Wednesday, May 29, 2013

Mixed-Use Residential and Retail Asset Hits the Market in San Francisco at $13.9 Million


  347-359 Grant Avenute and 507 Bush Street, San Francisco, CA

SAN FRANCISCO, CA,May 29, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing for 347-359 Grant Ave./507 Bush St., a mixed-use retail/residential asset featuring two ground-floor retail spaces and 56 residential/SRO units, 16 of which are licensed for tourist occupancy.

Mark Mason
Located in the San Francisco’s Union Square district, the property is listed at $13.9 million.

            Mark Mason, a first vice president investments in the San Francisco office of Marcus & Millichap, is representing the seller, a local Bay Area real estate investment group.

“The property generates a diversity of income from two distinctly different product types and is one of the most attractive investment offerings in the Bay Area,” says Mason. 

“The ground floor is leased to two national retailers, Starbucks Coffee Co. and American Apparel Inc. The residential portion is leased to EF Education First Ltd., the world’s largest international language school,” adds Mason.

            The building is located at the southwest corner of Grant Avenue and Bush Street, two of San Francisco’s major arterials and one of the city’s top foot-traffic intersections.

Union Square district, San Francisco
            The property received extensive renovations from 2002 through 2008. Improvements include a seismic retrofit, upgrades to a high percentage of the plumbing and electrical systems, new HVAC and new fire and life safety systems. 

An ADA-compliant wheelchair lift provides access from the Bush Street entrance to the first floor residential units and meets San Francisco’s ADA requirements.

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

Ben Johnson,
Marketing Director
(925) 953-1736

Marcus & Millichap Reports Foreign and Exchange Investors Drive Property Sales in Broward County, FL

                   Flagler Village rendering, Fort Lauderdale, FL

FORT LAUDERDALE, FL -- An influx of residents and increased spending will play a large factor in improving the county’s retail market this year, according to Marcus & Millichap’s second-quarter report.

Retail sales jumped in the past 12 months, attracting retailers, especially in high-traffic locations, such as the Federal Highway Corridor where Flagler Village is under way.

 The mixed-use redevelopment will include retail space among more than 700 apartment units in an urban village setting. Another 390 residential units are under way just blocks away. Residential construction has retailers preparing for the new households.

The Plaza at Coral Springs, FL
Fresh Market, for example, recently opened across the street from Flagler Village. Residential construction is also surging in areas such as Coconut Creek, where more than 600 housing units are under way.

 In addition, a casino-hotel has been proposed at the Seminole Casino Coconut Creek, which would boost jobs, traffic and tourism. In nearby Coral Springs, the redevelopment of the Plaza at Coral Springs II will add BJ’s Wholesale Club and Dick’s Sporting Goods to its tenant roster. Escalating space demand this year will allow operators to implement the largest rent gains since the recession began.

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

John Chang
Vice President, Research Services
(602) 687-6700

Fort Lauderdale Office:
Gregory Matus
Vice President, Regional Manager

American Healthcare Investors Expands Unsecured Credit Facility to $450 Million on Behalf of Griffin-American Healthcare REIT II

NEWPORT BEACH, CA (May 29, 2013) – American Healthcare Investors and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare REIT II, Inc., announced today the expansion of the REIT’s existing unsecured revolving line of credit from $200 million to $450 million.

 Existing lenders Bank of America, N.A., KeyBank National Association, RBS Citizens, N.A., and Comerica Bank are joined by new lenders Barclays Bank PLC, Fifth Third Bank, Wells Fargo Bank, N.A., Credit Agricole Corporate and Investment Bank and Sumitomo Mitsui Banking Corporation.

The unsecured credit facility may be utilized to acquire, finance or re-finance properties, as well as for other corporate purposes, and may be increased to $650 million upon meeting certain conditions.

Jeff Hanson
“Since January 2012, the portfolio of Griffin-American Healthcare REIT II has more than tripled in size to approximately $1.5 billion, based on aggregate purchase price, and we continue to source attractive acquisition opportunities and execute our investment strategy on behalf of stockholders,” said Jeff Hanson, principal of American Healthcare Investors and chairman and chief executive officer of Griffin-American Healthcare REIT II.

 “Thanks to our key lending relationships, Griffin-American Healthcare REIT II is well-equipped to continue its rapid growth.”

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

Damon Elder
SVP, Marketing & Communications
American Healthcare Investors
4000 MacArthur Boulevard
West Tower, Suite 200
Newport Beach, CA 92660
(949) 270-9207 direct
(714) 356-1460 cell

Lincoln Property Company Southeast Brokers 17,500 Square Feet of Leases at 730 Midtown in Atlanta, GA

Sabrina Altenbach
ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has brokered five leases totaling 17,500 square feet at 730 Midtown in Atlanta.

Leigh Braswell, a vice president at Lincoln Property Company Southeast, and Sabrina Altenbach, a senior leasing associate with the firm, represented the property owner, Colony Realty Partners, in the transactions.

Included among the transactions:

Leigh Braswell
• Microsemi, which manufactures semi-conductors, renewed its lease of 5,600 square feet.
• Outbrain, an online content recommendation service, signed a new lease for 3,800 square feet.
• The online financing firm Kabbage expanded its lease by 3,800 square feet.
• Red Clay Interactive, an online marketing company, expanded its lease by 2,500 square feet.
• BlueBear Law Enforcement Services, which develops software to help law enforcement agencies, renewed its lease of 1,800 square feet.

730 Midtown
Located in the heart of Midtown Atlanta’s live-work-play environment on Peachtree Street, the Class-A, 11-story 730 Midtown is within walking distance of MARTA and features easy access to interstates 75 and 85.

The building features covered parking, 24-hour manned security, on-site management office, a café and a mail center. The building is also near the Fox Theatre, numerous restaurants and hotels. Lincoln also manages 730 Midtown.

 “These four leases reflect the continuing appeal of 730 Midtown to technology firms,” Braswell said. “With the local economy continuing to recover and the city’s technology sector growing stronger, the future of this outstanding facility is very bright.”

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

Stephen Ursery
The Wilbert Group