Thursday, September 2, 2010
WASHINGTON, DC (Sept. 2, 2010) - Delinquency rates were mixed in the second quarter for commercial/multifamily mortgage investor groups, according to the Mortgage Bankers Association's (MBA) Commercial/Multifamily Delinquency Report.
The delinquency rate for loans held in commercial mortgage-backed securities (CMBS) is the highest since the series began in 1997.
Delinquency rates for other groups remain below levels seen in the early 1990's, some by large margins.
Between the first quarter and second quarter 2010, the 30+ day delinquency rate on loans held in CMBS rose 1.39 percentage points to 8.22 percent.
The 60+ day delinquency rate on loans held in life company portfolios decreased 0.02 percentage points to 0.29 percent.
The 60+ day delinquency rate on multifamily loans held or insured by Fannie Mae rose 0.01 percentage points to 0.80 percent.
The 60+ day delinquency rate on multifamily loans held or insured by Freddie Mac increased 0.03 percentage points to 0.28 percent. The 90+ day delinquency rate on loans held by FDIC-insured banks and thrifts remained unchanged at 4.26 percent.
"Different investor groups lend in different ways and on different types of properties," said Jamie Woodwell (top right photo), MBA's Vice President of Commercial Real Estate Research.
"Those differences are becoming more evident as the economy continues to struggle to work its way out of the recession.
"Performance across all investor groups will continue to depend on economic growth and its ability to generate demand for commercial real estate space."
To view a complete copy of the report, please contact Carolyn Kemp, (202) 557-2727, firstname.lastname@example.org
JACKSON, MS, Sept. 2, 2010– EastGroup Properties (NYSE-EGP) announced today that its Board of Directors declared a quarterly cash dividend of $.52 per share payable on September 30, 2010 to shareholders of record of Common Stock on September 17, 2010.
This dividend is the 123rd consecutive quarterly distribution to EastGroup's shareholders and represents an annualized dividend rate of $2.08 per share.
David H. Hoster II, President and Chief Executive Officer, (601) 354-3555, Fax: 601/352-1441
N. Keith McKey, Chief Financial Officer, 601/354-3555
P.O. Box 22728, Jackson, MS 39225-2728
MIAMI, FL, Sept. 2, 2010....Plaza Advisors is pleased to announce the recent sale of West Bird Plaza (top left photo) in Miami, Florida.
This exceptional shopping center is situated at the intersection of Bird Road (SW 40th Street) and SW 117th Avenue, adjacent to the Florida Turnpike.
For more information, please contact:
Miami Office, Anthony Blanco, 305-629-3606, FAX: 305-647-6441, Anthony.email@example.com
Tampa Office, Jim Michalak, 813-837-1300, FAX: 813-831-2627, Jim.firstname.lastname@example.org
Resort taxes are charged on short-term rentals, mostly hotels and motels.
Comptroller Haynie noted that July 2010 collections were 20 percent higher than July 2009.
“We have now had six months of TDT collections exceeding the same months in 2009; July's numbers even have me excited! Congratulations to Universal Studios for bringing us the real magic of Harry Potter, and to our entire tourism industry for its resilience,” Haynie added.
Martha O. Haynie (407) 836-5690, or
Joan Randolph, Executive Assistant, Comptroller's Administration, 201 S. Rosalind Avenue, Orlando, Florida, 32801, Tele: 407-836-5986, Fax: 407-836-5599, Joan.Randolph@occompt.com
Construction Industry Professionals Bruce Nelson and Philip Okerlund Team to Form Nelson+Okerlund Project Management
ORANGE, CA, Sept. 2, 2010 – Bruce A. Nelson (top right photo) and Philip G. Okerlund (top left photo) recently teamed to create Nelson+Okerlund Project Management ( http://www.nelson-okerlund.com/ ), a Service Disabled Veteran-Owned Small Business (SDVOSB).
The new firm will provide program management, project management and construction management services for healthcare, government, commercial and entertainment projects throughout California.
Throughout their careers, they have worked with California’s top construction firms to provide preconstruction and construction services for large scale projects in a variety of industries.
The duo met in 1999 at DPR Construction in Newport Beach, and since that time, they have teamed on varied construction projects.
“We formed Nelson+Okerlund to utilize our comprehensive construction project knowledge to guide clients through the sometimes complicated and tenuous process of Program Management, Project Management and Construction Management,” explains Okerlund. “Our SDVOSB designation also provides our partners with the competitive advantage in pursuing federal or other government contracts.”
GLENVIEW, IL, Sept. 2 /PRNewswire/ -- Regency Centers, a national owner, operator and developer of grocery-anchored and community shopping centers, closed on the acquisition of Glen Oak Plaza, a 62,443 square foot neighborhood shopping center anchored by Trader Joe's and Walgreens.
The property was purchased on September 1 for $18 million from the Adinamis family, a Chicago-area family real estate partnership. Joe Girardi with Mid-America Real Estate Corporation represented Regency in the transaction.
According to Stuart Brackenridge, Regency Centers' Vice President of Acquisitions, Glen Oak Plaza is a Class A shopping center anchored by an 11,944 square foot Trader Joe's specialty grocery store and a 15,754 square foot Walgreens, along with NorthShore University HealthSystem, FirstMerit Bank, Einstein Bros. Bagels, Starbucks, Boston Market and a variety of retail, restaurants and service businesses.
The center is surrounded by an average household income of $132,754 which is 60 percent higher than the Chicago Core Based Statistical Area (CBSA) average.
"A family-owned site for 75 years, Glen Oak Plaza is well-positioned in the highly desirable and densely populated North Shore market of Chicagoland, only one mile west of the Glenview Naval Airbase redevelopment into a master planned community," Brackenridge explained.
