EIS Associate Nathan R. Cutchin Executes 12 Leases in the Last 60 Days

ORLANDO, FL; July 28, 2010 - Equity Investment Services (EIS) is proud to announce associate Nathan R. Cutchin’s (top right photo)  successful execution of 12 leases in the last sixty days.

 Nathan executed 10 new leases and 2 lease renewals totaling more than 30,250 square feet and just over $1.6 million in total value.

 Notable leases include 7,700 square feet leased to Halloween Megastore located at Orlando Crossings (middle left photo)  on International Drive, 7,000 square feet leased to Godfather Pawn Shop located at Danube Plaza on South Semoran Boulevard, and 3,090 square feet leased to Dollar Store located at Kissimmee Korners on West Highway 192.

 Other notable tenant signings include Metro PCS, China Wok, Barbara Wenczak, MD, Boss Computers, Swirlz Frozen Yogurt, Consignment Shop, Tattopia, First Data Ind Sales and The Final Dimension.

Since joining the industry and EIS in November of 2009, Mr. Cutchin has been a tremendous asset to the firm executing 32 leases in nine months.

EIS is a full service commercial real estate investment advisory company based in Orlando, FL. EIS represents owners in the dispositions and acquisitions, leasing and professional management of shopping centers, office buildings, industrial properties, single tenant net leased investments and multi-family properties.

 EIS concentrates its efforts in the southeast region of the U.S. with a core focus on the Central Florida marketplace.

For more information, contact:
Christopher M. Savino,  Managing Director, 407.573.0711 (o) Csavino@EISRE.com
Alana L. Champagne, Operations Manager, Director of Property Management, Email: mailto:AChampagne@EISRE.com,
Website: http://www.eisre.com/

Marcus & Millichap Capital Corp. Refinances Multifamily Asset in Miami for $10.1M

MIAMI, F: – Marcus & Millichap Capital Corporation (MMCC) has arranged refinancing totaling $10.41 million for a 120-unit multifamily high-rise in Miami.

Michael Balan, (top right photo) a senior director in the firm’s Miami office, arranged the loan.

“The borrower is an experienced investor with a good relationship with his usual lender, a national bank,” says Balan. “Concerned about rising interest rates, the borrower came to MMCC for assistance.

“We were able to use our strong relationships with top agency lenders to find the right lender; one previously unknown to the borrower,” continues Balan. “The pressure to get the property appraised was intensified by the paucity of sales comparables for a property of this size.

Deme Mekras, (lower left photo) a vice president investments specializing in multifamily investment sales in the Miami office of Marcus & Millichap Real Estate Investment Services, provided high-quality sales comparables.

The loan is a 10-year fixed-rate loan with a 65 percent loan to value. The interest rate is 5.39 percent and the amortization is 30 years.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

EastGroup Properties Announces Second Quarter Results

 Funds from Operations of $19.2 Million or $.71 Per Share Compared to $.80 Per Share for the Same Quarter Last Year
 Net Income Attributable to Common Stockholders of $4.5 Million or $.17 Per Share
 Same Property Net Operating Income Decline of 3.8%; 4.7% Decline Without Straight-Line Rent Adjustments
 89.1% Leased, 87.2% Occupied
 Paid 122nd Consecutive Quarterly Cash Dividend – $.52 Per Share
 Interest and Fixed Charge Coverages of 3.2x
 Acquired One Building in Phoenix for $1.3 Million
 Two Development Projects With Estimated Costs to Complete of $2.1 Million as of
 No Debt Maturities for the Remainder of 2010

JACKSON, MS, July 27, 2010 - EastGroup Properties, Inc. (NYSE-EGP) announced today the results of its operations for the three and six months ended June 30, 2010.

Commenting on EastGroup’s performance for the quarter, David H. Hoster II, President and CEO, stated, “We are pleased to report that during the second quarter we increased occupancy by 100 basis points to 87.2% by signing a record number of leases.
 

"This improvement exceeded our expectations and was primarily achieved in the month of June. In addition, funds from operations for the quarter again exceeded the mid-point of our guidance.”
 
