Thursday, August 12, 2010

ProLogis Leases 189,000SF in Mexico


MONTERREY, Mexico, Aug 12, 2010 /PRNewswire via COMTEX News Network/ -- ProLogis (NYSE: PLD), a leading global provider of distribution facilities, announced today it has signed a third-quarter lease agreement for 189,000 square feet in Mexico to a leading global manufacturer.

The manufacturer will occupy the space at ProLogis Park Apodaca Building One, located in Monterrey, Mexico. This transaction brings ProLogis' Monterrey portfolio to be approximately 92 percent leased.

"We are pleased to sign another significant lease at ProLogis Park Apodaca," said Silvano Solis, ProLogis managing director and head of Mexico operations. "The building amenities and location are suitable for both bulk distribution and light manufacturing/assembly, which have been a draw for new customers."

ProLogis Park Apodaca (top left photo)  is located in the primary industrial corridor in Monterrey, off the Miguel Aleman Highway and less than three miles from General Mariano Escobedo International Airport.

With four existing facilities totaling 822,000 square feet, the park has additional land available to accommodate a total of 16 buildings and 3.4 million square feet at full build out.

Of the 189,000-square-foot transaction, approximately 100,000 square feet was previously unleased since completion of the building.

ProLogis is a leading provider of industrial and distribution space in Mexico with an 18.6-million-square-foot portfolio in 11 markets throughout the country. Additional ProLogis customers in Mexico include Bose Corporation, Black & Decker and Whirlpool.
  
 ProLogis is a leading global provider of distribution facilities, with more than 475 million square feet of industrial space (44 million square meters) in markets across North America, Europe and Asia.

The company leases its industrial facilities to more than 4,400 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs.

For additional information about the company, go to http://www.prologis.com/.

Contact: Hadas Streit, Account Supervisor, Linden Alschuler & Kaplan, 1251 Avenue of the Americas, New York, NY 10020; 212.329.1406 direct, 201.723.6278 mobile, hstreit@lakpr.com

Wednesday, August 11, 2010

Arbor Closes $6M+ in New Fannie Mae DUS® Small Loans


Briarwood Village Apartments in Odessa, TX Gets $2.4M 

Uniondale, NY (Aug. 11, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,400,000 loan under the Fannie Mae DUS® Small Loan product line for the 74-unit complex known as Briarwood Village Apartments in Odessa, TX.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.04 percent.

The loan was originated by Stephen York (top right photo), Director, in Arbor’s full-service New York, NY, lending office.

 “We were pleased to work with the borrowers and broker on our third transaction together and deliver competitive financing terms in an overall challenging market,” York said. “We look forward to future opportunities together.”


Cedar Grove Apartments in Augusta, GA Obtains $2.76M 

Uniondale, NY - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,760,000 loan under the Fannie Mae DUS® product line for the 126-unit complex known as Cedar Grove Apartments in Augusta, GA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.83 percent.

“We were pleased to provide this Fannie Mae DUS® loan with favorable terms in a market that has developed into a center for medical, biotechnology and manufacturing business in addition to its well-known historic golf club,” said Ken Fazio (middle right photo) , Vice President and National Sales Manager, in Arbor’s full-service Uniondale, NY, lending office.


Applegate Trails Apartments in  Klamath Falls, OR Receives $950,000

Uniondale, NY-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $950,000 loan under the Fannie Mae DUS® Multifamily Affordable Housing product line for the 49-unit complex known as Applegate Trails Apartments in Klamath Falls, OR.

The 10-year loan amortizes on a 25-year schedule and carries a note rate of 6.19 percent.

The loan was originated by Jay Porterfield (bottom left photo), Vice President, in Arbor’s full-service Plano, TX, lending office. “Arbor funded this loan for the acquisition of the property by an experienced apartment owner,” Porterfield said.

“The property is subject to a Land Use Restriction Agreement related to tax credits and is part of Fannie Mae’s Multifamily Affordable Housing program. Arbor continues to be very active in financing affordable properties.”


