Saturday, September 6, 2008

Parkway Properties Announces Sale of Columbia, SC Asset

JACKSON, MS/PRNewswire-FirstCall/ -- Parkway Properties, Inc. (NYSE:PKY) has closed the fee simple sale of the Capitol Center (top right photo) office property, located in Columbia, South Carolina.

Capitol Center is a 460,000 square foot property that was 97.5% occupied as of September 1, 2008.

The gross sales price was $47.5 million and represents a capitalization rate of approximately 9.5% on twelve months projected cash net operating income from the date of closing.

Parkway received net cash proceeds from the sale of approximately $45.8 million, which were used to prepay the $18.1 million first mortgage plus related mortgage prepayment expenses and reduce amounts outstanding under the Company's line of credit.

The Company will recognize a gain on the sale of approximately $11.7 million and expenses related to the prepayment of the mortgage of approximately $2.2 million in the third quarter of 2008.(

Steven G. Rogers, (middle left photo) President and Chief Executive Officer stated, "With this sale, we have completed the sale of three assets announced in May of 2008, with total gross proceeds of $86.3 million.

"These sales resulted in a net pay down in the Company's line of credit of $62.6 million, and we will recognize a total gain on these sales of $22.6 million in the third quarter of 2008."

CONTACT: Steven G. Rogers, President and Chief Executive Office or J. Mitchell Collins, Chief Financial Officer, 601 948 4091.

Sunstone Hotel Investors, Inc. Announces the Acquisition of Land Underlying its Renaissance Orlando Resort at SeaWorld

SAN CLEMENTE, CA/PRNewswire-FirstCall/ -- Sunstone Hotel Investors, Inc. (NYSE:SHO) has acquired 32.6 acres of land underlying its Renaissance Orlando Resort at SeaWorld, (top left photo) for a gross purchase price of $30.4 million.

Prior to the acquisition by Sunstone, the land had been leased from a third-party. Ground rent under the lease is projected to be approximately $2.8 million in 2008. Sunstone acquired the land with available cash.

Robert A. Alter, (top right photo) Chairman and Chief Executive Officer stated, "We are pleased that we were able to execute this transaction as it represents a unique opportunity to consolidate the fee interest in a core hotel. This acquisition advances our strategy of creating stockholder value by redeploying capital into our existing portfolio."

Sunstone Hotel Investors, Inc. is a lodging real estate investment trust ("REIT") that, as of the date hereof, has interests in 45 hotels comprised of 15,349 rooms primarily in the upper-upscale segment operated under nationally recognized brands, such as Marriott, Hilton, Hyatt, Fairmont and Starwood.

For further information, please visit the Company's website at
CONTACT: Bryan Giglia, Vice President, Corporate Finance of SunstoneHotel Investors, Inc., +1-949-369-4236

Perfection Prom and Party New Tenant at Bloomingdale Towne Center

TAMPA, FL-- The Dikman Company, Inc. announces Perfection Prom and Party, Inc. has leased 1,529 SF of space located at 10312 Bloomingdale Avenue, located in the Bloomingdale Towne Center (top right photo) in Riverview, Florida.

Perfection Prom and Party, Inc., ( owned by Cheryl Bowen, specializes in dresses and accessories for all occasions including proms, homecoming, holidays and bridal destination needs.

The Dikman Company represented the Lessee.

Contact: Bob Dikman, ALC, CRB, CCIM, SIOR 813/251-5288

Tilt-Con Corp. Tamarac, completes new 223,245-SF FedEx Ground facility in Miami

MIAMI, FL – Tilt-Con Corporation, Tamarac, has completed the new 223,245-square-foot FedEx Ground facility at NW 122nd Street and NW 121st Way in Miami, FL, under its contract with Butters Construction & Development, Coconut Creek, FL.

Selected for its unrivaled performance and speed of execution, Tilt-Con utilized its economical system for tilt-up concrete walls. Ranked as Florida’s largest tilt-up concrete constructor by Engineering News-Record magazine, Tilt-Con’s scope of work included foundations, slab-on-grade and tilt-up concrete wall panels.

The project was designed by Kenneth R. Carlson of Kenneth R. Carlson – Architect, P.A., Deerfield Beach, FL. Tilt-Con’s South Florida office is located at 10601 State Street, Suite 10, Tamarac, FL 33321, phone 1-800-446-8458.

