Colliers International Completes 20,164-Square-Feet, Rite Aid-Anchored Retail Center Sale at 8.5% Cap Rate for Total Value of $8.965 Million in Somerset, NJ

SOMERSET, NJ, May 3, 2011 – Colliers International, the second largest global real estate services organization, has completed the sale of a 20,164-square-feet multi-tenant retail property located at  464 Elizabeth Ave. Somerset, NJ 08873 (top left photo) to a private regional developer. The transaction is valued at $8.965 million. 

 This retail center was built in 2009 and boasts strong national tenants such as Rite Aid and Dunkin Donuts and New Millennium Bank.  Additionally, its location offers less than an hour’s drive from New York City and has experienced strong growth driven by Fortune 500 companies and Rutgers University.

Colliers received a total of 10 offers on the property, the majority of which were high net worth investors living throughout the U.S.  The sale closed at an 8.5% cap rate.

Ian Schroeder and Maurice Nieman, vice presidents, based in Colliers International’s Irvine office, represented both the buyer and seller by partnering with William Aiello and George Lulos, both senior vice presidents based in Colliers International’s Harrisburg, PA office.

 “We sold this property for $35,000 less than the asking price, which is a testament to the shortage quality net leased assets in the market,” said Nieman. “Our job in a transaction such as this is to manage the process from start to finish.”

Nieman added that Colliers executed a very detailed up-front analysis of the property expenses, submarket, and tenants which supported its ability to generate a premium price for this asset. 

 “This was a quality asset in which we received multiple offers allowing us to drive up the price.  We put our marketing process to work fully exposing this property to both investors and brokers which allowed us to achieve the highest possible price for our client,” said Schroeder.

 Colliers International Completes 3,080-SF Medical Office  Sale for $1.7 Million in Los Angeles

LOS ANGELES, CA, May 3, 2011 – Colliers International, the second largest global real estate services organization, has completed the sale of a 3,080-square-feet medical office building located at 8158 Beverly Blvd (lower right photo). Los Angeles, Calif. The transaction is valued at $1.7 million.

 Built in 1950, the property is a single-story medical office building located on Beverly Blvd between La Cienega & Crescent Heights. It occupies 3,080 square feet on 5,489 square feet of land and offers 10 parking spaces.

 Kathleen A. Silver, CCIM, Senior Vice President, based in Colliers International’s West Los Angeles office represented the buyer, Blufrog REI 8158 Beverly, LLC. The seller, The Schonfield Family Trust, was represented by Brad Conroy of Conroy Commercial.

“At long last, Blufrog REI 8158 Beverly, LLC finds a medical building after an in-depth 2 year search,” said Silver.  “The area has a supportive medical community with Cedars Sinai Medical Center less than a mile away. This was a unique opportunity with very little product available of its kind."

 Contact: Angela S. Hwang

Dir +1 213 532 3258 | Mob +1 310 867 4105

Main +1 213 627 1214 | Fax +1 213 327 3258

angela.hwang@colliers.com

http://www.colliers.com/

Five Central Florida Golf Clubs to Provide Free Lunch for Golfing Mothers through May 31

ORLANDO, FL --- Celebration Golf Management has a special Mother’s Day offer for mothers who play golf and it’s good for the entire month of May: a free lunch at any of the five Central Florida golf courses Celebration owns and operates throughout Central Florida.

Gene Garrote, president of Celebration Golf Management, said the offer is valid through May 31 at Celebration Golf Club near Walt Disney World; Legends Golf and Country Club and Kings Ridge Golf Club in Clermont; Stoneybrook West Golf Club in Winter Garden and Eagle Creek Golf Club on Narcoossee Road in southeast Orlando.

Garrote said the special Mother’s Day offer is a way to celebrate mothers and introduce young lady golfers to Celebration Golf Management’s Central Florida-area golf courses.

“We’re confident that once you play one of our golf courses you’ll come back,” Garrote said. “We have great courses, a terrific staff and really fine restaurants too,” he said.

For media information, contact:

Gene Garrote, President, Celebration Golf Management, LLC 407-566-1045

Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142 or 407-461-3780; lvershelco@aol.com

 

Permitting Specialist at Cuhaci & Peterson Architects Appointed to County Board to Streamline Permitting Processes

ORLANDO, FL --- Bill Tomala (top right photo), Government Relations and Permit Coordinator at Cuhaci & Peterson Architects in Orlando, was recently appointed to an Orange County Task Force charged with reviewing County regulations to streamline the permitting process.

