Thursday, May 7, 2009

Grubb & Ellis Selected to Market for Sale Edgewater Park Plaza in Oakland, CA

SAN FRANCISCO, CA (May 7, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced it has been selected to market for sale Edgewater Park Plaza (top right photo) in Oakland.

The property consists of four two-story office buildings totaling nearly 205,000 square feet.

Located at 7700 Edgewater Drive, Edgewater Park Plaza is currently home to more than 50 tenants, including the American Postal Workers Union and Girl Scouts of America.

It is within close proximity to the Oakland International Airport and the Wal-Mart-anchored Hegenberger Gateway Shopping Center which was recently completed.

“Edgewater Park Plaza is one of the only office projects in the Oakland Airport submarket that offers tenants a premier amenity base within a business park setting,” said Edward Suharski,(middle left photo) executive vice president, Grubb & Ellis.
“The property also provides investors the opportunity to acquire one of the leading office projects in the area at a substantial discount to replacement cost.”

Completed in 1976, the property offers excellent street visibility for tenant monument signage, onsite property management and onsite storage. The grounds include landscaped courtyards and water features that create an inviting business park environment.

“The Oakland Airport submarket has seen an increase in tenant demand over the past few quarters,” said Steven Golubchik, associate vice president. “It has been attracting tenants looking for low rent alternatives, outperforming many other East Bay submarkets during the current economic cycle.”

In addition to Suharski and Golubchik, the San Francisco-based sales team includes vice president Seth McKinnon.

Julia McCartney, 714.975.2230,
Damon Elder, 714.975.2659,

Stirling Sotheby's International Realty in Orlando Claims Home Sales Hottest in Three Market Sectors

ORLANDO, Fla. - Central Florida home sales may still leave a lot to be desired but three market segments are warming up fast, according to Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty in Orlando.

“About half of all home sales in the Central Florida market today qualify as distressed sales,” said Soderstrom. “These include short sales and foreclosures,” he said.

That’s no secret, Soderstrom said, but two emerging market segments are much more promising.

“First-time home buyers seeking houses priced under $400,000 are mostly younger buyers, under 34, who were priced out of the market from 2004-2007, but are now able to purchase a home due to a 40-50 percent drop in the median sale price,” Soderstrom said.

Today’s up to $8,000 tax credit for first time home buyers is also enhancing current sales activity, he said.

Families seeking vacation homes, pre-retirement and retirement homes are starting to heat up the market, Soderstrom added.

“Many Americans, Canadians and U.K. residents are looking for homes priced from $125,000 to just under $300,000,” Soderstrom said, “and generally they prefer new homes or recently built homes and condominiums.”

“We are seeing substantially more activity in all three of these market sectors, but at the same time we’re seeing some recovery in the upper tier – $1,000,000 to $3,000,000 range – that Stirling Sotheby’s International Realty ( is most recognized for.

"There are some amazing values and opportunities in the market right now and I don’t know when it will be a better time to buy a home,” he explained.

“It will be many years before we see a return to 2005 levels but we are seeing many bright spots here and there,” Soderstrom said.

For more information, please contact:

Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty, 407-588-1260

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

Regency Centers Reports First Quarter Results

JACKSONVILLE, FL--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG)has announced financial and operating results for the quarter ended March 31, 2009.

Funds From Operations (FFO) for the first quarter was $55.0 million, or $0.78 per diluted share, compared to $61.2 million and $0.87 per diluted share for the same period in 2008.

(Top left photo, Downtown Jacksonville at night, highlighting 30-story Independent Life and Accident Insurance Co. Building)

Excluding a one-time severance charge of $2.24 million in March in connection with the Company's ongoing cost savings initiatives originally planned to occur later in the year, first quarter FFO per share would have been $0.82.

Regency reports FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (NAREIT) as a supplemental earnings measure. The Company considers this a meaningful performance measurement in the Real Estate Investment Trust industry.

Net income attributable to common stockholders for the quarter was $19.6 million, or $0.28 per diluted share, compared to $26.7 million and $0.38 per diluted share for the same period in 2008.

For a complete copy of the company's news release and its financials, please contact Lisa Palmer, 904-598-7636.

Cushman & Wakefield promotes Orlando industrial broker Lee Morris

ORLANDO, FL –Cushman & Wakefield, Orlando (C&W) has announced the promotion of Lee Morris (top right photo) from Associate Director to Director in the firm’s industrial brokerage.

In this role, Morris will continue to lead a team of brokers assisting owners, tenants, and developers with all aspects of property ownership, including sales, leasing, site selection, development, sale/leasebacks, 1031 exchanges, and build-to-suits
A 25-year veteran of commercial real estate, Morris has facilitated more than $1 billion in sales and leasing transactions, and has been consistently recognized as a top producer by the Central Florida Commercial Association of Realtors, the Orlando Business Journal and CoStar.

