FORT MYERS, Fla. (January 12, 2010) - LandQwest Commercial is proud to announce a sampling of their latest activity.
PLC Investors, LLC has purchased an 8,694 square foot office building for $1,100,000 from Tim and Marsha Shaw. The property is located at the former First Home Builders location at 1820 Colonial Boulevard in Fort Myers. Adam Palmer, Director of Office Division at LandQwest Commercial, negotiated the sale.
Darius Cochran has purchased 1.3 acres from Linda Wright for $65,000, located at 3086 Kennesaw Street in Fort Myers. Adam Palmer, Director of Office Division at LandQwest Commercial, negotiated the sale.
The Keys Bar & Grille has leased 5,109 square feet from Equity One Florida, located at the Pavilion Shopping Center on Vanderbilt Beach Road in Naples. Doug Olson, Retail Specialist of LandQwest Commercial, represented both the landlord and the tenant on this transaction. The Keys Bar & Grille, opening in February, will feature entertainment including dueling pianos on Thursday through Saturday evenings in a Key West setting where the party never ends!
Shell Gas Station/C-Store has leased 2,714 square feet of space from Major Gladiolus Trust, located at 11571 Gladiolus Drive in Fort Myers. Jennifer Horne, CCIM, Broker Associate of LandQwest Commercial, negotiated the transaction.
The Edge Dance Troupe has leased 2,400 square feet of retail space from the Bridge Plaza Fort Myers, LLC, located at the Bridge Plaza, 12901 McGregor Boulevard, Unit 10, in Fort Myers. Mary Beth Cangiano and Adam Palmer, of LandQwest Commercial, negotiated the transaction. The space will be used as a dance studio.
Tervis Tumbler has leased 1,380 square feet of retail space located at the Palm Pointe Shoppes in Fort Myers. Tom Strauss, Broker Associate of LandQwest Commercial, negotiated the transaction.
LandQwest Commercial takes great care and pride in perfectly matching clients and projects to fulfill our mission of "Integrity. Experience. Success!" Please visit us at www.lqwest.com or call 239-275-4922. ###
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Receivers take over when project crashes Job is to find agreement all parties can live with Sometimes it is better to hire a receiver than it is to give up on a commercial property that's in financial straits. That's the conclusion increasing numbers of lenders are coming to as the number of office buildings and shopping centers slipping into foreclosure continues to rise. "It's a busy time," said Jerry McHale, a Fort Myers-based certified public accountant. "I've been doing this for 35 years and I've never been busier." Bill Valenti, president of Florida Gulf Bank in Fort Myers, said hiring a receiver is no easy task. "Well, luckily, I'm not in the situation where I'm looking right now," he said, but when he needs one, matching the receiver to the job at hand is crucial because it's a sensitive job that requires a lot of discretion. "You've got to be able to search back and see what their successes have been," he said. "You want to collect as much money as you can for your shareholders but at the same time a scorched-earth approach to receivership leaves a bad taste in everybody's mouth" and may not be in the bank's long-term interest. Bankers don't typically hire a receiver except in large, complicated situations, he said. "It's not for an everyday commercial foreclosure." Usually, Valenti said, "The bank would hire an attorney to file the foreclosure, and probably a property manager, but a receiver, not really."
