Marcus & Millichap Names John Horowitz Regional Manager of Brooklyn Office

  BROOKLYN, N.Y., May 6, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named John Horowitz (top right photo) regional manager of the firm’s Brooklyn office, according to John J. Kerin, president and chief executive officer.

“As sales manager of the Brooklyn office, John has demonstrated his expertise in expanding our national market-making capabilities to clients throughout the Tri-State area,” says Kerin. “As regional manager, John will continue to expand the Brooklyn office and to provide leadership and support to our investment professionals.”

Horowitz began his career with Marcus & Millichap in December 2006 as an agent in the Brooklyn office and became the sales manager in October 2010. Prior to joining Marcus & Millichap, he worked as a corporate lawyer and ran a nonprofit agency that focused on criminal justice issues.

Horowitz received a bachelor’s degree in political science from Tufts University and a law degree from Fordham University.

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

Two San Francisco Residential Sites Sell for $414 Million

SAN FRANCISCO, CA,  May 6, 2011 – Institutional Property Advisors (IPA), a boutique brokerage platform serving the needs of institutional and major private investors, has negotiated the sale of two residential sites (top left photo) in San Francisco for $41.4 million.

 The two transit-oriented residential sites, Blocks 5 and Block 11, are located on 3.84 acres in the Mission Bay neighborhood of San Francisco. The sales price of $41.4 million represents $247 per square foot.

The brokerage team of Stan Jones (middle right photo), Phil Saglimbeni  (middle left photo) and Sal Saglimbeni  (lower right photo) represented the seller, FOCIL-MB in the transaction.  The buyer was BRE Properties Inc.

 “The city’s vision for Mission Bay has been very well executed and represents one of the last growth corridors in San Francisco,” says Jones. “Opportunities to acquire entitled market-rate sites in the city are truly rare, as evidenced by the strong roster of both public and private developers that have committed to the area.” 

“Entitled for 360 units, Block 5 and Block 11 represented the last two market- rate residential development sites available in Mission Bay,” adds Phil Saglimbeni. “Commitments from major employers, including UCSF, Old Navy, Salesforce.com and several biotech companies have spurred explosive growth in the neighborhood.”

The sites are located one block south of Mission Creek, just south of downtown San Francisco. They are within walking distance of two light-rail stations, two bus lines and the Caltrain Station. Access to interstate highways 80 and 280 and U.S. Highway 101 is minutes from the sites.

Block 5 and Block 11 are also located near extensive retail and entertainment options, including AT&T Park, the Ferry Building, Union Square and Westfield’s San Francisco City Centre.

The Mission Bay neighborhood, which covers 303 acres, represents the largest urban development in San Francisco since the building of Golden Gate Park.

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

Bill Rose Promoted to National Director of Marcus & Millichap’s National Retail Group

ENCINO, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Bill Rose (top right photo) to director of the National Retail Group (NRG), according to president and chief executive officer, John J. Kerin (middle left photo).

“We have the largest and most experienced team of retail investment specialists  in the nation,” says Kerin. “The NRG led the industry again last year with 1,445 retail transactions totaling $3.7 billion.”

“Despite our leading position, we have a significant growth opportunity in the retail real estate sector,” continues Kerin. “Bill’s extensive experience in all aspects of retail real estate makes him uniquely qualified to lead the effort to expand the firm’s retail investment sales expertise, financing, research and advisory services.”

Rose joined Marcus & Millichap’s San Diego office in September 2003 as a retail and multifamily investment specialist. He was promoted to senior associate in September 2006. He rejoined the firm in November 2009 as sales manager of the San Diego office and in November 2010 was named western regional director of the NRG. He is currently located in the San Diego office.

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

RealtyTrac Adds SmartZip Homescore For Millions of Foreclosure and For-Sale Properties Nationwide

IRVINE, CA– RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, and SmartZip Analytics (www.smartzip.com), a leader in real estate analytics, today announced that SmartZip’s HomeScore™ has been integrated on nearly 2 million foreclosure and for-sale properties posted on the RealtyTrac website, allowing users to instantly locate properties that have the best potential for appreciation over time.

