Tuesday, March 4, 2014

Taylor & Mathis of Florida Executes Largest New Office Deal in Miami’s Airport West Market in 2013

  
9250 Doral, leased to West Coast University

MIAMI, FL, March 4, 2014 – Taylor & Mathis of Florida has executed the largest new office deal in Miami’s Airport West Market in 2013, with a 45,000 square foot lease with California-based West Coast University (WCU).  

Brian Gale
Responding to a growing nursing shortage in Florida, West Coast University, a health sciences university, opened its first Southeast campus in February, at the newly renovated, 9250 Doral. 

The former single tenant building recently underwent a multimillion dollar renovation by owner Delma Properties to convert the property to a multi-tenant office building. WCU has leased 25% of the building in a transaction valued at $13.5 million. 

The deal was brokered by Taylor & Mathis Principal, Brian Gale representing the owner and co-broker, Charlie Carroccio and Scott Allen of CBRE representing West Coast University.

“The metropolitan Miami area has become one of the country’s major health care hubs, and demands on health care providers will only increase as the population continues to grow,” said University President, Dr. Barry T. Ryan. “WCU is pleased to be part of the solution by preparing the highly educated, competent and confident nurses that are increasingly in-demand.”

Dr. Barry Ryan
The building’s large 45,000+ square foot floor plates were instrumental in securing the WCU deal.  WCU leased the second floor and a portion of one of three pods on the third floor.

 “We are pleased to see Delma’s financial commitment rewarded by snagging the area’s largest office deal,” said Brian Gale of Taylor & Mathis, the exclusive leasing agent. “The quality of the interior finishes makes it feel like a brand new building. ItT&M has great ceiling height and an excellent window line.  9250 Doral sits in one of the most exciting and rapidly growing areas of the Miami-Dade office market.”
  
Scott Allen

 Two years ago, 9250 Doral’s single tenant occupant, Amadeus North America, moved out and the building became 100% vacant.  “The WCU lease confirms our commitment to the asset and in the market,” said Todd Benson, Senior Vice President, Delma Properties. 

“The heavy capital we have spent renovating the property are starting to come to fruition. It’s always gratifying to be involved in a project that repositions an asset and brings new tenants to the area.” 

Delma’s investment included refurbishing the lobby and common areas, as well as exterior work, including upgrades to the entry fountain, pedestrian bridge, fa├žade, parking, signage and landscaping.

The building’s unique design incorporating three pods with near-360 views, offers multiple tenants the ability to occupy “corner” offices. 

It offers 45,000+ square-foot floor plates in an easy-access location, just minutes from Florida’s Turnpike on Doral’s main east-west throughway. The views of the iconic Doral Golf Resort and Spa just across the street are unparalleled. Located just a mile from Doral’s mixed-use city center, it is ideally positioned for business owners who appreciate the live-work concept. 

Charlie Carroccio
“With the views of Doral golf course and the City Center just a mile away, we’re uniquely positioned to take advantage of the best of Doral,” Gale said.  We’re right in the middle of everything.”
  
The 9250 Doral building, located at 9250 N.W. 36th Street, comprises 187,000 square feet of space with floor-to-ceiling views and reflective glass exterior. It is the largest block of space available in the Airport West-Doral office market.

For a complete copy of the company’s news release, please contact:

Todd Benson, Delma
(786)533-1620

Brian Gale, Taylor & Mathis
(305)476-8880



Meridian Capital Group Arranges $43.8 Million in Permanent Financing for a 14-Property Retail Portfolio Located in FL, IN, MS, GA, AL, KY, VA and WV



Boca Raton, FL, March 4, 2014, – Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $43.8 million mortgage for the refinancing of the Regency Portfolio, which consists of 14 shopping centers located in FL, IN, MS, GA, AL, KY, VA and WV.

 The ten-year, non-recourse loan features a fixed-rate of 5.22% and was provided by a CMBS lender. This transaction was negotiated by Meridian Managing Director, Michael Brown, and Director, Zach Nimhauser, who are based in the Company’s Boca Raton, FL office. 

The 14-property portfolio totals 1,361,421 square feet and houses 173 tenants including Wal-Mart, Magic Mart, JCPenney, Beall’s Outlet, Kroger, Piggly Wiggly, Orschein Farm & Home and Big Lots.

“This loan was for a very sophisticated client, with a great understanding of the nuances of different types of debt,” said Mr. Brown 

“We invested significant time structuring the specifics of the loan with the lender up front to build in solutions to our client’s ongoing needs over the 10-year loan term,” he added.

