Van Tilley promoted at Palmer Electric

WINTER PARK, FL– Van Tilley (top right photo) has been promoted to executive vice president at Palmer Electric Company in charge of all operating units consisting of commercial, service, residential, systems and multi-family divisions.

Tilley, who joined the 350-person electrical services company in 2002, most recently held the position of vice president - commercial division.

He remains on the board of directors for Palmer Electric, an employee owned company.

With 30 years of electrical contracting experience, Tilley’s education and trade training includes a four-year electrical apprenticeship program in Florida, construction management courses at Clemson University Business Management Academy, general studies at Jefferson Davis Community College, Biloxi, Miss., as well as the completion of numerous Fails Management seminars.

He currently serves on the board of directors of the Central Florida Chapter of Associated Builders & Contractors.


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

Chatham Financial Advises on $1.275B Bank of America Tower Financing

KENNETT SQUARE, PA – Chatham Financial has assisted The Durst Organization and Bank of America, joint venture partners in The Bank of America Tower (top left photo) at One Bryant Park, in closing the largest single asset first mortgage since the fall of 2007.

The $1.275 billion permanent financing of Bank of America Tower, a 2.4 million square foot, 54-story LEED Platinum certified office tower, which serves as New York headquarters for Bank of America, is a result of creativity and perseverance in this credit constrained market.

“Closing this transaction proves there is still money available for the best borrowers on the best assets.

" Getting a deal of this size done in today’s credit market is a testament to the relationships and stellar reputation of The Durst Organization, the strength of Bank of America as a tenant, and the unparalleled quality of this building,” Tony Talbert, Director, Chatham Financial.

Chatham acted as financial advisor to the partnership on a range of issues including loan structuring, lender solicitation, and interest rate hedging.

“Thank you to our lenders, partners and advisors for getting this deal done,” said Douglas Durst, (bottom right photo) Chairman of The Durst Organization.

“We are very proud of One Bryant Park; the building has proven to be a trailblazer. It’s the first LEED Platinum office tower in the United States.

"It was the largest skyscraper designed and built after September 11th, 2001 and now it’s the first building to get a large loan after the credit markets froze last year. We are hopeful that this financing will engender additional lending and get our city, state and nation’s economies back on track.”

Bank of America Tower is 98% occupied and includes Charlie Palmer’s Aureole Restaurant, and the restored and reconstructed Henry Miller Theater.

Contact: Joy Peterson, jpeterson@chathamfinancial.com
http://www.chathamfinancial.com/

Thomas D. Wood & Co. Closes $5.55M Loan for Canadian Ferrari Dealership

FORT LAUDERDALE, FL—July 7, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured construction financing on June 30, 2009, in the amount of $5,550,000 for Ross Motor Sports, (top right photo) a Ferrari dealership in Vancouver, British Columbia.

Patrick Madore, Company Vice President, financed the Ross Motor Sports through Thomas D. Wood and Company’s relationship with a Canadian bank.

The loan is floating at 350 over LIBOR, with a five-year term, based on a 20-year amortization. The loan-to-value is 55%, and loan-to-cost is 50%. The 26,506 square-foot Ferrari dealership will be built on 0.256 acres at 1898 Burrard Street, Vancouver, British Columbia.




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

Tenants Signing Shorter Leases for Office and Industrial Space

SANTA ANA, CA--Bob Bache, (top right photo) senior vice president and chief economist, Grubb Ellis Co., says the average terms of office and industrial leases signed in the second quarter were the shortest of the decade at 52.3 months for office leases and 43.4 months for industrial leases.

The recession and weak corporate profits are prompting many tenants to choose short-term extensions as their leases expire instead of new, five-year leases.

These tenants prefer the flexibility of a shorter commitment to the generous terms on offer by many landlords who would prefer to lock in tenants for longer periods.

Not all landlords favor five-year terms, however. Some think three years is the optimum length because they believe that rental rates will begin to rebound before the five-year terms are up, and they want to be in a position to raise rents as soon as market conditions permit.

Contact: Bob Bache, corporatecommunications@grubb-ellis.com, or to Janice McDill at 312.698.6707.

