Sunday, June 5, 2016

Regency Centers Declares Quarterly Cash Dividend on Preferred Stock

JACKSONVILLE, FL.--(BUSINESS WIRE)-- Regency Centers Corporation (the “Company”) (NYSE: REG) announced its Board of Directors declared a quarterly cash dividend of $0.41406 per share on the Company’s Series 6 Preferred Stock (CUSIP: 758849707; NYSE: REGPrF), payable on June 30, 2016 to shareholders of record on June 14, 2016.

The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.3750 per share on the Company’s Series 7 Preferred Stock (CUSIP: 758849806; NYSE: REGPrG), payable on June 30, 2016 to shareholders of record on June 14, 2016.

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

Regency Centers Corporation
Patrick Johnson, 904-598-7422

M&R Development Breaks Ground on 297-Unit The Residences at Hamilton Lakes in Itasca, IL

Anthony Rossi Sr.
ITASCA, IL — M&R Development announced the groundbreaking of The Residences at Hamilton Lakes, a 297-unit luxury rental community immediately adjacent to the Hamilton Lakes Business Park in Itasca, Ill.

The community, which is a joint venture between M&R Development, Itasca-based Hamilton Partners and Chicago-based Murphy O’Brien LLC, is expected to be completed in spring 2017.

Bordered by Prospect Avenue on the east, Arlington Heights Road on the west and Thorndale Avenue on the south, the 10.7-acre community will be the first luxury rental property developed in the immediate vicinity of Hamilton Lakes Business Park, which includes over 3 million square feet of office space, as well as restaurants and two hotels.

“We are thrilled to celebrate the groundbreaking of the first residential community of its kind in Itasca in more than 20 years,” said Anthony Rossi Sr., president of M&R Development. “The Residences of Hamilton Lakes will meet the pent-up demand from the renter-by-choice segment interested in luxury housing with proximity to so many suburban employment centers.”

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

Sara Williams,, (312) 267-4510

Kim Manning,, (312) 267-4527

RealtyTrac Reports Home Flipping Increases 20 Percent in First Quarter to Two-Year High

Daren Blomquist
IRVINE, CA — RealtyTrac® (, the nation’s leading source for comprehensive housing data, released its Q1 2016 U.S. Home Flipping Report, which shows that 6.6 percent (43,740) of all single family home and condo sales in the first quarter of 2016 were flips, a 20 percent increase from the previous quarter and up 3 percent from a year ago to the highest rate of home flips since the first quarter of 2014.

For the report, a home flip is defined as a property that is sold in an arms-length sale for the second time within a 12-month period based on publicly recorded sales deed data collected by RealtyTrac in more than 950 counties accounting for more than 80 percent of the U.S. population

The 6.6 percent share of total home sales that were flips in Q1 2016 was still 26 percent below the 9.0 percent share at the peak of home flipping in Q1 2006, but was 55 percent above the recent trough in home flipping — 4.3 percent of total home sales in Q3 2014. 

“After faltering in late 2014, home flipping has been gaining steam for the last year and a half thanks to falling interest rates and a dearth of housing inventory for flippers to compete against,” said Daren Blomquist, senior vice president at RealtyTrac.

“While responsible home flipping is helpful for a housing market, excessive and irresponsible flipping activity can contribute to a home price pressure cooker that overheats a housing market, and we are starting to see evidence of that pressure cooker environment in a handful of markets.

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

 Jennifer von Pohlmann
949.502.8300, ext. 139

Edward R. James Companies Building Westgate at the Glen on Former Site of Glenview Naval Air Station in Chicago Area

Jerry S. James
CHICAGO, IL — With summer around the corner, Chicago-area forest preserves, golf courses, bike trails and waterways are bustling with activity as outdoor enthusiasts pursue their favorite warm-weather pastimes. 

For those in the market for a new home, a number of local new-construction communities give residents the opportunity to live in proximity to these recreational destinations, making it easy for busy homeowners to spend time outdoors and enjoy a variety of activities.

Edward R. James Companies is currently building Westgate at The Glen, a 171-unit maintenance-free community with access to two on-site golf courses – The Glen Club and the Glenview Prairie Club. For seasoned golfers, the Glen Club is an 18-hole championship golf course that was named to the Top 10 New Courses lists published by Golf Digest, Golf Magazine and Sports Illustrated.

 The Glenview Prairie Club is a nine-hole course that also features the popular off-season sport of paddle (or “platform”) tennis. Both golf courses are part of The Glen, an 1,100-acre mixed-use development on the site of the former Glenview Naval Air Station. Westgate at The Glen is the last residential parcel to be developed at the site.

“Whether our residents are golf lovers, or taking up the game for the first time, Westgate at The Glen gives them two fantastic options,” said Jerry S. James, president of Edward R. James Companies. “The courses also provide a beautiful setting for the homes that can be enjoyed year-round.”

