EastGroup Properties Announces 120th Consecutive Quarterly Cash Dividend

 JACKSON, MS– EastGroup Properties (NYSE-EGP) announced today that its Board of Directors declared a quarterly cash dividend of $.52 per share payable on December 31, 2009 to shareholders of record of Common Stock on December 18, 2009. This dividend is the 120th consecutive quarterly distribution to EastGroup's shareholders and represents an annualized dividend rate of $2.08 per share.

CONTACT:

David H. Hoster II, President and Chief Executive Officer, (601) 354-3555
N. Keith McKey, Chief Financial Officer, (601) 354-3555

The Real Estate Capital Scoreboard -- December 2009

CHICAGO, IL-- Substantially discounted senior loan levels combined with eroding property values force legacy funding sources into difficult decisions in managing technical defaults, monetary defaults and loan maturities.

The stage is clearly set for workouts and recapitalizations well into next year, while new lenders are seeking high-yield opportunities with fresh capital for workouts/restructures, partner buy-outs, loan purchases and property acquisitions.

Multifamily and senior housing properties continue attracting low-priced/high-leverage funds via the Triple F's (FNMA, Freddie and FHA).

Otherwise, commercial properties attract capital with mixed results.

For instance, partially leased, Class-B office ventures are considered only if located in Class-A locations.

Discounted-cash-flow underwriting for such fundings include trended economic vacancy is trended towards historical norms, often below actual figures as investors brace for more economic storms.

In today's tight credit market, important metrics for any financing ventures include:

· Quality Sponsorship: Sponsor analysis is tantamount. Lender must have complete information about a borrower's portfolio performance and maturity schedule. Full understanding required of assets, liquidity, liabilities including all contingent liabilities. All information must be up-to-date, especially valuations and economic performance.

· * Reset Valuations: Commercial real estate prices have dramatically declined by more than 30% from a year ago and well over 40% as compared to peak levels of 2007. The most shocking is the steep plunge in prices for multifamily assets, historically considered the most immune sector in the industry. Furthermore, even the most resilient markets in the country (e.g., Northern California) report fundamental weakness in demand.

* Changing Credits: Although numerous credit tenants are contracting, newly forming tenants emerge including governmental agencies, academic institutions, specialty retailers, etc.

* Additional Leverage: Mezzanine loans and preferred equity selectively offered for building up the capital stack. Consideration of additional collateral and partnership interests for leverage enhancement.

In summary, overall market sentiment focuses on avoiding liquefying legacy projects unless absolutely mandatory.

Mark Hayton, an Advisory Board Member of the Real Estate Capital Institute notes, "Credit-tenant commercial properties remain financeable, although strict underwriting standards are necessary."

Contact: Nat Zvislo, Research Director, The Real Estate Capital Institute(r), 3517 West Arthington Street, Chicago, Illinois USA 60624. Toll Free 800-994-RECI (7324),   http://www.reci.com/

Meridian Capital Group Arranges $28.2M in Acquisition Financing for Condo Package in Pompano Beach, FL

POMPANO BEACH, FL - On behalf of the Chetrit Group and Read Property Group, Meridian Capital has secured $28,200,000 of first mortgage financing for the acquisition of 138 residential condominium units and 22,400 square feet of retail space located in The Plaza at Oceanside (photo below) in Pompano Beach, Florida.

 Ladder Capital, a specialty finance company focused on the commercial real estate sector, provided the non-recourse loan with a two-year term. Meridian and certain affiliates are founding and strategic partners in Ladder.

The Plaza at Oceanside is a newly constructed luxury building containing 186 residential units. The property offers both direct ocean and Intracoastal views and has an unparalleled level of amenities including a lagoon style zero-edge pool, fitness center, virtual golf room and a wine tasting lounge.

Despite ongoing challenges in the market, Meridian worked closely with Ladder and the borrower to fashion a creative financing in a tight time frame. Ronnie Levine, a Managing Director resident in Meridian’s New York office, spearheaded the placement.

Contact: Dani Sabesan, (212) 612-0109, dsabesan@meridiancapital.com

October Hotel Tax Collections in metro Orlando, FL 9.8% Lower than Same 2008 Month

ORLANDO, FLORIDA -- County Comptroller Martha Haynie announced  that resort tax collections received by the County in November for the hotel collection month of October 2009 were $11,164,800. Resort taxes are charged on short-term rentals, mostly hotels and motels.

Comptroller Haynie noted that October 2009 collections were 9.8 percent lower than October 2008.

