Tuesday, May 19, 2009

Place Properties Enters Into Its Newest Third Party Management Contract at the Villas on Guadalupe in Austin, TX

ATLANTA, GA /PRNewswire/ -- Place Properties, a diversified real estate company with expertise in financing, developing and managing award-winning housing communities and facilities for the university and military markets, continues to expand its presence in the third party management business.

Place Properties has assumed management for the Villas on Guadalupe, (top right photo) a 343 bed student housing community serving the students of the University of Texas (bottom left photo) at Austin.

The asset manager, Rreef, is a real estate investment company out of Chicago.

Peggy Daly, Executive Vice President of Property Management, said, "Our management group has positioned itself to selectively grow its third party management business in 2009.

"The Villas at Guadalupe is our newest addition and is a great example of an asset that fits well within our portfolio both in location and quality."

Villas on Guadalupe offers a convenient location to West Campus with first class amenities including a resort-style swimming pool with hot tub, state-of-the-art fitness center, tanning beds, clubhouse with WIFI, and organized resident social activities.

The apartments are fully furnished and every bedroom is wired for high-speed internet. Complete details of the lifestyle offered at Villas on Guadalupe can be found at http://www.smartstudentliving.com/.

Place Properties, LP, has over 10 developments in various stages of construction nationwide, making it one of the largest multifamily development and construction organizations in the country.

Place Properties has developed more than $800 million of student and military housing properties since 1996, and currently manages more than 17,000 beds.
Contact: Jessica H. Nix, National Director of Marketing, 404-495-7591 jnix@placeproperties.com
Web Site: http://www.placeproperties.com/

Tampa Office Vacancy Rises to 17.2 Percent

TAMPA, FL--Randy Smith, regional director of research, GVA Advantis, Tampa, reports the dip in Tampa’s office market continued during the opening period of 2009 with its sixth straight quarter of negative net absorption.

Tepid leasing activity combined with a bump in new supply pushed Tampa’s direct vacancy rate 90 basis points higher in the first quarter to close at 17.2 percent.

Sublease space within Tampa’s office inventory remained just below the two-percent threshold, but will be difficult to contain as businesses continue to “right-size” in step with the slowing national economy.

Face rent retreated only slightly in the first quarter, averaging $22.56 per square foot for Tampa’s available space.
In the current economic environment, credit-worthy tenants are prized by landlords and they have tremendous clout in lease negotiations.
A number of tenants in this category have seized the opportunity to upgrade into fresh office space and heightened migration from class B to class A buildings has been evident in the Tampa market.

In its recent past, Tampa has enjoyed a vigorous job market with annual growth averaging 4.3 percent in 2004 and 3.5 percent in 2005. While it will be difficult to achieve those levels in the near term, Tampa is well positioned for long-term growth. Improvement will be evident later this year and will set the stage for a stabilized market going into 2010.

For a complete copy of the news release and first-quarter office market report, please contact:

Randy Smith, MBA, Regional Director of Research, Advantis Real Estate Services Company,
3000 Bayport Drive, Suite 100, Tampa, FL 33607
Tel 813.342.4725. Fax 813.372.4004. E-mail rsmith@gvaadvantis.com
www.gvaadvantis.com

Monday, May 18, 2009

Arbor Closes Two Fannie Mae DUS® Loans Totaling $3,142,000

UNIONDALE, NY (May 18, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of two (2) loans totaling $3,142,000 under the Fannie Mae DUS® product line. These loans include:

· Pavilion Apartments, Hartford, CT (bottom left photo) – 72-unit complex in the amount of $1,142,000 under the Fannie Mae DUS® MAH product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.11 percent.

· Windsor Oaks Apartments, New Haven, CT – 50-unit complex in the amount of $2,000,000 under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.99 percent.

The loans were originated by John Edwards, (top right photo) Vice President, in Arbor’s full-service Boston, MA lending office.
“We were pleased with the opportunity to provide financing for repeat clients of Arbor,” said Edwards. The loans were arranged by Fred Vogell of Mortgage Resources.

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

Thomas D. Wood & Co. Brokers $3.14M Loan for CVS in Ft. Pierce, FL

FORT LAUDERDALE, FL, May 18, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured construction financing on May 13, 2009, in the amount of $3,140,000 for a CVS Pharmacy in Ft. Pierce, Florida.

Patrick Madore, (top right photo) Company Vice President, financed the CVS Pharmacy through Thomas D. Wood and Company’s relationship with a regional bank.

