Marcus & Millichap Promotes Six Midwest-based Agents to Vice President Investments

Steven R. Chaben

CALABASAS, CA, July 30, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted six Midwest agents to vice president investments.

 This designation exemplifies superior performance achieved by an associate during his or her sales career at Marcus & Millichap in the investment real estate brokerage profession, according to Steven R. Chaben, senior vice president and managing director.

            The agents, their office locations and specialties are:

Sean M. Delaney

·         Kyle Stengle, Chicago Downtown, Multifamily

·         Sean M. Delaney, Chicago Oak Brook, Self-Storage

·         Daniel F. Danielak, Detroit, Office and Industrial

·         Ashish V. Vakhariya, Detroit, Retail/Net-Leased

·         David Weinberg, Detroit, Office and Industrial

·         Brent Silcox, Indianapolis, Multifamily and Manufactured Housing

 Previously, Stengle, Danielak and Delaney held the title associate vice president investments. Vakhariya, Weinberg and Silcox were senior associates. 

            “With this promotion, these commercial real estate investment specialists have earned a prestigious designation within the firm and solidified their reputations as knowledgeable and successful investment professionals,” says Chaben.

“Their focus on providing superior client services has earned them a high degree of loyalty and respect from investors as well as from their peers.”

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

Gina Relva

Public Relations Manager

(925) 953-1716

Palm Beach County Retail Center Hits the Market at $21 Million

HSBC Plaza, Boca Raton, FL

BOCA RATON, FL  – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has been awarded the exclusive listing to market for sale HSBC Plaza, a 45,730-square-foot retail center in Boca Raton, Fla. The listing price is $21,000,000.

Douglas K. Mandel

            Douglas K. Mandel, a first vice president investments, and C. Todd Everett, SIOR, a senior associate, both in Marcus & Millichap’s Fort Lauderdale office, are representing the seller, the center’s developer.

            “This is an opportunity to acquire a high-quality center with a diversified tenant base and strong in-place cash flow,” says Mandel.

“HSBC Plaza is surrounded by affluent residential communities,” adds Everett.

The property is located at 19120 South State Road 7 on the southeast corner of State Road 7/ U.S. Route 441 and Yamato Road, two major Boca Raton thoroughfares.

C. Todd Everett

Traffic counts at the intersection are in excess of 63,000 vehicles per day and more than 150,000 people reside within a five-mile radius. Two upscale shopping destinations, the Boca Town Center Mall, a super-regional shopping center and Mizner Park, a lifestyle center, are nearby.

The location is within a 30-minute drive of downtown Palm Beach, the Palm Beach International Airport, downtown Fort Lauderdale and the Fort Lauderdale International Airport.

HSBC Plaza is 95 percent leased to a variety of local, regional and national tenants, including MedExpress, Dunkin’ Donuts, a 15,560-square-foot CVS outparcel and a 4,000-square-foot HSBC Bank branch outparcel.

The property has been well maintained with little to no deferred maintenance.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Central Arizona Multifamily Property Sells for $22.3 Million

  

Terraces at Glassford Hills, 5700 East Market Street,
Prescott Valley, AZ

PRESCOTT VALLEY, AZ, July 30, 2013 – Marcus & Millichap Real Estate Investment Services, has arranged the sale of The Terraces at Glassford Hills, a 226-unit apartment community located in Prescott Valley, Ariz. The asset commanded a sales price of $22,385,000. The property is located at 5700 East Market St. in Prescott Valley.

Steve Gebing

Steve Gebing, a vice president investments and Cliff David, also a vice president investments, both in Marcus & Millichap’s Phoenix office, represented the seller, Aspen Square Management Inc.

Gebing and David also represented the buyer, Irvine, Calif.-based The Bascom Group in coordination with the group’s local affiliate, Bascom Arizona Ventures LLC, which is based in Scottsdale, Ariz.    

“Nestled into the hillside of Glassford Hill, The Terraces offers unexpected grandeur with magnificent views of the valley’s rolling hills,” says Gebing.

