Marcus & Millichap Lists $14.8 Million Student Housing Community in Savoy, IL

 SAVOY, IL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Indigo Place (top left photo), a 192-unit, 203,652-square foot student housing community in Savoy, approximately two miles south of the University of Illinois at Urbana-Champaign.

The listing price of $14.8 million represents $77,083 per unit and $73 per square foot.

Scott Harris, a senior vice president investments, and Kyle Shoemaker, a multifamily investment specialist, both in Marcus & Millichap’s Oak Brook office, are representing the seller, a private investment group.

“The property is in excellent physical condition but less than optimal management has provided future ownership with a significant add-value opportunity,” says Harris. “Based on the listing price, investors are in a position to achieve a 9 percent capitalization rate at market occupancy levels.”

“Indigo Place represents an opportunity to acquire a luxury student housing community close to a large and prestigious Big Ten university,” adds Shoemaker. “The University of Illinois at Champaign-Urbana is the largest and oldest campus in the Illinois university system.”

Built in 2000, the 588-bedroom property is located at 117 Sterling Court, which is part of the Champaign-Urbana MSA.

Indigo Place consists of 16 three-story apartment buildings and one single-story leasing office/clubhouse.

 The unit mix includes 96 beds in two-bedroom/two-bath units with 831 square feet of living area, 252 beds in three-bedroom/three-bath units with 1,022 square feet of living area, 144 beds in four-bedroom/two-bath units with 1,279 square feet of living area and 96 beds in four-bedroom/four-bath units with 1,328 square feet of living area.

 The majority of units have one bath per bedroom.

The University of Illinois at Champaign-Urbana campus has 17 colleges and instructional units offering more than 150 programs of study.

The call for offers date is November, 19, 2010.

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

Marcus & Millichap Sells 15,371-SF Single-Tenant, Net-Leased Property in Hendersonville, NC

   

 HENDERSONVILLE, NC,– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Walgreens Pharmacy #10886,  (top left photo) a 15,371-square foot single-tenant net-leased property located in Hendersonville, NC, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

 The asset commanded a sales price of $5,033,000.

The Florida-based buyer, a limited liability company, was secured and represented by Allen Smith, vice president investments in Marcus & Millichap’s Charlotte Uptown office, and Larry Curry (Lower right photo), investment specialist in the firm’s Tampa office. 

Walgreens Pharmacy #10886 is located at 1148 Asheville Highway.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa

(813) 387-4700

Grubb & Ellis and Manhattan Software Form Strategic Alliance

 SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, and Manhattan Software, the global leader in enterprise real estate software, announced they have formed a strategic alliance, creating a unique real estate management offering unmatched in the commercial real estate industry. 

The combined strengths of the two firms, and the resulting synergies of this relationship, will allow both companies to service clients more effectively than ever before.

 “Grubb & Ellis is known for delivering best-in-class, forward-thinking management solutions that go beyond the day-to-day to create real value for clients looking to outsource their real estate function,” said Thomas P. D’Arcy (top right photo), president and chief executive officer of Grubb & Ellis.

 “Our alliance with Manhattan was driven by the knowledge that combining disparate packages and reporting tools is far inferior to an integrated product that can manage the lifecycle of real estate from end to end. 

“We believe that there is no better solution than Manhattan for our clients in need of a full-scale, comprehensive management platform.”

  To learn more about what the alliance between Grubb & Ellis and Manhattan offers, visit http://www.remanagementrevolution.com/.

Contacts:

 Janice McDill, Phone:  312.696.6707,

Email: janice.mcdill@grubb-ellis.com

Nancy Sanquist, 858.699.0827

nsanquist@manhattansoftware.com

Grubb & Ellis Represents Private Investor in Sale of 12-Asset National Portfolio

  

 SAN MATEO, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm announced that it represented Grubb & Ellis Realty Investors, LLC in the sale of a 12-asset national portfolio. 

The investment subsidiary managed the properties on behalf of a private investor.  

 Seth McKinnon and Steven Golubchik, vice presidents of the company’s Private Capital Markets group, along with local market professionals, represented the investor in the sale of 11 of the properties to American Realty Capital II LLC.