The construction/mini-perm loan has an interest rate of 6%, and is interest-only for the first year. The loan term is five years, based on a 25-year amortization. Loan-to-value is 75% and loan-to-cost is 90%.
The 14,000 square-foot retail building will be built on two acres of land on US Highway 1 in Ft. Pierce, Florida.

The website may be accessed through http://www.tdwood.com/.

For further information, please contact:
Patrick Madore, (954) 233-6024, pmadore@tdwood.com
Jessica Gurtowski (407) 937-0470 jgurtowski@tdwood.com

Grubb & Ellis Selected to Lease 3131 Turtle Creek in Dallas, TX

DALLAS, TX (May 18, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Proman International has selected the company to lease 3131 Turtle Creek, a 137,000-square-foot Class A, 13-story office building in Uptown Dallas.

“3131 Turtle Creek is located on the most prestigious street in Dallas,” said Chris Wright, senior vice president.

“Along with its unparalleled location, the building itself boasts 24-hour security, on-site management, panoramic views of the Dallas skyline (top right photo) and free covered parking, which is a valuable amenity in this area.”

The property is currently 80 percent leased and has 16 spaces available, ranging in size from 600 square feet to 11,000 square feet. The smaller spaces can be rented contiguously to one another, while the largest space, 11,000 square feet, occupies an entire floor.

Wright and Noreen Mehdi, associate, also of Grubb & Ellis’ Dallas office, are the listing agents on the project.

Contacts:

Julia McCartney, 714.975.2230, julia.mccartney@grubb-ellis.com
Damon Elder. 714.975.2659, damon.elder@grubb-ellis.com

CB Richard Ellis Tampa Hires New Member to Retail Investment Properties Team

TAMPA, FL – May 18, 2009 – CB Richard Ellis (CBRE) Capital Markets is pleased to welcome Paul H. Deschamps (top right photo) as a new member and Vice President to the Investment Properties Private Client Group in Tampa.

Mr. Deschamps will join Mark Shellabarger (top left photo) in specializing in the disposition and acquisition of retail properties in west Central Florida region.

CBRE Capital Markets seamlessly integrates debt and equity finance services with investment properties disposition and acquisitions services.

With a strong background in commercial real estate debt capital markets, Mr. Deschamps is a valuable addition, bringing a successful track record of financing and retail asset management experience to the team.

"CB Richard Ellis' Capital Markets platform is ideally suited to take on the inevitable turn in the market," says Mr. Deschamps. "I'm excited to be on board."

Prior to joining CBRE, Mr. Deschamps provided commercial real estate lending services with LaSalle Bank and Bank of America.

Contacts:
Paul Deschamps, 813.273.8425,
paul.deschamps@cbre.com
Mark Shellabarger, 813.273.8439
mark.shellabarger@cbre.com
Lauren Crawford, 813.273.8482
lauren.crawford@cbre.com

ARA Retained to Market Apopka, FL Condo Community

APOPKA, FL (May 18, 2009) —ARA Florida’s Distressed Assets Solutions Group (DASG) has been retained as exclusive agent, to market for sale 160 multifamily units in a high-quality, 240-unit garden condominium community located west of Altamonte Springs in Apopka, a highly desirable area in the northern half of the Greater Orlando MSA.

“The property represents an excellent opportunity to purchase a significant number of unsold units in a fractured condominium well below replacement cost,” said ARA Orlando-based senior vice president, Kevin Judd (middle right photo) of ARA’s DASG team. “Replacement cost on a similar type of product can range from $125,000 to $150,000 per unit.”

The 80 sold units were purchased for an average sales price of approximately $162,000 per unit.ลก The remaining 160 units are currently 44% occupied and offering rents at $0.91 per square foot.

“This bank-owned fractured condominium project represents one of the many distressed assets where ARA Florida’s DASG Division is focused,” said Avery Klann, (middle left photo) also of ARA Florida’s DASG division.

The property consists of superior unit features and community amenities rivaling the most exclusive country clubs in the area.
Select unit features include energy-efficient appliances, nine-foot ceilings, large walk-in closets and Roman tubs. Some of the many amenities include gated access, oversized pool and spa, fitness center and clubhouse with TV/club room.

To schedule an interview with an ARA executive regarding this opportunity or for more information about Apartment Realty Advisors, please contact Kevin Judd at 407-514-2681 or Avery Klann at 561-988-8800, or via email at judd@arausa.com and klann@arausa.com .

