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, ckemp@mortgagebankers.org

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.

Contact:

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, Anthony.blanco@plazadvisors.com
Tampa Office, Jim Michalak, 813-837-1300,  FAX: 813-831-2627,  Jim.michalak@plazadvisors.com

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
$13,160,800.

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, 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.

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, lauramickelson@cox.net

 

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. www.regencycenters.com

Contact: IRInfo@regencycenters.com

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 www.Tranzon.com (property code DG427) or contact Walt Driggers at 352.369.1047 or wdriggers@tranzon.com.

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, jcrossman@crossmanco.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

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: julia.mccartney@grubb-ellis.com

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, schan@heihotels.com

Julie Tullbane, Daly Gray, Inc., T 703-435-6293, F 703-435-6297, julie@dalygray.com

Corecon Technologies Introduces Corecon Mobile for Use With Newly released Corecon V7 Online Construction Software

HUNTINGTON BEACH, CA,  Sept. 1, 2010 – Corecon Technologies, Inc., pioneers in web-based construction software, today announces its new product Corecon Mobile. Specifically tailored for use on smartphones and tablets with smaller screens, Corecon Mobile is compatible with Apple iPhone and iPad, Google Android, HP Palm, Microsoft Windows Mobile, and RIM Blackberry.

Corecon Mobile was developed for use with Corecon V7, an online estimating, project management, and job cost suite of construction software that was released in May 2010. A predecessor of Corecon Handheld for Corecon V6, Corecon Mobile was completely re-built from the ground up.

This latest release adds access to more types of construction project records, includes a new navigation system, and takes advantage of the latest mobile application technologies to improve overall performance. Furthermore, real-time updates to project information appear immediately in Corecon V7 without requiring synchronization.

“The launch of Corecon V7 and its platform back in May provided significant advantages to Corecon users. The Corecon Mobile solution extends this platform even further,” says Norman J. Wendl, president of Corecon Technologies, Inc.

“Corecon V7 is accessible anytime, anywhere from a netbook or laptop computer, but it’s not always convenient to carry these devices on a jobsite or to a meeting,” explains Wendl.

“Since nearly every construction superintendent has a smartphone in his safety vest pocket and executives are constantly on the go, Corecon Mobile puts the power to make quick and informed decisions right in their fingertips.”

The AEC industry is just starting to capitalize on the usefulness of smartphone mobile technology for the built environment.

According to the Gartner Group, by the end of 2010, 1.2 billion people worldwide will have smartphones with mobile applications being ranked as one of the Top 10 technologies this year.

“Smartphones and devices like the Apple iPad are reinventing the way AEC professionals do their jobs today and in the future and Corecon Mobile is at the forefront of this trend,” says Wendl.

Corecon Technologies is a leading software developer for the architecture, engineering, construction (AEC) and real estate industries.

Utilizing the latest Web technologies, Corecon’s suite of construction software provides constant connectivity anywhere, anytime whether using a laptop, netbook or mobile phone.

The firm is the only company with a web-based suite of construction software on the market that provides business development, estimating, document control, contract administration, job cost control, scheduling and collaboration with integration options to popular accounting systems such as Intuit Quickbooks or SAP Business One®.

Based in Huntington Beach, Calif., the company was founded more than a decade ago by construction industry experts who seek to design software that provides cost-effective, user-friendly tools to ensure successful project delivery.

For more information about Corecon Technologies and Corecon V7, visit the company’s website at http://www.corecon.com/ or call toll free at 1-866-258-6698.

Contacts:

Laura Mickelson, LM Communications, 949-453-0851, lauramickelson@cox.net
Jennifer Heinly, J&J Consulting, 949-716-9829, jennifer@jandjconsulting.net

W Retreat Koh Samui Unveils Details on aWay® Spa, The First W Retreat in Southeast Asia’s Signature Spa

KOH SAMUI, Thailand, Sept. 1, 2010 – W Retreat Koh Samui has unveiled details on aWay® Spa, the signature spa at the first W Retreat (top left photo) in Southeast Asia.

