Avalonpark Texas, LP wins preliminary approval for first two phases at The Springs at Walnut Creek in North Austin, TX

AUSTIN, TX --- Avalonpark Texas LP, the Texas Joint Venture of Florida-based Avalon Park Group in Orlando, recently received preliminary approval from the City of Austin Zoning and Platting Commission for 53 single-family home sites in the first two phases at The Springs at Walnut Creek, located near I-35 and Yager Lane in North Austin.

Richard Kunz (top right photo), who heads Avalonpark Texas, LP, said he expects to finalize details in time to start construction at The Springs at Walnut Creek in November.

Kunz said he hopes to complete construction of all 53 home sites in the spring.

Avalonpark Texas plans to start construction of 56 single-family home sites in a third phase at the Springs at Walnut Creek in the second half of 2011, Kunz said.

Kunz said planning for a fourth phase that will include 30-50 town homes is about to get under way.

Construction of town homes at the Springs at Walnut Creek probably won’t start until 2013, he added.

“We do not anticipate starting construction of town homes at the Springs at Walnut Creek until after we have substantially built out the single-family homes,” Kunz explained.

Avalon Park Group developed the 1,860 acre Avalon Park, an award-winning neotraditional community of more than 1,500 homes in east Orlando and New River Township, a 1,800 acre master planned community north of Tampa.   

For more information, please contact

Richard Kunz, Principal Avalonpark Texas, L.P. 512-695 3356 rkavalonaustin@aol.com

  

 Stephanie Hodson, Marketing Coordinator, Avalon Park Group 407-658-6565   

 Beat Kahli, CEO Avalon Park Group / Avalonpark Texas, L.P. 407-658-6565 

Eric Marks, Vice President, Avalon Park Group 407-658-6565, ericm@avalonparkgroup.com

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

 

DiMucci Companies relocating corporate headquarters to Port Orange, FL

DAYTONA BEACH SHORES, Fla. --- The DiMucci Companies, which recently leased its headquarters facility on U.S. A1A in Daytona Beach Shores to CVS Pharmacies for development of a new drug store, is relocating from Daytona Beach Shores to

51 Dunlawton Blvd.

in Port Orange.

The DiMucci Companies has developed more than 1,000 luxury oceanfront condominiums in Volusia County over the last 10 years.

Anthony DiMucci, who heads the family-owned development company, said he acquired the former BP Gas retail site on the corner of Dunlawton Boulevard and Peninsula Avenue in Port Orange and is completely remodeling the facility into a 2,500 square foot corporate and real estate office.

“Our new location, just one block west of our previous location, is still in close proximity to our active condominium developments in Daytona Beach Shores and New Smyrna Beach,” DiMucci explained.

“We have enjoyed the hospitality at Daytona Beach Shores for over 10 years and we will miss it,” DiMucci said, “but we’ll still be in the area every day.”

For more information, please contact:

Corinne LeClaire, Administrator DiMucci Companies 386-322-2000

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

Grubb & Ellis|Commercial Florida Negotiates 10 Year Lease for new Gastropub at 55 West Marketplace in Downtown Orlando

ORLANDO - Grubb & Ellis|Commercial Florida recently completed a new 10-year lease agreement for 5,600 square feet of retail space at 55 West Marketplace (top left photo), located at 55 W. Church St. in downtown Orlando. 

Aaron Gray (middle right photo) associate at Grubb & Ellis|Commercial Florida, negotiated the lease on behalf of the Netherlands based landlord FFWO LLC.  

 The new tenant, The Rusty Spoon (Church Street) LLC, is a gastropub that seats over 170, offered by a local group of restaurant partners committed to the community and the Church Street neighborhood.  

The dining room with a rich, earthy atmosphere seats 150 guests and has semi-private areas, Gray said.  A “harvest table,” which seats eight, is located in the kitchen

The Rusty Spoon is planned to open between late December and early January, and the chef driven coursed menu will feature an array of seasonal starters, handhelds, entrees, hand-tossed salads, and desserts.

The fair is New American Favorites with European Roots: locally driven and locally inspired.

Full bar menu will be available with easy drinking wines, French press coffees, and a selection of beer styles. Beer offerings will change weekly.

Gray said the 20-seat lounge draws your attention with old world ceiling treatments mixed with new world finishes. Warm wood floors, rustic red brick, and loads of natural light reflect the surroundings of the downtown district rejuvenation project.

