Monday, August 9, 2010

ST Residential Launches in Atlanta

ATLANTA, GA (Aug. 9, 2010) – ST Residential, a world class asset management company consortium led by Greenwich, CT-based Starwood Capital Group (NYSE: STWD) and private-equity firm TPG of Fort Worth, TX, along with WLR LeFrak and Perry Capital, selected Atlanta to kick off a nationwide rollout of its real estate portfolio.

ST brings a combination of financial stability with the highest standards of design aesthetic, quality and proven brand building capabilities.

“ST will bring peace of mind to prospective buyers that their purchase will be a sound long-term investment and to real estate brokers who will have the confidence that transactions will successfully close.” says CEO Wade Hundley, who leads the company with 20 years of experience in various aspects of the real estate and hospitality businesses.

ST was formed after the Chicago-based Corus Bank failed on September 11, 2009.

The Federal Deposit Insurance Corporation (FDIC) was named the receiver and thus the asset owner of numerous residential real estate assets and construction loans.

 In Atlanta that included six signature condominium communities: The Atlantic, the finest homes in Atlantic Station; The Brookwood, high-end homes in South Buckhead; Luxe, the boutique-style Midtown condominium tower; Serrano, the Sandy Springs community with Atlanta at its doorstep; One River Place, active living on the Chattahoochee River; and Horizon at Wildwood, high rise living in Wildwood.

The FDIC needed a financially stable, real estate savvy partner to maximize the value of the real estate portfolio by infusing critical financial capital and knowledge, to market and sell the properties to individual home owners.

Instead of choosing a third-party company to manage the properties and sell them quickly, the FDIC chose a more thoughtful and, ultimately, profitable solution. Enter ST, which out-competed seven rivals to win Corus Bank's $4.5 billion real estate loan portfolio with a combined bid of $554 million for 40% of the equity. The FDIC is providing financing and initially owns a 60% equity stake in the ST partnership.

Each of the Atlanta residences boasts an unmatched level of design, detail, amenities and services. ST is infusing significant capital into many of the properties in order to further enhance their appeal to residents. The company is focusing on building a lifestyle brand to provide a better experience for all of its homeowners.

Contact:  Liz Lapidus Public Relations, Liz Lapidus/Traci Buch, 404-688-1466

Cousins Properties Reports Results for Quarter Ended June 30, 2010

ATLANTA, GA--(BUSINESS WIRE)-- Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the three and six months ended June 30, 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 $7.9 million, or $0.08 per share, for the second quarter of 2010, compared with $(64.9) million, or $(1.26) per share, for the second quarter of 2009.

 FFO was $21.9 million, or $0.22 per share, for the six months ended June 30, 2010, compared with $(57.3) million, or $(1.11) per share, for the same period in 2009.

Net Income (Loss) Available to Common Stockholders (“Net Income (Loss) Available”) was $(8.6) million, or $(0.09) per share, for the quarter ended June 30, 2010, compared with $(81.3) million, or $(1.58) per share, for the second quarter of 2009.

Net Income (Loss) Available was $(10.2) million, or $(0.10) per share, for the six months ended June 30, 2010, compared with $79.3 million, or $1.54 per share, for the same period in 2009.

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

Marcus & Millichap Capital Corp. Arranges $12.7M in Loans

NEWPORT BEACH, CA, Aug. 9, 2010 – Marcus & Millichap Capital Corporation (MMCC) has arranged $12,724,000 in multifamily property loans. The properties and loan amounts are:

Los Angeles Apartment Portfolio, Los Angeles: $7,799,000
Pine Square Apartments, Gresham, Ore.: $4,925,000 (Map top left)

Bradley Willson, a director in MMCC’s Newport Beach office, arranged the loans.

“The Los Angeles Apartment Portfolio multifamily assets had accumulated a vast amount of trapped equity,” says Willson.

“Working with the lender and the appraiser, we utilized the investment brokerage and market research divisions within Marcus & Millichap to isolate each property within its specific submarket and asset size, analyze the recent economic indicators and illustrate the owner’s historical high occupancy, collections and continued improvements.

"The final component was demonstrating to the lender and appraiser the barriers to entry and supply and demand factors that validated the rents,” adds Willson.

The Los Angeles Apartment Portfolio was refinanced by a loan with a 5.95 percent interest rate, fixed for 10 years with a 30-year amortization. The loan to value is 75 percent.

“When Pine Square Apartments was in escrow, the residents learned that the property was being sold,” continues Willson.

