Thursday, March 13, 2008

Lakeville Partners LLC Announces Opening of Holiday Inn Winter Haven, FL


WINTER HAVEN, FL--“We are very excited to bring Winter Haven something fresh and new. Holiday Inn hotels are specifically designed for business and family oriented leisure travelers in need of a full-service lodging experience, and the Holiday Inn Winter Haven fits well within that offering,” said John Merkin, (right photo) senior vice president, Brand Management, Holiday Inn Brands.

“Development in Winter Haven is key in expanding our Holiday Inn consumer base and growing a strong presence in one of America's most popular tourist destinations.”

Julie Korpanty, Intercontinental Hotels Group, senior area manager of Central Florida, stated that the Holiday Inn Winter Haven was the nicest hotel she has in her area.The Hotel is situated in the heart of Central Florida in the downtown district of Winter Haven. The new 69,911 sq.-ft. hotel design debuts a bold change in the room d├ęcor’ for the Holiday Inn, creating a warm and inviting atmosphere. Offering a private business center, heated outdoor pool, cardiovascular fitness facility, 24 hour secure key access, and a beautiful state of the art board room with two presentation screens that will accommodate 12.

The hotel is within walking distance to shopping, dining. Just minutes from Cypress Gardens Adventure Park, and within an hour’s drive you can visit Walt Disney World, Busch Gardens and Fantasy of Flight Aviation Museum.

The Holiday Inn/Winter Haven is a first class, full service hotel designed with all the comforts of home. 112 Guest rooms are equipped with spacious work desks, extra lighting, 32” HD-LCD televisions and complimentary wireless high-speed Internet access as well as all the amenities you have come to expect from Holiday Inn. Guests who prefer spacious comfort, may choose one of our luxury king suites. Beautifully enhanced plush bedding provides a new level of comfort for a restful night’s sleep.

On February 13, 2008 the Hotel had a ribbon cutting ceremony, accompanied by Nick Rhinehart Lakeville Partners, LLC. Representative, the Winter Haven Chamber of Commerce, Mayor of Winter Haven, Nate Birdsong and several chamber members as well as the Hotel management staff.

All were very impressed with the openness and retro design of the lobby/restaurant and the spacious guest rooms. Chamber member Jennie Maretti said what a great addition to the Winter Haven community. This is a must see! "The grand opening ceremony, April 24 will include a Chamber of Commerce Business-After Hours reception, catered by Outback Steak House. Hours: 5:30 to 7 p.m.

Contact:

Greg Grimmer
Holiday Inn
200 Cypress Gardens Blvd.
Winter Haven, FL 33880
863 292 2100


First Industrial Realty Trust Acquires 134 Acres in the Orlando Market for Future Development

CHICAGO, IL, PRNewswire-FirstCall/ -- First Industrial Realty Trust, Inc. (NYSE:FR), a leading provider of industrial real estate supply chain solutions, has acquired 134 acres of land for future development just outside of Orlando, FL.

(Top left photo is a new gated community, Cascades at Groveland. Photo at right is Robert Krueger, regional director for First Industrial).

The acquisition and future development of the site, known as "First Park Groveland," will be completed through First Industrial's Development and Repositioning Joint Venture with the California State Teachers' Retirement System (CalSTRS), the second-largest public pension fund in the U.S. with a $175 billion portfolio.

First Park Groveland is located northwest of Orlando, adjacent to the Christopher C. Ford Commerce Park developed by Lake County. The site features frontage on U.S. Highway 27, a major connection between Orlando and Interstate 75, as well as O'Brien Road and American Way. Initial plans for First Park Groveland include expanding the infrastructure and utilities as well as preparing the site for vertical development.

Future development plans include build-to-suit and speculative facilities or select land parcel sales to strategic corporate customers."First Park Groveland will be able to provide supply chain solutions for a variety of our corporate customers' needs due to access to the local transportation network," said Robert Krueger (photo top right), regional director for First Industrial. "In addition, the site features a range of industrial zoning, so the parcel can accommodate multiple facility types."

First Industrial would like to thank David Murphy and Kevin Hoover of CB Richard Ellis for their assistance on the transaction.

First Industrial currently owns, manages and has under construction 2.2 million square feet of industrial space and approximately 296 acres of developable land in Central Florida. Current development projects in Central Florida include a 400,000 square foot distribution center at First Park Bridgewater outside of Tampa.

For more information, please visit us at http://www.firstindustrial.com/.

CONTACT:
Sean O'Neill, SVP,
Investor Relations and Corporate, Communications,
+1-312-344-4401, or

Art Harmon, Director,
Investor Relations and Corporate Communications,
both of First Industrial RealtyTrust, Inc.
aharmon@firstindustrial.com
+1-312-344-4320,

Web site:
http://www.firstindustrial.com/

EPA Names CB Richard Ellis 2008 Energy Star Partner of the Year

CB Richard Ellis Earns Award for Protecting the Environment through Energy Efficiency

TAMPA, FL--The U.S. Environmental Protection Agency (EPA) has named CB Richard Ellis Group, Inc. as a 2008 ENERGY STAR Partner of the Year for outstanding energy management and reductions in greenhouse gas emissions.

