Wednesday, October 17, 2012

Essex Realty Group Brokers the Sale of 2 Apartment Buildings in Chicago, IL

908-10 West Euclid, Chicago, IL
CHICAGO, IL, Oct. 17, 2012  - Essex Realty Group, Inc. is pleased to announce the sale of 908-10 W. Euclid, located in the suburb of Arlington Heights, approximately 25 miles northwest of Chicago’s Central Business District. 

The subject portfolio consists of 26 apartments in two buildings with a unit mix of eight Studios, sixteen 1 bedroom/1 bath and two 2 bedroom/1 bath.

 Doug Imber and Matt Welke of Essex represented the seller and Jim Darrow and Jordan Gottlieb represented the buyers in the transaction. 

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.


Douglas S. Imber
Essex Realty Group, Inc.

Mattamy Homes purchases remaining Randal Park land for $18 million

WINTER PARK, FL /PRNewswire/ - In a major signal of optimism about the future of the Orlando housing market, Mattamy Homes has purchased 100 percent of the remaining land in the sought-after Randal Park community. 

The deal, valued at $18 million, closed on Friday
October 12, 2012, and is one of the most significant land purchases in Orlando in recent years.

Steve Parker
Mattamy has purchased all 560 of the remaining lots for sale, giving the
company a controlling interest in the community. The current approved
land plan for Randal Park is for 760 lots.

When the Randal Park purchase is combined with the company's purchase
earlier this year in Millennia Park, it brings Mattamy's recent
commitment to the Orlando market to $30 million - a level unlike any
other builder, says Steve Parker, President of Mattamy's US Group.

"With the way the housing market has started to improve, we see the
demographic projections in Orlando making it one of the strongest
markets in the state of Florida, in regards to employment and
population growth," says Parker.

 "Our Randal Park investment will provide Mattamy with the inventory that's needed to handle the demand we feel is going to occur as the market continues to improve."

Mattamy Homes is Canada's largest new home builder, with operations across Canada and the United States. Mattamy has built more than 50,000 homes in 150 communities, and counting. 

In Canada, those communities stretch across the Greater Toronto Area, as well as in Ottawa and Calgary, while in the United States, the company is represented in five
metropolitan areas: Minneapolis, Charlotte, Phoenix, Jacksonville and

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

 Brent Carey
Director, Communications
Mattamy Homes Limited


Decron Properties Sells Rare Multifamily Coastal Community for $44 Million

Bay Club Apartment & Marina
 MARINA DEL REY, CA– Institutional Property Advisors (IPA), a Marcus & Millichap company serving the needs of institutional and major private multifamily investors, has brokered the sale of the Bay Club Apartments and Marina to Archstone for $43,950,000.

Situated in the heart of Marina Del Rey, the Bay Club is a 167,000-square foot coastal multifamily complex comprising 205 units, 207 boat slips, and 11 end ties. The property sits on a leasehold from the County of Los Angeles.

With its combination of apartment units on the water and lucrative boat slips, the Bay Club is a truly unique asset, located in Los Angeles’ most coveted coastal community of Marina Del Rey.

“We’re sad to let it go,” says David J. Nagel, president and CEO of Decron Properties Corp. “The Bay Club has been a crown jewel in our multifamily residential portfolio for many years. But at the same time, selling it now made a lot of sense for our investors,” adds Nagel.

Decron bought the Bay Club in 2005 at a discounted cap rate due to the limited term left on the leasehold. The purchase and eventual sale of the Bay Club followed a tried-and-true business strategy for Decron, where it has increased value through its successful entitlement efforts.

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

 Stacey Corso
Public Relations Manager
(925) 953-1716

Stan Johnson Co. Promotes Brett Butler to Director in Houston, TX Office

Brett Butler
 HOUSTON, TX – Stan Johnson Company, one of the nation’s leading real estate brokerage and advisory firms specializing in single tenant, net lease investment sales, announced today the promotion of Brett Butler to the position of Director.

Butler joined Stan Johnson Company in 2009 and previously served as an Associate Director and Lead Broker in the Houston office.  Since joining the firm, he has closed more than $104 million in net lease transactions.

Butler specializes in the disposition and acquisition of retail, office and industrial net lease properties, and has built strong relationships with developers, REITs and private investors in Texas and throughout the United States.  Brett is a member of International Council of Shopping Centers (ICSC).


