Marcus and Millichap Sells a 76-Unit Apartment Complex in Winter Haven, FL

WINTER HAVEN, FL, Mar. 6, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of West Place Apartments, (top right photo) a 69,540 square foot apartment complex located in Winter Haven, Florida, according to Bryn Merrey,(bottom right photo) Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $3,100,000. Michael P. Regan, (middle left photo) an Investment Specialist in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller. The buyer, a private investor, was also secured by Regan.

West Place Apartments is located at 3137 Woodhill Road in Winter Haven, Florida.

­­­­­­­­­­­­­­­­“West Place Apartments is an example of the basic concepts of investment real estate. This opportunity involved a quality asset with strong returns based on current numbers, great upside potential and a defined exit strategy.

"This transaction is indicative of where we have seen the market settle since the days of the ‘conversion era.’” states Regan.

Press Contact: Bryn Merrey, Regional Manager, Tampa, (813) 387-4700.

The Lynd Co. Acquires 50% Stake in Easton Group's Property Management Division

MIAMI – The Lynd Company, a top national property management firm with an office in South Florida, has acquired a 50 percent interest in Easton Management, both companies announced.

Easton Management is the property management division of Doral, Florida-based The Easton Group, founded and chaired by Edward W. Easton (top right photo).

The new company will be known as Easton Lynd Management and will be a subsidiary of the Lynd Company.

As of February 1, The Lynd Company assumed management control of seven-million-plus square feet of commercial and association property that had been developed and managed by Easton. Most of the assets are industrial and warehouse properties.

Going forward, Easton Lynd Management will provide third-party commercial property management services in Florida and 13 other states where The Lynd Group currently has a footprint.

The Lynd Company manages medium and large size apartment complexes and has 35,000 units under management, primarily in Texas and the Southeast. The company is ranked as the 35th largest national operator on the Multi Housing Council’s list of “Top 50 Apartment Managers” in the United States for 2008.

Easton Management is the 8th largest commercial property management company in South Florida based on the latest figures from the South Florida Business Journal. Both companies have been family-run for more than 30 years.

The partnership gives The Lynd Company a new platform to grow its business in South Florida where it opened an office last summer, said Lynd Regional Vice President Andrew Ginsburg.

Lynd President and COO David Lynd said his company is now two thirds on its way toward creating a full-service management platform for industrial, office, retail, and condominium association, and apartments.

“This was the next step in our expansion plan, both in asset class and geographic location,” said Lynd.

“Since we wanted to enter the Florida market in a big way, partnering with Easton Management accomplished both goals in one transaction. Ed Easton has an incredible track record and reputation in South Florida and we couldn’t be any more excited about partnering with him.”

Lynd Easton Management will benefit from the technology and protocols pioneered by The Lynd Group and the commercial real estate expertise of Ed Easton.

(David Lynd, left and brother Michael, vice president, investments, bottom left photo)

”This deal fits perfectly with our strategy of joint venturing with companies that are a natural complement to our business,” said Easton. “We have always managed assets that we bought or developed, but with Lynd as our partner, we’ll now be able to grab a bigger piece of the market, both regionally and nationally.”

Contacts:

Todd Templin or Marielle Sologuren, Boardroom Communications, 954-370-8999 ttemplin@boardroompr.com or msologuren@boardroompr.com

Geoffrey D. Harris Named Top Loan Originator at Marcus & Millichap Capital Corp.

NEWPORT BEACH, CA– Marcus & Millichap Capital Corporation (MMCC), has named its top loan originator for 2008. The originator is Geoffrey D. Harris (top right photo) in MMCC’s Phoenix office, according William E. Hughes, (bottom left photo) the firm’s senior vice president and managing director.

“We are proud to recognize Geoffrey as the firm’s top loan originator,” says Hughes. “Harris been recognized as one of the top loan originators each year since he joined the firm in 2007.

"This achievement is a testament to his tremendous market knowledge, superior transaction expertise and commitment to providing clients with excellent capital markets knowledge and advisory services.”

Harris, a senior director in the firm’s Phoenix office, joined MMCC in June 2006. In 2007 and 2008, Harris earned the firm’s prestigious National Achievement Award and was honored as one of the firm’s top five brokers in 2008 nationwide.

Harris has more than 10 years of mortgage banking experience, having closed more than 1,400 transactions in excess of $1.5 billion in loans.

