Plaza Advisors Announces Fourth Shopping Center Sale of 2009

TAMPA, FL Plaza Advisors is pleased to announce the sale of the Palafox Square shopping center (top left photo) in Pensacola, Florida.

The center contains shadow anchors’ WalMart Supercenter (219,742 sf) and a 22,500 sf Office Depot.

The project, built in 1999, is located at the intersection of Pensacola Boulevard and West Hood Drive. The property was 100% occupied at the time of sale and included 17,150 sf of local space with several recognizable tenants such as Radio Shack, Gamestop, GNC, Fantastic Sams, and Sally Beauty Supply.

Plaza Advisors represented the seller in the transaction and co-managing partners Jim Michalak (middle right photo) and Anthony Blanco (middle left photo) , together with Senior Financial Analyst Lenard Williams (bottom right photo) were involved in the engagement.

The seller and buyer were Developers Diversified Corporation and Yale Realty Services Corp., respectively. The sale of Palafox Squarer is the fourth transaction for Plaza Advisors in 2009.

Earlier this year, Plaza Advisors sold Regency Village, a Publix-anchored center located in Orlando, The Village Shopping Center, a Publix and Bealls Outlet anchored center in Port Orange, and Belleair Bazaar, a Bonefish Grill-anchored center in the Clearwater area.

Plaza Advisors, with offices in Tampa and Miami, is a real estate brokerage firm that specializes in the disposition of anchored shopping center properties in the southeastern United States.

Plaza Advisors clients include private equity, developers, and major institutions including pension funds, servicing agents, life insurance companies, REITs, and money center banks.

Co-managing partners Jim Michalak and Anthony Blanco have a combined 35 years investment brokerage experience. The duo has closed over 140 shopping center transactions, with a combined GLA exceeding 15 million square feet with an aggregate sales volume in excess of $2 billion.

CONTACTS:

Jim Michalak, Jim.michalak@plazadvisors.com

Anthony Blanco, Anthony.blanco@plazadvisors.com

HFF to market sale of Hines’ One Northwestern Plaza in Southfield, MI

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) has been retained by Hines to market the sale of One Northwestern Plaza, (top right photo), a 240,900-square-foot office building in Southfield, Michigan.

The HFF investment sales team will be led by managing directors Jeff Bramson (middle right photo) and Jaime Fink,(middle left photo) who will market the property on behalf of the Hines U.S. Office Value Added Fund, which has owned the building since 2005.

One Northwestern Plaza is being offered without an asking price free and clear of debt.

One Northwestern Plaza is located at 28411 Northwestern Highway in the southeast Michigan suburb of Southfield surrounded by the affluent suburban communities of Oakland County.

Situated at the confluence of Northwestern Highway, Reuther Freeway (I-696), and John C. Lodge Freeway (US-10), the property is visible from all three highways and has lengthy unobstructed views in every direction.

The 13-story, Class A office tower is 87 percent leased to tenants including Watson Wyatt Worldwide, Massachusetts Mutual Life Insurance, John Hancock Life Insurance, Principal Life Insurance, Denenberg Tuffley, and Consolidated Financial.

“This is an exceptional opportunity to acquire an architecturally striking, award-winning, well-tenanted property. The building’s diverse tenant base includes financial services, media, legal and other professional service firms.

"The property’s rent roll is well-positioned with mid-to-long-term lease expirations, which provide income stability coupled with long-term growth potential,” said Fink.

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide.

The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes more than 1,100 properties representing approximately 454 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.

With offices in more than 100 cities in 17 countries, and controlled assets valued at approximately $25.8 billion, Hines is one of the largest real estate organizations in the world. Visit http://www.hines.com/ for more information.

Contacts:

JEFFREY M. BRAMSON, HFF Managing Director, (312) 528-3650, jbramson@hfflp.com

JAIME M. FINK, HFF Managing Director (312) 528-3650, jfink@hfflp.com

KRISTEN M. MURPHY, HFF Associate Director, Marketing, (713)852 3500, krmurphy@hfflp.com

Chatham Financial Comments on Proposed OTC Derivatives Regulation

PHILADELPHIA, PA--Yesterday, Chatham Financial, a global hedge consulting firm based in Pennsylvania, sent a letter to U.S. policymakers regarding the proposed regulation of the over-the-counter (OTC) derivatives market.

