Cushman & Wakefield Negotates Sale of Southwest Florida Industrial Portfolio for $31M

TAMPA, FL – Aug. 25, 2008 – Cushman & Wakefield negotiated the sale of a 252,422 square foot Industrial Portfolio in Naples, Florida for $31 million.

Collier Park of Commerce (top right photo) - a seven building, 189,523 square foot park and Commerce Center (middle left photo) - a four
building, 62,899 square foot park are located at the northern border and directly across for the Naples
Municipal Airport. Combined, the portfolio was 96 percent occupied at the time of the sale.

Executive Director of Florida’s West Coast Capital Markets Group, Mike Davis,(bottom right photo) was quoted as saying, “Seven qualified full portfolio offers were evaluated before the selection of The Adler Group as the buyer.
This is significant since it demonstrates continued investor confidence in the Southwest Florida market.”

Executive Director Mike Davis (Capital Markets/Tampa); Associate Director Rick Brugge, CCIM (Capital Markets/Tampa); Executive Director Gary Tasman (C&W Naples) and Associate Director Brandon Stoneburner (C&W/Naples) negotiated the sale on behalf of the seller, Lund Capital Group. The buyer was The Adler Group.

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

HFF closes bridge financing on behalf of Lone Star Funds

DALLAS, TX, Aug. 25, 2008 – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged bridge financing for a portfolio of 26 corporate-owned assets of Lone Star Steakhouse & Saloon, Inc. (top right photo)

HFF managing director Mark West (top left photo) and associate director Clint Corn worked exclusively on behalf of Lone Star Funds to secure the floating-rate loan through a regional bank.

In late 2007, HFF arranged a similar execution on a pool of 17 Lone Star Steakhouses & Saloon, Inc. assets through a separate regional bank.

Lone Star Funds acquired Wichita-based Lone Star Steakhouse & Saloon, Inc. in December 2006 through a public-to-private buyout.

The 27 restaurants are located in Alabama, Colorado, Illinois, Kansas, Maryland, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Tennessee and Utah.

Lone Star Funds are closed-end, private-equity limited partnerships that include corporate and public pension funds, university endowments, foundations, bank holding companies, family trusts and insurance companies.

Since 1995, the principals of Lone Star have organized private equity funds totaling more than $23 billion to invest globally in secured and corporate unsecured debt instruments, real estate related assets and select corporate opportunities.

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. http://www.hfflp.com/.

CONTACTS:

Clint Corn, HFF Associate Director, 214 265 0880, ccorn@hfflp.com

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

HFF closes sale of Class A West Palm Beach office buildings

MIAMI, FL, Aug. 25, 2008-– The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Centurion Tower (top right photo) and NorthPoint Corporate Center, (middle left photo) two suburban Class A office buildings totaling 243,000 square feet in West Palm Beach, Florida.

HFF managing director Hermen Rodríguez, (middle right photo) executive managing director Manny de Zárraga, director Ike Ojala (bottom left photo) and associate director Luis Castillo led the investment sales team on behalf of the seller, JP Morgan Asset Management.

1400 Centrepark was also purchased by TA Associates as part of this transaction through HFF in July.

Centurion Tower and NorthPoint Corporate Center are located at 1601 Forum Place and 701 Northpoint Parkway respectively, proximate to Interstate 95 and downtown West Palm Beach.

Centurion Tower has 14 stories of office space totaling 143,938 square feet and is situated on a 2.3 acre site. Key tenants at the 87% occupied property include Oxbow, Kolter and BDO Seidman.

Northpoint Corporate Center is a five-story, 99,030-square-foot office building that is 86.5% leased to tenants including CBS Radio Stations, AT&T and First American Title.

“Together with the sale of 1400 CentrePark, this portfolio was one of the largest of its size and prominence in the Palm Beach area,” said Rodríguez.
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. http://www.hfflp.com/.

CONTACTS:

Hermen Rodriguez, HFF Managing Director, 305 448 1333, hrodriguez@hfflp.com/

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

Tremont Structures $2,715,000 Financing for Wyoming Manufactured Housing Community

CHICAGO, IL--The Chicago office of Tremont Realty Capital arranged financing for the acquisition of Antelope RV & Mobile Home Park, (bottom left photo) a 120-site MHC located in Gillette, Wyoming.

