Tuesday, September 30, 2008

Taubman Asia Announces Samsung Tesco Homeplus as Second Anchor for Korea's Songdo IBD Shopping Center

BLOOMFIELD HILLS, MI, Sept. 30 /PRNewswire-FirstCall/ -- Taubman Asia, a subsidiary of U.S. mall REIT, Taubman Centers, Inc. (NYSE:TCO), today officially announced that hypermarket giant, Tesco Homeplus, has signed to be the second anchor at the shopping center (top right photo) at Songdo International Business District (Songdo IBD), a 1,500-acre city being constructed in Incheon, Korea.

Songdo IBD is being developed by New York headquartered Gale International and Korea's POSCO E&C in a 70/30 joint venture

"This is the second anchor deal to be completed for Songdo Shopping Center, following the Lotte Department Store announcement in April.

"We are very excited to have secured another leading retailer for the project, further adding to the momentum as we move closer to creating a world class retail and lifestyle destination that will be an international landmark for Korea," said Morgan Parker, (middle left photo) president of Taubman Asia, the manager and developer of Songdo Shopping Center.

"The two story hypermarket, which is to be built on block A1, will cover approximately 21,276sqm (230,000 sq. ft.) of gross leasable space and will add another crucial dimension to what will be a truly remarkable international shopping center," he added.

The two-level enclosed shopping center, designed by globally renowned architect Daniel Libeskind with interior design by Benoy, will be the first of its kind in Korea, created as an integrated space that includes Lotte Department Store. (middle right photo)
The shopping hub of Songdo IBD will also feature Tesco Homeplus hypermarket, a multiplex cinema, a food emporium, an ice rink, and approximately 150 specialty stores.

CONTACTS: Barbara Baker, Vice President, Investor Relations,+1-248-258-7367, bbaker@taubman.com,

Karen Mac Donald, Director,Communications, +1-248-258-7469, kmacdonald@taubman.com,
both of TaubmanCenters, Inc.;

Pamela So, Weber Shandwick, Hong Kong, +852-2533-9916, pso@webershandwick.com;

Phillip Anderson, News Communications, Korea,+82-2-6323-5050, phillip.anderson@newscom.co.kr;

Hyewon Chang, GaleInternational - Domestic-ROK, +82-2-6260-3353, hwchang@galeintlkorea.com,

MaryLou DiNardo, Gale International-U.S. and International, +1-212-909-0340,tkpr1@aol.comWeb site: http://www.taubman.com/http://www.songdo.com/

SPECIAL REPORT: Continued Record Home Price Declines, According to the S&P/Case-Shiller Home Price Indices

NEW YORK, Sept. 30, 2008 – Data through July 2008, released today by Standard & Poor’s for its S&P/Case-Shiller[1] Home Price Indices, the leading measure of U.S. home prices, shows continued record declines and a continuation in the trend of double digit declines across many cities in the prices of existing single family homes across the United States.

[1] Case-ShillerÃ’ and Case-Shiller IndexesÃ’ are registered trademarks of Fiserv, Inc.

(Top right photo, David M. Blitzer, chairman, Index Committee, Standard & Poor's.)

The chart above depicts the annual returns of the 10-City Composite and the 20-City Composite Home Price Indices. The indices reached new record annual declines of 17.5% and 16.3%, respectively.

The 10-City level marked its 10th consecutive monthly report of a record decline, beginning with data reported for October 2007. As depicted on the chart above, during the 1990-92 cycle the record low was -6.3%.

While the annual returns of the two indices continue to reach record lows, the pace of the decline has slowed, particularly over the last three months. For the three months of May thru July, home prices cumulatively fell about 2.2%; whereas for the three months of February thru April, and November 2007 thru January, the cumulative rates of decline were closer to 6.0-6.5%.

“There are signs of a slow down in the rate of decline across the metro areas, but no evidence of a bottom,” says David M. Blitzer, (top right photo) Chairman of the Index Committee at Standard & Poor’s.

