HFF secures $10M financing for Foxborough, MA multifamily community

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) has secured $10 million in financing for Chestnut Green Apartments, (top left photo) a 55-unit multifamily community in Foxborough, Massachusetts.

HFF director Janet Krolman (top right photo) worked exclusively on behalf of Abrams Properties and VinCo Properties in arranging the loan through Wells Fargo Middle Market Real Estate.

The financing was structured as a $7.62 million construction loan and a $2.4 million historic tax credit bridge loan to fund the acquisition and development costs of the property.

Chestnut Green Apartments is located along Chestnut Street in Foxborough and is part of the historic mixed-use redevelopment of the former Foxborough State Hospital campus that will include residential, office, recreation and retail uses.

The property is within close proximity to Interstate Route 95, Gillette Stadium and the Mansfield MBTA Commuter Rail providing service to Boston, 24 miles north.

Upon completion in 2009, Chestnut Green Apartments will have one- and two-bedroom units averaging 1,102 square feet each with 14 of the 55 units designated as affordable units.

Community amenities will include a fitness center, community room, recreational fields, walking trails and on-site storage.

Abrams Properties is a real estate investment and development company focused on the adaptive re-use of historic structures into vibrant residential and commercial communities.

VinCo Properties is a Boston-based real estate development company, which targets the acquisition of undervalued real estate assets and undeveloped land. Since 2001, VinCo Properties has acquired more than 2.5 million square feet of office, medical, biotech, manufacturing, industrial, retail and residential real estate.

Wells Fargo & Company is a diversified financial services company with $622 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (wellsfargo.com) across North America and internationally.

Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest possible credit rating from both Moody’s Investors Service, “AAA” and Standard & Poor’s Ratings Services, “AAA”.

CONTACTS:

Janet N. Krolman, HFF Director, 617 338 0990, jkrolman@hfflp.com

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

SchenkelShultz Receives Awards on 5 New Projects

SchenkelShultz Architecture, West Palm Beach designs St. Lucie County Public Schools' newly-completed $74M, 344,331-SF Fort Pierce Central High School

FORT PIERCE, FL – SchenkelShultz Architecture, West Palm Beach, one of Florida’s leading green design firms, designed St. Lucie County Public Schools’ newly-completed $74 million, 344,331-square-foot Fort Pierce Central High School (top right photo) in Fort Pierce, FL.

The replacement high school is designed to accommodate 2,500 students. James A. Cummings, Inc. served as construction manager. The West Palm Beach office of SchenkelShultz is located at 1300 N. Congress Avenue, phone 561-697-3451.

SchenkelShultz Architecture, Orlando designs three projects to achieve LEED certification at Stetson University in DeLand, FL

ORLANDO, FL – SchenkelShultz Architecture, Orlando has designed three projects to achieve LEED® certification at Stetson University in DeLand, FL.

Included are: the $1.6 million, 5,500-square-foot Homer and Dolly Hand Art Center; the $1.55 million, 8,000-square-foot Mary B. McMahan Hall; and the $507,000, 1,850-square-foot Rinker Environmental Learning Center which is designed to achieve LEED® Gold certification. All three projects are currently under construction and slated for completion in April 2009.

SchenkelShultz has designed more than 3.8 million square feet of higher education projects nationwide including the award-winning six-story Stetson University Lynn Business Center, the first LEED®-certified building in the state of Florida.

SchenkelShultz Architecture, Fort Myers and Naples, receives prestigious "2008 AIA Unbuilt Honor Award" from American Institute of Architects' Southwest Florida Chapter

NAPLES, FL – SchenkelShultz Architecture, with offices in Fort Myers and Naples, received the prestigious “2008 AIA Unbuilt Honor Award” from the American Institute of Architects’ Southwest Florida Chapter for its design of Edison State College’s new $3.4 million, 10,000-square-foot Early Childhood Development Center at the Collier County Campus in Naples, FL. (bottom left photo)

Designed to be the college’s first LEED®-certified facility, the center will serve over 100 children ranging from infancy through four years of age. The Naples office is located at 2640 Golden Gate Parkway, Suite 306, phone 239-434-2400.

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

Marcus & Millichap Capital Corp. Arranges $3M Loan for Seattle Apartment Building

SEATTLE, WA--Marcus & Millichap Capital Corporation (MMCC) has arranged a $3 million fixed-rate loan to refinance a 50-unit apartment building located at 1729-12th Ave., Seattle.

Glenn Gioseffi, a director in the firm’s Seattle office, arranged the financing package for the Roosevelt Apartments.

