NAR Says Fundamentals Holding in Commercial Real Estate

WASHINGTON, DC, PRNewswire-USNewswire/ -- Commercial real estate market fundamentals are fairly stable, although investment is waning following a record year in 2007, according to the latest COMMERCIAL REAL ESTATE OUTLOOK of the National Association of Realtors(R).

NAR Chief Economist Lawrence Yun (photo top left) said the commercial real estate market is holding essentially even. "We're seeing no significant changes in vacancy rates or rent growth, so the fundamentals in commercial real estate still seem to be respectable," he said.

"Under normal circumstances, near-full occupancy coupled with positive rent growth would be of strong interest to investors, but we're not seeing that. The credit crunch has filtered into the commercial real estate market."

Patricia Nooney of St. Louis, chair of the Realtors(R) Commercial Alliance Committee, said the investment cycle appears to be turning. "It looks like investors are taking a wait-and-see attitude," she said. "Even with fairly stable fundamentals and capital available from institutional investors, it appears investor confidence has declined, and some private investors have had problems obtaining financing. Commercial real estate investment set a new record in 2007, but now that we're in a period of economic uncertainty, transaction volume is likely to decline."

Investment in commercial real estate in 2007 was $427.2 billion, up 39.2 percent from the previous record of $306.8 billion in 2006; that total does not include transactions valued at less than $5 million or investments in the hospitality sector, based on analysis of data from Real Capital Analytics. NAR projects the investment dollar volume this year could drop by 30 to 40 percent, comparable to 2006 levels.

The NAR forecast in four major commercial sectors analyzes quarterly data for various tracked metro areas. The sectors are the office, industrial, retail and multifamily markets. Historic metro data were provided by Torto Wheaton Research and Real Capital Analytics.

For a copy of the complete report, please contact:

Walter Molony,

1 202 383 1177

wmolony@realtors.org

Regency Centers Increases Funding Capacity with New Credit Agreement

JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG) has entered into a Credit Agreement for a new credit facility in the amount of $341,500,000 for a term of 36 months, with the ability to increase the facility to an amount not to exceed $400,000,000.


The facility is composed of a term loan in the amount of $227,666,667 and a revolving credit facility in the amount of $113,833,333. The Company now has bank credit facilities that total $941.5 million.

The interest rate on the facility is equal to LIBOR plus a margin that is determined in accordance with the Company's long-term unsecured debt ratings. At the time of the closing, the effective interest rate was LIBOR plus 105 basis points for the term loan portion and LIBOR plus 90 basis points for the revolving portion.

Martin E. "Hap" Stein, Jr. (photo top right), Chairman and CEO, said, "This new facility, combined with the Company's existing $600 million credit facility and $1.3 billion of capacity in our co-investment partnerships gives Regency access to approximately $2.2 billion of capital."


Wells Fargo Bank, National Association, was Sole Lead Arranger and Administrative Agent. Wachovia Bank, National Association, was Syndication Agent and JPMorgan Chase Bank, N.A. and Regions Bank were Documentation Agent. Remaining lenders for the new Credit Agreement were PNC Bank, N.A., Sumitomo Mitsui Banking Corporation, SunTrust Bank, Bank of America, N.A., Comerica Bank and The Bank of Ireland.

Regency Centers Corporation (NYSE:REG)

Regency is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. At December 31, 2007, the Company owned 451 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 59.2 million square feet located in top markets throughout the United States.


Since 2000 Regency has developed 187 shopping centers, including those currently in-process, representing an investment at completion of nearly $3.0 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.


Contact:
Regency Centers Corporation, Jacksonville, FL
Lisa Palmer,
904-598-7636
http://www.regencycenters.com/

HFF Miami Hires Michael Sprotzer as Associate Director in Investment Sales Group

MIAMI, FL – HFF (Holliday Fenoglio Fowler, L.P.) has hired Michael Sprotzer (top left photo) in Miami as an associate director in the investment sales group and as a member of the firm’s national multifamily group.

