Saturday, May 30, 2015

Newell Building in Midtown Manhattan, NY Sells for $30.72 Million

Newell Building, 425-429 East 53rd Street, East Side, MIdtown Manhattan, NY

 NEW YORK, NY – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the Newel Building, a 34,125-square-foot property located on the east side of Midtown Manhattan. The $30,720,000 sales price equates to $900 per square foot.

Anthony Finno
            Anthony Finno in Marcus & Millichap’s Manhattan office, represented the seller, Newel LLC. The buyer is Rakema Holdings LLC, an affiliate of Ruder Finn, a New York City-based public relations firm.

            “Located within a pre-war enclave in Manhattan’s Turtle Bay neighborhood, the building displayed the Newel Co.’s extensive inventory of decorative furniture and fine arts pieces for 34 years,” says Finno.

“With Newel moving into a larger space, it seemed that the building was destined for conversion to multifamily use, but the strong collaborative business space movement prevailed. 

"The structure’s high ceilings and wide columns, which date back to the 1920s, provide an ideal backdrop for the latest concept in office work space.”

            Built in 1926, the 34,125-square-foot, five-story building is located at 425-429 East 53rd St. in the Midtown East office district between the River House and RiverTower Apartments, three blocks from Citicorp Center.

United Nations Building, Manhattan, NY
 The property occupies 75 feet of mid-block frontage on the north side of East 53rd St. between First Avenue and Sutton Place. 

The United Nations headquarters, the Queens-Midtown Tunnel and the 59th Street Bridge are nearby.

Ceiling heights throughout the building range from nine feet at the basement level to between 13.5 feet and 15.8 feet on floors one through five. 

The property features a car-sized freight elevator, passenger elevators, sub-basement storage space, a loading dock and a ground-floor retail showroom.

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

Gina Relva
Public Relations Manager

(925) 953-1716

American Realty Advisors Sells Office Building and Data Center in Phoenix, AZ for $91.5 Million

American Express Building, 3151 and 3202 West Behrend Drive, Phoenix, AZ

 PHOENIX, AZ – American Realty Advisors, an institutional real estate investment manager with approximately $6.7 billion in assets under management, on behalf of one of its clients, has sold an office building and data center totaling 513,361 square feet in Phoenix, AZ for $91.5 million.

Jim Fijan
The property is fully occupied by tenant American Express Travel Related Services Company, Inc. (a subsidiary of FORTUNE 500 company American Express).

“This asset was poised for strong investor interest, based on the long-term commitment to the property demonstrated by American Express,” says Stanley Iezman, Chairman & CEO of American Realty Advisors. “This resulted in an attractive property with a stable rent roll to market to investment groups.”

This asset is situated on a 28.54-acre site located at 3151 and 3202 West Behrend Drive within a growing submarket of Phoenix where demand for office and data center properties continues to rise, according to Iezman.

“Several major data centers are located in the Phoenix market, based primarily on the region’s skilled workforce, affordable power, and low rate of natural disasters,” says Iezman. “This particular data center competes on both a national and international level, making the asset even more attractive to investors.”

Iezman notes that the sale of this property demonstrates American’s overall strategy to acquire, stabilize, manage, and sell assets in a way that drives the highest yields for its institutional investors, which include major pension funds, insurance companies, and foundations.

Jim Fijan and Chad Freese of CBRE represented the seller in the transaction. The buyer was Griffin Capital Corporation, a publicly registered non-traded REIT.

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

Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

JLL Closes $10.5M Sale in Vacancy-Resistant McDowell Mountain Business Park in Metro Phoenix, AZ

McDowell Mountain Business Park, 9171 E. Bell Road, 9181 E. Bell Road
and 16611 N. 91st Street,  Scottsdale, AZ

PHOENIX, AZ – The Phoenix office of JLL has closed a $10.5 million ($164.67/sf), three-building flex office portfolio sale in McDowell Mountain Business Park, a segment of metro Phoenix that for years has sustained a sub 10-percent vacancy rate for its Class A flex office and industrial space.

Brian Ackerman
The portfolio buyer, California-based Crown Realty and Development, represented itself in this sale. Michelle Gardner with Shell Commercial will continue to maintain the buildings’ leasing assignment.

“This is a niche area of the northwest Valley that appeals to tenants looking for superior office, flex or industrial space,” said JLL Senior Vice President Brian Ackerman, who represented property seller Aegis I, LLC in the portfolio sale.