“This partnership offers great value to RealtyTrac users, giving homebuyers and investors the ability to easily find foreclosures and for-sale properties that represent the best buys,” said James J. Saccacio (top right photo), chief executive officer of RealtyTrac.

 “Backed by SmartZip’s robust property and neighborhood analytics, the HomeScore ratings are displayed on RealtyTrac’s search results pages, allowing users to sort and filter properties by their scores, and in-depth property reports with historical charts and the data behind the ratings are available on the property details pages.”

“Today’s real estate market is characterized by unprecedented uncertainty and opportunity,” said Tom Glassanos, (middle left photo) president and CEO of SmartZip Analytics. “RealtyTrac’s adoption of SmartZip’s Homescore ratings addresses each of these head on, giving homebuyers the means to easily tap the foreclosure market while ensuring purchases are financially sound.”

Visitors to www.realtytrac.com who perform a property search will find a HomeScore rating for properties in their area of interest. The HomeScore rating is a measure of a property’s potential to have above-average appreciation and below-average costs. HomeScore indicates a home’s relative investment quality on a scale of 1 to 100, with 50 being the national average, rating properties whether they are a poor, fair, good, very good or excellent investment opportunity.

The higher the HomeScore rating, the greater is the home’s investment potential. Properties that score above 50 are expected to outperform the market while those that score below 50 are expected to underperform. In general, a HomeScore between 35 and 65 is considered a “good” investment. A score above 65 is “very good” to “excellent;” and below 35, the rate scale trends from “fair” to “poor.”

View video on how SmartZip HomeScore works on RealtyTrac.

See a sample of the detailed SmartZip HomeScore report.

Tweet this: RealtyTrac integrates SmartZip HomeScore to show best potential for price appreciation on foreclosure and for-sale properties. http://ow.ly/4MBJW

Media Contacts:

Michelle Sabolich

Atomic Public Relations

415.593.1400, ext. 1233

michelle.sabolich@atomicpr.com

Avi Gupta:

Vice President, Marketing & Business Development

925.218.1924

avi@smartzip.com

Cambridge Chairman Jeffrey A. Davis Appointed to Service on Board of Advisors for Graaskamp Center for Real Estate

 CHICAGO, IL--Cambridge Realty Capital Companies Chairman Jeffrey A. Davis (top right photo)  has been appointed to serve on the Board of Advisors for the James A. Graaskamp Center for Real Estate on the University of Wisconsin campus in Madison.

The Center is named for the late James Graaskamp (middle left photo), a professor and department chairman of real estate at the university between 1964-1988. Prof. Graaskamp is credited with helping to establish his field within the realm of academia and with creating the multi-faceted ethics-based curriculum now widely used in teaching real estate at Madison and other institutions.

Davis is a 1976 graduate of the University of Wisconsin with a Master’s degree in real estate finance. He says Prof. Graaskamp’s devotion to students and his exceptional oratory skills earned him legions of loyal student followers.

“Prof. Graaskamp believed in preparing students to tackle complex, unstructured problems that didn't lend themselves to neat academic models,” he noted.

In the 1970s, Prof. Graaskamp began to advocate for an environmental ethic in real estate proceedings, noting that development has considerable and nearly irrepressible impact on the land. He also advocated for a much more comprehensive approach to feasibility analysis and his book, A Guide to Feasibility Analysis, is a standard text today.

Prof. Graaskamp overcame many personal obstacles. Polio left him a quadriplegic at age 17, but he went on to earn a degree in creative writing from Rollins College, an MBA in securities analysis from Marquette University, and a doctorate in urban land economics and risk management from the University of Wisconsin.

To honor his distinguished teaching career, The Wisconsin School of Business Center for Real Estate was renamed in his honor in 2007.

Executive Director Michael Brennan (lower right photo) said the Graaskamp Center’s mission is to train competent, creative and collaborative professionals who are prepared to be leaders in the real estate industry. The Advisory Board is a core support group of real estate industry leaders who advise the center on its agenda, mentors student, participate in board meetings and contribute to the Wisconsin real estate tradition as guest lecturers at the school.

