Hilton chooses Virginia for new HQ

BEVERLY HILLS, CA – Hilton Hotels Corporation (Hilton) announced that as part of its previously announced corporate headquarters relocation from Beverly Hills, California (middle left photo) to the greater Washington, DC area, the company has chosen Fairfax County, Virginia as its new home.

Hilton is currently negotiating with prospective landlords in Fairfax County and will announce a site as soon as a lease is finalized.

The relocation, which will significantly reduce the company’s operating expenses, is part of Hilton’s ongoing business reorganization and follows a thorough review of Hilton’s major corporate locations.

Potential locations in the greater Washington, DC metropolitan area were evaluated against multiple criteria, including costs and suitability of available commercial space.

“We are pleased to announce that our global headquarters will be located in Fairfax County, Virginia, and are grateful to the Commonwealth and County for their efforts to create such compelling economic incentives for Hilton,” said Christopher J. Nassetta, (top right photo) President and Chief Executive Officer of Hilton Hotels Corporation.

“We are confident that being based in this location will allow us to be more effective and efficient as an organization, and will provide a high quality of life for our team members.

"We look forward to continuing Hilton’s tradition of community engagement in our new location.”

Nassetta added, “We would also like to thank the State of Maryland and the District of Columbia for their efforts during our selection process. Both Maryland and the District have many positive attributes and are desirable locations for the headquarters of global companies.”

Hilton will invest at least $17 million in the move and create more than 300 permanent, full-time jobs in Fairfax County within the next 36 months.

The comprehensive incentive program for the relocation to the Commonwealth of Virginia and Fairfax County totals $4.6 million in cash grants and other significant incentives. The company also qualifies for a Major Business Facility Job Tax Credit.

Contacts:

Ellen Gonda (ellen.gonda@hilton.com) 310-205-7676 Hilton Hotels Corporation
Gemma Hart (ghart@brunswickgroup.com) 212-333-3810 Brunswick Group

The Lakes at Vinings in Georgia Up for Sale at $34M

ATLANTA, GA-- Engler Financial Group presents The Lakes at Vinings, (top right photo) a 464-unit garden-style apartment community located in the heart of historic downtown Vinings, Atlanta, Georgia.

The Lakes at Vinings is offered at $34,000,000 and represents an exceptional “value add” and/or redevelopment opportunity in one of Atlanta’s most affluent and desirable neighborhoods.

The Lakes at Vinings offers an unparalleled location in the heart of historic downtown Vinings, one of Atlanta’s most charming and upscale neighborhoods.

Demographics within a one-mile radius of The Lakes at Vinings are some of Atlanta’s highest with an average household income of $92,619 per year and an average home value of $430,702.

All major office submarkets including Downtown (18.0 msf), Midtown (13.0 msf), Cumberland Galleria (18.0 msf), Buckhead (13.1 msf), and Central Perimeter (21.6 msf) are within a 15-minute commute of Vinings.

Adjacent to The Lakes at Vinings site, Wood Partners and The Columns Group are building Vinings Main, a 16-acre mixed-use development that includes 229 residential units ($300,000 - $1 million+), 30,000 square feet of office, and 20,000 square feet of retail.

Kairos Development is building Avignon at Vinings a 172-unit development of condos, townhomes, and single family homes with prices from $375,000 to over $1.25 million.
TAZ Anderson Realty is under construction on a 55 unit hi-rise condominium development adjacent to Lakes at Vinings.

Prices for the development are well in excess of $1 million.
One Vinings Mountain, an upscale 156-unit high-rise condominium recently sold out at prices ranging from $300,000 to over $1.8 million.

If you have any questions or would like to schedule a tour of The Lakes at Vinings, please contact

Greg Engler, CEO/President, 678/992-2000, ext. 1, gengler@efgus.com
Pat Jones, Senior Vice President, 678/992-2000, ext. 2, pjones@efgus.com
Kris Mikkelsen, Senior Associate, 678/992-2000, ext. 4, kmikkelsen@efgus.com

Regency Centers Reports Preliminary Fourth Quarter & Year End Results

JACKSONVILLE, FL--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG) announced preliminary financial and operating results for the quarter and year ended December 31, 2008.

