Wednesday, December 31, 2014

RealtyTrac Reports Annual Home Price Appreciation Slows to Single Digits in Most Metros; Short Sales Fall to Pre-Recession Levels; REOs Decrease while Foreclosure Auction Sales Post Slight Increase


Michael Mahon
IRVINE, CA, Dec. 31, 2014 — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its November 2014 Residential & Foreclosure Sales Report, which shows that the median sales price of U.S. single family homes and condos in November was $190,000, flat with the previous month but up 15 percent from a year.

The median sales price of distressed homes — those in the foreclosure process or bank-owned — reached a high of $128,625, the highest since December 2009, 35 percent below the median sales price of non-distressed properties, $199,000.

Distressed home prices increased at a faster pace, up 18 percent from a year ago while non-distressed home prices were up 14 percent during the same time period.

“As the price of distressed properties reaches a new high the pool of investor activity that has been fueling the housing recovery may dry up,” said Daren Blomquist, vice president at RealtyTrac.

OB Jacobi
“However, 20 states still saw annual decreases in distressed property prices so we will continue to see a fragmented recovery as investors move from once hot markets such as Phoenix, Atlanta and many California markets and into markets such as Charlotte, Columbus, Ohio, Dallas and Oklahoma City.”

“We are finding many home buyers frustrated as we enter the Holiday Season in Ohio,” said Michael Mahon, executive vice president at HER Realtors, covering the Cincinnati, Columbus and Dayton markets.  “With a less than seasonally normal available homes inventory to choose from, coupled with a reduction in available foreclosure inventory, many home buyers are finding themselves in multiple offer situations or unable to find their dream home for the Holidays.”

“Seattle home prices started the year at an appreciation rate of about 15 percent, but the pace gradually slowed and we expect prices in 2015 to hover between 4-6 percent. 

Daren Blomquist
"We see that as a good thing because if home prices keep appreciating in the double digits for too long, we could run into the same boom/bust market of years past,” said OB Jacobi, president of Windermere Real Estate, covering the Seattle market.

“Buyer demand in Seattle has been incredibly strong this year and we believe this will continue into 2015, but inventory levels, which are at an all-time low right now, should begin to inch up, providing more buyers with a greater selection of homes to choose from.”


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

Jennifer von Pohlmann
PR Manager
Office: 949.502.8300 ext 139

Arizona Commercial Brokers Association Recaps 2014 Mid-Market Industrial Activity


Mike Kasulaitis
PHOENIX, AZ (Dec. 30, 2014) – The Arizona Commercial Brokers Association (ACBA) has released its 2014 transaction recap, reporting more than 380 completed industrial sale/lease transactions totaling over 3 million square feet in Phoenix in the past 12 months.

Made up of veteran brokers from independent to regional firms, ACBA provides on-the-ground insight about the group’s major client demographic: the mid-market industrial user.

“ACBA members represent the biggest driver of Phoenix’s industrial 2014 real estate year – the mid-market buyer and tenant,” said ACBA President and Voit Real Estate Services Vice President Mike Kasulaitis

“This year we observed an uptick in activity across the board. Taking into account that single-family home sales were negative and foreclosures still loom, we find this encouraging.”

“Among our most active clients, 2014 sales were dominated by end users and institutional money. On the leasing side, the smaller, incubator warehouse tenants occupying 20,000 square feet or less were on a roll,” added ACBA board member and Cutler Commercial broker Todd Hamilton. “Low interest rates, below-replacement pricing and strong local growth will make 2015 an exciting time to be an owner and seller, but it might ring in a ‘sticker-shock’ year for the tenant and buyer.”

Todd Hamilton
Based on market data and trends among his clients, Hamilton expects metro Phoenix’s average 11 percent industrial vacancy rate to fall by 50 or more basis points, to the 10.5 percent range by mid-year 2015.

 He also anticipates 2015 to set the stage for rent growth, which has remained stagnant for the past five years but that Hamilton believes will increase by 3 to 5 percent in 2015.

For 2014, ACBA members experienced the strongest activity among small and mid-size users. Their most active submarkets included Deer Valley, Southwest Phoenix and Central Phoenix.

