Thursday, December 29, 2011

Marcus & Millichap facilitates sale of Americas Best Value Inn in Shelbyville, IN for $850,000

SHELBYVILLE, IND., Dec/. 29, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Americas Best Value Inn (top left photo), a 50-room hotel located in Shelbyville, Indiana, according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office.

The asset commanded a sales price of $850,000.

Jonathan S. Ruprai (middle right photo), a hospitality specialist in Marcus & Millichap’s Tampa office and Josh Caruana (lower left photo) Indiana broker in the firm’s Indianapolis office had the exclusive listing to market the property on behalf of the Illinois-based seller, a financial institution and the buyer, a limited liability company also from Illinois. 

This sale marks the ninth bank-owned hotel that Mr. Ruprai has exclusively listed and sold this year.

Americas Best Value Inn is a two-story, 50-room interior corridor limited service hotel.  The property was built in 1997 and is located at 68 East Rampart Road directly off major arterial, Interstate 74. 

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

2012 Las Vegas Real Estate Market Looks Strong, According to Prudential Americana Group CEO

Las Vegas, NV, Dec,  29, 2011 --( 2012 Las Vegas Real Estate Forecast

Las Vegas real estate expert Mark Stark (top right photo) expects a stable environment in 2012, building on the stabilization the market experienced in 2011. National elections, a hotly debated assembly bill and a stagnant economy will all have an effect but not significantly deter the market’s upward swing.

“I see much of the same in 2012, which is a really good thing,” said Stark, CEO of Prudential’s largest franchises in both Arizona and Nevada. “There could be a slight price influx, but nothing significant. I really feel it will be a year of opportunities on both the client and the business side, because there are less homes available and more of a need to make every property stand out among its competitors.

 Stark said increased competition among real estate brokerages is a good thing for his company, which acquired several firms in 2011 including Century 21 MoneyWorld in Las Vegas and the entire Prudential Arizona Properties franchise. “We have a model that has been successful and will be fine –tuning it in 2012.”

Real estate executives that can provide advanced technological capabilities will have an advantage in 2012, said Stark. “Now more than ever, we need to offer our clients sales and marketing strategies that are unique and effective,” said Stark.

“By the numbers, we can see the stabilization in Southern Nevada,” he said.

  In 2010, the Greater Las Vegas Association of Realtors reported 88,746 real estate transactions (sides) closed, or approximately 44,373 homes.

Prudential Americana Group had a 10 percent market share of those closings with 8,027 sides or approximately 4,013 homes. In 2011, there have been 89,266 sides closed YTD, or approximately 44,633 homes.

 Prudential increased its market share to 11.4 percent YTD this year with 8,620 sides or 4,310 homes.

Mark Stark is CEO of Americana Holdings, LLC, which includes Prudential Arizona Properties and Prudential Americana Group REALTORS, one of Nevada’s oldest and largest real estate companies.

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

Prudential Americana Group
Sarah Thornton

The Boulder Group Arranges Sale of a Single Tenant Net Leased Walgreens Property in Tinley Park, IL (Chicago MSA)

Northbrook, IL, Dec. 29, 2011 --( The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property (top left photo) located at 16675 S Oak Park Avenue in Tinley Park, IL for $3,358,000.

Walgreens is the sole occupant of the 13,905 square foot retail building that was developed in 1999. The property is located on a 1.79 acre parcel at the southwest corner of 167th Street and Oak Park Avenue in Tinley Park, IL in the southern suburbs of the Chicago MSA.

Tinley Park has over 50,000 residents making it the 14th largest city in metropolitan Chicago. The property featured an attractive high yield for a net leased Walgreens asset combined with strong existing store sales and a prime signalized intersection on a hard corner.

Randy Blankstein (lower left photo) and Jimmy Goodman (lower right photo) of The Boulder Group represented the seller, a Chicago trust, in the transaction. The buyer was a California based 1031 exchange investor.

Walgreens has eight years of lease term remaining on an original 20 year double net lease. Walgreens is a publicly traded company on the New York Stock Exchange (WAG), with a market capitalization of $39.9 Billion. Walgreens is an investment grade rated company with a Standard & Poor’s rating of A that has over 7,700 stores nationwide.

