Raintree Partners Acquires Two Luxury Condominium Projects in Los Angeles for $24 Million

LOS ANGELES, CA  (Feb. 28, 2012) – Raintree Partners, a Laguna Niguel, Calif.-based real estate investment and development company, has completed the acquisition of two luxury vacant condominium projects, Vista Paradiso (top left photo) and Villa Sofia (middle left photo), totaling 63 units in the county of Los Angeles, Calif. which the firm will, for the time being, hold and manage as condo units to be rented. 

This $24.2 million acquisition brings Raintree’s holdings in California to 15 multifamily communities, consisting of 2,057 units, according to Jeff Allen (top right photo), CEO of Raintree Partners.

“These two properties were originally built as for-sale condominiums but never made it to market, and therefore were 100 percent vacant when acquired,” explained Allen.

“Our business plan includes the acquisition and ongoing ownership of multifamily properties.  In line with this strategy, Raintree will offer these newly acquired condo units for rent as high-end multifamily units.”

Vista Paradiso is a luxury, Class A community built in 2011 and located at 11805 Laurelwood Drive in Studio City, Calif. The property includes 24 units, featuring two- and three-bedroom floor plans, averaging 1,600 square feet, according to Aaron Hancock, Director of Acquisitions for Raintree. 

“Vista Paradiso is a particularly strong investment opportunity for our firm. The property features panoramic views of the San Fernando Valley and is one of the few high-end condo properties available for rent south of Ventura Boulevard in Studio City,” Hancock explained.

“In fact, Vista Paradiso will be the highest-quality multifamily product available for rent within the San Fernando Valley market today.”

The second property, Villa Sofia, is also a luxury Class A condo project that was constructed in 2011.  The property is located at 4470 Woodman Ave. in Sherman Oaks.  The 39-unit community is made up of two- and three-bedroom floor plans averaging 1,234 square feet. 

Hancock explained, “When combined with our 2011 acquisition of Taiko Village in Burbank, this acquisition brings Raintree’s portfolio of Class A rental condominium properties within this submarket to 106 units.”

Hancock continued, “Because many former homeowners are now renting, and numerous would-be buyers have made the decision to postpone a home purchase, demand for luxury condo properties which are currently available to rent, like Vista Paradiso and Villa Sofia, is strong. 

"We expect that demand for these types of units will increase, and we anticipate that Raintree will acquire additional failed condominiums in the future.”

KW Commercial’s Senior Vice President Hirsch Sherman (lower right photo)  and Vice President Jared Levine (lower left photo) represented Raintree in the acquisition. Daron Campbell, also of KW Commercial, represented the seller.

Contact:

Corynne Randel / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

CRandel@browermillercole.com              

Faris Lee Investments Completes $5.27 Million Sale of Retail Property Occupied by Hobby Lobby in Visalia, CA

IRVINE, CA, Feb. 27, 2012 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $5,272,000 sale of a 59,283 square foot retail property occupied by Hobby Lobby (top left photo) in Visalia, Calif.

Situated on 4.89 acres, the property is located at 3231 S. Mooney Blvd. as an anchor to the Sequoia Mall (lower left photo)which includes Sears and Regal Theaters, with Marshalls and Bed Bath & Beyond adjacent to the mall.

Also included in the sale is a potential developable outparcel, which has been approved by Hobby Lobby and the mall ownership, for up to 5,000 square feet of rentable area.

Donald MacLellan (top right photo)  and Richard Walter (middle left photo) of Faris Lee Investments represented the seller, Lubert –Adler Management West Inc.

Dennis Vaccaro (lower right photo) of Faris Lee Investments represented the buyer, a private investor from Los Angeles, who paid all-cash.

“This Visalia location which opened a year ago was Hobby Lobby’s first California store and was purported to have one of the strongest store openings in the chain’s history,” said MacLellan. “Faris Lee’s strategy was to educate the capital-rich California buyer pool on the strength of Hobby Lobby as a leading retailer in the industry.”

