INDUSTRY WRAPUPS: REAL ESTATE NOTES
Staff writer Lisa R. Schoolcraft
March 4, 2005 print edition
MILESTONE PURCHASE: A Florida investor
purchased Herrington
Shopping Center in
Lawrenceville for $5.5 million. Milestone Equities, Inc. of Delray Beach, Fla,
bought the 40,000-squarefoot unanchored shopping center, at Herrington and Old
Norcross roads. The center is 92 percent occupied and the deal closed January
28. Jeff Eynon, director of Sperry Van Ness Credit
Sovereign, represented the seller, Tim Thomas, Inc. of Savannah. Armen Grigorian, managing director
of Sperry Van Ness Credit Sovereign's New
York office, represented Milestone Equities.
NORTHEAST REAL ESTATE BUSINESS
CREDIT SOVEREIGN GROUP LAUNCHES ITS NEW YORK CITY OFFICE IN MANHATTAN'S ROCKEFELLER CENTER
ATLANTA
- NEW YORK - (January 20,
2005) - Credit Sovereign Group, an Atlanta-based real estate investment bank,
founded in Atlanta in 1966, opened its New York City office.
This move, anticipated by the company's clients, customers and alliance members
for some time now, is widely believed to enhance Credit Sovereign's national
Net Leased and Sale/Leaseback Properties Group's operations. The offices, located in Rockefeller
Center and Avenue of the Americas, the
capital of global real estate finance, will also strengthen Credit Sovereign's
structured and syndicated finance operations. "Since 1995, with our
growing exposure to the capital markets, our Rolodex has been burgeoning with New York addresses and
phone numbers. Hundreds of millions of dollars of transactions have been
completed by our specialists with our New
York connections. We feel it is time for us to
establish a beachhead in New York"
said Al Shaheed, a Managing Director of Credit Sovereign Group.
"Our New
York offices are geared to serve as the focal point
of our Net Leased and Sale/Leaseback Properties Group, especially on the
sale/leaseback side. Our sale/leaseback team has succeeded in placing together
over $500 million in deals since 1998 and all transactions were on nationwide
scale, some with global outreach. Almost all had something to do with New York based entities,
whether opportunity funds, REIT's or global banks. All this was accomplished
from our Atlanta
offices. We look forward to our New
York team taking the action a step further. They will
enjoy and rely on our established support infrastructure in Atlanta. We see them
going truly national and global. Plus, the proximity to the capital of real
estate structured finance, New York's Avenue
of the Americas,
will help our sale/leaseback team on a different level. Structured finance has
been the cutting edge of sale/leaseback deals, adding competitiveness to deal
formats." commented Armen Grigorian, a Managing Director of Credit
Sovereign Group, charged with responsibility to open and manage the New York office.
Credit Sovereign Group is a real estate investment
bank with three principal areas of activities: income property sales, mortgage
lending and capital markets, and structured and syndicated finance. Established
in 1966, the company is in the Top 10 League among its peer group, and its Net
Leased and Sale/Leaseback Properties Group is a dominant market-maker in this
specific segment.
HERRINGTON CENTER, A LAWRENCEVILLE, GEORGIA
SHOPPING CENTER SOLD
By
Lisa R. Schoolcraft
Herrington
Center
shopping plaza in Lawrenceville has been sold. Tim C.
Thomas Inc. of Dalton
bought the two-building, 40,000-square-foot unanchored retail center at 1098 Herrington Road
for $5.1 million.
Del Creviston, senior advisor for
Sperry Van Ness's Atlanta office, represented
the seller, Center Investments Inc. in Atlanta.
Bradley Nelson of The N Group
represented the buyer. The deal, which closed Dec. 20, was a quick turn-around,
Creviston said. "We didn't have a listing," he said. "We were
trying to get the listing with the property owner. It wasn't on the market all
that long." Not far from Interstate 85 and Georgia 316, Herrington Center,
built in 2000 on 4.8 acres, is 83 percent leased to tenants, including Luby's
Sports Bar and E & E Beauty Supplies, he said.
CREDIT
SOVEREIGN BROWN & SONS, INC. BROKERS SALE OF
SOUTH COBB
VILLAGE SHOPPING
CENTER IN METRO ATLANTA.
