HFF closes sale of a luxury multi-housing property in Philadelphia

The Granary apartments, Philadelphia, PA

Philadelphia Chef Marc Vetri

NEW YORK, NY – HFF announced it has closed the sale of The Granary, a recently completed, luxury mid-rise multi-housing property in Center City, Philadelphia.

HFF marketed the property on behalf of the seller, Pearl Properties.  Lowe Enterprises Investors purchased the property on behalf of one of its investment clients.

The Granary consists of 229 one- and two-bedroom apartment homes averaging 895 square feet each, 21,637 square feet of ground-level retail space and underground parking. 

Community amenities include a lobby/lounge, fitness center, library/music room, club room with terrace, business center, on-site concierge and full-time doorman. 

Jose Cruz

The Granary’s street level shops offer a mix of national and local retailers including Petco and Pizzeria Vetri, the newest restaurant by local chef Marc Vetri, which opened in October.  GNC, Whirled Peace Frozen Yogurt and Gyu-Kaku will follow during the next several months.

Andrew Scandalios

The Granary is located at 20th and Callowhill Streets proximate to mass transit and highway access and within walking distance of the city’s core office market. 

The Granary is also proximate to a wide variety of cultural, retail and entertainment venues, with The Barnes Museum, Whole Foods and Starbucks immediately adjacent to the property.

Jeff Julien

The HFF team representing Pearl Properties was led by senior managing directors Jose Cruz and Andrew Scandalios and managing directors Jeff Julien and Kevin O’Hearn.  HFF managing director Jim Cadranell previously arranged construction financing for the property in 2012. 

Kevin O'Hearn

Additionally, John Gaghan of Lowe Enterprises Investors’ Philadelphia office led the firm’s acquisition team and Jeff Heath of Berkadia Commercial Mortgage sourced the debt. 

Lowe Enterprises Investors has retained Greystar as property manager for The Granary.

“The property is considered one of the most luxurious rentals in Philadelphia,” said Cruz.  “The Granary offers an excellent location, modern amenities and superior finishes to appeal to renters seeking a luxury residence in the heart of Philadelphia.”

Jim Cadranell

 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.LoweInvestors.com

Trepp Reports US CMBS Delinquency Rate Breaks 8% Threshold, Gains to Continue in 2013

Joe McBride

NEW YORK, NY -Trepp, LLC, the leading provider of information, analytics and technology to the CMBS, commercial real estate, and banking markets, released its October 2013 US CMBS Delinquency Report today (available at http://www.trepp.com/knowledge/research).

 For the first time since early 2010, the Trepp CMBS delinquency rate fell below the 8% level. October’s decrease marks the fifth consecutive month of rate improvement.

The rate dropped 16 basis points over the course of the month, bringing the 30+ day delinquency rate for US commercial real estate loans in CMBS to 7.98%. The percentage of loans seriously delinquent is now 7.69%

“The government may have shut down this month, but special servicers took no time off,” said Joe McBride, a Research Analyst at Trepp. “Almost $1 billion in CMBS loans were disposed with losses in October, as servicers continue to work through troubled loans, especially in the retail sector. Much of the improvement in the retail delinquency rate comes from this ‘cleaning out’ of the distressed pipeline.”

Manus Clancy

 While 2013 is almost over, Trepp expects to see more improvement in the rate before year-end. CWCapital’s impending sale of more than $2.5 billion of distressed assets could result in a 50-basis-point decrease, assuming the sales close prior to the December remittance cycle.

 “In addition to the distressed assets that were recently identified for sale, a large number of note sales are also expected from the servicer,” said Manus Clancy, Senior Managing Director of Trepp.

 “As CW stated that it is looking to sell these before year-end, this could result in the removal of a number of loans from the delinquent category over the next 60 days.”

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

Eric R. Gerard

Senior Vice President

Great Ink Communications

27 Union Square West, Suite 205

New York, NY 10001

(212) 741-2977

Fed Shutdown Triggers Tightened Mortgage Spreads and Lower Rates

Jeanne Peck

Chicago, IL – The Real Estate Capital Institute reports the federal government shutdown resulted in another month of tightening mortgage spreads and lower rates. Loans are dipping below 5% for longer-term leverage on a more regular basis.

