Tuesday, August 5, 2014

Cousins Properties Continues Strategic Portfolio Repositioning


Larry Gellerstedt
ATLANTA, GA, Aug. 5, 2014 --Cousins Properties Incorporated (NYSE: CUZ) announced today several transactions which continue to drive significant progress with its strategic portfolio repositioning plan.

Over the last ten days, the Company has signed definitive agreements to acquire two trophy office assets in targeted submarkets within Charlotte, NC and Atlanta, GA.

Fifth Third Center, a 698,000 square foot office tower in the Uptown submarket of Charlotte is under contract to purchase for a gross price of $215 million.

Northpark Town Center, a 1.5 million-square-foot office complex in the Central Perimeter submarket of Atlanta is under contract to purchase for a gross price of $348 million.

These acquisitions will be funded with proceeds from the Company's recently completed common equity offering, and the anticipated sale or joint venture of certain assets.

A detailed update of the Company's Strategic Portfolio Repositioning, as well as an overview on the acquisitions, can be found on Cousins' website: www.cousinsproperties.com.

"When these transactions are complete, our property portfolio will be located exclusively in our five targeted Sunbelt markets," said Larry Gellerstedt, President and Chief Executive Officer of Cousins. 

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"We will have a portfolio of unsurpassed quality in our markets, supported by an exceptionally strong balance sheet that we believe is ready for whatever lies ahead."

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

HFF closes $6.5 million sale of New Jersey medical office building


Kevin O'Hearn
FLORHAM PARK, NJ – HFF announced today that it has closed the $6.5 million sale of Cranbury Corporate Center, a 63,855-square-foot medical office facility located at 620 Cranbury Road in East Brunswick, New Jersey.

               Completed in 2005, Cranbury Corporate Center is a two-story medical office building that is 80 percent leased to a variety of medical specialty groups such as MRI, surgical centers, OBGYN, eye care, rehabilitation, podiatry and general patient care.

 LabCorp, one of the largest clinical laboratory networks in the world and Life Alert are also tenants in the building.  The property is situated on 9.7 acres along Cranbury Road close to Route 18 and the New Jersey Turnpike in East Brunswick, Middlesex County, New Jersey.

               The HFF investment sales team representing the seller was led by managing director Kevin O’Hearn and associate director Steve Simonelli.

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

Kristen M. MurphyAssociate DirectorHFF | One Post Office Square, Suite 3500 | Boston, MA 02109Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.comkrmurphy@hfflp.com

CBRE Brokers Silver Oaks Apartments Sale in Orlando


Silver Oaks Apartments, Orlando, FL
ORLANDO, FL, Aug. 5, 2014 -- CBRE is pleased to announce that it has sold the Silver Oaks apartments in Orlando. This 320-unit rental community was built in 1990, and was 95% occupied at closing.

Shelton Granade, Luke Wickham, and Justin Basquill of CBRE’s Orlando office exclusively represented the seller in the transaction.

Silver Oaks offers 1 and 2 bedroom units averaging 837 SF, and an amenity package including two swimming pools, a tennis court, and a clubhouse. The property is just 15 minutes from downtown Orlando, and is near major employers such as Universal Studios and the Mall at Millenia.

CBRE’s Central Florida Multi-Housing Group continues to be the market leader, and has closed more than $910,000,000 in the Orlando MSA in the last 19 months.

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

Shelton D. Granade, Jr., Executive Vice President

CBRE | Investment Properties - Multifamily

200 S. Orange Avenue, Suite 2100 | Orlando, FL 32801

T 407 839 3103 F 407 404 5001


Shelton.Granade@cbre.com| www.cbre.com | www.cbre.com/shelton.granade

HFF closes sale of Chicago area multi-housing community


CHICAGO, IL – HFF announced today that it has closed the sale of Tanglewood Apartments, an 838-unit, garden-style multi-housing community in Arlington Heights, Illinois.

                HFF marketed the property on behalf of the seller, Principal Real Estate Investors.  JRK Property Holdings purchased the offering for an undisclosed amount.

                Tanglewood Apartments is located at South Goebbert Road and East Algonquin Road (Route 62) just off the Jane Addams Memorial Tollway (Interstate 90) and approximately 25 miles northwest of Chicago’s central business district. 

The community is 97 percent leased and includes one-, two- and three-bedroom units averaging 731 square feet each.  Community amenities include a clubhouse, 24-hour fitness center, two swimming pools, two sundecks, playground, volleyball court, pet stations and gazebo.

Sean Fogarty
                The HFF investment sales team representing the seller was led by managing directors Sean Fogarty and Marty O’Connell, associate director Wick Kirby and executive managing director Matthew Lawton.

