GVA Shows 2008 Office Market Results in Richmond, VA

RICHMOND, VA--Perry H. Moss, (top right photo) regional director of research, GVA Advantis, Richmond, offers this analysis of the Richmond office market in 2008:

MARKET SUMMARY

We would all love to forget about 2008, put it behind us and move on. As 2008 fades into 2009, we will continue to see bumps in the road. Conditions will improve, however, the market has a cleansing period that it will have to endure before the stability of fundamentals is realistic.

MARKET REVIEW

Let’s get two things said and out of the way: the last 2/3’s of 2008 was extremely challenging, and 2009 will most likely be a continuation. Vacancies, particularly subleases are up and will rise. Development, leasing velocity, sales activity, rental rates, and absorption are all likely headed down. Major layoffs have been announced at MeadWestvaco, Genworth, LandAmerica, and Circuit City to name a few.

Yet, in this sea of despair, there are pockets of tremendous opportunity. Well positioned tenants will have great leverage in procuring or re-negotiating their leases. Landlord concessions will not be petty.

Well capitalized investors will be able to acquire properties are bargain basement prices. Cap rates will continue to climb as owners will be hungry for cash infusions.

The development cycle will stall and allow for equilibrium to return to the asset market. And owner-occupants with on-going business concerns will line up for the inevitable rush of sale leaseback offers as capital will be the ultimate motivator for businesses and landlords.

LEASING MARKET

While the quantity of leases was on par historically in 2008, the square footage volume dropped significantly. A clear indication of tenants opting for smaller leases leaving little probability for potential sublease space. Expansions are decreasing while renewals are increasing. Landlords do not have the luxury of turning down small lease offers as the larger ones are extremely sparse.

SALES MARKET

It is difficult to find the silver lining in these graphs, however, they do exist.

Well capitalized investors or those positioned well enough to procure financing will have their choice of assets at multi-year low prices with elevated cap rates.

An interesting debt note is that even though the fed has dropped interest rates to record lows, commercial lenders have actually raised their rates due to the scarcity of funds.

Contact: Perry H. Moss, Regional Director, Research, 804 644 4066, pmoss@gvaadvantis.com

Liberty Property Trust Leased More Than 435,000 SF in 2008

JACKSONVILLE, FL--Liberty Property Trust (NYSE:LRY), the real estate investment trust that owns and manages nearly 2.5 million square feet of office and industrial properties in Jacksonville, completed more than 44 leases and renewal transactions in Jacksonville in 2008. The agreements total more than 435,000 square feet of office, flex and warehouse space.

“Liberty has been able to attract new tenants to our buildings due in part to our great customer service and the excellent condition of our properties,” said Mike Heise, vice president and city manager, Liberty Property Trust. “Our customers depend on our property management staff and technicians, who are available 24-hours a day/7-days a week/365-days a year.”

Liberty gained 27 new tenants in 2008, with leases totaling nearly 267,000 square feet. In addition, more than 168,000 square feet of office, flex and warehouse space was renewed this year.

Contact: Mike Heise, Liberty Property Trust, 904/296-1776

Media: Margo Hunt Winans, a.s.a.p.r., 757/404-8653

Michael Mele Named Top Marcus & Millichap Storage Agent for 2008

TAMPA, FL-- Marcus & Millichap has announced Michael Mele, (top right photo) Vice President/ Investments, as the firm’s number one self storage agent.

The Top 30 list is comprised of Marcus & Millichap’s self storage investments specialists who are ranked by 2008 performance, with Mele showing up as top performer.

Michael’s ability to gain the top self storage spot is derived from his ability to achieve results.

In 2008 alone, while others were waiting on the market, Mele was making a market. He and his team closed 24 separate transactions, comprised 36 properties, between 16 different buyers.

For Mike Mele and his team, with over $95 million in closed deals, 2008 proved to be another banner year.

Furthermore, Mele’s closings were almost one third of the firm’s National Self Storage Group, which closed on over 100 self storage facilities in ‘08, totaling more than $275 million.

“Through utilizing the Marcus & Millichap’s nationwide platform we had the ability to work extensively with brokers from the firm allowing us a greater reach to potential investors.

