Queens Development Site in NYC Sells for $10.2 Million

  

Steven Siegel

NEW YORK, NY – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a 23,000-square-foot lot for development in the Flushing neighborhood of  Queens in New York City for $10,200,000.

            Steven Siegel, Michael Kook and Michael Helpern, all in Marcus & Millichap’s Manhattan office, represented the seller, a family partnership, and the buyer, a local/regional development group.

            “Downtown Flushing is one of New York City’s most heavily trafficked areas,” says Kook. 

“The development site is part of a block that recently had its zoning changed to C2-6A, which allows for a variety commercial and residential uses.

Michael Halpern

" The new zoning is accompanied by an FAR of 4, which allows for a 92,000-square-foot development.”

            “The area is attracting a lot attention from developers,” adds Siegel. “The entire block is prime for redevelopment and this site is part of a limited new area in which to build.”

            Located on Fowler Avenue in New York City, the site is five blocks from the intersection of Main Street and Roosevelt Avenue, an area that features a significant amount of retail activity and access to the No. 7 subway line and the Long Island Railroad commuter rail system.

            Siegel, Kook, and Helpern sold a similar 86,000-buildable-square-foot site on the other side of this block on Avery Avenue in October 2013 for $11,250,000.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Capital Corp. Arranges Two Loans Totaling $24.2 Million for New York City properties

Chris Marks

NEW YORK, NY – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged two loans totaling $24.2 million in New York City.

A 30-unit residential property and a three-unit mixed-use commercial property on 10th Avenue received $14.7 million; and a 30-unit residential mid-rise apartment on West 51st Street received $9.5 million.

Chris Marks, in the firm’s Manhattan office, and Steve Rock in the Westchester office handled both assignments. 

Steven Rock

“The borrowers wanted to secure more attractive terms for their maturing loans,” says Rock. “We identified a lender that provided favorable underwriting and met the client’s financing goals.” 

MMCC sourced two 7-year, fixed-rate loans at 3.9 percent. The loans amortize over 30 years with a 70 percent loan-to-value. 

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

Gina Relva

Public Relations Manager

(925) 953-1716

Greenwich Village Mixed-Use Asset Sold for $10.25 Million in Seven Days

19 West 8th Street, Greenwich Village neighborhood
New York, NY

NEW YORK, NY – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 19 West 8th Street, a 8,831-square-foot, five-story mixed-use building, located in the Greenwich Village neighborhood of New York City.

 The $10,250,000 sales price equates to approximately $1,160 per square-foot. The seller is actively looking for a replacement asset.

            Peter Von Der Ahe, Joseph Koicim, David Lloyd, Sean Lefkovits and Assaf Tayar, all in Marcus & Millichap’s Manhattan office, represented the seller, JMC Holdings, and the buyer, a private investor.

          “The building was bought by JMC in 2011 for $4,925,000” says Von Der Ahe. “We were able to sell the building at over double the price they paid in 2011, which equates to roughly $1,160 per square-foot.”

Sean Lefkowitz

           “Aside from the rent-stabilized units, the entire building has undergone extensive renovations,” adds Lloyd.

            Built in 1920, the property at 19 West 8th Street consists of one retail unit and eight residential units.

It underwent a high-end renovation including six apartments units, the stairwell, roofs, plumbing and security.

All of the renovated, free-market units feature stainless steel appliances, granite countertops and marble bathrooms. In addition, there are three units that feature terraces, as well as two penthouse units that contain 16-foot ceilings and skylights.

            “We had significant interest in the property, and within one month of marketing the building we found the right all-cash buyer, who was able to execute a contract and close one week later.” concludes Koicim. “We are now in the midst of helping JMC find a replacement asset to effectuate a 1031 exchange.”          

Assaf  Tayar

The property is located in the heart of Greenwich Village near Washington Square Park, just steps from New York University and New York University School of Law. 

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

Gina Relva

Public Relations Manager

(925) 953-1716

$26 Million Multifamily Sale Arranged in Greater Phoenix, AZ by IPA

Steve Gebbing

GLENDALE, AZ – Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Adobe Ridge, a 224-unit apartment complex in Glendale, Ariz. The $26,050,000 sales price equates to $116,000 per unit.

            IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Farnum Properties LLC. The buyer is The Praedium Group.

