Charles Dunn Company Completes $3.85 Million Sale of a 12,453-Square-Foot Office Building in Los Angeles, CA

3211 Cahuenga Boulevard West, Los Angeles, CA

LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $3.85 million sale of a two-story, 12,453-square-foot office building located at 3211 Cahuenga Blvd. West in Los Angeles. The property is fully occupied by several tenants.

Roger L. Beck, SIOR of Charles Dunn Company represented the buyer, Los Angeles-based 3211 Cahuenga LLC and Stacy Vierheilig-Fraser of Charles Dunn Company represented the seller, a private investor from Los Angeles.

“The buyer had been looking for a well-located office investment for over a year,” commented Beck. “Over that time period office pricing has risen more than $50 per-square-foot largely due to the lack of inventory and buyer demand. We were able to act quickly by presenting a strong, all-cash offer and quick closing prior to the property hitting the market.”

Roger L. Beck

Beck noted that the property is extremely well-located across the freeway from Universal Studios and close to both Hollywood and the San Fernando Valley markets. 

The buyer is planning on making significant improvements to the asset to add value and garner market rate rents.

“The demand for small office property in Los Angeles is extremely high as investors are seeking tangible assets as way to diversify their investment holdings,” said Vierheilig-Fraser. 

“It is very seldom that a quality, ideally located property becomes available and because of this, many transactions are closed off-market.”

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

Darcie Giacchetto

949.278.6224

Essex Realty Group Brokers the Sale of 63 Condominium Units in Schaumburg, IL

Doug Fisher

CHICAGO, ILLINOIS – Essex Realty Group, Inc. is pleased to announce the sale of 63 individual condominium units within Hawthorn Estate (1919-31 Prairie Square), a 219-unit condominium community in Schaumburg, Illinois.

The property is situated adjacent to the Motorola Solutions global headquarters to the west and the Schaumburg Convention Center to the south, directly beyond which is Woodfield Village Green Shopping Center, IKEA, Woodfield Mall and numerous other commercial centers.

 Further, the property is situated just northwest of the intersection at I-90 and I-290, offering easy access to O’Hare International Airport, the Ned Brown Forest Preserve of Cook County and downtown Chicago 25 miles southeast.

Jason Fishleder

The Hawthorn Estates community consists of four three-story, brown-brick low-rise elevator buildings. The offered units are situated within two of the four buildings, the majority of which have been maintained in their original condition. 

Three different floorplans (Walnut, Aspen and Oak) offer prospective tenants a variety of layout options. The complex features a private pool and two tennis courts.

The sale price was approximately $4,200,000.

Doug Fisher and Jason Fishleder represented the seller and Matt Welke represented the buyer.

Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

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

Douglas Fisher

Essex Realty Group, Inc.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com

Marcus & Millichap Arranges Sale of Two Trophy Office Buildings in Coconut Grove, FL for $42 Million

Bayview Executive Plaza, Coconut Grove, FL

COCONUT GROVE, 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 two office buildings in Coconut Grove, Fla., Bayview Executive Plaza and Continental Plaza.

The total sales price for the two properties is $42 million.

            The team of Douglas K. Mandel, first vice president investments, and Benjamin H. Silver, associate vice president investments, both in Marcus & Millichap’s Fort Lauderdale office, represented the seller and procured the buyer, Allegra Holding.

Continental Plaza, Coconut Grove, FL

            “These buildings are well positioned to reap the benefits associated with the explosive growth of new developments in ‘The Grove’ and the buyer will be able to take advantage of future spikes in demand that will push rental rates to new highs,” says Mandel.

“Both assets provide tenants with access to secure and covered parking, world-class restaurants and amenities, and were fully occupied at the time of sale. Bayview Executive Plaza has spectacular views of Biscayne Bay and downtown Miami.”

Located at 3225 Aviation Ave., Bayview Executive Plaza is one block west of Bayshore Drive, the world-famous Monty’s Raw Bar and the Biscayne Bay waterfront. 