"We were able to spot the changing market and revive the private investor pool” says Mele. “Our 24 separate transactions took place between 16 different buyers; this truly is a testament to the Marcus & Millichap system”

Mike joined Marcus & Millichap in 1999 to specialize in the sale of self storage facilities. He gained entrance into the firm’s prestigious Seven-Figure Club in 2004, was inducted as a Senior Investment Associate in 2005, and earned the firm’s National Achievement Award six consecutive times.

He currently serves as a Senior Director in the National Self Storage Group and was most recently promoted to Vice President/ Investments in early 2008. In addition to these accolades Mele has received sales recognition awards annually since joining the firm and has closed over $450 million in self storage properties.

Contact: Michael A. Mele, Marcus & Millichap, 813 387 4700.

Construct Two Group completes Developmental Research School six-building campus at Florida A & M University

ORLANDO, FL — Construct Two Group has completed its $24 million construction management contract to build the new home for Florida A & M University’s Development Research School (FAMU-DRS), a K - 12 school located on the university’s campus in Tallahassee, Fla.

(FAMU Administration Building, top right photo)

The construction management company provided pre-construction , value engineering, site work, vertical construction and commissioning services for the six-building campus that totals 132,116-square-feet of programmable space.

Construct Two Group saved the owner more than $1.5 million through value engineering. The project was completed in 19 months. (FAMU gymnasium, middle left photo)

Subcontractors under contract with Construct Two Group include: site grading by Genesis Engineering & Constructors Corp, Tallahassee, Fla., tilt-up concrete by Bolognese Construction Services Inc., Bonita Springs, Fla., electrical by Joyner Electric Inc., Tallahassee, Fla., mechanical by Lang Mechanical, Thomasville, Ga., plumbing by Dowdy Plumbing Corp., Tallahassee, Fla., and fire protection by Fire Sprinkler & Systems, Inc., Ellerslie, Ga.

This month nearly 500 K - 12 students entered the FAMU-DRS campus for the first time. They were welcomed into a new 132,116-square-foot educational complex of six buildings: elementary, middle and high school classroom buildings, an administration building, a cafeteria/auditorium with full commercial kitchen, and a gymnasium.

The complex includes energy efficient indirect lighting, life safety technology and smart boards in each classroom. (FAMU campus, middle right aerial photo)

A wireless network system, installed campuswide, also connects to the FAMU campus police.

And, the school now boasts a TV production studio.

Thirty-five percent of Construct Two Group’s staff, including the company’s president/CEO and chairman, are FAMU alumni.

“This project has brought us full circle,” said Derrick Wallace, (bottom right photo) chairman, Construct Two Group. “The time we invested in our FAMU education gave us the tools we needed to build our business into the strong firm it is today. We are proud to have successfully completed an education project for a new generation.”

According to Construct Two’s president/CEO, Keith Williams, (middle left photo) “We were challenged with an aggressive schedule, phased site and vertical construction packages, and began work with 75% completed documents.”

About Construct Two Group

Construct Two Group provides construction management, design-build and program management services to public and private sector clients. Having completed more than $500 million in projects since its founding in 1990, Construct Two Group is the largest African-American-owned construction management company in Florida. The Company employs a professional and support staff of 31 from offices in Orlando, Tampa and Tallahassee, Fla. Please visit http://www.constructtwo.com/ for additional information.

About FAMU Developmental Research School

Established in 1887, FAMU DRS was designated by the Florida legislature in 1991 “to operate as a designated public school for research, demonstration and evaluation regarding management teaching, and learning.”

FAMU DRS currently offers enrollment in law and public policy, architectural design and graphic communication, health, and business.

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

CBRE's Jorge Rodriguez Brokers 13 Leases in 4th Quarter 2008

ORLANDO, FL– The Orlando office of CB Richard Ellis is pleased to announce the following nine new leases and four lease renewals ending fourth quarter 2008 at six shopping centers by their exclusive leasing agent Jorge Rodriguez, CCIM. (top right photo)

Oak Grove shopping center in Altamonte Springs, FL, managed by CB Richard Ellis and owned by Kitson & Partners, produced four lease transactions.

The dealings included a new ten-year lease on 5,792 sq. ft. to R.G. Brewsky's which opened on January 22; a five-year lease to Teen Spot on 1,309 sq. ft.; a five-year lease renewal on 1,215 sq. ft. to Molly Maids; and a five-year renewal for Silver Nails on 988 sq. ft.

