HFF secures $84M loan for Westin Fort Lauderdale Beach Resort in Fort Lauderdale, FL

MIAMI, FL – The Miami and Washington, D.C. offices of HFF (Holliday Fenoglio Fowler, L.P.) has arranged an $84 million renovation loan for the Westin Fort Lauderdale Beach Resort, (top right photo) a 433-room hotel in Fort Lauderdale, Florida.

HFF senior managing directors Bob Donhauser (middle left photo) (HFF Washington, D.C.) and Paul Stasaitis (middle right photo) (HFF Miami), as well as senior managing director William Asbill (bottom left photo) and director Cary Abod (bottom right photo) (also in Washington, D.C.), represented an affiliate of Starwood Capital Group Global, LLC, which owns the property, in securing the three-year financing.

Loan proceeds, structured as a floating rate renovation loan, are being used to convert the Sheraton branded hotel to the Westin Fort Lauderdale Beach Resort. The loan was funded by ING Real Estate Finance (USA) LLC.

The property, located at 321 North Fort Lauderdale Boulevard in Fort Lauderdale, was originally completed in two phases in 1974 and 1980.

The renovation will result in dramatic exterior modifications, enhancing the views of the Atlantic Ocean, Intracoastal Waterway and the city of Fort Lauderdale. Plans to significantly refurbish the interior of the hotel will offer guests the new Heavenly Spa by Westin™ and Westin WORKOUT® fitness center.

The hotel will also refresh its signature restaurant, Shula’s on the Beach (the upscale steak house is expected to remain open for dinner service throughout the property-wide renewal).

Upon completion of the renovation, The Westin Fort Lauderdale Beach Resort will have significantly expanded flexible meeting and event space of more than 32,000 square feet including the 10,000-square foot Las Olas Ballroom, which will accommodate groups of up to 1,200 people.

Additionally, the resort will feature the 3,900-square-foot Sunrise Terrace with views of Fort Lauderdale Beach and the Atlantic Ocean.

“The success of the renovated hotel will be directly attributable to its irreplaceable location along State Road A1A. Starwood is tapping directly into the market’s need for additional meeting space in a resort setting, coupled with a perfectly suited flag for Fort Lauderdale Beach,” said Stasaitis.

“HFF implemented an extensive marketing effort on our behalf in order to obtain the best execution,” said Robert Geimer, senior vice president for Starwood Capital Group. “We are pleased with the options and creativity provided to us by HFF, which ultimately resulted in the ideal lender for our renovation.”

CONTACTS:

G. Paul Stasaitis, HFF Senior Managing Director, 305 448 1333, pstasaitis@hfflp.com/

Robert Donhauser, HFF Senior Managing Director, 202 533 2500, rdonhauser@hfflp.com/

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

Marcus & Millichap Capital Corp. Arranges $8.8M Loan for Pomona, CA Office Building

POMONA, CA-– Marcus & Millichap Capital Corporation (MMCC) has arranged an $8.8 million fixed-rate loan to refinance a 242,000-square foot office building located at 2001 W. Mission Blvd. in Pomona.



Adam Petriella, (top right photo) a vice president capital markets for the firm’s West Los Angeles office, arranged the financing package for the Pomona office building.

“MMCC maintained a relationship with the buyer for more than two years,” says Petriella. “The buyer needed a loan that required funding in 30 days. We prepared the financial summaries, solicited financing from 12 different lenders and obtained term sheets within two days.”

Financing for this property was provided by a private lender with a European bank partner at a three-year, interest-only fixed-rate debt. Loan-to-value was at 50 percent.

“We’re seeing transactions with quick turnaround times becoming more prevalent in today’s marketplace,” says Petriella. “These are great opportunities for our borrowers and lenders.”

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

CFA Inaugural Certification Event Shows Strong Future

MT. VERNON, IA-- The Concrete Foundation Association (CFA) – an organization dedicated to improving the quality and acceptance of cast-in-place concrete foundations – has completed its first qualification exam for the Foundation Contractor Company Certification Program.