“The property had multiple challenges with construction, zoning and usage issues,” says Gioseffi. “MMCC was able to remedy the issues and secure a lender that we have an established relationship that finances properties with similar challenges.”

Financing for the Roosevelt Apartments was provided by an insurance company at a 5.85 percent fixed rate for the first five years, then a five-year rollover to 280 basis points over the five-year Treasury. Terms of the loan are for five years with a 30-year amortization schedule. Loan-to-value was 40 percent.

Press Contact: Kathy Molitor. Marcus & Millichap Capital Corp., (925) 953-1704

Thomas D. Wood Brokers $2.4M Loan for Palm Bay Studios in Miami

MIAMI, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $2,400,000 for Palm Bay Studios (site map, top right) in Miami, Florida.

Stephen Wechsler, (bottom left photo) Company Vice President, financed the loan through Thomas D. Wood and Company’s relationship with a community banking institution at a permanent fixed-rate of 6.25%.

The loan term is five years, based on a 25-year amortization, and a loan-to-value of 35%. The 92,200 square-foot industrial building was built in 1946 and is located at 395 NE 59th Street, Miami, Florida.

For further information, please contact:

Stephen Wechsler, (305) 447-7874, swechsler@tdwood.com

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

Real Estate Misconceptions Debunked

LAS VEGAS, NV--Buying and selling residential real estate can be complex and confusing, particularly amid a process rife with misconception, says Robert Jenson, (top right photo) CEO of The Jenson Group at RE/MAX CENTRAL.

He offers John Q. Public some “truths” to dispel some common real estate “myths”:

MYTH: All REALTORs are created equal

TRUTH: Real estate agents vary widely in terms of experience, skill, ingenuity, accessibility and ability to produce results quickly and smoothly, among other key factors. Interview at least 3 agents, and come prepared with a list of questions you plan to ask. What is their track record? How do they market listings?

Do they have a team to help show your home or does the responsibility fall on one particular agent? Due diligence is key to finding a representative prepared to work hard and who will be available to answer your questions along the way.

MYTH: Home inspections should wait until an offer has been presented

TRUTH: Even before listing a home, sellers should hire professionals to inspect the property including the roof, pool, and other structural elements, as well as for termites and other important buyer considerations.

Make ALL repairs before you list the house on the market. Today’s buyer is discriminating and has many choices - don’t give them a reason to have concerns. A complete list of the completed inspections and repairs should be made available to serious buyers, which will go a long way in expediting the process at large.

MYTH: All negotiations start with a buyer submitting an offer

TRUTH: Sellers do have ways to kick start a negotiation, such as a “Reverse Offer.” Consider that one buyer who has been back for a second or possible 3rd look, but hasn’t pulled the trigger. Make them an offer! Yes you, as the seller, should put something in writing and submit it to the buyer’s agent. This will create an opportunity for the buyer’s agent to sit down with his or her client and potentially help close the deal.

MYTH: Only home sellers - not buyers - need a real estate agent

TRUTH: Purchasing a home could be the most important and complex financial transaction you engage in, and going it alone is risky. Indeed, a buyer’s agent can save you time, hassle and thousands of dollars. Take time and care when selecting a real estate buyer’s agent - find someone you can trust, and that you have a good rapport with.

MYTH: Buyers should wait to secure loan approval until they’ve found a home they want to buy

TRUTH: Many buyers want to find the “perfect” home before having their credit pulled, which can backfire when an offer is on the table and time is of the essence. It’s wise to get pre-approved for a loan even before you view your first home.

Your credit report may contain inaccurate information that you were not aware of, which can be a time consuming process to rectify. Or, you might not like what loan program you qualify for, or you might qualify for a higher loan value than you thought. Ultimately, you will need a pre-approval letter with your offer, so do yourself a favor and do this in advance. It’s free, after all.

MYTH: There is no real benefit to “shopping” for a mortgage among multiple lenders

TRUTH: A difference of even half a percentage point can mean a considerable savings over the life of a loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8 percent vs. 7.5 percent is about $35 per month. Over 30 years, that's $12,600. Be a smart consumer and comparison shop for the most favorable mortgage rates and terms.

MYTH: All real estate agents charge the same commission percentage

TRUTH: Not all agents – and agent packages - are created equal. From full service agents to discount agencies, make sure you know the type of professional you are hiring and what EXACTLY they are going to do to sell your home.

An agent that can professionally market your home above and beyond the MLS listing will increase your exposure within the marketplace, which will lead to a higher selling price and less days on the market.

