Post Properties Announces Quarterly Dividends

ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced quarterly dividends on its common stock of $0.20 per share for the fourth quarter of 2009. The dividend is payable on January 15, 2010 to all common stock shareholders of record as of January 4, 2010.

Post also announced regular quarterly dividends for its 8.5 percent Series A Cumulative Redeemable Preferred Stock and its 7 5/8 percent Series B Cumulative Redeemable Preferred Stock.

On its 8.5 percent Series A Cumulative Redeemable Preferred Stock, Post declared a regular quarterly dividend of $1.0625 per share for the fourth quarter. The dividend is payable on December 31, 2009 to all Series A preferred stock shareholders of record as of December 15, 2009.

On its 7 5/8 percent Series B Cumulative Redeemable Preferred Stock, Post declared a regular quarterly dividend of $0.47656 per share for the fourth quarter. The dividend is payable on December 31, 2009 to all Series B preferred stock shareholders of record as of December 15, 2009.

Contacts: Post Properties, Inc., David P. Stockert, (top right photo) CEO, Post Properties Inc. 404-846-5000

Regency Centers Closes Common Stock Offering

JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Regency Centers Corporation ("Regency") (NYSE:REG) announced today the closing of its offering of 9,200,000 shares of common stock which included the full exercise of the over-allotment option by its underwriters of 1,200,000 shares.

The public offering was priced at $30.75 per share. The 8,000,000 shares offered to the public are all subject to the forward sale agreements described below. The 1,200,000 shares subject to the underwriters' over-allotment option are not subject to a forward sale agreement.

In connection with this offering, Regency entered into forward sale agreements with affiliates of J.P. Morgan and Wells Fargo Securities, as forward purchasers.

 Regency intends to use any proceeds it receives upon settlement of the forward sale agreements and from the over-allotment option (which collectively are expected to be $271,584,000, net of underwriters' discount and

commissions, but before expenses) to repay or refinance maturing 2010 debt, which includes a portion of its pro rata share of the existing debt of a Regency co-investment partnership, Macquarie CountryWide-Regency II, as such partnership debt matures, and for general corporate purposes.

This offering will allow Regency to use existing liquidity to prepay all or a portion of its existing term loan.

Contact: Regency Centers Corporation, Jacksonville Lisa Palmer, 904-598-7636 http://www.regencycenters.com/

Cousins Adds Charlesworth to Board of Directors

Addition of Former Cousins CIO Expands Board Size to 10

ATLANTA, GA--Cousins Properties Incorporated (NYSE: CUZ) announced today that Tom G. Charlesworth, (top right photo)  60, has been elected to the Board of Directors.

Mr. Charlesworth is the Company’s former executive vice president and chief investment officer, having retired from the Company in 2006. During his 15-year tenure at Cousins, Mr. Charlesworth held several senior management positions at the Company, including chief financial officer and general counsel.

“Tom Charlesworth has been an integral contributor to the growth of Cousins over the years. We are thankful he has agreed to come out of retirement to serve on the Board,” noted Larry Gellerstedt, (top right photo) President and CEO of Cousins.

Cousins Properties Announces Results of Fourth Quarter Dividend Elections


ATLANTA--Cousins Properties Incorporated (NYSE: CUZ) announced  the results of the shareholders’ elections relating to Cousins’ fourth quarter common stock dividend of $0.09 per share declared by its Board of Directors on October 15, 2009.

The dividend will consist of approximately $3.0 million in cash and 816,000 shares of common stock.

The amount of cash elected to be received was greater than the cash limit of 33.34% of the total value of the dividend or approximately $3.0 million, and therefore, shareholders who elected to receive all cash will receive a combination of cash and stock.

The number of shares included in the dividend is calculated based on the $7.2733 average closing price per share of Cousins’ common stock on the New York Stock Exchange on December 1, December 2, and December 3, 2009. The dividend of $0.09 per share will be paid as follows:

to shareholders electing to receive the dividend in all stock, Cousins will pay the entire dividend in common stock;

to shareholders either electing to receive the dividend in all cash or failing to make an election, Cousins will pay the dividend in the form of $0.033 per share in cash and $0.057 per share in common stock; and

Cousins will pay fractional shares in cash.

