Bulls Capital Partners Arranges Financing of $2.68M for 72-Unit Apartment Property in Fort Collins, CO.

VIENNA, VA, April 14, 2009 -- Bulls Capital Partners LLC, a multifamily financial services provider and Fannie Mae Delegated Underwriting & Servicing (DUS®) lender, today announced it has provided financing to Willow Grove, Ltd. in the amount of $2,680,000 for the refinance of Willow Grove Apartments (bottom right photo) in Fort Collins, CO.

Willow Grove Apartments is a 72-unit garden apartment complex built in 1990 with a mixture of one and two bedroom units.

The complex is part of a community development which shares amenities such as a pool, spa and fitness center.

The loan was originated by Mark Van Kirk (top right photo) at Bulls Capital Partners, LLC. Tom Sibbald of Shield Street Corporation represented the Borrower.

Herman Bulls, (top left photo) President & CEO of Bulls Capital Partners said, "A testament to our focus on customer service at Bulls Capital Partners is our ability to work with borrowers and structure deals which are responsive to their long term ownership needs and the current economic environment."

Bulls continued, "It was very important for us to retain this maturing loan in our portfolio and we like the long term outlook of the Colorado market."

"In the current multifamily debt market, most transactions have some challenges to overcome," said Van Kirk, co-founder of Bulls Capital Partners.

"The Fannie Mae personnel working on the Willow Grove transaction were extremely responsive to all issues that arose during the origination and closing process. This commitment by Fannie Mae was the catalyst to a timely execution for this transaction."

About Bulls Capital Partners, LLC

Bulls Capital Partners, LLC is a Fannie Mae approved Delegated Underwriting and Servicing (DUS®) lender that offers a full array of financing solutions to owners of multifamily property.

Bulls Capital Partners' key capabilities under the DUS program include small loan solutions, affordable housing solutions, student housing, market-rate multifamily mortgages, and credit facilities, among other offerings.

Bulls Capital Partners is a joint venture of Goldman Sachs Commercial Mortgage Capital, L.P. and Bulls Multifamily, LLC, a minority-controlled firm headed by Herman Bulls.

Bulls previously ran a successful DUS lending operation, and has extensive commercial real estate experience with one of the world's leading real estate service providers. Co-founding Bulls Capital Partners with Bulls is Van Kirk, who previously served as Director of Counterparty Risk at Fannie Mae.

Website: http:// http://www.bullscapitalpartners.com/

CONTACTS:

Bulls Capital Partners, LLC, Herman Bulls, President & CEO, phone: (202)256-1814
Herman.Bulls@bullscapitalpartners.com

Mark B. Van Kirk. Co-Founder & COO, phone: (703)283-9700
Mark.VanKirk@bullscapitalpartners.com

Prudential Mortgage Capital Arranges $756M FHA Loan for Trenton, NJ Area Hospital

(Rendering of new Capital Health System hospital in Hopewell, NJ, above)

Construction Loan Called Largest in FHA History

NEWARK, NJ.--(BUSINESS WIRE)--Prudential Mortgage Capital Company has arranged a $756 million construction loan for a new hospital in Hopewell Township, N.J., the largest in Federal Housing Administration history.

Prudential’s (NYSE: PRU) FHA-lending business Prudential Huntoon Paige, arranged the loan through the FHA’s Section 242 Hospital Mortgage Insurance program.

“We are proud of our participation in this historic loan which highlights the strength and depth of our agency platform," said David Durning, senior managing director, Prudential Mortgage Capital.

“With the addition of this loan, we anticipate reaching more than $1 billion of FHA originations in 2009, further demonstrating the confidence we have in our FHA program.”

The hospital, located in the Trenton N.J. area, is currently under construction by Capital Health System, Inc. TIAA-CREF provided the funding for the loan. The loan will also help fund a $45 million expansion of Capital Health’s hospital in Trenton.

“By working with our partners at the Federal Housing Administration and the Government National Mortgage Association, we were able to leverage our strength and expertise to identify the financing solution for Capital Health,” said Marie Head, (top left photo) managing director, Prudential Huntoon Paige.

“We are delighted to have been part of this very important transaction, which will provide the residents in the greater Mercer County region with vital medical services and create jobs for the community.”

Al Maghazehe, (middle right photo) CEO & President of Capital Health said, “With the financing now in hand, we are confident that we’ll deliver to this region in 2011, the finest healthcare facilities and most advanced medical care available.

