National Economic Slowdown Fuels Alternative Finance Solutions Demand

AIC Ventures Acquires $37 Million in Real Estate Assets and Prepares for More Nationwide

AUSTIN, Texas--(BUSINESS WIRE)--Austin, Texas-based AIC Ventures, L.P., an investment fund manager providing alternative finance solutions to middle-market companies nationwide, has completed three commercial real estate sale-leaseback transactions, representing 1.3 million square feet of commercial real estate and totaling $37.2 million in value.

“We’re seeing an increase in demand for sale-leasebacks as a strategic capital solution for middle-market companies,” said David Steinwedell, (top right photo) managing partner, AIC Ventures. “This year we’re investing $350 million and actively pursuing the acquisition of real estate assets nationwide.”

In recent weeks, AIC Ventures has acquired real estate assets, and entered into long-term, triple net leases, with three companies in different regions of the country:

Hollywood, Florida-based St. Ives, a print and design firm; Charlotte, North Carolina-based Otto Industries, a leader in the solid waste container industry; and Chicago-based The Great Escape, an indoor/outdoor recreational and leisure product retailer.

In 2008, AIC Ventures nearly doubled its transactions to $250 million with its seventh fund. In each transaction, the company acquired the facility and property according to the original terms outlined.

The capital infusion is used by companies to strengthen their corporate balance sheet fundamentals, fund growth initiatives or acquisitions and/or support other strategic investments. With fewer restrictions and requirements in comparison to more traditional financing options, sale-leasebacks offer sellers flexible capital that can be redeployed at the company’s discretion.

“With the credit markets still tight, our sale-leaseback solutions offer companies a strategic resource to further their growth and pursue market opportunities,” said Peter Carlsen, (top left photo) managing partner and president, AIC Ventures.

Founded in 1990, AIC Ventures has acquired and entered into long-term leases with over 100 commercial real estate assets owned by middle-market companies. The firm’s total transaction value is nearly $900 million.

AIC Ventures is a leading provider of capital to middle-market companies. With nearly $900 million in completed transactions, AIC Ventures structures innovative corporate finance solutions for companies facing limited, short-term or expensive alternatives for capital.

The company has closed more than 100 transactions in 28 states. Whether sellers need to close quickly, have private equity interests, environmental or other challenges, AIC Ventures can help.

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

Contact: Melissa Anthony, 512-329-2766 Melissa@anthonyBarnum.com

Starwood Hotels & Resorts to Relocate Its Luxury and Design-Led Brands to New Headquarters in SoHo

Hotel Giant to Create Design, Branding and Retail Think Tank
Merging with the Bliss and Remède Spa Headquarters

NEW YORK, NY, Mar. 25, 2009--(BUSINESS WIRE)--Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced plans to relocate its Manhattan-based luxury and design-led brands from Chelsea to a new headquarters space downtown on Varick Street, where SoHo (top right photo) and Tribeca meet.

Global marketing, brand management and design teams for W Hotels, Le Méridien, St. Regis and The Luxury Collection will join Starwood’s Bliss and Remède Spa teams in a redesigned space meant to inspire creativity and innovation and serve as a design, branding and retail think tank.

“This move is illustrative of Starwood’s commitment to design, innovation and brand building,” said Phil McAveety, Chief Brand Officer, Starwood Hotels & Resorts.

“As we continue to attract and inspire the best and the brightest creative talent, we look forward to being part of a vibrant community that appreciates, cultivates and inspires our brands’ passion points including fashion, entertainment, art and design.”

VM Design Studio, a New York-based collective of renowned architects and designers, will lead the renovation of Bliss and Remède Spa’s existing 20,000 square foot office space located at 75 Varick Street.

When the redesign is completed in September, 2009, Starwood will unveil a modern office space for 150 associates, which will also serve as showcase space to immerse owners, developers, designers and creative agencies in Starwood’s signature luxury and lifestyle brands, which continue to meaningfully grow around the world.

