Project Description

PALO ALTO, Calif. Intero Capital Markets, the commercial division of Intero Real Estate Services, Inc. is proud to announce its role as the exclusive broker in the sale and disposition of the Hyatt Rickey’s property, coordinated by Intero’s #1 producing agent year to date and Senior Vice President, Mr. Efi Luzon. The property received multiple competitive offers before D.R. Horton, America’s Builder, was selected as buyer. The deal was made official on November 15, 2004 and escrow closed on September 15, 2005, after receiving ARB approval from the city of Palo Alto.

“We are truly proud to have Mr. Luzon broker this deal,” said John Thompson, Senior Executive Vice President of Intero Real Estate Services, Inc. Intero is committed to aggressively seeking out opportunities that benefit the residential and commercial real estate communities in which we serve.

The Hyatt Rickey’s site consists of approximately 16 Acres located at 4219 El Camino Real and is one of the largest privately owned properties available for residential development in the City of Palo Alto. DR Horton is planning to build 181 Homes on this property.

“This location was eyed by many throughout the years,” said Mr. Luzon, “I am very pleased that we will now have a beautiful community for our local citizens which reflects everything that Palo Alto stands for.”

Regarding Mr. Luzon’s performance on this transaction, Mr. Michael Shindler, Senior Vice President-Development for the Hyatt International Corporation Hotels and Resorts said: “Your high level of professionalism has been beyond expectations. Your expertise, execution and tenacious spirit are unparalleled and exceptional.”

“This was a sale requiring very specialized knowledge and ability, and we had the best in the industry handling it,” said Gino Blefari, President and CEO of Intero Real Estate Services, Inc.

Mr. Luzon is an agent with over 20 years of experience in the real estate industry and is ranked as a leading agent in the country. His expertise stems from industry involvement nationally and internationally, both in commercial real estate and residential development. Mr. Luzon’s list of potential buyers and sellers is comprised for each segment of the real estate market and property type including hundreds of homebuilders, multi-family developers and mixed-use buyers nationwide.