Tag Archives: marcus millichap

Geoffrey Harris joins CBRE Capital Markets

Geoffrey Harris, CBRE

Geoffrey Harris, CBRE

CBRE Group, Inc. today announced that Geoffrey Harris has joined the firm’s Capital Markets’ Debt and Structured Finance team as Senior Vice President. Harris is a financial services professional with more than 15 years of mortgage banking experience. Based in Phoenix, Harris will play a key role in originating net-leased transactions for the firm nationally, in the multi and single-tenant, office, retail and industrial properties space.

“I am thrilled to welcome Geoff to the team. He is a wonderful complement to our team of best-in-class debt and structured finance professionals,” said Bruce Francis, vice chairman, Debt and Structured Finance, CBRE. “His experience and skill set will expand CBRE’s reach and strengthen our capabilities to serve the diverse needs of our investment clients across the country.”

Harris joins CBRE from Meridian Capital where he was managing director. He previously served as vice president of Capital Markets at Marcus & Millichap, where he was a top performer and was ranked as a “Top Five Broker” nationally from 2007 through 2011, and a “Top Loan Originator” for three consecutive years. Additionally, he was the recipient of Marcus & Millichap’s National Achievement Award for five consecutive years. Over the course of his career, Harris has closed more than 2,000 loans in excess of $3 billion.

“Geoff’s years of experience coupled with his deep market knowledge make him an excellent addition to our team. In addition, he is one of the most respected finance professionals in the Phoenix commercial real estate market,” said Craig Henig, senior managing director, CBRE. “In our business things like integrity, trust and confidence define the line between success and failure. Geoff is the epitome of these qualities and we are fortunate to be able to call him one of our own going forward.”

Harris holds a B.S. in business management from Southwest Texas State University. Outside of CBRE, he is actively involved in the community donating to and volunteering with numerous organizations including Boys Hope Girls Hope Arizona, Boys & Girls Club of Metropolitan Phoenix, Brokers for Kids of Arizona, American Liver Foundation and Arizona March of Dimes, among many others. He is also very dedicated to raising funds and awareness for multiple sclerosis.

The Ranch, WEB

The Ranch at Midtown sells for $2.56M

Marcus & Millichap announced the sale of The Ranch at Midtown, a 32-unit apartment property located in Phoenix. The asset commanded a sales price of $2,560,000 or $80,000 a unit.

Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office, negotiated the transaction on behalf of the buyer, a private capital investor out of the Los Angeles area. The seller was Avenue North, a local investment company which focuses on multifamily investment and repositioning.

“Situated in the heart of Uptown Central Phoenix, The Ranch at Midtown is a recently renovated art deco style apartment complex catering to the young professional tenant base. The property is located just walking distance from some of the city’s top restaurant attractions like Postino Central, Federal Pizza and Windsor. This area is a key destination for the young urban resident.” says Tranetzki.

The Ranch at Midtown is located at 110 & 118 W. Maryland Ave in Phoenix just west of Central Avenue and minutes from Downtown Phoenix, the Camelback Corridor, the Metro Light Rail and numerous retail, restaurants, and entertainment destinations that permeate the Central Phoenix corridor.

“The property is comprised of unique, well-designed one and two bedroom units that have been recently renovated to include new flooring, new appliances, new kitchen countertops and a modernized courtyard area, complete with a cabana style pool. Built in 1957 of block and concrete, this art deco style of construction is in high demand for this area.” adds Butler.

Mission Tierra

Marcus & Millichap closes $20M multifamily portfolio

The Tax Credit Group of Marcus & Millichap (TCG), the leading provider of LIHTC advisory and transaction services, announced today that it has closed a two-property, 425-unit multifamily portfolio transaction  in Tucson, Ariz. Combined, the properties encompass a total of 405,904 square feet. The total sales price for the portfolio is $19,575,000.

Casa de Colinas

Casa de Colinas

The two properties are Casa de Colinas Apartments/Casa de Colinas Townhomes, a 205-unit market-rate asset that sold for $12,750,000, which equates to $62,195 per unit, and Mission Tierra, a 220-unit property constructed in 1993 under the Section 42 low income housing tax credit program. Mission Tierra’s initial tax credit compliance period ended in 2008 and there are extended use restrictions in place until 2023. The apartment complex sold for $6,825,000 or $31,023 per unit.

Robert Sheppard, an executive vice president investments and TCG’s national director, along with Armand Tiberio and Spencer Hurst, both TCG senior directors, and Hamid Panahi, a senior associate in Marcus & Millichap’s Phoenix office, represented all the principals in both sales. 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, also provided representation.

