Crossman & Company negotiates renewal lease at Eustis Square in Central Florida

EUSTIS, FL - Crossman & Company, one of the largest third-party retail leasing and management firms in the Southeast, recently negotiated a three-year lease renewal agreement with Ron’s Coins for 400 square feet at 218 West Ardice Ave. in the Eustis Square Shopping Center.

Leasing Associate Daniel Germano (top right photo)  negotiated the transaction representing the landlord Eustis Square One.

For more information,  please contact:
Daniel Germano, Leasing Associate, Crossman & Company, 407-423-5400 or 407-581-6223;
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;
Molly Delahunty, Crossman & Company, 407-581-6220 mdelahunty@crossmanco.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

Latino Hotel Association Forms Strategic Relationship with Association Mexicana Hoteles y Moteles

HOUSTON, TX/MEXICO CITY, Mexico, Aug/  2, 2010—The Latino Hotel Association (LHA), a newly formed global organization dedicated to expanding Latino ownership, leadership and commerce in the hotel industry, today announced that it had formed a strategic alliance with the Association Mexicana Hoteles y Moteles, Mexico’s primary hotel association.

Under the alliance arrangement, the two groups will work together to increase Latino hotel investment and ownership, concentrating on basic and advanced education programs about hotel franchising, investment and development, as well as networking.

“This is the first step in our plan to bring together the global Latino hotel industry,” said Angela Gonzales-Rowe (top right photo), president and founder of LHA.

“There are nearly 16,000 hotels in Mexico, the vast majority of which have no international brand affiliation. As the hotel industry becomes more global, branding will play an increasingly important role in a property’s success.

"Our initial efforts will be on educational sessions with many of the world’s leading brands, as well as conventions where members of our two organizations can network and increase Latino investment in hotels.”

“In today’s business climate, quality and awareness are leading factors for success,” said Armando De la Garza, (middle left photo) Presidente, Asociacion Mexicana de Hoteles y Moteles en Coahuila.

“With more informed members and awareness of potential partners within our two organizations, we intend to have a long-range impact on the quality and number of hotels in Mexico. One of the most important milestones for our members is, without a doubt, the decision to form a partnership with LHA.”

The two organizations currently are planning their first joint meeting to be held in Mexico this fall. The session will include classes and orientation on franchising, hotel standards, finance and brand support.

Headquartered in suburban Houston, LHA is a worldwide, non-profit association dedicated to increasing Latino participation in the hospitality industry, to include ownership, leadership and commerce. The organization provides education, international and regional conferences and networking opportunities with the leading hotel companies in the world.

Additional information is available at the association’s website, http://www.latinohotelassociation.org/.

Contact: Jerry Daly, Chris Daly, Daly Gray Public Relations, (703) 435-6293

jerry@dalygray.com

Cortland Partners Acquires, Will Renovate, Metro Atlanta Apartments

ATLANTA, GA (Aug. 2, 2010) – Cortland Partners, an Atlanta-based multifamily real estate firm, has purchased and will renovate Northchase Apartments (top left photo)  in Metro Atlanta. The community is located in Dunwoody just outside I-285 on Peachtree Industrial Blvd.

The cost of the acquisition, including the planned renovation, is $15.2 million.

The 519-apartment community includes one-, two- and three bedroom residences averaging approximately 1,300 square feet. Amenities include two pools, a community center, clubhouse and playground. Three-quarters of the units are townhomes and more than a third have three bedrooms.

“This unit configuration is an attribute we look for in this target market,” said Cortland Partners president Steven DeFrancis.

 “Northchase offers a great product that can provide a great home for people – especially families – who want value and a convenient close-in location. The 42-acre parcel also presents great potential for redevelopment down the road.”

The firm purchased the property from a special servicer, which owned it after it was foreclosed upon last year.

Even though occupancy was around 70%, Cortland Partner’s leadership recognized that the apartments showed great potential, and that occupancy could rise considerably once the renovation is complete.

