MSI to Host Its 24th Annual MSI-Frontline Golf Benefit Oct. 17

ORLANDO, FL – Orlando-based Mechanical Services, Inc. (MSI), an EMCOR company, continues a 24-year tradition of corporate giving to Frontline Outreach, Inc. with its 24th Annual MSI-Frontline Golf Benefit on October 17.

MSI and its numerous business partners have contributed over $425,000 in cash to the Orlando-based charitable organization since the inception of the event, raising over $60,000 last year alone.

To be held at the Orange County National Golf Center & Lodge, over 200 attendees will invest in one of the community’s most respected organizations to prepare tomorrow’s leaders for success.

Said Bill Dillard, (top right photo) founder and CEO of MSI, “Our combined investment in our urban community through Frontline Outreach produces real results at a value that cannot be measured in dollars and cents.” For further information, visit http://www.frontlineoutreach.org/.

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

Despite Downturn, Some Positive Retail Trends Stand Out in Palm Beach County

WEST PALM BEACH, FL — Long-term growth prospects for Palm Beach County remain intact, but an ongoing housing and economic slump is reducing demand for retail space, according to a third-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Some positive trends are discernible in the current data.

Supply growth remain limited; with an excessive amount of new space sitting unoccupied, marketwide vacancy and rent growth should turn around quickly once the local economy bounces back.

“Investors will likely become active in the coming months, seeking well-positioned, well-maintained multi-tenant properties to purchase ahead of the market’s eventual upturn,” says Gene Berman, (top right photo) managing director of the Fort Lauderdale office of Marcus & Millichap.

Following are some of the most significant aspects of the Palm Beach County Retail Research Report:

· Employers are expected to reduce payrolls by 9,000 positions this year, a 1.5 percent decrease.

· Roughly 900,000 square feet of retail space is scheduled for delivery in 2008, following the addition of 1.4 million square feet last year.

· The average vacancy rate is forecast to rise 190 basis points this year to 9.1 percent as some retailers defer expansion plans and other close locations.

· Asking rents are projected to drop 1 percent to $22.64 per square foot.
· Effective rents will retreat 1.9 percent to $20.26 per square foot.

For a copy of the complete Palm Beach County 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

Philadelphia Retail Market Expected to Moderate

PHILADELPHIA, PA— Steady construction activity and weaker consumer spending are causing Philadelphia’s retail market to moderate, with department stores and casual dining restaurants struggling the most, according to a third-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Looking forward, more stringent underwriting will likely increase the marketing times for many properties, as well as apply further upward pressure on cap rates.

“This year, investment activity with the Philadelphia retail market is expected to consist primarily of smaller buyers focusing on mid-tiered assets,” says Spencer Yablon, (top right photo) regional manager of the Philadelphia office of Marcus & Millichap.

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

· After 16,800 jobs were created in 2007, cuts are expected to total 8,000 workers this year, a loss of 0.3 percent.

· Developers are forecast to bring 1.9 million square feet of retail stock online in 2008, compared with 1.8 million square feet last year.

· Additions to stock this year will exceed tenant demand growth. As a result, vacancy is projected to push up 70 basis points by year end to 7.4 percent.

· Asking rents are expected to rise 1.8 percent in 2008 to $20.30 per square foot.

· Effective rents will tick up 0.6 percent to $18.26 per square foot.

For a copy of the complete Philadelphia 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

Two Shopping Centers in Columbus, OH Listed by Marcus & Millichap for $26.51M

COLUMBUS, OH-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Morse and Northtowne Centre, (top right and bottom left photos) two neighboring shopping centers, totaling 438,650 square feet, in Columbus. The listing price is $26.51 million.

Jason Ladner, an investment specialist in the Milwaukee office of Marcus & Millichap, and John Reehil, an associate in the firm’s Columbus office, are representing the seller, a St. Louis-based property owner.
“This offering is an excellent opportunity for an investor to acquire two well-maintained, multi-tenant shopping centers with strong historical occupancy in an extremely dense retail and residential market,” says Ladner.

Located at Morse and Northtowne, the shopping centers are situated on 40.58 acres. Tenants include Big Lots, Children’s Hospital, Guitar Center, Community Dental, Dollar Tree, Goodwill, H&R Block and Wendy’s.

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

Investors Focus on Single-Tenant Retail Assets in Phoenix

PHOENIX, AZ— The Phoenix retail market softened during the first half of the year, with tenant demand failing to keep pace with completions, according to a third-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Sellers have begun to realign their expectations in recent months, which has result in higher cap rates, especially in deals involving older properties.

