Sunday, May 31, 2009

Mercantile Capital Corp. Reports 66 Percent Jump in Commercial Property Loans


ALTAMONTE SPRINGS, FL --- Mercantile Capital Corporation in Altamonte Springs reports it is seeing a big increase in commercial property loans.

The firm, which specializes in U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, reported it closed on loans that total more than $10 million in May, up more than 66 percent over the same period last year.

Geof Longstaff, (top right photo) co-founder and chairman of Mercantile Capital Corporation, said May lending activity included $3.3 million to acquire and renovate a marina in Golden Meadow, La., and two loans that totaled $7 million to acquire Best Western hotel properties in Winslow and Cottonwood, Ariz.

Longstaff said the firm’s commercial property loans in May, 2008 totaled just over $6 million.

For more information, contact:

Chris Hurn, CEO, Mercantile Capital Corporation, 407-786-5040

Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Saturday, May 30, 2009

Wyndham Hotel Group Integrates Hawthorn Suites with Wyndham Hotels and Resorts Brand


RIO GRANDE, Puerto Rico ­–­ More than 350 owners, managers and staff attending the Wyndham Hotels and Resorts conference this week heard new brand President Jeff Wagoner (top right photo) announce that the brand’s footprint would be expanded by affiliating it with the midscale extended-stay Hawthorn Suites® brand.

The affiliation, designed to reach a broader consumer base and leverage marketing, sales and training, creates a combined Wyndham® brand that will encompass approximately 325 hotels based on quarterly system statistics disclosed March 31. The company previously affiliated its Wingate® and Wyndham brands in 2007.

To formalize the relationship, the Hawthorn brand, now Hawthorn Suites by Wyndham, will be identified with a refreshed red and orange logo that incorporates key design elements of the Wyndham logo.

“The integration of Hawthorn Suites by Wyndham allows us to offer a complete spectrum of products under the Wyndham umbrella, meeting every type of consumer’s hotel need,” said Jeff Wagoner.
He also outlined a three-pronged brand strategy to clarify each product’s positioning within the Wyndham Hotels and Resorts brand and drive growth for the chain’s managed and franchised hotel portfolio.

Addressing an audience representing the Wyndham, Wingate by Wyndham and Hawthorn Suites by Wyndham brands who assembled for the conference at the Rio Mar Beach Resort & Spa - A Wyndham Grand Resort, Wagoner said his strategy aims to ensure “Wyndham gains recognition as one of the great upscale hotel brands.”

“With just three months under my belt as president of Wyndham Hotels and Resorts, already, it’s clear to me what we need to do,” he continued. “My focus has been, and will remain on, establishing three things: brand clarity, brand contribution and profitability for Wyndham owners and operators.”

Wagoner clearly framed the Wyndham brand portfolio to include five distinct product types including the four-plus diamond, upper, upscale Wyndham Grand Collection; the three- to four-diamond upscale Wyndham Hotels and Resorts; the three-diamond Wyndham Garden; the new-construction midscale without-food-and-beverage Wingate by Wyndham; and the extended stay Hawthorn Suites by Wyndham.

Building upon Wagoner’s message, Bill Hall, (middle right photo) Wingate by Wyndham brand senior vice president, unveiled the first new interior prototype designs for the Wingate brand since its launch in 1995. The new design concepts will include more open, social public spaces and contemporary guest room d├ęcor as well as ecologically friendly elements such as furniture and fixtures made from sustainable materials and energy-efficient lighting.

To develop the Wingate by Wyndham interior prototypes, the brand tapped Gensler, a global leader in architecture, design and planning.

“While our typical guest is over the age of 35, we are preparing for the Generation X and Y travelers who are developing their brand of first choice,” said Hall. “The new designs are contemporary and comfortable and provide an intuitive guest experience.”

CONTACT: Evy Apostolatos, (973) 753-6590
evy.apostolatos@wyndhamworldwide.com

Marcus & Millichap Sells Apartment Community in Sherman Oaks, CA for $16.5M

SHERMAN OAKS, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the Regency at Sherman Oaks (top right photo) in Sherman Oaks.

The sales price of $16.5 million represents $239,130 per unit and $183 per square foot.

Greg Harris, executive vice president investments and a senior director of the firm’s National Multi Housing Group in Encino, represented the seller, a pension fund advisor, and the buyer, a private Southern California investor.

