CBRE Announces $9.3M Sale of 550 Reo in Tampa, FL

TAMPA, FL – Sept. 23, 2008 – CB Richard Ellis' (CBRE's) Investment Properties Group is pleased to announce the sale of 550 N Reo Street, (top right photo) a three-story, 76,397-square-foot, Class "B" office building in Westshore.

The property sold for $9,300,000 and comprised of the 4.15-acre building site, and an additional 1.25 acres of land.

CBRE's Dale Peterson, (top left photo) Senior Vice President and Paul W. Carr, (bottom right photo) Associate, brokered the sale of the building on behalf of the seller, American Ventures Realty.

"The Westshore office market continues to be the most desirable submarket in the Tampa Bay area in terms of investor demand," says Dale Peterson, "This sale demonstrates that deals can and will continue to transact, particularly for well located assets, despite the challenges we face in the current capital markets environment."

Constructed in 1985, 550 Reo is prominently located within the Westshore Business District along North Reo Street immediately south of Cypress Street.

550 Reo was purchased by Arthur Hill & Co and was approximately 93% percent leased at the time of sale. Tenants include the headquarters location for Global Data Management Services, a telecom network management company, Accent Property Management dba Centers of Westshore, an executive suite operator, and Lockheed Martin.

Contact:
Lauren Crawford, Communications Specialist, 813 273 8482

HFF arranges $6.6M construction loan for development of Manhattan-area office building

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged a $6.6 million construction loan for the development of 855 Lehigh Avenue (middle left map), a 36,800-square-foot Class A office building in Union, New Jersey.

HFF senior managing director Anthony Cuccia (top right photo) worked on behalf of the borrower, an affiliate of M&M Construction, to secure the 30-month, adjustable-rate loan through Columbia Bank.

Upon completion, 855 Lehigh Avenue will have two stories of Class A office space that is nearly 65% pre-leased to the United States Government’s General Services Administration and will also serve as the new headquarters of M & M Construction, a major general contracting firm in Union County.

The 1.9-acre site has a light industrial building that will be demolished for construction of the new facility. The property’s location at 855 Lehigh Avenue is close to the Garden State Parkway and Interstate 78 approximately 12.5 miles west of Midtown Manhattan in Union, New Jersey.

“This project represents the best example of redevelopment through the re-use of a former abandoned industrial site into a new Class A office building,” said Cuccia.

CONTACTS:

Anthony M. Cuccia, HFF Senior Managing Director, 973 549 2000, tcuccia@hfflp.com

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

Slowdown in Consumer Spending to Impact Indianapolis Retail Sector

INDIANAPOLIS, IN — Retail market fundamentals in Indianapolis are expected to soften this year as a result of ongoing economic uncertainty and elevated construction activity, according to a third-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

While the local labor market is projected to expand modestly, the slumping national economy and rising food and energy costs have decreased consumer spending, which will likely ease retailer demand through the second half of the year and contribute to a rise in vacancy.

“Out-of-state buyers with extended holding strategies remain the key players in the market and have increased their interest in local multi-tenant assets during the past year, leading to relatively steady cap rates in the low- to mid-8 percent range,” says John Riser, (top right photo) vice president investments in the Indianapolis office of Marcus & Millichap.

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

· Indianapolis-area payrolls are expected to expand by a modest 0.3 percent in 2008 with the creation of 2,800 positions.

· Deliveries are expected to ramp up this year to 2.5 million square feet of retail space, 44 percent above the metro’s five-year annual average.

· Vacancy is forecast to increase 150 basis points to 12.8 percent.

· Asking rents are projected to finish the year at $15.11 per square foot, up 0.5 percent.

· Effective rents will retreat 0.7 percent to $13.41 per square foot this year.

For a copy of the complete Indianapolis 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

Retail Vacancy Expected to Increase by Year's End in Riverside-San Bernardino, CA Market

ONTARIO, CA— Operating conditions in the Inland Empire will soften further in 2008 due to persistent job losses and ongoing weakness in the housing market, according to a third-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

In the coming quarters, weakness in the economy and decreased consumer spending will continue to weigh on space demand.

“The metro’s influx of new, large-scale centers will likely attract REITs, while individual buyers will still target the safety of properties located near major transportation corridors closer to the western portions of Riverside and San Bernardino counties,” says Doug McCauley, (top right photo) regional manager of the Ontario office of Marcus & Millichap.

Following are some of the most significant aspects of the Riverside-San Bernardino Retail Research Report:

· Builders are forecast to deliver 6 million square feet of new retail product to the market this year, up slightly from 5.8 million square feet in 2007.

· Vacancy is projected to end the year at 15.2 percent, an increase of 360 basis points.

· Asking rents are expected to finish 2008 at $22.24 per square foot, a nominal decline from last year.

