National Retail Properties, Inc. Announces New and Expanded $450 Million Unsecured Credit Facility

ORLANDO, FL, May 25, 2011 /PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced the closing of a new $450 million unsecured credit facility, replacing its existing $400 million credit facility.

 The new facility matures May 2015, with an option to extend maturity to May 2016. The facility is priced at LIBOR plus 150 basis points. The new facility also includes an accordion feature to increase the facility size to $650 million.

Wells Fargo Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated were joint lead arrangers and joint book-runners of this credit facility with Wells Fargo Bank, National Association as the Administrative Agent and Bank of America N.A. as the Syndication Agent.

Documentation Agents were PNC Bank, National Association, Royal Bank of Canada and U.S. Bank, National Association. Other bank participants include BB&T, Citibank N.A., SunTrust Bank, Capital One, N.A., and Raymond James Bank, FSB.

"We greatly appreciate the strong support of our bank group and the confidence they have in our business," said Kevin B. Habicht (top right photo), Executive Vice President and CFO.

 "This expanded facility gives us significant financial flexibility and enhances our ability to take advantage of acquisition opportunities which helps us perpetuate NNN's track record of 21 consecutive increases in our annual dividend."

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.

As of March 31, 2011, the company owned 1,223 Investment properties in 46 states with a gross leasable area of approximately 13.3 million square feet. For more information on the company, visit www.nnnreit.com.

Contact: Kevin B. Habicht, Chief Financial Officer, +1-407-265-7348

Grubb & Ellis Receives Listing Standards Notice from NYSE

  

SANTA ANA, CA (May 25, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today reported that on May 19, 2011, it was notified by the New York Stock Exchange that it is not currently in compliance with the NYSE’s continued listing standards, which require an average market capitalization of not less than $50 million over 30 consecutive trading days and shareholders’ equity of not less than $50 million. 

 The company intends to notify the NYSE that it will submit a plan within 45 days from the receipt of the NYSE notice that demonstrates its ability to regain compliance within 18 months. 

Upon receipt of the company’s plan, the NYSE has 45 calendar days to review and determine whether the company has made a reasonable demonstration of its ability to come into conformity with the relevant standards within the 18-month period, or whether it will require the company to do so within a lesser time period. 

The NYSE will either accept the plan, at which time it will specify the applicable time period within which the company has to come into compliance.  Thereafter, the company will be subject to ongoing monitoring for compliance with this plan. 

Alternatively, should the NYSE reject the plan, the company will be subject to suspension and delisting proceedings.

The company’s business operations, SEC reporting requirements and debt instruments are unaffected by the notification. 

During any cure period, the company’s shares will continue to be listed and traded on the NYSE, subject to its compliance with other NYSE continued listing standards, and a “.BC” indicator will be affixed to the GBE ticker symbol.

 The company previously announced in April that it had been notified by the NYSE that it was not in compliance with the NYSE’s continued listing standard as the minimum average closing price of the company’s common stock fell below $1.00 per share for over 30 consecutive trading days. 

The company is in the process of developing a plan to comply with this continued listing standard as well.

 In March, Grubb & Ellis announced that it had engaged JMP Securities to explore strategic alternatives, including the potential sale or merger of the company.

 Contact: Janice McDill, Phone: 312.698.6707                                     

Email:  Janice.mcdill@grubb-ellis.com

          

Daymark Realty Advisors Secures 34,000-SF Lease Renewal with Smiths Medical at 5200 Upper Metro Near Columbus, OH

  

COLUMBUS, OH  (May 25, 2011) – Daymark Realty Advisors Inc., a leading provider of strategic asset, property management and structured finance solutions for owners of commercial real estate, today announced that it has secured a 63-month lease renewal totaling 33,967 square feet with Smiths Medical at 5200 Upper Metro (top left photo) in the Columbus suburb of Dublin, Ohio.

 Since January 1, 2011, Daymark Realty Advisors and its subsidiaries have successfully executed lease transactions totaling in excess of 1.2 million square feet, valued at more than $18.9 million.

 Daymark Realty Advisors and its subsidiaries manage 5200 Upper Metro, a three-story, Class A office building, on behalf of individual owners.

