Friday, May 24, 2013

Velocis Fund Purchases Dallas’ Premier McKinney Place in heart of booming Uptown neighborhood

                        McKinney Place, 3131 McKinney Avenue, Dallas, TX

DALLAS, TX - Velocis, a commercial real estate investment fund, and its investors have purchased 3131 McKinney Avenue, 145,610 square feet of Class A office space in the heart of Dallas’ Uptown neighborhood.

Offering tenants a highly sought after McKinney Avenue address, this institutional-quality asset is the Fund’s ninth portfolio purchase, bringing the total assets under management to more than $240 million.

          Velocis co-founders Jim Yoder, Fred Hamm, Steve Lipscomb, Mike Lewis.

 “McKinney Place is ideally located in one of the most desirable submarkets in Dallas and offers tenants walkability to an unparalleled amenity base along one of the most coveted streets,” said Mike Lewis, Velocis principal and co-founder.

“To further improve on what the building offers tenants, we are planning exciting new additions to enhance the live, work and play experience. Adding this asset to our growing Velocis portfolio offers an excellent opportunity for our investors."

James Esquivel
 The 13-story building is currently more than 90 percent occupied. The property is surrounded by restaurants, upscale residential neighborhoods and some of the city’s best hotels. 

Tenants have immediate access to West Village, the McKinney Avenue Trolley line and can walk or bike to Dallas’ popular Katy Trail. Situated on a six-story parking garage, tenants are afforded views of the surrounding area from all floors.

 HFF represented the seller, a state pension fund advised by Lincoln Property Company in the transaction. Lincoln Property Company will manage the asset and James Esquivel, Jay Bailey and Clint Coe with Jones Lang LaSalle will handle property leasing.

 “This building offers an ideal location for tenants to work in the heart of Dallas’ booming Uptown market,” said James Esquivel, Executive Vice President, Jones Lang LaSalle. “Our team is looking forward to continuing the leasing momentum.”

Uptown Dallas, TX neighborhood
Launched in 2010, Velocis is led by co-founders and principals Fred Hamm, Mike Lewis, Steve Lipscomb and Jim Yoder. In addition to its core-plus fund, Velocis offers advisory services to better serve both investors and real estate clients. 

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

Leigh Goodall Mundinger
Sunwest Communications
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873

J. Michael Watson Named Vice President by Marcus & Millichap

J. Michael Watson
 CALABASAS, Calif., May 24, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has elected J. Michael Watson vice president, according to John J. Kerin, president and chief executive officer.

“Michael brings extensive knowledge and experience to the position of vice president gained from his time as a successful sales agent and in his management roles with the firm,” says Kerin. “He will continue to be a great resource for our clients and agents in San Antonio, Austin, Oklahoma and New Mexico.”

After serving as a senior agent in Austin, Watson joined Marcus & Millichap’s management team in 2007 as the sales manager of the Houston office.  In May 2008, he became the regional manager of the San Antonio office. Watson assumed the additional role of regional manager of the Austin office in April 2009, and last year began overseeing Marcus & Millichap’s offices in Tulsa, Oklahoma City and Albuquerque.

John J. Kerin
As an agent, Watson was a director of the firm’s National Multi Housing Group and received several internal sales awards, including two national achievement awards.

Before beginning his career with Marcus & Millichap, he served as a U.S. Marine Corps officer for more than 13 years, both on active duty and in the reserves. Watson also worked as a finance controller at Advanced Micro Devices in Austin. He holds a bachelor’s degree in geology and an M.B.A. from Texas A & M University.

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

Ben Johnson
 Marketing Director
(925) 953-1736

Post Properties Announces Quarterly Dividends; Increases Dividend Payout to Common Shareholders by 32 Percent

Dave Stockert
ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced quarterly dividends on its common stock of $0.33 per share for the second quarter of 2013. The dividend is payable on July 15, 2013 to all common shareholders of record as of June 28, 2013.

Said Dave Stockert, CEO and President, “We are pleased to be able to enhance the current return to common shareholders, reflecting the solid growth and profitability of our business. With today’s announcement, we expect our annualized rate of common stock dividends to rise by 32 percent to $1.32 per share.”

