Friday, January 24, 2014

Sacramento, CA-Area Multifamily Asset Sells for $14.25 Million

  
Parkwood Apartments, 6930 Fair Oaks Boulevard, Carmichael, CA
 
Eric Price
CARMICHAEL, CA, Jan. 24, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Parkwood, a 197-unit apartment complex in Carmichael, a city within the greater Sacramento, Calif. metropolitan area. The $14,250,000 sales price equates to $72,335 per unit.

            Eric Price, a senior associate in Marcus & Millichap’s Sacramento office, represented the buyer and seller, two family trusts.

            “The sale of Parkwood demonstrates the demand from private investors for core assets in Sacramento’s premier rental markets,” says Price. “The new owner is in an excellent position to benefit from the area’s resurgent housing market and continued movement in rents.”

            The property is located at 6930 Fair Oaks Blvd. in Carmichael across the street from the largest park in the area, Carmichael Park, which features six tennis courts, four baseball diamonds, a large children’s play area and an off-leash dog park.

Safeway, Bel Air and Big Lots are nearby and Fair Oaks Boulevard, Carmichael’s main thoroughfare, is home to many other retailers and restaurants, services and employment opportunities.

            Constructed in two phases on 7.2 acres in 1973 and 1985, Parkwood’s unit mix features one- and two-bedroom floor plans. Many units have additional half- or quarter-baths and 10 have had washers and dryers installed. 

All of the apartments feature well-equipped kitchens with dishwashers, disposals and electric appliances. Select units have vaulted ceilings and outside storage space.

            Parkwood’s community amenities include access gates, two swimming pools, a fitness and recreation center, four laundry rooms and reserved parking for every apartment.

            Recent renovations include parking lot resurfacing, siding repair and new exterior paint.

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

Gina Relva
 Public Relations Manager
(925) 953-1716

Marcus & Millichap Sells Houston-Area Industrial Building


108,000-square-foot industrial building, Hemstead, TX

Christopher W. Jones
HEMPSTEAD, TX,  Jan. 24, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of an approximately 108,000-square-foot industrial building in Hempstead, Texas.

The property is triple-net leased to Logan Industries International Corp., an industry leader in hydraulic repair, fabrication, winches, hydraulic field service and hydraulic design serving the offshore oilfield industry. Hempstead is a city in the northwestern area of the Houston-The Woodlands-Sugar Land metropolitan area. The terms of the sale were not released.

            Christopher W. Jones, an associate in Marcus & Millichap’s Houston office, represented the seller, a private investor. Charlie Hampton III, an associate vice president investments in the firm’s Seattle office, represented the buyer, a limited liability company.

            “Logan Industries recently signed an extended lease on the property to accommodate the company’s rapid business growth, and the firm may soon need additional on-site expansion,” says Jones.

Charlie Hampton III
            “The sale includes land for additional development and the location provides convenient access to Logan Industries’ customer and employee bases,” adds Hampton.

            Located at 1000 Blasingame Road in Hempstead, Texas, the property is situated on approximately 13 acres in a U.S. Highway 290 business park adjacent to a Southern Pacific rail line near the intersection of U.S. Highway 290 and Texas State Highway 6.

            Constructed in 2009 and expanded in 2013, the building is a tilt-wall constructed, crane-served, high-bay manufacturing facility with an approximately 60-foot high bay area, two 40-ton overhead cranes, five 15-ton overhead cranes, climate-controlled labs and clean room, and finished office space.

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

Gina Relva
 Public Relations Manager
(925) 953-1716

$30 Million, 12-Property 7-11 Portfolio Sale Arranged by Marcus & Millichap in Willoughby, OH

  
7-11, Willoughby, OH


Glen Kunofsky
NEW YORK, Jan. 23, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 12-property 7-Eleven store and gas station portfolio located in Ohio.

            Glen Kunofsky and Russell Wachtler in Marcus & Millichap’s Manhattan office advised the buyer and seller, both large institutions.

            Michael Glass, vice president and regional manager of the firm’s Cincinnati, Cleveland and Columbus offices is Marcus & Millichap’s broker of record in Ohio.

Russell Wachtler
            “The institutional market for net-leased assets continues to be extremely strong,” says Wachtler. “The strong corporate credit of 7-Eleven, combined with the annual rental increases, created a very competitive bidding environment for the portfolio.”

            “There was a significant amount of upside for investors related to site renovations at each location, post portfolio acquisition,” says Kunofsky. “All of the properties are in excellent locations with great visibility and will be completely remodeled and branded to meet new standards for 7-Eleven.”     

Michael Glass
            7-Eleven operates, franchises and licenses 8,600 stores in the United States and Canada. Of the approximately 7,600 stores the company operates and franchises in the U.S., close to 5,700 are franchised.

Outside of the U.S. and Canada, there are more than 41,600 7-Eleven and other convenience stores in Australia, China, Denmark, Indonesia, Japan, Malaysia, Mexico, Norway, Philippines, Singapore, South Korea, Taiwan, Thailand and Sweden.

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

Gina Relva
 Public Relations Manager
(925) 953-1716