Colliers International Directs Sale of Three Medical Office Condominiums for $1.46 Million in Fullerton, CA

  

 IRVINE, CA, Oct. 26, 2010 – Colliers International, the second largest real estate services organization globally, has directed the sale of three medical office condominiums totaling approximately 3,000 square feet at 1955 Sunny Crest Dr. in Fullerton, Calif., to Central Drugs Compounding Pharmacy, owned by Dr. Nayan Patel, a La Habra, Calif.-based physician.

 The transaction is valued at $1,465,563 or $499 per square foot.

Sold in shell condition, the medical suites are part of Providence Two, a 23,890-square-foot medical office building located within Providence Medical Center (top left photo), a three-building, 110,000-square-foot, full-service medical center situated adjacent to St. Jude Hospital (lower left photo) in Fullerton.

Providence Medical Center has seen renewed activity in a market where a significant supply and demand imbalance exists for quality medical space.

 “Demand to own versus lease is finally returning to the market,” said John Wadsworth (middle right photo), vice president and director of healthcare services in Colliers International’s Irvine office.

“Favorable financing returning to the commercial markets, coupled with a well-located medical office building within walking distance to a top Orange County hospital were the key drivers in completing this transaction.”

 Wadsworth added that the developer of Providence Medical Center has dropped prices by more than 25 percent since 2009 to follow suit with the recession.

 “With ‘bottom of the cycle’ pricing and financing options to fix real estate costs for many years to come, Dr. Patel was able to secure a solid investment opportunity in a state-of-the-art medical facility, along with a place to operate his business,” he said.

Wadsworth, along with Casey Immel, an associate in Colliers International’s Irvine office, represented the seller, Accretive Realty Advisors, Inc., an Irvine, Calif.-based real estate investment and advisory firm specializing exclusively in medical office space.

The buyer was represented by John Collins of Lee & Associates.

Contact: Megan Morales, Marketing & PR Coordinator, 949 724 5537

megan.morales@colliers.com

Arbor Closes $1,449,500 Fannie Mae DUS® Small Loan For Little Creek Apartments in Cedar Hill, TX

Uniondale, NY (Oct. 26, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,449,500 loan under the FannieMae DUS® Small Loan product line for the 66-unit complex known as Little Creek Apartments (top left photo)  in Cedar Hill, TX.

 The 10-year loan amortizes on a 30-year schedule.

 The loan was originated by Stephen York (bottom right photo), Director, in Arbor’s full-service New York, NY, lending office.

 “We were pleased to provide our clients with terms that exceeded their expectations and we look forward to growing our financial partnership,” York said.

Contact:  Christopher Ostrowski, costrowski@arbor.com

HFF closes sale of and arranges acquisition financing and joint venture equity for two office buildings in Houston’s Galleria submarket

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced  has closed the sale of 1001 and 2425 West Loop South (top left photo), two office buildings totaling 503,930 square feet in Houston’s Galleria submarket.

The HFF investment sales team was led by senior managing director Dan Miller (middle right photo) and associate director Marty Hogan (middle left photo) who marketed the properties on behalf of the seller, The Ellman Companies.

 Fuller Realty Partners LLC purchased the properties free and clear of debt.  The same team was involved in the sale of both of the assets to Ellman in 2007.   

Acquisition financing was arranged by HFF senior managing director Wally Reid and provided by NexBank as agent for a group of lenders managed by Highland Capital Management, LP.  

HFF managing director Tucker Knight (lower right photo) arranged the joint venture equity for the acquisition with PCCP, LLC.

1001 West Loop South and 2425 West Loop South are situated on the east side of Loop 610 between Westheimer Road and Woodway Drive in the Galleria area.  1001 West Loop South is an eight-story, 222,340-square-foot office building with a 697-space parking garage.

Renovated in 2007/2008, the property is 41.2% leased to tenants including Xerox.  2425 West Loop South has 11 stories of office space totaling 281,590 square feet plus a 947-space parking garage.  The property is 53.8% occupied to tenants including Blue Cross Blue Shield.

“Both assets offer superior upside potential through the lease up of vacant space.  1001 and 2425 West Loop are the only two Class B buildings in the Galleria submarket that can accommodate a 50,000 square foot or larger user,” said Miller.

