IPA Adds Leading Inland Empire Broker Alexander Garcia Jr. to National Team

Alexander Garcia Jr.

ONTARIO, CA —Institutional Property Advisors (IPA), a division of Marcus & Millichap that serves the needs of institutional and major private real estate investors, is pleased to announce the expansion of its national team of senior advisors with the addition of Alexander “Alex” Garcia Jr., according to Brian Murdy, national director of IPA.

Garcia will be an IPA senior director covering the Inland Empire. He and IPA senior directors Stewart I. Weston and Christopher J. Zorbas have formed a team focused on serving clients in Orange County, San Diego County and the Inland Empire.

            Garcia has represented major apartment investors and institutional clients in the Inland Empire and Eastern San Gabriel Valley markets throughout his 25-year career with Marcus & Millichap. He has closed more than $1 billion in transactions.

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

Gina Relva

Public Relations Manager

(925) 953-1716

$7.5 Million in Acquisition Financing Arranged by Marcus & Millichap Capital Corp. in Yorba, CA

YORBA LINDA, CA – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged $7.5 million in financing for the purchase of a 36,234-square-foot retail strip center in Yorba Linda, Calif.

            Danny Abergel, vice president capital markets in MMCC’s Encino office, arranged the loan.

            “The borrower called upon MMCC for guidance through the execution of a 1031 exchange that involved multiple property closings,” says Abergel.

            The debt is structured with a 10-year term amortized over 30 years.

       

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Capital Corp. Arranges $12.1 Million in Cash-Out Refinancing for Two Multifamily Properties in North Hollywood, CA

Danny Abergel

LOS ANGELES, CA – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged $12.1 million in cash-out refinancing for two apartment buildings totaling 229 units in North Hollywood, Calif.

            Danny Abergel, vice president capital markets in MMCC’s Encino office, arranged the debt placements.

            “These loans were part of a multifamily portfolio that included a third refinancing of $3,175,000 for 36 multifamily units and a fourth for $4,500,000 and 52 units,” says Abergel.

“To win the business and satisfy the borrower’s requirements, MMCC created a custom loan structure that no other financial intermediary could match.”

            The debt placements were structured with five years interest only and 75 percent LTV.

       

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

Gina Relva

Public Relations Manager

(925) 953-1716

Staples Distribution Facility in Oak Creek, WI Sells for $17 Million

Staples Distribution Facility, Oak Creek, WI

OAK CREEK, 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 the 279,828-square-foot Staples distribution facility in Oak Creek, Wis.

The $17 million sales price equates to $61 per square foot.

            The facility is part of two-property single-tenant industrial portfolio. The other asset, a 63,740-square-foot FedEx freight terminal in Aurora, Ill. Sold for $15,950,000 in May 2014.

Matthew Fitzgerald

           Nick Manganais, vice president investments in Marcus & Millichap’s Chicago O’Hare office, and Matthew Fitzgerald, first vice president and the firm’s broker of record in Wisconsin, arranged the transaction for the seller, an Illinois-based family trust.

            “The building was built to suit for Corporate Express Office Products by Opus Group in 2006 and 2007,” says Manganais. 

“In 2008, Staples acquired Corporate Express Office Products and assumed the lease responsibilities. The facility is located near General Mitchell International Airport in a strong southeastern Milwaukee metro area.”

Situated on a 28-acre parcel at 120 West Opus Drive in Oak Creek, Wis., the building features 20,000 square feet of office space and 259,828 square feet of warehouse space with a clear span of 33.5 feet. The building can be expanded by an additional 51,748 square feet.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Noho Retail Condo on Broadway in New York City for Sale at $18 Million

Retail Condo, 738 Broadway, New York City, NY

NEW YORK, NY – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has obtained the exclusive listing to market for sale a two-story, 4,000-square-foot elevator retail condo unit at 738 Broadway in New York City.

The listing price is $18,000,000. Jeffrey Nissani and Sean Beuche in Marcus & Millichap’s Manhattan office are representing the seller.

