Thursday, January 7, 2016

Peachtree Center Announces New 10,000 Square Foot Lease in Downtown Atlanta, GA

David Brown
ATLANTA, GA — Peachtree Center, the iconic six-tower, 2.5-million-square-foot mixed-use property in downtown Atlanta, is pleased to announce that has signed a five-year lease for 10,000 square feet of space at its Marquis I Tower.

JLL represented Banyan Street Capital, the owner of Peachtree Center, in the transaction, and was represented by Mohr Partners., a leading provider of Internet services and online marketing solutions for small businesses, will relocate its 10,000-square-foot headquarters to Peachtree Center, taking occupancy in March 2016.

“We are thrilled to be a part of the growing technology scene happening in the heart of the city,” said David Brown, chairman, chief executive officer and president of

 “Peachtree Center is viewed as one of the most attractive locations for innovative technology companies—we were drawn to it due to its proximity to transit via the on-site MARTA station, and abundant choice of amenities.”

“Downtown Atlanta is quickly growing into a hub for tech companies, and given our location in the heart of downtown, Peachtree Center is able to capitalize on that, offering firms like space that meets the needs of this next generation of office workers,” said David Horne, leasing associate for JLL who represented Banyan Street Capital in the transaction.

David Horne
“The reality is that Peachtree Center is accessible, walkable and offers that experiential element which allows us to attract companies in a variety of industries, including tech firms.”

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

Kathryn Farmer
The Wilbert Group

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NAI Realvest Negotiates Four Leases Totaling More than 8,200 Square Feet at industrial centers in the Metro Orlando area

Patty Nolff
ORLANDO, FL. – NAI Realvest recently negotiated four leases at industrial centers in the Orlando area for more than 8,200 rentable square feet.  

Michael Heidrich, a principal at NAI Realvest and associate Patty Nolff negotiated a new lease for 2,000 square feet at 6112 Hanging Moss Rd. in Hanging Moss CommerCenter on behalf of the landlord of the facility located off of N. Semoran Blvd.  The new tenant is Ostar Motorsports, LLC of Orlando.

Heidrich and Nolff also negotiated a new lease for 2,100 square feet representing the landlord Instrument Specialties in the industrial center located at 3875 St. Johns Parkway in Sanford.  Elroselabs, Inc. is the new tenant who was represented by Darryl Dotherow of Realty Capital Advisors.

Tom R. Kelley, II, CCIM represented the landlord at South Park Business Center for a renewal lease of 2,146 square feet occupied by the tenant PPT Strength and Conditioning at 8600 Commodity Circle. 

At Fairvilla Commerce Center off W. Colonial and Mercy Drive, the leasing team of Kevin O’Connor, Matt Cichocki and Mitch Heidrich represented the landlord Leonard Williams in a new lease agreement for 2,000 square feet at 577 Fairvilla Rd.  The new tenant is Awning Recover Specialist, LLC. 

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

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

Crossman & Co. Completes Six New Leases for 10,420 rentable square feet at Four Shopping Centers in Fort Myers, FL

Sandra Woodworth
FORT MYERS, FL --- Crossman & Company, one of the largest retail leasing, management and investment sales firms in the Southeast, recently negotiated lease agreements with six new tenants for more than 10,420 square feet at four shopping centers in Fort Myers. 

Senior Associate Sandra Woodworth negotiated the transactions representing the landlords.

At University Crossings, 13401 Summerlin Rd. Textbook Brokers leased 1,669 square feet and

H&R Block leased 2,700 square feet bringing the 77,500 square foot center to 100 percent leased.   

Wine and Design of Fort Myers and Mona Lisa Italian Restaurant each became new tenants in 1,875 square foot units at Shoppes at Fiddlesticks, 13650 Fiddlesticks Blvd. That center is 90.95 percent leased.

Tracy Worrell
Woodworth said La Michoacana Ice Cream signed a new lease for 1,225 square feet at The Crossroads, 5781 Lee Blvd. in Lehigh Acres.   The 74,240 square foot retail center is currently 95.72 percent leased.    

In the Southpointe Commons shopping center at 5997 S. Pointe Blvd.,Woodworth negotiated a lease renewal with City Nail who occupies 1,260 square feet.  

Crossman & Company Senior Associate Tracy Worrell negotiated a new lease with Great Clips for 1,080 square feet and now the 58,670 Southpointe Commons is 97.55 percent leased.

