MBA Issues Statement on FASB's Delayed Implementation of Changes to FAS 140

WASHINGTON, D.C-- Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association, has commented on the decision by the Financial Accounting Standards Board (FASB) to delay, by one year, implementation of a forthcoming proposal that would bring sweeping changes to securitization accounting.

The amendments to FAS 140 call for banks and finance companies that currently do not consolidate the issuing entities used in securitizations, commonly referred to as qualified special purpose entities (QSPE), to consolidate some or all of those entities. The affected transactions may include mortgage, credit card, student and retail auto loans.

Quinn issued the following statement:

"While we continue to have grave concerns about the proposed changes to FAS 140, we do appreciate the extended time from FASB to allow markets to adjust to and evaluate the implications of the proposed changes. While I know that FASB delayed implementation of the new rules reluctantly, I want to thank them for recognizing the importance of allowing the markets to analyze and respond to the new changes.

"Consolidation of securitization QSPE is likely to swell the balance sheets of the affected entities, adversely impact financial ratios, financial covenant performance and regulatory capital tests; and bring a new chill to credit markets at the exact time when all market participants are working to relieve the current credit crunch. We look forward to working with the FASB to implement the changes and make this transition as smooth as possible."

CONTACT: Jason Vasquez, (202) 557-2950, jvasquez@mortgagebankers.org

The Dikman Company negotiates sublease at Westshore Corportate Center

TAMPA, FL -- The Dikman Company announces Albertelli Law has subleased 12,487 SF of space at Westshore Corporate Center (top right photo) from Lennar. Ben Dikman of The Dikman Company represented Albertelli Law.

Albertelli Law is a full-service corporate and real estate law firm. The Firm represents developers, landowners, investors and banking institutions in real estate related transactions for institutional and private lenders nationwide.

CONTACT: Bob Dikman, ALC, CRB, CCIM, SIOR 813/251-5288.

National Retail Properties Shows Increased Second-Quarter Operating Results

ORLANDO, FL., July 31, 2008 /PRNewswire-FirstCall/ -- National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced operating results for the quarter ended June 30, 2008, including a 26.7% increase in revenues and a 6.4% increase in Funds From Operations ("FFO") per share compared to the same period for 2007.

Additionally, the company announced a 32% increase in revenues and a 5.2% increase in FFO per share for the six months ended June 30, 2008 compared to the same period for 2007.

For a complete copy of the company's release, showing all second quarter results, please contact

Kevin B. Habicht, (top right photo) Chief Financial Officer of National Retail Properties, Inc., +1-407-265-7348

Granite Announces Second Quarter 2008 Results

WATSONVILLE, CA/PRNewswire-FirstCall/ -- Granite Construction Incorporated (NYSE:GVA) has announced net income for the second quarter ended June 30, 2008 of $25.6 million or $0.68 per diluted share, compared with net income of $43.8 million, or $1.05 per diluted share, for the same period last year.

Operating income for the quarter was $45.4 million, compared with $66.9 million a year ago. Total revenues for the quarter were $694.3 million compared with $770.9 million a year ago.

William G. Dorey,(top right photo) Granite President and Chief Executive Officer, stated, "While we did not match last year's record setting second quarter results, I am pleased with how our business performed this quarter. We are executing well in today's highly competitive environment which is a testament to our people and the strength of our business model."

General and administrative expenses for the second quarter ended June 30, 2008 totaled $65.8 million or 9.5% of revenue compared with $65.1 million or 8.4% of revenue for the second quarter of 2007.

"We are focusing on reducing our general and administrative costs by instituting a series of cost control initiatives, improving our processes and more efficiently utilizing our staff throughout the organization. Although we are making progress on these efforts, we do not expect to see a reduction in general and administrative expenses on an absolute dollar basis until 2009," Dorey said.

For a complete copy of the release, please contact Jacque Fourchy of Granite Construction Incorporated,+1-831-761-4741

Starwood Hotels & Resorts Announces its 100th Hotel in China

Starwood Solidifies Its Position as Number One Operator of International Upscale Hotels in China; Underscores Aggressive Expansion Worldwide


SINGAPORE--- Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) marks a milestone in its aggressive growth in Greater China announcing its 100th hotel there, with the signing of the Sheraton Beijing Dongcheng Hotel. (top right photo)

As the first international hotel chain to enter China when the historic Great Wall Beijing Sheraton Hotel opened in 1985, Starwood today is the largest international upscale hotel company in China and continues to grow its footprint there with the expansion of its brands including Sheraton, Westin, Le Meridien, St. Regis, Luxury Collection, aloft, Four Points by Sheraton and W hotels in established and emerging cities as well as resort destinations.