 Slated to open in late 2010, aWay® Spa will whisk away W Retreat Koh Samui guests, in-the-know locals, and island visitors alike to a playground of surprising sensations and signature treatments that detoxify, decompress and refuel in an aura of peace, silent beauty and simple elegance.

The first of its kind in Asia, the Thaimazcal® herbal sauna/steam experience is a unique ritual to purify body and soul, based on inspiration drawn from the traditional Mexican-style Temazcal and now brought to Asia with a twist.

One of the most ancient rituals of Mexican culture, it addresses the need for physical and mental purification, and offers an energetic communion with nature’s elements in order to feel reborn. aWay® Spa’s “Thaimazcal” treatment will incorporate delicious mocktails with Thai herbs, enlivening the treatment with W’s signature twist.

W Retreat Koh Samui will be the third retreat in the expanding W Hotels Worldwide collection.

 For reservations and more information, please visit www.whotels.com/kohsamui.

 Other W retreats in Asia include W Retreat & Spa, Maldives and the soon to be unveiled W Retreat & Spa, Bali, Seminyak (late 2010).

Contact: Hwee Peng Yeo, Director of Asian Markets, Glodow Nead Communications – Asia, Level 21, Centennial Tower, 3 Temasek Avenue, Singapore 039190, Tel : 65 9768.6087
Glodow Nead Communications, 1700 Montgomery Street, Suite 203, San Francisco, CA 94111, T: 1 415.394.6500, C : 1 650.892.4769, F:415.403.9060
hweepeng@glodownead.com, Follow us on Facebook

Mid-America Apartment Communities, Inc. Announces Dallas Acquisition La Valencia at Starwood

MEMPHIS, TN /PRNewswire-FirstCall/ -- Mid-America Apartment Communities, Inc. (NYSE:MAA) has completed the acquisition of La Valencia at Starwood (top left photo), a newly developed upscale 270-unit apartment community located in the Dallas/Ft. Worth MSA.

La Valencia at Starwood is a gated community completed in 2009 located in the master planned development of Starwood, in the north Dallas sub-market of Frisco.

The upscale community offers high-end amenities including a resort-style pool, state-of-the-art fitness center and direct-access garages. The large apartment homes, averaging 992 square feet, feature nine-foot ceilings, wood flooring and custom pre-wiring for flat panel TVs and surround sound systems.

The community is the first fully certified ENERGY STAR community in North Texas.

Commenting on the announcement, Al Campbell, EVP and CFO said, "We are excited to be adding a community in the highly desirable Frisco sub-market to our Dallas portfolio.

For further details, please refer to our website at http://www.maac.net/
 or contact Investor Relations at investor.relations@maac.net
 or by mail at 6584 Poplar Avenue, Memphis, TN 38138.

Contact:  Investor Relations of Mid-America Apartment Communities, +1-901-682-6600, or investor.relations@maac.net
Web Site: http://www.maac.net/

Berger Commercial Realty Corp. Announces Recent Lease For New Home of Audi Lighthouse Point in Florida

 FORT LAUDERDALE, FL– Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale, Fla. and serving clients around the state, announced a new lease between Lighthouse Point Auto Investors I, LLC, and Broward Automotive, Inc, doing business as Audi Coral Springs, represented by broker Steve Hyatt, (top right photo) at 4250 North Federal Highway in Lighthouse Point, Fla.

"After renovations, the property will be the new home of Audi Lighthouse Point, a new sales and service facility for the Audi franchise," said Hyatt. "Audi Coral Springs and Audi Lighthouse Point are owned by the Qvale Automotive Group, a large dealership group with operations in Florida and California."

The multi-year agreement is for a 31,781 square-foot property is located on 2.9 acres of land.

"Audi Lighthouse Point will open September 1 and will serve as an additional eastern satellite operation for customers in the Fort Lauderdale, Pompano Beach and Boca Raton areas ," said Hyatt.

Hyatt joined Berger Commercial Realty Corp. as Senior Vice President and Director of Business Development after a successful 12-year career as Vice President of Corporate Development at AutoNation, Inc. (NYSE:AN), an $18 billion, Fortune 100 automotive retailer based in Fort Lauderdale.

