HFF closes sale of 10-hotel portfolio in Baltimore, MD metropolitan area

 PITTSBURGH, PA – HFF announced it has closed the sale of a ten-hotel portfolio totaling 1,294 guest rooms in the Baltimore metropolitan area.

HFF marketed the offering on behalf of the seller, Skye Hospitality, LLC of Baltimore, Maryland, and its affiliates.  MCR Development LLC of New York City purchased the portfolio free and clear of debt.

 

Individual property and sale details are listed below:

Property                                Location                                      Room Size    

        

Hampton Inn and Suites Arundel Mills, 7027 Arundel Mills Circle, Hanover, 130

Residence Inn Arundel Mills, 7035 Arundel Mills Circle, Hanover, 131

SpringHill Suites Arundel Mills, 7544 Teague Road, Hanover, 128

TownePlace Suites Arundel Mills, 7021 Arundel Mills Circle, Hanover, 109

Hampton Inn Baltimore Downtown, 550 Washington Blvd., Baltimore, 126

Hampton Inn White Marsh, 8225 Town Center Drive, Baltimore, 127

Hilton Garden Inn White Marsh, 5015 Campbell Blvd. Baltimore, 155

Residence Inn White Marsh, 4980 Mercantile Blvd., Baltimore, 131

Fairfield Inn and Suites White Marsh, 8477 Cordon Way, Baltimore, 116

Residence Hunt Valley, 45 Schilling Road, Hunt Valley, 141

The HFF team representing the seller was led by senior managing directors Mark Popovich and Dan Peek and director Max Comess, along with real estate analysts Christopher Lingerfelt and Alexandra Lalos. 

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

Boca Raton’s 200 East Rings Up $7 Million in Sales in Nine Weeks

  

200 East, Boca Raton, FL

 BOCA RATON, FL -- Recent sales at 200 East in downtown Boca reflect an accelerated growth pattern in the luxury Boca Raton residential real estate market. 

The luxury condo project located in downtown sold nine new residences in the months of October and November with a total price tag of $7 million. Most are scheduled for closing this month.

Market analysis completed by Nestler Poletto Sotheby’s International Realty with numbers from the Regional Multiple List Service, indicates a 120 percent increase in the number of sales in Boca Raton as compared to the same period in 2011 for properties valued at $600,000 to $3 million.

John Poletto

“The summer was a steady time, but the increase since October began has been extremely dramatic,” said John Poletto, principal of Nestler Poletto Sotheby’s International Realty. “I believe we’re going to wrap up 2012 with record sales.” 

200 East is now 90 percent occupied.

For more information on 200 East, please contact Nestler Poletto Sotheby’s International Realty at 561-368-5105.  The property is located at 200 East Palmetto Park Road, Boca Raton, FL.

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

Katie Ward or Laura Burns

Boardroom Communications

954-370-8999

kward@boardroompr.com

lburns@boardroompr.com

Miami Medical Office Building Hits the Market at $12 Million

Highland Park Center
at Jackson Memorial Hospital,
Miami, FL

MIAMI, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing for Highland Park Center at Jackson Memorial Hospital, a 2011-built Class A medical office building located in Miami’s Civic Center neighborhood, home of one of  the nation’s largest concentrations of medical and research facilities.

The 41,328-square foot asset is listed at $12 million, or approximately $290 per square foot.

            Douglas Mandel, a vice president investments in Marcus & Millichap’s Fort Lauderdale office, along with vice president investments Alex Zylberglait and senior associates Arthur Porosoff and Scott Sandelin, all in the firm’s Miami office, are representing the seller.

Douglas Mandel

“Recently completed and currently vacant, Highland Park Center at Jackson Memorial Hospital offers impressive upside potential to an enterprising investor,” says Mandel.

 “With private sector job growth and expanding trade boosting the local economy, vacancies in the metro are trending lower this year while rents have risen a full percentage point, all of which bodes well for the owner of a newly built property located just steps from Jackson Memorial Hospital and the University of Miami Hospital.”

