$5 Million Line of Credit Arranged by Marcus & Millichap Capital Corp. for Orlando, FL Investor

Christopher Marks

ORLANDO, FL – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, arranged a $5 million line of credit for an investor in Orlando, Fla.

Christopher Marks, originator, and Kyle Young, associate originator, both in MMCC’s Manhattan office, arranged the financing.

            “Our client wanted to invest further in their real estate holdings, but for a number of reasons, a traditional mortgage wasn’t the answer,” says Marks.

“We assessed their needs and recommended a line of credit to support their new ventures. Most lenders quoted three-year loans, but MMCC arranged a line of credit with a five-year term and a two-year option to extend.”

The borrower’s real estate holdings include a portfolio of Dollar General stores.

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

Gina Relva

Public Relations Manager

Marcus & Millichap

(925) 953-1716

Marcus & Millichap’s Technology and HelpDesk Support Ranked Among Top 50

Bill Benoist

CALABASAS, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has been awarded inclusion in the prestigious 2014 HDI CSAT Elite 50, one of the highest honors in technological excellence, ranking number 14 among the top 50 help desk support centers around the world.

The award was presented by HDI, the world’s largest professional association and certification body for technical service and support professionals.

Support centers are ranked based on customer satisfaction survey responses gathered by the HDI Customer Satisfaction Index (CSI), an independent, third-party service. 

Based on the data collected over a 12-month period, participating technical service and support centers are identified as leaders in the industry.

The 50 support centers with the highest scores are then named by HDI as members of the HDI CSAT Elite 50, receiving further acknowledgement as industry leaders at the HDI Annual Conference & Expo.

Richard Peltz

“This award is an outstanding recognition for the department, and symbolizes our commitment to providing our more than 1,300 agents across the U.S. and Canada with the resources and information services (I.S.) customer support to realize their potential and give them pride of association with our firm,” says Richard Peltz, senior vice president and chief information officer at Marcus & Millichap.

“Bill Benoist, vice president of information services, and his team raise the bar every year and are committed to achieving the highest level of support available in the industry,” says Peltz.

The HDI CSAT Elite 50 award is the latest recognition of Marcus & Millichap’s focus on technological excellence. In 2014 the firm also ranked fifty-first among the InformationWeek Elite 100, which identifies and honors the nation’s top business technology innovators.

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

Gina Relva

Public Relations Manager

Marcus & Millichap

(925) 953-1716

$11 Million Sale of Addison Court Shoppes in Boca Raton, FL Arranged by Marcus & Millichap

Addison Court Shoppes, Boca Raton, FL

BOCA RATON, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Addison Court Shoppes, a 16,860-square-foot shopping center with a Bank of America outparcel, located in Boca Raton, Fla.

The asset sold for $11,075,000, which equates to $531 per square foot.

Douglas K. Mandel, a first vice president investments, and Brian Rosen, a senior associate, both in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a Boca Raton-based limited liability company.

Brian Rosen

“This was an opportunity for an investor to purchase a high-quality and rare Boca Raton asset anchored by Bank of America, Starbucks and Kee Grill,” says Rosen. 

“Healthy economic growth and improving retail market conditions continue to attract out-of-state and cross-border investors to Palm Beach County,” adds Mandel. “The resulting increase in competition is most pronounced for deals in affluent areas like Boca Raton.”

This sale is the fourth Palm Beach County shopping center Mandel has closed this year.  

Previous sales include Congress Center and HSBC Plaza in Boca Raton and Linton International Plaza in Delray Beach.

 Addison Court Shoppes is a well-maintained retail strip center with a 4,000-square-foot Bank of America outparcel. 

Other tenants in the center include Starbucks, Offerdahl’s, a salon and a drycleaners. The property is located at 17940 North Military Trail in Boca Raton.

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

Gina Relva

Public Relations Manager

Marcus & Millichap

(925) 953-1716

Pinellas County, FL Self-Storage Facility Sells for $10.2 Million

Gandy at 4th Street Storage, St. Petersburg, FL

ST. PETERSBURG, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Gandy at 4th Street Storage, a six-building, 720-unit self-storage facility in St. Petersburg, Fla.

The $10.2 million sales price equates to $143 per square foot. Michael Mele, a senior vice president investments in Marcus & Millichap’s Tampa office, represented the seller, a local developer, and the buyer, a national self-storage real estate investment trust.

            “The asset is a premier self-storage facility located in an area of St. Petersburg that is experiencing an apartment and retail construction boom,” says Mele. “This is the highest price per square foot we have seen since the downturn.”

