Saturday, March 29, 2008

Marcus & Millichap Sells Multi-Tenant Office Building in Des Plaines, ILL for $11.6M



DES PLAINES, IL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale a 145,482-square foot, multi-tenant office building in Des Plaines. The sales price is $11.6 million.



Howard Wiese, (photo at right) senior vice president of investments and senior director of Marcus & Millichap’s National Office and Industrial Properties Group, and Frank Roti, an investment specialist also in the firm’s Chicago office, represented the seller, 999 East Touhy LLC, an entity controlled by the principals of Marc Realty. Marcus & Millichap also represented the buyer, Siete 7 LLC.


“This new owner of this investment-grade, five-story office building can achieve rent increases by repositioning the asset,” says Wiese. “The buyer will initially occupy approximately 30,000 square feet in the building, and has plans to expand its space over time.”


Located at 999 East Touhy Ave., the office asset is situated on a 5.97-acre lot with frontage on the Northwest Tollway (Interstate 90) as well as easy access to the Tri-State Tollway (I-294). The property is located just north of the O’Hare International Airport in Chicago and features excellent visibility from I-90 along with signage for a major tenant to utilize.


CONTACT:

Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710
http://www.marcusmillichap.com/

Friday, March 28, 2008

CB Richard Ellis Sells 46+ Acres Within International Corporate Park


ORLANDO, FL-- CB Richard Ellis, the world's leading commercial real estate services provider, is pleased to announce the sale of a 46+ acre tract of land within International Corporate Park (ICP), located in East Orlando and in close proximity to the new 'Medical City' featuring the Burnham Institute, (bottom right photo) UCF Medical School, (bottom left photo) VA Hospital & Nemours Children's Hospital.

International Corporate Park encompasses over 2,900 acres of fully permitted sites and 20 million square feet approved for a mixture of uses including manufacturing, light industrial, biotech, and office. David Murphy, CCIM, SIOR, MIA (top right photo) Senior Vice President and Erik W. Schwetje, CCIM (top left photo) Vice President, represented the Seller, ICP Land Partners, LLC.


About CB Richard Ellis

CB Richard Ellis Group, Inc. (NYSE:CBG), an S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2006 revenue). With over 24,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate and partner offices).

CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.

Please visit our Web site at http://www.cbre.com/.



Contact:

David Murphy, CCIM, SIOR, MIA
407.404.5020
david.murphy@cbre.com

Jessica Wilhoite
407.839.3158
jessica.wilhoite@cbre.com

Erik Schwetje, CCIM
407.404.5011
erik.schwetje@cbre.com

Marcus & Millichap Facilitates Sale of Pompano Beach Warehouse



POMPANO BEACH, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment brokerage firm, has announced the sale of a 16,052-square foot industrial warehouse, according to Gene A. (photo at right) Berman, Managing Director of the firm’s Fort Lauderdale office.




The six-bay warehouse, located in the heavily industrialized corridor of Dixie Highway, demanded a sales price of $1,095,000. Ryan D. Nee, (photo at right below) an investment specialist in Marcus & Millichap’s Fort Lauderdale office represented the seller of the property, George and Eva Planakis. Nee and Roland Hodges (photo at left) of Roland Hodges & Sons in Fort Lauderdale, FL represented the buyer, 1080 South Dixie, Inc.



“Continued population growth and the limited supply of industrial zoned land in Broward County will provide upward pressure on rents. The investor will realize a substantial return from raising the rents to market value,” says Nee. The property is located at 1080 S Dixie Highway in Pompano Beach, Fla. (Pompano Beach skyline photo above)







CONTACT:
Ashley Steele
Marketing Coordinator
Marcus & Millichap
5900 N. Andrews Avenue, Suite
100Fort Lauderdale, FL 33309
Direct Tel: (954) 245-3516
Cell: (215) 828-9585
Fax: (954) 245-3410

Sheraton Washington North Offers Convenient, Front Row Seats to D.C.’s Famed Cherry Blossom Festival

Special Package at Newly Opened Property Treats Guests to Breath-taking Spring Spectacular

WASHINGTON, D.C.—Sheraton’s newest District of Columbia-area hotel, the 205-room Sheraton Washington North, (photo above) today announced a special package for visitors to the nation’s capital: star-studded access to D.C.’s famed Cherry Blossom Festival, one of spring’s most breath-taking showcases.