Exams were administered on Wednesday, August 2, 2008 and Saturday, August 5, 2008. They were preceded by a review seminar.

Interested companies sent 21 persons to sit for the 2-hour exam.

“The response to this initial offering was staggering,” states Ed Sauter, (middle right photo) CFA Executive Director. “As we prepared for the Convention, we had just a handful registered to attend the certification component but that quickly swelled to twenty one examinees, several companies sending two representatives.”

According to Sauter, the exam is a two-hour, open book effort that challenges more than the knowledge base of the examinee.

“This exam was designed to demonstrate that companies have the ability to use the resources at their disposal,” states Sauter. “We did not feel that testing their specific ability to recall a fact or a process was as much of value as developing a solid understanding that they could use codes, standards and construction guides to answer the broader questions in the industry.

" Examinees found it was a much bigger challenge than some had estimated, but most felt it demonstrated the true value of knowing and understanding building code and safety standard publications.”

This exam was the first, or the pre-qualification step for companies to become certified by the CFA as a Certified Foundation Contractor Company.

The program seeks to establish a nationwide benchmark for contracting companies involved in the construction of residential concrete foundations.

Following the exam, companies must then submit business records dealing with safety, operations, training programs, etc. They must then adhere to a continuing education requirement and periodic audits.

The CFA sees this as the next big issue affecting construction across the country and is applying their expertise and status in the industry to create the most appropriate benchmark.

“The issue of certification is one that several of our members are currently trying to handle in their local jurisdictions,” states Dan Bromley, (top left photo) CFA’s current President and the initiator of the certification program for the Association. “This program grew from critical business components identified by the committee to a program that is intended to strengthen the industry and the Association’s impact to its members.”

The companies and individuals that demonstrated the baseline knowledge and familiarity with the primary industry references assembled for this certification exam include the following:

Dan Bromley, ABI Corporation, Blue Springs, Missouri

Jim Bartley, Bartley Coproration, Laurel, Maryland

Tom Brown, TJ Construction Unlimited, Inc., Ely, Iowa

Rick Eller, Eller Construction, Eldridge, Iowa

Jason Ells, Custom Concrete Company, Westfield, Indiana

Bill Esker, J.B. Esker & Sons, Inc., Teutopolis, Illinois

Randy Groome, Balmer Brothers Concrete Works, Inc., Akron, Pennyslvania

Aaron Long, ProCon, Inc., Rocky Mount, Virginia

Tim Parrish, Cornerstone Foundations, Inc., Harrisonburg, Virginia

Dustin Pelletier, Action Concrete Contractors, Inc., Charleston, South Carolina

Dennis Purinton, Purinton Builders, Inc., Granby, Connecticut

Brad Schrock, Custom Concrete Company, Westfield, Indiana

Arie Van Wyk, Van Wyks, Inc., Waldo, Wisconsin

Mike Hancock, Basement Systems, Inc., Edmond, Oklahoma

Ken Beran, Beran Concrete Work, Wichita, Kansas

“We’ve seen the interest the industry has in certification,” states Sauter, “and now we are publicizing why the industry will benefit from this certification. We will also expand certification opportunities. We anticipate holding a minimum of four certification events each year to broaden the opportunities for foundation contracting companies.”

Certification pre-qualification exams are scheduled for Columbus, Ohio (October 18, 2008) and Las Vegas, Nevada during the World of Concrete (February 2, 2009).

To learn more about the CFA Foundation Contractor Certification Program or to find out how your company can begin the steps towards becoming certified, visit the CFA website at http://www.cfawalls.org/ or contact CFA’s headquarters at 113 First Street West, Mt. Vernon, Iowa 52314. 319-895-6940, voice -- 319-895-8830, fax.

CONTACTS:

Ed Sauter, 319-895-6940 or esauter@cfawalls.org
Jim Baty, 319-895-6911 or jbaty@cfawalls.org

Marcus & Millichap Arranges Sale of 93,087-SF Greyhound Office Building in Dallas

DALLAS, TX– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the Greyhound Office Building, (top right photo) a 93,087-square foot office building in Dallas.