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

Post Properties, Inc.
Chris Papa, 404-846-5000

Post Properties Appoints Toni Jennings to Board of Directors and Announces Results of Annual Shareholders Meeting

Toni Jennings
ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced that Ms. Toni Jennings, 64, has been appointed to its Board of Directors, and to its Audit and Executive Compensation and Management Development Committees.

 Ms. Jennings is the chairman of the board of Jack Jennings & Sons, Inc., a family-owned construction business in Orlando, FL which provides general contractor, construction manager and design-build services.

Robert C. Goddard III
She served as Lieutenant Governor of the State of Florida from 2003 to 2007, and served 20 years in the Florida Senate, four as President, and four years in the Florida House of Representatives. She is also past chair of the Florida Chamber of Commerce. Ms. Jennings is a member of the boards of directors of publicly-traded NextEra Energy, Inc. (NYSE: NEE) and Brown & Brown, Inc. (NYSE: BRO).

Said Bob Goddard, Chairman of the Post Board of Directors, “Toni Jennings is an individual of outstanding experience and accomplishment. We are delighted to be bringing her skill and unique perspective to the work of the Post board.”

Post Properties also today announced that shareholders at the Company’s Annual Meeting elected the Board’s seven nominees, voted to approve, on an advisory basis, executive compensation, and ratified the appointment of Deloitte & Touche LLP as the Company’s independent registered public accountants for 2013.

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

Post Properties, Inc.
Chris Papa, 404-846-5000

Lincoln Brokers 5,600 Square Feet of Leases at 3405 Piedmont in Atlanta’s Buckhead Submarket

                                                   3405 Piedmont, Atlanta, GA
ATLANTA, GA (May 24, 2013) – Lincoln Property Company Southeast (Lincoln) has brokered two leases totaling 5,600 square feet at 3405 Piedmont in Atlanta’s Buckhead submarket.

Leigh Braswell
 Leigh Braswell, a vice president at Lincoln Property Company Southeast, and Sabrina Altenbach, a senior leasing associate with the firm, represented Colony Realty Partners, the owner of the building, in the transactions.

 Included among the deals:

• Emerald Coast signed a new lease for 3,000 square feet.
• Risk Lighthouse signed a new lease for 2,600 square feet.

 The Class-B, five-story 3405 Piedmont features easy access to Georgia 400, Peachtree Road, Lenox Mall and Phipps Plaza. It also offers tenants free covered parking, key-card access and 20 restaurants within walking distance. Upgrades to the building’s landscaping and finishes are underway. In addition to providing leasing services for 3405 Piedmont, Lincoln also manages the building.

Sabrina Altenbach
 The two new leases come on the heels of Adrenaline signing a 7,900-square-foot new lease at 3405 Piedmont earlier this spring. Adrenaline just moved into 3405 Piedmont, and the building’s occupancy rate is now more than 90 percent.

 “3405 Piedmont is an office property that really has a lot going for it, including a recovering Class-B office market and a location in one of Atlanta’s most desirable office submarkets,” Altenbach said. 

“Combine those factors with our aggressive leasing and management program, and we are extremely excited about and confident in the future of this building.”

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

Stephen Ursery
The Wilbert Group

Annaly Completes Acquisition of CreXus – CreXus to be Renamed Annaly Commercial Real Estate Group

 NEW YORK, NY--(BUSINESS WIRE)-- Annaly Capital Management, Inc. (NYSE: NLY) (“Annaly”) announced today that it has completed its acquisition of CreXus Investment Corp. (NYSE: CXS) (“CreXus”). Annaly’s commercial real estate business will be operated under the name Annaly Commercial Real Estate Group.

Annaly acquired CreXus pursuant to an Agreement and Plan of Merger dated January 30, 2013. In accordance with that agreement, CreXus was today merged with a newly formed CreXus subsidiary in a transaction in which Annaly became the sole stockholder of CreXus and the persons who owned CreXus common stock immediately before the merger became entitled to receive cash equal to $13.05206 for each share of CreXus common stock that they owned immediately prior to the merger.

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

Annaly Capital Management, Inc.
Investor Relations