Brenner: Press Release

Scott Brenner, Auctions 51 Condominium Units in 3 Hours in Melbourne Beach

Added 10/29/09 by Brenner Real Estate Group

MELBOURNE BEACH, FL - Sixty-eight condominium units at Ocean Dunes Condominium at Aquarina Golf and Beach Club in Melbourne Beach have sold for $16.3 million, with 51 selling like hotcakes last weekend to happy new owners during a real estate auction held by Receiver Scott Brenner and Fisher Auction Co., Inc. offsite at The Crowne Plaza Hotel 12 miles north of the community. Located at 110-140 Warsteiner Way, Melbourne Beach, Ocean Dunes Condominium at Aquarina consists of three, eight-story buildings of 28 units each, totaling 84 units. The property has been in receivership with Scott Brenner and Brenner Real Estate Group since November, 2008 on behalf of mortgagees MERCANTILE BANK, a division of Carolina First Bank, a South Carolina corporation, and FIFTH THIRD BANK, an Ohio banking corporation.

The auction was held Saturday, October 10, 2009. Out of the property's 84 units, only 16 were already under original ownership, leaving 68 units for Brenner's marketing push. Together with Fisher Auction Co., Inc. and Prudential Sterling Properties of Melbourne, the company launched an eight-week national and international marketing campaign to promote the auction. Buyers came to the sale from Canada, as well as states including New York, Michigan, Ohio, Illinois, New Jersey, and West Virginia.

Scott Brenner, Esq., CCIM, SIOR, RPA, president/CEO of Brenner Real Estate Group based in Fort Lauderdale, FL with offices in Melbourne, FL, was appointed Receiver by the Circuit Court of the 18th Judicial Circuit in and for Brevard County. Through Brenner Real Estate Group's two offices with over 20 on staff, Mr. Brenner was responsible for creating solutions and maximizing value by protecting, maintaining and managing the project through construction completion to auction.

Mr. Brenner was the third receiver appointed for the property. "The property had been in disarray for over 2.5 years," he said. "Although we were the third Receiver, we were pleased to be able to provide the mortgage holders with a better, more lucrative conclusion through the development completion and auction process than they would have realized if they had put the property up for bulk sale. With a diverse background in the legal field, residential development, sales, and construction, my team and I were able to discern what the project needed and execute a plan that added value. I think this process has proven that selecting an experienced receiver can save time and money." The condominiums were sold absolute, with no minimums, and no reserves.

The condominium units within Ocean Dunes, developed by Ocean Dunes at Aquarina Developers, Inc., are each three bedrooms with 2.5 or 3.5 bathrooms, some with den, and range from 2,000 - 2,400 square feet. There are four units per floor. Semi-private elevators to the units open directly into a private foyer. Amenities within the gated development include a community pool and tennis with onsite golf and direct beach access. Ocean, river and golf course views are available from most units.

Lamar Fisher, President/CEO of Fisher Auction Co., Inc. and Carole Gonzalez of Prudential Sterling Properties rounded out the sales team with Brenner Real Estate Group. Mr. Fisher commented, "Each team member played a key role in making this initiative a tremendous success - truly a textbook auction event with results beyond everyone's expectations."

Scott Brenner noted, "As Receiver, we were able to address construction issues and stabilize the property when Mercantile Bank and Fifth Third Bank needed assistance. Our Property Management Team and Asset Stabilization Team created a plan for the property that ultimately resulted in maximized value, making it attractive physically, functionally and financially for new buyers. When we were ready for auction, the sales team and closing teams operated on fast forward, making the auction a smooth experience for buyers."

Alliance Title served as title company for all 84 transactions, and Spira, Beadle & McGarrell, PA served as attorney for the closings. Alliance Title will provide title and settlement service to complete the sales circle and close the 51 auctioned units by November 10, 2009.


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