Ron Hebert, a senior associate and director of Marcus & Millichap’s National Office and Industrial Properties Group in Dallas, and Matthew Kipp, a senior associate in the firm’s Newport Beach office, represented the seller. Hebert also procured the buyer and has sold this building twice in the past five years.

“The Greyhound Building’s Class A location and guaranteed income stream through 2012 allowed us to generate tremendous interest in the property with more than 20 offers,” says Hebert.

Located at 15110 North Dallas Parkway, the single-tenant six-story office building with a three-level parking garage is situated on a 2.66-acre lot on the northeast corner of Beltline Road and North Dallas Parkway.

The building was 100-percent leased and served as the Greyhound Corporate Headquarters before they moved out. The buyer plans to enjoy the income stream as he waits for the leasing activity to improve.

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

San Buenaventura Housing Authority, CA Assigned 'A' ICR

NEW YORK Aug. 22, 2008--Standard & Poor's Ratings Services assigned its 'A' issuer credit rating (ICR) to San Buenaventura Housing Authority (VHA), Calif.

"The rating reflects strong overall management, as well as a newly implemented strategic plan with clear goals and objectives that support a new business model for the agency which may result in additional income streams that can improve VHA's overall financial strength," said Standard & Poor's credit analyst Valerie White (top right photo).
"VHA is, however, challenged by a weakening profitability position, which is reflected in a reduction in net assets and a negative return on equity ratio," she added.

The rating also takes into account strong support from city government and other local stakeholders, strong portfolio quality that blends well within market locations, and strong essentiality for VHA housing evidenced by a waiting list of more than 3,500 applicants for public housing and housing choice vouchers.

(For a more detailed copy of S&P's release, please contact Christopher Mortell, New York (212) 438 3446 christopher_mortell@standardandpoors.com

Analyst Contacts: Valerie White, New York (1) 212-438-2078. Mikiyon Alexander, New York (1) 212-438-2083

Harkins Development Corp. completes Florida Neurology, P.A.'s interior build-out at new Stirling Center in Lake Mary, FL

LAKE MARY, FL – Harkins Development Corporation, the full-service development, general contracting and tenant improvement division of Sanford-based Harkins Companies, completed Florida Neurology, P.A.’s $300,000, 3,111-square-foot Phase II interior build-out at the new Stirling Center off Rinehart Road in Lake Mary, FL, according to company president Matt Harkins.

He added that Harkins Development also constructed Florida Neurology’s 4,600-square-foot professional office building shell and 1,489-square-foot Phase I build-out.

Harkins Realty, Inc. lists prime office building at Woodland Lakes Professional Plaza in Orlando, FL

ORLANDO, FL – Harkins Realty, Inc., the commercial brokerage, leasing and property management division of Orlando-based Harkins Companies, listed a prime free-standing 1,600-square-foot office building for sale or lease at Woodland Lakes Professional Plaza (photo at left) on Lake Underhill Road between Florida Hospital East and Waterford Lakes Town Center.

The building is owned by LCK Investments, LLC, according to Harkins Realty managing director Mark Harkins. For more information, visit www.harkinscompanies.com and enter its real estate website.

Contact: Kenneth H. Cristol 407-774-2515

Habif, Arogeti & Wynne CPAs Join REIAC Board

ATLANTA, GA-- Alan Vaughn (top left photo) and Alison Fossyl (top right photo) from accounting firm Habif, Arogeti & Wynne, LLP have joined the board of directors of The Southeast Chapter of the Real Estate Investment Advisory Council (REIAC).

Vaughn is a partner at HA&W, and co-chairs its tax department. He has extensive experience advising companies in the real estate industry. He also heads up HA&W Cost Recovery Partners, LLC, the firm's cost segregation practice. He is active in a number of community and professional activities includes serving on the Georgia Society Professional Ethics Committee, of which he is a past chairman. He earned his BBA degree from Auburn University.