Mr. Sprotzer will focus on multifamily investment sales in the southeastern United States. He has more than three years of real estate experience and recently worked as an acquisitions associate at Ram Development Company where he sourced, underwrote and closed multifamily real estate acquisitions throughout the southeast.

Prior to RAM Development Company, Mr. Sprotzer was a management consultant at RealFoundations, Inc., a real estate consulting firm serving the capital markets, corporate real estate, homebuilding and REIT sectors. He also worked as a summer associate at Apollo Housing Capital, LLC while enrolled as a graduate student at Georgetown University.

He graduated with a Bachelor of Business Administration from Emory University in addition to a Master of Business Administration from Georgetown University. Mr. Sprotzer is active within his community as a tutor at the Catherine Brennan School and as a volunteer for Habitat for Humanity.

“We are delighted to have Michael as a member of our investment sales group and to help expand upon our multifamily platform in the southeastern region of the US,” said Manny de Zárraga, (photo at right) executive managing director in the Miami office of HFF.


Contacts:

Laurie Fish McDowell
Associate Director
HFF One Post Office Square, Suite 3500 Boston, MA 02109
tel 617.338.0990 fax 617.338.2150 http://www.hfflp.com/
lmcdowell@hfflp.com

Manuel A. De Zarraga

HFF Executive Managing Director

305 448 1333
mdezarraga@hfflp.com

HFF Closes sale of and Arranges Financing for 12605 East Freeway in Houston

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it closed the sale of 12605 East Freeway, (right top photo) an 85,506-square-foot, six-story office building in Houston, Texas.

The HFF investment sales team was led by senior managing director Dan Miller and associate director Marty Hogan who marketed the property on behalf of the seller, Bayview USA Holdings. Rockwell Management Corporation purchased 12605 East Freeway free and clear of existing debt for an undisclosed amount.

HFF associate director Matthew Kafka worked on behalf of the borrower, Rockwell Management Corporation to secure acquisition financing.

12605 East Freeway is located on a 2.6-acre site along Interstate Highway 10 close to the Sam Houston Tollway, the 610 Loop and the Port of Houston. The property was renovated from 2000 to 2003 and is 82% leased to Bank of America, The State of Texas and Jim Adler, P.C.
Bayview USA Holdings, LLC is a private, Houston-based real estate company currently focused on build-to-suits for large corporate clients.

Rockwell Management Corporation is a full-service management firm that provides services in due diligence, construction, renovation, marketing, bookkeeping, property and asset management. Rockwell currently manages 21 properties comprised of approximately 6,025 multifamily apartments and condominiums located throughout Texas.

CONTACTS:

Laurie Fish McDowell
Associate Director HFF

One Post Office Square, Suite 3500

Boston, MA 02109
tel 617.338.0990

fax 617.338.2150

http://www.hfflp.com/
lmcdowell@hfflp.com

H. Dan Miller, CCIM, SIOR

HFF Senior Managing Director

713 852 3500

dmiller@hfflp.com

Matthew Kafka

HFF Associate Director

713 852 3500

mkafka@hfflp.com

HFF Marketing Pre-Sale of 300 North Michigan Ave. in Chicago

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) is marketing the pre-sale of 300 North Michigan Avenue,(right top photo) a planned vertical mixed-use development in Chicago.

HFF senior managing director Matthew Lawton and directors Daniel Kaufman and Kenneth Glomb will lead the investment sales team on behalf of the client, Provence Development Group. Investors may purchase the entire development or individual components and will have input in the Project’s Master Plan as well as flexibility to complete the interior architecture of each vertical component to their own specifications. The development is being marketed without an asking price.

