Oklahoma City Apartment Sector Fueled by Healthy Economy

OKLAHOMA CITY, OK— The apartment market in Oklahoma City will perform well throughout this year, underpinned by healthy employment growth, ongoing correction in the lending markets and little new construction, according to a first-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

The local economy is being supported by rising oil prices
and profitable energy companies.

“Apartment fundamentals remain healthy, and initial yields are still high enough to attract capital to the Oklahoma City market,” says Gary R. Lucas, (top right photo) regional manager of the Oklahoma City office of Marcus & Millichap.

Following are some of the most significant aspects of the Oklahoma City Apartment Research Report:

· Employers are expected to expand payrolls by 5,000 positions this year, a 0.9 percent increase.

· Builders are projected to bring approximately 200 units online in 2008.

· Vacancy is forecast to fall 30 basis points to 8 percent by year end, its lowest level since 2001.

· Asking rents are expected to increase 3.4 percent to $537 per month this year.

· Effective rents will advance 3.5 percent to $510 per month.

For a copy of the complete Oklahoma City Apartment Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/ or contact Stacey Corso, Communications Department, Marcus & Millichap, (925) 953-1716

GSU Students Win REIAC Challenge

From left, Nick West, Professor Julian Diaz, Seth Coan, Andrea Ivory and Paul Welch Goggins.

ATLANTA, GA – Four graduate students from the Department of Real Estate at Georgia State University have received $1,000 each for envisioning an environmentally-friendly residential community along the BeltLine.

The Southeast Chapter of the Real Estate Investment Advisory Council REIAC hosted the yearly REIAC Challenge at Georgia State University on April 24. Each of the four competing teams chose a brownfield parcel in the Boulevard Crossing area that would both match the overall vision for the Beltline and deliver high returns to investors.

Winning team members Seth Coan, Paul Welch Goggins, Andrea Ivory and Nick West (above group photo) designed a $30 million, 250-unit luxury apartment community called “Hamilton Plaza Apartments,” which would theoretically be built on a 3.6 acre Grant Park site. The “green” community would be constructed to LEED standards.

“We are very grateful to REIAC for its support of this case competition,” said Julian Diaz, III, Ph.D., Chair of the Real Estate Department. “This is a wonderful opportunity to reinforce classroom learning with real world problems. The value to our students and therefore to the community is clearly significant.”

Judges for the competition included K. C. Boyce, (left bottom photo) Senior Project Manager with Atlanta BeltLine, Inc.; Paul Vespermann, Director of Real Estate for Atlanta BeltLine, Inc.; Simon Bloom (top right photo) and Stephanie Dyer, (top left photo) Partners at The Bloom Law Firm; Jon Callaghan, (photo at left) Director of Real Estate and Added Values for RMK Timberland Group; Kurt Wassenar, Vice President of ING Investment Management; and REIAC Board member Paul Gallimore, a Professor in GSU’s Department of Real Estate in the Robinson College of Business.

Several other top real estate executives donated their time to help coach the teams. They include Stephen DeVinney, Principal of Goddard Investment Group; Peter Mitchell, Vice President Acquisitions for Wells Real Estate Funds; Michael Pelt, President of MDH Partners; and Mitchell Powell, CFO of The Integral Group, and member of the REIAC Board.

The Real Estate Investment Advisory Council (REIAC) is a national nonprofit trade association that provides an open forum for the exchange of ideas, concerns and experiences between professionals who conduct commercial real estate transactions.

The organization is comprised of real estate owners and senior executives of institutions and real estate investment firms who, acting as principals, are primarily engaged in the areas of equity transactions and debt origination. (Georgia State University building is at right below)

REIAC also provides opportunities for improving the knowledge and professional standards within the industry; and acts as a vehicle for community service. For more information visit http://www.reiac.org/.
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Media Contact: Terri Thornton, 404-932-4347, TerriThornton@mindspring.com

Alabama Adventure Amusement Park Acquired by Adrenaline Family Entertainment, Inc.

BESSEMER, AL/PR Newswire/ -- Adrenaline Family Entertainment, Inc. has acquired Alabama Adventure (above and top left photos) in Bessemer, Alabama.

Adrenaline Family Entertainment is a theme park operating company made up of former seasoned senior Six Flags Inc. executives and majority owned by Angelo, Gordon & Co., an alternative investment management firm with more than $18 billion of assets under management.