“The properties are located in two of Tucson’s most desirable submarkets,” says Panahi. “Both assets are well positioned for future growth as the local job market picks up speed. Demand for rental housing in Tucson is strong and average rents have advanced for four years consecutively.”

Both properties offer one-, two-, and four-bedroom floor plans. Interiors feature balcony or patio space, ample storage, and well-equipped kitchens. Select units have washer and dryer connections. Community amenities for each property include a clubhouse, two heated swimming pools and a spa, on-site laundry facilities, a children’s playground, covered parking and a barbecue area.

Built in 1998 on 23.8 acres, Casa de Colinas is located in Tucson’s western foothills, minutes from Interstate 10 and downtown. Mission Tierra is situated on 10.7 acres near Interstate 19 with access to downtown Tucson and the Tucson International Airport.

Tuscany_Pointe, Marcus & Millichap, WEB

Tuscany Pointe Apartments sell for $10.1M

Marcus & Millichap announced the sale of Tuscany Pointe Apartments, a 236-unit multifamily community in Phoenix. The $10.1M sales price equates to $42,797 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, Howe Group LLC. David and Gebing also advised the buyer, The Lodge Complex Tulsa LLC.

“Built in 1981 in an established north Phoenix neighborhood, Tuscany Pointe is well positioned for revenue enhancement through strategic interior and exterior renovations,” says David.
The property is located on 8.3 acres at 14830 N. Black Canyon Hwy. in Phoenix between the North Interstate 17/Deer Valley employment corridor, an area encompassing 17.5 MSF of retail, office, industrial and flex space and the Metrocenter Mall, a 107-acre shopping center composed of approximately 1.7 MSF of retail space.

Developed by Lincoln Property Co., each Tuscany Pointe apartment features a fully equipped kitchen with a large pantry space, an oversized bathroom vanity and pre-wiring for cable television. Walk-in closets, ceiling fans, built-in microwaves, balconies/patios and upgraded wood-style vinyl flooring are available in select units. Community amenities include two swimming pools, a fitness center with cardio- and weight-training equipment, a sport court, barbecue grilling stations, a shaded playground, two laundry facilities and lighted, covered parking.

Salad to Go, Marcus Millichap, WEB

Marcus & Millichap leases 700 SF for $1.2M

Marcus & Millichap announced the sale of Salad and Go, 20-year lease, a 700-square-foot net-leased property located in Gilbert, Ariz., according to Don Morrow, regional manager of the firm’s Phoenix office.

The asset sold for $1,175,700.

Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, an individual/personal trust, was secured and represented by Anh Stovall and J.J. Taughinbaugh, investment specialists in Marcus & Millichap’s Palo Alto, Calif., office.

Salad and Go is located at 910 S. Cooper Rd. in Gilbert.

Taco Bell, Marcus Millichap, WEB

Marcus & Millichap Sells Yuma Taco Bell Location

Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Taco Bell, a 1,344 SF retail property located in Yuma, Ariz., according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $410,000.

Chris Doty, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.  The buyer, a limited liability company, was secured and represented by Chris Doty. Taco Bell is located at 1676 South 4th Avenue in Yuma.

Monterey Pines, WEB

Monterey Pines in Peoria Sells for $10.8M

Marcus & Millichap announced the sale of Monterey Pines, a 216-unit apartment home community in Peoria, Ariz., a suburb of Phoenix. The $10.8M sales price equates to $50,000 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 Phoenix office, represented the seller, Murano Properties. David and Gebing also advised the buyer, Mentor Properties Inc.

“The interior amenities and community advantages offered by Monterey Pines are unparalleled for an asset of its vintage,” says David. “The property’s physical improvements include well-designed floor plans that amplify the available living space and feature revenue enhancement capabilities through existing washer/dryer connections.”

“Furthermore, Monterey Pines is located within a submarket that is poised for smart growth through the city of Peoria’s 10-Year Capital Improvement Plan for fiscal years 2013-2022,” continues David. “The plan is a $463M investment in 166 different capital projects focused on coordinating efforts with schools, utilities, developers, and other agencies for the express purpose of creating sustainable community assets.”

Developed by Hrebec Properties in 1984, the apartment complex is located on 10 acres at 8650 W. Peoria Ave. in Peoria, just south of the Bell Road retail corridor, which is anchored by the Arrowhead Towne Center, a 1.2 MSF regional mall.

