Wednesday, July 30, 2014

Taylor & Mathis of Florida Executes 2nd Large Office Deal at 9250 Doral in Miami, FL

Brian Gale
MIAMI, FL, July 30, 2014 – Taylor & Mathis of Florida has filled 56% of the office space at 9250 Doral in three deals valued at $19 million totaling more than 104,000 square feet since the building’s conversion and multi-million dollar renovation. 

Prestige Health Choice, LLC has leased 49,324 square feet, over 25% of the building, in a transaction valued at $6 million. 

Late last year California-based West Coast University signed a 45,000 square foot lease. The Prestige deal was brokered by Andrew Trench and Brian Gale of Taylor & Mathis representing the owner and co-broker Steve Smith of ComReal representing Prestige.

 The building’s large 45,000+ square foot floor plates were instrumental in securing both deals.   “We are very excited to announce a new lease with Prestige Health Choice, an excellent, growing local company,” stated Trench.

 “Because this office will be used to meet with several important government officials, clients and partners, Prestige required a high-end property with Class “A” presentation.

Andrew Trench
“ With the capital that Delma Properties has invested into the renovation of the building, 9250 Doral offered Prestige the exact image they are looking to convey.  This is a great partnership between Landlord and Tenant.” 

9250 Doral sits in one of the most exciting and rapidly growing areas of the Miami-Dade office market.

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

Todd Benson, Delma

 Brian Gale, Taylor & Mathis

Trepp Reports CMBS Delinquency Rate Slows Improvement in July

Joe McBride

(New York, NY, July 30, 2014) –Trepp, LLC, the leading provider of information, analytics, and technology to the CMBS, commercial real estate, and banking markets, released its July 2014 US CMBS Delinquency Report today (available at 

Having achieved double-digit improvements in the monthly US CMBS delinquency rate for over a year, the contraction in the rate slowed significantly in July. During the course of the month, the delinquency rate for US commercial real estate loans in CMBS dropped just one basis point, to 6.04%.

Loan resolutions, which have ranged from $900 million to $2 billion (excluding the CWCapital sales) this year, totaled only $600 million in July. With fewer distressed loans removed from the delinquent loan pool, newly delinquent loans pushed the monthly total back up. Trepp currently counts $32.1 billion in CMBS loan delinquent, which is down from June’s total.

“After so many months of steady declines in the delinquency rate, the slowdown in distressed loan liquidations and an uptick in newly delinquent loans put the brakes on the improvement in July,” said Joe McBride, research analyst at Trepp. “Whether the monthly decrease in loan liquidations is an outlier or a true shift to slower workout activity from special servicers remains to be seen but we expect the rate to continue downward.”

“Seriously delinquent” loans, which are counted as those 60+ days delinquent, in foreclosure, REO, or non-performing balloons, have also been on a steady decline. Again, this improvement stalled in July, as the rate decreased by only four basis points on this basis.

When broken out by major property type, lodging loans surpassed retail as the best performer. The delinquency rate for lodging loans fell to 5.19% in July and retail increased to 5.53%. While all five property types have fallen into the single digits for their respective delinquency rates, multifamily loans remain the worst performing property type, with a rate of 9.24%.

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

Joe McBride, Research Analyst
Trepp LLC

Eric R. Gerard
Senior Vice President
Great Ink Communications
27 Union Square West, Suite 205
New York, NY 10001

(212) 741-2977

Charles Dunn Company Completes $6.87 Million Sale of 12-Unit Multifamily Property in Valley Village, CA

Gelena Skya Wasserman
LOS ANGELES, CA, July 30, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $6,875,000 sale of a fully occupied 12-unit multifamily property located at 5056 Laurel Canyon Blvd. in Valley Village, Calif., a city within San Fernando Valley.

Roger Beck and Gelena Skya-Wasserman of Charles Dunn Company represented the 1031 exchange buyer, Venture One, LLC in the transaction. The seller, Laurel Heights, LLC was represented by Peter Miller of KW Commercial.

Built in 2011, the property includes a mix of spacious three- and four-bedroom townhome-style units. The units all offer 2,000-square-foot and larger floor plans and include hardwood floors, granite counter tops, stainless steel appliances, and washer/dryer hookups. The property also includes a covered parking garage.

Roger Beck
“The Valley Village area near North Hollywood is a small community with very little product available to purchase,” said Skya-Wasserman, director with Charles Dunn Company.

“This property was attractive to the buyer because there are very few options to rent higher-end, large townhome units like this. 

"The majority of apartments in this area are older construction with the exception of IMT Residential’s new projects within the vicinity.”

Skya-Wasserman added that the non-rent controlled property was also in prime condition and required little to no maintenance.

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

Darcie Giacchetto
D.G. Communications, Inc.

Atlanta Braves Announce Partners for Mixed-Use Development Adjacent to New Ballpark

ATLANTA, July 30, 2014 – A trio of nationally respected developers will partner with the Atlanta Braves organization to develop the 74-acre, $400-million mixed-use development that will be integrated with the new ballpark the franchise is developing in partnership with the Cobb-Marietta Coliseum and Exhibit Hall Authority. 

 Construction on the new stadium is scheduled to start later this year and will be completed by Opening Day 2017. The goal of the mixed-use development will be to open Phase I, or a substantial portion of it, by spring of 2017 as well.

Terry McGuirk
The organization announced today that three local companies – Fuqua Development, Pope & Land Enterprises, and Pollack Shores Real Estate Group – will be its partners in developing the project, which includes up to 630,000 square feet of class A office space, 500,000 square feet of upscale retail, 450 hotel rooms and 500 residences.

The Braves will retain a majority ownership stake in the development and will continue to guide the development process in conjunction with its partners.

 “In just eight months, we have made tremendous progress on our ballpark and mixed-use project,” said Atlanta Braves Chairman and CEO Terry McGuirk. “We’re thrilled to announce a partnership that reflects our local roots and global brand as we move forward on the mixed-use portion of the project.”

For more information, visit

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

Matt Scofield
JACKSON | SPALDING for the Atlanta Braves
P 404-214-3554
M 404-312-8325

Cousins Properties Announces Public Offering of 18 Million Shares of Common Stock

Charlotte, NC Uptown skyline
ATLANTA-- Cousins Properties Incorporated (the "Company") (NYSE: CUZ) today announced that it has commenced an underwritten public offering of 18.0 million shares of its common stock.

The Company intends to use the net proceeds of the offering to fund the purchase price of Fifth Third Center, a 698,000 square feet Class-A office building located in the Uptown submarket of Charlotte, North Carolina. 

Any remaining proceeds will be used for general corporate purposes, including the acquisition and development of office properties, other opportunistic investments and the repayment of debt.

J.P. Morgan will serve as the sole book-running manager for the offering.

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

Cousins Properties Incorporated
Marli Quesinberry, 404-407-1898
Director of Investor Relations and Corporate Communications