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marcus & millichap
TOP BROKER RANKINGS
TOP 30 BROKER: 2019 | 2018 | 2017
TOP 30 THROUGHOUT THE FIRM
WITH 1,900 AGENTS NATIONWIDE

marcus & millichap
NATIONAL ACHIEVEMENT AWARD
2019 | 2018 | 2017 | 2016 | 2015 | 2014

CONNECT CRE
women in real estate award
2019

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Platinum sales award
2019 | 2018 | 2017 | 2016 | 2015

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SALES ACHIEVEMENT AWARD
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013

SHERMAN OAKS APARTMENT TO SELL TO JAPANESE BUYER

By Karen E. Klein
San Fernando Valley Business Journal

A Tokyo-based construction company has purchased Vista Modern, a four-story, 34-unit apartment complex in Sherman Oaks, for $16.5 million or about $485,600 per unit.

RBM of California Inc., the Los Angeles subsidiary of Residence Building Management Co. Ltd. In Tokyo, paid all cash, said Hirotaka Kobayashi, president of the RBM. The firm owns two other multifamily properties in West Los Angeles, he said.

Because the complex is less than a year old, the buyer paid a premium: Similar properties in the area are selling for around $400,000 per unit, according to the real estate data provider CoStar Group Inc.

“We saw opportunities in 2012 to diversify our assets so we came here,” Kobayashi said. “Our long-term plan is to invest in areas with populations that are growing, like Los Angeles.”

The seller, developer DNN Capital INc. of Los Angeles, completed the property at 4632-4464 Vista Del Monte Ave. last December, said Janette Monfared, senior associate in Marcus & Millichap’s Encino office. It was about 80 percent leased at the time of the sale.

Monfared and Jeff Louks, senior vice president of investments at the Calabasas-based brokerage, represented both sides of the transaction. “There are very few brand-new construction projects in really good areas that come up for sale,” Monfared said, explaining that the buyer was found less than a month after the property went on the market.

SAN FERNANDO VALLEY, CA APARTMENT COMPLEX SELLS FOR $16.5 MILLION

LOS ANGELES, CA - Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of Vista Modern, a four-story, 34 unit apartment complex in Sherman Oaks, Calif. The $16,510,000 sales price equates to $485,588 per unit.

Jeff Louks, senior vice president, and Janette Monfared, vice president investments, both in Marcus & Millichap’s Encino office, represented the seller and procured the buyer, a Japanese construction company.

“Vista Modern is a new apartment building located near Ventura Boulevard,” says Monfared. “Our unique investment property sales platform produced a winning all-cash offer for the asset followed by a three-week close.”

“As once-robust economies in Asia cool, some Eastern investors seek to diversify their portfolios with multifamily investment offerings in prime Los Angeles locations,” add Louks.

Builtin 2014 just west of Van Nuys Boulevard at 4632-4646 Vista Del Monte Ave. in Sherman Oaks, the apartment complex is close to public transportation, freeway access and shopping and entertainment outlets along Ventura Boulevard. A Gelson’s supermarket is close by and the Sherman Oaks Galleria is a short distance away. Apartments at Vista Modern feature dark laminate wood floors, quartz countertops, stone backsplashes, imported Italian cabinetry, large balconies, recessed lighting, washers and dryers, nine-foot ceilings on floors one through three and 12-foot ceilings on the fourth floor.

Community amenities include a full fitness center, an extra-large rooftop patio with lounge chairs, 68 subterranean parking spaces, and a full security system.

FOREIGN INVESTOR SNATCHES RETAIL CONDO PROPERTIES

By Kelsi Maree Borland
GlobeSt.com

Playa Vista, CA - An affiliate Brookfield Office Properties sells the Shops at Concert Park, a 100% leased retail portfolio, for nearly $17 million with $10.8 million financed through a CMBS loan, GlobeSt.com reports in this EXCLUSIVE story.

PLAYA VISTA, CA - A foreign investor has acquired the Shops at Concert Park, a two-property retail center, from an affiliate Brookfield Office Properties for $16.9 million, GlobeSt.come reports in this exclusive story. The property is 100% leased, and all leases are triple-net.

