Driftwood Plaza in Jupiter, FL Gets $4M Loan

FORT LAUDERDALE, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on June 29, 2009, in the amount of $4,000,000 for Driftwood Plaza (top right photo) in Jupiter, Florida.

Patrick Madore, Company Vice President, financed Driftwood Plaza through Thomas D. Wood and Company’s relationship with a regional bank.

The loan has an interest rate of 6.5% and a 10-year term with a five-year rate review, based on a 25-year amortization. The loan-to-value is 40%. The 46,000 square-foot unanchored retail center was built in 1994. Driftwood Plaza is located at 2113 South US 1, Jupiter, Florida.

For further information, please contact:
Patrick Madore, (954) 233-6024, pmadore@tdwood.com


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


http://www.tdwood.com/

Hotels Booked Solid as Michael Jackson Fans Rush to Anticipated Burial Site near Neverland

LOS OLIVOS, CA—It was a prediction that couldn’t fail—Michael Jackson’s fans are rushing to his anticipated burial site near Neverland Ranch, (bottom left photo) the entertainer’s private version of Disneyland.

The burial date and time has not been officially announced but that is not stopping a horde of Jackson fans from descending on the Neverland area this weekend, according to the entertainment network TMZ.

Jackson, (top right photo) 50, died June 25 at his home in Holmby Hills, CA.

TMZ reporters claim nearby Neverland area hotels in CA are all booked and sold out for the weekend.

TMZ reporters cite the Fess Parker Wine Country Inn in Los Olivos as their source of the hotel bookings. The inn is located less than a mile from Neverland Ranch.

"They tell us that once news hit Jackson's body might be coming to Neverland, they sold out in just 20 minutes,” TMZ is reporting. “They are booked up solid from Thursday until Saturday."

The TMZ report states “people who are planning to drive to the Los Olivos area, are advised there aren't many places for lodging. The area hotels are mostly, if not all, sold out.”

The network’s reporters advise Jackson fans “to make a possible reservation before you drive to Los Olivos area.”

TMZ adds, “It is expected that many Americans, who were planning to take a short summer vacation for the July 4 holiday, may change their directions and instead drive to Los Olivos, towards Neverland.”

Plaza Advisors Announces Its Fifth Shopping Center Sale of 2009

PLANT CITY, FL, July 1, 2009--Plaza Advisors is pleased to announce the sale of the Plant City Crossing shopping center (top right photo) located in the Tampa Bay MSA.

The transaction closed July 1, 2009. The center is 85,252 square feet (sf) and features a 37,860 sf Publix Supermarket.

The project, built in 2001, is located at the intersection of I-4 and Thonotosassa Road in Plant City, FL.

The property was 95% occupied at the time of sale. The center included several recognizable tenants such as Cato, Dollar General, Little Caesar’s Pizza, Supercuts, H & R Block, Blockbuster Video, and Subway.

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

The seller and buyer were Southeast Plant City, L.L.C. and Fraga Development Corporation, respectively.

The sale of Plant City Crossing is the fifth 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, Belleair Bazaar, a Bonefish Grill-anchored center in the Clearwater area, and Palafox Square, a WalMart Supercenter and Office Depot shadow anchored center located in Pensacola, FL

CONTACTS:

Jim Michalak, office 813-837-1300. FAX: 813-831-2627 Jim.michalak@plazadvisors.com

Anthony Blanco, office 305-629-3606. FAX: 305-647-6441
Anthony.blanco@plazadvisors.com

$350M financing arranged by HFF for world-class laboratory/office facility in Boston’s Longwood Medical Area

BOSTON, MA, July 1, 2009 – The Boston and San Diego offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have arranged $350 million in financing for the Center for Life Science Boston, a 700,000+- square-foot, Class A research facility in Boston’s Longwood Medical Area.

Working exclusively on behalf of BioMed Realty Trust, Inc. (NYSE: BMR), HFF senior managing director Tim Wright, (top right photo) executive managing director John Fowler (middle left photo) and director Janet Krolman (bottom right photo) placed the five-year, 7.75% fixed-rate loan with three lenders: John Hancock Life Insurance Company, TIAA-CREF and Westdeutsche ImmobilienBank AG.