“Little positive news can be found when cities like Las Vegas and Phoenix report annual declines as large as -29.9% and -29.3%, respectively, and all 20 cities are still in negative territory on a year-over-year basis.

"The Sunbelt continues to be the story, with the seven cities that basically represent that area reporting annual declines roughly between 20 and 30%.

"While some cities did show some marginal improvement over last month’s data, there is still very little evidence of any particular region experiencing an absolute turnaround.”

(Rialto Bridge at Venetian Resort, Las Vegas, middle left photo)

While there are differences across regions, at the national level the housing market peaked around June/July of 2006. As of July 2008, two years later, the 10-City Composite has fallen by a total of 21.1% and the 20-City Composite is down 19.5%.

Las Vegas remains the weakest market, reporting an annual decline of 29.9%, followed by Phoenix and Miami at -29.3% and -28.2%, respectively.
Atlanta, (Atlanta skyline, middle right photo) Dallas, Minneapolis and Tampa showed improvements in their annual and monthly returns, but all four are still too close to their recent lows to determine if the markets have stabilized.
While their annual returns are negative, Atlanta, Boston, Dallas, Denver and Minneapolis all reported positive returns for the three months or more.

The table below summarizes the results for July 2008. The S&P/Case-Shiller Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data. More than 20 years of history for these data series is available, and can be accessed in full by going to http://www.homeprice.standardandpoors.com/

The S&P/Case-Shiller Home Price Indices are published on the last Tuesday of each month at 9:00 am ET. They are constructed to accurately track the price path of typical single-family homes located in each metropolitan area provided.

Each index combines matched price pairs for thousands of individual houses from the available universe of arms-length sales data. The S&P/Case-Shiller National U.S. Home Price Index tracks the value of single-family housing within the United States.

The index is a composite of single-family home price indices for the nine U.S. Census divisions and is calculated quarterly. The S&P/Case-Shiller Composite of 10 Home Price Index is a value-weighted average of the 10 original metro area indices.

The S&P/Case-Shiller Composite of 20 Home Price Index is a value-weighted average of the 20 metro area indices. The indices have a base value of 100 in January 2000; thus, for example, a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the subject market.

(Dallas skyline, bottom right photo)

These indices are generated and published under agreements between Standard & Poor’s and Fiserv, Inc.The S&P/Case-Shiller Home Price Indices are produced by Fiserv, Inc.
In addition to the S&P/Case-Shiller Home Price Indices, Fiserv also offers home price index sets covering thousands of zip codes, counties, metro areas, and state markets. The indices, published by Standard & Poor's, represent just a small subset of the broader data available through Fiserv.
(Tampa, FL skyline, bottom left photo)

For more information, please contact: David Blitzer, Chairman of the Index Committee,
Standard & Poor’s, 212 438 3907,

David Guarino, Communications, Standard & Poor’s, 1 212 438 1471

Ramada Brand Opens First Property in Lebanon

PARSIPPANY, N.J. (Sept. 30, 2008) – Ramada Worldwide today announced the opening of the brand’s first property in Lebanon.

The 99-room Ramada Beirut Downtown (top right photo) is located in the heart of Beirut, Lebanon, and is a ten minute drive from Beirut Rafic Hariri International Airport. Features include a signature restaurant and lounge and meeting space capable of accommodating up to 70 guests.

Wyndham Hotel Group, one of three principal components of Wyndham Worldwide Corporation (NYSE: WYN), encompasses nearly 7,000 hotels representing more than 581,000 rooms in 65 countries on six continents under the Wyndham®, Ramada®, Days Inn®, Super 8®, Wingate® by Wyndham, Baymont Inn & Suites®, Microtel Inns and Suites®, Hawthorn Suites®, Howard Johnson®, Travelodge®, Knights Inn® and AmeriHost Inn® brands.

All hotels are owned individually and operated independently or by Wyndham Hotel Management. Wyndham Hotel Group is based in Parsippany, N.J. Additional information is available at http://www.wyndhamworldwide.com/.

