Friday, January 4, 2013

Lincoln Property Company Southeast Brokers Chick-fil-A’s 221,408-Square-Foot Lease at South Atlanta Industrial Park

Airport West Distribution Center, Atlanta, GA
ATLANTA, GA (Jan. 4, 2013) – Lincoln Property Company Southeast has brokered Chick-fil-A’s 221,408-square-foot renewal and expansion at Airport West Distribution Center in Atlanta.

The nationally renowned restaurant chain was leasing 140,319 square feet at the center, which is located on Buffington Road near Hartsfield International Airport and across the street from Chick-fil-A’s corporate headquarters. 

Denton Shamburger
Airport West features a total of 287,520 square feet of space and this lease maintains the park’s occupancy at 100 percent.

Chick-fil-A’s expansion of 81,089 square feet runs for 10 years, and the company also extended the lease on its other space through 2022.

Denton Shamburger, vice president for Lincoln PropertyCompany Southeast, represented the landlord, Morgan Stanley, in Chick-fil-A’s expansion and extension. He was the only broker in the transaction.

Chick-fil-A’s expansion was signed as the leases of two other tenants were about to expire, meaning Lincoln Property Company was able to fill the 81,089 square feet of space before it sat vacant.

“There was not one day of downtime,” Shamburger said. “It’s a tribute to this property, its outstanding ownership and its strategic location in southwest Atlanta that we have beenable to maintain such high occupancy for so many years at Airport West Distribution Center.”

“The Atlanta industrial market is experiencing a definite uptick in activity, and this Chick-fil-A deal is more indication that the market should continue to improve in the months ahead,” added Tony Bartlett, senior vice president of Lincoln Property Company Southeast. 

“The success at Airport West is a great story and with increased economic activity combined with our full-service marketing and service platforms, we believe we can continue to drive great results for our industrial landlord clients in 2013.”
For a complete copy of the company’s news release, please contact:

Stephen Ursery
The Wilbert Group
Office: (404) 965-5026
Cell: (404) 405-2354

EDENS Adds Core Property To Atlanta Portfolio

Buckhead Marketplace, Buckhead, GA
ATLANTA, GA /PRNewswire/ -- EDENS, one of the nation's leading retail real estate owners and developers, announced today that it has acquired Buckhead Marketplace, a landmark retail property located in the heart of Buckhead in Atlanta, GA.   Its premier location and strong retailer performance make it one of the pre-eminent retail properties in Atlanta. 

Buckhead Marketplace is a Whole Foods anchored center located on West Paces Ferry Road, across from the St. Regis Hotel. Other tenants include Atlanta's only North Face store and Van Michael Salon. The center plays a significant role in the community life of Buckhead.

St. Regis Hotel, Buckhead, GA
 The inclusion of Buckhead Marketplace is consistent with EDENS strategy to own and operate the highest quality assets that play a major role in binding communities together.  EDENS projects offer more than places of commerce, they offer places where neighbors can slow down and reconnect.

EDENS Atlanta portfolio consists of 8 centers, including Lenox Marketplace (Buckhead), the recently redeveloped Whole Foods anchored Merchants Walk (East Cobb), and Toco Hills.


 Jamie Kronfeld,
London Misher Public Relations,

Marcus & Millichap Capital Corp. Names Todd Burchett Associate Director in Portland, OR

Todd Burchett
PORTLAND, OR– Marcus & Millichap Capital Corporation (MMCC) has hired veteran banker and loan officer Todd Burchett as an associate director in its Portland office.

            “Todd comes to MMCC with more than 15 years of financial industry experience, including many years as a senior business development officer,” says William E. Hughes, senior vice president and managing director of MMCC. “His recent entrepreneurial experience rounds out his resume.”

William E. Hughes
Prior to joining the firm, Burchett was an independent commercial loan officer and a managing partner of the firm he co-owned, Commercial Credit Services. He also served as a vice president and business banking team leader at Pacific Continental Bank, and vice president and development officer at both the Bank of Oswego and Riverview Community Bank.

            Burchett graduated from Washington State University, where he earned a bachelor’s degree in business administration with an emphasis in accounting and finance. He also attended the Western School of Commercial Lending, where he won the Frank Brawner Scholarship Award, and the Pacific Coast Banking School at the University of Washington. Burchett is a recipient of the Vancouver Business Journal’s Top 40 Business People under 40 award.
Press Contact:

Marcus & Millichap Capital Corporation
(925) 953-1716

Regency Centers Acquires Four Shopping Centers in December

JACKSONVILLE, FL – Regency Centers Corporation (“Regency” or the “Company”) announced that prior to year end the Company acquired four properties at a total purchase price of $188.5 million.