Apartment interiors at Monterey Pines feature garden kitchen windows, oversized walk-in closets with double rods and shoe shelves, individual exterior storage rooms and covered private patios/balcony decks. Community amenities include two swimming pools and a spa, a poolside ramada with built-in barbecues, a newly integrated and lighted sport court, horseshoe pit, shuffleboard, playground and picnic area, reserved covered parking, contemporary clubhouse and complimentary Wi-Fi connectivity in the clubhouse and pool area.

Lexington Court Apartments, WEB

Marcus & Millichap Sells 32-Unit Multifamily Asset in Phoenix

Marcus & Millichap Real Estate Investment Services has announced the sale of Lexington Court Apartments, a 32-unit apartment community located in downtown Phoenix. The asset commanded a sales price of $1.7M or $53,125 a unit.
Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing assignment to market the property and negotiated the transaction on behalf of the seller, a private capital investor out of Southern California. Brock Danielson from KW Commercial Represented the Buyer, a private investor from Vancouver Canada.
“Lexington Court Apartments is within walking distance of Arizona State University’s downtown campus and is close to numerous boutique restaurants and retail shops,” says Tranetzki. “This property is one of the few remaining midcentury un-refurbished apartment communities in the downtown area. It is surrounded by new townhomes and condos; the buyer intends to eventually build a larger class ‘A’ apartment community on the site. The future development will be fitting for the continued growth and redevelopment of the downtown area,” adds Tranetzki.
Built in 1963, Lexington Court consists of block, cement and steel construction and offers patios and covered parking for each unit. Located along 7th Street and Portland, the property has immediate access to Interstate 10 and direct access into the hub of the central business district of Phoenix.
“The location of this asset is superb,” says Butler. “Central Phoenix is home to ASU’s $219 million Downtown Walter Cronkite School of Journalism as well as their College of Nursing; the University of Arizona has also recently opened its medical school on the Phoenix Biomedical Campus. Hospitals in the area include Banner Good Samaritan, St. Luke’s Medical Center, St. Joseph’s Hospital and Phoenix Children’s Hospital.”

Marcus Millichap Office Shot, WEB

Marcus & Millichap Releases Office Market Report

“Continued economic strength has begun to lift office performance, staging the sector for dramatic gains in 2014. Steady employment growth over the last several years has been slow to translate into absorption, but much of the extra space held by companies is rapidly filling up. As a result, many markets may reach a tipping point in 2014 that will rapidly drop vacancies – particularly with construction remaining limited.” — Marcus & Millichap Research Services

 

Read the full report here.

Mayo Clinic Hospital - AZ Business Magazine Mar/Apr 2011

Steve Gebing Joins IPA

Institutional Property Advisors (IPA), a division of Marcus & Millichap Real Estate Investment Services, announced the expansion of its national team of senior advisors with the addition of Steve Gebing, according to Brian Murdy, national director of IPA.
Gebing has been a leading broker of major multifamily properties with Marcus & Millichap for more than seven years, completing over $532 million in transactions in the last two years. Gebing’s clients include some of the nation’s largest institutional and major private multifamily investors. As a senior director, he will be responsible for IPA’s Arizona office.
“We are excited to have Steve join IPA,” says Murdy. “He will continue building our presence in serving the robust Arizona markets and Nevada as well.”
Gebing and his business partner, Cliff David, a Marcus & Millichap vice president investments, are one of the strongest investment sales teams in Arizona. David will remain focused on the private client segment of the market while Gebing will focus on serving the needs of institutional clients through the IPA division.   Gebing and David will be located in IPA’s Phoenix office along with Peter Katz, whose primary responsibility is overseeing student housing for IPA nationally.
“The addition of Steve to our team is an important part of our strategic plan to provide comprehensive and integrated investment advisory services to major apartment investors through an expanding national collaborative platform,” says Hessam Nadji, Marcus & Millichap’s chief strategy officer.
Gebing joined Marcus & Millichap in 2006 as an associate in the firm’s Phoenix office, rising to vice president investments in July 2012. Gebing has earned three national achievement awards and three sales recognition awards. Prior to joining Marcus & Millichap, Gebing spent nearly seven years working for IBM, where he served as the worldwide sales and marketing manager for IBM’s emerging storage virtualization software. In this role, Gebing had responsibility for identifying new market opportunities, coordinating go-to-market activities, as well as developing, communicating and strengthening the portfolio’s value proposition.
Since its introduction, IPA’s sales volume of major apartments has nearly doubled, positioning IPA/Marcus & Millichap among Real Estate Alert’s top five institutional apartment brokers nationally. In October 2013, the firm expanded its services by introducing IPA Capital Markets, which works in an integrated fashion with the firm’s investment sales advisors to provide institutions and major private investors with a full range of financing services from a global suite of capital providers.