            “Adobe Ridge is located between the affluent and amenity-rich trade area known as Arrowhead and the North I-17/ Deer Valley Employment Corridor, an area encompassing more than 17.5 million square feet of retail, office, industrial and flex space with more than 51,000 employees,” says Gebing.

“The benefit of the property’s position within the competitive landscape of the submarket is that it provides for a captive rental audience by bisecting the two major employment concentrations.”

Cliff David

            Built in 2005 on almost 15 acres by MLP Investments, the property is located at 4545 West Beardsley Road in Glendale. It is adjacent to Loop 101 (the Agua Fria Freeway) and has approximately 1,144 linear feet of drive-by visibility from an estimated 153,000 daily freeway commuters.

            Each Adobe Ridge apartment home features nine-foot ceilings, a fully equipped gourmet kitchen, full-sized washer and dryer, storage space, large walk-in closets, ceiling fans, and a private patio or balcony with additional outside storage.

 Linen closets and kitchen islands are available in select units. Community amenities include a stand-alone leasing office and separate clubhouse with kitchenette and fireplace, a fitness center with cardio and weight training equipment, a fully appointed business center, a resort-style swimming pool and spa with covered cabanas, outdoor spaces featuring picnic areas and barbecue grills, controlled access gated entry and 40 detached garages with automatic door openers.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Edward R. James Homes Opens Sales at Westgate at The Glen North of Chicago, IL

Former Glenview Naval Air Station, Glenview, IL

CHICAGO, IL – Glenview, Ill.-based homebuilder and developer Edward R. James Homes kicked off sales at Westgate at The Glen in a Grand Opening reservation event held on May 31, 2014.

Westgate at The Glen is a 29-acre, 171-unit community that represents the final parcel to be developed on the site of the former Glenview Naval Air Station.

 “Demand for homes at Westgate at The Glen has been very strong. In about three weeks, we’ve already sold 25 percent of the community,” said Jerry S. James, president of the Edward R. James Companies.

“We think this reflects a number of factors, not the least of which is the limited supply of new construction homes on the North Shore that offer first-floor master bedrooms in a maintenance-free community.

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

Julie Liedtke, jliedtke@taylorjohnson.com, (312) 267-452

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

Leasing Activity at Terminus Hits Historic High in Atlanta, GA

Terminus 100 and Terminus 200, Atlanta, GA

ATLANTA, GA— Cousins Properties Incorporated (NYSE: CUZ) announced today that Terminus has reached a historic high in percentage leased at the office towers. 

  The Class A buildings located in Buckhead have reached 95% combined, the highest level since completion of Terminus 200 in 2008.  

“We are thrilled about the amount of activity going on at Terminus – from the increase in leasing to the new amenities and opening of Industry Tavern,” said Thad Ellis, Senior Vice President and Atlanta Market Leader of Cousins Properties. “The Buckhead real estate market continues to gain momentum with corporate relocations and new multi-family and retail offerings, and we’re excited to be a part of it.”

Thad Ellis

Most recently, Prince Global Sports, signed to occupy 11,778 square feet at Terminus, relocating its corporate headquarters to Atlanta from New Jersey.

 New customer Fidelity Investments also signed a lease for 7,861 square feet, and Lockton Companies, a Terminus customer since 2007, renewed and expanded.

 Additionally, Cousins relocated and expanded its fitness facility, Fusion ATL, which now includes programs and services from Peachtree Orthopedics.  The new restaurant Industry Tavern, serving breakfast, lunch, dinner, craft beers and cocktails, also recently opened. 

Along with the new additions in the office towers, Crescent Communities, based in Charlotte, NC, recently opened the first phase of Crescent Terminus, a 355-unit luxury apartment community located in the Terminus complex. 

Terminus is located in the Buckhead submarket of Atlanta, at the corner of Peachtree Road and Piedmont Road.

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

Marli Quesinberry

Cousins Properties Incorporated              

(404)407-1898

marliquesinberry@cousinsproperties.com

HFF secures $11.425 million senior loan for Village Oaks in Pensacola, FL

  

Cecily Nazario

MIAMI, FL – HFF announced it has secured an $11.425 million senior loan for Village Oaks, a 165,851-square-foot neighborhood shopping center in Pensacola, Florida.

                 Working on behalf of RCG Ventures, HFF placed the 10-year, fixed-rate senior loan with Prudential Mortgage Capital Company.  Greg Krafcik, a director with Prudential Mortgage Capital, led the transaction. 

