Grubb & Ellis Participates in 3 Leasing Deals in Virginia, Illinois and Michigan

Federal Agency Expands Lease to Occupy 258,248 SF in Falls Church, VA Building

WASHINGTON, D.C. (Aug. 27, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced today that it represented Carr Properties in a lease expansion with the U.S. Government (General Services Administration) totaling more than 113,000 square feet of office space at the Suffolk Building in Falls Church, Va.

The U.S. Government now occupies the entire building, which totals 258,248 square feet.

Kurt Stout, senior vice president, Charles Dilks, vice president, and Keith Lavey, vice president, all of Grubb & Ellis’ Government Services Group, facilitated the transaction.

The seven-story office building, located at 5611 Columbia Pike in Falls Church, Va., was fully renovated in 2001-2002, with additional security upgrades made in 2005 and 2008.

Financial Management Systems Signs 2 Leases Totaling 51,800 SF in Metro Chicago

Grubb & Ellis represented Financial Management Systems in two leases totaling 51,800 square feet of office space, expanding the company’s presence in the Chicago-area market.

The first lease, which totals approximately 24,000 square feet at 1000 E. Woodfield Road in Schaumburg, Ill., is a renewal and expansion of the company’s headquarters location.

The second lease, comprising 27,000 square feet at 4021 Morsay Drive in Rockford, Ill., represents a new location for FMS and was secured to support the company’s escalating role as a federal contractor. FMS seeks to fill approximately 50 positions at the location immediately and will create as many as 300 additional employment opportunities by 2011.

Grubb & Ellis’ Craig Cassell, vice president, Office Group, facilitated the transactions on behalf of FMS.

General Motors Leases 166,144 SF in Southfield, MI

Grubb & Ellis represented Ashley Capital in the lease of 166,144 square feet at Brownstown Business Center to General Motors Corp.

Dan Labes, senior vice president, Global Logistics, and Jim McClowry, senior vice president, Industrial Group, facilitated the transaction.

According to General Motors, the company plans to open a $43 million lithium-ion battery assembly plant for the Chevy Volt extended-range electric vehicle in the industrial park, creating more than 600 employment opportunities.

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

Walgreens in Garden City, GA Gets $4.2M Loan

SARASOTA, FL, Aug. 27, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on August 21, 2009, in the amount of $4,292,000 for a Walgreens Pharmacy in Garden City, Georgia.

Brad Cox, (top right photo) Company Vice President, financed the Walgreens acquisition through Thomas D. Wood and Company’s relationship with a financial services company.

The fully-amortizing loan has a term of 24 years and an interest rate of 7.15%. The loan-to-value is 91%. The 14,490 square-foot single-tenant pharmacy was built in 2008, and is located at the intersection of Georgia Highway and Minus Street in Garden City, Georgia.

For further information, please contact:
Brad Cox, (941) 552-9731, bcox@tdwood.com

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

HHOA Revises Annual Convention Concept to Regional Events in Response to Economy

First Meeting to Be Held September 21 in Phoenix, Prior to Lodging Conference

PHOENIX, AZ, Aug. 27, 2009—Officials of the Hispanic Hotel Owners Association (HHOA), a rapidly growing non-profit organization that seeks to increase Latino ownership of hotels, today announced they it has re-concepted its annual convention into a series of regional events that will be more cost-effective and reach more interested Latino investors during the current recession.

The first regional meeting will be held in Phoenix on Monday, September 21, 2009, between 6 p.m. and 9 p.m. Mountain Time at the Arizona Biltmore hotel, (top left photo) the evening before the 2009 Lodging Conference.


Cost to register is $25 for members and $30 for non-members; on-line registration is available at http://www.hhoa.org/.

“Our members and savvy investors told us that interest in hotel investments remains high, but restrained due to the economy and a general desire to cut expenses,” said Angela Gonzalez-Rowe, (middle right photo) founder and president of the Hispanic Hotel Owners Association.

“We have adapted our format accordingly and, where possible, will schedule our regional events to coincide with major hotel conventions, like the Lodging Conference. The regional meetings will give attendees an opportunity to network with the major brands, lenders, developers, management companies and other key players, as well as obtain important insights into the hotel economy and investing.”