Contacts:

H. Dan Miller, HFF Senior Managing Director, (713) 852-3500,  

dmiller@hfflp.com

                                                                                             

Wallace P. Reid, HFF Senior Managing Director, (713) 852-3500, 

wreid@hfflp.com

                    

Tucker S. Knight, HFF Managing Director, (713) 852-3500, tknight@hfflp.com

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

                        

Jones Lang LaSalle to Provide Project Management and LEED Certification Services for Southern California Gas Co.’s 350,000-SF Headquarters in Los Angeles

LOS ANGELES., CA— Jones Lang LaSalle has been awarded project management and LEED Certification services for Southern California Gas Company’s 350,000-square-foot headquarters at 555 W. Fifth Street (top left photo) in Los Angeles.

 The space will be restacked and reconfigured, making it more efficient for the 1500 employees currently at the location.  Completion is planned for February 2012.

Jones Lang LaSalle’s Project and Development Services Group will provide project and move management by overseeing planning, design, construction and close-out phases of the project; guiding the company with new furniture selection and repurposing; managing all contractors and the proposal processes. 

Additionally, the group will provide LEED Certification Project Management services with a goal of achieving LEED Silver Certification, at minimum.  The project will be completed four floors at a time with a total of four phases.

The Jones Lang LaSalle team for this project is Executive Vice President Judy Caruthers, Vice President Maria Naughton and Project Manager Adam Lutz.

“This is a huge endeavor for Southern California Gas Company and we are confident that we will make this a smooth transition with little interruption in their work,” said Caruthers. 

Contact: David Ebeling, Phone:,  +1 949 278 7851

Email: david@ebelingcomm.com

Palmer Electric University of Florida Student Housing Project

WINTER PARK, FL, Oct. 25, 2010 — The commercial division of Palmer Electric Company has secured a $3.5 million contract with general contractor Brasfield & Gorrie LLC for The Continuum (top left rendering), a new University of Florida student-housing complex in Gainesville, Fla.

Under its scope of services, Palmer Electric is providing site and building electrical contracting along with low voltage systems that include fire alarm systems and voice/data cabling.

 Composed of three, five-story buildings that total 533,000-square-feet, the complex is composed of 465 units of one- and two-bedroom rental residences for graduate and professional students as well as 50,000-square-feet of ground level retail/ commercial space.

 According to Palmer Electric’s Vice President of Commercial Division, Robert Vaughn (middle left photo), “This is a fast track project due for completion in the end of July 2011.”

 Baton Rouge, La.-based nonprofit Provident Resources Group owns the 5.2-acre site that is located on West University Avenue just four miles from the University’s main campus. In a first for the University of Florida, the $68 million project will be developed and managed by an outside entity, Capstone Development/DJG, Inc. of Birmingham, Ala.

 Design Collective of Baltimore, Md., is the architect.  Another Birmingham firm, CRS Engineering & Design Consultants is providing mechanical, electrical, plumbing and fire protection engineering.

Contact: Elaine Ingra, 407 384-1344, elainei@pr-works.com

Stan Johnson Co. Opens Los Angeles Office as Part of National Expansion Plan

·       

LOS ANGELES, CA (Oct. 25, 2010) — Stan Johnson Company, one of the nation’s leading real estate brokerage and advisory firms specializing in net-lease investment sales, announced today that it has opened a new regional office in Los Angeles located at 10100 Santa Monica Blvd.

 This new office is part of the company’s national expansion plans which have included the opening of offices in Houston and Chicago outside of its headquarter location in Tulsa, OK.

In connection with the new office opening, Stan Johnson Company announced that veteran commercial real estate professional, Derek Layne (top left photo), has joined the company as an Associate Director. 

With 13 years of commercial real estate experience, Layne has recently served as principal of Brooktree Realty Advisors where he was instrumental in completing deals valued at nearly $175 million during the past two years.

  Prior to that, Layne worked as a CMBS loan originator for both JP Morgan and Countrywide, having originated over $1 Billion in loans for both firms collectively.

