Monday, November 8, 2010

The Marketing Directors Uses Creative Marketing to Orchestrate a Sellout of The Reynolds in Midtown Atlanta

 ATLANTA, GA (Nov. 8, 2010) – The Marketing Directors announced a sellout of all 130 condominiums at The Reynolds (top left photo) located at 565 Peachtree Street in Atlanta. 

After an innovative marketing campaign, The Marketing Directors closed out the remaining 59 homes that were for sale.  The Marketing Directors created the successful “Pick Your Price” marketing campaign allowing buyers to make the developer an offer on their terms. 

 “After the real estate market suffered such a setback in 2008, we employed a new way of marketing at The Reynolds,” says David Tufts (middle right photo), president of The Marketing Directors.

 “This was a sort of auction without an actual auction.  Buyers were able to secure great pricing and we were able to make sales without the developer going through the huge expense of an auction.”

 “This is an up and coming neighborhood and we were able to pinpoint the right buyers for this property,” according to The Marketing Directors Executive Vice President, Betty Harbourt.

 The Reynolds is located in the heart of Midtown Atlanta and is just steps away from Emory Crawford Long Hospital and walking distance from the theatre, shopping and restaurants. 

The residence appeals to professionals who want to live in the middle of this vibrant Midtown district. 

The boutique condominiums, completed in 2006, have become the anchor of the neighborhood and feature premium views, a resort-style pool deck and outdoor fireplace and 24-hour concierge.  Urban Realty Partners of Atlanta is the developer.

 For More Information, contact:
Liz Lapidus/Traci Buch , Liz Lapidus PR, 404.688.1466

Marcus & Millichap Lists $14.25 Million Distressed Hospitality Property Portfolio in Pacific Grove, CA

PACIFIC GROVE, CA, Nov. 8, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a distressed hospitality property portfolio in Pacific Grove.

The two assets in the portfolio are the 64-plus one room Lighthouse Lodge (top left photo)  and the 31-room Lighthouse Suites.

The listing price for the portfolio is $14,250,000, or the properties may be purchased individually for $8,150,000 and $6,100,000, respectively.
Lighthouse Lodge and Suites’ existing debt matured in 2009 and is subject to Chapter 11 bankruptcy court approval.

The Lighthouse Lodge and the Lighthouse Suites are located at 1150 and 1249 Lighthouse Avenue, respectively, on the Monterrey Peninsula in Pacific Grove, Calif. Both properties are adjacent to the picturesque ocean-side Pacific Grove Golf Course (lower left photo).

The Lighthouse Lodge is a former Best Western property that was transformed into a three-star hotel.

All rooms have coffee makers, ironing boards and irons, and have been upgraded to include 32-inch large-screen cable televisions with remote control, the pay-per-view movies, high-speed Wi-Fi network, some refrigerators and microwaves, stocked honor bars and five-star bedding with robes for two.

Guests are offered a deluxe American breakfast and 57 rooms have a balcony or small patio, some with ocean views. The hotel expanded in 1991 with the addition of 31 deluxe suites.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

ARA Facilitates Bulk Sale of Unsold Units at San Michele, West Palm Beach, FL

 West Palm Beach, FL (Nov. 8, 2010) — The South Florida office of ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announced the sale of 179 bulk units within the 300-unit San Michele condominium (top left photo) community in West Palm Beach, FL.

The transaction was arranged by ARA Florida’s Boca Raton-based team of Avery Klann (middle right photo), Hampton Beebe (middle left photo) , and Marc deBaptiste (lower right photo).

The Bankruptcy Trustee, Robert C. Furr, of Boca Raton, Florida, retained ARA to facilitate the 363 Bankruptcy Sale. The Auction, held in open Court on October 19, 2010, stipulated the placement of a $1 million, non-refundable deposit to bid. The transaction closed on November 5, 2010.

 ARA brought five qualified bidders to the October 19 auction. Bidding started at $9.6 million and moved up in $100,000 increments to a final bid of $11.15 million by DREA Group of Bay Harbor, FL.š

 "The bankruptcy trustee and judge were very pleased with the high level of interest created by ARA's marketing efforts," said Avery Klann, lead broker for the deal.

 San Michele was built in 1999 and features a total of 300 units in a quality, garden-style condominium community located in the desirable and well-established city of West Palm Beach in Palm Beach County, Florida. 

 San Michele features 13 three-story buildings adjacent to a preserve, a lake and a grocery store. Construction is of concrete block with painted masonry on a reinforced concrete foundation.