“With strong domestic demand, an increasing affinity for global brands and international inbound travel on the rise, our opportunity in China is perhaps unsurpassed anywhere in the world,” said Simon Turner (middle right photo), President, Global Development for Starwood Hotels & Resorts.

“What’s more, by 2020, China will generate over 100 million outbound trips a year, more than triple its current output, making it one of the largest origins of outbound travel in the world. As the Chinese travel abroad, they look for brands they know, and therefore Starwood’s development in China today, has significant implications for our hotels worldwide.”

A dominant player in the upper-upscale and luxury hotel market in China, Starwood is poised to grow in other segments as well, and the company will debut its new select service brand, aloft, in China this September with the opening of the aloft Beijing, Haidian. Designed with the DNA of W Hotels, aloft targets younger, style-conscious consumers.

“We expect healthy expansion as we launch aloft throughout China and continue to expand our established upper upscale and luxury brands in various Chinese cities where we are currently under penetrated,” commented Miguel Ko,(middle left photo) President of Starwood Hotels & Resorts, Asia Pacific. “Starwood continues to win many new hotel projects in China and this is largely due to the confidence the development community has in our lifestyle brands, noted innovations and consistently strong delivery of results in the region.”

CONTACT:

Hwee-Peng Yeo, Director, Corporate Communications, Starwood Asia Pacific Hotels & Resorts Ltd, 9 Temasek Boulevard, Suntec City Tower 2, #24-02, Singapore 038989.
Tel : +65 6335 4837; Cell : +65 9768 6087; +65 9248 0424 Fax : +65 6335 4820
http://www.starwoodhotels.com/;

http://www.starwoodpressclub.com/

HFF arranges $8M refinancing for Philadelphia medical office buildings

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged an $8 million refinancing for Eastwick Wellness Center and Upper Darby Wellness Center, two medical office buildings in Philadelphia, Pennsylvania.

HFF director John Taylor and managing director Robert Delitsky of HFF New York (top right photo) worked exclusively on behalf of Kimco Realty Corporation to secure fixed-rate financing through Firstrust Bank.

Kimco Realty Corporation is a leading retail REIT specializing in the acquisitions, development and management of neighborhood and community shopping centers.

Completed in 1995, Eastwick Wellness Center is a 36,511-square-foot, two-story building that is fully leased. The property is situated on a 3.4-acre site at the intersection of Island Avenue and Turnstone Place, two miles north of Interstate 95 in the southwestern Philadelphia suburb of Eastwick.

Upper Darby Wellness Center is located in Upper Darby’s downtown at the intersection of Market and Kent Streets, five miles west of Center City Philadelphia. The five-story property has 48,936 square feet of commercial/medical office space.

HFF (NYSE: HF) operates out of 18 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, note sales and note sale advisory services and commercial loan servicing.

CONTACTS:

John Taylor, HFF Director, 973 549 2000, jtaylor@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, lmcdowell@hfflp.com

Residential Land Acquired By DBSI

BOISE, ID/PRNewswire/ -- DBSI Acquisitions, a nationwide buyer of investment-grade commercial properties, is pleased to announce that it has completed four transactions.

The company closed on the purchase of residential land ideally located in the current and future paths of growth. The primary focus of DBSI Acquisitions is on well-positioned real estate opportunities.

These recent dealings fall under that approach as the company is aggressively buying finished lots, partially finished lots, super pads, and entitled residential land across the country.

The transactions include:

-- Phoenix, Arizona Metropolitan Statistical Area (MSA) -- 142 finished residential lots on approximately 69.49 acres within a master-planned community in Casa Grande, Arizona, a high-growth Phoenix suburb.

The community consists of 1,650 acres and is expected to include up to 5,000 homes upon completion. Current community amenities include a middle school, a completely developed 47-acre park with lakes, ramadas, and water features. Future plans include two elementary schools and an aquatic center

.-- Reno, Nevada MSA -- A super pad site consisting of 20.88 acres of residential zoned land in Sparks, Nevada, which is situated in the northeast quadrant of the Reno-Sparks metropolitan area.

The property is part of a master planned community consisting of 15 villages with 2,280 units planned at build-out. The Property is bordered by thousands of acres of foothills and open space to the east, with an 18-hole golf course to the west

.-- Las Vegas, Nevada MSA -- A super pad site consisting of 21.7 acres zoned high-density residential located in the northwest submarket of Las Vegas, Nevada, in a premier master planned community that consists of approximately 1,200 acres and 7,000 residential housing units at build-out.

