Madison Capital Closes $63M Non-Recourse Construction Loan for Mixed-Use Project in Plantation, FL

August 5, 2008/Miami, FL - Madison Capital Group, LLC ("Madison"), acting as exclusive financial advisor to American Land Ventures, has arranged a $63 million non-recourse construction loan for The Residences at the Fountains (top right photo) , a 251-unit luxury mid-rise apartment community with ground floor retail in the Midtown District of Plantation, Florida, one of Broward County's most affluent suburbs.

(Madison managing director Timothy E. Martorella is at top left photo)

Madison had already arranged equity financing for the project earlier this year. The Residences at the Fountains is the first phase of a two phase residential development with construction anticipated to start immediately with occupancy expected in 2010.

With the development of The Residences at the Fountains, American Land Ventures continues to be on the forefront of residential development trends.

Recognizing the strong local economy and the lack of recently completed multifamily product in Plantation, American Land identified an underutilized surface parking lot in the heart of Plantation's Midtown District as a prime redevelopment opportunity.

American Land Ventures was able to create significant value by gaining support from the City for the redevelopment, obtaining necessary governmental approvals and creating an integrated plan that should result in higher returns for the existing retail and new residential development.

"The Residences at the Fountains will be a residential community fully integrated in the neighboring retail, office and hospitality components creating a mixed-use urban village in the heart of Plantation's core economic hub, the complimentary nature of the uses should result in more efficient parking and traffic management as well as returns greater than the market because of the mix of uses" said Granvil Tracy, (middle right photo) principal of American Land Ventures.

"When completed, this development will be among the highest quality apartment communities in Broward County and is representative of the current trend of non-CDB luxury urban living options. Our role in this transaction illustrates Madison's ability to continue to close financing for our clients despite the current difficult financing markets," explained Timothy E. Martorella,(photo top left) Managing Director at Madison Capital Group.

Madison Capital Group, LLC is a real estate investment and merchant banking firm based in Miami. The firm has a product focus on apartments, condominiums, and mixed-use projects and offers a broad range of financial and transactional capabilities to owners of existing or to-be-developed properties and land suitable for these types of development. The firm has closed transactions of all these types for projects in excess of $2 billion in the last four years

American Land Ventures, LLC is a Miami-based multi-family developer and owner, having developed more than 3,500 high-rise, mid-rise and garden apartments and condominiums in Florida.

The firm specializes in urban infill projects and has recently completed The Peninsula, a 234-unit luxury high-rise condominium community in downtown Jacksonville. American Land also recently completed Phase II of the New River Village development, a 409-unit luxury project located in Downtown Fort Lauderdale on the New River.

TRANSACTION TEAM
Timothy E. Martorella, Managing Director, 305.375.9110 x 116, tm@madison-capital.com
Adam Cappel, Vice President, 305.375.9110 x 109, acappel@madison-capital.com
__________________________
Madison Capital Group, LLC, 800 Brickell Avenue, Penthouse 3, Miami, FL 33131

305.375.9110 (PH) 305.375.9153 (fax)

GVA Advantis Negotiates 9,715-SF Long-Term Lease Renewal for Collman & Karsky Architects in Fountain Square Centre, Tampa, FL

TAMPA, Fla. – (August 5, 2008) – GVA Advantis is pleased to announce it has negotiated a 9,715-square foot long-term lease renewal in Fountain Square Centre (bottom right photo) for Collman & Karsky Architects, Inc. in Tampa, Hillsborough County, Florida.

Vince La Mariana, (top right photo) senior director of office and industrial services with GVA Advantis, negotiated the transaction on behalf of the property owner, a Utah-based investment group. The tenant, Collman & Karsky Architects, Inc, was represented by CLW Real Estate Services Group.

“We are extremely pleased Collman & Karsky Architects will continue to enjoy a long-term tenancy at Fountain Square Centre,” says La Mariana.” Collman & Karsky Architects offers comprehensive architectural and interior design services for high-tech, financial, university, healthcare, commercial, religious and public market sectors (http://www.collman-karsky.com/).