Contact:
David H. Hoster II,  (top right photo)President and Chief Executive Officer, (601) 354-3555
N. Keith McKey,(lower left photo)  Chief Financial Officer,

C&W negotiates renewal for telecommunications company in Downtown Orlando

Orlando, FL, July 27, 2010-- Cushman & Wakefield of Florida, Inc. (C&W) Office Brokerage Associate Betsy Owens (top right photo)  announced a lease renewal for Neutral Tandem, Inc in Lucerne Plaza in downtown Orlando.

Ms. Owens represented the tenant, in the seven-year deal for 2,092 sf that serves as an operations center for the network provider.

Neutral Tandem is a Chicago-based firm providing tandem network services to telecommunications carriers which allows for interconnectivity between competitors.

C&W brokers negotiate 13,500 sf lease for church in East Orlando

ORLANDO, FL, July 27, 2010– The Cushman & Wakefield office leasing team of Mindy Boehm  (middle left photo) and Betsy Owens announced a 13,566 sf lease in Lake Underhill Business Center in East Orlando. Boehm and Owens represented the landlord, Lake Underhill NTC, LLP, in the 6-year lease for Summit Church of Central Florida, Inc.

C&W negotiates 2 new leases for Shoppes at Hunt Club in Forest City, FL

ORLANDO, FL, July 27, 2010– Cushman & Wakefield Associate Director Mindy Boehm announced two new leases for The Shoppes at Hunt Club.

Boehm represented the landlord in a 2,500 sf, 10-year lease for a Topper’s Creamery.

Boehm also represented the landlord in a 1,464 sf, 5-year lease for Papa Murphy’s Take ‘N’ Bake Pizza.

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

Grubb & Ellis Selected by Venture West to Market 565-Acre Master-Planned Business Park in Oro Valley, Arizona

TUCSON, AZ (July 27, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Venture West has selected the firm to market sites for sale within Innovation Park (top left photo), a 565-acre master-planned development in Oro Valley.

Bob Davis and Bill DiVito, senior vice presidents; Howard Kong, CCIM, vice president; and Hadley Kirkland, associate; of Grubb & Ellis’ Industrial Group, will represent Venture West on the project.

Located at the northwest corner of Oracle Road and Tangerine Road, Innovation Park is a master-planned business park that can accommodate a multitude of uses.

“Although the park has corporate and medical offices, as well as a retail component, there will be a major push to attract research and development and high tech manufacturing companies in biotech, photonics and other technology-based industries,” Davis said.

The park consists of 372 acres of land zoned for development and 193 acres of natural open space, linear parks and trails that provide scenic background views. It includes a 350,000-square foot R&D building, in which Ventana Medical Systems Inc., a member of the Roche Group, houses 1,200 employees, as well as a 110,000-square-foot R&D building, which Sanofi-Aventis U.S. owns and occupies.

Davis adds, “This is an excellent opportunity for corporate occupiers looking to develop a presence in the Tucson area. The site includes an incomparable corporate environment with a backdrop of the Santa Catalina Mountains, which is one of the many reasons Ventana Medical Systems and Sanofi-Aventis U.S., the third and sixth largest pharmaceutical companies in the world, chose to locate in Innovation Park.”

Innovation Park is adjacent to Oro Valley Hospital (top right photo), a 144-bed medical facility, and across the street from the 5,500-acre Catalina State Park and the Oro Valley Marketplace, (middle left photo)  an approximately 1 million-square-foot retail center.

The property is also within close proximity to upscale housing communities and schools, as well as world class resorts and spas, such as the Ritz Carlton, Dove Mountain and the Miraval Arizona Resort & Spa.

“Davis, DiVito and the remaining members of the team were the logical choice to market the site on our behalf,” said Neil Simon, principal of Venture West. “Their long standing track record in Tucson, including the sale of the two-million square foot University of Arizona Technology Park, coupled with their experience with technology companies, was very much in line with our vision for Innovation Park.”

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

Wilson Commercial Real Estate Closes Out First Half With More than 2M SF of New Leasing assignments and 32 Leases

LOS ANGELES, CA – JULY 27, 2010 – Wilson Commercial Real Estate, Southern California’s leading retail brokerage firm, had a successful first six months of 2010 securing leasing assignments for 13 retail centers totaling more than 2 million square feet.

The leasing assignments include three new developments, five redevelopment projects and five existing centers.

