Sunday, November 9, 2008

Konover South Signs Leases at Two Retail Centers

ABC A Baby Consignment Signs 1,300-square-foot lease at The Plaza at Davie, in Broward County, FL

DAVIE, FL – Deerfield Beach-based Konover South, LLC, one of the Southeast’s premier retail developers, announced that ABC A Baby Consignment has signed a 1,300-square-foot lease at The Plaza at Davie, the company’s 275,000-square-foot retail center located at State Road 84 and Hiatus Road in Davie, in Broward County, FL.

Vivian Ricardo represented Konover South in the transaction. Tenants also include Walgreens, Winn-Dixie, McDonald’s, Petland, Alex’s Bicycles, Jen’s Trends, Park’s Tae Kwon Do, Rashawnrose Couture, Ruby Tuesday, Scoop of Heaven ice cream shop, a U.S. Post Office, West Broward Property Management, Young at Art, and others.
Meridian Fitness Signs Lease Renewal/Expansion at Point Meadows in Jacksonville, FL

JACKSONVILLE, FL – Deerfield Beach-based Konover South, LLC, one of the Southeast’s premier retail developers, announced that Meridian Fitness has renewed its lease for expanded space totaling 3,400 square feet at Point Meadows, (bottom left photo) its 130,000-square-foot retail center located at the intersection of Interstate 295 (State Road 9A) and Baymeadows Road in Jacksonville, FL.

Michael Fetherston represented Konover South in the transaction. Anchored by Winn-Dixie and Stein Mart, tenants also include Bank of America, Brooklyn Pizza, China Bistro, Jenny Craig, Stein Mart, Wendy’s and others.

Contact: Kenneth H. Cristol 407-774-2515

GVA Advantis to Exclusively Lease 5733 Myerlake Circle in Clearwater, FL Icot Center Business Park

CLEARWATER, FL – GVA Advantis has been retained by Delia Real Estate, LLC to exclusively lease 5733 Myerlake Circle, (top right photo) a 40,000-square foot flex property within Icot Center Business Park in Clearwater, Pinellas County, Florida.

The property will be exclusively represented by Managing Director Lucas Hewett (middle left photo) and Associate Radek Knesl, MBA. (middle right photo)

“The building is in a convenient location, and the available space can be easily divided and accommodate both large and small businesses,” says Hewett. “Centrally located in Pinellas County, Icot Center is easily accessible from all directions of Tampa Bay,” he adds.

5733 Myerlake Circle is a single-story, multi-tenanted building located in the Gateway submarket area of Pinellas County.

The property is situated near US Highway 19 North and Ulmerton Road in Clearwater, approximately five minutes from the St. Petersburg-Clearwater International Airport. Close to Interstate 275, the property also has easy access to the Tampa International Airport.


Lisa Pelec Hyde, Regional Director of Marketing, Advantis Real Estate Services Company,
3000 Bayport Drive, Suite 100, Tampa, Florida 33607. Tel 813.342.4752. Fax 813.342.4004

Grubb & Ellis Realty Investors Acquires 1650 Sunflower in Orange County, CA

SANTA ANA, CA/PRNewswire/ -- Grubb & Ellis Realty Investors, LLC thas acquired 1650 Sunflower, (middle left site map) an industrial/flex building in Costa Mesa on behalf of tenant-in-common investors.

The asset includes an approximately 109,000-square-foot sorting and distribution center and a vehicle maintenance building totaling more than 3,000 square feet.

Situated on nearly seven acres, the property is in close proximity to John Wayne Airport and Interstate 405.

Built in 1976 and renovated in 2008, the building's recent improvements include: a renovated lobby, a new roof application, 15 new truck doors and more.

"1650 Sunflower is a high quality asset and an attractive addition to our portfolio of assets under management," said Jeff Hanson, (top right photo) president and chief investment officer of Grubb & Ellis Realty Investors.

"The property recently underwent renovations that added new office space to the main structure, as well as a vehicle maintenance building, contributing additional value to the property overall and keeping it attuned to the tenant's needs."

Federal Express Corporation is the sole occupant of 1650 Sunflower and operates the building under a long-term triple net lease.