Registered shareholders with questions regarding the dividend election may call American Stock Transfer & Trust Co., Cousins’ transfer agent, at 1-800-937-5449.

If your shares are held through a bank, broker or nominee and you have questions regarding the dividend election, please contact your bank, broker or nominee.

The issuance of approximately 816,000 shares of Cousins’ common stock pursuant to this dividend resulted in an effective increase of 0.8% in shares of common stock outstanding on the record date of October 26, 2009. Share and per share information will be adjusted in subsequent financial information, beginning with Cousins’ year end earnings release, to reflect this increase in shares of common stock.

Contact:  Cameron Golden, mailto:camerongolden@cousinsproperties.com
http://www.cousinsproperties.com/

Arbor Commercial Mortgage Appoints Two New Originators to Head Chicago Office

Uniondale, NY (Dec. 10, 2009) – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and leader in the commercial real estate finance industry, today announced the appointments of Directors Ted Nasca and Patrick McNulty to Arbor’s Chicago office. Both Directors will report to Ken Fazio (top right photo), VP, National Sales Manager.

“Our Chicago expansion is another great example of how Arbor continues to build on its commitment to serve markets where we see strong upside opportunity,” said Fazio.

Mr. Nasca is responsible for all of Arbor’s loan offerings, with a specialty in Fannie Mae and HUD programs. He brings over 19 years of loan origination, investment and deal structuring experience to Arbor.

His most recent position was as a Director in the Fixed Income, Real Estate Finance and Securitization Group at Column Financial, the commercial real estate lending arm of Credit Suisse.

Mr. McNulty is responsible for originating all of Arbor’s loan offerings with a specialty in Fannie Mae and FHA transactions throughout the Midwestern United States.

Contact:  Ingrid Principe, iprincipe@arbor.com

Thayer Lodging Group Completes Fifth Investment Fund

Seeks to Acquire up to $700 Million in Hotels/Resorts over Next Three Years

ANNAPOLIS, MD—Thayer Lodging Group, a privately held, real estate investment company, announced the final closing of Thayer Hotel Investors V LP and a parallel fund, Thayer Hotel Investors V-A LP.

With approximately $280 million in equity commitments, the new discretionary equity funds for lodging investments expect to selectively acquire between $600 and $700 million in hospitality assets over the next 36 months. Since 1991, the company has acquired approximately $1.8 billion in hotels and resorts. Funds V and V-A are the largest in the company’s history.

“Given the current economic environment, we are particularly gratified that more than 70 percent of Fund V investors also were participants in our previous funds,” said Frederic V. Malek (top right photo) , Thayer’s co-chairman. Historically, Thayer’s funds combined have realized a 29 percent internal rate of return and a 2.6 multiple on invested equity.

Added Leland C. Pillsbury, (middle left photo) Thayer’s co-chairman and chief executive officer, “We believe the next few years will present the best hotel investment opportunity in a generation.

"Hotel cash flows are being dramatically impacted by record declines in revenue per available room (RevPAR) due to the worst recession since the Great Depression. The current credit market dislocations, combined with the severe deterioration in hotel fundamentals, will create a wide array of acquisition opportunities.”

Fund V will employ Thayer’s time-tested, value-add strategy of acquiring upper-upscale and luxury hotels that require extensive renovations, market repositioning, asset rebranding and operating cost reduction. Target acquisitions, primarily in markets with high barriers to entry, will be concentrated in the U.S. The company expects to source transactions from owners, management companies, lenders and brokers.

“We don’t anticipate that the U.S. hotel industry will experience a meaningful recovery until 2011, which will result in more assets coming to the market in the immediate future,” said officer Bruce Wiles, (bottom right photo) Thayer’s chief operating officer.

“We expect the acquisition market to accelerate substantially in 2010 and intend to capitalize on our reputation for a creative, collaborative approach to working with lenders and owners to structure transactions where we can create value through our extensive lodging expertise, our innovations and creative strategies, and our strategic relationships with major hotel brands.”

Jin Lee, Thayer’s chief investment officer and managing director, noted that the company has an active pipeline that includes both asset acquisitions and equity recapitalizations. “In addition to traditional acquisitions, we are looking at opportunities where we can participate in recapitalizations and other structured equity investments. For quality assets that have debt issues, we can provide fresh equity to help facilitate a workout and restructuring of the debt and equity.”

