Alone at the Mall

What if there was a big pre-holiday sale and nobody came? You might wonder if it’s a possibility, considering the University of Florida’s latest consumer confidence index released this week.

The index fell eight points in October to 60, and is just one digit above the all-time low recorded in June of this year. A component measuring whether now is a good time to buy big-ticket items hit a new low of 52, down 14 points over the past month. And perceptions of personal finance now compared to a year ago fell nine points to 40, the lowest level in the 25 years that UF has tracked consumer confidence.

A New Door for Madsen

Damien Madsen can be considered added proof that when one door closes, another opens. The veteran Orlando commercial real estate broker has joined his college buddy’s company, as detailed in this online exclusive article from Real Estate Florida.

Madsen probably would not have had to go job-hunting except that his previous company, Broad Street Partners, collapsed as part of the statewide condo market downturn. The firm’s managing partner, Steve Walsh, might be considered a market casualty after he killed himself back in June.

Conflicted Over Perez’s Condos

Ever known one of those guys who comes out smelling like roses no matter what he steps in? Allow me to introduce Jorge Perez.

The Miami-based condo developer and “indefatigable billionaire,” as he is termed in Wednesday’s Wall Street Journal, has assembled a ten-figure pot of money (his own and other investors) to buy thousands of Brickell Avenue units at a substantial discount from their construction price. This wouldn’t be so unusual except that Perez helped build a good many of those units.

Adrenalina’s Clouded Judgment

The first thing a visitor to an Adrenalina store notices is the big wave machine, along with the smell of chlorine from the water inside those glass walls. Upon hearing the company’s latest news, you have to wonder if the fumes are getting to a few high-ranking folks.

The Miami-based extreme-sports retailer, which opened its third location at Tampa’s International Plaza earlier this month, boldly announced Monday that it wants to pay nearly $300 million to buy out Pacific Sunwear, a surf-themed apparel chain with over 400 locations nationwide. Anaheim, CA-based PacSun rejected that unsolicited offer the very next day.

Kemp Still Has Game Left

After hearing football/political legend Jack Kemp at RealShare Central Florida on Thursday in Kissimmee, one might wonder whether the right guys are running for president this year. (Read more about the conference here and here.)

Never mind that Kemp has done that a few times before, or that he was a vice presidential running mate in 1996. Now a Washington, DC-based consultant, he remains a staunch advocate for lowering taxes on businesses, which he has tried to convince fellow Republican John McCain to do, and rails against Democratic opponent Barack Obama for proposing to raise them.

Wanna Buy a Bank Branch?

Vaults and safe-deposit boxes (not mattresses) are just about the best places for our assets. Well, what about buying an entire branch office?

NYC-based Carlton Advisory Services is accepting sealed bids on behalf of Gramercy Capital Corp. for 74 such properties in 19 states, with 14 of them located in Florida. The bids are due Friday.

Among the properties being featured in the national auction is a recently renovated Regions Bank branch in Inverness with annual revenues of about $214,000 and a long-term lease through mid-2020. Other branches are scattered throughout Florida and are either currently or formerly occupied by various banks.

Krasnow Moves On

In case you missed it, GlobeSt.com has an article about Ken Krasnow, formerly COO of Apartment Realty Advisors in Boca Raton, who has returned to New York City to join Massey Knakal Realty Services as managing director of its Brooklyn operations. The article cites Krasnow’s depth of experience and describes him as “high-level management talent,” indicating that it is still difficult to keep good people in good positions in commercial real estate.
Krasnow, who joined ARA in the Sunshine State in spring 2007, was a big help to us in starting Real Estate Florida as an original member of our Advisory Board. Now that he has moved on, we will likely seek a replacement. Contact me directly if you’re interested or would like to suggest anyone else.

More Burgers, Like You Like Them

Anyone who has ever had trouble finding a decent hamburger in Florida, beyond a grill in a back yard, will soon get a bit more help. Miami-based Burger King Corp. this week announced plans to open its first “Whopper Bar” this spring at Orlando’s Universal CityWalk, allowing diners to customize their burgers.

This is similar to the special-order concept that BK has promoted since the 1970s, but in a more contemporary setting. So even though custom-made burgers aren’t anything new, plenty of chains are expanding on the idea—and they’re doing it in Florida.

Watching Wachovia

You know a financial story is big when you’re sitting in a football stadium on a Saturday afternoon and somewhere between plays, somebody turns and asks: “What’s gonna happen with Wachovia?” The overwhelming concern is whether its customers should close out their accounts, to which the answer is no.

While most of us focused on leisure pursuits last weekend, Citigroup was determined to nix a better deal by Wells Fargo to take over Wachovia, bad mortgages and all. Citi execs went to a state judge’s house in New York on Saturday to obtain an order that got overturned by an appellate court the very next day. Meanwhile, a federal judge used part of his Sunday to set a Tuesday hearing on the matter.

Ladies First, But Ya Better Hurry

Time is running out for nominations to our first-ever Women of Influence feature planned for the October/November issue of Real Estate Florida. The article will profile women of achievement who are helping shape commercial real estate within Florida’s various regions. Click here for our handy electronic form to tell us about someone you think is worthy of recognition—or even yourself!

While you’re at it, check out the national Women of Influence feature in the September issue of Real Estate Forum. There you can read about three of your Florida colleagues: Barbara Liberatore Black of CresaPartners in Miami, Mary Lou Fiala of Regency Centers in Jacksonville and Lori Schneider of Marcus & Millichap in Fort Lauderdale.