Dollar General Corp. 'B' Corporate Credit Rating Affirmed; Outlook Revised To Positive

NEW YORK, NY--Standard & Poor's Ratings Services has revised its outlook on Goodlettsville, Tenn.-based Dollar General Corp. to positive from stable.

We affirmed all ratings on the company, including its 'B' corporate credit rating.

"The outlook revision follows Dollar General's better-than-expected operating results for the third quarter ended Oct. 31, 2008," said Standard & Poor's credit analyst Ana Lai, "and our expectations that this positive operating momentum will continue for the remainder of 2008 and into early 2009, resulting in improving cash flow and stronger credit protection measures."

Media Contact: David Wargin, New York (1) 212.438.1579, david_wargin@standardandpoors.com

Analyst Contact: Ana Lai, CFA, New York (1) 212.438.7895

Roundy's Supermarkets Inc. 'B' Corporate Credit Rating Affirmed With Negative Outlook

NEW YORK, NY--Standard & Poor's Ratings Services said today it removed its ratings, including the 'B' corporate credit rating, on Milwaukee-based Roundy's Supermarkets Inc. (Roundy's headquarters building, top right photo) from CreditWatch with negative implications, where they were placed on Sept. 25, 2008. The outlook is negative.

"This action reflects our current belief that Roundy's should remain covenant complaint in the near term," said Standard & Poor's credit analyst Charles Pinson-Rose, "given our performance expectations and its ability to pay down debt with its current cash position and future cash flows."

Media Contact:
David Wargin, New York (1) 212.438.1579, david_wargin@standardandpoors.com

Analyst Contact:
Charles Pinson-Rose, New York (1) 212.438.4944

Grubb & Ellis Awarded Property Management of 500,000 SF Sharp HealthCare Portfolio in San Diego, CA

POWAY, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has been selected to provide property management services for two owned and three leased properties in and around San Diego totaling approximately 500,000 square feet on behalf of Sharp HealthCare, a not-for-profit integrated regional healthcare delivery system.

In addition, Grubb & Ellis will provide lease administration services for 80 Sharp HealthCare leaseholds throughout San Diego County.

Grubb & Ellis will provide comprehensive property management services at the 190,000-square-foot 8695 Spectrum Center Blvd. and the 95,000-square-foot 5525 Grossmont Center Drive in La Mesa; both properties are owned by Sharp HealthCare.

The company will also provide specialized management services for nearly 150,000 square feet of space located at 4000 Ruffin Road, 54,000 square feet of space at 3571 and 3572 Corporate Court, and 10,000 square feet of space at 3558 Ruffin Road.

“Grubb & Ellis is very pleased to establish this relationship with Sharp HealthCare,” said Hans Mumper, (top right photo) Grubb & Ellis’ senior vice president and director of Management Services for Southern California.

“Our goal as a company is to provide comprehensive service to our clients, and this multi-practice assignment demonstrates our ability to serve as a one-stop real estate services provider for our clients.”

The property management effort for the Sharp HealthCare portfolio is lead by Glenn Fibiger, portfolio manager, Western Region of Grubb & Ellis’ Poway office.

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

Industry Veteran Sherrie Wade Returns to Grubb & Ellis Company’s San Antonio Office

SAN ANTONIO, TX-– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announces 28-year industry veteran Sherrie Wade, (top right photo) CCIM, has rejoined the company’s San Antonio office as vice president, Office Group.

In this position, she will be responsible for representing landlords, tenants, buyers and sellers in office related transactions.

“Sherrie is a knowledgeable and very experienced professional with strong, established client relationships,” said Ernest Brown, (middle left photo) CCIM, Grubb & Ellis’ managing director for Central Texas. “We are pleased to welcome her back to Grubb & Ellis Company.”

Wade has represented numerous notable clients during her career, including Alliance Capital Corporation, AT&T, Northwest Bank, Ernst & Young, and Nationwide Mutual Insurance Company.

She returns to Grubb & Ellis from CB Richard Ellis after serving as a senior associate for approximately five years. She began her career in 1981 as a leasing agent at a local real estate services firm. Her initial Grubb & Ellis tenure began in 1993 and ended in 1998.

Wade is the incoming president of the San Antonio/South Texas chapter of the CCIM Institute and a member of the San Antonio Board of Realtors, an affiliate of the National Association of Realtors.

