Grubb & Ellis Realty Investors Secures 47,000 -F Lease at Lake Center IV in New Jersey

SANTA ANA, CA– Grubb & Ellis Realty Investors, LLC has secured a 47,000 square-foot lease at Lake Center IV, (top left photo) a four-story Class A office building located in Marlton, N.J., owned and managed on behalf of tenant-in-common investors.

Conner Strong Companies Inc., a leading provider of property and casualty insurance and employee benefits products and services with clients in all 50 states and abroad, has signed a 10-year lease agreement to occupy the third and fourth floor of Lake Center IV.

The space makes up more than 50 percent of the building. The company will take occupancy in March 2009.
“The large amount of space became available at Lake Center IV when the mortgage lending company that previously occupied the space dissolved,” explained Kent Peters, (top right photo) executive vice president of Asset Management, Grubb & Ellis Realty Investors.

“We were able to backfill the space quickly with a high-quality tenant and I couldn’t be more pleased with our results on behalf of the tenant-in-common owners of this asset.”

Purchased by Grubb & Ellis Realty Investors in May 2006, Lake Center IV is situated on approximately eight acres of land within a roughly 19 acre office park, and includes walking and jogging paths overlooking two lakes.

Anne Klein, senior vice president, and Joe Sklencar Sr., senior associate, of Grubb & Ellis’ Marlton office negotiated the lease on behalf of Grubb & Ellis Realty Investors.

“When we learned the space was being vacated, we began contacting every decision maker in the marketplace to make sure we saw all large deals taking place that we could become involved with,” said Klein.

Contacts: Julia McCartney, 714.975.2230, julia.mccartney@grubb-ellis.com

Damon Elder, 714.975.2659, damon.elder@grubb-ellis.com

Hotel Room Rates Fall the World Over

LONDON--UK and global hotel prices have fallen for the first time in four years, according to a comprehensive index compiled by booking agent Hotels.com.

Prices in the UK fell by 4% year-on-year in the third quarter, while international prices fell by 3%.

Rates fell as hotels tried to entice hard-up travellers with cheap offers.

But the weakening pound, together with slight increases in European rates, meant that some continental hotels cost 30% more for UK holiday makers.

The average hotel price in the UK fell from £101 (US $151.78) in the third quarter last year to £97 (US $145.19) this year.

Prices in Scotland fell the most, with rates in Inverness, (top left photo) for example, falling by 15% to an average of £94 (US $140.70).

Bath was the most expensive place to stay, with an average room costing £142 ($US $212.56). Nottingham was the cheapest, with rates averaging just £65 ($US $97.29).

"Price falls across the UK mean that there are currently great deals to be had, as more affordable accommodation is on offer," said David Roche, (top right photo) president of Hotels.com Worldwide.

And it wasn't just the UK where prices fell.

Global rates were driven down by an average 5% price fall in America, with rates in Las Vegas falling by 20%. (Palazzo Resort, Las Vegas, middle left photo)

But the weak pound meant UK travellers derived less benefit from these price cuts.

In fact, because rates in Europe actually rose in the third quarter, they ended up paying considerably more. In some cases, this was as much as a third more.

"However, European prices are starting to come down and there is likely to be an increasing number of good deals," said Mr Roche.

The most expensive destination globally was Moscow, with the average room costing £207 (US $309.84). The cheapest in their index was Las Vegas, at £58 ($86.82).

The Hotels.com Hotel Price Index is based on prices paid by customers at 68,000 hotels across 12,500 locations around the world.

Foreclosure Activity Decreases 7% in November

Numbers Are Still Up 28 Percent From November 2007

IRVINE,CA– Dec. 11, 2008 – RealtyTrac®, the leading online
marketplace for foreclosure properties, today released its November 2008 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 259,085 U.S. properties during the month, a 7 percent decrease from the previous month but still up 28 percent from November 2007.

The report also shows one in every 488 U.S. housing units received a foreclosure filing in November.

