Friday, May 7, 2010

New Condo Sales Spike At ICON Brickell In Downtown Miami

MIAMI, FL--Buyers closed on 126 new condos in April in the three-tower ICON Brickell  (top left photo) projects in Greater Downtown Miami, pushing the overall closed sales ratio up to 23 percent in the nearly 1,800 complex, according to a new report from

Following newly implemented discounts, buyers purchased an average of more than four condo units per day in April compared to an average of just under two units per day in the first three months of 2010, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Miami™.

"The ICON Brickell is the popular project of the moment in Greater Downtown Miami for value-oriented buyers," said Peter Zalewski, (middle right photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "Buyers have purchased about 300 units in the first four months of this year compared to only 125 units in the previous two years of sales. As positive as the sales activity has been this year, more than 75 percent of the nearly 1,800-unit project is still available."

The ICON Brickell is comprised of a north, south, and west tower with a combined 164 stories of residential condos, restaurants, bars, retail, a hotel, spa, and an enormous amenities deck.

Considered by many to be the most unique project in Greater Downtown Miami, the ICON Brickell has developed a strong following of prospective buyers and tenants who want to invest or rent in the one-of-a-kind project.

Pricing had been the biggest challenge stopping buyers from purchasing the units as the original preconstruction contracts were written up in 2006 at amounts greater than $600 per square foot, according to the licensed Florida brokerage Condo Vultures® Realty.

The average closed sales price for the more than 400 sales to date at ICON Brickellis $448 per square foot. Prior to the deep developer discounts introduced in January, the average closed sales price was $543 per square foot, according to a recent Condo Vultures® White Paper™.

In the first quarter of 2010, more than 700 new condos were sold at an average price of $326 per square foot, down from an average price of $357 per square foot at the end of 2009
Greater Downtown Miami is a 60-block stretch from the Rickenbacker Causeway north to the Julia Tuttle Causeway, Interstate 95 east to Biscayne Bay. Greater Downtown Miami is comprised of the Brickell Avenue Area, the Downtown Area, and the Biscayne Boulevard Corridor.

Between 1963 and 2002, developers constructed 11,500 units in the Greater Downtown Miami market. The boom years of 2003 to 2010 nearly tripled the total inventory that exists in the submarket.

The overall inventory could have been greater if not for several proposed projects being ultimately cancelled or delayed.

Despite the apparent oversupply, buyers are purchasing units in Greater Downtown Miami a strong pace.

The strong buying activity in Greater Downtown Miami in the first quarter of this year has pushed the overall closed sales ratio for the epicenter of Florida's condo crash to more than 70 percent, according to a recent report.

A year ago, buyers purchased units at half that pace, acquiring only 370 new condos between January and March of 2009. At that time, only 59 percent of the 22,250 new condo units constructed in Greater Downtown Miami since 2003 had been sold, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Miami™.

Bulk Buyer Acquires 10 More Condos In Downtown Miami

MIAMI, FL--The same private equity group that acquired 80 units at the end of 2009 in the Met 1 (bottom right photo) condominium has just purchased an additional 10 units in the new 40-story tower in Greater Downtown Miami, according to a new report from

The bulk buyer now own 34 percent of the 268 condo units sold at Met 1, and 20 percent of the 447 total residential units that exist in the project, according to the Condo Vultures® Bulk Deals Database™.

The buyer, a Florida corporation with Alejandro Angulo, Juan C. Angulo, Jose L. Innocenti, and Miguel A. Innocenti as principals, purchased 10 units in Met 1 for $2.75 million, or $263 per square foot, in a deal that closed April 21, according to report based on Miami-Dade County records.,

On Dec. 29, 2009, the same principals using three corporations purchased a combined 80 units for $16.7 million, or $248 per square foot, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Miami™.

The Met 1 bulk buyer purchased at an average price of $250 per square foot, which is a 40 percent discount on $414 per square foot average for individual transactions with the developer in the project, according to a recent Condo Vultures® White Paper™.

"More than 70 percent of the 22,250 condo units constructed since 2003 in Greater Downtown Miami have been sold," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"Buyers have acquired more than 5,100 units in Greater Downtown Miami since July 2008 when the first bulk deal occurred. Since that time, bulk buyers have been active but still only been able to acquire about 20 percent of the new units that have traded due to strong demand from individual purchasers."

