Lack of New Construction Bright Spot in Multifamily Market, says Hendricks & Partners' Cole Whitaker

ORLANDO, FL- The downturn in new construction in Central Florida has a bright spot---there are fewer rental apartment communities underway which ultimately should help a softening rental market.

That’s the word from Cole Whitaker, (top right photo) Florida partner at Hendricks & Partners, one of the nation’s largest private capital networks of advisors and systems.

“The rate of population growth has slowed and more people are rooming together or moving back home with their parents to save money. These factors along with the tough job market are creating increased concessions in the rental market, said Whitaker.”

“Construction of new multi-family properties has slowed due to the lack of construction financing coupled with more expensive equity available for multi-family investments.” he said. “This present day drop in new construction will help rental property owners in the long run.”

Hendricks & Partners currently offices in more than 40 U.S. cities, primarily in western states and plans to open 25 offices in the eastern seaboard region, including offices in Miami, Atlanta, Jacksonville and the Carolinas.

For more information, please contact:

Cole Whitaker, Partner, Hendricks & Partners, 407-256-9594
Larry Vershel, Larry Vershel Communications 407-644-4142

Fitch Comments on the Stuyvesant Town/Peter Cooper Village Loan

NEW YORK, NY-- Fitch Ratings has reviewed updated financials, including a 2009 budget and the year-end 2008 rent roll, for the Stuyvesant Town/Peter Cooper Village loan. (centered photo below)

Although the property's performance remains consistent, the cash flow generated from the property continues to require significant reserves to cover debt service obligations.

As of Jan. 15, 2009, the General Reserve balance has been completely depleted and the Debt Service Reserve balance has decreased to $127.7 million from $400 million at issuance.

(Tishman Speyer principals are Jerry Speyer (top left photo), chairman and Co- CEO; Rob Speyer (bottom right photo), president and Co-CEO; and Robert V. Tishman, founding chairman, middle right photo)

Property cash flow is notexpected improve from 2008 based on the borrowers restated budget for 2009.

As a result, according to Fitch's calculations and the 2009 budget, the borrower has approximately six months of reserves remaining to cover the trust portion of the total debt on the property.

Should the loan default, Fitch expects the servicer to advance debt service on the trust portion.

The securitized balance of the Stuyvesant Town/Peter Cooper Village Loanconsists of five pari passu pieces of a $3 billion A-Note.

There is an additional $1.5 billion of mezzanine debt outside the trust.

Fitch rates four of the five notes, ranging from $202.3 million to $1.5 billion.

Fitch reviewed the transactions on October 29, 2008 and lowered the shadow rating of the Stuyvesant Town/Peter Cooper Village loan to below investment grade as a result of slower than anticipated conversion of rent stabilized units to market.

Peter Cooper Village and Stuyvesant Town is a multifamily property comprising 56 multi-story buildings with a total of 11,227 residential apartments in Manhattan, NY.

In addition to the residential component, the complex contains approximately 100,000 square feet of retail space,20,000 sf of professional office space, and six parking garages with 2,260 licensed spaces.

The borrower, Tishman Speyer Properties, LP, and BlackrockRealty acquired the property with the intent to convert rent-stabilized units to market rents as tenants vacated the property, resulting in increased rental revenue.

Fitch continues to closely monitor property leasing efforts and the balanceof reserves.

Contacts:

Sue Ann Butera, +1-212-908-0713 or Adam Fox, +1-212-908-0869, NewYork.

Media Relations:
Sandro Scenga, Senior Director, Corporate Communications, Fitch Ratings, +1-212-908-0278

sandro.scenga@fitchratings.com

LAKEWOOD RANCH, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $1,650,000 for the CVS Pharmacy in Weatherford, Texas.

Brad Cox, (top right photo) CCIM, CPM, Company Vice President, financed the loan through Thomas D. Wood and Company’s correspondent relationship with StanCorp Mortgage Investors at a permanent fixed-rate of 7.25%.

The fully-amortizing loan has a term of 20 years and a loan-to-value of 52%. The 13,208 square-foot single-tenant retail store was built in 1998, and is located at 407 S. Main Street, Weatherford, Texas.