Contact: Chris Daly or Jerry Daly, (703) 435-6293, chris@dalygray.com

Interstate Hotels & Resorts Adds England to International Management Portfolio

ARLINGTON, VA—Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent hotel management company,  announced that Harte Holdings, on behalf of Argyll Hotel Group, has awarded management contracts for three hotels in London to Interstate, marking the operator’s entry into one of the world’s great hotel cities.

The upscale boutique hotels, all located in central London, include The Royal Park, (top left photo) The Cranley (middle right photo) and The Elizabeth bottom  left photo).

England is the latest addition to Interstate’s growing international portfolio, which also includes Russia, India, Mexico, Belgium, Canada, Ireland and Costa Rica.

Interstate also manages four other hotels in a joint venture with Harte Holdings. “It is particularly gratifying that the source of these contracts is an existing joint venture partner of ours,” said Thomas F. Hewitt, chairman and chief executive officer.

 “We teamed up with Harte Holdings in 2008 in a partnership that acquired a portfolio of four U.S. hotels, hotels that we manage for the JV.

" Over the past 18 months, we have achieved very competitive results at those properties in spite of the historic downturn in the economy and our industry.

"We consider these new contracts an expression of Harte’s continuing confidence in our ability to manage successfully in any economic climate.”

“In our first hotel joint venture in the U.S., Interstate has proven itself a strong partner and an extremely reliable and capable operator,” said Donal Kelleher, investment director of Harte Holdings.

"“They have done an excellent job of managing our JV properties, controlling costs and driving revenue under very challenging circumstances. We have the utmost confidence in their ability to adapt their proven management practices to international markets.”

Leslie Ng, Interstate’s chief investment officer, noted that Interstate Management Services will oversee management of the London properties out of the company’s regional office in Moscow. “England is the fourth European country where we manage a hotel and brings to 10 our total number of European contracts. We are working with Harte on a number of other European opportunities and look forward to growing our platform there.”

The other hotels managed by Interstate for its joint venture with Harte Holdings include the Sheraton Fraser Great Valley near Philadelphia; Sheraton Mahwah, N.J.; Latham Hotel Georgetown, Washington, D.C.; and the Hilton Lafayette, La. Including the three London hotels with 129 total rooms, the seven properties aggregate 1,021 rooms.

Contact: Carrie McIntyre, SVP, Treasurer, (703) 387-3320

New Moves and Faces at Marcus & Millichap

 MICHAEL SULLIVAN RELOCATES TO BOSTON OFFICE

BOSTON, MA – Marcus & Millichap Capital Corporation (MMMC) announces that associate director Michael Sullivan (top right photo)  has relocated to the firm’s Boston office from Los Angeles, according to William E. Hughes, senior vice president and managing director of MMCC.

Sullivan is responsible for overseeing loan originations, specializing in structuring debt and equity for ground-up, value-added and core transactions across all major product types, including luxury hotels and large venues.

Prior to joining MMCC in Los Angeles, Sullivan was a vice president in the West Coast office of Mastiff Capital Partners in Agoura Hills, Calif. Prior to that, he worked for George Smith Partners in Los Angeles. Sullivan began his career in asset management at Charles Dunn Co. in Los Angeles, where he oversaw retail, office and industrial properties.

Sullivan has a bachelor’s degree from the University of California, Los Angeles.

MARK GOLDSTEIN IS NEW ASSOCIATE IN BROOKLYN

BROOKLYN, N.Y. – Marcus & Millichap Capital Corporation (MMMC) has named Mark Goldstein (top left photo)  as associate in the firm’s Brooklyn office, according to William E. Hughes, senior vice president and managing director of MMCC.

“Mark’s background and experience in finance and real estate will be of great benefit to our clients in Brooklyn and throughout the New York area,” says Hughes.

Prior to joining MMCC, Goldstein was an associate with Kalco Realty LLC. He also co-founded Olympus Properties, a real estate investment and management firm.

Goldstein is a graduate of the University of Pennsylvania and has a bachelor’s degree in engineering.

CHRISTOPHER MARKS NAMED ASSOCIATE IN BROOKLYN OFFICE

BROOKLYN, N.Y., Dec. 8, 2009 – Marcus & Millichap Capital Corporation (MMMC) has named Christopher Marks  (middle right photo) an associate in the firm’s Brooklyn office, according to William E. Hughes, senior vice president and managing director of MMCC.