Contact:  COstrowski@arbor.com

Outrigger Enterprises Group Joins Forces With Holiday Inn in Hawaii


ATLANTA, Aug. 11 /PRNewswire-FirstCall/ -- Outrigger Enterprises Group, Hawaii's largest locally owned hotel operator, and IHG (InterContinental Hotels Group) [LON: IHG, NYSE: IHG (ADRs)], the world's largest hotel group by number of rooms, today announced the signing of a license agreement to rebrand the OHANA Waikiki Beachcomber hotel as the Holiday Inn Waikiki Beachcomber Resort.

The agreement is a testament to the strength of the $1 billion Holiday Inn® relaunch, which was established to create a more contemporary brand image, improving quality and driving consistency across the global portfolio.

Outrigger will continue to own and manage the rebranded resort, bringing its unparalleled reputation for delivering a high-quality guest experience coupled with distinctive "Hawaiian" hospitality to the power and global appeal of the Holiday Inn brand.

All employees will keep their jobs and will remain employees of Outrigger Hotels Hawaii. The rebranding is expected to be complete in November 2010.

"IHG and Outrigger Enterprises Group share a leadership position in the hospitality industry, which makes this an outstanding relationship," said Jim Abrahamson, president, the Americas, IHG.

 "The commitment of an industry leader like Outrigger continues to reinforce the strength of the Holiday Inn brand. With the right owners and in the right markets, we are completely elevating Holiday Inn."

Contact:  Nancy Daniels, APR, Director of PR, Outrigger Enterprises, Group, +1-808-921-6839, nancy.daniels@outrigger.com;
Caroline Sanfilippo, PR, Manager, IHG, +1-770-604-2495, caroline.sanfilippo@ihg.com
Web Site: http://www.ihg.com/

Michael Mason Joins Grubb & Ellis Landauer Appraisal & Valuation

LOS ANGELES (Aug. 11, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Michael Mason, MAI, SRA, has joined Grubb & Ellis Landauer Appraisal & Valuation as managing director, Los Angeles.

With 30 years of experience, Mason will also serve as national director, Standards and Compliance, responsible for developing and implementing quality control operations companywide.

In June, Grubb & Ellis announced it was launching a national appraisal business and reinvigorating the Landauer brand under the leadership of industry veterans Douglas W. Haney and Eduardo Alegre.

 Mason joins Grubb & Ellis from Integra Realty Resources, where he served as the director of Litigation Support. Prior to joining Integra in 2008, he spent four years as managing director, Los Angeles, of First American Commercial Real Estate Services.

Previously he spent 14 years owning and operating Stephens-Mason Associates with Rolland Stephens, MAI. Mason began his career with Mason, Mason & Mason Real Estate Appraisers, a family-owned business, in 1980.

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

New GOALS “Dreamscape” Project Opens for Underserved Youth


NEWPORT BEACH, CA, Aug. 11, 2010 – Employees from McCarthy Building Companies, Inc., (www.mccarthy.com), Orange County’s largest construction firm, along with 33 subcontractors and suppliers, recently completed construction of a new 25,000-square-foot athletic facility for GOALS (Growth Opportunities through Athletics, Learning and Service) youth program.

Called “The GOALS Dreamscape,” the athletic facility is located in north central Anaheim adjacent to GOALS existing headquarters on La Palma Parkway.

 McCarthy has been involved with GOALS for over 14 years since the firm donated labor and rallied subcontractor support for the construction of the Disney GOALS Roller Hockey Skating Rink and headquarters facility in Anaheim.

“Almost half-a-million dollars of in-kind technical services, labor, equipment and building materials were contributed in order to bring this new venue from a dream to a reality,” said GOALS Executive Director Dave Wilk.

 “The outpouring of generosity combined with the quality of construction especially in these tough economic times has been an amazing experience for our staff, volunteers, and of course, the children.”

Donated entirely by local businesses and the city of Anaheim who provided the land along with support and guidance from the United States Tennis Association and Southern California Tennis Association, the athletic facility features two full-size, lit tennis courts; a 6,000-square-foot artificial turf arena for multiple sports.

Also a 100 meter warm-up walking/jogging track surrounding arena; 440 meter circumferential walking/jogging fitness track; a fruit and vegetable “GOALS Garden” which will be planted and tended by GOALS children; an adjoining indoor work-out center for aerobic and anaerobic fitness and a 1,500-square-foot “mini court” for additional sports play.