“In preparation for the next real estate cycle, we plan on continuing to leverage our specialization and expertise in primary markets as well as capitalize on our past successes that will drive new opportunities and growth for our company in the future,” said Stan Johnson (lower left  photo), founder and chief executive officer of Tulsa, Oklahoma-based Stan Johnson Company.

Contact: David Ebeling,  Ebeling Communications, (949) 278-7851, david@ebelingcomm.com

http://www.stanjohnsonco.com/

David Cavallaro of Marshall Hotels & Resorts, Inc., Named 2009 General Manager of the Year by Wyndham Hotels and Resorts

  

WINCESTER, VA,  Oct. 25, 2010—Officials of Marshall Hotels & Resorts, Inc., a leading, Maryland-based hotel management and services company, today announced that David Cavallaro (top right photo) has been honored by Wyndham Hotels and Resorts with the upscale hotel chain’s prestigious  General Manager of the Year award for 2009.

Cavallaro is GM of The George Washington (middle left photo), a Wyndham Grand Hotel, in Winchester, Va. 

In addition, the property received the 2009 Wyndham Hotels & Resorts Presidents RevPAR Performance Award, as well as the 2009 Expedia Insiders Select Award for ranking in the top 1 percent worldwide in guest satisfaction.       

 Under Cavallaro’s leadership, The George Washington, A Wyndham Grand Hotel, increased year-over-year occupancy by 55 percent and improved RevPAR Marketshare Index by 250 percent. 

 The award was presented by John Green, senior vice president of operations for Wyndham Hotels and Resorts, and Diane Barr, vice president of customer experience, at Wyndham Hotel Group’s recent global conference in Las Vegas.

“David’s commitment to the success of the George Washington is truly representative of excellent leadership,” said Jeff Wagoner (middle right photo), president of Wyndham Hotels and Resorts. 

 “His ability to approach problems creatively, effectively lead his team and create lasting impressions on those around him makes him a great asset to the hotel.  I congratulate David on this tremendous achievement and thank him for his dedication to the Wyndham brand and the Winchester community.”

Additional information about Marshall Management may be found at the company's Web site: http://www.marshallhotels.com/.

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

Source1 Purchasing and Latino Hotel Association Form Alliance To Provide Members with Advantageous F&B Pricing Power

  MEMPHIS, TN./HOUSTON, TX, Oct. 25, 2010—The Latino Hotel Association (LHA), a newly formed global organization dedicated to expanding Latino ownership, leadership and commerce in the hotel industry, today announced that it has formed a strategic alliance with Source1 Purchasing to enhance the food and beverage pricing power of LHA members.

            “Hotel food and beverage operations historically have lower margins than the rooms side of hotels,” said Scott Hoffmire (middle left photo), F.M.P., founder and CEO of Source1 Purchasing.

 “Through our unique Buyers’ Marketplace program, we will provide LHA members with more attractive pricing options through more than 500 existing manufacturer agreements representing more than 6,000 food, beverage and supply products. 

 “Also, LHA members will earn rebates on items they purchase, with Source1 providing tracking, collection and allocation of rebates.”

 “One of our founding principles is to add value to our membership, including strategic relationships, like this one with Source1,”  says Angela Gonzalez-Rowe, (top right photo)  president and founder of LHA.   “Source1 has been named a Top Purchasing Company for 2009 and 2010 by a leading hotel publication, which attracted us to them.” 

Under the alliance, LHA members will have the collective buying power of more than $5 billion in leveraged purchasing volume.

  Other benefits include secure online access to customized reports, success tools, education and trend and partnership data.  The Buyers’ Marketplace program offers free access to a broad cross-section of regional and national partner distributors.

The voluntary program gives LHA members the choice to use Source1 or remain with some or all of their current suppliers. 

For more information, visit http://www.source1purchasing.com/.

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

1,300 New Condo Units Remain Unsold In South Beach

 MIAMI, FL---Buyers purchased only 19 new South Beach condos in the third quarter of 2010, leaving more than 1,300 unsold developer units available as of Sept. 30, 2010 at the southern tip of the barrier island neighborhood located east of the Miami mainland, according to a new report from CondoVultures.com.

At the current pace of about six sales per month transacted between July and September of 2010, nearly 18 years of new condo inventory is currently available on the market in Miami Beach's famous 24-block long neighborhood, according to the report based on the Condo Vultures® Official Condo Buyers Guide To South Beach™.

