Friday, April 25, 2008

HFF Secures $5.15M Refinancing for Creekside Estates in Vancouver, WA


PORTLAND, OR – The Portland office of HFF (Holliday Fenoglio Fowler, L.P.) has secured a $5.15 million refinancing for Creekside Estates, a 188-pad manufactured housing community in Vancouver, Washington.

HFF associate director Tom Wilson and senior managing director Lloyd Minten (top right photo) worked exclusively on behalf of the borrower, Creekside Estates, LLC in arranging the 10-year, 5.435% fixed-rate non recourse loan through Wachovia Multifamily Capital, Inc. FNMA.

Creekside Estates (photo at left) is located at 5101 NE 121st Avenue close to Interstate 205 in Vancouver. The community was built in three phases, the most recent in 2000, and includes a recreation center with an indoor swimming pool. Creekside Estates is currently 92% leased.

“The agencies (Fannie Mae and Freddie Mac) continue to lead the way for financing in the multifamily sector,” said Wilson. “They are a reliable source of non recourse capital with no interest rate floors to their pricing.”

Contacts:
Thomas F. Wilson
HFF Associate Director
(503) 224-0444
Laurie Fish McDowell
HFF Associate Director, Marketing
(617) 338-0990
lmcdowell@hfflp.com



Posted by Alex at 1:24 PM 0 comments
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GVA Advantis Negotiates Sale of 2.34 Acres in Sanford, FL for $1.5M


SANFORD, FL –– GVA Advantis has negotiated the sale of a 2.34-acre site in Sanford, Seminole County, Florida, for $1,510,000.

GVA Advantis’ Mark Cooney, (top right photo) executive director of land services, represented the buyer, Miami-based Storsafe Sanford, LLC, a Florida limited liability company. The seller, Flagship Development, LLC, is a Florida limited liability company based in Orlando.

Located at 1811 Rinehart Road, the property is situated at the corner of Rinehart Road and Flagship Drive in Sanford. The site is planned for climate-controlled self storage.
“Strong residential and commercial growth, coupled with a highly visible and accessible site, dictated the self-storage use,” says Cooney.




CONTACT:

Lisa Hyde
Director of Marketing
Advantis Real Estate Services Company
3000 Bayport Drive, Suite 100
Tampa, Florida 33607
Tel 813.342.4752
Fax 813.342.4004
E-mail Lhyde@gvaadvantis.com
Posted by Alex at 1:04 PM 0 comments
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515 North State Street in Chicago Sale to be Marketed by HFF


CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) has been named to market for sale 515 North State Street, (photo above) a 622,487-sqaure-foot, Class A office tower in downtown Chicago, Illinois.

HFF managing directors Jaime Fink and Jeff Bramson and director Ken Glomb will lead the investment sales team on behalf of the seller, 515 North State Street Chicago, LP. The property is being offered with attractive first mortgage financing that is assumable by a potential purchaser.

Completed in 1990, 515 North State Street has 29 stories of office space that is 94% leased to tenants including the American Medical Association (AMA) and the Accredited Council for Graduate Medical Education (ACGME). (Scenic Lake Shore Drive, site of Chicago's annual marathon race, photo at left below.)

The property has an average lease term of eight years. Located at the corner of State Street and Grand Avenue, 515 North State Street is close to two Chicago Transit Authority subway stations and Lake Shore Drive in Chicago’s North Michigan submarket.

“515 North State Street is a tremendous core investment opportunity with an impressive tenant base in a trophy-quality asset,” said Fink.

CONTACTS:

Laurie Fish McDowell,
HFF Associate Director, Marketing
617 338 0990
Jeffrey M. Bramson,
HFF Managing Director
312 528 3650

Jaime M. Fink
HFF Managing Director
312 528 3650


Posted by Alex at 11:52 AM 0 comments
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EastGroup Properties Announces First Quarter 2008 Results

JACKSON, MS - EastGroup Properties, Inc. (NYSE-EGP) announces the results of its operations for the three months ended March 31, 2008.

Commenting on EastGroup’s funds from operations (FFO) per share for the quarter, David H. Hoster II, (top right photo) President and CEO, stated, “We are pleased with the solid operating results achieved during the first quarter of 2008 in spite of the slowing of the U.S. economy.

"We were able to combine good property operating results with a number of one-time items to exceed the high point of our first quarter guidance. We continued to generate growth in FFO per share with the first quarter of 2008 representing our 15th consecutive quarter of increased FFO per share compared to the previous year’s quarter.

It was also the 19th consecutive quarter of same property net operating income growth both with and without the straightlining of rents.”
(EastGroup's 1.78-million-SF World Houston International Business Park is shown at left below).

