Tuesday, February 21, 2012

Impromptu Tournament at Eagle Creek Golf Club pits Icelandic National Team against 10 Asian Pro Golfers

ORLANDO, FL --- An impromptu international tournament at Eagle Creek Golf Course recently pitted the touring Icelandic National Golf Team against a pickup team from the Premier Global Sports Academy (PGSA) that included members of the Korean Golf Tour, Asian Golf Tour and various mini tour players.

David Evangelista, general manager at Eagle Creek Golf Club organized the matchup with Scott Schmidtberger, director of golf at Eagle Creek, and Eagle Creek member Snorri Hjaltasson.

Each team fielded 10 golfers in a match play format, Evangelista said.

“It was a very even match until the very last hole,” Evangelista said. “Iceland’s top player sunk a 25-foot putt on the 18th hole for the win.”

The Icelandic National Team won six matches to four. Evangelista said the Icelandic team may have had a slight edge.

“The Icelandic National Team consists of the top junior players in the country and they play competitions all over the world,” according to Gene Garrote (middle right photo), president of Celebration Golf Management (CGM) who hosted the play.  

 Celebration Golf Management has been operating Eagle Creek since March 2011 when it entered into a long-term lease agreement with the developers of Eagle Creek.

PGSA has partnered with CGM as its US base and Eagle Creek is the home golf club for their winter training camp and Kenny Nairn, executive vice president of CGM is the director of instruction for PGSA.

For more information, contact

 David A. Evangelista, General Manager, Eagle Creek Golf Club, 407 273-4653 ext. 4691; devangelista@cgmgolfproperties.com

 Scott Schmidtberger, Director of Golf, Eagle Creek Golf Club 407 273-4653; sschmidtberger@cgmgolflproperties.com

 Michael J. Neumann, Social Media Supervisor, Celebration Golf Management 407-566 1045 x4621; mneumann@cgmgolfproperties.com

 Gene Garrote, President, Celebration Golf Management, 407-566-1045; ggarrote@cgmgolfproperties.com

 Larry Vershel, Larry Vershel Communications 407 644-4142 or 407 461-3780 Lvershelco@aol.com

NAI Realvest Negotiates New 5-Year Office Lease for the Florida location of a Utah Software Development Firm

ORLANDO, FL. – NAI Realvest recently negotiated a new five-year lease agreement for 3,110 square feet in the Inwood Building at 3000 Dovera Drive in Winter Springs near the Oviedo Mall.  

 Paul P. Partyka (top right photo), principal/managing partner and George Viele, associate at the firm, negotiated the transaction representing the landlord, Inwood Holding Co. LLC of Oviedo. 

 Wavetronix, LLC, a Provo, Utah software development company leased the space for its new Florida location. Alex Rosario of CNL Real Estate Services Corp. represented the tenant.

 For more information,  contact:

Paul P. Partyka, Principal/Managing Partner, NAI Realvest 407-875-9989 ppartyka@realvest.com
George Viele, Associate, NAI Realvest 407-875-9989 gviele@realvest.com  Patrick Mahoney, President NAI Realvest, 407-875-9989  pmahoney@realvest.com
Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 

Barber Affiliated with Major League Ball Players Signs  New Long-term Lease at Kissimmee, FL Shopping Center  

ORLANDO, FL. – NAI Realvest recently negotiated a new five-year lease agreement for 3,197 square feet at Kissimmee Shopping Center (lower right photo) 2547 Old Vineland Road in Kissimmee.

 Paul P. Partyka, managing partner at NAI Realvest brokered the transaction representing the landlord, Herndon, Va.-based KVOS, LLC.

 The new local tenant, MLB Sport Barber Shop, will have 10 chairs. “The shop’s owner, Alex Garcia, has a number of major league ball players as his clients,” Partyka said.   

 For more information, please contact:

Paul P. Partyka, Managing Partner, NAI Realvest, 407-875-9989, ppartyka@realvest.com
Patrick Mahoney, President, NAI Realvest, 407-875-9989, pmahoney@realvest.com
Beth Payan or Larry Vershel, Larry Vershel Communications, Inc., 407-644-4142 

Cousins Reports Results for Quarter and Year Ended Dec. 31, 2011

 ATLANTA--Cousins Properties Incorporated (NYSE:CUZ):  Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter ended December 31, 2011.

