Monday, August 31, 2015

Hold-Thyssen Completes Three Leases at Pennock Business Center in Jupiter, FL totaling 2,772 SF

JUPITER, FL and WINTER PARK, FL -- Hold-Thyssen, Inc., a commercial property firm based in Winter Park, recently completed three lease agreements for office/warehouse/flex space totaling 2,772 rentable square feet at Pennock Business Center, 711 Commerce Way in Jupiter.

Current tenant CrossFit Jupiter signed a lease renewal for 1,368 square feet while a private individual and ArteroUSA, Inc. each signed new leases for 693 square foot warehouses.  The landlord is GECMC 2005.

The Hold-Thyssen-managed Pennock Business Center is currently 97 percent occupied.  Earlier this summer, new and renewal leases were completed totaling over 10,000 square feet at Pennock Business Center.  

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

Larry Vershel Communications, Inc. Larry Vershel or Beth Payan 407-644-4142 or 407-461-3781

Public-Private Partnership to Start Construction of 130,000-SF Logistics Cold Storage Food Facility at Port Tampa Bay, FL

George Livingston
TAMPA, FL --- A public-private partnership that includes Port Logistics Tampa Bay I, Inc., and Port Tampa Bay will start construction of a 130,000-square foot state-of-the-art intermodal cold storage food products facility at Port Tampa Bay early next year.

When it opens in November 2016, the $19.1 million facility will employ 50 full-time workers and up to 200 part-time workers, said long-time Central Florida industrial developer George Livingston, a principal in Port Logistics.

Livingston said the Tampa Port Authority Board recently approved a 27-year lease to Port Logistics Tampa Bay I for the 13.7 acres where the facility will be developed on Hookers Point at Port Tampa Bay in downtown Tampa.

The Tampa Port Authority has engaged Atlanta-based Batson-Cook Company as contract manager for the project.

Port Logistics Tampa Bay I will be responsible for interior improvements and all terminal operations, providing cold supply chain operations at the Port, Livingston said.

The facility will receive, label, package and distribute temperature controlled food products from foreign ports, Livingston explained. “We expect to operate almost 24 hours a day, seven days a week.”

“In our first year of operation we expect to accommodate 100 vessels with 400,000 pallets, along with 70 to 80 trucks per day entering and leaving the facility,” Livingston added.

Port Tampa Bay
Products will include perishable goods, fruits, vegetables, pharmaceuticals and any other products that require temperature control.

Refrigerated ships arriving at Port Tampa Bay will shave three days off their voyage to Philadelphia, which hosts the principal cold storage food facilities on the eastern seaboard, according to Allen Huie, a principal and co-founder of Port Logistics.

Huie, an investment banker in Hong Kong, has partnered with Livingston on several other previous ventures.

Port Logistics has formed alliances with some of the largest and most experienced providers in the intermodal shipping industry for the Port Tampa Bay project,” Huie explained, “ including”:

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

Larry Vershel Communications, Inc. Larry Vershel or Beth Payan 407-644-4142 or 407-461-3781

KTGY Architecture+Planning Expands National Presence and Opens New Chicago Office

Tricia Esser
IRVINE, CA - Award-winning national architecture and planning firm KTGY Group, Inc., answering the strong demand for innovative design solutions in Chicago, announced today that it has opened a new office in downtown Chicago, IL to expand its services in the mid-western United States.

The new studio will be headed by veteran designers Craig R. Pryde, AIA, LEED AP and David M. Kennedy, AIA, LEED AP, former principals of PPK Architects, as principals of the new studio. 

"The opening of the new studio in downtown Chicago strengthens KTGY’s national presence and provides a greater depth and breadth of services to a wider range of clients and projects in the Midwest," said KTGY CEO Tricia Esser.

"David and Craig bring over 50 years of combined experience as designers in the Chicago area," said Esser. “They have a proven performance record, an impressive portfolio, and have worked together for more than 23 years.