Funds From Operations (FFO) for the fourth quarter was $50.8 million, or $0.72 per diluted share, compared to $81.2 million and $1.16 per diluted share for the same period in 2007.

For the year ended December 31, 2008, FFO was $263.8 million, or $3.75 per diluted share, compared to $293.9 million or $4.20 per diluted share for the same period in 2007.

The decline in FFO was primarily due to impairment charges and an increase in the write-off of dead deal costs as well as a lower level of development gains in 2008.

Excluding the impacts of impairments and dead deal costs, FFO per share would have been $4.47 per share, or 6.4% higher than 2007.

Regency reports FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (NAREIT) as a supplemental earnings measure. The Company considers this a meaningful performance measurement in the Real Estate Investment Trust industry.

Net income for common stockholders for the quarter was $16.0 million, or $0.23 per diluted share, compared to $50.6 million and $0.72 per diluted share for the same period in 2007.

Net income for the year ended December 31, 2008 was $129.2 million or $1.84 per diluted share, compared to $184.0 million and $2.65 per diluted share for the same period in 2007.

These results are preliminary, unaudited results and are subject to revision pending the resolution of the timing of gains on properties previously sold to co-investment partnerships, an accounting question described below which has recently been identified in connection with the pending liquidation of two of these co-investment partnerships during the first quarter of 2009.
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Martin E. (Hap) Stern Jr. (top right photo), is chairman and CEO of Regency Centers Corp.

For a complete copy of the company's news release and financials, please contact Regency Centers Corp., Jacksonville. FL, Lisa Palmer, 904-598-7636, www.RegencyCenters.com

HEI Hotels & Resorts Looks to Deploy $1.5B for Hotel Acquisitions in 2009

Company Sees More Properties Coming On Market as Year Progresses

NORWALK, CT, Feb. 5, 2009–Officials of HEI Hotels & Resorts, the nation’s fastest growing private owner/operator of hotel real estate, today announced plans to deploy up to $1.5 billion from its third fund, HEI Hospitality Fund III, L.P., during 2009.

The fully discretionary fund has approximately $500 million in equity, and intends to acquire or develop between $1.5 billion and $2 billion in hotels and resorts over the next two years.

“We continue to actively seek hotels for our portfolio of full-service, upper-upscale hotels in areas with high barriers to new development,” said Steve Mendell, (top right photo) HEI’s executive vice president of acquisitions and development.

“For the first time in about 16 months, we are beginning to see hotel prices come in line with market expectations as the expectation gap narrows between buyers and sellers.

"We expect this trend to continue, with prices becoming even more attractive as the year progresses.

"Since we do have dry powder, we expect to be at the forefront of the acquisition wave, which we expect to begin in the near future.

"Cash always is king in this part of the real estate cycle, which we believe will give us a competitive advantage, coupled with our ability to innovatively structure transactions and our track record of closing quickly at an agreed-upon price.”

The new fund will target full-service, upper-upscale and luxury hotels, resorts and premium select-service hotels in the U.S., Canada and the Caribbean affiliated with established leading brands.

Desired locations include downtown central business districts (CBDs) in urban, premium suburban and airport sites.

HEI also remains focused on complementing its property portfolio with independent upper-upscale and resort properties located in strong markets and select “takeout” opportunities to buy hotels upon completion of construction from third-party developers.

About HEI Hotels & Resorts

HEI Hotels & Resorts, headquartered in Norwalk, Conn., is a leading hospitality investment firm that acquires, develops, owns and operates full-service, upper-upscale and luxury hotels and resorts throughout the United States under such well-known brand names as Marriott, Sheraton, Westin, Le Meridien, Embassy Suites, and Hilton.

For more information about HEI, visit the company’s website, http://www.heihotels.com/.

