Marcus & Millichap Arranges Sale of 376-Unit Apartment Community in Columbus, OH

Daniel Burkons

COLUMBUS, OH – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Whispering Pines, a 376-unit apartment asset located in Columbus, Ohio. The terms of the sale were not disclosed.

Michael Barron, first vice president investments, Daniel Burkons, vice president investments and Joshua Wintermute, vice president investments, all in in Marcus & Millichap’s Cleveland office, along with Richard Lattro and Jordan Marshall, associates in the firm’s Columbus office, had the exclusive listing to market the property on behalf of the seller, a Philadelphia-based limited liability company.

Barron, Burkons and Wintermute secured the buyer, an out-of-state private investment group that successfully competed against numerous regional and national buyers for the asset. 

“Investors seeking yield continue to view Columbus as an attractive Midwest market,” says Barron.   

Michael Baron

“We fielded several offers from buyers across the United States at—or even slightly above—this price level,” adds Burkons.

“This size and class of property lends itself to a professional but non-institutional class of owners seeking to grow their presence in an attractive mid-sized market like Columbus,” explains Wintermute.

Whispering Pines is located in north Columbus just off E. Dublin-Granville Road between Interstate 71 and Interstate 270.

 The property is less than 10 minutes from two of Columbus’ major retail and employment corridors, Polaris and Easton Town Center.

The community, which is composed primarily of townhomes, offers one-, two- and three-bedroom floor plans.  Amenities at the property include a clubhouse, community room, fitness center, laundry facility, swimming pool, tennis courts and picnic area. 

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap’s Tony Azzi Sells Four Multifamily Properties in California Valued at $47.2 Million

Tony Azzi

LOS ANGELES, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced that Tony Azzi, senior vice president investments in the firm’s West Los Angeles office, arranged the sale of four separate multifamily properties valued at a total of $47.2 million between mid-July and early October 2014.

The properties are:

·         1611 South Beverly Glen Blvd., Los Angeles, Calif., 12 units, $8,400,000

     

   1236 9th St., Santa Monica, Calif., 16 units, $ 7,300,000

·       

  11677 and 11683 Goshen Ave., Los Angeles, Calif., 68 units, $25,500,000 

·        

 11666 Mayfield Ave., Los Angeles, Calif., 15 units, $6,000,000

Tony Solomon

“Few people are as thoroughly familiar with the dynamics of the commercial real estate marketplace in Los Angeles as Tony Azzi,” says Tony Solomon, vice president and regional manager of Marcus & Millichap’s West Los Angeles office.

“Throughout his 28-year tenure with the firm, Tony has consistently created competitive markets for commercial real estate assets in the Los Angeles area and delivered maximum value to clients.

“The sale of these four assets is a case in point,” continues Solomon. “Prior to being listed with Tony, the properties received unsolicited off-market offers.

“Utilizing the Marcus & Millichap platform, Tony created a competitive bidding environment that resulted in netting the sellers higher proceeds than they would have had they accepted the off-market offers.”

Built between 1962 and 2014, the five properties total 111 units.

Thomas Jonsson

“These are all well-located properties, the majority of which offer their new owners opportunities for revenue enhancement through the implementation of capital improvement programs,” says Azzi.

“The current high level of investment activity in the Los Angeles County apartment market reflects the tight conditions that have been developing over the past few years.

“The market is drawing buyers from throughout the investment spectrum, from first-time buyers to institutions. 

"Many first-time buyers are deploying capital from other investments to purchase real estate as a part of a long-term investment strategy.”

The properties at 11677-11683 Goshen Ave., the Majestic Apartments, are adjacent buildings constructed in 1971.

 These assets, along with The Mayfield Apartments (11666 Mayfield Ave.) are located north of Wilshire Boulevard in Los Angeles’ Brentwood neighborhood.

Built in 1962, the apartment building at 1236 9th St. in Santa Monica is blocks from the Santa Monica Pier and the Third Street Promenade and is close to the new Santa Monica light rail line.

