Wednesday, September 16, 2009

Samuel Winterbottom Joins Grubb & Ellis to Head Hotels,Golf & Leisure Practice Group

SANTA ANA, CA (Sept. 16 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Samuel Winterbottom has joined the company as senior vice president, director of the company’s Hotels, Golf & Leisure Practice Group, effective immediately.

Winterbottom brings 30 years of experience that includes senior leadership positions and extensive relationships with owners, investors and brokerage professionals throughout the hospitality industry.

In his new role, Winterbottom will be charged with expanding the company’s existing hospitality capabilities. This includes recruiting experienced brokerage sales professionals to build a specialized team dedicated to providing strategic real estate services targeted toward owners and investors throughout the hospitality and leisure industries. He will be based in the company’s Atlanta office.

Contact: Janice McDill, Phone: 312.698.6707 Email:

Grubb & Ellis Realty Investors Secures 28,080-SF Lease at Congress Center in Chicago

CHICAGO (Sept. 16, 2009) – Grubb & Ellis Realty Investors LLC today announced that it has secured a 28,080-square-foot lease expansion with the United States General Services Administration for space at Congress Center, (top right photo) a 16-story, Class A office building located in Chicago’s West Loop.

Grubb & Ellis Realty Investors manages the property on behalf of multiple investment programs and individual investors.

The lease expansion will increase the property’s occupancy from 79 percent to 84 percent. The GSA currently leases 113,458 square feet of space at the property on behalf of various federal agencies.

The new space leased by the GSA is expected to be occupied in mid-2010, bringing the total space leased by the GSA to approximately 141,538 square feet.

“Grubb & Ellis Realty Investors is very pleased to have executed this lease, particularly in light of the formidable economic challenges confronting the national and Chicago real estate markets,” said Kent Peters, (middle left photo) executive vice president of Asset Management. “In the midst of a difficult leasing atmosphere, we have been able to further stabilize Congress Center and realize additional revenue on behalf of investors.”

Located at 525 W. Van Buren St., Congress Center offers approximately 520,000 square feet of rentable space.

Built in 2001, the building’s amenities include a two story lobby that features granite, glass, exotic wood and stainless steel trim, 24-hour monitored building security and a secure heated indoor executive parking garage.

Acquired by Grubb &  Ellis Realty Investors on behalf of investors in January 2003, Congress Center is situated one block from Union Station, Chicago Transit Authority lines and in close proximity to the Congress Expressway. In addition to the GSA, notable tenants include Amtrak, Azko Nobel and North American Insurance.

Mark Parrish, senior vice president of Grubb & Ellis’ downtown Chicago office, negotiated the lease on behalf of Grubb & Ellis Realty Investors with assistance from the Washington, DC-based Grubb & Ellis Government Services Group. Studley’s Jason Volpe and Jason Lichty represented the GSA.

Contact: Damon Elder, Phone: 714.975.2659, Email:

Marcus & Millichap Lists $18M Student Housing Community in Florida

GAINESVILLE, Fla., Sept. 15, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for The Courtyards, (top left photo)  a 91-unit, 375-bedroom, 110,597-square foot student housing community in Gainesville.

The Courtyards’ listing price of $18 million represents $197,802 per unit, $48,000 per bed and $163 per square foot.

The current weighted average rent is $1.69 per foot with all leases running 12 months and backed by parental guarantees.

Dorothy Jackman,(middle right photo)  vice president investments and a senior director of the firm’s National Multi Housing Group (NMHG) in Tampa, and Travis Prince, (bottom left  photo) senior associate and a member of the NMHG in Tampa, are representing the seller, a local owner.

“The Courtyards is directly across the street from the University of Florida,” notes Jackman, “and leases by-the-bed. This is an opportunity for an investor to own a well-performing asset with the future potential of a mixed-use development opportunity. This is truly irreplaceable real estate that rarely becomes available, given its close proximity to the University of Florida,” adds Jackman.

