Monday, August 5, 2013

Power Move: Mark Thompson Joins Crossman & Company in Orlando, FL

Mark Thompson
Orlando, FL- Mark Thompson has elected to join Crossman & Company as Managing Director effective immediately.

 In his role as Managing Director, he oversees all aspects of the Investment Sales division within the company. Mark has a diverse retail investment sales background with experience in grocery anchored shopping centers, power centers, strip centers and single-tenant net lease products throughout the Southeast United States having exclusively represented and closed transactions on behalf of clients ranging from REIT's to private investors.

“Adding Mark and expanding our Investment Sales business line is a game changer for the company. Investment Sales has been a key piece of brokerage for 20 years and is a core offering for our current and target clients.” stated John Crossman, President of Crossman & Company.

John Crossman
Mark joins Crossman & Company after a successful term with Marcus & Millichap where he was the top producer in the Central Florida office.  Mark ranked 17th nationally out of all retail investment sales brokers in the firm in 2012 and in 2011, he was in the Top 40 nationally among multi-tenant retail associates.

As Crossman & Company continues to grow regionally, Mark will be spending time in the Atlanta, Orlando and South Florida Crossman offices, helping to serve landlords throughout the southeast United States in developing the best disposition strategy for their product.

Crossman & Company was founded in 1990 and is a regional shopping center brokerage firm which represents over 200 shopping centers in Florida, Georgia, Alabama, Tennessee, South Carolina and North Carolina.
For a complete copy of the company’s news release, please contact:

Claire Pagán

 Follow us through social media:

Cousins Properties Completes Offering of Common Stock and Announces Exercise of Option to Purchase Additional Shares

Greenway Plaza, Houston, TX

ATLANTA, GA -- Cousins Properties Incorporated (the “Company”) (NYSE: CUZ) today announced the completion of its public offering of 60,000,000 shares of the Company’s common stock, plus an additional 9,000,000 shares of the Company’s common stock issued and sold pursuant to the exercise of the underwriters’ option to purchase additional shares in full, at the public offering price of $10.00 per share.

The net proceeds from the offering, after deducting the underwriting discount and offering expenses, were approximately $661.3 million.

777 Main Street, Fort Worth, TX
The Company intends to use the net proceeds of the offering to fund a portion of the purchase price (and related transaction expenses) of the previously announced pending acquisition of a 5.3 million square foot Texas office portfolio comprised of Greenway Plaza, a 10-building office complex in Houston, Texas, and 777 Main Street, a Class A office tower in Fort Worth, Texas, for a total purchase price of approximately $1.1 billion.

 Any remaining proceeds will be used for general corporate purposes, including the redemption of all or a portion of the Company’s Series B Preferred Stock, the acquisition and development of office properties, other opportunistic investments and the repayment of debt.

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

Cousins Properties Incorporated
Cameron Golden, 404-407-1984
Vice President of Investor Relations and Corporate Communications

Chatham Lodging Trust Announces 2013 Second Quarter Results


PALM BEACH, Fla., August 5, 2013—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) that owns wholly or through its joint venture approximately $1.5 billion of premium-branded, upscale, extended-stay and select-service hotels, today announced results for the second quarter ended June 30, 2013

Jeffrey H. Fisher
“Our portfolio continues to produce solid results as we execute our strategic growth initiatives, enhance earnings growth and build long-term value for our shareholders by selectively investing in hotels in quality markets at the right prices, making timely improvements and building strong operating results through aggressive asset management,” said Jeffrey H. Fisher, Chatham’s president and CEO.

“This allows us to produce meaningful cash flow and reward our shareholders with one of the strongest dividends in the industry.

“Our Q2 2013 comparable hotel RevPAR growth of 6.1 percent comes off of very strong RevPAR growth of more than seven percent in Q2 2012, and we remain encouraged by our top-line revenue performance and future potential.

“Our newly acquired assets in Houston, Tex.; Portland, Maine; and Pittsburgh, Pa. experienced double digit RevPAR growth for the quarter and reflect the benefits of our targeted market approach.

 “Additionally, we benefited from continued strength in the operating results of our joint-venture portfolio with strong RevPAR growth of 5.8 percent in its core 51 hotels and comparable EBITDA growth of 7.3 percent.”

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

Dennis Craven (Company)                                                  
Chief Financial Officer                                                           
(561) 227-1386                                                                       

Jerry Daly
Daly Gray, Inc. (Media)
(703) 435-6293

Assisted Living Portfolio in Pacific Northwest Sells for $27.5 Million; Cassidy Turley’s McMurtry Represents Seller

Redwood Heights, Salem, OR

Allen McMurtry
TAMPA, FL – Aug. 5, 2013 – Cassidy Turley, a leading commercial real estate services provider in the U.S., announces that Executive Managing Director Allen McMurtry has arranged the $27.5 million sale of a three-property assisted living portfolio in the Pacific Northwest.

