Friday, July 30, 2010
Chicago, IL -- Heitman LLC, a multi-national real estate investment management firm, today announced William “Alan” Purser has joined the firm as senior vice president responsible for institutional client service and marketing. Mr. Purser will be based in Heitman’s Atlanta, Ga. office.
Mr. Purser has 14 years experience in business strategy, institutional sales and marketing and prior to joining Heitman, managed client relationships and fundraising for RREEF/Deutsche Bank and earlier for Buchanan Street Partners.
Mr. Purser began his real estate career at Prudential CRES in San Francisco. In his new capacity Mr. Purser will develop and maintain relationships with Heitman’s institutional investor clients in both public and private real estate strategies across the United States.
“Alan’s extensive experience and particularly, his ability to build strong, collaborative relationships are attributes we value at Heitman and Alan will play an integral role as we broaden our institutional client base throughout the US,” commented Maury Tognarelli, (top right photo) Chief Executive Officer of Heitman.
Heitman, founded in 1966 and headquartered in Chicago, manages over $22 billion in assets invested directly and indirectly in real estate in North America, Europe and Asia. The firm's clients include US and international institutions, pension plans, endowments and foundations, and individual investors.
John White Appointed Lead Portfolio Manager for Asia-Pacific
Chicago, IL -- Heitman LLC, a multi-national real estate investment management firm, today announced the appointment of John White (lower left photo) as lead portfolio manager for its real estate securities business in the Asia-Pacific region. Mr. White’s addition rounds out the firm’s strategy to manage a comprehensive global real estate securities business.
Mr. White will lead a team of investment professionals for Heitman in Melbourne, working collaboratively with Chicago-based Tim Pire, who leads Heitman’s North American portfolio management team and London-based Mark Abramson, Heitman’s lead portfolio manager in Europe.
“John has worked alongside our portfolio management teams over the last several years as part of an alliance. This experience as well as his like-minded cultural and professional values makes this appointment virtually seamless to both our clients and the firm,” commented Maury Tognarelli, Chief Executive Officer of Heitman.
Contact: Margot Olcay, Avenue of the Americas, New York, NY 10105
Tel: 212 843 8284 / Fax: 212 843 9200
LAS VEGAS, NV – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing for two prime hospitality properties in Las Vegas.
The properties, which are currently called Emerald Suites (top left photo), encompass nearly 10 acres and are listed at $31.5 million.
Al Barbagallo, (middle right photo) associate vice president investments, is listing this two-property hospitality portfolio on behalf of Emerald Suites, LLC.
The 387-room Emerald Suites at 9145 Las Vegas Blvd. South was built in 2001. High traffic counts along the world-famous Las Vegas Strip provide this 7.75-acre asset with maximum exposure. The property is listed at $25 million, or $64,599 per room.
(Las Vegas Strip at night, bottom left photo)
Built 2000, the 96-key Emerald Suites on Cameron at 4777 Cameron St. is a 2.3-acre property. The property includes four, three-story buildings with 96 units.
Some units have been updated and include flat-screen TVs. Hotel amenities include a laundry room and pool spa area.
Emerald Suites on Cameron is available for $6.5 million with a current ADR (average daily rate) of $45 a night.
The properties can be purchased separately or as a portfolio.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
TAMPA, Fla. --- Grubb & Ellis Commercial Florida, associated with 130 offices worldwide, has appointed Patrick Kelly (top right photo) executive vice president and managing director in the firm’s Tampa office.
Jeff Sweeney, SIOR, president of Grubb & Ellis
Commercial Florida, said Kelly is a sixth-generation Floridian who earned his B.A. Degree in Hospitality Management from Florida State University and has more than 30 years of experience in commercial real estate.
Kelly is the former president of Rubin Real Estate in Pinellas County. He was also the Florida and regional partner of Vantage Companies (VRS) – a national development and realty services company – for 18 years before selling his interest in 2000.
Sweeney said Kelly’s responsibilities will include supervision of distressed assets, recruitment, business development and productivity in the firm’s Tampa office.
“Patrick Kelly is one of the most experienced commercial real estate veterans in Florida and we expect him to play an important role in our growth,” said Sweeney.
Patrick Kelly, Managing Director 813-639-111
Jeffrey Sweeney, SIOR President 407-481-5387
Larry Vershel Communications 407-644-4142
Thursday, July 29, 2010
He also represented Parker Properties in the sale of a 247,000-square-foot parcel of land to Pacific Life Insurance Company, which he later assisted in developing a nine-story office property on for use as Pacific Life’s headquarters.
