California Regulators Approve Southern California Edison Proposal to Create Nation’s Largest Solar Panel Installation Program

ROSEMEAD, CA--(BUSINESS WIRE)--A plan proposed by Southern California Edison (SCE) for the largest U.S. installation of advanced solar panels on otherwise unused large commercial rooftops across Southern California was approved today by the California Public Utilities Commission.

During the next five years SCE will install, own and operate 250 megawatts of solar generating capacity.

The utility also will conduct competitive solicitations offering long-term power contracts to independent solar power providers who will install an additional 250 megawatts, bringing to 500 megawatts the total generating capacity of the project — the largest photovoltaic program ever undertaken.

“This innovative solar rooftop project is part of Edison International’s 25-year commitment to developing cleaner renewable and alternative energy sources for our customers,”said Theodore F. Craver, Jr., (top right photo) Edison International chairman and CEO.

“The program will create hundreds of neighborhood solar power plants, strengthen local grid reliability and produce hundreds of new green jobs to bolster Southern California’s economic recovery.”

During the fall of 2008, SCE completed the first of what eventually will be about 150 sites making up this program, a 600,000-square-foot Fontana, Calif. distribution warehouse roof. The rooftop now holds 33,700 advanced thin-film solar panels with a generating capacity of 2.4 megawatts of direct current power, known as DC power — the largest single rooftop solar photovoltaic array in the nation.

SCE already has begun construction of its second installation atop a 458,000-square-foot industrial building in Chino, Calif. First Solar of Tempe, Ariz. was the winning bidder to supply panels for these first two installations.

Based on today’s regulatory approval, competitive solicitations will take place for the remaining roof leases and equipment needed for the 250 megawatts of facilities SCE will install and operate.

A limited number of ground mounted installations also will be considered as part of SCE’s solar program.

Competitive solicitations also will take place for 250 megawatts of long-term power contracts SCE will offer independent power providers who construct similar solar installations.

SCE sees numerous benefits to customers, the region and the state from its massive solar project.

The program will provide a new generation source to areas where customer demand is rising.

The solar modules can be connected directly and quickly to the nearest neighborhood circuit while major new renewable energy transmission lines are being built. Additionally, the output of solar panels generally matches peak customer demand — lower in the morning and evening, higher in the afternoon.

Also, the project will allow SCE grid engineers to study the electrical effects of a high penetration of photovoltaic on distribution circuits. The information gained will be shared with the industry.
SCE anticipates its solar power project will create as many as 800 new green jobs in Southern California in the solar industry.

The International Brotherhood of Electrical Workers, one of SCE’s project partners, is supporting the project through the expansion of its solar installation apprentice training program.

An Edison International (NYSE:EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of nearly 14 million via 4.9 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.

Contacts:
Southern California Edison, Media, Gil Alexander, 626-302-2255, http://www.edisonnews.com/

Investor Relations, Scott Cunningham, 626-302-2540, http://cts.businesswire.com/

$100M Doubletree Hotel Opens in Chicago’s Loop District

CHICAGO, IL—The Chicago skyline and the rejuvenated Loop District has a new permanent guest today – a $100 million, 27-story, 238 room luxury hotel called theWit—A Doubletree Hotel. (center photo)

Scott Greenberg’s ECD Co. Inc. of nearby Lincolnshire, IL developed the Lake and State Streets project which boasts 7,000 square feet of meeting facilities, a 2,523-square-foot dividable ballroom and conference rooms and a $1 million digital high-definition multimedia theater.

Greenberg also came up with the whimsical name of theWit for the property.

“We are extremely proud to introduce theWit as part of the rebirth of Chicago’s State Street during an incredible moment in the city’s history,” says Greenberg.

“The nearby Block 37 mixed-use development is nearing completion, and the neighborhood recently celebrated the opening of The Joffrey Ballet’s new Tower.

“New retail stores, residential towers, theatres and attractions abound nearby. Our iconic lightning bolt on the front of our hotel symbolizes how we’ve harnessed the energy and excitement of some of the best architects and designers in the country to create an incredible gathering place for leisure and business travelers in one of the most dynamic cities in the world.”

