Saturday, April 16, 2011

Marcus & Millichap Sells 52-Unit Apartment Property in Macon, GA for $1.3 Million

MACON, GA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Clisby Towers (top left photo), a 52-unit apartment property located in Macon, Ga., according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,300,000.

  The Georgia-based buyer, a private investor, was secured and represented by John E. (Jay) Brigel, a senior associate in Marcus & Millichap’s Tampa office.  John Leonard, broker, assisted in closing this transaction.

Clisby Towers was built in 1980 and is located at 2087 Vineville Avenue. 

 Press Contact:  Bryn D. Merrey, Regional Manager, Tampa
(813) 387-4700

Jones Lang LaSalle Completes Major Industrial Lease for Schoeller Arca Systems in Goodyear, AZ

PHOENIX, AZ – Jones Lang LaSalle has completed a 153,000-square-foot, long-term industrial warehouse lease for Schoeller Arca Systems, a 100-year-old, Netherlands-based global market leader in the manufacturing of sustainable plastic packaging systems.

The deal will bring as many as 150 new jobs to Phoenix and is the latest example of an increasingly strong local industrial market.

Schoeller Arca Systems will occupy a one-story warehouse/manufacturing property at 17300 W. Broadway Road in Goodyear, Ariz. The building, which was previously occupied by Rubbermaid, Inc., is situated on 47 acres just four miles from Interstate 10 and along an active Union Pacific rail spur.

Schoeller Arca Systems is present in more than 50 countries worldwide.  Historically, Schoeller Arca U.S. relied solely on contract manufacturers. 

Managing Directors Anthony J. Lydon, SIOR (lower left photo), and Marc Hertzberg (middle right photo), SIOR, in the Phoenix office of Jones Lang LaSalle represented Robert Engle, President of Schoeller Arca Systems, in the lease. Dan Calihan and Pat Feeney of CBRE represented the landlord, BET Investments.

“We’ve seen a drastic up-tick in demand for large, rail-served manufacturing buildings in Phoenix,” said Hertzberg. "We're seeing the greatest interest from companies with high employee counts and with operations in industries like food and beverage, sustainable energy and Internet fulfillment.”

"These requirements for 100,000 or more square feet are being spurred on by value-add, energy-centric, high-head-count employers who see metropolitan Phoenix as a strategic location," added Lydon. "We're adjacent to Southern California but substantially more affordable for items like energy and HR costs."

According to Jones Lang LaSalle research, the overall industrial vacancy rate in Phoenix has dropped by almost two percent year-over-year, from 15.8 percent one year ago to 13.9  percent today. First quarter 2011 had approximately 800,000 square feet of net absorption in Phoenix industrial space. In comparison, almost 4.5 million square feet of Phoenix industrial space was absorbed during 2010.

Schoeller Arca Systems is scheduled to occupy its new space in second quarter 2011.

 For more on the company, visit

Contact: Stacey Hershauer, Phone: +1 480 600 0195 

HFF secures $15.47 million financing for LEED certified Class A office development in northern New Jersey

FLORHAM PARK, NJ – HFF announced it has secured $15.47 million in financing for the completion of Summit Executive Center, a LEED certified, Class A office building being built in Summit, New Jersey.

HFF worked exclusively on behalf of the borrower, a joint venture between Mark Yeager and Normandy Real Estate Partners, to secure the 36-month, acquisition, rehab and construction loan through The Provident Bank.

Due for completion in March 2012, Summit Executive Center will have four stories of office space totaling 65,518 square feet.  The property is 50 percent pre-leased and also includes a 196-space, two-story parking garage.

Located in downtown Summit at One Deforest Avenue, the property is close to Interstates 78 and Route 24 as well as the Summit train station providing access into Manhattan, which is 22 miles to the east.

The HFF team representing the borrower was led by senior managing director Jon Mikula (lower  right photo) and associate director Michael Lachs.

“This transaction is an excellent example of positive leasing activity and lenders willing to fund well-conceived projects,” said Mikula.

Jon Mikula, HFF Senior Managing Director, (973) 549-2000                                             
 Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500

Jones Lang LaSalle Completes Sale of Redevelopment Project in Los Angeles


LOS ANGELES, CA – Jones Lang LaSalle announced it has completed the sale of Sunset Pacifica, a vacant, six story mixed-use apartment building located at 17351 West Sunset Boulevard in Pacific Palisades (top left photo), an affluent district of Los Angeles, California.

