Franklin Street Real Estate Services Closes Cinnamon Cove Apartments Sale

TAMPA, FL-- Franklin Street Real Estate Services is pleased to announce the sale of another multifamily property. Cinnamon Cove apartments, 314 units, built in 1967 located at 12401 N. 15th Street, Tampa, FL 33612, in Northeast Tampa.

Robert Goldfinger  (top left photo) , Darron Kattan (top right photo) and  Kevin Kelleher (bottom left  photo)  of Franklin Street Real Estate Services represented both parties in the transaction.

The Seller was Grace Properties No. 26, LTD, owned by Central Florida Investments based in Orlando.

The buyer was St. Thomas Properties, LLC., a private entity based in Tampa.

The seller had owned the property for over 20ears and it has income and rental restrictions in place as the property was operated under IRS Section 42 tax credit guidelines and an accompanying Land Use Restriction Agreement. The property closed for $3,400,000, which translates to $10,828/unit and $19.86/foot.

The property was operating with minimal cash flows due to significant capital needs, 8 down units that will likely not be recovered, inefficient operations and the general negative pressures on rents & collections in the economy, particularly in the lower income neighborhoods.

“This was a grueling sale,” said Goldfinger. “The seller was, in the end, a distressed seller that needed to dispose of this property to solve other problems.

"They struggled with the falling prices of the market over the last 18 months and were not able to catch up till today. The Buyer is a local, “hands on” operator.

"We were able to introduce the buyer to a local bank where they established an overall banking relationship and got a conventional first mortgage. The deal was never contingent on financing and the buyer did expedited inspections and put money at risk early in the process to give the seller comfort to choose them as a buyer.

"While the pricing may look depressed, it is a challenging property in a variety of ways and needed to offer the buyer quality upside for the risk factors involved.

Franklin Street Real Estate Services is a Franklin Street Financial Partners company providing a complete scope of commercial real estate services to an extensive array of clientele.

For more information, please visit our website at http://www.franklinstreetfinancial.com/  or contact our office at (813) 839-7300. Franklin Street Financial Partners – Financial Strength from Partners you can trust.

Contact: Tania Monte, New Direct Line 813-658-3366, Transaction Coordinator, Franklin Street Real Estate Services, 5420 Bay Center Drive, Suite 100 ▪ Tampa, FL 33609, Office: 813.839.7300 ext. 326 ▪ Fax: 813.839.7330, Email: TMonte@franklinstreetfinancial.com

Easton & Associates Brokers Commercial Leases Totaling More Than 200,000 SF in First Quarter

DORAL, FL--Easton & Associates, the commercial real estate brokerage division of The Easton Group, leased 202, 447 square feet of commercial space during the first quarter of 2010. A majority of transactions involved industrial space in Miami-Dade County. Below are some of the larger individual transactions from the quarter.

· Advo, Inc. leased 100,000 square feet of industrial space from Cap East Associates located at 5900 N.W. 163 Street (Bldg. H) in Miami Lakes. Easton & Associates Vice President Michael C. Rice (top right photo)  represented the landlord.

· Withers Transport & Storage of Coral Gables, Inc. leased 24, 225 square feet at 3900 NW 112th Avenue in Miami. Easton & Associates Vice President James Armstrong represented the tenant. The landlord is American Crane & Tractor Parts Inc.

· Airframe International leased 23, 000 square feet from Easton-Levi at 7820 NW 74th Street in Miami. Thomas Kimen (middle left photo) of Easton & Associates represented both parties in the transaction.

· Noven Pharmeceuticals, Inc. leased 17, 575 square feet of office space at Deerwood Business Park in Miami. James Armstrong represented the landlord Deerwood Business Park.

· Paxiom USA, Inc. leased 14, 475 square feet at 4760 28th Street in Miami, from 4760 Realty, LLC. James Armstrong and Michael Waite from Easton & Associates represented Paxiom.

Contact: Todd Templin, Executive Vice President, Boardroom Communications, (954) 370-8999, (954) 370-8892 Fax, ttemplin@boardroompr.com

Cousins Properties Declares Second Quarter Common and Preferred Stock Dividends

ATLANTA, GA-- Cousins Properties Incorporated (NYSE: CUZ) announced that its Board of Directors has declared a quarterly dividend of $0.09 per share, payable June 18, 2010, to common stockholders of record as of May 3, 2010.

 The dividend will be payable in a combination of cash and shares of the Company’s common stock with the cash component of the dividend not to exceed 33.34% of the aggregate dividend amount.

Pursuant to IRS Revenue Procedure 2010-12, shareholders may elect to receive payment of the dividend all in cash or all in common shares. Shareholders who do not make an election will be deemed to have elected to receive their dividend in cash.

To the extent that cash elections are received with respect to more than 33.34% of the aggregate dividend amount, the cash portion will be prorated among shareholders electing to receive cash. Common shares included in the dividend will be valued at the average of the closing prices of Cousins common stock on the New York Stock Exchange on June 7, 8 and 9, 2010.

The Company expects the dividend to be fully taxable to its shareholders and reserves the right to pay the dividend entirely in cash.

An information letter will be mailed to shareholders of record promptly after May 11, 2010. The properly completed election form to receive cash or common shares must be received by the Company’s transfer agent prior to 5:00 p.m. (EST) on June 4, 2010. If your shares are held through a bank, broker or nominee, and you have questions regarding the dividend, please contact such bank, broker or nominee. Registered stockholders with questions regarding the dividend may call the Company’s transfer agent, American Stock Transfer & Trust Company, at (800) 937-5449.