Thomas Lorenzini, (top right photo) a Managing Director with Tremont, arranged the $2,715,000 first mortgage loan, which was funded through a local Chicago bank.

The 36-month, recourse loan provided for roughly 75% loan-to-value with a 6% interest rate. The property was 99% occupied at the time of closing. Amenities include a children’s playground. According to Lorenzini, “Tremont was able to arrange the financing and facilitate a quick close for the client despite the challenging capital markets.”

Tremont Realty Capital, LLC is a national real estate investment and advisory firm, which makes direct debt and equity investments and provides institutional advisory services. Direct programs include high leverage bridge loans, short and long term mezzanine loans and equity capital.

The Chicago office of Tremont Realty Capital is located at 30 N. LaSalle Street, Suite 2050, Chicago, IL 60602. The phone number is 312.236.0960 and the fax number is 312.236.1534. You can visit Tremont on the Internet at http://www.tremoncapital.com/.

For additional information on this transaction, please contact: Tom Lorenzini at 312.236.0960 or tlorenzini@tremontcapital.com

CONTACT:
Aimee Munsey, Senior Associate, Marketing & Communications, Tremont Realty Capital
The Prudential Tower 800 Boylston Street, 45th Floor Boston, MA 02199 p: 617.867.0700 x784. f: 617.867.0077

amunsey@tremontcapital.com
http://www.tremontcapital.com/

Interstate Hotels & Resorts to Manage Newly Built Best Western in Lower Manhattan

Hotel Operator's First Project with Ben Wong, founder of Wok and Roll Restaurants

ARLINGTON, VA., Aug. 25 /PRNewswire-FirstCall/ -- 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 has signed a contract to manage the 102-room Best Western Bowery Hanbee Hotel (top right photo) in Lower Manhattan/Chinatown in New York City.

The newly built property is owned by Ben Wong, founder and principal owner of New York- based Wok and Roll Restaurants,(middle right photo) a major fast food operator with restaurant locations nationwide.

Interstate now manages a total of nine hotels in New York City.
"New York is a critically important U.S. market, and we continue to expand our presence there," said Thomas F. Hewitt, (top left photo) chief executive officer at Interstate.

"The Best Western is our first hotel on the vibrant Lower East Side and our first project with Ben Wong, a well respected and progressive entrepreneur. Our management pipeline remains quite active, with current owners being an important source of new business."

"Our growing New York portfolio also includes five hotels that we operate elsewhere in the state, bringing our total to 14 hotels statewide," said Leslie Ng, chief investment officer. "This cluster strategy allows us to take advantage of significant operating synergies and economies of scale. New York remains one of the most robust markets in the nation, and we continue to drive performance for our owners."

Located at the intersection of the Bowery and Grand Street in the heart of Chinatown and Little Italy, the eight-story Best Western hotel is within walking distance of SOHO, Tribeca, a short subway ride to Broadway theaters, the Wall Street financial district and the Brooklyn Bridge.

The hotel is also proximate to several major city attractions, such as Trinity Church, the World Trade Center memorial and Battery Park. Hotel amenities include a complimentary continental breakfast, an exercise facility and a business center. Guestrooms feature high-speed Internet access.

As of today, Interstate Hotels & Resorts has ownership interests in 56 hotels and resorts, including seven wholly owned assets. Together with these properties, the company and its affiliates managed a total of 225 hospitality properties with approximately 46,000 rooms in 36 states, the District of Columbia, Russia, Mexico, Canada, Belgium and Ireland. Interstate Hotels & Resorts also has contracts to manage 15 to be built hospitality properties with approximately 3,600 rooms.

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

Contacts:

Carrie McIntyre, SVP, Treasurer, Interstate Hotels & Resorts, (703) 387-3320
Chris Daly, Vice President, Daly Gray Public Relations, ph: 703-435-6293

Wyndham Hotel Group Announces Ramada Encore Deal for South Korea

PARSIPPANY, N.J. (Aug. 25, 2008) – Wyndham Hotel Group today announced an exclusive agreement with a South Korean company to develop 20 Ramada® Encore hotels in that country during the next six years, nearly tripling the brand’s presence there.

(Ramada Encore Hotel Wuxi, China, top right photo)

AT Hotels Management, based in Seoul, South Korea, will develop and manage the hotels, which will range in size from 80 to 200 rooms and be situated throughout the country.