“The comparison of October 2009 to October 2008 is worse than the three percent decline we reported with the September 2009 collections. This month’s revenues do not indicate that the recovery we are looking for is close at hand,” Haynie added.

For a complete copy of the news release and statistical information, please contact:
Joan Randolph, Tele: 407-836-5986, Fax: 407-836-5599
Martha O. Haynie, (407) 836-5690

Cushman & Wakefield Orlando negotiates 1,700 SF warehouse deal for Aramark Correctional Services

ORLANDO, FL-– Cushman & Wakefield of Florida, Inc. (C&W) announced a new lease for Aramark  Correctional Services, a food services provider on a tight schedule to begin operations for their new contract to serve the Brevard County Jail.

C&W Industrial Brokerage team of Lee Morris (top right photo)  and Jared Bonshire needed only two weeks to identify Aramark’s new 1,700 sf warehouse location on Haverty Court in Rockledge, and negotiate the deal between Aramark  and landlord RBP1 LTD of West Melbourne.

Aramark Correctional Services is a food services provider specializing in support solutions for more than 600 correctional facilities across North America. This will be their first contract with Brevard County Jail.

Contact:  Brook Hines, Tel: 407-541-4401, brook.hines@cushwake.com, http://www.cushwake.com/

Penzance Completes 30,000-SF Lease with Reston Association in Reston, VA

WASHINGTON, D.C. – Penzance announced  that Reston Association has signed a lease for approximately 30,000-square-feet of office space at Reston Corner I, (photo below) 12001 Sunrise Valley Drive in Reston, Virginia. Owned and managed by Penzance, the 100,000-square-foot Class A office building is one of three buildings that make up the Reston Corner office park.

“Penzance is committed to the Reston community, and our strategic partnership with Reston Association is a tangible demonstration of that commitment. We are proud that the Association will call Reston Corner I its home for the foreseeable future,” said Victor Tolkan, Penzance, CEO.

Reston Corner I is a four-story office building nestled in the 300,000-square-foot Reston Corner office park. Strategically located at the corner of Reston Parkway and Sunrise Valley Drive, and adjacent to the U.S. Geological Survey, the park enjoys superior access to the Washington Dulles Toll Road and the many amenities Reston has to offer.

Reston Corner boasts an award-winning, naturally landscaped environment as well as stunning new contemporary building lobbies and common areas. In addition, the park features a new state-of-the-art fitness facility, conference center, outdoor fountains, and café.

The Reston market presented Reston Association with a number of options. Penzance recognized the value of Reston Association’s tenancy and worked hard to meet the organization’s preferences and requirements.

“The park’s superior location, pleasant environment, and proximity to Reston’s amenities, as well as the building’s newly designed lobby and tenant-oriented features were major attractions to Reston Association and our other tenants at Reston Corner,” Mr. Tolkan said.

Penzance director of leasing Matt Pacinelli spearheaded the leasing effort along with Terry Reiley, Jeff Roman, and Tom Walsh of CB Richard Ellis, while Rich Rhodes and Rick Meadows of CresaPartners represented Reston Association.

Reston Association (www.reston.org ), a service organization headed by elected members of the community and staffed by a team of dedicated and efficient professionals, works to maintain the quality of life and deliver services that define the Reston community.

Penzance (www.penzco.com ) is a private equity real estate investment company that owns, develops and manages commercial properties. Founded in the mid-1990s by principals Victor Tolkan and Julia Springer Tolkan, Penzance focuses on investment grade real estate opportunities in the metropolitan Washington, D.C. area.

Contact: Matt Pacinelli, 202-339-8001, mpacinelli@penzco.com

Regency Centers Prices Common Stock Offering

JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Regency Centers Corporation ("Regency") (NYSE:REG)  has priced an offering of 8,000,000 shares of its common stock at a price per share of $30.75, all of which will be subject to the forward sale agreements described below.

 Regency has also granted the underwriters a 30-day option to purchase up to an additional 1,200,000 shares of its common stock to cover any over-allotments, which shares will not be subject to a forward sale agreement.

This offering is being made pursuant to an effective shelf registration statement and prospectus filed by Regency with the Securities and Exchange Commission. J.P. Morgan and Wells Fargo Securities are acting as joint book-running managers for the offering.



In connection with this offering, Regency has entered into forward sale agreements with affiliates of J.P. Morgan and Wells Fargo Securities, as forward purchasers.

Subject to customary conditions, the offering is expected to close on or about December 9, 2009.

