Plaza Advisors Brokers Sale of Belleair Bazaar Shopping Center in Clearwater, FL Area

TAMPA, FL, Mar. 18, 2009-- Plaza Advisors is pleased to announce the sale of the Belleair Bazaar shopping center (top right photo) located in the Belleair Bluffs area of Clearwater, Florida. The price was $6.45 million.

The transaction closed March 17, 2009. Jim Michalak, (top left photo) Anthony Blanco and Jess Wirts (middle right photo) of Plaza Advisors exclusively represented the seller West Bay Drive, LLC.

The buyer was Sunrise Plaza Holdings, LLC.

The project, located on West Bay Drive contains 38,569 square feet and was 82.3% occupied.

The asset was built in 1969 and last renovated in 2002. The center’s tenants include Bonefish Grill, Cold Stone Creamery, and Westshore Pizza.

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 and Anthony Blanco, the firm’s managing partners, have a combined 40 years experience as retail investment advisors.

The team has closed over 145 shopping center transactions with an aggregate sales volume in excess of $2 billion. Plaza Advisors is headquartered in Tampa and has a satellite office in Miami.

CONTACT:

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

Wyndham Brand Adds Experienced Sales and Operations Leaders

PARSIPPANY, NJ – In a focused strategy to expand the global reach of the Wyndham brand and exceed customer satisfaction goals, Wyndham Hotels and Resorts® announced the expansion of its sales and operations teams with the addition of industry veterans Bill Scanlon, (top left photo) senior vice president of sales; Tim Rector,(middle right photo) vice president of resort sales; Wayne Susser, (middle left photo) vice president of brand operations; John Green, (bottom right photo) regional vice president of operations; and Kevin Regan, (bottom left photo) regional vice president of operations.

Bill Scanlon previously held executive-level sales and marketing positions with Marriott International and HEI Hotels and Resorts.

Most recently he was president of Strategic Solution Partners, a lodging and hospitality consulting firm in Drexel Hill, Pa., responsible for the development and implementation of the company’s overall business strategies.

In his new role as senior vice president of sales for Wyndham Hotels and Resorts, Scanlon will be responsible for defining and implementing the Wyndham brand’s sales culture, executing programs that provide valuable customer insights, increased customer value and revenue-generating opportunities.

Tim Rector previously held executive-level sales and marketing positions with Starwood and LXR Luxury Resorts and the former Wyndham International.

Most recently, he was area vice president of sales and marketing for Starwood in White Plains, N.Y. Based in Florida, he oversaw sales and marketing operations for the company’s managed resorts in the Caribbean.

In his new role as vice president of resort sales, Rector will be responsible for the overall leadership of the Wyndham resort collection, overseeing all sales and marketing functions including advertising, promotions, distribution sales and direct sales.

In addition, he will play a pivotal role in the recruitment, development and management of each hotel’s sales and catering teams.

Wayne Susser previously served in executive-level operations roles with Hilton Hotels Corporation and Marriott. Most recently, he was senior director of international brand support for Hilton’s Doubletree brand in Beverly Hills, Calif., responsible for managing international relationships with potential ownership groups and management companies.

As vice president of operations, Susser will oversee the Wyndham brand’s license partner operations team and will be responsible for streamlining business processes across all hotels.

In addition, he will work closely with independent, third-party research firms including J.D. Powers and Associates to hone quality measures and increase brand performance.

In their new roles as regional vice president of operations, Green and Regan will be responsible for overseeing the day-to-day operations of the Wyndham brand’s managed portfolio of hotels, which includes the 600-room Wyndham Rio Mar Beach Resort and Spa in Puerto Rico and the 224-room Wyndham Garden Hotel – Midtown Convention Center in New York.

John Green previously served in executive-level operations roles with Wyndham International, Signature Hospitality Resources and John Q. Hammons Hotels.

Most recently, he was senior vice president and managing director, operations east, for Pyramid Hotel Group in Boston, responsible for a portfolio of 19 hotels from 92 to 1,102 rooms.

