MAA Completes Acquisition of Aventura at Indian Lake Village in Metro Nashville, TN

  

MEMPHIS, TN /PRNewswire/ -- MAA (NYSE: MAA) announced today that it has completed the acquisition of Aventura at Indian Lake Village (top left photo), a 300-unit apartment community located in the Nashville metropolitan statistical area.

Aventura at Indian Lake Village was developed in 2010 and is located within Indian Lake Village, a desirable master-planned mixed-use development in the Hendersonville submarket. T

he community offers upscale amenities including a resort style pool with sundeck, exterior fireplaces and walking path access to acres of designated greenways. Interior amenities include 9' ceilings, cherry cabinets and granite countertops.

Aventura at Indian Lake Village is convenient to Interstate 65 and only 15 miles northeast of downtown Nashville which was recently ranked by Forbes as the "15th Best Place for Business and Careers." Nashville hosts two major league sport franchises, is home to the headquarters for several Fortune 500 companies, and is a major employer in the music, medical and automotive industries.

Commenting on the announcement, Al Campbell, EVP and CFO said, "We are very pleased to add Aventura at Indian Lake Village to our Nashville portfolio. The Nashville area has experienced strong population growth over the past decade. We expect the positive demographic and economic trends of this area to support strong leasing fundamentals in the coming years."

The acquisition was funded by common stock issuances through MAA's at-the-market program and borrowings under our current credit facilities.

MAA is a self-administered, self-managed apartment-only real estate investment trust, which currently owns or has ownership interest in 48,926 apartment units throughout the Sunbelt region of the U.S.

  For further details, please refer to the MAA website at www.maac.com or contact Investor Relations at investor.relations@maac.com.  6584 Poplar Ave., Memphis, TN  38138.

Contact:  Investor Relations of MAA, +1-901-682-6600, investor.relations@maac.com

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

Developer Condo Sales Slow By 33% In Downtown Miami In Q3 2011

MIAMI, FL--New condo sales in Greater Downtown Miami slowed by 33 percent in the third quarter of 2011 on a year-over-year basis compared to 2010, leaving nearly 2,000 developer units still unsold from the real estate boom as of Sept. 30, according to a new report from CondoVultures.com.

Buyers purchased less than 300 new units for a combined $125 million between July and September of 2011 to reduce the number of unsold units controlled by the original developers to nine percent of the nearly 22,250 condos created in Greater Downtown Miami, according to a new report based on an analysis of Miami-Dade County Property Appraiser data.

The remaining 2,000-unsold developer units are situated in two dozen of the more than 80 condo projects that were created in a 60-block stretch comprised of the Brickell Avenue Area, Downtown Miami, and the Biscayne Boulevard Corridor during the real estate boom that began in 2003, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To Miami™.

A year ago in September 2010, developers controlled 21 percent - nearly 4,600 units - of the new inventory in Greater Downtown Miami.

 In September 2009, the number of unsold developer units represented 36 percent - nearly 8,000 units - of the new inventory added to the market during the condo boom, according to the report.

"The Greater Downtown Miami condo market is changing due in large part to increased asking prices for the remaining unsold developer inventory," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"Investors and second-home buyers are still in the Greater Downtown Miami market searching for new condos at attractive prices but the competition is intensifying.

"Not only are developers of existing projects competing against each other but increasingly bulk owners are launching their resale campaigns to tap into the buying activity."

 

 Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com.  

General Growth Properties Inc. Awards Grubb & Ellis 1.1-Million-SF Office Leasing and Property Management Assignment in metro Las Vegas

  

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that General Growth Properties Inc. selected the company to lease and manage a 32-building, 1.1-million-square-foot office portfolio in Summerlin (top left rendering), an award-winning 22,000-acre master-planned community located  in the Las Vegas area. 

 Leading the leasing assignment is David Scherer (middle right photo), executive vice president, Transaction Services, who is joined by Barton Hyde, vice president, Michael Hsu, senior associate, Matthew Kreft, senior associate, and Brandon McCool.  The property management team is led by Eric Forshee, LEED GA, executive managing director. 

