Marcus & Millichap Secures Exclusive Listing for $18.2M Note on Fremont, CA Building

FREMONT, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has obtained the exclusive listing to sell an $18.2 million Note secured by a first trust deed for a 177,000-square foot retail/warehouse building in Fremont.

The scheduled year one yield on the Note is 7.38 percent with a payoff of $18,215,301 as of November 7, 2009.

The Note has an origination date of November 7, 2007, and a maturity date of November 15, 2017. The current interest rate is 6 percent.

The rate adjustments begin with a floor of 6 percent with an adjustment every three months based on the three-month LIBOR. Current payments are $112,000 per month and there is a reserve account.

The offering price is $18,450,000 and terms are cash or the seller will finance the Note to a qualified buyer with a minimum of 20 percent cash down payment. The seller will then carry 80 percent of the purchase price, secured by the Note for three years at a rate of Prime plus 2.5 percent with a floor of 5.5 percent with a 30-year amortization.

The building was constructed in 1996 and is located in a major retail corridor close to Interstate 880. There is frontage on three streets with high traffic counts in the immediate area. The ceilings allow for a clearance height of 33 feet and the property offers parking for 4.1 vehicles per 1,000 square feet. The entire parcel is 11.31 acres.

Joshua Cohen, a vice president investments in Marcus & Millichap’s Long Beach office, along with Will Stuart, of the Palo Alto office, are the investment professionals handling this sale.

“This is a high-profile building and location,” says Cohen. “An investor is presented with a rare opportunity to acquire a current loan secured by prime commercial property in the San Francisco Bay Area.”

Press Contact: Stacey CorsoCommunications Department(925) 953-1716

Investment Sector in Fort Lauderdale, FL Boosted by Distressed Multi-Family Sales

FORT LAUDERDALE, FL — The recession struck apartment fundamentals in Broward County during the first half of 2009, and weakness in the sector will persist during the remainder of the year, according to a third-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Year to date, a drop in renter demand has contributed to a 110 basis point rise in the vacancy rate while pushing down asking and effective rents 1.8 percent and 2.1 percent, respectively.

(Fort Lauderdale marina, top left photo)

“Transaction velocity has rebounded in the past few months, as several lender-owned properties were sold,” says Gregory Matus, regional manager of the Fort Lauderdale office of Marcus & Millichap. Many of these assets were purchased at the height of buying activity a few years ago. “In most of these re-sales, properties were sold at discounts ranging from 5 percent to more than 60 percent off the original purchase price.”

For additional information on the Fort Lauderdale market, please contact Stacey Corso, Communications Department, (925) 953-1716.

Detroit Apartment Fundamentals Continue to Soften

DETROIT, MI— In the Detroit metro, a weakened employment base continues to place downward pressure on local apartment fundamentals, according to a third-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

During the past year, steep layoffs have pushed vacancy rates in both Class A and Class B/C complexes higher, with top-tier vacancy rising to its highest level in more than two decades, forcing owners to lower rents.

“Although local apartment assets provide some of the nation’s highest initial yields, investment activity continues to slow due to the high level of distress in the Detroit economy,” says Steven Chaben, (top left photo) regional manager of the Detroit office of Marcus & Millichap.


For additional information on the Detroit market, please contact Stacey Corso, Communications Department, (925) 953-1716

Due to Employment Base, Denver Multi-Family Sector Expected to Outperform Nation

DENVER, CO — Denver’s weakening economy will drag on apartment fundamentals this year, though a diverse employment base should support a shallower downturn than the nation as a whole, according to a third-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

The metro’s growing alternative energy and biotechnology presence lends to a healthy outlook, with large employers such as ConocoPhillips and DaVita Inc. relocating to the area for its relative affordability and educated labor pool.

“Fewer quality offerings and a disparity between buyers’ and sellers’ expectations have hindered sales activity during the past 12 months, as buyers continue to wait for further price reductions,” says Adam Christofferson, (top right photo) regional manager of the Denver office of Marcus & Millichap.

For additional information on the Denver market, please contact Stacey Corso, Communications Department, (925) 953-1716

Rent Concessions Increase Apartment Occupancy in Dallas/Fort Worth Metroplex

DALLAS, TX — Occupancy rates in the two major cities of the Metroplex are expected to merge this year for the first time since 2003, according to a third-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

In Fort Worth, vacancy has begun to decline in response to rent adjustments by local owners. In Dallas, meanwhile, development is surging, with more deliveries on the way in the second half of the year.

“Local buyer activity will set the tone for the investment market during the next six months as some buyers move off the sidelines,” says Tim Speck, (top right photo) regional manager of the Dallas office of Marcus & Millichap.


For additional information on the Dallas market, please contact Stacey Corso, Communications Department, (925) 953-1716.

Arbor Closes Fannie Mae Loans totaling $12.9M in Arizona and California

Butterfield Apartments in Flagstaff, AZ Receives $7.9M

UNIONDALE, NY - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $7,900,000 loan under the Fannie Mae DUS® Loan product line to refinance the 136-unit complex known as Butterfield Apartments in Flagstaff, AZ.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.96 percent.

