Smith Equities' $12.7M Addison Place Deal Proves Student Housing Still Hot

ORLANDO, FL, Nov. 10, 2008- – In spite of the turmoil in the capital markets, demand for well-located quality student housing continues to attract student housing developers to the University of Central Florida (UCF) market, according to Paul Guyet (top left photo) of Smith Equities Real Estate Investment Advisors.

Guyet and Mark Smith, (middle right photo) both of Smith Equities Real Estate Investment Advisors, brokered the sale of Addison Place Apartments, (top right photo) which is located on Alafaya Trail one half mile south of UCF.

The property consists of eight buildings containing 218 apartments – mostly one-bedroom units – and an office on a 10-acre site with approximately 740 feet fronting on Alafaya Trail. Addison Place Apartments sold for $12.7 million. The seller was Cedar Trust Services, Inc.

The new owner, which is part of Inland American Communities Group, Inc., plans to build a new student housing complex on the site that will open for the 2010 school year with 995 bedrooms in 416 units, a garage, pool and other amenities appealing to students. It also will be on the bus route that takes students to and from classes.

Guyet is the student housing specialist at Smith Equities Real Estate Investment Advisors, which specializes in the sale of apartments in Florida. He is in charge of the student housing department and has participated in the sale of more than $166 million of student housing in Orlando, Tallahassee and Gainesville.

Each year, Guyet prepares a report on the occupancy rates and rents in the UCF market (copy included with this release) that has become required reading for anyone interested in student housing in the area.

About Smith Equities:

Robert E. Smith (bottom left photo) and his brothers Mark and Gerald (bottom right photo) founded Smith Equities Real Estate Investment Advisors (SEREIA) in 1990. Smith Equities is a leader in apartment sales and financing throughout Florida with investment sales and financing of over 22,734 Apartments in 160 deals.

SEREIA sold some of the first condo conversions in Florida and is now focused on helping banks understand and dispose of nonperforming assets tied to condominium conversions.

For more information, please go to their website at http://www.amecs.com/

or call them at (407)422-0704.

CONTACTS:

Paul M. Guyet: 407-422-0704 Ext 105 or e-mail: pmg@amecs.com

Mark D. Smith: 407-422-0704, Ext. 102 or e-mail: msmith@amecs.com
Kimbra Hennessy, 407.290.1060, ext. 102, kimbra@bitner.com

NAR Recognizes Realtor(R) Michael Owen of Delray Beach, FL for Distinguished Service

ORLANDO, F., Nov. 10 /PRNewswire/ -- Michael Owen, (top right photo) a Realtor(R) from Delray Beach, Fla., has received the National Association of Realtors(R) 2008 Distinguished Service Award.

Out of 1.2 million Realtors(R), no more than two are recognized with this award each year, which is announced during NAR's annual REALTORS(R) Conference & Expo.

NAR established the DSA in 1979 to honor Realtors(R) who have made outstanding contributions to the real estate industry and are recognized as leaders in their local communities.

The award is considered the highest honor an NAR member can receive; recipients must be active at the local, state and national association levels, but must not have served as NAR president.

NAR President Richard F. Gaylord (top left photo) presented the award to Owen.

"Realtor(R) Michael Owen exemplifies community participation and leadership, both professionally and personally," said Gaylord, a broker with RE/MAX Real Estate Specialists, Long Beach, Calif.

"Owen's involvement at the national, state, and local levels of the association, as well as his contributions to neighborhoods both close to home and across the globe, demonstrates Realtors(R)' commitment to building communities."

Owen became a Realtor(R) nearly 30 years ago, in 1979. He is currently with Coldwell-Banker in Boca Raton, Fla., and practices both residential and commercial real estate.

"I am honored to accept the Distinguished Service Award," said Owen. "Receiving the award here in my home state of Florida, as we host NAR's national conference, only enhances its significance.