His notable transactions in 2008 included the origination and closing of a $13 million single-tenant retail store in Centerville, Utah; a $7.3 million multi-family apartment complex in Phoenix; and a $7 million office building Fort Worth, Texas.

Contact: Kathy Molitor, (925) 953-1704

Joseph Dear Joins Thomas D. Wood and Co.

ORLANDO, FL—Mar. 6, 2009— Joseph Dear (top right photo) joined Thomas D. Wood and Company on March 2, 2009, as Vice President of our Orlando Office.

As Vice President, Joe is responsible for providing clients with advice regarding the lending industry and securing both debt and equity for clients’ commercial real estate needs through a variety of lending sources including Life Insurance Companies, Banks, Credit Unions, private money and large institutional sources.

Joe has over 18 years of experience in commercial real estate, encompassing various roles in appraisal, underwriting, sales, and finance. He attended Florida State University and graduated with a B.S. Degree in Finance.

He then spent four years as a commercial real estate appraiser before joining General American Life Insurance Company as an underwriter/originator of commercial real estate loans and equity investments, covering the entire state of Florida.

After seven years with General American, he joined Broad Street Advisors as a Vice President in Investment Sales. At Broad Street Advisors, he handled investment property disposition and advisory services for institutional clients and worked on assignments throughout the United States.

After three years with Broad Street Advisors, he joined GE Real Estate in 2004 as a Vice President in the Business Property group, a position he held for five years. At GE Real Estate, Joe was responsible for covering the Central and North Florida markets and provided financing solutions for commercial real estate to include construction-to-perm loans, long-term permanent financing, and sale/leasebacks.

For further information, please contact:
Joe Dear, (407) 937-0470 ext. 7, jdear@tdwood.com

Jessica Gurtowski, (407) 937-0470 ext. 4, jgurtowski@tdwood.com

CREC Negotiates Total 22,000 SF of Office Space at 3 South Florida Buildings

CORAL GABLES, FL – Continental Real Estate Companies (“CREC”) is pleased to announce the following leases at Lennar Corporate Center, Brickell Bayview Center and 2121 Ponce with an aggregate value of more than $5 million.

Lennar Corporate Center (top right photo)
Owner: Colony Realty Partners
Tenant: Alliance for Aging
Broker - The Campbell Group (Doug & Darren Campbell)
LL Reps – David Moret, Principal and Douglas Okun, Senior Leasing Associate
SF - 11,270

New Deal

Brickell Bayview Centre (middle left photo)
Owner: Colony Realty Partners
Tenant: Eco Concepts
Broker: The Ehrich Group (Graham Ehrich)
LL Reps: David Moret, Principal and Douglas Okun, Senior Leasing Associate
SF - 2,685

New Deal

2121 Ponce (bottom right photo)
Owner: Greenstreet Real Estate Partners, LP/CREC
Tenant: Gold Container
Broker : Transwestern (Josh Gibbons)
LL Reps : Steven Hurwitz, Sr. VP & Douglas Okun, Senior Leasing Associate
SF - 2,159
New Deal

Tenant : Gold, Chavez & Gold
Broker : Newmark Knight Frank (Ryan Levy)
LL Reps: Steven Hurwitz, Sr. VP & Douglas Okun, Senior Leasing Associate
SF - 1,532
New Deal

Tenant : Jet Trading & Leasing
No co-broker
LL Reps : Steven Hurwitz, Sr. VP & Douglas Okun, Senior Leasing Associate
SF - 2,961
New Deal

799 Brickell Plaza (Eastern National Bank Building)
Tenant: DCSI-Group, Inc.
SF: 2,171 sf
LL Rep: Douglas Okun, Senior Leasing Associate
New Deal

CONTACT:
Lisa Rosario Continental Real Estate Companies "CREC" 2121 Ponce de Leon Blvd, Suite 1250 Coral Gables, Florida 33134. 305-854-7342. http://www.crec.com/.

CresaPartners’ New Office Brings Pure Tenant Representation Back to Charlotte, NC

CHARLOTTE, N.C.--(BUSINESS WIRE)--CresaPartners, North America’s largest corporate real estate advisory firm that exclusively represents tenants, today announced its expansion into the Charlotte market.