CONTACTS:  

Aaron Gray, 407-481-5397, agray@commercialfl.com; 

Jeff Sweeney, 407-481-5387, jsweeney@commercialfl.com

Larry Vershel 407-644-4142  

CORE acquires Kansas City based Walton Construction

SARASOTA, Fla. --- CORE Construction announces the acquisition of the assets of Kansas City-based Walton Construction, LLC to form Walton Construction–a CORE Company, LLC.

           

John Wiseman (top right photo), president of CORE Construction Services of Florida, LLC, said the acquisition includes a substantial portion of Walton’s existing projects and assets as well as some 240 Walton Construction employees.

The asset acquisition concludes more than six months of discussions, Wiseman said.

CORE Construction is currently ranked 100 in revenues by Engineering News Record, while Walton is ranked 127.

Wiseman said the acquisition substantially expands CORE’s capabilities.

“We are very pleased with the addition of Walton management and employees to the CORE family,” said Jim Jacobs, president and chief executive officer of The CORE Companies. “The Walton brand has great value in our industry and our common area of expertise strengthens our position in many industry sectors,” he said.

Wiseman added that the acquisition will open new doors for the expanded company.

“This acquisition will allow us to blend our talent and resources. CORE will be able to aggressively pursue new as well as strengthen existing relationships, both in the private and public sector,” Wiseman said.

CORE Construction is a 70 year old construction management, design-build and general contracting firm with more than 1,000 employees with annual revenues in excess of $550 million.

CORE serves a range of clients in the senior housing, education, municipal, energy and commercial markets throughout the U.S.  The integrated company has offices in seven states.

Visit www.COREconstruct.com or www.waltoncore.com for more information on Walton/CORE.

For more information,  please contact

John P. Wiseman, President CORE Construction Services of Florida, LLC, 6320 Tower Lane, Sarasota, FL 34240, 941-552-0240.

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

Stirling Sotheby’s International Realty Commercial Group Brokers 4,290-SF Office Lease at Old Southern Bank Building in downtown Orlando

ORLANDO, Fla. --- Stirling Sotheby’s International Realty Commercial Group negotiated a new three-year lease for 4,296 square feet of office space in the Old Southern Bank building at 250 N. Orange Ave. in downtown Orlando.

 Stirling Commercial Group associates James Mincy (top right photo) and John Kurtz (lower left photo) negotiated the agreement representing the landlord, 250 North Orange Avenue LLC.

 The tenant, TDAK Group, LLC,   who is relocating  from the Sandlake Road/John Young Parkway area, was represented in the transaction by John Turner of Metro City Realty.

For more information, please contact:

James A. Mincy or John Kurtz, Sales Associate, Stirling Commercial Group 407-581-7890;

Roger Soderstrom, Owner/Founder Stirling Commercial Group, 407-581-7890;

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

 

Only seven new Townhomes remain for sale at Berkshire Place in Windermere, FL

ORLANDO, FL. --- Pulte Homes, has only seven townhomes for sale at Berkshire Place Townhomes located off Overstreet Road and S.R. 535 in Windermere.

 Sean Strickler, vice president of sales and marketing for Pulte Homes in Central Florida, said new three-bedroom, two-and-a-half bath townhomes at Berkshire Place have 1,628 square feet of living space or 1,656 square feet and are priced from the $150s.

 Berkshire Place features low-maintenance living combined with a private pool, cabana, tot lot, bike paths and walking trails throughout. 

 Located in Windermere, with top rated schools, Berkshire Place is minutes from Central Florida’s attractions area – close enough to see the Disney fireworks – with easy access to shopping, restaurants and other entertainment. 

For more information, visit www.Pulte.com/orlando or call 407-656-1009.  The Pulte model sales center is open from 10 a.m. to 6 p.m. Monday-Saturday and Noon to 6 Sunday at Berkshire Place Townhomes.

 

For more information about PulteGroup, Inc. and PulteGroup brands, see www.pultegroup.com; www.pulte.com; www.centex.com; www.delwebb.com

Contacts:

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

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

    

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

 

Hendricks & Partners Negotiates Sale of 300-Unit Sundance Apartments in Clermont, FL for $23.6 Million

 ORLANDO, FL. --- Cole Whitaker  (top right photo) of Hendricks & Partners, the nation's largest apartment property sales and research firm providing brokerage, advisory services and multifamily financing, recently negotiated the sale of the 300-unit Sundance apartment community on Johns Lake Rd. in Clermont for $23.6 million.

