Progress on New Community Park Brings Holiday Cheer to Santa Ana, CA Families

SANTA ANA, CA – In a densely populated, immigrant community with few, if any, recreational facilities, parents gathered on Saturday, December 17 for a Christmas celebration at the site of the new .6 acre park and community center (top left rendering).

The start of construction on the park is the happy progression of years of effort to bring much-needed recreational facilities to the 92701 zip code in downtown Santa Ana, Calif.

 “Seeing the trucks come in to make our park is a dream come true,” said resident Edith Melchor, a member of the group, Parents with Green Hearts, which lobbied for the park’s creation. “The park under construction makes it a real Christmas now.” The group also put their wishes for health on a Christmas tree on the barren land, which will be a completed park by summer.

 “This land is more than dirt. This land is the dream of ten years for our community to have a place where our children can play,” said Latino Health Access CEO America Bracho (middle right photo). The park began after one mother brought the idea to Latino Health Access. Since then, parents have joined to form Parents with Green Hearts.

 The $3.6 million park is being built by Latino Health Access, on land leased from the City, with the commitment and assistance of many community partners in planning, designing and moving the project forward.  The park is historic as the first community-driven recreational and educational public space of its kind promoting health and wellness in a resource-challenged community.

 

 McCarthy Building Companies, Inc., its design-build partner TAYLOR and St. Joseph Health System have donated more than 2,000 hours of architectural and preconstruction services. Moreover, McCarthy will provide construction services at a discounted rate to Latino Health Access through its community volunteer group, the McCarthy Heart Hats.

 For more information on the companies, please visit  http://www.mccarthy.com/   and http://www.taa1.com/.

Contact:  Laura Mickelson, (949) 453-0851 / LauraMickelson@cox.net

Two New Faces at Marcus & Millichap

W. Michael Cavner Joins Newport Beach, CA Office

NEWPORT BEACH, Calif., Dec. 19, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired W. Michael Cavner (top right photo) as a senior associate, according to Kent R. Williams (top left photo), a senior vice president and managing director of the firm.

Prior to joining Marcus & Millichap, Cavner was a principal at Irvine, Calif.-based Investment Property Group.

“Many successful agents are realizing that they need much more than just a smart phone and Internet access to meet and exceed their clients’ expectations,” says Williams.

“The resources offered by our firm – unparalleled access to a nationwide pool of private investment capital, in-depth research on a property-specific and submarket-specific level, along with a 40-year track record of expertise in the investment sector – are the keys to not only satisfying clients, but building wealth for them.”

In his new post as a senior associate in the Newport Beach office of Marcus & Millichap, Cavner specializes in the sale of Orange County multifamily properties.

Matthew LoPiccolo is the New Retail Properties Specialist in San Diego Office

SAN DIEGO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired Matthew LoPiccolo (lower right photo), according to John Vorsheck (bottom left photo), regional manager of the San Diego office.

Prior to joining Marcus & Millichap, LoPiccolo was an investment specialist at Capital Real Estate in San Diego.

LoPiccolo will specialize in the sale of retail properties throughout San Diego County.

“Matt has strong ties to the San Diego real estate industry,” says John Vorsheck, regional manager of Marcus & Millichap’s San Diego office.

“Having been raised in a real estate family, he brings a lifetime of experience to his position as a retail investment specialist. With his impressive list of clients and strong sales experience, Matt will help us capture significant market share in the local retail investment sector.”

After graduating from Michigan State University with a degree in communications and business, LoPiccolo worked as a project manager for his family’s residential development company, where he managed 40 residential projects over a two-year period.

In 2007, he was hired as an investment specialist at Capital Real Estate, a local boutique brokerage firm, where he brokered the sale of retail assets. Before leaving Capital Real Estate, LoPiccolo was the firm’s top-producing agent.