(Downtown Charlotte office buildings, top right photo)

Led by seasoned Principals Mark Ayers, Tim Brotherton and Edwin Yarbrough, formerly of Jones Lang LaSalle/The Staubach Company, CresaPartners’ new Charlotte office will offer tenants a holistic perspective to the real estate process during tough economic times.

“We believe the economic climate creates tremendous opportunity to advise tenants in our market about one of their three largest expenses—real estate—and its impact on their bottom line,” said Ayers, managing principal, CresaPartners Charlotte.

“It’s the ideal time to establish the foundation of our firm and strengthen our cohesive team, who has successfully worked together in the past.”

Prior to founding CresaPartners’ Charlotte office, Mark Ayers served as managing principal of The Staubach Company in Charlotte, negotiating sizeable transactions for clients such as Time Warner Cable, Maersk, Senderra, Moore & Van Allen, Enovia and Wachovia.

(Downtown Epicenter, middle left photo)

For several years, Mark worked alongside Principals Tim Brotherton and Edwin Yarbrough, who served as project manager and vice president respectively.

The Charlotte principals were drawn to CresaPartners because of its commitment to tenant representation and its core operating values: integrity, partnership and entrepreneurship.

CresaPartners’ philosophy, national platform and comprehensive service offerings coupled with the principals’ combined 40 year tenure and established relationships in the local real estate market create a winning combination.

“There’s a natural synergy with the members of our new Charlotte office. They’re great people who integrate well into CresaPartners’ culture,” said Bill Goade, (bottom right photo) CEO, CresaPartners.

“We’re going to continue to recruit former competitors who remain committed to the pure tenant representation business model.”

CresaPartners’ new office is located at 4521 Sharon Road, Suite 370 in Charlotte.

CresaPartners is an international corporate real estate advisory firm that exclusively represents tenants and specializes in the delivery of fully integrated real estate services, including: Transaction Management, Project Management, Relocation Planning and Management, Strategic Planning, Workforce Location and Planning, Subleases and Dispositions, Lease Administration, Capital Markets, and Facilities Consulting.

With more than 50 North American offices, CresaPartners is the largest pure tenant representation firm in the U.S. and Canada. Through a partnership with Atisreal international real estate group, CresaPartners is a member of one of the leading real estate organizations in the world, covering 35 countries.

Contact:
Jodi Goldman, 617-758-6009, National Director ofCommunications,

jgoldman@cresapartners.com

Cushman & Wakefield's Rick Solik takes two NAIOP awards

ORLANDO, FL– Richard Solik (top right photo), Senior Director, Office Brokerage of Cushman & Wakefield-Orlando received two honors at the 13th annual NAIOP of Central Florida 'Best of the Best Awards.'

Mr. Solik received "Outstanding Office Broker" and "Largest Deal" for the 250,000 sf corporate offices for Houghton, Mifflin, Harcourt Publishing in SouthPark Center.

With an aggregate value of $66 million, the transaction relocates 900 employees to two buildings in SouthPark Center for a 10-year term. John Guitar of Flagler Development represented the landlord.

Contact: Brook Hines, 407 541 4401, brook.hines@cushwake.com
www.cushwake.com

EastGroup Properties Announces 117th Consecutive Quarterly Dividend

JACKSON, MI, Mar. 5, 2009– EastGroup Properties (NYSE-EGP) announced today that its Board of Directors declared a quarterly dividend of $.52 per share payable on March 31, 2009 to shareholders of record of Common Stock on March 20, 2009.

This dividend is the 117th consecutive quarterly distribution to EastGroup's shareholders and represents an annualized dividend rate of $2.08 per share.

EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona and California.

Its strategy for growth is based on its property portfolio orientation toward premier business distribution facilities clustered near major transportation features. EastGroup's portfolio currently includes 27 million square feet.

CONTACTS:

David H. Hoster II, (top right photo), President and Chief Executive Officer

N. Keith McKey, Chief Financial Officer, (601) 354-3555

Marcus & Millichap Lisets Two Shopping Center Parcels in McAllen, TX for $26.95M

McALLEN, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for two adjacent parcels within Trenton Crossing shopping center (site map bottom left) in McAllen.

The parcels are Best Buy and OfficeMax, as well as Kohl’s and Shops Space.

Best Buy and OfficeMax is being offered at $12.54 million, or $197 a square foot at a cap rate of 7.5 percent.

Kohl’s and Shops Space is being offered at $14.41 million, which represents a price of $122 per square foot at a cap rate of 7.4 percent cap rate and $122 per square foot.

