Five-Property Self-Storage Portfolio Sells in Memphis, TN

  

MEMPHIS, TN, July 20, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment brokerage firm, has announced the sale of a five-property, 2,671-unit, 338,766-rentable square foot self-storage portfolio located in the greater Memphis metropolitan area. The terms of the sale were not disclosed.

Charles “Chico” LeClaire (lower right photo), a senior vice president investments in Marcus & Millichap’s Denver office, and Anne Williams (lower left photo), an associate in the firm’s Memphis office, represented the seller, Memphis Storage LLC. Memphis Storage’s managing member is Kenneth Cox. The buyer is Amsdell Storage Ventures VII  LLC. 

 “This acquisition represents a re-entrance into the Memphis market by the buyer and notably added to their national portfolio,” says Williams. “Self-storage acquisitions were steady in 2011 but have increased in 2012. Sellers are motivated to sell while interest rates are low, raising property values and fueling investor demand,” adds Williams.

“This was a perfect match between a motivated buyer and a seller eager to transact in the current market,” offers LeClaire.

Two of the properties are located in Memphis, two are in Olive Branch, Miss. and one is in Hernando, Miss.

All of the properties in the portfolio were designed and built as self-storage facilities between 1973 and 2003. All are well maintained and have stabilized income.

Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716

Colliers International Completes Sale of 126,244-SF Office/R&D Campus in San Jose, CA

San Jose, CA, July 20, 2012 –. – Colliers International, the third largest global real estate services organization, has completed the sale of a two-building 126,244-square-foot office and R&D asset located at 3000 & 3030 Orchard Parkway (top left photo) in San Jose, Calif.

 The purchase price remains confidential.   AEW acquired the property on behalf of one of its institutional clients.

Built in 2000, the Class A property is 100 percent leased and sits on 6.43 acres just off the prestigious North First Street Corridor. 3000 Orchard Parkway is leased by Samsung and 3030 Orchard Parkway is leased by SAP, but is currently subleased to Fairchild Semiconductor, which utilizes the building as its headquarters. 

 The Colliers Investment Services Group led by Fred Córdova (middle right photo), Andy Zighelboim, Nate Jones, Jim Beeger, Ryan Eddy, and Tommy Kim, represented the seller, DivcoWest, a privately owned real estate investment firm with offices in San Francisco and Boston.

 The buyer, Boston-based AEW Capital Management, a real estate investment portfolio manager with a major West Coast presence in Los Angeles plans to capitalize on a rapidly improving North San Jose leasing market. AEW represented itself in the transaction.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Colliers International Completes Lease of a 44,171 SFt Industrial Building in Westlake Village, CA

 Westlake Village, CA, July 20, 2012. – Colliers International, the third largest global real estate services organization, has completed the lease of a 44,171-square-foot industrial property located at 31186 La Baya Drive (top left photo) in Westlake Village.  The 10-year transaction is valued at over $4 million.

John DeGrinis (middle right photo), SIOR, senior executive vice president, Patrick DuRoss, associate vice president, and Jeff Abraham, senior associate all based in Colliers International’s Encino office represented the landlord, 31186 La Baya Drive, LLC.  The tenant was represented by Ron Berndt and Kevin Tamura of Daum Commercial.

The tenant, Rantec Microwave Systems, is relocating from nearby Calabasas where it has resided for many years.  Rantec manufactures microwave antennas used in military and commercial applications such as radar, missile guidance and navigation.

DeGrinis reported: “This type of facility is rare for the Westlake Village area given it is a true warehouse/manufacturing building not normally found in the heart of the Conejo Valley where office and highly improved tech/flex facilities are more the norm.”

The industrial property was constructed in 1978 and offers visibility on Thousand Oaks Blvd. as well as building features including 23-foot minimum clearance, 1600 amps of power, 5 dock high positions and 13,000-square-feet of high image office space. 

Contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

HFF markets IDS Center in Minneapolis, MN for sale

 CHICAGO, IL – HFF announced it has been named to market for sale the IDS Center (top left photo) on behalf of the seller, Inland American Real Estate Trust, Inc. 

Heralded by the New York Times as “one of the finest skyscrapers built in any American city,” the IDS Center is located on Nicollet Mall, an upscale shopping and dining district in the core of the skyway system in the Twin Cities. 

The HFF investment sales team, representing the seller, is led by senior managing directors Jeff Bramson (middle right photo) and Jaime Fink (lower left photo), along with director Mark Katz. 

 “The IDS Center is an iconic asset totaling more than two million square feet and is the centerpiece of downtown Minneapolis,” said Jeff Manno, vice president of acquisitions for Inland American Business Manager & Advisor, Inc.