Alex Zylberglait

 “Office construction dropped from 2.4 million square feet during the past two years to just 100,000 square feet in 2012, but the metro added 12,200 new jobs this year alone, and many will require office space,” adds Zylberglait. “Highland Park Center stands to benefit from this confluence of trends.”

Arthur Porosoff

Located in Miami’s Civic Center neighborhood, the property includes both direct exposure and signage on State Route 836, which enjoys a traffic count of more than 123,000 cars per day. The Marriott Spring Hill Suites hotel is next door; other nearby destinations include downtown Miami, Miami Beach, Coral Gables and Miami International Airport.

Highland Park Center at Jackson Memorial Hospital is one of the first independent developments to emerge within the medical complex shared by Jackson Memorial Hospital and University of Miami Hospital.

Built to include the latest energy efficiencies, the property is one of the city’s first “green” buildings. The 11-story medical office building features distinctive, sleek modern architecture and on-site covered parking.

Scott Sandelin

In addition to its world-famous weather and beaches, Miami offers the asset’s potential lessees a wide range of cultural and recreational opportunities including the Adrienne Arsht Center for the Performing Arts, Zoo Miami, Everglades National Park, marinas, public golf courses and tennis courts, local festivals, and sports teams the Miami Dolphins, the Miami Marlins and the Miami Heat.

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

Public Relations

(925) 953-1716

Parkway Announces Closing Of Phoenix Tower In Houston, TX And 525 North Tryon In Charlotte, NC

Phoenix Tower, Houston, TX

ORLANDO, FL /PRNewswire/ -- Parkway Properties, Inc. (NYSE: PKY) announced the closing of the previously announced acquisitions of Phoenix Tower, a 626,000 square foot office tower located in the Greenway Plaza submarket of Houston, Texas, and 525 North Tryon, a 406,000 square foot office tower located in the central business district of Charlotte, North Carolina.

On December 20, 2012, Parkway completed the purchase of Phoenix Tower for $123.8 million, or $198 per square foot.  Phoenix Tower was built in 1984 and fully renovated in 2011.  It is a LEED(®) Gold Certified, 26-story, Class A office tower that sits atop an eight-story parking garage.

525 North Tryon, Charlotte, NC

The building is currently 84.5% leased with an average in place net rent per square foot of $14.03. 

 Phoenix Tower is expected to generate a 2013 estimated cash net operating income yield of approximately 6.0%.  Parkway will own 100% of the asset and intends to place a secured first mortgage on the property totaling approximately 65% of the purchase price. 

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

Thomas E. Blalock

Vice President of Investor Relations

(407) 650-0593

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

Forest City, Arizona State Retirement System launch $400 million fund for multifamily development

Manhattan skyline, New York City

CLEVELAND, OH /PRNewswire/ -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) and the Arizona State Retirement System (ASRS) announced the creation of a strategic capital partnership and a $400 million equity fund that will invest in multifamily development projects primarily in five core markets: New York City, Washington, D.C., Boston, Los Angeles, and San Francisco. 

Funding for the venture will be 75 percent from ASRS and 25 percent from Forest City. 

Washington, DC Skyline

The company estimates that more than two-thirds of its equity contribution to the fund is already represented by entitled development opportunities on its balance sheet.

 Equity from the fund will be paired with conventional project financing for an estimated aggregate development investment of approximately $800 million to $1 billion.

 Forest City will serve as fund manager.

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

Robert O'Brien,

Executive Vice President

Chief Financial Officer

 +1-216-621-6060 or

 Jeff Linton, Senior

Vice President

Corporate Communication

+1-216-621-6060

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

DoubleTree by Hilton Welcomes its First Guests in Spain

DoubleTree by Hilton Hotel & Spa Emporda

 MCLEAN, VA – Spain’s first DoubleTree by Hilton hotel opened its doors this week, bringing a unique blend of contemporary upscale accommodation and traditional Catalan flavor to the Costa Brava.

 DoubleTree by Hilton Hotel & Spa Emporda features 87 guestrooms and offers a prime location for travelers looking to sample the delights of one of Spain’s most popular tourist destinations.  Not only is the hotel just a 10 minute drive away from the blissful Mediterranean sands of Begur beach but it also sits on site at the Emporda Golf Club. 

