MHI Hospitality Corporation Opens Crowne Plaza Tampa Westshore

WILLIAMSBURG, Va., Mar. 10 /PRNewswire-FirstCall/ -- MHI Hospitality Corporation (NASDAQ:MDH) announced today that the Company has opened the Crowne Plaza(R) Tampa Westshore (top right photo) in Tampa, Florida.

This follows the completion of an extensive 16-month repositioning of the property in line with a 10-year franchise agreement with InterContinental Hotels Group through its franchising entity, Holiday Hospitality Franchising, Inc.

The 11-story hotel underwent a renovation of both the interior and exterior.

The newly reconfigured asset features 222 guest rooms including 44 Cabana suites, as well as 10,000 square feet of flexible meeting and pre-function space; a 6,500 square foot signature restaurant lease space; an outdoor pool, and approximately 250 surface parking spaces.

The hotel is situated on 3.82 acres in Tampa's Westshore Corridor, the city's corporate, entertainment, restaurant and shopping district, and is within two miles of Tampa International Airport.

Andrew M. Sims, (middle left photo) President and CEO of MHI Hospitality Corporation, stated, "We are very pleased to announce the opening of the Crowne Plaza Tampa Westshore.

"This completely repositioned hotel is a classic example of our portfolio model in terms of full service amenities, value and strategic location..

"As the asset gains increasing traction in the Florida Gulf market, the Crowne Plaza Tampa Westshore should compete very effectively."

Crowne Plaza has been recognized by Lodging Hospitality magazine as one of the industry's top growing hotel brands. As part of the IHG global portfolio, the Crowne Plaza Tampa Westshore is one of more than 300 hotels in nearly 60 countries

CONTACTS:

Bill Zaiser, Chief Financial Officer of MHI HospitalityCorporation, +1-301-220-5400; or

Vicki Baker, +1-703-796-1808, for MHIHospitality Corporation

Web Site: http://www.mhihospitality.com/

Morrison Commercial Real Estate Completes 42,334-SF Lease at University Corporate Center III, Orlando, FL

ORLANDO, FL (Mar. 10, 2009): Greg Morrison, CCIM, SIOR, Principal of Morrison Commercial Real Estate, announces the completion of an office lease totaling 42,334 square feet at University Corporate Center III, (bottom right photo) located in the Quadrangle Business Park at 11474 Corporate Boulevard, Orlando, Florida.

Greg Morrison (top left photo) and Emily Zinaich (top right photo) of Morrison Commercial Real Estate negotiated the lease on behalf of the landlord, Opus Real Estate FL VII UCC3, L.L.C.

The tenant, Northrop Grumman Systems Corporation was represented by Christopher Sproles of CB Richard Ellis.

Morrison noted that “The University Submarket” is one of the office submarkets in the Orlando area that is still seeing positive leasing activity. This is largely due to the fact that it is the hub for the “Simulation Training Industry.”

Northrop Grumman Systems Corporation is a leading global security company whose 120,000 employees provide innovative systems, products, and solutions in aerospace, electronics, information systems, shipbuilding and technical services to government and commercial customers worldwide.

Contact: Marylyn Tryon, Phone: 407.219.3500. Email: mtryon@morrisoncre.com

HFF places $33.2M loan for Newbury Common Apartments in Stamford, CT

WESTPORT, CT –HFF (Holliday Fenoglio Fowler, L.P.) has arranged first mortgage acquisition financing on behalf of Seaboard Properties for its purchase of Newbury Common Apartments (above centered photo) in Stamford, Connecticut.

HFF senior managing director Al Epstein (top ;eft photo) and director Christine Riniti worked exclusively on behalf of Seaboard in arranging the $33.2 million, fixed-rate loan through Freddie Mac (Federal Home Loan Mortgage Corporation).

HFF, a designated Freddie Mac Seller/Servicer, has closed more than $70 million in financings with Freddie Mac in 2009.

Newbury Common Apartments is located at 1450 Washington Boulevard in Stamford’s central business district near the Stamford campus of the University of Connecticut.

It has two towers with 261 units, which are 96% leased as well as 9,000 square feet of commercial space plus a 295-space underground parking garage.

Newbury Common Apartments also offers an affordability component whereby a portion of the units are occupied by qualified tenants.

“This is a substantial, well-built property. It is a concrete structure as opposed to the more common wood frame building and is located in a healthy multifamily environment.