The loan was originated by Jay Porterfield, (top right photo) Vice President, in Arbor’s full-service Plano, TX lending office. “Arbor refinanced this very attractive and well-maintained property in Flagstaff with a very experienced and capable owner,” said Porterfield.

Crystal Tree Apartments in Fresno, CA Gets $5M

UNIONDALE, NY-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $5,000,000 loan under the Fannie Mae DUS® Loan product line for the 276-unit complex known as Crystal Tree Apartments (bottom left map) in Fresno, CA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.62 percent.

The loan was originated by Jay Porterfield, Vice President, in Arbor’s full-service Plano, TX lending office. “Arbor had the opportunity to pick up this deal when another lender wavered,” said Porterfield. “This low leverage loan is secured by a stable property in a solid location with a strong borrower. Arbor was able to close the loan in about 30 days in order to pay off a maturing loan.”

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/
Follow us on Twitter @ arbor1

NAI Realvest negotiates three office lease agreements in Orlando Central Park

ORLANDO, FL - NAI Realvest recently negotiated three lease agreements totaling 2,586 square feet of office space in Orlando Central Park (top right photo) at 7200 Lake Ellenor Drive in Orlando.

SVSK, Inc. renewed its lease of 1,630 square feet; construction industry supplier Brand Energy Solutions, LLC signed a new lease for 777 square feet and Conners Investigative Services, renewed its lease of 179 square feet.

Tom Kelley, CCIM, principal and office leasing specialist at NAI Realvest, negotiated the transactions with the Orlando-based tenants, representing the former landlord, Dallas-based Tarragon Corporation who recently sold the building to JCQ Investments.

For more information, contact:
Tom Kelley, CCIM, Principal NAI Realvest, 407-875-9989, tkelley@realvest.com
Pat Mahoney, President, NAI Realvest, 407-875-9989, pmahoney@realvest.com
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Emerson International Closes on Six Leases Totaling 8,000 SF of Office Space in Altamonte Springs, FL

ALTAMONTE SPRINGS, Fla. - Emerson International recently closed on six lease agreements that total 8,091 square feet of office space in Altamonte Springs.

Sean Westcott, director of leasing at Emerson International, negotiated four long-term lease agreements that total 4,761 square feet of office space at CenterPointe Office Park, on CenterPointe Circle off E. Central Parkway in Altamonte Springs.

(Evening concert, downtown Altamonte Springs photo top right)

Connected Solutions, a communications services firm leased 1,114 square feet; the Republican Party of Seminole County leased 845 square feet; JAG Holdings, LLC, leased 993 square feet; and Diana Pilatovsky M.A., L.M.H.C., a licensed mental health counselor, leased 809 square feet.

Westcott negotiated two long-term lease agreements that total 4,330 square feet at Altamonte Lakeside Office Park, on Cranes Roost Blvd. in Altamonte Springs.

Peridot Corp., a precision manufacturing firm specializing in a broad range of component parts, leased 2,843 square feet of office space.

Peridot was represented in the transaction by Joe Hills of Coglin Commercial Realty. GP Digital Solutions, Inc., an authorized Xerox sales agent, leased 1,487 square feet.

For more information, contact:
Eric J. Emerson, Vice President and General Manager Emerson International Inc., 407-834-9560
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Builder Magazine Names Lennar’s Stoneybrook at Venice, FL One of 10 Top-Selling Communities in U.S.

VENICE, FL- Builder Magazine, the leading U.S. journal of the home building industry, has named Lennar’s Stoneybrook at Venice (top right photo) one of the nation’s 10 top selling new communities.

Stoneybrook at Venice ranked as the only Florida community named to Builder Magazine’s Top 10 list and one of two communities in the southeastern U.S., along with Sun City Carolina Lakes in the Charlotte area.

The other eight communities are located in southern California, Texas, Arizona, Virginia, the Chicago area and Colorado.

Matt Devereaux, director of sales for Lennar’s Southwest Florida Division, said he was delighted with the recognition and he knows why Stoneybrook at Venice was singled out: “Lots of new home sales.”

Lennar recently announced it sold 20 new homes at Stoneybrook at Venice in a June-July six-week period, at prices ranging from $244,900 to $349,900.

Community amenities are a big reason for the strong sales, Devereaux said.

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“Stoneybrook at Venice offers all the amenities of an island resort,” he said.

The community center includes a resort-style swimming pool, a kid’s splash pool, and an in-line skating park, a health club with an onsite activity director and four lighted tennis courts, a basketball court, two sand volleyball courts and a multi-purpose sports field.

Stoneybrook at Venice is located off North River and Center Rds. one mile west of I-75 Exit 191.

For more information, contact:
Matt Devereaux, Director of Sales, Lennar-Southwest Florida, 239-278-1177
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142