Davidson Hotel Company Increases Executive Bench Strength by Four

Group Has More Than 80 Years Hospitality Experience, 35 Years at Davidson

MEMPHIS, TN—Officials of Davidson Hotel Company (DHC), one of the nation’s largest hotel management companies, has promoted four associates to the executive level:

Mary Jean Campochiaro, (top right photo) vice president of hotel accounting; Lew Lemon, (top left photo) regional vice president of operations; Stephen Kilroy, (middle right photo) vice president of food and beverage; and Ron Hardin, (bottom right photo) vice president of technology.

Together, they have a total of more than 80 years of hospitality experience, 35 of them with Davidson.

“Each of these individuals brings a unique and creative skillset to our management team,” said Patrick Lupsha, (bottom left photo) Davidson’s chief operating officer.

“Their years in the hospitality industry through all phases of the economic cycle make them a vital source of knowledge and leadership to draw upon. We are looking to them to create experience-based strategies that will drive our properties during these difficult times and help grow profit and market share.”

As vice president of hotel accounting, Mary Jean Campochiaro will oversee all aspects of hotel accounting, culminating in the preparation of periodic financial statements, and is responsible for accounting for Davidson’s various hotel acquisitions and dispositions.

Campochiaro was an assistant controller with Wilson Hotel Management Company prior to joining Davidson. She has a Bachelor of Business Administration Degree in Accounting from Memphis State University.

In his new role as regional vice president of operations, Lew Lemon will be responsible for Davidson’s hotel properties in the greater Washington, D.C. area. Previously, he was general manager of the Westin Annapolis in Maryland. Lemon graduated from West Virginia University with a BS in Business Administration.

Stephen Kilroy, vice president of food and beverage, will direct Davidson’s food and beverage programs, profitability, and customer dining experience.

Prior to joining Davidson, Kilroy held several positions at Wyndham Hotels, including corporate director of food and beverage. He earned a Culinary Arts and Food Service Management degree from Johnson & Wales University in Providence, R.I.

As vice president of technology, Ron Hardin’s responsibilities will include company-wide management of acquiring, implementing, and supporting technology systems and solutions.

Hardin’s career includes stints with ITT-Sheraton, Micros Systems, Inc. and Planet Hollywood International, Inc.. He holds a BS degree in Hotel Administration from Cornell University, and the Certified Hospitality Technology Professionals (CHTP) certification from Hospitality Financial and Technology Professional.

About Davidson Hotel Company

Headquartered in Memphis, Tenn., Davidson Hotel Company is an award-winning, full-service hotel owner and third-party management company that provides management, development/renovation, acquisition, consulting and accounting expertise for the hospitality industry.

The company currently owns and/or manages 36 upscale, independent and branded hotels with nearly 10,200 rooms across the United States, including such affiliations as Westin, Sheraton, Hyatt, Hilton, Hilton Garden Inn, Embassy Suites, Doubletree, Marriott, Renaissance, Crowne Plaza and Holiday Inn.

Additional information on Davidson may be found at the company’s Web site, http://www.davidsonhotels.com/.

Contact: Chris Daly, Vice President, Daly Gray Public Relations,
ph: 703-435-6293. chris@dalygray.com

Hampton by Hilton Opens Its First Hotel in Europe

BEVERLY HILLS, CA –Hampton® Hotels, the international brand of hotels and part of the Hilton Family of Hotels, is proud to announce the official opening of its first ever European hotel property.

The 88-room Hampton by Hilton Corby/Kettering, located at Rockingham Leisure Park in Corby, Northamptonshire is the first Hampton by Hilton to open its doors to guests in the United Kingdom.

The new Hampton by Hilton™ hotel is franchised, owned and operated by the management company Hotel Solutions London Limited (H.S.L).

“With our opening of the first Hampton By Hilton in Europe, H.S.L. is joining the Hilton family and in conjunction with Mr.Ramesh Dewan (middle left photo) has made a commitment of owning & operating 20 new Hampton by Hilton’s over the next few years," said Pearl Pailihawadana, Operational Director.

