Wednesday, July 30, 2014

Taylor & Mathis of Florida Executes 2nd Large Office Deal at 9250 Doral in Miami, FL


Brian Gale
MIAMI, FL, July 30, 2014 – Taylor & Mathis of Florida has filled 56% of the office space at 9250 Doral in three deals valued at $19 million totaling more than 104,000 square feet since the building’s conversion and multi-million dollar renovation. 

Prestige Health Choice, LLC has leased 49,324 square feet, over 25% of the building, in a transaction valued at $6 million. 

Late last year California-based West Coast University signed a 45,000 square foot lease. The Prestige deal was brokered by Andrew Trench and Brian Gale of Taylor & Mathis representing the owner and co-broker Steve Smith of ComReal representing Prestige.

 The building’s large 45,000+ square foot floor plates were instrumental in securing both deals.   “We are very excited to announce a new lease with Prestige Health Choice, an excellent, growing local company,” stated Trench.

 “Because this office will be used to meet with several important government officials, clients and partners, Prestige required a high-end property with Class “A” presentation.

Andrew Trench
“ With the capital that Delma Properties has invested into the renovation of the building, 9250 Doral offered Prestige the exact image they are looking to convey.  This is a great partnership between Landlord and Tenant.” 

9250 Doral sits in one of the most exciting and rapidly growing areas of the Miami-Dade office market.

For a complete copy of the company’s news release, please contact:

Todd Benson, Delma
(786)533-1620

 Brian Gale, Taylor & Mathis
 (305)476-8880

Trepp Reports CMBS Delinquency Rate Slows Improvement in July


Joe McBride


(New York, NY, July 30, 2014) –Trepp, LLC, the leading provider of information, analytics, and technology to the CMBS, commercial real estate, and banking markets, released its July 2014 US CMBS Delinquency Report today (available at www.trepp.com/knowledge/research). 

Having achieved double-digit improvements in the monthly US CMBS delinquency rate for over a year, the contraction in the rate slowed significantly in July. During the course of the month, the delinquency rate for US commercial real estate loans in CMBS dropped just one basis point, to 6.04%.

Loan resolutions, which have ranged from $900 million to $2 billion (excluding the CWCapital sales) this year, totaled only $600 million in July. With fewer distressed loans removed from the delinquent loan pool, newly delinquent loans pushed the monthly total back up. Trepp currently counts $32.1 billion in CMBS loan delinquent, which is down from June’s total.

“After so many months of steady declines in the delinquency rate, the slowdown in distressed loan liquidations and an uptick in newly delinquent loans put the brakes on the improvement in July,” said Joe McBride, research analyst at Trepp. “Whether the monthly decrease in loan liquidations is an outlier or a true shift to slower workout activity from special servicers remains to be seen but we expect the rate to continue downward.”

“Seriously delinquent” loans, which are counted as those 60+ days delinquent, in foreclosure, REO, or non-performing balloons, have also been on a steady decline. Again, this improvement stalled in July, as the rate decreased by only four basis points on this basis.

When broken out by major property type, lodging loans surpassed retail as the best performer. The delinquency rate for lodging loans fell to 5.19% in July and retail increased to 5.53%. While all five property types have fallen into the single digits for their respective delinquency rates, multifamily loans remain the worst performing property type, with a rate of 9.24%.

For a complete copy of the company’s news release, please contact:

Joe McBride, Research Analyst
Trepp LLC
212-754-1010

Eric R. Gerard
Senior Vice President
Great Ink Communications
27 Union Square West, Suite 205
New York, NY 10001

(212) 741-2977

Charles Dunn Company Completes $6.87 Million Sale of 12-Unit Multifamily Property in Valley Village, CA


Gelena Skya Wasserman
LOS ANGELES, CA, July 30, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $6,875,000 sale of a fully occupied 12-unit multifamily property located at 5056 Laurel Canyon Blvd. in Valley Village, Calif., a city within San Fernando Valley.

Roger Beck and Gelena Skya-Wasserman of Charles Dunn Company represented the 1031 exchange buyer, Venture One, LLC in the transaction. The seller, Laurel Heights, LLC was represented by Peter Miller of KW Commercial.

Built in 2011, the property includes a mix of spacious three- and four-bedroom townhome-style units. The units all offer 2,000-square-foot and larger floor plans and include hardwood floors, granite counter tops, stainless steel appliances, and washer/dryer hookups. The property also includes a covered parking garage.