US Bank

Marcus & Millichap Arranges 5KSF Sale of US Bank Ground Lease

Marcus & Millichap Real Estate Investment Services announced the sale of US Bank Ground Lease, a 5,000 SF net-leased property located in Phoenix, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $3.458M.
Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
US Bank Ground Lease is located at 3530 W. Southern Ave. in Phoenix. The property is located at a retail intersection and is the only free-standing US Bank with a drive-thru in the trade area.

Camelback Springs-cut, Marcus & Milli

Camelback Springs Sold for $1.9M

Marcus & Millichap Real Estate Investment Services has announced the sale of Camelback Springs Apartments, a 28-unit apartment community located in the Camelback Corridor in Phoenix, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset commanded a sales price of $1,932,000 or $69,000 per unit.

Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing assignment to market the property on behalf of the seller, a local private capital real estate investor. The buyer, a private investor out of the Los Angeles area, was also secured and represented by Tranetzki and Butler.

“The property is within a mile of the highly desirable 24th Street and Camelback commercial corridor that offers shopping, restaurants and services at the popular Biltmore Fashion Park, as well as the Camelback Colonnade, Town and Country Shopping Center and the Arizona Biltmore Resort,” says Tranetzki. “This high profile corner contains well over two million square feet of office development and is home to most of the real estate and financial services firms in the Valley,” adds Tranetzki.

Camelback Springs is located at 4711 North 15th Street in Phoenix and within minutes of State Route 51 (Piestewa Parkway) with direct access to Loop 202 (Red Mountain Freeway) and State Route 143 (Hohokom Expressway), which is located less than a quarter mile from Camelback Springs.

“Camelback Springs received over $540,000 in interior and exterior refurbishment in 2009 including new roofs, HVAC units, landscaping, kitchen and bath fixtures, cabinets and tile flooring. The project, originally named Austin Apartments was built in 1963 by McCullough-Ives Construction and provides tenants with vaulted ceilings, a two bedroom two bath floor plan and a cabana style courtyard complete with a swimming pool,” says Butler.

West Pines Lake

Marcus & Millichap Arranges Record-Setting Deal

Marcus & Millichap Real Estate Investment Services has arranged the sale of Pine Lakes Mobile Estates, a 315-space, age-restricted manufactured home community in Prescott, Ariz. The sales price of $38 million equates to $120,635 per space, which is the highest price ever recorded in the state.

Evan C. Barry, an associate director of Marcus & Millichap’s National Manufactured Home Communities Group in Newport Beach, Calif., represented the seller, a private owner selling his third and final manufactured home property. Barry also represented the buyer, Hometown America, a private investment group.  Sanford Burstyn, a vice president investments in the firm’s Phoenix office, is Marcus & Millichap’s broker of record in Arizona.

Marcus & Millichap Capital Corp. (MMCC) arranged the original assumable first trust deed on the property in July 2012 and Rick Judge, a vice president capital markets in MMCC’s Newport Beach office, assisted in arranging the second trust deed.

“Improving operations, steady cash flow potential, and generally higher yields than offered by other investment property types are attracting more and more investors to manufactured housing assets,” says Barry. “Our marketing efforts on behalf of Pine Lakes Mobile Estates attracted the attention of buyers from across the investment spectrum.”

The property is a particularly appealing community with just 4.7 homes per acre,” adds Barry. “Mountain lakes and forest views give the place a private, mountain retreat-like feel, yet it is close to town.”

The park is located 3707 West Pine Lakes Drive in Prescott, Ariz., with direct access to Prescott National Forest.

Amenities at Pine Lakes Mobile Estates include two fishing lakes, a large clubhouse, an outdoor heated swimming pool and Jacuzzi, weight-training facility, tennis court and RV storage. The community’s topography and landscaping promote and encourage walking, hiking, biking and fishing.

Local municipalities and service companies provide the property’s utilities.

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Marcus & Millichap Arranges Sales of 416SF & 6000SF Net-Leased Properties

Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Service King, a 4,216-square foot net-leased property located in Peoria, AZ, according to Donald D. Morrow, regional manager of the firm’s Phoenix office. The asset sold for $1,351,251.
Chris Doty, a net leased Specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an individual/ personal trust.  The buyer was an individual/personal trust. Service King is located at 8800 North 91st Avenue in Peoria, AZ.