Contact: Marti Zenor, mzenor@ARAusa.com; 561.988.8800 x112 Direct; 954.205.5207 Cell; 561.988.8810 Fax

Wyndham Hotels and Resorts Expands Development Team

PARSIPPANY, N.J. (May 18, 2009) – Wyndham Hotels and Resorts today announced the appointment of Stephen K. Miller (middle left photo) as senior vice president of development, responsible for the growth of the Wyndham Hotels and Resorts brand’s portfolio through management and franchise agreements throughout the Eastern United States.

The appointment marks Miller’s return to the Wyndham® brand, which he served in a senior development role for more than a decade under the former Wyndham International. While there, he was integral in expanding the brand’s portfolio.

In addition to his time with Wyndham International, Miller brings to the company extensive hospitality experience that includes positions with hotel companies including Strategic Hotels & Resorts Inc., Carlson Hotels Worldwide, Interstate Hotels & Resorts and Embassy Suites, now a brand of Hilton Hotels Corp.

Most recently, Miller was managing director and Chicago head for DTZ Hospitality Group, a London-based real estate and investment banking firm.

“Steve brings to the company a fundamental understanding of the hotel industry and the Wyndham brand,” said Jim Alderman, (top right photo) Wyndham Hotel Group executive vice president of development.
“His in-depth knowledge of key markets in this region combined with his established industry relationships will provide a good value added component for our owners and franchisees as he joins a team solely focused on building the Wyndham portfolio and positioning the brand as the leader in the upscale segment.”

Wyndham Hotels and Resorts, LLC and its affiliates, subsidiaries of Wyndham Worldwide Corporation (NYSE: WYN), offer upscale hotel and resort accommodations throughout the United States, Europe, Canada, Mexico and the Caribbean. All Wyndham hotels are either franchised or managed by us or managed through a joint venture partner. For additional information or to make a reservation, go to http://www.wyndham.com/.

CONTACT:

Rob Myers, Communications Coordinator, (973) 753-6590, rob.myers@wyndhamworldwide.com

Sunday, May 17, 2009

Marcus & Millichap Lists Class A Office Portfolio in Sioux Falls, SD

SIOUX FALLS, S.D, May 15, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has obtained the exclusive listing for Heather Ridge Village, (top left photo) a 51,033-square foot Class A office portfolio in Sioux Falls.

John Fairbanks, a senior associate and a member of the National Office and Industrial Properties Group, and Terry Ronan of IVP LLC, a South Dakota-based real estate firm, are representing the seller.

Constructed in 2007, Heather Ridge Village is a fully occupied two-building office portfolio. The 51,033-square foot Class A office park consists of one 22,533-square foot multi-tenant office building and one 28,500-square foot single-tenant office building.

A strong tenant mix of local, national and international tenants including Bank First, RBC Wealth Management and Williams Insurance, occupies the property.

“The buyer of Heather Ridge Village will assume an attractive, non-recourse financing package,” says Fairbanks.

“The newly constructed office portfolio is ideally located in Sioux Falls, voted ‘Best Small Metro Place for Business and Careers,’ for the past seven years by Forbes magazine, and currently one of the top 20 fastest-growing cities in the nation.”

Heather Ridge Village is located at 6100 and 6300 South Old Village Place in the southern portion of the city’s CBD.

“The office park has an ideal location in a rapidly growing business and medical community,” says Ronan. Approximately one mile west of Heather Ridge Village is a new 185-acre, $400-million medical research facility. The property is a half-mile north of Interstates 29 and 229. In addition, a new regional retail lifestyle center, The Bridges at 57th, (middle right photo) is located one mile north.

According to Fairbanks, “The combination of strong leases in a growing submarket along with an assumable, non-recourse financing package and double-digit return on equity makes this a very attractive investment property.”

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

Friday, May 15, 2009

Morris, Manning & Martin Adds Five Attorneys

Establishes Timberland Investments & Forest Products Practice and Expands Real Estate Fund Practice

ATLANTA, GA, May 15, 2009) – Partners C. Glenn Dunaway and Stephen B. Schrock, of counsel Chuck Connors, associates Karen Reschly and Rebecca Vandiver and senior paralegal Wenona Mills have joined Morris, Manning & Martin, LLP from Bryan Cave Powell Goldstein.

They will establish the new the Timberland Investments and Forest Products Practice, which consists of an integrated team of experienced lawyers from multiple disciplines, pulling primarily from the corporate and commercial real estate groups.

