Friday, November 1, 2013

Post Properties Announces Third Quarter 2013 Earnings; Closes Sale of Post Renaissance®


Post Renaissance apartments, Downtown Atlanta, GA
ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today net income available to common shareholders of $18.1 million, or $0.33 per diluted share, for the third quarter of 2013, compared to $21.3 million, or $0.39 per diluted share, for the third quarter of 2012.

Dave Stockert
The Company  also announced it has closed the sale of its Post Renaissance® apartment community, located in Atlanta, Georgia, for a gross sale price of $47.5 million.

The community was constructed in phases in 1992 and 1994, and contains 342 units, with an average unit size of approximately 914 square feet. The cap rate on the sale price was approximately 5.4 percent, calculated based on the trailing 12-months net operating income, as adjusted for a three percent management fee and $300 per unit capital reserve.

The Company expects to record a gain on the sale in the fourth quarter of approximately $28 million. The Company completed a reverse like-kind exchange for tax purposes.

Said Dave Stockert, Post’s CEO, “In the third quarter, and through the first nine months of this year, we’ve been able to grow core funds from operations by at least 10 percent.

“This quarter, we also realized excellent pricing on the sale of one of our oldest apartment communities – evidence of the consistent high quality and desirability of Post’s apartment assets.

“We used a portion of our available cash balances to repurchase common stock at prices that we believe represent a discount to the underlying net value of our real estate assets.”
  
 For a complete copy of the company’s news release, please contact:

Post Properties, Inc.

Chris Papa, 404-846-5028

Atlantic Station in Atlanta, GA Transforms into Winter Wonderland

  



 ATLANTA, GA (Nov. 1, 2013) — Get ready to lace up your ice skates and head over to Atlantic Station. Starting Nov. 15, visitors can kick off the holiday season with Skate Atlantic Station, a 10,000-square-foot, open-air ice-skating rink, presented by PNC Bank, set in the backdrop of Atlanta’s premier mixed-use destination.

Daniel Easton
 Skate Atlantic Station will take over District Street between 17 1/2th and 18th Streets. The unique, track-style rink, surrounded by the shops and restaurants at Atlantic Station, will offer a magical winter atmosphere to skaters. Dazzling lights and holiday d├ęcor will have skaters dreaming of a white Christmas.

 American Skating Entertainment Centers (ASEC) has been selected to create and operate the ice-skating rink. The company has created ice-skating rinks at some of the top retail and entertainment destinations in the United States, including L.A. LIVE at the Staples Center in Los Angeles and Houston Galleria Mall in Houston.

 ASEC will use a full-sized Zamboni and 400 tons of refrigeration capacity to maintain a flawless skating surface. The ice-skating rink will include an energy-efficient aluminum cover to protect the ice during the day and reduce the carbon footprint.

Atlantic Station, Atlanta, GA
“Skate Atlantic Station will help transform Atlantic Station into a winter wonderland, creating a signature holiday experience that is unparalleled in Atlanta,” said Daniel Easton, director of marketing at Atlantic Station.

“The new ice-skating rink joins an already well-established lineup of the best holiday events in the city, and we believe it will become a holiday destination for friends and families for years to come.”

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

Savannah Duncan
The Wilbert Group
O:  404.343.0870
C: 404.901.4433


Marcus & Millichap Capital Corp. Arranges $17 Million Bridge Financing for Hospitality and Marina Construction in St. Joseph, MI


Rendering of planned luxury boutique hotel and marina in St. Joseph, MI

Dean Giannakopoulos
ST. JOSEPH, MI– Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged a $17 million loan for the construction of a luxury boutique hotel and marina in St. Joseph, Michigan.

            Dean Giannakopoulos in the firm’s Chicago Downtown office and Steven Rock in its Manhattan office arranged the loan.

Steven Rock
            “The borrower required a construction loan to build a hospitality and marina project with a very tight timeframe,” says Rock. “MMCC secured a lender that was able to meet the borrower’s financing needs and close quickly.”

