Friday, January 20, 2012
ORLANDO, FL -- Chinese New Year is the most important of all traditional Chinese holidays.
It is often called the Lunar New Year because it is determined by the lunar calendar and falls anywhere between late January and mid February. This year, it falls on January 23, 2012.
The origins of this holiday date back to 2600 B.C. when the Emperor Huang Ti introduced the first cycle of the Chinese zodiac based on ancient legend.
2012 is the Year of the Dragon, and is the most vital and powerful of any in the Chinese Zodiac.
People born in Dragon years (1940, 1952, 1964, 1976, 1988, 2000) find pleasure in helping others, and you can always count on their help.
Some famous people born under the sign include Joan of Arc (lower right photo), Susan B. Anthony, Florence Nightingale (middle left photo), John Lennon (top right photo) and Sigmund Freud.
C.T. Hsu + Associates, P.A.
820 Irma Avenue · Orlando, FL 32803 ·
407 423 0098 · Fax 407 423 4793
PHOENIX, AZ – Grubb & Ellis Company today announced that it represented Mitel® (Nasdaq:MITL) in a 10-year lease for 83,264 square feet of office space at Riverview Point (top left photo) in Mesa for its U.S. headquarters.
The Phoenix team of Robert Stephens, vice president, Kurt Saulnier, associate vice president, and Tricia Gumulka, associate, all of the company’s Industrial Group, represented Mitel in conjunction with Steven Morgan, senior vice president, Office Group, of Grubb & Ellis’ Atlanta office, who has the corporate relationship with the communications company.
Mitel expects to relocate its headquarters to 1146 N. Alma School Road from its current location in Chandler in summer 2012. The global provider of unified communications and collaboration (UCC) software solutions will use the space for corporate sales and administration, engineering and diagnostic testing, as well as its internal university.
“This property is a great fit for Mitel’s U.S. headquarters,” Stephens said. “The two-story building is currently in shell condition and will be built out to Mitel’s specifications. Additionally, it’s located next to a hotel, 10 minutes from the airport and near the 202 freeway, making it easily accessible for employees as well as those visiting the company’s university.”
Built in 2009 within the 250-acre master-planned Mesa Riverview Project, Riverview Point is owned by private investors that were represented by Bryan Taute and Michael Strittmatter of CBRE in the transaction.
Monica Sparreo Ruth Darby
MIAMI, FL --New condo sales in Greater Downtown Miami slowed by 53 percent in the 2011 on a year-over-year basis compared to 2010 as developer inventory decreased and the average price increased by 21 percent as of Dec. 31, according to a new report from CondoVultures.com.
Buyers purchased nearly 1,750 new units for a combined $800 million between January and December of 2011 to reduce the number of unsold units controlled by the original developers to eight percent of the nearly 22,250 condos created in Greater Downtown Miami during the South Florida real estate boom, according to a new report based on an analysis of Miami-Dade County Property Appraiser data.
The remaining unsold developer units are situated in two dozen of the more than 80 condo projects that were created in a 60-block stretch comprised of the Brickell Avenue Area, Downtown Miami, and the Biscayne Boulevard Corridor during the real estate boom that began in 2003, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To Miami™.
"Buyers are acquiring an average of nearly 150 developer condos per month for $368 per square foot in Greater Downtown Miami," said Peter Zalewski (lower left photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"The transaction velocity remains strong in early 2012 even though the average developer sales price has increased from less than $300 per square foot in 2009 and $305 per square foot in 2010.
“The unanswered question is whether buyers - especially international investors with foreign currencies that have weakened against the U.S. dollar in recent months - will continue to acquire unsold developer units at the same pace as prices increase and the selection decreases in Greater Downtown Miami."
Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.
FORT LAUDERDALE, FL, Jan. 20, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, in cooperation with Butters Realty & Management, one of South Florida’s leading brokerage and management firms, has brokered the sale of a fully leased industrial building portfolio developed and owned by an affiliate of the Butters family.
The buyer was Industrial Income Trust Inc. (IIT). The four-building 208,590-square-foot portfolio closed at $18.9 million, which equates to approximately $90 per square foot.
Malcolm Butters (middle left photo) president of Butters Realty & Management, in conjunction with Douglas K. Mandel (middle left photo), a vice president investments in Marcus & Millichap’s Fort Lauderdale office, brokered the sale.
“We are excited about starting our relationship with IIT on this Broward County acquisition as well as with working with them on their new Miami development,” says Butters. “IIT is quickly becoming one of the most active industrial REITs in the United States.”
“The industrial sector’s inherent stability, ties to growth-leading industries, and higher spreads relative to the cost of debt continue to create investor interest,” adds Mandel. “This portfolio is a well-positioned and diversified group of properties featuring an excellent blend of single-tenant and multi-tenant assets across an array of product types, including warehouse, flex and cold-storage distribution.”
