Sunday, December 7, 2008

Marcus & Millichap Capital Corp. Arranges $5M Loan for Santa Clarita, CA Retail Center

SANTA CLARITA, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $5 million fixed-rate loan to refinance Wayman Court,(bottom right photo) a shopping center located at 23120-23130 Lyons Ave. in Santa Clarita.

Adam Petriella, (top right photo) a vice president capital markets in the firm’s West Los Angeles office, arranged the financing package for Wayman Court.

“The 10-year conduit loan on the property was coming due,” says Petriella. “During the next 24 to 36 months, we see a trend in the market for conduit loans that are coming to maturity such as this one.”

Financing for this transaction was provided by a commercial bank at a 6.25 percent fixed rate. Terms of the loan are for seven years with a 30-year amortization schedule. Loan-to-value was 60 percent.

“MMCC added value to the transaction by closing the deal before the deadline to an efficient in-house loan processor,” notes Petriella.

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704

Marcus & Millichap Special Assets Services Completes Highest Number of Distressed Property Valuations and Sales Since 1993

Pipeline indicates major wave of distressed property sales starting in 2009

NEW YORK, N.Y-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced that in 2008 its Special Assets Services division will complete the highest volume of distressed asset valuations and sales since 1993.
“To date we have completed more than 1,000 property valuations for a wide variety of financial institutions, asset managers and large owners – and we expect that number to exceed 1,500 by year’s end 2008,” says Bernie Haddigan, (top right photo) managing director of Marcus & Millichap, and executive in charge of the Special Assets Services division.

“We have already sold more than 100 troubled assets this year, which are being well received by private investors, and expect to market a large volume of these properties over the next several months. This is driven by our lender clients’ need to clear their balance sheets and various types of funds, which are actively working to free up capital,” he adds.

The Special Assets Services division, which was formed in 2006 and expanded earlier this year, is comprised of eight regional directors located throughout the United States who oversee a team of experienced investment brokers, located throughout Marcus & Millichap’s network of offices.
These investment sales specialists bring the highest level of expertise in the private investment market place.

“While we saw a marked increase in our assignments related to property specific financial problems and bankruptcies over prior years, the spike in our activity this year was with local and regional banks,” says Scott LaMontagne, head of the division’s western region, based in Los Angeles.

“Our agents have traditionally maintained relationships with local and regional lenders and are being called upon to assess the degree of the problem in commercial portfolios and bring a large portion of them to market,” explains John Leonard, the division’s eastern regional director based in Atlanta.

Commercial real estate fundamentals remained relatively healthy through the first half of 2008 with the exception of the retail property sector, which added a relatively large inventory of new product over the past three years, according to Marcus & Millichap Research Services.

“The escalation of the downturn into a global financial crisis in recent months has intensified job losses, which will lead to higher vacancies on one hand, and substantial strain on financial institutions on the other hand,” notes Haddigan.

“This combination is elevating the number of assets that have to be sold. We are actively working with Wall Street firms and national banks that sought a corporate-level solution with a single point of contact and accountability for rapidly analyzing and valuing properties, advising them on the right strategy and disposing of the assets that should be sold,” he adds.

Marcus & Millichap brings several key advantages to owners and lenders of distressed properties including its market research, extensive local market coverage, particularly in secondary and tertiary markets where much of the distressed inventory is concentrated; and most important, its industry-leading access to private capital.

“We engage a team that can assess properties thoroughly and quickly, and expose the appropriate assets to the largest pool of private investors nationally who make up more than 90 percent of sales in the current market,” according to Haddigan.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Grubb & Ellis Promotes and Adds Staff

Commercial Real Estate Veteran Steve McClurkin Joins as SVP in Newport Beach Office

NEWPORT BEACH, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announces commercial real estate veteran Steve McClurkin (top right photo) has joined its Newport Beach office as a senior vice president with the Retail Group.

“Steve is a prime example of the kind of professional that we’re attracting to our company – a successful 10-year plus veteran, who leads by example, has a terrific work ethic and a great attitude,” said Kurt Strasmann, executive vice president and managing director for Grubb & Ellis in Orange County.

McClurkin comes to Grubb & Ellis after nine years with Main + Main, a retail consulting, tenant representation and lifestyle firm, where he served as partner and vice president of leasing. Prior to entering the real estate industry, McClurkin was a sales associate for Johnson & Johnson in the Washington, D.C., Virginia, and Maryland markets.

Contact: Damon Elder, 714.975.2659,

Michael Ross, 'The $6 Billion Man' from Colliers International, is New Face in Los Angeles Office

LOS ANGELES, CA– Grubb & Ellis Company (NYSE: GBE) announces that 28-year commercial real estate veteran Michael Ross (top left photo) has joined its downtown Los Angeles office as a senior vice president, responsible for investment sales on behalf of institutional and high net worth investors.

Ross has facilitated more than $6 billion in commercial real estate transactions on behalf of clients during just the past decade, earning him the moniker “The $6 Billion Man” among his colleagues.

“Mike is an example of a true real estate professional, whose expertise, experience and reputation will help the new Grubb & Ellis build market share, drive revenue across our full-service platform and better serve all of our clients,” said Chuck Hunt, executive managing director for Grubb & Ellis’ Los Angeles operations.

