Tuesday, April 26, 2011
The Randall Book team that joins Colliers International also consists of Patrich Jett (middle left photo), LEED AP, who joins Colliers International as assistant vice president, and Suzanne George and Julie Gitary (lower right photo).
Jett most recently worked in Grubb & Ellis' Tenant Advisory Group, representing a variety of local and national tenants and was one of the first commercial real estate brokers in Michigan to achieve the LEED accreditation.
Russ Colchamiro, firstname.lastname@example.org , of The Marino Organization, +1-212-889-0808
Web Site: http://www.colliers.com/
PORT ST. LUCIE, FL, /PRNewswire/ -- Lang Realty, one of the dominant real estate companies in South Florida (www.langrealty.com), proudly announced that it has purchased Villager Realty LLC from The Kolter Group.
The office will operate under the name Lang Realty of St. Lucie County and it plans on an aggressive expansion in the county.
"We want to continue to be the leader in western Port St. Lucie, including PGA Village, but want to quickly increase our agents' presence across the county," said Scott Agran, (top right photo) President of Lang Realty.
"We think very highly of the St. Lucie County market, we love our office location in the heart of Western St. Lucie County, and are eager to start getting involved with the community and bring some new jobs to the area."
The office is located at 9700 Reserve Boulevard, Port St. Lucie, FL 34986.
For more information about Lang Realty and details on current listings, call (561) 989-2100 or visit http://www.langrealty.com/
You can also follow Lang Realty on Facebook, Twitter, LinkedIn and Lang's blog for real estate updates and Lang Realty news.
Media Contact: Glen Calder, TransMedia Group, (561) 750-9800 ext. 216
The asset commanded a sales price of $1,400,000.
98 Palms Strip Center was built in 2003 and is located at 985 Highway 98East. The property is well located in the heart of the Destin retail market and over 50,000 vehicles per day pass by the property location on Highway 98.
Nearby retail attractions include the 420,000-square foot Destin Commons and the 465,000-square foot Silver Sands Factory Outlet Center.
“This added value center should prove to be a good long term investment for the buyer, due to its location in a growing and high income market” says Strauss. “The property was bought in conjunction with an adjacent Walgreens, which will help to provide an income safety net while the retail portion is leased up” adds Jaworski
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
Follow us at http://www.Twitter.com/mmreis
Web site: http://www.marcusmillichap.com/
NORFOLK, NB, April 26, 2011 – Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which owns 105 hotels in 23 states, announced that it had implemented its strategy of employing regional hotel management companies to optimize operating results at its hotels.
Following a comprehensive selection process, Supertel has signed agreements with separate management companies, each of which will operate a regional portion of Supertel’s hotel portfolio.
The companies are Hospitality Management Advisors, Inc., Strand Development Company, LLC, and Kinseth Hotel Corporation. HLC Hotels, Inc. will continue to manage the company’s 10-hotel Masters Inns portfolio.
“Like all real estate, hotels are a local business, and this strategic move from centralized management to a regional approach with operators who have a long-term track record in those markets, is expected to generate higher returns through better knowledge of our markets,” said Kelly A. Walters (top right photo), Supertel’s president and CEO.
“Each of these operators has similar experience and a proven record of success and has been recognized for award-winning performance.
“They also have the development and acquisition experience we seek to assist us when we return to our acquisition strategy.
All of these operators have management portfolios similar to Supertel’s targeted profile of premium select-service brands as the company continues to transition over time to a more upmarket portfolio.”
For more information or to make a hotel reservation, visit http://www.supertelinc.com/
Jerry Daly, Carol McCune, Daly Gray, (Media Contact), 703.435.6293
Davidson Hotel Company Appoints Peter Dunn General Manager of Renaissance Baton Rouge Hotel in Louisiana
Madeline Strother Named Director of Sales; Property Expected to Open Fall 2011
BATON ROUGE, LA, April 26, 2011—Officials of Davidson Hotel Company, one of the nation’s largest independent hotel management companies, today announced the appointment of Peter Dunn (top right photo) as general manager of the 256-room Renaissance Baton Rouge Hotel (middle left rendering) a new-build property in Louisiana slated to open in fall 2011.
Concurrently, the company named Madeline Strother as the hotel’s new director of sales. Wampold Companies, a Baton Rouge-based development and property management company, owns the hotel.
“This is the first full-service hotel project in suburban Baton Rouge since the 1970s,” said Patrick Lupsha (middle right photo) chief operating officer, Davidson Hotel Company.
“Peter is a seasoned veteran with more than 30 years experience in the hospitality industry. His extensive track record of success, most recently as general manager of the Westin Montreal, in Canada, combined with his French Canadian heritage, made him an excellent choice for general manager of the new Renaissance Baton Rouge Hotel.”
