Historic Peabody Court Hotel Brings Upscale Wyndham Hotel Brand to Baltimore

 BALTIMORE, MD—The landmark Peabody Court Hotel (top left photo), located in historic Mount Vernon Square, has opened a new chapter in its legacy.

The 104-room hotel today became the Wyndham Baltimore Peabody Court, the city’s first hotel in five years to fly the flag of this upscale hotel brand.  The hotel is owned and operated by Silver Spring, Md. - based Sunburst Hospitality Corporation. 

To celebrate its re-opening under the Wyndham flag, the hotel is offering introductory rates and packages available on the hotel’s website, www.wyndham.com/hotels/BWIPC.

“Major upgrades to the rooms include the latest HD flat panel TVs and the upgraded Wyndham amenity package,” said Kevin Hanley (middle right photo), President and CEO, Sunburst Hospitality Corporation.

  “The hotel meets the high, upscale Wyndham standards, and we are taking further steps to enhance the hotel experience with a complete make-over of all the public space, which will take place in phases over the next six months to minimize guest disruptions.

“This historic property offers the ambiance of a classic, European boutique hotel right in the educational and cultural epicenter of the city,” he noted.

 “Built in the early 1920’s as a high-end apartment building, the hotel has become the leading gathering spot in this upscale neighborhood, and we have upgraded the property to reflect our surroundings.”

The hotel will target corporate travelers, as well as provide lodging and social and business meeting space for the many cultural, educational and medical facilities in the immediate neighborhood.

 “The Wyndham brand has a long tradition of addressing the needs of corporate travelers,” Hanley added. 

“And, the Wyndham Rewards frequent guest program offers generous rewards to its members.” 

Located at 612 Cathedral St. on Mount Vernon Square and 10 blocks from the Inner Harbor, the Wyndham Baltimore Peabody Court is renowned for its glass-enclosed 2,000-square-foot rooftop meeting space that offers a stunning bird’s eye view of Baltimore and Mt. Vernon Square.

 The property is centrally located near the Walters Art Gallery (lower left photo), many historic churches, Peabody Music Conservatory and is a short distance to the city’s major sports venues. 

The elegantly designed, oversized guest rooms feature full marble bathrooms, towel warmers, leather-inlayed work desks and custom French marble-top furniture.

The hotel’s restaurant, George’s on Mount Vernon Square, features innovative American cuisine paired with organic wines. 

Additionally, the hotel features six meeting rooms comprising 4,000 square feet of flexible meeting space and high-speed wireless Internet access.

 Additional information about the hotel may be found at www.wyndham.com/hotels/BWIPC.

  For more information about the company, visit www.snbhotels.com.

 Contact: Jerry Daly Daly, Gray Public Relations, (703) 435-6293

IPhone App Released by Marcus & Millichap

ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has released an iPhone application for commercial real estate investors and agents.

 The application gives clients direct and instant access to agents and offices nationwide through their iPhone or iPad, according to Rick Peltz (top right photo), senior vice president and chief information officer of the firm.

 “This is the very first commercial real estate investment app on the market that allows investor clients to communicate directly with agents,” explains Peltz.

“The method of communication can be a text message from an investor’s cell phone to an agent’s cell phone, or an email inquiry to an agent from the client’s cell phone.”

 Using the new app, clients can view all 76 of the company’s local office homepages on www.MarcusMillichap.com, in addition to agent profile pages, which contain their property listings.

 “This provides clients with instant access to investment professionals – and their commercial real estate listings – across the United States,” says Peltz.

 “If a client works with one of our agents anywhere in the United States, this app puts you instantly in touch with another agent in a different region of the country.

 "An investor in Chicago, for example, can access an agent on the ground in Texas, offering him a whole new inventory of properties for potential acquisition.

“Keeping true to our service commitment, the Marcus & Millichap iPhone app provides investors with instant access to a nationwide pool of investment capital,” he notes.

The Marcus & Millichap iPhone app is available for free at the iTunes store.

 Press Contact: Stacey Corso, Public Relations Manager

(925) 953-1716

Marcus & Millichap Lists Building in First U.S. Office Park Dedicated to Renewable Clean Energy Tech

 NEW YORK, NY – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for the 104,268-square foot STEP 1 building (top left photo), a multi-tenant property in the Saratoga Technology + Energy Park (STEP) in Malta, which is located in Saratoga County.