“The portfolio had 173 leases to a variety of tenants with a broad array of renewal dates and extensions. By working with the lender to plan for different scenarios, we were able to develop a structure to achieve our client’s business objectives under favorable terms,” added Mr. Nimhauser.

For a complete copy of the company’s news release, please contact:

Jonathan M. Stern
Managing Director
Meridian Capital Group, LLC
1 Battery Park Plaza, 26th Floor
New York, NY 10004
Direct: 212.612.0181
Fax: 212.201.5181

Mayor Sbranti, Regency Centers Announce Groundbreaking Ceremony to be Held for Persimmon Place Shopping Center in Dublin, CA


Rendering of Persimmon Place shopping center, Dublin, CA

DUBLIN, CA--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG), a national owner and operator of grocery-anchored neighborhood shopping centers, has announced a groundbreaking ceremony to commemorate Persimmon Place, a new ground-up development in Dublin, CA.

Pete Knoedler
Several destination retailers have already confirmed leasing space at the center, including anchor stores Whole Foods Market, Nordstrom Rack and Homegoods. Dublin Mayor Tim Sbranti will provide the event’s keynote remarks.

“We are ecstatic to welcome Persimmon Place to our community,” said Mayor Sbranti. “This center will offer the upscale, high-quality retail choices that residents of Dublin want and expect, and we couldn’t be more pleased with the progress being made on this development.”

What:
    Ceremony to commemorate the groundbreaking at Persimmon Place 
    
Who:
  Mayor Tim Sbranti, Mayor, Dublin 
  Pete Knoedler, Senior Vice President, Investments, Regency Centers 
    
When:
  Tuesday, March 11, 2014 at 10:00 a.m. PT
     
Where:
  Persimmon Place 
  NW Corner of Hacienda Drive and Martinelli Way, Dublin, CA 

Dublin, CA Mayor Tim Sbranti
“Persimmon Place will be an exceptional center serving a dynamic community,” shared Pete Knoedler of Regency Centers. “We look forward to watching this development progress and sharing in the excitement of local residents.”

The groundbreaking ceremony is open to the public, and media are invited to attend. To RSVP, contact Emily Ford, Senior Marketing Manager at 703-442-4333 or emilyford@regencycenters.com by Monday, March 10 at 5:00 PM.

For a complete copy of the company’s news release, please contact:

Cohn Marketing
Lauren Simpson, 303-839-1415, ext. 43
or
Regency Centers
Pete Knoedler, 925-279-1866
Senior Vice President Investments


Kiser Group Retained to Sell 10 Properties, including Apartment, Condo, Mixed-Use and Vacant Land in Chicago, Skokie and Wauconda, IL


13-unit condo building 6700 South Clyde, South Shore, IL 

   CHICAGO, IL – Kiser Group, Chicago’s leading mid-market commercial real estate brokerage firm, has been retained for 10 new listings in the Chicago area.

Of the six apartment listings, two are in the suburbs, including a 39-unit, four-building complex in Wauconda; and a four-unit corner building within walking distance of downtown Skokie.

The four Chicago apartment listings include a 23-unit building in Belmont Cragin; a nine-unit building in Hermosa; and two Hyde Park buildings, one with 14 units and the other with six units.

 The condominium listing is a 13-unit South Shore building overlooking Lake Michigan. The mixed-use properties include a four-unit recently constructed building in Bucktown; and a six-unit building in Edison Park. Also, a vacant city lot along 79th Street is being offered for sale.

 For a complete copy of the company’s news release, please contact:


Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523

Capital Square Realty Advisors Completes DST Investment Offering Near Fort Worth, TX

                                      

Louis Rogers

 FORT WORTH, TX – Capital Square Realty Advisors, LLC announced that their Delaware Statutory Trust investment offering, comprised of an approximately 44,000-square-foot retail facility occupied by 24 Hour Fitness in the Fort Worth suburb of Keller, Texas, has been fully subscribed by investors.

“This facility is 100 percent leased on a long-term basis to 24 Hour Fitness USA Inc., one of the world’s largest privately owned and operated fitness center chains,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors.

Located at 5901 Golden Triangle Blvd., the property benefits from a high traffic count with nearly 200,000 people living within a 5-mile radius, as well as its convenient location off Interstate 377.

The facility features 239 parking spaces, and is close to numerous national retailers, including Albertsons, Walgreens and Kohl’s. The fitness center includes a full-size basketball court, group exercise facilities, an indoor lap pool, whirlpool, racquetball court, sauna and more.

