ARA Brokers Sale of 168-Unit, Value-Add Opportunity in Winter Park, FL

WINER PARK, FL (Sept. 13, 2010) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, brokered the sale of Woodbridge Apartments (top left photo); a 168-unit multifamily community located in Winter Park, Florida, just west of Orlando.

ARA Orlando-based principal, Kevin Judd (top right photo), Tampa-based vice president, Patrick Dufour (middle left photo) and Boca Raton-based principal, Marc deBaptiste, (lower right photo)  represented an undisclosed loan servicer in the sale of the property which was 91.7% occupied at the time of the sale. The property was sold out of receivership.

Selling for $7,780,000, “This sale represents significant upside potential, from both property performance improvements and value-add physical enhancements.,” noted Judd of ARA Florida’s Central and North Florida Team.

“The location in one of Orlando’s most desirable core submarkets enabled ARA to secure nearly 30 written offers.”

The distressed, garden-style apartment community is located in the City of Winter Park, one of the most affluent areas within the Orlando MSA. Completed in 1986, Woodbridge offers an excellent opportunity for an investor to generate significant long-term returns in a core Orlando MSA location.

Woodbridge Apartments community amenities include clubhouse, fitness center, swimming pool and tennis court. Interior features include washer/dryer, ceiling fans, vaulted ceilings and garden tubs.

“Woodbridge offers an excellent site plan and unit designs,” said Judd. “This, plus its location within walking distance from Full Sail University, will ensure a strong tenant base for years to come. Expected improvements to the property will further enhance its desirability,” Judd added.

Woodbridge’s infill location in upscale Winter Park is proximate to one of the largest concentrations of employment in the Orlando region.

The property is situated five miles from the University of Central Florida, Central Florida Research Park, and Rollins College.

The property is only 15 minutes from downtown Orlando and just one mile from Full Sail University, one of the world’s educational leaders for degrees in the entertainment industry.

Local Contact: Marti Zenor, (561) 988-8800, mzenor@arausa.com

National Contacts: Amy Holland or Lisa Robinson, (404) 495-7300 aholland@ARAusa.com,   lrobinson@ARAusa.com
http://www.arausa.com/

Grubb & Ellis Promotes Kay Davis to Executive Vice President, Tenant Advisory Group

ATLANTA, GA (Sept. 13, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Kay Davis (top right photo) has been promoted to executive vice president, Tenant Advisory Group, effective immediately.

Davis, who is the first woman in Grubb & Ellis’ transaction services business to achieve the title, specializes in tenant representation of major national law firms, professional service firms and Fortune 500 companies.

 Brokerage professionals attain the title of executive vice president based on rigorous production level requirements.

“Kay’s ability to assess her clients’ needs and apply the right solution for them, not just what’s most profitable for her, is what makes her such a valued professional,” said Brett Hunsaker.

“As a result of this dedication to client service, she has been able to grow a number of client relationships from a single assignment into national, multi-service line accounts.”

Davis, who began her commercial real estate brokerage career in Grubb & Ellis’ Atlanta office in 1996, returned to the company as a senior vice president in 2006.

Grubb & Ellis Company Represents TIAA-CREF in 167,424-SF Lease to Net-A-Porter LLC in Mahwah, NJ

FAIRFIELD, N.J. (Sept. 13, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that John Beers and Craig Fitzpatrick, senior vice presidents of the company’s Office Group, represented TIAA-CREF in leasing 725 Darlington Ave., a 167,424 -square-foot industrial flex building in Mahwah, to Net-A-Porter LLC.

The building will serve as the online luxury fashion retailer’s North American headquarters for internet sales as well as a warehouse and distribution facility. The company signed a long-term lease and will take occupancy in November.

“During the transaction, Net-A-Porter was attracted to this building because of its excellent design, corporate neighbors and the strength of its institutional ownership,” said Beers. “All together, these aspects reflect the fashion company’s corporate image as a world-class provider of quality products and service, which was a top priority when searching for their headquarters space.”