Fountain Square Centre is a four-story, 97,155-square foot multi-tenanted Class A office building located at 4301 Anchor Plaza Parkway, just off the Eisenhower and Veterans corridor near the Rocky Point area of the Westshore submarket of Tampa. Built in 1999, the property is 98.3% occupied and is exclusively leased and managed by GVA Advantis.

CONTACT:

Lisa Hyde, Director of Marketing, Advantis Real Estate Services Company, 3000 Bayport Drive, Suite 100, Tampa, Florida 33607, Tel 813.342.4752, Fax 813.342.4004
E-mail Lhyde@gvaadvantis.com
Web: http://www.gvaadvantis.com/

Marcus & Millichap Arranges Sale of Eleven 20 Club in Oak Park, IL for $15.8M

OAK PARK, IL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the Eleven 20 Club (top right photo), a 63,256-square foot retail center in Oak Park.

The sales price of $15.8 million represents $250 per square foot.

Evan Halkias, a senior associate in the Chicago Downtown office of Marcus & Millichap, and Michael Marks, a senior associate also in the firm’s Chicago Downtown office, represented the seller and the buyer in this transaction.
“Eleven 20 Club was an excellent opportunity for the investor to acquire a newly constructed retail center with prominent tenants in a high-density, heavily trafficked area in Chicago’s prominent suburb of Oak Park,” says Halkias.

Located at 1120 Lake St., Eleven 20 Club features retail tenants Bar Louie and Lane Bryant on the first floor and Fitness Formula Gym, which occupies the second and third floors.


All leases for the retail tenants are triple-net with rent increases throughout the terms of their leases. Directly above the Eleven 20 Club are 44 condominium units that commanded between $300,000 and $1 million.

Completed in 2007, the Eleven 20 Club is surrounded by other national retailers, including Starbucks, Chipotle, Borders Books, Gap, Panera Bread Co. and Talbot’s.

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

Post Properties Reaches Agreement with Pentwater Capital

Nominates David Schwartz to Stand for Election to the Board of Directors; One Additional Director to be Agreed Upon by Company and Pentwater

Names Doug Crocker Vice Chairman of the Board;
Schedules Annual Meeting to be Held October 16, 2008

ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced that it has entered into an agreement with Pentwater Capital Management and Pentwater Growth Fund in connection with the election of directors at the Annual Meeting of Shareholders scheduled to be held on October 16, 2008.

The Company also announced that its Board of Directors has named Douglas Crocker II (middle right photo) as Vice Chairman. Mr. Crocker will also continue to serve as chairman of the Strategic Planning and Investment Committee of the Board.

Under the terms of the agreement with Pentwater, David R. Schwartz (middle left photo) will stand for election at the 2008 Annual Meeting and the Company will select a new mutually agreed upon independent director.

Eight of the Company’s nine incumbent directors will stand for re-election. One incumbent director has reached the mandatory retirement age under the Company’s Corporate Governance Guidelines and, as a result, will not stand for re-election to the Board. Pentwater has agreed to support and vote for the agreed upon slate of nominees at the Annual Meeting. Under the Company’s Board structure, each director stands for election annually.

Mr. Schwartz is a Managing Member and founder of Waterton Associates, a Chicago-based real estate firm that, since its inception in 1995, has acquired more than 39,000 apartments in 109 properties in most major metropolitan areas of the United States.

The record date for determining shareholders entitled to notice of and to vote at the Annual Meeting is September 8, 2008.

Robert C. Goddard, III, Chairman of the Company’s Board of Directors, said, “We are pleased that the agreement with Pentwater will allow the Company to continue to focus exclusively on its business. The Board looks forward to the contribution of David Schwartz, and to the continuing leadership of Doug Crocker in his added role as Vice Chairman.”

Said David P. Stockert,(top right photo) President and CEO, “Working together with the Board, our management team is committed to build on the strengths of the Company to pursue the common goal of enhancing value for shareholders.”

CONTACT: Post Properties, Inc., David Stockert, 404-846-5000

Marcus & Millichap Opens Jackson, MS Office, Expanding its Southeast Presence

Marcus & Millichap is the first specialized, national commercial real estate firm to enter Mississippi.

