Tuesday, July 27, 2010

EastGroup Properties Announces Second Quarter Results

 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.
"This improvement exceeded our expectations and was primarily achieved in the month of June. In addition, funds from operations for the quarter again exceeded the mid-point of our guidance.”
David H. Hoster II,  (top right photo)President and Chief Executive Officer, (601) 354-3555
N. Keith McKey,(lower left photo)  Chief Financial Officer,

C&W negotiates renewal for telecommunications company in Downtown Orlando

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.

C&W brokers negotiate 13,500 sf lease for church in East Orlando

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

ORLANDO, FL, July 27, 2010– Cushman & Wakefield Associate Director Mindy Boehm announced two new leases for The Shoppes at Hunt Club.

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, brook.hines@cushwake.com, http://www.cushwake.com/

Grubb & Ellis Selected by Venture West to Market 565-Acre Master-Planned Business Park in Oro Valley, Arizona

TUCSON, AZ (July 27, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Venture West has selected the firm to market sites for sale within Innovation Park (top left photo), a 565-acre master-planned development in Oro Valley.

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.

“Although the park has corporate and medical offices, as well as a retail component, there will be a major push to attract research and development and high tech manufacturing companies in biotech, photonics and other technology-based industries,” Davis said.

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.

Davis adds, “This is an excellent opportunity for corporate occupiers looking to develop a presence in the Tucson area. The site includes an incomparable corporate environment with a backdrop of the Santa Catalina Mountains, which is one of the many reasons Ventana Medical Systems and Sanofi-Aventis U.S., the third and sixth largest pharmaceutical companies in the world, chose to locate in Innovation Park.”

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.

The property is also within close proximity to upscale housing communities and schools, as well as world class resorts and spas, such as the Ritz Carlton, Dove Mountain and the Miraval Arizona Resort & Spa.

“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: julia.mccartney@grubb-ellis.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 Commons at Quartz Hill, a 487,370-square-foot Walmart anchored community retail center in Lancaster, Calif. that is currently being developed by Rothbart Development Corp.

· 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.

· Carson Shopping Center, (middle right photo) an 84,418-square-foot community retail center in Carson, Calif. anchored by CVS Pharmacy that is currently being redeveloped by the landlord, Watt Companies.

· 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.

· Amargosa Commons, a 173,000-square-foot power center in Palmdale, Calif. featuring several national tenants including Dress Barn, Ultimate Electronics, Bed Bath & Beyond, TJ Maxx, Trader Joe’s and PetSmart.

· Country Village Square, a 90,000-square-foot retail center in Rancho Cucamonga anchored by Stater Bros.

· Visalia Marketplace  (bottom right photo), a 275,000-square-foot retail center in Visalia, Calif. anchored by K-Mart and Save Mart Grocery. Wilson Commercial Real Estate has partnered with Bakersfield-based, Olivieri Commercial in the leasing of this property.

Contact: David Ebeling, Ebeling Communications, (949) 278-7851, david@ebelingcomm.com

South Beach New Condo Sales Double In Q2 2010

MIAMI, FL--South Beach new condo sales doubled in the second quarter of 2010 on a quarter-over-quarter basis to 31 individual transactions even as the average price held steady at $1,365 per square foot, according to a new Condo Vultures® White Paper™.

Not included in the new sales totals from April through June 2010 is a 46-unit bulk deal that traded for $29.6 million, or $436 per square foot, in the Capri South Beach condominium (top left photo) fronting Biscayne Bay, according to the Condo Vultures® Bulk Deals Database™.

For the second consecutive quarter, all of the individual new South Beach condo transactions occurred in three projects - the W South Beach Residences, Continuum on South Beach North Tower, and the Mondrian (middle right photo)  - even though an additional 18 new condo projects still have unsold developer units, according to the report based on the Condo Vultures® Official Condo Buyers Guide To South Beach™.

"Only 16 of the 37 new South Beach condo project with at least 25 units are completely sold out yet all of the individual transactions this year are occurring in three projects," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"Given the projects and the average prices being achieved, it is safe to assume that buyers are going for quality as a hedge against the unknown. When the developer units start selling in the other new South Beach projects that should be a clear sign that confidence is returning."

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

McCarthy Building Companies Named a Leading Green Company in Orange County, CA

NEWPORT BEACH, CA, July 27, 2010 — McCarthy Building Companies, one of Southern California’s predominant hands-on builders, continues to lead the construction industry in building green.

The firm was recently honored as one of the top 25 green companies in Orange County, Calif. by OC Metro magazine. The 2010 OC Metro Green Team recognizes the leading environmentally friendly businesses, groups and organizations in the area.

“As a socially responsible business, a top green construction company and one of the best places to work in Orange County, McCarthy is committed to improving the environment for future generations,” said Carter Chappell, (top right photo) McCarthy president, California Region.

More than a decade ago, McCarthy’s Green Team formalized its in-house green knowledge network to capture and build upon the best green practices on its projects and in its offices.

Today, the company’s resume of sustainable projects is valued at over $4 billion. McCarthy is ranked 11th nationally in number of LEED Accredited Professionals on staff (Building Design & Construction magazine) and among the Top 50 Green Construction Companies (Engineering News-Record).

“McCarthy encourages sustainable design and building practices on all of its projects, regardless of formal LEED goals,” explains Chappell.

“Through leadership from the McCarthy Green Steering Committee and active support from employees nationwide, the company has established an in-house green training program to ensure employees are able to provide clients and partners with the most up-to-date green construction solutions.

Among other green initiatives, all McCarthy project sites are committed to recycling construction debris, encourage worker carpooling and are smoke-free. In addition, McCarthy has calculated its carbon footprint and is committed to a 5 percent reduction by 2013.”

Some of McCarthy’s LEED projects recently completed or currently underway in Southern California include:

Soka University Performing Arts Center and Academic Facilities Building (top  left photo)

Westminster Police Department Headquarters (middle left photo)

City of Hesperia Police Station

High Dessert Government Center

Los Angeles County South Health Center MOB

Los Angeles International Airport Tom Bradley International Terminal

Miramar College Parking Structure

Rady Children's Hospital Patient Care Pavilion

San Diego Mesa College Math & Science Building

UCSD Health Sciences Biomedical Research Facility

UC Santa Barbara Education & Social Sciences Building

West Los Angeles Community College parking structure

West Los Angeles Community College Health & Wellness Facility

Laura Mickelson (LM Communications), (949) 453-0851
Susan Garritano (McCarthy Building Companies, Inc.), (314) 968-3300