Wednesday, May 7, 2014

JLL Earns Exclusive Leasing Assignment for The Esplanade Office Towers in Phoenix, AZ

The Esplanade, 2425, 2525, 2575 and 2555 E. Camelback Road
 Camelback Corridor, Phoenix, AZ

John Bonnell
PHOENIX, AZ – After an extensive vetting process, the Phoenix office of JLL has been selected as the exclusive leasing agent for the four Class A office towers at The Esplanade, a 1-million-square-foot landmark mixed-use project located at 24th Street and Camelback Road, in the heart of Phoenix’s prestigious Camelback Corridor.

JLL Managing Director John Bonnell and JLL Vice Presidents Brett Abramson and Greg McMillan will direct all office leasing efforts for The Esplanade’s 10- and 11-story, Class A office towers.

 The buildings were constructed between 1989 and 2002, and represent a total 906,459 square feet of space at 2425, 2525, 2575 and 2555 E. Camelback Rd. 

Each tower features high-end finishes, panoramic views of Camelback Mountain and Piestewa Peak, private balconies, 24-hour security, on-site conference and fitness facilities, concierge and abundant covered parking.

JLL is also working with property owner by MetLife, Inc. as it implements extensive, project-wide renovations that are delivering new building lobbies, new corridors, an upgraded amenity package and new speculative office suites.

Greg McMillan
“The Esplanade represents some of the Valley’s nicest office space in an equally premier location. It is one of those iconic projects that checks virtually every box on the tenant and employee wish list,” said Bonnell.

 “It also has an owner that recognizes the value of these advantages, and will make the investment necessary to ensure The Esplanade remains a market leader for the long term.”

In addition to its office towers, The Esplanade includes a first-floor retail component, fine and casual dining, a 14-screen AMC Theatre, a 291-room Ritz Carlton Hotel, and a pedestrian-friendly design that links the project to neighboring Biltmore Fashion Park, one of the metro area’s most upscale shopping and dining environments.

The Esplanade is within one mile of Piestewa Freeway/State Route 51 and minutes from the Valley’s Loop freeway system, Interstate 10, Downtown Phoenix and Sky Harbor International Airport. 

Brett Abramson
These factors combined to rank Camelback Road as #34 on JLL’s list of Most Expensive U.S. Streets for Office Space in 2013—an overview of the nation’s most premier, in-demand submarkets for office space.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page:

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

Stacey Hershauer
Marketing & Public Relations
(480) 600-0195

Cortland Partners Purchases The Pointe at Lenox Park Apartments in Atlanta for $24.9 Million

Pointe at Lenox Park Apartments, Atlanta, GA

ATLANTA, GA — Cortland Partners, an apartment owner and manager with a growing presence in the Southeast and Texas, has purchased the 271-unit Pointe at Lenox Park community in Atlanta for $24.9 million.

A local, private owner sold the garden-style community, which was built in 1988 and is located in the Druid Hills area of the city.

Steven DeFrancis
 The community features one- and two-bedroom apartment homes, and amenities include a business center, clubhouse, fitness facility, wood-burning fireplaces, and private balconies. 

Cortland will perform extensive renovations of the apartment homes and some updates to the common-area amenities.

“The past several years have seen our firm grow aggressively but intelligently throughout the Southeast and Texas, but we still remain committed to growing our portfolio in our hometown of Atlanta,” said Steven DeFrancis, CEO of Cortland Partners.

“The city’s job growth and the restrained amount of new construction in the area are strong indications that the multifamily sector in Atlanta will continue to strengthen in the months and years ahead. We are confident that The Pointe at Lenox Park will perform strongly, as it fits perfectly in our existing Atlanta portfolio and our team’s value-add execution.”