Just two blocks from Michigan Avenue and Millennium Park, hotel guests are a short walk away from the Ford Center, Chicago Theatre, Oriental Theatre, the Art Institute, the Chicago Cultural Center, the Civic Opera House and dozens of other legendary Chicago cultural and entertainment venues.

The hotel’s structure was designed by Chicago architect Jackie Koo, with interiors by designer Cheryl Rowley.

Contacts:

Wagstaff Worldwide, Inc., Jim Lee / Chip Bouchard, 312-943-6900, jim@wagstaffworldwide.com / chip@wagstaffworldwide.comor

Doubletree Hotels, Media Relations, Thomas Wingham, 310-205-4545, thomas.wingham@hilton.com

Moses Salcido Joins Southern Commercial in Orlando

ORLANDO, FL – Moses L. Salcido, SIOR (top right photo) a Central Florida commercial real estate professional for 22 years, has joined Southern Commercial Real Estate Advisors LLC as a principal.

He will team with founding principals William "Bo" Bradord Jr., CCIM, SIOR (top left photo) and Tom McFadden SIOR, (middle right photo)

Salcido formerly served as Senior Development Manager for Panattoni Development Company’s Central and North Florida regions.

Previously, he handled Progress Energy’s commercial real estate activities including facility management, disposition, acquisition and development.

During his career, he has developed and acquired over 3.2 million square feet of corporate real estate space.

A former recipient of NAIOP Central Florida’s Industrial Broker of the Year Award, Salcido also served as 2007 President of NAIOP Central Florida. Additionally, he has served on numerous boards of directors including CoreNet, Florida Real Estate Forum Advisory Board, and NAIOP Florida.

In a joint statement, Bradford and McFadden said “Moses Salcido brings a seasoned corporate owner’s perspective combined with a sterling record of performance in landlord/tenant representation."

Southern Commercial has completed over 103 industrial and office transactions totaling 2.8 million square feet and valued at more than $107 million since its founding in August 2007.

The locally-owned firm represents 6.9 million square feet of existing product with another 1.4 million square feet proposed.

The firm’s in-house Research Department produces an in-depth quarterly “Industrial Orlando Market Report” publication which is circulated throughout Central Florida and is available upon request.

Southern Commercial Real Estate Advisors is located at 20 N. Orange Avenue, Suite 605, Orlando, FL 32801, phone 321-281-8500. For more information, visit http://www.southerncommercialre.com/.

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

Commercial/Multifamily Mortgage Debt Outstanding Remains Unchanged During First Quarter 2009

WASHINGTON, DC (June 18, 2009) - The level of commercial/multifamily mortgage debt outstanding remained relatively unchanged in the first quarter, at $3.48 trillion, according to the Mortgage Bankers Association (MBA) analysis of the Federal Reserve Board Flow of Funds data.

The $3.48 trillion in commercial/multifamily mortgage debt outstanding recorded by the Federal Reserve was a decrease of $33 million from the fourth quarter 2008. Multifamily mortgage debt outstanding grew to $908 billion, an increase of $5 billion or 0.6 percent from fourth quarter.

"Banks, thrifts Fannie Mae and Freddie Mac all increased their holdings of commercial and multifamily mortgages during the first quarter, while run-off among CMBS and life company loans decreased those investors' holdings," said Jamie Woodwell, (top right photo) MBA's Vice President of Commercial Real Estate Research. "The relatively long-term nature of commercial real estate finance has meant greater stability in the levels of commercial and multifamily mortgage debt outstanding than is seen among many other types of credit."

The Federal Reserve Flow of Funds data summarizes the holding of loans or, if the loans are securitized, the form of the security. For example, many life insurance companies invest both in whole loans for which they hold the mortgage note (included under Life Insurance Companies in this data) and in CMBS, collateralized debt obligations (CDOs) and other asset backed securities (ABS) for which the security issuers and trustees hold the note.

For a complete copy of MBA's news release, please contact:

Carolyn Kemp, (202) 557-2727, ckemp@mortgagebankers.org

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

Federal Court Consolidates Chinese Drywall Cases; Pre Trial Conference Set for July 9

MIAMI, FL, June 18, 2009--(BUSINESS WIRE)--On May 27, 2009, the Multi District Litigation (MDL) Panel heard argument for consolidating thousands of Chinese Drywall lawsuits throughout the United States.

