Monday, August 13, 2012

U.S. Industrial Market: On a Gradual Road to Recovery Notes Atlanta Commercial Real Estate Show Panel

 ATLANTA, GA (Aug. 13, 2012) – The U.S. industrial real estate market has shown noticeable signs of improvement, but a slow economic recovery means the overall market has yet to really take off.

 That was one of the points made during the most recent episode of “America’s Commercial Real Estate Show,” during which show host Michael Bull (top right photo) and his guests took an enlightening look at the second-quarter performance of the industrial sector and examined its future.

Net absorption of industrial space totaled 26 million square feet nationwide in the second quarter, up from about 9 million square feet in the first three months of 2012, according to Rene Circ (middle left photo), director of research at PPR, a CoStar company. In the years leading up to the recession, the sector typically saw about 50 million square feet in positive net absorption per quarter, Circ added.

 Forty-two of the 54 individual industrial markets tracked by PPR posted positive net absorption in the second quarter – the highest number since the recession ended. “Although the recovery is not booming, it is at least spreading across the country,” Circ said. “It seems to be sustained.”

The national industrialvacancy rate dropped to 8.8 percent in the second quarter, continuing its gradual decline from a high of 10.3 percent in the recession, according to Circ. Moving forward, “we will definitely see positive net absorption, but [the recovery] will take time,” Circ said. “It will take more than this year and next before we get back to the levels we saw before the recession.”

 While Circ offered a somewhat restrained note, two industrial landlords provided enthusiastic assessments of the sector.

“In the second quarter, we saw a dramatic increase in activity,” said Larry Callahan (middle right photo), CEO of Pattillo Industrial Real Estate. “Our marketing people are quite busy with proposals, and we’re seeing people commit to taking space. We’re also seeing improvement in the quality of deals being cut – better rates, less free rent.”

Kent Mason (lower left photo), vice president-market officer for Prologis, also said his firm is experiencing increased leasing activity and described the active tenants as “broad based.” Textile firms, food companies and equipment manufacturers all are leasing space, he said.

“2012 has been a great year for Prologis,” Mason added. “Rental rates are up. Concessions are down.”


Stephen Ursery
Wilbert News Strategies
Office: (404) 965-5026
Cell: (404) 405-2354

Two Cassidy Turley-Managed Buildings in Tampa, FL Earn ENERGY STAR Certification


TAMPA, Fla. – [Aug. 13, 2012] Cassidy Turley, a leading commercial real estate services provider in the U.S., has helped Northdale Executive Center I (middle left photo) and the Tampa Electric Company (TECO) building (lower right photo), both in Tampa, Fla., receive the ENERGY STAR designation from the U.S. Environmental Protection Agency.

Cassidy Turley manages Northdale Executive Center I, an 88,745-square-foot Class-A office building, located at 3820 Northdale Blvd., as well as TECO’s headquarters, a 324,390-square-foot building at 702 N. Franklin Street.
 The ENERGY STAR program, a partnership by the EPA and the U.S. Department of Energy, ranks a building based on its energy efficiency in comparison to others in its peer group. The rating helps to assess a building’s performance and commitment to sustainability. 

 Cassidy Turley works with clients to ensure their properties incorporate sustainable practices resulting in operations that are both cost-effective and environmentally sustainable. The two buildings join a growing number of properties managed by Cassidy Turley that have earned ENERGY STAR designation.

“Energy efficiency is and always has been an important part of Cassidy Turley’s strategy as we achieve results for our clients across the triple bottom line of people, planet and profit,” said Holly Hughes (top right photo), Senior Managing Director of property management with Cassidy Turley.

 “We are proud to have achieved the ENERGY STAR designation of Northdale Executive Center I and of the TECO building as it represents one of the most widely recognized standards out there to evaluate a building.”

Public Relations Contact:

Tony Wilbert
Wilbert News Strategies

Three-Property LIHTC Portfolio in Reno, NV Sells for $9.3 Million

RENO, NV– The Tax Credit Group of Marcus & Millichap, the market leader in Section 42 property sales with over $3 billion closed, has arranged the sale of a three-property, 293-unit Section 42 Low Income Housing Tax Credit (LIHTC) portfolio in Reno, Nev.

Combined, the properties encompasses a total of 233,530 square feet. The $9.3 million sales price equates to $31,741 per unit and $40 per square foot.

