Monday, June 8, 2009

Monem Corp. Acquires Multifamily Property in Los Angeles, CA

LOS ANGELES, CA, June 8, 2009 – Monem Corporation, a private investment firm focused on acquiring value-added multifamily properties in Los Angeles County, has acquired a 16 unit multifamily community located at 620 N. Sweetzer (top left photo) in Los Angeles for $2,075,000.

Monem Corporation paid all cash for the property which was originally listed for $2.65 million.

Rueben Robin of The Robin Group represented Monem Corporation and the seller in the transaction.

“We were able to acquire this property because of our ability to pay all cash and close escrow in two weeks,” said Danny Monempour (middle right photo) of president of Monem Corporation. “We will continue to be actively looking to acquire multifamily properties in the Los Angeles area.

Built in 1929, 620 N. Sweetzer is 100 percent leased and features eight one bedroom/one bathroom units, six two bedroom/one bathroom units and two studio units. Currently, rents average $900 per month.

Based in Los Angeles, Calif., Monem Corporation is a private investment and management firm specializing in value-added multifamily properties in the Los Angeles area. For more information, please visit

Contact: David Ebeling Ebeling Communications (949) 278-7851

Strong Economic Rebound for Next Year, Predicts Grubb & Ellis's Bache

SANTA ANA, CA--Bob Bach, (top right photo) senior vice president and chief economist, Grubb & Ellis Co., reports that "usually during a recession, labor productivity decreases as businesses only gradually reduce payrolls to match their reduced order flows.

'During the current recession, however, labor productivity has remained strong because businesses have been unusually quick to implement staff layoffs, particularly late last year when the commercial paper market froze – a source of short-term borrowing used by many firms to manage their cash flows.

(Nonfarm Business Productivity % Change Quarter Ago,
Seasonally Adjusted Annual Rate show in chart below)

"Seeing their immediate liquidity at risk, employers quickly reduced staff. The flip side of the coin is that businesses could be quick to rehire when their order flows pick up because they have already cut staff to subsistence levels.

"A sluggish “jobless” recovery is the most likely scenario, but continued productivity growth raises the possibility of a stronger-than-expected rebound next year. For commercial real estate, a brisker rate of job growth during the next expansion cycle would, of course, be welcome news."

Source: Bureau of Labor Statistics, Grubb & Ellis Co.

Presidio Names Crescent Hotels & Resorts to Manage Sheraton Fort Worth Hotel and Spa

FORT WORTH, Texas/FAIRFIELD, Calif./WASHINGTON, D.C., June 8, 2009—Presidio Companies, headquartered in Fairfield, Calif., today announced that it has named Crescent Hotels & Resorts to manage its 431-room Sheraton Fort Worth Hotel and Spa (top right photo) in Texas.

“The Sheraton Fort Worth is a well-located property that recently completed a multi-million dollar renovation and converted to the Sheraton brand,” said Sushil Patel (middle right photo), managing director, Presidio Companies. “We have brought in Crescent to position the hotel so that it quickly becomes the market leader.”

Located at 1701 Commerce Street, near the Dallas/Fort Worth International Airport, the Sheraton Fort Worth Hotel and Spa is one of two designated host hotels for the nearby state-of-the-art Fort Worth Convention Center, less than a block away.

The property offers 22,000 square feet of flexible meeting space, an on-site restaurant, and an 8,000-square-foot luxury fitness center and spa. Guestrooms feature 21st century art, a comfortable Sheraton Sweet Sleeper(SM) Bed, 32-inch flat panel HD television, and high-speed Internet access.

“This property is in pristine condition and our primary sales objective is to attract substantially more meeting business with strong local sales support at the hotel, supported by Crescent’s national sales team and databases, and by cross-selling in our other markets,” said Michael George, (bottom left photo) Crescent president and CEO.

“We intend to create positive momentum that will build occupancy now and accelerate as the economy begins its inevitable rebound.

“While there has been a lot of controversy recently over the cost of business meetings, companies and associations, now more than ever, need to come together to develop strong business strategies and esprit de corps,” he said.

