Saturday, September 20, 2008

Two Shopping Centers in Columbus, OH Listed by Marcus & Millichap for $26.51M

COLUMBUS, OH-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Morse and Northtowne Centre, (top right and bottom left photos) two neighboring shopping centers, totaling 438,650 square feet, in Columbus. The listing price is $26.51 million.

Jason Ladner, an investment specialist in the Milwaukee office of Marcus & Millichap, and John Reehil, an associate in the firm’s Columbus office, are representing the seller, a St. Louis-based property owner.
“This offering is an excellent opportunity for an investor to acquire two well-maintained, multi-tenant shopping centers with strong historical occupancy in an extremely dense retail and residential market,” says Ladner.

Located at Morse and Northtowne, the shopping centers are situated on 40.58 acres. Tenants include Big Lots, Children’s Hospital, Guitar Center, Community Dental, Dollar Tree, Goodwill, H&R Block and Wendy’s.

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

Investors Focus on Single-Tenant Retail Assets in Phoenix

PHOENIX, AZ— The Phoenix retail market softened during the first half of the year, with tenant demand failing to keep pace with completions, according to a third-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Sellers have begun to realign their expectations in recent months, which has result in higher cap rates, especially in deals involving older properties.

“In the coming months, investor demand for single-tenant properties is expected to remain healthy, although cap rates for all retail properties will likely edge higher,” says David Guido, regional manager of the Phoenix office of Marcus & Millichap.

Following are some of the most significant aspects of the Phoenix Retail Research Report:

· Employers in the Phoenix metro are forecast to eliminate 18,000 jobs this year for a 0.9 percent reduction, following an increase of 0.2 percent in 2007.

· Developers are on pace to complete roughly 7.5 million square feet of new retail space in 2008, in line with last year’s deliveries.

· Vacancy is projected to end the year at 10. 3 percent, up 220 basis points from 2007.

· Asking rents are predicted to reach $19.48 per square foot, a 0.6 percent increase.

· Concessions will rise through the rest of the year, causing effective rents to decline 0.3 percent to $17.26 per square foot.

For a copy of the complete Phoenix Retail Research Report, as well as reports on other markets nationwide, visit our website at

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

Heidi C. Adams Recognized Among The Top Women in Florida Commercial Real Estate

ORLANDO, FL – Heidi C. Adams, (top right photo) Director of Leasing for Winter Park-based Taurus Southern Investments, LLC, a subsidiary of Boston-based Taurus Investment Holdings, LLC, was prominently recognized among The Top Women in Florida Commercial Real Estate 2008 by Florida Real Estate Journal at a reception held September 13 at the Rosen Shingle Creek Resort in Orlando.

Honored among 21 professional women statewide, Adams co-brokered an impressive $68 million in transactions during 2007, and was earlier named among Orlando Business Journal’s 2007 “Forty Under 40” most successful young business professionals.

Notably, Adams co-brokered Taurus’ $50.4 million portfolio sale of four office buildings at the Central Florida Research Park in Orlando, and her portfolio responsibilities also include nearly 1.5 million square feet of developed space in Orlando and Jacksonville.

Specializing in high technology, simulation and bio-tech tenancies, Adams numerous 2007 multi-year leases included VaxDesign, Infrasafe, Teranex, Rockwell Collins, GSA and others.
Contact: Kenneth H. Cristol, 407-774-2515

MBA's Courson Welcomes Treasury Steps to Increase Stability and Liquidity in Financial Markets

WASHINGTON, D.C. -- John A. Courson, (top right photo) Chief Operating Officer of the Mortgage Bankers Association (MBA) today issued the following statement in response to Treasury Secretary Paulson's (top left photo) comments on the steps the Treasury will take to support liquidity in the financial markets.

"The moves Secretary Paulson announced to increase GSE and Treasury purchases of mortgage-backed securities should provide support for mortgage rates. The fear was that the illiquidity in the financial markets we have seen this week would have reversed the recent drops in mortgage rates.

"The broader steps outlined by Treasury are aimed at ending the further meltdown in the financial markets and are designed to minimize the resulting impact of the market turmoil on the broader economy. It is another step in the long-term process of restoring a balance between the supply and demand for housing in a number of markets and thus addressing the continuing problem of mortgage delinquencies and foreclosures.

"The mortgage finance industry looks forward to continuing to work with Congress and the Administration on this historic proposal."

CONTACT: John Mechem, (202) 557-2924,

Marcus & Millichap Sells 104,549-SF Shopping Center in Rockaway, NJ for $16.12M

ROCKAWAY, N.J. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Rockaway Plaza, (top left photo) a 104,549-square foot shopping center in Rockaway. The sales price of $16.12 million represented $154 per square foot.

Seth Pollack, a senior associate in the New Jersey office of Marcus & Millichap, and Michael Kestin, an investment specialist also in the firm’s New Jersey office, represented the seller, a regional developer. Kevin McCrann, an investment specialist in the firm’s New Jersey office, represented the buyer, a regional investment group.

“The marketing of this asset produced multiple offers from investors active in the region and extended to the southeast.
"As a result, the seller had the benefit of choosing the best option available. From contract signing to closing, the process took 58 days,” says Pollack.

“Rockaway Plaza represented an excellent opportunity for the buyer to acquire a newly renovated drug store-anchored shopping center with great highway visibility in a thriving market with strong demographics and high traffic counts,” adds Kestin.

“The buyer will enjoy strong first-year returns,” adds McCrann.

Located at 295 Route 46, the shopping center is situated on a 6.78-acre lot and boasts a mix of national, regional and local tenants, including Ace Hardware, Drug Fair, Kiddie Academy and Party Fair.