Contact: Peter Zalewski of Condo Vultures®,  800-750-0517 or by email at

HUD Creates 'Green Lane' to Speed Processing of Low-Risk Loans for Qualified Senior Housing/Healthcare Borrowers

CHICAGO, IL--An administrative decision by managers of the new HUD Lean funding program in Washington, D.C., has "low risk" senior housing/healthcare borrowers traveling on a fast track in a "Green Lane" that substantially speeds the time it takes to assign HUD Section 232 loans to an underwriter for processing.

Cambridge Realty Capital Companies Chairman Jeffrey A. Davis (top right photo)  says the "Green Lane" is the agency’s creative solution for a logjam that was created when the FHA’s Office of Insured Health Care Facilities (OIHCF) began processing all HUD 232 loan applications in January.

 Loan applications that meet specific criteria established by agency underwriters now find themselves in a special queue for applications that can be processed more quickly with a high chance for success.

For a complete copy of the company's news release, please contact:

  Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail:

Cousins Forms New Joint Venture; Recapitalizes Terminus 200 Signs 5-Floor Lease with Greenberg Traurig in Atlanta

ATLANTA, GA--Cousins Properties Incorporated (NYSE: CUZ) announced today that it has formed a new joint venture with a fund managed by Morgan Stanley Real Estate Investing that has successfully recapitalized Terminus 200 (top left photo)

. Terminus 200 is a 25-story, 564,000-square-foot tower of Class A office space, retail, and restaurant space located at the intersection of Peachtree and Piedmont roads in the Buckhead office submarket.

In conjunction with the new joint-venture, Cousins has restructured its existing construction loan, further strengthening the capital structure of Terminus 200; Wells Fargo Bank remains administrative agent on the loan.

Cousins also announced today that it has signed a lease for the top 5 floors with international law firm Greenberg Traurig, LLP at Terminus 200.

"We’re really pleased to have Greenberg Traurig choose Terminus 200. It is an extremely reputable firm and we look forward to having a long relationship with them," said Larry Gellerstedt, (middle right  photo)  Chief Executive Officer at Cousins. "Furthermore, we’re confident this restructuring will lead to the announcement of additional leases in the coming weeks."

John Klopp, Head of Americas Real Estate Investing at Morgan Stanley, commented, "We are delighted to have partnered with Cousins to complete a successful restructuring of the Terminus 200 project. As the lease signing today demonstrates, we believe the building is now well positioned to attract top-tier firms to one of Atlanta's leading business centers."

Greenberg Traurig, LLP is an international law firm with approximately 1,800 attorneys and governmental professionals in 32 locations in the United States, Europe and Asia. Greenberg Traurig’s more than 100 attorneys in Atlanta will occupy the top floors of Terminus 200. The move is scheduled for July 2011.

"We’re energized and excited to be moving to the heart of Buckhead, one of Atlanta’s strongest business centers," said Ernest L. Greer, managing shareholder of Greenberg Traurig’s Atlanta office. "As we continue to grow, our new space will reflect our firm’s business model and unique culture and will positively impact the relationships among our clients, attorneys and staff."

Terminus 200, which has achieved Gold-level LEED certification, is the newest phase of the 10-acre Terminus development. The development includes the 94 percent leased, 656,000-square-foot Terminus 100 office building and 10 Terminus Place, the first Terminus residential tower.

Contact: Cousins Properties Incorporated, Cameron Golden, 404-407-1984, Director of Investor Relations/Corporate Communications,

CLW Represents Royal Senior Care in $27M Transaction

TAMPA, FL (April 30, 2010)…CLW Health Care Services Group is pleased to have represented Royal Senior Care (RSC) in a joint venture transaction valued at $27 million. RSC, a subsidiary of Gazit-Globe, will take Cornerstone Healthcare Plus REIT, Inc. as an 80% partner in two of its Assisted Living properties in South Carolina with a total of 180 units.

 RSC will retain a 20% ownership stake and will continue managing the properties.

CLW Health Care Services Group is a division of CLW Real Estate Services Group, a national, commercial real estate fi rm providing investment sales, multi-market tenant representation, project management, and construction services throughout the United States.

 CLW Health Care Services Group specializes in exclusively representing sellers throughout the United States in the sale of

Senior Housing properties. CLW has sold $1.3 billion in Senior Housing assets.

Contact: Allen McMurtry (top right photo)  813.349.8349

Hotel Development Group Formed to Acquire and Create One-of-a-kind Resorts

The Taylor Group to Seek Beach and Ski-related Properties

HONOLULU, Hawaii,—Officials of The Taylor Group announced  they have formed a new company to acquire and create one-of-a-kind, four- and five-star resorts in Hawaii, Mainland U.S. and Southeast Asia. The company has established relationships with several equity groups to fund the growth plan.