Douglas K. Mandel

The 57,155- rentable-square-foot property is occupied by a mix of professional tenants, including Femwell Group Health Inc., Wolfberg Alvarez & Partners and Pinchasik Yelen Muskat Stein LLC. The building has a covered parking garage and an elevated exterior plaza with seating areas.

            Continental Plaza is a unique, 80,380-square-foot, five-story red-brick building located at 3250 Mary St. across the street from the new Park Grove development site, which is three planned 20-story condo towers plus retail and office space. Tenants include The Downs Law Group and HealthSun Health Plans Inc.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Hartman Simons Names Abbye Dalton Equity Partner

Abbye Dalton

ATLANTA (April 30, 2015) – Hartman Simons & Wood LLP (Hartman Simons) has named Abbye Dalton as an equity partner. 

Dalton has extensive experience representing developers in connection with ground-up retail development transactions as well as national retailers, specializing in restaurant and entertainment uses.

“Abbye’s deep knowledge of the commercial real estate industry and long history with Hartman Simons makes her an invaluable asset to our firm,” said Gil Y. Burstiner, managing partner of the firm. 

“We are proud to make her a part owner of Hartman Simons, and know that she will continue to deliver great value to her real estate clients going forward.”

Dalton began her law career at Hartman Simons’ predecessor firm, Altman Kritzer & Levick. She is a graduate of the University of Florida’s Levin College of Law and holds a Bachelor of Science in Psychology from Virginia Tech.

Gil Y. Burstiner

Based in Atlanta, Hartman Simons & Wood LLP, the nation’s leading commercial real estate law firm, is respected for its integrity, experience and value-driven results.

 Businesses of all sizes count on its team of attorneys and paralegals for sound, practical and effective legal solutions.

Hartman Simons & Wood is recognized for its proven expertise in the following practice areas: commercial real estate, construction & sustainable development, corporate & tax, creditor’s rights and bankruptcy, environmental, investment & finance, land use & government relations and litigation.

For more information check out our website at http://www.hartmansimons.com and our blog http://hartmansimons.typepad.com

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

Stephen Ursery

The Wilbert Group

404.549.7150 – office

404.405.2354 – cell

sursery@thewilbertgroup.com

New Haven, CT Area Multifamily Portfolio Sells for $14 Million--Northeast Private Client Group Represents Buyer and Seller

David Almeida

SHELTON, CT -- Investment sales broker Northeast Private Client Group has announced the sale of a 203-unit, four-building multifamily portfolio in New Haven and West Haven, CT.

 David Almeida, senior associate in the firm’s Connecticut office, and Bradley Balletto, the firm’s regional manager, represented the seller and the buyer in the $14,200,000 transaction, which closed on April 23. 

“The success of this transaction is the direct result of our relationship approach to investment sales,” said Edward Jordan, JD, CCIM, the firm’s managing director. 

The portfolio consists of Diamond Ridge Apartments, a 92-unit property located at 115-277 Diamond Street in New Haven; Crestview Apartments, a 63-unit property located at 62 Treat Street in West Haven; Boulevard Apartments, a 24-unit property located at 1495 Ella T. Grasso Boulevard in New Haven; and Tamarack Apartments, a 24-unit property located at 169 West Spring Street in West Haven.

Bradley Balletto

The properties traded at a price that equates to nearly $70,000 per unit, which represents a capitalization rate of 7.0% on the current net operating income. 

  The seller, Harvest Apartments, is a national multifamily investor based in Wethersfield, CT.  

The buying entity is affiliated with Navarino Capital Management of Bridgeport, CT, an owner/operator of southern New England multifamily and commercial assets.  Goldman, Gruder & Woods, LLC was the buyer's legal representative.

“High occupancy and growing rents in New Haven are driving strong demand for multifamily properties,” said Almeida.  “These assets performed well over the years for the seller and will continue to do so for the new owner.”

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

Randy Savicky

Founder/CEO

Strategy+Communications

Connecting the New PR & Marketing to Business Goals

www.strategypluscommunications.com

203-226-6156