The renovation, which is expected to last approximately six months, will include significant upgrades and repairs to the exteriors and amenities.

“Distressed assets provide a great opportunity for experienced apartment owners to create value in an otherwise down market,” DeFrancis added. “In a few years I expect we will look back at this time as having been the best market to purchase assets.”

The deal closed Monday, July 12. Mutual of Omaha Bank provided capital in conjunction with Grandbridge Real Estate Capital.

Northchase is located at 6750 Peachtree Industrial Blvd., Atlanta, Georgia 30360. Close to public transportation, it has immediate access to I-285. It is also close to I-85, I-75 and 400 and is seven miles from Buckhead.

Cortland Partners is also developing West M Apartments (middle left rendering) – a new luxury multifamily community in Lake Charles, Louisiana. The $25 million first phase of the 23-acre gated community includes 222 one-, two- and three-bedroom apartments.

Cortland Partners is an innovative, progressive, full service multifamily real estate development firm specializing in unique, financially successful intown developments. Cortland views opportunities from a different perspective, and takes an investment-management approach to its projects.

This helps the firm build thoughtful and interesting homes in unique locations that are site-specific, culturally relevant to their neighborhoods, profitable for investors and partners, and perfectly suited to residents.

For more information, visit http://www.cortlandpartners.com/


Contact: Terri Thornton, 404-687-8760, 404-932-4347 (Cell), http://www.territhornton.com/
www.twitter.com/Ttho

RECI Sees More Moderate Recovery Than Epected

CHICAGO, IL,, Aug.  2, 2010 - Mid-year key economic indicators point to a more moderate recovery than expected, according to the latest Scoreboard from The Real Estate Capital Institute in Chicago.

During July, benchmark treasuries moved within a quarter point range and settled lower by about 20 basis points for five-year notes, while 10-year notes moved down less than
10 basis points, respectively.

 Mortgage spreads continued to barely tighten, netting slightly lower overall rates.

Throughout the first half of the year, lenders have been scouring the realty markets in search of performing projects with stabilized cash flow. Yet limited opportunities may be found. Simultaneously, scant funding options are available for projects without cash flow performance. Few capital sources reach for deals on longer-term cash flow projects, unless substantial equity exists.

With mortgage rates starting in the mid-4% range for longer term debt of seven years or greater, borrowers are migrating from floating-rate to fixed-rate debt. As rates are at historical lows, focus on loan terms - other than pricing - include the following:

* Loan-to-value sizing dominates underwriting funding limits, as debt service coverage ratios are relatively high due to low rates

* Subordination and non-disturbance agreements are more important to lenders as various players in the capital stack (e.g., mezzanine and preferred equity) take on new positions in situations where developer equity is reduced or eliminated.

* Real estate tax and insurance collection conditions are more stringent, with lenders seeking tighter control in case of default.

* Property insurance carriers must meet higher standards due to default within the industry.

* Unauthorized transfers are no longer covered by most title policies, adding additional recourse carveouts.

Skip Perry, Real Estate Capital Institute advisory board member notes that "lenders want quality loans, and are willing to sacrifice yield in return for safety of principal." He suggests, "Conservatively underwritten income-property loans are precious commodities capturing premium pricing and terms."

The Real Estate Capital Institute(r) is a volunteer-based research organization that tracks realty rates data for debt and equity yields. The Institute posts daily and historical benchmark rates including treasuries, bank prime and LIBOR. Furthermore, call the Real Estate Capital RateLine at 7RE-CAPITAL (773-227-4825) for hourly rate updates.

Contact: Jeanne Peck, Research Director, Toll Free 800-994-RECI (7324)
director@reci.com, http://www.reci.com/

Heitman Announces New SVP Client Service & Marketing, US

Chicago, IL  -- Heitman LLC, a multi-national real estate investment management firm, today announced William “Alan” Purser has joined the firm as senior vice president responsible for institutional client service and marketing. Mr. Purser will be based in Heitman’s Atlanta, Ga. office.

