Heidi Adams Named Among Top Women in Florida Commercial Real Estate

ORLANDO, FL – Heidi C. Adams, Director of Leasing for Winter Park-based Taurus Southern Investments, LLC, a subsidiary of Boston-based Taurus Investment Holdings, LLC, was prominently named among The Top Women in Florida Commercial Real Estate for 2008 by Florida Real Estate Journal.

Among 21 professional women statewide to be honored at a

reception this fall, Adams co-brokered an impressive $68 million in transactions during 2007, and was earlier named among Orlando Business Journal’s 2007 “Forty Under 40” most successful young business professionals.

Notably, Adams co-brokered Taurus’ $50.4 million portfolio sale of four office buildings at the Central Florida Research Park (photo at left) in Orlando, and her portfolio responsibilities also include nearly 1.5 million square feet of developed space in Orlando and Jacksonville.

Specializing in high technology, simulation and bio-tech tenancies, Adams numerous 2007 multi-year leases included VaxDesign, Infrasafe, Teranex, Rockwell Collins, GSA and others.

Taurus Southern Investments, LLC, is headquartered at 1560 Orange Avenue, Suite 410, Winter Park, FL. For more information, visit http://www.tiholdings.com/.

CONTACT:
Kenneth H. Cristol, President, Cristol Marketing Company, 237 Hunt Club Blvd., Suite 102, Longwood, FL 32779 USA, PH 407-774-2515, FX 407-774-6647, khc@crismktg.com and http://www.crismktg.com, Strategic Marketing, Brand Management, Publicity and Advertising, and Corporate Communications

Marcus & Millichap Lists Historic Silk Mill in Petaluma, CA for $6.25M

Petaluma’s city council plans to vote on the General Plan in May, which will pave the way for major revitalization efforts in the CBD.

PETALUMA, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for The Silk Mill (photo above and at left) at 450 Jefferson St., a 39,317-square foot historic structure in Petaluma.

The listing price of $6.25 million represents $159 per square foot.
John Redwine, an investment specialist in the San Francisco office of Marcus & Millichap, and Vincent Schwab, a senior vice president of investments also in the firm’s San Francisco office, are representing the seller, the Petaluma Preservation Group.

“Designed by famed architects Charles Havens and Brainerd Jones, this Georgian Colonial Revival building, with its classic brick construction and distinct three-story towers, is perfectly suited for an adaptive re-use,” explains Redwine.

“The building is listed on the National Register of Historic Places, which could allow a new investor certain tax benefits for rehabilitation. Due to the explosion of recent development in Petaluma, this property should be particularly attractive to both local and out-of-state developers and users.”

(Other Petaluma structures listed in the National Register of Historic Places are the Opera House at right, built in 1870, and the Carnegie Library, at left, constructed in 1906. However, they are not current Marcus & Millichap listings.)

Originally constructed in 1892, this (Silk Mill) property staked its claim as the only Silk Mill west of the Mississippi. In addition, this structure is believed to be the only building north of San Francisco designed in the Georgian Colonial Revival style, a common motif among the 19th century silk mills of New England.

The city of Petaluma plans to vote next month on a new General Plan, a blueprint for the city’s growth through 2025, demonstrating the city’s commitment to revitalizing its commercial business district.

(At right, the Petaluma skyline shows a summer view from Petaluma looking toward the southwest slop of Sonoma Mountain. Photo by Scott Hess.)

“The sale of the Silk Mill building is a key part of that plan because it would contribute to the transformation of a city block in an area near downtown Petaluma that is slated for major redevelopment,” explains Skip Sommer, general partner of the Petaluma Preservation Group. “There is overwhelming support by the city and its residents to salvage the building.”

According to Marcus & Millichap, the new owner will retain the original shell of the property, in an effort to maintain the historic integrity of Petaluma. As an adaptive re-use property, the asset will be repositioned to meet the demands of the growing Petaluma community. The asset could be redeveloped into an office, retail, hotel, self-storage or light industrial space.

Redwine says its best use would be a mixed-use project, or a luxury residential project with up to 30 lofts and additional townhome units.

The Silk Mill is situated on 1.45 acres, just three blocks from downtown Petaluma, two blocks from the Theatre District and two blocks from the city’s new transit center.

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/

Grubb & Ellis Company Reports First Quarter 2008 Results

SANTA ANA, CA /PRNewswire-FirstCall/ -- Grubb & Ellis Company (NYSE:GBE), a leading real estate services and investment firm, has reported revenue of $160.6 million for the first quarter of 2008.

