Sunday, September 18, 2011

Marcus & Millichap Lists $10 Million Office Building in Springfield, IL Leased to Blue Cross

SPRINGFIELD, IL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 75,960-square foot office building (top left photo) located in Springfield. Health Care Service Corp., which currently has a Standard & Poor’s credit rating of AA-, recently signed a 10-year triple-net lease.

The lease contains annual rent increases that begin in 2013. The listing price of $10,055,000 represents $132 per square foot.

Alvin Mansour (middle right photo), a senior vice president investments in the firm’s San Diego office, is representing the seller, a local developer. John Przybyla (lower left photo), first vice president in Marcus & Millichap’s Chicago Downtown office, is the broker of record in Illinois.

            “Originally part of a 160-acre master-planned park, the property is surrounded by other office buildings, including a new 100,000-square foot building leased to American International Group Inc.(AIG),” says Mansour. “Health Care Service Corp. recently spent a significant amount of money on improvements to the property.”

 The building is located at 3200 Robbins Road in an area with more than 92,000 residents within a five-mile radius.

 The property is directly behind Southwest Plaza, a 368,000-square foot retail center anchored by Best Buy, Barnes & Noble, Michael’s, Office Depot, PetSmart, Sports Authority and other retailers.

The site is just south of White Oaks Mall, a 920,000-square foot regional mall anchored by Macy’s, Sears, Dick’s Sporting Goods, Bergner’s and others. The area’s average household income is in excess of $91,000, which is 26 percent higher than the national average. 

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

Eagle Meadows Complex in Delaware Commands $23.2 Million in Open Bid

DOVER, DE– Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap uniquely qualified to serve the needs of institutional and major private investors, has arranged the sale of Eagle Meadows (top left photo), a 298-unit multifamily complex in Dover.

 The sales price for the 352,202-square foot asset was $23,180,000, or $77,785 per unit. IPA is a subsidiary of Marcus & Millichap Real Estate Investment Services.

Victor Nolletti and Steve Witten, senior directors of IPA; Michael Early, a vice president investments with Marcus & Millichap; and Mark Thomson, an associate vice president investments with Marcus & Millichap, represented the seller, Hunt Companies, Inc., based in El Paso, Texas.

 Nolletti, Early and Witten represented the buyer, New York-based Morgan Eagle Meadows LLC.

“The new ownership has acquired a well-maintained, extremely competitive asset that promises stabilized returns over the long term,” says Nolletti.

 “Also, the new owner will benefit from the extremely low turnover rate at this property, which offers renters a single-family lifestyle with very spacious accommodations. A low-density community,

“Eagle Meadows is located near a diverse mix of private-sector and public employees, making it an even more attractive investment,” continues Nolletti.

“Further boosting its value, Hunt invested more than $4 million in renovations, including new HVAC panels, roofs, electrical panels and interior renovations to more than one-third of the units, making this an excellent value-added play,” says Witten. “In addition, Eagle Meadows contains a rare mix of two- and four-bedroom dwellings – a sought-after combination in any urban market.”

Located at 4666 Carolina Ave., Eagle Meadows is comprised of 149 detached duplexes situated on 76 acres in Dover. With a mix of 178 two-bedroom units and 120 four-bedroom units, the apartment homes have oversized closets, fully amenitized kitchens, washer/dryer hookups and ceiling fans. Eagle Meadows also offers residents the largest-sized units on the market in Dover, ranging between 898 square feet and 1,468 square feet.

 Community amenities include a fitness center, walking trails, five playgrounds, a lighted basketball court and a fenced dog park.

 “The sale of Eagle Meadows represents Hunt’s overall business strategy to recycle capital and deploy it to strategic pursuits in our core markets, thereby strengthening our footprint in the multifamily housing market segment,” said Ryan Luxon (middle left photo), executive vice president-finance and dispositions for Hunt.

The city of Dover draws tenant demand from its 13 major employers, including Platex, Bay Health, Kraft Foods, Proctor & Gamble,  Sunroc and the Dover Air Force Base, which employs 6,400 military personnel.

Institutional Property Advisors Contact: Stacey Corso, PublicRelations Manager, (925) 953-1716                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Hunt Hunt Companies, Inc. Contact, Brenda Christman, SVP Corporate Communications, (915) 222-1669      

Sam’s Club in Colorado Springs Hits the Market at $18 Million

COLORADO SPRINGS, CO – Marcus & Millichap Real Estate Investment
Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 128,065-square foot Sam’s Club (top left photo) in Colorado Springs. The listing price of $18 million represents $141 per square foot.

Garrette Matlock (middle right photo) a senior vice president in the firm’s Denver office, is representing the seller.

 “Sam’s Club is currently paying $9.93 per square foot on an absolute triple-net lease with six five-year options and a $0.50 per square foot increase every five years,” says Matlock. “The store serves as an anchor to Woodmen Commons, a market-dominant power center.”

The property is located at 1850 East Woodman Road at the intersection of East Woodmen Road and North Academy Boulevard, south of Interstate 25 in northern Colorado Springs.

Academy Boulevard is one of the busiest streets in Colorado Springs and the intersection of North Academy Boulevard and East Woodmen Road, with traffic counts of 90,500 cars per day, is the third-busiest intersection in the city. The property has great visibility from the recently constructed overpass at Woodmen Road and Academy Boulevard and there is a signalized entrance directly in front of the store.

 Sam’s Club is being offered by the original owners who developed the property in 1998. A gasoline and ATM pad site provides an additional $30,000 in annual rent.

Colorado Springs is the county seat and the most populous city in El Paso County, Colo., which is the largest county in the state. El Paso County’s population is greater than 620,000 and has grown more than 20 percent in the last 10 years.

The average annual income within three miles of the property is $87,815.

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