Michael A. Mele

            The property is located at 10111 Gandy Blvd. in St. Petersburg near the intersection of Gandy Boulevard, which receives traffic counts of 48,620 vehicles per day, and 4th Street, which produces a daily traffic count of 38,000.

The current population within three miles of the property is more than 47,000. Interstate 275, the major thoroughfare that connects Pinellas and Hillsborough counties is approximately two miles away. 

Other commercial properties in the neighborhood include Vantage Point Condominiums, Baypoint Commerce Center and the popular and historic Derby Lane Greyhound Track.

            Constructed in 2007, Gandy at 4th Street Storage is one of the newest self-storage facilities in Pinellas County. 

The facility is 82 percent climate-controlled. Units are range in size from nine square feet to 300 square feet. 

All of the buildings feature stucco exteriors with reinforced modular metal framing. Access to the facility is granted through an electronic keypad entry system and digital video surveillance cameras are prevalent throughout. An on-site rental office allows for easy management and provides additional income through the sale of moving supplies.

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

Gina Relva

Public Relations Manager

Marcus & Millichap

(925) 953-1716

Marcus & Millichap Promotes John Godwin to First Vice President Investments in Detroit, MI Office

John Godwin

DETROIT, MI – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has promoted John Godwin to first vice president investments.

This distinction recognizes Godwin’s excellence in the development and servicing of long-term client relationships, according to Steven Chaben senior vice president, group manager and regional manager of the Detroit office.

            “With this promotion, John has earned a prestigious designation within the firm and solidified his reputation as a knowledgeable and successful investment professional,” says Chaben. “His superior client service has earned him a high degree of loyalty and respect.”

            A graduate of Oakland University in Rochester Hills, Mich., Godwin began his career with Marcus & Millichap in 2000, focusing on retail, office and industrial investments. 

            Godwin resides in Farmington Hills.

Tal Frydman Promoted to First Vice President in Fort Lauderdale, FL Office

Tal Frydman

FORT LAUDERDALE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has promoted Tal Frydman to first vice president investments.

This distinction recognizes Frydman’s excellence in the development and servicing of long-term client relationships, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

He began his career with Marcus & Millichap in 1999 and was promoted to senior associate in 2003.  Two years later he became a senior investment associate, and in 2008 he attained his most recently held title of vice president investments.

            Frydman resides in Delray Beach, Fla.

Nathan Pealer Moves Up to Associate Vice President Investments in Washington, DC Office

Nathan Pealer

WASHINGTON DC – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has promoted Nathan Pealer to associate vice president investments.

           “The achievement represents Pealer’s success in developing strong client relationships,” says Bryn Merrey, first vice president and regional manager of the firm’s Washington D.C. office.

Pealer began his career with Marcus & Millichap in 2005 and was promoted to senior associate in 2008. 

His specialty is in advising institutions, developers and private clients in the sale of shopping centers, net-leased retail and other leased commercial investment properties. He earned his bachelor’s degree in economics from Pomona College.

Pealer began his career with Marcus & Millichap in 2005 and was promoted to senior associate in 2008. His specialty is in advising institutions, developers and private clients in the sale of shopping centers, net-leased retail and other leased commercial investment properties. He earned his bachelor’s degree in economics from Pomona College.

Brett Hatcher Climbs Ladder to Vice President Investments in Columbus, OH Office

Brett Hatcher

COLUMBUS, OH – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced that it has promoted Brett Hatcher to vice president investments in Columbus, according to Michael Glass, first vice president and regional manager of the office. 

Most recently, Hatcher was a senior associate with the firm.

            “Brett has excelled as an investment real estate specialist, and possesses a deep understanding of the self-storage property sector,” says Glass.

 “His expertise, combined with his strong brokerage performance and dedication to providing superb client service to self-storage investors, owners and developers across the country have earned Brett this prestigious honor.”

            Hatcher started his career with Marcus & Millichap in May 2006 as an associate, and was promoted to senior associate in July 2009. A director of the firm’s National Self-Storage Group (NSSG), Hatcher has closed 60 transactions in the Midwest and nationwide totaling over $226 million and consistently ranks within the top 10 investment specialists in the NSSG.

Kahlil Barnard Promoted to First Vice President Investments in Indianapolis, IN Office

Kahlil Barnard

INDIANAPOLIS, IN  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has promoted Kahlil Barnard to first vice president investments.

This distinction recognizes Barnard’s excellence in the development and servicing of long-term client relationships, according to Josh Caruana, regional manager of the Indianapolis office.

            “With this promotion, Kahlil solidifies his reputation as a knowledgeable and successful investment professional,” says Caruana. “His superior client service has earned him a high degree of loyalty and respect from investors as well as from his peers.”