Kevin Regan previously served in executive-level operations roles at Starwood and Stormont-Trice Corporation. Most recently, he was Starwood’s senior vice president of operations, Southeastern United States and Caribbean, responsible for overseeing the country’s second-largest region of hotels worth more than $1.2 billion in annual revenue.

“This is a group of highly talented and experienced professionals who know the ins and outs of the hospitality industry,” said Jeff Wagoner, (top right photo) president of Wyndham Hotels and Resorts.

“As we look to expand our managed portfolio of hotels, the addition of their knowledge and expertise in the key areas of sales, operations and brand contribution is designed to help Wyndham owners and operators drive revenue through a hands-on strategic approach.”

Wyndham Hotels and Resorts, a subsidiary of Wyndham Worldwide Corporation (NYSE: WYN), offers upscale hotel and resort accommodations throughout the United States, Europe, Canada, Mexico and the Caribbean. All hotels are either franchised or managed by Wyndham Hotels and Resorts or an affiliate.

CONTACT:

Evy Apostolatos
Director, Media Relations
Wyndham Hotel Group
1 Sylvan Way
Parsippany, NJ 07054
(973) 753-6590
Evy.apostolatos@wyndhamworldwide.com

Grubb & Ellis Files 8-K Announcing Restatement of Financial Statements

Company Also Files for Extension to File 10-K for 2008 Fiscal Year

SANTA ANA, CA, Mar. 18, 2009 – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it had filed a Current Report on Form 8-K disclosing that certain previously issued financial statements will be restated to correct accounting errors related to the timing of revenue recognition relating to certain tenant-in-common investment programs sponsored by NNN Realty Advisors prior to the company’s merger with NNN Realty Advisors in December 2007.

Specifically, the company’s previously issued financial statements for the years ended December 31, 2006 and 2007, the interim financial statements for the quarters ended March 31, June 30 and September 30, 2008 and selected financial data derived from the company’s previously issued financial statements for the fiscal year ended December 31, 2005 will be restated.

As a result of the recognition by NNN of the applicable fee revenue in the wrong accounting period, the company currently anticipates reducing retained earnings as of January 1, 2006 by approximately $5 million; increasing revenue in 2006 by approximately $2 million; and increasing revenue in 2007 by approximately $500,000.

The company is currently evaluating the impact on its quarterly and annual financial results for 2008.

The review of NNN’s accounting treatment was prompted by the Audit Committee being made aware in mid-December 2008 of the existence of a letter agreement, wherein NNN agreed to provide certain investors with a right to exchange their investment in certain tenant-in-common programs.

As a consequence, the Board of Directors formed a Special Committee, which retained independent outside counsel, to investigate the facts and circumstances surrounding the letter agreement and to determine whether there were any other similar agreements.

In the course of the special investigation, the Audit Committee and management became aware of additional letter agreements, some providing for a similar right of exchange and others in which NNN committed to provide certain investors in certain tenant-in-common programs a specified rate of return.

Upon review of the accounting treatment for these letter agreements, management concluded that NNN had not accounted for some of the letter agreements and that NNN had incorrectly recognized revenue as it related to other of these letter agreements.

Management also concluded that, as a result of the incorrect accounting treatment, the results of operations of certain entities to which these letter agreements referred should have been consolidated into the company’s financial statements.

As a consequence of the restatement, the company filed a Notification of Late Filing on Form 12b-25 with the Securities and Exchange Commission on March 17, 2009 relating to the company’s Annual Report on Form 10-K for the year ended December 31, 2008.

The company intends to file its 2008 Form 10-K on or before March 31, 2009 and effect the restatement of its financial statements in the 2008 Form 10-K.

In the Form 12b-25, the company also indicated that due to the disruptions in the credit markets, the severe and extended general economic recession, and the significant decline in the commercial real estate market in 2008, the company anticipates that it will report a significant decline in operating earnings and net income for the fourth calendar quarter of 2008 as compared to the fourth quarter of 2007 and for fiscal 2008 as compared to fiscal 2007.