Robert Sheppard (middle right photo), an executive vice president investments and national director of the Tax Credit Group of Marcus & Millichap; Kenneth Blomsterberg (middle  left photo), a first vice president investments in Marcus & Millichap’s Sacramento office; and Armand Tiberio (lower right photo) and Spencer Hurst, both senior directors of the Tax Credit Group, represented the seller and the buyer.
 Blomsterberg was Marcus & Millichap’s broker of record in Nevada.

“The new owner has taken advantage of an excellent opportunity to acquire three well-maintained apartment communities in the growing Reno market,” says Sheppard. “The portfolio’s strong historical occupancy, combined with the submarket’s solid fundamentals, make Skyline (top left photo), Skyview and Southridge attractive investments.”
“Both Skyline and Skyview were constructed in 1994 under the Section 42 LIHTC program and have extended use restrictions in place until December 31, 2023,” adds Blomsterberg. “Southridge was constructed in 1995 under the Section 42 LIHTC program and has extended use restrictions in place until December 31, 2045.”

All three properties are located on Sky Valley Drive on a hilltop in Reno with unobstructed views of the Sierra Nevada mountain range. Downtown Reno is minutes away and Interstate 80, U.S. Route 395, the Reno/Tahoe International Airport and public transportation are nearby.

The portfolio features 44 studios, 58 one-bedroom/one-bath units, 100 two-bedroom/one-bath units, 16 two-bedroom/two-bath apartments and 75 three-bedroom two-bath apartment homes.

Stacey Corso
Public Relations Manager
(925) 953-1716

NAI Realvest Negotiates New Office Lease in Lake Mary, FL for the Summit Church of Central Florida


MAITLAND, FL. – NAI Realvest recently negotiated a new lease of 3,295 square feet of office space at 100 Technology Parkway in Lake Mary.

Tom R. Kelley, II (top right photo) CCIM, principal at NAI Realvest, negotiated the transaction representing the tenant Orlando based Summit Church of Central Florida, Inc. 

The landlord, Sun Life Assurance Company of Canada, was represented in the transaction by Jennifer Sharabba of Crescent Resources.

For more information, contact

Tom Kelley, CCIM, Principal NAI Realvest 407-875-9989;
Patrick Mahoney, President, NAI Realvest, 407-875-9989;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142.

Veteran Executive Launches Real Estate Advisory Firm to Assist Non-US Investors

 SAN DIEGO, CA, Aug. 13, 2012 – Scott Sweeney (top right photo), CCIM, CPM, an accomplished executive with 28 years of experience in commercial real estate investment, has launched Property Income Advisors, Inc., a real estate advisory firm focused exclusively on assisting non-U.S. clients in the investment and management of United States commercial real estate. 

Property Income Advisors will assist high net-worth investors, family offices, private banks and institutions in providing comprehensive services including customized investment strategies, creation of tax efficient holding structures, Shari'a compliant transactions, asset management, acquisitions, dispositions, financing and consulting services.

"Our goal is to serve as an unbiased fiduciary, providing superior service and innovative investment strategies for our clients," said Sweeney.  "We have the knowledge, expertise and track record to deliver exceptional results to non-U.S. investors looking to partner with a premier real estate investment advisory firm."

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

David Ebeling
Ebeling Communications
(949) 278-7851

STAG Industrial, Inc. Announces Acquisition of a $5.6 Million Warehouse and Distribution Facility in North Carolina

BOSTON, MA /PRNewswire/ -- STAG Industrial, Inc. (NYSE:STAG) announces the acquisition of an approximately $5.6 million, 185,570 square foot, warehouse and distribution facility located in Huntersville, North Carolina.

The building is 100% leased to Performance Team Freight Systems, Inc. with a remaining lease term of approximately 4 years.

Performance is a provider of supply chain logistics as well as transportation, trucking, distribution, deconsolidation, and logistics services in the United States. 

This facility is used to service the distribution and warehousing needs of Positec USA Inc., in which Performance has a partnership.  Positec manufactures and markets electronic and battery-powered outdoor tools including power tools and lawn and garden equipment.

This acquisition brings STAG's total 2012 acquisition volume to approximately $136 million.

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

Gregory W. Sullivan,
Chief Financial Officer,
STAG Industrial, Inc.,

Web Site:

Lincoln Property Co. Southeast Brokers Orthopedic Clinic’s Lease of 11,000 SF in Downtown Orlando

ORLANDO, FL – Lincoln Property Company Southeast has brokered Jewett Orthopedic Clinic’s long-term, 11,000-square-foot new lease at the Lake Lurna Professional Center (top left photo), a 45,000-square-foot medical office building in downtown Orlando, Fla.