Cliff David

“Bascom is poised to recapitalize the community with exterior and interior renovations, ultimately equipping The Terraces at Glassford Hills with the finest amenity package in Prescott Valley, a market with significant barriers to new entry and healthy operating fundamentals.”

The Terraces at Glassford Hills provides residents with top-of-the-line, resort-style amenities and well-appointed one-, two- and three-bedroom apartment homes. 

Developed in 2003, the property features a clubhouse/leasing office with a resort-style heated swimming pool and a zero-edge Jacuzzi with high-end water features. Other community amenities include a state-of-the-art 24-hour fitness center, a business center with Wi-Fi and Internet services, barbecue grills and detached garages.

“The Terraces at Glassford Hills offers the comfort of private and pristine living in the mile-high city of Prescott Valley with all the conveniences of city life just minutes away and hiking and golf right around the corner,” adds David. “Yavapai College, Embry-Riddle Aeronautical University and Prescott College are also close by.”

  

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

Gina Relva

Public Relations Manager

(925) 953-1716

Post Properties Announces Second Quarter 2013 Earnings

ATLANTA, GA --(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today net income available to common shareholders of $26.6 million, or $0.48 per diluted share, for the second quarter of 2013, compared to $20.2 million, or $0.37 per diluted share, for the second quarter of 2012.

Net income available to common shareholders for the six months ended June 30, 2013, was $46.0 million, or $0.84 per diluted share, compared to net income of $41.0 million, or $0.76 per diluted share, for the six months ended June 30, 2012.

Dave Stockert

The Company’s net income available to common shareholders for the three and six months ended June 30, 2012 included other income of $0.9 million relating primarily to a construction litigation settlement. 

For the six months ended June 30, 2012, the Company’s net income available to common shareholders included a gain of $6.1 million, or $0.11 per diluted share, on the sale of an asset.

Said Dave Stockert, Post’s CEO, “We were pleased to produce another quarter of strong earnings growth. Highlights included the increasing contribution to earnings from the lease-up of apartment communities in development and the 100% sell-out of our Austin condominium project. We were also pleased to be able to increase the dividend to common shareholders.”

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

Post Properties, Inc.

Chris Papa, 404-846-5028

Trepp Reports CMBS Loan Liquidation Hits 3-Year High as Loss Severity Drops

NEW YORK, NY, July 30, 2013 -- Trepp July Loss Analysis: Second Highest Monthly Volume; Loss Severity Falls

After a spike in loss severity last month, July saw a big jump in liquidated CMBS loan volume and a concurrent drop in loss severity. July brought the second highest liquidation volume since TreppWire started tracking the number in January of 2010.

July liquidations totaled $2.05 billion, relative to the 12-month moving average of $1.35 billion. The highest monthly liquidated volume was in November 2011 with $2.10 billion in liquidated loans.

While November 2011 recorded 218 loans with losses and July counted only 135, this month saw the highest average liquidated loan size. The average size of liquidated loans in July was $15.17 million, above June's $11.66 million and the highest monthly average since January 2010. July's loan count was also up from 107 in June.

The 135 loan liquidations resulted in $893.79 million in losses, translating to an average loss severity of 43.63%. July's loss severity was down from June's reading of 56.49% but above the 12-month moving average of 44.49%.

Since January 2010, servicers have been liquidating at an average rate of $1.19 billion per month.

  

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

Eric@greatink.com

Mortgage Bankers Association Reports Q2 Commercial/Multifamily Originations Up 7 Percent from Last Year; 36 Percent from Q1

                    

Jamie Woodwell

 Washington, DC (July 30, 2013) –Commercial and multifamily mortgage origination volumes during the second quarter of 2013 were seven percent higher than during the second quarter of 2012 and 36 percent higher than during the first quarter of 2013, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.

“Commercial and multifamily mortgage lending and borrowing continued to grow during the second quarter,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research.

 “The apartment market continues to be the belle of the ball, with multifamily mortgage originations running 31 percent ahead of last year’s first half total. And after a slow start to the year, lending by life insurance companies surged in the second quarter to record the highest quarterly volume on record for that sector.”