Vaccaro added: “Hobby Lobby is located in the former Mervyn’s anchor space of Sequoia Mall which has significant vacancy, however, the superior positioning of the Hobby Lobby building within the recovering Visalia marketplace offered an opportunity to capitalize on the property’s intrinsic value.”

 

 Hobby Lobby is located along S. Mooney Blvd. with excellent visibility and strong traffic counts at the intersection of Caldwell Avenue and Mooney Boulevard (56,000 cars per day).

Hobby Lobby operates about 435 stores in 35 states and sells arts and crafts supplies, baskets, beads, candles, frames, home-decorating accessories, and silk flowers. It also has operations in China, Hong Kong, and the Philippines, and it is the #3 craft and fabric retailer (behind Michaels Stores and Jo-Ann Stores). Sister companies, Crafts, Etc! and Hemispheres, supply Hobby Lobby stores with merchandise, received from its Oklahoma distribution facility.

“California capital continues to seek out single-tenant property within the state as well as in other well-located markets throughout the country,” said Walter. “The marriage between location and tenant strength is key to investor appeal as more often than not, annual returns are more reliable and more profitable than other non-real estate investment options.”

 For more information, please visit www.farislee.com.

Contact:              

Darcie Giacchetto,

949.278.6224

Spaulding Thompson & Associates

For Faris Lee Investments

Regency Centers to Begin 378,000 sf Ground-Up Development in Petaluma, CA

    

 PETALUMA, CA.--(BUSINESS WIRE)-- Regency Centers (NYSE: REG), a national owner, operator and developer of grocery-anchored and community shopping centers, will begin construction of East Washington Place (top left rendering), a 378,000-square-foot community center anchored by Target.

Located 39 miles north of San Francisco in Petaluma, Calif., this new development is strategically located at the intersection of two main arterial roads, East Washington Street and Highway 101, with daily traffic counts in excess of 92,000.

Regency Centers will invest approximately $61 million into the project, which will create approximately 380 construction jobs and 720 permanent jobs.

East Washington Place will fill a retail gap in the Petaluma market which is currently underserved by major retailers. The center will include a 138,324-square-foot Target along with 121,000 square feet of anchor space and 118,676 square feet for junior anchors, small shops and office space. Construction will commence this week with the center opening slated for Summer 2013.

“East Washington Place has all the key attributes that define a Regency center – market-dominant anchor, a prime infill location and superior demographics,” explained Ryan Nickelson, Vice President of Investments for Regency Centers. “Tenant interest remains high as there are very few location options in this highly desirable market that has limited opportunities for future retail development.”

To lease space, contact Leasing Agent Jenny Smith at 925.279.1885.

In 2004, Regency Centers purchased the land occupied by Kenilworth Junior High School, which used the funds to relocate and construct a new school facility. In addition, Regency Centers partnered with the Petaluma National Little League and Petaluma City School District to relocate and construct new baseball fields located at Petaluma Junior High School which will open for the Spring 2012 season.

Regency Centers owns and/or manages 71 properties in California totaling 9 million square feet.

Contact:

The Hoffman Agency

Bonnie Hayflick, 904-398-9663

bhayflick@thehoffmanagency.com

or

Regency Centers

Ryan Nickelson, 925-279-1865

Vice President, Investments

ryannickelson@regencycenters.com

CMBS Delinquencies and Bank Troubled Assets Holding Steady, Report Guests on Atlanta’s Commercial Real Estate Show

 ATLANTA, GA (Feb. 27, 2012) – When it comes to CMBS loan delinquencies and the percentage of problem assets that banks have on their balance sheets, things are not getting better. But the situation is not getting worse.

 Guests of the most recent episode of the “Commercial Real Estate Show” shared those observations in a comprehensive look at the issues facing banks and servicers. Topics included upcoming CMBS maturities, the performance of banks in 2011, best practices for participation loans and successful OREO marketing techniques.

