Grubb & Ellis Represents Milk Studios in 46,500-SF Lease in Los Angeles

LOS ANGELES, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented the Milk Group, a prestigious New York-based photography studio, in a 30-year lease for 46,500 square feet of creative space at 855 N. Cahuenga Blvd.

The industrial/R&D building will house the Milk Group’s new home on the West Coast.

The prestigious address was formerly the original Technicolor Studios,(top right photo) built in 1947 to facilitate neighboring Paramount Studios.

Located in the heart of Hollywood’s classic photo district, the newly acquired space will be the second location of Milk Studios and House Production and Casting. The new location is slated to open in June 2009 following an extensive renovation and rehabbing of the property.

Neil Resnick, (middle left photo) executive vice president, Martin McDermott, (middle right photo) vice president, and Nicole Gregoire, associate, of Grubb & Ellis represented The Milk Group in the transaction, conducting an exhaustive search for the right space that took close to 12 months to complete.

Resnick is well known throughout the Los Angeles commercial real estate market for representing entertainment and creative firms. McDermott is considered one of the foremost authorities on the Hollywood office and creative space market. Robert Waller of CB Richard Ellis represented the lessor, a private family trust.

Building upon the success and growth of the New York-based photography studio, Milk Studios partner and creative director, Mazdack Rassi, and partners Erez Shternlicht and Moishe Mana made the decision to expand into the LA market.

They received the advice and support of Dwayne Gathers, formerly with the Los Angeles County Economic Development Corporation, who advised on government regulatory, community relations and tax issues.

Since its inception in 1998, Milk stands at the forefront of the worlds of photography, fashion and art. The Milk Group of companies includes Milk Studios, Milk Gallery, Formula Studios, Milk Equipment Rental, Milk Digital and House Production & Casting.

The much anticipated launch of Milk Studios and House Production & Casting in Los Angeles will be one of the Milk Group’s largest developments and a boon to the ever-growing photography and fashion community in Los Angeles.

Contacts:

Sharon Abar, 714.975.2185, sharon.abar@grubb-ellis.com

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

Marcus & Millichap Sells $16.5M BJ's Wholesale Club in Woodstock, GA

WOODSTOCK, GA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 115,396-square foot BJ’s Wholesale Club in Woodstock. (top right photo)

The sales price of $16.05 million represents $139 per square foot.

Sonny Molloy, an associate vice president investments in Marcus & Millichap’s Atlanta office, represented the seller, a private investor based in Boca Raton, Fla.

Jason Vitorino, an associate vice president investments in the firm’s Dallas office, and Philip Levy, a senior associate, also based in Dallas, represented the buyer.

“Woodstock is the 10th-fastest growing suburb in United States,” says Molloy. “Due to strong demographics, growth of the Woodstock market and consumer desire for wholesale products as a means of hedging these inflationary times, BJ’s Wholesale Club should remain profitable and highly successful.”

Located at 105 Long Drive, the property is situated immediately off Interstate 575 with two main access points, including a four-way lighted intersection off State Route 92.

BJ’s Wholesale Club benefits from its prime location near a Super Target Power Center, Wal-Mart, Home Depot, Lowe’s, Ingles, PetSmart, Starbucks, CVS, Old Navy and Kohl’s. A His Hands Church and a Dixie Motor Speedway also serve the property as large traffic generators.

In 2007, the population within five miles of the property was approximately161,890, which represented a 25 percent increase from 2000. It is expected that this number will increase another 12 percent in the next five years.

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

Cambridge Responds to 27 Loan Origination Requests in January Totaling $364.6M

CHICAGO, IL, Feb. 18, 2009--As the economy continued to slow, Cambridge Realty Capital Companies reports processing 27 loan origination requests totaling $364.6 million in January.

Chairman Jeffrey A. Davis (top right photo) said the company processed about the same number of loan requests in 2008, but the dollar volume for the current year was substantially below the $538.4 million tally for the same month last year.

Cambridge is one of the nation’s leading senior housing/healthcare lenders, with more than $2.75 billion in closed transactions since the mid-1990s. Davis points out that lenders close a relatively small percentage of origination requests received but believes it’s useful to track this information as an indication of market directions.

“What the data tells us is that borrowers haven't lost interest. But its obvious there’s been a drop in transaction size, with fewer new construction mega-projects in the mix to skew the volume total,” he noted.

“This trend has begun to settle in place over the past six months,” he added.