“We are pleased to have fully subscribed this DST investment offering and look forward to providing investors with the opportunity to benefit from the ownership of investment-grade real estate,” said Rogers

For a complete copy of the company’s news release, please contact:

Jill Swartz                                                                            
Spotlight Marketing Communications                    
949.427.5172, ext. 701 – office                                   
949.485.1552 – cell                                                            

McCraney Property Company’s Dade Paper Project Awarded “Industrial Development of the Year” by NAIOP Central Florida Chapter


John Young Business Park, Orlando, FL

Steven E. McCraney
ORLANDO, FL and WEST PALM BEACH, FL – (March 4, 2014) – McCraney Property Company’s (MPC) Dade Paper project was recently awarded “Industrial Development of the Year” by the National Association of Industrial and Office Properties (NAIOP) Central Florida Chapter. The award was presented at the Best of the Best Awards Gala.

 Recognized, was Dade Paper’s 150,000-square-foot state-of-the-art Central Florida Distribution Center and Offices.

The fully operational facility is located in McCraney’s 25-acre John Young Business Park. This project was the first of a three-building portfolio, totaling 393,000 square feet, of modern industrial buildings that MPC committed to develop in its joint venture with Clarion Partners, a large national investor and manager of commercial real estate.

 The project was recognized for its exceptional overall design to meet the needs of the end user. Other qualifications included usage of quality materials with superior construction techniques, exhibits compatibility with its natural surroundings, advanced technology and exceptional results achieved by all members of the development team.

 Development team members included general contractor Edwards Construction Services, Inc., The Corrales Group Architects and engineering consultant Smiley & Associates Inc.

“Being recognized by our peers at NAIOP means a lot to us,” said Steven E. McCraney, SIOR, CCIM, President and CEO of McCraney Property Company. “We look forward to submitting our two latest projects for next year’s Best of the Best Awards.”

 For a complete copy of the company’s news release, please contact:

 or Ashley Fierman (afierman@boardroompr.com)
 Boardroom Communications,

954-370-8999or 954-629-7523.

CBRE Orlando Closes Habor at Lake Howell Apartments in Casselberry, FL for $40 Million


Harbor at Lake Howell Apartments, Casselberry, FL

Shelton Granade
ORLANDO, FL -- CBRE is pleased to announce that it has sold the Harbor at Lake Howell apartments in Casselberry for $40,000,000. This 408-unit rental community was built in 1991, and was 94% occupied at closing. 

Shelton Granade, Luke Wickham, and Justin Basquill of CBRE’s Orlando office exclusively represented the seller in the transaction.

Harbor at Lake Howell offers 1, 2, and 3 bedroom units averaging 1,065 SF with resort-style amenities including two swimming pools, a fitness center, and a tennis court. The property is located on a 450-acre recreational lake (Lake Howell), and features a private boat ramp on site.

Luke Wickham
 The new owner, an owner/operator out of Atlanta, intends to implement a value add strategy to improve the property and increase the rents.

CBRE’s Central Florida Multi-Housing Group continues to be the market leader, and has closed more than $815,000,000 in the Orlando MSA in the last 14 months.

Justin Baquill
 For a complete copy of the company’s news release, please contact:


Shelton D. Granade, Jr., Executive Vice President
CBRE | Investment Properties - Multihousing
189 S. Orange Avenue, Suite 1900 | Orlando, FL 32801
T 407 839 3103 F 407 404 5001

Marcus & Millichap Reports Retailers Expand Offerings to Capture Marketshare




WALNUT CREEK, CA -- Net-leased retailers of all sizes will focus on generating greater sales within existing or smaller footprints this year, according to new research from Marcus & Millichap.

 CVS Caremark and Walgreens are exploring scaled-down floor plans to squeeze into infill locations where population density supports a higher number of visits.
  
 Along with other drugstores, these industry giants remain focused on competing with convenience stores by offering a limited selection of groceries. 

At the same time, clinics within existing facilities that offer primary healthcare options are considered as a strong future revenue generator.

In fact, CVS is confident enough in the model’s potential that the firm announced plans to eliminate tobacco products from its stores, erasing an estimated $2 billion in annual sales.

Big-box retailers, which have been slower to install clinics, are maintaining plans to delve into the patient care arena in greater numbers, along with several grocery chains.

While healthcare is a potential windfall for net-leased retailers, the impact on the middle class from the recession continues to take a toll.