Like all of the GOALS not for profit efforts, all program activities, equipment, uniforms, transportation access and coaching at The GOALS Dreamscape will be made available free to the low income youth participating.

“The project began in 2008 when the City of Anaheim agreed to give GOALS the chance to attract development support for a vacant parcel of nearby land,” explained Wilk. GOALS board member Tom Tait (top right photo)  from Tait and Associates provided more than $65,000 of engineering and architectural support to propel the project.

 McCarthy donated more than $120,000 to the project and formed the subcontracting team that provided another $150,000 in goods and services.

The team went on to complete the facility within eight months. The U.S. Tennis Association worked with AmeriCorps Vista volunteers to create the design of the tennis courts.

“This project represents a tremendous example of coordination and partnership between the private, public and not-for-profit sectors,” commented Tom Tait.

“The GOALS program was conceived with one act of kindness by Disneyland over 17 years ago, and this initial benevolence has become contagious among the GOALS staff and volunteers as well as through the longtime support of companies like McCarthy and the subcontractors who have helped make this project a reality.”

The project’s contributors, dubbed “The Dream Team” by GOALS, included: McCarthy Building Companies, The City of Anaheim, Tait & Associates, United States Tennis Association, Southern California Tennis Association, SOCALGEO Soil Engineering, The Murray Company, Ahern, J.B. Lumber, Anaheim Disposal, Bapko, Berg Electric, Premiere Engineering;

Also: United Rentals, Nolan’s Equipment Rentals, Crown Fence, Conco Pumping, Cal Portland, GPS Painting, J&M, CEMEX, Catalina Pacific/Cal Portland, Rebar Engineering, Western Paving, White Cap, Shaw & Sons, Athletica, Preferred Paving, H&E Rentals, NJP Sports, Zaino Tennis Courts, PlexiPave, LA Steelcraft, Precision Surfacing, Schmitz Foam Products, DOMO Turf and FlexSand.

McCarthy Vice President, Operations Tracy MacDonald; MIS Engineer Ray LaTour; Project Superintendent Ray Stiffler and Engineer Aaron Rosenhaus led The GOALS Dreamscape project for McCarthy and several other McCarthy employees donated labor and technical services for the project.

Contact:

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

Colliers PKF Consulting USA Expands Southeast Presence


Atlanta, GA, Aug. 11, 2010 – Colliers PKF Consulting USA (PKFC), the leading hotel and hospitality consulting and research firm in the United States, has merged their practice with Jacksonville, Florida-based Atlantic Hospitality Advisors (AHA).

 The three partners of AHA, Hank Staley, (top left photo) Jill Bidwell and Tony Jenkins, along with industry veterans Chuck Ross and Rachel Falkner, all joined the firm effective August 1, 2010.

PKFC now operates in a total of 20 cities across the nation, including five offices in the Southeast - Atlanta, Georgia, Tampa, Orlando, and Jacksonville, Florida, as well as Asheville, North Carolina.

Founded in 1995, AHA specializes in market analysis, appraisal and dispute resolution services for a broad spectrum of lodging industry participants, including lenders, owners, developers and hotel chains.

 Staley, Bidwell and Jenkins are also designated Members of the Appraisal Institute and increase the bench strength of the firm’s valuation teams already resident in Atlanta, Bozeman, Philadelphia, Los Angeles and San Francisco.

 “The coming together of PKFC and AHA is also a reunion,” said Mark Woodworth (top right photo) , executive vice president for PKFC in Atlanta.

 “Many of us had the good fortune of working with Hank, Jill and Chuck for many years back in the 1980’s,” Woodworth noted. “Their commitment to excellence and sizeable portfolio of dedicated clients furthers PKFC’s reach in the Southeast. We are fortunate to have such a talented, well-respected group join our firm.”

Hank Staley, the senior member of AHA and now a senior vice president of PKFC based in Jacksonville, cited the benefits that will come with the extensive nationwide resources of PKFC and their sister company, Colliers PKF Hospitality Research.

“PKFC, like our firm, has a long-standing commitment to the value of a rigorous approach to research. I look forward to leveraging the experience and expertise of our firm and to collaborating with the PKFC experts across the nation in the months ahead.”

