SchenkelShultz Architecture, Tampa, Designs Marion County Public Schools' New Horizon Academy at Marion Oaks in Ocala, FL

TAMPA, FL – The Tampa office of SchenkelShultz Architecture designed Marion County Public Schools’ new $33.7 million, 168,000-square-foot Horizon Academy (top right photo) at Marion Oaks, an adaptation of the acclaimed SchenkelShultz middle school prototype design, in Ocala, FL.

Designed to initially accommodate 1,352 students in grades 4 through 8, the facility will ultimately serve as a middle school only. The academy features a secure central courtyard, 32 general classrooms, seven technology labs, three science labs, three development skills labs, and a media center with a closed circuit TV studio.

Also included are a one-story administration office, cafeteria, music suite and gymnasium located at the front of the school to allow for easy after-hours usage. In addition, six vocational labs offer agriculture, business education, family and consumer science, health occupation, technology, and public service education.

Grades 4 and 5 are now open and grades 6-8 will open in August 2008. Ajax Building Corporation, Tampa, FL, serves as construction manager. SchenkelShultz Architecture, Tampa, is located at 4890 W. Kennedy Boulevard, Suite 930, Tampa, FL, phone 813-383-5500.

CONTACT:

Kenneth H. Cristol, President,

Cristol Marketing Company

237 Hunt Club Blvd., Suite 102,

Longwood, FL 32779 USA

PH 407-774-2515

FX 407-774-6647

khc@crismktg.com

http://www.crismktg.com/

Strategic Marketing, Brand Management,

Publicity and Advertising,

and Corporate Communications

Fitch REIT Credit Analysis: Sovran Self Storage Liquidity Concerns Lead to Negative Watch

NEW YORK, NY-- A decrease in liquidity, combined with near-term debt maturities resulted in Fitch placing Sovran Self Storage’s(Sovran) Issuer Default Rating (IDR) on Negative Watch, according to the latest credit analysis update by Fitch Ratings.

Sovran’s existing ratings are supported by strong coverage metrics and solid operating performance. Fitch placed Sovran’s IDR on Rating Watch Negative on April 8, 2008 Fitch's latest credit analysis update on Sovran, which provides more detail supporting Fitch's rating actions, is available on the Fitch Ratings website at ' http://www.fitchratings.com.

Fitch currently rates Sovran and affiliate Sovran Acquisition Limited Partnership (SALP) as follows: Sovran--IDR 'BBB-'.SALP--IDR 'BBB-';--Senior unsecured revolving credit facility 'BBB-';--Senior unsecured term notes 'BBB-'.

Primary credit strengths include the following:--Strong fixed-charge coverage;--Solid property-level fundamentals;--Manageable leverage and adequate risk-adjusted capital.

Primary credit concerns include the following:--Limited liquidity;--Significant near-term debt maturities;--Geographic concentration.

Contacts:

Steven Marks

+1-212-908-9161 or Sean Pattap

+1-212-908-0642, NewYork.

Sandro Scenga

Director Corporate Communications

Fitch Ratings

+1-212-908-0278

sandro.scenga@fitchratings.com

Commercial/Multifamily Originations Volume Hit Record in 2007 Despite Mid-year Slowdown

WASHINGTON, DC -- The commercial/multifamily originations market grew 19 percent in 2007, with mortgage bankers closing $507.7 billion in commercial/multifamily loans according the Mortgage Bankers Association's 2007 Commercial Real Estate/Multifamily Finance: Annual Origination Volume Summation.

Increases were seen across most property types and most investor groups, and were led by increases in loans for office buildings and loans intended for commercial mortgage-backed security (CMBS), collateralized debt obligations (CDO) and other asset-backed security (ABS) conduits. Intermediated loan volume grew 15 percent between 2006 and 2007. (Federal Reserve Bank, Washington, DC photo at left below)

"Even with the credit crunch hitting mid-year, 2007 still set a record for commercial/multifamily mortgage originations," said Jamie Woodwell, (top right photo) MBA's Senior Director of Commercial/Multifamily Research. "The 2007 numbers show both the importance of the commercial mortgage-backed securities (CMBS) market to commercial real estate finance and the depth of other funding sources, such as banks and thrifts, life companies, Fannie Mae, Freddie Mac and others."

Conduits were the largest single investor group for these mortgages - responsible for $225.2 billion, or 44 percent of the closed loan volume. Office buildings were the dominant property type - representing $140.7 billion, or 28 percent of the lending total.

Among major investor groups, Freddie Mac saw the greatest percentage increase in volume between 2006 and 2007, followed by Fannie Mae; CMBS, CDO and other ABS conduits; real estate investment trusts (REITs); and life insurance companies.

