Friday, October 10, 2008

Social Security Administration Office in St. Augustine, FL Gets $1.8M Construction Loan

ORLANDO, FL— Doug Rozzell, (top right photo) Principal for Thomas D. Wood and Company, secured financing in the amount of $1,800,000 for the construction of the Social Security Administration office in St. Augustine, Florida.

The loan was financed through Thomas D. Wood and Company’s relationship with a regional bank at a rate of 250 basis points + 30-day LIBOR. The 18-month interest-only construction loan has a loan-to-value of 60%, and a loan-to-cost of 90%.

The 7,306 square-foot Social Security Administration office will be built on 1.46 acres of land located at 2440 Old Moultrie Road, St. Augustine, Florida.
For further information, please contact:
Doug Rozzell, (407) 937-0470, or
Jessica Gurtowski, (407) 937-0470,

CBRE's Ray Romano Closes Leasing Deals for 81,285 SF in Orlando

Scientific Games International Takes 44,485 SF at Liberty Park at AIPO

ORLANDO, FL– The Orlando office of CB Richard Ellis is pleased to announce, Ray Romano, (top right photo) Vice President, secured a six year lease on 44,485-sq.-ft. representing Scientific Games International Inc., the leading integrated supplier of instant tickets, systems and services to lotteries worldwide, based in Alpharetta, Georgia.
The space is located at Liberty Park at AIPO, 2487 Tradeport Drive, Orlando, Florida. Liberty AIPO Limited Partnership was represented by Stephen Whitley and Todd Watson of Liberty Property Trust.

Unique Industry Corp. Moves Into 36,800 SF at 4506 McLeod Road

ORLANDO, FL-– Romano also negotiated a five year lease on 36,800-sq.-ft. representing Unique Industry Corporation, an automotive body parts distributor, headquartered in Atlanta, Georgia. The space is located at 4506 LB McLeod Road, Orlando, Florida. The landlord N.W. 28th Way, LC was represented by Deborah Mickler (bottom left photo) of Colliers Arnold.

Contact: Angelique Greven, 407.839.3158,

Soderstrom Says Stock Market Losses Could Mean Real Estate Gains for Savvy Investors

Real Estate Offers Bargains and Long-term Growth

ORLANDO, FL --- Turmoil in the stock markets could result in long-awaited gains in the real estate sector, says one prominent Florida real estate leader. Roger Soderstrom, (top right photo) founder and owner of Stirling Sotheby’s International Realty (, said investors unhappy with stock market declines could well shift their investments to real estate.

“The turmoil currently taking place on Wall Street could create some opportunities for the real estate market,” Soderstrom said. “Uncertainty on Wall Street and declining stock values will motivate some investors to look at real estate once again as a safe haven for their capital. Real estate has always performed well over the long term.”

“Prices have dropped substantially over the past two years and motivated sellers are open to offers,” he said. “Soon, we will see more builder-owned and lender-owned properties coming to the market, and we expect they will be aggressively priced to sell.”

When properties begin selling at prices substantially below their replacement cost, astute investors see substantial value, Soderstrom explained. Large investors are already roaming the Florida landscape for bargains.

“For the past four months large investment groups hunting for distressed values have been converging on Florida,” Soderstrom said. “Individual investors with solid credit have the same opportunities as large investors, but are more like to acquire a single property.”

(Bottom right photo is a Michigan industrial property, not part of Stirling Sotheby's portfolio and only used here for market illustration purposes.)

For more information, please contact:
Roger Soderstrom, Owner/Founder, Stirling Sotheby’s International Realty 407-588-1260
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Glimcher Announces $80M of Mortgage Financings

COLUMBUS, OH, Oct. 10 /PRNewswire-FirstCall/ -- Glimcher Realty Trust (NYSE:GRT) announced today that it has completed a $40 million mortgage loan financing of Morgantown Mall (middle right photo) located in Morgantown, WV.

The new loan has a term of five years comprised of an initial three-year maturity with two, one-year extension options.

The loan is 50% recourse with a floating interest rate of LIBOR plus 3.50% per annum. Net proceeds from the financing along with available capacity on the Company's credit facility will be used to pay off the existing $51 million mortgage on Morgantown Mall and Morgantown Commons. The Company is in the process of securing financing for the Morgantown Commons.

The Company also announced that it expects to close within the next several weeks on a $40 million mortgage loan financing of Northtown Mall (top left photo) , located in Blaine, MN.

The new loan will have a term of four years comprised of an initial three-year maturity with a single one-year extension option. The loan will be 50% recourse with a floating interest rate of LIBOR plus 3.00% per annum with no principal amortization.

The net proceeds from the financing will be used to pay down outstanding borrowings on the Company's credit facility.

"As we have previously noted, the Company's near-term debt maturities are manageable and we are pleased with the progress we are making in executing our plans to address such maturities," stated Michael P. Glimcher, (top right photo) Chairman of the Board and CEO.

Excluding the Eastland Charlotte loan for which discussions with the special servicer continue, the Company has now completed the refinancing of all its remaining debt maturities for 2008.