“Foreclosure activity in November hit the lowest level we’ve seen since June thanks in part to
recently enacted laws that have extended the foreclosure process in some states, along with
more aggressive loan modification programs and self-imposed holiday foreclosure moratoriums introduced by some lenders,” said James J. Saccacio, (top right photo) chief executive officer of RealtyTrac.

“There are several indications, however, that this lower activity is simply a temporary lull before another foreclosure storm hits in the coming months.

“Delinquencies on loans not yet in the foreclosure process jumped to nearly 7 percent in the
third quarter, a record high, according to the Mortgage Bankers Association,” Saccacio continued.

”And more than half of the homeowners who received loan modifications to reduce
monthly mortgage payments in the first half of 2008 are already delinquent on their loans
again, according to the U.S. Office of Thrift Supervision. Many of these delinquencies could
turn into foreclosures next year.”

Nevada, Florida and Arizona posted the top state foreclosure rates. Nevada foreclosure activity in November decreased nearly 4 percent from the previous month, but the state maintained the nation’s No. 1 foreclosure rate, with one in every 76 housing units receiving a foreclosure filing during the month — more than six times the national average. Foreclosure filings were reported on 13,962 Nevada properties, up 109 percent from November 2007.

Florida foreclosure activity in November was also down from the previous month, but the state’s foreclosure rate moved up to the No. 2 spot thanks to an even bigger monthly decrease in Arizona. One in every 173 Florida housing units received a foreclosure filing during
the month, nearly three times the national average.

With one in every 198 housing units receiving a foreclosure filing, Arizona posted the nation’s
third highest foreclosure rate in November despite a nearly 25 percent decrease in foreclosure
activity from the previous month. Foreclosure filings were reported on 13,136 Arizona
properties during the month, up nearly 128 percent from November 2008.

Other states with foreclosure rates ranking among the top 10 were California, Michigan,Georgia, Ohio, Colorado, Utah and Idaho.

For a complete copy of RealtyTrac's news release and market-by-market analysis, please contact Tammy Chan, Atomic PR, 415-402-0230, tammy@atomicpr.com

Grubb & Ellis Announces Final Voting Results for 2008 Annual

Certified Results Confirm Re-Election of All Three Grubb & Ellis Directors and Defeat of All of Dissident’s Candidates and Bylaw Proposals

SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announce IVS Associates, Inc., the independent inspector of election, has certified the voting results for the company’s 2008 Annual Meeting of Stockholders held on December 3, 2008.

The final results are identical to the preliminary numbers reported earlier on Dec. 10 and confirm that Grubb & Ellis stockholders voted to re-elect the incumbent Board’s three independent director nominees – Harold H. Greene, Devin I. Murphy and D. Fleet Wallace and ratified the appointment of Ernst & Young, LLP as the company’s independent public accountants.

The results also confirm that dissenting stockholder Mr. Anthony Thompson’s (top right photo) three candidates and his two bylaw proposals were rejected.

Contact: Investors: Laurie Connell / Amy Bilbija MacKenzie Partners, Inc. 212.378.7071 / 650.798.5206 lconnell@mackenziepartners.com / abilbija@mackenziepartners.com

HFF secures $6.19M financing for The Hampshire Companies

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) has secured $6.19 million in financing on behalf of The Hampshire Companies, a full‑service, private real estate investment fund manager, for Berkeley Heights Self Storage (top right photo) in Berkeley Heights, New Jersey.

HFF senior managing director Jon Mikula (top left photo) and associate director Michael Klein (bottom right photo) worked exclusively on behalf of The Hampshire Companies to secure the financing through US Bank.

Proceeds are being used to refinance existing debt and complete a capital improvements program that includes façade and signage improvements as well as the construction of additional units.

Berkeley Heights Self Storage has 662 units totaling 51,520 square feet, which range in size from 5’ x 5’ to 10’ x 20’. The two three-story buildings are currently 65% leased.

The borrower plans to add 55 15’ x 15’ units on the first floor of Building A increasing the property to 62,558 square feet within 717 units. Berkeley Heights Self Storage is located at 310 Snyder Avenue in downtown Berkeley Heights.