In an order that was entered on June 15, 2009, the MDL selected the Eastern District of Louisiana Federal United States District Court. The MDL Panel selected experienced trial Judge Eldon E. Fallon (middle left photo) to oversee the cases.

A pre trial conference has been set for July 9, 2009 at 2:00 pm at Judge Fallon’s courtroom, Room C-468, United States Courthouse, 500 Poydras Street, New Orleans, Louisiana.

100,000 cases from across the nation are expected to be consolidated for pretrial matters and discovery in the dry wall litigation that has impacted homeowners throughout the country.

Florida is expected to have 35,000 cases filed within the next year regarding this problem.

“This is the largest construction defect case in the history of the United States and consumers need help now,” said Ervin A. Gonzalez, (top right photo) one of Florida’s leading lawyers that have been representing hundreds of homeowners with dry wall problems.

“By consolidating the cases, the Court will allow for the more efficient and effective handling of these claims. Ultimately it should reduce the expense involved in litigating the cases and should promote global resolutions of these claims.”

The Court will likely select an Executive committee for the Plaintiffs and Defendants to run the litigation on behalf of all interested parties and soon after require a joint case management plan to be submitted that outlines the parties’ pleading and practice schedule as well as the proposed discovery schedule.

Given that many of the Defendants are from foreign countries like China and Germany and were served under The Hague Convention requirements, the Court may attempt to simplify and streamline the service and notice requirements on the foreign corporate parties in order to keep the cost of litigation down and to speed up the process.

As early as 2007 many homeowners who moved into their newly constructed homes began to notice strong “rotten egg” odors in their homes.

They also noticed that many of their new appliances were failing, wiring was corroding, air-conditioning coils needed replacing and they began to experience headaches, sore throats, nose bleeds and upper respiratory problems.

According to the Chinese Drywall lawsuit, the culprit is alleged to be defective drywall that emits various sulfide gases and/or other chemicals through “off-gassing” that creates noxious, “rotten egg-like” odors, and causes corrosion of metals including those in air-conditioners, refrigerator coils, microwaves, faucets, utensils, copper tubing, electrical wiring, computer wiring, personal property, electronic appliances, and other metal surfaces and household items.

The only solution is to “gut” the homes and remove the toxic drywall down to the studs.

Gonzalez says, “Most homeowners are unable to move out because they cannot afford to pay their mortgages and the rent on another apartment or home. This is a serious matter that requires immediate attention. We will ask the Court to take prompt action in order to make the responsible parties accountable for the harm that they have caused hundreds of thousands to suffer.”

Gonzalez currently represents homeowners in individual and class action litigation in state and federal court.

The homeowners are seeking compensatory damages for the direct and consequential damages caused by the defective drywall that include the cost of repair and replacement of the homeowner’s houses and personal property as well as relocation costs and other related economic expenses.

The lawsuit is also seeking damages for medical monitoring to provide medical screening.

Ervin A. Gonzalez is available for comments and interviews regarding the case and can be reached at 305-476-7491 or 305-298-1888.



Contacts:
JBG Communications, Janice B. Gonzalez, 305-667-9960 Office, 305-898-1895 Mobile JBGonzalez@JBGcommunications.com

Selig Enterprises Announces First Tenants at 1465 Chattahoochee Ave. Project in West Atlanta

ATLANTA, GA (June 17, 2009) - Selig Enterprises, Inc. has leased approximately 5,000 square feet of retail space in the building located along Chattahoochee Avenue to Johnny's Pizza and The Brunch House.

This marks the first of two leases for the project.

Jim Saine, (middle left photo) Vice President of Selig Enterprises, says "the market here has definitely been under-served from a food service and retail perspective.

"As everyone can attest to, West Midtown is experiencing tremendous growth right now, and our 1465 Chattahoochee Avenue project presents a great value for those looking to bring retail to the area."

Johnny's Pizza has several locations in the Metro Atlanta area, including Cheshire Bridge Road and Decatur. The new location will occupy approximately 2,504 square feet and offer pizza, pasta dinners,calzones, and salads.

