New Resort MLS Launches National Resort Real Estate Network

NASHVILLE, TN, PRNewswire/ -- Nationally-known resort real estate guru Jim Olin (top right photo) has joined forces with residential real estate veteran Buddy Boone to launch Resort Connection,(http://www.resortconnection.com/) the only national real estate network focused exclusively on resort real estate, including condominiums, vacation homes, undeveloped property, and urban resort condos.

"We funnel resort real estate through one hub, giving agents one-stop access to a virtual endless list of available resort real estate for every type of destination," said Olin. "It is a tremendous boost to the slow real estate market, and a win-win for buyers, agents, and developers."

The Resort Connection concept was originally founded by Boone, Resort Connection's Chief Operating Officer, and RE/MAX(R) Greater Atlanta, the eighteenth-largest real estate broker in the nation. The firm's owners are still partners in the company, but Olin, Resort Connection CEO and Managing Partner, now has controlling interest.

Previously, Olin was CEO of ResortQuest International, which has over 20,000 rental units and 350 resort real estate agents throughout the country.

CONTACT: James Olin, Managing Partner & CEO of Resort Connection, LLC,+1-615-764-3949, +1-800-866-533-3526Web site: http://www.resortconnection.com/

European Retailers Could Struggle In A Prolonged Sluggish Economic Environment, Says S&P Report

(The Eiffel Tower, Paris, above. London skylines at top right.)

LONDON June 5, 2008--The challenging economic environment looks set to last longer than expected in Europe as the financial crisis continues, according to a recent report published by Standard & Poor's Ratings Services.

In the industry report card, titled "European Retail Continues To Enjoy Sound Fundamentals, But Some Companies Could Struggle If The Sluggish Environment Persists," Standard & Poor's considers individual markets and companies, commenting that performance will vary significantly depending on the country of operation, store format, and the degree of exposure to the nonfood market.

"Western European retailers have so far proven resilient, as demonstrated by relatively good trading performance in 2007, but this resilience will be tested in the longer term," said Standard & Poor's credit analyst Nicolas Baudouin.

(Downtown Berlin at left)

In France, retailers have been able to pass on rising prices to customers. However, French households are increasingly demanding better value for money, and the government has started to pledge low prices on the premise that retailers should contribute.

U.K. retailers, meanwhile, continue to face a tough operating environment. High utility bills and increasing difficulties in obtaining credit weigh on consumer sentiment, while rising prices for commodities such as wheat and milk and intense competition put pressure on top-line growth and margins.

While most reported headline figures for the German retail segment were depressed for the full-year 2007, the outlook for 2008 and beyond looks slightly better than the European average.

(Paris skyline and the Seine River at left)

This mainly reflects the positive fundamentals of the German economy, such as higher year-on-year employment and wages, which, in combination with a positive swing in consumers' attitude to spending, support expectations for improved purchasing power.

The Russian retail market again demonstrated very rapid growth in 2007, and we expect this trend to continue for a number of years.

The favorable environment is proving especially beneficial for the larger retail chains, which continue to strive for rapid expansion to retain their competitive position in this lucrative market.

(Moskav River in Downtown Moscow at right)

"Emerging markets will undoubtedly continue to see marked growth momentum, putting players with substantial overseas operations in a stronger position to offset lackluster domestic trading," Mr. Baudouin added.

Media Contact:

David Wargin, New York (1) 212-438-1579, david_wargin@standardandpoors.com

Analyst Contacts:
Nicolas Baudouin, Paris (33) 1-4420-6672
Marketa Horkova, London (44) 20-7176-3743
Industrial Ratings Europe

CBRE's Central Florida Multi-Housing Group Closes More Than $384M in Local Apartment Sales

ORLANDO, FL, June 5, 2008--CB Richard Ellis is pleased to announce that CBRE’s Central Florida Multi-Housing Group has closed more than $384 million in local apartment sales during the last twelve months.

Most recently, the Group closed a $28 million transaction last month. CBRE exclusively
represented the seller in that confidential Orlando sale, and currently has
other projects valued at about $105 million under contract.

CBRE’s Central Florida Multi-Housing Group has sold more multihousing
properties in Orlando over the last twelve months than any other
company. The assets sold range from “fractured” projects – communities that converted and sold units as condominiums and reverted the remaining units back to rentals – to value add and core opportunities.
Shelton Granade and Luke Wickham of CBRE’s Orlando office represented the seller in all transactions.