The purchaser is Sonoma, Calif.-based Nine Mile Investments.

Jones Lang LaSalle’s West Coast Multifamily team of Vice Presidents Patrick Shiver and Javier Rivera, represented US Bank in the transaction.  The buyer was represented by Clark Everitt of Investment Real Estate Associates.

“Our knowledge of the local market enabled us to locate a buyer who saw the upside and potential in this property,” said Shiver.  “Nine Mile Investment will begin immediately on the build-out of 16 luxury apartments units and two commercial condominiums with completion planned for 12 to 24 months.”

Sunset Pacific was constructed in 1983 and includes 68,842 square feet of gross building area. It is within walking distance to world-class beaches and features views of the Pacific Ocean. 

Sunset Pacifica is just minutes from Downtown Santa Monica featuring world renowned entertainment, shopping and dining venues.

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

CBRE Orlando Closes $37 Million Multi-Housing Sale

ORLANDO, FL--CB Richard Ellis is pleased to announce the sale of the Fountains at Waterford Lakes (top left  and bottom right photos) in Orlando for $37,000,000.

 Built in 2000, this gated community features 400 units in East Orange County near the University of Central Florida.

The property offers private garages, 9’ ceilings, and a full amenity package with two swimming pools.

Shelton Granade and Luke Wickham of CBRE’s Central Florida Multi-Housing Group exclusively represented the seller, and have closed over $111,000,000 in Orlando thus far in 2011 – more than the next three competitors combined.

Buyer interest in multi-housing assets in Central Florida has increased significantly. CBRE currently has several other properties under contract, and is generating substantial interest in other widely marketed offerings.

 For further information, please contact the Central Florida Multi-Housing Group of CB Richard Ellis:
Shelton Granade, T 407.839.3103,
Luke Wickham,T 407.839.3130,

AC Self Storage Solutions LLC Acquires Rivergate Self Storage in Murfreesboro, TN

MURFREESBORO, TN -- AC Self Storage Solutions, LLC of Newport Beach, CA., has acquired Rivergate Self Storage (top left photo), a Class-A, stabilized cash-flowing storage facility with 470 storage units, 17 parking spots for RVs and boats, and approximately 62,000 net rentable square feet of storage in Murfreesboro, TN, a suburb of  Nashville. The price was not disclosed.

 Rivergate Self Storage and Truck Rentals, located at 1323 N.W. Broad St., is approximately 80% occupied with individual and commercial customers. AC Self Storage Solutions, a joint venture of Axxcess Capital Ventures, LLC, bought the facility from Jeff Davis, a Murfreesboro entrepreneur.

Ashley Compton (lower left photo), first vice president of CB Richard Ellis’s Self-Storage Advisory Group in Nashville, represented the seller.

AC Self-Storage “fast-tracked” the all-cash acquisition, closing it 60 days after signing the purchase agreement.

 “Rivergate hit dead center in our most important portfolio acquisition criteria,” said Troy Downing, (middle right photo) managing member of AC Self Storage Solutions who has been in the self storage real estate sector for 10 years.

 “It’s well occupied, situated in an established, in-fill location on a high-traffic road with a good visibility and easy access. It’s close to high-density housing, retail, a K-Mart across the street and solid economic anchors such as Middle Tennessee State University and Middle Tennessee Medical Center comprised of 10 facilities near Rivergate.”

 Downing also cited Murfreesboro ranking as the fastest growing city in Tennessee as a major factor in acquiring the self-storage facility. Population grew 40,000 between 2000 and 2010 and census data is predicting a 14.4% gain in residents over the next five years.

Downing said AC Self Storage Solutions will “significantly enhance” Rivegate’s benefits  to storage customers by adding a call center, longer hours, content insurance coverage, more frequent and creative marketing campaigns to attract new customers and providing “institutional level management and oversight” of the facility.

The name and Internet address will remain the same –—but will now be interactive allowing customers to make monthly payments on the website.

 Press Contacts:                     
Chris Barnett   415-336-5092
Troy Downing or Craig Morris,   866-629-9237
Broker: Ashlee Compton,   615-248-1130.