In addition, the company anticipates that it will recognize significant impairment charges to goodwill, impairments on the value of real estate assets held as investments and additional charges related to the company’s activities as a sponsor of investment programs in the quarter ended December 31, 2008.

The company’s findings remain subject to further review by the company, an audit of the company’s 2008 and restated 2007 financial statements by Ernst & Young, the company’s independent registered public accounting firm, and an audit of the company’s restated 2006 financial statements by Deloitte & Touche LLP, the independent registered public accounting firm for NNN.

The completion of this process could result in further adjustments of the respective financial statements and may be different from what is set forth above.

There can be no assurance that the amount of any further adjustments will not be material, either individually or in the aggregate. As a result of this review, the company also is assessing the effectiveness of its internal controls over financial reporting.

Contact: Janice McDill, 312.698.6707, janice.mcdill@grubb-ellis.com

The Liquidation Store Dilemma

CHICAGO, IL-Joan Woods, (top right photo) Regional Director, Specialty Leasing, MadisonMarquette, says BusinessWeek recently tackled the complex world of merchandise liquidation and suggested that liquidators are overwhelmed with the amount of product moving through the system.

One byproduct of this swelled pipeline is that some liquidators are in talks to bring merchandise back to the “scene of the crime” and create specialty liquidation events in vacant space at malls and other traditional retail destinations.

Liquidators like Liquid Event Sales and AMS Liquidators (Disney Character Warehouse Liquidators) are in talks to lease space recently vacated by big boxes in order to sell off excess inventory from their ever growing list of clients.

From a center owner’s perspective, these opportunities can generate substantial cash flow while the leasing process runs its course. However, it is important to consider several factors before proceeding:

-Will liquidation stores be selling merchandise that existing retailers are selling at full price? If so, restrictions need to be put on what types of merchandise can be sold.

-Does a liquidation concept harm the upscale look and feel of the center? If so, partner with a liquidator who understands how to design a temporary store that doesn’t look temporary. Despite the stereotype, there are some very sophisticated new concepts out there.

-Hosting liquidation stores should never come at the expense of traditional leasing efforts.

Liquidation services are at an all-time high because of the dismal holiday season. Retailers have responded by scaling back their inventory and no one should expect these temporary tenants to transition to long-term leases or be a viable part of a merchandising mix moving forward.

Contact: Kurt Ivey, kurt.ivey@madisonmarquette.com

Marcus & Millichap Arranges Sale of Net-Lease POrtfolio for $6.7M

CHICAGO, IL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has negotiated the sale of three net-leased assets totaling $6.76 million.

The buyer is a Michigan-based private 1031 investor.

The properties are:

· $3.4 million Hertz Equipment Rental location in Miami.
· $1.97 million AutoZone, Inc. in Baytown, Texas
· $1.39 million Colonial Bank in Roebuck, Ala.

Andrew Gallas, a senior associate in the firm’s Chicago Downtown office, represented the buyer on all transactions. He also represented both the buyer and seller on the AutoZone transaction.

Lori Schneider, (top left photo) senior vice president investments in Marcus & Millichap’s Fort Lauderdale office, and John Glass, senior vice president investments in the firm’s San Francisco office, and Marcus & Millichap’s Florida, Alabama and Texas offices, also assisted in this transaction.

“Despite the current economic downturn, stable commercial properties across the country continue to attract investors,” says Gallas. “My client sought stable investments in fundamentally strong markets.

"The portfolio’s properties are attractive assets given the duration of the leases, the strength of the guarantors and the availability of assumable financing.”

The Hertz Equipment Rental facility is a 14,958-square foot, 3.84-acre property located near the Florida Turnpike at 19380 SW 106th Ave. in Miami.