“Christopher has an excellent record of accomplishment in commercial real estate financing,” says Hughes. “Our clients in Brooklyn and throughout the New York metro area will benefit greatly from his capital markets expertise.”

Prior to joining MMCC, Marks was a senior loan officer with The Mortgage Capital Group. He has also served as a senior commercial loan officer with Velocity Commercial Capital and as the commercial area sales manager for the New York and Connecticut markets in the Commercial Lending Division of GreenPoint Mortgage at Capital One Financial.

MARCUS & MILLICHAP PROMOTES TWO DENVER AGENTS TO FIRST VICE PRESIDENT INVESTMENTS

Daniel Woodward and David Potarf have arranged more than $2 billion in sales.

DENVER, CO— The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Daniel Woodward (bottom right photo) and David Potarf (bottom left photo) to the position of first vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Adam Christofferson, first vice president and regional manager of the firm’s Denver office.

As a team, Woodward and Potarf have been brokering the sale of Class A, institutional-quality multifamily assets in the Denver metropolitan area and throughout Colorado for 12 years. The pair has arranged more than $2 billion in multifamily sales. Woodward and Potarf have ranked as the Denver office’s top apartment sales team for the past 10 years.

Woodward joined Marcus & Millichap in February 1994. He was promoted to associate in 2000 and earned senior associate status in March of the same year. Woodward was named a senior investment associate in July 2003 and vice president investments in January 2008. Woodward has received numerous sales achievement awards from Marcus & Millichap, including eight National Achievement Awards.

Potarf joined Marcus & Millichap in February 1994. He was named an associate in October 1995 and was promoted to senior associate in January 1998. By July 2001, Potarf was promoted to senior investment associate and named vice president investments in January 2008. He has received numerous sales awards from the firm, including nine National Achievement Awards.

 CHRIS MALING PROMOTED TO FIRST VICE PRESIDENT INVESTMENTS IN LOS ANGELES

LOS ANGELES, CA, Dec. 10, 2009 — The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Chris Maling (bottom left photo)  to the position of first vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Stephen Stein, (middle right photo) regional manager of the firm’s Los Angeles office.

After joining the firm in 1989, Maling became an associate in 1993. He was promoted to senior associate in 1995 and senior investment associate in August 1998. Early last year, Maling was promoted to vice president investments. He specializes in the sale of retail and net-leased properties.

 He is also a senior director of the firm’s National Retail Group and a member of the firm’s Net Leased Properties Group. Maling has received nearly two dozen sales awards from Marcus & Millichap, including seven National Achievement Awards.

 RICHARD D. MATRICARIA APPOINTED REGIONAL MANAGER OF ORLANDO, JACKSONVILLE OFFICES

ORLANDO, Fla., Dec. 10, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Richard D. Matricaria (bottom right photo) regional manager of the Orlando and Jacksonville offices, according to Harvey E. Green, (bottom left photo) president and chief executive officer.

“Richard’s experience in sales management and his successful track record as an investment specialist make him an invaluable resource to our clients and agents in central and northern Florida,” says Green.

Most recently, Matricaria was the sales manager of the Fort Lauderdale office. He joined Marcus & Millichap in November 2000. He entered the firm’s sales intern program as an assistant in December 2001 and became an agent specializing in retail and office property sales in Fort Lauderdale and South Florida in 2002.

Matricaria was a director in Marcus & Millichap’s National Office and Industrial Properties Group and an associate director in the firm’s National Retail Group.

 He was promoted to senior associate in 2005 and was inducted as a senior investment associate in 2008. Matricaria is a two-time recipient of the company’s National Achievement Award, is a member of the firm’s Seven-Figure Club and has earned five sales recognition awards.

Matricaria is a graduate of University of Alabama. He received an MBA from St. Thomas University in Miami Gardens, Fla.

Press Contact: Stacey Corso, Marcus & Millichap,  (925) 953-1716

Melrose Sovereign Companies Named by Hampton Hills Town Homes in Lakeland, FL as its Management Agency

ORLANDO, Fla. --- Melrose-Sovereign Companies, the Orlando-based property and asset management firm that ranks as one of the largest and most active in Florida, was recently named community management agency for Hampton Hills Town Homes, a Maronda Homes community located at 3803 Hamstead Ln. in Lakeland south of Sleepy Hill Rd. near Mall Hill Rd. off I-4 at U.S. 98.

