Great Wolf Provides Update on Mason Mortgage Loan

MADISON, WI, Dec. 29, 2008—Great Wolf Resorts, Inc. (NASDAQ: WOLF), North America’s leading family of indoor waterpark resorts, today announced the company is still in discussions with its lenders regarding an extension of the December 30, 2008 maturity date on the company’s $76.8 million non-recourse mortgage loan on its Mason, Ohio resort property.

Until those discussions conclude in a definitive decision of whether the loan’s maturity date will be extended, the company expects to continue to operate the property normally. The company also advised that it will provide a further update on the status of the discussions regarding an extension of the maturity date as circumstances warrant.

Contacts:

Alex Lombardo, Investors, (703) 573-9317

Steve Shattuck, Media, (608) 661-4731

Cambridge Processes 22 Loan Origination Requests in November totaling $347.3M

CHICAGO, IL--The general slowdown in the number of loan origination requests processed by Cambridge Realty Capital Companies continued into November, but dollar volume for requests reviewed by the company were up appreciably, Chairman Jeffrey A. Davis (top right photo) reports.

Davis said the company processed 22 loan origination requests totaling $347.3 million in November. This compares with 24 requests totaling $294.9 million for the same month last year.

Over the past 12 months, Cambridge has processed 341 loans totaling $4.9 billion. In contrast, the company received 366 loan requests totaling $4.5 billion for the same 12-month period in 2007.

Davis points out that lenders close a relatively small percentage of the loan origination requests received, but believes its useful to track this information as an indication of market directions.

“There doesn’t appear to be a lot of evidence that borrowers are losing heart despite the severity of the current credit crunch,” he said.

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

Avalon Park Group and Swiss Investor Acquire 70-Acre Tract in Austin, TX for Residential Community Development

ORLANDO, Fla. --- Avalon Park Group, which is developing Avalon Park in east Orlando, has joined forces with Zurich investor Dr. Richard Kunz to acquire a 70 acre site located near I-35 in north Austin, Texas near Dell Computers’ corporate headquarters facility in Round Rock.

Beat Kähli, (top right photo) who heads Avalon Park Group, said the joint venture plans to develop a residential community on the site that will feature 200 three and four bedroom homes.

For more information about this release, contact:

Beat Kahli, Founder/Owner, Avalon Park Group, 407-658-6565

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

Witten and Nolletti of Marcus & Millichap Sell $10.6M Apartment Complex in Waterbury, CT

WATERBURY, CT, Dec. 29, 2008 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the 156-unit River’s Edge Apartment Homes (top right photo) in Waterbury.

The sales price of $10.6 million represents approximately $68,000 per unit.

Steve Witten (top left photo) and Victor Nolletti (middle right photo), both vice president investments and senior directors in the New Haven office of Marcus & Millichap’s National Multi Housing Group, represented the buyer, River Owner LLC, and the seller, ERP Operating Limited Partnership.

Financing was provided by Fannie Mae through PNC ARCS, a Fannie Mae DUS lender.

“River’s Edge is a superior-quality property located in one of New England’s strongest multi-family growth markets,” says Witten. “River’s Edge is a Class A asset located along the Interstate 84/State Route 8 corridor, where there are limited, newer luxury rental opportunities.

“Multi-family remains the preferred investment property type for institutional and private investors in the current economic climate,” adds Witten. “Apartment properties provide investors with stable, solid returns, particularly in New England’s supply-constrained markets.”

Developed in 1974, River’s Edge Apartment Homes at 35 Sharon Road is an exceptionally well maintained, Tudor-style apartment community in the northeastern portion of Waterbury near the Wolcott town line.

The 134,904 square-foot gated apartment community includes six studios measuring 400 square feet, 67 one-bedroom flats encompassing between 560 square feet and 680 square feet and 83 two-bedroom flats of between 1,000 square feet and 1,220 square feet. In all, the complex contains seven detached buildings on 10.51 acres.

Each unit includes a private deck or patio, wall-to-wall carpeting, ceramic and vinyl tiles, updated kitchens with ranges and refrigerators.

River’s Edge provides residents with a comfortable lifestyle, easy access to local community services, supermarkets and malls, including the Danbury Fair Mall, West Farms Mall and Brass Mill Mall.

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

Blumberg Capital Partners Forecast Shows Any Commercial Real Estate Bailout Needs “Painful Deleveraging” to Succeed

Key fund manager predicts debt time bombs to worsen with leasing rates poised to fall an additional 20% next year to lowest levels since 2002

CORAL GABLES, FL-- Blumberg Capital Partners, one of the nation’s leading investment fund managers, says an analysis of commercial real estate values, leasing and vacancy trends by its staff shows that any federal bailout of the industry will require a painful, significant deleveraging to succeed.

