Starwood to open 1,000th hotel this year

SAN DIEGO, CA – Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announces it will open its 1000th hotel in 2009. The milestone comes as part of the company’s plan to open 100 hotels this year in diverse markets throughout the world.

Focused on opening the right properties in the right places with the right partners, Starwood remains on-track to expand its portfolio by more than 40 percent in the next five years. Starwood’s pipeline consists of more than 400 hotels – 60 percent of which currently are outside of the United States.

“By working closely with our development partners, we are able to open high caliber, best-in-class hotels around the world, even during challenging economic times” said Simon Turner, (top right photo) President of Global Development, Starwood Hotels & Resorts Worldwide, Inc.

“Starwood is building, opening, converting, renovating and innovating for the recovery and beyond, and these new hotels will further position Starwood and its development partners for long term growth and success.”

2009 marks a year of significant milestones and meaningful growth for Starwood and its portfolio of nine distinctive and compelling brands.

Celebrating 10 years of proven success, W Hotels will triple its portfolio in the next three years.

The once New York-centric wonder is transforming into a global phenomenon, opening 13 properties this year in markets including Barcelona, Bali, Doha and Santiago, as well as Atlanta, South Beach, Hollywood and Washington D.C.
As part of its $4 billion revitalization program, Sheraton Hotels & Resorts expects to open 18 hotels in high-profile destinations like New York City; San Juan, Puerto Rico; Istanbul, Turkey; Prague, Czech Republic; and Qiandao, China.

The iconic brand is also scheduled to complete its goal of renovating nearly 100 hotels at an investment of $1.3 billion.

Westin Hotels & Resorts expects to open 11 hotels this year in dynamic international cities including Montreal, Mumbai, Shanghai, Mexico City and Houston.

(Westin Fort Lauderdale Beach Resort, middle left photo)

After opening 17 hotels in the U.S., Canada and China in 2008, Aloft will double its portfolio in 2009 with openings in Houston; Phoenix; and Abu Dhabi, UAE, among others.

And Starwood’s green trailblazer, Element, expects to open five more hotels this year in U.S. markets such as Houston and Denver.

Four Points by Sheraton continues to be a major growth vehicle for Starwood and is set to open nearly 30 hotels in 2009, including one in New York City’s Times Square; Albuquerque, New Mexico; Winnipeg, Canada, and its first new prototype, which is slated to be in San Antonio.

(Aloft Beijing Haidian Hotel lobby, middle left photo)

2009 began with St. Regis opening a new resort in Punta Mita, Mexico. The luxury brand will ramp up its global expansion with plans to open an additional four hotels in 2009, including properties in Atlanta; Park City, Utah; Mexico City; and Lhasa, China.

The Luxury Collection entered the year celebrating the recent opening of a hotel in Beverly Hills and continues to grow with more than 10 hotels in its pipeline.

And Le Méridien has nearly 20 hotels in development and four openings planned this year in markets around the world. Notably, the brand is making further inroads in North America, with plans to open hotels in Dallas and Philadelphia.

(Shimei Bay Beach Resort & Spa, China, bottom right photo)

CONTACTS:

Brad Minor, Senior Manager, Corporate Public Relations, Phone: 914.640.3687

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/

New Mortgage Metrics Redefine Capital Markets

Mortgage Availability Emerges as Key Funding Variable

CHICAGO, IL - Starting more than a year ago,dramatic re-pricing of mortgage markets still leads to a downward spiral of property values of which the full impact is yet to be felt.

Lenders and buyers alike are trying to understand new pricing realities that are based on more conservative mortgage underwriting parameters.

Furthermore, given today's unpredictable markets, lenders seldom rely upon any current sales transactions for appraisal purposes. Most properties sold prior to the mortgage market meltdown are based on metrics using more favorable mortgage terms and leverage not available now.

While many investors are uncertain how to price properties based on current leverage, the following underwriting benchmarks are currently in favor with the funding community:

* Actual Cash Flow: Current cash flow is mandatory. Three years operating history preferred, if available. Projects with deferred cash flow require additional collateral and/or recourse

.* Properties: Gravitating toward conventional property types(apartment, industrial, office and retail). Properties with too much "story" avoided as risk aversion prevails.

