Saturday, November 24, 2012

Berger Commercial Realty Broker Steve Hyatt Closes $8.425 Million Sale of Automotive Dealership Property in Washington State

Steve Hyatt
FORT LAUDERDALE, FL – Berger Commercial Realty announced broker and Senior Vice President Steve Hyatt recently represented BD & D Investment Company, LLC in the sale of  a 4.42-acre property, including a 34,000-square-foot automobile dealership, in Bellevue, Wash., for $8,425,000 to Dog Walk, LLC.

 The property is currently occupied by Ford Lincoln of Bellevue and is leased to AutoNation on a long-term basis.

A local Seattle investor bought the property and plans to  eventually develop it as the downtown central business district expands," Hyatt said.

 "The long-term development potential of this property is exceptional due to its size, freeway exposure and its location in the Bellevue central business district, near the corporate headquarters of Microsoft, Google, T Mobile and Expedia."

 Hyatt worked on the transaction for more than three years with several different groups interested in buying the property, including a group that proposed the development of a new Bellevue arena, to house both NBA and NHL teams, on the site. He closed the deal in partnership with Seattle brokerage firm AGM Inc.

Hyatt served as Vice President of Corporate  Development at AutoNation from 1996 through 2008. BD & D Investment Company, LLC, a large dealership group, has hired him to handle the disposition of several automotive properties across the country, including the $6 million sale of a 7.2-acre automotive dealership site in the Denver, Colo. area to CarMax Auto Superstores in 2011.

 Because of his background at AutoNation, where he was responsible for the acquisition and disposition of more than 175 automobile dealerships in 17 states, Hyatt specializes in automotive real estate. 

He currently represents several of the largest dealership groups in South Florida, with brands including  Audi, BMW, Chevrolet, Toyota and Chrysler/Jeep/Dodge. He is active in investment sales and continues to work with and meet the real estate needs of numerous automotive retailers and original equipment manufacturers (OEMs) across the country.


Marielle Sologuren
Pierson Grant Public Relations
(954) 776-1999, ext. 226

South Florida Residential Resale Inventory Drops 68% Since Thanksgiving Week Of 2008

MIAMI, FL -- South Florida’s residential resale inventory of condos, townhouses, and single-family houses has decreased in quantity by 68% since the Thanksgiving holiday week – the symbolic start of the busy winter tourism season - of 2008, according to a new report from

Nearly 108,000 residential properties were on the resale market in the tricounty South Florida region on Nov. 24, 2008 as financial uncertainty reached an all-time high following the abrupt failure of the investment banking behemoth Lehman Brothers that subsequently triggered a near meltdown of the U.S. economy.

Some four years later, the number of condos, townhouses, and single-family houses on the resale market in Miami-Dade, Broward, and Palm Beach counties has shrunk to fewer than 34,250 residences as of Nov. 19, 2012, according to analysis by the licensed Florida brokerage CVR Realty™.

Even though the U.S. economy continues to wobble along with modest GDP growth, a high unemployment rate by modern standards, and growing concerns about a "fiscal cliff" scenario, the number of residential properties under contract in South Florida has spiked to nearly 23,000 - a large chunk of which are all-cash deals - as of Nov. 19, 2012, according to the analysis based on Florida Realtors association data.

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

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 Announces Sale of Park South Apartments for $4 Million

Park South Apartments, Topeka, KS
 TOPEKA, KS– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Park South Apartments, a 234-unit apartment property located in Topeka, Kansas, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $4,050,000.

Alex Blagojevich, a senior associate in Marcus & Millichap’s Tampa office and David N. Gaines, a vice president investments in the firm’s Chicago office had the exclusive listing to market the property on behalf of the seller, a limited liability company based out of Kansas.  

Alex Blagojevich
The buyer was also secured and represented by Gaines and Blagojevich. 

Adam Christofferson is Marcus & Millichap’s broker of record in Kansas.

Adam Christofferson
Park South Apartments was built in 1970 and is located at 3711 SW Park South Court.  This is a 234-unit, conventional market rate apartment community consisting of ten three-story buildings.  Amenities include an indoor and outdoor pool, on-site laundry and a clubhouse. 

Press Contact:

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


Sale of Woodlands, TX office property closed by HFF

2001 Timberloch, Woodlands, TX
HOUSTON, TX – HFF announced it has closed the sale of 2001 Timberloch, a 145,580-square-foot office building in The Woodlands, Texas.

                HFF marketed the property on behalf of the seller, CBRE Global Investors advising on behalf of CalSTRS.  Principal Real Estate Investors purchased the asset for an undisclosed amount.

                2001 Timberloch is situated on an 8.1-acre site in the mixed-use Town Center of the Woodlands development in The Woodlands.  Renovated in 2007, the property is fully leased to tenants Repsol USA and Entergy Services. 

Dan Miller
 The HFF investment sales team representing the seller was led by senior managing director Dan Miller and associate director Trent Agnew.

“While 100 percent leased at the time of sale, it is expected that a 90,000-square-foot tenant will vacate in April 2015 representing a rare opportunity to purchase a value-add office building in Houston’s best performing submarket,” said Miller.

                The California State Teachers’ Retirement System, with a portfolio valued at $155.4 billion as of September 30, 2012, is the largest teacher pension fund and second largest public pension fund in the United States. 

Trent Agnew
CalSTRS administers a hybrid retirement system, consisting of traditional defined benefit, cash balance and defined contribution plans, as well as disability and survivor benefits. CalSTRS serves California's 856,000 public school educators and their families from the state’s 1,600 school districts, county offices of education and community college districts.

Principal Real Estate Investors manages or sub advises $42.7 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.


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 |

Cousins Properties Declares Fourth Quarter Common Stock Dividend

ATLANTA, GA--Cousins Properties Incorporated (NYSE: CUZ) announced that its Board of Directors has declared a regular quarterly cash dividend of $0.045 per common share, payable December 21, 2012, to common stockholders of record on December 7, 2012. The $0.045 per share quarterly dividend equates to $0.18 on an annualized basis.


Cousins Properties Incorporated
Cameron Golden,
Vice President,
 Investor Relations and Corporate Communications