“This is a phenomenal group of properties located in one of the leading master-planned communities in the nation,” said Scherer.  “The portfolio is backed by a strong ownership in General Growth Properties and we intend to market it with an innovative, progressive plan that will maximize the value of the assets.”

 Forshee added that the management plan for the portfolio is centered on increasing tenant satisfaction and retention. 

 The portfolio consists of:

• ·         Corporate Pointe, a three-building complex offering more than 180,000 square feet of space located at 10550 – 10750 W. Charleston Blvd.,

 ·         the two-story, 71,388-square-foot 10000 W. Charleston Blvd.,

• ·         The Canyons at Summerlin, comprising four buildings located at 1120 – 1180 Town Center Drive that offer approximately 208,000 square feet of space,

 The Crossing Business Center, a 21-building office complex located at the intersection of  North Town Center Drive and Covington Cross Drive that consists of roughly 491,500 square feet of space and two vacant land parcels,

• ·         The Plazas, two buildings offering a combined 87,950 square feet of space at 1635 and 1645 Village Center Circle and

• ·         the two-story 1551 Hillshire Drive, which consists of nearly 70,000 square feet of space. 

 The office portfolio offers a wide range of options for companies, including professional image office suites, free-standing single-tenant buildings and a modern state-of-the-art corporate campus facility.

 Located near the Spring Mountains and Red Rock Canyon National Conservation Area (lower right photo), Summerlin was first established in the 1950s by Howard Hughes Jr. (middle left photo) 

The community has grown to a population of nearly 100,000 and has been awarded numerous development awards from organizations like the Urban Land Institute, American Society of Landscape Architects and the Pacific Coast Builders Conference.

 For leasing information, call 702.733.7500, or contact Scherer at

 david.scherer@grubb-ellis.com. 

 Contact: Julia McCartney, Phone:  714.975.2230                                     

Email:  julia.mccartney@grubbellis.com                                                                                                              

Sperry Van Ness International Partners with Better World books to Help Fund Global Literacy

 IRVINE, CA – Sperry Van Ness International has partnered with Better World Books, a leading social enterprise that collects and sells books online, in support of its mission to help fund global literacy.  Through the partnership, Sperry Van Ness International will provide clients with a socially responsible outlet for books in their communities.

“Sperry Van Ness International is committed to looking for ways of improving our business that embrace corporate social responsibility.  Our partnership with Better World Books demonstrates Sperry Van Ness International’s support of the company’s mission and our commitment to being a true value-added partner in the real estate community,” said Kevin Maggiacomo (top right photo), chief executive officer and president of Sperry Van Ness International.

Better World Books began as a book drive and quickly grew into an online bookstore that integrates social responsibility into its core business model.  The for-profit social enterprise funds global literacy initiatives through the resale of used books and protects the environment through its book recycling program, preventing millions of books a year from being discarded into landfills.

 “As a B Corporation, Better World Books must adhere to rigorous standards for being a socially responsible and environmentally-friendly company.  Sperry Van Ness International’s core covenants are closely aligned with the core values of Better World Books, which was a key factor in our decision to partner with them,” added Maggiacomo.

Today, Better World Books is a fast-growing enterprise that employs nearly 400 people and sustains social and environmental responsibility as a core element of its business strategy.  They were named one of the “Top 25 Responsibility Pioneers” by Time Magazine and voted “Most Promising Social Entrepreneur of the Year” by BusinessWeek.  The founders at Better World Books believe that every book has lifelong value and the potential to help can change the world.        

ess

For more information on both companies, please visit www.betterworldbooks.com and http://www.svn.com/

Contact:  Megan Morales, 714) 273-2472, Megan.Morales@svn.com  

Equity Partners Handles Refinancing of Alafaya Corporate Center in East Orlando, FL

ORLANDO, FL – Equity Partners Inc., a full service brokerage and development company, announces the successful refinance of Alafaya Corporate Center (ACC)  (top left photo) for five years with Wells Fargo.