That company's sister company, LandQwest Commercial, is available to lease or sell the property if necessary and another sister company based in Ohio is in the business of buying the debt on a property that's in foreclosure. That can be useful because sometimes a bank simply wants out of the situation and might be willing to sell for less than the face value of a note, he said. "Generally it's the larger out-of-state lenders who will take an offer," McHale said. "Say they're owed $20 million on a $15 million property. The investor group says 'You've got a $20 million note; we'll give you $12 million for it today.'" Typically, he said, a borrower will petition the court in a foreclosure to appoint a receiver - the lender can recommend a receiver if it wants to. "I work for the court," McHale said. "I kid that I put on my yellow referee shirt." Generally, Cunningham said, the lender injects cash into the commercial project to keep it in good shape and protect the lender's financial interest. He's the receiver at Palm Pointe, a shopping center on U.S. 41 just south of Page Field in Fort Myers. Huntington Bank filed a foreclosure Aug. 14 against owner TGI Fort Myers 41 LLC, which bought the property for $22 million. LandQwest Commercial is handling the leasing and property management on that assignment, Cunningham said. But receivers often have to hire other experts for a particular task. Cunningham, for example, is in the process to hire a forensic accountant who has the skills to trace where the money has gone for a project. McHale is himself a forensic accountant, but said he sometimes needs to hire a commercial real estate brokerage to handle the leasing. "What I try and do is get the Realtor that is familiar with the type of property I have," he said - that can be a local company if the tenant likely would come from nearby, or a national broker if the space likely could be rented to a national tenant. But a receivership comes to an immediate halt, he said, when bankruptcy is declared - because of possible conflicts of interest, the bankruptcy trustee can't appoint the same receiver who is already in place. Valenti said there are so many factors that a receiver must deal with that the banker inevitably gives him a certain amount of discretion. "When a large commercial comes under duress and a lot of people have their hands out," he said. "It takes a receiver to get some kind of agreement everybody can live with." |
The Tampa Bay Business Journal’s List of largest privately held companies tells readers not only which locally based companies have the greatest revenues and who is running them, but also which have the longest histories and possibly the most promising futures. By showing the years the list makers were founded, the List reveals a diverse economy that has held together during good times troubled times alike.
Commercial Real Estate Listings
| Email: | scunningham@landqwestcommercial.com |
| Office Phone: | 239-275-4922 ext. 225 |
| Fax: | 239-275-4699 |
| Mobile Phone: | 239-910-4085 |
Professional Affiliations/Community Activities: MAI Member of The Appraisal Institute, CCIM Designee of the CCIM Institute, Member of the International Council of Shopping Centers, Florida State Certified General Real Estate Appraiser #RZ300, Florida Licensed Broker.
Sales of existing homes in Lee County rose sharply in September as prices continued to drop, according to statistics released this morning by the Florida Association of Realtors.
There were 746 houses sold with the help of a Realtor in September, up 9 percent from 684 in August, the association reported.
Meanwhile, the median price dropped 4 percent to $141,400 in September from $146,900 in August.
Prices have been falling since the collapse of the housing market in late 2005. Since the median price reached its all-time high of $322,300 in December 2005, the price has now fallen 56 percent.
This news paired with the start of the Neighborhood Stabilization Program, authorized July 30, 2008, provides governments with a source of funding to respond to rising foreclosures and declining property values.
Florida was allocated $541 million, which includes $91,141,478 awarded to the Department of Community Affairs, under the state’s Community Development Block Grant program, and approximately $450 million allocated directly to 48 local governments.
Eligible uses for the funds include:
• Buying foreclosed homes
• Buying land and property
• Demolishing or rehabilitating abandoned properties
• Offering downpayment and closing cost assistance to low- to moderate-income homebuyers
• Creating “land banks” to assemble, temporarily manage, and dispose of vacant land for the purpose of stabilizing neighborhoods and encouraging re-use or redevelopment of property
All governments must obligate the money within 18 months. If not committed to a program, HUD will recapture the funds and return the money to the taxpayers.
For a complete list of Florida’s city and state governments receiving money along with amount of funds, local foreclosure rates and home abandonment rates (PDF format), go to: HUD Florida city grants. Lee County was allocated over $27 Million in the program, and we are all anxiously awaiting to see how the monies are used locally.
Stephen A. Cunningham; MAI, CCIM
| Email: | scunningham@landqwestcommercial.com |
| Office Phone: | 239-275-4922 ext. 225 |
| Fax: | 239-275-4699 |
| Mobile Phone: | 239-910-4085 |
Spherion Corporation's Florida Employee Confidence Index continued its upward trend in September, increasing 2.2 points.
