Friday, May 15, 2009

Morris, Manning & Martin Adds Five Attorneys

Establishes Timberland Investments & Forest Products Practice and Expands Real Estate Fund Practice

ATLANTA, GA, May 15, 2009) – Partners C. Glenn Dunaway and Stephen B. Schrock, of counsel Chuck Connors, associates Karen Reschly and Rebecca Vandiver and senior paralegal Wenona Mills have joined Morris, Manning & Martin, LLP from Bryan Cave Powell Goldstein.

They will establish the new the Timberland Investments and Forest Products Practice, which consists of an integrated team of experienced lawyers from multiple disciplines, pulling primarily from the corporate and commercial real estate groups.

“The firm’s timber lawyers represent investors, owners and managers in timber transactions involving millions of acres of timberland throughout the U.S., South America, Europe and Africa,” said Managing Partner Robert Saudek (bottom left photo). “This type of expansion validates our belief that a smart growth strategy in a tight market is the right approach.”

With the additions, Morris, Manning & Martin expands its considerable practices in the areas of real estate capital markets, REIT representation, fund formation and management, domestic and international tax, corporate representation and commercial real estate.

Partner C. Glenn Dunaway will lead the firm’s core timberland corporate practice, while Stephen B. Schrock will lead the firm’s core timberland real estate practice.
Mr. Dunaway also has substantial experience with non-timber related real estate transactions, real estate fund formation and management as well as pension fund investments. Mr. Schrock has extensive experience in all facets of commercial real estate.

Media Contact: Terri Thornton, Thornton Communications (404) 932-4347

A.D. Owens Construction renovates Orlando building and moves in

ORLANDO, FL, May 15, 2009 — Today, A.D. Owens Construction Corp. moved into its new headquarters at 600 Wilkinson Street, Suite 300, in the New Traditions National Bank building (top right photo) in Orlando, Fla.

Richard E. DeLater represented the owner in the lease transaction. Betsy Owens of Cushman & Wakefield represented A.D. Owens Construction.

A.D. Owens Construction renovated the 11,828-square-foot building last year for the owner, 600 Wilkinson LLP.

“The new office allowed us to do our own tenant build out and gives us the space we need for continued growth,” said A.D. Owens Construction Corp. President Andrew Owens.

Originally built in the 1950s as a funeral home, the building sat vacant for five years. A.D. Owens Construction completed the three-month renovation in August 2008.
New Traditions National Bank currently occupies 6,000-square-feet in the building. Other tenants include Interlachen Financial Services, Rex-McGill Appraisers and DeLater & Company.

A.D. Owens Construction Corp. was founded by construction industry executive Andrew Owens in 2007. Headquartered in Orlando, Fla., the Company provides construction management, general contracting and design build services for new construction, renovations and tenant interiors for commercial projects throughout Central Florida.

Please visit for additional information.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344,,

MBA: Cut to Terrorism Risk Insurance Will Exacerbate Credit Crunch in Commercial Real Estate

WASHINGTON, DC - The Mortgage Bankers Association (MBA) has called on Congress to support the Terrorism Risk Insurance Act (TRIA).

The call comes on the heels of the budget released by the Obama Administration on May 7, 2009 that proposes to reduce funding for TRIA by $644 million over the next decade. (President Barack Obama, middle left photo)

"Winding down TRIA would only exacerbate the current lack of liquidity that has frozen the commercial real estate market," said Michael D. Berman, (top right photo) CMB, MBA's Vice Chairman and President and CEO of CWCapital of Needham, MA.

"Reducing the federal backstop that protects commercial real estate sends the wrong message and will work counter to ongoing efforts to improve liquidity in the commercial real estate market that the administration is making through TALF."

The Obama administration's fiscal year (FY) 2010 budget proposes to reduce the federal co-share for property and casualty insurance payments for acts of terrorism beginning in FY 2011 in the hope that it will encourage private market participants to increase their role mitigating terrorism risk.

In 2011, and then again in 2013, the proposal would increase the insurer deductible and co-payment as well as the event trigger amount for Federal payments.

"The TRIA program provides an important backstop that allows terrorism insurance to be both available and affordable," continued Berman.

"Without it, terrorism insurance, if available at all, would be extremely expensive.

"Because property owners are required by lenders to have terrorism coverage in place, we could see a return to the market we saw in the aftermath of 9/11 when the lack of available terrorism insurance caused billions of dollars worth of commercial real estate constructions projects to be delayed or canceled and created a large obstacle for refinancing commercial loans."