For further information, please contact:
Brad Cox, CCIM, CPM, (941) 907-8112, bcox@tdwood.com

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

Entrust Administrative Services Opens Chicago Office

LAKE MARY, FL - Entrust Administrative Services, the Lake Mary-based firm that provides IRA administrative services to over 2,000 account holders of self-directed IRA funds in Florida, recently opened a Chicago office at 300 S. Wacker Drive (top right photo) to serve Illinois investors.

Glen Mather, president of Entrust Administrative Services, Inc., said the firm will also open a South Florida office later this year.

“With the current economic cycle, assets have been devalued nationwide and the traditional banking model offers little relief,” said Mather.

“Current market cycles are driving investors to alternative investments such as private equity, debt instruments and distressed real estate – all of which can be held in an IRA.”

“Today, owners of self-directed IRA funds have substantial opportunities to grow their assets by investing wisely in undervalued assets with growth potential,” he said. “Ironically, in a depressed financial services market, we have to expand in order to meet this demand,” Mather said.

CONTACTS:
Glen Mather, President Entrust Administrative Services, Inc. 407-367-3472 gmather@entrustfl.com;

Larry Vershel, Larry Vershel Communications, 407-644-4142, Lvershelco@aol.com

Shaw Mechanical Services wins contract for Seminole County, FL school

ORLANDO, FL-- Shaw Mechanical Services LLC has secured a $1.8 million contract with Mark Construction Company for mechanical contracting services for additions and renovations to Sterling Park Elementary School on Eagle Circle in Casselberry, Fla.

Shaw Mechanical’s scope of services includes purchasing, installation, equipment start-up and commissioning of two air-cooled chillers, primary and secondary pumping, nine central station AHU’s and 75 fan terminal boxes.

The campus will remain occupied during the 18-month construction schedule that calls for the construction of two new, two-story, 85,000-square-foot classroom buildings and the renovation of an existing building. Completion is scheduled for December 2009.

The Seminole County Public Schools project is being built by general contractor, Mark Construction Company of Longwood, Fla. Architecture is provided by SchenkelShultz Architects, Orlando, Fla. Matern Professional Engineering Inc. of Maitland, Fla., is providing mechanical engineering.
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Shaw Mechanical Services LLC is a Central Florida-based provider of mechanical contracting and service to building owners, property managers, facility managers, plant engineers, general contractors and consumers.

Comprehensive services provided by Shaw Mechanical include retrofits, renovations, preventative maintenance, commissioning and installation of heating, ventilating and air conditioning systems, process piping, automatic temperature controls and custom climate applications for existing structures and new construction.

Founded in 2001 by David L. Shaw, the privately-held company employs a staff of seventy from its headquarters in Orlando, Fla. Please visit http://www.shawmechanical.com/ for additional information.

Shaw Mechanical Services hires new project manager

ORLANDO, FL — Shaw Mechanical Services LLC appointed Lawrence A. Williamson senior project manager. Williamson has 26 years of experience in mechanical contracting management for commercial, industrial and institutional projects throughout Central Florida.

He is an active member of the American Society of Heating, Refrigerating and Air-Conditioning Engineers and Associated Builders & Contractors.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344,
elainei@pr-works.com, www.pr-works.com

Cousins Properties Declares First Quarter Common and Preferred Stock Dividends

ATLANTA -- Cousins Properties Incorporated (NYSE: CUZ) announces its Board of Directors has declared a regular quarterly cash dividend of $0.25 per share, or $1.00 per share on an annualized basis, payable February 23, 2009, to common stockholders of record as of February 9, 2009.

The Board of Directors declared a regular quarterly cash dividend on its Series A Cumulative Redeemable Preferred Stock. The dividend of $0.484375 per share, or $1.9375 on an annualized basis, is payable February 16, 2009, to Series A preferred stockholders of record on February 2, 2009.