“The firm’s timber lawyers represent investors, owners and managers in timber transactions involving millions of acres of timberland throughout the U.S., South America, Europe and Africa,” said Managing Partner Robert Saudek (bottom left photo). “This type of expansion validates our belief that a smart growth strategy in a tight market is the right approach.”

With the additions, Morris, Manning & Martin expands its considerable practices in the areas of real estate capital markets, REIT representation, fund formation and management, domestic and international tax, corporate representation and commercial real estate.

Partner C. Glenn Dunaway will lead the firm’s core timberland corporate practice, while Stephen B. Schrock will lead the firm’s core timberland real estate practice.
Mr. Dunaway also has substantial experience with non-timber related real estate transactions, real estate fund formation and management as well as pension fund investments. Mr. Schrock has extensive experience in all facets of commercial real estate.

Media Contact: Terri Thornton, Thornton Communications (404) 932-4347
terri@territhornton.com

A.D. Owens Construction renovates Orlando building and moves in


ORLANDO, FL, May 15, 2009 — Today, A.D. Owens Construction Corp. moved into its new headquarters at 600 Wilkinson Street, Suite 300, in the New Traditions National Bank building (top right photo) in Orlando, Fla.

Richard E. DeLater represented the owner in the lease transaction. Betsy Owens of Cushman & Wakefield represented A.D. Owens Construction.

A.D. Owens Construction renovated the 11,828-square-foot building last year for the owner, 600 Wilkinson LLP.

“The new office allowed us to do our own tenant build out and gives us the space we need for continued growth,” said A.D. Owens Construction Corp. President Andrew Owens.

Originally built in the 1950s as a funeral home, the building sat vacant for five years. A.D. Owens Construction completed the three-month renovation in August 2008.
New Traditions National Bank currently occupies 6,000-square-feet in the building. Other tenants include Interlachen Financial Services, Rex-McGill Appraisers and DeLater & Company.

A.D. Owens Construction Corp. was founded by construction industry executive Andrew Owens in 2007. Headquartered in Orlando, Fla., the Company provides construction management, general contracting and design build services for new construction, renovations and tenant interiors for commercial projects throughout Central Florida.

Please visit http://www.adowens.com/ for additional information.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344,
elainei@pr-works.com, www.pr-works.com

MBA: Cut to Terrorism Risk Insurance Will Exacerbate Credit Crunch in Commercial Real Estate


WASHINGTON, DC - The Mortgage Bankers Association (MBA) has called on Congress to support the Terrorism Risk Insurance Act (TRIA).

The call comes on the heels of the budget released by the Obama Administration on May 7, 2009 that proposes to reduce funding for TRIA by $644 million over the next decade. (President Barack Obama, middle left photo)

"Winding down TRIA would only exacerbate the current lack of liquidity that has frozen the commercial real estate market," said Michael D. Berman, (top right photo) CMB, MBA's Vice Chairman and President and CEO of CWCapital of Needham, MA.

"Reducing the federal backstop that protects commercial real estate sends the wrong message and will work counter to ongoing efforts to improve liquidity in the commercial real estate market that the administration is making through TALF."

The Obama administration's fiscal year (FY) 2010 budget proposes to reduce the federal co-share for property and casualty insurance payments for acts of terrorism beginning in FY 2011 in the hope that it will encourage private market participants to increase their role mitigating terrorism risk.

In 2011, and then again in 2013, the proposal would increase the insurer deductible and co-payment as well as the event trigger amount for Federal payments.

"The TRIA program provides an important backstop that allows terrorism insurance to be both available and affordable," continued Berman.

"Without it, terrorism insurance, if available at all, would be extremely expensive.

"Because property owners are required by lenders to have terrorism coverage in place, we could see a return to the market we saw in the aftermath of 9/11 when the lack of available terrorism insurance caused billions of dollars worth of commercial real estate constructions projects to be delayed or canceled and created a large obstacle for refinancing commercial loans."

CONTACT: John Mechem, (202) 557-2924, jmechem@mortgagebankers.org

HFF arranges $23.28M refinancing for Rancho Cucamonga, CA multifamily community

NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced that it has arranged a $23.28 million refinancing for Ironwood Apartments, (top left photo) a 260-unit multifamily community in Rancho Cucamonga, California.

Working on behalf of institutional investors advised by J. P. Morgan Asset Management - Global Real Assets, HFF senior managing director Whit Wilcox (bottom right photo) placed the seven-year, adjustable-rate loan with the Federal Home Loan Mortgage Corporation (Freddie Mac).

Loan proceeds are paying off a maturing loan that the borrower had with a portfolio lender.

