HFF arranges $112 million refinancing for Seaport Square in Boston, MA

Rendering of  planned Seaport Square, Seaport District, Boston, MA

BOSTON, MA – HFF announced today that it has arranged a $112 million refinancing for Seaport Square, a master-planned development area in Boston’s Seaport District.  The Seaport Square master plan encompasses 20 buildings of varying sizes totaling 6.3 million square feet of commercial development. 

John Fowler

               HFF worked on behalf of the borrower, a venture between Boston Global Investors and Morgan Stanley Real Estate Investing, to secure a six-year loan through Starwood Property Trust.

 The loan was structured to allow the borrower flexibility in releasing parcels while maintaining leverage such that the loan will likely carry the sponsor through full execution of their business plan.  

Collateral for the loan consists of 15 development sites, which have historically been used as parking lots, and are fully approved by the Boston Redevelopment Authority (BRA) for 5.3 million square feet of new retail, residential, hotel and office development within 15 buildings.

Anthony Cutone

Located directly across the Fort Point Channel from Boston’s Financial District, the development sites are situated in the heart of Boston’s Seaport District. 

The HFF team representing the borrower was led by executive managing director John Fowler, managing director Anthony Cutone and senior real estate analyst Brett Paulsrud.

Boston Global Investors (BGI) is a leading real estate development and consulting firm headquartered in Boston, Massachusetts.  In the last 10 years, BGI has developed projects in excess of $6 billion.

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

www.morganstanley.com/realestate.

HFF arranges $27 million in debt and equity for acquisition of Inland Empire industrial facility in Ontario, CA

5491 East Francis, Ontario, CA

LOS ANGELES, CA – HFF announced today that it has arranged nearly $27 million in debt and joint venture equity for 5491 East Francis, a 406,714-square-foot industrial facility in Ontario, California.

Paul Brindley

               HFF worked on behalf of the sponsor, Cohen Asset Management, to arrange joint venture equity through a domestic life insurance company, and to secure $13.75 million of permanent fixed-rate debt through a national life insurance company.  Loan and equity proceeds were used to acquire the property via a sale leaseback.

               5491 East Francis is situated in an “A” location of the Inland Empire West in the City of Ontario just minutes from the intersection of the Interstate 10 and Interstate 15 freeways.  The property is fully leased to a single-tenant.

Ryan Martin

               The HFF team representing the borrower was led by senior managing director Paul Brindley and senior real estate analyst Jeff Sause.

               “We have had a long standing relationship with both Cohen and their joint venture partner and were confident that a strong relationship would be formed between the two,” said Brindley. 

“Our efforts to secure the joint venture equity and debt for this asset are part of our growing emphasis on industrial product both in Southern California and nationally.”

Anthony Brent

 HFF recently added the team of Brett Tremaine, Ryan Martin and Anthony Brent from BlackRidge Real Estate Group to the Los Angeles and Orange County offices to focus on industrial capital markets transactions primarily in the western United States.

               Cohen Asset Management, Inc. is a private commercial and industrial real estate investment firm.  Established in 1992 and strategically headquartered in Southern California with a regional office in Northern New Jersey, Cohen Asset Management, Inc. is a proven, national real estate owner and operator with a primary focus on the industrial real estate sector.  

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

www.cohenasset.com.

HFF secures $47 million in permanent financing for Liberty Station Marketplace in San Diego, CA area

Liberty Station Marketplace, Point Loma submarket, San Diego, CA

SAN DIEGO, CA – HFF announced today that it has arranged $47 million in permanent financing for Liberty Station Marketplace, a premier 152,495-square-foot, dual grocery-anchored retail center in the Point Loma submarket of San Diego, California.

Tim Wright

Working on behalf of The Corky McMillin Companies, HFF placed the loan with a major fund advisor. 

Liberty Station Marketplace is located within the award-winning Liberty Station mixed-use development.  The property was originally constructed in 1932 and was converted for retail and office use in 2007.

 Anchored by Vons and Trader Joe’s, the center is 93 percent leased and also features tenants including Starbucks, Sammy’s Woodfired Pizza, Five Guys, Verizon Wireless, Panera Bread, Cold Stone Creamery, Tender Greens and Luna Grill.

Nick Psyllos

The 361-acre Liberty Station community includes 125 acres of parks and open space; shopping villages and restaurants; a 28–acre civic, arts and cultural district; the nine-hole Sail Ho Golf Club; two hotels; and six schools.  