Upon completion in the third quarter of 2011, 300 North Michigan Avenue will have 28,912 square feet of retail space on the first two floors, a 300-room hotel on the third through 23rd floors, a 225-unit multifamily component on floors 24 through 52, and a 160-space underground parking garage. The development site is located at the northwest corner of Michigan Avenue and East Wacker Place along Chicago’s “Magnificent Mile”, and is proximate to the Chicago Loop Financial District, Millennium Park, Museum Campus and the Michigan Avenue retail corridor.

“Vertically integrated mixed-use developments have long been a part of Chicago’s urban vocabulary,” said Lawton. “300 North Michigan represents an opportunity to invest in or acquire some or all of the components in a premier high-rise development that is being planned in response to the enormous demand for new retail, residential and hotel space on Chicago’s Magnificent Mile and in downtown Chicago.”

CONTACTS:

Laurie Fish McDowell
Associate Director HFF

One Post Office Square, Suite 3500

Boston, MA 02109
tel 617.338.0990

fax 617.338.2150

http://www.hfflp.com/
lmcdowell@hfflp.com

Kenneth J. Glomb

HFF Director

312 528 3650

kglomb@hfflp.com

Daniel A. Kaufman

HFF Director 312 528 3650

dkaufman@hfflp.com

Matthew D. Lawton

HFF Senior Managing Director
312 528 3650

mlawton@hfflp.com

Record Increase in Multifamily Mortgage Debt Outstanding Led By GSEs

WASHINGTON, DC - The level of commercial/multifamily mortgage debt outstanding grew by 2.6 percent in the fourth quarter, exceeding $3.3 trillion, according to the Mortgage Bankers Association (MBA) analysis of the Federal Reserve Board Flow of Funds data. The total was an increase of $356 billion or 12 percent from the end of 2006.

The $3.3 trillion in commercial/multifamily mortgage debt outstanding recorded by the Federal Reserve was an increase of $84.6 billion from the third quarter 2007. Multifamily mortgage debt outstanding grew to $831 billion, an increase of $28.2 billion or 3.5 percent from the third quarter.

The $28.2 billion increase in multifamily mortgage debt outstanding during the fourth quarter was the largest increase on record, eighty-eight percent of which came from increases in the holdings of the government-sponsored enterprises (GSEs) and Agency-and GSE-backed mortgage pools.

"Fourth quarter increases in the level of mortgage debt outstanding were driven by increases in the holdings of commercial banks and the government-sponsored enterprises (Fannie Mae and Freddie Mac)," said Jamie Woodwell, (photo top right) Senior Director Commercial/Multifamily Research. "Both groups took advantage of capital market disruptions and the lack of CMBS competition to increase their holdings of commercial and multifamily mortgages."

The Federal Reserve Flow of Funds data summarizes the holding of loans or, if the loans are securitized, the form of the security. For example, many life insurance companies invest both in whole loans for which they hold the mortgage note (and which appear in this data under Life Insurance Companies) and in commercial mortgage-backed securities (CMBS), collateralized debt obligations (CDOs) and other asset backed securities (ABS) for which the security issuers and trustees hold the note (and which appear here under CMBS, CDO and other ABS issuers).

Commercial banks continue to hold the largest share of commercial/multifamily mortgages, $1.39 trillion, or 42 percent of the total. Many of the commercial mortgage loans reported by commercial banks however, are actually "commercial and industrial" loans to which a piece of commercial property has been pledged as collateral.

It is the borrower's business income - not the income derived from the property's rents and leases - that drives the underwriting, pricing and performance of these loans. A MBA Research PolicyNote found that among the top 10 commercial real estate bank lenders, 48 percent of their aggregate balance of commercial (non-multifamily) real estate loans were related to owner-occupied properties.

Since the other loans reported here are generally income property loans, meaning that the income primarily comes from rents, the commercial bank numbers are not comparable.

