NAI Realvest negotiates long-term, 8,000-SF office lease in Maitland Colonnades

MAITLAND, FL– NAI Realvest has negotiated a new long-term office lease agreement for suite 300 with 7,997 square feet at Maitland Colonnades, (top right photo) 2301 Lucien Way in Maitland.

Paul P. Partyka, (bottom left photo) managing partner at NAI Realvest, negotiated the lease agreement representing the tenant, Neel-Schaffer, Inc., a multi-disciplined engineering and planning firm headquartered in Jackson, Miss., relocating to Maitland.

“Neel-Schaffer continues to maintain a strong presence in Central Florida with the move to its new Maitland location,” Partyka said.

The landlord is CRP–Colonnades, LLC of Maitland.

For more information contact:

Paul P. Partyka, Managing Partner, NAI Realvest 407-875-9989 mailto:glivingston@realvest.com;

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

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

Wachovia, PNC/Midland, Capmark and Wells Fargo Lead National Rankings of Commercial/Multifamily Servicing Volumes

SAN DIEGO, CA (Feb. 8, 2009) - The Mortgage Bankers Association (MBA) today released its annual ranking of commercial and multifamily loan servicers as of the end of 2008 during MBA's Commercial Real Estate (CREF) Convention.

On top of the list of firms is Wachovia Securities with $412.9 billion in U.S. master and primary servicing, followed by PNC Real Estate/Midland Loan Services with $310.3 billion, Capmark Finance, Inc. with $260.9 billion and Wells Fargo with $182.6 billion.

(Wachovia Corporate Center, Charlotte, NC, top right photo)

Specific breakouts included in the report:

Total U.S. Master and Primary Servicing Volume
U.S. Commercial Mortgage-backed Securities (CMBS), Collateralized Debt Obligations (CDOs) and Other Asset-Backed Securities (ABS) Master and Primary Servicing Volume
U.S. Life Company Servicing Volume
Fannie Mae and Freddie Mac Servicing Volume
Federal Housing Administration (FHA) Servicing Volume
U.S. Commercial Banks and Savings Institution Volume
U.S. Credit Company, Pension Funds, REITs, and Investment Funds Volume
U.S. Warehouse Volume
U.S. Other Investor Volume
U.S. CMBS Named Special Servicing Volume
Total Non-U.S. Master and Primary Servicing Volume

A primary servicer is generally responsible for collecting loan payments from borrowers, performing property inspections and other property-related activities.

A master servicer typically serves in a fiduciary capacity and is generally responsible for collecting cash and data from primary servicers and then providing that cash and data, through trustees, to investors.

Unless otherwise noted, MBA tabulations that combine different roles do not double-count loans for which a single servicer performs multiple roles.

Wachovia, PNC/Midland, Capmark, and Wells Fargo are the largest master and primary servicers of commercial/multifamily loans in U.S. CMBS, CDO and other ABS; GEMSA Loan Services, PNC/Midland, Prudential Asset Resources, and Northwestern Mutual are the largest servicers for life companies; PNC/Midland, Wachovia, Capmark, and Deutsche Bank are the largest Fannie Mae/Freddie Mac servicers.

Wachovia ranks as the top master and primary servicer of commercial bank and savings institution loans; GEMSA the top credit company, pension funds, REITs, and investment funds servicer; PNC/Midland the top FHA and Ginnie Mae servicer; Wachovia the top for mortgages in warehouse facilities; and Capmark the top for other investor type loans.

MBA also asked firms to provide information about CMBS loans on which they are the "named special servicer" - that is, where the firm stands ready to service the loan should special problems develop, such as delinquency.

The leading named special servicers were LNR Partners, CWCapital & CWCapital Asset Management, Centerline Servicing Inc and PNC/Midland.

(Wells Fargo Tower, Minneapolis, bottom left photo)

The MBA survey also collected servicing volumes for loans on commercial/multifamily properties located outside the United States. Capmark ranks as the largest master and primary servicer of non-U.S. commercial/multifamily mortgages, followed by Hatfield Philips International, Deutsche Bank and GEMSA Loan Services.