          “The property is a 4,000-square-foot bi-level retail unit occupied by a David Z shoe store,” says Nissani. “The asset is being offered as a short-term sale leaseback or will be delivered vacant.”

Sean Beuche

            The unit is located within the five-story 738 Broadway building, between Waverly Place and Astor Place. The 8th Street subway station for the “N” and “R” transit lines is directly outside the building’s entrance and the Astor Place No. 6 train stop is two blocks away.

New York University is across the street. The unit features both an internal stairwell and a handicap-accessible elevator that connects the lower level and upper floors. The lower level has a 13-foot-high ceiling.

The 738 Broadway building, also known as the Broadway McKenna Building, was built as a warehouse in 1867 and features cast-iron architecture.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Sells Two Upper East Side New York City Apartment Buildings for $13.3 Million

312--314 East 91st Street, Upper East Side
Manhattan, NY

NEW YORK, NY – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 312-314 East 91st St., two five-story walkup multifamily buildings with a total of 30 residential apartment units on Manhattan’s Upper East Side.

The $13.3 million sales price equates to $443,333 per unit.

            Joseph Koicim, Peter Von Der Ahe, David Lloyd and Daniel Handweiler, all in Marcus & Millichap’s Manhattan office, represented the seller and the buyer.

            “The buildings are two 25-foot-wide apartment properties with a predominantly free-market rent roll,” says Koicim. “With strong in-place cash-flow, the assets provide short-term rental stability and a future upside through the rent-regulated apartments, which are often significantly below market rate.”

Joseph Koicim

            The buildings are located on East 91st Street between First Avenue and Second Avenue near the No. 4, 5 and 6 trains and will benefit tremendously from the completion of the Second Avenue subway line.

            The unit mix is 19 two-bedroom apartments and 11 one-bedroom units. The buildings are zoned R8B and include 2,214 square feet of unused air rights.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Two Multifamily Investment Real Estate Properties in Fort Myers, FL Sold by Marcus & Millichap for $19.25 Million

Bella Rosa Apartments, Fort Myers, FL

FORT MYERS, 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 Bella Rosa Apartments and Park Place Apartments, two multifamily communities totaling 337 units located directly across the street from each other in Fort Myers, Fla.

The total $19.25 million sales price for the two investment real estate properties equates to $57,122 per unit.

            Michael Regan and Frank Carriera, vice presidents investments in Marcus & Millichap’s Tampa office, represented the seller and the buyer.

Park Place Apartments, Fort Myers, FL

“The sale of these two assets speaks to the investor demand we are experiencing in southwest Florida,” says Regan. “The properties provide the new owner with the potential to add value through strategic upgrades and capital infusions.”

“With a combined total of 281,780 rentable square feet, these two commercial real estate assets give the buyer critical mass in a thriving and growing market plus the ability to capitalize on the economy of scale their proximity to one another provides,” adds Carriera.

Both properties are located on Deleon Street in Fort Myers, Fla., less than one-tenth of a mile from Colonial Boulevard and U.S. Highway 41, which experience daily traffic counts of more than 49,000 and 57,000 vehicles per day, respectively.

Michael Regan

Fort Myers Beach, Sanibel Island and Captiva Island are nearby, as are major retail attractions such as Edison Mall, Royal Palm Place, Bell Tower Shops, Gulf Coast Town Center, Coconut Point mall and Miromar Outlets.

Built in 1979, Bella Rosa Apartments is a 160-unit, 123,780-rentable-square-foot complex located at 4615-4775 Deleon St. The complex consists of 12 two-story residential buildings and a one-story clubhouse.

Amenities include two on-site laundry facilities, a fitness center, a playground, a dog walking area, picnic/barbecue grilling areas, a business center, clubhouse and a swimming pool. Apartments have private screened-in balconies or patios depending on floor level.

Park Place Apartments is a 177-unit, 158,000-rentable-square foot apartment community located at 4620-4666 Deleon St. It was built in 1973. The property features 13 two-story residential buildings. Community amenities include an on-site laundry facility, fitness center, playground, picnic/barbecue grilling areas and two swimming pools.

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

Gina Relva

Public Relations Manager

(925) 953-1716