Nearly 350 families now reside at the pedestrian-friendly Liberty Station and dozens of companies, with hundreds of employees, are doing business there.  Please visit libertystation.com for more information. 

The HFF team representing the borrower was led by senior managing directors Tim Wright and Nick Psyllos and associate director Zack Holderman.

A long-standing commercial and residential owner and developer, The Corky McMillin Companies is the master plan developer of Liberty Station, an award winning adaptive reuse of the historic Naval Training Center.

The Corky McMillin Companies is a fully-integrated real estate investment, land development and home-building company with more than 50 years of experience in San Diego. The former Naval Training Center was redeveloped by McMillin into its current mixed-use urban village that mixes homes with employment space, education, retail, recreation and entertainment. 

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

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HFF secures $52 million financing for Audubon Estates in Alexandria, VA

Audubon Estates, 7930 Audubon Avenue, Alexandria, VA

SAN DIEGO, CA – HFF announced today that it has arranged $52 million in financing for Audubon Estates, a 701-home site manufactured home community in Alexandria, Virginia.

Zach Koucos

               HFF worked on behalf of the borrower, Hometown America, to secure the 10-year, fixed-rate loan through a correspondent life insurance company lender.  HFF will also service the loan.

Audubon Estates is situated on an 83.73-acre site at 7930 Audubon Avenue, just off Highway 1 approximately 12 miles south of Washington, D.C.  The all-ages community is 99.9 percent occupied with amenities including 11 playgrounds, various sport courts, laundry facilities, picnic areas, and on-site RV and boat storage.

               The HFF team representing the borrower was led by director Zach Koucos.

“We have seen tremendous competition this year amongst our life insurance company correspondents for great manufactured housing assets such as Audubon Estates,” Koucos said.

Doug Minahan

“We were pleased with how competitive the quotes were that we received through HFF’s efforts,” said Doug Minahan, vice president of Hometown America.

“This is a clear indication that lenders are bullish on high-quality manufactured housing communities located in desirable markets.  It was also great to find partners through our relationship with HFF that appreciated the long-term stability of the cash flow generated by the community.”

Founded in 1997 and based in Chicago, Illinois, Hometown America is a privately-held real estate investor that owns and operates manufactured housing communities across the country.  Today, the company operates more than 45 communities in 11 states. 

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

www.hometownamerica.com

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IDI Merges with Verde Realty

  

File photo and not part of IDI's industrial portfolio described below

Atlanta, GA,  Oct. 2, 2013 – IDI, a leading full-service industrial real estate company, announced today it has merged with Verde Realty. The entity, which will operate under the IDI name, has combined assets valued at more than $2 billion.

Timothy J. Gunter

The company will have offices in 11 cities in the U.S. and Mexico, and headquarters will remain in Atlanta with Timothy J. Gunter retaining the title of president and CEO.

 The deal doubles the number of buildings in IDI’s portfolio to a total of 179, while increasing total square-footage to 45 million. Additionally, IDI now has landholdings available for 53 million square feet of buildable space.

 Verde Realty is an existing majority-owned real estate holding of Brookfield Property Partners, L.P. (NYSE: BPY, TSX: BPY.UN) and its institutional partners.

The $1.1 billion transaction positions IDI as one of the largest industrial property companies and makes Brookfield’s portfolio of industrial real estate holdings among the largest in North America.

 “By combining our operations with Verde, IDI is positioned to build upon and strengthen the brand we have built over the past 24 years,” said Tim Gunter, president and CEO of IDI.

“Our collective goal for the ‘new IDI’ is to develop the highest quality North American industrial platform while remaining true to our mission – to build real long-term value for our clients, team members, communities and industry by striving for superior quality in all we do.”

He added, “We will continue to grow the company through development of inventory buildings while still serving build-to-suit clients. 

"By combining our assets and expertise, our footprint becomes broader, our asset base and balance sheet stronger, and we are better able to pursue acquisition of product.”

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

Rita Skaggs

IDI

404-479-4109

rskaggs@idi.com

Matt Scofield

Jackson Spalding for IDI

404-214-3554

mscofield@jacksonspalding.com

www.idi.com

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Lakeshore Center within Orlando Central Park, Orlando, FL

ORLANDO, FL -- CBRE, as exclusive advisor, is pleased to present an opportunity to acquire Lakeshore Center, an eight-story, ±133,075 square foot suburban office property located prominently within the South Orlando suburban submarket at Orlando Central Park—a 12 million square foot office and light industrial park in Central Florida.

