Cousins Properties Declares Fourth Quarter Common Stock Dividend

ATLANTA, GA--Cousins Properties Incorporated (NYSE: CUZ) announced that its Board of Directors has declared a regular quarterly cash dividend of $0.045 per common share, payable December 21, 2012, to common stockholders of record on December 7, 2012. The $0.045 per share quarterly dividend equates to $0.18 on an annualized basis.

Contact:

Cousins Properties Incorporated

Cameron Golden,

404-407-1984

Vice President,

 Investor Relations and Corporate Communications

camerongolden@cousinsproperties.com

www.cousinsproperties.com

Procacci Development Corp. Sells Dolphin Commerce Center Parcel to IKEA

Dolphin Mall, Miami, FL

Boca Raton, FL (Nov. 21, 2012) – Procacci Development Corporation, a leading owner / developer of commercial property across Florida, this month sold to Swedish home furnishings retailer IKEA, a 14.6-acre parcel fronting Florida’s Turnpike next door to the Dolphin Mall in Sweetwater.

The deal for the parcel, located on NW 117th Avenue at the intersection of the Dolphin Expressway and Florida’s Turnpike, closed November 14 with a purchase price of $31.5 million.

Philip Procacci

 The retailer is proposing to build a 417,000-square-foot store that would open as early as Fall 2014 atop a two-level parking garage with 1,500 spaces. South Florida’s first IKEA store opened in 2007 in Broward County’s city of Sunrise. Two other Florida stores are located in Orlando and Tampa.

 “The addition of IKEA to the Dolphin Commerce Center represents another economic boost to the area, and it caps a very busy year of transactions for our company,” said Philip Procacci, founder and CEO of Procacci Development Corporation.

 Recent deals put Procacci in a favorable cash position to explore new acquisition opportunities across Miami-Dade County and throughout Florida. “Whether we buy existing office buildings or bring our development brand and expertise to a relationship, we’re well capitalized for the right deal.”

Among other transactions, Procacci this summer acquired from BB&T a four-floor, 28,000-square-foot, multi-tenant office building at 2500 NW 107th Ave., in Doral for $4.878 million.  BB&T, the name tenant, leased back its retail banking space and drive-thru facilities. 

 Procacci also acquired the building at 95 S. Federal Highway in Boca Raton.  Now under extensive interior and exterior renovation, the 15,000-square-foot building will become the Procacci corporate headquarters.

 In October, the company sold an 84,000-square-foot retail / office center in Kissimmee, Florida for $9.55 million, and also acquired a 2.5-acre development site for $3.1 million directly across the street to the east of the Dolphin Mall.

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

Todd Templin,

Boardroom Communications

954-370-8999 or

 954-290-0810

ttemplin@boardroompr.com

www.procacci.us.

HFF arranges joint venture equity for multi-housing development in Austin, Texas

Hanover South Lamar, Austin, TX

HOUSTON, TX – HFF announced it has arranged joint venture equity for the development of Hanover South Lamar, a 340-unit, to-be-built multi-housing community in Austin’s South Lamar neighborhood.

HFF worked exclusively on behalf of The Hanover Company to secure the joint venture equity with a private investor. Equity proceeds are being used to build the project.

Due for completion in November 2014, Hanover South Lamar will be a five-story building over two and one-half levels of parking with 6,200 square feet of retail or office space.

The project will have one- and two-bedroom units averaging 875 square feet each.



Scott Galloway



Parking will be provided for 479 vehicles. Hanover South Lamar is situated on a 3.44-acre site at 809 South Lamar Boulevard close to Zilker Park, the South Congress entertainment district, Barton Springs, the Town Lake Hike and Bike Trail and Highway 71 about one mile south of downtown Austin.



Sean Sorrell



The HFF team representing The Hanover Company was led by director Cortney Cole, executive managing director Scott Galloway, senior managing directors Sean Sorrell and Doug Opalka, associate director Robert Wooten and real estate analyst Kelly Layne.



Doug Opalka



The Hanover Company, located in Houston, Texas, stands among the most active private real estate companies in the United States, specializing in the development of high quality multi-family residential properties nationwide.

