Monday, May 9, 2011

C&W Apartment Investment Group negotiates sale of Daytona’s 208-unit Breakers Apartments for $8.5 million

ORLANDO, FL, May 9, 2011---Cushman & Wakefield of Florida, Inc. (C&W) Apartment Investment team of Jay Ballard (middle right photo),  Ken Delvillar (lower left photo), and Lindsey Pfaender announced the sale of The Breakers Apartments (top left photo) located in Daytona, Florida to Daytona-based Continental Property Services.

 The C&W Apartment Investment team represented the seller, Denver-based real estate investment trust Apartment Investment and Management Company (AIMCO) in the $8.5 million deal that closed on April 22.

Built in 1985, the 208-unit Breakers is a Class B garden-style community is positioned in the heart of Daytona’s college community that includes Embry-Riddle Aeronautical University, Daytona State College, Florida State University College of Medicine, Bethune-Cookman University, Phoenix East Aviation, WyoTech, Keiser College and Palmer Chiropractic College.

  The property is located minutes from Daytona’s famous attractions, including their renowned beach and International Speedway. 

 With a stabilized occupancy of 92% at the time of the sale, Continental Property Services paid $8.5 million or $40,865 per unit and assumed the existing Freddie Mac loan. 

Cushman & Wakefield Director Ken Delvillar said, “as the area’s largest owner of multi-family properties, Continental Property Services was a natural choice to acquire the asset.

 “They’re a well capitalized, private buyer who will be able to maximize the property’s potential through their hands-on management and existing scale in the market,” said Delvillar.

 Contact: Brook Hines Tel: 407-541-4401,
BURBANK, CA, May 9, 2011 — Jones Lang LaSalle announced today that it has completed a lease with Providence Health & Services for 10,314 square feet of office space at 2727 W. Alameda Avenue in Burbank, California.

 The new space will house a portion of the company’s information technology department, which is currently located within the Providence St Joseph Medical Center across the street.

Jones Lang LaSalle Vice President Dean Hawthorne represented the landlord, 2727 Alameda LLC, in the transaction.  Will Adams of CB Richard Ellis represented the tenant.

Built in 1968 and renovated in 2006, the three-story, 33,000-square-foot building is located in the Burbank Media District, next to the Providence Saint Joseph Medical Center, Four Media Co., Disney, NBC/Universal and Warner Bros. It is 100 percent leased and conveniently located near restaurants, hotels, shopping and the Bob Hope Airport.

 For further information, please visit our website,

Contact: David Ebeling, Ebeling Communications, (p) 949.861.8351,
(c) 949.278.7851,

Bay Isle Key, St. Petersburg, FL---Engler Financial Group Exclusive Offering

ATLANTA, GA--Engler Financial Group, LLC is proud to present Bay Isle Key (top left photo), a 582-unit class “A+” apartment community built in two phases (1999 & 2004) in St. Petersburg, Pinellas County, Florida. 

The Property is located along the west side of Dr. Martin Luther King Jr. Street N., just south of I-275 in the heart of the Gateway submarket.  Phase 1 (369 units) of the Property underwent condominium conversion in 2006-2007.  As of April 2011, ownership controlled 320 units in Phase 1, while 49 units remained individually-owned. Phase 2 of the Property was never converted.

Bay Isle Key is being offered  for sale on an "unpriced" basis and represents an outstanding opportunity to purchase a well-located “Core” Class “A” multifamily community at a significant discount to new replacement cost. The property’s location in the Gateway submarket of Pinellas County offers residents excellent access to major employers, transportation arteries, shopping and recreation.

Bay Isle Key’s centralized location in the heart of the Gateway submarket of Pinellas County affords numerous advantages.

If you  would like more details, have any questions or would like to schedule a tour of Bay Isle Key, please contact Greg Engler, Pat Jones, or Kris Mikkelsen at (678) 992-2000, or Nicholas Husak at (727) 542-7151. We look forward to working with you on this exciting opportunity!

Stirling Sotheby’s International Realty Appointed Exclusive Sales, Marketing Agents at Johns Lake Point in Winter Garden, FL

ORLANDO, FL. --- Stirling Sotheby’s International Realty has been named exclusive sales and marketing agents at Johns Lake Point (top left rendering), centrally located on Avalon Road in Winter Garden.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said associates Jennifer Gonzalez and Luis Gonzalez of Stirling Sotheby’s Heathrow Gallery are representing the Johns Lake Point developer Misty Ridge Ventures in sales of nine new home residences on the property priced from the $160s to the mid $400s.

Altogether, 323 new homes are planned at Johns Lake Point in three distinct villages with 50-, 75- and 85-foot lots.  In addition, construction will start this summer on a 4,000 square foot amenity center with fitness facilities, a junior Olympic-sized pool, tennis courts and children’s play area.