Since the start of the economic downturn, Cortland's ownership portfolio has grown to nearly 19,000 units located primarily in the Southeast and Texas. The firm focuses on value-add acquisitions and development opportunities that produced out-sized, risk-adjusted returns for investors. In 2013, Cortland, whose fully integrated platform includes investment management, property management, and construction services, invested $250 million in equity capital into nearly $1 billion of investments, and it anticipates a similar level of investment for this year.
For a complete copy of the company’s news release, please contact:

Tony Wilbert
The Wilbert Group
404-254-1487 (O)
 404-405-3656 (C)


Regency Centers Reports Core FFO Per Share Up 8% for the Quarter Ended March 31, 2014

JACKSONVILLE, FL--(BUSINESS WIRE)-- Regency Centers Corporation (“Regency” or the “Company”) today announced financial and operating results for the three months ended March 31, 2014.


Regency reported Core Funds From Operations (“Core FFO”) for the first quarter of $64.1 million, or $0.69 per diluted share, compared to $58.3 million, or $0.64 per diluted share, for the same period in 2013.

Funds From Operations (“FFO”) for the first quarter was $65.5 million, or $0.71 per diluted share. For the same period in 2013, the Company reported FFO of $57.9 million, or $0.64 per diluted share.

Regency reported net income attributable to common stockholders (“Net Income”) for the first quarter of $19.4 million, or $0.21 per diluted share, compared to Net Income of $15.6 million, or $0.17 per diluted share, for the same period in 2013.

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

Regency Centers Corporation
Patrick Johnson,

MCA Realty Increases Its Investment in Las Vegas

Lamb Technology Center, Las Vegas, NV

Las Vegas, NV (May 07, 2014) – MCA Realty, a full service real estate investment and management company, has increased its investment in Las Vegas.

 The firm recently acquired three properties in the Las Vegas market, including a 114,782 square-foot multi-tenant industrial business park; a 27,227 square-foot multi-tenant industrial business park; and a 20,000 square-foot single-tenant office building; bringing its Las Vegas portfolio to nearly half a million square feet.

Tyler Mattox
“Quality product is becoming increasingly limited in Las Vegas as the market recovers. This dynamic is making the market increasingly competitive for today’s investors,” said Tyler Mattox, a Principal at MCA Realty.

“In order to compete, buyers need to be strategic, work quickly, and build strong brokerage partnerships to secure the most valuable investment opportunities.” 

Mattox notes that brokerage relationships are essential in increasing the value of each investment property.

“As former brokerage professionals, we understand that it is these relationships that ensure the continued velocity of opportunities,” explains Mattox. 

“We have been fortunate to achieve high occupancy rates in our current portfolio through strong leasing activity, and we continue to work with our brokerage partners to seek available properties with strong income characteristics.”

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

  Jenn Quader / Judith Brower
  Brower, Miller & Cole
  (949) 955-7940

Essex Realty Group Brokers Sale Of 52-Unit Multi-Family Apartment Building in Logan Square in Chicago, IL

James Darrow
CHICAGO, IL, May 7, 2014 - Essex Realty Group, Inc. is pleased to announce the recent sale 2420 N. Kedzie, a 52-unit corridor building located in Chicago’s Logan Square neighborhood.

The property is situated just north of the intersection of Fullerton and Kedzie on the west side of beautiful Kedzie Boulevard. The building is three blocks south of the Blue Line Station and steps to the 74 bus line on Fullerton.

The masonry, terra cotta, and Tudor style façade contributes to the building’s curb appeal and presence on the Boulevard.

Jordan Gottlieb
Jim Darrow and Jordan Gottlieb were the brokers in the transaction. The sale price was approximately $4,100,000.

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

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

Douglas Fisher
Essex Realty Group, Inc.

Foxford Communities Starts Second Phase of Sales at Hawthorn Trails in Hawthorn Woods, IL


Located at the northeast corner of Route 22 and Quentin Road,
 Hawthorn Trails is part of the highly sought-after Stevenson High School district 
in Hawhorn Woods,IL
CHICAGO,IL – Hinsdale, Ill.-based developer Foxford Communities has announced the start of sales for the second phase at Hawthorn Trails, a community of custom and semi-custom single-family homes in Hawthorn Woods, Ill.