 Whitaker, who heads Hendricks & Partners’ Southeast Division that includes Florida, represented the seller, CAPREIT.

 Whitaker said Sundance Clermont, LLC, acquired the property, which was constructed in 2002 and currently reports 96 percent occupancy.

 For more information, please contact:  

Cole Whitaker, Southeast Partner, Hendricks & Partners 407-218-8880 cwhitaker@HPAPTS.com;

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

  

Grubb & Ellis Represents Computer Systems Institute in 25,000-sF Lease of New Elgin, IL Campus

 ROSEMONT, IL – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented Computer Systems Institute in the 10-year lease of 25,000 square feet of educational space located at 400 Airport Road in Elgin.

 Jim Ward (top right photo), senior vice president, Office Group, and Craig Cassell, senior vice president, Tenant Advisory Group, facilitated the lease.  The transaction represents a new campus for CSI, a computer- based education provider in the areas of technology, healthcare and business administration. 

 “CSI determined that the Elgin area was an excellent target market for the school’s growth, and the property is extremely well-located, with public transportation accessible and excellent proximity to I-90 and the Elgin community,” said Ward.

 Computer Systems Institute is headquartered in Skokie and owns and operates five other campuses in Chicagoland area: the Chicago Loop, Skokie, Lombard, Gurnee and Wheeling. 

The company offers its students career advising, morning, afternoon, evening and weekend schedules and job placement assistance.  The training facilities are comprised of comfortable classroom/labs, student lounges, administrative offices and testing centers. 

Contact:  Erin Mays, Phone: 312.698.6735,

Email:  erin.mays@grubb-ellis.com

Rick Besse Joins Grubb & Ellis  as Vice President, Hotel, Golf & Leisure

DALLAS, TX – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Rick Besse (middle right photo) has joined the company as vice president, Hotel, Golf & Leisure.  

 “The addition of hospitality services to our Dallas office further enables us to provide full-service, best-in-class solutions to our clients.  Rick is an excellent addition to our team and I am thrilled to welcome him aboard,” said Moody Younger, executive managing director, Texas. 

 With more than 30 years of experience, Besse joins Grubb & Ellis from Horwath HTL LLC, a hospitality consulting firm, where he spent five years as managing director of the company’s Dallas office.

 Andrew B. Nott Joins Grubb & Ellis as Senior Vice President, Office Group

 NEWPORT BEACH, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Andrew B. Nott (middle left photo) has joined the company as senior vice president, Office Group, specializing in local and multi-market tenant representation.  

 “Andy is an all-around seasoned professional who brings varied experience within the office sector during his 18-year career. I am thrilled to welcome him to our office,” said Greg May, executive vice president, co-managing director, Orange County. 

 Nott joins Grubb & Ellis from Grove Realty Services Inc., where he spent 12 years as a vice president specializing in brokerage services, development and asset management. 

 Contact: Julia McCartney, Phone: 714.975.2230                                     

Email: julia.mccartney@grubb-ellis.com

          

Grubb & Ellis Reports Preliminary Results for Third Quarter 2010; Updates Fiscal 2010 Outlook

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced unaudited preliminary results for the third quarter of 2010. 

For the quarter ended Sept. 30, 2010, the company expects to report revenue of approximately $144 million and negative adjusted EBITDA of approximately $3 million.

 The financial information reflects the company’s preliminary results and is subject to customary adjustments that may arise during the completion of the financial statement closing process.  Such adjustments could result in changes to these preliminary results.

 The company believes that, while it remains on track to meet its full-year revenue guidance, it no longer expects to achieve its previously announced full-year adjusted EBITDA target of $10 million to $15 million.

  Full-year adjusted EBITDA for 2010 is now expected to be negative, but management anticipates that adjusted EBITDA for the fourth quarter of 2010 will be positive, representing an improvement in each quarter of 2010.

For a complete copy of the company’s news release, please contact:

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

 Grubb & Ellis and Healthcare Trust of America, Inc. Enter Into Redemption, Termination and Release Agreement

 SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has reached an agreement with Healthcare Trust of America under which Grubb & Ellis transferred to HTA all of its partnership rights in HTA’s operating partnership. 

The parties also resolved all outstanding issues between them.  In connection with the execution of the agreement, HTA made a one-time payment to Grubb & Ellis of $8 million.

