Sunday, January 25, 2015

Marcus & Millichap Completes $11.4 Million Sale in Atlantic County, NJ

  
The Gates at Somers Point Apartments, Somers Point, NJ

  
Nat Gambuzza
SOMERS POINT, NJ – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of The Gates at Somers Point, a 202-unit garden-style apartment complex in Somers Point, N.J.

The commercial real estate asset sold for $11,400,000 or $56,436 per unit.

The property is located on approximately five acres at 555 Shore Road in Somers Point near Shore Medical Center. The complex is composed of five buildings with mature landscaping and a desirable unit mix of mostly two-bedroom units.

Nat Gambuzza, vice president investments, and John Veniero, associate, both in Marcus & Millichap’s New Jersey office, represented the seller, WWW Associates. The buyer, whose name was not released, was also represented by Gambuzza and Veniero.



John Veniero
“The property attracted multiple offers and ultimately the best one was selected based on the purchaser’s track record for repositioning assets, understanding of the market and price,” says Gambuzza. 

Somers Point is a four-square-mile municipality located in the eastern portion of Atlantic County, approximately seven miles southwest of Atlantic City and 60 miles east of Philadelphia. 

It is a residential community well known for its marinas, boating, and fine restaurants.

 For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

Marcus & Millichap Lists Suburban Pensacola, FL Shopping Center at $23 Million


Marc Strauss
 GULF BREEZE, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has retained the exclusive right to market for sale the Sea Shell Collections Shopping Center, a 89,175-square-foot Publix-anchored shopping center in Gulf Breeze, Fla.

The $23 million listing price equates to $258 per square foot.

         “An investor will see upside by leasing the 6,750 square feet of vacant space and the three outparcels,” says Marc Strauss, first vice president investments in Marcus & Millichap’s Fort Lauderdale office. Strauss is representing the seller, Sea Shell Collections LLC.

            Built in 2008, the center is approximately 56 percent anchored by Publix and Publix Liquor, which is signed to retain tenancy through 2028. Supercuts, ReMax, Smoothie King, Marble Slab, Rotolo’s Pizzeria and Roly Poly are among the property’s national tenants.

Sea Shell Collections Shopping Center, Gulf  Breeze, FL
A recently opened Panera Bread restaurant is an outparcel tenant but is not a part of the offering.

 The shopping center is situated on 14 acres with direct access from U.S. Route 98 at 852 Gulf Breeze Parkway in Gulf Breeze on Pensacola Bay across from Pensacola.

The property has several points of ingress and egress and 459 parking spaces. The traffic count is 63,000 cars per day.

“Although Panera Bread is not included in the offering, it is important to note that the restaurant’s sales are above anticipated projections,” Strauss adds. “Panera’s success should encourage future outparcel tenants and has substantially increased traffic to the shopping center.”

The offering includes three outparcels that are 0.5 acres, 0.95 acres and one acre in size. Average household income in the area exceeds $104,000 within a one-mile radius and $112,000 within a three-mile radius.

The Gulf Breeze economy is driven by industry, tourism and retirement. Employment in the area is strong and unemployment is approximately 3.12 percent.


 For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

$28.65 Million San Fernando Valley, CA Office Building Sale Arranged by Marcus Millichap


Tarzana Prfofessional Center, Burbank Boulevard, Tarzana, CA

Earle J. Hyman
TARZANA, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the Tarzana Professional Center, a 160,345-rentable-square-foot office campus in Tarzana, Calif.

The $28,650,000 sales price equates to $178 per square foot.

The 2.33-acre investment real estate asset is located just off Ventura Freeway at the northeast corner of Reseda Boulevard and Burbank Boulevard directly across the street from the Providence Tarzana Medical Center, the top medical center in the San Fernando Valley. 

Approximately 300,000 vehicles pass by the Tarzana Professional Center each day. 

Brandon Michaels, first vice president investments, and Earle Hyman, senior vice president investments, both in Marcus & Millichap’s Encino office, represented the seller, The Moss Group, a family owned and managed Real Estate Investment and Development Company. Michaels and Hyman also represented the buyer, a private LLC.

Brandon Michaels
“The offering provided investors with a rare opportunity to acquire an established professional center in a prime San Fernando Valley location,” says Michaels.

 “This was one of the largest Los Angeles County office transactions to be marketed and closed in 2014.”

            “This is one of the premier commercial transactions in the San Fernando Valley in 2014,” adds Hyman.