“The Sheraton Fort Worth is an upscale hotel with a wide range of meeting offerings targeting the business and association markets, as well as social events. We are on the cutting edge offering extraordinary price-values with numerous meeting packages and menu offerings to fit all budgets.”
Contact: Jerry Daly or Chris Daly, media (703) 435-6293

HFF Brokers Sale of Silicon Valley Complex in Milpitas, CA

SAN FRANCISCO, CA – The San Francisco office of HFF (Holliday Fenoglio Fowler, L.P.) and Cornish & Carey Commercial (C&C) are pleased to announce the sale of Murphy Ranch Technology Park (above centered photo), a five-building, office complex totaling 363,237 square feet in Milpitas, Silicon Valley, California.

The seller, Prudential Real Estate Investors, was represented by C&C in cooperation with HFF’s senior managing directors Michael Leggett (top left photo) and Gerry Rohm (middle right photo) (formerly with C&C).

Spear Street Capital purchased the property. The 20.5-acre Murphy Ranch Technology Park is situated along Murphy Ranch Road and McCarthy Boulevard, close to Interstates 880 and 680, Route 237 and the Tasman Light Rail Station in Milpitas.

Completed in 1994, the five properties are fully leased as corporate headquarters for the following three tenants: Avaya, Intersil and Phoenix Technologies. Murphy Ranch amenities include covered interconnected walkways, a full-service cafeteria, common area showers, sports courts and jogging and biking trails.
“Murphy Ranch provides an investor a best-of-class, institutional–quality, Class ‘A’ office campus with strong income at an attractive basis,” said Leggett.

Prudential Real Estate Investors (PREI®) is the real estate investment management business of Prudential Financial. PREI®’s specialized operating units offer a broad range of investment opportunities and investment management services in the United States, Europe, Asia and Latin America.

Spear Street Capital is a real estate investment company dedicated to pursuing select office investment opportunities nationwide with a specific focus on office assets and portfolios with technology-oriented tenants.

Michael Leggett, HFF Senior managing Director, (415) 276-6924,
Gerry Rohm, HFF Senior Managing Director, (415) 276-6935,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Marshall Hotels & Resorts, Inc. Beefs Up Operations Team

SALISBURY, MD., June 8, 2009 – Officials of Marshall Hotels & Resorts, Inc., a leading, Maryland-based hotel management and services company, today announced that it added four experienced regional directors to its management team to enhance both operations and sales and marketing efforts.

The new directors include:
· Jeff Day, regional director of operations
· Carol Bullock-Walter, regional director of sales and marketing
· Scott Becque, regional director of sales and marketing
· Pennie Oliver, regional director of sales and marketing

“We continue to increase our bench strength to optimize returns for our hotel owners,” said Michael Marshall, (top right photo) president and CEO of Marshall Hotels & Resorts, Inc.

“We have added seven hotels to our portfolio in the past six months and continue to build infrastructure to support that growth, as well as maintain the appropriate depth to continue adding to our management portfolio without reducing service to our existing owners."

Jeff Day has more than 30 years experience with major full-service hotels, ocean-front resorts and convention center properties for such brands as InterContinental Hotels Group, Hilton Hotels International and Radisson Hotels & Resorts. Previously, he was a regional director of operations for a number of limited-service and extended-stay hotels, primarily overseeing Marriott- and Choice-branded properties.

As regional director of sales and marketing, Carol Bullock-Walter is responsible for the company’s growing New York City portfolio and the surrounding region.

Prior to joining Marshall, she led a sales strategy and operations team for Starwood Hotels as well as managed revenue projects which overhauled the company’s corporate transient benefits programs. She holds a Master’s of Business Administration degree from Simmons College and a bachelor’s degree from St. Michaels College.

Scott Becque is responsible for overseeing sales, revenue development and marketing in his new role as regional director of sales and marketing. Prior to joining Marshall, Becque was regional director of sales and marketing for Columbia Sussex Co. where he oversaw 17 hotels in the Northeast, including Sheraton-, Westin-, and Marriott-branded hotels.

Pennie Oliver has held various sales & marketing positions in her more than 20 years of hospitality industry experience. She has overseen new hotel openings and orchestrated pre-opening marketing and sales strategies for leading brands. Oliver has in-depth knowledge in the day-to-day operations of hotel sales and strong experience in turn-around situations.

Rick Day, Senior Vice President – Sales and Marketing, Marshall Hotels & Resorts, (410)749-8464

Jerry Daly, media, Daly Gray Public Relations, (703) 435-6293,

Hunter Realty Says Transactions under $10 M Still Active

ATLANTA, GA, June 8, 2009—Officials from Hunter Realty, a leading national hotel investment services firm, today announced that they brokered the sale of the 152-room Days Inn Atlanta Six Flags (top right photo) here.

