NAI Realvest Negotiates Office Renewal Lease at The Citadel in southeast Orlando

MAITLAND, FL – NAI Realvest recently completed a renewal lease for office space at The Citadel International (top left photo) located at 5950 Hazeltine National Drive in Southeast Orlando.

Senior Associate Mary Frances West (middle right photo), CCIM negotiated the agreement on behalf of the landlord, Orlando-based Citadel Partners, LTD.

The tenant, ARR Investments, Inc. renewed its lease of suite 630 with 1,218 square feet.

NAI Realvest handles management and leasing of The Citadel International office building. West leads the leasing team that includes associates Kevin O’Connor and Matt Cichocki.

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

NAI Realvest negotiates long term retail lease of 4,538 SF for new Indian Cuisine Restaurant at Florida Mall in Orlando

ORLANDO, Fla. – NAI Realvest recently negotiated a five-year lease agreement for 4,538 square feet of retail space in unit 128 at the Florida Mall, 1187 Florida Mall Ave. in southwest Orlando.

NAI Realvest principals Kevin O'Connor (lower left photo)  and Matt Cichocki (lower right photo)  negotiated the transaction representing the new tenant, India 4 U, LLC who took over the former HuHot Mongolian Grill space and opened an India themed restaurant in August.

Orlando Florida Mall, LLC is the landlord.

For more information, contact:
Kevin O’Connor or Matt Cichocki, Principals NAI Realvest, 407-875-9989, koconnor@realvest.com; mcichocki@realvest.com
 Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com
Beth Payan or Larry Vershel, Larry Vershel Communications, Inc. 407-644-4142

Shaun Burchard Joins Marshall Hotels & Resorts, Inc. as Executive VP

 SALISBURY, MD,  Sept. 9, 2010—Officials of Marshall Hotels & Resorts, Inc., a leading, Maryland-based hotel management and services company, today announced that Shaun Burchard (top right photo), CHA, has joined the company as executive vice president.

 In his new position, Burchard initially will be responsible for reinvigorating the company’s sales and marketing, and increasing asset value.

“Shaun Burchard is an accomplished executive with a proven track record of delivering superior returns—in revenues, profits and guest satisfaction scores,” said Mike Marshall, (top left photo)  president and CEO.

 “There have been significant changes in marketing the past few years, and we want to regain our historically substantial competitive edge with new strategies, techniques and tools.

"Shaun adds significant bench strength to our management team with his broad range of experience, from full-service luxury hotels to midscale select-service brands and boutique hotels.

"We expect to draw upon his 24 plus years of experience in the hospitality industry through all phases of the economic cycle to help us craft compelling strategies that will give our properties a competitive edge as we begin to emerge from the economic downturn.”

Burchard joined Marshall from Sun Development & Management, Inc. a hotel development and management company based in Indianapolis, where he served as president.
 
Contact:

Patrick Daly, (703) 435-6293 (office), (703) 300-8289 (cell), patrick@dalygray.com

Marcus & Millichap Sells Former 105-Room Quality Inn in Lafayette, LA

LAFAYETTE, LA, Sept. 9, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of the former Quality Inn, a 105-room hospitality property located in Lafayette, Louisiana, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,540,000.

Jaimin P Patel, (top right photo)  senior associate and Jonathan S. Ruprai, investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a financial institution based out of Utah.

William Hoffpauir, Broker, assisted in closing this transaction.

The former Quality Inn is a three-story, 105-room exterior corridor hotel built in 1993 and located at 2216 Northeast Evangeline Thruway.

Marcus & Millichap Sells  6,820-SF Single-Tenant, Net-Leased Building in Bradenton, FL

BRADENTON, FL, September 9, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Goodyear Tire (lower left photo), a 6,820-square foot single-tenant net-leased property located in Bradenton, Florida, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

 The asset commanded a sales price of $1,267,500.

Dom Boulette and James Medefind, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Florida-based seller, a developer.

The buyer, a limited liability company also based out of Florida, was secured and represented by Gabriel Britti, an investment specialist in the firm’s Miami office.

“The property was placed under contract within two weeks of listing and closed 14 days thereafter. The transaction did not include any form of financing as it was an ‘all cash’ deal, says Boulette.

