Wednesday, February 5, 2014

.$12.6 Million Office Center in Miami, FL Listed by Marcus & Millichap

7480 SW 40th Street, Miami, FL
Douglas K. Mandel
MIAMI, FL, Feb. 5, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, is exclusively listing an eight-story, 46,013-square-foot, state-of-the-art office building at 7480 Southwest 40th St. in Miami, Fla. The listing price is $12,600,000.

Douglas K. Mandel, first vice president investments, and Benjamin Silver, senior associate, both in Marcus & Millichap’s Fort Lauderdale office, are representing the seller.

“This office center has strong in-place cash flow and a striking presence within one of South Florida’s most prolific submarkets,” says Mandel.

Benjamin H. Silver

“The property’s location near the Palmetto Expressway connects directly to the 836 Expressway, Interstate 95 and the turnpike extension,” adds Silver. “The location also provides easy access to downtown Miami and Miami International Airport.”

The building was constructed in 2009 with post-tensioned concrete and energy-efficient impact-reflective glass. The building features 27 suites of office space and a 178-space parking garage.

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

Gina Relva
Public Relations Manager

(925) 953-1716

HFF Chicago hires Michael Bennett as managing director in its healthcare practice group

Michael Bennett
CHICAGO, IL – HFF announced today that Michael Bennett has joined the firm as a managing director in its Chicago office.  Mr. Bennett will be a member of HFF’s national healthcare practice and will focus on healthcare capital markets and investment sale transactions throughout the United States.

                Mr. Bennett has more than 10 years of commercial real estate experience and during this time has exclusively listed and sold more than 250 properties.

  He joins HFF from Newmark Grubb Knight Frank where he was a senior managing director of capital markets.  Prior to that, he was a vice president of investments at Marcus & Millichap, where he began his real estate career in 2003. 

“Michael is one of the top healthcare producers in the industry and HFF is pleased he has chosen to join our growing national health care practice group.  He will be an invaluable resource as we continue to grow this group and we are excited to have him on board,” said Jeffrey Bramson, senior managing director and co-head of HFF’s Chicago office.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 |

HFF closes $49 million sale of Inland Empire, California retail power center

Vernola Marketplace, Jurupa Valley, CA

Bryan Ley
LOS ANGELES, CA – HFF announced today that it has closed the $49 million sale of Vernola Marketplace, a retail power center located in Jurupa Valley, California.

                HFF marketed the property on behalf of the seller, a joint venture between Rockwood Capital, Equity One, Inc. and Vestar.  Merlone Geier Partners purchased the property, which included the assumption of existing debt.

                Vernola Marketplace is located at 6205 Pats Ranch Road in Jurupa Valley, adjacent to Interstate 15 with exposure to more than 314,000 cars per day. 

The 22.2-acre site is situated 45 miles east of downtown Los Angeles, 20 miles from Orange County, and eight miles from the LA/Ontario International Airport.

 Completed in 2007, the 210,963-square-foot property is 84 percent leased to tenants including Ross Dress for Less, Bed Bath and Beyond, Michael’s, Petco, BevMo!, Denny’s, Five Guys Burgers and Fries, and Jamba Juice. The shopping center also features a 172,000-square-foot Lowe’s that is not part of this 

John Crump
  The HFF team representing the seller was led by managing director Bryan Ley, director John Crump and senior managing director Michael Ross.

                “Vernola Marketplace represented another significant retail trade in the Inland Empire market within the past 12 months. 

“The asset drew strong interest from both institutional and regional real estate investors and represented an excellent acquisition opportunity in a secondary market of Southern California,” said Ley.

  “The center proved especially appealing due to a terrific line-up of national tenants, continued rental growth attributed to growing residential demand, and offered further upside in the backfilling of the vacant junior-anchor box.”

Michael Ross
Ley continued, “The HFF investment sales team has completed more than $374 million in retail sales in the Inland Empire in the past 36 months and this sale further exemplified the desire of large institutions for top-tier, well-located assets in this region.” 

