Tameer lends support to 'Hope Wedding'

Tameer lends support to 'Hope Wedding' Sharjah, May 29th, 2007 (WAM) - As part of its corporate social responsibilities and objectives in supporting and giving back to societies, Tameer Holding, the region's most pioneering real estate firms, has again reconfirmed its commitments in building bridges with the society with its recent sponsorship to Al Amal mass wedding of 60 couples with special needs that was held under the sponsorship of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and was attended by Sheikh Hamdan bin Rashid Al Maktoum, Dubai Deputy Ruler and Minister of Finance and Industry..

Tameer's sponsorship of this occasion marks the firm's latest activity on its corporate social responsibility timetable of events that sees Tameer giving back to the community. Most recently the firm sponsored Abu Dhabi Conference and exhibition of People with Special Needs (ADDEX) that was held in Abu Dhabi on March 28th 2007, exclusively sponsored the 30th Anniversary of the German School of Sharjah and also dedicated 2 school buses as a gift to the Early Intervention Center in Sharjah City for Humanitarian Services, to name a few.

“Tameer has consistently endeavored to give back to society through various means, either through building real estate masterpieces or through the sponsorship of events that is guaranteed to build and boost bonds and relationships with social, environmental and charity organizations,” said Omar Ayesh, President of Tameer Holding..

“We, at Tameer, consider social responsibility a very seriously operational function in our industry and we view it as an integrated part of our development firm. This aspect of business is an essential pillar of our achievements and is as important as all the various other components needed for any corporate entity to be a success in this day and age.” he added.

'Al Amal' second mass wedding designed to promote social awareness about equal opportunities has been intended to further shine the spotlight on those coping with special needs. Named 'Wedding of Hope', Sheikh Mohammed bin Rashid Al Maktoum awarded the marrying couples 70,000 dirhams each, in order to help them enter marital life free of financial debts and burdens..

Amegy Bank may be Uptown-bound

A downtown Dallas banking operation is eyeing a move to a new Uptown building.

Real estate brokers say that Amegy Bank is shopping for as much as 70,000 square feet of office space in the Saint Ann Court tower.

The 27-story office project is being built at Harry Hines Boulevard and Moody Street just north of downtown.

If Amegy Bank makes the move, the new offices would be a high-profile replacement for its Dallas operations center, now at 1807 Ross Ave. The bank has been in the building since 2004.

Amegy Bank wouldn't confirm Friday that it is talking with Saint Ann Court developer Harwood International.

Amegy spokeswoman Leigh Akin said that while the bank is expanding its retail operations in North Texas, "no decisions have been made about relocating the Dallas corporate headquarters at this point."

Harwood International officials would neither confirm nor deny real estate industry chatter that they are in talks with Amegy.

The 320,000-square-foot Saint Ann Court building was already about 40 percent leased thanks to a new lease with law firm McGuire, Craddock & Strother PC. The tower is set to open in early 2009.

In the same area, real estate brokers say that Ernst & Young is closer to announcing a lease in the Victory Park complex.

The accounting firm has been talking with developer Hillwood about moving into a new building in the mixed-use project.

Hillwood recently started construction on its 20-story One Victory Park office tower. And a Hillwood executive said the developer hopes to announce plans soon for a second Victory Park tower.

Texas Capital Bank -- which is already in Uptown -- will move its operations in late 2008 to the 2000 McKinney office tower, which is under construction at Woodall Rodgers Freeway and Olive Street..

Turtle Creek tower won't become condos

In what may be the first sign that Dallas' condominium craze has its limits, a Turtle Creek project is shifting gears.

Instead of converting the building to condos, the owners of the Rienzi tower are refocusing the property as a rental project, real estate brokers say.

The nine-story, 154-unit residential building at 3500 Fairmount St. has been owned since March by TA Associates Realty of Boston. In April, the building began converting from apartments to condominiums, with units priced from $215,000 to $1.2 million.

But after selling more than a dozen units, the owners have decided not to continue the project.

"At this point, I would say it is in question," said Reid Parker with TA Associates.

TA Associates is refunding condo buyers and has hired apartment developer ZOM Texas Inc. to lease the building.

Real estate brokers familiar with the move say the change of plans was due in part to the shifting rental market in Dallas. Apartment demand is at its highest point in years, and vacancy rates are falling.