Goodyear Tire was built in 2006 and is located at 5202 East State Road 64.

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

Lyndal Hanna joins Avison Young as VP, Information Technology

TORONTO, CANADA /PRNewswire/ -- Mark E. Rose (top left photo), Chair and CEO of Avison Young, Canada's largest independently-owned commercial real estate services company, announced today that Lyndal Hanna (top right photo)  has joined Avison Young as Vice-President, Information Technology.

She will be based in the company's Chicago office.

Effective immediately, Hanna will be responsible for the strategic direction and day-to-day management of technology at Avison Young. This will include client-centric tools, the company website and back-office support.

"We are very fortunate to have someone with Lyndal's experience and record of accomplishment join our team as we continue to expand our brand's presence in North America and globally," comments Rose.

"Lyndal will work closely with Avison Young's business leaders to develop a technology vision that is consistent with the company's strategic business goals and that positions the company for superior client support and growth."

Contact: :
Sherry Quan, National, Director of Communications & Media Relations, Avison Young: (604) 647-5098, cell: (604) 726-0959;
Mark Rose, Chair and CEO, Avison Young: (416) 673-4028;
Lyndal Hanna, VP, Information Technology, Avison Young: (312) 957-7613;
http://www.avisonyoung.com/

HFF closes sale of Cahaba Village in suburban Birmingham, AL

DALLAS, TX – The Dallas and Atlanta offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have closed the sale of Cahaba Village (top left photo), a 115,282-square-foot, grocery-anchored shopping center in Mountain Brook, Alabama.

HFF senior managing director Barry Brown, (top right photo)  managing director Ryan Shore (top left photo) and director Jim Hamilton (middle right photo)  led the investment sales team on behalf of the seller, Bayer Properties.

The property was purchased by ING Clarion Partners on behalf of an institutional investor for an undisclosed amount free and clear of debt. Bayer Properties will continue to manage and lease Cahaba Village.

Cahaba Village is located at 2800-3100 Cahaba Village Plaza in Mountain Brook about 5.5 miles from downtown Birmingham.

This location along US 280 has a daily traffic count of more than 80,000 cars per day.

Completed in 2007, the property is 98% leased to tenants including Whole Foods, Charles Schwab, FedEx Office, LensCrafters, Diamonds Direct and Mountain High Outfitters.

“Cahaba Village is home to the only Whole Foods in all of Alabama, making the center a consumer-preferred retail destination in the area,” said Brown. “As a result, while the national retail industry experienced negative sales results in 2009, Cahaba Village was able to generate a positive sales increase.”

Bayer Properties, founded in 1983, is a full-service real estate company headquartered in Birmingham, Alabama. Bayer is a pioneer in the development of regional shopping destinations, and is well recognized in the industry for The Summit, Bayer’s brand of lifestyle center.

Bayer manages and leases a customized portfolio of retail and office properties with over 6.2 million square feet under management throughout the United States.

Founded in 1982, ING Clarion Partners and its affiliates manage $42 billion in assets in the private and public equity sectors of the real estate markets.  More information about the firm is available at http://www.ingclarion.com/.

Contacts:

Barry M. Brown, HFF Senior Managing Director, (214) 265-0880, bbrown@hfflp.com
Ryan N. Shore, HFF Managing Director, (214) 265-0880, rshore@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com

HFF arranges $26M refinancing for 212,225 SF office complex in San Ramon, CA  

SAN FRANCISCO, CA – The San Francisco office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $26 million refinancing for Sunset Business Park (middle left photo), a 212,225-square-foot, two-building, office and research and development complex in San Ramon, California.

Working exclusively on behalf of Nearon Sunset, LLC, HFF managing director Peter Smyslowski (middle right photo)  placed the nine-year, fixed-rate loan with Unum Life Insurance Company of America. Loan proceeds are retiring an existing bridge and repositioning loan that was placed by HFF in 2007.

Sunset Business Park is located on a 9.5-acre site at 3401 Crow Canyon Road in the Tri-Valley area of San Francisco’s East Bay, close to Interstate 680 and Crow Canyon Commons.

The property is fully leased to tenants including Pacific Gas and Electric Company, World Wide Parts, San Ramon Presbyterian Church and Bio Rad Laboratories.