Mike Roseberry, the franchisee for Johnny'sPizza, says, "We looked at almost every available building in the areafor months and knew the day we saw this project that it was the space we needed. It's a good looking building- it jumps out at you."

He and his wife Kathy wanted to stay inside the perimeter and were initially looking in the Five Points and Glenwood Park area, but ultimately chose West Atlanta.

Media Contact: Taana Kowtkow@seligenterprises.com, 404.870.1506

http://www.seligenterprises.com/

Profit Down by 96% but Indian Hotels Co.’s Buying Spree Rolls On

MUMBAI, India—Indian Hotels Co. Ltd. (IDHCF-Bombay Stock Exchange) disclosed its consolidated profit after tax of Rs 124.6 million (US $2.6 million) was down by 96.48 percent in fiscal 2009 that ended March 31.

In fiscal 2008, the company reported a consolidated profit after tax of Rs 354.98 crore (US $74.8 million).
Consolidated total income decreased to Rs 27.82 billion in fiscal 2009 from Rs 30.59 billion in the previous year.

For the fiscal 2008-09, stand-alone profit after tax of the company dropped to Rs 2.34 billion from Rs 3.77 billion in the previous year.

Regardless of the bottom-line numbers, Indian Hotels Co., which runs the Taj Group of hotels, has acquired control of Hotel Sea Rock (top left photo) in north Mumbai for 6.8 billion rupees ($143 million), the company announced today.

In a prepared statement, the nation’s biggest operator of hotels says it will spend 5 billion rupees in the next two years to tear down a dormant building, unused since the 1993 serial bomb blasts in Mumbai, and convert it into a luxury hotel, says company vice chairman R.K. Krishna Kumar. (bottom left photo)

Mumbai-based Indian Hotels will meet the acquisition cost from the 14 billion rupees raised by selling stocks to shareholders last year, says chief financial officer Anil Goel.

The company plans to integrate the site with its existing property known as Taj Lands End. (top right photo)

The acquisition gives Indian Hotels room to expand in the northern suburb of Bandra, soon to be linked to the downtown area through a bridge over the Arabian Sea.

“Within days of the Bandra-Worli Sea Link being set to open, we are delighted to announce that we are able to propose a world-class convention and hospitality center,” Kumar says.

There are no pending lawsuits relating to the Sea Rock property, Kumar says. The hotel used to be a popular gathering location for film stars before it was closed following the bomb blasts in 1993.

“It will be the most luxurious Mumbai has seen,” Kumar says. “It will be a landmark in that part of town, as the Taj is in south Mumbai, or as the Opera House is to Sydney.”

Indian Hotels plans to spend another 3 billion rupees on other hotel projects during the year, he says. The company is “keen to increase its stake in Orient-Express Hotels Ltd. (middle left photo) and work with the group,” Kumar says.

Mumbai-based Indian Hotels owns 9.7 percent of Orient- Express and will “be happy” to raise its stake, he said. The two groups have had meetings “at the highest level,” he says.

“We hope to continue the dialogue that will give us the right kind of chemistry to work together,” Kumar says.

“I don’t think we should be talking about stakes alone. The problem in the beginning was the perception that we were moving in to make a hostile move on acquiring stakes and destroying the autonomy or independence of the company.”

The Tata Group, which runs Indian Hotels, doesn’t make “hostile moves,” Kumar says. Indian Hotels, which runs 97 hotels across the globe, gets about a third of its revenue from international operations.

The company expects to fully re-open the terrorist-hit, 106-year-old Taj Mahal Palace & Tower (middle right photo) in Mumbai by the end of the year or in January, 2010, says Kumar.

The hotel was damaged in the Nov. 26-29, 2008 attacks, along with another luxury hotel, the main railway terminal and sites elsewhere.

The attacks damaged a large part of the heritage wing and destroyed paintings, chandeliers, silk carpets and wooden furniture at the hotel located next to the landmark
The hotel re-opened its tower wing in December 2008.

“We are trying to restore it with love and devotion and don’t want to rush,” Kumar says. “We want to see it as the most beautiful hotel in the world.”

The Mumbai Taj contributes about a fifth of Indian Hotels’ revenue. The hotel is “more than adequately covered” by insurance, CFO Goel says. The hotel has 62 percent occupancy, compared with 75 percent a year earlier.