CONTACT: Christine Da Silva, Director, Media Relations, Wyndham Hotel Group, 1 Sylvan Way, Parsippany, NJ 07054. PH (973) 753-6590 christine.dasilva@wyndhamworldwide.com

Arbor Closes Loans Totaling $19M in Kansas, Boston Area and California

Arbor Closes $12.1M Fannie Mae DUS® Loan on Cypress Gates in Marina, CA

UNIONDALE, NY – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $12,100,000 loan under the Fannie Mae DUS® product line to refinance the 134-unit complex known as Cypress Gates (top right photo) in Marina, CA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.40 percent.

. The loan was originated by Patrick McGovern, (top left photo) Director, in Arbor’s full-service New York, NY lending office. “Arbor was pleased to provide cash-out refinancing in excess of $3 million to a first-time borrower with extensive experience in the market, allowing them to invest in future opportunities,” said McGovern.

Arbor Closes $1,929,100 Fannie Mae DUS® Small Loan on Tiffany Terrace Apartments in Boston/Dorchester, MA

UNIONDALE, NY – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,929,100 loan under the Fannie Mae DUS® Small Loans product line to refinance the 39-unit complex known as Tiffany Terrace Apartments in Boston/Dorchester, MA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.32 percent.

The loan was originated by John Kelly, (middle left photo) Director, in Arbor’s full-service Boston, MA lending office. “Arbor was pleased to refinance this transaction on behalf of the long-term owner,” said Kelly. “The property has an excellent track record of being well managed and maintained. We look forward to growing our financial partnership with this first time Arbor client.”

Arbor Closes $4.6M Fannie Mae DUS® Loan on Carriage House in Topeka, KS

UNIONDALE, NY, Sept. 30, 2008 – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $4,600,000 loan under the Fannie Mae DUS® product line to refinance the 282-unit complex known as Carriage House (middle right photo) in Topeka, KS.

The 7-year loan amortizes on a 30-year schedule and carries a note rate of 6.23 percent.

The loan was originated by Ronen Abergel, Director, (bottom left photo) in Arbor’s full-service New York, NY lending office. “This deal was turned down by a local bank in Kansas,” said Abergel. “However, we were able to work through the issues and close the loan within 30 days.”

Contact: Ingrid Principe, iprincipe@arbor.com, Tel: (516) 506-4298

Monday, September 29, 2008

Marcus & Millichap Named One of the Top Innovators in Technology

The firm has received this honor for the third consecutive year.

ENCINO, CA, Sept. 29, 2008 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment brokerage firm, has been named one of the Top 500 innovators in technology by Informattion Week magazine.

For the third year in a row, Marcus & Millichap has received this honor from Information Week.

“Since our company was founded in 1971, we have been a pioneer in real estate technology, and each year we make a concerted effort to deliver new and groundbreaking use of technology in our business,” explains Harvey E. Green, (top right photo) president and chief executive officer of Marcus & Millichap.

“This recognition honor by Information Week is a reflection of the company’s commitment to providing our agents and clients with the cutting-edge technology they need to achieve superior results for our clientsmarket and close transactions.

" Two of our groundbreaking innovations include MNet, a proprietary database of property listings that allows our agents to match properties and buyers nationwide; and Marketplace, which automates the distribution of professional-quality marketing materials for individual listings on behalf of our clients.”

Marcus & Millichap recently launched Reach, a program that allows agents to manage and track their e-mail correspondence (Can we describe this better or more clearer? It sounds very basic that Reach tracks email correspondence); and Liaison, a secure collaboration site that allows clients and agents to share detailed transaction information about specific properties, according to Richard H. Peltz, (middle left photo) senior vice president and chief information officer of Marcus & Millichap.

"Our Information Services group makes continuous improvements to our firm’s technology platform,” explains Peltz. “We recently upgraded our Marketplace platform by creating new and improved templates for our agents, which improves the efficiency of delivering professional-quality marketing materials to our clients.”

The Information Week 500 awards are given to firms with innovations that improved services for both clients and employees. Marcus & Millichap placed in the ttop 5 percentile, which is an honor considering that the magazine received more than 6,500 applications from blue chip companies from all over the world.
“We are proud to receive this recognition from Information Week and are looking ahead to continually improve our technology platform,” says Peltz.