Stephen Young, (middle right photo) Wyndham Hotel Group senior vice president, international development, said the hotels will feature the Ramada Encore signature contemporary design with multipurpose function space.

Guest rooms will include power showers, Internet access, work areas, direct-dial telephones, tea and coffee facility and flat-screen televisions with satellite programming. A select number of family rooms will accommodate up to two adults and two children.

Tom Monahan, (top left photo) Wyndham Hotel Group executive vice president, international development, said the agreement will “further strengthen our distribution and leadership in South Korea.”

James Jeong, (bottom left photo) AT Hotels Management chief executive officer, noted that his company opened its first Ramada Encore hotel in Pohang, South Korea, in 2005. “Ramada Encore hotels are the right midscale segment product for South Korea,” he said.

Wyndham Hotel Group, one of three principal components of Wyndham Worldwide Corporation (NYSE: WYN), encompasses nearly 7,000 hotels representing more than 581,000 rooms in 65 countries on six continents under the Wyndham®, Ramada®, Days Inn®, Super 8®, Wingate® by Wyndham, Baymont Inn & Suites®, Microtel Inns and Suites®, Hawthorn Suites®, Howard Johnson®, Travelodge®, Knights Inn® and AmeriHost Inn® brands.

All hotels are owned individually and operated independently or by Wyndham Hotel Management. Wyndham Hotel Group is based in Parsippany, N.J. Additional information is available at http://www.wyndhamworldwide.com/.

CONTACT:

Rich Roberts, Vice President, Communications Wyndham Hotel Group, 1 Sylvan Way, Parsippany, NJ 07054 PH (973) 753-6590 Richard.roberts@wyndhamworldwide.com

Student Housing Portfolio in Tucson, AZ Sold for $11.18M

TUCSON, AZ– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a three-property student housing portfolio totaling 56 units in Tucson.

The sales price is $11,185,000.

The assets are SahuaroPoint Villas at the Park (top right photo), GlennStar Apartments and Stone Wood Apartments.(middle left photo)

Hamid Panahi, (top left photo) a senior associate in the Tucson office of Marcus & Millichap, represented the seller in all three of the transactions. Earle Hyman, a senior vice president investments in the firm’s Encino office, represented one of the buyers and Mike McClain, a vice president investments in the firm’s Tucson office, represented the buyer in the SahuaroPoint transaction.

“Due to the on-going demand for student housing in close proximity to the University of Arizona, this portfolio represents a tremendous investment opportunity for the buyers,” says Panahi.

The portfolio consists of the following properties:

· SahuaroPoint Villas at the Park, a 20-unit asset on 1.47 acres at 2326-2366 North 6th Ave. The property includes five-bedroom/two-bath units, each measuring approximately 1,748 square feet. The apartment community commanded a price of $5.5 million.

· GlennStar Apartments, a 12-unit asset on .83-acres at 133-193 East Glenn St. The property includes three- and four-bedroom units, ranging in size from 1,015 to 1,138 square feet. The apartment community commanded a price of $1.7 million.

· StoneWood Apartments, a 24-unit asset on 1.65 acres at 2621 North Estrella Ave. The property includes four-bedroom/three-bath apartment units each measuring approximately 1,235 square feet. The apartment community commanded a price of $3.98 million.

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

Uptown Broadway Apartments in Boulder, CO Sold for $22.85M

BOULDER, CO – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Uptown Broadway, (top right photo) a 116-unit apartment community in Boulder.

The sales price of $22.85 million represented $226 per square foot or $196,983, a record per unit price for Boulder, and one of only five deals that have sold for more than $225 per square foot in the Denver metro area during the last two years.

Dave Potarf and Dan Woodward, both vice president investments and senior directors of Marcus & Millichap’s National Multi Housing Group in Denver, and Jordan Robbins, an investment specialist also in the firm’s Denver office, represented the seller and the buyer.

“Uptown Broadway was an excellent opportunity for the investor to acquire a recently constructed apartment community with condo conversion potential,” says Woodward.

Located at 4590 13th St., the 100,940-square foot apartment community consists of 10 three-story buildings with 15 unique floor plans, including one- and two-bedroom flats, townhomes and lofts, situated on 2.43 acres.

