Saturday, November 1, 2014

Cousins Properties Reports Third Quarter 2014 Results

Larry Gellerstedt
ATLANTA -- Cousins Properties Incorporated (NYSE:CUZ):


·        Funds From Operations for the third quarter was $0.20 per share.
·        Same property net operating income for the third quarter on a cash basis was up 12.8% over the prior year, and on a GAAP basis was up 3.6% over the prior year.
·        Issued 18 million shares of common stock for net proceeds of $223.4 million.
·        Acquired Fifth Third Center in Charlotte, North Carolina for $215 million.
·        Subsequent to quarter end, acquired Northpark Town Center in Atlanta, Georgia for $348 million.
·        Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter ended September 30, 2014.

"We continue to string together very solid quarters, driven by continued progress with the implementation of our strategic plan combined with improving office fundamentals in our Sunbelt markets," said Larry Gellerstedt, President and Chief Executive Officer of Cousins.

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

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

Marli Quesinberry, 404-407-1898
Director, Investor Relations and
Corporate Communications

RealtyTrac Reports Zombies up More Than 20 Percent in New York City, Washington, DC and Philadelphia; New York City, Miami, Tampa and Chicago Post Highest Zombie Foreclosure Totals

IRVINE, CA — RealtyTrac® (, the nation’s leading source for comprehensive housing data, released its Q3 2014 Zombie Foreclosure Report, which found that 117,298 homes actively in the foreclosure process had been vacated by the homeowners prior to a completed foreclosure, representing 18 percent of all active foreclosures.

Daren Blomquist
These vacant properties will likely end up as short sales, foreclosure auction sales or bank-owned sales in the future.

There were 117,298 owner-vacated foreclosures nationwide in third quarter of 2014 (18 percent of total properties in foreclosure), down 17 percent from 141,406 in the second quarter of 2014 and down 23 percent from 152,033 in the third quarter of 2013.

“The most effective preventative vaccine for the blight caused by vacant, abandoned foreclosures has proven to be a short and efficient foreclosure process,” said Daren Blomquist, vice president at RealtyTrac.

 “Absent that, the best antidote for a zombie foreclosure infestation is a pro-active land bank program like that in Cleveland and more recently Chicago designed to aggressively take possession of vacant foreclosures and rehab or demolish them.

“Meanwhile, markets with lengthy and lengthening foreclosure timelines have unintentionally created a zombie foreclosure breeding ground,” Blomquist added.

 “As we see a backlog of delayed distress finally hit the foreclosure pipeline in some of those markets, the problem is coming more to light.”

Contrary to the national trend, 16 states saw increases in owner-vacated foreclosures compared to a year ago, including New Jersey (up 75 percent), North Carolina (up 65 percent), Oklahoma (up 37 percent), and New York (up 30 percent) and Alabama (up 29 percent).

Among metros with a population of more than 200,000, 60 metros (28 percent) posted increases in owner-vacated foreclosures compared to a year ago, including Trenton, N.J. (up 106 percent), Atlantic City, N.J. (up 98 percent), Rochester, N.Y. (up 49 percent), Washington, D.C. (up 40 percent), New York (up 38 percent) and Philadelphia (up 21 percent).

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

Jennifer von Pohlmann
949.502.8300949.502.8300, ext. 139

Ginny Walker
949.502.8300949.502.8300, ext. 268

PCCP Provides $56.5 Million Senior Loan to The Ritchie Group to Acquire, Develop and Stabilize Stalled Condominium Project in Orem, UT

Midtown360, 320 South State Street, Orem, UT
 San Francisco, CA – PCCP, LLC announced it has provided a $56.5 million senior loan to finance the acquisition, development and stabilization of Midtown360 to Salt Lake City-based developer, The Ritchie Group.

Located on 10.3 acres at 320 South State Street in Orem, UT – a city 40 miles south of Salt Lake City – Midtown360 (originally called Midtown Village) halted mid-construction in 2008.

The project was partially completed with 40 residential units and some retail space. PCCP’s loan will provide the proceeds for the acquisition of the entire project.

Jim Galovan
 Additionally, the financing will be used to help complete construction and stabilize Phase 1 of the development which includes 286 apartment units and approximately 50,000 square feet of retail space in two, mid-rise towers with two levels of underground parking.

Phase 1 will also provide for the addition of substantial amenities to include multiple common areas comprised of a study lounge, business center, rooftop deck (with 360 degree mountain and lake views) and clubhouse as well as a fitness center, pool, and basketball court.

