Saturday, February 4, 2012

Regency Centers Reports Fourth-Quarter Results

JACKSONVILLE, FL -- Regency Centers Corporation (NYSE:REG) announced financial and operating results for the quarter and year ended December 31, 2011.


Regency reported Recurring Funds From Operations (Recurring FFO) for the fourth quarter of $56.8 million, or $0.63 per diluted share, compared to $47.5 million and $0.56 per diluted share for the same period in 2010.

For the year ended December 31, 2011, Recurring FFO was $213.1 million and $2.40 per diluted share, compared to $199.4 million and $2.39 per diluted share for the same period last year.

Regency reported net income attributable to common stockholders for the quarter of $8.1 million, or $0.09 per diluted share, compared to a net loss of $37.9 million and $0.46 per diluted share for the same period in 2010.

 Net income attributable to common stockholders for the year ended December 31, 2011, was $31.7 million and $0.35 per diluted share, compared to a net loss of $10.9 million and $0.14 per diluted share for the same period last year.
Funds From Operations (FFO) for the fourth quarter was $56.5 million, or $0.63 per diluted share. For the same period in 2010, the Company reported FFO of $42.0 million and $0.50 per diluted share.

For the year ended December 31, 2011, FFO was $220.3 million and $2.48 per diluted share, compared to $196.3 million and $2.35 per diluted share for the same period last year.

For a complete copy of the company’s news release and statistics, please contact Patrick Johnson, (904) 598-7422

HFF marketing for sale 24-story value-add property in Chicago’s River North neighborhood

CHICAGO, IL – HFF announced today that it has been named to market for sale River North Park (above centered photo), a 399-unit, mixed-use property in downtown Chicago’s River North neighborhood.

HFF is marketing the property on behalf of the seller, Waterton Associates. 

River North Park is located at 320 West Illinois Street in downtown Chicago’s affluent River North neighborhood near the iconic Merchandise Mart, State Street and North Michigan Avenue employers, and Chicago’s central business district.

The 24-story property has studio, one- and two-bedroom units as well as courtyard townhome units in all averaging 694 square feet, 29,982 square feet of ground floor retail and a 216-space enclosed parking garage.

Community amenities include a fitness center, indoor pool, sundeck with gas grills, large central courtyard and internet cafĂ©.  The community is well-positioned for future apartment renovations as well as common area upgrades.

The HFF investment sales team representing Waterton Associates is led by executive managing director Matthew Lawton (top right photo) and managing directors Sean Fogarty (middle left photo) and Marty O’Connell (lower right photo)

Waterton Associates, LLC is a Chicago-based investment firm specializing in the ownership and management of multifamily properties.  Waterton has participated in the acquisition, disposition and financing of apartment properties located throughout the United States.

 MATTHEW D. LAWTON                       KRISTEN M. MURPHY
 HFF Executive Managing Director       HFF Associate Director, Marketing
 (312) 528-3650                                       (713) 852-3500                     

First Green Bank to Open Ormond Beach, FL Branch Feb. 6; Jim Hester Named to Head New Office

MOUNT DORA, Fla. --- First Green Bank, which recently opened its award-winning headquarters facility in Mount Dora, will open a 5,000 square foot branch facility on Monday Feb. 6 at 175 W. Granada Blvd. in Ormond Beach.

Kenneth LaRoe, chairman and chief executive officer of First Green Bank, said he appointed Jim Hester (top right photo) as market executive to head the branch facility.

Hester, a Volusia County native, earned his Business degree from the University of Central Florida and has more than 15 years of experience in community banking in Volusia County.

First Green Bank was named the region’s Green Business of the Year in 2011 by the Central Florida Chapter of the U.S. Green Building Council (USGBC).

First Green Bank’s new headquarters facility in Mount Dora is the second privately constructed building in Florida to meet the USGBC’s LEED Platinum standards for energy efficiency and environmental quality.

 For more information about this press release, contact:  

Jim Hester, Market Executive, First GREEN Bank, 386-804-6262

Kenneth E. LaRoe, CEO and Chairman, First GREEN Bank, 352-483-9100,

Paul Rountree, President, First GREEN Bank, 352-483-9100,

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 or 407-461-3780,   

Fifth Oceanfront Condo Tower Proposed For Sunny Isles Beach, FL

MIAMI, FL --A veteran developer with a track record in South America and a growing land portfolio in South Florida plans to build an ultra-luxury condominium tower on an oceanfront site in the barrier island city of Sunny Isles Beach (top left photo) in Northeast Miami-Dade County, according to a new report from

The proposed 35-story Chateau Beach tower - with 84 units and 271,500 square feet on a one-acre site on Collins Avenue - would be the fifth project slated for construction in Sunny Isles Beach in the last six months, according to the Preconstruction Condo Projects list.  

