Done Deals

Los Angeles Office Market to Outperform Other Major Metros

2009-07-18T09:42:00.000-07:00

LOS ANGELES, CA— While employers continue to trim payrolls throughout Los Angeles County, the local office market should outperform most of the country’s major metro areas through the rest of this year and into 2010 due to modest inventory growth, according to a second-quarter Office Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Approximately two-thirds of the metro’s 2009 scheduled deliveries have already come online, and the countywide vacancy rate has remained fairly tight.

“Investment activity in the Los Angeles office market has cooled considerably in the past year as buyers and lenders assess the impact of continued economic contraction on future property cash flows,” says Stephen Stein, (top right photo) regional manager of the Los Angeles office of Marcus & Millichap.

Following are some of the most significant aspects of the Los Angeles County Office Research Report:

· Employment losses in Los Angeles County are expected to total 121,000 positions in 2009, a 3 percent decline. Cuts in the metro’s office-using sectors will amount to 41,000 workers, or a decrease of 4.1 percent; in 2008, 46,600 office-using jobs were shed.

· Approximately 1.2 million square feet of office space is expected this year, down from nearly 1.4 million square feet in 2008. Deliveries have averaged 1.1 million square feet annually over the past five years.

· Negative net absorption of 4.2 million square feet is forecast by year end, fueling a 270 basis point vacancy rise to 13.6 percent. Last year, vacancy increased 310 basis points.

· As vacancy continues to creep higher, asking rents are forecast to dip 4.6 percent this year to $32.88 per square foot. Concessions will be used to a greater extent, driving down effective rents 6.6 percent to $27.36 per square foot.

For a copy of the complete Los Angeles County Office Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Marcus & Millichap Sells 24-Unit Apartment Building in Tampa, FL

2009-07-18T09:22:00.000-07:00

TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of La Hacienda Apartments, (bottom left photo) a 24-unit apartment property located in Tampa, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $500,000.

Evan P. Kristol, Senior Vice President Investments and Still Hunter, III, First Vice President Investments, of Marcus & Millichap’s Ft. Lauderdale office and Francesco Carriera, (top right photo) an Investment Specialist in the firm’s Tampa office had the exclusive listing to market the property on behalf of the seller, a bank/financial institution.

The buyer, a limited liability company, w as secured and represented by Francesco Carriera and Nick Meoli, Investment Specialists in the firm’s Tampa office.

“This lender-owned property was approximately 50 percent occupied and had significant deferred maintenance. Several units had missing appliances and needed renovation in order for them to be rent-ready. There were multiple offers on the offering, several of which were in an all-cash position” states Carriera.

“The property sold to a local buyer who was looking for an add value opportunity to add to his portfolio. After several weeks of marketing and a best and final request, the best bidder agreed to pay $500,000 in cash and put up a $75,000 non-refundable deposit with an executed contract.

The buyer closed on the property within 30 days from the effective date” added Carriera.

La Hacienda Apartments is a 24-unit apartment community located at 1503-1515 East 140th Avenue in Tampa, Florida.

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

Tallest Building in Western Hemisphere is Renamed Willis Tower

2009-07-17T12:24:00.000-07:00

Global Insurance Broker Willis Group Holdings Makes Iconic Chicago Skyscraper its New Midwest Region Headquarters

Name Change for Former Sears Tower Underscores Chicago’s Growth as a Global Financial Capital

CHICAGO, IL--(BUSINESS WIRE)--The tallest building in the Western Hemisphere has renamed Willis Tower (centered photo below) in a changing of the guard that underscores Chicago’s increasing importance as a major global financial and business center.

Joseph J. Plumeri, (top right photo) Chairman and Chief Executive Officer of Willis Group Holdings (NYSE: WSH), the global insurance broker, and Chicago Mayor Richard M. Daley (midle left photo) officially introduced the new name together at a ceremony at Willis Tower attended by Chicago business, community and government leaders, the building’s owners and management, and Willis’ Chicago-area Associates.

Opened in 1973 as Sears Tower, the 110-story glass and steel structure remains the tallest building in the Western Hemisphere at 1,450 feet (442 meters). Willis Tower will be one of Willis’ three largest office locations, alongside New York and London.

The company will occupy more than 140,000 square feet (13,000 square meters) of space in the building when nearly 500 Associates move in this summer from five area offices. Willis plans to add more jobs in Chicago in the coming years.

“Every member of the Willis family is honored to be associated with such an architectural icon and privileged to call this prestigious business address our new Midwest Region headquarters,” Plumeri said.

“Above all, the naming of Willis Tower is an affirmation of our strong commitment to the great city of Chicago, its people and its future. Willis has been in Chicago since 1885, the same year that William LeBaron Jenney built the Home Insurance Building, the first skyscraper in the world.

"Over the years, we’ve grown as Chicago has grown, and we are delighted to be a part of the great future this dynamic city is building as a global financial center. We’re proud to call Chicago our home.”

Mayor Daley said: “Especially in these difficult economic times, a decision such as the one Willis has made sends an important message to all Chicago residents that our city is a vital place and that we are working hard to take the steps necessary to keep our economy moving. So I want to thank the company for their decision to locate in Chicago and for adding their presence to our skyline.”