CONTACT:

Jason Vasquez
(202) 557-2950
jvasquez@mortgagebankers.org

Foreclosure Activity Decreases 4% in February, According to RealtyTrac

But Foreclosure Activity Up Nearly 60 Percent From February 2007

IRVINE, CA – RealtyTrac® (http://www.realtytrac.com/), the leading online marketplace for foreclosure properties, has released its February 2008 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 223,651 properties nationwide during the month, a 4 percent decrease from the previous month but still a nearly 60 percent increase from February 2007. The report also shows one in every 557 U.S. households received a foreclosure filing during the month.

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

“The 4 percent monthly decrease this February was similar to the 6 percent monthly decrease we saw in February 2007,” said James J. Saccacio, (photo top right) chief executive officer of RealtyTrac. “However, the year-over-year increase of 60 percent this February was significantly higher than the 19 percent year-over-year increase in February 2007, indicating we have still not reached the peak of foreclosure activity in this cycle.”

Nevada, California, Florida post top state foreclosure rates
Nevada (skyline photo below) continued to document the highest foreclosure rate among the
states, with one in every 165 households receiving a foreclosure filing — more than three times the national average. Foreclosure filings were reported on a total of 6,167 Nevada properties during the month, up 1 percent from the previous month and up 68 percent from February 2007.

California registered the nation’s second highest state foreclosure rate in February, with one in every 242 households receiving a foreclosure filing during the month, and Florida registered the nation’s third highest February foreclosure rate, with one in every 254 households receiving a foreclosure filing during the month. Both states documented foreclosure rates that were more than twice the national average.

Arizona foreclosure activity was up 6 percent from the previous month and nearly 210 percent from February 2007, helping the state’s February foreclosure rate — one in every 264 households received a foreclosure filing during the month — rank fourth highest in the nation.

With one in every 305 households receiving a foreclosure filing in February, Colorado’s foreclosure rate ranked fifth highest among the states despite a 1 percent decrease in foreclosure activity from the previous month. The state’s foreclosure activity was still up nearly 27 percent from February 2007.

Other states with foreclosure rates among the nation’s 10 highest were Michigan, Ohio, Georgia, Indiana and Tennessee.

California, Florida, Texas report highest foreclosure totals
Foreclosure filings were reported on a total of 53,629 California properties in February, the most of any state despite a 6 percent decrease from the previous month. The state’s foreclosure activity was still up 131 percent from February 2007.

With foreclosure filings reported on a total of 32,447 properties, Florida (Miami skyline photo at right) documented the second highest state total in February. The state’s foreclosure activity was up more than 7 percent from the previous month and more than 69 percent from February 2007.

Texas documented the third highest state total — 12,261 properties with foreclosure filings — despite a nearly 17 percent decrease in foreclosure activity from the previous month and a 1 percent decrease in foreclosure activity from February 2007. With one in every 736 households receiving a foreclosure filing during the month, the state’s foreclosure rate ranked No. 17 among the states and was below the national average.

Michigan and Ohio both reported more than 10,000 properties with foreclosure filings in February. Other states in the top 10 in terms of total properties with foreclosure filings reported were Arizona, Illinois, Georgia, Colorado and Nevada.

Contact:

Tammy Chan
Atomic PR
415-402-0230
tammy@atomicpr.com

Lakeville Partners LLC Announces Opening of Holiday Inn Winter Haven, FL

WINTER HAVEN, FL--“We are very excited to bring Winter Haven something fresh and new. Holiday Inn hotels are specifically designed for business and family oriented leisure travelers in need of a full-service lodging experience, and the Holiday Inn Winter Haven fits well within that offering,” said John Merkin, (right photo) senior vice president, Brand Management, Holiday Inn Brands.

“Development in Winter Haven is key in expanding our Holiday Inn consumer base and growing a strong presence in one of America's most popular tourist destinations.”

