New Faces at Grubb & Ellis

RetailWorks Principal Michael Dahmer and His Entire Team Recruited for Atlanta

 ATLANTA, GA-- Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Michael Dahmer (top right photo), principal of the highly successful RetailWorks, and his entire team of real estate professionals have joined the company’s Atlanta office, effective immediately.

 The team’s addition greatly expands Grubb & Ellis’ retail leasing and tenant representation capabilities in Georgia.

 Dahmer joins as senior vice president, Retail Group, specializing in shopping centers and mixed-use agency leasing, tenant representation and land sales. 

Also joining the company is Michael Woodruff, senior associate, and Kellie Scrogum, associate. 

Founded in 2004, RetailWorks grew to become the sixth-largest independent retail brokerage in Atlanta and was ranked as one of Inc. Magazine’s “Fastest Growing Small Business” and part of the “Inc. 5000” from 2007 to 2010.  The team brings with them more than 1 million square feet in listings and 15 active tenant representation assignments.

 “The Atlanta retail market is positioned for growth as consumer confidence resurfaces, so the timing of the arrival of Michael and his team greatly benefits our ability to serve clients as they become active again in the space,” said Brett Hunsaker (top  left photo), executive vice president and managing director of Grubb & Ellis’ Atlanta office.

 “Michael and his team are highly regarded within the marketplace and bring many local and national retail relationships.  We’re excited to welcome them to Grubb & Ellis.”

TopTenant Representation Broker Sean Moynihan Joins Atlanta Office

ATLANTA, GA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Sean Moynihan (middle right photo)  has joined the company’s Atlanta office as senior vice president, Office Group, effective immediately. 

 “We’ve been on the other side of the table from Sean negotiating some of the largest leases in the Atlanta area, and we’ve seen the superior level of client service and integrity he brings to each transaction,” said Brett Hunsaker, executive vice president and managing director of Grubb & Ellis’ Atlanta office.  “He is a welcome addition to our growing team and adds tremendous strength to our tenant representation capabilities.”

Moynihan was most recently a managing director at Newmark Knight Frank, where he focused on tenant representation as well as national strategic planning and implementation services for corporate users. 

Contact: Erin Mays, Phone: 312.698.6735                              

Email: erin.mays@grubb-ellis.com

               

Grubb & Ellis Landauer Valuation Advisory Services Opens for Business in Portland, OR and Upstate New York

PORTLAND, OR – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Grubb & Ellis Landauer Valuation Advisory Services is open for business in Portland.  The office is led by 26-year veteran Scott A. Henningsen (lower left photo), MAI, and is one of 24 offices that have opened throughout the country over the past three months. 

 “We’ve seen an incredible demand for experienced real estate appraisers with an in-depth understanding of local commercial real estate dynamics as well as the challenges presented by the current marketplace,” said Douglas Haney (lower right photo), president, Grubb & Ellis Landauer Valuation Advisory Services.

 “Having an office in Portland has been an important part of our overall business plan.  Scott’s long career as an appraiser in the local market makes him an excellent choice to build our organization regionally.”  

Prior to joining the company as managing director, Henningsen spent one year as a vice president in the Real Estate Valuation Services department of Umpqua Bank. 

 To learn more about Grubb & Ellis Landauer’s capabilities and career opportunities, visit www.grubbellis.com/Landauer

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Contact: Julia McCartney, Phone: 714.975.2230

Email:  julia.mccartney@grubb-ellis.com

       

Leading appraisal professional Chris Harland, MAI, will lead the Upstate New York office

EAST GREENBUSH, NY – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Grubb & Ellis Landauer Valuation Advisory Services opened for business in Upstate New York.  The office, based in the Albany area, is led by Chris Harland (bottom right photo) MAI, former founder and president of Capstone Appraisal Group. 

 Harland is joined by his entire team of four appraisers from Capstone, including Mark Grant and Andrea Nazarian as senior appraisers and Stacey Godlewski and Kyle Rueckert as appraisers.

