Foreclosure Activity Decreases 6% in May, RealtyTrac Reports

But Overall Foreclosures Up Nearly 18% from May 2008;
Total Exceeds 300,000 for Third Straight Month

IRVINE, CA, June 11, 2009 – RealtyTrac®, the leading online marketplace for foreclosure properties, today released its May 2009 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 321,480 U.S. properties during the month, a decrease of 6 percent from the previous month but an increase of nearly 18 percent from May 2008.

The report also shows that one in every 398 U.S. housing units received a foreclosure filing in May.

“May foreclosure activity was the third highest month on record, and marked the third straight month where the total number of properties with foreclosure filings exceeded 300,000 — a first in the history of our report,” said James J. Saccacio, (top right photo) chief executive officer of RealtyTrac.

“While defaults and scheduled foreclosure auctions were both down from the previous month, bank repossessions, or REOs, were up 2 percent thanks largely to substantial increases in several states, including Michigan, Arizona, Washington, Nevada, Oregon and New York.

"We expect REO activity to spike in the coming months as foreclosure delays and moratoria implemented by various state laws come to an end.”

Nevada, California, Florida post top state foreclosure rates

Nevada continued to document the nation’s highest foreclosure rate, with one in every 64 housing units receiving a foreclosure filing during the month — more than six times the national average.

With one in every 144 housing units receiving a foreclosure filing during the month, California posted the nation’s second highest state foreclosure rate despite a 4 percent decrease in foreclosure activity from the previous month.

Florida posted the third highest state foreclosure rate in May, with one in every 148 housing units receiving a foreclosure filing during the month

Arizona posted the fourth highest state foreclosure rate in May, with one in every 158 housing units receiving a foreclosure filing, and Utah posted the fifth highest state foreclosure rate, with one in every 316 housing units receiving a foreclosure filing.

Other states with foreclosure rates ranking among the nation’s 10 highest were Michigan, Georgia, Colorado, Idaho and Ohio.

Top 10 states account for nearly 77 percent of total U.S. foreclosure activity

California reported 92,249 properties with foreclosure filings in May, the highest total of any state and up nearly 23 percent from May 2008. Bank repossessions in California were down 1 percent from the previous month and defaults were down 18 percent, but scheduled auctions were up 18 percent.

Default notices, scheduled auctions and bank repossessions in Florida were all down from the previous month, but the state still posted the nation’s second highest number of properties with foreclosure filings: 58,931, up 50 percent from May 2008.

Nevada documented 17,157 properties with foreclosure filings in May, the third highest total of any state and up nearly 83 percent from May 2008. A 23 percent increase in bank repossessions helped push Nevada foreclosure activity up 5 percent from the previous month.

Other states with totals among the 10 highest in the country were Arizona (16,865), Michigan (13,891), Ohio (11,360), Illinois (10,942), Georgia (10,516), Texas (9,813) and Virginia (5,385). The top 10 states accounted for nearly 77 percent of total properties with foreclosure filings nationwide.

California, Florida, Nevada dominate top 10 metro foreclosure rates

Foreclosure filings were reported on 14,681 Las Vegas properties in May, one in every 54 housing units — more than seven times the national average and the highest foreclosure rate among metro areas with a population of at least 200,000. The city’s foreclosure activity increased 4 percent from the previous month and 78 percent from May 2008.

California and Florida accounted for the remainder of top 10 metro foreclosure rates.

California cities accounted for six of the top 10 spots: Stockton at No. 2 (one in 68 housing units), Modesto at No. 3 (one in 71), Riverside-San Bernardino at No. 4 (one in 75), Merced at No. 5 (one in 78), Bakersfield at No. 7 (one in 94), and Vallejo-Fairfield at No. 9 (one in 101).

Florida cities accounted for three of the top 10 spots: Cape Coral-Fort Myers at No. 6 (one in 82 housing units), Orlando-Kissimmee at No. 8 (one in 101), and Miami-Fort Lauderdale-Pompano Beach at No. 10 (one in 105).

Contact: Tammy Chan Atomic PR, Direct: 212-699-3646, Mobile: 408-802-8682
tammy@atomicpr.com

Retail Vacancy to Rise in Tampa as Spending Slows

TAMPA, FL — In the Tampa market, new space coming online amid a reduction in demand raised the vacancy rate to more than 8 percent in the first quarter, according to a second-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Further increases in vacancy are expected through the rest of 2009, as declining employment is forecast to reduce retail spending 11 percent, resulting in additional store closures.