 Construction for Phase 1 is anticipated to complete in 18 months. Phase 2 will incorporate the development of the third tower and an additional 308 residential units and is expected to commence construction in approximately 24 months.

“Although Midtown360 suffered during the economic downturn, it remains a Class A asset that has now been acquired by an experienced developer at well below replacement cost within a strong market,” said Jim Galovan, managing director with PCCP, LLC.

“We look forward to participating in the transformation of this property from a stalled project into a thriving community that will meet the needs of the local area.”

Galovan noted that Midtown360 is prominently positioned at the center of a vibrant college-town market, with 70,000 college students in Orem and Provo, Utah and a total population of approximately 500,000. 

The project is anticipated to attract a significant amount of college students, young professionals, young couples, and retirees.

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

Darcie Giacchetto
Spaulding Thompson & Associates

Faris Lee Investments Completes $13.7 Million Sale of NNN-Leased Multi-Tenant Retail Property in Phoenix, AZ Submarket

Peoria Crossings Power Center, Peoria, AZ
IRVINE, CA – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $13.7 million sale of a two-building, NNN-leased retail property in Peoria, Ariz., a major Phoenix submarket.

Situated on 5.12 acres and totaling 51,200 square feet, the property is fully occupied by LA Fitness, OfficeMax, Carter’s, and Styles for Less.

The asset is located within the 66-acre Peoria Crossings regional power center that is co-anchored by Target, Kohl’s, Ross, Michael’s, and Petco.

Jeff Conover, senior managing director with Faris Lee Investments, represented the Indianapolis-based seller, Peoria Crossings Development LLC.

Jeff Conover
The San Jose, California-based 1031 exchange buyer, El Rancho Company, was represented by Brian Mason of Colliers International.

The transaction closed at a 7.5 percent cap rate. Faris Lee also facilitated the financing process with Woodman of the World Life Insurance Company in Omaha, NE.

“Faris Lee focused its marketing outreach for this quality asset by targeting buyers from California who are seeking higher yields on their investments,” said Conover.

“Right now we’re seeing retail investment opportunities in California become more competitive and cap rates falling below 5 percent. For this reason, we’ve worked strategically to move a tremendous amount of California-based capital out-of-state, into high-growth markets such as Arizona.”

Conover added that Faris Lee received multiple competitive offers on the property which sold for 99 percent of the asking price and at a strong price-per-square-foot of $268.

Built in 2007 and 2008, the property is located at 9320 W. Northern Ave. and 8170 N. 91st Ave. at the northeast corner of Loop 101 and Northern Avenue.

Brian Mason
 More than 143,000 vehicles per day pass through the intersection. Additionally, there are more than 300,000 people and more than 70,000 daytime employees within the immediate trade area.

 Peoria Crossings is situated across the street from a proposed resort and casino which was recently approved for 225,000-square-feet of gaming, a hotel, restaurants and convention/meeting space.

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

Darcie Giacchetto
Spaulding Thompson & Associates

Florida Multifamily Portfolio Sells for Over $81 Million

Jacksonville Heights, Jacksonville, FL
FORT LAUDERDALE, FL – Marcus & Millichap (NYSE: MMI) and Franklin Street, both commercial real estate companies, announced the sale of a portfolio of 2,199 multifamily units located in 14 apartment communities throughout Florida.

The $81,363,000 sales price equates to $37,000 per unit.

            Evan P. Kristol, senior vice president investments in Marcus & Millichap’s Fort Lauderdale office, and IPA (Institutional Property Advisors) senior director Still Hunter III represented the buyer, Tzadik Management.

Darron Kattan, Kevin Kelleher, Deme Mekras, and Elliot Shainberg, all of Franklin Street, represented the seller, Avesta Communities LLC.

Evan P. Kristol
“The seller purchased most of these properties as distressed opportunities after the last real estate crash,” says Kattan, managing director of Franklin Street’s Real Estate division.

“They were able to clean up and stabilize the assets and capitalize on the recovery of the marketplace and the demand for multifamily properties in Central/West Florida.” 

Founded in 2007 by Adam Hendry, Tzadik Management acquires, develops, renovates and stabilizes multifamily assets throughout Florida. Avesta Communities is a multifamily investment and management firm based in Tampa. IPA is a division of Marcus & Millichap.

“This was an opportunity for the buyer to significantly grow his company while also obtaining a large-scale presence in a number of desirable rental markets across the state,” says Kristol.