Lending for office properties once again was the leader in property type originations for 2007, followed closely by multifamily. Lending for office properties grew by 36 percent between 2006 and 2007. Lending for multifamily, health care, and hotel/motel saw increases, while retail and industrial saw slight declines over the year.

In a separate report, MBA's quarterly index of commercial/multifamily mortgage bankers' originations showed that through the first half of 2007, originations were running 38 percent ahead of 2006 levels. During the second half of 2007, commercial/multifamily originations fell 11 percent from their 2006 levels.

To learn more about the report or to obtain a copy, click here or contact Jason Vasquez, Mortgage Bankers Association, 202 557 2950, jvasquez@mortgagebankers.org.

The Cake Emporium Signs Lease at South Kendall Square Shopping Center

KENDALL, FL – Deerfield Beach-based Konover South, LLC, one of the Southeast’s premier retail developers, announced that The Cake Emporium has signed a lease for 1,050 square feet at its 100,000-square-foot South Kendall Square shopping center (store site photo top right) located at the prime corner of SW 120th Street and SW 127th Avenue in Kendall, FL.

“The center,” said Konover South Leasing Specialist Vivian Ricardo, “is strategically located in a high traffic area one-half mile west of the Florida Turnpike/SW 120th Street interchange, and is directly across from a Publix-anchored center.”

The center includes ABC Fine Wines & Spirits, Bank of America, Bonefish Grill, Coldstone Creamery, KFC/Long John Silver’s, Starbucks, Walgreens, Washington Mutual and numerous others. In addition, there is a 2-story, 26,500-square-foot office building. Ricardo said that Konover South developed, leases and manages the center.

Konover South, LLC, a fully integrated acquisition, development and management company operating throughout the southeastern U.S., is based in Deerfield Beach, FL. Visit the company’s website at http://www.konoversouth.com/.

CONTACT:

Kenneth H. Cristol, President,

Cristol Marketing Company

237 Hunt Club Blvd., Suite 102,

Longwood, FL 32779 USA

PH 407-774-2515

FX 407-774-6647

khc@crismktg.com

http://www.crismktg.com/

Strategic Marketing, Brand Management,

Publicity and Advertising,

and Corporate Communications

HEI Hotels & Resorts Appoints Pradeep Bobba General Manager of Sheraton Crystal City

Arlington, VA -– HEI Hotels & Resorts has appointed Pradeep Bobba as the new General Manager of the Sheraton Crystal City Hotel. (photo at left below)

Bobba joins the hotel from the Embassy Suites Orlando Downtown in Orlando, Florida, where he served as director of operations since January 2008.

“We are dedicated to promoting growth from within at HEI, and from day one we highlighted Pradeep as a candidate for our fast track development program,” said Michael Miner, (top right photo) HEI’s regional senior vice president of operations. “This was a well-deserved promotion and we are confident that Pradeep will bring fresh energy and vision to the Sheraton.”

Known for its comfortable environment and outstanding service, the Sheraton Crystal City is a central location for Washington, D.C. and Northern Virginia travelers. Bobba will be responsible for maintaining a culture of friendly service and a warm atmosphere, in line with Sheraton’s distinct brand positioning.

“I came to HEI to get the final tools I needed to become a general manager,” Bobba said. “The hotel has a great culture of service and with the recent completion of $3.5 million dollars in guest room renovations, the Sheraton Crystal City is positioned as premier destination in Arlington”

CONTACT:

Chris Daly
Vice President
Daly Gray Public Relations
ph: 703-435-6293

Jess Petitt

HEI Hotels & Resorts

203 849 2228

jpettit@heihotels.com

NAI Realvest Negotiates $902,500 Sale Price for 7,980-SF Industrial Building in Sanford, FL

ORLANDO, FL --- NAI Realvest has negotiated the sale of a 7,980 square foot industrial building at 120 Keyes Court in Sanford, FL for $902,500.00.

NAI Realvest Principal Michael Heidrich (top right photo) negotiated the transaction representing the seller, RNB Holdings, LLC of Sanford. The buyer of the six-year-old building is Premelters, Inc. of Winter Springs.

Heidrich recently negotiated another sale for RNB Holdings – a 7,800 square foot 10-year-old industrial building at 30 Keyes Court to Emver, LLC of Orlando for $910,000.

