Wednesday, March 26, 2008

Marcus & Millichap Lists 112-Unit Apartment Community in Chandler, AZ for $14.5M

CHANDLER, AZ– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Desert Jewel, a 112-unit multi-family community in Chandler. The listing price of $14.5 million represents $129,464 per unit.

Darrell Moffitt, a senior investment associate and senior director of Marcus & Millichap’s National Multi Housing Group in Phoenix, is representing the seller, Avtar and Satya Verma.

“Desert Jewel offers an investor the opportunity to acquire a turn-key apartment community featuring large units in the very desirable Chandler market,” says Moffitt.

Located at 2800 North Arizona Ave., the 115,900-square foot apartment community consists of four two- and three-story buildings situated on a 4.23-acre lot.

Built in 2003, there are 80 units in the apartment community, with 32 additional units scheduled to be completed this year. Desert Jewel boasts a mix of one-, two- and three-bedroom units. Unit amenities include washers and dryers in all units, fireplaces in selected units, ceiling fans, fully equipped kitchens, air conditioning and nine-foot ceilings. Community amenities include a swimming pool, spa, barbecue area and a clubhouse.

Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road, Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710

Marcus & Millichap Sells Three-Property Portfolio in Fort Lauderdale, FL for $22.2M

FORT LAUDERDALE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the Broward Office Flex Portfolio, which includes three sites totaling 207,737 square feet in Fort Lauderdale. The sales price is $22.2 million.

Douglas K. Mandel, (photo at right) an associate vice president of investments and associate director of Marcus & Millichap’s National Office and Industrial Properties Group (NOIPG) in Fort Lauderdale; Ben Holzhauer, (photo at left below) a senior associate and member of the firm’s NOIPG in Fort Lauderdale; Richard Matricaria, a vice president of investments in the firm’s Fort Lauderdale office; and Adam Tiktin, a vice president of investments and director of the firm’s National Office and Industrial Properties Group in Miami, represented the seller, Jamie Danburg. Marcus & Millichap also represented the buyer, Mizzen LLC.

“The Broward Office Flex Portfolio offered the buyer the opportunity to acquire approximately 20 percent of the competing office flex space with this central, in-fill suburban office market,” says Mandel. “Continued population and business growth in the market, as well as economic recovery and land-constraints, will increase demand for these office properties.”
The portfolio is located at three sites situated on approximately 17 acres and includes an office, showroom and warehouse space.

These sites are within a one-mile radius of the Cypress Creek office and industrial submarket and are referred to as: Cypress Creek Executive Court at 2700 W Cypress Creek Road; Powerline Business Center at 5601 N Powerline Road; and Cypress Creek Business Park II at 6555 N Powerline Road.

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

Meridian Capital Group Arranges Financing for Multifamily Building in Clermont, FL

CLERMONT, FL - Meridian Capital Group has arranged a loan in the amount of $4,800,000 for the refinance of the Grand View Apartments.(photo above) The garden style apartment complex consists of 142 units across 12 buildings located at 840 Grand Highway.

Amenities include 288 parking spaces for residents and a beautiful clubhouse. Eric Fixler of Meridian’s Florida office negotiated to secure a rate of 5.9% over a 10-year term with 3 years of interest only. This is the fourth deal closed by Meridian on behalf of the borrower.

Founded in 1991, Meridian Capital Group LLC is one of the nation’s largest mortgage brokerages serving the multifamily and commercial real estate sectors. The company is based in New York City with additional offices in New Jersey, Pennsylvania, Maryland, Illinois, Florida, California, and Texas.

Working with a wide variety of lenders, Meridian finances transactions ranging from $500,000 to more than $500 million for multifamily, co-op, office, retail, hotel, healthcare, self-storage, industrial, and construction properties. Nationally, Meridian reported more than 2,350 transactions in 2007, totaling over $16.5 billion.


Dani Sabesan
212 612 0109

Westcore Properties Purchases Manufacturing Facility in Charlotte, NC for $24.75M

CHARLOTTE, N.C./PRNewswire/ -- Westcore Properties, LLC, has acquired a 455,750-square-foot manufacturing building on 51 acres at 6800 Solectron Drive in Charlotte, NC, 28262. (Charlotte night photo at right)

The purchase price was $24,750,000 and the seller was Flextronics International USA, Inc. The Westcore Properties entity purchasing the building was Westcore Charlotte, LLC. Purchase financing was provided by Bank of America.

Flextronics International USA will continue to occupy the building. Neil Johnson, director of acquisitions for Westcore Properties, said, "Flextronics' strong credit, combined with the long-term nature of the lease and low price per square foot, make this investment attractive."

