Saturday, March 3, 2012

$52.4 Million Multifamily Sale in Vacaville, CA Arranged by IPA



VACAVILLE, CA –Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has brokered the sale of River Oaks Apartments (top left photo), a 318,768-square foot luxury apartment complex in Vacaville, approximately 54 miles from San Francisco and 35 miles from Sacramento.

The sales price of $52,400,000 represents $167,949 per unit and $108 per square foot.

Stan Jones (middle right photo), executive vice president investments, Phil Saglimbeni (middle left photo), vice president investments and Sal Saglimbeni (lower right photo), vice president investments, represented the seller, GID. Jones, Phil Saglimbeni and Sal Saglimbeni also represented the purchaser, Sequoia Equities Inc.

“River Oaks Apartments is well positioned for future rent growth given its amenities and superior location in a natural extension of the core Bay Area,” says Jones.

“This is an exceptionally well-maintained high-quality property with an ideal location,” adds Phil Saglimbeni. “The complex is proximate to the major metros of the East Bay and provides its residents with access to local employers and also to job centers in both directions along the Interstate 80 corridor.”

River Oaks Apartments is located at 1000 Allison Drive, a five-minute drive from historic downtown Vacaville. Access to major retail centers, including Vacaville Premium Outlets, The Commons and the Nut Tree Shopping Center is nearby.

Built in 2000 on 7.7 acres, the property features a mix of one-, two- and three-bedroom floor plans averaging 1,022 square feet.

The two- and three-story buildings are accentuated with Mediterranean details, textured stucco and pitched concrete tile roofs. Amenities include a resort-style lap pool and spa, sports court, fitness center, children’s play structure, clubhouse and business center.

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

Crossman & Company Opens Atlanta Office


ORLANDO, FL. --- Crossman & Company, the Orlando based real estate firm that ranks  as one of the largest retail property management and leasing companies in the Southeast  has opened an Atlanta office (top left photo).

John Crossman, CCIM president of Crossman & Company, said senior vice president John Zielinski (lower right photo), CCIM, has been appointed to head the firm’s Atlanta office, located at 6400 Powers Ferry Rd. N.W.

Zielinski, former real estate manager for the Atlanta division of Publix Super Markets, Inc. directs all leasing and management services for Crossman & Company in Georgia, Alabama, Tennessee and South Carolina.

Zielinski earned his under graduate degree from Bowling Green State University and his MBA from the University of South Florida. He is a licensed real estate broker, earned the CCIM professional designation and is a member of the International Council of Shopping Centers.

“We serve a large number of clients and client properties in Georgia, Alabama, Tennessee and South Carolina and Atlanta is the natural choice for our expansion office,” Crossman said.
  
Contact:

John Zielinski, CCIM, Senior Vice President, Crossman & Company

John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

Colliers International Completes Purchase of 186,726-SF Industrial Building in Simi Valley, CA

  

SIMI VALLEY, CA – Colliers International, the third largest global real estate services organization, has completed the purchase of a 186,726-square-feet industrial property located at 3935-3949 Heritage Oak Court (top left photo)., Simi Valley.  The transaction value is confidential.

John DeGrinis (top right photo), Senior Executive Vice President, Patrick DuRoss (middle left photo), Associate Vice President, and Jeff Abraham (middle right photo), Senior Associate all based in Colliers International’s Encino office represented the Buyer, Port to Port Import Export Inc. and Siena Floral Accents, Inc. 

The Seller, Invesco, was represented by Barbara Emmons, Bob Kahn and Billy Walk of CB Richard Ellis.

The buyer will be relocating its businesses from Santa Clarita to the Simi Valley location.  “In our region, it is most common for companies to migrate from east to west or north from the San Fernando Valley,” said  DeGrinis.

 “We seldom see businesses relocate south from Santa Clarita, but with a limited number of buildings to choose from in the North Los Angeles region greater than 100,000 square feet, we had to expand our client’s area of consideration.”  

DeGrinis previously represented the tenants that occupied the building prior to the sale and declared this to be one of his favorite buildings in the market given the very high quality of the property.

“Over the past two years, there have only been four buildings sold to owner / users over 150,000 square feet in the entire North Los Angeles region,” added DuRoss. 

All four have occurred in the Simi Valley / Moorpark submarket.  DeGrinis, DuRoss and Abraham represented the buyers in two of those transactions.

“In both cases, our clients have been heavy users of the Ports of Los Angeles and Long Beach,” he continued.  “The modern, high quality distribution buildings are what attracted our clients to consider moving west. 

In addition, the logistics costs still made sense due to close freeway access and proximity to the Los Angeles Basin.”

 The high-image, Class A industrial building was constructed in 1999 and offers state-of-the-art building features including 30-foot minimum clearance, 21 dock high loading positions and high image office space.  It will be used for warehousing and distribution of home d├ęcor products.

Contact:

Jennifer Hsieh
Regional Marketing Manager
+1 949 724 5545