Prime Retail Announces New Ground-Up Project North of Atlanta

Site to Offer Nearly Half-Million Square Feet of Retail Space

BALTIMORE, MD, PRNewswire/ -- Prime Retail, a leading outlet shopping center developer, announces the development of a 450,000 square foot outlet center in Holly Springs, Ga., set to open in 2010.

Prime Outlets -- Holly Springs will be located approximately 30 miles north of Atlanta in Cherokee County on Interstate 575 and will serve the metro Atlanta region.

An estimated $120 million project, Prime Outlets -- Holly Springs will house approximately 120 stores. The project is expected to bring approximately 2,000 jobs to the area. (Photo at left shows Prime Outlets San Marcos, TX)

"The Atlanta market ranked off the charts when measured against the criteria we use to determine the potential success of an outlet project," explained Robert Brvenik, (top right photo) president of Prime Retail.

According to the U.S. Census Bureau, the Metro Atlanta region led the nation in population growth between 2000 and 2006, with more than 150,000 people moving to the region each year.

"The need is there for a new, well-tenanted, outlet shopping destination that will provide access to a compelling mix of top designer and brand-name stores that offer shoppers dramatic savings off regular retail prices," Brvenik adds.

Prime Retail's new project joins recent ground-up development announcements for the company, including the 485,000 square foot Prime Outlets -- Grand Prairie, set to serve the Dallas-Fort Worth region, and Prime Outlets -- Livermore, the 485,000 square foot project in the San Francisco Bay area.

(Photo at right shows Prime Outlets St. Augustine, FL)

Headquartered in Baltimore, Md., Prime Retail is the parent company of Prime Outlets and one of the largest and most successful owners of retail centers in the U.S.

Spanning more than eight million square feet throughout major United States markets and Puerto Rico, Prime Retail recently added top designer and brand name stores including Giorgio Armani General Store, Gucci, Michael Kors, Polo Ralph Lauren Factory Store, Salvatore Ferragamo Company Store, Zegna Outlet and many more to its portfolio.

The company owns and operates 21 Prime Outlets in markets including Orlando, San Marcos, Texas, Williamsburg, Va., and Grove City, Pa. Adding nearly two million square feet over the next several years, Prime Retail is positioned to become the leading retail outlet company in the industry.

(Bottom left photo shows Prime Outlets Hagerstown, MD)

For more information, please visit http://www.primeretail.com/.

CONTACTS:

Gretchen Ramsey, +1-609-397-4242, ext. 117, Cell,+1-215-337-1899, gramsey@oxfordcommunications.com, or

Sue Helondovitch,+1-609-397-4242, ext. 176, Cell, +1-908-930-6509, shelondovitch@oxfordcommunications.com,

both of Oxford Communications. Web site: http://www.primeretail.com/

AIG Guaranteed Investment Contract-Backed Issues Cut To 'AA-'; On CreditWatch Negative

NEW YORK May 20, 2008--Standard & Poor's Ratings Services lowered its ratings on 24 American International Group Inc. guaranteed investment contract-backed issues listed below to 'AA-' from 'AA'.

At the same time, Standard & Poor's placed its ratings on CreditWatch with negative implications. These actions follow Standard & Poor's May 8, 2008, downgrade of AIG to 'AA-' from 'AA' and placement on CreditWatch with negative implications.


(For a detailed copy of S&P's news release, please contact Christopher Mortell in New York at 1 212 438 3446.)

Grubb & Ellis|Commercial Florida Negotiates Office Lease in Westshore, Tampa, FL

TAMPA, FL – Grubb & EllisCommercial Florida has negotiated a 3,399-square foot office space lease in Tampa’s Westshore submarket.

Richard Andretta, (top right photo) SIOR and Rob Turner, (photo at left) in the company’s Tampa Office Group negotiated the lease of 3,399-square feet at Concourse Center, located at 3505 E. Frontage Road in Tampa, FL.

The team represented the tenant, Strategic Outsourcing, Inc., a Charlotte, NC-based firm. Colonial Properties is the landlord.

The deal was co-brokered with CM Realty Inc. out of San Francisco, CA. (Westshore Boulevard map is at bottom right).

For more information, contact:

Richard Andretta, SIOR, Grubb & EllisCommercial Florida 813-830-7883, randretta@commercialfl.com;

Rob Turner, Grubb & EllisCommercial Florida 813-830-7882, rturner@commercialfl.com

Larry Lietzman, Grubb & EllisCommercial Florida, 813-639-1111

HFF Closes Sale of Three-Property Class A Multifamily Portfolio Within Legacy Town Center in Plano, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of a three-property, 1,043-unit Class A multifamily portfolio within Legacy Town Center in Plano, Texas.

The properties include Legacy Village, Lakeside at Legacy Village and Acqua. (above photo)

HFF managing directors Bill Miller (top right photo) and Roberto Casas (middle left photo) led the investment sales team exclusively on behalf of the seller, GE Asset Management (GEAM) and Columbus Realty Partners, Ltd. UDR, Inc. purchased the portfolio for an undisclosed amount on an all cash basis in the first quarter of 2008.

“The Legacy Portfolio represents the very best in-class multifamily product available in the Dallas Metroplex and is located in one the most successful mixed-use developments in Texas,” said Miller.

