Ackerman & Co. Sells Westside Center in Alpharetta, GA for $7.4 Million

Westside Center, 10745 Westside Way, Alpharetta, GA

Atlanta,GA – Ackerman & Co. and affiliates have sold Westside Center, 10745 Westside Way in Alpharetta, Ga., for $7.4MM ($122 per square foot).

 Westside Center, a three-story, class “A” office building, was purchased by Ackerman in 2012 and underwent considerable capital improvements. 

The 60,500-square-foot building was 89 percent occupied at the time of sale by high-quality tenants VT Group and REACH Health, among others.

 GASCO Real Estate Holdings LLC, a private investment group, purchased the property. Transwestern’s Kevin Markwordt brokered the sale on Ackerman’s behalf. Paul Hanna from Jones Lang LaSalle represented the buyer.

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

Fara Wilson

Vice President, Marketing

P: 770.913.3904    C: 678.358.2060    F: 770.913.3965

www.ackermanco.com

Cohen Commercial Realty Signs Nitrogen Bar Grill and Sushi to 2,800-SF Lease at Jupiter West Plaza in Jupiter, FL

Nitrogen Sushi and Grille, Jupiter West Plaza
Jupiter, FL

Jupiter, FL — Bryan S. Cohen and Allan Carlisle of Cohen Commercial Realty, Inc., announced the signing of Nitrogen Sushi and Grille, to lease a 2,800-square-foot bay at Jupiter West Plaza located on the northwest corner of Indiantown Road and Central Boulevard.

They will be joining neighboring restaurants including Panera Bread, Duffy’s, and Tijuana Flats. Cohen Commercial Realty, Inc., represents the landlord.

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

Jamie Crocker

jamiecrocker@cohencommercial.com

561.471.0212 phone

561.471.5905 fax

South Florida-Based Berger Commercial Realty Joins TCN Worldwide

Lloyd Berger

FORT LAUDERDALE, FL – Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale, announced it has joined TCN Worldwide, a network of independent commercial real estate firms providing global integrated real estate solutions.

“Partnering with TCN is a natural extension of our growing regional presence,” said Lloyd Berger, founder and president of Berger Commercial Realty.

“We are confident this strategic alliance will result in continued growth and will help us establish new relationships nationally and internationally through TCN’s network of affiliates and professionals.”

Formed in 1989, TCN Worldwide is comprised of more than 800 commercial real estate professionals serving more than 200 primary and secondary markets worldwide.

 With approximately $38.8 billion in annual transactions and more than 80 million square feet of space under management, the TCN network ranks as one of the largest service providers in the industry.

H. Ross Ford

“TCN allows us to affiliate with an industry leading network while maintaining our core values, identity and independence,” said Keith Graves of Berger Commercial Realty.

“We are pleased to welcome Berger Commercial Realty as the newest member of our organization,” said H. Ross Ford, president and CEO of TCN Worldwide.

“We are confident the firm will bring great value to TCN members seeking brokerage services and management of retail, industrial, multifamily and office properties in the South Florida area, and we look forward to a long, successful partnership with the Berger Commercial Realty team.”

For more information about Berger Commercial Realty, visitbergercommercial.com. 

For more information about TCN Worldwide, visit TCNWorldwide.com.

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

Marielle Sologuren

msologuren@piersongrant.com

(954) 776-1999, ext. 226 

   

Media Contact:

Nicole Hopkins for TCN Worldwide

nhopkins@tcnworldwide.com

(972) 769-8701

Marcus & Millichap Launches Ventura, CA Office, Marking the Firm’s Eighth Sales Site in Southern California

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CALABASAS, CA,  Nov. 18, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announces the opening of its Ventura, California office.

John J. Kerin

The Ventura office marks the firm’s eighth sales office in Southern California, according to John J. Kerin, president and chief executive officer.

          Overseeing Marcus & Millichap’s Ventura office are Adam Christofferson, first vice president and regional manager, and James Markel, sales manager.