With more than thirty years of experience and an award-winning portfolio of residential high-rise, mid-rise, mixed use and suburban projects, Hanover is focused on strategic growth in major markets across the United States. 

Robert Wooten

Current locations in U.S. markets include San Francisco, Los Angeles, San Diego, Dallas, Denver, Austin, Houston, Washington, D.C., Baltimore, Philadelphia and Boston.

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

Kristen M. Murphy
Associate Director HFF

9 Greenway Plaza, Suite 700
Houston, TX 77046
tel 713.852.3500
cel 617.543.4873
fax 713.527.8725
www.hfflp.com
krmurphy@hfflp.com

Award-Winning Class A Office Building in Southern California for Sale at $25 Million

Gateway 1, Chula Vista, CA

CHULA VISTA, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing to market Gateway I, an award-winning, 102,403-square foot office building with ground-floor retail space in Chula Vista.

The property is listed at $25 million, which equates to $244 per square foot.

Pasha Darvishian

Pasha Darvishian, a vice president investments and Dennis Weisberg, a senior associate, both in the firm’s Newport Beach office, are representing the seller.

“Occupied by a premier mix of national corporations and city of San Diego government offices, this asset will currently provide a 7.2 percent unleveraged return on investment, or a 9.33 percent leveraged return,” Darvishian says.

Dennis Weisberg

 “Upon lease-up of its 12 percent vacant space, it will provide investors with a 17.4 percent leveraged return as well as a 20.7 percent total return, giving it substantial upside potential.”

Located at 303 H St. at Third Avenue, Gateway I is easily accessible from Interstates 5 and 805. Downtown San Diego lies approximately 12 minutes to the north and Tijuana, Mexico, is just across the border to the south.

Major tenants currently occupying the building include Bank of America, the County of San Diego, Quiznos and the San Diego Credit Union.

Gateway I includes on-site parking for 372 cars and public transportation access.

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

Stacey Corso
Public Relations Manager
(925) 953-1716

Marcus & Millichap Capital Corp. Arranges $6.6 Million Automotive Loan



Steven Goldwyn

FORT LAUDERDALE, FL – Marcus & Millichap Capital Corporation (MMCC) has arranged an automotive loan totaling $6.6 million.

Steven Goldwyn, an associate director in MMCC’s Fort Lauderdale office, arranged the loan.

The loan was arranged to replace existing debt for an eight-store retail portfolio of triple-net-leased, freestanding automotive locations in three states: Louisiana, Mississippi, and Ohio.

“This loan presented a number of challenges,” says Goldwyn. “It involved a portfolio of multiple properties across state lines; the properties were all relatively small with debt requirements of less than $1 million per asset. Additionally, the properties were located in tertiary submarkets, the property type was automotive, and the tenants were not investment grade.”

“In spite of these challenges,” Goldwyn adds, “we were able to successfully execute the loan for our client by conducting an exhaustive search for the right capital source. Through the process we were able to deliver more favorable terms which significantly enhanced cash flow given our client’s initial plan seek life insurance company debt,” Goldwyn concludes.

The loan was structured with a five-year term and will amortize over 25 years at an interest rate of 5.65 percent. The LTV is 65 percent.

Contact:

Stacey Corso

Public Relations Manager
Marcus & Millichap Capital Corporation
(925) 953-1716

$17.8 Million Self-Storage Portfolio Sale Arranged by Marcus & Millichap



U Store It, Boardman, OH


COLUMBUS, OH – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of an eight-property, 3,432-unit, U-Store-It self-storage portfolio.

 The sales price was $17,750,000. The assets are located throughout Ohio.

Charles LeClaire

Charles “Chico” LeClaire, a senior vice president investments in Marcus & Millichap’s Denver office, and Brett Hatcher, a senior associate in the firm’s Columbus office, represented the seller. The buyer is a Texas-based private investor.

Contact:

Stacey Corso
Public Relations Manager
(925) 953-1716

$11.6 Million Apartment Building Trades in Miami, FL

Park Towers

MIAMI, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Park Towers, a 207-unit multifamily property in Miami. The asset commanded a price of $11.6 million, which equates to approximately $56,039 per unit.

