Tuesday, June 9, 2009

Thomas D. Wood & Co. Closes $1.55M Loan in Morehead City, NC

MOREHEAD CITY, NC, June 9, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $1,550,000 for the Crystal Coast Apartments in Morehead City, North Carolina.

Brad Cox, (top right photo) CCIM, CPM, Company Vice President, financed the Crystal Coast Apartments through Thomas D. Wood and Company’s relationship with a national lending institution.

The loan has a fixed interest rate of 5.94% and a 10-year term, based on a 30-year amortization. This loan is part of the Fannie Mae Immediate Delivery Loan Program.
The 50-unit apartment complex was built in 1973, and is located on five acres at 2109 Mayberry Loop, Morehead City, North Carolina.

For further information, please contact:
Brad Cox, CCIM, CPM (941) 552-9731 bcox@tdwood.com
Jessica Gurtowski 407) 937-0470 jgurtowski@tdwood.com

GVA Advantis Signs Allied Technology Group to 12,089-SF Lease in Orlando

ORLANDO, FL – (June 9, 2009) – GVA Advantis recently announced the completion of a 10-year-plus lease transaction for Allied Technology Group to relocate this August to Discovery Tech Center II, (top right photo) 2750 Discovery Drive in Central Florida Research Park on Orlando’s east side.

Lisa Bailey, (bottom right photo) Senior Director, Office/Industrial Services of GVA Advantis’ Orlando office, and Stuart Rabkin, of The Stuart Rabkin Company in Washington, D.C., represented the tenant.

Heidi Adams, (middle left photo) Taurus Southern, represented the property owner.

"We considered several viable locations for our Training Services Division in Orlando. When we compared offers, the lower operating costs for this LEED Certified (Green) building over the long term made our decision for us.

" The other benefits like improved air quality, greater natural light and social responsibility were icing on the cake," said Tim Wynne, chief financial officer of Allied Technology Group.

Wynne added, “Lisa Bailey did a great job throughout our selection process and negotiations with our new landlord. She is a true professional and fun to work with.”

Founded in 1986, Allied Technology Group, Inc. provides a full range of complex, innovative engineering, information management and training solutions to civilian, military, intelligence, and federal clients.

Allied Technology has a staff of over 500 IT professionals, engineers, instructional and graphic designers, scientists, and support personnel with offices in major cities of the United States.

Our Orlando office, ATG Training Solutions specializes in Blended Learning, Software & Hardware Rollouts, and Smart classroom design and installation. http://www.alliedtech.com/

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

Brazil Hotel Investment Getting Attention of Global Moneymen

(CHICAGO, IL and SÃO PAULO, BRAZIL)—These are good times in Brazil’s investment community, despite a Recession that only hit the South American nation in 2008.

(Copacabana Palace Hotel, Brazi, 107 rooms, 10 floors, built 1923)

North American and European hoteliers envy the growing revenue per available room level in Brazil while their own RevPar numbers are in the basement, according to a new industry report by Jones Lang LaSalle.

“The devaluation of the Brazilian real (BRL) since September 2008 has prompted a favorable dichotomy for Brazilian hotels,” says Ricardo Mader, (middle right photo) executive vice president for Jones Lang LaSalle Hotels, based in São Paulo.

“It is more expensive for Brazilians to travel abroad, while it’s less expensive for incoming foreigners,” he says. “Thus, the country’s resort hotels have seen a boost in occupancy.

“Upper-tier urban properties that denominate their rates in U.S. dollars are also seeing a positive impact from the devaluation, because operators can now collect more BRLs per dollar earned.”

Mader adds, “With these factors, plus the low supply of institutional quality hotels in many markets, we forecast average RevPAR in Brazil to continue to grow throughout 2009, albeit at a slower rate than in 2008.”

Hotels are among the leading asset class for investment in Brazil, according to Jones Lang LaSalle.

Brazil’s economy, while exposed to the global financial crisis, is forecast to suffer less and for a shorter duration than most of the world’s mature economies. The country is attracting investor attention generated by its long-term growth potential.

(Rio de Janeiro hotel beach row, middle right photo)

The JLL report notes International investors had been relatively silent since the economic crisis started impacting Brazil in September 2008, but the country posted a net capital inflow in April 2009.

“This is a sign of foreign investors’ renewed interest in the market,” says Mader. “Brazil has a very favorable medium to long-term outlook for hotel fundamentals, with much of the demand being driven by the emerging middle class."

Middle class households now represent 52 percent of Brazilian households, up from 42 percent in 2004. The number of upper class households too has grown, now accounting for 16 percent of the population.

Just 12 percent of hotels in Brazil are affiliated with an international or national hotel brand, highlighting the opportunity for the development of branded hotels.

(Middle left photo, Salvador Brazil hotel complex)

“Branded mid-market hotels present the most viable investment opportunity in Brazil due to the strong domestic market,” says Clay Dickinson, (middle left photo) executive vice president for Jones Lang LaSalle Hotels.

