Wednesday, July 14, 2010

Cousins Announces Sale of San Jose MarketCenter

ATLANTA--Cousins Properties Incorporated (NYSE: CUZ) announced today several transactions, including the sale of San Jose MarketCenter (above centered photo)  and the successful restructuring of debt on two assets.

The San Jose MarketCenter sold for $85 million, generating an estimated net gain on sale of $6.5 million. Cousins completed development of the 360,000-square-foot power center in 2006.

The Company also announced the extension of the loan on The Avenue® Murfreesboro and a new loan on Meridian Mark.

The $113 million loan on Avenue Murfreesboro, a 750,000-square-foot power center outside of Nashville, has been extended three years to July 2013 with no additional recourse requirements.

 Meridian Mark, (middle left photo)  a 160,000-square-foot medical office building in Atlanta, has been re-financed for an additional 10 years, reducing the interest rate from 8.27 percent to 6 percent while increasing proceeds from $22.2 million to $27 million.

The net proceeds of the San Jose sale, along with proceeds from the Meridian Mark re-financing and borrowings from the Company’s line of credit, were used to pay off a $100 million term loan scheduled to mature in August 2012 and eliminate an interest rate swap associated with the term loan for a cost of approximately $9 million.

Larry Gellerstedt,(lower right photo) Cousins President and Chief Executive Officer, noted, “These transactions highlight the importance we have placed on strengthening the balance sheet through the sale of non-core assets and reducing near-term maturities, particularly our remaining recourse debt.

"We will look to build on our success with these strategies as well as our focus on improved leasing and fee services.”

Contact:  Cameron Golden, Director of Investor Relations/Corporate Communications, 404-407-1984,,
Web site address:

Supertel Hospitality, Inc. Announces Sale of Hotel Properties

 NORFOLK, NB, July 14, 2010 – Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which owns 111 hotels in 23 states, announced today that it closed on the sale of three hospitality properties during the past 35 days.

Combined net proceeds from the sales totaled $3.02 million, which were used by Supertel to reduce balances on the company’s credit facilities.

“When we charted a new strategic direction for our company last year, our first step was to evaluate our portfolio to determine which assets had strategic long-term value that would provide an appropriate return on investment and monetize those assets that did not meet our criteria,” said Kelly Walters, Supertel’s President and CEO.

“We identified a total of 21 assets earlier this year as sale candidates; to date, four of those have been sold, leaving 17 hotels that currently are in the marketing process.

"We have received interest in several of these assets but financing remains difficult to obtain for many potential buyers. As the economy and hotel industry continue to recover, we expect financing to improve.”

The three sold unencumbered assets include:

· The Super 8 hotel in Kingdom City, Missouri (top left photo)  sold on June 11, 2010 for $1.25 million. The 60-room hotel was purchased in 1989 and was no longer classified as a core asset of the company primarily due to the age and size of the property.

· The Masters Inn hotel in Cave City, Kentucky (middle right photo)  sold on June 30, 2010 for $825,000. The 97-room motel was acquired as part of a portfolio in 2008 and was sold primarily due to the property’s age and design.

· The Super 8 hotel in Parsons, Kansas  (lower left photo) sold on July 2, 2010 for $1.1 million. The 48-room hotel was purchased in 1996 and was divested primarily due to the property’s size and deteriorating market fundamentals.


Ms. Connie Scarpello, Supertel Hospitality, Inc., Sr. Vice President & CFO,, 402.371.2520
Media: Jerry Daly,703.435.6293,;  Carol McCune,

Dan Colletto Joins Liberty Property Trust as Director of Leasing and Development

ORLANDO, FL – July 14, 2010 – Liberty Property Trust (NYSE: LRY) today announced that Dan Colletto has joined the Liberty team as Director of Leasing and Development. In his new role, he will be responsible for overseeing Liberty’s 3.8 million square foot portfolio in Orlando.

“Dan has been in the real estate arena for nine years and he possesses a solid understanding of the local market,” said Stephen Whitley, (top right photo) senior vice president and city manager at Liberty. “Dan will be a great asset to our team and we look forward to him helping us increase the value of our portfolio in the region.”

Most recently, Colletto was a Real Estate Consultant at CHEP USA, managing its 8.3 million square foot national office and industrial portfolio. Prior to CHEP, Colletto was a Vice President and Market Officer at ProLogis, managing its Orlando operations and 3.7 million square foot portfolio.

Colletto received his Bachelors of Science and Masters Degree in Business Administration from The Fisher College of Business at the Ohio State University. Colletto is a member of NAIOP and CSCMP.