" We are extremely proud that Capital Health met the high standards of the FHA, Prudential and TIAA-CREF and that they decided to support these projects that will bring state of the art healthcare to this part of the state.”

Ranked the second highest multifamily and healthcare originator by the FHA and the third largest national Ginnie Mae Issuer, Prudential Huntoon Paige arranged more than $306 million in multifamily and healthcare loans in 2008.

In addition, the company maintains a loan servicing portfolio of more than $5 billion, including $2.7 billion in hospital loans.

“Ginnie Mae is proud to participate in this important community-building construction project,” said Joseph J. Murin, (top right photo) president of Ginnie Mae.

“The U.S. government is working hard to help rebuild our struggling housing market, and since thriving homeownership depends on thriving communities, we are happy to provide a government-guaranteed security to ensure this project is a success.”

“Funding this loan is a win-win for all involved,” commented John Cerra, fixed-income portfolio manager at TIAA-CREF. “The high-quality, low-risk securities which we will purchase to fund this mortgage to Capital Health match our long-term investment needs as a retirement system.”*

Contact:
Prudential Financial, Inc., Lisa Iurato, 973-802-5345. lisa.iurato@prudential.com

Arbor Closes $16.5M Fannie Mae DUS® Loan for Harper Square Co-op in Chicago

UNIONDALE, NY, April 13, 2009 – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $16,500,000 loan under the Fannie Mae DUS® product line for the 591-unit complex known as Harper Square Coop (top right photo) in Chicago, IL.

The 30-year loan amortizes on a 30-year schedule and carries a note rate of 7.17 percent.

The loan was originated by Michael Jehle, (bottom left photo) Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI lending office.

“The members of Harper Square Cooperative were looking for a lender that could decouple their existing HUD 236 mortgage and also provide substantial renovation funds for the upgrade of their property,” said Jehle. “Arbor was able to do both at a very attractive long-term interest rate.

Contact: Ingrid Principe, Iprincipe@arbor.com

Hotel Guests' Demand for Newspapers Down 25%, Says Marriott

BETHESDA, MD, April 13, 2009--Marriott International announced today that guest demand for newspaper delivery at more than 2,600 hotels in the United States has declined by about 25 percent.

Marriott will become the first major hotel company to shift to a free newspaper delivery system based on customer preference, reducing waste at the same time.

Beginning June 1, the company’s full-service hotels, including Marriott Hotels & Resorts, JW Marriott Hotels & Resorts and Renaissance Hotels & Resorts, will deliver newspapers to guest rooms based on customer preference.

The company’s 30 million Marriott Rewards members will be able to update their online profiles and receive their preferred newspaper automatically.

Guests who are not Rewards members will be asked for their preference at check-in. Guests will have a choice between USA TODAY, The Wall Street Journal, the local paper, or no paper.

Effective April 20, the company’s Courtyard, Fairfield Inn, SpringHill Suites, Residence Inn, and TownePlace Suites hotels will offer newspapers free-of-charge in their lobbies.

“We want to give guests the choice of whether they want a newspaper or not,” says Chairman and CEO J.W. Marriott, Jr. (top right photo)

“I visit more than 250 hotels a year, and more often than not, I’m stepping over unclaimed newspapers as I walk down the hallway. This new program is more guest-focused.”

Based on preliminary data, the company projects that newspaper distribution will be reduced by about 50,000 papers daily or 18 million papers annually, thereby avoiding 10,350 tons of carbon emissions (calculated by Conservation International assuming an estimate of .5 pounds per paper).

Cost-savings, if any, will vary based on consumption at individual hotels.

More than 25 years ago, through a pioneering partnership with the Gannett Co., and USA TODAY, Marriott was the first major hotel company to feature broad newspaper delivery to its hotel rooms in the U.S.

The two companies will continue to work together to offer guests innovative online news, including products such as the GoBoard™ available around-the-clock in Courtyard hotel lobbies.

“USA TODAY was founded on the idea that one newspaper could reflect the shared interests of Americans across the country.

" Our ability to connect readers with what is important to them makes us the most-read newspaper in the country and the number one choice of travelers,” said Susan Lavington, (bottom rightt photo) senior vice president of marketing, USA TODAY.