“The decision to market this asset for sale is consistent with the execution of our long-term strategy to reposition the portfolio and focus on retail, student housing and lodging investments.” 

The award-winning 57-story post-modern building was designed by the influential American architect Philip Johnson in 1972. 

“Given the stability of the Minneapolis market, the property’s high occupancy rate and the historically low interest rate environment, we feel this is the opportune time to be able to drive value on this asset,” said Jeffrey M. Bramson, senior managing director for HFF. 

“The property’s retail center, Crystal Court, serves as the crossroads of business and commerce in the central business district.  Traffic counts of those walking through the center have often exceeded 50,000 people per day.”

For further information regarding Inland American, please refer to the company website at www.inlandamerican.com.

 Contacts:

                

JEFFREY M. BRAMSON                           

HFF Senior Managing Director             

(312) 528-3650                                       

jbramson@hfflp.com                             

JAIME F. FINK                                      

HFF Senior Managing Director      

(312) 528-3650                                   

jfink@hfflp.com  

MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500               

mmoren@hfflp.com

IPA Sells 264-Unit Apartment Complex in San Antonio, TX

  

 SAN ANTONIO, TX, July 19, 2012 –Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has brokered the sale of The Venetian (top left photo), a  182,984-square foot multifamily asset in northwest San Antonio. The terms of the sale were not disclosed.

Will Balthrope (middle right photo), an IPA executive director, and Scott Lamontagne (lower left photo), an IPA director, represented the seller, a private syndicator from the Pacific Northwest. Balthrope, Lamontagne and Drew Kile, an IPA associate director, also secured the buyer, an individual investor from the Northeast.

 “Strong rental conditions and attractive returns make San Antonio multifamily assets appealing to institutional investors,” says Balthrope.

“The Venetian presented the investment community with an excellent opportunity to add value,” adds Lamontagne.

“The northwest quadrant of San Antonio is known for its high concentration of corporate employers, which provide a steady flow of potential renters and job opportunities,” comments Kile.

Located at 7771 Joe Newton St., the property is situated in a highly visible location just off Culebra Road, which has a traffic count of 45,000 vehicles per day. The location is less than one mile from inner Loop 410, approximately four miles from outer Loop 1604 and is approximately three miles from Highway 151, which bisects the award-winning, 1,300-acre, master-planned Westover Hills community.

The Venetian features gated access, lighted tennis courts and basketball courts, two large swimming pools, a 24-hour fitness center, a slate billiard table, and a large TV lounge with built-in kitchen and views of the main pool and tennis court.

 Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716

Essex Realty Group Brokers the Sale Of Mixed-Use Property Building in Chicago, IL

 CHICAGO, IL, July 19, 2012- Essex Realty Group, Inc. is pleased to announce the sale of 1459 W. Taylor, a 5 unit mixed-use property, anchored by a Potbelly Sandwich works and located in the heart of Little Italy.  

There are 4 apartments at 1459 W. Taylor, with the following unit mix: One 2,172 SF Storefront, Two 2 Bed/1 Bath Apartments, Two 3 Bed/1 Bath Apartments and Two tandem outdoor parking Spaces.

Jim Darrow (top right photo) and Jordan Gottlieb (top left photo) of Essex represented the sellers and Doug Imber and Kate Varde represented the buyers in the transaction.  The price was approximately $1,458,333.

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

 Essex Realty Group Brokers Sale Of  2 Apartment Buildings in Chicago's Rogers Park Neighborhood

 CHICAGO, IL, July 19, 2012 - Essex Realty Group, Inc. is pleased to announce the sale of 1257-1310 W. Lunt, two vintage corridor style apartment buildings located across the street from one another in Chicago’s Rogers Park neighborhood. 

The subject properties consist of 54 apartments in 1257 W. Lunt and 56 apartments in 1310 W. Lunt. Combined the Apartment Unit Mix consists of seventy-nine Studios and thirty 1 bed/1 bath, and one 2 bed/1 bath.

 Doug Imber (lower right photo) and Kate Varde (lower left photo) of Essex were the brokers in the transaction.  The price was approximately $6,500,000

Contact:

Douglas S. Imber

Essex Realty Group, Inc.

773.305.4902

dougimber@essexrealtygroup.com

www.essexrealtygroup.com

Marcus & Millichap announces sale of Tellus self storage portfolio in Tennessee for $4.5 million

 MEMPHIS MSA, TN, July 19, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Tellus Self Storage Portfolio (top left photo), a 198,910-square foot self-storage facility located in the Memphis MSA, Tennessee, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $4,500,000.