CONTACT: John Mechem, (202) 557-2924,

HFF arranges $23.28M refinancing for Rancho Cucamonga, CA multifamily community

NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced that it has arranged a $23.28 million refinancing for Ironwood Apartments, (top left photo) a 260-unit multifamily community in Rancho Cucamonga, California.

Working on behalf of institutional investors advised by J. P. Morgan Asset Management - Global Real Assets, HFF senior managing director Whit Wilcox (bottom right photo) placed the seven-year, adjustable-rate loan with the Federal Home Loan Mortgage Corporation (Freddie Mac).

Loan proceeds are paying off a maturing loan that the borrower had with a portfolio lender.

HFF recently closed on a $22.1 million financing for the adjacent Fairway Palms Apartments. Located at 11100 4th Street, Ironwood Apartments is less than one mile from the Interstate 10 and 15 freeways about 40 miles east of downtown Los Angeles in Rancho Cucamonga.

The 94 percent leased property has one-, two- and three-bedroom units averaging 920 square feet each. Residents of Ironwood and the adjacent Fairway Palms (also owned by the borrower) have access to amenities at both properties including swimming pools, fitness centers and clubhouses.


Whitney H. Wilcox, HFF Senior Managing Director, (212) 245-2425

Kristen M. Murphy, HFF Associate Director Marketing, (713) 852-3500

Industrial Team at Southern Commercial Completes 12,000-SF Lease in Sanford, FL

ORLANDO, FL-- Principals William “Bo” Bradford, CCIM, SIOR and Tom McFadden, SIOR of Southern Commercial Real Estate Advisors completed a 12,000 square foot new lease at 570 Monroe Road, Sanford, Florida.

Bradford and McFadden negotiated the seven year lease, representing the Landlord, Windsor at Vantage Point. The tenant, Patterson Dental was represented by Larry Barninger with Jones Lang LaSalle.

Contact: Celeste MacKenzie, 321 281 8503,

The International Shopping Traveler: New Research Highlights Plans to Visit and Shop the USA in the next 12 months

Economic Conditions Not Dampening Attractiveness of United States as Destination for International Travelers

BLOOMFIELD HILLS, M., May 15 /PRNewswire/ -- More than 50 percent of international shopping travelers surveyed who have visited the United States in the last 12 months are likely to come again over the next year.

That's good news for the U.S. economy according to a study commissioned by Taubman Centers and Shop America Alliance in partnership with the U.S. Department of Commerce, Office of Travel & Tourism Industries.

New research on The International Shopping Traveler from the top five international inbound markets to the U.S. -- Canada, Mexico, UK, Germany and Japan, representing 75% of all inbound U.S. Travelers -- was conducted by Mandala Research via an online survey in January 2009.

Survey respondents in each country, 1760 in total, had visited the U.S. in the past 12 months and had shopped.Shopping, dining and cultural travel are among the top tourism activities in the U.S.

These activities are especially important to international travelers and continue to be so even in these challenging economic times.

"Travel and Tourism is an important economic contributor to the retail sector, as we see in our tourism shopping centers. The results from this study are positive for the U.S. travel and shopping industries and for the country overall," says Robert Taubman, (top right photo) Chairman, President and CEO of Taubman Centers, who also serves on the United States Travel and Tourism Advisory Board.

"The International Shopping Traveler study will help retailers, destinations and travel companies better understand and attract the shopping traveler," says Helen Marano, (top left photo) Director, Office of Travel and Tourism Industries, U.S. Department of Commerce.
"This can go a long way in boosting tourism. Shopping certainly spurs visitation to and spending in destinations all across the United States, which, in turn, has a positive impact on the employment and economic health of those areas."

Highlights of The International Shopping Traveler study results include:

-- Nearly 20% of these travelers say they have already booked their next trip to the U.S. and an additional 50% are very likely to visit and shop in the next 12 months.

-- SHOPPING DRIVES TRAVEL. For a large number of travelers, shopping influences destination choice. 30% said it was a factor in their choice of destinations, while 23% said it was a key reason for the trip.

-- ECONOMIC IMPACT. These travelers allocated a sizeable portion of total trip spend to shopping activities, spending on average $1063 per person on shopping out of a total average of $3692 per total trip, per person. While spending varies by market, the percent of shopping spend reported in the total trip spend was an average of 29%, and as high as 40% with Mexican Shopping Travelers.

-- APPAREL LEADS. International shoppers most frequently purchased apparel. -- OTHER POPULAR CATEGORIES. Footwear (47%), food/candy (47%) souvenirs (47%), fashion accessories (39%) and cosmetics/beauty products (39%) were key categories purchased by the international shopping traveler.