Providing fresh and clean, stylish, comfortable rooms and outstanding guest service is a top priority for Hampton by Hilton and are some of the reasons why the brand should be highly competitive in the UK market.

“Hampton by Hilton Hotels combines quality, exceptional guest service, comfort and plenty of extras, making Hampton by Hilton the hot new brand of choice in the marketplace today,” said Richard Lee, Hampton by Hilton Corby general manager.

“Hampton by Hilton dramatically enhances the guest experience, with products and services ranging from free On the House® hot breakfast, the exclusive Purity Basics® bath products and free high-speed Internet access all backed by Hampton’s 100% Satisfaction Guarantee."

Hampton by Hilton™ combines the strength of the Hilton name with the power of the Hampton brand. This is a new kind of economy hotel that is designed to appeal to business and leisure travellers alike, offering best in class service and comfort.

Contact: Chris Daly, Vice President, Daly Gray Public Relations, ph: 703-435-6293, chris@dalygray.com

Grubb & Ellis Represents Kenco Logistic Services in 517,000 SF Industrial Lease in Redlands, CA

Industrial Lease is Inland Empire’s Largest This Year

ONTARIO, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented Kenco Logistic Services, a Tennessee-based, privately held third party logistics provider, in the lease of a 517,000-square-foot industrial building in Redlands.

The consideration of the five-year lease was not disclosed. It is the largest industrial lease signed in the Inland Empire thus far in 2009.

Kenco Logistic Services is slated to occupy the recently completed building in March.

The facility is located at 26875 Pioneer Ave., within Watson Commerce Center Redlands (top right photo). The LEED-certified property, developed by Watson Land, is a new location for Kenco.

Ron Washle and Mark Kegans, both senior vice presidents in Grubb & Ellis’ Ontario office, represented the lessee in the transaction. Thomas Taylor and Steven Bellitti of Colliers International represented the lessor.

South Coast Home Furnishing Centre in Costa Mesa, CA Sold for $35M

In Newport Beach, CA, Newport Beach-based Burnham USA Equities Inc. and affiliate Burnham-Ward Properties have purchased out of receivership South Coast Home Furnishings Centre (middle left photo) in Costa Mesa for approximately $35 million.

The 300,000-square-foot retail center is located at 3333 Hyland Road along the San Diego Freeway.

Existing major tenants include La-Z-Boy, Linder’s, C.S. Wo, Easy Life, Munro’s, Creative Leather and NW Rugs.

The center, which was owned by South Coast Home Furnishing Center LLC prior to the receivership, was offered for sale through a court-appointed receiver.

Dixie Walker, (middle left photo) senior vice president with Grubb & Ellis’ Newport Beach office, represented the receiver in the transaction. It is one of the first major retail transactions in Southern California to trade in the distressed asset category.

“This property traded for $100 million in August 2007,” said Walker. “It illustrates how hard the retailers, particularly retailers so directly tied to the residential real estate industry, have been hit by the economic downturn. The center originally had 32 tenants, only 16 remained at closing.”
The buyer plans to convert some of the vacant retail space to office use and home furnishings-related tenants such as interior designers, Walker said.

Grubb & Ellis Company Represents V&A Engineering in Lease of 8,391 SF of Office Space in Oakland, CA for Corporate HQ

In Oakland, CA, Grubb & Ellis Co. represented V&A Engineering in the lease of 8,391 square feet of office space in Oakland for its corporate headquarters. Terms of the 10-year lease were not disclosed.

V&A Engineering is slated to occupy its new space at 155 Grand Ave. (bottom right photo) in June. The engineering firm, which is relocating from 1999 Harrison St. in Oakland, will double in size with the move.

The independent consulting engineering firm specializes in corrosion engineering, coatings system management and condition assessment services, serving clients in the water, wastewater and transit industries.

Christopher Johnke, vice president, and Cale Miller, associate, of Grubb & Ellis’ San Francisco office represented the lessee in the transaction. In-house leasing agent Mike Keely represented the lessor, Brandywine Realty Trust.