The property offers its residents a swimming pool, clubhouse, exercise room, playground and controlled access. Individual unit features include preserve and lake views, washers and dryers, screened balcony/patio, high ceilings and ceiling fans.

 "San Michele offers excellent accessibility to major transportation thoroughfares such as Florida’s Turnpike (two miles east) and U.S. 441/State Road 7 (one mile west), as well as to major employment, entertainment and recreational venues, position the property as an attractive investment," according to broker Hampton Beebe, Senior Vice President of Boca Raton-based ARA Florida.   

To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact

 Lisa Robinson (
 or Amy Morris ( at (404) 495-7300;
 Locally, please contact Marti Zenor at
 or (561) 988-8800.šš

Cousins Properties Reports Results for Quarter Ended Sept. 30, 2010

 ATLANTA, GA, Nov. 8, 2010-- Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the three and nine months ended September 30, 2010.

All per share amounts are reported on a diluted basis; basic per share data is included in the Condensed Consolidated Statements of Income accompanying this release.


  • Reported FFO before certain charges of $0.10 per diluted share
  • Completed office and retail leasing totaling 645,000 square feet
  • Sold two assets for $88 million in proceeds
  • Eliminated near-term maturities of $122 million with sales and new financings

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

James A. Fleming (top right photo), 404-407-1150
Executive Vice President and Chief Financial Officer
Cameron Golden, 404-407-1984
Director of Investor Relations and Corporate Communications

Cousins Hires REIT Veteran Adzema as Chief Financial Officer

ATLANTA. GA--Cousins Properties Incorporated (NYSE: CUZ) announced today that Gregg D. Adzema has been hired as Executive Vice President and Chief Financial Officer, effective November 30, 2010.

 Mr. Adzema replaces Jim Fleming (lower left photo), who announced his pending retirement from the position earlier this year. Fleming will serve as a consultant to the Company to facilitate a seamless transition.

Mr. Adzema has spent most of his 23-year career in senior financial, investment and advisory roles in commercial real estate. He was with Summit Properties, a publicly traded apartment REIT, from 1996 to 2005, the last four years of which he served as Executive Vice President and Chief Financial Officer, and led Summit’s highly successful sale to Camden Property Trust.

  He was also previously with Arthur Andersen, Centex Corporation and Wachovia Bank. Most recently, Mr. Adzema served as Chief Investment Officer and Executive Vice President for two advisory and real estate firms in Charlotte, N.C.

Larry Gellerstedt, (top right photo)  Cousins President and Chief Executive Officer, noted, “Gregg is a great addition to the Cousins’ team. His well-regarded experience as CFO at Summit Properties, as well as his deep background in investments and capital markets, will be a significant asset for Cousins in the years ahead.”

Gellerstedt added, “I’d also like to once again thank Jim Fleming for all he’s done for Cousins over the past decade. He has played a critical role in strengthening our financial position and preparing the Company for a successful run into the next cycle and we wish him the very best.”

Contact:  Cameron Golden, 404-407-1984

Jones Lang LaSalle Completes 48,640 SF Office Lease for LegalZoom in Glendale, CA

 GLENDALE, CA, Nov. 8, 2010 — Jones Lang LaSalle (NYSE:JLL)  represented LegalZoom, America’s leading online legal document and filing service, in a 10-year, 48,640-square-foot lease at Glendale City Center, a Class-A, 19-story office building located at 101 N. Brand Boulevard in Glendale, Calif. 
 The new space will be used for the company’s headquarters.  LegalZoom previously occupied space in Hollywood.
The Jones Lang LaSalle team of Managing Directors Mike McRoskey, Gary Horwitz and Tony Morales and Senior Vice President Frank Scott represented LegalZoom in the transaction.
  Patrick Church and Anneke Greco of CB Richard Ellis represented the landlord, Legacy Partners.
“We considered several options but chose Glendale because it’s centrally located and there is growing vibrancy downtown,” said LegalZoom CFO Fred Krupica. is the nation’s leading online legal document service. Cofounded by top attorneys including Robert Shapiro in 2001, LegalZoom makes it easy, convenient and affordable to take care of important legal matters through its website,
 Offerings include: last wills, living wills, powers of attorney, incorporation, limited liability companies, small claims, trademarks and more. LegalZoom is not a law firm and does not provide legal advice or counsel.
 For more information, please visit
Contact: David Ebeling, Phone: +1 949 278 785,  Email:

Colliers International Recruits Premier Office Leasing Team in Orange County, CA

 IRVINE, CA, Nov. 8, 2010 – Colliers International has recruited Robert Caudill (top right  photo)  Matt Didier (middle left  photo) and Ryan Ward (middle right photo) to its Irvine, Calif. office.

