Marcus & Millichap Promotes Seven Agents in the South

  

         Frank Carriera, David Greenberg, Craig Johnson, Drew Kristol

  

CALABASAS, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted seven agents based in the South to vice president investments.

This designation exemplifies superior performance achieved by an associate during his or her sales career at Marcus & Millichap and in the investment real estate brokerage profession, according to Gene A. Berman (lower right photo), executive vice president and managing director.

                               Jamie May, Kirk Olson, Al Silva

            The agents, their office locations and specialties are:

·         Craig Johnson, Atlanta, retail and net-leased 

·         David M. Greenberg, Fort Lauderdale, hospitality

·         Drew A. Kristol, Miami, retail and net-leased 

·         Kirk D. Olson, Miami, retail and net-leased 

·         Frank P. Carriera, Tampa, multifamily

·         Jamie B. May, Tampa, multifamily

·         Al Silva, Fort Worth, multifamily

  

Previously, Johnson, Greenberg, Olson and Carriera held the title associate vice president investments. Kristol, May and Silva were senior associates. 

            “With this promotion, these commercial real estate investment specialists have earned a prestigious designation within the firm and solidified their reputations as knowledgeable and successful investment professionals,” says Berman.

“Their focus on providing superior client services has earned them a high degree of loyalty and respect from investors as well as from their peers.”

Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716

255-Unit Luxury Apartment Complex Hits the Market in Suburban Baltimore

  PIKESVILLE, MD–Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has received the exclusive listing for The Residences at Waterstone (top left photo).

The 370,436-square foot multifamily community, located along the dynamic Reisterstown Road corridor in Pikesville, is being offered as an open bid.

Will Balthrope (middle right photo), an IPA senior director, Lindsay Allen (middle left photo), an IPA director, and Ari Firoozabadi (lower right photo), a vice president investments in Marcus & Millichap’s Washington, D.C. office, are representing the seller, Pacific Urban Residential. IPA is a division of Marcus & Millichap Real Estate Investment Services.

“The Residences at Waterstone is an excellent opportunity for an investor to purchase a best-in-class asset with a history of strong occupancies and steadily increasing revenues in a submarket with limited competition,” says Balthrope.

“The property provides its residents with excellent mobility in a strategic location with proximity to the area’s major employers, retail centers and major transportation thoroughfares,” adds Allen.

 “Future demand drivers in the immediate area are expected to provide stable job growth, assuring job creation and strong housing demand for years to come,” concludes Firoozabadi. “The Residences at Waterstone offers investors long-term stability, strong rent growth potential and excellent value appreciation.”

Built in 2002 on 25 acres, the property is located at 225 Galvariun Court in Pikesville. Interstate 695, the corridor that allows direct access to Interstate 795, is one mile south of the property along Maryland State Route 140, Reisterstown Road.

The Interstate 695 corridor provides access to the Baltimore/Washington International Thurgood Marshall Airport and direct access into downtown Baltimore. Baltimore has a convenient and up-to-date subway system with two stations conveniently located in Pikesville.

The Residences at Waterstone features condominium-quality, individually parceled, townhome-style units. Each unit includes an attached garage and private entrance with select units offering wooded and park-like views.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Marcus & Millichap Closes Sale of $13 Million Lender-Owned Property in Greenfield, CA

GREENFIELD, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Creekbridge Village Apartments (top left photo), a 154,838-square foot mixed-use property in Greenfield.

The property consists of 128 apartment units and 36,866 square feet of retail. The sales price of $13 million represents $84 per square foot. 

Ted Kokernak (middle right photo), a senior vice president investments in the firm’s Palo Alto office, in cooperation with San Francisco-based Newmark Realty Capital Inc., represented both parties in the transaction.

 “Creekbridge Village Apartments is the only modern apartment complex located between Salinas and Paso Robles,” says Kokernak. “The property has become a Greenfield landmark with its eclectic and award-winning architectural style.”

Located on 5.6 acres at 10 South El Camino Real in Greenfield, the property surrounds Village Green, a park-like setting where local musicians perform from an old-world-style bandstand.