CBRE's accomplishments will be recognized at an awards ceremony in Washington, D.C. on April 1, 2008.

Across the U.S., top companies and organizations are continuing to promote strategic energy management through participation in ENERGY STAR.

CB Richard Ellis will be honored for smart energy management practices and investments throughout its operations that resulted in significant energy and financial savings in their managed portfolio. CBRE is the only commercial real estate services firm so recognized this year with a Partner of the Year award.

In Florida, CBRE provides management services for six ENERGY STAR labeled properties. They are Cypress Park West Phase I, Fort Lauderdale, FL; Cypress Park West Phase II, Fort Lauderdale, FL; New River Center, Fort Lauderdale, FL; Sawgrass Lake Center, Fort Lauderdale, Sand Lake IV, Orlando, FL; and SunTrust Center, Orlando.

"We are proud to help owners and tenants to both reduce energy costs and lower their overall environmental impact," says Randy Buddemeyer, (photo top right) CBRE's Managing Director for Asset Services over the state. "We have many programs in place to further assist our clients in achieving their sustainability goals."

In May 2007, CBRE announced a commitment to become carbon neutral in its own operations by 2010-making it the first commercial real estate services company to announce such a goal. In addition, CBRE is assisting its clients with energy efficiency programs at the 1.7 billion sq. ft. of building space it manages around the world.

"Receiving one of the EPA's highest honors within less than a year of our carbon neutrality pledge underscores the extraordinary efforts CBRE's employees and clients have taken to ensure our managed properties are operating at the highest possible levels of environmental and energy efficiency," said David Pogue, (photo top left) Senior Managing Director of CBRE's Asset Services Group and head of the company's green initiative for its 635 million-sq.-ft. U.S. property management portfolio.

"As both a socially responsible organization and the world's largest commercial real estate services firm, we have made a commitment to being a leader in changing the way buildings operate, recognizing that now is the time to act to decrease energy consumption and increase environmental sustainability."

"CBRE's leadership in managing their energy use is a model for other businesses looking for ways to protect the environment," said Robert J. Meyers, (photo at right below) principal deputy assistant administrator for EPA's Office of Air & Radiation.


"Because commercial and industrial facilities account for half of all energy consumption in the U.S. and are responsible for nearly half of U.S. greenhouse gas emissions, energy management is a critical element in our efforts on climate change."

About CB Richard Ellis

CB Richard Ellis Group, Inc. (NYSE:CBG), an S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2007 revenue). With over 29,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate offices).

CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.

In 2007, CB Richard Ellis was named one of the 50 "best in class" companies by BusinessWeek, and one of the 100 fastest growing companies by Fortune. Please visit our Web site at http://cbremarketing.com/ve/ZZh00S7331j8192x81h/stype=click/OID=108311125416760/VT=0.

About ENERGY STAR

ENERGY STAR was introduced by the U.S. Environmental Protection Agency in 1992 as a voluntary market-based partnership to reduce greenhouse gas emissions through increased energy efficiency. Today, ENERGY STAR offers businesses and consumers energy-efficient solutions to save energy, money and help protect the environment for future generations.

More than 9,000 organizations are ENERGY STAR partners committed to improving the energy efficiency of products, homes, buildings and businesses. For more information about ENERGY STAR, visit http://cbremarketing.com/ve/ZZh00S7331j8192x81h/stype=click/OID=308311125416391/VT=0 or call toll-free 1-888-STAR-YES (1-888-782-7937).

Contacts:
Lauren Crawford
813.273.8482
lauren.crawford@cbre.com

Randy Buddemeyer
813.273.8412
randy.buddemeyer@cbre.com

Marcus & Millichap Sells Bethesda at Longwood Assisted Living Care Center for $5M

TAMPA, FL – The sale of Bethesda at Longwood Assisted Living Care Center (top right photo) was announced by Steven M. Ekovich, First Vice President and Regional Manager for the Tampa, Florida office of Marcus & Millichap Real Estate Investment Services.

The property sold for $5,000,000 to Mr. & Mrs. Bagsiyao, private investors based out of Kissimmee, Florida. The seller, Mr. Neil Buck has owned the property since 2003. Ken Carriero and Damien Carriero of Marcus & Millichap’s Tampa office represented the seller in the transaction.

Bethesda at Longwood is located at 480 East Church Street in Longwood, Florida. The facility is licensed for 90 beds and has 80 units, of which 17 units and 34 beds are devoted to memory care. Originally built in 1969, the facility suffered widespread damage during the 2005/06 hurricane season.