India’s economy, which grew 5.8 percent in the three months to March 31, may expand 7 percent in the fiscal that began April 1, the government has predicted.

The economy could rebound to its 9 percent growth path, Prime Minister Manmohan Singh (bottom right photo) told the Parliament on June 9.

Following last year’s attacks and amid the global recession, overseas travelers canceled trips to India, hurting the travel and tourism industry.

“The global community has seen the worst period over the past 18 months,” Kumar says. “The worst is over.”

SPECIAL REPORT: Medical Office Market Could Need 10M SF of New Space if New Health Program Enacted, Says Marcus & Millichap

ENCINO, CA—There is an unprecedented boom in new medical office space around the corner in almost every U.S. community, if President Barack Obama’s new healthcare insurance program is enacted this year.

Ten million square feet of new space would be needed, estimates a special report prepared by Encino, CA-based Marcus & Millichap Real Estate Investment Services.

It’s the first time any major national brokerage has predicted how much new real estate might be needed in the fast-growing medical office industry.

The report was coordinated by John Chang, National Research Manager and Tom Hershey, Research Services.

Here is how they arrived at their 10-million-square-feet estimate:

“The medical office sector’s resilience can be attributed to a combination of variables, including technological advances and medical innovations that continue to extend life spans, as well as the aging baby boomer generation.

“At present, baby boomers account for 29 percent of the total uninsured yet represent almost one-third of all physician office visits.

“Proposed changes to the healthcare system will dramatically increase demand for medical services among this group.

“ Per person office visits for 45- to 64-year-olds have expanded by 7 percent over the past decade. Insuring 95 percent of this cohort could elevate physician office visits by 12 percent, or 34 million visits, annually.

“At the current average of 120 visits per week for primary care physicians, approximately 5,400 new general practitioners will be needed to handle the additional workload from this age group alone.

“The resulting demand for office space from these doctors would total nearly 10 million square feet.”

The report notes that despite the recession, medical office properties ‘have performed favorably, and demand is set to accelerate as medical reform is phased in over the next several years.

“Unlike other asset types, medical office properties continue to garner investors’ demand by exhibiting considerable resistance to the economic downturn.”

Medical office vacancy is currently 11.6 percent, up only 100 basis points from one year ago. traditional office vacancy, by comparison, is 15.2 percent, a 240 basis point increase over the same period.

Contact: Stacey Corso, Communications, stacey.corso@marcusmillichap.com

GVA Advantis Orlando Wins New Leasing and Management Assignments

ORLANDO, FL – (June 17, 2009) – GVA Advantis recently won new leasing and property management assignments, and was chosen to provide property management services to an exclusive leasing assignment it has held since 2006.

University Plaza, a 12,220± sf professional office complex located at 11500 University Boulevard in east Orlando, was built in 1992 and renovated in 2001. GVA Advantis began leasing and property management services on May 1. The office is currently 47% occupied.

Additionally, GVA Advantis began providing property management services on June 1 to 1707 Orlando Central Parkway, a 65,000± sf, class B office space on the north side of Orlando Central Park, for which it has provided leasing services since 2006. This five-story office was built in 1968 and completely renovated in 2001. It is currently 90% occupied.

Another property was recently added to GVA Advantis’ list of managed properties – site of the new 43,668± sf U.S. Citizens & Immigration Services office at 6680 Corporate Center Boulevard in Lee Vista Center near Orlando International Airport.

Roxanne Hargis, (top right photo) area manager for GVA Advantis’ property management services division, landed the management of all three accounts.

“This has been a great year so far for us, particularly in Orlando,” said Lisa Bailey, (middle left photo) senior director of office & industrial services of GVA Advantis’ Orlando office.

“We have won several new management assignments, thanks to Roxanne, as well as leasing assignments since the beginning of the year, and we just added two brokers to help manage the new business.”

Connie Snyder, (bottom right photo) Associate Director, and Don Rudolph, (bottom left photo) CCIM, Associate, joined the company in May.

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

Extended Stay’s $8B Buyout Triggers Record Bankruptcy Protection Filing

NEW YORK, NY—In April 2007, David Lichtenstein’s (top right photo) Lakewood, NJ-based Lightstone Group LLC borrowed $7.4 billion to buy the 680-hotel chain Extended Stay Inc. from New York City-based Blackstone Group LP.

