Cassidy Turley Investment Division Significant Deals – February 2, 2012

Investor Buys Multi-Family Portfolio in Mountain View / Sunnyvale for Nearly $10 Million;

Brings Cassidy Turley Broker Reps Bautista and Henry Transactional Volume to $105 Million for 2011

February 2, 2012 – Justin Bautista and Brian Henry with Cassidy Turley’s Multi-Family Group teamed up to represent both parties in a portfolio sale consisting of four multi-family properties totaling 49 units in Mountain View and Sunnyvale for a purchase price of $9,968,000. Transacted in December, the portfolio consisted of the sale of an 11-unit property located at 1906 Rock Street in Mountain View, an 18-unit property at 1240 West Washington Avenue in Sunnyvale, a 12-unit property at 659 Kirkland Drive in Sunnyvale, and an 8-unit property at 1601 Ontario Drive in Sunnyvale.

These sales contributed to a successful year for the two veteran multi-family agents, who combined sold more than $105 million of multi-family properties totaling 614 units in year 2011. All of the multi-family properties sold by the two specialists were predominantly situated in desirable locations in Santa Clara County. Indicative of the improving multi-family investment sector, the two closed the year in strong fashion as $40 million, or nearly 40%, of the duo’s collective transactional volume alone occurred in the last ±100 days of the year—with all of these end-of-year deals set in the attractive neighboring cities of Mountain View and Sunnyvale. In total,  Mr. Bautista transacted roughly $53 million worth of apartment sales totaling 297 units in 2011 while Mr. Henry also closed roughly $53 million in sales totaling a slightly higher 317 units.

Mr. Bautista stated, “The multi-family sector is really booming right now and we definitely saw a strong surge of activity in the second half of 2011, especially as savvy investors became more aggressive to find alternative, stable vehicles amidst today’s ongoing stock market turbulence.”

Mr. Henry added, “We are especially seeing strong activity for well-maintained properties set in desirable locations in strong, accessible communities, particularly those near attractive amenities and/or thoroughfares, major employers and strong performing schools.”

Cassidy Turley Sells Paso Robles Target-Anchored Shopping Center
February 2, 2012 – Dan Wald, a Partner with Cassidy Turley specializing in retail investment sales, led the marketing team in the sale of the Crossings Shopping Center located in Paso Robles, California.  The property was acquired for an undisclosed price by Donahue Schriber of Costa Mesa from an investment partnership affiliated with Ellis Partners of San Francisco, the property’s original developer.

Developed in phases from 1998 to 2006, the Crossing Shopping Center is a market-area dominant power/promotional center located on Highway 101 in Paso Robles. Shadow-anchored by the city’s only Target, the center features such tenants as Ross, Petco, Office Max, OSH, Michaels, and Pier 1 Imports.  Pad and in-line tenants include Dollar Tree, Starbucks, Chili’s, and Carl’s Jr.

Donahue Schriber was advised by Mike Hieshima of the Santa Barbara office of Epsteen & Company.

“The transaction was a win-win for both buyer and seller,” said Wald.  “Ellis Partners developed the Crossings and made it the number one power center in its market before the advent of on-line marketing began to challenge traditional retailing.  In today’s environment, large regional players such as Donahue Schriber are in a better position to leverage tenant relationships to enhance the ‘bricks and mortar’ shopping experience and thereby maintain market dominance”.

Wald added, “Of all the parties that bid on the deal, Donahue Schriber best understood the dynamics of long-term growth and development constraints that will create additional value over time in the Central Coast California market.”

As of year-end 2011, Dan Wald’s Retail Investment Sales Team has closed over 80 retail investment transactions comprising over 8,750,000 square feet with a combined value of over $1.41 billion.

New Tractor Supply Store Sold in Northeast Sold for over $5 million
February 2, 2012 – Andy Bogardus with Cassidy Turley’s Net Leased Investment Services represented the Seller in the sale of a new 19,000-square-foot freestanding retail property in the Northeast that had an asking price of $5,500,000. The building was constructed in 2011 on a build-to-suit basis for and is fully net leased for 15 years to Tractor Supply Company.

