3
HFF
AREA LEADER
MANNY DE ZARRAGA, Executive Managing Director
Total Dollar Volume of Sales Closed: $1,051,000,000
HFF has maintained a strong Florida presence since the late
1980s. With 32 employees in its Miami office, the firm provides a fully integrated national capital markets platform,
including debt placement, investment sales, advisory services, structured finance, private equity, loan sales and commercial loan servicing.
HFF’s closing of nearly $2 billion of capital markets transactions in Florida is indicative of the pervasive “value-add” capital markets demand caused by the global financial crisis. More
than half of that amount consisted of investment sales transactions— 28 total deals involving 680 units and 6. 3 million square
feet of real estate.
At the tail end of 2010, HFF negotiated the $105.5-million
sale of the iconic Downtown Miami Tower to I&G Miami. Blue
Capital US East Coast Properties, LP’s divestiture of the
600,000-square-foot office property was believed to be the
highest-valued real estate trade in Miami for 2010. The property, which also has 20,000 square feet of retail, was 80% occu-
Colliers International
4
AREA LEADERS
DONNA ABOOD, CEO, Colliers International South Florida
LEE ARNOLD, Chairman and CEO, Colliers International Tampa Bay,
Central and Southwest Florida
ROBERT W. SELTON III, CEO, Colliers International Northeast Florida
Total Dollar Volume of Sales Closed: $1,018,000,000
Colliers International’s statewide offices—comprised of Tampa
Bay, Central Florida, Southwest Florida, Northeast Florida and
South Florida—closed 197 sales during 2010 for a total of 35. 2
million square feet. During that time, the firm maximized the
value of the bankruptcy sale of University Shoppes, a
122,000-square-foot neighborhood shopping center in Miami.
The property sold at auction for $21 million, exceeding the stalking horse offer by more than $4 million. Colliers provided receivership, property management and disposition of the asset.
In addition, brokers at the firm’s Tampa Bay and South
Florida offices sold the 158-unit Waterscape Resort
Condominiums in the Florida panhandle city of Fort Walton
Beach for $23.5 million. The three-building property was
built as condos in 2008, became distressed due to low unit
sales volume and was subsequently foreclosed on by the
lender. Sundal Collier ASA, a foreign capital fund, purchased the asset, and Colliers’ fractured condo-sale brokers
26 REAL ESTATE FORUM APRIL 2011
TOP-PRODUCING SALES BROKERS
MANNY DE
ZARRAGA
Exec. Managing Director
DANNY FINKLE
Managing Director
DAN PEEK
Sr. Managing Director
pied by Carlton Fields, UBS Financial Services, law firm Boies
Schiller & Flexner, Vector Group and law firm Buchanan
Ingersoll & Rooney, among others. The high price and occupancy of the trophy tower are indicative of high-quality assets
retaining their value despite Florida’s market woes during the
downturn.
“HFF’s fully integrated capital markets approach, with highly
tuned property sector expertise, allows us to serve the vast capital needs of the Florida commercial real estate industry, particularly for those seeking to capitalize on the strong investment
opportunities that lie ahead for all property sectors,” explains
HFF’s executive managing director, Manny de Zarraga.
TOP-PRODUCING SALES BROKERS
JOHN K. CROTTY
Senior Vice President
and Partner, South
Florida
GARY MONTOUR
Senior Vice President,
Northeast Florida
JOHN STONE
Managing Director of
Multifamily Services,
Tampa Bay
sold the remaining 116 unsold units in bulk.
The velocity of distressed commercial sales transactions will
increase in the Southern Florida real estate market. “Pricing
for all property profiles will firm, giving both owners and users
greater confidence in the marketplace,” according to Colliers
International’s Florida area leadership. “Stabilized assets for
sale will continue to be aggressively priced with many suitors.
Credit markets will continue to heal with increased CMBS and
commercial bank lending activity. Leverage is inching back up
to 80% loan-to-value from the more conservative 70-75%
throughout last year.” Many owners, they add, may miss an
opportunity to sell property in 2011 if interest rates rise as the
corresponding increase in cap rates will eliminate much or all
of the rent growth expected.
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