 Additionally Wilson Commercial completed 32 leases totaling approximately 600,000 square feet during the first half of 2010. Currently the company oversees leasing at 90 retail properties totaling 8.3 million square feet in Southern and Central California.

“During this challenging economic climate, landlords understand the importance of retaining a firm who has the experience and knowledge to improve occupancy at their center,” said Chris Wilson, (top right photo) president of Wilson Commercial Real Estate. “We have a deep understanding of the landlord and tenant side of the business, enabling us to deliver results in this ongoing challenging market.”

The following are a summary of the new leasing assignments:

· The Commons at Quartz Hill, a 487,370-square-foot Walmart anchored community retail center in Lancaster, Calif. that is currently being developed by Rothbart Development Corp.

· The Crossroads at 395, a 218,503-square-foot Walmart anchored community retail center in Victorville, Calif. that is currently being developed by Rothbart Development Corp.

· 2700 Figueroa Street a mixed use student housing project featuring 171 units and 15,000 square feet of retail currently being developed by Symphony Development Company.

· Granada Village, a 224,783-square-foot neighborhood retail center in Granada Hills, Calif. anchored by TJ Maxx, Stein Mart and Rite Aid that is currently being redeveloped by the landlord, Regency Centers.

· Carson Shopping Center, (middle right photo) an 84,418-square-foot community retail center in Carson, Calif. anchored by CVS Pharmacy that is currently being redeveloped by the landlord, Watt Companies.

· Edinger Plaza, a 149,039-square-foot community retail center in Huntington Beach, Calif. anchored by Michael’s and PetSmart that is currently being redeveloped and repositioned by the landlord, Watt Companies.

· Norwalk Plaza, an 114,311-square-foot neighborhood shopping center located in Norwalk, CA anchored by Northgate Market and AJ Wright.

· Alicia Town Center, 149,424-square-foot neighborhood retail center in Mission Viejo, Calif. anchored by LA Fitness and Dollar Tree that is currently being redeveloped by the landlord, Watt Companies.

· San Fernando Valley Square, a 230,000-square-foot neighborhood retail center in San Fernando, Calif. anchored by Home Depot and Sam’s Club.

· Yucaipa Valley Center, a 230,000-square-foot retail center in Yucaipa, Calif. anchored by Vons, Ross Dress for Less and Staples.

· Amargosa Commons, a 173,000-square-foot power center in Palmdale, Calif. featuring several national tenants including Dress Barn, Ultimate Electronics, Bed Bath & Beyond, TJ Maxx, Trader Joe’s and PetSmart.

· Country Village Square, a 90,000-square-foot retail center in Rancho Cucamonga anchored by Stater Bros.

· Visalia Marketplace  (bottom right photo), a 275,000-square-foot retail center in Visalia, Calif. anchored by K-Mart and Save Mart Grocery. Wilson Commercial Real Estate has partnered with Bakersfield-based, Olivieri Commercial in the leasing of this property.

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

South Beach New Condo Sales Double In Q2 2010

MIAMI, FL--South Beach new condo sales doubled in the second quarter of 2010 on a quarter-over-quarter basis to 31 individual transactions even as the average price held steady at $1,365 per square foot, according to a new Condo Vultures® White Paper™.

Not included in the new sales totals from April through June 2010 is a 46-unit bulk deal that traded for $29.6 million, or $436 per square foot, in the Capri South Beach condominium (top left photo) fronting Biscayne Bay, according to the Condo Vultures® Bulk Deals Database™.

For the second consecutive quarter, all of the individual new South Beach condo transactions occurred in three projects - the W South Beach Residences, Continuum on South Beach North Tower, and the Mondrian (middle right photo)  - even though an additional 18 new condo projects still have unsold developer units, according to the report based on the Condo Vultures® Official Condo Buyers Guide To South Beach™.

"Only 16 of the 37 new South Beach condo project with at least 25 units are completely sold out yet all of the individual transactions this year are occurring in three projects," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"Given the projects and the average prices being achieved, it is safe to assume that buyers are going for quality as a hedge against the unknown. When the developer units start selling in the other new South Beach projects that should be a clear sign that confidence is returning."

Contact:  Peter Zalewski of Condo Vultures®,  800-750-0517 or by email at peter@condovultures.com.