“The seller completed in excess of $15,000,000 in renovations and upgrades prior to the sale. The new owner intends to complete the renovation program and be in a position to take advantage of rising rental rates and the strong demand for quality assets in growing markets.”

Still Hunter III
All of the properties were all constructed between 1966 and 1996. The average vintage is 1980.

 The properties are:

·         Bella Mars, 264 units, 100,260 square feet, Tampa
·         Brandywyne, 82 units, 23,893 square feet, Winter Haven    
·         Country Place, 18 units, 12,539 square feet, Winter Haven
·         Del Rio, 160 units, 138,562 square feet, Tampa        
·         Jacksonville Heights, 173 units, 181,366 square feet, Jacksonville               
·         Kings Trail, 320 units, 360,396 square feet, Jacksonville      
·         Lago Bello, 120 units, 82,940 square feet, Tampa    
·         Lakeland Manor, 373 units, 175,230 square feet, Lakeland 
·         Landings, 60 units, 38,592 square feet, Winter Haven                      Mount Dora, 132 units, 40,032 square feet, Mount Dora     
·         Rolling Hills, 240 units, 286,007 square feet, Orlando         
·         Tanglewood, 138 units, 46,080 square feet, Eustis               
                                                           ·         North Washington, 119 units, 44,256 square feet, Sarasota  

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

Gina Relva
Public Relations Manager
(925) 953-1716

Franklin Street Contact:
Kelsy Pazur
 Director of PR and Marketing
(813) 434-4851

Wendy’s Portfolio of 19 Restaurants in North Carolina and Virginia Hits the Market at $48 Million

MIAMI, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has obtained the exclusive listing for a portfolio of 19 Wendy’s restaurants, 18 of which are located throughout North Carolina and one in Virginia.

Ronnie Issenberg
The portfolio is listed for $48,019,876. The properties may be purchased together or separately.

Ronnie Issenberg, a vice president investments, Gabriel Britti, an associate vice president investments, and Roee Ben-Moshe, an associate, all in Marcus & Millichap’s Miami office, are marketing the portfolio on behalf of the seller, a private company from Memphis, Tenn.

Marcus & Millichap’s brokers of record are James Allen Smith in North Carolina and Payton Banks in Virginia.

“The number of quick service restaurants sold doubled last year and the asset class continues to be very popular with investors,” says Issenberg.

“Due to the popularity of quick service restaurants, cap rates for this investment class are at generationally low levels,” adds Britti. “We are also seeing a trend wherein franchise-guaranteed properties are beginning to rival corporate-backed properties.”

Gabriel Britti
The Wendy’s properties are guaranteed by NPC International, which is the largest franchisee in the United States and is currently operating more than 1,250 Pizza Hut units in 28 states and over 140 Wendy’s units in five states.

All of the Wendy’s locations in this portfolio have brand-new 20-year leases that include 10 percent rent increases every five years with four five year options. The leases are absolute-net in nature, with no landlord responsibilities.

“Whereas private investors and 1031 exchange investors look for individual restaurants with long-term leases and rental escalations because they are relatively safe investments, institutional investors and REITs seek larger portfolios to obtain economies of scale,” notes Ben-Moshe.

The properties’ locations are:

Roee E. Ben-Moshe
·         949 N. Wesleyan Blvd., Rocky Mount, N.C.
·         19260 Jeb Stuart Highway, Stuart, Va.
·         1200 Eastern Ave., Nashville, N.C.
·         1 Cloninger Ave., Thomasville, N.C.
·         3182 Peters Creek Parkway, Winston-Salem, N.C.
·         1515 E. Dixie Dr., Asheboro, N.C.
·         2735 Reynolda Road, Winston-Salem, N.C.
·         6400 Sessions Ct, Clemmons, N.C.
·         2619 NC Highway 68, S. High Point, N.C.
·         147 NC Highway 801, Advance, N.C.
·         1429 Lewisville-Clemmons, Road, Clemmons, N.C.
·         5457 Gumtree Road, Winston-Salem, N.C.
·         1468 NC Highway 66, S. Kernersville, N.C.
·         3705 Elmsley Court, Greensboro, N.C.
·         3007 Waughtown St., Winston-Salem, N.C.
·         3103 Sands Drive, Greensboro, N.C.
·         1500 W. Lee St., Greensboro, N.C.
·         2710 South Main Street, High Point, N.C.
·         3710 Battleground Plaza, Greensboro, N.C.

