Colliers International Directs Retail Sales Totaling $4.23 Million in Southern California

  

IRVINE, CA.– Colliers International, the second largest real estate services organization globally, has directed the sales of three retail properties in Southern California for a combined $4.23 million.

Jereme Snyder (top right photo), senior vice president, based in Colliers International’s Irvine office, represented the sellers in the following transactions:

Commonwealth Sevenlen, LLC, a private investor, acquired a 26,455-square-foot, free-standing retail building at 151 E. Valley Blvd. in Colton, Calif., for $1.99 million.

Featuring visibility from the 10 freeway, the single-tenant investment property is occupied by Stater Bros. with an absolute NNN lease.

Along with Snyder, Bob Hoyt (top left photo), senior vice president, based in Colliers International’s Irvine office, represented the seller, Vornado Realty Trust. Hai Luong of Tendwell Realty represented the buyer.

Ramsey Real Estate Group, a private investor, acquired a 10,295-square-foot strip retail pad for $1.15 million, adjacent to a Stater Bros Market at 1717 E. Vista Chino in Palm Springs, Calif.

The transaction was the result of a court-ordered, partnership dissolution. Snyder represented both the seller, L&A Associated, LLC and the buyer.

Olin, LLC, a private investor, acquired a 3,190-square-foot single tenant retail property at 6571 El Cajon Blvd. in San Diego, for $1.09 million.

The property is leased to 7-Eleven and is situated within close proximity to San Diego State University. Snyder represented the seller, Summit Realty Advisors, LLC and Pacific Commercial Investments represented the buyer.

“There continues to be an increased demand for well located and stable retail investments in Southern California evidenced by the high volume of activity we received on each of these listings,” said Snyder.

“Our team has consistently been able to exceed our clients’ expectations and achieve maximum value for their assets.” 

Snyder is the co-founder and director of Colliers NNN Group, a specialized national investment team within Colliers International with more than $1 billion dollars in completed transactions.

In 2009, the Colliers NNN Group sold over 100 net leased properties across the country, totaling more than $250 million in transaction volume.  The group’s core focus is the acquisition and disposition of net lease investments throughout the United States.

For further information please contact:

Angela Hwang, Regional Marketing Coordinator, Greater Los Angeles, Colliers International, Tel: 213 532 3258, angela.hwang@colliers.com     

Marcus & Millichap Sells 11-Unit Apartment Building in Tampa, FL

  

TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Drew Park Apartments (top left photo), an 11-unit apartment property located in Tampa, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $175,000.

Nicholas Meoli, (bottom  right photo) a multihousing investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of both the seller and the buyer, private investors based out of Florida. 

 Drew Park Apartments is located at 4420 West South Avenue. This 11-unit apartment property was built in 1945 and consists of three one and two-story buildings centrally located in northwest Tampa.

“This property was an all cash transaction and the property produced a 10.12 percent cap rate on current numbers with a 30 percent vacancy” says Meoli.

Press Contact: Bryn D. Merrey, Regional Manager

Lane Asset Management Acquires Texas Apartments

ATLANTA, GA (Dec. 14, 2010) – Atlanta-based Lane Asset Management, LLC has acquired The Villas at River Park West Apartments (top left photo) in the upscale Houston suburb of Richmond, Texas.

The gated community includes 252 one- and two-bedroom luxury garden-style apartments located on ten acres within River Park West, a 545-acre master-planned community.

“We are excited about this latest acquisition, it is a great asset in an excellent location,” said Lane Company President Cindy Pfeifer (top right photo).

 “The market has definitely become more active and we are looking at numerous other assets to add to the portfolio.”

Fort Bend County, where the community is located, is the 11th-fastest growing county in the U.S. The area’s population has been predicted to increase almost 20 percent by the year 2015.

“We are obviously very excited about our most recent acquisition,” added Bill Stahlke (middle left photo), President of Lane Asset Management. “The property is located in a very desirable and upscale area, with single-family homes averaging $300,000.”

Built in 2007, The Villas at River Park West includes amenities such a resort-style pool with a water feature, a fitness center, business center and club room with fireplace and pool table.

