Tuesday, November 25, 2014

Joseph Reed Joins Shopoff Realty Investments as Vice President, Land Acquisition

William A. Shopoff
IRVINE, CA, Nov. 25, 2014 – Shopoff Realty Investments announced today that seasoned real estate professional Joseph Reed has joined the company as vice president of land acquisition.

During his 27-year career, Reed has led the origination of nearly 200 transactions with a total aggregate value in excess of $1 billion in equity and debt structures, and has managed more than $1 billion in institutional capital and private equity investments.

Reed has also directed the acquisition of more than 2,600 lots throughout Southern California.

“Joseph joins Shopoff Realty Investments with a very successful track record in real estate land acquisitions,” said William Shopoff, CEO of Shopoff Realty Investments.

 “He is a dedicated professional with extensive relationships throughout the industry, as well as experience spanning a variety of asset classes, including residential, mixed-use, retail, multifamily and master-planned communities. I couldn’t be more pleased to welcome Joseph to our team.”

Reed joins Shopoff Realty Investments from KB Home, where he spent two years as vice president of land acquisition, acquiring more than 1,400 units/lots throughout the counties of Los Angeles, Orange and San Diego.

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

Julie Leber
Spotlight Marketing Communications
949.427.5172, ext. 703

More than 30,000 SF in Lease Renewals Announced in Miramar Park of Commerce in Miramar, FL

Maridee Bell
MIRAMAR, Fla. – Miramar Park of Commerce, the largest locally owned and managed Business Park in South Florida, has announced the following lease renewals: 

United Collection Bureau (UCB) has renewed its lease for 25,590 sq. ft. of space at 2906 Executive Way. Founded in 1959, UCB offers revenue cycle and account receivable services and products.

Topsville, a division of Jaclyn Incorporated, has renewed its lease for 5,003 sq. ft. of space at 10370 USA Today Way. Topsville is an industry leader in the design and manufacture of children’s apparel.

For all transactions, the Miramar Park of Commerce was represented by Maridee Bell, vice president of Sunbeam Properties, developer of the Park, and Ryan Goggins of Sunbeam Properties.
 For a complete copy of the company’s news release, please contact:

Kathryn Gallagher
Pierson Grant Public Relations
954-776-1999, ext. 242

Berkadia Names Greg Rainey Broker Assistant in Orlando, FL Office

Greg Rainey
ORLANDO, FL --- Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, has hired Greg Rainey as a broker assistant.

Hal Warren, senior vice president at Berkadia, said Rainey is a graduate of Florida State University and holds a Bachelor of Science in Finance and Real Estate. In addition, he is a Florida licensed real estate sales associate.

Rainey has served as an intern at Berkadia since May of this year, Warren said.

In his new role he will manage the tasks involved in closing sales and function as liaison between clients, agents, escrow companies and mortgage brokers, as well as assist in the underwriting of multi-family commercial real estate properties.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com.

Feldman Equities and Tower Realty JV Acquire Third Office Building in Downtown St. Petersburg, FL

First Central Tower, Downtown St. Petersburg, FL
ST PETERSBURG, FL – A joint venture consisting of affiliates of Feldman Equities, Tower Realty Partners and Second City Real Estate, has acquired First Central Tower, a 17-story, 250,000 square foot office building located at 360 Central Avenue in downtown St. Petersburg.

 Larry Feldman, CEO of Feldman Equities will spearhead leasing and redevelopment efforts while Tower Realty Partners will handle management responsibilities. 

 The group intends to invest nearly $10 million dollars in building renovations and tenant improvements.  After taking into account known tenant move-outs, the building is approximately 50% occupied.

 “As with our other downtown acquisitions, this is yet another opportunity for us to do what we do best – renovating and upgrading office buildings in order to maximize their value,” commented co-owner Larry Feldman, CEO of Feldman Equities.  

 “Downtown St. Pete has a higher quality of life than almost any other downtown in the state. It is a truly “walkable downtown” with hundreds of acres of dedicated city parks that run along the waterfront. 

“Within walking distance from First Central Tower, there are 7 museums, over 45 restaurants, a theater for the performing arts, a major league baseball stadium and nearly a dozen marinas. 