Simon Vincent

Simon Vincent president, EMEA, Hilton Worldwide, said, “We are delighted to be bringing one of Europe’s fastest growing hotel brands to Spain for the first time.  The hotel’s stunning green surrounds, excellent resort facilities and contemporary meeting spaces make it an ideal option for leisure and business travelers alike.”

Rob Palleschi

Rob Palleschi, global head, DoubleTree by Hilton, said, “At the end of a year which has seen a number of new DoubleTree by Hilton hotels open in exciting European destinations including; Zagreb, Croatia; Oradea, Romania; and three in London, it’s exciting to be celebrating our first hotel in Spain.” 

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

Hayley Douglas

Hilton Worldwide

+44 (0) 7974 229 274

Hayley.douglas@hilton.com

Maggie Giddens

DoubleTree by Hilton

+1 703 883 5346

Maggie.giddens@hilton.com

Forest City completes recapitalization of New York by Gehry at Eight Spruce Street luxury residential tower

New York by Gehry at Eight Spruce Street
Photo Courtesy Gehry Partners Manhattan

CLEVELAND, Dec. 21, 2012 /PRNewswire/ -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today announced the completion of a recapitalization of New York by Gehry at Eight Spruce Street, the company's Frank Gehry-designed, luxury residential tower in Lower Manhattan.

The transaction values the 76-story, 898-unit high rise at $1.05 billion. 

TIAA-CREF, a national financial services organization, becomes a 49 percent equity owner in the residential portion of the building, with original partners Forest City and National Real Estate Advisors (NREA) retaining 26 and 25 percent stakes, respectively.

David J. LaRue

Prior to the recapitalization, Forest City and NREA owned 51 and 49 percent, respectively.  Forest City expects to receive proceeds from the recapitalization of approximately $120 million. 

"We're thrilled to welcome TIAA-CREF into the ownership of this world-class property," said David J. LaRue, Forest City president and chief executive officer. "This transaction, and the commitment of a partner of the stature of TIAA-CREF, is testament to the tremendous value created by the development of this unique property.

Bruce C. Ratner

“In less than two years since opening, New York by Gehry at Eight Spruce Street has become world-renowned for its striking design, receiving international acclaim and major architecture awards, and has become a symbol for the resurgence of Lower Manhattan.

“We salute our New York team, led by Bruce Ratner, for the tremendous effort involved in planning and executing this outstanding project. This outcome is a direct reflection of their skill, creativity and dedication." 

"We believe that high-quality, multi-family assets in cities with the strongest demographics such as New York can be powerful additions to our well-diversified real estate portfolios," said Phil McAndrews, head of real estate transactions and joint ventures, TIAA-CREF. 

Philip J. McAndrews

 "The opportunity to invest in state-of-the-art, high-rise urban apartment complexes can be rare and we look forward to working with Forest City to maximize the value of this asset for our clients over the long term." 

Jeffrey J. Kanne, President and CEO of National Real Estate Advisors, said, "We are very pleased to be broadening our partnership to include one of the country's preeminent real estate investors.  We believe the high quality of our new partnership is reflective of the extraordinary quality of New York by Gehry and we look forward to working together for many years to come."

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

Robert O'Brien,

Executive Vice President

Chief Financial Officer,

+1-216-621-6060, or

Jeff Linton,

Senior Vice President

Corporate Communication

+1-216-621-6060

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

Berger Commercial Realty Brokers Announce Two Lease Transactions

St. George Guardabassi

FORT LAUDERDALE, Fla. (December 21, 2012) - Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced two deals from brokers St. George Guardabassi and Judy Dolan.

 Guardabassi and Dolan represented tenant Resolve Maritime Academy, LLC in the sublease of 6,120 square feet of office space  located at 1600 S.E. 17th Street in Suite 301. The sublease runs through June 30, 2014. The space was subleased by Halliday Group Realty Advisors, Inc.

Judy Dolan

 Guardabassi and Dolan also represented Resolve Maritime Academy, LLC in an original lease of the same space, plus an additional 834 square feet, from landlord 1600 17th Street Causeway, LLC, for a five year term commencing July 1, 2014. Berger Commercial Realty broker Keith Graves represented landlord 1600 17th Street Causeway, LLC in the deal.

