Friday, May 28, 2010

Marcus & Millichap Sells 24,750-SF Self-Storage Faco;otu om Dunnellon, FL

DUNNELLON, FL, May 28, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Out-Back Self Storage,(top left photo)  a 24,750-square foot self-storage facility property located in Dunnellon, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,150,000.

Adam Wides, (middle right photo) investment specialist and Michael A. Mele (bottom left photo) , vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company and the buyer, a private investor, both based out of Florida.

“Out-Back Self Storage has a lot of the characteristics an investor looks for in a facility and it proves that quality, income-producing facilities can find a buyer in this market”, stated Wides.

“We were able to generate multiple offers for this property and chose a buyer who came in above 95% of list price and closed in 45 days”, added Mele

Out-Back Self Storage is located at 19545 West Highway 40. This 23,625 net rentable square foot facility is situated on approximately 3.32 acres of land. The property was built in 2006 and expanded in 2009.

Press Contact:  Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Marcus & Millichap Wins New Listings in Illinois, Texas and Arizona

CHICAGO, IL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing for 806 N. Rush St. and 56-58 E. Chicago Ave. (top left photo) , a two-building property in the heart of the Gold Coast.

The unpriced property includes Pippin’s Tavern, (top  right photo)  one of Chicago’s most famous establishments, and a six-story mixed-use building with three ground-floor retail stores and 26 apartment units.

 In all, Marcus & Millichap is selling 26,385 square feet of space in two buildings located on 5,800 square feet of land.

Kyle Stengle, a senior associate, in the firm’s Chicago Downtown office, is exclusively marketing this property on behalf of the owner, a private investor.

“This is an excellent opportunity for an owner to rehab or redevelop this site,” explains Stengle.

“The property has been in the current owner’s hands for a long time, as are most of the properties in this area,” says Stengle, who specializes in the Near North neighborhoods, including the Gold Coast, Lincoln Park, Lakeview and Bucktown.

“Regardless of the current state of the economy, high-demand infill locations still attract investor interest because of the underlying, long-term value of the land in this area. Retail rents in the Gold Coast submarket range between $100 per square foot and $400 per square foot on a triple-net basis,” adds Stengle.

This 26,385-square foot property is surrounded by many high-end tenants including Bentley Gold Coast, Lululemon, Starbucks, Hyatt Hotels, Barney’s New York, Patagonia, Tori Burch, Jimmy Choo and other national-credit and local tenants.

 $20M Mixed-Use Development Site Listed in Midlothian, TX

MIDLOTHIAN, TX– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 560-acre mixed-use development site in Midlothian, which is located approximately 20 miles south of the Dallas/Fort Worth Metroplex.

John Barker, a vice president investments and director of the firm’s National Multi Housing Group in Dallas, and Creighton Stark, a senior associate, also in Dallas, are representing the seller.

“This 560-acre planned development opportunity is ideal for a number of uses and is situated along the city’s two main arteries in a highly progressive and synergistic community,” says Stark. “The location features an abundance of traffic generators, including Joe Pool Lake, a Wal-Mart Supercenter, which is situated across the highway from the property, Navarro College (lower right photo)  and several major employers.”

The parcel is located along U.S. Highway 287 and U.S. Highway 67 in Midlothian with 1.5 miles of frontage along Highway 287, 0.5 miles of frontage on Highway 67 and combined traffic counts of approximately 131,000 vehicles per day.

Midlothian is located 26 miles south of Dallas, 27 miles southeast of Fort Worth, 73 miles north of Waco and 180 miles north of Austin in Ellis County.

Reywest Commerce Center in Tucson, AZ Listed for $11.5M 
TUCSON, Ariz., May 28, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for two adjacent institutional-grade foot industrial assets in Tucson known as the Reywest Commerce Center (bottom left photo). The listing price for the net-leased property is $11.5 million, which represents $95 per square foot.

Peter P. Ioannou, a vice president investments in the firm’s West Los Angeles office, and David A. Guido, (bottom right photo)  in Marcus & Millichap’s Phoenix office, are representing the seller, a Beverly Hills, Calif.-based limited partnership.

“The built-to-suit asset was developed in the third quarter of 1999 for Raytheon by a division of the Alcoa Co.,” says Ioannou. “Raytheon leased the property for a 10-year term and has just exercised the first of its five three-year options.”