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

Sarah Lyons,, (312) 267-4520
Kim Manning,, (312) 267-4527

More Than Luck: Superstition Corridor Attracts Buyer for $4.9M JLL Office Asset; Booming medical market, new development making a big impact on submarket

Dennis Desmond
PHOENIX, AZ– Strong recovery in the Superstition Corridor contributed to this week’s $4.9 million sale of Inverness Commons II, a value-add office asset represented by the Phoenix office of JLL.

The 60,960-square-foot building sits within one mile of the U.S. 60 Superstition Freeway and in the heart of the Superstition Corridor, a submarket that over the past 12 months has experienced a significant improvement in vacancy rates as new office and medical users flock to the area.

JLL Senior Managing Director Dennis Desmond represented the property seller, Omninet, in the transaction. The property buyer was G2 Capital. JLL Managing Directors Dave Seeger, Karsten Peterson and Mark Gustin serve as the property’s leasing team and partnered with Desmond on the sale.

“The Superstition Corridor is an exceptional market for value-add investors,” said Desmond. “G2 Capital recognized this early on, and has plans to capture that potential with strategic capital improvements. For a project that sits in the shadow of neighbors like Banner MD Anderson and A.T. Still University, the upside opportunity is significant.”

According to JLL, the Superstition Corridor office submarket already this year has achieved 167,833 square feet of total net absorption, with an additional 170,000+ square feet of tenants expected to move in by year’s end. This has helped drive direct vacancy down from 27.9 percent in Q1 2015 to 22.4 percent in Q1 2016. It has also helped pushed average rents back above $23 per-square-foot, a rate nearing the $26.15 per-square-foot high water mark achieved in 2007.

Karsten Peterson
“With a 44.4 percent occupancy rate, Inverness is in a prime position to fill its vacant space and maximize the benefits of an improving market,” said Desmond. “The 12 neighboring office buildings are currently 82 percent occupied. Surrounding medical office space is operating at more than 87 percent occupied.”

Inverness Commons II is located at 5416 E. Baseline Rd. in Mesa, Arizona, between Baseline Road and the U.S. 60, just east of Higley Road. 

The 2001-built, two-story office building sits on 5 acres, within walking distance to retail and restaurant amenities, and in a medical hub of the Southeast Valley that includes Banner Gateway Hospital, Banner MD Anderson Cancer Center, Phoenix Children’s Hospital and the Arizona Health & Technology Park (home to A.T. Still University of Health Sciences).

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

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

Phoenix City Council Unanimously Approves Metrocenter Rezoning; 130-acre Planned Unit Development ushers in new era for infill site

Warren Fink
PHOENIX, AZ — The Phoenix City Council has unanimously approved a Planned Unit Development (PUD) application for 130 acres in and around the iconic Metrocenter Mall development, located on Interstate 17 between Peoria and Dunlap roads in Phoenix, Arizona.

The new zoning allows for multiple new uses besides retail, such as office, senior housing, multifamily housing and healthcare. It also allows for increased height and density at the infill site, which boasts the highest surrounding residential density in all of the metro Phoenix market.

The PUD encompasses 130 acres, with 83 acres of that occupied by Metrocenter Mall, the adjoining Macys and Sears anchor spaces, and the 10-acre land site of a future Walmart Supercenter.

“This is a landmark moment that we have been working toward for quite a long time,” said Warren Fink, COO of Carlyle Development Company, the owner of Metrocenter Mall.

“After several years of collaboration with the City, the community and its leaders, we now have the official green light to redevelop this valuable infill site in a very significant way, first and foremost by bringing in dynamic new uses that will make this a true urban village for Phoenix residents.”

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

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

Major Ventura County Investor and Developer Diversifies California Portfolio to Los Angeles, Orange and San Diego Counties; Completes $125 Million in Transactions


Bernard Huberman
 SANTA MONICA, CA  – Following three decades as the premier real estate investment firm in Ventura County, BLT Enterprises, a multi-faceted commercial real estate investment company, has diversified  its focus to Los Angeles, Orange and San Diego counties, recently completing more than $125 million in transactions.

 BLT has acquired or developed more than five million square feet of commercial assets valued at more than $2 billion throughout California.

With its shift in geographic targets, BLT Enterprises has moved its headquarters to Santa Monica, has disposed of a portion of its Ventura County assets, and has acquired $65 million of industrial, office and redevelopment properties in West Los Angeles, Santa Monica, Lake Forest and Kearny Mesa.  BLT currently has an additional six properties in escrow within its new region of focus.

            “We made a tremendously positive impact in Ventura County, acquiring and developing properties in the Oxnard industrial market,” says Bernard Huberman, Founder and President of BLT Enterprises.

 “We still maintain a valuable portfolio in Ventura County that includes tenants such as Volkswagen Group of America, PepsiCo and Goodwill Industries, and are maintaining an office in that market to continue to serve our Ventura County tenants.” 

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

Devin Ugland/ Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940