The company said any bailout plan is working against a legacy of debt time bombs created by imprudent, unrealistic buyers who over-borrowed during the peak of the market in anticipation prices would continue rising unabated.

The Blumberg analysis shows that maturing debt obligations will come under even more stress in 2009 with leasing rates poised to drop an additional 20% to levels not seen since 2002, and with office vacancies potentially rising to 25% by the end of the year. Indeed, the nation’s office market could take until 2011 to stabilize, the company’s analysis shows.

“Creating a refinancing stimulus is helpful to thaw the credit freeze, but these ticking debt time bombs will make it difficult for our public officials to get their arms around this problem,” said Philip Blumberg, Chairman and CEO, as well as firm’s chief investment strategist. (top right, left and bottom right photos).

“Now, because the global economic recession has worsened over the past few weeks, coupled with layoffs at the front end of the cycle, demand for office space nationally is falling.

"Until companies can weather this storm and start expanding again, prices will remain low for landlords, and vacancies will rise.”

Such markets as New York City and Los Angeles will likely be among the hardest hit, with Washington, D.C., and Northern Virginia will likely fare better, according to the Blumberg analysis.

“Some cities are holding up in terms of occupancy levels, including places like Houston, which has been relatively resilient due to the energy markets,” said Blumberg. “However, most of the major hubs of commerce nationally are reporting alarming increases in available office space, which should lead to severely falling leasing rates in cities like New York, Chicago, Los Angeles and Phoenix.”

Blumberg Capital Partners’ new office market assessment, which takes into account the fresh economic data from the past two months, comes on the heels of its widely cited prediction in October that commercial real estate prices in 2009 could drop some 20% further--on top of an anticipated 15% drop this year.

Factors which are driving office pricing down are lack of available acquisition financing, dramatically lower performance projections taking into account dropping rental revenues and climbing vacancies.

These downward trends will be magnified in 2009, according to Blumberg, due to maturing debt obligations, falling property values, and a massive decline in credit availability, which has largely eliminated refinancing options for building owners driving additional properties onto sale market.

(Downtown Houston office buildings, middle left photo)

“Given the over-leverage in the commercial real estate market, and the ongoing decline in credit, a number of owners will be forced to sell at prices below their debt levels,” said Blumberg, Chairman and CEO.

In anticipation of the price declines, Blumberg liquidated the majority of the firm’s real-estate holdings over the past two years generating a 30% return this year.

As of December 1, the firm carried no debt, positioning itself for next year’s strategic opportunities to acquire distressed debt and discounted equity investment, according to Blumberg, who added that the firm is now planning a new series of investments and capital raising.

Blumberg Capital Partners is recommending to its investment partners to be patient in early 2009, exploring unprecedented investment opportunities in commercial real estate, distressed debt and REITs, among other areas – a strategy that it intends to follow as well.

Blumberg founded his firm in 1979, generating investor returns exceeding an average of 17% annually from 1992-2008, for both individual and institutional investors.

In spite of the firm’s strong returns, Blumberg’s investment philosophy emphasizes stability and security, to avoid over-reaching for yield at the expense of safety and invested capital.

In addition to his contribution, his investment Funds have relied on internally generated cash and investor contributions, utilizing moderate leverage only to fund commercial real estate purchases.

“The commercial real estate market is not a straight line. It’s a cyclical. You need to gauge where prices are in the evolution of the cycle. That’s what investment is all about. When you lose sight of risk and cyclicality, you make big mistakes,” said Blumberg.

(Downtown Los Angeles office buildings, bottom right photo)

Blumberg Capital Partners’ real estate business is vertically integrated, executing acquisitions and dispositions, market research, due diligence, and the management and leasing of commercial properties.

For more information, visit http://www.blumbergcapitalpartners.com/ or contact Ludovic Roche at (305) 569-9500.

CONTACT:

Ludovic Roche
Vice President of Marketing & Business Development
Blumberg Capital Partners
255 Alhambra Circle, Suite 1100
Coral Gables, Florida 33134
Tel: +1 (305) 569-9500
Fax: +1 (305) 569-0800
lroche@blumbergcapitalpartners.com

Marcus & Millichap Lists $12.95M Apartment Complex in Riverside, CA

RIVERSIDE, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Emerald Pointe Apartments, (top right photo) a 144-unit multi-family community in Riverside.

The listing price of $12.95 million represents $89,993 per unit.