"I'm fortunate to have worked with so many committed professionals across the country throughout my career as we further our common goals of encouraging homeownership and real estate investment and supporting our communities."

Owen is currently a member of NAR's Board of Directors and has served on the Board nearly every year since 1989. He is the 2009 chair for NAR's Resort and Second Homes Committee.

Owen was the NAR Regional Vice President for Region 5 in 1994. Owen has earned numerous designations and certifications, including Accredited Buyer Representative(R), Certified International Property Specialist, Certified Residential Specialist(R), e-Pro(R), and Graduate Realtor(R) Institute.

CONTACT:

Stephanie Singer of the National Association of Realtors,+1-202-383-1050, ssinger@realtors.org

S&P: BULLETIN: Fannie Mae Reports $29 Billion Third-Quarter Loss; Ratings Unaffected

NEW YORK Nov. 10, 2008--Fannie Mae today reported a sizeable $29 billion loss in third-quarter 2008 due to its establishment of a $21.4 billion deferred tax-asset valuation allowance and a large $9.2 billion credit-loss provision.

This quarterly loss has no impact on Standard & Poor's Ratings Services' ratings on Fannie Mae's 'AAA/A-1+' senior debt, 'A' subordinated debt, or 'C' preferred stock, since Fannie Mae is operating under a regulatory conservatorship.

(S&P analysts Victoria Wagner, top right photo, and Daniel E. Teclaw, authored the special report.)

The establishment of the valuation allowance for the deferred tax asset reflects the high degree of uncertainty surrounding Fannie Mae's earnings as it operates under conservatorship.

We believe that Fannie Mae's business plan, while under conservatorship, will be geared primarily to fulfilling its public policy role of providing mortgage liquidity to the U.S. housing markets.

With this as its main business focus, we believe Fannie Mae's core profitability metrics will suffer and any initiatives to improve its core earnings will be of secondary importance.

(Treasury Department building, Washington, DC, middle left photo)

Other significant charges in the quarter contributing to what we view as the rather sizeable loss include a $9.2 billion charge for credit–related expenses, which includes a $6.7 billion increase to the provision for credit losses, and fair-value losses of $3.9 billion.

The credit-loss provision was much greater than the previous quarter's and reflects Fannie Mae's attempts to buttress loss reserves in 2008 as it expects loan losses to peak in 2009.

Total non-performing assets were $71 billion, or 2.4% of the total guarantee book of business plus foreclosed properties; and the credit-loss ratio reached 29.7 basis points (bps) annualized for the third quarter and 20.1 bps for the first nine months of 2008. We expect this level of losses to double in 2009.

Fair-value gains and losses continue to be sizeable, given the current illiquidity for mortgage-related assets and the widening of their related spreads.

Also, interest rate derivatives not in designated hedge positions continue to add to fair-value loss volatility on Fannie Mae's income statement.

The key figures include a $3.3 billion interest-rate derivative fair-value loss and a $2.9 billion trading loss.

The final remaining notable charge in the third quarter was the $1.8 billion of other-than-temporary-impairment charges taken on Fannie Mae's holdings of private-label Alternative-A and subprime mortgage-backed securities, which were recorded as investment losses in the quarter.

These sizeable losses have, in our opinion, severely worsened Fannie Mae's capital position, as it ended the quarter with generally accepted accounting principals (GAAP) equity of $9.3 billion.

Fannie Mae's regulatory capital requirements have been suspended while it's under conservatorship, but, as a result of conservatorship, must maintain a positive GAAP equity position.

Therefore, we now expect it to be highly likely that Fannie Mae will access the U.S. Treasury's senior preferred stock purchase program early next year.

