Plaza Advisors Announces the Sale of Northside Centre in Miami, FL

MIAMI, FL--Plaza Advisors is pleased to announce the sale of Northside Centre (top left photo)  in Miami, Florida for $18,000,000.

This shopping center is situated at the intersection of NW 27th Avenue and NW 79th Street in unincorporated Miami-Dade County.

 Northside Centre totals 475,579 square feet of gross leasable area and features a long list of prominent tenants including Walgreens, Presidente Supermarket, Payless Shoes, Citibank, Foot Locker, Rainbow Fashions, CitiTrends, Simply Fashions and Dots.

 Northside Centre was built in 1960 and renovated in 2005.  The property was 80% leased at the time of sale.

 Plaza Advisors exclusively represented an entity affiliated with Urban America in the transaction and co-managing partners Anthony Blanco and Jim Michalak, together with Senior Financial Analyst, Lenard Williams were involved in the engagement.

The buyer was represented by Gene Snyder & Company out of North Miami.

 This sale marks the third shopping center sale by Plaza Advisors in Miami in 2010.

Contact:
Miami office:  Anthony Blanco, 305-629-3606; fax 647-6441,  
Anthony.blanco@plazadvisors.com 

Tampa office:  Jim Michalak, 813-837-1300, fax 813-831-2627,  

 Jim.michalak@plazadvisors.com                          

MBA Commends Extension of Loan Limits and Increase in FHA Multifamily Commitment Authority

WASHINGTON, D.C. (Sept. 30, 2010) - Robert E. Story, Jr., CMB, Chairman of the Mortgage Bankers Association, today issued the following statement commending passage of legislation that would extend the current conforming loan limits through the new fiscal year and provide the Federal Housing Administration's multifamily programs with additional commitment authority.

"Both of these items are extremely important, given the fragile nature of our housing market.

"Extending the existing limits is essential to helping borrowers continue to have access to affordable long-term, fixed-rate mortgage credit in today's struggling economy.  The current limits have been a key component of keeping the mortgage market functioning, helping keep mortgage interest rates low for consumers who want to purchase a home or refinance an existing mortgage.

"Likewise, providing the FHA with additional  multifamily commitment authority will help ensure funding for the continued development, renovation and mortgage refinancing necessary to preserve affordable rental housing in this country. 

"This sector has been crucial during the recent housing downturn and credit crisis, and FHA needs the additional authority in order to ensure the market remains liquid."    

H.R. 3081, which passed the Senate and House last night, will continue funding for the federal government through Dec. 3, 2010. 

 It contains broadly supported provisions to extend the existing loan limits for Fannie Mae, Freddie Mac and the Federal Housing Administration (including FHA reverse mortgage products, or HECMs) through September 30, 2011, and to provide $20 billion in loan commitment authority for FHA's General and Special Risk Insurance Funds.   

CONTACT:  John Mechem, (202) 557-2924,  jmechem@mortgagebankers.org

Commercial/Multifamily Real Estate Fundamentals Show Firmer Stabilization in Second Quarter 2010

The Mortgage Bankers Association (MBA) today released its Commercial Real Estate/Multifamily Finance Quarterly DataBook for the second quarter of 2010.

The analysis shows that commercial real estate fundamentals are showing signs of a firmer stabilization as businesses eased job cuts and started to hire, consumers began to re-open their pocketbooks and as households increasingly looked to rent rather than own their homes.

For a complete copy of the news release, please contact Carolyn Kemp at (202) 557-2727 or ckemp@mortgagebankers.org.

Wells’ Newest REIT: Wells Core Office Income REIT

  NORCROSS, Ga. (Sept. 30, 2010) – Wells Real Estate Funds today announced the launch of its latest investment offering: Wells Core Office Income REIT.

The new offering intends to qualify as a real estate investment trust, investing primarily in high-quality office properties nationwide.

 Wells Core REIT will issue up to $5 billion in shares and be publicly registered with the Securities and Exchange Commission. 

It will not be traded on the stock market; investment is through licensed financial professionals.

 Minimum investment is $4,000, at a price of $25 per share.  Complete information is contained in the fund’s prospectus, available at http://www.wellscorereit.com/.

Wells Real Estate Funds is a national real estate investment company founded in suburban Atlanta in 1984. 

Media Contact: Margot Olcay Rubenstein Associate, (212) 843-8284, molcay@rubenstein.com

http://www.wellscorereit.com/

HFF closes loan sale on behalf of Mutual Life of New York

  

NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of a $35 million mezzanine loan on behalf of Mutual Life Insurance Company of New York (MONY), a wholly-owned subsidiary of AXA Equitable Life Insurance Company.

The mezzanine loan is secured by an ownership interest in 280 Park Avenue (top left photo), a 1.2-million-square-foot, Class A office building in Midtown Manhattan.

  The property is 96% leased to tenants including General Electric Capital Corporation, Credit Suisse, Deutsche Bank and the National Football League. 

(Mutual Life Insurance Co. tower, lower right photo)

“Comprising the entire western blockfront of Park Avenue between 48th and 49th Streets, the building occupies a central location in one of the premier office submarkets in Midtown Manhattan,” said Wilcox. 