Alexander Garcia, (bottom left photo) a senior vice president investments and senior director of Marcus & Millichap’s National Multi Housing Group in Ontario, is representing the seller, Hampshire Capital.

“Emerald Pointe’s convenient location near the University of California, Riverside and downtown Riverside make it a tremendous opportunity for excellent long-term returns on investment,” says Garcia.
Located at 1863 12th St., the 140,816-square foot apartment community consists of 12 two-story buildings situated on 4.54 acres, directly adjacent from UC Riverside’s agricultural reserve.

Emerald Pointe boasts a strong unit mix of 16 one-bedroom units and 128 two-bedroom units.

There are 90 garages that are being rented out to tenants at $30 a month. Amenities include an onsite management office, swimming pool, spa, gated parking lots and a 12 separate laundry facilities.

Press Contact: Stacey CorsoCommunications Department(925) 953-1716

Keene Building Publix at La Piazza in Ave Maria, FL

ORLANDO, FL – Keene Construction Company, Maitland, one of America’s largest retail contractors, is building La Piazza, (top right photo) a new Publix-anchored shopping center in Ave Maria, FL, near Naples.

The center consists of a 30,907-square-foot Publix Supermarket and 8,485 square feet of additional retail space.

Designed by Looney Ricks Kiss, Architects, Memphis, TN, the project is slated for completion in June 2009. Notably, Keene has constructed over 140 Publix stores for the Lakeland, FL-based grocery giant.

Contact: Kenneth H. Cristol 407-774-2515

Roger B. Kennedy Nears Completion on New Westgate Resorts Building in Orlando

ORLANDO, FL – Altamonte Springs-based general contractor and construction manager Roger B. Kennedy, Inc. is nearing completion on Westgate Lakes Resort’s new $27 million Buildings 80 & 90 project in Orlando, FL, for Westgate Resorts, Ltd.

Each building consists of six stories and 61 units. During the past decade, Kennedy has constructed more than a dozen major projects for Westgate Resorts totaling $225 million according to Roger B. Kennedy, Jr., (top right photo) President. Designed by Morris Architects, Orlando, the two-building project is slated for completion in January 2009.


Contact: Kenneth H. Cristol 407-774-2515

Grubb & Ellis|BRE Commercial, LLC Announces 50,000 SF Lease at Yourland in Phoenix

U.S. Citizenship and Immigration Services Leases Space for Expansion

SANTA ANA, CA (Dec. 24, 2008) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, and its San Diego affiliate, Grubb & EllisBRE Commercial announced today that the United States Citizenship and Immigration Services, the government agency that oversees lawful immigration to the United States, leased 50,000 square feet of office space at Yourland, 1501 E. Buckeye Road. (top left photo).



The historic 20-acre redevelopment project located between Downtown Phoenix and Sky Harbor International Airport is owned by Phoenix-based Martha + Mary, principal Sloane McFarland. (top right photo)

The agency will be the anchor tenant in the phase one redevelopment of Yourland, which includes 80,000 square feet of industrial flex, office and retail space. Redevelopment of phase one is currently underway and expected to be completed fourth quarter 2009. Phase 2 of the project includes ± 150,000 square feet of office and retail space.

Nationally, the U.S. Citizenship and Immigration Services has mandated that 36 of their offices throughout the country either be replaced or renovated.


At Yourland, the agency required the space to be LEED Certified, a requirement completely in alignment with the development values and planning of Martha + Mary.

USCUS is committed to a high level of design and, as they have done in their other new facilities, art is prominently showcased as a major component to the space. Martha + Mary is the developer of urban renewal projects such as 4404, which houses local favorites Lux Coffeebar and Pane Bianco, as well as the 1940’s era Welcome Diner in Downtown Phoenix, which Martha + Mary operates.

Mark Stratz, Tyler Wilson, Mike Haenel and Andy Markham of Grubb & EllisBRE Commercial represented the landlord Martha + Mary during the lease transaction. Julie Stoner of Jones Lang LaSalle represented the tenant.

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

Marcus & Millichap Lists 40,000-SF Shopping Center in New Hartford for $10M

NEW HARTFORD, N.Y., – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 40,000 square foot portion of The Orchard, a 300,000- square foot retail and entertainment shopping center in New Hartford.

The listing price is $10 million.

Steven Siegel, a vice president investments and senior director of Marcus & Millichap’s National Retail Group in Manhattan, is representing the seller in this transaction.

“This property is an excellent opportunity for an investor to acquire a newly built shopping center in a major busy retail corridor, with moreover thaen an 8 percent% in- place cap rate and possible upside” says SiegelSiegel.

