Only 4% Of Downtown Fort Lauderdale Condos Remain Unsold

MIAMI, FL--Less than four percent of the 5,100 completed condominiums created during the development boom in Downtown Fort Lauderdale and the Beach are unsold as of Sept. 30, 2010, according to a new report from CondoVultures.com.

The total number of unsold developer units was reduced by 69 condos in the third quarter of 2010, leaving less than 180 units created since 2003 still in developer control, according to the report based on the soon-to-be-published Condo Vultures® Official Condo Buyers Guide To Downtown Fort Lauderdale and the Beach™. 

The Downtown Fort Lauderdale and the Beach total remaining unsold inventory does not include the yet-to-open 298 condo-hotel project on North Fort Lauderdale Beach Boulevard that was to be the Trump International Hotel & Tower (top left photo). The project's namesake, New York developer Donald Trump, ended his affiliation with the project in November 2010, according to the South Florida Sun-Sentinel.

Mired in foreclosure, the project's co-developers, Stillman Development International and Bayrock Group, have not yet filed the declaration of condominium, which is the last step before presales can be transacted, according to the South Florida Business Journal.

"Fort Lauderdale is a condo market with minimal developer inventory available," said Peter Zalewski (middle  right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "If the former Trump International Hotel & Tower is excluded, there are only a dozen projects with less than 180 unsold units out of 47 condominiums with 5,100 units created since 2003.

“ This is a extremely low ratio for the tricounty South Florida region where most submarkets have at least 15 percent of their boom-time inventory still vacant." 

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

Patrick Braswell Joins Scotland Wright Associates as Partner

ATLANTA, GA -- Scotland Wright Associates today announced that Patrick Braswell (top right photo) has joined the firm as a partner.

Braswell was previously assistant vice president of Colliers Office Services Group, where he specialized in office tenant representation for seven years.

“This is a very exciting day for the present and future of Scotland Wright Associates,” said president Scotland Wright. (lower right photo)

“Patrick is a rising star in our business and is highly respected for his extensive knowledge of the Atlanta office market. He has impeccable integrity and skill, and his future is very bright at our company.”

As a commercial real estate services firm, Scotland Wright Associates is known for helping companies make the best real estate decision possible for their business.

The company, founded in 2001, helps office and industrial tenants make this critical decision with clarity and confidence.

Contact: Bryan Long, Jackson Spalding, (404) 724-2501; blong@jacksonspalding.com

HFF named to market for sale suburban Chicago Class A multi-housing community

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) has been named to market for sale Deer Valley Apartments (top left photo), a 224-unit, Class A multi-housing community in the affluent northern Chicago suburb of Lake Bluff, Illinois.

HFF executive managing director Matthew Lawton (middle right photo) and managing directors Sean Fogarty (middle left photo)  and Marty O’Connell (lower right photo) are marketing the property on behalf of the seller, Stockbridge Capital Group, LLC. 

The property is listed for sale without a formal asking price. 

Deer Valley Apartments is located at 30011 North Waukegan Road close to Interstate 94 about 32 miles north of downtown Chicago. 

The 13.5-acre site has 13 residential buildings plus a clubhouse.
 

Apartment homes average 847 square feet each and community amenities include garages, a clubhouse, swimming pool, fitness center and business center.

“Deer Valley’s size and location directly adjacent to the world headquarters of Abbott Laboratories will attract a tremendous amount of interest in the offering,” says Lawton.

Contacts:  

Matthew D. Lawton, HFF Executive Managing Director, (312) 528-3650,

 mlawton@hfflp.com

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

krmurphy@hfflp.com

Edward J. Blum Joins Interstate Hotels & Resorts as EVP Development & Acquisitions

  ARLINGTON, VA—Interstate Hotels & Resorts, the United States’ largest independent hotel management company,  announced the appointment of Edward J. Blum to the position of executive vice president, development & acquisitions.

 In his new position, he will be responsible for identifying management contract opportunities and hotel acquisition candidates, as well as overseeing the company’s relationships with hotel owners and hotel franchise companies.

  Blum will report to Leslie Ng, Interstate’s chief investment officer.

He joins Interstate from Molinaro Koger, an international hotel real estate advisory firm, where he served as global head of capital markets.  Under his leadership, the group originated more than $1 billion in debt and equity financing for hospitality transactions throughout the U.S, Europe, and Asia. 

For more information about Interstate Hotels & Resorts, visit the company’s Web site: http://www.ihrco.com/.