The grounds include landscaped courtyards with barbeque and picnic areas as well as greenspaces and nature trails.

Its location along the Southwest Freeway (U.S. 59) makes it accessible to millions of square feet of shopping, dining and entertainment as well as healthcare, professional and business centers.

It is also just minutes from the neighboring suburbs of Sugar Land and Rosenberg.

“The property is conveniently located to thousands of jobs in the medical field such as Methodist Sugar Land Hospital (lower right photo), Memorial Hermann – Sugar Land Hospital, and the Oak Bend Medical Center (lower left photo),” Stahlke added.

Lane acquired the property through a joint venture with Lubert-Adler, a real estate private equity firm specializing in joint ventures with local operating partners.

Lubert-Adler announced last year that it had allocated $250 million to fund the acquisition of multifamily properties with Lane, primarily in the Southeast and Southwest.

 “The transaction was consummated in less than 35 days from the execution of a letter of intent,” Stahlke said. “This is a testament to our strong working relationship with Lubert-Adler.

“We are currently actively pursuing numerous potential acquisitions both in the Southwest and Southeastern U.S. under our venture with Lubert- Adler and are very optimistic that we will be closing other acquisitions in the very near future.”

The deal closed December 1. The purchase price has not been released.

Media Contact: Terri Thornton, Thornton Communications, 404-932-4347 Terri@TerriThornton.com

Legacy Hotel Advisors to Develop New Courtyard by Marriott Hotel in Orlando Through a Collaborative Effort With Darden

ORLANDO, FL, /PRNewswire/ -- Legacy Hotel Advisors (Legacy), a specialized real estate services group and advisor to the lodging industry,  announced plans to develop a 129-room Courtyard by Marriott hotel (top left rendering) on the new headquarters campus of Darden Restaurants, Inc. (NYSE: DRI) in Orlando.

Attractively located along John Young Parkway at the intersection of Taft Vineland Road, the hotel will be supported by demand from Darden's Restaurant Support Center and the adjacent South Park Center office complex.

With convenient access to the Orlando International Airport, Orange County Convention Center, Walt Disney World Resort and other popular attractions, the five-story hotel should benefit from its close proximity to Marriott's luxurious Grande Lakes Orlando resort - which features a 1,000-room JW Marriott and 584-room Ritz-Carlton with 150,000 square feet of combined meeting space and world-class golf, spa and dining offerings.

Thomas J. Hutchison III  (top right photo), chairman of Legacy, said, "We are pleased to be working alongside a preeminent restaurant operator in Darden and to collaborate on a project in our hometown of Orlando, one of the most celebrated visitor destinations in the world.

“ In a market with a strong history of absorbing new inventory, we believe it's an opportune time to invest in lodging assets that can deliver quality, affordability and an exceptional location. And our longstanding relationship with Marriott is a testament to the strength of its brands and loyalty of its customers."

The Courtyard hotel represents the initial phase of a multi-phase development plan for Darden's new 64-acre campus, with future phases to include 28,000-square-feet of retail space and 45,000-square-feet of additional office space.

"Beyond providing on-campus lodging for our specialized training programs and visiting management, the hotel property will further our dedication to sustainable design and construction through Legacy's commitment to develop a LEED (Leadership in Energy and Environmental Design) certified hotel facility," said Suk Singh (middle right photo), senior vice president of development for Darden.

Darden's 469,000-square-foot support center, which opened in September 2009, received LEED Gold certification from the United States Green Building Council, making it the largest newly constructed building in Florida to do so.

 In the Orlando market, the Courtyard hotel will mark the first Marriott branded property with LEED certification.

Legacy's CEO, Jay H. Berlinsky (middle left photo), added, "We're particularly excited to support our local business community and to help attract more visitors to the area. The Courtyard project is a great indicator of the emerging lodging opportunities in Central Florida, and will serve as a catalyst to several new development projects we're pursuing in the region."

Legacy expects to begin construction in 2011. Upon completion, the property will join a local Orlando portfolio of six Courtyard hotels.

With more than 860 locations in 30 countries, Courtyard is Marriott's largest hotel brand and is expanding internationally with 200 additional hotels planned over the next three years.