 Smiths Medical, the largest division of the UK-based Smiths Group, is a global supplier of innovative medical devices for the hospital, emergency, home, and specialist environments.

“Smiths Medical has been a tenant at 5200 Upper Metro for the last six years and their renewal maintains the 89 percent occupancy rate at the property,” said Elizabeth Grossman, vice president, asset management.

“Dublin’s friendly entrepreneurial environment has attracted several large companies in the last decade and is home to numerous corporate headquarters.”

 Built in 1999, 5200 Upper Metro is a 96,000-square-foot office building situated on nearly eight acres in the affluent suburb of Dublin. The property is located in the Metro Center Business Park, a 130-acre corporate office park that features numerous amenities, including an onsite café, four hotels, three restaurants, and a fitness center.

Chris Potts and Brett Cisler from Colliers International represented Daymark Realty Advisors in the transaction.  Paul Tingley from Jones Lang LaSalle represented Smiths Medical.

 For more information regarding Daymark, please visit www.DaymarkRealtyAdvisors.com

 Contact: Damon Elder, (714) 975-2659, delder@DaymarkRA.com

EastGroup Properties Announces 126th Consecutive Quarterly Cash Dividend

JACKSON, MS, May 25, 2011—EastGroup Properties (NYSE-EGP) announced today that its Board of Directors declared a quarterly cash dividend of $.52 per share payable on June 30, 2011 to shareholders of record of Common Stock on June 17, 2011.

 This dividend is the 126th consecutive quarterly distribution to EastGroup's shareholders and represents an annualized dividend rate of $2.08 per share.

EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona and California.

 Its strategy for growth is based on its property portfolio orientation toward premier business distribution facilities clustered near major transportation features. EastGroup's portfolio currently includes 28.3 million square feet.

EastGroup Properties, Inc. press releases are available at www.eastgroup.net

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For more information, please contact:

David H. Hoster II (top right photo), President and Chief Executive Officer, (601) 354-3555 or N. Keith McKey, Chief Financial Officer, at same number.

700 New Condos Still Unsold In Downtown West Palm Beach

MIAMI, FL--Even though buyers acquired more developer units per month in the first 90 days of 2011 than a year earlier, the Downtown West Palm Beach market still has more than 700 new condos unsold from the South Florida real estate boom, according to a new report from CondoVultures.com.

As of March 31, 2011, the unsold new condo inventory represents nearly 21 percent of the more than 3,400 units created in Downtown West Palm Beach since 2003, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Downtown West Palm Beach And Palm Beach Island™.

 

In the first quarter of 2011, buyers acquired an average of 12 new condos per month at a blended price of $236 per square foot in Downtown West Palm Beach, according to an analysis of Palm Beach County records.

This year’s new condo sales activity represents a nine percent increase in transactions from the first quarter of 2010 when an average of 11 units were acquired per month at a blended price of $232 per square foot.

“At the current sales pace in this all-cash market, Downtown West Palm Beach has nearly five years of available inventory remaining,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

“The good news is, Downtown West Palm Beach has fewer unsold new condos than the markets of Greater Downtown Miami, South Beach, and Sunny Isles Beach in Miami-Dade County.

“The bad news is, Downtown West Palm Beach's total unsold inventory number does not include some 500 units that were previously acquired in distressed bulk deals by out-of-town investment groups that are now trying to resell the condos at a profit to individual purchasers.”

 

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

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Marcus & Millichap Capital Corp. Arranges $9.3 Million Multifamily Refinancing Loan

ANAHEIM, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged $9,370,000 in refinancing for an 84-unit multifamily property in Anaheim.

Rick Padilla (top right photo), a senior director in the firm’s Long Beach office, arranged the financing.

“Before coming to MMCC, the borrower was turned down for refinancing by half-a-dozen lenders, including his existing lender,” says Padilla. “He was told that his property’s rents were above market, that the property was not of agency quality and that his net worth, liquidity and experience were insufficient to qualify for an agency refinancing loan.”

“MMCC’s longstanding relationships with agency lenders, and our ability to draw upon market data produced by Marcus & Millichap’s local investment sales agents and research department, helped overcome these hurdles and meet our client’s objectives,” concludes Padilla.

