Thursday, March 13, 2014

Marcus & Millichap Capital Corp. Arranges $5.4 Million Refinance in Van Nuys, CA

Sharone Sabar
LOS ANGELES, CA – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged $5.4 million of debt for a 16,507-square-foot retail property in Van Nuys, Calif.

Sharone Sabar, a vice president capital markets in MMCC’s Encino office, arranged the loan. 

            “The borrower’s loan was maturing,” says Sabar. “The property was a multi-tenant retail center anchored by a church occupying more than 40 percent of the space, which made it difficult to finance.

Van Nuys, CA retail center
“To add to the challenge, the borrower wanted a high leveraged loan. MMCC sourced a lender that met the borrower’s needs with a very competitive interest rate,” concludes Sabar.  

The 15-year fixed loan amortizes over 25 years at 4.3 percent with a 65 percent loan-to-value.

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

Gina Relva,
Public Relations Manager

(925) 953-1716

San Fernando Valley, CA Manufactured Community Changes Hands for $13.1 Million

Reseda Mobile Estates, Reseda, CA

RESEDA CA,  March 13, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Reseda Mobile Estates, an all-age 108-space manufactured housing community in Reseda, Calif.

The $13.1 million sales price equates to $121,300 per space.

Briana Barbier
            Briana Barbier, senior associate and member of Marcus & Millichap’s National Manufactured Housing Communities Group in San Diego, represented the seller, a Southern California-based partnership.

 Barbier also procured the buyer, a national owner of manufactured housing communities with a large regional presence in Los Angeles.

            “Reseda Mobile Estates is a stable, well-maintained community that provides affordable housing in the expensive, high-demand San Fernando Valley rental market,” says Barbier.

“The asset provides the new owner with stable cash flow, minimal management responsibilities and the opportunity for consistent rent growth through annual CPI increases and vacancy decontrol upon turnover.”

            The manufactured home community is located at 6545 Wilbur Ave. in Reseda, Calif. near restaurants, schools, retail shopping and public parks. Apartments and single-family residential neighborhoods surround the community. Reseda is home to a desirable magnet school and a well-regarded charter middle school.

            “There were multiple offers on this property and the bidding process in today’s quality-starved marketplace was very competitive,” continues Barbier. “The primary challenge with this offering was debt restriction. There was existing financing that the buyer was required to assume, at an interest rate approximately 100 basis points higher than today’s rates, and at a less than 50 percent loan-to-value ratio (LTV),” adds Barbier.

 “Fortunately the buyer was able to obtain a small second loan at current interest rates, which increased combined leverage to 56 percent LTV, but the overall debt structure still pushed the cap rate upwards by approximately 100 basis points. 

"The ultimate sales price reflects a cash yield competitive with alternate investment opportunities in today’s marketplace.”

            “Even with assumption of the existing loan and funding of a new loan in a second position, the transaction closed in 75 days,” concludes Barbier. “The relatively quick closing is a testament to the experience and cooperation of all parties.”

            Built in approximately 1960, Reseda Mobile Estates is composed of mostly doublewide homes on 8.57 acres. Amenities include two clubhouses, a swimming pool, spa and a poolside patio with barbecues and outdoor showers. The community receives municipal water and sewer services and all utilities are sub-metered or passed through to the residents.

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

Gina Relva,
Public Relations Manager

(925) 953-1716

$23.2 Million Multifamily Portfolio Changes Hands in Redwood City, CA

Redwood City Portfolio I, Redwood City, CA

Adam Levin

REDWOOD CITY, CA, March 13, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Redwood City Portfolio I, a five-property 112-unit multifamily portfolio on the San Francisco Peninsula in Redwood City, Calif.

 The $23.2 million sales price equates to $207,142 per unit.   

            Adam Levin, a vice president investments, and Robert Johnston, a senior associate, both in Marcus & Millichap’s Palo Alto office, represented the seller, Interstate Equities Corporation (IEC). Levin and Johnston also represented the buyer, a private investor in a 1031 exchange.