“Cousins had a very strong finish to the year with solid operating results, significant leasing momentum, the sale of our remaining industrial buildings, and an attractive value creation opportunity in Promenade,” said Larry Gellerstedt (top right photo), CEO of Cousins.

 “Consistent with our strategy to simplify our platform, we have made the decision to more aggressively monetize our land portfolio. We intend to recycle this capital into our core businesses of office, retail and opportunistic development.”


  • Funds From Operations (FFO), before non-cash impairment charges, was $0.16 per share.
  • Purchased Promenade, a 775,000-square-foot Class A office building in midtown Atlanta.
  • Sold remaining operating industrial properties.
  • Implemented an aggressive strategy to monetize the land portfolio.

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

Cousins Properties Incorporated
Gregg D. Adzema, 404-407-1116
Executive Vice President and Chief Financial Officer

Cameron Golden, 404-407-1984
Director of Investor Relations and Corporate Communications

Beech Street Capital Provides $3.36 Million Freddie Mac Loan for Acquisition of Blackberry Creek Apartments in Soddy Daisy, TN

BETHESDA, MD, Feb. 21, 2012 – Beech Street Capital, LLC announced today that it has provided a $3.36 million Freddie Mac CME loan for the acquisition of Blackberry Creek Apartments (top left photo), a 69-unit townhouse-style multifamily apartment community in Soddy Daisy, Tennessee.

The transaction was originated by Chad Thomas Hagwood (lower right photo, executive vice president based out of Beech Street’s Birmingham, Alabama office.

Blackberry Creek Apartments is located in close proximity to the Chattanooga central business district and as of December, is 100% occupied. Constructed in 2006 and 2007, the property consists of 12 two-story apartment buildings on over eight-acres. Amenities include private patios and a leasing center.  

The fixed-rate loan has a ten-year term with a 9.5 year yield maintenance payable on a 30-year amortization schedule.

Beech Street Capital, LLC is a mortgage banking company engaged in originating, underwriting, closing, and servicing high-quality multifamily mortgage loans for existing and proposed apartment buildings and manufactured home communities throughout the United States.

Contacts:  Courtney Lewis at 240-507-1948 or Jenifer Bernardi at 240-507-1946.

Marcus & Millichap Sells Chelsea Property in Manhattan, NY for $20.5 Million

NEW YORK, NY, Feb. 21, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 140-144 West 28th St., a 7,500-rentable square foot parcel currently being used as a parking lot. The sales price was $20,500,000.

Barbara Dansker (lower right photo) and Shlomo Manne, both in Marcus & Millichap’s Manhattan office, represented the buyer, a Manhattan-based investor. Dansker and Shlomo also represented the seller, West 28th St. Partners LLC.

 “This is a unique development parcel in a gentrifying submarket,” says Dansker.

The property is located in the Chelsea area of Manhattan between Sixth and Seventh avenues.

The 76.67-foot by 98.75-foot lot has a maximum FAR of 10 and the property’s current zoning is M1-6. Development options for the parcel include commercial and hotel.

 Contact:  Stacey Corso, Public Relations Manager, (925) 953-1716

HFF secures $16 million refinancing for Montebello Town Square in Los Angeles area

SAN DIEGO, CA – HFF announced today that it has secured a $16 million refinancing on behalf of Kimco Income Operating Partnership, L.P., an affiliate of  Kimco Realty Corp. (Kimco), for Montebello Town Square (top left photo), a 252,000-square-foot, Class A retail power center in eastern Los Angeles.

HFF worked exclusively for Kimco, the nation’s largest community shopping center owner and operator, to refinance existing debt on the retail center and to secure a 10-year, fixed-rate securitized loan at a substantially lower interest rate with Deutsche Bank.

Montebello Town Square is located eight miles east of downtown Los Angeles off the Pomona Freeway at Montebello Boulevard.  The retail center serves a residential population of nearly 218,000 within a three-mile radius, with a median household income of $52,000. 