Jay Dixon (lower right photo), vice president, office, for Lincoln Property Company Southeast, represented the landlord in the transaction. Darren Wagner, vice president at RJ King & Associates, represented the tenant.

The three-story building, which was built in 1985, features 240 feet of Orange Avenue frontage and is located just south of Orlando Regional Medical Center (ORMC).

“With its proximity to ORMC and its visible signage on Orange Avenue, this is an excellent site for Jewett Orthopedic Clinic,” Dixon said. “We are confident the company will thrive in this location and prove to be an ideal tenant for our client’s asset.”


Stephen Ursery
Wilbert News Strategies

HFF closes $12.4 million sale of three-property multi-housing portfolio in NJ

FLORHAM PARK, NJ – HFF announced today that it has closed the sale of a three-property, 89-unit multi-housing portfolio located in New Jersey.

HFF marketed the properties on behalf of the seller, AIG Global Investment Group.  Vantage Properties, LLC’s affiliate, Candlebrook Properties purchased the offering for $12.4 million. 

The properties average 95 percent occupancy overall and are located within Middlesex, Bergen and Essex Counties.  The individual properties are Highland Gardens in Highland Park, Karl Place Apartments in Garfield and Stephens Street Apartments in Belleville, New Jersey.

The HFF team representing AIG was led by senior managing directors Jose Cruz and Andrew Scandalios (middle left photo) along with managing directors Kevin O’Hearn (lower right photo) and Jeff Julien and associate director Michael Oliver.

 This is the fourth multi-housing portfolio HFF has closed for AIG, which now totals approximately 2,600 units in an 18-month period.

“This transaction is the second group of assets from AIG that Vantage has purchased and the firm has performed exceptionally well during the process.  Vantage has continued to show their ability to consummate transactions in a difficult economic environment,” stated Cruz. 

AIG Investments comprises a group of international companies, which provide investment advice and market asset management products and services to clients around the world. AIG Investments is a worldwide leader in asset management, with extensive capabilities in equity, fixed income, hedge funds, private equity and real estate.

Founded in 2005, Vantage Properties, LLC is one of the leading investors in New York residential and retail properties.  The principals of Vantage are Neil Rubler and Devin Aronstam.

JOSE R. CRUZ                                              
HFF Senior Managing Director                    
(973) 549-2000                                                                                  
HFF Associate Director, Marketing
(713) 852-3500

Tax Credit Group of Marcus & Millichap Surpasses Milestone of $3 Billion in Property Sales

SEATTLE, WA – The Tax Credit Group (TCG) of Marcus & Millichap reached a milestone by closing more than $3 billion in low-income housing tax credit (LIHTC) apartment transactions.

Since the group’s founding in 2001, it has arranged the sale of 459 multifamily assets valued at $3,207,123,517 according to John J. Kerin, Marcus & Millichap’s president and chief executive officer.

Led by executive vice president investments Robert Sheppard (top right photo), the firm’s Tax Credit Group has grown to a team of over 30 professionals specializing in LIHTC investment sales, capital solutions and advisory services for the industry.

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

Stacey Corso
Public Relations Manager
(925) 953-1716

TNP Strategic Retail Trust Announces the Appointment of Dee R. Balch, MBA, CPA as Director and Chief Financial Officer


IRVINE, CA– TNP Strategic Retail Trust, Inc. (the “Company”), a public non-traded REIT that invests in grocery and drug-store anchored, multi-tenant necessity retail properties and other real estate-related assets, announced today the appointment of Dee R. Balch (top right photo) as a Director and Chief Financial Officer of the Company.

Ms. Balch will immediately serve as a director of the company and will assume the role of Chief Financial Officer effective August 15, 2012.

Ms. Balch will replace James R. Wolford as a member of the board of directors of the company effective July 27, 2012.

 In addition to continuing in his role as Chief Financial Officer at Thompson National Properties, Wolford was recently promoted to President and Chief Operating Officer of Thompson National Properties and will devote his time to those responsibilities.

TNP Strategic Retail Trust Announces Renewal of Advisory Agreement
 IRVINE, CA– TNP Strategic Retail Trust, Inc. (the “Company”), a public non-traded REIT that invests in grocery and drug-store anchored, multi-tenant necessity retail properties and other real estate-related assets, announced that its independent board of directors has renewed the Company’s advisory agreement with its external advisor, TNP Strategic Retail Advisor, LLC for one year to August 7, 2013. TNP Strategic Retail Advisor, LLC is a subsidiary of Thompson National Properties, LLC.

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

Jill Swartz