Gary Cohen joins as a director of the firm’s National Office and Industrial Properties Group (NOIPG), along with Brian Johnson, senior associate of the National Multi Housing Group (NMHG), Parker Shaw, an associate, also with the NMHG, and James DeBuiser, agent candidate with the NOIPG.

          “We are excited to launch our new Ventura office with such a seasoned team of commercial investment professionals,” says Christofferson.

“Gary Cohen brings over 25 years of experience to our new office. His expertise assisting clients through all aspects of commercial real estate ownership, acquisition, disposition, leasing and management is of great value, Christofferson continues.

Adam Christofferson

 “Brian Johnson and Parker Shaw are recognized multifamily experts along California’s Central Coast. Together they bring significant knowledge and experience to our clients in the marketplace.”

        “Our entire team is enthusiastic about the opportunity to add value to clients in the region by leveraging our firm’s investment specialization, financing capabilities, industry-leading research, innovative technology and extensive management support,” Christofferson concludes.

         The Ventura office is located at 1000 Town Center Drive. The phone number is 805-351-8796.

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

Gina Relva

Public Relations Manager

(925) 953-1716

$26.5 Million Buys 12-Property Wendy’s Portfolio in South Florida

  

Debra Franklin

MIAMI, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale/leaseback of a portfolio of 12 Wendy’s restaurants located throughout South Florida.

The sales price of $26.5 million represents a 6 percent cap rate.

            Adam J. Tiktin, first vice president investments, and Debra Franklin, associate, both in Marcus & Millichap’s Miami office, along with Philip Rosen, Esq., managing partner at Bloomgarden, Goudreau & Rosen, P.A.,  represented the seller, Starboard Group, a limited liability company from Coral Springs, Fla.

Adam J. Tiktin

 The buyer, a Miami Beach-based limited liability company, was represented and secured by Todd Cohen, associate, Drew A. Kristol, vice president investments, and Kirk D. Olson, vice president investments, all also in Marcus & Millichap’s Miami office.

Farhan Kabani, associate vice president capital markets with Mark One Capital, arranged financing for the transaction. The 10-year, nonrecourse debt placement amortizes over 30 years and the LTV is 67 percent.

“We much appreciated the opportunity to work with a well-respected multi-unit Wendy’s franchisee to sell an option, undervalued as a result of the current favorable market conditions for single-tenant QSR properties,” says Franklin.

“We successfully delivered a high-profile real estate portfolio of brand-recognizable restaurants with new long-term lease agreements, zero landlord responsibilities, and rent escalations to a 1031 exchange investor.”

Drew A. Kristol

            “This was a unique opportunity to acquire a portfolio of exceptionally located, well-performing Wendy’s restaurants,” adds Tiktin. “The average annual store sales of each of these locations exceeded the Wendy’s national average annual sales per store.”

“The buyer was specifically interested in this portfolio because the transaction parameters fit his 1031 exchange requirements,” notes Cohen. 

“In addition to the strong cash flow offered along with annual rental increases, the South Florida locations are rare infill sites that all boast strong traffic and high visibility.”

At close of escrow, Starboard Group signed a new 20-year absolute triple-net lease, adding value to the transaction. Starboard currently operates Wendy’s locations in Alabama, Philadelphia, South Florida, Southern New Jersey and Virginia.

            The properties’ locations are:

Wendy's, 831 Yamato Road, Boca Raton, FL

·         831 Yamato Road, Boca Raton, Fla.

·         4950 Linton Road, Delray Beach, Fla.

·         15020 Jog Road, Delray Beach, Fla.

·         1197 South Military Trail, Deerfield Beach, Fla.

·         10050 West Sample Road, Coral Springs, Fla.

·         4676 North University Drive, Coral Springs, Fla.

·         6375 West Sample Road, Coral Springs, Fla.

·         9960 West Oakland Park Blvd., Sunrise, Fla.

·         14900 Southwest 31st St., Miramar, Fla.

·         7560 Northwest 186th St., Hialeah, Fla.

·         11925 Northwest 27th Place, Miami, Fla.

