Thursday, February 19, 2009

Liquid Asset Partners to Liquidate Circuit City's 8 Distribution Centers, 2 Corporate Offices and 4 Service Centers.

Thousands of Sections of Pallet Racking; Hundreds of Fork Lifts; Very Modern Conveyor Systems; Scanning Equipment; and the Entire Contents of the Corporate Offices, Including Cubicles, Desks, Chairs, Computers, Laptops, Printers, Supplies and Thousands of Other Items

GRAND RAPIDS, MI--(BUSINESS WIRE)--On February 17th 2009, Liquid Asset Partners LLC of Grand Rapids, MI, was chosen to liquidate Circuit City's Furniture, Fixtures, and Equipment (FF&E) from their 8 Distribution Centers & 2 Corporate Offices with some facilities near 1 million sq. ft. in size.

Bidding took place in Virginia with Liquid Asset Partners LLC bidding against the JV comprised of SB Capital, Tiger Capital, Hudson Capital, Great American, & JG Resources. Liquid Asset Partners was selected because it made the bid which provides [Circuit City] with the best return for creditors.

The sales will be conducted at each location and prospective buyers should contact Liquid Asset Partners LLC at phone # 616.719.5917, email or visit their website at to view inventories and photos.

To be sold: Thousands of sections of pallet racking; hundreds of fork lifts; very modern conveyor systems; scanning equipment; and the entire contents of the corporate offices, including cubicles, desks, chairs, computers, laptops, printers, supplies and thousands of other items.

The Corporate Offices are located at 9950 Mayland Dr., Richmond, VA and the Distribution Centers are located at:

1100 Circuit City Rd, Marion, IL / 1,078,450 SF
680 S Lemon Ave, Walnut, CA / 918,848 SF
1901 Cooper Dr, Ardmore, OK / 754,000 SF
19925 Independence Blvd, Groveland, FL / 710,000 SF
4000 Township Line Rd, Bethlehem,PA / 640,000 SF
400 Longfellow Court, Livermore, CA / 615,078 SF
14301 Mattawoman Dr, Brandywine, MD / 394,492 SF
501 S. Cheryl Lane, Walnut, CA / 404,492

Bill Melvin Jr., (top left photo) CEO of Liquid Asset Partners LLC said, "We are very excited about the prospects of this sale. We're thrilled to join the bid process and be chosen to run the liquidation.

"My family and I have been doing this type of work for over thirty years. Our experience in dealing with large facilities of warehouse and office equipment is unmatched and our ability to bring a wide variety of equipment to market quickly was a major consideration in the bidding."

Melvin says, "It's our job to pick up the pieces from the ground and put them back into use in the marketplace. These facilities are full of newer electronics, conveyor systems, and warehouse and office equipment. It's going to be an opportunity of a lifetime for any buyers."

Due to the short window of time allowed for the sale, Liquid Asset Partners will be soliciting offers from all interested buyers and making sales rapidly regardless of cost or loss. These facilities are enormous and must be emptied in a very short time, so Liquid Asset Partners will listen to any and all offers.

"The corporate offices alone are over 680,000 square feet and have millions of dollars worth of equipment to be sold in a matter of weeks." Melvin says, "Anyone interested in warehouse equipment, material handling equipment, or office equipment should make contact with us immediately.

" This is an opportunity for buyers to purchase equipment for their homes or businesses at a fraction the cost of new."

Liquid Asset Partners will be advertising this nationwide and will be offering fantastic bargains.

Liquid Asset Partners, LLC is located in Grand Rapids, Michigan.

Liquid Asset Partners, LLC, Bill Melvin Jr., 616-719-5917,

NHP Reports 2008 Fourth Quarter and Full Year Results

NEWPORT BEACH, CA/PRNewswire-FirstCall/ -- Nationwide Health Properties, Inc. (NYSE:NHP) has announced results of operations for the fourth quarter and the year ended December 31, 2008.

Contemporaneously with this press release, the Company has filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2008 with the Securities and Exchange Commission.

"In 2008, we continued our track record of growth, diversification and balance sheet strength, delivering a strong performance against commonly-used metrics," commented Douglas M. Pasquale, (top right photo) NHP's President and Chief Executive Officer.