“Their successful partnership is a perfect fit for KTGY's well-defined team philosophy." KTGY's collaborative partnership structure organizes specialized studios of seasoned professionals and staff for specific project types and/or geographical areas.

Craig R. Pryde
Pryde has designed and managed commercial and residential projects of all sizes from new construction to renovation, adaptive reuse and expansion of existing buildings including historical structures.

 Kennedy has extensive experience in the design of mixed-use residential projects and urban in-fill development projects including large scale commercial and low, mid and high-rise residential developments.

Pryde says of the merger, “We are excited about joining KTGY and expanding the firm’s presence in the Midwest. The combination of KTGY's tremendous resources and portfolio of experience will provide our clients with an even broader range of services, thought leadership and design excellence.”  

Kennedy adds, “We admire KTGY’s creative work and reputation for establishing industry trends. Now with our colleagues on both the west and east coast, we can share vital research and insights on design and planning trends to assist our local and national clients position their projects and communities ahead of their competition.” 

David M. Kennedy
"We are pleased to have a diversified team in place to better serve our clientele as well as enhanced capabilities to attract new clients and expand into new geographical markets," said Stan Braden, Chairman of the KTGY Group Board of Directors. 

The combined firms will provide architectural and planning services to clients in single-family, multi-family, civic/recreation, commercial office and retail, financial, medical/healthcare, hotels/hospitality, mixed-use and international markets. KTGY's award-winning residential portfolio includes age-targeted design -- from Millennials and students to Baby Boomers, Seniors and Service-Enriched living environments.

KTGY's new office is located at 343 W. Erie Street, Suite 220, Chicago, Illinois 60654.

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

Anne Monaghan                                        
Monaghan Communications                      

Hanley Investment Group’s Eric Wohl Negotiates Sale of 75,000 SF Anchored Shopping Center for $8.7 Million in Tupelo, Ms

Shops at Barnes Crossing, 3944-3952 North Gloster Street, Tupelo, MS

Eric Wohl
CORONA DEL MAR, CA - Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, is pleased to announce that Executive Vice President Eric Wohl represented the seller in the sale of the Shops at Barnes Crossing, a 75,000-square-foot neighborhood shopping center anchored by Bed Bath & Beyond, Dollar Tree, and David' s Bridal in Tupelo, Mississippi. 

The purchase price was $8,725,000, representing one of the lowest cap rates in the state of Mississippi for this type of retail property.  The cap rate was 8.20%

The Shops at Barnes Crossing is situated on 8.18 acres at the signalized intersection of North Gloster Street and Symphony Lane at 3944-3952 North Gloster Street in Tupelo, Mississippi.

Built in 2004, the retail center includes a strong mix of local, regional and national tenants and is located across the street from Walmart Supercenter to the west and the Mall at Barnes Crossing to the east. The property was 97% occupied at the time of the sale.

The buyer, which was represented by Joseph Montgomery from Colliers Investment Sales in Atlanta, Georgia, was a private investor based out of Athens, Georgia. The seller, represented by Wohl, was RCG Ventures LLC of Atlanta, Georgia, a privately-funded real estate investment group that acquires and develops commercial real estate throughout the U.S. 

Joseph Montgomery
"This transaction had it all: a 1031 exchange buyer who we helped navigate through a CMBS loan assumption; getting the buyer comfortable with the non-credit local tenants on shorter term leases, one of which that hadn't yet opened for business; and working around deferred maintenance issues," said Wohl.

"This property is a great example of an institutional-style investment in a strong secondary/tertiary market," said Wohl. 

"The Shops at Barnes Crossing offers the buyer an outstanding retail location, right across the street from Walmart Supercenter and the largest mall within 140 miles (770,000 square feet), anchored by JCPenney, Belk, Dick's Sporting Goods and Sears with over 12 million annual shoppers."

Wohl adds, "With cap rates on NNN investments at historically low levels, many NNN investors are now  looking at multi-tenant retail investments in markets where they can get a significantly better yield."

