Agree Realty Announces Kmart and Best Buy Lease Extensions in Michigan

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FARMINGTON HILLS, MI /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC)  announced that pursuant to their existing lease agreements, Kmart exercised its two-year options in Grayling, Michigan as well as Oscoda, Michigan.
Both locations are free-standing stores which opened in 1984.  The Grayling store is 52,320 square feet and the Oscoda store contains 90,470 square feet.  The extended leases will expire on September 30, 2014. Kmart retains additional options at the tenant's election.
Additionally, Best Buy extended their lease for three years at the Company's North Lakeland Plaza in Lakeland, Florida.  The new lease expiration date will be January 31, 2016.  Best Buy occupies approximately 52,000 square feet in the shopping center, which is also anchored by Beall's Department Store and JoAnn Fabrics. North Lakeland is the Company's only lease with Best Buy.
The Company's remaining lease expirations in 2012 amount to 20,536 square feet and $161,123 of annualized base rent, representing 0.6% of gross leasable area and 0.5% of annualized base rents as of March 31, 2012.
Contact:
 Alan Maximiuk, Chief Financial Officer, +1-248-737-4190
Web Site: http://www.agreerealty.com/
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Industry leader Gail Crowder joins Avison Young in Atlanta

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ATLANTA, GA, May 10, 2012 /PRNewswire/ - Steve Dils (lower right photo), Avison Young Principal and Managing Director of the company's Atlanta office, announced today that leading real estate professional Gail Crowder (top left photo) has joined Avison Young'sbrokerage operations in Atlanta.
Effective immediately, Crowder joins Avison Young as a Principal. She will focus on her specialty of office-tenant representation and provide multi-market advisory services for corporate and international clients.
She will also continue her significant work with foreign governments, assisting them with the locating and selection of Consulate offices and other regional premises.
For a complete copy of the company’s news release, please contact:
 Media Relations:              Sherry Quan                  (604) 647-5098 or (604) 726-0959email: sherry.quan@avisonyoung.com

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MetLife to Purchase Reynolds Plantation in Georgia

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ATLANTA, GA,  May 10, 2012 – MetLife announced today that it has entered into an agreement to purchase Georgia's premier golf and resort community, Reynolds Plantation (top centered photo), located on Lake Oconee, 70 miles east of Atlanta.
The acquisition will include The Ritz-Carlton Lodge, six championship golf courses, four full-service marinas and nearly 5,000 acres of undeveloped golf and waterfront property. The transaction is anticipated to close during the summer, subject to customary closing conditions. Terms were not disclosed.
"Reynolds Plantation is an exceptional development, and we're excited about the opportunity to become the new owner," said Robert Merck (middle right photo), senior managing director and head of real estate investments for MetLife.
"This is a premier community with world-class amenities, a great reputation and a strong future. MetLife has been a real estate investor for over a century, and this transaction represents an outstanding investment opportunity for us."
MetLife is engaging Daniel Corporation to oversee all day-to-day operations at Reynolds Plantation. The Daniel team will work in cooperation with MetLife's Atlanta Regional Office, headed up by Regional Director Tom Coakley. The Atlanta office manages the company's real estate investments in the southeastern United States.
For more information on Reynolds Plantation,  please visit www.reynoldsplantation.com.For more information on MetLife, please visit www.metlife.com/realestate.For more information on Daniel Corp., please viisit www.danielcorp.com.
For a complete copy of the company’s news release, please contact:
Christopher BreslinMetLife (212) 578-8824 cbreslin@metlife.com
Rachel TobinJackson Spalding (404) 724-2501 rtobin@jacksonspalding.com
Traci BuchJackson Spalding (404) 214-3596 tbuch@jacksonspalding.com
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Atlanta Gets Several New Opportunity Zones

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ATLANTA, GA (May 10, 2012) – Invest Atlanta, the city of Atlanta’s economic development agency, said today the state of Georgia has designated four new Opportunity Zones in the city.
The new Opportunity Zones, designated as such by the Georgia Department of Community Affairs, are for areas bounded by North Avenue and Atlanta Industrial Park #1, Atlanta Industrial Park #2 and Atlanta Industrial Park #3.
New or existing businesses located within an Opportunity Zone are eligible for a yearly income tax credit of $3,500 for each new job created as long as they create at least two net new jobs.
 The annual tax credits are good for up to five years, meaning a business could be eligible for up to $17,500 in tax credits if they hired at least two new people per year.
“Opportunity Zones encourage economic development and help create jobs in areas where this activity otherwise might not occur,” said Brian P. McGowan (top right photo), president and CEO of Invest Atlanta. “In other Opportunity Zones such as the City Hall East/Ponce City Market zone, we are seeing major investments being made that are creating scores of new jobs.”
Atlanta Mayor Kasim Reed (middle left photo), chairman of Invest Atlanta, was informed of the city’s new Opportunity Zones in a letter from Georgia Department of Community Affairs Commissioner Mike Beatty. The designations will be good for tax years 2012 through 2022 and can be renewed.
“Opportunity zones not only help create new jobs and new businesses with attractive tax incentives, they encourage new development in targeted areas across our city,” Mayor Reed said.
 “I am pleased that the state has designated these new opportunity zones as it will enable us and Invest Atlanta to offer even more appealing options to companies and entrepreneurs to do business in Atlanta.”
For more information on how Invest Atlanta can provide solutions for you or your business, contact us at: 404-880-4100, e-mail: wcronin@investatlanta.com or visit us at: http://www.investatlanta.com/.
To get the latest updates, follow us on Twitter @InvestAtlanta, and Like us on Facebook www.facebook.com/investatlanta
For a complete copy of the company’s news release, please contact:
Tony WilbertWilbert News Strategies 404-965-5022 (O) 404-405-3656 (C) twilbert@wnspr.comAll real estate-related news releases and photos will be considered but may be edited for length.

