HFF arranges $6.5M Loan for Massachusetts retail center

NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $6.5 million refinancing of Pittsfield Plaza, (top right photo) a 126,000-square-foot retail center in Pittsfield, Massachusetts.

HFF senior managing director Al Epstein (bottom left photo) worked on behalf of the borrower, Phoenix Merrill Road LLC, to secure the 10-year, 6.35% fixed-rate loan through a regional bank.

The transaction involved the repayment of an existing mortgage loan, which had become due.

Located at 676 Merrill Road in Pittsfield, Pittsfield Plaza is situated within a regional retail hub for Berkshire County that includes approximately 800,000 square feet of retail space along State Routes 8 and 9.

The property is occupied by tenants including Petco, TJ Maxx, Radio Shack, Hollywood Video, Dollar Tree and Home Goods. Nearby retailers include Wal-Mart, Home Depot, Price Chopper, Dick’s Sporting Goods, Sam’s Club, Bed Bath and Beyond and Barnes and Noble..

“This is an attractive mortgage investment, in a well-established retail area, which has had a long, successful leasing history. The property has strong sponsorship and experienced management,” said Epstein.

Contacts:

Alvin J. Epstein, HFF Senior Managing Director, (212) 245-2425, aepstein@hfflp.com

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

Glimcher Reports Second Quarter 2009 Results

COLUMBUS, OH, July 22 /PRNewswire-FirstCall/ -- Glimcher Realty Trust (NYSE:GRT) today announced financial results for the second quarter ended June 30, 2009.

A description and reconciliation of non-GAAP financial measures to GAAP financial measures is contained in a later section of this press release.

References to per share amounts are based on diluted common shares. Net loss to common shareholders during the second quarter of 2009 was $1.3 million, or $0.03 per share, as compared to net income of $1.3 million, or $0.03 per share, in the second quarter of 2008.

Funds From Operations ("FFO") during the second quarter of 2009 was $18.1 million compared to $20.5 million in the second quarter of 2008. On a per share basis, FFO during the second quarter of 2009 was $0.44 per share compared to $0.50 per share for the second quarter of 2008

."We continue to navigate through this difficult economic environment with an experienced team and a sharp focus on execution of our business plan," stated Michael P. Glimcher (top right photo), Chairman of the Board and CEO. "We have been encouraged by the relative stability of our core mall portfolio and believe it is well positioned for growth as the economy recovers."

For a complete copy of the company's news release and financials, please contact:



Mark E. Yale, Executive V.P., CFO, +1-614-887-5610, myale@glimcher.com,
Lisa A. Indest, V.P., Finance and Accounting, +1-614-887-5844, lindest@glimcher.com
Web Site: http://www.glimcher.com/

CORE Construction Florida to Build 134,000-SF Student Housing Facility at Florida Memorial University in South Florida

SARASOTA, FL - CORE Construction Florida was recently awarded a contract to build a 134,000 square foot, student housing facility at Florida Memorial University,(top right photo) located north of Opa-Locka Airport in Miami Gardens.

John Wiseman, (bottom left photo) president of CORE Construction Florida, said the facility will start construction in August at an estimated cost of $14 million.

Wiseman said CORE Construction Florida was engaged to work with architects and engineers during the project’s design stage to streamline construction processes and reduce cost. The collaboration resulted in cost savings estimated at more than $3 million, Wiseman said.

CORE Construction has been in business since 1937 and ranks as one of the nation’s largest commercial contracting companies. CORE Construction is also active in Illinois, Nevada, Arizona and Texas. CORE Construction Services Southeast, Inc. has offices in Sarasota, Naples and Orlando.

For more information. contact:

John P. Wiseman, President, CORE Construction, 6320 Tower Lane, Sarasota, FL 34240

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

Washington, DC Office Market Bucking National Trends

WASHINGTON, D.C., July 22, 2009 — Although the recession is weighing on the Washington, D.C., employment base and office market, both have endured economic stresses better than expected, according to a second-quarter Office Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Indeed, the year-to-date reduction in employment has not been as detrimental to the metro’s office market, as most of the losses are in blue-collar industries.

“Tight lending markets, fewer institutional buyers and fears of a deepening recession have all contributed to tepid office investment activity in the Washington, D.C., metro,” says Ramon Kochavi (top right photo), regional manager of the Washington, D.C. office of Marcus & Millichap.

