Wednesday, March 12, 2014

IPA Arranges the Sale of Alta Park West in Peoria, AZ for $30.05 Million

Alta Park West Apartments, 9680 West Northern Avenue, Peoria, AZ

Steve Gebbing
PEORIA, AZ – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Alta Park West, a 260-unit, 252,643-square-foot luxury apartment community in Peoria, Ariz., a major suburb of Phoenix.

The $30.05 million sales price equates to $115,500 per unit.

            IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, a venture formed by Wood Partners, one of the nation’s largest multifamily developers, and Boston Capital Real Estate Partners of Boston, Mass. The buyer is Greenwood Village, Colo.-based Baron Properties.

            “Developed by award-winning Wood Partners in 2008, Alta Park West delivers a luxurious living experience that reflects the aesthetic and social fabric of its community,” says Gebing. “The property has a unique location within Park West, a 250,000-square-foot open-air lifestyle center that provides residents with unparalleled live, work and play access.”

Cliff David
            Situated at 9680 West Northern Ave. in Peoria, Alta Park West is located at the northwestern corner of Loop 101 and Northern Avenue with approximately 1,200 linear feet of drive-by visibility from an estimated 108,000 daily freeway commuters.

The location provides immediate access to Westgate Entertainment District, a landmark destination encompassing approximately 8 million square feet of shopping, dining, and entertainment.

The property is near a number of prominent employers, including a heavy concentration within the healthcare sector such as Banner Estrella Medical Center, Banner Thunderbird Medical Center, Arrowhead Hospital and the currently under development St. Joseph’s Westgate Medical Center, a 35-acre medical campus.

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

Gina Relva,
 Public Relations Manager
(925) 953-1716

South Florida Office and Retail Asset for Sale at $13.5 Million

21/22 Center, 2103 Coral Way, Miami, FL

Douglas K. Mandel
MIAMI, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, is the exclusive advisor for the sale of the 21/22 Center, an eight-story, 74,461-square-foot office and retail building on Coral Way in Miami.

The listing price is $13,500,000. Douglas K. Mandel, a first vice president investments, and Benjamin Silver, a senior associate, both in Marcus & Millichap’s Fort Lauderdale office, are representing the seller.

            “The 21/22 Center is a stabilized asset currently 90.7 percent occupied by professional tenants,” says Mandel. “During the last two years the building has received nearly $2 million in capital improvements that include new elevators, chillers, common area upgrades and tenant improvements.”

            The office and retail building is located on the corner of Southwest 21st Avenue and Coral Way at 2103 Coral Way in Miami.

The location is between downtown Miami’s Brickell financial district and Coral Gables’ central business district. The building is approximately one mile west of Interstate 95, three miles southwest of downtown Miami, two miles east of downtown Coral Gables, Fla. and just a few miles east of Miracle Mile.           

Benjamin H. Silver
            The 21/22 Center features 18,356 square feet of ground floor retail space and 56,105 square feet of office space. The building was constructed in 1983 utilizing cast-in-place isolated column footings and continuous footings. 

The exterior walls are finished with painted stucco and the building is fitted with an aluminum and glass curtain wall system and aluminum and glass windows.

An attached five-story parking garage provides direct entrances to the office building from the second through fifth floors. The parking facility accommodates 172 parking spaces. The lower floors have an automated pay parking system. Two parking spaces are reserved for electrical vehicles and have charging stations.

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

Gina Relva,
 Public Relations Manager
(925) 953-1716

Sireeampan Boutique Resort & Spa Celebrates Songkran Festival in Thailand

Sireeampan Boutique Resort & Spa, Chiang Mai, Thailand

Jitsak Lim-Pakorakul
Chiang Mai, Thailand (March 12, 2014) – Sireeampan Boutique Resort & Spa, the intimate 11-suite luxury resort in the heart of Chiang Mai in January 2014, is pleased to announce its Songkran Splash Sale offering, in celebration of the Thailand New Year from 13 – 15 April.

 The sale allows guests who book early to save 15% on standard leisure rates, plus receiving a complimentary spa treatment from the newly launched "Retreat to Simplicity" menu at the luxurious Le Spa de Sireeampan.

 This generous offering is available throughout the month of Thailand's New Year, April.

“Each year, the highly anticipated and beloved Songkran festival brings a splash to the streets of Chiang Mai – literally,” said Jitsak Lim-Pakornkul, General Manager of Sireeampan.  “We are excited to bring a splash of our own to city goers and welcomed travelers.  The sale offers value and an unforgettable experience, as well as an intimate escape after a festive day of roaming the bustling streets.”