 

Contact:

Jerry Daly, Carol McCune, Media, Daly Gray, (703) 435-6293,

jerry@dalygray.com

Carrie McIntyre, SVP, Treasurer, Interstate Hotels & Resorts, (703) 387-3320

carrie.mcintyre@ihrco.com

             

                                                                                                                                                    

Charles 'Chuck' Marshall Named Distinguished Alumnus at Oklahoma State University’s 2010 Homecoming Celebration

 SALISBURY, MD–Officials of Marshall Hotels & Resorts, Inc., a leading, Maryland-based hotel management and services company,  announced that Charles “Chuck” Marshall (top right photo) received the Distinguished Alumnus award at Oklahoma State University’s 2010 Homecoming Celebration. 

The award, presented by the College of Human Environmental Sciences, recognizes alumni with outstanding career accomplishments inside a specific profession.

“Having my alma mater recognize my efforts in the hospitality industry is one of my proudest moments,” said Chuck Marshall, chairman emeritus of the company, Marshall Hotels & Resorts, Inc.

“The main key to my success has been applying the lessons I learned in undergrad programs to real life situations. 

"The education I received at Oklahoma State University was invaluable, and I thank the many professors and educators that guided me during my time there.”

After earning a bachelor’s degree in hotel and restaurant administration, he began his 46-year hospitality management career as an assistant general manager of the Golden Ox restaurant in Kansas City.

 He entered the hotel industry as a general manager of a Ramada Inn in Wichita Falls, Texas at age 24.

 Over his 40-plus-year career, he received numerous awards for operating excellence, including Sheraton’s “Manager of the Year” and the “Distinguished Achievement Award from the International Franchise Association.”

 He became a certified hotel administrator through the American Hotel & Motel Association in 1986.

In 1980, Marshall founded Marshall Management, Inc., to operate three Holiday Inn hotels in Maryland and Delaware.  Since then, his company has operated more than 200 hotels across the country and also provided asset management and consulting services.

 Marshall’s company was ranked as the 21st largest management company in the U.S. in 2010.  The company’s current portfolio of over 40 hotels comprising 6,000 rooms generates more than $110 million in gross annual revenue.

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

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Contact:

Patrick Daly, Account Executive, Daly Gray Public Relations, 703-435-6293, patrick@dalygray.com

Jerry Daly, jerry@dalygray.com

http://twitter.com/dalygray

Latino Hotel Association to Host First Hotel Franchising Forum in Saltillo, Coahuila, Mexico

 HOUSTON, TX—Officials of the Latino Hotel Association (LHA), the global organization dedicated to expanding Latino ownership, leadership and commerce in the hotel industry,  announced the group would host its first hotel franchising forum November 30 to December 3, 2010, in Saltillo, Coahuila, Mexico. 

The forum, entitled “Hotel Franchising,” will provide attendees with in-depth, practical information about hotel ownership/development, franchising, marketing, management, specifically geared to the needs of Latinos. 

Sponsors of the event include Hilton Hotels & Resorts; Wyndham Hotels and Resorts, LLC; Hyatt Hotels and Resorts; Accor; HVS International; JMBM; Carl Ross Design Group; LLW Architects; Smith Travel Research; and Hotel and Motel Management Magazine.

“This is the first forum of its kind outside of the United States,” said Angela Gonzalez-Rowe, (top right photo) president and founder of LHA.

 “This upcoming event takes an in-depth look at hotel ownership/investment, management, branding and franchising.  Among other topics we will discuss are keys to planning hotel investments, including determining economic feasibility.  In addition, we will review rules and regulations required of a typical franchisee.

 “Hotel branding is becoming a global phenomenon, with Mexico emerging as a major market,” Gonzalez-Rowe added.  “Hotel brands help attract guests on a worldwide basis, establish standards that instill guest confidence and support and bolster pricing power.  Also, franchisors provide training, operating and IT systems and purchasing power that hotel owners otherwise could not get on their own.”