 Contact:

Evan Washington

Phone: (312) 521-7604

Fax: (312) 357-1611

E-Mail:  ew@cambridgecap.com

Marcus & Millichap Sells 42-Unit Apartment Property in Tampa, FL for $455,000

TAMPA, FL, May 5, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Lexington Court (top left photo), a 42-unit apartment property located in Tampa, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $455,000.

Michael P. Regan (lower right photo), an associate vice president investments, Francesco P. Carriera, a senior associate and Nicholas Meoli, a multifamily investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor based out of California.

The buyer, a private investor, was secured and represented by Regan and Carriera.

Lexington Court was built in 1974 and is located at 11738 North 14th Street. 

“This was an FDIC assisted short-sale transaction.  After several months of marketing, we were able to generate multiple offers.  Keeping prospective buyers engaged was not an easy task while we were waiting for final lender approval, as the property, its income and its location continued to depreciate” says Carriera.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Tolaris Realty Group Expands to Sarasota, FL area: Reports Record Transactions in April

 LAKE FOREST, FL –Tolaris Realty Group, which sells homes throughout Orange, Seminole, Lake and Volusia Counties, has expanded to Sarasota County.

Rick Bavec, president of Tolaris Realty Group, said the real estate company located off SR 46 in Lake Forest west of Sanford now employs 22 associates in five counties.

 Bavec said he expects to see record sales transactions in April.

For more information, contact:

Richard Bavec, President, Tolaris Realty Group, 407-402-9866 rbavec@tolarishomes.com;

 Larry Vershel or Beth Payan, LV Communications, 407-644-4142 (fax: 4410) lvershelco@aol.com

Stirling Sotheby’s International Realty’s Named Exclusive Sales, Marketing Agents for European Luxury Home in Howey-In-The-Hills, FL

ORLANDO, FL--- Stirling Sotheby’s International Realty was named exclusive sales and marketing agents for a $625,000 European luxury home (top left photo) near the Mission Inn Country Club in Howey-In-The-Hills that cost more than $1 million to build.

To view a video of the home and property visit http://www.youtube.com/watch?v=3DJCbV6FBQc

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said it took Master Craftsman John Artimovich of Olde Mill Company four years to complete construction of the 4,415 square foot home with five bedrooms, four baths, and one-of-a-kind features that include a secret stairway hidden behind a library bookcase.

“This is truly a unique home,” Soderstrom said. “Everything in the home was custom built or custom ordered from Europe. We expect it will get a lot of attention from buyers from around the world,” he added.

 International Luxury Home Specialist Michelle Norris listed the home for sale.

“The three-story manor home features two fireplaces,” Norris said. “The one in the living room is crowned by a 1,100 pound mantle piece,” she said.

A luxury master suite is located on the ground floor. The den features a copper ceiling. A secondary bedroom features a private reading loft and the living room sports a 20 foot teak ceiling.

“Besides being a unique property, this home is an exceptional bargain, it was once listed for $1 million,” she said.

For more information, contact:  

Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890;  

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

   

Cuhaci & Peterson Architects completed design work on LA Fitness facility in St. Petersburg, FL

ORLANDO, FL --- With design work completed by Orlando Architects Cuhaci & Peterson, the LA Fitness facility located off 22nd Ave. in St. Petersburg is now opened.

The facility is 50,000 square feet, according to Lonnie Peterson, chairman at Cuhaci & Peterson Architects.

For more information, contact:  

Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;  

Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  

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

  

First Green Bank of Eustis to Open New LEED Platinum-registered Headquarters in Mount Dora, FL by end of June

EUSTIS, FL.  – First Green Bank, one of the first banks of its kind in the U.S. to focus on positive environmental and social responsibility while operating as a traditional community bank, will open its new headquarters in June at 18251 U.S. 441 in Mount Dora (top left rendering).

The new headquarters is being built to the highest standards of energy efficiency and environmental sustainability, seeking a LEED Platinum Certification from the U.S. Green Building Council.

Kenneth E. LaRoe, (lower right photo) chairman and chief executive officer of First Green Bank, said the new 11,000+ square foot facility aspires to be only the second privately-owned building in Florida certified with the LEED Platinum Certification, and the only bank denoted as such.