For further information please contact:
Mark Woodworth, Executive Vice President, (404) 842-1150, ext 222, Email: Mark.Woodworth@pkfc.com, http://www.pkfc.com/

Chris Daly or Jerry Daly (media),   Daly Gray Public Relations, (703) 435-6293, Email: chris@dalygray.com, http://www.dalygray.com/

Hank Staley, Senior Vice President, Colliers PKF Consulting USA, Inc., (904) 610-9679, Email: Hank.Staley@pkfc.com, http://www.pkfc.com/

Chatham Lodging Trust Announces Second-Quarter Earnings, Executing Growth Plans



PALM BEACH, FL., Aug. 10, 2010 /PRNewswire-FirstCall/ -- Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium- branded select-service hotels, today announced results for the quarter ended June 30, 2010.

FFO, Adjusted FFO, FFO per share, Adjusted FFO per share, EBITDA and Adjusted EBITDA are not generally accepted accounting principles (GAAP) financial measures and are discussed in further detail and reconciled to net income applicable to common shareholders later in this press release.

 Adjusted FFO, Adjusted FFO per share and Adjusted EBITDA exclude acquisition costs which are included as expenses in the Company's Consolidated Statement of Operations.

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

Jeff Fisher, Chief Executive Officer of Chatham Lodging Trust, +1-561-227-1309; or

Jerry Daly or Carol McCune, both of Daly Gray for Chatham Lodging Trust, +1-703-435-6293

Fitch Assigns Initial 'BBB+' IDR to Kimco Realty Corporation; Outlook Stable


NEW YORK, NY, Aug. 11, 2010--Fitch Ratings has assigned initial credit ratings to Kimco Realty Corporation (Kimco) as follows:

--Issuer Default Rating (IDR) 'BBB+';
--Senior unsecured notes 'BBB+';
--Unsecured revolving credit facilities 'BBB+';
--Preferred stock 'BBB-'.

The Rating Outlook is Stable.

For a complete copy of the news release, please contact Contact: Linda Hammel +1-212-908-0303 or Steven Marks +1-212-908-9161, New York.

Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278, Email: sandro.scenga@fitchratings.com.

Tuesday, August 10, 2010

Chatham Lodging Trust Announces Senior Secured Credit Facility


PALM BEACH, FL, Aug. 10, 2010—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium- branded select-service hotels, today announced that it has signed a commitment letter with a group of lenders for an $85 million senior secured credit facility.

Barclays Capital and Regions Capital Markets are the joint lead arrangers for the revolving credit facility, with Barclays Bank PLC serving as the administrative agent and Regions Bank acting as the syndication agent.

Other banks providing commitments for the credit facility include Credit Agricole Corporate and Investment Bank, UBS Investment Bank and US Bank National Association.

The revolving credit facility matures in three years and includes an accordion feature that would allow the company to increase the size of the facility to $110 million.

Borrowings will bear interest at a rate determined by a leverage-based pricing grid and will initially be set at LIBOR plus 325 basis points, subject to a LIBOR floor of 1.25%.

“We appreciate the support of these banks, and we expect to close on the credit facility during the third quarter subject to satisfaction of customary closing conditions,” said Julio Morales, Chatham’s chief financial officer. “This secured line of credit will help us continue to execute our growth strategy, including the pursuit and funding of further hotel acquisitions.”

Chatham Lodging Trust is a self-advised REIT that was organized to invest in upscale extended-stay hotels and premium-branded, select-service hotels.

The company currently owns eight hotels with an aggregate of 1,057 rooms/suites in seven states and has an additional four hotels under contract to purchase. Additional information about Chatham may be found at www.chathamlodgingtrust.com.

Contact:

Jeff Fisher (Company) Chief Executive Officer (top right photo), (561) 227-1309
Jerry Daly or Carol McCune, Daly Gray (Media), (703) 435-6293

HFF arranges $43.5M refinancing for Rosslyn Metro Center in Arlington, VA


WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $43.5 million refinancing for Rosslyn Metro Center, a 407,364-square-foot, mixed-use building in Arlington, Virginia.

Working exclusively on behalf of The Clover Companies, a development and management firm founded in 1979, HFF senior managing directors Bill Asbill (top right photo)  and Bob Donhauser (top left photo)  and managing director Cary Abod (middle right photo)  placed the 10-year, fixed-rate loan with Prudential Mortgage Capital Company.