 Specializing in the representation of landlords and tenants of office properties throughout Southern California, the team will add new strengths and expertise to the office brokerage capabilities of Colliers International’s Greater Los Angeles region.

“With the arrival of the new office team, we intend to be a driving force in the office agency business in Orange County,” said Martin Pupil (lower left photo), regional managing director for Colliers International’s Greater Los Angeles operations.

“The team is recognized as an industry leader throughout the County with an impressive reputation, validated by the many professional accomplishments of Bob, Matt and Ryan.”

 Caudill, a 25-year commercial real estate veteran, will serve as director. Previously, he was senior vice president in Grubb & Ellis’ Orange, Calif. office. 

Throughout his career, Caudill has exclusively represented more than 15 million square feet of office space throughout Southern California. Some of his notable transactions include the representation of FDIC for its 207,000-square-foot western headquarters in Irvine and the representation of AT&T in its relocation into a 120,000-square-foot office campus.

“We decided to make the move to Colliers International because of the company’s powerful global brand coupled with its integrated service platform consisting of Cohen and First Service Appraisal, along with its capital markets, appraisal and property management platforms,” said Caudill.

 “With the support of Colliers’ global platform, coupled with the flexibility granted at the local level, we have an opportunity to provide unparalleled service to our clients.”

Didier will serve as senior vice president focused on advising local, regional and corporate clients with the leasing, acquisition and disposition of their commercial real estate throughout Southern California. Didier has completed more than $500 million in transaction volume and three million square feet in leasing and sales.

He is a former Grubb & Ellis Company Rookie of the Year recipient, was ranked within the company’s top 10 brokers in 2006, 2007, 2008 and 2009, and was the number one office broker in Grubb & Ellis’ Orange office in 2007 and 2009.

Ward will serve as senior associate where he will be specializing in office leasing with Caudill and Didier. Ryan has assisted clients such as PS Business Parks, SunCoast Properties, CIM Group and Birtcher Anderson with their commercial real estate needs.

“Bob, Matt and Ryan are an experienced office specialty team that will help us serve the growing number of clients who have come to Colliers for solutions to their office real estate needs,” said Hans Mumper (lower right photo), Managing Director, who spearheads Colliers International’s office platform in Greater Los Angeles. 

In addition, Amanda Mann has joined Colliers International from Grubb & Ellis as marketing coordinator. She will provide marketing and administrative support for Caudill, Didier and Ward.

Contact: Megan Morales, Marketing & PR Coordinator,

HFF secures $3.1 million refinancing for northwest Ohio manufactured housing community

SAN DIEGO, CA – The San Diego office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured a $3.1 million non-recourse financing, including additional cash proceeds, for Eastwoods Estates (top left photo), a 160-home site, all-ages manufactured housing community in Lima, Ohio.

Working on behalf of Evergreen Communities, LLC, HFF associate directors Zach Koucos (middle right photo) and Zack Holderman (lower left photo) placed the 10-year, 5.29% fixed-rate loan with M&T Realty Capital (Fannie Mae DUS).

Loan proceeds will be used to replace maturing debt, cover closing costs and repatriate reserves for the property with the additional cash proceeds. 

Eastwoods Estates is situated on 116 acres at 3700 Harding Highway just east of Interstate 75 in Lima, Ohio.  Built in five phases concluding in 2000, the property features 160 home sites and can accommodate additional development of up to 185 home sites.  Eastwoods Estates is currently 91% occupied.

Evergreen Communities, LLC is a national owner/operator of manufactured housing communities with a current portfolio of more than 4,600 home sites in 31 properties nationwide.

Zach Koucos, HFF Associate Director, (858) 812-2351,
Zack Holderman, HFF Associate Director, (858) 812-2350
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Paul DeCain Joins Bainbridge Cos. As Chief Investment Officer

BETHESDA, MD – Paul DeCain (top right photo) has joined The Bainbridge Companies as Chief Investment Officer and Principal. His responsibilities with the multifamily real estate firm include transaction capitalization, underwriting and execution. He is based in the firm’s Bethesda, Maryland office.

 “I am very excited to have joined Bainbridge Communities, one of the premier multifamily operators/developers in the nation,” DeCain said.

“This is an extraordinary time in the multifamily sector given the tremendous growth opportunities in the industry, and joining a team as talented and well regarded as Bainbridge is a rare opportunity.”

 DeCain has over 20 years experience in the real estate capital markets and has structured and executed numerous commercial and multifamily transactions.