VM Design Studio’s design portfolio includes work on the world headquarters of Pixar Animation Studios in California and the West Elm corporate headquarters in New York, in addition to several St. Regis properties, including four new St. Regis hotels currently under construction in Hawaii, The Bahamas, Puerto Rico and Deer Valley, Utah.

“In addition to establishing a creative hub, we are excited to merge space with our Bliss and Remède Spa brands which work closely with our brands to develop signature spas and bath amenities in our hotels around the globe,” said McAveety.

“We are, of course, sensitive to the current economic environment. By consolidating the two offices we will drive efficiencies which will offset the investment needed to create this new brand and design space.”

While the space is under construction, the design, marketing and brand management teams for these brands will temporarily move from their current space in West Chelsea’s Starrett-Lehigh Building to Starwood’s global corporate headquarters in White Plains, NY.

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 940 properties in approximately 97 countries and 145,000 employees at its owned and managed properties.

Starwood Hotels is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, and the recently launched Aloft®, and Element SM. Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts.

Contact:
K.C. Kavanagh, Starwood Hotels & Resorts Worldwide, 914-640-8339
http://www.starwood.com/

Interstate Hotels & Resorts’ CEO Thomas F. Hewitt Named Chairman

ARLINGTON, VA—Interstate Hotels & Resorts (OTC: IHRI), a leading hotel real estate investor and the nation’s largest independent management company, today announced that Thomas F. Hewitt, (top right photo) chief executive officer, has been named chairman of the board.

He will succeed Paul W. Whetsell, (bottom left photo) who will step down as chairman and as a member of the board of directors, effective March 31.

“This transition is part of our regular succession planning that we’ve been working on for some time,” Whetsell said. “Tom has a long and distinguished career with Interstate and is the natural choice to continue to lead the company as chairman and chief executive officer. As CEO, he has compiled an impressive record over the past four years as we have grown and diversified the company.”

“As a founder of CapStar Hotel Company, one of our predecessor companies, Paul’s vision and entrepreneurial spirit were instrumental in the formation and growth of our company,” Hewitt noted. “He remains a strong supporter and significant shareholder of Interstate.”

Interstate Hotels & Resorts has ownership interests in 57 hotels and resorts, including seven wholly owned assets.

Together with these properties, the company and its affiliates manage a total of 225 hospitality properties with more than 46,000 rooms in 37 states, the District of Columbia, Russia, Mexico, Belgium, Canada and Ireland.

Interstate Hotels & Resorts also has contracts to manage 16 to be built hospitality properties with approximately 4,000 rooms.

For more information about Interstate Hotels & Resorts, visit the company’s Web site: http://www.ihrco.com/.

Contact: Bruce Riggins, Chief Financial Officer, (703) 387-3344

Marcus & Millichap Sells Goodnoe's Corner Development in Newtown, PA for $14.87M

NEWTON, PA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Goodnoe’s Corner, (top right photo) a Class A, 35,653-square foot retail and apartment development in Newtown.

The selling price of $14.87 million represents $417 per square foot.

Jeffrey W. Marquis Sr., Thomas Gorman, and Matthew Gorman in Marcus & Millichap’s Philadelphia office represented the seller, a local developer, and also represented the Philadelphia-based buyer.

“We have worked closely with the developer of Goodnoe’s Corner for more than two years,” says Marquis. “Marcus & Millichap became involved during the center’s development and we remained integral right up to the ultimate closing.

"The timeline of this development project and the marketing of the asset forced us to work through an extremely challenging retail market.

"Construction delays caused challenges as the market continued to deteriorate, but we ultimately negotiated a price per square foot well above the market average in this region.”

Located at 290 North Sycamore St., the two-story Goodnoe’s Corner development consists of six well-positioned buildings at the signaled intersection of Highway 532 and Highway 332.

On-site parking is complemented by off-street parking and new bricked walkways, which encourage foot traffic and to drive-in customers.

