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CB Richard Ellis Awarded Leasing for Paradise Village Office Park in Phoenix


April 13, 2011 - PHOENIX, AZ

Lincoln Property Company and Sterling American Property, Inc., announced that CB Richard Ellis (CBRE) has been awarded the exclusive marketing assignment for Paradise Village Office Park, a 268,598-square-foot Class A office building located at 11811 N. Tatum Blvd. in Phoenix, Arizona. Paradise Village Office Park is owned as a joint venture by Lincoln Property Company and New York-based Sterling American Property, Inc.

Jerry Noble, Pat Devine and Greg Mayer of CBRE's Phoenix office will handle the leasing responsibilities for the building.

"Our market experience combined with CB Richard Ellis' extensive platform of commercial real estate services will enable us to seize opportunities in the marketplace and ramp-up leasing activity at Paradise Village Office Park," said Pat Devine, First Vice President at CB Richard Ellis, Inc.

"The depth and experience of this leasing team along with the CBRE network was important to the ownership," said David Krumwiede, Executive Vice President of Lincoln Property Company. "We believe this strong combination will add to the overall success of the building."

Matt Harvey, Vice President of Sterling American, added, "This Phoenix CBRE team has demonstrated the market knowledge and personal drive that will facilitate a successful return for this asset's investors."

Paradise Village Office Park is a five-story, multi-tenant office building located near exclusive Paradise Valley and boasts proximity to numerous amenities. It is in walking distance of restaurants, shopping, lodging and recreation venues surrounding Paradise Valley Mall, including the championship Stonecreek Golf Club.

Lincoln Property Company manages the property, which features a five-story atrium containing a modern water feature. The building was recently remodeled with a new lobby, elevators, common area finishes and enhanced landscaping.

LINCOLN PROPERTY COMPANY

Founded in 1965, Lincoln Property Company (Lincoln) is nationally recognized for its full-service, vertically integrated institutional investment and property management platform. Lincoln has approximately 4,400 employees and maintains a presence in more than 200 U.S. cities and 10 countries. Since 1965, Lincoln has acquired and developed approximately $34.3 billion of residential and commercial property. The company currently manages over 119 million square feet in the United States. Lincoln is ranked by Commercial Property News as one of the largest developers and property managers in the United States.

Lincoln's West Regional office, based in Phoenix, Arizona, has developed in excess of 2.9 million square feet, acquired 2.1 million square feet and manages 4.7 million square feet of commercial space. We are consistently highly ranked in the Phoenix Business Journal Book of Lists. For more information, visit http://www.lpc.com.

Sterling American Property, Inc.
Sterling American Property, Inc. operates from New York where senior management oversees more than 200 employees. Sterling American Property, Inc. is nationally recognized for its ability to respond quickly and with entrepreneurial agility to opportunities and market changes. To date, the Sterling American Funds have invested in over $4.5 billion of assets in 43 states. Measured by invested equity, the asset mix of SAP's II, III, IV, & V funds is 55% multifamily and 45% commercial. These funds include over 29,000 residential units, 9.2 million square feet of office and industrial/retail space and including SAP I, over $1 billion dollars in mortgage notes and loans.

Contact:
Julie Igo
Moxie Group PR
602.549.0008
Email Contact

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