“Although Arizona has continued to lag most other parts of the country, I do believe we are on the road to recovery, and that 2015 will be more active in all aspects of our economy,” said Carl Johnson, ACBA charter member and Vice President at DAUM Commercial Real Estate.

“It’s a funny market now. Inventory is tight but demand is lukewarm. However, as populations grow, housing demand returns and 30 to 40-year-olds recover from recessionary setbacks, Maricopa, Pima and Pinal counties will most certainly pull out of that stagnant holding pattern.”

Carl Johnson
For more than two decades, the Arizona Commercial Brokers Association has been providing a platform for Phoenix industrial real estate brokers to share resources, opportunities and best practices that not only grow their own deal pipeline and expertise, but also advance the success of the Phoenix market at large.

 This member-owned, member-directed organization is composed of brokers ranging from independent to regional commercial real estate firms who actively invest in ACBA-member relationships and focus on a common goal of serving clients to the highest degree.

For more information, visit www.acba.co.

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

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

MHA Brokers $21.15 Million Sale of Apartment Community in Macon, GA


Adrian on Riverside Apartments, 5243 Riverside Drive, Macon, GA
  
Robert Stickel
ATLANTA, GA (Dec. 31, 2014) — Multi Housing Advisors (MHA) has arranged the $21.15 million sale of Adrian on Riverside, a 224-unit apartment community located at 5243 Riverside Drive in Macon, Georgia.

Robert Stickel of MHA’s Atlanta office represented the seller, Adrian Park, LLC, which developed the community, in the transaction. PEM Real Estate Group was the buyer.

“Strong and steady economic growth throughout Georgia continues to drive demand for quality apartment communities, especially properties that are appealing to debt and equity capital sources while also providing compelling value-add opportunities,” Stickel said.

Adrian on Riverside was built in 2004 and 2009, and was 95 percent occupied at the time of the sale. 

Amenities include a putting green, theater with surround sound, playground, covered car wash center, fitness center, billiard room, and a pool with a large sundeck and picnic pavilion.

Multi Housing Advisors (MHA) has become known as a solid leader in the multi housing industry. The company, founded in 2002, was established to bring a focused brokerage platform to growing markets throughout the Southeast.

Since that time, MHA has created value for clients in virtually every sector of the multi-housing market. 

The MHA team works hard to build and enhance value by leveraging strong attention to detail, accessing an active investor base and capitalizing on its vast market knowledge in ways that benefit every aspect of the transaction process.

MHA enjoys a total sales transaction volume that has surpassed $3.5 billion, representing more than 100,000 units and more than 600 individual transactions. 

MHA serves local, regional and national clients and has become known for its effective multi-office platform, excellent transaction history and rapid growth.

For more information, visit www.usmha.com.

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

Stephen Ursery
The Wilbert Group
404-549-7150 (O) 404-405-2354 (C)

Tuesday, December 30, 2014

Cousins Properties Announces Closing of Texas Office Tower 777 Main Sale in Downtown Fort Worth, TX for $167 million


ATLANTA, GA, Dec. 30, 2014 -- Cousins Properties Incorporated (NYSE: CUZ) announced today that it has completed the sale of 777 Main, its 980,000 square foot, Class A office tower in downtown Fort Worth, Texas, for a gross price of $167 million.

Cousins purchased 777 Main for $160 million in September 2013 as part of its Crescent Texas acquisition, which included the 4,348,000 million square foot Greenway Plaza office complex in Houston, Texas.

Cousins Properties Incorporated is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA, primarily invests in Class-A office assets located in high growth Sunbelt markets, with a focus on Georgia, Texas and North Carolina.

The Company has a comprehensive strategy in place based on a simple platform, trophy assets and opportunistic investments. For more information, please visit www.cousinsproperties.com.

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

Marli Quesinberry, 404-407-1898
Director, Investor Relations


Marcus & Millichap Names Adam Lewis Regional Manager of Portland, OR Office


Adam Lewis
PORTLAND, OR, Dec. 30, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced that it has promoted Adam Lewis to regional manager of the Portland office, according to John J. Kerin, president and chief executive officer.