The main tenants include Rite Aid, Firstrust Bank and the Green Parrot Inn, an Irish pub. The remaining seven inline retail tenants are a mix of national, regional and local retailers. Four luxury apartments are located on the second floor.

Goodnoe’s Corner is situated in the heart of Newtown in a densely populated area with more than 104,000 people within a five-mile radius. The median household income in the area exceeds $102,000.

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

StarPoint Commercial Properties Purchases The Tower in Downtown Fort Worth’s Sundance Square

The High-Profile Retail and Office Tower is Part of a 37-Story, Mixed Use Development

FORT WORTH, TX-(BUSINESS WIRE)--In proving that there’s equity available for good deals despite a tough economic market, Beverly Hills, Calif.-based StarPoint Commercial Properties, a leading real estate company that specializes in the acquisition, redevelopment and repositioning of commercial properties, has purchased The Tower Complex, (top right photo) located at 500 Throckmorton Street in Downtown Fort Worth, Texas.

Terms of the transaction were not disclosed.

The 182,000-square-foot famed mixed-use retail and office development, which also includes 253 parking spaces, is part of the Sundance Square, (middle left photo) Fort Worth's premier entertainment and cultural center located in the center of downtown.

“We are proud to be the owners of such a successful project in one of the tightest commercial submarkets in the country,” said Evan Farahnik, principal of StarPoint Commercial Properties.

“We were able to acquire a prominent well-performing asset with the potential for significant upside through the creation of additional rentable square feet, and capitalizing on immediate operational efficiencies.”

Indeed, the prominence of the property is spelled out in the submarket occupancy which stands at 98% for retail and 95% for office. In addition, the condominium towers’ residential units are 98% sold out.

The Tower Complex consists of two buildings, The Tower and The Annex, and totals 182,000 current leasable square feet combined for office and retail.

StarPoint Commercial Properties LLC represented itself in the transaction. The seller, TLC Green Property Associates of Chicago was represented by Tom Salanty, executive director in the Dallas office of Cushman & Wakefield of Texas, Inc.

About StarPoint Commercial Properties

StarPoint Commercial Properties – a real estate company based in Beverly Hills, Calif. with an office in Dallas, specializes in the acquisition, redevelopment and repositioning of commercial properties located within high barrier to entry, infill and high population growth markets throughout the nation.

The firm, which has properties in 10 states, has been involved in the commercial real estate market since 1995, has closed transactions close to a billion dollars of real estate and currently operates a portfolio in excess of 5 million square feet of rentable space.

Contacts:

The Hoyt Organization, Erik Hamilton, ehamilton@hoytorg.com,

Leeza Hoyt, llhoyt@hoytorg.com, 310-373-0103

NAI Realvest Founder, Chairman George Livingston Honored for Lifetime Achievement in Central Florida Commercial Real Estate

MAITLAND, FL --- NAI Realvest founder and chairman George Livingston (top right photo) was honored with the Wilbur Strickland Award for Lifetime Achievement during the 14th annual Central Florida Commercial Association of Realtors (CFCAR) Hallmark Awards ceremony in Orlando recently.

This award, presented by Debra Lupton, AIA, chief executive officer of TLC Engineering for Architecture, recognizes an individual considered to be a founding father of commercial real estate who exemplifies outstanding dedication to the profession.

Livingston launched NAI Realvest in 1988. The former career Special Forces officer and counter-terrorism expert negotiated commercial property

transactions valued at more than a quarter billion dollars.

Livingston authored the first U.S. Department of Defense pamphlet on protection against terrorism strategies following three tours of duty in Vietnam.

CFCAR recognized ten other NAI Realvest brokers at the Hallmark Awards for outstanding performance in 2008.

NAI Realvest senior vice president and principal Michael Heidrich (top left photo) placed third among the top five industrial brokers for 2008.