The comprehensive package includes free shuttle transportation to and from the Metro, free Metro passes for the 15-minute trip downtown and a commemorative cherry blossom coffee table book. The price of $169, double occupancy, also includes a full breakfast buffet for two.


The cherry blossom trees, a gift from Mayor Yukio Ozaki of Tokyo in 1912, have become a quintessential part of D.C.’s kick-off of the spring season. They attract hundreds of thousands of visitors to the two-week festival each year. The package will be available for the duration of the festival, from March 29th to April 13th.


At the Sheraton Washington North, we offer convenient and easy access to the nation’s capital at what is arguably the most beautiful time of the year,” said Michael George, (photo top right) Crescent’s president and CEO. “Because traffic can be so overwhelming, the Metro is a great alternative because it drops visitors off just a short stroll away from the cherry tree-lined walkway in the Tidal Basin. Just take the Greenbelt line to the Navy Yard Station.


“We created this special package for our guests and their families, and we invite them to share our beautiful spring with us and enjoy all of the activities of the festival. This is one of the privileges of having such a prime location,” he noted.


Located at 4095 Powder Mill Rd. at exit 29B on Interstate 95, the newly-opened Sheraton Washington North’s amenities include the brand’s new lobby concept called Link@Sheraton, which features comfortable seating, refreshments, large screen televisions, and multiple Internet-enabled workstations and free Internet access.


The hotel also offers a state-of-the-art fitness center, outdoor swimming pool and a club-level floor with a concierge lounge and upgraded in-room amenities. The Powder Mill Café offers American cuisine in a warm casual setting.


The property features 5,000 square feet of meeting space, highlighted by the Chesapeake Ballroom, a 3,600-square-foot ballroom capable of seating up to 400 people. Additionally, the Sheraton boasts a new state-of-the-art Executive Boardroom equipped with a 52” LCD monitor for presentations, which can be accessed easily through outlet ports built into the executive board table.

Additional information about the Sheraton Washington North and its special packages for guests may be found at www.sheraton.com/washingtonnorth and www.Sheraton.com/swnoffers.


About Crescent Hotels & Resorts

Headquartered in Fairfax, Va., outside of Washington, D.C., Crescent Hotels & Resorts owns, manages and co-invests in hotel real estate, and is an independent, third-party operator of hotels and resorts. Our hospitality management company currently owns or operates approximately 40 hotels and resorts aggregating more than 7,000 rooms in 19 states. The company’s portfolio encompasses properties in the resort, upper upscale full-service, boutique, convention and premium select-service segments under the premier hotel brands of Marriott, Hilton, Starwood, InterContinental, Radisson, Preferred, and Wyndham, as well as independent hotels and resorts.


Additional information about our hotel management company may be found on the Crescent Hotel & Resorts Web site http://www.chrco.com/.

CONTACTS:

Julie Tullbane, Chris Daly, Jerry Daly
Daly Gray Public Relations
T 703-435-6293
F 703-435-6297
julie@dalygray.com

EastGroup Properties Announces First Quarter 2008 Conference Call And Webcast

JACKSON, MS -– EastGroup Properties (NYSE-EGP) will hold its First Quarter Conference Call and webcast on Wednesday, April 23, 2008 at 11:00 A.M. Eastern Daylight Time.

On the call, David Hoster, (right top photo) President and CEO, and Keith McKey, (left top photo) CFO, will review the first quarter results and discuss EastGroups current operations.


EastGroup plans to release first quarter 2008 earnings on April 22, 2008. The earnings release and supplemental information package will be posted on the Company's website, http://www.eastgroup.net/, on April 22, 2008.


A live broadcast of the conference call is available by dialing 1-800-862-9098 (conference ID EastGroup) or by webcast through a link on the Company's website at http://www.eastgroup.net/. If you are unable to listen to the live conference call, a telephone and webcast replay will be available on Wednesday, April 23, 2008.



The telephone replay will be available until Wednesday, April 30, 2008, and can be accessed by dialing 1-800-695-0715. The replay of the webcast can be accessed through a link on the Company's website at http://www.eastgroup.net/ and will be available until Wednesday, April 30, 2008.


EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona and California. Its strategy for growth is based on its property portfolio orientation toward premier business distribution facilities clustered near major transportation features. EastGroup's portfolio currently includes 24.5 million square feet with an additional 2.2 million square feet of properties under development.


