Jones Lang LaSalle Completes 19,674 SF Office Headquarters Relocation for the Center for Civic Education in Woodland Hills, CA

  

WOODLAND HILLS, CA, Feb. 17, 2011 — Jones Lang LaSalle represented the Center for Civic Education in a 19,674-square-foot lease at Warner Center Towers (top left photo), a 1.9-million-square-foot, Class-A office campus located in Woodland Hills, Calif.  The new space will be used for the company’s headquarters. 

Jones Lang LaSalle Vice President Dean Hawthorne and Managing Director Jim Lindvall represented the Center for Civic Education in the transaction.  The property owner, Douglas Emmett, was represented by Troy Pollett, David Solomon and Matt Heyn of CB Richard Ellis. 

“While the market is recovering, there is still great space – even sublease space – that can be found for well below market rates,” said Hawthorne.  “Jones Lang LaSalle was able to identify pristine space that required no improvements, further adding to the Center for Civic Education’s bottom line.”

The Center for Civic Education is an independent, non-profit organization based in California with a network of civic education programs in every state and congressional district in the country and in more than 80 emerging and advanced democracies throughout the world.

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

david@ebelingcomm.com

Marcus & Millichap Capital Corp. Arranges $4.2 Million Loan in Michigan

 DUNDEE, MI – Marcus & Millichap Capital Corporation (MMCC) has arranged a $4,284,000 credit-tenant lease (CTL) loan for the purchase of a 13,650-square foot Walgreens drugstore in Dundee.

Steven Wiltshire, an associate director in the firm’s Portland office, arranged the loan.

“In this transaction, MMCC sourced funds from bond investors for competitive leverage at 92 percent loan to value and a debt coverage ratio of 1.01,” says Wiltshire.

“The borrower is from Australia and not only were we able to qualify him, but due to our leverage, his down payment and loan cost amounted to less than 10 percent all in, which is a great return on his initial investment. CTLs are one of the safest investments in this market place,” adds Wiltshire.

The loan is for 23 years, amortized over 23 years with a fixed interest rate of 6.05 percent.

Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation,

(925) 953-1716

http://www.mmcapcorp.com/

Abacus Capital Group Sells $68 Million Northern California Multifamily Complex

PETALUMA, CA, – Less than a year-and-a-half after purchasing it, an investment fund advised by New York-based multifamily advisor Abacus Capital Group, in partnership with Los Angeles-based real estate private equity fund QVT Mount Auburn Capital LP, sold one of the largest apartment properties in Sonoma County for a significant gain.

 Last Friday, the firms closed on the sale of the Enclave at Adobe Creek (top left photo), a 492-unit property located in Petaluma for a sales price of $68 million. Abacus and QVT Mount Auburn purchased the property, formerly known as Lakeville Resort, in October 2009, for $52 million. 

According to Abacus Executive Vice President Greg Lyden, the investment is an excellent example of company’s “value-add” strategy it implements on behalf of its institutional investors.

“Abacus recognized that the property could be repositioned both physically and operationally to garner a greater share of the higher end of the market,” says Lyden.

Upon purchasing the property, the Abacus-led partnership immediately invested $2 million tackling deferred maintenance issues and re-branding the property with a series of strategic capital improvement programs.

 Abacus worked with its design team on to renovate the property’s clubhouse, amenities and select unit interiors. 

The new clubhouse included an upgraded fitness center, resident lounge, business center and a resort-style pool area with gas barbecues. The renovation also included a new tennis court and the introduction of a trash compactor to the property along with more energy efficient laundry facilities.

 “Our revenue this month was $980,000 (or nearly 17 percent) higher than the month we took over the property driven by higher rents and better collections.”


Lyden continues, "It is our philosophy to create value for our investors and then to harvest that value as quickly as possible. We think the Enclave is a great example of that investment philosophy in action."

Stan Jones (middle left photo)  and Phil Saglimbeni  (lower right photo) of Institutional Property Advisors (IPA), represented Abacus and QVT Mount Auburn in the Enclave sale. IPA also served as broker when the firms originally purchased the property.

