$3.95 Vol. 7, No. 12 COMMERCIAL REAL ESTATE, BUSINESS OPPORTUNITIES & FRANCHISES FLORIDA INVESTOR ONLINE: Video Webcasts, Breaking News, Commercial Data Center

/035)'-03*%"t$&/53"-'-03*%"t8&45'-03*%"t4065)'-03*%" December 2009 17 MARKET REPORT Occupancy levels at self-storage properties are trending lower WEATHERING THE STORM E.J. Plesko, Founder and President of EJ Plesko & Associates drops anchor in this economic storm with Millenia Crossing, a 100,000SF center 18 AT&T RENEWS Atlan Tech retains key tenant 21 BUYING IN BULK Smith Equities facilitates sale of 640 condo units 22 SWEET SUCCESS CBRE sells Sweetbay center

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<(6:HDUHOHQGLQJ ‡ +LJK/793URMHFW)LQDQFLQJ XSWRLVDFKLHYDEOH ‡ 5HTXLUHV&DVK(TXLW\&RQWULEXWLRQ ‡ 1RQ5HFRXUVHIXQGLQJORDQLVSURMHFWVSHFLILF ‡ )XQGLQJIURP0LOOLRQ86'1R0D[LPXP ‡ )LQDQFLQJDSSURYDOVZLWKLQKRXUV)XQGLQJLQDVIHZDV GD\V ‡ +LJKO\FRPSHWLWLYHLQWHUHVWUDWHV FXUUHQWO\LQWKH UDQJH1RKDUGPRQH\UDWHV LLLKHUH 5DWHVDUHH[WUHPHO\ORZIRU/(('3URMHFWVDQG*UHHQLQLWLDWLYHV ‡ 1RPLQLPXPFUHGLWUHTXLUHPHQWV7KHSURMHFWTXDOLILHVIRUWKHORDQ 1RW\RX ‡ 3URMHFWVDERYH0SUHIHUUHGVPDOOHUSURMHFWVDFFHSWHG ‡ 1&1'$JUHHPHQW5HTXLUHG1R83)URQWFRVWRUDSSOLFDWLRQIHHV FLORIDA INVESTOR • DECEMBER 2009 15 Vision And Experience Bring New Retail Project To Fruition In Difficult Economy If the last 18 months or so was a ‘perfect are 30 percent to 70 percent off the usual strongest retail submarkets was a savvy storm’ that combined a plunging economy retail. move, it wasn’t the result of good luck. with the worst financial market turmoil “We are very excited to be represent- EJPA has been making investments in real since the Great Depression, then it’s fair ing E.J. Plesko in his leasing efforts at estate in Florida and across the country for to ask which captains have been able to Millenia Crossing. It’s a submarket that three decades. navigate through the storm. One of those has remained strong, even in this difficult Founded in 1976 by Erwin J. Plesko, captains, at least in commercial real estate economic climate,” said Genny Spies, vice the privately-held company is based in development, is Erwin J. Plesko, founder president at CNL Commercial Real Es- Madison, Wis., and has regional offices and president of E.J. Plesko & Associates, tate. “ Rack is a reputable retail in Fort Lauderdale, Chicago, Minneapolis Inc (“EJPA”). brand that will bring high foot traffic into and Sacramento. The company is active in Plesko is a veteran real estate inves- the center, which is very attractive to other the development and management of com- tor and developer with more than three retailers desiring to break into the Mall at munity and neighborhood shopping cen- decades of experience in Florida, and his Millenia submarket.” ters, senior housing communities, planned vision and experience are evident in his lat- EJPA has engaged Genny Spies and single-family and multi-family residential est retail project. In November, Plesko cut Christin Jones of Orlando-based CNL communities and other commercial prop- the ribbon at a store opening for Millenia Commercial Real Estate to lease the proj- erties. Crossing’s anchor tenant, Nordstrom Rack ect. CNL Commercial Real Estate will seek EJPA’s portfolio nationally includes – the second of just two Florida locations out local, regional and national specialty 310,000 square feet of office space, 2.2 mil- for the retail chain. retailers and restaurants to fill the rest of lion square feet of retail, 907 senior housing Millenia Crossing, a 100,000 square the space. units and 674 apartments. The company’s foot retail center located next to Orlando’s Other Millenia Crossing tenants include Florida holdings include the development of sion. “It will be a period of consolidation nine-year-old Mall at Millenia was devel- Party City, Vitamin Shoppe, Anthony’s park place car storage, an existing 400,000- and improving the assets you own,” he oped on the last available large parcel in Coal Fired Pizza, Relax the Back and square-foot warehouse/commercial building says. one of Orlando’s strongest submarkets. Mattress Giant. As Florida Investor went in Fort Lauderdale, and retail commercial With the new development of Mil- And the center was one of the few retail to press, more than 74% of the existing real estate in Sarasota, Fort Lauderdale and lenia Crossing, Plesko has demonstrated projects in the area completed and opened 90,000 square feet of retail was leased. In Homosassa Springs. his willingness to make a commitment to in 2009, during a very tough economy. addition, a 10,000 square foot pad site is Connected to traffic available for ground lease or build-to-suit. Shoppers have direct access to the prop- Deep familiarity with the market erty from the mall as well as from IKEA There is little doubt that one of the main – two large traffic generators that will reasons that EJPA was able to complete