The center is 98 percent leased, and is anchored by AMC Theaters, Petco, Sears, Toys “R” Us and Prime Cut.  Kimco operates the center, which is owned by the Kimco Income REIT joint venture partnership.

The HFF team representing Kimco was led by associate director Zach Koucos (middle right photo) and managing director Robert Delitsky 


ZACHARY KOUCOS                                      
HFF Associate Director                                     
(858) 552-7690                                                
HFF Associate Director, Marketing
(713) 852-3500                                     

HFF closes sale of two retail centers in North Carolina totaling $40.4 million

ATLANTA, GA – HFF announced today that it has closed the sale of Westridge Square S.C. (top left photo), a 215,000-square-foot grocery-anchored shopping center in Greensboro, North Carolina, and Oak Hollow Square (top right photo), a 139,000-square-foot retail center in High Point, North Carolina.

HFF marketed the properties on behalf of the seller, CBL & Associates Properties, Inc., in two separate transactions.

Kimco Realty Corp., a real estate investment trust that owns and manages the largest portfolio of shopping centers in North America, purchased Westridge Square unencumbered for $26.1 million.

Oak Hollow Square was purchased by Fairway Investments for $14.3 million free and clear of existing debt.

Westridge Square is located five miles northwest of downtown Greensboro at the intersection of Battleground Avenue and Westridge Road. 

The center is 98 percent leased and is anchored by Kohl’s, Harris Teeter and Rite Aid.  Notable outparcels include McDonald’s, Bank of America, BB&T, and Wells Fargo.

Located at 1589 Skeet Club Road, Oak Hollow Square is close to State Route 68 about 10 miles west of Greensboro.  The grocery-anchored property is 97 percent occupied by tenants including Harris Teeter and Stein Mart.

The HFF investment sales team representing the seller was led by managing directors Richard Reid (lower left photo), Coleman Benedict and Jim Hamilton.


RICHARD M. REID                              COLEMAN J. BENEDICT                        
HFF Managing Director                      HFF Managing Director                       
 (404) 942-2209                                   (617) 338-0990                                     
rreid@hfflp.com                                   cbenedict@hfflp.com                          

HFF Managing Director
(404) 942-2212

HFF Associate Director, Marketing
(713) 852-3500                                     

$147.5 million sale of Class A medical office buildings in San Diego, CA closed by HFF

IRVINE, CA – HFF announced today that it has closed the sale of two Class A medical office buildings totaling 253,676 square feet in San Diego, California.

HFF marketed the portfolio on behalf of the seller, Kilroy Realty Corporation.  LaSalle Investment Management purchased the offering for $147.5 million.  

The properties are located at 15004 Innovation Drive in Rancho Bernardo and 10243 Genetic Center Drive in San Diego.

Completed in 2008, 15004 Innovation Drive (top left photo) is a six-story, 150,801-square-foot building that is fully leased to Scripps Health for 15 years.

 10243 Genetic Center Drive, a three-story, 102,875-square-foot property, is fully leased to Sharp Healthcare for 20 years and offers the potential to expand by up to 48,300 square feet.  Both lease terms include annual rent increases of three percent.

The HFF investment sales team representing the seller, Kilroy Realty Corporation, was led by senior managing directors Ryan Gallagher (middle right photo), Michael Leggett (lower left photo)and associate director CJ Osbrink working in conjunction with the HFF San Diego team.

Kilroy Realty Corporation, a member of the S&P Small Cap 600 Index, is a real estate investment trust active in premier office and industrial submarkets along the West Coast.

For over 60 years, the company has owned, developed, acquired and managed real estate assets primarily in the coastal regions of Los Angeles, Orange County, San Diego, greater Seattle and the San Francisco Bay Area. At September 30, 2011, the company owned 11.6 million rentable square feet of commercial office space and 3.6 million rentable square feet of industrial space. 