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 |

HFF closes sale of Pelican Garage in Miami Beach, FL

Pelican Garage, 1021-1041 Collins Avenue, Miami Beach, FL

Luis Castillo
MIAMI, FL – HFF announced today that it has closed the sale of the leasehold interest in the Pelican Garage, a 340-space parking garage and retail building in Miami Beach, Florida.

HFF marketed the property on behalf of Pelican Investment Holdings, LLC.  An affiliate of Jones Lang LaSalle Income Property Trust purchased the property free and clear of existing debt.  

In addition to 340 parking spaces, the Pelican Garage also includes 3,350 square feet of ground-floor retail, which is 100 percent leased.  Completed in 2001, the garage is located at 1021-1041 Collins Avenue, one block from the beach and near numerous hotels, nightclubs, residential towers, retail destinations and entertainment venues.

The HFF investment sales team representing the seller was led by director Luis Castillo and managing director Jim Dockerty. 

“The opportunity to acquire an urban, infill parking garage with tremendous growth prospects is extremely rare in this market and made the Pelican Garage a highly coveted offering,” said Dockerty.

Jim Dockerty
“This transaction is HFF’s ninth in Miami Beach during the last two years representing more than $266 million in aggregate capitalization activity in that market,” added Castillo.

Jones Lang LaSalle Income Property Trust is a non-listed, daily valuation perpetual life real estate investment trust (REIT) that owns and manages a diversified portfolio of high quality, income-producing office, retail, industrial and apartment properties located primarily in the United States.  

Jones Lang LaSalle Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 |

$110.64 million financing for 5-property multi-state office and industrial portfolio arranged by HFF

Kevin MacKenzie
IRVINE, CA – HFF announced today that it has arranged $110.64 million in financing for a five-property office and industrial portfolio totaling 889,805 square feet in New Jersey, North Carolina, Ohio, Texas, and Arizona.

                HFF worked exclusively on behalf of Griffin Capital Corporation and five single-purpose borrowing entities, wholly owned by the operating partnership of Griffin Capital Essential Asset REIT, Inc., to arrange the 15-year, 4.96 percent, non-recourse, fixed-rate loan through two life companies. 

Loan proceeds were used to pay down an existing credit facility and secure long-term fixed-rate financing at approximately 60 percent loan-to-value.

The portfolio is cross-collateralized, cross-defaulted, and substantially leased to investment-grade or investment-grade quality tenants with staggered lease expirations.  Individual property details are listed below:

John Chun

Name                   Tenant                Location                         Size     
Verizon Building    Cellco Partnership (dba  Warren, NJ  210,524 SF   Verizon Wireless)                     
UTC Building  United Technologies Corp. Charlotte, NC  198,898 SF  
Northrop Building  Northrop Grumman Systems Corp.  Beavercreek, OH  99,246 SF    
Schlumberger Building  Schlumberger Technology Corp. Houston, TX  149,683 SF  
Stephen Skok
Avnet Building Avnet, Inc.  Chandler, AZ   231,454 SF  

                The HFF team representing the borrower was led by senior managing director Kevin MacKenzie and director John Chun, along with regional support from managing directors Stephen Skok and Tucker Knight and director Michael Klein.

                “The strong sponsorship, quality of the assets, and the credit of the tenants made this an attractive opportunity to the debt markets. 

Tucker Knight
“By utilizing these merits through an extensive marketing process, we were able to identify the best solution for the portfolio including the necessary flexibility to achieve Griffin’s business plan,” said MacKenzie.

“We are pleased to have completed this long-term, fixed-rate secured debt transaction with the lender,” said Joseph E. Miller, chief financial officer of Griffin Capital Corporation, the sponsor of Griffin Capital Essential Asset REIT, Inc.

Michael KLein
 “With this financing transaction, we reduced our short-term, secured debt obligations and lengthened our debt maturities to more closely align with our weighted average lease duration.”