Springs Plaza shopping center in Longwood, FL, also managed by CB Richard Ellis and owned by Kitson & Partners, produced three lease transactions. A new seven-year lease on 1,200 sq. ft. for Abacos Salon & Spa, Inc.; a new five-year lease to Aloha Nails on 579 sq. ft; and a new five-year lease for Advantage Tennis, represented by Don Seligman (middle left photo) of Quest Company and encompassing 1,180 sq. ft.; rounded out the dealings.

This center also featured the opening of Harmoni Market on 4,867 sq. ft. during the last week of December.

Oakley Seaver shopping center in Clermont, FL, developed by Pointe Developments, secured two lease transactions. The deals encompass a new 10-year lease on 3,500 sq. ft. to The Vitamin Shoppe; and a new five-year lease for 1,491 sq. ft. to Firehouse Subs, represented by Janet Galvin of Liberty Universal Management.

Posner Commons (bottom right photo) at Posner Park in Davenport, FL, managed by CB Richard Ellis and developed by Trammell Crow Company, produced two lease transactions. They include a five-year lease on 1,400 sq. ft. to GNC, represented by Pam Prite of Retail One, and a five-year lease on 1,400 sq. ft. to Envy, a Paul Mitchell Salon.

Heath Brook Commons in Ocala, FL, managed by CB Richard Ellis and owned by INVESCO, had a five-year renewal on 1,050 sq. ft. to PostNet.

Casselberry Exchange shopping center in Casselberry, FL, also managed by CB Richard Ellis and owned by Kitson & Partners had a five-year renewal on 1,015 sq. ft. to Perfect Cut.

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

The Bainbridge Companies to Expand Property Management Service

WELLINGTON, FL– The Bainbridge Companies, which specialize in both residential and commercial real estate, are ramping up their multifamily property management services.

“Our ultimate goal is to expand our full-service management portfolio across the East Coast,” said Bainbridge Management President Kevin Sheehan. (top right photo)

“Owners and investors need an excellent management team to preserve and increase the value of their assets especially in today’s economy; we’re positioned to help them do that.”

The firm, which currently has more than 9,500 units under management, recently added Fort Lauderdale’s luxurious Alexan Solmar Apartments, (middle left photo) built by Trammell Crow Residential, to its management portfolio.

It is also seeking new management assignments for multifamily communities with more than 100 units.

The firm has extensive experience in properties ranging from double A, value-add, renovations, condo reversions and distressed high-rises, mid-rises, and garden-style rental homes in both urban and suburban locations.

Partners include owners and developers as well as financial institutions and pension fund managers.

“We're finding considerable interest from property owners who want to reposition or renovate multifamily assets to help them compete more effectively in the market or revert full or partial condominium buildings back to rentals,” Sheehan said.

“Repositioning is something that Bainbridge has done very successfully in a wide variety of situations. Likewise, reprogrammed condo buildings and new developments need to be quickly leased up in order to drive positive cash flow as fast as possible, and we've created a very effective program for each of these scenarios.”

Contact: Terri Thornton, Thornton Communications (404) 932-4347 Terri@TerriThornton.com

Marcus & Millichap Sells 181-Unit Apartment Community in Elgin, IL for $16.1M

ELGIN, IL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Squire Village, (top right photo) a 181-unit multi-family community in Elgin.

The sales price of $16.1 million represents $88,950 per unit.

Scott Harris, senior vice president investments in the Oak Brook office of Marcus & Millichap represented the seller, Illinois Elgin LP.

The buyer was represented by Harris and L. Matthew Hare, a senior associate in Marcus & Millichap’s Indianapolis office.

The city of Elgin and Cook County assisted in the transaction by providing a portion of the financing for the property.

“Squire Village is a well-positioned asset in a stable market,” says Harris. “There is a significant demand for affordable market-rate rental housing in the Elgin area and this property should continue to profit from this demand.”

Located at 1146 Yew Court, the 271,810-square foot apartment community is situated on a 15.06-acre parcel with easy access to Interstate 90, two miles east of Elgin Metra Station, and within close proximity to shopping, employment and new development.

The unit mix at the property consists of 22 one-bedroom/one-bath units averaging 1,190-square feet; 69 two-bedroom/1.5-bath units averaging 1,575-square feet, 77 three-bedroom/1.5-bath units averaging 1,495-square feet; and 13 four-bedroom/1.5-bath units averaging 1,680-square feet.

Approximately 50 percent of Squire Village’s tenants use Section 8 vouchers.

