Euro Zone in Spotlight with Cypruss in Center Stage

Jeanne Peck

Chicago, IL, April 2, 2013 -- Once again, the Euro Zone is in the spotlight with Cyprus in center stage. This time around, the stock market hit record highs and the bond markets reacted calmly.   Investors are becoming more accustomed to such news. Therefore, overall treasury rates remain somewhat flat with mortgage markets continuously enjoying record low rates.

All in all, five-year fixed-rate debt is priced in the 2.5% to 3.5% range with ten-year debt priced approximately 1% more. The only other news on the permanent loan front is the FHA/HUD. This agency's rates are now more in line with conventional mortgage markets.  The program still remains attractive though, due to the longer-term and non-recourse, new-construction funding program options.

In addition to senior debt discussions, mezzanine and preferred equity

funding sources continue to tighten pricing.  Loans up to 75% leverage are

priced in the single digit range; for aggressive, higher leverage debt of up

to 90% of the capital stack, lower to mid-teens is now the new benchmark.

The sources of funds find themselves aggressively competing with cheaper

equity capital.  Everyone is scrambling to find attractive realty investment

opportunities in various parts of the capital stack.

CMBS Lenders continue to fill their higher goals for 2013 by tightening spreads and actively quoting smaller loans (although few will be interested in loan sizes less than $5 million).  Priced over swap rates rather than

treasuries, their quotes have been competitive with more traditional sources for certain properties.

Lastly, a select group of life companies are returning to the market with competitive participating loan programs.  These funding sources offer construction/perm product for to-be-built multifamily projects with up to 90% leverage on cost; accruing coupon rates of 4.5% and more.  

In return, they receive a participation of cash flow and reversionary profits (usually just below 50%).

According to Jeanne Peck of the Real Estate Capital Institute, "lenders are

opening their wallets wider than ever before. Nearly everyone is in the fray

for originating loans, and it's difficult to discern which capital player is

a best match for what type of deal."

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

  

Jeanne Peck,

Executive Director

director@reci.com

www.reci.com

The   Real Estate Capital Institute(r)

3517 West Arthington Street

Chicago, Illinois USA 60624

Northside Hospital Inc. renews 43,051-SF lease at Meridian Mark Plaza in Atlanta, GA

  

Meridian Park Plaza, Atlanta, GA

 ATLANTA, GA– Northside Hospital Inc. has renewed its lease at Meridian Mark Plaza in Atlanta, a property developed and owned by Cousins Properties Incorporated (NYSE: CUZ).

The 10-year, 43,051-square-foot renewal is primarily Northside Hospital’s Outpatient Surgery Center in addition to its pharmacy and other ancillary services.

“Northside Hospital is a great organization and we’re pleased to extend our long-term, successful relationship with them,” said Thad Ellis, Senior Vice President of Cousins.

Northside Hospital is one of Meridian Mark Plaza’s original tenants. Meridian Mark Plaza is a 160,000-square-foot medical office building and it’s been approximately 97 percent leased for the past 10 years.

J. Thad Ellis II

 Located along the Glenridge Connector, Meridian Mark Plaza is near “Pill Hill,” a cluster of the region’s major hospitals and doctors’ offices near Georgia 400 and Interstate 285.

“Northside’s lease renewal symbolizes a reinvestment in the Meridian Mark Plaza building by Northside Hospital,” added George Olmstead, owner of Olmstead Realty LLC, who represented Cousins in the lease renewal.

“We also think it underscores how important great access to Pill Hill and the surrounding roads and freeways is for an outpatient clinic. Given the ever-changing dynamics of healthcare and in particular the local dynamics of the Pill Hill real estate market, I’m thrilled that Northside Hospital renewed here.”

In addition to Olmstead who represented Cousins, Joseph Krumdieck with Realty Trust Group represented Northside Hospital Inc. in the transaction.

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

Rachel Tobin,

Jackson Spalding                                

(404) 724-2501;

 rtobin@jacksonspalding.com

www.cousinsproperties.com

www.olmsteadrealty.net

.

The Devil’s in the Details: How to Protect Yourself in Commercial Contracts

 

Seth Weissman

ATLANTA, GA– While writing commercial real estate contracts is the job of lawyers, all industry professionals and investors should be well versed in how to craft sales agreements that protect their interests and investments.

 That was one of the points driven home in the most recent episode of the “Commercial Real Estate Show” radio program, hosted by Michael Bull of Bull Realty.