Rosslyn Metro Center has 22 stories of retail and office space that is 89% leased, including about 176,000 square feet (43%) leased to the GSA.

The property is located at 1700 North Moore Street on top of the Rosslyn Metro Station and approximately three miles west of downtown Washington, D.C. in Arlington.

Contacts:

William S. Asbill, HFF Senior Managing Director, (202) 533-2500, wasbill@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852 3500, krmurphy@hfflp.com

Mercantile Capital Corporation Finances U.S. Small Business Development Projects Totaling More Than $500M


ALTMONTE SPRINGS - As U.S. Senators debate a House bill that would provide up to $30 billion in loan guarantees to American small businesses, a Florida-based lender that specializes in funding small business expansion and development projects is toasting a major benchmark: More than a half-billion dollars in loans closed on projects underway or completed in 36 states and Puerto Rico.

Mercantile Capital Corporation, headquartered in Altamonte Springs, specializes in U.S. Small Business Administration 504 loans that help small business owners acquire or develop their own facilities.

Christopher G. Hurn, chief executive officer of Mercantile Capital Corporation, said the goal is job creation.

“America’s small businesses provide more than half of all American jobs, yet this sector of the economy has been burdened the most by the economic downturn,” Hurn said.

Mercantile Capital Corp. has closed 292 small business loans from May of 2003 through June 30, 2010, financing projects valued at $511,056,640 in total project costs, Hurn said.

More information, Contact:
Chris Hurn, CEO Mercantile Capital Corporation, 407-786-5040;
Robin Lashley, Mercantile Capital Corporation, 407-786-5040;
Larry Vershel, Larry Vershel Communications 407-644-4142

T.D. Wood Brokers $13.9M in New Florida Retail Loans


ORLANDO, FL, aug. 10, 2010— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $13,970,000 for Golden Eagle Village Publix, Walgreens Pharmacy, and Coral Commons and Carmel Center.


Doug Rozzell, (top right photo) Company Principal, secured $9,197,000 in financing for the Golden Eagle Village Publix on July 26, 2010, through Thomas D. Wood and Company’s relationship with a national bank.

The construction/mini-perm loan has an interest rate of 30-day LIBOR plus 300 basis points, with a floor of 4%. The loan is interest-only during the 24 month construction period, followed by a 36 month mini permanent mortgage with principal and interest payments calculated using a 25 year amortization.

The loan-to-value is 58%, and loan-to-cost is 72%. The grocery-anchored retail center will contain 63,950 square feet, with three outparcels. The Golden Eagle Village Publix will be built on Highway 27 in Clermont, Florida.

Steve Wood,  (middle left photo) Company Chief Operating Officer, secured $4,000,000 in financing for Walgreens Pharmacy on July 13, 2010, through Thomas D. Wood and Company’s correspondent relationship with Symetra Financial.

The fixed-rate loan has a term of 10 years, with a rate reset for 10 years, based on a 25-year amortization and an interest rate of 6.75%. The loan-to-value is 65%. The 14,820 free-standing pharmacy was built in 2008, and is located at 1541 S. Ridgewood Avenue, Daytona Beach, Florida.

Jeff Schnupp, (middle right photo) Company Vice President, secured $2,500,000 in financing for Coral Commons and Carmel Center on July 23, 2010, through Thomas D. Wood and Company’s relationship with The Standard Life Insurance Company.

The fixed-rate loan has a term of five years, based on a 25-year amortization, and an interest rate of 6.25%. The loan-to-value is 58%. Coral Commons is a 31,000 square-foot retail/office, built in 1992 and 2004, and located at 103 Del Prado North Boulevard, Cape Coral, Florida.

Carmel Center is a 8,400 square-foot retail/office, built in 1979, and located at 457 NE Jensen Beach Boulevard, Jensen Beach, Florida.