Funding sources scramble to identify attractive yields with lower risk profiles, but the dearth of capital leads to tremendous competition as noted by the following:

1.    Overall permanent mortgage rates start in the lower 4% range for 10 year funds, and about a percent lower for shorter-term five year funds. Such rates are about a quarter percent lower than the end of summer.

2.    Although overall rates are steady, spreads tightened by about 10 basis points for premier quality assets.

3.    More lenders are venturing into non-conventional property types, especially hotels, student housing, self-storage, etc. In many cases, these properties are now being reclassified as "conventional", especially for lower leverage financing which is often as competitive as for conventional assets.

4.    As a permanent loan arena is very crowded, more bridge lenders appear in the marketplace, particularly Wall Street and credit companies regularly competing with banks for such debt.

5.    Leverage rising for adjustable-rate mortgages and lenders tried to provide floors of 4% for ten-year debt on both fixed and floating rate product.

6.    Equity funds expanding into single family home development as housing prices rebound in many parts of the country.

7.    Class A, suburban office buildings gain more investor attention for both debt and equity as too many players are crowded out of the multifamily, retail and industrial sectors due to very low yields.

According to the Real Estate Capital Institute's Jeanne Peck notes,
"Borrowers are enjoying a resurgence of lower rates versus a midyear spike".

She suggests, "Now is as good a time as any to take advantage of low fixed rates and flexible floating-rate deals as lenders offer more leverage than in the past. It feels like 2003 to 2005 again".

The Real Estate Capital Institute(r) is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates including treasuries, bank prime and LIBOR. 

 Furthermore, call the Real Estate Capital RateLine at 7RE-CAPITAL (773-227-4825) for hourly rate updates.

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

The   Real Estate Capital Institute(r)
3517 West Arthington Street
Chicago, Illinois USA 60624
Contact: Jeanne Peck, Executive Director
director@reci.com

http://www.reci.com/
www.reci.com

Related Midwest Announces Topping Off of 111 West Wacker along Chicago River in Chicago, IL

111 West Wacker Drive apartment tower, Chicago, IL

CHICAGO, IL– Related Midwest announced today the much-anticipated topping off of 111 West Wacker Drive, the developer’s new 60-story iconic apartment tower that will open at Wacker and Clark Street along the Chicago River in 2014.

Curt Bailey

 The topping off marks the most recent milestone in Related Midwest’s redevelopment of the high-profile site, which was originally planned as the home of the Waterview Tower and planned Shangri-La Hotel and luxury condominiums.

 Construction under the site’s original developer reached the 28th floor before stalling in 2008. Related Midwest acquired the site through the Related Real Estate Recovery Fund in 2011 and resumed construction on the concrete shell in October 2012. 

Chicago Night Skyline

“This has been one of Chicago’s most-watched development sites in recent history,” said Curt Bailey, president of Related Midwest. 

“We know Chicagoans have been extremely interested in the progress, which is why their support and anticipation for its opening next year makes the building’s topping off today even more special – and not just for us, but for the city.

“We’ve worked hard to create a building that pays tribute to such an unparalleled location in a city known for world-class architecture,” Bailey continued. “As we near completion, it is incredibly exciting to see the design unfold and witness 111 West Wacker taking its place in Chicago’s skyline.”

When complete, 111 West Wacker will feature 504 luxury apartments offering a best-in-class residential experience encompassing exclusive designer finishes, a full floor of exceptional amenities, a suite of hotel-level services, and a premier location overlooking the Chicago River and bridging the Loop business district and River North neighborhood.

Chicago's South Loop District

The building will offer studios, convertibles, and one-, two- and three-bedroom residences including penthouses. First move-ins are slated for summer 2014.

Related Midwest has assembled an elite team of partners for the project including Lend Lease U.S. Construction, New York-based architect Handel Architects and Chicago-based Kara Mann Design (KMD). The building is expected to achieve LEED Silver certification.