 Grubb & Ellis expects this payment to have an approximately $3 million beneficial impact on the Company’s fourth quarter 2010 results.

 Contact: Janice McDill, Phone: 312.698.6707

Email: janice.mcdill@grubb-ellis.com

    

Grubb & Ellis Completes Disposition of Former Cabrini Hospital Site in New York City

NEW YORK, NY (Oct. 20, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced it has completed the disposition of the former Cabrini Medical Center (middle right photo) at 217 E. 19th St. to SKI Realty, Inc., an affiliate of Memorial Sloan-Kettering Cancer Center for $83.1 million. 

Grubb & Ellis initially announced the sale agreement in February when the transaction was approved by the U.S. Bankruptcy Court.

 MSKCC says it intends to renovate and convert the property to an outpatient cancer center.  The facility served as a 455-bed hospital until it ceased operations in March 2008 as directed by the New York State Commission of Health Care Facilities in the 21st Century.

 Cabrini Medical Center subsequently filed for bankruptcy protection in July 2009.

 Contacts:  

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

 Mary Ryan, 212.326.4747, mary.ryan@grubb-ellis.com

 Coldstream Real Estate Advisors, Inc. and Eaton Partners come together to form Grubb & Ellis|Northern New England

 MANCHESTER, N.H. (Oct. 20, 2010) – Eaton Partners, Inc. and Grubb & Ellis|Coldstream Real Estate Advisors, Inc., two well respected New Hampshire-based commercial real estate firms today announced they have formed Grubb & Ellis|Northern New England, effective immediately.

 The combined firm brings together Grubb & Ellis|Coldstream Real Estate Advisors’ brokerage, development and consulting knowledge and Eaton Partners’ commercial financing, property management and commercial real estate advisory expertise to provide clients with a complete array of commercial real estate services.

 Robert Rohrer (lower left photo), a managing director of Grubb & Ellis|Northern New England, said, “Both companies have a dynamic and successful track record in commercial real estate. 

“We examined the trends in our industry and evaluated future business opportunities.

“ We recognized that, by joining forces, the new Grubb & Ellis|Northern New England will have an unprecedented capacity to serve its clients through the entire commercial real estate lifecycle.

“ We’ll also be ideally positioned to provide individualized services such as consulting and commercial real estate analysis, brokerage – including leasing, acquisition and disposition – asset and property management and commercial financing.”

Initially, the company will operate from current office locations in Bedford, Manchester and Portsmouth.

 Contacts:

 Robert Rohrer, 603.206.9612, rlr@grubbellisnne.com 

David Eaton, Phone: 603.626.1964, ext. 12, Email: dbe@grubbellisnne.com

Jones Lang LaSalle Promotes Two Executives in Orange County, CA

  

 IRVINE, CA – Jones Lang LaSalle today announced the firm has promoted Curtis Ellmore  (top left photo) to Vice President and Robbie Frazier CPM® LEED® AP (top right photo)  to Senior Project Manager in its Orange County office.

Ellmore specializes in providing clients with portfolio and transaction strategy with an emphasis in the greater Orange County area.  He also has extensive experience in assisting clients with site and building acquisitions/dispositions, lease analysis and negotiations.

Frazier specializes in providing full life-cycle project management for variable projects and has direct responsibility for overall project construction management of large projects, scheduling, budgeting, design team and contractor procurement, contract negotiations and value engineering.

 “Curtis and Robbie have consistently exceeded client expectations and their leadership, drive and success qualify them to help direct the growth of the Orange County business,” said Jeffrey Ingham, Jones Lang LaSalle’s Senior Managing Director for the Orange County region.

  “They are well-deserving of this promotion and we are thrilled that they are a part of the Jones Lang LaSalle team.” 

Ellmore is a member of various organizations including CoreNet and the Urban Land Institute (ULI).  In 2009, he was named “Broker of the Quarter” by The Irvine Company and an Orange County “CoStar Power Broker.”

Frazier holds a Bachelor of Arts degree in Organizational Management from Ashford University and an Associate of Arts degree in Business Administration from Irvine Valley College. She is a LEED Accredited Professional, holds a Real Estate License in California, a CPM, and is a PMP candidate.