Contact: Evan Washington, Phone: (312) 521-7603. Fax: (312) 357-1611. E-Mail: ew@cambridgecap.com

HFF secures $43M in financing for grocery-anchored retail centers in Virginia and Florida

FLORHAM PARK, NJ, Feb. 18, 2009 – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $43 million in financing for Hollymead Town Center (top right photo) in Charlottesville, Virginia; Signal Hill Shopping Center (middle left photo) in Manassas, Virginia; and John’s Creek Center (bottom right photo) in Jacksonville, Florida.

Working exclusively on behalf of Columbia Regency Partners II, a joint venture between Regency Centers and the Oregon Public Employees Retirement Fund, HFF managing director Jim Cadranell (bottom left photo) placed the seven-year, fixed-rate loan with New York State Teachers Retirement System.

Loan proceeds were used to pay off short-term acquisition financing placed on the properties in September 2008.

Regency Centers is a publicly-traded national developer, owner and operator of grocery-anchored and community shopping centers.

Individual property details are listed below by

property size, year built, occupancy and key tenants:

Hollymead Town Center , 296,239 SF, 2005, 98%, Harris Teeter, Starbucks, Seminole Trail & Town Center Dr., Charlottseville, VA.

Signal Hill Shopping Center, 95,170 SF, 2005, 96%, Shoppers Food Warehouse
9534 Liberia Avenue Panera Bread, Manassas, VA.

John’s Creek Center, 89,921 SF, 2004, 95%, Publix, 2940 State Route 10, Jacksonville, FL

“The successful completion of this financing in a challenging capital market is a testimony to the capabilities and professionalism of both Regency Centers and NYSTRS. It was HFF’s privilege to facilitate this transaction,” said Cadranell.

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

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

Contacts:

JAMES A. CADRANELL, HFF Managing Director, (973) 549-2000, jcadranell@hfflp.com

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

Cousins Announces Executive Leadership Changes

ATLANTA, GA-- Cousins Properties Incorporated (NYSE: CUZ) announces that Dan DuPree, (top right photo) 62, has been named Vice Chairman of the Company.

Since 2007, Dan has been serving as Cousins’ President and Chief Operating Officer.

In his new role, DuPree will focus on a variety of key initiatives, including developing joint ventures, identifying distressed acquisition and development opportunities, and insuring the performance of Cousins’ recently developed retail portfolio.

The Company also announced today that Larry Gellerstedt, (middle left photo) 52, has been named President and Chief Operating Officer, where he will bring to bear his 30 plus years of management experience in the construction, real estate, and investment fields.

Gellerstedt joined Cousins Properties following the acquisition of his firm, The Gellerstedt Group, in June 2005, and most recently has served as Executive Vice President and Chief Development Officer for the Company.

“For more than 16 years now, Dan has made and continues to make an immeasurable contribution to Cousins. We wouldn’t be the company we are today without him,” said Tom Bell, (bottom right photo) Chairman and CEO of Cousins.

“This shift to Vice Chairman will allow him to focus even more of his considerable talents on some of our most pressing challenges and promising opportunities.”

“Every successful enterprise has to focus on sustaining the organization’s success from one generation to the next. Promoting Larry to President and COO will help provide the Company with great leadership well into the future.

"He has deep experience managing large organizations and over his career, he has also shown an appreciation for the entrepreneurial drive needed in a company like Cousins,” Bell said. “Larry is a great fit for Cousins and I’m sure he will be a great success in his new role.”

In 1984, DuPree founded New Market Development Company, Ltd. where he developed nearly 6 million square feet of retail space across the U.S. before selling the company to Cousins in 1992.

His 30 years of development experience include the execution of more than 50 commercial projects totaling more than 16 million square feet, and the management of more than 30 JV partnerships.

Gellerstedt served as chairman and chief executive officer of the Beers Construction Company from 1986 to 1998.

In 1998, after the sale of Beers to Skanska USA, he was elected chairman and chief executive officer of American Business Products, a NYSE-listed manufacturer of packaging and printed office products.

In 2000, Gellerstedt became president and chief operating officer of The Integral Group, a nationally known urban mixed-use development company. He went on to found The Gellerstedt Group in 2003.

