Wednesday, July 23, 2008

Cousins Properties Declares Third Quarter Preferred and Common Stock Dividends

ATLANTA, GA--Cousins Properties Incorporated's (NYSE: CUZ) Board of Directors has declared a regular quarterly cash dividend on its Series A Cumulative Redeemable Preferred Stock.

The dividend of $0.484375 per share, or $1.9375 on an annualized basis, is payable August 15, 2008, to Series A preferred stockholders of record on August 1, 2008.

The Board of Directors has also declared a regular quarterly cash dividendon its Series B Cumulative Redeemable Preferred Stock.
The dividend of $0.46875 per share, or $1.875 on an annualized basis, is payable August 15, 2008, to Series B preferred stockholders of record on August 1, 2008.

The Board of Directors has also declared a regular quarterly cash dividend of $0.37 per share, or $1.48 on an annualized basis, payable August 25, 2008, to common stockholders of record on August 11, 2008.


Jim Fleming, (top right photo) Chief Financial Officer, 404-407-1150, or

media, Matt Gove, Senior Vice President, 404-407-1490,

CBRE Jacksonville Releases Q2 Marketview Reports

JACKSONVILLE, FL-CB Richard Ellis presents market reports on the office, industrial and retail markets in Jacksonville, FL for second quarter 2008. For complete copies of the reports, please contact Brian Cornett at Highlights follow.

Office Market

"Activity has slowed down as it typically does during the summer months and additional sublease space continues to appear in the market," accordin to CBRE Senior Associate Traci Jenks, CCIM. (top right photo)

The overall rate of vacant space in Jacksonville's Office Market increased over the previous quarter from 13.3 percent to 14.8 percent.

Construction activity at the end of second quarter 2008 totals approximately 322,900 square feet. New project development for office space in Jacksonville tends to be within the suburban submarkets such as Fleming Island in Orange Park.

This quarter, asking rates for direct office space increased from $18.19 to $18.48. Rates increased in both the Downtown and Suburban submarkets.

Direct net absorption in the first quarter 2008 was positive at 26,342 square feet. This quarter, net absorption is negative 34,327.

View the full Jacksonville Office MarketView report

Industrial Market

"We're starting to see some pick up in activity from companies looking to position themselves for 2009," says Jeff Nelson, middle left photo) Senior President, 2008.

The Jacksonville Industrial Market experienced approximately 492,056 square feet of positive absorption in the second quarter of 2008. Most of this absorption occurred within the Oceanway submarket with the delivery of the build-to-suit property for Sears.

According to Jess Simmons, Senior Associate, "The Jacksonville market overall has slowed due to the tightening economic conditions and resulting low consumer confidence." Nevertheless, the Jacksonville Industrial Market has continued to expand into the first half of 2008 albeit at a slowing pace.

The average triple net asking rate for available warehouse/distribution space is approximately $4.08 per square foot. This is down over the previous quarter from $4.15 per square foot.
View the full Jacksonville Industrial MarketView report

Retail Market

"The remainder of 2008 should remain weak by prior year's standards but look for things to pick up pace in 2009 and return to a more normative level by 2010," says Cliff Taylor,(bottom right photo) First Vice President, 2008.

The Jacksonville Retail Market's overall vacancy rate showed a slight decrease to 6.8 percent in second quarter 2008.

The unemployment rate in the Jacksonville MSA was 5.1% in the second quarter of 2008. This represents an increase over the unemployment rate one year ago when it was 3.4%.

The state and national unemployment rate for second quarter 2008 is 5.3% and 5.2%, respectively.

The average lease rate for local retail space in the Jacksonville Retail Market increased in the second quarter of 2008. Historically, the lease rates have proven to be stable regardless of the economic conditions.

Focusing on geographic submarkets, the highest net absorption levels during second quarter 2008 was found in Westside with a positive absorption of 280,853 square feet.

RealtyTrac enters FrontDoor.Com Partnership

Agreement Brings RealtyTrac Foreclosure Data to FrontDoor

IRVINE, C. – July 23, 2008 – RealtyTrac™ (, the leading online marketplace for foreclosure properties, and (, the real estate website powered by HGTV, today announced a new agreement and strategic partnership that will allow RealtyTrac to feed real-time properties from its nationwide foreclosure database of default, auction and bank-owned homes.