Press Contact: Stacey CorsoCommunications Department(925) 953-1716

CB Richard Ellis Orlando Secures 7 LeasesTotaling 33,602 SF in Maitland, FL

ORLANDO, FL – The Orlando office of CB Richard Ellis is pleased to announce the following new leases and lease renewals at Maitland Green I & II and Southpoint Executive Center in Maitland, Florida, by their exclusive leasing agents Michael Phipps, (top right photo) Senior Vice President, and Micah Strader, (top left photo) Senior Associate.

Maitland I & II generated a total of four lease transactions totaling 19,461 sq. ft.

A five-year lease renewal on 2,625 sq. ft. with Moisand Fitzgerald Tamayo, LLC who were represented by Charles Frederick of Realty Capital Florida.

A three-year renewal on 2,761 sq. ft. with Coverall Central Florida who were represented by Ralph Savage of Savage Properties, Inc.

Jimmy's Café at Maitland Green signed a three-year lease on 1,615 sq. ft. and GSA-USDA signed a five-year lease on 12,460 sq. ft. represented by Samantha Oden of Jones Lang LaSalle.

Southpoint Executive Center produced a total of three lease transactions totaling 14,141 sq. ft.

A five-year lease renewal with Taylor Morrison on 8,974 sq. ft.

A five-year lease with Patriot Defense Group on 4,228 sq. ft. represented by Jeff Patterson of Lincoln Property Co. Finally, a five-year deal with Summit Financial on a 939 sq. ft. space.

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

Post Properties Raises $200M Through 5.99%, 10-Year Secured Portfolio Financing

ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today the closing of five, cross-collateralized mortgage loans with Deutsche Bank Berkshire Mortgage, Inc., pursuant to the Federal Home Loan Mortgage Corporation (Freddie Mac) loan program, secured by mortgages on the following Post® communities:

Post Briarcliff™, (bottom right photo) Post Crossing® and Post Glen® located in Atlanta, GA, Post Hyde Park® (top left photo) located in Tampa, FL, and Post Corners™ located in Fairfax Co., VA.

The mortgage loans have an aggregate principal amount of approximately $202.2 million, require fixed interest-only payments for the first two years and then principal and interest payments for the remaining term of the loan based on a 30-year amortization schedule.

The loans bear interest at a fixed rate of 5.99% and mature in ten years on February 1, 2019.

At the end of December 2008, Post repaid approximately $39.2 million of secured indebtedness that was scheduled to mature in March 2009, using available cash from its October 2008 Freddie Mac financing.

Post expects to use the net proceeds from this most recent Freddie Mac financing to fully pay down the current outstanding balance on its $600 million unsecured revolving line of credit and expects to use the remaining net proceeds for general corporate purposes, including the funding of development projects currently under construction and to repay other existing and future debt obligations.

Said Christopher Papa (top right photo), the Company’s Chief Financial Officer, “This latest financing is part of our strategy to manage the balance sheet to stay in front of short-term liquidity requirements, including scheduled debt maturities and remaining development spending, by maintaining substantial unused line capacity and available cash equivalents.”

Post Properties owns 21,189 apartment homes in 58 communities, including 1,747 apartment units in five communities held in unconsolidated entities and 1,736 apartment units in five communities currently under construction and/or in lease-up.

The Company is also developing and selling 361 for-sale condominium homes in three communities (including 129 units in one community held in an unconsolidated entity) and is converting apartment units in two communities initially consisting of 349 units into for-sale condominium homes through a taxable REIT subsidiary.

CONTACT: Post Properties, Inc.Christopher Papa, 404-846-5028

Motel 6 opens 1000th property in Biloxi, MS

BILOXI, MS – Motel 6 announces the opening of its 1000th Motel 6/Studio 6 property and the first corporately-built and owned location to feature the new “Phoenix” room design.

The property in Biloxi, Mississippi, (top right photo) held its grand opening ceremony today, and showcases the chain’s room of the future, with a modern, European boutique-style design.

This event also represents a rebirth for Motel 6 in Biloxi, as the original location was destroyed by Hurricane Katrina in 2005.

“The 1000th property is a great milestone in Motel 6/Studio 6 history, and we’re proud to be rebuilding in Biloxi,” said Olivier Poirot, (middle right photo) CEO for Accor North America, Motel 6 and Studio 6.