Completed in 2008, the Center for Life Science Boston is located at 3 Blackfan Circle, across from Harvard Medical School and directly connected to Children’s Hospital Boston and Beth Israel Deaconess Medical Center in the Longwood Medical Area of Boston.

The property has 18 stories of laboratory and office space that is leased to Beth Israel Deaconess Medical Center, Children’s Hospital Boston, Dana-Farber Cancer Institute, Immune Disease Institute and Kowa Company, Ltd.

The property also includes a six-level, 750-space underground parking garage.
“We believe the completion of a loan transaction of this size in the current credit environment reflects the lenders’ recognition of the quality of the property, tenancy and sponsor,” said Wright.

“We appreciate the due diligence and support of John Hancock, TIAA-CREF and Westdeutsche ImmobilienBank.”

BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused on Providing Real Estate to the Life Science Industry®.

The company’s tenants primarily include biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry.

BioMed Realty Trust owns or has interests in 69 properties, representing 112 buildings with approximately 10.5 million rentable square feet, including approximately 640,000 square feet of development in progress.

The company also owns undeveloped land parcels adjacent to existing properties that it estimates can support up to 1.4 million rentable square feet. The company’s properties are located predominantly in the major U.S. life science markets of Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania and New York/New Jersey, which have well-established reputations as centers for scientific research.

CONTACTS:

Timothy D. Wright, Senior Managing Director, (858) 552-7690, twright@hfflp.com
Janet N. Krolman, HFF Director, (617) 338-0990, jkrolman@hfflp.com

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

CHICAGO, IL, July 1, 2009 - While the Fed decides to keep interest rates steady, the capital markets reset property values and debt underwriting metrics to levels not seen in nearly a decade, according to the latest Scoreboard from The Real Estate Capital Institute in Chicago.

An advisory board member of the Real Estate Capital Institute, JimPostweiler (top right photo) notes, "Smaller properties below $25 million enjoy the most amount of acquisition activity.

"Larger projects still create issues for attracting optimum leverage and sufficient funding sources."

Postweiler adds, "Foreign investors, mainly from Europe, are reemerging as buyers for prime investments in major CBD markets."

Meanwhile, lenders focus on recasting legacy deals with preferred borrowing relationships.

As expected, new funding opportunities are extremely limited, based on highly conservative leverage of 60% or less for commercialproperties with capitalization rates in the high single-digit range.

On other hand, apartment financing funds remain readily available via the Agencies at attractive spreads and leverage.

However, more submarkets are reviewed for possible downgrades as vacancies continue to rise throughout various parts of the country.

While the market activities are generally slow, especially in the mid-summer months, clear signs of readjusting capital markets are evident as noted by the following dynamics:

* As capitalization rates approached 10% for many type of "Core +"investments, pricing on a per unit basis look "right" according to many investors, yet uncertainty remains with respect to rent growth and tenant retention. The big fear being reduced cash-flow pro forma projections, now known as "re-forma."

* Landlord underwriting is now an important part of the tenant process to ensure performance on space build-out, payment of commissions and reliable future operations. Landlords without the ability to demonstrate capital resources are at a competitive disadvantage.

* "Zombie" properties, defined as overvalued performing assets which will be difficult to refinance within the immediate and medium-term timeline, haunt lenders and borrowers alike as to exit strategy reversions.

* Net operating income calculations based on adding capital reserves create more debate between buyers and lenders; lender funding availability and underwriting guidelines overrule any such discussions.

* Active bidders include private funds in various formats such asREITs, opportunistic syndicates and wealthy individuals - few public players hunting today.

* Largest transactions are limited to about $75 million per lender,and few deals are "clubbed" as lenders are remain focused on internal portfolio issues.

CONTACT:

The Real Estate Capital Institute(r), 3517 West Arthington Street, Chicago, Illinois USA 60624.