“In the coming months, investor demand for single-tenant properties is expected to remain healthy, although cap rates for all retail properties will likely edge higher,” says David Guido, regional manager of the Phoenix office of Marcus & Millichap.

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

· Employers in the Phoenix metro are forecast to eliminate 18,000 jobs this year for a 0.9 percent reduction, following an increase of 0.2 percent in 2007.

· Developers are on pace to complete roughly 7.5 million square feet of new retail space in 2008, in line with last year’s deliveries.

· Vacancy is projected to end the year at 10. 3 percent, up 220 basis points from 2007.

· Asking rents are predicted to reach $19.48 per square foot, a 0.6 percent increase.

· Concessions will rise through the rest of the year, causing effective rents to decline 0.3 percent to $17.26 per square foot.

For a copy of the complete Phoenix 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

Heidi C. Adams Recognized Among The Top Women in Florida Commercial Real Estate

ORLANDO, FL – Heidi C. Adams, (top right photo) Director of Leasing for Winter Park-based Taurus Southern Investments, LLC, a subsidiary of Boston-based Taurus Investment Holdings, LLC, was prominently recognized among The Top Women in Florida Commercial Real Estate 2008 by Florida Real Estate Journal at a reception held September 13 at the Rosen Shingle Creek Resort in Orlando.

Honored among 21 professional women statewide, Adams co-brokered an impressive $68 million in transactions during 2007, and was earlier named among Orlando Business Journal’s 2007 “Forty Under 40” most successful young business professionals.

Notably, Adams co-brokered Taurus’ $50.4 million portfolio sale of four office buildings at the Central Florida Research Park in Orlando, and her portfolio responsibilities also include nearly 1.5 million square feet of developed space in Orlando and Jacksonville.

Specializing in high technology, simulation and bio-tech tenancies, Adams numerous 2007 multi-year leases included VaxDesign, Infrasafe, Teranex, Rockwell Collins, GSA and others.

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

MBA's Courson Welcomes Treasury Steps to Increase Stability and Liquidity in Financial Markets

WASHINGTON, D.C. -- John A. Courson, (top right photo) Chief Operating Officer of the Mortgage Bankers Association (MBA) today issued the following statement in response to Treasury Secretary Paulson's (top left photo) comments on the steps the Treasury will take to support liquidity in the financial markets.

"The moves Secretary Paulson announced to increase GSE and Treasury purchases of mortgage-backed securities should provide support for mortgage rates. The fear was that the illiquidity in the financial markets we have seen this week would have reversed the recent drops in mortgage rates.

"The broader steps outlined by Treasury are aimed at ending the further meltdown in the financial markets and are designed to minimize the resulting impact of the market turmoil on the broader economy. It is another step in the long-term process of restoring a balance between the supply and demand for housing in a number of markets and thus addressing the continuing problem of mortgage delinquencies and foreclosures.

"The mortgage finance industry looks forward to continuing to work with Congress and the Administration on this historic proposal."

CONTACT: John Mechem, (202) 557-2924, jmechem@mortgagebankers.org

Marcus & Millichap Sells 104,549-SF Shopping Center in Rockaway, NJ for $16.12M

ROCKAWAY, N.J. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Rockaway Plaza, (top left photo) a 104,549-square foot shopping center in Rockaway. The sales price of $16.12 million represented $154 per square foot.

Seth Pollack, a senior associate in the New Jersey office of Marcus & Millichap, and Michael Kestin, an investment specialist also in the firm’s New Jersey office, represented the seller, a regional developer. Kevin McCrann, an investment specialist in the firm’s New Jersey office, represented the buyer, a regional investment group.

“The marketing of this asset produced multiple offers from investors active in the region and extended to the southeast.

"As a result, the seller had the benefit of choosing the best option available. From contract signing to closing, the process took 58 days,” says Pollack.

“Rockaway Plaza represented an excellent opportunity for the buyer to acquire a newly renovated drug store-anchored shopping center with great highway visibility in a thriving market with strong demographics and high traffic counts,” adds Kestin.

“The buyer will enjoy strong first-year returns,” adds McCrann.

Located at 295 Route 46, the shopping center is situated on a 6.78-acre lot and boasts a mix of national, regional and local tenants, including Ace Hardware, Drug Fair, Kiddie Academy and Party Fair.

The center has recently undergone a complete renovation that includes a new facade, store fronts and a newly surfaced parking lot.