Ron Rogg

Orlando Central Park features the largest concentration of office space in Orlando’s largest suburban submarket—it is a “self-contained city,” with more than 400 companies at the very epicenter of Orlando’s past, present, and future growth. That keeps it in site selection rotation for the area’s most credit-worthy tenants and investors, according to Ron Rogg.

PROPERTY HIGHLIGHTS

•

 Provides an Owner/User with immediate income and room for expansion—over 115,000 square feet available for immediate occupancy

•

 Corporate HQ location with possible building signage

•

 Ability to expand parking lot on the outparcel, increasing the parking ratio from 4.0 to 5.4 per 1,000 rentable square feet

•

Orlando Central Park

 No shell space - all floors are completely built-out

•

 The property is expected to transact at a basis below replacement cost (estimated to be $185.53 per square foot)

•

 Existing full floor tenant provides predictable cash flow through November 2017

•

 Only building of this size and height available for purchase in Orlando’s MSA

•

 Excellent alternative to a build-to-suit

•

 No existing debt on the property - can be fully leveraged with today’s low interest rate debt

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

Ron Rogg

ron.rogg@cbre.com

Greystone Closes $15.9 Million Loan for Multifamily Property in Maryland

  

Whitfield Towne Apartments, Lanham, MD

  

New York, NY, Oct. 2, 2013 – Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced it provided $15.9 million in Fannie Mae financing for Whitfield Towne Apartments, a 322-unit property located in Lanham, Maryland.

Billy Posey

Andrew Ellis, originator in Greystone’s Maryland office, worked closely with the borrower to close the loan.

 This latest deal was the culmination of $34.2 million in funds across three loans in the last 18 months on behalf of Avis-R Company of Rockville, Maryland.

For Whitfield Towne Apartments, Greystone refinanced a $11.5 million bridge loan, which was closed by Greystone in April 2012, with a $15.9 million Fannie Mae DUS loan.

The Greystone bridge loan enabled the borrower to take control of the property and invest approximately $2,375,000 in capital improvements, helping to obtain long-term financing. Greystone worked closely with broker Marc Tropp of Eastern Union Commercial throughout the loan process.

Marc Tropp

 “Through our strong relationship with Fannie Mae and understanding of the borrower’s needs, we were able to provide Whitfield Towne Apartments with not only a temporary financing solution, but a more permanent one as well,” said Billy Posey, CEO of Fannie Mae and Freddie Mac Lending at Greystone.

 “We see the success of this transaction as a great example of the team’s ability to help secure short-term funding for our clients while keeping long-term financial objectives in mind.”

 The Greystone Bridge Program is specifically designed for properties that are either stabilized or are in need of minor to moderate renovation or other value-add strategies. The real estate and finance experience of Greystone guarantees a deep understanding of the market and an ability to find creative solutions for multifamily and healthcare borrowers.

Zion Avissar

Zion Avissar, President of Avis-R Company stated, “Greystone was able to understand our plans, vision and underutilized potential of Whitfield Towne Apartments. 

“Our team worked incredibly hard to gut-rehab a large percentage of the units and spruce up the asset in a very short amount of time.  Greystone was there along the way and was ready with a solid permanent financing package at stabilization.  We look forward to working with Greystone in the future as we grow our portfolio and property management platform.”

 Greystone, with more than 200 mortgage professionals throughout the United States, is ranked as a top-10 Fannie Mae DUS lender by volume and was the number one FHA lender for 2012. A multifamily industry expert and leader, Greystone offers long term, bridge, gap, Fannie Mae, Freddie Mac, FHA and CMBS lending solutions. 

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

Karen Marotta

PR Manager

Greystone

152 W. 57th Street

New York, NY 10019

212-896-9149 direct

917-902-7073 mobile

kmarotta@greyco.com

www.greyco.com  

Waterbury, CT Apartment Building Sells for $1.35 Million

  

Valley View Apartments, 209 Wolcott Street, Waterbury, CT

  

BRIDGEPORT, CT – Investment sales broker Northeast Private Client Group has announced the sale of the Valley View Apartments, a 29-unit garden-style apartment complex located at 209 Wolcott Street in Waterbury, CT.

Bradley Balletto

  Bradley Balletto, the firm’s regional manager for Connecticut, represented both the seller and the buyer in the $1,350,000 transaction, which closed on September 26th.