Regency’s share of the total purchase price was $147.4 million.

The Company also disposed of three non-strategic properties during the fourth quarter at a total sales price of $76.6 million. Regency’s share of the total sales price was $49.7 million.

For the full year 2012, the Company acquired $334.3 million of dominant shopping centers (Regency’s share was $242.8 million) and sold $581.2 million of non-strategic assets (Regency’s share was $404.9 million).

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

Patrick Johnson
904 598 7422

Annaly Capital Management, Inc. Announces Conversion Rate Adjustment for 4.00% Convertible Senior Notes Due 2015

 NEW YORK, NY--(BUSINESS WIRE)-- Annaly Capital Management, Inc. (NYSE: NLY) (“Annaly” or the “Company”)  announced an adjustment to the conversion rate for 4.00% Convertible Senior Notes Due 2015 (the "Notes").

The adjustment to the conversion rate for the Notes is being made pursuant to the governing indenture for the Notes in light of the Company's previously announced fourth quarter 2012 common stock cash dividend of $0.45 per common share.

The new conversion price for the Notes is $14.1447 per common share, effective December 26, 2012. The conversion price for the Notes was previously $14.5963 per common share. The new conversion rate for each $1,000 principal amount of Notes is 70.6980 of the Company’s common shares.

The conversion rate for each $1,000 principal amount of Notes was previously 68.5105 of the Company’s common shares. Notice of the conversion rate adjustment was delivered to security holders and Wells Fargo Bank, National Association, the trustee, in accordance with the terms of the governing indenture for the Notes.

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

Annaly Capital Management, Inc.
Investor Relations,

Number of Manhattan Apartment Sales Up 40% from a Year Ago

Hall F. Wilkie

 New York, NY -- According to the fourth quarter Manhattan residential market report released by Brown Harris Stevens, the average Manhattan apartment sale price of $1,486,692 was up 7% from the fourth quarter of 2011 and the median price $836,000 was up 6% over that same period.

At 2,297, the number of closings was up 40% when compared to the fourth quarter of last year.

 Cooperative apartments of all sizes saw increased sales prices over the fourth quarter of 2011.  The average price of $1,285,426 was 12% higher than during the fourth quarter last year with three-bedroom and larger co-ops posting the biggest increase in average price, 34% from a year ago. 

Manhattan Skyline
“With the upcoming changes in tax laws, record low interest rates and the inventory of available apartments at 30% below where it was a year ago, the incredible activity in the fourth quarter was not surprising” said Hall. F. Willkie, president of Brown Harris Stevens Residential Sales.

“Our report shows that there was a 44% increase in sales over $10 million when compared to the same period in 2011. This does not include several substantial transactions in the last days of 2012 that closed after the report was produced. This strong demand from both local and international buyers combined with a strong local economy is a hopeful sign for 2013.”

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

Alicia Haynes
Rubenstein PR

Forest City Completes Two Asset Dispositions in Non-Core Markets

David J. LaRue
CLEVELAND, Jan. 3, 2013 /PRNewswire/ -- Forest City Enterprises, Inc., (NYSE: FCEA and FCEB) today announced that it recently completed the disposition of two assets in non-core markets.

In Florida, the company closed the sale of Emerald Palms, a 505-unit apartment community in the Kendall/South Dade submarket in southwest Miami, to Grand Peaks Properties for approximately $70.5 million, reflecting a cap rate of approximately 5.0 percent based on estimated 2012 net operating income.  

The disposition generated net cash proceeds to Forest City of approximately $45.2 million.

Fairmont Plaza, San Jose, CA
In San Jose, California, the company completed the sale of Fairmont Plaza, a 17-story, 405,000-square-foot downtown office building, to CBRE Global Investors for approximately $93.1 million, representing a cap rate of approximately 7.0 percent based on estimated 2012 net operating income.  The sale generated net cash proceeds to Forest City of approximately $28.1 million. 

"We continue to execute on our strategy of focusing on our primary core markets - New York, Washington, D.C., Boston, Denver, Dallas, Los Angeles and San Francisco," said David J. LaRue, Forest City president and chief executive officer. 