Mr. Purser has 14 years experience in business strategy, institutional sales and marketing and prior to joining Heitman, managed client relationships and fundraising for RREEF/Deutsche Bank and earlier for Buchanan Street Partners.

Mr. Purser began his real estate career at Prudential CRES in San Francisco. In his new capacity Mr. Purser will develop and maintain relationships with Heitman’s institutional investor clients in both public and private real estate strategies across the United States.

Mr. Purser attended both North Carolina State University and the University of California at Berkeley where he pursued a bachelor of business administration and marketing degree. He is a member of PREA, NAIOP, ULI and ICSC and holds his Series 7 and 63 FINRA licensing.

“Alan’s extensive experience and particularly, his ability to build strong, collaborative relationships are attributes we value at Heitman and Alan will play an integral role as we broaden our institutional client base throughout the US,” commented Maury Tognarelli, (top right photo) Chief Executive Officer of Heitman.

Heitman, founded in 1966 and headquartered in Chicago, manages over $22 billion in assets invested directly and indirectly in real estate in North America, Europe and Asia. The firm's clients include US and international institutions, pension plans, endowments and foundations, and individual investors.

John White Appointed Lead Portfolio Manager for Asia-Pacific


Chicago, IL  -- Heitman LLC, a multi-national real estate investment management firm, today announced the appointment of John White (lower left photo)  as lead portfolio manager for its real estate securities business in the Asia-Pacific region. Mr. White’s addition rounds out the firm’s strategy to manage a comprehensive global real estate securities business.

Mr. White will lead a team of investment professionals for Heitman in Melbourne, working collaboratively with Chicago-based Tim Pire, who leads Heitman’s North American portfolio management team and London-based Mark Abramson, Heitman’s lead portfolio manager in Europe.

“John has worked alongside our portfolio management teams over the last several years as part of an alliance. This experience as well as his like-minded cultural and professional values makes this appointment virtually seamless to both our clients and the firm,” commented Maury Tognarelli, Chief Executive Officer of Heitman.

Contact:  Margot Olcay, Avenue of the Americas, New York, NY 10105
Tel: 212 843 8284 / Fax: 212 843 9200
molcay@rubenstein.com
http://www.rubenstein.com/

$31.5M Hospitality Portfolio comes to Market in Las Vegas

LAS VEGAS, NV – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing for two prime hospitality properties in Las Vegas.

The properties, which are currently called Emerald Suites (top left photo), encompass nearly 10 acres and are listed at $31.5 million.

Al Barbagallo, (middle right photo)  associate vice president investments, is listing this two-property hospitality portfolio on behalf of Emerald Suites, LLC.

“These properties are near one of the premier hotel casino corridors in the world and are easily accessible by the Interstate 15 freeway system,” says Barbagallo.

 “Priced below replacement cost, this value-added portfolio will generate significant long-term returns for any investor. This listing presents the new ownership with an excellent opportunity to flag this portfolio.”

The 387-room Emerald Suites at 9145 Las Vegas Blvd. South was built in 2001. High traffic counts along the world-famous Las Vegas Strip provide this 7.75-acre asset with maximum exposure. The property is listed at $25 million, or $64,599 per room.


(Las Vegas Strip at night, bottom left photo)

Built 2000, the 96-key Emerald Suites on Cameron at 4777 Cameron St. is a 2.3-acre property. The property includes four, three-story buildings with 96 units.

 Some units have been updated and include flat-screen TVs. Hotel amenities include a laundry room and pool spa area.

Emerald Suites on Cameron is available for $6.5 million with a current ADR (average daily rate) of $45 a night.

The properties can be purchased separately or as a portfolio.

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

Grubb & Ellis Commercial Florida Names Patrick Kelly Executive Vice President, Managing Director

TAMPA, Fla. --- Grubb & Ellis Commercial Florida, associated with 130 offices worldwide, has appointed Patrick Kelly (top right photo) executive vice president and managing director in the firm’s Tampa office.