Contacts:

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

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

Einstein Bagels Rolling in Dough

LAKEWOOD, CO, Mar. 3, 2009—Talk about a recession-proof business. Bagels. Specifically, bagels made by divisions of Einstein Noah Restaurant Group.

The Colorado-based company today reported 12-month gross profit of $81.8 million versus $80.9 million in 2007.

Einstein’s other balance-sheet numbers are also impressive.

Total revenue grew 2.6 percent to $413.5 million from $402.5 million last year.

System-wide comparable store sales increased 1.4 percent. Einstein has 600 restaurants in 36 states.

Net income was $21.1 million versus $12.6 million in 2007. Earnings per share totaled $1.29 compared to 88 cents last year.

Cash on hand amounted to $24 million on Jan. 1, 2008 versus $9 million on Dec. 31, 2008.

Einstein’s assets totaled $173 million versus $149 million last year. And the company reduced its debt load to $25 million from $92 million a year ago.

Jeff O’Neill, (middle left photo) CEO and president of Einstein Noah, says his company’s 2008 performance is “a testament to the strength of our loyal customer base.

“In the face of unprecedented economic challenges, we’ve been able to preserve our comparable store sales, continue to build efficiencies in our manufacturing and commissary operations, and lower our G&A (general and administrative) costs significantly.

“Most importantly, in 2008 we generated free cash flow totaling $16.4 million, which further strengthens our liquidity position.”

For 2009, Einstein plans to open six to eight company-owned, six-to-eight franchised and 30 to 35 licensed stores, as well as upgrading 45 company-owned stores.

The company also should have no worries this year about obtaining supplies for its product.

“We have locked in over 90 percent of all major agricultural commodities at virtually flat prices compared to 2008, with an option to benefit from further reductions in pricing,” says O’Neill.

He says the company’s “key objectives (in 2009) are to accelerate our marketing and merchandising efforts, continue to build on our strong and growing base of franchise and license partners, and prudently manage our controllable costs.”

O’Neill adds, “We are pleased with our unique strength and positioning in the Fast Casual Breakfast day part (of the restaurant industry) and are confident that we can take additional market share from our competitors through our emphasis on exciting new products and value-oriented promotions.”

Rick Dutkiewicz, (bottom right photo) chief financial office of Einstein Noah, says the company has “over $24 million of unrestricted cash and remains in full compliance with out debt agreements.”

He says Einstein’s “growth strategy and brand-building efforts place greater emphasis on high-margin, capital efficient development.” The company’s goal is to have about 50 percent of all locations operated by franchise and license partners by 2012.

Arbor Closes 2 Fannie Mae DUS® Loans Totaling $6M

Bluebonnet Springs Townhomes in Arlington, TX Receives $3.4M

UNIONDALE, NY-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $3,400,000 loan under the Fannie Mae DUS® product line to refinance the 138-unit property known as Bluebonnet Springs Townhomes in Arlington, TX.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.41 percent.

The loans were originated by Stephen York, (top right photo) Director, in Arbor’s full-service Uniondale, NY lending office.

“The Sponsor completed significant capital improvements over the course of two years and increased the occupancy to a stabilized level,” said York. “Once the property was ready for permanent financing, Arbor was pleased to deliver competitive terms, which included sizeable cash-out.”

Franklin Street Apartments in Worcester, MA Obtains $2.6M

Uniondale, NY (March 3, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,685,900 loan under the Fannie Mae DUS® Small Loan product line to refinance the 55-unit complex known as Franklin Street in Worcester MA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.15 percent.

The loan was originated by John Kelly, (bottom left photo) Vice President, in Arbor’s full-service Boston, MA lending office.

“This was an excellent fit for our small balance lending program,” said Kelly. “We were able to provide nonrecourse financing at what continues to be historically low interest rates for our client.”

Contact: Ingrid Principe, P: 516.506.4298. F: 516.542.2555. http://www.arbor.com/

Endeavor completes 92,000-SF lease with GSA and retains HFF to market Austin office property for sale

DALLAS, TX, Mar. 2, 2009 – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has been retained to market for sale the GSA-leased Southpark Office Center (middle right photo) in Austin, Texas.