            “Adam’s commercial real estate knowledge and exceptional track record as a sales manager make him a strong asset for our clients,” says Kerin. “As a regional manager, he will continue to expand the office and provide leadership and support to our investment professionals.”

            Lewis joined the firm in July 2008 as an agent in the Salt Lake City office and received the firm’s Pace Setter award that year. The following year, he was named Rookie of the Year in the Salt Lake City office.

John J. Kerin

 Lewis specialized in arranging office and industrial property acquisitions and dispositions in Utah’s Wasatch Front region. In July 2013, Lewis joined the management team as sales manager of the firm’s Salt Lake City office. 

He relocated to the firm’s Portland office in October 2013 to become the sales manager there.

            Lewis received a Bachelor of Science degree in business management from Brigham Young University.


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

Gina Relva
Public Relations Manager
(925) 953-1716


Newcastle Partners Ends 2014 With More Than 4 Million Square Feet of Industrial and Office Property Activity

  
San Francisco Bay
 SAN FRANCISCO, CA – Newcastle Partners, a San Francisco-based real estate investment and development company, completed an aggressive amount of activity in 2014.

By year-end the firm will have acquired, developed or sold 3.9 million square feet of industrial and office property throughout Southern California, San Francisco Bay Area, and Portland. This activity is more than double the firm’s 2013 activity.

"What’s been exciting about the breadth of our activity this year is that we’ve been aggressively building and buying in two of the most economically active markets in the country,” said Dennis Higgs, Founder and Managing Partner with Newcastle Partners.

“The white-hot, tech-based office markets of the San Francisco Bay Area and Pacific Northwest; as well as the equally hot industrial markets of the Los Angeles Basin and the Inland Empire."

Higgs also added that the firm has been prudently selling in each market as circumstances dictate, noting: “You take what the market gives you."

According to Higgs the firm has goals of acquiring between $200 million and $250 million in office and industrial property in 2015 as well as developing 2.5 to 3 million square feet of industrial property in both the Inland Empire and the Bay Area.
  
For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224


Lincoln Wins Leasing Assignment from Equity Office for Office Buildings Totaling 1.17 Million Square Feet in Northeast Metro Atlanta

  
Matt Davis

ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has won a leasing assignment from Equity Office for office properties totaling 1.17 million square feet in the Northeast submarket of metro Atlanta. Lincoln already had the management assignment for the 14 properties.

Matt Davis, Hunter Henritze and Michael Howell, all vice presidents of office leasing for Lincoln, will oversee the leasing of the properties.

“We are honored to have been selected to handle the leasing of this fantastic office portfolio,” said Tony Bartlett, senior vice president at Lincoln who oversees the Atlanta office.

“We have enjoyed a long and successful partnership with Equity in the metro area, and with the office market continuing to heat up, and with the deep market knowledge and considerable experience of Hunter, Matt and Michael, we believe we’ll have great success leasing these properties.”


Tony Bartlett
The buildings in the portfolio include:

·      Crestwood Park I and II, located in Duluth, totaling 213,665 square feet.
·      Huntcrest I – IV, located in Lawrenceville, totaling 393,347 square feet.
·      Sugarloaf I – VII, located in Duluth, totaling 478,835 square feet.
·      2850 Premiere Parkway, located in Duluth, totaling 86,000 square feet.

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

Stephen Ursery
The Wilbert Group
404-405-2354


Monday, December 29, 2014

JLL Awarded Leasing Assignments for 3.2 Million Square Feet of Metro Atlanta Office Space


Kay Younglove
ATLANTA, Dec. 22, 2014  – JLL announced it has been awarded exclusive leasing assignments for three well-known office properties totaling about 3.2 million square feet in metro Atlanta.

The properties include the iconic six-tower, 2.4 million-square-foot Peachtree Center in downtown Atlanta; the four-building, 558,617-square-foot Satellite Place in Duluth; and the two-building, 266,054-square-foot Deerfield Corporate Centre in Alpharetta.

JLL received the assignments from Banyan Street Capital, which has had a long-standing ownership interest in Peachtree Center, and, in a partnership with Oaktree Capital Management, recently closed on the acquisitions of Satellite Place and Deerfield Corporate Centre.