The loan is for 10 years, amortized over 30 years with a fixed interest rate of 5.75 percent. The LTV is 75 percent.

 Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation

(925) 953-1716

 www.mmCapCorp.com

Sotheby’s International Realty is Exclusive Sales, Marketing Agents for Spruce Creek Home and Airplane Hangar in Florida

ORLANDO, FL --- Stirling Sotheby’s International Realty was named exclusive sales and marketing agents for a $1.95 million luxury home and airplane hangar at Spruce Creek Fly-In in Volusia County.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said luxury home specialists Rachel McGrath and Debbie Keilin (top right photo) are representing the property and serve as principal contacts for prospective buyers.

The six-bedroom, four-and-a-half bath luxury home offers 6,032 square feet of luxury living space with a separate guest house, huge courtyard, heated oasis style swimming pool and a second gated entry.

The home features golf and lake views, summer kitchen, travertine floors, a ground floor master suite with spa style bath, a second floor media room and library.

The 60-foot-by-68-foot tiled, air-conditioned airplane hangar was previously owned by NASCAR driver Mark Martin and features a full kitchen and a bath, conference room and private office.

Visit http://tour.circlepix.com/tour/Nitro/loadingPage.htm?tourId=793509

For more information, contact

Debbie Keilin, East Volusia Associate, Stirling Sotheby’s International Realty 386 451-4251

Rachel McGrath, East Volusia Associate, Stirling Sotheby’s International Realty 386 795-0911

Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890; rsoderstrom@stirlingSIR.com

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142   Lvershelco@aol.com

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Visit www.StirlingSIR.com

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Morrison Commercial Real Estate Completes Two Lease Transactions Totaling 31,068 SF in Southwest Orlando

 ORLANDO, FL (May 25, 2011):  Greg Morrison, CCIM, SIOR, Principal of Morrison Commercial Real Estate, announced the completion of two large lease transactions totaling 31,068 ± square feet. 

Lisa Bailey (top right photo) and Phil Marchese (lower left photo) of Morrison Commercial Real Estate represented the NWP Group, LLC in leasing 20,700± square feet at 7570 Exchange Drive. 

Tom McFadden of Southern Commercial Real Estate Advisors represented the Landlord in this transaction.  NWP Group is a residential plumbing company that has been in business for over 52 years serving locations throughout the Southeast.

 Bailey and Marchese represented the Landlord in renewing the lease for Walgreens at Presidents Plaza for a total of 10,368± square feet.  Dan Walsh and Jeff Linklater of NAI Capital represented the Tenant in this transaction.

Contact: Buffy Gillette, Phone: 407.219.3500

Email:  bgillette@morrisoncre.com

NYU-Poly Expands Campus in Brooklyn's MetroTech Center

NEW YORK, NY May 25, 2011 /PRNewswire/ -- In an important step to fulfill NYU's city-wide strategic vision for expansion of its academic facilities, NYU's engineering affiliate, the Polytechnic Institute of New York University (NYU-Poly) (top left center), will expand into neighboring space in Downtown Brooklyn's MetroTech Center. 

The move is part of NYU-Poly's $38 million capital plan, called the i-squared-e Campus Transformation - where the "i-squared-e" stands for invention, innovation and entrepreneurship. 

The expansion into MetroTech will allow NYU-Poly to accommodate faculty offices, dry computational labs, small classrooms, and administrative functions, while freeing up space in current facilities for renovation and potential redevelopment.

"MetroTech Center has a great central commons area," said NYU-Poly President Jerry Hultin (lower right photo).  "Expanding into buildings that flank the commons creates a better presence of NYU-Poly in the square, and imparts a more dynamic, vibrant feel to our campus."

NYU-Poly is entering into a 20-year lease with real estate developer Forest City Ratner Companies for a total of 120,000 rentable square feet of space at 2 MetroTech and 15 MetroTech, which also involves a 9-year sub-lease of space from Wellpoint Insurance. 

For more information about NYU 2031 and a complete copy of the institution’s news release,  please log onto www.nyu.edu/nyu-in-nyc or contact

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Wendi Parson of Polytechnic Institute of New York University, wparson@poly.edu,  +1-718-260-3323

Web Site: http://www.poly.edu