The Board of Directors has also declared a regular quarterly cash dividend on its Series B Cumulative Redeemable Preferred Stock. The dividend of $0.46875 per share, or $1.875 on an annualized basis, is payable February 16, 2009, to Series B preferred stockholders of record on February 2, 2009.

Contact:
Cameron Golden, 404-407-1984, Director of Investor Relations and Corporate Communications, camerongolden@cousinsproperties.com

Grubb & Ellis Represents Shorewood Properties in Completion of Elgin, IL Industrial Development

ROSEMONT,IL– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented Shorewood Properties in the successful completion of its four-building, 160,000-square-foot industrial development on Scottsdale Court, (site map top left) located off of Tollgate Road near the I-90/US-31 interchange in Elgin.


Bruce Granger, (top right photo) senior vice president, Industrial Group, secured interest from Northgate Technology Inc. in a 34,000-square-foot build-to-suit facility, which is expected to be completed this year.


Northgate, a growing medical technology manufacturing company, is currently located in 14,500 square feet of space at 600 Church Road in Elgin.

“We’re pleased to have completed the park considering the current market,” said Jim Origer, owner of Shorewood Properties. “Additionally, the fact that the tenant is staying in the vicinity makes it a great win for Elgin.”

Granger added, “With its superior transportation access, Elgin is a great user market. We’re proud to have been involved in the development’s leasing and disposition activities.”

Shorewood acquired the 17 acres of land off of Tollgate Road from Flender Corp., now part of Siemens Energy and Automation, Inc., in early 2000.

The investor then built Scottsdale Court to enhance access to the four-building park, which includes 50,000- and 38,000-square-foot multi-tenant buildings, a 38,000-square-foot single-tenant building and the 34,000-square-foot facility to be occupied by Northgate Technology.

Other users in the development include Owens Corning, Park Supply, ID Graphics, MPR Precision Molding Specialists and Argos Technologies, Inc.

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

CBRE Orlando Brokers $3.6M Sale

ORLANDO, FL – The Orlando office of CB Richard Ellis is pleased to announce that David Murphy, (top right photo) Senior Vice President, represented the owner in the sale of 110,000 square foot industrial facility at 350 Anchor Road in Altamonte Springs, Florida.

The sale price was $3.6 Million. The purchaser, JVD Construction, was represented by Jamie DiSalvatore of Realty Executives Orlando. The facility was previously utilized by Water Bonnet, Inc., for production and distribution of products for the marine industry.

Contact: Angelique Greven, 407.839.3158, angelique.greven@cbre.com

Marcus & Millichap Names Wendelken National Director of National Self-Storage Group

SEATTLE, WA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Gregory Wendelken (top right photo) national director of the firm’s National Self-Storage Group (NSSG), according to Harvey E. Green, (bottom left photo) president and chief executive officer.

Wendelken is also vice president and regional manager of the firm’s Seattle office.
“Greg’s extensive knowledge of the national self-storage market will make him a valuable asset to our clients and self-storage investment specialists,” comments Green. “Under his leadership, the NSSG will continue to provide unparalleled service to its clients in the market. With specialists throughout the country, NSSG is the self-storage leader in transactions, having closed more than $2 billion in sales over the past five years.”

“Every NSSG investment professional is an expert in their geographic and product specialty,” says Wendelken. “No other firm matches our ability to move capital geographically and across property types, and to connect private capital with the institutional market.

"As the new head of the NSSG, I plan to expand our already strong market share at a time when pricing continues to drop by bringing excellent investment opportunities to savvy buyers, who will enjoy stabilized returns on the storage properties if they choose to hold over the long term.”

Wendelken joined Marcus & Millichap in 1984. He was a senior associate in the Newport Beach office from 1984 to 1988. In March 1998, Wendelken became the sales manager in the Ontario office. After four months, he was appointed regional manager for the Seattle office.

Prior to joining the firm, he served as vice president for a prominent Southern California developer for two years.

Wendelken graduated from University of Southern California with a bachelor’s degree in business administration with an emphasis in real estate and finance.