 The listing price of $18 million represents $173 per square foot. The building is part of the nation’s first office park dedicated solely to renewable clean energy technologies.

Ken Hoff and Scott Edelstein, of Marcus & Millichap’s Manhattan office, are representing the seller, United Group, an award-winning national developer with more than 35 years of development experience.

 “The rapid lease-up of the STEP 1 building would be an impressive success story in any location, in any economy,” says Hoff. “This building, during the worst economic and financial crisis in decades, attracted an impressive roster of tenants who filled the entire space in a short period of time.”

“The STEP 1 building has proven to be a magnet for technology companies,” adds Edelstein.

The property is located at 107 Hermes Road in Malta, near Saratoga Springs in Saratoga County, N.Y., one mile from Interstate 87 in the heart of New York State’s Tech Valley.

The STEP campus is adjacent to the 1,414-acre Luther Forest Technology campus, home of an under-construction $6 billion chip fabrication facility that will be the most advanced semiconductor manufacturing facility in the world.

The STEP 1 building is currently 100 percent leased. Major tenants include Global Foundries, Lockheed Martin and Time Warner Telecom.

 Completed in the spring of 2008 on six-plus acres, the two-story multi-tenant STEP I building features 51,613 square feet of office space and 52,655 square feet of light manufacturing/warehouse space.

 Several tenants invested millions of dollars creating clean rooms, development laboratories and various advanced technological components for their spaces.

The building has been recognized as a green building by Leadership in Energy and Environmental Design (LEED) and is the recipient of the American Institute of Architects (AIA) Design Award and the Building Owners and Managers Association’s (BOMA) The Outstanding Building of the Year (TOBY) Award.

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

Jones Lang LaSalle Industrial Team Pins Down More than 700,000 SF of Phoenix Space with Exclusive Listings

PHOENIX, AZ— Jones Lang LaSalle’s Phoenix industrial team of Managing Directors Anthony Lydon, SIOR (top right photo), and Marc Hertzberg (lower left photo), SIOR, has recently been awarded two exclusive listings and completed a significant industrial sale.

Combined, the properties represent more than 700,000 square feet of space in the recovering Phoenix commercial real estate market.

The team’s new exclusive listings are:

§  A 300,000-square-foot manufacturing/distribution building at the highly visible Loop 101 and Interstate 10 stack intersection. Formerly occupied by global consumer goods company, Reckitt Benckiser and owned by Sadie Trust of San Francisco, Calif., the property is now available for sale or lease.

§  A 250,000-square-foot, rail-served distribution building fronting the Loop 202 just east of Sky Harbor International Airport (middle left photo). The food-grade facility is owned by First Beverage Group and is occupied by Phoenix-based Crescent Crown Distributing, who will be building a new facility in the East Valley. It is available for occupancy first quarter of 2012.

According to Jones Lang LaSalle research, Phoenix has enjoyed steady value-add industrial employment activity. With almost four million square feet of net absorption this year (through third quarter 2010), the area is currently ranked near the top of all U.S. industrial markets.

 “Companies like Amazon, Staples and Subzero have taken advantage of our opportunistic industrial market. They’ve captured the benefits of our labor and real estate at attractive price points,” said Lydon.

“Corporate America has almost $2 trillion in cash sitting on the sidelines, so the opportunity to continue this trend of acquisition in Phoenix is strong,” added Hertzberg. “It makes for a very positive outlook.”

Earlier this quarter, Lydon and Hertzberg worked with rail-centric employer M&M Industries, Inc. to complete the purchase of a 160,000-square-foot industrial property, located at 4739 W. Jefferson St. in Phoenix and served by the Union Pacific Railroad.

The property was sold by DCT Industrial. It was purchased by M&M Industries, Inc. for $6.09 million, for use as a plastic injection molding facility.

“This property offers rail service, which was key to the employer,” said Lydon. “It’s a perfect owner-user scenario that was made possible by a solid inventory of well-priced Phoenix industrial space.”

With more than 50 years of collective experience in industrial real estate, Lydon and Hertzberg are recognized as top brokers in the marketplace and together have facilitated more than $1.5 billion in industrial transactions nationwide.

Jones Lang LaSalle is a leader in the Phoenix commercial real estate market. Employing 311 of the area’s most recognized industry experts the firm offers office and industrial brokerage, tenant representation, facility and investment management, capital markets and development services.