Interested investors can contact Ronnie Issenberg, Gabriel Britti or Roee Ben-Moshe at (786) 522-7000.

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

Gina Relva
Public Relations Manager
(925) 953-1716

Sales Open for Brighton Mews in Park Ridge, IL

CHICAGO, IL – Sales have begun for Brighton Mews, a 29-unit luxury townhome development, according to Glenview, Ill.-based homebuilder and developer Edward R. James Homes.

The development is located at 303 S. Northwest Hwy in downtown Park Ridge, Ill. Construction is expected to commence later this fall, with deliveries in 2015.

“Park Ridge possesses the rare combination of a thriving urban area that still embodies small-town charm. Residents of Brighton Mews will enjoy the best of both worlds, as it’s advantageously located just a few blocks from the downtown area that’s full of great shops, restaurants, the Metra station and the nostalgic Pickwick Theater,” said Jerry S. James, president of Edward R. James Companies.

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

Julie Liedtke,, (312) 267-4521
Kim Manning,, (312) 267-4527

Kiser Group Brokers Three Property Sales including Apartment, Mixed-Use and Vacant Land in Chicago and Skokie, IL

3348 West Wilson Avenue, Chicago, IL
CHICAGO, IL – Kiser Group, Chicago’s leading mid-market commercial real estate brokerage firm, announces three Chicago-area property sales that closed in September 2014.

The sales include two Chicago buildings: a 33-unit courtyard apartment building in Albany Park and a recently constructed 17-unit mixed-use building in Rogers Park.

The September closings also include 4.36 acres of vacant land in a commercial area of Skokie, Ill.

3348 W. Wilson – Albany Park
 Located at the northeast corner of Wilson and Kimball avenues in the Albany Park neighborhood, Wilson Manor is a 33-unit brick courtyard apartment building that has been fully renovated with condo-quality finishes including granite countertops, black appliances, new cabinets, central heat and air, and in-unit laundry.

 The apartment mix consists of 22 two-bedroom, two-bath units; six two-bedroom, one-bath units; and five 1,800-square-foot duplexes. It sold for $6.2 million.

Bill Baumann
“This value-add property closed at an attractive 7 percent cap rate,” said Bill Baumann, senior managing director, who represented the buyer in the transaction. 

“The fully occupied, well-maintained building is also located in a popular, stable Chicago neighborhood. 

"Location was a key selling point as the building is just blocks from the Kimball Avenue Brown Line ‘L’ stop, North Park University and Northeastern Illinois University.”
“The seller purchased this property only two years ago and made several impressive improvements. By approaching Kiser Group, the seller was able to maximize its value in a very short amount of time,” said Lee Kiser, principal of Kiser Group, who represented the seller in the transaction.
1412 W. Morse – Rogers Park
 This recently constructed mixed-use building at 1412 W. Morse in Rogers Park sold for $3.3 million. The elevator building includes 16 residential units above a street-level commercial space that houses Chuckie’s, a restaurant and bar. The apartments feature gourmet kitchens, stainless steel appliances, hardwood floors, private balconies, in unit laundry and access to a rooftop deck. Baumann represented both the buyer and seller of the property.

Lee Kiser
 3535 W. Oakton - Skokie
3535 W. Oakton is a 4.36-acre parcel of vacant land that sold for $2.05 million. Approximately 23,300 vehicles pass by the infill location per day. The property is in an M3 Industrial district.

“The property provides a user opportunity in a convenient, highly trafficked area of Skokie,” said Kiser, who represented the seller in the transaction.
All the names of buyers and sellers involved in these transactions are not available at this time.

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

Mark Thomton,, 312-267-4523

Essex Realty Group Brokers Sale of 5 Unit Multi-Family Building in Chicago, IL

1143 West Waveland,
Wrigley/Lakeview Neighborhood,
Chicago, IL
 CHICAGO, IL -- Essex Realty Group, Inc. is pleased to announce the sale of 1143 W. Waveland in Chicago, Illinois.

The property is comprised of a 3-unit walk-up building with a 2-unit rear coach house in Chicago’s Wrigleyville/Lakeview neighborhood.

Situated on the south side of Waveland Avenue just west of Clark Street, the property is less than one block to Wrigley Field as well as the restaurants and bars surrounding the stadium.

The building is steps from CTA bus route 22 and within walking distance of the CTA Addison Red Line Station.

The sale price was approximately $1,400,000.