Creekbridge Village Apartments consists of seven buildings ranging from one-story retail at the front to two- and three-story apartments over retail in the core development. The buildings are wood frame and stucco with pitched roofs and Spanish tile or composite shingles.

 The apartment unit mix is 26 one-bedroom/one-bath units, 65 two-bedroom/one-bath units, 22 three-bedroom/one-bath apartments and 15 three-bedroom/two-bath apartments. There are 26 retail units that range from 430 square feet to 8,815 square feet.

 Creekbridge Village Apartments provides residents with covered and gated carport parking and a gym. The apartments feature open floor plans and all-electric kitchens.

Greenfield is located in Monterey County, approximately 33 miles southeast of Salinas.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Marcus & Millichap Capital Corp. Arranges $1.5 Million Loan for 42-Unit Apartment Building in Plainville, CT

Plainville, CT., Aug. 25, 2011 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $1,500,000 fixed rate loan for the purchase of 94 West Main Street (top left photo) in Plainville, Connecticut. 

 Sean Mooney (top right photo) – Associate Director and Chris Marks (lower left photo) – Associate, at the firm’s Manhattan office, arranged the financing.

The financing for this transaction was provided by Sovereign Bank. Terms of the loan are 10-years fixed; the interest rate is at 5.07 percent with a 30-year amortization schedule.  Loan to value was 75 percent.     

“Most loans are taking over 60 days to close, but the lender helped expedite the process where we were able to close the loan in 43 business days,” says Mooney. 

Press Contact: J.D. Parker, Vice-President and Regional Manager, New Haven, (203) 672-3300

Washington State Multifamily Asset Commands $34,2 Million

 RICHLAND, WA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of The Villas at Meadow Springs (top left photo), a 286-unit, 294,241-square foot luxury apartment community in Richland. The sales price of $34,220,000 represents $119,650 per unit and $116 per square foot.

 James Kordell, a senior associate in the firm’s Ontario, Calif. office, represented the buyer, a Southern California-based LLC. Daniel Chhan, of the firm’s Seattle office, also provided representation.

  “This was a strategic purchase for the buyer’s portfolio,” says Kordell. “The Tri-Cities submarket has had one of the nation’s lowest unemployment rates, indicating support for continued rent growth and strong occupancy.”

The property is located at 250 Gage Blvd. on the corner of Gage Boulevard and Venus Drive, across from the Meadow Springs Country Club (lower right photo) in Richland. The city of Richland is in southeastern Washington State at the confluence of the Yakima River and the Columbia River. Along with two nearby cities, Pasco and Kennewick, Richland forms the Tri-Cities area.

The Villas at Meadow Springs was built in 2003 on 16.2 acres. The unit mix features one-, two- and three-bedroom apartments with an average size of 1,029 square feet. Amenities include master suites with garden tubs, nine-foot ceilings and vaulted ceilings, barbecue and picnic areas and a heated swimming pool with a lap lane.

Richland, Wash. is approximately 137 miles from Spokane and 171 miles from Seattle.

 Contact: Stacey Corso,  Public Relations Manager, (212) 430-5100

$13.8 Million Bank-Owned Multifamily Property Changes Hands in Sparks, NV

 SPARKS, NV – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has negotiated the sale of The Waterford (top left photo), a 240-unit, 201,424-square foot distressed multifamily property in Sparks. The sales price of $13,875,000 represents $57,813 per unit and $69 per square foot.

Kenneth Blomsterberg (bottom right photo), a first vice president investments in Marcus & Millichap’s Sacramento office, represented the buyer, AJU Waterford Reno LLC. The seller was BACM 2005-6 Nichols Boulevard LLC. Blomsterberg is an AJU Waterford Reno LLC partner.

“The Waterford is located just west of the Sparks Marina and the Legends at Sparks Marina retail center, which is anchored by a 200,000-square foot Scheels all-sports store,” says Blomsterberg. “Target and Best Buy are also tenants there. The Waterford is in good condition,” adds Blomsterberg.

