Wednesday, March 12, 2008

HFF closes sale of James Plaza in Houston

HOUSTON, TXThe Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it closed the sale of James Plaza, (right top photo) a 42,788-square-foot office building in Houston.

HFF senior managing director Dan Miller and associate director Marty Hogan led the investment sales team on behalf of the seller, BGK Group. 3934 FM 1960, L.P., affiliated with Boxer Property of Houston, purchased the asset for an undisclosed amount free and clear of debt.

James Plaza is located at 3934 West FM 1960 approximately 18 miles northwest of downtown Houston. The property is currently 50% leased to tenants including Prosperity Bank and Realm Properties. Situated on a two-acre site, James Plaza is close to numerous restaurants and retail centers and offers tenants drive-thru banking service and floor-to-ceiling glass offices.

BGK Group is a privately-owned real estate investment company based in Santa Fe, New Mexico. BGK currently owns and manages approximately 20 million square feet of commercial properties and apartments geographically dispersed across 29 states. For further information and a complete list of its properties, please visit the website:

Boxer Property Management Corporation was founded in Dallas, Texas in 1992 to acquire, manage, lease, administer and sell closely held commercial properties. Since 1992, Boxer has operated over 100 properties totaling over 10,000,000 square feet.

For further information and a complete list of its properties, please visit the website:


Laurie Fish McDowell
HFF Associate Director |
One Post Office Square, Suite 3500 |
Boston, MA 02109
tel 617.338.0990 |
fax 617.338.2150 |

Martin T. Hogan
HFF Director
713 852 3500

H. Dan Miller, CCIM, SIOR
HFF Senior Managing Director
713 852 3500

For the First Time: JOE Offers Prime Real Estate to the Public Via an Online Auction

NEWPORT BEACH, CA. March 12, 2008 /PRNewswire/ -- The St. Joe Company has selected Internet real estate auction marketing firm, the LFC Group of Companies, to auction more than 3,000 acres of its prime land in the Florida Panhandle.

What makes this opportunity so rare is that The St. Joe Company, one of Florida's largest landowners and developers, has taken an innovative approach in choosing to sell its land through an online auction.

During the online auction marketing campaign, buyers will have the opportunity to bid on one or all three of the unique properties: Concord, Sabal Island and Brewton Lane, via the Internet on LFC Online (

"When we decided to sell these three properties, we wanted to find a marketing and sales method that would capture a broad national and international market," says Clay Smallwood, President of Land Sales at The St. Joe Company. "We felt that the inherent benefits of an online auction, and LFC's auction marketing program in particular, would deliver the global exposure we were looking for, and show the world how beautiful this region of Florida is.

" Each of these properties is truly spectacular in its own right. They have been enhanced or entitled by JOE but are not strategic to our core development business so we decided to make them available through this innovative process. It means that someone is going to be afforded a very big opportunity."

Concord is slightly over 3,000 acres of recreational property located in Gadsden County, just 15 miles from downtown Tallahassee. The property's prime location, development potential and unique features, such as its rolling terrain, river frontage and abundant wildlife make it ideal for various uses.

Located in Port St. Joe, Sabal Island (photo at left) is roughly a 56-acre parcel with plans in place for an 18-lot residential subdivision on the upland area of the property. Included within this parcel lies a 1.3-acre isolated upland area/island along beautiful St. Joseph's Bay.

In addition to the home sites, a kayak launch has been constructed on a deep-water canal that empties into St. Joseph's Bay, and current permits call for the development of a pedestrian boardwalk, from the upland area of the property to the small private island. Its proximity to picturesque WindMark Beach and St. Joseph's Bay Aquatic Preserve prevents future development around the property and preserves its secluded feel. St. Joseph's Bay is known for its white sands, pristine waters and some of the best fishing in Florida.

The property is situated approximately two hours from Tallahassee, an hour from Panama City and a stone's throw from St. Joseph's Peninsula State Park Beach, rated as the #1 beach in the U.S. by Dr. Stephen P. Leatherman, also known as "Dr. Beach."Located along Deer Point Lake in Bay County, Brewton Lane (photo at right) is approximately 29.5 acres of residential property zoned for about 50-60 lots.

The lake, which covers about 5,000 acres, offers recreational activities like swimming, fishing and boating. The property is conveniently located less than 15 miles from Panama City, near shopping, dining, schools and an international airport, making it a perfect place for future high-end residential development.

"There has been so much buzz recently about how the weak U.S. dollar and a buyer's real estate market are making land in Florida especially appealing to international investors, particularly in Europe," notes Bill Lange, president of the LFC Group of Companies. "And what better way for foreign investors and even domestic buyers to purchase real estate than in an online auction!"

Interested buyers are encouraged to visit to review important property materials, documents and auction information. The bid deadline is Thursday, May 1, 2008.

The LFC Group of Companies

For more than 30 years, the LFC Group of Companies have served numerous Fortune 500 companies, real estate developers, investors, financial institutions and government agencies by auction marketing thousands of commercial, industrial, land and residential properties with an aggregate value well in excess of $5 billion.