For further information, please contact the Central Florida Multi-Housing
Group of CB Richard Ellis. Shelton Granade and Luke Wickham, First Vice President, Director of Operations, Central Florida Multi-Housing Group
T 407.839.3103 T 407.839.3130
F 407.404.5001 F 407.404.5001, Licensed Real Estate Broker, 189 S. Orange Avenue, Suite 1900, Orlando, FL 32801
shelton.granade@cbre.com

luke.wickham@cbre.com

CMA Brokers $2M Land Loan in Osceola County, FL

ORLANDO, FL--Tom Byers (top right photo) of Commercial Mortgage Advisors is pleased to announce the closing of a $2 million land loan secured by a credit tenant lease at 9000 Irlo Bronson Highway, Kissimmee, FL.

Commercial Mortgage Advisors originates loans with life insurance companies, conduit lenders, multifamily DUS lenders, commercial banks, SBA lenders, IDB, private equity and equity-mezzanine lenders.

CMA places long-term, fixed-rate loans on income producing and owner occupied properties and credit tenant leased properties. CMA also represents several institutions and individuals seeking acquisition, equity or joint venture opportunities.

CONTACTS:

David J. Patten, CMB and Thomas A. Byers, partners, Commercial Mortgage Advisors, 605 East Robinson Street, Suite 420, Orlando, FL 32801.
407-420-9191 Office; 407-420-9589 Fax; Cell 407-808-7273
david@cmacapital.com

tbyers@cmacapital.com

http://www.cmacapital.com/

Marcus & Millichap Arranges Sale of Two Flex Properties in Tampa, FL for $15.06M

TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of President’s Plaza and Corporex Plaza, (top right photo) totaling 135,818 square feet, in Tampa. The sales price was $15.06 million.

Douglas K. Mandel, (photo at left) an associate vice president investments and associate director of Marcus & Millichap’s National Office and Industrial Properties Group (NOIPG) in Fort Lauderdale, and Ben Holzhauer, (photo at bottom right) a senior associate and a member of the firm’s NOIPG in Fort Lauderdale, represented the seller, an affiliate of The Leder Group.

Bruce Harris, a vice president of investments in the firm’s Chicago office, represented the buyer, a New Jersey-based private partnership.

“This was an excellent opportunity for the buyer to acquire two well-maintained multi-tenant flex properties located in a high-demand market and close to an international airport, downtown areas and interstates,” says Mandel.

The two properties include:

· President’s Plaza — Located at 4801 and 4803 George Road, Tampa, the 41,513-square foot office property consists of two single-story buildings situated on a 3.96-acre lot within one mile of the Tampa International Airport.

· Corporex Plaza — Located at 3902 and 3904 Corporex Park Drive, Tampa, the 94,305-square foot property consists of three office buildings situated on a 6.55-acre lot, near Interstate 4, I-75 and the Selmon Crosstown Expressway.

Press contact: Stacey Corso, Communications Department, 925 953 1716

Credit Crunch Continues to Spread from Residential Sector to Commercial Real Estate Side

CHICAGO, IL- Despite unprecedented measures by the Federal Reserve to control housing policy, the credit crunch continues to spread from the residential sector to the commercial real estate sector.

The volume of real estate transactions remains light and credit spreads have recently started to tighten while overall rates are rising -- with a net effect of mortgage rates climbing about a quarter point.

(Federal Reserve Bank Building, Washington, DC, at left)

Return requirements continue rising as do construction costs, greatly limiting new construction projects. As far as key developments during the month, the following are noteworthy:

Private Equity - Raising private equity in light of lower conventional leverage is a top priority among developers. Most funds require at least 15% or more for value-add properties.

Deep discounts - Most sectors within the conventional income-property arena are fairing reasonably well in maintaining pricing with pricing off as much as 20% in some sectors. However, vacant land values have plummeted as new-construction projects are nearly at a standstill. Discounts of 50%+ arenot uncommon for motivated sellers.

Fund Supply - Given the vacuum left by CMBS lenders retreating from the capital markets, many life companies and banks expect limited fund allocations for the remainder of the year.