 The Upstate New York office is one of 25 now serving the valuation needs of commercial real estate owners and users as part of Grubb & Ellis’ entry into the valuation advisory business on a national scale.  Harland reports to John Brengelman, senior managing director, Northeast Region.

 Harland, who brings more than 20 years of experience in appraisal, underwriting and analysis, founded Capstone Appraisal Group in 1998 after spending five years in senior appraisal and loan underwriting roles with CB Richard Ellis and Holliday Fenoglio Fowler.  He began his appraisal career at McGrath, Basciani & Associates in 1991. 

For more information, please contact Harland at 518.479.2404.

Contact: Erin Mays, Phone: 312.698.6735                              

Email: erin.mays@grubb-ellis.com

             

Daymark Realty Advisors Secures 215,000-SF Renewal and Expansion with Peabody Energy at Gateway One in St. Louis

ST. LOUIS, MO (Mar. 02, 2011) – Daymark Realty Advisors, Inc., one of the country’s leading providers of strategic asset management and structured finance services to owners of commercial real estate, today announced that it has secured a 15-year lease renewal and expansion with Peabody Energy for a total of 215,362 square feet of office space at Gateway One (top left photo).

Daymark Realty Advisors manages Gateway One, a 15-story, Class A office building located at 701 Market St. in St. Louis’ central business district, on behalf of multiple investment programs and individual owners.

 One of the world’s largest private-sector coal companies and a global leader in clean coal solutions, Peabody Energy utilizes the space at Gateway One as its corporate headquarters. 

The Fortune 500 company produced nearly $7 billion in revenue during 2010 and increased its St. Louis workforce by 12 percent, bringing the total number of employees located at the corporate headquarters to more than 500 spread throughout seven floors.

  Peabody Energy will take occupancy of an additional two floors totaling 56,174 square feet of space in July, increasing the building’s occupancy rate to 96 percent.  The company has been a tenant of the property since 1991 and acquired naming rights, which have yet to be announced, as part of the new lease agreement. 

 “With this expansion, Peabody Energy will occupy more than 50 percent of Gateway One,” said Robert Assoian, (middle right photo) executive vice president, asset management, Midwest.  “The company has been a local economic anchor and civic leader in St. Louis for more than 50 years and we are thrilled to have them stay and expand within this trophy property.”

Offering 409,920 square feet of space, Gateway One is located on the Gateway Mall, providing spectacular unobstructed views of the Gateway Arch and the Mississippi River from all floors.

The property is within walking distance of the Thomas F. Eagleton Federal Courthouse (lower right photo) and the St. Louis Cardinals ballpark, Busch Stadium.  It is also within close proximity to the CBD’s premier hotels, retail establishments and Interstates 64 and 70. 

 The Building Owners and Managers Association has recognized Gateway One as one of the premier and best managed properties in the market, awarding it the Midwest Northern Regional TOBY (“The Office Building of the Year”) in 2008 and the St. Louis TOBY from 2008 to 2010 for properties offering between 250,000 and 499,999 square feet of space. 

Other tenants of Gateway One include Northwestern Mutual Life Insurance Company, Morgan Stanley Smith Barney LLC, Marsh Mercer, and Gray Ritter & Graham P.C.

 Rena Boyer, (middle left  photo) CPM, vice president, Colliers | St. Louis, serves as the on-site property manager of Gateway One.  Tony Kennedy, senior vice president, Colliers International, serves as the leasing agent.

Daymark Realty Advisors, Inc. is one of the country’s leading providers of strategic asset management and structured finance services to private and institutional owners of commercial real estate. 

 Daymark provides a fully integrated platform of services that focus on maximizing property value and performance, and offers proven expertise in the repositioning of distressed assets, debt restructuring and property recapitalizations.

  From six offices throughout the country, Daymark manages a nationwide portfolio of commercial real estate properties totaling approximately 33.3 million square feet, including more than 8,700 multifamily units, valued at $4.9 billion. 