The Hampshire Companies is a full-service, private real estate investment fund manager for both high net-worth investors and institutions based in Morristown, New Jersey with a portfolio of more than 15 million square feet of commercial space and assets valued at more than $2 billion. Additional information on The Hampshire Companies and its Funds is available online at http://www.hampshireco.com/.

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. www.hfflp.com.

Contacts:

Jon Mikula, HFF Senior Managing Director, (973) 549-2000, jmikula@hfflp.com

Myra F. Moren, HFF Director, Marketing, (713) 852-3500, mmoren@hfflp.com

HFF arranges $28.2M first mortgage financing for Oakland, CA multifamily community

HARTFORD, CT – The Hartford office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $28.2 million first mortgage financing for Landing at Jack London Square, (top right photo) a 282-unit, Class A waterfront multifamily community in Oakland, California.

Working exclusively on behalf of Legacy Partners Landing LLC, with managing partner Cornerstone Real Estate Advisers, HFF senior managing director Dana Brome (top left photo) and director Susan Larkin (middle right photo) placed the five-year, fixed-rate loan with Freddie Mac (Federal Home Loan Mortgage Corporation). HFF will also service the loan.

“The FHLMC Floating Rate program was chosen because the interest rate was indexed to their reference notes, which are currently running approximately 100 bp under Libor, which provided a fantastic coupon for the borrowers,” said Brome.

The Landing at Jack London Square is located at 101 Embarcadero Way along the banks of the Oakland Estuary and adjacent to Jack London Square in Oakland.

Completed in 2000, the 95% occupied property has four residential buildings with studio, one- and two-bedroom units. Community amenities include a lap swimming pool, barbecue pits, garage parking, fitness center, clubhouse and business center.

The property is also adjacent to the Bay Area Trail, a paved walking and biking trail along the Oakland Estuary.

“The property has an excellent location adjacent to Jack London Square, a popular tourist attraction with numerous stores, restaurants, hotels, an Amtrak station and a ferry dock,” added Brome.

Cornerstone Real Estate Advisers was established in 1994 to provide private real estate equity investment management services for their parent corporation, Massachusetts Mutual Life Insurance Company (MassMutual), and tax-exempt and taxable institutions. Since then, they have added management of public real estate securities to our array of services.

Contacts:

Dana E. Brome, HFF Senior Managing Director, (860) 275-6199, dbrome@hfflp.com

Myra F. Moren, HFF Director, Marketing, (713) 852-3500, mmoren@hfflp.com

HFF secures $10M financing for Chicago area retail center

CHICAGO, IL – The Chicago and New York offices of HFF (Holliday Fenoglio Fowler, L.P.) has secured $10 million in financing for Cermak Plaza Shopping Center,(top left photo) a 279,622-square-foot community retail center in Berwyn, Illinois.

HFF director Matthew Schoenfeldt (top right photo) and senior managing director Jay Marshall (middle left photo) worked on behalf of Concordia Realty Management Inc. to secure the 10-year fixed-rate loan through ING Investment Management. The loan will be serviced by HFF and proceeds will be used for a capital improvement plan.

Originally developed in 1956, Cermak Plaza Shopping Center will undergo a complete renovation consisting of aesthetic and signage upgrades, parking lot repaving, tenant improvements and relocations, and the development of a ‘Food 4 Less’ store on a ground-leased pad delivered to national grocer Kroger.

The property is currently 78% occupied by tenants including Office Depot, Marshalls, Walgreens and McDonald’s. Cermak Plaza Shopping Center is situated on the corner of Harlem Avenue and Cermak Road approximately 12 miles west of downtown Chicago.

Since 1989, Concordia Realty has developed, redeveloped, invested in, operated, managed and sold in excess of $500 million worth of commercial real estate throughout the United States.

Contacts:

Matthew R. Schoenfeldt, HFF Director, (312) 528-3650, mschoenfeldt@hfflp.com

Jay B. Marshall, HFF Senior Managing Director, (212) 245-2425, jmarshall@hfflp.com

Myra F. Moren, HFF Director, Marketing, (713) 852-3500, mmoren@hfflp.com