For more information, please contact:

Michael Heidrich, Principal NAI Realvest, 407-875-9989 or

Janice Paiano, Marketing Director, NAI Realvest, 407-875-9989 or

Beth Payan or Larry Vershel, LV Communications, Inc. 407-644-4142

Pineloch Management Corp. Completes New 11,600-SF Southgate Office/Restaurant/Retail Mixed-Use Center near Downtown Orlando

ORLANDO, FL – Orlando-based Pineloch Management Corporation completed its new 11,000-square-foot Southgate Office/Restaurant/Retail mixed-use center (above photo) near downtown Orlando according to Mary Hurley, (top right photo) CCIM, RPA, real estate and leasing manager for Pineloch.

Located on South Orange Avenue at Southgate Commerce Boulevard just two miles south of Orlando’s central business district, the project consists of a one-story, 2,400-square-foot Tijuana Flats restaurant and a two-story, multi-tenant building to contain 4,300 square feet of ground-floor retail space plus 4,300 square feet of second-floor office space.

Hurley added that immediate occupancy is available for the prime location offering traffic counts totaling 83,700 average daily trips and $65,062 median household income within a one-mile radius. Designed by Cuhaci & Peterson, Orlando, the project was constructed by McCree, Inc., Orlando.

Pineloch’s storied history began more than 80 years ago when a young Italian immigrant, Philip Caruso, moved to Florida to fulfill the American Dream. With a single purchase of land located in the heart of Winter Garden, Caruso, spanning from 1926 to 1986, created one of the largest private corporations in Central Florida called Southern Fruit Distributors.

Its core business was citrus groves and it processed and marketed world-renowned products including Bluebird Orange Juice and Bluebird Grapefruit Juice.

Philip Caruso’s three sons and son-in-law worked alongside him from the mid 1940’s, and following his passing in 1963, they continued to operate the company until 1986.

The third generation of the Caruso family owns and operates Southern Fruit Distributor’s successor company Pineloch Management Corporation. Today, nationally recognized Pineloch Management is a diversified leader involved in real estate development, leasing, management, warehousing and agriculture. It also manages a number of prestigious land holdings statewide and continually seeks new opportunities for growth.

Pineloch Management Corporation is located at 102 W. Pineloch Street, Suite 10, Orlando, FL 32806, phone number 407-859-3550. Visit the company’s website at http://www.pineloch.com/.

CONTACT:

Kenneth H. Cristol, President,

Cristol Marketing Company

237 Hunt Club Blvd., Suite 102,

Longwood, FL 32779 USA

PH 407-774-2515

FX 407-774-6647

khc@crismktg.com

http://www.crismktg.com/

Strategic Marketing, Brand Management,

Publicity and Advertising,

and Corporate Communications

Davidson Hotel Company/Square Mile Capital Management JV Acquires Sheraton Suites Tampa Airport/Westshore

Davidson to Manage Hotel, Oversee $14 Million Renovation

MEMPHIS, TN—Square Mile Capital Management LLC and Davidson Hotel Company, one of the nation’s largest hotel management companies, has announced their joint venture acquisition of the 259-room Sheraton Suites Tampa Airport/Westshore (photo above) in Florida, from Host Realty Partnership LP for an unspecified amount.

The hotel will undergo a nearly $14 million renovation, scheduled to begin in 2009. In addition to managing the property operations, Davidson will also coordinate the renovation.

“This is our first joint venture acquisition with Square Mile Capital Management, and we’re very pleased to launch our relationship with such a strong asset,” said John A. Belden, (top right photo) Davidson’s president and chief executive officer. “The Tampa property is our second acquisition in 2008, and we will continue to seek out new acquisition opportunities to complement our core management contract business. We look forward to exploring other opportunities with Square Mile that fit our respective investment approaches.”

Located at 4400 West Cypress St., the all-suite property is located in the upscale Westshore submarket, close to Tampa International Airport and surrounded by more than 11 million square feet of office space.

The hotel also is convenient to shopping and such major attractions as Busch Gardens, (photo at right below) Adventure Island, Channelside, Florida Aquarium, (photo at left below) Steinbrenner Field (the NY Yankees Spring Training complex) and Raymond James Stadium, home of the Tampa Bay Buccaneers and the 2009 Super Bowl. (Tampa International Airport photo is at right)

The hotel’s 259 suites overlook a lushly landscaped, tropical atrium, where guests may relax over a meal at the hotel’s full-service restaurant, St. James Grill, and adjacent sports bar. Among the hotel’s other amenities are an indoor pool, fitness center, business center, whirlpool/hot tub and 8,100 square feet of flexible meeting space.

“The Sheraton Suites Tampa Airport/Westshore is an attractive investment with significant growth potential,” said Steve Margol, (top left photo) Davidson’s executive vice president, business development. “The planned renovation will touch virtually every area of the hotel, including the lobby, restaurant and lounge, pool, meeting space, fitness center and guestrooms, and will put the property in top physical condition. Those improvements, coupled with its prime Westshore/airport location, should enable the Sheraton Suites to assume a leadership position in this market.”