“This institutional-quality Class A apartment complex features a variety of floor plans set amidst a wealth of community amenities, including beautiful courtyards, a sparkling pool and a state-of-the-art fitness center,” says Harris.

Located at 4606-4616 Willis Ave. in the affluent Sherman Oaks suburb of Los Angeles, the property is one block north of Ventura Boulevard, the major thoroughfare of the San Fernando Valley, and is minutes from a Whole Foods Market and the Sherman Oaks Galleria.


Regency at Sherman Oaks was built in 2000 on 1.25 acres of land. The 69-unit, 89,269-gross square foot community is comprised of two three-story buildings.


The unit mix features nine one-bedroom/one-bath units and 60 two-bedroom/two-bath apartments.

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

Demand for Class B Apartment Units Increases in Washington, DC

WASHINGTON, D.C.— Economic headwinds are accelerating in Washington, D.C., with total employment in 2009 falling for the first time since 2001, according to a second-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

While slower household creation and waning residential demand will challenge the local apartment market this year, the metro’s still-resilient job base will mitigate losses in property revenue, with leasing activity remaining healthiest near large, established clusters of employers.
“While the local apartment market is weathering the recession relatively well, investment activity was tepid in the first quarter of this year,” says Ramon Kochavi, regional manager of the Washington, D.C. office of Marcus & Millichap.

“Softening revenues and rising operating costs, though, may cause some owners to consider bringing their properties to market.”

Following are some of the most significant aspects of the Washington, D.C. Apartment Research Report:

· After employers trimmed payrolls by 12,100 workers in 2008, a projected 18,400 jobs will be lost this year, amounting to a 0.6 percent reduction in the work force.

· Apartment construction will slow in Washington, D.C., with 3,600 rental units slated to be delivered in 2009. Last year, nearly 5,100 apartments were added to inventory.

· Employment losses will hamper housing demand this year. Vacancy is forecast to rise 100 basis points to 6.4 percent, after ticking up 30 basis points in 2008.

· Asking rents are projected to decline 0.3 percent to $1,360 per month in 2009, while effective rents will retreat 1.5 percent to $1,287 per month. Asking and effective rents rose 3.6 percent and 3.3 percent, respectively, last year.

For a copy of the complete Washington, D.C. Apartment Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.

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

Negative Net Absorption Pushes Retail Vacancy Higher in Atlanta

ATLANTA, GA — Despite projections for slower job losses and decreased construction activity, retail vacancy in Atlanta will rise this year due to weaker consumer spending, according to a second-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Employers will continue to cut payrolls through most of 2009, leading to the second-largest annual reduction in employment since 2000.

“In the investment market, retail activity is expected to stay light, with most interest focused on national credit, single-tenant properties,” says John Leonard,(top right photo) regional manager of the Atlanta office of Marcus & Millichap.

“Multi-tenant activity remains constrained as owners opt to strengthen operations to avoid selling at the deep discounts some buyers are demanding.”

Following are some of the most significant aspects of the Atlanta Retail Research Report:


· In 2009, employers are expected to cut 52,000 jobs for a 2.1 percent decline, compared with a loss of nearly 93,000 positions last year.

· Developers are forecast to complete 3.7 million square feet this year, down from 4.5 million square feet in 2008. Approximately 1.1 million square feet will be delivered in the Sandy Springs/North Fulton submarket.

· Projected negative net absorption of approximately 2.8 million square feet will cause a 280 basis point rise in vacancy by year end to 12.6 percent.

· Current weakness in the local economy will moderate retail space demand, resulting in a 3.5 percent drop in asking rents to $16.84 per square foot. Effective rents are projected to fall 4.5 percent this year to $15.02 per square foot.

For a copy of the complete Atlanta Retail Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.

Press Contact: Stacey CorsoCommunications Department(925) 953-1716

Friday, May 29, 2009

Avalon Park Group Awards Contract to Start Construction of Kids ‘R’ Kids Daycare Center at Avalon Park, FL

ORLANDO, FL - Avalon Park Group has awarded a contract to Roger Kennedy Construction Company to build a 2,800 square foot Kids ‘R’ Kids day care facility at Avalon Park in east Orlando.

Ross Halle, architect and town planner at Avalon Park, said construction of the facility is now under way and the new childcare facility is expected to open in August.