The property is located at 800 Nichols Blvd. The unit mix is 120 one-bedroom/one-bath units, 32 two-bedroom/one-bath units, 72 two-bedroom/two-bath units, eight three-bedroom/two-bath apartments and eight three-bedroom/two-bath bungalows.

Community amenities at The Waterford include a swimming pool and spa, a fitness center and sports courts.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

$71 Million Shopping Center Portfolio Up for Grabs in Five States

CLEVELAND, OH, June 16, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for a 10-property shopping center portfolio.

The listing price of $71.86 million represents $71 per square foot. The properties, which encompass approximately one million square feet, are located in Indiana, Illinois, Missouri, Ohio and Texas.

 The retail assets may be purchased together or separately.

James Stonehill and Scott Wiles in Marcus & Millichap’s Cleveland office, along with Erin Patton in the Columbus office, are representing the seller.

“These properties are either adjacent to strong regional shopping malls in their respective markets or are shadowed by big-box retailers such as Walmart Supercenter, Home Depot and Sam’s Club,” says Stonehill. “Nine out of the 10 centers are anchored by national or regional retailers.”

“Individually or as a group, these assets offer new ownership stable cash flow,” adds Wiles. “They are 86 percent leased with limited tenant lease rollover.”

The properties in the portfolio are:

• Great Lakes Plaza, Mentor, Ohio, 81,399 square feet
• Ingram Plaza, San Antonio, Texas, 52,231 square feet
• Lake Plaza, Waukegan, Ill., 124,939 square feet
• North Ridge Plaza, Joliet, Ill., 225,597 square feet
• Matteson Plaza, Matteson, Ill.,179,492 square feet
• Washington Plaza, Indianapolis, Ind., 50,303 square feet New Castle Plaza, New Castle, Ind., 91,648 square feet
• Teal Plaza, Lafayette, Ind., 101,087 square feet
• Lincoln Crossing, O’Fallon, Mo., 37,801 square feet
•  Regency Plaza, St. Charles, Mo., 76,846 square feet

 “Marcus & Millichap creates markets for retail properties through our relationships with the broadest pool of private and institutional investors nationwide,” concludes Patton. “By combining unrivaled transaction expertise, in-depth market knowledge and the industry’s most powerful marketing platform, we maximize value for investors.”    

   

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

$21.7M Private Resort in California Listed by Marcus & Millichap

CALIFORNIA CITY, Calif., June 30, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for the Silver Saddle Ranch and Club (top left photo) , an 80-acre full-service resort in California City.

 The listing price is $21,700,000.

Irwin Woldman, a hospitality investment specialist in the firm’s Encino office, is representing the seller.

“Membership in the Silver Saddle Ranch and Club is private and controlled,” says Woldman. “Each member has purchased a single-family lot nearby, which allows them to join the resort and club. The offering includes more than 900 lots and 1,000-plus undeveloped acres surrounding the resort.”

The property is located at 20751 Aristotle Drive at the foot of the Sierra Nevada mountain range. The 20 Mule Team Parkway, a main thoroughfare, leads from California City’s main business district to the resort.

The Silver Saddle Ranch and Club features a hotel with spa, salon, restaurant, bar and offices.

 The hotel has 45 rooms, including three fully appointed executive suites and eight bungalows with private patios.

Amenities include a family pool, an adults-only pool, a driving range, game room, adult and children’s recreation rooms, exercise room and outdoor seating/barbecue area. Meeting rooms with audio-visual capabilities and a kitchen are also available.

Outdoor recreation at the resort includes miniature golf, bicycling, boating, horseback riding, camping, archery, trap and skeet shooting, picnicking, rock hounding, playing horseshoes and bird watching.

Corporate Spending, Manufacturing Gains to Bolster U.S. Industrial Sector 

ENCINO, CA – While industrial vacancies will remain elevated through year-end 2010, the economic recovery will stabilize property performance and set the stage for modest improvement next year, according to a new report issued by Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm.