In the letter, Chatham’s President and CEO, Mike Bontrager, (top right photo) first expresses support for the objectives that U.S. Treasury Secretary (Timothy) Geithner (middle left photo) outlined in his May 13th letter to Senate Majority Leader Harry Reid, (middle right photo) specifically noting the need for safeguards to protect against the “reckless practices of certain institutions.”

Chatham also agrees with a central theme of proposals that any new regulation should focus on the participants in the OTC derivatives market that are large enough to pose a risk to the financial system.

Mr. Bontrager raises concerns over any “indiscriminate implementation” of regulations that could adversely affect “tens of thousands of businesses throughout the U.S. and around the world.”

The letter lists concerns over regulations that might limit access to customized derivatives or impose onerous collateral requirements on the American businesses that use OTC derivatives responsibly to hedge fluctuations in interest rates, foreign currency exchange rates, and commodity prices.

These concerns are directed at certain proposals mandating clearing and exchange-trading for all OTC derivatives. “Forcing all derivatives onto exchanges or into central clearing is not the answer,” says Bontrager.

The letter cautions that companies forced to use standardized derivatives could “face significantly increased earnings volatility and accounting complexity and may be unable to qualify for hedge accounting treatment” under FAS 133.

Discussing the letter, Clark Maxwell, director of Chatham’s accounting consultancy, commented that, “We’re concerned that the accounting for derivatives could become even more complicated and may discourage prudent risk management. The benefits of customizable derivative contracts that precisely hedge a company’s risks are significant for the vast majority of end users.”

Mr. Bontrager notes, “Our hope is that in addressing the systemic risks and appropriate safeguards that need to be put in place, the ultimate impact on American businesses will not be overlooked.

"We believe that affordable access to customized methods of hedging is vital to companies whose investments are often dependent on their ability to manage risks and reduce uncertainty.”

Chatham Financial is the largest independent interest rate and foreign currency hedge consulting firm. With offices in suburban Philadelphia, Denver, London, Singapore, and Krakow, Chatham serves over 1,000 leading private and public companies worldwide. Chatham is employee-owned and is not associated with any bank.

For more information, please contact:
Sam Peterson at 484-731-0276
Joy Peterson, PH 720.249.3606. F: 720.221.3519, jpeterson@chathamfinancial.com

http://www.chathamfinancial.com/

Canadians Are Largest Foreign Real Estate Investors in U.S., Says Arizona Fund Manager

SCOTTSDALE, AZ—Quick now, which foreign country is the largest real estate investor today in the U.S.?

Japan? No. China? No. Russia? No? It’s Canada, believe it or not.

E. Patrick LaVoie, Fund Manager for the Arizona-based Westward Fund, is one who believes it. He also has numbers to back him up.

“The fact that Canadian investment in U.S. real estate more than doubled in one year, from 11% to 23.5%, makes Canada the largest foreign real estate investor in the U.S.,” says LaVoie.

What’s the strong attraction among the Canadians? For one thing, LaVoie says, the Canadian dollar is currently at par with the U.S. dollar, something that hasn’t happened since November of 1976.
“The Canadians are experiencing the best exchange rate in nearly three decades,” he says. “For another thing, property values in the U.S. have plummeted, causing it to be a perfect time to buy.

“The recession has produced a surplus of high-quality real estate assets that are now available at substantially below-normal prices, particularly here in Arizona.” LaVoie points out.

A creation of Equity Capital Group (ECG), the Westward Fund is designed to capitalize on the unprecedented real estate opportunities in today's depressed market.

LaVoie, also President of ECG, states, “Drawing from decades of relationship building in the Arizona real estate, banking and financial arenas, we are committed to preferential deal flow and early access to buying opportunities for our clients.


“The timing is paramount for private equity players to capitalize on the current market situation.”

Markets like Arizona have seen major price reductions from what they were just a few years ago.
For example, La Voie says, “If you had bought a condo in Phoenix for $200,000 in 2005, it would have cost approximately $250,000 CAD (using a Canadian dollar worth $0.80 U.S.). Today, that same condo is on the market in Phoenix for $180,000, which in Canadian currency costs only $180,000.”

Economist Noah Blackstein, (top left photo) one of Canada’s premier U.S. Growth Fund Managers says, “Canadians might be wise to move quickly, now that the Canadian dollar is at par. While U.S. real estate prices may have more downside, I would seize the opportunity of parity and buy now, and enjoy it for the rest of your life.”


LaVoie of Westward Fund, adds, “Foreign investment has an undeniable presence in the U.S. real estate market, especially here in Arizona. Opportunities are abundant.