Four Points by Sheraton Kuching Celebrates Official Opening

KUCHING, Malaysia-- Four Points by Sheraton Kuching (top right photo) was officially declared open recently during a Grand Opening ceremony presided over by Malaysia’s Prime Minister, Najib Tun Razak (top left photo).

In conjunction with the Grand Opening, Four Points also set the record for the Tallest Cupcake Display in Malaysia, an attempt endorsed by The Malaysia Book of Records.

The record attempt was witnessed by the Prime Minister as well as Datuk Danny Ooi, Managing Director of The Malaysia Book of Records.

Four Points by Sheraton Kuching is located 2 kilometres from the Kuching International Airport and just 15 minutes from the heart of the city. The hotel, the city’s first International opening in almost 2 decades, will cater to both business and leisure travelers while also offering a complete range of meeting and banquet facilities.

"We’re extremely proud to be Starwood’s first Four Points in South East Asia,” said Giuseppe Ressa, General Manager of Four Points by Sheraton Kuching.

Developed and owned by Global Upline Sdn. Bhd., the 421-room Four Points by Sheraton Kuching combines modern architectural design with practical use of space.

“The simple functionality of our design allows us to introduce the Four Points’ honest, uncomplicated hospitality to a market that’s hungry for a new international hospitality brand,” said Bobby Ting, Owner’s Representative and Assistant Managing Director of Global Upline.

Four Points by Sheraton is owned by Starwood Hotels & Resorts Worldwide, Inc.

Contact: Hwee-Peng Yeo, Tel : +65 6335 4837; Cell : +65 9768 6087; +65 9248 0424. Fax : +65 6335 4820
http://www.starwoodhotels.com/;

http://www.starwoodpressclub.com/

Marcus & Millichap Sells 3-Star RV Resort in Anaheim, CA for $10M

ANAHEIM, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Anaheim RV Village, (top left photo) a 293-site, three-star RV Resort in Anaheim.

The sales price of $10 million included the 1.66-acre commercial corner at the intersection of Ball Road and Harbor Boulevard.

The park sold at a land value of $20.94 per square foot and a cost per site of $31,083 net of the commercial land value.

Douglas Danny, vice president investments and a senior director of the firm’s National Manufactured Home Communities Group in San Diego, represented the seller, WB Parc Anaheim LLC. The buyer was represented by Don Nourse of CB Richard Ellis.

“Anaheim RV Village has tremendous cash flow potential with operational repositioning,” says Danny. “The existing RV resort rental business was systematically curtailed to facilitate redevelopment of the site into multi-residential use. The current RV park occupancy has been at 25 percent since May of 2007.

The new owner, The Mother Colony Group LLC, intends to focus on annual rentals,” adds Danny.

Anaheim RV Village is comprised of 9.27 acres containing 274 RV lots with drains, 19 campsites with a full amenity package and a signal-controlled commercial corner with two retail rental units.

The listing attracted multiple offers from both developers and operators. The property was widely marketed for 180 days and was in escrow for a total of 60 days. This was an all-cash transaction.

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

Chick-Fil-A Leases Former Road House Grill for 25 Years

Orlando, Florida – July 7, 2009 – The Orlando office of CB Richard Ellis is pleased to announce, Jorge Rodriguez, CCIM, Senior Associate in Retail Properties, has secured a lease for the landlord Pineloch Management Company, at the former Road House Grill, located at Michigan and Orange Avenues. The 25-year lease is for a Chick-Fil-A store.

Currently, the Road House Grill building has been demolished and Chick-Fil-A is projecting an opening of mid-October 2009.

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

Stirling Sotheby’s International Realty to Host Auction of 27 Luxury Condominiums in Metro Orlando

ORLANDO, FL--- Stirling Sotheby’s International Realty, partnering with Worldwide Auction Realty Services, will conduct an auction Saturday Aug. 1 to sell 27 remaining condominium, residences at Artisan Park, a luxury community of over 300 new condominium homes located at Celebration in Osceola County.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said the auction is scheduled to begin at 10 a.m. at the Celebration Hotel.
(top right photo)

Condominiums to be auctioned were formerly listed for sale at prices ranging from $480,000 to $600,000. Suggested opening bids have been set at $95,000, Soderstrom said.