Late last year, Wohl represented a Texas-based investment group in the acquisition of Cross Creek Shopping Center in Tupelo, Mississippi. The 65,269-square-foot property, purchased at an undisclosed amount from national REIT Phillips Edison & Company, is anchored by national tenants and is located off of U.S. Route 78, between Memphis and Birmingham. Tupelo is the county seat and the largest city of Lee County. It is also the seventh-largest city in the state

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

Anne Monaghan                                        Eric Wohl
Monaghan Communications                      Hanley Investment Group

830.997.0963                                             949.585.7673 

Hanley Investment Group Sells Two Multi-Tenant Retail Investments in CVS-Anchored Shopping Centers in Moreno Valley, CA for $10.4 Million

Smart & Final Extra!, 25050 Alessandro Boulevard, Moreno Valley, CA
Ed Hanley
 CORONA DEL MAR, CA - Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, is pleased to announce that Hanley Investment Group President Ed Hanley and Executive Vice President Bill Asher have negotiated the sale of two multi-tenant retail investment properties in Riverside County, Calif., totaling more than $10,413,000.

In Moreno Valley, Hanley Investment Group completed the sale of a two-tenant retail building occupied by a newly-opened 24,385-square-foot Smart & Final Extra! and a 14,883-square-foot Dollar Tree at 25050 Alessandro Boulevard in a CVS/pharmacy-anchored shopping center.

Located on 3.67 acres, the inline building totals 39,268 square feet. The property was 100% occupied at time of sale and featured an initial ten-year NNN lease with Dollar Tree that had nine years remaining. Smart & Final opened for business shortly before the property closed escrow with a new 15-year NNN lease.

Bill Asher
The seller, represented by Hanley and Asher, was Brad Becker, a principal at Becker Properties based in Encinitas, Calif. The buyer, GBF Investment LLC based in Pomona, Calif., was represented by Bob Bonanomi of CBRE in Universal City, Calif.  The purchase price was $7,088,000, which represented a cap rate of 5.75 percent. 

According to Asher, "We secured an all-cash buyer in the first week of marketing after generating multiple offers showing the continued high demand for well-located retail investments in greater southern California leased to credit tenants with long-term leases. 

“We procured a highly qualified buyer and negotiated a mutually beneficial closing timeframe prior to the new Smart & Final’s formal rent commencement date. The structure maximized value for the seller, while efficiently and effectively fulfilling the buyer’s acquisition requirement.”

Also, in Moreno Valley, Hanley Investment Group completed the sale of a two-tenant retail building occupied by a 3,940-square-foot Coast Dental office and a 2,500-square-foot TitleMax at 12252 Perris Boulevard. 

Located on .30 acres, the freestanding 6,440-square-foot pad building is located in a shopping center that includes CVS/pharmacy, dd's Discounts, Bank of America and Dollar Tree and is situated at the hard corner signalized intersection of Perris Boulevard and Hemlock Avenue. 

TitleMax, 12252 Perris Boulevard, Moreno Valley, CA
The purchase price was $3,325,000, representing $507 per square feet. The seller, represented by Hanley and Asher, was MV-Perris, LLC, a subsidiary of FHC Inc. based in Newport Beach, Calif. The buyer, TC Enterprise Group, LLC in Pasadena, Calif., was represented by Charles Wong of CCRE Capital Commercial, Inc. of Irvine, Calif.

“We negotiated a seven-day due diligence period and successfully closed escrow 20 days after execution of the Purchase and Sale Agreement with an all-cash buyer,” said Asher. “It provided the seller with a firm commitment from the buyer in a short period of time, while giving the buyer the certainty that they had secured a property for their 1031 exchange early in their identification process.”  

Asher notes it was a record price per square foot sale for a multi-tenant strip center in Moreno Valley. The property is situated in a primary corridor with neighboring retailers that include Walgreens, McDonald' s, Food 4 Less and O' Reilly Auto Parts.

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

Anne Monaghan                               Bill Asher
Monaghan Communications            Hanley Investment Group
830.997.0963                                   949.585.7684