·         1515 Northwest 7th St., Miami, Fla.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Gino Lollio Named Associate Vice President Investments by Marcus & Millichap

Gino Lollio

CHICAGO, IL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has promoted Gino Lollio to associate vice president investments, according to John Przybyla, first vice president of Marcus & Millichap. Most recently, Lollio was a senior associate of the firm.

            “Gino’s commitment to creating and preserving wealth for investor clients, along with an impressive track record of closing net-leased property transactions throughout Chicago and across the Midwest, have earned him this honor,” says Przybyla.

            Lollio began his career at Marcus & Millichap as an associate in April 2009, and was promoted to senior associate three years later.

A net-leased investment professional with a focus on healthcare real estate, he specializes in representing private investors, REITs and institutional investors in their single-tenant and multi-tenant net-leased property acquisitions and dispositions.

Throughout his career, Lollio has closed 59 transactions totaling more than $73 million.

          

 Prior to joining Marcus & Millichap, Lollio played professional baseball in Italy for four years, and earned a position on the Italian National Team.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Lifestyle Shopping Center Changes Hands in Katy, TX in Deal Brokered by Marcus & Millichap

The Villagio at Cinco Ranch, 22764 Westheimer Parkway
 Katy, TX

KATY, 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 Villagio at Cinco Ranch, an 111,963-square-foot lifestyle shopping center in Katy, Texas.

The asset had a list price of $31,290,000; however, the terms of the sale of were not released.

Derek Hargrove, senior associate, and Justin Miller, vice president investments, had the exclusive listing to market the property on behalf of the seller, The Marcel Group.

Derek Hargrove

 Based in The Woodlands, Texas, The Marcel Group has developed and sold more than a million square feet of retail and office projects.

 The group is an integrated commercial real estate firm specializing in development, construction, design, engineering, master planning, leasing and property management.

            “At the time of the sale, The Villagio at Cinco Ranch was 89 percent occupied,” says Miller.

 “We received interest locally, nationally and internationally, due in large part to the property’s Class A location in the high-demographic, master-planned community of Cinco Ranch.” 

“The seller ultimately selected an international buyer because of his aggressive pursuit of the property,” adds Hargrove.

Justin Miller

            Built in 2007 on almost eight acres, the property is located at 22764 Westheimer Parkway in Katy, Texas, an affluent high-growth residential submarket on the west side of the Houston MSA. 

The average annual household income within a one-mile radius is $162,000 and more than 205,000 people live within five miles. 

Other major retail destinations in the immediate area include the recently constructed La Centerra at Cinco Ranch, a 34-acre Main Street-style mixed-use development.

            The Villagio at Cinco Ranch’s tenants include Italian restaurant 3 Olives, The Public House, Charter Title Company, Steeplechase Pediatric Center, Keller Williams and De Vero Salon & Day Spa.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Arranges Sale of Two Five-Story Office Buildings in Houston, TX

Alex Zylberglait

HOUSTON, 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 8866 and 8876 Gulf Freeway, two five-story multi-tenant office buildings totaling 178,410 square feet in Houston. The terms of the sale were not released.

            Ron Hebert, vice president investments in Marcus & Millichap’s Dallas office, represented the buyer, a California-based investor in a 1031 exchange.

Alex Zylberglait, first vice president investments in the firm’s Miami office and Christopher Jones, an associate in the firm’s Houston office, represented the seller, Accesso Partners LLC of Hallandale, Beach, Fla., formerly Beacon Investment Properties LLC.

“Our nationwide marketing platform generated multiple qualified offers for this asset,” says Jones.

Christopher W. Jones

“The investor that emerged with the winning bid is in an excellent position capitalize on the strong leasing velocity in Houston’s Gulf Freeway/Pasadena submarket,” adds Hebert.

            “The buyer and its brokerage representatives were both proactive and responsive in this transaction, which resulted in a timely, smooth acquisition,” notes Ariel Bentata, co-founder and managing partner, investments, of Accesso Partners.

            “The seller maintained both office buildings to the highest institutional standards during its ownership,” says Zylberglait. 