"Our disciplined approach to acquisitions and balance sheet management has resulted in conservative leverage, an excellent fixed charge coverage and ample liquidity.

" Given the strength of our balance sheet and modest capital commitments, we believe we have positioned ourselves well to capitalize on strategic opportunities as they arise. Our total shareholder return, diluted FAD dividend payout ratio and coverage remain among the strongest in the entire REIT universe," Mr. Pasquale added.

For a complete copy of the company's news release and its financials, please contact:

Abdo H. Khoury, Chief Financial and Portfolio Officer of Nationwide Health Properties, Inc., +1-949-718-4400. Web Site:

Glimcher Reports 2008 Results and Provides 2009 Earnings Guidance

COLUMBUS, OH /PRNewswire-FirstCall/ -- Glimcher Realty Trust, (NYSE:GRT), has announced financial results for the fourth quarter and year ended December 31, 2008.

The Company also provided Funds From Operations (FFO) and earnings guidance for 2009.

"We are pleased with the relative strength of our mall portfolio heading into fiscal year 2009 as evidenced by the solid operating fundamentals we reported for the fourth quarter of 2008," stated Michael P. Glimcher, (top right photo) Chairman of the Board and Chief Executive Officer.

"While we would rather forecast growth for this year, we believe our 2009 guidance is reflective of the challenging economic environment we are currently experiencing."

References to per share amounts are based on diluted common shares. A description and reconciliation of non-GAAP financial measures to GAAP financial measures is contained in a later section of this press release.

References to per share amounts are based on diluted common shares.

Net income available to common shareholders during the fourth quarter of 2008 was $1.7 million, or $0.04 per share, as compared to a loss of $21.3 million, or $0.56 per share, in the fourth quarter of 2007.

Funds From Operations ("FFO") during the fourth quarter of 2008 was $23.9 million, compared to $(0.9) million in the fourth quarter of 2007.

On a per share basis, FFO during the fourth quarter of 2008 was $0.59 per share compared to $(0.02) per share for the fourth quarter of 2007. Included in the results for the fourth quarter of 2007 were non-cash impairment charges of $28.0 million.

For the year ended December 31, 2008, net loss to common shareholders was $0.7 million or $0.02 per share, compared to net income of $20.9 million, or $0.56 per share, for the year ended December 31, 2007.

FFO for the year ended December 31, 2008 was $83.1 million, or $2.04 per share, as compared to $55.4 million, or $1.37 per share, in 2007. Included in the results for the fiscal year 2007 were non-cash impairment and defeasance charges of $30.2 million.

For a complete copy of the company's news release and financials, please contact:
Mark E. Yale, Exec. V.P., CFO, +1-614-887-5610,
or Lisa A. Indest, V.P., Finance and Accounting, +1-614-887-5844,

Ashton Woods Homes reports net sales up 120 percent in Tampa in 2008 and 48 percent in Orlando, over 2007 sales

TAMPA, FL --- Ashton Woods Homes, which builds new homes in five neighborhoods in the Tampa Bay region and seven more in the Orlando area, reports it sold 179 new homes in Orlando and 91 in Tampa in 2008.

Michael Roche, vice president of sales for Ashton Woods Homes, said net sales in 2008 are up 120 percent in Tampa over 2007 sales when Ashton Woods sold only 38 new homes.

In the Orlando area, net sales in 2008 were up 48 percent over 2007 sales when Ashton Woods sold 121 new homes.

The 91 new homes in the Tampa Bay area sold at an average sale price of $244,000, and in the Orlando region the 179 new homes sold at an average sale price of $284,000, Roche added.

Roche said he expects to see strong sales growth in 2009 as well.

“The housing market cycle is bottoming out and the economic stimulus package is good news for everyone,” said Roche. “We anticipate new home sales will increase throughout 2009, with the greatest growth coming in the second half of the year,” he said.

In Orlando, Ashton Woods builds new homes in five neighborhoods in the Windermere area and two more in Seminole County.

The homebuilder is active in five communities in the Tampa Bay region.

Ashton Woods Homes is a subsidiary of the Great Gulf Group of Companies, a North American real estate conglomerate headquartered in Toronto, and currently has communities under development in Houston, Dallas, Atlanta, Phoenix, Tampa, Denver and Orlando.