“This led to a spike in tenant turnover, which directly impacted the immediate trailing collections and the net operating income. MMCC was able to offset this anomaly by demonstrating to the lender the borrower’s track record of high occupancy and collections,” adds Willson.

 “We were also able to bridge a gap between the buyer and the lender for a marginal increase in initial reserve requirements.”

The Pine Square Apartments loan has a 5.12 percent interest rate, fixed for 10 years with a 30-year amortization. The loan to value is 79 percent.

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

Fuller Real Estate, a Market Leading Commercial Real Estate Firm, Joins Cassidy Turley

 ST. LOUIS, MO Aug. 9 /PRNewswire/ -- Cassidy Turley, a leading commercial real estate services provider in the U.S., today announced that Denver based Fuller Real Estate has officially joined the company. Fuller Real Estate will now formally be known as Cassidy Turley Fuller Real Estate.

"We proudly welcome the addition of Cassidy Turley Fuller Real Estate, a dominant player in the Denver market for over 50 years, to our company," said Mark E. Burkhart, (top right photo) CEO of Cassidy Turley.

"Their tenure in the market both as market and community leaders, as well as their track record of long-term client relationships make this a compelling match."

Cassidy Turley Fuller Real Estate is acknowledged as a leader in commercial real estate services in Colorado. The firm represents more properties than any of its peers, with over 700 exclusive listings in the Denver Metro area.

The company is dominant in a full spectrum of commercial real estate, including land sales, investment sales as well as office, industrial, and retail leasing.

"Since 1956, we have built a reputation as creative, hard working and straightforward real estate professionals and look forward to being a part of Cassidy Turley," said Gregory W. Morris,  (middle left photo) President and CEO of Cassidy Turley Fuller Real Estate.

"We were attracted by Cassidy Turley's commitment to generating loyal and long-lasting relationships with their clients while delivering exceptional results.

"Like Cassidy Turley, we have always considered ourselves to be 'client advocates' – always putting the interests of our clients first."

Please visit for more information about the company.

NAI Realvest Negotiates Long-Term Lease with Hometown Buffet for 6,200-SF former Bennigan’s Restaurant on West Colonial Drive in Orlando

MAITLAND – NAI Realvest recently completed a five-year lease agreement for the 6,200 square foot former Bennigan’s restaurant facility at 7344 W. Colonial Drive in Orlando.

Mez Birdie, (top right photo)  CCIM, director of retail services at NAI Realvest, brokered the transaction on behalf of the landlord, Los Angeles-based Hinden Family Trust, and the tenant, Orlando-based Hometown Buffet.

Hometown Buffet will open in October and will accommodate 220 patrons, Birdie said.

For more information contact:
Mez Birdie, CCIM, Director/Retail & Investment Services NAI Realvest 407-875-9989,
Patrick Mahoney, President and COO NAI Realvest, 407-875-9989,
 Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142

ARA’s Hampton Beebe and Avery Klann Arrange Sale of 272 Remaining Units

BOCA RATON, FL, Aug. 9, 2010— Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announced the sale of the 272 remaining units at Olivine at the Township Condominiums in Coconut Creek, FL.

 The transaction was arranged by ARA Florida’s Boca Raton-based team of Hampton Beebe (top right photo) and Avery Klann (top left photo).

Private investors closed on the purchase July 30, 2010, and paid $22,500,000. The purchase reflected a per unit price of $82,720. The property previously closed 100 units with an average sales price of $227,415.

The units, 95 percent of which are rented out, were sold in a short sale-style workout deal with lenders, according to broker Hampton Beebe, senior VP of Boca Raton-based ARA Florida, which represented Prestige Builders Group in the sale.

“Pulling all the pieces together was complex,” Beebe said.

“The transaction was challenging because there were so many parties involved: seller, buyer, a lead lender and two participating lenders,” he said.

“Ultimately, the property sold because it’s a high-quality asset in a great location. It terms of rental income, expenses and condition of the property, it is one of the healthiest fractured condo properties in South Florida.”

“Olivine is adjacent to the Tradewinds Park Forest Preserve. The ‘for sale’ quality units, extraordinary amenity package within The Township development and the proximity to major employment centers and entertainment venues in Broward County position Olivine as an ideal multifamily investment opportunity.”

Marc deBaptiste, one of ARA Florida’s founding partners said, “This exclusive offering received offers from 38 bidders.ลก The ultimate buyer was new to purchasing in South Florida and was sourced through ARA’s National Buyers list.”

