Saturday, December 5, 2009

Meridian Capital Group Arranges $28.2M in Acquisition Financing for Condo Package in Pompano Beach, FL

POMPANO BEACH, FL - On behalf of the Chetrit Group and Read Property Group, Meridian Capital has secured $28,200,000 of first mortgage financing for the acquisition of 138 residential condominium units and 22,400 square feet of retail space located in The Plaza at Oceanside (photo below) in Pompano Beach, Florida.

 Ladder Capital, a specialty finance company focused on the commercial real estate sector, provided the non-recourse loan with a two-year term. Meridian and certain affiliates are founding and strategic partners in Ladder.

The Plaza at Oceanside is a newly constructed luxury building containing 186 residential units. The property offers both direct ocean and Intracoastal views and has an unparalleled level of amenities including a lagoon style zero-edge pool, fitness center, virtual golf room and a wine tasting lounge.

Despite ongoing challenges in the market, Meridian worked closely with Ladder and the borrower to fashion a creative financing in a tight time frame. Ronnie Levine, a Managing Director resident in Meridian’s New York office, spearheaded the placement.

Contact: Dani Sabesan, (212) 612-0109,

October Hotel Tax Collections in metro Orlando, FL 9.8% Lower than Same 2008 Month

ORLANDO, FLORIDA -- County Comptroller Martha Haynie announced  that resort tax collections received by the County in November for the hotel collection month of October 2009 were $11,164,800. Resort taxes are charged on short-term rentals, mostly hotels and motels.

Comptroller Haynie noted that October 2009 collections were 9.8 percent lower than October 2008.

“The comparison of October 2009 to October 2008 is worse than the three percent decline we reported with the September 2009 collections. This month’s revenues do not indicate that the recovery we are looking for is close at hand,” Haynie added.

For a complete copy of the news release and statistical information, please contact:
Joan Randolph, Tele: 407-836-5986, Fax: 407-836-5599
Martha O. Haynie, (407) 836-5690

Cushman & Wakefield Orlando negotiates 1,700 SF warehouse deal for Aramark Correctional Services

ORLANDO, FL-– Cushman & Wakefield of Florida, Inc. (C&W) announced a new lease for Aramark  Correctional Services, a food services provider on a tight schedule to begin operations for their new contract to serve the Brevard County Jail.

C&W Industrial Brokerage team of Lee Morris (top right photo)  and Jared Bonshire needed only two weeks to identify Aramark’s new 1,700 sf warehouse location on Haverty Court in Rockledge, and negotiate the deal between Aramark  and landlord RBP1 LTD of West Melbourne.

Aramark Correctional Services is a food services provider specializing in support solutions for more than 600 correctional facilities across North America. This will be their first contract with Brevard County Jail.

Contact:  Brook Hines, Tel: 407-541-4401,,

Penzance Completes 30,000-SF Lease with Reston Association in Reston, VA

WASHINGTON, D.C. – Penzance announced  that Reston Association has signed a lease for approximately 30,000-square-feet of office space at Reston Corner I, (photo below) 12001 Sunrise Valley Drive in Reston, Virginia. Owned and managed by Penzance, the 100,000-square-foot Class A office building is one of three buildings that make up the Reston Corner office park.

“Penzance is committed to the Reston community, and our strategic partnership with Reston Association is a tangible demonstration of that commitment. We are proud that the Association will call Reston Corner I its home for the foreseeable future,” said Victor Tolkan, Penzance, CEO.

Reston Corner I is a four-story office building nestled in the 300,000-square-foot Reston Corner office park. Strategically located at the corner of Reston Parkway and Sunrise Valley Drive, and adjacent to the U.S. Geological Survey, the park enjoys superior access to the Washington Dulles Toll Road and the many amenities Reston has to offer.

Reston Corner boasts an award-winning, naturally landscaped environment as well as stunning new contemporary building lobbies and common areas. In addition, the park features a new state-of-the-art fitness facility, conference center, outdoor fountains, and café.

The Reston market presented Reston Association with a number of options. Penzance recognized the value of Reston Association’s tenancy and worked hard to meet the organization’s preferences and requirements.