The properties are:
- Tamarac Business Center: 125,000 square feet; 6701 Nob Hill Road, Tamarac
- Tamarac Commerce Center: 49,100 square feet; 6501 Nob Hill Road, Tamarac
- Sunny Morning Foods: 10,000 square feet; 5330 NW 35th Ave., Fort Lauderdale (top left photo)
- Sun Sentinel building: 24,490 square feet; 3585 NW 54th St., Fort Lauderdale
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
ATLANTA, GA--Cousins Properties Incorporated (NYSE: CUZ) announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.045 per common share, payable February 23, 2012, to common stockholders of record on February 9, 2012. The $0.045 per share quarterly dividend equates to $0.18 on an annualized basis.
The Board of Directors also declared a regular quarterly cash dividend on its Series A Cumulative Redeemable Preferred Stock. The dividend of $0.484375 per share, or $1.9375 on an annualized basis, is payable February 15, 2012, to Series A preferred stockholders of record on February 1, 2012.
The Board of Directors has also declared a regular quarterly cash dividend on its Series B Cumulative Redeemable Preferred Stock. The dividend of $0.46875 per share, or $1.875 on an annualized basis, is payable February 15, 2012, to Series B preferred stockholders of record on February 1, 2012.
Cousins Properties Incorporated
Cameron Golden (bottom right photo), 404-407-1984
Director of Investor Relations and Corporate Communications
CampusMBA Extends Partnership with Insurance Advisors to Offer New Live Online Workshops for Commercial/Multifamily Professionals
"We are proud to continue to join Insurance Advisors to offer valuable industry education, especially in this challenging economic environment," said David H. Stevens (top right photo), MBA's President and CEO. "Commercial insurance issues continue to be vital for our commercial and multifamily members, and we look forward to continuing to offer relevant courses to educate industry professionals on important and timely insurance related issues."
Each workshop will cover both broad issues as well a specific topics that industry professionals address on a daily basis. The workshops are designed to provide practical information that is useful to commercial loan originators and underwriters, loan closers, drafting attorneys and loan servicers.
Course topics will include: self insurance, captives and fronting arrangement. The workshops will also cover terrorism insurance, flood insurance and the principles of property insurance.
"We are very excited to continue our work with MBA and its members on such relevant issues facing the industry," said Bernie Brown (middle left photo), President of Insurance Advisors LLC. "By working with MBA and its education division, CampusMBA, Insurance Advisors is able to educate industry professionals on vital and timely insurance related issues. We are committed to providing superior educational assistance to MBA members and we are proud the MBA has chosen to continue our partnership with them."
To learn more about the Commercial Insurance LIVE Online Workshops offered by CampusMBA and Insurance Advisors click here or call (800) 348-8653. If you are a member of the media, please contact Melissa Key at (202) 557-2799.
Contact:: Melissa Key, (202) 557-2799, firstname.lastname@example.org
SAN DIEGO, CA – Carlsbad High School students returned from their holiday break last week to find 11 brand new education buildings and a central plaza awaiting them.
Located at 3557 Lancer Way in Carlsbad, Calif., the $47 million classroom complex was constructed by McCarthy Building Companies, Inc., one of the nation’s leading education facility builders, on behalf of the Carlsbad Unified School District.
The education-building complex represents the third phase of an overall $87 million renovation and modernization of Carlsbad High School, home of the Lancers, that McCarthy began in June 2008.
The project is being funded by Proposition P, a $198 million bond measure passed by voters in 2006. Carlsbad High School, which was originally built in 1957 and now boasts an enrollment of 3,000 students, is one of eight schools within the Carlsbad Unified School District being constructed or modernized with funding from Prop P.
The one- and two-story education facilities comprise a total of 99,000 square feet of space and provide new classroom, performing arts, vocational education lab and food service space. The buildings surround the newly created Lancer Plaza, which resembles a college campus quad and serves as a central gathering and event area for students.
A grand opening celebration and official ribbon-cutting ceremony was held last week to commemorate the completion of the education-building phase. More than 200 government officials, school district dignitaries, and other stakeholders attended the event and expressed praise for those involved in the planning, construction and oversight.
“There are so many individuals who have helped guide this project on the right path, and helped realize our dream of being one of the most modern and desirable school campuses in the country,” said Maggie Stanchi, (lower right photo)director of instruction for the Carlsbad Unified School District and former principal of Carlsbad High School.
“We’re especially grateful to the members of McCarthy’s project team for their diligence and high degree of professionalism throughout the course of this project.”