With respect to 2009 debt maturities, the Company plans to use the line of credit capacity created by the closing of the Northtown financing to address the repayment of its Grand Central Mall loan.

The $46 million Grand Central Mall loan represents the Company's most significant property debt maturity in 2009.
Other property mortgage debt maturing in 2009 includes loans on the Great Mall and Tulsa Promenade. (middle left photo)
The Great Mall is currently under contract for sale with closing scheduled for mid-December of this year. The Company has already received 10% of the purchase price in the form of a non-refundable deposit from the prospective buyer.

The Company also expects, if necessary, to have sufficient capacity available under its credit facility to address its $18.2 million pro-rata share of the Tulsa Promenade debt. The Company's credit facility is scheduled to mature in December of 2009 but does have a one-year extension provision at the option of the Company. No other debt maturities occur in 2009.

The Company expects to have a $315 million to $335 million outstanding balance on its credit facility as of December 31, 2008.About Glimcher Realty TrustGlimcher Realty Trust, a real estate investment trust, is a recognized leader in the ownership, management, acquisition and development of regional and super-regional malls.

Glimcher Realty Trust's common shares are listed on the New York Stock Exchange under the symbol "GRT."
Glimcher Realty Trust's Series F and Series G preferred shares are listed on the New York Stock Exchange under the symbols "GRT-F" and "GRT-G," respectively. Glimcher Realty Trust is a component of both the Russell 2000(R) Index, representing small cap stocks, and the Russell 3000(R) Index, representing the broader market.

CONTACT: Lisa A. Indest of Glimcher Realty Trust, Vice President,Finance and Accounting, +1-614-887-5844,

Insurance Industry Veteran Launches Citon Insurance Co. With Innovative 100% Deductible Wind Plan

ORLANDO, FL and INDIANAPOLIS, IN – Kenneth M. Gregg, (top right photo) an insurance industry expert with more than a decade of experience in product development, has launched CITON Insurance Company with an unprecedented focus to mitigate escalating windstorm deductibles resulting from catastrophic events.

Citon's Zero Select Wind Deductible Elimination Plan works in tandem with existing policies and fills a gap for the insured by covering 100 percent of windstorm deductibles up to $2 million (per building), if damages exceed the primary policy’s deductible dollar amount.

Available to both commercial and residential property owners, ZERO SELECT is the only 100 percent deductible elimination product on the market.

(Top left photo: Home damaged by Hurricane Dennis at Alligator Point, FL, July 9, 2005. Photo by Mark Norman.)

“With escalating claims resulting from catastrophic events such as hurricanes, tropical storms and tornadoes, more and more residential and commercial property owners are being forced to assume a greater financial burden in the form of higher deductibles, leaving them extremely vulnerable when such events occur,” said Gregg, founder and CEO.

“We created the ZERO SELECT product to minimize the risk, provide more balance and protect property owners from having to write substantial checks just to start the process of rebuilding.”

(Middle right photo: Man kayaking with dog on Flagler Avenue by the Salavation Army store in Key West, FL, 2005. Hurricane Wilma caused the flood waters.)

The policy, which Gregg spent two years developing to combat growing concerns with ballooning deductibles, is currently available in most Florida regions, but will expand to additional at-risk states in 2009.

Residential rates average four-and-a-half to seven percent of covered risk (windstorm deductible) outside South Florida and four-and-a-half to ten percent in South Florida. Commercial clients should average four-and-a-half to seven percent.

(Bottom left photo: A homeowner walks through rubble left by Hurricane Andrew at Florida City, FL, Aug. 24, 1992.)

In addition to the ZERO SELECT product, CITON has developed a streamlined, proprietary online underwriting system which minimizes paperwork and ensures rapid approvals.

“Typically when a policy holder has a claim, all it takes is one call to open it, one fax to CITON with an adjuster estimate and proof of payment from the primary insureds.
"Upon approval CITON will issue payment within 48 hours for all approved claims,” noted Gregg. “Our system provides peace of mind by helping policyholders avoid unexpected expenses while dealing with the unfortunate aftermath of a catastrophic wind event.”

The actual insurance is written through independent insurance agencies throughout Florida. The underwriter is A-minus AM Best-rated Hallmark Specialty Insurance Company, which is licensed to write in Florida. It is a division of Hallmark Financial Services.

(Bottom right photo: Florida home destroyed by Hurricane Elena, Sept. 2, 1985.)

CITON Insurance Company (, founded by Chairman and CEO Kenneth Gregg, provides catastrophic insurance with a specialization in niche products.

Established out of a desire to help those in their time of need, management understands the limitations that conventional insurance has during a catastrophic event. CITON’s maiden product, ZERO SELECT Wind Deductible Elimination Plan, is the first of many products CITON will begin marketing. This particular product fills a gap for the insured by covering 100% of the deductible if damage estimates exceed the deductible dollar amount.

This product is currently only available in select Florida regions but will expand to additional at-risk states in 2009. For more information call (888) 317-2544.

For more information contact:
Don Silver or Tara Hustedde
Boardroom Communications 954-370-8999