Located 5 miles west of Utica and 50 miles east of Syracuse, at 8635 Clinton St., the 40,014-square foot property is part of a larger 300,000-square foot shopping center, The Orchard, which is anchored by a 14-screen Marquee cinemacCinema, Kohl’s and Gander Mountain.

The Orchard, which shares a traffic signal with a brand- new Lowe’s, is situated located between the highly successful Consumer Square, which includes big-box retailers Wal-Mart and Best Buy, and Sangertown Square Mall with anchors Macy’s, JC Penney, Sears, and Target. and Circuit City.

Built in 2007, this offering includes nationally recognized tenants such as Chico’s, Coldwater Creek, Ann Taylor Loft, Aveda, Famous Footwear, CJ Banks and Christopher & Banks.

For more information, please contact Steven Siegel – ssiegel@marcusmillichap.com

Press Contact: Stacey CorsoCommunications Department(925) 953-1716

The Lighthouse Leases 2,000 SF of Office Space in Downtown Avalon Park

ORLANDO, Fla. --- The Lighthouse, a non-profit organization that assists sight-impaired individuals, has leased 2,333 square feet of store front space at 3873 Avalon Park East Blvd. in Downtown Avalon Park off Alafaya Trail in east Orlando.

(Beat Kahli, top right photo, with wife Jill, is founder and owner of Avalon Park Group.)

Brendon Dedekind, (bottom left photo) director of leasing and business development for APG Management, said Downtown Avalon Park now accommodates some 300,000 square feet of commercial space and approximately 300 town homes and rental apartments

A new 45,000 square foot, three-story Class A medical office building will open during the first quarter of 2009 in Downtown Avalon Park with anchor tenants Florida Hospital and the Mentor Group, a medical rehabilitation practice. Dedekind said 20,000 square feet in the medical building is now being pre-leased.

For more information about this release, contact:

Brendon Dedekind, Director of Leasing/Business Development, Avalon Park Group Management Inc., 407-658-6565;

Beat Kahli, Founder/Owner Avalon Park Group, 407-658-6565;

Stephanie Hodson, Marketing Coordinator, Avalon Park, 407-658-6565;

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

Cracker Barrel Old Country Store Inc. Outlook Revised To Negative

NEW YORK, NY--Standard & Poor's Ratings Services has revised its outlook on Lebanon, Tenn.–based Cracker Barrel Old Country Store Inc. (CBRL) to negative from stable.

We have also affirmed the company's ratings, including its 'BB-' corporate credit rating.

"The outlook revision is due to CBRL's weakening operating performance," said Standard & Poor's credit analyst Jackie E. Oberoi.



Credit metrics are weak for the rating and the company's EBITDA cushion over financial covenants narrowed to about 5% for the first quarter.

"While we expect the company to reduce debt from seasonal peak levels over the next quarter such that the EBITDA cushion widens to about 9%," added Ms. Oberoi, "we remain concerned that without additional debt pay-down, CBRL may have difficulty meeting financial covenants when they step down in the fourth quarter next July."



Media Contact: David Wargin, New York (1) 212.438.1579, david_wargin@standardandpoors.com

Analyst Contact: Jackie E Oberoi, New York (1) 212.438.2895

Hotel Brokers International’s Transactions Activity Outpaces Industry Through 3Q

Industry-wide Transactions Down by $11 Billion Through September

KANSAS CITY, MO, Dec. 22, 2008—Hotel Brokers International (HBI), the nation’s largest hotel brokerage organization with more than 30 offices from coast to coast, today reported that hotel real estate transaction activity nationwide declined by more than 67 percent during the first three quarters of 2008.

The organization said that transaction activity among its member brokers also declined during the period, but at a lesser rate than the industry average.

Part of the difference is attributable to the availability of financing for mid-market hotels, which account for the majority of properties sold by HBI.

“The lack of financing has had its most dramatic impact on hotels that sold for more than $20 million,” said H. Brandt Niehaus, (top right photo) CHB, president of HBI and Louisville-based Huff, Niehaus & Associates, Inc.

“Hotel transactions under $15 million, which makes up the bulk of the hotel industry inventory and HBI’s sales, continue to get done because financing, primarily from local banks, continues to be available.

"The key is to have a proven track record as an operator and a long-term relationship with the lender. Major brands also are preferred product types.”

For the 2008 first three quarters, HBI tracked 216 public transactions across the industry, compared to 582 in the same period a year earlier.