Tom Fink (top right photo), a senior vice president of Trepp LLC, said the volume of CMBS delinquencies are “in a steady state right now. I wouldn’t call it greatly improving, but it’s not getting worse, that’s for sure.”

 However, some of the numbers are still unsettling. Approximately $60 billion of CMBS loans are set to mature in 2012 – and about half of those are upside down, Fink said.

 CMBS default rates have been improving in the multifamily and hotel sector, but deteriorating among office and retail properties, Fink noted. 

Meanwhile, more than 90percent of U.S. banks turned a profit in 2011, up from approximately 60 percent just two years earlier, said Christopher Marinac (top left photo), managing principal and director of research for FIG Partners LLC. “As the cigarette commercial goes, we like to say, ‘We’ve come a long way, baby,’” he said.

 The median level of problem assets among banks is about 6 percent, but the measurement is holding steady, Marinac noted. “It may not necessarily get better in the near-term … but it’s not getting worse. That’s real important,” he said, adding banks “are much more stable and much stronger than people give us credit for.”

Banks are lending more and have shown interest in hotels, multifamily properties and retail sites that are characterized by healthy cash flows and reasonable leases, Marinac said.

 “That’s good,” replied show host Michael Bull (middle right photo), president and founder of Bull Realty. “Fundamentals are improving slightly for commercial real estate. New loans at the current lowvales may be some of the safest loans lenders will ever originate.”

 Lenders that handle theforeclosure of a property well are the ones that make sure their various departments communicate early and often once trouble rears its head, said Rob Whitmire (lower left photo), a partner with Bull Realty. “They’ll bring their advisors in, their brokers, their leasing team, their management team and have them start early on providing expectations for disposition value,” he said.

 

 A successful tactic for foreclosing on an OREO property is to have the property held by a special-purpose entity rather than a bank. That way, the asset “has far less liability issues,” said Robert Reynolds, an attorney with Reynolds, Reynolds & Little.

 The next “Commercial Real Estate Show” will be available March 1 and will examine land use and zoning issues.

Contact

Stephen Ursery

Wilbert News Strategies

404.965.5026

sursery@wnspr.com

www.CREshow.com.

C&W negotiates new Orlando, FL lease for Carrier Corp.

 Orlando, FL – Cushman & Wakefield of Florida, Inc. (C&W) Office Brokerage Senior Director Richard Solik (top right photo) announced a new lease for Carrier Corporation in Sand Lake West Business Park.

Mr. Solik  represented the tenant, in the long-term deal for 7,600 sf. Paul Reynolds of CBRE represented the landlord in the deal which commences on July 1, 2012.

Contact:

Brook Hines

Marketing Associate

Cushman & Wakefield

800 N. Magnolia Avenue, Suite 450

Orlando, Florida 32803

Tel: 407-541-4401

brookhines@cushwake.com

www.cushwake.com

2 Oceanfront Condo Towers Planned For Key Biscayne In Miami-Dade County

MIAMI, FL -- A Miami development group with roots in South America is preparing to construct a pair of oceanfront condo towers in the wealthy enclave of Key Biscayne just southeast of Greater Downtown Miami, according to a new report from CondoVultures.com.

The proposed Oceana complex is to feature twin 15-story towers with a combined 140 units plus an additional 14 villas on a 10.1-acre site on Ocean Drive in Key Biscayne, according to Village of Key Biscayne records.

The Oceana complex - slated to go up on the former Sonesta Hotel and Resort site (top left photo) - increases the total number of newly proposed condos in South Florida to 24 towers since the real estate crash, according to the CondoVultures.com Preconstruction Condo Projects list.

 

Condo Vultures founder Peter Zalewski (top right photo) is scheduled to discuss the dynamics of South Florida's latest condo boom on Feb. 28 at the 4th Annual "State Of The South Florida Condo Market" Seminar at 1060 Brickell Ave. in Greater Downtown Miami. The event is sponsored by the Continental Group, Miami Association Of Realtors, the Miami Downtown Development Authority, and ACAP financing. 