The property's location enables Federal Express to receive and ship freight from both John Wayne Airport and Los Angeles International Airport and to deliver to its local customer base.

In addition to its close proximity to both airports, the property has the following physical characteristics appealing to Federal Express:

loading capabilities on three sides of the building; drive-around capabilities for circulation; clear height and column spacing for sorting and distribution equipment and a large yard for vehicle storage.

According to Grubb & Ellis Company's most recent Industrial Market Trends Orange County report, the Orange County industrial market posted one of the nation's lowest vacancy rates at 4.6 percent in the third quarter 2008.

The market also posted a vacancy rate below 5 percent for the 11th consecutive quarter.Grubb & Ellis Realty Investors purchased 1650 Sunflower from Panattoni Development Company. Financing was arranged by Gabe Potyondy and James Ko at Allied Irish Banks, p.l.c.

CONTACT: Julia McCartney, +1-714-975-2230, ,, or

Marcus & Millichap Sells BJ's Ground Lease in Manahawkin, NJ for $14.9M

MANAHAWKIN, NJ – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a ground lease to BJ’s Wholesale Club (top right photo) in Manahawkin.

The sales price is $14.9 million.

Mark Taylor, (middle right photo) a vice president of investments and senior director of Marcus & Millichap’s National Retail Group (NRG) in Philadelphia; Dean Zang, (middle left photo) an associate vice president investments and director of the firm’s NRG in Philadelphia; and Christopher Munley, an investment specialist also in the firm’s Philadelphia office, represented the seller.

SP 72 LLC, a New Jersey-based limited liability company, listed the property with Taylor and Zang in February. Within four months, Marcus & Millichap had procured six offers and ultimately selected the buyer, Shubert and Booth Theatre LLC, a New York City-based limited liability company.

The buyer was represented by Bayard Street Capital and Real Estate Foundations Inc.

“We selected Shubert for a number of reasons,” explains Zang. “Shubert was the highest bidder, the BJ’s store was the group’s replacement property in a 1031 exchange and the deal was not contingent on financing.

“This asset provided the investor with a rare opportunity to acquire a new big-box, single-tenant net-lease retail property located only minutes from the Jersey Shore and a short drive from the Philadelphia and New York metropolitan areas,” says Zang.

“This property has a strong residual value,” adds Taylor. “Escalating land costs in this area, as well as the difficulty in assembling larger tracks of land, make this parcel very valuable.”

Located at Route 72 and Doc Cramer Boulevard, BJ’s Wholesale Club is situated on a 14-acre lot neighboring a power center and a grocery-anchored shopping center.

The BJ’s Wholesale Club building is subject to a new 20-year, triple-net unsubordinated ground lease with rent escalations scheduled every 5 years.
The BJ’s property is part of a larger retail development, which the seller will retain to construct two or more additional buildings in the near future.

Constructed in 2007, BJ’s Wholesale Club is in a prime regional retail corridor, neighboring a power center anchored by Kohl’s, TJ Maxx and Staples.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Grubb & Ellis Represents Landlord in 138,000-SF Industrial Lease to USPS

ROSEMONT, IL- – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented KTR Capital in the lease of 138,000 square feet of warehouse/distribution space at 513 Express Center Drive in Chicago to the United States Postal Service.

Matthew Mulvihill (middle left photo) and Brian Carroll, (middle right photo) senior vice presidents in the Industrial Group, facilitated the transaction.

The lease represents an expansion for the USPS in O’Hare Express Center, (top right photo) where the entity now leases over 300,000 square feet. The park is located on a land lease from the City of Chicago for O’Hare International Airport, which gives USPS direct access to the airfield without going onto pubic roads.

“The location is ideal for the post office due to its proximity to the airport,” said Mulvihill. “The direct access to O’Hare was also an excellent selling point.”

Connected to the airport’s southeast end off of Irving Park Road, the building was bought by KTR in 2007 and leased to the USPS on a month-to-month basis until it signed a longer-term lease. The post office uses the facility for mail forwarding, sorting and distribution.

Contact: Erin Mays, Ph: 312.698.6735.