-- SHOPPED FOR SELF AND FAMILY. 84% made purchases for themselves followed by spouse/significant other (68%) and children (44%).

-- BRAND SAVVY. Brand preferences* vary by inbound market.

The top 25 brands shopped for overall are:

1. Nike 2. Levis 3. Gap 4. Polo Ralph Lauren and Tommy Hilfiger 5. Abercrombie & Fitch 6. Calvin Klein and Coach 7. Adidas, Gucci and Chanel 8. Sony, Armani, Banana Republic and Louis Vuitton 9. Apple, Prada and Victoria's Secret 10. Old Navy, Dolce & Gabbana, Diesel, American Eagle, DKNY, Hugo Boss and Hollister

*Duplicate names on the same line indicate that the same percentage of International Shopping Travelers surveyed, selected those brands.

-- MOTIVATORS: VALUE & SELECTION. Good value and a wide selection of brands are most often cited as important elements of the shopping experience.


It is clear that International shopping travelers are also cultural travelers--visiting historic sites (48%), museums/art exhibits (39%), concerts/theatres (36%), national parks (48%) and 27% report also shopping at Museum Stores. 42% reported seeking out unique dining experiences while visiting the U.S.

-- ONLINE TRAVEL. The vast majority of international travelers currently use online sites to plan and book their travel to the U.S.

-- WHERE THEY SHOP. Destination preferences* vary by inbound market.

The top 23 cities visited by international shopping travelers overall are: 1. New York, NY 2. Los Angeles, CA 3. Las Vegas, NV 4. Orlando, FL 5. San Francisco, CA 6. Honolulu, HI 7. Miami-Fort Lauderdale, FL 8. Chicago, IL 9. San Diego, CA and Washington, DC 10. Houston, TX 11. Boston, MA and 12. Buffalo, NY 13. Atlanta, GA 14. Phoenix, AZ 15. Dallas-Fort Worth, TX and Seattle, WA 16. Tampa, FL 17. Philadelphia, PA 18. Detroit, MI 19. Fort Myers-Naples, FL 20. West Palm Beach, FL 21. Denver, CO 22. Portland, OR 23. Baltimore, MD

*Duplicate destinations on the same line indicate that the same percentage of International Shopping Travelers surveyed, selected those cities.


-- Top five inbound countries to the U.S.: Canada, Mexico, Japan, U.K. Germany -- 1760 respondents (approximately 350 per country; on-line study - January, 2009). -- Number of trips in the past 12 months: -- Mexico 4.4 -- Canada 3.1 -- U.K. 2.3 -- Germany 1.7 -- Japan 1.7 -

- Average trip expenditure is $3692; average spent on shopping is $1063 -- Mexican and Japanese travelers have higher mean shopping spend versus total ($1310 and $1200 respectively).

-- Nearly half of all international travelers in the five markets surveyed say that shopping was either a key reason for the trip or was a factor in their choice of destinations.

-- Good value and variety are most often cited as important elements of the shopping experience.

-- Apparel is the most frequently purchased item by international shoppers.

-- Footwear and food/candy (and souvenirs) are the second most frequently purchased categories; followed by beauty and accessories - both tied for third, followed by perfume, children's apparel and handbags.

-- Germans are most likely to stay the longest when traveling to the U.S. (15 - 21 days), followed by the British who stay up to 14 days.

-- Shopping accounts for a third of Canadian travelers' time when in the U.S., and is about nearly a third of their total trip expenditures.

-- 51% of Mexican travelers state that they used friends and family as a source of travel information.

-- Japanese and Germans said that shopping opportunities helped them choose between destinations.

For a copy of the Executive Summary, please visit or contact Karen Mac Donald,

Taubman Centers (NYSE:TCO) is a real estate investment trust engaged in the development and management of regional and super regional shopping centers. Taubman's 24 U.S. owned and/or managed properties, the most productive in the industry, serve major markets from coast to coast. Taubman Centers is headquartered in Bloomfield Hills, Michigan. For more information, visit

Shop America Alliance LLC (SAA) represents 200 of the premier shopping tourism destinations, shopping centers, retailers and outlets in North America and 1600 museum stores. Founded in 1999, the organization serves as the travel and tourism industry's exclusive resource for Shopping Tourism information and partnership opportunities.

Rosemary McCormick, President of Shop America Alliance, serves on the Board of Directors/Executive Committee of US Travel Association and is the co-founder of the US Cultural & Heritage Tourism Marketing Council LLC.

For more information on Shop America Alliance, visit

CONTACT: Karen MacDonald, Taubman Director, Communications,+1-248-258-7469,