Tuesday, February 8, 2011

Marcus & Millichap Lists Two-Building Office Portfolio in Downtown Chicago

CHICAGO, IL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for a two-building 396,000 square foot office portfolio in downtown Chicago.

One of the buildings is the landmark Heyworth Building (top left photo), located at 29 East Madison St., and the other is the Home Federal Building (middle right photo), which is situated two blocks away at 11 East Adams St. The buildings are being offered in an open bid and may be purchased together or separately.

Scott Harris, a senior vice president investments in the firm’s Oak Brook office, and Howard Wiese, a vice president investments in Chicago, are representing the seller, a Chicago-based investment firm.  

“These are both stabilized assets with an average occupancy of 90 percent. A new owner will be able to leverage the benefits of increased pedestrian traffic and retailer growth due to the close proximity of these assets to the rejuvenated State Street retail corridor,” says Harris.

“We believe the exceptional location, quality and stability of income stream, coupled with the much improved economic environment, make this an outstanding opportunity for a buyer to acquire two core assets,” adds Wiese.

The Heyworth Building is a 236,151-square foot 19-story office building designed by noted architect Daniel Burnham’s firm, D. H. Burnham & Co. Built in 1904, the Heyworth Building has been designated as a historical landmark.

The 160,458-square foot 15-story Home Federal Building is located on the southeast corner of State and Adams Sts. The building is ground floor-anchored by the Bank of America.

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

MBA Honors Catherine Rodewald of Prudential MortgageCapital Co. with 2011 CREF Distinguished Service Award

 SAN DIEGO, CA (Feb. 8, 2011) - The Mortgage Bankers Association (MBA) today awarded Catherine Rodewald (top right photo), Vice President of Prudential Mortgage Capital Company, with the CREF Distinguished Service Award at the Association's 21st Annual Commercial Real Estate Finance (CREF)/Multifamily Housing Convention & Expo held in San Diego, CA.

 The award was given to Rodewald in recognition of her dedication and prominent service to MBA and the mortgage lending industry. 

 "Catherine has distinguished herself among her peers as one of our industry's most dynamic and thoughtful leaders. I am pleased that we, as an association, are able to recognize her for her efforts," said MBA Chairman Michael D. Berman (middle left photo), CMB. "Her ability to motivate her peers and tackle the important issues at hand makes her commitment to MBA and the industry as a whole invaluable."

 Nominees for the CREF Distinguished Service Award must be associated with an MBA member firm, have a record of sustained and extraordinary service to MBA and the commercial/multifamily real estate finance industry, and have a strong reputation for ethical and professional conduct.

Rodewald joined Prudential in 2002, where she is responsible for the servicing and asset management operations of the commercial real estate loan portfolios, as well as the organization's technology strategy and business systems.

In addition, Rodewald is a member and immediate past chair of the Board of Directors of MISMO, the Mortgage Industry Standards Maintenance Organization. She is also a past chair of the Mortgage Bankers Association's CREF Technology Committee.

  Contact: Melissa Key, (202) 557-2799, mkey@mortgagebankers.org

Mercantile Capital Corp. Reports Seven Commercial Loans in January, Up More than 31 Percent Over Last January

ALTAMONTE SPRINGS, FL --- Mercantile Capital Corporation, a wholly-owned subsidiary of Old Florida National Bank, reported it closed on seven commercial loans to finance projects that total $15.2 million in January. 

Mercantile Capital Corporation specializes in U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities.

Christopher Hurn (top right photo), chief executive officer of Mercantile Capital Corporation, said the firm’s loan volume in January is up more than 31 percent over the same period last year.

“We are seeing a substantial increase in lending opportunities in markets all across the country,” Hurn said. “Entrepreneurs perceive property values at historic lows, interest rates at historic lows and an overall economic picture that is turning optimistic,” he explained.

Hurn said pent-up demand for commercial property development and acquisitions have resulted in a record volume of loan applications.

“We anticipate that February’s loan volume will show even better growth than January,” Hurn said.

In 2010, Mercantile funded a record-setting $140.6 million in SBA 504 loan projects in 13 states.

