Thursday, March 26, 2009

Marcus & Millichap Hires Two Investment Specialists in NY and NJ

Patrick Bisceglia and Jeffrey Oram Leave CB Richard Ellis for Marcus & Millichap

NEW YORK, NY-- Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired two leading investment specialists in Manhattan and New Jersey, according to Bernard J. Haddigan, (middle right photo) group managing director of the firm’s Manhattan and New Jersey offices.

The agents are Patrick J. Bisceglia (top right photo) and Jeffrey J. Oram. (top left photo) Bisceglia joins the Manhattan office as an associate vice president investments, while Oram comes to the New Jersey office as a senior associate.

Bisceglia will arrange the sale of investment properties in the Tri-State Area, with a focus on multi-family and office properties in his new position, according to Edward Jordan, (bottom left photo) regional manager of the Marcus & Millichap’s Manhattan office.

A 20-year industry veteran, Bisceglia most recently served as a first vice president at CB Richard Ellis in Stamford, Conn. Bisceglia has been involved in more than $4.5 billion in investment real estate transactions.
He was also an investment sales broker at Rockwood Realty Associates LLC for more than six years and was responsible for the execution of investment sales and advisory assignments on behalf of institutional clients on a national basis.

Bisceglia received his bachelor’s degree in economics from St. Lawrence University and his master’s degree in real estate development and investment from New York University.

“We are pleased to welcome Bisceglia to the firm,” says Jordan. “His superb skills as an investment broker, knowledge of the local institutional market and dedication to providing his clients with the finest advisory services will further enhance our ability to serve the New York City Metro Area’s real estate investment community.”

In the New Jersey office, Oram joins Marcus & Millichap as a senior associate under the leadership of regional manager Michael J. Fasano. As such, Oram will arrange the sale of all property types, with a focus on office and industrial assets in suburban New Jersey, New York City and throughout the country. He is also a director of the firm’s National Office and Industrial Properties Group (NOIPG).

Most recently, Oram served as a first vice president of CB Richard Ellis’ New York Institutional Group based in Saddle Brook, N.J. Throughout his career, Oram has arranged the sale of more than $1 billion in investment properties, including office, multi-family, retail and industrial assets, primarily in suburban New Jersey.

“Jeff is one of the Tri-State Area’s leading investment sales brokers, who provides superior brokerage and advisory services to some of the region’s most prominent institutional clients,” explains Fasano.
“Jeff joined Marcus & Millichap to gain greater access to a pool of private investor clients nationwide. He was also attracted to the firm’s entrepreneurial spirit, which provides its investment specialists with the most comprehensive marketing platform in the industry.”

Oram earned his bachelor’s degree from Princeton University.
Press Contact: Stacey CorsoCommunications Department(925) 953-1716

Liberty Property Trust Honors 17 Professionals

JACKSONVILLE, FL - Liberty Property Trust (NYSE:LRY), the real estate investment trust that owns and manages nearly 2.5 million square feet of office and industrial properties in Jacksonville, honored 17 of the region’s top commercial real estate brokers at its 13th Annual ‘Tribute to Excellence’ Broker Dinner, March 19 in Jacksonville.

“Liberty has enjoyed the commercial brokerage community’s support during our 35 years in Jacksonville and it has been very satisfying to watch this event thrive over the past thirteen years,” said Mike Heise, (top right photo) vice president and city manager, Liberty Property Trust.
Heise and Dan Santinga, senior leasing representative at Liberty, hosted this year’s event at Ruth’s Chris Steakhouse in Jacksonville. Each broker received an award honoring them as one of the “Platinum 17” brokers who brought new deals to Liberty in 2008.

Professionals attending from the broker community (alphabetical order by firm) include:

Jeffrey Nelson (CB Richard Ellis); Peter Ramsey (CB Richard Ellis); Ryan Landers (Colliers Dickinson); John Saoud (Colliers Dickinson); Mark Scott (Cushman & Wakefield of Florida, Inc.);
Ed Washington (Gate Corporation); Sid Jones (Guardian Commercial Realty, Inc.);

Dan Stover (Grubb & Ellis/Phoenix Realty Group); Mark Stratman (Jones Lang LaSalle Americas, Inc.); Scott Pamplin (Jones Lang LaSalle Americas, Inc.);
Joe Russell (King Industrial Realty/CORFAC International); Monte Merritt (Merritt & Company); Scot Harrison (NAI Commercial Jacksonville); and Tad McDonough (USI Real Estate Brokerage Services, Inc.).

Contact: Margo Hunt Winans, a.s.a.p.r. public relations & marketing, 757/404-8653.

Marcus & Millichap Arranges $69.5M in Metro Chicago Transactions

Sales continue to close despite softening market conditions

CHICAGO, IL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, announced that its Chicago regional offices recently closed $69.5 million in major commercial real estate transactions, even as sales velocity continues to slow nationwide, according to John Kerin, (top right photo) group managing director of the firm’s Chicago regional offices.
“Despite widespread softening of national economic fundamentals and easing sales velocity, Marcus & Millichap continues to execute transactions in the Chicago MSA.” says Gregory LaBerge, (top left photo) regional manager of Marcus & Millichap’s Chicago office.

