Grubb & Ellis Co.
Grubb & Ellis represented both parties earlier this year in the sale of
what some industry insiders call “the finest boutique hotel in the
Greater Downtown Los Angeles area.” That is Chesapeake Lodging
Trust REIT’s $46-million purchase of the Hilton Checkers Hotel
from Tarsadia Hotels, operating under Kalpana LLC. The deal,
according to Jordan Richman, a Grubb SVP in the hotels, golf and
leisure group, who represented both parties, was a good indication
that the region’s hotel market was beginning to revive after the eco-
nomic downturn, which he says was “a welcome reprieve.”
Grubb completed 264 sales between July 2009 and June 2010 for
a total of more than two billion square feet in Southern California.
Of those sales, the firm facilitated the sale of the REO Kaleidoscope
Retail Center in Mission Viejo, CA from special servicer C-III Asset
Management to Westport Capital Partners for $22 million. That
Multi-Housing Capital Advisors
6
AREA LEADER
HERB CHASE, Principal
Total Dollar Volume of Sales Closed: $522,800,000
Multi-Housing Capital Advisors managed to snag the sixth spot
on Forum’s list with just 14 sales closed between July 2009 and
June 2010, for a total of 2,588 units. MHCA has become the
independent successor entity to Transwestern Multi-Housing
Capital Advisors and was formed by Herb Chase, Curtis Palmer,
Andy Sands and Peter Sherman. MHCA provides investment
sales, debt and equity financing services to apartment owners.
In September 2009, Behringer Harvard acquired the Gallery
at NoHo Commons, a 438-unit multifamily community situated
on a 5.3-acre site at 5416 N. Fairview Ave. in Los Angeles from
Fairfield Residential. Multi-Housing Capital Advisors was the
exclusive broker on the deal.
Colliers International
7
AREA LEADER MARTIN PUPIL, Regional Managing Director
Total Dollar Volume of Sales Closed: $522,286,000
Colliers International closed 197 sales between July 2009 and
June 2010 for a total of 4. 49 million square feet. During that
time, the firm represented both the buyer and seller of a
417,720-square-foot industrial sale at 11455 Cantu Galleano
Ranch Rd. in Mira Loma, CA to Alere Property Group for
$19.35 million. Colliers also completed a 396,000-square-foot
industrial sale in San Bernardino County, CA to Simpson
Manufacturing Co. Inc. for $19.24 million. In addition, the
firm completed a 244-unit disposition to Oceanway Coast LLC
in Oceanside for $26 million. The units were a block of unsold
condos in a 280-unit complex.
The Southern California commercial real estate market is
one of the most dynamic areas for investment in the US, says
Colliers. “Investors have been looking for core properties,
MICHAEL ROSS, Executive Vice President, Institutional Capital Markets
MICHELLE SCHIERBERL, Senior Vice President, Institutional Capital Markets
READ
ROSS
SCHIERBERL
deal,says Grubb, indicated the local hotel market was turning
around, and signified the industry’s increase in REO asset sales.
The firm says that commercial banks began to show a willingness to lend during 2010, although tighter underwriting standards and weak asset fundamentals have kept deal volume low
compared to three years ago.
TOP-PRODUCING SALES BROKERS
HERB CHASE, Principal
CURTIS PALMER, Principal
PETER SHERMAN, Principal
CHASE
PALMER
SHERMAN
Company executives say that in the multifamily sector, the
velocity of transactions is up: “Cap rates continue to compress
due to low interest rates, attractive financing and renewed
buyer competition.”
TOP-PRODUCING SALES BROKERS
IAN DEVRIES, Senior Vice President
MAURICE NIEMAN, Vice President
JEREME SNYDER, Senior Vice President
DEVRIES
NIEMAN
SNYDER
which include stabilized assets in high barrier-to-entry areas.
Those assets that have traded have seen multiple bidders,
aggressive pricing and lower cap rates. The long-expected
flood of distressed real estate has not yet materialized as banks
and special servicers continue to exercise caution, which has
made dispositions a slow process.”
