Fourth-Quarter Trends, Immigration Law Foretell Increase in Foreign Investment in Florida Commercial Real Estate Projects

MAITLAND, Fla. --- Positive fourth-quarter economic trends will likely lead to increased foreign investment in Central Florida commercial real estate development, particularly benefiting assisted living facilities, according to longtime regional real estate investment expert George Livingston. Livingston, chairman of NAI Realvest in Maitland, said a law President Obama signed three months ago to extend the nation’s EB-5 immigration policy came at just the right time. “Sales of industrial properties are up, office prices have improved, sales of large regional retail malls have been strong, and the financing environment is improved with low interest rates that are falling still,” Livingston said. “Overall, real estate prices are generally stable with hotel prices lower, however, apartment prices continue to show strength,” he said. But the real gem is found in senior housing, Livingston said. “Senior housing occupancies have improved and rents are trending higher,” he said. Assisted living facilities are among the best positioned for the international EB-5 investors due to the high new job count and positive outlook for this section. Under EB-5 rules, foreigners can obtain a two-year resident card for their entire family if they invest a minimum of $500,000 in a “Targeted Employment Area”--- a high unemployment or rural area --- that creates or preserves at least 10 jobs for U.S. workers, not including the investor’s family. The bill President Obama signed extended a provision creating Regional Centers to facilitate foreign EB-5 investment. Florida has 22 Regional Centers, second only to California. “The market now favors acquisition of U.S. real estate, particularly apartment and senior living properties in select markets,” Livingston said. There currently is a shortage of capital for new development in the U.S., so now is the appropriate time for foreign investors who want a U.S. Visa to join with an experienced developer in a Regional Center to construct a high job-producing commercial property such as a hotel or assisted living facility,” he said.

NAI Realvest Negotiates Two Lease Agreements for Class A office space in Lake Mary

ORLANDO, Fla. – NAI Realvest recently negotiated a new lease and a sublease totaling 3,055 square feet of Class A office space in Lake Mary. Senior Broker-Associate Mary Frances West, CCIM represented SubTenant Atlantic Coast Financial Corporation d/b/a Atlantic Coast Bank in the Sublease of suite 4019 with 1,629 square feet at 1001 Heathrow Park Lane a/k/a International Blvd. American Pioneer Life Insurance Company, the SubLandlord, was represented in the transaction by Mike Phipps of CB Richard Ellis. West represented landlord Maya Associates LLC of Okemos, Mich. in a lease agreement with Global KTech, Inc. for suite 200 with 1,426 square feet at The Crystal Center, 3300 West Lake Mary Blvd.

NAI Realvest Executive gives Receivership presentation to Commercial Property & Asset Managers

MAITLAND, Fla. --- Mez Birdie, CCIM, CPM, SCSM, director of special assets at NAI Realvest in Maitland, gave a presentation on foreclosure and receivership services to more than 100 commercial property and asset managers who participated at the NAI Global Conference in Miami. Birdie, who is Receiver for banks, special servicers and various lending institutions, said that foreclosures will continue through 2013 due to many commercial loans not qualifying for refinancing.

DiMucci Companies and Realty to Open New Headquarters Facility in Port Orange

DAYTONA BEACH SHORES, Fla. --- The DiMucci Companies started construction of a new 3,000 square foot office building at 51 Dunlawton Ave. in Port Orange. Anthony DiMucci, president, said the office building will serve as headquarters for the DiMucci Companies and DiMucci Realty. The building will be completed and ready for move-in by the end of the year, DiMucci said. Currently DiMucci Realty and DiMucci Companies are headquartered in a temporary office structure on the site of the new office building. The DiMucci Companies is the developer of the DiMucci Twin Towers oceanfront Condominium on S. Atlantic Ave. in Daytona Beach Shores and Bouchelle Island in New Smyrna Beach.

STONEGATE GOLF CLUB TO HOST TEAM IN TRAINING CHARITY GOLF TOURNAMENT DEC 2

OSCEOLA COUNTY, Fla. -- Stonegate Golf Club at Solivita in Osceola County will host a charity golf tournament Dec 2 to raise funds to support Team in Training, an organization that supports Leukemia/Lymphoma awareness and research. Arto Rahmani, vice president of Food and Beverage operations for Celebration Golf Management LLC and general manager of Solivita Club Services LLC said Stonegate Golf Club lost an employee recently who was very well liked by the clubs members and guests. Samantha Zeitchik-Collins worked in the Food and Beverage Department at Stonegate until 2009 when she lost her battle with Leukemia. She left behind her husband Chris and two children Daniel and Hailey. “Stonegate Golf Club hopes individuals and groups who want to raise money to help find a cure for this disease will participate in the golf tournament,” Rahmani said. Registration and play in the tournament costs $65 per person and includes 18 holes of golf, lunch, prizes, and a taste of Celebration Golf Management signature drink specials on the golf course. For further information or to register for the event or to make a donation, please contact the Stonegate Golf Club professional staff at 863-427-7150 or email Head Golf Professional Chris Russell at crussell@cgmgolfproperties.com.

ONLY 12 HOME SITES REMAIN FOR SALE AT PALM COVE IN WESLEY CHAPEL

TAMPA, Fla. --- Only 12 single-family home sites remain for sale at Palm Cove, located on located in Pasco County off Vandine Road and S.R. 54 in Wesley Chapel. Michael Roche, vice president of sales and marketing for Ashton Woods Homes in the Tampa Bay region, said new three, four and five-bedroom homes at Palm Cove range in size from 1,634 square feet of living space to 2,639 square feet priced from $157,990. Six distinctive floor plans are available at Palm Cove in one and two-story designs, Roche said. Ashton Woods Homes, headquartered in Atlanta, is one of the nation’s largest private homebuilding companies with operations in growth communities in Atlanta, Austin, Dallas, Houston, Killeen, Orlando, Phoenix, San Antonio, Raleigh and Tampa. For more information, visit http://www.ashtonwoods.com .

MERITAGE HOMES PROMOTES BRIAN KITTLE TO DIVISION VICE PRESIDENT

ORLANDO, Fla. --- Meritage Homes has promoted Brian Kittle to division vice president. Clint Szubinski, president of Meritage Homes in the Orlando region, said Kittle joined Meritage Homes four years ago as director of sales, and was named as vice president of sales for Orlando a year ago. Kittle, who earned his B.S. Degree in Business Administration from Youngstown State College in Ohio, has more than 12 years of experience as a home building executive.

Aloma Business Center completes new lease for 2,814 square feet, Winston James Development negotiates transaction

WINTER PARK, Fla. --- Winston James Development, Inc. of South Daytona Beach recently negotiated a lease agreement at its Aloma Business Center development off Aloma Ave. in Winter Park. The new tenant, Performance Roofing, LLC leased 2,814 square feet of office/industrial space. The residential and commercial roofing firm is relocating from another Orlando area facility, Jamie Adley, president of Aloma Business Center, said.

Cuhaci & Peterson Architects to design new Bottom Dollar Store in Downtown Philadelphia

ORLANDO, Fla. --- Cuhaci & Peterson Architects, based in Orlando’s Baldwin Park, was recently awarded a contract to design a new Bottom Dollar Store on Girard Avenue in downtown Philadelphia. Bottom Dollar is part of the Food Lion stores based in North Carolina. The developer is Soloff Development. Lonnie Peterson, chairman of Cuhaci & Peterson Architects, said the store will offer 10,000 square feet of retail space.