Jason Goldman, Andrew Siemsen, Frank Caccavo and Owen Hane of Cushman & Wakefield represented Net-A-Porter in the transaction.

Contact: Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com

Largest Industrial Transaction This Year Sets Record Low Cap Rate With Sale of

MIAMI, FL– Trading last week at Florida’s lowest-recorded cap rate for a major industrial asset since the market downturn in 2007, Cushman & Wakefield successfully negotiated the sale of the Palmetto Distribution Center (top left photo) for $66.5 million.

That equates to a 5.9% cap rate on year 1 income. Indicative of the torrid interest for core industrial real estate, C&W received 27 offers from a variety of buyers, including pension funds, life insurance companies, REITs, private investors and foreign investors.

Palmetto Distribution Center, which has been renamed as AMB Miami International Business Park, is centrally located at the interchange of the Palmetto Expressway (SR-826) and US Highway 27 in Medley, Florida. The Property consists of five Class A distribution buildings totaling 880,543 square feet and was 95% occupied at the time of sale.

Mike Davis, Executive Director of C&W’s Southeast Capital Markets Group, was quoted as saying, “With so many qualified purchasers, buyer selection was difficult. Ultimately, we selected AMB Property Corporation based upon purchase price and their closing track record.”

 Davis, along with Brian Smith, Executive Director – Industrial Brokerage, and Wayne Ramoski, (middle right photo) Executive Director – Industrial Brokerage, negotiated the sale on behalf of the seller.

Contact: Marcianne Foster, 813-204-5345, Marcianne.Foster@cushwake.com

Core investment market remains hot as Cushman & Wakefield negotiates sale of the Suntrust building in Downtown Orlando for $23.5M

ORLANDO, FL – Sept. 10, 2010 – Cushman & Wakefield has successfully negotiated the sale of the SunTrust Building, (top left photo)  situated within the prestigious SunTrust Center Complex, which is located in the center of Orlando’s Central Business District at the intersection of Orange Avenue and Church Street.

The SunTrust Building is a Class A, 128,296 square foot, 10-story office building that is currently 100% occupied by SunTrust Bank.

Originally built in 1959, the Property was fully renovated in 1988.

Mike Davis, (lower right photo) Executive Director of C&W’s Southeast Capital Markets Group, was quoted as saying, “The capital markets view Orlando positively from a long-term investment perspective. Accordingly, well-positioned core assets are in high demand.”

 Davis and Rick Brugge, CCIM, Associate Director of C&W’s Southeast Capital Markets Group negotiated the sale on behalf of the seller, KanAm Grund America. The buyer is Wells Real Estate Funds.

Contact: Marcianne Foster, 813-204-5345, Marcianne.Foster@cushwake.com

More Lenders Returning to Realty Capital Markets, Notes RECI

CHICAGO, IL, Sept. 13, 2010 - The summer season ended with Treasury yields declining, but returning to levels of the previous month.

Yet, more lenders returned to the market and the Agencies marched forward by offering even lower spreads by 20 basis points or more.

Borrowers with high-quality, institutional projects are the winners within today's debt markets.

However, a substantial disconnect exists for older projects in secondary markets as borrowers must accept higher pricing, less leverage and recourse.

Observations for the month include:

* Capitalization rates sliding downward in tandem with lower mortgage rates and increased availability of leverage - up to 75% for many institutional-grade office, retail, industrial and apartment properties.

* Overall capitalization rates for multi-tenant, commercial properties (e.g., office and industrial), are about 50 to 150 basis points lower than the beginning of the year - starting as low as 7.5%. On the other hand, credit-tenant commercial properties with longer-term leases can trade below 7%.

* Multifamily cap rates often are bid down below 7% for core-plus assets and can dip well below 6% for prime-quality properties in major markets.