 ACC is a 150,000 SF Class A single story, multi-tenant office building with 1,200 feet of frontage on Alafaya Trail, situated across the Research Park/University submarket of Orlando.

Michael D Fess (middle right photo), an owner of ACC and President of Equity Partners Inc., said the property was 90% leased with long-term credit tenants at the time of refinance.

The most recent lease deals to note were the expansion and renewal of two long-term tenants: University of Phoenix and Environmental Tectonics Corporation (ETC).

Michael Fess and Faith Thompson (lower left photo) Leasing Manager, represented the landlord, Alafaya Corporate Center, LC in both transactions, which totaled 33,000 square feet of office space.

  Contact:

Faith Thompson

Leasing Manager

Equity Partners, Inc.

http://www.equitypartners.net/

Licensed Real Estate Broker

20 North Orange Avenue

Suite 605

Orlando, Florida 32801

407.660.4949 phone

407.808.2656 cell

407.660.4995 fax

Plaza Advisors Announces Sale of Gulf Breeze Marketplace in Pensacola, FL

TAMPA, FL--Plaza Advisors is pleased to announce the sale of Gulf Breeze Marketplace (top left photo) in Pensacola, Florida.

The shopping center is situated at the intersection US 98 and County Road 281. The shopping center contains 333,654 square feet of total of gross leasable area. Walmart Supercenter and Lowes Home Improvement are shadow anchors.

 The local tenant mix is composed of numerous national credit entities including; Sally Beauty, Firehouse Subs, GNC, Radio Shack and Hibbett Sports. The sale also included a freestanding Wells Fargo bank branch. The asset was constructed in 1998 and was fully leased at the time of sale.

 Plaza Advisors represented the seller in the transaction and co-managing partners Jim Michalak (middle left photo) and Anthony Blanco (lower right photo), together with Senior Financial Analyst, Lenard Williams were involved in the engagement. The seller and buyer were DDR Corp. and a private equity group, with offices in Atlanta and Tampa, respectively. 

“Grocery anchored retail assets are clearly the product of choice for both institutional and private equity investors,” Michalak says. “ Even though Gulf Breeze Marketplace does not contain a traditional grocery anchor the asset benefits from the consumer drawing power of the contiguous Walmart Supercenter and Lowes Home Improvement stores”.

 Blanco adds, “This sale further accentuates the strong demand for high quality retail investment assets.

 “The capital markets displayed a very substantial interest in the asset as evidenced by the strong demand and numerous offers received”.

Contacts:

Tampa Office                                                Miami Office                                     

Jim Michalak                                                Anthony Blanco                                           

3412 Bay to Bay Boulevard                                5201 Blue Lagoon Drive, Suite 846

Tampa, FL 33629                                               Miami, FL 33126

OFFICE: 813-837-1300                                       OFFICE: 305-629-3606

FAX: 813-831-2627                                            FAX: 305-647-6441

Jim.michalak@plazadvisors.com              Anthony.blanco@plazadvisors.com

CalPERS Appoints Mary Ann Burford as New Principal Advisor to Board President

 SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) today announced the appointment of Mary Ann Burford as Principal Advisor to Board President Rob Feckner (top right photo)

Her duties will include making policy assessments and recommendations on pension, health care and investment issues. Burford will also serve as the Board President’s liaison to stakeholder groups, and will be responsible for assessing out-of-state and out-of-country travel invitations to Board Members. She begins her new role October 17.

“Mary Ann possesses a wealth of experience and knowledge gained during her dedicated service to our organization,” said Feckner.  “She will be a great asset to the Board and to me in her role as my Principal Advisor.”

 Burford began her career with CalPERS in 1992, and has held a variety of positions in several different Divisions during the past 19 years. She has managed CalPERS Board of Administration elections, coordinated constituent events for the Actuarial and Employer Services Division, and also served as Ombudsman for the Member Services Division, resolving customer service issues.

 Most recently, Burford was a top manager in the CalPERS Customer Service Outreach Division (CSOD) created during the April 2011 reorganization. She played a key leadership role in developing the mission and vision for CSOD.

Burford graduated from University of San Francisco with a Bachelor’s Degree in Public Administration.