Sales of the condos at the Rienzi were also slower than expected.

"It's a wake-up call," said Mike Puls, with Dallas condo and apartment analyst

Foley & Puls Inc. "You can't convert every apartment into condominiums just because you think it's a good idea."

Mr. Puls also said that investors -- which may make up as much as 25 percent of the high-rise condo market in Dallas -- have gravitated to high-profile buildings such as the W Dallas Victory Hotel and Residences and the Residences at the Ritz-Carlton.

"The buyers are sophisticated -- they always buy the best units," he said

Crisp commercial building repossessed

A Stockdale Highway office building real estate salesman David Crisp bought in April has been foreclosed on.

Earlier this year, Crisp said the $2.5 million building would serve as the sales office for a luxury condominium project he and one-time business partner, Carl Cole, had proposed to develop on the Cal State Bakersfield campus. Cal State ended project negotiations with the former Crisp & Cole Real Estate agency principals in July.

In August, the office at 8800 Stockdale Highway went into default.

Crisp owed more than $2 million on two loans borrowed against the 10,000-square-foot space on Thursday, when it was put up for public auction on City Hall's steps.

The property was repossessed by the lender, the Los Angeles-based Lone Oak Fund LLC, after no buyers responded to the opening bid of $1,534,000.

Crisp did not return a voice message asking for comment Thursday.

In September, federal agents searched 13 Bakersfield properties related to the now-defunct Crisp & Cole agency.

No charges have been filed, but the FBI investigation is ongoing.

As of early December, associates of the former Crisp & Cole company had defaulted on more than 100 properties, according to an ongoing Californian tally of public records.

So far, at least 62 have been foreclosed upon.

Ybor fish market, empty lot expected to fetch top dollar

In an area where street parking is scarce, the S. Agliano & Sons Fish Co. is one of Ybor City's only Seventh Avenue storefronts to come with vacant land, making it prime real estate.

The Agliano family announced plans to close the business and sell the property Tuesday, but suitors had been making offers for quite some time.

Now the offers are rolling in. Interested buyers' plans include opening a restaurant, building condominiums and erecting a hotel behind the existing building.

Real estate experts say the two pieces of property together could sell for $1 million or more, although the property appraised much lower.

But what kind of business will take the fish market's place? And how could it change the atmosphere in a historic district struggling to shed its party reputation?

Vince Pardo, president of the Ybor City Development Corp., said several hotel chains have offered to buy the property over the past three years. Some wanted to build a hotel abutting the fish market building and use the storefront as an entrance, he said.

All new construction in Ybor City's historic district has to be approved by the Barrio Latino Commission, which strives to make sure changes fit Ybor's character. Tearing down historic buildings is prohibited.

That's another reason, Pardo said, that the Aglianos' vacant land is so attractive to developers.

Rick Wolfe, the broker representing the family, said his clients decided against an asking price because they feared it could value the property too low. Instead, they will entertain offers, he said.

The family also hasn't decided whether to sell as a package the 3,104-square-foot building at 1821 E. Seventh Ave. and the 26,600-square-foot property behind it.

One potential buyer, Wolfe said, is someone involved with the nearby Italian Club who wants to use the vacant land as parking for the social club.

Another interested buyer, he said, is a prominent Ybor City restaurateur who might want to open another restaurant. One developer has discussed a mixed-use project of retail and residential.

"Right now, we can't say what the highest and best use of the property is," said Wolfe, with Rick Wolfe & Associates Inc. As the seller's representative, Wolfe said he will discuss options with Ybor City development groups before the Aglianos accept an offer.

Stephanie Agliano, whose mother took over the business last year after her husband died, serves on the boards of the Ybor City Chamber of Commerce and the Ybor City Development Corp.

While the closing of the landmark market is particularly sad for her, the open storefront should be viewed as an opportunity for Ybor City.

"You have to step back and say, "Gee, what do we need to fill in the blank?' " Agliano said.

The Agliano building is wet zoned, which means it could become a bar. Some worry that another bar or restau rant would hinder the city's efforts to diversify Ybor's businesses and attract an older clientele.

The Hillsborough County Property Appraiser values the building at $164,038, though its appraisals traditionally are much lower than market value.

