Thursday, September 2, 2010

MBA: Commercial Delinquencies Up for CMBS, Flat for Banks in Second Quarter

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.

"Life insurance companies, Fannie Mae and Freddie Mac continue to see relatively low delinquency rates on their commercial and multifamily mortgages, the delinquency rate on banks' commercial and multifamily mortgages appears to have reached a plateau, and the delinquency rate for loans in CMBS continued to climb during the period.

"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,

EastGroup Properties Announces 123rd Consecutive Quarterly Cash Dividend

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

Plaza Advisors Announces the Sale of West Bird Plaza in Miami, FL

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.

 West Bird Plaza totals 99,864 square feet of gross leasable area and is anchored by Publix and CVS Pharmacy. West Bird Plaza was built in 1977 and was 94% leased at the time of sale.

Plaza Advisors represented the seller in the transaction and co-managing partners Anthony Blanco (lower left photo) and Jim Michalak (lower right photo), together with Senior Financial Analyst, Lenard Williams were involved in the engagement.

 The seller and buyer were entities affiliated with Phillips Edison and Company and Equity One, Inc., respectively.

For more information, please contact:
Miami Office, Anthony Blanco, 305-629-3606, FAX: 305-647-6441,
Tampa Office, Jim Michalak, 813-837-1300,  FAX: 813-831-2627,

Orange County, FL Resort Tax Collections Up in July Over 2009 Month

ORLANDO, FL -- County Comptroller Martha Haynie (top right photo)  announced today that resort tax collections received by the County for the hotel collection month of July 2010 were

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.

For a complete copy of the news release and statistics, please contact:

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,

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 ( ), 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.

Nelson and Okerlund each have over 28 years of project management and construction management expertise.

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.”

Prior to forming Nelson+Okerlund, Bruce Nelson served as vice president of business development for McCarthy Building Companies, the largest construction firm in Orange County.

Nelson+Okerlund currently employs five industry professionals in its Orange County office and is looking for new employees skilled in design and construction with strong experience in estimating / change order validation and negotiation, scheduling, Sr. Project Management, document control and administration / project coordination.

For all press inquiries, please contact: Laura Mickelson, LM Communications, (949) 453-0851,


Regency Centers Acquires Grocery-Anchored Shopping Center in Chicago Area

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.

Built in 1967, the 97 percent leased center is located in northwest Chicago at Lake Avenue and Waukegan Road in Glenview, IL.

 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.

 "The center is reflective of the value-add properties that Regency pursues, and this acquisition supports Regency's plans for expanded growth in the market."

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.

 Since 2000, Regency has developed 201 shopping centers, including those currently in-process, representing an investment at completion of $3.0 billion.

 Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.


Developer Tees Up World Golf Village Condos for Auction in St. Augustine, FL

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.

Four of the condos will sell regardless of price and the developer is offering a mulligan to each purchaser by paying their membership initiation fee to the World Golf Village golf courses, an estimated $15,000 value.

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.

The collaboration between Palmer and Nicklaus on the design of King & Bear was a first and remains the only realization of their combined effort and styles.

According to Walt Driggers, president of Tranzon Driggers, the Ocala, FL based real estate auction company conducting the sale, "The condos are a real hole-in-one for golf enthusiasts because of the exceptional, world-renowned golf attractions and amenities at World Golf Village."

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."

The condos come in three different floor plans, 3, 2 and 1 bedroom suites and will be offered at the auction individually, bundled together, or sold in the entirety. Buyers will purchase the condos fully furnished for immediate occupancy and are free to reside in the condos or rent them to guests.

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).

Bidders must provide a deposit of $7,500 in certified funds for each condo that they intend to purchase. Registered bidders can bid at the live auction or, with advance registration, participate online.

For more information on the condo auction, visit (property code DG427) or contact Walt Driggers at 352.369.1047 or

Marcus & Millichap Lists $12.7M Social Services Building in Riverside County, CA

LAKE ELSINORE, Calif., Sept. 1, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing for the 56,006 square-foot Riverside County Department of Social Services Building (top left photo)  in Lake Elsinore. The listing price of $12.7 million represents $227 per square foot.

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.

“Investors will benefit from this newly constructed asset’s prime location in Elsinore Valley and the strength of its tenant, the Department of Social Services,” says Mansour.

 “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.

Adjacent to Interstate 15, more than 122,000 vehicles pass by this property on a daily basis.

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,;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142,

Tari Auletta Joins Grubb & Ellis as Vice President, Office Group

TUCSON, AZ. (Sept. 1, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that 30-year commercial real estate veteran Tari Auletta, (top right photo)  CCIM, RPA, has joined the company as vice president, Office Group.

“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.

Auletta joins Grubb & Ellis after spending four years as a principal and designated broker of Synergy Commercial Real Estate Inc., a development and brokerage company she formed in 2006.

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:

HEI Hotels & Resorts Sells Two Philadelphia Hotels to LaSalle Hotel Properties

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.

“While our strategic plans included the eventual sale of these two quality assets, our continued management of the hotels allows HEI to maintain its strong presence in the Philadelphia marketplace,” said Steve Mendell, (middle left photo) president—acquisitions and development.

“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.”

Situated in the heart of historic Philadelphia, the 18-story Westin Philadelphia is located at 99 South 17th Street at Liberty Place.

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.

 Guest rooms are equipped with the Westin Heavenly Bed, a two-line telephone, data port and high-speed Internet access.

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 Embassy Suites Philadelphia – Center City is nestled in the heart of Philadelphia’s business district, just eight miles from Philadelphia International Airport and near such attractions as the Philadelphia Museum of Art, (lower right photo)  City Hall and the Philadelphia Zoo.

 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.

“HEI prides itself on aligning itself with world-class hoteliers, and we look forward to building upon this new relationship with LaSalle Hotel Properties,” said Anthony Rutledge, (bottom left photo)  HEI chief financial officer.

“We see obvious similarities in the way we conduct our respective business, with emphasis on our guests, associates and shareholders.”

Media Contacts:
Stephen Chan, Vice President, Acquisitions and Development,
 (203) 849-8844,
Julie Tullbane, Daly Gray, Inc., T 703-435-6293, F 703-435-6297,