Tuesday, June 15, 2010

Cousins Properties Announces Results of Second Quarter Dividend Elections

ATLANTA, GA--Cousins Properties Incorporated (NYSE: CUZ) announced today the results of the shareholders’ elections relating to Cousins’ second quarter common stock dividend of $0.09 per share declared by its Board of Directors on April 15, 2010.

The dividend will consist of approximately $3.0 million in cash and 866,000 shares of common stock.

 The amount of cash elected to be received was greater than the cash limit of 33.34% of the total value of the dividend, or approximately $3.0 million, and therefore shareholders who elected to receive all cash will receive a combination of cash and stock.

 The number of shares included in the dividend is calculated based on the $6.98 average closing price per share of Cousins’ common stock on the New York Stock Exchange on June 7, 8 and 9, 2010. The dividend of $0.09 per share will be paid as follows:

---to shareholders electing to receive the dividend in all stock, Cousins will pay the entire dividend in common stock;

---to shareholders either electing to receive the dividend in all cash or failing to make an election, Cousins will pay the dividend in the form of $0.0389 per share in cash and $0.0511 per share in common stock; and

Cousins will pay fractional shares in cash.

Registered shareholders with questions regarding the dividend election may call American Stock Transfer & Trust Co., Cousins’ transfer agent, at 1-800-937-5449.

 If your shares are held through a bank, broker or nominee and you have questions regarding the dividend election, please contact your bank, broker or nominee.

 The issuance of approximately 866,000 shares of Cousins’ common stock pursuant to this dividend resulted in an effective increase of 0.86% in shares of common stock outstanding on the record date of May 3, 2010.

Cameron Golden, 404-407-1984, CameronGolden@cousinsproperties.com

$11.4M Southern California Retail Asset Hits the Market

HEMET, CA, June 15, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing for a Petco, a Smart & Final and a 15,000-square foot retail strip in Hemet, Calif.

The listing price of $11,495,000 represents $236 per square foot.

Kevin Boeve, a vice president investments and director of the firm’s National Retail Group in Ontario, is representing the seller, a Southern California-based developer.

“Smart & Final, Petco and the retail strip are all located on separate legal parcels; all leases are triple net and include fixed-rent increases,” says Boeve. “The Petco and Smart & Final leases require zero landlord responsibility or management. Below-market rate 5.4 percent assumable nonrecourse financing is available,” he adds.

The property is located at 2525-2565 West Florida Ave. on a signalized corner anchoring two major thoroughfares in the retail center of Hemet. The property fronts Florida Avenue and has excellent visibility and access. The location receives traffic counts of 54,000 cars per day.

Two Loan Originators in West Los Angeles Office Promoted

LOS ANGELES, CA, June 15, 2010 – The board of directors of Marcus & Millichap Capital Corporation (MMCC) has promoted Adam J. Petriella (lower left photo) and Jerry M. Wise (lower right photo) to the position of first vice president capital markets.

This achievement is one of the highest levels of recognition the firm awards to its loan originators. It represents excellence in the development and servicing of long-term client relationships, according to William E. Hughes, senior vice president and managing director.

Petriella and Wise both joined MMCC in 2005. Petriella began his career with Marcus & Millichap Real Estate Investment Services Inc. as an associate in 1987. Wise started his career with Marcus & Millichap Real Estate Investment Services Inc. in 1985.

Petriella and Wise are located in the firm’s West Los Angeles office.

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

Stirling Commercial Group named exclusive leasing agents for three office condominiums in Plaza Towers Building in Downtown Orlando

ORLANDO - Stirling Commercial Group, a division of Stirling Sotheby’s International Realty in Orlando, has been named exclusive leasing agents for three office condominiums in The Plaza towers (top left photo) building on Orange Avenue at Church Street in downtown Orlando.

Stirling Commercial Group associate John Kurtz leasing agent for the property with associate James Mincy, said all three condominiums---which total more than 9,000 square feet of office space---are built out with high-end finishes and ready for immediate occupancy.

Kurtz said the Plaza building can accommodate tenants seeking anything from a single office suite to a 20,000 square foot full floor.

For more information, contact:
James A. Mincy, Sales Associate, Stirling Commercial Group 407-581-5550
Roger Soderstrom, Owner/Founder Stirling Commercial Group, 407-588-1260;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

AMLI at West Paces, Atlanta, GA - Engler Financial Group Exclusive Offering

ATLANTA, GA--Engler Financial Group, LLC is proud to present, AMLI at West Paces (top left photo), an upscale 337-unit midrise apartment community located off Interstate-75 and Paces Ferry Road in Atlanta, Fulton County, Georgia.

