Friday, June 8, 2012

Beech Street Capital Closes $23.5 Million FHA-Insured Loan for Chattanooga, TN Apartments

 BETHESDA, MD – Beech Street Capital, LLC announced that it closed a $23.5 million HUD 223(f) loan for the refinance of Carriage Parc Apartments (top left photo), a 316-unit multifamily complex in Chattanooga, Tennessee.

The transaction was originated by Chad Thomas Hagwood (middle right photo) executive vice president based out of Beech Street’s Birmingham, Alabama office.

The borrower developed Carriage Parc Apartments in 1998 and has since owned and managed the complex. Facing an upcoming maturity date on the existing loan, the borrower turned to the Beech Street team for financing.

 “The borrower has a proven track record of successfully developing and operating multifamily projects in the southeast,” states Tyler Griffin, vice president of FHA credit. “That, together with Beech Street’s familiarity with the HUD process, created a streamlined transaction from start to finish.”

Carriage Parc Apartments is located in the Chattanooga MSA, in the East Brainerd neighborhood of Hamilton County, just east of downtown Chattanooga.

For a complete copy of the company’s news release, please contact:

Courtney Lewis

Atlantic Station Creates Advisory Board

 ATLANTA, GA –North American Properties (NAP) has named a “who’s who of Atlanta” to a new advisory board at Atlantic Station (top left photo).

Now in its second year of ownership, NAP appointed Atlanta business and civic leaders to the board, which will work to deepen Atlantic Station’s relationship with its surrounding community.

The board includes:

·           David Birnbrey, partner, Shopping Center Group
·            Penelope Cheroff, president, The Cheroff Group
·           Todd Frye, principal, CB Richard Ellis Investors
·            Sharon Gay, partner, McKenna, Long and Aldridge
·           Clark Gore, regional managing principal, Cassidy Turley
·           Greg Guhl, president, Midtown Neighbors Association
·           Kurt Hartman, senior vice president, Hines
·           Tim Holdroyd, president, City Realty Advisors
·           Brian Leary, president and CEO, Atlanta Beltline
·            Cheryl Levick, director of athletics, Georgia State
·           G.P. “Bud” Peterson, president, Georgia Tech
·           Abe Schear, partner, Arnall, Golden & Gregory
·           Steve Simon, owner and partner, Fifth Group Restaurants
·           Mark Toro, managing partner, North American Properties

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For a complete copy of the company’s news release, please contact:

Caroline Wilbert
Wilbert News Strategies
404-965-5021 (O) 404-405-6479 (C)

Construction Begins on New Spec building in Florida’s Miramar Park of Commerce

 MIRAMAR, FL – In what could be a positive sign in the commercial real estate industry, Sunbeam Properties has broken ground on MPC-27, a spec distribution building in Phase 4A of the Miramar Park of Commerce (top left photo).

The 87,540 square-foot building is the first spec building in the Park since 2007 and is scheduled for completion in the fourth quarter of 2012.     

The new building will have 32 feet of clear height, a 145-foot non-shared truck court and 15,000 square-foot bays that are 165 feet deep.

“As the market is tightening up, the inventory for distribution space is low,” said Andrew Ansin (lower right photo), vice president of Sunbeam Development, developer of the Park.  “MPC-27 will create distribution space that has the dimensions national tenants require.”

In addition, MPC-27 is equipped with early suppression fast response fire sprinkler systems, which are ideal for warehouses and distribution centers and offer better protection than in-rack systems.


Maria Pierson
954-776-1999, ext. 222

Parkway Announces Closing Of $200 Million Equity Investment By TPG; $250 Million Purchase Of Charlotte Office Tower and Sale Of Two Non-core Assets In Jackson, MS

ORLANDO, FL /PRNewswire/ -- Parkway Properties, Inc. (NYSE: PKY) (the "Company") announced today that it has received the previously announced $200 million equity investment by TPG, a leading global private investment firm, and it has completed the purchase of Hearst Tower (top left photo), a 972,000 square foot office tower located in the central business district in Charlotte, North Carolina for $250 million. 

Additionally, Parkway completed the previously announced sales of The Pinnacle at Jackson Place (lower right photo) and Parking at Jackson Place for a combined gross sales price of $29.5 million.

 As a result of the investment by TPG, the Board has accepted the resignations of existing Board members Daniel P. Friedman, Michael J. Lipsey, Leland R. Speed, and Troy A. Stovall.

 Additionally, TPG has the right to appoint four directors to the Company's Board.  The directors appointed thus far include TPG partners Kelvin Davis and Avi Banyasz, as well as Adam Metz, a TPG senior advisor.  TPG will appoint a fourth Director in the near future.

For a complete copy of the company’s news release, please contact:

For Parkway: 
Thomas E. Blalock 
Vice President of Investor Relations
(407) 650-0593

For TPG: 
Lisa Baker 
Owen Blicksilver PR, Inc. 
(914) 725-5949 

Brazil's Currency Slide Raises Concerns In Miami and other South Florida Condo Markets


MIAMI, FL --South Florida's foreign investor dependent condo market - already bracing for the impact from the weakening European currencies - is now faced with the prospect of a sliding currency - and less buying power - in South America's largest country, Brazil, according to a new report from

Brazil's currency - the Real - is down 23 percent on a year-over-year basis to $0.48869 as of June 6, 2012 compared to $0.63480 on the same date in 2011. In the last month alone, the Brazilian Real has slipped nearly six percent from $0.51971 on May 4, 2012, according to the currency exchange website

The value of the Brazilian Real has not been this low on the date of June 6 in any year since 2006 when the currency had a U.S. Dollar conversion rate of $0.43680, according to

The weakening of the currency in Brazil - a key source of foreign investors for South Florida real estate - comes as the economy of South America's most populous country shows signs of slowing after a decade of strong growth, according to international press reports.