In addition, the firm has announced the sale of Aaron’s, a 6,000-square foot net-leased property located in Buckeye, AZ, according to Donald D. Morrow, regional manager of the firm’s Phoenix office. The asset sold for $1,685,000.
Mark Ruble and Jamie Medress, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
Aaron’s is located at 1260 South Watson Road in Buckeye, AZ.  Located in one of the most dynamic trade areas in Greater Phoenix, as evidenced by sales figures, indicates that Buckeye has some of the top performing retailers in the region. Aaron’s, Inc., a national leader in the sales and lease ownership and specialty retailing of residential and office furniture, consumer electronics, home appliances and accessories, has more than 1,900 Company-operated and franchised stores in 48 states and Canada.

 
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.

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Marcus & Millichap Arranges Sale of 800 SF Net-Leased Property

image006Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Starbucks, a 800-square foot net-leased property located in Mesa, AZ, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $1,415,000.
Mark Ruble and Jamie Medress, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
Starbucks is located at 2010 West Guadalupe Road in Mesa, AZ.  This is a drive-thru location only with no interior seating.  Starbucks is the largest coffeehouse company in the world, with 18,000 stores in 60 countries.

About Marcus & Millichap:
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.

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Marcus & Millichap Arranges Sale Of 139-Unit Apartment Building

 

Marcus & Millichap Real Estate Investment Services announced the sale of Country Gables, a 139-unit apartment property in Glendale, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $6.5M.

Cliff David, Steve Gebing and Rich Butler, all vice president investments in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, The Delaware Nadler Company, LLC.

“Country Gables is an extremely well-maintained apartment community located approximately one mile north of Banner Thunderbird Medical Center, serving as the largest private employer in Glendale with nearly 2,900 employees.” David said.

“The subject property also benefits from close proximity to a number of other dynamic employment alternatives including the corporate headquarters of Vensoft Inc., ASU West, the Thunderbird School of Global Management, Midwestern University, Glendale Community College, Arrowhead Hospital, Honeywell, Humana Healthcare, and USPS Encoding Center, collectively demonstrating the breadth of the local job economy.”

Country Gables is at 15010 N. 59th Ave. in Glendale. The physical improvements include either stacked or full-sized washer/dryer connections, ceiling fans, walk-in closets, and private patios or balconies with designated storage space.

Second floor apartment interiors also feature vaulted ceilings. Community amenities include a heated resort-inspired swimming pool and spa, multiple barbecue grills, covered parking, and an on-site laundry facility.

Recent capital improvement projects have totaled nearly $300,000 to include new foam/composite shingle roofs, exterior paint, sealcoat and re-striped parking lot, several new air conditioning units, landscaping enhancement projects, and exterior lighting upgrades.

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Prescott Valley Multi-Family Property Sells For $22.3M

 

Marcus & Millichap Real Estate Investment Services arranged the sale of The Terraces at Glassford Hills, a 226-unit apartment community in Prescott Valley. The asset commanded a sales price of $22.385M.

Steve Gebing, a vice president investments and Cliff David, also a vice president investments, both in Marcus & Millichap’s Phoenix office, represented the seller, Aspen Square Management Inc.

Gebing and David also represented the buyer, Irvine, Calif.-based The Bascom Group in coordination with the group’s local affiliate, Bascom Arizona Ventures LLC, which is based in Scottsdale.

“Nestled into the hillside of Glassford Hill, The Terraces offers unexpected grandeur with magnificent views of the valley’s rolling hills,” Gebing said. “Bascom is poised to recapitalize the community with exterior and interior renovations, ultimately equipping The Terraces at Glassford Hills with the finest amenity package in Prescott Valley, a market with significant barriers to new entry and healthy operating fundamentals.”

The Terraces at Glassford Hills provides residents with top-of-the-line, resort-style amenities and well-appointed one-, two- and three-bedroom apartment homes. Developed in 2003, the property features a clubhouse/leasing office with a resort-style heated swimming pool and a zero-edge Jacuzzi with high-end water features. Other community amenities include a state-of-the-art 24-hour fitness center, a business center with Wi-Fi and Internet services, barbecue grills and detached garages.

“The Terraces at Glassford Hills offers the comfort of private and pristine living in the mile-high city of Prescott Valley with all the conveniences of city life just minutes away and hiking and golf right around the corner,” David said. “Yavapai College, Embry-Riddle Aeronautical University and Prescott College are also close by.”

The property is at 5700 E. Market St. in Prescott Valley.