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

$10.55M Sale of Apartment Community in Newport Beach, CA Arranged by Marcus & Millichap

NEWPORT BEACH, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Las Casitas Garden Apartments, (top right photo) a 52-unit multi-family community in Newport Beach.

The sales price of $10.55 million represents $202,885 per unit and a cap rate of approximately 5 percent.

Michael Lawrence, a senior vice president investments in the Newport Beach office of Marcus & Millichap, and Joseph Berkson, a vice president investments also in the firm’s Newport Beach office, represented the seller, a local family partnership. Kevin Struve, a vice president investments in the firm’s Ontario office, and Eric Chen, an associate also in the firm’s Ontario office, represented the buyer, a Northern California-based private investor.

“Las Casitas Garden Apartments offered an excellent value-added opportunity for the buyer. This property will present significant future rent growth in one of the strongest rental markets in the nation, situated near core business districts and the University of California, Irvine,” says Lawrence.

“Despite a considerable slowdown in apartment sales and a tough market for financing, we were fortunate to have generated substantial investor interest in this property from local investors and investors throughout the United States,” adds Berkson.

Located at 20102 Southwest Birch St., the 45,938-square foot apartment community consists of five two-story buildings on a 1.75-acre lot.

Las Casitas Garden Apartments features a mix of one- and two-bedroom units. Community amenities include a swimming pool with sundeck, ample parking, on-site laundry facilities and a well-equipped fitness center.

Unit amenities include gas stoves, ovens, dishwashers and gas wall heating. Additionally, each unit has either a spacious, private patio or balcony, most of which overlook the central courtyard and swimming pool.

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

Marcus & Millichap Sells 268-Unit Apartment Community in Colorado Springs, CO for $16M

COLORADO SPRINGS, CO – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Parkside Apartments (top right photo) in Colorado Springs.

The sales price of $16 million represented $59,701 per unit.

Dave Potarf (top left photo) and Dan Woodward,(middle right photo) 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, a Colorado-based investor, and the buyer, a Washington State-based apartment investor.

“Parkside Apartments offered the investor a centrally located asset near city amenities within a rapidly improving market,” says Potarf.

Located at 2505 East Pikes Peak Ave., the 211,336-square foot apartment community consists of 19 two-story buildings situated on 12.14 acres, just two miles from Downtown Colorado Springs and 15 minutes from the Colorado Springs Municipal Airport.

Parkside Apartments features a mix of one- and two-bedroom units. Interior amenities include nine-foot ceilings, air conditioning, cable TV and Internet access, fireplaces, private balconies or patios, storage room, and washer and dryer hook-ups.

Vaulted ceilings, washers and dryers, walk-in closets and ceiling fans are available in select units. Community amenities include a heated swimming pool, spa, weight and exercise room, sport court, laundry facilities, clubhouse and children’s playground.

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

Grubb & Ellis Apartment REIT Acquires Canyon Ridge Apartments in Hermitage, TN

SANTA ANA, CA/PRNewswire/ -- Grubb & Ellis Apartment REIT, Inc. has acquired Canyon Ridge Apartments, (top right photo) a 350-unit multifamily community in the Nashville suburb of Hermitage, Tenn.

Located at 3868 Central Pike, Canyon Ridge Apartments consists of approximately 341,000 rentable square feet situated on roughly 22.5 acres.

Built in 2005, the gated community comprises 13 three-story buildings offering one-, two- and three-bedroom apartments as well as a community clubhouse.

There are six floor plans available that vary in unit size from approximately 750 square feet to roughly 1,184 square feet. Property amenities include a fitness center, cyber cafe, lap pool with surround sound and two tanning salons.

Unit features may include island kitchens with granite counter tops, full-size washer and dryer connections, ceiling fans, walk-in closets and fireplaces.

Canyon Ridge Apartments offers easy access to Interstate 40, is in close proximity to Nashville International Airport, and is surrounded by residential developments as well as retail outlets, including Kroger, Wal-Mart and Home Depot.

The property is currently 94 percent leased and provides parking for 660 passenger vehicles, split between attached and detached garages, carports and surface parking spaces

."The acquisition of Canyon Ridge Apartments further diversifies the Grubb & Ellis Apartment REIT portfolio and is consistent with our investment strategy to acquire assets in growing markets with strong economies," said Grubb & Ellis Apartment REIT Chief Executive Officer Stanley J. Olander Jr. (top left photo)

Grubb & Ellis Apartment REIT purchased Canyon Ridge Apartments from an affiliate of Principal Real Estate Investors LLC, represented by Scott Tyrone (middle right photo) and Perry Gooch of Colliers Turley Martin Tucker.

