Tag Archives: marcus and millichap

Bella Place

Bella Place apartments sell for $7.7M

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Bella Place, a 280-unit apartment property located in Phoenix, AZ, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $7,725,000 which equates to $27,589 per unit.

Cliff David, a Marcus & Millichap vice president investments, and Steve Gebing, a senior director with Institutional Property Advisors, a Marcus & Millichap company, both located in the firm’s Phoenix office, represented the seller, Mentor Properties Inc.  The buyer, an individual/personal trust, was secured and represented by Pete Te Kampe, a Marcus & Millichap vice president investments, also located in the firm’s Phoenix office.

“Bella Place is strategically located west of the Central Avenue Office Corridor in Phoenix, one of the most prominent office and employment concentrations in the metro region with over 13 million square feet of office space and more than 60,000 employees ,” says David.

The property is situated on 9.50 acres at 2025 West Indian School Road, featuring a street window of 658 linear feet, promoting drive-by visibility to over 62,000 vehicles per day. “This is a notable benefit from a leasing standpoint, having the ability to generate resident prospects in large volume through walk-in traffic is a distinct community advantage,” adds David.

Developed by Lincoln Property Co. in 1973, Bella Place features unit interiors complete with a fully equipped kitchen including a frost-free refrigerator, chrome finish faucet, laminate countertops, dark wood cabinetry, stainless steel sink, and garbage disposal. Select units also feature a walk-in closet; resurfaced bath tubs and countertops, new shower valves, brushed nickel hardware, and wood-style vinyl flooring in the high traffic areas. Community amenities include two swimming pools, one spa, two common barbecue areas, and two on-site coin operated laundry facilities with new laundry equipment. The leasing office was enhanced to offer a new fitness facility, internet center, and DVD library. Furthermore, the property exterior was upgraded to include new exterior paint, new roofs, two tank-less domestic hot-water boilers, resurfaced parking lot, second floor deck work, and perimeter fencing. In total, the asset has benefited from over $700,000 in exterior capital improvement, invested intelligently to boost revenue and increase resident retention.

Newsmakers, AZRE Magazine March/April 20111

Newsmakers: AZRE Magazine November-December 2010

Newsmakers In Arizona Real Estate

Newsmakers in the commercial real estate industry are featured each issue. Here are the movers and shakers for November – December 2010:

Cushman & Wakefield acquired Cowen Commercial, a real estate firm specializing in retail leasing, investment sales, shopping center repositioning and development. Owner and President Jonathan Cowen, Adam Madison, Joseph Hoye II and Shannon O’Keefe joined Cushman & Wakefield. Cowen will be a senior director.

Jamie Medress was promoted to senior vice president investments at Marcus & Millichap.

Cliff David was promoted to vice president of investments. He specializes in multi-family investment sales.

Michel Ayer, an attorney at Quarles & Brady’s Phoenix office, was elected to Habitat for Humanity’s Central Arizona board of directors. Ayer is a member of the firm’s real estate group.

GPE Management Services named Linda Tierney senior property manager of the company’s property management services. She will be responsible for the direct management of RJ Realty Investors’ Phoenix portfolio.

RiverRock Real Estate Group, which will manage an unnamed client’s 1.6 MSF Phoenix industrial portfolio, named Michelle Weber as property manager to oversee the portfolio.

Erik Marsh joined Grubb & Ellis as vice president, Industrial Group, primarily specializing in sales. Marsh joins Grubb & Ellis after spending six years with Marcus & Millichap.

Daniel Mercer joined Grubb & Ellis’ Financial Services Asset Management group as senior vice president. With 37 years of experience, Mercer will oversee the company’s distressed asset services in the Phoenix region.

Karl Abert joined Grubb & Ellis as vice president, Multi-Housing Group. His team will include David Cravath, vice president, who joined the company in June.

Laurel Lewis joined NAI Horizon’s Office Properties Group. She spent the past 10 years with Grubb & Ellis.

Geoffrey Harris was promoted to vice president capital markets with Mark One Capital. Harris began his career with MMCC in 2006, specializing in single-tenant/retail.

Tim Phillips joined GPE Commercial Advisors as associate vice president specializing in industrial, flex and office property sales and leasing.

Raul Abad rejoined the Phoenix office of Gust Rosenfeld and will focus his practice on commercial real estate transactions, including development, leasing, financing and acquisitions and dispositions. He was practicing law in Denver.

Mark Dillon was named designated broker for Cassidy Turley BRE Commercial. Dillon joined the firm in December 2006, and is adding to his current position as vice president and general counsel.

Faris Lee Investments, a retail investment firm, opened a Phoenix office and named David Wetta as senior member overseeing a 3-person team. Wetta previously was with Marcus & Millichap. Joining Wetta: Joseph Compagno, Paul Salinas and Nathan Hubbell. All 3 were formerly with Marcus & Millichap.

MODE Real Estate Management Services hired Gina Rouban as assistant property manager.

Quarles & Brady attorney Katea M. Ravega was elected treasurer of the U.S. Green Building Council Arizona Chapter. Ravega is a member of the firm’s Environmental Law Group and a LEED accredited professional.

AZRE Magazine November/December 2010