Marcus & Millichap Sells 370-Unit Apartment Community in New Castle, DE for $17.25M

NEW CASTLE, DE, June 11, 2008 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale for Hampton Walk, a 370-unit multi-family community in New Castle, Del.

The sales price of $17.25 million represents $46,622 per unit.

Donald R. MacLaren, a vice president investments and director of Marcus & Millichap’s National Multi Housing Group in Philadelphia, and Clark Talone, a multi-family investment specialist in the firm’s Philadelphia office, represented the seller, MPI Hampton Walk LLC. The buyer was Evergreen Realty Inc.

“With the acquisition of Hampton Walk, the new owner has added 370 units to its portfolio within the stable Newcastle marketplace,” says MacLaren.

“The buyer plans to continue to add value to the asset by moving forward with the extensive repositioning plan, which the seller had begun,” he adds. “The capital improvements will include renovations to the kitchens, bathrooms and common areas.”

Located at 1627 New Jersey Ave., the 264,200-square foot multi-family community consists of 94 two-story buildings situated on a 16.65-acre lot, just off Dupont Highway.

Hampton Walk features 133 one-bedroom/one-bath units and 237 two-bedroom/one-bath units. Recent renovations include new kitchens in approximately one-third of the units, new fencing around the leasing office and new shutters on all first-floor windows. Amenities include ample parking and on-site laundry facilities.

Press Contact:

Stacey Corso, Communications Department, (925) 953-1716. SCorso@marcusmillichap.com

Hilton Hotels Corp. Announces Third Major UK Development Deal

Deal Expected to Result in 30 New Properties Focussed on the Hampton by Hilton Brand

LONDON UK, 11 June 2008 – Hilton Hotels Corporation today announced it has signed its latest major strategic development alliance in the UK with HLH Property Ltd. The agreement will see HLH working with Hilton to introduce up to 30 new hotels comprising around 4,000 rooms in the next five years.

This represents the third major UK hotel deal with a leading property partner for Hilton since it declared the intention to grow its family of brands internationally.

The agreement is expected to predominantly focus on Hampton by Hilton™ properties – Hilton’s “new kind of economy hotel” brand offering consistency and comfort for business and leisure travellers alike.

Speaking at the World Economy and Budget Hotels Congress in London today, Phil Cordell, Senior Vice President of Brand Management for Hampton said: “We are delighted with the positive response to Hampton by Hilton internationally and are very excited about working with HLH Property Ltd to gain further momentum for the brand in the UK and Ireland.

“We expect our success in the US to filter through internationally and for Hampton by Hilton to become the UK’s number one economy hotel choice in the future, delivering value for both business and leisure travellers.”

Simon Vincent, Area President of Hilton UK & Ireland said: “Our development pipeline has gained significant momentum over the past year and this agreement with HLH heralds another landmark moment Hilton’s UK and Ireland growth.

“Having already announced substantial alliances with Shiva and Somerston, representing a total of 40 new hotels, this latest deal with HLH highlights our continued ambition to accelerate our expansion plans through the Hilton Family of Brands. Significantly, the sites we are reviewing with HLH do not generally compete with the many other locations where we are in negotiations with other developers and franchisees.”

HLH is a company jointly owned and controlled by David Jason and the Selby family. The stakeholders have collectively over 50 years of real estate experience and have primarily specialised in development across numerous sectors, including hotels. With a disciplined development approach and creative and technical expertise HLH has positioned itself well, to expand within the dynamic hotel sector.

Harvey Selby, Chairman of HLH, said: "We see this as a unique opportunity to maximise market penetration as a developer in a sector with great potential, hand in hand with one of the world’s premier hotel operators.”

CONTACTS:

Katrina Jones, Email: katrina.jones@hilton.com, Tel: +44 (0)20 7856 8313
Chris Daly, Vice President, Daly Gray Public Relations, ph: 703-435-6293

Commercial/Multifamily Mortgage Debt Outstanding Grows in First Quarter

Most investor groups increase holdings, CMBS sees decline

WASHINGTON, DC (June 11, 2008) - The level of commercial/multifamily mortgage debt outstanding grew by 1.8 percent in the first quarter, to $3.4 trillion, according to the Mortgage Bankers Association (MBA) analysis of the Federal Reserve Board Flow of Funds data.

The $3.4 trillion in commercial/multifamily mortgage debt outstanding recorded by the Federal Reserve was an increase of $60.8 billion from the fourth quarter 2007. Multifamily mortgage debt outstanding grew to $856 billion, an increase of $18.5 billion or 2.2 percent from the fourth quarter.

"Investors continue to increase their holdings of commercial/multifamily mortgages," said Jamie Woodwell, MBA's Senior Director of Commercial/Multifamily Research. "The global credit crunch meant a net decline in the balance of mortgages held in CMBS, CDO and other ABS, but banks, thrifts, life insurance companies, Fannie Mae, Freddie Mac and nearly every other investor group increased their holdings of commercial and multifamily mortgages during the quarter."

(For a complete copy of MBA's news release, please contact Jason Vasquez, 202 557 2950, jvasquez@mortgagebankers.org)

NAI Realvest Negotiates Office Lease Agreement for Brooks Development in Winter Park, FL

MAITLAND, FL – NAI Realvest has negotiated a five-year lease agreement for 2,135 square feet of office space at 1300 Minnesota Ave. in Winter Park.

Richard Leuner, (top right photo) director of corporate services at NAI Realvest, negotiated the lease representing the tenant, Jacksonville-based Genesis Health Development, Inc., d/b/a Brooks Development.

The landlord is Tiger Claw, Inc. based in Winter Park.

This is a second outpatient physical therapy clinic for Brooks Health in Greater Orlando. Brooks, a non-profit health system, is anchored by a 143 bed acute physical rehab hospital in Jacksonville, with an extensive network of 23 outpatient facilities located in Southern Georgia through Central Florida.

For more information, contact:

Richard Leuner, Director of Corporate Services, Realvest 407-595-2224
Janice Paiano, Director of Marketing, NAI Realvest, jpaiano@realvest.com
Larry Vershel or Beth Payan, LV Communications, 407-644-4142

HFF Closes Sale of Southpark Commerce Center III in Austin, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of Southpark Commerce Center III, (top right photo) a three-building, 470,886-square-foot industrial portfolio in Austin, Texas.

The HFF investment sales team was led by director Jud Clements, (top left photo) senior managing directors Jim Batjer (middle right photo) and Barry Brown and associate director Robby Rieke who marketed the complex on behalf of the seller, Endeavor Real Estate Group.

ING Clarion Partners purchased Southpark Commerce Center III for an undisclosed amount free and clear of debt.

Southpark Commerce Center III includes two properties that were completed in 2002 and are fully leased to tenants including Axcess Technologies and Calendar Club. The third property was completed in January 2008 and is currently 100% leased to multiple tenants.

Situated on 31 acres, Southpark Commerce Center III is located at 4801 Freidrich Lane close to the Austin-Bergstrom International Airport, Austin’s central business district and Interstate Highway 35 in Austin.

“Southpark Commerce Center benefits from a strategic location, stable cash flow and the opportunity to acquire a critical mass of industrial space in Austin,” said Clements.

Endeavor Real Estate Group was formed in March 1999 to create value by managing, leasing, developing and acquiring retail, office and industrial properties in Central Texas.

Founded in 1982, ING Clarion and its affiliates manage almost $50 billion in assets in the private equity, public equity and public debt sectors of the real estate markets. The ING Clarion organization has almost 500 associates located in major markets throughout the United States.

CONTACTS:

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

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