"It stands out because of the quality of its construction, the generous size of the apartment units and the unmatched amenities, which include an indoor swimming pool, health club, business center, screening room, billiards room, tennis courts and community room,” said Epstein.

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:

Alvin J. Epstein, HFF Senior Managing Director, (203) 226-8171. aepstein@hfflp.com

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

Marcus & Millichap's Michael Yu Named One of Firm's Top Investment Specialists

Yu is also the firm’s top hospitality agent nationwide.

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.

Michael Yu, (top right photo) of the firm’s Houston office, ranked in the Top 30 out of more than 1,300 investment specialists nationwide. Yu has been the firm’s top hospitality agent nationwide for the past two years.

“We are proud to recognize Michael 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.”

Yu is an associate vice president investments and director of the firm’s National Hospitality Group in Houston. He joined Marcus & Millichap in July 2003. Yu and Rahul Bijlani, also a director of the firm’s National Hospitality Group in Houston, have dominated the mid-market hotel investment sales market in Texas.

Yu and Bijlani facilitated more than 16 hospitality transactions in 2008, despite the turmoil in the financial markets. Together, Yu and Bijlani have represented the buyer, the seller or both on almost 90 percent of Marcus & Millichap’s hospitality transactions in Texas and Louisiana during the past four years.

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

WELBRO Receives AGC's 2009 Horizon Award and Chairman’s Award for Valencia Community College Allied Health and Sciences Building

ORLANDO, FL: Associated General Contractors of Greater Florida recently presented WELBRO Building Corporation with their annual Horizon Award for New Construction of a facility in the 15 to 30 million dollar category for Valencia Community College’s Allied Health and Sciences Building located on the VCC West Campus.

WELBRO was also awarded the Chairman’s Horizon Award for the same project.

Accepting the awards for WELBRO were Richard Rodriguez, Operations Manager; George Novo, Sr. Project Manager and Paul Hayes, Site Manager. Helene Loiselle, Assistant Vice President of Facilities and J Iverson, Project Director accepted on behalf of Valencia Community College.

WELBRO provided construction management services for this three-story, 80,000-square-foot building. The facility is Valencia’s first LEED-certified green building.

Contact: Patricia A. Werner, CEcD, 407/475-0800; mobile: 407/766-3951 2301. pwerner@welbro.com

C&W negotiates renewal for Harland Financial Services headquarters in Lake Mary, FL

ORLANDO, FL – Cushman & Wakefield of Florida, Inc. (C&W) announced Harland Financial Services has renewed their 80,000 sf lease at 605 Crescent Executive Court (top right photo).

Richard Solik, (bottom left photo) Senior Director, Office Brokerage Services represented the tenant in the $18 million, 10-year deal .

A major supplier of software and services for financial institutions, Harland Financial Solutions has occupied the top three floors of Primera Building III in Lake Mary since 1998.

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

Hal Warren elected Vice-Chairman of Orlando Historic Preservation Board

ORLANDO, FL - Hal Warren, (top right photo) a veteran commercial broker in Central Floridaand associate partner at Hendricks & Partners in Orlando, has been elected vice-chairman of the Orlando Historic Preservation Board.

Warren was appointed to the Orlando Historic Preservation Board in December 2007 by Orlando Mayor Buddy Dyer. (bottom left photo)

A graduate of Florida State University in Tallahassee, Warren earned his MBADegree from the University of Central Florida. He has more than 20 years of experience in commercial real estate, including positions as southeast acquisitions director for United Dominion Realty Trust, Inc. and senior director with Cushman & Wakefield's Apartment Brokerage Services

.Last year he joined Hendricks & Partners, the nation's largest private capital network of advisors and systems, as associate partner in the firm's southeast regional division headquartered in downtown Orlando.

"The Orlando Historic Preservation Board plays an important role in maintaining and protecting those elements of architecture and infrastructure that make Orlando a unique place with a vivid connection to its past,"Warren said.

For more information, please contact:

Hal Warren, Associate Partner, Hendricks & Partners, 407-218-8881

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

General Services Administration Signs Lease for 32,980 SF, Build-to-Suit Office Building in El Segundo, CA

Facility Will House Los Angeles United States Military Entrance Processing Station

EL SEGUNDO, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announces that the U.S. General Services Administration signed a lease for a 32,980-square-foot, build-to-suit office building (top right rendering) on 4.25 acres in El Segundo.