“With all that this region went through during and after Katrina, Motel 6 is glad to play a small part in the rejuvenation of the Mississippi Gulf Coast.”

(Helping break ground in the middle left photo, are, from left, Jim Amorosia, president and chief operating officer for Motel 6 and Studio 6; Bioxi Mayor Peter Dewind; and Olivier Poirot.)

Once again, Biloxi has a clean, affordable lodging choice for family travelers, spring breakers, seniors, gaming enthusiasts, or any budget-minded traveler interested in a convenient getaway.

In honor of the opening and the 1000th property milestone, the first guest to stay at the new property was charged $6 for the night – the original Motel 6 room rate dating back to 1962, and the reason for the Motel 6 name.

In addition to its modern styling, the “Phoenix” design also incorporates a number of green and environmentally friendly features, such as wood-effect laminate flooring made of 80% pre-consumer recycled material, as well as the company’s ongoing earth-friendly initiatives like the fluorescent light bulb and battery recycling program, the use of technologically advanced heating and cooling systems, and water conservation measures.

With its many casinos, beaches, restaurants, and shopping choices, Biloxi offers entertainment and recreation opportunities for all ages. And with a prime location right across the street from the beach, the Biloxi Motel 6 is a great choice for those who want to be close to everything the city has to offer.

The property is located just minutes away from many of the casinos and attractions in the city, and only 10 minutes from the airport. In addition, the Biloxi location has 30 studio rooms with kitchenettes, many of which feature ocean-front views.

The efficient, simple and modern design of the “Phoenix” represents a revolution for economy lodging in both appearance and environmentally-conscious practices. It will change the way travelers look at economy lodging – offering guests a modern feel while maintaining Motel 6’s traditional affordability.

The “Phoenix” prototype was first unveiled by Motel 6 in March of 2008. In addition to the wood-effect flooring, the room also includes ambient lighting, a multi-media panel for mp3 players, CD players and laptop computers, Wi-Fi internet access, a settee/banquette seating area, and a 32-inch flat-screen TV.

Currently, Motel 6 corporate properties in select markets around the country are being renovated with elements of the new prototype.

CONTACT:

Laura Rojo-Eddy(972) 360-5970, lrojo@accor-na.com

Smith Equities Sells Affordable Housing Complex in Lake County

ORLANDO, FL- Smith Equities Real Estate Investment Advisors recently represented the buyer of Turtle Oaks Apartment, (top right photo) formally McCobe Apartments, in Leesburg, FL.

Turtle Oaks, a 101 unit Project-based Section 8 affordable housing complex, sold for $3,000,000 or $29,702 per unit.

Darrell H. Johnson, (middle right photo) CCIM and Kevin C. Miller (bottom left photo) of Smith Equities Real Estate Investment Advisors represented Turtle Oaks Apartments LLC in the acquisition.

According to Kevin C. Miller, an affordable housing specialist, “There is a critical need for quality affordable housing during this current period of increasing unemployment, historic home foreclosure levels, and overall economic uncertainty.”

The new ownership group plans to provide upgrades to the property and will continue to operate the complex as an affordable housing property.

“This acquisition provides Lake County with a viable long-term partner to meet their affordable housing needs” Miller added.

Jay Cox and Ward Passmore of Passmore Cox represented the sellers, McCobe Apartments Land Trust on the sale. The 101-unit complex was changed to Turtle Oaks at the sale.

About Smith Equities:

Founded in 1990, by Robert E. Smith, CCIM, Smith Equities Real Estate Investment Advisors (SEREIA) is a eader in apartment sales and financing throughout Florida with investment sales and financing of over 22,927
Apartments in 162 transactions.

SEREIA sold the first condo conversions in Central Florida in the last conversion wave and is now focused on helping banks dispose of non-performing assets, affordable housing and also teaming up with local apartment associations to offer free online rent surveys through its proprietary http://www.myrentcomps.com/ platform.

For more information, please go to their website at http://www.amecs.com/ or call them at (407) 422 0704.

CONTACT:
Kevin C. Miller, 407.422.0704, ext. 117, kmiller@amecs.com

DCT Industrial Trust Leases 200,000 SF in Atlanta

DENVER, CO /PRNewswire-FirstCall/ -- DCT Industrial Trust Inc. (NYSE: DCT), a leading industrial real estate investment trust, has leased 200,352 square feet in Atlanta to Owens Corning Insulating Systems at Southcreek Distribution Center I. (top right and middle left photos)

Owens Corning Insulating Systems is a wholly owned subsidiary of Owens Corning (NYSE:OC) that manufactures and sells fiberglass insulation and will use the space to distribute its products that are manufactured nearby.