Ca. Lic. #0156334               
HFF Senior Managing Director
 (415) 276-6300                           

Ca. Lic. # 01269918 HFF Senior Managing Director            
(949) 253-8800                                                                 

HFF Associate Director, Marketing
(713) 852-3500                                     

Diaoyutai MGM Hospitality and Suning Real Estate Announce Shanghai Bund Project

 LAS VEGAS, NV, Feb. 21, 2012 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) announced today that its joint venture, Diaoyutai MGM Hospitality Limited, has entered into an agreement with Suning Real Estate Group, a subsidiary of Suning Group, for the Suning Bellagio Shanghai Bund hotel  as a part of a strategic relationship between the companies for the development of hotels within the People's Republic of China.
Suning and MGM Resorts have held the signing ceremony in China.

The hotel will be located on a prime site owned by Suning on the Shanghai Bund (top left photo) and will be managed by Diaoyutai MGM Hospitality Limited, MGM Resort's joint venture with Diaoyutai State Guest House, which focuses on the development and management of hospitality assets in the People's Republic of China.  

The hotel will feature approximately 200 rooms and world-class retail and entertainment amenities, which is expected to be completed in 2015.

MGM Resorts Chairman and CEO Jim Murren (middle right photo) said, "This strategic partnership with Suning further extends our reach into China, one of the fastest growing hospitality markets in the world. Along with our Diaoyutai JV partners, we believe relationships like this with Suning create new opportunities to expand our brand reach into this strategically vital marketplace." 

MGM Hospitality President Gamal Aziz (lower left photo) who attended the signing ceremony, said, "We are thrilled to announce the Shanghai Bund project as our initial hotel with Suning. We believe that the hotel will be the centerpiece of a unique property on one of the best sites in one of the World's gateway cities."


 Investment Community, Daniel D'Arrigo, Executive Vice President, CFO & Treasurer, +1-702-693-8895; or

News Media, Alan M. Feldman, Senior Vice President of Public Affairs, +1-702-891-1840, afeldman@mgmresorts.com, both of MGM Resorts International

Invest Atlanta Provides Loan to Atlanta Firm; Funds Will Help B.C. Grand acquire Historic Building at 44 Broad St.


ATLANTA, GA (Feb. 21, 2012) – Invest Atlanta – Atlanta’s Development Authority –has provided a $100,000 loan to an Atlanta group that will help it acquire the building at 44 Broad St. in downtown Atlanta (top left photo). The total project cost was $3.8 million.

Invest Atlanta provided the loan to B. C. Grand, LLC, a limited liability company established by Williams-Russell & Johnson Inc., which will occupy 51% of the 58,542-square-foot building.

The other 49% of the building will be leased out to other firms.  Williams-Russell & Johnson (WR&J) is a multi-disciplined engineering, architectural planning, program management and construction management firm.

WR&J was organized in 1976 to provide professional services to public, private, military and governmental clients.  They are divided into several functional groups that include: Mechanical Engineering, Electrical Engineering, Civil Engineering, Environmental Engineering, Structural Engineering, Architecture, Construction Management and Program Management and Planning.

Atlanta City Councilman Kwanza Hall (middle right photo) said the company’s acquisition of the building, which opened in 1898, is good news for downtown.

“I am delighted to welcome WR&J to the Grant Building and the Fairlie-Poplar neighborhood,” Hall said. “Employees and clients will find that the firm’s location in the heart of the downtown business district is a real asset.”

“This loan will do precisely what our program intended – help an Atlanta company expand and create new jobs,” said Lonnie Saboor (lower left photo) manager of small business finance at Invest Atlanta.

Invest Atlanta provides financial and technical assistance to small, minority and female-owned businesses to expand and/or relocate in the city. The loans are made available through the City of Atlanta.

For more information about how Invest Atlanta can provide loans to small businesses in Atlanta, please visit the Entrepreneurs & Small Business page on the Invest Atlanta website.

 Invest Atlanta is the official economic development agency for the city of Atlanta. Invest Atlanta represents in-town Atlanta, which has a population of 420,000 and growing. Invest Atlanta is a research-based economic development organization, focused on residential, business and investment growth in the city.

 Visit www.investAtlanta.com.  


Tony Wilbert
Wilbert News Strategies

Krunali Parekh
Account Executive
Wilbert News Strategies 
(C): 404 901 4433
(O): 404 965 5024

Two Cassidy Turley Managed Buildings Win TOBYs; BOMA Recognizes Georgia Power Building and Piedmont West in Atlanta


ATLANTA, GA – Cassidy Turley, a leading commercial real estate services provider in the U.S., said today that two Atlanta office buildings it manages won 2012 TOBY Awards from the Building Owners and Managers (BOMA) of Atlanta.

