Wednesday, April 20, 2011

New Condo Sales Prices Rise 14% In Greater Downtown Miami In Q1

MIAMI, FL--Buyers paid an average of 14 percent more for new units in Greater Downtown Miami -  the epicenter of Florida's condo crash - in the first 90 days of 2011 on a year-over-year basis compared to the same three-month span in 2010, according to a new report from

As the prices for new developer units increased to $348 per square foot in 2011, the average number of sales dropped by 54 percent to 111 transactions per month in the first quarter, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Miami™.

A year earlier in the first quarter of 2010, buyers purchased an average of 239 new condos per month when prices averaged $306 per square foot, according to the report based on an analysis of Miami-Dade County records.

"Bulk buyers, lenders, and those few developers still involved with Greater Downtown Miami's unsold condo inventory have been working - and marketing - diligently for the last six months to increase the average market price to about $350 per square foot," said Peter Zalewski (lower right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"As Greater Downtown Miami heads into the humid summer months after a busy winter tourism season, the question is whether sellers will stand firm on their sales price objectives or roll back prices to generate more transaction velocity given the 29-month supply of unsold condo inventory."

Besides the unsold developer inventory in Greater Downtown Miami, there are more than 1,300 condos built during the boom currently on the resale market and more than 1,000 units being marketed by bulk buyers attempting to resell condos at a premium to individuals investors, according to the licensed Florida buyer brokerage Condo Vultures® Realty LLC. 

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

Grubb & Ellis Healthcare REIT II Acquires Medical Facilities in Arizona, Texas and Florida

SANTA ANA, CA /PRNewswire/ -- Grubb & Ellis Healthcare REIT II, Inc. announced that it has acquired, in three separate transactions, Yuma Skilled Nursing Facility in Yuma, Ariz., Hardy Oak Medical Building in San Antonio, and Lakewood Ranch Medical Office Building in Bradenton, Fla.  

"The acquisition of these properties was attractive to Grubb & Ellis Healthcare REIT II due to their proximity to well-managed medical centers and their financial performance," said Danny Prosky (top right photo), president and chief operating officer of the REIT.

As of April 8, 2011, Grubb & Ellis Healthcare REIT II has sold approximately 21,844,902 shares of its common stock, excluding the shares issued under its distribution reinvestment plan, for approximately $217,954,000 through its initial public offering, which began at the end of the third quarter of 2009.

To date, the REIT has made 19 geographically diverse acquisitions comprised of 33 buildings valued at approximately $262 million, based on purchase price in the aggregate.

Contact: Damon Elder, +1-714-975-2659,

Propp Realty Management Selects Grubb & Ellis to Lease 866,000-SF Office Portfolio in Denver Area


 DENVER, CO – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that Propp Realty Management has selected Victor Frandsen, executive vice president, Office Group, and John Gustafson, senior associate, Office Group, as the leasing agents of the company’s entire Denver-area portfolio, including 16 office buildings totaling 866,166 square feet of space.   

 “This portfolio is ideally suited for a wide range of uses, including general, technology or medical office needs,” said Frandsen.  “Tenants also enjoy stable and professional ownership under local commercial real estate veteran Daryll Propp and his firm.”

 The portfolio contains six properties available for lease in Lakewood, including: Academy Park Commons, Golden Hill Office Centre, Applewood Tech Center, Youngfield Park, Terrace Point and 12157 W. Cedar Drive. 

Also located in Lakewood is the Energy Star rated 155 Van Gordon St., a 148,000-square-foot building that is fully leased to the Department of Veteran Affairs, and 2850 Youngfield St., which offers 70,000 square feet of space and is fully leased by the Bureau of Land Management.   

For more information, call 303.572.7700, or contact Frandsen at, or Gustafson at

Contact: Julia McCartney,  Phone:  714.975.2230                                     

$21.6 Million Multifamily Loan Closes in Los Angeles

LOS ANGELES, CA– Marcus & Millichap Capital Corporation (MMCC) has arranged $21,630,000 in refinancing for a 276-unit multifamily property in Los Angeles.

Danny Abergel, a director in the firm’s Encino office, arranged the refinancing.

 “The property had extensive tuck-under parking which created substantial seismic issues,” says Abergel. “Most lenders require that the building be retrofitted prior to close but MMCC was able to source an agency lender that agreed to close the transaction first. The borrower used the refinancing proceeds to retrofit the property post-closing,” adds Abergel.

“As seismic requirements have tightened, properties that passed the test a few years ago will now fail,” Abergel continues. “Property owners are often faced with the choice of retrofitting or facing future financing difficulties.”

 “We solved the dilemma by bringing in an engineer who designed a retrofit plan that satisfied the lender and then we negotiated an economically feasible course of action for the borrower,” he says.

The loan is for 10 years, amortized over 30 years. The LTV is 70 percent.

 Press Contact: Stacey Corso, Marcus & Millichap Capital Corp.  (925) 953-1716