Regency intends to use any proceeds it receives upon settlement of the forward sale agreements, which are expected to be $235.8 million net of underwriters' discount and expenses, to repay or refinance maturing 2010 debt, which includes its pro rata share of the existing debt of a Regency co-investment partnership, Macquarie CountryWide-Regency II, as such partnership debt matures, and for general corporate purposes. This offering will allow Regency to use existing liquidity to prepay all or a portion of its existing term loan.

Contact: Regency Centers Corporation,  Lisa Palmer, 904-598-7636, http://www.regencycenters.com/

$90.52M sale of Bayshore Data Center in Silicon Valley closed by HFF

LOS ANGELES, CA – The Los Angeles and San Francisco offices of HFF (Holliday Fenoglio Fowler, L.P.)  have closed the sale of Bayshore Data Center, a two-building, fully-leased, 185,000-square-foot data center facility in Santa Clara, California.

Bryan Ley and John Crump of HFF’s Los Angeles office and Gerry Rohm (top right photo)  and Zane Sweet of HFF’s San Francisco office marketed the property exclusively on behalf of the seller, Inland Western REIT. Digital Realty Trust, Inc. purchased Bayshore Data Center for $90.52 million.

“This best-in-class data center attracted tremendous interest with its in-place assumable debt, growing demand for the product type, and terrific location in Santa Clara,” said Rohm.

“We are very excited to add this property to our portfolio of income producing assets. The HFF representatives were extremely professional and knowledgeable regarding data centers,” commented Scott Peterson, senior vice president of acquisitions for Digital Realty Trust, Inc.

Bayshore Data Center consists of a 160,000-square-foot building at 1350 Duane Avenue and a 25,000-square-foot building at 3080 Raymond Street. The properties are fully leased to tenants including Sprint Communications, Equinix and Layer42.Net. Situated on 5.6 acres, Bayshore Data Center is adjacent to Silicon Valley Power and U.S. Highway 101 in the Santa Clara data center cluster in Silicon Valley.

“Demand for data centers such as Bayshore continues to outpace supply by a margin of two to one. There is limited new supply in the data center cluster coming online in the next three years due to a lack of construction financing, which will continue to drive up rents for data center services,” said Ley.

Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

Contacts:

Bryan Ley,HFF Director, 310) 407-2100, CA Lic. #01458927, bley@hfflp.com
Gerry Rohm,, ( (415) 276-6935, HFF Senior Managing Director, CA Lic. #01367742, grohm@hfflp.com
Kristen Murphy, HFF Associate Director Marketing, (713) 852-3500, krmurphy@hfflp.com

Marcus & Millichap Names 3 New Vice Presidents/Investments

 Jerry Goldstein Promoted in Houston

HOUSTON, TX — The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Jerry Goldstein (top right photo) to the position of first vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Brent Smith, regional manager of the firm’s Houston office.

Goldstein joined Marcus & Millichap in May 1994. He was promoted to associate in 1999 and earned senior associate status in May 2000. Goldstein was named a senior investment associate in July 2003 and a vice president investments in January 2008.

 He specializes in the sale of retail, office and industrial assets and currently serves as a senior director of the firm’s National Retail Group. Goldstein has received numerous sales achievement awards from Marcus & Millichap, including five National Achievement Awards.

 Brandon Rex Is New Face in Fort Lauderdale

FORT LAUDERDALE, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Brandon Rex (middle left photo) to the position of vice president investments, according to Gregory Matus, regional manager of the firm’s Fort Lauderdale office.

“Brandon’s knowledge of the Florida multifamily sector, along with his superior brokerage and advisory services, will make him an asset to our private and institutional clients locally and nationwide,” says Matus.

Rex specializes in the sale of multifamily assets throughout South Florida. A 10-year industry veteran, Rex has closed in excess of 75 transactions totaling approximately $340 million throughout his career. He joins Marcus & Millichap from Apartment Realty Advisors of Boca Raton, where he served as a senior vice president head of the South Florida division of their private client group.


Kenneth Blomsterberg Gets New Post in Sacramento

SACRAMENTO, CA — The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Kenneth Blomsterberg (bottom right photo) to the position of first vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Robert Hicks, senior vice president and regional manager of the firm’s Sacramento office.

Blomsterberg began his career with Marcus & Millichap in January 1989 and then became an associate in August 1994. He was promoted to senior associate a year later and was named a senior investment associate in June 1995. Blomsterberg was promoted to vice president investments in January 2008. He specializes in the sale of multifamily assets and is a director of the firm’s National Multi Housing Group. He has received 30 sales recognition awards from Marcus & Millichap, including nine National Achievement Awards.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Broadstone Ranch Apartments in San Antonio, TX Trades Hands

SAN ANTONIO, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Broadstone Ranch, (top left photo) a 252-unit, 212,472-square foot apartment property in San Antonio. The sales price was not disclosed.