 BOMA bestowed The Outstanding Building of the Year (TOBY) Award on the Georgia Power Company headquarters tower at 241 Ralph McGill Blvd. (top left photo).

 The landmark tower competed in the Office Building, 500,000 square feet to 1 million square feet category. Piedmont West (middle left photo) at 1800 Howell Mill Road was recognized as the Atlanta Medical Office Building of the Year.

 “We’re honored that BOMA selected two Cassidy Turley-managed buildings for TOBY Awards,” said Holly Hughes (lower left photo), Senior Managing Director of Cassidy Turley Atlanta. “Cassidy Turley is committed to providing excellent property and facility management for our clients.”

BOMA’s TOBY Awards recognize properties that exemplify superior building quality and management practices. TOBY Awards are the most prestigious and comprehensive programs of their kind in commercial real. .
 The Georgia Power Building is a 24-story tower with more than 853,000 square feet of office space. Piedmont West is a 10-story medical office building with 264,000 square feet of office and ground-level retail space.

 Because Georgia Power headquarters and Piedmont West won local TOBYs, they now advance to the regional TOBY Awards level. Regional award winners will be announced at the Southern Regional Conference, set for April 12-15 in Jacksonville, Fla.

 Please visit http://www.cassidyturley.com/ for more information about Cassidy Turley.


Tony Wilbert
Wilbert News Strategies

Krunali Parekh
Account Executive
Wilbert News Strategies 
(C): 404 901 4433
(O): 404 965 5024

Jones Lang LaSalle Marks Year Four as a Global Outsourcing 100® Company


CHICAGO, IL,  Feb. 21, 2012 /PRNewswire/ --  Jones Lang LaSalle announced today that it has been named as one of the world's top 100 outsourcing providers as part of the 2012 Global Outsourcing 100®, the annual ranking of high-quality service providers across all industries as determined by the International Association of Outsourcing Professionals® (IAOP®).

The 2012 Global Outsourcing 100 and The World's Best Outsourcing Advisors recognizes the world's best outsourcing service providers and advisors. These rankings are based on applications received and evaluated by an independent judging panel organized by IAOP.

"In today's economy, it is more important than ever for outsourcing end users to be able to easily identify and select the right company for their outsourcing needs," said IAOP Chairman Michael F. Corbett (top right photo) "The Global Outsourcing 100 and The World's Best Outsourcing Advisors lists are essential for companies who are looking for proven leaders and rising stars in the outsourcing industry."

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

Margy Sweeney, +1-312-612-0343, Margy.Sweeney@am.jll.com,
Jennifer Harris, +1-224-619-2190, Jennifer.Harris@am.jll.com

Hunter Realty Brokers Sale of Hampton Inn in Duncan, OK

 DUNCAN, Okla., Feb. 21, 2012—Officials at Hunter Realty today announced that the firm had brokered the sale of the 78-room Hampton Inn (top left photo) in Duncan, OK. 

Gary Mills (middle right photo), Vice President of Hunter Realty’s Dallas office, represented Simran Hotels, LLC in the sale of the hotel to St. Louis-based Midas Hospitality for $7.5 million.

The transaction also included a one-acre, parcel of land fronting the hotel.

“At a time when it typically takes six to nine months, if not longer, to close a deal, we listed this hotel in August and closed exactly four months later,” said Mills.

 “It was a pretty straightforward transaction because both buyer and seller are sophisticated, experienced hoteliers.  The sales price met both the seller’s and buyer’s financial objectives, and the addition of the land parcel to sweeten the transaction, was well received.”

“We purchased the Hampton Inn franchise from Gary in 2006, when he ran franchising for Hilton’s Dallas office,” said Sunny Demla, a partner with Simran, a family-owned entity, which also developed the hotel.

 “We had tremendous confidence in his knowledge of the Oklahoma hotel market and his ability to identify prospective buyers and develop an effective pricing and marketing strategy for the disposition. Ultimately, that led to a very quick sale, which will allow us to develop new hotels we’ve been delaying due to the recession and market uncertainty.” 