Media Contact:

Jeff Sexton, New York, (1) 212-438-3448 jeff_sexton@standardandpoors.com

Analyst Contacts:
Victoria Wagner, New York (1) 212-438-7406
Daniel E Teclaw, New York (1) 212-438-8716

Marshall Management, Inc. Adds Nine Hotel Management Contracts in 45 Days

Nine Additional Properties Currently in Pipeline

SALISBURY, MD, Nov. 10, 2008 – Marshall Management, Inc., a leading, mid-sized hotel management company, today announced that it added nine management contracts in less than two months, expanding the company’s portfolio to 44 open properties and 11 in various forms of development.

(Mt. Vernon Hotel, Baltimore, MD, top left photo)

The 2008 growth spurt is a part of Marshall’s planned development, which will extend the company’s geographic presence along the East Coast and Midwest, diversify its portfolio and showcase its breadth and depth of skills as an owner and manager.

(Quality Inn Philadelphia Airport, PA, middle right photo)

“We have strategically added 35% more properties to our portfolio, in strong markets and aligning with some of the industry’s top brands, while providing the detailed, individualized services that have become our hallmark,” said Michael Marshall, (top right photo) president and CEO of Marshall Management, Inc.

“We’ve increased our portfolio size while still maintaining a high level of personalized service, but remain firmly committed to be a mid-sized management company with a portfolio in the 40- to 60-property range.

"This has allowed us to carve out a niche that sets us apart from other management companies.

"We have added significant management bench strength and further honed our proprietary management systems and are leveraging our skills to increase our value to hotel owners and investors.”

(Radisson Hotel Norfolk, middle left photo)

The nine contracts include:

---Hilton Garden Inn Riverhead, N.Y. Opened Aug. 11
---Mt. Vernon Hotel, Baltimore, Md. Management contract, obtained Aug. 1
---Hopkins Inn, Baltimore, Md. Management contract, obtained Aug. 1
---Quality Inn Philadelphia Airport, Pa. Management contract, obtained Aug. 1
---19 Atlantic Hotel, Virginia Beach, Va. Renovation and management contract, re-opened Aug. 1
---Radisson Hotel Norfolk. Management contract, Sept. 1
---Governor Dinwiddie Hotel & Suites. Management contract, Sept. 1

---Four Points by Sheraton Manhattan SoHo. Opened in mid-September
---Hampton Inn Manhattan SoHo. Opened in mid-September

(Governor Dinwiddie Hotel & Suites, Portsmouth, VA, bottom right photo)

Marshall also has management contracts for nine additional properties currently under development. Two have scheduled openings in the first quarter of 2009; three are expected to open in the second quarter of next year; and the rest will open later in the year.

(Four Points by Sheraton Manhattan SoHo, bottom left photo)

“In addition to taking over and turning around properties, we are heavily involved in the development and pre-opening activities for our owners,” Marshall said. “With the economy slowing and owners seeking to optimize return on investment, we expect to see additional business opportunities over the short-term.”

Contacts:

Rick Day, Senior Vice President, Sales and Marketing, Marshall Management, Inc., (410)749-8464 rday@marshallhotels.com

Jerry Daly, media, Daly Gray Public Relations, (703) 435-6293, jerry@dalygray.com

Konover South Signs Leases at Two Retail Centers

ABC A Baby Consignment Signs 1,300-square-foot lease at The Plaza at Davie, in Broward County, FL

DAVIE, FL – Deerfield Beach-based Konover South, LLC, one of the Southeast’s premier retail developers, announced that ABC A Baby Consignment has signed a 1,300-square-foot lease at The Plaza at Davie, the company’s 275,000-square-foot retail center located at State Road 84 and Hiatus Road in Davie, in Broward County, FL.

Vivian Ricardo represented Konover South in the transaction. Tenants also include Walgreens, Winn-Dixie, McDonald’s, Petland, Alex’s Bicycles, Jen’s Trends, Park’s Tae Kwon Do, Rashawnrose Couture, Ruby Tuesday, Scoop of Heaven ice cream shop, a U.S. Post Office, West Broward Property Management, Young at Art, and others.