In addition to more than a decade’s good investments no matter how scary the involvement in the real estate that now economic storms are at hand. All it takes serves as Millenia Crossing, the founder is vision, experience and a steady hand at of the company has interests in Orlando the tiller. that extend back more than 30 years. In 1971, Plesko made a deal with the help bring shoppers to tenants at Millenia Millenia Crossing and lease out most of Greater Orlando Aviation Authority for a Crossing and make it a desirable location its space during an extraordinarily tough ground lease of a 25-acre parcel, where for retailers looking to expand. economy was EJPA’s familiarity with the he developed a strip center with Kmart/ Committed to the art and Publix. “We worked closely with the city to Mall at Millenia submarket, Orlando and science of sustainable design. create a well-designed retail project that the state of Florida. After recently renegotiating the ground relates visually to the mall and to IKEA,” With a lifestyle center in mind, EJPA lease with the Greater Orlando Aviation said David Gevers, Director of Develop- initially came to the mall area by acquir- Authority, EJPA and Weingarten Realty Stantec is committed to providing ment for EJPA. “The project uses high-end ing 20 acres of property, now a Target site. partnered to redevelop Colonial Landings, Architecture and Engineering stone finishes and links to IKEA with a Later, in the aftermath of 9/11, the compa- a premiere power center located on East services to develop sustainable courtyard and connecting pathway.” ny moved forward with a purchase agree- Colonial Drive that features more than solutions that meet the needs of the Not only will and ment for the current Millenia Crossing 260,000 square feet of retail. The $21 mil- present without compromising future IKEA help draw shoppers to the devel- site, which at that time included the land lion renovation has brought generations. opment, Nordstrom Rack itself will be a that became the present IKEA location. new energy and fresh retail concepts to the strong attraction. It carries merchandise Today, the entire acreage has a full retail Colonial market, including PetSmart, H.H. Stantec is One Team from Nordstrom stores and Nordstrom. focus as Millenia Crossing stands on the Gregg, Bed Bath & Beyond, Sports Au- providing Infinite Solutions. com at prices 50 percent to 60 percent remaining nine acres, plus a ground lease thority and Jo-Ann Fabrics. AD-DA-NSP-2009AUG25-P1V1 lower. It also stocks brand-name apparel, of two additional acres for a total poten- Plesko believes 2010 will be good for accessories and shoes for the entire fam- tial development of 100,000 square feet of developers with capital, patience and vi- Committed to Our Future. Committed to Florida. ily – products purchased expressly for retail. Nordstrom Rack and offered at prices that Though investing in one of Orlando’s 4± Acre Single-Family & Condo Site FODestin,R S AFLLE Shipwatch - A Beachfront Community Located in Destin, Walton County, Shipwatch is one of the premiere beachfront gated communities in North Florida – the panhandle.

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Professional Real Estate Center, Inc. * Ayub Fleming Office Phone: (321) 624-8113 Fax: (866) 336-0191 E-Mail: [email protected]