Factors influencing Owens Corning's decision to lease Southcreek I include its close proximity to both its manufacturing plant as well as major highways.

"We are extremely pleased to announce Owens Corning Insulating Systems as a new customer," said Todd Carter, Vice President and Regional Director of Leasing for DCT Industrial.

"Our high-quality portfolio of industrial assets in the Atlanta market continually enables us to meet the needs of potential customers as well as retain existing customers."

As of September 30, 2008 DCT Industrial owned or managed 7.3 million square feet in Atlanta.

Paul Roeser and Bob Robers of Jones Lang LaSalle represented Owens Corning Insulating Systems in the transaction and Brad Pope and Mike Chambers of NAI Brannen Goddard represented DCT Industrial.

DCT Industrial Trust is a leading industrial real estate company that owns, operates and develops high-quality bulk distribution and light industrial properties in high-volume distribution markets in the U.S. and Mexico.

As of September 30, 2008, the Company owned, managed or had under development 75.8 million square feet of assets leased to approximately 850 customers, including 14.6 million square feet managed on behalf of three institutional joint venture partners.

Additional information is available at http://www.dctindustrial.com/.

CONTACT: Sara Knapp, Corporate Communications of DCT Industrial TrustInc., +1-303-597-1550, investorrelations@dctindustrial.com

Web Site: http://www.dctindustrial.com/

IDI Opens LEED-Certified Warehouse/Distribution Facility West of Atlanta

WestPoint at Riverside Building A is the largest industrial building to receive LEED certification in Georgia

ATLANTA, GA– IDI has received Silver LEED® (Leadership in Energy and Environmental Design) certification from the U.S. Green Building Council (USGBC) for its recently completed WestPoint at Riverside Building A, (top left photo) a 744,331-square-foot warehouse and distribution facility located west of the city of Atlanta at Thornton Road and Riverside Parkway in Douglas County.

The facility is the largest industrial building to receive LEED certification to date in the state of Georgia.

“Corporate America is starting to seek out LEED-certified buildings,” said Jay Mitchell, (bottom right photo) senior vice president and regional development officer in IDI’s Atlanta development office.

“Companies realize that occupying LEED buildings is not only good for the environment but also good for business since these facilities, with their enhanced work environments, help attract and retain employees.”

IDI has been committed to sustainable development since its inception, and the company’s participation in the LEED program is an integral part of its sustainability initiatives.

At WestPoint at Riverside, IDI also took several additional steps during the construction process to reduce the project’s environmental impact.

“Our sustainable development practices included an emphasis on using recycled materials for construction and a strong reliance on regional materials,” Mitchell said.

“A total of 38 percent of the materials used contained recycled content, and 89 percent of all the materials were from regional sources.” USGBC awards a maximum of three LEED points to companies that surpass 30 percent for recycled content and 40 percent for regional content.

Contacts:

Jay Mitchell, IDISVP and Regional Development Officer, 770-866-1105, jmitchell@idi.com

Lisa Ward, IDIVP of Leasing, 770-866-1115, lward@idi.com

Steve Webb, IDIMarketing & Communications, 404-479-408, 1swebb@idi.com

Grubb & Ellis Receives $6.25M in Non-Refundable Deposits on Proposed Disposition of Danbury Corporate Center

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has received non-refundable earnest money deposits totaling $6.25 million from an undisclosed buyer for the Danbury Corporate Center,(top right photo) a class A office complex in Danbury, Conn.

Upon closing, the transaction is expected to result in net cash proceeds of approximately $14 million for Grubb & Ellis.

Contacts:
Damon Elder, 714.975.2659, damon.elder@grubb-ellis.com
Janice McDill, 312.698.6707, janice.mcdill@grubb-ellis.com

Crescent Resources named exclusive Leasing and Management Representative for retail centers in Maitland and Orange City, FL

ORLANDO, FL– Crescent Resources, LLC has been named exclusive leasing and management representatives for retail centers in Maitland and Orange City that total approximately 129,600 square feet of space.