Will your agent incur costs to give your home that visibility? Find out, so that you may take everything into consideration when establishing the commission percent. Despite what an agent might say otherwise, commissions are always 100% negotiable.

CONTACTS:

Merilee Kern, mkern@kerncommunications.com

Anne Goldberg, agoldberg@kerncommunications.com, PH 858-577-0206

http://www.thejensongroup.com/

www.kerncommunications.com/JensonKit.zip.

HFF secures refinancing for Marietta, GA flex/office parks

ATLANTA, GA – The Atlanta and Houston offices of HFF (Holliday Fenoglio Fowler, L.P.) has secured refinancing for American Business Center and WhiteWater Business Park, office/flex parks totaling 619,628 square feet in Marietta, Georgia.

Working exclusively on behalf of Capital Commercial Investments, Inc., senior managing director Mark Sixour (top right photo) and director Michael Cale (middle left photo) of HFF Atlanta along with managing director Wally Reid (bottom right photo) of HFF Houston placed the five-year loan with PPM Finance, Inc.

The fixed-rate financing, which will be serviced by HFF, provides money for tenant improvements and capital items required at both properties.

American Business Center and White Water Business Park are located at 1395 South Marietta Parkway and 200-220 North Cobb close to Interstate 75 and Dobbins Air Force Base in Marietta. The properties are 65% occupied with several large leases pending for early 2009 occupancy.

Capital Commercial Investments, Inc. is a real estate investment firm based in Austin, Texas, which specializes in locating and purchasing undervalued commercial investment properties throughout the U,S.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing. http://www.hfflp.com/.

CONTACTS:

Mark D. Sixour, HFF Senior Managing Director, 404 832 8460, msixour@hfflp.com

Wallace Reid, HFF Managing Director, 713 852 3500, wreid@hfflp.com

Michael A. Cale, HFF Director, 404 832 8460, mcale@hfflp.com

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

HFF closes sale of multifamily community in Plymouth, MN

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Shadow Hills Estates, (top right photo) a 322-unit multifamily community in Plymouth, Minnesota.

The HFF investment sales team was led by senior managing director Matthew Lawton, (top left photo)director Sean Fogarty (middle rigfht photo) and managing director Marty O’Connell (bottom left photo) who marketed the property on behalf of the seller, Principal Real Estate Investors.

Bigos Investments purchased Shadow Hills Estates on an “all cash” basis.

Completed in 2002, Shadow Hills Estates has one-, two- and three-bedroom units averaging 1,038 square feet each. Community amenities include two pools, a fitness center, billiards room, underground heated parking and resident storage facilities.

The property is located at 4540 Nathan Lane North near Highway 169 in Plymouth, approximately 15 miles northwest of downtown Minneapolis.

“With its Plymouth address, Shadow Hills Estates is located in a top suburb of Minneapolis which in 2008 was voted ‘the #1 Small City to Live in America’ by CNN/Money Magazine,” said Fogarty.

Principal Real Estate Investors is the fourth largest institutional real estate manager in the U.S. based on tax-exempt assets under management (as ranked by U.S. institutional tax-exempt real estate assets, out of 99 managers profiled, as of June 30, 2008. “Real Estate Managers,” PENSIONS & INVESTMENTS, Sept. 20, 2008. ) and manages or sub-advises $44.4 billion in commercial real estate assets.

The firm’s real estate capabilities include both public and private equity and debt investment alternatives.

Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.

Bigos Investments is located in Edina, Minnesota and was founded in 1984 by Ted Bigos. The company currently holds ownership/management of 33 apartment communities or more than 5,000 units primarily in the Minneapolis/St. Paul area.

CONTACTS:

Matthew D. Lawton, HFF Senior Managing Director, 312 528 3650, mlawton@hfflp.com

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

Florida's Existing Home, Condo Sales Rise in October 2008

ORLANDO, FL, PRNewswire/ -- For the second month in a row, Florida's existing home sales rose in October, with Florida Realtors(R) reporting a 15 percent increase in activity in the year-to-year comparison.

Last month's sales of existing condos statewide increased 5 percent in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors(R) (FAR).

A total of 10,443 existing homes sold statewide last month, up 15 percent over the 9,118 homes sold in October 2007, according to FAR. Florida Realtors also reported higher statewide existing home and existing condo sales in September compared to the year-ago levels.

Thirteen of Florida's metropolitan statistical areas (MSAs) reported increased existing-home sales in October.