The Tarzana Professional Center consists of three multi-story office buildings situated on three separate parcels, all within walking distance of Ventura Boulevard. 

The office buildings are: 18401 Burbank Blvd., two stories, 32,637 square feet; 18425 Burbank Blvd., seven stories, 94,571 square feet; and 18455 Burbank Blvd., five stories, 33,137 square feet.

 At the time of the sale, the Tarzana Professional Center was 85% occupied. There were multiple offers during the brief marketing process. The property closed escrow above the initial list price.

“We were able to create an auction-like environment through the implementation of our accelerated marketing plan, which allowed us to generate multiple offers within the first few weeks of the marketing process,” adds Michaels. “Due to the significant amount of activity we generated in a short amount of time, the property ultimately traded above the list price.”

 For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

Two West Village Retail Condos in Manhattan, NY Trade Hands in $11.35 Million Deal Brokered by Marcus & Millichap


Barbara Dansker
NEW YORK, NY– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of two contiguous retail condominium units occupying 11,505 square feet at the base of a 10-story multifamily condominium on the corner of Carmine Street and Varick Street in Manhattan’s West Greenwich Village neighborhood.

 The two units sold for a total of $11.35 million, which equates to $986 per square foot.

              “One unit was delivered vacant,” says Barbara Dansker of Marcus & Millichap’s Manhattan office. “The buyer may now lease the unit at a market rent in this prime West Village location.”

Zachary Ziskin
Dansker and Zachary Ziskin, also in the firm’s Manhattan office, represented both the seller and the buyer in the transaction.

The vacant retail unit, formerly occupied by an IHOP restaurant, comprises 3,050 square feet with a full kitchen and 100 street-level seats; 4,955 square feet in the basement, which includes a prep kitchen and 120 additional seats; and 1,180 square feet of outdoor space.

The other unit features 3,500 square feet of street-level space and is occupied by Kumon Learning Center, which has less than five years remaining in its lease.

80 Carmine St. is two blocks from the B, D, F and M subway lines.




 For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

Marcus & Millichap Handles $18.6 Million Multifamily Sales in Overland, KS

  
Town Center Aparstments, 6233 West 120th Street, Overland Park, KS

Alex Blagojevich
OVERLAND PARK, KS – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Town Center Apartments, a 156-unit apartment complex located approximately 20 miles southeast of Kansas City in Overland Park, Kan.

The sales price of $18,600,000 equates to $119,000 per unit.

            Built in 1997 on nearly 14 acres, the 176,904-square-foot property is composed of 20 two-story buildings. The complex’s one-, two- and three-bedroom apartments average 1,134 square feet and features nine-foot ceilings with crown molding, in-unit washers and dryers and fully equipped kitchens. Select units have attached garages.

            Alex Blagojevich, vice president investments in Marcus & Millichap’s Tampa office, David Gaines, vice president investments in the Chicago Downtown office, Michael Sullivan, senior associate, and associates Grant Kollman and Brett Meinzer, in Marcus & Millichap’s Kansas City, Kan. office, represented the seller and the buyer.



David Gaines
Greg Bates, associate in the firm’s Kansas City office, is the Marcus & Millichap broker of record for Kansas.

            “Town Center Apartments features some of the largest floor plans in the submarket,” says Blagojevich.

“At the time of the sale, the property was operating at near capacity and is well positioned to continue to do so for the foreseeable future,” adds Gaines.

The complex is located at 6233 West 120th St. in Overland Park, across the street from the world headquarters of Sprint Corp., which employs 8,000 residents of the Kansas City metropolitan statistical area.

“Our combination of regional capital markets knowledge and local real estate expertise has helped us arrange the sale of more than 2,300 mid-market multifamily units for our clients year to date,” notes Meinzer.

 For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

$35 Million Comfort Inn Up For Sale in Midtown Manhattan, NY

  
Comfort Inn Times Square South Area, 305 West 39th Street, Manhattan, NY

Michael Rothstein
NEW YORK, NY – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has retained the exclusive listing to market for sale the Comfort Inn Times Square South Area, a 78-room hotel located a short walk from Times Square in New York City. The price is $35 million.

            Jerry T. Swon and Michael Rothstein, both in Marcus & Millichap’s Manhattan office, and Gordon Allred, in the firm’s Ontario, Calif. office, are representing the seller.

