Commercial & Residential Property Blog

Mar 8, 2010 – New York, N.Y.– Carlton Advisory Services Inc. has been retained to bid more than $300 million of hospitality, multifamily, office, retail and land assets, according to Carlton Chairman Howard L. Michaels. The majority of the assets are located in Florida, with the remainder located in California, Virginia, Missouri, Minnesota, Nevada, S. Carolina and Tennessee.

The event is an opportunity to acquire cash flowing hospitality, multifamily, office and retail assets, says Carlton. There are also well located and highly desirable land assets being offered which are situated in locations near major tourist destinations, according to the company.

The sale offers investors the ability to maximize value through capitalizing on the premier locations, quality construction and wide variety of high yield, says Carlton.

One of the unique aspects of the sale is that potential buyers can view the assets and bid on a first come, first serve basis through the CEX REO MLS Exchange. This Carlton-created platform allows bidders to bid on the property of their choice in a timeframe which is comfortable for investors. This is a tremendous advantage for bidders as Carlton is offering the properties individually (rather than in large, bulk packages which tend to favor institutional investors), and bidders don’t have the pressure of having to bid on large amounts of properties on tight, sealed bid timeframes.

Assets being offered include:

·         Located at the entrance to the Magic Kingdom in Anaheim, Calif, major development rights to build 400 hotel/timeshare condo units within an existing master planned development with 400,000 square feet of mixed use retail, restaurant and event facilities.

·         A 140-acre resort development site near the entrance to Walt Disney World Resort entitled for hospitality, residential and commercial uses in Orlando, Fla.

·         A 160-unit garden style apartment community offering amenities including two pools, a laundry facility, tennis and sports court and a playground in Orlando, Fla.

·         A 314-unit apartment community with three swimming pools, four laundry facilities, tennis and basketball courts in Tampa, Fla. The property is located near the University of South Florida, in a submarket which continues to show strong occupancy numbers.

·         A golf and tennis resort with 593 total apartments and two 18-hole golf courses on the Shores of Lake Marion in Central Florida. In addition, there is a 100,000+ sq.-ft. convention center, golf pro shop, restaurant and bar, swimming pool and a 20-court tennis facility.

·         A built, operating 500-room hotel located in close proximity to Walt Disney World Resort in Orlando, Fla.

·         A 73-acre resort development entitled for retail, residential and commercial uses in Kissimmee, Fla.

A new pocket guide co-published by the National Association of Home Builders (NAHB) and the International Code Council® (ICC) provides critical answers to the most frequently asked residential construction jobsite code questions.

More than 3,100 state and local government agencies have responded to the U.S. Department of Housing and Urban Development’s campaign to expand hiring and contracting opportunities for low-income persons. As a result of the effort, three out of four HUD-funded state and local agencies submitted required annual reports, the largest response since HUD made Section 3 reporting mandatory.

Capital Senior Living Corporation, one of the country’s largest operators of senior living communities, announced today that Midwest Portfolio Holdings II, LP, a joint venture in which it holds a 15% partnership interest, has entered into an agreement to sell three senior living communities to Health Care REIT, Inc. Upon closing the transaction, the Company will lease the communities from HCN. The Company currently manages the three communities in the joint venture under long-term management agreements.

Essex Property Trust, Inc. (NYSE: ESS), a fully integrated Real Estate Investment Trust (REIT) that invests in apartment communities located in highly desirable, supply-constrained markets, announced today that the Company has entered into a venture to acquire Essex Skyline at MacArthur Place, a 349-unit high rise condominium project in Santa Ana, California for $128 million.

About 36,000 employees were shown the door in February, according to the Bureau of Labor Statistics on Friday, but it wasn’t enough to budge the official unemployment rate of 9.7 percent. Moreover, it was fewer job losses than expected.

Based General Growth Properties Inc. may be able to sidestep Simon Property Group and other unwanted suitors under a formal proposal made on Monday by Fairholme Capital Management L.L.C., one of its largest unsecured creditors, and Pershing Square Capital Management, one of GGP’s largest equity holders and a significant unsecured creditor as well. Under the terms of the deal, Fairholme and Pershing Square would commit $3.925 billion of new equity capital at a value of $15 per share to facilitate the company’s emergence from bankruptcy.

Inland Real Estate Acquisitions Inc. has completed a $424 million acquisition of 16 shopping centers comprising 3.5 million square feet. The acquisition was made from a joint venture between TIAA-CREF and Developers Diversified Realty.

Condominium and home owners associations desperate for money are experimenting with a tactic called “reverse foreclosure” to force banks to pay association fees.

Taxpayers in high property-tax states all over the country are fighting back, including packing up and moving to states where the property tax burdens are lower.