CONTACTS:

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

Jess Petitt, HEI Hotels & Resorts, 203-849-2228, jpetitt@heihotels.com

Terranova Signs DHL Global Mail to $3.2M Lease at Weston Corporate Centre

WESTON, FL – Feb. 4, 2009 – Terranova Corporation is proud to announce that DHL Global Mail, the second largest mail service provider in the U.S., has signed an office lease at Weston Corporate Centre (top right photo) in Weston, Fla., where the international company will establish its North American headquarters.

Terranova senior commercial associate Gordon Messinger represented the landlord in the 20,749 square foot transaction, valued at over $3.2 million. Weston Corporate Centre is located at 2700 South Commerce Parkway in Weston’s business district.

“DHL’s commitment underlines the prestige of this office property, considering that right now it is a tenants’ market for office space,” Messinger said. “DHL could have had its pick, and it chose Weston Corporate Centre because of its many strengths.”

DHL Global Mail is the second largest mail service provider on the U.S. market after the United States Postal Service.

A subsidiary of Deutsche Post World Net, the world’s leading logistics group, DHL Global Mail is the conglomerate’s one-stop shop for all international mail services.

DHL Global Mail offers its customers direct connections to more than 200 countries. The company has over 4,000 employees and operates sales offices and production sites in Europe, Asia and Australia as well as North and South America.

CONTACT:
Karen LaFleur, Marketing/PR Manager, Terranova Corp., 305 779 8908, klafleur@terranovacorp.com

Marcus & Millichap Lists $28.5M Regional Shopping Center in Columbia, SC

COLUMBIA, SC, Feb.4, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Midtown at Forest Acres, (top right photo) a 690,594-square foot shopping center in Columbia.

The listing price of $28.5 million represents $41 per square foot.

Bill Kohlhepp, (middle left photo) a senior associate in Marcus & Millichap’s Fort Lauderdale office, is representing the seller, a Florida-based investment group.

“Midtown at Forest Acres is a perfect opportunity for an investor who is looking for a value-add asset to remodel, reposition or redevelop to conform to the demands of today’s shoppers,” says Kohlhepp. “Also, for the right investor, the seller will consider taking back a first mortgage.”

Located at 3400 Forest Drive, just outside downtown Columbia, the property is approximately three miles from the flagship campus of the University of South Carolina and from Fort Jackson, the United States Army’s largest training center.

Midtown at Forest Acres was developed in 1988 as an approximately 900,000-square foot enclosed shopping mall. The mall’s current 690,594 square feet of owned space is operating at approximately 61 percent occupancy with strong credit tenants, including Belk, Barnes & Noble, Foot Locker and Regal Cinemas.

Midtown at Forest Acres’ value is solidly supported by its 2,790-space parking garage, a significant amenity in a high-density area with significant barriers to entry.

Current rents at the shopping mall are well below market rate.

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

Napasorn East Restaurant to Open at Downtown Avalon Park, East Orlando, in April

ORLANDO, FL - Napasorn East, modeled after the highly successful Napasorn restaurant (top right photo) in downtown Orlando, is coming to downtown Avalon Park.

Brendon Dedekind, (bottom left photo) director of leasing and business development for Avalon Park Group, developers of Avalon Park community in east Orlando, said the new Napasorn East restaurant is the third restaurant opened by Napasorn Wutitanarudt and will be a great addition to the numerous dining selections already available in Avalon Park.

Remodeling work in the 2,500 square foot restaurant space, formerly occupied by Toscana’s restaurant on Founder’s Square in downtown Avalon Park, will proceed immediately.

Napasorn East Restaurant plans to open in early April 2009, Dedekind said.

“Napasorn is an exciting addition to our downtown and continues to show the high level of interest in our live, learn, work and play concept,” Dedekind said.