* Investors bid up sub-performing properties and economic recovery looms on the horizon - particularly true for lodging properties.

* As has been the case for most of this quarter, rates are at their lowest levels since the 1960s.

* More banks and life companies re-enter funding landscape as balance sheets are being cleaned up. Expect greater bidding on the "right" quality assets.

* As seen from the select bank-note purchase activity, distressed real estate on a stand-alone basis or as part of an overall bank portfolio is transacting at about 30% of the unpaid balances. Distressed real estate in marginal locations in great need of completion is trading at even lower percentages.

According to Jim Postweiler (top right photo), Advisory Board Member of the Real Estate Capital Institute, "The capital markets have started a strong recovery and are active once again. We need leasing fundamentals to follow suit in order to sustain the current positive trend."

He notes, "Funding sources are still selective, but will provide very attractive terms if conservative leverage is sought."


Contact: Jeanne Peck, Executive Director, Toll Free 800-994-RECI (7324)
director@reci.com
 http://www.reci.com/

Forest City Reports Fiscal 2010 Second-Quarter and Year-to-Date Results

CLEVELAND, OH /PRNewswire-FirstCall/ -- Forest City Enterprises, Inc. (NYSE:FCEA)(NYSE:and)(NYSE:FCEB), has announced EBDT, net earnings and revenues for the second quarter and six months ended July 31, 2010.

Second-quarter EBDT (earnings before depreciation, amortization and deferred taxes) was $105.6 million, a 10.6 percent increase compared with 2009 second-quarter EBDT of $95.5 million.

On a fully diluted, per share basis, second-quarter 2010 EBDT was $0.54, compared with 2009 second-quarter EBDT per share of $0.64.

 Total EBDT for the six-months ended July 31, 2010, was $176.0 million, or $0.91 per fully diluted share, compared with last year's $137.1 million, or $1.07 per share.

For a complete copy of the company's release and statistics, please contact
 Robert O'Brien, Executive Vice President - Chief Financial Officer, +1-216-621-6060, or Jeff Linton, Vice President - Corporate Communication, +1-216-621-6060
Web Site: http://www.forestcity.net/

Marcus & Millichap Lists $25M Southern California Building

VISTA, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for the corporate headquarters of DEI Holdings Inc., a 202,045-square foot warehouse and office building (top left photo) in Vista, a city in northern San Diego County.

 The listing price of $25 million represents $124 per square foot. The property is offered at a generous 8.7 percent cap rate.

John Erthein, a vice president investments, and John Smelter, a first vice president investments, both in Marcus & Millichap’s San Diego office, are representing the seller.

“DEI Holdings Inc. has been in business for more than 30 years and employs more than 200 people at this location,” says Erthein. “There are six years remaining on the original term of the lease, which is triple-net and contains annual increases of 3 percent.”

Located at 1 Viper Way, the property includes a 31 percent office build out, 11 loading docks, six grade-level doors, 26-foot to 28-foot clear heights and is situated on an 11.66-acre parcel. The building is easily divisible into three separate units. The parking ratio is 2.16 spaces per 1,000 square feet.

DEI Holdings Inc. is the parent company of the largest designer and marketer in North America of premium home theater loudspeakers, vehicle security and remote start systems, car audio products and other electronics

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

NewMark Merrill Companies Enters Sacramento Market with Property Management and Redevelopment Advisory Services for 365,000 Square Foot Southgate Plaza

SACRAMENTO, CA– NewMark Merrill Companies, a retail development and full-service property management firm, is proud to announce that it has been named to lead the management and redevelopment of Southgate Plaza, a 365,000-square-foot retail center in Sacramento, Calif.

“Southgate Plaza is the type of retail asset which should stand the test of time," said Sandy Sigal (top right photo), Chief Executive Officer and Founder of NewMark Merrill Companies.

"It has excellent demographics, on one of the major intersections in Sacramento, and a long track record of being the center of the community.