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

Southern Commercial Completes 14,500-SF Lease

ORLANDO, FL-- Principals Tom McFadden, SIOR and William “Bo” Bradford, CCIM, SIOR of Southern Commercial Real Estate Advisors completed an 14,500 square foot new lease at 7584 Brokerage Drive, (top right photo) Orlando, Florida in Orlando Central Park.

McFadden and Bradford negotiated the three year new lease, representing the Landlord, RREEF.

The tenant, Southern Furniture Transport was represented by Jeff York with York Property Company.

Media Contact: Celeste MacKenzie, 321-281-8503, cmackenzie@southercommercialre.com

Dallas Assisted Living Community Sells for $20.5M

TAMPA, FL --CLW Health Care Services Group is pleased to have represented SHP II Caruth, L.P. in the sale of Caruth Haven Court, (top right photo) a 91-unit Assisted Living community locatedin the prestigious Park Cities area of northern Dallas.

SHP II Caruth, L.P. is a partnership between entities of Prudential Real Estate Investors and 12 Oaks Senior Living.

The property was purchased by Cornerstone Growth and Income REIT, Inc. through its affiliation with Servant Healthcare Investments, LLC and Cornerstone Real Estate Funds for $20.5 million ($225,275 per unit). 12 Oaks Senior Living, the current operator, will be retained to operate Caruth Haven Court.

Contact: Allen McMurtry, 813.349.8349, amcmurtry@clwrg.com .

CB Richard Ellis Subleases 12,000 SF in Lake Mary, FL

ORLANDO, FL – The Orlando office of CB Richard Ellis is pleased to announce that Nan McCormick, (top right photo) Senior Vice President, represented GENEX Services, Inc. in subleasing 12,000 sq. ft. at 300 Colonial Center Parkway, Lake Mary, Florida. The sublessor, M/I Homes of Orlando, LLC, was represented by Scott Pamplin of Jones Lang LaSalle.

Contact: Angelique Greven, 407.839.3158, angelique.greven@cbre.com

Marcus & Millichap Negotiates $31M Sale of Northland Center in Southfield, MI

The company also secures listing for Chestnut Ridge apartments in Pittsubrgh, PA

SOUTHFIELD, MI– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 663,000 square feet of the Northland Center, (top right photo) a 1.7 million-square foot enclosed mall in Southfield. The sales price was $31 million.

Mark Taylor, (top left photo) vice president investments, and Dean Zang,(middle right photo) associate vice president investments, in the Philadelphia office of Marcus & Millichap, represented the seller, Jager Management Inc. of Jenkintown, Pa.

Taylor and Zang also procured the buyer, New York City-based Ashkenazy Acquisition Corp.

Mike Dillon, a vice president investments in the Chicago office of Marcus & Millichap, and Steve Chaben, (middle left photo) first vice president and regional manager of the firm’s Detroit office, also assisted in closing this transaction.

”This transaction presented numerous challenges that Dean and I were able to resolve because of the high level of cooperation – and patience – exerted by both the buyer and seller,” said Taylor.

“Some of the challenges we worked to overcome included the assumption of a loan in this very difficult capital markets environment and the erosion in the property’s rent roll.

“We went under contract in July and the global financial crisis intensified in September. During the entire transaction process, we faced daily negative press reports on the state of the commercial real estate sector and lending market, as retail property values continued to fall nationwide,” Taylor says.

Developed in 1954, Northland Center at 21500 Northwestern Highway is a retail destination for Detroit residents.

Co-anchored by Macy’s and Target, other retailers currently occupying the 120-acre mall include Champs Sports, Coffee Beanery, Lens Crafters, Lady Footlocker, Payless ShoeSource, Stride Rite, Carlton Cards & Gifts and others.

Marcus & Millichap sold a portion of the property, but did not sell the space occupied by Macy’s and Target.

“As the retail sector continues to face losses due to a downturn in consumer spending, landlords across the nation have encountered some significant leasing issues,” says Zang. “The new owner plans to make significant capital improvements to the mall. A major repositioning and changes to the tenant mix should assist in turning this property around.”

At the time of closing, Northland Center’s occupancy rate was 70 percent.