For more information about this press release, contact:
Chris Hurn, Chief Executive Officer Mercantile Capital Corporation, 407-786-5040
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Casino, Resort and French-Themed Village to Provide Major Boom to Mississippi Gulf Coast

 D’IBERVILLE, MS– A $450 million world-class casino, resort and French-themed retail and entertainment village is expected to create 2,000 jobs and infuse much-needed tax revenues into the historic waterfront City of D’Iberville, located along the Gulf Coast adjacent to Biloxi, one of the hardest hit by Hurricane Katrina and impacted by the BP Oil Spill.

 The 18-acre CanCan Casino Resort and the French Village (top left rendering)  will include a 60,000-square-foot casino with 1,800 slots, 46 table games, and 16 live poker-tables, along with flexible meeting space and a showroom; 90,000 square feet of retail including restaurants, night clubs, and shopping; 550 hotel rooms including a 300-room French-themed stand-alone hotel; and a freestanding wedding chapel, in this area, believed to be the first of its kind outside of Las Vegas.

 “We expect this project to serve as a catalyst for the revitalization of the D’Iberville-Biloxi area and the entire Gulf Coast region,” said George Toth (middle right photo), president and CEO of CanCan Development, LLC.

“The mix of unique entertainment, hospitality and cultural offerings will draw tourists from across the country and the world, adding to the city’s tax base and providing significant indirect revenues to businesses in the region.”

 Toth expects the CanCan Casino Resort & Spa and French Village to generate more than $260 million a year in gross revenue, providing a major boost to the local economy.

 Hurricane Katrina caused massive damage to the D’Iberville-Biloxi metropolitan area, destroying 90 percent of buildings along the coast, including many casinos.

In the five years since Hurricane Katrina hit, the hospitality industry is still rebuilding, reaching only 72 percent of its employment level from 2005. Tourism in the region was also adversely affected by the recent BP Deepwater Horizon oil disaster.

The CanCan Casino Resort & Spa and the French Village is the first ground-up casino, hotel, and retail development in the Biloxi area since Hurricane Katrina and will serve as a centerpiece to the revitalization effort in the Old Town Section of D’Iberville.

Along with entertainment, dining, gaming and lodging, the development will provide for the creation of live/work areas, green space, and retail and professional centers.

 The CanCan Casino Resort & Spa and the French Village is designed by internationally renowned architecture firm LEO A DALY, responsible for the Trump Taj Mahal, Atlantic City; The Orleans Hotel & Casino, Las Vegas; Casino Del Sol, Tucson, Ariz.; South Point Hotel, Casino and Spa, Las Vegas; and Suncoast Hotel & Casino, Las Vegas. Francis Xavier Dumont is the lead architect.

 With a groundbreaking planned for early 2011, the CanCan Casino Resort & Spa and the French Village is expected to open 16 months after the start of construction pending regulatory approval.

 Contact: Jennifer Little, VP, Rubenstein Public Relations, 212.843.8364

Chris Vitori Joins Cincinnati Office of Marcus & Millichap

CINCINNATI, Feb. 8, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired Chris Vitori (top right photo) as an office and industrial investment sales specialist in Cincinnati office, according to Joshua Caruana (lower left photo), regional manager of the office.    

Most recently, Vitori was a vice president and partner at the Everest Group, based in Cincinnati.

“Chris brings first-hand market expertise to his new position and will add significant value to our private and institutional investor clients and the Marcus & Millichap brokerage platform, particularly as we expand our office and industrial presence in Cincinnati and throughout the Tri-State area,” says Caruana, who also oversees the firm’s Indianapolis office as regional manager. 

Throughout the course of his career, Vitori has arranged approximately $32 million in sales and leasing transactions in the Greater Cincinnati MSA.

Vitori is a member of the board of directors of Access Business Development and Finance in West Chester, Ohio, and is on the Xavier University Executive MBA Advisory Board. He received his bachelor’s degree in Engineering from the University of Dayton.

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

Cousins Properties Reports Results for Quarter and Year Ended December 31, 2010

ATLANTA, GA -- Cousins Properties Incorporated (NYSE:CUZ)  reported its results of operations for the quarter and year ended December 31, 2010.