The Florida Employee Confidence Index increased 4.2 points to 44.1 in August, according to the latest Spherion Employment Report. The monthly survey of Florida workers, conducted by Harris Interactive on behalf of Spherion Corporation, reveals that the majority of workers (52 percent) are confident in their ability to find a new job and more believe the economy is remaining the same.
Results from the Florida Employment Report:
| Florida Workers | U.S. Workers | ||||||
| July | August | % Point Change | July | August | % Point Change | ||
| Economy | Getting Stronger | 9% | 7% | -2 | 5% | 8% | +3 |
| Staying Same | 10% | 26% | +16 | 21% | 27% | +6 | |
| Getting Weaker | 81% | 66% | -15 | 74% | 65% | -9 | |
| Job Availability | More Jobs | 9% | 5% | -4 | 10% | 11% | +1 |
| Same Amount | 14% | 26% | +12 | 28% | 29% | +1 | |
| Fewer Jobs | 76% | 69% | -7 | 62% | 60% | -2 | |
| Ability to Find New Job | Confident | 39% | 52% | +13 | 49% | 51% | +2 |
| Neutral | 35% | 25% | -10 | 31% | 31% | 0 | |
| Not Confident | 16% | 13% | -3 | 12% | 11% | -1 | |
| Future of Current Employer | Confident | 60% | 59% | -1 | 66% | 65% | -1 |
| Neutral | 24% | 28% | +4 | 22% | 23% | +1 | |
| Not Confident | 16% | 13% | -3 | 12% | 11% | -1 | |
| Likelihood to Lose Job | Likely | 19% | 13% | -6 | 13% | 13% | 0 |
| Neutral | 15% | 7% | -8 | 11% | 12% | +1 | |
| Not Likely | 66% | 80% | +14 | 76% | 76% | 0 | |
| Likelihood to Look for New Job | Likely | 31% | 32% | +1 | 33% | 37% | +4 |
| Neutral | 10% | 14% | +4 | 11% | 12% | +1 | |
| Not Likely | 59% | 53% | -6 | 56% | 51% | -5 | |
Stephen A. Cunningham; MAI, CCIM
| Email: | scunningham@landqwestcommercial.com |
| Office Phone: | 239-275-4922 ext. 225 |
| Fax: | 239-275-4699 |
| Mobile Phone: | 239-910-4085 |
Stephen A. Cunningham; MAI, CCIM LandQwest Commercial Managing Principal 12800 University Drive, Suite 150 Fort Myers, FL 33907 Office Phone: 239-333-4360 Mobile Phone: 239-910-4085
LandQwest Commercial is a full service West Coast Florida commercial real estate sales and leasing organization specializing in a variety of professional real estate services.
We are committed to excellence in every way; in our work ethic, in the services we provide, and in our relationships with our clients, employees, industries, and communities. If your business is looking to expand, relocate, develop, or enter the marketplace, consult with a LandQwest Commercial specialist today to provide prime site opportunities.
LandQwest Commercial abides by an unwavering philosophy of putting its clients first. Each highly-trained team member contributes a focused area of expertise tailored to each client's needs, desires, and investment portfolio. We deliver real estate and business solutions in a way that reflects our mission statement, with experience, integrity and a quest for success!
Our expert reputation and local knowledge of the West Coast Florida market are important ingredients to establishing a successful client relationship. As members of the nationally recognized CORE Brokerage Network, a 70-member strong group of hand-selected brokerage companies, we are committed to providing superior service.
Specialty Assignments Include:
Highest and Best Use Studies, Comparative Lease Analysis, Lease Versus Own Analysis, Comparing Ownership and Disposition Alternatives, Valuation and Feasibility Studies, Economic Base Analysis, Gap Analysis
Assignment Highlight:
Appointed as Receiver as part of a mortgage foreclosure complaint. The property was a residential condominium complex that was partially complete. The specific Receiver duties included: maintenance and repairs, completion of construction, management of operating account and insurance policies, record keeping and reporting, ensuring all Receiver Assets were in compliance with all laws and regulations and listing and sale of mortgaged properties.
Professional Affiliations/Community Activities
Email: scunningham@lqwest.com
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