Built on the site of the school's former parking lot on the east side of Carlsbad High School, the 11 new steel-framed stucco buildings were designed to harmonize with the surrounding structures, while giving the campus a more contemporary appeal.
The buildings feature curtain walls on one side, and cantilevered walls with metal sunscreens on the opposite sides to help reduce energy use. Masonry was incorporated in some areas, including the plaza ticket booth.
"We were in close communication with the District the entire duration in an effort to reduce potential traffic flow issues and minimize disruptions to campus operations while school was in session," said McCarthy Project Director Craig Swenson.
“At many points, it required our having to reassess the schedule, then rearrange subcontractor schedules to accommodate activity on and around the campus.”
Design consultants involved in the Carlsbad High School renovation project include Perkins+Will, architect; John A. Martin & Associates, structural engineer; Leighton Engineering, geotechnical engineer; Cornerstone Engineering, Inc., civil engineer; Johnson Consulting Engineers, Inc., electrical engineer; Donn C. Gilmore & Associates, mechanical engineer; and Lightfoot Planning Group as the landscape architect. The Planning Center provided the Environmental Impact Report.
Gafcon is the program manager. Erik Reuter has been serving as director of school construction on behalf of the CUSD.
More information about the company is available online at http://www.mccarthy.com/.
Kutch & Company
3904 Groton Street | Suite 203 |
San Diego, California 92110
Post Properties Announces Refinancing of $330 Million Unsecured Revolving Lines of Credit and New $300 Million Unsecured Bank Term Loan Facility
ATLANTA, GA (BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust (the “Company”), today announced that its operating partnership, Post Apartment Homes, L.P. (the “Operating Partnership”), amended its $300 million unsecured syndicated revolving line of credit facility and its $30 million unsecured cash management line of credit facility.
The Operating Partnership also entered into a new $300 million unsecured bank term loan facility, under which it currently has $100 million of outstanding borrowings, with $200 million of additional borrowing availability through July 17, 2012.
The amended credit facility, provided by a syndicate of eleven financial institutions and arranged by Wells Fargo Securities, LLC and J.P. Morgan Securities LLC, provides for a $300 million unsecured revolving line of credit which has an initial four-year term maturing in January 2016, with a one-year extension option.
The new credit facility amends the Operating Partnership’s existing $300 million unsecured revolving credit facility.
For a complete copy of the company’s news release, please contact Chris Papa (top right photo) , Executive Vice President and Chief Financial Officer of the Company at
Jacksonville, Fla. (Jan. 20, 2012)— Regency Centers Corporation (NYSE:REG) today announced the Federal income tax treatment of its 2011 distributions to holders of its common shares and Series 3, 4 and 5 Preferred shares.
For a complete list of the tables, please contact Patrick Johnson, (904) 598-7422
HOUSTON, TX, Jan. 20, 2012 /PRNewswire/ - Rand Stephens, Avison Young Principal and Managing Director of the company's Houston office, announced today that commercial real estate broker Lee Jeane (top right photo) has joined Avison Young'sbrokerage operations in Houston.
Effective immediately, Jeane joins Avison Young as a Principal and will lead Avison Young's entry into the agency leasing and management business in Houston and throughout Texas.
Contact: For further information/comment/photos: Sherry Quan, National Director of Communications & Media Relations, Avison Young: (604) 647-5098; cell: (604) 726-0959
Charles Dunn Co. Completes $2.37 Million Sale of Nine-Unit Multifamily Property in Westwood Submarket of Los Angeles
The property was listed and sold by The Soroudi Group at Charles Dunn Company. The Soroudi Group specializes in selling and exchanging prime Westside properties.
Built in 1991, the property is non-rent controlled and includes three one-bedroom/one-bathroom units and six two-bedroom/two-bathroom units.
“This property is situated in a prime Westside location,” said Soroudi. “Multifamily properties throughout the Westside market continue to be highly sought after by investors. Vacancy rates are hovering at around three percent and cap rates are low, reflecting the strong market fundamentals.”
Contact: Darcie at email@example.com
ORLANDO, FL--- Stirling Sotheby’s International Realty recently announced that one of its most prestigious listings on Lake Harris – one of a nine-lake chain of lakes in Lake County – has been dramatically reduced to $1,195,000 for immediate sale.
Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said the lake front estate with its master crafted 6,226 square foot, four bedroom luxury home was originally built at a cost of well over $2,000,000.
“The national recession and the housing slowdown have generated hundreds of spectacular buys, but this one is one of the most attractive in the whole region,” Soderstrom said.
“The western exposure in the rear of the home affords spectacular sunsets and panoramic views from almost every room,” Soderstrom added.
“The lanai extends the entire length of the home, adding outdoor living space, a summer kitchen, large heated pool and spa with unobstructed views of the lake, and an enticing walkway to the private boathouse complete with two boat lifts and picnic areas,” he said.