Stirling Sotheby’s associate Jennifer Gonzalez said new three to six-bedroom homes at Johns Lake Point range in size from 1,600 square feet of living space to 3,800 square feet, some of which are situated on preserve and pond front homesites.

Gonzalez said close proximity to Orlando’s main arterial highways – State Roads 408 and 429 and the Florida Turnpike – makes Johns Lake Point within easy access to anywhere in the metro Orlando area.

“Our onsite model sales center is now open,” Gonzalez said.

For more information, contact
Jennifer Gonzalez, Sales Executive, The Gonzalez Team, Stirling Sotheby’s International Realty 407-333-1900, 321-377-3325 or
 Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

McCarthy Building Companies Completes Construction of Emergency Room Department and Acute Care Unit Expansion at Olive View-UCLA Medical Center

SYLMAR/NEWPORT BEACH, CA (May 9, 2011) – McCarthy Building Companies, Inc. (, one of Southern California’s preeminent healthcare builders, has recently completed construction of a replacement and expansion of emergency services and acute care units at Olive View-UCLA Medical Center (top left photo) in Sylmar, Calif. 

The hospital celebrated the opening of the new $53 million facility with a ribbon cutting ceremony in February 2011.

 “With 51 beds, we now have the second largest Emergency Department in the Department of Health Services,” said Carolyn Rhee, Olive View - UCLA Medical Center CEO during the ceremony as she congratulated the project team for finishing 9 months ahead of schedule and $1 million under budget.  “This was a milestone in Olive View’s history, considering that the Emergency Department has been too small for 24 years.” 

Los Angeles County Supervisors Michael D. Antonovich and Zev Yaroslavsky proudly cut the big red ribbon at the entrance to the new facility during the opening ceremony. John Schunhoff, Chief Deputy of the Department of Health Services attended the event along with hospital administration, nurses, physicians and project team members.

 Over the last couple of years, hospital officials said they have seen an increase in patient ER visits of more than 20 percent and they expect at least an additional 8,000 to 10,000 more people to be seen annually now that a larger and more advanced emergency department is built. Expanded from 15,000 to 31,000 square feet, the emergency department and acute care unit boasts new equipment and a more efficient layout which will improve treatment and shorten patient wait times.

McCarthy Building Companies Inc. served as general contractor for the project, which entailed construction of a single-story facility on the north side of the existing ER.

The project was delivered under a Guaranteed Maximum Price (GMP) agreement, one of the first such contracts for the Los Angeles County Department of Public Works. Utilizing this delivery method, the facility was completed almost $1 million under budget and nine months ahead of the original schedule even with scope added during the project.

 Olive View-UCLA Medical Center is located in the northern San Fernando Valley.  The main facility includes 377 beds and provides outpatient, surgical, obstetric/gynecologic, and psychiatric services.  The hospital is host to a number of residency programs and is affiliated with the University of California, Los Angeles (UCLA) School of Medicine.

 Laura Mickelson (LM Communications), (949) 453-0851
Susan Garritano (McCarthy Building Companies, Inc.), (314) 968-3300                           

Home Prices in the U.S. Continue to Head South

The Huffington Post-AOL News reports prices of residential properties posted the biggest quarterly drop since 2008.

Almost five years after home prices peaked, they're still moving in the wrong direction.

Home values fell 3 percent during the first three months of this year, according to a new report from data provider Zillow (top left chart). Even as the stock market climbs to three-year highs, and as payrolls tentatively expand, housing continues to fall in almost every U.S. metro area.

Prices won't find a bottom until 2012 at the soonest, Zillow predicts, meaning American homeowners could be in for at least another year of pain, according to Huffington Post-AOL News..

The Wall Street Journal reports the survey indicates nearly 30% of borrowers owe more than their homes are worth. . Prices have now fallen for 57 consecutive months, according to Zillow.

The WSJ reports “last year, the housing market showed signs of improving as price depreciation slowed in some markets and stabilized in others. In response, a number of economists began forecasting that housing would hit a bottom in late 2011, then begin to recover.

“But the improvements, spurred by federal programs that gave buyers up to $8,000 in tax credits, proved fleeting. Sales collapsed when the credits expired last summer, and prices in many markets have been falling ever since," according to the WSJ.”

Cuhaci & Peterson Architects Awarded Contract to Design New Dollar General Facility in Sanford, FL

ORLANDO, FL. --- Cuhaci & Peterson Architects, LLC based in Orlando’s Baldwin Park was recently awarded a contract to design a new Dollar General facility on French Avenue (U.S. 17-92) in Sanford.

Lonnie Peterson, chairman at Cuhaci & Peterson Architects, said the facility will be 10,000 square feet and construction will begin in the fall.

For more information, contact:  
Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142,