Contact: Cameron Golden, Director of Investor Relations/Corporate Communications, 404 407 1984, camerongolden@cousinsproperties.com, http://www.cousinsproperties.com/

Palmer Electric to wire homes for David Weekley Homes

WINTER PARK, FL — The residential division of Palmer Electric Co. has secured a contract with David Weekley Homes to provide electrical contracting services for single-family homes at Belle Vista, a gated community located on Lake Conway in Belle Isle, Fla. (top right photo)

Palmer Electric’s scope of services includes estimating, electrical wiring and lighting fixture installation.

Lighting fixtures for the project are being supplied by Palmer Electric’s sister company, Showcase Lighting and Home Décor Center in Winter Park, Fla. The estimated completion date for the subdivision is July 2010 based on home sales.

Belle Vista is a lakefront community offering ten floor plans of single-family homes ranging from 2,582- to 3,865-square-feet.

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/

The Marketing Directors' David Tufts Joins NAHB Multifamily Leadership Board

ATLANTA, GA – David Tufts, (top right photo) president of The Marketing Directors, LLC headquartered here, has joined the National Association of Home Builders’ Multifamily Leadership Board (MLB).

Tufts, whose firm is one of the industry’s leaders in multifamily sales and marketing, is known throughout the industry as the preeminent expert for successful solutions in multifamily.

“I’m proud to bring my expertise to the table when the industry is experiencing such unprecedented times. Despite these conditions, our company is growing and achieving results for our clients,” said Tufts. “We have evolved to be a full-service sales and marketing firm with customized creative solutions for real estate.”

David has more than 25 years experience in high density multifamily residential development.

He began his career in the highly competitive Manhattan real estate market as an on-site sales agent for The Marketing Directors. He honed his sales and marketing skills under the mentorship of Adrienne Albert (middle left photo) and grew to become the only officer of the company.

In 1993, he founded The Condo Store in Atlanta and quickly grew the niche company into one of the top residential brokerages in the Southeast.

With sales just under $1 billion in 1999, Coldwell Banker purchased the company and Tufts remained as CEO until late 2006.

In January 2007, he rejoined The Marketing Directors and is now leading a team of highly experienced real estate professionals who pride themselves on savvy solutions in today’s marketplace.

CONTACT: Betty M. Harbourt, The Marketing Directors LLC, 404-607-0444. b.harbourt@tmdllc.com

Arbor Closes Three DUS® Loans Totaling $6,990,600

UNIONDALE, NY (Feb.17, 2009) – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three (3) loans totaling $6,990,600 under the Fannie Mae DUS® product line.

These loans include:

Spring Village (top right photo) - Houston, TX - 132-unit complex in the amount of $2,918,400 funded under the Fannie Mae DUS® Small Loans product line. The 7-year loan amortizes on a 30-year schedule and carries a note rate of 6.33 percent.

Highland Park Apartments (middle left photo) – Albuquerque, NM - 80-unit complex in the amount of $2,910,200 funded under the Fannie Mae DUS® Small Loans product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.40 percent.

Melborne – Phoenix, AZ - 26-unit complex in the amount of $1,162,000 funded under the Fannie Mae DUS® Small Loans product line. The 7-year loan amortizes on a 30-year schedule and carries a note rate of 6.24 percent.

The loans were originated by Patrick McGovern, (bottom right photo) Director, in Arbor’s full-service New York, NY lending office.

“All three of these transactions in the Southwest helped the borrowers meet the timelines of their transactions,” said McGovern “Arbor provided them with the maximum leverage that was available in the market.”

CONTACT: Ingrid Principe, Arbor Commercial Mortgage, P: 516.506.4298 F: 516.542.2555. http://www.arbor.com/

Wyndham Dallas Love Field Joins the Wyndham Hotels and Resorts System

PARSIPPANY, N.J. (Feb. 17, 2009) – Wyndham Hotels and Resorts, a member of the Wyndham Hotel Group family of brands, today announced the opening of the 244-room Wyndham Dallas Love Field (top right photo) at 3300 West Mockingbird Lane in Dallas.

The hotel, owned by Mockingbird Partners L.P., recently underwent a $14 million renovation before becoming an upscale, full-service Wyndham hotel. Fourteen of the rooms are deluxe suites with dining and kitchen areas.

Algiere Design & Purchasing Services of Dallas designed the guest rooms, which feature soundproofing, marble entryways and bathrooms with marble floors and countertops and walk-in showers and glass doors.

“We’re delighted to join the Wyndham family and look forward to providing our guests with the brand’s signature personalized and innovative services,” said Stephen Rogers, Mockingbird general partner.