 For more information on CalPERS, visit http://www.calpers.ca.gov/.

Contact:

External Affairs Branch

(916) 795-3991

Robert Udall Glazier, Deputy Executive Officer

Brad Pacheco, Chief, Office of Public Affairs

Contact: Amy Norris, Information Officer

pressroom@calpers.ca.gov

NAI Realvest Negotiates Industrial Lease Renewals for more than 16,903 SF in Central Florida

 ORLANDO, FL – NAI Realvest recently negotiated two renewal leases for industrial space totaling 16,903 square feet at commerce centers in Lake Mary and Orlando.

 Michael Heidrich (top right photo), principal at NAI Realvest, negotiated both transactions representing the landlords.

 At Lake Mary Business Center, 1150 Emma Oaks Trail, Heidrich represented the landlord, Dalfen America Corporation of Westmount, Quebec in a renewal agreement with Fort Lauderdale-based HornerXpress-Central Florida, Inc., who renewed its lease of 12,903 square feet in suite 130 at the center.    

Heidrich also represented the landlord COP-Hanging Moss, LLC of Maitland in a renewal lease agreement with Florida Home Medical Equipment, Inc. who renewed its lease of suites 540-550 with 4,000 square feet in the Hanging Moss CommerCenter (middle left photo) at 6100 Hanging Moss Rd.

For more information,  contact

Michael Heidrich, Principal, NAI Realvest, 407-875-9989,  mheidrich@realvest.com

Patrick Mahoney, President, NAI Realvest 407-875-9989,  pmahoney@realvest.com

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

NAI Realvest negotiates new Lease of 10,000 SF  in Oviedo, FL for Trucking Simulation Firm

 MAITLAND, FL – NAI Realvest recently negotiated a new lease agreement for 10,000 square feet at 522 S. Econ Circle in Oviedo that will be home to FAAC, Inc. a trucking simulation firm expanding to the Alafaya Trail high tech corridor.

 Paul P. Partyka (lower right  photo), managing partner at NAI Realvest, negotiated the transaction representing the landlord Oviedo-based M&O L.P. 

 Paul Kelly of Coughlin Commercial represented the Michigan-based tenant that services the military, public safety and airports.

 For more information, contact:

Paul P. Partyka, Managing Partner, NAI Realvest, 407-875-9989, ppartyka@realvest.com;      

Patrick Mahoney, President, NAI Realvest,  407-875-9989,  pmahoney@realvest.com;

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

MBA Reports $68.8 Billion of Total Multifamily Lending in 2010; a 31 Percent Increase from 2009

WASHINGTON, D.C. (Oct. 19, 2011) - In 2010, 2,548 different multifamily lenders provided a total of $68.8 billion in mortgage financing for apartment buildings with five or more units, according to a report from the Mortgage Bankers Association (MBA).

The 2010 dollar volume represents a 31 percent increase from 2009 levels. Just one percent of the lenders accounted for 51 percent of the dollar volume, while three-quarters of the lenders made five or fewer loans over the course of the year.

 In terms of total dollar volume, the top five multifamily lenders in 2010 were Wells Fargo Bank N.A., CBRE Capital Markets, Inc., Berkadia Commercial Mortgage LLC, PNC Real Estate and Prudential Mortgage Capital Company.

 "The multifamily lending market grew 31 percent in 2010, with credit extended by a broad range of lenders to a broad range of properties," said Jamie Woodwell (top right photo), MBA's Vice President of Commercial Real Estate Research.

 The MBA report is the most comprehensive view available of the multifamily lending market and includes:

• A detailed summary of the $68.8 billion multifamily market,
• Profiles of distinct market segments, including the very-small loan (loans of $1 million or less) lender segment,
• A listing of 2,548 lenders who made multifamily loans in 2010, including their lending volume, number of loans made and average loan size, and
• A listing of metropolitan areas and the volume of very-small loans made in each in 2010.

 The report is based on data from the MBA 2010 Commercial Multifamily Annual Origination Volume Rankings and the Home Mortgage Disclosure Act (HMDA).