Michael A. Mele (middle right photo), a first vice president investments and senior director of Marcus & Millichap’s National Self-Storage Group (NSSG) in the Tampa, Fla. office of Marcus & Millichap and Anne Williams, associate and broker of record in the firm’s Memphis, Tennessee office, represented the Mississippi-based seller. 

Tellus Self Storage Portfolio is located at 7384 Raleigh LaGrange Road. Each facility is equipped with both climate and non-climate controlled units among a variety of other amenities.  Combined, the portfolio has a total of 146,355 net rentable square feet and 844 storage units.

“This deal is a great example of how effective the Marcus & Millichap marketing platform is,” comments Mele. “Through our extensive marketing, we were able to find a first time buyer from out of the region for a property in Memphis, Tennessee and close the deal with CMBS financing,” adds Mele.

 “This was a great match between a motivated seller and a buyer eager to transact in the current market,” offers Williams.          

Press Contact:

 Richard D. Matricaria

Regional Manager,

Tampa, FL

(813) 387-4700

Voit Real Estate Services Adds Powerful Office Team in Las Vegas

Las Vegas, NV  (July 19, 2012) – The Cayton Office Team, led by Jayne Cayton (top right photo) and recognized as a top-producing brokerage team in the Las Vegas market, has joined Voit Real Estate Services’ Las Vegas office. 

The addition of this team is in line with Voit’s ongoing strategy to have top teams in place in each commercial product type in the Las Vegas market, according to Mike Montandon, Managing Director of Voit’s Las Vegas operations.

“Voit’s Las Vegas office was founded by the top industrial and retail brokers in our region, including Kevin Higgins and Kit Graski.  The addition of this top-producing Office Team further expands our depth of expertise, providing the opportunity to create additional solutions for our clients by expanding our work with office product in the market,” explained Montandon.

The Cayton Office Team includes Jayne Cayton and Paula Lea (lower left photo), each of whom brings extensive market knowledge and an entrepreneurial spirit to Voit, according to Montandon.

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

Jenn Quader/Judith Brower

Brower, Miller & Cole

(949) 955-7940

JQuader@browermillercole.com

Colliers International Names Kevin McKenna as Executive Vice President, Industrial Specialty in Ontario, CA Office

 July 19, 2012 – Ontario, Calif. – Colliers International, the third largest global real estate services organization, has named Kevin McKenna (top right photo) as executive vice president, industrial specialty, based in the firm’s Ontario, California office.

McKenna has completed more than $3 billion of real estate transactions in his 25-year career and has been perennially ranked in the top tier of industrial brokers in the country. He comes to Colliers from CBRE where he served as executive vice president.

“Kevin is regarded as one of the most successful commercial real estate brokers within Southern California. Bringing him on board adds even more top-flight quality to our industrial bench,” said Martin Pupil (lower left photo), regional managing director, greater Los Angeles, Colliers International.

 “Kevin will now round out our Inland Empire office and create an even stronger presence for our industrial group, especially in the institutional client area, where Kevin excels.”

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

Darcie Giacchetto,

949.278.6224

Colliers International Awarded 3.8 Million SF Industrial Property Management and Leasing Assignment in California

 Ontario, CA, July 19, 2012. – Colliers International, the third largest global real estate services organization, has been awarded a property management and leasing assignment totaling nearly 3.8 million square feet.

 The firm will manage a Southern California industrial and distribution property portfolio which includes 18 facilities within the counties of San Bernardino, Los Angeles and Orange on behalf of Hawaii-based owner, James Campbell Company LLC.

“We selected Colliers International to manage our sizeable Southern California industrial portfolio because of the firm’s exceptional performance on two Campbell portfolios of similar size in Chicago and Atlanta,” said Sydni Roberson, vice president of James Campbell Company.

“Colliers has delivered standardized integration with Campbell’s proprietary systems, access to a national network of real estate professionals and resources, and proven results in the management and leasing platform,”

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

Darcie Giacchetto,

949.278.6224

Interstate Hotels & Resorts Forms Joint Venture, Acquires Williamsburg, Va. Hotel

  

 ARLINGTON, VA and WILLIAMSBURG, VA., July 19, 2012—Interstate Hotels & Resorts today announced that it has formed its fourth joint venture with Waramaug Hospitality LLC and a private investment group and acquired the 295-room Williamsburg Hotel & Conference Center (formerly, the Marriott Hotel Williamsburg) (top left photo) for an undisclosed amount.