Forty percent of the building was renovated, with the remaining 60% being remodeled at the same time. Mr. & Mrs. Bagsiyao have extensive experience in operating this type of facility and are currently operating facilities in Florida, New Jersey and New York. The sales price of $5,000,000 represents $62,500 per unit, $55,555 per bed and $135.00 per square foot with a cap rate of 9.6%.

Contacts:
Sue Sampson
Brokerage Administrator/CAST
Marcus & Millichap
7650 Courtney Campbell Causeway
Suite 920
Tampa, FL. 33607
Phone: (813) 387-4700
Fax: (813) 387-4710
Steven M. Ekovich
Marcus & Millichap
813 387 4700

Tenants, Investors Target Office Properties in Downtown Milwaukee


MILWAUKEE — The Milwaukee office market is expected to face a year of mixed performance in 2008 as employers trim payrolls and developers accelerate deliveries of new space, according to the 2008 National Office Report by Marcus & Millichap, the nation’s largest real estate investment services firm.
Much of the demand for office space will be centered in the Downtown Milwaukee submarket, as a growing number of companies are moving their headquarters into the city center.

Also included in the report is the firm’s annual National Office Index (NOI), a snapshot analysis that ranks 43 office markets based on a series of 12-month forward-looking supply and demand indicators. Milwaukee moves down three places this year to No. 41.

“After slowing considerably in 2007, investment activity for local office assets has reached a sustainable pace,” says Matthew Fitzgerald, (photo at right) regional manager of Marcus & Millichap’s Milwaukee office. “Much of the market’s appeal comes from initial yields in the high-7 percent range, a healthy premium more than the national average.”

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

· Office construction will accelerate to 900,000 square feet in 2008, boosting stock by 3.1 percent.
· Vacancy is forecast to end the year at 14.3 percent.
· Asking rents will reach $19.52 per square foot by year-end 2008, a gain of 2.8 percent.
· Effective rents will advance to $16.02 per square foot, an increase of 2.8 percent.
· Institutional investors will maintain their focus on higher-quality assets that are priced below replacement costs.

In the 2008 NOI, Seattle moved up three places to secure the No. 1 spot, surpassing last year’s leader New York City, which slipped to No. 2. Boston moved up two spots to No. 3, while San Francisco jumped 12 places to the No. 4 position. Los Angeles slipped two spots, coming in at No. 5. For a copy of Marcus & Millichap’s National Office Report and the complete NOI rankings, visit www.MarcusMillichap.com.

Contact:
Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710
http://www.marcusmillichap.com/

Despite Short-Term Rise in Miami Office Vacancy, Investors Brace for Long-Term Recovery

MIAMI — Softer demand will result in a higher vacancy rate and a more moderate pace of rent growth in Miami-Dade County this year, although conditions remain relatively healthy, according to the 2008 National Office Report by Marcus & Millichap, the nation’s largest real estate investment services firm. Vacancy will rise this year, but the long-term outlook is positive, as demand is expected to rebound in 2009.

Also included in the report is the firm’s annual National Office Index (NOI), a snapshot analysis that ranks 43 office markets based on a series of 12-month forward-looking supply and demand indicators. Miami moves down six places this year to No. 23.

“Properties located in infill areas in North Miami-Dade County, Hialeah and Kendall will become attractive defensive investments due to the area’s histories of steady tenant demand and difficulty adding new supply,” says Kirk A. Felici, regional manager of Marcus & Millichap’s Miami office.

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


· Local employers are projected to add 10,300 workers in 2008, a 1 percent increase.
· Builders are expected to complete 600,000 square feet of for-lease space.
· Vacancy is forecast to end the year at 9.7 percent.
· Asking rents are forecast to advance 4.6 percent to $30.32 per square foot.
· Effective rents will add 4.1 percent to $26.01 per square foot.


In the 2008 NOI, Seattle moved up three places to secure the No. 1 spot, surpassing last year’s leader New York City, which slipped to No. 2. Boston moved up two spots to No. 3, while San Francisco jumped 12 places to the No. 4 position. Los Angeles slipped two spots, coming in at No. 5. For a copy of Marcus & Millichap’s National Office Report and the complete NOI rankings, visit http://www.marcusmillichap.com/.



CONTACT:
Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710
http://www.marcusmillichap.com/

Moderate Economic Growth Supports Demand for Office Space in Los Angeles


LOS ANGELES — Modest economic expansion in 2008 will continue to support tenant demand for office space in os Angeles County, according to the 2008 National Office Report by Marcus & Millichap, the nation’s largest real estate investment services firm. Employers are expected to add jobs at a fairly steady pace, and the metro will record another year of positive absorption, albeit more modest than in recent years.