Roger Beck
“The Valley Village area near North Hollywood is a small community with very little product available to purchase,” said Skya-Wasserman, director with Charles Dunn Company.

“This property was attractive to the buyer because there are very few options to rent higher-end, large townhome units like this. 

"The majority of apartments in this area are older construction with the exception of IMT Residential’s new projects within the vicinity.”

Skya-Wasserman added that the non-rent controlled property was also in prime condition and required little to no maintenance.

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224

Atlanta Braves Announce Partners for Mixed-Use Development Adjacent to New Ballpark



ATLANTA, July 30, 2014 – A trio of nationally respected developers will partner with the Atlanta Braves organization to develop the 74-acre, $400-million mixed-use development that will be integrated with the new ballpark the franchise is developing in partnership with the Cobb-Marietta Coliseum and Exhibit Hall Authority. 

 Construction on the new stadium is scheduled to start later this year and will be completed by Opening Day 2017. The goal of the mixed-use development will be to open Phase I, or a substantial portion of it, by spring of 2017 as well.

Terry McGuirk
The organization announced today that three local companies – Fuqua Development, Pope & Land Enterprises, and Pollack Shores Real Estate Group – will be its partners in developing the project, which includes up to 630,000 square feet of class A office space, 500,000 square feet of upscale retail, 450 hotel rooms and 500 residences.

The Braves will retain a majority ownership stake in the development and will continue to guide the development process in conjunction with its partners.

 “In just eight months, we have made tremendous progress on our ballpark and mixed-use project,” said Atlanta Braves Chairman and CEO Terry McGuirk. “We’re thrilled to announce a partnership that reflects our local roots and global brand as we move forward on the mixed-use portion of the project.”


For more information, visit www.HomeoftheBraves.com

For a complete copy of the company’s news release, please contact:

Matt Scofield
JACKSON | SPALDING for the Atlanta Braves
P 404-214-3554
M 404-312-8325
E mscofield@jacksonspalding.com

Cousins Properties Announces Public Offering of 18 Million Shares of Common Stock


Charlotte, NC Uptown skyline
ATLANTA-- Cousins Properties Incorporated (the "Company") (NYSE: CUZ) today announced that it has commenced an underwritten public offering of 18.0 million shares of its common stock.

The Company intends to use the net proceeds of the offering to fund the purchase price of Fifth Third Center, a 698,000 square feet Class-A office building located in the Uptown submarket of Charlotte, North Carolina. 

Any remaining proceeds will be used for general corporate purposes, including the acquisition and development of office properties, other opportunistic investments and the repayment of debt.

J.P. Morgan will serve as the sole book-running manager for the offering.

For a complete copy of the company’s news release, please contact:

Cousins Properties Incorporated
Marli Quesinberry, 404-407-1898
Director of Investor Relations and Corporate Communications


Tuesday, July 29, 2014

HFF closes sale and arranges financing for South Florida mixed-use property


Dadeland Square, 7700 North Kendall Drive, Miami, FL

MIAMI, FL – HFF announced today the closing of the sale and concurrent financing of Dadeland Square, a mixed-use retail and office center in Miami, Florida. 

HFF marketed the property on behalf of The Green Companies, a Miami-based real estate company.  COFE ZM Dadeland LLC purchased Dadeland Square and hired HFF to arrange financing through JP Morgan Chase & Co. 

Dadeland Square is located at 7700 North Kendall Drive in Miami, Florida.  

The property is situated within the most densely-developed area south of Downtown Miami and is near the Simon-owned Dadeland Mall.  Dadeland Square is a mixed-use retail and office center totaling 214,357 square feet that is 95 percent leased and anchored by TJ Maxx, HomeGoods, Jo-Ann Fabric and Craft and Guitar Center.  

Daniel Finkle
The HFF investment sales team representing the seller was led by managing director Luis Castillo, senior managing director Danny Finkle and director Ike Ojala.

“Dadeland Square was a highly sought-after opportunity and reflects investors’ desire to acquire well-located assets backed by strong retailer and office tenant performance,” Castillo said.

HFF’s debt placement team representing the buyer was led by senior managing director Paul Stasaitis and senior analyst Nat Scarmazzi.

“The Dadeland Square asset, coupled with highly regarded sponsorship, yielded outstanding finance terms and lender interest,” Stasaitis added.  