Built in 2008 and leased on a 20-year basis, the property sold for $3,407,600, which represents $228 per square foot and a cap rate of 7.91 percent.

The corporate-backed lease features 5 percent rent increases in five-year increments and four renewal options.

The 7,360-square foot facility leased to AutoZone Inc. was built in 2007 and is situated on 1.39 acres at 5222 Garth Road in Baytown, Texas. The property sold for $1,977,000, which represents $269 per square foot and a cap rate of 7.41 percent.

AutoZone, often viewed as a recession-resistant tenant, has leased the property through 2027.

Colonial Bank, located at 629 Red Lane Road in Roebuck, Ala., is a 3,700-square foot, one-acre property leased to the bank on an absolute triple-net basis through 2019.

The property sold for $1,394,000, which represents $377 per square foot and a cap rate of 7.4 percent. The lease is guaranteed by investment-grade Colonial Bank NA, a wholly owned subsidiary of The Colonial BancGroup Inc., a $26 billion bank holding company.

Press contact: Stacey Corso, Communications Dept., (925) 953-1716.

Marcus & Millichap Sells $6.5M Student Housing Complex in Resburg, ID for $6.5M

REXBURG, ID – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Nauvoo House Apartments, (top right photo) a 382-bed, 64-unit student housing community in Rexburg.

The sales price of $6.5 million represents $101,563 per unit and $85 per square foot.

Student housing investment specialists Danny Shin, Michael Beckstead and Mathew Bird in the firm’s Salt Lake City office represented the seller, Nauvoo LLC. Local representation was provided by the Boise office of Marcus & Millichap.

“Student housing approved by Brigham Young University (BYU) is especially attractive to investors,” says Shin. “Student residents are required to live by the BYU Honor Code, which prohibits students from smoking or drinking alcohol in the apartment units. Students must also obey a curfew which is enforced by an onsite manager.”

Located at 175 West Fifth South St., the 76,800-square foot property is minutes away from the BYU-Idaho campus.

Nauvoo House Apartments is a Class A student housing community comprised of 64 three-bedroom/two-bathroom units with a total 382 rentable beds plus two onsite manager’s units and land for 33 additional units.

BYU-Idaho has a year-round enrollment of 13,000 full-time students.

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

Randall-Paulson Architects awarded contract to design renovations and expansion at Fellowship Christian School in Roswell, GA

ROSWELL, GA — Randall-Paulson Architects, the award winning Roswell-based planning, design and architectural firm, recently completed design of renovations and a 23,000 square foot addition to the Fellowship Christian School in Roswell.

Alex S. Paulson, Co-founder and Principal at Randall-Paulson Architects, said the project includes an additional school entrance off Woodstock Road, expansion of the elementary school and new buildings for the high school’s auditorium and physical education programs. Just recently the athletic fields and landscaping were completed.

Paulson said his firm completed design by the first of the year and construction of the new facilities at Fellowship Christian School recently got underway.

The school purchased multiple properties adjacent to the existing 46,000 square foot education building to create the expanded campus.

“It was challenging to work out the functional layout of the new additions and determine the best design possible to create a newer, more visible image for the school and an influence for future expansion,” Paulson said.

Randall-Paulson Architects also designed the new gymnasium and classroom building for the Cottage School in Roswell which was completed and opened in late December,” Paulson said.

For more information, contact:

Alex S. Paulson, Co-founder/Principal Randall-Paulson Architects 770-650-7558 x116; apaulson@randallpaulson.com;
Larry Vershel, Larry Vershel Communications 407-644-4142; lvershelco@aol.com

About Randall-Paulson Architects

Headquartered in Roswell, Ga., Randall-Paulson Architects is a 15-year old commercial architectural design firm that specializes in the design of industrial, office, retail, mixed-use, education, religious, childcare, hospitality facilities and sustainable design.

Hansel Bradley Joins Grubb & Ellis as Vice President, National Data Center Practice

CHICAGO – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that Hansel Bradley, (top right photo) formerly a senior project manager at Digital Realty Trust, has joined the company as vice president, National Data Center Practice, effective immediately.