Most foreign hotel investors will focus on new development in Brazil as there are few opportunities to acquire existing assets, according to the JLL report.

While several individual upper-tier assets, such as the JW Marriott Rio de Janeiro and the Sofitel Salvador, are currently held for sale, the hotel disposition market in Brazil is in its infancy stages.

“The number of hotel transactions will slowly increase as investors gain a clearer understanding of property values and some developers seek to liquidate their investments,” says Dickinson.

(Bottom right photo, the Serhs Natal Grand Hotel in Natal, capital of Rio Grande do Norte, in the North-East of Brasil)

“The bottom line is that as the availability of private-sector debt gradually starts to increase again, investors will be able to achieve higher returns on their investments and their exit will have a lower execution risk due to the increased liquidity,” he says.

HFF closes sale of 160,000-SF industrial/flex portfolio in Plano, TX

DALLAS, TX, June 9, 2009 – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Research Center,(top left photo) a 160,000-square-foot industrial/flex portfolio in Plano, Texas.

HFF director Jud Clements (bottom right photo) and associate director Robby Rieke led the investment sales team exclusively on behalf of the seller, Bank of America.

The portfolio was purchased for an undisclosed amount free and clear of debt by a Dallas-based private investor, who was represented by Mark V Commercial.

Research Center is situated close to the intersection of the North Central Expressway and the George Bush Turnpike in the northern Dallas suburb of Plano.

The five-property portfolio was completed in 2001 and is leased to tenants including Terminex, NexRev and Eagle Test System. Individual property details are listed below:

601 Development Drive, 45,422 square feet, 3.32 Acres, 29 Percent
608 Development Drive, 23,334 square feet, 2.38 Acres, 70 Percent
600 Development Drive, 23,334 square feet, 2.38 Acres, 100 Percent
2700 Research Drive, 29,688 square feet, 3.05 Acres, 34 Percent
2600 Research Drive 38,200 square feet 4.0 Acres 100 Percent

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/.


Jud Clements, HFF Director, (214) 265-0880, jclements@hfflp.com

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

Seasons 52 Plans to Open New Restaurant in Tampa, FL

ORLANDO, FL, June 9 /PRNewswire/ -- Seasons 52, (top right photo) the popular fresh grill and wine bar restaurant, has selected WestShore Plaza in Tampa, FL, as their next site for expansion.

Expected to open in spring 2010, the new restaurant will be the company's first location on Florida's west coast, increasing the total number of Seasons 52 restaurants to nine.

Seasons 52 has been recognized as a forward-thinking restaurant concept with proven consumer appeal.

Known for its seasonally inspired menu and fresh approach to dining, the award-winning concept has capitalized on the growing consumer interest in fresher seasonal foods that offer positive lifestyle benefits.

Leading the strategic growth plan for Seasons 52 is company President Stephen Judge,(middle right photo) who is focused on securing premium real estate locations to fuel the concept's expansion.

"With its central and scenic location, WestShore Plaza is a recognized retail hub for the greater Tampa area," Judge said. "WestShore has kept itself fresh and exciting, with popular and upscale retailers that provide a lifestyle environment compatible with the Seasons 52 concept."

Development of the new location will be coordinated through Glimcher Realty Trust (NYSE:GRT), whose portfolio of regional and super-regional malls and community shopping centers include WestShore Plaza.

"We are very pleased and excited to be adding Seasons 52 to our roster of outstanding restaurants at WestShore Plaza," said Michael Glimcher, (bottom left photo) Chairman and CEO of Glimcher Realty Trust.

"We believe shoppers and residents will find this brand's unique approach to dining very appealing, with its fresh, flavorful foods, international wines and a casually sophisticated atmosphere."

Seasons 52 debuted in 2003 and currently operates locations in Orlando, Altamonte Springs, Boca Raton, Ft. Lauderdale and Palm Beach Gardens, FL, in the Buckhead and Perimeter areas of Atlanta, GA, and Cherry Hill, NJ. Seasons 52 is owned by one of the nation's most respected casual dining companies, Darden Restaurants, Inc. (NYSE:DRI) of Orlando, FL.

Contact: Rachel Summers of Seasons 52, +1-215-875-4365, fax,+1-215-545-6293, rsummers@stargroup1.com

Tech Layoffs in San Jose, CA Soften Retailer Demand

PALO ALTO, CA — Weakness in Silicon Valley’s technology sector will continue to ripple through the San Jose retail market this year as ongoing job losses and contracting retailer demand push vacancy higher, according to a second-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Increased restructuring within companies such as Sun Microsystems and Yahoo, along with the closure of smaller tech-related firms, will weigh on consumer spending, further reducing space requirements for both national and local retailers.

“A wide buyer/seller expectations gap and projections for further operational weakening will slow marketwide trading of San Jose retail properties in 2009,” says Steven Seligman, (top left photo) regional manager of the Palo Alto office of Marcus & Millichap.