Lake Mary, FL to be home to Florida’s greenest commercial buildings

ORLANDO, FL – The greenest commercial buildings in the state of Florida are slated for construction in Lake Mary later this year.

Located at 4903 CR 46A, The Hills of Lake Mary Professional Centre (bottom left rendering) will consist of four buildings totaling 72,400 square feet, spread out in a corporate campus over seven acres.

The development is the first in Florida designed to meet the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) highest standard: Platinum-certification.

Developed by Mariner Asset Management Services headquartered in West Palm Beach, the 4-building campus designed by internationally recognized architects at Gensler, will not only attain LEED’s highest level of certification, but is also engineered to be 100% carbon neutral, meaning that carbon emissions are balanced by a measured amount of carbon released with an equivalent amount sequestered or offset.

For more information, please contact:
Brook Hines Marketing and Public Relations Associate 407.541.4401

Betsy Owens Office Brokerage 407.841.8000

Douglas Eber Office Brokerage 407.841.8000

The Dow Hotel Co.Names Joseph G. Coursolle, General Manager

Hotel is Undergoing $6 Million Renovation

SEATTLE, WA—The Dow Hotel Company, LLC, (DHC) a hotel ownership, investment and management company, announced that Joseph G. Coursolle, (top right photo) CHA, has been named general manager of the 227-room Hilton San Antonio Hill Country Hotel and Spa. (bottom right photo)

He will report directly to Steven Falciani, (middle left photo) regional vice president of operations.

The hotel is owned by a joint venture between New Jersey-based Prudential Real Estate Investors and DHC, which also manages the property.

The hotel converted to the Hilton hotel brand at the beginning of 2009 and is undergoing a $6 million renovation, which is being conducted in phases in order to eliminate guest disruptions.

“Joe brings with him nearly three decades of hospitality industry experience, as well as a working knowledge of the San Antonio area,” said Murray Dow, (bottom left photo) president of The Dow Hotel Company.

“In addition to experience as a general manager, he also has extensive experience with the Hilton brand. We expect his expertise and skillset to enhance an already successful resort-style property, and that his operating experience in a variety of economic climates will benefit the hotel.”

Previously, Coursolle was general manager at the Embassy Suites Hotel Indianapolis in downtown Indianapolis.

During the course of his career, he has served as general manager of four different properties, including the Embassy Suites Austin–North and two other hotels in San Antonio. He has a Bachelor of Arts degree in Business Administration from the University of St. Thomas, St. Paul, Minn.

Contact: Jerry Daly, Chris Daly, (703) 435-6293,

Cushman & Wakefield Tampa Promotes Angell and Lanning

TAMPA, FL– Cushman & Wakefield is pleased to announce that Mercedes Angell (top right photo) and Jeffrey W. Lanning (bottom left photo) in the Tampa, FL office of Cushman & Wakefield of Florida Inc. have been promoted to the title of Senior Director.

Mercedes Angell joined the Tampa office of Cushman & Wakefield as a Leasing Manager in 1995. In 2005, Ms. Angell was promoted to Director.

Ms. Angell primarily represents landlords and building owners with assets throughout the Tampa Bay area and is responsible for a portfolio of office parks totaling more than 2.4 million square feet. The properties range from Class "A" buildings to single-story, garden-style office parks. Since 2000, Ms. Angell has leased 2.9 million square feet of office space.

In response to Ms. Angell’s recent promotion, Larry Richey, (bottom right photo) Senior Managing Director for Cushman & Wakefield of Florida, was quoted as saying, “Mercedes is exceptional as the head of our Office Landlord Agency Group in the Tampa Bay market. She is one of our top producers, and this promotion is well deserved.”

Jeffrey W. Lanning has been promoted to the title of Associate Director.

Mr. Lanning provides agency leasing and tenant representation throughout the Tampa Bay area and is responsible for leasing an office portfolio of approximately two million square feet.

These properties range from Class "A" buildings and single-story garden-style office parks to flex service center facilities.

During 2008, Mr. Lanning and his business partner, Mercedes Angell, leased an astonishing 561,000 square feet worth over $65,000,000 in transaction value.

In response to Mr. Lanning’s promotion, Larry Richey, Senior Managing Director for C&W’s Florida office, was quoted as saying, “Jeff is one of the most talented younger emerging brokers in our Tampa office. This recognition, which is based upon certain production thresholds, is well deserved.”

Contact: Marcianne Foster, 813-204-5345,