Ron Price Joins Grubb & Ellis Company as Senior Vice President, Director of Management Services
“Ron’s background in asset management, property management and project management is deep, and his experience at every level of a management services organization makes him an excellent candidate to lead our Southern California property management operations,” said Eric Forshee, executive managing director, Grubb & Ellis Management Services, Inc. “Ron was at the top of our list of prospects because of his reputation and demonstrated success in the marketplace.”
Contact: Julia McCartney, Phone: 714.975.2230, Email: firstname.lastname@example.org
Dr. Phillips Center for the Performing Arts is critical link in Downtown Orlando resurgence, John Crossman says
ORLANDO, FL --- The Dr. Phillips Center for the Performing Arts (top left rendering) is one of Orlando’s “Big Three” projects to redevelop the downtown district.
The new Amway Center (top right rendering) is set to open in October and work to renovate the Citrus Bowl (bottom left photo) is scheduled.
The open parking lot across from City Hall where the Center for Performing Arts will be located is now fenced off with construction to commence shortly, said John Crossman, CCIM, president of Crossman & Company, the Orlando firm that ranks as one of the largest third-party retail leasing and management firms in the Southeast.
Speakers included Davon Barbour, assistant director of the Downtown Development Board/Community Redevelopment Agency, Alexis Jackson, vice president of communications for the Dr. Phillips Center and Walter O’Shea, vice president of development for Hines.
“But long-term, the educational, community and cultural growth that will emanate from the Dr. Phillips Center for the Performing Arts will result in more cultural and educational enrichment and greater long-term benefits,” Crossman said.
For more information, please contact:
John Crossman, CCIM, President, Crossman & Company, 407-581-6218
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142
Working exclusively on behalf of Trammell Crow Residential, HFF executive managing director Jody Thornton (top right photo) and associate director John Ahmed placed the 10-year, fixed-rate loan with Freddie Mac (Federal Home Loan Mortgage Corporation).
Proceeds will be used to retire the existing construction loan and recapitalize the asset with assumable, non-recourse financing. HFF will service the loan through their Freddie Mac Program Plus® Seller/Servicer program.
Headquartered in Dallas, Trammell Crow Residential is a national multi-family real estate firm that owns multi-family rental and condominium communities in most major markets under such prestigious brand names as Alexan and Wynhaven.
John Ahmed, HFF Associate Director, (214) 265-0880, email@example.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, firstname.lastname@example.org
HFF arranges refinancing for San Antonio and Houston multi-housing communities
HFF director Cortney Cole worked exclusively on behalf of Venterra Realty to secure the five-year, fixed-rate on-book loans through Wells Fargo Commercial Mortgage Originations.
Salado Springs is located at 12727 Vista del Norte centrally situated between Interstate 10, US 281, Loop 410 and Loop 1604 approximately eight miles north of San Antonio’s central business district.
Community amenities include a clubhouse, resort-style swimming pool, fitness center, movie theatre, jogging trails and covered parking.
Located at 4201 Fairmont Parkway, Sandstone Apartments is situated immediately inside Beltway 8 and close to the Houston Ship Channel, NASA and Interstate 45 approximately 13 miles southeast of downtown Houston in Pasadena.
The 90% leased property has 54 two-story buildings with one-, two- and three-bedroom units averaging 761 square feet each. Residents have access to six pools, tennis courts, a community center, fitness center and laundry facility.
Venterra specializes in the identification, finance, acquisition and management of multi-family residential communities in the southern United States. Venterra currently manages a portfolio of multi-family real estate assets totaling over $600 million in value that generates gross annual income in excess of $80 million.
The organization has completed in excess of $1 billion of real estate transactions. Venterra has offices in both Houston and Toronto and employs over 350 people.
Cortney R. Cole, HFF Director, (713) 852-3500, email@example.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, firstname.lastname@example.org
MBA: Second Quarter 2010 Commercial/Multifamily Mortgage Originations Increase Over First Quarter, But Remain Flat Over Last Year
Washington, DC - - Second quarter 2010 commercial and multifamily mortgage loan originations were one percent higher than during the same period last year and 35 percent higher than during the first quarter, according to the Mortgage Bankers Association's (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.
"Borrowing remains light as few commercial property owners are selling or refinancing their properties unless they have to," said Jamie Woodwell, (top right photo) MBA's Vice President of Commercial Real Estate Research.
Faris Lee Investments' Creative Deal-Making Completes 2 Los Angeles County Retail Property Sales Totaling Nearly $13M
IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment sales and advisory team, has successfully closed two Los Angeles-area property transactions totaling nearly $13 million.