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

Sarah Lyons, slyons@taylorjohnson.com, (312) 267-4520

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

Avison Young completes $8-million sale of Montclair Business Center in Montclair, CA

Montclair Business Center, 4650 Arrow Highway, Montclair, CA

Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the $8-million sale of Montclair Business Center, a seven-building light industrial, office and showroom business park totaling 96,384 square feet (sf) on 4.35 acres.

Alan Pekarcik

Built in 1980, the center is located at 4650 Arrow Highway in Montclair, CA.

 Avison Young Principals Alan Pekarcik and Dan Vittone, based in the company’s Irvine, CA office, represented the seller, MNW Essex Montclair LLC, as well as the buyer, Holualoa Montclair Business Center, LLC. The transaction closed at a 6.01% capitalization rate and sold for $83 per square foot.

 “Montclair Business Center offered the buyer an excellent, stable investment with a value-add opportunity for rental growth and increasing the center’s occupancy,” comments Pekarcik.

Dan Vittone

“Also, the asset is located just west of the North Montclair Downtown Redevelopment Area, a major redevelopment zone between the Montclair Transcenter and the Montclair Plaza regional shopping center that will provide even more opportunities as the market grows.”

 The property, which consists entirely of single-story, multi-tenant buildings, is 83% leased. Montclair Business Center features 660 feet of street-front exposure on the north side of Arrow Highway, a major thoroughfare of Montclair and neighboring cities that boasts a traffic count of 19,000 cars per day.

The project is located about one mile north of the San Bernardino (10) Freeway and about two miles south of the Foothill (210) Freeway, offering easy access to the Orange (57), Ontario (15) and Chino Valley (71) Freeways.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

NAI Realvest Negotiates Sale of Industrial facility in Sanford, FL for $3 Million

Aarial of warehouse and distribution facility, 1201 Cornwall Road, Sanford, FL

George Livingston

 ORLANDO, FL – NAI Realvest recently negotiated the $3,000,000 sale price for a 242,000 square foot warehouse and distribution facility at 1201 Cornwall Rd. in Sanford.

 NAI Realvest chairman George Livingston, principal Christie Alexander, broker associate Drew Saphos, CCIM, and associate Paul Vera represented the seller, Lake Mary Industrial Partners, LLC of Columbus, Ohio.

 The industrial property, with building built in 1981, was acquired by 1201 Cornwall, LLC, represented by Colliers International.

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

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

Cousins Reports Results for the Third Quarter of 2013

Greenway Plaza, Houston, TX

ATLANTA, GA--Cousins Properties Incorporated (NYSE:CUZ):

Larry Gellerstedt

Highlights

  

• Transaction Activity
• 
  
•  Acquired Greenway Plaza, a 4.3 million square-foot, 10 building office portfolio in Houston, Texas, and 777 Main, a 980,000 square-foot office tower in Fort Worth, Texas. Total purchase price for these assets was $1.1 billion.
• Completed a public offering of 69 million shares of common stock at $10.00 per share, generating net proceeds of $661.3 million.
• Sold Tiffany Springs MarketCenter for $53.5 million, generating a gain of $3.7 million.
• Sold the Company’s interest in CP Venture Two LLC and CP Venture Five LLC in a transaction that valued its interest at $57.4 million prior to allocation of property level debt, generating a gain of $37.0 million.
• Sold the Company’s interest in CF Murfreesboro Associates in a transaction that valued its interest in The Avenue Murfreesboro at $82.0 million prior to allocation of property level debt, generating a gain of $23.5 million.

Tiffany Springs Market Center, Kansas City, MO

• Closed a non-recourse mortgage loan on Promenade with a principal balance of $114.0 million, a fixed interest rate of 4.27%, and a term of 9 years.
• 
  
• Closed a non-recourse mortgage loan on Post Oak Central with a principal balance of $188.8 million, a fixed interest rate of 4.26%, and a term of 7 years.

Subsequent to quarter end, the Company formed EP II LLC, an unconsolidated joint venture, for the purpose of developing and operating the second phase of the Emory Point mixed-use property in Atlanta, Georgia. 

The second phase will consist of 307 apartments and 43,000 square feet of retail space with a total projected cost of $73.3 million.

“The team has worked extremely hard over the past 24 months to transform the company,” said Larry Gellerstedt, President and Chief Executive Officer of Cousins.