Despite having not yet opened a preconstruction sales office on site, the development group - Consultatio Key Biscayne LLC with Eduardo F. Costantini of Argentina and Marcos Corti-Maderna, Jose Chouhy, and Jorge Brave - filed a "notice of commencement" on Feb. 4, 2012 to begin "parking garage foundation" work, according to Miami-Dade County and Florida Secretary of State records.

At the heart of the South Florida real estate crash, the development group paid $78 million in October 2009 for the land located just north of the Grand Bay Tower condominium complex (middle left photo) and the Ritz-Carlton Key Biscayne resort, (middle right photo) according to Miami-Dade County records. 

Shortly after acquiring the property, the development group filed a "notice of commencement" in January 2010 for a "total demolition" of the former Sonesta Hotel, according to Miami-Dade County records.

Overall, the proposed Oceana project would increase the total number of new condo units planned to more than 4,500 for the coastal area of the tricounty South Florida region despite an estimated 4,200 developer units remaining unsold as of Dec. 31, 2011, according to a preliminary estimate based on the CondoVultures.com Official Condo Buyers Guide™ series.

At least four projects have already hosted groundbreaking ceremonies in the last year, according to a recent CondoVultures.com report. 

  

As of Feb. 24, 2012 in Key Biscayne, there are nearly 215 condo units on the resale market at a median asking price of more than $525 per square foot, according to an analysis by the licensed Florida real estate brokerage CVR Realty™. 

Units range in price from less than $200 per square foot to nearly $1,800 per square foot, according to data from the Florida Realtors association.

In 2011, buyers acquired more than 215 condo units at a median price of $382 per square foot, according to the data.

On the rental front in Key Biscayne, nearly 125 condo units are available for lease at a median asking price of nearly $2.35 per square foot per month as of Feb. 24, 2012, according to the report.

In 2011, renters leased more than 300 units at a median price of nearly $1.90 per square foot per month between January and December, according to the data.

Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.

CEO Nexus Forum at Rollins College Draws Representatives of more than 100 Companies; Next Forum Scheduled for March

ORLANDO, FL --- CEO Nexus, the firm that works with public and private organizations to help second stage companies accelerate their growth and generate new employment, held one of its biggest CEO Nexus forums recently at Rollins College.

Steve Quello (top right photo), president of CEO Nexus, said more than 100 Central Florida companies were represented at the event.

Quello said the recent Rollins College CEO Nexus forum co-hosted by Rollins College Center for Advanced Entrepreneurship, the UCF Business Incubation Program, the Florida High Tech Corridor Council and local area chambers of commerce were in attendance.

Altogether this year, CEO Nexus produced some 16 forum events throughout Florida. “Groups and organizations are now working together to help revitalize the Florida economy and create more jobs,” Quello said.

The next CEO Nexus forum is slated for March 14 at Rollins College, by invitation only.

Rob Wight (lower left photo), co-founder, president and chief executive officer of Channel Intelligence, will be the keynote speaker. 

Wight was the architect of the products and services that made Channel Intelligence a leading e-commerce technology provider that is relied on by retailers such as Best Buy, Target and Kimberly-Clark.  

 Prior to co-founding CI, several leading technology companies had Wight at the helm of innovative software systems development – especially backup/storage software – including Microsoft that he left in 1998 to form Channel Intelligence.  

To learn more about CEO Nexus, its forums and how to register, contact Linda Pope for registration at registration@ceonexus.mobi or 407-590-6101.

For media information, contact

Linda Pope, Events Coordinator, CEO Nexus 407-590-6101, PopeL@ceonexus.mobi;

 Tom O’Neal, Ph.D, Executive Director, Florida Economic Gardening Institute/GrowFL 407-882-1120

 Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com.

Crossman & Co. Promotes Three Top Associates

ORLANDO, FL --- Crossman & Company, the Orlando-based commercial property firm that ranks as one of the largest retail leasing and management firms in the Southeast, recently promoted three associates.