Livingston, NAI Realvest principals Christie Alexander (middle right photo) and Robert Blackwell, (middle left photo, below Heidrich photo) SIOR were named among the top 10 producers for industrial properties in 2008.

Broker Mez Birdie, CCIM, CPM, SCSM, ranked among the top 10 retail producers and brokers Matt Cichocki, (middle right photo, above Partyka photo)) Kevin O’Connor (bottom left photo) and associate Drew Saphos were named among the top 10 land producers, NAI Realvest president Patrick Mahoney (bottom left photo, above O'Connor photo) said.

NAI Realvest managing partner and former Winter Springs Mayor Paul P. Partyka, (middle right photo, above Tom Kelley photo) ) principal Tom Kelley (bottom right photo) CCIM, and senior associate Mary Frances West, CCIM each received the Circle of Achievement Award.

CFCAR’s Hallmark Awards recognizes outstanding commercial real estate brokers in retail, office, land, and industrial transactions in a nine-county Central Florida region that includes Orange, Osceola, Seminole, Brevard, Volusia, Flagler, Sumter, Marion and Lake Counties.

CONTACTS:

Paul P. Partyka, Managing Partner NAI Realvest, 407-875-9989, glivingston@realvest.com;
Patrick Mahoney, Partner, President, & COO, NAI Realvest 407-875-9989 pmahoney@realvest.com
Janice Paiano, Director of Marketing, NAI Realvest 407-875-9989, jpaiano@realvest.com
Larry Vershel, Larry Vershel Communications, Inc. 407-644-4142, lvershelco@aol.com.

$100.5M financing secured by HFF for 1101 K Street NW in Washington, D.C.

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) has secured $100.5 million in financing for 1101 K Street NW, (top left photo) a 310,825-square-foot, Class A office property in Washington, D.C.

HFF senior managing directors Bob Donhauser (top right photo) and Bill Asbill (middle left photo) and director Cary Abod (bottom right photo) worked exclusively on behalf of the borrower, a joint venture between The JBG Companies and Rockwood Capital, LLC in arranging the three-year, adjustable-rate loan through Helaba (Landesbank Hessen-Thuringen Girozentrale).

The 65% loan-to-cost financing is replacing a construction loan through Bank of America and will provide funds until the asset is stabilized.

Completed in 2007, 1101 K Street NW is leased to tenants including FTI Consulting, Brunswick Capital, District of Columbia Bar Association, Information Technology Industry Council and Brasserie Back.

The property has 28,000-square-foot floor plates that feature 16 corner offices per floor and floor-to-ceiling windows with views of the New City Center, Washington Monument and Capital Dome.

Building amenities include a rooftop deck, high-end fitness center with locker rooms and a first-floor restaurant.

The property is located in Washington, D.C.’s east end submarket on the corners of K, 11th and 12th Streets with easy access to four metro stations as well as the Verizon Center, Gallery Place neighborhood and the New City Center, due for completion in 2011.

Headquartered in Chevy Chase, Maryland, The JBG Companies is an active developer, investor, owner and operator of office, residential, hotel and retail properties with more than $10 billion in assets under management and development.

Founded in 1960, JBG has established a reputation as one of the leading real estate companies in the Washington metropolitan area.

More information can be found by visiting the company’s Web site: http://www.jbg.com/.

Rockwood Capital, LLC is a real estate investment company, which provides equity capital for repositioning, recapitalization, development and redevelopment of commercial property types, including retail, hotel, residential, office and research and development space in key markets throughout the United States.

Contacts:

Robert F. Donhauser, Senior Managing Director, (202) 533-2500, rdonhauser@hfflp.com

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

HFF arranges $9M refinancing for south central Pennsylvania multifamily community

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) has secured refinancing totaling $9 million for Plaza I and Plaza II Apartments, (top right photo) a 256-unit multifamily community in Lebanon, Pennsylvania.