ATLANTA
- (October 22, 2001) - Credit Sovereign Brown & Sons' investment sales
team, acting as transaction advisor, sold the 50,000 sqft unanchored retail
center for $1,400,000. South Cobb Village
is located at 1975 South Cobb
Drive in Marietta,
Georgia and is
tenanted mainly by local tenants. The disposition was completed within 45 days
of contract execution. The property was acquired by Phi & Associates, Inc.
and sold by Brass Investments, Inc., both Atlanta
based real estate concerns.
In
addition, Credit Sovereign Brown & Sons' asset/project management
specialists were retained by Phi & Associates to acquire adjacent to South Cobb
Village land and develop
additional 15,000 sqft of retail space. During thirty post closing day the
required land has been secured and over 13,000 sqft of the planned addition are
already pre leased.
J.E.
GARRETT & ASSOCIATES, INC., A COMMERCIAL PROPERTY MANAGEMENT FIRM, JOINS
CREDIT SOVEREIGN BROWN & SONS, INC.
ATLANTA
- (September 25, 2001) - J.E. Garrett & Associates, Inc., a commercial
property management firm, joined Credit Sovereign Brown & Sons, Inc.
forming its asset management wing, CSB&S Management. Jeffrey R. Eynon of
J.E. Garrett will head CSB&S Management as Managing Director.
With
over 15 years experience in asset and property management, CSB&S Management
specialists will act in concert with Credit Sovereign Brown & Sons' other
business lines, such as capital markets, brokerage and syndicated equities to
address all client needs.
CREDIT
SOVEREIGN BROWN & SONS, INC. ARRANGES THE $4,350,000 SALE
OF HERRINGTON SHOPPING
CENTER IN LAWRENCEVILLE, METRO ATLANTA.
ATLANTA
- (July 27, 2001) - Credit Sovereign Brown & Sons, Inc., an Atlanta based
commercial real estate investment bank, acted as investment sales advisor in
the sale of Herrington Center, a 40,000 sqft retail center located in
Lawrenceville, Georgia.
Herrington
Center,
developed in 2000, is currently 81.5% occupied. "The Property is located
at the intersection of Old Norcross and Herrington Roads, one of the strongest
markets in Atlanta.
Further strengthening the economics of the deal, over 1,700 multifamily units
will come on line within the next twenty four months in the immediate area. In
addition, with the November 2001 completion of Discover Mills, a regional mall
developed by the Mills Corporation, Herrington Road will become the connecting
road for shoppers living east of Old Norcross Road. This will increase the
traffic count and exposure to the property." said Chris R. Brown, Senior
Managing Director of Credit Sovereign Brown & Sons. The Buyer, Center
Investments, Inc., has retained Credit Sovereign Brown & Sons to conduct
management and leasing of the Property
CREDIT
SOVEREIGN BROWN & SONS SECURES A $2,287,500 ACQUISITION
LOAN FOR
REDAN VILLAGE
SHOPPING CENTER IN STONE MOUNTAIN,
METRO ATLANTA.
ATLANTA
- (June 22, 2001) - Credit Sovereign Brown & Sons, Inc., an Atlanta based
commercial real estate investment bank, originated and closed on a $2,287,500
permanent fixed rate loan, providing funds for acquisition of Redan Village
Shopping Center, a 59,600 sft retail center in Stone Mountain, Metro Atlanta.
The
loan was extended to Redan Properties, Inc., the Buyer of the property, and
carried an interest rate of 8.14% fixed throughout the ten-year term of the
loan. The loan amortization schedule was extended for thirty years. The loan
was placed through Small Balance Loan Program. The Small Balance Loan Program
is specifically designed for loans under $2,500,000 and serves a purpose of
completing transactions with lower than standard closing costs, while extending
none-recourse long term fixed rate loans with very competitive interest rates.
CREDIT SOVEREIGN BROWN & SONS LAUNCHES CS OPPORTUNITY FUND III
May
3, 2001, Atlanta, Georgia
Credit
Sovereign Brown & Sons, Inc., an Atlanta
based commercial real estate investment bank, launched its third CS Opportunity
Fund. The fund, geared to invest in 1st mortgage loans secured by commercial
properties, will boast a $35 million mortgage portfolio.