Located on 3.5 acres at 1231 SW 3rd Ave. in Gainesville, the property consists of two-, four- and five-bedroom flats and townhomes. The unit mix features one two-bed/1.5-bath flat at 980 square feet, one two-bed/one-bath townhome at 965 square feet, eight four-bed/1.5-bath flats at 1,214 square feet, 66 four-bed/1.5-bath townhomes at 1,190 square feet and 15 five-bed/1.5-bath flats at 1,360 square feet.

The Courtyards’ units are fully furnished in modern styles with newly remodeled kitchens, full appliances, tiled dining rooms, oversized living rooms, balconies or patios and all utilities, cable and Internet are included in the monthly rent. Many units overlook a large swimming pool in the center of an enormous courtyard.
The University of Florida is the largest university in the state and the fourth largest in the nation. Enrollment is approximately 52,000 students annually.

Press Contact: Stacey Corso, (925) 953-1716

Marcus & Millichap Sells $79.7M Bay Area Luxury Apartment Community in California

DUBLIN, Calif., Sept. 14, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has successfully brokered the transaction of Waterford Place Apartment Homes,(top left photo)  a 390-unit, 350,968-square foot luxury apartment community in Dublin, Calif. The sales price of $79.7 million represents $204,358 per unit and $225 per square foot.

Stanford Jones, (middle right photo) executive vice president investments, Philip Saglimbeni, associate vice president investments and Salvatore Saglimbeni, associate vice president investments, all in the firm’s Palo Alto office, represented the seller, Shea Properties’ Waterford Place Apartments LLC, and the buyer, Behringer Harvard Multifamily REIT I.

“Waterford Place represents a rare opportunity in today’s Bay Area marketplace,” comments Jones. “We expect a total of just 12 or 13 large multifamily transactions in 2009 and Waterford will be one of the two or three Class A properties that are less than 10 years old.”

“Despite the current downturn, the market for quality, well-located assets remains exceptionally strong,” adds Philip Saglimbeni. “Multiple buyers and very competitive bidding processes are still prevalent.”

Located at 4800 Tassajara Road in Dublin, the property’s proximity to interstates 580 and 680 and the Dublin/Pleasanton BART station provide convenient access to Bay Area employment centers. The Shops at Waterford is immediately adjacent to the property and Hacienda Crossings Shopping Center is nearby.

Built in 2003, Waterford Place Apartment Homes offers residents the benefits of resort-style living with a superior mix of one and two-bedroom homes and a well-appointed amenity package. Interiors include spacious floor plans averaging approximately 900 square feet with premium finish levels.

 The property features beautiful landscaping with courtyards and unique waterscapes, a heated resort-style outdoor swimming pool and spa, recreation room, state-of-the-art fitness center, theater, business center and conference room, controlled access and four-level parking garage.

:Press Contact: Stacey Corso, 925) 953-1716

Cousins Properties Announces Pricing of Public Offering of Common Stock

ATLANTA, GA -- Cousins Properties Incorporated (the “Company”) (NYSE: CUZ) announced today that it has priced its public offering of 40,000,000 shares of common stock at a price to the public of $7.25 per share.

 In addition, the Company has granted the underwriters a 30-day option to purchase up to 6,000,000 additional shares of common stock to cover over allotments, if any.

The estimated net proceeds to the Company from the offering, before giving effect to any exercise of the underwriters’ over allotment option, are expected to be approximately $277.2 million, after deducting the underwriting discount and estimated offering expenses payable by the Company.

The Company intends to use the net proceeds from the sale of the shares of its common stock to repay approximately $248.0 million of existing indebtedness under its unsecured revolving credit facility and the balance for general corporate purposes, which may include repayment of additional indebtedness under the unsecured revolving credit facility.

Subject to customary closing conditions, the offering is expected to close on or about September 21, 2009.
BofA Merrill Lynch, Morgan Stanley and J.P. Morgan are acting as the joint book-running managers for the offering.

Contact: Cameron Golden, 404-407-1984,