The Board of Directors declared a regular quarterly cash dividend on its Series A Cumulative Redeemable Preferred Stock. The dividend of $0.484375 per share, or $1.9375 on an annualized basis, is payable May 17, 2010, to Series A preferred stockholders of record on May 3, 2010.

The Board of Directors has also declared a regular quarterly cash dividend on its Series B Cumulative Redeemable Preferred Stock. The dividend of $0.46875 per share, or $1.875 on an annualized basis, is payable May 17, 2010, to Series B preferred stockholders of record on May 3, 2010.

Contacts

Cousins Properties Incorporated, Cameron Golden, 404-407-1984, Director of Investor Relations/Corporate Communications
CameronGolden@cousinsproperties.com, http://www.cousinsproperties.com/

National Retail Properties Inc. Declares Common Dividend

ORLANDO, FL- ‐ The Board of Directors of National Retail Properties,Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend of 37.5 cents per share payable May 14, 2010 to common shareholders of record on April 30,
2010. The dividend represents an annualized rate of $1.50 per share.

National Retail Properties has paid increased annual dividends per share for 20 consecutive years. It is one of only 156 publicly traded companies in America that have increased annual dividends paid to shareholders for 20 or more consecutive years.

For information contact: Kevin B. Habicht, Chief Financial Officer, (407) 265‐7348

Palmer Electric wins contract for office building in DeLand, FL

WINTER PARK, FL— The commercial and low voltage divisions of Palmer Electric Company secured a contract with Freese Construction Company Inc. for the electrical work on a new medical office building located on Victoria Commons Boulevard in Victoria Medical Park (top left photo) , Deland, Fla.

 Under the terms of its $175,000 contract, Palmer Electric is providing site and building wiring along with fire alarm systems for the one-story, 24,000-square-foot health center. Completion is scheduled for August 2010.

Owned by Adventist Health Systems, the building will be physician occupied. Lillibridge Healthcare’s development office in Plano, Texas, is providing architectural design and development services for the medical office building. Electrical engineering is provided by the Fort Lauderdale, Fla., office of Meinhardt Consulting Engineering. The Orlando office of Freese Construction Company Inc. is the general contractor.

Contact: Elaine Ingra, 407 384-1344, elainei@pr-works.com

Foster Conant selected for project in China

ORLANDO, FL— Orlando, Fla.-based Foster Conant & Associates was selected by a California entertainment group to provide site planning and landscape architectural design services for a city master planning effort in Fushun, China.

 Known as Shenfu New Town, the live work and play community in its entirety includes high-rise office and residential buildings, a cultural center, government facilities, an entertainment district, hotel and a 20,000-seat arena. Foster Conant is engaged to design a section of the city named Discovery Lake District, a 10-block-by-10-block site with a central lake as its focal point.

The Orlando, Fla., office of AECOM (NYSE:ACM), a global leader in technical and management support, has been engaged by Foster Conant to assist with some of the planning tasks associated with the project.

According to Foster Conant Principal Richard R. Conant, (top right photo) FASLA, construction on Discovery Lake District will begin sometime later this year.

PR Contact: Elaine Ingra, 407-384-1344, elainei@pr-works.com

Arbor Closes $12 M in Fannie Mae Loans in Texas, California, Minnesota and Montana

Regency Apartments  in  Paris, TX Receives $2.3M

UNIONDALE, NY-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,300,000 loan under the Fannie Mae DUS® Small Loan product line for the 100-unit complex known as Regency Apartments in Paris, TX.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.12 percent.

The loan was originated by Jay Porterfield, (top right photo)  Vice President, in Arbor’s full-service Plano, TX lending office. “Arbor provided acquisition financing for the purchase of this property in Paris, TX,” Porterfield said. “While the property is in a smaller market, it has a solid history of stabilized operations.”

Villa Sienna Apartments in Fresno, CA Gets $4.95M

UNIONDALE, NY - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $4,953,700 loan under the Fannie Mae DUS® Loan product line for the complex known as Villa Siena Apartments (lower left photo) in Fresno, CA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.00 percent.

The loan was originated by Jay Porterfield, Vice President, in Arbor’s full-service Plano, TX lending office. “Arbor refinanced this recently stabilized property in Fresno, CA with a very experienced, local borrower,” Porterfield said. “The collateral is Class A, front-of-the-brochure quality property.”

Bench Apartments in Billings, MT Receives $2.6 M

Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,608,465 loan under the Fannie Mae DUS® Small Loan product line for the property known as Bench Apartments in Billings, MT.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.93 percent.

The loan was originated by Jay Porterfield, Vice President, in Arbor’s full-service Plano, TX lending office. “Arbor refinanced this new, recently stabilized property in Billings, MT with a repeat borrower,” Porterfield said. “We look forward to continuing to grow our financial partnership with this client.”


Centennial Plaza in  Blaine, MN Gets $2.1M

UNIONDALE, NY) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,100,000 loan under the Fannie Mae DUS® Small Loan product line for the 48-unit complex known as Centennial Plaza in Blaine, MN.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.85 percent.

The loan was originated by Michael Jehle, (bottom right photo)  Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI lending office. “The borrowers of the subject property wanted to pay off their short-term bank line with a long-term fixed rate mortgage less than six percent,” said Jehle. “We accomplished both objectives for them.”

Contact:  Kelly Maxey, Arbor Commercial Mortgage, 333 Earle Ovington Blvd, Ste. 900, Uniondale, NY 11553.  516.506.4602, kmaxey@arbor.com