Legacy has engaged award-winning, Orlando-based designers L2 Studios, Inc., with a proposed exterior rendering of the hotel accessible at www.l2studios.com/news-events.

 For additional information, please visit http://www.legacycos.com/

Contact:: Jay H. Berlinsky, Legacy Hotel Advisors, +1-407-412-9200

Web Site: http://www.legacycos.com/

Latino Hotel Association's First Hotel Franchising Forum Draws Nearly 90 Potential Developers

 HOUSTON, TX Dec. 14, 2010--Officials of the Latino Hotel Association (LHA), the global organization dedicated to expanding Latino ownership, leadership and commerce in the hotel industry, today announced the successful completion of "Hotel Franchising," the group's first hotel franchising forum held outside the U.S. 

The event, which was held November 30 to December 3, 2010, in Saltillo, Coahuila, Mexico, attracted nearly 90 potential developers.

"The positive interest and feedback exceeded our expectations," said Angela Gonzalez-Rowe (top right photo), president and founder of LHA.

 "As many as 90 percent of attendees expressed interest in developing hotels, especially franchised properties, in the immediate future.  As a result of the success of the event, we intend to hold at least one additional forum next year, in conjunction with the Mexican Hotel Association."

"Mexico has tremendous growth potential for the hotel industry," said Armando de la Garza Gaytan (top left photo) president, Convention & Visitors Bureaus Association; president, Hispanic Meeting Professionals.  "Feedback from our members and attendees new to the hotel industry was very positive.  We look forward to a follow-up session in 2011."

Hotel investors, owners and developers in attendance learned the fundamentals of hotel development, acquisition, repositioning and financing at the forum. 

In addition, participants heard strategies for executing successful hotel investment offerings and maximizing strong relationships with brands' management and franchise companies. 

The success of the forum has prompted LHA to begin researching the feasibility of holding similar sessions in Central and South America.

 "Hotels and brands are expanding in Latin America, and we view our role as a resource to help Latino owners and investors make the most informed decisions," said Gonzalez-Rowe.

Mexican attendees came from Saltillo, Monterrey, Guadalajara, Mexico City, Monclova, Parras de la Fuente, Zapopan, andPiedras Negras.

 In addition, Latino attendees from the U.S. came from Florida, Texas, Tennessee, New Mexico and California. 

Many of the 86 registered participants already were hoteliers, representing 42 hotels with 76 to 150 rooms on average.  Some 80 percent expressed an interest in hotel franchising.

More than 90 percent of participants were looking at new hotel development within Mexico, while 10 percent were interested in developing hotels in the United States.

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.

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

patrick@dalygray.com

http://twitter.com/dalygray

Jones Lang LaSalle Completes 17,261-SF Office Lease with TrueCar, Inc. in Santa Monica, CA

SANTA MONICA, CA,  Dec. 13, 2010 — Jones Lang LaSalle represented TrueCar, Inc. in a 17,261-square-foot lease at 120 Broadway (top left photo) in Santa Monica, Calif. 

The new space will be used for 90 employees and provides space for further growth and expansion.  Zag, a TrueCar, Inc. Company, previously occupied approximately 10,000 square feet of space at 525 Broadway in Santa Monica.

The Jones Lang LaSalle team of Managing Director John Ghiselli and Senior Vice President Craig Kish represented TrueCar in the transaction.  The building owner, Douglas Emmett, was represented in-house by Bob Zelkin.

“The current economic conditions and our knowledge of local market dynamics allowed Jones Lang LaSalle to find a building that could accommodate TrueCar’s growth at favorable lease terms,” said Ghiselli.

TrueCar, Inc. is a revolutionary online automotive solutions provider on a mission to change the way cars are bought and sold.

The Company is pioneering the automotive industry’s adoption of transparent pricing by distributing timely and accurate transactional data on what other people actually paid for a particular vehicle locally, regionally and nationally.

Zag private labels its car buying program and technology platform to more than 50 of the nation’s leading affinity brands. 

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

 Email:  david@ebelingcomm.com

HFF arranges $35 million first mortgage financing for Glendale, CA hotel

LOS ANGELES, CA – The Los Angeles office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $35 million bridge loan for Embassy Suites Glendale (top left photo), a 272-room, full-service hotel in Glendale, California.