            A graduate of Indiana University Bloomington, Barnard began his career with Marcus & Millichap in 1997. He was named sales associate in 2000, became senior associate in 2002, was named senior investment associate in 2005, and in 2007 he assumed his most recent title as vice president investments. 

Over the course of his career, Barnard has focused on leased investment real estate brokerage and services.

            Barnard is a senior director of the National Retail Group. In his spare time he actively participates in leadership and mentorship roles both within the company and externally as a board member of the Indiana University Center for Real Estate Studies.

  

 Two Houston, TX Agents Named Vice President Investments

Justin Miller

HOUSTON, TX – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced Jeffrey Fript and Justin Miller have been named vice presidents investments in the Houston office, according to David Luther, vice president regional manager of the office.

            “Both Jeff and Justin are extremely skilled investment sales specialists who have made major contributions to the success of the Houston office,” says Luther.

 “Their strong track records of closing transactions and dedication to providing exceptional service to our private and institutional investor clients have earned them this high honor.”

            Formerly an associate vice president investments, Fript specializes in arranging multifamily real estate transactions in the Houston area. 

He began his career at Marcus & Millichap in March 2006 as an associate and was promoted to senior associate three years later. Fript is also a director of the firm’s National Multi Housing Group.

Jeffrey Fript

                    Miller was an associate vice president investments prior to his promotion to VPI. He started his career in 2007 as an associate with a specialty in retail property investments.

 In April 2013, Miller was named a senior associate, and then promoted to associate vice president investments in March 2013

 

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

Gina Relva

Public Relations Manager

Marcus & Millichap

(925) 953-1716

24-Building Apartment Complex Sold by Marcus & Millichap in Fort Worth, TX

Ridgmar Square Apartment, Fort Worth, TX

FORT WORTH, TX --  Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada,  announced the sale of Ridgmar Square, a 24-building, 332-unit apartment property located in Fort Worth, Texas. The terms of the sale were not disclosed.

Al Silva, senior director of Marcus & Millichap’s National Multi Housing Group in Fort Worth, had the exclusive listing to market the property on behalf of the seller, a private investor from Washington State. The buyer, a Texas-based investment group, was also secured by Silva. 

“We generated a half-dozen offers during a four-week marketing process and the transaction closed within 75 days of agreement on terms,” says Silva. “The new owner plans to invest more than $3 million in renovations that will substantially improve the product this property offers to the local rental market.”

Al Silva

Ridgmar Square is located at 2508 Ridgmar Blvd. in Fort Worth, Texas. The apartment complex is conveniently situated with frontage on Interstate 30, and is just 10 minutes west of downtown Fort Worth. 

            This uniquely constructed property consists of large one- and two-bedroom floor plans featuring 10 different architectural styles from all over the world. Community amenities include two large pools, a clubhouse with a fitness center and secure access gates.

  

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

Gina Relva

Public Relations Manager

Marcus & Millichap

(925) 953-1716

$22.1 Million Multifamily Sale Arranged by Marcus & Millichap in Milwaukee, WI

David Gaines

MILWAUKEE, WI – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has arranged the sale of The Franklin Apartments, a 114-unit property in Milwaukee, Wis. The $22.1 million sales price equates to $193,860 per unit.

For Marcus & Millichap, vice presidents investments David Gaines and Alex Blagojevich handled the sale, along with first vice president and regional manager Matthew Fitzgerald, Marcus & Millichap’s broker of record in Wisconsin.

The Franklin Apartments is located in east downtown Milwaukee and features one- and two-bedroom units averaging 1,028 square feet each. “The submarket of downtown Milwaukee is, as a whole, tight,” says Gaines. “By making strategic unit improvements, this was an opportunity for a rare, ‘Class A,’ add-value opportunity in a supply-constrained, in-fill market.”

 “Our experience and access to investors in the Midwest, as well as in over 20 states across the country, are key to uniting buyers and sellers in a way that results in successful multifamily transactions,” adds Fitzgerald.  

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

Gina Relva

Public Relations Manager

Marcus & Millichap

(925) 953-1716

Marcus & Millichap Promotes Four Agents to Vice President Investments in Detroit, MI

 Seth Barnett, Dino Bistolarides, Brandon Hanna and Edward Lippincott

DETROIT, MI – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada,  has announced that four agents have been named vice presidents investments, according to Steven Chaben, senior vice president and group manager of the Detroit office.

The new VPIs are Seth Barnett, Dino Bistolarides, Brandon Hanna and Edward Lippincott.

            “It’s an honor to have four VPIs here in the Detroit office,” says Chaben. “Not only are Seth, Dino, Brandon and Ed assets to our office, they are assets to the entire company. This promotion recognizes their exceptional brokerage skills, strong track records of investment sales transactions and dedication to providing superb client service to our private and institutional clients alike.”