For a detailed copy of the news release, please contact David Hoster or N. Keith McKey, chief financial officer, at 601 354 3555 or e-mail investor@eastgroup.net.

(Photo of EastGroup's 592,000-SF Riverbend Business Park in New Orleans, LA is show at right below)


First-quarter highlights include:

• Funds from Operations of $19.8 Million or $.83 Per Share, an Increase of 15.3%

• Net Income Available to Common Stockholders of $7.4 Million or $.31 Per Share

• Same Property Net Operating Income Growth of 2.6%, 2.7% Before Straight-Line Rent Adjustments

• $68 Million Invested in Development and Acquisitions During the Quarter

• 20 Development Projects with Estimated Costs of $128 Million Under Construction or In Lease-Up at Quarter-End

• 94.9% Leased, 94.4% Occupied

• Paid 113th Consecutive Quarterly Dividend – $.52 Per Share, an Increase of 4% Compared to the Previous Quarterly Dividend

• Debt-to-Total Market Capitalization of 37.1% at Quarter-End with a Stock Price of $46.46 Per Share

• Interest Coverage of 3.8x and Fixed Charge Coverage of 3.5x

OUTLOOK FOR REMAINDER OF 2008


FFO per share for 2008 is estimated to be in the range of $3.26 to $3.36 ($.06 per share more than our previous estimate). The midpoint was increased from $3.25 per share to $3.31 per share. (EastGroup's 537,000-SF Westside Distribution Center in Jacksonville is shown in right photo below.)


Diluted EPS for 2008 is estimated to be in the range of $1.07 to $1.17. Guidance was increased due to strong property results as well as the following transactions recorded in the first quarter:


• Gains on sales of securities of $435,000
• Termination fees, net of bad debt, of $287,000
• Gain on involuntary conversion of $175,000


Posted by Alex at 11:12 AM 0 comments
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Johnson-Laux Construction Completes New 20,000-SF Interior Build-out for Stirling Sotheby International Realty at The Plaza in Downtown Orlando


ORLANDO, FL – Orlando-based Johnson-Laux Construction completed the striking new 20,000-square-foot interior build-out (photo above) for Stirling Sotheby International Realty’s Global Gallery new homes division at The Plaza, a luxury high-rise office-condominium tower at 121 S. Orange Avenue in downtown Orlando.

The full-service general contractor and construction manager also recently completed upscale interior work at three additional offices in The Plaza. Included are the 20,000-square-foot Your Office executive suites, the 4,100-square-foot Enterprise 500 office and the 3,000-square-foot dental office of Dr. Haraldo Otero.

Headed by LEED-Accredited Professional Kevin Johnson, President, and Anthony Laux, Vice President, Johnson-Laux is a full-service construction management and general contracting firm specializing in mission-critical healthcare, industrial, multi-family, office, retail and other projects throughout Central Florida.


The company routinely offers pre-construction planning, design-build and general construction services for cardiovascular, imaging and surgery centers, hospital construction and renovations, medical office buildings, office buildings, restaurants, retail, theme parks, townhouse/condominium and industrial warehouse/distribution projects.


Johnson-Laux Construction is located at 4502 35th Street, Suite 500, Orlando, FL, phone 407-770-2180. For more information, visit http://www.johnson-laux.com/.


(Photo at left above shows The Plaza in downtown Orlando)

CONTACT:

Kenneth H. Cristol, President,
Cristol Marketing Company
237 Hunt Club Blvd., Suite 102,
Longwood, FL 32779 USA
PH 407-774-2515
FX 407-774-6647
Strategic Marketing,
Brand Management,
Publicity and Advertising,
and Corporate Communications
Posted by Alex at 9:51 AM 0 comments
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Edwards Construction Services Inc.'s Manufacturing and Distribution Division Completes New Realvest Semoran Commerce Center

ORLANDO, FL – Edwards Construction Services, Inc.’s Manufacturing and Distribution division has completed the new two-building, $5.2 million, 130,000-square-foot Realvest Semoran Commerce Center located on Shadowridge Drive near Orlando International Airport.

The facilities feature multi-unit flex office/warehouse space with loading docks, and are constructed with 36-foot-high and 24-foot-high tilt-up concrete wall panels and a Butler Manufacturing pre-engineered structural system

Designed by Horton Harley Carter, Inc., Tampa, Building A consists of 58,000 square feet and Building B contains 72,000 square feet. Edwards’ Manufacturing and Distribution division has been a major driver in the company’s substantial growth over the past decade.