Mayfield Apartments, Brentwood Neighborhood
Los Angeles, CA

The property at 1611 South Beverly Glen Blvd. was constructed this year and is located in the Westwood neighborhood of Los Angeles just north of Santa Monica Blvd.

Thomas Jonsson, senior associate, also in Marcus & Millichap’s West Los Angeles office, provided additional representation in the sale of 1236 9th St.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Four-Property Net-Leased Portfolio in Three States Sells for $38.6 Million

Walgreens, Merrimack, NH

BOSTON, MA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a four-property net-leased drugstore portfolio.

The properties are located in Massachusetts, New Hampshire and Florida. The combined sales price for all four properties is $38,617,763.

            Robert Horvath, vice president investments and Todd Tremblay, vice president investments, both in Marcus & Millichap’s Boston office, represented the seller, a private New England-based real estate family and the buyer, a private family completing a 1031 exchange.

 Kirk Felici, first vice president in Marcus & Millichap’s Miami office, is the firm’s broker of record in Florida.

Robert Horvath

“These net-leased assets are all extremely well located within their respective marketplaces and all have 25-year leases with numerous years remaining, plus options for renewal,” says Horvath.

“Investor demand for drugstores, which are seen as one of the safest types of commercial real estate investments, remains strong,” adds Tremblay.

The properties are:

·         Walgreens, Worchester, Mass., 14,320 square feet, $9,400,000

·         CVS, Foxborough, Mass., 15,013 square feet, $10,487,182

·         Walgreens, Merrimack, N. H., 13,612 square feet, $7,363,636

·         CVS, Clearwater, Fla., 14,593 square feet, $11,375,945

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Sells Glenmary Village Apartments in Louisville, KY

Glenmary Village Apartments, Louisville, KY

LOUISVILLE, KY  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Glenmary Village Apartments, a 272-unit apartment complex in Louisville, Ky.

The terms of the sale were not released. Aaron Johnson, vice president investments in Marcus & Millichap’s Louisville office, represented the seller.

         “The firm’s national marketing platform and network of more than 1,300 investment property specialists helped us generate 18 qualified offers from investors located in 11 different states,” says Johnson. “At the end of our marketing process, Glenmary Village Apartments was purchased by Peak Capital, which is based in Utah.”

            The apartment complex is located off Bardstown Road at 9606 Clubview Drive in southeast Louisville, minutes from Interstate 265, Interstate 64 and Interstate 65.

The Interstate 65/Bardstown Road interchange has received a great deal of new construction during the last 15 years, which has led to large increases in the population and employment base.

Aaron Johnson

Some of Louisville’s largest employers, including the Ford Motor Co., UPS and General Electric Corp. are within an easy commute. The average annual family income within one mile of the apartment community is $96,000.

          “Our ability to create a national marketplace for a small-market asset fueled the interest of buyers and inspired the competition that led to the completion of this sale,” says Mathew Fitzgerald, first vice president and regional manager of Marcus & Millichap’s Louisville office. “The firm’s marketing platform brought the deal directly to private investors nationwide and the results were extraordinary.”

            Built in 2003 on 22 acres, Glenmary Village Apartments features 17 two-story, garden-style buildings with brick and wood siding facades and remote-access, private garages. 

The property’s two- and three-bedroom units range from 1,218 square feet to 1,493 square feet.

 Each home has an alarm system, nine-foot ceilings, recessed lighting and a full-size washer and dryer connection. Community amenities include an upgraded resort-style clubhouse with veranda, business center, workout facilities and kitchen area, a large pool and sun deck.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Promotes Adam Tiktin to First Vice President Investments in Miami, FL Office

Adam Tiktin

MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced Adam Tiktin has been promoted to first vice president investments, according to Kirk A. Felici, first vice president and regional manager of the Miami office. Previously, Tiktin was a vice president investments.

