Wednesday, April 21, 2010

Penzance Completes 34,000-SF Lease with Global Computer Enterprises, Inc.

WASHINGTON, DC – Penzance announced that Global Computer Enterprises, Inc. (“GCE”) has signed a lease for approximately 34,000-square-feet of office space at Parkridge Center Five, (top left photo)  10780/10790 Parkridge Boulevard in Reston, Virginia.

Owned and managed by Penzance, the 200,000-square-foot Class A office building is one of six buildings that make up the Parkridge Center office park.

“GCE is a valued Penzance tenant and client and we are pleased that we could accommodate their expansion needs and provide top-quality office space and Toll Road visibility at Parkridge Center Five,” said Julia Springer Tolkan, Penzance, Managing Partner and Founder.

“The park’s superior location, and class A premises are major attractions to our tenants at Parkridge Center and we are delighted that GCE decided to expand and extend its occupancy to take advantage of what the building and park at Parkridge Center have to offer ,” Ms. Tolkan added.

Parkridge Center Five is a Class A, four-story office building located directly on the Dulles Toll Road with superior signage opportunities. Strategically situated at the corner of Hunter Mill Road and Sunrise Valley Drive, the park is the eastern-most, and largest, office park in Reston with than 1 million square feet, offering a variety of office space options for private and public sector tenants. The park features such appealing amenities as a new state-of-the-art fitness facility, a beach volleyball court, outdoor fountains, and café.

Penzance director of leasing Matt Pacinelli spearheaded the leasing effort along with Andy Klaff, Jake McInerney, and John Dettleff of Grubb & Ellis, while Rich Rhodes, Tom Birnbach and Russell Canard of CresaPartners represented GCE.

Contact: Matt Pacinelli, Director of Leasing, Penzance, 2400 N Street, NW, Suite 600, Washington, DC 20037.  202.349.5686 direct, 202.271.0526 mobile, 888.690.1885 fax

Marcus & Millichap Capital Corp. Refinances Multifamily Asset for $3.1M

SAN JOSE, CA– Marcus & Millichap Capital Corporation (MMCC) has arranged a $3.1 million refinancing loan for a 40-unit apartment building in San Jose.

Rick Padilla, a senior director in the firm’s Long Beach office arranged the loan for the property.

“The borrower came to MMCC after trying to obtain a loan directly from a lender,” says Padilla. “The building had more than 40 percent of its perimeter as tuck-under parking, the property was 2.2 miles from the Hayward fault line and the borrower had 45 days to refinance.

“We were able to obtain a waiver for no earthquake insurance and remove the tuck-under issue completely,” continues Padilla.

“The rate we arranged was significantly better than what had been quoted to the borrower from other sources and we were able to structure cash-out proceeds. Also, we met the 45-day closing period and the borrower was able to waive the 1 percent prepayment penalty from the note holder.”

The loan has a loan-to-value of 59 percent and a 5.78 percent interest rate, fixed for 10 years with a 30-year amortization.

Press Contact:  Stacey Corso, Marcus & Millichap Capital Corporation, (925) 953-1716