Many of the condominiums to be auctioned feature waterfront settings, Soderstrom said. Artisan Park features a community clubhouse with a swimming pool, cabana, restaurants and other amenities. A brochure can be downloaded and property photos viewed online by visiting http://www.auctionatcelebration.com/

Prospective bidders are being invited to register and participate in the auction in person at Artisan Park, by telephone at 800.327.1048, or World Wide Auction Realty Services will accept bids online at (http://www.auctionatcelebration.com/).


For more information, please contact:
Jon or Lori Chipps, World Wide Auction Realty Services 800.327.1048; http://www.stirlingsir.com/;

Larry Vershel or Beth Payan, Larry Vershel Communications, 407.644.4142

Lodgian Provides Further Update on Remaining Maturing Mortgage Debt

ATLANTA, Ga., July 7, 2009 – Lodgian, Inc. (NYSE Alternext US:LGN), one of the nation’s largest independent hotel owners and operators, today announced that the company has obtained an extension of the maturity date for the Merrill Lynch Fixed Rate Pool #3 (“Pool #3”).

As of July 1, 2009, the principal amount of Pool #3 was $45.7 million. The company and the special servicer for Pool #3 have entered into an extension agreement to extend the maturity date of this indebtedness until August 1, 2009. Given the extension of the maturity date, the company is not in default of the original loan. The company paid no extension fee in connection with this short-term extension.

The 30-day extension is intended to provide the parties an opportunity to reach an agreement on a longer-term maturity extension.

The company and the special servicer are currently negotiating a longer-term maturity extension for Pool #3; however, the company can provide no assurances that the parties will reach such an agreement.

In the event that the company is unable to achieve a long-term extension of Pool #3, the company expects that anticipated cash flow from the hotels securing Pool #3 may not be sufficient to meet the related debt service obligations and it may be necessary to transfer the properties securing this indebtedness to the lender in satisfaction of the company’s obligations.

Contact: Debi Ethridge, Vice President, Finance & Investor Relations, mailto:Relationsdethridge@lodgian.com(404) 365-2719

Marcus & Millichap Sells $12.48M Apartment Complex in Falls Township, PA

FALLS TOWNSHIP, PA, July 6, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Newport Village, (top left photo) a 182-unit garden-style apartment complex in Falls Township.

The sales price of $12.48 million represents $68,571 per unit and $103 per square foot.

Ridge MacLaren, Jr., vice president investments and a senior director of the firm’s National Multi Housing Group, along with multi-family investment specialists Clarke Talone and Andrew Townsend, in the Philadelphia office, represented the seller, Newport Village Associates LP. Marcus & Millichap also procured the buyer, NV Partners LP.

“Despite a challenging environment in real estate right now, the buyer was able to look past the rhetoric and focus on the long-term fundamentals of the property,” says MacLaren. “We had tremendous interest during our marketing campaign for this asset.

"There were more than 10 offers, but the buyer stepped up with an aggressive financing package through Fannie Mae. Despite ongoing negative economic reports, the buyer and seller were able to complete this transaction smoothly and efficiently,” adds MacLaren.

Located on nine acres at 8590 New Falls Road in Falls Township, the 120,624-square foot property is conveniently located in Lower Bucks County, just off Interstate 95 and the Pennsylvania and New Jersey turnpikes, providing easy access to Philadelphia, New York City and Trenton, N.J.

“Despite the negative press, this is a good time for buyers and sellers of multi-family properties,” remarks Talone.

“For assets with stabilized operations and strong occupancy levels, Fannie Mae and Freddie Mac are quoting non-recourse loans at 75 percent to 80 percent loan-to-value with interest rates of approximately 6 percent.

"At these rates, buyers are still willing to complete transactions in this marketplace. Buyers with a longer hold strategy are going to see solid returns because of the attractive debt and cap rates,” he adds.