Will Balthrope, a vice president investments and a senior director of the firm’s National Multi Housing Group in Dallas, and Ryan Epstein, a multifamily investment specialist in Marcus & Millichap’s San Antonio office, represented the seller, McMorgan & Co. of San Francisco. The buyer was Brass Real Estate Funds.

“Broadstone Ranch is a luxury Class A asset located next to one of the fastest-growing universities in Texas,” says Balthrope. “The property will provide upscale student living for this captured tenant base.”

“The property is centrally located between Interstate 10 and the University of Texas at San Antonio at 5803 UTSA Blvd. and is within minutes of several of San Antonio’s largest employers, including USAA, Valero and the South Texas Medical Center,” adds Epstein.

Broadstone Ranch was built in 2005 on 13.63 acres and features 132 one-bedroom/one-bath units, 84 two-bedroom/two-bath apartments and 36 three-bedroom/three-bath units. Amenities include modern gourmet kitchens, resort-style swimming pool, detached garage and covered parking.

San Antonio is the second-largest city in Texas and the seventh-largest city in the United States.

Contact:  Stacey Corso, Communications Department, (925) 953-1716, stacey.corso@marcusmillichap.com

Marcus & Millichap Capital Corp. Arranges $7.3M Loan for Georgia Walgreens

RIVERDALE, Ga., Dec. 4, 2009 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $7.3 million loan for the acquisition of a 14,820-square foot Walgreens drugstore in Riverdale.

Tim Kinney, senior director in the firm’s Atlanta office, arranged the financing for the retail property.

“We were able to take advantage of the high leverage and long-term fixed rates available in the credit-tenant lease, private placement market,” says Kinney. “It was a great team effort.”

The nonrecourse loan has a 25-year fixed rate with a 25-year amortization, a loan-to-value of 92 percent and a 6.9 percent interest rate.

Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation, (925) 953-1716

Tremont Structures $14.5M Financing for MHC in Riverhead, NY

ANNAPOLIS, MD--The Annapolis office of Tremont Realty Capital structured financing for the refinance of MacLeod’s MHC, (centered photo below) a 376-unit manufactured housing community located in Riverhead, NY.

John Chase, (bottom right photo)  a Senior Director with Tremont, arranged the $14,500,000 loan, which was funded through one of Tremont’s correspondent relationships.

The 10 year loan provided for roughly 65% loan-to-value with a 5.95% interest rate. According to Chase, “The sponsor and Tremont’s correspondent were able to work through issues related to 346 buried heating oil tanks and still able to provide a timely funding that provided a non-recourse loan with equity recapture.”

Tremont Realty Capital, LLC is a national real estate investment and advisory firm, which makes direct debt and equity investments and provides institutional advisory services. Direct programs include high leverage bridge loans, short and long term mezzanine loans and equity capital.

 The Annapolis office of Tremont Realty Capital is located at 101 Log Canoe Circle, Suite F, Stevensville, MD 21666. The phone number is 410.604.1744 and the fax number is 410.604.1742. You can visit Tremont on the Internet at http://www.tremontcapital.com/.

Contacts:
 John Chase, 410.604.1744, jchase@tremontcapital.com

Aimee Munsey, Senior Associate, Marketing & Communications, Tremont Realty Capital, 200 State Street
Boston, MA 02109, p: 617.867.0700 x784, f: 617.867.0077, amunsey@tremontcapital.com, http://www.tremontcapital.com/

Rental Lifestyles Division at Stirling Sotheby’s International Realty Focuses on Distressed Sales

ORLANDO, FL--- Stirling Sotheby’s International Realty’s Rental Lifestyles division serves a growing segment of the housing market – the thousands of homeowners in the Central Florida region who have been forced into a rental status.

“The wave of distressed housing properties has yet to peak,” said Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty. “In October, 65 percent of all homes sold in the Central Florida region were classified as distressed, which indicates short sales or foreclosure sales,” he said. “Most of those sellers need to become renters and we are focused on assisting them.”

Soderstrom said the Rental Lifestyles division has been working with families to find suitable and sustainable rental opportunities that offer them some of the same conveniences they had in their former home that may be found in a smaller single-family home, a townhome or condominium for lease.

The Rental Lifestyles division also works with property owners, lenders and banks to find suitable renters. “We offer a wide array of services from discreetly qualifying tenants to negotiating and servicing leases,” said Peter Voigt,  (top right photo) performance director for Rental Lifestyles.

