Major Retailers Entering Brooklyn Despite Credit Market Turmoil

BROOKLYN, NY — In spite of the current economic downturn, the retail property sector in Brooklyn continues to evolve as noted national and regional retailers seek spaces in an underserved market with 2.5 million residents, according to a second-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

In recent months, brands such as Morton’s Steakhouse, Urban Outfitters, Circuit City and Trader Joe’s have leased space.

“Despite a challenging climate in property financing, taxpayer assets will remain highly coveted by investors seeking to trade out of more management-intensive properties, such as apartments,” says J.D. Parker, (top right photo) regional manager of the Brooklyn office of Marcus & Millichap.

Following are some of the most significant aspects of the Brooklyn Retail Research Report:

· This year, 750,000 square feet of retail space is expected to be delivered, compared with 192,000 square feet in 2007.

· Vacancy is forecast to end the year at 4.7 percent.
· Rents can vary between neighborhoods, but the average asking rent in the entire borough is predicted to climb 9 percent this year.
· New rents on spaces leased to national tenants are expected to rise at a much greater rate.
· In the multi-tenant sector, the median price has advanced 11 percent during the most recent 12-month span to $267 per square foot, compared with a 4 percent gain in the previous year.

For a copy of the complete Brooklyn Retail Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.

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

Kansas City's Retail Market Remains One of Strongest in Midwest

KANSAS CITY, MO— The historically strong Kansas City retail market is anticipated to record long-term growth this year based on favorable demographic patterns, according to a second-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

While other Midwestern metros have posted job losses, out-migration and housing market woes during the past several years, Kansas City’s economy has remained relatively stable. (Downtown Kansas City photo top left).

“Buyers with long-term holding strategies may find opportunities in the southern portion of the submarket, near Gardner, where a new intermodal transportation hub will spur job growth and attract future retail developments,” says Gary Lucas, (top right photo) regional manager of the Kansas City office of Marcus & Millichap.

Following are some of the most significant aspects of the Kansas City Retail Research Report:

· Builders are set to add more than 3.3 million square feet to local inventory in 2008, up from 1.4 million square feet last year.
· Vacancy is forecast to end the year at 12.5 percent.
· Asking rents are projected to climb 1.3 percent to $14.20 per square foot.
· Effective rents will gain 1.1 percent to $12.40 per square foot.
· The government and educational and health services sectors have each gained almost 2 percent year over year, creating 2,500 and 2,100 jobs, respectively.

For a copy of the complete Kansas City Retail Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.

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

Healthy Local Economy Supports Retail Property Sector in Charlotte, NC

CHARLOTTE, N.C.— While much of the country continues to register weaker economic conditions as a result of the fallout from the subprime mortgage crisis, the Charlotte retail market remains fairly healthy as employers expand payrolls at a rate that exceeds the national average and home prices appreciate, according to a second-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Employment growth will soften metrowide this year; however, Charlotte’s affordability and educated work force will attract new firms to the area.

“Retail transaction velocity peaked just over a year ago, and activity and volume appear to have returned to more normal levels, a trend expected to continue through the rest of 2008,” says Gary R. Lucas, (middle left photo) regional manager of the Charlotte office of Marcus & Millichap.

Following are some of the most significant aspects of the Charlotte Retail Research Report:

· Job growth will total 4,300 positions in 2008, a 0.5 percent employment increase.
· Builders are forecast to complete 1.7 million square feet of retail space this year.
· Vacancy is projected to end the year at 8.3 percent.
· Asking rents are expected to rise 3.2 percent to $18.35 per square foot by year end.
· Effective rents will increase 2.6 percent to $16.23 per square foot.

For a copy of the complete Charlotte Retail Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.

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

Atlanta Retail Sector Slows Due to More Conservative Lending

ATLANTA, GA — A cooling economy, combined with rising instability in the housing market and continued development activity, will cause Atlanta’s retail market conditions to soften through the rest of the year, according to a second-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

The metro’s diverse employment case will post healthy job growth this year, as losses in financial services and manufacturing will be offset by additions in the educational and health services and information sectors.

“Fast-food properties are expected to remain the single-tenant asset of choice for investors in Atlanta,” says John Leonard (middle right photo), regional manager of the Atlanta office of Marcus & Millichap. “Cap rates for all single-tenant assets will likely continue to be fairly stable this year despite the drop off in velocity.”

Following are some of the most significant aspects of the Atlanta Retail Research Report:

· Employers are expected to expand payrolls by 22,200 positions this year, a 0.9 percent increase.
· Developers are slated to deliver 4.9 million square feet to the market this year.
· Vacancy is forecast to end the year at 9.7 percent.
· Asking rents are predicted to advance 1.1 percent to $17.56 per square foot.
· Effective rents will inch up 0.5 percent to $15.87 per square foot.

For a copy of the complete Atlanta Retail Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.

