Thursday, March 11, 2010

1,450 New South Beach Condos Unsold

MIAMI BEACH, FL--Nearly 1,450 of the 5,600 new condominium units developed in Miami Beach's trendy South Beach neighborhood were still unsold as of January, according to a new report from

The unsold units represent 26 percent of the new inventory created since 2003 in 37 condominium projects developed in a 24-block stretch of the barrier island neighborhood.

South Beach is defined as South Pointe Drive north to 24th Street, the Atlantic Ocean west to Biscayne Bay, according to the report produced using the Condo Vultures® Official Condo Buyers Guide To South Beach™.

"South Beach is some of the most expensive real estate in South Florida as the inventory is limited and the demand is infinite given the international exposure the barrier island neighborhood receives," said Peter Zalewski, (bottom right photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC

. "Prices have remained surprisingly high in South Beach despite the problems that have plagued the overall South Florida market.

"The strong international demand for sun, surf, and sexiness has made South Beach one of the few South Florida submarkets where developers and lenders are not negotiating to any great extent on price."

Since 2003, developers have successfully closed nearly 4,150 newly created condo units for nearly $3 billion, an amount that works out to an average of $891,000 per unit and $773 per square foot, according to a new Condo Vultures® White Paper™.

Contact:  Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at Don't forget to

William G. Carroll Joins Liberty Property Trust as Regional Property Manager

TAMPA, FL – - Liberty Property Trust (NYSE:LRY)  announced that William G. Carroll has joined Liberty Property Trust as a Regional Property Manager. In his new role, he will be responsible for overseeing the property management of Liberty’s Southern region portfolios, including Jacksonville, Orlando, Tampa, South Florida, Houston and Phoenix.

“Bill is a true asset to our company, bringing more than 27 years of vast experience in the industry,” said Robert Goldschmidt (top right photo) , senior vice president and regional director at Liberty. “In this role he will bring even greater consistency to property management in our buildings across the Southern regions by helping to guide our property management teams in all aspects of the job.”

Carroll will focus on tenant retention and portfolio growth as well as maximizing Liberty’s property value. In addition, Carroll will oversee a team of six senior property managers caring for approximately 665 tenants in 180 properties (totaling more than 15 million square feet of office, flex and industrial space). In addition, Carroll will be based out of the company’s South Florida office.

Media contact: Margo Hunt Winans, a.s.a.p.r. public relations & marketing, 757/404-8653,,

General Inquiries: Robert Goldschmidt, Liberty Property Trust, 813/889-3712

Fitch Expects to Rate Reckson Operating Partnership's $250MM Sr. Unsecured Notes 'BB+'

NEW YORK, NY, Mar. 11,  2010--Fitch Ratings expects to assign a 'BB+' rating to the $250,000,000 senior unsecured notes offered by Reckson Operating Partnership, L.P. (Reckson), a wholly-owned subsidiary of SL Green Operating Partnership, L.P. (SL Green OP). Reckson, with SL Green OP and SL Green Realty Corp., as co-obligors, has commenced an offering of $250 million aggregate principal amount of senior notes in a private offering.
Fitch Rates ProLogis' $1.1B Sr Notes & $400MM Sr Convertible Notes 'BBB'; Outlook Negative
 Fitch Ratings assigns the following credit ratings to ProLogis (NYSE: PLD):
--$800 million principal amount senior notes due 2020, with a coupon rate of 6.875%, 'BBB';
--$300 million principal amount senior notes due 2017 with a coupon rate of 6.25%, 'BBB';
--$400 million principal amount senior convertible notes due 2015 with a coupon rate of 3.25% and an initial conversion price of $17.29 representing a 29% premium to ProLogis' share price on March 9, 2010, 'BBB'.
Fitch Upgrades Centerline's CMBS Servicer Ratings Due to Sale

Fitch Ratings upgrades Centerline Servicing Inc.'s (CSI) commercial mortgage-backed securities (CMBS)
servicer ratings as follows:

--Primary servicer rating to 'CPS2-' from 'CPS3+';
--Special servicer rating to 'CSS1-' from 'CSS2'.