For more information , contact:
Michael Roche, VP Sales/Marketing Ashton Woods Homes-Orlando/Tampa, 407-647-3700;
John Reny, President Ashton Woods Homes-Orlando/Tampa, 407-647-3700;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142.

Craig Cahow Joins Grubb & Ellis as Senior Vice President with Office Group

LOS ANGELES, CA) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announces that Craig Cahow, (top right photo) a 30-year veteran of commercial real estate in the Los Angeles area with more than $1 billion in completed transactions, has joined its West Los Angeles office as a senior vice president, Office Group. His focus will be office landlord and tenant representation.

“We are pleased to have a professional with Craig’s impressive track record as part of our Los Angeles Metro office leasing team,” said Chuck Hunt, executive managing director of Grubb & Ellis’ Greater Los Angeles offices. “He will play a key role in the growth of our office leasing business.”

Most recently, Cahow served as managing director, leasing, for Cabi Developers, where he was responsible for the company’s Southern California portfolio, consisting of 58 office buildings totaling 4.5 million square feet.


Sharon Abar, 714.975.2185,
Damon Elder 714.975.2659,

Justin “J” Stanley Joins Grubb & Ellis Company as Senior Vice President, Director of Sales

CHICAGO, IL-- Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announces that Justin A. Stanley Jr., known throughout the local market as “J”, has joined the company as senior vice president, director of sales, effective immediately.
The newly created position broadens the Chicago offices’ management team and is designed to support the company’s objectives of continued growth and enhanced client service

Most recently, Stanley, 60, was chief financial officer at Staubach Midwest, LLC, a position he held from 2000 to the company’s merger with Jones Lang LaSalle in August of 2008.

Contact: Erin Mays, 312.698.6735,

Starwood announces five new projects in China

SHANGHAI, CHINA–The Starwood Hotels & Resorts development juggernaut keeps rolling right along in China.

The White Plains, NY-based company today announced plans with separate Chinese partners for five new properties, bringing its roster in China to 52, unmatched by any other worldwide competitor.

The new signings include the first St. Regis resort in Sanya; the first St. Regis hotel in Chengdu, Sichuan; the first Sheraton hotels in Jiangyin and Dalian; and a second Sheraton resort in Huizhou, Guangdong.

(Dalian Xinghai downtown square, top right photo)

The St. Regis Sanya Yalong Bay Resort is scheduled to open on Hainan Island in 2011; the St. Regis Chengdu in 2014; the Sheraton Jiangyin in 2011; the Sheraton Dalian Kinghai and the Sheraton Bailuhu, both in 2012.

(Sanya city, on Hainan Island, top left photo)

Frits Van Paasschen, (bottom left photo) President and Chief Executive Officer of Starwood, says, “Focused on opening the right properties in the right places with the right partners, Starwood remains on track with plans to double its footprint in China by 2011 with 50 hotels in the pipeline.”

In 2009, the company will open more than 10 high caliber, best-in-class hotels throughout China, including Le Meridien Xiamen, The Westin Nanjing, Sheraton Qingdao and Four Points by Sheraton Guangzhou.

“Starwood’s long term growth opportunity in China is perhaps unsurpassed anywhere in the world,” says Van Paasschen.

“China is home to the largest number of our hotels outside of North America, and more importantly, it comprises the largest portion of our pipeline outside of the United States.

(Chengdu skyline, middle right photo)

“As a point of perspective, within two years, we expect to have a presence in Shanghai that rivals our existing footprint in New York City, where we have a strong representation of more than a dozen hotels and growing.”

In 2008, Starwood opened eight new hotels in the China region including its first W Hotel in China; the first Aloft Hotel in Asia; Four Points by Sheraton Hangzhou, Binjiang; Four Points by Sheraton Changshu; Sheraton Huizhou Resort; The Westin Beijing Chaoyang; Four Points by Sheraton Beijing, Haidian; and Le Meridien Shimei Bay Beach Resort & Spa.

1. The St. Regis Sanya Yalong Bay Resort

Starwood Hotels & Resorts Worldwide, Inc. has reached an agreement with Yalong Development Company Limited, a direct subsidiary of China Cereals and Oils Export Company to manage The St. Regis Sanya Yalong Bay Resort.

