Thursday, September 27, 2012

Colliers International Completes Sale of Industrial Building in Santa Fe Springs, CA


 SANTA FE SPRINGS, CA. (Sept. 27, 2012) Colliers International, the third largest global real estate services organization, has completed the $1.5 million sale of a two-building industrial property totaling 12,756 square feet located at 13203-13217 Rosecrans Ave. (lower left photo) in Santa Fe Springs, Calif. Built in 1987, the property is situated on one-half acre of land.

Chuck Wilson (top right photo) of Colliers International represented the seller, MCBC, an investor based in Irvine, Calif. The buyer was Santa Fe Springs-based First Business Machines, a copy machines sales and rental company.

“The new owner, First Business Machines, is relocating from a neighboring property as they had the chance to buy this asset. They will remodel one of the buildings which will be used for its business operations,” said Wilson.

 “The second building is currently leased to two tenants, which provides the owner additional income and the potential to expand in the future if necessary.” 

Wilson added that the Santa Fe Springs industrial market is very strong with just a 3.7 percent vacancy rate.


Darcie Giacchetto
Spaulding Thompson & Associates

Marcus & Millichap Announces Sale of Arlington Square in Deland, FL for $780,000

 DELAND, FL, Sept. 27, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Arlington Square (top left photo), a 34-unit apartment property located in Deland, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. 

The asset commanded a sales price of $780,000.

Michael Donaldson (lower right photo), a senior associate and multifamily specialist in Marcus & Millichap’s Tampa office represented the buyer, a private investor based in Aventura, Florida.

Arlington Square was built in 1971 and is located at 302 South Spring Garden Avenue.  The property consists of three concrete block buildings with pitched composition shingle roofs resting on 1.47 acres.  Amenities at the property include a swimming pool, electric stoves, dishwashers and a laundry facility.

Press Contact:

Richard D. Matricaria
Regional Manager, Tampa
(813) 387-4700

HFF arranges $21.5 million financing for student housing community in Minneapolis

CHICAGO, IL – HFF announced today that it has arranged $21.5 million in financing for Stadium Village Flats (top left photo), a 120-unit, 235-bed, Class A, purpose-built student housing community serving the University of Minnesota in Minneapolis, Minnesota.

                HFF worked on behalf of Harrison Street Real Estate Capital, LLC to secure the 10-year, fixed-rate acquisition loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.

Stadium Village Flats is located adjacent to the University of Minnesota’s main campus in the Stadium Village neighborhood at 850 Washington Avenue Southeast. 

The newly completed property is 100 percent resident-occupied and includes a climate-controlled underground parking garage as well as 19,175 square feet of ground floor retail space, which is 100 percent leased to CVS, Noodles & Company and Dino’s Gyros.

 Community amenities include fully furnished units, state-of-the-art theater room, 24-hour fitness center, yoga studio, computer lab, gaming center and penthouse-level sky lounge. 

The HFF team representing the borrower was led by managing directors Timothy Joyce (lower right photo)and Stephen Skok.

For a complete copy of the company’s news release, please contact:

HFF Associate Director, Marketing
 (713) 852-3500

HFF arranges $23.2 million in financing for Scottsdale, AZ retail center


LOS ANGELES, CA – HFF announced today that it has arranged $23.2 million in financing for Scottsdale Horizon (top left aerial photo), a 154,766-square-foot, neighborhood shopping center in Scottsdale, Arizona.

Working on behalf of a private real estate fund advised by Crow Holdings Capital Partners, L.L.C., HFF placed the five-year, fixed-rate loan with a correspondent life insurance company.  Loan proceeds were used to acquire the property.  HFF will also service the loan. 

Scottsdale Horizon is located at 14850 N. Frank Lloyd Wright Boulevard, less than one mile from the Loop 101 Freeway and adjacent to the Scottsdale Airpark in northern Scottsdale.  Completed in 1997, the property is 95 percent leased and anchored by Safeway Food and Drug and CVS/Pharmacy.  Additional tenants include Chase Bank, H&R Block, Supercuts, Massage Envy, Jack in the Box, Panda Express and Bank of America.

The HFF team representing the borrower was led by senior managing director Paul Brindley (lower right photo).
For a complete copy of the company’s news release, please contact:

HFF Associate Director, Marketing
 (713) 852-3500

Texas Panhandle Multifamily Property Hits the Market at $16.2 MillionTexas Panhandle Multifamily Property Hits the Market at $16.2 Million

 AMARILLO, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing for Arden Ridge Apartment Homes (top left photo), a 218-unit multifamily community in Amarillo, the largest city in the Texas Panhandle.

The listing price of $16.2 million equates to $74,312 per unit and $104 per square foot.

            Joe James (middle right photo) and Kent Myers (lower left photo), senior associates, along with J. Patrick Burke, an associate, all in Marcus & Millichap’s Austin office, are representing the seller, a regional owner.

 “The Amarillo multifamily sector has proven itself to be one of the strongest secondary markets in Texas,” says Myers.

“Arden Ridge Apartment Homes is a high-quality asset with historically strong occupancy rates that is currently 99 percent occupied,” adds James.

            The 156,318-square foot property is located at 6302 Blake Ave. in southern Amarillo near Interstate 27, a major traffic artery with access to the central business district. West Texas A&M University is located nearby.

Arden Ridge Apartment Homes was constructed on 12 acres in two phases in 2008 and 2011. The unit mix features 101 one-bedroom/one-bath units, 97 two-bedroom/two-bath apartments and 20 three-bedroom/two-bath apartment homes. The floor plans range from 570 square feet to 1,038 square feet. The average unit size is 717 square feet.

            The property is a pet-friendly community that features on-site management and offers tenants free high-speed Internet connectivity and free access to a DVD library. Other amenities include a fitness center, a tanning salon, a swimming pool, an Internet-equipped business center and a printer. Fully furnished corporate suites are also available.


Stacey Corso
Public Relations Manager
(925) 953-1716

CBRE Orlando Closes 400-Unit Multi-Housing Site in Celebration, FL

ORLANDO, FL -- CBRE is pleased to announce that it has
completed the sale of a multi-housing development site in Celebration, an upscale planned community in the Orlando MSA.

Shelton Granade, Luke Wickham, and Justin Basquill of CBRE’s Orlando office exclusively represented the seller in the transaction. The project will be the first multi-housing rental community built in the prestigious Celebration community since 2002.

Occupancy and rents at local rental properties have continued to improve. CBRE’s latest market report suggests that average apartment rents in Orlando will increase 4.1% in 2013 with occupancy reaching 94.6%.

While select projects are being approved and financed for construction, new multi-housing development in the metro area continues to be minimal with only 1,508 and 2,731 units slated for completion in 2012 and 2013. With a total rental pool of 191,394 units, those deliveries represent less than 1.5% of total supply in each year and less than 1/3 of the rentable completions delivered in peak years such as 2006 and 2007.

The closing was a market-leading 29th multi-housing transaction locally in 2012 year to date for CBRE.

 For further information, please contact the Central Florida Multi-
Housing Group of CBRE.

Shelton Granade
T 407.839.3103
Executive Vice President

Luke Wickham T
Director of Operations

Justin Basquill
T 407.839.3169