The MBA survey targets specialized commercial/multifamily originators and covered $119 billion in commercial and multifamily loans in 2010.

 The HMDA data adds multifamily loans from banks, thrifts and other institutions that meet certain single-family origination thresholds. When combined, the two datasets provide the most comprehensive assessment of the multifamily mortgage market available.

 To purchase the report, please visit the following Web link:

http://store.mortgagebankers.org/ProductDetail.aspx?product_code=EC6-300026-RP-I.

 For members of the news media who want more information from or about the study, contact Matt Robinson at mrobinson@mortgagebankers.org or 202-557-2727.

Jones Lang LaSalle Brokers Relocation of Bar-S; Keeps Company HQ in Valley

  

 PHOENIX, AZ – On behalf of Phoenix-based Bar-S Foods Co., the Jones Lang LaSalle Tenant Advisory Group has completed a lease that will move the Bar-S headquarters from Phoenix’s Central Avenue to the Camelback Corridor in an 11-year, 35,000-square-foot lease.

Bar-S has operated a midtown headquarters at 3838 N. Central Ave., just south of Indian School Road, for two decades. It will relocate to a 175,186-square-foot office building at 5090 N. 40th St., on the north side of Camelback Road.

 The new lease takes up approximately two-thirds of the building’s third floor, allowing Bar-S to manage its growth while keeping the firm, and approximately 100 jobs, in the Valley.

“We enjoyed exceptional years of growth in our downtown location, adding more than 10 percent to our local employee base in the past year alone,” said Bar-S Chairman Timothy Day (middle left photo). “Our new location paints a bright picture for the future of Bar-S as well. It provides the flexibility we need to continue to grow and thrive in our home market.”

Bar-S was founded in Phoenix in 1981, and since then has become a leading manufacturer of processed meats and the top-selling hot dog brand in America. Last year, Bar-S was purchased by Sigma Alimentos, a subsidiary of one of Mexico’s leading industrial companies. At that time, Bar-S reported 2009 sales of $535 million and more than 1,600 employees nationwide.

“Bar-S is committed to Phoenix, and because of that was extremely thorough in its search for a new location,” said John Pierson (top right photo), Executive Vice President in the Phoenix office of Jones Lang LaSalle and broker for the Bar-S lease transaction. “We analyzed the pros and cons of a move, and structured a long-term occupancy plan within one of the most sought-after office corridors in the state.”

 In September, Jones Lang LaSalle released a report ranking North America’s top 40 office markets according to asking rents. Camelback Road ranked 28th on the list, including it among the continent’s most sought-after office addresses.

“In the case of Camelback Road, vacancy rates are still high enough that most landlords remain extremely flexible,” said Pierson. “That gives companies a tremendous window of opportunity to make a jump in quality and location, but still secure long-term, fiscally responsible rental rates.”

 Jones Lang LaSalle’s Project and Development Services group is also managing tenant improvements at the new Bar-S location. Construction began earlier this month and move-in is slated for December.

 Jerry Roberts (bottom left photo) of CBRE in Phoenix represented the landlord, Newport Beach, Calif.-based CJK Investments, in the lease negotiations.

For further information, please visit our website, www.joneslanglasalle.com

Contact:

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

http://www.focusaz.com/

Katrina S. Hagen picked to lead CalPERS Human Resources Division

SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) today announced the appointment of Katrina S. Hagen (top right photo) as Chief of the Human Resources Division.

Ms. Hagen will oversee Human Resources operations at CalPERS and serve as the primary policy advisor on human resource management. She will play an essential role in implementing human resources-related programs in support of the CalPERS strategic business plan. Her appointment is effective October 24, 2011.

Ms. Hagen will also work closely with the CalPERS Board of Administration Performance and Compensation Committee, as well as executive and senior leadership, to provide advice and guidance on issues related to CalPERS compensation programs.

Ms. Hagen comes to CalPERS with more than 14 years of human resources and administrative experience. She leaves a position with California Prison Health Care Services, where she served five years as the Deputy Director of Human Resources.