Nat Zvislo, Research Director, Toll Free 800-994-RECI (7324), director@reci.com

http://www.reci.com/

Marcus & Millichap Capital Corp. Arranges $3.5M Loan for San Francisco Mixed-Use Building

SAN FRANCISCO, CA– Marcus & Millichap Capital Corporation, (MMCC), has arranged a $3.5 million adjustable-rate loan for the refinance of a 12,019-square foot multi-family and retail building in San Francisco. (top left photo)

William Craun, an associate director in the San Francisco office, arranged the financing package for the property located at 3650-3664 Sacramento St.

“The borrower was seeking $1 million in cash-out proceeds to purchase another property in San Francisco,” says Craun.

Financing for this transaction was provided by a savings and loan bank at an adjustable rate of 5.95 percent. Terms of the loan are for 10 years. Loan to value was 60 percent.

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704, Kathryn.Molitor@marcusmillichap.com

Grubb & Ellis Announces 2 New Execs in Seattle and Denver

Bill Condon Named Managing Director of Seattle Office

SANTA ANA, Calif. (June 29, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Bill Condon (top right photo) has been named managing director of its Seattle office, effective immediately.

In this role, he will split time between managing the company’s commercial real estate services platform in Seattle and continuing to serve his established base of industrial brokerage clients.

“The qualities that have made Bill a successful brokerage sales professional – integrity, leadership and a commitment to client service will serve him well in his new role as managing director of our Seattle office,” said Jack Van Berkel, president, Grubb & Ellis Real Estate Services.

Condon joins Grubb & Ellis from Colliers International where he began his brokerage career in 2003.

Contact: Janice McDill, 312.698.6707, janice.mcdill@grubb-ellis.com

Patrick G. Lynch, RPA, FMA, is New Senior Director, Corporate Services Group in Denver

DENVER (June 29, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Patrick G. Lynch, (bottom left photo) RPA, FMA, has joined the company as senior director, Corporate Services Group.

In addition to providing real estate solutions to the company’s corporate clients, he will focus on assisting clients with their data center needs.

“Pat has a proven track record of successful real estate and facilities management on a global scale and will play a key role in providing our clients with a superior level of service regarding data center facilities,” said Mark Ballenger, executive vice president and managing director of Grubb & Ellis’ Denver office.

Contact: Julia McCartney, 714.975.2230, julia.mccartney@grubb-ellis.com

Marcus & Millichap Sells 2,723-SF Single-Tenant Net-Leased Building in Vidalia, GA

VIDALIA, GA, June 29, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Wendy's, (bottom left photo) a 2,723 square foot single-tenant net-leased property located in Vidalia, Georgia, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,370,000.

John E. (Jay) Brigel, (top right photo) a Senior Associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of both the seller and the buyer, a limited liability company.

John Leonard, Regional Manager of Marcus & Millichap’s Atlanta office, assisted in closing this transaction.

“It’s always a pleasure to deal with quality concepts like Wendy’s and with the quality franchisees that make their product so attractive to the market,”states Brigel.

Wendy's is located at 901 East First Street in Vidalia, Georgia.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

CBRE Orlando Sells Four Apartment Communities Totaling $67.4M

ORLANDO, FL – The Orlando office of CB Richard Ellis is pleased to announce that its Central Florida Multi-Housing Group closed four local apartment properties in June for approximately $67.4 million.

CBRE exclusively represented the seller in all transactions, and has retained its position as the top multi-housing sales team in Orlando with 75% market share thus far in 2009.

The assets sold totaled approximately 700 units, and included two value-add opportunities built in the late 1980s, a newer community built after 2000, and a small low-income tax credit property.

The properties were marketed individually for different owners, and were purchased by three separate buyers. CBRE also has three other apartment projects currently under contract.

For further information, please contact:

Shelton Granade, First Vice President, T 407.839.3103. F 407.404.5001 shelton.granade@cbre.com
http://cbremarketing.com/ve/ZZ85Kr66u86J6599O71/stype=click/OID=70962695931647/VT=0

Luke Wickham, Director of Operations, T 407.839.3130. F 407.404.5001
luke.wickham@cbre.com
http://cbremarketing.com/ve/ZZ85Kr66u86J6599O71/stype=click/OID=60962695931847/VT=0

CBRE Orlando Releases 2Q Industrial and Office Reports

ORLANDO, FL--CB Richard Ellis has released its second quarter 2008 Orlando MarketView Reports on the industrial and office sectors. Highlights include:

Industrial

--The Institute for Supply Management's manufacturing index was up in May, rising to 42.8 percent, a reading that still indicates a deep contraction in the manufacturing sector, but a welcome increase over the 40.1 percent reported during April.