At today’s ceremony, Willis presented a check for $100,000 to Chicago Cares, the city’s premier volunteer organization. Willis’ Chicago-area Associates have pledged thousands of hours of their time to serving the community.

The company is also making a $100,000 donation to Chicago 2016 to support the bid to bring the Olympic Games to the city.

Scott Lorenz, Executive Director of Chicago Cares, said: “We are thrilled to partner with Willis and thank them for their generous investment in the Chicago community. Their commitment will support our work throughout the year, and we look forward to engaging Willis Associates in meaningful community service projects that help fellow Chicagoans in need.”

Contacts
Media: Willis Group Holdings, Will Thoretz, +1 212 915-8251, will.thoretz@willis.com or

For Willis Group Holdings, Daniel Delson, +1 646 805-2036, ddelson@rlmnet.com or

Investors: Willis Group HoldingsKerry K. Calaiaro, +1 212 915-8084, kerry.calaiaro@willis.com

Arbor Closes 2 Loans in Montana and Maryland

2009-07-17T11:43:00.000-07:00

Brush Meadows in Billings, MT Obtains $1.73M Loan

Uniondale, NY (July 17, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,730,000 loan under the Fannie Mae DUS® MAH Loan product line for the 60-unit complex known as Brush Meadows in Billings, MT.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.90 percent.

The loan was originated by Jon Red, (top right photo) Director, in Arbor’s full-service Spokane, WA lending office. “The borrower was under a tight deadline since this was a purchase transaction of LIHTC deal,” said Red. “Arbor completed its due diligence in 50 days, meeting the borrower’s timeframe.”

Dundalk Apartments in Dundalk, MD Receives $4.16M Loan

Uniondale, NY (July 17, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $4,160,000 loan under the Fannie Mae DUS® Loan product line for the 87-unit property known as the Dundalk Apartments (middle left photo) in Dundalk, MD.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.69 percent.

The loan was originated by Stephen York, Director, in Arbor’s full-service New York, NY lending office. “The borrower purchased this property in distress and significantly improved its operations over a two-year period,” said York. “Once the property was ready for permanent financing, Arbor was pleased to deliver long-term fixed-rate financing with extremely attractive terms.”

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/

Regency Centers Announces Partnership Change & Guidance Revision

2009-07-17T11:04:00.000-07:00

JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG) announced today that its co-investment partner, Macquarie CountryWide Trust (MCW), has agreed to sell its interest in Macquarie CountryWide-Regency II, LLC (MCW II), an existing co-investment partnership between MCW and Regency.

In conjunction with the sale, Regency has an option to increase its ownership in MCW II from 25 to 40%.

Separately, Regency also revised second quarter and full year 2009 Funds from Operations (FFO) guidance to reflect the adverse impacts of the current economic environment.

Sale of MCW Partnership Interest

Global Retail Investors LLC (GRI), a joint venture between the California Public Employees' Retirement System (CalPERS) and an affiliate of First Washington Realty, Inc., has agreed to purchase the majority of MCW's interest in MCW II. Regency has an option to purchase the remainder of MCW's interest.

Formed in 2005, MCW II currently owns 86 retail shopping centers that have been valued at $1.73 billion for this transaction.

Contracts have been signed for a phased sale process that will result in multiple closings over the next 24 months.

The first phase involves the sale of 45% of the partnership to GRI. Closing is expected by the end of July 2009 upon completion of documentation of lender consents on certain property-level loans.

The second phase involves the sale of an additional 15% of the partnership to GRI. This second phase is scheduled to close upon receipt of lender consents for the balance of the property-level loans.

Regency has two options to acquire additional interests in the partnership by up to 15% in total. One option allows Regency to purchase up to an additional 10% interest in the portfolio from MCW. This option must be exercised within 21 months of the initial closing.

If Regency chooses not to exercise the additional 10% option, the option would be available to GRI. If GRI does not purchase the remaining 10%, MCW can initiate a distribution in kind to recover its remaining 10% equity value.

The other option allows Regency to purchase up to an additional 5% interest in the partnership from MCW. This option must be exercised by the later of March 31, 2010, or GRI's second phase closing. In the event that Regency does not exercise the 5% option, GRI must acquire the additional 5% interest.

Assuming Regency exercises all of its options, Regency's ownership in MCW II will increase to 40% and GRI would own 60% of the partnership. Regency will remain the managing member of the partnership and retain management and leasing responsibilities.

Regency will receive a disposition fee from MCW equal to: 1% of the gross sales price paid by GRI for MCW's partnership interest and a 7.7% discount on its purchase options. If the options are not exercised by Regency, Regency will receive cash payments of up to $17 million.

"This transaction is 'bittersweet' given our special relationship with MCW that has developed and grown over many years," says Regency Centers CEO Martin E. Stein (top right photo)

"At the same time, we are excited to have the opportunity to partner with CalPERS and First Washington.

"This transaction will have substantial benefits for Regency including a partnership with an outstanding institutional investor, an option to increase our ownership in a high quality portfolio of shopping centers, maintaining the size of the portfolio's current foot print, and profitable on-going fee income."

