CBRE Tampa MarketViews - Office, Industrial, Retail

Tampa, FL - January, 14, 2010 - CB Richard Ellis is pleased to release the Fourth Quarter 2009 MarketView covering office, industrial & retail properties in the greater Tampa Bay area.

For a complete copy of the report, please contact lauren.crawford@cbre.com.

Tampa Bay Office

Recently, we have seen significant transactions that will set the bar as we move forward and establish value in 2010. Core Class A asset sales in 4Q09: Corporate Center IV and 4200 W Cypress St. sold this quarter, both located in the Westshore submarket.

Tampa Bay Industrial

Average asking lease rates continue to soften, currently standing at $5.69 NNN with all submarkets experiencing drops from last years asking rate of $6.31 NNN.

Polk County Industrial

Overall vacancy ticked up by 330 bps from this time last year. Much of this increase in inventory can be attributed to a handful of large blocks of space vacated this quarter in the East Polk submarket, with this submarket's overall vacancy approaching 25%.

Tampa Bay Retail

Key indicators continue to lag recovery in 4Q09. Investors and users alike are seeing stabilization, while landlords are struggling for TI & build-out dollars.

CB Richard Ellis Retained by 7-Eleven to Evaluate Rental Rates in Key Markets

TAMPA, FL– CB Richard Ellis (CBRE) has been engaged by 7-Eleven, Inc. to conduct a comprehensive review of its real estate portfolio in key markets nationwide. The project will include analyzing fair-market values for 7-Eleven's retail sites and negotiating lease terms, when appropriate, in line with current commercial rental rates.

CBRE's team will be led by Senior Vice Presidents Michael G.Friedman (top right photo) and Will Evans from the Dallas office. Friedman has worked with 7-Eleven for more than 20 years. While many other retailers are contracting, 7-Eleven is focused on growing its store base by approximately 200 stores this year.

"7-Eleven is an investment-grade tenant in expansion mode during challenging economic times," said Dan Porter, vice president of real estate for the convenience retailer. "Working together with CBRE, our objective is to partner with property owners to determine how we both can succeed for the long term and survive these difficult market conditions through deal restructurings, lease negotiations and new site development."

In an effort to align rent expense with current market rates, CBRE, on behalf of 7-Eleven, has begun a formal review of all leased stores in its real estate portfolio. CBRE/7-Eleven expects to enter into discussions with property owners to negotiate terms and restructure lease agreements where discrepancies between rental rates and market values exist.

"This is prudent business practice for any retailer during these unusual economic times, particularly with the footprint that 7-Eleven has nationwide," says Friedman. "Through our analysis, we believe we will discover solutions that will assist 7-Eleven in reducing its overall operating expense."

Additionally, 7-Eleven's real estate development team is evaluating sites for new development opportunities with other landlords who may be experiencing lease defaults or retail flight by their current tenants. The company operates about 5,700 stores in the U.S. under the 7-Eleven® brand and opened approximately 170 stores in 2008.

Contact: Lauren Crawford, 813.273.8482, lauren.crawford@cbre.com

CBRE Selected to Market Sale of 220,664-SF Distribution Portfolio 100% Leased to FedEx Ground

TAMPA, FL -– CB Richard Ellis, Inc. (CBRE) has been selected as exclusive marketing advisor for the sale of two Class "A" regional FedEx Ground distribution centers located in Bradenton (top right photo) and West Palm Beach, (bottom left photo) which were built to suit the specifications of FedEx Ground, an operating company and wholly owned subsidiary of FedEx Corporation (NYSE: FDX).

The CBRE Investment Properties Group team of Dale Peterson, Senior Vice President and Paul W. Carr, Associate, out of the Tampa office is collaborating with Senior Vice Presidents Jeff Kelly and Robert Smith in the West Palm Beach office to represent the owner in the disposition of the 220,664-square-foot portfolio. The properties are being marketed for purchase individually or as portfolio.

"With the challenges we face in today's capital markets environment, investors have the ability to be very selective in choosing where to place their equity, which is resulting in a flight to quality," says Paul Carr, "This is an excellent investment opportunity for investors seeking a long-term high quality, low risk net leased investment."

Both buildings have long-term net leases in place, guaranteed by FedEx Ground. Located in Bradenton (123,367 sq. ft.) and in West Palm Beach (97,297 sq. ft.), the facilities have expansion potential for over 48,500 and 21,000 square feet, respectively.

The Bradenton location is still under construction, to be delivered in January 2009, and the West Palm location was recently completed in 2007.

Contact:
Lauren Crawford, Communications Specialist, 813 273 8482

CBRE Announces $9.3M Sale of 550 Reo in Tampa, FL

TAMPA, FL – Sept. 23, 2008 – CB Richard Ellis' (CBRE's) Investment Properties Group is pleased to announce the sale of 550 N Reo Street, (top right photo) a three-story, 76,397-square-foot, Class "B" office building in Westshore.

The property sold for $9,300,000 and comprised of the 4.15-acre building site, and an additional 1.25 acres of land.

CBRE's Dale Peterson, (top left photo) Senior Vice President and Paul W. Carr, (bottom right photo) Associate, brokered the sale of the building on behalf of the seller, American Ventures Realty.

"The Westshore office market continues to be the most desirable submarket in the Tampa Bay area in terms of investor demand," says Dale Peterson, "This sale demonstrates that deals can and will continue to transact, particularly for well located assets, despite the challenges we face in the current capital markets environment."

Constructed in 1985, 550 Reo is prominently located within the Westshore Business District along North Reo Street immediately south of Cypress Street.

550 Reo was purchased by Arthur Hill & Co and was approximately 93% percent leased at the time of sale. Tenants include the headquarters location for Global Data Management Services, a telecom network management company, Accent Property Management dba Centers of Westshore, an executive suite operator, and Lockheed Martin.

Contact:
Lauren Crawford, Communications Specialist, 813 273 8482