Dianne Crouse, property manager for Crescent Resources, LLC will oversee management and Ida I. Wozniak, (top right photo) CCIM, vice president of commercial leasing in Florida for Crescent Resources, LLC, will oversee the leasing. Sun Life Assurance of Canada, based in Wellesley Hills, Mass., owns both retail centers.

The Shoppes at Maitland, with 23,516 square feet of retail space is located on U.S. 17-92 and E. Ventris Ave. in Maitland.

Crowne Centre Plaza, (bottom left photo) with 106,063 square feet, anchored by a Publix Supermarket and a Beall’s department store, is located on Enterprise Rd. and Saxon Blvd. in Orange City.

For more information, contact

Ida I. Wozniak, CCIM, Vice President of Commercial Leasing / Florida, Crescent Resources LLC; 201 S. Orange Avenue, Orlando, Fla; 407-472-3383; iiwozniak@crescent-resources.com

R.W. “Whit” Duncan, SIOR, Senior Vice President, Crescent Resources LLC; 201 S. Orange Avenue, Orlando, Fla. 407-804-1200; rwduncan@crescent-resources.com;

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Massive food distribution center, cold storage facility designed by Randall-Paulson Architects uses 100 percent renewable energy

Facility is first in the U.S. to be awarded LEED Gold certification

ROSWELL, GA --- A massive food distribution center in Ridgefield, Wash., designed by Randall-Paulson Architects of Roswell, Ga., and built by ARCO Design/Build Construction of Atlanta, Ga., is the first cold storage facility (top right photo) awarded the coveted LEED Gold certification by the U.S. Green Building Council (USGBC) as an energy-efficient and environmentally safe facility.

LEED---which stands for Leadership in Energy and Environmental Design---has established design and construction standards that result in energy efficient and environmentally safe facilities.

Michael B. Randall, co-founder and partner at Randall-Paulson Architects, explains that the 259,729 square foot United Natural Foods facility,(top right photo) which includes 54,000 square feet of refrigerated storage, freezers and a cold storage dock, is powered by 100 percent renewable energy, which reduces CO2 emissions more than four million pounds annually.

In addition, Randall-Paulson designed energy efficiency features that result in an energy savings of more than 30 percent over comparably-sized facilities with conventional energy plans.

Randall said Randall-Paulson Architects launched a ‘green’ campaign more than two years ago, providing incentives for its planners, architects, designers and engineers to qualify as USGBC LEED-AP professional accreditation.

“The USGBC’s LEED program will have a dramatic effect on improving the environment,” said Randall. “We wholeheartedly support the LEED program, as do many of our clients.”

For more information, contact

Caroline K. Slaten, CPSM, Business Development Manager, Randall-Paulson Architects 770-650-7558 x116; ckslaten@randallpaulson.com;

Larry Vershel, Larry Vershel Communications 407-644-4142; lvershelco@aol.com

Plaza Advisors Brokers Sale of Orlando Retail Center

ORLANDO, FL-Plaza Advisors of Tampa, FL is pleased to announce the sale of Regency Village, a Publix anchored shopping center located in the Buena Vista area of Orlando, Florida. The transaction closed January 29, 2009.

Jim Michalak (top right photo) of Plaza Advisors exclusively represented the seller Tinwood LLC, a joint venture between Regency Centers and Publix. The buyer was Regency Village Realty Associates, LLC.

The project, located at the intersection of International Drive South and Vineland Avenue, contains 83,167 square feet and was 88% occupied.

The asset was built in 2002. The sale included a freestanding Outback Steakhouse. The center’s major tenants include; Subway, The UPS Store, and Sony JVC Superstore.

Plaza Advisors is a real estate brokerage firm that specializes in the disposition of anchored shopping center properties in the southeastern United States.

Plaza Advisors clients include private equity, developers, and major institutions including; pension funds, life insurance companies, REITs, and money center banks.

Jim Michalak, the firm’s managing partner, is a 25 year career real estate broker. Mr. Michalak has closed over 100 shopping center transactions, with a combined GLA exceeding ten million square feet with an aggregate sales volume in excess of $1 billion. Plaza Advisors is based in Tampa, FL

http://www.plazadvisors.com/

Jim Michalak
Managing Partner
Plaza Advisors
3412 Bay To Bay Boulevard
Tampa, FL 33629
813.837.1300 Ext. 101
Fax 831.2627
jim.michalak@plazadvisors.com