Contact: Regency Centers Corporation, Jacksonville, FL. Lisa Palmer, 904-598-7636 http://www.regencycenters.com/

Columbus, OH Office Market Shows Signs of Improvement

2009-07-17T10:48:00.000-07:00

COLUMBUS, OH — Negative net absorption was recorded in the Columbus office market during the first six months of 2009, but a moderation in job cuts suggests that the worst may soon be over for property owners, according to a second-quarter Office Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Specifically, about 40 percent of the office-using positions eliminated during the year ending in the second quarter occurred in the last six months.

“As the onset of an economic recovery seems to be a few quarters away, prospective buyers continue to move cautiously in the market,” says Michael Glass, (top right photo) regional manager of the Columbus office of Marcus & Millichap.

Following are some of the most significant aspects of the Columbus Office Research Report:

· This year, employers in Columbus are projected to eliminate 19,000 positions, a 2 percent reduction; in 2008, 13,400 jobs were cut. Office-using employers will pare payrolls by 8,000 workers, compared with 6,100 cuts made last year.

· Completions will total 345,000 square feet in 2009, following the delivery of 758,000 square feet last year. Planned projects in the market total 2.1 million square feet, an amount equal to 6.4 percent of existing stock.

· Supply growth will be relatively modest, but demand will continue to fall in response to job cuts. This year, vacancy will increase 200 basis points to 20.8 percent on negative net absorption of 518,000 square feet. The vacancy rate rose 90 basis points in 2008.

· In 2009, asking rents are forecast to fall 3.5 percent to $17.14 per square foot, compared with a 1.7 percent uptick last year. Effective rents are projected to decrease 4.6 percent to $13.71 per square foot, following a modest 0.1 percent drop in 2008.

For a copy of the complete Columbus Office Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Bill Stahlke to Head Lane Co.’s Acquisitions Efforts

2009-07-17T10:34:00.000-07:00

ATLANTA, GA (July 17, 2009) – Atlanta-based multifamily real estate firm Lane Company has named Bill Stahlke (top right photo) President – Investments at Lane Strategic Investment, LLC. His responsibilities include developing Lane Company’s acquisition strategy and overseeing all of the firm’s acquisitions.

Lane Company’s primary equity partner is Lubert-Adler Partners, L.P. The firms announced earlier this year that Lubert-Adler will provide $250 million for the acquisition, rehabilitation and repositioning of distressed properties, or properties held by distressed sellers. Initially the firm will focus on opportunities in the Southeast and Southwest.

Stahlke came out of retirement to take the position. Before his retirement, he was President of Windsor Capital Partners (now known as The Shoptaw Group), an investment firm which acquired large apartment communities for institutional pension funds and high net worth individual clients.

He also served as President of Executive Capital Corporation, where he oversaw all capital transactions including the acquisition, financing, rehabilitation and sale of apartment communities in 13 states.

He has also been a long-time volunteer and fundraiser for two nonprofit organizations, HOPE for Children, which focuses on adoption services, and HOPE for Kids, which concentrates on mentoring and educating inner city children. He is also Chief Financial Officer and member of the Board of Directors of Gift for a Child, Inc. a non-profit organization focused on raising awareness and finding permanent homes for children in the foster care system.
He graduated with Honors from the University of Illinois in 1980 with a B.S. in Accountancy.

Media Contact: Terri Thornton, Thornton Communications, 404-932-4347 Terri@TerriThornton.com

ICSC Offers Exciting Professional Development Opportunities at Florida Conference in Kissimmee, Aug. 16-18

2009-07-17T10:11:00.000-07:00

NEW YORK, NY– Based on its recent success at RECon 2009, the International Council of Shopping Centers, Inc. (ICSC) is pleased to announce the addition of the “Reconnect Pavilion – Recruiting, Retraining & Resources” to the Florida Conference taking place August 16-18 at the Gaylord Palms Resort & Convention Center in Kissimmee.

“Realizing that the current economy has impacted all of us, ICSC created the Reconnect Pavilion to help alleviate many of the challenges facing industry professionals by offering highly specialized resources,” stated Michael Kercheval, (top right photo) president and CEO of ICSC.

“Due to how well the pavilion was received by attendees at RECon, we decided to incorporate it into future conferences,” Kercheval added.

The “Reconnect Pavilion,” is designed for attendees looking to start their own business or simply looking to advance their professional know-how and offers specialized training sessions, mentoring, educational sessions, and professional development classes lead by industry professionals and professional career coaches. The pavilion will also feature networking, continuing education information, mentoring, job coaching and more.

“I’m impressed by the commitment ICSC has shown to students as well as the younger generation of industry professionals,” said Esteban Koffsmon, student, University of Columbia.

“The Reconnect Pavilion at RECon helped me connect with numerous industry professionals and provided a forum for obtaining invaluable career advice and opportunities. I would highly recommend that anyone looking to advance their career utilize this resource,” Koffsmon added.

Registration fee for the ICSC 2009 Florida Conference is $350 for members; for nonmembers the fee is $595. Press registration is complimentary.

To register, contact ICSC’s Members Services Department at 646-728-3800 or register online at http://www.icsc.org/.