“As the needs of news consumers continue to shift, USA TODAY has innovated to provide valued content in any platform consumers choose. We look forward to extending that choice to Marriott’s valued guests through print, online, mobile devices or on a GoBoard™ in their hotel lobby.”

“More individuals choose to buy the Wall Street Journal than any other newspaper in America. We applaud Marriott for now extending this choice to their guests." said Paul Bascobert, (middle left photo) chief marketing officer for the Dow Jones Consumer Media Group.

"At a time when others are scaling back, The Wall Street Journal’s expanded coverage of national news, health, leisure and sports will be a welcome benefit to Marriott guests.”

Fed's Balance Sheet Balloons but News May be Good for Commercial Real Estate Market

SANTA ANA, CA, April 13, 2009--Bob Bach, (top right photo) senior vice president and chief economist at Grubb & Ellis Co. reports today the Federal Reserve's balance sheet (top left chart) has ballooned since last September because it has implemented several programs to combat the credit crisis.

With the target federal funds rate as low as it can go – in a range of zero to one-quarter percent – the Fed has turned to "quantitative easing" including enhanced levels of liquidity for financial firms, direct lending to borrowers and investors, purchases of high-quality assets such as Treasury securities, and support for troubled institutions such as Bear Stearns and AIG.

These programs intersect with commercial real estate at a couple of levels.

The Term Asset-Backed Securities Loan Facility (TALF), although off to a slow start, may be extended to cover commercial mortgage-backed securities if it can be modified to accommodate the longer terms typical of CMBS loans.

The rapid expansion of the Fed’s balance sheet raises the specter of inflation; this could work to the advantage of commercial real estate, which traditionally has been viewed as a hedge against inflation.

However, inflation may not become a problem unless the economy bounces back quickly, which doesn't seem likely.

A gradual recovery would, in theory, give the Fed a window to sell off its assets at an orderly pace, thereby removing excess liquidity from the economy before inflation has a chance to accelerate.

Source: Federal Reserve, Grubb & Ellis

Contact: Grubb&EllisCommunications@Grubb-Ellis.com

Orlando Industrial Market Vacancy of 23.46% Lowest Since 1989

Vacancy at the end of 2008 was 16.75%, already the highest rate since 1993.

WINTER PARK, FL--Orlando’s bulk warehouse leasing market plunged during the first quarter of 2009 to its lowest occupancy rate since Rebman Properties began its survey of the bulk market in 1989, reports Rebman vice president Greg Rebman (top right photo).

In its first quarter 2009 bulk warehouse survey, the Winter Park, FL-based industrial real estate firm found:

Demand

The vacancy rate in the 139 buildings surveyed – comprised of institutionally-owned warehouses held for lease to industrial tenants – is now at an astounding 23.46%.

There was 623,051 square feet of negative absorption in the surveyed buildings, making it one of the worst quarters in the past 20 years and the worst since the early 90’s.

Downsizings, bankruptcies and other exits from the market continue as the unemployment rate and other economic variables continue to flounder or worsen.

The only significant lease in the first quarter was the lease of 40,100 square feet by Customized Delivery Services at Crossroads 2.

Supply

There were three buildings added to the survey in the period, which exacerbated the otherwise dismal first quarter.

This is similar to the fourth quarter of 2008, when three buildings were added in a quarter with negative absorption.

The following buildings were added to the survey: Beltway Commerce Center #100, a 141,810 s.f., rear-load facility; Beltway Commerce Center #200, a 145,540 s.f., rear-load facility; and Beltway Commerce Center #400, a 378,601 s.f., cross-dock facility.

These three distribution facilities are located at the intersection of Lee Vista Boulevard and the Greeneway, SR 417.

Rental Rate

The average quoted rental rate for the 139 buildings surveyed is $4.57 psf triple net, down from $4.62 psf at the end of the third quarter.

Construction

Most of the construction which had been put in motion prior to the economic downturn in the third quarter of 2008 has been completed now.

Two new warehouses are slated for completion in July: Lee Vista Business Center, Building D, a 106,500 s.f., rear-load facility; and Lee Vista Business Center, Building E, a 226,800 s.f., rear-load facility.

Forecast

Orlando industrial brokers polled for this survey expressed that market activity has been sparse but were of the opinion that the exits from the market may have peaked over the past two quarters.

Nevertheless, it is expected that the remainder of 2009 will be slow as tenants and prospective purchasers await the “bottom.”

