Tuesday, June 24, 2008

Konover South Announces A&H Photo Lease at its Poinciana Place Shopping Center in Kissimmee, FL

KISSIMMEE, FL – Konover South, LLC, one of the Southeast’s premier retail developers, announced that A&H Photo has signed a lease for 2,972 square feet at its Publix-anchored, 107,138-square-foot Poinciana Place shopping center at US 192 and SR 535 in the Orlando suburb of Kissimmee, FL.

Company leasing specialist Vivian Ricardo represented Konover South in the transactions.

Other major tenants include Blockbuster Video and Smokey Bones Barbeque & Grill, as well as Elite Vacations, Gemstone Properties, Hershey’s Ice Cream, NYPD Pizza and others.

Konover South, LLC, a fully integrated acquisition, development and management company operating throughout the southeastern U.S., is based in Deerfield Beach, FL. Visit the company’s website at http://www.konoversouth.com/.


Kenneth H. Cristol, President, Cristol Marketing Company, 237 Hunt Club Blvd., Suite 102, Longwood, FL 32779 USA. PH 407-774-2515. FX 407-774-6647. Strategic Marketing, Brand Management, Publicity and Advertising, and Corporate Communications http://www.crismktg.com/

Cousins Announces Retailer Openings at Tiffany Springs MarketCenter

Best Buy and The Home Depot are first to open at 585,000-square-foot center near Kansas City

ATLANTA, GA - - Cousins Properties Incorporated (NYSE:CUZ) has announced a schedule of retailer openings at Tiffany Springs MarketCenter, a 585,000-square-foot power center at the intersection of Interstate 29 and State Highway 152 in Kansas City, Missouri.

The project, Cousins' first in Kansas City, will eventually be home to more than 50 retailers and restaurants. The first retailer to open at the center is Best Buy, which held its grand opening onFriday, June 20.

Over the next two months, more than a dozen additional retailers - including all of the anchors - will open their doors at Tiffany Springs MarketCenter. The center is currently 88 percent committed.

"We are proud of the mix of retailers at Tiffany Springs and know this center will quickly become a great addition to the growing Northland community," said Darryl Bonner, senior vice president of leasing for Cousins Properties.

Following Best Buy's opening, The Home Depot has planned its grand opening for June 26. Other retailers including Target, JCPenney, PetSmart, Ulta, Sports Authority, Chuck E. Cheese and Community American Credit Union have scheduled openings in late July and earlyAugust.

Additional retailers with signed leases at Tiffany Springs MarketCenter include Famous Footwear, Five Guys Burgers, Great Clips,Jason's Deli, Justice, Lifeway Christian Bookstore, Mattress Firm andProfessioNail.

Tiffany Springs MarketCenter is represented locally by Kansas City-based LANE4 Property Group, which provides retail development and brokerage services throughout the Midwest.


Investment Community: Mark Russell, Senior Vice President, 404 407 1390. markrussell@cousinsproperties.com

Media: Matt Gove, Senior Vice President, 404 407 1490. mattgove@cousinsproperties.com

Case History of Carlton Cove's Sale by CLW Health Care Services Group

TAMPA, FL--CLW Health Care Services Group recently closed on the sale of Carlton Cove, an Entrance Fee CCRC located in Huntsville, Alabama.

Allen McMurtry, (top right photo) president, CLW Health Care Services Group, says "Although we typically do not feature closed transactions in this context, we thought the process by which this asset was sold would be of interest" to the real estate industry.


•Original Bond Issue of $77,080,601 ($304,666 per unit)

•Carlton Cove experienced numerous operational challenges and negative publicity over its history including poor state surveys, physical plant
issues related to the original construction (mold) and a fi re (set by an employee). In addition, there were three management companies and four executive directors since opening.

•The property entered into Chapter 11 Bankruptcy protection in April 2006.

•Prior to CLW’s engagement to sell the asset, numerous buyers expressed interest in the community, but final terms could not be reached with any of these groups.

Opened February 2003
253 Units
47% occupied (IL)
Average Entrance Fee - $232,070
Average Monthly Service Fee - $3,108
Sale Price - $27,250,000 ($107,708 per unit)
Non-profi t seller/Non-profi t buyer


•Registered 30 prospects
•Received six written bids (including the APA and a 10% deposit)
•Five of the six Bidders were deemed Qualifi ed Bidders.


