HFF closes sale of Baton Rouge, LA retail center

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of Siegen Plaza, (top left photo) a 156,228-square-foot retail center in Baton Rouge, Louisiana.

HFF senior managing directors Jim Batjer (top right photo) and Doug Hazelbaker (middle left photo) and managing director Ryan Shore (bottom right photo) led the investment sales team on behalf of the seller, Weingarten Realty Investors.

Inland Real Estate Acquisitions, Inc., which is a part of The Inland Real Estate Group of Companies, Inc., purchased the property for an undisclosed amount.

Completed in 2001, Siegen Plaza is currently 98% leased to tenants including Ross Dress for Less, Conn’s Appliance, Petco, Rack Room Shoes, Olive Garden and Chick-fil-A.

The property, which is shadow-anchored by SuperTarget, is situated on 22.4 acres along Interstate 10 at Siegen Lane in Baton Rouge.

“Siegen Plaza benefits from excellent demographics within a prominent trade corridor predicted to draw four to ten million customers a year,” said Hazelbaker.

Weingarten’s business activities encompass the long-term ownership, management, acquisition, development and redevelopment of strategically located neighborhood and community shopping centers and select industrial properties. Properties are predominantly located in the highest growth regions of the country - the south and west.

Headquartered in Oak Brook, Illinois, The Inland Real Estate Group of Companies, Inc. is a diverse group of real estate companies, including public real estate investment trusts (REITs), both exchange listed and non-listed.

Inland-sponsored companies own and manage in total over 100 million square feet of commercial real estate located in 45 states in the U.S. and Canada, as well as managed assets in excess of $21 billion.

The Inland Real Estate Group of Companies, Inc. is comprised of a group of separate legal entities some of which may be affiliates, share some common ownership or have been sponsored and managed by subsidiaries of Inland Real Estate Investment Corporation.

For additional information, please refer to the company website at http://www.inlandgroup.com/.

CONTACTS:

Jim C. Batjer, HFF Senior Managing Director, 214 265 0880, jbajer@hfflp.com

Doug Hazelbaker, HFF Senior Managing Director, 214 265 0880, dhazelbaker@hfflp.com

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

HFF arranges $2.5M refinancing for Louisville, KY office building

INDIANAPOLIS, IN – The Indianapolis office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $2.5 million refinancing for Hanover Place (bottom left photo) , a 35,424-square-foot office building in Louisville, Kentucky.

Working exclusively on behalf of Hanover Place, LLC, HFF managing director Jon Everson (top right photo) placed the 20-year, fixed-rate loan with a life insurance company.

The borrower is a local developer that brought a strong track record to the table. HFF will also service the loan.

Hanover Place is located at 4500 Bowling Boulevard in the desirable St. Matthews submarket, approximately seven miles west of Louisville’s central business district. Completed in 1997, the property is fully leased.

“Capital markets conditions continued to deteriorate throughout the process (lender was ‘out of market’ after going under application), however, the lender closed and delivered the terms applied for,” said Everson.

CONTACTS:
Jonathan P. Everson, HFF Managing Director, 317 630 3191, jeverson@hfflp.com

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

HFF lists student housing complex near University of Northern Iowa

INDIANAPOLIS, IN – The Indianapolis office of HFF (Holliday Fenoglio Fowler, L.P.) has been named the listing broker for Hillcrest Park Apartments, (top right photo) a student housing complex within walking distance of The University of Northern Iowa campus in Cedar Falls, Iowa.

HFF director Brian Kelly (bottom left photo) will lead the investment sales team on behalf of the seller, a regional student housing developer.

The property is offered for $18.95 million free and clear of existing debt.

Completed in 2002, Hillcrest Park Apartments has 132 four-bedroom/two-bath units with 1,096 square feet. The fully leased property features a basketball court, volleyball court, tanning bed, business center and free DVD library as well as free shuttle service to the University and local nightlife. Hillcrest Park Apartments is located at 9614 University Avenue, a half mile west of campus in Cedar Falls.

“Hillcrest Park Apartments was the first property over 50 units to reach 100% occupancy for the Fall 2008 lease-up and has reached full occupancy for each of the last five leasing seasons,” said Kelly.