Endeavor Real Estate Group completed a 10-year, 92,000-square-foot lease to the GSA on behalf of the Internal Revenue Service in late 2008.

HFF’s Dallas investment sales team is marketing Southpark Office Center without a formal asking price free and clear of debt.

Southpark Office Center is located on Interstate 35 just south of its intersection with Ben White Blvd (Hwy 71) and just west of Austin Bergstrom International Airport. The 122,000-square-foot property was completely redeveloped by Endeavor in 2008. The GSA lease encompasses 75% of the property with the remaining space being available for lease
.
“The IRS lease represents one of the largest leases executed in Austin in the past year and further establishes the Southpark area as a regional hub for the IRS, which now occupies approximately one million square feet in the immediate area, and during its peak season supports 2,700 employees,” said Jamil Alam (top left photo) of Endeavor Real Estate Group.

“The decision to sell the asset at this time is in keeping with our original strategy, which entailed re-developing the property and then leasing it to an investment-grade credit tenant.

"The group that ultimately acquires the Southpark will benefit from stable cash flow from the GSA lease as well as the upside associated with the attractive remaining vacancy in the property.”

Endeavor Real Estate Group owns, manages and leases four million square feet of office and industrial space in Central Texas plus more than three million square feet of retail space, with more under construction.

Contacts:

Jamil Alam, Principal, Endeavor Real Estate Group, (512) 682-5575, JAlam@ENDEAVOR-RE.com
Andrew S. Levy, HFF Senior Managing Director, (214) 265-0880. alevy@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Cousins Announces Resignation of Dan DuPree

ATLANTA, GA, Mar. 2, 2009 -- Cousins Properties Incorporated (NYSE: CUZ) announced today that Dan DuPree (top right photo) has resigned from his post as Vice Chairman of the Company.

DuPree has accepted another position in the real estate industry which will be announced shortly. The resignation will be effective beginning March 15.

Contact:

Cameron Golden, Director of Investor Relations/Corporate Communications, 404-407-1984, camerongolden@cousinsproperties.com

NPD Predicts a Tough Year for the Restaurant Industry in 2009 as Consumers Continue to Tighten Purse Strings

A new NPD report looks at how restaurants survived in 2008 and how they will need to adapt in 2009


(Top right photo by Luis Sinco, Los Angeles Times)

CHICAGO, IL, Mar. 2, 2009--(BUSINESS WIRE)--Rising unemployment, eroding consumer confidence, market volatility, and other economic concerns will take a toll on the restaurant industry in 2009, according to a new report from The NPD Group, a leading market research company.

Total restaurant industry traffic was down one percent at the end of 2008, and NPD forecasts in its new report that 2009 will be an even tougher year for restaurants.

The new report, entitled, Challenging Times…Driving Sales in 2009, takes a deep dive into what happened to the restaurant industry last year, what worked and what didn’t; and how the lessons learned from last year and previous industry downturns can help improve sales in 2009.

In addition, the report provides a sales and traffic forecast for 2009 by industry segment, and offers considerations for restaurant operators on how to survive and adapt to the challenges of 2009.

“Our industry began 2008 battling rising prices, especially for food and fuel, and slowing customer traffic counts, which resulted in extreme pressure on margins throughout the foodservice industry,” says Bonnie Riggs, restaurant industry analyst and author of the report. “By the end of the summer, the economy had taken a sharp turn for the worse as housing and financial markets sunk deeper into turmoil.”

According to NPD CREST® data, the restaurant industry started 2008 on a positive note from a traffic standpoint; however, visits to restaurants began to slow mid-year, and turned negative in three of the last four months of the year. Total restaurant industry traffic was flat for the year.

Riggs points out in the report that when consumers did visit a restaurant in 2008, they kept a tight hold on their purse strings. Trading down from full service restaurants to quick service restaurants, ordering more often from the dollar/value menu, ordering lower price menu items, and not taking kids out for a meal were among the ways in which consumers managed their restaurant checks last year.