* Valuation: Cap rates priced 50 basis points or more above mortgage constant

* Leverage: 65% or less loan-to-value for commercial properties; 75%f or apartments

* Debt Coverage: 125% debt service coverage or more for conventional properties (apartment, industrial, office and retail); 140% or higher for special-purpose.

* Guarantees: Life companies continue providing non-recourse debt. Full recourse required as well as deposit relationships with banks and most other financial institutions.

* Sponsorship: Seasoned borrowers with established track records sought. Qualified borrowers typically normally support net worth statements equaling the loan amount. Liquidity test of 25%+/- desired.

Observation: As strange as it sounds, pricing is not mentioned above. The availability of funds is the most important criteria above all else. In fact, a standard contingency in most purchase contracts today is buyers to prove to sellers that reliable financing is in place. Buyers need to specifically disclose their funding source and provide reasonable proof that loan proceeds are available at closing.

Contact:

Nat Zvislo, Research Director, Toll Free 800-994-RECI (7324), director@reci.com,

http://www.reci.com/

Ardaman wins Indian River County, FL contract

ORLANDO, FL — Ardaman & Associates Inc. was awarded a contract by the Indian River County Board of Commissioners.

The scope of services includes geotechnical engineering, construction materials testing, environmental engineering and consulting.

The one-year continuing services contract has an option for three additional one-year renewals. Services for this contract will be performed by Ardaman’s Port St. Lucie office.

Ardaman & Associates currently has continuing services contracts with Orange County Utilities Department, Osceola County, Polk County, Seminole County and the City of Orlando.

The Port St. Lucie office of Ardaman & Associates, located at 460 N.W. Concourse Place, was established in 1987. Clients include St. Lucie County, Martin County, the City of Fort Pierce and the City of Port St. Lucie.

Ardaman & Associates Inc. is an engineering practice providing geotechnical, environmental, water resources and facilities engineering, and construction materials testing to public, industrial and private clients worldwide.

The Company is headquartered in Orlando with offices in Bartow, Cocoa, Fort Myers, Miami, Pasco County, Port St. Lucie, Sarasota, Tallahassee, Tampa, and West Palm Beach, Fla., and in New Orleans, Baton Rouge, Shreveport, Monroe and Alexandria, La.

Established in 1959, Ardaman employs a professional, support and field staff of 550. Please visit ardaman.com for more details about services and experience.

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

Eggert earns certification from North American Technician Excellence organization

ORLANDO, FL — Kenneth A. Eggert,(top right photo) residential division manager at Shaw Mechanical Services LLC, has earned service technician and HVAC equipment certification from North American Technician Excellence Inc., an independent, third-party organization that promotes and develops excellence of installation and service of mechanical systems.

Eggert, who joined Shaw Mechanical Services in early 2008, has 20 years of experience.

Additionally, he is certified by as an Environmental Control System Installer-Servicer by the Florida Department of Labor, as a Refrigerant Transition and Recovery Universal Technician by Ferris State University, is factory-trained and certified by major manufacturers of heating ventilating and air conditioning equipment, and received training for OTI 500 Occupational Safety and Health for the Construction Industry.

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

Palmer Electric Promotes Howard to Manage Two Divisions

WINTER PARK, FL – Palmer Electric Company is pleased to announce the promotion of Ronald G. Howard, Jr. (top right photo) to manager of the service division and the special projects division.

Howard, who joined Palmer in 1998, previously served as assistant manager of both divisions. His new responsibilities include managing operations, scheduling, quality control and staffing.

Howard has 21-years of experience in electrical contracting. He is a graduate of the electrical contracting program at Mid Florida Tech, and is a Florida licensed journeyman electrician.

Additionally, Howard graduated from the Construction Management and the Electrical Inspection programs at Valencia Community College, Orlando, Fla., completed the Construction Management Academy program at Clemson University, Clemson, S.C., and completed the mini MBA program at Rollins College, Winter Park, Fla.