Contacts:

Gregory Lyden, Phone: (212) 203-4962, Email: glyden@abacuscapitalgroup.com,

Stacey Corso, Phone: (925) 953-1716, Email: scorso@institutionalpropertyadvisors.com

www.InstitutionalPropertyAdvisors.com

Sandy Springs’ Serrano Condominium Achieves Record Sales

                                           

 ATLANTA, GA – The first five months of sales at Serrano (top left photo), the luxury condominiums at 901 Abernathy Road NE in Sandy Springs, have produced off-the-charts success.

 Seventy-seven of the 150 homes in the community are sold – that’s 51 percent of the one-, two- and three-bedroom condos, qualifying the building for Federal Housing Administration (FHA) financing.

 The homes sold for an average price of $142,605 over the five-month period from August 26, 2010 through the end of January 2011.  Serrano is one of six condominium communities launched by ST Residential last year.

 “Buyers are realizing this is the perfect economic climate to purchase,” says John Huckaby, ST Residential’s Regional Director in Atlanta.  “The economy has presented them with a unique opportunity and Serrano’s value-driven pricing and luxurious amenities are appealing to the savvy buyer.”

 Serrano buyers can now apply for FHA home loans.  FHA loans offer purchasers the most flexible down payment and qualifying guidelines.  Prospective homeowners can now purchase a condominium with as little as 3.5% down.  The building is also pre-approved for home loans by MetLife.

 Serrano is a five-story condominium community perfectly located off GA 400, extremely close to Perimeter Place and Perimeter Mall, and just a few minutes from Buckhead, Midtown and downtown Atlanta.  For those interested in a quick commute and easy access to Atlanta’s best shopping, dining, and entertainment, Serrano delivers.

 Serrano’s luxurious amenities feature a lush courtyard with swimming pool, outdoor grill and fireplace.  Residents have access to a clubroom with kitchen, a movie room, fitness center, pet walk and controlled-access parking.

The homes feature 13 different floor plans and include stainless steel appliances, granite countertops, crown molding, glass enclosed showers, soaking tubs, double vanities, designer lighting and fixtures, hardwood flooring in the living areas, and balconies.

 To learn more about the Serrano condominium community, buyers can call 404.645.7999 or visit http://www.serrano-atlanta.com/

Contact:  Liz Lapidus Public Relations. Liz Lapidus/Traci Buch, 404-688-1466

traci@lizlapiduspr.com

Colliers International Recruits Gregory J. Maradei to its Downtown Los Angeles Office

LOS ANGELES, CA – Colliers International, the second largest real estate services organization globally, has recruited Gregory J. Maradei (top right photo) to its Downtown Los Angeles office.

Maradei specializes in representing tenants in the Downtown Los Angeles office market and has represented major clients for 18 years. He will serve as vice president.

“Greg’s extensive business background combined with his experience working with corporate clients makes him a great resource and addition to our Greater Los Angeles region,” said Martin Pupil (middle left photo) regional managing director for Colliers’ Greater Los Angeles operations.

Maradei started his commercial real estate career in Downtown Los Angeles representing tenants in 1994. Since then, he has represented clients such as Texaco, Shell Oil Company, Deloitte and Touche, Marcus & Millichap Commercial Real Estate Company, and Insurance Services of America on lease negotiations and other transactions.

 “Greg offers unique experience that would benefit a wide spectrum of clients,” said Hans Mumper (lower right photo), managing director of Colliers DTLA office.

 Prior to his commercial real estate career, he was a United States Marine Corps Officer who served as a detachment commander in the Gulf War and a Xerox sales executive where he sold and implemented hardware and software solutions for clients including Boeing, Microsoft, Genie, and University of Washington.

 “Colliers has the strongest platform of services within a highly responsive and entrepreneurial culture,” said Maradei.

 Maradei received his B.A. from Old Dominion University. He also attended United States Marine Corps’ Officer Candidate School, and Marine Officer Basic School and Xerox University.

 Contact:

Angela S. Hwang

Regional Marketing Coordinator | Greater Los Angeles

Dir +1 213 532 3258 | Mob +1 310 867 4105

Main +1 213 627 1214 | Fax +1 213 327 3258

angela.hwang@colliers.com

Colliers International

865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA

http://www.colliers.com/

HFF arranges $17.7 million financing for five-property northern Dallas industrial portfolio

  

DALLAS, TX – HFF announced today that it has arranged $17.7 million in financing for a five-property industrial portfolio totaling 667,702 square feet in northern Dallas.

