Wednesday, February 13, 2013

Marcus & Millichap Capital Corp. Arranges 48.4 Million Refinance for 120 Philadelhia Apartment Units

Kristopher Wood
 PHILADELPHIA, PA,  Feb. 13, 2013 – Marcus & Millichap Capital Corporation (MMCC) has arranged an $8.4 million permanent loan to refinance a portfolio of two Philadelphia apartment properties comprising four buildings and totaling 120 units.

            Kristopher Wood and John Banas, directors in the firm’s Philadelphia office, arranged the financing.

            “Agency lenders did not represent the best option, since the properties were situated in emerging neighborhoods,” says Wood. “But the investor had noted the current low interest rates and made the decision to grow this previously family-owned portfolio with a cash-out, so MMCC needed to find a lender who appreciated the locations’ value-add opportunities.”

John Banas
            “Educating potential lenders was part of the process,” Banas adds, “as not all were familiar with Philadelphia’s current multifamily growth patterns. But eventually we found one who understood the neighborhoods’ potential, a view we supported through our broker network’s expertise and careful research,” concludes Banas.

            The seven-year loan amortizes over 30 years at 3.2 percent. The LTV is 65 percent.
For a complete copy of the company’s news release, please contact:

Press Contact:
Marcus & Millichap Capital Corporation
(925) 953-1716

Boardwalk REIT Announces Solid Fourth Quarter and Full Year 2012 Financial Results

Sam Kolias, chairman and CEO
Boardwalk Real Estate Investment Trust
CALGARY, ALBERTA, CANADA, Feb. 13, 2013 /PRNewswire/ - Boardwalk Real Estate Investment Trust ("Boardwalk", "Boardwalk REIT" or the "Trust") today announced positive financial results for the fourth quarter and fiscal year of 2012.

Funds From Operations ("FFO") for the fourth quarter totalled $38.4 million, or $0.73 per unit on a diluted basis, compared to FFO of $34.2 million or $0.65 per unit for the same period last year, an increase of
12.4% and 12.3%, respectively.

FFO for the twelve-month period ended December 31, 2012 totalled $150.3 million or $2.87 per unit on a diluted basis, compared to FFO of $131.8 million or $2.52 per unit for the same period last year, an increase of 14.1% and 13.9%, respectively.

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

 Investor Relations

Annaly Capital Management, Inc. Announces Preferred Dividends

NEW YORK, NY--(BUSINESS WIRE)-- In accordance with the terms of the 7.875% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”) of Annaly Capital Management, Inc. (NYSE: NLY) (“Annaly”), the Board of Directors of Annaly has declared a Series A Preferred Stock cash dividend for the first quarter of $0.492188 per share of Series A Preferred Stock.

This dividend is payable on April 1, 2013, to Series A Preferred Stock shareholders of record as of March 1, 2013.

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

Annaly Capital Management, Inc.
Investor Relations

Cousins’ Gellerstedt Says Company Had ‘Exceptional Quarter and Year’ in 2012

Larry Gellerstedt
ATLANTA--Cousins Properties Incorporated (NYSE:CUZ) reports results for quarter and year ended Dec. 31, 2012.

“Cousins had an exceptional quarter and year, with solid operating performance and significant progress toward our strategic objectives,” said Larry Gellerstedt, CEO of Cousins.

 “We are thrilled to kick-off 2013 with the off-market acquisition of Post Oak Central in Houston, a 1.3 million-square-foot, Class-A office asset in the heart of the Galleria submarket.

“This investment not only serves as an attractive entry into a target market, it provides a rare combination of substantial in-place yield and significant future development opportunity.”  

Post Oak Central, Houston, TX
  • Funds From Operations for the fourth quarter was $0.14 per share. Before special items, FFO for the quarter was $0.15 per share.
  • Sold $250.8 million in operating assets during the fourth quarter.
  • Sold $26.5 million in land during the fourth quarter.
  • Subsequent to quarter end, purchased Post Oak Central in Houston for $232.6 million and completed transactions at Terminus 100 and 200 in Atlanta that resulted in a 50% ownership interest in both buildings.
Terminus 100
  • Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter and year ended December 31, 2012.

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

Still Going Strong: Multifamily Sector Continued to Excel in 2012

Michael Bull
 ATLANTA, GA (Feb. 13, 2013) – The U.S. apartment segment turned in another strong performance in 2012, and even though overbuilding could become a problem in certain areas, the sector appears set for at least several more years of almost optimal health.