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

Hispanic Hotel Owners Association to Host “Battle of the Brands”

WASHINGTON, D.C., September 29, 2008—The Hispanic Hotel Owners Association (HHOA), a rapidly growing non-profit organization that seeks to increase Latino ownership of hotels, today announced that the opening event at the group’s first Hispanic Hotel, Development and Investment Conference is designed to permanently alter the concept of hotel conferences.

On Wednesday, October 8, four hotel mega-brands—InterContinental Hotels Group (IHG), Wyndham Hotels and Resorts, Hilton Hotels Corporation and ACCOR—will square off against each other in a winner-take-all “Battle of the Brands” event.

“Just like China raised the bar with the opening event at the Olympics this year, we wanted to set a new standard for hotel conferences with our opening event,” said Angela Gonzalez-Rowe, (top left photo) founder and president of the Hispanic Hotel Owners Association. “To our knowledge, nothing like this has ever happened at a gathering of hoteliers.

The participation of IHG, Wyndham, Hilton and ACCOR in such a fun event sets the stage for a strong educational and deal-making event.”

Each of the four brand groups will set up an exclusive, highly themed cocktail reception area to entertain members of Latino hotel ownership, development and management groups headquartered in South America, the United States, Central America and Mexico.

Given the extremely competitive natures of the companies involved, each competing brand is guarding their theme with the utmost secrecy. Formatted after the popular “Battle of the Bands” competition, attendees will vote for the best reception area.

“HHOA's Battle of the Brands challenge has our creative juices flowing," said Floyd Pitts, (middle left photo) Senior Director of Diversity Programs for the Hilton Hotels Corporation.
"Our team has worked feverishly to bring to life a theme that is sure to WOW attendees. It was inspired by our flagship brand - Hilton Hotels, consistent with what that Brand strives to deliver to every one of their guests: inspiration, relaxation, fun and excellence -- as with the guest experience delivered by that Brand, our theme will touch the mind, body and soul."

In keeping with the competitive theme, a boxing ring, complete with “card girl,” and announcer will be set in the center of the room. The announcer will periodically highlight the various aspects of each reception area offering and the four hotel companies and seek participant response.

“With over 7000 ports of call, we're cruising right by the competition,” said Nancy Poor, (top right photo) Senior Vice President for Wyndham Worldwide. “Come visit the Wyndham Hotel Group lounge!”

Additional information about HHOA is available at the association’s Web site, http://www.hhoa.org/.

To learn more about the first Hispanic Hotel, Development and Investment Conference, contact Angela Gonzalez-Rowe at 202-587-5707, or http://www.hhoa.org/.

Contact: Jerry Daly, Chris Daly, Daly Gray Public Relations, (703) 435-6293,

Monmouth Real Estate Investment Corp. Announces New Acquisition

FREEHOLD, N.J. /PRNewswire-FirstCall/ -- Monmouth Real Estate Investment Corporation (NASDAQ:MNRTA) has announced the acquisition of a 110,638 square foot industrial building located at 950 Bennett Road, (top right map) Orlando, Orange County, Florida, at a purchase price of approximately $8,300,000 from FE Orlando Investment Limited Partnership, a Delaware limited partnership.

The property is leased to Federal Express Corporation through November 30, 2017.

This property is the replacement property in a 1031 exchange transaction in which an industrial property in Franklin, MA, sold by the company in June 2008, serves as the relinquished property.

According to Eugene W. Landy, President, "This acquisition brings the total square footage in the Monmouth Real Estate portfolio to approximately six million square feet. Our business plan of owning high quality industrial properties, secured by long-term leases to investment grade tenants, coupled with our strong balance sheet, provides us with stability and visibility, and therefore will allow us to perform well in these turbulent times."