CONTACT: Jason Vasquez, (202) 557-2950, jvasquez@mortgagebankers.org

Sheraton Iowa City Hotel Commences $11 M-Plus Renovation with Wall Breaking Ceremony

Mayor Regenia Bailey, CVB President Josh Schamberger in Attendance

MEMPHIS, TN—The 234-room Sheraton Iowa City Hotel (top right photo) has begun an $11 million-plus renovation, expected to be completed by mid-August 2009.

To mark the occasion, a number of local dignitaries attending the event, including Mayor Regenia Bailey, (middle right photo), CVB President Josh Schamberger and City Manager Michael Lombardo, participated in a ceremonial wall breaking.

Davidson Hotel Company, one of the nation’s largest independent hotel management companies, operates the hotel on behalf of joint venture owners, RockBridge Capital and Davidson.

“When we acquired the Sheraton in early 2008, it was clear that the property was not living up to its potential as a high-quality hotel for visitors to Iowa City and the University of Iowa.

"Nor did it possess the physical condition that would allow it to become an economic catalyst for the Pedestrian Mall and downtown area businesses,” said John A. Belden, (middle left photo) Davidson’s president and chief executive officer.

“By working with civic and business leaders in the community, however, we were able to craft an extensive renovation plan that would completely transform the hotel.

" Despite the extraordinary economic downturn gripping our country, I am proud to say that our ownership group has fulfilled its commitment to the city, and with this wallbreaking ceremony, we mark a new beginning for the Sheraton Iowa City.”

Located at 210 S Dubuque Street in Iowa City, the nine-story hotel features 13,000 square feet of meeting space (including 2,000 square feet of additional space being added to the lobby level).

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

Liberty Property Trust’s LEED® Registered Office Building Receives 'Office Building of the Year' Award

TAMPA, FL-- Liberty Property Trust (NYSE:LRY), the real estate investment trust that owns and manages nearly 2.8 million square feet of office and industrial properties in Tampa, announced that it has received the “Office Building of the Year” Award from the Tampa Bay Chapter of the National Association of Industrial and Office Properties (NAIOP) for its 4631 Woodland Corporate Boulevard building. (top right photo)

The award, presented to Liberty for its 90,000-square-foot 4631 Woodland Corporate Boulevard building, recognizes Liberty’s overall excellence in development and leasing.

This category is open to all office projects (either new construc­tion or renovated projects that were completed during 2008), and criteria in­clude total project value, occupancy rates, market vs. actual rates, and the complexity of project.

“We are very proud that our property won the ‘office building of the year’ award,” said Jody Johnston, (bottom left photo) vice president and city manager for Liberty Property Trust.

“Receiving the NAIOP award is prestigious, but more importantly, the award process provides us with the opportunity to measure our successes in development and leasing against the industry, while giving our team feedback that we can implement across our portfolio.”

Contact: Jody Johnston Liberty Property Trust, 813/881-1776. Media: Margo Hunt Winans a.s.a.p.r., 757/404-8653

Palmer Electric Co. opens Jacksonville office

WINTER PARK, FL — Winter Park, Fla.-based Palmer Electric Co. is pleased to announce the opening of a residential division office in Jacksonville, Fla. Palmer established the 1,500-square-foot office/warehouse facility to provide electrical wiring services to North Florida homebuilders.

To date, Palmer Electric has secured contracts with Taylor Morrison at four subdivisions in Duval, Clay and St. Johns counties, and is currently wiring 57 homes under construction. The Palmer Electric Jacksonville office employs a support and field staff of nine.

Jacksonville is the latest residential division office Palmer Electric has opened outside of Central Florida. Last fall, the Company opened an office in Lakeland, Fla., to serve homebuilders in Polk and Hillsborough counties.

“With the decline in homebuilding, we decided to go where our clients are building,” said Don Stebbins, (top right photo) vice president residential division, Palmer Electric Co.
Palmer Electric Company is a provider of electrical contracting for commercial institutional and residential customers.

Additionally, the Company provides service and repairs to utilities, businesses and consumers. Founded in 1951, the Company is headquartered in Winter Park, Fla., and has residential division offices in Lakeland and Jacksonville, Fla. The Company employs a staff of 350. For additional information, visit http://www.palmer-electric.com/.