The Company reported a net loss of $5.9 million, or $0.09 per fully diluted share, for the first quarter. The loss is primarily due to charges related to the previously announced write-off of the Company's investment in Grubb & Ellis Realty Advisors, as well as merger-related and integration costs resulting from the Company's recent merger with NNN Realty Advisors, LLC.

"In a difficult market environment, each of our individual businesses benefited from our ability to leverage the Grubb & Ellis brand as well as synergies created by the expanded platform that resulted from our merger with NNN Realty Advisors," said Scott D. Peters, (top right photo) Chief Executive Officer of Grubb & Ellis Company.

"We believe that our performance as a combined entity was clearly stronger than it would have been as separate entities. We continue to focus on strengthening our market presence, eliminating redundancies and creating operating efficiencies as part of our overall strategy to make Grubb & Ellis a best in class real estate services firm."

(For a detailed copy of the company's news release, please contact Janice McDill, +1-312-698-6707, janice.mcdill@grubb-ellis.com. Web site: http://www.grubb-ellis.com/)

CB Richard Ellis Awarded Exclusive Listing Agreement With Continental Properties

ORLANDO, FL - CB Richard Ellis, leader in commercial real estate services worldwide, is pleased to announce the exclusive retail listing with Continental Properties Company, Inc.

Headquartered in Milwaukee, Wisconsin, with offices in Jacksonville, Florida; Phoenix, Arizona; and Cincinnati, Ohio; Continental develops, builds and manages retail, multifamily, and hospitality projects across the country.

Jorge Rodriguez, CCIM, and James Mitchell, Senior Associate, are representing the owner to lease the 3 Kohl's anchored shopping centers owned by Continental Properties Company, Inc. in Sanford, Oviedo, and Tavares.

The Sanford location includes a total of 15,000 square feet of small shop space starting at 1,400 square feet. There are three single-tenant outparcels available for ground lease or sale. In the Oviedo location there is space available for junior tenants up to 50,000 square feet, 13,000 square feet of small shop space and 3 single-tenant outparcels.

Finally, the Tavares location currently has 90,000 square feet under construction and is scheduled to open during October 2008. There is a total of 14,000 square of available retail space with small shop space starting at 1,400 square feet. A single-tenant deal is currently pending for the one-acre outparcel in that location.

Jorge Rodriguez shares his thoughts on this new representation saying, "I'm very excited to participate on this assignment with James Mitchell to serve Continental Properties.

"CB Richard Ellis' platform allows us to structure a leasing strategy that integrates several different tactics considering the junior anchor and small shop opportunities by grouping the assets to appeal to select retailers that are seeking to target the dense surrounding communities."

This is a 400,000 square foot retail portfolio win for CB Richard Ellis. Rodriguez and Mitchell have begun marketing the available space and are positive about the opportunities these shopping centers bring to the individual market areas.

CONTACTS:

Jessica Wilhoite, 407 839 3158, jessica.wilhoite@cbre.com

James Mitchell, 407 404 5024, james.mitchell@cbre.com

Jorge Rodriguez, 407 404 5014, jorge.rodriguez@cbre.com

Harkins Development Corp. Ranked 147th Largest Among Southeast's Top Contractors

ORLANDO, FL – Harkins Development Corporation, the full-service development and general contracting division of Orlando-based Harkins Companies, is prominently ranked 147th largest among “The Southeast’s Top Contractors” according to Southeast Construction Magazine published April 2008. Headed by Matt Harkins, president, the company reported 2007 revenues totaling $25 million.

CONTACT:

Kenneth H. Cristol, President, Cristol Marketing Company,237 Hunt Club Blvd., Suite 102, Longwood, FL 32779 USA, PH 407-774-2515, FX 407-774-6647 khc@crismktg.com and http://www.crismktg.com/ Strategic Marketing, Brand Management, Publicity and Advertising, and Corporate Communications

HFF Closes Sale of and Financing for 181,601-SF Fort Worth Office Building

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of Ridglea Bank Building,(above photo) an 181,601-square-foot office building in Fort Worth, Texas.

The Dallas office of HFF exclusively represented the seller, a partnership between Dallas-based Cawley Partners and New York-based Greenstreet Real Estate Partners, in the transaction. HFF also arranged acquisition financing for the purchaser, GNL Properties, through GE Real Estate.

The 12-story Ridglea Bank Building is currently 98% leased and has strong historical occupancy. Located at 6300 Ridglea Place in Fort Worth, the property is off Camp Bowie Boulevard adjacent to the Ridglea Country Club entrance and minutes from Interstate 30 and Loop 820. The property has 594 parking spaces and garden-like landscaping.