Analysts at the time doubted the deal was a good one for debt-loaded Lightstone. Today they were proven right.

Lightstone filed for Chapter 11 bankruptcy court protection in the court’s Southern District in Manhattan.

Extended Stay listed $7.1 billion in assets and $7.6 billion in debts at the end of last year. The company has about 10,000 employees in 44 states and Canada.

The Wall Street Journal called it one of the largest bankruptcy filings by a U.S. commercial real-estate company.

The banking consortium that did the deal includes Bank Of America and its Merrill Lynch unit, Wells Fargo & Co.s Wachovia and Bear Stearns Cos., whose stake was taken over by the Federal Reserve after Bear collapsed in March 2008. BlackRock Inc. has been representing the Fed in the restructuring talks.

The WSJ reports the deal was highly leveraged, making Extended Stay especially vulnerable to a market downturn.

(David Lichtenstein on his boat in Manhattan, middle left photo)

The hotel chain has $4.1 billion in a senior first mortgage debt that was mostly sold to investors as commercial-mortgage-backed securities, or CMBS.

Behind those secured creditors is the $3.3 billion of mezzanine debt divided into 10 classes, ranked one through 10 in seniority.

Most of the holders of junior mezzanine debt bought at a discount, some around 60 cents on the dollar, but others as low as 10 to 15 cents, according to debt holders.

The paper reports the surprise bankruptcy filing today also triggered a new set of lawsuits.
In early June of this year, investors who bought debt that helped finance the 2007 Extended Stay deal, are suing banks that provided much of the financing.

The lawsuits accuse the banks of scheming to seize the properties and wipe out the mezzanine investors.

The hotel chain was served a notice of default in May. Both the senior and mezzanine loans matured on Friday, June 12, with extension options.

Wachovia, the servicer of the mezzanine and first mortgage debt as well as being a lender, declared a default in late May after Extended Stay failed to pay a $3.5 million late phone bill, according to the people familiar with the matter.

KFC Plans to Open 300 Outlets in China in 2009; McDonald’s About 150

DUBLIN, Ireland—Is there a Recession in China’s American-style, fast-food industry? You can’t prove it by the expansion plans of KFC and McDonald’s.

The Kentucky Colonel and the Golden Arches, long-established icons in China’s growing fast-food industry, plan to grow even more.

Research and Markets, a Dublin-based business information-gathering company, reports KFC plans to open 300 outlets in 2009; McDonald’s about 150.

KFC already has more than 2,000 stores in China; McDonald's over 1,000. The average price of a fast food item in China varies from 50 cents to $3.

“There is huge potential in the fast food industry in China,” the research group states. It is a $30 billion-a-year industry right now.
But if you are an independent entrepreneur planning to follow the big boys of the industry, do your homework carefully, advises Research and Markets.

“The fast food industry in China is imperfect in market environment, inadequate in laws and regulations, imperfect in the distribution systems, non-standard in the consumption environment and numerous in the food safety problems,” the Ireland-based company says.

“Therefore, investors should take the policies, places, the consumers’ incomes and cultural elements into consideration when investing into the fast food industry in China.

Despite the growth of American-style fast-food, the scale of Chinese-style fast food is still “all very small,” Research and Markets reports.

Still, the giant enterprises of Chinese style fast food, Kungfu Catering Management Co., Ltd. and Changzhou Lihua Fast-Food Ltd., also plan to speed up their expansions.

“As far as the fast food industry is concerned, the financial crisis turns down the costs for the labor forces and house rents in China and provides more development space,” the research group says.

“Under the circumstances of the financial crisis, many domestic and foreign enterprises are taking aim at the fast food industry in China, exclusive the possibility of new western style fast food entering China.”

Jollibee Foods Corp. for example, has already entered the Chinese market through its merger with Yonghe King.

At present, the major western style fast food brands are KFC, McDonald's and Dicos. Chinese style fast food mainly includes Lihua fast food, Kungfu, Malan noodle, Yonghe King and Daniang dumplings.

The fast food industry in China started late and only has a little more than 20 years of history.