General Inquiries: Stephen Whitley, Liberty Property Trust, 407/447-1776

Media Contact: Margo Hunt Winans, a.s.a.p.r., 757/404-8653

Marcus & Millichap Sells $33.25M Apartment Complex in Northern California

LIVERMORE, Calif., July 13, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Ironwood Apartments (top left photo), a 184,112-square foot 240-unit apartment complex in Livermore.

The sales price of $33,250,000 represents $138,542 per unit and $181 per square foot.

Stanford Jones, an executive vice president at Marcus & Millichap in Palo Alto, and associate vice presidents Phil Saglimbeni (middle left photo) and Sal Saglimbeni,(lower right photo)  also in the Palo Alto office, represented the seller, one of the largest private owners of multifamily properties in the San Francisco Bay Area. The buyer was a real estate investment fund manager also headquartered in the Bay Area.

“Ironwood’s operation is well-positioned for future rent growth,” says Jones. “Strong demand in the Class B renter cohort, along with a future repositioning strategy, will enable the new owner to capitalize on aggressive rent growth.”

“Cap rate compression, driven by compelling agency financing and a severe supply/demand imbalance for multifamily assets, resulted in aggressive pricing and a highly competitive bidding process,” adds Phil Saglimbeni.

Ironwood Apartments is located at 5634 Charlotte Way. Livermore is home to renowned science and technology pioneers Lawrence Livermore National Laboratory and Sandia National Laboratory, both of which are within walking distance of the property.

 Downtown Livermore, located approximately two miles from Ironwood, is considered to be one of the most successful redevelopment efforts in the region.

 The property is also a short commute from an impressive roster of major employers located along the Interstate 580 and Interstate 680 corridors in Dublin, Pleasanton and San Ramon.

Built in 1973, Ironwood Apartments encompasses approximately 15.2 acres and consists of 24 two-story residential buildings featuring one-, two- and three-bedroom homes. Floor plans average approximately 767 square feet.

  Unit interiors boast spacious open floor plans and private patio/balconies. Ironwood’s common area amenities include a swimming pool and spa, fitness center, two children’s play areas and picnic and barbecue facilities.

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

HFF arranges $6.5M financing for 494-unit east Houston multi-housing complex

DALLAS, TX – The Dallas and Houston offices of HFF (Holliday Fenoglio Fowler, L.P.)  have arranged $6.5 million in financing for Oaks of Woodforest (bottom right photo), a 494-unit multi-housing community in Houston, Texas.

Working exclusively on behalf of Post Investment Group, LLC, HFF managing director Kevin MacKenzie (top right photo)  and associate director Cameron Cureton (top left photo)  placed the three-year, adjustable-rate loan with Texas Capital Bank.

 Loan proceeds were used to acquire the property from a special servicer. Additional proceeds will go towards a complete renovation of the property.

Situated on more than 21 acres, the property is located at 230-280 Uvalde Road close to Interstate 10 and the Sam Houston Tollway, approximately 11 miles northeast of downtown Houston.

Oaks of Woodforest has 42 buildings with one-, two- and three-bedroom units. The property was damaged during Hurricane Ike and currently has 211 down units. Based on the units that are on-line, the property is approximately 90% leased.

“Post Investment Group’s track record of executing a ‘turnaround’ business plan for distressed properties such as Oaks of Woodforest is second to none,” said MacKenzie.

“They have successfully repositioned Whispering Winds and Limestone Apartments (formerly Serrano) in Houston; Bluffs at Town Lake (formerly Longhorn Station) in Austin; and Canyons at 45th (formerly Foxfire) in Amarillo, all previously distressed properties.”

Post Investment Group specializes in distressed, core-plus and value-add multi-housing investment opportunities throughout the United States.


Kevin C. MacKenzie, HFF Managing Director, (214) 265-0880,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HFF arranges $3.57M refinancing for Wallkill, NY  QuickChek convenience store

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $3.57 million refinancing for a free-standing QuickChek convenience store in Wallkill, New York.

HFF senior managing director Jon Mikula (middle left photo)  and associate director Michael Klein (lower right  photo)  worked exclusively on behalf of the borrower,

The Hampshire Companies, a full-service, private real estate investment firm, to secure the five-year, fixed-rate loan through People’s United Bank. This is the sixth QuickChek that HFF has financed on Hampshire’s behalf.

