit and event company, Czarnowski serves a global client base, providing strategy, design, fabrication, rental solutions, transportation, I&D, warehousing, refurbishment, program management, marketing collaboration, brand support, event planning and program measurement.

Contact: Brook Hines. Tel: 407-541-4401, brook.hines@cushwake.com

Florida Bank Failures Trigger $2 Billion In FDIC Losses In 2010

MIAMI, FL--Regulators seized the Bank of Miami on Dec. 17, and in the process the Federal Deposit Insurance Corp surpassed the $2 billion in losses threshold in Florida for 2010, according to a new Condo Vultures® White Paper™.

Before its closure, the Bank of Miami was a 46-year-old institution with three branches, 101 employees, and $448 million in assets. At the height of the real estate boom in December 2005, the Bank of Miami - formerly known as the International Bank of Miami - had assets of nearly $1 billion and 165 employees, according to FDIC data.

The Deposit Insurance Fund - which guarantees accounts up to $250,000 each - realized a loss of $64 million with the Bank of Miami failure, according to the FDIC.

"With two weeks to go in the year, Florida is poised to lead the nation with the greatest number of bank failures for 2010 ahead of Georgia, Illinois, California, and Washington state," said Peter Zalewski (bottom right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "Florida's ranking should come as no surprise given the significant amount of speculation - financed by bank loans - that occurred in Florida during the real estate boom. Consider that 185,000 condominium units - including more than 22,000 in Greater Downtown Miami - were created alone in the tricounty South Florida region since 2003.

"It is worth noting the FDIC has been preparing for a rash of Florida bank failures which is why it opened a 500-person bank seizure and asset sales office in the North Florida city of Jacksonville in 2009." 

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com.