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

NAI Realvest Negotiates Renewal Agreements with two long-time tenants at The Citadel in Southeast Orlando, FL

ORLANDO, FL – NAI Realvest recently completed two lease renewal agreements for a total of 1,858 square feet of office space at The Citadel (top left photo) located at 5950 Hazeltine National Drive in Southeast Orlando.

Mary Frances West (top right photo) CCIM, senior broker associate at NAI Realvest, negotiated the transactions representing the landlord, Citadel Partners, LTD, based in The Villages, Fla.

Noresco LLC, who has been a tenant in Citadel III since 1999, renewed its lease of Suite 510 with 1,010 square feet. Noresco is a premier energy service company headquartered in Westborough, Mass.

JTB International, Inc., a Japan-based company that specializes in group and individual travel reservations and tours, renewed its lease of Suite 250 with 848 square feet in the Citadel International building where JTB has been a tenant for over 10 years.

For more information, contact:

Mary Frances West, CCIM, Senior Broker-Associate NAI Realvest, 407-875-9989,  mwest@realvest.com;

Patrick Mahoney, President, NAI Realvest, 407-875-9989,  pmahoney@realvest.com

Beth Payan, Larry Vershel Communications, 407-644-4142,  lversehlco@aol.com


NAI Realvest Negotiates Office Lease at Alafaya Corporate Center; Wise up is the new Tenant

ORLANDO, Fla. – NAI Realvest recently negotiated a new lease agreement for 2,045 square feet of office space at Alafaya Corporate Center (middle right photo), 2000 North Alafaya Trail, Suite 900, in east Orlando.

Robert Blackwell (middle left photo), SIOR, a principal at NAI Realvest, brokered the transaction representing the tenant, 9801 Investment LLC d/b/a Wise Up, a language school that teaches English as a second language.

The landlord, represented by Faith Thompson, is Orlando-based Alafaya Corporate Center LC.

For more information, please contact:

Robert Blackwell, SIOR Principal, NAI Realvest, 407-875-9989 rblackwell@realvest.com

Patrick Mahoney, President NAI Realvest, 407-875-9989 pmahoney@realvest.com

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

NAI Realvest Negotiates New  Class A Office Lease for Nationwide Employee Recruitment Firm headquartered in Central FL

ORLANDO, Fla. --- NAI Realvest recently negotiated a new lease agreement for 4,108 square feet of Class A office space at 429 S. Keller Rd., Suite 225 in the Maitland Center area of Orlando.

Senior Associate Mary Frances West, CCIM negotiated the transaction representing the tenant Crawford Thomas, LLC, a nationwide employee recruitment firm relocating its headquarters from Lake Mary.

The landlord, Keller Road, LLC of Orlando was represented in the negotiations by Jeff Bloom (lower right photo) of Coldwell Banker Commercial NRT.

For more information, contact:

Mary Frances West, CCIM, Senior Broker-Associate NAI Realvest, 407-875-9989 mwest@realvest.com;

Patrick Mahoney, President, NAI Realvest, 407-875-9989 pmahoney@realvest.com

Beth Payan, Larry Vershel Communications, 407-644-4142 lversehlco@aol.com

Voit Directs Acquisition of 60,000 SF Shopping Center in Murrieta, CA

INLAND EMPIRE, CA (Dec. 21, 2011) – Voit Real Estate Services’ San Diego office has successfully directed the $8.5 million acquisition of Margarita Center (top and lower left photos), a 60,390 square-foot retail property located at 39520-40 Murrieta Hot Springs Road in Murrieta, Calif.

This neighborhood shopping center is anchored by Fresh & Easy, and has eight retail suites ranging from 1,300 square feet to 10,700 square feet.

Todd Holley (middle right photo), Vice President in Voit’s San Diego office, represented the buyer, Mon Mon, LLC.

“The Voit team quickly identified the client’s needs and negotiated the lowest price per square-foot for this property, closing the deal in under a week,” said Holley. “The shopping center was built in 2008 and has excellent lease potential due to its central location on the southwest corner of Murrieta Hot Springs Road and Margarita Road.”