HFF worked exclusively on behalf of Crow Holdings to secure the fixed-rate loan through MetLife Real Estate Investments.  Loan proceeds were used to acquire the properties.

The portfolio consists of multi-tenant office/warehouse and distribution facilities that are 92 percent leased to tenants including Xerox Corporation, Freed’s Furniture, Bunzl Distribution, Tohatsu America Corporation and All American Flooring. 

The properties included in the portfolio are:  2005 Valley View Lane, 4650-4654 Nall Road, 4700 Nall Road, 4720 Simonton Road and 4490 Alpha Road.

The HFF team representing Crow Holdings was led by managing director John Rose (top right photo). 

Crow Holdings has raised $3.0 billion of equity in real estate ventures since issuing the first of its five investment funds in 1998. 

Crow Holdings actively acquires existing properties and development parcels of all types both independently and with operating partners.

  Crow Holdings currently oversees a portfolio of existing assets and assets under development totaling over 8.8 million square feet of retail, office and industrial properties, approximately 7,000 multi-family units, more than 2,100 hotel rooms and approximately 2,000 acres of lot development through its real estate private equity funds.

Contacts:

John W. Rose, HFF Managing Director, (214) 265-0880,                                        jrose@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,                                      

krmurphy@hfflp.com

The Emmes Realty Services Completes 49,110-SF Lease with Jacobs at The Michelson in Irvine, CA

IRVINE, CA – EMMES Realty Services, an affiliate of the EMMES Group of Companies, a privately-owned real estate investment company, has completed a 10-year lease with Jacobs Engineering Group Inc. (Jacobs) 49,110 square feet of space at The Michelson (top left photo), a landmark 533,000-square-foot high rise office tower located at 3161 Michelson in Irvine, Calif. 

The new space will be used as the company’s regional Orange County office.

Eric Olofson and Rick Kaplan of Cushman & Wakefield represented Jacobs. EMMES Realty Services was represented by Robert Shibuya.

Located in the heart of Orange County at the southeast corner of Jamboree Road and the 405 Freeway,

The Michelson is a 19-story tower offering panoramic views of the Pacific Ocean, San Gabriel Mountains and Orange County skyline, and is currently more than 80 percent leased to several high profile tenants including Hyundai Capital America, Bryan Cave, Gibson Dunn, Greenberg Traurig Systems Source and Jones Day. 

Jacobs is one of the world's largest and most diverse providers of technical, professional, and construction services.

Since 1992, The EMMES Group of Companies on behalf of its affiliated entities, capital partners and investors, has acquired and managed more than 35 million square feet of retail, office, industrial and multifamily property types.

 The company's current portfolio includes encompasses nearly 10 million square feet located in 19 states. Learn more at www.emmesco.com.

Contact: David Ebeling, Ebeling Communications, (949) 278-7851,  

david@ebelingcomm.com

The Dow Hotel Company Adds Eighth Basil’s Kitchen Branded Restaurant at Embassy Suites Seattle-Tacoma International Airport

 SEATTLE, WA, Feb. 14, 2011—Officials of The Dow Hotel Company, LLC (DHC), a hotel ownership investment and management company with in-depth restaurant expertise, today announced that it has acquired the lease on Basil’s Kitchen restaurant (top left photo) located in the Embassy Suites Seattle-Tacoma International Airport (SeaTac) (middle right photo), in Seattle. 

DHC said it will invest nearly a half-million dollars to upgrade the 158-seat facility.

The facility is the eighth Basil’s Restaurant and its first free standing restaurant in a hotel.  Concurrently, the company said that it is exploring the possibility of growing the Basil’s Kitchen restaurant concept nationwide and doubling in size by 2012.

  

 “This is the next logical step in the evolution of the highly successful Basil’s Kitchen concept,” said Murray Dow (middle left photo), CEO, DHC.

 “We created the concept in 1999 and now have eight restaurants opened under the brand.  We have reached the size and have the systems and standards in place to begin operating the brand outside of our hotels, and believe that the growth of the concept offers some attractive opportunities.”