Speakers at this event will include: Anthony Falor, COO, Focused Services Division, Hodges Ward & Elliott; Patrick Feltes, SVP – Hospitality Division, GE Capital Solutions; Carlos Rodriguez, President, DVI Cardel and Rod Blu Investment Funds; and Cathleen M. Lease, Lender Relations Specialist - U.S. Small Business Administration, among others.

To learn more about the Hotel Investment Series, contact Angela Gonzalez-Rowe at 202-587-5707, or http://www.hhoa.org/.

Media contact: Jerry Daly and Chris Daly, Daly Gray Public Relations, (703) 435-6293 jerry@dalygray.com

Wells Fargo/Wachovia Bank Tops U.S. Commercial/Multifamily Servicers in MBA Mid-Year Rankings Report

WASHINGTON, , DC (Aug. 27, 2009 - The Mortgage Bankers Association (MBA) today released its mid-year ranking of commercial and multifamily mortgage servicers as of June 30, 2009.

On top of the list of firms is Wells Fargo/Wachovia Bank with $476.2 billion in U.S. master and primary servicing, followed by PNC Real Estate/Midland Loan Services with $308.5 billion, Capmark Finance Inc. with $248.7 billion, KeyBank Real Estate Capital with $133.1 billion, Bank of America with $132.2 billion, and GEMSA Loan Services LP with $104.8 billion.

A primary servicer is generally responsible for collecting loan payments from borrowers, performing property inspections and other property-related activities.

A master servicer typically serves in a fiduciary capacity and is generally responsible for collecting cash and data from primary servicers and then providing that cash and data, through trustees, to investors. Unless otherwise noted, MBA tabulations that combine different roles do not double-count loans for which a single servicer performs multiple roles.

Wells Fargo/Wachovia Bank, PNC/Midland, Capmark, and Bank of America are the largest master and primary servicers of commercial/multifamily loans in U.S. CMBS, CDO and other ABS; GEMSA Loan Services, Prudential Asset Resources, PNC/Midland, and Northwestern Mutual are the largest servicers for life companies; PNC/Midland, Wells Fargo/Wachovia Bank, Deutsche Bank, and Capmark are the largest Fannie Mae/Freddie Mac servicers.

JP Morgan Chase Bank ranks as the top master and primary servicer of commercial bank and savings institution loans; GEMSA the top credit company, pension funds, REITs, and investment funds servicer; PNC/Midland the top FHA and Ginnie Mae servicer; Wells Fargo/Wachovia the top for mortgages in warehouse facilities; and Capmark the top for other investor type loans.

MBA also asked firms to provide information about CMBS loans on which they are the "named special servicer" - that is, where the firm stands ready to service the loan should special problems develop, such as delinquency. The leading named special servicers were LNR Partners, Inc., CWCapital LLC & CWCapital Asset Management, Centerline Servicing Inc., and PNC Real Estate.

The MBA survey also collected servicing volumes for loans on commercial/multifamily properties located outside the United States. Hatfield Philips International ranks as the largest master and primary servicer of non-U.S. commercial/multifamily mortgages, followed by Deutsche Bank and Capmark.

To view the full report, click here.

Contact: Carolyn Kemp, (202) 557-2727, ckemp@mortgagebankers.org

Cousins Announces Departure of Tad Leithead

ATLANTA, GA– Cousins Properties Incorporated (NYSE: CUZ) announced that Tad Leithead, (top right photo) Senior Vice President of Development, will be leaving the Company effective September 1.

Leithead, who joined the Company in 2002, will continue to represent Cousins through his new business, a community and government relations consulting firm.

"Tad is a valuable part of the Cousins team and the entire Atlanta community," said Larry Gellerstedt, (bottom left photo) President and CEO of Cousins. "We wish him the best with his new venture and are pleased that he’ll continue to represent the Company."

"I’ve always wanted to pursue a career in politics and community relations," added Leithead. "I’m proud to have worked for Cousins and am excited and honored that the relationship will continue."