 

Metro 12

Marcus & Millichap Announces Sale Of 2 Valley Multi-Family Properties

Marcus & Millichap Real Estate Investment Services announced the sale of Metro 12, a 12-unit apartment community in the Roosevelt Historic District in Downtown Phoenix. The asset commanded a sales price of $2.325M or $193,750 a unit.

Brian Tranetzki, multi-family investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, Triton Investment Company. Les Litwin & Natan Jacobs from the Vestis Group represented the buyer, a private real estate partnership based out of Canada.

“Metro 12 is a Santa Barbara-style community located in the heart of Downtown Phoenix. It features 12 well-designed, urban style townhome/lofts boasting an average of 1,548 SF of living space, and interior appointments such as stained concrete floors, maple cabinets, stainless steel appliances, granite countertops and vaulted ceilings,” Tranetzki said.

“Redevelopment in the downtown area will continue to spur growth, provide jobs, and attract students as well as young professionals further improving demand for housing within the submarket. This is evidenced by the recent announcement that Arizona State University will move its law school, ASU’s Arizona Center for Law and Society, to downtown adding nearly a $120M investment to the area along with adding as many as 1,000 new ASU law students downtown.”

Metro 12 is at 620 N. 4th Ave. within the Roosevelt Historic District.

 

Sunridge Manor

Sunridge Manor

Marcus & Millichap also announced the sale of Sunridge Manor, a 45-unit apartment community in Mesa. The asset commanded a sales price of $1.7M or $37,778 a unit.

Tranetzki and Rich Butler, multi-family investment specialists, had the exclusive listing to market the property on behalf of the seller, a private real estate investor out of northern Arizona. The buyer was Sunridge Manor, LLC based out of Bellevue, Wash.

“Sunridge Manor is comprised of all two bedroom one bath units providing a superior unit mix to that of its competitors within the submarket. Averaging 690 SF, the unit interiors include tiled living areas, tiled bathrooms and kitchens along with walk-in closets in each unit making the property a desirable asset within the submarket,” Tranetzki said.

“With the depth of employment alternatives being driven by local education and healthcare employers, Sunridge Manor is ideally positioned to benefit from the robust local economy providing upside through rental increases; the buyer intends to immediately implement this strategy along with improving the property through light remodeling.”

The property is at 1107 E. University Dr. in central Mesa, home to the Chicago Cubs spring training facility and site of the Cubs’ new state-of-the-art $99M stadium complex set to open for the 2014 season.

Close proximity to multiple freeway systems provides easy access to all areas of the Valley via Highway 60 to the south, the Red Mountain Freeway to the north or the new Metro light rail to the west.

 

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Marcus & Millichap Sells 41-Unit Apartment Building

 

Marcus & Millichap Real Estate Investment Services announced the sale of Metro Gardens, a 144-unit apartment property in Phoenix, according to Steve Chaben, Managing Director of the firm’s Phoenix office.

The asset commanded a sales price of $5.125M.

Cliff David, vice president investments and Steve Gebing, also vice president investments, both in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, Federal Home Loan Mortgage Corporation.

“As one of the few remaining lender-owned multifamily assets available for sale in Greater Phoenix, Metro Gardens offered the rare opportunity to purchase a distressed asset that was primed for repositioning,” David said.

“Over the past 12 months, the number of Class ‘C’ multi-family distressed transactions in Greater Phoenix declined by 20%, suggesting that there will be limited opportunities for similar product going forward.”

Metro Gardens is at 10227 N. 32nd Ln. The physical improvements were completed in 1980, offering a balance of studio, one-, and two-bedroom apartment homes. Nearly 56% of the property is comprised of two-bedroom floor plans, with a weighted average unit size of 792 SF.

Community amenities include a resurfaced swimming pool, a clubhouse with fireplace and billiards table, tennis court and basketball court combination, as well as barbecue areas throughout the common grounds.

 

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The Bascom Group Acquires 352 Multi-family Units For $35.2M

 

Marcus & Millichap Real Estate Investment Services Inc. negotiated the sale of The Fairways, a 352-unit multi-family community located on the San Marcos Golf Resort in Chandler.

The $35.2M sales price equates to $100,044 per unit.

Cliff David, vice president investments and Steve Gebing, also vice president investments, both in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, Situs Holdings LLC.

The buyer is The Bascom Group LLC of Irvine, Calif., in coordination with its local affiliate, Bascom Arizona Ventures LLC of Scottsdale.