Lonnie Peterson, chairman of Cuhaci & Peterson Architects LLC, said Tomala has substantial experience negotiating the county’s sometimes labyrinthine regulatory requirements.

“Regulatory requirements have a sound purpose to assure quality design and construction throughout Orange County,” Peterson said. “The problem arises when several different agencies over several years insert specific requirements that sometimes overlap and are sometimes obsolete,” he said.

Tomala is well versed in county regulatory requirements.

“Bill Tomala is responsible for meeting regulatory requirements for a wide variety of commercial and residential projects, from the handicap ramps we design pro bono for clients of the Center for Independent Living to large scale retail, office, medical and food service environments,” Peterson said.

Orange County Mayor Teresa Jacobs (middle left photo) appointed the task force.

“Mayor Jacobs is on the right track and we applaud her efforts,” Peterson said. “If we can streamline the regulatory and permitting process we can maintain Orange County’s high standards and reduce the cost of design, development and construction,” Peterson said.

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 or 407-461-3780; lvershelco@aol.com

 

Construction of two models, six ready-to-move-in single family homes to start in July at Avalonpark Texas, LP’s The Springs of Walnut Creek in North Austin

AUSTIN, TX. --- David Weekley Homes will start construction of two models and six ready-to-move-in single-family homes priced from the low $200s in July at The Springs of Walnut Creek, located near I-35 and Yager Lane in North Austin.

Richard Kunz (top right photo), a principal at Avalonpark Texas, LP the Texas joint venture of Florida-based Avalon Park Group headed by Beat Kahli in Orlando, said the three, four and five bedroom homes will range in size from 1,800 square feet of living space to 2,500 square feet in both one and two story designs.

Kunz said construction of 53 home sites in the first two phases will be completed in July/August. Altogether, 110 single family home sites are planned at The Springs of Walnut Creek. 

Kunz added that he is currently talking with additional home builders about the town home site (Phase 4) which will have between 40 and 60 home sites.

Avalon Park Group developed the 1,860-acre Avalon Park, an award-winning neotraditional community of more than 3,500 homes in east Orlando and New River Township, an 1,800-acre master planned community north of Tampa in Pasco County.

For more information,  contact

Richard Kunz, Principal Avalonpark Texas, L.P. 512-695 3356, richardk@avalonparkgroup.com

Stephanie Hodson, Marketing Director, Avalon Park Group 407-658-6565

Beat Kahli, CEO Avalon Park Group / Principal Avalonpark Texas, LP 407-658-6565

Eric Marks, Vice President, Avalon Park Group 407-658-6565, ericm@avalonparkgroup.com

Larry Vershel, Larry Vershel Communications 407-644-4142, Lvershelco@aol.com

NAI Realvest Negotiates New Long Term Lease for 4,800-SF Retail Building in Altamonte Springs. FL

MAITLAND, Fla. – NAI Realvest recently negotiated a new long-term lease agreement for the 4,800 square foot retail building at 802 E. Altamonte Drive, west of SR 427 in Altamonte Springs.

 Robert Blackwell (top right photo), SIOR principal at the firm who brokered the transaction, said tenant Tampa-based New South Windows leased the space for five years.

 The landlord is Kin Properties, Inc. of Boca Raton.

For more information, contact:

Robert Blackwell, SIOR, NAI Realvest 407-875-9989; or rblackwell@realvest.com;

Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com

Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

PCCP and SRM Associates Form Joint Venture to Develop 160,000-SF Build-to-Suit Office Project for VF Outdoor in Alameda, CA

 SAN FRANCISCO, CA, May 3, 2011 - PCCP, LLC, SRM Associates and Scott Newman, a private individual, have announced they have formed a joint venture to develop a four-building 160,000-square-foot build-to-suit office project in Alameda, Calif. for VF Outdoor, Inc., a subsidiary of VF Corporation.

 The project will serve as the global headquarters for VF Outdoor and its brands including The North Face®, JanSport®  and lucy®. Ground breaking for the project occurred today and completion is anticipated in summer 2012.

Phil Lombardo and John McManus of Cushman and Wakefield represented VF Outdoor.