HFF recently closed on a $22.1 million financing for the adjacent Fairway Palms Apartments. Located at 11100 4th Street, Ironwood Apartments is less than one mile from the Interstate 10 and 15 freeways about 40 miles east of downtown Los Angeles in Rancho Cucamonga.

The 94 percent leased property has one-, two- and three-bedroom units averaging 920 square feet each. Residents of Ironwood and the adjacent Fairway Palms (also owned by the borrower) have access to amenities at both properties including swimming pools, fitness centers and clubhouses.

Contacts:

Whitney H. Wilcox, HFF Senior Managing Director, (212) 245-2425

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

Industrial Team at Southern Commercial Completes 12,000-SF Lease in Sanford, FL

ORLANDO, FL-- Principals William “Bo” Bradford, CCIM, SIOR and Tom McFadden, SIOR of Southern Commercial Real Estate Advisors completed a 12,000 square foot new lease at 570 Monroe Road, Sanford, Florida.

Bradford and McFadden negotiated the seven year lease, representing the Landlord, Windsor at Vantage Point. The tenant, Patterson Dental was represented by Larry Barninger with Jones Lang LaSalle.

Contact: Celeste MacKenzie, 321 281 8503, cmackenzie@southerncommercialre.com

The International Shopping Traveler: New Research Highlights Plans to Visit and Shop the USA in the next 12 months

Economic Conditions Not Dampening Attractiveness of United States as Destination for International Travelers

BLOOMFIELD HILLS, M., May 15 /PRNewswire/ -- More than 50 percent of international shopping travelers surveyed who have visited the United States in the last 12 months are likely to come again over the next year.

That's good news for the U.S. economy according to a study commissioned by Taubman Centers and Shop America Alliance in partnership with the U.S. Department of Commerce, Office of Travel & Tourism Industries.

New research on The International Shopping Traveler from the top five international inbound markets to the U.S. -- Canada, Mexico, UK, Germany and Japan, representing 75% of all inbound U.S. Travelers -- was conducted by Mandala Research via an online survey in January 2009.

Survey respondents in each country, 1760 in total, had visited the U.S. in the past 12 months and had shopped.Shopping, dining and cultural travel are among the top tourism activities in the U.S.

These activities are especially important to international travelers and continue to be so even in these challenging economic times.

"Travel and Tourism is an important economic contributor to the retail sector, as we see in our tourism shopping centers. The results from this study are positive for the U.S. travel and shopping industries and for the country overall," says Robert Taubman, (top right photo) Chairman, President and CEO of Taubman Centers, who also serves on the United States Travel and Tourism Advisory Board.

"The International Shopping Traveler study will help retailers, destinations and travel companies better understand and attract the shopping traveler," says Helen Marano, (top left photo) Director, Office of Travel and Tourism Industries, U.S. Department of Commerce.
"This can go a long way in boosting tourism. Shopping certainly spurs visitation to and spending in destinations all across the United States, which, in turn, has a positive impact on the employment and economic health of those areas."

Highlights of The International Shopping Traveler study results include:


-- Nearly 20% of these travelers say they have already booked their next trip to the U.S. and an additional 50% are very likely to visit and shop in the next 12 months.


-- SHOPPING DRIVES TRAVEL. For a large number of travelers, shopping influences destination choice. 30% said it was a factor in their choice of destinations, while 23% said it was a key reason for the trip.


-- ECONOMIC IMPACT. These travelers allocated a sizeable portion of total trip spend to shopping activities, spending on average $1063 per person on shopping out of a total average of $3692 per total trip, per person. While spending varies by market, the percent of shopping spend reported in the total trip spend was an average of 29%, and as high as 40% with Mexican Shopping Travelers.


-- APPAREL LEADS. International shoppers most frequently purchased apparel. -- OTHER POPULAR CATEGORIES. Footwear (47%), food/candy (47%) souvenirs (47%), fashion accessories (39%) and cosmetics/beauty products (39%) were key categories purchased by the international shopping traveler.


-- SHOPPED FOR SELF AND FAMILY. 84% made purchases for themselves followed by spouse/significant other (68%) and children (44%).


-- BRAND SAVVY. Brand preferences* vary by inbound market.