For more information about this release, contact:

Brendon Dedekind, Director of Leasing/Business Development, Avalon Park Group Management Inc., 407-658-6565;

Stephanie Hodson, Marketing Coordinator, Avalon Park Group, 407-658-6565;

Beat Kahli, Owner/Founder, Avalon Park Group; 407-658-6565

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

ORLANDO, FL—Feb. 4, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $2,125,000 for Kirkman Family Dollar and Westgate Mobile Home Manor.(top right photo).

John Worrell, Company Assistant Vice President, financed Kirkman Family Dollar through Thomas D. Wood and Company’s relationship with a regional bank in the amount of $1,300,000.

The construction/permanent loan has a five-year term, based on a 25-year amortization, with 16 months interest-only during the construction period.

The interest rate is 7% during construction and 7.5% for the permanent loan. Loan-to-value is 65% and loan-to-cost is 55%. The 9,180 square-foot single-tenant retail building will be built on 1.6 acres on the west side of South Kirkman Road, just north of Old Winter Garden Road in Orlando, Florida.

Jeff Schnupp, Company Vice President, financed Westgate Mobile Home Manor through Thomas D. Wood and Company’s relationship with a community bank in the amount of $825,000.

The loan has a three-year term, based on a 25-year amortization and an interest rate of 7%. The loan-to-value is 75%. The mobile home park was built in 1984, and sits on 3.46 acres at 7499 1/2 46th Street, St. Petersburg, Florida.

For further information, please contact:
John Worrell, (407) 937-0470, jworrell@tdwood.com

Jeff Schnupp, (407) 937-0470. jschnupp@tdwood.com

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

IDI Leases 81,000 SF to DIRTT Environmental Solutions

Calgary, Alberta-based maker of sustainable wall and floor systems to establish its first U.S. manufacturing facility in Savannah at Crossroads Business Park.

SAVANNAH, GA., Feb. 04, 2009 – IDI, a full-service industrial real estate company, has closed a 10-year, 81,000-square-foot lease in Savannah, Ga., with DIRTT Environmental Solutions, a manufacturer of walls and access floors.

The Calgary, Alberta-based company plans to open its first U.S. manufacturing plant at 155 Knowlton Way (top right photo) in spring 2009. 155 Knowlton Way is a 241,380-square-foot, state-of-the art industrial facility located in Crossroads Business Center, adjacent to Interstate 95 and the Savannah/Hilton Head International Airport.

DIRTT joins Gulfstream Aerospace Corp., which occupies 141 Knowlton Way, as IDI’s second tenant at Crossroads Business Center.

“IDI is proud to provide this innovative and environmentally conscious company the space it requires for its expansion into the U.S.,” said Sean Fitzsimmons, vice president of National Business Development for IDI.

Tom Beebe and Robert Hutson of CB Richard Ellis represented DIRTT in the lease negotiations, and Cliff Dales of Colliers Neely Dales was the listing broker for the property.

The facility will provide DIRTT an East Coast assembly plant to complement its existing manufacturing facility in Calgary.

“By setting up in Savannah, we are much closer to the eastern cities where several key clients are based, and we can take advantage of existing rail lines for delivery,” said Mogens Smed, (top left photo) CEO of DIRTT.

DIRTT joins several high-profile tenants at Crossroads Business Center, including The Home Depot, Pier 1 Imports, Lowes, Gulfstream Aerospace, Georgia Tech Engineering and Technology Campus, and Dollar Tree Stores.

The 241,380-square-foot 155 Knowlton Way rear-load facility features 30-foot clear heights, 54-foot by 50-foot column spacing, early suppression fast response (ESFR) sprinklers, and ample car and trailer parking.

With the lease signing, 160,380 square feet is available for lease in the facility. At its neighboring 187,890-square-foot 141 Knowlton Way building, IDI has 75,000 square feet available for lease.