The foreign investor purchased with a $10.8 million CMBS loan at 65% loan-to-value. The loan has a 10-year fixed-interest rate at 4.9%. Sharone Sabar, VP of capital markets in Marcus & Millichap Capital Corp. secured the financing on behalf o the buyer. In the acquisition transaction, Brandon Michaels, VP of investments in Marcus & Millichap’s Encino office, and Janette Monfared, an associate in Marcus & Millichap’s Encino office, reprsented the seller. Marcus & Millichap did not respond to a request for comment.

The retail center properties in the portfolio are the 11,828-square-foot Pacific Promenade and the 10,907-square-foot Seabluff Drive. The properties are located on the ground floor of a mixed-use complex with a total of 358 condominium units. Both properties were built in 2005, and most of the retail occupants have leased space at the property since it opened. Tenants at the Pacific Promenade include Bank of America, Coffee Bean and local tenants, like Yoga Vista and Hollyway Cleaners; and tenants at Seabluff Drive include Coldwell Banker, McClintock Dental Group and Pinkberry.

Playa Vista is a master-planned community, the first built on the west side in 40 years. IMAX Corp. recently broke ground on a 66,000-square-foot office building there. The new facility will house the comopany’s post-production and screening rooms, as well as relocate 120 employees from the company’s Santa Monica location.

MARCUS & MILLICHAP ARRANGES $16.9 MILLION SALE OF TWO RETAIL CONDOMINIUM SHOPPER CENTERS

Marcus & Millichap Capital Corp. (MMCC) sourced $10.8 million in cmbs financing

PLAYA VISTA, CA - May 21, 2014 - 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 The Shops at Concert Park, a portfolio of two 100-percent-leased retail condominium shopping centers in Playa Vista, a master-planned community in the Westside region of Los Angeles. The centers are the 11,828-square-foot Seabluff Drive. The total sales price for the two centers in $16,900,000, which equates to $743 per square foot.

Brandon Michaels, a vice president investments, and Janette Monfared, an associate, both in Marcus & Millichap’s Encino office, represented the seller, an affiliate of Brookfield Residential. The buyer is a foreign investor. Sharone Sabar, a vice president capital markets in MMCC’s Encnio office, arranged $10,815,000 in CMBS financing.

“Playa Vista is a trophy asset and the first new community to be built on the west side of Los Angeles in 50 years,” says Michaels.

“All leases are triple-net, with a majority of them having solid term remaining,” adds Monfared. “Most of the tenants have occupied the center since its construction in 2005.”

Both shopping centers are situated on the ground floors of mixed-use developments with 179 condominiums above each one. The Pacific Promenade shopping center is located at 13020 Pacific Promenade in Playa Vista, Calif. and is home to national tenants Bank of America, Coffee Bean and Race Telecommunications. Local tenants include Piknick, Sweet Fish Sushi Bar, Yoga Vista and Hollyway Cleaners.

“The buyer obtained nonrecourse CMBS debat at 65 percent loan to value,” says Sabar. “The 10-year interest rate is fixed at 4.9 percent. The complexity of the offering presented some financing challenges, all of which MMCC overcame.”

Located on the corner of Seabluff Drive and Runway Drive in Playa Vista, the Seabluff Drive shopping center features a mix of retailers that includes Playa Vista Medical Center, Playa Pilates, Coldwell Banker, McClintock Dental Group, Pinkberry and Yummy.com Fresh Market. Many of the tenanats leases expire in 2018 and all tenants have an excellent operating history at this location. Most of the retailers have been at the center since its construction in 2007.

“The Marcus & Millichap platform is unique in its ability to source hard-to-find buyers, maximize value for sellers and secure the most competitive financing,” says Bill Rose, national director of the firm’s National Retail Group.

“With her aggressive marketing plan, Monfared ensured we received the highest possible price for our property…”

- Eric Kaufman

“The professionalism exhibited by Janette was admirable and acted as immense aid to the sale of our building…”

- Tim Sauer

“Janette’s immense knowledge and decades of experience made this sale pain-free: something not many brokers are capable of…”

- Jerry Levy

“Though we were initially concerned about how much we could sell our building for, Janette’s great negotiation skills and connections to lending institutions, national and local commercial, and residential developers got us more than anticipated.”

-John Austin

“Janette’s patience and persistence allowed for a seamless and enjoyable close to our deal…”

-Tina Berzsenyi

“Monfared’s structured, professional demeanor and honest communication greatly facilitated the closing of our property. Her efforts and expertise were both crucial components of our deal, neither of which will go without being commended…”

-Bobby Litiatco