"NewMark Merrill Companies also has a long track record of taking assets like Southgate and helping them surpass their prior successes. We look forward to working with the existing tenants, the surrounding community, and new tenants who we feel can add to the tenant line-up, and helping this center thrive again.”

NewMark Merrill will immediately begin a comprehensive repositioning effort for the center. The management assignment is the first for NewMark Merrill in the Sacramento region.

Southgate Plaza was once the dominant center located at the intersection of Florin Road and Franklin Avenue, housing such retailers as Wal Mart, Ross, Albertsons and Office Max.

Currently, the center is 20 percent leased, following the departure of several tenants during this challenging economy.

 Wal-Mart has relocated and opened a new Supercenter just over 1 mile away, and Albertsons, Office Max and Ross have all closed.

Contact: David Ebeling, Ebeling Communications, 949.278.7851, david@ebelingcomm.com

Stephen Taylor, Now of Hunter Realty, Advises On Oceanfront Daytona Beach Shores Resort Transaction

MIAMI, FL—Stephan Taylor (bottom left photo), CHA, now of Hunter Realty, announced that he represented the institutional owner of the two hotels in the sale for an undisclosed price of the Palm Plaza Oceanfront Resort (top left photo)  and Beachside Inn Daytona Beach Shores in Florida.

The two separate, but adjoining properties comprise 130 rooms.

Taylor’s affiliation with the properties began nearly two years ago when he provided expert witness testimony on behalf of the properties’ creditors, enabling them to successfully take back ownership of the two resorts from a portfolio of 78 affiliated entities that had filed for bankruptcy.

The buyers are experienced owner/operators of hotels throughout the southeastern U.S. The new ownership said that plans already are underway to add value by re-flagging the 100-room Palm Plaza Oceanfront Resort to the Holiday Inn Express brand.

“The properties, built in the late 1980s, have significant investment appeal due to their beachfront location in one of Florida’s most popular resort destinations,” Taylor said.

Operated by its original owner for many years, the Palm Plaza was the room rate leader in its market, enjoying significant return business with an almost cult-like loyalty.

 An unusual aspect of the transaction was the buyer’s use of an Offering Memorandum to attract investors, typically an approach used by institutional purchasers.

Taylor joined Hunter Realty, a leading national hotel investment advisory services firm, in late August as vice president. He opened the firm’s new Miami office with primary focus on hotel real estate in Florida and the Caribbean.

 He has 30-plus years of specialized hotel real estate experience as a broker, operator, developer and consultant.

“The outlook for Florida is on the upswing, and I expect the hotel economy and hotel real estate in the state to recover more quickly than most other states,” he noted.

“The bid/ask spread is narrowing as both buyers and sellers are adjusting and trying to meet in the middle. Banks are becoming more active now and a little more willing to loosen their purse strings.

"There is a large pent-up demand for vacations, which gives Florida, a popular tourism destination, a competitive advantage.”

Contact:

Patrick Daly, Jerry Daly, media (703) 435-6293, patrick@dalygray.com

Latino Hotel Association Elects First Board of Directors

Bill Fortier, Hilton SVP Development, the Americas, Named Chairman

HOUSTON, TX—The Latino Hotel Association (LHA), a newly formed global organization dedicated to expanding Latino ownership, leadership and commerce in the hotel industry, announced that the organization has elected its first board of directors.

William B. Fortier (top right photo) , senior vice president development, the Americas at Hilton International has been named chairman; Carlos J. Rodriguez (top left photo), president and managing partner, RodBlu Investments and DVI Cardel Funds, was elected vice chairman; and Esther Fintz, vice president Triangle Management & Investment Inc., joins the board as secretary/treasurer.

Members at large include Walter Barela, Executive Vice President/COO, Peak Hospitality; Charles “Michael” Diaz, principal and executive vice president of Driftwood Hospitality Management, LLC., Benito Irastorza, President & CEO IRAS Group; Nancy Poor, senior vice president owner relations, Wyndham Worldwide; Angela Gonzalez-Rowe, president and founder of LHA and president of AGR Hospitality Solutions; and Stacy Silver, Executive Director, HotelWorld Network.