The seller, MS Kearny CPB 3 LLC, was represented by John Read, Patrick Toomey and Phillip Voorhees of CB Richard Ellis.

The buyer intends to lease the available space in the multi-tenant retail center, according to Holley.

Voit Real Estate Services is now a 10 office commercial real estate firm that, through its brokerage and asset services professionals working together, provides strategic property solutions tailored to clients’ needs.

Combining 40 years of expertise in property management, investment advisory, financial analysis, market research, asset management, tenant advisory and brokerage services, Voit provides clients with forward looking strategies that create value for their assets and portfolios.

Voit is a privately held, debt-free firm that has successfully navigated numerous market cycles since 1971 and currently employs more than 250 people.

Voit has owned, developed and managed over 45 million square feet of commercial real estate, participated in $1.35 billion of construction projects and completed over $33 billion in brokerage transaction volume.

Further information is available at http://www.voitco.com/.

 

Contact:

Judith Brower
Brower, Miller & Cole
(949) 955-7940
JBrower@browermillercole.com

U.S. Citizenship and Immigration Services Takes Occupancy of 46,000 SF in Phoenix, AZ

PHOENIX, AZ, Dec. 20, 2011 – U.S. Citizenship and Immigration Services has taken occupancy of a 46,081-square-foot field office located at 1330 South 16th Street (top left map) in Phoenix, Ariz.—a site situated just west of Sky Harbor International Airport (lower right photo) at the juncture of Interstates 10 and 17, and within the Discovery Triangle.

Jones Lang LaSalle professionals Julie Rhoades, Suzanne Drake and Yolanda Morgan represented the government in the award of this 10-year U.S. General Services Administration’s (GSA) lease. Lynn Newhall of DOXA Central, LLC represented the building owner, DOXA South, LLC.

This lease is an adaptive re-use / urban renewal project with the GSA, revitalizing an abandoned facility at this infill site. The entire building was completely gutted and renovated using USGBC guidelines to pursue LEED core and shell certification.

Located in a Phoenix Enterprise Zone, the building offers easy access to public transportation, including light rail. Formerly, the building was a grocery store and pharmacy.

The impact of this procurement on the local area will result in a new parking lot, parking lot lighting, new landscaping and 120 additional employees in the neighborhood who will utilize restaurants, banks and other retail outlets. The agency is projected to serve 36,000 customers per year.

According to its website, GSA’s leased portfolio contains more than 7,100 separate properties—totalling approximately 189 million square feet—dispersed across the United States.

Since 2005, Jones Lang LaSalle has assisted GSA in the award of more than 1,000 leases. Nationwide, the firm is currently assisting on more than 525 lease procurements for Federal civilian departments and agencies across the executive, legislative and judicial branches.

Contact:
Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195
http://www.focusaz.com/

ADA Provides Loan to Atlanta Restaurant Owner; Funds Will Help Company Renovate Space for White Oak Kitchen & Cocktails

ATLANTA, GA (Dec. 21, 2011) – Atlanta Development Authority has closed a $125,000 loan to an Atlanta company that will help it open a new restaurant that creates 50 new jobs in the city.

ADA provided the loan to Peachtree Baker, LLC, which will open White Oak Kitchen & Cocktails (top left photo) in the office tower at 270 Peachtree St. in downtownAtlanta.

The restaurant is part of the Brewed to Serve Restaurant Group, Inc., which also owns Max Lager’s Wood-Fired Grill & Brewery about a block away. Brewed to Serve has operated in the city for more than 13 years.

The restaurant’s owners, Cindy (top right photo) and Alan LeBlanc (middle left photo), will use the ADA-sponsored loan to help pay for renovation of the former All-Star Café space, which is expected to cost $1,275,000. White Oak Kitchen & Cocktails will serve Southern cuisine and is expected to open early next year.