David Horne
Crucial to the leasing teams of the properties will be the new hire of Michael Werner joining JLL from Parkway Realty Services, where he was responsible for the leasing of Peachtree Center, as well as other high-profile Atlanta office properties. Werner is a Vice President in JLL’s Agency Leasing group.

Senior Vice President Kay Younglove, Werner and new hire David Horne, who has joined JLL as a Leasing Associate, will oversee the leasing of Peachtree Center, for which Banyan Street Capital recently secured approximately $35 million in financing to use for capital improvements and leasing costs at the property.

Younglove also has experience leasing Peachtree Center, having leased the property in the late 1980s for architect and developer John Portman. Horne joins JLL from Parkway Realty Services.

Senior Vice President Glenn Aspinwall, a long-time Gwinnett County resident, and Werner will lease Satellite Place, while Younglove and Horne will handle the leasing of Deerfield Corporate Centre.

“David and I are pleased to be joining a team recognized as the strongest agency in the city, and to be able to continue to serve such a great client as Banyan Street,” Werner said.

Peachtree Center, Downtown Atlanta, GA
Werner has 15 years of experience in commercial real estate; over the last seven years, he has completed more than 450 leases on behalf of landlords, for a total of more than 3.6 million square feet.

 Prior to his stint at Parkway, Werner worked at CBRE, where he was responsible for leasing and marketing office properties on behalf of third-party clients.

While at Parkway, Horne was responsible for the leasing of a portfolio of Class A Atlanta office assets that totaled more than 3 million square feet.

Deerfield Corporate Centre, Alpharetta, GA
JLL begins the leasing assignments for Peachtree Center, Satellite Place and Deerfield Corporate Centre amidst an ever-improving Atlanta office market. 

Net absorption in the market totaled nearly 1.7 million square feet in the first three quarters of this year, according to JLL research.

For more news, videos and research resources on JLL, please visit JLL’s U.S. Media Center web page.  www.jll.com.

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

 Stephen Ursery
  Phone: +1 (404) 549-7150

Hotel Management Pioneer Chuck Marshall Dies Unexpectedly at 74

  
Charles "Chuck" Marshall

  
SALISBURY, MD, Dec.  29, 2014–Charles “Chuck” Marshall, founder and chairman emeritus of Marshall Hotels & Resorts, died unexpectedly December 27 at age 74, following complications related to a stroke .

Marshall founded the company in 1980 at a time when third-party hotel management was in its infancy. 

Michael P. Marshall
Beginning initially as a developer/syndicator with three hotels, he expanded the company to more than 60 hotels and resorts ranging from upper upscale to limited-service.

 Following a significant shift in tax laws in the late 1980s, Marshall turned his company’s attention to full-time third-party management, which “may have been the best business decision I ever made.” 

The company today is ranked in the United States as the 40th largest overall management company and is in the top 10 of the solely third-party management companies.

Marshall worked his way through Oklahoma State University as a cook in area restaurants and hotels.  Upon earning a degree in hotel and restaurant management, he began his 50- year-plus hospitality management career as an assistant general manager of the Golden Ox restaurant in Kansas City. 

He entered the hotel industry at age 24 as a general manager of a Ramada Inn in Wichita Falls, Texas.  Over his career, he received numerous awards for operating excellence, including Sheraton’s “Manager of the Year” and the “Distinguished Achievement Award” from the International Franchise Association.  Hotels managed by the company continue to consistently win awards from brands for operating excellence.

Marshall reveled in wading into a troubled hotel and devising and executing a plan that breathed new life into the property.

  “The cornerstone of our success is developing a tailored strategy and plan with aggressive, but realistic, budgets, and then sticking to them,” he noted.  

“The budget is our bible, and we adhere to it religiously.  We don’t start with the top or bottom line; we begin with what is honest and achievable.  We then monitor our budgets daily and adapt to changing market conditions, which allows us to focus clearly on maximizing profits and controlling costs.”

                Marshall is survived by his wife, Dee, who led the company’s marketing efforts for more than three decades; son Mike, who is president of Marshall Hotels & Resorts, daughter Joanne, son Kenny, as well as seven grandchildren.