“Closing this sale at the height of the global financial crisis is a testament to the perseverance and excellent brokerage skills of our investment specialists,” explains Spencer Yablon, (middle right photo, under Dean Zang photo)) regional manager of the Philadelphia office of Marcus & Millichap.

Marcus and Millichap has obtained the exclusive listing for Chestnut Ridge (bottom left photo), a 468-unit apartment community in Pittsburgh. The listing price is $32 million. The 359,760-square foot Chestnut Ridge complex has 31 apartment buildings located on 25 acres of professionally maturely landscaped grounds.

Located in Robinson Township, one of the fastest-growing communities in Pittsburgh, the 468-unit property consists of five different one- and two-bedroom layouts designed to attract a variety of renters.

The property is also located in the prominent Montour School District.

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

Affordable Housing Expert Widens Institute’s Research Capabilities

CHICAGO, IL – The Real Estate Capital Institute® added the seasoned realty industry veteran, Randal Dawson, (top right photo) to its Editorial Advisory Group for 2009.

Mr. Dawson is a Senior Vice President with CB Richard Ellis. He specializes in the market analysis/valuation of affordable housing and low-income housing tax credits.

Randal is also a Member of the Appraisal Institute (MAI) and is a Certified General Appraiser in 17 states, with a national specialty practice in affordable housing and low-income housing tax credits.

Mr. Dawson serves on the Appraisal Institute’s-National Publication Committee as a primary reviewer for two recent publications from the Appraisal Institute - Valuation and Market Studies for Affordable Housing and Market Analysis for Real Estate.

The Real Estate Capital Institute’s Editorial Advisory Group (“EAG”) members typically serve a two-year term and include some of the nation's most renowned realty professionals and scholars.

The group is composed of capital providers, investment bankers, investors, consultants, academicians and appraisers. The Institute solicits market comments from these industry leaders as well as other senior executives.

Although the Institute collects market research from various sources, EAG member observations are particularly important.

Issued monthly or more frequently, depending upon market conditions, EAG comments track market momentum.

To protect privacy and promote an open exchange of ideas, many EAG observations are often posted anonymously. Members' comments, furthermore, do not necessarily reflect opinions of their respective organizations, employers or the Institute.

According to the Institute's research director, Nat Zvislo, "Randal’s expertise in affordable housing and low-income tax credits provide stronger depth to the Advisory Board’s talent pool. Such programs are critical to realty capital market flow as federal, state and local funding assistance help launch more developments as private capital remains sidelined. "

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

Morrison Commercial Real Estate Completes 20,202 SF of Leases in Orlando

ORLANDO, FL -- Greg Morrison, (top right photo) CCIM, SIOR, Principal and Founder of Morrison Commercial Real Estate, announced the completion of three office lease transactions totaling 20,202 square feet at three office buildings in Orlando.

At SunTrust Center, located at 250 S. Orange Avenue, Morrison served as the tenant representative for Orlando Regional Healthcare System, Inc. in the negotiation of a 10,032-square-foot lease with landlord, SunTrust Center Owner, LLC.

John Gilbert of CB Richard Ellis represented the Landlord in this transaction.

In addition, Morrison and Emily Zinaich (bottom left photo) of Morrison Commercial Real Estate represented the landlord, OPUS REAL ESTATE FL VII UCC3, L.L.C. in the negotiation of a 6,830 square-foot office lease with CH Robinson Worldwide, Inc. at University Corporate Center III. The Tenant was represented by Mohr Partners.

At 101 Southhall Lane, Morrison and Zinaich also represented the landlord, SHL Owner LLC, in the negotiation of a 3,340 square-foot new lease with SUA Insurance Company. Matthew Cichocki and Kevin O’Connor of NAI Realvest Partners represented the Landlord in this transaction.

CONTACT:

Marylyn Tryon, Administrator and Marketing Assistant, Morrison Commercial Real Estate, 255 S. Orange Avenue, Suite 1545, Orlando, Florida 32801
407.219.3500 407.219.3501 fax. mtryon@morrisoncre.com

http://www.morrisoncre.com