Regency owns sixteen other retail centers in the Chicago metro area, totaling more than 2.2 million square feet.
Regency is the leading national owner, operator, and developer of grocery-anchored and community shopping centers.
As of June 30, 2010, the Company owned 398 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 53 million square feet located in top markets throughout the United States.
Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed. www.regencycenters.com
ST. AUGUSTINE, FL, Sept. 1 /PRNewswire/ -- The developer of Laterra at World Golf Village (above centered photo) in St. Augustine, FL is offering its last 10 condos for sale at auction on September 17.
Situated within World Golf Village, the condos offer prime access to two championship golf courses, the PGA TOUR Golf Academy, and the World Golf Hall of Fame.
The two golf courses, King & Bear and Slammer & Squire, are named after golf legends, Arnold Palmer (top right photo) and Jack Nicklaus (top left photo) , and Sam Snead (middle right photo) and Gene Sarazen (bottom left photo), who were instrumental in the courses design.
He adds, "The auction provides a unique buying opportunity for golf aficionados looking for the perfect place to enjoy their golfing passion or investors who prefer to profit on the enjoyment of others."
Interested buyers will have an opportunity to inspect the condos on Friday, September 10 at 11:00 am (EDT) and before the auction on Friday, September 17 at 9:00 am (EDT).
The auction will be conducted at the Renaissance Resort at World Golf Village, 500 S. Legacy Trail, St. Augustine, FL on September 17 at 11:00 am (EDT).
Alvin Mansour (middle right photo) , a senior vice president investments and senior director of Marcus & Millichap’s Net Leased Properties Group (NLPG), is representing the seller, Riverside County.
“Riverside County recently signed a 10-year absolute net-lease with 3.5 percent annual rent increases and two, five-year option periods, further strengthening its appeal to a broad range of potential buyers.”
Located at 1400 Minthorn St., the Riverside County Department of Social Services Building is situated on nearly five acres in western Riverside County. Constructed in 2008, the single-tenant asset is surrounded by a number of national retailers including Costco, Target, Lowe’s and Home Depot, among others.
Lake Elsinore continues to grow, having added 6,000 new residents per year since 2001. In 2008, the city’s population reached 49,807.
The Elsinore Valley region features more than 100 square miles of planned commercial, light industrial, residential and resort-oriented communities strategically located near skilled labor and universities.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
Crossman & Company Named Exclusive Management, Leasing, and Marketing Representatives at Water Tower Place in Celebration, FL
ORLANDO - Crossman & Company, the Orlando real estate firm that ranks as one of the largest retail property specialists in the southeast, has been named exclusive property management, leasing and marketing representatives at Water Tower Place, (top left photo) a 124,000 square foot retail center located in Celebration in Osceola County.
John Crossman, president of Crossman & Company, said the firm has launched a major marketing campaign to reposition the retail center.
The campaign will start with a name change to Water Tower Shoppes at Celebration, Crossman said, and will include outdoor billboards on U.S. 192, extensive print and internet advertising and new signage.
Bruce Lyons (bottom right photo) will serve as the principal contact for management, leasing and marketing at Water Tower Shoppes at Celebration, Crossman added.
For more information, please contact:
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, email@example.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, firstname.lastname@example.org
“Tari has spent many years perfecting her skills in the Tucson area, through her commitment to providing businesses with quality solutions to their real estate needs and her charitable work with non-profit organizations.
"She is a welcome addition to our team and I am pleased to have her with us,” said Howard Kong, (lower left photo) managing broker of Grubb & Ellis’ Tucson office.
Previously, she spent five years as a brokerage professional with Bourn Partners and seven years with Mark Irvin Commercial Real Estate Services LLC. She began her career in commercial real estate in 1980 with Presidio Management Inc.
Auletta currently serves on the board of directors of the Pima County Real Estate Research Council and on the advisory board of the Easter Seals Blake Foundation, a non-profit organization serving adults and children with diabetes.
She previously was a board member and president of the Southern Arizona CCIM Chapter and as president of the local chapter of Building Owners and Managers Association.
Contact: Julia McCartney, Phone: 714.975.2230, Email: email@example.com
PHILADELPHIA, PA, Sept. 2, 2010—HEI Hotels & Resorts (HEI), the nation’s fastest growing private owner/operator of hotel real estate, today announced that it has sold two of its Philadelphia hotels, the 294-room Westin Philadelphia (top left photot) and the 288-room Embassy Suites Philadelphia-Center City,(top right photo) to LaSalle Hotel Properties (NYSE:LHO), a leading real estate investment trust (REIT), for an undisclosed amount.
Under terms of the deal, brokered by Hodges Ward Elliott, HEI will continue to operate the hotels on behalf of its new owners.
“Along with the Le Meridien Philadelphia, we manage three Philadelphia hotels, allowing us certain synergies and economies of scale. Furthermore, it is consistent with our desire to focus on major destination markets with barriers to new entry.”
Steps away from upscale shopping, award-winning restaurants and conveniently connected to the offices at Liberty Place, the Westin also is convenient to museums and historical attractions, including the Liberty Bell, Independence Hall, and the Constitution Center.
The hotel also offers unusually spacious Grand Luxury suites, with marble baths and Westin’s other special touches.
Hotel amenities include a 24-hour business center, Westin Workout fitness center, indoor pool, sauna, the contemporary cuisine Citygrange restaurant, and seven meeting rooms totaling 17,424 square feet of flexible space.
The hotel features a business center, Precor® fitness room, indoor pool, meeting space for up to 120 people, on-site T.G.I. Friday’s, complimentary, cooked-to-order breakfast and nightly manager’s reception.