“ is an exciting addition to our ever-growing network of valued partners,” said Rick Sharga,(top left photo) vice president of marketing at RealtyTrac. “We are committed to providing and its visitors the most comprehensive set of foreclosure properties, and exclusive foreclosure-related editorial content, written specifically for them.”

“We are delighted to announce this new partnership with one of the strongest and most trusted real estate brands on the Web,” said Vikki Neil, vice president of real estate for SN Digital.

“This new alliance between FrontDoor and RealtyTrac will open the door to help promote a full view of home transactions to the FrontDoor and HGTV audience in this challenging market.” ( is an online real estate listing service powered by HGTV, the No.1 source for home-related media content. The site currently offers more than 3 million listings of homes for sale and partners with top real estate brokerages throughout the U.S

Tammy Chan, Atomic PR, 415 402 0230,

Hispanic Hotel Owners Association Members Developing Rapidly

HHOA Has Acquired or Began Development on 48 Projects in Last 12 Months

WASHINGTON, D.C., July 23, 2008—The Hispanic Hotel Owners Association (HHOA), a rapidly growing non-profit organization that seeks to increase Latino ownership of hotels, today announced that its members have either acquired or began development on 48 hotels in the past 12 months.

The organization has more than 300 members and continues to attract both existing and potential Hispanic hotel owners and investors at a rapid pace.

“Obviously, this has been an untapped market,” said Angela Gonzalez-Rowe,(top right photo) founder and president of the Hispanic Hotel Owners Association. “Because hotels arguably are the most complex real estate class, investment can be quite intimidating. Through our Hotel Investment Series, we have been able to attract more than 115 Hispanics who have the financial strength and want to learn more about the investment opportunities in the industry.

"Many are invested in other segments of hospitality, such as restaurants, and this is a natural extension for them.”

Of the 48 new Hispanic-owned, 12 have been through acquisitions and 34 are hotels in development. More than 80 percent are branded properties. The hotels range from the limited-service to luxury segments.

“When HHOA was founded, we could identify less than 1 percent of hotels in the U.S. that were Hispanic-owned,” she pointed out. “In less than two years, that number has increased dramatically. We are on target with our goal of having at least 500 Latino-owned, U.S. hotels by 2011.

“Our members are developing in urban, suburban and resort locations,” she noted. “In many cases, they are pioneering new locations. For example, the Finvarb Group, which has four hotels in development, broke ground on the first Hispanic-owned hotel in Washington, D.C.”

Headquartered in Washington, D.C., HHOA is a non-profit organization whose mission is to increase the number of Hispanic-owned, -developed and -operated hotels, further the participation of Hispanic-owned suppliers serving the hotel industry and increase executive level employment opportunities for Hispanics within the lodging industry.

HHOA membership is open to hotel owners, developers, investors, financiers, real estate executives, investment bankers, professional advisors, analysts, franchisors, management company executives, industry product and service providers, hotel general managers, hotel sales and marketing managers, government agencies for tourism and development, hospitality schools, hospitality students or anyone seeking to do business within the Hispanic market.

Additional information about HHOA is available at the association’s Web site, To learn more about the Hotel Investment Series, contact Angela Gonzales-Rowe at 202-587-5707, or


Jerry Daly, Chris Daly, Daly Gray Public Relations (703) 435-6293,

Julie Tullbane, Daly Gray Public Relations, T 703-435-6293, F 703-435-6297

Cushman & Wakefield Negotiates 77,821-SF Sale of Tampa Warehouse

TAMPA, FL – Cushman & Wakefield negotiated the sale of 5110 W. Clifton Street in Tampa, Florida. Masonite Corporation, as seller, is an 80-year old innovative manufacturing company of interior doors and entry door systems and remains as one of the world’s leading manufacturers in the industry.

Roth Investment Partnership, as buyer, is a commercial and industrial real estate investment company with an expanding portfolio bolstered by the Roth Family’s investments of industrial and office space.