JACKSON, Miss., Aug. 4, 2008 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has opened a new office in Jackson, Miss.

Matthew M. Fitzgerald (top right photo) has been appointed to supervise the Jackson office as its regional manager. The office is located at 617 Renaissance Way, Suite 200, Ridgeland, MS 39157. The phone number is (601) 856-4706. The fax number is (601) 856-4763.

“The opening of our new Jackson office marks the first time a national commercial real estate brokerage firm has entered the state of Mississippi,” explains Fitzgerald.

“Marcus & Millichap will serve a segment of the Southeast investment community that has been overlooked in the past. We opened this office to meet the growing demands of local and out-of-state real estate investors by targeting investment real estate in Mississippi’s dynamic growth areas, including DeSoto County, Downtown Jackson, Madison/Ridgeland and, particularly, along the Gulf Coast.”

Brent Yurtkuran (middle right photo) and Brad Barham,(middle left photo) multi-family investment specialists, will lead the new office as senior associates.

Yurtkuran and Barham join Marcus & Millichap from Jackson-based Real Estate Solutions, a real estate services firm founded by Yurtkuran in 2001. Harry Noble, most recently with Noble Development Properties Inc., has also joined the firm as a retail and single-tenant net-lease investment specialist.

Yurtkuran and Barham have been involved in the commercial real estate industry for nearly six years. As such, they have experience selling multi-family properties throughout Mississippi on behalf of local and out-of-state investors.
“Mississippi is long overdue for a national, specialized commercial real estate brokerage firm,” says Yurtkuran.

“Marcus & Millichap will fill a major void in Northern Mississippi and along the Gulf Coast. Investors will now have the opportunity to tap into Marcus & Millichap’s extensive pool of nationwide investment capital,” he adds.

“Our markets are stable and well positioned for future growth,” notes Barham. “The arrival of Marcus & Millichap is direct evidence of the strong opportunity in this relatively untapped market.”

With the opening of the Jackson office, Marcus & Millichap expands its already strong presence in the southeast region of the United States, including offices in Atlanta; Birmingham, Ala; Greenville, S.C.; Louisville, Ky.; Lafayette, La.; Memphis, Tenn.; and Williamsburg, Va. The firm also has offices in Charlotte and five offices in Florida.

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

Interstate Hotels & Resorts JV to Acquire Ownership Interest in Lexington, KY Hotel

Hotel to Undergo $13 Million Renovation, Reflag as Hilton

ARLINGTON, VA, August 4, 2008—Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent operator of full- and select-service hotels, today announced that it had formed a joint venture with an affiliate of Madison W Properties, LLC to recapitalize the existing ownership of the former Radisson Plaza Hotel Lexington (top left photo) in Kentucky and the adjacent 234,000 square foot, class-A office building.

Upon the transition, the hotel was renamed the Lexington Downtown Hotel & Conference Center.
The 367-room hotel will begin a comprehensive $13 million renovation encompassing guest rooms and public space, as well as the restaurant. Following completion of the renovation, the hotel will be reflagged as a Hilton. The hotel currently is managed by Interstate, who will operate the property as an independent until the hotel is reflagged.

“This is our forty-ninth property in which we hold a minority ownership interest and our first with Madison,” said Thomas F. Hewitt,(top right photo) Interstate chief executive officer.

“We know this property well and believe it has considerable long-term potential, given its excellent downtown location and proximity to the convention center. Those advantages, combined with the planned comprehensive renovation and rebranding as a Hilton, should position this hotel to become a leader in this market.”

“Interstate is a proven operator with a successful track record, and we look forward to establishing a long-term relationship with them,” said Peter C. Lewis, president of Madison W Properties.

“Their depth of experience in the meeting and conventions subsegment adds another dimension, making them a compelling partner in this particular venture. We look forward to exploring other opportunities with them.”

Located at 369 West Vine Street, the 15-story Lexington Downtown Hotel & Conference Center is situated just across from Rupp Arena and the Lexington Convention Center, (bottom left photo) and is convenient to Blue Grass Airport, Keeneland Race Track, University of Kentucky, and the Kentucky Horse Park.