Founded in 1957, ICSC is the premier global trade association of the shopping center industry. Its nearly 70,000 members in about 90 countries include shopping center owners, developers, managers, marketing specialists, investors, retailers and brokers, as well as academics and public officials

Contacts:

Jesse Tron, International Council of Shopping Centers, 1-646-728-3814

Larry Vershel or Beth Payan, Larry Vershel Communications, Lvershel@aol.com

Grubb & Ellis Represents West Coast University in

2009-07-16T12:28:00.001-07:00

NORTH HOLLYWOOD, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented Costa Mesa-based West Coast University, a provider of nursing and health care administration educational programs, in the sublease of a 98,000-square-foot office building in North Hollywood for a new location.

Terms of the 10-year lease were not disclosed. The school will occupy the entire building, which once housed a JCPenney store.

West Coast University is slated to occupy the building, which is located at 12215 Victory Blvd., on Aug. 31. It is an expansion for the school, which has locations in Anaheim and Ontario.

The school was the second private, post-secondary institution in California to offer an associate degree in nursing and in 2008 became the first to offer a bachelor’s degree in nursing.

Sean O’Leary, vice president, and Maury Gentile, executive vice president, both in Grubb & Ellis’ Los Angeles South Bay office and members of Grubb & Ellis’ Tenant Advisory Group, represented West Coast University in the transaction.

Contact: Erin Mays, 312.698.6735, erin.mays@grubb-ellis.com

CB Richard Ellis Tapped for RaceTrac Petroleum Sale-Leaseback Program

2009-07-16T12:13:00.002-07:00

ORLANDO, FL– RaceTrac Petroleum Inc. continues its aggressive growth plans by launching a sale-leaseback program on a select portion of its retail fueling station/convenience store portfolio. RaceTrac has engaged CBRE as its exclusive capital markets advisor for this initiative.

In 2008, RaceTrac generated in excess of $7.5 Billion in annual revenues through the operation of over 530 retail gasoline convenience stores in 12 southeastern states.

RaceTrac has been steadily growing since its inception 75 years ago and is currently ranked as the 56th largest privately held US company by Forbes based on annual revenues.

RaceTrac intends to reinvest the sale-leaseback proceeds in its retail development pipeline and to take advantage of current buying opportunities. Ownership of a RaceTrac store is an opportunity that has never been made available to the public in the company's long operating history.

RaceTrac has a reputation of buying, holding and operating Class A convenience stores all while delivering the best products at the most competitive prices.

James Mitchell and Sean McConnell of CB Richard Ellis's Global Corporate Services unit will be lead points of contact for the portfolio offering. Commenting on the new relationship, James Mitchell notes, "CBRE's national platform matched well with RaceTrac's desire for global reach and strong capital market relationships; we are excited to be taking a package of such well-located assets to market."

The initial offering of 16-stores in AR, FL, GA, MS, TN & TX is expected to generate in excess of $42,000,000. Assets will be available in bulk or on an individual basis.

McConnell notes, "The RaceTrac sale-leaseback investment couples newly-constructed retail product and single tenant net leases secured by a high credit regional fuel marketing brand. Given the current turbulent climate, we are very bullish on the opportunity to steward such a stable retail investment opportunity to market." RaceTrac is known industry-wide for its commitment to excellence from store operations to its passion for buying and developing the "right real estate".

RaceTrac is headquartered in Atlanta, GA. Prospective investors are invited to contact CBRE via James Mitchell or Sean McConnell at 407-404-5000.

C&W negotiates deal for Helmet Shop location in Lake Underhill Business Center

2009-07-16T12:09:00.000-07:00

ORLANDO, FL – July 16, 2009– Cushman & Wakefield announced a new 2,000 sf retail lease in Lake Underhill Business Center in East Orlando. Betsy Owens and Mindy Boehm negotiated a 63-month term for The Helmet Shop, Inc of Daytona Beach to open their first Orlando location at 11602 Lake Underhill Road, near East Orlando Harley-Davison.

Contact: Brook Hines,Tel: 407-541-4401, brook.hines@cushwake.com
www.cushwake.com

Marriott International Reports Second Quarter Results

2009-07-16T07:12:00.000-07:00

BETHESDA, MD, July 16, 2009 /PRNewswire-FirstCall/ -- Marriott International, Inc. ("Marriott") (NYSE:MAR) today reported second quarter 2009 adjusted income from continuing operations attributable to Marriott of $84 million, a 56 percent decline over the year-ago quarter, and adjusted diluted earnings per share ("EPS") from continuing operations attributable to Marriott shareholders of $0.23, down 55 percent.

The company's EPS guidance for the 2009 second quarter, disclosed on April 23, 2009, totaled $0.20 to $0.23.

The reported income from continuing operations attributable to Marriott was $37 million in the second quarter of 2009 compared to reported income from continuing operations attributable to Marriott of $153 million in the year-ago quarter.

J.W. Marriott, Jr. (top right photo), chairman and chief executive officer of Marriott International, said, "In the midst of a continued difficult environment for the travel and tourism industry, our company retains its focus on driving revenue, reducing costs and strengthening the balance sheet.

"In the second quarter, we delivered impressive house profit margins as a result of ongoing cost controls and operational improvements, despite a significant decline in revenue per available room.