DHC took over management of the restaurant, converting it to the Basil’s Kitchen concept in mid-January 2010, while working out a long-term lease agreement at the start of 2011.  During its first year under the Basil’s Kitchen concept and DHC’s management, the restaurant’s covers increased 38 percent, revenues rose 26 percent and profits improved 74 percent.

Basil’s Kitchen, named for Dow’s mentor in the hotel industry, Basil Miaullis, features Mediterranean-style cuisine with fresh, local ingredients.  The concept can be configured as Basil’s Kitchen, which features a more traditional restaurant menu, or Basil’s Bistro, which features small plate offerings, geared to a younger traveler.  Signature items include Scallops Mornay, Steak Vesuvio and Capellini Bianchini, as well as fresh local ingredients.

 Additional information about The Dow Hotel Company may be found at http://www.dowhotelco.com/

Contact:  Jerry Daly, Chris DalyGray. Phone: (703) 435-6293

jerry@dalygray.com

Single-Tenant Properties Popular With Investors

        From left, Virginia Wright, Brad Thomas, Michael Bull, Randy Gold

ATLANTA, GA, Feb. 14, 2011 – While single-tenant properties make up 10 percent of the commercial real estate market, they are currently accounting for 18 percent of sales.

 Experts on “The Commercial Real Estate Show” say that’s because investors like the ease of managing the properties. Investors also like that the deals carry a relatively low financial risk, especially with a tenant that has a high credit rating.

Chris Macke of CoStar Group shared the stats on the most recent episode of the “Commercial Real Estate Show,” a radio show hosted by Michael Bull  (middle right photo)  on Biz 1190 WAFS in Atlanta that is available for download at http://www.creshow.com/.

Macke said many small investors are looking for alternative investments to bonds. Smaller investors may like retail deals with tenants such as CVS or Family Dollar, while large investors prefer bigger plays, such as the recent sale of CoStar’s headquarters in Washington.

Other guests echoed Macke’s analysis.

Virginia Wright of Bull Realty said investors call net-leased properties SWAN investments, or “sleep well at night” investments, and Brad Thomas, a net leased developer and consultant, called single-tenant net leased properties a“safe asset class.”

The next “Commercial Real Estate Show”will air Feb. 19 and will focus on the national Real Estate Investment Trust market.

Guests will include Brad Case (middle left photo) vice president, research and industry information at the National Association of Real Estate Investment Trusts; Jonathan Miniman (lower right photo), senior vice president and senior analyst at INGClarion Real Estate Investment Management; and Steven Marks (lower left photo), managing director,REITs, at Fitch Ratings.

The “Commercial Real Estate Show” is America’scommercial real estate talk radio show.

The show is known as an entertaining and enlightening resource about commercial real estate.

 The show airs every Saturday morning at 10AM EST online at the show website, www.CREshow.com and on air on Biz 1190 WAFS in Atlanta. Show podcasts are available on-demand at any time worldwide on iTunes and on the show website.

The “Commercial Real Estate Show”has quickly gained a national and international audience. Each show starts with a commercial real estate market update related to the show topic by well-known national experts.

Then the show host and a panel of three to four industry expert guests share information, insight and best practices related to eachshow’s main topic.

The show host is 30-year commercial real estate veteran Michael Bull, CCIM, the president and founder of commercial brokerage firm BullRealty, Inc.

Contact: Laura Dudebout, (678) 642-4301, ldudebout@wilbertnewsstrategies.com

Gaedeke, Hodas Law Firm Ink 8-Year Lease

  

WEST PALM BEACH, Fla. – Attorney Benjamin T. Hodas (lower left photo) has signed an eight-year lease for a 3,230-sf office with ocean views in the class A Northbridge Centre (top left photo) in downtown West Palm Beach. Occupancy is planned for mid-March.

"I looked at two or three other buildings, but I kept coming back to Northbridge Centre, given its proximity to the courthouse and the views from my office," Hodas says. "At the end of the day it's the best class A space in West Palm Beach."

The lion's share of Northbridge Centre's tenant roster is law firms, which are drawn to the high rise because it's within walking distance of the Palm Beach County Judicial Center complex.

The 21-story high rise at 515 N. Flagler Dr. is owned by Dallas-based Gaedeke Group LLC.