The property's outstanding location off I-75, high quality construction, outstanding demographics, and desirable amenities help distinguish AMLI at West Paces as one of the most unique multifamily assets in Atlanta.

AMLI at West Paces is being offered for sale on an unpriced basis and represents an excellent opportunity to purchase a well located Class “A” apartment community in one of the most affluent areas of Atlanta.

AMLI at West Paces will be available debt free providing an excellent opportunity for a new buyer to take advantage of historically low interest rates.

If you have any questions or would like to schedule a tour of AMLI at West Paces, please contact Greg Engler, Pat Jones, or Kris Mikkelsen. We look forward to working with you on this exciting opportunity.

Greg Engler, CEO/President, 678/992-2000, ext. 1, gengler@efgus.com
Pat Jones, Senior Vice President, 678/992-2000, ext. 2, pjones@efgus.com
Kris Mikkelsen, Senior Associate, 678/992-2000, ext. 4, kmikkelsen@efgus.com

KUA Selects D & A Building Services for Janitorial Contract in Central Florida

LONGWOOD, FL, June 15, 2010 — Kissimmee Utility Authority has awarded a contract to D & A Building Services Inc. for full service janitorial services at four Central Florida water plants operated by the utility.

Under the terms of its scope of services, D & A is providing periodic cleaning of the office area of three water plants in Intercession, Fla., and one in located in Kissimmee.

D & A Building Services provides full service janitorial, floor care, day porter services, high-rise window cleaning, construction services, exterior maintenance, landscape maintenance and waterproofing services.

For additional information, please visit www.dabuildingservices.com.

PR Contact:  Elaine Ingra, (407) 384-1344 elainei@pr-works.com

HEI Hotels & Resorts Promotes Peart, Cuff and Sistare to General Manager Positions

NORWALK, CT,  June 15, 2010—HEI Hotels & Resorts (HEI), the nation’s fastest growing private owner/operator of hotel real estate, today announced the promotion of three of its fast-track team members to general manager (GM) positions.

John Peart has been named GM of the recently acquired The Hotel Minneapolis (top left photo) , Autograph Collection; Kelly Martin Cuff was appointed GM of the Marriott Fullerton, Calif; (middle right photo)  and Ryan Sistare becomes GM of the Renaissance Fort Lauderdale, Fla. (lower left  photo)  

“Especially in today’s challenging economic climate, hiring and retaining the best associates is critical to the success of our hotels,” said Ted Darnall, HEI’s chief operating officer.

“One of the most effective ways we’ve found to accomplish this is by attracting the right talent, recognizing excellence and promoting from within.

"All three of these high-achieving individuals have been fast-tracked up the HEI career ladder based on their record of superior performance and strong leadership skills.

"We have the utmost confidence in their ability to help these hotels reach their full operating potential.”

Created to support HEI’s rapid growth, the fast-track Director of Operations Program has become a crucial aspect of HEI’s recruiting efforts.

The program is designed to target leaders from across the industry ready to take the next step towards management of an upper-upscale hotel. Candidates with a true passion for hospitality and a proven track record of upward progression across multiple disciplines are highly coveted for their potential to succeed in HEI’s demanding environment.

“For experienced hospitality professionals who have hit a career ceiling in their current role, our fast-track development program is the perfect next step,” said Stephanie Rhodes, director of talent acquisition.

“HEI’s continuous growth makes us the ideal destination for the best up and coming talent in the industry, and we embrace that opportunity.”

Prior to being named general manager of The Hotel Minneapolis, Autograph Collection, John Peart was director of operations at the Hilton San Diego Mission Valley and at Le Meridien San Francisco, both HEI properties located in California.

Prior to joining HEI, Peart held various general management and director of food and beverage roles with Starwood Hotels & Resorts.

The 222-room The Hotel Minneapolis was recently acquired by HEI in a joint venture with Hempel Properties and transitioned to Marriott’s new Autograph Collection brand.

For more information about HEI, visit the company’s website, http://www.heihotels.com/.

Media Contacts:
Jess Petitt, HEI Hotels & Resorts, (203) 849-2228, jpetitt@heihotels.com
Chris Daly, Jerry Daly, chris@dalygray.com, jerry@dalygray.com

Shaner Hotel Group Announces Expansion Plan, Updates Loan Acquisition Program

STATE COLLEGE, PA, June 15, 2010—Officials of Shaner Hotel Group (SHG) today announced plans to acquire between $300 million and $500 million in hotel assets over the near term, possibly as soon as by year-end.