The new-build St. Regis resort will welcome travelers to Sanya of Hainan Island, also known as the oriental Hawaii, in 2011.

(Jiangyin entrance bridge, middle left photo)

Being part of the integrated beach resort, The St. Regis Sanya Yalong Bay Resort will be situated in the last prime site along the Yalong Bay coastline with the most exclusive and exotic location.

The property will feature 402 rooms, including 27 villas, approximately 22,000 square feet of meeting space, five restaurants and bars, business center, health club, outdoor heated lap pool and swimming pools, tennis court, spa and retail shops.

Guests at The St. Regis Sanya Yalong Bay Resort will delight in the hotel’s uncompromising service through the signature Butler Service.

2. The St. Regis Chengdu

Developed by a wholly-owned subsidiary of Chinese Estates Holdings Limited, Evergo Enterprises (Chengdu) Company Limited, The St. Regis Chengdu will be located in the Central Business District, next to the city main boulevard, adjacent to the commercial zones and within 30 minutes drive from Chengdu Shuangliu International Airport.

Scheduled to open in 2014, the hotel will feature approximately 268 rooms including 55 suites, four food and beverage outlets, 1,400 square meters of meeting space, as well as a health club, Spa, swimming pool and a retail shop. As the capital of Sichuan Province, Chengdu is known as “Land of Abundance."

(Huizhou waterfront, bottom right photo)

It is one of the most important economic centers and transportation and communication hubs in Southwestern China.

3. Sheraton Jiangyin Hotel

Scheduled to open in 2011, Sheraton Jiangyin Hotel will be located in the Central Business District of Jiangyin, right across Jiangyin City Hall and next to the city’s major tourist attraction, Huangshanhu Park.

Jiangyin is the regional agricultural, industrial and economic center of China. It is approximately within 1 hour drive from Suzhou and 2 hours drive from Shanghai. Owned by Huangjia Hotel Co., Ltd, the Sheraton Jiangyin Hotel will be part of a mixed-use complex that will also include guesthouse and convention center. The hotel will feature 296 rooms and suites, 46,877 square feet of meeting space and convention center, three restaurants and two bars, business center, health club, indoor heated swimming pool, spa and a gift shop.

4. Sheraton Dalian Xinghai Hotel

Owned by Dalian Air-Way Real Estate Development Co., Ltd, Sheraton Dalian Xinghai Hotel is the first Sheraton hotel in Dalian, and is targeted to open in 2012.

Located in Xinghai Square – East Asia’s largest square in Dalian, the Sheraton Dalian Xinghai Hotel will help guests feel they truly belong in an area known for its fresh sea foods and beautiful views.

Being part of a mixed-use complex that will also include two residential apartments, the new Sheraton will consist of 637 rooms and suites, three restaurants and one bar, 24,000 square feet of meeting space, indoor heated swimming pool, health club, spa and a retail shop.

Most of the hotel guestrooms will face Xinghai Square with excellent sea view. Xinghai Bay area is planned as the new financial business district and exhibition center of Dalian.

5. Sheraton Bailuhu Resort, Huizhou

Starwood Hotels & Resorts has entered an agreement with Huizhou Bailuhu Tour Enterprise Development Co., Ltd, a subsidiary of Agile Property Holdings Limited, to manage a 438-room Sheraton resort including 2 presidential villas in Huizhou, Guangdong, expected to open in 2012.

Situated along the Bailuhu (Egret Lake) in Ru Hu Town, the hotel is approximately 9 km from the Huizhou city centre, 16 km from the Huizhou Airport, 60 km from Hong Kong and 100 km from Guangzhou.

The hotel will offer approximately 44,00 square feet of meeting space, four food and beverage outlets, business center, health club, indoor heated swimming pool, pampering spa and retail shops. Offering all of Sheraton’s signature comforts, the resort will be part of an integrated water and golf resort community that includes Bailuhu and a 27-hole golf course.

Contact: Brad Minor, Senior Manager, Corporate Public Relations, Phone: 914.640.3687.