EastGroup Properties, Inc. press releases are available at http://www.eastgroup.net/press/pressreleases/www.eastgroup.net.
EastGroup Properties, Inc. press releases are available at http://www.eastgroup.net/.


FOR MORE INFORMATION, CONTACT:
David H. Hoster II, President and Chief Executive Officer
N. Keith McKey, Chief Financial Officer
(601) 354-3555
P.O. Box 22728,
Jackson, MS 39225-2728
Telephone: 601/354-3555
Fax: 601/352-1441

Thursday, March 27, 2008

Wells Retail Group of Marcus & Millichap Announces $5.5M Sale of Acworth, GA Shopping Center


Sale Represents Trend in Commercial Real Estate Deals Heading North from Florida, Says David Wells


ACWORTH, GA, March 27, 2008 – Marcus & Millichap Real Estate Investment Brokerage
Company, has announced the sale of the Acworth Commons retail center in Acworth, GA for
$5,507,500. The sales price represents $158 per square foot.


David Wells (photo at right) with the Wells Retail Group of Marcus and Millichap, a top associate working out of the firm’s Tampa office, brought the buyer to the property. The seller is Hendon Group LLC. The buyer is Acworth Commons LLC, based out of CA. Ed Nutting and Michael Hubley marketed and listed the property out of the firm’s Atlanta, GA office.


“The sale represents a common theme of FL owners heading North out of the state in
search of more yield,” comments Mr. Wells. “My clients are an investment group out of CA who
have bought several anchored centers in FL from me over the past few years.


"Due to the increasing costs of owning and operating FL real estate they are headed out of the state to achieve higher returns. Until FL can get their incredible property tax rolls in check and control insurance costs our great state will continue to lose business, both from investors and from the smaller tenants who are particularly feeling the squeeze.


"Florida is seeing this trend on the residential side as well, a lot of people have begun buying second homes in the Carolina’s instead of FL for the same insurance and tax purposes.”


Built in 2002, Acworth Commons is located at 3344 Cobb Parkway in Acworth, GA an
affluent suburb outside of Atlanta. The property consists of 34,949 square feet and is situated on 3.82 acres. The center is anchored by Staples, other major tenants in the center are, Hibbett
Sports and Beef O’brady’s.


For more information about Acworth Commons or the FL shopping center market,
contact David Wells at (813) 387-4700 or 813 387 4778.

Focus Inc. Relocates and Expands Headquarters in Tampa, FL

Studley Represents Focus, Inc. in a 30,000-SF Lease

TAMPA, FL (March 27, 2008) – Focus, Inc., a direct response marketing company, will relocate its headquarters this summer from 8404 Wilsky Boulevard to Westlake Corporate Center, 9119 Corporate Lake Drive, Tampa. (photo top right)

The company will be moving from 9,000 square feet to a 30,832-square-foot space located in the Northwest Tampa market.

Focus is experiencing tremendous growth, which was the impetus for this relocation and expansion, according to managing director John Esposito (photo at right below) with Studley’s Tampa office, who represented the company in the lease.


“One of the primary reasons this particular building was selected was its proximity to their former location, minimizing any disruption for its employees,” said Esposito. “Westlake Corporate Center also offers Focus an above-average parking ratio, which was attractive to the company.”

Company CEO Raul Vasquez, Jr. said, “Westlake Corporate Center is a
first class facility in which we look forward to continuing our rapid growth.”

Esposito added that this transaction took considerable creative problem solving and negotiation with the landlord in order to accommodate some of Focus’ needs, such as prominent exterior building signage.

Chris Harak, an associate with Studley also represented Focus. The landlord, Osprey Real Estate Services, represented itself in the transaction.

About Focus

Focus, founded in 2001, is acomdirect response marketing company that specializes in lead generation and management for companies throughout the United States.

About Studley

Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, Studley pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, with 19 offices nationwide and an international presence through its London office and AOS Studley, a partnership with Paris-based AOS, Studley provides strategic real estate solutions to top-tier corporations, not-for-profit organizations and law firms. Information about Studley is available at http://www.studley.com/.