HFF senior managing director Jim Cadranell (bottom left photo) worked exclusively on behalf of Altman Companies to secure two, 10-year, 6.25% fixed-rate loans.


Wachovia Multifamily Capital Inc. and Fannie Mae provided a $4.6 million loan for Plaza I and a $4.4 million loan for Plaza II Apartments.


Located on 24 acres at 1813 Summit Street (Route 72), Plaza I and II Apartments is adjacent to the Lebanon Place Mall and close to the Pennsylvania Turnpike in Lebanon, a south central Pennsylvania suburb.


The 98% leased property has 12, three-story buildings with one-, two- and three-bedroom units averaging 780 square feet each. Community amenities include a swimming pool, two tennis courts, a half-court basketball court and tot lots.


Altman Companies, located in Fort Washington, Pennsylvania just outside of Philadelphia, is a full-service real estate firm that owns and operates several thousand multifamily units throughout eastern Pennsylvania, and manages more than 14,000 units in Pennsylvania, New Jersey and Delaware.
Contacts:



James A. Cadranell, HFF Managing Director, (973) 549-2000, jcadranell@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF arranges $9.2M financing for most recent phase of Southlake Town Square in Dallas/Fort Worth area

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced that it has arranged $9.2 million in financing for Block 22 of Southlake Town Square, (top right photo) a 35,436 -square-foot retail property in Southlake, Texas.

HFF managing director Kevin MacKenzie (bottom left photo) worked exclusively on behalf of the borrower, Inland Western REIT to secure the two-year, fixed-rate loan through American Bank of Texas.

Loan proceeds were used to acquire the property. This is the second financing HFF has arranged with Inland and American Bank of Texas in the last month. A $13.97 million financing was arranged for Preston Trail Village in late February 2009.

Completed in 2007, Block 22 is 96% leased to tenants including Charles Schwab, FedEx/Kinkos and AT&T and is the most recent expansion of Southlake Town Square, an 807,000-square-foot mixed-use center.


The property is situated on nearly four acres at 1256 Main Street on the north side of East Southlake Boulevard between Summit and Central Avenues in Southlake, a western suburb of Dallas/Fort Worth.

“The quality of the asset, strength of the borrower, and the previous relationship established with American Bank of Texas made for a smooth process throughout the transaction,” said MacKenzie.

Inland Western Retail Real Estate Trust, Inc. is a self-managed real estate investment trust focused on the acquisition, development and management of retail properties, including lifestyle, power, community and neighborhood centers, in addition to single-user net lease properties in locations demonstrating solid demographics.

As of September 30, 2008, the portfolio consisted of 334 properties nationally, which the company owned or had interests in, totaling in excess of 51 million square feet.

For further information, please see the company website at http://www.inlandwestern.com/.

Contacts:

Kevin C. MacKenzie, HFF Managing Director, (214) 265-0880, kmackenzie@hfflp.com

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

Florida's Existing Home, Condo Sales Rise in February

ORLANDO, FL /PRNewswire/ -- Florida's existing home sales rose in February, making it the sixth consecutive month that sales activity showed increases in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors(R) (FAR).

February's statewide sales also increased over January's figures in both the existing home and existing condo markets.

Existing home sales rose 20 percent last month with a total of 9,858 homes sold statewide compared to 8,181 homes sold in February 2008, according to FAR.

February's statewide existing home sales were 16.7 percent higher than January's statewide sales.

Florida Realtors also reported a 15 percent gain in statewide sales of existing condominiums in February, continuing a trend in recent months for higher statewide sales of both the existing home and existing condo markets compared to year-ago levels.

Statewide existing condo sales last month increased 25.1 percent over the total units sold in January.

Thirteen of Florida's metropolitan statistical areas (MSAs) reported increased existing-home sales in February while 11 MSAs also showed gains in condo sales.

It marks the eighth month in a row that a number of markets have reported increased sales.

Florida's median sales price for existing homes last month was $141,900; a year ago, it was $199,300 for a 29 percent decrease.