“Now we face a much tougher marketplace, much greater uncertainty, and a very tight hold on our pocketbooks,” says Riggs. “Restaurant customers are being bombarded with great offers; they can carefully choose how and where to spend their food dollars. Much of the challenge for operators this year will be having a good understanding of what their customers want.”

For more information, contact us or visit http://www.npd.com/

CONTACT:
The NPD Group, Inc., Kim McLynn, 847-692-1781, Senior Public Relations Manager.

Orange County, FL Resort Tax Collections Down

ORLANDO, FL, Mar. 2, 2009 -- County Comptroller Martha Haynie announced today that resort tax collections received by the County in February for the hotel collection month of January 2009 were $12,760,200.

Resort taxes are charged on short-term rentals, mostly hotels and
motels.

Comptroller Haynie noted that January 2009 collections were ten percent lower than January 2008.

“We know the tourism industry is not immune from the general economic downturn, and a ten percent decline certainly shows that a lot of businesses, and their employees, are hurting.

"But we can still hope that the quality of our convention and vacation products will cushion this sector from the worst of the recession,” Haynie added.

Contact: Martha O. Haynie, (407) 836-5690

Sorenson Group Holdings Acquires $701 Million of FDIC Commercial Real Estate Loans

Structured Portfolio Consists of Loans Formerly Owned by Two Failed Banks, First National Bank of Nevada and First Heritage Bank, N.A.

Assets are Located in Arizona, Nevada, New Mexico, Texas and California.

SALT LAKE CITY, UT, Mar. 2, 2009--(BUSINESS WIRE)--Sorenson Group Holdings LLC today announced it has acquired a structured portfolio of Federal Deposit Insurance Corporation (FDIC) commercial real estate loans worth $701 million from Diversified Business Strategies of Sandy, Utah.

The deal closed Fri., Feb. 20 and includes assets in Arizona, Nevada, New Mexico, Texas and California.

“Our goal is to work out the best disposition of these assets for the FDIC, for investors and for borrowers,” said James Lee Sorenson,(top right photo) Sorenson Group Holdings founder and lead investor.

Sorenson is also CEO of The Sorenson Group, a developer of prime real estate along Utah’s Wasatch Front, including the 7,000-unit master-planned Rosecrest community. Sorenson Group Holdings will own the loan portfolio and The Sorenson Group will manage it.

The FDIC has been selling structured portfolios of residential and commercial loans from failed banks, giving portfolio investors the opportunity to make investment returns by working out resolution of the loans in ways beneficial to the borrower and lender.

Portfolio investors share a percentage of sale proceeds with the FDIC. The Sorenson Group Holdings portfolio is made up of loans from two banks closed in 2008 by the FDIC: First National Bank of Nevada, Reno, Nevada; and First Heritage Bank, N.A., of Newport Beach, California (owned by First National Bank Holding Co., Scottsdale, Arizona).

The two other Sorenson Group Holdings partners are Tim Fenton and Joe Sorenson, also directors of The Sorenson Group. Both Fenton and Joe Sorenson have extensive large-scale commercial development experience.

About Sorenson Group Holdings

Sorenson Group Holdings LLC is an investment fund founded by James Lee Sorenson to invest in real estate and distressed loan portfolios, which are then managed by The Sorenson Group.

Acquisitions may include failed bank loans from the FDIC, bank loan assets and other real estate investments. Sorenson Group Holdings seeks targeted returns for investors through opportunistic acquisitions that leverage the extensive real estate development and management experience of the principals.

Contacts:

Sorenson Group Holdings, Media, David Parkinson, 801 490 1015, david@sorensoncompanies

Investor Relations, Mark Staples, 801-461-9738, mark@thesorensongroup.com

Most Lenders Still Playing Defensive Role, RECI Reports

CHICAGO, IL, Mar. 2, 2009 --As the first quarter winds down, the real estate capital markets are filled with caution and anxiety as lenders crave for market stability, according to The Real Estate Capital Institute.