“Unum, an HFF correspondent lender, executed flawlessly in what is still arguably a very challenging lending environment,” said Smyslowski.

Nearon Sunset, LCC is an affiliate of Nearon Enterprises, a privately-held real estate investment and development company headquartered in Danville, California.

Contacts:

Peter Smyslowski, HFF Managing Director, (415) 276-6300, psmyslowski@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com

HFF arranges $4.8M  refinancing for Walgreen’s-anchored retail center in Houston’s West University area

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $4.8 million refinancing for West University Corner, (bottom left photo)  a 26,355-square-foot, Walgreen’s-anchored retail center in the West University area of Houston.

HFF associate director Colby Mueck (lower right photo) worked on behalf of New Tuscany Development, Ltd to secure the 15-year, fixed-rate loan through Nationwide Life Insurance Company. The financing retired a maturing CMBS loan.

Located at 5220 - 5280 Buffalo Speedway, West University Corner is situated at the intersection of Bissonnet Street and Buffalo Speedway close to Greenway Plaza, US 59 and Rice University in Houston’s West University neighborhood.

The property was completed in 1998 and is fully leased to four tenants including Walgreen’s, MW Cleaners, Blockbuster and Smashburger.

“West University Corner has always benefited from its tremendous visibility as well as positioning at the edge of some of Houston’s most prominent neighborhoods,” said Mueck.

Contacts:

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

McCarthy Building Companies Promotes Scott Lawrence to Business Development Director

NEWPORT BEACH, CA– McCarthy Building Companies Inc., one of the nation’s leading healthcare builders, has  promoted Scott Lawrence (top right photo) to business development director, healthcare services for its Southern California Division.

In his new role, Lawrence is responsible for generating new and repeat healthcare building opportunities in Southern California.

With more than 13 years of construction industry experience, including eight years as a McCarthy employee, Lawrence brings valuable field experience to his new undertaking at McCarthy.

“With healthcare as McCarthy’s largest market, Scott’s extensive hands-on field experience as project manager for OSHPD hospital projects provide him with technical knowledge and strong relationship skills that will add an important dimension to our business development efforts and client services,” said Steven Mynsberge (lower left photo), McCarthy executive vice president, healthcare services.

“Furthermore, Scott’s LEED AP credentials will aid our clients as sustainability becomes more prevalent in hospital design and construction.”

Contacts:

Laura Mickelson (LM Communications), (949) 453-0851 or (949) 295-4452 (mobile)
Susan Garritano (McCarthy Building Companies, Inc.), (314) 968-3300

Palmer Electric Completes Two School Projects

WINTER PARK, FL— Palmer Electric Company completed two school projects in July with a combined contract value of nearly $200,000.

For Walker & Company, the electrical contractor provided wiring and low voltage services for renovation of the two-story, 16,000 square foot 940 Building at Lake Highland Preparatory School (top left photo)  in Orlando, Fla.

 Under contract with Wharton-Smith Inc., the Palmer Electric team completed the removal and installation of circuits and panels and underground wiring for new HVAC chiller units at Winegard Elementary School, Orlando, Fla.

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

Foster Conant begins design on three new projects

ORLANDO, FL — Foster Conant & Associates, a site-specific landscape architectural firm, is in the preliminary design phase of three new Central Florida multifamily projects being developed by Atlantic Housing Partners LLLP, Winter Park, Florida.

Under its scope of services, Foster Conant is providing design, construction documents and construction observation for landscaping, irrigation, site lighting, hardscape elements, signage and pool layout for the three new properties.

Phase 1 of Town Parke, a rental apartment complex located on a 10.3-acre site in the Winter Springs Town Center district (top left photo), includes site work and the construction of 94-units.

Located on a seven-acre site in unincorporated Seminole County, Florida, Phase 1 of Howell Branch Cove includes 56 townhomes out of the 153-units planned for this property. In unincorporated Osceola County, Florida, the Fountains at San Remo Court is comprised of 130-rental apartments on 8.3-acres.

Along with Foster Conant, the design team handling all three projects includes Slocum Platts Architects of Winter Park, Florida, and civil engineers Madden, Moorhead & Glunt Inc. of Maitland, Florida.