CONTACTS:

Kim Hardcastle, Jackson Spalding for IDI, 404-214-0693, khardcastle@jacksonspalding.com

Charlotte Marie DuPre, Jackson Spalding for IDI, 404-214-0693, cdupre@jacksonspalding.com

Grubb & Ellis Company Promotes Jason Stewart and Rick O’Brien to Senior Vice President

PITTSBURGH, PA (Feb. 4, 2009) – Grubb & Ellis Company (NYSE:GBE), a leading real estate services and investment firm, today announced it has promoted Jason Stewart (middle left photo) to senior vice president, Office Group, and Rick O’Brien, (top right photo) CPA, SIOR, to senior vice president, Industrial Group. The promotions recognize their levels of production and contributions to the company.

“Jason and Rick have completed some of the most important recent transactions in this market,” said Duke Kingsley, executive vice president, managing director of the company’s Pittsburgh office. “Combined with attentive and responsible client service, their performance makes them huge contributors to our success.”

Stewart joined Grubb & Ellis in 1995 and specializes in the Pittsburgh central business district and suburban office markets. In 2008, Stewart was awarded the President’s Council designation by Grubb & Ellis for outstanding production and leadership.

O’Brien has been with Grubb & Ellis since 2000 and specializes in industrial leasing and sales. He is a member of the Grubb & Ellis Industrial Council and the Logistics Group Specialty Council.

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

Industry Veteran Steve Rahe Joins Grubb & Ellis Company from CB Richard Ellis

DENVER, CO (Feb. 04, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading provider of integrated real estate services, today announced that 23-year commercial real estate veteran Steve Rahe has joined its Denver office as senior vice president, Investment Services. He will specialize in multifamily property sales.

“Steve exemplifies the kind of individual Grubb & Ellis prizes,” said Mark Ballenger, executive vice president, managing director of the company’s Denver office. “He is an experienced real estate professional with a lengthy and successful career who enjoys a reputation for integrity and exceptional client service.”

Rahe joins Grubb & Ellis from CB Richard Ellis, where he had spent the entirety of his professional real estate career and served as a first vice president focusing on the sale of apartment communities throughout the state of Colorado.

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

Orlando Multifamily Sales Down but Buyers Still Show Strong Interest, CBRE Reports

ORLANDO, FL-Fundamentals in the metro Orlando multifamily rental market were largely unchanged in 2008, and although they were several points off the highs seen during 2005, the market remains poised for an expected recovery in late 2009 and early 2010, reports Shelton D. Granade Jr., (top right photo) first vice president, investment properties and multi-housing, CB Richard Ellis.

Market highlights:

PROJECTIONS FOR CENTRAL FLORIDA

• Buyers will continue to show strong interest in Orlando multi-family assets due to price declines and projected fundamental improvement

• The following submarkets are projected to outperform the MSA: Altamonte Springs/Longwood, SW Orange County, Winter Park/Maitland, Winter Springs/Casselberry

• New construction is projected to be limited over the next few years, due to the scarcity of multi-family zoned sites, the increase of impact fees and a cautious lending environment

• Condo to apartment “reversions” are largely absorbed from a rental standpoint, which should help boost fundamentals in the second half of 2009

• Fannie Mae and Freddie Mac will continue to be the only choice in financing moving forward until early 2010

• Demand will be very high for attractive assumable debt

• Demand for rental units will exceed the supply of new units under construction

• Rent and occupancy will stay relatively flat until mid-2009, but will increase consistently thereafter through 2013

• Bank owned sales of failed condo conversions will increase in 2009

• Cap rates are likely to increase by mid 2009

• Orlando is poised for strong rent growth in the latter part of 2009 and early 2010.