For more information regarding Daymark, please visit http://www.daymarkrealtyadvisors.com/

Contact:  Damon Elder, (714) 975-2659, delder@DaymarkRA.com

HFF arranges refinancing for Magnolia Hotel in Dallas

DALLAS, TX – HFF announced today that it has arranged a refinancing for the Magnolia Hotel (top left photo), a 29-story, 329-room hotel in Dallas’ central business district.

HFF worked exclusively on behalf of the borrower, Magnolia Hotels, to secure the 10-year fixed-rate loan through JP Morgan Chase Bank, N.A.   

Originally built in 1921, the property served as the headquarters for Mobil Oil’s predecessor, Magnolia Petroleum Company, until 1997 when it was renovated into the Magnolia Hotel. 

The property is located at 1401 Commerce Street across from AT&T’s world headquarters and within close proximity to the Dallas Convention Center, the American Airlines Center, the Dallas Museum of Art and the flagship Neiman Marcus department store.

 Along with the 329 guest rooms and suites, the Magnolia Hotel features 9,500 square feet of meeting space, a fitness center, business center and the Magnolia Club restaurant and lounge.

“The refinancing was made possible by the strong performance of the Magnolia Hotel Dallas coupled with the outstanding efforts by JP Morgan and HFF,” said Chris Scheer, CFO for Magnolia Hotels.

The HFF team representing the borrower included senior managing director Dan Peek (middle right photo) and directors Travis Anderson and John Bourret.

Magnolia Hotels is a privately-held hotel management and development company headquartered in Denver, Colorado.  The current portfolio of Magnolia Hotels is comprised of four-star, award-winning independent boutique hotels, all situated in historic buildings and prime downtown locations in Dallas, Denver, Houston and Omaha.

Contacts:

Daniel Peek, HFF Senior Managing Director, (305) 448-1333, dpeek@hfflp.com

Travis Anderson, HFF Director, (214) 265-0880, tanderson@hfflp.com

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

January Hotel Room Tax Collections Grow in Orange County, FL

 ORLANDO, FLORIDA -- County Comptroller Martha Haynie (top right photo) announced today that resort tax collections received by the County for the hotel collection month of January 2011 were $12,559,300.

 Resort taxes are charged on short-term rentals, mostly hotels and motels.

Comptroller Haynie noted that January 2011 collections were seven percent higher than January 2010.

 “Tourism continues to be the bright spot in our local economy,” Haynie stated.

For a copy of the month’s statistics, please contact Martha O. Haynie (407) 836-5690

McCandless Named Operations Manager at D & A Waterproofing Services

 LONGWOOD, FL, Mar. 1, 2011 — John (Jamie) M. McCandless (top right photo) has been appointed operations manager at D & A Waterproofing Services Inc.

McCandless joins D & A Waterproofing with 17 years of facility experience. He is responsible for daily operations as well as sales and business development.

 Previously, he was a superintendent at the Orlando, Fla., office of B E & K Building Group. 

D & A Waterproofing Services Inc. is headquartered in Longwood, Fla. With a staff of 15 waterproofing professionals and support staff, the Company provides services to public and private building owners and managers.

 Services include building audits, epoxy injection, crack repairs, chemical grouting, caulking, sealing and glazing, above- and below-grade waterproofing, concrete repair and protection, total façade restoration, painting, coatings, expansion and control joints, and floor repairs and sealing.

PR Contact: Elaine Ingra, (407) 384-1344 elainei@pr-works.com

GID Urban Development Group Breaks Ground on Manhattan II, a Premier Residential Development in Downtown Denver

                                               

BOSTON, MA – MARCH 2, 2011 – GID Urban Development Group, an affiliate of The General Investment & Development Companies (GID) today announced that construction has begun on Manhattan II, a premier residential multifamily development in downtown Denver.

The 134-unit luxury apartment building is located in Riverfront Park, an urban master planned mixed-use neighborhood consisting of lofts, condominiums, apartments, shops, restaurants, services, and public open spaces.

 The project is owned within a joint venture consisting of GID and an institutional pension fund investment partner. The new development represents the second phase of the Manhattan, an adjacent 236-unit multifamily building also owned by the same joint venture.

The site is located immediately north of Denver’s downtown, the lower downtown district (LODO), and Union Station.