Cawley Partners has more than 20 years of multi-market experience in tenant representation, investment, development, acquisition and disposition. Based in Dallas, Texas, the company continues to invest in functional, well-located office, industrial and mixed-used assets below replacement cost with good appreciation potential in targeted metropolitan areas throughout the United States.

For more information about Cawley Partners, visit http://www.cawleypartners.com/.

HFF (NYSE: HF) operates out of 18 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, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.

CONTACTS:

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

lmcdowell@hfflp.com/

Andrew S. Levey, HFF Senior Managing Director, (214) 265-0880,
alevy@hfflp.com

Foreclosure Activity Increases 4% in April, According to RealtyTrac(r) U.S. Foreclosure Market Report

Foreclosure Activity Up 65 Percent From April 2007

IRVINE, CA – May 14, 2008 – RealtyTrac® (http://www.realtytrac.com/), the leading online marketplace for foreclosure properties, today released its April 2008 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 243,353 properties, a 4 percent increase from the previous month and a nearly 65 percent increase from April 2007.

(For a detailed city-by-city copy of RealtyTrac's news release, please contact Heather Pond, Atomic Public Relations, (415) 402-0230, heather@atomicpr.com)

The report also shows one in every 519 U.S. households received a foreclosure filing during the month.

. "The total number of U.S. properties with foreclosure activity in April was the highest monthly total we've seen since we began issuing the report in January 2005," said James J. Saccacio, (top right photo) chief executive officer of RealtyTrac.

"Although only about 2 percent of households nationwide are in foreclosure, these properties contribute to already bloated inventories of homes for sale, and put downward pressure on home values. Areas of California, Florida, Nevada and Arizona continue to be particularly hard-hit. Property tax bases are eroding, putting municipal budgets in peril.

"For example, the city council in Vallejo, (map at right) California - part of a metropolitan area with a foreclosure rate that ranked sixth highest in the nation in April - last week voted to have the city file for bankruptcy."

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 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

HFF Closes Sale of 675 Bering Drive in Houston

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it closed the sale of 675 Bering Drive, a 135,680-square-foot office building plus a six-level, 386-space parking garage in Houston, Texas.

(Simon Property Group's Galleria Mall, fourth largest in the U.S., is at right)

HFF senior managing director Dan Miller and associate director Marty Hogan led the investment sales team exclusively on behalf of the seller, Goddard Investment Group. Griffin Partners 675 Bering L.P. purchased the property for an undisclosed amount free and clear of debt.

675 Bering Drive is an eight-story office building that is 70.2% leased to tenants including First Investors, Foster & Associates and Café Express. Recent property upgrades have been made to the lobby, bathrooms and elevators, as well as the exterior landscaping.

Situated on two acres, 675 Bering Drive is located close to Interstate Highway 10, Loop 610, Woodway, Memorial Drive and Westheimer, which provide access to all areas of Houston.

“675 Bering Drive has significant upside potential through the lease up of 35,800 square feet of contiguous vacant space on the 4th and 5th floors that has spectacular views of the central business district and Galleria skylines, and the green space of the Tanglewood and Memorial neighborhoods,” said Miller. “This is currently one of the largest blocks of contiguous space in the submarket.”

Goddard Investment Group is an Atlanta-based real estate investor that has been investing in Houston office properties for a number of years.

CONTACTS:

Laurie Fish McDowell, HFF Associate Director, Marketing 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

Martin T. Hogan, HFF Associate Director, 713 852 3500, mhogan@hfflp.com

FAR Says Florida's Existing Condo Sales Improve in 1Q 2008 Compared to 4Q 2007

ORLANDO, FL, PRNewswire/ -- Florida Realtors(R) reports positive signs in their local housing markets during first quarter 2008, noting a slower rate of expansion for inventory levels and an increase in pending home sales (based on contracts signed but not closed) in some areas.

In another positive note: Sales of existing condominiums improved from fourth quarter 2007 to first quarter 2008, according to the latest housing statistics from the Florida Association of Realtors(R) (FAR).

A total of 8,581 existing condos sold statewide in 1Q 2008, an 8.3 percent increase over 4Q 2007 when 7,923 units sold.

"If we look at what is happening month-over-month for 2008, it appears that the bottom [of the housing slowdown] may be here," says 2008 FAR President Chuck Bonfiglio (top left photo). "We are now seeing more activity, more sales and even prices starting to rise in some markets. So I believe that there are some really good signs in many areas of our state."

Looking at the year-to-year quarterly comparison, a total of 25,443 single-family existing homes changed hands during the three-month period, a decrease of 26 percent compared to 34,298 homes sold during the same time a year earlier, according to FAR records.

The statewide existing-home median sales price was $202,300 in the first quarter; a year ago, it was $238,900 for a decrease of 15 percent.