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

Justin R. Lanné Joins Grubb & Ellis as Senior Vice President, Investment Services

TUCSON, AZ (Sept. 8, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Justin R. Lanné (top right photo) has joined the company as senior vice president, Investment Services.

“A seasoned multi housing investment professional, Justin is a significant addition to our office,” said Howard Kong, (middle left photo)  CCIM, managing broker of Grubb & Ellis’ Tucson office.

 “He brings extensive relationships with clients and industry professionals to our team, as well as a dedication to client service that has proven successful throughout his career.”

Lanné joins from Lanné Company, a Tucson-based commercial real estate company he founded in 1985 to specialize in multi housing investments.

Prior to joining his own company, he spent eight years with Coldwell Banker Commercial, where he was the top producer of the Tucson office five times.

Over the course of his 33-year career, Lanné has completed transactions valued in excess of $414 million, including the sale of approximately 6,500 multi housing units, on behalf of clients such as Cottonwood Properties and Cyprus Minerals.

Lanné holds bachelor’s and master’s degrees from the University of Arizona and serves on the board of directors of the Pima County Sports and Tourism Authority.

He also serves as the chairman for The Celebrity Waiters Dinner, a sanctioned fund-raising event of The Leukemia and Lymphoma Society.

Contact: Julia McCartney, Phone: 714.975.2230, Email: julia.mccartney@grubb-ellis.com

HFF arranges $15M financing for Stamford, CT Stop & Shop

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $15 million financing for a 69,733-square-foot, free-standing Stop & Shop (top left photo) on more than seven acres in Stamford, Connecticut.

HFF senior managing director Dana Brome (top right photo)worked on behalf of the borrower, Cole Real Estate Investments, to secure the seven-year, fixed-rate loan through Farmington Bank.

The term loan is interest-only for the first three years and on a 30-year amortization thereafter until maturity in 2017. The loan was priced as a floating-rate of 1-month LIBOR plus 200 bps. The loan rate was swapped to fixed, at a rate of 4.31%.

The Stop & Shop is located at 1937 West Main Street (Route 1) in Stamford and adjacent to the Greenwich town line. Completed in 2006, the property is fully leased to Stop & Shop with 21 years remaining on the 25 year lease.

In addition, Stop & Shop has 11 five-year extension options. The lease is fully guaranteed by Koninklijke Ahold, N.V., the parent company of Stop & Shop.

Founded in 1979, Cole Real Estate Investments is one of the most active investors and owners of core real estate assets, managing one of the country’s largest portfolios of retail properties.

Today, Cole owns or manages 32 million square feet of commercial real estate in 45 states with a combined acquisition cost of more than $6 billion.

Contacts:

Dana e. Brome, HFF Senior Managing Director, (617) 338-0990, dbrome@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com

$114M financing for six-property multi-state industrial portfolio arranged by HFF

PORTLAND, OR – The Portland office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $114 million in financing for six industrial distribution facilities totaling 4.7 million square feet located in Georgia, Illinois, Ohio, Pennsylvania and Texas.

HFF senior managing director Lloyd Minten worked exclusively on behalf of Cardinal Industrial Real Estate Services to secure the loan, which will be included in an upcoming CMBS securitization and serviced by HFF.

 Loan proceeds were used to acquire the portfolio from Dividend Capital Trust who acquired these assets as part of the iStar portfolio sale, which was closed by HFF Securities and financed by HFF.

Completed in the mid-to-late 1990’s, the portfolio consists of “strategically-located” bulk distribution centers in Georgia, Illinois, Ohio, Pennsylvania and Texas.

“The entire process from the initial call from the borrower to the closing took only 31 days, which emphasized the commitment by the borrower and lender, who worked diligently to complete this transaction under significant time constraints.

"The lender’s planned securitization of this loan underscores the improvements in the capital markets through the reemergence of the CMBS market,” said Minten.

With the acquisition, Cardinal Industrial increased their portfolio of single tenant industrial assets located throughout the United States to approximately 13.4 million square feet.