The property was acquired by East Coast Hotel Partners, LLC, which plans to renovate and convert the hotel to the Comfort Inn brand.

The seller was an institutional lender/owner. The REO property was financed with a SBA loan from an Atlanta bank.
“East Coast Hotel Partners, LLC is a well regarded owner/operator with multiple properties currently in its portfolio,” said Lee Hunter, (middle left photo) CHB, ISHC and chief operating officer, Hunter Realty.

“They have prior experience in the Atlanta market and believe the property has excellent profit potential, especially when the economy begins its expected rebound. The timing of this transaction will give them sufficient time to upgrade the hotel.

“East Coast Hotel Partners is typical of today’s buyer,” said Teague Hunter, (bottom right photo) CHB, president, Hunter Realty Associates, Inc.

“There are a substantial number of buyers on the sidelines who are selectively acquiring properties that they believe have significant upside potential. Even with the credit markets still in disarray, investors who have cash and a proven track record can obtain the financing to get deals done.

"We have been successful in helping buyers secure financing for hotels under $10 million through local and regional banks, as well as SBA and other government loan programs.

"While it is difficult to pick the bottom of the real estate cycle, we believe it is approaching and that a number of properties will be coming to market between now and year end. This first wave of investors historically generates better returns than those who invest later in the cycle.

“Our firm is doing more consulting now than at any time in the past five years,” he noted. “We are working with both buyers and sellers to develop appropriate strategies and timing in a very difficult market. There is a lot of pent-up demand that should begin to become more active as the year progresses.”

The seven-story Days Inn is located at 3900 Fulton Industrial Blvd., 1.5 miles from Six Flags amusement park, and convenient to the Georgia Aquarium (bottom left photo) World of Coke, and Turner Field.

The hotel features interior corridors, large outdoor swimming pool, and meeting space. Rooms offer 27-inch satellite televisions, high-speed wireless Internet access, coffee makers, microwaves and refrigerators.
Hunter Realty, founded in 1978, has offices in Atlanta, Washington, D.C. and Minneapolis, MN. Hunter’s exclusive focus is in hotel brokerage.

For more information or to view current listings, please visit or contact us at 770-916-0300 in Atlanta, 301-215-7507 in Washington, D.C. or 952-837-6207 in Minneapolis.

Contact: Melanie Boyer, media, (703) 435-6293,

Clancy & Theys Completes Braddock Park Project in Winter Garden, FL

ORLANDO, FL – The Orlando-based Florida Division of Clancy & Theys Construction Company, one of America’s leading contractors, completed the City of Winter Garden’s new $2.6 million Braddock Park Athletic Complex (top left photo) located at 13460 Lake Butler Boulevard in Winter Garden, FL.

The 20-acre park includes two multi-purpose fields, two softball fields, 130 paved parking spaces, a 1,600-square-foot covered playscape area, a 1,200-square-foot concessions building with kitchen and restroom facilities, a 650-square-foot maintenance building, and associated utilities and site improvements according to Pete Pace, Florida Division CEO for Clancy & Theys.

The project was designed by Harvard Jolly, Inc., Orlando.

Contact: Kenneth H. Cristol, 407-774-2515

CB Richard Ellis Executes Lease With Mattress One at Mount Dora, FL Target Plaza

ORLANDO, FL, June 8, 2009 – The Orlando office of CB Richard Ellis is pleased to announce Bobby Palta, Senior Associate in Retail Properties, has brokered a lease representing the landlord CFT Developments at the Mount Dora Target Outparcel Plaza.

The Target anchored center is located at 17200 US Highway 441 at Eudora Road, Mount Dora, Florida and is neighbored by Chick Fil-A, Regions Bank and Wal-Mart Supercenter.

The lease is for a Mattress 1 One store totaling 2,200 sq.-ft. on the eastern endcap for a term of five years done directly with the tenant.

Contact: Angelique Greven 407.839.3158

The Plaza Cinema Cafe 12 Opens at The Plaza in Downtown Orlando

ORLANDO, FL, June 8, 2009 – The Orlando office of CB Richard Ellis is pleased to announce the grand opening of The Plaza Cinema CafĂ© 12 (top right photo) in Downtown Orlando.

The theater opened with a private celebration on Thursday, May 28 attended by area business leaders and VIPs and officially opened to the public on Friday, May 29.