                Village Oaks is located on a 14.7-acre site at 6241-6251 North Davis Highway one mile south of the Interstate 10 interchange in Pensacola.  The property was most recently renovated in 2013, and is 95.4 percent leased to a number of national and regional tenants including Bealls, PetSmart, Planet Fitness, Party City, Cato and Plato’s Closet. 

Chris Drew

                The HFF team representing the borrower was led by director Chris Drew and real estate analysts Whitaker Leonhardt and Cecily Nazario.

HFF’s debt placement team has secured more than $533 million in loans for retail assets nationally during the first quarter of 2014.  In Florida, HFF has closed more than $134 million in retail transactions across all capital markets platforms during the same period.  

                “The competitiveness from lenders for this asset was unbelievable and the highly attractive terms that the borrower was able to secure are a testament to the quality of the asset and sponsorship coupled with the increased liquidity flowing into the capital markets,” said Drew.

                RCG Ventures LLC (“RCG”) is a privately funded real estate investment group that acquires and develops commercial real estate in the continental United States.  RCG is an experienced owner and operator of commercial real estate with more than 70 properties totaling seven million square feet. 

Whitaker Leonhardt

The company’s primary focus is value-add anchored shopping centers with the potential for long-term ownership.  In addition, the company selectively enters into joint ventures with institutional partners.  Founded in November 2003, RCG has steadily grown its portfolio through direct investment.

 It is the combination of significant capital resources and operational expertise that gives RCG a competitive advantage in the industry.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

Walmart Announces Plans for New Supercenter at Metrocenter Mall in Northwest Phoenix, AZ

                                                                                       

Marcia Veidmark

PHOENIX, AZ – Walmart has announced plans to build a Supercenter at the iconic Metrocenter Mall, near I-17 and 35th Avenue, in northwest Phoenix.

 Work on the project is expected to begin in the first quarter of 2015 with the demolition of the former Broadway building, which has been vacant since 2006.

Officials with Walmart, the City of Phoenix and Metrocenter Mall, as well as area business owners and community leaders, were on-hand for the Supercenter announcement. This marks the single largest capital investment in Metrocenter Mall in decades.

“Metrocenter Mall is a Phoenix landmark that has served shoppers from across Arizona for decades,” said Phoenix City Councilwoman Thelda Williams. 

“I’m proud to be a part of this announcement with Walmart and I know that, together with its efforts and those of the City of Phoenix and area business and community leaders, Metrocenter Mall’s best days are still ahead.”

Metrocenter Mall opened in 1973 as the biggest shopping center in Arizona and one of the largest nationwide. Recent years saw Metrocenter challenged by the establishment of competing regional malls, changing shopping patterns and the Great Recession. 

Thelda Williams

Now, Metrocenter Mall owner Carlyle Development Group, the City of Phoenix and community leaders are intent on bringing new life to the area. In mid-March, the Phoenix City Council unanimously approved a redevelopment plan that will, over the coming decade, guide land use, infrastructure upgrades and public transportation for a 2,500-acre area, including Metrocenter Mall. Currently, the retail vacancy rate in the vicinity averages 28 percent, more than double the citywide figure.

The construction of a Walmart Supercenter is a critical part of Metrocenter’s turnaround, said Warren Fink, COO of Carlyle Development Group.

“Our vision when we acquired Metrocenter Mall two-and-a-half years ago was to bring in a well-known anchor to serve our local community. Walmart more than fulfills that requirement and we are thrilled to welcome them,” said Fink.

Warren Fink

 “This is a first step toward revitalizing a once dominant mall, rebuilding customer commitment and moving forward with plans for the future of Metrocenter that include rezoning to permit complimentary uses such as multifamily apartments, senior housing, corporate offices, healthcare facilities and medical offices.”

Marcia Veidmark, Chairwoman of the North Mountain Business Alliance, is supportive of the Walmart Supercenter, and said its development should help attract additional customers and capital investment to the area.

“This is a very good day for Metrocenter Mall and for the Metro and North Mountain communities,” said Veidmark.  “Walmart’s investment can be a catalyst for economic growth and job creation.  We need both of these.”

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Charles Dunn Co. Completes $7.85 Million Sale of Multifamily Property in Los Angeles, CA for Record High Price

Albert Shilton

LOS ANGELES, CA, June 27, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $7.85 million sale of a 17-unit multifamily property located at 1520-1522 South Hayworth Ave. in the Faircrest Heights neighborhood of Los Angeles, Calif.