In 2009, the Phoenix team completed 3.2 million square feet in lease transactions and directed $60 million in project management, and currently has 13.5 million square feet under management.

 

Contact:	Stacey Hershauer
Phone:	+1 480 600 0195
Email:	mailto:Paige.steers@am.jll.com

Henin Group completes construction of Gator’s Dockside Restaurant in DeLand, FL

DELAND, FL - The Henin Group, based in Orlando recently completed the remodeling of the Gator’s Dockside Restaurant (top left photo) facility located on Woodland Blvd. (U.S. 17-92) in DeLand.

 Jerome Henin, principal and chairman of the Henin Group, said the remodeling construction costs totaled over $200,000.

 Remodeling of the 9000 square foot facility included an outdoor patio, new flooring, new tile, renovation of the kitchen facilities and a new bar.

For more information, contact:  

Jerome Henin, Founder / President, Henin Group, 407 644-8595;  

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

Rebman Properties Brokers Lake Wales, FL Sale and Orlando Lease

4 Buildings in Lake Wales Go for Total $800,000

WINTER PARK, FL (Dec. 21, 2010) -- Greg Rebman (top right photo) of Rebman Properties, Inc. sold four buildings totaling 74,000 square feet on 24.76 acres in Lake Wales, Florida. Greg Rebman represented the seller, Industrias Vassallo, Inc.

Albert Cross of Cross Realty and Ronald Booth, both of Winter Haven, represented the buyer, Stephen F. Baker.

 The property sold for $800,000.

The property is rail-served and approximately eleven miles from the planned CSX Integrated Logistics Center in Winter Haven.

The ILC will be a centralized hub of transportation, logistics and goods distribution anchored by a new rail-based intermodal and automotive terminal.

Greg Rebman specializes in industrial building and land sales and leasing.

For More Information, contact: Greg Rebman, SIOR, CCIM

407.875.8001 greg@rebmanproperties.com

Central Supply Sub-Leases 23,444 SF of  Combined Office and Warehouse Space

WINTER PARK, FL - Central Supply Company sub-leased 23,444 square feet of office/warehouse space at 515 Ferguson Street, Orlando, Florida. Gemini Management, Inc. was the Sub-lessor on this transaction.

Lyle Nelsen (lower left photo) of Rebman Properties, Inc. represented the Sub-lessor.

 For more information, contact: Lyle N. Nelsen, 407.875.8001 lyle@rebmanproperties.com

Marcus & Millichap Sells 7 Walgreens for $31 Million

PHOENIX, AZ – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced that two agents in the firm’s Phoenix office recently sold seven Walgreens drugstores, according to David Guido (top right photo), regional manager of the Phoenix office.

Jamie Medress (bottom right photo) a senior vice president investments and Mark Ruble, an associate vice president investments, both in Phoenix, represented the sellers and buyers of the seven Walgreens drugstores, which traded between June and October.

The properties are:

• 4470 Royal Pine Drive, Colorado Springs, Colo.: 14,550 square feet; $3,358,000 or $231 per square foot
• 15450 North Tatum Boulevard, Phoenix, Ariz.: 14,832 square feet; $7,725,000 or $521 per square foot
• 15490 West Bell Road, Surprise, Ariz.: 13,905 square feet; $3,156,000 or $227 per square foot
• 4420 East Brown Road, Mesa, Ariz.: 13,905 square feet; $2,994,000 or $215 per square foot  (top left photo)
• 1025 S. Milton Road, Flagstaff, Ariz..: 13,695 square feet; $3,911.000 or $286 per square foot
• 25073 W. Southern Avenue, Buckeye, Ariz.; 14,820 square feet; $4,445,000 or $300 per square foot
• W62N190 Washington Avenue, Cedarburg, Wis., 14,550 square feet or $381 per square foot

“As in other markets around the country, single-tenant properties net-leased to top-rated corporate tenants in the West and Midwest generate intense bidding when listed,” says Medress. “This trend is expected to continue in 2011 as high-net worth individuals and well-funded REITs compete for acquisitions.”

“Unimpressive returns offered by alternative investments and ongoing stock market uncertainty will continue to heighten private buyers’ appetite for low-risk, corporate-backed assets,” adds Ruble.