“Average cap rates for single-tenant assets are currently in the mid- to high-6 percent range, though some quality properties with long-term leases in place could close in the low-6 percent area.”

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

· Employers are forecast to trim payrolls by 35,000 positions this year, or 3.9 percent, after eliminating 15,600 jobs in 2008. Ongoing losses in the professional and business services sector, along with weakness within technology-related firms, will drive job losses in 2009.
· Developers are on pace to complete 400,000 square feet of retail space by year end, slightly higher than in 2008, when 350,000 square feet was brought online. Deliveries in 2009 will expand inventory by a modest 0.8 percent.

· Receding demand is expected to result in a 170 basis point climb in vacancy this year to 5.6 percent. In 2008, vacancy increased 70 basis points.

· Rents are projected to soften further in 2009 in response to rising vacancy. Asking rents are forecast to decrease 3.3 percent to $30.48 per square foot, and effective rents should end the year at $27.09 per square foot, a 4.9 percent decline.

For a copy of the complete San Jose Retail 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

Palmer Electric completes tenant improvement at Dynetech Centre in Orlando

WINTER PARK, FL— Palmer Electric Co. has completed its tenant improvement contract with Turner Construction Co. for the electrical wiring and fire alarm system for Dynetech Corp.’s 40,000-square-foot corporate headquarters in its namesake, the 32-story Dynetech Centre (top right photo) in Orlando, Fla.
Baker Barrios Architects of Orlando provided architectural design for the tenant improvements.

Palmer Electric also provided electrical contracting for the 600,000-square-foot building completed last year by developer, Lincoln Property Co.

Palmer Electric is a provider of electrical contracting and service to contractors and builders for new construction and renovations of residential, commercial, institutional and industrial buildings as well as providing service and repairs to utilities, businesses and consumers.

Founded in 1951, the Company employs a staff of 350 from its headquarters in Winter Park, Fla. For additional information, visit http://www.palmer-electric.com/.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344, elainei@pr-works.com,

San Francisco Retail Fundamentals Soften as Tourism Industry Weakens

SAN FRANCISCO, CA— Despite relative stability in overall market conditions last year, widespread layoffs and a drop in tourism activity are expected to be a drag on San Francisco retail fundamentals in 2009, according to a second-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

In fact, through the first quarter, local hotel room demand fell 12 percent from one year earlier, compared with an 8 percent decline for the nation, reducing visitor spending.

“While investment activity is projected to decline further this year as economic strains weaken operations, San Francisco’s tourism spending and prospects for an eventual turnaround will maintain buyer interest,” says Jeffrey Mishkin, (top right photo) regional manager of the San Francisco office of Marcus & Millichap.

“Cap rates are averaging in the mid-6 percent area and will likely continue to rise in the quarters ahead.”
Following are some of the most significant aspects of the San Francisco Retail Research Report:

· Layoffs are expected to accelerate in San Francisco, led by significant losses in the financial services sector. Employers are forecast to reduce head counts by 40,500 positions, or 4.1 percent, in 2009, following the elimination of 15,700 workers last year.

· Development will slow considerably this year, as builders are scheduled to deliver only 75,000 square feet, down from 2008, when 300,000 square feet was completed.

· As the pullback in consumer spending weighs on retailer demand, vacancy is expected to push up 90 basis points to 4.8 percent in 2009, after a 30 basis point drop last year.

· Weakened occupancy levels will result in further downward pressure on rents this year. Asking rents are forecast to contract 3.2 percent to $33.10 per square foot while effective rents decrease 3.9 percent to $30.42 per square foot.

For a copy of the complete San Francisco Retail 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

Tri-City Starts $3M Electrical Job at VA Clinic at The Villages, FL

ORLANDO, FL – Altamonte Springs-based Tri-City Electrical Contractors, Inc. is under way on $3 million of work at the new multimillion-dollar, 95,000-square-foot VA Clinic at 800 Mulberry Lane, The Villages, FL, under its contract with Hamstra Group, Wheatland, Indiana. Completion is slated for February 2010.

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

CB Richard Ellis Completes Three Leases at Colonial Town Centre in Orlando

ORLANDO, FL– The Orlando office of CB Richard Ellis is pleased to announce Bobby Palta, Senior Associate in Retail Properties, has brokered three leases representing the landlord NGI Investments at Colonial Town Centre.(top left photo)

The center is located at 8010 West Colonial Drive, Orlando, Florida and is anchored by Sam's Club, HH Gregg and Wal-Mart Neighborhood Grocery.

The first lease is for a Chinese restaurant totaling 1,200-sq.-ft. for a term of five years represented by GBA Realty. The second lease is for a Luxy Nail Spa totaling 1,200-sq.-ft. for a term of five years also represented by GBA Realty. The third lease is for a Mattress 1 One store totaling 3,200 sq.-ft. for a term of five years done directly with the tenant.

Contact: Angelique Greven, 407.839.3158, angelique.greven@cbre.com