"Our efficient delivery of high quality products and services continues to get solid reviews from owners and franchisees as we manage through the difficult economy. Our 110,000-room global hotel development pipeline demonstrates owners' and franchisees' ongoing confidence in our brands and management expertise.

"Across the enterprise our lodging brands continue to show significant REVPAR premiums as our teams launch quick-to-market and focused revenue generation initiatives.

"Our timeshare business rolled out a successful 25th Anniversary stimulus promotion in the second quarter, which significantly improved timeshare contract sales compared to first quarter levels, while significant cost reductions helped the bottom line.

"We expect timeshare to deliver positive cash flow in 2009."Most importantly, both customer and associate satisfaction levels remain high in both our lodging and timeshare businesses. As a result, we remain confident in the long term prospects for our company."

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

Tom Marder of Marriott International, Inc., +1-301-380-2553,

thomas.marder@marriott.com

Web Site: http://www.marriott.com/

Cousins Properties Declares Third Quarter Common and Preferred Stock Dividends

2009-07-15T13:35:00.000-07:00

ATLANTA, GA-- Cousins Properties Incorporated (NYSE: CUZ) announced today that its Board of Directors has declared a quarterly dividend of $0.15 per share, payable September 16, 2009, to common stockholders of record as of August 3, 2009.

The dividend will be payable in a combination of cash and shares of the Company’s common stock with the cash component of the dividend not to exceed 33.34% of the aggregate dividend amount.

“We made the decision to reduce our quarterly dividend to $0.15 based on our current estimate of taxable income,” said Larry Gellerstedt, (top right photo) Chief Executive Officer of Cousins Properties.

“The reduced dividend level, combined with the stock component of the dividend, will allow us to retain significant capital. We anticipate significant investment opportunities coming out of this downturn and continue to take the steps necessary to ensure that Cousins is well positioned to take advantage of those opportunities.”

Contact: Cameron Golden, 404-407-1984, Director of Investor Relations and Corporate Communications, camerongolden@cousinsproperties.com

Arbor Closes $2,239,700 Fannie Mae DUS® Loan for Riverside Townhomes Coop in Riverside, MO

2009-07-15T12:59:00.000-07:00

Uniondale, NY (July 15, 2009) – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,239,700 loan under the Fannie Mae DUS® product line for the 116-unit complex known as Riverside Townhomes Coop in Riverside, MO.

The 30-year loan amortizes on a 30-year schedule and carries a note rate of 7.23 percent.

The loan was originated by Michael Jehle, (top right photo) Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI lending office.

“The members of this cooperative were interested in tapping their cash equity to invest in significant capital improvements to their property,” said Jehle.

“We were able to fully meet their expectations, including the decoupling of their 236 mortgage for maximum proceeds.”

Contact: Ingrid Principe, Iprincipe@arbor.com

Cuhaci & Peterson Architects launches new website to promote energy conservation and smart commercial design

2009-07-15T12:52:00.000-07:00

ORLANDO, FL— Cuhaci & Peterson Architects LLC, the Baldwin Park-based architectural firm, has launched a new user-friendly website that offers dozens of pages of information about company projects, services and people.

Lonnie Peterson, (top right photo) chairman of Cuhaci & Peterson Architects LLC, said he hopes to utilize the website to promote big changes in the way commercial facilities are designed.

“We are seeing a profound evolution in energy-efficient design that incorporates everything from low-energy lighting to more functional space,” said Peterson.

“Architecture is entering a new era where function, efficiency and durability are on par with exciting design, and that translates to substantially more value for the developer, the user and the customer,” Peterson said.

The company’s new website can be visited at http://www.c-p.com/

.
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, 407-644-4142

Grubb & Ellis Presents U.S. Office Market First Look: 2009-Q2

2009-07-15T11:17:00.000-07:00

SANTA ANA, CA--Bob Bach (top right photo), senior vice president and chief economist, Grubb & Ellis Co., takes a look at the national office market for the second quarter of 2009. He notes:

--The office market has settled into an aggressive softening cycle, the length of which will depend on when job losses dissipate.

-- The vacancy rate ended the second quarter at 16.6 percent, an increase of 100 basis points from the first quarter and 180 basis points since the start of the year. These movements are on par with the 2001-03 softening cycle during which vacancy rose by an average of 85 basis points per quarter.

--Manhattan, the New York Outer Boroughs and Long Island are holding onto their sub-10 percent vacancy rates, but spiking availability rates and sublease inventories suggest they will lose their grip within the next quarter or two.

Sixteen markets posted vacancy rates above 20 percent, double the number from the first quarter and quadruple the number from the year-ago quarter.

More than one-quarter of Phoenix’s office inventory is empty, followed closely by Detroit and California’s Inland Empire.

--Net absorption has recorded steep negatives this year at -19.3 million square feet in the second quarter and -18.2 million square feet in the first quarter. As with the vacancy rate, this performance is on par with the losses recorded in the thick of the softening cycle earlier this decade.

-- New York City (Wall Street, middle right photo) led all other markets on the downside by giving up 3.3 million square feet of occupied space in the second quarter, i.e. negative absorption.

Markets posting between negative 1 and 2 million square feet included Northern and Central New Jersey, Chicago and Los Angeles, a sign of how the recession has spread across all regions. A small handful of markets did manage to post positive absorption, led by Seattle (bottom left night skyline photo) with 561,000 square feet absorbed in the second quarter.