“There is tremendous opportunity for income growth as rents are substantially below market and there is undeveloped land included in the sales price that can accommodate up to 144 additional bedrooms.”

CONTACTS:

Brian J. Kelly, HFF Director, 317 630 3191, bkelly@hfflp.com

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

HFF arranges $33.5M financing for Hampton Inn in Manhattan’s Herald Square

NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged $33.5 million in financing for the Hampton Inn 35th Street, a recently-completed, 147-room hotel in Manhattan’s Herald Square.

(Prior under-construction photo, top right)

Working exclusively on behalf of MMG-35 LLC, HFF senior managing director Jay Marshall (middle left photo) placed the five-year, fixed-rate loan with Cigna Investments.

Financing proceeds were used to acquire the property, which was part of a portfolio of three hotels.

The hotels were pre-bought approximately 12 months ago with the titles changing hands upon receipt of the Certificate of Occupancy.

The Hampton Inn 35th Street is a 20-story, full-service hotel that opened for business in October 2008. Located at 57 West 35th Street, the property is between 5th and 6th Avenues close to Pennsylvania Station and Grand Central Station in Midtown West Manhattan.

“The Hampton Inn 35th Street is perfectly positioned to appeal to both business and leisure travelers. It is located close to the Midtown Manhattan office market as well as tourist spots such as Times Square, the Theatre District, Rockefeller Center and shopping along Fifth Avenue,” said Marshall.

CONTACTS:

Jay B. Marshall, HFF Senior Managing Director, 212 245 2425, jmarshall@hfflp.com

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

Acadiana Centre in Friendswood, TX Obtains Financing

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced has arranged financing for Acadiana Centre, (bottom left photo) a 39,463-square-foot retail center in Friendswood, Texas.

HFF managing director Tucker Knight (bottom right photo) and real estate analyst Brad Ballard worked exclusively on behalf of Matthew G. Dilick, president of Commerce Equities, to secure the fixed-rate loan through Michael Peery of Enterprise Bank. Loan proceeds were used to retire existing debt.

Acadiana Centre is located at 400 West Parkwood and is shadow anchored by HEB in the southeast Houston suburb of Friendswood.

The property was originally completed in 1997 as a single-tenant retail center and was renovated in 2007 for multi-tenant use. Currently, Acadiana Centre is 96% occupied.

Commerce Equities, Inc. is a full-service real estate development, construction and property management organization that has overseen the development, completion and management of more than $400 million in multifamily, residential, hotel, retail and industrial real estate projects.

CONTACTS:

Tucker S. Knight, HFF Managing Director, 713 852 3500, tknight@hfflp.com

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

Arbor Closes Three Loans Valued at $9.4M

Sebring Apartments in Houston, TX Obtains $4,699,500 Fannie Mae DUS® Loan

UNIONDALE, NY, Nov. 20, 2008-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $4,699,500 loan under the Fannie Mae DUS® product line to finance the 204-unit complex known as Sebring Apartments (top right photo) in Houston, TX.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.58 percent. The loan was originated by Matt Norman, (top left photo) Vice President, in Arbor’s full-service Dallas, TX lending office.

“There were several major hurdles to overcome in closing this loan on terms for the client – including the after-effects of Hurricane Ike, which swept through the area during the underwriting process,” said Norman.

“Arbor, in conjunction with the Broker and the Buyer, were able to maneuver through these hurdles, and meet the client’s ultimate goal of property acquisition.”

Cliffside Terrace in Ithaca, NY Gets $2.136M Fannie Mae DUS® Loan

UNIONDALE, NY, Nov. 20, 2008-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,136,000 loan under the Fannie Mae DUS® Small Loans product line to acquire the 36-unit complex known as Cliffside Terrace in Ithaca, NY.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.46 percent.

The loan was originated by Stephen York, (middle right photo) Director, in Arbor’s full-service Uniondale, NY lending office.

“This was our fourth transaction with this Sponsor, which emphasizes the importance we place on repeat clients,” said York. “Arbor was pleased to deliver competitive terms, which included 80% LTV.”