Square Mile Capital Management LLC is a privately managed institutional investment fund founded in mid-2006, which currently manages approximately $1 billion on behalf of institutional and high net worth investors. Since inception, the firm has successfully completed more than 53 distinct debt and equity investments involving office, retail, hospitality, multifamily and other property types located throughout the United States.

Headquartered in Memphis, Tenn., Davidson Hotel Company is an award-winning, full-service hotel owner and third-party management company that provides management, development/renovation, acquisition, consulting and accounting expertise for the hospitality industry.

The company currently owns and/or manages 32 upscale, independent and branded hotels with nearly 9,100 rooms across the United States, including such affiliations as Westin, Sheraton, Hyatt, Hilton, Hilton Garden Inn, Embassy Suites, Doubletree, Marriott, Renaissance, Crowne Plaza and Holiday Inn. Additional information on Davidson may be found at the company’s Web site, http://www.davidsonhotels.com/.

CONTACTS:

Julie Tullbane
Daly Gray Public Relations
T 703-435-6293
F 703-435-6297
julie@dalygray.com

Cyndi Carl

Davidson Hotel Company

(901) 821-4155

ccarl@davidsonhotels.com

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

S&P Makes Key Appointments--Ratings Risk Manager, Chief Credit Officer, Chief Quality Officer

NEW YORK, NY, May 8, 2008--Standard & Poor's today announced a number of key executive appointments in the areas of risk oversight, criteria management and quality assurance.

Clifford Griep has been named Executive Managing Director, Ratings Risk Management; Mark Adelson (photo at left below) is joining S&P as Managing Director, Chief Credit Officer; and Neri Bukspan (photo at right below) is becoming Managing Director, Chief Quality Officer. All three executives will report to Vickie Tillman,(top right photo) Executive Vice President, Standard & Poor's Ratings Services.

"These appointments add strength and depth to S&P's ratings leadership and capabilities, and demonstrate S&P's commitment to serving the broad and growing needs of the global credit markets," said Ms. Tillman.

In his new role, Mr. Griep will identify, assess and mitigate potential internal and external risk exposures in our ratings business. Previously, Mr. Griep served as S&P's Chief Credit and Quality Officer.

To further strengthen the independence of Quality and Criteria governance, the roles have been split into two separate functions, both reporting to Vickie Tillman.

Mr. Adelson joins S&P from Adelson & Jacob Consulting, a firm that provides strategic consultation on securitization, real estate and investments. Prior to that, he was managing director and head of Structured Finance Research at Nomura Securities International.

Previously, Mr. Adelson was managing director, Residential Mortgage Finance, for Moody's Investors Service. He began his career as an attorney for the law firm of Thacher Proffitt & Wood.

Mr. Bukspan became S&P's Chief Accountant in 2002.

Analyst Contact:

Chris Atkins, New York

(1) 212-438-1106

Marcus & Millichap Capital Corp. Arranges $2.37M Loan for Texas Retail Center

ROUND ROCK, TX– Marcus & Millichap Capital Corporation (MMCC) has arranged a $2.37 million fixed-rate loan for the acquisition of the Center at Cat Hollow, a 10,869-square foot retail center located at 16420 North FM 620.

Travis Fite, an associate in the firm’s Houston office, arranged the financing package for the Center at Cat Hollow.
A pad site was also included in the sale of the Center at Cat Hollow.

“MMCC was able to obtain 78 percent loan-to-cash on the cash-flowing portion of the property, excluding the pad site.”

Financing for the property was provided by a portfolio lender at a 5.66 percent interest rate. Terms of the loan were five years with a 30-year amortization schedule. The loan-to-value was 67 percent.

“MMCC brought in a new lender that was able to close this transaction within the seller’s timeframe, thus satisfying both parties,” Fite said.

(Photo at bottom right shows a residential property in Cat Hollow, TX for sale at a listed price of $1.189 million.)

CONTACTS:

Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710

Press Contact:

Kathy Molitor
Marcus & Millichap Capital Corporation
(925) 953-1704

Pollack Partners’ First Project Nears Completion

ATLANTA, GA– Pollack Partners, a new multifamily development firm, is completing its first project. Two Blocks Apartment Homes, (rendering above) a $59 million suburban Atlanta apartment community, welcomes its first residents this month.

Pollack Partners developed the community in a joint venture with BHC Property Group. The mid-rise development includes 400 one and two bedroom luxury apartment homes on 10 acres in Dunwoody near the fast-growing Perimeter area.