Emerald Palms Apartments, Kendall, FL
"We will use liquidity from dispositions such as these to continue to reduce debt and improve our balance sheet, invest in our mature portfolio and activate entitled development opportunities in core markets."  

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

 Robert O'Brien,
Executive Vice President
Chief Financial Officer
 +1-216-621-6060; or

 Jeff Linton,
Senior Vice President
 Corporate Communication

Marcus & Millichap Announces Sale of Forest Green Mobile Home Park in Hudson, FL

 HUDSON, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Forest Green Mobile Home Park, an all-age family rental community located in Hudson, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office.

Dan Mulkey, a vice president investments and senior director of the National Manufactured Home Communities Group in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller and the buyer, private investors based in Florida. 

Dan Mulkey
Forest Green Mobile Home Park was originally developed in 1984 and is located at 11337 Hudson Avenue.  This investment consists of 49 single-wide and 32 double-wide homes manufactured around 1987.  Amenities include a community pool, recreation area and a playground.

            “The owners of this community are in the process of developing an RV resort in northern Florida and found they could no longer devote the time necessary to effectively operate Forest Green, thus prompting the sale,” says Mulkey.

 “Their buyer, a very experienced, long-time Tampa area operator, will be a great fit to take over the park operations to the benefit of all concerned.  Additionally, there is a lot of upside for the new owner that can be accumulated thorough the leasing of vacant homes.”

Press Contact:

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

Greenberg Traurig Real Estate Practice Selected as Practice Group of the Year by Law360

Robert J. Ivanhoe
 NEW YORK, NY /PRNewswire/ -- The Real Estate Practice at the international law firm Greenberg Traurig, LLP, has been selected Real Estate Practice Group of the Year by Law360, a legal news service.  The group, with more than 200 real estate practitioners spanning 35 offices, was also bestowed with this honor in 2011.

"This outstanding achievement reflects an enormous team effort," stated Robert J. Ivanhoe, Chair of the Global Real Estate Practice.  "In 2012 the team was instrumental in some of the largest commercial transactions in New York City and across all regions, which is a testament to our hard work, collaborative environment and intense dedication to our clients."

Corey E. Light
Corey E. Light, Co-Chair of the Global Real Estate Practice said, "We have built an exceptional team of first-rate attorneys and it is an honor to be recognized as a leader in the industry. All of our clients are served by exceptional attorneys that provide a full range of solutions to complex real estate legal issues that affect their businesses."

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

 Lourdes Brezo-Martinez,

Marcus & Millichap Sells Newly Redeveloped South Beach, FL BankUnited Building for $8.15 Million

BankUnited Branch, Miami Beach, FL
MIAMI BEACH, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a 4,900-square foot, newly redeveloped BankUnited branch situated on a 15,000-square foot parcel in Miami Beach, Florida. 

The asset commanded a sales price of $8,150,000.

Scott Sandelin
Senior Associates Scott Sandelin and Ronnie Issenberg in the firm’s Miami office had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami Beach.    The buyer was a private investor from South America.

“This was an incredible opportunity to acquire trophy real estate on South Beach adjacent to Lincoln Road and the Miami Beach Convention Center.  The property has a 10-year absolute net-lease and no landlord responsibility with three percent annual increases including during the two five-year extensions,” says Issenberg.

Ronald Issenberg
“The property sold for a record low cap rate of 4.16 percent. The asset’s superior location, quality re-build and strong regional tenant were the driving factors that led to a sale at this level.

“On a national level, cap rates have been compressing over the last 12 months and Miami Beach is in a market of its own,” adds Sandelin. Prior to the sale, BankUnited invested more than $2.5 million in improvements including two drive-through lanes and the bank.

BankUnited is located at 1695 Alton Road, at the signalized intersection of Alton Road (the main north/south retail corridor) and 17th Street (the main east/west transportation route) on South Beach.

Press Contact:

Kirk A. Felici
First Vice President/Regional Manager
(786) 522-7000

Colliers International Represents Romark Center in Fort Lauderdale, FL

Romark Center, Fort Lauderdale, FL
FORT LAUDERDALE, FL - Colliers International South Florida is pleased to announce the winning of the leasing assignment at Romark Center, located at 3521 West Broward Blvd, Ft. Lauderdale, FL.

The three-story office building will be represented by Senior Commercial Associates Claire Holash and Clinton Casey.

Claire Holalsh
The building, which is in an ideal location close to I-95, 441, Downtown Fort Lauderdale and Fort Lauderdale International Airport, has space available ranging from 500 SF to approximately 9,500 SF.