Americana Apartments in Greenville, TX Receives $2.601M Fannie Mae DUS® Small Loan

UNIONDALE, NY, Nov. 20, 2008-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,601,900 loan under the Fannie Mae DUS® Small Loans product line to refinance the 120-unit complex known as Americana Apartments in Greenville, TX. (bottom left photo)

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.56 percent.

The loan was originated by Peter Blass, (bottom right photo) Director, in Arbor’s full-service New York, NY lending office.

“The borrower was able to buy out his partners and re-structure the ownership with the proceeds of this transaction,” said Blass.

Contact: Ingrid Principe, Tel: (516) 506-4298, iprincipe@arbor.com

Global Hyatt Corp. 'BBB+' Rating Placed On Watch Negative

NEW YORK, NY--Standard & Poor's Ratings Services has placed its 'BBB+' corporate credit rating on Global Hyatt Corp. on CreditWatch with negative implications.

(Grand Hyatt Cairo, Egypt, top right photo)

"The CreditWatch listing reflects a worsening expectation in 2009 for revenue per available room in the U.S. at a time when Global Hyatt's leverage profile is weak for the 'BBB+' rating," said Standard & Poor's credit analyst Emile Courtney.

"Although the company does not publicly disclose its financial statements, we expect that year-over-year comparable EBITDA is likely to deteriorate at a pace that is in line with other lodging companies with a similar exposure to owned hotels and to the upscale and luxury lodging segments."

With business and leisure travel demand worsening and prospects for a long and moderate U.S. recession, we now expect that revenue per available room (RevPAR) in the U.S. in 2009 could decline in the mid-to-high single digits range, compared with our previous expectation for a decline of 5% or more.

(Cosmopolitan Resort & Casino, Las Vegas, NV, middle left photo)

Given current underperformance industry-wide in upscale and luxury price segments in the U.S., RevPAR for Hyatt's predominantly U.S.-based upscale and luxury portfolio could decline at a high-single-digits pace in 2009.

We stated in June 2008, when we revised the company's outlook to negative, that Global Hyatt may pursue a more aggressive financial policy of using debt to finance its strategic growth initiatives, and that this could result in downward ratings pressure if the U.S. lodging industry weakened further.

In resolving the CreditWatch listing, we will consider our outlook for the U.S. lodging industry and Hyatt's portfolio, as well as intermediate term expectations regarding management's growth strategies

.
(Hyatt Montreal, Canada, bottom right photo)

Media Contact:
Mimi Barker, New York (1) 212.438.5054, mimi_barker@standardandpoors.com

Analyst Contacts:
Emile Courtney, CFA, New York (1) 212-438-7824
Liz Fairbanks, New York (1) 212-438-7459

Host Hotels & Resorts Inc. Outlook Revised To Negative On Worsening Revenue Expectations

NEW YORK, NY--Standard & Poor's Ratings Services has revised its outlook on Host Hotels & Resorts Inc. and Host Hotels & Resorts L.P. to negative from stable and affirmed the 'BB' corporate credit rating and all other ratings.

(Harbor Beach Marriott Resort & Spa, Fort Lauderdale, FL, top right photo)

The negative outlook reflects our worsening expectation for revenue per available room (RevPAR) in the U.S. next year and that Host's credit measures are likely to deteriorate more than we expected because of a higher year-over-year pace of EBITDA decline.

"With business and leisure travel demand worsening and prospects for a long and moderate U.S. recession, we now expect RevPAR in the U.S. in 2009 to decline to the mid- to high-single-digits," said Standard & Poor's credit analyst Emile Courtney, "compared to our previous expectation of a decline of 5% or slightly more."

Notably, given the current underperformance industry-wide in Host's predominantly upscale and luxury price segments, RevPAR for Host's portfolio of companies could decline at a high-single-digits pace in 2009.

(Scottsdale Marriott at McDowell Mountains, Scottsdale, AZ, top left photo)

Host's EBITDA in 2009 could decline by 15% to 20%, compared to our previous expectation of about 10%.

Host currently has some flexibility in credit measures--lease-adjusted debt to EBITDA of 4.5x (compared to our threshold level of 5x for the 'BB' rating), EBITDA coverage of interest and preferred dividends of 3.6x (above 2.5x), and debt to total capital of 55% (less than 60%), all as of the 12 months ended September 2008.

