Tuesday, August 9, 2016

RMK Management Corp. to Oversee Leasing, Property Management of 1620 Central in Evanston, IL

1620 Central Apartments, 1620 Central Street, Evanston, IL

Anthony Rossi Sr.
CHICAGO, IL (Aug. 9. 2016) – RMK Management Corp., one of the Chicago area’s largest market-rate apartment management firms, announced it has been tapped to oversee all aspects of leasing and property management for 1620 Central, a 47-unit new-construction luxury, boutique rental building located at 1620 Central St. in Evanston, Ill.

The four-story building with below-grade parking, developed by TJM Development, Inc., is currently under construction with on-site pre-leasing to begin in fall 2016. Real Capital Solutions, Inc. and First National Bank provided financing for the project.

“The Central Street corridor is a neighborhood we know well, so this property is a great fit for RMK,” said Anthony Rossi, Sr., CEO of RMK Management. 

“We also know, through our successful experience leasing and managing the nearby Central Station community that is 98-percent leased, there are very few new-construction luxury rental options in north Evanston, so we expect demand to be quite high.”

1620 Central will offer one-, two- and three-bedroom apartments, each with private outdoor space. Residences will measure 601 to 1,297 square feet and include luxury finishes such as 9-foot ceilings, quartz countertops, a key fob entry system, luxury plank flooring, modern cabinets and high-end plumbing fixtures.

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

Sara Williams, swilliams@taylorjohnson.com, (312) 267-4510

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

The Summit at Fritz Farm Brings Marine Layer to Kentucky

Lindsay Bayer Shipp

LEXINGTON, KY, Aug. 9, 2016 — Marine Layer, a San Francisco-based casual apparel and lifestyle brand, is the latest first-to-market retailer to join The Summit at Fritz Farm, a $156 million mixed-use development in Lexington, Kentucky.

When the property opens in the spring of 2017, it will include more than 20 new-to-Kentucky brands including Bonobos, Cos Bar, Shake Shack, J. McLaughlin and Brooks Brothers.

Marine Layer was founded in 2009 and currently has 20 locations nationwide. Offering men’s and women’s apparel that is absurdly soft and sustainably crafted, 

Marine Layer features a variety of stylish clothing options including tees, button downs, outerwear, dresses, bottoms, swimwear and accessories, all of which are made with the perfect fabric for each unique product. 

The fabric-obsessed company has more than 25 custom fabrics to create the super soft tees and clothing for which the brand is famous.

“Our expansion strategy is to open new stores in exciting towns we want to travel to,” said John Ferrin, brand manager of Marine Layer.

“There has been a lot of fantastic energy coming from Lexington during the past few years, and we have taken notice. By opening a location at The Summit at Fritz Farm, we look forward to introducing Lexington to the stylish comfort and seven-day-weekend California lifestyle Marine Layer offers.”

John Ferrin

The high-quality yet laid-back vibe of Marine Layer will be a perfect addition to the incredible retailers we have in store for Lexington,” said Lindsay Bayer-Shipp, retail brand strategist for Bayer Properties.

“We are excited that so many retailers and restaurants are choosing The Summit at Fritz Farm for their first Kentucky location. 

"The market has been underserved for retail, especially for some of the newer retail offerings, and The Summit at Fritz Farm will fill that void and become a true regional destination.”

The Summit at Fritz Farm, which will open in the spring of 2017, will feature national and regional retail brands, local chef-driven restaurant concepts, the first food hall in the region, Class A office space and luxury apartments.

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

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

BLT Enterprises Further Expands in San Diego, CA: Acquires 30,000-SF Office Building in Sorrento Mesa Submarket

Sorrento Tech III, Sorrento Mesa Submarket,  10070 Barnes Canyon Road,
San Diego, CA

Bernard Huberman
SAN DIEGO, CA (Aug. 9, 2016) –  BLT Enterprises, a multi-faceted commercial real estate investment company, has acquired Sorrento Tech III, a 30,000 square-foot flex building in the Sorrento Mesa submarket of San Diego, California.

The property is located adjacent to Sorrento Tech II, a two-building office and R&D campus, which BLT Enterprises acquired earlier this year, according to Bernard Huberman, Founder and President of BLT Enterprises.

            “Sorrento Mesa is at the center of San Diego County and is one of the most dynamic technology and life science employment hubs in all of San Diego,” says Huberman. “We see tremendous value creation here as tech tenants continue to flock to the region, as well as significant growth within the life science industry.”

The Sorrento Mesa submarket is home to major tech tenants including Qualcomm, Sony and Verizon. In addition, it has demonstrated strong employment growth and quality demographics with 37,300 new jobs added to the market in 2015 alone, and average median household incomes of $151,237 within a one-mile radius of the business park.

“As owners, we are focused on acquiring and developing properties that will attract quality long-term tenants and appeal to the tenants’ overall needs,” explains Huberman.

“By acquiring this asset, which brings our holdings to close to 100,000 square feet within the business park, we will be able to provide a more campus style setting for tenants. This campus-like environment will allow us to better cater to the growing population of companies who are demanding more collaborative and creative environments.”

Rob Solomon
The building is currently 33% percent leased with approximately 20,000 to 30,000 square-feet of available space, according to Rob Solomon, Chief Development and Legal Officer at BLT Enterprises, who also notes that rents throughout the Sorrento Mesa submarket are outpacing rents in the greater San Diego area.

“We plan to lease the remaining vacant space, as well as implement a series of capital improvements to the property. This will help to attract high caliber tenants while also creating an opportunity for continued rent growth over time,” says Solomon.  “In addition, the flexible entitlements and functionality of this asset allows for a range of uses, including R&D, creative office and lab space.”

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

Devin Ugland/ Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940

First Communities Management Promotes Jon Nixon to Chief Operating Officer

Jon Nixon
ATLANTA, GA (Aug. 9, 2016) – First Communities Management (FCM) announced today the appointment of Jon Nixon to the position of chief operating officer. Nixon has been with FCM for five years and previously held the position of executive vice president of corporate services, where he led a number of internal operational involvement initiatives.

In his new role, Nixon will oversee the company’s overall business development strategy and new client acquisitions.

“Since joining the company, Jon has shown tremendous knowledge of the multifamily industry and dedication to helping FCM continue to grow its business,” said Mitch Harrison, CEO and president of FCM. “Jon’s outstanding leadership abilities will serve the company well as we seek to expand our portfolio and continue to deliver on our promise of providing superior service.”

Prior to joining FCM, Nixon worked as a broker for Grubb & Ellis and a real estate consultant for Thomson Reuters. He holds a Bachelor of Arts in Business Administration from Furman University, and a Master of Business Administration from Emory University’s Goizueta Business School.

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

Savannah Durban
The Wilbert Group