Thursday, November 1, 2012

Parkway Agrees to Purchase NASCAR Plaza in Charlotte, NC for About $100 Million

Nascar Plaza, Charlotte, NC
 ORLANDO, FL /PRNewswire/ -- Parkway Properties, Inc. (NYSE: PKY) announced it has entered into a purchase and sale agreement to acquire NASCAR Plaza, a 390,000 square foot office tower located in the central business district (CBD) of Charlotte, North Carolina, from a joint venture between Trinity Capital Advisors and Rubenstein Partners for a purchase price of approximately $100 million.

Closing is expected to occur by the end of the fourth quarter 2012 and is subject to customary closing conditions.  Parkway intends to fund its share of equity using excess cash and borrowings from its revolving credit facility.

James R. Heistand
NASCAR Plaza was built in 2009 and is a 20-story, LEED(®) Silver certified office tower. 

The building is adjacent to the NASCAR Hall of Fame and is the headquarters for NASCAR, which has leased 139,000 square feet through May 2021.  Currently, the building is 88% leased with an average in place rent per square foot of $25.61. 

James R. Heistand, Parkway's President and Chief Executive Officer, stated, "The purchase of NASCAR Plaza represents another off-market transaction that enables us to expand in one of our key, target submarkets with a high-quality asset.

Nascar Hall of Fame, Charlotte, NC
“ NASCAR Plaza has a strong tenant base and is the headquarters for several well-known companies, and we expect to create additional value through leasing and rent growth in a submarket that we believe will outperform during a recovery."

NASCAR Plaza is expected to generate a 2013 estimated cash net operating income yield of approximately 7%.  Parkway will own 100% of the asset and plans to assume the first mortgage secured by the property, which has a current outstanding balance of approximately $42.3 million with a current interest rate of 4.7% and a maturity date of March 30, 2016; however,

The Charlotte CBD is a submarket that continues to exhibit improving fundamentals, with positive net absorption of 234,000 square feet in the third quarter and a direct vacancy rate which declined 150 basis points from the prior quarter to 9.8% as of September 30, 2012, according to CBRE. 

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

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

Tandem Construction Starts Work On Addition To The Academy of Scholastic Achievement

Academy of Scholastic Achievement, Chicago, IL
 CHICAGO, IL– Chicago-based Tandem Construction announces it has started work on a 2,000-square-foot addition to The Academy of Scholastic Achievement (ASA), a Youth Connection Charter School Campus (YCCS) located at 4651 W. Madison Street on Chicago’s West side.

When complete, the new space will serve as a science lab to support the non-profit, public charter high school’s holistic educational program for at-risk students. 

Dimitri Nassis
 “Having been involved with other school and non-profit projects in the past, we know the real satisfaction that comes from updating a facility to better serve the needs of children,” said Dimitri Nassis, CEO of Tandem Construction.

 “It’s been a real pleasure to work with ASA’s founder, Gladys Simpson and the project coordinator, Marvin Simpson, to plan this addition and to now finally see it underway and taking shape.”

 Built in a former parking lot adjacent to ASA’s current 9,000-square-foot two-story facility, the science lab addition is a steel joist and masonry structure that will seat approximately 24 students. Tandem will be installing ventilation hoods and special air circulation systems to support the space’s function as a lab classroom.

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

Sarah Lyons,
(312) 267-4520

Kim Manning,
(312) 267-4527

Brixmor Property Group Sells Two Metro Atlanta Shopping Centers

Drew Fleming
ATLANTA, GA – [Nov. 1, 2012] Cassidy Turley, a leading commercial real estate services provider in the U.S., has closed on the sales of the Midway Village shopping center in Douglasville, GA, and the Village at Southlake shopping center inMorrow, GA., on behalf of Brixmor Property Group.

 Cassidy Turley Vice Presidents Drew Fleming and Mark Joines, both principals in the firm’s Southeast retail group, represented the seller in the deals. Vishal Midway Village, LLC, represented itself in the purchase of Midway Village.

Mark Jones
Watson Bryant of Cassidy Turley represented the buyer, Brothers Properties Mount Zion, LLC, in the purchase of Village at Southlake. Terms were not disclosed.

 Midway Village, located at 2115 Fairburn Road, comprises 74,728 square feet of retail space; the deal included un-developed outparcels and nearly 10 acres of excess land. Village at Southlake, which has an abundance of frontage along Mt. Zion Road, includes 53,384 square feet and is located adjacent to Southlake Mall.