Mortgage Rates - While mortgage spreads over treasuries decreased by about 10 basis points or more, higher benchmark treasuries absorbed any gains as rates remain relatively similar - starting at 5.75% for terms of 5 years and longer. Libor-based funding is still available at lower levels, but reducedleverage and recourse tip the pricing scale.

The Real Estate Capital Institute's Editorial Advisory Group's member, Aaron Gruen, (top right photo) suggests, "The resulting reduction in new supply, continued export growth, and the Fed's highly aggressive monetary policy/fiscal stimulus, should limit the scope and length of the effects of a [real estaterecession in many parts of the United States."

The Real Estate Capital Institute(r) is a volunteer-based research organization that tracks realty rates data for debt and equity yields.

The Institute posts daily and historical benchmark rates including treasuries, bank prime and LIBOR. For hourly updates, please call The Real Estate Capital Rate Line at 7RE-CAPITAL (773-227-4825).

Contact: Nat Zvislo, Research DirectorToll Free 800-994-RECI (7324) director@reci.com / http://www.reci.com/

The Real Estate Capital Institute(r), 3517 West Arthington Street, Chicago, Illinois USA 60624

$165M Construction Loan Arranged by HFF for W Hotel & Residences in Austin, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $165 million construction loan for the W Hotel & Residences, a luxury mixed-use project in Austin, Texas.

HFF senior managing director Whitaker Johnson (top right photo) worked on behalf of Stratus Properties, Inc. and the Canyon-Johnson Urban Fund to secure the loan through Corus Bank, N.A.

Stratus Properties is a diversified real estate company engaged in the acquisition, development, management and sale of commercial, multifamily and residential real estate properties located primarily in the Austin area.

Due for completion in early 2011, the W Hotel and Residences will have 252 guest rooms and suites.

In addition, approximately 165 residential units, in one- to four-bedroom layouts, will be located on floors 18 to 37 and will feature floor-to-ceiling windows with views of Lady Bird Lake, the Hill Country and the city skyline.

Hotel guests will have access to the W’s signature Living Room experience and Whatever/Whenever, the hotel’s 24-hour concierge service that provides guests with the ultimate in amenities at any hour.

On-site amenities will include several restaurants and clubs, an elevated garden incorporating a swimming pool and bar, 5,000 square feet of meeting space, 4,300 square feet of banquet rooms and an 8,000-square-foot spa and fitness center.

The W Hotel and Residences is located at 2nd Street and Lavaca in downtown Austin’s 2nd Street District.

CONTACTS:

Whitaker M. Johnson, HFF Senior Managing Director, 214 265 0880, wjohnson@hfflp.com

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

Jones Lang LaSalle's 1st Quarter Economic Overview on metro Washington, DC

Nation Expands Marginally Over Quarter

WASHINGTON, DC--Jones Lang LaSalle analyst Justine Morrison (top right photo) reports in JLL's Real Estate Market Intelligence Monthly newsletter the first quarter, 2008 U.S. economy grew at a rate of 0.9% (revised from 0.6%).

The fragile nature of the current expansion is evident when considering that GDP would have actually contracted without the first quarter’s growth in inventory levels. The forecast consensus is inventory levels will falter in the second quarter as companies struggle to unload current inventory and this will weigh down growth in the near term.

Total U.S. Nonfarm employment fell in each of the first three months of 2008 shedding 240,000 jobs; the first quarterly net loss of jobs in nearly five years. The unemployment rate increased during the quarter to 5.0% in April, 0.6 percentage points higher than the 4.4% cyclical low in March 2007.

Historically a half-point or more rise in the unemployment rate has always resulted in a recession. April’s employment report did provide some optimism, revealing a manageable 20,000 job loss, a sign that the economy may face a shallow rather than severe recession.

Some of the optimism stems from a sharp turnaround in the professional and business services sector. This sector, the largest component of the office-using segment, recorded three consecutive months of job losses to start the year shedding 102,000 jobs before it added back 39,000 jobs in April. It is hard to lend credence to one month’s result however it will be important to track this indicator in the coming months.