While at AutoNation, he was responsible for the acquisition and disposition of over 175 automobile dealerships in 17 states.

Contact: Marielle Sologuren, Pierson Grant Public Relations, 6301 Northwest 5th Way, Suite 2600, Fort Lauderdale, FL 33309, Phone: (954) 776-1999, ext. 226, Fax: (954) 776-0290, msologuren@piersongrant.com
http://www.piersongrant.com/
http://www.highimpactdigital.com/

Newmark Merrill Mountain States Wins Management of Panattoni Development Company's One Million SF Colorado Retail Portfolio

LONGMONT, CO-- NewMark Merrill Mountain States, a division of NewMark Merrill Companies, has been appointed the new management firm for four of Panattoni Development Company’s Colorado Centers totaling over 1,000,000 SF. The centers include:

Twin Peaks Mall (top left rendering)  is located in Longmont, about 35 miles north of Denver. The 550,000 square foot mall is home to over 40 retailers.
Harvest Junction North & South (middle right photo) are located just east of US Hwy 287 at Ken Pratt Blvd. in Longmont. These two centers, located directly across the street from each other, total 322,816 square feet.  The center is currently 94 % leased.

The final center in the Colorado portfolio assigned to NewMark Merrill Mountain States is Northglenn Marketplace, (lower left photo)  located off the I-25 at104th Ave, Northglen, Colorado. The portion owned by Panattoni is a former 76,157 square foot Mervyn’s.
The management assignment was procured by Allen Ginsborg, NewMark Merrill Mountain State’s Managing Director and Principal. Ginsborg will direct the marketing and management of all the centers with local asset manager Luke McFetridge. Ginsborg will lead the redevelopment efforts for Twin Peaks Mall with current mall manager Sandra O’Clock.

“The Panattoni assignment is part of our growing presence in Colorado. We have a strong synergy with the existing Panattoni retail team and are confident our operational and marketing expertise will add value to the portfolio immediately,” said Ginsborg.

“Repositioning Twin Peaks Mall will require us to apply all of the skills we have learned over decades of successful shopping center redevelopment projects. Mall transformations are a sign of the times and opportunity to lead our industry into the future,” says Ginsborg. “I’m eager to lead this effort.”

Contact: David Ebeling, Ebeling Communications, 949.278.7851, david@ebelingcomm.com

Marcus & Millichap Lists $23M Single-Tenant Office Portfolio in Nashville, TN

 
FRANKLIN, TN – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 133,200-square foot, two-building office property portfolio occupied by UnitedHealth Group Inc (top left photo).

 The listing price of $23 million represents $173 per square foot.

Joseph Massa, (top right photo)  a net-leased property investment specialist in Marcus & Millichap’s Nashville office, is representing the seller, a local real estate partnership.

“UnitedHealth Group Inc. is one of the nation’s leading health care companies,” says Massa. “The leases are absolute triple-net with 3 percent annual increases and the location is within one of the best suburban office markets in the Southeast.”

The buildings are located at 1009 and 1021 Windcross Court in the Cool Springs office submarket with excellent access to Interstate 65. Franklin is approximately 10 miles south of Nashville in Williamson County, the nation’s 16th wealthiest county, per capita.

Built in 1999 and 2004 on 11.4 acres, the buildings are 100 percent occupied by UnitedHealth Group Inc. In 2009, UnitedHealth Group reported $87.1 billion in annual revenue. The company has a Standard & Poor’s A- credit rating and is ranked No. 21 in the Fortune 500.

Marcus & Millichap Names Ron Hebert to Vice President Investments in Dallas Office

DALLAS, TX – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Ron Hebert (lower left photo)  to the position of vice president investments.

The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents.

 It represents excellence in client relationships, investment real estate expertise and sales volume, according to John. J. Kerin (lower right photo), president and chief executive officer.

Most recently, Hebert held the position of associate vice president investments.

Hebert began his career with Marcus & Millichap in 2004, specializing in office and industrial property investment sales. He has consistently ranked as one of the top 10 agents in the Dallas office.

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