Thursday, March 5, 2009

Cushman & Wakefield's Rick Solik takes two NAIOP awards

ORLANDO, FL– Richard Solik (top right photo), Senior Director, Office Brokerage of Cushman & Wakefield-Orlando received two honors at the 13th annual NAIOP of Central Florida 'Best of the Best Awards.'

Mr. Solik received "Outstanding Office Broker" and "Largest Deal" for the 250,000 sf corporate offices for Houghton, Mifflin, Harcourt Publishing in SouthPark Center.

With an aggregate value of $66 million, the transaction relocates 900 employees to two buildings in SouthPark Center for a 10-year term. John Guitar of Flagler Development represented the landlord.

Contact: Brook Hines, 407 541 4401,

EastGroup Properties Announces 117th Consecutive Quarterly Dividend

JACKSON, MI, Mar. 5, 2009– EastGroup Properties (NYSE-EGP) announced today that its Board of Directors declared a quarterly dividend of $.52 per share payable on March 31, 2009 to shareholders of record of Common Stock on March 20, 2009.

This dividend is the 117th consecutive quarterly distribution to EastGroup's shareholders and represents an annualized dividend rate of $2.08 per share.

EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona and California.
Its strategy for growth is based on its property portfolio orientation toward premier business distribution facilities clustered near major transportation features. EastGroup's portfolio currently includes 27 million square feet.


David H. Hoster II, (top right photo), President and Chief Executive Officer

N. Keith McKey, Chief Financial Officer, (601) 354-3555

Marcus & Millichap Lisets Two Shopping Center Parcels in McAllen, TX for $26.95M

McALLEN, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for two adjacent parcels within Trenton Crossing shopping center (site map bottom left) in McAllen.

The parcels are Best Buy and OfficeMax, as well as Kohl’s and Shops Space.

Best Buy and OfficeMax is being offered at $12.54 million, or $197 a square foot at a cap rate of 7.5 percent.
Kohl’s and Shops Space is being offered at $14.41 million, which represents a price of $122 per square foot at a cap rate of 7.4 percent cap rate and $122 per square foot.

Alvin Mansour, (top right photo) a first vice president investments and senior director of Marcus & Millichap’s National Retail Group in San Diego, and James Vickers, a retail investment specialist in the firm’s Dallas office, are representing the seller, a Texas-based developer.

“The properties are currently fully triple-net leased to an array of national tenants including Best Buy, OfficeMax, Kohl’s, Old Navy, Dots and Shoe Carnival,” says Mansour. “Both Best Buy and OfficeMax have signed 10-year leases with rent increases every five years in both the initial term and option periods.
Kohl’s has signed a 20-year, triple-net lease with five percent rent increases between each of the six five-year options.”

Built in 2008, Best Buy and OfficeMax encompass 63,703 square feet of retail space located at 8012 and 8016 N. 10th St. Kohl’s and Shops Space include 118,498 square feet of retail space located at 7900 N. 10th St.

Both properties are part of Trenton Crossing, a 248,260-square foot shopping center located on the northeast corner of 10th Street and Trenton Road.
The properties are shadow-anchored by Target, Ross, Marshalls, Hobby Lobby, Bealls and PetSmart and located adjacent to a newly constructed Home Depot and H-E-B supermarket.

Plaza Del Norte, a 46-acre lifestyle center with a tenant mix that includes Conn’s, Walgreens, Circuit City, Petco, Michaels and numerous others, is located directly across 10th Street.

McAllen is located approximately five miles from the border of Mexico near two international bridges that receive traffic counts in excess of 40 million vehicles per year.
Per capita retail sales in McAllen are twice that of the national average. The metropolitan area is home to approximately 1.8 million people.

Press Contact: Stacey Corso Communications Department (925) 953-1716

Marcus & Millichap's Tony Azzi Named One of Firm's Top Investment Specialists

ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named its top investment specialists for 2008.

One agent in Marcus & Millichap’s West Los Angeles office ranked in the Top 30 out of more than 1,300 investment specialists nationwide. The agent is Tony Azzi (13). (top right photo)

“We are proud to recognize Tony as one of the firm’s top agents,” says Harvey E. Green, president and chief executive officer of Marcus & Millichap. “His accomplishments and track record reflect his superior transaction expertise and commitment to client service.”

Azzi, a senior vice president investments and director of the firm’s National Multi Housing Group in West Los Angeles, facilitated transactions valued at more than $46.13 million last year.

Azzi joined Marcus & Millichap in September 1986 and was promoted to senior vice president investments in January 2008. His notable transactions last year included the sale of an $8 million multi-family community in Santa Monica, Calif.; a $6.2 million apartment community in Los Angeles; and a $4.35 million multi-family community in Santa Monica.

Press Contact: Stacey CorsoCommunications Department(925) 953-1716

David Burback Named Executive Managing Director of Grubb & Ellis Company’s Industrial Practice

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has named David S. Burback, (top right photo) a 30-year commercial real estate veteran, executive managing director of its Industrial Practice Group.

As executive managing director, Burback’s role is to leverage all of the capabilities of Grubb & Ellis’ integrated platform on behalf of the firm’s industrial clients. He will oversee more than 430 industrial transaction specialists nationwide.

“We are very pleased to have someone of Dave’s caliber in this important role,” said Greg Coxon, president, Brokerage Services for Grubb & Ellis. “Based on his tenure, management experience and industrial expertise, he is the ideal candidate to take the services and solutions we are able to offer our industrial clients to the next level.”

