Marcus & Millichap Sells $12.48M Apartment Complex in Falls Township, PA

FALLS TOWNSHIP, PA, July 6, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Newport Village, (top left photo) a 182-unit garden-style apartment complex in Falls Township.

The sales price of $12.48 million represents $68,571 per unit and $103 per square foot.

Ridge MacLaren, Jr., vice president investments and a senior director of the firm’s National Multi Housing Group, along with multi-family investment specialists Clarke Talone and Andrew Townsend, in the Philadelphia office, represented the seller, Newport Village Associates LP. Marcus & Millichap also procured the buyer, NV Partners LP.

“Despite a challenging environment in real estate right now, the buyer was able to look past the rhetoric and focus on the long-term fundamentals of the property,” says MacLaren. “We had tremendous interest during our marketing campaign for this asset.

"There were more than 10 offers, but the buyer stepped up with an aggressive financing package through Fannie Mae. Despite ongoing negative economic reports, the buyer and seller were able to complete this transaction smoothly and efficiently,” adds MacLaren.

Located on nine acres at 8590 New Falls Road in Falls Township, the 120,624-square foot property is conveniently located in Lower Bucks County, just off Interstate 95 and the Pennsylvania and New Jersey turnpikes, providing easy access to Philadelphia, New York City and Trenton, N.J.

“Despite the negative press, this is a good time for buyers and sellers of multi-family properties,” remarks Talone.

“For assets with stabilized operations and strong occupancy levels, Fannie Mae and Freddie Mac are quoting non-recourse loans at 75 percent to 80 percent loan-to-value with interest rates of approximately 6 percent.

"At these rates, buyers are still willing to complete transactions in this marketplace. Buyers with a longer hold strategy are going to see solid returns because of the attractive debt and cap rates,” he adds.

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

Veteran Self-Storage Executives Launch Davies Ingersoll Capital Partners

Company Provides Capital Market and Investment Advisory Solutions To Self Storage Industry

NEWPORT BEACH, CA, July 6, 2009 – Jim Davies, (top right photo) one of the nation’s leading finance experts in the self storage industry, and Peter Ingersoll, (top left photo) a premier self storage investment broker, have joined forces to launch Davies Ingersoll Capital Partners, a national firm providing debt and equity solutions to commercial real estate and self storage operators and investment opportunities to sophisticated investors throughout the United States.

Joining Jim Davies and Peter Ingersoll as a corporate officer is Ricki Ingersoll.

Davies Ingersoll Capital Partners is located at 5000 Birch Street, Suite 3000 in Newport Beach, Calif.

Davies Ingersoll Capital Partners offers complete capital stack solutions including debt, equity and note purchase financing nationwide. The company arranges equity, including JV and preferred equity investments, and structured financing. Davies Ingersoll also represents an elite aggregation of self storage and commercial real estate owners and investors.

“During this challenging economic and commercial real estate market, it is important to be a forward-thinking advisory firm that proactively provides solutions to our clients’ needs while being on the look-out for compelling investment opportunities,” said Davies, the firm’s President.

“This is one reason why our corporate strategy has a strong focus on matching our clients’ equity with the prudent acquisition of commercial real estate and self storage.”

With 28 years of commercial real estate experience, Davies previously served as senior vice president and shareholder of Buchanan Street Partners, and was a co-founder and principal of Buchanan Storage Capital which was the nation’s leading storage finance firm.

Davies has closed more than $3.5 billion in self storage financing and disposition transactions during the past 15 years with Buchanan Storage Capital, FINOVA Realty Capital and Belgravia Capital.

Davies serves on the Board of Directors of the California Self Storage Association and founded the “Self Storage Owner’s Summit”, of which the 5th Annual event hosted by the California Self Storage Association and Davies Ingersoll Capital Partners will take place on July 16th at the Balboa Bay Club in Newport Beach.

Ingersoll has more than 22 years of commercial real estate experience specializing in the acquisition and sale of self storage properties.

Currently, he serves as the firm’s CEO and is also a Managing Director of Sperry Van Ness/Davies Ingersoll where he has been one of the company’s top producing advisors for several years. Additionally, Ingersoll serves with Davies on the Board of Directors of the California Self Storage Association.

“As a Sperry Van Ness franchise owner, we are able to create local teams of experts throughout the U.S. by partnering with the company’s 1,000 advisors in approximately 160 offices,” said Ingersoll. “Sperry Van Ness provides a valuable platform from which to source property acquisitions and note purchases, and maintain access to local market knowledge.”

Ingersoll went on to say that, “Our real estate services and capital market platform is a perfect compliment to our co-investment strategy of matching investor equity with the best real estate operators.”

For more information, please visit http://www.daviesingersoll.com/.

Contact: David Ebeling, Ebeling Communications, (949) 278-7851, david@ebelingcomm.com

Frank Scherer Joins Grubb & Ellis as Vice President, Retail Group

CHICAGO, IL (July 6, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Frank Scherer has joined the firm as vice president, Retail Group, effective immediately.

In this role, Scherer will join senior vice presidents Ted Parris and Steve Monroe in supporting local and national clients as they restructure their real estate holdings during bankruptcy proceedings or other reorganization efforts.

“Frank brings extensive experience in supporting clients that are right-sizing, trying to decrease overhead costs to reinvest back into their business, or even undergoing Chapter 11 bankruptcy reorganization,” said Shawn Mobley,(top right photo) executive vice president and managing director of Grubb & Ellis’ Chicago offices. “Given the realities of today’s environment, we believe that this experience will be a significant benefit to our clients.”

Contact: Erin Mays 312.698.6735 erin.mays@grubb-ellis.com

CB Richard Ellis Orlando Brokers 10-Year Deal for Kitson & Partners

ORLANDO, FL, July 6, 2009 – The Orlando office of CB Richard Ellis is pleased to announce, Jorge Rodriguez, (top right photo) CCIM, Senior Associate in Retail Properties, has brokered a lease representing the landlord Kitson & Partners at Oak Groves Shoppes center located at 995 West State Road 434 in Altamonte Springs, Florida.

The lease for the Metro Muscle franchise totaling 17,249-sq.-ft. or a term of 10 years. The tenant was represented by Jeff Tanner and Kim Bracket with Coldwell Banker Commercial.

Contact: Angelique Greven, 407.839.3158, angelique.greven@cbre.com