The episode, for which Bull was joined for the entire hour by Seth Weissman, a partner with the Weissman Nowack Curry & Wilco law firm, provided an enlightening look at the many issues surrounding the creation of commercial real estate contracts and outlined numerous pitfalls for both buyers and sellers to avoid.

Michael Bull

Topics included earnest money, termination notices, title insurance and due diligence.

 Too often, buyers and sellers draft their own contracts and write them in such a way that they’re not legally enforceable, Weissman said. Furthermore, buyers and sellers should not rely on verbal agreements to handle any component of a transaction.

 “Basically what our courts do when there is a real estate dispute is, they look only at the four corners of the contract,” Weissman said. “No one is going to be asking, ‘Well, what was your verbal discussion?’ If it’s not in the contract, it doesn’t count.”

 The entire episode on commercial real estate contracts is available for download at www.CREshow.com. The next “Commercial Real Estate Show” will be available April 4 and will provide an update on the U.S. hotel and lodging market.

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

Stephen Ursery

The Wilbert Group

E-mail: sursery@thewilbertgroup.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.thewilbertgroup.com

Cohen Commercial Realty Signs Subway in New Juno Beach, FL Lease Transaction

Plaza La Mer, Juno Beach, FL

Juno Beach, FL— Bryan S. Cohen, Chris Haass, and Eddie Vanderwerff announced today the signing of Subway, to lease a 1,125-square-foot unit at Plaza La Mer located on the northwest corner of Donald Ross Road and U.S. Highway One. 

Cohen Commercial Realty represented the tenant and Woolbright Development represented the landlord.

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

Cohen Commercial Realty, Inc.

P.O. Box 223244

West Palm Beach, FL 33422

www.cohencommercial.com

Plaza Advisors Announces Sale of Highlands Plaza in Lakeland, FL

Highlands Plaza, Lakeland, FL

TAMPA, FL, April 2, 2013 -- Plaza Advisors is pleased to announce the sale of  Highlands Plaza, a Winn Dixie grocery anchored shopping center located in Lakeland (Polk Beach County) Florida.

The asset contains 102,575 square feet of gross leasable area. The major tenants include Winn Dixie, Central Florida Speech & Hearing Clinic and Chase Bank. The asset was constructed in 1989 and was 84% leased at the time of sale.

  

Jim Michalak

Jim Michalak and Paul Bores of Plaza Advisors represented the seller in the transaction. The seller and buyer were DDR Corp. and Highlands Plaza Building Owner, LLC a private equity firm based in south Florida, respectively. 

 “While the capital markets demand for Publix anchored centers are at an all-time high this transaction is reflective of the continuation of the investor migration for necessity based retail product located in middle market areas of Florida” states Jim Michalak. “Furthermore, investors tend to garner better returns and experience less acquisition competition as compared to Publix centers located in Florida’s primary markets”.

Paul Bores

Plaza Advisors is a real estate brokerage firm that specializes in the disposition of retail properties throughout the State of Florida. Plaza Advisors’ clients include private equity investors, developers, and major institutions including fund advisors, servicing agents, life insurance companies, REITs, and money center banks.

 Plaza Advisors has closed over 130 shopping center transactions, with a combined GLA exceeding 13 million square feet with an aggregate sales volume in excess of $1.5 billion.

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

Jim Michalak

 Managing Partner

Plaza Advisors

3412 Bay To Bay Boulevard

Tampa, FL 33629

813.837.1300 Ext. 101

Fax 831.2627

jim.michalak@plazadvisors.com

www.plazadvisors.com

Integrity Home Loan of Central Florida Appoints Veteran Reverse Mortgage Specialist Barbara D. Sayre to Work with Seniors in Central Florida

Barbara D. Sayre

Lake Mary, FL--- Integrity Home Loan of Central Florida, Inc. recently appointed veteran mortgage specialist Barbara D. Sayre a loan officer in its headquarters office at 901 International Parkway in Lake Mary.

Matt Malloy, president of Integrity Home Loan of Central Florida, Inc., said Sayre, who has more than 20 years of experience as a residential mortgage professional, will focus solely on helping seniors obtain reverse mortgages, which provide them with cash from equity in their homes while they remain in their homes for life.

“Barbara Sayre is one of the most experienced residential mortgage professionals in Central Florida and she is one of the leading experts in Florida on reverse mortgages,” Malloy said.