The 100 percent-leased assets include a property occupied by CVS/pharmacy and Starbucks Coffee Drive-Thru in Paramount that sold for $7.95 million, and Burger King Plaza (top left photo) located in Los Angeles that sold for $4.95 million with tenants including Burger King, ACE Cash Express and neighborhood shops.
“Critical to the current market, Faris Lee managed the complex task of transferring assumable CMBS loans to the new buyers while at the same time obtaining sale prices exceeding the sellers’ expectations,” said Richard Walter, (top right photo) president, Faris Lee Investments.
“In these transactions, the buyers were not only able to obtain below-market financing, they were able to capture favorable non-recourse provisions, meaning that their financial liability is limited.”
Though the assumption process can be complex, CMBS loans offer substantial benefits to the buyer that conventional bank loans do not.
Loan assumption is an especially attractive option in high interest rate environments and tight credit environments. Unlike conventional bank financing, the CMBS loan offers non-recourse provisions to the buyer.
“The CMBS loan assumption process is long and complicated due to the numerous parties involved and the long list of requirements that must be met,” said Nick Coo, managing director for Faris Lee Investments.
On the first transaction, Coo represented the seller, Los Angeles-based Topaz Paramount, LLC, as well as the buyer, Texas and Southern California-based NASA Paramount Centre Enterprises, LLC.
The property provided the buyer with a more favorable CMBS loan with a superior 5.76 percent fixed interest rate, significantly below current market interest rates. The 15,722-square-foot property located at 8859 Alondra Blvd. was built in 2008 and is situated at the intersection of Lakewood and Alondra Blvd.
For Burger King Plaza in Los Angeles, Coo represented the seller Los Angeles-based 7201 South Figueroa, LLC. Coldwell Banker represented the 1031 exchange buyer UHL, LLC, from Southern California.
It is situated at the major intersection of Figueroa St. at Florence Ave. The assumed CMBS loan featured a fixed interest rate of 6.2 percent for seven years and is amortized over a 30-year schedule. Considering the difficulty in obtaining retail loans in today’s environment, the assumed loan provided unmatched financing for the buyer.
Contact: Darcie Giacchetto, 949.278.6224, Spaulding Thompson & Associates
For Faris Lee Investments
Wednesday, July 28, 2010
NEW YORK, NY-- Fitch Ratings has downgraded the Issuer Default Rating (IDR) and outstanding credit ratings of ProLogis (NYSE: PLD) as follows:
--Long-term IDR to 'BB' from 'BBB';
--$2.2 billion global line of credit to 'BB' from 'BBB';
--$4.7 billion senior notes to 'BB' from 'BBB';
--$1.9 billion convertible senior notes to 'BB' from 'BBB';
--$350 million preferred stock to 'B+' from 'BB+'.
Given the limited likelihood of significant near-term de-levering equity capital raises by ProLogis as previously contemplated by Fitch, leverage is expected to remain more consistent with a 'BB' IDR given the significant scale of PLD’s industrial property platform.
The downgrade also reflects Fitch’s expectation that ProLogis’ fixed charge coverage
will continue to be negatively impacted over the next 12-to-24 months by downward mark-to-market pricing on core portfolio leases.
in lease-up will bolster ProLogis’ earnings power.
For a complete copy of this news release, showing reasons for the current rating, please contact:
Sean Pattap +1-212-908-0642 or Janice Svec +1-212-908-0304, New York.
Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278:
Additional information is available at http://www.fitchratings.com/
SEATTLE, WA (July 28, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that ING Clarion Partners has selected Bill Condon, (bottom right photo) executive vice president, managing director, Matt McGregor (bottom left photo) , senior vice president, Industrial Group, and Andrew Hitchcock, vice president, Industrial Group, as the leasing agents of Sumner Central, (top left photo) a 427,253-square-foot industrial building in Sumner.
“We are excited for the opportunity to represent ING Clarion Partners, one of the largest institutional players in the Seattle area marketplace,” said Condon.
For more information, call 206.388.3000, or contact
Condon at email@example.com,
McGregor at firstname.lastname@example.org, or
Hitchcock at email@example.com.
Julia McCartney, Phone: 714.975.2230, Email: firstname.lastname@example.org
Atlanta, GA- - Selig Enterprises' industrial division has leased a 48,500 square foot Atlanta-area building to Disaster Services, Inc. in northeast Atlanta near Interstate I-285,
DSI specializes in Emergency / Mitigation services as well as business continuity planning for small and large commercial properties.
Headquartered in Doraville, Disaster Services will occupy the building located at 4601 Winters Chapel Road and use it for day to day and catastrophic / large loss operations.