Gaedeke's vice president of leasing, Kirk Fetter (middle right photo), represented the landlord. Susan Thomas of Touchstone Webb Realty Co. in West Palm Beach negotiated for the tenant.

Hodas' seventh-floor office space is requiring minimal finish-out. The most significant change is the addition of a four-by-six-foot glass opening, featuring a Scales of Justice etching, to capitalize on the office's view of the Intracoastal Waterway and Atlantic Ocean. The law firm is gaining 2,030 sf with the relocation from 301 Pine St.

"The space is comfortable and will provide me with a little room for growth," says Hodas, who is managing member of a "Marital and Family Law" firm that he launched in March 2010.

Hodas, a 2009 and 2011 Super Lawyers Florida Rising Star, was admitted to the Florida Bar in 2002 and immediately began his career as an associate in the family law firm of Martin L. Haines III, becoming a partner within four years. He later joined Fisher & Bendeck, P.A. in West Palm Beach before opening his own firm. Hodas' practice is focused on complex high net-worth divorces.

For additional information, please contact Kirk Fetter, 561-515-7407

Media contact: prcourier@att.net

Arbor Realty Trust Promotes Gianni Ottaviano To Senior Vice President, Structured Finance

Uniondale, NY (Feb. 14, 2011) - Arbor Realty Trust, Inc. (“Arbor”) announces the promotion of Gianni Ottaviano (top right photo) to Senior Vice President, Structured Finance.

Mr. Ottaviano previously held the title of Vice President, Structured Finance. He reports to Fred Weber (middle left photo), Executive Vice President, Managing Director of Structured Finance & Principal, Transactions.

 In this new position, Mr. Ottaviano will now be responsible for structured finance production management, including the screening process and oversight of team members, as well as deal management on a more comprehensive level.

 During Gianni’s nearly 12-year-long tenure with Arbor, his hard work and dedication has supported his growth and elevation within the Structured Finance Group.

Over the years, he has taken on a variety of increasingly vital roles within the structured loan production process, including transaction screening, underwriting, deal management, borrower relationship management, closing and asset management.

 Through his strong work ethic and track record, he has exhibited a dedication and willingness to support Arbor’s entrepreneurial culture, often utilizing his knowledge and expertise to assist in various areas of discipline within the company.

 “As Arbor’s structured finance origination volume is expected to increase moving forward, I am very confident that Gianni’s expertise and skill level, paired with his hard work and dedication, will successfully support the strong return of our business platform,” Weber said.

Mr. Ottaviano began his real estate industry career with Arbor in 1999 after working for five years in the accounting group at Ford Models.

 Mr. Ottaviano earned a Master of Business Administration degree from Hofstra University. He also received a Bachelor of Science degree from St. John’s University. He resides in Massapequa, NY.

Contact:  Christopher Ostrowski, costrowski@arbor.com

Childress Klein Picked to Lease, Manage Terrace Park

Firm Marketing Class A Medical Office Building in Gwinnett County

ATLANTA, GA (Feb. 14, 2011) – Childress Klein Properties announced today it has taken over leasing and management of Terrace Park Medical Center (top left photo) , a medical office building one block south of Gwinnett Medical Center (top right photo).

An affiliate of Wells Fargo hired Childress Klein for the assignment, according to Gordon Buchmiller (middle left photo), managing partner of the firm’s Atlanta office. Terrace Park is a Class A medical office building completed in 2007.

The new assignment expands Childress Klein’s presence in the development, management and leasing of medical office buildings and healthcare industry properties.

In Atlanta’s North Fulton submarket, Childress Klein developed Preston Ridge Commons (middle right rendering) medical office condominiums and manages Jackson Healthcare’s building on Northwinds Parkway.

The assignment also reflects Childress Klein's growing role in the management and leasing of bank-owned properties.

Terrace Park is a three-story, 130,000-square-foot building at 771 Old Norcross Road. The building is about 50 percent leased.

“Terrace Park’s location, high-quality finishes and proximity to Gwinnett Medical Center make it an attractive option for physician practice groups and healthcare companies,” Buchmiller said.