In 2003, the first-quarter statewide median sales price was $145,600, which reflects an increase of 38.9 percent over the five- year period. The median is a typical market price where half the homes sold for more, half for less.

To gain insight into current trends in Florida's real estate industry, the University of Florida's Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts. The first quarter 2008 survey, released in March, found the outlook for Florida remains stable because of the state's fundamentals of good climate and in-migration.

"It sounds like an old song re- sung, but our respondents are still keeping the faith in the real estate market," said Wayne Archer, (right middle photo) director of UF's Bergstrom Center for Real Estate Studies.

In a year-to-year quarterly comparison for condo sales, 8,581 units sold statewide for the quarter compared to 11,116 in 1Q 2007 for a 23 percent decrease. The statewide existing-condo median sales price was $178,400 for the three-month period; in 1Q 2007, it was $216,100 for a 17 percent decrease.

Continuing low mortgage rates remain another positive influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 5.88 percent in first quarter 2008; one year earlier, it averaged 6.22 percent.

The latest industry outlook from the National Association of Realtors(R) (NAR) predicts that home sales activity will remain flat for the next couple months before improving over the summer.

The extent of an expected recovery hinges on better access to affordable loans, according to NAR Chief Economist Lawrence Yun (photo at right).

"Things are beginning to improve, but the availability of affordable mortgages is uneven around the country and sometimes within metropolitan areas," Yun said. "As anticipated, we continue to look for a soft first half of the year, for both housing and the economy, before notable improvements in the second half. Some time is needed for FHA and new conforming jumbo loans to become widely available."

(For a complete copy of FAR's news release, please contact
Marla Martin, Communications Manager, +1-407-438-1400, ext.2326, or Jeff Zipper, Vice President of Communications, +1-407-438-1400, ext.2314, both of Florida Association of Realtors(R)

Realtors(R) Increasing Professionalism, Survey Shows

WASHINGTON, DC, May 14, 2008/PRNewswire-USNewswire/ -- Realtors(R) are raising their level of professionalism through training and experience to better serve consumers, and are demonstrating their versatility and breadth of expertise in a changing marketplace, according to 2008 National Association of Realtors(R) Member Profile.

(For a detailed copy of NAR's news release, please contact Walter Molony, 1 202 383 1177, wmolony@realtors.org. NAR web site, http://www.realtor.org/)

The survey results are representative of more than 1.2 million Realtors(R) - about 60 percent of the nearly 2 million active real estate licensees across the country.The number of members holding at least one professional designation increased by nearly 21,000 over the past year, reaching a total of more than 428,000 - more than one-third of NAR's entire membership.

The median expense for professional development for the typical member was $710 in 2007.NAR President Richard F. Gaylord, (top right photo) a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said the association membership isn't limited to residential brokerage.

"While three-fourths of NAR members specialize in residential real estate, almost all of them have secondary specialties," he said. "For example, Realtors(R) are in areas as diverse as relocation, commercial brokerage, property management, land development, appraisal, counseling and other real estate specialties like international and auction."

Overall membership edged down 1.5 percent from a record in 2006, and is still historically high. The survey shows the typical member is 52 years old, works 40 hours per week and specializes in residential brokerage; 60 percent are women.

The median Realtor(R) income was $42,600 in 2007, down from $47,700 in 2006. In recent years, the typical member's income had been diluted by a large growth in membership, and income trended down since peaking in 2002.

Members licensed as brokers earned a median of $65,200 in 2007, while sales agents earned $31,000.

Paul Bishop, NAR's managing director of real estate research, said the typical member is increasing his or her professionalism over time through a variety of tools provided by NAR that help them better serve consumers.

"Our members build their business through repeat customers and referrals, and the longer they're in the business the higher their income, education and experience, meaning they are better prepared to serve consumers and handle market changes," he said.

Realtors(R) in the business for two years or less earned a median of $10,500, while those with three to five years of experience earned $34,600. For six to 15 years, the median was $52,000, while members in the business for 16 years or more earned $69,500. The typical NAR member has been in the business for eight years, up from seven years in 2006.

Mercantile Commercial Capital, LLC Reports it Closed Five commercial loans in April Worth $5 million

ALTAMONTE SPRINGS, FL--- Mercantile Commercial Capital, LLC, which specializes in U.S. Small Business Administration (SBA) 504 loans for small business owners, reported it closed five commercial loans in April that totaled $5 million.