Industry analysts with the National Association of Realtors(R) (NAR) report a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures.

The median is the midpoint; half the homes sold for more, half for less.The national median sales price for existing single-family homes in January 2009 was $169,900, down 13.8 percent from a year earlier, according to NAR.

In California, the statewide median resales price was $254,350 in January; in Massachusetts, it was $321,000; in Maryland, it was $244,820; and in New York, it was $205,000.

Significant variations in local markets continue, according to NAR's latest housing outlook, which also notes that it will take time for the impact of the economic stimulus to show in housing data.

"Some markets appear to have reached the tipping point of accelerating home buying," said NAR Chief Economist Lawrence Yun.(bottom right photo) "Improvement from the economic stimulus isn't likely to show as closed home sales before summer, although we may see an earlier lift from lower mortgage interest rates."

NAR analysts estimate the impact of the federal economic stimulus package and lower interest rates on the housing market to be about 900,000 additional home sales in 2009 compared to conditions before the stimulus package.

By the end of the year, NAR expects inventory to fall below an eight-month supply, which would be consistent with home price stabilization.In Florida's year-to-year comparison for condos, 3,198 units sold statewide compared to 2,785 sold in February 2008 for a 15 percent increase.

The statewide existing condo median sales price last month was $109,300; in February 2008 it was $173,900 for a 37 percent decrease.

In the latest data available at press time, NAR reported the national median existing condo price was $174,400 in January 2009.

Interest rates for a 30-year fixed-rate mortgage averaged 5.13 percent last month, down significantly from the average rate of 5.92 percent in February 2008, according to Freddie Mac. FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state's medium-size markets, the Fort Pierce-Port St. Lucie MSA reported a total of 372 homes sold in February compared to 263 homes a year ago for a 41 percent increase.

The existing home median sales price was $122,100; a year ago, it was $172,900 for a 29 percent decrease. In the year-to-year comparison for the existing condo market, a total of 71 units sold in the MSA last month, up 22 percent compared to 58 condos sold the previous February. The market's existing condo median price was $116,700; a year ago, it was $126,700 for an 8 percent decrease.

CONTACT:

Marla Martin, Communications Manager, +1-407-438-1400, ext.2326, or

Jeff Zipper, Vice President of Communications, +1-407-438-1400, ext.2314, both of Florida Association of Realtors

Web Site: http://www.media.floridarealtors.org/

Pediatric Health Choice Opens Haines City, FL Facility

Child Care Specialist Plans 20 to 30 New Jobs for Area

HAINES CITY, FL—Jay Rohr of MetroOne, Inc. announces the opening of Pediatric Health Choice, a child health care specialist at Green Medical Center, 306 South 10th Street in Haines City, FL. (site map, top right)

Jay was the broker for the transaction and is part owner of the building.

“This is a wonderful service for the children and a huge convenience for parents. The alternatives are that the parent stays home with the child or the child is hospitalized.” notes Rohr.

PHC provides a One-Stop Care Coordination Model that enables physicians, discharge planners and case managers to easily order all needed services and continuity of patient care upon discharge from the physician or hospital.

The facility offers prescribed extended care for children with medically complex needs; infusion, physical, speech, nutrition, occupational and respiratory therapies; specialty injectables; case management and disease management; nursing visits; and private duty and/or skilled nursing services.
“It’s the best thing for the child who can be discharged from the hospital sooner and still obtain the prescribed medical care in a more relaxed environment” says Deborah Fraze, PHC’s vice president of clinical services.

The facility is open from 7 a.m. to 5:30 p.m., seven days a week. Most children arrive for a few hours of treatment or therapy, then leave with their parents. Others remain at the facility until their parents pick them up at the end of the day.

“We are adjustable on hours and can remain operational up to 12 hours a day, depending on the child’s needs,” notes Fraze.

The Haines City facility currently has an eight-person staff and plans to increase its work force shortly to about 20 professionals and support staff.