Contacts:
Lloyd L. Minten, HFF Senior Managing Director, (503) 224-0444, lminten@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com

HFF arranges $23M in debt plus the equity required for construction of suburban Philadelphia multi-housing community

WASHINGTON, D.C. – The Washington, D.C. and New Jersey offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have arranged construction financing and joint venture equity for Jefferson at West Goshen (middle  right rendering), a to-be-built, 230-unit luxury multi-housing community in West Goshen, Pennsylvania.

HFF senior managing directors Bob Donhauser (lower left photo)  and Bill Asbill  (lower right photo) and managing director Jim Cadranell (bottom left under Bob Donhauser photo) worked on behalf of the borrower, Jefferson Apartment Group, to secure the $22.85 million, 36-month construction loan through Wells Fargo’s Real Estate Banking Group.

 AEW Value Investors II, a value-added real estate fund sponsored by AEW Capital Management, L.P., provided joint venture equity for the project.

Due for completion in 2011, Jefferson at West Goshen will be a four-story building with one-, two- and three-bedroom units averaging 1,024 square feet each.

 Community amenities will include a 5,600-square-foot clubhouse, resident pub room, business center, two-story fitness center, theatre room, swimming pool, grill area and dog park.

The property is located on a 12.8-acre site at the intersection of US Route 202 and South Matlack Street, about one mile from downtown West Chester and 25 miles west of downtown Philadelphia.

“Jefferson at West Goshen will be well-received in the market as demand for luxury apartments in this high employment corridor has been strong, yet the high barriers to entry have limited development of Class A projects,” said Donhauser.

“HFF did an excellent job assisting Jefferson Apartment Group in acquiring debt in a very challenging market. This closing represents one of the first ground-up projects to get started in this market in over three years. This closing says a lot about JAG’s experience and sponsorship; we look forward to closing other loans in the coming months,” said Jim Butz, president and managing partner of Jefferson Apartment Group.

Founded in 2009 through the acquisition of JPI East, the Jefferson Apartment Group’s principals have acquired and/or developed more than 18,000 units with a value of more than $3 billion in 10 states along the East Coast. See www.JAGllc.com.

Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage approximately $27 billion of capital invested in over $40 billion of property and securities in North America, Europe and Asia (as of June 30, 2010). For more information please visit www.aew.com.

Contacts:

James A. Cadranell, HFF Managing Director, (973) 549-2007, jcadranell@hfflp.com

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

krmurphy@hfflp.com

NAI Realvest Negotiates New Lease at Winter Garden Business Park for German-based lab equipment manufacturer

ORLANDO, FL - NAI Realvest recently negotiated a new office lease agreement for 2,500 square feet of space at the Winter Garden Business Park (top left photo), 1226 Winter Garden Vineland Rd. in Winter Garden.

NAI Realvest associate Drew Saphos along with principal Christie Alexander and George Livingston, chairman at the firm, negotiated the three-year agreement representing the tenant, Medite Inc., a German-based manufacturer of lab equipment.

The landlord is Adler Winter Garden, LLC (a division of Miami-based Adler Group).

For more information,  contact
Drew Saphos, NAI Realvest 407-875-9989 dsaphos@realvest.com;
Christie Alexander, Principal, NAI Realvest 407-949-0704 calexander@realvest.com
George Livingston, Chairman Emeritus, NAI Realvest 407-875-9989 glivingston@realvest.com
Patrick Mahoney, President, NAI Realvest, 407-875-9989 pmahoney@realvest.com
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com

NAI Realvest negotiates two new industrial leases totaling 4,500 square feet at commerce centers in Apopka and Orlando

ORLANDO, Fla. – NAI Realvest recently negotiated two new industrial leases totaling 4,500 square feet at Mackin Commerce Center in Apopka and Forsyth Central Commerce Park in Orlando.

NAI Realvest principal Michael Heidrich negotiated a new lease agreement with Miami-based Power Exterminators, Inc. for Suite 2 with 3,000 square feet at 5032 Forsyth Commerce Rd., representing the landlord, Maitland-based Forsyth Central Commerce Park, LLC.

Heidrich also represented landlord Mackin Commerce Center, Ltd. of Orlando in the lease of 1,500 square feet in Suite B5 at 2312-2310 Clark St. in Apopka. Local landscape and pressure cleaning firm EZ4U P&O and Paul Roger Jenkins III leased the property for two years. David Hammett of McNulty Group represented the tenant in the transaction.