He joins Grubb & Ellis following 13 years with Colliers International, where he served as senior vice president and managing director responsible for the Southern California Investment Properties Division. He has been recognized as one of the leading brokers in the industry numerous times by regional and national publications, and has been one of Collier’s top five brokerage professionals each year since 1999.
Prior to joining Colliers, Ross spent 15 years with Coldwell Banker Commercial, the forerunner to CBRE, where he was ranked among the company’s top investment brokers.

Contact: Erin Mays, 312.698.6735,

Jenna Nelson Joins Project Management Team in Chicago

CHICAGO, IL – Grubb & Ellis Company (NYSE:GBE), has added Jenna Nelson to the Company’s Chicago-area offices as vice president and senior project manager. She will be responsible for the management of construction, tenant improvement and relocation projects for Grubb & Ellis clients in need of project management services.

“Jenna will bring a fresh alternative view and approach to the project management group” said Tom Fioretti, managing director of project management for Grubb & Ellis’ Chicago-area offices. “Her ability to find value on behalf of her clients makes her an asset to our office’s growing project management business.”

Nelson joins Grubb & Ellis from FreedomRoads/Camping World, where she was director of design and construction for the company’s over 100 RV dealerships and Camping World stores.

Shawn P. Mobley Assumes Responsibility for Midwest Region

CHICAGO, IL--Grubb & Ellis Company (NYSE: GBE) has promoted Shawn P. Mobley, (bottom right photo) executive vice president, managing director, of the Chicago offices, to oversee the entire Midwest region.

Mobley, 41, joined Grubb & Ellis in 2005 as managing director of the company’s Chicago offices. In addition to having responsibility for the day-to-day management of the Chicago offices, he will also oversee the Detroit and Cleveland offices, as well as its 16 affiliate offices throughout the Midwest.

“Shawn has demonstrated he has the leadership and management skills to assume a larger role within Grubb & Ellis, and we couldn’t be more pleased that he is now responsible for our owned and affiliate offices throughout the Midwest,” said Jack Van Berkel, president, Real Estate Services.

Contact: Erin Mays, Phone: 312.698.6735. Email:

Great Wolf Resorts, Inc. Announces 30-Day Extension of Maturity Date on Mason, OH Mortgage Loan

MADISON, WI/PRNewswire-FirstCall/ -- Great Wolf Resorts, Inc. (Nasdaq: WOLF), North America's leading family of indoor waterpark resorts, has negotiated a 30-day extension of the November 30, 2008 maturity date on the company's $76.8 million non-recourse mortgage loan on its Mason, Ohio resort property.

During the 30-day extension period, the company will continue discussions with the lender to obtain a longer-term extension of the loan's maturity date. Also, the terms of the loan are unchanged during the extension period.

Additional information may be found on the company's Web site at

Contacts: Alex Lombard, Investors, (703) 573 -9317
Media Steve Shattuck (608) 661-4731

Marcus & Millichap Sells $20M Shopping Center in Albuquerque, NM

ALBUQUERQUE, N.M.– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Towne Park Plaza, (top right photo) a 201,906-square foot shopping center in Albuquerque.
The sales price was $20 million.

Scott Hook, a vice president investments and senior director of Marcus & Millichap’s National Retail Group, represented the seller, Towne Park Plaza LP of Southern California.
Hook, in conjunction with Sam Medford, a senior associate in the firm’s Santa Fe office, and the broker of record for New Mexico, represented the buyer, Los Angeles-based Towne Park Plaza LLC.

“This was an excellent opportunity for the buyer to acquire a well-maintained shopping center with a tremendous mix of national and regional tenants, 99 percent of which are credit tenants,” says Hook.

“Towne Park Plaza is the only dominant center located in the southeast quadrant of Albuquerque and will continue to be a dominant center, with traffic driven by the Presidio Housing Development, which has more than 220 condos and townhomes directly behind the shopping center,” adds Medford.

Located at 300-370 Eubank Blvd., the multi-tenant shopping center is situated on 15.1 acres, just off Interstate 40 and with a traffic count of 46,700 cars per day.

Tenants in the center include Sam’s Club, Office Depot, PetSmart, Sally Beauty Supply and Game Stop.

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

EastGroup Properties Announces 116th Consecutive Quarterly Dividend

JACKSON, MS-– EastGroup Properties'(NYSE-EGP) Board of Directors has declared a quarterly dividend of $.52 per share payable on December 31, 2008 to shareholders of record of Common Stock on December 19, 2008.

This dividend is the 116th consecutive quarterly distribution to EastGroup's shareholders and represents an annualized dividend rate of $2.08 per share.

EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Arizona, California, Florida and Texas.

Its strategy for growth is based on its property portfolio orientation toward premier business distribution facilities clustered near major transportation features. EastGroup's portfolio currently includes 25.4 million square feet with an additional 1.8 million square feet of properties under development.

For more information, please contact: David H. Hoster II, (top right photo) President and Chief Executive Officer; N. Keith McKey, Chief Financial Officer (601) 354-3555