Larry Feldman
:Downtown St. Pete is in in the midst of an impressive revitalization with thousands of new residential units planned or under construction. We are thrilled to be a part of this re-urbanization trend.”
Feldman said City Center and Morgan Stanley Tower buildings are currently both over 95% leased.  Excluding First Central Tower, the three major office buildings in downtown have an average occupancy well over 90%.

Redevelopment plans for First Central Tower include an extensive lobby renovation, upgraded tenant floor elevator lobbies, tenant corridors and restrooms.

In addition, ownership is planning an amenity package which will include a concierge desk, state-of-the-art luxury fitness center and conference center.  

Over the last 20 years, Feldman Equities and Tower Realty Partners have successfully joint ventured on the acquisition of millions of square feet of under-performing office buildings.  The venture plans to aggressively expand their portfolio of Class A office properties.
 For a complete copy of the company’s news release, please contact:

Feldman Equities - Larry Feldman, 727-822-3395 lfeldman@feldmanequities.com

NAI Realvest negotiates $680,000 investment sale of former Canine Training facility near Orlando Airport

Kristen Kemp
ORLANDO, FL – NAI Realvest recently negotiated an investment sale of the former Canine Training Facility at 10806 Palmbay Drive in Orlando’s Airport Industrial Park.

Michael Heidrich, principal at NAI Realvest and associate Kristen Kemp negotiated the $680,000 sale price for the 8,425 square foot facility representing the seller, Seattle-based Lisa M Lecky, Trustee of the Victor Vierra Marciel Sr. Credit Trust.  

Matt Fitzgibbon of Fitzgibbon Alexander represented the local buyer, National Canine RE, LLC, who purchased the property for investment and redevelopment.

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

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com

Flea World Site to Be Developed Into Mixed Use Project Marking One of Largest Redevelopments in Seminole County, FL History

Randall C. Morris
Sanford, FL (Nov. 25, 2014) – A development team is applying to the Seminole County Government for a mixed use development at current site of Flea World. 

The request, if approved, would convert Flea World with additional parcels totaling 118 acres to single family, apartments, office and retail uses. 

  The land fronts both US Highway 17/92 and Ronald Reagan Boulevard at County Home Road. 

Syd Levy, the owner of the property, has put together a development team of Randall Morris, Principal, RM Strategies, Inc. in Winter Park, FL and Richard Wohlfarth, Principal, IBI Group, Maitland, FL.  Paul Partyka, a partner at NAI Realvest, Orlando, FL will be the broker of record.  

Paul Partyka
“After over 37 years in operation with millions of customers visiting the storied Flea World and earlier Fun World, I must say it is with mixed emotions we are going to redevelop this land.  I will keep Flea World, with our family of vendors, open during the development approval process throughout next year at least until January of 2016,” Levy said. 

“If approved, the 118-acre Reagan Center as proposed would have just under 400 apartments, 80 townhomes, 17 acres of commercial office, 18 acres of retail with thirty percent left as conservation,” said Paul Partyka. 

“Partyka estimated that the property, currently valued at $15 million, would be worth an estimated over $200 million at build out.  Co-Development Manager Richard Wohlfarth stated, “Reagan Center will be a real shot in the arm for the US 17/92 corridor.”
Seminole County government has been looking for a catalyst project to spark redevelopment in the US 17/92 corridor.  For 17 years Seminole County and the cities of Sanford, Lake Mary, Winter Springs and Casselberry have had a Community Redevelopment Agency in place.

 “I can think of no better location in the corridor to spur redevelopment.  This large property is directly opposite Seminole County Government Operations Center and Seminole State College and bordered by two divided roadways with close access to the Seminole County Expressway,” said Co-Development Manager Randall Morris.

Flea World, Seminole County, FL
The application for Reagan Center including a conceptual plan is being submitted this week.  Public hearings on the proposal would be in the spring of 2015. 

Upon approval, out parcels and some residential sites will be available for immediate development. Flea World would remain open though the entire 2015 season.

 Owner Syd Levy has announced his interest in replacing Flea World with a new modern Farmers and Vendors Market/Mall at a new location, so as not to leave a void for the hundreds of dealers and thousands of customers who visit Flea World every week.