“Great, memorable resorts are as much an experience as they are a location,” said Mark Taylor, principal of The Taylor Group.

 “Because of the economy and the so-called AIG effect, resorts have suffered significantly in the last downturn, which has negatively affected values.

"While transaction activity remains stunted, we believe that over the next 12 to 18 months there will be a significant increase in acquisition opportunities. However, buying solely on price will only start the cycle over again.

“What will set our properties apart is creating a four- and five-star resort experience through cutting-edge design and service.

"We are on the cusp of a new generation of hotels and resorts, and we intend to be trend setters that attract and retain guests and generate higher profits,” he said.

"Working with hotel management companies, brokers and its own extensive relationships, The Taylor Group will seek out full-service hotels with 200 to 400 rooms. Meeting and convention-oriented resorts are not a priority.

“Our hotels will be both branded and independent, but each will be positioned in a class different from all other hotels in their respective markets,” Taylor said. “Our roots are in design and experience creation, which we believe will give our hotels a strong competitive edge in all phases of the hotel cycle.”

The company plans to grow at a measured rate, adding one to two properties a year. “The original Rock Resorts concept is probably the closest business model, but we will add our own experience derived from developing and designing numerous hotels to create our own personality,” Taylor noted.

“Each of our hotels will be very indigenous to its locale. The resort will be a haven and be designed to achieve a specific mood and setting, complemented by a strong food and beverage experience.”

Mark Taylor, principal, will lead The Taylor Group. With more than 25 years’ experience in the design and development of hotels, he has been involved in creating and recreating resorts and hotels on Mainland U.S., Hawaii, Australia and South East Asia.

 Properties range from the five-star St. Regis Hotel, Resort and Residences in Deer Valley, Utah (top left photo) to the Royal Hawaiian Hotel (middle right photo)  and Sheraton Hotel in Waikiki. (lower left photo)

Headquartered in Honolulu, Hawaii, The Taylor Group is an acquisition-focused company that brings experience-related concepts and design to the resorts it acquires. Additional information about the company:

Contacts: The Taylor Group International LLC, 2255 Kalakaua Avenue, Sheraton Waikiki Manor Building, Honolulu, Hawaii 96815, Phone: (808) 931-8624,

 Jerry Daly or Chris Daly, media, (703) 435-6293

JHM Interstate Hotels India Adds Two Contracts to Growing Management Portfolio in India

Luxury Resort in Jaipur Expected to Open in August; Ramada Amritstar to Open in September

ARLINGTON, VA—Interstate Hotels & Resorts, the United States’ largest independent hotel management company,  announced that India-based JHM Interstate Hotels India, a 50/50 joint venture management company between Interstate and JHM Hotels, has signed agreements to manage two new-build hotels in India: a 62-room independent luxury resort in Kukas, Jaipur, expected to open in August 2010, and a 140-room Ramada Hotel in Amristar opening in September. Including these hotels,

JHM Interstate Hotels India has executed a total of four management contracts in that country.

“India has tremendous growth potential for the hotel industry,” said Thomas F. Hewitt (top right photo), Interstate’s chairman and chief executive officer. “Last year there was a 19 percent increase in branded hotel rooms there, with no decline in occupancy. Another nearly 60,000 hotel rooms are expected to be added over the next five years, according to HVS India.

“Our joint venture platform for third-party hotel management with JHM Hotels continues to yield positive results, as evidenced by these new contracts.

" India plays a key role in our international expansion plans, and we continue to build a robust pipeline of hotel management opportunities throughout the country, establishing a strong foundation for future expansion. Our ability to successfully source management contracts is a direct result of our relationships on the ground in India, a hallmark of our international growth platforms.

"The joint venture is actively sourcing other management opportunities throughout key markets in India.”

H. P. Rama,  (middle left photo) founder and CEO of JHM Hotels and director of JHM Interstate Hotels India, added that the company’s ability to attract quality owners is extremely gratifying.

 “Our proven management track record, as well as our experience worldwide in operating premium hotels and resorts, makes our association with these high quality projects the logical next step to our growth in this country.

"We look forward to matching the product quality represented here with the service excellence we are known for worldwide.”


Jerry Daly, Carol McCune, Media, Daly Gray, (703) 435-6293,
 Carrie McIntyre, SVP, Treasure, rInterstate Hotels & Resorts, (703) 387-3320,

Grubb & Ellis Healthcare REIT II Acquires Highlands Ranch Medical Pavilion Near Denver

DENVER, CO – Grubb & Ellis Healthcare REIT II, Inc.  has acquired Highlands Ranch Medical Pavilion, (top left photo) a Class A medical office building totaling approximately 37,000 square feet in the Denver suburb of Highlands Ranch.