            “The continued creation of high-paying jobs in Silicon Valley is reshaping the San Mateo County apartment market and creating new opportunities for both large institutional investors and smaller private investors,” says Levin.

Robert Johnston
“Favorable market conditions in Redwood City allowed us to assemble this portfolio of 1960s-era apartment complexes and for IEC to successfully implement its renovation, stabilization and repositioning strategy.”

            “The buyer, in turn, was able to transition from a 42-unit apartment building to a five-building multifamily portfolio,” concludes Levin.

            The properties are:

• 152 Lincoln Ave., 18 units
• 180 Buckingham Ave., 48 units
• 755 9th Ave., 8 units
• 775 9th Ave., 8 units
• 1331 Jefferson Ave., 30 units

            “Levin and Johnston have closed more than 50 transactions since the beginning of 2013,” notes Steven Seligman, vice president and regional manager of Marcus & Millichap’s Palo Alto office, “many of which involved locating opportunities for clients in 1031 exchanges.”

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

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

Marcus & Millichap’s French Retail Team Partners With Marcus & Millichap’s Capital Corp.’s Steven Rock

NEW YORK, NY, March 13, 2014 – The French Retail Team of Marcus & Millichap announces a new strategic partnership between Joseph C. French Jr. of the firm’s National Retail Group and Steven Rock of Marcus & Millichap Capital Corp.

J.D. Parker
           “I’m very excited about working with Joe and the French Retail Team to expand our services and create a full service brand within an already established public company,” says Rock.

           “This broad partnership will leverage and enhance the extensive relationships of two senior commercial real estate industry veterans,” adds J.D. Parker, regional manager of Marcus & Millichap’s Manhattan office.

“It will significantly expand two business platforms to provide best in class debt and equity financing solutions for institutional and private owners, developers and operators,” Parker concludes.

            Rock brings over 20 years of structured capital markets and commercial real estate financing experience to the partnership.

 French has more than 25 years of retail investment sales experience, specializing in multi- and single- tenant retail investment sales on behalf of institutional and private investors.

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

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

$11.1 Million Buys Inland Empire LA Fitness

LA Fitness, 220 North Sanderson Avenue, Hemet, CA

HEMET, CA, March 13, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a 50,000-square-foot LA Fitness in the Southern California city of Hemet. The $11,175,000 sales price equates to $224 per square foot.

            Mark Thiel, a vice president investments in Marcus & Millichap’s San Diego office, represented the seller, a local property owner.

Mark Thiel
            “This LA Fitness is located at the busiest intersection in Hemet and is the only major fitness center in the entire San Jacinto Valley,” says Thiel. “The small supply of competitors in the region and club’s central location place it in an excellent position to capture a high level of memberships.”

            LA Fitness in Hemet was built in 2008 on 5.6 acres and is 100 percent leased to Fitness International LLC. It is located on the corner of West Florida Avenue (California State Route 74) and Sanderson Avenue at 220 North Sanderson Ave. in Hemet.

West Florida Avenue and Sanderson Avenue combine for a traffic count in excess of 70,000 vehicles per day. Florida Avenue is Hemet’s major retail corridor and the Hemet Valley Mall, anchored by J.C. Penny, Sears and Gottschalks, is less than a mile east of the property. 

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

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

Marcus & Millichap Brokers Sale of 312 Multifamily Units in Houston, TX

Mediterra at Westchase Apartments,  3131 Hayes Place, Houston, TX

HOUSTON, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Mediterra at Westchase Apartments, a 312-unit multifamily complex in Houston’s Westchase submarket. The terms of the sale were not released.

Jeffrey Fript
            Jeffrey Fript, an associate vice president investments, and Kyle Bruchmiller, an associate, both in Marcus & Millichap’s Houston office, represented the seller, a Texas-based investment firm. Fript also advised the buyer, an institutional investor from California.

            “Mediterra at Westchase Apartments is a stabilized asset with significant upside to be gained through the continuation of the value-add program,” says Fript. “The buyer plans to reposition the asset via interior and exterior upgrades in an effort to capitalize on the explosive growth in the Westchase submarket.”