A member of the Mexican Hotel Association will join the board in the near future. LHA currently has more than 150 hotel owner and operator members in the U.S. and in Latin America.

“These hospitality veterans give us instant global credibility with nearly two centuries of hotel industry experience and extensive backgrounds in hotel development, investment and management,” said Angel Gonzalez-Rowe (middle right photo)
 “A person of Bill Fortier’s stature chairing our board is a major plus for us, and we are delighted to have someone from Hilton, a premier global hotelier with a sizable international presence, join us.

"With the board’s long-standing relationships and deep roots in the industry, we expect to benefit from their counsel and guidance as we pursue our mission of increasing hotel investment and ownership in the global Latino community.”

Headquartered in suburban Houston, LHA is a worldwide, non-profit association dedicated to increasing Latino participation in the hospitality industry, to include ownership, leadership and commerce.

 The organization provides education, international and regional conferences and networking opportunities with the leading hotel companies in the world.

Additional information is available at the association’s website, http://www.latinohotelassociation.org/

Contact:
Jerry Daly, Chris Daly, Daly Gray Public Relations, (703) 435-6293, jerry@dalygray.com

Chatham Lodging Trust Appoints Dennis M. Craven Chief Financial Officer

PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium-branded select-service hotels, today announced that Dennis M. Craven has been appointed as its new executive vice president and chief financial officer, effective September 9, 2010.

Craven replaces Julio E. Morales, who will remain with the company in a transition capacity for 30 days.

Craven previously served as executive vice president and chief financial officer of Innkeepers USA Trust, a NYSE-listed hotel REIT, from March 2006 until the acquisition of Innkeepers by an affiliate of Apollo Investment Corporation in June 2007.

Following the acquisition, he continued to serve as chief financial officer of Innkeepers until August 2010. Prior to joining Innkeepers in 2006, Craven was a partner in Addison Capital Advisors, a venture capital firm based in Memphis, Tenn., and served as senior vice president and chief accounting officer of Independent Bank in Memphis.

Prior to that, he served as vice president and controller, and later vice president and chief accounting officer, of RFS Hotel Investors, Inc., a NYSE-listed hotel REIT. Prior to joining RFS, he was a senior manager with PricewaterhouseCoopers LLP in Memphis and London.

Contact:

Jerry Daly, Carol McCune, Daly Gray Public Relations, (Media), (703) 435-6293
jerry@dalygray.com

HFF closes sale and $33M financing for Lakes of Schaumburg in northwest Chicago suburb

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of and arranged financing for The Lakes of Schaumburg, (top left photo)  a 428-unit multi-housing community in Schaumburg, Illinois.

The HFF investment sales team was led by managing directors Marty O’Connell (top right photo)  and Sean Fogarty (top left photo)  and executive managing director Matthew Lawton (middle right photo) who represented the seller, Cornerstone Real Estate Advisers LLC.

 A joint venture between Marquette Real Estate Investments and TRECAP Partners, LLC purchased the property free and clear of debt.

HFF managing director Matthew Schoenfeldt (middle left photo)  worked on behalf of Marquette and TRECAP to secure the $33 million, fixed-rate acquisition loan through Freddie Mac (Federal Home Loan Mortgage Corporation).

HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program.

Located at 801 Belinder Lane in Schaumburg, The Lakes of Schaumburg is near Interstates 90 and 290, O’Hare International Airport and two Metra commuter rail lines.

The property has one- and two-bedroom units averaging 800 square feet each and the current occupancy is more than 95%.

Community amenities include two clubhouses offering a business center, coffee/tea bar, fitness center and weight room as well as two outdoor heated swimming pools, two sand playgrounds and a jogging/bike trail.

