Tuesday, October 30, 2012

Cousins Reports Results for the Third Quarter of 2012

Larry Gellerstedt

 ATLANTA--Cousins Properties Incorporated (NYSE:CUZ):

  • Funds From Operations was $0.25 per share, adjusting for special items FFO was $0.15 per share.
  • Completed the sale of Cousins Properties Services for a gain of $7.4 million.
  • Acquired 2100 Ross Avenue in Dallas, Texas.
  • Commenced operations at Emory Point in Atlanta, Georgia and Mahan Village in Tallahassee, Florida.
  • Same property net operating income increased 4.1% for the first nine months of 2012.
  • Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter ended September 30, 2012.
 “It was an active and productive third quarter, with the execution of several encouraging transactions and another solid performance for the core operating portfolio,” said Larry Gellerstedt, CEO of Cousins. “We remain focused on simplifying the platform, leasing vacant space, and sourcing additional investment opportunities.”

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

Cousins Properties Incorporated
Gregg D. Adzema, 404-407-1116
Executive Vice President and Chief Financial Officer
Cameron Golden, 404-407-1984
Vice President, Investor Relations and
Corporate Communications

HFF closes sale and arranges $49.35 million financing for 1401 South State in Chicago

1401 South State, Chicago

CHICAGO, IL – HFF announced today that it has closed the sale and arranged financing for 1401 South State, a 22-story, 278-unit Class A multi-housing high-rise in Chicago’s South Loop neighborhood.

                HFF marketed the property on behalf of an institutional seller.  Marquette Companies, Hunt Development Group and American Realty Advisors purchased the asset. 

HFF also arranged a $49.35 million, fixed-rate loan through Freddie Mac (Federal Home Loan Mortgage Corporation) on behalf of the borrower.  The securitized loan will be serviced through HFF’s Freddie Mac Program Plus® Seller/Servicer program.

                1401 South State is located two blocks south of the Roosevelt Road retail corridor in Chicago’s South Loop submarket.

Matthew Lawton
Completed in 2008, the property has studio, one- and two-bedroom units averaging 850 square feet each. 

Community amenities include a fitness center, sky garden with fire pit and bbq grills, social room, wireless cyber cafĂ©, dog run with bathing station and fountain, and business center.  The 95 percent leased property also has 2,488 square feet of street level retail and 195 parking spaces.

                The HFF investment sales team representing the seller was led by executive managing director Matthew Lawton and managing directors Sean Fogarty and Marty O’Connell.

                HFF’s debt placement team representing the borrower was led by managing director Matthew Schoenfeldt.


Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

Marcus & Millichap Sells Two Art-Deco Apartment Buildings on South Beach in Miami Beach, FL

1610 Euclid Ave. Apartments, Miami Beach, FL
MIAMI, FL, Oct. 30, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of two art deco-style apartment buildings on Miami Beach’s South Beach, according to Kirk A. Felici, First Vice President/Regional Manager of the firm’s Miami office.

Arthur D. Porosoff
The two-property portfolio consisted of a 23-unit building that sold for $2.69 million and a 20-unit building that sold for $2.31 million.

Senior Associate Arthur Porosoff in Marcus & Millichap’s Miami office, who specializes in the sale of multifamily properties in Miami Beach, had the exclusive listing to market the properties on behalf of the seller, a limited liability company from Miami Beach, FL.  Porosoff also represented the buyer of the properties, a private foreign investor from Venice, Italy. 

“Both properties are located in AAA locations, steps away from the world famous Lincoln Road Mall and just a few blocks from Ocean Drive and the Atlantic Ocean.  The irreplaceable locations will allow the buyer to yield above a four percent return in an international real estate market that is fueled by high demand and low supply,” says Porosoff. 

1600 Pennsylvania Ave. Apartments, Miami Beach, FL
The portfolio consists of two separate properties with different folios.

1610 Euclid Ave is a 23-unit apartment building with three structures: a main building consisting of 16 units, a two bedroom/two-bath home at the rear of the property and a four-unit building (currently operating as six units) on the south strip of the property. There are 12 one bedroom/one bathroom units, 10 studio units and one two bedroom/two bathroom unit.  The property sold for $2,690,000.

1600 Pennsylvania Avenue a 20-unit, corner, two-story apartment building constructed in 1953.  The building consists of 18 studio/one bathroom units and two one bedroom/one bathroom units.  The property sold for $2,313,000.

Press Contact:

 Kirk Felici
First Vice President/Regional Manager, Miami
(786) 522-7000

RioCan Real Estate Investment Trust And Tanger Outlets To Acquire Two Outlet Malls in Montreal for $94.7 Million

Les Factoreries St. Sauveur outlet center, Montreal
 TORONTO and GREENSBORO, N.C., Oct. 30, 2012 /PRNewswire/ -- RioCan Real Estate Investment Trust ("RioCan") (TSX: REI.UN) and Tanger Factory Outlet Centers, Inc. ("Tanger") (NYSE: SKT), through their co-ownership agreement, announced today they have waived conditions to acquire two outlet centres in the Montreal area, Les Factoreries St. Sauveur and Bromont Outlet Mall.