Julie Korpanty, Intercontinental Hotels Group, senior area manager of Central Florida, stated that the Holiday Inn Winter Haven was the nicest hotel she has in her area.The Hotel is situated in the heart of Central Florida in the downtown district of Winter Haven. The new 69,911 sq.-ft. hotel design debuts a bold change in the room décor’ for the Holiday Inn, creating a warm and inviting atmosphere. Offering a private business center, heated outdoor pool, cardiovascular fitness facility, 24 hour secure key access, and a beautiful state of the art board room with two presentation screens that will accommodate 12.

The hotel is within walking distance to shopping, dining. Just minutes from Cypress Gardens Adventure Park, and within an hour’s drive you can visit Walt Disney World, Busch Gardens and Fantasy of Flight Aviation Museum.

The Holiday Inn/Winter Haven is a first class, full service hotel designed with all the comforts of home. 112 Guest rooms are equipped with spacious work desks, extra lighting, 32” HD-LCD televisions and complimentary wireless high-speed Internet access as well as all the amenities you have come to expect from Holiday Inn. Guests who prefer spacious comfort, may choose one of our luxury king suites. Beautifully enhanced plush bedding provides a new level of comfort for a restful night’s sleep.

On February 13, 2008 the Hotel had a ribbon cutting ceremony, accompanied by Nick Rhinehart Lakeville Partners, LLC. Representative, the Winter Haven Chamber of Commerce, Mayor of Winter Haven, Nate Birdsong and several chamber members as well as the Hotel management staff.

All were very impressed with the openness and retro design of the lobby/restaurant and the spacious guest rooms. Chamber member Jennie Maretti said what a great addition to the Winter Haven community. This is a must see! "The grand opening ceremony, April 24 will include a Chamber of Commerce Business-After Hours reception, catered by Outback Steak House. Hours: 5:30 to 7 p.m.

Contact:

Greg Grimmer

Holiday Inn

200 Cypress Gardens Blvd.

Winter Haven, FL 33880

863 292 2100

First Industrial Realty Trust Acquires 134 Acres in the Orlando Market for Future Development

CHICAGO, IL, PRNewswire-FirstCall/ -- First Industrial Realty Trust, Inc. (NYSE:FR), a leading provider of industrial real estate supply chain solutions, has acquired 134 acres of land for future development just outside of Orlando, FL.

(Top left photo is a new gated community, Cascades at Groveland. Photo at right is Robert Krueger, regional director for First Industrial).

The acquisition and future development of the site, known as "First Park Groveland," will be completed through First Industrial's Development and Repositioning Joint Venture with the California State Teachers' Retirement System (CalSTRS), the second-largest public pension fund in the U.S. with a $175 billion portfolio.

First Park Groveland is located northwest of Orlando, adjacent to the Christopher C. Ford Commerce Park developed by Lake County. The site features frontage on U.S. Highway 27, a major connection between Orlando and Interstate 75, as well as O'Brien Road and American Way. Initial plans for First Park Groveland include expanding the infrastructure and utilities as well as preparing the site for vertical development.

Future development plans include build-to-suit and speculative facilities or select land parcel sales to strategic corporate customers."First Park Groveland will be able to provide supply chain solutions for a variety of our corporate customers' needs due to access to the local transportation network," said Robert Krueger (photo top right), regional director for First Industrial. "In addition, the site features a range of industrial zoning, so the parcel can accommodate multiple facility types."

First Industrial would like to thank David Murphy and Kevin Hoover of CB Richard Ellis for their assistance on the transaction.

First Industrial currently owns, manages and has under construction 2.2 million square feet of industrial space and approximately 296 acres of developable land in Central Florida. Current development projects in Central Florida include a 400,000 square foot distribution center at First Park Bridgewater outside of Tampa.

For more information, please visit us at http://www.firstindustrial.com/.