The property sold for nearly $462,000 per unit, a record high price for the neighborhood (per CoStar for multifamily properties with eight units or more).

Albert Shilton and Blake Rogers of Charles Dunn Company represented the seller, Los Angeles-based SHI Properties, an LLC owned by Oak Coast Properties. The buyer was a Los Angeles-based private investor.

This transaction marks the fifth sale for Shilton and Rogers in the 90035 zip code within the past two years, for a total sales volume equating to 22 percent market share.

Blake Rogers

Built in 1990 and fully renovated in 2013, the non-rent controlled building is situated on .31 acres and includes 15 two-bedroom/two-bathroom townhomes, one two-bedroom/two-bathroom unit, and one one-bedroom/one-bathroom unit. On-site amenities include a new fitness room, a lushly landscaped courtyard, and a gated garage with 35 parking spaces.

“After we sold the building to Oak Coast Properties in 2012, our client completely renovated the common areas and interiors of 15 units,” said Shilton. “Once renovated, the owner increased average in-place rents by 49 percent and stabilized the property, making it an attractive investment for the buyer.”

The property is located one block west of Fairfax Ave. and one block south of Pico Blvd. It benefits from close proximity to CBS Television City, Beverly Center, and The Grove Shopping Center.

“Faircrest Heights has consistently been ranked as one of the top up-and-coming neighborhoods in Los Angeles, and this statement could not be more evident than by this sale,” commented Rogers.

1522 South Hayworth Avenue,
Faircrest Heights neighborhood
Los Angeles, CA

 “Not only was the rent growth incredible, but the building sold for a price per square foot that was 58 percent more than what it last sold for just 18 months ago.

 Additionally, this sale represents the highest price per unit ever paid in the 90035 zip code, and the highest price per square foot ever paid for a non-rent controlled building in the same area.” (Per CoStar)

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Stan Johnson Co. Completes $7.4 Million Sale of Hanil USA in Tallahassee, AL

Andrew Ackerman

Tallassee, AL, JUNE 27, 2014 – Stan Johnson Company, The Net Lease Authority®, has completed the sale of an 111,564-square-foot industrial property leased to Hanil USA, Inc., located in Tallassee, Alabama. The property sold to BIG Acquisitions for $7,400,000.

Andrew Ackerman, Rahill Lakhani, and Mike Sladich of Stan Johnson Company’s Atlanta office represented the seller, AES Industries – an individual Investor, in this transaction. 

Hanil USA, Inc. is operating under a NNN lease with a 15-year base lease term and two, five year renewal options. The tenant is an automotive manufacturing supplier and a subsidiary of TI Automotive.

Located approximately 65 miles southwest of the KIA Motor Facility in Georgia and 37 miles northeast of the Hyundai plant in Alabama, this tenant is strategically located to distribute products and support to these major manufacturing facilities.

  

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

David Ebeling

Ebeling Communications

(949) 278-7851

david@ebelingcomm.com

Sale of The Woodley, Washington, D.C.’s newest luxury multi-housing community in Woodley Park, closed by HFF

The Woodley, 2700 Woodley Road NW,
Woodley Park, Washington, DC

WASHINGTON, D.C. – HFF announced today that it has closed the sale of The Woodley, a newly completed, multi-housing building in the Woodley Park neighborhood that will set the standard for luxury living in Washington, D.C. for the next generation.

                HFF marketed the property on behalf of the sellers, The JBG Companies and CIM Group and the asset was purchased by TIAA-CREF free and clear of existing debt.

                The Woodley, located at 2700 Woodley Road NW in Woodley Park, is close to Rock Creek Park, Dupont Circle and Cleveland Park about three miles northwest of downtown D.C. 

The Woodley is a collaborative design effort between David M. Schwarz Architects, Cooper Carry Inc. and VOA Associates.

David Nachison

 The exclusive, 212-unit luxury property has studio through three-bedroom units averaging 1,119 square feet each, which feature the very finest and detailed finishes including solid hardwood flooring, soaring ceilings, marble countertops, built-in appliances, private balconies and terraces.

 The amenity package at the property includes a resident club room with catering kitchen, library, fitness center, courtyard with reflecting pool, infinity edge pool, and an active rooftop experience where residents can cook and host guests outdoors while taking in the views.

