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HOUSTON, TX - Officials with PM Realty Group (PMRG), a national, full-service commercial real estate firm, today announced the company had a record-setting month for investment services. During December 2007, PMRG brokered the sale of five retail assets across four states.
The five properties are located in North Carolina, Tennessee, Texas and Utah. PMRG’s national investment services team closed on three of the five properties in the last four days of the month.
“Changes in the debt market have complicated real estate investment,” said Stephannie Mower, executive vice president/managing director of investment services for PMRG. “Many investors without prior experience invested in retail properties when retail was the ‘darling asset.’ Those investors were not necessarily prepared for common challenges in managing these assets. Now, foreclosures are on the rise. We had a very successful fourth quarter, because our team has the experience to accommodate the particular needs of special servicer clients.”
PMRG’s national investment services team sold two properties in North Carolina. The team helped CWCapital Asset Management, LLC to sell a 170,000-square-foot retail center. Known as New Market Madison, the center is located in Madison, N.C., and is anchored by major tenant, Big Kmart. Other prominent tenants include Aaron’s Rents, Subway, Cingular and Shoe Show. New Market Madison was 65 percent occupied at the time of the sale. In addition, Capmark Finance, Inc. utilized PMRG to help sell Pineridge Crossing. The 168,000-square-foot retail center is located in Rockingham, N.C., a thriving retail corridor. At closing, the 26-acre asset was 98 percent vacant.
PMRG closed a deal for Brauvin Raleigh, LLC, a private real estate investment company, on Raleigh Springs Marketplace, a 115,000-square-foot retail center, in Memphis, Tenn. It is home to such tenants as A.J. Wright, H&R Block, Sally Beauty Supply, Save-A-Lot and Stride Rite. At the time of the sale, the center had 30,454 square feet of vacant space available for leasing.
PMRG sold 39,818-square-foot Highland Commons Shopping Center, Ltd., which is controlled by Vista Property Company. The Austin, Texas-based retail center includes the following tenants: Spec’s Wine Spirits and Finer Food, EyeMart and Advance America-Cash Advance. The center is located three miles from The University of Texas at Austin campus, with access to its more than 50,000 students.
Lastly, PMRG brokered the sale of a retail center in Logan, Utah on behalf of an undisclosed client.
Bernard McAuley and Brandon Beeson, team members in PMRG’s Dallas office, worked along with Mower to close these transactions.
“The strength of our relationships with special servicer clients has put us in a good position to capitalize on the increasing number of foreclosures expected in 2008,” Mower said. Estimates have forecast as high as a 50 percent increase in the number of commercial property foreclosures in the coming year. | 
