Monday, June 17, 2013

National Retail Properties, Inc. Announces Expiration and Results of Put Option for 5.125% Convertible Senior Notes

ORLANDO, FL June 17, 2013 /PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN) (the "Company") today announced the expiration of the option of the holders of its outstanding 5.125% Convertible Senior Notes due 2028 (the "Notes") to require the Company to purchase all or a portion of their Notes at par pursuant to the terms of the Notes and the indenture governing the Notes (the "Put Option").

Under the terms of the Put Option, holders of the Notes had the opportunity to surrender the Notes for purchase prior to or at 5:00 p.m., New York City time, on June 10, 2013, and had the opportunity to withdraw any Notes previously surrendered for purchase at any time prior to 10:00 a.m., New York City time, on June 14, 2013 (the "Withdrawal Date").

As of the Withdrawal Date, none of the Notes were validly surrendered and not validly withdrawn, and therefore none of the Notes will be purchased by the Company pursuant to the Put Option. 

Approximately $222.9 million aggregate principal amount of the Notes remains outstanding, and the terms and other provisions of the indenture governing the Notes will remain unchanged.

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

Three Atlanta Firms Join 360 Architecture in Design of New Atlanta Stadium

One of several concept proposals for new Atlanta Falcons Stadium

ATLANTA, GA — The Atlanta Falcons announced today that 360 Architecture has selected three Atlanta-based firms, pending final contracts, to partner in the design of the new stadium in Atlanta.

The three firms —Goode Van Slyke Architecture (GVSA), Stanley Beaman &Sears, and tvsdesign —each bring unique skills to the table.

Bill Johnson
"The three partners selected provide an attractive combination of skill sets, chemistry and capacity," said Bill Johnson, senior principal of 360 Architecture. "Coupled with their knowledge of Atlanta, and the new stadium area in particular, we look forward to their many contributions to this project."

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

Kim Shreckengost

(404) 367-2140

“Commercial Real Estate Show” Details How to Avoid Having to Say, “Oops, I Should Have Covered that in the Lease!”

Michael Bull

 ATLANTA (June 17, 2013) – Leases are at the heart of commercial real estate. Well-crafted contracts can create value for both landlords and tenants, and poorly designed agreements will do just the opposite. Be as careful and thorough as possible when negotiating a real estate contract, or else you’ll find yourself saying, “Oops, I should have put that in the lease!”

That was the take of a panel of real estate experts on the most recent episode of the “Commercial Real Estate Show,” hosted by Michael Bull of Bull Realty. The show provided an enlightening look at the common trouble spots in leases and provided an array of tips for crafting good contracts.

The requirements for commercial leases can vary widely from state to state so obtaining the guidance and advice of local experts is essential, said John Wiles, a managing partner of the Wiles & Wiles law firm in suburban Atlanta.

John Wiles
 “We regularly negotiate leases with out-of-town lawyers,” Wiles said. “It’s always fun because they think what’s going on in New York is the law all around the country, and we sometimes clean up on them just because they don’t know the local law.”

Laws requiring commercial landlords to make disclosures about their properties are relatively few, Wiles said. Therefore, it is imperative for tenants to ask questions during lease negotiations. “If you’re a tenant or a tenant’s lawyer and you’re concerned about security, flooding or any other thing, you need to ask, because there is a duty [on the part of the landlord] to be truthful,” he said.

Too often, tenants are not as diligent as they need to be in determining exactly who their landlords are, guests noted. “I’m amazed at how few people really understand who their landlords are,” said David Tennery, the principal of Regent Partners’ Office Properties and Development Group in Atlanta. “That is critical and before you really begin to negotiate that document, run a title report and make sure early on you understand exactly who that landlord is.”

David Tennery
On the other side of the equation, landlords should be hesitant to grant tenants early termination rights in leases, Tennery added. Property owners were fairly willing to give tenants the rights during the recession, when space was hard to fill, but the clauses “are value killers for a number of reasons,” Tennery said.

As landlords, “we want long-term, stable net-operating income, and anything that interrupts that, in the middle [of the lease] or earlier, affects everything we’ve done, the capital we’ve put out on the front end,” Tennery said.

Leases for residential properties feature more disclosure requirements – such as the federal requirement that owners disclose any information they have about the existence of lead-based paint or other lead hazards, said Robert Hein, an attorney with Fowler, Hein, Cheatwood & Williams in Atlanta.

Robert Hein
Additionally, “in a residential lease, you cannot shift the duty of repair from the landlord over to the tenant,” Hein said. “Even if that provision is in there, it’s not going to be enforceable.”