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

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com

Cousins Properties to Develop Headquarters Building for Genuine Parts Company in Atlanta, GA

Larry Gellerstedt
ATLANTA, GA--Cousins Properties Incorporated (NYSE:CUZ) announced today that it has been selected by Genuine Parts Company to develop a 150,000 square foot corporate headquarters building in the Northwest submarket of Atlanta, Georgia.

Designed by HKS Architects and Hendrick Interior Design, Genuine Parts' headquarters building will be located adjacent to its existing Shared Services support building which was purchased from Cousins in 2009. 

Cousins developed the concept and site solutions for this project and will act as the fee developer.

"We are very excited to have another opportunity to work with Genuine Parts, a company with a rich history and an incredible track record for success," said Larry Gellerstedt, president and chief executive offices of Cousins.

"Cousins and Genuine Parts have a long-time relationship that spans multiple decades, and we are honored to help expand the company's footprint in Atlanta."

Construction is slated to begin during the first quarter of 2015 with an anticipated occupancy in the summer of 2016.

Cousins Properties Incorporated is a fully integrated, self-administered and self-managed real estate investment trust (REIT).

The Company, based in Atlanta, GA, primarily invests in Class-A office assets located in high growth Sunbelt markets, with a focus on Georgia, Texas and North Carolina. The Company has a comprehensive strategy in place based on a simple platform, trophy assets and opportunistic investments.

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

Cousins Properties Incorporated
Marli Quesinberry, 404-407-1898
Director, Investor Relations

Three New Tenants Announced at 201 17th Street and 271 17th Street in Atlantic Station

Nicole Goldsmith
ATLANTA, GA – Nov. 25, 2014 – CBRE Global Investors has announced three new leases, totaling 14,901 square feet, at 201 17th Street and 271 17th Street, two office buildings in Atlantic Station that are owned by a fund the firm sponsors.

Booking.com, an online booking website,signed a lease for 5,741 square feet and will move into its space on the sixth floor of 271 17th Street in February 2015. Ryan Irvine, Richard Levine and Chris Stelling with CBRE, Inc. represented the tenant.

Celtaxsys moved into a spec suite at 201 17th Street in October. The clinical-stage development company signed a lease for 4,391 square feet and was represented by Mark Kercher of KW Commercial.

Unboundary, an Atlanta-based transformational design firm, signed a 4,769-square-foot lease at 201 17th Street and will move into the space in February 2015. Pete Shelton with Colliers International represented the tenant.

Jeff Keppen
“Unboundary needed a unique environment that combines an attractive location, LEED certification, and a tech-forward environment,” said Tod Martin, president and CEO of Unboundary.

“201 17th Street gave us all of that in a world-class space with amenities we've never had in our 28-year history. We're excited about all the things that both the building and Atlantic Station give our team and clients access to."

“Tenants are attracted to these properties due to their prime Midtown location and creative workspace,” said John Gilb, principal at CBRE Global Investors. “These features, along with our ability to anticipate and accommodate a company’s future needs, make 201 17th Street and 271 17th Street very desirable spaces.”
Jeff Keppen, a senior vice president at CBRE, and Nicole Goldsmith, an associate at CBRE, represented CBRE Global Investors in the transactions.

John Gilb
“This leasing activity reflects the innovative, high-quality office environment provided by 201 17th Street and 271 17th Street,” Keppen said.

“We are pleased to welcome Booking.com, Celtaxsys and Unboundary as new tenants, and we are confident that the host of services and amenities available at the buildings will serve them extremely well.”

201 17th Street features 17 stories and 355,870 square feet of Class A office space. The 25-story 271 17th Street contains 541,789 square feet of Class A office space.

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

Suong Nguyen
The Wilbert Group
404 343 0637

SG Property Services Acquires Medical Office Portfolio in Atlanta for $14.5 Million

Paul Shailendra
ATLANTA, GA (Nov. 25, 2014) — SG Property Services has acquired the Oak Hill Medical Portfolio, an eight-building, 70,000-square-foot portfolio that includes properties in Peachtree City, Blairsville and Newnan, Georgia, for $14.5 million.

“This portfolio was attractive because of its strong credit tenants and in place yield, as well as its potential for further development,” said Paul Shailendra, president of SG Property Services.

““Newnan has seen substantial healthcare investment by virtue of the newly constructed Cancer Treatment Centers of America and Piedmont Newnan Hospital.”

