Tuesday, May 11, 2010

Marcus & Millichap Lists $23M Shopping Center in Jacksonville, FL

JACKSONVILLE, FL,  May 11, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Gateway Town Center,(top left photo)  a 560,352-square foot regional shopping center in Jacksonville.

The listing price of $23 million represents $41 per square foot.

David Hsieh, (middle right photo) an associate vice president, and James Hoggatt, (bottom left photo)  a retail investment specialist, both in Marcus & Millichap’s Jacksonville office, are representing the seller, a Jacksonville-based limited liability corporation.

"The Gateway Town Center is comprised of an indoor mall and an outdoor retail center anchored by Publix,” says Hsieh. “The upside potential for an investor lies in the more than 160,000 vacant square feet.”

Located at 5320 Norwood Ave. in Jacksonville, the property features more than 1,600 feet of linear frontage on Interstate 95, is accessible from two highway exits and is less than three miles from Shands HealthCare, which is affiliated with the University of Florida Health Science Center, and downtown Jacksonville.

 The city’s third-largest public transportation station is located on the site as well.

Built in 1967 on approximately 56 acres, Gateway Town Center was renovated in 2005. The center’s national anchor tenants include Publix, Radio Shack, Firestone, Payless and Family Dollar. The Publix lease expires in 2015 with options to renew.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Condo Resale Inventory Falls Below 40,000 In South Florida

MIAMI, FL--Fewer than 40,000 condominiums and townhouses are now for resale in the tricounty South Florida region, marking the fewest number of available units on the market in the last 18 months, according to a new report from CondoVultures.com.

The number of condos and townhouses for resale in Miami-Dade, Broward, and Palm Beach counties has dropped by 23 percent on a year-over-year basis compared to May 2009 when there were 52,000 units on the market, according to the report produced using Florida Association of Realtors data.

The available resales do not reflect the new units that developers are privately marketing, according to the licensed Florida brokerage Condo Vultures® Realty.

"South Florida's condo resale inventory has decreased by more than 35 percent - or 21,400 units - in the last 18 months," said Peter Zalewski, (bottom  right photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "The inventory is depleting for a variety of reasons, ranging from more investors and second-home buyers purchasing units at prices they think are deeply discounted to primary users taking advantage of the government incentives related to real estate. There also have been some sellers who have decided to take their condos off the market as a result of obtaining mortgage modifications.

"The unknown is whether more product will be put up for resale once some of the better capitalized sellers determine that the market is stabilizing, reducing the chances of having to accept a fire sale price."

Contact: Peter Zalewski, Condo Vultures®,  800-750-0517 or by email at peter@condovultures.com.

Cousins Properties Reports Results for Quarter Ended March 31, 2010

ATLANTA--Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter ended March 31, 2010. All per share amounts are reported on a diluted basis; basic per share data is included in the Condensed Consolidated Statements of Income accompanying this release.

Funds from Operations Available to Common Stockholders (“FFO”) was $14.0 million, or $0.14 per share, for the first quarter of 2010 compared with FFO of $7.6 million, or $0.15 per share, for the first quarter of 2009.

Net Loss Available to Common Stockholders was $(1.6) million, or $(0.02) per share, for the first quarter of 2010 compared with Net Income Available to Common Stockholders of $160.6 million, or $3.13 per share, for the first quarter of 2009.

During the first quarter of 2009, the Company recognized approximately $167 million of deferred gain related to a joint venture that holds several retail properties.

First quarter 2010 highlights of the Company included the following:

Sold nine outparcels at three retail centers, generating FFO of approximately $4.7 million.

Closed 19 units at its 10 Terminus Place (top left photo)  condominium project, generating FFO of approximately $2.2 million.

Sold Glenmore Garden Villas in Charlotte, North Carolina, generating FFO of approximately $369,000.

Sold 53 acres of land at Jefferson Mill Business Park, (top right photo)  generating FFO of approximately $328,000.

Increased the percent leased of Lakeside Ranch Business Park (middle left photo)  to 77% upon execution of a lease with Owens & Minor for 223,000 square feet.

Executed or renewed leases covering approximately 232,000 square feet of office space and 162,000 square feet of retail space.

Amended its Credit and Term Facilities to provide more financial flexibility.