However, we are increasingly concerned that a decline in EBITDA of 15% to 20% in 2009 would result in measures that would be weak for the current rating.

At the end of 2009, we estimate that credit measures could be at or worse than the threshold levels: lease-adjusted debt to EBITDA could be in the mid-5x area, EBITDA coverage of interest and preferred dividends could be in the mid-2x area, and debt to total capital could be about 60%

(Coronado Island Marriott, San Diego, CA, middle right photo).

In addition, Host on Nov. 18, 2008, revised its guidance for comparable hotel RevPAR to a year-over-year decline of 9% to 11% for the December 2008 quarter and a decline of 3% for the full-year 2008, reflecting significantly slowing travel demand and a worsening economy.

Host gave no updated guidance for 2009.

The rating reflects Host's aggressive financial risk profile and, as a real estate investment trust (REIT), its reliance on external sources of capital for growth.

These factors are tempered by the company's high-quality and geographically diversified hotel portfolio of 117 owned hotels and more than 60,000 rooms (at September 2008), high barriers to entry for new competitors because of its hotels' locations (primarily in urban and resort markets or close to airports), its strong brand relationships, and its experienced management team.

(Denver Marriott West, bottom left photo)
Host's credit measures can move within a wide range over time, given the cyclical nature of lodging and the company's operating leverage, and we expect the current rating to hold, notwithstanding intermediate-term weakness in credit measures.

The negative outlook reflects the possibility of worse operating performance than we currently expect.

The negative outlook reflects our concern that a decline in EBITDA of 15% to 20% in 2009 would result in credit measures at or worse than our threshold levels for the 'BB' rating: lease adjusted debt to EBITDA could be in the mid-5x area (compared to our threshold level of 5x), EBITDA coverage of interest and preferred dividends could be in the mid-2x area (more than 2.5x), and debt to total capital could be in the 60% area (less than 60%).

(Hartford Marriott Rocky Hill, Hartford, CT, bottom right photo)

Driving our concern for Host's credit measures is worsening business and leisure travel demand and prospects for a long and moderate U.S. recession.

As a result, we now believe RevPAR in the U.S. in 2009 could decline in the mid- to high-single-digits range, and that Host's portfolio of hotels concentrated in predominantly upscale and luxury segments could experience a 2009 RevPAR decline in the high-single-digits area.

Also, we currently expect that Host would borrow modestly to fund regular and special dividends, although we believe share repurchases and opportunistic acquisitions would be minimal over the intermediate term.

We could lower the ratings if operating conditions worsen more than our expected 15% to 20% decline in EBITDA, or if Host borrows significant amounts to fund dividends, acquisitions, or share repurchases.

(New Orleans Marriott, bottom left photo)

The outlook could be revised back to stable if it becomes clear during the next several quarters that our 2009 EBITDA assumption proves too aggressive and there is a path toward sustainable recovery in the U.S. lodging industry.

CONTACTS:

Media Contact:
Mimi Barker, New York (1) 212.438.5054, mimi_barker@standardandpoors.com

Analyst Contacts:
Emile Courtney, CFA, New York (1) 212-438-7824
Liz Fairbanks, New York (1) 212-438-7459

Aloft Hotels Makes Landmark Debut in Asia Pacific

Aloft Beijing, Haidian Heralds the Brand’s Aggressive Global Growth as First Hotel Outside of North America

WHITE PLAINS, NY-- Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) and its highly anticipated new lifestyle brand, Aloftsm hotels announce the opening of Aloft Beijing, Haidian.(top right photo)

The 186 room, new-build hotel owned by Yong Tai Real Estate Group (Beijing) Co. is the first Aloft in Asia Pacific and the first Aloft to open outside North America.

The Aloft Beijing, Haidian underscores the brand’s remarkable global expansion with more than 500 hotels scheduled to open in markets like China, United Arab Emirates, India, Thailand, Belgium, Canada and the U.S in the next five years. The Aloft Beijing, Haidian is the first of nine Alofts currently in development in Asia Pacific, and the first of two slated to open in China in the next two years.

“We are thrilled with the opening of the first Aloft hotel in Asia Pacific! Aloft Beijing, Haidian will bring a fun new way to play and stay to Beijing. As the first aloft in Asia Pacific, this hotel will also be the landmark in this dynamic market of Zhongguancun Hi Tech Science Park in Beijing,” commented Miguel Ko, (middle left photo) President of Starwood Hotels & Resorts, Asia Pacific.

“Guests traveling to Beijing for business or pleasure won’t have to settle for one or the other, thanks to Aloft. Our bar w xyzSM is sure to be a hub of activity for locals and visitors alike, and our meeting space and guestrooms will inspire even the most jet-lagged business travelers,” added Ko.

CONTACT:

Hwee-Peng Yeo
Director, Corporate Communications
Starwood Asia Pacific Hotels & Resorts Ltd
9 Temasek Boulevard, Suntec City Tower 2
#24-02, Singapore 038989

Tel : +65 6335 4837; Cell : +65 9768 6087; +65 9248 0424
Fax : +65 6335 4820
http://www.starwoodhotels.com/; http://www.starwoodpressclub.com/

CB Richard Ellis Capital Markets Group Secures $43M on Two Loans

Hawthorne Village in Port Orange, FL Receives $22M Loan

ORLANDO, FL– The Orlando office of CB Richard Ellis is pleased to announce, David Borge, (top right photo) Senior Vice President with CB Richard Ellis Capital Markets group has financed the Hawthorne Village Apartments (top left photo) in Port Orange, Florida.

Hawthorne Village is a newer 378 unit apartment community. The loan amount of $22,145,000 was placed with Freddie Mac.

Birch Landing Apartments in Georgia Gets $21M Loan

ORLANDO, FL – The Orlando office of CB Richard Ellis is pleased to announce that Dennis Jimenez, (middle right photo) Vice President with CB Richard Ellis Capital Markets Group, has arranged financing in the amount of $21,049,000 on behalf of a Florida investor for the acquisition of Birch Landing Apartments.(middle left photo)

Birch Landing is a 518-unit apartment community located in Austell, Georgia.

CBRE was able to accommodate the demanding time-frame required by the borrower and closed the loan within 21 days of loan application.

Terms of the financing included an interest-only period of 24 months, followed by 30-year amortization, and 80% loan to value

Contact: Angelique Greven, 407.839.3158 angelique.greven@cbre.com

CB RICHARD ELLIS NAMED EXCLUSIVE SALES AGENT TO CHICK-FIL-A IN CENTRAL FLORIDA

ORLANDO, FL – The Orlando office of CB Richard Ellis is pleased to announce, Jorge Rodriguez, (bottom right photo) CCIM, Retail Associate, has been selected by Chick-fil-A® as their exclusive representative in Central Florida.

Mr. Rodriguez will be responsible for Chick-fil-A's site selections within Central Florida's five counties of Orange, Seminole, Osceola, Volusia, and Polk.

Credited with introducing the original boneless breast of chicken sandwich and pioneering in-mall fast food, Chick-fil-A®, Inc., is one of the largest privately-held restaurant chains – with more than 1,400 restaurants in 38 states and Washington, D.C. – and the second-largest quick-service chicken restaurant chain in the nation, based on annual sales.

System-wide sales in 2007 reached $2.64 billion. These figures reflect a 16.09 percent increase over the chain's 2006 performance and a same-store sales increase of 8.47 percent.

Additional information may be found at http://www.chick-fil-a.com/.

Contact: Angelique Greven, 407.839.3158, angelique.greven@cbre.com

Grubb & Ellis Realty Investors Awarded Multiple TOBYs by BOMA

SANTA ANA, CA– Grubb & Ellis Realty Investors, LLC announced that two Las Vegas area properties owned and managed on behalf of tenant-in-common investors, Sienna Office Park I (middle left photo) and City Centre Place, (top right photo) have received The Office Building of the Year (TOBY) award from the local chapter of the Building Owners and Managers Association International (BOMA).

“Grubb & Ellis Realty Investors strives to acquire buildings of the highest caliber and to manage the operations of these assets at a similarly high level on behalf of our program investors,” said Kent Peters, (top left photo) executive vice president of asset management, Grubb & Ellis Realty Investors.