The PCCP / SRM Associates joint venture will develop four, two-story office buildings within the 268-acre Harbor Bay Business Park (lower left photo) project. Three buildings will total 45,000 square feet each and one will total 25,000 square feet.

The 25,000-square-foot amenity building will include a private café and fitness center and conference room facilities. The other three buildings will house the headquarters for The North Face, JanSport and lucy brands, including apparel research and design, and a prototype showroom.

 The new offices will overlook San Francisco Bay and offer access to running trails and public transportation, including Ferry services to San Francisco within one mile of the headquarters.

”We are pleased to partner with VF on this unique build-to-suit project and tailor a solution that satisfies their facility objectives on many levels including sustainability, creating an inspiring environment for their employees, achieving competitive economics and delivering on a turnkey basis,” said Joe Ernst, principal with SRM Associates.

“As an Alameda based-business, we are proud to play a major role with our partner PCCP in bringing VF Outdoor and its brands to our community.”

Media Contact: Darcie Giacchetto, Spaulding Thompson & Associates, Inc.

949-278-6224

http://www.pccpllc.com/

 www.srmassociates.com

 

Post Properties Announces First Quarter 2011 Earnings and Development of Post Midtown Square® - Phase III in Houston, TX

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today a net loss attributable to common shareholders of $0.4 million, or a loss of $0.01 per diluted share, for the first quarter of 2011, compared to a net loss attributable to common shareholders of $3.1 million, or a loss of $0.06 per diluted share, for the first quarter of 2010.

The Company’s net loss attributable to common shareholders for the first quarter of 2011 included $1.8 million of costs associated with the Company’s redemption of its Series B preferred stock, discussed further below.

For a complete copy of the company’s news release and financials, please contact Chris Papa, 404-846-5028 or  pbutler@postproperties.com

Investor/Analyst Conference Call Scheduled for May 3, 2011 at 10:00 a.m. EDT

W Taipei Launches New “Insider Guide” and Appoints Charlie Lin as Official W Insider

 TAIPEI, Taiwan (May 3, 2011) – The new W Taipei (middle left photo) is pleased to announce that it has appointed one of Taipei’s brightest personalities, Charlie Lin (top right photo), as the official W Insider – a clued-in concierge to connect the hotel’s savvy guests to Taipei’s hottest events, happenings and entertainment.

  In addition, W Taipei also introduces the first W Insider Guide for W hotels in Asia – the W Taipei Insider Guide; the quintessential guide for all that is cool, fun, eclectic and interesting in Taipei. 

With its grand opening in February, W Taipei is quickly becoming one of the city’s go-to destinations for fashion, design and entertainment.  Charlie Lin and the Insider Guide will help W guests extend that experience beyond the hotel into Taipei city, providing the ultimate insider’s knowledge of the best the city has to offer.  The Insider Guide will be available for TWD600 in the Munchie Box self-service minibar in all W Taipei guestrooms.

  

“W guests expect an experience beyond the typical, and our new ‘Insider Access’ services will help our guests get the most out of their stay at the W,” said Cary Michael Gray, General Manager of W Taipei.

 “With Charlie onsite, and having the very first W Insider Guide in Asia, we will provide our guests with unparalleled inside access to the city’s most hip, eclectic, entertaining and coveted happenings.”

 For reservations and more information, please visit http://www.wtaipei.com/

 Contact: Hwee Peng Yeo, Tel : 65 9768.6087

http://www.whotels.com/.

 http://www.starwoodhotels.com/

Crossbeam Capital Closes on 282-Unit Woodland Hills Apartments in Houston Suburb of Humble, TX

BETHESDA, MD -- Crossbeam Capital LLC of Bethesda, Md. has acquired Woodland Hills Apartments (top left photo), a 282-unit, 18-month-old garden-style rental community in Humble, TX, a suburb of Houston. 

The 11.2 acre community was purchased for an undisclosed amount from Houston-based Verde Apartment Communities which developed the property. 

Woodland Hills is the eighth apartment community acquisition, encompassing over 2,000 rental units, that Crossbeam has completed with its operating partner, Houston-based Concierge Management Services (CMS).  In December, Crossbeam completed its merger with CMS’ parent company, Concierge Asset Management.

“The acquisition of Woodland Hills, which is 95% occupied, exemplifies our strategy of acquiring well located apartments close to major employment centers in high-growth markets. 