Golden Ox Restaurant, Kansas City, MO
                The viewing will be held this evening, December 29, from 6 p.m. to 8 p.m. at Holloway Funeral Home in Salisbury, Md., http://www.hollowayfh.com/,  and the funeral at St. Francis De Sales Catholic Church in Salisbury at 11 a.m. December 30.  A celebration of Chuck Marshall’s life will be held following the internment at Green Hill Country Club in Whitehaven, Md.

In lieu of flowers, the family requested that friends donate to the Village of Hope http://www.villageofhope.us/ or Oklahoma State University School of Hotel and Restaurant Administration.

 Additional information on Marshall Hotels & Resorts Inc. may be found at the company's Web site: www.marshallhotels.com.


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

Jerry Daly, media
Daly Gray Public Relations
(703) 435-6293

NAI Realvest Negotiates Three Office Leases totaling more than 19,270 rentable square feet at The Citadel in East Orlando

  
Mary Frances West

ORLANDO, FL — NAI Realvest recently negotiated office lease agreements for 19,270  rentable square feet at The Citadel III, 5950 Hazeltine National Drive in east Orlando.

Senior Broker Associate Mary Frances West CCIM completed renewal and extension lease agreements with Pentaho Corporation, which includes 15,427 square feet and another 2,995 square feet that is subleased. 

West represented and the landlord Citadel Partners LTD of Oakland, Fla. and the local sublandlord Cargo Aircraft Management, Inc.   

West also negotiated a renewal agreement with tenant JTB International, Inc. for  848 square feet at The Citadel III in Orlando.   

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 



Friday, December 26, 2014

Essex Realty Group Brokers the Sale of 932-40 W. Dakin St. in Chicago, IL

  
932--40 West Dakin Street, Chicago, IL
  
James Darrow

 CHICAGO, IL -- Essex Realty Group, Inc. is pleased to announce the sale of 932-40 W. Dakin St. in Chicago, Illinois.

 932-40 W. Dakin St. is a 26,815 square foot heavy timber warehouse building that was originally constructed in 1914 by the E.R. Moore Company, a nationally known manufacturer of caps and gowns used for graduation and choir ceremonies.

 A preliminary investigation from a historic tax credit advisor indicated that the building may be a candidate for the National Register of Historic Places which may qualify a new buyer to receive Federal rehab credits for renovation work.

The building spans 3 floors and has high ceilings and hardwood floors on the 2nd & 3rd floors. There is currently room for 8 off street parking spots with the possibility of adding more off the alley at the rear of the building.

The building is situated on the north side of Dakin Street just east of Sheridan Road and is 3 blocks north of the world famous Wrigley Field.

The property offers many public transportation options right around the corner, in fact the Sheridan Red Line “L” stop is just steps away.

Jordan Gottlieb
This is a rare opportunity to do a ground up new residential development or convert the existing structure into luxury loft style apartments or condominiums in one of Chicago’s most desirable neighborhoods with excellent access to public transportation.

The sale price was approximately $2,700,000.

Essex Realty Group’s Jim Darrow and Jordan Gottlieb represented the seller and Doug Fisher represented the buyer.

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

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

Douglas Fisher
Essex Realty Group, Inc.
773.305.4910

Thursday, December 25, 2014

Taylor Johnson Wins New Client in Chicago’s Old Town Neighborhood


1225 Old Town Apartments, Old Town Neighborhood, Chicago, IL

Emily Johnson
CHICAGO, IL – Taylor Johnson president Emily Johnson announces her firm now now represents 1225 Old Town Apartments, a LEED Silver-certified, mixed-use development located at 1225 N. Wells St. in Chicago’s Old Town neighborhood. 

Since opening in 2012, 1225 Old Town has commanded some of the highest rents in Chicago due to its unbeatable location in the heart of Old Town and top-of-the-line amenities and finishes.

The 16-story brick building comprises 250 luxury apartments and approximately 33,000 square feet of prime retail space along Wells Street.

The building’s coveted address made it a natural choice as the only Chicago location for Plum Market, a Farmington Hills, Mich.-based upscale grocery chain.


