owned Sisters’ Subs use to deliver to them on a regular basis.

The Real Deal Miam

Weston office portfolio sells for $16.1 million

February 29, 2012 05:00PM By Alexander Britell

One of the buildings in the Weston portfolio

A 61,264-square-foot office portfolio in Weston has been sold to two Florida-based limited liability

companies for $16.1 million. Sterling Investments I and Sterling Investments II, both of which

list Mark Toennes as manager, purchased the properties.

The portfolio, which is located at 2000 and 2002 Ultimate Way, consists of two class-A office buildings.

The $16.1 million purchase price includes $10.4 million for 2000 Ultimate Way and $5.7 million

for 2002 Ultimate Way, according to the Broward County Property Appraiser’s office.

Toennes is the president of Belgravia Management, which made its first  foray into the South Florida

market with the purchase of Airport Financial Center in Miami Springs in March 2011.

“We had several pretty strong bidders, and settled on the one who ended up buying it,”

said David Duckworth, vice president at Flagler Real Estate Services, who represented the sellers,

TP Eight and TP Nine, both LLCs as well. “It’s got a very strong tenant with Ultimate Software

in the building, and in Weston, an excellent location.”

According to Flagler, the deal is one of the largest office transactions in Broward County this year,

a sign that the market north of Miami could be on the upswing.

Much of that could be coming from increased leasing activity, according to Duckworth.

“Obviously that affects the investment side of things, and [leasing brokers] are very optimistic,”

he told The Real Deal. “I would say the Broward County office market is picking up steam, and things

are really starting to happen.” The portfolio is 100 percent leased.

Toennes could not be reached for comment.

Tags: david duckworth, flagler real estate services

Home builders: Twice as many ‘improving housing markets’

WASHINGTON – Jan. 10, 2012 – The number of housing markets showing measurable improvement nearly doubled in January with the addition of 40 new metros to the National Association of Home Builders/First American Improving Markets Index (IMI). The IMI now shows 76 improving markets, up from 41 in December, with 31 states and the District of Columbia represented by at least one entry.
In Florida, three cities made it onto IMI’s improved list: Jacksonville, Cape Coral and Punta Gorda.
“The fact that the list of improving housing markets nearly doubled this month shows that a significant, positive trend is developing, and is even more relevant when you consider the expanding geographic distribution of the list – which now includes 31 states and the District of Columbia,” says NAHB Chairman Bob Nielsen. “This trend could be even stronger if not for the numerous impediments that continue to slow a housing and economic recovery, including overly restrictive lending policies and the growing inventory of distressed properties in certain markets.”
The IMI is designed to track housing markets throughout the country that are showing signs of improving economic health. The index measures three sets of independent monthly data to get a mark on the top improving Metropolitan Statistical Areas. The three indicators that are analyzed are employment growth from the Bureau of Labor Statistics, house price appreciation from Freddie Mac, and single-family housing permit growth from the U.S. Census Bureau.
NAHB uses the latest available data from these sources to generate a list of improving markets. A metropolitan area must see improvement in all three areas for at least six months following their respective troughs before being included on the improving markets list.
“While relatively small metropolitan areas continue to dominate the list of improving housing markets, it’s important to note that several major metros in diverse parts of the country have now joined the field as well – including such metros as Dallas, Denver, Honolulu, Indianapolis, Nashville and Philadelphia,” says NAHB Chief Economist David Crowe. “This is an encouraging sign that gradually strengthening economic conditions are starting to take hold across a broader swath of America.”
Five metropolitan areas dropped from the IMI in January, though none in Florida. A complete list of all 76 metropolitan areas currently on the IMI is available on NAHB’s website.
© 2012 Florida Realtors®