Contact:
Bryna Jacobs
Thorp & Company
305.446.2700
bjacobs@thorpco.com

Concord Hospitality Enterprises Breaks Ground on Hilton Garden Inn in Arlington, TX

Hotel Marks Company’s Expansion into Southwest

ARLINGTON, Texas/RALEIGH-DURHAM, N.C., March 27, 2008—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, today announced it has broken ground on a 132-room Hilton Garden Inn in Arlington, Texas.

The property marks the beginning of Concord’s planned expansion into the Southwest, which will include additional new-builds in Texas and Arizona. The hotel is expected to open in the 2009 first quarter.

“The Southwest remains a high-growth region, and our expansion there will allow us to take advantage of the opportunities there and to geographically diversify our portfolio,” said Mark Laport, (photo top left) CEO of Concord. “Plans call for us to break ground on an additional five properties in Texas and one in Arizona by the end of the year.”

“We will also be breaking ground on additional new-build properties in areas where we are established and can take advantage of regional synergies, including Pennsylvania, New Jersey and Canada. At the same time, we are expanding the range of hotel brands in our portfolio, and
the Hilton Garden Inn Arlington marks a rekindling of our relationship with the Hilton Family of brands. We look forward to building on our relationship with them going forward.”


Located at 2190 East Lamar in the heart of the Dallas/Fort Worth Metroplex, the property is less than 10 minutes from DFW Airport and the new Dallas Cowboys Complex and Glory Park Entertainment District. The hotel will feature more than 2,000 square feet of meeting space, a ballroom and a full-service dining restaurant lounge and bar. Other amenities include and an outdoor pool and Jacuzzi. Each guestroom will feature HD plasma TVs and high-speed Internet access.



In addition to a full array of Marriott-affiliated properties the company owns and manages, Concord also is an approved developer of Element, a Starwood brand; Hyatt; Hilton Garden Inn; and Hampton Inn and Suites.


About Concord Hospitality
Concord Hospitality Enterprises Company, an award-winning hotel management and development company based in Raleigh-Durham, N.C., manages 50 hotels and with over 6,000 guest rooms in 11 states and two Canadian providences under such well-known brands as Renaissance, Marriott, Courtyard by Marriott, Residence Inn by Marriott, Fairfield Inn and Suites by Marriott, SpringHill Suites by Marriott, Hilton Garden Inn, Hampton Inn and Suites, and an independent boutique hotel.


Formed in 1985, the company was recently listed as one of the top management companies in the nation. Concord properties are some of the most awarded hotels in the country, having won nearly 30 honors in the past two years alone. For more information, visit http://www.concordhotels.com/.

CONTACT:

Jerry Daly or
Melanie Boyer
Daly Gray Public Relations
(703) 435-6293

Florida Realtors(R) See Signs of Improving Housing Market

(Photo of Gov. Charlie Crist at left; Chuck Bonfiglio at right)


TALLAHASSEE, FL, PRNewswire/ -- Only weeks after Florida voters passed Amendment 1 in late January, Florida Realtors(R) have noted signs of increased interest from potential homebuyers heartened by the measure's property tax relief benefits, especially the portability provision.

In a recent online poll conducted by the Florida Association of Realtors(R) (FAR), about one-third -- 35.5 percent -- of the Realtor respondents answered yes, when asked if more property owners were interested in buying or selling property, thanks to portability.

Property tax portability is one of the benefits now made law under Amendment 1, which allows Florida homeowners to transfer their Save Our Homes tax benefits from their old homestead to a newly purchased home. Portability applies to homes purchased in 2007 and later, and the benefit is capped at $500,000.

FAR's informal survey also asked Realtors if "the property tax relief afforded by Amendment 1 is encouraging prospects to get off the fence and buy." Again, of those polled, about one-third -- 30.4 percent -- said yes. The online survey was conducted on FAR's member website at www.floridarealtors.org from March 5 through March 10, 2008.

"This is only the beginning," says 2008 FAR President Chuck Bonfiglio (photo top right). "Conducted just seven weeks after passage of Amendment 1, this poll shows that many of our Realtor members are starting to see heightened interest in the state's housing market and reporting signs of increased activity. That's encouraging news, and the ink on this new law has barely had time to dry.

" We're looking forward to more positive activity in the coming months, as current Florida property owners and those looking to become Florida property owners gain a better understanding of what the new law means and start to take advantage of portability and its other benefits."