“The quality of the assets, strength of the location in north Plano, and proximity to the area’s substantial office and retail market fueled investor interest in the offering,” Casas added.

The portfolio is located east of the Dallas North Tollway within Legacy Town Center, a mixed-use development with high-end retail shops, restaurants, a five-screen theater, a full-service Marriott Hotel and Class A office space.

Completed between 2003 and 2007, the properties are 95 percent occupied overall and feature amenities such as jogging trails, swimming pools, 24-hour fitness centers, a clubhouse, game room and business center.

Columbus Realty Partners, Ltd. is a Dallas-based developer of luxury Class A multifamily properties.
GEAM is the executive real estate advisor to the General Electric Pension Trust, and is a wholly-owned subsidiary of the General Electric Company.

GEAM is a global asset manager with $190 billion in assets under management, $7 billion of which is invested equity in real estate assets (as of 12/31/07). GEAM and it predecessor organization have been managing investments for GE’s U.S. employee pension and benefits plans for 80 years.

In 1988, GEAM began offering investment management products and services to investors outside GE, and today counts corporate and public plan sponsors, foundations, endowments, healthcare organizations, Taft-Hartley plans, insurance companies and individual investors around the world as clients.

Investment offerings cover all major asset classes, including U.S. and international equities, fixed income and alternative assets. GE Investment Distributors, Inc., Member FINRA & SIPC, is a wholly owned subsidiary of GE Asset Management Incorporated.

UDR (NYSE:UDR), an S&P 400 company, is a leading multifamily real estate investment trust (REIT) with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate properties in targeted U.S. markets.

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:

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

Roberto E. Casas, HFF Managing Director, 214 265 0880, rcasas@hfflp.com

William D. Miller, HFF Managing Director, 214 265 0880, wmiller@hfflp.com

Hispanic Hotel Owners Association Announces Phoenix Hotel Investment Seminar

WASHINGTON, D.C.—The Hispanic Hotel Owners Association (HHOA), a rapidly growing non-profit organization that seeks to increase Latino ownership of hotels, will hold part one of a three-session series of International Hotel Investment Seminars May 28-29 at the Wyndham Phoenix (above photo) in Arizona.

The HHOA-developed seminars were created to inform high-net worth Hispanic investors about available hotel ownership opportunities.

“This first part of our on-going series continues to draw attendance in numbers that surpass our expectations,” said Angela Gonzalez-Rowe, (top right photo) founder and president of the Hispanic Hotel Owners Association.

“While the Hispanic community often provides the backbone for a hotel’s behind-the-scenes operations, there has been a dearth of ownership opportunities. As more and more Latinos move into higher income brackets, that is rapidly changing. Our goal is to provide this financially capable group with information about the benefits of hotel ownership and investment.”

“With some experts suggesting that we are on the brink of a recession, it is becoming increasingly important for savvy investors to become knowledgeable about their investment options in all economic climates,” said Omar Rodriguez, (photo at right) chairman of the Hispanic Hotel Owners Association. “The hospitality markets continue to provide strong investment opportunities, and we wish to communicate this to the Latino community.”

The Phoenix Hotel Investment Seminar will focus on the basics of hotel investment, beginning with an overview of the hotel industry. Topics range from hotel segments and brands to investment strategies; from market, product and site selection to financing the deal.

An overview of the industry will be given by John Keeling, Sr.,(photo at bottom right) vice president of PKF Consulting, specialists in the hospitality industry.

Other speakers include Bill Hall of Wyndham Worldwide, Patrick Feltes (middle right photo) of GE Capital Solutions, Carlos Rodriguez (bottom left photo) of Driftwood Hospitality, Harry Garewal, (middle left photo above Carlos Rodriguez) president & CEO of the Arizona Hispanic Chamber of Commerce, and Juan Carlos Contalba (top left photo) of Benchmark Hospitality.

Corporate sponsors include Hilton Hotels Corporation, Marriott International, Wyndham Worldwide Corporation, La Quinta, Accor North America, Choice Hotels International, Hotel & Motel Management Magazine and American Airlines.

HHOA will continue the seminar series in Los Angeles on July 1 and 2. The organization will hold its inaugural Hispanic Hotel Investment Conference in October 2008 in Miami, Fla.

Headquartered in Washington, D.C., HHOA is a non-profit organization whose mission is to increase the number of Hispanic-owned, -developed and -operated hotels, further the participation of Hispanic-owned suppliers serving the hotel industry and increase executive level employment opportunities for Hispanics within the lodging industry.

The industry’s leading brands, including Hilton Hotels Corporation, Marriott International, Choice Hotels International, Wyndham Worldwide Corporation and Global Hyatt Corporation have joined the organization and have become major corporate sponsors.

HHOA membership is open to hotel owners, developers, investors, financiers, real estate executives, investment bankers, professional advisors, analysts, franchisors, management company executives, industry product and service providers, hotel general managers, hotel sales and marketing managers, government agencies for tourism and development, hospitality schools, hospitality students or anyone seeking to do business within the Hispanic market.

Additional information about HHOA is available at the association’s Web site, http://www.hhoa.org/. To learn more about the Hotel Investment Series, contact Angela Gonzalez-Rowe at 202-587-5707, or http://www.hhoa.org/.

CONTACTS:

Jerry Daly, Chris Daly, Daly Gray Public Relations, (703) 435-6293, jerry@dalygray.com