Financing was primarily provided by Capmark Bank, and arranged by Don Marshall and Mike Bryant.

As of August 29, 2008, Grubb & Ellis Apartment REIT has sold approximately 13.5 million shares of its common stock, excluding the shares issued under its distribution reinvestment plan, for approximately $134.6 million through its initial public offering, which began in the third quarter of 2006.

Grubb & Ellis Apartment REIT offers a monthly distribution of seven percent per annum and, as of September 15, 2008, has made 13 geographically diverse acquisitions with a total portfolio valued at approximately $341 million, based on purchase price.

CONTACTS:

Julia McCartney, +1-714-975-2230, julia.mccartney@grubb-ellis.com

Damon Elder, +1-714-975-2659, damon.elder@grubb-ellis.com

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

Tilt-Con Corp. Completes Kohl's Job; Starts on Beacon Lakes Project in Miami

Beacon Lakes Building 12 warehouse in Miami will be 189,140 SF

MIAMI, FL – Tilt-Con Corporation, Tamarac, is under way on the new 189,140-square-foot Beacon Lakes Building 12 warehouse (top right photo) at 12600 NW 25th Street, Miami, under its contract with Flagler Construction, Miami.

Selected for its unrivaled performance and speed of execution, Tilt-Con utilizes its economical system for tilt-up concrete walls.

Ranked as Florida’s largest tilt-up concrete constructor by Engineering News-Record magazine, Tilt-Con’s scope of work includes foundations, slab-on-grade and tilt-up concrete wall panels. Designed by RLC Architects, Boca Raton, the project is slated for completion in December 2008. Tilt-Con’s South Florida office is located at 10601 State Street, Suite 10, Tamarac, FL 33321, phone 1-800-446-8458.

Two-Story Kohl's at 11800 Mills Drive, Kendall, FL Contains 96,487 SF

KENDALL, FL – Tilt-Con Corporation, Tamarac, completed the new 2-story, 96,487-square-foot Kohl’s department store at 11800 Mills Drive, Kendall, FL, under its contract with J. Raymond Construction Corporation, Longwood, FL.

Selected for its unrivaled performance and speed of execution, Tilt-Con utilized its economical multi-story system for tilt-up concrete walls.

Ranked as Florida’s largest tilt-up concrete constructor by Engineering News-Record magazine, Tilt-Con’s scope of work included foundations, slab-on-grade and tilt-up concrete wall panels. The project was designed by Christopher B. Goble, Tulsa, OK. Tilt-Con’s South Florida office is located at 10601 State Street, Suite 10, Tamarac, FL 33321, phone 1-800-446-8458.

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

Record Attendance Expected at Sixth Annual International Hotel Conference

Numbers of High Profile Speakers and Guests Up from Previous Years

CHICAGO, Ill., USA/ROME, Italy—Officials of the International Hotel Conference say they are anticipating record participation of more than 300 hotel industry executives from over 50 countries, at the Sixth Annual International Hotel Conference, scheduled for October 15-17, 2008, at the Cavalieri Hilton (middle right photo) in Rome, Italy.


As one of the leading global gatherings in the hospitality industry, the International Hotel Conference is an occasion for owners, operators, brands, leading institutions, bankers, architects/designers, attorneys, brokers and other members of the hotel community to meet and discuss issues facing the worldwide hospitality industry.

“We’ve already exceeded last year’s registration numbers and expect a strong guest turnout as hoteliers meet to assess current trends and try to anticipate emerging ones that will impact the industry on local, regional and global levels,” said Morris E. Lasky, (top left photo) conference co-chairperson.

“Hoteliers are expanding into newer and more diverse sectors to take full advantage of the global market. We believe the conference topics, ranging from how to cope with the fluctuating global economy to building momentum in difficult markets, will be especially timely.”

One highlight of the conference will be the presentation of the “International Hotelier Global Citizen” Award to Georg R. Rafael, (bottom right photo) Managing Director of Rafael Group S.A.M., during the first general session on October 16.

The award recognizes an international hotelier for his/her leadership in the hospitality industry, as well as humanitarian contributions to society.

Rafael was selected by an industry-wide vote and will be awarded a €5,000 grant, which will be donated to Medecins Sans Frontiers (Doctors Without Borders), one of a number of charities actively supported by Rafael.