HFF director Tina Derderian (middle right photo) worked on behalf of Kam Sang Company to secure the 36-month, adjustable-rate loan with Prime Finance, a commercial real estate finance company with offices in San Francisco, Chicago and New York.  Loan proceeds financed the payoff of the existing construction loan.

 Kam Sang Company developed the hotel and also manages it. 

Embassy Suites Glendale is located at 800 North Central Avenue in downtown Glendale with easy access to the Ventura Freeway (134) and Burbank, Los Angeles and Pasadena. 

Completed in 2008, the property features a pool, laundry, full-service restaurant, business center and 8,000 square feet of meeting space, including a 5,000-square-foot ballroom.

“Embassy Suites Glendale is the newest upscale-chain hotel in the Tri-Cities area of Pasadena, Glendale and Burbank and is ranked by TripAdvisor as the best business hotel in Glendale,” said Derderian. 

Kam Sang Company, established in 1979, develops, acquires and manages hospitality, retail, residential and mixed-use properties in Southern California.

Contacts:

Tina K. Derderian, CPA, HFF Director, (310) 407-2100, tderderian@hfflp.com

Kristen M. Murphy, Associate Director, Marketing, (713) 8523500, krmurphy@hfflp.com

                          

Southern Commercial Completes 52,228-SF New Lease in Orlando, FL

ORLANDO, FL-- Principals Tom McFadden, SIOR  and William “Bo” Bradford, CCIM, SIOR of Southern Commercial Real Estate Advisors completed a 52,228 square foot new lease at 7488 Brokerage Drive.

 McFadden and Bradford represented the Landlord, CLP Industrial Properties, LLC.  The Tenant, Courier Express/Orlando, Inc., was represented by Steve Coughlin with Coughlin Commercial.

Media Contact: Celeste MacKenzie, 321-281-8503 cmackenzie@southerncommercialre.com

                                

Grubb & EllisTapped as Leasing Agent for Strawberry Plaza in Plant City, FL

 

TAMPA, FL  (Dec. 13, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has been selected by Kendall Pavilion LLC as the leasing agent for approximately 109,000 square feet of retail space at Strawberry Plaza (top left photo), located at 1808 James Redman Parkway in Plant City.

John Stoner, CCIM, and Wanda De Boer, both vice presidents in the Retail Group, will handle the leasing for the property.

“This is an excellent opportunity for users to locate in one of the East Tampa area’s most attractive high-traffic retail corridors at very aggressive lease rates,” said Stoner. 

“Strawberry Plaza also represents one of the few opportunities in the area to co-anchor a development, making it an attractive option for users looking for as much as 38,000 square feet.”

Plant City is located just 30 minutes east of Tampa and is strategically located between I-4 to the north and SR-60 to the south, offering convenient access from Tampa, Lakeland and Brandon. 

The area’s demographics include young families in the upscale Walden Lake Golf & Country Club community, which has more than 2,240 homes.

Retail suites ranging from 1,200 square feet to 4,800 square feet are available, as well as a 24,400-square-foot to 38,800-square-foot “big box” space for a potential co-anchor.

The property is also currently available for sale at an asking price of $7.75 million.

For more information, contact:

 Stoner at 305.982.4113 or john.stoner@grubb-ellis.com.

 Rachel Andreozzi, 561.893.6296, rachel.andreozzi@grubbellis.com

                                                              

         

Grubb & Ellis Bolsters Lease Administration Capabilities

  

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that Susan E. Calvert (top right photo) and Joe I. Munoz (middle left photo) have joined the company’s Lease Administration group.  The pair joins from SRS Real Estate Partners and is based in Dallas. 

 Calvert, who joins as manager, Lease Administration, spent two years as a real estate administrator with SRS Real Estate Partners, where she was responsible for commercial portfolios spanning approximately 350 locations.

 Previously, she owned and operated Contracts-to-Close from 2004 to 2008, and worked as a residential real estate agent for 11 years.  She holds a bachelor’s degree from the University of North Texas. 