"Since establishing Max Lager's Wood-Fired Grill & Brewery over 13 years ago, there has been one organization that has truly supported our business and helped us grow,” Alan LeBlanc said. “That organization has been the Atlanta Development Authority.

“When it came time to expand once again,” LeBlanc continued, “they were ready to assist us with the financing for our second downtown restaurant, White Oak Kitchen & Cocktails, where we look to create another 50 jobs."

The loan is significant because it will allow the LeBlancs to open a restaurant in a space that’s been vacant for several years while bringing new jobs to the city.

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

Atlanta Development Authority 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 ADA can provide loans to small businesses in Atlanta, please visit the Entrepreneurs & Small Business page on the ADA website, http://www.atlantada.com/ or call ADA at 404-880-4100.

 Media Contact:

Tony Wilbert                                           

Wilbert News Strategies

404-965-5022 (O) 404-405-3656 (C)

twilbert@wnspr.com

C&W negotiates sale of 189-unit Lake Mann Gardens Apartments in Orlando, FL

  

Orlando, FL – December 16, 2011– Cushman and Wakefield of Florida, Inc. announced the sale of Lake Mann Gardens Apartments located in Orlando, Florida to Silver Lake Orlando, LLC.  

 Cushman & Wakefield’s Multifamily team led by Senior Director Jay Ballard (top right photo), Associate Director Ken Delvillar (top left photo), CCIM and Associate Lindsey Pfaender represented the seller, Potomac Realty Capital in the deal which closed on November 30. Silver Lake Orlando, LLC paid $1.5 million or approximately $8,000 per unit. The Property was only 30 percent occupied at the time of the sale

“The buyers were able to work through a number of hurdles to get the deal done,” said Ken Delvillar.  “It will be interesting to see the property change both in terms of curb appeal and performance in the near term.”

Completed in 1974, Lake Mann Gardens is a concrete built 189-unit bank-owned asset located in the South Orlando submarket.  The garden-style property is convenient to three major roadways: Interstate 4, East/West Expressway 408, and the Florida Turnpike.

C&W negotiates new lease for litigation management practice

 Orlando, FL – Cushman & Wakefield of Florida, Inc. (C&W) Senior Director Matthew McKeever (lower right photo), CCIM, SIOR, and Office Brokerage Associate Joe Abascal announced Hamlin and Burton Liability Management Inc., has signed a new lease in Tower II at Primera (bottom left photo) located in Lake Mary at 615 Crescent Executive Court. 

Mr. McKeever and Mr. Abascal negotiated the 3,436 sf long term deal on behalf of the tenant. DRA Real Estate Services represented the landlord.

 Hamlin and Burton Liability Management provides litigation management services in the area of medical malpractice.

Contact:

Brook Hines

Marketing Associate

Cushman & Wakefield

800 N. Magnolia Avenue, Suite 450

Orlando, Florida 32803

Tel: 407-541-4401

brookhines@cushwake.com

www.cushwake.com

HFF secures $50 million refinancing for Hotel Zaza in Houston

 HOUSTON, TX – HFF announced that it has arranged a $50 million refinancing for Hotel Zaza (top left photo), a 315-room luxury hotel in Houston’s Museum District.

HFF worked on behalf of the owners of Hotel Zaza to secure the 10-year, fixed-rate loan through Goldman Sachs Commercial Mortgage Capital, LP. 

Hotel Zaza is located at 5701 Main Street adjacent to the renowned Texas Medical Center and Rice University in Houston’s Museum District. 

Originally built in 1925 as the Warwick Hotel,  the property was substantially renovated, and reopened in 2007 as Hotel Zaza, a boutique hotel with 241 guest suites, 51 villas and suites, 10 concept suites and eight “Magnificent Seven” ultra-luxury suites.