 He was most recently a Managing Director for Eastdil Secured/Wells Fargo and a predecessor firm, Wachovia Capital Markets, where he was responsible for originating and executing over $1 billion of commingled fund raises, over $1.25 billion of bridge equity investment transactions and over $1 billion of joint ventures and recapitalizations. 

 Contact: Terri Thornton,  404-932-4347 (Cell),  

Arbor Closes Two Mt. Pleasant, MI, Fannie Mae DUS® Dedicated Student Housing Loans Totaling $11,500,000

Uniondale, NY (Nov. 8, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of two (2) loans under the Fannie Mae DUS® Dedicated Student Housing Loan product line. These loans include:

  • Jamestown Apartments, Mt. Pleasant, MI (top left photo) – The 457-unit student housing complex received $9,400,000 funded under the Fannie Mae DUS® Dedicated Student Housing product line. The 10-year loan amortizes on a 25-year schedule.
  • West Campus Village, Mt. Pleasant, MI (middle right photo)--42-unit student housing complex received $2,100,000 funded under the Fannie Mae DUS® Dedicated Student Housing product line. The 10-year loan amortizes on a 25-year schedule.
Both properties serve the Central Michigan University student community in Mt. Pleasant, MI. Central Michigan has a student population totaling more than 21,000.

The loans were originated by Michael Jehle, (bottom left photo), Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI, lending office.

  “Both loans were funded under Fannie Mae’s Dedicated Student Housing Loan program and resulted in excellent long-term financing to pay-off the borrower’s short-term bank financing,” Jehle said.

 “The owners were first time Arbor and Fannie Mae borrowers and were very pleased with the ease of the entire loan process.”

Contact:  Christopher Ostrowski,

Hotel Le Marais, Located in the French Quarter, Reopens After Extensive Renovations as a Luxury Boutique Hotel

 NEW ORLEANS, LA – Nov. 8, 2010 – Hotel Le Marais (top left photo) ( has reopened after a multimillion dollar renovation, resulting in a chic and charming oasis located in the most vibrant and fashionable district in New Orleans.

The Hotel Le Marais, situated at 717 Conti Street in the French Quarter, has unveiled a completely transformed property draped in warm tones and inviting fabrics, with a contemporary décor accentuated in vibrant colors that reflect the art de vivre which makes New Orleans such an enchanting city.

 Like its namesake - the Marais district in Paris - the Hotel Le Marais plays tribute to its historical past while providing modern comforts and conveniences delivered with a personal touch.

“We are excited to offer such a beautifully distinctive hotel that presents an atmosphere of trendy sophistication, elegance and service for our guests,” said owner Joseph A. Jaeger, Jr., managing member of 717 Conti, LLC. 

 Hotel Le Marais takes its name from the famous Marais district, one of the oldest and most architecturally significant areas of Paris. 

The New Orleans Hotel Collection is a group of seven fine hotels in the New Orleans metropolitan region owned by local investors. 

Comprised of the Bourbon Orleans (bottom left photo), Dauphine Orleans, St. Louis Hotel, Wyndham Riverfront, Maison de Ville, Crowne Plaza New Orleans Airport and the new Hotel Le Marais, these are boutique and small upscale meeting hotels in prime locations throughout the city.

 For more information, visit

Julie Tullbane, Daly Gray, Inc. T 703-435-6293, F 703-435-6297,
Marc Becker, Area Director of Marketing, 504 527 0407,

Rhodes+Brito Architects Awarded Contract to Design Renovations to Citrus Bowl Sports Club Suites

 ORLANDO, FL - Rhodes+Brito Architects of Orlando was recently awarded a contract to design renovations to six of the 20 luxury suites at the Citrus Bowl Sports Club.

 Maximiano Brito,  co-founder and principal at Rhodes+Brito Architects, said construction started in October at an estimated cost of more than $500,000.

 The design project will combine six suites at the Citrus Bowl Sports Club into one luxury club suite.  The space will reopen in late November, Brito said.

Rhodes+Brito Architects, which opened in Orlando in 1996, currently employs a staff of 17, including seven registered architects. The firm served as lead architect for the Florida A&M University College of Law facility in downtown Orlando.  

For more information, contact:  

Ruffin Rhodes, Rhodes+Brito Architects, 407-648-7288;
Maximiano Brito, Rhodes+Brito Architects, 407-648-7288;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 (fax: 4410)  

Mercantile Capital Corp. reports six commercial loans in October valued at more than $20.3 million

 ALTAMONTE SPRINGS. F: - Mercantile Capital Corporation, a wholly owned subsidiary of Old Florida National Bank, reported it closed six commercial loans in Florida, California and Connecticut in October valued at more than $20.3 million.