“Through our property management and repositioning, we are able to provide exceptional apartment homes for our residents and create value for our investors,” said Crossbeam’s Chief Business Officer, Brad Blash (middle right photo).

“ “Our ability to acquire this attractive Class A garden apartment community at a significant discount to its replacement cost, enables us to further enhance the property and the lifestyle,” continued Blash.

Woodland Hills is located at 3918 Atascocita Road, just off of Highway 58, and approximately 20 miles from the Houston CBD.  The apartment community is within 10 miles of George Bush Intercontinental Airport, Haliburton, and the Greenspoint Business District where Exxon Mobil is headquartered and UPS has a major facility. It is also close to large retailers including Kroger, Super Target, Lowe’s, and Best Buy.

Charles Cirar, vice chairman of CB Richard Ellis’ Multihousing Group, represented Verde in marketing Woodland Hills.

 “While evaluating offers for the Woodland Hills transaction price was important, equally, if not more important was the ability to close on the acquisition,” said Cirar.

“With Maxwell Drever (middle left photo) and the Crossbeam team, we knew that we had the certainty of execution we were looking for. “ 

Tom Cabibi, president of Altitude Realty, LLC, Denver, worked with the buyers.  Brant Smith, senior vice president and Michael Levell, assistant vice president, of Berkadia Commercial Mortgage’s Austin office, arranged the permanent financing through Freddie Mac.

Woodland Hills, built in 2009, has a full array of amenities, including a resort style pool, outdoor fireplace lounge, expansive clubroom with billiards and gaming stations, a-state-of the-art- fitness center and full service business center.

The apartments at Woodland Hills, which average 880 square feet, are available with one, two or three bedrooms and up to two baths.  Interiors include designer appliances and countertops, garden style tubs and washer / dryers in select units.

Concierge Management Services will manage the apartment community and Concierge Construction Company will oversee its renovation. Both are divisions of Crossbeam Capital.

Contacts:     

Jennifer Farthing – 240.223.1679 – jfarthing@crossbeamcapital.com

Chris Barnett, 415-336-5092; cbarn@aol.com

Andrea Foster Rejoins PKF Consulting USA As Vice President in Boston Office

BOSTON, MA, May 3, 2011 – PKF Consulting USA (PKFC), a management consulting firm specializing in the hospitality industry and a division of Colliers International, today announced that Andrea Foster (top right photo) has rejoined the firm as vice president in the firm’s Boston office. 

Foster will oversee private sector engagements as the director of hospitality services, New England, as well as serve as the firm’s spa and lifestyle expert as national director of spa consulting USA.

 She rejoins PKFC from Miraval, the top-rated destination spa resort and healthy lifestyle brand located in Tucson, Ariz., where she served as vice president of marketing and business development.  She originally joined PKF Consulting in 2002 as vice president at the firm’s Los Angeles office.

 “Andrea is a 15-year veteran of the lodging and spa industries and brings with her a wide range of consulting, marketing and operations experience,” said Dave Arnold (middle left photo), C.E.O. - East for PKFC.  “She set a high standard in our Los Angeles office, and we’re fortunate to have a professional of her caliber on board to assist our clients.”

After graduating from the Cornell University School of Hotel Administration with a Bachelor of Science degree, Foster held operations management positions with boutique-size branded and independent hotel properties, and held a position in hospitality technology prior to joining PKFC in 2002.

 During her previous tenure with PKF Consulting USA, Foster worked on a variety of assignments involving market positioning and repositioning, feasibility analysis, appraisals, operational analysis, sales and marketing analysis, spa studies, impact studies, and tourism studies.

“Andrea is a welcome addition to the Boston practice,” said Reed Woodworth, (lower right photo) vice president and practice leader of the Boston and DC offices of PKF Consulting USA.  “Her deep knowledge of the industry and the region, having grown up in New England, will be of great benefit to our clients as the angst and uncertainty created by the recent economic downturn subsides.”

The Boston practice also recently added a new analyst to coordinate its Boston Trends® in the Hotel Industry publication, who will assist with a variety of public and private sector consulting assignments.  These two additions to the Boston practice have greatly strengthened the firm’s presence in New England.  PKF Consulting USA also hired a new consultant in the Washington DC practice to better serve its clients in the Mid-Atlantic region.