 The hotel will immediately undergo a $7.5 million comprehensive renovation and convert to the upper upscale DoubleTree by Hilton brand.  Interstate will manage the hotel under a long-term contract.

“We continue to build on our strong relationship with Waramaug, a leader in hospitality real estate investments, adding our fourth project with them in the past 17 months,” said Jim Abrahamson (middle right photo), Interstate’s chief executive officer. 

“With the planned renovation and rebranding, in addition to an ideal location close to significant demand drivers, we expect the hotel to take a leadership position in this market.”

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

Jerry Daly, Chris Daly                                                      

Media                                                                                   

Daly Gray                                                                            

(703) 435-6293                                                                  

jerry@dalygray.com                                                      

 Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

Wyndham Hotel Group Announces First Wyndham Hotel in Scotland

 

  

LONDON (July 19, 2012) – Wyndham Hotel Group, the world’s largest hotel company with over 7,150 hotels and part of Wyndham Worldwide Corporation (NYSE: WYN), today signed a franchise agreement with MAP Property & Leisure Developments Angus Limited (Mappld) to open the first Wyndham® Hotels and Resorts branded property in Scotland, Wyndham Grand The Angus.

Located adjacent to the Forbes of Kingennie Resort just five miles from Dundee, the five-star hotel will be the second Wyndham®-branded hotel in the U.K., joining Wyndham Grand London Chelsea Harbour (top centered photo)in London, and is expected to open in 2015.

Wyndham Grand The Angus will include 187 guest rooms and 10 two-bedroom luxury lodges that stand alongside an 18-hole championship golf course designed by Darren Clarke (top right photo), Open Champion 2011-12 at the heart of a new five-star destination resort.

Additional information is available at www.wyndhamworldwide.com.

For more information about hotel franchising opportunities visit www.whgdevelopment.com.

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

Helen Coop, Susannah Porsz or Julie Giraud

The Communications Building,

 Leicester Square

+44 (0) 870 626 9000

helen.coop@fourbgb.com or

susannah.porsz@fourbgb.com or

 Julie.giraud@fourbgb.com

10th New South Florida Condo Tower Begins Construction And More To Come

 

MIAMI, FL -- With one new condo tower already completed in South Florida, developers have initiated construction on at least 10 new high-rises - the latest being the 374-unit Brickell House (top left rendering) in Greater Downtown Miami that hosted a groundbreaking on July 18, 2012 - and are planning to assemble several more construction cranes in the next 18 months as the post-crash development era gains momentum, according to a new report from CondoVultures.com.

Miami City Commissioner Marc Sarnoff (lower right photo) - who was a guest speaker at the BrickellHouse construction launch ceremony - predicted that "between 15 and 17 cranes" would be assembled in Greater Downtown Miami and the nearby neighborhood of Coconut Grove by the end of 2013.

"You would all agree the [previous Miami] building boom was extravagant and was extraordinary," Sarnoff said. "It is good to see that Miami is coming back."

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

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.

Winston James Development negotiates expansion lease agreement with Surf Board Manufacturer at Beville Road Business Park in South Daytona, FL

SOUTH DAYTONA, FL --- Winston James Development, Inc. recently negotiated a lease agreement  at Beville Road Business Park located on Beville Road at SR 5A in South Daytona.

Winston Schwartz (top right photo), president of Winston James Development, which developed the Beville Road Business Park, said he completed an expansion lease for NCounter, a surf board manufacturer that’s well known in the area. The lease totals 1,050 square feet.

For more information,  contact:

 Winston Schwartz, President, Winston-James Development, Inc.  933 Beville Rd., South Daytona, Fla. 32119; 386-760-2555;

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

Faris Lee Investments Completes Sales to Two Bank-Occupied Properties in Los Angeles County Totaling More Than $7.8 Million

 IRVINE, CA– Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the sales of two single-tenant NNN leased bank properties in Los Angeles County totaling more than $7.8 million. The assets include a property occupied by California Bank & Trust in San Dimas and a property occupied by Chase Bank in Eagle Rock.

Built in 1989, the California Bank & Trust property totals 10,415 square feet and sold for $3,681,000. It is situated on .82 acres and is located at 530 W. Bonita Avenue in San Dimas.

Dennis Vaccaro (top right photo), senior managing director, and Matthew Mousavi (lower left photo), director, with Faris Lee Investments represented the buyer, 850 “F” Street LLC from San Jose, Calif. Vaccaro and Mousavi also represented the seller, Newport Beach-based CIM Financial LLC. The closing cap rate was 5.95 percent.

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

Darcie Giacchetto,

949.278.6224

Spaulding Thompson & Associates

For Faris Lee Investments