· Effective rents will end the year at $19.69 per square foot, a 2.8 percent decline.

· Investors targeting single-tenant assets have focused on restaurants with strong national tenants. Restaurants have accounted for nearly 20 percent of all acquisitions in the last year.

For a copy of the complete Riverside-San Bernardino 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

Tight Conditions Sustain Interest in EAst Bay Retail Assets

OAKLAND, CA — Historically high occupancy levels in the East Bay retail sector have been tested by wavering economic conditions during the last year, according to a third-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

In 2008, area owners will likely forego significant rent gains in order to retain tenants and keep the metrowide vacancy rate among the lowest in the nation.

“Investor interest in the Oakland retail market will persist, although trading will likely be more reserved through the end of the year as lenders approach deals with intensified scrutiny,” says Jerry Smith, regional manager of the Oakland office of Marcus & Millichap.

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

· Developers are forecast to bring approximately 1 million square feet of retail space online in 2008, up from 860,000 square feet last year.

· Vacancy is projected to rise 140 basis points to a still-tight 3.4 percent.

· Asking rents are predicted to increase 0.5 percent to $29.24 per square foot.

· Effective rents will dip 1.2 percent to $26.40 per square foot.

· Local employers are forecast to eliminate 210,000 jobs this year for a 2 percent contraction.

For a copy of the complete Oakland 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

Ratings On 53 AIG-Related Housing Bond Issues Put On CreditWatch Developing

NEW YORK NY--Standard & Poor's Ratings Serviceshas placed 53 housing bond issues, including one Section 8 issue and three military housing issues, on CreditWatch with developing implications.

This action follows Standard & Poor's Sept. 17, 2008, placement of American International Group Inc. (AIG) on CreditWatch with developing implications.

All affected bond issues receive partial support in the form of guaranteed investment contracts (GICs) from American International Group, AIG Matched Funding Corp., or AIG Financial Products Corp.

A complete list of the affected bonds may be obtained by contacting Edward Sweeney, S&P media contact, New York, (1) 212-438-6634 edward_sweeney@standardandpoors.com

Analyst Contacts: Renee J Berson, New York (1) 212-438-7966. Valerie White, New York (1) 212-438-2078

Patrick Madore Named VP and Manager of Thomas D. Wood's New Fort Lauderdale, FL Office

FORT LAUDERDALE, FL—Sept. 22, 2008—Thomas D. Wood and Company is pleased to announce their new Vice President, Patrick Madore, (top right photo) and the opening of their Ft. Lauderdale office.

Mr. Madore joined Thomas D. Wood and Company in 2008 as Vice President and Manager of the Ft. Lauderdale Office. Patrick is responsible for the capital market needs of his clients including bridge, mezzanine, equity and debt placement.

With his intense knowledge and close relationships with key capital sources, he can customize your mortgage – from a fast track closing to a highly structured transaction – quickly, seamlessly, and transparently.

Prior to joining Thomas D. Wood, Mr. Madore was Vice President of commercial loan production for Key Bank Real Estate Capital, where he was responsible for structuring commercial loans through KeyBank’s CMBS, Fannie Mae, Freddie Mac, HUD, Life Company, and Mezzanine loan programs.

Prior to that, Patrick was Director of acquisitions for Milestone Properties and a Principle at MPI Equities a real estate investment firm specializing in sale lease back transactions.

Mr. Madore has financed in excess of $1 billion in commercial real estate loans. Patrick is a licensed Florida Mortgage Broker, and a active member of the International Council of Shopping Centers (ICSC), NAIOP, NMHC and the South Florida and Orlando Apartment Associations. He attended Daytona College and Florida International University with a concentration on finance and marketing.

CONTACTS:

Patrick Madore, (954) 233-6024, pmadore@tdwood.com

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

Arbor Closes Five DUS® Loans Totaling $15,815,800

UNIONDALE, NY, Sept. 22, 2008 – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of five (5) loans totaling $15,815,800 under the Fannie Mae DUS® product line. These loans include:

1063 NW 3RD, Miami, FL (bottom right map) – Refinance of a 20-unit complex in the amount of 1,309,500. The 7-year loan amortizes on a 30-year schedule and carries a note rate of 6.32 percent

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Crescent Gardens, Wilson, NC - Refinance of a 100-unit complex in the amount of 2,006,200. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.48 percent.

Spanish Village, Fort Worth, TX - Refinance of a 145-unit complex in the amount of 2,700,100. The 10-year loan amortizes on a 30 year schedule and carries a note rate of 6.51 percent.

Atrium Village, (middle left photo) Indianapolis, IN - Acquisition of a 116-unit complex in the amount of 4,500,000. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.21 percent.

Spanish Villas, Atlanta, GA - Refinance of a 157-unit complex in the amount of 5,300,000. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.28 percent.