Located at the northeast corner of Route 22 and Quentin Road, Hawthorn Trails is part of the highly sought-after Stevenson High School district, one of the top high schools in Illinois, according to U.S. News and World Report.

Peter Brennan
An established, 90-home community with portions developed by a previous builder, Hawthorn Trails was at a standstill until Foxford bought the development's remaining 68 lots in 2012 and made significant infrastructure improvements to the community.

One of the biggest changes to the community was the addition of ICON Building Group, which introduced a new portfolio of custom home designs to the neighborhood.

 “Since partnering with ICON, we’ve created a whole new personality for Hawthorn Trails. The families living here are so excited about what a great new community this has become and buyer response has been overwhelmingly positive,” said Peter Brennan, president of Foxford Communities.

“At first, we were pretty quiet about the transformation of Highland Trails, but now that construction activity has increased—we’ve sold 44 homes since we started working with ICON — and with the new model opening, we’re formally announcing the start of sales.”

  For more information or to make an appointment to visit Hawthorn Trails, visit or call (815) 815-2536.

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

Kelly Shumaker,, (312) 267-4519
Emily Johnson,,, (312) 267-4522

Turnberry Commons Inks 42,068-SF Deal With Wayfield Foods in Fayetteville, GA

Sherri Mann
FAYETTEVILLE, GA – Founded in 1982, Wayfield Foods expands its footprint in the Metro Atlanta area with another store in Fayetteville, Ga at the corner of County Line Road and Northbridge Road in Turnberry Commons Shopping Center.

Turnberry Commons, owned by Fayetteville Retail Investors, LLC was represented by Laura Cardner and the owners local broker Sherri Mann, Senior Leasing Agent for Crossman & Company.

Turnberry Commons, located 2.5 miles from historic Fayetteville, GA features excellent street visibility with a population of nearly 3,500 people in a 1-mile radius. Outparcels, including build-to-suit, and small shops are available and are being marketed by Crossman & Company.

The grand opening for Wayfield Foods will be held in September. 

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

Claire Pagán
Phone  407.581.6223 |

MMM Adds FHA Practice Co-Chair James Peck in Firm’s Rapidly-Growing D.C. Office

James R. Peck
Washington, D.C. (May 7, 2014) – Morris, Manning & Martin, LLP is strengthening its rapidly-growing Washington, D.C. office with the addition of James R. Peck as a partner in the firm’s Commercial Finance and Real Estate Finance practices. He will co-chair the firm’s FHA practice.

 Peck, who was previously a partner with Krooth & Altman, represents lenders in commercial real estate financing transactions insured by the Federal Housing Administration and securitized through Ginnie Mae.

 He represents FHA multifamily and healthcare lenders both in closing loans and advising on issues connected with deal structuring and regulatory compliance.

He represents FHA lenders and closes loans nationwide for acquisition, refinance, new construction and substantial rehabilitation of properties, and has closed several of the largest non-hospital FHA-insured loans ever made.

Bonnie H. Rothell
He possesses particular strength in complex affordable housing transactions involving tax credits (Low-Income Housing Tax Credits, Historic Tax Credits and New Market Tax Credits), taxable and tax-exempt bonds, subordinate mortgage debt, bridge loans and mezzanine debt.

He will work closely with partners Rick Boyd and Rusty Fleming, as well as Bonnie H. Rothell, who joined MMM from Krooth late last year.

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

Terri Thornton, (404) 932-4347,   

Marcus & Millichap Arranges Sale of Sunhill Medical Arts Building in Sun City Center, FL for $2.1 Million

Moe Derbala
SUN CITY CENTER, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Sunhill Medical Arts Building, a 26,796-square foot office building located in Sun City Center, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,100,000.

Moe Derbala, an associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  Derbala also represented the institutional buyer, HCA (Hospital Corporation of America), based in Nashville, Tennessee.

