Demand Wanes for Las Vegas Office Space

LAS VEGAS, Nov. 13, 2009 — Office market fundamentals in Las Vegas are expected to deteriorate further through 2009, as the effects of deep payroll cuts continue to diminish space needs, resulting in sizable amount of sublease product returning to the market, according to a fourth-quarter Office Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

 Given the severity of downturn, firms that operate in multiple sites are increasingly beginning to consolidate operations.

“Office deal flow in Las Vegas has decelerated over the past year and will likely remain light until a greater number of lender-owned assets come to market,” says John Vorsheck, (top right photo) regional manager of the Las Vegas office of Marcus & Millichap.

 

Following are some of the most significant aspects of the Las Vegas Office Research Report:

•  Total employment in Las Vegas will retreat by 57,000 jobs this year, or 6.4 percent. Office-using employers are expected to trim 7,400 positions, a 4.5 percent decrease.
•  Developers are scheduled to bring 893,000 square feet of new office space to the Las Vegas metro in 2009, after nearly 1.1 million square feet was added last year. Deliveries have averaged almost 1.3 million square feet annually during the past five years.
• A slowdown in the formation of new companies, coupled with expectations for further downsizing, will push up vacancy 510 basis points to 24.2 percent this year. In 2008, vacancy increased 570 basis points.
•   In 2009, asking rents in the Las Vegas market are forecast to drop 5 percent to $24.75 per square foot, while effective rents are on pace to retreat 8.6 percent to $18.88 per square foot.

 For a copy of the complete Las Vegas Office Research Report, as well as reports on other markets nationwide, visit our website at www.MarcusMillichap.com.

 

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

Crossman & Co. Announces Long Term Lease at Orlando Fashion Square with Barnie’s Coffee

ORLANDO, Fla. --- Orlando Fashion Square has added another tenant to their lineup. Barnie’s Coffee will be opening in the mall in time for the Holiday season this month [November].

John Crossman, President of Crossman & Company said the owner and landlord Pennsylvania Real Estate Investment Trust (PREIT) leased the space to Barnie’s Coffee & Tea Co., a 1,288 SF space near the center of the mall.

Crossman & Company serves as exclusive local leasing representatives at Orlando Fashion Square mall on Colonial Drive and Maguire Blvd. in Orlando.

For more information,  please contact

Justin Greider, Senior Associate, Crossman & Company/ICSC Florida Next Generation Chair, 407-581-6225; jgreider@crossmanco.com

John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

Grubb & Ellis Commercial Florida negotiates sale of former Eaglerider Harley Davidson Building in Madeira Beach, FL

 TAMPA, Fla. -- Grubb & Ellis Commercial Florida, associated with 130 Grubb & Ellis offices worldwide, recently negotiated the purchase of the former Eaglerider Harley Davidson building at 201 150th Ave. in Madeira Beach, FL.

Michelle Seifert, (top right photo)  vice president of Retail Services at Grubb & Ellis Commercial Florida, negotiated the transaction representing the seller.

Local business owner, James and Michelle Shatz of Gulf Port, Fla. purchased the 2,496 square foot building to relocate and expand their bead and jewelry products company Celestial Beading.

The seller is J.T. Adventures Holdings, LLC based in Rochester Hills, Mich.

“It’s a perfect fit for their use. It provided a great opportunity for Celestial Beading to relocate and expand from inline space to a freestanding building.

"Although it was long process, everybody was pleased that this transaction came to fruition during these tough economic times,” Seifert said.

The sales price was not disclosed.

Contacts:
Michelle Seifert, 813-830-7285

Jeffrey Sweeney, 407-481-5387
Larry Vershel, 407-644-4142

HFF expands west coast investment sales platform with the addition of a top Southern California investment team

IRVINE, CA – HFF (Holliday Fenoglio Fowler, L.P.) announced today that a top Southern California investment sales team led by Ryan Gallagher (top right photo) and Kelly Rohfeld (middle left photo) will join the firm.

 Formerly one of the top national teams for Grubb & Ellis’ Institutional Capital Group, they will be focused on institutional investment sales for HFF, primarily in Southern California.

The addition of this new team marks HFF’s third expansion effort on the west coast during the past 12 months and demonstrates the firm’s commitment to expanding its services and growing its investment sales platform. HFF now offers its clients a full array of capital markets services on the west coast including debt placement, investment sales, advisory services, structured finance, private equity, loan sales and commercial loan servicing.

Ryan Gallagher (Ca. Lic. #01269918), who was a senior vice president at Grubb & Ellis, will join HFF as a senior managing director.

Kelly Rohfeld (Ca. Lic. # 01820580), a 16-year industry veteran who was a vice president at Grubb & Ellis, will join HFF as a director.

Over the past 40 months the team has been involved with the disposition and acquisition of more than $1.4 billion of commercial real estate transactions in the Southwestern United States.

HFF has its roots as a real estate investment banking company. Since 1998, the company and its predecessor companies have closed approximately $230 billion in more than 11,000 debt and equity transactions. HFF maintains a loan servicing portfolio totaling more than $24 billion in debt.

“HFF’s long-term goal of expanding our investment sales presence on the west coast has truly gained momentum with our recruiting efforts in 2009. The recent additions of the Leggett/Rohm team in San Francisco in May, Bryan Ley in our Los Angeles office in late 2008, and now the Gallagher team in Orange County has solidified HFF’s investment sale presence and will enable us to better serve our clients in the west coast markets,” said Donald J. Curtis, (bottom right photo) senior managing director..

HFF (NYSE: HF) operates out of 17 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, advisory services, structured finance, private equity, loan sales and commercial loan servicing.

Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

Contacts:

Donald J. Curtis, HFF Senior Managing Director, Ca. Lic. #00883924, (949) 253-8800, dcurtis@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

National Retail Properties Declares Dividend for Series C Preferred Stock

Orlando, Florida, November 13, 2009 ‐ The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend on its Series C Cumulative Redeemable Preferred Stock of 46.09375 cents per depositary share payable December 15, 2009, to shareholders of record on November 30, 2009. The dividend represents an annualized rate of $1.84375 per depositary share.

National Retail Properties invests primarily in high‐quality retail properties subject generally to long‐term, net leases. As of September 30, 2009, the company owned 1,004 Investment Properties in 44 states with a gross leasable area of approximately 11.4 million square feet.

 For more information on the company, visit http://www.nnnreit.com/.

Contact:  Kevin B. Habicht, (top right photo)  Chief Financial Officer, (407) 265‐7348