“Future economic expansion will be driven by personal and corporate spending, which were the primary drivers of GDP growth during the first quarter of 2010,” says Alan Pontius, managing director of the firm’s National Office and Industrial Properties Group. “As private consumption resumes, business will be encouraged to replenish depleted inventories in anticipation of further increases in demand, albeit at a slow pace.

“Manufacturing continues to post gains, which will also bolster a 2011 recovery in the industrial property sector,” explains Pontius.

"The manufacturing sector grew for the 10th consecutive month during May, driven by continued strength in new orders and production.

According to the Special Industrial Research Report, employment growth will be a crucial component in buoying consumer sentiment and supporting spending, and while recent payroll additions have exceeded expectations, it will take years for the economy to recover the 8.4 million jobs lost during the recession.

Recent positive economic developments have yet to translate into heightened tenant demand for industrial space, as many tenants have more space than they need.

Widespread improvement in the industrial market will likely not occur until 2011 and 2012, when more robust economic and employment growth will take hold.

The report contains the National Industrial Index (NII), which ranks 27 of the nation’s industrial markets based on a various factors, including projected employment changes, construction, net absorption, revenue change and vacancy. Houston, Los Angeles and Denver are the top three markets, while Tampa, Atlanta and Detroit rounded out the bottom of the list.

For a copy of the Special Industrial Research Report from Marcus & Millichap, please log on to http://www.marcusmillichap.com/.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Marcus & Millichap Lists $10.6M Apartment Building in Los Angeles

LOS ANGELES, June 22, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Palm Terrace Apartments (top left photo), a 148-unit, 77,200-square foot apartment building in Los Angeles. The listing price of $10,650,000 represents $71,959 per unit.

Matthew Friedman, (lower right photo)  a vice president investments and a senior director of the firm’s National Multi Housing Group in Encino, is representing the seller.

“Offered significantly below replacement costs and at a low price per unit, Palm Terrace presents an opportunity for an astute investor to make enhancements to the property and dramatically increase rents to submarket levels,” says Friedman.

 “Given the strong local demographics and proximity to Los Angeles’ primary employment centers, Palm Terrace is well positioned to benefit from the continuously improving economy.”

Built in 1957 on 2.48 acres, the property is located in the historic West Adams district, a densely populated submarket of Los Angeles.

Palm Terrace provides easy access to major Southern California freeways and is within minutes to public transportation, allowing for easy reach to employment opportunities, retail shops and recreational offerings.

The property is also minutes from some of Los Angeles’ most famous destinations, including Dodger Stadium, Staples Center, and L.A. Live. Several nearby prominent institutions of higher education provide the property with continuous housing demand.

Palm Terrace is comprised of 148 one- and two-bedroom units

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Marcus Millichap Lists 2 Properties in Maryland and Florida With Total Listing Tags of $41M

 $29.6M Walgreens Portfolio in Maryland on Block 

PHILADELPHIA, PA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the listing for a $29.8 million four-property Walgreens portfolio in Maryland. The properties are also available separately.

Mark Taylor, a vice president investments and a director of the firm’s Net Leased Properties Group (NLPG) in Philadelphia, and Dean Zang, (top right photo) an associate vice president investments and an associate director of the NLPG, also in Philadelphia, are representing the seller, a Maryland-based developer.

 David Feldman, (top left photo)  regional manager of the firm’s Washington, D.C. office, is also providing representation.

“It’s rare to find a portfolio of drug stores in the Mid Atlantic region today,” says Zang. “These sites may be most appealing to1031-exchange buyers, especially with the properties’ proximity to the infill markets of Washington, D.C., Annapolis and Baltimore.”

The properties are:

· 498 Ritchie Highway in Severna Park: 14,784 square feet on 1.65 acres with a new 20-year triple-net lease; the list price of $10,333,333 represents $699 per square foot

· 701 Washington Ave. in Chestertown: (middle right photo) 4,952 square feet on 1.3 acres with a new 25-year triple-net lease; the list price of $7,400,000 represents $494 per square foot

· 1800 Main St. in Chester (Kent Island): 14,550 square feet on 1.75 acres with a new 25-year triple net lease; the list price of $6,800,000 represents $467 per square foot

· Route 40 and Whitehall Road in Elkton: 13,721 square feet on 1.25 acres with a new 25-year triple-net lease, the list price of $5,066,666 represents $369 per square foot

$10.9M REO Waterfront Development Site in West Palm Beach, FL Up for Sale

WEST PALM BEACH, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Mizner Lakes, a 21.49-acre REO waterfront development site in West Palm Beach. The listing price is $10,992,000, or $16,000 per buildable unit.

