Thursday, January 27, 2011

Marcus & Millichap Hires Brian Bornhorst as a Multifamily Investment Specialist

DENVER, CO – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired Brian Bornhorst (top right photo)  as a multifamily investment specialist, according to Michael Hoffman (middle left photo), first vice president and regional manager in Denver.

 In his new position, Bornhorst will serve as a director in the Denver office of the firm’s National Multi Housing Group.

 Most recently, Bornhorst was the vice president of transactions for AIMCO, a Denver-based multifamily REIT.

“It is with pleasure that we welcome Brian to Marcus & Millichap,” says Hoffman. “His in-depth knowledge of the multifamily investment market in Colorado and across the United States will be an asset to the firm.

"Brian has a great deal of experience in negotiating major apartment transactions on behalf of institutional investors as well as major private investors, which will enhance our national brokerage platform.”

Bornhorst brings more than 17 years of multifamily investment and real estate operations expertise to his new post at Marcus & Millichap. He has arranged approximately $7.2 billion in apartment transactions on behalf of institutional and private investors throughout his career.

Prior to joining AIMCO, Bornhorst worked for Deloitte & Touche as a manager in the firm’s real estate consulting practice, providing operations and process improvement services for clients across the US and Canada.

Bornhorst received his bachelor’s degree in real estate and marketing from the University of Cincinnati.

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

NewMark Merrill Awarded 1.1 Million SF Management Assignment

WOODLAND HILLS, CA – NewMark Merrill Companies, a retail development and full-service property management firm, is proud to announce the addition of four new Property Management assignments of 1,169,500 square feet, in addition to expanding its’ list of clients.

The shopping centers include: Grand Plaza, Nordahl Marketplace, Peru Marketplace and Heritage Plaza.

The four high-profile Southern California and Illinois shopping centers are owned by affiliates of both World Premier Investments (WPI) and United American Properties (UAP).  NewMark Merrill Companies retail portfolio now exceeds 8 million square feet under management including its owned assets.

This outstanding portfolio of Shopping Centers includes: 

Grand Plaza (top left photo) located along Highway 78 at Las Posas Road in the north county area of San Marcos, CA.  The center totals more than 356,000 square feet.  Tenants include Sprouts, Nordstrom Rack, Ross, Bed Bath and Beyond, Marshalls, Sports Chalet, Petco, Lane Bryant, Party City and many more. The center is 95% leased.  Leasing for this property is handled by Cushman Wakefield of San Diego.

Nordahl Marketplace (middle right map) located along Highway 78 at the northwest corner of Highway 78 and Nordahl Road, also in San Marcos, CA. The center totals more than 315,000 square feet and is home to Wal-Mart, Kohl’s, Guitar Center, Payless Shoes, Burger King, Starbucks, Coldstone Creamery and several others.  The center was built in 2003 and remodeled in 2007.  The center is currently 96 % leased.  Leasing for this property is also handled by Cushman Wakefield.

Heritage Plaza (middle left photo) is a 119,000 square foot center, located along Arlington Avenue in Riverside California.  The center is home to many retailers, including Albertsons, 99 Cent Only Store, Starbuck’s Coffee, Subway, Rent A Center, Radio Shack and Yum Yum Donuts to name a few.  Leasing for this property is handled by Colliers International.

Peru Marketplace (lower right photo) is a 362,463 square foot center, located at Route 251 & La Salle in Peru, Illinois.  The center is home to Wal-Mart, GameStop, Kohl’s and opening soon PetSmart to name a few.

Contact: David Ebeling, Ebeling Communications, (p) 949.861.8351, (c) 949.278.7851,

NAI Realvest Negotiates 3 New Leases in Metro Orlando

Azuleri Takes 1,991 SF in Maitland Center 

 MAITLAND, Fla. --- NAI Realvest negotiated a new lease agreement for 1,991 square feet of office space in suite 104 at 1015 Maitland Center Commons Blvd.

 Michael Heidrich (top right photo), a principal in the firm, brokered the transaction representing the Maitland-based landlord, 1015 Maitland Center Commons, LLC and the tenant, Azuleri, Inc., a hearing aid systems manufacturer relocating from southeast Orlando.

Hanging Moss CommerCenter and Airport Industrial Center Welcome New Tenants

 ORLANDO, Fla. – Michael Heidrich, principal at NAI Realvest recently negotiated two lease agreements for industrial space totaling 5,000 square feet at Hanging Moss CommerCenter (lower left photo) and Airport Industrial Center in Orlando.

 Heidrich represented the landlord Maitland-based COP-Hanging Moss, LLC in a lease to Winter Park Auto Exchange, Inc. for suite 410 with 2,000 square feet at 6112 Hanging Moss Rd. 