John Crossman, president of Crossman & Company, said Ashley Thornburg (top right photo) was promoted to senior associate.   Thornburg holds an MBA from the Crummer Graduate School of Business at Rollins College and she joined the firm as an associate three years ago to focus on leasing and management in the South Florida region.   In 2011 Thornburg received the CoStar Power Broker award.

Crossman said Brian Carolan (middle left photo) was promoted to director.  Carolan earned his Master’s Degree in Real Estate from the University of Florida.  He joined Crossman & Company as a research analyst two years ago and was promoted to associate in 2010.   As director, Carolan will continue to focus on investment sales throughout Florida. 

Whitaker Leonhardt (lower right photo) has also been promoted from associate to director. 

 A graduate of Georgetown University with a degree in political economy, Leonhardt holds a Masters in Real Estate from the University of Florida. He joined Crossman & Company three years ago and has received professional awards each year including NAIOP Rookie of the Year.  Whitaker will focus on leasing and investment sales throughout the state of Florida, Crossman said.

For more information, contact:

 John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com.

NAI Realvest Negotiates Two New Industrial Leases at Carter CommerCenter in Winter Garden, FL

MAITLAND, FL – NAI Realvest recently negotiated two new lease agreements totaling 5,625 square feet of industrial space at 902 Carter Rd., in the Carter CommerCenter in Winter Garden.

 Michael Heidrich (top right photo), a principal at NAI Realvest, negotiated both leases with two local tenants on behalf of the landlord COP-Carter, LLC of Maitland.

 Crazy Horse Plumbing, Inc. leased Suites 260-270 with 3,750 square feet and Two Crazy Broads, LLC leased Suite 280 with 1,875 square feet.

For more information,  contact

Michael Heidrich, Principal NAI Realvest 407-875-9989,  Mheidrich@realvest.com;

Patrick Mahoney, President NAI Realvest, 407-875-9989 Pmahoney@realvest.com;

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142    

Lvershelco@aol.com

AvalonBay Acquires The Mark Pasadena in Greater Los Angeles

PASADENA, CA –Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has closed the sale of The Mark Pasadena (top left photo), an 84-unit apartment building in Pasadena. The terms of the sale were not disclosed.

 Greg Harris (middle right photo), an executive vice president investments and Kevin Green (lower left photo), an associate director, represented the seller, a private investment firm based in California. Harris and Green also represented the buyer, AvalonBay Communities Inc.

 “The new ownership is well positioned for Los Angeles’s shift into a more vigorous job-growth cycle,” says Harris. “This year, employment increases are projected to expand the area’s renter pool and enable owners to continue pushing rents.”

            “The Mark Pasadena’s central location within the adjoining employment centers of Glendale, downtown Los Angeles and Burbank make it a perennially attractive apartment community,” adds Green. “Pasadena alone has a daytime job base of 110,000.”

The three-story, 70,648-square foot apartment building is located at 385 South Catalina Ave. in a quiet residential neighborhood a few blocks from historic Old Town Pasadena and adjacent to Colorado Boulevard, one of Greater Los Angeles’ most popular entertainment and shopping areas.

   

 The Mark Pasadena was constructed in 1973 and moderately updated in 2006 and 2007. The property features a variety of floor plans and many community amenities, including gated subterranean parking, a heated swimming pool and spa, a rooftop sundeck lounge and six on-site laundry facilities. The units feature central air conditioning and heating, plush Powerball carpeting, mirrored wardrobes, breakfast and wet bars in select units, gas-burning fireplaces and private balconies or patios.

The property is comprised of 36 one-bedroom/one-bath units, 20 one- bedroom/1.5-bath-with-den units, 12 one-bedroom/1.5-bath townhome-style units, four two-bedroom/1.5-bath units and 12 two-bedroom/two-bath units.