            “This is one of the highest honors given to an agent of the firm,” says Felici. “Adam’s excellent relationships with a host of institutional and private investors, along with his impressive track record of closing commercial real estate transactions during his nearly two decades-long career, have earned him this promotion.”

            Tiktin began his career at Marcus & Millichap as an associate in March 2002, and was promoted to senior associate exactly three years later. 

In January 2008, he was named an associate vice president investments, and was elevated to vice president investments in July of that same year.

Kirk A. Felici

    A director of the firm’s National Retail Group (NRG) and Net Leased Properties Group (NLPG), Tiktin specializes in negotiating the sale of shopping centers and single-tenant net-leased retail assets, as well as office and industrial properties. 

Tiktin brings more than 16 years of commercial real estate investment sales expertise to his new position as FVPI.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Single-Tenant Office Property in Hartford, WI Sells for $13 Million

API Healthcare Headquarters, Hartford, WI

HARTFORD, WI  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a triple-net-leased, 73,756-square-foot office property in Hartford, Wis.

The $13 million sales price equates to $176 per square foot.

            Jeff Rowlett, vice president investments, Joe Powers, associate and Jeremy Osting, associate, all in Marcus & Millichap’s Milwaukee office, represented the seller. Rowlett and Powers also represented the buyer. Rowlett, Osting and Powers have collectively closed $30 million in investment real estate sales in August and September this year.

  

            “The property is the corporate headquarters of API Healthcare Inc., a company that has been located in Hartford for more than 30 years,” says Rowlett.

The building is situated on nearly 22 acres at 1550 Innovation Way in Hartford, Wis. Access to Highway 41 is nearby. Neighboring firms include Quad/Graphics Inc., Helgesen Industries Inc. and Signicast Investment Castings.

“Selling a property of this magnitude in a small market requires an active sales process and an engaged salesforce,” says Matt Fitzgerald, first vice president and regional manager of the firm’s Milwaukee office.

“Our culture of information sharing and ability to deliver information directly to private investors nationwide created superior results for our client.”

Matt Fitzgerald

Built to suit for API Healthcare Inc. in 2004, the firm has occupied the property since 2006. 

In February 2014, API Healthcare was purchased by GE Healthcare. 

GE Healthcare has more than 10,000 employees and retirees in Wisconsin and generates $3.8 billion in economic impact in Wisconsin annually.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Denny Triangle Development Site in Seattle, WA Sells for $14.32 Million

Denny Triangle Development Site, 1820 Terry Avenue
and 1007 Stewart Street, Downtown Seattle, WA

SEATTLE, WA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a 20,760-square-foot development site in in downtown Seattle’s Denny Triangle neighborhood.

The development site is on two adjacent parcels at 1820 Terry Avenue and 1007 Stewart Street. The property is currently occupied by 49-unit apartment building, Williamsburg Court, an attached small commercial building with two tenants, and a parking lot.

Marc Cunningham

           The $14.32 million sales price equates to $690 per square foot. 

The buyer also acquired certain surplus development rights from the adjacent property owner that allow a larger office building to be built on the site.

The recently approved Master Use Permit is for a 21-story, 365,000-square-foot office and retail tower. Marc Cunningham, vice president investments in Marcus & Millichap’s Seattle office, represented the seller, Williamsburg Court LLC.

          “Employment opportunities and companies wanting to locate in downtown Seattle are fueling demand for more residential and office space,” says Cunningham.

 “Amazon’s three 38-story towers, which will provide 3.3 million square feet of office space, are just five blocks from this development site.”

Aspira Apartment Tower
Downtown Seattle, WA

The site for the proposed tower is on the southwest corner of Terry Avenue and Stewart Street with view corridors to Lake Union, the Space Needle and the Cascade Mountain Range. 

The property is within walking distance of many of the newer and largest office towers in Seattle, including the 325-unit, 400-foot-high Aspira apartment tower, which is directly across the street.

 The Aspira was completed in 2013 and sold in the same year for $165 million, which equates to $509,000 per unit.

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

Gina Relva

Public Relations Manager

(925) 953-1716