•One bidder was named the Opening Bidder and Stalking Horse Bidder.
•The advantages of receiving Stalking Horse protection included 1) Right to be the opening bid at the Auction, 2) Their APA became the
Auction APA and was bid against, 3) A 2% break-up fee would be paid if they were not the winning bidder at the Auction.
•The Opening Bidder was announced in advance of the Auction. Their marked-up APA was also distributed in advance.
•Competing bids were made in $100,000 increments. The increment could be measured in dollars and/or contract terms (ie. the
elimination of material adverse changes would be assigned a value)
•Each Bidder had 15 minutes between bids to review their strategy and present their counter offer.
•Bidders were only able to decline to make a bid in one round at the Auction. If they passed a second time, they were automatically
withdrawn from the Auction.
•The opening bid was $25,500,000 and the ending (winning) bid was $27,250,000.


• Throughout the marketing process the Offi cial Resident Committee was fully involved and informed. They also had open dialogue with
the Bidders and met with 4 of the 6 groups.
• In some cases, Bidders put forth two offers, one with Stalking Horse protection (higher) and one without.
• Since the 10% deposit was non-refundable, all due diligence was performed prior to the bid date.
• CLW coordinated and maintained a due diligence virtual data room with over 8,000 pages of documents available to Bidders.
• The Bidders were required to assume the resident contracts and all Entrance Fee refund obligations.

In late November 2007, CLW was retained, with Bankruptcy Court approval, by the non-profi t sponsor under direction of the Master Trustee and Creditors. Given the long history of false disposition starts and stops, it was critical to sell Carlton Cove as quickly as possible. Timing
and certainty of closing was of critical importance.


From start to finish, the timeline below took approximately 3.7 months

--February 7th: Offering Memoranda were distributed to registered Bidders/Buyers.
--April 4th: Bids were due in the form of a marked-up asset purchase agreement (APA) accompanied by a 10%, non-refundable escrow deposit. This deposit was non-refundable
if selected as the winning Bidder.
--April 15th: Auction was held in the offices of seller’s counsel.
--April 17th: Order approving and confirming the sale by the Bankruptcy Court
--May 30th: Closing

Allen McMurtry, CLW Health Care Services Group, 4301 Anchor Plaza Pkwy., Suite 400 • Tampa, FL 33634 • • 813.349.8349 • http://www. clwhcsg.com
Licensed Real Estate Brokers

60-Acre Harriman Estates in Riverhead, NY Listed for Sale by Marcus & Millichap

RIVERHEAD, NY-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Harriman Estates, a 60-acre lot approved for 86 housing lots in Riverhead on Long Island’s North Shore.

Located in the heart of the island’s bustling wine region, the property’s listing price is $15.9 million.
Steven Siegel, a vice president investments in the Manhattan office of Marcus & Millichap, and Steven Stoehrer, an investment specialist also in the firm’s Manhattan office, are representing the seller.

“This is an excellent opportunity for an investor since the plan has already been approved and a $2.8 million bond is in place,” says Stoehrer.

Located at Main Road in Aqueboque, there are currently two developments that have been built and partially occupied on the property. The first development is The Highlands at Aquebogue, (photo at left) which has 79 lots. The other development is close by and is made up of 60 lots. There are approximately 22 still available.

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

Strategic Solution Partners Creates New Twist on Hospitality Consulting

PHILADELPHIA, PA, June 24, 2008 – Industry veteran Bill Scanlon (top right photo) announced today the launch of Strategic Solution Partners (SSP), a new hotel consultancy that focuses on corporate and property-level sales and marketing.

Strategic Solution Partners includes a team of industry professionals with more than 100 years of global hotel sales and marketing experience for both branded and independent hotels. The company offers programs tailored to specific sales and marketing needs.

The company offers four core services:

--Top-level organizational planning to create long-term revenue generation.

--Sales and marketing analysis as part of hotel acquisition feasibility and development support.

--Interim sales leadership support and planning that combines experienced sales leadership with a collaborative transition plan for the permanent sales leadership to follow.

--Telesales and prospecting services to fill soft occupancy periods, to extend the reach of a hotel’s marketing initiatives, fill a company’s booth during trade shows, or the analysis and scrubbing of accounts to identify active and potential new clients.