The facility will house the Los Angeles United States Military Entrance Processing Station. Terms of the transaction were not disclosed.

An agency of the Department of Defense, MEPS is responsible for qualifying and processing applicants for the United States Armed Forces and federal service.



Of the 65 MEPS facilities located throughout the United States, Los Angeles is the largest. Construction is under way on the new Los Angeles MEPS facility, which will be located at 1700 E. Grand Ave.

It is slated to open in August 2009. The Los Angeles facility will be relocating from 5051 Rodeo Road in Los Angeles.

Jim Biondi, Terry Reitz, Jeff Smart and Gerald Kim of Grubb & Ellis’ Los Angeles South Bay office represented the lessor, Mar Canyon Grand LLC, in the transaction. Shadd Walker of Colliers International represented the lessee.

Contacts:

Sharon Abar, 714.975.2185, sharon.abar@grubb-ellis.com
Damon Elder, 714.975.2659, damon.elder@grubb-ellis.com

Richard Plummer Joins Grubb & Ellis as Senior Vice President, Institutional Capital Markets

LOS ANGELES, CA (Mar. 9, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Richard Plummer, (top right photo) one of Southern California’s top investment sales professionals, has joined its downtown Los Angeles office as senior vice president.

Plummer will be part of Grubb & Ellis’ Institutional Capital Markets Group, which provides real estate investment and advisory services to the company’s most sophisticated clients.

“Richard is an exceptionally talented and successful broker and is an excellent fit for us culturally,” said Glen Esnard, president of Grubb & Ellis Capital Market Group.

“He shares our commitment to client service and his expertise further strengthens our Institutional Capital Markets platform, which we have structured to best address the issues our clients are facing today.”

Plummer, a 31-year veteran of commercial real estate, joins Grubb & Ellis from Cushman & Wakefield, where for 21 years he was a member of the Capital Markets Group.

He has successfully completed more than 100 transactions valued in excess of $5 billion, primarily representing institutional sellers in the sale of trophy office buildings.

Major transactions in the Downtown LA market include the disposition of 333 S. Hope St. (1.4 million square feet), 444 S. Flower St (891,000 square feet), (bottom left photo) 725 Figueroa (895,000 square feet, 6300 Wilshire Blvd. (401,000 square feet) (middle right photo) and 1000 Wilshire Blvd. (471,692 square feet). (top left photo)

Chuck Hunt, executive vice president and regional managing director of Grubb & Ellis’ Los Angeles operations, said, “Richard is one of the best known players in the institutional investment arena. He is an invaluable addition to our team. ”

Plummer was a consistent top performer while at Cushman & Wakefield, earning the C&W Investment Sales Service Excellence Award for Southern California, the C&W National Deal of the Year Award and was a regular member of C&W Chairman’s Circle.

“Grubb & Ellis is an established name with a strong national presence. At the same time, it is a new company – with a senior management team that has a specific game plan to grow the company,” said Plummer.

“Grubb & Ellis has shown the ability to recruit and retain top professionals, despite the challenges of the current market.”

Plummer earned a bachelor’s degree from the University of Wisconsin and is a member of the Urban Land Institute’s Transit-Oriented Development Council.

Contacts:

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

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

3 Retailers Share Grand Openings at Posner Park in Davenport, FL

ORLANDO, FL – Mar. 9, 2009 – The Orlando office of CB Richard Ellis is pleased to announce the grand openings of Ross Dress for Less, Payless Shoes, GNC, and Camille's Sidewalk Cafe at Posner Commons at Posner Park (middle left photo) in Davenport, Florida.

Jorge Rodriguez, (bottom right photo) Senior Associate, and leasing agent for Posner Commons stated, "The recent grand opening of Ross completes Posner Commons' last phase of anchor tenants.

"Ross is the 11th, and last, anchor tenant to open in this center. In the midst of the current economic turmoil and a credit crunch crisis, Posner Commons remains vibrant and active with local shoppers and tourists alike.

"Having a captive audience at a major interchange with virtually no competition for many miles around has helped to secure tenants such as the ones who have recently opened."

Anchor and junior anchor tenants include, Best Buy, JC Penney, Belk, Books A Million, Target, Staples, PetSmart, Michael's, Ross, Dollar Tree, and Dick's Sporting Goods.