Alvin Mansour, (top right photo) a first vice president investments and senior director of Marcus & Millichap’s National Retail Group in San Diego, and James Vickers, a retail investment specialist in the firm’s Dallas office, are representing the seller, a Texas-based developer.

“The properties are currently fully triple-net leased to an array of national tenants including Best Buy, OfficeMax, Kohl’s, Old Navy, Dots and Shoe Carnival,” says Mansour. “Both Best Buy and OfficeMax have signed 10-year leases with rent increases every five years in both the initial term and option periods.

Kohl’s has signed a 20-year, triple-net lease with five percent rent increases between each of the six five-year options.”

Built in 2008, Best Buy and OfficeMax encompass 63,703 square feet of retail space located at 8012 and 8016 N. 10th St. Kohl’s and Shops Space include 118,498 square feet of retail space located at 7900 N. 10th St.

Both properties are part of Trenton Crossing, a 248,260-square foot shopping center located on the northeast corner of 10th Street and Trenton Road.

The properties are shadow-anchored by Target, Ross, Marshalls, Hobby Lobby, Bealls and PetSmart and located adjacent to a newly constructed Home Depot and H-E-B supermarket.

Plaza Del Norte, a 46-acre lifestyle center with a tenant mix that includes Conn’s, Walgreens, Circuit City, Petco, Michaels and numerous others, is located directly across 10th Street.

McAllen is located approximately five miles from the border of Mexico near two international bridges that receive traffic counts in excess of 40 million vehicles per year.

Per capita retail sales in McAllen are twice that of the national average. The metropolitan area is home to approximately 1.8 million people.

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

Marcus & Millichap's Tony Azzi Named One of Firm's Top Investment Specialists

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

One agent in Marcus & Millichap’s West Los Angeles office ranked in the Top 30 out of more than 1,300 investment specialists nationwide. The agent is Tony Azzi (13). (top right photo)

“We are proud to recognize Tony as one of the firm’s top agents,” says Harvey E. Green, president and chief executive officer of Marcus & Millichap. “His accomplishments and track record reflect his superior transaction expertise and commitment to client service.”

Azzi, a senior vice president investments and director of the firm’s National Multi Housing Group in West Los Angeles, facilitated transactions valued at more than $46.13 million last year.

Azzi joined Marcus & Millichap in September 1986 and was promoted to senior vice president investments in January 2008. His notable transactions last year included the sale of an $8 million multi-family community in Santa Monica, Calif.; a $6.2 million apartment community in Los Angeles; and a $4.35 million multi-family community in Santa Monica.


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

David Burback Named Executive Managing Director of Grubb & Ellis Company’s Industrial Practice

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has named David S. Burback, (top right photo) a 30-year commercial real estate veteran, executive managing director of its Industrial Practice Group.

As executive managing director, Burback’s role is to leverage all of the capabilities of Grubb & Ellis’ integrated platform on behalf of the firm’s industrial clients. He will oversee more than 430 industrial transaction specialists nationwide.

“We are very pleased to have someone of Dave’s caliber in this important role,” said Greg Coxon, president, Brokerage Services for Grubb & Ellis. “Based on his tenure, management experience and industrial expertise, he is the ideal candidate to take the services and solutions we are able to offer our industrial clients to the next level.”

Burback joined Grubb & Ellis in 2005 and has served as executive vice president and managing director of the company’s Los Angeles South Bay office, the top industrial office across the firm’s nationwide platform, since that time.

Prior to joining Grubb & Ellis, Burback was a principal with Northwest Realty Advisors, a firm he founded in 2000 to specialize in commercial investment services in the Pacific Northwest. Previously, he was manager of the Colliers International office in Portland, Ore. Burback spent the majority of his career in Southern California, launching his career as an industrial professional with CB Richard Ellis, and rising to the level of manager of the firm’s Riverside office.

Burback is a graduate of the University of Southern California. He is a past president of NAIOP and member of ICSC, and ULI. A recognized industry expert, he is a frequent speaker at industry conferences.

Contacts:

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

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

Grubb & Ellis Realty Investors’ Fountainhead Business Park II Earns Energy Star Designation

SANTA ANA, CA– Grubb & Ellis Realty Investors LLC announces that Fountainhead Business Park II, (top right photo) a three-story office building in San Antonio, has earned the U.S. Environmental Protection Agency’s prestigious Energy Star designation.

