Grubb & Ellis Selected as Exclusive Leasing Agent for 1.1 MSF Hilltop Mall in Richmond, CA

WALNUT CREEK, CA – Grubb & Ellis Company announced that Deborah Perry, senior vice president, Adria Giacomelli, senior associate, and Ramsey Wright, associate, all in the company’s Retail Group, have been selected by Simon Property Group, Inc. as the exclusive leasing agents for Hilltop Mall (top left photo) in Richmond, Calif.

 A regional mall with more than 1.1 million square feet of leasable space, Hilltop Mall’s anchor tenants include Macy’s, JC Penney, Sears, 24 Hr Fitness and Walmart. The city of Richmond, which has over 100,000 residences, is located off of I-80, just 16 miles northeast of San Francisco.

Hilltop is aggressively seeking family-friendly restaurants and retailers as well as tenants interested in alternative uses such as medical offices and trade schools. Many of the spaces are already improved and ready for restaurants and retailers to move in.

 Simon Property Group, Inc. is an S&P 500 company and the largest real estate company in the U.S.

 For more information, contact Perry or Giacomelli at 925.939.3500, or Wright at 510.444.7500.

 Contact:   Monica Sparreo, 312.698.6709, monica.sparreo@grubb-ellis.com  

Grubb & Ellis Represents Midtown Self Storage in Houston, TX Sale of 534-Unit Property to CubeSmart

 HOUSTON, TX – Grubb & Ellis Company announced that its Self Storage practice group represented Midtown Self Storage (top left photo) in the sale of a 534-unit, 47,585-square-foot Class A self storage facility located at 1019 West Dallas in Houston.

 Steve Mellon (lower right photo) vice president in Grubb & Ellis’ Houston office, and Pete Williams, (lower left photo) executive vice president at Grubb & Ellis|Memphis, facilitated the sale to CubeSmart, a self-administered and self-managed real estate investment trust that owns or manages 456 self storage facilities across the United States.

Built in 2004, the institutional-quality property is located in an area with excellent growth projections over the next five years. The award-winning development, designed by Meeks + Partners, is located in one of Houston’s premier up-and-coming neighborhoods and enjoys high exposure from traffic commuting to and from downtown Houston.

“The property at 1019 West Dallas features newer construction that includes state-of-the-art systems, covered loading areas and climate control,” said Mellon. “In addition, its street presence and location make it a top choice among area customers.”

Contact:   Monica Sparreo, 312.698.6709, monica.sparreo@grubb-ellis.com           

Marcus & Millichap Lists Designer Shoe Warehouse in Broomfield, CO for $13.6 Million

BROOMFIELD, CO – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing for a 35,000-square foot Designer Shoe Warehouse (DSW) (top left photo) in Broomfield, a Denver suburb. The listing price of $13,600,000 equates to $389 per square foot.

Mark Thiel (middle right photo), a senior associate in Marcus & Millichap’s San Diego office, is representing the seller, a Denver-based LLC. Michael Hoffman (lower left photo), first vice president investments in the firm’s Denver office, is also providing representation.

 “The property was constructed in 2002 and the tenant is on the original 15-year triple-net lease,” says Thiel. “The lease includes 10 percent increases every five years. This listing is a perfect opportunity for a passive investor to acquire a successful national brand name retail store in a desirable metro-Denver retail location,” Thiel adds.

The DSW store is located at 595 Flatiron Blvd. at the entrance to the 1.5 million-square foot Flatiron Crossings mall, just off U.S. Route 36, which connects Denver and Boulder.

Flatiron Crossings is the premier shopping destination in the Broomfield market. The mall is anchored by Nordstrom, Macy’s and Dillard’s. The perimeter of the mall is filled with commercial development, including a Walmart Supercenter, restaurants, retail strips, offices and hotel properties.

DSW has more than 352 locations in 40 states. The chain’s net sales increased 8.5 percent the third quarter of 2011 to $530,700,000.

Broomfield is an upscale community with home prices ranging from the $200,000s to more than $2 million.

Contact:  Stacey Corso, Public Relations Manager, (925) 953-1716

Fifth Avenue Apartment Building in Greenwich Village, NYC, Sells for $12.5 Million

NEW YORK, NY – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 12 Fifth Ave., (top left photo) a 10-story, 33-unit elevator apartment building located between 8th and 9th streets in central Greenwich Village.

The sales price of $12.5 million represents $378,788 per unit, $640 per square foot and a capitalization rate of 3.29 percent.

John Stewart, a multifamily investment specialist in Marcus & Millichap’s Manhattan office, represented the seller, Mar-Mart Realty Co. Inc., and also represented the buyer, a New York City-based real estate investor.

“Current ownership had been in place for over 65 years, which offered a buyer the opportunity to reposition the asset. Very few elevator buildings come to market in this area, and the building is on the Gold Coast section of Fifth Avenue,” says Stewart.

 “It was very important to the family that the offering be marketed widely and a competitive process executed to ensure the highest price. As expected, many bidders came to the table with strong offers, and the building traded quickly near the asking price with very aggressive terms.”

Built in 1906 as a hotel and converted to apartments in the 1940s, 12 Fifth Ave. measures approximately 26 feet by 98 feet. The 19,545-square foot building is on a 26-foot by 100-foot R10-zoned lot with a 10 FAR maximum. There are approximately 6,690 square feet of additional air rights.

12 Fifth Ave contains 14 one-room/no-kitchen units, 12 two-room apartments, four three-room units and two four-room apartments. There are 17 free-market apartments, 12 rent- stabilized units, one rent-controlled apartment, one owner-occupied apartment and one super’s unit. There is also a dentist’s office on the ground floor and a rooftop Metro PCS antenna.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716