“Driven by strong residential demand, the Dadeland submarket’s retail and office sectors only stand to benefit further from already-impressive rental and occupancy levels.”

Luis Castillo
HFF’s investment sales team secured more than $553 million in sales of retail assets nationally during the first quarter of 2014.  In Florida, HFF closed more than $134 million in retail transactions across all capital markets platforms during the same period.

The Green Companies is one of Miami's oldest family-owned firms, specializing in real estate development, acquisition, and property management.  

Since 1948, The Green Companies have constructed thousands of homes, condominiums, rental apartments and planned residential communities.  The firm is also responsible for more than two million square feet of office and mixed-use development in South Florida


For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

HFF closes $23 million sale of two Publix-anchored shopping centers in Florida


New Smyrna Beach Regional Shopping Center,
New Smyrna Beach, FL
ORLANDO, FL – HFF announced today the closing of the $16 million sale of New Smyrna Beach Regional, a 118,451-square-foot, multi-tenant retail center in New Smyrna Beach, Florida, and the $7 million sale of Forest Village, a 71,526-square-foot, multi-tenant retail center in Tallahassee, Florida.

               HFF marketed both properties exclusively on behalf of the seller, Equity One, Inc.  Publix Supermarkets Inc. purchased the properties for a total of $23 million in two separate transactions.

Brad Peterson
               Both shopping centers are Publix-anchored.  New Smyrna Beach Regional (NSB) sits on 19.8 acres on State Road 44 in New Smyrna Beach, Florida, and is the largest multi-tenant center in the area.  Built in 1987, the center is 90 percent occupied and, in addition to Publix, includes Dollar Tree, Pet Supermarket and Metcare of Florida as tenants. 

               Forest Village is located at the intersection of Crawfordville Road and Capital Circle S.W. in Tallahassee, which has a daily traffic count of approximately 36,400 cars.

  It sits on 15.9 acres with an additional 15.4 acres of undeveloped land, which was included in the sale.  Built in 2000, the property is 79 percent occupied to tenants including Publix, Rent-A-Center, Pizza Hut and The UPS Store. 

               The HFF team representing the seller was led by senior managing director Brad Peterson and real estate analyst Whitaker Leonhardt.

Whitaker Leonhardt
“These properties presented investors with an opportunity to acquire two seasoned and successful shopping centers,” Peterson said.  “HFF has sold 23 Publix-anchored shopping centers in Florida since 2012, and we continue to see very strong demand for these types of retail investments.”

HFF’s investment sales team secured more than $553 million in sales of retail assets nationally during the first quarter of 2014.  In Florida, HFF closed more than $134 million in retail transactions across all capital markets platforms during the same period.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

HFF secures $10.5 million refinancing for New Jersey office buildings


Michael Klein
FLORHAM PARK, NJ – HFF announced today that it has secured a $10.5 million refinancing for 180-188 Mt. Airy Road, a two-building office property totaling 104,202 square feet in Basking Ridge, New Jersey.

               Working on behalf of Lincoln Property Company, HFF placed the five-year, floating-rate loan with OceanFirst Bank.  Loan proceeds will be used to retire existing debt and return equity to the partnership.

               180-188 Mt. Airy Road is located in northern New Jersey 54 miles outside of New York City in an area known as the state’s “Wealth Belt” along Interstate 78.

  Situated on 14.4 acres, the asset is comprised of two two-story, multi-tenant office buildings containing 104,202 square feet of rentable space.  180 Mt. Airy Road was renovated in 2004, and 188 Mt. Airy Road was renovated in 2007. 

 The properties are 95 percent leased, and major tenants include Montgomery Academy, The Learning Experience, Integrated Device Technology and Mt. Airy Associates.

Mack Pogue
               The HFF debt placement team representing the borrower was led by director Michael Klein and associate director Andrew Roland.

“The borrower was seeking short-term financing with maximum prepayment flexibility in the event of a sale of the property in the future,” Klein said.

 “Ocean First understood the unique tenant mix at the property and was attracted by the strength of the subject’s submarket.  As a result, the bank was able to provide an aggressive floating-rate loan that best met the joint venture’s current and future needs.”

               Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately held real estate firm involved in real estate investment, development, property management and leasing worldwide.

 Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln's cumulative development efforts have produced more than 100 million square feet of commercial space and more than 185,000 multifamily residential units.

Lincoln Property Company is one of the largest commercial real estate companies in the world.  Lincoln’s transaction team was led by, vice president
Mike Taylor. 

He can be reached at 973-599-0050 with any questions, or for more information on Lincoln in the New Jersey or Tri-State NYC Area.

OceanFirst Bank is a full-service community bank headquartered in Ocean County, New Jersey and provides commercial and residential financing as well as checking, savings and online services to retail and business clients throughout the region.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

Paul Shailendra Appointed to Board of Alexander-Tharpe Fund and College of Engineering Advisory Board at Georgia Tech


Paul Shailendra
ATLANTA, GA (July 29, 2014) — Paul Shailendra, president of SG Property Services, was recently appointed to two boards at Georgia Tech — the board of the Alexander-Tharpe Fund Inc. and the College of Engineering Advisory Board.

 The primary purpose of the Alexander-Tharpe Fund Inc. is to raise the money for scholarships for Georgia Tech's student athletes. The annual goal is to raise enough money to cover the cost of the number of scholarships currently allowed by the NCAA.

 The College of Engineering Advisory Board provides advice to the dean regarding priorities and directions for engineering education and research.

 “I am honored serve my alma mater, Georgia Tech, by sitting on these boards, which have such a positive impact on students’ lives,” Shailendra said.

 Shailendra graduated from Georgia Tech with a bachelor’s degree in civil engineering. He is also an alumnus of Woodward Academy and sits on the school’s advisory council.

Georgia Gov. Nathan Deal
Last year, Gov. Nathan Deal appointed Shailendra to the Georgia Department of Natural Resources’ Board of Directors, which is responsible for setting rules and regulations on matters ranging from air and water quality to hunting seasons in Georgia and provides input on the state agency’s budget recommendations and legislative initiatives.

 He currently serves on the Board of Directors of the Metro Atlanta YMCA and the Board of Directors of Midtown Alliance. Shailendra also co-chairs the YCEO golf tournament and is a chair of the Buckhead chapter of Ducks Unlimited.

For a complete copy of the company’s news release, please contact:

Stephen Ursery
The Wilbert Group
404-549-7150 (O) 404-405-2354 (C)

Cocke, Finkelstein To Develop New Apartment Community in DeKalb County, GA


Chamblee Gateway Apartments Rendering,
Peachtree Boulevard and Chamblee-Tucker Road,
DeKalb County, GA
ATLANTA, GA (July 29, 2014) — Cocke, Finkelstein Inc. (CFI), a full-service multifamily investment firm, has acquired six acres in metro Atlanta at the intersection of Peachtree Boulevard and Chamblee-Tucker Road in DeKalb County.

The firm plans to develop a 283-unit, urban-infill apartment community called Chamblee Gateway, and construction of the Class A property is slated for completion in early 2016.

The Chamblee Gateway land acquisition capped a busy early summer for CFI, as the firm also recently acquired 658 apartment units in metro Atlanta and Michigan, and broke ground on a new apartment community in Atlanta’s prestigious Buckhead sub-market.

Byron Cocke
More specifically, CFI acquired the 296-unit Reserve at Twin Oaks in Clarkston, Georgia, for $12.25 million and three communities in Michigan — the 102-unit Garden Court Apartments in Monroe, the 110-unit Newberry Apartments in Lansing and the 150-unit Olivewood Apartments in Sterling Heights — for $11 million. CFLane, the property management subsidiary of CFI, will manage the four newly acquired communities.

On the development side, The Ardmore, CFI’s 165-unit apartment community in Buckhead, is slated for a third-quarter 2015 completion. 

In addition, leasing has begun at Collier Lofts, a Class A, 184-unit apartment  community in Atlanta’s thriving Buckhead West neighborhood, and construction is slated to be completed this summer.  CFI is co-developing both communities with Enfold Properties.

“The apartment market continues to thrive, both in our hometown of Atlanta and across most of the nation,” said Byron Cocke, Co-CEO of CFI and CFLane. “With the favorable macro economic conditions and our disciplined acquisition and development strategies, we are confident these additions to our portfolio will perform outstandingly and deliver strong returns for our investors.”

For a complete copy of the company’s news release, please contact:

Stephen Ursery
The Wilbert Group
404-549-7150 (O) 404-405-2354 (C)