Munoz, who will also serve on the lease administration team, spent seven years with SRS Real Estate Partners, ultimately rising to the position of lead real estate administrator.

  In this position, he acted as the key point of contact between clients and their landlords, tenants and vendors.  Munoz began his career in commercial real estate in 2000 as a lease specialist for Sprint PCS’ Engineering and Operations division.

 Contact:  Julia McCartney,  Phone: 714.975.2230                                     

Email:  julia.mccartney@grubb-ellis.com

Charles Adolphe and Bryan Teel Join Grubb & Ellis’ Industrial Group in San Diego, CA

 SAN DIEGO, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that Charles Adolphe (top right photo) and Bryan Teel (middle left photo) have joined the company’s Industrial Group as senior vice president and associate vice president, respectively. 

The team joins Grubb & Ellis from Cushman & Wakefield. 

“Charlie and Bryan bring a number of established client relationships and are an excellent addition to our local office,” said Jim Munson (lower right photo), executive vice president and managing director of Grubb & Ellis’ San Diego office. 

 “The duo is very well-respected in the region for the deep insight they provide clients and the successful track record they hold,”.

Specializing in tenant and landlord representation of industrial and office properties, the team is best known for its representation of Hamann Properties in its lease of 200,000 square feet of industrial space in Otay Mesa to Mor Furniture For Less in November 2009. 

The transaction has been referred to as one of the most notable industrial transactions in San Diego in recent years.

 The team currently represents clients in leasing and selling more than one million square feet of industrial and office properties.

 Adolphe began his career with Grubb & Ellis in 1988.  He returns to the company from Cushman & Wakefield where he served as a director for the past three years.

Teel began his career with Cushman & Wakefield in 2004 as an associate and holds a bachelor’s degree from the University of Redlands as well as a master’s degree from San Diego State University.

 Contact: Julia McCartney, Phone: 714.975.2230                                     

Email: julia.mccartney@grubb-ellis.com

Grubb & Ellis Announces Results of 2010 Annual Meeting of Stockholders

SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced the results of the voting at its Annual Meeting of Stockholders.

Approximately 76 percent of the voting power of the outstanding shares entitled to vote was represented, in person or by proxy, at the meeting.

Stockholders voted on and overwhelmingly approved the following proposals:

The re-election of each of: Thomas D’Arcy (top right photo), the company’s president and chief executive officer, C. Michael Kojaian (lower  left photo), chairman, Robert J. McLaughlin, Devin I. Murphy, D. Fleet Wallace and Rodger D. Young as directors of the company for one-year terms. 

No fewer than approximately 95 percent of the votes cast voted in favor of each of these nominees.

·         The ratification of the appointment of Ernst & Young, LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2010.

Contact:   Janice McDill

Phone:      312.698.6707                                     

Email:        janice.mcdill@grubb-ellis.com     

IPA Sells Two Large Multifamily Properties in Texas

DALLAS, TX – Institutional Property Advisors (IPA), a boutique brokerage platform serving the needs of institutional and major private investors, has arranged the sale of two large multifamily properties in Texas in two separate transactions.

 They are the  378-unit Mira Loma (top left photo) located in Live Oak, a suburb of San Antonio, and the 270-unit Alta Bayside (top right photo) in Corpus Christi. The terms of the individual transactions were not disclosed.

IPA’s Balthrope Group, led by Will Balthrope (lower left photo), a senior director and Ryan Epstein, a director, brokered both transactions.

The seller of Mira Loma was Godfrey Residential Group and the buyer was Concierge Asset Management. The seller of Alta Bayside was Wood Partners and the buyer was Camden Property Trust.

“Demand for high-quality investment properties in top locations remains strong,” says Balthrope.

 “Both of these assets demonstrated good operating performances and cleared the market quickly. The IPA platform is gaining traction with institutional clients and large private investors who appreciate the service provided by senior-level advisors,” adds Balthrope. 

Mira Loma, developed in 2009 by Godfrey Residential, is a 335,260-square foot luxury apartment complex located in the northern quadrant of the highly traveled interchange of Interstate 35/Loop 1604 in northeast San Antonio.

