Monday, April 11, 2016

Bayer Properties Appoints Molly Mackenzie Chief Operating Officer

Molly Mackenzie

BIRMINGHAM, AL — Bayer Properties announced the appointment of Molly Mackenzie as chief operating officer.

As COO, Mackenzie will oversee the operational activities of Bayer Properties’ growing portfolio of developed, leased, managed and marketed mixed-use real estate.

Mackenzie joins Bayer Properties from Jamestown Properties where as senior vice president of asset management, she directed the development, leasing and management of Ponce City Market in Atlanta, Georgia, as well as other projects throughout the Southeast and New York.

Jeffrey Bayer
“Molly’s extensive background in operations, as well as her experience in asset management, historic renovations and urban infill projects, complements our corporate vision and strategic development plans,” said Jeffrey Bayer, president and CEO. 

“We are committed to creating places that enhance the communities that we serve by providing creative and invigorating consumer experiences.  

Bayer continued, “We welcome Molly’s expertise at this significant juncture in our company’s growth.” 

This fall Bayer Properties will complete the renovation of the historic Pizitz building in downtown Birmingham, Alabama, re-imagining this former department store into residences, boutique retail and a locally inspired food hall.

Bayer Properties is also less than one year away from the March 2017 opening of The Summit at Fritz Farm in Lexington, Kentucky, a mixed-use experiential development that will include 1 million square feet of retail, luxury apartment homes, a boutique hotel and professional office space when completed. 

Mackenzie brings more than 10 years of experience in commercial real estate operations, finance and management. She graduated summa cum laude from the University of Georgia with a B.S. in Business Administration and a concentration in real estate.

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

Savannah Durban
 The Wilbert Group
 Tel: 404-343-0870

Ackerman Arranges the Sale of 57,219 Square Feet of Retail to Coro Realty in Alpharetta, GA

Atlanta, GA – Ackerman & Co. announced it has arranged the sale of North Point Village Phase I, a 57,219-square-foot retail center in the Atlanta suburb of Alpharetta, Ga.

Sean W. Patrick
 The buyer, Coro Northpoint, LLC, purchased the property in an off-market transaction coordinated by Ackerman & Co. senior brokers John Speros and Sean W. Patrick, CCIM. The team represented the seller, Northpoint Village One, LLC.

The asset sold for $17,195,000. North Point Village Phase I is anchored by Talbots, JoS. A. Bank, Ann Taylor Lofts, Lane Bryant and Learning Express. 

“The trend continues to see capital chase well located, open air centers with accessible parking that will provide long term value for investors and operators,” said Senior Vice President John Speros.

North Point Village Phase I is located across the street from North Point Mall in the high demand Northpoint Retail Corridor that boasts nearly 10 million square feet of retail. “This purchase was a great opportunity for Coro,” said Vice President of Investment Sales Sean W. Patrick, CCIM.

 “The center was built within 200 feet of Northpoint Parkway, allowing for greater visibility, increasing customer walkability experience and enabling cross-shopping,” he added. 

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

Fara Wilson
Vice President
Director of Marketing and Communications

P: 770.913.3904    C: 678.358.2060    F: 770.913.3965

Colonial Companies & MBA Opens Doors Announce First Grant to Cook Children’s Hospital Family

Debra Still
WASHINGTON, DC – The Colonial Family of Companies and the Mortgage Bankers Association Opens Doors Foundation (MBA Opens Doors) announced that MBA Opens Doors has provided the inaugural grant as part of its new relationship with Cook Children’s Hospital in Dallas-Ft. Worth, Texas.  

MBA Opens Doors assists families with critically ill or injured children by providing mortgage or rental assistance grants to help them keep their homes in the face of significant medical expenses.  Since its founding in 2011, MBA Opens Doors has provided assistance to over 450 families.

The grant was awarded to the family of Jeremiah, age 3, who lives in Fort Worth with his parents and two young siblings. 

He is currently undergoing chemotherapy. The family has struggled financially since Jeremiah’s diagnosis due to a significant loss of income and increased expenses.