Fossyl is Senior Audit Manager with HA&W. She specializes in the audit and tax requirements of the construction and real estate industries, including multifamily housing. She works extensively with corporations, S-Corporations and partnerships in the real estate and retail industries and provides top quality client service in the areas of audit and taxation. She earned her Bachelor of Science degree in Accounting and Finance from Miami University.

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. 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/.

Habif, Arogeti & Wynne, LLP Habif, Arogeti & Wynne, LLP is the largest independent ccounting and business advisory firm headquartered in Georgia. The firm's more than 300 professionals provide financial solutions – including accounting, auditing and tax services, management consulting, financial planning, technology consulting and financial staffing – to more than 8,000 clients in a variety of industries.

HA&W is a member of Baker Tilly International, an association of leading independent accounting firms worldwide. For more information, visit http://www.hawcpa.com/.

CONTACT: Terri Thornton, territhornton@mindspring.com

HFF secures $10M refinancing for Los Angeles multifamily complex

SAN FRANCISCO, CA – The San Francisco office of HFF (Holliday Fenoglio Fowler, L.P.) has secured a $10 million refinancing for The Gaylord Apartments, (top right photo) a 193-unit multifamily property in Los Angeles, California.

Working exclusively on behalf of The Gaylord, LLC, Scott McMullin, (middle left photo) Zane Sweet and John Crump of HFF placed the 10-year, interest-only loan fixed at 5.85% with Freddie Mac (Federal Home Loan Mortgage Corporation).

Loan proceeds were used to take-out an existing loan with a higher pay-rate and return some equity to the borrower for reinvestment. HFF, a registered Freddie Mac seller/servicer, will also service the loan.

The Gaylord Apartments is located at 3355 Wilshire Boulevard in the Mid-Wilshire area of Los Angeles. Built in 1923, the property operated as a renowned hotel until the mid 1960s when it was converted and renovated into an apartment building. The 13-story building has ground-floor retail with multifamily units on the upper floors and is currently 98% occupied.

“Freddie Mac provided an outstanding loan structure to the borrower,” said Sweet. “In an otherwise challenging real estate market, we have seen multifamily fundamentals sustain in major metro markets. HFF was able to get Freddie comfortable with the use of loan proceeds based on strength of market fundamentals and of course the undeniable quality of the asset.”

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:

Zane N. Sweet, HFF Director, 415 276 6300, zsweet@hfflp.com

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

Softening Economy Impacts Office Sector in Minneapolis-St.Paul

MINNEAPOLIS, MN — Key metrics in the Minneapolis-St. Paul office sector remain strong, but the effects of a soft economy on space demand are becoming evident, pointing to an increase in vacancy by year end, according to a second-quarter Office Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

(The 57-story, 774-feet tall Wells Fargo Center, top right photo)

Employment continues to grow, but not in numbers sufficient to generate significant new space needs, as concerns over the state of the economy encourage caution among startup and existing tenants.

“Strong office-using demographics and fairly steady property fundamentals will only intensify interest in the market as economic and credit market conditions improve,” says Solomon Poretsky, regional manager of the Minneapolis-St. Paul office of Marcus & Millichap.

(The 55-story, 1.4 million-sf, 792-foot tall IDS Center, middle left)

Following are some of the most significant aspects of the Minneapolis-St. Paul Office Research Report:

· Employers are forecast to add 8,500 positions this year, a 0.5 percent gain.

· Builders are predicted to bring 800,000 square feet of office space online this year.

· Vacancy is projected to end the year at 15.6 percent.
· Asking rents are forecast to rise 1.7 percent to $22.12 per square foot.

· Effective rents are on track to advance 2 percent to $18/25 per square foot.

(The 58-story, 775-foot tall, 1.4 million-sf Capella Tower, bottom right)

For a copy of the complete Minneapolis-St. Paul Office 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

Wyndham Hotel Group Signs Agreement to Open Nine Hotels in Japan

Tom Monaham, right, Wyndham Hotel Group executive vice president, international development, congratulates Toru Nakdate, Green Hospitality Management president and chief executive officer, in London upon signing of an agreement to develop Ramada and Days Inn hotels in Japan.