McCarthy Building Companies Named a Leading Green Company in Orange County, CA

NEWPORT BEACH, CA, July 27, 2010 — McCarthy Building Companies, one of Southern California’s predominant hands-on builders, continues to lead the construction industry in building green.

The firm was recently honored as one of the top 25 green companies in Orange County, Calif. by OC Metro magazine. The 2010 OC Metro Green Team recognizes the leading environmentally friendly businesses, groups and organizations in the area.

“As a socially responsible business, a top green construction company and one of the best places to work in Orange County, McCarthy is committed to improving the environment for future generations,” said Carter Chappell, (top right photo) McCarthy president, California Region.

More than a decade ago, McCarthy’s Green Team formalized its in-house green knowledge network to capture and build upon the best green practices on its projects and in its offices.

Today, the company’s resume of sustainable projects is valued at over $4 billion. McCarthy is ranked 11th nationally in number of LEED Accredited Professionals on staff (Building Design & Construction magazine) and among the Top 50 Green Construction Companies (Engineering News-Record).

“McCarthy encourages sustainable design and building practices on all of its projects, regardless of formal LEED goals,” explains Chappell.

“Through leadership from the McCarthy Green Steering Committee and active support from employees nationwide, the company has established an in-house green training program to ensure employees are able to provide clients and partners with the most up-to-date green construction solutions.

Among other green initiatives, all McCarthy project sites are committed to recycling construction debris, encourage worker carpooling and are smoke-free. In addition, McCarthy has calculated its carbon footprint and is committed to a 5 percent reduction by 2013.”

Some of McCarthy’s LEED projects recently completed or currently underway in Southern California include:

Soka University Performing Arts Center and Academic Facilities Building (top  left photo)

Westminster Police Department Headquarters (middle left photo)

City of Hesperia Police Station

High Dessert Government Center

Los Angeles County South Health Center MOB

Los Angeles International Airport Tom Bradley International Terminal

Miramar College Parking Structure

Rady Children's Hospital Patient Care Pavilion

San Diego Mesa College Math & Science Building

UCSD Health Sciences Biomedical Research Facility

UC Santa Barbara Education & Social Sciences Building

West Los Angeles Community College parking structure

West Los Angeles Community College Health & Wellness Facility
Contact:

Contact:
Laura Mickelson (LM Communications), (949) 453-0851
Susan Garritano (McCarthy Building Companies, Inc.), (314) 968-3300

Arnstein & Lehr Partner Phillip M. Hudson III helps negotiate agreement with lender resulting in sale of South Beach hotel

MIAMI, FL – Phillip M. Hudson III (top right photo), a partner with Arnstein & Lehr LLP, lead the negotiations on behalf of the Lionstone Group regarding the underlying loan with FirstBank Puerto Rico that resulted in the sale of the Seville Hotel (middle left photo)  to Marriot and hotelier Ian Schrager for $57.5 million.

The previous owner of the Seville Hotel was 2901 Beach Ventures, which consisted of two equal partners, Lionstone Group and Fortune International Management. Hudson represented Lionstone Group.

Media reports indicate that Marriot and partner Ian Schrager plan to redevelop the 12-story, 400-room hotel into a new boutique brand called Edition.

“We are pleased that substantial real estate deals are closing once again in South Florida,” said Hudson, who heads up Bankruptcy and Litigation for the firm’s Miami office.

“Both local and out-of-town buyers are recognizing the unique values available here in Miami.”

This is Hudson’s second multi-million dollar deal that has closed in the past 30 days or so. He and his law partner, Hilda Piloto, (bottom right photo) negotiated the resolution of a $100 million multi-property real estate dispute on behalf of a developer in mid-June.

Contact: Don Silver or Lauren Simo, Boardroom Communications, (954) 370-8999,

donsil@boardroompr.com / lsimo@boardroompr.com

HFF arranges $2.3M loan for American Cancer Society in Norwalk, CT

NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $2.3 million construction and permanent loan for the completion of a new 13,400-square-foot building for the American Cancer Society, New England Division in Norwalk, Connecticut.

HFF senior managing director Al Epstein (top right photo)  worked on behalf of the American Cancer Society to secure the loan through The Bank of New Canaan, a wholly owned subsidiary of BNC Financial Group. Loan proceeds are being used to finance the new facility, which has an approximate cost of $5 million.