Meridian Fitness Signs Lease Renewal/Expansion at Point Meadows in Jacksonville, FL

JACKSONVILLE, FL – Deerfield Beach-based Konover South, LLC, one of the Southeast’s premier retail developers, announced that Meridian Fitness has renewed its lease for expanded space totaling 3,400 square feet at Point Meadows, (bottom left photo) its 130,000-square-foot retail center located at the intersection of Interstate 295 (State Road 9A) and Baymeadows Road in Jacksonville, FL.

Michael Fetherston represented Konover South in the transaction. Anchored by Winn-Dixie and Stein Mart, tenants also include Bank of America, Brooklyn Pizza, China Bistro, Jenny Craig, Stein Mart, Wendy’s and others.

Contact: Kenneth H. Cristol 407-774-2515

GVA Advantis to Exclusively Lease 5733 Myerlake Circle in Clearwater, FL Icot Center Business Park

CLEARWATER, FL – GVA Advantis has been retained by Delia Real Estate, LLC to exclusively lease 5733 Myerlake Circle, (top right photo) a 40,000-square foot flex property within Icot Center Business Park in Clearwater, Pinellas County, Florida.

The property will be exclusively represented by Managing Director Lucas Hewett (middle left photo) and Associate Radek Knesl, MBA. (middle right photo)

“The building is in a convenient location, and the available space can be easily divided and accommodate both large and small businesses,” says Hewett. “Centrally located in Pinellas County, Icot Center is easily accessible from all directions of Tampa Bay,” he adds.

5733 Myerlake Circle is a single-story, multi-tenanted building located in the Gateway submarket area of Pinellas County.

The property is situated near US Highway 19 North and Ulmerton Road in Clearwater, approximately five minutes from the St. Petersburg-Clearwater International Airport. Close to Interstate 275, the property also has easy access to the Tampa International Airport.

CONTACT:

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

Grubb & Ellis Realty Investors Acquires 1650 Sunflower in Orange County, CA

SANTA ANA, CA/PRNewswire/ -- Grubb & Ellis Realty Investors, LLC thas acquired 1650 Sunflower, (middle left site map) an industrial/flex building in Costa Mesa on behalf of tenant-in-common investors.

The asset includes an approximately 109,000-square-foot sorting and distribution center and a vehicle maintenance building totaling more than 3,000 square feet.

Situated on nearly seven acres, the property is in close proximity to John Wayne Airport and Interstate 405.

Built in 1976 and renovated in 2008, the building's recent improvements include: a renovated lobby, a new roof application, 15 new truck doors and more.

"1650 Sunflower is a high quality asset and an attractive addition to our portfolio of assets under management," said Jeff Hanson, (top right photo) president and chief investment officer of Grubb & Ellis Realty Investors.

"The property recently underwent renovations that added new office space to the main structure, as well as a vehicle maintenance building, contributing additional value to the property overall and keeping it attuned to the tenant's needs."

Federal Express Corporation is the sole occupant of 1650 Sunflower and operates the building under a long-term triple net lease.

The property's location enables Federal Express to receive and ship freight from both John Wayne Airport and Los Angeles International Airport and to deliver to its local customer base.

In addition to its close proximity to both airports, the property has the following physical characteristics appealing to Federal Express:

loading capabilities on three sides of the building; drive-around capabilities for circulation; clear height and column spacing for sorting and distribution equipment and a large yard for vehicle storage.

According to Grubb & Ellis Company's most recent Industrial Market Trends Orange County report, the Orange County industrial market posted one of the nation's lowest vacancy rates at 4.6 percent in the third quarter 2008.

The market also posted a vacancy rate below 5 percent for the 11th consecutive quarter.Grubb & Ellis Realty Investors purchased 1650 Sunflower from Panattoni Development Company. Financing was arranged by Gabe Potyondy and James Ko at Allied Irish Banks, p.l.c.

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

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

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

Marcus & Millichap Sells BJ's Ground Lease in Manahawkin, NJ for $14.9M

MANAHAWKIN, NJ – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a ground lease to BJ’s Wholesale Club (top right photo) in Manahawkin.

The sales price is $14.9 million.

Mark Taylor, (middle right photo) a vice president of investments and senior director of Marcus & Millichap’s National Retail Group (NRG) in Philadelphia; Dean Zang, (middle left photo) an associate vice president investments and director of the firm’s NRG in Philadelphia; and Christopher Munley, an investment specialist also in the firm’s Philadelphia office, represented the seller.

SP 72 LLC, a New Jersey-based limited liability company, listed the property with Taylor and Zang in February. Within four months, Marcus & Millichap had procured six offers and ultimately selected the buyer, Shubert and Booth Theatre LLC, a New York City-based limited liability company.

The buyer was represented by Bayard Street Capital and Real Estate Foundations Inc.

“We selected Shubert for a number of reasons,” explains Zang. “Shubert was the highest bidder, the BJ’s store was the group’s replacement property in a 1031 exchange and the deal was not contingent on financing.

“This asset provided the investor with a rare opportunity to acquire a new big-box, single-tenant net-lease retail property located only minutes from the Jersey Shore and a short drive from the Philadelphia and New York metropolitan areas,” says Zang.

“This property has a strong residual value,” adds Taylor. “Escalating land costs in this area, as well as the difficulty in assembling larger tracks of land, make this parcel very valuable.”

Located at Route 72 and Doc Cramer Boulevard, BJ’s Wholesale Club is situated on a 14-acre lot neighboring a power center and a grocery-anchored shopping center.

The BJ’s Wholesale Club building is subject to a new 20-year, triple-net unsubordinated ground lease with rent escalations scheduled every 5 years.

The BJ’s property is part of a larger retail development, which the seller will retain to construct two or more additional buildings in the near future.

Constructed in 2007, BJ’s Wholesale Club is in a prime regional retail corridor, neighboring a power center anchored by Kohl’s, TJ Maxx and Staples.

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

Grubb & Ellis Represents Landlord in 138,000-SF Industrial Lease to USPS

ROSEMONT, IL- – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented KTR Capital in the lease of 138,000 square feet of warehouse/distribution space at 513 Express Center Drive in Chicago to the United States Postal Service.

Matthew Mulvihill (middle left photo) and Brian Carroll, (middle right photo) senior vice presidents in the Industrial Group, facilitated the transaction.

The lease represents an expansion for the USPS in O’Hare Express Center, (top right photo) where the entity now leases over 300,000 square feet. The park is located on a land lease from the City of Chicago for O’Hare International Airport, which gives USPS direct access to the airfield without going onto pubic roads.

“The location is ideal for the post office due to its proximity to the airport,” said Mulvihill. “The direct access to O’Hare was also an excellent selling point.”

Connected to the airport’s southeast end off of Irving Park Road, the building was bought by KTR in 2007 and leased to the USPS on a month-to-month basis until it signed a longer-term lease. The post office uses the facility for mail forwarding, sorting and distribution.

Contact: Erin Mays, Ph: 312.698.6735. erin.mays@grubbellis.com

Grubb & Ellis Capital Markets Group Completes Industrial Investment Transaction

CHICAGO, IL– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented Waterton Associates in the sale of 2401 Palmer Drive in Schaumburg, a 110,000-square-foot multi-tenant industrial building, to American Asset Management Services.

Mike Wilson, associate vice president, Capital Markets Group, and Erik Foster, senior vice president, Capital Markets Group, facilitated the transaction.

The building houses three tenants; including Cricket Communications, which recently signed a long-term lease to bring the building close to capacity. Other tenants include Sun Cap, a clothing distributor, and DG Printing, a full-service printing, graphics, design and mailing house.

“We were able to sell the stability of the tenants, the infrastructure investments they’ve made in their respective spaces and the possible expansion into excess dock space in order to drive very aggressive pricing in this market,” said Wilson.