Following are some of the most significant aspects of the Washington, D.C. Office Research Report:

· With work force reductions projected to peak in the second and third quarters, local employers will cut 25,200 positions, or 1 percent, from payrolls in 2009, following the elimination of 1,700 jobs last year. Roughly 4,300 office-using personnel will be let go this year, a 0.6 percent decline.

· After inventory expanded by 7.5 million square feet in 2008, construction output will fall to 6.5 million square feet this year, in line with the five-year average.

· Continued losses in office-using employment sectors will underpin a 220 basis point rise in vacancy in 2009 to 13.7 percent. Last year, vacancy increased 240 basis points.

· Metrowide asking rents are projected to decline 2.1 percent to $35.66 per square foot this year, while effective rents will recede 2.7 percent to $30.64 per square foot. In 2008, asking and effective rents gained 3.3 percent and 1.0 percent, respectively.

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

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

Arbor Closes $3,775,000 Fannie Mae DUS ® Small Loan for Woodpark Apartments in Seattle, WA

Uniondale, NY (July 22, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $3,775,000 loan under the Fannie Mae DUS® Small Loan product line for the 43-unit complex known as Woodpark Apartments (top left photo) in Seattle, WA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.86 percent.

The loan was originated by Jon Red, (bottom right photo) Director, in Arbor’s full-service Spokane, WA lending office.

“The borrower was seeking a low rate for a 10-year fixed-rate term along with maximum leverage,” said Red. “Arbor was able to capitalize on a drop in rates and increase loan proceeds to $3,775,000, a $125,000 increase over the loan amount in the application.”

Contact: Ingrid Principe, iprincipe@arbor.com

CBRE Multi-Housing Market in metro Orlando Continues to Struggle

ORLANDO, FL--CB Richard Ellis has issued its mid-year report on the metro Orlando multi-housing market. Highlights include:

The Orlando Multi-Housing Market has continued to struggle through mid year, but may be lining up for one of the nation’s strongest recoveries over the next four years.

In the short term, local job loss and the challenged national economy have led to further weakness in the market.

Physical occupancy through June in the MSA stood at about 90%, down slightly from 91.9% at the end of 2008. Concessions remain prevalent, and most properties are offering about one month free.

Average rents through the 2nd Qtr were at $803 according to M/PF and Torto Wheaton Research, and are forecast to remain relatively flat through the balance of 2009.

The worst of the market seems to be behind us however, and M/PF Torto Wheaton projects that jobs and apartment rents will begin an upward climb in Orlando in 2010.

Favorable supply/demand balances and strong job formation over the next five years have Orlando poised for strong growth.

The Education & Health and Professional & Business Service sectors are predicted to see the highest average annual growth through 2014, with 2.5% and 2.8% annual increases respectively.

Overall, the MSA is projected to add 159,000 new jobs from 2010 –2014, with occupancy predicted to reach 97.1% at the end of that period.

Rents are also forecast to grow more than 4% each year from 2012to 2014, and will average $933 according to M/PF Torto Wheaton’s Summer 2009 Report.

For a complete copy of the report and related charts, please contact:

Shelton D. Granade, Jr., First Vice President (top right photo)
CB Richard Ellis Investment Properties - Multihousing
189 S. Orange Avenue, Suite 1900 Orlando, FL 32801. T 407 839 3103. F 407 404 5001
shelton.granade@cbre.com

http://www.cbre.com/shelton.granade

Watergate Hotel Auction Strikes Out – No Bidders

WASHINGTON, DC—Ten corporate entrepreneurs from around the globe each wrote a check for $1.1 million to bid on a non-operating hotel in the Capital.

But none showed up at the auction this morning. Each lost the million-dollar deposit.

It marked another bizarre twist in the 42-year-old saga of the shuttered 251-room Watergate Hotel in northwest Washington, DC.

The property’s owner of record, New York City-based PB Capital Corp., had scheduled the auction instead of going through with a conventional foreclosure action against the borrower, Monument Realty of Washington, DC.

PB Capital is owed $40 million, its stake in a $70 million acquisition loan to Monument Realty in 2004. Monument has defaulted on the loan and has been served with a foreclosure notice.

PB had gambled that it might have recouped its $40 million from strong auction bidding, since it had been told there was intense interest from global investors in the property.

However, when the auction drew a blank response today, PB Capital took back the property, as independent realty and investment sources had previously predicted would happen.

Now most of those 10 bidders and possibly others will make private offers for the hotel directly to PB Capital, say sources in a position to know. At least one offer is expected to come from a prominent Saudi Arabian investment house.

