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Showing posts for category Marcus & Millichap News (Back to Index)
Showing posts for category Marcus & Millichap News (Back to Index)
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Marcus & Millichap Vancouver Featured in the Globe & Mail
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(Posted on Jan 22, 2017 at 03:50PM by Michelle Bogle)
In December of last year, Marcus & Millichap facilitated the sale of Taja Apartments, a 28-unit multi-family property located at 1131 Barclay St. in Vancouver, British Columbia.Â
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The building, which was built in 1941 and sits on an 8,646 square foot site, sold for $13.5 million (or $482,142 per unit).
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Our very own Charlie Hughes represented the seller and longtime landlord, Bob Wilson, while our Mike Guinan-Browne represented the buyers, Belmont (Barclay Mews 1) Ltd. – a local property management company.
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The sale of this multi-family property has garnered considerable attention since it is one of the biggest transactions of its type in Vancouver. Earlier this week, the Globe and Mail published a story about the sale. You can view the article in its entirety by clicking here.
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Moving forward into 2017, the prognosis for Vancouver’s multi-family asset class remains upbeat. If investing in a rental property is on your radar, or you are a landlord looking to fetch top dollar for your asset, we urge you to call our office to speak with our team of commercial real estate advisors, who can provide you with a thorough market evaluation and sound advice.Â
Marcus and Millichap Arranges the Sale of a 12-Unit Apartment Building
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(Posted on Dec 12, 2016 at 06:52PM by Michelle Bogle)
FOR IMMEDIATE RELEASE Â Â Â Â Â
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Contact: Rene H. Palsenbarg
Regional Manager, Vancouver
(604) 675-5200
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VANCOUVER, December 12, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout Canada and the United States, announced today the sale of the Huntley Lodge, a 12-unit apartment property located in Vancouver, according to Rene H. Palsenbarg, Regional Manager of the firm’s Vancouver office.
The asset sold for $6,435,000.
The asset sold for $6,435,000.
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Charlie Hughes, an investment specialist in Marcus & Millichap’s Vancouver office, had the exclusive listing to market the property on behalf of the seller, a private investor. Â
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The Huntley Lodge is located at 3050 Oak Street in Vancouver. The subject property consists of 9 large 1-bedroom units, 3 large 2-bedroom units, has 100% occupancy, a new roof, high-efficiency boiler, hardwood flooring and resides on the major transportation route of Oak Street. The property is near high fashion shops, potentially a new SkyTrain route, entertainment, parks and global cuisine.
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About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
Reminder: REALTORS Care® Blanket Drive Ends November 21, 2016
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(Posted on Nov 18, 2016 at 02:00PM by Michelle Bogle)
This year, Marcus & Millichap Vancouver is pleased to participate in the 22nd annual REALTORS Care® Blanket Drive, which draws to a close next week.Â
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However, there is still time to donate to this important cause!
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Until Monday, November 21, our commercial real estate office will be collecting warm clothing and blankets, which will be distributed to charities within our community. This is the largest and longest running blanket drive in the Lower Mainland, which helps approximately 20,000 residents keep warm over the winter.
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We are in need of the following items:
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• Gently used or new blankets or sleeping bags
• Warm clothing and coats
• Hats, gloves and scarves
• New socks and underwear
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For more information on how you can support the REALTORS Care® Blanket Drive, please visit www.blanketdrive.ca or contact our office for details.Â
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On behalf of our team here at Marcus & Millichap Vancouver and our community, we thank you for your continued support.
Marcus and Millichap Vancouver Part of $103M North American Resort Retail Portfolio Transaction
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(Posted on Nov 8, 2016 at 03:16PM by Michelle Bogle)
A private real estate consortium between the Imperium Cos., MMG Equity Partners and Blue River Family Office Partners has acquired a seven-property portfolio of trophy retail assets located within luxury resorts across the U.S. and Canada.The portfolio was sold by CNL Lifestyle Properties for $103 million.
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It consists of 423,482 square feet of ground-floor retail, in the mixed-use villages of six ski resorts, including Whistler Creekside Village in British Columbia, and one golf and beach resort.
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The transaction was arranged by Marcus & Millichap.
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“It offered absolute diversification geographically by tenant and use,†says Lori Schneider, Marcus & Millichap executive director of its Institutional Property Advisors division. “It’s rare to assemble this amount of resort retail in one transaction.â€
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The properties included in the portfolio are located in:Â
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• Whistler Creekside Village, British Columbia
• The Village at Mammoth, CaliforniaÂ
• Village at Snowshoe, West Virginia
• Village at Copper, Colorado
• Stratton Mountain Village, Vermont
• Blue Mountain Village, Ontario
• The Village of Baytowne Wharf, FloridaÂ
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According to Lori Schneider, the portfolio is very well suited to the buyers’ investment strategy and no renovations are planned on any of the properties, as they are all impeccable.