To accommodate their growth and maintain coverage of all sides of the Atlanta market, DSI sought to expand its operations into this centrally located, state of the art facility. Key factors for the site selection included proximity to major interstates and a larger truck court.
Fernando Calvo, CCIM with Newmark Knight Frank represented Disaster Services.
Selig Enterprises is a privately held real estate operating company based in Atlanta, Georgia. The company owns and manages a real estate portfolio in excess of 10 million square feet throughout the Southeast United States.
For more information, please visit, http://www.seligenterprises.com/.
Media Contact: Taana Kow, email@example.com, Selig Enterprises, Inc.
ORLANDO, FL; July 28, 2010 - Equity Investment Services (EIS) is proud to announce associate Nathan R. Cutchin’s (top right photo) successful execution of 12 leases in the last sixty days.
Nathan executed 10 new leases and 2 lease renewals totaling more than 30,250 square feet and just over $1.6 million in total value.
Notable leases include 7,700 square feet leased to Halloween Megastore located at Orlando Crossings (middle left photo) on International Drive, 7,000 square feet leased to Godfather Pawn Shop located at Danube Plaza on South Semoran Boulevard, and 3,090 square feet leased to Dollar Store located at Kissimmee Korners on West Highway 192.
Since joining the industry and EIS in November of 2009, Mr. Cutchin has been a tremendous asset to the firm executing 32 leases in nine months.
EIS is a full service commercial real estate investment advisory company based in Orlando, FL. EIS represents owners in the dispositions and acquisitions, leasing and professional management of shopping centers, office buildings, industrial properties, single tenant net leased investments and multi-family properties.
For more information, contact:
Christopher M. Savino, Managing Director, 407.573.0711 (o) Csavino@EISRE.com
Alana L. Champagne, Operations Manager, Director of Property Management, Email: mailto:AChampagne@EISRE.com,
MIAMI, F: – Marcus & Millichap Capital Corporation (MMCC) has arranged refinancing totaling $10.41 million for a 120-unit multifamily high-rise in Miami.
Michael Balan, (top right photo) a senior director in the firm’s Miami office, arranged the loan.
“The borrower is an experienced investor with a good relationship with his usual lender, a national bank,” says Balan. “Concerned about rising interest rates, the borrower came to MMCC for assistance.
“We were able to use our strong relationships with top agency lenders to find the right lender; one previously unknown to the borrower,” continues Balan. “The pressure to get the property appraised was intensified by the paucity of sales comparables for a property of this size.
The loan is a 10-year fixed-rate loan with a 65 percent loan to value. The interest rate is 5.39 percent and the amortization is 30 years.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
Tuesday, July 27, 2010
Funds from Operations of $19.2 Million or $.71 Per Share Compared to $.80 Per Share for the Same Quarter Last Year
Net Income Attributable to Common Stockholders of $4.5 Million or $.17 Per Share
Same Property Net Operating Income Decline of 3.8%; 4.7% Decline Without Straight-Line Rent Adjustments
89.1% Leased, 87.2% Occupied
Paid 122nd Consecutive Quarterly Cash Dividend – $.52 Per Share
Interest and Fixed Charge Coverages of 3.2x
Acquired One Building in Phoenix for $1.3 Million
Two Development Projects With Estimated Costs to Complete of $2.1 Million as of
No Debt Maturities for the Remainder of 2010
JACKSON, MS, July 27, 2010 - EastGroup Properties, Inc. (NYSE-EGP) announced today the results of its operations for the three and six months ended June 30, 2010.
Commenting on EastGroup’s performance for the quarter, David H. Hoster II, President and CEO, stated, “We are pleased to report that during the second quarter we increased occupancy by 100 basis points to 87.2% by signing a record number of leases.
David H. Hoster II, (top right photo)President and Chief Executive Officer, (601) 354-3555
N. Keith McKey,(lower left photo) Chief Financial Officer,
Orlando, FL, July 27, 2010-- Cushman & Wakefield of Florida, Inc. (C&W) Office Brokerage Associate Betsy Owens (top right photo) announced a lease renewal for Neutral Tandem, Inc in Lucerne Plaza in downtown Orlando.
Ms. Owens represented the tenant, in the seven-year deal for 2,092 sf that serves as an operations center for the network provider.
Neutral Tandem is a Chicago-based firm providing tandem network services to telecommunications carriers which allows for interconnectivity between competitors.
ORLANDO, FL, July 27, 2010– The Cushman & Wakefield office leasing team of Mindy Boehm (middle left photo) and Betsy Owens announced a 13,566 sf lease in Lake Underhill Business Center in East Orlando. Boehm and Owens represented the landlord, Lake Underhill NTC, LLP, in the 6-year lease for Summit Church of Central Florida, Inc.
