Grubb & Ellis|Commercial Florida negotiates new lease agreement for more than 9,000 SF at Meridian Gateway Center

TAMPA, FL. – Grubb & Ellis|Commercial Florida, associated with 130 offices worldwide, completed a new lease agreement for 9,039 square feet of class A flex warehouse space at 3380 Scherer Drive, Suite A in Meridian Gateway Center located off I-275 and Roosevelt Blvd. in St. Petersburg’s Gateway submarket.

 James Moler (middle left  photo) , CCIM, Paula Buffa (top right photo), CCIM, RPA senior vice presidents, and associate Maria Camarinos Hall (lower right photo) at Grubb & Ellis|Commercial Florida negotiated the transaction representing the landlord Carlyle/Meridian Pinellas, L.P. based in Washington, D.C.

The new tenant, Sizewise Rentals, LLC of Kansas City, Mo., leased the space for five years. 

Sizewise Rentals is engaged in rental, sale or lease-to-own programs for medical and hospital equipment it manufactures.   Industrial Realty Solutions, Inc. represented the tenant.

                                                                                                              Contacts:

Paula Buffa, CCIM, RPA 813-830-7887

Patrick Kelly, Mng. Director 813-830-7539

Larry Vershel Communications 407-644-4142

                                                                                           

www.commercialfl.com

Avalon Park Group Completes CDD Bond Exchange on 1,800-Acre Master-Planned Community in Pasco County

 WESLEY CHAPEL, FL -- Avalon Park Group completed an exchange of CDD Bonds on the company’s New River development on S.R. 54 in Wesley Chapel. The unique deal took over two years to consummate and will revitalize the project in a quickly growing portion of Pasco County.

 Eric Marks (top right photo), senior vice president at Avalon Park Group, said the deal reflects both Avalon Park Group’s and the bondholders’ commitment to this project and excitement about the great opportunities that exist in Pasco County.

The developer is already in talks with local and national homebuilders and lot sales are expected to begin in the first quarter of 2011.

  Development of 365 lots and an amenity center is completed and plans to construct a town center containing over 700,000 square feet of retail, civic and commercial space are underway.

 At completion the project will include over 4,800 residential units featuring a mix of single and multi-family housing, along with the town center. The plan consists of over 1,800 acres with 600 acres of natural preservation, walking and biking paths and man made lakes, Marks said.

 For more information about this press release, contact

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

Rich Browning, Vice President, Avalon Park Group, richb@avalonparkgroup.com

 407-658-6565;

Stephanie Hodson, Marketing Director, Stephanie@avalonparkgroup.com

407-658-6565, ext 116;

Larry Vershel Communications Inc. (Larry or Beth) Lvershelco@aol.com

 407-644-4142.

Marcus & Millichap Reports Investor Confidence in Commercial Real Estate Jumps Markedly

 ENCINO, CA – Increasing confidence in commercial real estate is starting to lure investors off the sidelines and back onto the playing field, according to the Third-Quarter 2010 Real Estate Investment Outlook recently released by National Real Estate Investor (NREI) magazine, and Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm. 

 Since 2004, NREI and Marcus & Millichap have been tracking investor confidence using the Investor Sentiment Index.

 After peaking at 148 in 2005, the index began declining sharply, correctly forecasting the record drop in commercial real estate sales velocity and property performance.

 In 2009, the index bottomed at 91 and has staged a steady improvement to a current reading of 119.

 “Although the index shows that sentiment is still well off peak, the positive trend over the past year confirms that we reached bottom in 2009 and that investor confidence is returning,” says Hessam Nadji, (top right photo) managing director, research and advisory services at Marcus & Millichap.

For a complete copy of the report, please contact:

Stacey Corso, public relations manager, (925) 953-1716

Note Sale For Last Of Unsold Developer Condos In Hollywood, FL

 MIAMI, FL--A private equity group has paid more than $300 per square foot for a construction loan secured by the last of the unsold developer units in South Florida´s Hollywood / Hallandale Beach market, according to a new report from CondoVultures.com.

The note buyer, BH III LLC with members Gregory M. Freedman, Daniel N. Lebensohn, and Charles C. Phelan, paid $160 million for the balance of a $226.6 million construction loan on the remaining unsold condos in the 200-unit Trump Hollywood (top left photo)  oceanfront tower, according to the South Florida Business Journal.