“These transactions demonstrate our unique ability to add value for Midwestern and national investors under any market conditions.”

In what has been one of the largest sales of a vintage apartment building in Chicago in the past 12 months, Eric Bell, senior vice president investments and senior director of the firm’s National Multi Housing Group in Chicago, negotiated the sale of 1337 West Fargo.

The 86-unit, 12-story apartment building sold for $8.05 million, representing an approximate price per square foot of $115.

The firm also sold 3 Oxford Road, a 326,868-square foot affordable housing apartment community in Carpentersville, Ill. The property’s sales price of $23.05 million represented $71 per square foot.

Scott Harris, senior vice president investments, and Kyle Shoemaker, a multi-family investment specialist, both in Marcus & Millichap’s Oak Brook office, represented the seller.

Also representing the seller were Paul Davis, first vice president investments, and Andrew Daitch, (middle right photo)vice president investments, both located in the firm’s Detroit office. Marcus & Millichap also represented the buyer.

Another significant sale was 1146 Yew Court, a 271,810-square foot apartment complex in Elgin, Ill. The $16.1 million sales price represented $59 per square foot. Harris arranged the sale on behalf of the seller.

The buyer was represented by Harris and L. Matthew Hare, a senior associate in Marcus & Millichap’s Indianapolis office. The city of Elgin and Cook County assisted in the transaction by providing a portion of the financing for the property.

Marcus & Millichap also arranged the sales of 1601 North Lincoln Ave. and 1321 Lincoln Ave. in Urbana, Ill. Peter Katz, (bottom left photo) senior vice president investments and senior director of the firm’s National Multi Housing Group in Phoenix, negotiated the sale, in conjunction with the firm’s Chicago office.

By providing investors with real-time market information and unparalleled access to a nationwide pool of investment capital, Marcus & Millichap will continue to arrange transactions on behalf of private and institutional investors through every market cycle.

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

Marcus & Millichap Sells $15M FedEx Distribution Center in Rhode Island

JOHNSTON, R.I. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 144,187-square foot distribution center leased to FedEx in Johnston.

The sales price of $15 million represents $104 per square foot.

Glen Kunofsky, (top left photo) senior vice president investments and a senior director of the firm’s Net Leased Properties Group in Manhattan, and Judson Kauffman, (bottom right photo) a net-leased properties specialist also in Manhattan, represented both the buyer and seller.

Steve Witten, (bottom left photo) a first vice president investments at Marcus & Millichap, assisted in this transaction locally.

“This transaction shows that quality assets with quality tenants are still demanding premium pricing in this market,” says Kunofsky.

“The buyer was extremely happy with the property, the overall return and the financing terms,” adds Kauffman.

The property is located at the Lakeside Commerce Center, which is directly off Interstate 295 and seven miles from the airport in central Rhode Island. Built-to-suit in 2008 for FedEx Ground, the 22-plus acre site was developed with room for a 27,720-square foot expansion.

The distribution center’s initial double-net lease commenced June 1, 2008 and has a 10-year term that expires in May 2018. FedEx has the option to extend the lease with two five-year renewal options.

The closing cap rate was 7.5 percent.

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

Marcus & Millichap Sells $13.7M Medical Office Building in San Antonio, TX

SAN ANTONIO, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 57,211-square foot medical center in San Antonio.

The sales price of $13.7 million represents $239 per square foot.

Alex Zylberglait, (middle left photo) an associate vice president investments and associate director of Marcus & Millichap’s National Office and Industrial Properties Group, and Ryan Shaw, an office investments specialist, both in the firm’s Miami office, represented the seller, a locally based medical group, and the buyer, a New York based group.

The Dallas office of Marcus & Millichap provided local representation on this transaction.

“The newly constructed Stoneterra Medical Plaza (top right photo) is situated in an area of San Antonio that has several medical office buildings and is in high demand by local, regional and national investors,” states Zylberglait. “The property has a 100-percent occupancy rate with the majority of the leases in place until 2017. All the tenants have options to renew their triple-net leases.”

“Stoneterra Medical Plaza just received the Medical Office Building of the Year award by the Building Owners and Managers Association (BOMA) for the San Antonio market, and will be competing for regional recognition in Houston.

“This was an excellent opportunity for our buyer to acquire a newly constructed medical office building and benefit from the ease of management,” adds Zylberglait. “We received very strong nationwide interest from all types of investors for this asset.”

Located at 150 E. Stoneterra Blvd., the property is situated near Stone Oak Parkway near North Central Baptist Hospital, Baptist Regional Children’s Center, Methodist Ambulatory Surgery Center, Laurel Ridge Treatment Center, North Central Urgent Care and the Spine Hospital of South Texas.

Stoneterra Medical Plaza is a three-story concrete block building that was developed in 2006.

The building’s major tenant, San Antonio Orthopaedic Group, was established in 1947 for the purpose of providing the highest quality of orthopedic, medical and surgical care to the San Antonio community.

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