“In the investment arena, only a few deals have been transacted this year,” says Bryn Merrey, (top right photo) regional manager of the Tampa office of Marcus & Millichap. “With investors looking for distressed properties at discounted prices, there appears to be little interest in stabilized assets with solid tenants, and little inclination to sell.”

Following are some of the most significant aspects of the Tampa Retail Research Report:

· An additional 50,000 jobs will be eliminated in 2009, following the loss of 46,400 positions last year. Job cuts this year will reduce total employment by 4.2 percent.

· Builders will deliver 1 million square feet of space in the market in 2009, including a 353,000-square foot IKEA in east Tampa. Last year, 3.6 million square feet was put into service.

· An expected reduction in retail spending will lead to more store closures and halt expansion by other merchants, increasing vacancy 250 basis points to 10.3 percent this year. Negative net absorption of 2.5 million square feet will be recorded. The vacancy rate rose 140 basis points in 2008.

· A decline in consumer spending will reduce space demand, resulting in a 6.3 percent drop in asking rents to $14.39 per square foot. Effective rents will post an 8.4 percent decrease to $12.52 per square foot in 2009.

For a copy of the complete Tampa Retail Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.

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

Starwood Strengthens Presence in New Caledonia

SINGAPORE– Starwood Hotels & Resorts Worldwide, Inc (NYSE: HOT) reinforces its leadership position in New Caledonia, announcing the signing of an agreement with a subsidiary of Societé des Hotels de Noumea to manage a new-build Sheraton resort.

At the same time, Starwood announces the extension of the management contracts of two existing Le Meridien resorts in New Caledonia.

Sheraton New Caledonia Bourail Resort & Spa will welcome guests in 2013 while the 2 Le Meridien resorts will continue to offer a European flair and sophisticated environment designed for the creative guests.

“We are excited to continue our partnership with Societé des Hotels de Noumea,” said Miguel Ko, (top left photo) Chairman and President, Starwood Hotels & Resorts, Asia Pacific.

“We would like to thank the owner for their continued confidence in Starwood and our brands. This extended partnership also means that Starwood is the only international premier operator in New Caledonia. We are proud to be able to continue to help further develop tourism here, undoubtedly one of the most beautiful and untouched islands of the world.”

“Sheraton is a favorite hotel brand among travelers, whether it be for business or leisure. With its expansion into New Caledonia, we look forward to sharing one of the best resort experiences in the world with travelers in a warm and welcoming setting at Sheraton.”

Scheduled to open in 2013, Sheraton New Caledonia Bourail Resort & Spa, the first international upper upscale resort in Bourail, will be located on the Mainland within an exclusive site called Gouaro Deva, in the district of Bourail. Gouaro Deva has about 13 kilometers of white sand beach and a UNESCO listed lagoon and reef.

This new-build Sheraton resort will offer 180 rooms including 60 bungalows, extensive food & beverage facilities, a health club and spa with 6 treatment rooms, swimming pool, kids’ club, fitness center, business center and more than 300 square meter of meeting space.

Le Meridien Noumea and Le Meridien Ile des Pins

Le Meridien Noumea (middle left photo) and Le Meridien Iles des Pins (top right photo) will both undergo an extensive renovation throughout the hotel, including the rooms and public areas such as lobby, restaurants, swimming pools, fitness centers and spa. The design and style of the refurbishment will reflect Le Meridien’s positioning of chic and contemporary with a selective mix of local materials, furnishings and artefacts to showcase the local culture and heritage.

“New Caledonia is known to offer ‘a French way of life in the South Pacific’, and is a perfect fit with the Le Meridien brand,” remarked Sean Hunt, Regional Vice President for Starwood Hotels & Resorts, Pacific region. “With the renovation in place, the resorts will be in line with the new Le Méridien brand positioning and provide a curated experience enhanced by an atmosphere of European refinement.”

Located on the Mainland and directly on the beach, the 245-room
Le Meridien Nouméa is just a few minutes away from the capital, while the exclusive 39-room Le Méridien Ile des Pins is located on the exclusive Island of Pines at the countries southern tip.

For more information, please visit http://www.starwoodhotels.com/
Contact:

Hwee-Peng Yeo
Director, Corporate Communications
Starwood Asia Pacific Hotels & Resorts Ltd
9 Temasek Boulevard, Suntec City Tower 2
#24-02, Singapore 038989

Tel : +65 6335 4837; Cell : +65 9768 6087; +65 9248 0424
Fax : +65 6335 4820
http://www.starwoodhotels.com/; http://www.starwoodpressclub.com/

Palmer Electric's Robert Vaughn named to board of Electrical Council of Florida Central Chapter

WINTER PARK, FL— Robert K. Vaughn (top right photo) has been elected to the board of directors of the Electrical Council of Florida Central Chapter.