  • FFO Before Non-Cash Impairment and Separation Charges totaled $0.16 per share.
  • Completed leasing totaling 491,000 square feet, reaching 2,994,000 square feet for 2010, a full year increase of 41% for office, 18% for retail and 16% for industrial.
  • Sold $27.7 million of non-strategic assets for a 2010 total of $172.8 million.
  • Invested $14.9 million in a new partnership owning four Publix-anchored shopping centers.
  • Returned to an all cash dividend at an annualized rate of $0.18 per share.

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

Gregg D. Adzema. Executive Vice President and Chief Financial Officer, 404-407-1116, greggadzema@cousinsproperties.com. or
Cameron Golden. Director of Investor Relations and Corporate Communications

TD Wood Brokers $5 Million Loan in Pembroke Park, FL

 MIAMI, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $5,068,000 for Carolina 31st Corporation in Pembroke Park, Florida.

Marshall Smith (top right photo), Company Executive Vice President, secured financing for Carolina 31st Corporation through Thomas D. Wood & Company’s correspondent relationship with Advantus Capital Management. 

The fixed-rate loan has a term of 10 years, based on a 22-year amortization and an interest rate of 5.15%.  The loan-to-value is 65%.  The 158,000 square-foot industrial building was built in 1980 and is located at 1800-2000 SW 31st Avenue, Pembroke Park, Florida.

For further information, please contact:
Marshall Smith, (305) 447-7825, msmith@tdwood.com
Jessica Kinnee, (407) 937-0470, jkinnee@tdwood.com

Mercantile Capital Corp. Names Three New Executives

 ALTAMONTE SPRINGS, Fla. --- Mercantile Capital Corp. in Altamonte Springs appointed three new executives recently.

 Christopher Hurn (lower right photo), chief executive officer at Mercantile Capital Corporation, said he appointed Derek J. Housh (middle left  photo) as Loan Officer, who will focus on healthcare lending.

 Housh earned his B.A. Degree in Economics from Ohio State University in 1999 and has more than 10 years of experience as a loan officer specializing in financing medical, dental, and veterinarian practices.   Housh was formerly southeast regional manager for Bank of America Practice Solutions.

 Hurn appointed Zenia Birdie (top right  photo) as Closing Officer at the firm. Birdie earned her B.S. Degree in Business Administration from the University of Florida recently with a specialization in marketing.  She was formerly an intern for Mercantile Capital Corp.   In her new role, Birdie will facilitate closings and work with borrowers.

 Hurn appointed Stephen Robertson as Sales Associate. Robertson has more than six years of experience in financial service, including a position as a wholesale mortgage business account executive with J.P. Morgan Chase.  Robertson plans to graduate from the Warrington College of Business at the University of Florida in April with his MBA Degree.

 “Mercantile Capital Corporation posted its best year ever in 2010, and we are expanding to accommodate growing demand for our services,” Hurn said.

The firm, which merged with Old Florida National Bank in Winter Park last year, specializes in U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities.

For more information about this press release, contact:  
Chris Hurn, Chief Executive Officer Mercantile Capital Corporation, 407-786-5040;  
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142  

Owed $97.3 Million, Lender To Repossess 329 Waterfront Miami Units

 MIAMI, FL--A lending consortium is days away from officially repossessing 169 condo-conversion units and 160 rental apartments that front Miami's Biscayne Bay as part of a nearly $100 million foreclosure, according to a new report from CondoVultures.com.

The lending consortium is poised to take title to nearly 380,000 square feet of residential space in the unfinished Treasures on the Bay three-building, condo-conversion complex in the island city of North Bay Village, located between Greater Downtown Miami and Miami Beach.

A newly formed Florida corporation managed by the Owens Financial Group Inc. of Walnut Creek, Calif., has been designated to take the official title to the 329 units and two undeveloped lots after winning a court-ordered foreclosure auction on Feb. 2, 2011 with a bid of $500,100, according to Miami-Dade County records. 

The foreclosure auction was the last step in repossessing the units and land following a summary judgment for $97.3 million that was issued in October 2010 by Miami-Dade Circuit Court Judge Valerie Manno-Schurr.

"Treasures on the Bay is a condo-conversion project that wound up being a casualty of the South Florida real estate crash," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"The original condo converter successfully renovated and sold off most of the first tower, and was poised to sell off the since-renovated second tower when the market collapsed in 2007. Work never had a chance to begin on a third tower." 

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