The property also features two underground parking garages. Built in 2005, Uptown Broadway is a multi-family community totaling 148 apartment units of which 32 are affordable housing and not part of the offering. There are also 41 for-sale lofts and 55 for-sale flats and live/work units.

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

Marcus & Millichap Arranges Sale of $11.95M Apartment Complex in Dublin, OH

DUBLIN, OH – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Sawmill Ridge, (top right photo) a 192-unit multi-family community in Dublin.

The sales price of $11.95 million represented $62,240 per unit.

Derek C. Kinnear, a senior associate in the Cincinnati office of Marcus & Millichap; William Klopfer, a senior associate in the firm’s Columbus office; and Adam Schlosser, an investment specialist also in the firm’s Columbus office, represented the seller. Matthew Brown, a senior associate in the firm’s Columbus office, represented the buyer.

“The investor has acquired a well-maintained, quality performing asset in central Ohio’s strongest rental market,” says Schlosser. “The new owner has capitalized on a rare opportunity in a market with excellent demographics.”

Located at 6564 Millridge Circle, the 144,480-square foot apartment community consists of 12 two-story buildings situated on 15.31 acres, within a close proximity to some of Columbus’ best shopping, dining, entertainment establishments and business centers.

Sawmill Ridge features a mix of one- and two-bedroom units. Interior amenities include an enclosed patio or balcony, designer kitchen, and gas log fireplaces and washer and dryers in select units. Community amenities include a swimming pool with a large multi-level sundeck that connects to a private bathhouse. There is a two-acre park nearby, and the property offers ample parking surface spaces in front of each unit.

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

Edwards Construction Services awarded contract for American Tire Distributors' flex warehouse interior build-out at Madison Industrial Park

OCALA, FL – Ocala-based Edwards Construction Services, Inc.’s Manufacturing and Distribution division was awarded a contract for American Tire Distributors’ flex warehouse interior build-out at IDI Madison Industrial Park (top left photo) , Building E, in Tampa, FL.

The work will include approximately 7,500 square feet of office space and 139,500 square feet of warehouse space.

Recently constructed by Edwards, the 533,000-square-foot IDI Madison project currently features Building E containing 147,000 square feet of flex warehouse space and Building A containing 386,000 square feet of “cross dock” warehouse space including 107 loading docks. The buildings are constructed with 36-foot-high tilt-up concrete wall panels and single-ply membrane roof systems.

Contact: Kenneth H. Cristol, 407-774-2515

1.1 million-square-foot Class A office portfolio sale in Austin closed by HFF

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of Riata Corporate Park (top right photo) and Riata Crossing, (middle left photo) a Class A office complex totaling 1.1 million square feet in Austin, Texas.

HFF marketed the property exclusively on behalf of the seller, a partnership between institutional investors advised by JPMorgan Asset Management and Equity Office, and was acquired by Spear Street Capital. Terms of the sale were undisclosed.

The portfolio consists of eight-building Riata Corporate Park, five-building Riata Crossing as well as the last two development sites at the Riata master-planned development.

Completed between 1998 and 2008, the buildings are 98.7% leased to tenants including Apple, Centex, NVIDIA Corporation, Computer Associates, Janus Capital Group and Pervasive Software.

The Riata complex is situated within a 95-acre corporate park adjacent to a city park and lake near Research Boulevard, Parmer Lane, State Highway 45 and The Domain in northwest Austin.

JPMorgan Asset Management is a global asset management leader providing world-class investment solutions to institutions, individuals and financial intermediaries.

The firm is responsible for approximately $1.2 trillion in assets under management (based on assets under management for the Asset Management division of JPMorgan Chase & Co. as of June 30, 2008), including more than $58.4 billion in real estate managed by JPMorgan Asset Management - Real Estate & Infrastructure.

With a 38-year history of successful investing and a staff of approximately 379 professionals, JPMorgan Asset Management - Real Estate & Infrastructure identifies, analyzes, negotiates, acquires, develops, redevelops, renovates, operates, maintains, finances and sells assets, on behalf of its clients.

Spear Street Capital is a real estate investment company dedicated to acquiring and operating select office investment opportunities nationwide.