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

Matt Malloy, President, Integrity Home Loan of Central Florida, 407-688-8268 matt.malloy@inthomeloan.com NMLS #- 161433

Jason Scott, Marketing Manager, Integrity Home Loan, 407-688-6618 jason.scott@inthomeloan.com;

Larry Vershel, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

Integrity Home Loan of Central Florida names new underwriter and sales manager

LAKE MARY, FL. --- Integrity Home Loan of Central Florida, which ranks as one of the state’s fastest growing mortgage loan companies, has named a new FHA-VA underwriter.

Matt Malloy, president of Integrity Home Loan of Central Florida, said Robert L. Mayrand II who has close to 10 years of experience is the new underwriter for the Jacksonville branch.  Mayrand attended Florida Community College in Jacksonville.

At the same time, Malloy named Don Almeida, sales manager for the central Florida region. Almeida is a graduate of the University of Central Florida and has been in sales for five years. 

Integrity is Florida’s largest fully integrated privately owned mortgage company with 11 branches including the headquarters in Lake Mary and locations in Coral Springs, West Palm Beach, Jacksonville, Orlando, Tampa and in the Detroit suburb of Southfield, Mich.

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

Matt Malloy, President, Integrity Home Loan of Central Florida, 407-688-8268 matt.malloy@inthomeloan.com NMLS #- 161433

Jason Scott, Marketing Manager, Integrity Home Loan, 407-688-6618 jason.scott@inthomeloan.com;

Larry Vershel, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

Integrity Home Loan of Central Florida Appoints Two Veteran Loan Officers in Lake Mary, FL Office

Matt Malloy

Lake Mary, FL. --- Integrity Home Loan of Central Florida, Inc., Florida’s largest and most active residential mortgage provider, recently appointed veteran mortgage specialists Cliff Taylor and George Carlton Thornton III loan officers in its headquarters office at 901 International Parkway in Lake Mary

Matt Malloy, president of Integrity Home Loan of Central Florida, Inc., said Taylor has more than four years of experience as a loan officer with Ameriquest Mortgage and two years of experience as a licensed Florida Realtor.

Thornton, who attended Southern Illinois University, has more than 10 years of experience as a loan originator.

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

Matt Malloy, President, Integrity Home Loan of Central Florida, 407-688-8268 matt.malloy@inthomeloan.com NMLS #- 161433

Jason Scott, Marketing Manager, Integrity Home Loan, 407-688-6618 jason.scott@inthomeloan.com;

Larry Vershel, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

Brown Harris Stevens Reports Impacted by Tax Law Changes in 2012, 1st Quarter Average Manhattan Apartment Price Fell 16% From 1st Quarter 2012

Hall F. Wilkie

New York, NY, April 2, 2013 --  According to the 2013 first quarter Manhattan residential market report released today by Brown Harris Stevens, the average Manhattan apartment sale price of $1,252,081 was down 16% from the first quarter of 2012.

The median price, which measures the middle of the market and is less impacted by high-end sales, was down 5% to $780,000 over that same period. Although inventory is at low levels and there was a rush to close at the end of 2012, the number of closings was up 3% to 1,846 when compared to the first quarter of last year.

Cooperative apartments of all sizes saw lower average sales prices over the first quarter of 2012. The overall average price of $925,815 was 22% lower than during the first quarter last year with three-bedroom and larger co-ops posting the biggest decrease in average price, down 31% from a year ago. 

 “With many buyers, especially those on the high-end, rushing to close at the end of 2012, we experienced a significant decline in high-end closings. This quarter’s statistics were also impacted by the $88 million closing at 15 Central Park West one year ago,” said Hall F. Willkie, president of Brown Harris Stevens Residential Sales.

 “As interest rates remain low, the local economy is strong, and with inventory of available apartments 30 percent below where it was a year ago, we continue to see a healthy level of activity with well-priced homes selling quickly.”

Report highlights include:

·         The average time on the market until signed contract was 111 days, 14% less time than a year ago.

·         On the East Side, all sized apartments saw a decrease in average sales price except studios.

·         The average price on the West Side particularly for 3 bedroom and larger apartments was impacted by the $88 million sale in the first quarter of 2012 at 15 Central Park West.

·         Downtown studios and 2-bedrooms saw price increases while 1-bedrooms and 3-bedroom and larger apartments experienced a decrease over the past year.