NEW CONSTRUCTION ACTIVITY

• Orlando’s total rental pool is about 141,000 units
• Only a modest 2,722 market-rate rental units will be delivered in 2009
• Orlando will see less than 1,700 units delivered in 2010
• Orlando averaged over 10,000 new units annually from 1999 to 2002
• Almost all the deliveries will be in the first 3 months of 2009
• Loans for new MF construction are very difficult to obtain in today’s capital markets
• Orlando’s rental stock decreased by an average of 2.7% annually during the past five years due to condo conversions
• Although about 8,000 rental units intended for condo conversion came back into the local rental pool, Orlando’s overall apartment supply is down 10,000 units since 2004
• Demand for new rentals remains strong, but new construction continues to slow due to the challenging lending environment, high impact fees, and a lack of infill sites with school capacity

• 3,351 new rental units were completed during 2008
• Multifamily permits in the 3rd quarter time frame registered at just 663 units, down
63% from the 3rd quarter of 2007
• Impact fees are approximately $7,500 - $11,500 per unit in Central FL counties

(Post Lake at Baldwin Park apartments, middle left photo)

ORLANDO SALES STATISTICS FOR 2008

• About 7,398 apartment units in Orlando sold in 2008 for a value of approximately $599 million, down about 43% from one year ago
• Nationally, multi-housing sales were down nearly 60% from 2007
• Orlando was the most active apartment sales market in Florida
• The sales decrease is primarily due to a continued disconnect in the bid/ask spread
• Cap rates did increase approximately 100 bps over the last half of the year due to
continued turmoil in the capital markets and the lagging national economy
• Underwriting has become much more conservative with regards to capital structure,
cash flow, and exit assumptions.
• The 3rd Qtr of 2008 was the most active in terms of local apartment sales, seeing
$267 million in multi-family transactions from July - Sept
• The most active buyers continued to be private equity groups
• Most buyers are receiving financing from Fannie Mae and Freddie Mac.
• Approximately seven REO and failed condo conversions were sold during 2008

CONTACTS:
Shelton Granade, First Vice President, Investment Properties-Multihousing. PH 407 839 3103. FX 407 404 5001. shelton.granade@cbre.com

Luke Wickham, (bottom left photo), Director of Operations, PH 407 839 3103. FX 407 404 5001. luke.wickham@cbre.com.

Crescent Resources negotiates lease for 7,171 SF of Class A office space in Lake Mary, FL

LAKE MARY, FL. – Crescent Resources, LLC has negotiated a long-term lease for 7,171 square feet of Class A office space at 300 Primera Blvd. in the Primera Four building at The Crescent at Primera in Lake Mary, FL.

Ida I. Wozniak, (top right photo) CCIM, vice president of commercial leasing for Crescent Resources LLC in Florida, negotiated the lease agreement with the tenant, Tel Affects, representing the landlord Sun Life Assurance of Canada, based in Wellesley Hills, Mass.

Sarah Castor (bottom left photo) of CresaPartners participated in the transaction representing the tenant Tel Affects, LLC, of Lake Mary.

For more information, please contact

Ida I. Wozniak, CCIM, Vice President of Commercial Leasing / Florida, Crescent Resources LLC; 201 S. Orange Avenue, Orlando, Fla; 407-472-3383; iiwozniak@crescent-resources.com

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

Davidson Hotel Company Sees Significant Opportunity to Grow Third-Party Management Business in 2009

Company Expects Owners/Lenders Will Look for Experienced Operators to Not Only Weather Current Economy, but Also Enhance Value

MEMPHIS, TN, Feb. 3, 2009—Davidson Hotel Company, one of the nation’s largest independent hotel management companies, today announced that it expects to increase substantially its third-party hotel management contracts during 2009.

Company officials noted that they already are witnessing growing demand from owners/lenders looking to increase their assets’ value and profitability during the current economic downturn.

The company anticipates it could add up to 10 new management contracts this year. Since the first of the year, Davidson has signed an agreement to operate the 329-room, AAA Four Diamond® Wynfrey Hotel in Birmingham, Ala., and expects to announce a second contract to manage a nationally franchised, mid-Atlantic hotel within the next 30 days.

“With RevPAR down across the hospitality industry, owners and lenders are seeking seasoned hotel operators with a proven track record of improving the bottom line in all phases of the economic cycle,” said John A. Belden, (top right photo) Davidson’s president and chief executive officer. “Davidson successfully has improved operations for countless underperforming properties throughout its 35-plus year history.”