Schmid Construction of Clermont is general contractor for the new facility.

First Green Bank, which opened facilities in Eustis and Clermont in February 2009, has been profitable since October 2010, LaRoe said.

Currently, First Green Bank reports assets valued at more than $133 million.

For more information about this press release, contact:  

Kenneth E. LaRoe, Chairman and CEO, LEED® AP, First GREEN Bank, 352-483-9100, ken@firstgreenbank.com

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 or 407-461-3780, lvershelco@aol.com

  

Cousins Announces New Tenant lease at Terminus 200 Buckhead, GA Office Tower Nearing 85 Percent Leased

  

ATLANTA, GA (May 5, 2011) – Cousins Properties Incorporated (NYSE: CUZ) announced today that global consulting firm North Highland has signed a 69,922 square foot lease at Terminus 200 (top left photo) in Buckhead, bringing the office tower to 84 percent leased. 

The expanding consulting firm, currently headquartered at 550 Pharr Road in Buckhead, is scheduled to relocate by November 2011.

"In just over a year, Terminus 200 went from 10 percent leased to close to 90 percent leased," said Cousins President and CEO Larry Gellerstedt (middle right photo).

 "Terminus 200 continues to benefit from office tenants seeking to trade-up to quality properties with proven management and trusted ownership during an uncertain economic climate. The addition of North Highland as another top class tenant at Terminus 200 will strengthen the property's position as one of Buckhead's premiere office towers for years to come."

North Highland affiliates, Sparks Grove Inc., a marketing strategy agency, and TrueBridge Resources, a staffing firm, will also move into the newly leased space. They join a number of companies who have recently signed leases at Terminus 200, including: Kids II Inc., Greenberg Traurig, LLP, Sony Ericsson and Fitzgerald+CO.

 “North Highland’s strong double digit growth in the global consulting arena has created the need for more space for our global headquarters.

"We are continuing to hire a significant number of experienced consultants, and the Terminus building provides us with the needed facilities to help support the ongoing growth of our company,” said North Highland CEO Dan Reardon (lower left photo).

Brad Armstrong and Chris Wagner of Jones Lang LaSalle represented North Highland in the deal.

Located at the intersection of Peachtree and Piedmont roads in the Buckhead office submarket, Terminus 200 is a Gold-level LEED Certified, 25-story, 564,000-square-foot tower of Class A office, retail and restaurant space. The property is owned by Cousins in partnership with Morgan Stanley.

  For more information, please visit North Highland online at http://www.northhighland.com/

.

Media Contact: Bryan Long, Jackson Spalding, (404) 724-2501; blong@jacksonspalding.com

                                                                              

Matt Scofield, Jackson Spalding for Cousins, P 404.214.3554 

E mscofield@jacksonspalding.com

http://www.jacksonspalding.com/

Pyramid Hotel Group Continues Growth in 2011

BOSTON, MA, May 5, 2011--Officials of Pyramid Hotel Group, a Boston-based hotel management, asset management and project management firm, today announced that year-to-date 2011 the company added five properties with approximately 1,600 rooms to its managed and asset-managed portfolio.

The additional properties range from city center commercial hotels to branded destination resorts in a variety of hotel markets throughout the United States, including Hawaii and the Caribbean.  

“The improving market in the 2011 first quarter contributed to a strong period of growth for Pyramid, including international expansion with the addition of our first Caribbean resort. 

“ This international growth reflects the strength, versatility, and proven abilities of our company and the confidence of our new hotel owners to deliver superior returns,” said Warren Fields (middle right photo), Pyramid’s chief investment officer.

“Concurrently, we are especially gratified that our current management portfolio remained stable throughout the recent economic downturn, reflecting the strength of our long-term relationships due to Pyramid’s ability to consistently maximize cash flows and asset values under any economic condition.

“We expect to see continued strong growth in the 2011 second quarter as a result of our exceptionally active pipeline,” Fields noted.   “Owners are particularly attracted by our proven track record, our extensive sales and marketing networks, our revenue management practices and our ability to benchmark performances across multiple brands, independent properties, and markets.”