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

HFF named by American Senior Housing, LC to market for sale luxury independent living facility in suburban DC

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) has been named by American Senior Housing, LC to market for sale Sugarland Hill, (top right photo) an 80-unit luxury independent living facility in Herndon, Virginia.

The HFF investment sales team will be led by directors Dave Nachison (top left photo) and Alan Davis.(bottom right photo)

The property is listed for sale without an asking price. American Senior Housing is a Fairfax, Virginia-based professional developer and operator of senior facilities.

“The property has excellent assumable long-term, non-recourse HUD financing with terms that are unavailable in the current environment, providing prospective investors with above market loan proceeds and a below market interest rate,” said Nachison.

Sugarland Hill is situated on a 4.5-acre site at 1100 Dranesville Road in the Herndon area of northern Virginia.

Completed in 2006, the four-story building has one- and two-bedroom units averaging 986 square feet each.

Community amenities include a business center, party lounge with flat screen television, outdoor patio with gas grill, billiards lounge, game room, indoor therapy pool, woodworking shop, arts & crafts room, fitness center, library and putting green. Social activities, nightly catered evening meals and chauffeured transportation are also available to residents.

“Sugarland Hill offers investors outstanding potential for strong equity returns through consistent cash flow and long-term residual value,” added Davis.

CONTACTS:

David R. Nachison, HFF Director, (202) 533-2500, dnachison@hfflp.com

Alan M. Davis, HFF Director, 202) 533-2500, adavis@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Orlando Bulk Warehouse Market Plunges

WINTER PARK, FL--Orlando’s bulk warehouse leasing market took a plunge during the fourth quarter of 2008, reports Greg Rebman, SIOR, CCIM (top right photo) vice president, Rebman Properties Inc.

There was 205,428 square feet of negative net absorption for the period in the 136 surveyed buildings, the worst showing since the second quarter of 2003.

There were many downsizings, bankruptcies and other exits from the market following the collapse of financial markets in the third quarter.

The largest leases for the fourth quarter were as follows:

Disney leased 67,000 s.f. at Lincoln International Corporate Park, Building C;
Frito-Lay leased 56,875 s.f. at Center of Commerce, Building 909; and
G & K Services leased 14,957 s.f. at Crownpointe V.

Supply

The vacancy rate rose substantially from 13.76% at end of the third quarter to 16.75% at the end of 2008, the highest vacancy rate since the fourth quarter of 1993.

There were three buildings added to the survey in the period, which exacerbated the otherwise dismal fourth quarter.

The following buildings were added to the survey: Lincoln International Corporate Park, Building A, a 92,616 square foot, rear-load facility; and Building C, a 141,660 square foot, rear-load facility; both in International Corporate Park in East Orlando.

Also added to the survey was the 118,500 square foot, front-load building at 2216 Directors Row in Orlando Central Park.

This building was previously an owner-occupied facility, but was purchased by Liberty Property Trust for lease to industrial tenants.

Rental Rate

The average quoted rental rate for the 136 buildings surveyed is $4.62 psf triple net, down from $4.67 psf at the end of the third quarter.

Construction

Beltway Distribution is nearing completion at the intersection of Lee Vista Boulevard and Highway 417 (The Greenway).

Slated for completion in January 2009, Building #100 is a 141,810 s.f., rear-load building; Building #200 is a 145,540 s.f., rear-load building; and Building #400 is a 378,600 square foot, cross-dock building.

Forecast

Orlando industrial brokers polled for this survey expressed that they expect 2009 to be “challenging.”

The market is expected to get worse before it gets better.

More downsizing, consolidations, bankruptcies and increased space marketed for sublease are expected through 2009.

While net absorption is expected to be only slightly negative, the vacancy rates are expected to continue to increase throughout the year.