                Principal Real Estate Investors manages or sub advises $52.6 billion in commercial real estate assets.  The firm’s real estate capabilities include both public and private equity and debt investment alternatives. 

Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.

                Since its founding in 1991, JRK Property Holdings has amassed a commercial portfolio throughout the United States valued in excess of $6 billion, and consisting of more than 55,000 multifamily units, luxury and flagged hotels, and more than two million square feet of office, industrial, and storage properties.  As of 2014, JRK is the 15th largest owner of apartment properties in the country.

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com


Chatham Lodging Trust Announces Record Second Quarter Results and Raises Guidance


Jeffrey H. Fisher
 PALM BEACH, Fla., August 5, 2014—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) that owns wholly or through its joint ventures 77 premium-branded, upscale, extended-stay and select-service hotels, today announced results for the quarter ended June 30, 2014.

  In addition, the company increased its guidance for the remainder of 2014 to reflect recent acquisitions and strong business fundamentals.

“2014 is shaping up to be a terrific year for Chatham as we followed up a great first quarter with a phenomenal second quarter which produced industry-leading RevPAR growth of 9.6 percent, further driving expansion of our already industry leading margins by 350 basis points to 43.6 percent,” emphasized Jeffrey H. Fisher, Chatham’s president and chief executive officer. 

“Continuing a pattern from the first quarter, 13 of our 29 hotels, or 45 percent of our portfolio, produced double-digit RevPAR gains, reinforcing our acquisition strategy of focusing on specific markets where economic growth is strong. Anaheim, Boston, Dallas, Houston, Nashville, San Antonio and Silicon Valley were our strongest markets in the 2014 second quarter.

“Almost 90 percent of our portfolio is in higher growth west coast, northeast and Texas markets, allowing us to outperform our RevPAR guidance of 7-8 percent.”

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

Patrick Daly
Account Supervisor
Daly Gray, Inc.
Office:  (703) 435-6293
Cell:  (703) 300-8289


Dart Realty Announces PricewaterhouseCoopers as Anchor Tenant at Topping Out Ceremony for 18 Forum Lane in Cayman Islands


Jackie Doak
Camana Bay, Cayman Islands  - Dart Realty (Cayman) Ltd. announces PwC Cayman Islands, a member firm of one of the world's largest professional services networks, as the anchor tenant at 18 Forum Lane, an 85,000-square-foot office and retail building under construction in Camana Bay.

The building is slated to become the Caribbean’s first mixed-use commercial property to achieve Leadership in Energy and Environmental Design (LEED®) Gold certification.

 Executives from Dart Realty and PwC announced the news during a topping out ceremony for the building. Simultaneously, Dart Realty launched workatcamanabay.com, a website dedicated to the growing office portfolio at the landmark new urbanism community.

 “With nearly 175 employees and over 40 years’ experience in the Cayman Islands, PwC exemplifies the world class firms that have chosen Camana Bay as the place to locate and grow their business,” said Jackie Doak, Chief Operating Officer of Dart Realty. “It is a privilege to welcome such a prestigious financial services firm to the Camana Bay community.”

Rendering of planned 18 Forum Lane, Camana Bay
 Cayman Islands
Additional information on amenities and construction progress can be found on the company’s newly launched commercial real estate website www.workatcamanabay.com.

For leasing information about 18 Forum Lane, please contact Vice President of Leasing Sloane Rhulen at sloane.rhulen@drcl.ky.

For more information on Camana Bay visit CamanaBay.com, like Camana Bay Fan Page on Facebook and follow @CamanaBay on Twitter and @Camana_Bay on Instagram.

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

Tony Wilbert, The Wilbert Group
Tel: 404-405-3656

Melissa Ladley, Dart Realty (Cayman), Ltd.
Tel: 345-640-3371

Lincoln Harris to Manage Four Raleigh, NC Office Buildings for Goldman Sachs


Dave Oddo
RALEIGH, NC— Lincoln Harris has won the property management assignment for four Class A office buildings totaling nearly 300,000 square feet in the Raleigh area. A real estate investment arm of The Goldman Sachs Group Inc. owns the buildings.

The properties include:

• 6501 Weston Parkway, a three-story, 93,000-square-foot building in Cary, North Carolina.

• 5540 Centerview Drive, a four-story, 90,000-square-foot asset in Raleigh.

• 801 Jones-Franklin Road, a three-story, 72,000-square-foot property in Raleigh.

• 5520 Capital Center Drive, a two-story, 43,000-square-foot building in Raleigh.

“We are proud to be partnering with Goldman Sachs Realty Management on this assignment,” said Dave Oddo, a senior vice president in Lincoln Harris’ Raleigh office. “These properties have a strong performance history and solid rent rolls. We are confident that our local expertise and experience will serve to enhance their operations and value.”