777 Main office tower, Fort Worth, TX

“This quarter marked an inflection point in that transformation, with a compelling portfolio acquisition in Texas - the largest in our history - and the disposition of our lifestyle and power center holdings. 

"With significant value creation opportunities in our existing portfolio and in the development pipeline, we are well positioned for a strong 2014.”

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

Cousins Properties Incorporated

Gregg D. Adzema, 404-407-1116

Executive Vice President and

Chief Financial Officer

greggadzema@cousinsproperties.com

or

Cameron Golden, 404-407-1984

Vice President, Investor Relations and

Corporate Communications

camerongolden@cousinsproperties.com

Snyder Langston Expands Healthcare Division Naming Lee Watkins as Vice President

  

File photo of medical office building California--not associated with Snyder Langston

Lee Watkins

IRVINE, CA-- Snyder Langston, one of Southern California’s largest and most respected builders, is proud to announce the expansion of its healthcare division naming Lee Watkins as Vice President. Watkins will focus on growth in the health systems sector of Snyder Langston’s work.

“Snyder Langston’s goal is to continually expand and enhance our leadership to be at the forefront of our clients’ building needs. Expanding our healthcare team with proven talent is another step we are taking to raise the bar in this very important property sector,” said Stephen Jones, Chairman / CEO with Snyder Langston.

Lee Watkins brings 13 years of construction experience to his role with Snyder Langston, with the past seven years dedicated exclusively to healthcare construction. 

Stephen Jones

He brings a track record for successful project deliveries and solid client relationships to the firm along with an in-depth knowledge of systems and overcoming the challenges commonly encountered in healthcare construction. His client experience includes: Kaiser Permanente, Cedars-Sinai Medical Center, Providence Health System, among others.

“Joining Snyder Langston provides me with the opportunity to help grow the firm’s already successful healthcare unit,” said Watkins. “My desire to provide high quality, strategic and client-focused product was a perfect fit with its corporate culture and values.”

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

darcie@spauldingthompson.com

www.snyderlangston.com.

Morrison Commercial Real Estate Completes Sale of Two Orlando, FL Office Buildings totaling $957,000

The Plaza North Tower, 121 South Orange Avenue, Downtown Orlando, FL

3900 Edgewater Drive, Orlando, FL

ORLANDO, FL -- Morrison Commercial Real Estate recently negotiated the sale of two office buildings located in Orlando, FL totaling $957,000.

 3900 Edgewater Drive, totaling 3,175 SF, was purchased by 3900 Edgewater, LLC for $625,000. 

Lawson Dann, Vice President of Morrison Commercial Real Estate, negotiated the sale on behalf of the Seller, A+ Tutor U Real Estate Holdings, LLC.

 Anne Rogers Realty Group, Inc. was the Buyer and intends to move into this location across from Bishop Moore Catholic High School.

Lawson Dann

121 S. Orange Avenue, a 3,350 SF office condo located in The Plaza’s North Tower, sold for $332,000 to Maple Enterprises, LLC as an investment.  Lawson Dann negotiated on behalf of the Seller, Westdale Capital Investors I, Ltd.

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

Jennifer Eubanks

Phone: 407.440.6650

Email:  jeubanks@morrisoncre.com

Marcus & Millichap Arranges Sale of 63,634-SF Office Building in Hialeah, FL for $7.15 Million

  

Celis Building, 47th Place and West 12th Avenue, Hialeah, FL

Alex D. Zylberglait

HIALEAH, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Celis Building, a 63,634-square foot office property located in Hialeah, FL. The asset sold for $7,150,000.

Alex D. Zylberglait, a Vice President Investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor from Hialeah, FL.

Douglas K. Mandel

 Douglas K. Mandel, a First Vice President Investments, and Benjamin H. Silver, a Senior Associate, in the firm’s Fort Lauderdale office and Jonathan Gerszberg, a Senior Associate in Marcus & Millichap’s Miami office, represented the buyer, a limited liability company from North Miami.

Benjamin H. Silver

“We received a tremendous amount of interest from the investor community due to the property’s location off Palm Mile in Hialeah, and its stellar condition. 