 Hotel amenities include ZaSpa, a pool with private cabanas and full-service bar and grill, 21,000 square feet of meeting space and the Monarch Restaurant.

The HFF team representing the borrower was led by senior managing director Mark West (lower right photo), director John Bourret and associate director Colby Mueck.

Contacts:        

                 

JOHN BOURRET                                COLBY MUECK                              

HFF Director                                        HFF Associate Director                      

(214) 265-0880                                    (713) 852-3500

jbourret@hfflp.com                               cmueck@hfflp.com                           

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500                                   

krmurphy@hfflp.com

Colliers International closes $1.5M sale of shopping center with outparcel in Fort Myers, FL

FORT MYERS, FL  (Dec.  20, 2011) – After tracking the property as it went through the foreclosure process, Colliers international Southwest Florida represented the buyer in a $1.5M sale of a 10,724-square-foot retail center with a 12,000± square-foot land outparcel.

Karen Johnson-Crowther (top right photo),, Director of Retail Services for Colliers International Southwest Florida, represented the buyer, Central Line Properties LLC. The seller, Iberia Bank, was selfrepresented.

In the current environment, buyer representatives often find it necessary to follow a property

through foreclosure and sale to the lender, knowing that there may be a good buying

opportunity afterwards. Johnson-Crowther had completed lease transactions in the retail center, and her knowledge of the property’s rental rates and net operating income helped her to

negotiate a favorable price.

“In situations with distressed properties, it’s important to take a long-term approach,” said

Johnson-Crowther. “This retail strip center and outparcel were definitely in line with what Central

Line Properties was looking for as an investment.”

Central Line has plans to develop the land outparcel as retail facility with a drive-thru, while

working to fill the vacant space in the retail center.

The shopping center, located at 8291 Dani Drive in Fort Myers, was 50 percent occupied at the time of the sale, with tenants includingSubway and Mattress Firm.

The land outparcel, at the corner of Colonial Boulevard and Metro Parkway, would work for a

4,000-square-foot building with a drive-thru or a 5,500-square-foot free-standing building.

 Contact:

Leah Saunders

Bayview Public Relations

(727) 895-5030 ext 104 (office)

(813) 924-0367 (cell)

Leah@BayviewPR.com

HFF secures permanent refinancing for Square One Mall in Saugus, MA

  

PITTSBURGH, PA – HFF announced that it has secured a permanent loan for the Square One Mall (top left photo) a regional mall in Saugus, Massachusetts.

Working on behalf of Mayflower Square One, LLC, HFF placed the 10-year, fixed-rate loan with Deutsche Bank. 

 The loan replaced maturing debt on the property.  Mayflower Square One, LLC includes entities partially owned by Simon Property Group, Teachers Insurance and Annuity Association of America and Canadian Pension Plan. 

The securitized loan will also be sub-serviced by HFF.

Square One Mall is located off Route 1 in Saugus about nine miles north of Boston.  The property is anchored by Macy’s, Sears, Best Buy, T.J. Maxx & More and Dick’s Clothing & Sporting Goods. 

Additional retailers at the well-leased mall include The Gap/GapKids, American Eagle Outfitters, The Children’s Place, Express, Old Navy and H&M. 

The HFF team representing the borrower included executive managing director John Pelusi (middle right photo), managing director Claudia Steeb and director Lauren O’Neil.

Contacts:

JOHN H. PELUSI, JR.          

HFF Executive Managing Director        

(412) 281-8714                                        

jpelusi@hfflp.com                                  

CLAUDIA A. STEEB                           

HFF Managing Director                      

 (412) 281-8714                                   

csteeb@hfflp.com                                 

LAUREN E. O’NEIL

HFF Director

(617) 338-0990

loneil@hfflp.com

                       

KRISTEN M. MURPHY

HFF Associate Director, Marketing

 (713) 852-3500    

krmurphy@hfflp.com

HFF arranges $37 million in financing and joint venture equity for luxury multi-housing development in Orlando

                                 

ATLANTA, GA – HFF announced  that it has arranged a construction loan and joint venture equity totaling $37 million for the development of Steel House, (top left photo), a 326-unit, Class A multi-housing community in Orlando, Florida.