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

Investors Attracted to Detroit Single-Tenant Retail Properties with National Credit Tenants

DETROIT, MI — The Detroit retail market is going through a period of transition this year as local employers continue to streamline payrolls and the housing market struggles through a correction, according to a second-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

The manufacturing sector is anticipated to get a boost next year.

“The single-tenant investment climate will continue to push through a period of transition in 2008, attracting buyers to mostly national-credit tenants in growing parts of the metro,” says Steven Chaben, (top right photo) regional manager of the Detroit office of Marcus & Millichap.

Following are some of the most significant aspects of the Detroit Retail Research Report:

· Builders are slated to add 1.4 million square feet of retail space to the metro in 2008, a 0.8 percent increase to stock.
· Vacancy is forecast to end the year at 11.4 percent.
· Asking rents are expected to end the year at $17.46 per square foot.
· Effective rents will hit $15.79 per square foot this year.
· The educational and health services sector expanded payrolls 2.4 percent year over year, adding 6,500 positions.

For a copy of the complete Detroit Retail Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.

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

Marcus & Millichap Lists Social Security Building in Burbank, CA for $13.65M

BURBANK, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a single-tenant 13,600-square foot office building leased to the Social Security Administration in Burbank.

The listing price of $13.65 million represents $1,004 per square foot.
Kyle Matthews, a senior associate in the Encino office of Marcus & Millichap, is representing the seller.

“As a newly built U.S. government-leased investment in an outstanding Southern California location, this property is an extraordinary opportunity for the astute investor looking for the very best in a low-management, low-risk real estate investment,” says Matthews.

“Beyond the ‘gold standard’ tenancy and superior design, the property features a high-value entertainment industry location, boasting tremendous upside potential at the end of its lease term,” adds Matthews.

Located at 1420 West Olive Ave., the one-story Class A building is situated on a 41,578-square foot lot.

Built in 2007, the property features excellent frontage at the intersection of Olive and Verdugo, which are both major east-west corridors connecting Burbank’s media district in the west to downtown Burbank in the east.

Major studios such as Disney, Warner and Universal, are located in the vicinity.

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

Marcus & Millichap Arranges Sale of 165-Unit Apartment Community in Aurora, CO for $12.95M

AURORA, CO – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Tollgate Apartments, a 165-unit multi-family community in Aurora.

The sales price of $12.95 million represented $78,485 per unit.

Dave Potarf (top right photo) and Dan Woodward, (top left photo) both vice president investments and senior directors of Marcus & Millichap’s National Multi Housing Group (NMHG) in Denver, and Jordan Robbins, an investment specialist also in the firm’s Denver office, represented the seller, Baron Properties, and the buyer, Holland Residential.

“Tollgate Apartments was an excellent opportunity for the investor to acquire a well-maintained multi-family community in a strong location, just five minutes from the Fitzsimons Redevelopment, the largest job center in the state,” says Potarf.

Located at 100 Idalia Court, the 149,740-square foot apartment community, built in 1985, consists of nine three-story garden-style buildings.

Press Contact: Stacey Corso, Communications Dept.,

925 953 1716, scorso@marcusmillichap.com

Tri-City Electrical Contractors Under Way on Integra Woods at Palm Coast Apartments in Palm Coast, FL

PALM COAST, FL – The Multi-Family and Residential division of Tri-City Electrical Contractors, Inc. is under way on $1.5 million of work at the new 310-unit Integra Woods at Palm Coast Apartments (top right rendering) in Palm Coast, Flagler County, FL, under its contract with LandSouth Construction, Jacksonville, FL. Completion is slated for July 2009.

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/

Grubb & Ellis Healthcare REIT Acquires SouthCrest Medical Plaza in Stockbridge, GA

SANTA ANA, CA /PRNewswire/ -- Grubb & Ellis Healthcare REIT, Inc. has acquired SouthCrest Medical Plaza, (two photos at left) a two- building medical office property located in the Atlanta suburb of Stockbridge, Ga.

Located at 1035 and 1045 Southcrest Drive, SouthCrest Medical Plaza consists of approximately 81,000 square feet of gross leaseable area situated on approximately 9.7 acres of land.

The property joins four other medical buildings in the Atlanta area owned by Grubb & Ellis Healthcare REIT: Northmeadow Medical Center, Gwinnett Professional Center, Yorktown Medical Center and Shakerag Medical Center.

"SouthCrest Medical Plaza is a fantastic asset located near two major hospitals, Southern Regional Medical Center and Henry Medical Center," said Danny Prosky, Executive Vice President of Acquisitions for Grubb & Ellis Healthcare REIT. "For any medical office building, close proximity to a major hospital is an attractive quality that figures heavily into our acquisition process."

Southern Regional Medical Center is a 376-bed, not-for-profit hospital that offers a comprehensive list of services, including pathology, pediatrics, oncology and rehabilitation. Henry Medical Center is a 215-bed hospital that served more than 52,000 emergency room admissions and 30,000 outpatient visits in 2006.