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


Emerson International Negotiates New Long-Term Office Lease at Major Center Plaza in southwest Orlando

ORLANDO, Fla. --- Emerson International recently completed a new five-year lease agreement for 3,324 square feet of office space at Major Center Plaza (middle left photo), 5728 Major Blvd. in southwest Orlando.

Eric Emerson, (middle right photo) vice president and general manager of Emerson International, said commercial portfolio manager Kenneth Koch negotiated the lease for the landlord, Emerson.

The new tenant, Insphere Insurance Solutions, Inc., was represented by Rick Solik of Cushman & Wakefield.

For more information, contact
Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560; ejemerson@emerson-us.com;
Kenneth Koch, Commercial Portfolio Manager, Emerson International, Inc. 407-834-9560;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

NAI Realvest Brokers sale of development site in Southeast Orlando for a new Tire Kingdom Store

ORLANDO, FL – NAI Realvest recently negotiated the $585,000 purchase of Lot 1, a 0.70-acre retail development site at 7138 Narcoossee Rd. in southeast Orlando for a new Tire Kingdom store.

NAI Realvest Principals Kevin O'Connor (lower left photo)  and Matt Cichocki (lower right photo) negotiated the transaction representing both the buyer and the seller.

The buyer, Pavilion TK-Narcoossee, LLC based in Charlotte, N.C. is a developer for Tire Kingdom and plans to construct a 7,100 square foot store on the site.

Thomas Bardon and Lawrence and Terri Razzano of Orlando are the sellers.

This is the eighth Central Florida location the NAI Realvest retail team of O’Connor and Cichocki has secured for Tire Kingdom, with three additional sites under contract.

For more information, contact:
Kevin O’Connor or Matt Cichocki, Principals NAI Realvest, 407-875-9989
koconnor@realvest.com; mcichocki@realvest.com
Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com
Beth Payan or Larry Vershel, Larry Vershel Communications, Inc. 407-644-4142

Emerson International Negotiates New Long-Term Office Lease at Major Center Plaza in southwest Orlando

ORLANDO, FL. --- Emerson International recently completed a new five-year lease agreement for 3,324 square feet of office space at Major Center Plaza, (top left photo) 5728 Major Blvd. in southwest Orlando.

Eric Emerson (bottom left photo), vice president and general manager of Emerson International, said commercial portfolio manager Kenneth Koch negotiated the lease for the landlord, Emerson.

The new tenant, Insphere Insurance Solutions, Inc., was represented by Rick Solik of Cushman & Wakefield.

For more information, contact
Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560; ejemerson@emerson-us.com;
Kenneth Koch, Commercial Portfolio Manager, Emerson International, Inc. 407-834-9560;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Concord Hospitality Signs Three New Management Contracts

RALEIGH-DURHAM, N.C., Sept. 8, 2010—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, today announced that it has signed contracts to manage the Courtyard by Marriott Lynchburg, in Va.; Courtyard by Marriott Princeton, in N.J.; and Courtyard by Marriott Charlotte, in N.C.

The three properties represent the latest round of additions to Concord Hospitality Enterprises’ growing 3rd party management portfolio. Concord currently owns and/or operates more than 70 hotels, offering more than 9,000 rooms, with several hotels under development.

“The recovering economy has encouraged us to actively seek out institutional partners with upscale select service hotels who want to rebound quickly,” said Mark G. Laport, (top right photo) president and CEO of Concord.

“We have had more significant company growth in the last 24-month period than in our 24-year history. Our focus in this phase of the cycle will be to continue growing our 3rd party management portfolio, supported by development. Our current portfolio mix is split about evenly between third-party management and owned hotels.

“All three of these properties will undergo some capital enhancement renovation projects, including the latest Marriott innovations, such as the new Refreshing Business lobby, to keep the properties fresh and highly competitive,” Laport added.

The Courtyard by Marriott Lynchburg (Va.)(middle left photo)—The 90-room hotel is located at 4640 Murray Place/Candlers Mountain Road, directly off Highway 460, near the Lynchburg Regional Airport and proximate to Liberty University. The three-story property features 990 square feet of flexible meeting and banquet space, indoor swimming pool, fitness center and the Courtyard Café eatery. All rooms offer coffee makers, irons, high-speed Internet access and 32" flat-screen televisions.