“It’s less than one mile from two Loop 101 freeway interchanges and only a few miles from the Scottsdale Airport, McDowell Mountains and some of the Valley’s most elite executive housing, retail and dining. 

The location, combined with the quality construction of these three buildings, will definitely stand the test of time.”

The three-building sale totals 63,763 square feet of institutional-grade flex office space at 9171 E. Bell Road, 9181 E. Bell Road and 16611 N. 91st Street in Scottsdale – at the southeast corner of Bell Road and 91st Street, just off of the Loop 101 freeway. 

All three buildings feature modern architecture, high ceilings and roll-up doors to accommodate high-profile retail showroom businesses and office users.

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

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

Marcus & Millichap Arranges Sale of Elm Lake Apartments in Bradenton, FL

Michael Donaldson
BRADENTON, 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 Elm Lake Apartments, a 64-unit apartment property located in Bradenton, FL, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,500,000.

Vice President Investments Michael Donaldson and Vice President Investments Nicholas Meoli in Marcus & Millichap’s Tampa office along with Executive Vice President Investments Robert Sheppard, Senior Vice President Investments Armand Tiberio,  and Senior Vice President Investments Spencer Hurst, in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. 

The buyer, a limited liability company, was secured and represented by Nicholas Meoli, Michael Donaldson, Robert Sheppard, Spencer Hurst and Armand Tiberio. 

Elm Lake Apartments is located at 6318 14th Street East in Bradenton, Florida, less than four miles from scenic Sarasota Bay.

Elm Lake Apartments is a 64-unit apartment community consisting of five, two-story buildings and one, one-story building that functions as a leasing office.

Nicholas Meoli
 It is conveniently located within two miles of U.S. Highway 41 (US-41) in Bradenton and offers residents easy access to the area's major north/south thoroughfare without compromising the peace-of-mind created by its proximity to the coast.

The buildings are comprised of eight, one-bedroom/one-bathroom units with 592 rentable square feet, 32 two-bedroom/two-bathroom units with 840 rentable square feet, eight, two-bedroom/two-bathroom units with 1,081 rentable square feet, and 16 three-bedroom/two-bathroom units with 1,036 rentable square feet. 

Property amenities include a clubhouse, basketball court, volleyball court, playground and two on-site laundry facilities.

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

Richard D. Matricaria
Vice President/Regional Manager, Tampa

(813) 387-4700

The Altman Companies Brings New Luxury Apartment Community to Kendall, FL

Altis at Kendall Square, 16950 SW 93rd Street, Kendall, FL

MIAMI, FL  — Boca Raton-based The Altman Companies announces leasing is successfully underway for the new 321-unit luxury apartment community - Altís at Kendall Square.

Joel Altman
Located at 16950 SW 93nd St., the mixed-use, garden-style community is situated in the heart of Kendall. 

The community is located on North Kendall Drive near the growing Baptist Medical Center, Dadeland Mall and Miami International Airport.

“Altís at Kendall Square offers comfort and style that pushes luxury to a new level,” said Joel Altman, chairman of The Altman Companies. 

“Our residents work so hard on a daily basis that they deserve to reward themselves with the ‘altimate’ lifestyle by living in this one-of-a-kind community.”

 Altís at Kendall Square consists of 12 three-story residential buildings and a 6,000-square-foot retail component. The spacious floor plans include studio, one-, two- and three-bedroom apartments.

For leasing information on Altís at Kendall Square, please call (888) 428-7371 or visit

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

Todd Templin
Ashley Fierman

(954) 370-8999

Passco Companies Acquires 300-Unit Class A Multifamily Community in Mobile, AL for $43 Million

The Arlington at Eastern Shore Apartments, Mobile, AL

MOBILE, AL  – Passco Companies, LLC has acquired The Arlington at Eastern Shore, a 300-unit, Class-A multifamily community located in the Spanish Fort suburb of Mobile, Alabama.

Gary Goodman
 The property was acquired using Fannie Mae financing, according to Gary Goodman, Senior Vice President Acquisitions of Passco Companies LLC.

“Located in the fastest-growing county in the state of Alabama, The Arlington at Eastern Shore has maintained an average occupancy rate of 96.5 percent over the past two years,” says Goodman. 

“With increasing population and job growth anticipated in the region, this property is poised for ongoing strong performance, and we are pleased to be able to provide such a concrete asset to our investors.”

Rock Apartment Advisors, a Birmingham, Alabama based multifamily brokerage team, facilitated the sale of the Arlington at Eastern Shore. 

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

Corynne Randel / Jenn Quader
Brower, Miller & Cole
(949) 955-7940