Overall, more than 20 new condo tower with 4,300 units are proposed for the coastal area of the tricounty South Florida region despite an estimated 4,200 developer units remaining unsold as of Dec. 31, 2011, according to a preliminary estimate based on the Official Condo Buyers Guide™ series.

The next step for the proposed Chateau Beach condo project is on Feb. 16, 2012 when the project’s developer – a Florida entity controlled by the Grosskopf Group of Argentina - is scheduled to appear before the Sunny Isles Beach City Commission for a public hearing on the proposed tower, according to a City of Sunny Isles Beach Notice of Zoning Hearing.    

 The Grosskopf Group develops and invests in residential towers and shopping centers in Argentina and Uruguay. The group has reportedly developed several condo towers including the Chateau Libertador Residence (middle right photo)and Chateau Puerto Madero Residence (lower left photo).

In South Florida, the Grosskopf Group has acquired five developments sites - and counting - around South Florida ranging from the existing Ocean Palm Motel (lower right photo) site on Collins Avenue in Sunny Isles Beach to the former Paramount Park condo tower site at 728 Biscayne Blvd. in Greater Downtown Miami, according to Miami-Dade County Property Appraiser Office records.

The property was put up for auction on Jan. 9, 2012 whereby the lender of record, Chateau Beach LLC with Manuel Grosskopf, won the bidding, clearing the way to obtain title on Jan. 27, 2012, according to Miami-Dade County records.  

Prices are slated to range from $650 to $800 per square foot with a total deposit of 50 percent of the contracted purchase amount.

 The proposed Chateau Beach tower is to offer units that range in size from less than 1,500 square feet to more than 9,000 square feet.

Sunny Isles Beach is a 40-block stretch from the town of Golden Beach boundary south to Haulover Beach Park, Biscayne Bay east to the Atlantic Ocean. Sunny Isles Beach is divided up into three neighborhoods separated by causeways: North, Central, and South.  

 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.

Colliers finds creative solution for former Robb & Stucky location in Fort Myers, FL


 FORT MYERS, FL--Continuing the trend of finding creative solutions for larger, vacant buildings, a former Robb & Stucky warehouse and showroom in Fort Myers is being converted to become the new home of Fort Myers Preparatory & Fitness Academy, a Class A charter school.

Jim Garinger (lower right photo), CCIM, SIOR, of Colliers International Southwest Florida represented the landlord, Normark Investments, Inc. in working out a 10-year lease deal.

John Paulich, IV, of Jassy Real Estate Investments, Inc, represented the tenant, Fort Myers Preparatory & Fitness Academy.

Preparing for increased enrollment in the 2012-2013 school year, the charter school is remodeling the entire 65,190± square foot warehouse and showroom into 33 classrooms, office space, a cafeteria and athletic facilities.

The new school will accommodate 630 students – 400 more than its current facility holds.

About 40 percent of the space in the renovated building will be devoted to athletics, since each student is required to take karate, while also participating in tennis and other sports.

“Part of our work involves helping landlords in suggesting and finding solutions for large spaces like this one,” said Garinger, Principal and Managing Director of Colliers International Southwest Florida. “Tenants that are willing to work with a landlord in adapting space can get a very attractive deal right now, cost-wise.”

Leah Saunders
Bayview Public Relations
(727) 895-5030 ext. 104 (office)
(813) 924-0367 (cell)

Bascom Closes 207-Unit Apartment Community in Atlanta, GA for $8.1 Million

IRVINE, CA PRNewswire/ -- The Bascom Group, LLC, in joint venture with BRT Realty Trust, has acquired Ivy Ridge, a 207-unit community located in Marietta, Georgia for $8,100,000.

The purchase price represented a 47% discount to the seller's prior total cost basis and a 29% discount to the seller's loan balance. 

Bascom worked with Jeff Gould and Lonnie Halpern from BRT Realty Trust for the equity financing. Debt financing was arranged by Gary E. Mozer and Josh Roseman from George Smith Partners. Kevin Geiger, Brad Simmel, and Shea Campbell from CBRE represented the seller for the transaction.

Commented Chad Sanderson (middle right photo), Principal for Bascom, "This represents another acquisition in the Atlanta metro of a distressed, lender-driven sale.