 “High occupancy and rent growth are driving strong demand, especially for multifamily properties,” notes Balletto.  “In today’s slow recovering financial market conditions, income-producing real estate remains one of the best opportunities for generating and preserving wealth.”

 The Valley View Apartments consist of studio, one-bedroom and two-bedroom apartments built in 1989, with 11 income-generating garages set on 2.32 acres.

Edward Jordan

The Connecticut-based buyer, 209 Wolcott Waterbury LLC, purchased the Valley View Apartments property for a price that equates to more than $46,500 per unit, which represents a capitalization rate of 9.3 per cent on the current year’s net operating income.  The seller, ROI Valley View LLC of Waterbury, CT, will focus on new projects moving forward. 

 “The success of this transaction is the result of our relation-based approach to investment sales,” explains Edward Jordan, JD, CCIM, the firm’s managing director.  “With our regional brokerage platform, we were able to identify the right buyer for the assignment and close the deal.”

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

Rick Leonard

 rleonard81@gmail.com

203.434.7734

Jones Lang LaSalle Brokers $4.73 M Main Street Lofts Sale in Buckeye, AZ to Phoenix Investor

Main Street Lofts at Verrado, 21068 West Main Street, Buckeye, AZ

PHOENIX, AZ – Capital Markets experts in the Phoenix Office of Jones Lang LaSalle have completed the $4.73 million sale of Main Street Lofts at Verrado, a Class A, urban-style, condominium-quality multifamily property located at the center of the Verrado master-planned community in Buckeye, Ariz.

John Cunningham

Jones Lang LaSalle’s Executive Vice President John Cunningham and Vice President Charles Steele represented the property developer and seller, DMB Associates.

The buyer is Waitt Verrado LLC, a newly formed company involving WaittCorp Real Estate LLC of Omaha, Neb. (Norm Waitt, Chairman) and Arcadia Capital Group LLC of Phoenix, Ariz. (Jay Khor, Director of Acquisitions). 

As is the case with Main Street Lofts, the companies continue to seek high quality, uniquely positioned real estate opportunities in the Phoenix market.

Charles Steele

They purchased Main Street Lofts because of the prime location within the Main Street District at Verrado, one of the Valley’s fastest growing and highest quality master-planned communities. In the near term, the company will work to improve efficiency, grow rental rates and occupancy. 

“This is a truly unique urban-designed property for the West Valley that earned very broad buyer interest,” said Cunningham. “The transaction continues to demonstrate the investment community’s interest in the recovering single-family and multifamily markets, particularly in the West Valley.”

According to Michael Burke, Vice President of Development at DMB, “the Main Street Lofts has helped energize Main Street, and the strong return of the multifamily market signalled the right time for this planned sale.”   

Located at 21068 W. Main St., Main Street Lofts is a 44,750-square-foot property that includes 45 apartment homes in nine, two- and three-story buildings. 

The structures border the north and south sides of Main Street in Verrado’s town center, and sit above ground floor retail that is 100 percent leased to Bashas’ grocery store, CVS Pharmacy, Bank of America, Ciao, Grazie Pizzeria, Tempo Urban Bistro and Anderson Institute of Music.

Completed in 2004, Main Street Lofts is a collection of townhome, loft and apartment residences averaging 994 square feet.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

www.jll.com.

www.dmbinc.com.

www.verrado.com

Carter Developing 590-Bed Student Housing Project in San Antonio, TX

  

Rendering of planned student housing development, San Antonio, TX

SAN ANTONIO, TX (Oct. 1, 2013) – Carter, one of the nation’s leading real estate development, investment and advisory firms, announced today that the company will develop a 198-unit, 590-bed student housing project located less than half a mile from the University of Texas at San Antonio.

Conor McNally

The 16-acre community will include 121 flats and 77 townhomes built around a “town center.” The development will feature a mixture of two-, three- and four-bedroom units. The townhomes will include two-car garages.

“Carter is excited to be developing a unique student housing project in what we consider to be a growing and strong market,” said Conor McNally, chief development officer at Carter. “UTSA’s enrollment has increased by nearly 10 percent since 2006, and this high-quality, amenity-rich project will provide the university with a progressive alternative to traditional student housing developments.”

Scott Taylor

The community will feature abundant green space with a variety of areas for people to congregate. The amenities will also include a resort-style pool, dog park, fitness center with tanning beds, media/game room and volleyball and basketball courts.

