Wednesday, December 31, 2008

Marcus & Millichap Capital Corp. Arranges $3.4M Loan for Van Nuys, CA Medical Plaza

VAN NUYS, CA, Dec. 31, 2008 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $3.4 million fixed-rate loan for the acquisition of Haynes Medical Plaza, an office and medical center located at 14550 Haynes Street in Van Nuys.

Sharone Sabar, an associate director in the firm’s Encino office, arranged the financing package for Haynes Medical Plaza.

“The borrower attempted to secure financing with two other lenders and was not successful,” says Sabar. “MMCC was able to secure an extremely high-leverage, owner-occupied Small Business Administration loan.”

“In addition, the property’s income did not support the loan amount requested,” adds Sabar. “MMCC was able to convince the lender that the borrower’s overall cash flow, including his business and other investments, supported the loan amount the borrower needed to close the transaction.”

Financing for this transaction was provided by the Small Business Administration at a 6.39 percent fixed rate. Terms of the loan are for 10 years with a 10-year amortization schedule. Loan-to-value was 88 percent.

“MMCC added value to the transaction by securing high-leverage financing with a low, long-term fixed-interest rate, and by closing the transaction before the deadline,” notes Sabar.
Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704

Cushman & Wakefield negotiates sale of Palm Lake Apts. in Tampa, FL for $6.7M

TAMPA, FL, Dec,31, 2008 – Cushman & Wakefield’s Florida Apartment Brokerage Services with apartment specialists in Tampa, Orlando, Ft. Lauderdale and Miami, announces the sale of Palm Lake (top right photo) for $6,700,000.
The purchaser was Blackhawk Realty Advisors.

Executive Director Byron Moger (top left photo) and Director Luis Elorza (middle right photo) negotiated the sale on behalf of the owners, AIMCO.

Palm Lake, located at 13401 North 50th St. in Tampa, Florida was built in 1972. It is a 153,700 square foot, 150-unit apartment community that offers a mix of 1, 2 and 4 bedrooms. Palm Lake features a swimming pool with sundeck, two-story clubhouse and a business center.

“Palm Lake’s location on Fletcher Avenue, just across the street from the north-east corner of the main USF campus, gives residents excellent access to USF, the University Mall and several major medical centers. The property has outstanding value-add potential,” said Luis Elorza of Cushman & Wakefield, Inc.

To view our current multifamily listings, please visit or contact:
CUSHMAN & WAKEFIELD CONTACT: Byron Moger, Executive Director, Cushman & Wakefield, Inc., 813.204.5316

Cogdell Spencer Inc. Declares Quarterly Dividend and Outlines 2009 Business Strategy

CHARLOTTE, N.C., Dec. 29 /PRNewswire-FirstCall/ -- Cogdell Spencer Inc.'s (NYSE:CSA) Board of Directors has declared a quarterly dividend of $0.225 per common share payable on January 30, 2009 to stockholders of record on January 14, 2009.

The dividend covers the fourth quarter of 2008.Cogdell Spencer also announced that its Board has approved a business plan for 2009 that focuses on cost reductions and the preservation of capital for productive deployment while allowing the Company to pursue its integrated delivery strategy despite client-related project delays resulting from the current financial crisis.

As part of this plan, Cogdell Spencer will implement a cost saving plan which, when combined with a reduction in force, will generate approximately $17 million in annual savings.

The plan includes elimination of all executive incentive compensation for the 2009 fiscal year, unless budgeted benchmarks are substantially exceeded.

The Erdman subsidiary will implement a reduction in force in order to right-size the organization for contracted 2009 revenues. The staff reduction will be made effective January 6-9, 2009.

Approximately 115 jobs will be eliminated.

Reduce its dividend from an annual equivalent of $1.40 per share and unit ($0.35 per share and unit per quarter) to an annual equivalent of $0.90 per share and unit ($0.225 per share and unit per quarter).Commenting on these steps, CEO Frank Spencer (top right photo) said,

"We believe these actions will meaningfully enhance our operating and financial flexibility, better position us to serve our clients and provide us with added capital to meet our on-going financial obligations. It is never easy to eliminate jobs, but we have enough visibility on our design/build pipeline to adjust in advance."
For a complete copy of the company's news release, please contact:

Media: Dana Crothers, Marketing Director, +1-704-940-2904,
General Inquiries: Frank C. Spencer,President and Chief Executive Officer , +1-704-940-2926,
Financial Inquiries: Charles M. Handy,Chief Financial Officer, +1-704-940-2914,

Dawn McReynolds Wins CoreNet Global Honor

TAMPA, FL, Dec. 31, 2008– Dawn McReynolds, Global Practice Leader for Cushman & Wakefield in Tampa, Florida, has been recognized for completing the professional development series for the CoreNet Global Master of Corporate Real Estate® (MCR) Designation.

The CoreNet Global MCR program is a professional development program, which provides essential skills that focus on urgent and critical business issues and communicates competence and successful experience as a corporate real estate expert.

“Graduates of the rigorous MCR program have earned respect and admiration as experts in the disciplines of corporate real estate,” said Dr. Prentice Knight, (top right photo) CEO of CoreNet Global. “The MCR designation communicates professional competence and a high level of industry knowledge to management and colleagues.”

CoreNet Global members manage US $1.2 trillion in worldwide corporate assets consisting of owned and leased office, industrial and other space. With 7,000 members representing large corporations around the world, CoreNet Global ( operates in five global regions: Asia, Australia, EMEA, Latin America and North America.

CONTACT: Ryan Mitchell, Imre Communications, 1 410 821 8220; mobile 1 240 298 8472;