Randal Dawson, (top right photo) a member of the Real Estate Capital Institute Advisory Board declares, "2009 looks to be a year of refinancing and with limited acquisition activity."

Dawson suggests, "Distressed deals will be the norm for most new acquisitions and investors will be overwhelmed with renegotiating overleveraged debt."

RECI finds realty capital markets remain challenged with the following issues in the forefront of discussion:

* Valuation Concerns: Many investors believe that cap rates will return to higher single-digits -- in norm with historical levels. Institutional-grade assets are valued starting at 7% for multifamily properties and 8% for commercial properties.

Furthermore, lenders require substantial supporting data (recent comps) to justify lower cap rates. Secondary markets and older properties pricings start at 100 basis points or more with much wider variance.

* Capital Availability/Allocation: Most financial institutions are playing a defensive role, rather than pursuing aggressive growth and funding strategies. Shoring-up balance sheets and shedding unwanted loans and other realty assets remain key priorities.

Select sources state that they would like to return to the market by the second quarter and mid-year. Lenders are allocating substantial portions of funds for refinance and rollover, rather than new loan origination.

* Relative-Value Pricing: Attractively priced CMBS debt (Triple-Aquality) offers the best investment opportunities for investors preferringto capture the most favorable yields, rather than new origination funds .

Such yields are in the lower-double-digit range. As such, mortgage ratesare still favorably priced for borrowers -- within the range of 6.5% to 8.5% for conventional properties based on 10-year terms.

* Delinquencies: For the most part, loan delinquencies and defaults are at controllable levels. Retail properties pose the most challenges, as numerous merchants are in either bankruptcy or requesting substantial rent discounts. Co-tenancy issues also raising concerns for further occupancy reductions.

* Tighter Funding Standards: Most lenders are strictly enforcing shorter amortization schedules and wider debt coverage ratios (e.g., 1.25X and 25-year maximum) to restrict proceeds, rather than relying on loan-to-valuesrestrictions as a primary underwriting variable.

That said, 55% to 65% is the norm for most institutional-quality, non-multifamily loans. REITs, pension funds and private equity capital players requiring less leverage enjoy excellent rates and terms. Leverage-oriented investors are forced to stay with bank lines, hoping for more favorable funding conditions.

* Maturity Risk: Agencies and many life companies favor longer-term loans in excess of five years as refinance rollover risks are of concern.

Meanwhile, banks mitigate such risks by relying upon recourse and substantial funding deposits, often in excess of 10% of the loan amount.

* Large Loan Vacuum: $50 million + loan funding sources are limited to about a half dozen major life companies. Otherwise, lenders must syndicate such loans. Loans under $10 million still offer numerous options including banks, life companies and private capital.

* "Floor" Rates Prevail: While lenders are still quoting fixed-rate loans based on treasury spreads, most loans feature floor-rate minimums.Naturally, floating-rate loans are still quoted floating over Libor, Prime,etc - floors are also imposed on such funding structures .

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

http://www.reci.com/

CB Richard Ellis Group Ranked Tops in Investment Sales

TAMPA, FL– CB Richard Ellis Group, Inc (CBRE) was the No. 1 firm in U.S. investment sales activity on a national basis in 2008, with a 17.9% market share—according to Real Capital Analytics' 2008 data.

RCA, which tracks national commercial real estate sales of $5 million and greater, found that CBRE, with $25.3* billion in transaction values, had a commanding 10.3 percentage point advantage over the second place firm and sold more property than the number two and three firms combined.

CB Richard Ellis was the leader in office, retail, industrial and multi-family properties. RCA estimates that over $141 billion** of office, industrial, retail, multi-family and hotel properties were sold in the U.S. in 2008.

"During challenging times clients seek out the platform and the professionals that delivers superior market insight and unrivaled transaction execution," said Gregory S. Vorwaller, (top right photo) CBRE Investment Properties President. "2008's results underscore that CBRE is the trusted advisor of choice across all categories of commercial real estate investing."