Adrenaline Family Entertainment's CEO, Hue Eichelberger, was previously an Executive Vice President at Six Flags responsible for overseeing that company's operations in the eastern half of North America.

Eichelberger commented, "The acquisition of Alabama Adventure was based on the quality of the Park, the impressive turnaround under the seller's ownership, the strength of the greater Birmingham market and the potential for significant growth."

Alabama Adventure is the second Park purchased by Adrenaline in the past year and fits its business model of acquiring and operating high quality entertainment venues in strong regional markets.

The seller, Southland Entertainment, LLC, acquired the park in 2003 and has since invested substantial capital, including new rides and attractions. Southland will now turn its attention and resources to the development of the adjacent 157 acre parcel for which preliminary development plans include a hotel/indoor waterpark project, a possible RV park project and other commercial and retail development.

Southland President, Kent Lemasters, stated, "Our decision to sell the Park was based not only on our desire to develop the real estate around the park, but it was also important for us to sell to someone who has the resources and experience to expand the park."

Adrenaline Family Entertainment's resources, operating experience and capital investment plan are expected to contribute to an improved park experience.

Eichelberger, the Company's CEO, said, "We are committed to delivering top quality family entertainment to our visitors and are excited to show the people of the great state of Alabama what we can do."

Alabama Adventure is currently open weekends and will begin fulltime operation May 22nd.

CONTACT: Brian McDuff, +1-205-481-4750 ext. 230, for Adrenaline FamilyEntertainment, Inc.

Point2 Technologies and RealtyTrac Enter Marketing Partnership

Deal Provides 1.2 Million Monthly Visitors on www.Point2Homes.com with Access to RealtyTrac Foreclosure Listings

SASKATOON, SK, Canada and IRVINE, CA – Point2 Technologies Inc. (“Point2”), the industry’s largest independent provider of website and listing syndication software for real estate professionals, and RealtyTrac Inc.

(http://www.realtytrac.com/), the leading online marketplace for foreclosure properties, announces a marketing partnership agreement that aims to extend both organizations’ market reach and exposure while establishing new revenue streams at the same time.

Under the deal, Point2 will integrate access to RealtyTrac foreclosure listings, on http://www.point2homes.com/. The integration will enable the site’s growing community of nearly 1.2 million unique monthly visitors to access and research the latest foreclosure and bank-owned properties in the United States, as well as related market data, through a simple subscription process.

“With interest in foreclosures unabated, our partnership with the industry’s leading provider of pre-foreclosure and bank-owned properties makes the consumer experience on Point2 Homes that much more valuable and comprehensive and it creates a new lead generation channel we can potentially leverage to drive more business to Point2 members,” said Saul Klein, (top left photo) Point2 Technologies Chief Executive Officer.

“We’re extremely excited to partner with Point2 to integrate RealtyTrac foreclosure properties on Point2 Homes,” said Rick Sharga, (top right photo) vice president of marketing at RealtyTrac.

“Point2 Homes has and continues to grow at a solid pace, mainly due to the appeal of its unique, rich and detailed listings online consumers seek today. This partnership will enable RealtyTrac to provide foreclosure data to Point2’s growing audience and thereby help us continue to carry out our mission of making foreclosure data more conveniently accessible to more people.”

CONTACT:

Heather Pond, Atomic Public Relations, 415 402 0230, Heather@atomicpr.com

Realvest Study Shows Skyrocketing Fuel Costs Are Reshaping America's Consumer Products, Transport, Delivery Systems, Analysts Say

Florida Will Benefit but Coastal Areas Will Benefit the Most as U.S. Retools its Shipping, Warehouses and Delivery Systems

MAITLAND, FL – America’s fuel crisis is already reshaping the nation’s consumer products transport and delivery systems, says commercial real estate analysts George Livingston (top right photo) and Christie Alexander (top left photo) of NAI Realvest in Maitland, and that evolution will have vast and far reaching consequences that could be felt in as little as 18 months.

“America’s consumer products supply chain used a large percentage of all energy consumed. To cut costs, energy use has to be reduced,” said Livingston, founder and chairman of NAI Realvest.

Livingston and Alexander recently completed a major independent study to identify strategic trends in U.S. transportation, warehousing and distribution industries.

Among their findings:

• Ships will be calling at more ports to minimize the cost of moving the goods over land from the ports to the distribution and fulfillment centers;

• Rail will be used as much as possible to deliver containers from the port to integrated logistic centers, intermodal and terminals, and distribution centers.