PARSIPPANY, N.J. -– Wyndham Hotel Group today said it has signed a non-exclusive agreement with Green Hospitality Management Co. LTD of Tokyo to open nine hotels in Japan during the next five years under the Ramada® and Days Inn® lodging brands.

The hotels will be developed, managed or both developed and managed by Green Hospitality Management, a subsidiary of the Green House Co. Ltd., a Japanese hospitality company whose businesses include contract food service, the operation of 500 Japanese and Chinese specialty restaurants and the management of 14 hotels.

The agreement, signed in London last week, promises to quadruple Wyndham Hotel Group’s current presence in Japan.

The company currently franchises three hotels in Japan: the Ramada Sapporo (middle left photo), Ramada Osaka (top right photo) and Ramada Kansai International Airport (bottom right photo), south of Osaka.

“To overcome the cultural, governmental and practical constraints of doing business in Japan, it is critically important to partner with a local company that has demonstrated its ability to grow and maintain a successful analogous business in that country,” said Tom Monahan, (top centered photo) Wyndham Hotel Group executive vice president, international development.

“Green Hospitality Management is an ideal partner for us because they have the requisite hospitality background to develop and manage our Ramada and Days Inn brands,” he said. “We appreciate their enthusiasm, confidence and experience and look forward to a very productive relationship.”

Toru Nakadate, (top centered photo) Green Hospitality Management president and chief executive officer, said his company selected the Ramada and Days Inn brands based on their proven and anticipated ability to perform in Japan and recognition among international travelers.

“The Days Inn and Ramada brands are known and respected worldwide,” he said.

Green House Co. Ltd., founded in 1947, employs 24,000 at 2,000 locations including restaurants and hotels.

CONTACT:

Rich Roberts, Vice President, Communications, Wyndham Hotel Group, 1 Sylvan Way,
Parsippany, NJ 07054

(973) 753-6590
Richard.roberts@wyndhamworldwide.com

CBRE Orlando Comletes Lease Transaction with Old Southern Bank

ORLANDO, FL- - The Orlando office of CB Richard Ellis is pleased to announce, Jorge Rodriguez, CCIM, has completed the lease transaction with Old Southern Bank, representing the landlord at Springs Plaza, 2491 W. SR 434 in Longwood, Florida.

Joe Schuemann of Blue Rock Development represented the tenant. Total consideration was $1,855,000 on a 10 year deal. The building was formerly a Fifth Third Bank location.

Newly secured tenants at Springs Plaza, to be open by the end of the year, include the Hurricane Grill, PetXpres, an upscale pet accessories and supplements, and Harmoni Market.

Newly secured tenants at Springs Plaza, to be open by the end of the year, include the Hurricane Grill, PetXpres, an upscale pet accessories and supplements, and Harmoni Market.

"We are very excited to welcome Old Southern Bank at Springs Plaza as well as Hurricane Grill, PetXpres, and Harmoni Market. All of these Tenants will benefit from the outstanding demographics in this market," said Rodriguez.

PINELOCH MANAGEMENT TO BE REPRESENTED BY CB RICHARD ELLIS

ORLANDO, FL - CB Richard Ellis, the world's leader in commercial real estate, is pleased to announce Jorge Rodriguez, (bottom right photo) CCIM of Asset Services, has been selected by Pineloch Management Company to exclusively represent their retail projects.

The Market at Southside, (top right photo) a 133,000 square feet centered anchored by Publix, located at S. Orange Ave and Michigan St in Orlando, Florida; and Southgate Mixed-Use Development, located at Pineloch St and Orange Avenue in Orlando, Florida.