Parks and 10 miles of pedestrian friendly landscaped walkways complimented with shade trees will serve to connect the community. The community will also feature two elementary schools and one middle school.

-- Orlando, Florida MSA -- 194 residential lots within a two-phase subdivision located in Apopka, Florida, which is approximately 12 miles northwest of Orlando. Phase 1 encompasses 102 finished residential lots and is situated on approximately 36.62 acres with two community parks. Phase 2 consists of 92 entitled residential lots on approximately 58.5 acres with one park.

Since 2004, the Acquisitions division of DBSI has acquired over 200 properties valued in excess of $2 billion in more than 30 states.

Their primary focus is to locate and acquire high-quality real estate. such as retail, office, flex, industrial and multifamily offerings.

DBSI has acquisition offices located in Atlanta, Boise, and Chicago. For more information, contact Vic Moore in the Atlanta office at 770-841-0001, Bill Fremgen in Boise at 208-489-2600, or Matt Blauvelt in Chicago at 312-212-4456. Information is also available by visiting http://www.dbsi-ddrs.com/.

Medallion Corporate Park Welcomes First Tenant

WESLEY CHAPEL, FL-- CB Richard Ellis (CBRE), the world's largest provider of commercial real estate services, is pleased to announce Medallion Corporate Park (top left photo) has secured its first tenant, International Club Suppliers.

Medallion Corporate Park, completed in the first quarter of this year, is a class A corporate park consisting of 13 single-story buildings. CB Richard Ellis negotiated the lease on behalf of the landlord, Medallion Sites, LLC.

"We welcome International Club Suppliers as the first tenant at Medallion," says Anne-Marie Ayers (top right photo), First Vice President with CBRE, "We look forward to more companies following their lead and recognizing the benefits of the park's location in reaching the growing population of northeast Hillsborough and southern Pasco counties."

Medallion Corporate Park offers space from 1,200 to 6,500 square feet and an exceptional location with frontage on Cypress Ridge Boulevard and just east of Interstate 75, allowing for great commuter access. The park is within minutes of the extensive amenities of the Wesley Chapel area.

International Club Suppliers, which will occupy 1,834 square feet, is the exclusive sales and marketing arm for entegra Procurement Services in the golf and club industry. entegra provides procurement and distribution services to clients throughout the U.S. and Canada. entegra's parent company, Sodexho USA, is the leading provider of food and facilities management services in the U.S. and Canada. The tenant represented themselves the lease acquisition.

CONTACTS:

Anne-Marie Ayers, 813 273 8422, anne-marie.ayers@cbre.com
Lauren Crawford, 813 273 8482, lauren.crawford@cbre.com

Richmond, VA Office Market Feels Sting of Slumping Economy, GVA Advantis Reports

RICHMOND, VA--The Richmond, VA office market has been successful at shielding itself from the economic downturn the last few quarters. This quarter, however, the economy finally caught up with the market.

The evidence is particularly clear in the leasing market and key market statistics, according to a second-quarter analysis by Perry H. Moss, (top right photo) CCIM, MBA, GVA Advantis Regional Director of Research, Greater Virginia.

Market Statistics & Summary

Richmond is better positioned and purports better economic figures than most other areas of the state as well as the nation. However, even the best positioned of markets will eventually feel the sting of high fuel prices, a contracting housing/credit market, and negative job growth.



Virtually every significant statistical category and trend showed weakness this quarter. In some cases, the data reflects an improvement over last year, however, a closer examination reveals that it is the last half of 2007 that is holding up the last 12 months of activity.

This is true, nowhere more, than in the sales market where the 2nd quarter markedly illustrated the capital markets credit issues. Unfortunately, next quarter, the market will absorb the departure of Wachovia Securities, who will be subleasing their considerable space. The CBD Class A vacancy rate could jump from 9.6% to 15.6%, while the Class A NWQ rate will go from 13.2% to 16.0%.

CONTACT:

Perry H. Moss, CCIM, MBA
Regional Director of Research, Greater Virginia
Advantis Real Estate Services Company
707 East Main Street, Suite 1400
Richmond, VA 23219
Tel 804.672.4248
Fax 804.783.1920
E-mail pmoss@gvaadvantis.com
http://www.gvaadvantis.com/

Commercial Real Estate Markets Should See Improvement Starting in the 4th Quarter, With Bigger Gains in 2009, Grubb & Ellis Analyst Says

ORLANDO, FL – Most commercial real estate sectors will see some improvement during the fourth quarter of this year and all sectors should see bigger gains in 2009, though recovery will be slow, according to Jeffrey S. Sweeney, (top right photo) SIOR, president and management partner of Grubb & EllisCommercial Florida.