Jeff Sweeney, SIOR, president of Grubb & Ellis
Commercial Florida, said Kelly is a sixth-generation Floridian who earned his B.A. Degree in Hospitality Management from Florida State University and has more than 30 years of experience in commercial real estate.

Kelly is the former president of Rubin Real Estate in Pinellas County. He was also the Florida and regional partner of Vantage Companies (VRS) – a national development and realty services company – for 18 years before selling his interest in 2000.

Sweeney said Kelly’s responsibilities will include supervision of distressed assets, recruitment, business development and productivity in the firm’s Tampa office.

“Patrick Kelly is one of the most experienced commercial real estate veterans in Florida and we expect him to play an important role in our growth,” said Sweeney.

Contact:
Patrick Kelly, Managing Director 813-639-111
Jeffrey Sweeney, SIOR President 407-481-5387
Larry Vershel Communications 407-644-4142

John Desper Joins Grubb & Ellis as Vice President, Office Group

NEWPORT BEACH, CA (July 29, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that John Desper has joined the company as vice president, Office Group.

“John is a seasoned professional who brings considerable experience and local market knowledge. We are extremely pleased he is part of our team,” said Greg May (top right photo) , co-managing director, Orange County.

With 12 years of experience, Desper joins Grubb & Ellis from CRESA Partners, where he was a vice president. Prior to joining CRESA Partners in 2009, Desper spent 11 years with CB Richard Ellis, where he began his career and most recently served as first vice president. Throughout his career, he has represented tenants in office, flex and industrial property leasing.

 His most notable transactions include representing Parker Properties in leasing The Summit Office Project, (lower left photo)  a 1.2-million-square-foot office complex comprising nine buildings in Aliso Viejo.

 He also represented Parker Properties in the sale of a 247,000-square-foot parcel of land to Pacific Life Insurance Company, which he later assisted in developing a nine-story office property on for use as Pacific Life’s headquarters.

Ron Price Joins Grubb & Ellis Company as Senior Vice President, Director of Management Services

LOS ANGELES, CA (July 29, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Ron Price, (bottom right photo)  a 35-year veteran of the commercial real estate industry, has joined the firm as senior vice president, director of Management Services, effective July 26.


“Ron’s background in asset management, property management and project management is deep, and his experience at every level of a management services organization makes him an excellent candidate to lead our Southern California property management operations,” said Eric Forshee, executive managing director, Grubb & Ellis Management Services, Inc. “Ron was at the top of our list of prospects because of his reputation and demonstrated success in the marketplace.”


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

Dr. Phillips Center for the Performing Arts is critical link in Downtown Orlando resurgence, John Crossman says

ORLANDO, FL --- The Dr. Phillips Center for the Performing Arts (top left rendering)  is one of Orlando’s “Big Three” projects to redevelop the downtown district.

The new Amway Center (top right rendering)  is set to open in October and work to renovate the Citrus Bowl (bottom left photo) is scheduled.

The open parking lot across from City Hall where the Center for Performing Arts will be located is now fenced off with construction to commence shortly, said John Crossman, CCIM, president of Crossman & Company, the Orlando firm that ranks as one of the largest third-party retail leasing and management firms in the Southeast.

Crossman recently moderated a panel discussion at Embassy Suites Hotel on Pine Street in downtown Orlando to discuss the Dr. Phillips Center for Performing Arts and the future of downtown Orlando.

Speakers included Davon Barbour, assistant director of the Downtown Development Board/Community Redevelopment Agency, Alexis Jackson, vice president of communications for the Dr. Phillips Center and Walter O’Shea, vice president of development for Hines.

“Sports facilities are important as business generators, and the Orlando region will turn out to support our sports teams,” Crossman told the group.