 Media Contact:

 Marielle Sologuren

Pierson Grant Public Relations

msologuren@piersongrant.com

(954) 776-1999, ext. 226

HFF closes $66.25 million sale of Avalon at Aberdeen Station in Aberdeen, NJ

Avalon at Aberdeen Station, Aberdeen, NJ

FLORHAM PARK, NJ – HFF announced it has closed the sale of Avalon at Aberdeen Station, a 290-unit, Class A multi-housing community in Aberdeen (Monmouth County), New Jersey.

HFF marketed the property on behalf of the seller, AvalonBay Communities, Inc.  MFREVF Aberdeen Urban Renewal, LLC purchased the asset for $66.25 million or $228,448 per unit.

Jose Cruz

Avalon at Aberdeen Station is a transit-oriented community located at 1000 Central Avenue, adjacent to the Aberdeen-Matawan train station and situated along the Garden State Parkway at exit 117.

 Constructed in 2002, the four-story property is 96 percent leased and features one- and two-bedroom units averaging 1,021 square feet each. 

Andrew Scandalios

Community amenities include a clubhouse, 24-hour fitness center, media room, community room, business center, outdoor heated swimming pool with Jacuzzi, sundeck and barbecue grills.

The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien and associate director Michael Oliver.

“With visibility from the Garden State Parkway and convenient access to a train station providing access into New York City and the New Jersey shore, Avalon at Aberdeen’s location provides a unique opportunity to the buyer,” commented Cruz.  “MFREVF Aberdeen Urban Renewal, LLC performed very well on their first New Jersey acquisition.”

Kevin O'Hearn

AvalonBay Communities, Inc. is in the business of developing, redeveloping, acquiring and managing high-quality apartment communities in the high barrier-to-entry markets of the United States.  These markets are located in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest and Northern and Southern California regions of the country.

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

HFF arranges $78 million financing for The Sunset in West Hollywood, CA

The Sunset, West Hollywood, CA

LOS ANGELES, CA – HFF announced today that it has arranged $78 million in financing for The Sunset, a 177,949-square-foot, mixed-use development in West Hollywood, California. 

                HFF worked on behalf of the sponsor, Broadreach Capital Partners, to secure the three-year, floating-rate loan through AIG Asset Management Group.  The loan, which provides for two additional one-year extension options, was used to refinance existing debt and will also be serviced by HFF.

                The Sunset is one of the largest developments along Hollywood’s Sunset Strip and is situated adjacent to Sunset Plaza, a 47-store lifestyle center.  

Todd Sugimoto

The property is 95 percent leased overall and includes a 10-story, 71,119-square-foot office tower and a two-story, 106,830-square-foot retail and office plaza along with a five-level, 937-space subterranean parking garage. 

Originally constructed in 1963, the office tower was completely rebuilt in 2001 and the plaza and parking garage were added in 2002.

Richard Plummer

Tenants include 19 Entertainment (production company for American Idol), Talpa Media Group (production company for The Voice), Apple, Equinox Fitness and H&M.

The HFF team representing the borrower was led by managing director Todd Sugimoto and director Andrew Harper along with senior managing directors Richard Plummer, Michael Ross and Michael Leggett. 

                Established in 2002, Broadreach Capital Partners is a real estate private equity firm that focuses on a variety of value-added opportunities primarily through investments in either commercial or lodging properties.  For more information, please visit www.broadreachcp.com.

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

Faris Lee Investments Completes $9.55 Million Sale of 51,572-SF Retail Property near Palm Springs, CA

  

Washington Square, Bermuda Dunes, CA

 IRVINE, CA– Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $9.55 million sale of a 51,572-square-foot portion of Washington Square, a 136,314-square-foot retail center located in Bermuda Dunes, Calif., a desert city situated 23 miles east of Palm Springs in the Coachella Valley region of Riverside County.

                Dennis Vaccaro, senior managing director, with Faris Lee represented the seller, Washington Square S.C., LLC from Newport Beach, Calif. Vaccaro and Matt Mousavi, managing director with Faris Lee, represented the buyer, 42 Washington Square LP, a partnership out of Orange County, Calif. The closing cap rate was approximately 7 percent.