Griffin Capital Corporation ("Griffin Capital") is a privately‐owned real estate investment company headquartered in Los Angeles.

Joseph E. Miller
Led by senior executives, each with more than two decades of real estate experience collectively encompassing more than $16 billion of transaction value and more than 650 transactions, Griffin Capital and its affiliates have acquired or constructed more than 28  million square feet of space since 1995. 

Griffin Capital and its affiliates currently own, manage, sponsor and/or co-sponsor a portfolio consisting of more than 26 million square feet of space, located in 32 states and representing approximately $4.7 billion in asset value. 

Additional information about Griffin Capital is available at

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 |

HFF closes sale of Tomball Crossing in northwest Houston, TX

Tomball Crossing Shopping Center, Tomball, TX

Ryan West
HOUSTON, TX – HFF announced today that it has closed the sale of Tomball Crossing, a 164,348-square-foot retail power center in Tomball, Texas.

                HFF marketed the property on behalf of the seller, Metro-National.  Kimco Realty Corp. purchased the property with the exception of the North Cypress Emergency Room pad site, which was purchased by North Cypress Medical Center.

                Tomball Crossing is situated on a 17.36-acre site at 22485-22549 Tomball Parkway at the intersection of Spring Cypress Road and State Highway 249 in Tomball, northwest of Houston’s central business district.

 Completed in 2006, the property is 94 percent leased to tenants including Ross Dress for Less, Old Navy, Petco, Famous Footwear, Lupe Tortilla, Red Robin and Panera Bread. 

                The HFF investment sales team representing the seller was led by managing director Ryan West and senior managing director Rusty Tamlyn.

                Metro-National is a privately-held real estate investment, development and management company headquartered in Houston, Texas.  Founded in 1959, the company owns and manages more than 8.5 million square feet of commercial real estate property located primarily in the greater Houston area.

Rusty Tamlyn
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that owns and operates North America’s largest portfolio of neighborhood and community shopping centers.

As of Sept. 30, 2013, the company owned interests in 855 shopping centers comprising 125 million square feet of leasable space across 42 states, Puerto Rico, Canada, Mexico and South America. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisition, development and management for more than 50 years.

For further information, please visit, the company’s blog at, or follow Kimco on Twitter at

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 |

NAI Realvest negotiates new lease of 45,954 square feet of industrial space in Longwood, FL

Michael Heidrich
MAITLAND, FL--- NAI Realvest recently negotiated a new lease agreement for 45,954 square feet of industrial space at 925 Florida Central Parkway in Longwood. 

Michael Heidrich principal at NAI Realvest negotiated the transaction representing the landlord, Carmany Holdings LLC.   

 The tenant, Dalton, Ga.-based Shaw Contract Flooring Services, Inc., was represented by David Murphy of CB Richard Ellis.

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

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

Del Webb Stone Creek in Ocala, FL Opens New Consumer-Inspired Model Home Park

New model home unveiled at Del Webb Stone Creek, Ocala, FL

Sean Strickler
OCALA, FL--- A new model home park showcasing seven brand new floor plans is now open at Del Webb Stone Creek. The new plans are consumer-inspired and have been designed specifically through consumer feedback from current and future homeowners.

Sean Strickler, vice president of sales for Del Webb in North Florida, said the recent new model home park unveiling drew in around 1,000 people.

“We have seven fully-furnished model homes we introduced and nine floor plans to showcase in addition to the Reflection Bay amenity center and Elan Spa, Stone Creek Golf Club and many other amenities,” he said.

New one, two, three, four and five-bedroom homes at Del Webb Stone Creek will range in size from 1,133 square feet of living space to 3,656 square feet with one-and-one-half baths to four baths, depending on the home design. 

The innovative new plans include open, airy spaces specially designed for entertaining, lower microwaves and raised dishwashers for ease of use and industry-leading energy efficiency.