For more information, contact:
Ross Halle, Architect/Town Planner, Avalon Park Group, 407-658-6565
Stephanie Hodson, Marketing Coordinator, Avalon Park Group, 407-658-6565
Brendon Dedekind, Director of Leasing/Business Development, Avalon Park Group Management Inc., 407-658-6565
Beat Kahli, Owner/Founder, Avalon Park Group; 407-658-6565
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Thomas D. Wood Brokers $2.5M Loan for CVS in Texas

ORLANDO, FL, May 29, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on May 27, 2009, in the amount of 2,500,000 for a CVS Pharmacy in DeSoto, Texas.

Jeff Schnupp, (top right photo) Company Vice President, financed the CVS Pharmacy through Thomas D. Wood and Company’s relationship with a local banking institution.

The loan has a fixed interest rate of 7% and a five-year term, based on a 22-year amortization. Loan-to-value is 55%. The 13,813 square-foot single-tenant retail store was built in 2004, and is located at 1305 W. Beltline Road, DeSoto, Texas.

Contacts:
Jeff Schnupp, (407) 937-0470, jschnupp@tdwood.com

Jessica Gurtowski, (407) 937-0470, jgurtowski@tdwood.com

Hewlett Packard Renewal Helps Richmond, VA Industrial Market

RICHMOND, VA--Perry Moss, regional research director, GVA Advantis, reports the industrial leasing market appears better than in actuality as it was heavily buoyed by the Hewlett Packard renewal of 800,000 square foot at White Oak Technology Park in Eastern Henrico County.

The sales market is in a virtual free-fall due to credit and market instability.

Most key indices are down, including vacancy which is at its highest level in over two years, but look to recover later this year or early 2010.

A myriad of negative economic news forced the leasing market to slow considerably, however, received a one-time shot in the arm from the 800,000 square foot HP renewal. Most tenants are opting for short flexible leases.
The Qimonda AG computer chip memory production facility at White Oak is now closed costing some 1,500 high-tech jobs.

Tyson Foods expands by 180 positions at their Hanover County facility.

USF Holland Trucking shuts down its Belt Blvd. location affecting 350 jobs.
Contact: Perry Moss, PMoss@gvaadvantis.com

Terranova Signs Designer Fashion Boutique in Kendall Mall, FL

MIAMI BEACH, FL– Terranova Corporation has signed M-M Couture at Kendall Mall (bottom right photo) an addition that brings unique designer fashion to this popular and convenient Kendall shopping center.

M-M Couture will open on June 6 at Kendall Mall, at 8831 SW 107th Avenue.

The 464-square foot fashion boutique is a destination offering designer clothing and accessories, along with the service and advice of two local owners who have their finger on the pulse of the latest styles.

“Designer fashion was one of the few things missing from Kendall Mall, and I am so excited we’re adding it,” said Terranova executive vice president Mindy McIlroy.

“I am delighted that with M-M Couture, area shoppers won’t have to go out of their way or make a special trip in order to shop for the latest designer trends.”

And having the latest designer trends is entirely the idea behind M-M Couture, founded by local fashion connoisseurs Maria and Michelle.

The store carries clothing and accessories from designers that include Collective Concepts, Rubber Ducky, Lush, Classique, Body Language, Aily V and Big Buddha.

Maria and Michelle update inventory frequently and focus on the latest styles, so customers are assured they are seeing the latest that the fashion world has to offer.

“We’re looking forward to opening our doors at the Kendall Mall and providing our customers with up to the minute trends that will suit their style and budget,” Maria said.

“Our best compliment is our customers’ referral,” said Michelle.

M-M Couture will be having their Grand Opening Event on Saturday, June 6th from 11:00am to 8:00pm. Please join them for cupcakes and champagne.

Contact: Karen LaFleur, klafleur@terranovacorp.com

Thursday, May 28, 2009

Marcus & Millichap Sells Six-Unit Apartment Complex in Clearwater, FL

CLEARWATER, FL, May 28, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Lotus Path Apartments, (top right photo) a six-unit, 3,807-square foot apartment complex located in Clearwater, Fla, according to Bryn Merrey, (bottom left photo) Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $140,000.

Francesco Carriera, an Investment Specialist in Marcus & Millichap’s Tampa office, Evan P. Kristol, Senior Vice President Investments and Still Hunter, III, First Vice President Investments, of the Ft. Lauderdale office had the exclusive listing to market the property on behalf of the seller.