The home features his and her studies, butler’s pantry with commercial icemaker and wine refrigerator, and a huge gourmet kitchen featuring Dacor appliances, built-in cooling drawers and a Subzero refrigerator.
The Lake Harris estate is listed by Stirling Sotheby’s International Luxury Home Specialists Deborah Breaux (top right photo) and Diana Smith (middle left photo) with the firm’s Heathrow Sales Center 407-333-1900.
To view a brochure on the property, visit http://dianasmith.stirlingsir.com/eng/sales/detail/278-l-717-4323865/tavares-florida-tavares-fl-32778 or, go to http://tours.tourfactory.com/tours/tour.asp?t=760858&r=www.sothebysrealty.com for a video tour.
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890; rsoderstrom@stirlingSIR.com;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 Lvershelco@aol.com.
Posted by Alex at 10:44 AM
From left: Representative, Ruthy Leviev, Tamir Kazaz, CEO of Africa-Israel USA (AFI USA) , IPA Representative.
Miami, FL –– Marquis Residences (lower left photo), a luxury residential condominium towering 67 stories above Biscayne Bay, is the crown jewel of real estate in downtown Miami.
Fittingly, the property’s developer, Africa-Israel USA (AFI USA), recently received the ‘Highly Commended Award’ in the International Property Awards’ High-Rise Residential category.
AFI USA was among leading developers from across the Americas who gathered at The Savoy Hotel in London for the Americas Property Awards presentation on Dec. 12, co-organized by Bloomberg Television and Google.
“It is a true honor for Marquis Residences to be recognized as one of the nation’s foremost residential high-rise developments,” said Tamir Kazaz (top right photo), CEO of AFI USA. “Interacting with renowned international developers at The Savoy Hotel brought the entire experience to life – what a memorable occasion!”
Located at 1100 Biscayne Boulevard, Marquis Residences – Downtown Miami’s tallest residential building – boasts an 8,000-square-foot spa and fitness center overlooking the Atlantic Ocean, a sky pool on the 14th floor with Asian–inspired water gardens, and the Biscayne Beacon, a 16-story lighting fixture illuminating the Miami Skyline.
Homes start at $590,000 for a 1,477-square-foot two-bedroom, two-and-a-half bath residence and range up to $2.2 million for a 3,017-square-foot, two-and-a-half bedroom, two-and-a-half bath duplex penthouse.
For more information, contact the sales office at 305-571-4000, visit www.Marquis-Miami.com or stop by the sales office at 1100 Biscayne Boulevard.
Hundred Stories PR
Robin Dolch; Robin@hundredstoriespr.com
Cassandra Carpio; Cassandra@hundredstoriespr.com
ARLINGTON, VA and COLUMBUS, OH, January 20, 2012—Interstate Hotels & Resorts, the largest U.S.-based global hotel management company, today announced that it has acquired the 300-room Crowne Plaza Columbus North (top left photo) hotel through a joint venture with Waramaug Hospitality, LLC and a private investment group.
The hotel will remain as a Crowne Plaza and immediately undergo a $5.25 million renovation.
“This is the company’s third acquisition transaction with Waramaug since last year,” said Jim Abrahamson (middle right photo), Interstate’s chief executive officer. “We look forward to continuing our partnership with a leader in the real estate investment industry and to future opportunities together.”
“This hotel has strong investment potential, especially considering the improving fundamentals of the Columbus market and the hotel’s competitive positioning,” said Leslie Ng (middle left photo), Interstate’s chief investment officer.
Located at 6500 Doubletree Avenue, the Crowne Plaza Columbus North is convenient to the area’s 20 colleges and universities including Ohio State University, major technology and distribution businesses, and the city’s convention center. It also offers easy access to shopping centers and Huntington Ballpark, home of the Cleveland Indians’ triple-A baseball team.
“Columbus is a very attractive market, and the hotel is ideally situated, proximate to a number of demand drivers,” said Paul Nussbaum (lower right photo), Waramaug’s chief executive officer. “Based on our previous experience with Interstate, we’re confident that their operating expertise, combined with the planned property improvements, will drive superior operating and investment results.”
In addition to the generous meeting space, the eight-story hotel offers an on-site restaurant and lobby lounge, fitness room, indoor/outdoor pool, business center and complimentary high-speed internet access.
For additional information about Interstate, visit the company’s website: www.ihrco.com.
Jerry Daly, Carol McCune Carrie McIntyre
Media SVP, Treasurer
Daly Gray Interstate Hotels & Resorts
(703) 435-6293 (703) 387-3320
Daly Gray, Inc.
Office: (703) 435-6293
Cell: (703) 300-8289