Tuesday, September 15, 2009

Marcus & Millichap Achieves Highest Real Estate Company Ranking on Information Week's Top Technology Firms List

ENCINO, CA, Sept. 15, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has been awarded the highest ranking (number 162) for any real estate firm in InformationWeek’s ranking of the top 500 technology firms.

 This is the fourth consecutive year that the firm has been ranked by InformationWeek, its highest ranking overall, and the highest ranking ever by a commercial real estate firm.

Marcus & Millichap was cited for its overall strength in technology, particularly its tools to serve clients in its commercial real estate brokerage business and the technology platform it deploys to support its sales force of more than 1,300 investment specialists nationally.

 “Marcus & Millichap has long been a pioneer in bringing technology to the brokerage industry to better serve our clients and support our agents,” says Rick Peltz, (top left photo)  senior vice president and chief information officer. “We are honored that InformationWeek recognized our efforts and we commit ourselves to continuing to develop and implement innovative, cost-effective and timely programs.”

Specific programs cited by the magazine in its recognition of Marcus & Millichap include a proprietary, real-time statistical marketing program, the automation of the press release system for its more than 70 regional offices, and  a search engine optimization program that led to a significant gain in web market share for the firm.

Also, new communication technology that integrates various tools into a single point-of-contact system, a rebranding marketing program that led to an increase in market share for Marcus & Millichap’s investment specialists, the implementation of a new mass e-mail system, and an expansion of a successful proprietary document center that gives clients real-time information about marketing efforts and access to the most current transaction information.

Press Contact: Stacey Corso,  (925) 953-1716, stacey.corso@marcusmillichap.com

CBRE Orlando Closes $89M in Apartment Sales

ORLANDO, FL--CB Richard Ellis is pleased to announce that its Multi-Housing Group has closed another apartment sale in Orlando, and has earned 75% market share locally in 2009 thus far.

Including the sale of Promenade Crossing this month, CBRE’s Central Florida Multi-Housing Group has closed nearly $89 million of the approximately $120 million in Orlando apartment transactions so far this year.
Shelton Granade and Luke Wickham exclusively represented the sellers.

Completed in 1997, Promenade Crossing is a 212-unit rental community across from the desirable Baldwin Park area of Orlando. The property was 95% occupied at closing, and CBRE generated substantial interest in the offering.

Multi-housing sales activity has continued to increase throughout the year. The other assets sold in Orlando range from “value add” opportunities built in the 1970s and ‘80s to class “A” projects built within the last ten years.
CBRE has also sold several “fractured” deals – communities that converted and sold units as condominiums and reverted the remaining units back to rentals.

CBRE’s Central Florida Multi-Housing Group has closed more multi-housing properties locally in 2009 than any other company, and continues to be the market leader in Orlando.

For further information, please contact:
Shelton Granade, T 407 839 3103;  F 407 404 5001; shelton.granade@cbre.com
Luke Wickham, T407 839 3130, mailto:Luke.wickham@cbre.com    

Cousins Properties Commences Common Stock Offering

ATLANTA -- Cousins Properties Incorporated (the “Company”) (NYSE: CUZ) announced today that it has commenced a public offering of 32,000,000 shares of common stock.
 The underwriters will be granted a 30-day option to purchase up to 4,800,000 additional shares of common stock to cover overallotments, if any.
BofA Merrill Lynch, Morgan Stanley and J.P. Morgan are the joint book-running managers for the offering.

The Company plans to use the net proceeds from the offering to repay a portion of the outstanding balance under the Company’s unsecured revolving credit facility. Any net proceeds in excess of $248 million will be used to repay additional existing indebtedness under the Company’s revolving credit facility and for general corporate purposes.

Contact: Cameron Golden, 404-407-1984, camerongolden@cousinsproperties.com

Penzance completes 74,497-SF Lease Renewal with U.S. General Services Administration

WASHINGTON, D.C.-– Penzance  has completed the lease renewal of 74,497 square feet of office space with the U.S. General Services Administration at Parkridge Two, 10803-10805 Parkridge Blvd. in Reston, Virginia. Grubb & Ellis Company, a leading real estate services and investment firm, represented Penzance in the transaction.