The new American Cancer Society facility is located on Richards Avenue in Norwalk on the former site of the Burndy Library of Science & Technology.

 The property will be dedicated as “The C. Anthony and Jean Whittingham Family Building”. The Whittingham family has devoted itself to the support of cancer care, particularly in Fairfield County, Connecticut. Foundation work is underway and the building will be complete and operational in 2011.

“There’s a real narrative here in taking the idea of a new facility and making it a reality," said Epstein.  

"One could start with the current difficult economic climate and the fact that so many people in the community did not hold back or make excuses because of that. At a time when few construction loans are being approved, the officers at The Bank of New Canaan really reached out to do this. A lot of credit goes to bank officers Heidi DeWyngaert, Peter Keller and Bob Palermo,”

Contacts:

Alvin J. Epstein, HFF Senior Managing Director, (203) 226-8171, aepstein@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF secures $31.7M in debt and equity for Naperville Corporate Center in western Chicago

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $31.7 million in financing and joint venture equity for the recapitalization of Naperville Corporate Center (bottom left photo), a four-building, 418,836-square-foot office property located in the western Chicago suburb of Naperville, Illinois.

HFF managing directors Jaime Fink (top right photo) and Mike Kavanau (top left photo)  worked on behalf of Transwestern Investment Company to secure the $23.4 million, adjustable-rate loan with Prime Finance Partners.

HFF engaged TriGate Capital, LLC, a private equity firm, to provide $8.3 million in joint venture equity for the recapitalization of the property.

Proceeds are paying off an existing first mortgage at a discount and providing capital for future tenant improvements and leasing commissions.

“We are excited to enter the Chicago market with this acquisition,” said Jeffrey Yarckin, (middle right photo) managing member of TriGate.

“The location of this property within the submarket is very strong as it benefits from direct access to the tollway in both directions. Also, we believe leasing will benefit from the amenities at the property and in the adjacent new Freedom Commons retail center.”

“Transwestern is pleased to partner with TriGate to recapitalize this asset," added Andy Hess, (lower left photo) senior vice president at Transwestern Investment Company.  

"Our team has created solid leasing momentum over the last 12 months, and we believe our new basis as well as our competitive advantage on expenses will attract tenants looking for quality space, location and amenities at low occupancy costs,”
TriGate Capital is a Dallas-based real estate investment firm that is focused on investing in real estate properties, real estate secured loans and securities, and real estate companies through transactions that emanate from the need of financial institutions and property owners to restructure.

TriGate is focused on investing its capital and its partners’ capital at attractive risk-adjusted returns by using its work-out, restructuring and real estate management skills to add value to its counterparties - lenders and other financial owners of real estate assets.

TriGate’s principals have invested in more than $10 billion of real estate assets, and the company has raised its inaugural fund to take advantage of changes occurring in the commercial real estate market.

 For more information about TriGate Capital, visit http://www.trigatecapital.com/.

Since its inception in 1996, Transwestern Investment Company has acquired interests in over 455 office, retail, industrial and multifamily properties representing a gross investment of nearly $11 billion.

The firm currently employs approximately 75 people and is based in Chicago with offices in Atlanta, Denver, Houston, Los Angeles and New York.

For more information about Transwestern Investment Company, visit http://www.transinvestco.com/.

Contacts:
Jaime M. Fink, HFF Managing Director,(312) 528-3650, jfink@hfflp.com
Michael A. Kavanau, HFF Senior Managing Director, (312) 528-3650, mkavanau@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com

IDI Closes Leasing at 141 Knowlton Way in Savannah, GA

Atlanta, GA,  July 26, 2010 – IDI, a leading full-service industrial real estate company, has signed two new leases in the Savannah market totaling 75,040 square feet.

The leases, for 43,800 square feet and 31,240 square feet, bring 141 Knowlton Way in IDI’s Crossroads Business Center (top left photo) to full occupancy. Gulfstream Aerospace Corporation occupies the remaining 122,890 square feet in the building.

The Parrott Group’s distribution arm, Velocity Services South, LLC, the warehouse and distribution service provider for three Ashley Furniture HomeStores located in South Carolina and Georgia, signed the 43,800-square-foot lease in Suite 300 of 141 Knowlton Way.