“The Lakes of Schaumburg benefits from the impeccable maintenance standards that 20 years of institutional ownership delivers.

"Now, under the seasoned and entrepreneurial stewardship of Marquette, the property is poised to take advantage of a strengthening market for high-quality multi-housing product,” said Schoenfeldt.

Contacts:

Martin F. O'Connell, HFF Managing Director, (312) 528-3650, moconnell@hfflp.com
Matthew R. Schoenfeldt, HFF Managing Director, (312) 528-3650,
mschoenfeldt@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com


HFF secures $39M financing for Huebner Oaks in northwest San Antonio, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $39 million in financing for Huebner Oaks (lower right photo), a 287,000-square-foot, nine-building retail power center in northwest San Antonio, Texas.

Working on behalf of Inland Western REIT, HFF managing director Kevin MacKenzie (lower left photo) placed the five-year, fixed-rate loan with Nationwide Life Insurance Company.

Huebner Oaks is situated on nearly 30 acres at 11745 Interstate 10 West, close to the Interstate 410 Loop that surrounds San Antonio.

The property is 95% leased to tenants including Bed Bath & Beyond, Borders, Ross Dress for Less, Old Navy, Starbucks, The Gap, Banana Republic and Macaroni Grill.

“Huebner Oaks has performed very well historically; consistently experiencing occupancy above 95% with tenants enjoying high sales and low occupancy costs.

"This performance has created strong incentives for existing tenants to renew leases at the property in addition to attracting new tenants,” said MacKenzie.

Inland Western Retail Real Estate Trust, Inc. is a self-managed real estate investment trust that acquires, manages and develops a diversified portfolio of real estate, primarily multi-tenant shopping centers across the United States.

As of June 30, 2010, the portfolio under management totaled in excess of 46 million square feet, consisting of 294 consolidated operating properties.

The company also has interests in 11 unconsolidated operating properties and 8 properties under development. For further information, please see the company website at www.inlandwestern.com.

Contacts:

Kevin C. MacKenzie, HFF Managing Director, (214) 265-0880, kmackenzie@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com

Lavista Associates Sees Addition of 24 REO Properties in Third Quarter as REO Activity Continues to Increase

ATLANTA, Ga. --- Lavista Associates, Inc., one of Atlanta’s leading commercial real estate companies, was assigned 24 new commercial REO properties during the third quarter as REO activities continue to increase.

Tom Davenport,(top right photo) president of Lavista Associates, Inc., said the continued acceleration of REO activity is undeniable.

“Lenders faced with a growing number of troubled assets are seeking effective providers of property management, leasing and disposition services,” Davenport said.

Davenport said the trend will likely continue well into next year.

“Lenders will continue to take back more commercial assets and look to dispose of them,” Davenport said. “Investors and users are taking advantage of unprecedented buying opportunities and we expect this to continue as well,” he added.

Lavista Associates offers specialized expertise in every phase of the REO process, Davenport said.

“We are providing lenders a single resource to effectively administer REO assets from receivership and the preforeclosure process through all phases of disposition,” Davenport explained.

Lavista has recently disposed of a variety of property types, including office, self-storage, industrial, mixed-use and multi-tenant retail for multiple lenders and special servicers across North Georgia.

Lavista Associates negotiated sales of commercial assets over the past 90 days in Acworth, Alpharetta, Augusta, Decatur, Fayetteville and Suwanee. Lavista has represented 21 different community, regional and national banks, insurance companies, special servicers and the FDIC.

For more information,  contact:
Tom Davenport, President, Lavista Associates, Inc. 770-448-6400; tdavenport@lavista.com
Kimberly Steele, Director of Marketing & Administration, Lavista Associates, Inc. 770-729-2824; ksteele@lavista.com
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Top Executive at Grubb & Ellis Commercial Florida Has Speakers Role at Sarasota International Real Estate Congress Sept. 23

TAMPA, Fla. --- Patrick Kelly, (top right photo) executive vice president and managing director at Grubb & Ellis Commercial Florida in Tampa, will participate in a panel discussion at the Sarasota Association of Realtors International Real Estate Congress Sept. 23 at the Hyatt Regency Hotel in Sarasota.