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

West Side Industrial Team Joins Grubb & Ellis Company’s Detroit Office

Addition of Rob Hughes and team strengthens capabilities in western suburbs

SANTA ANA, CA(Mar. 9, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Rob Hughes (top right photo) has joined the company’s Industrial Group as senior vice president, bringing with him a two-person team.

The team’s addition enhances the office’s tenant, owner/user and landlord representation capabilities in western Wayne, western Oakland, Washtenaw and Livingston counties.

Hughes, 38, joins Grubb & Ellis from Colliers International Detroit, where he was a vice president and associate broker. He brings his two-person team, which includes Tom Oldham (top left photo) and Curtis Ullstrom.(middle right photo) Oldham and Ullstrom join Grubb & Ellis as associate vice president and associate, respectively.

“The west side suburbs have historically been a strong region for the industrial market because of the diverse industry base and excellent talent pool,” said Fred Liesveld, (bottom left photo) executive vice president and managing director of Grubb & Ellis’ Detroit offices.

“Bringing Rob and his team on board creates opportunities to gain market share, and their excellent reputation for quality service will allow us to better serve our existing clients.”

During his nearly 10 years with Colliers, Hughes specialized the leasing and sales of industrial, R&D/flex and manufacturing facilities as well as site selection and build-to-suit projects.

Some of his most recent assignments include a 35,000-square-foot build-to-suit flex building for J.H. Bennett and Co. in Novi and the representation of Helicon Therapeutics in the leasing of a 77,461-square-foot life sciences/bio-pharmaceutical facility in Sorrento, Calif.

Hughes began his career in the real estate industry with Crabill & Company in 1995, where he specialized in industrial properties. He is a member of the Michigan Commercial Board of Realtors, the National Association of Realtors, the Michigan Association of Realtors and is a licensed salesperson in the state of Michigan.

Hughes said, “We’re pleased to join forces with such a strong team of industrial professionals. As part of Grubb & Ellis, we will better-positioned to serve our clients locally as well as on a multi-market basis.”

Oldham, 30, joined Colliers in 2001 as a sales associate. He holds a bachelor’s degree from Miami University and is a member of the National Association of Realtors.

Ullstrom, 44, joined Colliers in 2007 as a sales associate. He is a Certified Commercial Investment Manager and a member of the National Association of Realtors.

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

Investors Lose $32M in Trump's Mexico Condo-Hotel Project

(BAJA, MEXICO)—There is no joy in Trumpville today. The mighty Donald has struck out – again.

New York entrepreneur Donald J. Trump’s planned 526-suit Trump Ocean Resort Baja – 30 minutes south of Downtown San Diego --- is nothing but a deep hole in the ground today.

The condo-hotel project (top right rendering)in North Baja, Mexico, could not obtain financing from a German bank to start construction.

Investors who had rushed to plunk down 30 percent deposits on suites priced from $300,000 to $3 million, are out their money.

Trump Entertainment Resorts Inc., through a Mexican entity, PB Impulsores, informed investors there were no funds to refund deposits totaling $32.2 million.

Trump Entertainment Resorts maintains a clause in the buyers’ contracts gave the developer a right to spend their deposits.

Several lawsuits have already been filed in Los Angeles Superior Court.

Trump Baja condos went on sale in October 2006. S&P Destination Properties sold 188 units for a total $122 million on the first day of the sale.

Trump and his partner in the project, Los Angeles-based Irongate Capital Partners LLC, had retained S&P Destination to handle sales and marketing.

Trump claims his only relationship to the project was licensing his name for a fee. He will argue in court that he was not a direct investor in the project, according to sources in a position to know.

Trump, through his Trump Organization, now says Irongate violated a contract to license the Trump name and also missed deadlines to find construction financing. Irongate officials declined to comment.

At the gala San Diego sales reception in October 2006, Trump told buyers Trump Baja “will redefine the standard of premier property ownership and service excellence for all of Northern Mexico.”

He added, “I’ve always said, ‘location is everything,’ and being just 30 minutes from Downtown San Diego makes this an ideal locale for a premier resort property.”

The planned studio, one-bedroom, two-bedroom and three-bedroom residences were designed for 532 square feet to 2,200 square feet of living area.

As Real Estate Channel previously reported, Trump Entertainment Resorts Inc., a nine-company related leisure-vacation group, filed for Chapter 11 bankruptcy protection in February.

The holding company listed assets of $2.96 billion and debts of $1.74 billion. The bankruptcy filing was the third in 20 years for Trump-directed companies.