Contact: Julia McCartney, Phone: 714.975.223, Email: julia.mccartney@grubb-ellis.com

United Space Alliance Selects CresaPartners to Address Post-Shuttle Era Real Estate Needs in Houston and Cape Canaveral

BOSTON, MA—CresaPartners, North America’s largest corporate real estate advisory firm that exclusively represents tenants, has been selected to develop and execute a strategic plan for United Space Alliance’s (USA) facilities in the post-shuttle era.

Currently, USA has 10,000 employees in 1.3 million SF of space, primarily in Houston and Cape Canaveral. USA also has facilities in Huntsville, Ala and Alexandria, Va.

“We are pleased to have CresaPartners’ team on board to help during this challenging time for USA, as we evaluate our long-term needs as the Shuttle Program completes its mission,” said Bill Capel, (top left photo) chief financial officer, USA. “We look forward to a long and productive relationship with CresaPartners.”

The CresaPartners team from Houston and Denver will lead the development of the strategic plan in collaboration with the internal USA Facility team. CresaPartners’ professionals in Orlando, Birmingham and Washington DC will assist during the execution phase, which will likely involve multiple moves and occupancies as some facilities are shut down and others are expanded.

(CresaPartners principals in Orlando, FL are Sarah Castor (middle left photo) and John Gay (middle right photo)

“CresaPartners is thrilled to have been selected for this challenging project,” said Bill Goade,(top right photo) chief executive officer, CresaPartners. “It allows us to demonstrate the end-to-end depth of our service offerings and the value of our cross functional approach involving experts from multiple offices.”

About CresaPartners

CresaPartners is an international corporate real estate advisory firm that exclusively represents tenants and specializes in the delivery of fully integrated real estate services, including:

Transaction Management, Project Management, Relocation Planning and Management, Strategic Planning, Workforce and Location Planning, Subleases and Dispositions, Lease Administration, Capital Markets, and Facilities Consulting.

With more than 50 North American offices, CresaPartners is the largest pure tenant representation firm in the U.S. and Canada. Through a partnership with Atisreal international real estate group, CresaPartners is a member of one of the leading real estate organizations in the world, covering 35 countries.

For more information, visit http://www.cresapartners.com/.

About United Space Alliance

United Space Alliance is the world leader in space operations with extensive experience in all aspects of the field. Headquartered in Houston, USA has 10,000 employees working in Texas, Florida and Alabama.

Currently, USA is applying its broad range of capabilities to NASA’s Space Shuttle, International Space Station and Constellation programs as well as to space operations’ customers in the commercial and international space industry sectors.

Contact:
Jodi Goldman
National Director of Communications
CresaPartners
617.758.6009
jgoldman@cresapartners.com

200 State Street, 13th Floor, Boston, Massachusetts, 02109617.758.6000 main 617.758.6009 direct 617.742.0643 fax
http://www.cresapartners.com/_

Nordstrom Inc. Outlook Still Negative; 'A-' Corporate Credit Rating Affirmed

NEW YORK, NY--Standard & Poor's Ratings Services said today it affirmed its 'A-' long-term and 'A-2' short-term corporate credit ratings on Seattle-based department store operator Nordstrom Inc. (Chicago store in top right photo) The outlook remains negative.

"The negative outlook recognizes that Nordstrom's profitability will decline significantly in the second half of 2008," said Standard & Poor's credit analyst Diane Shand.

The weak U.S. economy will impede management's ability to substantially improve the business for at least the next 12 months. "We expect credit metrics in 2009 to be similar to our 2008 forecast," added Ms. Shand.

Media Contact:
David Wargin, New York (1) 212.438.1579, david_wargin@standardandpoors.com

Analyst Contacts:
Diane Shand, New York (1) 212.438.7860

Marcus & Millichap Sells 128-unit Apartment community in Brunswick, GA for $5.4M

BRUNSWICK, GA-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Glynn Place, (bottom left photo) a 128-unit multi-family community in Brunswick.

The sales price of $5.4 million represented $42,188 per unit at an 8.61 percent cap rate.

David Hsieh, (top right photo) an associate vice president investments and associate director of Marcus & Millichap’s National Multi Housing Group in Jacksonville, represented the buyer and the seller in the transaction.

Glynn Place was an excellent opportunity for the buyer to acquire an existing, well-maintained Section 42 Low Income Housing Tax Credit property,” says Hsieh.

Located at 820 Scranton Road, the 152,068-square foot apartment community is situated on 13.38 acres.