“The property is well known due to its iconic appearance, a colorful paint work of artist Perez-Celis, after whom the building was named,” says Zylberglait.

The Celis Building offers approximately 60,000 square feet of new office space and 3,600 square feet of mini-storage facilities.   The building recently underwent a gut renovation and all of the tenant spaces have wood flooring and are immaculate.

Jonathan Gerszberg

 There is ample onsite parking- much of it covered- and the building also has two passenger and one cargo elevators that have been fully renovated.

The property is located on 47th Place and West 12th Avenue, next door to Gus Machado Ford and half a block from 49th Street, the main east-west corridor in Hialeah. Celis Building is located at 1275 West 47th Place in Hialeah, FL.

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

Kirk A. Felici

First Vice President/Regional Manager

 Miami, FL

(786) 522-7000

Kiser Group Retained to Sell Two Apartment Buildings and One Office/Retail Property in Northern Chicago Area

  

3800 North Bell apartments, North Center Neighborhood, Chicago, IL

  

834 - 840 Judson Apartments, Evanston, IL

CHICAGO, IL – Kiser Group, Chicago’s leading mid-market commercial real estate brokerage firm, has been retained for three new listings across the northern Chicago area – a 25-unit courtyard apartment building in Southeast Evanston just steps from Lake Michigan; an eight-unit apartment building in Chicago’s North Center neighborhood; and a 10-unit office/retail property in Schaumburg.

834-840 Judson - Evanston

 Listed for $8,200,000 and located at 834-840 Judson, this 25-unit courtyard apartment building in Southeast Evanston sits within easy walking distance to the Purple Line Main Street ‘L’ Stop, Lake Michigan and downtown Evanston. 

975-983 West Wise, Schaumburg, IL

 “The Judson property presents an investor the opportunity to acquire a gut-renovated, stabilized property in a highly desirable location with a limited supply of similar product,” said Mike Anguiano, managing director of Kiser Group, who is marketing the listing. 

“The apartments attract both commuters to downtown Chicago as well as professionals working in downtown Evanston. The high-end condo quality finishes also appeal to renters.”

Mike Anguiano

3800 N. Bell – North Center Neighborhood

  3800 N. Bell is a brick, eight-unit apartment building listed at $1,750,000. It is located five blocks from the Brown Line Addison ‘L’ stop, between Roscoe Village and Ravenswood. 

 “The condominium quality finishes from recent renovations provide great rental upside,” said Lee Kiser, principal of Kiser Group, who is marketing the listing. “Since it’s a corner property, the units are flooded with sunlight. The building is fully occupied and has been so historically.”

Lee Kiser

975-983 W. Wise - Schaumburg

 Located at 975-983 W. Wise in Schaumburg, this multi-tenant office/retail property is listed for $620,000. Wise Business Center contains approximately 18,000 square feet on a 1.42-acre parcel. Seven of the 10 units are leased.

 Some of the tenants include Tanela Auto & Truck Repair, Solache’s Cuts Hair Salon, and APX Travel.

 “This is a great opportunity for either an owner/user or an investor,” said John Meyer, managing director of Kiser Group, who is marketing the listing.

John Meyer

“There is tremendous upside potential by adding value and leasing the vacant space. Located on a heavily traveled street, the property’s high visibility also appeals to tenants.”

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

Kathryn Kjarsgaard

kkjarsgaard@taylorjohnson.com,

312-267-4528

www.kisergroup.com.

Marcus & Millichap Arranges sale of 124-Unit Apartment Building in Tampa, FL for $3.675 Million

  

Part of Temple Acres Portfolio, Temple Acres, FL

 TAMPA, Fla., October 29, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Temple Acres Portfolio, a 124-unit apartment property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $3,675,000.

Casey Babb

Casey Babb, a CCIM and senior multifamily specialist, and Luis Baez, associate in Marcus & Millichap’s Tampa office, represented the seller, a local private investor.  Babb and Baez also represented the buyer of the property, a foreign private investor based in Montreal, Canada.

The Temple Acres Portfolio is located at 10400 Davis Road, 8726 Springtree Lane and 8700 Copeland Road in Tampa, Florida.  This is a 1970s garden apartment portfolio consisting of three communities located within a half-mile radius of one another in east Tampa, near Temple Terrace.