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

Matt Robinson

 (202) 557-2727

Cousins Reports Results for the Second Quarter of 2013

816 Congress, Austin, TX

ATLANTA-- Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter ended June 30, 2013

Larry Gellerstedt

Highlights:

 Funds From Operations for the quarter was $0.12 per share, $0.14 per share before preferred stock redemption charges.

• Same property net operating income for the quarter increased 4.7% over prior year.
• Leased or renewed 413,000 square feet of office and retail space.
• Acquired 816 Congress, a 435,000-square-foot Class-A office tower in downtown Austin, Texas.

Colorado Tower rendering
Austin, TX

Commenced construction of Colorado Tower, a 371,000-square-foot Class-A office tower in downtown Austin, Texas.

.

“It was another solid quarter, highlighted by the 816 Congress acquisition and the commencement of Colorado Tower in Austin,” said Larry Gellerstedt, President and Chief Executive Officer of Cousins.

“We were also pleased with our leasing progress, particularly at Promenade and 2100 Ross, where our re-positioning efforts continue to drive results.”

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

Cousins Properties Incorporated

Cameron Golden, 404-407-1984

Vice President of Investor Relations and Corporate Communications

camerongolden@cousinsproperties.com  

Gregg D. Adzema, 404-407-1116

Executive Vice President and Chief Financial Officer

greggadzema@cousinsproperties.com

Cousins Properties Announces Offering of 60 Million Shares of Common Stock

Greenway Plaza, Houston, TX

 ATLANTA, GA --Cousins Properties Incorporated (the “Company”) (NYSE: CUZ) today announced that it has commenced an underwritten public offering of 60 million shares of its common stock. The underwriters are expected to be granted a 30-day option to purchase up to an additional 9 million shares.

777 Main Street office building, Fort Worth, TX

The Company intends to use the net proceeds of the offering to fund a portion of the purchase price (and related transaction expenses) of the previously announced pending acquisition of a 5.3 million square foot Texas office portfolio comprised of Greenway Plaza, a 10-building office complex in Houston, Texas, and 777 Main Street, a Class A office tower in Fort Worth, Texas, for a total purchase price of approximately $1.1 billion.

Any remaining proceeds will be used for general corporate purposes, including the redemption of all or a portion of the Company’s Series B Preferred Stock, the acquisition and development of office properties, other opportunistic investments and the repayment of debt.

J.P. Morgan and BofA Merrill Lynch are acting as joint-book-running managers for the offering.  

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

Cousins Properties Incorporated

Cameron Golden, 404-407-1984

Vice President of Investor Relations and Corporate Communications

camerongolden@cousinsproperties.com  

The Residences at W Atlanta – Downtown Welcomes Top-Selling Agent Jill Grenuk to Sales Team

The Residences at W Atlanta - Downtown, Atlanta, GA

ATLANTA, GA (July 29, 2013) – With 50% of the homes sold, The Residences at W Atlanta – Downtown welcomes The Marketing Directors’ Jill Grenuk to help sell the remaining inventory.

Jill Grenuk

Grenuk was ranked #1 in New Home Sales by the Atlanta Board of Realtors in both 2011 and 2012, and came to The Residences at W Atlanta – Downtown after selling out The Brookwood condominiums. Grenuk joins Erik Dowdy, the on-site salesperson responsible for the project’s successful sales to date.

 “This is an exciting time to join the team at The Residences at W Atlanta – Downtown,” says Grenuk. “The project offers buyers the unique opportunity to purchase new construction, something otherwise unavailable in the city. Developers simply can’t build homes of this caliber for the cost to buy them today.  The value proposition for buyers is extremely compelling.”

 The Residences at W Atlanta – Downtown has now sold out of one-bedroom homes, with remaining two- and three-bedroom homes and two-story penthouses priced from $431,900 to $1.8 million.

