Marcus & Millichap Lists 196-Unit Luxury Apartment Complex in Santa Ana, CA for $27.5M

SANTA ANA, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for The Court at Artists Village, (top right photo) a 196-unit luxury apartment community in Santa Ana.

The listing price of $27.5 million represents $142 per square foot.

Ronald Harris, (middle left photo) senior vice president investments and a senior director of the firm’s National Multi Housing Group in Los Angeles, is representing the seller, a joint venture between a pension fund advisor and a local developer.

“The Court at Artists Village is a mixed-use urban apartment community comprised of 196 luxury apartment homes, 12,222 square feet of ground floor retail shops and 1,412 square feet of storage and office space,” says Harris.

“The Court at Artists Village truly defines urban infill development. The apartment community blends together unique design elements with traditional, well-appointed rental homes.

"Residents enjoy immediate access to the bohemian-style, urban-chic establishments of Artists Village, a pedestrian-oriented retail promenade with high-end restaurants, the Santora Building of the Arts (a local museum and studio), (bottom left photo) the Grand Central Theater and the locally famous Gypsy Den coffee shop.”

Located at 301 West 2nd St. in Santa Ana, The Court at Artists Village is a fully renovated 1990s’ vintage-style complex featuring a two-level subterranean parking structure.

Other amenities include a new fitness center, a swimming pool and a business center.

“The mixed-use retail component of The Court at Artists Village positions this asset favorably against competitive rental products,” says Harris.

“Furthering the desirability of this asset is its location in central Northern Orange County. The property is proximate to employment centers in Newport Beach, Costa Mesa, Anaheim and Santa Ana as well as some of Southern California’s most beautiful beaches and coastal cities.”

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

GVA Advantis Posts Transactions in Norfolk and Newport News, VA

NORFOLK, VA – GVA Advantis is pleased to announce the Norfolk and Newport News offices recently negotiated the following transactions:

LEASES:

§ Diamond Hill Plywood Company, Inc. has leased 150,000 SF of industrial space at 17320 Washington Highway in Doswell, VA. Stephanie Sanker and Clay Culbreth represented the tenant.
§ The U.S. Coast Guard has leased 102,000 SF of retail space at Port Elizabeth in Elizabeth City, NC. John Wessling and Bill Overman represented the landlord.

(Harbour Center, Hampton, VA, top right photo)

§ Lumber Liquidators has expanded into 50,000 SF at 300 West Park Lane in Hampton, VA. Michael Shapiro represented the tenant and Stephanie Sanker and Clay Culbreth represented the landlord.

(Oyster Point Plaza, Newport News, middle left photo)

§ Policy Studios, Inc. has leased 12,305 SF of office space at Hampton Technology Center I in Hampton, VA. Garren Brown represented the tenant.
§ Buffalo Wild Wings has leased 5,594 SF of retail space at New Town Shoppes in Williamsburg, VA. JC Wynkoop represented the tenant.
§ Nancom, Inc. has leased 5,000 SF of retail space at the Williamsburg Pavilion Shops in Williamsburg, VA. Mike Mausteller represented the landlord.
§ Spirit Empire Cheerleading has leased 3,000 SF of industrial space at 802 Blue Crab Road in Newport News, VA. Michael Shapiro represented the landlord.
§ Singapore Cuisine has leased 2,800 SF of retail space at Bennett’s Creek Crossing in Suffolk, VA. Edward Salyers and Ursula Seidel represented the landlord.
§ The Glass Gallery, Ltd. has leased 2,250 SF of retail space at Kiln Creek Center in Yorktown, VA. Michael Shapiro and Ursula Seidel represented the landlord.
§ Allen Management has leased 2,200 SF of office space at 736 Thimble Shoals Blvd. in Newport News, VA. Michael Shapiro represented the landlord.

(Timberlake Shopping Center, Virginia Beach, middle right photo)

§ Virginia CheerTyme Allstars has leased 2,000 SF of industrial space at 11838 Canon Blvd. in Newport News, VA. Michael Shapiro represented the landlord.
§ Taylor’d Cleaning and Restoration Services, Inc. has leased 2,000 SF of industrial space at 11836 Canon Blvd. in Newport News, VA. Michael Shapiro represented the landlord.
§ Epix Funding has leased 1,800 SF of office space at Executive Cove in Virginia Beach, VA. Brian Kollar and Keith Pezzella represented the landlord.