For further information,  please contact:

Reed Woodworth, Vice President , PKF Consulting USA – Boston,

Email: reed.woodworth@pkfc.com,  http://www.pkfc.com/

Chris Daly, Daly Gray Public Relations, Tel: 617 330 8192,  Tel: 703 435 6293. Email: chris@dalygray.com,  http://www.dalygray.com/

Daymark Realty Advisors Secures 16,000-SF Lease Renewal with Wells Fargo at Northstar Centre in Minneapolis

MINNEAPOLIS, MN (May 2, 2011) – Daymark Realty Advisors Inc., a leading provider of strategic asset management and structured finance services to owners of commercial real estate, today announced that it has secured a five-year, 16,203-square-foot lease renewal with Wells Fargo at Northstar Centre (top left photo) in Minneapolis.

Daymark Realty Advisors manages Northstar Centre, a two-tower office and retail facility bordered by Marquette Avenue and 2nd Avenue South, on behalf of individual investors.

Wells Fargo is an American multinational diversified financial services company with operations around the world. The company offers a range of financial services delineated into three divisions including community banking, wholesale banking, and wealth, brokerage and retirement. In 2010, Wells Fargo had 6,335 retail branches, 280,000 employees and more than 70 million customers.

“Wells Fargo currently occupies more than 520,000 square feet of space at Northstar Centre,” said Rick Burnett, executive vice president, Asset Management.

“With the current lease renewal, the property maintains a healthy occupancy rate of 93 percent, eight percentage points higher than the market average.”

Built in 1916 and 1962, Northstar Centre offers 715,000 square feet of office and retail space divided among two towers in the heart of the Minneapolis Central Business District.

The property features a granite and marble lobby, as well as the unique Sky Garden with impressive views enjoyed by both tenants and guests.

The buildings provide numerous amenities and feature 30 retail shops including jewelry, sporting goods, art, banking services, restaurants and a luxurious 222-room Crowne Plaza Hotel.

 Northstar Centre is conveniently located near major bus lines and freeways, and offers ample parking with a seven-story, 1000-space parking garage.

Northstar Centre offers direct access to the Minneapolis Skyway System, an enclosed network of climate-controlled walkways that connects numerous buildings in the downtown area.

With eight miles of glass tunnels linking 69 full city blocks, the Skyway System is the largest network of its kind in the world. Northstar Centre boasts the second-highest Skyway traffic count in the city, with more than 14,000 pedestrians daily.

Dick Keller of Cassidy Turley represented Daymark Realty Advisors in the transaction. Craig Kilpatrick of TaTonka Realty Advisors represented Wells Fargo.

For more information regarding Daymark, please visit http://www.daymarkrealtyadvisors.com/

Contact:  Damon Elder, delder@DaymarkRA.com

Thomas D. Wood & Co. Finds Financing for Two Florida Retail Centers

Orlando, FL, May 2, 2011— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $2,440,000 for Hunter’s Creek Commons and Creighton Commons.

Joe Dear (top right photo), Company Vice President, secured financing for Hunter’s Creek Commons through Thomas D. Wood and Company’s relationship with a national life insurance company in the amount of $1,000,000. 

The fully-amortizing loan has a term of 15 years, with an interest rate of 5.91%.  The loan-to-value is 50%.  The borrower wanted to refinance his current loan into a non-recourse, fixed-rate loan. 

The 8,400 square-foot retail center was built in 2000, and is home to major tenants Starbucks and Super Cuts.  Hunter’s Creek Commons is located at 13851 S. John Young Parkway, Orlando, Florida.

John Worrell (lower left photo), Company Assistant Vice President, secured financing for Creighton Commons through Thomas D. Wood and Company’s relationship with a local bank in the amount of $1,440,000. 

The bridge loan has a five-year term, based on a 20-year amortization and an interest rate of 5%.  The loan-to-value is 65% of stabilized value, and loan-to-cost is 80%.

 The borrower purchased the retail center at a discount, and needed a bridge loan to acquire the property and implement a leasing and management strategy in order to add value, and then sell or refinance with permanent debt.

 The 23,760 square-foot shadow-anchored retail center was built in 2003 and is home to major tenants Game Stop, Sally Beauty, and Citi Financial.  Creighton Commons is located at 2620 Creighton Road, Pensacola, Florida.