“Carter has a rich history of developing mixed-use projects, and we are committed to creating off-campus student housing developments that meet students’ educational and lifestyle needs,” said Scott Taylor, president at Carter.

University of Texas, San Antonio Campus

“Developing student housing that provides robust amenities and walkability, as well as access to public transportation is a priority of ours. With college enrollments continuing to grow, we look forward to developing more projects like the one we have planned at UTSA.”

The community will be located less than a mile from The Shops at La Cantera, an upscale, open-air regional shopping center featuring more than 160 retail, dining and entertainment offerings, as well as The Rim, a retail center that includes a Bass Pro Shop, 19-screen IMAX, Hotel Talavera, Target and Best Buy.

The Shops at La Cantera, San Antonio, TX

Additionally, the community is less than a mile from the 125-acre UTSA Park West, the school’s athletic facility that will eventually include a 35,000-seat football stadium once construction is complete.

The project design team includes Reese Vanderbilt & Associates as the architect, Pape-Dawson Engineers, Inc. as the civil engineering firm and SpawGlass as the contractor. Cardinal Group Management will provide property management and leasing services for the project.

Construction began in September 2013, with a scheduled completion date of July 2014.

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

  

Tony Wilbert

The Wilbert Group

404-965-5022

twilbert@thewilbertgroup.com

www.carterusa.com

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Veteran Attorney Diane Lidz Joins Hartman Simons Commercial Real Estate Firm

  

Diane L. Lidz

 ATLANTA, GA (Oct. 1, 2013) – Diane L. Lidz, who has nearly 30 years of experience in representing clients in various types of commercial real estate transactions, has joined the Hartman Simons & Wood law firm as apartner.

Lidz, who previously was a partner in Troutman Sanders’ Atlanta office, has focused in recent years on retail development projects,industrial leasing and loan workouts, and she will continue to do so at Hartman Simons.

 Over the years, her practice has included the purchase, sale and development of land and income-producing properties; leasing; lending; construction contracting; and loan workouts.

Summey Orr

“The commercial real estate markets in Atlanta, the Southeast and across the nation are picking up, making this an ideal time to add a lawyer of Diane’s considerable skill and experience to our firm,” said Summey Orr, managing partner of Hartman Simons.

 “Diane also has an outstanding rapport with clients, and the time she takes to really dig in and understand their needs and businesses will serve them and us very well.”

A 1984 graduate of the University of Virginia School of Law, Lidz is a member of the Atlanta Bar Association, the CREW Network and the International Council of Shopping Centers. She graduated with a Bachelor of Arts in economics from Williams College.

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

Stephen Ursery

The Wilbert Group

404.549.7150 – office

404.405.2354 – cell

sursery@thewilbertgroup.com

 http://www.hartmansimons.com

http://hartmansimons.typepad.com.

Startup Atlanta Launches New Website Dedicated to Connecting and Supporting the Entrepreneurial Community

  

  

ATLANTA, GA, Oct. 1, 2013  – Today, Startup Atlanta, a non-profit dedicated to making Atlanta nationally and internationally recognized for entrepreneurship, launches a new website, which promises to connect, support and expand the entrepreneurial ecosystem within the greater Atlanta region. 

Dr. Eloisa Klementich

Founded in May 2013, Startup Atlanta is backed by the following founding partners: Atlanta Technology Angels, Entrepreneurs’ Organization, Invest Atlanta and the Metro Atlanta Chamber.

"Great ideas come out of Atlanta.  We have talented, smart people generating world-changing ideas here, with outstanding resources to support them,” said Atlanta Mayor Kasim Reed. “Startup Atlanta’s online hub will help us highlight the many opportunities and successes for entrepreneurs and innovators in our region."  

Bess Weyandt

The new website features a resource map, interactive events calendar and a blog, which will showcase best practices and ideas from well-known Atlanta entrepreneurs and thought leaders. It also includes Atlanta’s startup deal flow, outlining angel investments and venture capital that support promising area companies.

“Perhaps the most exciting aspect of our website is its ability to showcase the name and logo of every startup in metro Atlanta,” said Bess Weyandt, Startup Atlanta’s executive director.  “Through our connection to Angel List, we have the capability to import information about every local startup and feature each company in one central location.”