However, it is expected that when the public broadly perceives that we are at or near the bottom, that industrial companies will look to lock in bargains with warehouse purchases and leases of warehouse space.

Contact:

Lynn G. Bailey, Office Manager, Rebman Properties, Inc. 1014 W. Fairbanks Ave., Winter Park, FL 32789 USA. Tel: 407.875.8001. Fax: 407.875.8004. lynn@rebmanproperties.com
http://www.rebmanproperties.com/

Marcus & Millichap Posts Listings Valued at $80M

THREE-PROPERTY OFFICE AND INDUSTRIAL PORTFOLIO IN COLORADO LISTED FOR $58.44M

DETROIT, MI – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a three-property office and industrial portfolio located in Colorado, Texas and Missouri.

The portfolio’s total square feet is 306,688. The sales price is $58.44 million. The properties are being offered as a portfolio or separately.

Dan Danielak, a senior associate in the firm’s Detroit office, is representing the seller.

“All three properties were build-to-suits for their current tenants,” says Danielak, “Each of the leases feature built-in increases, with significant remaining terms.

"Attractive financing, that has been sourced, can give exceptional first-year returns that range from 7.73 to 7.86 percent.”

The three properties are:

SI International Inc. (top right photo), located at 1050 and1090 North Newport Road, in Colorado Springs, Colo., measuring 121,888 square feet.

· Aker Solutions, (middle left photo) located at 2201 North Sam Houston Parkway, in West, Houston, Texas, encompassing 94,800 square feet.

· Nooter Eriksen Inc. (middle right photo) at 1509 Ocello Drive, in Fenton, Mo., featuring 90,000 square feet.

The SI International Inc. property is located in Newport Business Park alongside other major defense and technology companies.

The offering is comprised of one three-story, 91,088-square foot office building and one single-story, 30,800-square foot office building.

The property has fitness center, employee cafeteria and polished granite floors.

The SI International office buildings were build-to-suit for the tenant in 2006 and the double-net lease has seven years remaining. SI International Inc. was purchased by Serco Inc. in December 2008.

Serco North America is a leading provider of professional, technology and management services to the United States’ military and the federal government.

The Aker Solutions building was built-to-suit for Aker in 2007 and features two built-in water pits for engineering and laboratory testing and four overhead crane systems.

Sellers control adjacent land that gives the tenant the availability to expand the existing facility. The current triple-net lease has eight years remaining; one five-year renewal option and a 2.75 percent rent increase every two years.

Aker Solutions ASA, an international $8.3 billion annual revenue organization, is committed to being the industry leader in oil field operations and has chosen Houston and this facility to invest in their company’s operations

The Nooter Eriksen headquarters building is a Class A three-story office building that sits on a spacious 28-acre site. A BTS for Nooter Eriksen Inc. in 2002, the property is absolute net-leased for another 13 years.

The lease calls for cumulative CPI rental increases every five years that are not to exceed 7.375 percent. Additionally, there are four five-year renewal options in place.

Nooter Eriksen Inc. is the world's leading independent supplier of custom-designed heat recovery systems for power plants.

$11.5M DEVELOPMENT SITE IN PORT ST. LUCIE, FL FOR SALE

PORT ST. LUCIE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for the Port St. Lucie Center Village development, a 37-acre land development site in Port St. Lucie.

Paul Bouldin, (bottom left photo) senior associate and an associate member of the National Land Group in Tampa, is representing the seller.

“This is a unique opportunity to purchase an excellent infill location in the city of Port St. Lucie,” states Bouldin. “The site is zoned for mixed-use development of more than 37 acres with 482,694 square feet of buildable space. The seller is prepared to meet the market to sell the property.”

Port St. Lucie is a rapidly growing city with more than 150,000 residents in what was predominately a bedroom community centrally located in the Treasure Coast of Florida in St. Lucie County, which is now transitioning into a dynamic and diverse city.

“The demand is growing for the development of retail, office and affordable housing in Port St. Lucie,” adds Bouldin.

“The economic model of Port St. Lucie Town Center Village, combined with current construction cost and potential income stream, make this asset an attractive long-term investment.”

As one of the fastest growing areas in the United States, and as the new home of the Torrey Pines Institute for Molecular Studies, the Vaccine and Gene Therapy Institute, and the Mann Research Center LLC, St Lucie County is emerging as the next center of science and technology excellence.

In addition, new business developments are expanding the area’s economic drivers, for example the Professional Golf Association (PGA), which is now residing in Port St. Lucie.