“The market for vintage net leased Walgreens in major metros remains active as investors are attracted to investment grade tenanted properties in core markets,” said Blankstein, President of The Boulder Group.

Jimmy Goodman, Partner of The Boulder Group, added, “Investors are seeking to diversify their single tenant portfolios with older investment grade leased assets to achieve higher yields than newly constructed properties.”

About The Boulder Group

The Boulder Group is a boutique investment real estate service firm specializing in net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds.
 Founded in 1997, the firm has arranged the acquisition and disposition of more than $1.2 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago. The company’s website address is

The Boulder Group
Randy Blankstein

Disney Family Fund Proposes 70-Unit Condo Project For South Beach, FL

MIAMI, FL -- An investment fund founded by the late Roy E. Disney (top right photo) - former executive of The Walt Disney Co. and nephew of entertainment titan Walt Disney (middle left photo) - plans to construct a five-story condo project with 70 units in the South Beach neighborhood of Miami Beach, according to a new report from

The developer - Palau Sunset Harbor LLC with members of Roy E. Disney's Shamrock Holdings of Southern California - is scheduled to formally unveil its plans for the new project - Palau At Sunset Harbour - on Jan. 24, 2012 at a Miami Beach Planning Board meeting, according to a public notice published in the Miami Herald.

 Plans call for 43 units with 500 square feet to 999 square feet, a dozen units with 1,000 square feet to 1,200 square feet, and 15 units with more than 1,200 square feet, according to plans filed with the Miami Beach Planning Department. 

The proposed 109,300-square-foot project - with 13,100 square feet of ground floor commercial space - is slated to be developed on three lots with a combined 54,700-square-foot property at 1201 20th St. - site of the longtime Mark's Quality Cleaners - just west of Alton Road and east of Publix Super Market.

The development site was acquired in a pair of transactions for a combined $8.2 million - an average of $150 per square foot - that were recorded in November 2011, according to Miami-Dade County records.

Plans for a condo project in the Sunset Harbour area of South Beach were first reported on Nov. 29, 2011 by the Miami Herald.

The Condo Vultures® Market Intelligence Report™ profiled the project on Dec. 1, 2011.

Despite the existence of about 4,700 coastal units that remain unsold from the last real estate boom as of Sept. 30, 2011, developers are proposing to construct a combined 20 towers with more than 4,200 units east of Interstate 95 in the tricounty region of Miami-Dade, Broward, and Palm Beach counties, according to a recent report.

 Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.

Taubman Completes Purchase of Davis Street Assets

BLOOMFIELD HILLS, MI /PRNewswire/ -- Taubman Centers, Inc. (NYSE: TCO) announced the completion of the purchase of The Mall at Green Hills (Nashville, Tenn.), The Gardens on El Paseo (middle right photo) and El Paseo Village (middle left photo) (Palm Desert, Calif.) from Davis Street Properties of Evanston, Illinois. 

"These transactions crown a year of progress on our external growth initiatives," said Robert S. Taubman (lower right photo), chairman, president and chief executive officer.  "With the addition of these assets, we've enhanced both the quality of our portfolio and its anticipated growth rate."

 The consideration for the properties totals $560 million, excluding transaction costs.  The consideration consists of the assumption of $206 million of debt, $281 million in installment notes and the balance in 1.3 million partnership units in The Taubman Realty Group Limited Partnership.

 The installment notes are fully cash collateralized with funds drawn from the company's lines of credit. The notes bear interest at 3.125 percent, and will be repaid with the cash collateral on February 20, 2012. 

 The number of partnership units issued was determined based on a value of $55 per unit. The partnership units will become eligible to be converted into Taubman Centers' common shares after one year.

 Prior to that date, holders will have the ability to put the units back to the company at the lesser of the current market price of Taubman Centers' common shares or $55 per share. 

About The Mall at Green Hills

The Mall at Green Hills, originally constructed in 1955, is the dominant fashion shopping destination in Nashville.  It has been expanded and renovated many times over the years, including the most recent expansion which added a 149,000 square foot Nordstrom that opened September 16, 2011.