“Grubb & Ellis Management Services has done an excellent job as the property managers, and our partnership speaks volumes about the strength of the newly integrated Grubb & Ellis Company.”

Acquired by Grubb & Ellis Realty Investors in June 2007, Sienna Office Park I consists of two newly developed Class A office buildings totaling more than 101,000 square feet in Henderson, Nevada.

Located at 2850 West Horizon Ridge Parkway, the asset received the TOBY in the category for buildings with less than 100,000 square feet of rentable area.

City Centre Place, acquired by the company in November 2004, is a 103,199-square-foot, Class A six-story, multi-tenant office building with ground retail space in Las Vegas. The asset was awarded the local TOBY in the 100,000 to 249,999-square-foot office building category; City Centre Place was similarly recognized in 2006.

Elizabeth Grossman, vice president of asset management, Grubb & Ellis Realty Investors, serves as the asset manager for each property. Andrea King and Mary Frankert, property managers with Grubb & Ellis Management Services’ Las Vegas office, make up the property management team responsible for the day-to-day operation of the properties. Jeff Goodwin is the building engineer for City Centre Place and Jarod Waisanen serves as the maintenance technician for Sienna Office Park I.

Contacts:

Julia McCartney, 714.975.2230, julia.mccartney@grubb-ellis.com

Damon Elder, Phone: 714.975.2659. Email: damon.elder@grubb-ellis.com

Matthew A. Engel Named SVP, Accounting and Finance, Chief Accounting Officer

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has named veteran finance executive Matthew A. Engel senior vice president, accounting and finance and chief accounting officer, effective immediately.

Engel, 41, will have responsibility for the company’s corporate accounting, tax, financial risk management and treasury functions. He reports to Richard W. Pehlke, (middle right photo) executive vice president and chief financial officer.

“Matt brings years of invaluable public company finance and accounting experience to the position of Grubb & Ellis’ chief accounting officer, said Pehlke. “We expect his leadership will be a great asset as we continue to transition our financial reporting operations and move forward with our growth strategy.”

Engel joins Grubb & Ellis from H&R Block, Inc., where he spent seven years in various senior finance leadership positions. Engel is a Certified Public Accountant and holds a bachelor’s degree from University of Northern Iowa.

Contacts:

Janice McDill, 312.698.6707, janice.mcdill@grubb-ellis.com

Damon Elder, Phone: 714.975.2659. Email: damon.elder@grubb-ellis.com

Commercial Real Estate Veteran David Wu from CB Richard Ellis Joins Grubb & Ellis Company as SVP

ONTARIO, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that commercial real estate veteran David Wu has joined its Ontario office as a senior vice president with the Industrial Group.

Wu specializes in the marketing of large institutionally owned assets in the eastern San Gabriel Valley and western Inland Empire and the sourcing of opportunities for industrial developments and acquisitions. He also provides real estate advisory and brokerage services to public and private sector clients. Wu has been a commercial real estate professional for 13 years.

“We are very pleased to have a professional of David’s caliber join our team,” said Mano Leventakis, senior vice president and managing director for Grubb & Ellis in the Inland Empire. “He brings a unique skill set that will allow us to provide an enhanced level of service to our clients.” Wu comes to Grubb & Ellis from CB Richard Ellis where he was a first vice president.

Contacts:

Sharon Abar, 714.975.2185, sharon.abar@grubb-ellis.com

Damon Elder, Phone: 714.975.2659, Email: damon.elder@grubb-ellis.com

Commercial Real Estate Veteran Richard Economou Joins Grubb & Ellis

SANTA ANA, CA (Nov. 19, 2008) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Richard Economou has joined the firm’s New York office as executive vice president. Specializing in the finance, insurance and real estate sectors, he brings over two decades of commercial and retail real estate experience to the firm, including experience with real estate turnaround transactions.

“I couldn’t be more pleased to make this move to Grubb & Ellis at this time in my career,” Economou said. “I’ve worked in this business for 20 years and I’ve seen a lot. This market is a particularly interesting one, because it brings real concrete opportunities for us. This is my kind of market, and Grubb & Ellis New York is perfectly poised to take advantage of it.”