The full service, not-for-profit hospital offers various medical services, including cardiology, orthopedic and nuclear medicine scans, as well as educational programs.

SouthCrest Medical Plaza offers 393 parking spaces for visitors and tenants and offers easy access to Interstates 75 and 675, as well as various retail outlets, such as Kohl's and Lowe's.

SouthCrest Medical Plaza was acquired from an unaffiliated third party and was facilitated by Douglas Connell (top right photo) of Grubb & Ellis. Financing for this acquisition was primarily provided by Wachovia Financial Services, Inc., and funds raised through the Grubb & Ellis Healthcare REIT offering.

As of June 13, 2008, Grubb & Ellis Healthcare REIT has sold approximately 36 million shares of its common stock, excluding the shares issued under its distribution reinvestment plan, for approximately $360 million through its initial public offering, which began in the third quarter of 2006.

Grubb & Ellis Healthcare REIT offers a monthly distribution of 7.25 percent per annum and, as of June 24, 2008, has made 31 geographically diverse acquisitions valued at approximately $595 million, based on purchase price.

CONTACT:

Julia McCartney of Grubb & Ellis Healthcare REIT, +1-714-667-8252, ext. 230, julia.mccartney@grubb-ellis.com

Web site: http://www.grubb-ellis.com/

Cuhaci & Peterson Architects to Design Three Food Lion Supermarket Remodels in North Carolina

ORLANDO – Cuhaci & Peterson Architects, Inc. based in Orlando’s Baldwin Park, has been awarded a contract to handle remodeling work on three Food Lion supermarkets in North Carolina.

The firm will be creating the remodels for Food Lion stores in Columbus, Shelby and Kings Mountain, N.C., according to Lonnie Peterson, chairman of Cuhaci & Peterson. The projects are currently in site analysis/design stage and the construction is slated to begin in January 2009.

For more information, contact:
Lonnie Peterson, Chairman Cuhaci & Peterson Architects, 407-661-9100
Jed Downs, President Cuhaci & Peterson Architects, 407-661-9100
Larry Vershel or Beth Payan, LV Communications, Inc. 407-644-4142

Sikon Construction Starts Shoppes at Wellington in Wellington, FL

PALM BEACH COUNTY, FL – Deerfield Beach-based SIKON Construction Corporation, one of the nation’s leading retail contractors, is underway on the new Shoppes at Wellington retail center in Palm Beach County, FL, under its contract with FIG Development, LLC, Boca Raton.

Designed by Marc Wiener Architecture, Boca Raton, the project will contain over 80,000 square feet and is slated for completion in September 2008, according to longtime Florida construction veteran Dale E. Scott, Senior Executive Vice President of SIKON.

SIKON is headquartered at 431 Fairway Drive, Deerfield Beach, FL 33441, phone 954-354-8338. For more information, visit the company’s website at http://www.sikon.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. Strategic Marketing, Brand Management, Publicity and Advertising, and Corporate Communications

khc@crismktg.com

http://www.crismktg.com/

HFF Arranges Debt and Equity Totaling $39M for Suburban Reno, NV Multifamily Development

IRVINE, CA – The Orange County office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a construction loan and joint venture equity for the development of Pioneer Meadows, a 300-unit Class A multifamily development to be built in Sparks, Nevada.

HFF director Mark Erland worked exclusively on behalf of Fore Property Company to arrange the $29.5 million, three-year construction loan.

The $9.5 million in joint venture equity was provided as the third venture through an existing institutional partner arranged by HFF. (Fore's completed 216-unit Zephyr Pointe apartments in Reno, NV, top right. The company's 236-unit Casa Sorrento apartments in Las Vegas, top left)

Due for completion in September 2009, Pioneer Meadows will have 19 buildings with one-, two- and three-bedrooms and loft units averaging 949 square feet each. Parking will be provided through a mixture of garages, covered parking and surface spaces. Community amenities include a state-of-the-art clubhouse, pool facility and fitness center.

The project is located on a 20-acre site in the master planned community of Pioneer Meadows, which features the award winning Red Hawk golf course and a new community retail center with national tenants.

“Pioneer Meadows will be the market leader in quality for Class A apartments in the Sparks area with superb amenities, highly finished units, and a top management team,” said Erland. “Fore Property Company has substantial experience developing and owning multifamily properties in the Reno-Sparks market.”

Fore Property Company is a full-service national real estate company with move than 30 years of experience in developing, constructing and managing apartment communities.

Fore Property Company has developed over 15,000 units in 13 states. As an integrated developer, it builds through its CANV Construction unit and manages through FPC Management. (Fore's completed 228-unit Horizon Seniors apartments in Henderson, NV at left)

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:

Mark J. Erland, HFF Director, 949 253 8800, merland@hfflp.com

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