Contacts:

Whitney H. Wilcox, HFF Senior Managing Director, (212) 245-2425, wwilcox@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

krmurphy@hfflp.com

                  

Regency Centers Announces Debt Tender Offer

JACKSONVILLE, FL.--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE: REG) announced today that its operating partnership, Regency Centers, L.P. (the “Company”), has commenced a cash tender offer (the “Tender Offer”) for up to $100 million in aggregate principal amount (the “Maximum Tender Offer Amount”) of its 6.75% Notes due 2012 (the “6.75% Notes”) and 7.95% Notes due 2011 (the “7.95% Notes”) (collectively, “the Notes”) on the terms and conditions set forth in the Company’s Offer to Purchase dated September 30, 2010 (the “Offer to Purchase”).

 The Tender Offer is subject to certain conditions including a financing condition as more fully described in the Offer to Purchase.

For a complete copy of the company's news release and further details on the tender offer, please contact Lisa Palmer, 904-598-7636.

Grubb & Ellis Represents CQ-Roll Call, Inc., in lease of 71,500 Square Feet on Capitol Hill

 WASHINGTON, DC – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced it represented CQ-Roll Call, Inc., in the lease of 71,500 square feet of Class A office space at 77 K St. N.E. on Capitol Hill. 

The transaction was the NoMa neighborhood’s largest to date in 2010 involving a private sector tenant.

Elyse Wolford, vice president, Office Group, facilitated the lease on behalf of CQ-Roll Call, while Zeke Dodson of Cassidy Turley represented the landlord, Brookfield Properties Management. 

The lease follows Roll Call’s acquisition of Congressional Quarterly in 2009 and represents the consolidation of the two companies’ operations into a single facility.

“There were a number of factors that converged to find CQ-Roll Call a new home that is locationally desirable, economically viable and deliverable within our timeframe,” said Wolford. 

 “As a 24/7 operation, the company has very specific technological requirements, and a new building was an obvious choice to meet their needs. 

"Also, when action on the Hill is high, the employees work long hours and will benefit from the numerous Class A amenities and a vibrant surrounding environment. 

"Finally, the landlord was able to accommodate an early partial relocation for some departments prior to CQ-Roll Call’s official move-in on April 1, 2011, ultimately providing significant additional value for the company.”

The building also features large floor plates, excellent access to public transportation and a fitness center, adding to the quality of life and accessibility for CQ Roll Call employees, said Wolford.

About CQ-Roll Call

CQ-Roll Call is a legislative media company that provides essential intelligence and grassroots advocacy resources to take action.

 As the premier source of timely news, objective facts and analysis, and coverage of elections and the politics of legislation, we keep our fingers on the pulse of the legislative process and give our clients the tools they need to maximize their influence.

We are the ultimate insider, and our unmatched network of relationships and expertise has powered the productivity of those who rely on us since 1945. Visit us at cqrollcall.com.

Contact:           Erin Mays                                

Phone:              312.698.6735                         

Email:              erin.mays@grubb-ellis.com

Crossman & Company to Award Two Full Scholarships at Florida State University Real Estate Conference Nov. 4-5

ORLANDO, Fla. --- Crossman & Company, the commercial real estate firm that ranks as one of the largest third-party retail leasing and management firms in the Southeast, will present two full scholarships at the FSU Real Estate Network’s 16^th Annual Real Estate Trends & Networking Conference at Florida State University on Nov. 4 and 5.

John Crossman, president of Crossman & Company, said the scholarships will be awarded to real estate students Mary Beale and Serina Nguyen-Ho. 

“One of the best ways to improve the real estate marketplace is to encourage the participation of the best of the next generation of professional participants,” Crossman said. “At Crossman & Company we take that responsibility very seriously,” Crossman said.

Crossman will host the conference opening and lead a panel discussion entitled, “If I Were 21.”

Other conference speakers include former Florida Senator Mel Martinez (lower left  photo) and Todd Buchholz (top right photo), a former Director of Economic Policy at the White House and a frequent commentator on ABC News, PBS, and CBS who recently hosted his own special on CNBC.

For more information about the conference, visit www.fsurealestate.com.

For more information about this press release, contact:

 Molly Delahunty, Crossman & Company, 407-581-6220 mdelahunty@crossmanco.com;

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  

 

Marcus & Millichap Capital Corp. Arranges $19.5M Loan

 SAN PEDRO, Calif., Sept. 29, 2010 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $19.5 million refinancing loan for Pacific Place, a Class A office building in San Pedro, Calif.

Michael Derk (top right photo), a senior director/vice president capital markets in the firm’s Long Beach office; Jake Roberts (lower left photo), a senior director/vice president capital markets; and Anita Paryani, a senior director, both in the firm’s West Los Angeles office, arranged the loan.

“The largest tenant in the building had a short term remaining on its lease and then halfway through the transaction the tenant gave notice,” says Derk.

“While very well connected, none of the borrower’s lender relationships were able to close on a loan with the largest tenant vacating, but MMCC was able to structure around the risk, packaging the deal in such a way that lenders were able to get comfortable with the transition and move past the vacancy concerns.”

“We are seeing increasing numbers of transactions with leasing events and property issues that many lenders don’t want to accommodate,” adds Roberts. “MMCC’s strong lender relationships aid us in guiding lenders through the issues and we provide problem-solving mitigates that allow us to close complex financing transactions.”

“We are quite capable of financing ‘down the fairway’ deals at the best and most aggressive terms possible and MMCC adds tremendous value in financing more structured loans in the current lending environment, as can be seen through the funding of this loan,” notes Paryani.

The loan is for three years, interest only, with a loan-to-value of 60 percent and a 5 percent adjustable interest rate.

Contact: Stacey Corso

Public Relations Manager

(925) 953-1716