Friday, September 14, 2012

Colliers International Completes Sale of Industrial Building in Santa Fe Springs, Calif.


SANTE FE SPRINGS, CA. (Sept. 14, 2012) Colliers International, the third largest global real estate services organization, has completed the $1.55 million sale of a 15,888-square-foot industrial building located at 12236 McCann Dr. (top left photo) in Santa Fe Springs, Calif.

Adam Deierling (bottom right photo) and Chris Sheehan of Colliers International represented the seller, Newport Beach-based Kendrick McCann, L.P.

The buyer was Alpha Grinding from Paramount, Calif. who was represented by Brian Held and Robert Flores of CBRE.

Alpha Grinding is consolidating several of its facilities, keeping its space in Paramount for the next year. The company will completely rehab the multi-tenant facility and convert it into a single-tenant property for its specific needs.

“There is very little quality inventory in Santa Fe Springs. The Mid Counties vacancy rate is just below 4 percent,” said Deierling. “If a property is put on the market for sale and is priced well, there will be numerous active buyers interested in pursuing the property.”


Darcie Giacchetto
Spaulding Thompson & Associates

Marcus & Millichap Announces Sale of Kelly Road Self Storage in Fort Myers, FL for $1.8 Million

FORT MYERS, FL, Sept.14, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Kelly Road Self Storage, a 72,422-square foot self-storage facility located in Fort Myers, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office.

            Michael A. Mele (top right photo), a first vice president investments and senior director of Marcus & Millichap’s National Self-Storage Group (NSSG) and associate Adam Wides (lower left photo), both in the firm’s Tampa office had the exclusive listing to market the property on behalf of the California-based seller, a financial institution.  Mele and Wides also represented the buyer, a private investor based out of Maryland. 

Kelly Road Self Storage is located in Fort Myers, Florida and is situated on approximately 4.15 acres of land.  The property was built in 2000 and expanded in 2002.  This asset has 499 self-storage units, of which 324 units are climate-controlled; 172 are non-climate controlled and three units are drive-up covered parking spaces. 

Amenities include an on-site manager’s office, a 2,000-square foot residential apartment; digital surveillance, roll-up doors, keypad entry, drive-up units, elevator and a wide variety of unit sizes.

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

 Richard D. Matricaria
Regional Manager, Tampa
(813) 387-4700

Hendricks & Partners Negotiates $8 Million+ Sale of The Park at Ashley Place Apartments in New Port Richey, FL

TAMPA, FL. --- Hendricks & Partners, which ranks as one of the nation’s largest and most active multi-family investment banking and research companies, recently negotiated the sale The Park at Ashley Place (top left photo) luxury apartments located on Vista Verde Drive in New Port Richey for $8.050 million or $56,293 per unit.

 The community was 95 percent occupied at the time of closing.

Cole Whitaker (lower right photo), partner who heads Hendricks & Partners in the Southeast, negotiated the sale with senior investment advisor Jason Stanton of the firm’s Tampa Bay office representing the seller, Blue Rock Partners, LLC.

The 143-unit apartment property was built in 1986 with an average unit size of 784 square feet.

For more information, contact:

Cole Whitaker, Southeast Partner, Hendricks & Partners, 407-218-8880,; 
Jason T. Stanton CCIM, Senior Investment Advisor, Hendricks & Partners, 970 Lake Carillon Drive, #300, St. Petersburg, 33716,  727-674-4097,
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Jones Lang LaSalle Completes 38-Acre Land Sale for Spec Industrial Project in Phoenix, AZ

 PHOENIX, AZ – The Phoenix office of Jones Lang LaSalle has completed a 38-acre land sale in Phoenix’s southwest Valley that, by early 2013, will be home to approximately 600,000 square feet of speculative, state-of-the-art industrial space.

Managing Directors Anthony J. Lydon (top right photo), SIOR, and Marc Hertzberg (middle left photo), SIOR, of Jones Lang LaSalle represented the property buyer, Seefried Industrial Properties, Inc. The seller’s agent is Rich Sica of Daum Commercial.

 The site, located at the northeast corner of 63rd Avenue and Sherman Way in Phoenix, was acquired by a venture between USAA Real Estate Company and Seefried Industrial Properties. The venture will proceed with the development of Estrella Logistics Center, a speculative $30 million, 592,500-square-foot, cross-dock distribution building.

“Seefried and USAA are specialists in developing, leasing and managing premier industrial logistics projects,” said Lydon. “They are experts at knowing what to build and where to build it, and they have chosen an exceptional time to deliver speculative industrial product in Phoenix.”

According to Jones Lang LaSalle research, there is approximately 6 million square feet of current user demand in Phoenix for requirements of 100,000 square feet or more; however, supply has not kept up with demand. As such, the market experienced an anaemic first quarter, with just 92,598 square feet of net industrial absorption as compared to a total 6.9 million square feet of net industrial absorption in 2011.

“The only local industrial construction that we’ve seen completed this year falls in the single-tenant, build-to-suit category,” said Hertzberg. “This does little to satisfy this market’s broader demand for large blocks of space. This will be the key driver for new Phoenix speculative industrial development in 2012.”

Construction on Estrella Logistics Center is slated to begin in October and will be completed by May 2013. For occupancy, Seefried and USAA plan to pursue corporate employers seeking a scalable space solution.

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

Stacey Hershauer
Marketing & Public Relations
(480) 600-0195

Record-breaking $22.5 Million Multifamily Sale Closes in Louisville, KY

  LOUISVILLE, KY – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Vieux Carre Apartments (top left photo), a 326-unit apartment complex in Louisville.

The sales price of $22,500,000 represents a price of $69,018 per unit and a cap rate of 7.25 percent. The sale marks the highest price ever paid for 1970s-era construction, according to Marcus & Millichap Research Services. It is also the third-largest single-asset multifamily sale to close in Louisville so far in 2012.

Aaron Johnson (middle right photo), a vice president investments in Marcus & Millichap’s Louisville office, represented the seller, The Infinity Group based in Chicago. Drew Babcock, a multifamily investment specialist in the Columbia, S.C., office, sourced the buyer, a Nashville-based multifamily investment group.

            “This sale set a record price per door for 1970s-era construction,” explains Johnson, “demonstrating the increased desirability of apartments in Louisville.

As the single-family housing market continues to struggle, well-located rental communities are attracting more affluent tenants by upgrading existing facilities to meet the increased demand from high-paying renters. In addition to its irreplaceable location,

“Vieux Carre has been well maintained and managed, which has boosted NOI and will make this value-added asset an excellent long-term investment property.”

“This sale also illustrates the strength of our brokerage platform and ability to attract investment capital nationwide,” Johnson adds. “The buyer of this Kentucky property was sourced through our firm’s Columbia, S.C., office, proving that the largest network of qualified buyers results in a competitive bidding environment.”

            Located at 9811 Vieux Carre Drive, the 344,808-square foot multifamily asset was developed in two phases in 1974 and in 1979 on the corner of Hurstbourne Parkway and Shelbyville Road in one of the most affluent parts of Louisville. The unit mix includes a variety of one-bedroom, two-bedroom and three-bedroom layouts. Currently 100 percent occupied, the apartment units have recently received a number of modern upgrades, including new kitchens.


Stacey Corso
Public Relations Manager
(925) 953-1716