Foster said, “Despite the challenges in today’s investment sale market, this transaction is an indication that if you are willing to work hard, you can still close deals.”

The building closed at $6 million, or $60 per square foot, at an aggressive cap rate of less than 7.5 percent.

Contact: Erin Mays, Phone: 312.698.6735
Email: erin.mays@grubb-ellis.com

WELBRO Building Corporation Appoints Bruce Holmes President/COO

MAITLAND, FL--Bruce E. Holmes, (top right photo) Executive Vice President and State of Florida Licensed General Contractor, has been appointed to the position of President/COO for WELBRO Building Corporation effective October 1, 2008.

With a 21-year history at WELBRO, Bruce has focused on the construction operations side of the business. Under his leadership, WELBRO has constructed over two (2) billion dollars of work. While WELBRO’s main work concentration is in Florida, WELBRO has also constructed projects in Virginia, South Carolina and Tennessee.

Steve Davis, (top left photo) CEO of WELBRO states "Bruce’s appointment is part of the succession plan at WELBRO. As one of the largest privately held and locally owned commercial construction company in Central Florida, it is critical that we have a plan in place to keep WELBRO well positioned in our community. Bruce will continue to be a huge asset to our team and this appointment will engage him even more."

Bruce has a 40 plus year history in the industry. Starting as an intern right out of high school and continuing through college, Bruce has worked in basically every position that the construction industry has to offer.

He has managed the construction of educational, hospitality, healthcare, commercial and industrial projects.

In addition to his duties at WELBRO, Bruce has served the industry and community. He has been a Director of Associated General Contractors (AGC), a Trustee of the Minority/Women Business Enterprise Alliance, President of The International Community School, Past Chairman of the City of Maitland Parks and Recreation Board and Past Chairman of the Orange County Fire Loss Management Board of Appeals. Currently Bruce serves on the Board of Directors of the Children’s Home Society.

Bruce and his wife Kathie live in Maitland and have six children ranging in age from 3 to 29.

WELBRO Building Corporation has been building continuously in the Florida commercial construction market for over 29 years and is consistently ranked among the nation’s top contractors by Engineering News Record (ENR). WELBRO is a dominant force in the hotel/hospitality and education markets. Other major project types include office buildings, retail/commercial and special use facilities.

For More Information, Contact:
Patricia A. Werner, CEcD, Vice President Community & Economic Development, WELBRO Building Corporation. Telephone: 407/475-0800; mobile: 407/766-3951. 2301 Maitland Center Pkwy, Suite 250, Maitland, FL 32751. pwerner@welbro.com

Thomas D. Wood & Co. Closes 2 Loan Deals for $3.8M

United Commercial Investments Office Building Obtains $1.9M Loan

ORLANDO, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $1,905,000 for YBOR Mixed-Use and United Commercial Investments Office Building.

Jeff Schnupp, (top right photo) Company Vice President, financed $1,575,000 for YBOR Mixed-Use through StanCorp Mortgage Investors, one of Thomas D. Wood and Company’s correspondent life insurance lenders, at a permanent fixed-rate of 6.50%.

The loan term is five years, based on a 25-year amortization, and a loan-to-value of 72%. The 10,221 square-foot mixed-use project was built in 1904, and is located at 1603 1/2 E. 7th Avenue, Tampa, Florida.

John Worrell, (top left photo) Company Assistant Vice President, secured financing in the amount of $330,000 for United Commercial Investments Office Building.

Worrell financed the loan through Thomas D. Wood and Company’s relationship with a regional bank at a permanent fixed-rate of Prime + 2.5%.

The loan term is three years, based on a 25-year amortization, and a loan-to-value of 75%. The 2,640 square-foot office building is home to tenants Pro Kitchens and Top Docs, and is located at 80 Spring Vista Drive, DeBary, Florida.