The Parrott Group is scheduled to open its fourth Ashley Furniture HomeStore in Savannah in September 2010 and will use the space for storage and distribution of home furniture and accessories sold at their retail storefronts.

Store Supply Warehouse, LLC, a wholesaler of store fixtures and supplies to small, independent retailers, signed a 31,240 square-foot lease in Suite 200 of 141 Knowlton Way.

 The space will serve as the company’s new East Coast distribution center and will allow for ground transportation delivery to the majority of the company’s customer base within a two-day timeframe.

“Both tenants cited location, space size, curb appeal and landlord responsiveness as reasons they chose 141 Knowlton Way,” said Lisa Ward, (top right photo)  vice president of leasing for IDI’s Atlanta market office, which serves Savannah.

“We are pleased to have provided each of our new tenants with Class-A space to serve their warehouse and distribution needs and are happy to see the building at full occupancy.”

Lisa Ward and Cliff Dales (lower right photo)  of Colliers Neely Dales were the listing agents for the property and represented IDI in both leases. Brett Chambless of Chambless Partners, Inc. represented Store Supply Warehouse in the lease transaction and Velocity Services South did not use any outside representation.

160,380 square feet remains available at Crossroads Business Center in 155 Knowlton Way.

More information can be found at http://www.storesupply.com/.

Contacts:

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

Grubb & Ellis Healthcare REIT II Secures $25M Credit Facility with Bank of America

SANTA ANA, CA (July 26, 2010) – Grubb & Ellis Healthcare REIT II, Inc. today announced that it has entered into a $25 million secured revolving credit facility with Bank of America, National Association. The credit facility may be utilized to fund property acquisitions and for other general corporate purposes.

“This credit facility further strengthens our ability to execute our business plan and more rapidly expand the portfolio of Grubb & Ellis Healthcare REIT II,” said Jeff Hanson, (top right photo)  chairman and chief executive officer.

 “Particularly for a new REIT like ours, now is an exceptional time in the market cycle to acquire assets and Bank of America is supporting this effort.”

The credit facility matures on July 19, 2012, but may be extended at the option of Grubb & Ellis Healthcare REIT II for an additional year upon meeting certain conditions. The facility bears interest at a rate equal to LIBOR plus 3.75 percent or 5 percent, whichever is greater.

Grubb & Ellis Healthcare REIT II, Inc. intends to qualify as a real estate investment trust that seeks to preserve, protect and return investors’ capital contributions, pay regular cash distributions, and realize growth in the value of its investments upon the ultimate sale of such investments.

 Grubb & Ellis Healthcare REIT II is seeking to raise up to approximately $3 billion in equity and to acquire a diversified portfolio of real estate assets, focusing primarily on medical office buildings and other healthcare-related facilities.

Contact: Damon Elder, Phone: 714.975.2659,Email: damon.elder@grubb-ellis.com

Grubb & Ellis  Represents Dwyer Products Corporation in 79,000-SF Industrial Lease

ROSEMONT, IL. (July 26, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it represented Dwyer Products Corporation in the execution of a long-term lease agreement for approximately 79,000 square feet at Bridge Point Woodridge One (lower left photo), located at 1000 Davey Road in Woodridge from Bridgepoint Woodridge LLC.

Dwyer, a leading designer and assembler of custom compact kitchens and modular furniture systems, will utilize the facility as a showroom, assembly/distribution facility and its new corporate headquarters.

“Particularly given our recent acquisition of the Goelst By Dwyer product line of modular casework for acute care facilities, the building’s capacity to support our future growth needs was an appealing aspect of the property for us,” said Steve Svendsen, vice president and chief financial officer of Dwyer.

 “We’re pleased to be moving into a well-located building that will present a high-class image to our clients while also meeting our assembly and distribution requirements.”

Chris Lydon, SIOR, senior vice president, Industrial Group, and Sam Durkin, associate vice president, Industrial Group, represented the tenant. Jeff Galante of Lee & Associates represented the landlord.

“In its search for a larger facility to support its growth, Dwyer Products Corporation was in a position to take advantage of favorable market conditions to secure a newly constructed facility with tremendous visibility off of Lemont Road,” said Lydon. “The location allows for substantial growth over its previous headquarters in Wood Dale, which totaled 28,000 square feet.”