The property is located at 6221 and 6223 South Palo Verde Road on a corner parcel with 312 feet of frontage on South Palo Verde Road, a main arterial road leading to the Tucson International Airport.

The Reywest Commerce Center was built on 7.54 acres of land. Construction consists of five-inch concrete-slab floors, concrete tilt-up walls and a wood panelized built-up roof. Parking is available on grade, 4.3 spaces per 1,000 feet. The structure is in excellent condition and has received improvements by Raytheon. A national credit tenant with global reach, Raytheon has a Standard & Poor’s rating of A-.

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

Regency Centers Sells $150M of 10-Year Senior Unsecured Notes

JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG) announced  that its operating partnership, Regency Centers, L.P., completed the sale of $150 million of 6.0% ten-year senior unsecured notes under its existing shelf registration statement.

The notes are due June 15, 2020 and were priced at 99.299%. Interest on the notes will be payable semiannually on June 15th and December 15th of each year, beginning on December 15, 2010. The net proceeds will be used to repay near-term maturing indebtedness and for general corporate purposes.

J.P. Morgan Securities Inc. and Wells Fargo Securities, LLC acted as joint book-running lead managers for the transaction.

The co-managers were Banc of America Securities LLC, Capital One Southcoast Inc., Comerica Securities Inc., Daiwa Securities America Inc., Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., Morgan Keegan & Company Inc., PNC Capital Markets LLC, RBC Capital Markets Corporation, SunTrust Robinson Humphrey Inc. and US Bancorp Investments Inc.

A copy of the prospectus supplement and accompanying prospectus meeting the requirements of Section 10 of the Securities Act of 1933 may be obtained by contacting the underwriters at J.P. Morgan Securities Inc., 383 Madison Avenue, New York, NY 10179 – telephone (212) 834-4533 (call collect) or Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, Attn: Syndicate Operations – telephone (800) 326-5897 or

Avalon Park to Start Development of Assisted Living and Memory Care Facility in East Orlando

ORLANDO - The U.S. Department of Housing and Urban Development recently granted preliminary approval of a pre-application for the development of an 80,000 square foot assisted living and memory care facility on Tanja King Parkway and Avalon West Blvd. near downtown Avalon Park (top left photo) , moving the project one step closer to development.

Eric Marks, (middle right photo) senior vice president and chief operating officer at Avalon Park Group, said APG has been planning the 90-unit, 128-bed facility for more than two years.

“Approval of our pre-application is the first of several steps that must be undertaken before construction can start,” Marks said.

Avalon Park Group is preparing its formal application for HUD approval that details project design, contracting schedule, job creation and economic impact.

Ross Halle (lower left photo), town planner at Avalon Park Group, said Baker Barrios Architects, Inc. of Orlando is designing the three-story Avalon Park Assisted Living and Memory Care facility that will be comprised of six neighborhoods, each with 15 studio or one-bedroom units and with its own dining room and living room area.

Additionally, the project consists of an Outreach room for local community activities, a wellness area, occupational and physical therapy, salon and spa. The building will be surrounded by a secured, landscaped courtyard consisting of fountains, trellises and seating areas all under a canopy of oak trees.

Halle said construction of the $15 million facility could start later this year.

“Typically, it takes about seven months to complete the design, permitting and HUD final approval process,” Halle said.

Construction bids have been received and the winning construction company will be announced within the next few weeks after all bidding is studied, he said.

Avalon Park Group is currently seeking focus group participants who have searched for an assisted living facility or memory care center for their loved ones in the recent past, Stephanie Hodson, marketing coordinator for Avalon Park Group said, adding that focus group participants will be paid $50 per session.

“We want to ask them about their experience so we can learn more about how caregivers choose which facility is best for their loved ones,” she said.

Interested participants should contact Hodson at 407-658-6565 or visit and click on the “Senior Living Focus Group” link.

For more information, contact:
Stephanie Hodson, Marketing Coordinator, Avalon Park Group 407-658-6565;
Eric Marks, Vice President /Chief Operating Officer, Avalon Park Group 407-658-6565;
Beat Kahli, Founder /CEO Avalon Park Group 407-658-6565;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142