Average transaction size declined from 199 rooms to 167 rooms and the average price per room fell to $108,000, compared to $120,000. Total dollar volume for the 2008 first three quarters was $6.4 billion, compared to $17.4 billion.

(Sheraton Safari Lake, Buena Vista, FL top left photo, not in financial trouble.)

HBI reported 57 transactions for the 2008 first three quarters, compared to 118 for the like 2007 period.

Capitalization rate for HBI transactions fell to 8.67 percent, compared to 9.17 percent, which was not statistically significant.

First mortgage loan to value was 71.0 percent with a 7.2 percent average first year interest rate, compared to a 74.5 percent first mortgage loan to value with an average first year interest rate of 8.0 percent.

(Cosmopolitan Resort and Casino, Las Vegas, NV, middle right photo, not in financial trouble.)

“We expect to see a mini-surge of activity at the end of year for owners who want to sell in this tax year,” he noted. “We expect 2009 to start off a little slowly and then begin to pick up as the year progresses.

"Our members have been in contact with more than 100 financial institutions in the past few months. They find that a lot of loans will be coming due in 2009 and the properties now are assessed lower than the loan value, and banks will likely take many of those properties back and place them on the market.

"With the hotel economy expecting to have a tough year, the gap between buyers and sellers will likely narrow.”

(Grant Hyatt Cairo, Egypt, bottom left photo, not in financial trouble.)

Niehaus noted that closing of transactions continues to take one to two months longer to wrap up than in 2007.

“Lenders are being more cautious and require more equity, usually 30 percent or more. We see that trend continuing through 2009. The key exception is SBA loans under $10 million which require as little as 20 percent equity. Fortunately, interest rates are declining and are at historically attractive rates. As in past cycles, cash is king.”

About HBI

Hotel Brokers International, with more than 100 hotel brokerage specialists, is the world’s leading hotel sales organization. The organization annually accounts for the greatest
market share of mid-market transactions in the United States.

In addition to the Hotel Investor’s Marketplace, HBI sponsors the Certified Hotel Broker program and publishes TransActions Recap, the leading source of hotel real estate sales data.

HBI currently has more than 150 properties listed for sale in its proprietary database and access to more than 15,000 hotel investors and owners. In addition to broker services, HBI offers affiliate membership to professionals in allied fields, including franchising, lending, appraisals and investment services.

For more information about HBI’s hotel listings or to become a broker or affiliate member, HBI may be reached at (816) 505-4315 or via the Internet at http://www.hbihotels.com/.

CONTACTS:

Patrick Daly, Daly Gray Public Relations, 620 Herndon Parkway, Suite 115, Herndon, VA 20170 Tel (703) 435-6293. Fax (703) 435-6297 patrick@dalygray.com

Glenda Webb, Hotel Brokers International, (816) 505-4315

Melanie Boyer, Daly Gray Public Relations, (703) 435-6293

Thomas D. Wood & Co. Brokers $9.7M Loan for Miami Industrial Center

MIAMI, FL—Dec. 22, 2008— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $9,625,500 for West Park Center in Miami, Florida.

Steve Wood, (top right photo) Company Chief Operating Officer, along with Adam Luysterborghs of Avant Capital Partners, financed the loan through Thomas D. Wood and Company’s relationship with a local banking institution at a permanent fixed-rate of 6.375%.

The loan has a 10-year term with a five-year rate review, with two years interest-only, based on a 25-year amortization and a loan-to-value of 65%.

The 81,828 square-foot office/warehouse is home to major tenants Miami Latin TV, Miami Dade Expressway Authority, and Geico, and is located at 2782-2898 NW 79th Avenue, Miami, Florida.

For further information, please contact:

Steve Wood, (305) 447-7820, swood@tdwood.com

Jessica Gurtowski, (407) 937-0470, jgurtowski@tdwood.com

Dollar General Corp. 'B' Corporate Credit Rating Affirmed; Outlook Revised To Positive

NEW YORK, NY--Standard & Poor's Ratings Services has revised its outlook on Goodlettsville, Tenn.-based Dollar General Corp. to positive from stable.

We affirmed all ratings on the company, including its 'B' corporate credit rating.

"The outlook revision follows Dollar General's better-than-expected operating results for the third quarter ended Oct. 31, 2008," said Standard & Poor's credit analyst Ana Lai, "and our expectations that this positive operating momentum will continue for the remainder of 2008 and into early 2009, resulting in improving cash flow and stronger credit protection measures."

Media Contact: David Wargin, New York (1) 212.438.1579, david_wargin@standardandpoors.com

Analyst Contact: Ana Lai, CFA, New York (1) 212.438.7895