The entire "Oops, I Should Have Covered that in the Lease" episode is available for download at The next “Commercial Real Estate Show” will be available on June 20 and will examine the U.S. REIT market.
For a complete copy of the company’s news release, please contact:      

Stephen Ursery
The Wilbert Group
Please note new office number: (404) 549-7150
Cell: (404) 405-2354

HFF arranges acquisition financing for Class A multi-housing community in Atlanta, GA

Tuscany at Lindbergh Apartments, 600 Garson Drive Northeast, Atlanta, GA

HOUSTON, TX – HFF announced today that it has arranged acquisition financing for the Tuscany at Lindbergh, a 324-unit, Class A multi-housing community in Atlanta, Georgia. 

Cortney Cole
Venterra Realty purchased the property with the assistance of a seven-year, fixed-rate loan secured through MetLife. 

Tuscany at Lindbergh is located at 600 Garson Drive Northeast less than one mile west of Interstate 85 in the Lindbergh submarket of Atlanta.  Completed in 2001, the property features one-, two- and three-bedroom units averaging 1,034 square feet each. 

The community offers a complete institutional amenity package including a villa-style swimming pool and gardens, fully-equipped fitness center, executive center and media room.  Tuscany at Lindbergh is 95 percent leased.

The HFF team representing Venterra was led by director Cortney Cole.

Venterra specializes in the identification, finance, acquisition and management of multi-family residential communities in the southern United States.

 Venterra currently manages a portfolio of multi-family real estate assets totaling more than $1 billion in value that generates gross annual income in excess of $90 million. 

The organization has completed in excess of $2 billion of real estate transactions.  Venterra has offices in both Houston and Toronto and employs more than 450 people.
 For a complete copy of the company’s news release, please contact:      

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

HFF arranges $127.5 million financing on behalf of The Henderson Group and Trinity Capital Associates for 37-property portfolio in Pennsylvania and Florida

Folcroft West Business Park, Pennsylvania

FLORHAM PARK, NJ – HFF announced today that it has arranged $127.5 million in financing for a 37-property industrial, office and retail portfolio located in suburban Philadelphia, Pennsylvania and Melbourne, Florida.

Jim Cadranell

                Working on behalf of The Henderson Group and Trinity Capital Associates, HFF placed the three-year, floating-rate loan with Natixis Real Estate Capital LLC.  Loan proceeds are refinancing existing debt on the properties and consolidating ownership under the company founder, Wilbur Henderson.

                The portfolio is comprised of 2.3 million square feet within 33 industrial facilities, three office buildings and one retail property.  Overall occupancy is 87.5 percent and the three largest tenants in the portfolio are Northrop Grumman, Brokers Worldwide and Harris Corporation. 

Folcroft East Business Park, Pennsylvania
The majority of the properties are industrial facilities located in either the Folcroft East Business Park or Folcroft West Business Park near the Philadelphia International Airport.  

The Melbourne assets consist of flex and warehouse facilities located on or near the grounds of Melbourne International Airport close to the Kennedy Space Center.

                The HFF team representing The Henderson Group and Trinity Capital Associates was led by managing director Jim Cadranell and associate director Michael Lachs.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

American Healthcare Investors Completes Acquisition of 21 Buildings for $141 Million on Behalf of Griffin-American Healthcare REIT II

Rockwall Medical Office Building, Rockwall, TX

NEWPORT BEACH, CA. (June 17, 2013) – American Healthcare Investors and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare REIT II, Inc., announced today the acquisition of 21 healthcare-related buildings by the REIT for an aggregate purchase price of approximately $141.3 million.

Des Plaines Surgical Center, Des Plaines, IL
The acquisitions include a total of 17 medical office buildings and four skilled nursing facilities located in Georgia, Illinois, Indiana, Pennsylvania and Texas.

 The REIT’s portfolio currently totals 174 buildings acquired for approximately $1.56 billion, diversified across 28 states and all four clinical asset classes: medical office buildings, skilled nursing facilities, hospitals and assisted living facilities.

 Since Jan. 1, 2012, the portfolio has grown by approximately 255 percent, based on purchase price. As of March 31, 2013, the Griffin-American Healthcare REIT II property portfolio was 96 percent leased with a weighted average remaining lease term of approximately nine years and leverage (total debt divided by total assets) of 21.7 percent.

Fairview Skilled Nursing Facility,
Grants Pass, OR
 “We continue to source attractive acquisitions on behalf of Griffin-American Healthcare REIT II and its stockholders,” said Danny Prosky, a principal of American Healthcare Investors and president and chief operating officer of the REIT.