Opened in November 2008, the 78-room Hampton Inn - Duncan, Okla. is located off of U.S. 81, 60 miles south of Oklahoma City, with close proximity to Halliburton’s corporate headquarters, Wilco Manufacturing, NOV Hydra Rig, M&M Supply, Mack Energy the Duncan Regional Hospital and a variety of specialized medical facilities.

“This hotel is well positioned to serve the robust oil and gas industries that are an important driver of the southwest Oklahoma economy,” David Robert (middle left photo), President of Midas Hospitality observed.  “I’m confident that it will perform well for Midas and our investors.”

According to Teague Hunter (lower right photo), president of Hunter Realty, transactions involving ‘family founders’ are likely to be more common in the coming months as owners begin accumulating equity for their next round of new developments.

“Debt is returning to the market, which will enable the family founders to recycle their older inventory,” Hunter said.  “I expect that this trend will continue to yield a healthy number of transactions as the new builds gain momentum and start entering the market.  This is a great way to start the year.”

Hunter Realty, an award-winning firm founded in 1978, has offices in Atlanta, Dallas, Los Angeles, Miami, New York and Washington, D.C.  Hunter’s exclusive focus is on hotel investment advisory services.

 Additional information, including current listings, is available at the company’s website, www.HunterHotels.net, or by contacting the Atlanta office at (770) 916-0300.

 Contact:  Lauralee Dobbins or Jerry Daly (media),  (703) 435-6293

You Can Challenge Tax Assessments and Property Appraisals

 ATLANTA, GA– If you’re dissatisfied with the property tax assessment or appraisal of your commercial real estate asset, don’t feel that all is lost: opportunities exist for the figure to be adjusted to a more palatable number.

 Guests of the most recent “Commercial Real Estate Show” outlined how site owners, buyers and lenders can dispute tax assessments and property appraisals in a wide-ranging examination of the issues surrounding assessments and appraisals in today’s tough market.

 “Tax assessors for the most part are professional,” said Blaine McCaleb, a partner with Easley, McCaleb & Associates Inc. a tax consulting firm. “These days, they often have limited staff and limited resources … If they make a mistake or there is important information about the property that affects its market value, then they are typically happy to know about that information and happy to consider that in the value of the property.”

 McCaleb noted that property owners can appeal their assessments to local and state boards, and can eveneventually challenge the assessments in court. 

 Appraiser Ron Neyhart, (top right photo) senior managing director of CBRE’s Valuation and Advisory Services Team, said if a property owner feels an appraisal is too low, the owner should go to his loan officer and tell the officer he doesn’t believe the value is correct. “Now, [the owners has] to have some information that we weren’t furnished with, perhaps some new information.”

The loan officer will then have his or her organization’s credit department contact the appraiser and “ask the appraiser to revisit some assumptions and some variables.”

Neyhart said lenders and owners should be leery of hiring an appraiser based simply on cost. “The low-cost provider typically doesn’t have the amount of resources to do a proper job,” he said. A low-cost but poorly executed appraisal will not hold up in court and can cause a lender or owner to have to pay massive court-deficiency judgments, he added.

 “It’s the old story: sometimes you get what you pay for,” said show host Michael Bull (top left photo)  founder and president of Bull Realty.

 Sara Stephens (middle right photo), president of the Appraisal Institute, said lenders and other clients often criticize the lower-value appraisals produced in a slow economy. “My comment always is, ‘Don’t shoot the messenger … ,’” she said. “Our job is to analyze the market.”

 Despite the rise in property-tax assessment appeals in many areas, “most [jurisdictions] are able to handle the volume,” said Debbie Asbury (lower left photo), director of the Arkansas Assessment Coordination Department and president of the International Association of Assessing Officers.

 To hear about assessments and appraisals in detail, listen to the entire show, which is available for download here.

 The next “Commercial Real Estate Show” will be available Feb. 23 and will outline best practices for banks and servicers dealing with non-performing notes, short sales and other real estate owned (OREO) properties.

For More Information, Contact
Stephen Ursery
Wilbert News Strategies