The hotel is located one quarter mile southeast of the Dallas Love Field Airport and five miles northwest of downtown Dallas. For additional information and reservations, go to http://www.wyndham.com/ or call (877) 999-3223.

CONTACT:

Evy Apostolatos, Director, Media Relations, Wyndham Hotel Group, 1 Sylvan Way, Parsippany, NJ 07054. (973) 753-6590. Evy.apostolatos@wyndhamworldwide.com

David Auerbach Re-Joins Thomas D. Wood & Co.

MIAMI, FL— David Auerbach re-joined Thomas D. Wood & Company in February of 2009 as Vice President, and specializes in originating and structuring commercial real estate debt and equity financing nationwide for all property types.

Prior to joining Thomas D. Wood & Company, Mr. Auerbach was responsible for opening and expanding Deutsche Bank Mortgage Capital’s Miami office as Director.

(Deutsche Bank headquarters building, Frankfurt, Germany, bottom left photo)

During his tenure at Deutsche Bank between 2007 and 2009, Mr. Auerbach was involved in the placement of fixed and floating rate non-recourse debt and equity investments for institutional investors and assets.

Prior to that, Mr. Auerbach worked as a Vice President for Wachovia Securities in Fort Lauderdale, FL, where he participated in the origination and closing of over $3 Billion in fixed rate CMBS, floating rate CMBS, bridge, mezzanine, equity and agency debt between 2002 and 2007.

Prior to joining Wachovia Securities, Auerbach started his real estate finance career in 1999 as a real estate analyst for Thomas D. Wood & Company, and through 2002 he performed loan underwriting for senior loan originators, prepared appraisals and asset summaries for loan committee, and coordinated the closing process for acquisitions and refinances.

Mr. Auerbach is a graduate of Florida International University with a Bachelor of Science in Business Administration, and a graduate of University of Miami with a Master of Business Administration, Management.

For further information, please contact:
David Auerbach (305) 447-7833 dauerbach@tdwood.com

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

Hard-Hit Sovereign Wealth Funds Avoid Further Bank Bailouts but Expect to Re-Enter Market by Year End

LONDON—There is good news, bad news and just fair news today on when the U.S. economy might begin to turn around – and it isn’t coming from 1600 Pennsylvania Avenue.

It’s coming from London-based Financial Dynamics International, a 27-year-old global financial and corporate communications consulting firm.

The good news: The world’s major Sovereign Wealth Funds are betting the downward price spiral of American companies’ stock values will bottom out by the end of this year.

The bad news: Values are expected to drop even further over the next six months.

The just-fair news: Ailing U.S. financial institutions may no longer be able to depend on a life jacket from SWFs.

FD has just completed personal interviews with senior executives from many of the world’s leading Sovereign Wealth Funds. Those funds account for over 50 percent of the U.S. $5 trillion worth of collective global funds held by the SWF asset class.

The FD data focused on current SWF attitudes towards valuations, investment strategies and where they see regional investment opportunities.
Here are the highlights:

SWFs are broadly adopting a very cautious approach to the current market, expecting better value to materialize later during the year.

SWFs are primarily interested in acquiring minority equity stakes in listed companies, with no desire to take management control, have board representation or act as “activist” investors.

SWFs are particularly cautious with regard to supporting further bailouts of distressed companies.

SWFs currently see the most attractive regions for investment being Brazil, China and areas of Central America.

Western European markets are also seen as offering the most compelling value with PE ratios of publicly listed companies down more than 40% from their peak, and markets trading at the lowest absolute price earnings ratios of under 10.0x.

SWF investment decisions on average are made on a minimum of a five year investment perspective, with dividend yield being as critical an investment criterion as capital growth.

In the short term, some SWFs are seeing their cash in-flows diverted from their global portfolios to invest in their home countries/regions to add stability and economic stimulus to local markets.

“Our research confirms that while Sovereign Wealth Funds are currently adopting a very cautious investment approach to world markets, they are clearly poised to re-enter the global equity markets in the not too distant future with compelling valuation propositions beginning to present themselves across North American and Western European equity markets,” notes FD Group CEO Charles Watson. (top right photo)

"Our research has also determined that contrary to widespread perceptions, Sovereign Wealth Funds are primarily genuine long term passive investors who have no agenda to exercize management control or behave in an activist way.”

Watson finds that “while a number of key SWF investments have been made over the last 18 months and SWFs are still interested in broadening their portfolios, the findings showed that this particular class of investor is keeping a watchful eye on global markets, waiting for the right time to make deep value investments.”