CONTACT:

Lynn G. Bailey, Office Manager, Rebman Properties, Inc., 1014 W. Fairbanks Ave., Winter Park, FL 32789 USA. Tel: 407.875.800. Fax: 407.875.8004.

lynn@rebmanproperties.com http://www.rebmanproperties.com/

Home Price Declines Continue as the S&P/Case-Shiller Home Prices Indices Set New Record Annual Declines

NEW YORK, NY, Jan. 27, 2009 – Data through November 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, with 11 of the 20 metro areas showing record rates of annual decline, and 14 reporting declines in excess of 10% versus November 2007.

The (top left) chart depicts the annual returns of the 10-City Composite and the 20-City Composite Home Price Indices.

Following the lead of the 11 metro areas described above, the 10-City Composite matched last month’s record decline of 19.1% and the 20-City Composites set a new record, down 18.2%.

"The freefall in residential real estate continued through November 2008," says David M. Blitzer, (top right photo) Chairman of the Index Committee at Standard & Poor’s.

"Since August 2006, the 10-City and 20-City Composites have declined every month – a total of 28 consecutive months. Every region was down in excess of 1% for the November/October period, with eight of the regions recording record monthly declines.

Phoenix and Las Vegas were the worst performers for the month at -3.4% and -3.3%, respectively, and also have the lowest returns over the one-year period, returning -32.9% and -31.6% respectively. Overall, more than half of the metro areas had record annual declines."

The (middle right) chart above shows the index levels for the 10-City Composite and 20-City Composite Home Price Indices.

It is another illustration of the magnitude of the decline in home prices over the past two years.

As of November 2008, average home prices are at similar levels to what they were in the first quarter of 2004. From their peak in mid-2006, the 10-City Composite is down 26.6% and the 20-City Composite is down 25.1%.

Monthly data also continues to show a housing market in decline. All 20 metro areas, and the two composites, posted their third consecutive monthly decline.

In addition, eight of the MSAs posted their largest monthly decline on record – Atlanta, Boston, Charlotte, Chicago, Dallas, New York, Portland and Seattle.

Although in decline over the past few years, some of these regions have out-performed on a relative basis, when compared to the national average. It is clear, however, that the decline in home prices is affecting all regions regardless of geography or employment opportunities.

Dallas and Denver faired the best in November, in terms of relative year-over-year returns. While in negative territory, their declines remained in low single digits of -3.3% and -4.3%, respectively.

It should be noted, Charlotte reported its third consecutive largest monthly decline on record, down 1.9%. Denver and Cleveland were the best reporting markets for the month returning -1.1% and -1.2%, respectively. On a relatively positive note, eight of the 20 metro areas recorded better annual returns compared to last month.

The (bottom left) table below summarizes the results for November 2008.

These indices are generated and published under agreements between Standard & Poor’s and Fiserv, Inc.

For more informatio, contact:

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

New Construction Down but Office, Industrial Vacancy Still Expected to Rise

SANTA ANA, CA, Jan.27, 2009--Bob Bach, (top right photo) senior vice president and chief economist, Grubb & Ellis Co., says in his regular report today, "the disciplined addition of new space over the past several years should help the commercial real estate industry deal with the recession.

"As a percentage of the existing inventory, neither the office nor industrial construction pipelines reached their previous peaks leading up to the recessions in 2001 and 1990-91.

"Nevertheless, new space deliveries in 2009 and 2010 will cause leasing market fundamentals to soften even before negative absorption is factored into the equation.

The 80 million square feet of office space under construction will push the office vacancy rate from 14.8 percent at year-end 2008 to 16.5 percent.

For industrial space, the 72 million square feet under way will push the industrial vacancy rate from 8.8 percent at year-end 2008 to 9.3 percent.

Tenant downsizings are expected to generate significant negative absorption, which will raise vacancy rates above these levels before a market recovery can begin.

For more information or to speak with Bob Bach, please contact Janice McDill at 312.698.6707.

Orlando Multifamily Vacancy Creeps Higher but Long-Term Prospects Remain Healthy

ORLANDO, FL – Projected job losses in Orlando will contribute to an increase in vacancy and virtually flatten rent growth, but some positive trends will emerge throughout 2009, according to the 2009 National Apartment Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

“Investment activity is expected to remain slow in the early part of 2009,” says Bryn Merrey, regional manager of Marcus & Millichap’s Orlando office.