“We are looking possibly at 20 to 30 new jobs for the area,” says Fraze.

Mark Woodard, a health care professional from Lakeland, FL, is the administrator for the Haines City location.

Other PHC facilities in Florida, besides Haines City are located at Lakeland, Tampa, Sarasota, Clearwater, St. Petersburg, Ft. Myers, Orlando, Ocala, Daytona Beach and Gainesville. The nearby Lakeland facility opened in 1996.

Besides Pediatric Health Choice, the 306 South 10th St. building has another medical services tenant – At Home Companions. That company provides nursing services to patients in their homes.

The U.S. Department of Agriculture, a third tenant, occupies 9,100 square feet. About 3,000 square feet are available for lease. That space is “perfect for a pediatrics practice,” says Rohr.

“This building was the first clinic in the area with Dr. David J. Green; then a medical office; and now it’s completely renovated and again providing much needed services and jobs in the Haines City area,” says Rohr.

The building is three blocks south of U.S. 17 (Hinson Avenue) overlooking Lake Eva Park. Rohr says the Haines City/Davenport area is projected to continue its high-growth rate as the Orlando metropolitan area expands down the Interstate 4 corridor and Tampa presses eastward past Lakeland.

For more information on the Haines City facility, please contact:

Mark Woodard, Administrator, Pediatric Health Choice, 863 422 9050 or e-mail, Mwoodard@PediatricHC.com.

For more information on leasing, please contact:

Jay Rohr, CRE, MetroOne Inc., 427 S. New York Ave., Suite 201-C, Winter Park, FL 32789. PH 407 629 6001. E-mail, jayrohr@earthlink.net.

Fitch Forecasts Still More Rising Retail Vacancies

NEW YORK, NY, Mar. 23, 2009--Loss severities on retail loans are likely to trend upward for the next several years as defaults on retail loans increase, according to Fitch Ratings.

‘Declining consumer spending and the shrinking U.S. economy will increase retail vacancies to a new high as bankruptcies, store closings, and retail consolidation continues’, according to Senior Director Adam Fox.

During the 2002 recession, which coincided with Kmart’s bankruptcy filing, the average retail vacancy rate was 12%. PPR reported a year-end (YE) 2008 rate of 15% and predicts the rate will reach 17.8% by YE 2009.

The International Council of Shopping Centers (ICSC) predicts that 73,000 stores will close during the first half-2009.

Increased vacancies in the retail sector will lead to longer resolution times as it will take longer to re-tenant space which will ultimately result in higher losses.’ said Managing Director Mary MacNeill.

Fitch expects losses on retail loans may increase as much as 34% to 60% from the five-year cumulative average of 44% for current defaults.

Special servicers will foreclose on properties, as borrowers become unable to fund operating shortfalls due to the loss of tenants.

During its reorganization, Kmart rejected leases on over 600 stores. CMBS loans secured by Kmart properties, which took a loss, incurred an average loss of 52%. Losses ranged from a low of 16% to a maximum of 86% with the highest losses on single tenant properties in tertiary markets.

Fitch believes vacant retail spaces in the current economic environment, will incur even higher loss severities. Working against CMBS this time around is that the U.S. economy is contracting faster and further than in the 2002 recession.

Gross Domestic Product still grew 1.6% in 2002 while in the last quarter of 2008, GDP contracted at an annualized rate of 6.2%, the deepest slide in twenty years. Unemployment has increased 42% from 2002 to 8.1% as of February 2009, with increases expected to continue.

Consumer spending has declined 4.3% as of year-end 2008, while in 2002 and 2003 it remained positive. Special servicers may need to explore several different options to maximize recoveries.

Single tenant spaces can be marketed to non-traditional entertainment tenants. Conversely, they can be subdivided in order to attract smaller tenants. Large vacant mall locations, such as those left vacant by Steve & Barry’s or Macys, typically find more interest by subdividing the space or even selling the space back to the mall operator for redevelopment.