(Royal Park Bridge to West Palm Beach, middle left photo)

Evan P. Kristol, a senior vice president investments, and Still Hunter III, a first vice president investments, both in the firm’s Fort Lauderdale office, are representing the seller, a Minnesota-based financial institution.

“The previous owner acquired the property in April 2006 for $34,840,000,” says Kristol. “Their intent was to develop 677 residential units and 20,900 square feet of retail.

Currently, there is an approved site plan for that project, which was to be called Mizner Lakes,” adds Kristol.

“Due to the downturn in the market, the development never broke ground,” explains Hunter. “There is an approved development order in place with the City of West Palm Beach. Retail use is no longer permitted in this underlying zoning district,” adds Hunter.

Located on Hank Aaron Drive, south of Palm Beach Lakes Boulevard in West Palm Beach, the site is situated on a 400-foot wide canal and has 851 feet of frontage on Hank Aaron Drive.

The location is around the corner from the Palm Beach Mall, (bottom left photo) minutes from downtown West Palm Beach and less than one mile east of Interstate 95. The property is also two miles north of Palm Beach International Airport and less than four miles from Florida's Turnpike.

The Mizner Lakes site is zoned for residential planned development (RPD) but has an underlying multifamily use zoning (MF-32) that allows a maximum density of 32 units per gross acre, which equates to 687 units.

Press Contact: Stacey Corso, Communications Department, 925-953-1716

Marcus & Millichap Names Adam Christofferson Regional Manager of Encino, CA Office

ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Adam Christofferson (top right photo) regional manager of the firm’s Encino office, according to Harvey E. Green, (bottom left photo) president and chief executive officer.

“More than seven years ago, Adam relocated from Southern California to spearhead the firm’s Denver expansion and now he will return to manage the Encino office,” comments Green.

“The Denver, Fort Collins and Salt Lake City offices have all benefited greatly from his leadership and dedication to superior client service. His extensive management experience and highly successful track record as an investment specialist make him an invaluable resource to our clients and agents in Southern California,” adds Green.

Christofferson began his career as an agent assistant with Marcus & Millichap in 1997, becoming a sales agent in 1998 and the No. 2 retail agent in the Encino office just two years later. As sales manager, he assisted in leading the Encino sales team to a record-breaking year in 2001.

 Christofferson was named the regional manager of the Denver office in September 2002 and was also charged with overseeing the firm’s Salt Lake City operations. Under his supervision, the Denver and Salt Lake City offices had five consecutive record-breaking years. In 2007, he was instrumental in opening the Fort Collins, Colorado, office through the acquisition of Wheeler Commercial Real Estate Services.

Christofferson graduated with a bachelor’s degree from Brigham Young University.

Press Contact:  Stacey Corso, Communications Department, (925) 953-1716

Marcus & Millichap Lists 2 Properties for Total $21.9M

Quarry Shopping Center, Fort Smith, AR, Listed for $11M

FORT SMITH, Ark., July 7, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the retained the exclusive listing for the 198,371-square foot Quarry Shopping Center (top right photo) in Fort Smith.

The listing price of $11 million represents $55 per square foot and an 8.01 percent cap rate.

Mac McCall, an associate vice president investments and a director of the firm’s National Retail Group in Atlanta, and C. J. Cropper, a retail investment specialist in Little Rock, are representing the seller, a Fort Smith-based private investment group.

“The Quarry Shopping Center is currently 97 percent occupied and includes a diverse mix of national and local retail tenants well-suited for the area,” says McCall. “The investment represents a rare opportunity to acquire a Wal-Mart-anchored property at only $55 per square foot.”
The property is located on 18.2 acres at 4900 Rogers Ave., across from the Central Mall, which is anchored by Dillard’s, JCPenney and Sears.