"I want to thank Dave and the entire team at the Colonial Family of Companies for connecting the good people at Cook Children’s Hospital with the Opens Doors Foundation." said Debra Still, CMB, Chairman of the MBA Opens Doors Foundation and President & CEO of Pulte Mortgage.

“From reading the grant applications each month, I have seen how lives are touched by Opens Doors. We are honored to have the chance to help Jeremiah’s family and look forward to helping out many others.”

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

Ali Ahmad
(202) 557-2727

NAI Realvest Negotiates Sales of Two Industrial Condos at Monroe CommerCenter IV in Sanford, FL

Patty Nolff
 ORLANDO, FL – NAI Realvest recently negotiated two industrial condo sales at 4260 Church St. at Monroe CommerCenter IV in Sanford totaling $547,500.00

Michael Heidrich, a principal at NAI Realvest and Associate Patty Nolff represented the seller and developer Small Bay Partners, LLC of Maitland in a sale to interior designer Anne Rue, LLC of Lake Mary who purchased units 1300 and 1316 with 3,750 useable square feet for $247,500.     David Lundberg of Commercial Equity Partners represented the buyer.

Heidrich also brokered a sale to Century Roofing Specialists LLC of DeBary who purchased units 1402 and 1418 at the same industrial building with 3,750 useable square feet for $300,000.

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

Beth Payan, Larry Vershel Communications, 407-644-4142

Passco Companies Scores a Top Hit in Nashville, TN With $51.4 Million Acquisition of Value-Add Multifamily Community

The Overlook Apartments, 727 Bell Road, Nashville, TN

 NASHVILLE, TN – Passco Companies, LLC has acquired The Overlook, a 452-unit, 95 percent-occupied multifamily community in Nashville, TN for $51.4 million, according to Colin Gillis, Vice President of Acquisitions, Southeast for Passco Companies.

“This is the reality of finding a property with good bones, located in a great market, which will give us the ability to drive value both in the short-term and in the long-term,” Gillis says. 

The community is a particularly strong investment, as it has consistently high occupancy and is well-maintained, but has not yet been updated since its completion in 1998. 

 The Overlook has large open-plan floorplans with up to 1,250-plus square feet, and sought-after amenities including a high-end fitness center, two pools with cabanas, and nicely landscaped grounds. 

 “The community is located bike-riding distance from both jobs and retail offerings.  In addition, another 1,600 healthcare jobs are coming to this submarket with a new Community Health Systems office campus anticipated to open next year,” Gillis notes. 

The Overlook is also a 15-minute drive to Vanderbilt University and Medical Center, as well as Nashville’s downtown core, in which nearly 3 million square feet of new office space is in the development pipeline. 

“On a near-term basis, our asset will quickly gain value as Passco completes minimal interior upgrades and begins its professional management program,” Gillis adds. “With almost no vacancy in the submarket, this property has previously been rented at below market rates.”

Colin Gillis
“Looking at the longer term, as demand for Nashville housing continues to dramatically rise, The Overlook currently provides quality housing for approximately half the price per square-foot of the downtown market,” he points out.  “This bodes quite well for future value increases.”

Passco already owns a neighboring multifamily community in the same neighborhood, called Cambridge at Hickory Hollow, which it acquired in 2014.  Passco has been able to drive value through a similar upgrade program at that property.

Passco now acquired this second property based on its first experience and on seeing continuing growth in the immediate submarket, as well as the new development projects coming to the greater Nashville area.

“Nashville’s rapid growth is no longer news to anyone,” Gillis says.  “We were seeking another opportunity in the market as it perfectly matches our continued strategy of identifying and acquiring value-add and core assets in growing markets throughout the country that are positioned to perform well over time.  In fact, we are now pursuing additional multifamily opportunities here.”

The Overlook is located at 727 Bell Road in Nashville.

Russ Oldham, Senior Vice President with CBRE represented both Passco as the buyer and Olympus Properties as the seller in the transaction. Chris Black of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Companies through Fannie Mae.
For a complete copy of the company’s news release, please contact:

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