Friday, January 9, 2009

Marcus & Millichap Closes 2 Deals Valued at $21.5M

10-PROPERTY SINGLE-TENANT PORTFOLIO IN THE MIDWEST AND NEW YORK GOES FOR $9.9M

DETROIT, MI– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a diversified, 10-property single-tenant net-leased portfolio in Michigan, Ohio and New York.

The sales price of $9.9 million represents $112 per square foot.

Simon Jonna, a senior associate and associate director of Marcus & Millichap’s national Retail Group (NRG) in Detroit, and Brandon M. Hanna, a retail investment specialist in the firm’s Detroit office represented the seller. Scott Plasky, a retail investment specialist in Marcus & Millichap’s Manhattan office, represented the buyer.

“This unique transaction was an opportunity to fully diversify an investment portfolio and place a minimal equity down payment in order to assume an existing fixed 10-year loan,” says Jonna. “The sale involved 10 cities and 10 existing notes on one loan with three servicers, including a master and special servicer.”

The portfolio included national tenants CVS, Rite Aid and Family Dollar. The properties are strategically located on dominant hard corners in their respective markets with three in Michigan, six in Ohio and one in New York’s Nassau County, the most populated county on Long Island. The entire portfolio is 100-percent occupied with corporate-backed lease guarantors.

175-UNIT APARTMENT COMMUNITY IN ST. CLOUD, MN SELLS FOR $11.6M

ST. CLOUD, MN– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Park Place Estates, (bottom right photo) a 175-unit multi-family community in St. Cloud.
The sales price of $11.6 million represented $66,286 per unit.

Jim Walsh, a senior vice president investments and senior director of Marcus & Millichap’s National Multi Housing Group in Chicago Downtown, and David Scott, an investment specialist in the firm’s Minneapolis office, represented the seller, a private St. Cloud apartment owner, and the buyer, a Twin Cities-based partnership.

“Park Place Estates was an excellent opportunity for the buyer to acquire a well-maintained, premier apartment community in the St. Cloud market,” says Scott.

Located at 3700 West Saint Germain, the 176,644-square foot apartment community consists of three three-story buildings situated on 9.27 acres, near Highway 15, Highway 23 and Interstate 94.

Park Places Estates features a mix of one-, two- and three-bedroom units. Amenities include a lush private courtyard, indoor swimming pool, indoor spa and sauna, exercise facility, tennis court, gazebo area, picnic area with barbecue grills and a spacious community clubroom.
Every unit has a full-size washer and dryer. The property also includes 208 garages with electric door openers.

CONTACT: Stacy Corso, Communications Department, 925 953 1716.

Hodges Ward Elliott Closes Year with Sale of Three Hotels

Remainder of Larger Portfolio Expected to Close in First Quarter

ATLANTA, GA—Hodges Ward Elliott, Inc. (HWE), the nation’s premier hotel brokerage and investment banking firm, represented Vista Host in the sale of three properties to an undisclosed buyer on the last day of 2008.

The properties are Hampton Inns in Pittsburgh, Pa., (bottom left photo) Ft. Lauderdale, Fla. (top right photo) and Jackson, Tenn.

HWE represented Vista Host on a fourth property, the Courtyard by Marriott in Jackson, Tenn. earlier in December, and additional properties from the same portfolio are scheduled to close early in 2009.

“Savvy, long-term hotel investors with solid financial resources and strong relationships with lenders take full advantage of the real estate cycle, selecting the most opportune times to acquire,” said Bill Hodges, (bottom right photo) a principal of HWE.
“From a historic perspective, we are entering the initial phase of a major hotel acquisition opportunity period that holds significant upside potential. Over the next five years, these strategic buyers will generate significant returns.”

Founded in 1975, HWE is the world’s leading hotel brokerage and investment firm, completing more than $20 billion in hospitality real estate and investment banking transactions over the past 11 years.

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