Vaughn is vice president of commercial production and a member of the board of directors at Winter Park, Fla.,-based Palmer Electric Company. He is a licensed electrical contractor in Florida and certified by Clemson University’s business management training program.


Vaughn has nearly three decades of experience in electrical contracting and management. He also serves as treasurer of the Academy of Construction Technologies.

The Electrical Council of Florida is a non-profit trade association dedicated to unifying and strengthening all segments of Florida's growing electrical industry.


Established in 1961, the association encourages and supports education and continuing educations, promotes safety and monitors legislative activity pertinent to the electrical industry.

Contact:


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

http://www.pr-works.com/

http://www.palmer-electric.com/

$38M recap of The 1000 Broadway Building in Portland, OR arranged by HFF

PORTLAND, OR – The Portland office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $38 million recapitalization of The 1000 Broadway Building, (above centered photo) a 268,655-square-foot, Class A office tower in Portland, Oregon.

Working exclusively on behalf of the borrower, HFF senior managing director Lloyd Minten (top left photo) and director Casey Davidson placed the fixed-rate amortized loan with an insurance company lender, which HFF will be servicing.

The 1000 Broadway Building is a 23-story downtown office building with 15 floors of office space situated above a seven-level, 312-space parking garage, ground-floor retail space and a sub-grade four-screen Regal Entertainment Cinema.

The property is 96 percent occupied to tenants such as Hoffman Hart & Wagner (law firm), Evraz Oregon Steel (headquarters), Sussman Shank (law firm) and West Coast Bank.

“Located at the corner of Southwest Broadway and Main Street in Portland’s central business district, 1000 Broadway is ideally located to take advantage of it’s immediate access to Light Rail and bus lines as well as numerous restaurants, shops and hotels,” said Davidson.

CONTACTS:

Lloyd P. Minten, HFF Senior Managing Director, (503) 224-0444, lminten@hfflp.com

Casey P. Davidson, HFF Director, (503) 224-5566, cdavidson@hfflp.com

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

http://www.hfflp.com/.

$22.5M financing of two Class A San Diego office properties secured by HFF

SAN DIEGO, CA – The San Diego office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $22.5 million in non-recourse financing for Torrey Reserve North Court I and II, (above centered and bottom right photos) two Class A office properties located in the Del Mar Heights submarket of San Diego, California.

HFF senior managing director Tim Wright, (top right photo) managing director Bill Rose and associate directors Zack Holderman (middle left photo) and Rob Hinckley worked on behalf of American Assets, Inc. in arranging the 10-year fixed-rate loan with John Hancock Real Estate Finance.

Financing proceeds will retire an existing CMBS loan.

“There is competitive financing available for top-tier sponsors and best-in-class real estate – Torrey Reserve meets both those tests,” said Rose.

Completed in 1998, Torrey Reserve North Court I and II total 130,430 square feet and are fully leased to a variety of tenants including law, banking and securities firms.

Located at 11622 and 11682 El Camino Real within the nine-building Torrey Reserve office park, the properties are situated at the Interstate 5/Route 56 interchange providing easy access to Highways 52, 56 and the Sorrento Valley commuter facility.

American Assets, Inc. is a 40-year old real estate company focused on developing and owning commercial real estate in highly desirable West Coast markets including San Diego, San Francisco, Monterey and Waikiki. http://www.americanassets.com/.

HFF (NYSE: HF) operates out of 17 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.

CONTACTS:

Timothy D. Wright, HFF Senior Managing Director, (858) 552-7690, twright@hfflp.com

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

http://www.hfflp.com/.

Thomas D. Wood & Co. Closes $1.55M Loan in Morehead City, NC

MOREHEAD CITY, NC, June 9, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $1,550,000 for the Crystal Coast Apartments in Morehead City, North Carolina.

Brad Cox, (top right photo) CCIM, CPM, Company Vice President, financed the Crystal Coast Apartments through Thomas D. Wood and Company’s relationship with a national lending institution.

The loan has a fixed interest rate of 5.94% and a 10-year term, based on a 30-year amortization. This loan is part of the Fannie Mae Immediate Delivery Loan Program.

The 50-unit apartment complex was built in 1973, and is located on five acres at 2109 Mayberry Loop, Morehead City, North Carolina.

