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LAKE CITY COMMONS SELLS FOR $ 11 MILLIONS. AUGUST 26, 2010. LAKE CITY, FL- An affiliate of Illinois -based Inland Group has acquired Lake City Commons, a 66,510 square foot shopping center in Lake City for $ 10.5 million. Inland purchased the property from an affiliate of Atlanta-based South Harbor Development. The property opened 100 % leased in 2008 and it was 100 percent leased when sold it. Nestled in a rural market between Jacksonville and Tallahassee, Lake City Commons is located at US Highway 90 & State Road 247. It's a quasi-transportation hub the first Florida town travelers meet as they cross the Georgia border an I-75. Lake City is anchored by a 45,000 sq ft Publix grocery store. It;s the only Publix within a 20-mile radios, positioning the property as a key retail destination for shoppers from a wide area. The property has a good history of retaining tenancy even we were in a really difficult economy says Carlton..

PRIVATE SECTOR JOB GROWTH REMAINS TEPID.. AUGUST 4, 2010. NEW YORK- Companies hired more workers in July but the gains are too slow to reduce unemployment and spur the economy, reports showed on Wednesday. The reports come two days before the government's more comprehensive jobs reading for the month and illustrate that while the economy's improvement, the jobs market has a long way to go. US private employers added 42,000 jobs in July. Separately the institute for Supply Management reported increased growth in the service sector in July. While its employment gauge for the sector indicated expansion for only the second time since December 2007. Employment levels are considered key to a pick up in consumer spending and to boosting overall US economic growth, which has shown signs of weakness in recent months.

CITY NATIONAL BANK REPORTS $ 34 M LOSS. AUGUST 4, 2010. FL -The normally profitable City National Bank of Florida dropped into the red in the second quarter. The Miami bank reported a $ 34million loss, mostly related to charges of bad loans. In May federal regulators said they found unsafe and unsound banking practices" and criticized the bank's loans concentrations, loss reserving and anti-money laundering enforcement. Despite the recent loss, City National Bank remains on solid footing. It is owned by Spanish banking giant Caja Madrid, which injected $ 100 million in capital into the bank in the first quarter. The bank has been opening new branches in South and Central Florida. The bank's net interest income of $ 29.8 million in the second quarter was down slightly from previous quarter.


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DUKE REALTY ACQUIRES ROYAL PALM BUILD.

SEPTEMBER 2, 2010 PLANTATION, FL - In a move to shift capital from Midwest suburban office assets to quality properties in other parts of US, Duke Realty has acquired the Royal Palms I and Royal Palm II, Class office buildings in Plantation. The seller was financial services firm TIA-CREF. Financial terms of the deal were not disclosed. Both Royal Palm I and Royal Palm II are located in the South-Pointe Center Office near I-595. Royal Palm is a nine story, 240,308 square -foot building that is nearly 88% occupied. Royal Palm II is an eight-story structure with 225,284 square-feet and 90% occupied. That beat the Broward County office market norm. Class A space has held its overall asking rental rate between $ 31 per square foot to $ 32 per square foot for the last two years. The vacancy rate in the second quarter settled at 19%, according to them. Duke's Realty acquisition of the Plantation office buildings follows the recent addition of two industrial and two office properties to its South Florida portfolio. In June 2010 Duke Realty acquired two 112,888 square foot industrial buildings in Pompano Beach. In March 2010 Duke acquired two class a office buildings in Miramar totaling 222,600 square feet. These two transactions represent the second time in 18 months that the class A properties exchanged ownership. In addition to these newly acquired properties, Duke Realty owns and manages four class A buildings in Sunrise totaling 478,173 square feet and four in Weston totaling 388,112 square feet. These are clearly Class A institutional grade office buildings in one of the premier suburban Broward County markets. There is very strong interest today in institutional quality class A assets. We are going to see another office building trade in downtown Ft Lauderdale in the very near future and that's going to be a larger deal than even the Royal Palm deals, they said. Ed Mitchell vice-president of Duke Realty is bullish on South Florida office market " Once we get job growth, there will be no space available" he says. "The market has stayed very well leased. It doesn't take much of an uptick in job growth to fill every building up" Lets see....

OCEAN BANK SELLS FORECLOSURED CONDOS FOR 51 % OFF.

AUGUST 5, 2010- Ocean Bank sold 128 condominiums units in Hialeah to a bulk buyer for 51 % off mortgage at the time it foreclosed on them. The Miami based bank won an $ 18 million foreclosure judgment in December against developer 4400 LLC. It was based on the $ 15.6 million outstanding on the loan, plus interest and fees. The bank later took title to the units in Casa Bella, which has six buildings at the southwest corner of West 46th Street and West 16th Avenue. According to our records uncovered by Bal Harbour-based Condo Vultures LLC, an affiliate of Ocean Bank sold the 128 units to DREA Group 29, a company based in Bay Harbour Islands and registered in Delaware, for $ 7.5 million. The price came to $ 58 a square foot. Before the foreclosure 4400 LLC had sold 52 units in Casa Bella for an average of $ 202 a square foot, Condo Vultures reported. New condo inventory marketed for bulk is rapidly being depleted in South Florida. Condo Vultures principal Peter Zalewsky said. "We expect that a majority of all future South Florida bulk deals will occurs in Miami's western suburbs or to the north in greater Fort Lauderdale and West Palm Beach." Ocean Bank lost $ 52.8 million in the second quarter mostly due to the falling value of the properties covered by its distressed loans.

WELLS FARGO LENDS $ 25 MILLION TO JACKSONVILLE MALLS.

AUGUST 23, 2010 - JACKSONVILLE, FL Wells Fargo funded a $ 25 million 5 years, fixed rate loan to refinance two neighborhood malls here, Atlantic Kerman and Marsh Landing attracted the lender with market-defying occupancy rates. The loan was originated by Scott Bois director of originations for Wells Fargo Real Estate Capital Market. Wells Fargo declined to comment the interest rate. "Both properties have consistently maintained a 90 % occupancy rate or better over the past couple of years and the rents have stayed strong. Both projects have good demographics based markets and have good operations. Located on 18.08 acres at the southeast corner of Atlantic and Kernan Boulevards in Jacksonville, Atlantic Kernan is a 163,270 square foot shopping center anchored by BJ"s Wholesale, Atlantic Kernan has seen recent lease wins including T. J Maxx and Shoe Carnival. Marsh Landing is a 59,586 square foot unanchored shopping center located at the southwest corner of Marsh Landing Parkway and South Beach Parkway in Jacksonville Beach. Both properties were built between 2001 and 2003. Atlantic Kerman is right in the middle of a big retail explosion Barry Goldstein, President of Goldstein Properties in Jacksonville says. "This is a market that is doing well and have done well. There will continue to be more development as the market recovers. they said.