Steven Chaben

            Barnett most recently held the title of associate vice president investments. 

An eight-year veteran of the firm, he began his career in 2006. Barnett is part of Marcus & Millichap’s Affordable Housing Advisors, specializing in the disposition of project-based Section 8 multifamily housing in the Midwest, West Coast, Mountain and Southwest regions.

            Prior to being named a VPI, Bistolarides was a senior associate of the firm. His career at Marcus & Millichap began in September 2007 as an agent specializing in retail investment brokerage. Currently a senior associate in the firm’s National Retail Group, Bistolarides focuses on the disposition of single- and multi-tenant retail properties in the Midwest and nationwide.

            Hanna was most recently a senior associate of the company, a position he has held since 2010. He began his career with Marcus & Millichap in 2007 as an associate in the firm’s National Retail Group and was promoted to senior associate of the firm in July 2010. Hanna arranges the disposition of both net-leased and multi-tenant retail properties.

            Before being promoted to VPI, Lippincott was an associate vice president investments. He started his career with Marcus & Millichap in September 2006. A member of the firm’s Affordable Housing Advisors, Lippincott specializes in the brokerage of project-based Section 8 housing, HUD-insured and state agency financed assets nationwide.

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

Gina Relva

Public Relations Manager

Marcus & Millichap

(925) 953-1716

292-Unit Apartment Complex Sold by Marcus & Millichap in Fort Worth, TX

The Brentwood Apartments, Fort Worth, TX

FORT WORTH, TX – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of The Brentwood, a 292-unit apartment complex located in Fort Worth, Texas. The terms of the sale were not released

Al Silva, a senior director of Marcus & Millichap’s National Multi Housing Group in  Fort Worth, had the exclusive listing to market the property on behalf of the seller, a Texas LLC.  The buyer, a Texas-based private investor, was also secured by Silva. 

“We conducted 25 property tours and received 12 offers from well-qualified investors during a three-week marketing process,” says Silva.  “The transaction closed just 45 days after an agreement was reached between buyer and seller.  The buyer assumed an existing Fannie Mae loan to complete the transaction.”

Al Silva

The Brentwood is located at 8300 Brentwood Stair Road in Fort Worth, 10 minutes east of downtown Fort Worth along Eastchase Parkway and just south of Interstate 30.

 The property is situated in a healthy commercial area with major shopping centers and national retailers within walking distance. The location is also just minutes from Dallas Cowboys Stadium and the Dallas/Fort Worth International Airport.

Built in 1984, The Brentwood underwent $2 million in renovations, including both interior and exterior upgrades, between 2011 and 2013. At the time of the sale, the property was in excellent condition and the new owner will continue the unit improvement program.

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

Gina Relva

Public Relations Manager

Marcus & Millichap

(925) 953-1716

$30.8 Million Refinances Two Hospitality Properties in Virginia and Ohio

  

Hampton Inn Crystal City, Arlington, VA

 WASHINGTON, DC– Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged two CMBS loans totaling $30.8 million to refinance two hospitality properties.

The properties are the Hampton Inn Crystal City in Arlington, Va., which received $25 million and the Holiday Inn Capital Square in Columbus, Ohio, which received $5.8 million.

Keith Bauer, a director in MMCC’s Washington, D.C. office, arranged both loans.

            “In light of upcoming maturity, the borrowers decided to take advantage of new lower interest rates and the opportunity to take out equity,” says Bauer.

Holiday Inn Capital Square, Columbus, OH

“Keith and his team did an excellent job understanding our needs, delivering multiple loan proposals and insuring the best possible fit for our situation,” says Benoist Castera, a representative of InterAmerican Hotels and president of Sound Hospitality, which provides hotel management services for the hotels.

“Keith explained the pros and cons of each alternative and he and his team walked us through each and every step of the process until the closing was completed. Conduit loans have become much more complicated and I am thankful that I had Keith and MMCC on my side.”

Keith Bauer

            The Hampton Inn loan is a $25 million CMBS debt placement with a fixed interest rate of 4.76 percent and a 65 percent loan to value. The Holiday Inn received a $5.8 million CMBS loan with a fixed interest rate of 4.8 percent and a 70 percent loan to value.

“These debt transactions really underscore our comprehensive platform of service offerings to create value for our clients outside of the traditional investment sale,” concludes Gregory LaBerge, vice president and national director of Marcus & Millichap’s National Hospitality Group.

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

Gina Relva

Public Relations Manager

Marcus & Millichap Capital Corporation

(925) 953-1716