“Accesso, which has a nationwide reputation for performing on acquisitions, showed us the firm is just as diligent and deadline-conscious as a seller that understands the importance of a seamless expedited transaction that does not disrupt the tenant base.”

Ron Hebert

            The buildings are prominently located on Interstate 45 South with accessibility to Loop 610, Beltway 8 and multiple destinations in the greater Houston area, including downtown, the Texas Medical Center, the Port of Houston, Ellington Field, NASA and Galveston. 

Nearby William P. Hobby Airport is in the midst of a $223 million expansion.

Constructed in 1983 and 1984 and renovated in 2010, the buildings have benefited from Accesso’s long-term institutional ownership and management and have received significant upgrades to the HVAC systems and elevators, in addition to lobby treatments and membrane roofing systems. 

The property features on-site management, security and maintenance, an on-site deli and controlled access systems to the buildings and parking area.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Promotes Richard Matricaria to Vice President

Richard Matricaria

TAMPA, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has promoted Richard Matricaria to vice president, according to John J. Kerin, president and chief executive officer. Most recently, Matricaria was a regional manager of the firm.

            “Richard brings extensive knowledge of the commercial real estate sector and proven leadership skills to his position as vice president,” says Kerin.

“A 12-year veteran of the firm, Richard has been a successful investment sales professional and an exemplary manager, who leads the Tampa office as its regional manager. 

"Richard is a committed mentor to our Tampa agents and an exceptional asset to our private and institutional investor clients.”

            Matricaria joined Marcus & Millichap as an agent in the Fort Lauderdale, Fla. office in 2002 specializing in retail and office property investments. In 2005, he was promoted to senior associate, and inducted as a senior investment associate in 2008. He joined the management team as sales manager of the Fort Lauderdale office in September 2009 and was promoted to regional manager of both the Orlando and Jacksonville, Fla. offices in January 2010.

John J. Kerin

            In June 2012, Matricaria began serving as the regional manager of the Tampa office and in May 2014 was elected as a vice president of Marcus & Millichap.

            Matricaria graduated from the University of Alabama with a B.B.A. in marketing and received his M.B.A. from St. Thomas University.

  

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

Gina Relva

Public Relations Manager

(925) 953-1716

San Fernando, CA Valley Apartment Community Sells for $14.25 Million

Ronald Harris

SYLMAR, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Vista Ridge Apartment Homes, an 81-unit apartment community in the Sylmar submarket of the San Fernando Valley.

The $14,250,000 sales price equates to $175,926 per unit.

Ronald Harris, executive vice president investments, Rick Raymundo, vice president investments, and senior associates Paul Darrow and Michael DiSimone, all in Marcus & Millichap’s Los Angeles office, represented the seller, Benedict Canyon Equities Inc. The buyer is a private owner/operator.

“Vista Ridge’s location, size, amenity package and value-add opportunities combine to form a commercial real estate investment that is well-positioned to provide strong returns over the long term,” says Harris.

Rick Raymundo

“Constructed in 1987, this non-rent-controlled asset has been extensively remodeled and for the past three years, operations have steadily moved in a positive direction,” adds Raymundo.

Situated in the northeast corner of the San Fernando Valley at 13500 Foothill Blvd. in Sylmar, the property is located adjacent to California state routes 118 and 210 and interstates 5 and 405, providing residents with easy access to employment hubs in Santa Clarita/Newhall, the northern areas of the San Fernando Valley and Burbank/Glendale.

Gridley Elementary School and other public and private schools are nearby. Los Angeles Mission College is approximately one mile away.

            Vista Ridge is an eight-building apartment community in a low-density setting in an area composed predominantly of single-family homes.

Paul Darrow

The property features recently replaced roofs, new exterior lighting and signage, a modern exterior paint scheme, four on-site laundry rooms, and newly landscaped barbecue areas with built-in gas grills and seating.

Approximately 70 percent of the units have been renovated to include new wood-grain vinyl and tile flooring, porcelain-tile kitchen countertops with decorative tile backsplashes, a multicolor paint scheme, modern lighting and new shower fixtures.

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

Gina Relva

Public Relations Manager

(925) 953-1716