One of Atlanta’s last new construction opportunities, the condos  feature the finest five-star luxury finishes including Gaggenau appliances, Dornbracht fixtures, floor-to-ceiling windows and private balconies. 

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

Liz Lapidus /Kate Thacker

Liz Lapidus Public Relations

404.688.1466

kate@lizlapiduspr.com

www.whotels.com/atlantadowntown

 www.themarketingdirectorsinc.com

follow us on Facebook

.

www.watlantaresidences.com

404-524-4092.

Atlantic Station’s BB&T Atlanta Open Courts Dedicated To City of Atlanta; Courts to be open for community use

  

ATLANTA, GA (July 29, 2013) – North American Properties (NAP) and CBRE Global Investors, in partnership with USTA Southern and USTA, announced Sunday the dedication of four tennis courts located in Atlantic Station to the City of Atlanta. 

Atlantic Station, Atlanta, GA

The courts will give residents of metro Atlanta the opportunity to play tennis in the heart of Midtown. 

At the conclusion of the BB&T Atlanta Open, a weeklong tennis tournament in Midtown Atlanta’s Atlantic Station, Mark Toro, managing partner at NAP, officially announced the dedication of the tennis courts to the City of Atlanta’s Department of Parks and Recreation (DPR). The DPR will now manage and maintain the courts. 

The four courts used during the US Open Series’ BB&T Atlanta Open were constructed in Atlantic Station in partnership with USTA Southern and USTA for the tournament.

John Isner

The residents of metro Atlanta will soon have the opportunity to play on the same courts used by ATP World Tour players such as John Isner and Andy Roddick.

“We are honored to dedicate these courts to the City of Atlanta so that tennis enthusiasts throughout Atlanta can enjoy playing in this unique in-town setting,” said Toro. “Hosting the BB&T Atlanta Open at Atlantic Station has been a priceless experience, and we hope that opening these courts to the community will create a lasting legacy of tennis in Midtown.”  

Andy Roddick

The courts will be open for community use in August. Check with Atlantic Station’s Concierge Desk for more information on official opening and court reservation details.  

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

Elizabeth Hagin

The Wilbert Group

404-748-1367 (O) 678-642-4301 (C)

ehagin@thewilbertgroup.com

Quest Workspaces Entering West Palm Beach, FL Market; Signs Full-Floor Lease at Northbridge Centre

  

Northbridge Centre, 515 North Flagler Drive, West Palm Beach, FL

WEST PALM BEACH, FL – Gaining a new class A option for downtown tenants, Gaedeke Group has signed a 10-year lease with one of Florida's fastest-growing executive center operators, Quest Workspaces, for an entire floor of Northbridge Centre's pavilion.

Laura Kozelouzek

The lease, totaling 12,783 sf, adds a new dimension to the marketplace for new and existing tenants at 515 N. Flagler Dr. and elsewhere, providing alternative workplaces with hospitality-style services for businesses' overflow needs, entrepreneurs, startups and virtual offices.

"This will be the best value in downtown West Palm Beach. Offering the freedom to work the way you want," says Laura Kozelouzek, founder and CEO of New York-based Quest Workspaces. Preleasing is underway for the Sept. 1 launch.

Quest Workspaces prides itself on creating a turnkey office environment with high-end hospitality-style services and the resources of large corporate office.  The company's centers attract clients from startups to Fortune 100 companies.

Kirk Fetter

At Northbridge Centre, Quest Workspaces' offices will range from 80 sf to 250 sf, with flexible lease terms and full-service business offerings from IT to concierge.

 The signature amenity at every location is Quest Café, a coffee bar-atmosphere for networking, socializing and breaks from the workday, enabling a co-working environment and dynamic office community.

Lance A. Benson

Kozelouzek's early career in the hospitality industry and years of experience as a business center executive set the stage for her first venture into the executive center business, Synergy Workspaces, which was sold in 2007 to Carr Workspaces after she grew it to 25 locations and more than 500,000 sf in just a few years.

 In 2010, she launched Quest Workspaces, starting in Boca Raton and expanding to Miami, Fort Lauderdale, Coral Gables, downtown Manhattan and now West Palm Beach.