Guest speakers at the event include:

 Jericó Abramo Masso, mayor, Saltillo;George Massa, senior director – franchise development, Mexico Hilton Hotels; Armando de la Garza Gaytan, president, Convention & Visitors Bureaus Association; president, Hispanic Meeting Professionals’ Robert Braun, PC of JMBM; Michael Register, principal of Desires Hotels;

 Jorge E. Hernandez Gonzalez, banca empresariao, Banco Multiva; Manuel Hernandez, Horwath Costillo Miranda; Isaac Bishop, project manager, LLW Architects; Carl Ross, president, Design Group Carl Ross  Parris Jordon, managing director, HVS Global Hospitality Services;  Lic. José Luis Moreno Aguirre, secretary of tourism, Coahuila; Fatima Thompson, sales executive – Mexico, Smith Travel Research;

 Lic.;Jorge Dávila Rodríguez, president, Chamber of Commerce; David J. Schwartz MS/MBA, managing principal, The Management Consortium, Inc.; Dr. Armando Uribe, president, Mexican Hotel Association; Karim Saade Charur, president & CEO, American Hotel Group;

Lic. Braulio Cardenas Cantu, president, Restaurant Association;  Walter Barrela, executive vice president and COO, Peak Hospitality; Marco A. Roca, senior vice president of development, Wyndham Worldwide;

David Schwartz, principal, The Management Consortium;  Edward Xanders, president, Interim Hospitality Consultants; Javier Sanchez, Franchise Development, LATAM Region Wyndham Hotel Group; Luis Alicea, director of development, Wyndham Hotel Group; John McCarthy, principal, Leisure Partners.

Registration fees are $150.  Attendees and prospective participants will find details of the program, including registration procedures and hotel room discounts, at the LHA website, http://www.latinohotelassociation.org/

 For additional information, contact Angela Gonzalez-Rowe, LHA president and founder, at (281) 668-9165; by fax (281) 668-9199; and by e-mail at Angela@latinohotelassociation.com

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

Marcus & Millichap Capital Corp. Arranges $9.3 Million Cash-Out Refinancing Loan

                             

  SYRACUSE, N.Y. – Marcus & Millichap Capital Corporation (MMCC) has arranged a $9,375,000 cash-out refinancing loan for a New York State multifamily property portfolio.

The loan amounts and locations are:

$4,070,000, Lafayette, N.Y.;  $2,550,000, Tully, N.Y.: $2,755,000, Lafayette, N.Y.

 Brian Ursino, an associate director in the firm’s Manhattan office, arranged the loan.

 “The borrower had existing recourse financing from a local lender at rates above 6 percent with 25-year amortizations,” says Ursino.

 “I leveraged my relationship with the lender and used critical local market knowledge to secure an opinion of value that was in accordance with the targeted value needed to maximize the loan proceeds for a cash-out refinancing.

“In this market, strong lender relationships and market knowledge are critical when closing transactions,” adds Ursino.

“Additionally, I was able to negotiate a nonrecourse loan, secure $1.3 million in cash-out proceeds and increase the borrower’s cash-flow by $44,000 per year,” Ursino concludes.

The loan has a 75 percent LTV, a 5.05 percent interest rate fixed for 10 years and a 30-year amortization.

Press Contact: Stacey Corso,  Marcus & Millichap Capital Corporation,

(925) 953-1716

Stan Johnson Co. Sells 2 Freestanding Buildings to Monmouth Real Estate Corp. for $20.3 Million

 TULSA, OK, Nov. 16, 2010 –Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of two free-standing industrial buildings to New Jersey-based Monmouth Real Estate Investment Corporation for $20.3 million.

 Monmouth acquired a freestanding, 381,240-square-footbulk distribution center 100 percent leased to Cracker Barrel Old Country Stores, Inc. located in Lebanon, Tenn. for $14.5 million. 

Brad Pepin (top right photo) of Stan Johnson Company represented Monmouth (buyer) as well as the seller, Miami-based United Trust Fund.

Monmouth also acquired a freestanding, 66,387-square-footmanufacturing & warehouse facility 100 percent leased to Sherwin-Williams Company in Rockford, IL for $5.8 million. 

Pepin represented Monmouth in the acquisition.  Gill Warner (middle left photo)  of Stan Johnson Company represented the seller, Rockford, IL-based Cord Construction.

  

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

Arbor Closes $24 Million Fannie Mae DUS® Loan for Stagg Bronx Portfolio in Bronx, NY

Uniondale, NY – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $24,000,000 loan under the Fannie Mae DUS^® Loan product line for the multiple-building, 157-unit portfolio known as the Stagg Bronx Portfolio (top left photo)  in Bronx, NY. The 10-year loan amortizes on a 30-year schedule.

The 100%-occupied portfolio consists of predominantly three- to six-year old apartment buildings across New York City’s borough of the Bronx, and specifically the Northeast Bronx.