The $8.4 million acquisition closed on April 30.

Located at 8671 S. Quebec St., Highlands Ranch Medical Pavilion is within approximately five miles of both the 231-bed Littleton Adventist Hospital and the 186-bed Sky Ridge Medical Center.

Littleton Adventist is a member hospital of Centura Health, while Sky Ridge Medical Center is a member hospital of HealthONE. Built in 1999 on approximately 3.5 acres of land, the property is 94 percent occupied by multiple tenants, including Belleview Family Medicine PC, National Jewish Medical and Research Center and Arapahoe Park Pediatrics PC.

“Highlands Ranch Medical Pavilion is located in one of Colorado’s most affluent neighborhoods, near two large hospitals and in the midst of one of the nation’s growing metropolitan regions, all of which make this an ideal acquisition for Grubb & Ellis Healthcare REIT II,” said Jeff Hanson, (middle right photo)  chairman and chief executive officer.

 “But most importantly, this acquisition is immediately accretive to our bottom line, delivering a rate of return well in excess of our 6.5 percent per annum distribution paid to investors.”

Highlands Ranch Medical Pavilion is located 12 miles south of Denver and enjoys close proximity to Interstate 25, Colorado’s primary north/south thoroughfare, and the C-470 Beltway, affording tenants easy access to all of Greater Denver.

The building provides a variety of medical services to patients, including: asthma, allergy and immunology; radiology and imaging; pediatric services; physical therapy; behavioral health services; obstetrics and gynecology services; family practice and oral and maxillofacial surgery.

The property was acquired from HRMED LLC, an unaffiliated third party represented by Geoff Baukol and Chris Bodnar of CB Richard Ellis.

Contact: Damon Elder, Senior Director, Communications, Grubb & Ellis Equity Advisors, LLC 714.975.2659 direct, 714.356.1460 cell

Trae Anderson Joins Grubb & Ellis as Senior Vice President, Office Group

DALLAS, TX – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that Trae Anderson has joined the firm as senior vice president, Office Group. In this role, Anderson will enhance Grubb & Ellis’ existing landlord representation presence in the Dallas office market.

“Trae’s extensive leasing background and dedication to excellent client service makes him a tremendous addition to our Dallas leasing team,” said Moody Younger, executive vice president and managing director. “His relationships and great reputation will enable Grubb and Ellis to increase our market share of office listings, and I couldn’t be more pleased that he has decided to join our team.”

Anderson, 37, spent the last two years as a managing partner with Dominus Commercial, Inc., where he was responsible for providing landlord representation services and providing oversight of the company’s leasing team. While at Dominus, Anderson earned the company’s Top Producer Award in 2009, in part by growing the firm’s leasing assignments by 1 million square feet.

Contact: Julia McCartney, Phone: 714.975.2230, Email:

John Clark and Robert Lundin Join Grubb & Ellis as Senior Vice Presidents, Office Group

CHICAGO, IL – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that John Clark and Robert Lundin have joined the company as senior vice presidents, Office Group. The hires, which are effective immediately, are part of the company’s overall strategy to significantly enhance its Investor Services platform.

In this role, Clark, 50, and Lundin, 48, will help to further build Grubb & Ellis’ agency landlord representation presence in the suburban Chicago market. The team joins from Jones Lang LaSalle and includes Jesse Slack, 25, as associate vice president.

Contact: Erin Mays, Phone: 312.698.6735, Email:
Grubb & Ellis  to Present at Investor Conference

SANTA ANA, CA. (May 7, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced today that Thomas P. D’Arcy, (bottom right photo)  president and chief executive officer, will be presenting at The Ninth Annual JMP Securities Research Conference in San Francisco on Wednesday, May 12, 2010, at 11:30 a.m. PDT.

A live audio webcast of the presentation will be accessible via the Investor Relations section of the company’s website at An audio replay of the webcast will be posted within 24 hours of the live event and available at this url for 90 days thereafter.

Contact: Janice McDill, Phone: 312.698.6707, Email:

Grubb & Ellis  Announces Closing of Sale of $30M of Unsecured Convertible Senior Notes

SANTA ANA, Calif. (May 7, 2010) — Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced the completion of its offering of $30.0 million aggregate principal amount of unsecured convertible senior notes due 2015. The notes have an interest rate of 7.95% per annum.