Gov. Charlie Crist (photo top left) joined a crowd of about 1,000 Realtors from across Florida in Tallahassee to share their concerns with legislators during Great American Realtor Days, which began Tuesday and continue through today. He thanked Realtors for their efforts in supporting Amendment 1 to its successful passage by Florida voters.

The online survey was conducted for the Florida Association of Realtors during a six-day period from March 5 through March 10 and powered by Vovici EFM on FAR's member website at www.floridarealtors.org. A total of 1931 completed responses were received to the survey during this time.

The Florida Association of Realtors (FAR), the voice for real estate in Florida, provides programs, services, continuing education, research and legislative representation to its 150,000 members in 67 boards/associations.

CONTACT:
Marla Martin,
Communications Manager, or
Jeff Zipper,
VicePresident of Communications,
+1-407-438-1400, ext. 2326 or 2314,
both of The Florida Association of Realtors
Web site: http://www.floridarealtors.org/

Hilton Eugene & Conference Center Opens Following Multi-Million Dollar Renovation

(Conference center photo above)

Renovation Re-establishes Hotel as City’s Premier Hotel and Meeting Facility

EUGENE, OR, March 27, 2008—Officials of Davidson Hotel Company (DHC), one of the nation’s largest hotel management companies, today announced it has completed a $3.5 million renovation of the 269-room Hilton Eugene & Conference Center in Oregon. (photo at right)

Davidson, which owns and has managed the property since 1997, completed the renovation in several phases to minimize guest disruptions.

“The renovation of the Hilton Eugene & Conference Center essentially brings the hotel to ‘like-new’ status,” said John Belden, (photo at right below) Davidson’s president and chief executive officer. “The hotel now is well positioned to maintain its standing as Eugene’s premier hotel and meeting facility.”

Highlights of the major upgrade include a complete redesign of all of the hotel’s guest rooms and suites, to incorporate the Hilton Serenity Bed & Bath Collection, which includes a plush-top mattress, fine European-style linens and Crabtree & Evelyn bath amenities; 32” LCD televisions; and Cuisinart direct brew coffee maker. The renovations also include a refurbished fitness center with Fitness by Precor facilities, which utilize Precor-developed strength, cardio and entertainment equipment.

The Hilton Eugene & Conference Center is centrally located at 66 East Sixth Avenue in the heart of downtown Eugene, adjacent to the nationally renowned Hult Center for the Performing Arts. It is easily accessible to the University of Oregon, 5th Street Public Market, the Eugene Federal Courthouse and the Willamette river front with miles of beautiful scenery.


The hotel offers more than 30,000 square feet of flexible conference and exhibit space, complemented by a first-class catering department. Conference rooms atop the hotel feature floor-to-ceiling windows, crystal chandeliers and a breathtaking panoramic view of the city and surrounding mountains. The Hilton also offers a complimentary shuttle to and from the Mahlon-Sweet Field Airport.


Two executive floors with added amenities offer access to a newly renovated private lounge with concierge services, including complimentary continental breakfast, hors d’oeuvres and evening turndown service.


The Big River Grille, the property’s on-site restaurant, offers Pacific Northwest cuisine using only the freshest local and regional ingredients. The restaurant also provides East Right and Healthy Options, offering meal choices that are rich in nutrition and designed with such health-conscious attributes as increased protein and reduced saturated fats, cholesterol, carbohydrates and calories.


The Hilton Eugene has taken steps to become the first green hotel in Lane County and has applied with the Green Seal Organization to become a Green Seal Certified Hotel.



About Davidson Hotel Company


Headquartered in Memphis, Tenn., Davidson Hotel Company is an award-winning, full-service hotel owner and third-party management company that provides management, development/renovation, acquisition, consulting and accounting expertise for the hospitality industry.


The company currently owns and/or manages 31 upscale hotels with nearly 8,800 rooms across the United States, including such brands as Westin, Sheraton, Hyatt, Hilton, Hilton Garden Inn, Embassy Suites, Doubletree, Marriott, Renaissance, Crowne Plaza and Holiday Inn. Additional information on Davidson may be found at the company’s Web site, http://www.davidsonhotels.com/.