Matt Welke and Jason Fishleder were the brokers on the transaction.

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

Douglas Fisher
Essex Realty Group, Inc.

Essex Realty Group Brokers the Sale of a Two-Building Commercial Property in Chicago, IL

2603--11 North Halsted Street, Chicago, IL
CHICAGO, IL - Essex Realty Group, Inc. is pleased to announce the sale of 2603-11 N. Halsted St. in Chicago, Illinois.

 The property is a newer construction commercial property consisting of two (2) adjacent buildings located in Chicago’s Lincoln Park neighborhood.

 The property is situated on the east side of Halsted St. just north of Wrightwood Ave., and is well-positioned along a busy commercial corridor in Lincoln Park.

In addition, the property is steps from the CTA bus route 8 stop and is within walking distance of the CTA Fullerton Station Red, Brown, and Purple lines. The sale price was approximately $2,600,000.

Matt Welke
 Matt Welke and Jason Fishleder were the brokers on the transaction.

Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

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

Douglas Fisher
Essex Realty Group, Inc.

American Realty Advisors Acquires Stabilized Luxury Multifamily Asset in Los Angeles’ South-After Silicon Beach Market

The Millennium Del Rey, 5550 Grosvenor Boulevard, Los Angeles, CA

LOS ANGELES, CA – American Realty Advisors, an investment manager to institutional investors with more than $6 billion in assets under management, has acquired The Millennium Del Rey, a new Gold LEED-pending certified apartment community with condo-quality units, state-of-the-art technology, and a location in the steadily growing Marina Del Rey/Playa Vista market, according to Gary Steinhardt, Director of Investments at American Realty Advisors.

“The asset, which was just completed in June of this year, was already at 85 percent occupancy when we acquired it from the developer, The Dinerstein Companies,” Steinhardt said.

 “This acquisition is consistent with American’s strategy to identify well-located, quality properties in markets with high barriers to entry. 

“The Millennium Del Rey is in a strong and rapidly growing creative and technology employment area.  It is a 15-minute walk from a new mixed-use center featuring restaurants, entertainment and groceries, and it is in close proximity to freeways, a bike path, the beach and the marina.”

Mary Ann King
“While the property is still new and has been built to a true luxury level,  American Realty Advisors, on behalf of its client, will be upgrading the entrance, as well as adding improvements to the pool, Zen garden and other common areas,” Steinhardt adds.

The Millennium Del Rey is located at 5550 Grosvenor Boulevard in Los Angeles.  American Realty Advisors represented itself in the acquisition.  Mary Ann King and Thomas Moran, Jr. of Moran & Company represented The Dinerstein Companies in the sale.

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

Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

Cohen Commercial Realty Signs Extreme Motorsports to 23,526-SF Lease in West Palm Beach, FL

Bryan S. Cohen
Stuart, FL — Bryan S. Cohen and Chris Haass of Cohen Commercial Realty, Inc., announced the signing of Extreme Motorsports, to lease a 23,526-square-foot free standing building located at 1862 Dr. Martin Luther King Blvd, West Palm Beach, FL 33404. Cohen Commercial Realty, Inc., represents the tenant .

Bryan Cohen says Cohen Commercial Realty, Inc., is a full service commercial real estate brokerage firm "dedicated to fulfilling client needs quickly and efficiently throughout the South Florida market and beyond."

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

Jamie Crocker
561.471.0212 phone
561.471.5905 fax

Concord Hospitality to Surpass 100

Mark Laport

 RALEIGH, NC — Concord Hospitality announced that the company is developing its most ambitious pipeline in its 30-year history.

 The company has 12 hotels under construction from south Florida to New York City and is providing third-party management services for another five that also are in active construction.

All 17 hotels will be managed by Concord upon opening. With the opening of these hotels, the company will surpass the century mark, 100 hotels under management, and open 12 hotels in as many months.   

            Concord's 17-hotel pipeline is among the most robust in the United States, and with 11 additional hotels in active development (sites under contract and franchises secured), Concord has surpassed most competitors in terms of total hotels in the funnel.

            "Having weathered a number of hotel cycles, we were confident coming out of 2009 that the near future would be positive, and we took a well calculated risk that this cycle would be a bit unique," said Mark Laport, president and CEO. 

"We were one of the few companies who developed continuously through the downturn, setting the stage for the most aggressive growth phase in our company's 30-year history."

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

Lauralee Dobbins, Chris Daly
(703) 435-6293