New Orleans Hotel Collection Announces Summer Travel Season Special Overnight Packages

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NEW ORLEANS, LA – May 10, 2012 - The New Orleans Hotel Collection has announced a variety of New Orleans vacation deals at the seven hotels of the collection during the leisure travel months of the summer and into early fall.
The most exciting offer is the Collection’s “Great Escapes – Summer in the City.”  This offer, taken from a longtime favorite promotion once featured at New Orleans’ venerable Pontchartrain Beach Amusement Park (top left photo), offers guests all they might need for a stay in New Orleans, at a single price.   Starting at as low as $119 for single or double occupancy for a weeknight stay at one of the comfortable luxury hotels of the collection, guests are offered free parking, a welcome drink on arrival, free  continental breakfast, free wireless internet,  free shopping coupons (value $250), and free in-room bottled water and coffee.
For a complete copy of the company’s news release, please contact:

 Contact:
Marc BeckerArea Director of MarketingMarc.Becker@neworleanshotelcollection.com (504) 527-0407
 Patrick DalyAccount SupervisorDaly Gray, Inc.patrick@dalygray.comOffice:  (703) 435-6293Cell:  (703) 300-8289

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Lincoln Property Co. Southeast Arranges Sale of 147,389-SF Orlando Industrial Building

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 ORLANDO, FL (May 10, 2012) – Lincoln Property Company Southeast has brokered the $3.5 million sale of Silver Star Logistics Center (top left photo), a 147,389-square-foot manufacturing and logistics center in Orlando, Fla. An undisclosed buyer purchased the property from the seller.
Joe Ross (middle right photo), senior vice president of investment services for Lincoln Property Company Southeast’s Orlando office, represented the seller.
 The 7.32-acre property, which has been primarily vacant for more than three years, features 6,820 square feet of office space, 28-foot clear ceiling heights, an extensive sprinkler-security system, rail-spur service, covered loading docks and parking for more than 30 trailers. It islocated less than three miles from downtown Orlando.
 “We took over the sale and leasing assignment for this property in September 2011 and were able to quickly generate interest from potential tenants and buyers alike,” Rossi said. “This transaction represents a great deal for our client and is a strong testament to the demand for largewarehouse buildings in our improving economy.”
 For more information on the Southeast Region of Lincoln Property Company, please visit www.lpcsoutheast.com.
To check out the blog, go to http://blog.lpcsoutheast.com.
 Contact
Stephen UrseryWilbert News Strategies 404-965-5026 sursery@wnspr.com
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Manhattan Mixed-Use Building Sells for $23.6 Million

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NEW YORK, NY,  May 10, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 680 Saint Nicholas Ave (top left photo), a 117-unit apartment building with five retail tenants and a cell phone antenna.
The sales price of $23,650,000 equates to $202,137 per unit and $179 per square foot.
Peter Von Der Ahe (middle right photo), a first vice president investments, Scott Edelstein (middle left photo), an associate vice president investments, and Seth Glasser (lower right photo), an associate, all in Marcus & Millichap’s Manhattan office, represented the both the buyer and the seller.     “This asset is the largest single building sold in Harlem this year and one of the fewer than 10 100-plus-unit apartment buildings sold in Manhattan thus far in 2012,” says Von Der Ahe. “The sale reflects the interest many investors have in this segment of the affordable housing market.”
“Investors are drawn to affordable housing’s consistent cash flow and long-term upside,” adds Edelstein. “680 Saint Nicholas Ave. is a prime corner building with a housing assistance payment contract in place through 2015.”
The eight-story elevator building is built 80-feet by 90-feet and sits on a 184-foot by 101-foot lot: block: 2051, lot: 0054 in the C1-4/R7-2 zone. The unit mix features 83 percent one- and two-bedroom apartments.
 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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