“Multiple offers were made on this investment; however we were able to uncover the highest bidder who made an all-cash, hard day-one offer. The property closed quickly, within 48 hours of a fully executed purchase agreement,” states Carriera.

Lotus Path Apartments is located at 811 Lotus Path in Clearwater, Fla.

Press Contact: Bryn Merrey, Regional Manager, Tampa, (813) 387-4700

Cambridge Says Company's First Closing Under HUD's New Lean Program is Skilled Nursing Home in Beaver Dam, KY


CHICAGO, IL--Cambridge Realty Capital Companies says the 83-bed Beaver Dam Nursing & Rehab Center (top right photo) in Beaver Dam, Ky., is the first nursing home facility to be refinanced by the company using HUD’s new Lean funding process.

Cambridge Chairman Jeffrey A. Davis said a $4.2 million FHA-insured loan was arranged for the owner, a Kentucky limited liability company, by Cambridge Realty Capital Ltd. of Illinois, the Cambridge subsidiary that underwrites HUD loans for nursing home facilities.

Chicago-based Cambridge is one of the nation’s leading senior housing/healthcare lenders, with more than 300 closed transactions totaling more than $2.75 billion since the mid-1990s.

The company has consistently ranked among the top FHA-approved HUD lenders in the country.

Davis said the Beaver Dam nursing facility has 58 skilled and 25 personal care beds. The fully-amortized 26-year first mortgage loan was underwritten utilizing HUD’s Section 232 pursuant to 223(f) program, which is used to refinance existing HUD loans.

“We‘re especially pleased to be able to announce this historic first for Cambridge. We fully anticipate that it will be the first of many transactions underwritten by our company in an exciting new era for HUD and healthcare borrowers,” Davis said.

He points out that sweeping changes have radically altered the way HUD applications and loans are being processed and approved.
By organizationally restructuring and adopting the highly touted “Lean” management concept pioneered by Toyota Motor Corp., HUD made a bold commitment to process loans on a timetable that more closely resembles the timing for conventional loans, he noted.

In a significant change, responsibility for processing HUD Section 232 loans has shifted from HUD field offices to the FHA’s Office of Insured Health Care Facilities (OIHCF) in Washington, D.C., which also has jurisdiction over the HUD Section 242 hospital mortgage insurance program.
“The idea behind this move was to create a unified, single-source for program and policy development, and a more consistent and user-friendly platform for borrowers and lenders,” Davis said.

With the Lean management process, loan applications are filed electronically, feature fewer exhibits, and require “conventional” market-basket appraisals instead of HUD-specific reports. Eventually, the goal is to review an application, issue a commitment and get to closing within 40 days, he added.
Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com

Cambridge Realty Capital Provides $90.6M in HUD-Insured Loans to Refinance Portfolio of Nursing Homes in Illinois


CHICAGO, IL--Cambridge Realty Capital Companies reports the closing of $90.6 million of HUD-insured Section 232 loans to refinance a portfolio of 10 Intermediate and Skilled Care nursing facilities.

The 10 HUD-insured loans were closed and funded simultaneously to accommodate the payoff of a single credit facility.

Loans for individual properties in the portfolio ranged in size between $3.1 million and $14.8 million.

The 10-loan portfolio includes Southview Manor and Community Care Center in Chicago, and the West Chicago Terrace, Frankfort Terrace, Crestwood Terrace, Kankakee Terrace, Bourbonnais Terrace, Joliet Terrace, The Terrace of Waukegan, and Sycamore Terrace of Quincy.
Combined, the properties include 1,488 intermediate-care and 65 skilled-care beds. Terms for the fully-amortizing loans ranged between 27 and 35 years.

Cambridge Chairman Jeffrey A. Davis (middle left photo) said the first-mortgage loans were arranged for the owner, an Illinois limited liability company, utilizing HUD’s Section 232/223(f) program.

The loans were underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge subsidiary that underwrites HUD-insured loans for healthcare facilities.

“The ability to obtain HUD financing to close complex transactions of this kind sends an important message to multi-facility operators,” he said. “The transaction is indicative of the role HUD 232 financing can play for multi-facility owners in the current capital-constrained environment,” Davis believes.