Darden, for example, announced plans to divest Red Lobster, which will likely lead to store closings. The major dollar stores, however, plan on opening more than 1,200 new locations this year, indicating ongoing frugality among many Americans.

 For a complete copy of the company’s news release, please contact:

Gina Relva
 Public Relations Manager
 Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
 (925) 953-1700 ext. 1716
(510) 999-1284 mobile
(925) 953-1710 fax

Interwood Business Center I and II near Houston’s Intercontinental Airport sold by HFF


Interwood Business Center I and II, 14430-14440 John F. Kennedy Boulevard
and 14469 Heathrow Forest Parkway within the Interwood Business Park, Houston, TX
Rusty Tamlyn
HOUSTON, TX – HFF announced today that it has closed the sale of Interwood Business Center I and II, two Class A industrial warehouse facilities totaling 200,086 square feet in Houston, Texas.

               HFF represented the seller, KTR Capital Partners, LLC, in the transaction.  Stockbridge Real Estate Funds purchased the properties for an undisclosed amount, free and clear of debt.

               Interwood Business Center I and II are located at 14430-14440 John F. Kennedy Boulevard and 14469 Heathrow Forest Parkway within the Interwood Business Park, which is situated immediately south of the entrance to Houston’s George Bush Intercontinental Airport between Interstate 45 and U.S. Highway 59.

 The properties were built in 1999 and tenants include International Seal, Nippon Express, Goodman Distribution and Top Notch Solutions.

               The HFF investment sales team representing the seller was led by senior managing director Rusty Tamlyn and director Trent Agnew.

              KTR Capital Partners is a real estate investment, development and operating company focused exclusively on the industrial property sector. 

Trent Agnew
Headquartered in New York City with offices in Philadelphia, Chicago, Dallas, Las Vegas, Los Angeles and Miami, KTR has a 75 person platform that manages a series of discretionary value-add investment funds that target opportunities throughout major markets in North America.

 KTR funds currently own a portfolio of approximately 53 million square feet across North America and provide nearly $7.0 billion of investment capacity.  For additional information, please visit www.ktrcapital.com.

Stockbridge is a fully independent real estate investment management firm led by veteran industry professionals. 

  The firm’s portfolio comprises assets across the investment risk spectrum, including core, value-added and opportunistic strategies.

  Stockbridge has approximately $7 billion of assets under management (as of September 30, 2013) spanning all major real estate property types, and certain specialty property types, throughout the United States.
  
 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com


The Westin Jekyll Island Celebrates Construction Milestone; New 200-Room Property Scheduled for 2014 Completion

  
From left: Jeremy Buffam, Kevin Baker, Brian Wismar, Jeff Jernigan, Nancy Keyes, Lamar George, Glen Brooks and Vance Hughes.
  
Gerry Chase

Jekyll Island, GA, March 3, 2014   - Jekyll Oceanfront Hotel, LLC (JOFH)   today celebrated the topping off of  the $41 million Westin Jekyll Island, a 200-room, convention-class, beachfront hotel scheduled for completion later this year as part of the Jekyll Island Beach Village project.

JOFH is a joint venture comprised of several investors including Leon N. Weiner & Associates, Inc., a nationally recognized real estate development company, and New Castle Hotels & Resorts, an award- winning, independent third-party hotel manager, owner and developer.

“Construction of The Westin Jekyll Island is moving along according to schedule thanks to the great work of our general contractor, Pinkerton & Laws of Georgia, Inc., and an uneventful hurricane season" said Glenn Brooks, lead developer for Jekyll Oceanfront Hotel, LLC. “We've only lost a few days to high winds, so we're optimistic that construction will continue to proceed on time and on budget." 

The Westin Jekyll Island is part of the community's Beach Village project, developed by the Jekyll Island Authority (JIA) to reinvigorate the island’s tourism economy and includes the only beachfront convention center in the southeast. 

Rendering of planned $41 million Westin Jekyll Island Hotel,
Jekyll Island, GA
The 128,000-square-foot Jekyll Island Convention Center opened in May 2012 and is the centerpiece of the project, which also includes an oceanfront promenade, village green, restaurants, retail shopping and Great Dunes Park.

"Regional meeting planners have been following Jekyll Island since the opening of the convention center in 2012," said Gerry Chase, president of New Castle Hotels & Resorts, which will operate the hotel.  

"This construction milestone signals our imminent opening and will serve as an early preview of this one-of-a-kind venue."


 For a complete copy of the company’s news release, please contact:

Lauralee Dobbins
Daly Gray, Inc.
703-435-6293