Thursday, April 21, 2011

Hendricks & Partners negotiates sale of 444-unit Pine Hills Apartment Property in Orlando for $5.5 million

ORLANDO, FL --- Hendricks & Partners, the nation’s leading multi-family property advisory group, recently negotiated the sale of Seville Place Apartments at 3124 N. Pine Hills Rd. in Orlando.

 Cole Whitaker, partner at Hendricks & Partners, who heads the firm’s southeast region, said Associate Partner Hal Warren negotiated the sales transaction.  Bob Hold of Hold Thyssen of Winter Park acted as Receiver for Seville Place Apartments.

 Seville Place Holdings, LTD of Orlando paid $5.5 million to acquire the 444-unit property.

 Built in 1973, Seville Place features five swimming pools, a playground, basketball and tennis courts, seven laundry facilities, car care center and a community clubhouse.

For more information,  contact:  
Hal Warren, Associate Partner, Hendricks & Partners, 407-218-8881,
Cole Whitaker, Southeast Partner, Hendricks & Partners, 407-218-8880,
Larry Vershel, Larry Vershel Communications, 407-644-4142 or 407-461-3780,

Grubb & Ellis Selected to Market Tech Ridge Center in Austin, TX

AUSTIN, TX (April 21, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Tech Ridge L.P. has selected George Cushing, executive vice president, and Wendy Vandeventer, vice president, both members of the company’s Investment Services group, to market Tech Ridge Center (top left photo), a 331,144-square-foot grocery-anchored shopping center in northeast Austin.  The property will be marketed without an asking price, but is expected to sell for approximately $70 million. 

 “Tech Ridge Center is well located at the intersection of two of Austin’s primary thoroughfares and offers potential owners a strong net operating income of more than $4.6 million,” said Cushing.  “Adding to the property’s appeal is that the majority of its tenants are national companies, with a few regional retailers in the mix.”  

 Located at 500 Canyon Ridge Drive, Tech Ridge Center was built in three phases between 2001 and 2007 on roughly 60 acres of land situated at the southeast corner of Interstate 35 and Parmer Lane.  The property is 97 percent leased to numerous tenants, including H-E-B Grocery, one of the largest private employers in Texas; JCPenney Corporation Inc.; Office Depot Inc.; Petco Animal Supplies Inc.; Schlotzsky’s Franchise LLC; Bank of America N.A. and Cullen/Frost Bankers, Inc.  

 For more information, call 713.626.8888, or contact Cushing at  , or Vandeventer at

 Contact: Julia McCartney,  Phone: 714.975.2230                                     

Grubb & Ellis’ Kevin Rude Assumes Responsibility of Company’s Southern California Management Services Portfolio

LOS ANGELES, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has expanded the responsibilities of Kevin Rude (top right photo), CCIM, RPA, senior vice president, director of Management Services, to include the Southern California region.

Rude has been responsible for the oversight of all property management activity in Arizona and Nevada for the past four years, and with the addition of Southern California, will oversee a total of 20 million square feet of space.  A 27-year veteran of property management, Rude will be based in Grubb & Ellis’ downtown Los Angeles office. 

“Since joining Grubb & Ellis in 2007, Kevin has been instrumental in business development, helping to add more than 9 million square feet of space to the company’s portfolio under management,” said Karen Whitt  (lower left photo), CPM, RPA, CRE, president, Property Management, Strategic Accounts of Grubb & Ellis Management Services.

“With his proven track record and wealth of relationships, I couldn’t be more confident of the service he will provide clients, as well as his ability to continue the growth of the business in Southern California.”

Under Rude’s direction, Phoenix was awarded the 2009 Grubb & Ellis Management Services District of the Year.  Prior to joining Grubb & Ellis, Rude served as a senior portfolio manager of Trammell Crow Company.  He also spent time with Parkway Realty, CommonWealth Partners LLC and Cushman & Wakefield.  Rude began his career in 1984. 

 He holds a bachelor’s degree from Fort Hays State University and is a member of the CCIM Institute, Building Owners and Managers Association and NAIOP.  Rude has also been approved as a receiver by the State of Arizona and has served as an instructor of the Arizona School of Real Estate & Business.   

Contact:  Julia McCartney, Phone: 714.975.2230                                     

Berger Commercial Realty Corp. Announces $2.5 Million Sale in Fort Myers, FL

FORT LAUDERDALE, FL – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale, Fla., and serving clients around the state, announced brokers Judy Dolan (top right photo) and Steve Hyatt  (top left photo) closed a $2.5 million sale in Fort Myers, Fla.

 The property, a 136-unit apartment complex located at 3726 Central Ave, was sold by Coral Gulf IV, LLC,  to RFH Advisors Palm Vista, LLC. The deal closed March 31. Dolan and Hyatt represented the seller.

Lloyd Berger (lower right photo) of Berger Special Assets, a division of Berger Commercial Realty Corp., previously served as receiver for the multifamily property, known as Palm Vista.

 The property consists of 12 two-story buildings and  features one-bedroom/one-bath and two-bedroom/two-bath apartment units, as well as amenities such as a clubhouse, playground, pool and fitness center. 

“We were able to resolve challenges facing this property in a cost-efficient manner and restored the asset's value,” said Lloyd Berger, founder and president of Berger Commercial Realty Corp.

Berger Special Assets, founded in 2008, serves as receiver, management company, and leasing agent to enhance the value of distressed commercial and multi-family properties across the state on behalf of lenders and financial institutions.

In another, unrelated transaction, Steve Hyatt closed the sale of a 10-unit apartment building located at 77 NW 77th St. in Miami for $315,000. Hyatt represented the seller, ECP Properties, Inc., in the sale to Greg Celentano, which closed March 25.

 For more information, visit

Marielle Sologuren
Pierson Grant Public Relations
6301 Northwest 5th Way, Suite 2600
Fort Lauderdale, FL 33309
Phone: (954) 776-1999, ext. 226
Fax: (954) 776-0290

CBRE Orlando Brokers sale of 200-Unit Vista Verde in Orlando

ORLANDO, FL--CB Richard Ellis is pleased to announce the sale of Vista Verde in Orlando.
Built in 1990, this luxury community features 200 units adjacent to the Metrowest Golf Course.

The property was 94% occupied at closing, and offers private garages, barrel tile roofs, and a full amenity package with a resort-style swimming pool.

Shelton Granade and Luke Wickham of CBRE’s Central Florida Multi-Housing Group exclusively represented the seller, and have closed over $111,000,000 in Orlando thus far in 2011 – more than the next three competitors combined.

Buyer interest in multi-housing assets in Central Florida has increased

For further information, please contact:
Shelton Granade, T 407.839.3103,    
 Luke Wickham, T 407.839.3130,