For further information, please visit our Web site, http://www.joneslanglasalle.com/

Contact: David Ebeling, Phone, 949 278 7851

 Email: david@ebelingcomm.com

Jones Lang LaSalle Completes 100,000 SF Industrial Lease in Chino, CA

  

CHINO, CA— Jones Lang LaSalle has completed a lease with REPET, Inc. for 100,000 square feet of industrial space at 14207 Monte Vista Avenue (top left map) in Chino, Calif. 

Jones Lang LaSalle’s team of Executive Vice Presidents Sam Foster and Mike Fowler and Associate Chris Brandt along with IDS Real Estate Group represented the landlord, EastGroup Properties in the transaction.  Tony Phu of Colliers International represented the tenant.  

"In this challenging market, EastGroup’s ability to adapt to current conditions made it possible for us to secure a deal with REPET that provided improvements at a favorable rate,” said Foster.

  “EastGroup is one of the few industrial owners that continues to be well capitalized and positioned to do deals."

Ideally located near the 10, 60 and 57 Freeways, the property features excess trailer storage, rail access and a direct connection to the Santa Ana Regional Interceptor (SARI) Line that provides industrial users with an environmentally-friendly and convenient way to dispose of high-saline waste.

EastGroup Properties (NYSE:  EGP) is a real estate investment trust focused on the acquisition, development and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona and California. Its strategy for growth is based on its property portfolio orientation toward premier business distribution facilities clustered near major transportation features. EastGroup's portfolio currently includes 28 million square feet.

The property is managed by IDS Real Estate Group (www.idsrealestate.com), a leading real estate services firm with offices throughout Southern California.  IDS represents clients nationwide and currently manages a commercial portfolio of approximately 21 million square feet with a focus on projects in California.

 For further information, please visit our website, http://www.joneslanglasalle.com/.

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

 david@ebelingcomm.com

Sperry Van Ness to Offer Renewable Energy and Energy Efficiency Services

  

 IRVINE, CA –. Sperry Van Ness International has joined the GreenPoint Network, an alliance of real estate firms dedicated to helping clients achieve profitable sustainability.

SVN Advisors in over 150 offices nationwide will receive training and resources to help clients identify energy initiatives that reduce operating expenses, increase building values, and capture financial incentives.

 GreenPoint’s engineers will perform energy audits and implement energy efficiency projects and solar installations.

“In the U.S., commercial buildings account for nearly 40 percent of total energy consumption and over two-thirds of electricity consumption,” said Sperry Van Ness CEO Kevin Maggiacomo (top right photo).

“And over the next decade, energy costs will likely be the fastest-growing component of building operating expenses.

“ If a building consumes more energy than its peers, it will attract fewer tenants and trade at lower valuations. Through our partnership with GreenPoint, SVN Advisors can make an impact that not only increases a client’s bottom line, but is also good for the planet.”

Said GreenPoint CEO Dustin Gellman (middle left photo), “Energy efficiency and renewable energy are a real estate play. Green building retrofits impact cash flows, and real estate professionals can help property owners better understand the financial impact of energy initiatives on asset performance.

 “We are delighted to work with Sperry Van Ness, an organization with a legacy of progressive thinking and innovation in the real estate industry.”

Sperry Van Ness Advisors will begin offering sustainability services beginning October 2010. The suite of services includes energy audits, competitive procurement, project management, incentives acquisition, and LEED certification.

 For more information, please visit http://www.svn.com/

 

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

Interstate Hotels & Resorts Names Kathleen Barone Vice President, Global Sales & Strategic Accounts

  

 ARLINGTON, VA., Oct/ 19, 2010—Interstate Hotels & Resorts, the United States’ largest independent hotel management company, today announced that Kathleen Barone (top right photo) has joined the company as vice president, global sales and strategic accounts.

 She previously served as director of sales and marketing at the Pittsburgh Airport Marriott in Pennsylvania.

 In her new position, Barone will be responsible for reinforcing relationships with major corporate accounts and supporting IHR hotels’ national account sales efforts.  She will report to George Brennan, Interstate’s executive vice president, sales and marketing.

“Kathleen’s diverse industry background in hotel sales and marketing, training and development, revenue management, and food and beverage, adds significant depth to our corporate sales capabilities,” Brennan said.

  “Her previous experience with Interstate, Marriott Corporation and Carlson Companies, combined with her record of achievement and proactive leadership, will make her effective in this position.”

While with the Pittsburgh Airport Marriott, Barone received Marriott’s Eastern Region Director of Sales and Marketing award in 2009, and Marriott’s Global Director of Sales and Marketing award and the Eastern Region Director of Sales and Marketing award in 2008.