Retail delinquencies account for $1.7 billion of the $6.2 billion total delinquencies in the Fitch Loan Delinquency Index. The Loan Delinquency Index across all property types is 1.28%; with 1.17% of all retail loans within the index currently delinquent.

Fitch expects defaults in the retail sector to contribute a greater percentage of the index into 2010.

Contacts:

Adam Fox +1-212-908-0869, Mary MacNeill +1-212-908-0785 or Susan Merrick +1-212-908-0725, New York.

Media Relations: Sandro Scenga +1-212-908-0278; sandro.scenga@fitchratings.com

Crescent Hotels & Resorts Announces Plans for Record Growth in 2009 on Heels of Record 2008

Focus Will Be in U.S., Caribbean, Canada

WASHINGTON, DC, Mar. 23, 2009—Officials of Crescent Hotels & Resorts today announced plans to continue its record pace of growth in 2009, on the heels of a record 2008.

(Detroit Marriott Livonia, Livonia, MI, top right photo)

The company added 18 properties during 2008, largely through 3rd party management and joint ventures.

The company’s continued growth has propelled Crescent into the top tier of independent operator/owners, and it now is one of only a handful of companies that are approved to operate all of the top premium-branded, full- and focused-service hotels.

(Plymouth DoubleTree West, Plymouth Meeting, PA, top left photo)

“We have created a strong operating platform, and are well positioned to benefit from the current economy as we move into 2009 and beyond,” said Michael George, Crescent president and CEO.

(Richmond Embassy Suites, Richmond, VA, middle right photo)

“We have the talent, infrastructure and systems to accommodate strategic growth, as well as a strong proven track record in all product types and phases of the economic cycle and significant available capital to support our growth and operating goals.”

(Hilton Polaris, Columbus, OH, middle left photo)

Crescent’s primary focus in 2009 will be on optimizing returns for its existing hotel owners and investors. “We will grow by pleasing our clients & investors and by outperforming our competitive sets in each market,” said George.

“Building on our current successful track record will help us attract more clients to our company. Our growth will be on an opportunistic, flexible basis, and we have multiple platforms in place to respond appropriately.”

(The Georgian Terrace, Atlanta, GA, middle right photo)

2009 Growth Focus on U.S., Caribbean, Canada

In 2009, the company is targeting continued strong growth in the U.S., and expansion in the Caribbean, where the company added its first property in 2008, as well as Canada.

“We see opportunities to grow our current portfolio of managed hotels in Canada and the Caribbean,” George said. “We have considerable experience in both regions and believe we can add value to properties, especially in this economy.”

(Sheraton Tampa Riverwalk, Tampa, FL, bottom left photo)

Elite Group of Top 10 Nationwide Operators

“Our strong operating results have helped us grow to be one of the top 10 national operators of upper upscale hotels and resorts.

"Our properties include all of the premium brands, as well as leading boutique hotels and resorts, ranging in size from 50 to 500-plus rooms. We have the economies of scale and systems that can benefit a hotel immediately upon takeover.”

(Sheraton Washington North, Beltsville, MD, bottom right photo)

Additions to the portfolio in 2008 include such well-regarded properties as:

· The Georgian Terrace—The Atlanta-based, grande-dame hotel currently is undergoing an $11 million renovation being overseen by Crescent, including a spectacular, new $6 million restaurant designed by The Puccini Group.

· Hilton Polaris—The recently opened 255-room property, located in Columbus, Ohio, has become a market leader since Crescent took over management in 2008.

· Secret Harbor Resort—The 90-unit, all-suite resort, situated on the east end of St. Thomas, The Virgin Islands, marked Crescent’s entry into the Caribbean.

Additional information about Crescent Hotel & Resorts may be found on the company’s Web site http://www.chrco.com/.

Contact: Jerry Daly or Chris Daly, media, (703) 435-6293