With the Trump Hollywood condo bulk transaction, nearly all of the remaining 228 available developer units in Southeast Broward County´s Hollywood / Hallandale Beach market as of the end of the third quarter of 2010 are now sold, according to the report based on the soon-to-be-published Condo Vultures® Official Condo Buyers Guides To Hollywood / Hallandale Beach™.

"This is a milestone for South Florida´s overbuilt condo market,¨ said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "The Hollywood / Hallandale Beach area has earned the distinction of being the first South Florida market to sell out of more than 99 percent of the total condo inventory built during the boom years.

 Fort Lauderdale is a close second with less than four percent of its new inventory remaining.

"Beyond that, the other five major condo markets in South Florida have double digit percentages of unsold developer units from the boom." 

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

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McCarthy Building Companies is Constructing a New High School in Rancho Mirage, CA for Palm Springs Unified School District

RANCHO MIRAGE, CA — McCarthy Building Companies, Inc. www.mccarthy.com, one of the premier school builders in the U.S., is constructing the $99.3 million high school in Rancho Mirage for Palm Springs Unified School District (PSUSD).

The 332,000-square-foot high school  (top left rendering) is being constructed on 60 plus acres near DaVall Drive and Ramon Road in the city of Rancho Mirage.

“The new 2,200 student capacity high school will alleviate overcrowding from other high schools in the district,” said Mike Sattley, PSUSD project manager. “Plus, constructing in the current economic climate is cost effective,” he added. 

Funding for the school is provided by local Bond Measures E and T. The school was also provided with a $3 million grant from the California Career Technical Education Program for construction of the culinary kitchen, multimedia/video classroom and mechanic/transportation lab.

Sattley added, “The District and McCarthy have been working well together on the high school, and the project is moving forward as scheduled.”

Serving as general contractor for the buildings and site package as well as construction manager for the offsite package, McCarthy recently completed mass grading and is currently constructing the underground site utilities and the building foundations. Sattley said he expects the structural steel portion of the buildings to be topped-out by mid-2011.

Contact: 

Laura Mickelson (LM Communication), (949) 453-0851,

Susan Garritano (McCarthy Building Companies, Inc.), (314) 968-3300

HFF secures $11.5 million refinancing for Orange County, CA mixed-use property

  

LOS ANGELES, CA – The Los Angeles office of HFF (Holliday Fenoglio Fowler, L.P.) has secured an $11.5 million refinancing for Plaza Empresa (top left photo), an 87,943-square-foot mixed-use property in Rancho Santa Margarita, California.

HFF director Chris Vittetoe (middle right photo) and senior managing director Paul Brindley (lower left photo)  represented the borrower in the transaction. 

 An adjustable-rate non-recourse loan was provided by Prime Finance, a commercial real estate finance company with offices in San Francisco, Chicago and New York.

“HFF successfully recapitalized a matured CMBS loan due to the high barriers to entry of Rancho Santa Margarita and strong sponsorship,” said Vittetoe.

Plaza Empresa is situated on a 7.17-acre site at 29821-29941 Aventura with excellent access to the 241 Toll Road in Orange County. 

The property was renovated in 1997 and includes five single-story buildings that are 70% leased to primarily service retail, restaurants and medical office tenants.

Contacts: 

Christopher Vittetoe, HFF Director, (310) 407-2100, cvittetoe@hfflp.com

Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com

                                                                                                                         

HFF closes $13.6 million two building office portfolio in Newport Beach, CA

IRVINE, CA -The Orange County office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of 3355 and 3388 Via Lido, office buildings totaling 49,886 square feet in Newport Beach, California.

HFF senior managing director Ryan Gallagher (top right photo) and director Kelly Rohfeld (middle left photo)  along with local market specialist John Pomer of Grubb and Ellis led the investment sales team on behalf of the seller.  Conrad Management purchased the portfolio for $13.6 million. 

3388 Via Lido is a five-story office property that features 110 linear feet of bay frontage with boat slips on the Newport/Lido Channel.  3355 Via Lido has three stories of office space and is located across the street from the channel with water views.  Both properties have immediate proximity to Lido Marina Village in Newport Beach. 

 “The buyer and their consultant Marshall Development have created an exceptional vision for the 3388 Via Lido building.  The building’s five-story height is well above today’s current zoning code, and from the top floors you have ocean and bay views.  This project will be the catalyst for the regentrification of Lido Marina Village,” said Gallagher.