Developed throughout 2008 and 2009 by Bridge Development Partners, LLC, in partnership with Globe Corporation, Bridge Point Woodridge One is a state-of-the-art development project totaling approximately 264,000 square feet.

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

Father-Son Pearlstein Team New Addition to Tenant Advisory Group

PHOENIX (July 26, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the father-son team of Robert Pearlstein (lower left photo)  and Brent Pearlstein (lower right photo)  have joined the company as senior vice president and senior associate, Tenant Advisory Group, respectively.

"Bob and Brent bring tremendous experience and energy to Grubb & Ellis and their clients. I am pleased that they chose to be a part of our team,” said Pete Bolton, executive vice president and managing director of Grubb & Ellis’ Phoenix office.

Robert Pearlstein joins Grubb & Ellis with 16 years of experience in the commercial real estate industry. He spent 12 years of his career with CB Richard Ellis, specializing in retail leasing sales and development.

He left the firm in 2008 with the title of senior vice president and began Pearlstein Development LLC, a company specializing in retail development that he ran until joining Grubb & Ellis.

He began his career in 1994 with Midland Development Group in St. Louis. He holds a bachelor’s degree from the University of Missouri and is a member of CoreNet Global and NAIOP.

Brent Pearlstein began his career in 2009 with Cushman & Wakefield of Arizona where he served as an associate specializing in office tenant representation. He holds a bachelor’s degree from Arizona State University and is a member of CoreNet Global and NAIOP.

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

Grubb & Ellis to Hold 2010 Second Quarter Conference Call on August 10

SANTA ANA, CA. (July 26, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it will host a live webcast to discuss its second quarter 2010 results on Tues., Aug. 10, 2010, at 10:30 a.m. Eastern Time.

The Company will issue its financial results before the market opens that morning.

The conference call will be webcast on the investor relations section of Grubb & Ellis' website at www.grubb-ellis.com or may be accessed by dialing 1.866.578.5771 for domestic callers and 1.617.213.8055 for international callers. The conference call ID number is 26018455.

An audio replay will be available beginning at 1:30 p.m. ET on Tues., Aug. 10, until 7 p.m. ET on Tues., Aug. 17 and can be accessed by dialing 1.888.286.8010 for domestic callers and 1.617.801.6888 for international callers and entering conference call ID 65858047. In addition, the conference call audio will be archived on the Company’s website following the call.

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

Marcus & Millichap Lists $150.9M Mixed-Use Development Site in Tulare, CA

TULARE, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for 312 acres of a 685-acre planned mixed-use development site, the future home of the Tulare Motorsports Complex, the nation’s first fully amenitized master-planned racing complex.

The sales price for the 312 acres is $150,908,698. The remaining acreage will be used for roadways, other public improvements and the construction of a speedway and drag strip.

Bruce Bartleson, a vice president investments and a director of the firm’s National Land Group in Sacramento, is representing the seller, Tulare Motor Sports Complex LP.

“The Tulare Motorsports Complex is designed to host all major categories of American racing, including regional and national races sanctioned by NASCAR, Indy Racing League, National Hot Rod Association and other sanctioning bodies,” says Bartleson.

“All the necessary local, state and federal approvals have been obtained, including all zoning, environmental and planning approvals.

Project elements include a one-mile D-shaped oval speedway, including a quarter-mile short track, a two-plus mile road course in the infield with seating for 40,000 to 100,000 people, and a quarter-mile drag race facility with seating for 20,000,” adds Bartleson.

The one-square-mile property is located just east of State Highway 99 and the Tulare Golf Course between Turner Drive to the north and Avenue 200 to the south.

Three national parks, Sequoia, Kings Canyon (top left photo) and Yosemite, (middle right photo)  are within a short driving distance. Approximately 20 million people live within a 3.5-hour drive.

The development plan includes sites for luxury condominiums overlooking the raceway, a full-service hotel and conference center, extended-stay motels, themed retail centers, a 59.12-acre luxury recreational vehicle park, a driving range, multiplex theaters and 87 acres of automotive-related businesses.

A parcel has been set aside for an indoor sports complex that will include skiing, bobsledding and ice-rock climbing.

“This project is destined to become one of the major destination resorts in California,” says Bartleson.

Tulare is home to the world’s largest agricultural exposition, the World Ag Expo. (bottom left photo)

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716