The top 25 brands shopped for overall are:


1. Nike 2. Levis 3. Gap 4. Polo Ralph Lauren and Tommy Hilfiger 5. Abercrombie & Fitch 6. Calvin Klein and Coach 7. Adidas, Gucci and Chanel 8. Sony, Armani, Banana Republic and Louis Vuitton 9. Apple, Prada and Victoria's Secret 10. Old Navy, Dolce & Gabbana, Diesel, American Eagle, DKNY, Hugo Boss and Hollister


*Duplicate names on the same line indicate that the same percentage of International Shopping Travelers surveyed, selected those brands.


-- MOTIVATORS: VALUE & SELECTION. Good value and a wide selection of brands are most often cited as important elements of the shopping experience.


-- CULTURAL & HERITAGE ATTRACTIONS AND UNIQUE DINING ARE IMPORTANT.


It is clear that International shopping travelers are also cultural travelers--visiting historic sites (48%), museums/art exhibits (39%), concerts/theatres (36%), national parks (48%) and 27% report also shopping at Museum Stores. 42% reported seeking out unique dining experiences while visiting the U.S.


-- ONLINE TRAVEL. The vast majority of international travelers currently use online sites to plan and book their travel to the U.S.


-- WHERE THEY SHOP. Destination preferences* vary by inbound market.


The top 23 cities visited by international shopping travelers overall are: 1. New York, NY 2. Los Angeles, CA 3. Las Vegas, NV 4. Orlando, FL 5. San Francisco, CA 6. Honolulu, HI 7. Miami-Fort Lauderdale, FL 8. Chicago, IL 9. San Diego, CA and Washington, DC 10. Houston, TX 11. Boston, MA and 12. Buffalo, NY 13. Atlanta, GA 14. Phoenix, AZ 15. Dallas-Fort Worth, TX and Seattle, WA 16. Tampa, FL 17. Philadelphia, PA 18. Detroit, MI 19. Fort Myers-Naples, FL 20. West Palm Beach, FL 21. Denver, CO 22. Portland, OR 23. Baltimore, MD


*Duplicate destinations on the same line indicate that the same percentage of International Shopping Travelers surveyed, selected those cities.


Facts & Figures from THE INTERNATIONAL SHOPPING TRAVELER study:


-- Top five inbound countries to the U.S.: Canada, Mexico, Japan, U.K. Germany -- 1760 respondents (approximately 350 per country; on-line study - January, 2009). -- Number of trips in the past 12 months: -- Mexico 4.4 -- Canada 3.1 -- U.K. 2.3 -- Germany 1.7 -- Japan 1.7 -


- Average trip expenditure is $3692; average spent on shopping is $1063 -- Mexican and Japanese travelers have higher mean shopping spend versus total ($1310 and $1200 respectively).


-- Nearly half of all international travelers in the five markets surveyed say that shopping was either a key reason for the trip or was a factor in their choice of destinations.


-- Good value and variety are most often cited as important elements of the shopping experience.


-- Apparel is the most frequently purchased item by international shoppers.


-- Footwear and food/candy (and souvenirs) are the second most frequently purchased categories; followed by beauty and accessories - both tied for third, followed by perfume, children's apparel and handbags.


-- Germans are most likely to stay the longest when traveling to the U.S. (15 - 21 days), followed by the British who stay up to 14 days.


-- Shopping accounts for a third of Canadian travelers' time when in the U.S., and is about nearly a third of their total trip expenditures.


-- 51% of Mexican travelers state that they used friends and family as a source of travel information.


-- Japanese and Germans said that shopping opportunities helped them choose between destinations.


For a copy of the Executive Summary, please visit ShopAmericaTours.com or contact Karen Mac Donald, kmacdonald@taubman.com.


Taubman Centers (NYSE:TCO) is a real estate investment trust engaged in the development and management of regional and super regional shopping centers. Taubman's 24 U.S. owned and/or managed properties, the most productive in the industry, serve major markets from coast to coast. Taubman Centers is headquartered in Bloomfield Hills, Michigan. For more information, visit http://www.taubmanworldclassshopping.com/.


Shop America Alliance LLC (SAA) represents 200 of the premier shopping tourism destinations, shopping centers, retailers and outlets in North America and 1600 museum stores. Founded in 1999, the organization serves as the travel and tourism industry's exclusive resource for Shopping Tourism information and partnership opportunities.


Rosemary McCormick, President of Shop America Alliance, serves on the Board of Directors/Executive Committee of US Travel Association and is the co-founder of the US Cultural & Heritage Tourism Marketing Council LLC.


For more information on Shop America Alliance, visit www.ShopAmericaTours.com.

CONTACT: Karen MacDonald, Taubman Director, Communications,+1-248-258-7469, kmacdonald@taubman.com