The loans were originated by Peter Blass, (top right photo) Director, in Arbor’s full-service New York City lending office. “Although the lending environment has become challenging, we are still successfully funding multifamily transactions all over the country,” said Blass.

Contact: Ingrid PrincipeTel: (516) 506-4298
iprincipe@arbor.com

HEI Hotels & Resorts Appoints Joyce Lyle-Freeman General Manager of the Crown Plaza San Antonio Hotel-Riverwalk

SAN ANTONIO, TX – HEI Hotels & Resorts, the nation’s fastest growing private owner/operator of hotel real estate, has appointed Joyce Lyle-Freeman (top right photo) as general manager of the Crown Plaza San Antonio Hotel-Riverwalk, (bottom left photo) a 410-room, AAA 4-Diamond hotel.

“Joyce brings the Crowne Plaza San Antonio-Riverwalk an extensive resume and track record of success,” said Tim Digby, (top left photo) senior vice president of operations for HEI Hotels & Resorts.

“HEI is proud to attract talent of her caliber, and we expect great things under her strong leadership. We are confident her strong work ethic will continue to push her to greater success in San Antonio as part of the HEI team.”

Lyle-Freeman has worked in executive hotel and restaurant management positions throughout her career. Most recently, she was general manager of The Sanderling Resort & Spa on North Carolina’s Outer Banks where she was able to increase occupancy 25% in 2007.

Prior to that, she was general manager of the Radisson High Point City Center in High Point, North Carolina. In her career she has overseen extensive renovation projections and led teams that have won Sales Team of the Year.

“I am excited about the opportunity to lead a tremendous team at the Crowne Plaza San Antonio-Riverwalk,” Lyle-Freeman said. “HEI is a fast-moving organization, known for the development of our associates and growth of the hotel portfolio. This is recipe for success unparalleled in the hospitality industry.”

Media Contact: Jess Petitt, HEI Hotels & Resorts, 203-849-2228, jpetitt@heihotels.com

Retail Vacancy on the rise in Orlando

ORLANDO, FL — Long-term projections for significant population and employment growth in the Orlando metro remain unchanged, although retail property fundamentals are softening due to sluggishness in the housing and employment markets, according to a third-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

(Mall at Millenia, Orlando, top right photo)

Retailer closures and fewer new store openings produced a subdued level of space absorption during the first six months of the year.

“In the months ahead, investors may want to seek restaurants or convenience stores located near limited-service hotels,” says Bryn Merrey, regional manager of the Orlando office of Marcus & Millichap.

“With cost-conscious travelers trading down to lower-priced accommodations that often do not offer food service, nearby retail properties may post strong operating results.”

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

· Employers in Orlando are forecast to add 2,000 jobs, a 0.2 percent gain.

· Developers are expected to complete 2.9 million square feet of new retail space in 2008.

· Sluggish demand and slower leasing activity will underpin a 170 basis point increase in vacancy this year to 9.8 percent.

· Asking rents are projected to inch up 0.8 percent to $18.79 per square foot.

· Effective rents will drop 0.7 percent to $16.57 per square foot due to easing demand.

For a copy of the complete Orlando 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

Edwards Construction Services ranked 58th largest among 'The Southeast's Top Design-Builders'

OCALA, FL – Edwards Construction Services, Inc., with offices in Ocala, Orlando, and Tampa, is prominently ranked 58th largest among “The Southeast’s Top Design-Builders” according to Southeast Construction magazine published September 2008.

The company, which reported 2007 revenues of $91.7 million, also ranks among “The Southeast’s Top Contractors.”

Edwards provides unrivaled expertise in Construction Management, Design/Build and General Contracting services to leading clients across the Southeast. Its specialties include Manufacturing & Distribution, Residential Amenities, Food & Beverage, Commercial, and Senior Living facilities.

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

SchenkelShultz Architecture, West Palm Beach, designs new $27M Florida Atlantic University/University of Florida Joint-Use Facility in Davie, FL

WEST PALM BEACH, FL – SchenkelShultz Architecture, West Palm Beach, designed the new $27 million Florida Atlantic University/University of Florida Joint-Use Facility (top right rendering) to be located on the Florida Atlantic University campus in Davie, FL.

Designed to meet LEED® Silver Certification guidelines and slated to begin construction in March 2009, the 75,000-square-foot signature building will house the University’s College of Science with expanded research and support facilities as well as research and support spaces for UF’s Institute of Food and Agricultural Sciences.

The facility will also include office space for FAU’s College of Arts and Letters as well as state-of-the-art classrooms

Pirtle Construction Company, Davie, FL, serves as construction manager for the project which is slated for completion in 2010. The West Palm Beach office of SchenkelShultz is located at 1300 N. Congress Avenue, phone 561-697-3451.

Contact: Kenneth H. Cristol 407-774-2515

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