(For a complete copy of Justine Morrison's views, please contact John Sikaitis, vice president, corporate research, Jones Lang LaSalle, at John.Sikaitis@am.jll.com )

Marcus & Millichap Capital Corp. Arranges $6M Loan for Lake Forest, CA Retail Property

LAKE FOREST, CA– Marcus & Millichap Capital Corporation (MMCC) has
arranged a $6 million fixed-rate, non-recourse loan for the cash-out refinance of a 34,255-square foot One Stop retail property (top right photo) located at 20702-42 Lake Forest Drive in Lake Forest.

Daniel Litman, a senior director in the firm’s West Los Angeles office,
arranged the financing package for the One Stop shopping center.

“About 50 percent of the tenants in the property were automotive-related tenants,” states Litman. “MMCC was able to cash out more than $3 million with a 10-year fixed rate that was 40 basis points better than what the competition had quoted.”

Financing for the property was provided by a portfolio lender at a 6 percent, fixed non-recourse interest rate. The terms of the loan are for 10 years with a 30-year amortization schedule. Loan-to-value for this transaction was 60 percent.

“In the current cycle, investors are coming off of their conduit loans and selecting portfolio lenders because the terms are better,” says Litman. “MMCC was able to save the borrower 40 basis points on the rate. In the end, the lender saved the borrower from paying an additional $26,000.”

Press Contact: Kathy Molitor
Marcus & Millichap Capital Corporation
(925) 953-1704

Marcus & Millichap Lists Mixed-Use Development in Newtown, PA for $18M

NEWTOWN, PA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Goodnoe’s Corner, (top right photo) a 35,653-square foot mixed-use retail and multi-family development in Newtown, Bucks County.

The exclusive offering is listed at $18 million and represents $505 per square foot.

Jeffrey W. Marquis Sr., Thomas J. Gorman and Matthew P. Gorman, investment specialists in the Philadelphia office of Marcus & Millichap, are representing the seller, Joseph W. McGrath of the J.W. McGrath Organization.

McGrath purchased the historic Goodnoe Family Restaurant in December 2006 with the intention of redeveloping the site. The Bucks County landmark served locally made ice cream since 1955.

McGrath successfully expedited the project through the approval process and construction without sacrificing quality. Upon commencement of construction in early 2007, he had little difficulty courting potential tenants.

“This newly constructed Class A investment property offers an exceptional location and attractive design complimented by a strong rent roll and tenant mix,” says Marquis. “Goodnoe’s Corner is a great opportunity for investors seeking a flight to quality in a proven and affluent market.”

“The local retail market and demographics fully support Goodnoe’s average rent of $39 per square foot,” says Thomas J. Gorman. “Those rents drive a big price on the property, but they are replaceable.”

Located at 290 North Sycamore St., the mixed-use development consists of six buildings, including four luxury apartment units above retail shop space and three pad sites situated on a 3.96-acre lot. The property is at the “Main-and-Main” intersection (State Hwy 532 and State Hwy 332) in Newtown.

Goodnoe’s Corner is supported by strong demographics as median household incomes are $102,000-plus in a five-mile radius while the population is 104,000-plus in the same area.

Rite Aid and the Irish Pub at The Green Parrot are currently under construction and scheduled to be completed in July and September 2008, respectively. Both tenants are already paying rent. The remaining pad site and seven in-line retail tenants are a mix of national, regional and local retailers, all of which are open for business.

Press Contact: Stacey Corso
Communications Department
(925) 953-1716

Wyndham Worldwide 'BBB' Rating Put On Watch Negative

NEW YORK June 3, 2008--Standard & Poor's Ratings Services today placed its ratings for Wyndham Worldwide Corp., including the 'BBB' corporate credit rating, on CreditWatch with negative implications.


The CreditWatch listing follows Wyndham's announcement that it plans to purchase the economy-segment Microtel Inns & Suites and the mid-scale extended-stay Hawthorne Suites brands from a subsidiary of Global Hyatt Corp.

The purchase price was not disclosed. While the brand acquisitions are a good strategic fit for Wyndham, the announcement comes at a time when Wyndham's leverage profile (captive finance adjusted) is higher than our comfort level at the current rating level.

(That said, we expect the transaction to add only a modest amount to the company's leverage--and all by itself, the transaction would not lead to a potential downgrade.) Captive finance adjusted leverage was near 3x at March 2008, compared with appropriate levels for a 'BBB' rating in the mid-2x area.