Built in 1983, Sunhill Medical Arts Building is located at 4020 Sun City Center Boulevard in Sun City Center, Fla.  This is a Class “B” medical office building located adjacent to South Bay Hospital in the heart of Sun City Center.

Sunhill Medical Arts Building is part of a three property portfolio that includes Cypress Park Center and South Bay Medical Arts building, both of which are in the immediate area.

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

Richard D. Matricaria
Regional Manager, Tampa
(813) 387-4700

HFF closes sale of Ingraham Garage in downtown Miami, FL

Luis Castillo
MIAMI, FL – HFF announced today that it has closed the sale of the Ingraham Garage, a 630-space parking garage and retail building in downtown Miami.

HFF marketed the property on behalf of Miami Parking Ventures, LLC.  A client advised by LaSalle Investment Management purchased the property free and clear of existing debt.

In addition to 630 parking spaces, the Ingraham Garage also includes 14,447 square feet of ground-floor retail space.  

The property is located in Miami’s central business district at 225 SE 2nd Street, within walking distance of Bayfront Park and across the street from the Metropolitan Miami complex, the location of a new Whole Foods that is part of the ongoing Met 3 development.

The HFF investment sales team representing the seller was led by managing director Luis Castillo along with executive managing director Manny de Zárraga, associate director Jorge Portela and senior real estate analyst Scott Wadler. 

“Freestanding parking garages are scarce in our market and rarely offered for sale, which made the Ingraham Garage a highly coveted opportunity,” said Castillo.

Manny de Zarraga
Miami Parking Ventures, LLC is controlled by Osprey Investment Company, LLC, which was formed in 2005 and is the capital markets and acquisition arm of the Osprey Group of Companies.

 Osprey is a full service real estate firm that owns and manages approximately 4.5 million square feet of commercial and industrial properties throughout Michigan, Florida, North Carolina and suburban Washington, D.C.

LaSalle Investment Management, Inc., a member of the Jones Lang LaSalle group (NYSE: JLL), is a leading global real estate investment manager, with approximately $48 billion of assets under management of private and public property equity investments.  

LaSalle is active across a range of real estate capital and operating markets including private and public, debt and equity and its clients include public and private pension funds, insurance companies, governments, endowments and private individuals from across the globe.  For more information, visit
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
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

Mortgage Bankers Association Reports First Quarter Commercial and Multifamily Mortgage Originations at Same Pace as Q1 2013

Jamie Woodwell

WASHINGTON, DC (May 6, 2014) – According to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, first quarter 2014 commercial and multifamily mortgage loan originations were one percent lower than during the same period last year and 45 percent lower than the fourth quarter of 2013.

“Commercial and multifamily borrowing typically starts the year slowly, with less than one-fifth of the annual volume usually done in the first quarter,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research.

 “This year is looking to continue the trend.  Lending by banks and life companies increased compared to last year’s first quarter, but first quarter originations for Fannie Mae and Freddie Mac and for inclusion in commercial mortgage-backed securities (CMBS) were lower than during the same period last year. 

“Taken together, commercial and multifamily mortgage originations started 2014 at the same pace they started 2013.”

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

Shawn Ryan
(202) 557-2727

NAI Realvest Negotiates Two New Office/Warehouse Leases at South Park Business Center in Orlando, FL

Tom R. Kelley II
ORLANDO, FL--- NAI Realvest recently completed two new long term lease agreements in South Park Business Center, 8600 Commodity Circle in Orlando.  Tom R. Kelley II, CCIM, a principal in the firm negotiated both transactions representing the landlord, Miami-based South Park, LLC.   

 Threadbird, LLC leased Unit 118 with 2,085 square feet, and this tenant was represented by Monica Wonus with CBRE.

 At the same time Kelley negotiated another lease at South Park with AboutShow, Inc., which specializes in stage LED light displays.  The new tenant leased 1,830 square feet in Unit 122 and will be using the office/warehouse facility for administration.    There were no other brokers involved in this transaction.

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

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