Prior to being named general manager of the Renaissance Baton Rouge Hotel, Dunn was general manager of 454-room Le Westin Montreal for Atlific Hotels.
A Baton Rouge native, Madeline Strother brings with her more than 20 years of hotel industry experience. Prior to being named director of sales of the Renaissance Baton Rouge, she was director of sales of the Baton Rouge Marriott.
Located on Bluebonnet Boulevard and Anselmo Lane, the four-star Renaissance Baton Rouge Hotel will be near Mall of Louisiana (lower left photo) and Perkins Rowe and is one mile south of the I-10. The new hotel will be proximate to a number of major medical facilities, including Our Lady of the Lake Hospital, Baton Rouge General Hospital and Ochsner Hospital.
Additional information on Davidson may be found at www.davidsonhotels.com.
Cyndi Norwood, Davidson Hotel Company, (901) 821-4155
Jerry Daly, Chris Daly (media) Daly Gray Public Relations (703) 435-6293
This is despite the low transaction volume during the first quarter of 2011, which was surprisingly similar to the first quarter of last year.
However, the large number of apartment communities listed for sale during the first quarter of this year, combined with the increased availability of capital to finance new acquisitions, should result in a significantly higher transaction volume during the remainder of 2011.
A total of three multifamily sales were tracked during the first quarter of 2011 with a combined value of $77,077,000.
The volume during that same period last year was $82,494,000. Thirty-seven total sales were tracked in 2010, which equated to $1.2 billion in transaction volume. Bulk condominium sales represented approximately one-third of those transactions last year.
2010 was a transitional year for the multifamily investment market. The looming recession and low transaction volume of 2009 dampened expectations for transactions at the beginning of 2010.
However, throughout the year the market transformed into a white hot investment market reminiscent of the years prior to the market downturn. This was most likely due to the abundance of capital for multifamily assets combined with increasing occupancy rates and reduced concessions associated with a recovering apartment market.
Interesting to note is the percentage of distressed asset sales, which were anticipated to be higher. In 2010, distressed sales and bulk condo sales, combined, only accounted for 40% of the transaction volume.
Non-distressed “traditional” apartment transactions dominated the multifamily market during 2010. This is in direct contrast to nearly all other real estate sectors where distressed sales dominated completed transactions.
Capitalization rates reflected the high demand for multifamily assets in 2010. Reported cap rates on trailing income for all apartment categories ranged from 3.75% to 9.75% with a median cap rate of 6.25%.
The low cap rates for multifamily assets were reportedly driven by “lease-up” opportunities and anticipated above average rent growth over the next several years. The average price per unit of $83,167 was reminiscent of 2002 price levels.
HIGHLIGHTED TRANSACTION—FIRST QUARTER 2011
The Residences at Bayview (middle left photo), a 225-unit luxury midrise rental community, is the highlighted transaction of the quarter. According to County records, the property was purchased in January of 2011 by a publically traded REIT, Equity Residential (EQR), for $45,118,000 or $200,524 per unit.
The original developer was the seller in the transaction, RAM Development. The Residences at Bayview was completed in 2003 and enjoys direct frontage on Federal Highway between Atlantic and Cypress Creek Boulevard within the City of Pompano Beach, Florida. The property benefits from limited competition of class “A” rentals in the submarket.
For more information on Franklin Street, please see the company’s website at http://www.franklinstreetfinancial.com/
ATLANTA, GA – A leading analyst on assisted living and senior housing predicted on the Commercial Real Estate Show that baby boomers could be in trouble when they start looking for assisted living facilities — unless construction increases rapidly.
“Are we building enough to meet the levels of demand? I think the simple answer is probably not,” Mike Hargrave (top right photo), vice president of the National Investment Center for the Seniors Housing and Care Industry, told radio host Michael Bull (lower left photo). “We’re looking at long, sustained growing demand starting in 2015 and construction has to pick up in order to meet the demand.”
According to Hargrave, construction on new units for seniors housing is down 75 percent. With construction on new units continuing to dip, available space is barely meeting current demand from the market. And as baby boomers inch closer toward their twilight years, the need will continue to increase.
The retail show aired Saturday on Biz 1190 WAFS in Atlanta and is available for download at the show web site.
The next Commercial Real Estate Show will air April 30 and will include guests from the largest market data and research firms in the industry. Guests will include Dan Fasulo, managing director at Real Capital Analytics; and Chris Mack, senior real estate strategist at CoStar Group.
Contact: Midd Read
Office: (404) 965-5024
Cell: (404) 901-4433