The company also granted the initial purchaser a 45-day option to purchase up to an additional $4.5 million aggregate principal amount of notes to cover over-allotments, if any.

The company estimates that the net proceeds from the offering will be approximately $28.0 million after deducting offering expenses. The company intends to use the net proceeds from the offering to fund growth initiatives, short-term working capital and general corporate purposes.

The notes were sold in a private placement to qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933, as amended.

The notes and the underlying common stock issuable upon conversion have not been registered under the Securities Act or applicable state securities laws.

 This press release shall not constitute an offer to sell or the solicitation of an offer to buy the notes (including the shares of common stock into which the notes are convertible), nor shall there be any sale of the notes (including the shares of common stock into which the notes are convertible) in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.

Contact: Janice McDill, Phone: 312.698.6707, Email:

HFF named to market for sale three iconic San Francisco Bay Area hotels

SAN FRANCISCO, CA – HFF (Holliday Fenoglio Fowler, L.P.)  has been named to market for sale Nob Hill Properties, Inc. (NHP), a Sub S corporation, whose assets are comprised of three iconic, generational hotels in the San Francisco Bay Area – The Huntington Hotel in San Francisco, California and the La Playa Hotel and Cottages-by-the-Sea in Carmel-by-the-Sea, California, in which NHP holds a fee interest in the properties, as well as the Galleria Park Hotel in San Francisco, California in which the corporation holds a leased-fee interest in the land beneath the hotel.

Potential investors should note that the Nob Hill Properties, Inc. as a corporation is only selling its leased fee interest as a ground lessor in the land beneath the Galleria Park Hotel.

Investors interested in acquiring Nob Hill Properties, Inc. should be directed to HFF senior managing directors Michael Leggett (top right photo)  and Gerry Rohm,  (top left photo)  who will lead the investment sales team on behalf of the seller.

“These are generational hotels that have not been available to investors for more than 50 years, with two of the three being unencumbered by management and flag. The Huntington Hotel, constructed in 1924, has been significantly renovated throughout the years and has never been offered for sale. The opportunity presents investors with a blank canvas for the launching or dramatic enhancement of a luxury brand, creating their own vision through the ownership of three iconic hotels in truly irreplaceable locations,” said Leggett.


Michael Leggett, CA Lic. (#01056334), HFF Senior Managing Director, (713) 852-3500,
Gerry Rohm, CA Lic. (# 01367742), HFF Senior Managing Director, (415) 276-6924,
 Kristen Murphy, HFF Associate Director, Marketing, (415) 276-6935,

HFF arranges financing for Meadow Chase Apartments in West Des Moines, Iowa

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.)  has arranged financing for Meadow Chase Apartments, an 86-unit multi-housing complex in West Des Moines, Iowa.

Working exclusively on behalf of an affiliate of Abacus Capital Group, LLC, HFF senior managing director Mona Carlton (lower right photo)  placed the seven-year, fixed-rate loan with Freddie Mac (Federal Home Loan Mortgage Corporation). Loan proceeds are being used to acquire the property. HFF will service the loan through their Freddie Mac Program Plus® Seller/Servicer program.

Meadow Chase Apartments is located at 5234 Boulder Drive in West Des Moines close to Interstates 35 and 80 in West Des Moines. The 97% leased property has 13 two-story buildings with two-bedroom units averaging 935 square feet each. Community amenities include a leasing office, a picnic area and 62 parking garages.


Mona K. Carlton, HFF Senior Managing Director, (214) 265-0880,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HFF represents BioMed Realty Trust in $53M  purchase of five life science buildings in Rockville, MD

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced  their role in the sale of a five-building, 217,983-square-foot, state-of-the-art office/laboratory campus plus adjacent land parcel in Rockville, Maryland, previously owned by the J. Craig Venter Institute (JCVI).

HFF senior managing directors Jim Meisel  (lower left photo) and Dek Pott (lower right photo) and senior real estate analyst Jimmy Barter represented the buyer, BioMed Realty Trust, Inc. BioMed purchased the property from JCVI for $53 million. JCVI is leasing back the entire campus.

The JCVI property is located at 9704-9712 Medical Center Drive, adjacent to the 300-acre Shady Grove Life Sciences Center, and close to the National Institute of Standards and Technology and the National Institutes of Health in Rockville. Completed between 1995 and 2004, the property is fully occupied by JCVI, a not-for-profit world-leader in genomic research.