The portfolio includes: Clearwater Springs, an 81-unit assisted living community in Vancouver, WA; Redwood Heights, an 80-unit assisted living community in Salem, OR; and Ocean Crest, a 61-unit community in Coos Bay, OR. The portfolio is 90% occupied and sold for $123,874 per unit.

Mr. McMurtry represented an institutional owner in its disposition of the portfolio.

Clearwater Springs, Vancouver, WA
Cassidy Turley’s Tampa Senior Housing team has sold 139 communities in 29 states with an aggregate sales volume of more than $1.6 billion.

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

Bailey Webb                                                    
Corporate Public Relations Director                                           

HC Real Estate Capital Arranges $21 Million in Financing for Wellington Green Commons In Wellington, FL

Wellington Green Commons Shopping Center, 2545--2665 State Road 7, Wellington, FL

Wellington, FL , Aug.  5, 2013 --  Kurt Hoffmann and Chris Caveglia of HC Real Estate Capital have arranged $21,000,000 in financing for Wellington Green Commons Shopping Center (“WGC”) located at 2545-2665 State Road 7 in Wellington, FL.

 HC Real Estate Capital worked exclusively with the borrower, Fig Development, LLC, a partnership controlled by Schmier & Fuerring Properties, Inc. to secure 15 year financing through their correspondent Life Insurance Company relationship ING Life Insurance and Annuity. 

WGC is a 96,774 square foot retail center that is currently 100% leased to a roster of national tenants including a 50,000 square foot Whole Foods, Jason’s Deli, Moe’s Southwestern Grill, Amtrust Bank and AT&T. 
Kurt Hoffmann, Principal at HC Real Estate Capital states, “We were able to arrange a very low interest rate on a forward loan commitment for this marquee property.  The subject property is contiguous to the Wellington Green Mall, coupled with Whole Foods and experienced sponsorship drove this transaction.“

HC Real Estate Capital, LLC is a privately owned mortgage-banking firm founded by Kurt Hoffmann and Chris Caveglia.  

Based in Delray Beach, Florida, HC Real Estate Capital arranges permanent commercial and multifamily real estate loans.  

The company has a broad capital provider base that includes insurance companies, CMBS lenders, pension fund advisors and commercial banks. 

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

Chris Caveglia
HC Real Estate Capital, LLC
660 Linton Blvd. Ste 200 EX5
Delray Beach, FL 33444
Direct: 561-266-3273
Mobile: 561-376-3176

Avalon Park Group appoints Mara Hunt Assistant Vice President, Property Manager

Mara Hunt
ORLANDO, FL --- Avalon Park Group, developers of Avalon Park in east Orlando and Avalon Park West in Pasco County, has appointed Mara Hunt assistant vice president and property manager.

Stephanie Hodson, vice president of marketing at Avalon Park Group, said Hunt earned her Bachelor of Science degree in business administration from the University of Florida and has more than ten years of experience real estate industry.

Stephanie Hodson
Formerly, as a principal with Dykes Everett & Company, Inc., Hunt managed a commercial real estate portfolio valued at more than $100 million.

She is an active member of the Orlando chapter of Commercial Real Estate Women (CREW) and a licensed Florida real estate salesperson.

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

Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142

Winston James Development lands Water Proofing tenant at Beville Road Business Park in South Daytona, FL

Beville Road Business Park, South Daytona Beach, FL
Winston Schwartz

SOUTH DAYTONA BEACH, FL— Winston James Development has leased 1,050 square feet of office and warehouse space to Moisture Intrusion Solutions, Inc., at Beville Road Business Park in Daytona Beach.

Winston Schwartz, president of Winston James Development said Moisture Intrusion Solutions is a water proofing operation that focuses on moisture protection for commercial and residential properties.
For a complete copy of the company’s news release, please contact:

Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142

NAI Realvest Negotiates Two Office Leases totaling 2,760 SF at University Court in East Orlando, FL

University Court, 3361 Rouse Road, East Orlando, FL

ORLANDO, FL. --- NAI Realvest recently negotiated two office lease agreement at University Court located at 3361 Rouse Rd. off University Blvd. in east Orlando.