Holliday Fenoglio Fowler's Big Deals in Last 45 Days

Marcus & Millichap Names Top Producers

Mark Myers in Chicago has closed more than $1.6B in career transactions

CHICAGO, IL – 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 Chicago office ranked in the Top 30 out of more than 1,300 investment specialists nationwide. The agent is Mark Myers (25). (top right photo)

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

Myers, a senior vice president investments and senior director of the firm’s National Seniors Housing Group in Chicago, facilitated transactions valued at more than $97.05 million last year. Myers joined Marcus & Millichap in November 1993 and was promoted to senior vice president investments in January 2008.

His notable transactions last year included the sale of a $23 million assisted living care facility in Corona, Calif., a $15.3 million skilled nursing facility portfolio in various locations in Indiana, and a $ 7.1 million assisted living and specialty care facility in Meredith, N.H. Myers has closed more than 250 transactions in his career, valued at greater than $1.6 billion.

MATTHEW KESTERSON NAMED ONE OF FIRM’S TOP INVESTMENT SPECIALISTS
VERO BEACH, FL – 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 Vero Beach office ranked in the Top 30 out of more than 1,300 investment specialists nationwide. The agent is Matthew Kesterson (20).(middle left photo)

“We are proud to recognize Matthew 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.”

Kesterson, a vice president investments and a director of the firm’s National Multi Housing Group in Vero Beach, facilitated transactions valued at more than $88.59 million last year.

Kesterson joined Marcus & Millichap in 2002 and was promoted to vice president investments in July 2008. His notable transactions last year included the sale of $10.15 and $9.24 million multi-family communities in Montgomery, Ala., and a $9.95 million apartment community in Daytona Beach, Fla.

STEPHEN STEIN RETURNS AS REGIONAL MANAGER OF LOS ANGELES OFFICE

LOS ANGELES, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Stephen Stein (bottom right photo) regional manager of the firm’s Los Angeles office, according to Harvey E. Green, president and chief executive officer.

“With great pleasure, we welcome Steve back to the position of regional manager of the Los Angeles,” comments Green. “This is a position in which he has previously served with great distinction.

"Steve’s hands-on management skills, combined with his extensive transaction experience as a commercial real estate investment specialist, make him an invaluable resource to our agents and clients throughout Southern California.”

Stein joined Marcus & Millichap’s Phoenix office in 1990 as an investment specialist. He ranked among the firm’s Top 10 agents in 1991 and in 1994, and became a senior associate in 1993. He received the senior investment associate distinction in 1996 and was promoted to regional manager in the firm’s Long Beach office in August of that year.

In April 1999, Stein became the regional manager of the Los Angeles office, and in April 2000, was elected a first vice president of the firm. In June 2003, Stein rejoined the sales force in Los Angeles. He earned two National Achievement Awards and was promoted to vice president investments in January 2008.

Throughout his sales career, Stein has received 10 internal sales recognition awards. Stein graduated from Arizona State University in 1979 with a degree in marketing.

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

Marcus & Millichap Lists Crystal Casino Hotel in Compton, CA for $16M

COMPTON, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for the guestrooms portion of the Crystal Casino Hotel, (top right photo) a 238-room hotel and casino in Compton.

The listing price of $16 million represents $67,227 per room.

Gordon Allred, (middle left photo) vice president investments and director of the firm’s National Housing Group in Ontario, is representing the seller.

“The Crystal Casino Hotel offers an investor a unique opportunity to acquire the guestrooms portion of a full-service casino hotel in Los Angeles County,” says Allred.

“The seller will lease back the entire ground floor and retain operation of the casino, restaurant and bar.

"In addition to the sale/leaseback, the food and beverage profits and the proposed seller financing, present an opportunity to achieve positive cash flow based on current operations with an opportunity for substantial growth through improved management and renovation.”

Located at 123 East Artesia Blvd. in Compton, the nine-story hotel and casino is situated on 9.19 acres along the Alameda Corridor between Long Beach, Calif., and Los Angeles in the center of Los Angeles County.

Crystal Casino Hotel is comprised of eight floors with 238 keys above the leased ground floor, which contains the casino, restaurant and bar. The seller will lease back the entire ground floor for $600,000 per year and retain operation of the casino, restaurant and bar.

The seller will provide a $12 million all-inclusive trust deed loan at a 7.5 percent fixed rate for five years.

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