We currently anticipate continued operating momentum in Wyndham's businesses and an increase in EBITDA in 2008. We will factor our expectation for operating performance, as well as how the company plans to use its balance sheet to achieve intermediate- and long-term growth objectives, into the resolution of the CreditWatch listing.

"In the event there is a downgrade, we expect that it would be limited to one notch," noted Standard & Poor's credit analyst Emile Courtney.

Media Contact:Mimi Barker, New York (1) 212-438-5054, mimi_barker@standardandpoors.com Analyst Contact:
Emile Courtney, CFA, New York (1) 212-438-7824

Priscilla of Boston to Debut on Coral Gables' Miracle Mile

Terranova Corp. Signs the Bridal Company to a 10-year, 6,900-SF Lease Valued at Over $3.3M

MIAMI BEACH, FL – June 3, 2008 – Priscilla of Boston, a bridal company that has been around almost 60 years, is joining the growing list of national retail chains opening stores on Miracle Mile (top right photo)-- the signature street of downtown Coral Gables, known for designer and bridal shops, art galleries, restaurants and live theatre.

Terranova Executive Vice President, Mindy McIlroy represented the landlord in the 10 year, 6,900 square foot lease. This marks the first store for the retailer in the state. Priscilla of Boston will open its doors 4th quarter 2008 at 340 Miracle Mile, Coral Gables, FL.

Terranova Chairman Stephen Bittel had a vision that Miracle Mile would lend itself to becoming the next Lincoln Road with the acquisition of eight properties in October 2004 on the Mile totaling 79,751 square feet of retail space.

“Since the 1940s, Miracle Mile has been known as Coral Gables’ original retail shopping destination and we hope to continue that current evolution into a modern, stroll-and-shop urban street for the city’s fast-growing residential and daytime population by bringing in more national retail chains,” Bittel said.

Priscilla of Boston’s legacy that was started almost 60 years ago lives on in the quality and craftsmanship of each gown and the high level of service given to every customer at their salons.

Each collection combines the heritage of couture craftsmanship with modern, flattering silhouettes and sumptuous fabrics. Unique details and luxurious embellishments add an element of individual style and classic, timeless elegance.

Today, Priscilla of Boston brands offer an extensive selection of exclusive styles each season, which can be customized to suit each bride's preference.


CONTACT: Karen LaFleur, klafleur@terranovacorp.com

Commercial/Multifamily Originations Lowest Since 2004

Originations for CMBS Show Biggest Drop

WASHINGTON, DC (June 3, 2008) - Commercial and multifamily mortgage bankers' loan originations fell on a year-over-year basis in the first quarter, according to the Mortgage Bankers Association's (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.

First quarter originations were fifty-three percent lower than during the same period last year. The year-over-year decrease was seen across all property types and most investor groups.

"Three trends jump out from this quarter's figures: the impact of the credit crunch, a return from the extraordinary record origination volumes of 2005, 2006 and 2007 and strong variation between different investor groups," said Jamie Woodwell, (top right photo) MBA's Senior Director of Commercial/Multifamily Research.

"First quarter originations for the CMBS market were at their lowest since the survey began in 2001, originations for life companies and for banks and thrifts fell to levels last seen in 2004, and originations for the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac hit record highs for a first-quarter."

(For a complete copy of MBA's news release, please contact Jason Vasquez (202) 557-2950, jvasquez@mortgagebankers.org

Tri-City Electrical Contractors, Inc. Completes Work at Wildflower Apartments in Gainesville, FL

GAINESVILLE, FL – The Residential and Multi-family Division of Tri-City Electrical Contractors, Inc. completed $1.5 million of work at Wildflower Apartments, (top right photo) a new 201-unit rental community in Gainesville, FL, under its contract with Epoch Properties, Winter Park, FL.

Florida’s leader in electrical contracting, communications and service, Tri-City reported 2007 revenues totaling $160 million. With nearly 1,200 employees statewide, the Orlando-based electrical contractor and service provider also operates divisional offices in Fort Myers, Ocala/Gainesville and Tampa, as well as satellite offices in Santa Rosa Beach and Sarasota.

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. Strategic Marketing, Brand Management, Publicity and Advertising, and Corporate Communications

khc@crismktg.com

http://www.crismktg.com/