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

SchenkelShultz Designs New Stetson University Building in DeLand, FL

ORLANDO, FL – SchenkelShultz Architecture, Orlando, one of Florida’s leading green design firms, designed Stetson University’s new $6.7 million, 20,074-square-foot Sage Hall Science Center addition in DeLand, in Volusia County, FL.

(Top left photo, Elizabeth Hall, Stetson University campus)

The state-of-the-art addition is designed to encourage cross-disciplinary collaboration of faculty and students in the University’s Biology, Chemistry, Geography and Environmental Science, and Physics departments.

The garden wall façade reflects the historic character of the campus architecture. The addition will include: general biology and microbiology laboratories; a vertebrate anatomy teaching laboratory; a field science teaching laboratory; general, organic, analytical and physical chemistry laboratories;

Also: environmental chambers; a large group classroom which offers flexibility for small group instruction; student collaboration areas; and a Gillespie Museum of Minerals display. PPI Construction Management, Gainesville, FL, served as construction manager for the project.

Contact: Kenneth H. Cristol 407-774-2515

Tri-City Electrical Finishes $1M Job in Bradenton, FL

ORLANDO, FL – Altamonte Springs-based Tri-City Electrical Contractors, Inc. completed $1 million of work at the new 145,000-square-foot, 109-unit Waters Edge of Bradenton assisted living facility in Bradenton, in Manatee County, FL, under its contract with Core Construction.

Contact: Kenneth H. Cristoll, 407 774 2515.

Tilt-Con Completes High School in Miami-Dade, FL

ORLANDO, FL – Altamonte Springs-based Tilt-Con Corporation completed Miami-Dade County Public Schools’ new 6-building, 157,735-square-foot High School YYY-1 at 11035 SW 84th Street, Miami, FL, under its contract with Betancourt Castellon Associates, Inc. (BCA), Miami, FL.

Ranked as the nation’s largest tilt-up concrete constructor by Engineering News-Record magazine, Tilt-Con utilized its economical multi-story system for tilt-up concrete walls. Designed by Silva Architects, Miami, Tilt-Con’s scope of work included foundations, slab-on-grade and tilt-up concrete wall panels.

Contact: Kenneth H. Cristol 407-774-2515

Keene Construction Completing New Publix in Flagler Beach, FL

ORLANDO, FL – Keene Construction Company, Maitland, is well under way on the new multimillion-dollar, 64,031-square-foot Publix at Beach Village retail center on State Road 100 east of Interstate 95 in Flagler Beach, FL, for North American Properties, Fort Myers, FL.

The center features a 46,031-square-foot Publix Super Market plus 18,000 square feet of additional retail space designed by Fisher & Associates, Clearwater, FL. Completion is slated for May 2009. Notably, Keene has constructed over 140 Publix stores for the Lakeland, FL-based grocery giant.


Contact: Kenneth H. Cristol 407-774-2515

Apple REIT Chairman and Publisher of Forbes Named Keynote Speakers of 2009 Hunter Hotel Investment Conference

Conference Relocates to Atlanta Marriott Marquis

ATLANTA, GA—Officials today announced that Glade Knight, (top right photo) chairman & CEO, Apple REIT Companies, and Rich Karlgaard, (top left photo) publisher and columnist, Forbes Magazine, will be the keynote speakers at the 2009 Hunter Hotel Investment Conference, to be held March 15-17, 2009.

In addition, officials said that the conference has been relocated to the Atlanta Marriott Marquis in Atlanta, Georgia, from the Hilton Atlanta Downtown.

“Due to the turbulent economic conditions and the sobering forecasts for 2009, hoteliers are more anxious than ever to get input about the direction of the economy and the hotel industry,” said Bob Hunter, (middle right photo) CEO of Hunter Realty Associates, Inc., and Conference Chair.

“Glade Knight oversees one of the nation’s largest hotel portfolios and remains an active acquirer. He brings insights into both the current hotel real estate market and an historic perspective.

"Rich Karlgaard is both publisher and a columnist for Forbes and will bring it all together for us and offer a unique ‘30,000-foot’ outlook for the economy, the success of the government’s efforts to get the economy back on track and how business leaders are responding.