            “The offering combines exceptional national brand recognition for tourism and one of the world’s most popular travel destinations with an opportunity to receive an attractive investment return,” says Allred.

 “Our survey of 16 similarly branded hospitality properties in the local market shows revenue enhancement opportunities and ADR growth potential for this asset.”

Jerry T. Swon
            “As the nearby Hudson Yards development project shifts Manhattan’s center of gravity, the Comfort Inn Times Square South becomes even better positioned to continue its exceptional performance and provide asset appreciation,” adds Swon.

            The Comfort Inn at 305 West 39th St. is within walking distance of New York City’s Theater District, Madison Square Garden, Rockefeller Center, Central Park, Grand Central Station, Penn Station, the Fashion District, the Jacob Javits Convention Center, the Port Authority Bus Terminal and the American Museum of Natural History. Average daily foot traffic in the area is 300,000 people and the hotel’s annual occupancy rate is 93 percent.

            Built in 2007, the Comfort Inn Times Square South Area has a multi-lingual staff, full- service concierge, uniformed security, on-site surveillance cameras, complimentary breakfast buffet, laundry/dry cleaning service, a business center and express check-in and check-out service. 

Madison Square Garden Entrance, New York, NY
Rooms feature high-speed and wireless Internet access, high-definition cable and satellite television, daily maid service, pillow-top mattresses, blackout drapes, air conditioning, sprinklers, smoke alarms, safes and work desks. Select rooms include refrigerators and microwave ovens.

 For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

$10.9 Million Hotel Sale in Mesa, AZ Brokered by Marcus & Millichap


Country Inn & Suites Mesa, U.S. Route 60 and East Superstition Springs Boulevard, Mesa, AZ

Gordon Allred
MESA, AZ – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the Country Inn & Suites Mesa, a 126-unit, interior corridor, mid-rise hotel in Mesa, Ariz.

The $10,910,000 sales price equates to $86,500 per room and represents more than 98 percent of the list price.

            The property is located at the crossroads of U.S. Route 60 and East Superstition Springs Boulevard, five miles west of Phoenix-Mesa Gateway Airport and 22 miles east of Phoenix Sky Harbor International Airport.

            Gordon Allred, first vice president investments in Marcus & Millichap’s Ontario, Calif. office, David Greenberg, vice president investments in Fort Lauderdale, and James Meng, an associate agent in the firm’s Phoenix office, represented the seller, Suites of Arizona, and the buyer, KCS Investment.

David Greenberg
            “This hospitality investment real estate asset is Carlson’s Country Inn & Suites best performer in Arizona,” says Allred.

“We marketed the asset through our national platform of hospitality property investment specialists and a Seattle-based investor in a 1031 exchange recognized the value of owning in the growing Mesa, Ariz. market.”

            “This is another great example of the power of the firm’s collaborative platform,” adds Gregory A. LaBerge, national director of the firm’s National Hospitality Group.

 “Sourcing out-of-area 1031-exchange capital created maximum results for both parties. The sales price met the seller’s expectations and the buyer acquired an asset that suits its strategic growth plan.”

            The Country Inn & Suites Mesa was constructed in 1998 and is located at 6650 East Superstition Springs Blvd. in Mesa, less than a mile from the Superstition Springs Center shopping mall, which includes more than 150 stores and restaurants, a double-decker carousel, an indoor children’s play area, a multiplex movie theater and an outdoor amphitheater.

Gregory LaBerge
Other nearby companies and local attractions include The Boeing Co., Arizona School of Health Sciences, Arizona State University at the Polytechnic campus, Big League Dreams Park, Falcon Field, Golfland Sunsplash amusement park, Gold Field Ghost Town, Canyon Lake and Hohokam Stadium, the longtime baseball spring training facility for the Chicago Cubs.


 For a complete copy of the company’s news release, please contact:


Gina Relva
Public Relations Manager
(925) 953-1716

Second-Largest Single-Property Multifamily Sale in Colorado Springs, CO Arranged by Marcus & Millichap


Sagebrook Apartments, 2555 Rayview Avenue
Northeast Colorado Springs, CO
COLORADO SPRINGS, CO – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Sagebrook Apartments, a 314-unit apartment complex in Colorado Springs, Colo.

The $48,750,000 sales price equates to $155,255 per unit. Marcus & Millichap Capital Corp. (MMCC) arranged $32.3 million in acquisition financing. 