Palm Beach Judicial Center

"We feel it will add a lot of new excitement for the project," says Kirk Fetter, vice president of leasing for Dallas-based Gaedeke Group. "Quest Workspaces had looked at the space about two years ago and came back to us when they were ready to expand again."

Quest Workspaces has leased the third floor of the four-story pavilion, with expansion rights for additional floors in the just-signed deal. Lance Benson, executive managing director in Miami for Newmark Grubb Knight Frank, represented Quest Workspaces, a member of the Alliance Business Centers network.

The dealmakers were the 288,233-sf Northbridge Centre's class A packaging of amenities, water views, neighboring Palm Beach Judicial Center and short walk to more than 80 restaurants and shops in the central business district. 

Adding to the property's appeal, Northbridge Centre also sports an on-site bank, salon, valet, 24/7 security and parking garage.

"We really focus on amenities at our centers," Kozelouzek says. She's already struck a deal for Quest Workspaces' clients to receive a VIP discount on monthly rates at Northbridge Centre's Palm Beach Waterfront Fitness Club, just like the prestigious property's other tenants.

Eriika Strimer, Trainer
Palm Beach Waterfront Fitness Club

" She's also eyeing use of the pavilion's landscaped rooftop terrace for executive center functions.

"We build relationships throughout the entire community, including the building and other tenants in the building," Kozelouzek says. "The reason I love this industry so much is because I get to help so many businesses."

Gaedeke Group is a services-driven landlord unto itself, actively engaging its tenants, brokerage firms, the community at large and non-profit organizations by hosting and sponsoring a full calendar of events and fundraisers in markets where it has properties.

 "There is going to be a lot of synergy between us," Kozelouzek says, citing a special program her company offers to help meet space needs of charitable organizations. 

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

Kirk Fetter,

 561-515-7407

www.gaedeke.com.

 www.questworkspaces.com

1.800.268.1051

PCCP, LLC Provides $27.1 Million Senior Loan to a Transwestern Partnership to Acquire 299,792-Square-Foot REO Class A Office Park in Suburban Chicago

  

Corridors I and Corridors II, Downers Grove, IL

San Francisco, CA, July 29, 2013 - PCCP, LLC announced today it has provided a $27.1 million senior loan to a joint venture between Transwestern Sponsorship Equity Partners I and Soundview Real Estate Partners to acquire, re-position and lease-up Corridors I and  II, a 50.9 percent leased, two-building Class A office park totaling 299,792 square feet.

The property is located at 2651 and 2655 Warrenville Rd., in Downers Grove, Illinois within the East/West Corridor submarket of suburban Chicago.

The property had been bank-owned since November of 2011 and over-encumbered by debt since its major tenant vacated the building several years before that.  This lack of capital has hampered leasing efforts in recent years.

 “This opportunity fit well with PCCP’s business strategy,” said Jim Galovan, managing director out of PCCP’s San Francisco office. “We are teaming with an experienced operator and are financing a value-add, Class A asset that was purchased at well below replacement cost.”

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

www.pccpllc.com

.

Legends Golf Club in Clermont, FL to Host Legends Junior Golf Academy for Youngsters Aged 5 - 15

Legends Golf  Club, Clermont, FL

CLERMONT, FL--- Legends Golf Club, located on U.S. 27 five miles south of S.R. 50 at 1700 Legendary Blvd. in Clermont, will host the one-day Legends Junior Golf Academy on Saturday, Aug. 17.

Kenny Nairn

Kenny Nairn, Scottish PGA professional and chief operating officer of Celebration Golf Management, said Legends Junior Golf Academy is open to boys and girls aged 5 – 15.

The free clinic will run from 9:30 a.m. to 10:30 a.m.