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

Stephen Ursery
The Wilbert Group
404-549-7150 (O) 404-405-2354 (C)

HFF closes sale of Franklin Marriott Cool Springs in Nashville, TN suburb


Franklin Marriott Cool Springs Hotel, Franklin, TN
NEW YORK, NY – HFF announced today that it has closed the sale of the Franklin Marriott Cool Springs, a 300-room full service hotel, located in Franklin, Tennessee. 

Located in the heart of the Cool Springs office district at 700 Cool Springs Boulevard, the 300-room, full-service hotel was originally opened in 1999 under the Marriott brand and extensively renovated in 2007 and 2012. 

The hotel offers three dining outlets, a fitness center, business center, indoor pool and three concierge floors.  The property is connected to the Cool Springs Conference Center, which has 30,000 square feet of meeting space.

The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s Hotel Group Daniel C. Peek, director KC Patel and associate director Cyrus Vazifdar.

Daniel C. Peek
“Nashville’s lodging market continues to thrive, and we expect this trend to continue with the opening of the Music City Center and further strengthening of Nashville’s economy,” Patel said.

 “Franklin, Tennessee, is one of the country’s strongest and most dynamic corporate submarkets and continues to grow with several major demand-inducing developments underway.  This has attracted interest from many of our industries most well-respected investors, including this transaction.”

“The interest in higher quality, full-service lodging product has been tremendous recently,” Peek added.  “We were fortunate to attract interest from numerous institutional investment firms who viewed the Marriott Cool Springs as an opportunity to enter a historically strong lodging market via Franklin’s top hotel asset.”

HFF is a leader in the sale and financing of all types of hotel/lodging assets including branded, full-service, institutional-quality hotel properties.  The firm recently arranged sale transactions for the Raleigh Hotel on South Beach in Miami; the Shores Resort and Spa in Daytona Beach and the DoubleTree Dallas – Campbell Centre. 

 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 | www.hfflp.com


NorthStar Realty Finance to Acquire Griffin-American Healthcare REIT II in $4 Billion Transaction


Jeff Hanson
IRVINE, CA and  NEW YORK, NY (Aug. 5, 2014) – Griffin-American Healthcare REIT II, Inc. (“Griffin-American”) and NorthStar Realty Finance Corp. (NYSE: NRF) (“NorthStar Realty”) today announced that the boards of directors of both companies have unanimously approved a definitive merger agreement under which NorthStar Realty will acquire all of the outstanding shares of Griffin-American in a stock and cash transaction valued at $4 billion, or $11.50 per Griffin-American share.

 Subject to the terms and conditions of the merger agreement, Griffin-American stockholders will receive: (i) $7.75 per share in cash; and (ii) $3.75 per share in NorthStar Realty common stock.

The stock portion will be subject to a collar such that Griffin-American shareholders will receive 0.1859 NorthStar Realty shares if NorthStar Realty’s stock price is above $20.17 per share at closing and 0.2344 NorthStar Realty shares if NorthStar Realty’s stock price is below $16.00 at closing.

If NorthStar Realty’s stock price at closing is between $16.00 and $20.17 per share, Griffin shareholders will receive a number of NorthStar Realty shares between 0.1859 and 0.2344, equal to $3.75 in value. 

“When we launched Griffin-American Healthcare REIT II nearly five years ago, we set out to build a premium portfolio of diversified healthcare real estate in order to provide investors with an opportunity to realize a compelling return on their investment,” said Jeff Hanson, chairman and CEO of Griffin-American.

 “With this transaction, we have executed on our strategy, validating our investment thesis and delivering a strong result for stockholders.”


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

Damon Elder

(949) 270-9207

Taylor & Mathis Orlando Announces New Headquarters in Winter Park, FL


Damien Madsen
ORLANDO, FL -- The Orlando Division of Taylor & Mathis opened their doors for business only 18 months ago.  Within the past 18 months the Orlando division has tripled in size and continues to grow exponentially in the Office and Industrial sectors of the commercial real estate market.

 It is with great pleasure that Damien Madsen, Principal, announces that they located their new office in the BankFIRST Office Building in Winter Park. 

  It is located at 1031 W. Morse Blvd only minutes from the new Trader Joe’s plaza and the center of the Winter Park Renaissance Market currently underway.

 “This is an exciting move for our company and we feel the timing and conditions around the move could not be more ideal.  We have worked hard this past 18 months to build a solid foundation and we are ready to take our business to the next level. 

“This couldn't be at a better time and the location is ideal.  We have exceeded our forecasted growth and projections that were outlined in our business plan." says Madsen.