The properties in the transaction include: 10 Eastbrook Bend in Peachtree City; 1294 Hwy 515 East in Blairsville; and 39 Oak Hill Court Buildings A-D, 110 Oak Hill Boulevard and 60 Oak Hill Boulevard in Newnan.

Lee Asher
The buyer plans to quickly complete the lease-up at the buildings. SG Property Services recently completed a lease with Piedmont Medical Care and is evaluating additional tenants.

Lee Asher of CBRE represented the undisclosed sellers in the transaction.

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

Stephen Ursery
The Wilbert Group
404-549-7150 (O) 404-405-2354 (C)

Lincoln Harris Brokers Ipreo’s 23,230-Square-Foot Expansion at One Bank of America Plaza in Raleigh, NC

Kaler Walker
RALEIGH, NC — Lincoln Harris has brokered Ipreo’s 23,228-square-foot expansion at One Bank of America Plaza in downtown Raleigh. Ipreo, which provides market data and software to capital markets and corporate professionals, has more than doubled the space it occupies at the 17-story, Class A building and now leases over 45,000 square feet at One Bank of America Plaza.

Kaler Walker, vice president of office leasing in Lincoln Harris’ Raleigh office, represented Ipreo in the transaction. Hillman Duncan of Cassidy Turley and John Hogan of Highwoods Properties represented the landlord.

“This is tremendously exciting news not only for the Raleigh office market, but for the area economy as a whole,” Walker said. “It signals the further strengthening of Raleigh’s already vibrant technology sector, and it paves the way for the addition of many jobs.”

Ipreo moved into the building in the spring of 2013, planning to hire approximately 150 employees in the first 12 months. Given its continued global growth, Ipreo has exceeded its initial hiring plans and continues to hire in Raleigh, triggering the need for an additional floor.

Hillman Duncan
“We’re thrilled by the success we’ve had in launching and growing our Raleigh operation,” said O’Hara Macken, EVP & Managing Director at Ipreo.

“North Carolina and the City of Raleigh have more than fulfilled our expectations as both a thriving business community and a source for recruiting high-caliber talent.

“We appreciate the support Lincoln Harris has provided us since the beginning and are very happy with both the building and the central downtown location. 

"We’re pleased to make this new investment in expanding our space here to support our continued growth.”

O'Hara Macken
The announcement of Ipreo’s expansion comes just months after One Bank of America Plaza changed ownership hands. Highwoods Properties bought the 374,000-square-foot building, one of the largest in the Triangle Area, for $92.3 million in September.

Strategically located on Fayetteville Street in City Plaza, One Bank of America Plaza is near the Progress Energy Center for the Performing Arts, Red Hat Amphitheater, Raleigh Convention Center and the four-star Marriott Hotel. Other amenities include 24/7 security, fitness center, conference center and a Bank of America branch.

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

Stephen Ursery
The Wilbert Group
404-549-7150 (O) 404-405-2354 (C)

Marcus & Millichap’s Scott Pertel Wins NAIOP’s Developing Leader Award

Scott Pertel
SAN FRANCISCO, CA, Nov. 25, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, is pleased to announce Scott Pertel, an associate director with Marcus & Millichap’s National Office and Industrial Properties Group (NOIPG), was presented the National Association of Industrial and Office Properties (NAIOP’s) Developing Leaders Award in recognition of valued contribution to the industry, according to Alan L. Pontius, national director of Marcus & Millichap’s NOIPG.

          The Developing Leaders Award was presented to Pertel, a board member of the NAIOP-SFBA Chapter and co-chair of its Young Professionals Group, at the ninth annual NAIOP Developing Leaders Awards ceremony in Denver. The award is presented to those who have shown exemplary achievements and demonstrated outstanding professional accomplishments in the commercial real estate industry.

Alan L. Pontius
        “Scott’s diligence in pursuit of career development and success has been very impressive, to say the least,” says Pontius. “This honor not only brings a degree of satisfaction and accomplishment to Scott, it represents the quality of professionals we look to build our firm’s base upon,” continues Pontius. “I personally extend my congratulations to Scott for this very high industry honor.”

        “It is a privilege and honor to be recognized by NAIOP for my achievements and commitment to our industry,” says Pertel. “I look forward to continuing my work with NAIOP as our industry evolves and matures.”