CONTACT:

Sean O'Neill, SVP,
Investor Relations and Corporate, Communications,
+1-312-344-4401, or

Art Harmon, Director,
Investor Relations and Corporate Communications,
both of First Industrial RealtyTrust, Inc.
aharmon@firstindustrial.com
+1-312-344-4320,

Web site:

http://www.firstindustrial.com/

EPA Names CB Richard Ellis 2008 Energy Star Partner of the Year

CB Richard Ellis Earns Award for Protecting the Environment through Energy Efficiency

TAMPA, FL--The U.S. Environmental Protection Agency (EPA) has named CB Richard Ellis Group, Inc. as a 2008 ENERGY STAR Partner of the Year for outstanding energy management and reductions in greenhouse gas emissions.

CBRE's accomplishments will be recognized at an awards ceremony in Washington, D.C. on April 1, 2008.

Across the U.S., top companies and organizations are continuing to promote strategic energy management through participation in ENERGY STAR.

CB Richard Ellis will be honored for smart energy management practices and investments throughout its operations that resulted in significant energy and financial savings in their managed portfolio. CBRE is the only commercial real estate services firm so recognized this year with a Partner of the Year award.

In Florida, CBRE provides management services for six ENERGY STAR labeled properties. They are Cypress Park West Phase I, Fort Lauderdale, FL; Cypress Park West Phase II, Fort Lauderdale, FL; New River Center, Fort Lauderdale, FL; Sawgrass Lake Center, Fort Lauderdale, Sand Lake IV, Orlando, FL; and SunTrust Center, Orlando.

"We are proud to help owners and tenants to both reduce energy costs and lower their overall environmental impact," says Randy Buddemeyer, (photo top right) CBRE's Managing Director for Asset Services over the state. "We have many programs in place to further assist our clients in achieving their sustainability goals."

In May 2007, CBRE announced a commitment to become carbon neutral in its own operations by 2010-making it the first commercial real estate services company to announce such a goal. In addition, CBRE is assisting its clients with energy efficiency programs at the 1.7 billion sq. ft. of building space it manages around the world.

"Receiving one of the EPA's highest honors within less than a year of our carbon neutrality pledge underscores the extraordinary efforts CBRE's employees and clients have taken to ensure our managed properties are operating at the highest possible levels of environmental and energy efficiency," said David Pogue, (photo top left) Senior Managing Director of CBRE's Asset Services Group and head of the company's green initiative for its 635 million-sq.-ft. U.S. property management portfolio.

"As both a socially responsible organization and the world's largest commercial real estate services firm, we have made a commitment to being a leader in changing the way buildings operate, recognizing that now is the time to act to decrease energy consumption and increase environmental sustainability."

"CBRE's leadership in managing their energy use is a model for other businesses looking for ways to protect the environment," said Robert J. Meyers, (photo at right below) principal deputy assistant administrator for EPA's Office of Air & Radiation.


"Because commercial and industrial facilities account for half of all energy consumption in the U.S. and are responsible for nearly half of U.S. greenhouse gas emissions, energy management is a critical element in our efforts on climate change."

About CB Richard Ellis

CB Richard Ellis Group, Inc. (NYSE:CBG), an S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2007 revenue). With over 29,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate offices).

CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.

In 2007, CB Richard Ellis was named one of the 50 "best in class" companies by BusinessWeek, and one of the 100 fastest growing companies by Fortune. Please visit our Web site at http://cbremarketing.com/ve/ZZh00S7331j8192x81h/stype=click/OID=108311125416760/VT=0.

About ENERGY STAR

ENERGY STAR was introduced by the U.S. Environmental Protection Agency in 1992 as a voluntary market-based partnership to reduce greenhouse gas emissions through increased energy efficiency. Today, ENERGY STAR offers businesses and consumers energy-efficient solutions to save energy, money and help protect the environment for future generations.

More than 9,000 organizations are ENERGY STAR partners committed to improving the energy efficiency of products, homes, buildings and businesses. For more information about ENERGY STAR, visit http://cbremarketing.com/ve/ZZh00S7331j8192x81h/stype=click/OID=308311125416391/VT=0 or call toll-free 1-888-STAR-YES (1-888-782-7937).