Investor Buys Rite-Aid Property in Mill Valley for $3.37 Million
February 2, 2012 – Dan Wald, a Partner with Cassidy Turley specializing in retail investment sales, represented the Seller in the sale of a 21,581-square-foot freestanding retail property in Mill Valley for $3,370,000 ($156.16 per square foot). The buyer was Martin Lin. The property is fully leased on a triple net (NNN) basis to Rite-Aid.

As of year-end 2011, Dan Wald’s Retail Investment Sales Team has closed over 80 retail investment transactions comprising over 8,750,000 square feet with a combined value of over $1.41 billion.

Tractor Supply Property Pulls in $2.25 Million in Southeast
February 2, 2012 – Tom McMullan with Cassidy Turley’s Net Leased Investment Services brokered the sale of a 22,670-square-foot retail property in the Southeast for $2,250,000 ($99 per square foot). The building was constructed in 2005 and is fully leased on a triple-net (NNN) basis to Tractor Supply Company. McMullan represented the Seller in the transaction.

18-Unit Brush Creek Apartments Complex Sells in Well Located East Santa Rosa Area
February 2, 2012 – Scott Gerber with Cassidy Turley’s Multi-Family Group represented the Seller in the sale of the 18-unit Brush Creek Apartments complex in East Santa Rosa. Located at 164 & 168 Brush Creek Road, the well-maintained two-building complex is located adjacent to the Brush Creek walking and running trail at Brush Creek Road and Sonoma Highway (Hwy 12). The property consists of two separate parcels containing 12 units built in 1955 on a 1.11 acre site and 6 units built in 1970 on a 7,405 square foot site. The unit mix is comprised of (11) 2-bed / 1-bath units and seven (7) 1-bed / 1-bath units with abundant off street parking, on site laundry facilities and a workshop/storeroom for buildings maintenance. The property is located in a highly desirable residential area with easy access to shopping nearby at various food, drug and retail-anchored centers and schools.

Cheddar’s Casual Café Ground Lease Site Orders Up Over $1.8 Million in the Southeast
February 2, 2012 – Rick Sanner and Bob Sanner (The Sanner Team) with Cassidy Turley’s Net Leased Investment Services brokered the sale of 126,324 square feet (2.9 acres) of occupied land for $1,825,000 ($14 per square foot). The property is fully ground leased to Cheddar’s Casual Café, which operates one of its many neighborhood restaurants on site. Cheddar’s is a popular 32-year old neighborhood restaurant chain with several locations throughout the Southeast and Midwest. The Sanners represented the Seller in the transaction. The buyer was a Private Investor.

Cassidy Turley provides this information based on best-available knowledge and does not warrant accuracy provided us by 3rd parties. For further verification and/or questions, please contact the brokers listed below with the particular news announcement.

Primary Contacts (listed alphabetically):
Andy Bogardus, (415) 781-8100, abogardus@ctbt.com
Dan Wald, (415) 781-8100, dwald@ctbt.com
Justin Bautista, (650) 852-1200, jbautista@ctbt.com
Rick Sanner, (415) 781-8100, rsanner@ctbt.com
Scott Gerber, (415) 485-0500, sgerber@ctbt.com
Tom McMullan, (415) 781-8100, tmcmullan@ctbt.com

About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,400 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $18 billion in 2010, manages 455 million square feet on behalf of private, institutional and corporate clients and supports more than 25,000 domestic corporate services locations. Cassidy Turley serves owners, investors and occupiers with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. In 2010, the firm enhanced its global service delivery outside of North America through its partnership with GVA. Please visit www.cassidyturley.com for more information about Cassidy Turley.

Cassidy Turley provides regional real estate services in Northern California. With 15 Northern California offices and a 400-member team, our Northern California market leadership is demonstrated by completion of over 3,350 transactions, totaling over $3.1 billion in 2010.

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