For further information, please contact:
Brad Cox, CCIM, CPM (941) 552-9731 bcox@tdwood.com

Jessica Gurtowski 407) 937-0470 jgurtowski@tdwood.com

http://www.tdwood.com/

GVA Advantis Signs Allied Technology Group to 12,089-SF Lease in Orlando

ORLANDO, FL – (June 9, 2009) – GVA Advantis recently announced the completion of a 10-year-plus lease transaction for Allied Technology Group to relocate this August to Discovery Tech Center II, (top right photo) 2750 Discovery Drive in Central Florida Research Park on Orlando’s east side.

Lisa Bailey, (bottom right photo) Senior Director, Office/Industrial Services of GVA Advantis’ Orlando office, and Stuart Rabkin, of The Stuart Rabkin Company in Washington, D.C., represented the tenant.

Heidi Adams, (middle left photo) Taurus Southern, represented the property owner.

"We considered several viable locations for our Training Services Division in Orlando. When we compared offers, the lower operating costs for this LEED Certified (Green) building over the long term made our decision for us.

" The other benefits like improved air quality, greater natural light and social responsibility were icing on the cake," said Tim Wynne, chief financial officer of Allied Technology Group.

Wynne added, “Lisa Bailey did a great job throughout our selection process and negotiations with our new landlord. She is a true professional and fun to work with.”

Founded in 1986, Allied Technology Group, Inc. provides a full range of complex, innovative engineering, information management and training solutions to civilian, military, intelligence, and federal clients.

Allied Technology has a staff of over 500 IT professionals, engineers, instructional and graphic designers, scientists, and support personnel with offices in major cities of the United States.

Our Orlando office, ATG Training Solutions specializes in Blended Learning, Software & Hardware Rollouts, and Smart classroom design and installation. http://www.alliedtech.com/

Contact: Shelli Browning, 407.999.4775, sbrowning@gvaadvantis.com

Brazil Hotel Investment Getting Attention of Global Moneymen

(CHICAGO, IL and SÃO PAULO, BRAZIL)—These are good times in Brazil’s investment community, despite a Recession that only hit the South American nation in 2008.

(Copacabana Palace Hotel, Brazi, 107 rooms, 10 floors, built 1923)

North American and European hoteliers envy the growing revenue per available room level in Brazil while their own RevPar numbers are in the basement, according to a new industry report by Jones Lang LaSalle.

“The devaluation of the Brazilian real (BRL) since September 2008 has prompted a favorable dichotomy for Brazilian hotels,” says Ricardo Mader, (middle right photo) executive vice president for Jones Lang LaSalle Hotels, based in São Paulo.

“It is more expensive for Brazilians to travel abroad, while it’s less expensive for incoming foreigners,” he says. “Thus, the country’s resort hotels have seen a boost in occupancy.

“Upper-tier urban properties that denominate their rates in U.S. dollars are also seeing a positive impact from the devaluation, because operators can now collect more BRLs per dollar earned.”

Mader adds, “With these factors, plus the low supply of institutional quality hotels in many markets, we forecast average RevPAR in Brazil to continue to grow throughout 2009, albeit at a slower rate than in 2008.”

Hotels are among the leading asset class for investment in Brazil, according to Jones Lang LaSalle.

Brazil’s economy, while exposed to the global financial crisis, is forecast to suffer less and for a shorter duration than most of the world’s mature economies. The country is attracting investor attention generated by its long-term growth potential.

(Rio de Janeiro hotel beach row, middle right photo)

The JLL report notes International investors had been relatively silent since the economic crisis started impacting Brazil in September 2008, but the country posted a net capital inflow in April 2009.

“This is a sign of foreign investors’ renewed interest in the market,” says Mader. “Brazil has a very favorable medium to long-term outlook for hotel fundamentals, with much of the demand being driven by the emerging middle class."

Middle class households now represent 52 percent of Brazilian households, up from 42 percent in 2004. The number of upper class households too has grown, now accounting for 16 percent of the population.

Just 12 percent of hotels in Brazil are affiliated with an international or national hotel brand, highlighting the opportunity for the development of branded hotels.

(Middle left photo, Salvador Brazil hotel complex)

“Branded mid-market hotels present the most viable investment opportunity in Brazil due to the strong domestic market,” says Clay Dickinson, (middle left photo) executive vice president for Jones Lang LaSalle Hotels.

Most foreign hotel investors will focus on new development in Brazil as there are few opportunities to acquire existing assets, according to the JLL report.

