EDITION MAIN PAGE | Commercial Real Estate
Marcus & Millichap Closes 2 Deals Totaling $21.5M
(DETROIT, MI) -- Marcus & Millichap brokers in Detroit and New York closed two deals today totaling $21.5 million.
A $9.9 million transaction involved a 10-property, single-tenant, net-leased portfolio in Michigan, Ohio and New York.
Multifamily product continued its popularity among national investors with the $11.9 million closing of Park Place Estates, a 175-unit, 176,644-square-foot property in St. Cloud, MN.
The portfolio transaction was complex and required creative financial moves by Marcus & Millichap brokers Simon Jonna, Brandon M. Hanna and Scott Plasky. The price represents $112 per square foot.
"This unique transaction was an opportunity to fully diversify an investment portfolio and place a minimal equity down payment in order to assume an existing fixed 10-year loan," says Jonna.
The sale involved 10 cities and 10 existing notes on one loan with three servicers, including a master and special servicer.
The portfolio included national tenants CVS, Rite Aid and Family Dollar. Jonna says the properties are "strategically located on dominant hard corners in their respective markets with three in Michigan, six in Ohio and one in New York's Nassau County, the most populated county on Long Island." The entire portfolio is 100-percent occupied with corporate-backed lease guarantors.
Jonna is a senior associate and associate director in Marcus & Millichap's national Retail Group in Detroit. Hanna is a retail investment specialist in the firm's Detroit office. Plasky is a retail investment specialist in the Manhattan office.
Jonna and Hanna represented the seller. Plasky negotiated for the buyer. The brokers didn't identify buyer and seller.
In the Minnesota apartment deal, the buyer, a Twin Cities-based partnership, paid a private St. Cloud apartment owner $66,286 per unit for the asset.
Jim Walsh, a senior vice president investments and senior director of Marcus & Millichap's National Multi Housing Group in Chicago Downtown, and David Scott, an investment specialist in the firm's Minneapolis office, represented buyer and seller.
"Park Place Estates was an excellent opportunity for the buyer to acquire a well-maintained, premier apartment community in the St. Cloud market," says Scott.
Located at 3700 West Saint Germain, Park Place Estates consists of three three-story buildings situated on 9.27 acres, near Highway 15, Highway 23 and Interstate 94.
The community features a mix of one-, two- and three-bedroom units. Amenities include a private courtyard, indoor swimming pool, indoor spa and sauna, exercise facility, tennis court, gazebo area, picnic area with barbecue grills and a spacious community clubroom.
Walsh says each unit has a full-size washer and dryer. The property also includes 208 garages with electric door openers.
A $9.9 million transaction involved a 10-property, single-tenant, net-leased portfolio in Michigan, Ohio and New York.
Multifamily product continued its popularity among national investors with the $11.9 million closing of Park Place Estates, a 175-unit, 176,644-square-foot property in St. Cloud, MN.The portfolio transaction was complex and required creative financial moves by Marcus & Millichap brokers Simon Jonna, Brandon M. Hanna and Scott Plasky. The price represents $112 per square foot.
"This unique transaction was an opportunity to fully diversify an investment portfolio and place a minimal equity down payment in order to assume an existing fixed 10-year loan," says Jonna.
The sale involved 10 cities and 10 existing notes on one loan with three servicers, including a master and special servicer.
The portfolio included national tenants CVS, Rite Aid and Family Dollar. Jonna says the properties are "strategically located on dominant hard corners in their respective markets with three in Michigan, six in Ohio and one in New York's Nassau County, the most populated county on Long Island." The entire portfolio is 100-percent occupied with corporate-backed lease guarantors.
Jonna is a senior associate and associate director in Marcus & Millichap's national Retail Group in Detroit. Hanna is a retail investment specialist in the firm's Detroit office. Plasky is a retail investment specialist in the Manhattan office.
Jonna and Hanna represented the seller. Plasky negotiated for the buyer. The brokers didn't identify buyer and seller.
In the Minnesota apartment deal, the buyer, a Twin Cities-based partnership, paid a private St. Cloud apartment owner $66,286 per unit for the asset.
Jim Walsh, a senior vice president investments and senior director of Marcus & Millichap's National Multi Housing Group in Chicago Downtown, and David Scott, an investment specialist in the firm's Minneapolis office, represented buyer and seller.
"Park Place Estates was an excellent opportunity for the buyer to acquire a well-maintained, premier apartment community in the St. Cloud market," says Scott.
Located at 3700 West Saint Germain, Park Place Estates consists of three three-story buildings situated on 9.27 acres, near Highway 15, Highway 23 and Interstate 94.
The community features a mix of one-, two- and three-bedroom units. Amenities include a private courtyard, indoor swimming pool, indoor spa and sauna, exercise facility, tennis court, gazebo area, picnic area with barbecue grills and a spacious community clubroom.
Walsh says each unit has a full-size washer and dryer. The property also includes 208 garages with electric door openers.
Copyright 2010 - 2012 WORLD PROPERTY CHANNEL NETWORKS, INC. All Rights Reserved.
Comment with