Clinton Casey
Naming rights for the building are also available for a large user in the building, which features hurricane impact glass.

"The space is ideal for budget conscious tenants, including not-for-profits, government, religious organizations and businesses that must be located near Downtown, but don't want to be burdened with Downtown rents," says Casey.

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

Crystal Proenza
Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138

Hunter Closes 2012 with Sale of 150-Room Sheraton in Twin Cities Market

Sheraton-Woodbury Hotel, Woodbury, MN
 ATLANTA, GA and Woodbury, MN—Hunter Hotel Advisors announced today that it closed out 2012 with the sale of the 150-room Sheraton Woodbury located in the Twin Cities market. 

The firm represented the owner, Dougherty Funding, on the sale to Schulte Hospitality Group for approximately $14 million.  The five-story hotel, built in 2008, will retain the Sheraton flag.  Teague Hunter, President, led the Hunter team that represented the seller.

Teague Hunter
Located at the confluence of I-94 and I-494 on the eastern side of the metro area, the Sheraton Woodbury is proximate to a number of large office complexes, including 3M corporate headquarters.  Major amenities include an indoor swimming pool, fitness center, VIP floor and meeting space designed for small to mid-sized groups.

            “Full-service hotels like the Sheraton Woodbury have been largely off the market the past few years due to the poor economy and lack of available financing,” Hunter said.  “However, after several years of improving results for the hotel industry, we are listing more full-service properties and expect to see a significant upturn in full-service hotel real estate transactions in 2013.”
 For a complete copy of the company’s news release, please contact: 

Jerry Daly, media
 (703) 435-6293

Trepp Reports US CMBS Delinquency Rate Unchanged in December

Manus Clancy
NEW YORK, NY  - The Trepp CMBS delinquency rate in December was unchanged from the previous month at 9.71%. After months of continued volatility, the delinquency rate for US commercial real estate loans in CMBS has regained some stability. From early 2012 through the end of the summer, the CMBS delinquency rate bounced around considerably.

 Large movements in the delinquency rate during the first six months of the year were caused primarily by the high number of five-year loans securitized in 2007. As these loans reached their maturity dates and were unable to refinance, the rate was pushed to record highs. With these troubled loans now behind the market and the next wave not coming due until 2014, rate movements should be modest in the near future.

“Despite the fact that the delinquency rate has leveled off once again, it’s been a spectacular run for the CMBS industry over the last six months,” said Manus Clancy, senior managing director of Trepp. “Not only did the world not end on December 21, but spreads have plummeted since June, it’s become easier for

For daily CMBS and bank trading ideas, credit events and commentary, register for TreppWire or follow us on Twitter.

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

Eric R. Gerard
Senior Vice President
Great Ink Communications
27 Union Square West, Suite 205
New York, NY 10001
(212) 741-2977


DoubleTree by Hilton Set to Launch in Ireland

The Morrison Dublin
 Dublin, Ireland -- Hilton Worldwide  announced that it has signed a franchise agreement with Martinez Hotels & Resorts to bring its upscale DoubleTree by Hilton brand to Ireland.

Since opening its first European hotel in 2008, DoubleTree by Hilton now has almost 60 properties trading or under development across the region.

 The deal will see Dublin’s renowned Morrison Hotel reopen as The Morrison Dublin, a DoubleTree by Hilton Hotel in early February, following an extensive $9.3 million refurbishment featuring a new interior design from Dublin-based Nikki O'Donnell Architects (NODA).

Centrally located on the banks of the River Liffey, the 138-room hotel is surrounded by the shops, bars and restaurants which have helped Dublin establish itself as one of the most effervescent tourist destinations in Europe. 

Patrick Fitzgibbon
 “DoubleTree by Hilton is one of the fastest growing upscale hotel brands in Europe, and we are confident it will be a hit here in Ireland,” said Patrick Fitzgibbon, senior vice president, development, Europe & Africa, Hilton Worldwide. 

“We’ve been eager to secure the right opportunity and believe we’ve found it in The Morrison. This deal also is indicative of a renewed buoyancy in the Irish hospitality market, visible both in the strong performance of our other Hilton brands and the confidence of owners and developers to invest.”

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

Rachel Sherry, Grayling
+353 (0) 87 6622111
On behalf of Hilton Worldwide

Maggie Giddens
DoubleTree by Hilton
+1 703 883 5346