Last year’s inaugural award went to Hans W.R. Kennedie, president and CEO of the Golden Tulip Hospitality Group.

“This is by far the most expansive roster of speakers we have ever assembled, more than 100 hospitality industry specialists from more than 20 countries,” said Mary Lou Koys, conference co-chairperson.

“They will discuss the current direction of the industry and offer insightful forecasts. The setting and manageable size of the conference allow for plenty of face-to-face contact and networking opportunities with the world’s top hotel executives.”

Additional information about the event, registration, sponsorships and related activities can be found at the event’s Web site http://www.internationalhotelconference.com/, or by contacting the conference organizer, Morris Lasky at mlasky@aol.com.

Contact: Jerry Daly or Chris Daly, 001 703 435 6293

Jonathan Dwoskin Named Sales Manager of Marcus & Millichap's Detroit Office

DETROIT, MI – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Jonathan Dwoskin (top right photo) sales manager of the Detroit office, according to Harvey E. Green, president and chief executive officer of Marcus & Millichap.

“Jonathan’s experience in the real estate investment industry will be a tremendous asset for our agents and clients as we continue our focus on providing superior client service throughout Southeastern Michigan and across the country,” comments Steven Chaben, (bottom left photo) first vice president and regional manager of the Detroit office.

Dwoskin joined the Detroit office in October 2002. Specializing in multi-family properties, he was named a member of the firm’s National Multi Family Group. Dwoskin was promoted to senior associate in February 2006 and was elevated to associate vice president investments in July 2008.

He has earned a National Achievement Award and three sales recognition awards and became a member of the firm’s prestigious Seven-Figure Club in 2008. Dwoskin earned a bachelor’s degree in economics and journalism from Eastern Michigan University.

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

Most AIG Ratings' CreditWatch Status Revised To Developing; Short-Term Ratings Raised

NEW YORK, NY--Standard & Poor's Ratings Services has revised the CreditWatch status of most of its ratings on the AIG group of companies--including its 'A-' long-term counterparty credit ratings on American International Group Inc. (NYSE:AIG) and International Lease Finance Corp. (ILFC) and the 'A+' counterparty credit and financial strength ratings on most of AIG's insurance operating subsidiaries--to CreditWatch developing from CreditWatch negative.

Standard & Poor's also said that it raised its short-term counterparty ratings on AIG, its guaranteed subsidiaries, and ILFC to 'A-1' from 'A-2'.

In addition, Standard & Poor's lowered the ratings on various subsidiaries' preferred shares to 'B' from 'BBB'; the ratings on the preferred shares remain on CreditWatch negative because of the increased risk of deferral of dividend payments due to the right of the U.S. government to veto dividend payments.

The 'BBB/A-3' counterparty credit rating on American General Finance Corp. is unchanged. The outlook is negative.

The Federal Reserve Bank of New York (top left photo) also extended an $85 billion borrowing facility for AIG.

The facility has a 24-month term and is intended to assist the company in meeting its financial obligations during that term. The facility is secured by a pledge of all of the assets of AIG and its nonregulated subsidiaries as well as AIG's stock ownership interest in its regulated subsidiaries. The U.S. government will also receive a 79.9% equity interest in AIG, giving it effective control of the company.

"The Fed's actions will provide AIG with substantial relief from its near-term liquidity constraints," noted Standard & Poor's credit analyst Rodney A. Clark. (top right photo)

"We believe that the size of the facility greatly exceeds any near-term needs for liquidity."

The amount drawn from the facility will affect decisions on which businesses might be sold, and the result could either favorably or unfavorably affect AIG's competitive position and operating performance.

Most of the ratings are on CreditWatch developing to reflect the significant uncertainty in the near term as to any impact of recent events on AIG and its ability to attract and retain business as well as uncertainty as to which businesses might be sold to repay AIG's borrowings from the Fed.

"It is likely that the ratings on AIG and its various subsidiaries will move in different directions as these facts become more clear and strategic alignment within the insurance operations is more defined," Mr. Clark added.

"The ratings on the preferred shares remain on CreditWatch negative because of the right of the U.S. government under the terms of the agreement to veto dividends on any preferred shares. Any action on that right is uncertain but could occur with little warning at the government's discretion."

Media Contact: Jeff Sexton, New York, (1) 212 438 3448

jeff_sexton@standardandpoors.com

Analyst Contacts:
Rodney A Clark, FSA, New York (1) 212-438-7245
Steven Ader, New York (1) 212-438-1447
Kevin Ahern, New York (1) 212-438-7160