Kelly, who has more than 25 years of experience as a top commercial real estate executive, will have plenty to talk about.

Kelly will focus his discussion on the state of Florida real estate.

Contact:
Patrick Kelly, Managing Director, 813-830-7539
Jeffrey Sweeney, SIOR President 407-481-5387
Larry Vershel Communications 407-644-4142
http://www.commercialfl.com/


Grubb & Ellis Commercial Florida Negotiates New Long Term Lease for ProAssurance at Grand Plaza in Tampa, FL

TAMPA, Fla. --- Grubb & Ellis Commercial Florida, associated with 130 Grubb & Ellis offices worldwide, recently negotiated a new 63 month lease on behalf ProAssurance Casualty Company for Class A office space in Grand Plaza Office Center, located at 14497 N. Dale Mabry Hwy in the Carrollwood area of Tampa.

Paula Buffa,  (middle left photo) CCIM, senior vice president of Grubb & Ellis Commercial Florida’s Tampa Office Group, along with associate Maria Camarinos (lower right photo)  Hall, negotiated the lease agreement representing Birmingham-based ProAssurance, the new tenant who leased 6,018 square feet at Grand Plaza.

ProAssurance Casualty Company provides insurance for physicians, surgeons and other professionals.

“ProAssurance wanted to take advantage of the favorable lease environment in Tampa but didn’t want to leave the Carrollwood area," said Hall.

". The new location offers more advantageous lease terms and the Grand Plaza suite offers efficient space that can easily accommodate future growth."

The landlord is Grand Office Plaza Associates LLC of Williamsville, NY.

Contact:

Paula Buffa, 813-830-7887
Maria Camarinos Hall, 813-830-7894
Patrick Kelly, Managing Director 813-830-7539
Larry Vershel Communications 407-644-4142
http://www.commercialfl.com/

NAI Realvest Negotiates Long Term Office Lease at 501 S. New York Avenue in Winter Park, FL

ORLANDO, FL – NAI Realvest negotiated a seven-year office lease for 4,491 square feet at 501 S. New York Ave. in downtown Winter Park.

Jack W. Lynch, (top right photo)  senior associate at NAI Realvest and Tom Kelley II (lower left photo) CCIM, a principal in the firm, negotiated the transaction representing the landlord, Yoda, Inc.

 The new tenant is the CPA firm of Moss, Krusick & Associates, LLC, which specializes financial consulting, accounting, auditing and bookkeeping services. Both landlord and tenant are based in Winter Park.

For more information, contact:
Jack Lynch, NAI Realvest 407-875-9989 jlynch@realvest.com or Tom Kelley, II, CCIM; tkelley@realvest.com;
 Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com;
Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

NAI Realvest Negotiates New and Renewal Leases for Office space totaling more than 11,000 square feet in Lake Mary, FL and Maitland, FL

ORLANDO, FL - NAI Realvest recently negotiated two lease agreements for office space in Lake Mary and Maitland totaling 11,091 square feet.

Mary Frances West,  (top left photo) CCIM NAI Realvest Senior Broker Associate negotiated a new lease for 1,122 square feet at Primera Court I, 725 Primera Blvd. in Lake Mary. West represented the landlord Interchange-Primera II, LLC of Daytona Beach. The tenant, Paul J. Ruff of Sanford leased the property for two years to operate a home healthcare agency.

At the same time, West completed a lease renewal agreement representing the Maitland-based tenant Glickstein, Laval & Carris, P.A. in suite 400 with 9,969 square feet of office space at 555 Winderley Place. The tenant – an accounting firm – renewed its lease for another three years.

