Friday, July 20, 2012

Five-Property Self-Storage Portfolio Sells in Memphis, TN

  


MEMPHIS, TN, July 20, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment brokerage firm, has announced the sale of a five-property, 2,671-unit, 338,766-rentable square foot self-storage portfolio located in the greater Memphis metropolitan area. The terms of the sale were not disclosed.

Charles “Chico” LeClaire (lower right photo), a senior vice president investments in Marcus & Millichap’s Denver office, and Anne Williams (lower left photo), an associate in the firm’s Memphis office, represented the seller, Memphis Storage LLC. Memphis Storage’s managing member is Kenneth Cox. The buyer is Amsdell Storage Ventures VII  LLC. 

 “This acquisition represents a re-entrance into the Memphis market by the buyer and notably added to their national portfolio,” says Williams. “Self-storage acquisitions were steady in 2011 but have increased in 2012. Sellers are motivated to sell while interest rates are low, raising property values and fueling investor demand,” adds Williams.

“This was a perfect match between a motivated buyer and a seller eager to transact in the current market,” offers LeClaire.

Two of the properties are located in Memphis, two are in Olive Branch, Miss. and one is in Hernando, Miss.

All of the properties in the portfolio were designed and built as self-storage facilities between 1973 and 2003. All are well maintained and have stabilized income.

Contact:

Stacey Corso
Public Relations Manager
(925) 953-1716


Colliers International Completes Sale of 126,244-SF Office/R&D Campus in San Jose, CA



San Jose, CA, July 20, 2012 –. – Colliers International, the third largest global real estate services organization, has completed the sale of a two-building 126,244-square-foot office and R&D asset located at 3000 & 3030 Orchard Parkway (top left photo) in San Jose, Calif.

 The purchase price remains confidential.   AEW acquired the property on behalf of one of its institutional clients.


Built in 2000, the Class A property is 100 percent leased and sits on 6.43 acres just off the prestigious North First Street Corridor. 3000 Orchard Parkway is leased by Samsung and 3030 Orchard Parkway is leased by SAP, but is currently subleased to Fairchild Semiconductor, which utilizes the building as its headquarters. 

 The Colliers Investment Services Group led by Fred C√≥rdova (middle right photo), Andy Zighelboim, Nate Jones, Jim Beeger, Ryan Eddy, and Tommy Kim, represented the seller, DivcoWest, a privately owned real estate investment firm with offices in San Francisco and Boston.

 The buyer, Boston-based AEW Capital Management, a real estate investment portfolio manager with a major West Coast presence in Los Angeles plans to capitalize on a rapidly improving North San Jose leasing market. AEW represented itself in the transaction.

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

Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224

Colliers International Completes Lease of a 44,171 SFt Industrial Building in Westlake Village, CA



 Westlake Village, CA, July 20, 2012. – Colliers International, the third largest global real estate services organization, has completed the lease of a 44,171-square-foot industrial property located at 31186 La Baya Drive (top left photo) in Westlake Village.  The 10-year transaction is valued at over $4 million.

John DeGrinis (middle right photo), SIOR, senior executive vice president, Patrick DuRoss, associate vice president, and Jeff Abraham, senior associate all based in Colliers International’s Encino office represented the landlord, 31186 La Baya Drive, LLC.  The tenant was represented by Ron Berndt and Kevin Tamura of Daum Commercial.

The tenant, Rantec Microwave Systems, is relocating from nearby Calabasas where it has resided for many years.  Rantec manufactures microwave antennas used in military and commercial applications such as radar, missile guidance and navigation.

DeGrinis reported: “This type of facility is rare for the Westlake Village area given it is a true warehouse/manufacturing building not normally found in the heart of the Conejo Valley where office and highly improved tech/flex facilities are more the norm.”

The industrial property was constructed in 1978 and offers visibility on Thousand Oaks Blvd. as well as building features including 23-foot minimum clearance, 1600 amps of power, 5 dock high positions and 13,000-square-feet of high image office space. 

Contact:

Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224

HFF markets IDS Center in Minneapolis, MN for sale




 CHICAGO, IL – HFF announced it has been named to market for sale the IDS Center (top left photo) on behalf of the seller, Inland American Real Estate Trust, Inc. 

Heralded by the New York Times as “one of the finest skyscrapers built in any American city,” the IDS Center is located on Nicollet Mall, an upscale shopping and dining district in the core of the skyway system in the Twin Cities. 

The HFF investment sales team, representing the seller, is led by senior managing directors Jeff Bramson (middle right photo) and Jaime Fink (lower left photo), along with director Mark Katz. 

 “The IDS Center is an iconic asset totaling more than two million square feet and is the centerpiece of downtown Minneapolis,” said Jeff Manno, vice president of acquisitions for Inland American Business Manager & Advisor, Inc.

“The decision to market this asset for sale is consistent with the execution of our long-term strategy to reposition the portfolio and focus on retail, student housing and lodging investments.” 

The award-winning 57-story post-modern building was designed by the influential American architect Philip Johnson in 1972. 

“Given the stability of the Minneapolis market, the property’s high occupancy rate and the historically low interest rate environment, we feel this is the opportune time to be able to drive value on this asset,” said Jeffrey M. Bramson, senior managing director for HFF. 

“The property’s retail center, Crystal Court, serves as the crossroads of business and commerce in the central business district.  Traffic counts of those walking through the center have often exceeded 50,000 people per day.”

For further information regarding Inland American, please refer to the company website at www.inlandamerican.com.

 Contacts:
                
JEFFREY M. BRAMSON                           
HFF Senior Managing Director             
(312) 528-3650                                       
jbramson@hfflp.com                             

JAIME F. FINK                                      
HFF Senior Managing Director      
(312) 528-3650                                   

MYRA F. MOREN
HFF Director, Marketing
(713) 852-3500