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

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

. Lincoln Harris Brings Life Time to Rea Farms Development in Charlotte, NC

Betsy McIntyre
CHARLOTTE, NC — Life Time Fitness Inc., a Minnesota-based health and lifestyle company operating 119 centers across the United States and Canada, has plans to open at the Rea Farms development in southeast Charlotte on Providence and Ardrey Kell Roads.

Betsy McIntyre of Lincoln Harris’ Charlotte office represented the landlord, Rea Farms Development LLC, in the transaction, and Dave Oster, Life Time director of real estate and development, represented Life Time.

Life Time acquired a 24-acre site within the master planned Rea Farms development and will offer a health and fitness experience unique to the area including an indoor/outdoor aquatic center, an indoor/outdoor tennis complex and walking trails, as well as a full service salon and spa and a healthy café. Life Time expects completion of the Rea Farms destination in spring of 2017.

“Rea Farms will be a tight-knit neighborhood and a total lifestyle destination focused on health and wellness like Life Time, which will truly complement the vitality of the community,” said John W. Harris, CEO and Chairman of Lincoln Harris.

 “It also matches the goals the Rea family has for the development of the land. Having Life Time in the development further fosters a healthy lifestyle for those living, working and playing in Rea Farms. There isn’t anything else like this in Charlotte.”

Rea Farms is a master planned mixed-use development project on the site of the former Charlotte Golf Links golf course which was once part of the Rea family farm.  In addition to Life Time, Rea Farms will include office space, a retail shopping center, a school, a multifamily project and a single-family neighborhood.

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

Savannah Durban • The Wilbert Group
1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309
O: 404-343-0870  • M: 404-901-4433


Chicago-based Kass Management Services Retains Taylor Johnson

Emily Johnson
CHICAGO, IL – Taylor Johnson President Emily Johnson has announced the public relations firm now represents Chicago-based Kass Management Services, a third-party property management firm whose portfolio comprises over 9,000 residential units and 600,000 square feet of commercial space throughout Chicago.

Founded in 1985, Kass Management specializes in rental and condominium properties up to 250 units, including affordable housing communities, and also provides property management services for a number of retail and office buildings.

 The firm currently manages more than 400 properties, including 5,000 rental units and 4,000 condominiums. Over the firm’s 30-year history, Kass Management has established a track record of enhancing asset value and tenant/owner services while reducing operating costs. 

The firm’s experienced principals include Gary Kass, president of Kass Management and the Lincoln Park Builders of Chicago, and Mark Durakovic, vice president of Kass Management. Together, they have more than 50 years of property management experience and are among Chicago’s most respected and well-known real estate experts.

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

Kelly Shumaker at Taylor Johnson at (312) 267-4519 or

Voit Reports Orange County, CA Office Lease Rates Rise for 11th Consecutive Quarter; Industrial Market Posts Lowest Vacancy Rate Ever

Jerry Holdner
           Orange County, CA  – The Orange County office market continued to improve in 2015, posting over 850,000 square feet of positive net absorption for the year.  The fourth quarter of 2015 marked the eleventh consecutive quarter of rising lease rates. 

The average asking full-service gross lease rate finished the fourth quarter at $2.26, an increase of eighteen cents from 2014’s average asking rate, according to a new Fourth Quarter Market Report from Voit Real Estate Services.

“This is great news for the Orange County market overall,” explains Jerry Holdner, Vice President of Market Research at Voit. 

“The rise in lease rates demonstrates that the market continues to improve, which further supports the recovery we’ve been forecasting for the past 12 to 24 months.”

Demand for Office Product Increases

As a whole, the Orange County office market posted over 850,000 square feet of positive net absorption in 2015, giving the market a total of over 4.3 million square feet of positive absorption since the first quarter of 2013, according to Voit’s report.

One trend to note, according to Holdner, is the increase in construction.  Total space under construction came in at just over 1.8 million square feet for the fourth quarter of 2015. Most of the current construction is occurring in the Irvine Spectrum submarket, 1.7 million square feet.  “We should see an increase in construction in the coming quarters, as typically the cranes come out when vacancy dips below 12%.” 

As 2015 came to an end, direct/sublease space (unoccupied) finished the year at 10.78%, a decrease from the previous year’s rate of 11.5% and significantly down from both the recession peak of nearly 18% in the third quarter of 2010 and the market high of 23% recorded in 1990.

Holdner notes “We are continuing to see a decrease in the amount of vacant and available space on the market, even with new product being delivered.  As we progress into 2016, positive absorption and higher occupancy costs should continue, new deliveries in the southern half of the county may apply upward pressure on vacancy, and the market will further improve.”