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

Buffy Gillette (407) 622.6699

Lincoln Brokers More than 57,000 Square Feet of Office Leases in North Fulton Area of Metro Atlanta


Hunter Henritze
ATLANTA, GA (Aug. 5, 2014) – Lincoln Property Company Southeast (Lincoln) has brokered leases totaling 57,270 square feet in Alpharetta, Georgia, in the North Fulton sub-market of metro Atlanta.

 Hunter Henritze and Michael Howell, vice presidents of office leasing for Lincoln, represented the landlord in each of the transactions.

The details of the leases are as follows:

• Actimize, which provides financial crime prevention, compliance and risk management products and services to the financial services industry, extended and expanded its lease at 500 Northwinds, a Class A office building at 11625 Rainwater Drive. The company now occupies 15,090 square feet. Richard Charkham of Colliers International in New York and Alan Joel and Dan Granot of Joel and Granot in Atlanta represented the tenant.

• Profisee, a master data management software firm, extended and expanded its lease at Brookside II, a Class A office building at 3655 Brookside Parkway. The firm will now occupy 10,286 square feet. David Rubenstein of Cresa Atlanta represented the tenant.

Michael Howell
• Great American Insurance extended and expanded its lease at Brookside II. The company now occupies 7,700 square feet. Liz Love of Jones Lang LaSalle represented the tenant.

• JMP Credit renewed its 5,773-square-foot lease at Preston Ridge IV, a Class A office building at 3440 Preston Ridge Road. Shan Lewis of Wildmor Realty represented the tenant.

• SNC-Lavalin, an engineering and construction firm, signed a new lease for 5,384 square feet at Preston Ridge. Craig Goldberg represented the tenant.

• Adecco USA has expanded its space to a total of 4,333 square feet at Three Northwinds, a Class A office building at 2500 Northwinds Parkway. Ben Onerdonk of Mohr Partners represented the tenant.

• B&T Engineering signed a new lease for 4,012 square feet at Brookside I, a Class A office building at 3625 Brookside Parkway. Drew Levine of Colliers International represented the tenant.

• Evolve Bank & Trust has renewed its 3,457-square-foot lease at 400 Northwinds, a Class A office building at 11605 Haynes Bridge Road. Ronnie Cannon of Cresa Atlanta represented the tenant.

• Allergan Sales LLC signed a new lease for 1,235 square feet at Two Northwinds, a Class A office building at 2520 Northwinds Parkway.

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

Stephen Ursery
The Wilbert Group
404-549-7150 (O) 404-405-2354 (C)

CFLane Recognized by Atlanta Business Chronicle as One of the Top Apartment Managers in Metro Atlanta


Byron Cocke

 ATLANTA, GA— CFLane, the rapidly growing apartment management firm headquartered in Atlanta, ranks No. 5 on the Atlanta Business Chronicle’s new Top 20 Apartment Property Management Companies list. 

 “We are proud of CFLane’s growth since its formation over a year ago, and extremely optimistic about the future of the apartment sector, both in metro Atlanta and throughout the regions in which we are active,” said Byron Cocke, co-CEO of CFLane and CFI.

 “When you combine the ongoing strength of the apartment market with the immense experience and expertise of our team, it produces exactly the right kind of environment for CFLane to generate outstanding returns for our clients.”

The rankings were based on the number of apartment units firms manage in metro Atlanta.

 CFLane manages 9,900 apartment units in metro Atlanta, which represents approximately 25 percent of the firm’s total multifamily management portfolio. 

CFLane’s current management portfolio encompasses 17 states, stretching regionally from Maryland to Nevada, and features all types of apartment communities, from workforce housing to Class-A properties. CFLane, which is owned by the full-service multifamily investment and consulting firm Cocke, Finkelstein Inc. (CFI), manages communities owned by CFI as well as third parties.

 Earlier this year, CFLane came in at No. 34 on the National Multi Housing Council’s prestigious annual ranking of the 50 largest apartment managers in the nation.

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

Stephen Ursery
The Wilbert Group
404-549-7150 (O) 404-405-2354 (C)

Berkadia Negotiates Sale of 33 Acre Development Site in Martin County, FL


Cole Whittaker
ORLANDO, FL--- Berkadia real estate advisors recently negotiated the sale of a 33-acre development site in Martin County.

Cole Whitaker, partner who heads Berkadia in Florida and senior vice president Hal Warren, negotiated the sale of the site located off Cardinal and Baker Roads in Stuart.

The purchase price of the property was $650,000.

The seller was Capstone Resdev LLC and the buyer is STB Outdoors, LLC based in Jupiter. 

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

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142; lvershelco@aol.com