The
reception from the investment community, especially from existing investors,
was very positive. Over 50% of the fund was subscribed within 10 days of the
inception. "Our typical investors are sophisticated institutional
investors, who have vast experience investing in commercial mortgages and
equities. Our past track record and increasing market position is the reason of
the investor commitment." said Armen A. Grigorian, Senior Managing
Director of Credit Sovereign Brown & Sons.
As
in the past, the Fund will be managed and serviced by Credit Sovereign
Brown & Sons' asset management desk. Loans will be originated, underwritten
and closed through Credit Sovereign Brown & Sons.
Credit
Sovereign Brown & Sons is a commercial real estate investment banking firm,
geared to offer commercial real estate mortgages, structured finance
transactions, loan syndications, mortgage trading and sales, mortgage
servicing, interest rate swaps and investment property brokerage. During 2000,
transactions in excess of $110 million have been completed by Credit Sovereign
Brown & Sons, Inc.
CREDIT SOVEREIGN BROWN & SONS ARRANGED A $1.67
MILLION LOAN FOR CARTER CENTER ACQUISITION
Credit
Sovereign Brown & Sons, Inc., an Atlanta
based commercial real estate investment bank, closed on a $1,676,000 permanent
fixed rate loan, providing funds for acquisition of Carter Center,
a 30,000 sft office building in Norcross, Metro Atlanta.
The
loan was extended to Carter Center Investments, L.L.C., the Buyer of the
property, and carried an interest rate of 8.15% fixed throughout the ten-year
term of the loan. Thirty-year loan amortization period allowed the borrower to
increase its internal rate of return. The funding was completed in forty five
days after the application and was placed through Small Balance Loan Program.
The Small Balance Loan Program is specifically designed for loans under
$2,500,000 and serves a purpose to complete transactions with lower than
standard closing costs, while extending none-recourse long term fixed rate
loans with very competitive interest rates.
"This
transaction, once and again, proves that good quality loans are available for
commercial real estate properties in Atlanta.
Many lenders, especially local banks, are reluctant to extend funds for similar
transactions. Many borrowers, among them strong commercial real estate
operators with proven track records, have been turned down and were not able to
complete transactions. Many local lenders state that Atlanta market is "blacklisted" as
overbuilt and oversupplied. Credit Sovereign Brown & Sons' and its lending
partner's approach is different; we look at every property separately and as
part of the market. Our funds are abundant for well positioned properties, such
as Carter Center." commented Armen A. Grigorian, senior managing director
of Credit Sovereign Brown & Sons.
Credit
Sovereign Brown & Sons is a commercial real estate investment banking firm,
structured to offer commercial real estate mortgages, mezzanine debt and equity
capital for office/industrial, retail, hotel / motel, gas station and
franchise, and other types of properties. During 2000, funds in excess of $110
million have been secured and closed by the company.
FUEL
UP
By
Rajiv Vijas
Atlanta's Credit Sovereign Brown & Sons acted as
a lead adviser in arranging a joint venture between Fuel Marketing, Inc. in Atlanta and a large
private investment trust based here. The new joint venture will set up Phillips
and Shell gas stations in Georgia.
It plans to set up 10 gas stations annually for the next three years, said
Armen Grigorian, managing director of Credit Sovereign Brown & Sons. He
said that in the future the company would enter the Florida Panhandle and North Carolina.
Credit
Sovereign Brown & Sons would not disclose the name of the private
investment trust, but said it invested $4.3 million in the joint venture. In
the next 10 years, the joint venture plans to have at least 100 to 150
stations, he said. Each gas station will have 3,000 square feet of retail
space, a car wash and a fast-food franchise. The fast-food will vary by gas
station. The gas stations will cost $1.5 million to $2 million each.
Credit
Sovereign Brown & Sons is a full service commercial real estate firm
focused on investment banking deals related to real estate. It also structures
mortgage and finance deals for its real estate clients. The firm has done more
than $110 million in transactions in the first six months of 2000. It has two
gas station specialists and three finance specialists.
Credit
Sovereign Brown & Sons developed the idea and did the feasibility study,
Grigorian said. His firm also is helping Fuel Marketing select sites and secure
mortgage for gas stations.