Voigt joined Stirling Sotheby’s and helped launch the Rental Lifestyles division earlier this year after six years working for major rental and property management firms in Central Florida. That hands-on experience along with the marketing scope of the Sotheby’s International affiliation provides an enormous market base to meet the demands of renters and owners impacted by the current recession.

CONTACTS:
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty, 407-581-7890
Larry Vershel or Beth Payan, Larry Vershel Communications, 407.644.4142

Stirling Sotheby’s International Realty Named Exclusive U.S. Sales and Marketing Representatives for Cacao Pearl Island Resort in South Pacific

ORLANDO, FL --- Stirling Sotheby’s International Realty has been named exclusive U.S. sales and marketing representatives for Cacao Pearl, (photo centered below)  a unique luxury eco-resort community of 100 residences located on a private island at the Calamianes archipelago, at the northernmost tip of Palawan in the Philippines.

Roger Soderstrom, founder and principal of Stirling Sotheby’s International Realty, said the Cacao Pearl island resort ranks as the world’s first non-profit luxury eco resort.

Designed by former film director Antonio Calvo ( “Alexander,” “Pride & Prejudice,” “Love Actually”), Cacao Pearl offers 125 acres of lush rainforest and towering coconut trees with more than a mile of pristine beaches, Soderstrom said.

Private residences are available with investment-grade security and with options to buy, re-sell or rent. One and two bedroom beachfront, beach access, rainforest garden, resort and crèche residences are priced from an average of $280,000 to $487,000.

“Cacao Pearl is within sailing distance of two UNESCO World heritage sites and four marine reserves,” Soderstrom said.

The eco-chic, low-density boutique resort offers designer homes with zero carbon cost, five-star service, an infinity pool, wreck and reef diving, a secluded destination spa, organic gardens and bar, restaurant, and private media rooms.

“Cacao Pearl claims one of the world’s most unique lifestyles,” Soderstrom said. The first phase of Cacao Pearl – with 35 residences – has already sold out and a second phase is under way now, Soderstrom added.


CONTACTS:

John Kurtz GRI, Director of Global Sales, Stirling Sotheby’s International Realty 407-581-7890; JKurtz@stirlingSIR.com

Roger Soderstrom, Founder/Owner, Stirling Sotheby’s International Realty 407-581-7890; rsoderstrom@stirlingSIR.com

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

California Wyndham in Costa Mesa Sold for $21M at foreclosure sale

LOS ANGELES, CA---Rosanna Inc. purchased the 238-room Wyndham Orange County (top right photo)  at the foreclosure sale on November 24th for $21,000,000.

The property is located at 3350 Avenue of the Arts in Costa Mesa, CA, and includes a full service hotel and parking garage on approximately three acres of land.

Bob Kaplan  (top left photo) and Rod Apodaca (bottom right photo) of the Los Angeles office of PKF Capital advised the buyers on the transaction.

The property was previously owned by Makar Baynorth Costa Mesa, an affiliate of Newport Beach based Makar Properties.

Makar purchased the property in 2006 for $42,000,000 and secured a CMBS loan of $31,000,000.

Makar purchased the property with the intention of remodeling the hotel and developing a 23 story residential condominium tower on the property before that market evaporated.

Since the property went into default in June, the hotel has attracted much attention from the hospitality investment community due to its premium location and potential for renovation and re-branding.

The much anticipated foreclosure sale was attended by several hotel companies including representatives from hotel REITs, hotel investment funds, as well as several major local hotel investors.

Purchasing a property of this size and complexity through the foreclosure sale process is rare and difficult, however Rosanna Inc. saw the sale as an opportunity to acquire a hotel with great potential prior to it being marketed through the traditional sales process.

Rosanna Inc. is an international real estate company that owns and operates hotel, office, residential, and retail properties in the US, Japan, Europe, and Hong Kong.

PKF Capital is the hospitality brokerage practice formerly known as Colliers International Hotels.

PKF Capital was formed in early 2007 as a result of the merger of PKF Consulting and PKF Hospitality Research, one of the premiere hospitality consulting firms in the U.S., with Colliers International Hotels.

 This union, along with the name change to PKF Capital, combines the strengths of two industry leaders and greatly expands the service capability to the hospitality industry. PKF Capital is headquartered in San Francisco and includes current operations in San Francisco, Los Angeles, Seattle, Dallas, Indianapolis and Miami.

For Further information, please contact:

Bob Kaplan Sr., Managing Director, (213) 532-3237, bob.kaplan@pkfc.com, DRE #00776019
Rod Apodaca, Managing Director, (213) 532-3236, rod.apodaca@pkfc.com, DRE #01254293