Manhattan II is within close walking distance to Coors Field, Pepsi Center, Invesco Field, Millennium Bridge, the Museum of Contemporary Art and the Elitch Gardens amusement park.

The project also benefits from its adjacency to outstanding open space and recreational amenities such as the new 25-acre Commons Park, the 29 acre City of Cuernavaca Park, and the South Platte River. 

“The combination of extremely limited new supply, dramatically reduced construction costs and rising rents makes this an ideal time to develop a new luxury property on a premier urban site in downtown Denver,” said James Linsley, President of GID Urban Development Group.

 “Manhattan II is an exciting multifamily project that offers first-class amenities rivaling that of any other residential development in the area.” 

Designed by Niles Bolton Associates, Manhattan II consists of a total gross area of approximately 267,000 square feet. The development will include 77 one-bedroom units, 49 two-bedroom units and 8 two-bedroom plus den units, as well as an underground private parking garage with 210 parking spaces.  Construction of Manhattan II is anticipated to be completed in August 2012.

Contact:

GID Urban Development Group, 125 High Street Boston, MA  02110

Rubenstein Public Relations, Alan Segan, Telephone: 212-843-8064

Email: asegan@rubensteinpr.com

Glen Kunofsky Named One of Marcus & Millichap’s Top Investment Specialists Nationwide

 ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced its top investment specialists for 2010. Glen Kunofsky (top right photo) of Marcus & Millichap’s Manhattan office ranked No. 2 out of more than 1,200 investment specialists nationwide and he was also the top-ranked single-tenant retail agent in the firm.

“We are extremely proud to recognize Glen Kunofsky as one of the firm’s top-ranked agents and as the top retail investment specialist for the fourth consecutive year,” says John J. Kerin (middle left photo), president and chief executive officer of Marcus & Millichap.

 “Glen’s consistent excellence is a testament to his dedication to providing the highest quality advisory services to his clients and is a reflection of his exceptional transaction expertise and unrivaled knowledge of the retail market.”

Kunofsky joined Marcus & Millichap in June 2001 and was promoted to senior vice president investments in August 2008. He is a senior director of the firm’s National Retail Group.

Kunofsky facilitated transactions valued at approximately $200 million last year.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Carter to Renovate Historic Building at Spelman College in Atlanta

ATLANTA (Mar. 1, 2011) – Carter announced today it has been selected as program manager for the renovations to Laura Spelman Rockefeller Memorial Hall located on the historic oval on Spelman College’s campus (top left photo).

The 20,000-square-foot mixed-use renovation will include study space and technology space on the main level and a 40 bed student housing area on the second and third floor.

The historic building was designed by Hentz, Reid & Adler and completed in 1918.  The original home of the college’s Home Economics program, it was converted to the school of nursing in 1930. Most recently the building has been used for a child development center on the ground floor and student housing. 

“It is both an honor and a privilege to work on a building that was originally designed by Hentz, Reid & Adler on Spelman College’s historic campus,” said Gary Paetau, (middle right photo)  senior vice president with Carter. “We are looking forward to working with Spelman on renovating this facility that plays such an important role in the college’s rich history.”

Menefee + Winter is the architect for the project and Winter Construction Company is the general contractor.  The project is seeking LEED silver certification and is slated to be completed in July 2012.

 For additional information on Carter, please visit http://www.carterusa.com/.

Contact: Laura Dudebout, (678) 642-4301,

ldudebout@wilbertnewsstrategies.com

Stephen Pearlman Joins Molinaro Koger as Managing Director, Capital Markets Group

 WASHINGTON, D.C., Mar. 1, 2011—Officials at Molinaro Koger (MK), the global hotel-exclusive real estate brokerage, advisory and capital markets firm, today announced that Stephen J. Pearlman (top right photo) has joined the firm as managing director, Capital Markets Group.

  Pearlman is based in the firm’s New York office and, along with MK’s two other senior financing experts, Pierre Ranjeva, vice president, and Randy Gray, vice president, will focus on both domestic and international capital markets.  