 Despite the significant number of unsold developer units in South Beach, most Miami Beach developers have refused to slash prices dramatically to sell off their remaining condo product.

 In fact, buyers paid an average of more than $1,500 per square foot in the third quarter of 2010 for new units compared to $355 per square foot across Biscayne Bay in Greater Downtown Miami, according to the report based on Miami-Dade County records.

"South Beach is an international destination with world-class beaches, beautiful people, and a legendary nightlife that attracts visitors from around the world who are increasingly bringing strong foreign currencies," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "Developers and lenders are well aware of South Beach's unique characteristics and future potential, and have therefore been unwilling to reduce the pricing significantly.

'The unanswered question is, whether the buyers or the developers and lenders will flinch first in hopes of transacting the deals necessary to clear the inventory." 

New condo sales and remaining inventory in South Beach is a topic that will be addressed by Miami-Dade County Property Appraiser Pedro J. Garcia at the upcoming Condo Vultures® seminar entitled "Property Tax Outlook Today, Future For Miami-Dade County" on Tuesday, Oct. 26, at the Miami Marriott Biscayne Bay in Miami.

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

Marcus & Millichap Sells 222-Unit Luxury North Dallas Multifamily Community

www

DALLAS, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of San Raphael (top left photo), a 222-unit 200,478-square foot luxury multifamily community in Dallas.

Will Balthrope (middle right photo), a vice president investments in the firm’s Dallas office, Matthew Friedman (lower left photo), a vice president investments in Encino, and Ryan Epstein, a senior associate in San Antonio, represented the buyer and the seller, both publicly traded REITs.

“San Raphael is an exceptional trophy asset located in the high barrier-to-entry Galleria area of North Dallas,” says Balthrope. “The property presents the new owner with an excellent opportunity for significant appreciation, rent growth and long-term stability.”

“The buyer has been targeting the Dallas market and is pleased to acquire an extremely well-located property in an area with strong apartment fundamentals at a price well below replacement costs,” adds Friedman.

The property is located 14181 Noel Road, one block east of the Dallas North Tollway, one-half mile north of the Galleria and one mile north of Interstate 635, the LBJ Freeway.

The Dallas North Tollway and Interstate 635 interchange is one of the busiest highway interchanges in Texas with traffic counts of 125,000 vehicles per day and 242,000 vehicles per day, respectively.

Noel Road is a north/south thoroughfare that leads directly into the Galleria’s affluent three-level mall with Westin Hotel and office towers.

Built in 1999, San Raphael units include full-size washers and dryers in every unit, fully equipped kitchens with luxurious granite countertops, built-in microwaves and oak cabinetry.

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

Marcus & Millichap Names John Horowitz Sales Manager of Brooklyn Office

BROOKLYN, N.Y.– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted John Horowitz (top right photo) to sales manager of the Brooklyn office, according to John J. Kerin (lower left photo), president and chief executive officer.

 Most recently, Horowitz was an associate in the Brooklyn office, specializing in the sale of multifamily properties throughout Brooklyn and New York City.

“John brings a strong background and skill set to the sales manager position,” says J. D. Parker, regional manager of the Brooklyn, Manhattan and New Haven offices. “His experience in the Brooklyn market will be a tremendous asset to our clients and agents throughout the New York region.”

Horowitz joined the Brooklyn office in 2006. He was then promoted to associate director of the firm’s National Multi Housing Group and quickly earned associate status by the firm in 2007.

Prior to joining Marcus & Millichap, Horowitz worked as a corporate lawyer and ran a nonprofit agency that focused on criminal-justice issues.

Horowitz received a bachelor’s degree in political science from Tufts University and a law degree from Fordham University School of Law.

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

Chicago Office Market Snapshot: Third Quarter 2010

CHICAGO, IL--The following summary is designed to provide a brief overview of the Chicago metro office market during the third quarter of 2010. 

 For more information or to speak with one of the company’s local market experts, please contact Erin Mays at 312.698.6735 or via email at erin.mays@grubb-ellis.com.