Also included in the report is the firm’s annual National Office Index (NOI), a snapshot analysis that ranks 43 office markets based on a series of 12-month forward-looking supply and demand indicators. Los Angeles moves down two places this year to No. 5.

“Office investors will continue to target assets in Los Angeles County this year, however, velocity may slow due to tighter underwriting standards,” says Scott Lamontagne, regional manager of Marcus & Millichap’s Los Angeles office.

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

· · Employers are forecast to create 23,000 positions.
· · Deliveries are expected to total 2.1 million square feet.
· · Vacancy is projected to end the year at 9.6 percent.
· · Asking rents are forecast to reach $34.74 per square foot, a gain of 6.8 percent, while effective rents will rise 7.1 percent to $30.31 per square foot.
· · Properties in the San Fernando Valley will remain popular with investors again this year.

In the 2008 NOI, Seattle moved up three places to secure the No. 1 spot, surpassing last year’s leader New York City, which slipped to No. 2. Boston moved up two spots to No. 3, while San Francisco jumped 12 places to the No. 4 position. For a copy of Marcus & Millichap’s National Office Report and the complete NOI rankings, visit www.MarcusMillichap.com.
Contact:
Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710www.marcusmillichap.com

Meridian Capital Group Arranges Financing for Strip Center in Hialeah, FL


HIALEAH, FL - Meridian Capital Group has arranged a loan in the amount of $2,100,000 for the purchase of a strip center on 28th Ave in Hialeah. Seth Grossman of Meridian’s Florida office secured a non-recourse loan at a rate of 6% fixed for 10 years.


In addition, Meridian negotiated an interest-only term for the first portion of the loan to give the borrower time to increase the property’s cash flow.

“It’s a good feeling, “Mr. Grossman said, “ when even the borrower is surprised at how favorable the loan terms are, especially in this market.”

Contact:
Dani Sabesan
212 612 0109

HFF Arranges $6.3M Refinancing for Two New Jersey Nursing Homes

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged refinancing totaling $6.3 million for Morris Hills (top right photo) and Waterview nursing homes in Morristown and Cedar Grove, New Jersey.

HFF director John Taylor worked on behalf of the borrower to secure the two non-recourse, 10-year fixed-rate loans with prepayment flexibility through Oritani Savings Bank. A $4.65 million loan was arranged on behalf of Twin Oaks Associates for Morris Hills and a $1.65 million loan was secured on behalf of Ridge Road Associates for Waterview.

Morris Hills consists of a 100,000-square-foot facility with 304 beds operating at 90% occupancy. The property is situated on a 2.7-acre site at 77 Madison Avenue directly across from Morristown Memorial Hospital. Waterview Center has 65,000 square feet and 190 beds that are operating at 90% occupancy. Located on 3.4 acres at 536 Ridge Road, the property overlooks the Cedar Grove Reservoir. Both properties are leased and operated by Genesis Health Care.


CONTACTS:

Laurie Fish McDowell
HFF Associate Director
One Post Office Square, Suite 3500
Boston, MA 02109
tel 617.338.0990
fax 617.338.2150
http://www.hfflp.com/
lmcdowell@hfflp.com

John Taylor
HFF Director
973 549 2000
jtaylor@hfflp.com

NAI Realvest Negotiates Sale of 5.1-Acre Industrial Site in Orlando for $1.35M


MAITLAND, FL– NAI Realvest recently negotiated the sale of a 5.147-acre industrial site in Cypress Park at 1611 Cypress Lake Drive in southeast Orlando for $1.35 million. George Livingston,(top left photo) chairman of the firm, and Christie Alexander,(top right photo) a principal at NAI Realvest negotiated the transaction.

Cypress Lake Properties, LLC of Columbus, Ohio is the buyer. Chicago based CalEast Industries Investors LLC was the seller. Livingston said the buyer plans to develop an 83,000± square foot distribution warehouse building on the site.

Michael Heidrich, (photo at right) a principal at NAI Realvest, will serve as principal leasing representative for the facility. NAI Realvest will also handle property management.

About NAI Realvest
NAI Realvest, with offices in Orlando, Daytona Beach, Lake Wales and Clermont, is a fully integrated commercial real estate operating company specializing in brokerage, development, investment, leasing and management, consulting and research services in the U.S. and worldwide through NAI Global, an international commercial real estate network with over 375 offices spanning the globe. Since 1978, clients have built their businesses on the power of NAI Global’s expanding network. Extensive services include multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services.

To learn more, visit http://www.nairealvest.com/.

CONTACTS:
George Livingston, Chairman, NAI Realvest
407-875-9989
Janice Paiano, Marketing Director, NAI Realvest
407-875-9989
Christie Alexander, Principal, NAI Realvest
407-875-9989
Larry Vershel or Beth Payan,
Larry Vershel Communications Inc.,
407-644-4142