The company also announced that its Shaner Mortgage Real Estate Investment Trust (REIT), funded by Shaner and Five Arrows Realty Securities V, L.P., has acquired $90 million face amount of performing first mortgage debt under its previously announced plan to acquire approximately $200 million of debt.

“We have had in place for some time a plan to acquire hotels as the second phase of our expansion strategy to complement our debt acquisition platform,” said Lance Shaner (top right photo), chairman and CEO of SHG.

“The availability of assets coming to market is finally beginning to expand, which has allowed us to put our plan in action. Capital has not been the problem in hotel real estate transactions, it has been available product.”

Shaner said his company’s acquisition profile targets multi-unit and single-asset acquisitions from owners and lenders.

The company currently is in active negotiations to acquire its first portfolio and has an extensive pipeline of portfolios and individual properties.

 “Because we historically are longer-term holders of hotel real estate, we are targeting properties under 10 years old in cities east of the Mississippi.

"We seek upscale select-service and full-service properties in robust markets with $70 or higher revenue per available room (RevPAR), in cities with multiple, stable demand generators, such as college towns, state capitals or a sizeable defense industry base.”

SHG will operate all of the hotels it acquires. “As an owner/operator, we believe we are better able to gauge a hotel’s potential because we see it from both an investment and operating entity perspective,” he said.

Headquartered in State College, Pa., Shaner Hotel Group is part of the Shaner Companies, a diversified, privately held company that owns and operates investments in the lodging, investment, energy and professional service sectors.

Shaner Hotel Group is a developer/owner/operator that currently owns and manages 30 hotels.

 For more information about Shaner, please visit the company’s web site, http://www.shanercorp.com/


Gene Yager, (814) 278-7594, Gyager@jlscs.com
Chris Daly, Jerry Daly, DalyGray Public Relations, chris@dalygray.com, jerry@dalygray.com

Interest Rates for Popular FHA-Insured HUD Loans Move Lower as Economic Uncertainties Drive Government Bond Yields Down

CHICAGO, IL--The recent plunge in the 10-year U.S. Treasury bond rate means senior housing/healthcare borrowers will be getting an even more attractive interest rate on their HUD Lean mortgage loans in the weeks ahead, funding expert Jeffrey A. Davis (top right photo)  observes.

Davis is Chairman of Cambridge Realty Capital Companies, one of the nation’s leading senior housing/healthcare lenders, with more than $3 billion in closed transactions since the mid-1990s. The company has been ranked among the top FHA-insured HUD lenders for more than a decade.

According to Davis, interest rates for HUD 232 loans tend to mirror developments in the government bond market, in May, there was a significant 50 basis point drop in 10-year Treasury yields, from a high of 3.76 percent in April to 3.25 percent a month later.

Bond yields nudged up slightly in early June but remain well below highs for the current calendar year.

“It’s not uncommon for volatility in the equities market to drive bond yields lower. The economic crisis in Europe, a disappointing job report and the calamitous oil spill in the Gulf all have investors on edge.

“Some worry that the U.S. economy could be headed for a double-dip recession, while others, including Fed Chairman Ben Bernanke (lower right photo) , see a tepid recovery continuing but with stubbornly high unemployment. Whichever scenario unfolds, it’s unlikely that Treasury bond yields will be moving dramatically higher anytime soon,” he noted.

Davis said the Cambridge staff is reminding senior housing/healthcare clients that rates for refinancing with the popular new HUD Lean product are probably as low as they’re likely to get in the current cycle.

Cambridge is the creator of The Signature Experience™, a four-step process designed to transform the traditional lender/borrower relationship and identify “ideal” capital solutions for worthy projects. The company has a national origination office in Los Angeles, and numerous correspondent and brokerage relationships nationwide.

Cambridge Says Loan Origination Requests for May Match Last Year's Total but Year-to-Date Numbers Continue to Trail 2009

Although news on the economic front was less than encouraging, Cambridge Realty Capital Companies reports the company processed 25 loan origination requests totaling $210.9 million in May.

Chairman Jeffrey A. Davis said the loan request total precisely matched the number of requests processed during the same month last year, but the dollar volume total was slightly higher than the $202.7 million reported for May, 2009.

For the year-to-date, origination totals for the five-month period were down 16 percent, from 137 in 2009 to 115 a year later. And dollar volume was down a comparable amount, from $1.8 billion in 2009 to $1.5 billion in 2010.

Davis points out that lenders close a relatively small percentage of loan requests received. But he believes it’s useful to track this information as an indication of market directions.

“When we look at 12 month tracking data the picture that emerges shows we’re running about 10 percent behind last year’s totals for the comparable period. Underwriting criteria has tightened and conventional lenders aren’t terribly active.