National Contacts:

Amy Holland or Lisa Robinson, ARA National, (404) 495-7300

Marti Zenor

Director of Marketing, ARA  Florida, 777 Yamato Road, Suite 140 Boca Raton, FL 33431, 561.988.8800 x112 Direct  954.205.5207 Cell  561.988.8810 Fax

HFF Chicago hires Stephen Skok as managing director in its debt placement group

CHICAGO, IL – HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has hired Stephen Skok as a managing director in the debt placement group in its Chicago office.

Skok will focus on originating debt, equity and structured finance transactions throughout the midwestern United States. He has more than 23 years of commercial real estate industry experience and during the course of his career has been involved in more than $5 billion of commercial real estate transactions.

 Prior to joining HFF, Skok worked for Jones Lang LaSalle. Prior to JLL, he held positions at Cohen Financial, Lincoln Property Company and CBRE. Skok holds a Bachelor of Arts in Economics and Political Science from the University of Arizona. He is a licensed real estate broker in Illinois and is an active member of International Council of Shopping Centers, National Association of Industrial and Office Properties and Mortgage Bankers Association.

“We are thrilled to have a seasoned professional such as Steve join our HFF team. He brings with him a wealth of experience and relationships that will prove to be an invaluable resource for our debt placement group,” said Michael Kavanau (top right photo), senior managing director and co-office head of HFF’s Chicago office.


Michael A. Kavanau, HFF Senior Managing Director, (312) 528-3650,
 Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

Grubb & Ellis Names Michael J. Rispoli Executive Vice President and Chief Financial Officer

Matthew A. Engel elevated to executive vice president, Finance

SANTA ANA, CA (Aug. 9, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced the appointment of Michael J. Rispoli as executive vice president and chief financial officer effective immediately.

Matthew A. Engel, who has served as interim chief financial officer since May 3, has been promoted to executive vice president, Finance.

“Following a thorough search process, Mike Rispoli was identified as possessing the blend of financial acumen and industry experience necessary to assume the position of chief financial officer and help lead this business toward our goals of gaining market share and growing profitability,” said Thomas P. D’Arcy (top right photo), president and chief executive officer of Grubb & Ellis.

“We are very fortunate that Mike and Matt have accepted expanded roles with the company as they both bring proven track records of success in progressively senior positions. Their complementary strengths will be crucial as we continue to focus on operational excellence and economic efficiency.”

Rispoli will be responsible for the company’s overall financial operations, including strategic planning, corporate initiatives and investor relations. He will continue in his current position as chief financial officer of Grubb & Ellis Equity Advisors, LLC., the company’s investment management subsidiary. Engel will direct the company’s accounting, finance, tax and SEC reporting functions.

Engel, 42, joined Grubb & Ellis in 2008 as senior vice president, accounting and finance and chief accounting officer. Prior to joining Grubb & Ellis, he spent seven years at H&R Block, where he held several senior finance leadership positions, including chief accounting officer of the parent company and senior vice president, chief financial officer of the company’s Mortgage Services segment.

Contact: Janice McDill, Phone: 312.698.6707, Email:

Grubb & Ellis Bolsters New York Capital Markets Capabilities with Addition of Steven H. Roberts

NEW YORK, NY (Aug. 9, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Steven H. Roberts (bottom right photo) has joined the company as senior managing director, Debt & Equity Finance.

He joins from CitiGroup, where he was in part responsible for the foundation of the company’s CMBS lending program and co-led the company’s conduit business as the head of origination.

“New York City is ‘Main and Main’ for commercial mortgage banking, and it’s essential we have a professional in that market with the kind of reputation and relationships that Steve has in our industry,” said Jeff Majewski, executive managing director, Debt & Equity Finance.

“Because he will have daily interaction with existing and emerging sources of debt and equity and has excellent contacts with virtually every player in the business, he’s in a position to support clients of Grubb & Ellis professionals throughout the country in their capital needs.”

Contact: Erin Mays, Phone: 312.698.6735, Email:

Two New Promotions at Marcus & Millichap


ENCINO, Ca, Aug. 9, 2010 – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Brandon Michaels to the position of vice president investments.

The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to John J. Kerin (top right photo), president and chief executive officer.

Most recently, Michaels held the position of associate vice president investments.

Michaels began his career with Marcus & Millichap in 2004, specializing in retail investment sales. In 2009, he was the No.1 multi-tenant retail agent in the firm.


LOUISVILLE, Ky., Aug. 9, 2010 – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Aaron Johnson (bottom left photo)  to the position of vice president investments.

The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to John J. Kerin, president and chief executive officer.