“Results are what owners/investors seek more than ever today,” said Patrick F. Lupsha, Davidson’s chief operating officer. “Last year, our portfolio’s RevPAR significantly outperformed the industry and our competitive set in every quarter.

" As the economy struggles, we believe owners and investors will seek the best possible management to generate returns that will allow them to service their debt first, and, secondarily, to enhance the value of their properties. This creates significant opportunities for a deeply experienced and stable operator like Davidson.”

Steven A. Margol, (middle right photo) Davidson’s executive vice president of business development, said the company also has the financial strength to co-invest with owners.

“Some owners want their management companies to have ‘skin in the game.’ We have sliver investments in approximately half the properties we manage and have the capital available to co-invest when appropriate. Few other management companies have those resources available today.”

Davidson recently named Bernard M. Murphy, (bottom left photo) senior vice president-business development, to spearhead the company’s efforts in securing third-party management contracts.

Contacts:

Cyndi Norwood, Davidson Hotel Company, (901) 821-4155, cnorwood@davidsonhotels.com

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

NAI Realvest negotiates acquisition of 10-acre Multi-Family Site in Maitland for $1.25M

MAITLAND, FL - NAI Realvest has negotiated the acquisition of a 10-acre multi-family site located at 8805 Albemarle Rd. in Maitland for $1,250,000.00.

NAI Realvest Principals Matt Cichocki, ( top left photo), Kevin O’Connor (bottom right photo) and chairman George Livingston, (top right photo) negotiated the sale representing the buyer, Maitland Blvd. Apartments Association LLLP.

The property is to be assembled with an adjacent parcel for a planned apartment development.

The seller was Vereen Land Trust, based in Maitland.

For more information, contact:

Matt Cichocki, Kevin O’Connor, NAI Realvest 407-875-9989 mcichocki@realvest.com; koconor@nairealvest.com;

George Livingston, Chairman NAI Realvest, 407-875-9989; glivingston@realvest.com;

Janice Paiano, Director of Marketing, NAI Realvest 407-875-9989 jpaiano@realvest.com

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

Family Dollar Picks CBRE Orlando to Hunt for New Development Site

ORLANDO, FL, Feb. 3, 2009 – The Orlando office of CB Richard Ellis is pleased to announce, Bobby Palta, (middle right photo) Senior Associate, has been retained for site selection on behalf of Family Dollar stores expansion within Central Florida.

In today's economy, when most retailers are downsizing, Family Dollar will be expanding with over 200 new stores planned nationwide in 2009.

"This expansion will benefit the residents of Central Florida looking for value and savings in Family Dollar's updated store format," says Palta. Family Dollar (NYSE: FDO) has a market capitalization of $3.9 Billion and is one of the few retailers to report positive Comp Sales Growth last year of 1.2%.

Family Dollar operates over 6,600 stores in a contiguous 44-state area ranging northeast to Maine, southeast to Florida, as far northwest as Idaho and southwest to Arizona.

A typical store ranges in size from 7,500 to 9,500 square feet and most are operated under leases. The relatively small store size permits us to open new stores in rural areas and small towns, as well as in large urban neighborhoods.

Within these markets, our stores are located in shopping centers or as free-standing buildings or in urban storefronts convenient to our customers

Family Dollar is one of the fastest growing discount store chains in the United States. During the last ten years, more than 4,000 new stores have been added to the chain, of which over half were added in the last five years.

In 1958, a 21-year-old entrepreneur with an interest in merchandising became intrigued with the idea of operating a low-overhead, self-service retail store.

Leon Levine (bottom left photo) believed he could offer his customers a variety of high-quality, good-value merchandise for under $2. Because he had grown up in his family's retail store, he understood value, quality and customer satisfaction.

The merchandising strategy that drives this growth provides customers with good values on basic merchandise for the family and home in a small-box, neighborhood format. Our merchandise is sold at everyday low prices in a no frills, convenient, self-service environment. Most merchandise is priced under $10.00.

For more information, please visit www.familydollar.com/.

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