5110 West Clifton Street is a 77,821 square foot, multi-tenant, Class B warehouse distribution building located in Tampa’s airport submarket at the corner of Anderson Road and Clifton Street.

Jim Paladino, Senior Director, John Fish, Senior Director, Mike Davis, Executive Director and Rian Smith, Director negotiated the sale on behalf of the seller, Masonite Corporation.

Cushman & Wakefield negotiates sale of Royal Breeze Apartments for $11.7M

TAMPA, FL – Cushman & Wakefield’s Florida Apartment Brokerage Services with apartment specialists in Tampa, Orlando, Ft. Lauderdale and Miami, announces the sale of Royal Breeze (photo at left) for $11,775,000. The purchaser was Hachem Investments. Executive Director Byron Moger and Director Luis Elorza negotiated the sale on behalf of the owners, MAXX Properties.

Royal Breeze, located at 21227 US Highway 19 North in Clearwater, Florida, just north of Clearwater Mall, was built in 1973. It is a 204,140 square foot, 200-unit apartment community that offers a mix of 1, 2 and 3 bedrooms. Royal Breeze features two swimming pools, lighted tennis courts and a new fitness center.

“Royal Breeze offers the buyer excellent upside through a capital program to update the property and capitalize on its central Pinellas location,” said Byron Moger of Cushman & Wakefield, Inc.

To view our current multifamily listings, please visit or contact

Byron Moger, Executive Director, Cushman & Wakefield, Inc., 813.204.5316,
Marcianne Foster, 813-204-5325,

Marcus & Millichap Sells 59,711-SF Mountain View Plaza in Scottsdale, AZ for $14.85M

SCOTTSDALE, AZ– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Mountain View Plaza, (top left photo) a 59,711-square foot shopping center in Scottsdale. The sales price of $14.85 million represented $248.70 per square foot.

Joseph Compagno, an investment specialist and associate director of Marcus & Millichap’s National Retail Group in Phoenix, represented the seller, a Phoenix-based investorprincipal looking to liquidate part of his portfolio and retire from the real estate business.
Compagno also represented, the buyer, aand the Beverly Hills, Calif.-based investorbuyer, who acquired bought the property as part of a through a large 1031 tax-deferred exchange.

“Mountain View Plaza represented an excellent opportunity for the buyer to acquire a well-maintain located shopping center in a thrivingvery sought- after Scottsdale market at a 6.65 percent cap rate,” says Compagno.

Located at 9699 North Hayden Road, the shopping center is 94.5 percent occupied with 23 tenants on triple- net leases.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716

HFF arranges $31 million refinancing for landmark San Diego mixed-use property

SAN DIEGO, CA – The San Diego office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $31 million refinancing for Village Hillcrest, (above centered photo) a landmark 577,535-square-foot retail, office, medical, residential and 705-stall parking structure development in the Hillcrest neighborhood of San Diego, California.

Working exclusively on behalf of SunCoast Properties, Inc., HFF director Aldon Cole (top right photo) and associate director Rob Hinckley placed the 10-year, loan with John Hancock Real Estate Finance.

Loan proceeds will prepay and retire an existing first lien financing with the remaining funds earmarked for SunCoast’s future growth opportunities. SunCoast Properties, a long-standing private real estate company, professionally manages and leases approximately one million square feet of commercial properties in Orange County and San Diego.

Village Hillcrest is located at the intersection of 5th Avenue and Washington Street in the Hillcrest/Uptown community two miles north of San Diego’s central business district.

The property was completed in 1992 and has a total of six buildings including a medical office and hospital building, a retail/office building, two retail/residential buildings, two additional retail buildings, and a four-story parking garage.

Tenants include the Hillcrest Cinemas, 24-Hour Fitness, Scripps as well as three dining establishments and a hospital facility.

“Village Hillcrest is one of the most irreplaceable trophy real estate assets in San Diego and is located in a premier in-fill location.

Not only is this a centralized Hillcrest icon, it serves as a gathering place for the greater San Diego Community as it is within a 10-minute drive of most areas of San Diego,” said Cole.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.


Aldon L. Cole, HFF Director, 858 552 7690,

Rob Hinckley, HFF Asociate Director, 858 552 7690,

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990,