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“We are pleased to have acquired this portfolio of high-quality resort villages, the first of several acquisitions of destination real estate amongst the partnership,†said Marcel Navarro with MMG Equity Partners in a press release. “The team did a great job of executing on this complex and unique opportunity.â€Â
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Marcus & Millichap’s brokers of record in the transaction are Kent Williams in California, Richard Bird in Colorado, Jeffrey Nick in Vermont, Ralph Nash in West Virginia, Mark Paterson in Ontario, Kirk Felici in Florida and our very own Rene Palsenbarg, Managing Broker from our Vancouver office.
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For more information and insights into this high-profile retail portfolio transaction, please contact Marcus & Millichap Vancouver to speak with Rene Palsenbarg.
Now Hiring: Commercial Real Estate Investment Sales Associates in Vancouver
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(Posted on Oct 28, 2016 at 01:00PM by Michelle Bogle)
Since opening our office in Vancouver earlier this year, Marcus & Millichap has been growing at an exponential rate in conjunction with the burgeoning commercial real estate industry in the Lower Mainland.Â
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And, burgeoning it is. In Q2 2016 alone, there were $3.75 billion in real estate transactions, making it the sixth straight quarter of growth in Vancouver. Out of that $3.75 billion, 875 transactions in the quarter were $1 million and above. And, the number of deals also jumped – from just 596 in Q1 2016 to 44% more in Q2.Â
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No matter which way you crunch the numbers, our market is red hot – which is why now is an amazing time to start your career as a Commercial Real Estate Investment Sales Associate with Marcus & Millichap Vancouver.Â
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In this role, you will be responsible for:
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•   Researching potential clients and properties
•   Attending networking and industry events
•   Building relationships with potential clients and referral sources
•   Marketing properties to potential buyers using external/internal platforms
•   Fielding offers on listed properties from interested buyers
•   Working with attorneys, bankers and third parties to coordinate a smooth closingÂ
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This is a unique opportunity to work and learn from the best in the industry. After all, we are a company founded by brokers, run by brokers and lead by brokers – even our CEO was a Marcus & Millichap broker. We know what works and teach that in our hands-on training and mentorship program, where you’ll gain real-world experience to propel you into a long-time, successful career in commercial real estate investment sales.
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To learn more this exciting opportunity, please see our job posting here for full position details and how you can apply.Â
Hessam Nadji, CEO of Marcus and Millichap, Shares His Thoughts on the Housing Bubble
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(Posted on Jun 9, 2016 at 07:31PM by Michelle Bogle)
Earlier this week, Hessam Nadji, CEO of Marcus & Millichap, spoke with Yahoo Finance’s Seana Smith about a possible housing bubble and its effects on the commercial real estate sector.Despite the wide-spread fear of a housing bubble, the commercial real estate sector has emerged as a great investment vehicle. It continues to offer yields in the 5-7% range and the sector is not trapped in a cycle plagued by overbuilding or too much supply.
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In fact, Mr. Nadji notes that the fundamentals of the sector are very healthy – even from a retail perspective where the demand for brick and mortar retail has recovered significantly. Convenience, neighbourhood-based retailers are especially feeling the increase, such as grocery stores, fast food chains, casual dining restaurants – all are performing very well.
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Historically low-interest rates have helped both residential and commercial real estate. As rates are anticipated to increase in the future, this may add to the volatility of the market, but at a very small impact, especially since interest rates are expected to increase in slower, smaller increments.Â
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From a commercial real estate perspective, Mr. Nadji believes that even if interest rates do go up, there will still be plenty of runway left in the marketplace in terms of yield versus debt costs.
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Coastal markets, such as Vancouver, Seattle, San Francisco and Los Angeles, are also expected to continue to do well, thanks to steady job growth in the last two years and a solid foundation.
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For more insight on the commercial real estate market in the Lower Mainland, please contact our team of associates in our Vancouver office.
Marcus and Millichap Featured on the Cover of Real Estate Forum Magazine
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(Posted on Jun 3, 2016 at 04:00PM by Michelle Bogle)
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Marcus & Millichap was recently featured in the May issue of Real Estate Forum magazine with the cover article titled “Marcus & Millichap Turns 45 With Renewed Energyâ€.Â
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The five-page article takes a closer look at the history of our company and looks ahead to the future with Hessam Nadji as the new President and Chief Executive Officer. Mr. Nadji’s appointment took effect earlier this spring.Â
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Despite the new leadership, one very important guiding principle remains for our company and that’s putting our clients’ best interests first – a principle that has been with Marcus & Millichap since establishing in 1971 by our founders and co-chairmen George Marcus and William Millichap. The article delves into this and much more.
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To view the full story, please click here.
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For more information regarding commercial real estate opportunities within the Greater Vancouver Area, please contact our office for details.
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