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

Hamstra Builders Inc. Sells Grocery-Anchored Shopping Center in Indiana

 MONTICELLO, IN– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Monticello Plaza, (top left photo) a 189,330-square foot grocery-anchored shopping center in Monticello, a city in central Indiana approximately 85 miles northwest of Indianapolis. The terms of the sale were not disclosed.

David Weber (middle right photo), an associate vice president in Marcus & Millichap’s Washington, D.C. office, and Nathan Whalen (middle left photo), a retail property investment specialist in the firm’s Indianapolis office, represented the seller, Hamstra Builders Inc. Michael Wernke (lower right photo), a vice president investments in Indianapolis, represented the buyer, an Indiana-based LLC.

 “With its in-depth market knowledge and unparalleled access to a variety of capital sources nationwide, Marcus & Millichap was able to create a competitive market for this property and lead us to the right buyer,” says Mitch Van Kley, chief financial officer and executive vice president of Hamstra Builders Inc. “We are extremely pleased with the high level of service we received from Marcus & Millichap throughout the process.”

“At the time of the sale, Monticello Plaza was 95 percent occupied with approximately 8,700 square feet of vacant space available for lease,” says Weber. “The center’s double-anchor tenants, Kroger and Rural King, and other strong in-line tenants such as Ace Hardware and Fashion Bug, lend themselves to making the shopping center a stable and solid investment.”

            The property is located on Monticello’s major north/south thoroughfare at 916 North Main St. Retailers in the immediate area include Taco Bell, CVS, Arby’s, Advance Auto Parts and Wells Fargo.

“Fewer completions and resumed job creation will strengthen the Indianapolis retail market in 2012,” says Wernke. “With operations in high-traffic corridors already recovering, metrowide vacancy will trend lower.”

 Built in 1979 on 20.2 acres, Monticello Plaza is anchored by Kroger and Rural King, a strong regional retailer. Other tenants include a freestanding Pizza Hut, Ace Hardware, Standard Auto and King Buffet.

Situated between Lake Shafer and Lake Freeman, Monticello is a popular summertime tourist destination and home of the Indiana Beach amusement park.

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

Marcus & Millichap Hired as a Consultant to Sell $1 Billion Orlando, FL Development

 APOPKA, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has been hired as a consultant to sell the $1 billion Kelly Park Crossings (top left map), the largest development ever set to rise in Apopka.

Initial entitlements call for the construction of up to 900 acres, including housing, a regional mall, offices, a campus for Valencia College, a hotel, a hospital and medical office space, as well as a four million-square foot Merchandise Mart near the Wekiva Parkway extension.

Located in northwest Orange County where Seminole and Lake County intersect, the $1.6 billion parkway extension is the final portion of the Orlando Beltway expansion project.

Paul Bouldin (middle right photo), a senior associate in the Tampa office of Marcus & Millichap, has been hired as an advisor to the seller, an investment group led by Jim Palmer (lower left photo), a well-known Republican power broker and Orlando attorney.

 “An investor could become a joint venture development partner and receive a return on the equity placed, with a profit participation in the total project,” explains Bouldin.

“I am very pleased with the progress we have made thus far with Kelly Park Crossings, starting with the 9.2 million square feet of development rights secured from state and local governments,” says Palmer. “Additionally, we are moving forward with Valencia College to develop a campus on our site, which has been solidified in the last month.

“We are also pleased to be working with the premier land brokers in the country and we have an excellent relationship with Paul Bouldin,” says Palmer. “With its in-depth market knowledge and unparalleled access to a variety of capital sources nationwide, Marcus & Millichap will take our project to the next level by attracting the most qualified joint-venture capital partners.”

Located at 3434 Kelly Park Rd., Kelly Park Crossings is a mixed-use, regional development slated to encompass up to 9.2 million square feet. The property consists of four distinct quadrants located at the northwest and southwest corners of the intersection of West Kelly Park Road and the planned Wekiva Parkway extension.

