Tuesday, March 25, 2014

Faris Lee Investments Sells Trophy Single-Tenant Retail Ground Lease for Record Cap Rate in Manhattan Beach, CA

JPMorgan Chase Bank building 1727 Artesia Boulevard, Manhattan Beach, CA

Chris Tramontano

MANHATTAN BEACH, CA -- Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $6.25 million sale of a highly sought-after single-tenant ground lease in Manhattan Beach, Calif.

The free-standing, 5,782-square-foot property, located at 1727 Artesia Blvd, is occupied by JPMorgan Chase Bank in a long-term 15-year NNN lease.

Faris Lee Investments marketed the property on behalf of the seller, Sackley Family Trust, a local South Bay developer and investor, who built the property in 2007. CBRE represented the buyer, a private family trust in a 1031 exchange.

The all-cash transaction closed at full asking price and was the lowest cap rate on record for a Southern California JP Morgan Chase Bank per CoStar records.

“Our team strategically leveraged the strength of a Fortune 500 tenant and “main and main” location in a high-profile, dense coastal community to effectively position this asset to achieve our asking price. We were able to entertain multiple offers garnering an all-cash offer to close the deal,” said Chris Tramontano, managing director, who led the sale along with Mike Ward of Faris Lee Investments.

Mike Ward
“It’s an irreplaceable retail trophy property making it a rare and lucrative investment opportunity.”  To that end, Tramontano added that the property received in excess of 15 offers.

The property is ideally positioned at the signalized hard corner intersection of Artesia Blvd. and S. Aviation Blvd which features an astounding 76,500 vehicles per day at the intersection. 

Average annual household income within the city of Manhattan Beach is nearly $200,000 with more than 214,000 permanent residents and 87,000 daytime employees within a 3-mile radius of the property.

“We are seeing a strong shift by the high net worth investor in moving from multifamily to retail assets as part of a long-term wealth diversification strategy.

 In this case, the buyer was selling a multifamily asset to buy into a very strong, high-profile retail asset,” said Rick Chichester, president and CEO, Faris Lee Investments.

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

Darcie Giacchetto
Spaulding Thompson & Associates

Franklin Street Arranges Sale of Miami Beach Apartment Building For $4.3 million

8101 Crespi Boulevard, Miami Beach, FL

Elliott Shainberg
 MIAMI, FL — Franklin Street Real Estate Services announces the sale of a 24-unit apartment building in Miami Beach, Fla. for $4.3 million.  At $179,000 per unit, the all-cash sale represents the highest price per unit for a multifamily project-excluding newer construction- in the north beach section of Miami Beach since 2008. 

Deme Mekras, Elliot Shainberg, and David Reinke, all of Franklin Street Real Estate Services, represented the seller, a local investor.

 The buyer, an investor and developer from Italy, bought the building with plans to convert it into a condominium, according to Shainberg, a senior director of Franklin Street who is based in Miami. 

“This deal signals that the condo conversion business is back in full-swing in Miami Beach,” said Shainberg. “Investors are seeing profitability in condo conversions again, picking up where others left off when the real estate market crashed in 2007,” he said.  

Shainberg said this was a particularly interesting deal because it involved the last four-story, mid-rise waterfront rental building within a two-mile radius that was not converted to condominium during the last boom.

Deme Mekras
“Being one of the last properties converted in the area paired with the fact that it offers water views with boat docks, covered parking, and a swimming pool made this a very unique property,” said Shainberg.  “Most of the apartment complexes in Miami Beach don’t have these kinds of amenities or dedicated parking.” 
Shainberg also noted that Miami Beach remains the location of choice for foreign investors who want to move capital out of their own countries.

“These Investors feel their money is safer being invested in Miami Beach apartments and condominiums than putting it into foreign real estate or the stock market,” Shainberg said.

Built in the 1960’s, the property is located at 8101 Crespi Boulevard, Miami Beach, Fla., 33141. It is approximately five minutes south of Bal Harbour and is 15 minutes north of South Beach.

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

Todd Templin,
Boardroom Communications                  

Essex Realty Group Brokers Sale Of 860 N. DeWitt, Chicago, IL

860 North DeWeitt, Streeterville neighborhood, Chicago, IL
Doug Imber

 CHICAGO, IL -- Essex Realty Group, Inc. is pleased to announce the sale of 860 N. DeWitt, a 148-unit, 21-story apartment building located in Chicago’s Streeterville neighborhood. 

Built in 1966, the Property consists of studio, one and two-bedroom apartments ranging from 600 to 1,600 square feet. Building amenities include a fitness center, an on-site dry cleaners and an attached parking garage with approximately 77 spaces.

Doug Imber and Doug Fisher of Essex were the brokers in the transaction. The price was approximately $18,937,000.

Doug Fisher
 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.

Acadia Realty Trust Acquires Trophy Lincoln Park Property in Chicago

Forever 21 retail building, 865 West North Avenue,
Lincoln Park neighborhood, Chicago, IL

Stephen Lieberman

 CHICAGO, IL, March 25, 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 16,000-square-foot retail building 100-percent net-leased by Forever 21.

Located in Chicago’s Lincoln Park neighborhood, the property sold for $14,750,000, which equates to $922 per square foot.

Stephen Lieberman, a senior associate in Marcus & Millichap’s Chicago Downtown office, represented the buyer, Acadia Realty Trust. The seller is Elk Grove Village, Ill.-based Tri-Equities LLC. 

            “The property is a trophy asset located in an area that is seeing tremendous growth and development,” says Lieberman.

            The asset is located in the heart of Lincoln Park on the signalized, southeast corner of Fremont Street and North Avenue at 865 W. North Ave.

It is a two-story building with 8,000 square feet on each floor, a 4,000-square-foot basement and on-site customer parking.

Other retailers in the area include Anthropologie, Apple, Best Buy, Crate and Barrel, Restoration Hardware, Sephora, The Container Store, Vitamin Shoppe, Whole Foods and Williams-Sonoma.

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

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