            “The property is located  near the waterfront of Lake Michigan and  will feature 92 hotel rooms, 14 luxury condominiums, conference space, a spa, and a 60 slip marina,” adds Giannakopoulos.

“The adjacent PGA signature golf course will be hosting the 75th Anniversary Senior PGA tour event, which added to our tight financing timeframe.”

Charles Krawitz
            “This construction loan was complicated and had to be closed quickly,” says Charles Krawitz, vice president/central region of MMCC. “Dean and Steve did a great job delivering both loans,” Krawitz concludes.

The three-year, interest only loan featured a 70 percent loan-to-value advance.

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

Gina Relva
Public Relations Manager
(925) 953-1716
         

Lower Manhattan Mixed-Use Building Brings $10.8 Million




Barbara Dansker
 NEW YORK, Oct. 28, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 123-127 Lafayette St., a partially vacant six-story elevator office building located between Canal Street and Howard Street in Lower Manhattan.

The $10,850,000 sales price equates to $663 per square foot. The sale was an all-cash transaction. 

            Barbara Dansker, in Marcus & Millichap’s Manhattan office, represented the seller, an owner/user. Dansker also represented the buyer, Stellar Management, a New York-based developer.         


“The building’s current configuration is three ground-floor retail units with eight office suites above,” says Dansker. “However, the existing certificate of occupancy allows for retail on the first three floors, which helps make the building a prime candidate for redevelopment.”

“The area is exploding with activity and renewal,” adds Dansker.

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

Gina Relva
Public Relations Manager
(925) 953-1716
         

RealtyTrac™ Reports 71 Percent of Single Family Homes Built Before 1990; Older Housing Stock Represents Less Competition, Lower Prices

  


IRVINE, Calif. –  RealtyTrac™ (www.realtytrac.com), the nation’s leading source for comprehensive real estate data, today released its Aging Homes Analysis, which shows that more than 70 percent of the U.S. single family homes were built before 1990 while 60 percent of 2013 sales year-to-date were for homes built before 1990. 

Jake Adger
“The high percentage of homes that are at least 20 years old and likely in need of some major repairs is eye-opening,” said Jake Adger, chief economist at RealtyTrac.

“However, given the low inventory of homes available for sale in today’s market, this challenge of aging U.S. housing supply can also be an opportunity for buyers looking for a bargain and homeowners looking to update their living space and improve the value of their homes.”

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

Jennifer von Pohlmann
949.502.8300, ext. 139

Brittney Marin
949.502.8300, ext. 107

Data and Report Licensing:
800.462.5193

MVP REIT Acquires Las Vegas Multi-Tenant Office Building

  
8905 West Post Road, Las Vegas, NV


LAS VEGAS, NV– MVP REIT Inc. announced today the acquisition of an approximately 22,000-square-foot Class A office building located at 8905 W. Post Road for $6.1 million. The acquisition was the fifth of six buildings in the office park. The total cost of all six buildings is $55.1 million. The acquisition closed on Oct. 24.

Mike Shustek
A two-story office building, 8905 W. Post Road is 91.08 percent leased to a mix of professional tenants, all subject to a triple net lease, under which the tenant is responsible for the majority of the costs associated with maintaining the building. The building was constructed in 2008 as part of a planned 16-acre office park. 

“This transaction highlights our strategy to purchase well-located properties with attractive attributes, including high occupancy and triple net lease contracts that minimize our long-term costs,” said Mike Shustek, chairman and chief executive officer of MVP REIT. “We are pleased to add 8905 W. Post Road to our portfolio.”

MVP REIT financed the acquisition through the assumption of approximately $3.5 million in existing debt and the transfer of approximately 296,106 shares of the company’s common stock at $8.775 per share.


Thus far, the five acquired properties include both two- and three-story steel/concrete office buildings, all built within the past 10 years. 

Each multi-tenant building was acquired with at least 90 percent occupancy, and contains a mixture of professional tenants under triple net leases. 

The buildings are located directly off Interstate 215 in the southwest region of Las Vegas, Nev.






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

Jill Swartz
Spotlight Marketing Communications
(949) 427-5172, ext. 701