“Now is the time to buy and our Canadian friends clearly recognize this. For them, this is the most opportune time to invest.”

Entrust Administrative Services’ Capital Ideas Premiers on 660 WORL-AM Radio, Orlando

LAKE MARY, FL - Entrust Administrative Services, which administers more than 2,000 self-directed retirement accounts with assets of more than $200 million, launched the premier edition of its Capital Ideas radio program on radio station WORL-AM 660 recently with guest Doug Gale, president of REO America.

Capital Ideas airs from 9 to 10 a.m. Sundays in the Orlando area. The program looks at investment opportunities and pitfalls for owners of self-directed retirement funds, with expert guests from the financial community, said Glen Mather, (top left photo) president of Entrust Administrative Services.

“Capital Ideas is a forum for discussions about how small investors can invest outside the stock market – including real estate, mortgages, private placements and much more,” Mather explained. “These investments can be held both inside and outside IRA plans.”

“We’re presenting a wide range of facts and ideas that will help educate and inform without pitching specific programs or even recommending investment strategies,” Mather said. “We want to educate our listeners, not sell them.”

Mather said most people are unaware that their IRAs, Roth accounts and similar retirement funds can be converted into self-directed accounts where they have control over their investments.

Gale, whose company provides assistance to investment funds which target real estate REOs---bank owned properties resulting from foreclosures---told listeners there are many risks involved but the payoffs can be considerable

“The economic downturn has resulted in thousands of foreclosures, and late-night TV is filled with infomercials about buying up those foreclosed properties,” said Mather.

“Doug Gale told our listeners how to invest in tax liens through individual counties. He said they may be much safer than buying properties, with lower capital requirements, and strong returns, but as always, the investor needs to properly assess the risk,” Mather said.

For more information, contact:
Glen Mather, President Entrust Administrative Services, Inc. 407-367-3472 gmather@entrustfl.com;

Larry Vershel, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Creative Kingdom Unveils Mixed-Use Film Production, Residential, Entertainment Development in Thailand

Integrated Development Aims to Become Hub of the Asian Film Industry, Complete with Unique Residential Housing, Tourist Facilities and Diverse Entertainment

LOS ANGELES & BANGKOK--(BUSINESS WIRE)--Creative Kingdom, the world’s leading creator of themed design architecture and destinations, including Dubai’s Palm Island (top right photo) and World Island,(bottom right photo) today unveiled plans for Chiang Mai Wood (CNX-Wood), a 175-acre mixed-use movie studio and residential development in Chiang Mai, (middle left photo) Thailand.

Once completed, the sprawling complex will house the state-of-the-art CNX Movie World Studios, as well as an integrated network of self-sufficient residential neighborhoods, a wide variety of entertainment offerings, cultural venues, museums and world-class restaurants.

“CNX-Wood is sure to become one of the most advanced mixed-use destinations in the world, and we are extremely excited by its potential,” said Eduardo Robles, chief executive officer, Creative Kingdom, Inc.

“The new CNX Movie World Studios will serve as the hub for Asia’s booming film industry and become one of the premier destinations for the world’s movie makers.

In addition, the integrated nature of the facilities will be unrivaled in providing its residents, from those looking for a vacation or second home to those seeking an unmatched luxury lifestyle, with the perfect mix of entertainment, culture and life balance.”

The CNX Movie World Studios will feature a series of state-of-the-art film production studios, animation facilities and special effects laboratories. The facilities will provide film makers with the most advanced tools and technologies for developing and producing top quality domestic and international movies.

The development includes multiple residential neighborhoods, including villa and luxury housing, that will be connected to the film facilities via an integrated network of bike and walking paths.

Each neighborhood will be fully independent, with its own infrastructure, stores, libraries, schools, medical facilities, water/electrical services, shopping, parks, entertainment and cultural venues.

Creative Kingdom, Inc. (CKI) is the world’s leading creator of themed design architecture and destinations. In addition to its architecture and master planning expertise, the multi-faceted company conducts cutting edge work with CGI 3-D architectural video animation, 2-D/3-D cartoon animation, and video, film and music production.

Creative Kingdom’s global headquarters are based in Los Angeles, with offices on Dubai, UAE; Beijing, China; Chiang Mai, Thailand; and Pasig City, Philippines.

Contacts:
Wonacott Communications, Palmira Farrow, 310-477-2871, Ext. 660, pfarrow@wonacottpr.com

Jessica Busch, 310-477-2871, Ext. 666, jbusch@wonacottpr.com

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