CONTACT: Cameron Golden, (404) 407-1984, camerongolden@cousinsproperties.com

http://www.cousinsproperties.com/

EastGroup Properties Announces 119th Consecutive Quarterly Cash Dividend

JACKSON, MS– EastGroup Properties (NYSE-EGP) announced today that its Board of Directors declared a quarterly cash dividend of $.52 per share payable on September 30, 2009 to shareholders of record of Common Stock on September 18, 2009.

This dividend is the 119th consecutive quarterly distribution to EastGroup's shareholders and represents an annualized dividend rate of $2.08 per share.

EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona and California.

Its strategy for growth is based on its property portfolio orientation toward premier business distribution facilities clustered near major transportation features. EastGroup's portfolio currently includes 27.7 million square feet.

Contact: David H. Hoster II, (bottom left photo) President and Chief Executive Officer or N. Keith McKey, Chief Financial Officer, (601) 354-3555

Arbor Closes $905,500 Fannie Mae DUS® MAH Loan for Mansfield Apartments in Hartford, CT

UNIONDALE, NY - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $905,500 loan under the Fannie Mae DUS® Multifamily Affordable Housing product line for the 60-unit complex known as Mansfield Apartments in Hartford, CT.

The 10-year loan amortizes on a 25-year schedule and carries a note rate of 5.95 percent.

The loan was originated by John Edwards, Vice President, in Arbor’s full-service Boston, MA lending office. “We were pleased to provide a low leverage loan to a repeat Arbor client,” said Edwards.

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, www.arbor.com
Follow us on Twitter @ arbor1

Best Western International Drive, Orlando Gets $3.8M Loan

ORLANDO, FL--Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on August 21, 2009, in the amount of $3,837,750 for the International Drive Best Western (top right photo) in Orlando, Florida.

John Worrell, Company Assistant Vice President, and Doug Rozzell, Company Principal, financed the acquisition and repositioning of the International Drive Best Western under a SBA 504 85% Loan-to-Cost loan structure through Thomas D. Wood and Company’s relationship with a Regional Bank.

The bank provided a 50% first mortgage, and a bridge lender which provided the remaining 35% second mortgage based upon the SBA approval which will be funded by a local CDC upon Certificate of Occupancy.

The first mortgage has an interest rate of 10%, and the bridge debenture has an interest rate of 8.5%, based on a 10-year term and 20-year amortization. The loan-to-value is 72% and the loan-to-cost is 85%. The 120-room hotel was built in 1985, and is located at 8222 Jamaican Court, Orlando, Florida.

For further information, please contact:
John Worrell, (407) 937-0470, jworrell@tdwood.com
Doug Rozzell, (407) 937-0470, drozzell@tdwood.com
Jessica Gurtowski, (407) 937-0470, jgurtowski@tdwood.com

NAI Realvest's George Livingston Sees Mixed Signals on Economy

ORLANDO, FL- Veteran commercial real estate and investments analyst George Livingston, (top right photo) chairman emeritus of NAI Realvest in Maitland, said the Federal Bank of Atlanta’s recent economic update reports mixed signals on the U.S. economy but good news for the U.S. housing market.

While consumer gauges---the U.S. Consumer Confidence Index and the University of Michigan’s Consumer Sentiment Index---showed declines, capital goods orders increased modestly in June for the first time in more than a year.

Two major housing indices may signal a bottoming of the housing slump and the path toward recovery. The widely respected Case-Shiller Home Price Index was up, Livingston said, and new and existing single-family home sales were up in June for the third month in a row---and higher than industry expectations.

“It appears the housing market may be recovering and the rest of the economy is lagging,” said Livingston.

For more information, contact:
George Livingston, Chairman Emeritus, NAI Realvest, 407-875-9989, glivingston@realvest.com
Patrick Mahoney, President, NAI Realvest, 407-875-9989, pmahoney@realvest.com
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com

Wyndham Hotel Group Appoints Global Sales Executive

PARSIPPANY, NJ – Wyndham Hotel Group, the world’s largest hotel company with more than 7,000 hotels and 11 brands, has promoted long-time Wyndham® brand employee Carla Dunn (top left photo) to vice president of Global Sales for transient and specialty markets, including corporate travel planners and travel agents.

Dunn will direct the global management of relationships with key industry clients and segments, including travel management companies, consortia, business travel, government travel, member benefits, tour, wholesale, transportation and sports and leisure.