Burback joined Grubb & Ellis in 2005 and has served as executive vice president and managing director of the company’s Los Angeles South Bay office, the top industrial office across the firm’s nationwide platform, since that time.

Prior to joining Grubb & Ellis, Burback was a principal with Northwest Realty Advisors, a firm he founded in 2000 to specialize in commercial investment services in the Pacific Northwest. Previously, he was manager of the Colliers International office in Portland, Ore. Burback spent the majority of his career in Southern California, launching his career as an industrial professional with CB Richard Ellis, and rising to the level of manager of the firm’s Riverside office.

Burback is a graduate of the University of Southern California. He is a past president of NAIOP and member of ICSC, and ULI. A recognized industry expert, he is a frequent speaker at industry conferences.
Sharon Abar, 714.975.2185,
Damon Elder, 714.975.2659,

Grubb & Ellis Realty Investors’ Fountainhead Business Park II Earns Energy Star Designation

SANTA ANA, CA– Grubb & Ellis Realty Investors LLC announces that Fountainhead Business Park II, (top right photo) a three-story office building in San Antonio, has earned the U.S. Environmental Protection Agency’s prestigious Energy Star designation.

Fountainhead Business Park II is part of a two-building office campus managed by Grubb & Ellis Realty Investors on behalf of an investor participating in its Private Client Management program.

“Grubb & Ellis Realty Investors is committed to managing each property in our portfolio as resourcefully and responsibly as we can on behalf of each participant in our investment programs,” said Kent Peters, (bottom left photo) executive vice president of Asset Management, Grubb & Ellis Realty Investors. “The Energy Star designation is a wonderful accomplishment, and highlights the hard work and dedication of the entire management team.”

Fountainhead Business Park II is professionally managed by Dan O’Hare, vice president of Asset Management, Grubb & Ellis Realty Investors, who is joined by a property management team headed by Cindy James, RPA, of Grubb & Ellis Company. James’ management team includes: John Cauley, CBE-J, building engineer; Daphne Shepard, administrative assistant; and Daryn Mieure, assistant vice president and senior portfolio manager.
Additional management services were provided by Jeff Allen of Kill Kare Inc. in Huntington Beach, California.
Julia McCartney, 714.975.2230,
Damon Elder, 714.975.2659,

Marcus & Millichap Sells 96-Unit Apartment Building in Tallahassee, FL

TALLAHASSEE, F– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of University Courtyard, (top right photo) a 96-unit/384-bed student housing community located in Tallahassee, Florida, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

Dorothy Jackman, (top left photo) Associate Vice President, Investments and Travis Prince, (bottom right photo) Investment Specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

The buyer, a limited liability company, was also secured and represented by Jackman and Prince.

“The deterioration of the broader market fundamentals made this deal difficult to get done in a conventional way, but the buyers offered strong terms that ultimately won them the deal.

"The asset is performing well and delivering tremendous yields to the new owners out of the gate” notes Prince.

University Courtyard is located at 3025 South Adams Street and consists of 96, four-bedroom/two-bathroom units at 1,192 square feet (384 beds).

Built in 2000, the community offers fully-furnished units that are leased by-the-bed and multiple amenities, including a swimming pool, sand volleyball court, fitness center and a business center with a computer lab, study rooms, copier and fax service. The community is currently 100 percent occupied.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Stirling Sotheby’s International Realty reports February sales of more than $34.7M

ORLANDO, FL --- Stirling Sotheby’s International Realty, reported it sold homes in the Central Florida area worth more than $34.7 million in February.

Roger Soderstrom, owner and founder of the firm, said sales in February were up more than 35 percent over January 2009.

“The real estate market is beginning to improve,” Soderstrom said. “Sellers understand the need to price their homes for the market, and buyers are beginning to realize the values that are available,” Soderstrom added.

During the first few days of March, Soderstrom said Stirling Sotheby’s International Realty’s World Center in downtown Orlando negotiated sales totaling more than $2 million and the firm anticipates its March sales will top February’s strong showing.

Soderstrom said Stirling Sotheby’s International Realty has seen strong short sale activity as well as upper tier luxury home sales since Jan. 1.

“We anticipate a strong first quarter in 2009,” Soderstrom said.

“This is the perfect time to buy real estate, especially in Florida. The opportunities to own single-family homes, condominiums, oceanfront and riverfront properties has never been better.
"Prices are very affordable, and buyers are making deals now that will change their lives,” Soderstrom said.


Roger Soderstrom, Founder/Owner, Stirling Sotheby’s International Realty, 407-588-1260,
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Tidewater Packaging Extends Lease in Chesapeake, VA

NORFOLK, VA – GVA Advantis announces Tidewater Packaging Services, LLC has extended their lease on 19,400 SF in Suite G and expanded into an additional 13,100 SF of space in Suite H at 1400 Cavalier Boulevard (top right photo) in Chesapeake.

Bill Throne, SIOR, CCIM, ALC, Senior Director in the Norfolk office, represented the tenant in this transaction.

“Bill is a professional presenting realistic options and opportunities for a small business needing a trusted real estate advisor. His knowledge about the industrial market in our region was immensely helpful and he is an excellent advocate for his client.” said Debra Lybrand, CPA, President, The TPS Group.

TPS is a premier third party logistics provider which offers services including packaging and crating, warehousing and logistical services.

Contact: Susan Childress, 757.213.8217,