The hotel is connected via skywalks to the Lexington Center and Rupp Arena, as well as the shops at Victorian Square.

The hotel’s amenities include a pool, fitness center, restaurant and lounge, and 14,000 square feet of meeting facilities, including a grand ballroom that accommodates up to 1,000 people. All guest rooms feature complimentary high-speed Internet access, Sleep Number® Beds and executive-size desks. The hotel’s Bigg Blue Martini is a favorite night hot spot in Lexington, and its Café on the Park on-site restaurant features local cuisine created by an award-winning chef.

For more information about Interstate Hotels & Resorts, visit the company’s Web site: http://www.ihrco.com/.

CONTACTS: Julie Tullbane, Daly Gray Public Relations, T 703-435-6293, F 703-435-6297
julie@dalygray.com

Carrie McIntyre, SVP, Treasurer, (703) 387-3320

Johnson-Laux Construction completes continuing contract projects totaling over $4M at Hilton Grand Vacations in Orlando, FL

ORLANDO, FL – Orlando-based Johnson-Laux Construction has completed Continuing Contract projects totaling over $4 million since 2001 at Hilton Grand Vacations (top left photo) in Orlando according to LEED-Accredited Professional Kevin Johnson, (top right photo) president, and Anthony Laux, (bottom right photo) vice president.

The company’s numerous exterior and interior projects include: a Hilton Executive Board Room/Conference Center and Club Millenia interior build-outs, a Call Center and Telemarketing Sales Office, Finance Department and many more projects during the last eight years. Anthony Laux serves as project manager and Craig Johnson is project superintendent.

“At Johnson-Laux,” said Johnson, “we focus on quality, schedule and cost control. This philosophy, in concert with our experience, versatility and commitment, has secured valuable long-term client relationships built on a strong reputation for meeting aggressive schedules and successfully completing time-sensitive projects.

Johnson-Laux is a full-service construction management and general contracting firm specializing in mission-critical healthcare, industrial, multi-family, office, resort, retail and other projects throughout Central Florida.

The company routinely offers pre-construction planning, design-build and general construction services for cardiovascular, imaging and surgery centers, hospital construction and renovations, medical office buildings, office buildings, restaurants, retail, theme parks, townhouse/condominium and industrial warehouse/distribution projects.

Johnson-Laux Construction is located at 4502 35th Street, Suite 500, Orlando, FL, phone 407-770-2180.

For more information, visit http://www.johnson-laux.com/

Contact: Kenneth H. Cristol 407-774-2515

Cousins and The Related Group Complete Sale of Residential Units at 50 Biscayne in Miami

Bulk purchase of 120 residential units by Related/Lubert-Adler partnership closed in late July

ATLANTA--Aug. 4, 2008--Cousins Properties Incorporated (NYSE:CUZ) announced today it and partner The Related Group have closed on the sale of the remaining 120 residential units at 50 Biscayne, (top left photo) a 54-story, 528-unit luxury condominium tower in Miami, Florida.

The buyer is a partnership of The Related Group and private equity firm Lubert-Adler Partners. The units were sold for a total price of $30.3million.

The sales ends Cousins' involvement in the tower's residential units but the Cousins/Related partnership continues to own seven commercial condominium units in the building. Since delivering 50 Biscayne, the Cousins/Related partnership has closed the sale of 528 residential units and six commercial units.

Cousins share of the pre-tax profit on the project to date is estimated to be approximately $18 million before minority interest.

"Quality product tends to succeed even in difficult markets and 50 Biscayne is a prime example of that. The building has weathered a turbulent South Florida condominium market and produced better than expected results," said Tom Bell, (bottom right photo) chairman and CEO of Cousins. "We thank Jorge Perez, Thomas Daly and the Related team for being a top-flight partner."

Jorge Perez,(top right photo) chairman and CEO of The Related Group said, "50 Biscayne is an award-winning product in our portfolio and significant credit is due to our partnership with Cousins Properties. Their diverse development expertise instills confidence that we can anticipate success with future collaborations."