“The face of sales and marketing in today’s industry is changing,” said Bill Scanlon, SSP president. “We differentiate our firm from others by creating both short and long term strategic plans for our clients and, when appropriate, retaining the short-term manpower to execute these plans. We believe our services will be especially sought-after as the industry enters a difficult economic period,” he continued.

“Our goal is to not only respond successfully to the immediate challenges of our clients, but also to lay a foundation that will allow hotels to slingshot ahead of their competition as the economy begins to rebound.”

“Strategic Solution Partners facilitated our five-year strategic business planning process, which helped us focus on the critical things we needed to grow our business,” said Tim Brown, (middle right photo) owner of Meeting Sites Resource. “This work has taken our company to new levels of teamwork, managed growth, and leading-edge customer care, which has allowed us to work seamlessly together."

Scanlon, a 22-year hospitality veteran, leads the organization with more than two decades of sales and marketing experience with both Marriott International, Inc., and independent owners and operators.
The company has a team of discipline experts in revenue, catering, and marketing, providing hoteliers and industry partners with valuable, strategic sales and marketing input, guidance and programming.

“From the very beginning, the timing, documentation, outcomes and the partnership were exactly what I expected and received,” said Mike Gamble, (middle left photo) CEO of Searchwide. “Their programs have generated a significant increase in revenues and profitability.”

Based in Philadelphia, Strategic Solutions Partners is a hospitality consulting firm with more than 100 years of hospitality experience in all facets of hotel sales and marketing. For additional information, call 610-724-2946 or visit their Website at http://www.strategicsolutionpartners.com/.


Bill Scanlon, Strategic Solutions Partners, ph: 610-724-2946

Chris Daly (media), Vice President, Daly Gray Public Relations, ph: 703-435-6293

Steep Declines in Home Prices Continued in April 2008 According to the S&P/Case-Shiller Home Price Indices

NEW YORK, June 24, 2008 – Data through April 2008, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, show annual declines in the prices of existing single family homes across the United States continued to worsen in April 2008, with all 20 MSAs now posting annual declines, 13 of which are posting record low annual declines, and 10 of which are in double-digits.

The chart at left depicts the annual returns of the 10-City Composite and the 20-City Composite Indices. Both composite indices are now reporting annual declines in excess of 15.0%. The 10-City Composite posted a new record low of -16.3%, and the 20-City Composite recorded a record low of -15.3%.

“There might be some regional pockets of improvement, but on an annual basis the overall numbers continue to decline,” says David M. Blitzer, (top right photo) Chairman of the Index Committee at Standard & Poor's. “All 20 MSAs are now showing declines with Charlotte, the last holdout during the 2007/early 2008 period, now reporting an annual decline of 0.1%.

One possible bright side to the annual figures is that three
MSAs – Chicago, Cleveland and Denver – while still negative, showed some improvement in their annual figures over those reported last month.

Looking at the monthly statistics, eight of the 20 metro areas were positive for the April-over-March reading. But for those that reported monthly declines, seven were in excess of 2%. The monthly data also show that 12 of the MSAs have now declined every month since September 2007, marking eight consecutive months.

If there is anywhere to look for possible improvement, it would be that the pace of monthly declines has slowed down for most of the markets.”

Las Vegas and Miami continue to share the dubious distinction of being the weakest markets over the past 12 months returning -26.8% and -26.7%, respectively. These two markets witnessed some of the fastest growth in the 2004/2005 periods, with annual growth rates peaking above +53% and +32%, respectively.

For the month of April, markets that experienced great gains in the recent real estate boom were the biggest decliners. Miami and Phoenix were the worst performers. Each had a negative return in excess of 3%. Charlotte and Dallas are the only two markets to have two consecutive months of positive returns.

The table below summarizes the results for April 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 21 years of history for these data series is available, and can be accessed in full by going to http://www.homeprice.standardandpoors.com/.

Additional information and data including history for the indices back to 1987, sales-pair counts showing the number of observations for each month, tiered price indices showing prices for low-, mid- and high-priced homes in 17 of the 20 MSAs and the methodology document describing index calculation can be found at 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.

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.

About Standard & Poor’s
Standard & Poor's, a division of The McGraw-Hill Companies (NYSE: MHP), is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data.

With approximately 8,500 employees, including wholly owned affiliates, located in 23 countries, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions.

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

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

1 Case-Shiller® and Case-Shiller Indexes® are registered trademarks of Fiserv, Inc.