And, in early 2015, 1225 Old Town will become home to the Midwest’s first SoulCycle studio, a popular indoor cycling brand that has already established loyal followings in New York and Los Angeles.


For more information on 1225 Old Town, please visit 

www.1225oldtown.com or contact Kelly Shumaker at Taylor Johnson at 312-267-4519 or kshumaker@taylorjohnson.com.

RealtyTrac Reports Renting Less Affordable Than Buying in Most U.S. Markets But Not Where Millennials Are Moving the Most


Daren Blomquist
IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released an analysis of fair market rents and median home prices in more than 500 U.S. counties, which shows that buying is still more affordable than renting in the majority of U.S. housing markets, while the opposite is true in markets with the biggest increase in the millennial share of the population over the last six years.

 “First-time buyers and potential boomerang homebuyers are stuck between a rock and a hard place in today’s housing market: many of the markets with the jobs and amenities they want have hard-to-afford rents and even harder-to-afford home prices; while the more affordable markets have fewer well-paying jobs and tend to be off the beaten path,” said Daren Blomquist, vice president at RealtyTrac.


“Those emerging markets with the combination of good jobs, good affordability and a growing population of new renters and potential first-time homebuyers represent the best opportunities for buy-and-hold real estate investors to buy low and benefit from rising rents in the years to come.”

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

       Jennifer von Pohlmann
       PR Manager
       Office: 949.502.8300 ext 139

Waterton Associates Acquires 2460 Peachtree Apartments in Atlanta, GA

  
2460 Peachtree Tower, Buckhead Neighborhood, Atlanta, GA



Max Peek

 CHICAGO, IL – Waterton Associates LLC, a U.S. real estate investor and operator, has announced the acquisition of 2460 Peachtree Apartments, a 236-unit high-rise rental tower in Atlanta’s popular Buckhead neighborhood.

Formerly known as Bell Peachtree Battle, the community offers a mix of one- and two-bedroom apartments in a premier location along Peachtree Road, approximately one mile north of Piedmont Hospital and the Shepherd Center, two of the state’s top health centers, according to U.S. News and World Report.

 It is the seventh property acquired by Waterton in 2014, adding to the company’s existing multifamily portfolio in the Atlanta area, where Waterton owns and manages five other rental communities totaling more than 1,600 units.

“We are pleased to invest in such a well-located high-rise asset at a significant discount to current replacement costs,” said Max Peek, senior vice president, acquisitions, at Waterton Associates.

“We believe the proposed renovation plan will transform the building and allow us to narrow the gap between us and the newer product located nearby in Buckhead and Midtown.”

“The building’s amenities are a perfect complement to the surrounding neighborhood, with popular entertainment destinations like Phipps Plaza and Lenox Square Mall just a short drive away,” said Peek. 

“Residents can also walk to the nearby Publix Super Market and numerous shops and restaurants along Peachtree Road.”

Managed by Waterton Residential, Waterton’s wholly owned property management subsidiary, 2460 Peachtree continues Waterton’s commitment to excellence in customer service by providing on-site maintenance and 24-hour concierge services.

For leasing information, call (866) 754-4279 or visit www.2460peachtree.com.

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

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528
Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

Berger Commercial Realty Brokers Close Three Leases Totaling More Than 30,000 Square-Feet in Fort Lauderdale, FL

  
 
Keith Graves
FORT LAUDERDALE, FL - Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced three new lease transactions from its brokers.

Berger Commercial Realty broker Keith Graves represented landlord 1600 S.E. 17th St. Causeway, LLC in leasing 8,470 square-feet of office space, located at Harbor Place in Fort Lauderdale, to insurance brokers MHG Services, Inc.

MHG was represented by John Halliday of Halliday Group Realty Advisors, Inc.

The lease terms included a renewal of the tenant's existing space and an expansion.

 Situated in the heart of Fort Lauderdale's marine district, the four-story Harbor Place building features 60,804 square-feet of space, free covered parking, an onsite bank with ATM, and FedEx and UPS drop-boxes.