One of the buildings was originally built in 1930 and two others were built in 1970, but all three were gut-renovated within the past six years. The outlook for the middle-income neighborhood is for relatively stable growth during the next several years with household incomes expected to rise.

The loan was originated by Edward Petti, Vice President, in Arbor’s full-service New York, NY, lending office.

 “This was a refinancing of 13 townhome clusters in the Northeast Bronx,” Petti said. “We have closed many deals in this high-demand, stable neighborhood and the transactions have been beneficial for all parties involved.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

 

Arbor Closes $2,000,000 Fannie Mae DUS® Small Loan for 150 Haven Avenue in New York, NY

Uniondale, NY (Nov. 16, 2010) – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,000,000 loan under the Fannie Mae DUS^® Small Loan product line for the 53-unit complex known as 150 Haven Avenue (top left photo) in New York, NY. The five-year loan amortizes on a 30-year schedule.

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

“This was one of three refinancings for this client that we closed recently,” Petti said. “We were able to deliver a five-year, interest-only loan in this transaction.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

HFF closes sale of and arranges acquisition financing for southeast Houston industrial facility

HOUSTON, TX – The Houston and Dallas offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have closed the sale of and arranged financing for 8451 Market Street Road (top left photo), a 120,810-square-foot industrial facility in southeast Houston, Texas.

HFF senior managing director Rusty Tamlyn (middle right photo) and real estate analyst Trent Agnew led the investment sales team on behalf of the seller, Market Portwall L.P. (a partnership controlled by The National Realty Group, Inc.). 

Mayfield Properties purchased the property for an undisclosed amount free and clear of debt.

Working on behalf of the buyer, HFF director Brian Carlton (lower left photo) placed the five-year, 5% fixed-rate acquisition loan with Aetna Life Insurance Company. 

8451 Market Street Road is situated on five acres close to the 610 Loop and Interstate 10 interchange three miles north of the Port of Houston and five miles east of Houston’s central business district. 

The property has been renovated within the last year and is fully leased to Santini Export Packaging, Area Wholesale Tire and Interglobal Plastics.

“8451 Market Street’s largest tenant has been in occupancy since the early 1980’s, providing the owner with a strong anchor tenant and solid income stream,” said Tamlyn.

 Contacts:

Rusty Tamlyn, CCIM, SIOR, HFF Senior Managing Director, (713) 852-3500, rtamlyn@hfflp.com

Brian Carlton, HFF Director, (214) 265-0880, bcarlton@hfflp.com

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

HFF arranges $12.5 million refinancing for 66 Long Wharf in Boston

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $12.5 million refinancing for 66 Long Wharf, (top left photo) a 77,655-square-foot office and retail property along the waterfront in Boston’s Financial District. 

 HFF senior managing director Bob Herron (middle right photo) and senior real estate analyst Carlos Febres-Mazzei  worked on behalf of the borrower, ELV Associates, Inc., to secure the fixed-rate loan through Peoples United Bank. 

66 Long Wharf is among the most historic and unique properties along Boston’s waterfront.   

The property is 97.5% leased, of which 73% of the space is under long-term leases.

 Tenants include the Chart House restaurant, which has operated at the property since 1973, and engineering/construction giant AECOM (NYSE: ACM).

Located along Long Wharf in the Financial District, the property is in close proximity to the “State Street” MBTA subway station and is within walking distance to the North End, Faneuil Hall (lower left photo) and Beacon Hill.

“The property’s office occupancy has ensured strong cash flow for many years and shows no signs of abating,” said Herron.

ELV Associates was established in 1990 and has since completed the acquisition and development of more than four million square feet of commercial property in Boston, Washington, DC and Atlanta, representing nearly $500 million in market value.

Contacts:

Robert M. Herron,  HFF Senior Managing Director  (617) 338-0990, rherron@hfflp.com

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

Grubb & Ellis Facilitates Sale of Freezer/Cooler/Distribution Center to Supreme Lobster & Seafood Co.

  

ROSEMONT, IL– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that it facilitated the sale of 279 Marquette Drive (top left photo) in Bolingbrook, a 101,088-square-foot freezer/cooler and distribution facility, to Supreme Lobster & Seafood Company.

 The sale represents the expansion of Supreme Lobster from its current operations in Villa Park.