          NAIOP, a Commercial Real Estate Development Association, is the leading organization for developers, owners and investors of office, industrial, retail, and mixed-use real estate. With over 15,000 members, the association provides strong accuracy, education and business opportunities.

         Pertel provides real estate advisory services for corporations, operators and developers throughout the U.S. and Canada, with a specific focus on single tenant industrial properties and sale-leaseback transactions.
For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

Sambazis Retail Group of Marcus & Millichap Sells $17 Million Regional Power Center in Alabama

Phil Sambazis
BIRMINGHAM, AL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Eastwood Village, a 134,256-square-foot regional power center in Birmingham, Ala.

The $17 million sales price equates to $127 per square foot.

            Phil Sambazis and Thomas Ladt of Sambazis Retail Group in Marcus & Millichap’s San Diego office represented the seller.

Andrew Chason of the firm’s Mobile, Ala. office also provided representation. Zachary Taylor and Don McMinn, vice presidents investments in the firm’s Atlanta office, represented the buyer.

            “Eastwood Village is a regional power center that was 99 percent occupied at the time of the sale,” says Sambazis. “National tenants account for more than 96 percent of the center’s income stream.”

Thomas Ladt
            Completed in 2007, the property is located on 5.5 acres at 1604-1624 Montclair Road within a dense retail corridor off Interstate 20 between Montclair Road and Crestwood Boulevard (U.S. Highway 78) in Birmingham, Ala.

The retail trade area is composed of 1.5 million square feet with retailers that include Publix, Home Depot, Winn Dixie, and T.J. Maxx.

Eastwood Village is supported by a trade area that encompasses more than 108,000 people with an average annual household income that exceeds $60,000 in a one-mile radius and $74,000 within three- and five-mile radiuses.

The shopping center borders the city of Mountain Brook, which is one of the more affluent communities in the Southeast with a median annual household income of $118,450 and 56 percent of households with incomes that exceed $100,000 per year.

            Eastwood Village is shadow-anchored by a 24-Hour Walmart Supercenter. Additional anchors include Ross Dress for Less, Office Depot, Party City, Shoe Carnival and Tuesday Morning.

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

Gina Relva
Public Relations Manager
(925) 953-1716

Marcus & Millichap Sells Prince George’s County Radisson Hotel for $10.45 Million

Radisson Largo-Washington DC Hotel
9100 Basil Court, Largo, MD
LARGO, MD – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the Radisson Largo-Washington, D.C., a 184-room hotel in Largo, Md. The $10.45 million sales price equates to $56,800 per room.

            David Greenberg, vice president investments in Marcus & Millichap’s Fort Lauderdale office, along with Jonathan Ruprai, senior associate, and Dennis Hopper, associate, both in the firm’s Tampa office, represented the seller, Philadelphia-based AMC Delancey.

Karianne J. Cibello
Gordon Allred, first vice president investments in Marcus & Millichap’s Ontario, Calif. office, and Karianne Cibello, associate in the firm’s Washington, D.C. office, represented the locally based buyer.

 The sale is indicative of the collaborative national platform for which Marcus & Millichap is known.

            “Our strategic marketing campaign produced numerous offers, and ultimately an attractive sales price for the seller,” says Ruprai. “The seller capitalized on healthy market conditions and the opportunity to reposition to a superior brand.”

“Acquired at a discount to replacement cost, the property gives the new owner several options, including continuing to operate the hotel as a Radisson, rebranding to a different flag, or converting the hotel to an alternative use,” adds Allred.

David Greenberg
“The industry and economic indicators are showing an uptick in the Washington, D.C. market and the timing of this transaction was beneficial for both buyer and seller.

“In a market with historically tight supply and high demand, this is a win-win situation as the new owner will be able to successfully reposition the investment in a resilient and upward trending environment,” Allred concludes.

The property is located at 9100 Basil Court in Largo, Md. off the Capitol Beltway at Exit 17A. FedEx Field, Computer Science Corp., Six Flags America, the Internal Revenue Service, Andrew’s Air Force Base, the University of Maryland-College Park and other area businesses and attractions are nearby.

With an industry-leading investment team located in more than 40 strategic markets, Marcus & Millichap’s National Hospitality Group has now sold more than 140 hospitality assets year-to-date.         

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

Gina Relva
Public Relations Manager
(925) 953-1716