Tal Frydman

Tal Frydman, a vice president investments, and associates Daniel Cunningham and Derek Gibbs, all in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private firm based in Scottsdale, Ariz. The buyer is a private investor based in Miami.


Daniel Cunningham



“Park Towers is a rare 10-story apartment building that will provide the new owner with a huge upside in rents, thanks to major renovations that include a refinished pool, upgraded lobby and offices, and remodeling within the units themselves,” says Frydman.

“Easy access to major highways and excellent Interstate 95 exposure will keep tenant demand high and maintain the investment’s income stability.”

Derek Gibbs

“By year’s end, asking rents in the Miami metro are slated to have risen 3.2 percent, with effective rents advancing 4.0 percent; a trend poised to enhance the asset’s upside in years to come,” adds Frydman.

Located at 777 NW 155th Lane in Miami, the 10-story, 198,335-square foot building sits on 5.86 acres. It borders a large canal to the south and is surrounded by other multifamily properties.

Built in 1973 with concrete block, reinforced concrete construction and a painted stucco exterior, Park Towers includes 58 studios, 81 one-bedroom/one-bath units, 43 one-bedroom/one-and-one-half bath units, 18 two-bedroom/two-bath units and four three-bedroom/two-bath units.

The asset’s completely remodeled lobby offers access to its elevators, leasing office, first floor units, pool and recreation room, all of which have been remodeled or renovated.

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

Carlaris Capital Announces $8 Million Acquisition of 400,000-SF Industrial Property in Atlanta

LOS ANGELES, CA – Carlaris Capital, the investment company of the principals who own and operate Los Angeles-based Charles Dunn Company, has completed the $8,025,000 acquisition of a multi-tenant industrial property in partnership with ARKA Properties Group, a real estate investment company based in Beverly Hills.

Carolyn Hori

The property is comprised of two co-located warehouse/distribution buildings and is located at 4099 Old Dixie Highway, also known as 4100 Henry Ford II, buildings 1 and 2, in Atlanta. This is Carlaris Capital’s first acquisition in the Atlanta area.

“The relationship between the principals of Carlaris and ARKA Properties is strong and has been for decades,” said Carolyn Hori, chief investment officer for Carlaris. “We were excited to partner with ARKA on this acquisition and to add this asset to our growing portfolio.”

Jack Haden

Jack Haden and Brad Pope with NAI Brannen Goddard represented the buying partnership in the transaction. The seller was I & G Henry Ford, LLC / Jones Lang LaSalle and was also represented by NAI. The facility was approximately 46 percent occupied at the close of escrow.

“We see this investment offering great leasing upside opportunity for tenants to occupy warehouse/distribution space situated just a few minutes from Atlanta International Airport – the busiest airport in the world,” said Vincent Bohanec, chief operating officer for ARKA. “We know the market and feel confident that our strategy to lease and improve the property will lead to promising returns.”

Brad Pope

The new ownership is planning to invest approximately $750,000 on marketing and capital improvements including the build-out of speculative office spaces to be move-in ready, paint the exterior, and re-slurry the parking lot. The property will appeal to small- to mid-sized companies seeking a quality, strategically located Atlanta-area property.

For leasing inquiries, please contact Jack Haden, at NAI Brannen Goddard, www.naibg.com, 404. 812.4012.

For further information about Carlaris Capital, visit our website at www.carlariscapital.com or contact Carolyn Hori at 213-534-3205 or http://chori@carlariscapital.com.

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

Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224

Former Dialysis Center in Tampa, FL Sold by Marcus & Millichap

Former Dialysis Center, Tampa, FL

 TAMPA , FL, Nov. 20, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a former 8,400-square foot dialysis center located in Tampa , Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $736,875.

Moe Derbala, a retail investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Tampa-based seller, a private investor.  Mr. Derbala also secured the buyer of the property.

Moe Derbala

Built in 1980, the property is located at 1602 North 21st Street, in Tampa, Florida and consists of three suites.  Suite 1 is comprised of 5,225 square feet with space for 18 patient bed treatment areas.  Suite 2 consists of 1,800 square feet of open area with a bathroom and a five-ton air-conditioning unit. Suite 3 comprises three offices divided by double-oak doors.