Seven MSAs also showed gains in condo sales, marking the fourth consecutive month that a number of markets have noted higher sales activity.

Florida's median sales price for existing homes last month was $169,700; a year ago, it was $222,200 for a 24 percent decrease.

The median is the midpoint; half the homes sold for more, half for less.The national median sales price for existing single-family homes in September 2008 was $190,600, down 8.6 percent from a year earlier, according to the National Association of Realtors(R) (NAR).

In California, the statewide median resales price was $316,480 in September; in Massachusetts, it was $295,000; in Maryland, it was $271,520; and in New York, it was $215,000.Market conditions continue to range widely, according to the latest housing outlook from NAR.

"A pattern of sharply higher sales in areas with large price declines is well established," said NAR Chief Economist Lawrence Yun. (top right photo) "Affordability conditions have consistently been a major factor in driving sales. Historically during recessions, buyers have responded to incentives and it's important for government to keep that in the forefront of housing stimulus decisions."

In Florida's year-to-year comparison for condos, 2,956 units sold statewide compared to 2,805 sold in October 2007 for a 5 percent increase.

The statewide existing condo median sales price last month was $147,600; in October 2007 it was $192,300 for a 23 percent decrease.

In the latest data available at press time, NAR reported the national median existing condo price was $199,400 in September 2008. Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.20 percent, down from the average rate of 6.38 percent in October 2007, according to Freddie Mac.

FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.Among the state's large to medium-size markets, the Miami MSA reported a total of 453 homes sold in October compared to 367 homes a year ago for a 23 percent increase.

The existing home median sales price was $246,800; a year ago, it was $354,800 for a 30 percent decrease.

In the year-to-year comparison for the existing condo market, a total of 439 units sold in the MSA last month, up 1 percent compared to 436 condos sold the previous October.

The market's existing condo median price was $197,400; a year ago, it was $268,300 for a 26 percent decrease.

CONTACTS:

Marla Martin, Communications Manager, or Jeff Zipper, VicePresident of Communications, +1-407-438-1400, ext. 2326 or 2314, both ofFlorida Association of RealtorsWeb site: http://media.living.net/

Richmond, VA Office Market Vacancy Holding Steady at 12.88%

RICHMOND, VA--Perry Moss, (top right photo) Regional Director of Research at the Richmond, VA office of GVA Advantis, says "It may be difficult to find the silver lining during these difficult times. With almost all key market matrixes on the decline and a chaotic economic and political backdrop, it is easy to point out the negatives.

"A deeper look reveals a few bright spots and gives validity to the future recovery of the market. These are challenging times. No question, however, optimism of a 2009 rebound is certainly reasonable.

MARKET SUMMARY

In a swirl of negative news, the vacancy rate is actually holding relatively steady. The market rate is 12.88%, whereas 12 months and 24 months ago it was 12.03% and 14.54% respectively.

The market is indeed better off then two years ago. Of course, vacancy is only one piece of a larger puzzle and cannot be viewed in a vacuum. The overriding trends in leasing velocity, sales activity, net absorption, sublet space are all definitively negative.

When layered with the area’s economic issues such as the Circuit City bankruptcy filing and loss of 800 jobs, the LandAmerica buy-out by a Florida competitor, the slow-down in Philip Morris’s business, and a 150 basis point jump in unemployment, it makes finding the silver lining a bit more difficult. Metro Richmond, however, is well diversified and has a long record of resiliency; the market will improve with time.

Over the last 3 quarters, we have witnessed a rather intense slowing in leasing volume. However, the quantity of leases is steady, if not improved. This is due in large part to companies opting for the renewal versus thenew lease or expansion of space. The tenant motto is “wait and see."

Organic leasing growth and new leases from out of market areas are all but non-existent. Of particular interest was that both the SWQ and NWQ class A leasing percentages of inventory
were sub 10 percent.

This magnifies the lower ratio of leasing volume to inventory which is almost entirely a result of the leasing volume as inventory changes generally occur in small increments (for example, the total suburban inventory has increased 3.48% over the past 12 months).

LEASING LAST 12 MONTHS AS A % OF INVENTORY

􀂄 A worldwide leading tobacco leaf concern, Universal Leaf, leases nearly 47,000 square feet at the Stony Point Office Park off Forest Hill Avenue. Universal Leaf will be vacating their owner-occupied space on North Hamilton Street upon moving.

􀂄 In Chesterfield, near Courthouse Rd. and Midlothian Turnpike, the Virginia Department of Energy Management Services renews their nearly 34,000 square foot lease on Trade Court in the Southwest Quadrant (SWQ).