Located at 1684 Port St. Lucie Blvd., the development is bordered by Vero Beach to the north and Stuart to the south. It is well positioned to expand still further with more affordable housing and growing of new construction.


LA FITNESS IN DALLAS LISTED FOR $10.6M

DALLAS, April 8, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 45,000-square foot freestanding fitness center (top right photo) net-leased by LA Fitness in Dallas.

The listing price of $10.6 million represents $236 per square foot.

Jason Vitorino, associate vice president investments and a director of the firm’s National Retail Group in Dallas, and Philip Levy, a senior associate also in Dallas, are representing the seller, a Dallas-based developer.

“The new 15-year, double-net lease is guaranteed by LA Fitness International LLC, and has rent escalations every five years, starting in year five,” says Vitorino.

“The escalations are equal to the lesser of the five-year cumulative CPI increase, or 10 percent. Additionally, there are three five-year options to extend the lease, all of which have the same scheduled rental escalations.”

Located at 3029 Forest Lane, inside the Interstate 35 loop, just east of Interstate 35 and west of Webb Chapel and Forest Lane, the property has a prime northwest Dallas location, surrounded by major retailers and office developments.

The population within five miles exceeds 240,000.
The Class A building came on line in the third quarter of 2008.

LA Fitness is a full-service health club and fitness facility headquartered in Irvine, Calif. The company was founded in 1984, and has more than 285 locations in 21 states.

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

Magazine Ranks Roger B. Kennedy Inc. 93rd Largest General Contractor in Southeast

ORLANDO, FL – Altamonte Springs-based Roger B. Kennedy, Inc. was prominently ranked as the Southeast’s 93rd largest general contractor in Southeast Construction’s 2009 Southeast’s Top Contractors survey published in its April issue.

Led by Roger B. Kennedy, Jr., (top right photo) president, the company reported 2008 revenues of $82.6 million. The company also ranks among the Orlando area’s largest construction companies and is one of Central Florida’s largest family-owned businesses.

Perennially ranked among Engineering News-Record’s “Top 400 U.S. Contractors,” the Kennedy organization has been in the construction business for over 135 years, and its experience has passed down from generation to generation.

Its headquarters is located at 1105 Kensington Park Drive, Altamonte Springs, FL 32714, telephone (407) 478-4500.


Contact: Kenneth H. Cristol 407-774-2515

C&W office team of Solik-Owens announces 3 deals for America’s Capital Partners totaling 34,000 sf

ORLANDO, FL–Cushman & Wakefield’s (C&W) Orlando office team of Richard Solik (top right photo) and Betsy Owens announced three lease transactions for America’s Capital Partners last month in the Orlando MSA.

• Sedgwick Claims Management Services renewed and expanded their lease for a total of 30,000 sf in the Primera V building (bottom left photo) in Lake Mary;

• Provident Funding Associates renewed their lease for 2,089 sf at 500 Winderley Place in Maitland;

• Dyne-A-Mark Corporation renewed their 1,242 sf lease at 2400 Maitland Center.

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

http://www.cushwake.com/

Liberty Property Trust Receives Two Prestigious Awards from NAIOP Northeast Florida Chapter

Jacksonville Office Receives ‘Developer of the Year’ and ‘Sustainable Project of the Year’ Honors

JACKSONVILLE, FL - Liberty Property Trust (NYSE:LRY), the real estate investment trust that owns and manages nearly 2.5 million square feet of office and industrial properties in Jacksonville, has received two awards from the Northeast Florida Chapter of National Association of Industrial Office Properties (NAIOP).

The awards, presented to Liberty for its Butler Plaza III LEED® registered building, (top left photo) were received for Developer of the Year and Sustainable Project of the Year.

“To receive ‘developer of the year’ and ‘sustainable project of the year’ honors by NAIOP, the leading trade association for developers, owners, investors and other professionals in the commercial real estate arena, is an exceptional honor,” said Mike Heise, (middle right photo) vice president and city manager, Liberty Property Trust.

Located at 4875 Belfort Road, Butler Plaza III is an 80,000 square foot building that was designed to receive LEED Silver certification (certification is expected at anytime).

The building officially opened last year in July, and in October the company announced that it had leased 98% of the building.