Suites 2 and 3 have two sets of double-oak doors that can be removed or opened to adjoin both suites.  The building has no interior bearing walls, so refloor planning is much easier.

Press Contact:

Richard D. Matricaria

Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Announces Sale of College Park Mobile Home Community in Lake Wales, FL

College Park Mobile Home Community, Lake Wales, FL

LAKE WALES, FL, Nov. 20, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of College Park Mobile Home Community located in Lake Wales, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office.

Dan Mulkey, a vice president investments and senior director of the National Manufactured Home Communities Group in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, College Park MHP, Inc. 

Dan Mulkey

The buyer, Mainstay Financial Services, a limited liability company from Winter Haven, Florida, was represented by Cross Realty of Central Florida.

College Park Mobile Home Community was built in 1973 and is an all-age community totaling 99 home sites.  The property is located at 14465 US Highway 27, approximately five miles south of State Route 60 in Lake Wales, home to Bok Tower and Botanical Gardens.  Most park sites are large enough to accommodate double-wide coaches.  

“The park sale was prompted by the decision of the operating owner of the community to retire,” said Mulkey.  

“The sale results in an investment offering Mainstay Financial an opportunity to take advantage of the existing cash flow, and the ability to improve the revenues by reclaiming ‘down units’ and back filling vacant spaces with homes for sale or lease.  The end result should provide them with an excellent, long term investment.”

Press Contact:

Richard D. Matricaria

Regional Manager, Tampa

(813) 387-4700

NAI Realvest Negotiates New Lease Agreement for 5,000 square feet of warehouse/flex space on O’Brien Rd. in Fern Park

Paul Partyka

 MAITLAND, FL – NAI Realvest recently negotiated a new lease agreement for a 5,000 square foot free-standing warehouse/flex building at 244 O’Brien Rd. in Fern Park.  

 Paul P. Partyka, managing partner at NAI Realvest, along with associate Juan Jimenez, negotiated the lease representing the local landlord, Larry Carroll.

Juan Jimenez

First Call Restoration of Central Florida LLC based in Sanford leased the space which includes 2,000 square feet of office space.   Alison Reynolds of Sperry Van Ness represented the tenant.

For more information, contact

Paul P. Partyka, Managing Partner, NAI Realvest 407-875-9989 ppartyka@realvest.com

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

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

NAI Realvest Negotiates Sale of 10 Acre Residential Development Site in New Smyrna Beach, FL

Chris Butera

 Maitland, FL  -- NAI Realvest recently negotiated the sale of 10 acres designated for up to 60 single-family residential lots located north of Turnbull Cove Drive in Turnbull Bay in New Smyrna Beach.  

 Chris Butera, investment associate at NAI Realvest, negotiated the transaction representing the seller CharterBank of Carrollton, Ga.      

 The buyer NSB OSM Properties, LLC based in Ormond Beach paid $185,000 for the vacant land and was represented in the transaction by Herb Lubansky Realty.

For more information, contact

Chris Butera, Investment Associate NAI Realvest 386-453-4789 cbutera@realvest.com;

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

Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142

With interest rates at an all-time low, now is the time to acquire commercial property, says Mercantile Capital Corp.’s Christopher Hurn

Christopher Hurn

 ORLANDO, FL--- Mortgage rates for commercial properties are at their lowest ever and that means now is the best time to acquire commercial property, says Christopher Hurn, chief executive officer of Mercantile Capital Corp. in Orlando.

Since Jan. 1, Mercantile Capital Corp. has closed more than 85 commercial loans to finance projects totaling $364 million, and by the end of the year that total could reach $450 million, Hurn projects.

Mercantile Capital ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities.

Hurn said the SBA 504 loan program is offering a fixed 4.16 percent interest rate on a 20-year loan.

SBA 504 loan proceeds can be used for a variety of expenses besides development or acquisitions of commercial real estate, Hurn said.