Cambridge worked closely with Catalyst/Cambridge Healthcare Finance's National Originations Manager, Hymie Barber. Catalyst/Cambridge’s longstanding and successful relationship with Cambridge enabled Catalyst/Cambridge to facilitate the transaction from start to closing with aid and assistance from Cambridge at key and critical points in the transaction.

Moving forward, the Cambridge chairman anticipates that HUD will become an increasingly more attractive option for smaller and larger multi-facility owners alike as capital availability strains in the capital markets persist.

Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com

RJS Realty Arranges Enterprise Bank Building Sale in North Palm Beach, FL

DELRAY BEACH, FL– RJS Realty Group, Inc. announced the sale of the Enterprise Bank Building, (top right photo) a 20,992 square foot, office/retail building located at the Northwest corner of Kathy Lane and U.S. Highway One in North Palm Beach , Florida.

Anchor tenants include the Melting Pot Restaurant (4,449 s.f.) and Enterprise Bank (3,965 s.f.) along with Signature Cabinetry and Kathryn Beamer, P.A.

RJS Realty Group, Inc. arranged the acquisition on behalf of the purchaser 11811 Highway One Realty, LLC, an affiliate of Urban Realty Partners, LLC., a local private real estate group managed by Robert J. Sullivan. (middle left photo)

The exclusive agents for the seller were Scott O’Donnell and Dominic Montazemi of CB Richard Ellis.

Sullivan noted, “the Enterprise Bank Building is an exceptionally located building with an excellent group of tenants. It can accommodate a mix of retail, office and medical tenants and the property enjoys excellent exposure to U.S. Highway One.

"It is strategically situated in an affluent trade area. After sustaining hurricane damage in 2004, the property was renovated and sold during the re-leasing phase in March 2005 for $3,850,000."

The current sale was for a price of $4,000,000, or $190 per square foot. The purchase was financed by City National Bank.

Formed in 1986, RJS Realty Group is a real estate investment brokerage and advisory company
specializing in the sale of investment grade properties throughout the State of Florida.

For more information, please call Bob Sullivan at (561) 659-9771 ext. 1.

Media Contact:

Karen M. Smyack
Senior Marketing Director
RJS REALTY GROUP, INC.
70 S.E. 4th Avenue / Delray Beach, Florida 33483
Office - 561.659.9771 ext. 8 / Fax - 561.659.9773 / Cell - 561.236.2028
Email - karensmyack@rjsrealty.com / http://www.rjsrealty.com/

HFF secures $5.3M financing for West Palm Beach, FL multifamily community

SAN DIEGO, CA – The San Diego and Miami offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have secured $5.3 million in financing for Windward at the Villages, a 196-unit multifamily community in West Palm Beach, Florida.

Working exclusively on behalf of a California-based client, directors Aldon Cole (top right photo) of HFF San Diego and Elliott Throne (top left photo) of HFF Miami placed the 6.11% fixed-rate loan with Wachovia Multifamily Capital, Inc. – FNMA (Fannie Mae).

The loan has a 10-year term that is interest-only and is open at PAR after year five. Loan proceeds were used to acquire the property and the borrower has plans for nearly $1 million in future unit upgrades.

Located at 1441 Brandywine Road overlooking the Bear Lakes Country Club in West Palm Beach, Windward at the Villages has easy access to the Florida Turnpike, Interstate 95 as well as the central business and airport districts.

The 95% leased property has 12 buildings with one- and two-bedroom units averaging 938 square feet each. Community amenities include a swimming pool, tennis court, volleyball court, car wash area and fitness center.

“This was a timely acquisition for our client, who was able to take advantage of favorable debt in conjunction with purchasing an institutional-quality asset significantly below replacement cost,” said Cole.

HFF (NYSE: HF) operates out of 17 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, loan sales and commercial loan servicing. http://www.hfflp.com/.
Contacts:

ALDON L. COLE, HFF Director, (858) 552-7690, acole@hfflp.com

ELLIOTT P. THRONE, HFF Director, (305) 448-1333, ethrone@hfflp.com

KRISTEN M. MURPHY, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com

Marcus & Millichap Promotes Three Regional Managers to Vice President

ENCINO, Calif., May 27, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Michael Fasano (top right photo, Kirk Felici (middle right photo) and Matthew Fitzgerald (top left photo) to vice president, according to Harvey E. Green,(bottom left photo) president and chief executive officer of Marcus & Millichap.