                The HFF investment sales team representing the seller was led by senior managing directors Dave Nachison and Alan Davis and directors Brenden Flood and Bret Thompson.

                “The Woodley is the first luxury high-rise apartment building to be built in decades in Woodley Park, one of the District’s most prestigious and historic residential neighborhoods, and it will redefine the standard for luxury apartment homes in the D.C. market going forward,” said Nachison.  “The property will attract residents seeking the finest in rental living offering a timeless red brick design infused with modern comforts and will be unrivaled in first-class service and amenities.” 

Alan Davis

“The Woodley’s unique mix of  large format residences is designed to cater to a growing demographic of mature residents leaving upscale homes and seeking similarly high quality places to live in established urban neighborhoods,” added Davis.

Headquartered in Chevy Chase, Maryland, The JBG Companies is a private real estate investment firm that develops, owns and manages office, residential, hotel and retail properties. 

  The company has more than $10 billion in assets under management and development in the Washington metropolitan area.  Since 1960, JBG has been active in the communities where it invests, striving to make a positive impact.  More information can be found by visiting the company's website: www.JBG.com, or by calling 240.333.3600.

TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with approximately $569 billion in assets under management (as of 3/31/14) and is the leading provider of retirement services in the academic, research, medical and cultural fields.

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

Kiser Group Brokers Three Chicago-Area Apartment Property Sales

  

John Meyer

  CHICAGO, IL – Kiser Group, Chicago’s leading mid-market commercial real estate brokerage firm, recently brokered the sales of three Chicago-area properties.

 The May 2014 closings included a 70-unit apartment complex in Mundelein, Ill.; a 31-unit apartment building in the Kenwood/Hyde Park neighborhood on Chicago’s South Side; and a 10-unit apartment building in the Belmont Cragin neighborhood on Chicago’s Northwest Side.

       

 40-42 S. Shaddle - Mundelein

Embassy Apartments, located at 40-42 S. Shaddle Ave. in northwest suburban Mundelein, Ill., includes two identical 35-unit buildings for a total of 70 units with 137 parking spaces on a 4-acre parcel. The unit mix includes 64 two-bedroom, 1 ½ -bath apartments; four one-bedroom, one-bath units; and two studios. It sold for $4.65 million.

Bill Baumann

 “Embassy Apartments is adjacent to a large industrial park that employs a lot of area residents, and it’s also three miles northwest of Hawthorn Shopping Center in Vernon Hills,” said John Meyer, managing director of Kiser Group, who represented buyer and seller in the sale. “Since it’s near so many employers, the property consistently maintains 100 percent occupancy.”

               

4740 S. Greenwood - Chicago

 Located at 4740 S. Greenwood, just one and a half blocks north of President Barak Obama’s permanent residence, this completely renovated vintage courtyard includes 31 apartments, bike storage and laundry room. 

The unit mix is 12 one‐, 13 two‐, and six three‐bedroom apartments, each with one bath. Extensive renovations completed in 2013 include a roof tear-off, new skylights and windows, tuck-pointing, new water main, plumbing, electric, and waste stacks. It sold for $4.3 million.

Sean Connelly

“This property sold quickly as its convenient location and excellent building condition provide a market vacancy of less than 5 percent,” said Zack Hofstadter, associate with Kiser Group, who represented the seller in the transaction.

“The new condo-quality luxury finishes in the units also appealed to the buyer,” said Bill Baumann, senior managing director with Kiser Group, who represented the buyer in the sale.

  

5156 W. Melrose - Chicago

Built in 1929, this 10-unit walk-up apartment building located at 5156 W. Melrose in Chicago’s Belmont Cragin neighborhood sold for $950,000. Sean Connelly, senior managing director of Kiser Group, represented the buyer in the transaction.

All the names of buyers and sellers involved in these transactions are not available at this time.

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

Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523

Morrison Commercial Real Estate Completes 2,238-SF Professional Office Building Sale in Winter Park, FL for $457,500

Christi Davis

ORLANDO, FL (June 26, 2014):  Morrison Commercial Real Estate completed the sale of a 2,238 SF professional/office building for $457,500 ($204.42/SF), located at 1412 Trovillion Avenue, Winter Park, FL.

Christi Davis, CCIM, Vice President at Morrison Commercial Real Estate, represented the buyer, Hanging Moss Holdings, LLC.  The property will be re-tenanted and occupied by the law firm, Anita L. Barber, P.A.