Monmouth Real Estate Investment Corporation, which was organized in 1968, is a publicly-owned real estate investment trust specializing in net-leased industrial properties. The Company's equity portfolio now consists of fifty-seven industrial properties and one shopping center located in twenty-five states. In addition, the Company owns a portfolio of REIT securities. Source: Monmouth Real Estate Investment Corporation

CONTACT: Rosemarie Faccone or Susan Jordan, +1-732-577-9996, both of Monmouth Real Estate Investment Corp.

Arbor Closes $1.35M Fannie Mae DUS® Loan on Lindy’s Landing Apartments in Austin, TX

UNIONDALE, NY, Sept. 29, 2008 – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,350,000 loan under the Fannie Mae DUS® product line to refinance the 52-unit complex known as Lindy’s Landing Apartments in Austin, TX.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.38 percent.
The loan was originated by Ronen Abergel, Director, in Arbor’s full-service New York, NY lending office.

“The borrower locked in long term fixed-rate financing to complement her retirement plan,” said Abergel. “She was quite pleased with the terms of the loan.”

Contact: Ingrid Principe, Tel: (516) 506-4298,

Friday, September 26, 2008

Tribute Lofts’ Auction Results Lead to Ongoing Success Story: Auction Pricing Continues

Award-winning Tribute Lofts (top right and lower left photos) in the Old Fourth Ward Offers Parkside Urban Living in Industrial Chic Design

ATLANTA, GA – The InVision Group LLC, an Atlanta-based real estate firm specializing in urban, mixed-use and multifamily development and investment, announces that the company’s recent auction at award-winning Tribute Lofts in the Old Fourth Ward was a tremendous success and continues to generate a high volume of sales.

The auction resulted in the sale of 27 of the property’s 147 lofts, all of which have closed. Fourteen additional homes have been sold since the auction.

“Tribute Lofts’ auction was designed to sell homes quickly and to continue our sales momentum post auction by allowing the actual sales prices from the auction to determine the market value of the homes,” explains Principal Greg Wohl of The InVision Group, developer and owner of Tribute Lofts. Greg and his brother Brian Wohl, who also is a principal with the company, are the forces behind the property and auction.

When the auction was held June 22 at the Omni Hotel in downtown Atlanta, nearly half of Tribute Lofts’ total of 147 homes had sold.

Accelerated Marketing Partners conducted the one-hour auction of one- and two-bedroom lofts that sold from $130,000 to $260,000.

Many of Tribute Lofts’ purchasers are first-time buyers and many are single, young professionals.

Media Contact: Elaine McEachern, 404-355-8748

NAIOP Central Florida Chapter Presents $44,500 Check to UCF's College of Business Administration for New Dr. P. Phillips School of Real Estate

From left: NAIOP chapter president Terry Delahunty, Foley & Lardner LLP; former chapter president and UCF alumna Nan McCormick, CB Richard Ellis, Inc; chapter president-elect and UCF alumnus Jeff McFadden, Taurus Investment Holdings, LLC; Dr. Thomas Keon, Dean of UCF’s College of Business Administration; former chapter president and UCF alumnus Damien Madsen, Broad Street Partners; former chapter president Mike Beale, Highwoods Properties, Inc.; and Dr. Randy I. Anderson, Howard Phillips Eminent Scholar Chair in Real Estate at UCF.

ORLANDO, FL - The Central Florida chapter of the National Association of Industrial and Office Properties (NAIOP) presented a $44,500 check to Dr. Thomas Keon, Dean of UCF’s College of Business Administration,(top right and bottom left photos) on September 25 in support of its new Dr. P. Phillips School of Real Estate spearheaded by the local NAIOP chapter.

NAIOP’s check represents the latest installment of a total of $564,500 donated to UCF in payment toward its $600,000 multi-year commitment.

NAIOP’s support is generating big dividends at the school which is now up and running.. The check was presented during the 2nd Biennial NAIOP Central Florida Developers’ Bus Tour.

When completed by July 2009 and combined with the state matching gift, NAIOP’s contributions will create a $1.02 million endowment to support the Jim Heistand-NAIOP Endowed Eminent Scholar Chair in Real Estate, a second faculty position in addition to the fully-funded Howard Phillips Eminent Scholar Chair in Real Estate at UCF held by Randy I. Anderson, Ph.D.