Bradley, who has over 20 years of experience in commercial real estate and mechanical/electrical engineering, joins Jim Kerrigan, senior vice president and director of the National Data Center Practice, in growing the company’s recently formed data center business line.

He will also draw upon his extensive technical design and construction experience to contribute to the company’s project management and property management groups.

“Our ability to grow the National Data Center Practice is dependent upon recruiting professionals with specialized, technology-centric real estate experience,” said Kerrigan.

“Having spent the last 10 years building data centers after a career in electrical and mechanical engineering, Hansel brings ideal qualifications to our team. Bringing him on board enhances Grubb & Ellis’ capacity to handle projects with even the most technologically advanced real estate requirements.”

Bradley was a member of the team that won the Redevelopment Project of the Year award from the Greater Chicago Food Depository’s Chicago Commercial Real Estate Awards in 2000 for their work to redevelop Lakeside Technology Center.

Contact: Erin Mays, 312.698.6735, erin.mays@grubb-ellis.com

HFF secures $13.97M financing for grocery-anchored retail center in Dallas, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $13.97 million in financing for Preston Trail Village, (top right photo) a 179,959-square-foot, grocery-anchored retail center in Dallas, Texas.

Working exclusively on behalf of Inland Western REIT, HFF managing director Kevin MacKenzie (middle left photo) and senior managing director Trey Morsbach (middle right photo) placed the three-year, fixed-rate loan with American Bank of Texas.

Proceeds were used to refinance the property.

Preston Trail Village is located at 17194 Preston Road close to President George Bush Turnpike and the Dallas North Tollway in the Carrollton area of Dallas.

Originally completed in 1983, the property underwent a renovation in 2006 and is 90.3% occupied by tenants including anchor tenant Kroger, Bank of America, Dunkin Donuts and Hallmark Showcase.

Inland Western Retail Real Estate Trust, Inc. is a self-managed real estate investment trust focused on the acquisition, development and management of retail properties, including lifestyle, power, community and neighborhood centers, in addition to single-user net lease properties in locations demonstrating solid demographics.

As of September 30, 2008, the portfolio consisted of 334 properties nationally, which the company owned or had interests in, totaling in excess of 51 million square feet. For further information, please see the company website at http://www.inlandwestern.com/.

CONTACTS:

Kevin C. MacKenzie, HFF Managing Director, (214) 265-0880, kmackenzie@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Arbor Closes 2 Fannie Mae DUS® Small Loans Totaling $8M in Spokane, WA and Mattapan, MA

Tennis Road Apartments in Mattapan, MA Receives $7,225,000

UNIONDALE, NY, Mar. 18, 2009 - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $7,225,000 loan under the Fannie Mae DUS® Loan product line for the 55-unit complex known as Tennis Road Apartments in Mattapan, MA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.12 percent.

The loan was originated by John Kelly, (top right photo) Vice President, in Arbor’s full-service Boston, MA lending office.

“This transaction represented Arbor’s flexibility in handling a project that has a mix of market rate and affordable units” said Kelly. “Our ability to continue to fund non-recourse loans at 80% loan-to-value demonstrates the resilience of the capital markets as it relates to financing for multifamily projects.”

Beverly Plaza Apartments in Spokane, WA Obtains $935,000


In Spokane, WA, Arbor Commercial Funding announced the recent funding of a $935,000 loan under the Fannie Mae DUS® Small Loan product line to refinance the 30-unit complex known as Beverly Plaza Apartments in Spokane, WA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.10 percent.

The loan was originated by Jon Red, (bottom left photo) Director, in Arbor’s full-service Spokane, WA lending office.

“The borrower needed to refinance his existing mortgage, which had matured,” said Red. “Arbor came in and quickly closed the deal in 50 days, much to the pleasure of the borrower."

Contact: Ingrid Principe, Iprincipe@arbor.com.