Student Housing Portfolio in Tucson, AZ Sold for $11.18M

TUCSON, AZ– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a three-property student housing portfolio totaling 56 units in Tucson.

The sales price is $11,185,000.

The assets are SahuaroPoint Villas at the Park (top right photo), GlennStar Apartments and Stone Wood Apartments.(middle left photo)

Hamid Panahi, (top left photo) a senior associate in the Tucson office of Marcus & Millichap, represented the seller in all three of the transactions. Earle Hyman, a senior vice president investments in the firm’s Encino office, represented one of the buyers and Mike McClain, a vice president investments in the firm’s Tucson office, represented the buyer in the SahuaroPoint transaction.

“Due to the on-going demand for student housing in close proximity to the University of Arizona, this portfolio represents a tremendous investment opportunity for the buyers,” says Panahi.

The portfolio consists of the following properties:

· SahuaroPoint Villas at the Park, a 20-unit asset on 1.47 acres at 2326-2366 North 6th Ave. The property includes five-bedroom/two-bath units, each measuring approximately 1,748 square feet. The apartment community commanded a price of $5.5 million.

· GlennStar Apartments, a 12-unit asset on .83-acres at 133-193 East Glenn St. The property includes three- and four-bedroom units, ranging in size from 1,015 to 1,138 square feet. The apartment community commanded a price of $1.7 million.

· StoneWood Apartments, a 24-unit asset on 1.65 acres at 2621 North Estrella Ave. The property includes four-bedroom/three-bath apartment units each measuring approximately 1,235 square feet. The apartment community commanded a price of $3.98 million.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Uptown Broadway Apartments in Boulder, CO Sold for $22.85M

BOULDER, CO – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Uptown Broadway, (top right photo) a 116-unit apartment community in Boulder.

The sales price of $22.85 million represented $226 per square foot or $196,983, a record per unit price for Boulder, and one of only five deals that have sold for more than $225 per square foot in the Denver metro area during the last two years.

Dave Potarf and Dan Woodward, both vice president investments and senior directors of Marcus & Millichap’s National Multi Housing Group in Denver, and Jordan Robbins, an investment specialist also in the firm’s Denver office, represented the seller and the buyer.

“Uptown Broadway was an excellent opportunity for the investor to acquire a recently constructed apartment community with condo conversion potential,” says Woodward.

Located at 4590 13th St., the 100,940-square foot apartment community consists of 10 three-story buildings with 15 unique floor plans, including one- and two-bedroom flats, townhomes and lofts, situated on 2.43 acres.

The property also features two underground parking garages. Built in 2005, Uptown Broadway is a multi-family community totaling 148 apartment units of which 32 are affordable housing and not part of the offering. There are also 41 for-sale lofts and 55 for-sale flats and live/work units.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Marcus & Millichap Arranges Sale of $11.95M Apartment Complex in Dublin, OH

DUBLIN, OH – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Sawmill Ridge, (top right photo) a 192-unit multi-family community in Dublin.

The sales price of $11.95 million represented $62,240 per unit.

Derek C. Kinnear, a senior associate in the Cincinnati office of Marcus & Millichap; William Klopfer, a senior associate in the firm’s Columbus office; and Adam Schlosser, an investment specialist also in the firm’s Columbus office, represented the seller. Matthew Brown, a senior associate in the firm’s Columbus office, represented the buyer.

“The investor has acquired a well-maintained, quality performing asset in central Ohio’s strongest rental market,” says Schlosser. “The new owner has capitalized on a rare opportunity in a market with excellent demographics.”

Located at 6564 Millridge Circle, the 144,480-square foot apartment community consists of 12 two-story buildings situated on 15.31 acres, within a close proximity to some of Columbus’ best shopping, dining, entertainment establishments and business centers.

Sawmill Ridge features a mix of one- and two-bedroom units. Interior amenities include an enclosed patio or balcony, designer kitchen, and gas log fireplaces and washer and dryers in select units. Community amenities include a swimming pool with a large multi-level sundeck that connects to a private bathhouse. There is a two-acre park nearby, and the property offers ample parking surface spaces in front of each unit.