Prior to joining Grubb & Ellis, Economou was senior vice president of New York and National Accounts for Equis Corporation. He recently won the Coldwell Colbert Circle Award, given to the top 3 percent of producers worldwide. Prior to joining Equis Corporation, Economou spent five years at CB Richard Ellis with a focus on tenant representation within the finance, insurance and real estate sectors.

Contact: Janice McDill, Phone: 312.698.6707. Email: janice.mcdill@grubb-ellis.com

Grubb & Ellis Realty Investors Acquires Oak Park Office Center III in Houston

SANTA ANA, CA – Grubb & Ellis Realty Investors, LLC has acquired Oak Park Office Center III, (top right photo) a Class A office building in Houston, on behalf of tenant-in-common investors.

Oak Park Office Center III, an approximately 151,000-square-foot building, is located within Oak Park at Westchase, a 225-acre master-planned office park.

Situated on more than 11 acres, the building is adjacent Sam Houston Parkway (Beltway 8). Oak Park Office Center III features a two-story atrium complete with marble walls, wood accents, and both cove and pendant lighting. The building has open floor plans, card key access, two electric vehicle fueling stations and security cameras at all entries.

“Oak Park Office Center III is a brand new facility situated in a location that offers high visibility for its tenant,” said Jeff Hanson, (top left photo) president and chief investment officer of Grubb & Ellis Realty Investors. “The property is an excellent addition to Grubb & Ellis Realty Investors’ portfolio of assets under management.”

The property offers ample parking with 855 spaces, an overall ratio of 5.7 spaces per 1,000 rentable square feet. It is located 30 minutes from both of Houston’s major airports and 10 minutes from the Houston Galleria.

Jacobs Engineering Group Inc. is the sole occupant of Oak Park Office Center III and operates the building under a long-term triple net lease.

Grubb & Ellis Realty Investors purchased Oak Park Office Center III from Realty Associates Oak Park, L.P., represented by Robert Williamson and Jeff Hollinden of Holliday Fenoglio Fowler.

Contacts:
Julia McCartney, Phone: 714.975.2230, julia.mccartney@grubb-ellis.com

Damon Elder 714.975.2659, damon.elder@grubb-ellis.com

Grubb & Ellis Company Represents Veatch Carlson in 24,115 SF Office Lease in Downtown Los Angeles

LOS ANGELES, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that its Tenant Advisory Group represented Veatch Carlson, Attorneys at Law in the renewal of its lease for 24,115 square feet of office space in Downtown Los Angeles.

The consideration of the seven-year lease was not disclosed.

Veatch Carlson’s offices are located at 700 S. Flower St. (middle right photo) The law firm has been a tenant in the building since 2002.

Maury Gentile, Sean O’Leary and Brian Denton of Grubb & Ellis’ Tenant Advisory Group represented the lessee in the transaction. Peter Paik represented the lessor, 700 S. Flower LLC.

“We were able to help Veatch reduce its overall square footage requirement by approximately 20 percent while restructuring a longer term lease extension,” said Gentile. “It was a win-win for the tenant and the landlord.”

Grubb & Ellis Company Represents Fisher & Phillips in 24,942 SF Office Lease in Irvine, CA

IRVINE, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented Fisher & Phillips LLP, a national labor and employment law firm, in the lease of 24,942 square feet of office space for its Irvine location. The consideration of the 10-year lease was not disclosed.

Fisher & Phillips is slated to occupy its space in Opus Center Irvine (middle left photo), located at 2050 Main St., in March 2009. The firm will be relocating from Irvine Center Towers in Irvine.

Fisher & Phillips is one of the oldest and largest firms in the country representing employers in the areas of labor, employment, civil rights, employee benefits and immigration law.

Jack McNutt and Chon Kantikovit of Grubb & Ellis’ Newport Beach office and Kay Davis of the firm’s Atlanta office represented the lessee in the transaction. Dean Chandler and John Weiner of CB Richard Ellis represented the lessor, Opus West Corporation.