 Christopher Hurn (top right photo), chief executive officer of Mercantile Capital Corp., said the largest single loan during October financed the $9.5 million acquisition of the Chavez Supermarket in San Jose, California.
Mercantile Capital Corporation specializes in U.S. Small Business Administration 504 loans for small business owners who want to acquire or develop their own facilities.

Hurn projects that Mercantile Capital will close a total of 55 commercial loans to finance projects valued at more than $140 million for 2010, a record for the seven-year-old company.

“Our October loan volume represents a healthy increase over the two previous months and based on the loan applications that are in the pipeline now, we should see record loan volume throughout the end of the year,” Hurn said.

 Mercantile has already closed 40 loans for $93.8 million year-to-date, a 20 percent increase in funded volume over all of 2009.

. For more information, contact:  

Chris Hurn, CEO Mercantile Capital Corporation, 407-786-5040;
 Larry Vershel, Larry Vershel Communications, 407-644-4142

Mattamy Homes CEO Peter Gilgan Awards $10 Million Gift to Oakville Hospital in Ontario, Canada

WINTER PARK, FL --- Peter Gilgan (top right photo), founder and chief executive officer of Mattamy Homes---Canada’s largest home builder---recently awarded a gift totaling $10 million to Oakville Hospital Ontario for the hospital’s capital campaign.
Steve Parker, president of Mattamy Homes U.S. Group, said the gift is the largest donation ever received by any hospital or charity in Oakville.
Oakville Hospital administrators announced they would name the inpatient wing of the new hospital the Peter Gilgan Patient Care Centre.
Mattamy Homes U.S. Group, headquartered in Winter Park, Fla., oversees the home builder’s U.S. operations in Charlotte, Jacksonville, Minneapolis, Orlando and Phoenix.

For more information, contact: 
Steve Parker, President Mattamy Homes U.S. Group 407-599-9994
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

23rd Hunter Hotel Investment Conference Scheduled for March 6-8, 2011, in Atlanta

 ATLANTA,  GA,Nov. 8, 2010—Officials of the Hunter Hotel Investment Conference, one of the four major national annual hotel investment conferences, today announced that the 23rd annual event will be held March 6-8, 2011, at the Atlanta Marriott Marquis. 

The conference headquarters are located at 300 Galleria Parkway, S-620, Atlanta, Ga. 30339.

Two industry luminaries, Jim Abrahamson (top right photo), president of Americas, Intercontinental Hotels Group (IHG), and Jack DeBoer, (middle right photo) founder and chairman, Value Place, will headline the event as keynote speakers.

“We have a strong tradition of bringing in the top industry leaders to share successful hospitality business practices as keynote speakers,” said Bob Hunter (bottom right photo), CEO of Hunter Realty and conference co-chair.

“Jim has played a leadership role in the development of a number of the world’s leading brands, while Jack is the acknowledged ‘father’ of the extended-stay concept.  We look forward to hearing their unique insights into the industry and its future outlook.”

For more information on the program and to register, please visit the conference website at, or contact

Bob Hunter or Nancy Petenbrink, Conference Director, at 770-916-0300 or by email at
Patrick Daly, Jerry Daly or Chris Daly, Daly Gray Public Relations, 703-435-6293,

Martin A. Reid Joins Interstate Hotels & Resorts as EVP Development & Acquisitions

 ARLINGTON, VA., Nov. 8, 2010—Interstate Hotels & Resorts, the United States’ largest independent hotel management company, today announced that Martin A. Reid has joined the company as executive vice president, development & acquisitions.

 In his new position, he will focus on sourcing and acquiring hotels in concert with Interstate’s roster of equity partners and on identifying management contract opportunities, in addition to managing the company’s relationships with financial and institutional fund managers, hotel franchise companies, hotel owners and real estate brokers.

  Reid will report to Leslie Ng, Interstate’s chief investment officer.

He joins Interstate from Cheswold Real Estate Investment Management, where he was a founding partner in charge of acquisitions and responsible for investment strategy and management of the firm, including extensive capital raising activities.

 For more information about Interstate Hotels & Resorts, visit the company’s Web site:

Jerry Daly, Carol McCune, Media, Daly Gray, (703) 435-6293,
                                                                                                                                                                                        Carrie McIntyre, SVP, Treasurer, Interstate Hotels & Resorts, (703) 387-3320,