The property is located at 581 East Main Street in Wallkill, Orange County, New York. Completed in 2010, the 9,000-square-foot convenience store is 100% leased to QuickChek, a 40-year old privately-owned company that operates convenience stores throughout central and northern New Jersey and southern New York’s Mid-Hudson Valley.

The Hampshire Companies is a full-service, private real estate firm with equity in assets valued at more than $2 billion, based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments.


Jon Mikula, HFF Senior Managing Director, (973) 549-2000,
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Ground Lease Interest in Chase Bank Illinois Property Sold to Acorn LLC

ROSEMONT, IL – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that the ground lease interest of 15630 S. Harlem Ave. in Orland Park, was sold to Acorn LLC at a 6.5 percent cap rate.

Peter Block, senior vice president, and Anne Arnold, senior associate, Private Capital Markets group, represented the seller, 15690 S. Harlem LLC.

“With its high-traffic location on Harlem Avenue and long-term credit tenant in place, we saw strong buyer response in this offering,” Block said. “Orland Park is the state’s fifth-highest sales tax generator and has demonstrated population growth in recent years, illustrating its strength for investment properties.”

Chase Bank occupies the site’s 4,300-square-foot retail building on a 30-year primary term with escalations every five years and three 10-year options.

Contact: Erin Mays, Phone: 312.698.6735, Email:

Jim Munson Joins Grubb & Ellis as Executive Vice President, Managing Director in San Diego

SAN DIEGO, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that Jim Munson, (middle right photo) one of the most respected commercial real estate professionals in Southern California, has joined the company as executive vice president, managing director of its San Diego office. The appointment is effective immediately.

Munson brings more than 31 years of commercial real estate experience, having held leadership roles at a number of firms throughout Southern California.

“Jim is one of the best-known and most respected commercial real estate professionals in Southern California,” said Jack Van Berkel, (lower left photo)  chief operating officer and president, Real Estate Services.

“When we decided to open an owned office in San Diego, Jim was one of the people we looked to for market insight, and he has been instrumental in helping to launch our office. Our goal is to become the market leader, and there’s no one more qualified than Jim to get us there.”

Most recently, Munson was president and founding principal of Lee & Associates’ San Diego office, a position he assumed in 2009. Earlier, he spent six years as regional director of brokerage for Burnham Real Estate Services, during which time he opened the company’s Carlsbad, Temecula and Las Vegas offices.

 Earlier, he held management positions at Grubb & Ellis, Trammell Crow and CB Richard Ellis. He began his real estate career with CBRE in 1979.

“Grubb & Ellis has a well-defined growth strategy, and I am excited to be part of a company that is focused on attracting talent and expanding its service platform to provide unparalleled client service,” said Munson.

“Since opening an owned office in March, Grubb & Ellis has become the company to watch in San Diego, and we believe that we are well-positioned to become the real estate service provider of choice.”

Munson holds a bachelor’s degree from St. Mary’s College. He is a member of NAIOP, International Council of Shopping Centers and University of San Diego’s Real Estate Advisory Committee.

Contact: Julia McCartney, Phone: 714.975.2230, Email:

Grubb & Ellis Tapped for Disposition of Historic Chester County Properties

KING OF PRUSSIA, Pa. (July 14, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has been selected by Chester County to market for sale three historic properties totaling 153,000 square feet of space at 2 N. High St., 32 and 34 West Gay St. and 17 N. Church St. in West Chester.

Charles Davidson, senior vice president, Jim Dugan, senior vice president, and Elaine Battaglia, associate, all in the company’s Office Group, will handle the disposition of the buildings.

“These properties offer high visibility in the most affluent county in Pennsylvania and one of the top 20 fastest-growing and most educated counties in the U.S.,” said Davidson. “The offering also has very flexible options for buyers – the properties can be converted into a number of uses, including residential, office, retail or institutional.”

The properties are located on the “First Block” in West Chester, reflecting its stature as the prime block in West Chester Borough.

The First Block is also the site of the historic courthouse,(top left photo)  dating back to 1848, and is bounded by Market, Church, Gay and High streets. The offices are currently occupied by Chester County for administrative purposes and will be vacated in their entirety with the County’s move to its new offices in April 2011.

“The buildings represent an opportunity to attract tenants that require larger blocks of space and that cannot currently be accommodated in a typical downtown West Chester Building,” Davidson said.

 Charlie Davidson at 215.561.8300 or
 Erin Mays, Phone: 312.698.6735, Email:

Grubb & Ellis Adds Retail Team to Ontario, CA Office

ONTARIO, CA (July 14, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Sandie B. Smith (bottom right photo)  and Angie Nett (bottom left photo)  have joined the company as senior vice president and senior associate, Retail Group, respectively. The team, which specializes in leasing and sales, joins from CB Richard Ellis.