Situated on 20.8 acres, Mira Loma is the newest property in this highly desirable submarket at the “front door to San Antonio.” The property is visible from the Interstate 35 and Loop 1604 interchange and provides residents with convenient access to the area’s rapidly growing employment, health and retail centers.

Built in 2007 on 14.5 acres, the 295,593-square foot Alta Bayside is located along Ennis Joslin Road in a strong multifamily submarket of Corpus Christi.

The property is visible from South Padre Island Drive, the primary north-south highway connecting Interstate 37 and downtown Corpus Christi to the Gulf of Mexico, the Naval Air Station and Texas A&M University.

 Alta Bayside features spacious floor plans with sunroom options, gated access, an executive fitness center, 24-hour business center with high-speed Internet and on-site boat parking.

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

Bulk Buyers Resell 2,000 Condos At 24% Premium In South Florida

  

MIAMI, FL--Nearly half of the 70-plus condo bulk transactions for distressed units in South Florida are actively being resold to individual buyers at an average premium of $51 per square foot, according to a new report from CondoVultures.com.

Bulk buyers have resold 25 percent of the nearly 7,900 newly constructed or completely renovated units acquired in distressed transactions in the tricounty South Florida region since July 2008, according to the report based on the Condo Vultures® Bulk Deals Database™.

Private equity groups and institutional investors that have purchased distressed condos in packages of at least 10 units for an average price of $215 per square foot during the last 30 months are now reselling on a retail basis at an average price of $266 per square foot in Miami-Dade, Broward, and Palm Beach counties, according to the report based on recorded deeds.

(Palm Beach skyline middle left photo)

"Bulk condo buyers are reselling units at an average premium of 24 percent, which at first glance seems to fall in the range of every investment group's expected return," said Peter Zalewski (top right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "The issue is, the $51 per square foot average premium is a gross amount that does not factor in carrying costs, real estate commissions, marketing fees, and any sales incentives. Once these additional costs are factored in, the net profits are likely to erode for inferior properties."

The future of bulk condo deals in South Florida is the focus of the upcoming Condo Vultures® panel discussion entitled "Condo Conversions - The Next Wave For Bulk Buyers" at 5.30 pm Tuesday, Dec. 14, at the Miami Marriott Biscayne Bay Hotel in Greater Downtown Miami.

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

37% of New Condos In Boca Raton Still Unsold

 MIAMI, FL---More than one-third of the new condos in the coastal Boca Raton / Deerfield Beach market created during the South Florida real estate boom are still unsold as of Sept. 30, 2010, according to a new report from CondoVultures.com.

Buyers have purchased slightly more than 650 units - some 63 percent - of the nearly 1,050 units created since 2003 in the Boca Raton / Deerfield Beach market east of Dixie Highway, leaving nearly 400 unsold developer units available at the end of the third quarter of 2010, according to the report based on the soon-to-be-published Condo Vultures® Official Condo Buyers Guide To Boca Raton / Deerfield Beach™.

"The Boca Raton / Deerfield Beach market has the highest concentration - percentage wise - of unsold developer units in South Florida east of Interstate 95," said Peter Zalewski (bottom left photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "The Boca Raton / Deerfield Beach market like many other parts of the tricounty South Florida region still has a sizable chunk of unsold new condos. The difference in the Boca Raton / Deerfield Beach market is the pricing has held strong much like in the South Beach neighborhood of Miami Beach."

The Boca Raton / Deerfield Beach market has not yet had a bulk deal for new condo product but that could change as much of the unsold developer units near the coast in South Florida are being pursued by investors.

Condo Vultures® is hosting a discussion "Condo Conversions - The Next Wave For Bulk Buyers" on Dec. 14 to explore the topic

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

Tolaris Realty Group reports November sales best in three years

LAKE FOREST, FL –Tolaris Realty Group, based at Lake Forest off SR 46, west of Sanford, reported that sales during this past November rank as the best month for the company in the last three years.

Richard Bavec (top right photo), president of Tolaris Realty Group, said the realty group closed on sales of eight homes that totaled $2.5 million.

 For more information, contact:

Richard Bavec, President, Tolaris Realty Group, 407-402-9866

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