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

Veteran Self-Storage Executives Launch Davies Ingersoll Capital Partners

Company Provides Capital Market and Investment Advisory Solutions To Self Storage Industry

NEWPORT BEACH, CA, July 6, 2009 – Jim Davies, (top right photo) one of the nation’s leading finance experts in the self storage industry, and Peter Ingersoll, (top left photo) a premier self storage investment broker, have joined forces to launch Davies Ingersoll Capital Partners, a national firm providing debt and equity solutions to commercial real estate and self storage operators and investment opportunities to sophisticated investors throughout the United States.

Joining Jim Davies and Peter Ingersoll as a corporate officer is Ricki Ingersoll.

Davies Ingersoll Capital Partners is located at 5000 Birch Street, Suite 3000 in Newport Beach, Calif.

Davies Ingersoll Capital Partners offers complete capital stack solutions including debt, equity and note purchase financing nationwide. The company arranges equity, including JV and preferred equity investments, and structured financing. Davies Ingersoll also represents an elite aggregation of self storage and commercial real estate owners and investors.

“During this challenging economic and commercial real estate market, it is important to be a forward-thinking advisory firm that proactively provides solutions to our clients’ needs while being on the look-out for compelling investment opportunities,” said Davies, the firm’s President.

“This is one reason why our corporate strategy has a strong focus on matching our clients’ equity with the prudent acquisition of commercial real estate and self storage.”

With 28 years of commercial real estate experience, Davies previously served as senior vice president and shareholder of Buchanan Street Partners, and was a co-founder and principal of Buchanan Storage Capital which was the nation’s leading storage finance firm.

Davies has closed more than $3.5 billion in self storage financing and disposition transactions during the past 15 years with Buchanan Storage Capital, FINOVA Realty Capital and Belgravia Capital.

Davies serves on the Board of Directors of the California Self Storage Association and founded the “Self Storage Owner’s Summit”, of which the 5th Annual event hosted by the California Self Storage Association and Davies Ingersoll Capital Partners will take place on July 16th at the Balboa Bay Club in Newport Beach.

Ingersoll has more than 22 years of commercial real estate experience specializing in the acquisition and sale of self storage properties.

Currently, he serves as the firm’s CEO and is also a Managing Director of Sperry Van Ness/Davies Ingersoll where he has been one of the company’s top producing advisors for several years. Additionally, Ingersoll serves with Davies on the Board of Directors of the California Self Storage Association.

“As a Sperry Van Ness franchise owner, we are able to create local teams of experts throughout the U.S. by partnering with the company’s 1,000 advisors in approximately 160 offices,” said Ingersoll. “Sperry Van Ness provides a valuable platform from which to source property acquisitions and note purchases, and maintain access to local market knowledge.”

Ingersoll went on to say that, “Our real estate services and capital market platform is a perfect compliment to our co-investment strategy of matching investor equity with the best real estate operators.”

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

Contact: David Ebeling, Ebeling Communications, (949) 278-7851, david@ebelingcomm.com

Frank Scherer Joins Grubb & Ellis as Vice President, Retail Group

CHICAGO, IL (July 6, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Frank Scherer has joined the firm as vice president, Retail Group, effective immediately.

In this role, Scherer will join senior vice presidents Ted Parris and Steve Monroe in supporting local and national clients as they restructure their real estate holdings during bankruptcy proceedings or other reorganization efforts.

“Frank brings extensive experience in supporting clients that are right-sizing, trying to decrease overhead costs to reinvest back into their business, or even undergoing Chapter 11 bankruptcy reorganization,” said Shawn Mobley,(top right photo) executive vice president and managing director of Grubb & Ellis’ Chicago offices. “Given the realities of today’s environment, we believe that this experience will be a significant benefit to our clients.”

Contact: Erin Mays 312.698.6735 erin.mays@grubb-ellis.com

CB Richard Ellis Orlando Brokers 10-Year Deal for Kitson & Partners

ORLANDO, FL, July 6, 2009 – The Orlando office of CB Richard Ellis is pleased to announce, Jorge Rodriguez, (top right photo) CCIM, Senior Associate in Retail Properties, has brokered a lease representing the landlord Kitson & Partners at Oak Groves Shoppes center located at 995 West State Road 434 in Altamonte Springs, Florida.

The lease for the Metro Muscle franchise totaling 17,249-sq.-ft. or a term of 10 years. The tenant was represented by Jeff Tanner and Kim Bracket with Coldwell Banker Commercial.

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

Declining Port Traffic and Weak Job Market Push Industrial Vacancy Higher in Puget Sound, WA

SEATTLE, WA — Employment in the Seattle market will continue to decline this year, particularly in industrial-using segments, which will result in contracting demand for warehouse and flex properties, according to the Midyear 2009 National Industrial Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

While vacancy will rise metrowide, performance will vary considerably by location.

Also included in the report is the firm’s Midyear National Industrial Index (NII), a snapshot analysis that ranks 28 industrial markets based on a series of forward-looking supply and demand indicators. Seattle remains at No. 3 this year.

“Many investors are remaining on the sidelines in response to softening industrial fundamentals,” says Gregory Wendelken, (middle left photo) regional manager of the firm’s Seattle office.

Following are some of the most significant aspects of the Seattle Industrial Research Report:

· Local employers are expected to cut 37,500 employees in 2009, a 2.2 percent decline. Substantial contraction is forecast in traditional industrial-using sectors, including construction and manufacturing, where losses will total nearly 17,000 positions.

· Construction of new space is projected to fall to 850,000 square feet this year. Deliveries have averaged more than 4 million square feet annually over the past five years.

· Negative net absorption is forecast to exceed 3 million square feet in 2009, resulting in a 150 basis point vacancy rise to 7.9 percent.

· With tenant demand easing this year, asking rents are expected to decline 6.6 percent to $5.66 per square foot; effective rents will drop 7.4 percent to $5.47 per square foot.

Orange County, CA moved up five spots to No.1 in this year’s Midyear NII, driven by a significant decline in new construction.

Last year’s leader, Los Angeles, fell to No. 2 on waning imports from Asia. Houston, ranked at No. 4, dropped two spots in the index due to the nation’s largest forecast inventory increase.

Denver rose two positions to No. 5 as expanding alternative energy companies should support fundamentals in the metro, despite the lingering recession.

For a copy of Marcus & Millichap’s Midyear National Industrial Report and the complete NII rankings, visit http://www.marcusmillichap.com/.

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

Industrial Investors Look for Signs of Economic Rebound in Tampa

TAMPA, FL— The economic downturn will persist this year and drive down demand for industrial space in Tampa, according to the Midyear 2009 National Industrial Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

With the market already recording considerable job losses, and with further cuts expected, local property owners continue to search for signs of an easing in the downturn.

Also included in the report is the firm’s Midyear National Industrial Index (NII), a snapshot analysis that ranks 28 industrial markets based on a series of forward-looking supply and demand indicators. Tampa moves down one place this year to No. 24.

“During the last year, the median price of properties sold in the market fell 7 percent to $66 per square foot.,” says Bryn Merrey, (top right photo) regional manager of the firm’s Tampa office.

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

· In 2009, employers will eliminate 50,000 jobs, a 4.2 percent decrease. More than 46,000 positions were lost last year.

· Completions will fall to 350,000 square feet of competitive space this year from 3.1 million square feet in 2008. Also, 950,000 square feet of owner-occupied space is slated to come online.

· The vacancy rate has risen thus far in 2009 and is on course to finish the year at 11.8 percent, an increase of 210 basis points from year-end 2008. Negative net absorption of 3.1 million square feet will be recorded.

· Asking rents are forecast to decrease 7 percent to $5.56 per square foot this year,

Orange County moved up five spots to No.1 in this year’s Midyear NII, driven by a significant decline in new construction.

Last year’s leader, Los Angeles, fell to No. 2 on waning imports from Asia. Seattle held steady at No. 3 as limited construction activity will keep vacancy largely in check. Houston, ranked at No. 4, dropped two spots in the index due to the nation’s largest forecast inventory increase.

Denver rose two positions to No. 5 as expanding alternative energy companies should support fundamentals in the metro, despite the lingering recession.

For a copy of Marcus & Millichap’s Midyear National Industrial Report and the complete NII rankings, visit www.MarcusMillichap.com.

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