 “In a competitive market, we are proud to be among the most active buyers of healthcare real estate as we continue to build a diverse portfolio on behalf of stockholders.”

Griffin-American Healthcare REIT II’s most recent acquisitions since April 26, 2013 include:

Danny Prosky

  • Central Indiana Medical Office Building Portfolio – Indianapolis, Indiana
  • Pennsylvania Skilled Nursing Portfolio – Milton and Watsontown, Penn.
  • Rockwall Medical Office Building II – Rockwall, Texas
  • Pittsfield Skilled Nursing Facility – Pittsfield, Mass.
  • Des Plaines Surgical Center – Des Plaines, Illinois
  • Fairview Skilled Nursing Facility – Grants Pass, Oregon
  • Winn Medical Center Medical Office Portfolio – Decatur, Georgia
 Griffin-American Healthcare REIT II financed the acquisitions using cash on hand, the assumption of existing mortgage loan payables totaling $53 million and limited partnership units of Griffin-American Healthcare REIT II Holdings, LP, the REIT’s operating partnership.

  The units of the operating partnership were issued to the sellers of Central Indiana Medical Office Building Portfolio as partial payment for the acquisition.

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

Damon Elder
SVP, Marketing & Communications
American Healthcare Investors
4000 MacArthur Boulevard
West Tower, Suite 200
Newport Beach, CA 92660
(949) 270-9207 direct
(714) 356-1460 cell

HC Real Estate Capital Arranges $4.6 Million Financing for Office-Retail Property In Wellington, FL

Mizner Place, 12300 South Shore Boulevard, Wellington, FL

Wellington, FL, June 17, 2013 --  Kurt Hoffmann and Chris Caveglia of HC Real Estate Capital have arranged $4,600,000 in financing for Mizner Place  (“MP”) located at 12300 South Shore Boulevard in Wellington, FL.

 MP is a 36,599 square foot multi-tenant office retail property that was built in 2001 and is currently 98% leased.  HC Real Estate Capital worked on behalf of the borrower to secure a 10-year, fixed rate, nonrecourse loan through a national CMBS lender.

Chris Caveglia, Principal at HC Real Estate Capital states, “This property is well positioned in the Wellington office market and has maintained a high occupancy over the years.” 

Caveglia went on to say, “The multi-tenant property has a diverse mix of tenants that includes Coldwell Banker, Quorum Management Company, Sanda Gane European Spa, Perfect Smile Dentist and Blakeslee Gallery.” 

HC Real Estate Capital, LLC is a privately owned mortgage-banking firm founded by Kurt Hoffmann and Chris Caveglia. Based in Delray Beach, Florida, HC Real Estate Capital arranges permanent commercial and multifamily real estate loans.  The company has a broad capital provider base that includes insurance companies, CMBS lenders, pension fund advisors, and commercial banks.
For a complete copy of the company’s news release, please contact:      

Chris Caveglia
HC Real Estate Capital, LLC
660 Linton Blvd. Ste 200 EX5
Delray Beach, FL 33444
Direct: 561-266-3273
Mobile: 561-376-3176

Kurt J. Hoffmann
HC Real Estate Capital, LLC
660 Linton Blvd, Suite 200 EX5
Delray Beach, FL 33444
Office/Direct: 561-266-3271
Mobile: 561-703-1096

Regency Centers Announces Time Change for Second Quarter Earnings Conference Call

JACKSONVILLE, FL--(BUSINESS WIRE)-- Regency Centers Corporation (The “Company”) announced today that due to scheduling conflicts, the Company has changed the start time of its second quarter 2013 earnings conference call. 

The date of the call remains Thursday, August 1, 2013 and will start at 12:00 p.m. ET (previously scheduled to start at 10:00 a.m. ET)

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

Regency Centers
Patrick Johnson, 904-598-7422

Boom Time: 139th New Condo Tower Proposed For South Florida Coast

Highland Beach, FL condo rendering

MIAMI, FL -- With at least 138 new condo towers already proposed for South Florida, a developer has announced plans for a new condo tower on the barrier island just north of Boca Raton in Southeast Palm Beach County as the tricounty real estate market shows signs of recovering from the dramatic downturn of 2007, according to a new report from

The newly proposed condo tower - not yet formally named but slated to be developed in the 3200 block of South Ocean Boulevard in the town of Highland Beach - comes at a time when developers are proposing 23 buildings with nearly 2,100 units in Palm Beach County, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

In Highland Beach, this newly proposed condo project is slated to stand seven-stories tall and feature 22 units - ranging in size from 2,500 square feet to 3,000 square feet - on the west side of the barrier island just south of Linton Boulevard, according to the Coastal Star news website.