REGION

• The region’s vacancy rate stayed flat at 20.9 percent during the third quarter, posting a total of 128,000 square feet of positive absorption.  Net absorption is negative 680,000 square feet for the first nine months of 2010.
• The area currently has just 48,000 square feet of new development under construction – a fraction of the 5.8 million square feet under construction at the market’s peak in third quarter 2007.
• Average Class A asking rental rates for the region increased $0.41 from the second quarter to $29.90 per square foot.
• Inventory of available sublease space saw a decline in the third quarter to 5.5 million square feet – down from 6.6 million square feet in the previous quarter.
• The investment market continues to become more active than it was in 2009, particularly for core assets with high occupancies and limited lease exposure.  Distressed assets have been slow to emerge as lenders continue to work out issues with borrowers or instead, move to sell their loan before foreclosure proceedings.

CHICAGO CENTRAL BUSINESS DISTRICT

• The vacancy rate in the Chicago CBD office market remained unchanged from the prior quarter at 17.4 percent, with the market posting 57,000 square feet of positive absorption.
• Class A average asking rental rates increased $0.77 per square foot, full service gross.
• No new construction is underway in the CBD.

SUBURBAN CHICAGO

• The vacancy rate stayed constant at 25 percent.  There was a nominal 70,000 square feet of positive net absorption. 
• Just one building of 48,000 square feet is currently under construction in the I-88 East submarket. 

       Average Class A asking rental rates in the Chicago suburbs stood at $23.73 per square foot, a slight increase of $0.04 from the previous quarter.

Analysis:  The Chicago office market made it through the slow summer months without any significant hiccups and with some good news about languishing lease transactions finally fully executing. 

Any significant regeneration of office market fundamentals is highly dependent upon employment numbers, however.  Although the Chicago area unemployment rate has decreased by 60 basis points since this time last year, it is still 40 basis points higher than the national rate, and it has a long way to go until it reaches more normalized levels.

Despite a still-shaky economy, there is growing confidence among tenants regarding the future of their businesses.

They are becoming less hesitant to make lease commitments for more than just a few years, and while the majority of lease transactions continue to be renewals and many tenants continue to downsize, more relocations and expansions are taking place.

To access the full Chicago Metro Office Trends report and other Grubb & Ellis research publications, visit www.grubb-ellis.com/research.

###

U.S. Industrial Market First Look: 2010-Q3 from Grubb & Ellis

SANTA ANA, CA--Grubb & Ellis Co. senior vice president and chief economist Bob Bach (top right photo) presents his U.S. Industrial Market First Look: 2010-Q3:

·         On the heels of a strong performance in the second quarter, the market took a breather in the third quarter as the vacancy rate fell by just 10 basis points to end the quarter at 10.5 percent. Vacancy, though below its recent peak of 10.9 percent in the first quarter, remains elevated.

·         Net absorption plunged from a revised 19.9 million square feet in the second quarter to a slim 2.4 million square feet in the third quarter.

·         Only 2.0 million square feet of new space was delivered in the third quarter, a little over half of it speculative. Projects still under construction at the end of the quarter totaled 13.2 million square feet, of which just 3.2 million square feet was speculative. Spec construction will be minimal until the market firms.

·         The average asking rental rate for all types of industrial space available at the end of the third quarter was $5.30 per square foot per year triple net, a decline of 0.9 percent from the second quarter and 4.5 percent from the year-ago quarter. Rates for available space ended the quarter at $5.08 for general industrial (primarily manufacturing), $4.26 for warehouse-distribution and $9.23 for R&D/flex. Over the past four quarters, the average rates slipped by 6.8 percent for general industrial, 4.6 percent for warehouse-distribution and 5.2 percent for R&D/flex.

Forecast

In our Industrial First Look email released at the end of the second quarter, we warned that the market was “not out of the woods by a long shot” despite the strong second quarter performance.

We said, “The sluggish economy raises the possibility that the industrial recovery could falter in the second half of 2010.” That appears to be happening.

Second quarter activity most likely was fueled by pent-up demand. According to the Institute for Supply Management’s Purchasing Managers Index, the manufacturing sector continues to expand but more slowly than in the spring, and other indicators such as industrial production point to further softening.