“As the global hotel real estate industry gains traction, financing will be the key component to move from recovery mode to fueling growth, be it balance sheet re- capitalization, construction/renovation and acquisition financing or refinancing,” said Robert T. Koger, (middle left photo) MK president. 

“Hotel financing has become increasingly complex.  Sourcing and make-up of the capital stack is constantly changing, and we will remain on the cutting edge.

“ Our team has the expertise to lead the entire capital raise process—from executing sponsor requirements, through negotiations of terms and covenants, to helping close the debt or equity transaction on single assets to multi-national hotel portfolios.

“Steve has worked in all areas of finance with some of the industry’s most prestigious firms and has completed more than $8 billion in financing transactions, including raising debt and equity in a variety of structures, handling loan portfolios and workouts and restructuring,” he said.

 “His in-depth expertise in hotel real estate financing adds greatly to our bench strength in this critical area.”

Prior to joining MK, Pearlman was senior managing director at Beacon Hospitality Partners, a global hospitality asset management, advisory and transactional practice. 

 For further information about the company or current hotel property offerings, call 703.760.9600 or visit the company’s website http://www.mkhotels.com/.

Contact:  Jerry Daly, Chris Daly, Patrick Daly, (703) 435-6293.

chris@dalygray.com, jerry@dalygray, patrick@dalygray

Watt Commercial Signs Two Retail Leases in California

 NORWALK, CA--Watt Commercial Properties, a leader in developing, redeveloping and managing community shopping centers in urban markets throughout the Southwest, has announced that it has signed 5R Health to a 3-year lease for 1,105 square feet of space at Norwalk Plaza (top left photo), an 119,685 square foot retail center located at 11660-11790 Firestone Blvd in Norwalk, Calif.

Peter Kay of Wilson Commercial represented the landlord, Watt Commercial, in the transaction.  The tenant represented itself.  Norwalk Plaza is 85 percent leased to several high profile tenants including Northgate Market, TJMaxx (in the process of being converted from AJWright), Subway and Wells Fargo.

 Watt Commercial Properties, a leader in developing, redeveloping and managing community shopping centers in urban markets throughout the Southwest, has announced that it has signed Snowhouse Moments Cafe to a 4-year lease for 1,014 square feet of space at Bell Palm Plaza (bottom right photo), an 84,848 square foot retail center located at 6201 Atlantic Avenue in Bell, Calif. 

The landlord, Watt Commercial, was represented in-house by Karin Gilbert.  The tenant represented itself.  Bell Palm Plaza is 89 percent leased to several tenants including Bell Palm Plaza Medical, Bell Plaza Pharmacy and Bell Beauty Supply.

 Contact: David Ebeling, Ebeling Communications, (p) 949.861.8351,

(c) 949.278.7851, david@ebelingcomm.com

Winter Blizzards Lead to Sharp Increase in Central Florida Second Home and Vacation Home Shoppers

ORLANDO, FL --- Waves of record-setting harsh weather and blizzards across the northeast, midwest and Canada are having a warming effect on Central Florida’s second home and vacation home market.

Roger Soderstrom (middle  right photo), founder and owner of Stirling Sotheby’s International Realty in Orlando, said his firm’s sales agents are receiving a record number of calls and internet leads from serious northerners who want a piece of our sunshine and warm weather.

“The severe weather up north has had a very positive impact on sales in the Orlando region,” Soderstrom said.

It isn’t just cold temperatures that are driving sales.

“At the same time as an increasing number of northerners want a respite from frigid temperatures, interest rates are at historic lows and best of all, Florida property prices down 40-60 percent from the market peak,” said Soderstrom.

That combination of motivated sellers and icy incentives is generating a stream of new prospects and serious home buyers from Canada, Illinois, Michigan, New York, New Jersey and other regions of the country, Soderstrom said.

In addition to a great selection of retail priced resale homes, an inventory of bank owned foreclosures and short sales have contributed to the buyer surge, Soderstrom said, and new home builders have slashed their costs in order to price new homes competitively.