"Their ability to speak directly and candidly about issues that concern hoteliers make them ideal keynote speakers and will ensure that attendees at the Hunter Hotel Investment Conference receive not only the information they want to hear, but the information they need to hear.”

Glade Knight founded and oversees Apple REIT Companies, a group of hotel REITs that haved owned a total of 285 hotels and currently own 191 hotels in a range of market segments nationwide.

Celebrating 21years in 2009, the Hunter Hotel Investment Conference is one of four annual events nationwide that attract the hotel industry’s top leaders.

It will feature a program of more than 100 speakers, 15 roundtables, 16 breakout sessions, seven “main” tent sessions and two keynote speakers. Proceeds from the conference benefit the scholarship fund at Georgia State University’s Cecil B. Day School of Hospitality.

Details of the program are available at http://www.hunterconference.com/. Attendees may register on line and make their room reservations at the conference website.

For more information, contact Bob Hunter, Conference Chair; or Nancy Petenbrink, Conference Coordinator, at 770-916-0300; by fax 770-916-0301 and by email to npetenbrink@hunterconference.com. The conference headquarters are located at 300 Galleria Parkway, Suite 620, Atlanta, GA 30339

Contacts:

Jerry Daly, Patrick Daly, Daly Gray Public Relations, (703) 435-6293 patrick@dalygray.com or jerry@dalygray.com

Marcus & Millichap Hires Jamie B. May as Senior Director

TAMPA, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired Jamie B. May (top right photo) as a senior director of the National Multi Housing Group (NMHG), according to Linwood Thompson, (bottom left photo) senior vice president and managing director of the NMHG.

In his new post, May will provide advisory and brokerage services to owners and investors of major apartment properties throughout Florida and the Southeast, where he has established a dominant market share.

May represents pension funds, pension fund advisors, sovereign wealth funds and high net-worth individuals. He will also assist his clients with assignments nationally.
Most recently, May was the president and chief executive officer of JBM Realty Advisors, a multi-family investment firm based in Tampa.

“Jamie is one of the most talented and experienced apartment investment specialists in the Southeast,” explains Thompson. “By adding Jamie to our team, we will not only strengthen our client services in the Southeast, but also increase the depth of our national platform for major apartment owners and investors.”

“Marcus & Millichap gives me the ability to work with top multi-family brokers in the firm’s national network and enhance my client services through its renowned research and market analysis. Now more than ever, this market requires strength in numbers and teamwork from the top down,” May says.

May looks forward to working with agents in key regions, such as Texas and the Northeast, which have traditionally had extensive capital flows into the Southeast. This is one of the primary advantages he will bring to his clients, Thompson notes.

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

Grubb & Ellis Realty Investors Promotes Crowe and Teagle

SANTA ANA, CA – Grubb & Ellis Realty Investors, LLC today announced that both Ross Crowe (top right photo) and Christine Teagle, CCIM, have been promoted to senior vice president, Asset Management.

Crowe and Teagle are each responsible for planning, leasing, financial analyses and investor reporting for each asset in their assigned portfolios, as well as overseeing regional asset managers and the activities relating to their portfolios.

Crowe is responsible for the overall management of the company’s real estate assets in Amarillo and southeast Texas, while Teagle is responsible for north Texas, Oklahoma and north Florida.

“Ross and Christine are talented and experienced professionals who have shown great dedication to the company, investors, tenants and peers alike,” said Kent Peters, (bottom right photo) executive vice president, Asset Management. “They each work tirelessly to ensure that the properties they oversee deliver the best possible long-term value to their owners.”

Crowe joined Grubb & Ellis Realty Investors in 2007 as a regional asset manager, where he oversaw an investment portfolio comprised of commercial real estate properties located in the Austin and Houston areas.

He was promoted to vice president of Asset Management in May 2008. Crowe is currently a board member of the Downtown Austin Alliance, the Austin Museum of Art and the Lost Pines Music Festival.

Teagle joined Grubb & Ellis Realty Investors in 2006 as a regional asset manager and was promoted to vice president of Asset Management in May 2008.

With more than 20 years of experience, she holds the certified property manager designation from the Institute of Real Estate Management, an organization that recognizes experts who are among the top of the real estate management profession.