Rail will be put on docks to increase efficiency;

• The distribution centers will be positioned so that the delivery trucks operate within a day’s drive to the end user;

• This likely will result in more and smaller distribution centers;

• Coastal and gateway cities will become more important;

• Ports will be expanded;

• New ports will open;

• Coastal areas will benefit;

“Florida’s industrial real estate markets will benefit from the new strategies,” Alexander said, “and most of our population can be served within a one day drive.”

In addition, Florida has a large population and tourist market that is growing steadily, and Florida businesses are major exporters, Alexander added.

“We foresee increasing demand for well-located and efficient distribution and fulfillment centers,” Livingston said. “There likely will be increased demand for well-located and smaller distribution and fulfillment centers to reduce costs,” he said.

Florida’s hot spots? “Central Florida will be the most likely geographic beneficiary of these trends,” Livingston concluded, “especially Orange, Osceola, Hillsborough and Polk Counties.”

For more information, contact:
George Livingston, Chairman, NAI Realvest 407-875-9989, glivingston@realvest.com

Christie Alexander, Principal NAI Realvest 407-875-9989 calexander@realvest.com

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-414

Grubb & Ellis Realty Investors Names Dan O'Hare Vice President, Asset Management

SANTA ANA, CA, May 15 /PRNewswire/ -- Grubb & Ellis Realty Investors, LLC today announced that Dan O'Hare is rejoining the company as Vice President of Asset Management.

O'Hare is an industry veteran with more than 20 years of commercial real estate experience.O'Hare was previously a senior asset manager for Grubb & Ellis Realty Investors, formerly known as Triple Net Properties, during 2003 and 2004.

"Dan brings a wealth of knowledge and experience, along with proven team building and leadership qualities and a strong work ethic to Grubb & Ellis Realty Investors," said Jeff Hanson, (top right photo) Grubb & Ellis Realty Investors' President and Chief Investment Officer. "His return is a great addition to our talented team of asset managers, and adds tremendous value to our Wealth Management program."

O'Hare joins Grubb & Ellis Realty Investors from TA Associates Realty, a Boston-based pension fund advisor, where he was a senior asset manager responsible for numerous office, industrial, retail and development assets.

O'Hare also previously served as vice president of asset management for Birtcher-Anderson Properties as well as a project director for Spieker Properties, which was acquired by Equity Office Properties.

CONTACT: Julia McCartney, 1 714 667 8252, Ext. 230, julia.mccartney@grubb-ellis.com

HFF Closes $21.38M Sale of Lafayette Marketplace in Lafayette, IN

CHICAGO, IL – The Chicago and Indianapolis offices of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of Lafayette Marketplace, a 214,876-square-foot power center in Lafayette, Indiana.

Managing director Paul Barile and director Janice Sellis of HFF Chicago, and senior managing director Dave Keller (top left photo) of HFF Indianapolis led the investment sales team on behalf of the seller, Kimco Realty Corporation. Baceline Investments, LLC purchased the property free and clear of debt for $21.38 million.

Lafayette Marketplace is located on State Road 38 across from the Tippecanoe Mall (right photo) in Lafayette, less than four miles from Purdue University. The property was completed in 1996 and is 80% leased to national tenants including Michaels, Petsmart, Pier 1 Imports and Staples. In addition, the property is shadow anchored by Kmart.

“Lafayette Marketplace is situated in a prime retail area of Lafayette that has traffic counts of nearly 30,000 cars per day,” said Barile. “The presence of Purdue University also generates strong retail demand.”

Kimco Realty Corporation is the nation’s largest publicly traded owner and operator of neighborhood and community shopping centers, with more than 1,337 properties totaling 174.4 million square feet of leaseable space in 45 states, Canada, Mexico and Puerto Rico.

Baceline Investments is a real estate company, which sponsors and manages member-owned, private equity financed partnerships that make direct investments in high-quality commercial real estate in the Midwest, Southwest and Rocky Mountain regions of the U.S. Baceline is expanding into select secondary and tertiary markets, such as Lafayette.