“A buyer can find a second home or vacation home in the Orlando region or near the beaches today for about the price they would have paid in the late 1990s,” Soderstrom said.

“Demand is slowly catching up to supply, and with this new surge in buyer inquiries from winter visitors, Florida’s real estate economy could see a dramatic uptick this year,” he said.

For more information, contact:  

Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890; rsoderstrom@stirlingSIR.com

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

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Plaza Advisors Announces the Sale of a Free-standing Walgreens Building in Cape Coral, FL

 TAMPA, FL--Plaza Advisors is pleased to announce the recent sale of a Walgreen’s store in Cape Coral, Florida. This building totals 14,820 square feet and is situated at the intersection of Pine Island Road and Burnt Store Road in Lee County.

 Plaza Advisors represented the seller in the transaction and co-managing partners Anthony Blanco and Jim Michalak, together with Senior Associate Lenard Williams, were involved in the engagement. 

The purchaser was a private individual and was represented by Cassidy Turley BRE Commercial.  The sale of this property marks the third freestanding Walgreen’s sale by Plaza Advisors in the past twelve months.

Contact:

Anthony Blanco, 305-629-3606, FAX: 305-647-6441, Anthony.Blanco@plazadvisors. Com

Jim Michalak, 813-837-1300, FAX: 813-831-2627,

Jim.Michalak@plazadvisors.com

  http://www.plazadvisors.com/

Retail Lagging Rest of Commercial Real Estate Recovery

Vacancy Rate at Strip Malls Expected to Top Record High This Year

ATLANTA, GA, Mar. 1, 2011 – The retail segment of commercial real estate has not yet hit bottom, and when the recovery does start, it is going to be slow, according to Victor Calanog (top right photo), director of research at Reis.

The vacancy rate at strip malls ended 2010 at 10.9 percent, and Calanog said he fully expects this year it will surpass the all-time record of 11.1 percent, set in 1990.

Calanog made his comments while a guest on the “Commercial Real Estate Show,” a radio show hosted by Michael Bull (middle left photo) on Biz 1190 WAFS in Atlanta and available to a national audience via download (hotlink) at www. CRE.com.

.Calanog said retail woes are tightly linked to home ownership. Many retail centers were developed to service new subdivisions. Too many homes now are in foreclosure, sitting empty or underwater, leaving their owners without discretionary income to go shopping.

Retail is not going to see a significant recovery until job growth and consumer confidence improve meaningfully, he said.

 “We are going to be hugging the bottom for quite a while,” he said. “It is not going to be a V-shaped recovery.”

The next “Commercial Real Estate Show” which will air March 5 will focus on the restaurant industry. Guests will include Harold Shumacher from The Shumacher Group; Marianna McCabe with Chick-fil-A; and Pierre Panos, founder of Fresh to Order (f2o) and Brookwood Grill.

 Contact:  Midd Read, mread@wilbertnewsstrategies.com

Carter Sells North Atlanta Publix Center

ATLANTA, GA) – Carter, one of the country’s leading commercial real estate service providers, investors and advisors, has brokered the sale of the Oglethorpe Crossing shopping center (top left photo) just north of Atlanta.

Carter’s Retail Investment Sales Group negotiated the sale of the Publix-anchored center at 3435 Ashford-Dunwoody Road on behalf of seller REES 52 LLC of Atlanta.

An Atlanta-based private equity group paid an undisclosed amount for the 58,000-square-foot center.

The shopping center was 98 percent leased at the time of the sale. In addition to Publix, CVS/Pharmacy is a co-anchor tenant.

Carter’s Retail Investment Sales Group, led by Drew Fleming and Mark Joines, noted the strong and continued investor appetite for grocery-anchored centers.

“Investors are desperately seeking well-located grocery anchored shopping centers with credit tenants such as Publix and CVS,” Joines said. “We don’t expect the demand for these types of centers to wane any time soon.”