As its reputation has grown, Edwards has expanded its expertise by serving other leading clients including Bob Mantovani and Pepsi Bottling Group, among others. A nationally recognized leader, Edwards Construction Services, Inc. was founded in Ocala, FL, in 1978. The company has also operated an Orlando office since 1999.

Over the years, longstanding working relationships with Fortune 500 companies led to expansion from Texas to the Carolinas and southward throughout Florida. Today, with annual revenues approaching $100 million, Edwards provides unrivaled expertise in Design/Build, Construction Management and General Contracting services to leading clients across the Southeast.

Its specialties include Residential Amenities, Food and Beverage Facilities, Manufacturing/Distribution, Office/Commercial/Institutional and Senior Living Facilities.
(Photo at left shows the 91,000-sf vegetable processing plant Edwards completed last year for Roth Farms in Belle Glade, FL.)

The company is headquartered at 85 S.W. 52nd Avenue, Ocala, Florida 34474, telephone 352-854-6266. For more information, visit the company’s website at http://www.edwardsconstruction.com/.

CONTACT:

Kenneth H. Cristol, President,
Cristol Marketing Company
237 Hunt Club Blvd., Suite 102,
Longwood, FL 32779 USA
PH 407-774-2515
FX 407-774-6647
Strategic Marketing,
Brand Management,
Publicity and Advertising,
and Corporate Communications
Posted by Alex at 8:44 AM 0 comments
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Harkins Development Corp. Breaks Ground for the New Blackadar Office Complex in Suburban Longwood, FL

ORLANDO, FL – Harkins Development Corporation, the full-service development and general contracting division of Orlando-based Harkins Companies, has broken ground for the new $2.5 million, four-building, 14,000-square-foot Blackadar Office Complex located at County Road 427 North and E.E. Williamson Road in the Orlando suburb of Longwood, FL.

According to company president Matt Harkins, the project will feature four 3,500-square-foot buildings including a new headquarters building for Blackadar Insurance Agency, Inc. which is currently located at 988 County Road 427 North in Longwood.

Designed by The Architecture Company, Longwood, the first building is scheduled for completion in September 2008. Harkins added that the other three buildings will be offered for sale. For more information, visit http://www.harkinscompanies.com/.

Central Florida’s premier turnkey commercial development, contracting and real estate group since 1974, Harkins Companies offers full-service development and design/build general contracting and a complete range of facility solutions throughout the region.

For over three decades, business owners, medical professionals, large corporations, investor-owned development groups and others have turned to Harkins for single-source delivery of fine quality projects.

Services include planning, land acquisition and development, budgeting, value engineering, estimating, architectural and engineering oversight, project management, general contracting, leasing and property management.

CONTACT:

Kenneth H. Cristol, President,
Cristol Marketing Company
237 Hunt Club Blvd., Suite 102,
Longwood, FL 32779 USA
PH 407-774-2515
FX 407-774-6647
Strategic Marketing, Brand Management,
Publicity and Advertising,
and Corporate Communications
Posted by Alex at 8:16 AM 0 comments
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Orlando-Based Harkins Realty Inc. Sells 1,700 SF of Office Space at its Woodland Lakes Professional Plaza


ORLANDO, FL – Harkins Realty, Inc., the commercial brokerage, leasing and property management division of Orlando-based Harkins Companies, has sold 1,700 square feet of shell office space to East Orlando Endodontics at Harkins’ 41,099-square-foot Woodland Lakes Professional Plaza located on Lake Underhill Road between Florida Hospital East and Waterford Lakes Town Center.

Harkins Realty’s managing director Mark Harkins (top right photo) represented Harkins Companies, seller, in the $335,000 transaction which closed on March 25, 2008. For more information, visit http://www.harkinscompanies.com/ and enter its real estate website.

Central Florida’s premier turnkey commercial development, contracting and real estate group since 1974, Harkins Companies offers full-service development and design/build general contracting and a complete range of facility solutions throughout the region.

For over three decades, business owners, medical professionals, large corporations, investor-owned development groups and others have turned to Harkins for single-source delivery of fine quality projects. Services include planning, land acquisition and development, budgeting, value engineering, estimating, architectural and engineering oversight, project management, general contracting, leasing and property management.

CONTACT:

Kenneth H. Cristol,
President, Cristol Marketing Company
237 Hunt Club Blvd., Suite 102,
Longwood, FL 32779 USA
PH 407-774-2515
FX 407-774-6647
http://www.crismktg.com/
Strategic Marketing,
Brand Management,
Publicity and Advertising,
and Corporate Communications
Posted by Alex at 7:52 AM 0 comments
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