Seller Asks $10.9M for Metro North Office Building in North Glenn, CO

NORTHGLENN, Colo., July 7, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Metro North, (bottom left photo) a 86,044-square foot office building in Northglenn, a suburb of Denver.

The listing price of $10.9 million represents $127 per square foot.

Barry Higgins, vice president investments, and office and industrial property specialists Jon Hendrickson and Taylor Turano, al based in the firm’s Denver office, are representing the seller.
“Metro North is a high-identity property with excellent visibility from Interstate 25,” says Turano.

Located at 11990 Grant St. on 3.3 acres in Northglenn, the property is accessible from 120th Avenue, which is a major artery for the city with a traffic count of 61,040 vehicles per day.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Marcus & Millichap Posts Listings Valued at $80M

THREE-PROPERTY OFFICE AND INDUSTRIAL PORTFOLIO IN COLORADO LISTED FOR $58.44M

DETROIT, MI – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a three-property office and industrial portfolio located in Colorado, Texas and Missouri.

The portfolio’s total square feet is 306,688. The sales price is $58.44 million. The properties are being offered as a portfolio or separately.

Dan Danielak, a senior associate in the firm’s Detroit office, is representing the seller.

“All three properties were build-to-suits for their current tenants,” says Danielak, “Each of the leases feature built-in increases, with significant remaining terms.

"Attractive financing, that has been sourced, can give exceptional first-year returns that range from 7.73 to 7.86 percent.”

The three properties are:

SI International Inc. (top right photo), located at 1050 and1090 North Newport Road, in Colorado Springs, Colo., measuring 121,888 square feet.

· Aker Solutions, (middle left photo) located at 2201 North Sam Houston Parkway, in West, Houston, Texas, encompassing 94,800 square feet.

· Nooter Eriksen Inc. (middle right photo) at 1509 Ocello Drive, in Fenton, Mo., featuring 90,000 square feet.

The SI International Inc. property is located in Newport Business Park alongside other major defense and technology companies.

The offering is comprised of one three-story, 91,088-square foot office building and one single-story, 30,800-square foot office building.

The property has fitness center, employee cafeteria and polished granite floors.

The SI International office buildings were build-to-suit for the tenant in 2006 and the double-net lease has seven years remaining. SI International Inc. was purchased by Serco Inc. in December 2008.

Serco North America is a leading provider of professional, technology and management services to the United States’ military and the federal government.

The Aker Solutions building was built-to-suit for Aker in 2007 and features two built-in water pits for engineering and laboratory testing and four overhead crane systems.

Sellers control adjacent land that gives the tenant the availability to expand the existing facility. The current triple-net lease has eight years remaining; one five-year renewal option and a 2.75 percent rent increase every two years.

Aker Solutions ASA, an international $8.3 billion annual revenue organization, is committed to being the industry leader in oil field operations and has chosen Houston and this facility to invest in their company’s operations

The Nooter Eriksen headquarters building is a Class A three-story office building that sits on a spacious 28-acre site. A BTS for Nooter Eriksen Inc. in 2002, the property is absolute net-leased for another 13 years.

The lease calls for cumulative CPI rental increases every five years that are not to exceed 7.375 percent. Additionally, there are four five-year renewal options in place.

Nooter Eriksen Inc. is the world's leading independent supplier of custom-designed heat recovery systems for power plants.

$11.5M DEVELOPMENT SITE IN PORT ST. LUCIE, FL FOR SALE

PORT ST. LUCIE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for the Port St. Lucie Center Village development, a 37-acre land development site in Port St. Lucie.

Paul Bouldin, (bottom left photo) senior associate and an associate member of the National Land Group in Tampa, is representing the seller.

“This is a unique opportunity to purchase an excellent infill location in the city of Port St. Lucie,” states Bouldin. “The site is zoned for mixed-use development of more than 37 acres with 482,694 square feet of buildable space. The seller is prepared to meet the market to sell the property.”