Thomas D. Wood Brokers $4.48M Loan for Social Security building site

ORLANDO, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on January 20, 2009, in the amount of $4,475,773 for the acquisition and development of the Social Security Administration office building in Melbourne, Florida.

Doug Rozzell, (top right photo) Company Principal, financed the Melbourne Social Security Administration building through Thomas D. Wood and Company’s relationship with a regional bank.

The loan has an interest rate of LIBOR + 350 basis points, with a floor of 6%. The interest-only loan has a term of 18 months. The loan-to-value is 80% and loan-to-cost is 90%. The 21,284 square-foot Social Security Administration office will be built on two acres at 1650 W. Nasa Boulevard, Melbourne, Florida

For further information, please contact:
Doug Rozzell (407) 937-0470
Jessica Gurtowski (407) 937-0470

Grubb & Ellis Represents Milk Studios in 46,500-SF Lease in Los Angeles

LOS ANGELES, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented the Milk Group, a prestigious New York-based photography studio, in a 30-year lease for 46,500 square feet of creative space at 855 N. Cahuenga Blvd.

The industrial/R&D building will house the Milk Group’s new home on the West Coast.

The prestigious address was formerly the original Technicolor Studios,(top right photo) built in 1947 to facilitate neighboring Paramount Studios.

Located in the heart of Hollywood’s classic photo district, the newly acquired space will be the second location of Milk Studios and House Production and Casting. The new location is slated to open in June 2009 following an extensive renovation and rehabbing of the property.

Neil Resnick, (middle left photo) executive vice president, Martin McDermott, (middle right photo) vice president, and Nicole Gregoire, associate, of Grubb & Ellis represented The Milk Group in the transaction, conducting an exhaustive search for the right space that took close to 12 months to complete.

Resnick is well known throughout the Los Angeles commercial real estate market for representing entertainment and creative firms. McDermott is considered one of the foremost authorities on the Hollywood office and creative space market. Robert Waller of CB Richard Ellis represented the lessor, a private family trust.

Building upon the success and growth of the New York-based photography studio, Milk Studios partner and creative director, Mazdack Rassi, and partners Erez Shternlicht and Moishe Mana made the decision to expand into the LA market.

They received the advice and support of Dwayne Gathers, formerly with the Los Angeles County Economic Development Corporation, who advised on government regulatory, community relations and tax issues.

Since its inception in 1998, Milk stands at the forefront of the worlds of photography, fashion and art. The Milk Group of companies includes Milk Studios, Milk Gallery, Formula Studios, Milk Equipment Rental, Milk Digital and House Production & Casting.

The much anticipated launch of Milk Studios and House Production & Casting in Los Angeles will be one of the Milk Group’s largest developments and a boon to the ever-growing photography and fashion community in Los Angeles.


Sharon Abar, 714.975.2185,
Damon Elder, 714.975.2659,

Marcus & Millichap Sells $16.5M BJ's Wholesale Club in Woodstock, GA

WOODSTOCK, GA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 115,396-square foot BJ’s Wholesale Club in Woodstock. (top right photo)

The sales price of $16.05 million represents $139 per square foot.

Sonny Molloy, an associate vice president investments in Marcus & Millichap’s Atlanta office, represented the seller, a private investor based in Boca Raton, Fla.

Jason Vitorino, an associate vice president investments in the firm’s Dallas office, and Philip Levy, a senior associate, also based in Dallas, represented the buyer.

“Woodstock is the 10th-fastest growing suburb in United States,” says Molloy. “Due to strong demographics, growth of the Woodstock market and consumer desire for wholesale products as a means of hedging these inflationary times, BJ’s Wholesale Club should remain profitable and highly successful.”

Located at 105 Long Drive, the property is situated immediately off Interstate 575 with two main access points, including a four-way lighted intersection off State Route 92.

BJ’s Wholesale Club benefits from its prime location near a Super Target Power Center, Wal-Mart, Home Depot, Lowe’s, Ingles, PetSmart, Starbucks, CVS, Old Navy and Kohl’s. A His Hands Church and a Dixie Motor Speedway also serve the property as large traffic generators.

In 2007, the population within five miles of the property was approximately161,890, which represented a 25 percent increase from 2000. It is expected that this number will increase another 12 percent in the next five years.

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