“We’re close to the bottom of this cycle, and I don’t see commercial real estate activity dropping significantly from where we are today,” Sweeney said.
A slow recovery is a natural part of the real estate cycle, Sweeney added. “Now is when the strong developers, the strong brokerage firms will survive and in some cases thrive. The weaker ones with less targeted business focus won’t survive,” he said.

Sweeney, whose firm reported commercial property leasing and sales transactions valued at more than $350 million in 2007, said Florida industrial and office markets may recover at a faster pace than retail, and the pace of recovery should pick up in the latter half of 2009.

“When consumer confidence is high, the retail sector is largely a function of population growth, but when consumer confidence ebbs, retail development is affected and the effects can linger,” Sweeney said. “Fuel costs have quadrupled since 2000, and that will have a lasting impact on consumer confidence and retail activity.”

Sweeney said Grubb & EllisCommercial Florida, which is associated with 200 Grubb & Ellis offices worldwide, saw a decline in revenues of about 15 percent during the first half of 2008.

“We anticipated that decline during our 2007 budgetary process and made provisions by controlling our costs and expenses to remain profitable,” Sweeney said.

Sweeney added that with traditionally slow summer months he projects little increase in activity until the fourth quarter, when factors will begin to improve.

”I think the investment market will right itself as the financial markets clear their books of bad loans. We’ll begin to see loans on new development speculative development and acquisitions of existing properties pick up at a more historic pace starting in October and continuing thru 2010,” Sweeney said.

For more information, please contact:
Jeffrey S. Sweeney, SIOR, President, Grubb & EllisCommercial Florida, 407-481-5387
Robert Horton, Vice President, Grubb & EllisCommercial Florida Management 407-481-5384 or 5403

Larry Vershel, Larry Vershel Communications, 407-644-4142 (fax: 4410)

About Grubb & EllisCommercial Florida
Grubb & EllisCommercial Florida is an affiliated commercial real estate services firm specializing in the leasing and sale of office, industrial, retail, land and investment properties. Currently Grubb & EllisCommercial Florida has 30 brokers divided among its Orlando, Melbourne, Tampa and Sarasota offices to serve the entire mid-Florida marketplace.

About Grubb & Ellis Company
Grubb & Ellis Company is one of the world’s leading full-service commercial real estate organizations, providing a complete range of transaction, management and consulting services. By leveraging local expertise with our global reach, Grubb & Ellis offers innovative, customized solutions and seamless service to owners, corporate occupants and investors throughout the globe.

For more information, visit the company's web site at http://www.grubb-ellis.com/

and http://www.commercialfl.com/

Georg R. Rafael to Receive “International Hotelier Global Citizen” Award at 2008 International Hotel Conference in Rome

Conference to Make €5,000 Grant to Medecins Sans Frontiers in Rafael’s Name


CHICAGO, Ill., USA/ROME, Italy—Georg R. Rafael, (top right photo) managing director of Rafael Group S.A.M., has been named the 2008 recipient of the “International Hotelier Global Citizen” award.

Rafael will be honored at the sixth annual International Hotel Conference, which will be held October 15-17 at the Cavaleri Hilton in Rome, Italy. The award is presented to an hotelier who has made a major impact on both the hospitality industry and humanitarian causes. (Top left photo is conference organizer Morris E. Lasky, chairman, Lodging Unlimited Inc.)

A grant of €5,000 will be donated to Medecins Sans Frontiers (Doctors Without Borders), one of a number of charities actively supported by Rafael. MSF received the 1999 Nobel Peace Prize in recognition of its members’ continuous efforts to provide medical care in acute crises, as well as raising international awareness of potential humanitarian disasters.

The International Hotel Conference is the premier annual gathering of senior level hospitality executives, including owners, operators, brands, leading institutions, bankers, architects/designers, attorneys, brokers and other members of the hotel and related communities.

“Georg has created some of the most memorable hotels in the world in his career and through his charitable efforts has helped make the world a more hospitable place in which to live,” said Mary Lou Koys and Morris E. Lasky, conference co-chairpersons.

“His vision to cross borders to build relationships and help people in need is exemplified by Medecins Sans Frontiers, which provides desperately needed medical care in more than 70 countries.”