Model homes at Del Webb Stone Creek are open daily for viewing.

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

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

Hendricks-Berkadia Negotiates Sale of Two Apartment Properties In Daytona Beach, FL For $2.4 Million

Orlando, FL --- Hendricks-Berkadia Apartment Real Estate Advisors, which ranks as one of the leading multi-family investment banking and research companies in the nation, recently negotiated the sale of Colonial Lane apartments and Palm Garden apartments in Daytona Beach for $2.4 million.

Cole Whitaker, partner who heads Hendricks-Berkadia in the Southeast, negotiated both sales with senior vice president Hal Warren and vice president Jason Stanton representing the seller, VFC Properties 9 LLC.

Hogan Assets LLC, who was represented by Lauren Nasser of Arthur Kowitz Realty, acquired both properties which together consist of 92 units in two-story, garden-style buildings located in close proximity to the beach.   

Colonial Lane is located at 1140 S. Ridgewood Ave. and Palm Garden at 1834 S. Segrave St.

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

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

The Chedi Andermatt Hotel Opens in Swiss Alps

Jean-Michel Gathy
ANDERMATT, SWITZERLAND -- With the opening of The Chedi Andermatt in December 2013, discerning Asian buyers can now enjoy the outstanding 5-star services, restaurants and amenities of Switzerland’s most talked about resort.

 A luxurious contemporary hotel and residences ideally situated in the heart of the Swiss Alps, The Chedi Andermatt offers owners of The Chedi Residences privileged access to world-class cuisine, bespoke wellness and fitness experiences and the status that comes with owning a piece in what the New York Times has declared as one of the “Best places to go in 2014.”

With management by Singapore-based General Hotel Management Ltd, and a contemporary design by the renowned Jean-Michel Gathy of Denniston International Architects and Planners of Kuala Lumpur, Malaysia, the resort offers a distinctive blend of the best of Asian and Swiss hospitality cultures, with highly personalized services and facilities available to owners at The Chedi Residences.

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

Hwee Peng Yeo
Director of Asian Markets
Glodow Nead Communications
Level 21, Centennial Tower
3 Temasek Avenue

Singapore 039190

US CMBS Delinquency Rate Continues to Sink in January According to Trepp

NEW YORK, NY – Trepp LLC, the leading provider of information, analytics, and technology to the CMBS, commercial real estate, and banking markets, released its January 2014 US CMBS Delinquency Report  (available at

Manus Clancy
January marks the eighth straight month of improvement in the Trepp delinquency rate for US commercial real estate loans in CMBS. The rate fell by 18 basis points over the course of January to 7.25%.

 This level compares to 9.57% from one year ago. The last time the rate rose was May of 2013, when the rate increased by only four basis points.­

There are currently $38.9 billion in delinquent loans, and $47.7 billion in loans with the special servicer.

 During January, $1.3 billion in previously delinquent loans were resolved with losses, while $163 million were resolved without losses. In addition, almost $1 billion in loans cured during the month.

 However, new delinquencies totaled about $1.8 billion. These new delinquencies are slightly greater than December’s newly delinquent loans.

“The CMBS market managed to stay warm compared to the brutally cold month experienced by the Midwest and Northeast,” said Manus Clancy, Senior Managing Director of Trepp. “The CMBS delinquency rate continued its improvement and CMBS spreads, particularly new issue BBB bonds, narrowed nicely. Not a bad way to kick off 2014.”

Trepp believes there is more room for improvement for the delinquency rate in the near-term. A rate below 7% could be attainable by early spring as loan resolutions remain very high.

For additional details, such as an analysis by major property type, delinquency status, and historical comparisons, request the January 2014 US CMBS Delinquency Report at For daily CMBS commentary, follow @TreppWire on Twitter.