 They are housed in single-story duplex buildings with concrete block exterior walls and pitched shingle roofs.  Units feature private entrances, functional floor plans, fully appointed kitchens and baths, individual air-conditioning and either country water and sewer, or septic water and sewer.

Luis Baez

All three properties feature large, open green space, mature oak trees and a quiet, residential neighborhood setting.

“The Temple Acres sale was a challenge since the units were 1970s vintage and in three separate locations,” says Babb.  “We offered above average yield and were able to generate nine offers during our marketing campaign,” continues Babb. 

  “The seller was a local doctor who had owned the property for nearly 15 years and this is the Canadian buyer’s first acquisition in the Tampa Bay area.”

  

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

Richard D. Matricaria

Regional Manager

Tampa, FL

(813) 387-4700

Post Properties Announces Third Quarter 2013 Earnings; Closes Sale of Post Renaissance®

Post Renaissance apartments, Downtown Atlanta, GA

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today net income available to common shareholders of $18.1 million, or $0.33 per diluted share, for the third quarter of 2013, compared to $21.3 million, or $0.39 per diluted share, for the third quarter of 2012.

Dave Stockert

The Company  also announced it has closed the sale of its Post Renaissance® apartment community, located in Atlanta, Georgia, for a gross sale price of $47.5 million.

The community was constructed in phases in 1992 and 1994, and contains 342 units, with an average unit size of approximately 914 square feet. The cap rate on the sale price was approximately 5.4 percent, calculated based on the trailing 12-months net operating income, as adjusted for a three percent management fee and $300 per unit capital reserve.

The Company expects to record a gain on the sale in the fourth quarter of approximately $28 million. The Company completed a reverse like-kind exchange for tax purposes.

Said Dave Stockert, Post’s CEO, “In the third quarter, and through the first nine months of this year, we’ve been able to grow core funds from operations by at least 10 percent.

“This quarter, we also realized excellent pricing on the sale of one of our oldest apartment communities – evidence of the consistent high quality and desirability of Post’s apartment assets.

“We used a portion of our available cash balances to repurchase common stock at prices that we believe represent a discount to the underlying net value of our real estate assets.”

  

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

Post Properties, Inc.

Chris Papa, 404-846-5028

Atlantic Station in Atlanta, GA Transforms into Winter Wonderland

  

 ATLANTA, GA (Nov. 1, 2013) — Get ready to lace up your ice skates and head over to Atlantic Station. Starting Nov. 15, visitors can kick off the holiday season with Skate Atlantic Station, a 10,000-square-foot, open-air ice-skating rink, presented by PNC Bank, set in the backdrop of Atlanta’s premier mixed-use destination.

Daniel Easton

 Skate Atlantic Station will take over District Street between 17 1/2th and 18th Streets. The unique, track-style rink, surrounded by the shops and restaurants at Atlantic Station, will offer a magical winter atmosphere to skaters. Dazzling lights and holiday décor will have skaters dreaming of a white Christmas.

 American Skating Entertainment Centers (ASEC) has been selected to create and operate the ice-skating rink. The company has created ice-skating rinks at some of the top retail and entertainment destinations in the United States, including L.A. LIVE at the Staples Center in Los Angeles and Houston Galleria Mall in Houston.

 ASEC will use a full-sized Zamboni and 400 tons of refrigeration capacity to maintain a flawless skating surface. The ice-skating rink will include an energy-efficient aluminum cover to protect the ice during the day and reduce the carbon footprint.

Atlantic Station, Atlanta, GA

“Skate Atlantic Station will help transform Atlantic Station into a winter wonderland, creating a signature holiday experience that is unparalleled in Atlanta,” said Daniel Easton, director of marketing at Atlantic Station.

“The new ice-skating rink joins an already well-established lineup of the best holiday events in the city, and we believe it will become a holiday destination for friends and families for years to come.”

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

Savannah Duncan

The Wilbert Group

O:  404.343.0870

C: 404.901.4433

sduncan@thewilbertgroup.com

www.thewilbertgroup.com