HFF worked on behalf of Pollack Shores Real Estate Group to secure a $25 million construction loan through a national commercial bank and $9 million in joint venture equity with an institutional private equity firm.

Steel House is situated on a 4.8-acre site at the intersection of North Orange Avenue and West Colonial Drive in the Uptown neighborhood of Orlando.  Upon completion in February 2013, the property will feature 326 one- and two-bedroom units. 

Community amenities will include a sports club, business center, media room, pool, grilling area, fourth floor clubroom and lounge with downtown views, and controlled access parking garage.

The HFF team representing Pollack Shores Real Estate Group was led by senior managing director Mark Sixour (middle right photo)

Pollack Shores Real Estate Group is an Atlanta-based investor/developer of multifamily properties throughout the Southeast.  Pollack Shores has overseen the development, acquisition and disposition of 35,000 residential units representing more than $3.2 billion in value over the past 30 years.

Contacts:                       

MARK D. SIXOUR                                         KRISTEN M. MURPHY

HFF Senior Managing Director                      HFF Associate Director, Marketing

(404) 832-8460                                               (713) 852-3500    

msixour@hfflp.com                                         krmurphy@hfflp.com

Colliers International Designates New Leadership for Hotels Group in U.S

.

SEATTLE, WA  /PRNewswire-USNewswire/ -- Colliers International today announced Executive Managing Directors Mike Mixer (top right photo) and Dharmesh Patel  (top left photo) will lead Colliers International Hotels | USA.  Colliers International Hotels specializes in hospitality real estate investment advisory services.

Created in response to a growing need for commercial real estate and lodging investment services, particularly in the mid-tier segment, Colliers International Hotels provides brokerage services to hospitality owners and investors, financial institutions, funds and REITs. Given the improvement in fundamentals in the hospitality sector, the group's leadership sees this growth trend continuing in the coming year.

Mixer is the managing partner and founder of the Colliers International Las Vegas office, and an expert in the resort and gaming market. Patel, based in the San Francisco Bay area, is an experienced hotel owner-operator with a diverse background in hospitality investment, development, and finance.

"As we looked at expanding our hotel brokerage services, it became evident that we needed strong day-to-day leadership for the group," said Dwight Hotchkiss (lower right photo), Executive Managing Director of Client Services for Colliers International.

 "We are fortunate that we have within our organization two highly respected professionals in Mike Mixer and Dharmesh Patel, both of whom focus on the hospitality industry. We are excited to have them leading this group and growing it to be an industry leader."

Mixer said in addition to luxury and upscale listings, his team offers a full range of services for independent, economy, midscale and upper midscale properties.

"This dynamic economic climate offers quality investment opportunities, and the mid-tier market is a prime space for hospitality investors," Mixer said. "Our team is unique in that we are proficient in all aspects of hotel services, which provides excellent value for investors in this industry."

  

Contact:: Christine Schultz, Marketing Director | USA, Colliers International, +1 206-695-4245, christine.schultz@colliers.com

Lennar Announces Entry Into the Pacific Northwest

MIAMI, FL  /PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's largest homebuilders, announced today the company is expanding its homebuilding operations into the Pacific Northwest, in both the Seattle and Portland markets.

Lennar acquired control of approximately 650 finished homesites in 20 communities, for an undisclosed price, from Seattle-based Premier Communities. 

A privately-held company led by Ryan McGowan (top right photo), Premier Communities has delivered more than 1,600 homes in the Seattle area since 1998.

These communities are ideally situated with home prices ranging from approximately $150,000 to $460,000. Mr. McGowan will be responsible for Lennar's operations in Seattle.