Glynn Place consists of spacious three-bedroom garden- and townhome-style apartment homes, with an average unit size of 1,188 square feet.

Unit amenities include washer and dryer connections, well-equipped, modern kitchens, ample cabinets, extra storage space and a private balcony or patio. Community amenities include an on-site leasing office, clubhouse, children’s playground, on-site laundry facility, swimming pool, picnic shelter, volleyball court and fitness center.

Press Contact: David Bradley, Marcus & Millichap, (904) 296-6765

Emerson International launches Eagle Creek Realty in Southeast Orlando

ORLANDO, Fla. --- Emerson International, developer of the master planned Eagle Creek golf course community on Narcoossee Rd. two miles south of S.R. 417 in southeast Orlando, has launched Eagle Creek Realty to serve as the official sales and marketing agents for the more than 3,000 planned luxury single-family homes, golf villas, and town homes at Eagle Creek.

Eric J. Emerson, vice president and general manager of Emerson International, said the gated golf course community has proved a popular choice for a wide variety of families in all price ranges.

Surrounding a championship 18-hole golf course with its New England manor clubhouse and enviable golf, lake, and forest views, Eagle Creek is currently home for some 500 families.

Emerson said 2,000 new homes are planned, along with a wide range of amenities that include community swimming pool, tennis courts, jogging, hiking and biking paths, equestrian trails, a new elementary school within the community, shopping at the planned Village Center, and a planned hotel with luxury accommodations for out-of-town guests.

“Eagle Creek Realty will provide specialized sales and marketing for residential opportunities at Eagle Creek,” Emerson said.

For more information about this press release, contact Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560; ejemerson@emerson-us.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Palmer Electric to wire 1500 SouthPark in Orlando

WINTER PARK, FL — The commercial division of Palmer Electric Company has secured a contract from Brasfield & Gorrie LLC, a general contractor, to wire 1500 SouthPark, (top right photo) an office building located in SouthPark Center in Orlando, Fla.

Palmer Electric’s scope of services is composed of site and building electrical contracting including systems for fire alarm, access control and lightning protection. The four-story, 155,000-square-foot building is scheduled for completion in April 2009.

The Jacksonville, Fla., office of Flagler Development Company Land Holdings LLC is developing the project. HuntonBrady Architects of Orlando, Fla., is the architect. CHPA Consulting Engineers of Maitland, Fla., is providing electrical engineering. Palmer Electric has provided electrical contracting services for the construction of seven buildings in SouthPark Center.

Palmer Electric Company is a provider of electrical contracting and service to contractors and builders for new construction and renovations of residential, commercial, institutional and industrial buildings as well as providing service and repairs to utilities, businesses and consumers.

Founded in 1951, the Company employs a staff of 350 from its headquarters in Winter Park, Fla. For more information, visit http://www.palmer-electric.com/.

Thomas G. Beard, bottom left photo, is Chairman, President, and CEO of Palmer Electric.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344,
elainei@pr-works.com, and http://www.pr-works.com/

Construct Two Group secures contract from City of Lakeland

ORLANDO, FL— Construct Two Group has secured a $1.8 million contract from the City of Lakeland, Fla., for general contracting services for renovations and an addition to the Coleman-Bush Building, (top right photo) a community center located on Martin Luther King, Jr. Drive.

The scope of services is comprised of site preparation, the renovation of 20,328-square-feet of existing space and a 2,420-square-foot addition.

Once completed, the facility will feature larger meeting and community rooms, expanded restrooms and offices for the City’s Code Enforcement and Housing units.

Originally, the project was scheduled for completion in April 2009. However, Construct Two is working to finish the renovated east portion of the building in January to meet the City’s need to move Code Enforcement and Housing into offices earlier than planned. The remainder of the project will be completed according to the initial schedule.

Swilley Curtis Mundy Hannicutt Associates Architects Inc., Lakeland, Fla. is the architect of record. Florida-based subcontractors under contract with Construct Two include Bodie Electrical Contractors Inc., Jacksonville; Payne Air Conditioning & Heating Inc., Lakeland; Assured Excavating, Orlando; Advantage Roofing, Orlando; A Catapano Plumbing Inc., Orlando; and Beneficial Fire Protection, Thonotosassa.

Construct Two Group provides construction management, design-build and program management services to public and private sector clients. (Keith Williams, bottom left photo, is president and CEO of Construct Two Group.)