Dennis Vaccaro

The sold portion of Washington Square, located at 42-100, 42-200 and 42-400 Washington Street, was 97 percent occupied at the close of escrow and includes a 30,000-square-foot HomeGoods store, as well as other neighborhood retailers. 

Tenants within Washington Square that were not a part of the transaction include: Ralph’s, Walgreens, Chase Bank, Big O Tires, Jack in the Box and Wienerschnitzel and others. 

Matt Mousavi

“The desert location of the property came with the preconceived notion of instability of the greater Coachella Valley marketplace,” said Vaccaro.

 “In order to educate potential buyers, Faris Lee crafted a micro-analysis of the asset which clearly highlighted the proven strength of the property as the dominant center in the market. We secured 10 offers and identified a strong buyer who was in a 1031 exchange.”

Faris Lee also assisted the buyer on securing a new loan by educating the lender, UBS, on the property’s strength and stability in order to ensure a smooth and timely close of escrow. 

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

Darcie Giacchetto,

949.278.6224

Spaulding Thompson & Associates

For Faris Lee Investments

Charles Dunn Co. Completes $10,825,000 Sale of 128-Unit Multifamily Property in Los Angeles

Hamid Soroudi

LOS ANGELES, CA,  Dec. 20, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $10,825,000 sale of a 128-unit multifamily property located at 930 S. Bonnie Brae St. near the major cross street of Olympic in Los Angeles.

Hamid Soroudi of Charles Dunn Company represented the seller, Los Angeles-based Melrose Camerford Partners, LLC. The buyer, Los Angeles-based 930 S. Bonnie Brae, LLC represented itself. The sale closed at a 6.4 percent cap rate.

930 South Bonnie Brae Apartments,
Los Angeles, CA

The four-story property includes an elevator, pool, spa, recreation room, rental office and a gym.  It also offers controlled access and subterranean parking.  

The unit mix consists of 45, one-bedroom units with average rent of $884; 23 single units with average rent of $673; and 60 bachelor units with average rent of $644.  All the units have air conditioning. 

Soroudi leads Charles Dunn Company’s The Soroudi Group. The Soroudi Group is the most successful and active group of brokers involved in selling and exchanging of prime Westside Properties. Their marketing program delivers sold properties at more than 98.5 percent of the list prices within a compressed marketing period.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Charles Dunn Co. Completes 19,042-SF Office Lease With Acento Advertising, Inc. in Santa Monica, CA

Gelena Skya-Wasserman

LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed a 19,042 square foot lease with Acento Advertising, Inc.

The seven-year lease is valued at $4.36 million.  Acento Advertising will relocate and expand into its new space at 2001 Wilshire Blvd. in Santa Monica in March 2013. The firm currently has 60 employees and plans to double its staff once it settles in its new location.

Built in 1980, the six-story property is now 95 percent occupied with the Acento lease. Acento is the largest tenant within the office building. The property is near LAX and the 10 and 405 freeways. It is also within walking distance of numerous restaurants and amenities such as Veggie Grill, Poquito Mas, and Whole Foods.

Roger Beck

Roger Beck, SIOR and Gelena Skya-Wasserman of Charles Dunn Company represented the tenant, Acento Advertising. The landlord, Douglas Emmett, represented itself.

Acento Advertising, a full-service integrated marketing communications agency focused on the U.S. Hispanic and Latin American markets, was previously within a 10,000 square foot, free-standing building at 2254 S. Sepulveda Blvd. The Beck-Skya team of Charles Dunn Company handled the subleasing of its current space to Imaginary Forces, LLC.

“The 2001 Wilshire office building was selected due to its high profile Santa Monica location and full top floor availability,” said Beck, senior managing director with Charles Dunn Company out of the Sherman Oaks office. “Our client desired a location to project a sophisticated presence which they could utilize for significant account expansion.”