Sal Bonsignore
Additionally, Graves represented landlord 6500 N.W. 15th Ave., LLC in the lease renewal and expansion of 15,000 square-feet of industrial space to commercial printers Gosselin Graphics, Inc.

 Gosselin was represented by Sal Bonsignore of Colliers International, South Florida.

Located at 6500 N.W. 15th Ave., the Gateway Industrial Center is a 28,150-square-foot flex property that features 19-foot ceiling heights, dock and grade-level loading, three-phase power, building signage and ample parking.

Graves, along with Broker Associate Greg Milopoulos, also represented Prologis in leasing 6,600 square-feet of industrial space, located at 7050 State Road 84 in Davie, to radiation protection solutions company Barrier Technologies, LLC.

Barrier was represented by Michael Safrin of The Keyes Company.

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

Marielle Sologuren
Pierson Grant Public Relations

954-776-1999, ext. 226

Marcus & Millichap Brokers $3.16 Million Sale of Wendy’s in Plantation, FL


Wendy's, 3801 West Broward, Plantation, FL


Ronnie Issenberg

PLANTATION, FL -- Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of an absolute triple-net leased Wendy’s located in Plantation, Fla. 

The asset sold for $3,156,050 representing a 5 percent CAP rate.

Ronnie Issenberg, a vice president investments, Gabriel Britti, an associate vice president investments, and Roee E. Ben-Moshe, an associate, in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Boca Raton, Fla.  

The buyer was a limited liability company from Boynton Beach, Fla.

“This sale-leaseback opportunity enabled an investor to acquire an absolute triple net-lease Wendy’s with zero landlord responsibilities,” says Issenberg. “Not only does the asset have a strong guarantee by an experienced and fast-growing operator but the property is scheduled for the new Wendy’s prototype remodel.”

Roee E. Ben-Moshe
At close of escrow, the existing Wendy's operator signed a brand new 20-year absolute triple-net lease which included seven and a half percent increases every five years with four five-year options.

Wendy's is located at 3801 West Broward in Plantation, Fla.

For a complete copy of the company’s news release, please contact:
                                                        
 Kirk A. Felici
First Vice President/Regional Manager
Miami, FL
(786) 522-7000

Vigouroux Marketplace in Mobile, AL Sells for $5.75 million in Deal Brokered by Marcus & Millichap


Jason Cropper
MOBILE, AL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Vigouroux Marketplace, a 66,125-square foot Winn Dixie-anchored center located in Mobile, AL. The asset sold for $5,746,800 or $86 per square foot.

Andrew Chason, senior associate in Marcus & Millichap’s Mobile, AL, office, represented the seller, a limited liability company from Mobile, AL. Jason Cropper, senior associate in the firm’s Little Rock, AK office, represented the buyer, a private investment group from New York.

“The current demand for grocery-anchored shopping centers is high,” says Chason. “Our marketing campaign reached investors throughout the country and we received multiple offers from local, regional and national investors.” 

Vigouroux Marketplace, 9948 Airport Boulevard
 Mobile, AL
Vigouroux Marketplace was constructed in 1997 and is anchored by Winn Dixie and Rite Aid. 

The center is currently 92 percent occupied with Winn Dixie and Rite Aid accounting for over 81 percent of the center’s income and GLA. 

Located at 9948 Airport Boulevard in Mobile, Vigouroux Marketplace is situated at the intersection of Airport Blvd and Snow Road about a mile west of the Mobile Regional Airport.


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

Jody McKibben
Regional Manager
Memphis, TN
(901) 620-3620

Marcus & Millichap Arranges Sale of Adamsville, AL Town Center for $2.71 Million

  
Adamsville Town Center, Adamsville, AL


  
Andrew Chason

ADAMSVILLE, AL– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada,announced the sale of Adamsville Town Center, a 26,026-square foot shopping strip located in Adamsville, AL. The asset sold for $2,709,000 representing $104 per square foot.

Andrew Chason, senior associate in Marcus & Millichap’s Mobile, AL, office, represented the seller, a limited liability company from Birmingham, AL. The buyer was a private investment group from Birmingham, AL.

“Adamsville Town Center is an attractive center with a healthy mix of national and local tenants,” says Chason. “The property was 94 percent occupied at the time of the sale.”