Parkridge Two is a two-story, office building located within the Parkridge Center office park,(top left photo)  Reston's largest office park. Parkridge enjoys superior access to the Washington Dulles Toll Road and is the site closest to Tyson's Corner in the Dulles Corridor. The park has dual entrances and features an interior ring road with 2-acre pond, volleyball and croquet courts, a picnic area, outdoor fountains, and a deli. The office buildings in Parkridge range from 2 to 7 stories.

Charles Dilks, Keith Lavey and Kurt Stout of the Grubb & Ellis Government Services Group (www.grubb-ellis.com/government) represented Penzance in this transaction. The Government Services Group provides advisory and transaction services to lessors, investors and government agencies throughout the United States. Combining its specialized knowledge of government procurement process with Grubb & Ellis' broad leasing, sales and market research expertise, the Government Services Group delivers effective solutions to its clients.

Penzance is a private equity real estate investment company that owns, develops and manages commercial properties. Founded in the mid-1990's by principals Victor Tolkan and Julia Springer Tolkan, Penzance focuses on investment grade real estate opportunities in the metropolitan DC area.

Contact: Matt Pacinelli , 202.349.5686 direct , 202.271.0526 mobile , 888.690.1885 fax, mpacinelli@penzco.com

Grubb & Ellis Promotes Lisa Kochan in New Jersey: Hires Charles Davidson in Philadelphia

 Kochan Will Oversee Central and Northern NJ Locations 

FAIRFIELD, NJ– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Lisa Kochan (top right photo) has been promoted to assistant vice president, Grubb & Ellis Management Services Inc., a wholly-owned subsidiary of Grubb & Ellis Company.

In this role, she will oversee the day-to-day operations of the company’s central and northern New Jersey locations, which include offices in Fairfield and Edison.

Kochan joined Grubb & Ellis in 2001 as a property manager responsible for the day-to-day management of properties for TIAA-CREF, MetLife and Guggenheim Real Estate. She was promoted to portfolio manager in 2007, assuming responsibility for overseeing the financial and operational performance of the company’s northern and central New Jersey portfolio totaling approximately 8.5 million square feet.

“Lisa has shown tremendous dedication to our team, our clients and the community at large,” said Eric Stone, executive vice president and managing director of Grubb & Ellis’ Northern and Central New Jersey offices. “The level of support she’s capable of providing to our professionals translates directly into unmatched client service, while her charitable efforts enhance our ability to be the best corporate citizens we can be.”

Charles Davidson is New Senior VP in Downtown Philadelphia Office
PHILADELPHIA (Sept. 14, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Charles Davidson has joined the company’s downtown Philadelphia office as senior vice president, specializing in office tenant representation.

“We are truly excited about the addition of Charlie to our Center City team,” said Bob Clements, executive vice president and market leader for Grubb & Ellis’ Philadelphia tri-state area. “His experience in every facet of commercial real estate will add to an already-strong downtown office.”

Davidson is a 19-year industry veteran with experience in investment management, asset management and office leasing. Since 2007, Davidson was a senior vice president with BPG Properties, Ltd., where he directed redevelopment, leasing and management activities as head of the firm’s Washington D.C. office.

Previously, as director of asset management for BPG, Davidson oversaw a number of corporate activities, including the development of best practices, information technology, risk management and real estate tax appeals. He began his career in real estate in 1990 with Aegis Realty Consultants, which was acquired by BPG in 1998.

Contact: Erin Mays, 312.698.6735, erin.mays@grubb-ellis.com

NAI Realvest Completes $1.1M Sale of former Whistle Junction Restaurant in Titusville, FL

ORLANDO, Fla. - NAI Realvest recently completed the $1,100,000 sale of the 10,811 square foot Whistle Junction restaurant facility located at 3125 Columbia Blvd. in Titusville.

Paul P. Partyka, (top right photo) principal and managing partner at NAI Realvest, negotiated the sale representing the seller Sovereign Investment Company of Palo Alto, Calif.

The property was purchased by Titusville-based SBI Leasing, Inc.

Partyka said this is the fourth former Whistle Junction restaurant sale handled by NAI Realvest this year, including locations in Melbourne, St. Cloud and Jacksonville.

For more information contact:
Paul P. Partyka, Managing Partner/Principal NAI Realvest, 407-875-9989, ppartyka@realvest.com
Patrick Mahoney, Principal/Chief Operating Officer, 407-875-9989
Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142