Upon completion, Kelly Park Crossings will include a 1.4 million-square foot regional open-air mall, a 400-bed hospital and medical office space, a 500-key hotel, a new campus for Valencia College, an office and industrial park and residential housing that will create a new community at the only interchange along a 14-mile stretch of the Orlando Beltway.

Chinese businessmen from Zhongshan City, Guandong Province, China, which boasts $34 billion in exports annually, are interested in investing $150 million in the Kelly Park Crossings project to build a four million-square foot Asian Merchandise Mart, published reports say.

“The proposed Merchandise Mart is one of the most exciting parts of this project,” says Palmer. “Wholesalers from around the world will come in for exhibits and conferences to sell their products, which would be a huge boon to the regional and state economy.”

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

Silicon Valley Apartment Complex Trades for $11.3 Million

LOS GATOS, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Lamar Apartments (top left photo), a 48-unit, 103,237-square foot garden-style apartment community in Los Gatos, a suburb of San Jose.

The sales price of $11,327,500 translates to $235,990 per unit and $269 per square foot.

 Michael Henshaw, a vice president investments, and Michael Mann, a multifamily property investment specialist, both in Marcus & Millichap’s Palo Alto office, represented the seller.

 

Henshaw, Mann and Ted Kokernak (middle right photo), a senior vice president investments, also in Palo Alto, represented the buyer, a local private investor.

“Lamar Apartments possesses great upside potential,” says Henshaw. “The tech industry’s projected robust growth this year is predicted to result in Silicon Valley leading California in job creation, enabling landlords to raise rents at the fastest rate in the nation.”

The property is located at 14930 Oak Road in Los Gatos near the intersection of State Route 85 and State Route 17. Los Gatos is bounded by San Jose to the north and east and is closely tied to Silicon Valley. San Francisco is approximately 60 miles away.

Lamar Apartments’ four main buildings have graphite composite shingle roofs. The first floors are concrete perimeter and the second floors are wood-framed. The unit mix features 40 814-square foot two-bedroom/one-bath units and eight approximately 1,200-square foot three-bedroom/two-bath units. The units feature walk-in closets and private patios.

The property has 48 covered parking spaces and 30 open spaces, a gated pool with recreation room and saunas, a remote surveillance security system and on-site Wi-Fi hot spot.

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

Jones Lang LaSalle to Market Solyndra Facility in California’s Silicon Valley

 PALO ALTO, CA /PRNewswire/ -- Jones Lang LaSalle has been chosen by Solyndra LLC to sell the solar panel manufacturer's corporate headquarters and primary production facility located at 47488 Kato Road in Fremont, Calif.

The engagement has been approved by the Bankruptcy Court overseeing Solyndra's bankruptcy case.

The team in charge of marketing the building is led by Bart Lammersen, Greg Matter and Jason Ovadia.

The approximately 450,000-square-foot manufacturing facility, completed in 2010, is suited to a variety of cleantech and technology businesses, as well as global manufacturers and companies looking for a signature presence in California's Silicon Valley.

The 280,000-square-foot manufacturing space is rated as Class 100,000 Clean Room (ISO Clean 8) and the two-story office space, totaling approximately 30,000 square feet, was constructed to LEED Gold standards. 

The property sits on a 30-acre parcel, with prominent Interstate 880 frontage minutes from San Jose International Airport, Oakland International Airport and a short drive from the Port of Oakland and the San Francisco Peninsula.  The property includes plans for an additional 200,000-plus-square-foot expansion facility.

Additional information may be found at www.solyndrabuilding.com.

For more news, videos and research resources on Jones Lang LaSalle, please visit the firm's U.S. media center webpage. Bookmark it here: http://bit.ly/czyo1D

For further information, please visit our website, www.joneslanglasalle.com.

Contacts:

 Brooke Houghton, +1-312-228-2387, Brooke.houghton@am.jll.com;

Andrew Neilly, Andrew@gallen.com,

Tim Gallen, Tim@gallen.com, +1-925-930-9848

Web Site: http://www.joneslanglasalle.com