“lthough the Class B and C properties have been hit hard by unemployment and the broader economic challenges in Atlanta, we are bullish on the prospects for a recovery over the next five years."

Jerome Fink (lower left photo), Managing Partner of Bascom, added, "Ivy Ridge is the eighth new acquisition that we have completed in the past 18 months. Ivy is a great example of what we are targeting: properties with solid in place numbers with additional value add potential."

 Ivy Ridge consists of 100% two and three-bedroom units with large floor plans that have an average unit size of approximately 1,361 square feet. Unit interiors feature private balconies and patios, walk-in closets, washer/dryer connections, and attractive hardwood vinyl flooring. Built in 1973, the property is spread over approximately 17.31 acres and offers a full amenity package, which includes a pool, fitness center, laundry room, and children's playground.

If you'd like to schedule an interview with one of the partners, please call Chad Sanderson (949-955-0888 ext 23) or e-mail at

Premier South Beach Hotel in Florida,, Formally Known as Gansevoort, Purchased by Starwood Capital Group, LeFrak Organization and Invesco

GREENWICH, CT. and NEW YORK,  NY /PRNewswire/ -- A consortium consisting of affiliates of Starwood Capital Group, the  LeFrak Organization and Invesco Ltd. announced today that they have jointly purchased one of South Beach, Miami's premier luxury mixed-use properties, including a hotel formally known as the Gansevoort (above centered photo)

The property consists of 334 hotel rooms, 255 condo units totaling 294,000 square feet, 90,000 square feet of retail space including a 42,000 square foot David Barton Gym, three outdoor swimming pools, and multiple indoor and outdoor food and beverage venues.

The property also includes a 26,000 square foot rooftop pool and lounge with sweeping ocean views, a 32,000 square foot elevated pool plaza and restaurant, and a 48,000 square foot private beach. The property occupies the entire block between 23rd and 24th Sts. on Collins Ave. and enjoys more than 600 linear feet of beach frontage.

Terms of the transaction were not disclosed.

The consortium is planning to invest more than $100 million in an extensive renovation of the overall property while repositioning it as one of the premier hotel and condo destinations in Miami Beach. The 334-room hotel will be renamed The Perry South Beach until it is re-launched in late 2013 with a new brand after an extensive renovation.  The 255 luxury residential condominiums will also be improved and, it is anticipated, be offered for sale later this year.

The condominiums will have access to the full hotel services as well as the project's pools and extensive food, beverage and fitness venues. The repositioning will also include several new local and national stores and restaurants in the retail corridor along Collins Avenue (lower right photo). For more information on The Perry, please visit its Web site at URL

Barry Sternlicht (top right photo), the Chairman and CEO of Starwood Capital Group, is widely known for revolutionizing the hospitality industry during his 10-year tenure as the Founder, Chairman and CEO of Starwood Hotels and Resorts, including being personally credited with the creation of the W and St. Regis Hotel brands.

"This is an incredibly exciting opportunity to create a premier luxury hotel and residences along one of the world's most beautiful and popular beaches at a time when global interest in the Miami marketplace is close to surpassing its all-time high," Mr. Sternlicht said.

 "This is a powerhouse asset with a unique beach footprint in one of the strongest hotel markets in the nation with high barriers to entry. We are excited to create an outstanding destination resort and residences in this dynamic city. Importantly, this partnership has extensive experience and a proven track record of successfully investing in and managing thousands of properties in this region."

"This investment represents both a strategic move into the vibrant Miami market as well as an expansion of our company's investments in the hospitality sector," said Richard LeFrak (middle left photo), Chairman and CEO of the LeFrak Organization. "We, in partnership with Invesco, are excited to combine our expertise with that of Starwood to renovate and reposition this property."

Invesco participated in the transaction through its Invesco Mortgage Recovery Fund, a fund co-managed by its Invesco Real Estate, Invesco Fixed Income and WL Ross & Co. LLC investment centers.

Starwood Capital, LeFrak and Invesco all also participated in ST Residential, which acquired the loans and real estate owned assets formally owned by the failed Corus Bank, including more than 2,000 condominium units in Miami. The recent pace of sales of condominiums in Miami encouraged members of the consortium to pursue further investments there.

The property was sold by entities controlled by Credit Suisse, which had acquired it through foreclosure in 2010.

 For Starwood Capital Group: Tom Johnson or Patrick Tucker, Abernathy MacGregor Group, +1-212-371-5999
 For LeFrak Organization: Ed Cortese, +1-212-708-6600
 For Invesco Ltd.: Bill Hensel, +1-404-479-2886