Bob Zegota, of Grubb & Ellis commercial real estate, has been involved in other Ybor sales and said land along Seventh Avenue is selling for $15 to $20 a square foot, which would bring the value of the two properties to just less than $600,000. Zegota said he wouldn't be surprised, though, if the Agliano property sells for much more.

The vacant land behind the building could be worth more than the building itself, Zegota said.

"It's prime property," he said.

Office Building Proposed for Pewaukee

A 97,000-square-foot office building has been proposed for Riverwood Corporate Center business park in the City of Pewaukee. Quadrangle Realty Services is seeking Plan Commission approval for the building, which would be nearly identical to a 96,715-square-foot building developed by Quadrangle at Riverwood. The business park is north of I-94 and west of Highway J. "For all intents and purposes, it's the same building," said Michael Faber, of Quadrangle. The first building, known as One Riverwood Place, was completed in June 1999 and is about 70 percent occupied. Its anchor tenants include McLeod USA, which has 16,000 square feet, and Cisco Systems Inc., which has around 13,700 square feet. Quadrangle sold the building to Great Lakes REIT Inc., an office building real estate investment trust based in Oak Brook, Ill., in December for $9 million. Great Lakes owns several other Milwaukee-area office buildings, include the Milwaukee Center Office Tower downtown. The success of the first building demonstrates the continued strong demand for high-quality office space in the western suburbs, Faber said. Construction of the newly proposed building, named Two Riverwood Place, could begin by June once city officials approve the project, Faber said. The building would be completed within 12 months, he said

Key Bank Sells Assets of Failed Baby-Clothing Maker in Fort Kent, Maine

The sprawling Kent Inc. facility, buildings, real estate and assorted personal property of the bankrupt company, were sold Monday morning at auction to the Northern Maine Finance Corp. for $460,000.

Duane Walton, corporation vice president, was the only bidder at the auction called by Key Bank, holder of the mortgage on the real estate of the baby clothing manufacturer. The deal will be closed within 45 days.

Within six months, the corporation will in turn sell the property, buildings and personal property inside the buildings to the town of Fort Kent.

NMFC is an equity corporation administered by Northern Maine Development Commission that secures funding from government programs for equity investments.

Kent Inc., a baby clothing manufacturer with a more than 40-year history in Fort Kent, closed its doors two months ago in bankruptcy. The company, which had 185 employees during the summer of 2002, saw its contracts sold to a Chicago company, which moved the contracts to offshore manufacturers.

"The opportunity presented itself for this project with the town," Walton said after the sale. "We will be working with the town to raise funds for the purchase.

""We have been working with the town on multiple fronts to raise grant money for the town to purchase the property," he said. "It will ultimately be owned by the town."

Walton said the objective is for the town to own buildings which can be used for job creation for the local workforce. It is the town's objective to find manufacturers to lease space in the building.

Ownership of the buildings, which total 138,610 square feet, went to Key Bank which has held a mortgage on the buildings since March 26, 1998.

The auction sale was conducted in the offices of the buildings by Catherine Alexander, a Portland attorney representing Key Bank.

The two, light-blue, steel buildings are located on a 6.6 acre parcel of land in the Fort Kent Industrial Park on Route 1, just west of town. The front building also includes a brick addition in the front where administrative offices are located.

Creative Apparel Associates of Belfast leases some of the space in the building. The company manufactures Kevlar jumpsuits for the military. It was said Monday that more than 30 people are working for the Belfast company at Fort Kent.

"We have had a couple of inquiries about leasing space in the building," Fort Kent Town Manager Donald Guimond said after the sale. "We are working with them to try and bring jobs here.

"It may take a few months or more to make anything happen," Guimond said.

In the meantime, Northern Maine Finance Corp. has 45 days to finalize the sale with Key Bank. Prior to the auction, NMDC officials were checking the building, including the roofs of the structure.

During the sale negotiations, Walton raised the issue of the possibility of lost or stolen personal property in the building since Kent Inc. closed. He negotiated a deal in which the locks on the building could be changed Monday afternoon. The town became caretakers of the building until the sale is finalized.

Personal property, equipment, tools, machinery like air conditioners, refrigerators, desks, shelving and even curtains, made up about 25 percent of the value of the building, according to Walton.

There also was talk between Walton and Guimond that local police may look to find personal property that has been removed from the building.