The St. Joe Company

The St. Joe Company, a publicly held company based in Jacksonville, is one of Florida's largest real estate development companies. They are primarily engaged in real estate development and sales, with significant interests in timber. Their mission is to create places that inspire people and make JOE's Florida an even better place to live, work and play.


Kelly Lovegrove,

or AshleyCarvalho, +1-949-706-6135,,both of LFC Group of Companies
Web site:

Cash Flow Analysis Is Key To Housing Finance Agencies’ Strength

NEW YORK --In today's turbulent housing market, Housing Finance Agencies (HFAs) are facing significant challenges related to their portfolio performance. As a result, cash flow analysis has become one of the most important tools in determining an HFA's portfolio performance and strength of bond programs.
Moreover, cash flow analysis is critical to making informed decisions because it provides a framework for identifying, quantifying, and evaluating market factors, regulatory requirements, and policy needs.

"Effective cash flow analysis can help HFAs manage their bottom lines by maximizing a portfolio's financial health through the use of complex modeling of variable-rate debt, swaps, recycling, cross-calling, and addressing rating agency requirements," said Standard & Poor's Ratings Services credit analyst Debra Boyd.

At a recent conference on affordable housing hosted by Standard & Poor's in San Diego, Calif.,(bottom left photo) Ms. Boyd moderated the e-panel session, "Tools Of The Trade—Get With The Cash Flow," which focused on how cash flow management techniques can maximize the financial health of HFAs, and ways to assess and determine risks and benefits to the cash flows' bottom line.

Patricia Hippe, deputy commissioner of the Minnesota Housing Finance Agency (logo top left) discussed how her agency is using cash flows to improve its bottom line. "One of the biggest uses of cash flow analysis is to monitor parity across indentures and to identify debt service shortfalls and look for potential sources for coverage of those shortfalls," she said. "You want to get as much money out of the program as you reasonably can," she said. "We also use cash flow analysis extensively when assessing the agency's capital adequacy."

Jeremy Obaditch, principal consultant for CFX Inc., said that cash flow analysis is used to answer key questions that senior management might have in determining the strategic direction of their agency--such as the volume the agency will handle, the number of loans it is going to make, and the amount of taxable debt to issue. "The purpose of cash flow analysis is to give agencies the strategic tools to make decisions in an informed way, while avoiding the duplication of efforts of others within the organization," he said.

Gene Slater, chairman of CSG Advisors, said that agencies must have a robust cash flow model that includes assets, liabilities, scenario assumptions, and electronic linkages to external databases. "It's really important to bridge the gap from traditional accounting to capital valuations," he said.
According to Ms. Nandini Natarajan, financial analyst at Caine Mitter & Associates, cash flow analysis can measure the impact of various events on an agency's financial strength and show how these events shape future net worth. "In the end, however, cash flows are only as good as the data that goes into them," she said.
Writer: Frank E. Benassi
Media Contact:
Christopher Mortell ,
New York, (1) 212-438-3446
Analyst Contacts:
Debra Boyd,
San Francisco
(1) 415-371-5098
Wendy Dolber,
New York (1) 212-438-7994

Sol Sotheby's International Realty and Nestler Poletto Sotheby's International Realty Announce Their First Luxury Real Estate Auction for S.Florida

Hundreds of Millions of Dollars Worth of Properties Available in one of the Largest Luxury Real Estate Portfolios Ever Assembled in Miami-Dade, Broward and Palm Beach Counties

FT. LAUDERDALE, FL/PRNewswire/ -- Sol Sotheby's International Realty and Nestler Poletto Sotheby's International Realty has announced they will hold their first luxury property auction for Miami-Dade, Broward and Palm Beach Counties on March 28, with more than $200 million in extraordinary properties for sale.

The auction, to be held at The Bahia Mar Beach Resort, (bottom left photo) 801 Seabreeze Blvd. in Fort Lauderdale,(top photo) will be facilitated by Daniel DeCaro Real Estate Auctions, Inc. Many of the properties are available "absolute," meaning they will be sold to the highest
qualified bidder with no limiting conditions or amounts.

"In 2007, we realized outstanding success with two luxury property auctions in Sarasota, and we are excited that our fellow affiliates have also decided to offer this platform to their clientele," states Chad Roffers, (photo at right) President, SKY Sotheby's International Realty, who is consulting on this and other auctions in Florida for Sotheby's International Realty affiliates. "Our brokerages uphold a centuries-old luxury auction brand, which renders this process a natural complement to our existing real estate practices," Roffers added.

The upcoming auction in Fort Lauderdale will benefit from a comprehensive multi-million dollar global marketing and advertising campaign designed to draw maximum exposure to the properties from local, national and international buyers. The event will feature large-screen video displays, gourmet beverages and hors d'oeuvres, and VIP treatment for all buyers.
For more information, visit or call 888-966-4759.