--The construction pipeline is emptying quickly; space under construction plummeted by more than 18 million square feet to end the quarter at 48 million square feet, its lowest level in four years.

-- A hopeful sign was that the inventory of available sublease space added a negligible 1.4 million square feet, by far the smallest quarterly gain since the market began to soften. In each of the prior two quarters, sublease space had increased by an average of 10.2 million square feet.

The sudden leveling off is one more indicator that the financial panic of last fall and spring has subsided. The sublease inventory totaled 113 million square feet at the end of the second quarter, its highest level since 2004-Q1 but well below the prior peak of 146 million square feet recorded in 2002-Q1.

--Asking rental rates, typically the last real estate indicator to register a change in the cycle, have turned lower. Year over year, the average rates across the U.S. are down by 3.2 percent for Class A space and 3.7 percent for Class B space.

The average effective rate, however, is down by 16 percent for all classes of space. In the early stages of a softening cycle, landlords and tenants typically negotiate over free rent, improvement allowances and other incentives that figure in the calculation of effective rates but do not impact asking rates. In the later stages of a softening cycle, asking rates finally begin to come down.

Forecast

As mentioned at the beginning of this note, the length of the office market softening cycle depends on when job losses finally abate. The following sequence of events seems plausible:

§ GDP turns positive: 2nd half of 2009
§ Labor market bottoms out: mid-2010 but growth is negligible until 2011
§ Vacancies peak and begin to turn down: 1st half of 2011
§ Rents bottom out and begin to turn up: 2nd half of 2011
§ The strength of the office market recovery in 2011and beyond will depend on the strength of the labor market recovery, which most economists expect will be weak.

A forecast based on the loss of office jobs (information, finance and professional and business services excluding temporary positions) through the middle of next year suggests that the vacancy rate could rise above 20 percent in the first half of 2011 from its mid-2009 reading of 16.6 percent.

Asking and effective rental rates may decline another 10 percent before they reach bottom sometime in 2011. The erosion in net operating incomes during this period will put additional pressure on owners who are struggling to refinance their loans in tight capital markets.

Contact:

Janice McDill
Vice President, Public & Investor Relations
Grubb & Ellis Company
500 West Monroe Street, Suite 2700, Chicago, IL 60661
Direct: 312.698.6707• Fax: 312.698.5941
janice.mcdill@grubb-ellis.com
http://www.grubb-ellis.com/

Cushman & Wakefield Orlando Project Manager Tracy Thom-Palumbo earns LEED AP Certification

2009-07-15T11:03:00.000-07:00

Orlando, FL -- Cushman & Wakefield Project Manager Tracy Thom-Palumbo (top right photo) has earned the Leadership in Energy and Environmental Design Professional Accreditation (LEED AP) designation.

Administered through the U.S. Green Building Council, LEED Accredited Professionals have demonstrated a thorough understanding of green building practices, and have the knowledge and skill set to successfully steward the LEED certification process for buildings and construction projects.

"Even in the down economy, we're seeing more interest in green practices all the time," says Thom-Palumbo.

"With the LEED AP certification, I will be able to assist clients in the LEED certification process of their projects, in addition to helping them design and build more healthful, durable, affordable and environmentally sound construction for commercial buildings."

Ms. Thom-Palumbo joins Industrial Brokerage Director, Lee Morris (bottom right photo who was designated as a LEED Accredited Professional in May.

Morris says that LEED standards help clients save money by identifying and magnifying efficiencies. "We’re in the process of establishing baselines for our clients which has allowed us to identify a lot of ‘low hanging fruit’ providing immediate, low-cost value.

As the economy improves, we can evolve these efficiencies into initiatives that are higher-cost, with a higher return on investment," Morris said.

Other C&W-Orlando associates in the process of acquiring their LEED AP designation include Office Associate Betsy Owens and Portfolio Manager Michael Agnew.

As the first real estate services firm in the country to commit to environmental Best Practices under a formal agreement with the U.S. Environmental Protections Agency (EPA) Cushman & Wakefield is viewed as a leader in greening commercial real estate practices.

The Orlando branch of C&W is keeping step with this national policy by instituting a number of green initiatives, such as sponsorship for associates seeking the LEED AP designation.

Contact: Brook Hines, Tel: 407-541-4401, brook.hines@cushwake.com
www.cushwake.com

Fitch: Gray Clouds Persist for Equity REITs Despite Rays of Sunshine

2009-07-15T10:35:00.000-07:00

NEW YORK, NY--While recent financial market improvements are allowing equity REITs to execute opportunistic actions to reduce financial pressures, several challenges remain, according to Fitch Ratings in the latest edition of its 'REIT Report Quarterly'.

"Most REITs will need to address tenuous access to financing across the capital markets,’ said Managing Director and REIT group head Steven Marks. (top right photo)

"REITs are also contending with an unprecedented downturn in property markets, as indicated by increasing tenant defaults and reductions in net operating income."

Other potentially adverse developments awaiting equity REITs include the sizable overhang of debt maturities in 2011 and 2012 and limited visibility regarding net operating income capitalization rates, which continues to stress commercial property values. Many equity REITs will face challenges to maintain current rating levels.