Watson Bryant
“We were excited to be able to represent Brixmor Property Group on these assignments,” said Fleming. “Both of these centers are well located with strong Atlanta MSA fundamentals.”

 Cassidy Turley’s Southeast retail group has closed on a number of properties across the region in recent months, including, most recently, Cordele Corners in Cordele, GA, the Publix-anchored Eastside Junction in metro Huntsville, AL, and the Publix-anchored Hoover Place in metro Birmingham, AL.

 Public Relations Contact

 Tony Wilbert
Wilbert News Strategies

Ed Verret Joins Cassidy Turley as Managing Director in Atlanta Office

Ed Verret
 ATLANTA, GA– Cassidy Turley, a leading commercial real estate services provider in the U.S., today announced that Ed Verret has joined the firm as Senior Managing Director.

 Mr. Verret will serve as the Alliance Executive leading Cassidy Turley’s partnership with SunTrust Banks Inc. (NYSE: STI), with responsibility for transaction management, project management, lease administration and portfolio planning for the bank’s 15 million-square-foot corporate real estate portfolio and more than 1,600 branches. Mr. Verret will be based in Cassidy Turley’s Atlanta office.

Craig Robinson
“Ed’s experience as a strategic, corporate real estate leader fits perfectly with our SunTrust assignment,” said Craig Robinson, President, Corporate Services, at Cassidy Turley. “In terms of managing and implementing change and delivering exemplary results, his track record is unsurpassed.”

 Before joining Cassidy Turley, Mr. Verret’s corporate real estate career included 19 years at American Express Co., where he served as Vice President, Global Real Estate, Asia Pacific; Vice President, Global Operations, U.S.; and Regional Director, Southeast U.S. and Latin America, among other responsibilities. He is a graduate of the University of Louisiana, Lafayette, and earned an MBA in International Business from Nova Southeastern University.


Maureen Wheeler                                              
Vice President, Corporate Communications       

 Bailey Webb
Cassidy Turley

NAI Realvest Negotiates New Long Term Lease with Early Learning Coalition for 7,925 SF in Longwood, FL

Robert Blackwell

 ORLANDO, FL -- NAI Realvest recently completed a long term lease agreement for 7,925 square feet of flex space in Florida Central Commerce Park off S.R. 434 in Longwood.

 Robert Blackwell, SIOR principal at the firm, and William St. Laurent with St. Laurent Realty negotiated the transaction representing the landlord, Dunhill Investments, Inc. 

 The new tenant, Early Learning Coalition of Seminole County leased the space at 280 Hunt Park Cove in the commerce park to relocate from its Lake Mary location. 

Florida Central Commerce Park, Longwood, FL
Mack Ramseur with The Quadrant Group represented the tenant.

 Early Learning Coalition of Seminole County (www.seminoleearlylearningorg) helps parents locate high quality early education and care providers for young children.

For more information, contact:

Robert Blackwell, SIOR 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

Hendricks & Partners Negotiates Sale of Lakeshore Gardens Apartments in Homewood, AL

David Oakley

 BIRMINGHAM, AL--- Hendricks & Partners, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of the Lakeshore Gardens Apartments, a 220-unit apartment community located in Homewood.

David Oakley, senior investment advisor of the Hendricks & Partners Alabama office negotiated the sale representing the seller, Brentwood, LLC / JS Group, LLC / WB Real Estates, LLC / SYL, LLC, all Alabama limited liability companies, based in Birmingham.

Lakeshore Gardens, built in 1965, has a total of 204,304 square feet of rentable living space with two and three bedroom apartments. 

The buyer was LPG Holdings, LLC, an Alabama limited liability company, based in Birmingham.

For more information, contact:

David Oakley, Senior Investment Advisor, Hendricks & Partners - Alabama, 205.918.0785,  
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Aswin Suri of EXIT Realty of Daytona closes on sale of 82 unit rental apartment property on Nova Rd. in Daytona Beach, FL

Aswin Suri

 DAYTONA BEACH, FL --- Aswin Suri of Exit Realty of Daytona Beach, which specializes in sales of distressed multi-family properties, luxury waterfront homes and condominiums in coastal markets from Volusia County to south Florida and Florida’s Gulf Coast, has recently closed on the sale of the 82-unit Palm Cove Apartments on Nova Road in Daytona Beach.

Suri said the buyer, a California investor, paid $2,550,000 for the apartment property with one and two-bedroom residences.   The seller, who was also not disclosed, is a Daytona Beach resident.  

For more information, contact

Aswin Suri, MHA, B.A., Owner, Exit Realty of Daytona 386-383 3000 or;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142;