Contacts:

Ryan Gallagher,  HFF Senior Managing Director, Ca. Lic. # 01269918, 

(949)   2538800, rgallagher@hfflp.com                              ,                                                                                            Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,    

krmurphy@hfflp.com

                 

HFF named to market for sale retail power center in south San Antonio, TX

 HOUSTON, TX – The Houston and Dallas offices of HFF (Holliday Fenoglio Fowler, L.P.) have been named to market for sale City Base Landing (top left photo), a 201,426-square-foot retail power center in south San Antonio, Texas.

The HFF investment sales team will be led by senior managing directors Robert Williamson (middle right photo), Rusty Tamlyn (middle left photo) and Jim Batjer (lower right photo) who are representing the seller.  The property is being offered for sale for $35 million, which equates to a 7.9% cap rate.

Completed in 2005, City Base Landing is anchored by Best Buy, Office Depot and Hancock Fabrics.

 Additional retailers at the 93% leased center include AT&T, Buffalo Wild Wings, Cato Fashions, Chase Bank, Eye Masters, Shoe Show and Sherwin Williams. 

The property is situated on 22 acres at 3326 Southeast Military Drive at the intersection of Interstate 37 and Highway 281 in south San Antonio.

“South San Antonio is one of the most densely populated areas of the city, yet it lacks a substantial amount of Class A retail centers, allowing City Base Landing to pull customers from as far as 50 miles away,” said Batjer.

“Additionally, this area is poised for rapid growth in the next few years as Brooks Air Force Base completes its transformation to Brooks City-Base, which is a 1,246-acre business park offering more than two million square feet of laboratory, office and light industrial space.

“Coupled with the continued expansion of Toyota’s new assembly plant and a new branch campus for Texas A&M University, these economic drivers will bring additional jobs and homes to the area,” added Williamson.

Contacts:

Robert Williamson, HFF Senior Managing Director, (713) 852-3500;  rwilliamson@hfflp.com

Jim Batjer, HFF Senior Managing Director, (214) 265-0880,  jbatjer@hfflp.com

 Kristen Murphy, HFF Associate Director, Marketing , (713) 852-3500,

krmurphy@hfflp.com

Southern Commercial Completes 27,224-SF Lease Renewal in Orlando, FL

  

ORLANDO, FL-- Vice President Sher Tolan (top right photo) of Southern Commercial Real Estate Advisors completed a 27,224 square foot lease renewal at 7701 Southland Blvd. 

Tolan represented the Tenant, Beaulieu Group, LLC.  The Landlord is Distribution Funding II, LLC. 

Anutra Leases 12,000 SF at 567 Ocoee Business Parkway

ORLANDO, FL.(Nov. 24, 2010-- Principals William “Bo” Bradford, CCIM, SIOR and Tom McFadden, SIOR of Southern Commercial Real Estate Advisors completed a 12,000 square foot new lease at 567 Ocoee Business Parkway. 

 Bradford and McFadden represented the Landlord, 547 Ocoee Business Parkway Trust.  The Tenant was Anutra, LLC. 

  

Media Contact:  Celeste MacKenzie, 321-281-850, cmackenzie@southerncommercialre.com

     

Berger Commercial Realty Corp. Announces Recent Leases and Sales

FORT LAUDERDALE, Fla. – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale, Fla., and serving clients around the state, announced two new deals from brokers Steve Hyatt (top right photo)  and Reese Stigliano (lower left photo), SIOR.

Hyatt and Stigliano represented ECP Properties, Inc., in the sale of 22-unit apartment complex, located at 1300 NW 2nd Ave. and 143 NW 13th Street in Pompano Beach, Fla., to buyer Silver Key, LLC, for $475,000.

Stigliano also represented Plantation Properties of Broward, LLC in the lease of 4,498+/- square-feet of office space, located at 1700 NW 66th Avenue in Plantation, Fla., to Team Health, Inc., for 60 months.

BRIEFS:

Property Address: 1300 NW 2nd Ave. and 143 NW 13th Street, Pompano Beach, FL

Purchase Price: $475,000

Seller: ECP Properties, Inc., represented by Steve Hyatt and Reese Stigliano, SIOR. 

Buyer: Silver Key, LLC

Description:  22-unit apartment complex, named Pompano Terrace Apartments, located in northwest Pompano

Property Address: 1700 NW 66th Ave., Plantation, FL 33313

Landlord: Plantation Properties of Broward, LLC, represented by Reese Stigliano, SIOR

Tenant: Team Health, Inc.

Description: 60 month lease for 4,498+/- sf of office space

Contact:  Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999, ext. 226

msologuren@piersongrant.com