In accepting the check, Dean Keon stated, “NAIOP continues to work hard to make sure the school is a top priority for the Central Florida real estate community.
" UCF’s Dr. P. Phillips School of Real Estate is off to a great start with nearly 200 students majoring or minoring in the undergraduate real estate program. Those numbers will grow as we add faculty and further develop the curriculum.”

Gifts toward Central Florida NAIOP’s $600,000 commitment include: $300,000 from NAIOP member Jim Heistand, majority owner of Orlando-based Eola Capital; $55,000 from local NAIOP chapter president-elect and UCF alumnus Jeff McFadden, managing partner, Taurus Investment Holdings LLC; $5,000 from former chapter president and UCF alumna Nan McCormick, senior vice president at CB Richard Ellis, Inc.; $5,000 from Highwoods Properties, Inc.; and $5,000 from Duke Construction.

“At this point, we need more folks to follow their lead,” said chapter president Terry Delahunty, partner, Foley & Lardner LLP. “We are currently seeking additional investment in the chair,” Delahunty explained. “We anticipate that more of our members and others will step up with needed contributions now, so we may complete the NAIOP pledge more quickly and achieve an even larger impact benefiting our community.”

Contact: Kenneth H. Cristol, 407-774-2515

Terry's Electric Active on Three Projects

Firm awarded electrical contract for new multimillion-dollar, 48-unit Silver Lake Resort, Building 1400 in Kissimmee, FL

KISSIMMEE, FL – Terry’s Electric, Inc., one of Florida’s leading electrical contractors, was awarded an electrical contract for the new multimillion-dollar, 48-unit Silver Lake Resort, (top left photo) Building 1400 in Kissimmee, FL.

Roger B. Kennedy serves as general contractor for the project which is slated for completion in September 2009 according to Mark Neveu, (top right photo) Commercial Division president of Kissimmee-based Terry’s Electric.

Firm completes Polk County Public Schools' new 263,391-square-foot High School BBB in Auburndale, FL

KISSIMMEE, FL – Terry’s Electric Inc. has completed Polk County Public Schools’ new 263,391-square-foot High School BBB located at 4905 Saddle Creek Road, Auburndale, FL.
M.M. Parrish Construction Company was general contractor for the project, according to Mark Neveu, Commercial Division president of Terry’s Electric. SCMH Architects, Lakeland, FL, served as project architect.

Terry's starts work on School District of Osceola County's new 100,000-square-foot Elementary School "L" in Poinciana, FL

KISSIMMEE, FL – Terry’s Electric Inc., has started work on the School District of Osceola County’s new 100,000-square-foot Elementary School “L” in Poinciana, FL.
W.G. Mills is the general contractor for the project which is slated for completion in February 2009 according to Mark Neveu, Commercial Division president of Terry’s Electric.

Contact: Kenneth H. Cristol 407-774-2515

HFF arranges $4.4M refinancing for northwest Houston office building

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) has secured a $4.4 million refinancing for 13111 Northwest Freeway, (middle left map) a 156,000-square-foot office building in northwest Houston, Texas.

Working exclusively on behalf of Sabine Management Corporation, HFF managing director Tucker Knight (top right photo) and real estate analyst Steven Gautier placed the 10-year, 6.71%, fixed-rate loan with AIG Global Investment Group in order to refinance the existing loan encumbering the property.

“AIG provided excellent service on this transaction, which was highly prized by our client,” said Knight.

13111 Northwest Freeway is a six-story office building that is currently 86% occupied to a variety of tenants such as K. Hovnanian, Luby’s, National Marketing & Administration and Horace Mann Educators Corporation.

The property is located along Northwest Freeway in the Highway 290 northwest corridor of Houston.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.
HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing. http://www.hfflp.com/.


Tucker S. Knight, HFF Managing Director, 713 852 3500, tknight@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, lmcdowell@hfflp.com