Thursday, October 11, 2012

Ackerman & Co. Sells Net-leased Walgreens in Greenville, NC for $5.6 Million

Walgreens, Greenville, NC
 Atlanta, GA, Oct. 11, 2012 – Ackerman & Co. has brokered the sale of a 14,560-square-foot Walgreens in Greenville, NC for $5,625,000. The single-tenant, net-leased transaction included an assumption of the existing CMBS loan.  The Greenville, North Carolina Walgreens, built in 2005, is located on a hard corner within a major retail corridor in Greenville.  

Jason Powell
The Ackerman & Co. investment sales team of Jason Powell and Andrew Murphy represented the seller, a private investor, in the transaction.

The property was purchased by an affiliate of Four Springs Capital Trust (FSCT), a newly formed REIT.  FSCT has acquired over $23MM worth of net-leased properties over the last several months and they are actively seeking net lease acquisition opportunities.  They were represented in-house by William Dioguardi and Coby Johnson. 

 For more information, contact:

Fara Wilson,
VP of Marketing
770. 913.3904  |

Miami Condo Market To Benefit From Hugo Chavez's Reelection In Venezuela

Venezuela President Hugo Chavez
MIAMI, FL --South Florida's improving condo market - currently in the early stages of another construction boom - is projected to benefit from this week's reelection of populist president - and outspoken U.S. critic - Hugo Chavez in the oil-rich South American nation of Venezuela, according to a new report from

Despite strong support from the business sector for challenger Henrique Capriles, Chavez's vision for creating "21st century socialism" in Venezuela garnered the former coup leader - who was later elected president in 1998 - more than 54 percent of the votes even though the nation of 28 million people has a "decaying infrastructure, increasing dependence on oil exports, and inability to control one of the world's highest homicide rates," according to the Washington Post.

Henrique Capriles
Even before Chavez won another six-year term on Oct. 7, 2012, foreign real estate investors from Venezuela - in search of deals and a safe haven for their capital - were already purchasing about $750 million annually in Florida real estate, with nearly 90 percent of the deals in the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach, according to the "Profile Of International Home Buyers In Florida 2012" report from the Florida Realtors and the National Association Of Realtors.

Now with the presidential outcome decided, a number of the estimated "200,000 Venezuelans" living in the United States expect Chavez's election victory to "prompt a further exodus" of Venezuelans - who are "worried about the future" - to head to South Florida under investor-oriented visa programs, according to the Miami Herald.

Jenny Huertas
For many Venezuelans, Miami is a place where they feel comfortable given the U.S. infrastructure, diverse population, and proximity to their home country, according to Jenny Huertas, a licensed Florida broker with CVR Realty™.

Foreign investors from Venezuela have a long history of buying residential real estate - especially condos - in South Florida.

Veteran real estate watchers, often times, cite a financial crisis in Venezuela as one of the key macroeconomic causes of Miami's condo crash on Brickell Avenue in the 1980s.   

As of late, foreign investors from Venezuela transacted an average of $62.5 million monthly on Florida real estate with condos accounting for 44 percent of the deals in a one-year period ending in June 2012, according to the Realtors report. 

Single-family houses accounted for about 24 percent of the transactions, and townhouses an additional 16 percent. Another 16 percent of the Florida transactions by foreign investor from Venezuela involved commercial properties, according to the report.

As for location, nearly 75 percent of the Florida real estate transactions by Venezuelan investors occurred in "central city / urban" areas and 22 percent in "suburban" areas, according to the Realtors report.

Miami skyline
For foreign investors from Venezuela, Miami-Dade County is the most popular destination, accounting for more than 67 percent of the Florida transactions. Broward County accounts for more than 16 percent of the Florida transactions by foreign investors from Venezuela, and Palm Beach County represents an additional four percent, according to the Realtors report.

Some industry watchers contend that foreign buyers have increased their investments in the United States - and South Florida - as this nation's economy shows signs of gradually improving at the same time that conditions deteriorate in their home countries.  

Palm Beach Skyline
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 nearly $11 billion annually in condo, townhouse, and single-family house resales in Florida, according to the Realtors report.

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.

Collins Avenue, Miami Beach
At the end of the second quarter of 2012, buyers have acquired about 93 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 also playing a key role in the latest South Florida new condo boom where at least 70 towers with nearly 10,500 units are proposed as of Oct. 10, 2012, according to the Preconstruction Condo Projects list from CVR Realty™.