 “But long-term, the educational, community and cultural growth that will emanate from the Dr. Phillips Center for the Performing Arts will result in more cultural and educational enrichment and greater long-term benefits,” Crossman said.

For more information,  please contact:
John Crossman, CCIM, President, Crossman & Company, 407-581-6218
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

HFF secures $24.5M permanent financing for Alexan Shadow Creek Ranch in Pearland, TX

 DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $24.5 million in permanent financing for Alexan Shadow Creek Ranch (lower left photo), a 392-unit, Class A multi-housing complex in Pearland’s 3,500-acre Shadow Creek Ranch master-planned community.

Working exclusively on behalf of Trammell Crow Residential, HFF executive managing director Jody Thornton (top right photo)  and associate director John Ahmed placed the 10-year, fixed-rate loan with Freddie Mac (Federal Home Loan Mortgage Corporation).

Proceeds will be used to retire the existing construction loan and recapitalize the asset with assumable, non-recourse financing. HFF will service the loan through their Freddie Mac Program Plus® Seller/Servicer program.

Alexan Shadow Creek Ranch is situated on more than 20 acres at 11900 Shadow Creek Parkway, 13 miles south of downtown Houston and close to Pearland Town Center, Hobby Airport and Tom Bass Regional Park. Completed in 2009, the property has 17 buildings with one- and two-bedroom units that are currently 95% occupied. Community amenities include a swimming pool, clubhouse, business center, fitness center, and parking garages.

Headquartered in Dallas, Trammell Crow Residential is a national multi-family real estate firm that owns multi-family rental and condominium communities in most major markets under such prestigious brand names as Alexan and Wynhaven.

Contacts:

John Ahmed, HFF Associate Director, (214) 265-0880, jahmed@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF arranges refinancing for San Antonio and Houston multi-housing communities

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged refinancing for Salado Springs (lower right photo), a 352-unit multi-housing property in San Antonio, and Sandstone Apartments (lower left photo), a 696-unit, multi-housing community in Houston, Texas.

HFF director Cortney Cole worked exclusively on behalf of Venterra Realty to secure the five-year, fixed-rate on-book loans through Wells Fargo Commercial Mortgage Originations.

Salado Springs is located at 12727 Vista del Norte centrally situated between Interstate 10, US 281, Loop 410 and Loop 1604 approximately eight miles north of San Antonio’s central business district.

Currently 95% occupied, the Class A property features 14 buildings with one-, two- and three-bedroom units averaging 856 square feet each.

Community amenities include a clubhouse, resort-style swimming pool, fitness center, movie theatre, jogging trails and covered parking.

Located at 4201 Fairmont Parkway, Sandstone Apartments is situated immediately inside Beltway 8 and close to the Houston Ship Channel, NASA and Interstate 45 approximately 13 miles southeast of downtown Houston in Pasadena.

The 90% leased property has 54 two-story buildings with one-, two- and three-bedroom units averaging 761 square feet each. Residents have access to six pools, tennis courts, a community center, fitness center and laundry facility.

Venterra specializes in the identification, finance, acquisition and management of multi-family residential communities in the southern United States. Venterra currently manages a portfolio of multi-family real estate assets totaling over $600 million in value that generates gross annual income in excess of $80 million.

The organization has completed in excess of $1 billion of real estate transactions. Venterra has offices in both Houston and Toronto and employs over 350 people.

Contacts:

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

MBA: Second Quarter 2010 Commercial/Multifamily Mortgage Originations Increase Over First Quarter, But Remain Flat Over Last Year

Washington, DC - - Second quarter 2010 commercial and multifamily mortgage loan originations were one percent higher than during the same period last year and 35 percent higher than during the first quarter, according to the Mortgage Bankers Association's (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.

"Borrowing remains light as few commercial property owners are selling or refinancing their properties unless they have to," said Jamie Woodwell, (top right photo)  MBA's Vice President of Commercial Real Estate Research.