Flextronics is a leading Electronics Manufacturing Services (EMS) provider delivering complete design, engineering and manufacturing services to automotive, computing, consumer digital, industrial, infrastructure, medical and mobile original equipment manufacturers.

Dan Hollingsworth and Steve Pace of CPS/CORFAC International represented both Westcore Properties and Flextronics International USA, Inc. in this transaction.

About Westcore Properties, LLC

Westcore Properties, LLC, is a private, entrepreneurial commercial real estate investment firm with institutional scale and capabilities that focuses on investing in markets within the Western United States. Formed in 2000, the company and its principals have invested in more than $2.2 billion in properties totaling in excess of 10 million square feet.

Westcore has a staff of experienced real estate professionals with a variety of specializations, who seek and acquire real estate investments that represent stabilized or value-added opportunities, and aggressively manage and/or reposition them to function more successfully in their environment.

Westcore is headquartered in San Diego with regional offices in Los Angeles, San Francisco, and Denver and a European office in Lausanne, Switzerland.


Neil Johnson
(415) 391-8400, Ext. 206 or
Dan Peoples (858) 552-1456
First Call Analyst: FCMN

MBA Releases 4th Quarter 2007 Commercial Real Estate/ Multifamily Finance Quarterly Data Book

(Federal Reserve Bank building, Washington, DC, above photo)
WASHINGTON, DC (March 26, 2008) - The Mortgage Bankers Association (MBA) today released its Commercial Real Estate/Multifamily Finance Quarterly Data Book for the fourth quarter of 2007. The Data Book compiles the most up-to-date information on topics of interest to financial investment industry participants and observers.

The fourth quarter edition includes the following topics:

Economic Outlook - which includes economic commentary, long-term real estate finance and macroeconomic forecast, employees on non-farm payrolls, Treasury yields and bank rates, and owner- and renter-occupied housing units.

Commercial/Multifamily Finance Environment - which includes comments from the Federal Reserve Board's Beige Book, property sales volumes, capitalization rates and multifamily building permits, and starts and completions.

Mortgage Production - which includes commercial/multifamily mortgage originations, commercial mortgage-backed securities (CMBS) issuance and life company commitment volumes, as well as commercial real estate collateralized debt obligations (CRE CDO) issuance.

Mortgage Debt Outstanding - which includes analysis of CMBS outstanding and CMBS yield spreads.

Loan Servicing - which includes listings of commercial/multifamily mortgage servicers and their roles and servicing volumes.

A Listing of Recent MBA Commercial/Multifamily Research News Releases.

This publication is just one more example of the valuable research that MBA, as the premier source for real estate finance information, provides. To view the Data Book click HERE.


Jason Vasquez
(202) 557-2950

Terranova Negotiates Four Office Leases in Weston Valued at Over $5.6M

MIAMI BEACH, FL, PRNewswire/ -- Terranova Corporation has completed four lease deals at the Weston Corporate Centre (photo above) in Weston, Fla., securing tenants that will occupy 23,864 square feet.

Together the deals are valued at over $5.6 million. Terranova Senior Commercial Associate Gordon Messinger represented the landlord in all four transactions.

Messinger negotiated a $2.3 million deal with international digital office solutions company, Ricoh Latin America. Ricoh is relocating and expanding their Latin American Headquarters from Doral to a 9,716 square foot office space at Weston Corporate Centre. Ricoh Latin America is the sales and marketing unit of Ricoh Corporation, a U. S. subsidiary of Ricoh Company Ltd., providing office automation solutions for South and Central America, Mexico, and the Caribbean. Rashid Siahpoosh with Transwestern represented Ricoh Latin America.

Messinger also negotiated a $860,000 deal with Stress Free Corporate Housing; a corporate housing provider that provides corporations as well as individuals with temporary solutions to their housing needs. Stress Free Housing will be relocating from Pembroke Pines to a 3,360 square foot office at Weston Corporate Centre.

A third $780,000 deal, with Community Capital Management, a Florida-based SEC-registered investment advisor that manages fixed income portfolios on behalf of individual and institutional clients. The company's largest portfolio is the CRA Qualified Investment Fund, a $750 million no-load mutual fund comprised exclusively of fixed income community investments, will bring a 4,017 square foot tenant to Weston Corporate Centre.

Messinger also negotiated a $1.7 million renewal with Raymond James Financial (NYSE-RJF), a Florida-based diversified holding company providing financial services to individuals, corporations and municipalities through its subsidiary companies, which will maintain their 6,771 square foot office.

Weston Corporate Centre is a showcase asset in a thriving office market. The 9.83-acre property, which fronts I-75 and Royal Palm Blvd. in the pristine city of Weston, consists of two four-story buildings totaling 148,591 square feet. The property benefits from its location in the city of Weston, whose carefully designed business districts and easy access to major state highways make it a sought-after corporate destination within the Southwest Broward office submarket.

Terranova Corporation, South Florida's leading commercial real estate advisory firm, currently is involved with commercial real estate assets for its clients and it's own portfolio valued over $1.5 billion. The company offers complete commercial real estate services, including asset and property management, leasing, tenant representation, acquisitions dispositions, financing, construction management and development services.

Karen LaFleur,
Marketing/PR Manager
Terranova Corp.
First Call Analyst: FCMN

Marcus & Millichap Sells Lowe's Ground Lease in Whitehall, PA for $13.21M

WHITEHALL, PA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 14.28-acre ground lease for a 166,609-square foot Lowe’s Home Improvement in Whitehall. The sales price is $13.21 million, or a 6.05 percent cap rate.

Brad Nathanson, a senior associate and director of Marcus & Millichap’s National Retail Group in Philadelphia, and Jordan Muchnick, an investment specialist also in the firm’s Philadelphia office, represented the seller and the buyer in the transaction.

“With no management responsibilities and excellent demographics and traffic patterns, this property is a trophy asset, making it an excellent addition to the new owner’s portfolio,” says
Nathanson. “This newly constructed property attracted significant national interest because of Lowe’s standing as a national credit tenant and the demand for big-box ground leased, since very few come to market.”

Located at 2650 MacArthur Road, the newly constructed Lowe’s Home Improvement has signed a 20-year absolute triple-net ground lease, which commenced in October 2007. This property is situated on Route 45, MacArthur Road, a six-lane highway, which is the main retail commercial corridor for the Lehigh Valley.

Lowe’s Home Improvement is contiguous with a community center anchored by a Big-Kmart and Barnes & Noble. Adjacent to the property is a regional dominant power center anchored by Wal-Mart and including Sam’s Club, Dick’s, Burlington Coat Factory, TJ Maxx, A.C Moore and Giant Food.

Press Contact:

Stacey Corso
Communications Department
(925) 953-1716

Marcus & Millichap Lists 115,434-SF Office Building in Minneapolis for $17.35M

High-Profile Office Building Hits the Market at $150 per SF

MINNEAPOLIS, MN– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Tritech Office Center, an 115,434-square foot multi-tenant office building in Minneapolis. The listing price of $17.35 million represents $150 per square foot.

Howard Wiese, (photo at right) a vice president of investments and senior director of Marcus & Millichap’s National Office and Industrial Properties Group in Chicago, and Andrew Lorenz Goll, an investment specialist in the firm’s Minneapolis office, are representing the seller, JLT Group Inc.

“Tritech Office Center provides an investor with an excellent opportunity to acquire a well-maintained multi-tenant office building in the thriving Minneapolis Central Business District,” says Wiese. “The property is 90-percent leased and is expected to generate a first-year yield of 10.1 percent.”

Located at 331 Second Ave. S., the nine-story office building is situated across the street from City Hall and the Federal Courthouse. The property features four connections to the famous Minneapolis Skyway System, an 8-mile pedestrian walkway that connects 80 blocks of downtown office buildings, parking ramps and theaters.

Tenants include law firms, government offices and data/telecommunications companies, such as American Fiber Systems, AT&T, Bloomberg, CP Telecom, McLeod USA, Qwest, Time Warner Cable and Verizon.


Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710

Orange County Comptroller Warns Citizens on Sale Offers for Copies of Deeds

ORLANDO, FL– Some Orange County residents are receiving letters from companies offering to sell them a certified copy of their deed. These copies are being offered for prices ranging from $50 and $100.

The letters periodically appear in Orange County and are often concentrated in a specific zip code or neighborhood, so that neighbors are receiving the letters at the same time.

“Your deed is a public record and is permanently maintained and preserved by the Orange County Comptroller’s Office,” says Comptroller Martha Haynie (photo at right) “You do not have to pay a private company for a copy. You can view and print (for free) a non-certified copy of your deed from our website: Should you ever need a certified copy, the cost is $1.00 a page and $1.50 for the certification. In most cases, the total cost will be between $2.50 and $3.50.”

Haynie continues, “While there does not appear to be anything illegal about this offering, it is a totally unnecessary expense for a homeowner to incur.”

If you have any questions or need assistance, please contact the Comptroller’s Official Records Department at 407.836.5115


Martha O. Haynie, CPA
County Comptroller
201 South Rosalind Avenue
Post Office Box 38
Orlando, FL 32802
Telephone: (407) 836-5690
Fax: (407) 836-5599