While several individual upper-tier assets, such as the JW Marriott Rio de Janeiro and the Sofitel Salvador, are currently held for sale, the hotel disposition market in Brazil is in its infancy stages.

“The number of hotel transactions will slowly increase as investors gain a clearer understanding of property values and some developers seek to liquidate their investments,” says Dickinson.

(Bottom right photo, the Serhs Natal Grand Hotel in Natal, capital of Rio Grande do Norte, in the North-East of Brasil)

“The bottom line is that as the availability of private-sector debt gradually starts to increase again, investors will be able to achieve higher returns on their investments and their exit will have a lower execution risk due to the increased liquidity,” he says.

HFF closes sale of 160,000-SF industrial/flex portfolio in Plano, TX

DALLAS, TX, June 9, 2009 – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Research Center,(top left photo) a 160,000-square-foot industrial/flex portfolio in Plano, Texas.

HFF director Jud Clements (bottom right photo) and associate director Robby Rieke led the investment sales team exclusively on behalf of the seller, Bank of America.

The portfolio was purchased for an undisclosed amount free and clear of debt by a Dallas-based private investor, who was represented by Mark V Commercial.

Research Center is situated close to the intersection of the North Central Expressway and the George Bush Turnpike in the northern Dallas suburb of Plano.

The five-property portfolio was completed in 2001 and is leased to tenants including Terminex, NexRev and Eagle Test System. Individual property details are listed below:

601 Development Drive, 45,422 square feet, 3.32 Acres, 29 Percent
608 Development Drive, 23,334 square feet, 2.38 Acres, 70 Percent
600 Development Drive, 23,334 square feet, 2.38 Acres, 100 Percent
2700 Research Drive, 29,688 square feet, 3.05 Acres, 34 Percent
2600 Research Drive 38,200 square feet 4.0 Acres 100 Percent

HFF (NYSE: HF) operates out of 17 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:

Jud Clements, HFF Director, (214) 265-0880, jclements@hfflp.com

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

Seasons 52 Plans to Open New Restaurant in Tampa, FL

ORLANDO, FL, June 9 /PRNewswire/ -- Seasons 52, (top right photo) the popular fresh grill and wine bar restaurant, has selected WestShore Plaza in Tampa, FL, as their next site for expansion.

Expected to open in spring 2010, the new restaurant will be the company's first location on Florida's west coast, increasing the total number of Seasons 52 restaurants to nine.

Seasons 52 has been recognized as a forward-thinking restaurant concept with proven consumer appeal.

Known for its seasonally inspired menu and fresh approach to dining, the award-winning concept has capitalized on the growing consumer interest in fresher seasonal foods that offer positive lifestyle benefits.

Leading the strategic growth plan for Seasons 52 is company President Stephen Judge,(middle right photo) who is focused on securing premium real estate locations to fuel the concept's expansion.

"With its central and scenic location, WestShore Plaza is a recognized retail hub for the greater Tampa area," Judge said. "WestShore has kept itself fresh and exciting, with popular and upscale retailers that provide a lifestyle environment compatible with the Seasons 52 concept."

Development of the new location will be coordinated through Glimcher Realty Trust (NYSE:GRT), whose portfolio of regional and super-regional malls and community shopping centers include WestShore Plaza.

"We are very pleased and excited to be adding Seasons 52 to our roster of outstanding restaurants at WestShore Plaza," said Michael Glimcher, (bottom left photo) Chairman and CEO of Glimcher Realty Trust.

"We believe shoppers and residents will find this brand's unique approach to dining very appealing, with its fresh, flavorful foods, international wines and a casually sophisticated atmosphere."

Seasons 52 debuted in 2003 and currently operates locations in Orlando, Altamonte Springs, Boca Raton, Ft. Lauderdale and Palm Beach Gardens, FL, in the Buckhead and Perimeter areas of Atlanta, GA, and Cherry Hill, NJ. Seasons 52 is owned by one of the nation's most respected casual dining companies, Darden Restaurants, Inc. (NYSE:DRI) of Orlando, FL.

Contact: Rachel Summers of Seasons 52, +1-215-875-4365, fax,+1-215-545-6293, rsummers@stargroup1.com

Web Site: http://www.seasons52.com/

Tech Layoffs in San Jose, CA Soften Retailer Demand

PALO ALTO, CA — Weakness in Silicon Valley’s technology sector will continue to ripple through the San Jose retail market this year as ongoing job losses and contracting retailer demand push vacancy higher, according to a second-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Increased restructuring within companies such as Sun Microsystems and Yahoo, along with the closure of smaller tech-related firms, will weigh on consumer spending, further reducing space requirements for both national and local retailers.