For further information, please contact:

Doug Rozzell (407) 937-0470 drozzell@tdwood.com
Steve Wood (305) 447-7836 swood@tdwood.com
Jeff Schnupp (407) 937-0470 jschnupp@tdwood.com
Jessica Kinnee (407) 937-0470 jkinnee@tdwood.com

New Downtown Fort Lauderdale Condos Sell At 2003 Prices


More than 95 percent of the 5,100 new condos created in Downtown Fort Lauderdale and the Beach since 2003 have been sold as of June 2010, generating sales of nearly $2.3 billion, according to a new Condo Vultures® White Paper™.

Unsold new condo inventory in Downtown Fort Lauderdale and the Beach decreased to just five percent in the first half of 2010 as buyers purchased 36 new condo units at an average price of $267 per square foot.

This year's average price ranks as the second lowest amount paid since 2003, and represents a 46 percent discount off of the 2007 peak pricing of $499 per square foot, according to the report based on the soon-to-be-published Condo Vultures® Official Condo Buyers Guide To Fort Lauderdale™.

"Downtown Fort Lauderdale and the Beach is in one of the most enviable positions of any major South Florida submarket as less than 300 new condo units remain unsold from the boom years," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"To the south in Greater Downtown Miami, developers and lenders are battling to sell off 5,000 new condo units. To the north in Downtown West Palm Beach, there are nearly 1,000 unsold new units on the market."

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

Cambridge Realty Capital Provides $4.08M Lean Mortgage Loan to Refinance Arroyo Grande, CA Assisted Living Property


CHICAGO, IL--Cambridge Realty Capital Companies reports closing a $4.08 million FHA-insured HUD Lean loan to refinance Wyndham Residence, a 58-unit assisted living property in Arroyo Grande, Calif.

Cambridge Chairman Jeffrey A. Davis (middle right photo)  said the fully-amortized, 34-year term loan was arranged for the borrower, a California limited liability company, by National Originations Manager Hymie Barber (middle left photo)  in the company’s West Coast office.


Underwriting was by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business unit that specializes in HUD Lean financing. The interest rate was not disclosed.

Davis said the lender used HUD’s Section 232 pursuant to Section 223(f) funding program for borrowers refinancing earlier HUD loans.
Cambridge is the creator of The Signature Experience™, a four-step process designed to transform the traditional lender/borrower relationship and identify “ideal” capital solutions for worthy projects. The company has a national origination office in Los Angeles, and numerous correspondent and brokerage relationships nationwide.

Cambridge publishes the bi-monthly e-PULSE!(R) electronic newsletter, which delivers company news and feature stories via e-mail to corporate friends and clients.

Additional information is available on the Cambridge website, http://www.cambridgecap.com/,
 and Cambridge can be reached at (312) 357-1601 or via e-mail to info@cambridgecap.com.

Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611
E-Mail: ew@cambridgecap.com, Twitter: http://twitter.com/CambridgeCap

Grubb & Ellis Reports Improved Second Quarter 2010 Results


SANTA ANA, Calif. (Aug. 10, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today reported second quarter 2010 revenue of $140.7 million, an increase of 11 percent, compared with revenue of $126.8 million for the second quarter of 2009.

For the first six months of 2010, the company reported revenue of $273.2 million, an approximate 10 percent increase over revenue of $249.0 million for the comparable period of 2009.

The company reported a net loss attributable to Grubb & Ellis Company on a GAAP basis of $17.5 million, or $0.31 per common share, for the second quarter of 2010, compared with a net loss of $32.8 million, or $0.52 per common share, for the second quarter of 2009.

For the first six months of 2010, the company reported a net loss attributable to Grubb & Ellis Company of $41.2 million, or $0.73 per common share, compared with a net loss of $74.3 million, or $1.17 per common share, in the first six months of 2009.

“Grubb & Ellis continued to make meaningful progress toward our financial goals and strategic initiatives in the second quarter as reflected by the 43 percent improvement in adjusted EBITDA,” said Thomas P. D’Arcy,(top right photo) president and chief executive officer of Grubb & Ellis.

 “Our Transaction Services business generated robust revenue growth again this quarter, a reflection of our recruiting success and the continued recovery of the market.

"This performance offset slower than expected growth in our Investment Management business. However, I am confident in the direction of the Investment Management business, especially in light of our newest selling agreement with LPL Financial.”
For a complete copy of the company's news release and financials, please contact Janice McDill, Phone: 312.698.6707, Email: janice.mcdill@grubb-ellis.com