Other significant findings include:

• CBRE was the nation's top firm in office sales in 2008 with a market share of 21.9% representing $11.5 billion of transactions.
• CB Richard Ellis' market share in multi-housing sales was an industry leading 18.3% in 2008. The firm's $6.8 billion in sales was double that of it nearest competitor.
• In industrial sales, CBRE dominated with $ 4.5 billion in sales, for a market share of 21.4%/--three times the nearest competitor.
• CB Richard Ellis recorded the highest market share—9.7%—in the retail sector, totaling $1.9 billion in transactions in 2008.

* Does not include CBRE's individual property sales valued at less than $5 million.** Excludes privatization activity.

CONTACTS:

Robert McGrath, 212.984.8267, robert.mcgrath@cbre.com

Ray Sandelli, 813.273.8450, ray.sandelli@cbre.com

WELBRO celebrating 30 years of "Service Excellence" in Central Florida

ORLANDO, FL-- What started back in 1979 as a small construction company, is today one of the largest privately-held commercial general contractors in Central Florida.

WELBRO takes pride in the fact that in those earlier years we brought a new philosophy to the construction industry -- one of partnership and doing away with adversarial relationships.

Ours is a proud history, with a firm foundation based on the values established by WELBRO founders Gary Brown and Butch VonWeller.

WELBRO has realized the vision of Gary and Butch, receiving many accolades for the company’s performance in the commercial construction industry.

Thirty years later, now under the leadership of Steve Davis, (top right photo) CEO, Bruce Holmes,(bottom left photo) President/COO and a team of company executives WELBRO is committed to carrying our proud tradition into the future with a continuing emphasis on the WELBRO values and with utmost care and concern for our clients and our associates.

According to Davis, "…throughout 2009 WELBRO Building Corporation will celebrate its accomplishments and continue its quality service based on the core values that have made the company successful."

Says Davis, "…these values have played an important role in the history of the company, with tangible proof of superior client service, that in an industry plagued with litigation, and with over one billion dollars of construction in place, WELBRO has never litigated with a client."

Another testament to WELBRO’s success is management’s commitment to its workforce. A company based on family values WELBRO attributes its success to the dedication and hard work of its 300 associates. WELBRO will thank their workforce and their clients in 2009 and look forward to another 30 years of success in the community.

CONTACT: Patricia A. Werner, 407/475-0800; mobile: 407/766-3951 pwerner@welbro.com

Marcus & Millichap Brokers Ranked High Nationally

FRIEDMAN AND HARRIS TOPS IN ENCINO OFFICE

ENCINO, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced its top investment specialists for 2008.

Two agents in Marcus & Millichap’s Encino office ranked in the Top 30 out of more than 1,300 investment specialists nationwide. The agents are Gregory Harris (3)(top left photo) and Matthew Friedman (16). (top right photo).

“We are proud to recognize Greg Harris and Matthew Friedman as top-ranking investment specialists,” says Harvey E. Green, A(bottom right photo) president and chief executive officer of Marcus & Millichap.

“Their accomplishments and track records reflect their superior transaction expertise and commitment to client service.”

Harris, an executive vice president of investments based in Encino, facilitated transactions valued at more than $275 million last year. Harris joined Marcus & Millichap in August 1994 and was promoted to executive vice president of investments in early 2008.

He also serves as a senior director of the firm’s National Multi Housing Group. His transactions last year included a $27 million multi-family community in Torrance, Calif., and several apartment communities in Tulsa, Okla., including one valued at $18.3 million and another valued at $15 million.

Friedman, a vice president of investments and a senior director of the firm’s National Multi Housing Group in Encino, has facilitated transactions valued at more than $859 million throughout his career.

Friedman joined the firm in 2002 and was promoted to vice president of investments in 2008. His transactions last year included $24.79 million and $15.48 million apartment communities in Toledo, Ohio, and a 12-property multi-family portfolio located in Northeast Ohio

MANSOUR AND VOLEN IN SAN DIEGO OFFICE RANKED AMONG COMPANY’S TOP 30 NATIONWIDE

Alvin Mansour is also the firm’s top multi-tenant investment associate.