CONTACTS:

Andrew S. Levy, HFF Senior Managing Director, 214 265 0880, alevy@hfflp.com

Todd W. Savage, HFF Managing Director, 214 265 0880, tsavage@hfflp.com

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

Philadelphia Office Assets Remain in Demand

PHILADELPHIA, PA — The Philadelphia office market will remain fairly well-balanced through the end of the year, allowing for modest rent gains, according to a second-quarter Office Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

(The 57-story, 975-foot tall, 1.23-million-sf Comcast Center, Downtown Philadelphia, top right photo).

Despite ongoing uncertainty at the national level, the metro’s diverse economy and prominent educational and health services sector, which accounted for 63 percent of all jobs created during the past year, have helped to maintain the local office market’s stability.

“Buyers will remain focused on established properties near arterial roadways in submarkets with strong residential and retail bases, such as King of Prussia and Exton/Malvern,” says Spencer Yablon, (top left photo) regional manager of the Philadelphia office of Marcus & Millichap.

(The 53-story, 739-foot-tall, 1.3-million-sf Bell Atlantic Tower, bottom right. The 61-story, 945-foot-tall One Liberty Place, middle left))

Following are some of the most significant aspects of the Philadelphia Office Research Report:

· Office-using employment is forecast to tick up 0.1 percent with the addition of 700 jobs.
· Developers are expected to add 1.7 million square feet of competitive office space by year end.
· Vacancy is forecast to end the year at 12.2 percent.
· Asking rents are projected to push up 4.2 percent to $24.14 per square foot.
· Effective rents will gain 2.4 percent to $20.32 per square foot.

For a copy of the complete Philadelphia 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

Credit Isues Expected to Slow Retail Deal Flow in Columbus, OH

COLUMBUS, OH--Ongoing economic woes are forecast to soften retail fundamentals in Columbus this year, but the metro remains the strongest in the state and is positioned for long-term health, according to a second-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

While many Midwestern market are suffering through employment losses and out-migration, the Columbus metro continues to add positions and record steady population growth.

“Out-of-state buyers remain active in Columbus, lured by higher cap rates than those in coastal markets and a healthy long-term economic outlook,” says John Reehil, a retail investment specialist in the Columbus office of Marcus & Millichap.

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

· Employers are projected to add 1,000 jobs for a payroll expansion of 0.1 percent.
· Builders are on pace to add approximately 1.2 million square feet on new space by year end.
· Vacancy is forecast to end the year at 11.8 percent.
· Asking rents are expected to gain 0.6 percent to $12.71 per square foot by year end.
· Effective rents are anticipated to finish the year at $10.98 per square foot.

For a copy of the complete Columbus 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

Thomas D. Wood & Co. Brokers $5M Loan for Condos in Valrico, FL

Miami, FL— Susan Traino and Christian Johannsen of Thomas D. Wood and Company secured financing in the amount of $5,000,000 for Bloomingdale Woods Condominiums (top right photo) in Valrico, Florida.

The loan was financed through Thomas D. Wood and Company’s relationship with a regional banking institution at a permanent fixed rate of 6.75%. The loan term is five years with a 25-year amortization, and a loan-to-value of 70%.

The borrower refinanced the loan for Bloomingdale Woods in order to purchase the remaining 105 condominium units. The 224-unit condominium conversion was built in 1988, and is located at 3431 Eagle Ridge Road, Valrico, Florida.

For further information, please contact:
Susan Traino, CPA (305) 476-7120 straino@tdwood.com

Christian Johannsen, CCIM (305) 476-7123 cjohannsen@tdwood.com

Jessica Gurtowski (407) 937-0470 jgurtowski@tdwood.com

NAI Realvest Negotiates New Long-Term Industrial Lease in Oviedo, FL

ORLANDO, FL – NAI Realvest has negotiated a new long-term lease agreement for 9,520 square feet of industrial space at 640 Kane Court in Oviedo.

Michael Heidrich, (top right photo) principal at NAI Realvest, negotiated the lease agreement representing the landlord, Longwood-based Sandbagger Properties, LLC.

The new tenant, Oviedo-based Upstream at Bitstream, LLC, was represented by Jim Stevenson (bottom left photo) of Realty Executives of Orlando.

For more information, please contact:

Janice Paiano, Director of Marketing, NAI Realvest 407-875-9989 jpaiano@realvest.com

Beth Payan or Larry Vershel, Larry Vershel Communications, Inc. 407-644-4142