“However, the good news is that borrowers are finding interest rates for popular HUD LEAN loans are at exceptionally attractive levels,” he noted.

Cambridge is the creator of The Signature Experience™, a four-step process designed to transform the traditional lender/borrower relationship and identify “ideal” capital solutions for worthy projects. The company has a national origination office in Los Angeles, and numerous correspondent and brokerage relationships nationwide.

The firm also has embraced social media and networking via Twitter at http://twitter.com/cambridgecap , via Facebook at http://www.facebook.com/cambridgecap, and via Linkedin at http://www.linkedin.com/companies/454232
where information on the firm and its employees can be found.

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

Marcus & Millichap Promotes David B. Weber to Associate Vice President Investments in Washington, DC

WASHINGTON, DC– The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted David B. Weber (top right photo)  to the position of associate vice president investments.

 The achievement represents excellence in the development of long-term client relationships, investment real estate expertise and sales volume, according to David Feldman, regional manager of the firm’s Washington, D.C. office.

Weber joined Marcus & Millichap in 2002. He specializes in the sale of multifamily, retail and single-tenant net-leased investment properties.

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

Grubb & Ellis Strengthens Capabilities in Florida with Addition of Randy Buddemeyer and Tim Rivers

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has hired industry veterans Randy Buddemeyer (top right photo)  and Tim Rivers (top left photo)  as part of the company’s strategy to significantly increase its presence in key markets throughout the Southeast.

 Buddemeyer joins the company as executive managing director, responsible for the Florida and Carolinas region, and Rivers as senior vice president, director, Management Services.

“Randy and Tim are two of the most talented real estate services professionals I know and together they have enjoyed considerable success building a significant presence in Florida,” said Jack Van Berkel, (lower right photo) Grubb & Ellis’ chief operating officer and President, Real Estate Services.

“Grubb & Ellis is focused on growth, and Florida is an important region. It is home to many of the largest real estate owners and has four of the top 50 markets in the nation. As we look to expand our owned office presence throughout the Southeast, they will be instrumental in supporting this effort.”

Buddemeyer will report to Van Berkel and have full responsibility for the company’s Real Estate Services operations in Florida, North Carolina and South Carolina.

 This includes expanding the company’s presence throughout the region, with the first owned office planned for Charlotte later this year. Both he and Rivers will be based in Tampa. Jonathan Kingsley (lower left photo) , executive vice president based in Miami, will continue to oversee the company’s South Florida Transaction Services operations.

“Over the past several years, Grubb & Ellis has become the company to watch in the commercial real estate industry. They’ve used the market downturn to upgrade talent and build out their delivery platform,” Buddemeyer said.

“Now, with the market on the verge of a recovery, the company’s comprehensive service offerings and ability to provide customized solutions present a real opportunity for Grubb & Ellis to gain market share and grow. It’s exciting to be able to execute on that potential.”

Contact: Janice McDill, Phone: 312.698.6707, Email: janice.mcdill@grubb-ellis.com
Grubb & Ellis Tapped as Leasing Agent for 500,000 SF in Suburban Philadelphia

KING OF PRUSSIA, PA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  has been selected by Keystone Property Group to be the leasing agent for approximately 500,000 square feet of space at Valley Forge Office Center (lower left photo)  and an additional 150,000 square feet at Valley Forge Park Place.

Jim Dugan, senior vice president; John Perkins, senior vice president; and Elaine Battaglia, associate, all in the company’s Office Group, will handle the leasing for the property.

“These properties offer first-class amenities, including on-site property management and convenient access to King of Prussia-area hotels, restaurants and shopping amenities,” said Dugan. “Both complexes are also in premier locations with excellent access to Route 202, the Pennsylvania Turnpike, I-76, I-476 and Route 422.”

Located in the 513,028-square-foot Valley Forge Office Center, 656-676 E. Swedesford Road Buildings offer spectacular common areas, including a three-story atrium, attractive modern glass facades and entrances, glass elevators and European-style restrooms, as well as Class A finishes and all-new, energy-efficient systems and windows in tenant suites.

The property was completely renovated in 2008 and has approximately 65,000 square feet of space available for lease.

Built in 1979 and 1981, respectively, 1016 and 1018 W. 9th Ave. offer aggressively positioned rental rates, landscaped exteriors and interiors, ample parking and views of Valley Forge Historical Park (lower right photo) .

Approximately 45,000 square feet of space is currently available in the buildings, which are located in the 156,264-square-foot Valley Forge Park Place. Both buildings were renovated in 2007.

Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com
James Dugan, 610.879.4513 or james.dugan@grubb-ellis.com