 Before that, she worked at the California Department of Corrections and Rehabilitation, where she was the Assistant Deputy Director of the Office of Peace Officer Selection. Ms. Hagen is also an adjunct professor at the University of San Francisco (USF), teaching public policy analysis, human resources management, leadership development and organizational communication.

Ms. Hagen is a graduate of Humboldt State University and holds a Masters in Public Administration from USF.

More information about CalPERS is available online at http://www.calpers.ca.gov/.

Contact:

External Affairs Branch

(916) 795-3991

Robert Udall Glazier, Deputy Executive Officer

Brad Pacheco, Chief, Office of Public Affairs

Contact: Bill Madison, Information Officer

pressroom@calpers.ca.gov

Lynd Launches Student Housing Division With $100 Million Portfolio

 Miami, FL and San Antonio, TX— Lynd, a national real estate firm co-located in Miami, FL and San Antonio, Texas, has created a student housing division to serve a market that is experiencing rising enrollment in many parts of the country.

 The division, called Lynd Student Living, was launched with an aggregate purchase this year of 18 properties for $100 million in cash.

 “This business has excellent fundamentals behind it because having a college education is a must to compete in today’s world,” said company president and chief operating officer A. David Lynd (top right photo).

“We got involved in student housing because we saw tremendous opportunities coming due to the leverage levels of many assets.” David Lynd also said the company is actively seeking other student housing properties to add to the portfolio.

 Lynd, which is one of the country’s largest multi-family managers, now has 3,718 living units with 7,900 beds in its student housing division. The properties purchased so far are spread across 15 colleges and universities in seven states.

They are:

• Florida: Florida Agricultural and Mechanical University, Florida State University (middle right photo), and Tallahassee Community College Kentucky:
• Murray State University
• Louisiana: Louisiana Tech University   and Grambling State University
• Missouri: University of Central Missouri
• North Carolina: North Carolina Agricultural and Technical State University and University of North Carolina at Greensboro
• South Carolina: University of South Carolina Upstate and Wofford College
• Texas: North Central Texas Junior College, Texas Women’s University, University of North Texas, and University of Texas at San Antonio (lower left photo)

 In Tallahassee, Fla., Lynd Student Living hosted two massive summer parties to announce its arrival in the market.  More than 3,000 people attended each event, where the division showcased a remodeled property that had a new game room with Wii station and pool tables and an updated weight room with flat-screen TVs and new equipment.

 “This gave them a small peek at what it means to live at a Lynd community,” said Jeffrey Weissman (middle left photo), senior vice president of Lynd Student Housing.  “Our brand will be known for quality student housing that is always on the cutting edge of amenities and social activities.”

 For more information on Lynd Student Living log on to http://www.lyndstudentliving.com/.

 For more information on the company, visit www.lyndworld.com.

Media Contact:

Todd Templin, Boardroom Communications

954-370-8999 or 954-290-0810

ttemplin@boardroompr.com

 Lynd Contact:

A. David Lynd, President/Chief Operating Officer

210-364-3964, alynd@lyndworld.com

Jeffrey Weissman, Sr. VP Lynd Student Living, 210-798-8131, jweissman@lyndworld.com

HFF secures financing for new United Supermarkets Market Street store in Lubbock, TX

                                                                                          

                                                                                   

DALLAS, TX – HFF announced today that it has secured financing for the acquisition of a property in Lubbock, Texas to be used as a 71,238-square-foot United Supermarkets Market Street store (top left photo).

Working on behalf of United Supermarkets, LLC, HFF placed the loan with Wells Fargo Bank.  Loan proceeds will be used to finance the acquisition of the property. 

The Market Street store will be located at 19th Street and Quaker Avenue in Lubbock. 

The HFF team representing the borrower was led by Mark West, Coler Yoakam and Brandon Chavoya.

United Supermarkets, LLC, operates 50 stores in west and north Texas under four distinct brands: United Supermarkets, Market Street, Amigos and United Express.

Contacts:

Mark E. West, HFF Senior Managing Director,  214) 265-0880                              

mwest@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com