Thursday, July 24, 2008

Marcus & Millichap Arranges Sale of Washington Square in Palm Desert, CA for $12.5M

PALM DESERT, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Washington Square, (top right photo) a 49,972-square foot shopping center in Palm Desert.

The sales price of $12.5 million represents $250 per square foot.

Paul Bitonti, a vice president investments in the Newport Beach office of Marcus & Millichap, represented the seller, a local shopping center developer. Bitonti also represented the buyer, a TIC sponsor.

“The new owner has acquired a well-positioned, fully entitled project with a newly constructed Rite Aid,” says Bitonti. “The project has received interest from national tenants and will prove to be a successful shopping center in the near future.”

Located at the northwest corner of Washington and Market streets, the shopping center is situated on 6.17 acres.

Built in 2007, Washington Square is directly across from the Stater Brothers shopping center and near the Del Webb Sun City housing community, which is a prestigious active adult community with 5,000 homes, lakes, waterfalls and a 36-hole golf course.

With more than 1,300 investment professionals in offices nationwide, Encino, Calif.-based Marcus & Millichap Real Estate Investment Services is the largest commercial real estate brokerage in the nation focusing exclusively on real estate investments.

In 2007, the firm closed $20.7 billion in transactions. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization; local market expertise; the industry’s most comprehensive research and analysis capabilities; state-of-the-art technology; and established relationships with the largest pool of qualified investors nationally.

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

HFF closes $103M sale and $70.7M financing for Roosevelt Raceway Center in Westbury, NY

NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it closed the sale of and financing for Roosevelt Raceway Center, a 427,000-square-foot retail power center in Westbury, New York.

HFF senior managing director Glenn Whitmore (top right photo) and managing director Robert Delitsky (top left photo) exclusively represented the buyer, The Mattone Group and Gartenstein Properties in the $103 million purchase of the property from ING Clarion Partners, LLC.

HFF also arranged the $70.7 million fixed-rate acquisition loan with New York Community Bank.

Roosevelt Raceway Center is located along Corporate Drive in the Long Island suburb of Westbury. Completed in 1995, the property is currently 100% leased to tenants including Home Depot, Home Depot Expo, Michael’s, Babies “R” Us, Sprint, Loew’s Theatre, Applebee’s and Chili’s.

The Mattone Group is a Queens-based development company that currently owns and manages approximately 2.0 million square feet of commercial property in the New York Metro area.

Gartenstein Properties is located in Brooklyn, New York and is active in the development of multifamily and commercial projects in Brooklyn and in the New York metropolitan area.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.

(At bottom right, Roosevelt Raceway grandstand in 2000 before it was demolished for a retail project.)


Glenn E. Whitmore, HFF Senior Managing Director, 212 245 2425,

Robert Delitsky,HFF Managing Director, 212 245 2425,

Laurie Fish McDowell, HFF Asociate Director, Marketing, 617 338 0990,

DBSI Announces a New Retail Development in Lexington, SC


BOISE, ID /PRNewswire/ -- DBSI is pleased to announce the groundbreaking of The Shoppes at Lexington, (top right site aerial) a new 7,300 square-foot Class A retail center development in Lexington, South Carolina.

The Property is located on Sunset Boulevard/Highway 378, the primary East-West retail corridor connecting Interstate-20 and Columbia, South Carolina.

The project site is adjacent to a Super Wal-Mart (middle left photo) and the approximate value of the development is $3,250,000.

The old Southtrust Bank building that currently sits on the site will be demolished and replaced with an attractive brick and stucco building that will feature a drive-thru and patio seating area.

Consumers will be able to access the site directly off Sunset Boulevard or to the rear of the property via Old Cherokee Road.DBSI recently executed a lease with national wireless communications provider AT&T for 3,500 square feet of the project.

Leasing space remains available for The Shoppes at Lexington. Please contact Josh Diggs for more information at 727-329-1950 or

DBSI Development is a wholly owned subsidiary of DBSI. DBSI Development develops properties through partnerships with an array of development professionals who have roots in growing regions of the country.

DBSI is a 29 year old leader in diversified investment real estate. The company currently manages over 18.6 million square feet, encompassing 280 properties in 34 states with an aggregate value of over $2.65 billion. DBSI specializes in the acquisition and development of real estate in all four stages -- land banking, land entitlement, development & construction and income producing assets.


Matt Shifley, Marketing Manager of DBSI, +1-208-287-1835,

Grubb & Ellis Realty Investors Sells Great Oaks Center in Alpharetta, Ga.

SANTA ANA, CA/PRNewswire-FirstCall/ -- Grubb & Ellis Realty Investors, LLC has sold Great Oaks Center (top right photo) in the Atlanta suburb of Alpharetta on behalf of tenant-in-common investors.

Great Oaks Center is a four building, single-story business park that offers approximately 235,000 square feet of rentable space. Built between 2000 and 2002, the property is situated on approximately 22 acres of land.

It offers easy access to State Highway 120 and 400, and has 516 on-site parking spaces for visitors and tenants.

Purchased by Grubb & Ellis Realty Investors in July 2004, Great Oaks Center was sold to KBS Great Oaks LLC.

Stewart Calhoun and David Meline from Cushman & Wakefield of Georgia Inc. represented the seller in the transaction.The disposition marks the 58th securitized 1031 TIC exchange program taken full-cycle by Grubb & Ellis Realty Investors, an unrivaled industry record.

CONTACT: Julia McCartney of Grubb & Ellis Realty Investors, LLC,+1-714-667-8252, ext. 230,