Senior Broker Associate Mary Frances West, CCIM negotiated the transactions representing the landlord, RREF Interchange-FL, Rouse, LLC of Daytona Beach. 
 Myler Disability, a Social Security disability law firm headquartered in Lehi, Utah, is a new tenant who leased Suite 120 with 1,380 square feet in University Court.

Mevesi, Inc.  a business intelligence service provider for pharmacies renewed its lease of 1,380 square feet in suite 175 at University Court.    

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

Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142

NAI Realvest Negotiates Lease Renewal with The Nemours Foundation for 28,866 SF at La Vina Marketplace in Southeast Orlando, FL

La Vina Marketplace, 9145 and 9161 Narcoossee Road, Southeast Orlando, FL

Mary Frances West
MAITLAND, Fl --- NAI Realvest recently negotiated a lease renewal agreement with The Nemours Foundation for 26,866 square feet of office space it occupies at La Vina Marketplace, 9145 and 9161 Narcoossee Rd. in southeast Orlando.

Senior Associate Mary Frances West, CCIM negotiated the transaction representing the local landlord Ripley’s International LLC.

 Mickey Hage of Mickey Hage, Inc. participated in the negotiations representing the Jacksonville-based tenant, The Nemours Foundation.

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

Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142

Trepp July Payoff Report: Percentage of Loans Paying at Maturity Surges to Highest Level Since Late 2008


NEW YORK, NY -- According to the Trepp July Payoff Report, the percentage of loans paying off on their balloon date registered 74.1% last month. This percentage is the highest reading in almost five years. December 2008, which saw 84.9% of loans paying at maturity, was the last month that had a higher level.

The July reading was more than 15 points better than June's 58.5%. At 74.1%, the July payoff percentage is well above the 12-month moving average of 61.5%. (This number sums the averages of each month and divides by 12, there was no balance weighting across the months.) By loan count (as opposed to balance), 71.3% of loans paid off. The 12-month rolling average by loan count is now 63.8%.

To be sure, the July 2013 reading is hard to compare to numbers from 2012. In 2012, many of the loans maturing were five year balloons from the 2007 vintage. The majority of loans reaching their maturity now are 10-year balloons loans that were originated in 2003.

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

Avison Young completes $7-million land sale in Santa Monica, CA for development of MINI car dealership

Rendering of planned MINI of Santa Monica, 1402 Santa Monica Boulevard, Santa Monica, CA
Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today the $7-million sale of a half-acre land parcel in an off-market transaction for development of a MINI car dealership.

Joseph Gabbaian
The land parcel, which currently houses a gas station, will become the new home of MINI of Santa Monica, a two-story state-of-the-art car dealership dedicated to all things MINI. 

Avison Young Principal Joseph Gabbaian, based in the firm’s West Los Angeles office, represented the seller, Santa Monica, CA-based SBZ Partnership, as well as the buyer, Q6 Real Estate, Inc., an affiliate of Toronto, Canada-based The Quinn Automotive Group.

 The land parcel is located at 1402 Santa Monica Boulevard at the corner of 14th Street in Santa Monica.

 “The buyer had been awarded a MINI dealership franchise in the area, so location was of paramount importance,” comments Gabbaian. “The buyer intends to build a 33,700-square-foot dealership facility on the site.”

 Q6 Real Estate is in the process of securing permits for the dealership, which can take 12 to 18 months. Construction completion is slated for mid-2016.

 “The acquisition of this parcel was very complex and time-consuming; however, Joseph Gabbaian’s dedication and commitment to the purchase and sale greatly simplified the process,” notes Steve Quinn, President of Q6 Real Estate.

“He personally shepherded the project from beginning to end and acted as our feet on the street in Santa Monica, connecting us with a number of service providers for our legal, finance and planning needs.”

 Quinn adds that Avison Young’s local knowledge, connections and services will continue to be utilized as Q6 Real Estate works closely with city planners to create a MINI car dealership of the future of which residents, stakeholders and planners can be proud.

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

Darcie Giacchetto
D.G. Communications, Inc.

Industrial Sector Continues Its Slow and Steady Improvement


ATLANTA, GA (Aug. 5, 2013) – On the road to recovery, the industrial sector has been more of a tortoise than a hare. Fueled by the growing e-commerce market and the recovering housing sector, the industrial segment appears set to continue its slow and steady improvement in the months ahead.

Michael Bull
That was the consensus of a panel of 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 discussed vacancy rates, rent growth and the small-scale return of speculative construction, among other topics.

The national vacancy rate for the warehouse/distribution market fell by 10 basis points from the first quarter to the second quarter, to 11.8 percent, said Ryan Severino, senior economist at Reis. Additionally, the average asking rent grew .5 percent to $4.74 per square foot, while the average effective rent also rose by .5 percent to $4.30 per square foot.