FD carried out the research to identify which markets still held the best value for investors. The findings showed that actually despite market conditions, Western Europe and North America were identified as the best investment regions in financial terms.

Declan Kelly (top left photo) and Oliver Pawle (middle right photo) are co-founders of Financial Dynamics International. Pawle is chairman and works out of the company’s London office. Kelly is CEO of the company’s U.S. and Ireland offices. Declan Kelly of Financial Dynamics is not related to Declan Kelly, Ireland’s Ambassador to Canada.

HFF announces $15M in closed Southeast U.S. shopping center sales

ATLANTA, GA, Feb. 16, 2009 – The Atlanta office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has closed more than $15 million in shopping center investment sale transactions in the Southeast United States on behalf of Centro Properties Group.

The two properties are: The Shoppes at Letson Farms (top right photo) in McCalla, Alabama and Hampton Plaza (top left photo) in Tampa, Florida.

HFF senior managing director Whitney Knoll, (middle right photo) managing director Brad Peterson (bottom left photo) and associate director Justin Greider marketed both properties on behalf of the seller.

DLC Management Corporation purchased The Shoppes at Letson Farms for $12.675 million in February 2009. Gator Investments purchased Hampton Plaza in November 2008 for $2.6 million.

The Shoppes at Letson Farms is situated on 15.8 acres at 4750 Eastern Valley Road in McCalla, near the junction of Interstates 459 and 20 in southwest Birmingham.

Completed between 2002 and 2004, the grocery-anchored shopping center has 95,092 square feet and is currently 95% occupied by tenants including Food World (anchor tenant), Movie Gallery, H&R Block, Subway, and Curves.

Situated on 6.2 acres, Hampton Plaza is located at 5300 Gunn Highway near the Citrus Park Town Center. The 44,420-square-foot, neighborhood center was completed in 1990 and is currently 95% occupied by tenants including Big Lots (anchor tenant), Dollar General and Metro PCS.

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

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

Contacts:

C. Whitney Knoll, HFF Senior Managing Director, 404 832 8460, wknoll@hfflp.com

H. Bradley Peterson, HFF Mnaging Director, 407 514 2620, bpeterson@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, 713 852 3500, kmurphy@hfflp.com

Tri-City Electrical Starts $505,000 Apartment Job in Hillsborough County, FL

HILLSBOROUGH COUNTY, FL – Orlando-based Tri-City Electrical Contractors, Inc. is under way on $505,000 of work at the new 122,804-square-foot, 96-unit Hunt Club Apartments in Hillsborough County, FL, under its contract with First Florida Construction, Miami. Completion is slated for May 2009.

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

Terry's Electric Completes Job at Villas at Lake Eve Condo-Hotel in Orlando, FL

ORLANDO, FL – Terry’s Electric, Inc., one of Florida’s leading electrical contractors, completed a multimillion-dollar electrical contract at the new 14-story, 176-unit, 266,966-square-foot Villas at Lake Eve Condominium/Hotel (top right photo) located on International Drive, Orlando, FL. The Douglas Company, Orlando, serves as the general contractor according to Mark Neveu, Commercial Divisionpresident of Terry’s Electric.

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

Melrose-Sovereign Companies awarded contract to manage Harmony Community in Osceola County, FL

ORLANDO, FL -- Melrose-Sovereign Companies, a property management firm based in Orlando with more than 100 employees and offices in Jacksonville, Tampa, Bradenton, Fort Myers, Palm Harbor and Port Charlotte, has been awarded a contract to manage the Harmony community in Osceola County.

(Ashley Park pool, Harmony, FL, top right photo)

Ellen G. Lumpkin, co-founder and partner at Melrose-Sovereign Companies, said Harmony, located off U.S. 192 between St. Cloud and Melbourne, includes more than 7,000 residential units planned or under construction.

Jack B. Hanson, co-founder and partner at Melrose-Sovereign Companies, said the firm currently manages properties for more than 150 developers, investors and owners throughout Florida, including Taylor Morrison Homes, Ryland Homes, The Landmark Group, Emerson International and Benderson Development Corp.

For more information, contact:

Ellen G. Lumpkin, Partner/Co-founder, Melrose-Sovereign Companies 407-228-4181; elumpkin@melrose-sovereign.com;

Jack B. Hanson, Partner/Co-founder, Melrose-Sovereign, Companies 407-228-4181; jhanson@melrose-sovereigh.com;

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142; Lvershelco@aol.com