“JCVI is situated in the heart of the Interstate 270 Corridor, commonly known as ‘DNA Alley’, where the life sciences industry has been a growth engine for more than 20 years. This will be a beneficial transaction for both parties for a significant period of time,” said Meisel.

BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused on Providing Real Estate to the Life Science Industry®. BioMed acquires, develops, owns and operates laboratory and office space.

James A. Meisel, HFF Senior Managing Director, (202) 533-2500,
Stephen 'Dek' Potts Jr., HFF Senior Managing Director, (202) 533-2500,
 Kristen M. Murphy, HFF Associate Director, Marketing , (713) 852-3500,

Marcus & Millichap Forms Strategic Alliance With Property Sciences

LOS ANGELES, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has formed a strategic alliance with Property Sciences, a market-leading appraisal firm, to provide lenders with portfolio valuations, according to Stephen Stein, (top right photo)  regional manager of the firm’s Los Angeles office.

Marcus & Millichap’s Southern California offices, including Los Angeles, Encino, West Los Angeles, Ontario, San Diego, Long Beach and Newport Beach, will initially work with Property Sciences on providing portfolio valuation services.

“Since early 2007, Marcus & Millichap has steadily increased its menu of services for banks, appraisers and borrowers,” explains Stein. In 2006, the firm expanded its Special Assets Services division, and began offering more broker opinions of value (BOVs) and other tools for lending institutions and investors facing loan delinquencies, REOs and other distressed situations.

Paul Chandler (bottom left photo), MAI is the founder and chief executive officer of Property Sciences.

“Property Sciences assists lenders with the valuation of commercial real estate portfolios on a national scale,” states Andrew Mekjavich, a vice president at Property Sciences’ corporate headquarters in Pleasant Hill, CA. disposition.”

For more information on Property Sciences, please visit

Marcus & Millichap to Assist Universities With Real Estate Monetization Strategies

TAMPA, FL –Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced that Dorothy Jackman (middle right photo) and Travis Prince  (middle left photo) were selected by The Growth Group, a consulting organization for higher education institutions, to participate in The Higher Education Monetization Consortium (HEMC).

The consortium is a collection of higher education leaders and finance experts that will assist universities with real estate monetization strategies.

Jackman, a vice president investments, and Prince, a senior associate in the Tampa office of Marcus & Millichap, have been engaged to provide assistance with the real estate investment transaction itself, including identifying other Marcus & Millichap investment specialists to assist universities with underwriting strategies, acquisitions, dispositions and sale lease-backs.

$22.8M Buys Southern California Multifamily Asset

RANCHO PALOS VERDES, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of The Madison, (lower right photo)  a 90-unit, 118,874-square foot luxury apartment building in Rancho Palos Verdes.

The sales price of $22,863,000 represents $254,033 per unit and $211 per square foot.

Ron Harris, (lower left photo)  a senior vice president investments and senior director of the firm’s National Multi Housing Group in Los Angeles, represented the seller, a Northern California-based investment group, and the buyer, Alliance Residential, a Phoenix-based investment group.

“The Madison is one of the most esteemed apartment home communities in Rancho Palos Verdes and is an affordable alternative to the multimillion-dollar single-family residences on the Palos Verdes Peninsula,” says Harris. “The Madison provides deluxe accommodations for a discerning tenant base that enjoys the Southern California beach lifestyle and benefits from the community’s proximity to multiple employment centers.”

Located in the hills above the Pacific Ocean at 6507 and 6510 Ocean Crest Drive in Rancho Palos Verdes, residents have an easy commute to downtown Los Angeles and Long Beach, the two largest employment centers in the Los Angeles metropolitan area. The property is also minutes from many major employers in neighboring Torrance.

The Madison’s unit mix features 19 one-bedroom/one-bath units and 71 two-bedroom/two-bath apartments. The average unit size is greater than 1,200 square feet and 56 percent of the apartments have ocean views. Select units have panoramic views of the sea and of Catalina Island.

Marcus & Millichap Opens New Office in Providence, RI
PROVIDENCE, R.I.,– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has opened a new office in Providence, according to Gary R. Lucas, (bottom right photo)  regional manager.

The office is located at 136 Peckham Road, Little Compton, R.I. The phone number is (401) 592-0199 and the fax number is (401) 592-0046.

“The new office builds upon our growing presence in New England, which includes offices in Boston and New Haven,” says Lucas. “The Providence office will allow us to bring Marcus & Millichap’s unique brokerage platform and access to a nationwide pool of capital to investors in Rhode Island and throughout New England.”

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716