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

Joe McBride, Research Analyst
Trepp LLC - 212-754-1010

Eric Gerard, Lindsay Church
Great Ink Communications - 212-741-2977

Lodging Econometrics Reports at Year-End 2013 Total Investment in Lodging Industry Reached an Estimated 21.88 Billion

PORTSMOUTH, NH -- The lodging industry reached an estimated total investment of 21.8B in 2013. This is the highest level since 2009 and is expected to accelerate higher in 2014 and into late decade.

For 2013, 1,171 Hotels were sold or transferred, a decrease of 19% Year-Over-Year (YOY).

 Previously, Total Transactions and Property Transfers had peaked at 3,218 Hotels/ 441,613 Rooms in 2007, then precipitously fell to a bottom of 528 Hotels/ 60,804 Rooms in 2009, a decrease of 84% by Hotels.

After rebounding a bit in 2010 to 1,358 hotels, Transaction volume has since been locked in a bottoming formation with little M&A activity.

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

Jennifer McLynch
Marketing Communications Manager
Lodging Econometrics
P: +1 603.431.8740, ext. 16
F: +1 603.431.4418

Colliers Industrial Team Repositions Megacenter Palmetto in Medley, FL

Megacenter Palmetto, 8600 NW South River Drive, Medley, FL

Erin Dee
MIAMI, FL, Feb,  5, 2014 - Colliers International South Florida is pleased to announce the successful repositioning of Megacenter Palmetto, the 171,000-square-foot, retail/flex property located at 8600 NW South River Drive, Medley, FL. The property went from completely vacant to over 75% pre-leased in just five months.

The property was purchased by Megacenter, a group of investors from Chile, on January 1, 2013 and repositioned by Colliers International South Florida's Miami Industrial team Mort Fetterolf, Director of Industrial Services and Erin Dee, Industrial Associate.

"The prelease up success of Megacenter is indicative of continued strong demand for well-located industrial product in South Florida," says Fetterolf. "Paired with aggressive marketing and hands on ownership, our team implemented a creative strategy to reposition the asset."

Mort Fetterolf
The site, formerly occupied by Regal Kitchens for industrial use, is being transformed with a facade overhaul, landscaping, new doors, dock height truck wells and improved signage, all slated to be completed by April 1st.

New anchor tenants, including K1 Speed, Inc., a retail go-cart racing operation, will create a family oriented entertainment destination in Medley.

The go-cart operation will occupy 82,200 square feet and feature signage on the Palmetto. K1 was represented by Nick Wigoda, Steve Medwin and Matt Maciag at Jones Lang LaSalle.

Another retail user, Dax International Brokers, Inc., a kitchen fixture showroom, has signed on for 19,500 square feet. Dax International was represented by Lucia Custer and Gabriel Manacoal of NAI Miami.

The Megacenter property also features 30,000 square feet of self-storage units and 80 executive office units with all services included, which will be ready for occupancy in March 2014.

Only four small 4,000-square-foot retail units remain currently available, all with signage on the Palmetto. As a result of their successful relationship, Colliers has been asked to continue to work with owner Megacenter in achieving their plans to purchase additional properties around the country.
For a complete copy of the company’s news release, please contact:

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

Concord Hospitality Enters 2014 Approaching $1 Billion Development Milestone

Mark Laport
MRALEIGH, NC,  Feb. 5, 2014—Concord Hospitality Enterprises today announced the company's most aggressive development pipeline to date, with fourteen hotels currently in active development, seven which are scheduled to open in 2014.

"Because we believe there is a consistent market for strategically located, premium-branded hotels, we continued to build every economic cycle as we have every year for the past twenty years," said Mark Laport, president and CEO of Concord Hospitality.  

“However, we view this current phase as one of the strongest periods to be a hotel developer in recent memory, certainly in the past five years.

“We are in the fortunate position of being able to attract significant amounts of well-priced debt, supported by appropriate equity.   We have partnered with several new investors in recent months and expect that trend to continue.