Additional information about the event, registration, sponsorships and related activities can be found at the event’s Web site, http://www.internationalhotelconference.com/, or by contacting the conference organizer, Morris Lasky at mlasky@aol.com.

CONTACTS:

Julie Tullbane, Daly Gray Public Relations, T 703-435-6293, F 703-435-6297,
julie@dalygray.com

Jerry Daly or Chris Daly, 001 703 435 6293

Marcus & Millichap Sells 48,203-SF Industrial Warehouse in San Diego for $10.55M

SAN DIEGO, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Bekaert Specialty Films I, (top right photo) a 48,203-square foot industrial warehouse in San Diego.

The sales price of $10.55 million represented $219 per square foot.

Joshua Volen, an associate vice president investments in the San Diego office of Marcus & Millichap, and Andrew John Slade, an investment specialist also in the firm’s San Diego office, represented the seller, HPC Properties. Chris Sands, a senior associate in the firm’s Encino office, represented the buyer.

“This property was an excellent opportunity for the buyer to acquire an ease-of-management industrial warehouse with an investment-grade tenant in the tightening Central San Diego submarket,” says Slade.

Located at 4520 Viewridge Ave., the flex building is situated on 2.24 acres.

Built in 2002, the building was constructed to accommodate Bekaert’s growing commitment to its headquarter location for its Specialty Films Manufacturing division. Bekaert has six years remaining on a triple-net lease structure with 3 percent annual increases. The tenant has one five-year option to extend at the end of the base term at fair market value.

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

HFF closes sale of Omaha, Nebraska Class A multifamily community

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of Steeplechase Apartments, (above centered photo) a 314-unit Class A multifamily community in Omaha, Nebraska.

The HFF investment sales team was led by senior managing director Matthew Lawton,(top left photo) director Sean Fogarty (top right photo) and managing director Marty O’Connell (middle left photo) who marketed the property on behalf of the seller, Executive Capital Corporation. Redwood Capital Partners, LLC purchased Steeplechase Apartments on an all cash basis.

HFF’s debt team led by managing director Mike Kavanau (bottom left photo) and director Tim Joyce (bottom right photo) placed new financing on the property for Redwood Capital.

Steeplechase Apartments is located at 14949 Manderson Plaza close to Highway 64 and Interstate 680 in northwestern Omaha. The 94% leased property has one-, two- and three-bedroom units averaging 1,170 square feet each and featuring full-size washer and dryers, nine-foot ceilings and gas fireplaces.

Select units have detached or direct access garages. Community amenities include a fitness center, outdoor swimming pool and playground.

“The Omaha apartment market has been in a recovery phase since 2004 with positive absorption, decreasing vacancy and steadily increasing rents,” said Lawton. “New supply has been nominal in recent years and is projected to remain that way over the near term.”

Executive Capital Corporation owns and manages more than 7,000 apartment units throughout the U.S.

Redwood Capital Partners was formed in 2007 and is based in Chicago. Redwood currently owns and manages over 2,000 units with locations in Illinois, Georgia, Texas and Nebraska.

HFF (NYSE: HF) operates out of 18 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, note sales and note sale advisory services and commercial loan servicing.

CONTACTS:

Matthew D. Lawton, HFF Senior Managing Director, 312 528 3650, mlawton@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

Orlando-based Tilt-Con Corporation under way on new DBSI Park Centre office building in Tampa, FL

TAMPA, FL – Orlando-based Tilt-Con Corporation is under way on the new 3-story, 85,979-square-foot DBSI Park Centre office building at 13010 Telecom Drive, Tampa, FL.

Selected by R.R. Simmons for its unrivaled performance and speed of execution, Tilt-Con utilizes its economical multi-story system for tilt-up concrete walls.

Ranked as Florida’s largest tilt-up concrete constructor by Engineering News-Record magazine, Tilt-Con’s scope of work includes foundations, slab-on-grade and tilt-up concrete wall panels, and is slated for completion in October 2008. The project was designed by kNovations, Tampa, FL.

Tilt-Con Completes New Martin's Famous Pastry Facility in Valdosta, GA

ORLANDO, FL – Orlando-based Tilt-Con Corporation completed the new 2-story, 173,227-square-foot Martin’s Famous Pastry facility located at 2000 Potato Roll Lane in Valdosta, GA, under its contract with Elkins Constructors, Inc. Jacksonville. The project was designed by Newcomer Associates, Chambersburg, PA.

Contact: Kenneth H. Cristol 407-774-2515