This opening marks the culmination of a vision that began in 2004 with the demolition of the defunct Jaymont block at Church Street and Orange Avenue – the main and main intersection in Downtown Orlando.

Upon completion of construction, the project has been plagued with liens, lawsuits, bankruptcies and myriad of setbacks.

In 2008, RP Realty Partners of Beverly Hills, CA purchased the retail portion of the Plaza and hired CB Richard Ellis to lease the second floor theater and remaining first floor retail spaces.

Senior Associate Bobby Palta (middle right photo) and First Vice President Wood Belcher (lower left photo) secured the theater tenant in April and executed the lease in August. RP Realty Partners secured a loan package from the City of Orlando in January and construction started in February.

Because of the complexities of this deal, Palta and Belcher were recognized by Orlando Business Journal as brokering one of 'The Best Real Estate Deals of 2008' within Central Florida.

The 57,000 square foot theater will be operated by the American Theater Corporation founded by proprietor Jim Duffy. This upscale state of the art cinema features digital surround sound on all 12 screens.

The two largest screens are digital high definition projection systems capable of 3-D movies, a first for Central Florida.

There are over 1,100 leather rocker seats in a stadium configuration with 10-inch tables and ample legroom.

Concessions range from traditional candy and popcorn to a full menu of pizza, sandwiches, and appetizers from cheese platters to caviar. Beer, wine and champagne will be served throughout the theater as well as in two wine bars.

"The response has been overwhelming. This is truly a first class theater located in the heart of Downtown Orlando – an entertainment destination for residents, workers and visitors from throughout Central Florida," says Palta.

Prices range from $4.50 for matinees to $9.50 for evening show times and include validation for parking within The Plaza garage.
Contact: Angelique Greven, 407.839.3158,

Cousins Chairman, CEO Bell to Retire July 1; Gellerstedt Elected CEO

ATLANTA, GA, June 8, 2009-- Cousins Properties Incorporated (NYSE: CUZ) announced today the retirement of Chairman and Chief Executive Officer Thomas D. Bell, Jr. (top right photo), effective July 1.

The Board of Directors elected President and Chief Operating Officer Larry L. Gellerstedt III (top left photo) to serve as CEO. Gellerstedt will retain the title of President.

The Board of Directors also elected S. Taylor Glover (bottom left photo) to serve as non-executive chairman of the board.

Bell has served as CEO of Cousins since January 2002 and chairman since December 2006. Among Bell’s many achievements during his tenure, he led the company as it sold nearly $3 billion in assets during the market’s peak resulting in special dividends totaling $12.62 per share.

“There is never a perfect time to leave a company as respected and admired as Cousins, but I’m confident that after seven and a half years as chief executive, the company is ready for new leadership and renewed energy,” Bell said.

“My decision to step aside now allows our extremely talented management team under the guidance of Larry to make important decisions that will prepare Cousins for the next phase of the real estate cycle.”

Gellerstedt, 53, joined Cousins Properties following the acquisition of his firm, The Gellerstedt Group, in June 2005.

Gellerstedt served as chairman and chief executive officer of the Beers Construction Company from 1986 to 1998. In 1998, after the sale of Beers to Skanska USA, he was elected chairman and chief executive officer of American Business Products, a NYSE-listed manufacturer of packaging and printed office products.

In 2000, Gellerstedt became president and chief operating officer of The Integral Group, a nationally known urban mixed-use development company. He went on to found The Gellerstedt Group in 2003.

“Tom Bell has been an extraordinary leader at Cousins and in our community,” Gellerstedt said. “What he has accomplished at the helm of Cousins during seven-plus years has been truly exceptional.

"All of us at Cousins have benefited greatly from his leadership and foresight and he will truly be missed. Just as it has for more than 50 years, our leadership team will continue to move Cousins forward, doing so with an unwavering commitment to our stakeholders, our communities and to excellence each day.”

Cousins founder and chairman emeritus Thomas G. Cousins (middle right photo) added, “I would like to thank Tom Bell for his seven and a half years of service to both the company and the community.

"He has worked tirelessly at both. I commend him especially for creating a succession plan in which I have great confidence.

"I’ve known Larry Gellerstedt for years and have every confidence he will move the company ahead with focus and determination. He is a gifted leader and has my total support.”

Glover joined the Cousins Properties Board of Directors in February 2005. He is currently the president and chief executive officer of Turner Enterprises Inc

Contact: Cameron Golden, 404-407-1984, Director of Investor Relations/Corporate Communications,