“Developed in two phases by two distinctly different developers, The Fairways features some of the most unique property characteristics and architectural advantages found within the Greater Phoenix multifamily market, particularly among assets built during the 1980s and 1990s,” David said.

Constructed in 1986 and 1996, the property is at 777 W. Chandler Blvd., less than one mile west of historic downtown Chandler, a part of the city that has benefited tremendously from recent and ongoing gentrification efforts.

The Fairways features one-, two- and three-bedroom apartment homes averaging 965 SF. Apartment interiors include fully equipped electric gourmet kitchens with full breakfast bar, 9-foot ceilings, full-sized washers and dryers, spacious walk-in closets and comfortable private patios or balconies.

Select apartment homes also feature a wood-burning fireplace, vaulted ceilings, separate storage space, tuck-under carports, direct-access garages and lightly upgraded interior finishes.

 

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Marcus & Millichap Brokers $1.73M Sale of Bethany Terrace Apartments in Phoenix

 

Marcus & Millichap Real Estate Investment Services announced the sale of Bethany Terrace, a 40-unit apartment community in the Central Corridor of Phoenix.

The asset commanded a sales price of $1.73M or $43,250 a unit.

Brian Tranetzki and Rich Butler, multi-family investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private real estate investor out of Southern California.

The buyer was 7th & Bethany LLC (Ryan Hartman, Principal).

Bethany Terrace is situated in the prestigious Uptown Central Phoenix Corridor within close proximity to numerous new urban restaurants including the latest Fox Restaurant Concepts, Culinary Dropout, located at The Yard, which is within walking distance.

The buyer, Ryan Hartman, intends to completely remodel and reposition the building as a boutique apartment complex with modern finishes more becoming of the changing area. This will be the buyer’s fifth multi-family remodel in Phoenix and we look forward to seeing the completed, high end project which will be a definite boost for the neighborhood.

Located at 525 E. Bethany Home Rd., the property is located along Bethany Home just west of 7th St. Less than a mile and a half to the east is the Piestawa Parkway that provides easy access to Downtown Phoenix and its employment district, sporting and nightlife activities.

Also within close proximity is the world famous Biltmore Resort, shopping at Biltmore Fashion Plaza as well as the Camelback Road Business Corridor.

“The acquisition was financed with a new $1,690,000 loan from a regional bank out of their Denver branch,” Butler said. “A large part of the loan proceeds will be allocated to the remodeling and repositioning of the building. We think this definitely speaks to the strength of the submarket and provides further evidence that the Phoenix apartment market continues to strengthen.”

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147-Unit Multi-Family Asset Trades in Phoenix MSA For $15.65M

 

Marcus & Millichap Real Estate Investment Services arranged the sale of Legacy Village at Gilbert Towne Center, a 147-unit multi-family property in Gilbert for $15.65M.

Steve Gebing, a vice president investments and Cliff David, also a vice president investments, both in Marcus & Millichap’s Phoenix office, represented the seller, Legacy Partners Residential. The buyer, a San Diego-based private investor, was represented by Dixie Hall of CBRE’ San Diego office.

“Legacy Village at Gilbert Towne Center is the signature destination for luxurious apartment living in the young and affluent town of Gilbert,” Gebing said.

“The submarket’s prominence is fueled by a well-educated and well-paid workforce,”  David added.

Developed by Legacy Partners Residential in 2001, the property is at 351 E. Civic Center Dr. in Gilbert.

Legacy Village at Gilbert Towne Center’s apartment interiors have 9-foot ceilings, fully equipped gourmet kitchens with black appliances and custom cherry wood cabinetry, designer-grade carpeting and ceramic tile entries, full-sized washers and dryers, spacious walk-in closets and linen closets, and private patios or balconies with additional outside storage.

Community amenities include a clubhouse with separate clubroom, fireplace, and kitchen/wet bar, a fully appointed business center, state-of-the-art fitness center, a resort-style swimming pool and therapeutic spa with relaxing park views, serene outdoor spaces featuring ramadas and barbecue grills, controlled access gated entry, and some private detached garages with automatic door openers.

 

improvement forecast for retail market

Resurgent Economy Bodes Well For Valley Retail Market

As the economic recovery gains steam, the Phoenix retail market will continue to strengthen this year, according to a market forecast from Marcus & Millichap. Over the past 12 months, the metro has been one of the top-performing job markets in the country. Additionally, after years of setbacks, the housing market recorded six consecutive months of price increases through March.