Contact:  Jerry Daly or Chris Daly,  Daly Gray,(703) 435-6293

jerry@dalygray.com

Hampton Inn Scranton at Montage Mountain, PA Unveils New Look After Completing a Multi-Million Dollar Property Renovation

SCRANTON, PA,  May 5, 2011 – The Hampton Inn Scranton at Montage Mountain (top left photo) hotel has announced the completion of extensive property renovations that includes a brand new lobby. 

The “Perfect Mix” lobby is designed to bring people together, to stay longer and socialize. There are now plenty of seating options for relaxing, dining or working in a comfortable atmosphere surrounded by a vibrant, contemporary design.

Other areas recently transformed by the renovation include upgrades to all 129 guestrooms, public areas and meeting space.

 “We are delighted to present a refreshed look for the comfort and convenience of our guests and meeting clients,” said Ryan Alpert (lower right photo), general manager. “The lobby has become a destination for our guests to enjoy the ambiance, relax, work and mingle during their stay.”

 The new hotel lobby, decorated in warm earth tones, features soft seating, library shelves, flat-screen TV, secure high-speed internet access, and pendant and accent lighting. Library shelves and new flooring were added along with a refurbished front desk.  The breakfast area received a facelift as well with new furniture, dining seating and coffee serving table, as well as hot new Belgian waffle makers.

 The hotel also upgraded all guestrooms to the newest Hampton Inn guest room package in a contemporary décor accented in warm colors, with new furniture, carpeting, bedding, lighting and artwork, and all new bathrooms.  In addition, the pool and fitness center received upgrades and a new guest laundry room was added to the second floor of the hotel. All meeting spaces received new carpeting, tables, chairs, and artwork.

  

Contact: 

Ryan Alpert, General Manager, Hampton Inn Scranton at Montage Mountain

(570) 342-7002,  Ryan.Alpert@ihrco.com

 

Expedia Reveals 2011 “Insiders’ Select” List Featuring the World’s Top Hotels for Quality and Value

BELLEVUE, WA, May 5, 2011 – Expedia.com®, the world’s leading online travel agency, today unveiled the Expedia 2011 Insiders’ Select® results. Insiders’ Select is a global program that identifies the top hotels based on “quality and value,” rather than pure luxury.

The ranking is determined primarily by Expedia customer reviews. Every year more than 500,000 reviews are submitted, verified and analyzed to compile the Insider’s Select list.

This year’s top 10 Expedia.com Insiders’ Select properties are:

1.       Cedarbrook Lodge – Seattle, Washington (USA) (top left photo)

2.       iQ Hotel Roma – Rome, Italy (middle right photo)

3.       Hotel Antiche Figure – Venice, Italy

4.       Hotel Berchielli – Florence, Italy

5.       Hotel Monterey Kyoto – Kyoto, Japan

6.       The Nines – Portland, Oregon (USA)

7.       Les Terres M Barka - Morocco, Marrakech

8.       K&K Hotel Central - Prague, Czech Republic

9.       Hotel Teatro – Denver, Colorado (USA)

10.   Sofitel New York - New York, NY (USA)

“When it comes to hotels, opulence is a fairly easy thing to measure. What’s more difficult to measure is value – those hotels that regularly deliver a quality experience night in and night out. Insider Select features the world’s top hotels for value,” said John Morrey, vice president, eCommerce at Expedia, Inc. 

“These determinations come from our customers. Every year, hundreds of thousands of travelers take the time to share their experiences with Expedia and with one another. The 2011 Insiders’ Select List reflects that collective wisdom.”

 To see the complete list of winning hotels and for more information on Insiders’ Select, visit www.expedia.com/insidersselect

. To shop for hotels, Expedia.com travelers can find Insiders’ Select hotels by filtering results and selecting the box marked “Insider Select.”

 Contacts:

Adam Anderson                                               Devon Nagle     
Expedia.com                                                     HL Group
(425) 679-7760                                                (646) 460-8911
adaanderson@expedia.com                               dnagle@hlgrp.com

Marcus & Millichap Lists $21.9 Million Student Housing Asset in Resburg, Idaho

REXBURG, ID– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Northgate and Southgate Apartments (top left photo), which combined include 102 units of student housing property in Rexburg, Idaho. The listing price is $21.9 million.