"Life insurers, CMBS conduits and others are back in the market and lending, and rates are at extremely attractive levels. However, low volumes of property sales, depressed property values, stressed cash flows and modest loan maturities are all keeping borrowing to a minimum."

For a complete copy of the report, please contact:

 Carolyn Kemp, (202) 557-2727, ckemp@mortgagebankers.org

Faris Lee Investments' Creative Deal-Making Completes 2 Los Angeles County Retail Property Sales Totaling Nearly $13M

IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment sales and advisory team, has successfully closed two Los Angeles-area property transactions totaling nearly $13 million.

 The 100 percent-leased assets include a property occupied by CVS/pharmacy and Starbucks Coffee Drive-Thru in Paramount that sold for $7.95 million, and Burger King Plaza (top left photo)  located in Los Angeles that sold for $4.95 million with tenants including Burger King, ACE Cash Express and neighborhood shops.

In both deals, Faris Lee brought its unique workout expertise to the transaction as well as bank and special servicer relationships to ensure success.

“Critical to the current market, Faris Lee managed the complex task of transferring assumable CMBS loans to the new buyers while at the same time obtaining sale prices exceeding the sellers’ expectations,” said Richard Walter, (top right photo) president, Faris Lee Investments.

 “In these transactions, the buyers were not only able to obtain below-market financing, they were able to capture favorable non-recourse provisions, meaning that their financial liability is limited.”

Though the assumption process can be complex, CMBS loans offer substantial benefits to the buyer that conventional bank loans do not.

Loan assumption is an especially attractive option in high interest rate environments and tight credit environments. Unlike conventional bank financing, the CMBS loan offers non-recourse provisions to the buyer.

“The CMBS loan assumption process is long and complicated due to the numerous parties involved and the long list of requirements that must be met,” said Nick Coo, managing director for Faris Lee Investments.

“We were able to provide the strategic advisory on the transactions and craft a highly skilled team for the buyers that included members of our Faris Lee Capital group, who could work closely with the banks and special servicers.”

On the first transaction, Coo represented the seller, Los Angeles-based Topaz Paramount, LLC, as well as the buyer, Texas and Southern California-based NASA Paramount Centre Enterprises, LLC.

 Despite an environmental issue and a rental rate reduction for Starbucks during the marketing process, Faris Lee identified the right buyer and closed the transaction at a 6.6 percent cap rate and at a sale price above seller’s expectations.

The property provided the buyer with a more favorable CMBS loan with a superior 5.76 percent fixed interest rate, significantly below current market interest rates. The 15,722-square-foot property located at 8859 Alondra Blvd. was built in 2008 and is situated at the intersection of Lakewood and Alondra Blvd.

For Burger King Plaza in Los Angeles, Coo represented the seller Los Angeles-based 7201 South Figueroa, LLC. Coldwell Banker represented the 1031 exchange buyer UHL, LLC, from Southern California.

The transaction closed at a cap rate of 6.9 percent. Located at 7201-7229 S. Figueroa St. in Los Angeles, the three-building property totaling 16,127 square feet was built in 1987 and 1994.

It is situated at the major intersection of Figueroa St. at Florence Ave. The assumed CMBS loan featured a fixed interest rate of 6.2 percent for seven years and is amortized over a 30-year schedule. Considering the difficulty in obtaining retail loans in today’s environment, the assumed loan provided unmatched financing for the buyer.

Contact: Darcie Giacchetto, 949.278.6224, Spaulding Thompson & Associates
For Faris Lee Investments

Fitch Downgrades ProLogis’ IDR to 'BB'; Outlook Negative

NEW YORK, NY-- Fitch Ratings has downgraded the Issuer Default Rating (IDR) and outstanding credit ratings of ProLogis (NYSE: PLD) as follows:

--Long-term IDR to 'BB' from 'BBB';
--$2.2 billion global line of credit to 'BB' from 'BBB';
--$4.7 billion senior notes to 'BB' from 'BBB';
--$1.9 billion convertible senior notes to 'BB' from 'BBB';
--$350 million preferred stock to 'B+' from 'BB+'.