She is a member of the CCIM Institute, where she is among an elite group of more than 9,000 professionals who hold the CCIM designation across North America and more than 30 countries. Teagle is also an active member of Commercial Real Estate Women, participating on the public relations and new member recruitment committees.

Contacts:

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

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

Grubb & Ellis Adds Industry Veteran Karen Hurd to Private Capital Investment Team in Boston

BOSTON (Feb. 6, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Karen Hurd, (top right photo) has joined the firm as vice president, Investment Services.

Most recently, Hurd, a 17 year real estate and financial services verteran, was an assistant vice president with Compass Exchange Advisors, a qualified intermediary specializing in 1031 like-kind exchanges.

In this role, she spent the past three years strategizing with clients and their advisors on the disposition and acquisition of real and personal property involved in tax-deferred exchanges.

During her career, Hurd has been involved in transactions totaling in excess of $500 million. Prior to joining Compass Exchange Advisors, she held a business development position with Edward Jones, and marketing and asset management positions for real estate investment firms Marblehead Realty Trust and The Berkshire Group, formally The Krupp Companies.

“We are extremely pleased that Karen has joined our Private Capital Investment Group,” said Stephen Brodsky, executive vice president and managing director of Grubb & Ellis’ Boston office. “Her experience and knowledge serving private owners and buyers of commercial real estate investments builds upon our strength as one of the leading commercial property advisors in Boston and the US.”

Brodsky added, “given the current state of economic uncertainty, where many companies are trimming staff, we welcome the opportuity to hire well respected, top industry performers who can offer the very best service for our clients.”

Karen is a member of the Commercial Brokers Association of Boston, New England Women in Real Estate, Real Estate Finance Group, Commercial Real Estate Women, the National Association of Industrial and Office Properties and the National Beer Wholesalers Association. She is also actively involved in the South Shore Art Center and Boston College High School’s Mother’s Guild.

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

Apartment Investment and Management Company Announces Fourth Quarter and Full Year 2008 Results and 2009 Outlook

DENVER, CO, Feb. 6 /PRNewswire-FirstCall/ -- Apartment Investment and Management Company (Aimco) (NYSE:AIV) today announced results for the fourth quarter and full year 2008, and its outlook for 2009-2008.

Highlights

Funds From Operations before real estate impairment losses, net preferred redemption gains and non-recurring charges incurred during the fourth quarter 2008, was at the mid-point of guidance established in the third quarter of 2008 of $2.36 per share, as adjusted for shares issued in connection with the payment of special dividends on December 1, 2008 and January 29, 2009.

Non-recurring charges incurred during the fourth quarter reduced 2008 FFO by $0.72 per share.

For a complete copy of the company's news release and financials, please contact

Investor Relations, +1-303-691-4350, Investor@Aimco.com,

or Elizabeth Coalson, Vice President, Investor Relations, +1-303-691-4327, both of Apartment Investment and Management Company. Web site: http://www.aimco.com/

HFF closes sale of and arranges debt and equity for Barton Oaks II & III in Austin, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has closed the sale of and arranged debt and equity for Barton Oaks II and III, two five-story Class A office buildings totaling 238,594 square feet in Austin, Texas.

The HFF investment sales team marketed the property on behalf of the seller, Prudential Real Estate Investors.

HPI Real Estate Services & Investments (“HPI”) purchased Barton Oaks II and III for an undisclosed amount. HFF also represented PREI® on the sale of Barton Oaks V in October 2008.

HFF’s debt placement team exclusively represented HPI in securing the fixed-rate loan through ViewPoint Bank as well as joint venture equity from Sarofim Realty Advisors.

Barton Oaks II and III are located at 901 South MoPac Expressway at the intersection of Bee Caves Road close to downtown Austin and the residential neighborhoods of Lake Austin.

Barton Oaks II has 117,127 square feet that is 90% occupied and Barton Oaks III has 121,467 square feet of fully leased space. Notable tenants include The Broussard Group, Arbor E&T, Parsons Brinckerhoff, LifeSize Communications, Fiserv and IKON Office Solutions.

Contacts:

Andrew Levy, HFF Senior Managing Director, (214) 265-0880, alevy@hfflp.com
Mark E. West, (214) 265-0880, HFF Managing Director, mwest@hfflp.com

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