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.

Invest Atlanta, State of Georgia Work with Carter’s to Bring New Jobs to Atlanta

Mayor Kasim Reed
 ATLANTA, GA Oct. 11, 2012 – Invest Atlanta, the city of Atlanta’s economic development agency, played a key role in Carter’s, Inc.’s planned consolidation of several critical functions in Atlanta, where the company has its corporate headquarters. The move is expected to create approximately 200 professional jobs in Atlanta.

Invest Atlanta will assist Carter’s in its consolidation of retail store and financial functions to Atlanta through the city’s job creation program. The state of Georgia also is assisting Carter’s in the consolidation.

Michael D. Casey
 “Carter’s is one of the top providers of clothing and products for babies and young children in the nation, and we’re proud the company calls the city of Atlanta home,” said Mayor Kasim Reed, also chairman of Invest Atlanta. “Carter’s clearly sees continued opportunity in Atlanta, and we applaud its decision to move and create more well-paying jobs in the city.”

The expected new positions in Atlanta are principally in the areas of retail merchandising and store operations, finance, and information technology.  The company currently employs approximately 1,200 people in the Atlanta metropolitan area.

“We have a long and successful history of doing business in Georgia,” said Michael D. Casey, Chairman and Chief Executive Officer of Carter’s.  “Atlanta is a very compelling place to live and work.  

"We look forward to bringing our Connecticut-based operations to Atlanta, whichwill strengthen our collaboration and ability to provide consumers with thebest value and experience in young children’s apparel.”
Brian McGowan

Carter’s decision to move its retail store, financial and IT functions to the city of Atlanta is a testament to Atlanta’s strength in those sectors. “The city of Atlanta is home to several leaders in the financial industry, including SunTrust Banks, Equifax and Invesco,” said Brian P. McGowan, president and CEO of Invest Atlanta. “Also, Atlanta has emerged as a national technology hub, and our retail sector is a vibrant part of the economy.”

McGowan added. “The new Carter’s jobs will build on the momentum we created with our other wins, including Asurion, Panasonic and others.

Gov. Nathan Deal
Georgia Gov. Nathan Deal said he is pleased that Carter’s is expanding in the state.

“We welcome Carter’s additional presence in Georgia ,” said Gov. Deal.  “Carter’s is well-acquainted with the competitive benefits our business climate can provide for headquarters operations, and we look forward to helping the company continue to thrive here.”

To enable the consolidation of these operations and to support its growth plans, Carter’s is evaluating its long-term space needs in the Atlanta area.  The company expects to complete this consolidation by the end of 2013.


Tony Wilbert
Wilbert News Strategies
404-965-5022 (O)
404-405-3656 (C)

Wyndham Hotel Group Announces 16 Hotels in India and Indonesia

 HONG KONG (Oct. 11, 2012) – Wyndham Hotel Group, the world’s largest hotel company with over 7,170 hotels and a part of Wyndham Worldwide Corporation (NYSE: WYN), today signed deals for 16 hotels throughout India and Indonesia and announced the launch of the extended stay Hawthorn Suites by Wyndham® brand in India.

Asia-Pacific (APAC) is now the second largest region for Wyndham Hotel Group, with over 540 hotels currently open and operating. From June 2005 to June 2012, Wyndham Hotel Group’s portfolio in the region grew rapidly from 57 hotels to 541 hotels. The region has seen more than 110 properties open over the past 12 months and the Company plans to continue its aggressive APAC expansion.

 Of the 16 hotels announced today, 12 will be opened in India under the Days Inn®, Hawthorn Suites by Wyndham, Howard Johnson® and Ramada® brands and four will be opened in Indonesia under the Howard Johnson and Ramada brands.

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

 Cohn & Wolfe-impactasia:
Tel: +852 2521 1498

CalPERS Board Member Priya Mathur Appointed to UN-Backed PRI Board

Priya Sara Mathur
 SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) today announced that Board Member Priya Sara Mathur will join the Board of the Principles for Responsible Investment (PRI) Association, the fiduciary body responsible for the overall effectiveness, performance and conduct of the United Nations-backed PRI Initiative.

