Wednesday, July 28, 2010

Fitch Downgrades ProLogis’ IDR to 'BB'; Outlook Negative

NEW YORK, NY-- Fitch Ratings has downgraded the Issuer Default Rating (IDR) and outstanding credit ratings of ProLogis (NYSE: PLD) as follows:

--Long-term IDR to 'BB' from 'BBB';
--$2.2 billion global line of credit to 'BB' from 'BBB';
--$4.7 billion senior notes to 'BB' from 'BBB';
--$1.9 billion convertible senior notes to 'BB' from 'BBB';
--$350 million preferred stock to 'B+' from 'BB+'.

The Rating Outlook remains Negative.

Given the limited likelihood of significant near-term de-levering equity capital raises by ProLogis as previously contemplated by Fitch, leverage is expected to remain more consistent with a 'BB' IDR given the significant scale of PLD’s industrial property platform.

The downgrade also reflects Fitch’s expectation that ProLogis’ fixed charge coverage
will continue to be negatively impacted over the next 12-to-24 months by downward mark-to-market pricing on core portfolio leases.

However, a gradual realization of cash flow from completed development properties
in lease-up will bolster ProLogis’ earnings power.

For a complete copy of this news release, showing reasons for the current rating, please contact:

Sean Pattap +1-212-908-0642 or Janice Svec +1-212-908-0304, New York.
Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278:
Additional information is available at

ING Clarion Partners Selects Grubb & Ellis to Lease 427,000-SF Sumner Central in Sumner, WA

SEATTLE, WA (July 28, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that ING Clarion Partners has selected Bill Condon, (bottom right photo) executive vice president, managing director, Matt McGregor (bottom left photo) , senior vice president, Industrial Group, and Andrew Hitchcock, vice president, Industrial Group, as the leasing agents of Sumner Central, (top left photo) a 427,253-square-foot industrial building in Sumner.

Located at 2701 142nd Ave. East, the warehouse/distribution building was built in 2006 and is equipped with 119 dock high and six grade level loading doors.

 Easily accessible, Sumner Central is located within one mile of Highway 167. With multiple space configurations available, prospective tenants can lease space ranging in size from 90,968 to 427,253 square feet.

“We are excited for the opportunity to represent ING Clarion Partners, one of the largest institutional players in the Seattle area marketplace,” said Condon.

This is the third major industrial leasing assignment for the office, which was recently selected by DCT Industrial to market a seven-building, 1.1-million-square-foot portfolio and by AMB Property to market a four-building, 1.3-million-square-foot Class A portfolio.

For more information, call 206.388.3000, or contact
Condon at,
McGregor at, or
Hitchcock at
Julia McCartney, Phone: 714.975.2230, Email:

Selig Enterprises Announces 48,500-SF Industrial Lease With Disaster Services Inc. in Atlanta

Atlanta, GA- - Selig Enterprises' industrial division has leased a 48,500 square foot Atlanta-area building to Disaster Services, Inc. in  northeast Atlanta near Interstate I-285,

DSI specializes in Emergency / Mitigation services as well as business continuity planning for small and large commercial properties.

Headquartered in Doraville, Disaster Services will occupy the building located at 4601 Winters Chapel Road and use it for day to day and catastrophic / large loss operations.

To accommodate their growth and maintain coverage of all sides of the Atlanta market, DSI sought to expand its operations into this centrally located, state of the art facility. Key factors for the site selection included proximity to major interstates and a larger truck court.

DSI has national Emergency Service coverage to include regional offices in Chattanooga and Chicago. Kent Walker, (top right photo)  Vice President of Selig Enterprises, said, "Disaster Services is a recognized leader in its industry and we are delighted with the new relationship."

Fernando Calvo, CCIM with Newmark Knight Frank represented Disaster Services.

Selig Enterprises is a privately held real estate operating company based in Atlanta, Georgia. The company owns and manages a real estate portfolio in excess of 10 million square feet throughout the Southeast United States.

For more information, please visit,
Media Contact: Taana Kow,, Selig Enterprises, Inc.


EIS Associate Nathan R. Cutchin Executes 12 Leases in the Last 60 Days

ORLANDO, FL; July 28, 2010 - Equity Investment Services (EIS) is proud to announce associate Nathan R. Cutchin’s (top right photo)  successful execution of 12 leases in the last sixty days.

 Nathan executed 10 new leases and 2 lease renewals totaling more than 30,250 square feet and just over $1.6 million in total value.

 Notable leases include 7,700 square feet leased to Halloween Megastore located at Orlando Crossings (middle left photo)  on International Drive, 7,000 square feet leased to Godfather Pawn Shop located at Danube Plaza on South Semoran Boulevard, and 3,090 square feet leased to Dollar Store located at Kissimmee Korners on West Highway 192.

 Other notable tenant signings include Metro PCS, China Wok, Barbara Wenczak, MD, Boss Computers, Swirlz Frozen Yogurt, Consignment Shop, Tattopia, First Data Ind Sales and The Final Dimension.

Since joining the industry and EIS in November of 2009, Mr. Cutchin has been a tremendous asset to the firm executing 32 leases in nine months.

EIS is a full service commercial real estate investment advisory company based in Orlando, FL. EIS represents owners in the dispositions and acquisitions, leasing and professional management of shopping centers, office buildings, industrial properties, single tenant net leased investments and multi-family properties.

 EIS concentrates its efforts in the southeast region of the U.S. with a core focus on the Central Florida marketplace.

For more information, contact:
Christopher M. Savino,  Managing Director, 407.573.0711 (o)
Alana L. Champagne, Operations Manager, Director of Property Management, Email:,

Marcus & Millichap Capital Corp. Refinances Multifamily Asset in Miami for $10.1M

MIAMI, F: – Marcus & Millichap Capital Corporation (MMCC) has arranged refinancing totaling $10.41 million for a 120-unit multifamily high-rise in Miami.

Michael Balan, (top right photo) a senior director in the firm’s Miami office, arranged the loan.

“The borrower is an experienced investor with a good relationship with his usual lender, a national bank,” says Balan. “Concerned about rising interest rates, the borrower came to MMCC for assistance.

“We were able to use our strong relationships with top agency lenders to find the right lender; one previously unknown to the borrower,” continues Balan. “The pressure to get the property appraised was intensified by the paucity of sales comparables for a property of this size.

Deme Mekras, (lower left photo) a vice president investments specializing in multifamily investment sales in the Miami office of Marcus & Millichap Real Estate Investment Services, provided high-quality sales comparables.

The loan is a 10-year fixed-rate loan with a 65 percent loan to value. The interest rate is 5.39 percent and the amortization is 30 years.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716