 Mr. McGowan stated, "Lennar and Premier Communities share a common commitment to provide the highest standard of quality homes and services to our buyers. We are excited for the significant potential of combining our local strengths and relationships with Lennar's balance sheet and operating efficiencies."

Lennar's start-up operations in Portland are being led by Ryan Selby, a 22-year Portland homebuilding veteran.  Mr. Selby comes to Lennar from D.R. Horton where he served as Division President for nine years.

Under Mr. Selby's leadership, Lennar has been able to purchase primarily distressed finished homesites in 11 communities. Homes to be built by Lennar in the Portland area will be focused on first-time, move-up, active adult and luxury homebuyers.

These two new opportunities are expected to add approximately 200 deliveries in the second half of 2012.

Jon Jaffe (lower right photo), Lennar's Chief Operating Officer, stated "We are excited to be bringing our Lennar Everything's Included Homes to the Pacific Northwest.

“ We have been evaluating the Seattle and Portland markets for more than a decade and believe that this is a perfect time to enter these markets with the right opportunities.

“ Both Seattle and Portland are currently benefiting from diversified economies and stabilizing home prices, and combined with the local experience of Ryan McGowan and Ryan Selby, we are well positioned to grow a successful Pacific Northwest homebuilding operation in 2012 and beyond."

The move into the Pacific Northwest is the first entry by Lennar into a new market since entering Atlanta as a start-up operation in early 2010. With this move, Lennar now has homebuilding operations in 18 states and 44 markets across the nation.

Contact:: Diane Bessette, Vice President and Treasurer, Lennar Corporation, +1-305-229-6419

Web Site: http://www.lennar.com

EastGroup Acquires 1.1 Million SF Tampa Industrial Portfolio

JACKSON, MS /PRNewswire/ -- EastGroup Properties (NYSE: EGP)  announced the acquisition of an industrial portfolio consisting of 16 buildings with 1,147,000 square feet in Tampa, Florida. 

After the eventual disposition of six non-core buildings, EastGroup will retain 1,078,000 square feet with a projected total investment of approximately $55,400,000 which includes estimated first year capital improvements.

 The core portfolio is currently 92% leased and is projected to generate an annualized 7.3% yield at a stabilized occupancy of 95%.

David H. Hoster II (top right photo), President and CEO, stated, "This portfolio acquisition increases EastGroup's ownership to 3.9 million square feet in the market and makes us the largest industrial owner-operator in Tampa. 

“These newly acquired business distribution assets complement our existing properties in Tampa's two primary infill industrial submarkets which historically have averaged higher occupancies than the overall metro Tampa industrial market.  We now own over 9 million square feet in Florida."

Contact:  David H. Hoster II, President and Chief Executive Officer or N. Keith McKey, Chief Financial Officer, +1-601-354-3555

Web Site: http://www.eastgroup.net

In Third Quarter, CRE Markets Continued Many Trends Seen in First Half of 2011, Mortgage Bankers Association Reports

                                       

  WASHINGTON, DC, Dec. 20, 2011 -- The Mortgage Bankers Association (MBA) released its third quarter Commercial Real Estate/Multifamily Finance Quarterly Data Book.

 The third quarter brought with it a continuation of many of the commercial real estate trends seen through the year - moderate economic growth, property fundamentals thriving for apartment buildings and stabilizing for other property types and progress in loan performance.

Impacts from the financial unrest associated with US and European sovereign debt markets were also evident - pushing interest rates lower and sidelining the CMBS market that is most closely tied to the broader capital markets. The net result has been low overall yields and increased overall financing, but uncertainty about where future risks and opportunities may (or may not) lie.

The Data Book compiles the most up-to-date information on topics of interest to commercial/multifamily real estate finance industry participants and observers, including trends in property sales, originations, delinquencies and mortgage debt outstanding. 

 If you have any questions, please contact Matt Robinson at (202) 557-2727 or mrobinson@mortgagebankers.org.