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

Rachel Gonzalez,

 Rubenstein PR

212.843.9240 /

rgonzalez@rubensteinpr.com  

www.BrownHarrisStevens.com

Lincoln Property Company Southeast Brokers Sale of Printpack’s 195,000-SFFormer Headquarters in Atlanta, GA

  

4335 Wendell Drive, Atlanta, GA

ATLANTA, GA (April 1, 2013) – Lincoln Property Company Southeast (Lincoln) has brokered the sale of Printpack’s 195,000-square-foot former headquarters at 4335 Wendell Drive in west Atlanta. Denton Shamburger, vice president of industrial leasing at Lincoln, represented Printpack in the transaction, the terms of which were not disclosed.

 Central Pipe & Supply purchased the two-story building and will relocate its Doraville, Ga., headquarters to the facility. Ed Riggins of Cresa Atlanta represented the buyer.

 Sitting on nearly 16 acres, the building features more than 140,000 square feet of warehouse space and approximately 55,000 square feet of office space. Printpack replaced the roof in 2011.

 Lincoln provides a variety of services for Printpack, which develops packaging for a wide range of products. Lincoln provides facilities management, lease administration and property transaction services for the firm.

Tony Bartlett

 “Printpack is a firm that we have a longstanding and comprehensive relationship with, and brokering the sale of its former headquarters to a high-quality buyer is just another way we’ve created tremendous value for the company,” said Tony Bartlett, senior vice president for Lincoln. “Denton did a great job finding the right buyer for this asset.”

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

Stephen Ursery

The Wilbert Group

404-965-5026

sursery@thewilbertgroup.com

www.lpcsoutheast.com

http://blog.lpcsoutheast.com.

Florida’s Largest Privately-Held Residential Mortgage Company Appoints Two Veterans to Head Jacksonville Office

Matt Malloy

Lake Mary, FL -- Integrity Home Loan, Florida’s largest and most active residential mortgage provider, recently appointed two veteran mortgage specialists to its Northeast Florida Regional Office at 8130 Baymeadows Way in Jacksonville.

Matt Malloy, president of Integrity Home Loan of Central Florida, Inc., said he appointed Jim O’Neal and Keith C. Evans loan officers in Jacksonville.

O’Neal, appointed Senior Loan Originator for Northeast Florida, is a veteran loan officer with more than 25 years of experience. A lifelong Jacksonville-area resident, O’Neal graduated from Orange Park High School in 1988.

His mortgage experience includes positions with Jacksonville-based Vystar Credit Union and PHH Mortgage in Jacksonville, where he originated and processed loans for Charles Schwab and Merrill Lynch.

Evans, appointed Loan Originator in the Jacksonville office, has more than 15 years of experience as a lender. Evans founded EQ Financial, Inc., in Jacksonville in 1999 and grew the company to include five locations with 76 employees.

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

Matt Malloy, President, Integrity Home Loan of Central Florida, 407-688-8268 matt.malloy@inthomeloan.com NMLS #- 161433

Jason Scott, Marketing Manager, Integrity Home Loan, 407-688-6618 jason.scott@inthomeloan.com;

Larry Vershel, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

Gvest to Build Apartments in Charlotte, NC Arts District; NoDa Development to Capture Spirit of Eclectic Community

The Yards at No Da rendering
Charlotte, NC

CHARLOTTE, NC -- Gvest Partners plans to build a brand new 340-unit apartment community in the heart of Charlotte N.C.’s historic arts district. Construction is expected to start soon on The Yards at NoDa, a $37 million development in the NoDa district – home to the city’s most unique galleries, restaurants, bars and performing spaces.

John Bell

“We’re designing it to blend in with the spirit of the neighborhood,” said John Bell, Managing Director of Gvest’s Multifamily Group. “Noda is such a wonderful, walkable area – we’re working hard to make sure The Yards reflects its personality and vitality.”

The new multifamily residences will be adjacent to the 36th Street stop on the planned extension of the LYNX Blue Line.

The new leg of the light rail system, set for completion in 2017, will provide easy access between Uptown, Downtown and the nearby University of North Carolina.

University of North Carolina campus
Charlotte, NC

The development will have studio, one, two and three bedroom apartments. Amenities will include a resort-style pool, fitness center with the latest equipment, business center, clubhouse, landscaped gardens and more. The pet-friendly community will also have a dog park.

Gvest is providing the equity investment for the new development. The firm acquired the land for the apartments in an all-cash purchase last year. Wells Fargo bank provided construction financing.

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

Terri Thornton

terri@territhornton.com

 http://www.gvestpartners.com

.