Tilt-Con again ranked as Florida's largest tilt-up concrete constructor

ORLANDO, FL – Altamonte Springs-based Tilt-Con Corporation is again prominently ranked as Florida’s largest tilt-up concrete constructor according to the 2008 “Top Specialty Contractors” issue of Southeast Construction magazine published in August.

The company reported 2007 revenues of $100 million. The prestigious survey of trade contractors includes concrete, electrical, masonry, mechanical, steel and numerous other specialties.

Contact: Kenneth H. Cristol 407-774-2515

Jim Kerrigan Joins Grubb & Ellis as Senior Vice President, Director, National Data Center Practice

Top producer will form and lead new specialty practice

CHICAGO, IL – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announces Jim Kerrigan,(top right photo) formerly a Principal at Staubach Company and a leading data center expert, has joined the Company as Senior Vice President, Director, National Data Center Practice, effective immediately.

In this role, Kerrigan, 39, will continue to focus on helping corporations find sites that meet their power and fiber requirements and can support their operations while establishing a newly formed National Data Center Practice.

“Our corporate clients have very specific real estate needs related to data centers, and these needs are rapidly becoming more complex as technology progresses,” said Jack Van Berkel, (middle right photo) Chief Operating Officer and President, Transaction Services. “Jim’s status as the leading data center expert in the real estate services industry makes him a valuable addition to our team, and reinforces our unwavering commitment to providing our clients with unmatched service and expertise.”

Joining Kerrigan at Grubb & Ellis is David Horowitz, (middle left photo) 26. Horowitz joins as an Associate Vice President. Both will be based in the Company’s downtown Chicago office.

“We couldn’t be more pleased that Jim and David have decided to join Grubb & Ellis,” said Shawn Mobley,(bottom left photo) Executive Vice President and Managing Director of Grubb & Ellis’ Chicago area offices. “Our focus is to continually add to the breath and depth of our expertise. Jim and David will allow us to better serve our clients as they balance their space needs with the needs of their technical operations, while also strengthening our national platform.”

Kerrigan began his real estate career in 1991 with Studley. He joined The Galbreath Co. in 2003 before moving to Tanguay-Burke-Stratton, a boutique tenant representation firm which was acquired by Staubach. He received the Staubach Top Achiever award in seven of the last eight years as well as the Company’s Top Gun award in 2006 and 2007 for completing more than 1.5 million square feet of leasing transactions.

Horowitz began his career in 2005 when he joined Staubach as an Associate, earning Runner Up for the company’s Downtown Chicago Rookie Broker of the Year award.

Contact: Erin Mays, 312.698.6735,

Taurus completes 62,500-SF Discovery TechCenter II, Building One at Central Floida Research Park in Orlando

ORLANDO, FL – Boston-based Taurus Investment Holdings, LLC, has completed its new, sustainable 62,500-square-foot Discovery TechCenter II, Building One, (top right photo) Central Florida’s first environmentally-friendly LEED-CS Gold office complex at 2710 Discovery Drive in the Central Florida Research Park, Orlando, FL, according to Jeff K. McFadden, (top left photo) SIOR, Managing Partner of its Winter Park-based subsidiary Taurus Southern Investments, LLC.

McFadden said the innovative two-building, single-story, office/flex-tech complex totaling 118,400 square feet features not only the latest in green development but the finest in tenant stewardship as well.

Designed to exacting specifications developed by the U.S. Green Building Council known as the Leadership in Energy and Environmental Design (LEED) Green Building Rating System®, Discovery TechCenter II’s LEED-CS Gold pre-certification complies with high-performance standards for sustainable design and construction of core and shell buildings.

Award-winning Baker Barrios Architects, Inc., Orlando, served as project architect.

“Taurus Investment Holdings recognizes and appreciates the environmental benefits resulting from green design, and accordingly we feel this is the proper way to develop,” stated McFadden. “We believe that many elements designed into green buildings will become commonplace within the next decade and we are proud to be on the forefront of sustainable development in Central Florida.” Kelsey Construction, Inc., Orlando, served as general contractor for Building One.

Contact: Kenneth H. Cristol 407-774-2515