  Riki Hashimoto, senior vice president, Investment Services, represented the private investor in the sale of  Broomfield Corporate Center, 11525 Main St., Boulder, CO, (top left photo) a 93,000-square-foot data center building fully occupied by TIAA-CREF Individual & Institutional Services LLC.   

 “The portfolio offered the buyer the unique opportunity to acquire a portfolio with a diverse tenant mix.  Also, we believe that we were able to maximize the return for our clients by marketing the 11 retail properties as one portfolio and transacting the data center as individually,” said McKinnon. 

 The 11-asset portfolio includes:

• ·Four single-story buildings located in Joliet, Ill.; Marysville, Ohio; Austin, Texas; and Chelsea, Ala., offering approximately 15,000 square feet of space, and one two-story building located in Upper Arlington, Ohio, offering roughly 25,000 square feet of space.  All five buildings are fully occupied by Walgreens.

• ·Two properties located in Carpentersville, Ill., and Northlake, Ill., offering 4,400 and 3,850 square feet of space, respectively.  Both single-story buildings are 100 percent leased to JPMorgan Chase & Co. 

• Two single-story buildings 100 percent leased to Fifth Third Bank in Schaumburg and Montgomery, Ill.  The properties each offer approximately 4,000 square feet of space.

• ·The CVS Pharmacy building located at 2738 N. Decatur Road in the Atlanta suburb of Decatur, offering 15,500 square feet of space.  

• The Home Depot property located at the intersection of Floyd Road and the East-West connector in Austell, Ga., which offers 131,000 square feet of space situated on roughly 15 acres of land.   

 Locally, Moody Younger, executive managing director, Texas; Justin Stanley, senior vice president, sales director, Chicago; Brett Hunsaker, executive vice president, Managing Director, Atlanta; Bob Nosal, executive vice president, managing director, Cleveland, and John Peebles, SIOR, CCIM, Grubb & Ellis|Peebles and Cameron LLC, Mobile, Ala.; assisted in the sales of the individual properties. 

Contact:  Julia McCartney, Phone: 714.975.2230                                     

Email: julia.mccartney@grubb-ellis.com

          

McCarthy Building Companies, TAYLOR and St. Joseph Health Systems Team to Donate Design/Build Services for Latino Health Access Community Center and Park in Santa Ana, CA

 SANTA ANA, CA – The design/build team of McCarthy Building Companies, Inc., (www.mccarthy.com), and TAYLOR, (www.TAA1.com ), are working in partnership with St. Joseph Health Systems, (www.stjhs.org), Latino Health Access (LHA), (www.LatinoHealthAccess.org ),  and various other project team members to donate services for a new community center and park in one of the poorest areas of California.

To be the only community center and park in the 92701 zip code, the project will be built on a half acre of land at 602 E. 4th Street and adjacent to one of the largest condominium complexes in Santa Ana. 

The landmark community park project will kick-off on November 5, 2010 during a public groundbreaking ceremony.

“Jim Bostic, assistant vice president of construction for the St. Joseph Health System, has overseen the team of architects, engineers, and landscape designers who are donating their time to build the park and community center,” said Ana Carricchi, (top right photo) director of public policy for Latino Health Access.

 “Their donations have been worth several hundred thousand dollars to a project that, in all, will cost about $4 million to build and operate."

Part of the land where the LHA Community Center and Park is to be built was donated by Northgate Gonzalez Market. The remaining parcels are under a 40-year lease agreement, at $2 per year, with the City of Santa Ana. 

Project team members include: St. Joseph Health Systems, project oversight; TAYLOR, community center architect; McCarthy Building Companies, construction management; CDPC, project master planner and park design; TAIT, civil engineer, kpff, structural engineer; and SASCO, electrical.

More information can be found at http://www.latinohealthaccess.org/;

 http://www.mccarthy.com/; http://www.TAA1.com/

Contact:

  Laura Mickelson (McCarthy Building Companies Media Contact), (949) 453-0851 / LauraMickelson@cox.net

Nancy Egan (TAYLOR Media Contact) (310) 943-7194 / egan@newvoodou.com