The intriguing guesswork in DC commercial realty circles after today’s no-show at the auction, is how much will PB Capital ultimately accept for the property, sources say.

“Say it receives a $40 million offer that would recoup its loan amount, would it still be cost-effective for the buyer to place another $100 million into the property to bring it into the 21st Century?” the source wonders.

“At a total $140 million, that would equate to about $558,000 per room – twice the replacement cost, even at today’s sky-high construction costs.”

CBRE Jacksonville Releases Q2 2009 MarketView Reports

JACKSONVILLE, FL--CB Richard Ellis Jacksonville has released its second-quarter MarketView reports on the office, industrial and retail markets. For a complete copy of each report, please contact Brian Cornett at brian.cornett@cbre.com

Office Market

Oliver Barakat, (top right photo) First Vice President, CBRE, states, "We are now seeing the effects of rising unemployment as a significant amount of second generation and sublease space has become available. On the demand side, there has been an uptick in activity, yet decision makers continue to be very deliberate."

Industrial Market

Against the odds, Jacksonville's Industrial Market has shown positive absorption for the first two quarters of 2009, with positive absorption of 921,000 square feet in the first quarter and positive absorption of 962,000 in the second. Last year, was a record year with 3.7 million square feet being absorbed.

Retail Market

The Jacksonville Retail Market direct vacancy rate experienced an increase of 1.2 percentage points, bringing it to 10.1 percent versus the prior quarter's 8.9 percent. The vacancy rate is showing the concern of consumers, fluctuating to our current rate resulting in an increase of 3.3 percentage points since the second quarter of 2008.

IDI Leases 171,779 SF to Sensormatic Electronics Corp. in Lithia Springs, GA

ATLANTA, GA July 21, 2009 – IDI, a full-service industrial real estate company, has executed a 171,779-square-foot, five year lease in Lithia Springs, Ga., with Sensormatic Electronics Corp., a division of Tyco International (NYSE: TYC) and leading provider of security and fire safety products and services for the commercial and residential sectors.

The Boca Raton, Fla.-based company will relocate office, warehouse and distribution functions from a nearby facility to WestPoint at Riverside, Building B (top right photo) at 2600 West Point Drive in October 2009.

Building B is within the 150-acre, 1.25 million-square-foot WestPoint at Riverside Business Park, which consists of five buildings. WestPoint at Riverside offers convenient access to Interstate-20, Interstate-285 and Hartsfield Jackson Atlanta International Airport. Sensormatic joins Alston & Bird, LLC in Building B, leaving 34,425 square feet available for lease.

“Sensormatic and Tyco are innovators and industry leaders, and we are pleased to work with them as they continue to serve the Southeast from this new facility in metro Atlanta,” said Lisa Ward, CCIM, vice president of leasing for IDI.

Henry Johnson of CB Richard Ellis, El Segundo, Calif., and Tony Kepano and Peter Seward of CB Richard Ellis, Atlanta, represented Sensormatic in the lease negotiations.

Contacts:


Kim Hardcastle, Jackson Spalding for IDI 404-214-0693, khardcastle@jacksonspalding.com
Charlotte Marie DuPre, Jackson Spalding for IDI, 404-214-3555, cdupre@jacksonspalding.com

Additional Office Investment Opportunities Expected to Arise in Philadelphia

PHILADELPHIA, PA— A significant reduction in development activity within Center City will lead to more stable operations in the near term, while some outlying areas will register moderating fundamentals due to weak employment in the professional and business services sector, according to a second-quarter Office Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Since the opening of the Comcast Center last summer, there have been only a handful of notable completions in the CBD, and few are expected during the next 12 to 18 months.

(The historic Liberty Bell, top left photo)

“Activity within Philadelphia’s office investment market will remain modest in the near term, although velocity may pick up toward the end of 2009 as distressed assets reach the market,” says Spencer Yablon, (middle right photo) regional manager of the Philadelphia office of Marcus & Millichap.

Following are some of the most significant aspects of the Philadelphia Office Research Report:

· Continued weakness in the professional and business services and financial activities sectors will contribute to the loss of 58,000 jobs this year, a 2.1 percent decrease. In 2008, 46,100 positions were trimmed. Office-using employers will cut 23,000 workers in 2009, after 24,400 jobs were shed last year.

· Approximately 400,000 square feet of new office space is expected to come online in the Philadelphia market this year, compared with almost 1.7 million square feet in 2008. Completions have averaged 1.7 million square feet annually over the past five years.

