Real Estate Forum - December 2011

3

Cushman & Wakefield Inc.

AREA LEADER

JOE VARGAS

Executive Vice President

TOP-PRODUCING SALES BROKERS

Total Dollar Volume of Sales Closed: $2.142 Billion

In April 2011, Chicago-based Equity Residential
acquired the 322-unit Pegasus apartment tower at 612
S. Flower St. from Buchanan Street Partners and the
Kor Group for $100 million in one of the largest-ever
Downtown L.A. multifamily deals. The all-cash sale was
negotiated by a Cushman & Wakefield brokerage team
led by Marc Renard, executive managing director of
capital markets, who, at the time, called it another sign
that institutional and publicly traded REITs are in
search of core infill, coastal assets. At the time of the
sale, Renard told GlobeSt.com that the Pegasus price “reflects
the competitive environment that exists for high-quality multi-
family properties in well-located, urban infill areas.”
According to EVP and area leader Joe Vargas, the multifam-
ily market registered only a slight downturn during the reces-
sion and remains the hottest asset in the real estate industry.
“Sales continued despite stock market fluctuations, global
disasters and an S&P rating downgrade. Empty condo projects
converted to rental properties and promptly filled up and new
projects broke ground, though at a slower pace.”

PETE BETHEA Executive Director, Capital Markets-San Diego

CARL MUHLSTEIN EVP, Brokerage Services-Downtown Los Angeles

MARC D. RENARD Exec. Managing Director, Global Capital Markets-Downtown Los Angeles

In another deal, Jeffrey Chiate, Jeffrey Cole, Kent Hindes, Rick Ellison and Ed Hernandez of C&W represented Pacific Newport Properties in the October 2010 sale of the Mira Loma Distribution Center in the Inland Empire, for $85.25 million. At the time, director Hindes told GlobeSt.com that the 1.6-mil- lion-square-foot transaction “shows the demand by institutional investors for quality, well-positioned commercial real estate” in Southern California.

Those are two of the 196 sales—totaling 11. 7 million square feet—the firm completed from July 2010 through June 2011.

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