C&W negotiates 2 new leases for Shoppes at Hunt Club in Forest City, FL
Boehm represented the landlord in a 2,500 sf, 10-year lease for a Topper’s Creamery.
Boehm also represented the landlord in a 1,464 sf, 5-year lease for Papa Murphy’s Take ‘N’ Bake Pizza.
Contact: Brook Hines, Tel: 407-541-4401, firstname.lastname@example.org, http://www.cushwake.com/
Grubb & Ellis Selected by Venture West to Market 565-Acre Master-Planned Business Park in Oro Valley, Arizona
Bob Davis and Bill DiVito, senior vice presidents; Howard Kong, CCIM, vice president; and Hadley Kirkland, associate; of Grubb & Ellis’ Industrial Group, will represent Venture West on the project.
Located at the northwest corner of Oracle Road and Tangerine Road, Innovation Park is a master-planned business park that can accommodate a multitude of uses.
The park consists of 372 acres of land zoned for development and 193 acres of natural open space, linear parks and trails that provide scenic background views. It includes a 350,000-square foot R&D building, in which Ventana Medical Systems Inc., a member of the Roche Group, houses 1,200 employees, as well as a 110,000-square-foot R&D building, which Sanofi-Aventis U.S. owns and occupies.
Innovation Park is adjacent to Oro Valley Hospital (top right photo), a 144-bed medical facility, and across the street from the 5,500-acre Catalina State Park and the Oro Valley Marketplace, (middle left photo) an approximately 1 million-square-foot retail center.
“Davis, DiVito and the remaining members of the team were the logical choice to market the site on our behalf,” said Neil Simon, principal of Venture West. “Their long standing track record in Tucson, including the sale of the two-million square foot University of Arizona Technology Park, coupled with their experience with technology companies, was very much in line with our vision for Innovation Park.”
Contact: Julia McCartney, Phone: 714.975.2230, Email: email@example.com
Wilson Commercial Real Estate Closes Out First Half With More than 2M SF of New Leasing assignments and 32 Leases
LOS ANGELES, CA – JULY 27, 2010 – Wilson Commercial Real Estate, Southern California’s leading retail brokerage firm, had a successful first six months of 2010 securing leasing assignments for 13 retail centers totaling more than 2 million square feet.
The leasing assignments include three new developments, five redevelopment projects and five existing centers.
Additionally Wilson Commercial completed 32 leases totaling approximately 600,000 square feet during the first half of 2010. Currently the company oversees leasing at 90 retail properties totaling 8.3 million square feet in Southern and Central California.
“During this challenging economic climate, landlords understand the importance of retaining a firm who has the experience and knowledge to improve occupancy at their center,” said Chris Wilson, (top right photo) president of Wilson Commercial Real Estate. “We have a deep understanding of the landlord and tenant side of the business, enabling us to deliver results in this ongoing challenging market.”
The following are a summary of the new leasing assignments:
· The Crossroads at 395, a 218,503-square-foot Walmart anchored community retail center in Victorville, Calif. that is currently being developed by Rothbart Development Corp.
· 2700 Figueroa Street a mixed use student housing project featuring 171 units and 15,000 square feet of retail currently being developed by Symphony Development Company.
· Granada Village, a 224,783-square-foot neighborhood retail center in Granada Hills, Calif. anchored by TJ Maxx, Stein Mart and Rite Aid that is currently being redeveloped by the landlord, Regency Centers.
· Edinger Plaza, a 149,039-square-foot community retail center in Huntington Beach, Calif. anchored by Michael’s and PetSmart that is currently being redeveloped and repositioned by the landlord, Watt Companies.
· Norwalk Plaza, an 114,311-square-foot neighborhood shopping center located in Norwalk, CA anchored by Northgate Market and AJ Wright.
· Alicia Town Center, 149,424-square-foot neighborhood retail center in Mission Viejo, Calif. anchored by LA Fitness and Dollar Tree that is currently being redeveloped by the landlord, Watt Companies.
· San Fernando Valley Square, a 230,000-square-foot neighborhood retail center in San Fernando, Calif. anchored by Home Depot and Sam’s Club.
· Yucaipa Valley Center, a 230,000-square-foot retail center in Yucaipa, Calif. anchored by Vons, Ross Dress for Less and Staples.
· Country Village Square, a 90,000-square-foot retail center in Rancho Cucamonga anchored by Stater Bros.
Contact: David Ebeling, Ebeling Communications, (949) 278-7851, firstname.lastname@example.org