“A wide buyer/seller expectations gap and projections for further operational weakening will slow marketwide trading of San Jose retail properties in 2009,” says Steven Seligman, (top left photo) regional manager of the Palo Alto office of Marcus & Millichap.

“Average cap rates for single-tenant assets are currently in the mid- to high-6 percent range, though some quality properties with long-term leases in place could close in the low-6 percent area.”

Following are some of the most significant aspects of the San Jose Retail Research Report:

· Employers are forecast to trim payrolls by 35,000 positions this year, or 3.9 percent, after eliminating 15,600 jobs in 2008. Ongoing losses in the professional and business services sector, along with weakness within technology-related firms, will drive job losses in 2009.

· Developers are on pace to complete 400,000 square feet of retail space by year end, slightly higher than in 2008, when 350,000 square feet was brought online. Deliveries in 2009 will expand inventory by a modest 0.8 percent.

· Receding demand is expected to result in a 170 basis point climb in vacancy this year to 5.6 percent. In 2008, vacancy increased 70 basis points.

· Rents are projected to soften further in 2009 in response to rising vacancy. Asking rents are forecast to decrease 3.3 percent to $30.48 per square foot, and effective rents should end the year at $27.09 per square foot, a 4.9 percent decline.

For a copy of the complete San Jose Retail Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.

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

Palmer Electric completes tenant improvement at Dynetech Centre in Orlando

WINTER PARK, FL— Palmer Electric Co. has completed its tenant improvement contract with Turner Construction Co. for the electrical wiring and fire alarm system for Dynetech Corp.’s 40,000-square-foot corporate headquarters in its namesake, the 32-story Dynetech Centre (top right photo) in Orlando, Fla.

Baker Barrios Architects of Orlando provided architectural design for the tenant improvements.

Palmer Electric also provided electrical contracting for the 600,000-square-foot building completed last year by developer, Lincoln Property Co.

Palmer Electric is a provider of electrical contracting and service to contractors and builders for new construction and renovations of residential, commercial, institutional and industrial buildings as well as providing service and repairs to utilities, businesses and consumers.

Founded in 1951, the Company employs a staff of 350 from its headquarters in Winter Park, Fla. For additional information, visit http://www.palmer-electric.com/.

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

http://www.pr-works.com/

San Francisco Retail Fundamentals Soften as Tourism Industry Weakens

SAN FRANCISCO, CA— Despite relative stability in overall market conditions last year, widespread layoffs and a drop in tourism activity are expected to be a drag on San Francisco retail fundamentals in 2009, according to a second-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

In fact, through the first quarter, local hotel room demand fell 12 percent from one year earlier, compared with an 8 percent decline for the nation, reducing visitor spending.

“While investment activity is projected to decline further this year as economic strains weaken operations, San Francisco’s tourism spending and prospects for an eventual turnaround will maintain buyer interest,” says Jeffrey Mishkin, (top right photo) regional manager of the San Francisco office of Marcus & Millichap.

“Cap rates are averaging in the mid-6 percent area and will likely continue to rise in the quarters ahead.”

Following are some of the most significant aspects of the San Francisco Retail Research Report:

· Layoffs are expected to accelerate in San Francisco, led by significant losses in the financial services sector. Employers are forecast to reduce head counts by 40,500 positions, or 4.1 percent, in 2009, following the elimination of 15,700 workers last year.

· Development will slow considerably this year, as builders are scheduled to deliver only 75,000 square feet, down from 2008, when 300,000 square feet was completed.

· As the pullback in consumer spending weighs on retailer demand, vacancy is expected to push up 90 basis points to 4.8 percent in 2009, after a 30 basis point drop last year.

· Weakened occupancy levels will result in further downward pressure on rents this year. Asking rents are forecast to contract 3.2 percent to $33.10 per square foot while effective rents decrease 3.9 percent to $30.42 per square foot.

For a copy of the complete San Francisco Retail Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.

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

Tri-City Starts $3M Electrical Job at VA Clinic at The Villages, FL

ORLANDO, FL – Altamonte Springs-based Tri-City Electrical Contractors, Inc. is under way on $3 million of work at the new multimillion-dollar, 95,000-square-foot VA Clinic at 800 Mulberry Lane, The Villages, FL, under its contract with Hamstra Group, Wheatland, Indiana. Completion is slated for February 2010.

Contact: Kenneth H. Cristol, 407-774-2515