The Rating Outlook remains Negative.

Given the limited likelihood of significant near-term de-levering equity capital raises by ProLogis as previously contemplated by Fitch, leverage is expected to remain more consistent with a 'BB' IDR given the significant scale of PLD’s industrial property platform.

The downgrade also reflects Fitch’s expectation that ProLogis’ fixed charge coverage
will continue to be negatively impacted over the next 12-to-24 months by downward mark-to-market pricing on core portfolio leases.

However, a gradual realization of cash flow from completed development properties
in lease-up will bolster ProLogis’ earnings power.

For a complete copy of this news release, showing reasons for the current rating, please contact:

Sean Pattap +1-212-908-0642 or Janice Svec +1-212-908-0304, New York.
Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278:
sandro.scenga@fitchratings.com.
Additional information is available at http://www.fitchratings.com/

ING Clarion Partners Selects Grubb & Ellis to Lease 427,000-SF Sumner Central in Sumner, WA

SEATTLE, WA (July 28, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that ING Clarion Partners has selected Bill Condon, (bottom right photo) executive vice president, managing director, Matt McGregor (bottom left photo) , senior vice president, Industrial Group, and Andrew Hitchcock, vice president, Industrial Group, as the leasing agents of Sumner Central, (top left photo) a 427,253-square-foot industrial building in Sumner.

Located at 2701 142nd Ave. East, the warehouse/distribution building was built in 2006 and is equipped with 119 dock high and six grade level loading doors.

 Easily accessible, Sumner Central is located within one mile of Highway 167. With multiple space configurations available, prospective tenants can lease space ranging in size from 90,968 to 427,253 square feet.

“We are excited for the opportunity to represent ING Clarion Partners, one of the largest institutional players in the Seattle area marketplace,” said Condon.

This is the third major industrial leasing assignment for the office, which was recently selected by DCT Industrial to market a seven-building, 1.1-million-square-foot portfolio and by AMB Property to market a four-building, 1.3-million-square-foot Class A portfolio.

For more information, call 206.388.3000, or contact
Condon at bill.condon@grubb-ellis.com,
McGregor at matt.mcgregor@grubb-ellis.com, or
Hitchcock at andrew.hitchcock@grubb-ellis.com.
Julia McCartney, Phone: 714.975.2230, Email: julia.mccartney@grubb-ellis.com

Selig Enterprises Announces 48,500-SF Industrial Lease With Disaster Services Inc. in Atlanta

Atlanta, GA- - Selig Enterprises' industrial division has leased a 48,500 square foot Atlanta-area building to Disaster Services, Inc. in  northeast Atlanta near Interstate I-285,

DSI specializes in Emergency / Mitigation services as well as business continuity planning for small and large commercial properties.

Headquartered in Doraville, Disaster Services will occupy the building located at 4601 Winters Chapel Road and use it for day to day and catastrophic / large loss operations.

To accommodate their growth and maintain coverage of all sides of the Atlanta market, DSI sought to expand its operations into this centrally located, state of the art facility. Key factors for the site selection included proximity to major interstates and a larger truck court.

DSI has national Emergency Service coverage to include regional offices in Chattanooga and Chicago. Kent Walker, (top right photo)  Vice President of Selig Enterprises, said, "Disaster Services is a recognized leader in its industry and we are delighted with the new relationship."

Fernando Calvo, CCIM with Newmark Knight Frank represented Disaster Services.

Selig Enterprises is a privately held real estate operating company based in Atlanta, Georgia. The company owns and manages a real estate portfolio in excess of 10 million square feet throughout the Southeast United States.

For more information, please visit, http://www.seligenterprises.com/.
 
Media Contact: Taana Kow, tkow@seligenterprises.com, Selig Enterprises, Inc.

404.870.1506