Vacancy and Availability in Industrial Market Reach Pre-Recession Levels

The Orange County industrial market took significant strides toward continued improvement in 2015 with significant positive absorption for the year, a six-cent or 9.5 percent increase in asking lease rates, and significant drops in both vacancy and availability.

“Overall in the Orange County industrial market over the last three years, vacancy has reduced 37 percent while availability has decreased 23.2 percent,” says Holdner.  “The substantial decreases in vacancy and availability are contributing to the gains in asking lease rates and sale prices.”

  Both vacancy and availability continued trending downward throughout 2015. Vacancy ended the fourth quarter of 2015 at 2.33 percent, the lowest rate ever recorded and a drop of over 23.5 percent from 2014’s fourth quarter.  Likewise, availability posted a rate of 4.47 percent at the close of the year, the lowest rate in nearly ten years, and a decrease of almost 17 percent from 2014.  The record low rate recorded for availability was 4.29% in the fourth quarter of 2005.

As lease rates rise, sale prices are also ticking up, notes Holdner, who attributes this trend to the diminishing supply of industrial product for sale in Orange County, particularly in buildings smaller than 100,000 square feet.

“Currently, only around one percent of the inventory in the Orange County industrial market is available for sale.  This lack of supply will continue to place upward pressure on pricing going forward,” he explains.

“Overall, it’s a great time to be a seller, but we continue to be cautiously optimistic about the Orange County market,” says Holdner.  “We continue to see improvement in both the office and industrial markets, and we anticipate positive gains moving forward, provided job creation continues.”

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

  Jerry Holdner

  Voit Real Estate Services

  (949) 263-5371

Bayer Properties Announces Joint-Venture Purchase of Colony Crossing at Madison in Madison, MS

Jeffrey Bayer
BIRMINGHAM, AL, (Jan. 7, 2016) – Bayer Properties, LLC, one of the nation’s premier real estate companies, and Savannah-based Wicker Park Capital Management, LLC, a U.S. real estate investment management firm, recently completed the acquisition of Colony Crossing at Madison, a 77,427-square-foot grocer shadow anchored neighborhood center located in Madison, Mississippi.

 This represents the second joint venture between Bayer Properties and Wicker Park Capital Management—the first was Germantown Collection retail center in Germantown, Tennessee.

Bayer Properties will lead leasing, property management and marketing efforts for Colony Crossing at Madison.

 “Wicker Park Capital Management is an investment management firm with excellent investment experience and market knowledge, and we are honored to partner with them in the acquisition of Colony Crossing at Madison,” said Jeffrey Bayer, president and CEO of Bayer Properties.

Mark Ibanez
 “Madison is consistently named as one of the most affluent cities in Mississippi, and we are excited about the opportunities this acquisition will bring to our portfolio.”

Colony Crossing at Madison was developed in 2005 and is conveniently located off I-55 in Madison and is in close proximity to major residential and commercial developments.

 The tenant mix features a variety of service, professional and retail businesses such as Orangetheory Fitness, The Landing, Massage Envy, Donut Place, Pizza Inn, Georgia Blue and Nagoya Japanese Restaurant and is shadow anchored by The Home Depot, Kroger Grocery and 134-room Hilton Garden Inn.

“We are excited to partner with Bayer Properties again, a firm dedicated to improving the quality of life in the communities it serves,” said Mark Ibanez of Wicker Park Capital Management. “We have a strong relationship with the Bayer team, and look forward to maximizing the performance of Colony Crossing at Madison.”

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

Kathryn Farmer

American Realty Advisors Sells Office Center in Orange County, CA

18201 Von Karman, Irvine, CA

David Hubbs
Orange County, CA, Jan. 7, 2016 – American Realty Advisors announced the sale of 18201 Von Karman, a 229,000 square-foot, 11-story Class A office building located in Irvine, California.

According to David Hubbs, Senior Portfolio Manager at American, 18201 Von Karman has all of the characteristics that institutional buyers of core product are seeking, including a great location, high occupancy, recently renovated common areas inside and out, amenities within walking distance, and strong curb appeal.

“The property offers the new buyer access to a high-quality asset in the highly sought after Airport submarket,” says Hubbs. “We achieved success with this property, and we believed it was time to sell into a market characterized by strong investor demand.”

The property is located within Orange County’s premier Greater Airport Area Submarket, an area which features tenants in the technology, engineering, media, entertainment, financial services and creative office fields. 

The buyer is New York Life Real Estate Investors, a subsidiary of New York Life Insurance Company. The property was marketed by Ryan Gallagher and Mike McCann of Holiday, Fenoglio, Fowler.

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

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