Friday, September 18, 2015

Charles Dunn Co. Completes $4 Million Sale of Vacant 17,131-SF Office Property in Los Angeles to Medical Office User

John C. Anthony

 LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $4 million sale of a vacant, two-building, 17,131-square-foot office property near the Downtown Los Angeles and Hollywood markets.

John Anthony, Chris Steck, and Chris Giordano of Charles Dunn Company represented the seller, 1616 Beverly Boulevard, LLC. The buyer, Thomas Leslie Cantor, was represented by Regional Realty & Investment.

Located at 1616 Beverly Blvd. and 118 Union Place near the 110 and 101 freeways, the property is situated on nearly one-half acre of land and includes a surface parking lot providing direct access to both buildings.

“The San Diego-based buyer plans to use the property for medical office use,” said Anthony. “Owner/user sales on the Beverly Blvd. corridor are strong as it is a major thoroughfare connecting to Downtown, Silverlake, and Hollywood.

“As rental rates rise and vacancy tightens, many Los Angeles-area businesses are looking to buy property for long-term stability of office space expenses.”

Anthony added that the buyer paid all-cash and escrow closed in just seven days.

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

Darcie Giacchetto

BankUnited Names New Commercial Real Estate Executive

Patricia Lubian
MIAMI LAKES, FL --  Patricia Lubian, an industry veteran with more than 25 years of experience, has joined BankUnited as a commercial real estate relationship manager.

Lubian’s responsibilities will include development and management of commercial real estate relationships, primarily in Miami-Dade County.

Most recently Lubian served as senior vice president of commercial real estate for Regions Bank in Miami.  

Additional expertise in the field includes having held senior positions in commercial and commercial real estate lending with Northern Trust of Florida and Barnett Bank of South Florida.

Lubian is a member of the Latin Builders Association as well as a past board member of the Builders Association of South Florida.

A Kendall resident, Lubian graduated from Barry University with a bachelor’s degree in economics and management.

Lubian will be based in BankUnited’s Miami Lakes headquarters at 14817 Northwest Oak Lane. 

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

Mary Harris,
(305) 817-8117                                           

Savannah Whaley,
(954) 776-1999, ext. 225

(877) 779-2265
Facebook at and on Twitter @BankUnited

Essex Realty Group Brokers Sale of Two Multi-Family Buildings in Chicago, IL

Kate Varde
CHICAGO, IL - Essex Realty Group, Inc. is pleased to announce the sale of 1261-1301 W. Argyle and 1338-1354 W. Argyle.

1261-1301 W. Argyle St. and 1338 - 1354 W. Argyle St. (Argyle Street Properties) are located in Chicago’s Uptown Neighborhood.

 The Properties consist of 60 studios, 96 one-bedrooms, one two-bedroom/two-bath, and one three-bedroom one and one-half bath units. The Properties have been professionally managed and stabilized with significant attention given to correcting inherited deferred maintenance issues.

 Evidencing this is the fact the buildings have operated at or above 95% occupancy for the past five months.

1261-1301 W. Argyle sold for $6,545,000 and 1338-1354 W. Argyle sold for $10,580,000.

Doug Imber and Kate Varde were the brokers on the transaction.

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.

MG Properties Group Sets Record in Reno; Acquires Two Properties Totaling 722 Units

Mark Gleiberman
San Diego, CA (Sept. 18, 2015) – MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of two multifamily properties encompassing 722 units in the largest multi-housing bulk transaction in the history of Reno, Nevada.

MG Properties acquired the Vizcaya Hilltop Apartments and the Village at Iron Blossom Apartments in Reno, Nevada, bringing its regional portfolio to over 1,100 units. 

Vizcaya Hilltop Apartments is a 318-unit property built in 1991, and the Village at Iron Blossom Apartments consists of 404 apartment homes built in 1984. Both locations provide convenient access to freeways, employment centers, retail, and nearby entertainment options.

 Each property includes a mix of 1, 2, and 3 bedroom units, providing a variety of options for residents, and the properties feature extensive common area amenities.  MG Properties plans to renovate both properties, upgrading unit interiors, common area amenities, and addressing deferred maintenance items.  

The total purchase price for the two properties was $68.1 million. The brokers for the transaction were Newmark Grubb Knight Frank, Mission Capital, and  Financing was arranged by Brooks Benjamin at KeyBank National Association. 

According to Mark Gleiberman, MG Properties Group’s chief executive officer, “The potential to create value through renovations and upgrades to these properties makes them an excellent fit for our fully integrated investment and management platform.  These assets will bring added value to our existing portfolio.”

MG Properties Group has purchased eight properties in the past year, totaling approximately 2,600 units and $370,000,000 in combined purchase price. The company is targeting further acquisitions in Arizona, California, Colorado, Nevada, Oregon, and Washington. 

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

Jenn Quader or Lexi Astfalk
 (949) 955-7940