Wednesday, July 12, 2017

Marcus & Millichap Arranges Sale of 60-Room Country Inn & Suites in Tallahassee, FL

                               

Jonathan Ruprai

TALLAHASSEE, FL, July 12, 2017 – 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 the Country Inn & Suites, a 60-room limited-service hotel located in Tallahassee, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office.

Jonathan S. Ruprai, senior director of the firm’s National Hospitality Group in Marcus & Millichap’s Tampa office, represented the seller and secured the buyer. “Due to a longstanding relationship with both the seller and buyer, we were able to structure a creative deal that was beneficial to both parties.  The buyer plans on repositioning the hotel to an assisted living facility,” says Ruprai.  

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

Ari Ravi
Regional Manager, Tampa

(813) 387-4700



MCA Realty Sells Final Building in Brookhollow Freeway Showroom Center Off Costa Mesa 55 Freeway in Orange County, CA


Brookhollow Freeway Showroom Center, 154 East Warner Street, Santa Ana, CA

SANTA ANA, CA – MCA Realty, a full service real estate investment and management company, has sold the final building in the Brookhollow Freeway Showroom Center, an 87,609 square-foot multi-tenant retail/showroom project in Santa Ana, California.

The facility, which is located alongside one of Orange County’s busiest freeways, consists of four separate buildings, three of which were previously sold by MCA in late 2015.

Tyler Mattox
The sale of the fourth building, a 13,072 square-foot retail showroom currently occupied by Wine Exchange, brings the investment completely full cycle, according to MCA Realty Principal Tyler Mattox.

“We were able to create significant value by renovating this asset, and subdividing the parcel to allow us the ability to sell each building individually,” says Mattox. 

“The Orange County market is characterized by exceptional demographics, strong demand, and a limited amount of new supply, which continues to place upward pressure on rental rates and property values. We capitalized on this dynamic to achieve strong rates of return for our capital partners.

MCA Realty initially purchased the property in 2013 for $9.5 million and implemented a comprehensive capital improvement plan, including interior and exterior improvements, updates to the fa├žade, and a renovated landscaping scheme.

“We were able to significantly increase the value of the asset in performing these improvements, says Mattox. 

The building is located at 154 E. Warner in Santa Ana, California. It was sold to WTW Properties, LLC, for $3.3 million. The previous three buildings were sold for a combined total of $16.8 million.

Joe Winkelmann, Nick Velasquez, and Michael Hartel of Colliers International represented MCA Realty as the seller in the transaction. Ryan Swanson and Chris Conway of Lee & Associates represented the buyer, WTW Properties, LLC.

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

Lauren Burgos
Junior Account Executive
Brower, Miller & Cole
895 Dove Street, Third Floor
Newport Beach, CA 92660
p: (949) 955-7940

Marcus & Millichap Brokers $625,000 Sale of Palmview Court 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 Palmview Court, a 8-unit apartment property located in Bradenton, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $625,000.

Michael Donaldson, Nicholas Meoli and Adam Podbelski, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a limited liability company, was also secured and represented by Adam Podbelski, Nicholas Meoli and Michael Donaldson. 

Palmview Court is located at 2519 9th Ave W in Bradenton, Florida. 

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

Ari Ravi
Regional Manager, Tampa

(813) 387-4700