The Federal Reserve’s plan to implement a second round of quantitative easing (QE2) is causing the dollar to weaken, which should make U.S. exports more competitive. Also on the positive side, retail sales appear to be firming modestly, which should put a floor under inventory demand.

Overall, slow economic growth is expected to constrain the pace of the industrial market recovery, though the recovery should remain intact.

Janice McDill

Senior Vice President

Marketing & Communications

Grubb & Ellis Company

500 West Monroe Street, Suite 2700, Chicago, IL 60661

Direct: 312.698.6707• Fax: 312.698.5941

janice.mcdill@grubb-ellis.com

www.grubb-ellis.com

Grubb & Ellis Recruits Investment Sales Team from Sperry Van Ness

ATLANTA, GA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that commercial real estate veterans Paul Johnson and Bob Johnson, along with their team of five brokerage professionals, have joined the company’s Atlanta office, effective immediately. 

The team, which joins from Sperry Van Ness|AREP bolsters Grubb & Ellis’ capabilities for private investors.

Paul Johnson and Bob Johnson join Grubb & Ellis as senior vice presidents, Private Capital Markets.  Also joining the company are Korey Prefontaine, associate vice president, Chris Dundon, senior associate, Steven Bush, senior associate, Ryan Williams, senior associate and Daniel Yi, associate.

“I’m excited that Paul, Bob and their team have decided to be part of our efforts to increase our investment sales capabilities,” said Brett Hunsaker, (top right photo) executive vice president and managing director of Grubb & Ellis’ Atlanta office. 

 “Their experience and local market relationships give us an instant advantage in meeting the needs of clients and prospects as the investment market re-emerges.”

Sperry Van Ness|AREP was founded by Bob Johnson and Paul Johnson in 2005 when their firm Atlanta Real Estate Partners became affiliated with Sperry Van Ness.

  Since the firm opened its doors in 1996, it has grown into one of the top boutique commercial brokerage firms in Atlanta and has been recognized by CoStar as one of the Top 20 Power Brokers for production in the metro Atlanta marketplace.

Contact:         Erin Mays                                            

Phone:            312.698.6735                                     

Email:             erin.mays@grubb-ellis.com

Cambridge Provides $13.6 Million HUD Lean Loan to Finance Construction of Shorewood, IL Skilled Nursing Home

CHICAGO, IL--Cambridge Realty Capital Companies reports closing a $13.6 million FHA-insured HUD Lean loan to finance the construction of Alden Estates of Shorewood, a 100 -bed skilled care nursing home in Shorewood, Ill.

Cambridge Chairman Jeffrey A. Davis (top right photo) said the HUD Section 232 funding package included both new construction and a fully-amortized 40-year permanent mortgage loan.

 The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that underwrites HUD loans.

The borrower is an Illinois limited liability company. The interest rate was not disclosed.

Contact:
Evan Washington
Phone: (312) 521-7604
Fax: (312) 357-1611
E-Mail:  ew@cambridgecap.com

BDG Construction Services Awarded Contract to Build-Out Anytime Fitness Center at University Shoppes Retail Center in Orlando

WINTER SPRINGS, FL--- BDG Construction Services, LLC a general contractor in Winter Springs, was recently awarded a contract to build-out the Anytime Fitness Center on Technological Avenue at the University Shoppes retail center near the University of Central Florida campus in east Orlando.

Kevin Guffee, principal with BDG Construction Services, LLC, said construction of the 3,500 square foot facility is already underway.

The new Anytime Fitness Center is scheduled to be completed by December.

BDG is a client company of the University of Central Florida Business Incubation Program located at the Seminole County/Winter Springs Incubator on E. State Road 434 in Winter Springs.

For more information, contact:  

Kevin Guffee, Principal, BDG Construction Services, LLC, 407-729-5832 kguffee@bdgcs.com;     

Esther Vargas-Davis, Site Manager, UCF Incubator-Seminole County, 407-278-4881, evargasd@mail.ucf.edu;  

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

Crossman & Company promotes three executives to senior positions

ORLANDO, Fla. --- Crossman & Company, the Orlando-based commercial real estate firm that ranks as one of the largest and most active retail property specialists in the southeast, recently promoted three top executives to senior positions.