 At 7466 Narcoossee Rd., Citadel Capital Management, Inc. of Winter Park leased unit 200-F with 3,000 square feet . Heidrich negotiated the transaction on behalf of the landlord Airport Investment Properties, LLC of Columbus, Ohio.  Rory Williams of Acquisition Consultants represented the tenant.

 For more information, contact:
Michael Heidrich, Principal, NAI Realvest 407-875-9989
Patrick Mahoney, President, NAI Realvest 407-875-9989
Beth Payan, Larry Vershel Communications, 407-644-4142

Colliers International Completes the Sale of an 82 unit Multi-Family Property in the Inland Empire

REDLANDS, CA, Jan. 27, 2011 --  Colliers International, the second largest real estate services organization globally, has completed the sale of a 89,248-square-foot multi-family property (top left photo) located at 301 E. Cypress Ave, Redlands, CA to Sequoia Equities, a Walnut Creek-based real estate investment firm.

The property sold for $625,000 above list price, at $11.625 million and $141,768 per unit.

Kitty Wallace (top right photo), executive vice president, based in Colliers International’s West Los Angeles office, represented the buyer and the seller, MJW Receivers.

 “We ran an aggressive marketing campaign for the seller and received 21 offers in just eight days, 19 of which were above asking price,” said Wallace.

“With so many offers on Cypress Villas, it is clear that there is investor demand for the Inland Empire. Positive third quarter statistics indicate that the Inland Empire may have found its way out of the recession.” 

 Built in 2004, Cypress Villas is an 82 unit garden style property situated on 4.68 acres in the Inland Empire. 

This gated community features a mix of one, two, and three bedroom apartments that were 100% occupied at the point of sale. The property also features a large leasing office, community room, fitness center, and a resort style swimming pool and spa.

The property is well-situated in one of the best areas of the city, just east of Redlands Blvd. and the 10 freeway. It is also within one mile of the University of Redlands (lower right photo), History Downtown Redlands, the Redlands Mall and Prospect Park.

Angela S. Hwang, Regional Marketing Coordinator
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258

Marcus & Millichap Brokers Sale of $21.7 Million Long Island, NY Property

  CALVERTON, NY– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Thurm’s Estates (top left photo), a 101-acre, 328-space manufactured home community in Calverton, N.Y.

The sales price of $21,740,000 represents $66,280 per space.

Frank “Buddy” Martin and Ian Glasser, manufactured home communities investment specialists in the firm’s Philadelphia and New Jersey offices, respectively, represented the seller, MHC Thurms LLC.

Martin and Glasser also represented the buyer, a Chicago-based manufactured housing investment firm. J.D. Parker (middle right photo), regional manager of Marcus & Millichap’s Manhattan office, also provided representation.

 “Thurm’s Estates presented investors with a rare opportunity to purchase a seniors housing community on Long Island,” says Martin. “Long Island is one of the country’s premier markets for manufactured housing.”

 Located at 705 Fresh Pond Ave. in Calverton, Thurm’s Estates provides residents aged 55 and over with easy access to Long Island wine country, the Hamptons, Long Island Sound, Flanders Bay and the Atlantic Ocean. Major retail venues, a 182-store outlet mall and several golf courses are located within 10 miles of the property.

 Built in 1958, Thurm’s Estates is composed of 155 singlewide spaces and 173 doublewide spaces. The community, which is 100 percent seniors, is serviced by city water and has its own sewage system.

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

Rene Circ Joins Grubb & Ellis as Vice President, National Director of Research, Industrial

SANTA ANA, CA (Jan. 27, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Rene Circ (top right photo) has joined the company as vice president, national director of research, Industrial. 

 Based in Chicago, he will responsible for leading the market research efforts for the company’s national Industrial Group as well as its industrial-focused practice groups. 

 “Rene has a strong track record of supporting asset management and investment strategies that result in higher portfolio profitability,” said Jack Van Berkel (middle left photo), president of Real Estate Services and chief operating officer, Grubb & Ellis Company.

 “Bringing him on board bolsters our professionals’ ability to provide clients with winning real estate strategies backed by solid market analysis.  His addition brings new strength and creativity to our market research platform.”

Circ’s addition enhances the company’s highly regarded national market analysis as well as its comprehensive proprietary local market research, conducted by more than 100 research professionals in Grubb & Ellis’ owned and affiliate offices. 

He reports to Bob Bach (lower right photo), senior vice president and chief economist.

Circ, 35, joins Grubb & Ellis from First Industrial Realty Trust, where he spent 11 years, the last five as research director. 

 During his tenure, Circ managed a team of five analysts and was instrumental in supporting investment strategies domestically and globally that resulted in transactions totaling in excess of $12 billion. 

Prior to joining First Industrial Realty Trust in 2000, Circ was a senior research analyst with Insignia/ESG since 1996.  He is a regular presenter at industry events and has been published in a number of trade publications and conference reports, including SITE Selection,, and SIOR Professional Report. 

Contact: Erin Mays, Phone: 312.698.6735