Port St. Lucie is a rapidly growing city with more than 150,000 residents in what was predominately a bedroom community centrally located in the Treasure Coast of Florida in St. Lucie County, which is now transitioning into a dynamic and diverse city.

“The demand is growing for the development of retail, office and affordable housing in Port St. Lucie,” adds Bouldin.

“The economic model of Port St. Lucie Town Center Village, combined with current construction cost and potential income stream, make this asset an attractive long-term investment.”

As one of the fastest growing areas in the United States, and as the new home of the Torrey Pines Institute for Molecular Studies, the Vaccine and Gene Therapy Institute, and the Mann Research Center LLC, St Lucie County is emerging as the next center of science and technology excellence.

In addition, new business developments are expanding the area’s economic drivers, for example the Professional Golf Association (PGA), which is now residing in Port St. Lucie.

Located at 1684 Port St. Lucie Blvd., the development is bordered by Vero Beach to the north and Stuart to the south. It is well positioned to expand still further with more affordable housing and growing of new construction.


LA FITNESS IN DALLAS LISTED FOR $10.6M

DALLAS, April 8, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 45,000-square foot freestanding fitness center (top right photo) net-leased by LA Fitness in Dallas.

The listing price of $10.6 million represents $236 per square foot.

Jason Vitorino, associate vice president investments and a director of the firm’s National Retail Group in Dallas, and Philip Levy, a senior associate also in Dallas, are representing the seller, a Dallas-based developer.

“The new 15-year, double-net lease is guaranteed by LA Fitness International LLC, and has rent escalations every five years, starting in year five,” says Vitorino.

“The escalations are equal to the lesser of the five-year cumulative CPI increase, or 10 percent. Additionally, there are three five-year options to extend the lease, all of which have the same scheduled rental escalations.”

Located at 3029 Forest Lane, inside the Interstate 35 loop, just east of Interstate 35 and west of Webb Chapel and Forest Lane, the property has a prime northwest Dallas location, surrounded by major retailers and office developments.

The population within five miles exceeds 240,000.
The Class A building came on line in the third quarter of 2008.

LA Fitness is a full-service health club and fitness facility headquartered in Irvine, Calif. The company was founded in 1984, and has more than 285 locations in 21 states.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Marcus & Millichap Lists 196-Unit Luxury Apartment Complex in Santa Ana, CA for $27.5M

SANTA ANA, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for The Court at Artists Village, (top right photo) a 196-unit luxury apartment community in Santa Ana.

The listing price of $27.5 million represents $142 per square foot.

Ronald Harris, (middle left photo) senior vice president investments and a senior director of the firm’s National Multi Housing Group in Los Angeles, is representing the seller, a joint venture between a pension fund advisor and a local developer.

“The Court at Artists Village is a mixed-use urban apartment community comprised of 196 luxury apartment homes, 12,222 square feet of ground floor retail shops and 1,412 square feet of storage and office space,” says Harris.

“The Court at Artists Village truly defines urban infill development. The apartment community blends together unique design elements with traditional, well-appointed rental homes.

"Residents enjoy immediate access to the bohemian-style, urban-chic establishments of Artists Village, a pedestrian-oriented retail promenade with high-end restaurants, the Santora Building of the Arts (a local museum and studio), (bottom left photo) the Grand Central Theater and the locally famous Gypsy Den coffee shop.”

Located at 301 West 2nd St. in Santa Ana, The Court at Artists Village is a fully renovated 1990s’ vintage-style complex featuring a two-level subterranean parking structure.

Other amenities include a new fitness center, a swimming pool and a business center.

“The mixed-use retail component of The Court at Artists Village positions this asset favorably against competitive rental products,” says Harris.

“Furthering the desirability of this asset is its location in central Northern Orange County. The property is proximate to employment centers in Newport Beach, Costa Mesa, Anaheim and Santa Ana as well as some of Southern California’s most beautiful beaches and coastal cities.”

Press Contact: Stacey Corso, Communications Department, (925) 953-1716