John Crossman, president of Crossman & Company, said he recently appointed senior associate Justin Greider (middle left photo)  to vice president and director of leasing.

Greider, who joined Crossman & Company in 2008, currently oversees Publix Supermarket properties, which include 10 million square feet of retail space in four states. Greider is the Southern Division Next Generation Chair for the International Council of Shopping Centers (ICSC), Crossman said, and leads research and reporting efforts at Crossman & Company.

“Justin Greider is one of the most capable commercial real estate executives in Florida and he plays a critical role at Crossman & Company,” Crossman said.

Crossman promoted leasing associate Courtney Kowalchuk (top right photo) to vice president of leasing. Kowalchuk joined Crossman & Company four years ago and has ranked as the company’s top producer for the past three years. Crossman said Kowalchuk recently played a key role negotiating three major redevelopment projects.

Crossman promoted lasing associate Danny Germano (lower left photo) to senior associate. Germano joined Crossman & Company in 2007 an intern. Over the past two years, Germano has led the firm in completing the largest number of individual leasing transactions, Crossman said.

“Justin Greider, Courtney Kowalchuk and Danny Germano represent the best and brightest of the commercial real estate industry in Florida, and we are very proud they are part of the Crossman & Company team,” Crossman said.

Contact:
Molly Delahunty, Crossman & Company 407-481-6220 mdelahunty@crossmanco.com;
 John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;

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

.

Grubb & Ellis|Commercial Florida Negotiates $2 Million Sale of 32,652 square foot office building in Venice, FL

ORLANDO – Grubb & Ellis|Commercial Florida, associated with 130 Grubb & Ellis offices worldwide, recently negotiated a $2,000,000 sale price for the three-story office building located at

304 W. Venice Ave.

in Venice, Fla.

Joe Rossi, senior vice president of Investment Services and associate vice president Bret Felberg in the firm’s Orlando office negotiated the sale representing the seller.  

Rossi said the 32,652 square foot office building and its 2.31-acre site was sold to Venetian Plaza, LLC of Sarasota.   The buyer was represented by Loyd M. Robbins of Harry E. Robinson Associates, Inc.

The 35 year old building was 55 percent leased at the time of sale, Rossi said.  

Contact:  Larry Vershel or Beth Payan at lvershelco@aol.com

Stirling Sotheby’s International Realty Opens Welcome & Marketing Center at Bella Collina, Florida

ORLANDO, Fla. --- Stirling Sotheby’s International Realty has opened a new Welcome and Marketing Center at Bella Collina, located in Lake County north of S.R. 50 near Montverde.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said the Welcome and Marketing Center---located in a fashionable 4,800 square foot luxury residence* near the Bella Collina Country Club, will be manned seven days a week with a full staff of six luxury home sales specialists. 

“Over the next 18 months Bella Collina will evolve as one of Central Florida's premiere luxury residential communities,” said Soderstrom. “In this niche, the real estate market has bottomed out and is recovering. We feel it will recover most quickly at Bella Collina,” Soderstrom said.

Luxury home buyers, investors and luxury home builders have tuned in to the opportunities afforded by low prices and lots of inventory at Bella Collina, Soderstrom said.

“With more than 800 luxury home sites that offer golf and water views, Bella Collina is truly a diamond in the rough right now,” Soderstrom said. “We are seeing a surge in the number of buyer inquiries we are handling and it’s just a matter of time before this jewel of a community emerges,” he said.

New Home sales will range from $500,000 to several million dollars, Soderstrom added.

Stirling Sotheby’s recently sold a luxury home site to a British buyer who plans to build a 10,000 square foot luxury home there. But most buyers will probably come from Central Florida, Soderstrom said.

“Downtown Orlando is only 25 minutes from Bella Collina and the view of the downtown Orlando skyline from the Bella Collina Country Club is really spectacular,” Soderstrom said.

The private, gated community offers finely manicured rolling hills, lakes, and views of Lake Apopka as well.

As part of Stirling's onsite marketing initiative, they are launching a worldwide marketing outreach campaign.

*To see a video of the Bella Collina home, http://www.youtube.com/watch?v=FrJ7J4EG13s

For more information about this press release, contact:

Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890  

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