            The property is located just off Westheimer Road at 3131 Hayes Place in Houston near the Sam Houston Tollway, U.S. Highway 6, the 610 Loop, U.S. Highway 59, Westpark Tollway and Interstate 10.

 Nearby schools include Outley Elementary, Budewig Intermediate School, O’Donnell Middle School, Elsik-Hasting-Taylor High School, Grace School, Remington College and Houston Community College.

The location provides residents with easy commutes to all of Houston’s major employment centers, including The Galleria, the Energy Corridor District, the Texas Medical Center and the central business district.

Kyle Bruchmiller
Houston’s Westchase district is known for its business climate and is home to approximately 16 million square feet of office space, 81,000 employees and more than 2,000 businesses.

            Built in 1980 on 10.4 acres, Mediterra at Westchase Apartments offers residents six different floor plans that include efficiencies, one-bedroom units, two-bedroom apartments and three-bedroom units.

The average unit size is 803 square feet. Unit amenities include spacious closets, outside storage and ceiling fans. All apartments except the efficiencies have fireplaces. The upstairs units feature nine-foot vaulted ceilings and select units have washer/dryer connections.

The renovated units have been upgraded with stainless steel and black appliances, two-tone paint, faux-wood flooring, brushed-nickel finishes, two-inch blinds and granite-like countertops.

Community amenities include a resort-style swimming pool with tropical landscaping, a sundeck and barbecue grill, a fitness center, a business center, an updated leasing office, covered parking, free cable TV service, two laundry care centers and controlled access gates. All of the units are sub-metered for electricity.

Residents pay for water, trash, pest control, and gas through third-party billing.

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

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

Multi Housing Advisors Brokers $12 Million Sale of Raleigh, NC Apartment Community

Marc Robinson

 CHARLOTTE, NC  (March 13, 2014) — Multi Housing Advisors (MHA) has brokered the $11.95 million sale of the 200-unit Hidden Creek, an apartment community located in Raleigh, N.C.

Marc Robinson and Jordan McCarley of MHA’s Charlotte office represented the seller, AB Merion Hidden Creek LLC, an affiliate of Merion Realty Partners, and was the sole broker in the transaction. The buyer was FortCap Chatsworth LLC, an affiliate of Virginia Beach, Va.-based FortCap Partners.

“The buyer interest we received for Hidden Creek was tremendous and suggests that the Raleigh/Durham market remains a target for many investors, despite the area’s notable multifamily development pipeline,” Robinson said. “The new owner plans to continue the unit interior enhancements that had been initiated by the previous owner.”
Jordan McCarley
Hidden Creek is located at 2038 Quail Forest Dr. in north Raleigh. The community, which was constructed in 1980, includes a business center, fitness center, playground, swimming pool and laundry facilities.

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)

Maury L. Carter and Associates, Inc. Sells $1.1M of Land Near Orlando, FL Theme Parks

Maury L. Carter (left) and son, Daryl M. Carter

Orlando, FL – Daryl M. Carter, President of Maury L. Carter & Associates, Inc. brokered the sale of 4.8 acres in Orlando, Orange County for $1,125,000. 

The property is located at the intersection of Palm Parkway and Lake Street and the Buena Vista Park PD is approved for hotel, resort, timeshare, commercial or office space.

The seller was Royal American Development, Inc, and the buyer was Lake Buena Vista Properties, LLC. Daryl M. Carter with Maury L. Carter & Associates, Inc. represented the seller. 

The property is in close proximity to Walt Disney World and other local area attractions.

Maury L. Carter & Associates, Inc. is an Orlando-based full service commercial real estate firm proficient in commercial real estate investments, asset management, brokerage, and development. The firm's officers combine more than 75 years experience in real estate investments and brokerage.

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

Kristin Fortier
Maury L. Carter & Associates, Inc.
3333 S. Orange Avenue, Suite 200
Orlando, Florida 32806
407-421-0586 (c)
407-422-3144 (o)