Terrace Park is a state-of-the-art medical office building that can accommodate small and large practice groups and companies that work with and serve them. The building offers abundant surface parking for patients and tenants and reserved parking for physicians.

Contact: Tony Wilbert, Wilbert News Strategies, 404-888-3091, twilbert@wilbertnewsstrategies.com

Grubb & Ellis Announces Creation of Daymark Realty Advisors

  

SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced the creation of Daymark Realty Advisors, Inc., a wholly owned and separately managed subsidiary. 

Daymark, which shall be responsible for the management of the company’s entire tenant-in-common portfolio, will provide specialized management services to the owners of the TIC portfolio.

 As a result of the restructuring, Daymark Realty Advisors becomes one of the largest real estate asset management companies in the country, serving more than 5,200 clients and overseeing a nationwide portfolio of commercial property totaling approximately 33 million square feet, including more than 8,700 multifamily units. 

Daymark will be based in Santa Ana with regional offices in Atlanta, Chicago, Dallas, Phoenix and Richmond, Va.

 “The unique nature of the tenant-in-common business requires specialized expertise and intense focus, especially as the commercial real estate industry begins to recover from the significant downturn of the past few years,” said Thomas P. D’Arcy (top right photo), president and chief executive officer of Grubb & Ellis Company.

 “Daymark Realty Advisors is dedicated to meeting the unique and evolving needs of its tenant-in-common clients, while Grubb & Ellis Company continues to focus on its core real estate services and non-traded REIT businesses.”

Daymark Realty Advisors will provide strategic asset management, property management, structured finance, accounting and loan advisory services to its existing portfolio.  Daymark is led by president and chief executive officer Steven M. Shipp (middle left photo), who previously served as executive vice president of portfolio management for Grubb & Ellis Realty Investors and who has an extensive commercial real estate background spanning more than 22 years in asset management and structured finance.  

 “Daymark enters the market as one of the most experienced managers in the industry, delivering a ‘client-centric’ model that acknowledges the unique needs of tenant-in-common owners,” said Shipp. “We have brought together a deeply talented pool of professionals with specific expertise in the disciplines necessary to preserve and enhance cash flow, valuation and, ultimately, investor returns.”

 In connection with Daymark’s launch, Grubb & Ellis and Daymark have engaged FBR Capital Markets & Co. as financial advisor.  FBR, in addition to being a leader in the real estate capital markets business, has significant experience in advising TIC asset management companies.

 “Our goal is the protection and preservation of our clients’ investments,” said Shipp. “As such, we look forward to working with our clients to find creative solutions that solve for the general lack of capital that is all too common in the TIC industry.” 

Contact: Janice McDill, Phone: 312.698.6707                                     

Email: Janice.mcdill@grubb-ellis.com

          

Marcus & Millichap Closes Two Sales Valued at $27.8 Million

 Medical Office Building in Southern California Sold for $14.13 Million

 TARZANA, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Wilbur Medical Plaza (top left photo), a 53,125-square foot multi-tenant specialty medical building in Tarzana. The sales price of $14,130,500 represents $266 per square foot.

 Evan Kovac and Nic Lyon, both healthcare real estate investment specialists in the firm’s San Diego office, represented the seller, Atlantic Pearl Investments Inc., based in Los Angeles (West Hollywood). The buyer was Encino, Calif.-based Ethan Christopher LLC in a joint venture with a well- known institutional medical office building investor.

 “Wilbur Medical Plaza was privately marketed to a select group of medical office REITs, pension funds, private equity and institutional medical office investors, both locally and nationally,” says Kovac. “Ethan Christopher LLC was selected from among several offers from highly qualified bidders.”

“Wilbur Medical Plaza is the premier medical office building in Tarzana’s historically tight medical office submarket,” adds Ethan Christopher’s principal, Mark Hamermesh. “Marcus & Millichap handled this transaction with expertise and professionalism.”

“We are very pleased to have successfully executed an important transaction in the medical office marketplace,” notes Lyon. “It has been our pleasure to work with such a professional and reputable group as Atlantic Pearl Investments throughout this transaction and also with Ethan Christopher, who we believe will continue to operate Wilbur as the premier building in the marketplace.”