Press Contact: Stacey Corso
Communications Department
(925) 953-1716

Edwards Construction Services awarded contract for American Tire Distributors' flex warehouse interior build-out at Madison Industrial Park

OCALA, FL – Ocala-based Edwards Construction Services, Inc.’s Manufacturing and Distribution division was awarded a contract for American Tire Distributors’ flex warehouse interior build-out at IDI Madison Industrial Park (top left photo) , Building E, in Tampa, FL.

The work will include approximately 7,500 square feet of office space and 139,500 square feet of warehouse space.

Recently constructed by Edwards, the 533,000-square-foot IDI Madison project currently features Building E containing 147,000 square feet of flex warehouse space and Building A containing 386,000 square feet of “cross dock” warehouse space including 107 loading docks. The buildings are constructed with 36-foot-high tilt-up concrete wall panels and single-ply membrane roof systems.

Contact: Kenneth H. Cristol, 407-774-2515

1.1 million-square-foot Class A office portfolio sale in Austin closed by HFF

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of Riata Corporate Park (top right photo) and Riata Crossing, (middle left photo) a Class A office complex totaling 1.1 million square feet in Austin, Texas.

HFF marketed the property exclusively on behalf of the seller, a partnership between institutional investors advised by JPMorgan Asset Management and Equity Office, and was acquired by Spear Street Capital. Terms of the sale were undisclosed.

The portfolio consists of eight-building Riata Corporate Park, five-building Riata Crossing as well as the last two development sites at the Riata master-planned development.

Completed between 1998 and 2008, the buildings are 98.7% leased to tenants including Apple, Centex, NVIDIA Corporation, Computer Associates, Janus Capital Group and Pervasive Software.

The Riata complex is situated within a 95-acre corporate park adjacent to a city park and lake near Research Boulevard, Parmer Lane, State Highway 45 and The Domain in northwest Austin.

JPMorgan Asset Management is a global asset management leader providing world-class investment solutions to institutions, individuals and financial intermediaries.

The firm is responsible for approximately $1.2 trillion in assets under management (based on assets under management for the Asset Management division of JPMorgan Chase & Co. as of June 30, 2008), including more than $58.4 billion in real estate managed by JPMorgan Asset Management - Real Estate & Infrastructure.

With a 38-year history of successful investing and a staff of approximately 379 professionals, JPMorgan Asset Management - Real Estate & Infrastructure identifies, analyzes, negotiates, acquires, develops, redevelops, renovates, operates, maintains, finances and sells assets, on behalf of its clients.

Spear Street Capital is a real estate investment company dedicated to acquiring and operating select office investment opportunities nationwide.

CONTACTS:

Andrew S. Levy, HFF Senior Managing Director, 214 265 0880, alevy@hfflp.com

Todd W. Savage, HFF Managing Director, 214 265 0880, tsavage@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

Philadelphia Office Assets Remain in Demand

PHILADELPHIA, PA — The Philadelphia office market will remain fairly well-balanced through the end of the year, allowing for modest rent gains, according to a second-quarter Office Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

(The 57-story, 975-foot tall, 1.23-million-sf Comcast Center, Downtown Philadelphia, top right photo).

Despite ongoing uncertainty at the national level, the metro’s diverse economy and prominent educational and health services sector, which accounted for 63 percent of all jobs created during the past year, have helped to maintain the local office market’s stability.

“Buyers will remain focused on established properties near arterial roadways in submarkets with strong residential and retail bases, such as King of Prussia and Exton/Malvern,” says Spencer Yablon, (top left photo) regional manager of the Philadelphia office of Marcus & Millichap.

(The 53-story, 739-foot-tall, 1.3-million-sf Bell Atlantic Tower, bottom right. The 61-story, 945-foot-tall One Liberty Place, middle left))

Following are some of the most significant aspects of the Philadelphia Office Research Report:

· Office-using employment is forecast to tick up 0.1 percent with the addition of 700 jobs.
· Developers are expected to add 1.7 million square feet of competitive office space by year end.
· Vacancy is forecast to end the year at 12.2 percent.
· Asking rents are projected to push up 4.2 percent to $24.14 per square foot.
· Effective rents will gain 2.4 percent to $20.32 per square foot.

For a copy of the complete Philadelphia Office Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.

Press Contact: Stacey Corso
Communications Department
(925) 953-1716