124th and 125th New Condo Towers Proposed For South Florida Coastal Region

Planned Centro Condo
Downtown Miami
computer rendering

MIAMI, FL -- Developers are proposing a pair of unrelated new condo towers - the 36-story Centro project and the 38-story Bay House project - in the Greater Downtown Miami market, and in the process have bolstered the total number of planned South Florida condo towers to 125 since the real estate market crashed in 2007, according to a new report from CondoVultures.com.

With the newly announced towers, developers are now proposing - or have recently completed - at least 23 new towers with more than 7,850 condo units for the Greater Downtown Miami market that is defined as the Julia Tuttle Causeway south to the Rickenbacker Causeway, and Biscayne Bay west to Interstate 95, according to the analysis based on the Condo Vultures® Official Condo Buyers Guide To Miami™.

Overall in South Florida, developers are now proposing nearly 17,100 units for the tricounty region of coastal Miami-Dade, Broward, and Palm Beach as of March 29, 2013, according to the Cranespotters.com Pre-construction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

Harvey Hernandez

In Greater Downtown Miami, developer Harvey Hernandez - who is currently building the 46-story Brickell House condo tower with 374 units - proposed the new 352-unit Centro project on the 100 block of Southeast First Street, according to the South Florida Business Journal.

The proposed Centro project - which is slated to go up on the site of the once proposed Loft 4 project from the previous condo boom - would not have onsite parking for residents, according to the Miami Herald.

Some three miles to the north, the Melo Group - which built the first new condo tower since the South Florida real estate crash in 2007 - has proposed the 164-unit Bay House tower on 27th Street in the Biscayne Boulevard Corridor of Greater Downtown Miami, according to marketing literature.

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

Condo Vultures® LLC

225 Midtown Building

225 NE 34th St., Suite 209B,

Downtown Miami, Florida, 33137.

PH: 800-750-0517.

ORION Property Partners Dominates 2012 Orange County, CA Office Leasing Market;

Jay Carnahan

IRVINE, CA -- ORION Property Partners, one of the premier commercial real estate  companies in Orange County, was involved in four of Orange County’s top 10 office lease transactions in 2012, according to CoStar’s top office lease rankings. 

All told, the firm handled more than 1.5 million square feet of leases in some of Orange County’s top tier office properties, completing 124 lease transactions during 2012. Notably, ORION was also involved in the largest office building sale in Orange County– The Michelson for $277 million.

Bob Thagard

Tenant industries involved in the leasing transactions encompassed some of the leading business sectors in the County including healthcare, biomedical and financial services.

“Our team performed incredibly well in 2012, especially considering that we are a boutique firm that provides a principal to principal alignment on every deal. 

"  Each of our principals has more than 25 years of experience, and our success is a testament to the long-standing relationships we have with most of the senior officers of companies and institutional property owners in this market ,” said Jay Carnahan, ORION’s managing partner.

“Thanks to our experience and strong relationships, we have an unmatched level of access to key decision makers. We are different from many brokerage firms in that our company takes a selective approach to who we service in order to closely align with our clients’ interests and to avoid conflicts of interest.  Our approach and long-term relationships are what allow us to out-perform much larger firms,” Carnahan added.

Bob Thagard, managing principal with ORION and one of the firm’s longest-tenured partners, was the top producer at ORION in 2012. Moreover, Thagard experienced his best year ever in his 25-plus year real estate career.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949-278-6224

                                               

www.orionpropertypartners.com.

Essex Realty Group Brokers the Sale Of Retail Strip Center In Chicago, IL

  

Doug Fisher

 CHICAGO, IL- Essex Realty Group, Inc. is pleased to announce the sale of 11111-19 179th Street, a 6,015 square foot strip center located in Orland Park, Illinois, approximately 25 miles southwest of Chicago’s central business district. 

The property is situated close to the high-traffic intersection of Wolf Road and 179th Street and benefits from its close proximity to national retailers such as Jewel-Osco, Walgreens, Jimmy John’s and Starbucks.

Matt Welke

The property is a single-story, free-standing building containing two (2) commercial spaces measuring 1,215 square feet and 4,800 square feet, and includes approximately 34 exterior parking spaces.  Currently, the 1,215 square foot space is occupied by Great Clips.  The adjacent space was previously occupied by a Blockbuster video store.

 Doug Fisher and Matt Welke of Essex were the brokers in the transaction.  The price was approximately $650,000.

11111-19 179th Street, Orland Park, IL

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

 Contact:

Douglas Fisher

Essex Realty Group, Inc.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com