"Brazil's economy grew less than analysts expected in the first quarter [of 2012], reinforcing signs that its consumer-led growth model, a magnet for investment over the past decade, is running out of steam," according to Bloomberg.

The Reuters news agency reported "Brazilian stocks fell to an eight-month low on Tuesday [June 5, 2012], breaking key support that could augur for a deeper slump on worries about ... stalling growth in Latin America's top economy."

The Dow Jones Newswires noted "financial market analysts and economists reduced their forecast for Brazil's economic expansion this year [2012] for the fourth consecutive week, following poor first-quarter economic performance."

The bearish economic news from Brazil comes as Western Europe's two major currencies - the Euro and the British Pound - have weakened noticeably against the U.S. Dollar in recent weeks as the debt crisis in Greece has reignited fears of a financial meltdown that could unravel the Euro and trigger a global contagion at a time when the South Florida condo market is showing signs of stabilizing.

Unlike with the investors from Brazil, some industry watchers contend the weakening European currencies - combined with a push for higher taxes by the new government in France - could prompt foreign buyers to step up their investments in the United States - and South Florida - as many think this nation's economy is improving.  

The Euro - a currency used by 17 European countries - is valued at $1.24727 (U.S. Dollars) as of June 6, 2012, down from $1.25245 (U.S. Dollars) a week earlier on May 30, 2012. A month prior on May 4, 2012, the Euro was valued at $1.31463 (U.S. Dollars), according to

The United Kingdom's British Pound is valued at $1.53714 (U.S. Dollars) as of June 6, 2012, down from $1.56659 (U.S. Dollars) a week earlier on May 30, 2012. A month prior on May 4, 2012, the British Pound was valued at $1.61837 (U.S. Dollars).

International buyers have played a major role in acquiring the excess South Florida condo inventory that flooded the market beginning in 2007 at the start of real estate crash.

Estimates are that foreign buyers acquire an estimated $3.8 billion annually in condo, townhouse, and single-family house resales in the Miami - Fort Lauderdale - Miami Beach market, according to a report from the Florida Realtors association in conjunction with the National Association of Realtors.

In Florida, investors from Brazil account for eight percent of all transactions in the state, according to the Realtors report.  

Compare this to Western Europe - including the countries of France, Germany, and Spain - which accounts for a combined 23 percent of all foreign transactions in Florida, according to the report.

The median resale price paid in Florida is $215,000 by investors from Brazil; $232,500 by investors from Western Europe; and $169,200 by investors from the United Kingdom.

In addition to resales, foreign buyers are also purchasing new condo units directly from South Florida developers – or lenders that have repossessed troubled properties - with unsold inventory from the boom that began in 2003.

At the end of the first quarter of 2012, buyers have acquired about 92 percent of the nearly 49,000 new condos created during the boom in the seven largest coastal condo markets of Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.

Foreign buyers are not only purchasing distressed properties but also playing a key role in the latest South Florida new condo boom where at least 32 towers with nearly 6,300 units are proposed as of June 6, 2012, according to the Preconstruction Condo Projects list from the licensed Florida real estate brokerage CVR Realty™.

Below is a chart that tracks the Brazilian Real, Euro, and the British Pound against the U.S. dollar as of June 6 of each respective year:

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.

Marcus & Millichap Arranges Sale of Bealls and Save-a-Lot Center in Lehigh Acres, FL for $4.9 Million

 LEHIGH ACRES, FL, June 8, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Bealls (top left photo) and Save-A-Lot Center, a 74,315-square foot retail property located in Lehigh Acres, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset commanded a sales price of $4,900,000.

James Medefind (middle left photo) and Michael J. Jaworski, (middle right photo) retail specialists in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller, a limited liability company from Texas, and the Florida-based buyer, a private investor. 

Bealls and Save-A-Lot Center was built in 1982 and is located at 1209-1239 Homestead Road.  Over 45 percent of the base rent is from Bealls Outlet and Save-A-Lot, a subsidiary of publicly traded Supervalu Inc. (S&P: BB-). 

Bealls is privately held and through its subsidiaries, operates over 560 retail store sites in states across the Sun Belt, from Florida to California, with annual sales over one billion dollars.

“We were able to bring in five offers on this property within a 30-day marketing period” says Medefind.  “Ultimately, we secured a buyer who made a non-contingent offer, waived the inspection period, and agreed to close in 30 days.” 

“I have seen buyers become more aggressive on stabilized retail properties in recent months and believe this is due to attractive financing rates at, or below, 5 percent interest” adds Medefind.

 “The increase in buyer activity and aggressive offers is a good indication that the retail market is beginning to recover and investors have a positive outlook for the market.”

 Press Contact:  Richard D. Matricaria, Regional Manager, Tampa
(813) 387-4700