--A drop in the employment index suggests manufacturing payrolls will continue to decline in the coming months.

--A forecast from the University of Central Florida's Institute for Economic Competitiveness for 2009-2012 shows manufacturing jobs in Orange, Seminole, Osceola and Lake counties are expected to drop from 39,900 jobs to 36,300 by the end of second quarter 2010.

Office

--As vacancy rates skyrocket and sublease space cannibalizes the market, landlords are increasingly desperate to reduce risk by extending lease terms in exchange for months of free rent, competitive tenant improvement allowances, and other rent concessions.

--Lease rates have not been this low since $20.65 in the third quarter of 2006. Class A space in the Downtown submarket continues to command the highest lease rate of $27.69, a decrease of $0.70 from the previous quarter.

--The Downtown submarket experienced negative 102,296 sq. ft. or 37.1 percent of net absorption experienced in Orlando.

For a complete copy of both reports, please contact Angelique Greven, angelique.greven@cbre.com

Behringer Harvard Appoints Real Estate Industry Veteran to Its Opportunity REIT II Board

DALLAS, TX, June 29, 2009 /PRNewswire/ -- Behringer Harvard announced today that real estate industry veteran Diane S. Detering-Paddison (top right photo) has been appointed as an independent director on the board of directors of Behringer Harvard Opportunity REIT II, Inc.

"We're pleased to welcome Diane to our Opportunity REIT II board," said Robert S. Aisner, (bottom left photo) CEO of Behringer Harvard Opportunity REIT II, Inc. "She brings to this role more than two decades of experience with several prestigious giants in the commercial real estate industry.

"Her expertise will be instrumental in guiding our opportunity-style REIT through the completion of its acquisition phase and beyond."

Paddison served from June 2008 to January 2009 as chief operating officer of Denver-based ProLogis (NYSE:PLD), a Fortune 500 company that owns, manages and develops distribution facilities and has more than $32 billion in real estate assets under management.

CONTACTS:

Katie Myers of Richards Partners, +1-214-891-5842, katie_myers@richards.com,

for Behringer Harvard; or

Jason Mattox, Chief Administrative Officer, 1-866-655-3600, jmattox@behringerharvard.com,

or

Barbara Marler, +1-469-341-2312, bmarler@behringerharvard.com,

both of Behringer Harvard

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

Round Table: Institutional Lenders, Capital Partners Have Upper Hand in Commercial Real Estate Development and Investment

ORLANDO, FL--- Institutional investors and capital partners will play an increasingly dominant role in commercial real estate development projects, according to participants in the U.S. Real Estate Opportunity and Private Fund Investing Forum held recently in New York City.

George Livingston, (top right photo) chairman emeritus of NAI Realvest in Maitland, attended the exclusive gathering of lenders, investors and developers sponsored by the Information Management Network.

“Capital partners will control much of the decision-making in commercial real estate projects,” Livingston said. “Capital is hard to come by for large-scale projects, and most industry insiders expect that capital partners will have an increasingly powerful say in even minor decisions,” he said.

Developers – operating partners with the expertise to make big projects happen on time and on budget – will have to settle for a smaller slice of the pie in the end, Livingston added.

“Investors are demanding less risk, lower developer fees, and a bigger share of the profits,” Livingston said.

“They are more likely to back developers who invest substantially in their projects, have a sound track record and are willing to make a long-term commitment to the project,” Livingston added.

Livingston said that’s good news and bad news for commercial development.

“We can expect to see less commercial development and less innovation,” Livingston said. “Capital partners will tend to favor proven strategies in primary markets that will generate immediate cash flow and – to the extent it is possible to project – sure rewards,” Livingston said.