A sales and marketing professional with expertise in competitive market assessment, strategy and sales team development, she joined Wyndham Hotel Group in early 2008 as area director of sales for the Wyndham brand, responsible for leading sales efforts for the brand’s portfolio of franchised hotels.

“Carla has a strong track record of ensuring growth for major company accounts,” said Ross Hosking, (bottom right photo) Wyndham Hotel Group executive vice president of Global Sales.


“Her first-hand knowledge of the lodging industry and expertise in the area of sales will serve Wyndham Hotel Group well as we look to expand our hold on key transient and specialty market accounts.”

Dunn has previously served in corporate and property level sales positions for multiple national and international hotel companies, including Remington Hotels in Dallas, the Procaccianti Group in Cranston, R.I. and the former Wyndham International in Dallas.

CONTACT:
Rob Myers, Communications Coordinator, Wyndham Hotel Group, 22 Sylvan Way, Parsippany, NJ 07054. PH 973-753-6590, rob.myers@wyndhamworldwide.com

HFF secures $23.73M financing for Sydney, Australia multifamily facility

Triad Group of Boston brokers the transaction

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it secured $23.73 million in financing on behalf of TJAC International for a multifamily housing facility in Sydney, Australia. (skyline photo centered below)

HFF director Anthony Cutone (bottom right photo) worked exclusively on behalf of the borrower, TJAC International, to arrange the construction/permanent loan through CTL Capital, LLC. Andrew Mann, a partner at The Triad Group, represented the buyer, TJAC International, in the sale.

The property will be located at 15 Regent Street in Sydney, Australia. When completed, the property will consist of a seven-story structure with two levels of underground parking.

The building will include 44 residential apartment units and approximately 2,500 square feet of street-level retail.

The Triad Group, who exclusively represented TJAC International, was initially started by the late Richard Sternberg in 1985 and grew into one of the nation’s most respected retail real estate firms.

Now in 2009 under the leadership of Michael Sternberg and Andy Mann, The Triad Group has re-emerged and is poised to take its place among industry leaders; now with a global reach.

A full-service real estate firm with experience worldwide, The Triad Group offers clients a complete scope of services from landlord and tenant representation to construction and the long-term management of assets.

Recent transactions range from Boston-based retail and office leases to international buyer representation with projects throughout Europe, the United Kingdom and Australia. The Triad Group differentiates itself from competition by offering a truly one stop shop for all real estate needs

Contacts:

Anthony Cuton, HFF Director, (617) 338-0990, acutone@hfflp.com

Andrew Mann, The Triad Group Partner, (617) 739-0009, amann@thetriadgroup.com

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

Florida's Existing Home, Condo Sales Up in July

ORLANDO, FL/PRNewswire/ -- Florida's existing home sales rose in July - the 11th month in a row that sales activity increased in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors (FAR).

Statewide existing home sales in July also rose over the previous month's sales level.Existing home sales rose 37 percent last month with a total of 15,882 homes sold statewide compared to 11,595 homes sold in July 2008, according to FAR.

Statewide existing home sales in July increased 0.2 percent over June's statewide activity.

Florida Realtors also reported a 48 percent rise in statewide sales of existing condos in July.Eighteen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in July; the same number of MSAs also showed gains in condo sales.


A majority of the state's MSAs have reported increased sales for more than a year (13 consecutive months).

To gain insight into current trends in Florida's real estate industry, the University of Florida's Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts.


According to the recent second quarter 2009 survey, investor confidence in the outlook for business and availability of money are reasons for cautious optimism.

"I think we're on the road to recovery and even though most markets report they've seen the bottom, it's going to be a long climb," said Timothy Becker (top left photo) , the center's director.


He noted that the investment outlook for single-family development increased to its highest level since the survey began, with more respondents than ever believing it is a good time to buy.



Florida's median sales price for existing homes last month was $147,600; a year ago, it was $193,800 for a 24 percent decrease.



According to housing industry analysts with the National Association of Realtors (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.

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 June 2009 was $181,600, down 15 percent from a year earlier, according to NAR.