Having completed more than $500 million in projects since its founding in 1990, Construct Two Group is the largest African-American-owned construction management company in Florida. The Company employs a professional and support staff of 31 from offices in Orlando, Tampa and Tallahassee, Fla.

Please visit http://www.constructtwo.com/ for additional information.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344,
elainei@pr-works.com and http://www.pr-works.com/

D & A Building Services ranked largest commercial cleaning company in Central Florida

LONGWOOD, FL —D & A Building Services Inc. was recently ranked the largest commercial cleaning/janitorial services company in 2008 by Orlando Business Journal.

The poll, published in the publication’s December 5 – 12, 2008 issue, notes the Longwood, Fla.-headquartered facility maintenance company topped the list with 2007 revenues of $18.6 million.

“It is a tremendous compliment to our staff to be ranked number one,” said Al Sarabasa, Jr., (top right photo) president and founder, D & A Building Services Inc.

Founded in Central Florida in 1985, D & A Building Services has grown to a full-service facility maintenance company with offices in Longwood, Fla., Jacksonville, Fla., Tampa, Fla., Kansas City, Mo., Madison, Wis., Dallas, Texas; and Detroit, Mich.

D & A provides janitorial, exterior maintenance, landscape maintenance, waterproofing, construction clean-up and communications services to property managers, building owners, and local, state and Federal governments. The veteran-owned company is an Hispanic-Owned Business Enterprise.

For additional information, please visit http://www.dabuildingservices.com/.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344, elainei@pr-works.com, http://www.pr-works.com/

Seminole Community College bestows honorary degree on David M. Beasley

WINTER PARK, FL— David M. Beasley, senior vice president at Palmer Electric Co., received an honorary Associate of Arts degree from Seminole Community College (SCC) at a commencement ceremony held at its Sanford/Lake Mary Campus on December 12.

Beasley was honored for his efforts to improve construction education, and for his leadership role in Central Florida’s construction industry throughout his 49 year career.

(SCC President Dr. E. Ann McGee, top right photo, presents an Honorary Associate in Arts Degree to David Beasley. Photo by Bob Knight Photo and Chappell Studio.)

Beasley currently serves on the SCC Construction Management Advisory Board. During his long association with SCC, he worked on the design, construction and funding of the Bellwether award-winning Construction Trades Building (building D) on the Sanford/Lake Mary, Fla., campus.

Beasley’s efforts helped create a unique funding mechanism to construct the building with the State of Florida providing $2.7 million and the construction industry providing matching in-kind contributions. Further, Beasley and Palmer Electric Co. continue their partnership with SCC, and their support of the construction management program through donations.

Beasley also worked with SCC and Seminole County Public Schools to offer Dual Enrollment opportunities for high school students enrolled in the Academy of Construction Technologies (ACT), an organization Beasley helped found, that affords high school students pre-apprenticeship training at SCC.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344,
elainei@pr-works.com, and http://www.pr-works.com/

Expert Says Funding Options Available in Sub-Acute Nursing Field

CHICAGO, IL--Nursing home owners wishing to expand and tap into profits from sub-acute nursing business are not without funding options.

“FHA-insured HUD loans can be an ideal vehicle for funding these projects, but conventional lenders with healthcare specializations are also interested in this profitable facet of the business,” says Cambridge Realty Capital Companies Senior Vice President Brent Holman-Gomez. (top right photo)

Cambridge is one of the nation’s leading senior housing/healthcare lenders, with more than 300 closed transactions totaling more than $2.75 billion since the mid 1990s. The company has consistently ranked among the leading HUD 232 lenders and offers conventional funding options as well.

Holman-Gomez points out that four years ago, sub-acute nursing was a new concept. Today, the business model is widely recognized as a proven bottom-line contributor and is projected to become an even more important profit center in the future.

Most typically, sub-acute residents enter the nursing home following hospital stays of three or more days and hope to exit and return to their own homes following a short-term stay. Primarily, the concept is being marketed to individuals with financial resources and those with Medicare benefits, which cover costs for up to 90 days.

Holman-Gomez points out that serving this market segment is more capital-intensive, with owners investing more in both staff services and facilities.

Significant investments are being made to improve older homes and create the sort of environment and ambience that appeals to sub-acute residents.

Some owners of existing homes are dedicating entire wings of their buildings to this more profitable sub-acute market segment, while others are completely retro-fitting their facilities to cater to these residents.

