Monday, September 28, 2015

Pleasant Hill Square in Duluth, GA Listed on for $4 Million

Chip Sipple
 ATLANTA, GA (Sept. 28, 2015) – Pleasant Hill Square, a 282,137-square-foot power center located in Duluth, Georgia, has been listed on and the auction is set to begin on Tuesday, Sept. 29, and end on Wednesday, Sept. 30.

Tony Bartlett and Chip Sipple of Lincoln Property Company Southeast (Lincoln) and Kyle Stonis and Pierce Mayson of SRS are representing the seller.

“The broader Atlanta retail market has been enjoying steady improvement over the past year,” said Tony Bartlett, senior vice president at Lincoln who oversees the Atlanta office.

 “Overall retail vacancy declined to the current rate of 7.7 percent, down from 8.2 percent in the first quarter of this year from previous quarters. The Gwinnett County submarket generally mirrors the broader market improvements with vacancy only slightly behind the overall rate of 8.3 percent, down from 8.8 percent in the first quarter.”

Tony Bartlett
Located at 2205 Pleasant Hill Road, the property is strategically positioned within a significant retail corridor, located just northwest of I-85. Toys ‘R’ Us, Staples and Jo-Ann Fabric & Craft Stores anchor the center, which is 49 percent occupied. 

The center features good visibility with multiple access points from Pleasant Hill Road and provides a strong value-add opportunity.

The property sits within the Gwinnett Community Improvement District (CID), which has been actively engaged in improving the community as of recent. 

In early September, the CID recently released its ACTivate Gwinnett Place master plan, which calls for the redevelopment of Gwinnett Place Mall, with the addition of more green space, and connectivity and transportation improvements.

 The CID is also testing recycled pathways throughout the city, and in August hosted The Gr8 Exchange, fostering conversations among residents about transportation.

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

 Savannah Duncan
The Wilbert Group

Hospitality Asset Managers Association (HAMA) Members Remain Overwhelmingly Upbeat

David Hogin
CHICAGO, IL, Sept. 28, 2015— Officials of the Hospitality Asset Managers Association (“HAMA”) today announced that their membership remained overwhelmingly upbeat in an informal survey taken at their recent semi-annual Members Meeting.

  More than 130 attendees from six countries met to review best practices and discuss the future of the discipline at the Fairmont Chicago Millennium Park hotel.

“The hotel industry is in the midst of arguably its greatest growth period since STR, Inc. began recording data in the 1980s,” said Dave Hogan, president of HAMA. 

“As an industry, hotels have reached their highest recorded occupancy and rates are approaching historic highs.  Some experts have noted, however, that sales prices are beginning to peak. 

 This phase of the cycle calls for asset managers to continue focusing on optimizing returns.  These regular HAMA meetings provide members with cutting edge research and the opportunity to informally exchange ideas about trends, new techniques and technology.”

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

  Chris Daly, media
  (703) 435-6293

MCA Realty Increases its Investment in Las Vegas; Acquires Four Value-Add Industrial Assets

Tyler Mattox
LAS VEGAS, NV (Sept. 28, 2015) – MCA Realty, a full service real estate investment and management company, has increased its investment in Las Vegas with the acquisition of four industrial properties, according to Tyler Mattox, a Principal at MCA Realty.

“The Las Vegas market has demonstrated significant growth over the past 24 months,” says Mattox. 

 “Our firm began acquiring industrial assets in this market in 2011.  At that time, value-add industrial product was plentiful, whereas today, an influx of capital has caused prices to increase and made opportunities more difficult to uncover.”

Mattox explains that investor demand has grown, and that tenant demand has strengthened meaningfully, particularly in smaller spaces under 30,000 square feet. 

“The recovery in Las Vegas, like in much of the nation, was top down, with larger corporations emerging from the recession first.  Smaller companies have just recently joined in the recovery and this is manifest in a reduction in vacancy and an increase in rents across the incubator and mid-bay industrial sector,” he says.

“Our focus continues to be on acquiring industrial assets with long-term value-add potential,” Mattox continues.

With these four recent acquisitions, MCA Realty’s portfolio now encompasses a total of 14 properties and well over 600,000 square feet in Las Vegas.

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

Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

Faris Lee Investments Completes the Sale of a Jack in the Box Property in Bakersfield, CA at a 3.99% Cap

John Redfield
IRVINE, CA – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $1.85 million sale of a 3,734-square-foot single-tenant property that is absolute NNN-leased to a corporate Jack in the Box in Bakersfield, Calif.

John Redfield, Thomas Chichester, and Joseph Chichester of Faris Lee Investments represented the seller, a private investor from Newport Beach, Calif. The buyer was a private investor from Cypress, Calif.  that was seeking a passive property offering investment security.