Wilbur Medical Plaza is located on a 30,218-square foot corner parcel at 5620 Wilbur Ave. in Tarzana, less than one mile from the Providence Tarzana Medical Center, a 245-bed acute-care facility. The property is easily accessible from U.S. Highway 101 and Ventura Boulevard.

 Built in 1986, the three-story Wilbur Medical Plaza features four levels of subterranean parking, prominent signage and a sleek exterior surrounded by lush landscaping. The building’s tenants are physicians, an on-site surgery center, an imaging center, a pharmacy and other medical related businesses.

Connecticut Shopping Center Trades for $13.7 Million

DERBY, CT – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Derby Shopping Cente (middle right photo),  a 170,097-square foot shopping center in Derby.

The sales price of $13.7 million represents $81 per square foot and a 7.31 percent cap rate.

 Adam Mancinone and Blake Barbarisi of Marcus & Millichap’s New Haven office, and Robert Horvath and Todd Tremblay in the firm’s Boston office, represented the seller and developer, a partnership of New York-based investors. Mancinone, Barbarisi, Horvath and Tremblay also represented the buyer, a Connecticut-based private investor.

“The Derby Shopping Center benefits from its dominant location along New Haven Avenue, Connecticut Route 34,” says Mancinone. “The sales price and cap rate in this transaction can be attributed to property’s exceptional location, tenant strength and high percentage of long-term triple-net leases.”

The property is located at a signalized intersection at 500 New Haven Ave. in Derby, with excellent visibility from two directions.

Redeveloped in 2008, Derby Shopping Center is comprised of five single-tenant buildings on 16.8 acres of land. Tenants include Lowe’s Home Improvement Center, a freestanding Dunkin Donuts, Burger King, Webster Bank and Dollar Tree.

The 152,890-square foot Lowe’s opened for business in December 2008 and has a 20-year absolute triple-net ground lease with eight five-year options. Each option period has a 10 percent escalation.

Derby is located in southwest Connecticut approximately one hour’s drive from New York City and two hours from Boston.

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

Marcus & Millichap Capital Corp Arranges $9 Million in Multifamily Loans

Kenmore, WA Property Refinanced With $5.32 Million Loan

KENMORE, WA,– Marcus & Millichap Capital Corporation (MMCC) has arranged a $5,320,000 refinancing loan for a 75-unit, 59,000-square foot multifamily property in Kenmore.

Glenn Gioseffi, a director in the firm’s Seattle office, arranged the loan.

“During the course of the transaction, interest rates began to move up quickly,” says Gioseffi. “MMCC introduced the transaction to an agency lender and a local bank at the same time.

“The bank’s ability to lock rate produced an interest rate almost 0.5 percent lower and we were able to get an extra $300,000 in loan proceeds,” adds Gioseffi.

The loan is for 10 years, amortized over 30 years with a fixed interest rate of 4.12 percent. The LTV is 65 percent.

“One week before the lock expired and we were set to fund, the lender informed us that they needed a phase two environmental inspection,” Gioseffi continues. “We sourced a soils group that could drill and analyze samples within the time frame and the loan funded on the lock expiration date.”

“We are seeing people move towards loans that can be locked at the start,” Gioseffi concludes. “The recent rate jump has made the local banks’ small rate premium an attractive exchange in return for a locked rate.”

Canoga Park, CA Apartments Gets $3.64 Million Loan

CANOGA PARK, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $3,648,000 loan on a 67-unit multifamily property in Canoga Park.

Sharone Sabar, a director in the firm’s Encino office, arranged the loan.

“Using the borrower’s financial strength and management experience, MMCC worked with the lender to obtain pro forma underwriting, which helped the borrower receive high loan to value,” says Sabar.

 “The borrower wanted a GSE loan to purchase this property but the significant amount of tuck-under parking was problematic and ultimately prohibitive.

“The solution was to arrange a carryback with the seller in order to retrofit the building prior to placing long-term debt,” continues Sabar. “The retrofit took approximately 10 weeks to complete and we closed with a GSE immediately thereafter.”

The loan is for seven years, amortized over 30 years with a fixed interest rate of 5.49 percent. The LTV is 75 percent.

Press Contact: Stacey Corso,  Marcus & Millichap Capital Corporation,

(925) 953-1716

www.mmCapCorp.com