For further information, please contact:
Jeff Schnupp (407) 937-0470 jschnupp@tdwood.com
John Worrell (407) 937-0470 jworrell@tdwood.com
Jessica Gurtowski (407) 937-0470 jgurtowski@tdwood.com

Windsor Tower Apartments in Ocala, FL Gets $1.9M Loan

ORLANDO, FL-— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $1,900,000 for the Windsor Tower Apartments (site map middle right) in Ocala, Florida.

Jeff Schnupp, Company Vice President, financed the loan through StanCorp Mortgage Investors, one of Thomas D. Wood and Company’s correspondent life insurance companies, at a permanent fixed-rate of 6.75%.

The loan term is five years, based on a 25-year amortization, and a loan-to-value of 55%. The 64-unit multi-family complex was built in 1974. Windsor Tower Apartments is located at 3902 E. Silver Springs Blvd., Ocala, Florida.

For further information, please contact:
Jeff Schnupp (407) 937-0470 jschnupp@tdwood.com
Jessica Gurtowski (407) 937-0470 jgurtowski@tdwood.com

Marcus & Millichap Names 3 Vice Presidents

STEVEN GONZALEZ IS FIRST VICE PRESIDENT INVESTMENTS IN PHOENIX OFFICE

PHOENIX, AZ — The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Steven Gonzalez (top right photo) the position of first vice president investments.

The achievement of first vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to David Guido, regional manager in the firm’s Phoenix office.

Gonzalez joined Marcus & Millichap in 1992 and specializes in office and industrial investment sales.

ALVIN MANSOUR IS FIRST VICE PRESIDENT INVESTMENTS IN SAN DIEGO OFFICE

SAN DIEGO, CA — The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Alvin Mansour (middle left photo) to the position of first vice president investments.

The achievement of first vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to Kent Williams, regional manager in the firm’s San Diego office.

Mansour joined Marcus & Millichap in 2003 and specializes in retail investment sales.

CLIFFORD DAVID NAMED ASSOCIATE VICE PRESIDENT INVESTMENTS IN PHOENIX OFFICE

PHOENIX, AZ— The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Clifford David (bottom right photo) to the position of associate vice president investments.

The achievement represents excellence in client relationships, investment real estate expertise and sales volume, according to David Guido, regional manager in the firm’s Phoenix office.David joined Marcus & Millichap in 2004 and specializes in multi-family investment sales.

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

Hendricks & Partners reports exclusive sale listings valued at more than $180M

Company plans new offices in Atlanta and Miami

ORLANDO — Hendricks & Partners, which opened its southeast U.S. regional office in Orlando four months ago and ranks as the nation’s largest privately- owned, multi-family brokerage firm, reports it has posted exclusive property sale listings of apartment properties in Central Florida valued at more than $180 million since July.

Cole Whitaker, (top right photo) principal and managing partner of Hendricks & Partners in Orlando, said the five month growth surge isn’t over: the firm plans to open an office in Atlanta before April of next year and one in Miami before the fall.

Whitaker, who participated in multi-family property transactions valued at more than three billion dollars since 1983, said the new listings — all added into the 150 days since the firm opened in Orlando — are primarily “Value add” opportunities. “We are finally seeing sellers of apartment communities understand investors want cash flow and future upside,” said Whitaker.

“Most multi-family property firms these days are in attrition, said Whitaker. “We are in a growth mode.” Whitaker said the nation’s economic turmoil could generate substantial multi-family property sales.

“Institutional investor owners such as insurance companies and pension funds constitute a large share of the multi-family market in Florida,” said Whitaker.

The current economic cycle will motivate some institutional investors to sell off select properties in order to increase cash reserves, Whitaker explained.

(Sydney, Australia architect Harry Seilder's Horizon apartment building in Darlinghurst, bottom left photo)

For more information, contact:

Cole Whitaker, Principal/Managing Partner Hendricks & Partners 407-218-5688

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