“The park’s superior location, pleasant environment, and proximity to Reston’s amenities, as well as the building’s newly designed lobby and tenant-oriented features were major attractions to Reston Association and our other tenants at Reston Corner,” Mr. Tolkan said.

Penzance director of leasing Matt Pacinelli spearheaded the leasing effort along with Terry Reiley, Jeff Roman, and Tom Walsh of CB Richard Ellis, while Rich Rhodes and Rick Meadows of CresaPartners represented Reston Association.

Reston Association ( ), a service organization headed by elected members of the community and staffed by a team of dedicated and efficient professionals, works to maintain the quality of life and deliver services that define the Reston community.

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

Contact: Matt Pacinelli, 202-339-8001,

Regency Centers Prices Common Stock Offering

JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Regency Centers Corporation ("Regency") (NYSE:REG)  has priced an offering of 8,000,000 shares of its common stock at a price per share of $30.75, all of which will be subject to the forward sale agreements described below.

 Regency has also granted the underwriters a 30-day option to purchase up to an additional 1,200,000 shares of its common stock to cover any over-allotments, which shares will not be subject to a forward sale agreement.

This offering is being made pursuant to an effective shelf registration statement and prospectus filed by Regency with the Securities and Exchange Commission. J.P. Morgan and Wells Fargo Securities are acting as joint book-running managers for the offering.

In connection with this offering, Regency has entered into forward sale agreements with affiliates of J.P. Morgan and Wells Fargo Securities, as forward purchasers.

Subject to customary conditions, the offering is expected to close on or about December 9, 2009.

Regency intends to use any proceeds it receives upon settlement of the forward sale agreements, which are expected to be $235.8 million net of underwriters' discount and expenses, to repay or refinance maturing 2010 debt, which includes its pro rata share of the existing debt of a Regency co-investment partnership, Macquarie CountryWide-Regency II, as such partnership debt matures, and for general corporate purposes. This offering will allow Regency to use existing liquidity to prepay all or a portion of its existing term loan.

Contact: Regency Centers Corporation,  Lisa Palmer, 904-598-7636,

$90.52M sale of Bayshore Data Center in Silicon Valley closed by HFF

LOS ANGELES, CA – The Los Angeles and San Francisco offices of HFF (Holliday Fenoglio Fowler, L.P.)  have closed the sale of Bayshore Data Center, a two-building, fully-leased, 185,000-square-foot data center facility in Santa Clara, California.

Bryan Ley and John Crump of HFF’s Los Angeles office and Gerry Rohm (top right photo)  and Zane Sweet of HFF’s San Francisco office marketed the property exclusively on behalf of the seller, Inland Western REIT. Digital Realty Trust, Inc. purchased Bayshore Data Center for $90.52 million.

“This best-in-class data center attracted tremendous interest with its in-place assumable debt, growing demand for the product type, and terrific location in Santa Clara,” said Rohm.

“We are very excited to add this property to our portfolio of income producing assets. The HFF representatives were extremely professional and knowledgeable regarding data centers,” commented Scott Peterson, senior vice president of acquisitions for Digital Realty Trust, Inc.

Bayshore Data Center consists of a 160,000-square-foot building at 1350 Duane Avenue and a 25,000-square-foot building at 3080 Raymond Street. The properties are fully leased to tenants including Sprint Communications, Equinix and Layer42.Net. Situated on 5.6 acres, Bayshore Data Center is adjacent to Silicon Valley Power and U.S. Highway 101 in the Santa Clara data center cluster in Silicon Valley.

“Demand for data centers such as Bayshore continues to outpace supply by a margin of two to one. There is limited new supply in the data center cluster coming online in the next three years due to a lack of construction financing, which will continue to drive up rents for data center services,” said Ley.

Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.


Bryan Ley,HFF Director, 310) 407-2100, CA Lic. #01458927,
Gerry Rohm,, ( (415) 276-6935, HFF Senior Managing Director, CA Lic. #01367742,
Kristen Murphy, HFF Associate Director Marketing, (713) 852-3500,