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

Hwee Peng

Hwee Peng Yeo
Director of Asian Markets
Glodow Nead Communications
Level 21, Centennial Tower
3 Temasek Avenue
Singapore 039190

Crossroads Development Partners Purchases Two Medical Office Buildings for $1.2M

990 and 1000 Grand Canyon Parkway, Hoffman Estates, IL

HOFFMAN ESTATES, IL – Schaumburg-based Crossroads Development Partners has closed on the purchase of 990 and 1000 Grand Canyon Parkway in Hoffman Estates.  Crossroads acquired the properties for $1.2 million from a subsidiary of Boston-based Admirals Bank, which had taken the property back from a private owner in a 2012 foreclosure transaction. 

The two buildings, totaling more than 53,000 square feet, feature a variety of medical users and are situated off of heavily trafficked Higgins Road. Crossroads plans several capital improvements to compliment an aggressive leasing campaign to stabilize the property.  Crossroads closed the all-cash transaction four days after reaching an agreement with the seller.

 “We are pleased to add to our suburban office holdings with the acquisition of the Medcoa Professional Buildings in Hoffman Estates,” said Lee Kotler, principal of Crossroads Development Partners.

Lee Kottler
“Our organization is nimble and laser-focused on the task at hand, and as a result, we were able to move quickly for a successful closing and look forward to executing our business plan.

"Crossroads has been very successful in the suburban office market in recent years."

In 2009, the firm purchased 1300 E. Woodfield Road in Schaumburg, where it, and its affiliated management arm, SVN Crossroads Management, are now headquartered.

  At the time of the purchase, the building was approximately 30 percent occupied. Within four years, the firm has been able to achieve 97 percent occupancy for the property. 

In another of the firm’s suburban office holdings, the 180,000-square-foot 6400 Shafer Court in Rosemont, Ill., Crossroads has signed approximately 20,000 square feet of new leases, renewals and expansions in the last six months.

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

Mark Thomton,, 312-267-4523
Emily Johnson,, 312-267-4522

Marcus & Millichap Arranges Sale of a Texaco Xpress Lube in Riverview, FL for $729,000

Texaco Express Lube, 13376 Lincoln Road, Riverview, FL

RIVERVIEW, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Texaco Xpress Lube, a 1,400-square foot net-leased property located in Riverview, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $729,000.

James Medefind
James Medefind, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company based in Brandon, Fla. 

Texaco Xpress Lube was built in 2006 and is located at 13376 Lincoln Road in Riverview, Fla.  This 1,400-square foot Texaco Xpress sits off Big Bend Road (County Road 627) and is an outparcel to an Ace Hardware anchored center. 

The property is adjacent to the brand new St. Anthony’s Regional Hospital and located in close proximity to rapidly growing residential developments in eastern Hillsborough County.

“We were able to drive significant activity to this asset due to the lack of quality, long-term net-leased real estate investments, says Medefind.  “Investors were eager to enter a market undergoing such rapid growth and this aggressiveness showed up in the final sales price,” adds Medefind.  “I am excited to say we hit the ball out of the park with this sale.”

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

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

PCCP, LLC and Mountain Development Corporation Form Joint Venture to Acquire and Reposition 10-Story Office Building in Secaucus, NJ

One Harmon Plaza, Secaucus, NJ

Secaucus, NJ – A joint venture of PCCP, LLC and Mountain Development Corp. (“MDC”) has acquired One Harmon Plaza, a 192,000-square-foot Class A office tower in Secaucus, NJ. 

One Harmon Plaza is a 42 percent leased, 10‐story office building that features efficient, 22,000-square-foot floor plates with panoramic views, an all‐black glass fa├žade, and existing amenities that include structured parking and on‐site banking services.

Bill Martini
 The well located property is less than 5 miles from midtown Manhattan and offers jitney service to the Secaucus rail junction.

“We are excited to be partnering with Mountain Development, an experienced New Jersey-based owner and operator of office properties with over 30 years of proven success in the market.” said Kevin Chin, vice president with PCCP.  “One Harmon is a high quality, value-add asset that we are acquiring at an attractive basis relative to replacement cost and recent market sales.”

The joint venture plans to upgrade common areas and improve the property’s amenity base for tenants with the addition of a fitness center, free conference center and on‐site food service operated by a desirable local eatery.

“Our full amenity package, responsive property management and aggressive rental rates will make One Harmon Plaza the most attractive address for tenants looking in the Meadowlands,” said Bill Martini of Mountain Development Corp.

The Cushman and Wakefield Equity, Debt & Structured Finance team led by John Alascio, Chris Moyer and Suraj Ravi served as the exclusive advisor to MDC in arranging and structuring the joint venture with PCCP. 

            The joint venture has tapped the Cushman & Wakefield leasing team of Marc Trevisan, David Sherman, David DeMatteis and Slava Verynberg as its exclusive agent to market and lease the property. The property was sold by the Cushman & Wakefield of New Jersey Investment Sales team.

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

Darcie Giacchetto
Spaulding Thompson & Associates