“As natives of the Inland Empire, Sandie and Angie have a thorough understanding of the local retail real estate market,” said Dave Burback, executive vice president, managing director, Inland Empire. “They join Grubb & Ellis with a successful brokerage track record that spreads throughout the San Bernardino and Riverside counties.”

As a team, Smith and Nett have been involved in transactions valued at approximately $750 million, including more than 1.3 million square feet in retail leasing and 738,000 square feet in retail sales over the past 10 years.

The team’s clients include Chevron, AT&T Mobility, Baja Fresh, Chipotle, McDonald’s, Panera Bread, Wendy’s, Lewis Retail, Cahan Properties, The Ayres Group, Wal-Mart, Rite Aid, Wells Fargo, Allstate and Starbuck’s.

Smith joins Grubb & Ellis following 19 years with the Ontario and Riverside offices of CB Richard Ellis, most recently as a first vice president specializing in retail real estate. She consistently ranked as one of the firm’s top retail producers.

 She was a founding member of Coldwell Banker Commercial Real Estate’s Riverside office. Smith holds a bachelor’s degree in real estate, and is a member of the International Council of Shopping Centers, as well as the Association of Commercial Real Estate California. She serves on the board of directors of the Inland Empire chapter of CREW.

Prior to joining Grubb & Ellis, Nett was an associate at CB Richard Ellis. She joined the firm in 1991 and served in a marketing capacity prior to starting her career in brokerage. Nett is a member of ICSC, the Association of Commercial Real Estate California and was a founding board member of the Inland Empire chapter of CREW. She also currently serves as an area governor of Toastmasters International.

Contact: Julia McCartney, Phone: 714.975.2230, Email:

Bulls Capital Partners Sells Assets to Pillar Multifamily, A Division of Guggenheim Securities

Friends and Colleagues,

I am pleased to announce that Bulls Capital Partners has sold the assets of the firm to Pillar Multifamily, a division of Guggenheim Securities.

I will continue to have an interest in the success of the new firm and look forward to contributing to Pillar Multifamily's long term success by serving Pillar Multifamily in a non-executive role as an originator of new transactions through an affiliate company, Bulls Advisory Group, LLC (

I look forward to continuing to work with many of you in this capacity.

Mark Van Kirk (lower right photo)  and most of our former Bulls Capital Partners colleagues will continue in their roles with the Pillar organization.

It has been a unique experience to co-found Bulls Capital Partners with Mark and to build the firm during an extraordinarily challenging environment for capital markets and real estate finance.

With the support of many people, we originated loans well in excess of $400 million and advanced the opportunity for thousands of families to have safe and comfortable homes. I am grateful for the opportunity to have been part of such an exciting adventure over the past decade.

In addition to originating loans for Pillar Multifamily, I remain founder and Chief Executive Officer of Jones Lang LaSalle's Public Institutions business, which continues to grow as we provide critical real estate support to federal, state and local governments, not-for-profit organizations and institutions of higher learning.

Additionally, I serve on various for-profit boards, including Comfort Systems, USA, Rasmussen College, New York State Teachers Retirement System Real Estate Advisory Council and, starting this fall, a Fortune 200 financial services firm.

On the non-profit side, I am honored to serve as Vice Chairman of the West Point Association of Graduates Board of Directors, and on the Board of Eagle Bank Bowl, the latest NCAA-sanctioned football bowl game, which is played in our nation's capital.

I have enjoyed working with you on financing solutions in the past, and look forward to providing financing for your multifamily projects in the years to come. Do not hesitate to contact me if you have questions, or just to catch up.


Melrose-Sovereign Companies awarded contract to manage Park Aire Condominium in Downtown Winter Park, FL

ORLANDO - Melrose-Sovereign Companies, which ranks as one of the largest residential management firms in Florida, was recently awarded a contract to manage Park Aire Condominium in downtown Winter Park.

Ellen G. Lumpkin, (bottom right photo)  LCAM and Jack B. Hanson, LCAM co-founders and partners at Melrose-Sovereign Companies, said Park Aire Condominium features 24 luxury condominium residences.

Headquartered in Orlando, Melrose-Sovereign Companies has eight offices throughout the state including an office recently opened in Daytona Beach.

For more information,  contact:
Jack B. Hanson, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181,;
Ellen G. Lumpkin, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181,
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142,