“The key is to not jump at every opportunity out there; as financing becomes more available and more projects get underway, discipline becomes especially important,” Laport cautioned.    “While we are currently working the most aggressive pipeline in our history, we also are turning down more than ever. On average, only one out of every eight projects goes forward." 
For a complete copy of the company’s news release, please contact:

Lauralee Dobbins/Chris Daly
Daly Gray, Inc.

Matthew Crosswy
 ATLANTA, GA —Stonehill Strategic Capital, (SSC) an affiliate of Peachtree Hotel Group focused on hotel financing, today announced that it has ramped up its lending platform and plans to deploy approximately $200 million, primarily in mezzanine and bridge loans for hotel assets and development over the next 12 months. 

The company targets the $1 million to $10 million loan range for mezzanine loans and $3 million to $20 million for bridge financing.

            “Hospitality and lodging fundamentals have continued to strengthen, driving a surge in transaction activity," said Mat Crosswy, president of SSC. 

“However, buyers are facing a shortfall in the capital stack due to banks’ reluctance and conservative nature when underwriting hospitality credits.  

“SSC realizes that every deal is unique and can provide potential borrowers an edge with higher leverage loans coupled with creativity, timeliness and flexibility in their execution, when speed and certainty of close may matter most.

Jatin Desai
“The majority of bridge and mezzanine lenders today focus on larger transactions and major markets, while community banks continue to shy away from hotel lending, except in their own, limited footprint.

“This makes it harder for smaller owners and investment groups, especially those in secondary and tertiary markets, to obtain sufficient financing to complete an acquisition or execute a needed renovation. 

“Because of our extensive   background in the hotel industry, we are comfortable looking at any type of property/location and responding quickly.” 

            SSC Principal Jatin Desai said that SSC’s bridge and mezz loans will complete the capital stack up to 85 percent loan-to-value (LTV), with two- to five-year terms.   

The company offers competitive rates that vary depending on the specifics of the transaction and strength of sponsors.  SSC foresees the bulk of its lending going towards acquisitions and refinancings, with some limited new development, preferably in premium brands in the select-service and extended-stay categories throughout the U.S. 

Greg Friedman
            “From a financing perspective, we are optimistic that the demand for debt will continue to be robust in 2014 given the on-going normalization of the capital and transaction markets,” Greg Friedman, SSC principal.

 “Already, we are experiencing strong interest in our mezzanine programs where borrowers are utilizing the funds to complete the capital stack and lock in a historical low senior loan rate. 

“We also are seeing borrowers utilize our bridge programs to execute quickly on value- added-type transactions or transactions that have a short window for execution.”

            Since launching in the third quarter of 2013, Stonehill Strategic Capital closed and funded five transactions.  In addition to providing loan financing, Stonehill Strategic Capital also purchases first mortgage notes.  The company via affiliates purchased eight first mortgage notes in 2013.

 “As lenders continue to move distressed mortgages off their balance sheets, we expect that this market will remain fertile and that we will acquire as many as 10 to 12 notes over the next 12 to 18 months,” Friedman added.

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

Chris Daly, media
(703) 435-6293

Post Properties Announces Fourth Quarter 2013 Earnings

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced  net income available to common shareholders of $42.8 million, or $0.79 per diluted share, for the fourth quarter of 2013, compared to $17.9 million, or $0.33 per diluted share, for the fourth quarter of 2012.

Net income available to common shareholders for the year ended December 31, 2013, was $106.8 million, or $1.96 per diluted share, compared to net income of $80.3 million, or $1.48 per diluted share, for the year ended December 31, 2012.

The Company’s net income available to common shareholders for the three months and year ended December 31, 2013 included a gain of $28.4 million, or $0.52 per diluted share, on the sale of an apartment community. The Company’s net income available to common shareholders for the year ended December 31, 2012 included a gain of $6.1 million, or $0.11 per diluted share, on the sale of an asset.

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

Post Properties, Inc.

Chris Papa, 404-846-5028