During the second quarter of 2009, Fitch assigned a rating to SL Green Realty Corp and assigned a new security-specific rating to Westfield Group’s US$700 million debt issue.

While Fitch affirmed 11 REITs, Fitch also revised the Rating Outlook on six of these companies to Negative from Stable. Fitch downgraded nine REITs, with eight of the companies remaining either on Rating Watch Negative or with a Negative Outlook.

Fitch maintains a Negative Outlook for the U.S. Equity REIT sector, indicating an increased likelihood for downgrades or Negative Rating Watches/Outlooks.

Additionally, due to falling valuations and rents, and despite the fact that Fitch-rated issuers in this sector generally have liquidity surpluses, the rating outlook for European REITS is negative. However, individual issuer Outlooks and Watches are the best indicators of future rating direction.

Other items in this edition of Fitch's 'REIT Report Quarterly' include an overview of recent rating actions, summary of two special reports, seven market commentaries, and links to recent Fitch research.

The newsletter is available on the Fitch Ratings web site at 'www.fitchratings.com' under the following headers: Financial Institutions >> REITs >> Newsletters

Contacts: Steven Marks +1-212-908-9161, New York; Julian Crush +44 20 7682 7370, London; or Ben McCarthy +61 2 8256 0388, Sydney.

Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278, Email: sandro.scenga@fitchratings.com;

Peter Fitzpatrick, London, Tel: +44 (0)20 44 20 7417 4364, London, Email: peter.fitzpatrick@fitchratings.com

HFF secures financing on behalf of Tower Management Company for northeastern New Jersey multifamily complex

2009-07-15T07:34:00.000-07:00

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced has arranged a $4.9 million refinancing on behalf of Tower Management Company for Tower Spring Gardens II, (top left photo) a multifamily complex in New Providence, New Jersey.

Working exclusively on behalf of the borrower, HFF senior managing director Tom Didio (middle right photo) placed the five-year, fixed-rate loan with a regional bank. Loan proceeds were used to take out an existing construction loan.

Tower Management Company focuses on acquiring underperforming multifamily properties in well-established markets in which it has utilized its expertise in property management and operations to increase cash flows and value.

Tower currently owns and operates more than 2,000 multifamily units in 21 garden communities in New Jersey, New York and Pennsylvania.

Completed in 2008, Tower Spring Gardens II features 27 one-, two- and three-bedroom units averaging 1,300 square feet each.

The fully-leased property is situated on a 2.5-acre site at 851 Springfield Avenue across from the New Jersey Transit’s New Providence train station in the northeastern New Jersey town of New Providence.

The borrower also owns the adjacent property, Tower Spring Gardens I.

Contacts:
Thomas R. Didio, HFF Senior Managing Director, (973) 549-2000, tdidio@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

National Retail Properties, Inc. Declares Common Dividend

2009-07-15T07:26:00.000-07:00

ORLANDO, FL, July 15 /PRNewswire-FirstCall/ -- The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend of 37.5 cents per share payable August 14, 2009 to common shareholders of record on July 31, 2009.

The dividend represents an annualized rate of $1.50 per share. National Retail Properties has paid increased annual dividends per share for 19 consecutive years. It is one of only 156 publicly traded companies in America that have increased annual dividends paid to shareholders for 19 or more consecutive years.

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of March 31, 2009, the company owned 1,002 Investment properties in 44 states with a gross leasable area of approximately 11.3 million square feet.

For more information on the company, visit http://www.nnnreit.com/.
SOURCE National Retail Properties, Inc.

Contact: Kevin B. Habicht, (top right photo) Chief Financial Officer, National Retail Properties, Inc., +1-407-265-7348

Interstate Hotels & Resorts Extends Senior Credit Facility to March 2012

2009-07-15T07:11:00.000-07:00

ARLINGTON, VA—Interstate Hotels & Resorts (OTC: IHRI), a leading hotel real estate investor and the nation’s largest independent management company, has extended the maturity of its senior credit facility to March 2012 by converting the facility’s outstanding balance of $161.2 million to a new term loan.

Banc of America Securities LLC was sole lead arranger and sole book runner and Bank of America, N.A. is the administrative agent.

“Bank of America did a tremendous job leading this credit facility amendment, and we really appreciate the continued support of all 10 of our credit facility lenders,” said Bruce Riggins, chief financial officer. “This credit facility extension provides us much greater flexibility to execute our business plan through the current recession and positions us to emerge a stronger company as the industry recovers. We expect to be in compliance with all financial covenants for 2009.”

Contact: Carrie McIntyre, SVP, Treasurer, (703) 387-3320

Marcus & Millichap Sells 21 Waterfront Single-Family Lots in Englewood, FL

2009-07-14T10:07:00.000-07:00

ENGLEWOOD, FL, July 14, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Mariner’s Landing, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset sold within sixty days at a sales price of $1,900,000.

Paul K. Bouldin, (top left photo) Senior Associate and Michael Harris Investment Specialist in Marc us & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller, a bank/financial institution.

Cooperating brokers in the transaction included Pam Hitt, with Exit Realty and John Weiss with Michael Saunders Realty, both of Sarasota.