Liberty has since moved its Jacksonville headquarters to the brand new state-of-the-art building and the company has built-out its corporate office space to meet the U.S. Green Building Council’s LEED Gold CI (Commercial Interiors) certification.

Butler Plaza III marks the company’s second sustainable development project in Jacksonville and the company's sixth sustainable building to open in the state.

Contacts:

General Inquiries: Mike Heise, Liberty Property Trust, 904/296-1776
Media Contact: Margo Hunt Winans, a.s.a.p.r., 757/404-8653

LIBERTY PROPERTY TRUST RENEWS TWO TENANTS AT BOCA COLONNADE

BOCA RATON, FL - Liberty Property Trust (NYSE:LRY), the real estate investment trust that owns and manages nearly two million square feet of office and industrial properties in South Florida, has renewed leases with two tenants in its Boca Raton portfolio.

Campus Management Corporation has renewed a long-term lease for 53,619 square feet in the Boca Colonnade building, (bottom right photo) located at 777 Yamato Road.

The company has been a Liberty tenant since 2002. Greg Katz with Studley represented Campus Management Corporation in the transaction.

Also renewing in the Boca Colonnade building is Verizon Wireless Personal Communications LP. The company has renewed its lease for 25,262 square feet and has been a long-time tenant with Liberty since 1995. Keith Edelman and Scott Goldstein with Jones Lang LaSalle represented Verizon Wireless in the transaction.

Contacts:

General Inquiries: Andy Petry, Liberty Property Trust, 561/999-0310
Media Contact: Margo Hunt Winans, a.s.a.p.r., 757/404-8653

Schlage Lock Site Named Best Land Deal of the Year in San Francisco

San Francisco Land Use Lawyer, David Cincotta of Jeffer Mangels Butler & Marmaro LLP, Plays Key Role in Transfer of 12.3 Acres of Brownfield

SAN FRANCISCO, CA--(Business Wire))--Demolition and remediation activities began this week on the long dormant brownfield in San Francisco known as the Schlage Lock industrial site.

Land use lawyer David Cincotta (middle left photo) of Jeffer Mangels Butler & Marmaro LLP, represented Universal Paragon Corp. (UPC) in the real estate transaction, obtaining approvals that cleared the way for development.

The San Francisco Business Times recently named the Schlage Lock site -- part of UPC's 20-acre, $500 million Brisbane Baylands development project -- the Best Land Deal of the Year for 2008.

Ingersoll-Rand, the longtime owner of the Schlage Lock Co. factory that existed on the site, transferred the property to UPC and, in exchange, UPC dropped its decade-old $100 million lawsuit alleging that the Schlage operations had polluted the groundwater at UPC’s adjacent parcel.

UPC also agreed to pay a portion of the $25 million cleanup of the site.

During the transaction, Cincotta worked closely with UPC to pull the numerous parties and the various legal components together.

The complex deal involved settling the lawsuit, indemnifying parties from claims of future environmental liability, obtaining fixed cost contracts for remediation and securing environmental liability insurance.

On the drawing board for Brisbane Baylands are 1,250 housing units (with 25% set aside as affordable); 100,000 square feet of retail, including a supermarket; and 3 parks.

UPC also plans to convert the existing historic Schlage Lock Co. office building, which is currently boarded up, into community space and offices.

San Francisco Business Times reporter J.K. Dineen quoted UPC's General Manager Steven Hanson as saying, “It's a fantastic opportunity for the property, which has been standing unused for ten years, to get a new lease on life."

About JMBM

Jeffer Mangels Butler & Marmaro LLP is a full-service law firm committed to providing clients with outstanding results.

The Firm's Government, Land Use, Environment and Energy (GLUEE) Department comprises more than 25 lawyers. Many of them, including Cincotta, are former city planners and administrators of public agencies.

The GLUEE team regularly represents developers and property owners in land use and environmental issues before the full range of local and California government and legislative bodies, as well as in the courts.

From offices in Los Angeles, San Francisco and Orange County, JMBM serves clients' needs worldwide.

About Universal Paragon Corp.

Universal Paragon Corporation is a leading real estate design and development firm based in San Francisco, creating sustainable, livable and thriving projects that balance economic value and environmental sensitivity.

UPC partners with local communities to build a range of residential, commercial, hotel and mixed-use projects that reflect local values and serve local needs.

Contact: Jeffer Mangels Butler & Marmaro LLP, David Cincotta, 415-984-9687. dcincotta@jmbm.com