Robin Travers, director of business development for Melrose-Sovereign Companies, said Hampton Hills Town Home community includes 224 town homes priced from the $100s.

Melrose-Sovereign Companies manages properties for more than 170 developers, investors and owners throughout Florida. The firm now has eight offices throughout the state.

For more information, please contact:

Jack B. Hanson, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181, jhanson@melrose-sovereign.com
Ellen G. Lumpkin, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181, elumpkin@melrose-sovereign.com
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, Lvershelco@aol.com

NAI Realvest Negotiates Long-Term Extension Lease for TLC Engineering for Architecture at Woodcrest Office Park in Tallahassee

MAITLAND — NAI Realvest recently negotiated a new long-term extension lease agreement for 7,400 square feet of office space at 325 John Knox Rd. in the Woodcrest Office Park in Tallahassee.

NAI Realvest Principals Paul P. Partyka, (bottom right photo)  Christie Alexander (top right photo)  and George Livingston, (bottom left photo)  negotiated the transaction on behalf of the tenant, Orlando-based TLC Engineering for Architecture, one of the largest engineering firms in the Southeast with nine offices in Florida and Tennessee.

TALCOR Commercial Real Estate Services Inc. of Tallahassee is the landlord.

NAI Realvest, covering all of Central Florida, is a fully integrated commercial real estate operating company specializing in brokerage, development, investment, leasing and management, consulting and research services in the U.S. and worldwide.

NAI Global is an international commercial real estate network with over 325 offices spanning the globe. since 1978, clients have built businesses on the power of NAI Global’s expanding network.

Extensive services include multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. To learn more, visit www.NAIrealvest.com.

For more information, please  contact:

Paul P. Partyka Managing Partner, or Christie Alexander CCIM, Principal or George Livingston, Chairman Emeritus at NAI Realvest 407-875-9989; ppartyka@realvest.com,  mailto:calexander@realvest.com%20or glivingston@realvest.com

 Patrick Mahoney, Chief Operating Officer, NAI Realvest 407-875-9989 pmahoney@realvest.com
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

PossibleNOW, Inc., Expands its Space at The Alter Group’s Chattahoochee Corners, Duluth, GA

Atlanta, GA – PossibleNOW, Inc. (http://www.possiblenow.com/) has leased 18,889 SF of office space at The Alter Group’s (www.altersouth.com/) 106-acre Chattahoochee Corners business park (photo below), in Duluth, GA.

Michael J. Alter, (top right photo)  President of the Chicago-based national corporate real estate development firm, announced the transaction.

Gregg Metcalf,  (middle right photo) Vice President, represented The Alter Group. Rob Coatsworth, Broker with CTR Partners, LLP, represented PossibleNOW in the transaction.

According to Metcalf, “PossibleNOW is relocating from the 4375 River Green Parkway building to 4400 River Green Parkway, and is doubling the space it occupies at Chattahoochee Corners. To accommodate them, we are combining three existing suites into one.

"This is generally an extremely expensive process, but we were able to value engineer the process to control costs. Additionally, PossibleNOW has an ongoing right of first refusal on the entire 50,000 SF building, providing team flexibility for future growth.”

PossibleNOW’s primary requirements to complete this transaction were the ability to tear up their old lease, which did not expire until 2010; retain the ability to expand in the future; and remain close to their current location.

According to Scott Frey, President & CEO of PossibleNOW, “PossibleNOW is growing at a very rapid pace. Since our business was launched ten years ago, we have doubled our office space nearly every two years. In planning for continued growth, it was important for us to work with a landlord who could provide the necessary options for future expansion.

" The arrangement with Alter gives us the flexibility and support to manage our accelerated growth. I’m particularly excited about customizing the new space to meet the needs of our staff so that they can better serve our customers.”

PossibleNOW is the leading provider of direct marketing compliance solutions, consumer privacy preference management and marketing services. The firm’s services are used by industry leaders in global direct marketing. PossibleNOW also offers information technology services.