Daniel Shin, a senior associate in the firm’s Salt Lake City office is representing the seller.

 “These are two premier off-campus communities,” says Shin. “Northgate Apartments and Southgate Apartments were designed and built to provide students with the best living experience possible. Both properties are 100 percent rented for spring 2011,” adds Shin.

The 147,900-square foot apartment properties are located at 350 West 6th South in Rexburg, two blocks from Brigham Young University-Idaho (BYU-I) (lower right photo).

Northgate Apartments is a BYU-I-approved women’s community that houses 324 women. Southgate Apartments is an approved BYU-I men’s community that houses 288 men. Together, the communities consist of 612 student beds. The apartments were completed in two phases in 2010.

Each unit at Northgate and Southgate Apartments is comprised of three bedrooms and three bathrooms. All units have nine-foot ceilings, flat-screen television, a full-size washer and dryer and two refrigerators. Students also receive the use of fiber optic Internet, the fastest Internet service available on campus.

Approximately 14,000 students attend the university and all BYU-Idaho students live by a code of honor that includes abstaining from alcohol and tobacco.

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

           

CHICAGO, IL – HFF announced today that Patrick Sullivan (top right photo) has joined the firm as a managing director in its Chicago office.  Mr. Sullivan will formally launch the industrial investment sales/capital markets platform in HFF’s Chicago office.

Mr. Sullivan joins HFF from Converse Capital, LLC, a firm he created in 2006 to provide marketing and disposition services to owners of commercial real estate. 

During his 26-year career, Mr. Sullivan has closed industrial investment transactions totaling more than 34 million square feet with an aggregate value in excess of $1.2 billion.

  Prior to his role as principal at Converse Capital, LLC, he worked at Cushman & Wakefield of Illinois and Grubb & Ellis Company.  Mr. Sullivan holds a business administration degree from Illinois State University and is a member of NAIOP and the Association for Corporate Growth (ACG).

"As our national industrial platform continues its selective growth process, we are very excited about the top-tier talent that Pat brings to HFF.  Drawing from his extensive experience in the Chicago market and throughout the Midwest, Pat will play a critically important role on HFF's national industrial investment team,” said Randy Baird (lower left photo), head of HFF’s national industrial group.

 “With the creation of a dedicated industrial team in the Chicago office, HFF can now deliver a higher level of service to our industrial clients for both their investment sale and capital markets needs,” added Matthew Lawton, executive managing director in HFF’s Chicago office.

Contacts: 

Matthew D. Lawton, HFF Executive Managing Director, (312) 528-3650, mlawton@hfflp.com

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

krmurphy@hfflp.com

                         

                                          

McCarthy Begins Construction for New $456 Million Scripps Cardiovascular Institute and Central Energy Plant in La Jolla, CA

SAN DIEGO, CA – McCarthy Building Companies, Inc. (www.mccarthy.com), one of the nation’s leading healthcare builders, has construction under way for the new 383,000-square-foot Scripps Cardiovascular Institute and adjacent 26,000-square-foot Central Energy Plant  (top left photo)on the Scripps Memorial Hospital La Jolla campus, located at 9888 Genesee Ave. in La Jolla, Calif. 

Construction completion is targeted for January 2015, with an anticipated tenant move-in date of April 2015.

Scripps Health retained McCarthy as the design-assist general contractor in early 2009 and, since then, the firm has been working on preconstruction for the new $456 million facility.  Jacobs Engineering Group Inc. is serving as the construction management firm on behalf of Scripps Health.  HOK Architects is the project architect.

 “We’re privileged to partner with recognized healthcare facility specialists like McCarthy and HOK to build this innovative, patient-centric facility,” said Rich McMahon, executive construction manager for Jacobs.

 “We’re looking forward to delivering a facility that reflects the most advanced healthcare design principles, while serving as a model for specialized heart care facilities across the country.”