Built in 2006, the property consists of two free-standing buildings with a total square footage of 26,026 square feet. The property shares a lighted intersection with a Walmart Supercenter. 

The center is anchored by Dollar General, which accounts for 34 percent of the center's GLA. Other national tenants include: Advance America, 1st Franklin, Papa John's Pizza, Alfa Insurance and Alabama Power.
  
For a complete copy of the company’s news release, please contact:

Jody McKibben
Regional Manager
Memphis, TN
(901) 620-3620


Memphis-Area Self-Storage Portfolio Sells for $16.6 Million

  
Anne Williams
MEMPHIS, TN – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a seven-property, 2,861-unit, 383,175-net-rentable-square-foot self-storage portfolio located in the Memphis, Tenn., metropolitan area.

 The commercial real estate asset’s $16,600,000 sales price equates to $43.32 per square foot. 

            The properties are:

·         Collierville Mini Storage, 50,100 square feet, 348 units, Collierville, Tenn.

·         Kirby Raines Self Storage, 49,610 square feet, 364 units, Memphis, Tenn.

·         Northwest Self Storage, 50,085 square feet, 388 units, Memphis, Tenn.

·         Southaven (Airways) Self Storage, 61,185 square feet, 550 units, Southaven, Miss.

·         Stateline Self Storage, 61,900 square feet, 378 units, Southaven, Miss.

·         Southern (Getwell & Shelby Mini Storage), 51,285 square feet, 352 units, Memphis, Tenn.

·         Winchester Self Storage, 58,470 square feet, 481 units, Memphis, Tenn.
  

Michael A. Mele

All of the properties were constructed between 1995 and 1999. The greatest distance between any two properties is just 25 miles.

Michael Mele, senior vice president investments in Marcus & Millichap’s Tampa office, and Anne Williams, senior associate in the firm’s Memphis office, represented the seller, a private investment firm based in Austin, Texas. 

Mele and Williams also represented the buyer, Simply Self Storage of Orlando, Fla.

“Strategically located within a strong MSA, these seven properties provide the new owner with a substantial market presence and the ability to balance risk between stabilized assets and value-add properties,” says Mele.

 “The market’s appetite for self-storage assets, especially portfolios, continues to be strong, and like other transactions closed this year, we received multiple offers from qualified investors interested in expanding their portfolios,” adds Williams. “We expect to see this trend continue into 2015, as long as interest rates remain low.”

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

Gina Relva
Public Relations Manager
(925) 953-1716

IPA Sells 312-Unit Multifamily Community in North Dallas, TX Suburb


Sweetwater Ranch Apartments, Richardson, TX


Will Balthrope
RICHARDSON, TX – Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, has arranged the sale of Sweetwater Ranch, a 312-unit multifamily community in Richardson, Texas. 

The terms of the commercial real estate sale were not released.

            IPA executive director Will Balthrope and IPA director Drew Kile represented the seller and procured the buyer.

            “Sweetwater Ranch is an infill apartment community with proximity to major transportation arteries and employment centers at the front door of the booming Telecom Corridor,” says Balthrope.

“The previous ownership added new appliances in two-thirds of the apartments and plank flooring to one-third,” adds Kile. “The new owner is in an excellent position to drive value by completing this interior enhancement program.”



Drew Kile
The property is located near the intersection of Interstate 635 and the Central Expressway at 540 Buckingham Road in Richardson.

 The location is a short distance from the Telecom Corridor, a technology business center and site of the new $1.5 billion State Farm campus and the one million-square-foot Blue Cross & Blue Shield of Texas campus. 

The University of Texas at Dallas and Texas Health Presbyterian Hospital of Dallas are also nearby.

Sweetwater Ranch offers residents a choice of five floor plans, each with a wide range of appointments, including gourmet-style kitchens, patios, balconies, garages and carports.

Shared amenities include a private lake, a 24-hour clothes care center, a community clubhouse featuring a pool with heated spa, poolside Wi-Fi and dry sauna, recreation center, fitness facility and clubroom with fully equipped kitchen.

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

Gina Relva
Public Relations Manager
(925) 953-1716