The sale is the second-largest single-property apartment transaction in the history of Colorado Springs.

Jacob Steele
            Clayton Primm, senior associate, Jacob Steele, associate vice president investments, and Nick Steele, associate, all in Marcus & Millichap’s Denver office, represented the buyer, Sagebrook Apartments LLC. The seller is Griffis Residential.

            “Sagebrook Apartments is a high-quality asset located in one of the strongest operating submarkets of Colorado Springs,” says Steele. “The acquisition represents a strong yielding investment with a continuing opportunity to add value via unit upgrades.”

            Philip Gause, director, and Tim DePeder, associate, both in MMCC’s Denver office, arranged $32.3 million in financing for the acquisition.

“We were pleased to leverage our industry-leading capital markets platform in delivering a very competitive self-liquidating loan structure commensurate with our client’s generational investment strategy for the asset,” adds Gause.

Nick Steele
 “Our strong correspondent relationship with the lender enabled us to move quickly through due diligence and deliver a commitment in approximately 30 days from application.” 

The $32,300,000 nonrecourse debt placement was structured as a 30-year fixed-rate fully amortizing loan.

The real estate investment asset is located at 2555 Raywood View in northeast Colorado Springs near Briargate Parkway and Interstate 25.

The Promenade Shops at Briargate, the Briargate business campus, the InterQuest business park, the Pine Creek Golf Club, the Air Force Academy, Memorial Hospital North and the new Penrose St. Francis Medical Center are all within a short drive of the community.

Sagebrook Apartments features one-, two- and three-bedroom floor plans. Units have multiple lines for phone, fax and cable modem, nine-foot ceilings, six-panel doors, walk-in closets, full size washers and dryers, oval garden tubs and covered private patio or terrace.

Clayton Primm
Select units feature gas fireplaces, French doors, twin-basin vanities, private dressing areas, separate pantries, built-in desks and outdoor storage.

Shared amenities at the complex include 24/7 emergency on-call maintenance, a swimming pool, a sunning deck and all-season spa, a fitness center that is open 24 hours a day, a clubroom with Wi-Fi, kitchen, fireplace and flat screen television, an outdoor picnic area with gas barbecues, a coffee bar, a business center, a 24-hour community laundry room and a single-stream recycling program.

 For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

WNC provides $7.5 million in LIHTC equity to fund affordable housing units at new Wiley Plaza

  
North Main Street and East First Avenue, Hutchison, KS

Greg Hand
 HUTCHINSON, KS – WNC, a national investor in real estate and community development initiatives, announced that the renovation of the historic Wiley Building, including the development of 40 affordable housing units, is complete.

WNC provided $7.5 million in low-income housing tax credit (LIHTC) equity to fund the adaptive reuse of the building, originally constructed more than 100 years ago. 

Reintroduced as Wiley Plaza, the property is comprised of ground-floor and mezzanine retail space, five floors of affordable housing units, and two floors, plus a penthouse, of market rate apartments. Wiley Plaza also includes a new multi-level parking garage with 104 parking spaces.

Wiley Plaza’s one-, two- and three-bedroom affordable housing units are open to individuals and families. Common amenities of the elevator-equipped building include on-site management, a community room, fitness center, computer center, elevators and security cameras.

Located at the intersection of North Main Street and East First Avenue, the eight-story building was originally built in 1913 and was expanded twice in the 1930s.

For a complete copy of the company’s news release, please contact:

Julie Leber
Account Manager
Spotlight Marketing Communications
18101 Von Karman Avenue, Suite 330
Irvine CA 92612
949-427-5172, ext. 703
509-338-5676 - cell

Chatham Lodging Trust Announces the Exercise of the Underwriter’s Option to Purchase Additional Common Shares


  

Palm Beach, FL —Chatham Lodging Trust (the “Company”) (NYSE: CLDT) announced that the underwriter of its recent underwritten public offering of common shares of beneficial interest, par value $0.01 per share (“Common Shares”), has exercised in full its option to purchase an additional 525,000 Common Shares, bringing the total number of shares to be issued in the offering to 4,025,000 Common Shares.

 The offering is expected to close on January 27, 2015, subject to customary closing conditions. 

Barclays acted as sole book-running manager for the offering.

For a complete copy of the company’s news release, please contact:

Patrick Daly
Account Supervisor
Daly Gray, Inc.
Office:  (703) 435-6293
Cell:  (703) 300-8289