KFC introduced American-style fast food to China in 1987, opening its first store in Beijing. Other American fast-food companies followed during the 1980s and 1990s. #

Margo Thomas of CB Richard Ellis Orlando Negotiates 10-Year Lease

ORLANDO, FL, June 16, 2009 – The Orlando office of CB Richard Ellis is pleased to announce Margo Thomas, (top right photo) Senior Retail Specialist, has negotiated a 10-year lease transaction on 13,455-sq.-ft. for the Orange County Library System.

Genny Spies and Christin Jones of The Shopping Center Group represented the landlord, Simon Property Group. The space is located in the Highland Lakes Shopping Center on West Colonial Drive in Orlando, Florida in a portion of the former Office Max.


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

Lawrence McCue Appointed Director of Group Sales for Westin Bonaventure, Los Angeles

LOS ANGELES, CA, June 16, 2009 – The Westin Bonaventure Hotel & Suites, (top right photo) Los Angeles announced today Lawrence McCue has been named director of group sales for the 1,354-room hotel, located in the heart of the business district in downtown Los Angeles.

“We are delighted to welcome Larry to the Westin Bonaventure,” said Managing Director Michael Czarcinski (bottom left photo).

“With 13 years of director-level sales experience, Larry will be a great asset to the Westin Bonaventure team.”

McCue most recently served as director of sales and marketing for the Keystone Resort and Conference Center in Colorado since 2004.

Prior to that, he was vice president of sales for Pinehurst Resort in North Carolina for three years.

McCue’s extensive experience also includes national sales and marketing leadership for a collection of International Conference Resorts’ properties, and as director of sales and marketing for Cheyenne Mountain Resort in Colorado Springs.

Contact: Michael Czarcinski, Managing Director, The Westin Bonaventure Hotel & Suites, Phone: (213) 624-1000 Email: michael.czarcinski@westin.com

Construct Two Group completes Lakeland, FL community center renovation

ORLANDO, FL, June 16, 2009 — Construct Two Group recently completed its $1.8 million contract to renovate and build an addition to the Coleman-Bush Building, (top left photo) a community center located on Martin Luther King, Jr. Drive in Lakeland, Fla.

Under contract with the City of Lakeland, Fla., Construct Two Group provided general contracting for site preparation, the renovation of 20,328-square-feet of existing space and a 2,420-square-foot addition.

The facility now features larger meeting and community rooms, expanded restrooms and offices for the City’s Code Enforcement and Housing units.

The project was completed in seven months.

Swilley Curtis Mundy Hannicutt Associates Architects Inc., Lakeland, Fla. designed the project.

Major subcontractors under contract with Construct Two Group were Payne Air Conditioning & Heating Inc., Lakeland; Assured Excavating, Orlando; Advantage Roofing, Orlando; A Catapano Plumbing Inc., Orlando; and Beneficial Fire Protection, Thonotosassa.

Construct Two Group provides construction management, design-build, cost management and program management services to public and private sector clients.

Having completed more than $500 million in projects since its founding in 1990, Construct Two Group is the largest African-American-owned construction management company in Florida. The Company employs a professional and support staff of 31 from offices in Orlando, Tampa and Tallahassee, Fla.

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

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

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

Mark One Capital Arranges $1.5M Loan for Macaroni Grill Restaurant in Florida

ALTAMONTE SPRINGS, FL – Mark One Capital has arranged a $1.5 million loan for the acquisition of a 7179-square foot Macaroni Grill Restaurant (top right photo) located at 844 W. State Road 436 in Altamonte Springs.

Geoffrey Harris, (bottom left photo) a senior director in the firm’s Phoenix office, and Farhan Kabani, an associate director in the firm’s Dallas office, arranged the financing for the property.

“Debt financing for single-tenant net-leased restaurant properties is in short supply,” says Kabani.

“However, Mark One Capital was able to source an aggressive lender that closed the transaction with excellent partial recourse loan terms.”

Financing for the Macaroni Grill Restaurant was provided by a portfolio lender at a five-year fixed rate of 6.5 percent, 25-year amortization and 50 percent recourse. The loan-to-value was 65 percent.

Press Contact: Kathy Molitor, Mark One Capital , (925) 953-1704