THREE-PROPERTY OFFICE AND INDUSTRIAL PORTFOLIO IN COLORADO LISTED FOR $58.44MDETROIT, MI – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a three-property office and industrial portfolio located in Colorado, Texas and Missouri.
The portfolio’s total square feet is 306,688. The sales price is $58.44 million. The properties are being offered as a portfolio or separately.Dan Danielak, a senior associate in the firm’s Detroit office, is representing the seller.
“All three properties were build-to-suits for their current tenants,” says Danielak, “Each of the leases feature built-in increases, with significant remaining terms.
"Attractive financing, that has been sourced, can give exceptional first-year returns that range from 7.73 to 7.86 percent.”
The three properties are:
SI International Inc. (top right photo), located at 1050 and1090 North Newport Road, in Colorado Springs, Colo., measuring 121,888 square feet.· Aker Solutions, (middle left photo) located at 2201 North Sam Houston Parkway, in West, Houston, Texas, encompassing 94,800 square feet.
· Nooter Eriksen Inc. (middle right photo) at 1509 Ocello Drive, in Fenton, Mo., featuring 90,000 square feet.
The SI International Inc. property is located in Newport Business Park alongside other major defense and technology companies.
The offering is comprised of one three-story, 91,088-square foot office building and one single-story, 30,800-square foot office building.
The property has fitness center, employee cafeteria and polished granite floors.
The SI International office buildings were build-to-suit for the tenant in 2006 and the double-net lease has seven years remaining. SI International Inc. was purchased by Serco Inc. in December 2008.
Serco North America is a leading provider of professional, technology and management services to the United States’ military and the federal government.The Aker Solutions building was built-to-suit for Aker in 2007 and features two built-in water pits for engineering and laboratory testing and four overhead crane systems.
Sellers control adjacent land that gives the tenant the availability to expand the existing facility. The current triple-net lease has eight years remaining; one five-year renewal option and a 2.75 percent rent increase every two years. Aker Solutions ASA, an international $8.3 billion annual revenue organization, is committed to being the industry leader in oil field operations and has chosen Houston and this facility to invest in their company’s operations
The Nooter Eriksen headquarters building is a Class A three-story office building that sits on a spacious 28-acre site. A BTS for Nooter Eriksen Inc. in 2002, the property is absolute net-leased for another 13 years.
The lease calls for cumulative CPI rental increases every five years that are not to exceed 7.375 percent. Additionally, there are four five-year renewal options in place. Nooter Eriksen Inc. is the world's leading independent supplier of custom-designed heat recovery systems for power plants.
$11.5M DEVELOPMENT SITE IN PORT ST. LUCIE, FL FOR SALE
PORT ST. LUCIE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for the Port St. Lucie Center Village development, a 37-acre land development site in Port St. Lucie.
PORT ST. LUCIE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for the Port St. Lucie Center Village development, a 37-acre land development site in Port St. Lucie. Paul Bouldin, (bottom left photo) senior associate and an associate member of the National Land Group in Tampa, is representing the seller.
“This is a unique opportunity to purchase an excellent infill location in the city of Port St. Lucie,” states Bouldin. “The site is zoned for mixed-use development of more than 37 acres with 482,694 square feet of buildable space. The seller is prepared to meet the market to sell the property.”
Port St. Lucie is a rapidly growing city with more than 150,000 residents in what was predominately a bedroom community centrally located in the Treasure Coast of Florida in St. Lucie County, which is now transitioning into a dynamic and diverse city. “The demand is growing for the development of retail, office and affordable housing in Port St. Lucie,” adds Bouldin.
“The economic model of Port St. Lucie Town Center Village, combined with current construction cost and potential income stream, make this asset an attractive long-term investment.”
As one of the fastest growing areas in the United States, and as the new home of the Torrey Pines Institute for Molecular Studies, the Vaccine and Gene Therapy Institute, and the Mann Research Center LLC, St Lucie County is emerging as the next center of science and technology excellence. In addition, new business developments are expanding the area’s economic drivers, for example the Professional Golf Association (PGA), which is now residing in Port St. Lucie.
Located at 1684 Port St. Lucie Blvd., the development is bordered by Vero Beach to the north and Stuart to the south. It is well positioned to expand still further with more affordable housing and growing of new construction.
LA FITNESS IN DALLAS LISTED FOR $10.6M
DALLAS, April 8, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 45,000-square foot freestanding fitness center (top right photo) net-leased by LA Fitness in Dallas.
LA FITNESS IN DALLAS LISTED FOR $10.6M
DALLAS, April 8, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 45,000-square foot freestanding fitness center (top right photo) net-leased by LA Fitness in Dallas.
The listing price of $10.6 million represents $236 per square foot.
Jason Vitorino, associate vice president investments and a director of the firm’s National Retail Group in Dallas, and Philip Levy, a senior associate also in Dallas, are representing the seller, a Dallas-based developer.
“The new 15-year, double-net lease is guaranteed by LA Fitness International LLC, and has rent escalations every five years, starting in year five,” says Vitorino.
“The escalations are equal to the lesser of the five-year cumulative CPI increase, or 10 percent. Additionally, there are three five-year options to extend the lease, all of which have the same scheduled rental escalations.”
Located at 3029 Forest Lane, inside the Interstate 35 loop, just east of Interstate 35 and west of Webb Chapel and Forest Lane, the property has a prime northwest Dallas location, surrounded by major retailers and office developments.The population within five miles exceeds 240,000.
The Class A building came on line in the third quarter of 2008.
The Class A building came on line in the third quarter of 2008.
LA Fitness is a full-service health club and fitness facility headquartered in Irvine, Calif. The company was founded in 1984, and has more than 285 locations in 21 states.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
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