An investor-formed network, the Initiative was established in 2006 to advance sound environmental, social and governance practices. Appointment to the Board is made by a majority vote of the PRI Advisory Council, PRI’s strategic governing body.  Mathur was elected to the Advisory Council by the PRI signatories in 2011.

Rob Feckner
“Priya has done an excellent job representing CalPERS and other institutional investors through her work on the PRI Advisory Council to advance principles that further environmental, social and governance practices,” said Rob Feckner, President of the CalPERS Board. “Her appointment as a member of the Board is a reflection of that work and the confidence her peers have in her ability to advocate for these principles.”

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

External Affairs Branch
(916) 795-3991
Robert Udall Glazier, Deputy Executive Officer
Brad Pacheco, Chief, Office of Public Affairs
Contact: Joe DeAnda, Information Officer

New Haven Multifamily Asset Trades for $41.7 Million in Largest Multifamily Sale Closed to Date in Connecticut

Wintergreen of Westville, New Haven, CT
 NEW HAVEN, CT – Institutional Property Advisors (IPA), a multifamily brokerage firm serving the needs of institutional and major private investors, has arranged the sale of Wintergreen of Westville, a 294-unit Class A multifamily asset in New Haven. The newly developed community commanded a sales price of $41,650,000, or just under $141,000 per unit.

            Steve Witten and Victor Nolletti, executive directors of IPA represented the seller SA Wintergreen LLC and the buyer, UOB Eagle Rock Multifamily Property Fund LP.  

Steve Witten
“The new ownership has acquired a rarely available, transit-oriented multifamily asset in one of the East Coast’s top-performing apartment markets,” says Witten. “Given solid market fundamentals and strong demand for well-located product in the region, this newly constructed, luxury asset is poised to achieve significant rent growth in the future,” he notes.

 “New Haven’s diverse economy benefits tremendously from its proximity to major employers, including Yale University, a major economic driver in the region,” says Nolletti.

Victor Nolletti
 “At the time of the sale, the property was operated as a luxury rental with a cross-section of tenants, including a large student population from three local universities, empty nesters and young professionals. A true value-added opportunity, we believe the new ownership has the opportunity to increase cash flow by raising rents, resulting in an extremely high occupancy rate at this property,” adds Nolletti.

Located at 400 Blake Street, the community consists of five, four-story elevator buildings that were constructed in 2008. Constructed in 2008, the property features an excellent mix of one-, two- and three-bedroom units with average unit size of about 1,100 square feet.

Amenities include a 24-hour fitness “club-caliber” center with cardio and weights, a well-appointed club room with big-screen TV, billiards, a gourmet kitchen and WiFi, a high-tech business center, outdoor barbecues and 586 ground-level, surface and covered parking spaces.

Witten and Nolletti also recently brokered the sale of 184 units in Beacon Falls, Conn., for $21.7 million, 166 units in Middletown, Conn., for $18.6 million, 296 units in Dover, Del. for $23,180,000 and 459 units in Temple Hill, Md., for $38 million.


Stacey Corso
Public Relations Manager
(925) 953-1716


Switchfly Inc. Raises $2.8 Million, Completing $17.8 Million Series C Financing Round

 SAN FRANCISCO, CA, Oct. 11, 2012—Switchfly, Inc., a leading software-as-a-service (SaaS) provider of travel, loyalty, online payment and social technology solutions, today said it has completed the company’s $17.8 million Series C financing round, which was first announced in March 2012 with an initial $15 million investment .

 Participating in the final $2.8 million Series C financing is a new investor, San Francisco-based Thayer Ventures, along with existing investors Azure Capital Partners, Canaan Partners and StarVest Partners. This latest investment brings the total capital raised by Switchfly to $34.8 million. 

Switchfly delivers technology solutions in the areas of travel commerce, loyalty program management, online and mobile payments, and social media via its configurable SaaS platform.

While Switchfly works largely behind the scenes as a B2B2C platform, its clients are some of the world’s most well-known brands spanning multiple industries, including American Airlines, American Express, Emirates Airline, Intercontinental Hotels & Resorts, JetBlue, LATAM Airlines Group, Lufthansa, PayPal, Starwood Hotels & Resorts and United Airlines.

For a complete copy of the company’s news release, please contact:
Jerry Daly                                                      
Thayer Ventures                                             
(703) 435-6293                                              

Kate Sullivan
Switchfly, Inc.
1(973) 568-7589