Fitch Downgrades BRE Properties' IDR to 'BBB-'; Outlook Stable

 Fitch Ratings has downgraded the Issuer Default Rating (IDR) and outstanding obligation ratings of BRE Properties, Inc. (NYSE: BRE) as follows:

--IDR to 'BBB-' from 'BBB';
--Unsecured revolving credit facility to 'BBB-' from 'BBB';
--Senior unsecured notes to 'BBB-' from 'BBB';
--Convertible senior notes to 'BBB-' from 'BBB';
--Preferred stock to 'BB' from 'BB+'.
For complete details on above transactions, please contact: 
Sandro Scenga, Senior Director, Corporate Communications, Fitch Ratings, +1-212-908-0278

NHL and Hershey Canada Sign Three Year Partnership Deal

Hershey’s® Chocolate Stanley Cup® Becomes ‘Sweetest’ Addition to the NHL

Stanley Cup winner Nick Kypreos (left)  helpsNHL Executive Vice President Brian Jennings (center) and Hershey Canada Vice-President and General Manager Matt Lindsay (right)  unveil the Hershey’s® Chocolate Stanley Cup®. Made of Hershey’s Milk Chocolate, the new Cup celebrates the announcement that Hershey Canada is now the official Chocolate & Candy of the NHL in Canada. (Photo: The Hershey Company)

TORONTO--(BUSINESS WIRE)--Today, Hershey Canada Inc. and the National Hockey League (NHL), unwrapped the details of their new agreement - an exclusive three year partnership in Canada.

 In celebration of this new partnership, Hershey Canada and the NHL® unveiled the one-of-a-kind Hershey’s® Chocolate Stanley Cup®, a milk chocolate replica of the most famous trophy in the sporting world, the Stanley Cup®.

Handmade by Canadian Sitram Sharma, Master Chocolatier at Toronto’s National Club, the one-of-a-kind Hershey’s® Chocolate Stanley Cup® is a masterpiece and was carved from more than 150 pounds of Hershey’s® smooth, creamy milk chocolate and took more than 12 hours to make.

True to its inspiration, it stands nearly three feet high and is a life-sized replica of the original Lord Stanley’s Cup.

 The Hershey’s® Chocolate Stanley Cup®, a replica of the Stanley Cup made of more than 150 lbs of Hershey’s smooth, creamy milk chocolate. The new Cup celebrates the announcement that Hershey is now the official Chocolate & Candy of the NHL in Canada. (Photo: The Hershey Company)

The new multi-year partnership will begin with a consumer promotion to support the 2011 Bridgestone NHL Winter Classic®. The promotion, which will be in stores August 2010 through February 2011, will feature prizing including a trip to the 2011 Bridgestone NHL Winter Classic, to attend a team practice and to skate on the official NHL ice.

Hershey Canada will develop unique and exciting consumer programs around the new partnership featuring the following brands: Hershey’s®, Oh Henry!®, Reese®, Twizzlers® and Ice Breakers®. Hershey Canada official designations in Canada will include:
 Official Chocolate & Candy of the NHL®
  • Official Confectionery Partner of the Bridgestone NHL Winter Classic®
  • Official Confectionery Partner of the Stanley Cup Playoffs®
  • Official Confectionery Partner of the NHL® All-Star Game


The National Hockey League, founded in 1917, is the second-oldest of the four major professional team sports leagues in North America.

 Today, the NHL consists of 30 Member Clubs, each reflecting the League's international makeup, with players from more than 20 countries represented on team rosters.

 According to a Simmons Market Research study, NHL fans are younger, more educated, more affluent, and access content through digital means more than any other sport.

The NHL entertains more than 100 million fans each season in-arena and through its partners in national television (VERSUS, NBC, TSN, CBC, RDS, RIS, NASN, ASN and NHL Network) and radio (NHL Radio, Sirius XM Radio and XM Canada).

Through the NHL Foundation, the League's charitable arm, the NHL raises money and awareness for Hockey Fights Cancer and NHL Youth Development, and supports the charitable efforts of NHL players. For more information on the NHL, log on to

         Pittsburgh Penguins (above photo), current Stanley Cup champions.
Hershey Canada Inc. is a wholly owned subsidiary of The Hershey Company (New York Stock Exchange: HSY) that manufactures, distributes and sells confectionery, snack, refreshment and grocery products in Canada. Major brands include CHIPITS®, EAT-MORE®, GLOSETTE®, HERSHEY'S®, JOLLY RANCHER®, OH HENRY!®, REESE®, AND TWIZZLERS®.

  NHL, the NHL Shield, the word mark and image of the Stanley Cup and NHL Winter Classic and Lord Stanley’s Cup are registered trademarks and NHL Network, NHL Radio and Hockey Fights Cancer are trademarks of the National Hockey League. All Rights Reserved. © 2010 Hershey Canada Inc.

  Hershey’s, Twizzlers and Ice Breakers are registered trademarks of Hershey Chocolate & Confectionery Corporation used under license; Chipits, Eat-more, Glosette, Oh Henry! and Reese are registered trademarks of Hershey Canada Inc. Jolly Rancher is a registered trademark of Huhtamaki Finance B.V., used under license.


 Veritas Communications, Lauren Cosentino, 416-482-0778/416-666-1895,

 or The Hershey Company, Anna Lingeris. 717-534-4874,
or NHL, Kerry McGovern,  212-789-2172/347-853-6009,