􀂄 The Virginia Schools of Technology signs on for just over 31,400 square feet at the Ukrop’s Westmoreland Complex.

􀂄 Insurance provider, Tabb, Brockenbrough & Ragland procures 16,000 square feet at Wilton Park on Dickens Road.

CONTACT:

Perry H. Moss, CCIM, MBA, Regional Director of Research, Advantis Real Estate Services Company, 707 East Main Street, Suite 1400, Richmond, VA 23219, Tel 804.672.4248,
Fax 804.783.1920.
E-mail pmoss@gvaadvantis.com

http://www.gvaadvantis.com/

National Trend of Home Price Declines Continues Through the Third Quarter of 2008

NEW YORK, NY, Nov. 25, 2008 – Data through September 2008, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, shows continued broad based declines in the prices of existing single family homes across the United States, a trend that prevailed since 2007.

The chart above depicts the annual returns of the U.S. National, the 10-City Composite and the 20-City Composite Home Price Indices.

The decline in the S&P/Case-Shiller U.S. National Home Price Index – which covers all nine U.S. census divisions – remained in double digits, posting a record 16.6% decline in the third quarter of 2008 versus the third quarter of 2007.

This has increased from the annual declines of 15.1% and 14.0%, reported for the 2nd and 1st quarters of the year, respectively. The 10-City and 20-City Composites continue to set new records, with annual declines of 18.6% and 17.4%, respectively.

"The turmoil in the financial markets is placing further downward pressure on a housing market already weakened by its own fundamentals," says David M. Blitzer, (middle right photo) Chairman of the Index Committee at Standard & Poor’s. "All three aggregate indices and 13 of the 20 metro areas are reporting new record rates of decline.

" Looking at the returns of the U.S. National Index, prices are back to where they were in early 2004. As of September 2008, the 10-City Composite is down 23.4% from its peak, the 20-City Composite is down 21.8% and the National Composite is down 21.0%."

Phoenix was the weakest market, reporting an annual decline of 31.9%, followed by Las Vegas, down 31.3%, and San Francisco at -29.5%. Miami, Los Angeles, and San Diego did not fair much better with annual declines of 28.4%, 27.6% and 26.3%, respectively.

Dallas and Charlotte faired the best in September in terms of relative year-over-year returns. While also in negative territory, their declines remained in single digits of -2.7% and -3.5%, respectively.

However, both are at rates of decline lower than those reported in August’s numbers. In addition, Charlotte also reported its largest monthly decline on record, down 1.3%. Monthly returns were negative across the board. Cleveland was the one market that showed any improvement in its year-over-year returns reporting -6.4% compared to the -6.6% reported for August.

The table below summarizes the results for September 2008. The S&P/Case-Shiller Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data. More than 20 years of history for these data series is available, and can be accessed in full by going to http://www.homeprice.standardandpoors.com/

CONTACTS:

David Blitzer, Chairman of the Index Committee, Standard & Poor’s, 212 438 3907
david_blitzer@standardandpoors.com

David Guarino, Communications, Standard & Poor’s, 1 212 438 1471
dave_guarino@standardandpoors.com

Tampa Office Market Vacancy Rises to 14.2%

TAMPA, FL--The Tampa office market enters the final period of 2008 drained by a weaker national economy which is sapping the strength from most sectors of the market.

The direct vacancy rate moved significantly higher in the third period with a full percentage point gain to 14.2 percent.

Sublease space stabilized in the third quarter at two percent of Tampa’s office inventory, but is up almost 30 percent from its level this time last year.

Market rents in Tampa gained slightly over the previous quarter, with an average asking rate of $22.45 per square foot to end the third quarter.

Given the circumstances, the market fundamentals for Tampa’s class A properties have held up relatively well so far this year.

Through the first three quarters of 2008, these properties have managed a modest rise in net occupancy, totaling slightly less than 70,000 square feet of positive absorption.

Market rents have adjusted somewhat given fewer new deals circulating in the market and the growing presence of sublease space, which can offer a competitive option for some tenants.

The average asking rate for class A space ended the third quarter at $24.66 per square, off slightly from what appears to be its pinnacle at $24.85 per square foot earlier this year.

In its tally of year-to-date national office sales through September, Real Capital Analytics reported a 75 percent decline in 2008 transaction volume versus the same period last year.

The office investment market in Tampa has followed the same pattern — Tampa’s office volume, which reached approximately $500 million in the first three quarters of 2007, has dropped by 74 percent through the same period this year.