Fasano serves as the regional manager of the firm’s New Jersey office, Felici is the regional manager in the Miami office and Fitzgerald serves as regional manager of nine mid-market offices.

“The leadership and drive of these three regional managers has brought great success and respect to our New Jersey, Miami and mid-market offices,” comments Green.

“Their excellent management skills and superior knowledge of their respective markets make them tremendous assets to our clients and investment specialists across the United States.”

Fasano joined Marcus & Millichap in 2002 as an agent in the firm’s New Jersey office, specializing in the multi-family investment market. He was promoted to associate and earned a sales recognition award in 2004.

He became sales manager for the New Jersey office in 2004 and was named regional manager in 2005. Fasano is a graduate of Seton Hall University with a bachelor’s degree in business administration.

Felici was named regional manager of the firm’s Miami office in 2005. Prior to assuming that position, he served as sales manager of the Fort Lauderdale office.
Felici has been a top 10 member of the firm’s National Office and Industrial Properties Group and earned a reputation as the predominate broker of office buildings in South Florida.

He graduated from Duquesne University with a bachelor’s degree in business marketing and management.

Fitzgerald joined Marcus & Millichap in January 1995 as an agent assistant in the firm’s Chicago office. He became an agent after 18 months and earned sales recognition awards in both of his years as an agent.

He became the sales manager of the Chicago office in 1999 and in May 2000, relocated to Dallas to become sales manager there. Fitzgerald was promoted to regional manager of the Dallas office in 2000.

He earned a sales recognition award in 2003 and Marcus & Millichap’s National Achievement Award in 2004. Fitzgerald has served as regional manager of the firm’s mid-market offices since January 2006. He graduated from the University of Wisconsin with a bachelor’s degree in economics.

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

Grubb & Ellis Files 2008 10-K

SANTA ANA, CA (May 28, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has filed its 2008 Annual Report on Form 10-K with the Securities and Exchange Commission.

The filing follows the company’s March 18, 2009 announcement that its 2008 10-K would be delayed to provide time to restate certain previously issued financial statements.

The company also filed with the SEC amended Form 10-Qs for the first three quarters of 2008 to reflect the restatement.

The restatement was necessary to correct accounting errors related to the timing of revenue recognition relating to certain tenant-in-common investment programs sponsored by NNN Realty Advisors and its subsidiaries prior to the company’s merger with NNN Realty Advisors in December 2007.

The 2008 10-K includes the restatement of Grubb & Ellis’ previously issued financial statements for the years ended December 31, 2007 and 2006.

The company reported 2008 fourth quarter revenue of $156.0 million, and 2008 revenue of $611.8 million. The company reported a net loss of $262.9 million, or $4.15 per share, for the fourth quarter, and a net loss of $330.9 million, or $5.21 per share, for 2008.
For a complete copy of the company's news release, please contact:

Janice McDill, 312.698.6707, janice.mcdill@grubb-ellis.com

Wednesday, May 27, 2009

GVA Advantis Grows Orlando Office With Two Associates


ORLANDO, FL – (May 27, 2009) – GVA Advantis recently added two new brokerage associates in its Orlando office: Connie Snyder, (top right photo) Associate Director, Office Services, and Don Rudolph, (middle left photo) CCIM, Associate, Office & Industrial Services.

Both come with rich backgrounds in diverse areas of commercial real estate. Snyder recently left her position as Medical Office Specialist of RE/MAX 200 Realty’s Commercial Division having developed a successful niche in the medical office building segment, generally regarded as a somewhat recession-proof business.

Rudolph, who earned his Certified Commercial Investment Member designation in 2007 and recently served as associate of office and industrial services with NAI Realvest, brings experience in land, office and industrial services, but also tenant representation, investment and buyer brokerage services.

“Connie and Don complement our team and round out the services the Orlando office provides. Along with our steadily growing property management division, I feel like there’s nothing we can’t accomplish right now,” said Lisa Bailey,(bottom right photo) senior director of office & industrial services of GVA Advantis’ Orlando office.

At a time when many brokerage firms are not hiring or even letting representatives go, GVA Advantis’ corporate office, based in Washington, D.C., is continuing the growth plan it outlined last year when the company announced its recapitalization.

With a concentration of offices in Florida, the health and growth of the Orlando branch is central to the company’s strategy. In addition to the new brokers joining the ranks, Orlando’s leasing division has won nine new leasing assignments and the property management division has won two assignments since the beginning of the year.