Overall in South Florida, developers are now proposing 18,550 units for the tricounty region of coastal Miami-Dade, Broward, and Palm Beach as of June 16, 2013, according to

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

Condo Vultures®
225 Midtown Building
225 NE 34th St.,
Suite 209B,
Downtown Miami, Florida, 33137.

MHA Brokers $31.6 Million Sale of Durham, NC Apartment Community

1520 Magnolia Apartments, 1101 Exchange Place, Durham, NC

CHARLOTTE, NC (June 17, 2013) — Multi Housing Advisors (MHA) has just brokered the sale of the 280-unit 1520 Magnolia, an apartment complex located at 1101 Exchange Place in Durham, N.C. The Class-A property sold for $31.6 million.

Marc Robinson
Marc Robinson and Jordan McCarley of Multi Housing Advisors’ Charlotte office represented the seller, Columbia, S.C.-based Estates, Inc. The buyer, which was not represented by a broker, was Nashville, Tenn.-based Carter Haston.

 1520 Magnolia was constructed in 2001. Amenities include a 24-hour fitness center, on-site laundry facilities, a pool with a sundeck, a two-mile jogging trail and concierge services. The units include double crown molding, 9-foot ceilings, garden-style tubs, and built-in bookshelves and desks.

 “This sale demonstrates the continued strength of the multifamily market in top-tier cities like Durham,” said Robinson, a co-founder and co-managing partner of MHA who is based in Charlotte. “We anticipate sales to remain strong throughout the remainder of the year.”

Jordan McCarley
“Fueled by an improving job market and a thriving technology sector, Durham and the nearby cities will continue to experience healthy apartment demand,” said McCarley, senior director of MHA’s Charlotte office.

“In turn, private capital will continue to be attracted to multifamily properties in this area, and this transaction is yet another example of our ability to find the right private buyer for our clients’ properties.”
For a complete copy of the company’s news release, please contact:

Stephen Ursery
The Wilbert Group
404-549-7150 (O) 404-405-2354 (C)


ARA’s Central and North Florida Team Completes 142-Unit Sale in Winter Park, FL

Oak Reserve at Winter Park apartments, Winter Park, FL

Winter Park, FL (June 17, 2013) — The Orlando office of Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, has arranged the sale of Oak Reserve at Winter Park, a 142-unit multihousing community located in the affluent city of Winter Park, FL, within the Orlando, FL MSA.

Kevin Judd
The Central Florida-based sales team of Principals Kevin Judd, Patrick Dufour and Senior Vice President Matt Wilcox, along with Principal Marc deBaptiste, represented Aventura, FL-based Trade Street Residential, Inc. in the sale.

The REIT sold the property in order to reallocate capital to newly constructed assets.  Rockville, MD-based BAF Associates purchased the property for $11,710,000.

Patrick Dufour
Though originally constructed in 1973, the property underwent a substantial $5 million renovation in 2007 which significantly reduced its effective age.

The property enjoys a superb location less than ten minutes from major employment, world-class entertainment, shopping and dining in downtown Orlando. 

  Oak Reserve at Winter Park enjoys excellent accessibility throughout the Orlando MSA. Downtown Orlando, Central Florida Research Park and the University of Central Florida, which are the area’s major employment and educational centers with a combined total of over 70,000 employees, are all located within minutes from Oak Reserve at Winter Park.

Matt Wilcox
“Demand for infill product in core locations is unprecedented in today’s market. We had over 160 requests for investment packages on this asset,” noted Kevin Judd, lead advisor on the transaction.

“Full Sail University is located less than one mile south of Oak Reserve. The University of Central Florida -- recently named Florida’s largest state university with enrollment of 58,500 -- is just over six miles from the property,” he added.

 “The property has a history of strong rental occupancy, which was 92% at the time of sale,” added Tampa-based Patrick Dufour.

Marc deBaptiste
Greater Orlando’s apartment market continues to show signs of growth as occupancy rates have increased a substantial 590 basis points since its trough in 1Q 2010 to 94.7%, as of 4Q 2012. Occupancy is expected to continue increasing over the next two years.

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

Local                                                               National             :

Marti Zenor                                                   Amy Morris or Lisa Robinson
ARA Florida                                                  ARA National
(561) 988-8800                                              (404) 495-7300