Contacts:

Lauren Crawford
813.273.8482
lauren.crawford@cbre.com

Randy Buddemeyer
813.273.8412
randy.buddemeyer@cbre.com

Marcus & Millichap Sells Bethesda at Longwood Assisted Living Care Center for $5M

TAMPA, FL – The sale of Bethesda at Longwood Assisted Living Care Center (top right photo) was announced by Steven M. Ekovich, First Vice President and Regional Manager for the Tampa, Florida office of Marcus & Millichap Real Estate Investment Services.

The property sold for $5,000,000 to Mr. & Mrs. Bagsiyao, private investors based out of Kissimmee, Florida. The seller, Mr. Neil Buck has owned the property since 2003. Ken Carriero and Damien Carriero of Marcus & Millichap’s Tampa office represented the seller in the transaction.

Bethesda at Longwood is located at 480 East Church Street in Longwood, Florida. The facility is licensed for 90 beds and has 80 units, of which 17 units and 34 beds are devoted to memory care. Originally built in 1969, the facility suffered widespread damage during the 2005/06 hurricane season.

Forty percent of the building was renovated, with the remaining 60% being remodeled at the same time. Mr. & Mrs. Bagsiyao have extensive experience in operating this type of facility and are currently operating facilities in Florida, New Jersey and New York. The sales price of $5,000,000 represents $62,500 per unit, $55,555 per bed and $135.00 per square foot with a cap rate of 9.6%.

Contacts:
Sue Sampson
Brokerage Administrator/CAST
Marcus & Millichap
7650 Courtney Campbell Causeway
Suite 920
Tampa, FL. 33607
Phone: (813) 387-4700
Fax: (813) 387-4710

Steven M. Ekovich

Marcus & Millichap

813 387 4700

Tenants, Investors Target Office Properties in Downtown Milwaukee

MILWAUKEE — The Milwaukee office market is expected to face a year of mixed performance in 2008 as employers trim payrolls and developers accelerate deliveries of new space, according to the 2008 National Office Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Much of the demand for office space will be centered in the Downtown Milwaukee submarket, as a growing number of companies are moving their headquarters into the city center.

Also included in the report is the firm’s annual National Office Index (NOI), a snapshot analysis that ranks 43 office markets based on a series of 12-month forward-looking supply and demand indicators. Milwaukee moves down three places this year to No. 41.

“After slowing considerably in 2007, investment activity for local office assets has reached a sustainable pace,” says Matthew Fitzgerald, (photo at right) regional manager of Marcus & Millichap’s Milwaukee office. “Much of the market’s appeal comes from initial yields in the high-7 percent range, a healthy premium more than the national average.”

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

· Office construction will accelerate to 900,000 square feet in 2008, boosting stock by 3.1 percent.
· Vacancy is forecast to end the year at 14.3 percent.
· Asking rents will reach $19.52 per square foot by year-end 2008, a gain of 2.8 percent.
· Effective rents will advance to $16.02 per square foot, an increase of 2.8 percent.
· Institutional investors will maintain their focus on higher-quality assets that are priced below replacement costs.

In the 2008 NOI, Seattle moved up three places to secure the No. 1 spot, surpassing last year’s leader New York City, which slipped to No. 2. Boston moved up two spots to No. 3, while San Francisco jumped 12 places to the No. 4 position. Los Angeles slipped two spots, coming in at No. 5. For a copy of Marcus & Millichap’s National Office Report and the complete NOI rankings, visit www.MarcusMillichap.com.

Contact:
Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710
http://www.marcusmillichap.com/

Despite Short-Term Rise in Miami Office Vacancy, Investors Brace for Long-Term Recovery

MIAMI — Softer demand will result in a higher vacancy rate and a more moderate pace of rent growth in Miami-Dade County this year, although conditions remain relatively healthy, according to the 2008 National Office Report by Marcus & Millichap, the nation’s largest real estate investment services firm. Vacancy will rise this year, but the long-term outlook is positive, as demand is expected to rebound in 2009.