“We are grateful that our company sees the need and value in adding talent at this challenging time, and we are grateful for the expertise that both Connie and Don bring to the table,” said Bailey. “The time was right to make this needed addition.”

Media Contact:
Shelli Browning, 407.999.4775, sbrowning@gvaadvantis.com

EastGroup Properties Announces 118th Consecutive Quarterly Dividend

JACKSON, MS, May 27, 2009– EastGroup Properties (NYSE-EGP) announced today that its Board of Directors declared a quarterly dividend of $.52 per share payable on June 30, 2009 to shareholders of record of Common Stock on June 19, 2009.

This dividend is the 118th 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 Florida, Texas, Arizona and California.

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 27 million square feet.

Contact: David H. Hoster II,(top right photo) President and Chief Executive Officer or N. Keith McKey, Chief Financial Officer(601) 354-3555

Arbor Commercial Mortgage Goes West with Office Expansion

National Lender Continues to Grow Market Share

UNIONDALE, NY (May 27, 2009) - On the heels of being named a top ten Fannie Mae DUS® lender for the second consecutive year, Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and leader in the commercial real estate finance industry, has announced today an expansion into the west coast with the addition of two new California offices located in Woodland Hills and Manhattan Beach.

These two new offices will join Arbor’s existing Spokane, WA location to serve as the west coast branch of operations. Directors in these offices will report to Ken Fazio, (top right photo) VP, National Sales Manager.

“This expansion reflects Arbor’s continued growth and our commitment to provide our current and future clients with the best service possible,” said Fazio.

“We are also pleased to welcome to our team two seasoned professionals, who each bring with them 20-plus years of experience in the commercial real estate industry.”

Jon Red (top left photo) is a Director in Arbor’s Spokane, WA office. Mr. Red is responsible for originating Fannie Mae, FHA, Bridge, Mezzanine and Preferred Equity transactions throughout the northwest and western United States.

Mr. Yogesh Joshi has been appointed to Director for Arbor’s Woodland Hills, CA office. Mr. Joshi is responsible for originating Fannie Mae, FHA, Bridge, Mezzanine and Preferred Equity transactions throughout the western United States.

Mr. Joshi brings more than 21 years of experience in the mortgage banking and investment industry to Arbor. Prior to joining the Company, Mr. Joshi served as a Director for Prudential Mortgage Capital in Los Angeles, CA, where he originated over $650 million in multifamily loans under Fannie Mae, FHA and capital markets.

Mr. Greg Gilliam has been appointed to Director for Arbor’s Manhattan Beach, CA office. Mr. Gillam is responsible for all of Arbor’s loan offerings including Fannie Mae, FHA, CMBS, Bridge, Mezzanine and Preferred Equity.

Mr. Gillam brings over 20 years of combined experience in the areas of loan production, business development, underwriting and portfolio management to Arbor.
Most recently, held the position of Director at Prudential Mortgage Capital Company, where he was the Senior Business Development Manager for the Fannie Mae DUS® mortgage loan program.

Contact: Ingrid Principe, IPrincipe@arbor.com, http://www.arbor.com/

Tuesday, May 26, 2009

Grubb & Ellis Amends Credit Facility

SANTA ANA, CA (May 26, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the company and its lead bank, Deutsche Bank Trust Company Americas, have amended the company’s senior secured credit facility.

“We are pleased that we have been able to amend our credit facility, particularly in the current environment, which we believe is an endorsement of the company’s strength, resilience and growth strategy,” said Gary H. Hunt, (top right photo) the company’s interim chief executive officer.

The amendment, entered into on May 20, 2009 and effective as of May 18, 2009, modifies the amount, terms, length and certain other provisions of the facility, and imposes various conditions on the company.

These conditions, as well as other material provisions of the amended credit facility, are described in the company’s Annual Report on Form 10K that will be filed later in the day with the Securities and Exchange Commission. Under the new structure, the $67.3 million maximum aggregate credit facility includes a $29.3 million revolving line of credit and a $38 million term loan.

The facility will remain in effect until March 31, 2010, and may be extended until January 5, 2011 under certain conditions, subject to early termination in certain circumstances.

Contact: Janice McDill, 312.698.6707, janice.mcdill@grubb-ellis.com