Matthew Fitzgerald of the firm’s Madison office provided representation in Wisconsin and Michael Hoffman of the firm’s Denver office provided representation in Colorado Springs.

Lior Regenstreif of the Encino office represented the buyer of the Colorado Springs Walgreens and Steve Gonzalez in Phoenix assisted in representing the seller of the 15450 North Tatum Blvd. in Phoenix.

           

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

HFF closes sale of Eagle Ridge Apartments in Monroeville, PA

PITTSBURGH, PA – The Pittsburgh office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Eagle Ridge Apartments (top left photo), a 352-unit, luxury multi-housing community in Monroeville, Pennsylvania.

HFF executive managing director Gerard Sansosti  and managing director Mark Popovich (middle right photo) led the investment sales team on behalf of the seller, Abacus Capital Group LLC.

 ER Partners, LP, an affiliate of Ringham Corporation, purchased the property for $25,000,000 and assumed existing financing.  HFF also arranged the sale and financing of Eagle Ridge Apartments in 2007 to Abacus Capital Group LLC on behalf of Sentinel Real Estate Corporation for $20.7 million.

Situated on 45 acres overlooking Parkway East (Interstate 376), Eagle Ridge Apartments is located at 1500 Eagle Ridge Drive in Monroeville, close to the UPMC hospital opening in 2012, the Pennsylvania Turnpike and downtown Pittsburgh. 

The 94% leased property has 13 residential buildings with one- and two-bedroom units averaging 911 square feet each.  Community amenities include a clubhouse, business center, fitness center, car wash center, two heated pools and two tennis courts.

“Eagle Ridge Apartments has a truly irreplaceable in fill location.  No apartments have been built in the submarket since 1990 and there are no new properties presently planned or under construction,” said Sansosti.

Abacus Capital Group LLC is a New York, New York-based investment advisor specializing in multifamily housing.  Since its formation in 2004, the company has purchased over $600 million of apartment assets on behalf of institutional and high net worth clients.

 For further information about Abacus, please contact Benjamin Friedman at (212) 203-4959 or Gregory Lyden at (212) 203-4962, or visit http://www.abacuscapitalgroup.com/

Ringham Corporation is a Pittsburgh-based private investment company with 35 years of experience in multi-family housing and private equity investing.  For further information about Ringham, please contact Jonathan Ringham or Michael Dvorsky at 412-372-1746.

Contacts:

Gerard Sansosti, HFF Executive Managing Director, (412) 281-8714, gsansosti@hfflp.com

Mark Popovich, HFF Managing Director, (412) 281- 8714, mpopovich@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com

C&W industrial group negotiates 72,500 SF Lease for Czarnowski in Orlando, FL

ORLANDO, FL– Cushman & Wakefield of Florida, Inc. (C&W) Industrial Brokerage team of Lee Morris (top right photo)  and Jared Bonshire negotiated an 8-year lease on behalf of Czarnowski. The landlord, Prologis, was represented by CBRE.

 Czarnowski leased 72,561 SF at 10805 Lee Vista Boulevard in the Airport submarket.

 Czarnowski was established in 1947 and is headquartered in Chicago, Illinois.

 A leading exhibit and event company, Czarnowski serves a global client base, providing strategy, design, fabrication, rental solutions, transportation, I&D, warehousing, refurbishment, program management, marketing collaboration, brand support, event planning and program measurement.

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

http://www.cushwake.com/

Florida Bank Failures Trigger $2 Billion In FDIC Losses In 2010

MIAMI, FL--Regulators seized the Bank of Miami on Dec. 17, and in the process the Federal Deposit Insurance Corp surpassed the $2 billion in losses threshold in Florida for 2010, according to a new Condo Vultures® White Paper™.

Before its closure, the Bank of Miami was a 46-year-old institution with three branches, 101 employees, and $448 million in assets. At the height of the real estate boom in December 2005, the Bank of Miami - formerly known as the International Bank of Miami - had assets of nearly $1 billion and 165 employees, according to FDIC data.

The Deposit Insurance Fund - which guarantees accounts up to $250,000 each - realized a loss of $64 million with the Bank of Miami failure, according to the FDIC.