2001 Wilshire Boulevard, Los Angeles, CA

The Beck-Skya team was successful in subleasing the agency’s existing Sepulveda building and developing an effective relocation plan for Acento Advertising. In addition to providing space plan support, the Beck-Skya team was also key in developing cost-effective value engineering to maximize its new space in order to finalize the lease transaction. In addition, the team was instrumental in providing critical scheduling and relocation services.

“Acento’s new space will be entirely remodeled to reflect the firm’s corporate culture,” said Skya-Wasserman.

Skya-Wasserman added: “Santa Monica is a very tight submarket with just a 10 percent office vacancy. There are very few full floor creative spaces left in this particular area. Acento was able to take advantage of this opportunity and current market conditions. The firm will also enjoy a full floor of contiguous space with exposed ceilings and full perimeter glass with views to the ocean and across West Los Angeles.”

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Assisted Living Community in Cumming, GA Sells for $7.5 Million

Laurel Creek Manor, Cumming, GA

 TAMPA, FL -- CLW Senior Housing is pleased to have represented Servant Healthcare Investments (Laurel Creek), LLC in the sale of Laurel Creek Manor, an Assisted Living/Memory Care community located in Cumming, Georgia.

Occupancy at the community has been averaging 95% to 100%.

The property was purchased by CNL Lifestyle Properties, Inc. for $7.5 million ($156,250 per unit).

Contact:

Allen McMurtry • 813.349.8349 • amcmurtry@clwrg.com

Megan Fetter • 813.349.8344 • mfetter@clwrg.com

Taubman Announces Acquisitions Of Additional Interests In Florida’s International Plaza And Waterside Shops

Internatonal Plaza, Tampa, FL

 BLOOMFIELD HILLS, MI  /PRNewswire/ -- Taubman Centers, Inc. (NYSE: TCO) announced the acquisition of an additional 49.9 percent interest in International Plaza (Tampa, Fla.) and an agreement to acquire an additional 25 percent interest in Waterside Shops (Naples, Fla.). 

The company acquired its additional interest in International Plaza from CSAT, LP, increasing its ownership in the center to 100 percent. The $437 million purchase price for CSAT, LP's interest in the center consists of $275 million of cash and approximately $162 million of beneficial interest in debt.

"We are pleased to have an opportunity to increase our ownership interest in International Plaza. The acquisition will be accretive and the center is in a strong, growing market," said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers.

Waterside Shops, Tampa, FL

  "Since its opening in 2001, International Plaza has become the dominant upscale shopping center in the Tampa market. It's a highly productive asset, with sales per square foot above our portfolio average."

International Plaza is located at the center of the Tampa metroplex, on the grounds of Tampa International Airport. The 1,202,000 square foot center, which opened in September 2001, is anchored by Dillard's, Neiman Marcus, and Nordstrom.

The company has agreed to acquire a 50 percent interest in Waterside Shops from an affiliate of Oregon PERS (Oregon PERS) on a pari passu basis with an affiliate of The Forbes Company.

Robert S. Taubman

Upon closing, the company's ownership in the center will be 50 percent, the remaining interests are owned by an affiliate of The Forbes Company. The $155 million purchase price for Oregon PERS' interest in the center consists of $72.5 million of cash and $82.5 million of beneficial interest in debt.

 The company's share of cash and beneficial interest in debt are $36.3 million and $41.3 million, respectively. The transaction is subject to lender approval and is expected to close within 10 days thereafter. The Forbes Company will continue to lease and manage the center.

"We are delighted to build upon our successful partnership with Forbes by increasing our ownership in Waterside," said Mr. Taubman. "This highly productive, luxury oriented center complements our portfolio."  

Waterside Shops is located in the heart of Naples on the northwest corner of Seagate Drive and Tamiani Trail North (U.S. 41). The 336,000 square foot center, which opened in November 1992, is anchored by Nordstrom and Saks Fifth Avenue and was completely renovated between 2006 and 2008.

The seller in each transaction was represented by Eastdil Secured, LLC.

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

 Karen Mac Donald, Taubman, Director, Communications, +1-248-258-7469, kmacdonald@taubman.com,

 Barbara Baker, Taubman, Vice President, Corporate Affairs & Investor Relations, +1-248-258-7367, bbaker@taubman.com

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