CONTACTS:

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

David B. Keller, HFF Senior Managing Director, 317 630 3191, dkeller@hfflp.com

Paul Barile, HFF Managing Director, 312 528 3650, pbarile@hfflp.com/

HFF and Colliers Abood Wood-Fay Close Sale of Retail Component of Plaza San Remo in Coral Gables, FL

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.), in collaboration with Colliers Abood Wood-Fay (Colliers), has closed the sale of the Whole Foods-anchored Plaza San Remo (photo above) retail condominium in Coral Gables, Florida.

HFF managing director Danny Finkle, (top left photo) director Terri Echarte (middle left photo) and associate director Luis Castillo along with Colliers principal Michael Fay, (photo at right above John Crotty photo) vice president John Crotty, (photo at right above David Metalonis photo) and commercial associate David Metalonis (bottom right photo) led the investment sales team on behalf of the seller, Venera Holdings.

A German investment group advised by Phoenix Property Company of Dallas, Texas purchased the property free and clear of debt for an undisclosed price.

Completed in late 2007, Plaza San Remo is a seven-story, 180,000-square-foot mixed-use development that includes retail, medical office condominiums and a 739-space structured parking garage.

Located at 6701 Red Road, the property is across the street from Simon Property’s Shops at Sunset Place and just south of U.S. Route 1 in Coral Gables.

“Plaza San Remo is an irreplaceable project in one of the premier retail locations in South Florida with an industry leading grocery store anchor in Whole Foods. Solid fundamentals at both the property and market levels, make this an exceptional long-term investment,” said Finkle.

Venera Holdings is a Miami-based development company led by industry veterans Ford Gibson and George “Bud” Scholl.

Phoenix Property Company is a diversified real estate development and investment advisor based out of Dallas, Texas. In addition to its multifamily and mixed use development expertise, the company provides advisory services to European investors for all aspects of commercial real estate investments in the U.S.

Colliers Abood Wood-Fay is an independently owned and operated business and member firm of Colliers International Property consultants, an affiliation of independent companies with 267 offices throughout more than 55 countries worldwide.

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:
Lawrie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com
Daniel P. Finkle, HFF Managing Director, 305 448 1333, dfinkle@hfflp.com

Cambridge Loan Origination Requests Slow in April But Dollar Volume Continues to Outpace 2007 Totals

CHICAGO, IL--The nation’s credit woes haven't put too big of a dent in enthusiasm levels for senior housing/healthcare borrowers, Cambridge Realty Capital Companies reports.

“The number of loan requests reviewed in April were down from the same month last year, but year-to-date tallies compare favorably with 2007. And the dollar volume for loan requests reviewed this year has continued to run ahead of last year’s totals through the first four months of the year,” Chairman Jeffrey A. Davis (top right photo) reports.

Davis said Cambridge reviewed 27 loan requests in April totaling $468.1 million, compared with 38 loans totaling $576.6 million for April 2007.

However, through the first four months of the year, the company had reviewed 118 origination requests totaling $1.9 billion, compared with 123 loans totaling $1.4 billion for the same period in 2007.

Davis points out that lenders close a relatively small percentage of the loan origination requests they receive. But it’s useful to track this information as an indication of market directions, he believes.

“In a turbulent period for the credit markets, it’s fair to say borrowers are continuing to check out their options. Also, by historical standards, money has remained available at competitive rates,” he observed.

Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com

Texas State Affordable Housing Corp. (American Opportunity for Housing) Rating Placed On Watch Neg

NEW YORK, NY--Standard & Poor's Ratings Services placed its 'C' underlying rating (SPUR) on Texas State Affordable Housing Corp.'s (American Opportunity for Housing portfolio) multifamily housing revenue bonds series 2002A bonds on CreditWatch with negative implications.

The trustee, Wells Fargo Bank N.A., informed Standard & Poor's that it drew on the series 2002A debt service reserve fund to make the March 3, 2008, payment on the bonds. After the draw, there was $431,332 left in the series 2002A debt service reserve fund, well below the $3.77 million which is required pursuant to the trust indenture.

Although the bonds will be paid by the bond insurer, it is unlikely that the project will generate enough revenue to make the next debt service payment in September 2008.

The bonds are credit enhanced by MBIA, and will continue to have a 'AAA' rating based on the bond insurance policy, which will remain in place for this issue.

Media Contact: Christopher Mortell , New York, (1) 212-438 3446 christopher_mortell@standardandpoors.com
Analyst Contacts: Renee J Berson, New York (1) 212-438-7966 and Louis F. Louis, New York (1) 212-438-2054