 That was the consensus of a panel of multifamily experts on the most recent episode of the “Commercial Real Estate Show” radio program, hosted by Michael Bull of Bull Realty. Bull and his guests provided an enlightening look at the sector, discussing occupancy rates, rent growth, new construction levels and the effects of low interest rates on investment-sales activity.

Ronald Johnsey
The national apartment occupancy rate improved 60 basis points in 2012 to end the year at 94.3 percent and should finish 2013 just shy of 95 percent, said Ronald Johnsey, president of AxioMetrics, an apartment-research firm. Nationally, effective rents increased by an average of 3.6 percent last year, a slight drop from the 4.2 percent growth of 2011, but still an impressive figure, he added.

 “If you get anything over 3 percent, you’re doing really well,” Johnsey said. The national effective-rent rate should grow by another 3.6 percent in 2013, he predicted.

Norman Radow
2012 also was marked by increasing renter demand for Class-B and class-C apartments as tenants looking to reduce their living expenses began moving out of more upscale properties where rents have skyrocketed in recent years, according to Johnsey.

 As a result of the sector’s recent success, construction of new apartments is beginning to pick up, guests noted. Approximately 85,000 units were delivered in the United States in 2012, a figure that is expected to nearly double to 168,000 units this year, Johnsey said.

 According to Johnsey, almost a third of this year’s new units will be concentrated in six markets: Austin, Texas; Dallas; Houston; New York; Seattle; and Washington D.C. “Those are the markets we really need to look at and worry about oversupply having a big impact on their performance,” he said.

Jerry Wilkinson
Climbing rents and historically cheap financing make this a great time for investors to purchase apartment properties, said Norman Radow, CEO of The RADCO Cos. Locking in a long-term, assumable loan at a low rate also will ensure there is demand for your property down the road when interest rates have increased, he added.

 “You’re almost selling the loan as much as the real estate,” Radow said.

 The single-family housing market has begun to recover, and that will actually benefit the multifamily sector by creating a variety of jobs and thus creating more renters, said Jerry Wikinson, chairman of The Wikinson Cos. and immediate past president of the National Apartment Association. “We view the recovery in housing overall as a good thing,” he said, although he also predicted the recovery to proceed slowly.

Andy Lundsberg
Andy Lundsberg, vice president of Bull Realty’s Apartment Group, said the apartment investment-sales market should remain healthy for a while. “There’s strong demand and a lot of competition [among buyers], which is driving supply [of for-sale properties] down,” he said. “It’s very competitive.”

“If you’re an owner, it’s a great time to sell,” Lundsberg added. “If you’re a buyer, take advantage of those low interest rates and buy now.”

The entire episode on the U.S. multifamily market is available for download at

 The next “Commercial Real Estate Show” will be available Feb. 14 and will examine tax strategies for commercial real estate investors.


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

NAI Realvest Negotiates New Industrial Leases totaling over 13,000 square feet in Sanford, FL and Longwood, FL

Michael Heidrich Jr.
MAITLAND, FL. – NAI Realvest recently negotiated two new lease agreements totaling 13,150 square feet of industrial space in Sanford and Longwood.

 NAI Realvest associate Michael Heidrich, Jr., was the lead broker in the lease of 9,300 square feet at 390 Hickman Drive in Sanford along with Michael Heidrich Sr., principal at NAI Realvest.    Heidrich Jr. and Sr. negotiated the transaction on behalf of the local tenant, Powerplay Motor Sports, LLC and the landlords,

Michael Heidrich Sr. 
Charles and Christel Stephens of Deltona were represented by David Hammett of CRE Advisors LLC.

 In Longwood, Heidrich Jr. represented tenant Flawless Physiques, Inc., d/b/a CrossFit RSX in the lease of 3,850 square feet at 600 Bennett Drive.   The landlord, Poyner Warehouse LLC of Altamonte Springs, was represented in the transaction by Bill Bywater of Bywater Company.

For more information, contact:

Michael Heidrich, Jr. Associate, NAI Realvest 407-875-9989
 Michael Heidrich, Principal NAI Realvest, 407-875-9989;
 Patrick Mahoney, President, NAI Realvest 407-875-9989  
 Beth Payan, Larry Vershel Communications, 407-644-4142   

Nightingale Properties Acquires One Hartsfield Centre in Atlanta, GA

One Hartsfield Centre
Atlanta, GA
 ATLANTA, GA [Feb. 13, 2013] -- Cassidy Turley, a leading commercial real estate services provider in the U.S., today announced it has brokered the sale of One Hartsfield Centre, a Class-A office building overlooking the north end of Hartsfield-Jackson Atlanta International Airport.