A few local deals which had appeared to be progressing through various phases have been delayed, leaving their timetable and outcome uncertain at this point.

For a complete copy of the report, please contact Randy Smith, MBA, Regional Director of Research, Advantis Real Estate Services Company, 3000 Bayport Drive, Suite 100, Tampa, FL 33607. Tel 813.342.4725. Fax 813.372.4004.

E-mail rsmith@gvaadvantis.com
www.gvaadvantis.com

Grubb & Ellis Files Investor Presentation

Company Recommends Stockholders Vote FOR Grubb & Ellis’ Experienced Directors and Reject Anthony
Thompson’s Opposition Slate

SANTA ANA, CA-– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has filed an investor presentation with the Securities and Exchange Commission in connection with its 2008 Annual Meeting of Stockholders, which is scheduled for December 3, 2008.

Grubb & Ellis’ Board of Directors recommends that all stockholders vote FOR the company’s three independent and experienced directors – Harold H. Greene, Devin I. Murphy and D. Fleet Wallace – on the WHITE proxy card. (Gary Hunt (top right photo) is a director and current CEO of Grubb & Ellis.)

The presentation is available on the Investor Relations section of the company’s Web site at http://www.grubb-ellis.com/ or at the SEC’s Web site at www.sec.gov.

The presentation notes that:

Grubb & Ellis’ Board and management team have a sound strategic plan in place and are taking aggressive actions to increase productivity, reduce costs and position the company for profitable and sustainable growth and success;

Grubb & Ellis has the right Board in place – independent, experienced and committed to creating value for ALL stockholders;

Grubb & Ellis’ Board and management believe Anthony Thompson (top left photo) is attempting to take control of Grubb & Ellis and install Stuart Tanz (middle right photo) as CEO with the intention to cause Grubb & Ellis to buy or absorb Thompson’s newly formed company, Thompson National Properties, a direct competitor; and

Electing Anthony Thompson and his nominees would undermine important business inroads the company has made since his departure, and reverse the constructive steps management and the Board have been taking to create value for all stockholders.

Grubb & Ellis stockholders who have any questions or need assistance voting their WHITE proxy card should contact MacKenzie Partners, Inc., Toll-Free at (800) 322-2885.

CONTACTS:

Media:

Janice McDill, Matthew Sherman / Andi Salas,Grubb & Ellis, 312.698.6707
Joele Frank, Wilkinson Brimmer Katcher, 212.355.4449
janice.mcdill@grubb-ellis.com

msherman@joelefrank.com

asalas@joelefrank.com

Investors:

Laurie Connell / Amy Bilbija, MacKenzie Partners, Inc., 212.378.7071 / 650.798.5206
lconnell@mackenziepartners.com

abilbija@mackenziepartners.com

CREC Announces $5.24M Sale of Miami-Dade Shopping Center

CORAL GABLES, FL – CREC (Continental Real Estate Companies), a leading full-service commercial real estate firm, today announced the $5.25 million sale of Perrine Food Shopping Center, (top right photo) a 42,300-square-foot, shopping center in north Miami-Dade.

“Within 2 months, we were able to identify a qualified buyer, favorable financing and close despite this challenging market.” Said Harry Blyden, CREC senior vice president.

“While Florida’s retail market has slowed, there is still considerable investor interest in well-situated, grocery anchored projects like Perrine Food Shopping Center,” said CREC retail broker and principal, Alan Esquenazi, who with Blyden, represented the seller, Perrine Food Retail Corp, in the transaction.

The buyer, 11800 NW 10th Ave, LLC., paid $124 per square foot for the 2.94-acre property, which is located at the southwest corner of NW 119th Street and 10th Avenue just west of Interstate 95.

The retail center is anchored by Food City Supermarket (bottom left photo), a local independent grocer occupying 22,292 square feet on a long-term lease. “Perrine Food Shopping Center is 100 percent occupied by quality local tenants that serve the surrounding neighborhood,” said Blyden.

With offices in Miami, Orlando and Jacksonville, CREC provides fully integrated real estate services, including management and leasing, workout solutions, , debt/equity financing, brokerage, tenant representation, and construction supervision.

Through an extensive nationwide network in the debt and capital markets, CREC also assists clients and partners with their investment strategies.

Founded in 1989 by Chairman Warren P. Weiser and President Carol G. Brooks, CREC today is one of Florida’s largest commercial firms, managing a portfolio of more than 70 office and retail properties totaling 10 million square feet. For more information, visit http://www.crec.com/.

CONTACT: LRosario@crec.com