To register or learn more information, telephone 352-243-1118 or visit www.LegendsGolfOrlando.com

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

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142; Lvershelco@aol.com

Rebuilding the Retail Sector Brick by Brick

  

ATLANTA (July 29, 2013) – When it comes to regaining its health, the retail sector may have lagged behind its commercial real estate cousins. But that is changing. In fact, with just less than $10 billion of retail property investment sales in the first quarter of 2013, it would appear the sector is well on its way to recovery.    

Michael Bull

That was the consensus of a panel of experts on the most recent episode of the “Commercial Real Estate Show” radio program, hosted by Michael Bull of Bull Realty.

Home improvement stores, auto retailers and fast-casual restaurants are paving the way for retail’s recovery.

“One example is that a couple of weeks ago Noodles & Company went public, and they had some of the best returns from their public offering of any company that went public in the last 12 years,” said John Neville, partner at Arnall Golden Gregory. “That’s a great snapshot of the market’s demand for that type of fast-casual restaurant.”

Jonathan L. Neville

One of the strongest parts of retail’s recovery has been in the investment sales arena. In fact, Dan Fasulo, managing director at Real Capital Analytics, said sales of strip centers are up 30 percent on a year-over-year basis.

 “A couple of years ago, it was the institutional quality strip centers that were changing hands and seeing the value increases,” he added. “Now the market is starting to spread out to all [retail] properties.”

PricewaterhouseCooper’s (PwC) first-quarter survey indicated that retail cap rates, on a national basis, are hovering between 6 percent and 7 percent, said Mitch Roschelle, a partner at the firm and the leader of its U.S. Real Estate Advisory Practice.

Dan Fasulo

Regional malls have the lowest cap rates at around 6.5 percent, and strip centers have the highest at around 6.95 percent, while power centers fall somewhere in the middle. Looking ahead, the panel expects cap rates to continue to compress.

Distressed assets may still be desirable in some sectors, but troubled retail properties have mostly been resolved through a sale to a third party or a recapitalization. “Anyone that’s still waiting for this wave [of distressed properties] to come is going to be waiting an awfully long time,” said Fasulo.

Mitch Roschelle

Foreign investors have exhibited a hearty appetite forretail properties in a variety of markets throughout the United States, guests added. “[Foreign investors] are very interested in retail because historically retail has been a fairly elastic way to invest in real estate and enjoy economic growth at the same time,” Roschelle said.

Secondary markets - including Atlanta, Phoenix, Minneapolis and Denver, as well as parts of Florida and Texas – are experiencing big increases in retail investment sales, Fasulo noted. Dallas has been one of the big standout markets, said Roschelle.

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

Stephen Ursery

The Wilbert Group

404.405.2354

sursery@thewilbertgroup.com

Cobalt Capital Partners sells 1.4 million square foot Dallas, TX industrial portfolio

Lewis D. Friedland

DALLAS, TX – HFF announced today that it has closed the sale of a 14-building, 1.4 million-square-foot industrial portfolio in Dallas, Texas on behalf of Cobalt Capital Partners, L.P., advisor to Cobalt Industrial REIT.

 The portfolio was 96 percent leased to 28 quality tenants with an average remaining lease term of six years.  The buildings were purchased between 2003 and 2007 and remained well-leased during Cobalt’s ownership. 

Randy Baird

 “This portfolio of assets was well-leased to a group of financially strong tenants, which made it attractive to market the buildings for sale,” said Lewis D. Friedland, Cobalt’s managing partner.

  “Our asset management and property management teams did a great job of creating value through leasing activity and tenant retention, which maximized the value for our investors.”

Jud Clements

HFF’s Randy Baird, Jud Clements and Robby Rieke exclusively represented Cobalt in the transaction.

Cobalt Capital Partners, a Dallas-based private equity firm invests in light industrial property in major metropolitan markets throughout the United States. 

Cobalt Industrial REIT is a private REIT advised by Cobalt Capital Partners.  Across its national platform, Cobalt Capital Partners entities own more than 29 million square feet of light industrial space in 17 major metropolitan markets.

Robby Rieke

 For information on Cobalt Capital Partners or to submit an investment for review, please visit our website www.cobaltcapitalpartners.com.  

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com