The Scripps Cardiovascular Institute is the first of three new towers planned at the Scripps Memorial Hospital La Jolla campus (lower right photo) as part of its 25-year master plan, unveiled in November 2010. 

 The new towers, which will eventually replace the existing hospital, will meet state earthquake safety mandates, while forming the most comprehensive medical campus in the region. The campus also will include research and graduate medical education facilities, an outpatient treatment center and medical offices.

  

 More information about the company is available online at http://www.mccarthy.com/

Contacts:

Bonnie Kutch, bkutch@kutchco.com, Kutch & Company, Phone: (619) 299-1010, http://www.kutchco.com/

                                     

Susan Garritano, sgarritano@mccarthy.com, McCarthy Building Companies, Inc.

Phone: (314) 968-3300

Cousins Reports Results for First Quarter of 2011

  

ATLANTA, GA -- Cousins Properties Incorporated (NYSE:CUZ):

 

Highlights

Ø      Funds From Operations (FFO) before a non-cash impairment charge was $0.11 per share.

Ø      Finalized exit from residential condominium business.

Ø      Sold Jefferson Mill Business Park Building A.

Ø      Selected as the master developer for the multi-modal transit hub in Downtown Atlanta.

Ø      Continued progress on predevelopment of Emory Point mixed use project.

Ø      Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter ended March 31, 2011.

“The first quarter results demonstrate the continued success of our strategic efforts to lease vacant space and sell non-core assets as we simplify the platform,” said Larry Gellerstedt (top right photo), CEO of Cousins.

 “Our leasing pipeline remains solid, and we’re excited to be returning to an offensive mode as we move closer to starting our Emory Point project and continue to seek additional value creation opportunities.”

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

Gregg D. Adzema, 404-407-1116

Executive Vice President and Chief Financial Officer

greggadzema@cousinsproperties.com

or

Cameron Golden, 404-407-1984

Director of Investor Relations and Corporate Communications

camerongolden@cousinsproperties.com

or

tripp.sullivan@cci-ir.com

teresa.moore@cci-ir.com

Out-of-State Buyer Acquires $17.6 Million Prime Retail Asset in South Miami Beach

 Investors from all over the world bid on this single-tenant net-leased asset, which traded for $1,331 per SF

 MIAMI BEACH, FL,  May 4, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of a 13,624-square foot retail building leased to Victoria’s Secret (top left photo).

The sales price of $17.65 million represents $1,331 per square foot.

 Lori Schneider (lower right photo), a senior vice president investments in the firm’s Fort Lauderdale office, and Drew Kristol and Kirk Olson, both senior associates in Miami, represented the seller. Sean Shahar Ziv, a net-leased property investment specialist in San Diego, represented the buyer, a foreign entity with an office in New York City.

“There were multiple all-cash offers on this property from not only South Florida buyers but also the Northeast, Midwest, South America and Russia as well,” explains Schneider.

“With a lack of quality inventory in high-profile locations like Manhattan and Downtown Chicago, an increasing number of out-of-state and foreign investors are setting their sights on prime real estate in similar locations:

“Well-trafficked, pedestrian friendly corridors with high barriers to entry. Ultimately, the buyer of Victoria’s Secret hails from New York City, and has ties to foreign capital, demonstrating intense demand from overseas investors for Class A coastal real estate.”

The property is located at 745 Collins Ave. in the heart of South Beach (lower left photo). National retailers immediately surrounding the property include Ralph Lauren, Guess, Barneys New York, Armani Exchange, Club Monaco, Kenneth Cole, Steve Madden, Sephora and Dash.

 “This trophy asset was constructed in 1940 and extensively renovated in 2009,” says Kristol. “The location’s demographics are excellent with more than 164,000 people living within a five-mile radius and continued projected growth of nearly 12 percent.”

Victoria’s Secret has a 15-year double-net lease on the property with 14 years remaining on the base term and one 10-year option to renew. Annual 2.5 percent rent increases during the base term and the option period are built into the lease.

The building features 10,264 square feet of retail space on the first two floors and 3,000 square feet of office and storage space on the third level.

Victoria's Secret LLC’s annual gross revenue exceeds $5.4 billion.

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