For a complete copy of the company's news release and financials, please contact:
James A. Fleming, (bottom right photo) 404-407-1150, Executive Vice President and Chief Financial Officer
Cameron Golden, 404-407-1984, Director of Investor Relations and Corporate Communications, camerongolden@cousinsproperties.com

2 Las Vegas Buildings Get Total $7M Loan

MIAMI, FL, May 11, 2010— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $7,000,000 for Copper Pointe and Quail Park I Office Buildings in Las Vegas, Nevada.

Steve Wood,  (top right photo) Company Chief Operating Officer, along with Tony Castrignano of Sky Mesa Capital, financed Copper Pointe through Thomas D. Wood and Company’s correspondent relationship with The Standard Life Insurance Company in the amount of $2,600,000.

The fixed-rate loan has a term of five years, with rate resets every five years, based on a 25-year amortization and an interest rate of 6.25%. The loan-to-value is 65%. The 34,685 square-foot office was built in 1988 and is home to major tenant Hand Surgery Specialist of Nevada. Copper Pointe is located at 4530-4570 S. Eastern Avenue, Las Vegas, Nevada.

Together they also secured financing for Quail Park I through Thomas D. Wood and Company’s correspondent relationship with Symetra Life Insurance Company in the amount of $5,450,000.

The fixed-rate loan has a term of 10 years, based on a 25-year amortization and an interest rate of 6.90%.

The loan-to-value is 61%. The 73,444 square-foot office was built in 1980 and is home to major tenants Plaster Development Company and Global Industries. Quail Park I is located at 801 S. Rancho Drive, Las Vegas, Nevada.

For further information, please contact:
Steve Wood (305) 447-7836 swood@tdwood.com
Jessica Kinnee (407) 937-0470 jkinnee@tdwood.com

HFF closes $14.2M sale of biotech building in Maryland’s DNA Alley

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today the sale of 50 West Watkins Mill Road, (bottom right photo)  a 57,410-square-foot biotech building in Gaithersburg, Maryland.

HFF senior managing directors Jim Meisel (top right photo)  and Dek Potts (middle left photo)  and senior real estate analyst Jimmy Barter led the investment sales team on behalf of the seller, Moore & Associates, Inc.

BioMed Realty Trust purchased the property for $14.2 million all cash. HFF sold the adjacent property, 55 and 65 West Watkins Mill Road to BioMed in February 2010, and most recently represented BioMed in their purchase of the Venter Institute in Rockville, Maryland.

Located within the Bennington Corporate Center, 50 West Watkins Mill Road is located in the Interstate 270 corridor, more commonly known as “DNA Alley” in Gaithersburg. The property is fully leased to GeneLogic, a subsidiary of Ocimum Biosolutions.

“This sale made sense for Moore & Associates, Inc., given they sold the neighboring property, 30 West Watkins Mill Road, several years ago,” said Meisel. “BioMed has been active in acquiring biotech buildings in the I-270 corridor and this purchase of yet another outstanding Class A property fits well in their portfolio of Maryland assets.”

BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused on Providing Real Estate to the Life Science Industry®. BioMed acquires, develops, owns and operates laboratory and office space.


James A. Meisel, HFF Senior Managing Director(202) 533-2500, jmeisel@hfflp.com
 Stephen 'Dek" Potts, HFF Senior Managing Director, (202) 533-2500, dpotts@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Insured HUD Loan Refinances Skilled Nursing Home in Owensville, IN

CHICAGO, IL--Cambridge Realty Capital Companies reports closing on a $4.32 million FHA-insured HUD Lean mortgage loan for Transcendent Healthcare of Owensville, a 68-bed skilled care nursing home in Owensville, Indiana.

Cambridge Chairman Jeffrey A Davis (top right photo)  said the fully-amortized, 27-year term loan was arranged for the property’s owner, an Indiana limited liability company, by Cambridge Realty Capital Ltd. Of Illinois, the Cambridge business entity responsible for underwriting HUD loans. The property was refinanced using HUD’s Section 232 pursuant to Section 223(f) program.

HUD’s new Lean program introduced sweeping changes in the way insured loans are processed and approved. Responsibility for processing HUD loans has been shifted from field offices to FHA’s Office of Insured Healthcare Facilities (OIHCF) in Washington, D.C., and efforts to streamline the funding process have been put in place.

There is now a single source for program and policy development, and a more consistent and user-friendly platform for borrowers and lenders. The goal is to process loans on a timetable that more closely resembles the timing for conventional funding sources, Davis said.

Contact:: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com