As these trends unfold, retailers that shuttered during the housing crisis will be encouraged to expand in densely populated areas of the metro. Most of the submarkets will post positive absorption this year as new supply remains limited and national tenants, including Sprouts, Hobby Lobby, and Dollar General, capitalize on the available space and low rents. However, store closures by Borders, Circuit City and, more recently, Best Buy has left more than 8.5 million square feet of empty big-box space on the market. Operators sitting on large blocks of space in established areas will have to offer lucrative concessions to backfill the space, while properties in less-desirable neighborhoods will struggle to attract tenants. In the East Valley, a few owners will reconfigure layouts and offer smaller footprints to broaden their potential tenant roster, while others may redevelop the property into another commercial use.

As CMBS loans mature, more distressed properties will hit the market this year, attracting private investors seeking steep discounts. A bulk of the multi-tenant deals that traded in the last year involved bank-owned strip centers, a trend that will continue for the remainder of 2012 as banks foreclose on over-leveraged owners. In hard-hit areas of Mesa, Chandler, and Gilbert, where population growth did not meet prior expectations, buyers will be able to purchase highly vacant strip centers for below $60 per square foot. Well-capitalized local and California investors who waited on the sidelines will pay cash for troubled assets. The owner will renovate the property and adapt the use toward the changing demographics in the area. The new configuration, along with favorable leasing terms, will help the operator backfill the space over several quarters. After holding the asset for three to five years, the owner may list the stabilized strip center at a cap rate around 9 percent, depending on interest rates.

2012 ANNUAL RETAIL FORECAST

Employment: By year end, total employment will expand by 2 percent as companies generate 35,000 new jobs. The increase represents a modest uptick from last year, when employers hired 28,600 workers.

Construction: In 2012, projects totaling 600,000 square feet of retail space will be completed in Phoenix, expanding supply levels by 0.4 percent. In the previous year, construction output fell to the lowest level on record as builders delivered a mere 391,000 square feet.

Vacancy: As the economic recovery gains traction this year, retailers will continue to expand in the metro. Vacancy will finish 2012 at 11.2 percent, marking a 70-basis point improvement from a year earlier as tenants occupy 1.5 million square feet. In 2011, vacancy fell 30 basis points.

Rents: Asking rents will show a 0.5 percent increase this year to $18.18 per square foot, while effective rents will rise 0.6 percent to $15.26 per square foot. In 2011, owners trimmed asking rents 0.6 percent as effective rents retreated 0.5 percent.

For more information on the retail market forecast by Marcus & Millichap, visit Marcus & Millichap’s website at marcusmillichap.com.

Newsmakers - O'Meara

Marcus & Millichap Hires O'Meara As Director In Phoenix Office

Marcus & Millichap Capital Corp. hired Patrick O’Meara as a director in the Phoenix office, according to William E. Hughes, senior vice president and managing director.

Most recently, O’Meara was with the Inland Real Estate Group of Companies Inc., based in Oak Brook, Ill.

In his new position, O’Meara is responsible for structuring debt and equity financing for multi-family and commercial real estate properties nationwide. He also works on the origination and placement of debt across the entire capital stack, including first mortgage debt, mezzanine, preferred and joint venture equity. O’Meara has experience in retail, office, industrial, multifamily, student housing and hotels, providing financing solutions for stabilized, bridge, distressed and new construction transactions.

“We’re very pleased to welcome Patrick to Marcus & Millichap,” Hughes said. “He has extensive knowledge of the capital markets and excellent lender relationships with leading institutions and CMBS players. Patrick also brings a great deal of enthusiasm to his new role, and he is eager to conduct business with investment professionals from Marcus & Millichap Real Estate Investment Services,” notes Hughes.

“The firm’s platform and unparalleled access to debt and equity capital from all over the country were appealing,” O’Meara said. “The company’s unique brokerage network and entrepreneurial culture give me the ability to work with Marcus & Millichap agents and loan originators on investment sales transactions, which is an exciting prospect.”

Prior to joining Marcus & Millichap, O’Meara was with the Inland Group of Companies serving in several roles. He was also vice president for Inland Mortgage Capital Corporation. Additionally, he was vice president of Inland Mortgage Advisory Services. Most recently, he was an acquisition due diligence consultant for the company’s REITs and opportunity funds.

Before that, O’Meara was with Heller Financial in the capital markets division and in the Heller Real Estate Finance Group.

O’Meara is a member of the Mortgage Bankers Association (MBA), the International Council of Shopping Centers (ICSC), National Association of Industrial Office Properties (NAIOP) and Urban Land Institute (ULI).

O’Meara received his bachelor’s degree in accounting and finance from the University of Arizona.