CONTACTS:

George Livingston, Chairman Emeritus, NAI Realvest, 407-875-9989 glivingston@realvest.com;

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com;

Emerson International in Altamonte Springs to take part in Anniversary events to honor U.K. based The Emerson Group

ALTAMONTE SPRINGS, FL --- The Emerson Group, a global corporation based in the U.K. and serves as parent company to Emerson International, Inc., in Altamonte Springs, is celebrating its 50th anniversary this year with festivities and events scheduled.

Eric J. Emerson, (top right photo) vice president and general manager of Emerson International, said The Emerson Group is one of the largest privately-owned property development companies in the U.K.

“Emerson International, one of the three principal divisions of The Emerson Group,” develops residential and commercial properties in the U.S. and internationally,” Emerson explained.

Emerson International’s Central Florida projects include Eagle Creek off Narcoossee Rd. in southeast Orlando, Emerson Pointe, adjacent to Bayhill in southwest Orlando; Emerson Plaza and CenterPointe on the Park in Altamonte Springs.


CONTACTS:
Eric J. Emerson, Vice President and General Manager, Emerson International, Inc. , 407-834-9560; ejemerson@emerson-us.com;

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Foster Conant completes landscape for The First Academy in Orlando, FL

ORLANDO, FL— Foster Conant & Associates recently completed its contract for site-specific landscape architecture for The First Academy Middle-Upper School in Orlando, Fla.

Under its scope of services with the owner, Foster Conant provided design, construction documents and construction observation for landscape, irrigation, hardscape for commemorative plazas, and a parking lot.

The landscape architects seamlessly integrated approximately 4.5-acres surrounding the new two-story, 80,000-square-foot classroom building into the existing campus.


According to Foster Conant Principal René A. Ramos, RLA several noted specimens were specified in the design including large Drake Elm trees in planters on the main plaza at the entryway, and seven 200-gallon Magnolias planted along the building’s perimeter to complement the character of the architecture.

Architecture for the project was provided by Royal Architecture & Design of West Palm Beach, Fla. Tipton Associates Inc. of Orlando, Fla., provided civil engineering.

Celebrating 40 years in business, Foster Conant & Associates is an award-winning, site-specific landscape architectural firm that practices throughout the U.S. and abroad.


Public and private clients afford the firm a varied portfolio of expertise that includes hotels, resorts and themed entertainment complexes, timeshare resorts, airports, large-scale residential land developments, mixed-use complexes, office buildings, business parks and apartment complexes.

Headquartered in Orlando, Fla., the 12-person firm is managed by principals Richard R. “Rick” Conant, (top right photo) FASLA, Keith Oropeza, ASLA, René A. Ramos, RLA and John P. Sullivan, III, ASLA. For an extensive presentation of projects, please visit http://www.fosterconant.com/.

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

Ardaman & Associates picks up new water authority contract

ORLANDO, FL — Ardaman & Associates Inc. was one of three firms recently selected for continuing services contracts by the board of supervisors for the Tohopekaliga Water Authority.

Under its scope of services, Ardaman is providing the Authority with geotechnical and environmental engineering, and materials testing and evaluation services on an indefinite duration, indefinite quantity continuing contract.

Services for this contract will be performed by Ardaman’s Orlando office. The Authority has not determined the amount of the contract.

Nordarse & Associates and Geotechnical and Environmental Consultants Inc., both located in Central Florida, were also selected for contracts.

Ardaman & Associates Inc. is an engineering practice providing geotechnical, environmental, water resources and facilities engineering, and construction materials testing to public, industrial and private clients worldwide.

Headquartered in Orlando, Fla., the Company has additional offices in Bartow, Cocoa, Fort Myers, Miami, Port St. Lucie, Sarasota, Tallahassee, Tampa, and West Palm Beach, Fla., and in New Orleans, Baton Rouge, Shreveport, Monroe and Alexandria, La. Established in 1959, Ardaman employs a professional, support and field staff of 485.

Please visit http://www.ardaman.com/ for more details about services and experience.

The Tohopekaliga Water Authority, established in 2003 by the Florida legislature, is the largest provider of water, wastewater and reclaimed water services in Osceola County, Florida.

The Authority owns and operates 20 water plants and 10 wastewater plants, and treats and distributes 35 million gallons of potable water and reclaims 21 million gallons of wastewater each day.

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