CONTACTS:

Investments-- Jim Fleming, Chief Financial Officer, 404-407-1150 jimfleming@cousinsproperties.com or

Media--Matt Gove, Senior Vice President, 404-407-1490

mattgove@cousinsproperties.com

http://www.cousinsproperties.com/

First Team Real Estate Adds RealtyTrac Foreclosure Data to its Consumer Web Site

IRVINE, CA — RealtyTrac (http://www.realtytrac.com/), the leading online marketplace for foreclosure properties, and First Team Real Estate (http://www.firstteam.com/), the #1 independent real estate brokerage in southern California, announceS a strategic alliance that will allow consumers using the First Team website to search for foreclosure properties.

The foreclosure search is seamlessly integrated into the First Team website’s “Find a Home” feature and allows users to browse real-time foreclosure data furnished by RealtyTrac.

First Team agents receive leads from consumers who fill out a free registration form for more detailed access to the foreclosure listings or fill out a contact request form to get help with a specific property.

“With foreclosure activity on the rise nationwide and in Southern California, it is a logical extension of First Team’s business model to include foreclosure information on its website along with the MLS information it already provides,” said Rick Sharga, (middle left photo) VP of Marketing for RealtyTrac.

“By adding foreclosures to its product line, First Team is providing consumers with valuable information while also giving its agents an opportunity to add a potential income stream to their businesses during today’s difficult real estate market.”

This new comprehensive property search feature allows the public access to properties in all three stages of the foreclosure process — pre-foreclosure, auction and bank-owned (known as REOs).

Conducting a property search in this manner is convenient for consumers who are seeking to find bargain properties.

At the same time it allows First Team real estate professionals a chance to offer these would-be home buyers assistance in navigating this complex area of real estate.

“Teaming up with RealtyTrac has provided us with an opportunity to grow the scope of our real estate web services on a grand scale, thus demonstrating our commitment to providing the public with the best information the industry has to offer,” said Cameron Merage,(top right photo) Founder, President and CEO of First Team Real Estate.

“The foreclosure search feature is just the latest of many consumer-friendly search tools we provide from our home page. We are particularly excited about the extra functionality this partnership brings to the table as we continue to seek opportunities to grow our business in the future.”

As the foreclosure trend continues to gain momentum, more and more First Team agents have added foreclosures, short sales and bank-owned (REO) properties to the arsenal of real estate services they offer to the public.

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

HFF arranges $15.7M in financing for Boca Raton industrial facilities

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $15.7 million refinancing for eight industrial/warehouse facilities totaling 203,578 square feet in Boca Raton, Florida.

Working exclusively on behalf of Lewis Rental Properties, HFF managing director Fred Welker (top right photo) placed two fixed-rate loans with Wells Fargo Commercial Mortgage Originations.

An $8.2 million loan was secured for the South Congress Warehouses (bottom right photo) and a $7.5 million loan was arranged for the Boca Design Center Phase I (photo at left) .

Both financings are replacing existing loans with Wells Fargo that were to terminate in 2008. Lewis Rental Properties, with a home office in Boca Raton, has been providing rental warehouse space for the small industrial storage user in the Boca Raton and Deerfield Beach markets for over 30 years.

The South Congress Warehouses consist of three fully leased warehouse buildings totaling 118,800 square feet. The properties are located at 1101, 1121 and 1141 Holland Drive in Boca Raton.

The Boca Design Center Phase I includes five warehouse/flex buildings totaling 84,778 square feet with a 269-unit self-storage facility. The warehouse buildings are 100% occupied and the self-storage units are 90% leased.

Located at 3100 Boca Raton Boulevard, the properties are the first phase of a two-phase existing development in Boca Raton.

“South Congress and Boca Design Center Warehouses have enjoyed high occupancies for over a decade. This is attributable to a very experienced leasing and management team at Lewis Rental Properties combined with the excellent locations close to Interstate 95 in Boca Raton,” said Welker.

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:

FRED E. WELKER III, HFF Managing Director, (305) 448-1333, fwelker@hfflp.com

LAURIE FISH MCDOWELL, HFF Associate Director, Marketing (617) 338-0990 lmcdowell@hfflp.com