 The awards were based on total hotel revenue achievements and outstanding leadership in the

.

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

 

 Contact:

Jerry Daly, Carol McCune                              Carrie McIntyre

Media                                                            SVP, Treasurer

Daly Gray                                                       Interstate Hotels & Resorts

(703) 435-6293                                              (703) 387-3320

jerry@dalygray.com                                       carrie.mcintyre@ihrco.com

Expedia Partner Services Group Releases NYC Market Data on 2011 Demand and Air Trends

  NEW YORK, NY, Oct. 19, 2010 – Data just released by Expedia, Inc., the world’s largest online travel company, provides a new forward look at 2011 demand trends to help New York hotels plan for next year.

The New York market data, which is based on bookings and shopping data from the company’s more than 90 Expedia.com and Hotels.com sites in over 60 countries worldwide, was unveiled at a hotel revenue management summit on Wednesday. 

 More than 175 members of the New York hotel community gathered for the revenue management summit at the Roosevelt Hotel in Midtown Manhattan last Wednesday, where a number of Expedia executives presented on trends in air travel, ADR improvements and forward looking shopping data, such as:

 Expedia expects a 2% increase in international air capacity and a 3% increase in domestic capacity into the New York market in 2011. The largest international increases originate from the UK, Germany, France, Japan and Israel.

So far this year, average airfares into New York have increased 12%, compared to 17% increase into San Francisco and 14% increase into Chicago.

For a complete copy of the report, please contact:

Julie Tullbane, Daly Gray, Inc., T 703-435-6293, F 703-435-6297, julie@dalygray.com

Chris Daly, chris@dalygray.com or jerry@dalygray.com

Brown Kessler Joins Hunter Realty

 ATLANTA, GA—Officials at Hunter Realty  announced that Brown Kessler (top right photo) has joined the company in their Atlanta home office as Executive Vice President.

 In his new role, he will be involved in brokerage, as well as hotel buyer/seller relations, selling/acquisition strategies, brand negotiations and real estate consulting.

“As part of our strategy to provide hotel brokerage and investment advisory services on a nationwide basis, we sought a well-respected hotelier who has the depth and experience to provide unmatched expertise for our clients,” said Teague Hunter (lower left photo), President.

 “Brown has a proven track record of more than three decades of industry experience.  Few hoteliers have had more impact on hotel real estate than him.”

Additional information, including current listings, is available at the company’s website http://www.hunterhotels.net/  or by contacting the Atlanta office at 770-916-0300.

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

Marcus & Millichap Sells Upscale Houston Auto Dealership for $11 Million

 HOUSTON, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a Jaguar/Land Rover automobile dealership (top left photo) in Houston.

The sales price for the 7.53-acre, single-tenant net-leased asset was $11 million.

            Christopher Maling, a first vice president investments and David Maling, a vice president investments, both in the Los Angeles office of Marcus & Millichap, represented the seller, a Texas-based developer.

          James Mitchell, a senior associate in the Washington, D.C. office, represented the buyer, a Charlotte, N.C. publically traded corporation. Brent Smith (middle right photo), regional manager of the firm’s Houston office, also provided representation in this transaction.

            “This sale highlights Marcus & Millichap’s ability to source investment capital from a nationwide pool utilizing our network of more than 1,200 agents to match the unique needs of our seller with the right buyer,” explains Christopher Maling.

           “As representatives of a Texas-based developer, David and I worked with our firm’s automotive investment specialist in Washington, D.C., James Mitchell, to procure the most qualified buyer for this asset, an entity based in Charlotte, N.C.

        “With in-place assumable financing at a 9.2 percent cap rate and a levered 8.4 percent cash-on-cash return, this upscale property – in a prime West Houston location – was an excellent investment for this prudent buyer,” adds Christopher Maling.

            Located at 18205 Interstate 45 North, the 37,646 square-foot Jaguar/Land Rover Dealership is a single-tenant retail property. The dealership is currently leased on a 12-year, triple-net basis guaranteed by Sonic Automotive Inc., the third largest automotive group in the United States.

        Houston, which encompasses approximately 1,000 square miles, is one of Texas’ fastest-growing communities.

        The business-friendly city offers companies and residents access to the largest port in the United States, the largest medical center in the world, the Texas Medical Center (middle left photo),  and more energy-industry corporate headquarters than anywhere in the world.

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