For flex/R&D properties, the national vacancy rate also declined 10 basis points to 13.8 percent, according to Severino. The average asking rent increased .1 percent to $8.82 per square foot, and the average effective rent grew .1 percent to $7.84 per square foot.

Ryan Severino
The improving fundamentals are gradually making the industrial sector less of a tenant’s market, guests noted. “As more space gets absorbed, particularly the space that people find appealing that’s the right location and size, it does shift the dynamics of the lease negotiation a little bit more toward the landlord,” said Larry Callahan, CEO of Pattillo Industrial Real Estate.

Looking ahead, expect more slow improvement in the sector, Severino said. “We are still waiting to see an acceleration in the underlying economic growth before we see more of an acceleration in the industrial market fundamentals,” he said. “I would expect the rate of improvement to be about the same as we’ve seen over the last six to 12 months.”

Larry Callahan
Online retailers are driving much of the new demand, according to the show guests. “E-commerce users are having a significant impact on the industrial market,” Severino said. “They are clearly preferring new centers with large contiguous blocks of space with more dock doors, preferably cross-decked, with greater clear heights and floors that can support heavier loads.”

A reviving housing market could also help drive down industrial vacancy rates in the future as suppliers need more warehouse space for their materials, Callahan added. “All of the people that serve housing like carpeting, flooring, cabinetry and air conditioning are all going to pop up with it as building comes back,” he said.

Brian Cardoza
Guests also noted that both build-to-suit and speculative construction are taking place, although the latter is happening to a decidedly limited extent. “Certainly we are doing build-to-suits,” said Brian Cardoza, senior leasing manager at Prologis. ”For spec, we are being strategic. There are certain markets where we are either under construction or considering going under construction.”

“There are places where we are seeing the dynamics reach a point where it makes sense to [build speculative developments],” Callahan added. “We don’t expect a flood of it but people are tip-toeing back into the market.”

The entire industrial market episode is available for download at The next “Commercial Real Estate Show” will be available on Aug. 8 and will feature an update on asset and property managment.

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

Stephen Ursery
The Wilbert Group

Marshall Hotels & Resorts Appoints Mucciano to Executive Vice President of Sales & Marketing

S. Lynn Mucciano
 SALISBURY, Md., Aug. 5, 2013—Officials at Marshall Hotels & Resorts, Inc., a leading hotel management and services company that operates properties nationwide, today announced that S. Lynn Mucciano has been appointed executive vice president of sales and marketing.

  In her new role, Mucciano will oversee the sales and marketing effort for the company’s 50-plus hotel and resort management portfolio.

“Lynn is a career hotel sales and marketing professional who has led highly effective, creative marketing efforts for hotels in every category, from select service to full service hotels and resorts,” said Mike Marshall, president and CEO.

Michael Marshall
 “Her breadth of experience, coupled with a focus on developing and implementing comprehensive training programs, will be beneficial to both our managed hotels and the associates who wish to advance their careers in the hospitality industry.  She’s a great fit for our growing company because she understands the needs of operators and owners alike.”  

A nearly 25-year hospitality veteran, Mucciano previously worked for Prism Hotels and Resorts where she was vice president sales and later vice president business development.  

Her background includes extensive experience working for owners, developers and operators, including Turnberry Associates and The Goldman Properties. She is a graduate of the hospitality management school at Florida International University and is an HSMAI-certified trainer in reservations, sales and revenue management.

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

Chris Daly, media
Daly Gray Public Relations
 (703) 435-629

5 New Condo Towers Planned For Bal Harbour / Surfside / Bay Harbor Islands in South Florida

St. Regis Bal Harbour Resort, Bal Harbour, FL

MIAMI, FL -- With at least 147 new condo towers already proposed for South Florida, developers are planning an additional five new condo project in the barrier island market of Bal Harbour / Surfside / Bay Harbor Islands in Northeast Miami-Dade County as the region's real estate market shows signs of recovering from the dramatic downturn of 2007, according to a new report from

Peter Zalewski
The new condo projects - dubbed the Bay Harbor I, Bay Harbor 101, 1120 Bay Breeze, 1150 Condominium, and Bay View 102 - are slated to be developed at a time when 14 towers with nearly 1,000 units have already been proposed for the Bal Harbour / Surfside / Bay Harbor Islands market, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

Overall in South Florida, developers are now proposing nearly 19,900 units for the tricounty region of coastal Miami-Dade, Broward, and Palm Beach as of Aug. 4, 2013, according to the report.