Amenities include a pool, courtyards, elevators, state-of-the-art fitness center, business center, conference room, furnished guest suite, clubroom with TV lounge, media room with widescreen TV, coffee bar/cyber café and billiards room with bar.

The Web site, http://www.2batlanta.com/, lets visitors place furniture icons into interactive floorplans so they can see which works best. The Worthing Companies will lease and manage the community. The equity partner is Westplan Investors Inc.

This is just one of several communities Pollack Partners now has underway. Construction starts within a few weeks on a new $35 million luxury rental community in a prime in-town Atlanta location – I-85 and Shallowford Road. Groundbreaking is expected this summer on a $42 million luxury apartment community in Tampa.

Many more projects are also in the pipeline. Last year the firm entered into a partnership with an affiliate of Goldman Sachs to start a new real estate co-investment fund that, coupled with capital from other investors, will provide for some $1 billion in new developments and acquisitions across a wide geographic region.

Pollack Partners (http://www.pollackpartners.com/) focuses on the development, acquisition, finance and investment of high quality, community-enhancing multifamily, residential and mixed-use real estate projects. Founded in 2006, it is committed to the highest standards in all facets of its business. Its leadership team has more than 50 years combined experience on real estate projects in a dozen states.

Media contact for Pollack Partners:

Terri Thornton

404-932-4347

Territhornton@mindspring.com

Greg Coxon Joins Grubb & Ellis Company as President, Transaction Services--Western Region

SANTA ANA, CA, May 8 /PRNewswire-FirstCall/ -- Grubb & Ellis Company (NYSE:GBE), a leading real estate services and investment firm, today announced that Greg Coxon (top right photo) has been named President, Transaction Services -- Western Region, a newly created position that expands the Company's management team and reinforces its commitment to strengthen its brokerage platform.

Based in Phoenix, Coxon will be responsible for overseeing the Company's offices west of the Mississippi. In addition, he will play an integral role as part of the Transaction Services management team, and in executing Grubb & Ellis' strategy to expand its brokerage footprint and the integrated services it provides its clients.

"Greg has a long and successful track record in the brokerage industry. His appointment as President of our Western Region significantly strengthens our management team and reinforces our commitment to expanding our Transaction Services platform," said Scott D. Peters, top left photo) Chief Executive Officer of Grubb & Ellis Company.

Coxon joins Grubb & Ellis from CB Richard Ellis, where he was Senior Managing Director in the company's Arizona region. He began his 20-year brokerage career at Grubb & Ellis in 1980 and has considerable experience in the leasing, disposition and acquisition of properties, property management and real estate tax equity assurance.

CONTACT:

Janice McDill of Grubb & Ellis,

+1-312-698-6707,

janice.mcdill@grubb-ellis.com

Web site: http://www.grubb-ellis.com/

Terranova Signs Deals Valued Over $1.6M at Westfork Plaza in Pembroke Pines, FL

MIAMI BEACH, FL–– Terranova Corporation has negotiated three commercial leases at Westfork Plaza, (top right photo) a 252,154 square foot shopping center located at 15825 Pines Boulevard in Pembroke Pines, FL 33127.

A new Seafood/Italian Restaurant concept leased 3,214 square feet for 10 years. The restaurant is being developed by the Vilarino family, long term successful operator of the Las Vegas Cuban Restaurants. Executive Vice President Mindy McIlroy represented the landlord in the lease.

Play N Trade leased 1,496 square feet for 5 years. Play N Trade is the largest and fastest-growing video game franchise in the country. Their diverse product lineup includes new and used video games, accessories and consoles from leading manufacturers. This will be the second opening for the franchise in Broward County. Commercial Associate Eric Sadkin represented the landlord in the lease.

Performers Playhouse leased 2,187 square feet for 3 years. The performing arts studio will offer a variety of professionally instructed classes for all ages including dance, acting, musical theater and theater magic. Classes will remain small allowing for more individualized attention.

The playhouse will also offer weekday after-school transportation from school to the studio for students participating in the After-School Performer’s Workshop, a program designed to integrate music, movement and imagination. Sadkin represented the landlord in the lease.

Westfork Plaza is one of the largest power centers in the Pembroke Pines/Miramar market, located on the major retail corridor Pines Boulevard in Broward County.

The shopping center includes national tenants 13 screen Regal Theater, Winn Dixie, Costco, Office Max, GNC, Prudential Realty, Party City, State Farm Insurance, The UPS Store, Mattress Giant, Countrywide Loans, Hertz Rent A Car, Payless, Walgreens and KFC.