(The 41-story, $355M, 200-unit Trump Hollywood condominium, Hollywood, FL, bottom left photo)





In Massachusetts, the statewide median resales price was $306,000 in June; in California, it was $274,740; in Maryland, it was $274,008; and in New York, it was $189,900.Several positive market factors are influencing the housing sector, notes NAR's latest industry outlook.



"Historically low mortgage interest rates, affordable home prices and a large selection are encouraging buyers who've been on the sidelines," said NAR Chief Economist Lawrence Yun. (middle right photo)

"Activity has been consistently much stronger for lower priced homes. We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions."In Florida's year-to-year comparison for condos, 5,035 units sold statewide compared to 3,396 units in July 2008 for a 48 percent increase.


The statewide existing condo median sales price last month was $108,300; in July 2008 it was $168,700 for a 36 percent decrease.

The national median existing condo price was $183,300 in June 2009, according to NAR.Interest rates for a 30-year fixed-rate mortgage averaged 5.22 percent last month, down significantly from the average rate of 6.43 percent in July 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 smaller markets, the Pensacola MSA reported a total of 371 homes sold in July compared to 321 homes a year earlier for a 16 percent increase.



The market's existing home median sales price last month remained level compared to a year ago at $157,800. A total of 48 condos sold in the MSA in July, up 23 percent over the 39 units sold in July 2008. The existing condo median price in July was $250,000; a year earlier, it was $325,000 for a 23 percent decrease.


For a complete copy of the FAR release and full statistics, please contact Marla Martin, Communications Manager, or Jeff Zipper, VicePresident of Communications, both of Florida Association of Realtors,+1-407-438-1400, ext. 2326 or 2314


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

Marcus & Millichap Sells 6,245-SF Single-Tenant Net Leased Building in Fort Myers, FL

FORT MYERS, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Wachovia - Wells Fargo - Ground Lease, (bottom left photo) a 6,245 square foot single-tenant net-leased property located in Fort Myers, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,750,000.

Ron Schultz, (top right photo) an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a national developer. The buyer, a private investor in a 1031 exchange, was also secured by Mr. Schultz.

Schultz utilized the firm’s national marketing platform to procure multiple offers for this asset.



“Buyers are scrambling to safer deals like the Wachovia-Wells Fargo ground lease in Ft. Myers and they are willing to compete”.

“The seller achieved a very aggressive cap rate and a quick close, despite the economy. Buyers are active and deals are still getting done” states Schultz.

Wachovia-Wells Fargo Ground Lease is located at 11801 Palm Beach Boulevard.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Marcus & Millichap Names Rick Raymundo Vice President Investments in Los Angeles Office

LOS ANGELES, CA – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Roderick “Rick” Raymundo (top right photo) to the position of vice president investments.

The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to Stephen D. Stein, first vice president and regional manager in the firm’s Los Angeles office.

Raymundo began his career with Marcus & Millichap in 2002, specializing in the sale of multi-family properties in the San Fernando Valley.


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

HFF secures bridge and mezzanine financing totaling $49M for Class A office tower in Hartford, CT

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) has secured $49 million in bridge and mezzanine financing for CityPlace I, (top right photo) an 885,000-square-foot, Class A office tower in Hartford, Connecticut.

HFF senior managing director Dana Brome (lower left photo) and senior analyst Carlos Febres-Mazzei placed a $39 million, three-year adjustable-rate bridge loan with People’s United Bank and a $10 million mezzanine loan through Buchanan Street Partners.

Located at 185 Asylum Street, CityPlace I is situated in Hartford’s central business district and is recognized as the tallest office building in Connecticut.

The property is 93% leased to tenants including Brown Rudnick, Morgan Stanley, Deloitte, Smith Barney,PricewaterhouseCoopers and United Healthcare Group.

“We are thrilled by the execution of both lenders in what has been an extremely cautious capital market. The local law firms of Mayo Crowe and Bingham McCutchen worked hand-in-hand to deliver a rapid closing for a very complex transaction,” said Brome.

“Given the current challenges in capital markets and the highly structured nature of this transaction, this closing was attributable to the creativity and hard work of everyone involved in the deal,” added Febres-Mazzei.
Contacts:

Dana E. Brome,HFF Senior Managing Director, (617) 338-0990, dbrome@hfflp.com

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