“Despite the effects of weakening economic growth, investors are optimistic about the area’s long-term prospects and more robust apartment fundamentals in the quarters ahead.”

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

· Led by reductions in the professional and business services and financial activities sectors, total employment in Orlando will fall by 10,600 workers this year, a 1 percent decrease. In 2008, employers cut 15,800 jobs.

· In 2009, developers are slated to complete 2,200 apartments, down from 2,700 units last year. Multi-family permit issuance is expected to decline from about 6,000 units in 2008 to 4,000 units this year as construction pipelines are adjusted.

· The average vacancy rate is projected to increase 120 basis points in 2009 to 10.7 percent. Last year, a rise in completions resulted in a 240 basis point vacancy spike.

· Asking rents are expected to advance 0.3 percent this year to $883 per month. Effective rents are forecast to drop 1.6 percent to $805 per month as owners offer greater concessions to attract renters.

· Due to the recent slowdown in transaction velocity, buyers may be able to negotiate favorable terms in the early part of 2009. This trend will be most evident in sales of fractured condo conversions across the metro area and in deals involving recently built properties with low occupancy, especially near major employers in southern Orange County.

Also included in the report is the firm’s annual National Apartment Index (NAI), a snapshot analysis that ranks 43 apartment markets based on a series of 12-month forward-looking supply and demand indicators.

Orlando moves down six places this year to No. 32. San Francisco retained the top position in this year’s NAI, supported by the strongest effective rent growth in the ranking.

San Diego climbed six places to No. 2, due to the lowest vacancy rate of the markets covered. Washington, D.C. moved up six places to No. 3. Los Angeles checked in at No. 4, and Seattle moved up three places to claim No. 5. Two Midwestern markets, Minneapolis-St. Paul and Milwaukee, posted the most significant upward moves in the index.

For a copy of Marcus & Millichap’s National Apartment Report and the complete NAI rankings, visit http://www.marcusmillichap.com/.

Press Contact: Stacey CorsoCommunications Department(925) 953-1716

SchenkelShultz Designs $65M High School in Palm Bay, FL

PALM BAY, FL – SchenkelShultz Architecture, Orlando, designed Brevard Public Schools’ innovative new $64.7 million, 321,666-square-foot Heritage High School, an impressive facility now under way by W.G. Mills, Inc., Bradenton, at 2351 Malabar Road in Palm Bay, FL.

Slated for completion in August 2009, the ten-building campus features three two-story classroom buildings, a secure central courtyard, and also includes an 869-seat auditorium, a gymnasium and a cafeteria.

Designed for 2,242 students, the school’s administrative offices are located at the front of the school to allow clear lines of sight for security.

In addition to a media center with a closed-circuit television studio, the school’s classrooms will be equipped with digital projectors, laptop computers for teachers, DVD/VCR players and amplifiers to improve instruction.

In addition, the new state-of-the-art facility will include 14 science laboratories as well as art labs with kilns and classrooms for 2-D and 3-D art. The gymnasium and cafeteria can also serve as a hurricane shelter capable of withstanding Category 5 winds.

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

Tri-City Electrical Completes Work at Estates at Rockledge in Rockledge, FL

ORLANDO, FL – The Multi-Family and Residential division of Tri-City Electrical Contractors, Inc. completed $1.3 million of work at the new 252-unit Estates at Rockledge apartments in Rockledge, in Brevard County, FL, under its contract with Bainbridge Construction, Rockledge, FL.

Florida’s leader in electrical contracting, communications and service, Tri-City reported 2007 revenues totaling $160 million. With over 1,200 employees statewide, the Altamonte Springs-based electrical contractor and service provider also operates divisional offices in Fort Myers, Ocala/Gainesville and Tampa, as well as satellite offices in Santa Rosa Beach and Sarasota.