 The co-owners will purchase the properties on a 50/50 basis at an expected aggregate purchase price of $94.7 million (Canadian dollar, at 100%).  RioCan will provide development and property management services and Tanger will provide leasing and marketing services.

Bromont Outlet Mall development site
The co-owners intend to add value to the properties by implementing their operational and marketing programs and re-branding the properties under the Tanger Outlets flag.

The purchase price includes the assumption of the aggregate in place financing at Les Factoreries St. Sauveur of $18.8 million (Canadian dollar, at 100%) which carries a weighted average interest rate of 5.7% and matures in 2015 and 2020.

Bromont Outlet Mall is being acquired free and clear of financing.  Both transactions are scheduled to close in November 2012. The acquisition of these centers will enable the co-owners to expand beyond the Greater Toronto Area and implement their outlet center strategy immediately, as Tanger Outlet Centers enter into another Canadian market.

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

RioCan Real Estate Investment Trust
Rags Davloor
Senior Vice President & CFO
(416) 642-3554

Tanger Factory Outlet Centers, Inc.
Frank Marchisello
Executive Vice President and CFO
(336) 834-6834

Atlanta Property Group Acquires Paces Cumberland Office Building in Atlanta, GA

Paces Cumberland, Atlanta, GA
 ATLANTA, GA (Oct. 30, 2012) – Atlanta Property Group, a locally based real estate investment firm, said today it has closed on its acquisition of Paces Cumberland, an office building in the Vinings portion of the Cumberland/Galleria submarket of Atlanta.

 The four-story, 70,000-square-foot office building is located at 2675 Paces Ferry Road near its intersection with I-285.

With the acquisition of Paces Cumberland, APG has now acquired six properties since mid-2010 totaling nearly 900,000 square feet. So far in 2012, these assets have seen positive net absorption of 106,500 square feet, which represents an occupancy gain of 13 percentage points.

Jonathan Rodbell
“Our leasing velocity demonstrates our ability to achieve our goal of positioning Atlanta Property Group as the go-to provider of well-located, quality office space for value-conscious small and mid-size tenants,” said Court Thomas, a partner in Atlanta Property Group. “We have accomplished this increase in occupancy during an otherwise generally flat period for the local economy and office market.”

 At Paces Cumberland, Atlanta Property Group plans to invest more than $300,000 into common area renovations to increase the aesthetic appeal of the building during its first year of ownership. Additionally, APG will invest more than $450,000 on systems upgrades.

Huston Green, Dennis Mitchell and Hayes Swann of Colliers International represented the seller. Terms of the transaction were not disclosed.

 Built in 1981, Paces Cumberland is currently 53 percent leased with 13 tenants.

 The property offers easy access to I-285 and I-75 and is proximate to Buckhead and Midtown.

 “Paces Cumberland fits perfectly into Atlanta Property Group’s portfolio,” said Jonathan Rodbell, a partner at Atlanta Property Group. “We were able to acquire it at an attractive price, it’s very well located and its existing floor plans function well for cost-conscious small business owners and entrepreneurs in the area.”

1200 Ashford, Atlanta, GA
“Our planned renovations will be particularly impactful at this property and will create strong leasing momentum,” Rodbell added.

 The other five Atlanta Property Group has acquired in the past two years are the 280 Interstate North in the Cumberland/Galleria submarket; 1200 Ashwood and The Park at Perimeter Center East in the Central Perimeter submarket; as well as 2801 Buford Highway and 1190 West Druid Hills, both in the Druid Chase office park.

Austin Chase and Kirven Brantley of Lavista Associates, who lease and market these properties, also will lease Paces Cumberland. They can be reached at 770-448-6400.

 This acquisition of Paces Cumberland puts Atlanta Property Group’s total portfolio at 2.2 million square feet in 14 properties. “We continue to seek similar opportunities across metro Atlanta,” Thomas said.


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

Scott Sohr of Elmington Homes to Complete Knoxville Residential Community

Scott Sohr
NASHVILLE, TN /PRNewswire/ -- Elmington Homes, a Nashville-based real estate investment firm founded by Scott Sohr, recently completed the acquisition of bank owned lots in the Farragut, Tenn., residential community of Cabot Ridge.

 Elmington has acquired the last 10 parcels along Rockford Lane in Cabot Ridge with plans to complete new homes on the lots in the next 18 to 24 months.

Cabot Ridge subdivision, Knoxville, TN
Cabot Ridge is located just south of South Northshore Drive, near the Knox-Loudon county line off Harvey Road, and consists of two distinct sections. 

The Villas of Ridgepath Lane is fully developed with homes ranging from 3,300 to 7,000 square feet. The second section (where Elmington purchased), Homes of Rockford Lane, was partially completed when the residential real estate market experienced a downturn in 2008.

 The development is Sohr's second acquisition in the Knoxville area in the past few years.

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

 Kimberly Kump