Joshua Greenwald of Rubenstein Public Relations,
for SKY Sotheby's InternationalRealty

Tenant Demand Builds for Office Properties in Kansas City

KANSAS CITY, MO — The Kansas City office market will continue to improve throughout 2008, led by ongoing tenant interest in the suburban markets and building momentum downtown, according to the 2008 National Office Report by Marcus & Millichap, the nation’s largest real estate investment services firm. (Downtown Kansas City photo top left)

The local economy is expected to post another year of steady job growth, with in-migration spurred by the metro’s developing transportation infrastructure.

Also included in the report is the firm’s annual National Office Index (NOI), a snapshot analysis that ranks 43 office markets based on a series of 12-month forward-looking supply and demand indicators. Kansas City moves up two places this year to No. 33.

“Investors are expected to maintain a positive long-term investment outlook for the Kansas City
office market,” says Gary R. Lucas, (photo at right) regional manager of Marcus & Millichap’s Kansas City office. “Limited competition will give way to tightening occupancies and modest rent growth, providing for traditional asset appreciation through increases to operating incomes.”

Following are some of the most significant aspects of the Kansas City Office Research Report:

· · Employers will add 11,000 positions for a 1.1 percent increase.
· · Developers will deliver approximately 550,000 square feet of space to the market this year.
· · Vacancy is expected to fall 80 basis points to 14.3 percent.
· · Asking rents will increase 2.2 percent to $18.80 per square foot, while effective rents advance 2.7 percent to $15.60 per square foot.
· · The downtown submarket has struggled in recent years, providing buyers the opportunity to acquire underperforming assets within an area positioned for improvement.

In the 2008 NOI, Seattle moved up three places to secure the No. 1 spot, surpassing last year’s leader New York City, which slipped to No. 2. Boston moved up two spots to No. 3, while San Francisco jumped 12 places to the No. 4 position. Los Angeles slipped two spots, coming in at No. 5. (Country Club Plaza, Kansas City, photo at left)

For a copy of Marcus & Millichap’s National Office Report and the complete NOI rankings, visit

Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710

Marcus & Millichap Lists BJ's Wholesale Club Ground Lease in Manahawkin, NJ for $15.1M

MANAHAWKIN, N.J. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a ground lease to BJ’s Wholesale Club in Manahawkin. The listing price is $15.1 million.

Mark Taylor, (left photo below) vice president of investments and senior director of Marcus & Millichap’s National Retail Group (NRG) in Philadelphia; Dean Zang, (middle right photo) associate vice president of investments and director of the firm’s NRG in Philadelphia; and Christopher Munley, (bottom right photo) an associate also in the firm’s Philadelphia office, are representing the seller, SP 72 Limited Liability Co., a limited liability company affiliated with a Southern New Jersey-based developer.

“This offering provides an investor with the opportunity to acquire a rare big-box, single-tenant, net-lease retail property only minutes away from the New Jersey Shore and a short drive from the Philadelphia and New York metro areas,” says Zang.

“The seller decided to retain Marcus & Millichap because of our expertise in the net-leased investment sales market,” adds Zang. Marcus & Millichap arranges more single-tenant, net-lease investment transactions on behalf of private and institutional clients than any other brokerage firm in the United States.

Located at Route 72 and Doc Cramer Boulevard, the property is situated on 14 acres neighboring a power center and a grocery-anchored shopping center. The seller will retain the frontage facing Route 72 where it plans to develop two additional retail outparcels. BJ’s Wholesale Club has signed a new 20-year triple-net ground lease, with structured rental increases every five years.

Construction commenced in mid 2007 on the tenant’s building and is nearing completion. The developer anticipates that the tenant will open in mid summer.

Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710

Marcus & Millichap Sells 312-Unit Apartment Community in Lafayette, LA for $20.1M

LAFAYETTE, La., March 10, 2008 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Diamond Lakes Apartments, (top photo) a 312-unit multi-family community in Lafayette. The sales price of $20.1 million represents $64,423 per unit.

Stephen St. Clair, (photo at right) vice president of investments and director of Marcus & Millichap’s National Multi Housing Group in Orlando, and Tom Pate, an investment specialist in the firm’s Lafayette office, represented the seller, a private investment group based in Massachusetts. St. Clair also represented the buyer, a private investment group based in Louisiana.

“Diamond Lakes Apartments is a well-maintained multi-family property in a prime location,” says St. Clair. “The asset generates a reliable cash flow while at the same time possesses an inherent potential for steady rental increases.”

Located at 2700 Ambassador Caffery Parkway, the 249,100-rentable square foot apartment community consists of 16 two-story buildings on a 13.17-acre lot, just minutes from Interstate 10, the recently completed Interstate 49 and the Southwest Medical Center. The garden-style buildings offer one- and two-bedroom units, ranging from 650 to 1,000 square feet.

Unit amenities include spacious walk-in closets, wireless Internet, kitchens with a full complement of appliances, contemporary wood cabinets, wood-burning fireplaces in select units and washer/dryer connections in all two-bedroom units and 49 one-bedroom units. Community amenities include two swimming pools, two lighted tennis courts, a computer lab and a fully equipped fitness center.

Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710