The Courtyard by Marriott Princeton (N.J.)(middle right photo)—Situated on 3815 US Route 1 at Mapleton Road, the hotel is near Princeton University and the Princeton Healthcare System. The 154 guestrooms offer oversized work areas with two-line telephones with voicemail, ergonomic chairs and complimentary Internet access. The property features the Courtyard Café restaurant, indoor pool, fitness center and 1,344 square feet of meeting space.

The Courtyard Charlotte City Center (N.C.) (lower left photo)—The 181-room hotel is located in Charlotte’s financial and entertainment districts at 237 South Tryon Street and is near the world headquarters of Bank of America, Wachovia Corporation and Duke Energy Corporation. The hotel occupies the top four floors of a 15-story building and features an outdoor pool, fitness center, 2,800 square feet of meeting space, onsite restaurant, lobby bar and lounge. All guestrooms feature large, well-lit work areas, coffee makers, high-speed Internet access and new 32”-42” high-definition, flat screen televisions.

Contact: Chris Daly, Senior Vice President, Daly Gray Public Relations, or Jerry Daly,
ph: 703-435-6293.  Follow us on Twitter: http://twitter.com/dalygray

Colliers International Completes $3.45 Million Industrial Building Sale in Santa Fe Springs, CA

LOS ANGELES, CA, Sept. 7, 2010 – Colliers International, the second largest real estate services organization globally, has completed the sale of a 32,006-square-foot industrial building at 13021 Arctic Circle in Santa Fe Springs, Calif., to Cerritos, Calif.-based GHI Group, LLC, a manufacturer of computer components, for $3,456,648.

With immediate access to the 5, 605 and 91 freeways, the state-of-the-art property was constructed in 2004 and features dock-high and ground-level loading, an ESFR sprinkler system, 24-foot clear height and heavy power.

GHI Group has plans to occupy the high-image building for the warehousing and distribution of its products, but is also considering leasing the building as an investment property.

“The buyer acquired this property both for its size, which allows for future company expansion, and its investment potential,” said Chris Sheehan (top right photo), director of industrial services in Colliers’ Torrance office. “This high-image industrial building also provided a unique opportunity for our client to own a quality piece of real estate in a market where the Class A inventory and opportunities are limited.”

Sheehan, along with Adam Deierling (lower left photo), vice president in Colliers’ Torrance office, represented the buyer in the transaction.

Dan Berkenfield of VOIT Real Estate Services represented the seller, Dodson, LTD., a private investor.

Contact: Megan Morales, Marketing & PR Coordinator, 949 724 5537, megan.morales@colliers.com

Loan Defaults Near $65 Billion In South Florida Since 2007

MIAMI, FL--Borrowers have defaulted on nearly $65 billion in financing in the tricounty South Florida region since the real estate crash began in 2007 as an increasing number of strategic defaults drive up the total amount past due, according to a new report from CondoVultures.com.

In the first eight months of 2010, lenders have initiated nearly 44,000 foreclosure filings - the first step in the repossession process - seeking repayment of nearly $12 billion in outstanding loans secured by properties in Miami-Dade, Broward, and Palm Beach counties, according to the report based on the Condo Vultures® Foreclosure Database™.

South Florida borrowers - some of which are choosing not to pay their mortgages despite having the financial means to do so - are on track to default on more than $18 billion in real estate loans by the end of the year, according to the report compiled using Clerk of the Court records from Miami-Dade, Broward, and Palm Beach counties.

"An interesting trend is emerging in South Florida in that the number of foreclosure filings is decreasing but the average loan amount in default is increasing due in large part to borrowers who are strategically defaulting," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "Our research suggests that many South Florida borrowers are opting to not pay their mortgages, and virtually live for free, until the banks can repossess their properties byway of the foreclosure process."

Condo Vultures® is assembling a panel of experts on Sept. 14 in Downtown Miami to discuss the issue of strategic defaults and other foreclosure trends in a seminar entitled "Concerns Grow About Double Dip For South Florida Real Estate."

Contact: Peter Zalewski of Condo Vultures®,  800-750-0517 or by email at peter@condovultures.com.