"The Bal Harbour / Surfside / Bay Harbor Islands area is one of the busiest South Florida markets in terms of newly proposed condo towers," said Peter Zalewski, a principal with the Downtown Miami-based real estate consultancy Condo Vultures® LLC.

"The new condo sales success - more than $1 billion and counting - at the St. Regis Bal Harbour complex has been the catalyst attracting developers to the Bal Harbour / Surfside / Bay Harbor Islands market. To date, developers are proposing at least 19 condo towers with more than 1,150 units in the Bal Harbour / Surfside / Bay Harbor Islands market.

"The unanswered question is, whether the buyer demand is deep enough to justify the development of all of the proposed condo projects slated to go up in the Bal Harbour / Surfside / Bay Harbor Islands market." 

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

Condo Vultures® LLC
225 Midtown Building
225 NE 34th St.,
 Suite 209B
 Downtown Miami, Florida, 33137.

Arbor Funds $49.6 in FHA Financing for Multifamily Properties Nationwide

Shafer Grace Apartments, Richmond, VA

UNIONDALE, NY --Arbor Commercial Mortgage, LLC, a national, direct commercial real estate lender, announced the funding of seven FHA-insured multifamily loans totaling $49,607,900:

Hal Reinauer
·         Shafer Grace, Richmond, VA – This 152-unit multifamily apartment complex received a total of $22,039,000 funded under the FHA 221(d)(4) product line. The 40-year new construction loan amortizes on a 40-year schedule. Planned amenities include a fitness center; roof deck and clubhouse; high-speed Internet, cable and phone service included in all rent; a washer and dryer in each unit; central air conditioning; garage parking; and extra storage. The loan was originated by Hal Reinauer, Director in Arbor’s Boston office.

Michael Jehle
·         Chesterfield Gardens Apartments, Chester, VA – This 105-unit multifamily property received $7,281,900 funded under the FHA 223(a)(7) product line. The 37-year refinance loan amortizes on a 37-year schedule. The complex is a garden-style property.  Amenities include a clubhouse, leasing office, 24-hour fitness center, swimming pool, tennis court and playground. The loan was originated by Hal Reinauer, Director in Arbor’s Boston office.

Phillip Gause
·         Capital Villa Apartments, East Lansing, MI – This 172-unit multifamily apartment complex received a total of $8,160,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. The complex is within walking distance to Michigan State University and has a concentration of students. Amenities include an outdoor pool, a fitness center, a computer lab, indoor bike storage, Wi-Fi access, a common laundry facility, a private study room and designated picnic areas with gas grills. The loan was originated by Michael Jehle, Midwest Regional Director in Arbor’s Bloomfield Hills, MI, office.

Joseph Donovan
·         Burnt Tree Apartments, East Lansing, MI – This 96-unit multifamily property received $3,750,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. The complex is a garden-style property located within close proximity to Michigan State University.  Amenities include common laundry rooms in each building, on-site parking, a playground and a picnic area with a grill and picnic table. The loan was originated by Michael Jehle, Midwest Regional Director in Arbor’s Bloomfield Hills, MI, office.

·         Country View Apartments, Savage, MN – This 58-unit multifamily property received $3,057,000 funded under the FHA 223(f) product line. The 30-year refinance loan amortizes on a 30-year schedule. The complex is a garden-style property located approximately 20 miles southwest of Minneapolis, MN. Amenities include a common area laundry, a playground, a swimming pool and additional storage lockers. The loan was originated by Phillip Gause, Director in Arbor’s Philadelphia, PA, office.

Arbors at Evansville Apartments
Evansville, IN
·         Arbors at Evansville Apartments, Evansville, IN – This 150-unit multifamily property received $2,960,000 funded under the FHA 223(f) product line. The 30-year refinance loan amortizes on a 30-year schedule.  The complex provides either a balcony or patio for all units and is approximately two hours from Louisville, KY.

·         Arbors at Red Bank Apartments, Evansville, IN – This 88-unit multifamily property received a total of $2,360,000 funded under the FHA 223(f) product line. The 30-year refinance loan amortizes on a 30-year schedule.  All units have a balcony or patio and the complex includes on-site maintenance and a common laundry room.

Arbors at Red Banks Apartments
Evansville, IN
“As seen by our most recent group of funding transactions, Arbor’s robust FHA financing platform has been able to deliver diverse loan products to suit our borrowers’ unique needs throughout the country,” said Joseph Donovan, Arbor’s Senior Vice President and Director of FHA Lending. “From refinance to new construction, the FHA platform is consistently able to achieve the financial goals multifamily borrowers seek in today’s strong market.”

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

Christopher Ostrowski