"A CB Richard Ellis platform allows us to properly identify the tenant mix for both properties. Southgate's Tijuana Flats' and Publix's store at The Marketplace are top sales performer for each brand. This new account allows CB Richard Ellis to enhance its market share with quality clients and shopping centers within Central Florida," said Rodriguez.

Contact: Jorge Rodriguez, 407.404.5014, jorge.rodriguez@cbre.com

Cushman & Wakefield Negotiates Sale of 42,250-SF Industrial Building

TAMPA, FL-– Cushman & Wakefield negotiated the sale of a 42,250 square foot single tenant industrial building in Clearwater, Florida for $3,570,000.

The property is located on Ulmerton Road, in Pinellas County.

Cushman & Wakefield’s Private Client Group – Associate Director, . Rick Brugge (top right photo) was quoted as saying, “High barriers to entry in land and construction costs continue to drive interest in income producing property in Pinellas County. With Pinellas being the most densely populated county in the state, the long term outlook for rent and income growth is strong.”

Executive Director - Mike Davis (top left photo) (Capital Markets), Associate Director - Rick Brugge, CCIM (Private Client Group), and Director - Rian Smith(bottom left photo) (Industrial Brokerage) negotiated the sale on behalf of the seller, Continental Business Development, Inc. The buyer was Cabot Properties, Inc.

Contact: Debbie P’Simer, 813-204-5333. debbie.p’simer@cushwake.com

http://www.cushmanwakefield.com/

Wyndham Hotel Group International Appoints Marketing Executive

PARSIPPANY, N.J. – Wyndham Hotel Group International has announced the appointment of Andrew Dufty (top right photo) as vice president of international marketing.

He is responsible for developing and executing marketing plans in Europe, the Middle East, Africa and Asia Pacific region including brand initiatives, advertising campaigns and promotions for Wyndham Hotel Group’s nine hotel brands outside of North America.

Dufty, who is based in London and reports to Jean Thomas, (top left photo) Wyndham Hotel Group executive vice president and chief marketing officer, previously was general manager, marketing, for British Midland Airways in Derby, U.K., Heathrow Airport’s second-largest scheduled airline, responsible for global marketing strategy.

From 2002 to 2006, Dufty was head of brand communications for Barclays Bank PLC, a global financial services provider based in London, responsible for the marketing communications strategies of the Barclays and Woolwich brands. From 2002 to 2003 he served the company as head of sponsorship.

From 1996 to 2002, he worked in a variety of roles at British Airways, the U.K.’s national airline based in London, including sponsorship and promotions manager, responsible for negotiating key company sponsorships including the 2000 Olympic Games and the 2002 World Cup.

From 1995 to 1996 Dufty was product manager for Haven Holidays, the U.K.’s largest amusement park company based in London. He began his career in 1992 as an executive trainee with Gardner Merchant, a contract catering company based in London. In 1993 he was promoted to commercial manager and in 1994 to client account manager.

Dufty received his bachelor’s degree in hospitality management in 1992 from Bournemouth University, Dorset, U.K.

CONTACT:

Rob Myers, Communications Coordinator, Wyndham Hotel Group, 1 Sylvan Way, Parsippany, NJ 07054. PH (973) 753 6590.

rob.myers@wyndhamworldwide.com

ICSC Predicts 144,000 Stores Will Close This Year

SANTA ANA, CA--With the $100 billion tax rebate fading into history, retail sales lost steam in July, according to Bob Bach, (top right photo) senior vice president and chief economist at Grubb & Ellis Co.

Total sales fell by 0.1%, and core sales excluding autos and gasoline rose by 0.3%, the weakest performance since February.

Layoffs, sliding home prices, high consumer debt burdens, difficult credit markets and stubbornly high gas prices are taking their toll.

The International Council of Shopping Centers forecasts 144,000 store closings this year, the highest jump in the 14-year history of the survey. Expect shopping center leasing market conditions to bottom out in mid-2009.

Chart at left shows the seasonally adjusted monthly percent change of July retail sales. Data prepared by Census Bureau and Grubb & Ellis.

CONTACT: corporatecommunications@grubb-ellis.com