 Nightingale Properties acquired the eight-story, 147,731-square-foot building from a large European pension fund, which was represented in the sale by Cassidy Turley Senior Managing Director Mike Shelly and Associate Vice President Sonia Winfield. 

New York-based Nightingale paid $10 million, or approximately $68 per square foot, for the building.

Sonia Winfield
 Cassidy Turley brought One Hartsfield Centre to the sales market in mid-2012 and since then, the firm has increased the building’s occupancy. 

Cassidy Turley represented the seller in a long-term lease of a full floor Triumph Motorcycles, which is moving its North American headquarters to the building.

 “We were excited be a part of the sale of this quality asset,” Shelly said. “As one of few Class A office buildings with such close proximity to the airport, One Hartsfield Centre attracted a lot of interest in the marketplace.”

Mike Shelly
 Cassidy Turley has represented the pension fund for more than 10 years. “We had success attracting new tenants to Hartsfield Centre and now have successfully completed the disposition of the property for our client,” Winfield added.

One Hartsfield Centre is the second office building Nightingale Properties, based in New York, has purchased in the Atlanta area. The investor also owns retail centers in metro Atlanta.


Tony Wilbert
The Wilbert Group

Steven C. Barre Joins McCraney Property Co. as Managing Director

Steven C.  Barre
WEST PALM BEACH, FL and ORLANDO, FL – McCraney Property Company (MPC), an integrated developer and manager of commercial/industrial flex and warehouse distribution properties located throughout Florida, has appointed Steven C. Barre as Managing Director.

His responsibilities include overseeing all divisions from an operations standpoint, including portfolio management, property management and leasing. He is also a valued member of the company’s acquisitions team.

Steven E. McCraney

“We’re in growth mode,” said MPC founder and CEO, Steven E. McCraney, CCIM, SIOR. “Steve is an accomplished executive with operations and large deal know-how, a combination you don’t see too often.

"He has extensive C-suite experience and a proven track record of evaluating and completing large, complex transactions, running businesses and improving operations and profitability. We are excited about the talents he brings to our team.”

Mr. Barre most recently served as CEO and a board member of Tigrent Inc., a $100 million for-profit provider of education programs on real estate and financial markets investing.

For a complete copy of the company's news release, please contact:
Don Silver
Chief Operations Officer
Boardroom Communications
(954) 370-8999
(954) 629-7523 Cell
(954) 370-8892 Fax

Teresa Shum

Boardroom Communications,


Expedia Reports Demand for travel to the US is growing among Canadian consumers

New York City Skyline
BELLEVUE, WA --The  number of Canadian travelers to the U.S. is expected to grow 5% in 2012, and another 4% by the end of 2013, according to Bellevue, WA-based Expedia Inc.

·         The number of travelers booking trips from Canada to the U.S. on Expedia, Inc. sites grew nearly 15% during the first 9 months of 2012 compared to the previous year.

·         More than 21 million Canadians traveled to the U.S. last year, accounting for more than 176 million overnight stays1           

Las Vegas Skyline
·         And collectively spent more than $16 billion USD during their travels – equal to $770 per person – making Canadians number one in terms of visitor spending in the U.S. as well2

 A majority of visitors from Canada are traveling to major US cities.

·         The top 5 destinations for Canadian travelers (as booked on Expedia, Inc. sites) are:

1.     Las Vegas, NV
2.     New York, NY
3.     Orlando, FL
4.     Chicago, IL
5.     Los Angeles, CA

Orlando, FL skyline
…And staying at 3-, 4-, and 5-star properties*

·         More than 70% book their stay at 3-5 star hotels
·         Making their booking nearly a month out
·         Paying an average ADR of $134 USD per night
·         With lodging representing one-third of their total travel funds.

 ·         Car is the preferred method of transportation for a majority of Canadian travelers (58%) to the States
·         Airplane is the second most popular method (35%)
·         Followed by bus (2%)

Los Angeles Skyline
 The most popular leisure activities among Canadian travelers while visiting the U.S.:

1.     Shopping (76%)
2.     Sightseeing (44%)
3.     Visiting friends or relatives (32%)
4.     Participating in outdoor sports or activities (28%)

A majority of Canadian travelers are making their trips to the US in July, August and September, though there is a sizable contingent that prefer to travel to warm weather locations during the cold Canadian winter months.


Chris Daly
Daly Gray, Inc.
Ph: 703-435-6293
Cell: 703-864-5553