Two agents in Marcus & Millichap’s San Diego office ranked in the Top 30 out of more than 1,300 investment specialists nationwide. The agents are Alvin Mansour (5) (top right photo) and Joshua Volen (22).(middle left photo)

“We are proud to recognize Alvin Mansour and Joshua Volen as top-ranking investment specialists,” says Harvey E. Green, president and chief executive officer of Marcus & Millichap.

Mansour, a first vice president investments and a senior director of the firm’s National Retail Group in San Diego, is also the firm’s top multi-tenant investment specialist. Last year, he arranged transactions valued at nearly $170 million.

Mansour joined Marcus & Millichap in September 2003 and was promoted to first vice president investments in October 2008. His notable transactions last year included a $23.8 million hospitality property in San Diego; a $19.3 million regional shopping center in Goldsboro, N.C.; and a $10 million neighborhood shopping center in Denton, Texas.

Volen, an associate vice president investments and a director of Marcus & Millichap’s National Office and Industrial Properties Group in San Diego, facilitated transactions valued at more than $118.36 million last year.

Volen joined the company in November 2004 and was promoted to associate vice president investments in July 2008. His notable transactions last year included a $22.3 million net-leased property in Timonium, Md.; a $15.85 single-tenant office building in Huntsville, Ala; and a $12.4 million industrial warehouse in San Diego.

JONES AND TRAMMELL NAMED TOP GUNS IN PALO ALTO OFFICE

Two agents in Marcus & Millichap’s Palo Alto office ranked in the Top 30 out of more than 1,300 investment specialists nationwide.

The agents are Stanford Jones (6 (middle left photo) and Kirk Trammell (14). (middle right photo)

Jones, an executive vice president investments and a senior director of the firm’s National Multi Housing Group in Palo Alto, facilitated transactions valued at greater than $594 million last year.

Jones joined Marcus & Millichap in March 1980 and was promoted to executive vice president investments in January 2008. His notable transactions last year included the sale of a $115 million multi-family community in San Francisco; a $91.25 million apartment community in San Jose, Calif.; and a $56 multi-family community in Reno, Nev.

Trammell, a senior vice president investments and a director of Marcus & Millichap’s National Retail Group in Palo Alto, facilitated transactions valued at $134.25 million last year.

Trammell joined Marcus & Millichap in June 1989 and was promoted to senior vice president investments in July 2008. His notable transactions last year included a $24.25 million shopping strip in Woodland, Calif.; a $20.37 single-tenant office in Reno, Nev.; and a $9.85 million shopping strip in Salinas, Calif.

DOUGLAS HIMAN JOINS MARCUS & MILLICHAP
AS ASSOCIATE VICE PRESIDENT INVESTMENTS

OAKLAND, CA – Marcus & Millichap, the nation’s largest real estate investment services firm, has hired Douglas Himan (bottom right photo) as an associate vice president investments in the Oakland office, according to Jerome C. Smith, regional manager of the office. Himan joins the firm from NAI BT Commercial.

As an associate vice president investments, Himan will focus on brokering the sale of multi-family properties on behalf of private and institutional investors.

“Doug is an experienced investment specialist with in-depth knowledge of the East Bay multi-family market,” explains Smith. “He will be a great asset to the Oakland office.”

Himan left Marcus & Millichap in October 2004 to pursue a career as a condo owner and operator, specializing in conversion opportunities in Concord and Oakland.

Himan has been in the commercial real estate industry since 1999. Before joining NAI BT Commercial, he was a multi-family investment specialist in Marcus & Millichap’s Palo Alto office.

In late 2008, Himan decided to return to the firm.

“Marcus & Millichap’s platform offers investors unparalleled access to a nationwide pool of buyers, investment capital and inventory,” Himan notes. “As a multi-family broker focusing on apartment sales in the East Bay, it is vital to have access to existing apartment inventory, and access to the largest investment brokerage community in the Bay Area and nationwide.”

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