In what’s becoming a more competitive industry, owners hoping to attract this lucrative business are stepping up marketing efforts to doctors and hospitals. The trend has been for owners to offer improved services and more spacious private rooms and a “homey” ambience to attract residents.

Holman-Gomez believes HUD is an excellent choice to fund these improvements because the high loan-to-cost value on these loans minimizes the amount of additional investment that will be needed by the owner.

Owners can either underwrite existing business income with increased loan proceeds for minor to mid-sized improvements, or underwrite projected business income from a substantial new construction project.

While the capital markets are tight, some conventional lenders with healthcare specializations are providing funding to refinance with expansion and for accounts receivable financing to fund business growth, he said.

Contact: Evan Washington, Phone: (312) 521-7603. Fax: (312) 357-1611

E-Mail: ew@cambridgecap.com

GE Capital Corp. Outlook To Negative On 2009 Earnings Prospects; Ratings Affirmed

NEW YORK, NY--Standard & Poor's Ratings Services has revised the outlook on General Electric Capital Corp. (GECC) and all related entities to negative from stable and affirmed the 'AAA' long-term and 'A-1+' short-term counterparty credit ratings.

The outlook revision on GECC's parent, General Electric Co. (GE) and accordingly on GECC, reflect in part concerns relating to GECC. (Please see the related release on GE, also published today.)

"GECC's earnings deterioration in 2009 and 2010 could be greater than we previously assumed," said Standard & Poor's credit analyst Scott Sprinzen (top right photo).

"The outlook revision reflects the continuing risks posed by GECC's reliance on confidence-sensitive wholesale funding, despite the benefits of temporary U.S. government support programs and of management's ongoing efforts to reduce GECC's reliance on commercial paper, strengthen near-term liquidity, downsize the asset base, and strengthen capital.

'The outlook on GE and GECC is negative, indicating that we believe there is at least a one-in-three possibility of a downgrade within the next two years.

"We believe GECC will experience significantly higher credit costs in 2009 compared to those in 2008 and sharply lower earnings from its real estate operations.

If we thought net earnings in 2009 would be significantly lower than management's current forecast (i.e., net income of $5 billion), we could reassess the rating.

Our view of GECC's credit profile would be adversely affected if, in our opinion, GECC were not on track toward meeting management's stated targets for, increased liquidity, reduced financial leverage and reduced reliance on commercial paper.

Conversely, GECC's credit profile would benefit if its earnings recovered significantly in conjunction with demonstrating progress in lowering the risk of its funding and capitalization.

Media Contact:
Jeff Sexton, New York (1) 212.438.3448, jeff_sexton@standardandpoors.com

Analyst Contacts:
Scott Sprinzen, New York (1) 212.438.7812
Rian M Pressman, CFA, New York (1) 212.438.2574

CB Richard Ellis Represents Stiles in $17.75M Sale of Arbor Square at Connerton in Tampa, FL Suburb

MIAMI, FL – CB Richard Ellis, the world's leading commercial real estate services provider, arranged the $17.75 million sale of Arbor Square at Connerton, (top right photo) an 80,000-sq.-ft. shopping center located on U.S. Highway 41 in Land O'Lakes, Fla., 20 miles north of downtown Tampa.

Mark Shellabarger, (middle left photo) senior vice president with the Tampa office of CB Richard Ellis, and Dennis Carson, (bottom right photo) senior vice president with CB Richard Ellis' Miami office, exclusively represented the seller, an affiliate of Stiles Corporation, based in Ft. Lauderdale, Fla.

Stiles Corporation is a full-service commercial real estate development and investment company responsible for more than 37 million square feet of office, industrial, retail, and mixed-use residential projects throughout the southeastern United States.

The buyer was affiliated with Tatone Properties, a private investment firm with holdings in Florida and Canada.

Arbor Square at Connerton was completed in 2007 and features a new 45,600-sq.-ft. Publix grocery store, a SunTrust Bank located on an outparcel, and nearly 34,000 sq. ft. of restaurant and retail space.

"Arbor Square benefits from limited direct competition and serves a large trade area that includes both well established and new communities," Carson said.

"Longer term, when the economy improves and Florida's growth returns to normal levels, the area surrounding Arbor Square is poised for dramatic residential growth, which will benefit the property and its tenants."

CONTACT: Rebecca Thomas, 305.381.6485, rebecca.thomas@cbre.com