· Declining office employment and reduced leasing activity will cause overall metro vacancy to trend higher through year end. In 2009, vacancy is forecast to rise 230 basis points to 14.4 percent. Last year, vacancy increased 80 basis points.

· This year, asking rents are forecast to drop 4 percent to $23.07 per square foot, while effective rents will fall 4.5 percent to $19.23 per square foot. In 2008, asking rents increased 3.8 percent, and effective rents pushed up 1.1 percent.

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

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

Northern California Luxury Residential Titans Merge in Multi-Million-Dollar Deal

SAN FRANCISCO, CA—The luxury residential market in Northern California apparently is alive and well.

Two titans of the industry are merging in a multi-million-dollar deal expected to close in August. Terms of the deal were not disclosed.

Pacific Union GMAC Real Estate, a 34-year-old firm, is being acquired by the principals of Morgan Lane Marin, Inc., a three-year-old fast-growing boutique real estate firm in Marin county.

The two companies will continue to operate under their existing names, as independently owned and operated franchised companies within Brookfield Residential Property Services’ U.S. real estate network.

Pacific Union will continue to be managed locally by its existing team of executives. Its 13 offices are located in Berkeley, San Francisco (Opera Plaza), San Francisco (Presidio), Danville, Larkspur, Mill Valley (downtown), Mill Valley (Strawberry), Montclair, Napa Valley (Napa), Napa Valley (St. Helena), Orinda, Sonoma and Sonoma Plaza.

Bucking the odds in a highly volatile, recession-stymied real estate market, Morgan Lane Marin has grown meteorically, from just $52 million in sales in 2006 to $315 million in 2008.

Combined, the two entities will have 17 offices, more than 430 real estate professionals and 2009 sales volume projected to be $2.2 billion, according to Mark A. McLaughlin, (top right photo) CEO of Morgan Lane.

McLaughlin says the goal of the combined operations is to become the Bay Area’s leading luxury real estate brand – an objective, he says, that will be achieved by retaining and recruiting the industry’s top-producing professionals and leveraging resources and international marketing programs of Christie’s Great Estates.

For Pacific Union, the acquisition brings the company full circle back to its roots three decades ago, restoring it to a locally owned and operated, high-end boutique brokerage.

“This is great news for Pacific Union, as it will now return to local ownership,” says Avram Goldman, (top left photo) CEO of Pacific Union. “These are two highly regarded companies with similar cultures.”

Adds Goldman, “Pacific Union is already well positioned as a leading Bay Area real estate company. By joining forces with Morgan Lane, we have a tremendous opportunity to expand both companies’ presence and further dominate in the regions we serve.”

Florida First Capital Announces SBA Real Estate Loans Nearly Double

TALLAHASSEE, Fla.--(BUSINESS WIRE)--In one of the first signs of economic recovery for small businesses in Florida, U.S. Small Business Administration (SBA) loans for real estate and equipment statewide nearly doubled from April through June over the first quarter of 2009.

According to the most recent figures from the SBA, 113 small businesses in Florida took advantage of the agency’s “504” loan program for real estate and equipment financing from April through June, representing more than $126 million in total projects.

During the first quarter, 65 loans totaling approximately $84 million were issued.

“While overall SBA lending for 2009 remains below 2008, the recent uptick in Florida’s 504 loans is a good indication that small businesses are starting to see opportunities for growth and expansion,” said Todd Kocourek, (top right photo) president & CEO of Florida First Capital Finance Corporation, Florida’s statewide certified development company.

“Commercial real estate and some business equipment have become more affordable during the economic downturn, and smart business owners are taking advantage of this SBA loan program to buy and expand their facilities.”

SBA 504 loans offer low interest, long-term and fixed-rate financing with only 10 percent downpayment requirements for the purchase, construction or renovation of owner-occupied commercial real estate and/or the acquisition of industrial equipment or other fixed assets.

The program recently got a boost via federal Stimulus legislation which eliminated most program fees and allows for a limited amount of refinancing of existing debt if there is a business expansion.

To boot, the 20-year fixed interest rate for 504 loans now stands at 5.24 percent, the lowest in the program’s history.

Florida First Capital Finance Corporation is a statewide non-profit certified development company that promotes economic development and job creation by working with the SBA and private-sector lenders to provide available and affordable financing to small businesses.