“Eligible uses for SBA 504 financing include commercial property remodeling; conversions; expansions or renovations; improvements, including grading, street work, utilities, parking lots and landscaping; energy-efficient “green” projects; purchase of long-life machinery; furniture, fixtures and equipment; contingency reserves; and soft costs,” Hurn explained.

As traditional lenders have yet to loosen their purse strings, Hurn said SBA 504 lending ranks as perhaps the nation’s most effective stimulus for economic recovery.

“Small business entrepreneurs all across the nation are using 504 loans to secure their enterprises, add more workers and grow businesses,” Hurn said, adding that “interest rates are the lowest ever and its now a once-in-a-lifetime opportunity for entrepreneurs.”

For more information about this press release, contact:

Chris Hurn, Chief Executive Officer, Mercantile Capital Corporation,

407-786-5040, ChrisHurn@MercantileCC.com

Geof Longstaff, Chairman, Mercantile Capital Corporation,

407-786-5040, Glongstaff@MercantileCC.com

Larry Vershel or Beth Payan, Larry Vershel Communications,

407-644-4142, Lvershelco@aol.com

Industry leader Matthew Bear joins Avison Young in Las Vegas

Matthew Bear

 LAS VEGAS, NV,  Nov. 20, 2012 /PRNewswire/ - Joseph Kupiec, Avison Young Principal and Managing Director of the company's Las Vegas office, announced today that commercial real estate broker Matthew Bear has joined Avison Young'sbrokerage operations in Las Vegas.

Effective immediately, Bear joins Avison Young as a Principal. He will focus on capital markets, retail, and advisory services transactions in Las Vegas and throughout the expanding Avison Young platform.

"We are very pleased to have Matt Bear join our growing operation in Las Vegas,” comments Kupiec. “Matt is one of the most respected professionals and industry leaders in the market.

Joseph Kupiek

"His comprehensive commercial real estate experience, in-depth industry knowledge and longstanding client relationships are perfectly aligned with our commitment to provide best-in-class services to our valued clients.

“The addition of Matt further demonstrates Avison Young's commitment to the Las Vegas market, and is another important step in the execution of our company's aggressive growth plan."

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

 Media Relations:

Sherry Quan

(604) 647-5098 or

(604) 726-0959 cell

email: sherry.quan@avisonyoung.com

Grocery-Anchored South Florida Shopping Center Sold by Marcus & Millichap

Palm Aire Marketplace, Pompano Beach, FL

POMPANO BEACH, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has closed the sale of Palm Aire Marketplace, a 140,312-square foot shopping center located in Pompano Beach.

            Drew A. Kristol and Kirk D. Olson, both vice presidents of investments in the firm’s Miami office, along with Lori Schneider, a senior vice president investments in the Fort Lauderdale office of Marcus & Millichap represented the seller.  Schneider also procured the buyer, a private New York based investor.

Lori Schneider

“Although grocery-anchored centers are the investment of choice among institutional buyers, the dozen offers for this property came from qualified private investors,” Kristol says. “Because they saw the intrinsic value of this asset, they competed for this dense South Florida urban infill location,” he notes.

            “The buyer, an experienced operator from New York, currently has similar centers in his portfolio,” says Schneider. “The many bidders were diverse in nature, but this investor was the best fit. Although the property is well stabilized and managed, he has plans to further invest in and improve the asset,” she notes.

Kirk D. Olson

Located at 299 South Powerline Rd., Palm Aire Marketplace is an 87-percent occupied, Winn Dixie-anchored center situated on 18.4 acres at the corner of South Powerline Road and West Atlantic Boulevard.

Originally constructed in 1977, the property was redeveloped in 1997.

In addition to Winn Dixie, national credit tenants including Radio Shack, Dollar Tree, Sally Beauty Supply, Rent-A-Center and the UPS Store currently occupy the center.  Restaurants and corporate-guaranteed outparcels for McDonald’s, Bank of America, Ruby Tuesday, CVS/pharmacy and JPMorgan Chase were also part of the transaction.

Drew A. Kristol

With abundant surface parking, Palm Aire Marketplace has multiple access points and excellent visibility. Traffic counts currently exceed 88,000 cars per day.

Contact:

Stacey Corso

Marcus & Millichap

(925) 953-1716