 For further information, please contact:

Joe Dear,  (407) 937-0470,  jdear@tdwood.com

John Worrell, (407) 937-0470,  jworrell@tdwood.com

Jessica Kinnee, (407) 937-0470, jkinnee@tdwood.com

 The website may be accessed through http://www.tdwood.com/

       

Celebration Golf Management names new food and beverage managers at Golden Bear and Eagle Creek Golf Clubs

CELEBRATION, FL. – Celebration Golf Management recently appointed new food and beverage managers at Golden Bear Club at Keene’s Point in Windermere and at Eagle Creek Golf Club in east Orlando.

 Gene Garrote, president of Celebration Golf Management, said he appointed Marc Holland food and beverage manager Golden Bear Club.

 Holland has more than 20 years of experience in the hospitality industry and was formerly affiliated with Reunion Golf Club.

 Garrote named Jennifer Capallo food and beverage manager at Eagle Creek Golf Club located on Narcoossee Road near Lake Nona in southeast Orlando. Capallo has more than 15 years of experience in the hospitality industry.

 Celebration Golf Management LLC owns Celebration Golf Club in Celebration; The Golden Bear in Windermere; Kings Ridge Golf Club and Legends Golf Club in Clermont and Stoneybrook West in Winter Garden. Celebration leases and operates Eagle Creek Golf Club in east Orlando.

For media information, contact:  

Gene Garrote, President, Celebration Golf Management, 407-566-1045;  

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142  

NAI Realvest Puts Hudson, FL Restaurant Property in Online Auction

ORLANDO, FL. --- Paul P. Partyka (top right photo), managing partner at NAI Realvest in Maitland, is going online to sell a 9,367 square foot restaurant building on a 2.8 acre site in Hudson to the highest bidder on May 11.

Partyka said the facility, located on S.R. 52 in Hudson between U.S. 19 and County Road 1, is well located on a busy thoroughfare, posts daily traffic counts that range between 30,000 and 63,000, surrounded by residential neighborhoods.

“It’s an excellent opportunity for development as a restaurant or for redevelopment with another use,” Partyka said.

Buyers of mid-range commercial facilities don’t often tour Hudson looking for opportunities.

“The online auction format offers us an excellent opportunity,” Partyka said. “We can present to a worldwide audience of potential bidders who are more interested in the facts---demographics, location, facility size, parking---than the general area,” he explained.

NAI Realvest designed a special web site for the auction at NAIauction.com/Hudson, and bids will be accepted online from 11 a.m. to 3 p.m. on May 11.

For more information, contact:

Paul P. Partyka Principal, Managing Partner, NAI Realvest, 407-875-9989 ppartyka@realvest.com;

Patrick Mahoney, President NAI Realvest, 407-875-9989 pmahoney@realvest.com

Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Average New Condo Sales Price Falls 39% In South Beach In Q1

MIAMI, FL--New condo units in the trendy South Beach neighborhood of Miami Beach sold for an average of 39 percent less in the first 90 days of 2011 on a year-over-year basis compared to the same time span in 2010, according to a new report from CondoVultures.com.

The drop in the average price per square foot for a new South Beach condo generated a surge in transactions in the first quarter of 2011, according to the report based on the Condo Vultures® Official Condo Buyers Guide To South Beach™.

If a bulk deal in February at the troubled South of Fifth project (top left photo) is excluded from the new condo sales activity for the quarter, the South Beach market registered 34 sales at an average price of more than $1,125 per square foot in the first 90 days of 2011, according to the report based on an analysis of Miami-Dade County records.

The non-bulk deal pricing in the first 90 days of 2011 represents a decrease of 26 percent compared to the average new condo sales price in the first quarter of 2010, according to the report.

“The South Beach new condo market may not be as price insulated as some sellers had originally thought,” said Peter Zalewski, (middle right photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC

. “Price cuts are typically introduced quietly in the hot and humid summer months, not in the busy winter tourism season when South Beach is at its peak. The unknown is whether the new condo unit prices were cut to stimulate sales momentum or in response to dwindling patience by the sellers.”

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

Simon D. Clark Named Senior Vice President, Managing Director of Grubb & Ellis’s San Mateo, CA Office

  

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Simon D. Clark (top right photo), MRICS, has been named senior vice president, managing director of the company’s San Mateo office, effective immediately.

 “Since joining Grubb & Ellis, Simon has achieved great success in helping renowned companies achieve their real estate goals,” said Shawn Mobley, president, Brokerage Services.

