| Orlando CNL unit scoops up 2 office buildings
With real-estate prices stable or falling and sellers shopping for buyers, CNL Commercial Real Estate in Orlando is on the hunt for multimillion-dollar deals. And it recently scored with two big ones.
The company, one of seven independent business units founded and controlled by Orlando real-estate mogul James Seneff, bought a $4.5 million office property in Central Florida Research Park and a $32 million, 12-story office building on Harbour Island in Tampa's central business district.
Both were acquired for "well below replacement cost," President Paul Ellis said Tuesday during an interview in the company's CNL Center II headquarters in downtown Orlando. More deals are in the works, he said, as the company looks to put its capital to work now that more bargains are cropping up.
Dynastrosi Labs hires recent WKU graduate
Ian Rice, a December Western Kentucky University graduate, was recently hired as a design engineer at Dynastrosi Laboratories in Bowling Green.Rice graduated with a degree in physics and will be responsible for developing conceptual designs and proposals for clients. He will be heavily engaged in additional research and design work for the company.Dynastrosi Laboratories is a research and development company providing engineering and design services for the wind energy, motorsports and aerospace industries.Nottmeier becomes principal broker Alex Nottmeier has been promoted to principal broker of Neal Turner Realty.Nottmeier has been a commercial real estate agent with Neal Turner Realty for more than 11 years, serving sellers, buyers, tenants and landlords with their commercial and industrial real estate needs throughout southcentral Kentucky.Nottmeier is one of only seven individuals in Kentucky to earn both his Certified Commercial Investment Member and Society of Industrial and Office Realtors designations and the only one in Kentucky with both designations outside Lexington or Louisville markets.Neal Turner Realty, founded more than 20 years ago, is a boutique commercial real estate brokerage firm in Bowling Green.Embry becomes KOEMA presidentDr.
Although space abounds, downtown office rents still high
Manekin, a broker with Staubach. "Traditionally, landlords have lowered their rent to increase occupancy, and I don't see this time being any different." For the fourth quarter of 2007, downtown rents increased about 14 cents, up about $1.33 from this time last year, according to Lutherville brokerage MacKenzie Commercial Real Estate Services LLC. Top tier, Class-A+ office space reached $27.14 per square foot, which is down about 12 cents from last year but up $1.31 from the same period last year. .
NNN Realty Advisors Stockholders Approve Merger
SANTA ANA, Calif., Dec. 6 /PRNewswire/ -- NNN Realty Advisors, Inc. stockholders, who met earlier today in a special meeting in Costa Mesa, California, have voted to approve and adopt the previously announced agreement to merge with Grubb & Ellis Company (NYSE: GBE) . Approximately 97.2 percent of the votes cast were in favor of the transaction, which represents approximately 79.2 percent of the shares of NNN Realty Advisors common stock outstanding. Upon completion of the proposed merger, NNN Realty Advisors stockholders will receive 0.88 shares of Grubb & Ellis common stock for each share of NNN Realty Advisors common stock outstanding. The merger agreement was first announced on May 22, 2007. NNN Realty Advisors, Inc. NNN Realty Advisors is a nationwide commercial real estate asset management and services firm that sponsors real estate investment programs to provide investors with the opportunity to engage in tax-deferred exchanges of real property and to invest in other real estate investment vehicles, including public non-traded real estate investment trusts and real estate investment funds.
Koontz McCombs, LLC
Koontz McCombs, headquartered in San Antonio, Texas, is a multi-faceted commercial real estate company with active disciplines in Development, Construction, Leasing and Property Management. This unique combination of services provides our clients a single, seamless point of contact for all their commercial real estate needs. Koontz McCombs has been involved in the development and/or acquisition of over 1,600,000 square feet of commercial property. Koontz McCombs is active in the Texas market, specifically San Antonio, Austin and Houston. Koontz McCombs, LLC Executives Bart C Koontz [Chief Executive Officer] Troves B Gilbert [Chief Financial Officer] Alex H Yount [Vice President, Koontz McCombs Realty Services, Inc.] Monte Barrett [Vice President of Multifamily Construction, Koontz McCombs Construction, Ltd.] Thomas Wells [Vice President of Multifamily Development] .
LandAmerica Financial Group, Inc. Company Profile - View LandAmerica ...
About LandAmerica Financial Group, Inc. Conferring a title on you! Based in Richmond, VA, Landamerica Financial Group Incorporated (NYSE: LFG) provides title insurance policies and performs other services for residential and commercial real estate transactions. It offers title search and examination services and does title underwriting through its subsidiaries. The company services the national and regional mortgage lending community. It provides services and products to real estate agents, lenders, property buyers, and others through about 10,000 agents in over 800 offices. The company has revenue of $3.9 billion and employs about 12,200 people. LandAmerica Financial Group, Inc. Executives Herbert Wender [Chief Executive Officer] Theodore L. Chandler, JR. [Chief Executive Officer] Albert Will [President ,Lender Services] Jeffrey C.
Possible commercial real estate boom hinges on economy's strength
When it comes to commercial real estate, Orlando is among the 10 top markets in the country to watch in 2008, according to Sperry Van Ness, one of the nation's largest commercial real estate brokerages.
In its 2008 forecast, the company notes that Orlando has "distinct dynamics that helped it rise into this elite class" of cities and regions that show "the greatest potential."
Sperry, which recently opened an Orlando office, projects that industrial rents in the local market should rise an above-average 3.19 percent in 2008, to $5.18 per square foot a year, as vacancies continue to shrink.
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Brokerage firm acquires Kingston group
Pyramid Brokerage Company recently announced its acquisition of Kingston-based Upstate Commercial Group.
Pyramid Brokerage is a regional commercial real estate services firm specializing in industrial, retail and office sales and leasing. Offices are in Albany, Binghamton, Buffalo, Corning, Elmira, Ithaca, Kingston, Rochester, Syracuse, Utica and Watertown.
Upstate Commercial Group was founded in 1996 as a New York and Connecticut licensed commercial real estate company providing brokerage services, consulting and investment analysis.
Upon the merger of the two firms, Steven Perfit, president of Upstate Commercial Group, will become managing director of Pyramid Brokerages Hudson Valley operations. .
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