Saturday, July 16, 2011

CALIFORNIA ASSOCIATION OF REALTORS® Applauds Gov. Brown on Signing SB 458 into Law

LOS ANGELES, CA--(BUSINESS WIRE)--The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) applauds Gov. Jerry Brown (top right photo) on signing SB 458 (Corbett) into law. SB 458 extends the protections of SB 931 (2010), to ensure that any lender that agrees to a short sale must accept the agreed upon short sale payment as payment in full of the outstanding balance of all loans.

Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short sale payment as full payment for the outstanding balance of the loan, but unfortunately, the rule did not apply to junior lien holders. SB 458 extends the protections of SB 931 to junior liens.

“The signing of this bill is a victory for California homeowners who have been forced to short sell their home only to find that the lender will pursue them after the short sale closes, and demand an additional payment to subsidize the difference,” said C.A.R. President Beth L. Peerce (lower left photo).

“SB 458 brings closure and certainty to the short sale process and ensures that once a lender has agreed to accept a short sale payment on a property, all lienholders – those in first position and in junior positions – will consider the outstanding balance as paid in full and the homeowner will not be held responsible for any additional payments on the property.”

SB 458 contains an urgency clause making it effective upon signing.

Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® ( is one of the largest state trade organizations in the United States, with nearly 160,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

Lotus Lou, 213-739-8304

Carter Validus Mission Critical REIT Acquires $28.9 Million Data Center in Texas

TAMPA, FL.--(BUSINESS WIRE)--Carter Validus Mission Critical REIT, Inc. (“CV REIT”) announced today that it has acquired a $28.9 million data center in Richardson, Texas.

The property is 100% leased by a Standard & Poor’s AA rated (as of November 2010) national health organization.

 The company, which wishes to remain anonymous for security reasons, operates in 19 states and includes 72 hospitals; 40 long-term care, assisted- and residential-living facilities; two community health-services organizations; and home health agencies.

 With annual revenues of approximately $9 billion, the tenant is one of the nation's largest health care organizations.

John Carter (top right photo), CEO of Carter Validus Mission Critical REIT stated, “We are thrilled to acquire this data center as we believe it fits perfectly within our mission critical investment strategy.

"The property is a well-located data center leased to an investment-grade healthcare tenant. We were able to acquire this property at a purchase price and with financing terms that support our declared distribution rate.”

The 20,000 square foot facility is located on 1.52 acres in the Dallas-Fort Worth area in an established technology corridor. The data center supports the deployment of technology infrastructure equipment on over 10,000 square feet of 36 inch raised floor space.

There are diverse feeds from two power substations that provide redundant power supporting 1.68 megawatts of critical load power (expandable to 2.25 megawatts). Additionally, dual generators and a resilient air cooled chiller infrastructure contribute to increased reliability in support of continuous 24/7/365 operations.

Carter Validus Mission Critical REIT, Inc. is a public, non-traded REIT. The REIT intends to acquire mission critical real estate assets located throughout the United States. Mission critical real estate assets are purpose-built facilities designed to support the most essential operations of tenants.

Carter Validus Mission Critical REIT, Inc. will focus its acquisitions on mission critical assets in three distinct real estate sectors: data centers, healthcare and education.


Carter Validus Mission Critical REIT, Inc., John Carter, CEO

EastGroup Announces New Developments in Orlando, FL and San Antonio, TX

 JACKSON, MS,  /PRNewswire/ -- EastGroup Properties (NYSE: EGP) announced  that it has begun the development of new business distribution buildings in Orlando and San Antonio.

 Southridge IX, located in EastGroup's Southridge Commerce Park, will contain 76,000 square feet and has a projected total cost of $5,350,000.  The building is scheduled to be completed in the first quarter of next year.  To-date, EastGroup has developed 970,000 square feet in its Southridge Park which is currently 100% leased.

In San Antonio, Thousand Oaks I and II will together offer 109,000 square feet of multi-tenant space with a combined total projected cost of $9,622,000.  Thousand Oaks, which also is scheduled to be completed in the first quarter of 2012, is located in the north central submarket where EastGroup owns 1.2 million square feet that is currently 97% leased.

David H. Hoster II (top right photo), President and CEO, stated, "We are pleased to add these new buildings to our development program reflecting the strength of the submarkets where we are building and the success of our existing assets in these submarkets.  Our development program now contains five buildings with 411,000 square feet and a projected total investment of $31.7 million."

CONTACT: David H. Hoster II, President and Chief Executive Officer, or N. Keith McKey, Chief Financial Officer, +1-601-354-3555

Marcus & Millichap Capital Corp. Arranges $7 Million in Refinancing for Philadelphia Shopping Center.


PHILADELPHIA, July 15, 2011 – Marcus & Millichap Capital Corporation (MMCC) has arranged $7,040,000 in refinancing for a 24,500-square foot neighborhood shopping center in Philadelphia.

James Conley, a director in the firm’s Philadelphia office, arranged the loan.

“MMCC was able to deliver maximum proceeds that were needed to take out the construction debt,” says Conley. “We also provided valuable market information to the lender to help mitigate the high loan dollars per square foot.”

The loan is fixed at 5.5 percent for 10 years. The amortization term is 30 years and the LTV is 72 percent.

Press Contact: Stacey Corso , Marcus & Millichap Capital Corporation
(925) 953-1716

Self-Storage Investment Sales to Increase Through Year's End, Marcus & Millichap Predicts

 WALNUT CREEK, CA—Marcus & Millichap Real Estate Investment Services Inc. reports self-storage investment activity will increase this year as banks sell off REO properties, drawing regional syndicates from the sidelines to target Class B/C assets throughout the Sun Belt.

California and Florida will register a sizable share of closings as maturing loans and soft operations push properties into foreclosure, especially with banks still hesitant to refinance devalued assets.

 Financing for new buyers seeking properties below $5 million and with a stable operating history will emerge in the form of SBA loans, helping to accelerate activity.

At the top of the market, cash-heavy REITs and institutions are moving back into the self-storage arena, leveraging operating efficiencies to add value to recently purchased properties.

Class A assets in primary markets, including those in the Northeast, will garner the most attention. Such properties generally will trade for more than $10 million and at initial yields in the mid-7 percent to low-8 percent range, depending on location and age.

For a complete copy of the company’s report, please contact Stacey Corso,