Florida First Capital lends to small businesses under the SBA 504 loan program for real estate and equipment as well as via the Florida Recycling Loan Program and other small business assistance programs.

For information on the SBA or State of Florida loans, call Florida First Capital at 888-320-5504, email info@ffcfc.com

Contact: John P. David, 305-255-0035, john@davidgarciapr.com

San Diego Office Owners Dropping Rents to Survive Downturn

SAN DIEGO, CA— San Diego office market fundamentals are softening as ongoing job cuts and reduced business profitability erode space demand, forcing owners to become more flexible with rents, according to a second-quarter Office Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Above-trend inventory expansion has come at a time when a greater number of local companies have downsized their footprint, causing metrowide vacancy to reach the highest rate in more than a decade.

“Sales activity in the San Diego office market has decelerated by 50 percent over the past year, as deal flow during the last six months has accounted for less than one-third of the year’s closings,” says Kent Williams, regional manager of the San Diego office of Marcus & Millichap.

Following are some of the most significant aspects of the San Diego Office Research Report:

· As the economic slump continues to weigh on corporate profitability, local employment is forecast to contract 2.6 percent in 2009, or by 34,000 workers, after 24,900 positions were eliminated last year. Office users are expected to cut 11,900 jobs, a decrease of 3.4 percent.

· Builders are scheduled to deliver 920,000 square feet of new office supply to the San Diego metro this year, expanding inventory by 1.5 percent. In 2008, more than 1.4 million square feet came online. Completions have averaged 1.3 million square feet annually during the past five years.

· By year end, vacancy is projected to increase 290 basis points to 18.1 percent, after the average rate rose 230 basis points last year.

· Asking rents are forecast to shrink 4.2 percent to $29.10 per square foot this year, while effective rents will slip 6.2 percent to $24.50 per square foot.

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

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

Marshall Hotels & Resorts, Inc. Adds Five Management Contracts in Last 120 Days

SALISBURY, MD, July 21, 2009–Officials of Marshall Hotels & Resorts, Inc., a leading, Maryland-based hotel management and services company, today announced the company has added five management contracts in the past 120 days, and expects to add as many as four more within the next 60 days.

The hotels range from upper upscale to focused-service brands and include three newly opened properties. The company now operates more than 50 hotels worldwide.

“We began preparing for this growth several years ago by adding bench strength and taking the right steps to optimize profitability at our existing hotels,” said Michael Marshall, (top right photo) president and CEO of Marshall Hotels & Resorts, Inc.

“The combination of superior results and planned, steady growth has resulted in our most active pipeline in at least five years. The difficult economy has surfaced the short-comings of less-experienced operators who have been unable to respond.

“The key is to understand how to optimize cash flow and guest satisfaction. Controlling margins in this environment is arguably the most difficult it has been in a generation,” he added. “Our size gives us significant economies of scale. For example, we expect to save one property $300,000 annually through better purchasing practices for such items as insurance.”

The properties include:

The George Washington Hotel-A Wyndham Historic Hotel,103 East Picadilly St., Winchester, Va; Country Inn & Suites by Carlson Orlando-Maingate at Calypso, 5001 Calypso Cay Way, Kissimmee, FL; Four Points by Sheraton Midtown-Times Square, 326 West 40th St., New York, NY; · Hampton Inn Virginia Beach-Oceanfront South, 1011 Atlantic Avenue, Virginia Beach, Va.; and Microtel Inn and Suites Bryson City, 82 Songbird Forest Rd., Bryson City, NC.

Additional information about Marshall Management may be found at the company's Web site: http://www.marshallhotels.com/.

Contacts:
Rick Day Senior Vice President – Sales and Marketing, Marshall Hotels & Resorts, (410) 749-8464, rday@marshallhotels.com

Jerry Daly, media, Daly Gray Public Relations, (703) 435-6293, jerry@dalygray.com

C&W negotiates 4,800-SF lease for Cummings Corp. in Orlando

ORLANDO, FL– Cushman & Wakefield of Florida, Inc. (C&W) announced that construction consultancy, Cummins Corporation has leased office space in Millenia Park.

Senior Director of Office Brokerage Services, Matthew McKeever (top right photo) CCIM, SIOR, represented the tenant in the deal for approximately 4,800 square feet in Millenia Park One. The transaction relocates Cummings Corporation from their office on Orange Avenue downtown to the Class-A office park near Universal Studios.

Contact: Brook Hines, Tel: 407-541-4401, brook.hines@cushwake.com; www.cushwake.com