Dave Ebeling
Ebeling Communications
(949) 278-7851

Voit Real Estate Services Directs Sale of 82,000-SF Multi-Tenant Industrial Park in Murrieta, CA

Murrieta Industrial Park
 Murrieta, CA – Rob Socci and Jack Faris of Voit Real Estate Services’ Anaheim office have successfully completed the sale of an 82,000 square-foot multi-tenant industrial park on behalf of the buyer and seller.

The property, which was built in 2006, is a five building complex and is centrally located just east of the 15 and 215 freeways.  Built with recent institutional quality improvements, the industrial park, made up of 44 units ranging from 1,000 to 3,500 square feet, is in excellent condition and was over 85% occupied at the time of purchase.

Jack Faris
Voit represented the Costa Mesa based buyer, Frome Developments Omega, who purchased the property in cash for $5.5 million from a lender, also represented by Voit, who had taken ownership of the property after a loan default. Escrow closed within 45 days. The property is located at 38340 Innovation Court in Murrieta, Calif.

          Frome Developments Omega owns and manages approximately two million square feet of multi-tenant business parks throughout Orange, Riverside, San Bernardino, and Los Angeles Counties. With this latest acquisition, Frome Developments Omega has acquired close to 300,000 square feet of multi-tenant industrial parks within the last 15 months.  


Jenn Quader/ Judith Brower
Brower, Miller & Cole
(949) 955-7940

Faris Lee Investments Completes $11.11 Million Sale of Retail Property Occupied by Sports Authority in Torrance, CA

Jeff Conover
IRVINE, CA, Oct. 17, 2012 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $11.11 million sale of a single-tenant, big-box, NNN-leased retail property occupied by Sports Authority.

Built in 1994 with a complete rehab in 2012, the 46,000-square-foot property is situated on 4.03 acres and is located at 3610 Torrance Blvd. in Torrance, Calif. 

Jeff Conover with Faris Lee Investments represented the seller, Los Angeles-based Torrance Gateway LP.  Shaun Riley with Faris Lee Investments represented the buyer, RPM Investments from Los Angeles.  The closing cap rate on the transaction was 7.4 percent.

Shaun Riley
“This was an off-market transaction,” said Conover. “Through Faris Lee’s proprietary database of private capital investors and 1031 exchange buyers, we were able to quickly identify a 1031 buyer who paid all-cash for the property.”

Sports Authority is the nation’s top sporting goods chain with more than 470 stores in 45 states, and was ranked 127th in Forbes Largest Private Companies.

“Based on the strength of the tenant, the buyer purchased the property with six years remaining on the lease,” said Riley. “The property benefits from excellent street frontage and visibility along Torrance Boulevard, and draws customers from the adjacent Del Amo Fashion Center which is anchored by Macy’s, JCPenney, Sears, and AMC Theaters.”

The property has more than 225,000 people living within a 3-mile radius, with an average annual household income above $102,000.

“The demand from buyers for the single-tenant net-leased properties product type is still very strong as they look for secure and stable investments,” said Conover.

 “What other investment vehicle is available for an investor to earn relatively strong returns with proven companies? Certainly not the financial markets. In this transaction, for example, this investor is receiving a 7.4 percent annual return, versus the CD market where you are only earning less than one percent.”


Darcie Giacchetto
Spaulding Thompson & Associates

Charles Dunn Company Completes $12.5 Million Sale of a 65-Unit Townhome Property in Los Angeles

Culver Vista Apartments, West Los Angeles
LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $12.5 million sale of Culver Vista Apartments, a 65-unit property which includes 13 contiguous lots with each lot including five, two-bedroom townhouse units.  The property is located at 11730 to 11846 Culver Blvd. in West Los Angeles.

Hamid Soroudi of Charles Dunn Company represented the seller, Culver Vista Partners, L.P. The buyer, Culver Place, LLC, was a private investor from Los Angeles. The property sold at a cap rate of 5.7 percent.

Hamid Soroudi
“The buyer plans to keep the existing apartments, renovate them and increase the rents,” said Soroudi. “In the future, the asset is a potential development site that could include an approximately 147-unit apartment community.”

Soroudi leads Charles Dunn Company’s The Soroudi Group. The Soroudi Group is the most successful and active group of brokers involved in selling and exchanging of prime Westside Properties. Their marketing program delivers sold properties at more than 98.5 percent of the list prices within a compressed marketing period.


Darcie Giacchetto
D.G. Communications, Inc.