The center has recently undergone a complete renovation that includes a new facade, store fronts and a newly surfaced parking lot.
Press Contact: Stacey Corso Communications, Department, (925) 953-1716

$10.55M Sale of Apartment Community in Newport Beach, CA Arranged by Marcus & Millichap

NEWPORT BEACH, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Las Casitas Garden Apartments, (top right photo) a 52-unit multi-family community in Newport Beach.

The sales price of $10.55 million represents $202,885 per unit and a cap rate of approximately 5 percent.

Michael Lawrence, a senior vice president investments in the Newport Beach office of Marcus & Millichap, and Joseph Berkson, a vice president investments also in the firm’s Newport Beach office, represented the seller, a local family partnership. Kevin Struve, a vice president investments in the firm’s Ontario office, and Eric Chen, an associate also in the firm’s Ontario office, represented the buyer, a Northern California-based private investor.

“Las Casitas Garden Apartments offered an excellent value-added opportunity for the buyer. This property will present significant future rent growth in one of the strongest rental markets in the nation, situated near core business districts and the University of California, Irvine,” says Lawrence.

“Despite a considerable slowdown in apartment sales and a tough market for financing, we were fortunate to have generated substantial investor interest in this property from local investors and investors throughout the United States,” adds Berkson.

Located at 20102 Southwest Birch St., the 45,938-square foot apartment community consists of five two-story buildings on a 1.75-acre lot.

Las Casitas Garden Apartments features a mix of one- and two-bedroom units. Community amenities include a swimming pool with sundeck, ample parking, on-site laundry facilities and a well-equipped fitness center.
Unit amenities include gas stoves, ovens, dishwashers and gas wall heating. Additionally, each unit has either a spacious, private patio or balcony, most of which overlook the central courtyard and swimming pool.

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

Marcus & Millichap Sells 268-Unit Apartment Community in Colorado Springs, CO for $16M

COLORADO SPRINGS, CO – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Parkside Apartments (top right photo) in Colorado Springs.

The sales price of $16 million represented $59,701 per unit.

Dave Potarf (top left photo) and Dan Woodward,(middle right photo) both vice president investments and senior directors of Marcus & Millichap’s National Multi Housing Group in Denver, and Jordan Robbins, an investment specialist also in the firm’s Denver office, represented the seller, a Colorado-based investor, and the buyer, a Washington State-based apartment investor.

“Parkside Apartments offered the investor a centrally located asset near city amenities within a rapidly improving market,” says Potarf.

Located at 2505 East Pikes Peak Ave., the 211,336-square foot apartment community consists of 19 two-story buildings situated on 12.14 acres, just two miles from Downtown Colorado Springs and 15 minutes from the Colorado Springs Municipal Airport.

Parkside Apartments features a mix of one- and two-bedroom units. Interior amenities include nine-foot ceilings, air conditioning, cable TV and Internet access, fireplaces, private balconies or patios, storage room, and washer and dryer hook-ups.
Vaulted ceilings, washers and dryers, walk-in closets and ceiling fans are available in select units. Community amenities include a heated swimming pool, spa, weight and exercise room, sport court, laundry facilities, clubhouse and children’s playground.

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

Grubb & Ellis Apartment REIT Acquires Canyon Ridge Apartments in Hermitage, TN

SANTA ANA, CA/PRNewswire/ -- Grubb & Ellis Apartment REIT, Inc. has acquired Canyon Ridge Apartments, (top right photo) a 350-unit multifamily community in the Nashville suburb of Hermitage, Tenn.

Located at 3868 Central Pike, Canyon Ridge Apartments consists of approximately 341,000 rentable square feet situated on roughly 22.5 acres.

Built in 2005, the gated community comprises 13 three-story buildings offering one-, two- and three-bedroom apartments as well as a community clubhouse.

There are six floor plans available that vary in unit size from approximately 750 square feet to roughly 1,184 square feet. Property amenities include a fitness center, cyber cafe, lap pool with surround sound and two tanning salons.

Unit features may include island kitchens with granite counter tops, full-size washer and dryer connections, ceiling fans, walk-in closets and fireplaces.

Canyon Ridge Apartments offers easy access to Interstate 40, is in close proximity to Nashville International Airport, and is surrounded by residential developments as well as retail outlets, including Kroger, Wal-Mart and Home Depot.

The property is currently 94 percent leased and provides parking for 660 passenger vehicles, split between attached and detached garages, carports and surface parking spaces

."The acquisition of Canyon Ridge Apartments further diversifies the Grubb & Ellis Apartment REIT portfolio and is consistent with our investment strategy to acquire assets in growing markets with strong economies," said Grubb & Ellis Apartment REIT Chief Executive Officer Stanley J. Olander Jr. (top left photo)

Grubb & Ellis Apartment REIT purchased Canyon Ridge Apartments from an affiliate of Principal Real Estate Investors LLC, represented by Scott Tyrone (middle right photo) and Perry Gooch of Colliers Turley Martin Tucker.

Financing was primarily provided by Capmark Bank, and arranged by Don Marshall and Mike Bryant.

As of August 29, 2008, Grubb & Ellis Apartment REIT has sold approximately 13.5 million shares of its common stock, excluding the shares issued under its distribution reinvestment plan, for approximately $134.6 million through its initial public offering, which began in the third quarter of 2006.

Grubb & Ellis Apartment REIT offers a monthly distribution of seven percent per annum and, as of September 15, 2008, has made 13 geographically diverse acquisitions with a total portfolio valued at approximately $341 million, based on purchase price.

Julia McCartney, +1-714-975-2230,
Damon Elder, +1-714-975-2659,