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

The Georgian Terrace Hotel in Atlanta Begins $11 Million-Plus Renovation

ATLANTA, GA, Jan. 26, 2009—Officials of The Georgian Terrace Hotel, (top right photo) Atlanta’s iconic hotel, announced today that the midtown property has commenced an $11 million-plus renovation to upgrade guestrooms and carry out a significant makeover of much of the public and social spaces, including a complete transformation of its existing restaurant and bar.

The hotel expects that the renovated restaurant and bar will become one of Atlanta’s top dining attractions.

The luxury, all-suite hotel is owned by a real estate fund managed by San Francisco-based Fremont Realty Capital, with day-to-day management provided by Virginia-based Crescent Hotels & Resorts.

“Over the past few years, The Georgian Terrace Hotel has suffered an identity crisis of sorts, with various announced plans to convert it to other uses or to upgrade the hotel,” said Matthew Reidy, (bottom left photo) senior managing director of Fremont Realty Capital.

“It is a classic building with incredible hotel potential. We looked at every possible scenario and concluded that the property was built to be a grand hotel, so why try to change its heritage?

"The fact that we are investing some $11 million in the middle of a recession speaks to our commitment to this landmark hotel and our confidence in mid-town Atlanta.

"The Georgian Terrace Hotel has a rich history of celebrity, southern style and hospitality, and the planned refurbishment will be a renaissance for the hotel, preserving its charm and grand spaces while updating the restaurant and room experience to give our guests a contemporary and state-of-the-art experience.”

CONTACTS;

Julie Tullbane, Daly Gray Public Relations, T 703-435-6293, F 703-435-6297, julie@dalygray.com

Chris Daly or Jerry Daly, (703) 435-6293 chris@dalygray.com

Interstate Hotels & Resorts to Manage Luxury Condo Hotel Resort in Costa Rica

ARLINGTON, VA., Jan. 26, 2009—Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent management company, today announced that it has entered into a long-term contract to manage a to-be-developed, world-class luxury condo hotel resort and beach club in Manuel Antonio, Costa Rica. (top right photo)

The project by Space Source Inc., owner and developer, is called Jade Condo Hotel Residences and Beach Club and will consist of 190 condo hotel residences coupled with 50 villas for sale.

Construction is expected to begin this spring with a projected 2010 opening.

The project will be managed by Interstate’s Latin American affiliate, IHR de Mexico, and marks the company’s entrée into the vibrant Costa Rican market.

“The expansion of our international portfolio continues to be an important priority for us,” said Thomas F. Hewitt, (top left photo) Interstate’s chief executive officer.

“With the formation of our Mexico-based management platform, we established a solid foundation for expanding our presence in Mexico and Latin America, regions where we see significant opportunities for growth. Space Source is a dynamic and innovative owner/developer, and we look forward to building on our relationship with them.”

Contacts:

Bruce Riggins, Chief Financial Officer, (703) 387-3344

Julie Tullbane, Daly Gray Public Relations, T 703-435-6293, F 703-435-6297, julie@dalygray.com

CB Richard Ellis Orlando Procures Two Lease Renewals and Expansion Totaling 15,272 SF at SunTech Commerce Center

ORLANDO, FL, Jan, 26, 2009 – The Orlando office of CB Richard Ellis is pleased to announce that Nan McCormick, (bottom left photo) Senior Vice President, completed three transactions as the exclusive leasing agent for Suntech Commerce Center (top right photo) in Lake Mary, Florida.

A lease renewal on 3,310 sq. ft. was completed with Central Florida Realty Investors who were represented by Fern Burr of Mortgage Professionals of Central Florida, Inc.

The second lease consisting of 3,774 sq. ft. was completed with The Perfect Wedding Guide. Both leases are located at 55 Skyline Drive.

An expansion of 8,188 sq. ft. was secured by XOS Technologies, Inc. at 59 Skyline Drive.

For further information, please contact www.cbre.com/nan.mccormick

SunTech Commerce Center is a six-building office/flex, light industrial development on Skyline Drive with frontage on Interstate 4 in Lake Mary, Florida. The properties are owned and managed by Butters Real Estate Fund III.

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