“As banks tighten their commercial lending criteria, SBA 504 loans are becoming an increasingly important factor in area economic expansion,” said Christopher Hurn, president and chief executive officer of Mercantile Commercial Capital. (Hurn, left, and partner Geof Longstaff are in top right photo)

“Of all the capital market alternatives, SBA 504 is the one most focused on creating new jobs and facilitating regional economic growth,” Hurn said.

Mercantile Commercial’s April loans included:

• $256,500 to Miller & Meyer, Inc. dba Essential Elements, a holistic health care provider, to acquire a 1,700-square foot facility in St. Petersburg, Fla. with 90 percent loan-to-cost financing, a 25-year, fully-amortizing term and a below-market five-year fixed interest rate;

• $195,000 to Solano, Aviles, Kozlowski, LLC, an accounting firm, to refinance its 2,115-square foot Orlando office building with 60 percent loan-to-value financing, a 25-year, fully-amortizing term and below-market five-year fixed interest rate;

• $2,103,750 to Kid’s Domain, LLC, a child care provider, to develop a 6,600 square-foot Leesburg, Va. day care center with 85 percent loan-to-cost financing, a 25-year, fully-amortizing term and a below-market, five-year fixed interest rate;

• $711,000 to LNZ, LLC dba Scrub-A-Dub and Laundry Basket, to acquire two coin-operated laundry facilities totaling almost 5,000 square feet of space in Syracuse and North Webster, ¬Ind. with 90 percent loan-to-cost financing, 25-year, fully-amortizing terms and below-market five-year fixed interest rates;

• $1,639,800 to Euro Sports, LLC dba Arthur J. Debaise, MD, PA, to acquire a 6,500 square-foot medical office building in Winter Park, Fla. with 90 percent loan-to-cost financing, a 25-year, fully-amortizing term and a below-market five-year fixed interest rate.

Three of the firm’s April loans were referred to the company by referral partners, including Miller and Meyer (ACE correspondent Pati Williams in south Tampa), Kid’s Domain (Ryan Goldacker of Legacy Lending Group, Inc.) and Euro Sports (Ersi Braun, Mercantile Commercial’s Referral Partner of the Month).

For more information please contact

Robin Lashley, Marketing Manager Mercantile Commercial Capital, LLC 407-786-5040

Chris Hurn, President / CEO Mercantile Commercial Capital, LLC 407-786-5040

Geof Longstaff, Chairman Mercantile Commercial Capital, LLC 407-786-5040

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Grubb & Ellis|Commercial Florida Negotiates Land Sale in Tampa, FL

TAMPA, FL – Grubb & EllisCommercial Florida has brokered the sale of 1.10 acres in Tampa, FL.

Jan Boltres, CCIM and Mike Scott, principals and vice presidents in the company’s Industrial Group negotiated the sale of 1.10 acres located at 5172 W. Sligh Ave. in Tampa, FL. Boltres and Scott represented the seller, MDG Investments, LLC, The site was purchased by WCP Property Holdings, LLC.

For more information, contact:
Jan Boltres, CCIM, Grubb & EllisCommercial Florida 813-830-7889, jboltres@commercialfl.com;
Mike Scott, Grubb & EllisCommercial Florida 813-830-7888, mailto:randretta@commercialfl.com
Larry Lietzman, Grubb & EllisCommercial Florida, 813-639-1111

$149.54M Construction Loan Arranged by HFF for Class AA Office Development in Denver, CO

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged a $149.54 million construction loan for 1800 Larimer, (photo above) a 495,998-square-foot Class AA, Platinum LEED pre-certified office development in Denver, Colorado.

HFF senior managing director Trey Morsbach (top right photo)and associate director Clint Corn worked exclusively on behalf of Westfield Development Partners to secure the 42-month, adjustable-rate loan through Wachovia Bank, N.A.

Westfield Development Partners is the development arm of Denver-based Frederick Ross Company.
The planned 22-story office tower, which is scheduled for completion in 2010, is approximately 70% pre-leased to tenants including Xcel Energy, Frederick Ross Company and Citywide Bank.

The site is situated on a half city block between 18th and 19th Streets at Larimer Street, on the edge of Denver’s Lower Downtown area. The building will feature a raised floor air distribution system, fitness center, conference room and garden terrace.

“Given the property’s strategic site and state-of-the-art amenity base, 1800 Larimer is well positioned to capitalize on a dynamic market and set new standards for office product in Denver,” said Morsbach.

CONTACTS:

Laurie Fish McDowell

HFFAssociate Director, Marketing

One Post Office Square, Suite 3500

Boston, MA 02109

tel 617.338.0990

fax 617.338.2150

http://www.hfflp.com/

lmcdowell@hfflp.com

John W. Morsbach III
HFF Senior Managing Director
(214) 265-0880
tmorsbach@hfflp.com