For additional information on Carter, please visit http://www.carterusa.com/

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Contact: Laura Dudebout, (678) 642-4301

ldudebout@wilbertnewsstrategies.com

Younan Properties Successfully Completes Two WestLake Park Sale in Los Angeles

LOS ANGELES, CA,  Feb. 28, 2011 ‐‐‐Younan Properties, Inc., a fully‐integrated, national real estate owner and operator of Class A office buildings in five major U.S. office markets announced that it has completed the disposition of Two WestLake Park (top left photo) in Houston.

KBS Realty Advisors has acquired the 455,142 square foot, high rise located in WestLake Park, long considered the epicenter of Houston's dynamic Energy Corridor submarket.

"Two WestLake Park is a Class A property located in a historically strong submarket with a premier tenant base and consistently strong occupancy," said Zaya Younan (middle right photo), Chairman and Chief Executive Officer. "This sale aligns with our goal to opportunistically dispose of certain assets and continue to deliver strong financial results to our investors and re‐deploy our capital."

"The Houston market is an extremely strong and important market to us," added Younan. "We intend to continue our growth in Houston through acquisitions where we can add value by leveraging our operational and leasing strength."

H. Dan Miller (lower left photo), Senior Managing Director of Holliday Fenoglio Fowler (HFF), represented Younan Properties in the sales transaction. "The Younan team acted with professionalism and integrity throughout the entire process of this disposition, making for a smooth and seamless transaction," said

Miller.

Designed by Skidmore, Owings & Merrill and developed by Hines Interests in 1982, WestLake Park is recognized as the pre‐eminent office park within west Houston due to its location, construction quality and amenity base.

Sitting on 5.4 acres, the Two WestLake Park office building complex includes the 17‐floor office building, a seven‐level parking garage, and the WestLake Club, a private, 67,000 square foot social and athletic club.

 With an overall occupancy of 97.0%, Two WestLake Park boasts a premier roster of tenants including ConocoPhillips, British Petroleum, Merrill Lynch, Raymond James and Marubeni‐Itochu.

With this disposition, Younan Properties will own and manage 10 office properties in Houston including Norfolk Tower in the Greenway submarket; 1700 Younan West Loop South in the Galleria submarket; Shepherd Place in the Inner Loop/River Oaks submarket; Younan Place in the Westchase submarket; Younan Square in downtown Houston; Younan Tower, Bridgewood I, Bridgewood II and Greenbriar Place in the Greenspoint/North Belt submarket, and Younan Plaza in Regency Square.

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

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Contact: Denise Davis, 818.703.9600 x 9705

Ddavis@younanproperties.com

http://www.hfflp.com/

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Hersha Hospitality Management Establishes Partnership with Clean the World to Help Fight Hygiene-Related Deaths

PHILADELPHIA, PA,  Feb. 28, 2011 – Hersha Hospitality Management, operator of upper-upscale, upscale, and mid-scale branded and independent hotels in major metropolitan markets, today announced that the company will partner with Clean the World, an Orlando, Fla.-based non-profit organization, to help fight the spread of preventable diseases around the world.

 Hersha’s partnership with Clean the World plans to annually provide more than 1,000,000 bars of recycled soap and 500,000 bottles of recycled shampoo, gels and lotions for distribution to children and families worldwide.  Hersha will be the largest hospitality management company to partner with Clean the World since its founding.

Through this partnership, Hersha plans to annually provide approximately 9,000 children with soap for an entire year and 4,500 children with bottled amenities for an entire year.  In addition to preventing countless deaths due to poor hygiene, Hersha’s partnership with Clean the World plans to divert approximately 90 tons of waste from landfills annually.

The program will be implemented by Hersha Hospitality Management, and plans to include a portfolio encompassing more than 10,000 rooms.  Rollout of the program began in the fall of 2010, and full adoption by the remaining properties is expected over the coming year.

“Hersha developed EarthView, our sustainable hospitality program, because stewardship of our local and global communities is one of the guiding values we embrace as a company,” says Naveen P. Kakarla (top right photo), President and CEO of Hersha Hospitality Management.

 “Our new partnership with Clean the World complements the mission and goals of EarthView.  We understand the global demand for soap and other hotel hygiene products, and we want to leverage our resources to help save the lives of people who are suffering from poor hygiene and improper sanitation.”

“Hersha Hospitality Management understands the value of the Clean the World program and its essential role in our goal to advance a global hygiene revolution,” said Shawn Seipler (middle left photo), Executive Director at Clean the World.

 “By expanding this program throughout their entire portfolio, Hersha and EarthView will solidify their reputations as industry leaders for environmental sustainability, and serve as an inspiration for other hotel partners to follow with their own green initiatives.”

 Additional information about HHM may be found at http://www.hershahotels.com/

.For more information on Clean the World,  visit: http://www.cleantheworld.org/

 Contact: 

Bennett Thomas, Vice President of Finance and Sustainability, Hersha Group, (215) 238-1046

Jerry Daly, Chris Daly, Media, (703) 435-6293, chris@dalygray.com

Crossman & Company Names Former Orange County Mayor Rich Crotty Executive Vice President

ORLANDO, FL --- Crossman & Company, which is one of the largest retail leasing and management firms in the Southeast, recently appointed former Orange County Mayor Rich Crotty (top right photo) Executive Vice President in a move that will enhance the company’s leadership role in the industry and facilitate continued growth throughout the Southeast, said the company’s president.

John Crossman (lower left photo), President, said Mayor Crotty is one of the most recognizable and powerful people in the State of Florida, and will be able to offer some insight and leadership that will help propel the company into the future.

“We are a strong, growing company, and Mayor Crotty brings a level of experience, maturity and leadership that will substantially enhance our capacity to serve our clients throughout the Southeast,” said Crossman, a frequent speaker at regional and national retail conferences who is widely regarded as one of the industry’s leading experts.

Crossman said Mayor Crotty’s public service experience–14 years in the Florida legislature and 19 years in Orange County government, including two terms as Orange County Mayor– may open doors, but his strategic skills will prove more valuable.

“Mayor Crotty tends to look at the longer term and the bigger picture,” Crossman said. “He brings a perspective to this industry that is already facilitating opportunities to increase business, create jobs and help Florida recover from this recession.”

For more information,  contact:

John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

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Hunter Realty Receives Four Top Broker Honors from Hotel Brokers International

ATLANTA, GA Feb. 28, 2011—Hunter Realty, a nationwide hotel investment advisory firm, recently received four top honors for excellence in hotel real estate brokerage in 2010 from Hotel Brokers International, the world’s leading hotel real estate sales organization.   The awards and recipients are:

·         Broker of the Year—Hunter Realty’s president, Teague Hunter (top right photo), CHB, accepted the award on behalf of the seven-office firm.  It is the third consecutive year that Hunter Realty has taken the award.

 “We took a contrarian stance several years ago and added new offices and associates while others were shrinking, and the strategy has paid off,” said Hunter.

“We expect to set a record in transactions in 2011, both in the full-service and select-service segments.  We now are a truly national firm and have significantly increased our bench strength and relationships within the industry with owners, buyers, brands and capital providers.”

·         Salesperson of the Year—For the second straight year, Kyle Stevenson (middle left photo), senior vice president and head of Hunter’s Washington, D.C. office, received the top individual sales honor.

 “Kyle is a great sales professional and team player,” said Lee Hunter (middle right photo) CHB, ISHC, chief operating officer of Hunter Realty.  “He brings significant expertise in financing and provides our clients with valuable insights into markets, trends and pricing.”

              New Associate of the Year—Gary Mills (lower left  photo),  vice president and head of the firm’s Dallas office, received top honors for his 2010 sales results as a new member in the HBI association in 2011.  “Gary’s background and strong relationships with hotel owners and operators were instrumental in quickly bringing our Dallas office into full production,” said Lee Hunter.

·         Unique Deal of the Year—The firm notched the unique deal with the sale of two adjoining downtown Atlanta hotels to Georgia State University.  The transaction, which encompassed 453 rooms in two hotels adjacent to the university campus, created a win-win situation by providing much-needed student housing at an attractive price below replacement cost and a fair value for the seller’s real estate in a challenging market.

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

  patrick@dalygray.com, jerry@dalygray.com