§ AcuCal, Inc. has leased 1,800 SF of industrial space at 1910 Weeksville Road in Elizabeth City, NC. Brian Baker and John Wessling represented the landlord.
§ Lee’s Cleaners has renewed their lease on 1,400 SF of retail space in the Denbigh Crossing Shopping Center in Newport News, VA. Edward Salyers and Ursula Seidel represented the landlord.
§ Discount Cleaners has extended their lease on 1,400 SF of retail space at Oyster Point Plaza in Newport News, VA. Ursula Seidel represented the landlord.
§ China Moon has leased 1,400 SF of retail space in Harbour View Marketplace in Suffolk, VA. JC Wynkoop represented the tenant.
§ Sam’s Subs has renewed their leased on 1,200 SF in the Yorkshire Downs Shopping Center in York County, VA. Michael Shapiro and Ursula Seidel represented the landlord.
§ Internet Time and More has leased 1,200 SF of retail space at the Francisco Village Shopping Center in Newport News, VA. Michael Shapiro and Ursula Seidel represented the landlord.
§ Expert Tailoring has renewed their lease on 1,160 SF of retail space in Denbigh Crossing Shopping Center in Newport News, VA. Edward Salyers and Ursula Seidel represented the landlord.
§ Internet Café has leased 1,150 SF of retail space at Timberlake Shopping Center in Virginia Beach, VA. Michael Miller represented the tenant.
§ J&S Technology Solutions, Inc. has renewed their lease on 1,135 SF at Denbigh Crossing in Newport News, VA. Edward Salyers and Ursula Seidel represented the landlord.
§ Apex Systems has leased 1,102 SF of office space in The World Trade Center in Norfolk, VA. Wes Edwards and Don Crigger represented the landlord.
§ Terry Grinnalds leased 1,100 SF of office space at Harbour Center in Hampton, VA. Chris Bendit represented the landlord.

SALES:

Hampton Roads Church of Christ has purchased 3,200 SF building on 4.7 acres at 2520 Holland Road in Suffolk, VA. Bill Throne represented the purchaser.

Media Contact: Susan Childress, 213.8217, schildress@gvaadvantis.com

Marcus & Millichap Lists Student Housing Complex in Mankato, MN for $10.1M

MANKATO, MN– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for College Station Apartments, (top right photo) a 94-unit student housing community in Mankato.

The listing price of $10.1 million represents $107,447 per unit and $113 per square foot.

Student housing investment specialist Brad Tongen of the firm’s Minneapolis office is representing the seller.

“The current student housing market in Mankato has an overall occupancy rate of 99.9 percent,” says Tongen. “The strength of the market offers a stabilized year one cash-on-cash return of 7.97 percent and a ten-year internal rate of return of 15.8 percent, assuming annual growth rates of 3 percent and an 8.5 percent terminal cap rate.”

The 89,300-square foot property is located on 6.32 acres at 1329 Pohl Road, six blocks from Minnesota State University, Mankato, and is almost fully leased for the 2009-2010 school year.

College Station Apartments’ 11 buildings were constructed between 2000 and 2004. All units were recently updated and the five-bedroom units received new flat-screen TVs.

The unit mix features 24 five-bedroom units, 17 four-bedroom units, 35 three-bedroom units, 12 two-bedroom units and six one-bedroom units. Tenants pay all utilities and the owner pays for garbage, Internet and cable TV services.

The University of Minnesota, (campus middle left photo) Mankato’s student population is approximately 14,400.

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

February Tourist Tax Collections in Orange County, FL 29% Down from 2008 Month

ORLANDO, FLORIDA -- County Comptroller Martha Haynie (top right photo) announced that resort tax collections received by the County in March for the hotel collection month of February 2009 were $11,849,700.

Resort taxes are charged on short-term rentals, mostly hotels and motels.

Comptroller Haynie noted that February 2009 collections were 29 percent lower than February 2008.

“There is no way to put a positive spin on these numbers, Haynie says.

"They reflect the continuing economic slump, and underscore the stress being felt by families here and across the country.

" The County’s TDT cash reserves are in place to protect our bondholders and the convention center itself, but it may be even longer than expected before there is any extra revenue available for newer projects."

Banker Says SBA 504 Loan Program for Small Business is Best-Kept Secret in Commercial Lending

ALTAMONTE SPRINGS, Fla. - For Christopher Hurn, (top right photo) CEO of Mercantile CapitalCorporation in Altamonte Springs, one thing is clear: the U.S. SmallBusiness Administration's 504 loan program for small business owners is thebest-kept secret in commercial lending today.

Hurn recently returned from Dallas, where he was the keynote speaker at theSBA's 5th Annual 504 Lenders Conference, which drew more than 175 majorlenders from across the southwest.

"Bankers don't like to talk about the SBA 504 program, even though it's such a powerful resource for small business owners," Hurn said.

"The loans are a bit more cumbersome to execute, but banks make less money on them than they do on traditional financing programs," Hurn said.
The SBA 504 loan program is a powerful economic resource for borrowers, forlenders and for the national economy, Hurn told the group.

"From the lender's perspective, from the borrower's perspective and from the national economy perspective, the SBA 504 lending program is reducing costs, generating jobs and making small businesses more productive, while creating wealth for business owners," Hurn said

.SBA 504 loans offer small business owners up to 90 percent financing at substantially reduced rates to develop, acquire, and remodel commercial facilities.

Mercantile Capital Corporation, formerly Mercantile Commercial Capital,ranks as one of the most active providers of SBA 504 loans in the nation.

For more information, please contact:

Chris Hurn, CEO, Mercantile Capital Corporation, 407-786-5040

Geof Longstaff, (top left photo) Chairman, Mercantile Capital Corporation, 407-786-5040

Shannon D. Marks, COO, Mercantile Capital Corporation, 407-786-5040

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Sheila Goodman, Larry Vershel Communications, 407-644-4142; P407-644-4410 F