Contacts:

Sharon Abar, Phone: 714.975.2185, sharon.abar@grubb-ellis.com

Damon Elder, 714.975.2659, Email: damon.elder@grubb-ellis.com

Grubb & Ellis Represents NAVTEQ Corp. in 22,062-SF Expansion at 100 N. Riverside Plaza in Chicago

CHICAGO, IL – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented NAVTEQ Corporation in the lease of 22,062 square feet of space at 100 N. Riverside Plaza (bottom right photo) located at 425 W. Randolph St.

Sven Sykes, director, senior vice president, Tenant Advisory Group and Tom Volini, senior vice president, Tenant Advisory Group, represented the lessee.

“NAVTEQ is truly a Chicago success story, and finding space that not only met its technological requirements but that could also support its growth was crucial,” said Sykes. “We’re proud to be involved with their growth.”

NAVTEQ relocated its headquarters from the Merchandise Mart to 425 W. Randolph in 2007, taking 227,000 square feet of space initially and another 44,000 square feet earlier this year before the current expansion.

It now occupies almost 300,000 square feet in the Class A building. Having once been occupied by SBC Communications, the space was equipped with substantial technological and operational infrastructure.

NAVTEQ Corporation is a leading global provider of digital map data, driving most in-vehicle navigation systems, the top routing web sites and the leading brands of top navigation devices.

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

Arbor Closes $2,256,000 Fannie Mae DUS® Loan on Garden Court Apartments in Midland, TX

UNIONDALE, NY, Nov. 19, 2008-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,256,000 loan under the Fannie Mae DUS® product line to acquire the 74-unit complex known as Garden Court Apartments in Midland, TX. (bottom left photo)

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.68 percent.

The loan was originated by Stephen York, (top right photo) Director, in Arbor’s full-service Uniondale, NY lending office.

“The Sponsors on this transaction purchased Garden Court to add to their expanding Midland-Odessa portfolio,” said York. “Arbor was pleased to deliver competitive terms, which included 80% LTV.”

Contact: Ingrid Principe, Tel: (516) 506-4298
iprincipe@arbor.com

Community Banks Will Play Crucial Role in Economic Recovery, Restoring Trust and Capital Flow, Says Longtime Area Banker

ALTAMONTE SPRINGS, FL--Community banks will play the most important role in America’s economic recovery over the next five years, helping to restore public trust in American financial institutions and the flow of capital in public commerce.

That’s the opinion of longtime Central Florida banker and business leader Geof Longstaff, (top right photo) who earned his MBA Degree from the Crummer Graduate School of Business at Rollins College in Winter Park and currently serves as chairman of Mercantile Commercial Capital, LLC, in Altamonte Springs.

“Small community banks have been a part of the fabric of the American financial system for decades,” said Longstaff, an instructor at the Louisiana State University Graduate School of Banking. “They are run by local citizens who have a stake in the local community,” Longstaff explained.

According to the Independent Community Bankers of America, there are nearly 8,500 community banks in the U.S. whose assets range from less than $10 million to a few billion dollars. Where many of the nation's largest banks place a priority on serving large corporations, community banks focus attention on the needs of local families, businesses, and farmers.

“Typically, community banks consider such indicators as character, family history and discretionary spending in making loans,” Longstaff said.

“They channel most of their loans to local neighborhoods where their depositors live and work, and the end result is that community banks serve as the backbone of the American financial system,” Longstaff said.

Central Florida community banks saw their share of deposits grow from 15 percent to 20 percent in the two years prior to June 30, 2008, Longstaff added, and since then deposits have risen further as a result of the banking crisis.

“Community banks don’t have significant investments in subprime loans or deteriorating credit card debt,” Longstaff said. “They aren’t focused on restructuring their balance sheets or waiting for a government bailout,” he added.

“Because business loan decisions are made locally, community banks are better able to respond quickly and effectively, whereas a large national or regional bank loan approval committee may meet in another state,” he said.

“Community banks are themselves small businesses,” Longstaff added. “They understand the needs of small business owners. Their core concern is lending to small businesses and farms, not corporate America,” he said.

For more information, contact
Geof Longstaff, Emergent National Bank (in organization), 407-786-5040
Larry Vershel, Larry Vershel Communications, 407-644-4142