Mayor Kasim Reed

“Atlanta has a strong - and rapidly growing - set of resources that entrepreneurs can tap into,” said Dr. Eloisa Klementich, director of business development at Invest Atlanta and chair of Startup Atlanta’s board of directors.

  “With the launch of this website, Startup Atlanta is becoming a go-to hub for entrepreneurs, connecting them with each other and the tools they need to grow and thrive.  We invite the community to contribute content to this project as we help the city’s young, aspiring companies achieve success."

Click here to visit the new Startup Atlanta website.

  

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

Anna Ruth Williams, AR|PR

annaruth@annaruthpr.com

855.300.8209

startupatlanta.org

@StartupAtlanta on Twitter.

Beech Street Capital Provides $5 Million Freddie Mac Loan to Acquire Mississippi Apartments

The Royal Gulf Apartments, Biloxi, MS

Chad Thomas Hagwood

OCTOBER 1, 2013, BETHESDA, MD –Beech Street Capital, LLC announced today that it has provided a $5 million Freddie Mac CME loan for the acquisition of The Royal Gulf Apartments, a 144-unit garden-style apartment complex located in Biloxi, Mississippi.

Chad Thomas Hagwood, executive vice president of loan originations in Beech Street’s Birmingham, Alabama office, originated the loan. This is the borrower’s third transaction with Beech Street. 

Bill Butler

 Beech Street was able to underwrite around the newly created entity, and together with Freddie Mac, turned the deal around very quickly to meet the timeline of the borrower.   “We once again put our trust into Beech Street’s ability, and they came through for us,” states Bill Butler, Engel Realty Company.

 Built in 1996, The Royal Gulf Apartments is considered a Class B asset and is located along the Gulf of Mexico with close proximity to the beach and within 12 minutes from Downtown Biloxi, Keesler Air Force Base, and Gulfport.

 The fixed-rate loan has a 10-year term with 30 years of amortization.

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

Courtney Lewis or

240-507-1948

Jenifer Bernardi

 240-507-1946.  

www.beechstcap.com

Cousins Properties Announces Retail Dispositions

PetSmart at Tiffany Springs MarketCenter
Kansas City, MO

ATLANTA -- Cousins Properties Incorporated (NYSE: CUZ) announced today the unwinding of two retail joint ventures and the sale of a retail power center as it continues to implement its strategy to exit non-core holdings and focus on Class-A office properties and opportunistic mixed-use developments.

The two joint ventures consisted of eight retail centers, totaling 2.1 million square feet, in four markets. 

The Prudential Insurance Company of America, which previously held an approximately 89 percent interest in the ventures, purchased Cousins’ interests to become sole owner of the portfolio. 

The transaction valued Cousins’ interests at approximately $57 million prior to allocation of property level debt.

Cousins also completed the sale of Tiffany Springs MarketCenter, a retail power center in Kansas City, Missouri, for approximately $54 million to an unrelated third party.

  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

www.cousinsproperties.com

  

Industry Icon Blaine Strickland Joins Crossman & Company

Blaine Strickland

               ORLANDO, FL -- Crossman & Company announced today that Blaine Strickland, one of the most respected leaders and educators in the real estate industry has joined the company as Senior Vice President.  Strickland will lead Crossman & Company’s leasing division for the Southeast US. 

               Strickland, a 30-year veteran of the commercial real estate industry, has worked with some of the country’s largest developers and undertaken a variety of projects across Florida.

 Prior to joining Crossman & Company, Strickland was an adjunct professor at the University of Florida in the Master of Science in Real Estate (MSRE) program and is currently an adjunct professor at the University of North Carolina. 

John Crossman

In 2003, Strickland formed his own company, Remora Partners and actively syndicated several projects, assembling more than $300-million in debt and equity. In 2007, he became a CCIM instructor and has worked as a coach for numerous brokerage firms nationally. 

               “Blaine is one of the most respected coaches, mentors and leaders in the industry.  We are thrilled to have him on our team,” stated John Crossman, President of Crossman & Company. “Blaine embodies what we are about – service, education, and community”.

                 “The Crossman platform is unique in the industry, and has proven to be very effective for our clients.  I look forward to working with the Crossman team as we strive for an even higher level of service,” Strickland remarked.

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

Claire Pagán

Marketing Specialist | Crossman & Company

3333 S. Orange Ave. Suite 201 | Orlando, Florida 32806

407.423.5400 main | 407.581.6223 direct | 352.348.3066 cell

cpagan@crossmanco.com | Web | Facebook