Fountainhead Business Park II is part of a two-building office campus managed by Grubb & Ellis Realty Investors on behalf of an investor participating in its Private Client Management program.

“Grubb & Ellis Realty Investors is committed to managing each property in our portfolio as resourcefully and responsibly as we can on behalf of each participant in our investment programs,” said Kent Peters, (bottom left photo) executive vice president of Asset Management, Grubb & Ellis Realty Investors. “The Energy Star designation is a wonderful accomplishment, and highlights the hard work and dedication of the entire management team.”

Fountainhead Business Park II is professionally managed by Dan O’Hare, vice president of Asset Management, Grubb & Ellis Realty Investors, who is joined by a property management team headed by Cindy James, RPA, of Grubb & Ellis Company. James’ management team includes: John Cauley, CBE-J, building engineer; Daphne Shepard, administrative assistant; and Daryn Mieure, assistant vice president and senior portfolio manager.

Additional management services were provided by Jeff Allen of Kill Kare Inc. in Huntington Beach, California.

Contacts:

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

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

Marcus & Millichap Sells 96-Unit Apartment Building in Tallahassee, FL

TALLAHASSEE, F– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of University Courtyard, (top right photo) a 96-unit/384-bed student housing community located in Tallahassee, Florida, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

Dorothy Jackman, (top left photo) Associate Vice President, Investments and Travis Prince, (bottom right photo) Investment Specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

The buyer, a limited liability company, was also secured and represented by Jackman and Prince.


“The deterioration of the broader market fundamentals made this deal difficult to get done in a conventional way, but the buyers offered strong terms that ultimately won them the deal.

"The asset is performing well and delivering tremendous yields to the new owners out of the gate” notes Prince.

University Courtyard is located at 3025 South Adams Street and consists of 96, four-bedroom/two-bathroom units at 1,192 square feet (384 beds).

Built in 2000, the community offers fully-furnished units that are leased by-the-bed and multiple amenities, including a swimming pool, sand volleyball court, fitness center and a business center with a computer lab, study rooms, copier and fax service. The community is currently 100 percent occupied.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Stirling Sotheby’s International Realty reports February sales of more than $34.7M

ORLANDO, FL --- Stirling Sotheby’s International Realty, reported it sold homes in the Central Florida area worth more than $34.7 million in February.

Roger Soderstrom, owner and founder of the firm, said sales in February were up more than 35 percent over January 2009.

“The real estate market is beginning to improve,” Soderstrom said. “Sellers understand the need to price their homes for the market, and buyers are beginning to realize the values that are available,” Soderstrom added.

During the first few days of March, Soderstrom said Stirling Sotheby’s International Realty’s World Center in downtown Orlando negotiated sales totaling more than $2 million and the firm anticipates its March sales will top February’s strong showing.

Soderstrom said Stirling Sotheby’s International Realty has seen strong short sale activity as well as upper tier luxury home sales since Jan. 1.

“We anticipate a strong first quarter in 2009,” Soderstrom said.

“This is the perfect time to buy real estate, especially in Florida. The opportunities to own single-family homes, condominiums, oceanfront and riverfront properties has never been better.

"Prices are very affordable, and buyers are making deals now that will change their lives,” Soderstrom said.

CONTACTS:

Roger Soderstrom, Founder/Owner, Stirling Sotheby’s International Realty, 407-588-1260 http://www.stirlingsir.com/,
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Tidewater Packaging Extends Lease in Chesapeake, VA

NORFOLK, VA – GVA Advantis announces Tidewater Packaging Services, LLC has extended their lease on 19,400 SF in Suite G and expanded into an additional 13,100 SF of space in Suite H at 1400 Cavalier Boulevard (top right photo) in Chesapeake.

Bill Throne, SIOR, CCIM, ALC, Senior Director in the Norfolk office, represented the tenant in this transaction.

“Bill is a professional presenting realistic options and opportunities for a small business needing a trusted real estate advisor. His knowledge about the industrial market in our region was immensely helpful and he is an excellent advocate for his client.” said Debra Lybrand, CPA, President, The TPS Group.

TPS is a premier third party logistics provider which offers services including packaging and crating, warehousing and logistical services.

Contact: Susan Childress, 757.213.8217, schildress@gvaadvantis.com