Mariner’s Landing is located at 1500 New Point Comfort Road in Englewood, Florida.

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

Starwood's Turnberry Golf Resort to Re-Open as Part of Luxury Collection

2009-07-14T07:54:00.000-07:00

WHITE PLAINS, NY--Starwood Hotels and Resorts Worldwide, Inc. (NYSE: HOT) today announces that the historic Turnberry golf resort (top right photo) will re-open as part of the renowned Luxury Collection brand at The Open Championship 2009 following a US$65 million renovation by owner Leisurecorp, a division of Dubai World company Nakheel.

Following the $65 million refurbishment, which has focused on the iconic resort’s public spaces and 40 of its 211 luxuriously appointed guest rooms, Turnberry will proudly host the word’s oldest golf championship, on its renowned Ailsa golf course from July 16 – 19, 2009.

Redesigned by acclaimed interior design firm Fox Linton Associates, Turnberry offers guests world class cuisine, a variety of outdoor activities in addition to golf, and an award winning spa experience.

Ideally located on Scotland’s picturesque Ayrshire coast, Turnberry, a Luxury Collection Resort, is the newest addition to The Luxury Collection, a glittering ensemble of the world’s finest hotels and resorts including, The Grande Bretagne, (bottom left photo) Athens, Greece; Hotel Marqués de Riscal, Elciego, Spain; Mystique, Santorni, Greece; Hotel Danieli, Venice, Italy; The U.S. Grant, San Diego and The Joule, Dallas.

This year’s Open Championship will host the world’s leading golfers who will compete on Turnberry’s Ailsa Course, widely viewed as one of the best links courses in the world.

The historic golf resort has previously played host to the world’s oldest major golf championship in 1977, 1986 and 1994. Turnberry, a Luxury Collection Resort, boasts two 18-hole Championship courses including the Ailsa Course and the Kintyre Course. In addition, the resort has a 9-hole Arran Course and renowned Colin Montgomerie Links Golf Academy.

Contact:

Hwee-Peng Yeo
Director, Corporate Communications
Starwood Asia Pacific Hotels & Resorts Ltd
9 Temasek Boulevard, Suntec City Tower 2
#24-02, Singapore 038989

Tel : +65 6335 4837; Cell : +65 9768 6087; +65 9248 0424
Fax : +65 6335 4820
http://www.starwoodhotels.com/; http://www.starwoodpressclub.com/

Marcus & Millichap Capital Corp. Names Steven Rock Senior Director of Manhattan Office

2009-07-14T07:43:00.000-07:00

NEW YORK, NY– Marcus & Millichap Capital Corporation (MMMC) has named Steven Rock (top right photo) senior director of the firm’s Manhattan office, according to William E. Hughes, (bottom right photo) senior vice president and managing director of MMCC.

“Steve has an impressive track record of arranging commercial real estate financing on a national scale,” says Hughes. “He brings a wealth of knowledge in arranging debt and equity finance transactions for multi-family, office, retail, industrial, and hospitality properties to his new position.”

Rock brings 16 years of combined real estate and investment finance experience to the firm. Prior to joining MMCC, he was a senior vice president at the Carlton Group. Before that, Rock held a significant senior advisory role at Citigroup Private Bank, where he was responsible for managing more than $500 million in assets.

“With the capital markets currently in flux, it is more important than ever to provide clients with professional expertise and superior financial and advisory services,” explains Edward Jordan, (middle left photo) regional manager of the Manhattan office of Marcus & Millichap. “Steve has established excellent relationships with key lenders, private equity and other financial institutions in the United States and overseas.

“As a senior director at MMCC, Steve will create customized financing packages that optimize the best terms for our private and institutional investor clients, making the transaction process a more seamless one,” adds Jordan.

“MMCC’s reputation as a leader in the real estate capital lending arena, coupled with its national platform of resources, attracted me to the firm,” says Rock.

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corp., (925) 953-1704

Marcus & Millichap's Long Beach, CA Office Assists Camp Ronald McDonald for Good Times

2009-07-14T07:27:00.000-07:00

LONG BEACH, CA, July 13, 2009– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced that for the second consecutive year, the Long Beach office will raise money to send children to Camp Ronald McDonald for Good Times, according to John Rodiles, regional manager of the office.

The camp provides Los Angeles pediatric cancer patients and their siblings with free medically supervised residential camp sessions in the San Jacinto Mountains of Southern California.

“Last year we raised more than $4,000,” says Josh Cohen, (top right photo) vice president investments and a director of the firm’s National Multi Housing Group in Long Beach. Cohen encourages his co-workers to donate to the camp and matches all of their gifts.

Founded in 1982, Camp Ronald McDonald for Good Times provides year-round supportive programs to families and children impacted by cancer. The camp is offered to any child who has had cancer or a similar condition, or who has a sibling with one of these diseases, at any stage of illness or treatment, at no cost to their families.

Originally called “Camp Good Times,” the camp became “Camp Ronald McDonald for Good Times” in 1984 when McDonald's Operators’ Association of Southern California announced their support for the camp.

Cohen has been with Marcus & Millichap since 2002. He specializes in brokering the sale of multi-family investment properties in Southern California.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716