The seller was 1412 Trovillion, LLC, represented by Frank Ricci of Healthcare Realty & Development Services.

Morrison Commercial Real Estate is a full-service brokerage firm specializing in the office and industrial sectors.  Headquartered in Downtown Orlando, our professional experience and extensive knowledge of the Central Florida market enables us to achieve maximum transaction value, and optimal return on investment for our clients.

 Morrison Commercial Real Estate provides landlord, owner and tenant representation services in leasing, buying, selling and site selection of commercial property in Central Florida.

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

Gina Wade

Phone: 407.440.6651

Email:  gwade@morrisoncre.com

Marcus & Millichap Brokers Archway Holdings Corp. Related Entitties' Purchase of L.A. Office Building in All-Cash Transaction

11801 Mississippi Avenue, West Los Angeles, CA

 LOS ANGELES, June 26, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 11801 Mississippi Ave., a 24,759-square-foot office property in West Los Angeles.

            John Ghiselli, a senior associate in Marcus & Millichap’s West Los Angeles office, represented the purchaser, a group of entities affiliated with Archway Holdings Corp. The seller is AIG.

John Ghiselli

            “Our marketing campaign produced offers from people throughout the investment community and resulted in an all-cash sale with a one-day escrow,” says Ghiselli.

“This acquisition is part of Archway’s continued interest in Southern California’s more creative office properties. Previously, the company and its affiliated entities purchased 820 Broadway in Santa Monica, an office property previously leased by Google and Coda and now leased by Dogvacay and a division of WPP, one of the world’s largest advertising companies.”

            “The Los Angeles office market is well positioned,” stated Hessam Nadji, Marcus & Millichap’s chief strategy officer. “It has benefited from steady employment gains, but the very limited office development pipeline will be instrumental in tightening vacancies in the coming year, particularly as the local economy builds momentum.”

              The 11801 Mississippi Ave. building was constructed in 1954 and totally renovated in 2007. The area surrounding the property is becoming one of Los Angeles’s new tech hubs in the wake of developments such as Element LA’s creative campus and the Tribeca West media campus.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Georgia Krewson Joins Marcus & Millichap’s National Hospitality Group in Nashville, TN

Georgia Krewson

NASHVILLE, TN – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced that Georgia Krewson has joined the firm as an associate director of its National Hospitality Group (NHG) in Nashville, Tenn., according to Gregory A. LaBerge, the NHG’s national director.

“Georgia’s extensive experience with one of the world’s leading hospitality companies makes her an invaluable resource to our clients in Nashville, throughout the Southeast and nationwide,” says LaBerge.

“Her longstanding relationships with owners and in-depth hands-on experience with their needs and expectations will be of great value to hospitality property investors throughout the country and to our national team of investment specialists.”

            In her new post, Krewson will focus on the disposition of hospitality investment properties on behalf of clients as part of Marcus & Millichap’s newly formed Nashville hospitality team led by 20-year industry veteran Wes Tiner and featuring experienced commercial real estate investment sales professional Paul Blackburn.

Wes Tiner

            “Georgia is a great addition to our team,” says Tiner. “Her knowledge, experience and ability to advise investors make her a perfect fit for the firm’s comprehensive investment sales platform, which provides owners with a level of service that is unmatched in the industry.”

            “As an industry veteran, I was happy to see Marcus & Millichap’s growing presence in the hospitality investment sector,” remarks Krewson. “Their aggressive commitment in the space, supported by a value proposition that is unmatched in maximizing value for owners and investors, was very appealing to me. In many ways we are redefining the hotel brokerage landscape.”

            Prior to joining Marcus & Millichap, Krewson spent nearly three decades with Hilton Worldwide in Memphis, most recently as senior director, owner support, for Hilton’s Hampton Hotel brand.

Paul Blackburn

In that role, she developed strategies and managed support systems for more than 1,200 owners and management companies. Krewson has also been a senior director, Hampton Hotel performance support, where she led a team of 35 professional consultants supporting the performance of 1,500-plus hotels.

She was also a senior director, Hampton brand sales and revenue integration, and regional director, Hampton Hotel performance support.

            Krewson holds an associate’s degree in business management from Midlands Technical College in Columbia, S.C.

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

Gina Relva

Public Relations Manager

(925) 953-1716