Contacts:

Cyndi Carl )
Davidson Hotel Company
(901) 821-4155

Chris Daly, Jerry Daly
Daly Gray Public Relations
ph: 703-435-6293

Noble Investment Group Acquires the Kansas City Marriott-Country Club Plaza Hotel



Acquisition Consistent with Noble’s Value-Added Investment Strategy

ATLANTA, GA- March 27, 2008 – Privately held Noble Investment Group (“Noble”), a leading sponsor of private equity real estate funds and an integrated lodging and hospitality operating and development organization, today announced the acquisition of the 295-room Kansas City Marriott—Country Club Plaza in Kansas City, Missouri.


The hotel will undergo an $8.8 million comprehensive renovation to all guestrooms, meeting space and public areas and will be operated by Noble under a long-term license agreement with Marriott International. The investment marks the company’s tenth acquisition in Noble Hospitality Fund, LLC, the organization’s current fully discretionary private equity real estate fund.


“Notwithstanding the major dislocation in the capital markets, our fund team continues to source and execute strong investment opportunities where our operating and development teams can use their core competencies to create value,” said Mit Shah, (photo top right) Noble’s senior managing principal and chief executive officer.

The 19-story hotel is located approximately four miles south of Downtown Kansas City in the renowned Country Club Plaza district. Home to the region’s most established high-end retail, commercial and residential area, Country Club Plaza is the sophisticated center of Kansas City's dining, shopping and cultural scene. The hotel boasts 16,000 square feet of meeting space, including a 42-seat amphitheatre, two concierge levels, Main Street Grill, lobby lounge, executive business center, fitness center and indoor swimming pool.


“The acquisition of this first-class hotel is not only consistent with Noble’s investment strategy, it also represents the strength of our discretionary fund platform, as we were able to secure the opportunity, perform due diligence and close an all-cash transaction in a total of six weeks,” said Rodney Williams, (photo at left) Noble’s managing principal and chief investment officer.


“Our team will now focus on increasing market share, revenue and profitability through the combination of the completion of the planned physical enhancements to all guest rooms, meeting space and food and beverage outlets in conjunction with our process-based, balanced scored operational framework.”


The $8.8 million dollar renovation will begin this year and will result in substantial property improvements to all guestrooms, ballroom and meeting space, as well as public areas to include Marriott’s “Great Room,” which will provide a comfortable living room atmosphere and an ideal spot for guests to gather and socialize.


About Noble

Noble Investment Group sponsors a series of private equity real estate funds and is an integrated operating and development organization that specializes in making value-added investments in hotels and resorts throughout North America.


An award winning operator of more than 8,000 hotel and resort guest rooms, convention and conference centers with approximately 1,000,000 sq. ft. of meeting space, as well as championship golf, day and resort spa’s, upscale restaurants, and branded retail coffee stores, Noble and its predecessors have realized superior risk-adjusted returns while acquiring and developing nearly $2 billion in lodging and hospitality assets.


Noble’s current discretionary private equity fund represents $310 million of equity commitments and the organization expects to invest more than $1 billion in assets during the next two years. http://www.nobleinvestment.com/

MEDIA CONTACTS:

Chris Daly
Vice President
Daly Gray Public Relations
ph: 703-435-6293:
chris@dalygray.com

Bonnie Herring
Noble Investment Group
404-262-9660
bonnie.herring@nobleinvestment.com

Wednesday, March 26, 2008

Marcus & Millichap Lists 112-Unit Apartment Community in Chandler, AZ for $14.5M



CHANDLER, AZ– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Desert Jewel, a 112-unit multi-family community in Chandler. The listing price of $14.5 million represents $129,464 per unit.

Darrell Moffitt, a senior investment associate and senior director of Marcus & Millichap’s National Multi Housing Group in Phoenix, is representing the seller, Avtar and Satya Verma.

“Desert Jewel offers an investor the opportunity to acquire a turn-key apartment community featuring large units in the very desirable Chandler market,” says Moffitt.

Located at 2800 North Arizona Ave., the 115,900-square foot apartment community consists of four two- and three-story buildings situated on a 4.23-acre lot.

Built in 2003, there are 80 units in the apartment community, with 32 additional units scheduled to be completed this year. Desert Jewel boasts a mix of one-, two- and three-bedroom units. Unit amenities include washers and dryers in all units, fireplaces in selected units, ceiling fans, fully equipped kitchens, air conditioning and nine-foot ceilings. Community amenities include a swimming pool, spa, barbecue area and a clubhouse.

CONTACT:
Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road, Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710