The award-winning Chattahoochee Corners is located on Peachtree Industrial Boulevard in Gwinnett County (Duluth), GA. The park’s first three phases have 627,291 SF of office and service-center space. Phase IV completion will give Chattahoochee Corners more than 1,000,000 SF of space.

The Alter Group is a national corporate real estate development firm of office, industrial and healthcare facilities. Additionally, the firm provides comprehensive services in brokerage, construction, investment services, and property and asset management.

Founded by William A. Alter (above photo)  in 1955, The Alter Group has developed close to 100,000,000 SF of speculative projects for its own portfolio and build-to-suit facilities for corporate users. This year, the company has 4,000,000 SF of space, worth $600,000,000, under development in national markets. The firm was recently ranked as # 5 in the National Real Estate Investor survey of America's top office developers.

Contact: Tom V. Silva, Vice President of Marketing, (847) 568-5897

Sale of West Oaks Mall in Houston closed by HFF

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of West Oaks Mall, food court (photo below) a five-anchor, super regional mall in Houston, Texas.

HFF senior managing directors Robert Williamson (top right photo)  and Rusty Tamlyn (top left photo)  represented special servicer LNR Partners, Inc. in the sale of West Oaks Mall, which they acquired in 2008 through foreclosure. Pacific Retail Capital Partners, LLC purchased the property for an undisclosed amount free and clear of debt.

West Oaks Mall is located at the intersection of Westheimer Road and State Highway 6 in west Houston. The sale included the in-line shop space, an outparcel site and two of the five anchor stores (Sears and former Steve & Barry’s), totaling 505,236 square feet of the mall’s 1,082,836 square feet. Excluded from the sale were Macy’s, Dillard’s and a vacant department store that formerly housed JC Penney.

“West Oaks Mall is located in the heart of desirable far west Houston and is primed to regain its former stature now that it is back in the hands of a seasoned operator of regional malls,” said Williamson.

LNR Partners is one of the largest special servicers of CMBS loans in the U.S. and is part of privately-held LNR Property Corporation based in Miami Beach, Florida.

Pacific Retail Capital Partners is a privately-held operator of retail properties with a focus on turning around troubled assets. Pacific Retail Capital Partners is headquartered in Los Angeles.

Contacts:

Robert Williamson, HFF Senior Managing Director, (713) 852-3500, rwilliamson@hfflp.com
Rusty Tamlyn, HFF Senior Managing Director, (713) 852-3500, rtamlyn@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF closes $6.1M sale of Publix in Birmingham, AL

ATLANTA, GA – The Atlanta office of HFF (Holliday Fenoglio Fowler, L.P.)  has closed the sale of a 44,271-square-foot Publix grocery store in Birmingham, Alabama.

The HFF investment sales team was led by director Jim Hamilton (top right photo) who represented the seller, Inland Western Retail Real Estate Trust, Inc. Cole Capital – Cole Real Estate Investments purchased the property for $6.1 million free and clear of debt.

 In addition, HFF Atlanta recently closed the sale of a Harris Teeter store in North Carolina on behalf of Inland Western Retail Real Estate Trust, Inc.

Completed in 2004, the property is fully leased to Publix through November 2024. The store is situated on a 4.8-acre site at 3141 Overton Road in the Mountain Brook area of Birmingham.

“There are only three competing grocers in the immediate Mountain Brook area, encouraging strong sales and stability at the property,” said Hamilton.

“In addition, the Mountain Brook area is an extremely affluent area of Birmingham with an average household income of more than $132,000 within a three-mile radius from the property.”

Inland Western Retail Real Estate Trust, Inc. is a self-managed real estate investment trust that acquires, manages and develops a diversified portfolio of real estate, primarily multi-tenant shopping centers across the United States.

As of June 30, 2009, Inland’s portfolio under management totaled in excess of 49 million square feet, consisting of 301 wholly-owned properties. They also have interest in 12 unconsolidated operating properties and 17 properties in 7 development joint ventures.

For further information, please see the company website at http://www.inlandwestern.com/.

For three decades, Cole has partnered with thousands of investors in the ownership of various types of commercial real estate. Since 1979, Cole has introduced more than 100 investment programs and manages a portfolio of properties valued at approximately $4.0 billion across 45 states and the U.S. Virgin Islands.

Contacts:

Jim Hamilton, HFF Director, (404) 942-2212, jhamilton@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com