"With two weeks to go in the year, Florida is poised to lead the nation with the greatest number of bank failures for 2010 ahead of Georgia, Illinois, California, and Washington state," said Peter Zalewski (bottom right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "Florida's ranking should come as no surprise given the significant amount of speculation - financed by bank loans - that occurred in Florida during the real estate boom. Consider that 185,000 condominium units - including more than 22,000 in Greater Downtown Miami - were created alone in the tricounty South Florida region since 2003.

"It is worth noting the FDIC has been preparing for a rash of Florida bank failures which is why it opened a 500-person bank seizure and asset sales office in the North Florida city of Jacksonville in 2009." 

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

Grubb & Ellis Represents MRS Investments in Purchase of Two Industrial Properties in Puget Sound, WA for $37.9 Million

 SEATTLE, WA (Dec. 20, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Matt McGregor (middle left photo), senior vice president, Industrial Group, Bill Condon (middle right photo), executive vice president, managing director, and Andrew Hitchcock (lower left photo), vice president, Industrial Group, represented MRS Investments in its purchase of Cedar River Corporate Park (top left photo) in Renton and the Lincoln Distribution Center (top right photo) in Kent for a combined total of $37.9 million. 

 “Each of these acquisitions presented a strong investment opportunity for our client for a number of reasons, including their excellent locations near major thoroughfares,” said McGregor. 

“Additionally, Cedar River Corporate Park is a brand new building and the only LEED-certified property of its kind in the Puget Sound, creating a unique competitive advantage.  Lincoln Distribution Center is fully leased and functions very well with a possible value-add prospect.”

Cedar River Corporate Park is located at 2200 Lind Ave. S.W. and consists of four buildings offering a total of 143,300 square feet of flex space.

  Purchased for $27 million, the newly constructed Class A business park holds the silver LEED certification from the U.S. Green Building Council. 

It is situated within close proximity to Interstate 405 and Highway 167.

Michael Ross, executive vice president, and Andrew Harper, vice president, members of Grubb & Ellis’ Institutional Capital Markets group in the company’s downtown Los Angeles office, assisted the Seattle team in the transaction.

 John Gilliland, John Sullivan and Charlie Farra of CB Richard Ellis represented the seller, Tarragon LLC, in the transaction. 

 Located at 5808 S. 196th St., the Lincoln Distribution Center is a 170,000-square-foot warehouse/distribution building that was purchased for $10.9 million.

 

The property was 100 percent leased at the time of sale to multiple tenants, including Pacific Power Generation and Certified Folder Display Inc. 

The property is situated within close proximity to Interstate 5 and State Route 181.  Richard Peterson of NAI Puget Sound Properties represented the seller, Lincoln Center LLC, in the sale.

Contact: Julia McCartney, Phone:714.975.2230                                     

Email: julia.mccartney@grubb-ellis.com

Wyndham Hotel Opens in Historic Baltimore Neighborhood

PARSIPPANY, N.J. (Dec. 20, 2010) – Wyndham Hotels and Resorts, LLC, a subsidiary of Wyndham Worldwide Corporation (NYSE: WYN), today announced its expansion in Maryland with the addition of the 104-room Wyndham Baltimore Peabody Court  (top left photo) in Baltimore’s historic Mount Vernon neighborhood.

Owned and managed by Silver Spring, Maryland-based Sunburst Hospitality Corporation, the 14-story property joins the Wyndham Garden Hotel Gaithersburg in Maryland in serving travelers visiting the greater Baltimore-Washington, D.C., area.

“Baltimore is a historic, vibrant city that attracts travelers from across the world for both business and leisure travel,” said Jeff Wagoner (lower right photo), president of Wyndham Hotels and Resorts.

  

CONTACT:

Kathryn Zambito

Public Relations Manager

Wyndham Hotel Group

22 Sylvan Way

Parsippany, NJ 07054

+1 (973) 753-6590

kathryn.zambito@wyn.com

Stan Johnson Co. Completes Sale of Blue Cross Blue Shield Building in Rockford, IL for $12.3 Million

Rockford, IL, Dec. 20, 2010 –Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a 77,200-square-foot office building 100 percent occupied by Blue Cross Blue Shield of Illinois to a California-based individual investor for $12.3 million.

The property is situated on 10.5 acres at 2787 McFarland in Rockford, IL.

Craig Tomlinson (top right photo), CCIM of Stan Johnson Company represented the buyer, a Chicago-based individual investor, in the transaction. Kevin Lynch of Sperry Van Ness represented the seller..