The property has 887,000 square feet of total GLA and 375,000 mall tenant GLA and also is anchored by Dillard's and Macy's.  The center features many unique-to-the-market tenants including Nordstrom, its only store in Nashville.

About The Gardens on El Paseo and El Paseo Village

Composed of two adjacent properties across the street from each other, these assets operate as an open-air specialty center.  They anchor El Paseo Avenue, which dominates high-end retail for the entire Coachella Valley, a growing affluent market with significant tourism. 

The Gardens on El Paseo was built in 1998 and El Paseo Village was completed in 2010.  Together, they offer 236,000 square feet of total GLA including a Saks Fifth Avenue and 186,000 square feet of mall tenant GLA occupied by fashion-oriented shops.

   For more information about Taubman, visit
Karen Mac Donald, Taubman, Director, Communications, +1-248-258-7469,;
Robert Perlmutter, Davis Street Land Company, +1-847-425-4021,;
Barbara Baker, Taubman, Vice President, Investor Relations, +1-248-258-7367,

Nordstrom Rack to Open at Edinger Plaza in Huntington Beach, CA


HUNTINGTON BEACH, CA (Dec. 29, 2011) — Seattle-based Nordstrom, Inc., (NYSE: JWN) announced today plans to open a new Nordstrom Rack in Orange County. The approximately 34,000-square-foot store is scheduled to open during fall 2012 at Edinger Plaza (middle right photo) in Huntington Beach, Calif.

 Nordstrom Rack is the off-price retail division of Nordstrom, Inc., carrying on-trend merchandise from Nordstrom stores and at 50 to 60 percent off original Nordstrom prices.

Nordstrom Rack also offers a wide selection of apparel, accessories and shoes from many of the brands carried in Nordstrom stores. These items are purchased specially for Nordstrom Rack, with most at savings of 30 to 70 percent off.

 Edinger Plaza is conveniently located off I-405 in Huntington Beach, Calif. The new Nordstrom Rack will join anchor tenants Dick’s Sporting Goods, Michaels and PetSmart. The center is owned and managed by Watt Companies with Wilson Commercial Real Estate handling leasing.

“We are excited to have Nordstrom Rack as a tenant at Edinger Plaza,” said Nadine Watt (lower left photo), president of Watt Companies. “Nordstrom Rack is a premier retailer who will be a great complement to our existing tenants.”

 When it opens, the Edinger Plaza store will be the fifth Nordstrom Rack in Orange County. Nordstrom also operates six full-line stores in the area. “We’ve been doing business in Orange County since 1978 and hope our new store at Edinger Plaza will help us better serve the many customers we are fortunate to have in the area,” said Geevy Thomas, president of Nordstrom Rack.

David Ebeling
Ebeling Communications
(p) 949.861.8351
(c) 949.278.7851

Colliers International Completes $1.295 Million Property Sale in Hollywood, CA

Hollywood, CA– Colliers International, the third largest global real estate services organization, has completed the sale of a 4,026-square-feet property located at 1542 Cassil Place (top left photo) Hollywood, Calif. The total transaction is valued at $1.295 million. 

 Kathleen A. Silver (middle right photo), CCIM, Senior Vice President, and Kay Thorpe (lower left photo), Associate, both based in Colliers International’s West Los Angeles office represented the Seller, Cassil Management LLC, along with Steve Tronson and John Tronson of Avison Young.

The Buyer, 1542 Cassil LLC, a full-service post production rental equipment company, was represented by Lori King of Avison Young.

 The property was originally built in 1964 but was completely rebuilt in 2001. It is a two-story, class A free standing commercial building in heart of Hollywood boasting highly improved features with modern architectural design.

 “With very little product available of its kind, this prime Hollywood creative office, commercial building - with ample parking is a rare and unique find for any owner-user in the market,” said Silver. 

 “We were able to successfully locate an owner-user searching for their own building in the area,” added Thorpe.

Angela S. Hwang
Regional Marketing Coordinator | Greater Los Angeles
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258

Colliers International
865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA