NAI Realvest negotiates sale of office condominium for Dental Office at Narcoossee Commerce Park

ORLANDO — NAI Realvest recently negotiated the $408,375 sale price for a 2,475 square foot “gray shell” office/retail condominium at Narcoossee Commerce Park,

8257 Narcoossee Park Drive

in southeast Orlando. 

Michael Heidrich (top right photo), a principal at NAI Realvest, negotiated the sale representing the seller, Harkins Development Corporation of Sanford. 

OCAV Holdings, LLC of Orlando purchased unit A in Building 1 at the commerce park and plans to build out the space for use as a dental office.  David Murray of ProMax Property Solutions represented the buyer in the transaction.

For more information, contact:  

Michael Heidrich, Principal NAI Realvest, 407-875-9989 mheidrich@realvest.com;

   Patrick Mahoney, Principal/Chief Operating Officer, 407-875-9989;  

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

Marketplace Advisors, Inc. Developing Database for Retailers

ORLANDO, – Marketplace Advisors, Inc., the specialty commercial real estate firm that focuses on the development of town centers and downtown development districts is developing a major area database that will help retailers identify areas that show the most promise for new retail and restaurant locations.

David Marks (top left photo), president of Marketplace Advisors, Inc. said he has identified 15 submarkets with local demographics data and retail buying trends.

“The real estate market is slowly recovering and over the next few years we will see select new development, relocation and expansion in Central Florida,” Marks said.

Typically, area studies are developed independently by retailers and development consultants, Marks said.

“We’re establishing a region-wide database that will answer all the questions a retail chain or restaurant may have about the region and about specific submarkets within our region,” he said.

For more information, please contact:  

David Marks, Marketplace Advisors, Inc., 407-599-0007, dmarks@cfl.rr.com;  

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

Stirling Sotheby’s International Realty Reports Sale of Home Site at Bella Collina

ORLANDO - Stirling Sotheby’s International Realty reports it recently sold an estate home site at Bella Collina, the luxury country club community located in Lake County north of

Colonial Dr.

near Montverde.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said associates Dan Natol (lower  left photo)i and Carolyn Burgiel (top right photo) of Stirling Sotheby’s Luxury Residential Team sold the home site to a British buyer who plans to build a 10,000 square foot luxury home at Bella Collina.

Stirling Sotheby’s represented the buyer in the transaction, Soderstrom said.

“This sale marks the start of a resurgence at Bella Collina that we have been reporting for three months,” Soderstrom said. “We have seen a marked increase in activity at Bella Collina, with interested buyers from all over the world,” he said.

But all the interest isn’t international---Soderstrom said more than half of the sales inquiries Stirling Sotheby’s has fielded come from Central Florida buyers.

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

For more information about this press release, contact:  

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

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

Orlando economist David Marks proposes Green Community Urbanization Act to create sustainable communities

ORLANDO, Fla. --- Orlando economist David Marks (top right photo), president of Marketplace Advisors, Inc. and a nationally recognized expert on the development of urban town centers, hopes he can convince the Obama administration to take up his proposal to introduce the Green Community Urbanization Act to restructure the national economy and focus on the health of local communities.

Marks said he has presented some of his ideas to the Urban Land Institute, International Council of Shopping Centers and the Florida Planning and Zoning Association.

The Green Community Urbanization Act is based on Marks’ Sustainable Community of Tomorrow model (SCOT), an urban economic development and redevelopment model Marks has proposed for cities and municipalities throughout the U.S.

The vision is to develop a sustainable economy and society that better balances the needs of the individual, society and the environment.   The implementation of such a vision would be a major stimulus to economic growth as green building and community infrastructure is put in place.

By re-envisioning our economy and focusing on the health of our communities we can transform our society into more sustainable places that are better positioned to help themselves, reducing our growing dependence on government. 

 To create such a strong healthy society we need to develop communities that raise healthy individuals, families, and community based institutions.

Marks’ Green Community Urbanization Act proposal calls for construction and renovated of over two million green homes and more than 500 million square feet of green commercial space over the next 10 years.

Local investors and public-private partnerships would fund most of the development costs, and Marks, who is writing a book on the subject, hopes to interest the federal government in funding up to one-third of the cost from a tax on fossil fuel consumption.

“The Green Community Urbanization Act initiative could generate more than one million jobs nationwide,” Marks explained.

“More importantly, the Green Community Urbanization Act would change the course of urban development to focus on the health of our communities and the creation of sustainable environments and sustainable economies,” Marks said.

For more information, please contact:  

David Marks, Marketplace Advisors, Inc., 407-599-0007, dmarks@cfl.rr.com;  

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

U.S. Office Leasing Activity in Central Business Districts Up 31.6 Percent

 ORLANDO, FL-- Cushman & Wakefield released third quarter 2010 statistics for the U.S. office market that show leasing activity maket-wide in Orlando decreased 7.1% year-over-year, ending the third quarter at 1.5 million square feet, compared to 1.6 million at the end of the third quarter of 2009.

 Year-to-date leasing activity for U.S. central business districts (CBDs) totaled 45.5 million square feet at the end of the third quarter of 2010, a 31.6 percent increase in activity from the 34.6 million square feet leased at this time last year. 

Of the 31 CBDs tracked by Cushman & Wakefield, 18 saw year-over-year increases in leasing activity.

 The rise in leasing activity led to declines in vacancy in most markets.  After reaching a high of 15.0 percent at the end of first quarter of 2010, the overall U.S. CBD vacancy rate continued its decline for the second consecutive quarter, ending the third quarter at 14.7 percent, down from 14.8 percent at midyear 2010. 

 The overall vacancy rate for Orlando decreased to 18.8 percent at the end of the third quarter of 2010, down from 20.0 percent at the end of the second quarter.

 The overall rental rate for U.S. CBDs remained unchanged quarter-over-quarter.  Rental rates for Orlando fell during the third quarter to $24.11 per square foot, down $0.08 from $24.19 at midyear 2010.

 The year-to-date absorption rate, a measure which indicates the net change in occupied space, was negative 1.25 million square feet at the end of the third quarter, a 96 percent increase in absorption from the negative 32.1 million square feet at the end of the third quarter of 2009.

 Orlando’s absorption rate was negative 25,406 square feet at the end of the third quarter, compared to negative 152,537 at this time last year.

 Contact: Brook Hines, Tel: 407-541-4401, brook.hines@cushwake.com

http://www.cushwake.com/

U.S. overall industrial vacancy remains unchanged at 10.6 percent

ORLANDO, FL – Cushman & Wakefield today released third quarter statistics for the U.S. industrial market that show the vacancy rate in Orlando at 14.6 percent at the end of the third quarter, unchanged from midyear 2010. 

The overall U.S. industrial vacancy rate remained unchanged from midyear, ending the third quarter at 10.6 percent, after peaking at 10.8 percent at the end of the first quarter of this year.

 Year-to-date leasing activity for the U.S. industrial market totaled 189.8 million square feet at the end of the third quarter of 2010, an 11.9 percent increase in activity from the 169.5 million square feet leased at this time last year.  Leasing activity in Orlando decreased to 2.2 million square feet, compared to 2.4 million at the end of the third quarter of 2009.

 The year-to-date overall absorption rate, a measure which indicates the net change in occupied space, was negative 6.2 million square feet at the end of the third quarter, a 94.7 percent increase in absorption from the negative 118.5 million square feet at the end of the third quarter of 2009.  Orlando’s absorption rate was negative 618,958 square feet at the end of the third quarter, compared to negative 1.5 million at this time last year.

 “While the overall vacancy rate remains unchanged, we are fairly confident that it has hit its peak,” said Jim Dieter (top right photo), executive vice president of Cushman & Wakefield’s Industrial Services.

  “With continued improvements in leasing activity, we should start to see some downward movement in the overall vacancy rate through the end of the year.”

 Industrial construction remained at historical lows in the third quarter of 2010.  Year-to-date product completions totaled 12.3 million square feet, down 77.9 percent from the 55.8 million square feet completed at this time last year. 

 “With nearly 14 million square feet expected to be completed through the remainder of the year, 2010 is on track to see the most limited amount of new construction added to the market since Cushman & Wakefield began tracking the market,” said Maria Sicola (middle right photo), executive managing director and head of Americas Research for Cushman & Wakefield. 

Contact: Brook Hines, Tel: 407-541-4401, brook.hines@cushwake.com, http://www.cushwake.com/

MBA Honors MortgageAmerica Co-Founder John Johnson with the 2010 Andrew D. Woodward Distinguished Service Award

  

ATLANTA, GA--- The Mortgage Bankers Association (MBA) awarded John Johnson, CMB, President & Chief Executive officer of MortgageAmerica, with the Andrew D. Woodward Distinguished Service Award at the Association's 97th Annual Convention and Expo held in Atlanta. 

The award was given to Johnson in recognition of his dedication and prominent service to MBA and the mortgage lending industry. 

 "John Johnson represents the best of our industry," said MBA Chairman Michael D. Berman, CMB.  "In good times and bad, John has lived up to his company's motto of 'outrageous service' to his customers and his fellow MBA members."

Nominees for the annual award must be associated with an MBA member firm, have a record of sustained and extraordinary service to MBA and the mortgage industry, and have a strong reputation for ethical and professional conduct.

 Johnson founded MortgageAmerica in 1978 with his good friend and mentor, Dr. Harry L. Phillips.  Headquartered in Birmingham, AL, MortgageAmerica has offices throughout the Yellowhammer State as well as branches in Florida, Georgia and Tennessee.

 In addition, Johnson is a member of MBA's Residential/Single-Family Board of Governors (RESBOG). He also serves as a member of MBA's Council on Ensuring Mortgage Liquidity, a task force of association members that examines policy options and issue recommendations for the future of the secondary mortgage market.

 The award is named in honor of Andrew D. Woodward, an industry friend, colleague and leader who passed away in 2008.  Among other activities in his long and distinguished career, Woodward was instrumental in developing MBA's Council to Shape Change report, which was released in August 2006.

Contact:

John Mechem, (202) 557-2924, jmechem@mortgagebankers.org

Melissa Key,  (202) 557-2799, mkey@mortgagebankers.org

MBA Elects 2011 Board of Directors

 ATLANTA, GA - The Mortgage Bankers Association (MBA)  elected its Board of Directors for the 2011 membership year at MBA's 97th Annual Convention & Expo in Atlanta.

The Board of Directors will be chaired by Michael D. Berman (top right photo), CMB, President and Chief Executive Officer of CWCapital, Needham, MA.

 MBA's Board of Directors consists of 21 elected members and one ex-officio member, MBA President and Chief Executive Officer John A. Courson (middle left photo).

 Four are from the Commercial Real Estate/Multifamily Finance Board of Governors (COMBOG), four are from the Residential/Single-Family Board of Governors (RESBOG), one is the Chairman of MORPAC, four are MBA Officers, four are members at large, three are associate members and one represents State and Local mortgage banker associations.

 The Board of Directors sets the strategic direction for MBA and also manages the affairs of the association, including developing association-wide policies and approving the budget.

 The newly elected members of MBA's Board of Directors are:

Jack M. Cohen, CMB, Cohen Financial (middle right photo) 

Dan Crockett, Franklin American Mortgage Company

John V. Konyk, Weiner Brodsky Sidman Kider PC

William J. Krochalis, Sterling National Corporation

J. David Motley, CMB, Colonial National Mortgage

Edward Padilla, CMB, NorthMarq Capital LLC

Joseph R. Reppert, CoreLogic

Brian F. Stoffers, CMB, CBRE Capital Markets

G. Todd White, CMB, Arvest Mortgage Company

Marsha L. Williams Esq., Middleberg Riddle & Gianna/MRG Document Technologies

Members remaining on the Board of Directors are:

Gary Acosta, Prado Mortgage

Michael D. Berman, CMB, CWCapital

E.J. Burke, KeyBank Real Estate Capital

Garry Cipponeri, Chase

William Cosgrove, CMB, Union National Mortgage Co.

John A. Courson, Mortgage Bankers Association

Henry V. Cunningham, Jr., CMB, Cunningham & Company

Tari L. Flannery, CMB, M&T Realty Capital Corp.

Rodrigo Lopez, CMB, Amerisphere Multifamily Finance LLC

Debra W. Still, CMB, Pulte Mortgage LLC

Robert E. Story, Jr., CMB, Seattle Financial Group (lower left photo)

Michael W. Young, Cenlar FSB

Contact:

John Mechem , (202) 557-2924, jmechem@mortgagebankers.org

 Melissa Key, (202) 557-2799, mkey@mortgagebankers.org

      

Joseph Millo Joins Grubb & Ellis Securities as Vice President, National Accounts

 SANTA ANA, CA – Grubb & Ellis Securities, Inc.  announced that Joseph Millo (top right photo)  has joined the company as vice president, National Accounts, responsible for the management of the firm’s relationships with broker-dealers based in the eastern United States.  

 “As we continue to expand our leadership in the publicly registered, non-traded REIT sector, Grubb & Ellis relies on high-caliber professionals with excellent track records of success and established industry relationships, ” said Lavea Lancaster-Thomas (lower left photo), senior vice president of National Accounts with Grubb & Ellis Securities.  “Joseph exemplifies all of these qualities and is an outstanding addition to our team.”

Millo joins Grubb & Ellis Securities from Priority Capital Group Inc., where he served as the director of national accounts responsible for introducing the company as a new distributor of non-traded REIT product in the independent broker-dealer industry. 

 Contact:  Damon Elder, Phone: 714.975.2659, Email: damon.elder@grubb-ellis.com

                                         

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

  

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

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

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

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

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

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

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

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

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

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

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

megan.morales@colliers.com

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

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

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

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

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

Contact:  Christopher Ostrowski, costrowski@arbor.com

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

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

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

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

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

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

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

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

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

Contacts:

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

dmiller@hfflp.com

                                                                                             

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

wreid@hfflp.com

                    

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

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

                        

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

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

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

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

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

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

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

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

Email: david@ebelingcomm.com

Palmer Electric University of Florida Student Housing Project

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

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

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

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

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

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

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

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

·       

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

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

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

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

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

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

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

http://www.stanjohnsonco.com/

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

  

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1,300 New Condo Units Remain Unsold In South Beach

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

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

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

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

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

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

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

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

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