Matt Mulvihill (middle right photo), executive vice president, Industrial Group, represented Supreme Lobster.  Jack Cozzie, senior vice president, Global Logistics Group, Jim Cummings, associate vice president, Industrial Group, and Frank Melchert, senior associate, Food & Cold Storage Group, represented the sellers, M&E Cold Storage, The Crowne Group and United Insulated.

“This facility gives Supreme Lobster a prime opportunity to expand its operations into a modern building with state-of-the-art building improvements,” said Mulvihill. 

 “The building is also ideally located in relation to the company’s customer base, supporting Supreme Lobster’s status as the leading seafood supplier of fresh and frozen seafood product in the greater Chicago area.”

Built in 2004, 279 Marquette Drive is a freestanding freezer building with 73,000 square feet of freezer space, 12,600 square feet of refrigerated dock space and approximately 15,000 square feet of office space.

Features include excellent expressway access, a desirable business park setting, 60-foot deep staging area and a clearance height of 35 feet. 

The property is also expandable by more than 50,000 square feet.

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

Grubb & Ellis Company Names Mathieu Streiff General Counsel

SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has named Mathieu B. Streiff (top right photo) executive vice president, general counsel and corporate secretary, effective immediately.  Streiff replaces Andrea R. Biller, who has left the company.

“Mat has played a key role within our management team for several years,” said Thomas P. D’Arcy (bottom left photo), president and chief executive officer.  “We are extremely confident that his legal experience, strategic thinking and proven management skills will make him a highly effective general counsel.”

D’Arcy said, “Andrea provided the company with valuable insight, particularly with respect to our Investment Management business, and we wish her well in her future endeavors.”

 Streiff joined Grubb & Ellis Realty Investors in 2006 as the firm’s real estate counsel responsible for structuring and negotiating property acquisitions, financings, joint ventures and disposition transactions.  He was promoted to chief real estate counsel and senior vice president, investment operations in 2009.

 Contact: Janice McDill, Phone: 312.698.6707, Email: janice.mcdill@grubb-ellis.com

    

Retail Investment Veteran Ronald Cappello Joins Grubb & Ellis

KING OF PRUSSIA, PA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that Ronald Cappello (top right photo) has joined the company’s King of Prussia office as senior vice president, Private Capital Markets, specializing in retail real estate investments.

“Ron’s experience both as a broker representing the needs of retail investors as well as serving in ownership roles himself brings a new perspective to Grubb & Ellis,” said Bob Clements, executive vice president and market leader for Grubb & Ellis’ Philadelphia tri-state area.

  “His strong relationships, track record and expertise make him a tremendous addition to our team and represent a great opportunity to reassert our strength in the retail market.”

 Cappello is a 25-year industry veteran with experience in investment sales, asset management and retail leasing.

 Since 2004, Cappello was a senior director and investment sales broker for Fameco Real Estate, Inc., where he was the senior member of a team of five investment professionals in investment sales transactions totaling in excess of $500 million.

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

Marcus & Millichap Sells 62,981-SF assisted living and Alzheimer’s Community for $3.2 million in Altamonte Springs, FL

ALTAMONTE SPRINGS, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Emeritus at Altamonte Springs (top left photo), a 62,981-square foot Assisted Living and Alzheimer’s community located in Altamonte Springs, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $3,200,000.

 Ms. Krone Weidler (lower right photo), a senior associate and seniors housing specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company based out of Seattle, Washington.  Ms. Weidler also represented the buyer, a limited liability company based out of Maryland.

Emeritus at Altamonte Springs is located at 433 Orange Avenue.  This premier Assisted Living and Alzheimer’s community is set on five acres of beautifully landscaped grounds with an outdoor courtyard and swimming pool.

“The buyer is planning extensive renovation and expects upside in occupancy and rents.” says Ms. Weidler.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Melrose-Sovereign Companies to manage Lake Thomas Pointe in Land O’Lakes and Harbor Grove in Safety Harbor

ORLANDO, FL - Melrose-Sovereign Companies, the Orlando-based firm that ranks as one of the largest and most active homeowner and condominium association management firms in Florida, was recently awarded contracts to manage the homeowner associations at Lake Thomas Pointe in Land O’Lakes and Harbor Grove in Safety Harbor.

 Jack Hanson (middle left photo) and Ellen Lumpkin (top right photo), co-founders and partners at Melrose-Sovereign Companies, said Lake Thomas Pointe is a gated luxury community located on the southern shore of Lake Thomas.