The property is one of two Blue Cross Blue Shield customer service centers in the upper Midwest serving the company’s health insurance clients. Built in 1999, the facility was built by Blue Cross and was sold in a sale-leaseback scenario in 2000.

“The health care industry continues to grow and provides commercial real estate investors an attractive investment for buyers looking for stability,” said Tomlinson.

“In this transaction, the buyer benefitted from a long term, triple net lease with Blue Cross Blue Shield, a leading health insurance company, and the seller secured a favorable sale price.”

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

NAI Realvest Negotiates New Industrial Lease for 2,700 SF in Poinciana CommerCenter East

ORLANDO – NAI Realvest negotiated a new lease agreement for 2,700 square feet at 1743 Business Center Lane at Poinciana CommerCenter East (top left photo) in Kissimmee. 

 Michael Heidrich, a principal at NAI Realvest brokered the transaction representing the landlord and developer, Small Bay Partners, LLC of Maitland and the tenant B.A.S.S., LLC. of Celebration, Fla.

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

     

BDG Construction Services Earns Contract to Build out Surgical Plaza at Florida Hospital East Orlando

 ORLANDO - BDG Construction Services, LLC, in Winter Springs recently earned a major contract to build out the interior of a new medical office at the Florida Hospital East Orlando Surgical Plaza (top left photo), located at 258 S. Chickasaw Trail in Orlando.

 Kevin Guffee, president of BDG Construction, said the contract includes 4,972 square feet of interior medical office space.

 Guffee said construction has already started and the new medical office will open in March.

 BDG Construction is a client of the University of Central Florida Business Incubation Program at the Business Incubator in Winter Springs at 1511 East State Road 434.

For more information, contact:  

Kevin Guffee, Principal, BDG Construction Services, LLC, 407-729-5832 kguffee@bdgcs.com;

Esther Vargas-Davis, Site Manager, UCF Business Incubator–Winter Springs, 407-278-4881, evargasd@mail.ucf.edu;

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

Major Leasing and Management Company President Sees Good Signs Ahead for Central Florida Economy

Scott  Crossman (left) and John Crossman (above) recently celebrated the 20th anniversary of Crossman & Company, one of the Southeast’s largest third-party retail leasing and management firms.

ORLANDO, FL. --- John Crossman sees some light shining through the challenges with the Central Florida economy.

 Crossman, who heads Crossman & Company, now celebrating its 20th year in business in Orlando and one of the largest and most active retail property specialists in the Southeast, said the biggest economic indicator---employment---may be weak but other signs are pointing in the right direction.

“Retail sales are a huge factor in the economy in Central Florida,” Crossman said. “Some retailers are sensing that the worst of the recession is behind us. The retailers who remain are in a better position now than before the recession began,” he explained.

 Those retailers who are left standing made the changes necessary for their survival. Retailers who are still operating today have a good chance of staying around. And, Crossman said, some retailers are looking to expand.

 “We will probably see some retailers fail next year but they will create opportunities for the ones that are growing,” he said.

Crossman said his associates report a big decrease in the number of tenants asking for rent relief. 

 “This is a great sign,” Crossman said. “It’s a clear indicator we have reached the bottom of the curve and we’re starting to see some upward progress.”

 Crossman said some retailers---Publix and Darden are two of the most prominent Central Florida companies---are expanding.

 “They are doing deals and gaining market share,” Crossman said.

 And as sad as it may be to see retail centers close, the aftermath will bring good news for families hoping for a paycheck.

“When the lenders get control of a property, they usually hire local companies like us to bring centers up to marketable standards,” Crossman said. “That means increased demand for landscapers, painters, cleaning companies and the like who are bearing the downturn in new construction,” Crossman said.

Lenders know what they are doing. Crossman said he knows of many REITs---Real Estate Investment Trusts---and private capital groups that are seeking commercial property investments.

 “The brokerage and acquisitions business will see a significant increase in 2011,” Crossman said.

 As the national economy begins to recover, Crossman said he expects Central Florida will be one of the biggest beneficiaries.

 “People who have been economizing through three years of recession are going to loosen the purse strings and that means family vacations,” Crossman said.

“We are very fortunate that our tourism industry here will help lead us out of the recession first,” he said. “We all owe a vote of thanks to Harry Potter and Mickey Mouse,” he added.

Contacts:

John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;

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