 “He has developed a reputation in the local market as a leader in his specialty and I believe that as managing director he will draw on this experience to continue to grow the San Mateo office and the company’s presence in the market.”

Clark, who joined the company’s Office Group in 2001, has represented clients in leasing nearly 1.8 million square feet of space and has been recognized as a top producer multiple times.  In 2010, he was named one of the San Francisco Bay Area’s Top 5 Producers out of nearly 75 brokerage professionals. 

Previously, he spent two years as a general practice surveyor of Catella Property Consultants, based in London, U.K., where he was property consultant specializing in office and retail leasing, lease renewals, appraisals and rent reviews.  He began his career in 1991. 

In addition to Clark’s appointment, Seth McKinnon (middle left photo), vice president, has been selected to lead the company’s Investment Services group in San Mateo and Mike Davis (lower right photo), vice president, was selected to lead the office’s Industrial Group.

McKinnon joined Grubb & Ellis in 2007 and has closed transactions valued in excess of $500 million throughout his nine-year career, $135 million of which were closed over the past 18 months. 

 Prior to joining Grubb & Ellis in January 2010, Davis spent nine years with Coldwell Banker Commercial, where he began his career in 2001 and was consistently named a top producer, earning the company’s Circle of Distinction recognition every year. 

Contact: Julia McCartney, Phone: 714.975.2230                                     

Email:  julia.mccartney@grubb-ellis.com

          

Stirling Sotheby’s International Realty Named Exclusive Marketing Agents for Unique Horse Farm in Lake County, FL

ORLANDO, Fla. --- Stirling Sotheby’s International Realty has been named exclusive marketing agents for the unique Rozzy Osbourne equestrian estate (top left photo) located on Tuscanooga Road in Groveland, Fla.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said the 32 acre estate includes a four bedroom, four bath luxury home, with 3,847 square feet of living space and a 2,100 square foot barn.

To view a video of the property visit  http://www.stirlingsir.com/index.php?action=listingview&listingID=149361

Stirling Sotheby’s International Luxury Home Specialist Linnette Sanzalone (middle right photo) is marketing representative for the blues singer’s property which is listed at the highly discounted price of  $599,000.

“The barn is extremely well built and could easily be converted to a guest house, workshop or man cave.” Soderstrom said.

The property includes stables, a tree house, a pond with a private dock that affords seating and electricity, plus a covered picnic area with electricity that would easily seat 40 people.

Sanzalone said the on-site utilities include a generator, 500 gallon propane tank, two separate wells — one for a nine zone irrigation system — and a pumping station that shunts excess water to wetlands in the very back of the property.

Indoors, the home features tray ceilings, crown molding, oversized rooms, solid custom wood floors, built-in shelving units, two pantries, double built-in ovens, commercial grade ice machine and top-grade appliances.

Two additional oversized storage rooms could be converted into guest rooms or an exercise room, Sanzalone said.

This is a remarkable home that could serve as a family compound for entertaining and hosting the annual family reunion, she added.

See Rozzy Osborne’s web site  http://www.rkoblues.net/   for an illustration of his continued support and compassion for animals.

For more information, contact

Linnette Sanzalone, International Luxury Home Specialist, Stirling Sotheby’s International Realty 407-581-7890 or 352-638-5235 or Text 973-978-5497

Roger Soderstrom, Owner/Founder Stirling Commercial Group, 407-581-7890;

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

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NAI Realvest Negotiates Lease agreements at Goldenrod and Hanging Moss CommerCenters in Orlando

ORLANDO, FL. – NAI Realvest recently negotiated a new lease agreement for 2,000 square feet of industrial space in the Hanging Moss CommerCenter (top left photo) located at Suite 560, 6100 Hanging Moss Rd.

Michael Heidrich, principal at NAI Realvest, brokered the transaction on behalf of the landlord, Maitland-based COP-Hanging Moss, LLC and the new tenant, Paramount Drywall, Inc. headquartered in Miami.

 Heidrich also negotiated a renewal agreement with Alternate Elevator Sales & Service, LLC of Orlando at the Goldenrod CommerCenter.  The tenant renewed the lease of Suite 125 with 2,000 square feet at 1460 N. Goldenrod Rd.   COP-Goldenrod, LLC of Maitland is the landlord.

For more information, contact

Michael Heidrich, Principal, NAI Realvest 407-875-9989 or mheidrich@realvest.com

 Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com

 Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

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