The sale closed at a cap rate of 3.99 percent, one of the lowest ever recorded for a Jack in the Box-occupied property nationwide.

Located at 3002 Ming Ave., Jack in the Box has been the original tenant since the property was developed nearly 50 years ago. The asset features a large monument sign that is visible to more than 41,000 vehicles on a daily basis.

“The single tenant net leased market is still seeing cap rate compression, especially for well-located, quick serve restaurants featuring corporate name brand tenants like this asset offers. They represent a stable and passive investment for private buyers and family offices that are seeking long-term returns and no landlord responsibilities,” said Tom Chichester.

Chichester added that the property is ideally situated across the street from the successful Valley Plaza Mall, a 1.1 million-square-foot retail center which is the largest and most dominant mall in Central California’s San Joaquin Valley.

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

Darcie Giacchetto
Spaulding Thompson & Associates

Charles Dunn Co. Completes $2.55 Million Sale of Three-Building Office Property in Studio City, CA

Stacy Vierheilig-Fraser

LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $2.55 million sale of three office buildings totaling 7,210 square feet located at 3751-3757 and 3759 Cahuenga Blvd. West in Studio City, Calif.

Stacy Vierheilig-Fraser, senior managing director with Charles Dunn Company, represented the seller, a private investor from Los Angeles, as well as the buyer, Los Angeles-based Koloe, LLC.

“The property was 50 percent occupied by a television production company at the close of escrow,” said Vierheilig-Fraser. “The buyer plans to occupy the remaining space as an owner/user for his mortgage company, Standard Home Lending.”

Standard Home Lending, a mortgage firm focused on providing affordable mortgages to local home buyers, will be relocating and expanding from its current Studio City location at 13223 Ventura Blvd. after a complete renovation and build-out of the property.

The property includes one, two-story creative office building and two, single-story buildings and features outdoor courtyards and 24 parking spaces.

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

Darcie Giacchetto

Crossman & Co. brings three Publix-anchored shopping centers to 100% occupancy within 90 days in Central Florida

Craig Katterfield
Orlando, FL  – Crossman & Company Senior Associate Craig Katterfield, CCIM completed new leases that brought three Publix-anchored shopping centers to 100 percent occupancy within the last 90 days.

New tenant, Scoops Old Fashioned Ice Cream at Stadium Corners, 5380 Stadium Parkway in Viera, put occupancy at the 69,471-square-foot center at 100 percent. This is Scoops’ second location.

The UPS Store joined Colonial Coast Crossing shopping center located at 2000 Cheney Highway in Titusville.  Addition of The UPS Store put this 52,970-square-foot center at 100 percent occupancy.

Crown Centre Plaza welcomed new tenant Painting with a Twist to the 106,053-square-foot shopping center located at 2596 Enterprise Road in Orange City. This most recent lease marked the second time this year Crown Centre reached 100 percent occupancy.

Katterfield closed all three deals within 90 days representing the landlord, Publix Super Markets, Inc.

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

  Sydnie Cobb
  Crossman & Company

EagleBridge Capital Arranges $20.75 Sale and $15M Mortgage for the Saint Francis Information Technology Center in Hartford, CT

Saint Francis Information Technology and Finance Center, 103 Woodland Street, Hartford, CT

Ted M. Sidel
Boston, MA -- EagleBridge Capital has arranged the $20,750,000 sale of as well as permanent mortgage financing in the amount of $15,000,000 for the Saint Francis Information Technology and Finance Center located at 103 Woodland Street, Hartford, Connecticut. 

The sale and financing were arranged by EagleBridge principals Ted M. Sidel and Brian D. Sheehan. The non-recourse, long term fixed rate mortgage was provided by a major Connecticut based financial institution.

The five-story, 57,753 square foot Saint Francis Information Technology and Finance Center, is located on a 3.92 acre site across Woodland Street from the main campus of Saint Francis Hospital & Medical Center. The building is NNN leased to Saint Francis on a long term basis and houses administrative, IT, and finance offices.

 The Saint Francis Hospital & Medical Center is a 617 bed major teaching hospital and one of the largest hospitals in Connecticut. It is a regional referral center with major clinical concentrations in cardiology, oncology, orthopedics, women’s services, and rehabilitation. 

Brian D. Sheehan
In 2011, the hospital opened the ten-story, 318,000 square foot John T. O’Connell Tower featuring 135 private patient rooms,19 new operating rooms, a new emergency room with 70 treatment areas and 13 sheltered ambulance bays, and a rooftop heliport.

EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for single tenant, shopping centers, apartments, office, industrial,  R & D, and medical buildings, mixed use properties, hotels, and condominiums as well as special purpose buildings.

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

Stanley J. Sidel
Senior Advisor
EagleBridge Capital
33 Broad Street
Boston, MA 02109
Tel: 617-292-7177 Ext.14