Also included in the report is the firm’s annual National Office Index (NOI), a snapshot analysis that ranks 43 office markets based on a series of 12-month forward-looking supply and demand indicators. Miami moves down six places this year to No. 23.

“Properties located in infill areas in North Miami-Dade County, Hialeah and Kendall will become attractive defensive investments due to the area’s histories of steady tenant demand and difficulty adding new supply,” says Kirk A. Felici, regional manager of Marcus & Millichap’s Miami office.

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

· Local employers are projected to add 10,300 workers in 2008, a 1 percent increase.
· Builders are expected to complete 600,000 square feet of for-lease space.
· Vacancy is forecast to end the year at 9.7 percent.
· Asking rents are forecast to advance 4.6 percent to $30.32 per square foot.
· Effective rents will add 4.1 percent to $26.01 per square foot.

In the 2008 NOI, Seattle moved up three places to secure the No. 1 spot, surpassing last year’s leader New York City, which slipped to No. 2. Boston moved up two spots to No. 3, while San Francisco jumped 12 places to the No. 4 position. Los Angeles slipped two spots, coming in at No. 5. For a copy of Marcus & Millichap’s National Office Report and the complete NOI rankings, visit http://www.marcusmillichap.com/.

CONTACT:
Stacey Corso
Public Relations Manager
Marcus & Millichap

2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710
http://www.marcusmillichap.com/

Moderate Economic Growth Supports Demand for Office Space in Los Angeles

LOS ANGELES — Modest economic expansion in 2008 will continue to support tenant demand for office space in os Angeles County, according to the 2008 National Office Report by Marcus & Millichap, the nation’s largest real estate investment services firm. Employers are expected to add jobs at a fairly steady pace, and the metro will record another year of positive absorption, albeit more modest than in recent years.

Also included in the report is the firm’s annual National Office Index (NOI), a snapshot analysis that ranks 43 office markets based on a series of 12-month forward-looking supply and demand indicators. Los Angeles moves down two places this year to No. 5.

“Office investors will continue to target assets in Los Angeles County this year, however, velocity may slow due to tighter underwriting standards,” says Scott Lamontagne, regional manager of Marcus & Millichap’s Los Angeles office.

Following are some of the most significant aspects of the Los Angeles Office Research Report:

· · Employers are forecast to create 23,000 positions.
· · Deliveries are expected to total 2.1 million square feet.
· · Vacancy is projected to end the year at 9.6 percent.
· · Asking rents are forecast to reach $34.74 per square foot, a gain of 6.8 percent, while effective rents will rise 7.1 percent to $30.31 per square foot.
· · Properties in the San Fernando Valley will remain popular with investors again this year.

In the 2008 NOI, Seattle moved up three places to secure the No. 1 spot, surpassing last year’s leader New York City, which slipped to No. 2. Boston moved up two spots to No. 3, while San Francisco jumped 12 places to the No. 4 position. For a copy of Marcus & Millichap’s National Office Report and the complete NOI rankings, visit www.MarcusMillichap.com.

Contact:
Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710www.marcusmillichap.com

Meridian Capital Group Arranges Financing for Strip Center in Hialeah, FL

HIALEAH, FL - Meridian Capital Group has arranged a loan in the amount of $2,100,000 for the purchase of a strip center on 28th Ave in Hialeah. Seth Grossman of Meridian’s Florida office secured a non-recourse loan at a rate of 6% fixed for 10 years.

In addition, Meridian negotiated an interest-only term for the first portion of the loan to give the borrower time to increase the property’s cash flow.

“It’s a good feeling, “Mr. Grossman said, “ when even the borrower is surprised at how favorable the loan terms are, especially in this market.”

Contact:

Dani Sabesan

dsabesan@meridiancapital.com

212 612 0109