Lake Thomas Pointe features estate-sized home sites, a boardwalk and a dock for swimming, canoeing and paddle boats.

Harbor Grove is a luxury home community off Highway 580 and North Bay Hills Blvd. in Safety Harbor on the west shore of Tampa Bay. The community features a resident-controlled association of 34 home owners.

 Headquartered in Orlando, Melrose-Sovereign Companies has eight offices throughout the state.

For more information contact: 

Jack B. Hanson, LCAM, Partner/co-founder, Melrose-Sovereign Companies, 407-228-4181, jhanson@melrose-sovereign.com

 Ellen G. Lumpkin, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181, elumpkin@melrose-sovereign.com

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

Emerson Park by Centex Homes Starts Phase Four with Homes Priced from the $110s

 ORLANDO, FL - Emerson Park (top left photo), the pedestrian-friendly family community located off Alston Bay Blvd. east of the Western Beltway interchange at Ocoee-Apopka Rd. near Apopka, has started a fourth phase of single-family and town homes by Centex Homes priced from the $110s.

 Sean Strickler, vice president of marketing for the Central Florida Division of Centex Homes, said land development for the fourth phase is now under way. 

 Construction of the next town home building featuring new two-story designs will begin before the end of the year, Strickler added.

 Emerson Park features a private community clubhouse and swimming pool, along with a community playground.

 Strickler said Centex Homes is having a Red Ribbon inventory sale now through Dec, 12 at Emerson Park that offers discounted pricing with up to six percent towards closing costs, special six month no interest financing and a wide range of free features and upgrades on select inventory homes in the community.

For more information, contact:  

Lyndsey Clarke, Marketing Manager Centex Central Florida, 407-661-2150 ext 1416 2301 Lucien Way, Suite 400, Maitland, FL 32751; lyndsey.clarke@pultegroup.com

Sean C. Strickler, Vice President Sales & Marketing Centex-Central Florida, 407-661-1461 sean.strickler@pultegroup.com;

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

  

Emerson International awards $400,000 contract to build out new headquarters facility at CenterPointe I for North American Risk Services

ALTAMONTE SPRINGS, FL – Emerson International recently awarded a contract worth $400,000 to provide interior build out services at CenterPointe I (top left photo), the four-story, 97,000 square foot Class A office building Emerson International developed at 240 E. Central Parkway in Altamonte Springs.

 Eric Emerson (bottom right photo), general manager and vice president of Emerson International, said MacDade Construction, Inc. of Deltona will build out the new 19,496 square foot headquarters facility leased by North American Risk Services, Inc., the Central Florida based firm which provides claims management services for insurance, brokerages, managing general agencies, re-insurers, liquidation bureaus and self-insured funds.

 Emerson said North American Risk Services plans to move into its new headquarters facility in December.

 Kenneth Koch, commercial portfolio manager for Emerson International, negotiated the long-term lease agreement with NARS.

For more information, contact:   

Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560; ejemerson@emerson-us.com;

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

Marcus & Millichap Sells $16.1 Million Multifamily Complex in La Mirada, CA

LA MIRADA, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Somerset Glen (top left photo), a 161-unit, 97,079-square foot Section 42 Low-Income Housing Tax Credit (LIHTC) property in La Mirada.

The sales price of $16.1 million represents $100,000 per unit and $161 per square foot.

The Tax Credit Group of Marcus & Millichap (TCG) represented the buyer. The Tax Credit Group is led by Robert Sheppard (middle right photo), a senior vice president investments, along with Armand Tiberio (lower left photo), a first vice presidents investments, and Spencer Hurst, a vice president investments. Alexander Garcia (lower right photo), a senior vice president investments in the firm’s Ontario office, provided representation.

Garcia and TCG also represented the seller.

“Somerset Glen is the premier active seniors rental property in La Mirada,” says Sheppard. “The property has strong historical occupancy and was 100 percent occupied at the time of the sale.”

The property’s location is 13380 Hillsborough Drive in La Mirada, which is in southeastern Los Angeles County near the Orange County border.

           Somerset Glen was constructed in 1999 under the Section 42 LIHTC program and has extended use restrictions in place until 2028.

The community consists of 128 one-bedroom/one-bath and 33 two-bedroom/one-bath apartment homes.

The gated community features numerous amenities, including a clubhouse, on-site laundry facilities, barbecue area, fitness center, library, swimming pool and spa. The units contain well-equipped kitchens, ample storage, walk-in closets and private balcony or patio.

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