 The landlord, PKY Fund I c/o Morrison Commercial Real Estate was represented by Greg Morrison (middle right photo)  in the transaction.

For more information, contact:
Mary Frances West CCIM, NAI Realvest, 407-875-9989 mwest@realvest.com;
Patrick Mahoney, President NAI Realvest, 407-875-9989 pmahoney@realvest.com;
Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142

NAI Realvest negotiates two new long-term retail leases to at The Villaggio of Winter Springs, FL

MAITLAND, FL— NAI Realvest recently negotiated two new four-year lease agreements for retail space totaling more than 4,200 square feet at The Villaggio of Winter Springs located at 853 SR 434 East.

Paul P. Partyka, (middle left photo)  principal and managing partner at NAI Realvest, negotiated both transactions on behalf of Hallandale-based BRI 1813 Villaggio LLC, the landlord at the 50,000+ square foot retail/office center, which is currently 81 percent leased.

Billy’s Café of Winter Springs leased a 2,500 square foot building on Outparcel C at The Villaggio. Partyka said the tenant is the first new restaurant to open on the west side of Winter Springs in four years. Billy’s Café will seat 80 when it opens in late December. Robby Robinson of Florida Site Selectors represented the tenant.

At the same time Partyka negotiated a lease for the first new dance studio in Winter Springs in the past four years. Integrity Dance Studio leased 1,707 square feet in suite 1101 at The Villaggio. The tenant was represented by Justin Reviezky of The Bywater Co.

For more information,  contact:
Paul P. Partyka Principal, Managing Partner, NAI Realvest, 407-875-9989 ppartyka@realvest.com;
Patrick Mahoney, Chief Operating Officer, NAI Realvest, 407-875-9989
Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142.

NAI Realvest Negotiates Expansion and Renewal Leases for Office Space in East Orlando and Maitland

ORLANDO, FL --- NAI Realvest recently negotiated two lease agreements – a renewal and an expansion – for office space in Maitland and east Orlando totaling 13,623 square feet.

Tom R. Kelley II, CCIM, principal at NAI Realvest and Mary Frances West, CCIM senior associate, negotiated a lease renewal of 11,938 square feet at 2200 Lucien Way (middle left photo)  in Maitland representing the tenant, Realvest Equity Partners, LLC d/b/a NAI Realvest, who renewed its lease of Suite 350 for three years. The landlord is Alliance Lucien Way, Inc. of Warrington, Pa.

West represented Dignitas Technologies, LLC, an Orlando-based software developer that specializes in modeling and simulation, in an expansion lease at the Laurel Building located at 3504 Lake Lynda Drive in The Quadrangle. (middle right photo)

Dignitas leased 1,685 square feet, bringing its total occupied space in the building to 3,287 square feet. The landlord, DRA CRT Orlando University Center LLC was represented by Mike Caridi of Tower Realty.

For more information,  contact
Mary Frances West, CCIM, Senior Broker-Associate NAI Realvest, 407-875-9989 mwest@realvest.com;
Patrick Mahoney, Chief Operating Officer NAI Realvest, 407-875-9989 pmahoney@realvest.com
Beth Payan, Larry Vershel Communications, 407-644-4142 lversehlco@aol.com


NAI Realvest Negotiates $400,000 Sale of Warehouse Building in Apopka, FL

ORLANDO, Fla. – NAI Realvest recently negotiated the sale of a 7,050 square foot warehouse building on a half-acre lot at 2617 Pemberton Drive, off US 441 in Apopka.

NAI Realvest principal Michael Heidrich (bottom right photo)  negotiated the transaction representing the seller, Orlando-based LC Properties, LLC.

ODCC Properties, LLC of Apopka purchased the property which includes 720 square feet of office space. David Hammett of McNulty Group represented the buyer.

For more information, please contact:
Michael Heidrich, Principal NAI Realvest, 407-875-9989 mheidrich@realvest.com;
 Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com
Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com