Most recently, Johnson held the position of senior associate.

Johnson began his career with Marcus & Millichap in 2003, specializing in multifamily investment sales. Since that time, he has sold more Kentucky apartment units than anyone else in the United States and set the highest price per unit record in both Louisville and Lexington for B and C Class properties.

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

Cortland Partners to Revitalize DeKalb Co. Ga. Apartments

ATLANTA, GA,  (Aug,  9, 2010) – Cortland Partners, an Atlanta-based multifamily real estate firm, is bringing new life to a distressed DeKalb County, Georgia, apartment community.

 On July 22, Cortland closed on the funding for a $9.5 million renovation of a multifamily community the firm purchased at foreclosure in April.

The amount includes a $3.2 million construction loan from State Bank and Trust Company and $4.9 million in Neighborhood Stabilization Program (NSP) funds. This is the first time NSP funds have been used for a multifamily property in DeKalb.

The 168-unit property, to be named Avalon on Montreal, is located at 1086 Montreal Road. Cortland acquired the foreclosed community, formerly named Cedar Pines Apartments, April 6 for a little over $1 million.

Several buildings had fire and water damage, and one-quarter of the apartments were occupied. The firm immediately began working with the DeKalb County Community Development Department to secure the needed funding for the revitalization.

“Purchased below historic land values, this property was on its way to demolition if we weren’t able to bring this exciting project together with the help of State Bank and Trust and DeKalb County,” said Cortland Partners president Steven DeFrancis. “While the renovation will be a challenge, the final result will be a great improvement for the residents and the neighborhood. It will look brand new inside and out.”

The renovation, now underway, will take 12 months. Plans for the interiors include new cabinets, appliances, plumbing and electrical fixtures, floors and finishes. The clubhouse will be renovated and expanded, the swimming pool will be re-done and an old tennis court will become a playground and community area. Exteriors will be modernized with new siding and roof designs.

“The ‘contemporary’ roof lines of the 1970s never caught on with the general public, so the renovation includes the significant realignment of windows, added columns and covered balconies,” said architect George Rees of Rees Designs.

“The exteriors, once renovated, will prove to be more timeless and current in a transitional modern style.”

“Despite the project’s condition, many long-term residents still live there,” DeFrancis added. “We’re excited to provide them with a better place to live. This is their home, and we look forward to redefining this community together.”

DeFrancis says the acquisition and renovation are also good business moves.

“Avalon is a great fit for Cortland’s acquisition strategy. It has large two- three- and four-bedroom floor plans, and the majority of the apartments are two-story townhomes. The unit mix is ideal for families.”

The property has a great close-in location, just outside I-285 near Highway 78 (Stone Mountain Freeway).

It is also just a few miles from I-85. The Emory University Orthopaedics & Spine Hospital (lower right  photo)  is practically next door.

The Neighborhood Stabilization Program (NSP) was established to stabilize communities that suffer from foreclosures and abandonment. It's part of the 2008 Housing and Economic Recovery Act which provides grants to state and local governments.

Cortland Partners also has several other projects underway. On July 12 it purchased and began renovating Northchase Apartments in Dunwoody, Georgia for $15.2 million. It also recently announced that the $25 million first phase of construction is underway on West M Apartments in Lake Charles, Louisiana. Several more deals are in the pipeline.

Contact: Terri Thornton, 404-687-8760, 404-932-4347 (Cell),

morrison commercial real estate completes three office lease transactions totaling 34,788 SF in central Florida

ORLANDO, FL (Aug. 9, 2010): Greg Morrison (top right photo), CCIM, SIOR, Principal of Morrison Commercial Real Estate, announced the completion of three lease transactions totaling 34,788± square feet.

Lisa Bailey (top left photo)  and David Young (middle right photo)  of Morrison Commercial Real Estate represented the Landlord in a renewal and expansion totaling 20,374± square feet to Wyndham Vacation Resorts, Inc. at Gateway Business Park, near Orlando Central Park, for a total of five (5) years.

Christi Davis (bottom left photo) and Lisa Bailey represented the Landlord for the SunTech Commerce Park, located in Lake Mary, in leasing 11,601± square feet to ECO Construction for five (5) years. David Stidham of Richardson Associates, Inc. represented the Tenant in this transaction.

Quest Technology Group, LLC, represented by David Young, leased 2,813± square feet for six (6) years at the Landmark Center One building in Downtown Orlando. Catherine Reeves of Highwoods Properties represented the Landlord in this transaction.

Contact: Buffy Gillette, Phone: 407.219.3500, Email: