Thursday, August 11, 2016

JLL Completes Three Leases for Black Rock Coffee Bar’s Arizona Market Entry

PHOENIX, AZ – On behalf of Black Rock Coffee Bar, the Phoenix office of JLL has completed three leases as part of the company’s Arizona market entry. Black Rock’s first three Arizona coffee shops will be located in Chandler and Mesa, in the eastern portion of metro Phoenix. Each will offer specialty coffee beverages and breakfast and lunch options, delivered in a neighborhood-centric atmosphere.

“Our teams are fueled by serving people,” said Black Rock Coffee Bar Arizona Regional Manager Bobby Kaufmann. “That makes every new store – and especially an expansion into an entirely new state – a true honor. We look forward to building our presence in Arizona, establishing quality connections with its residents and becoming a part of their stories.”

Tyson Switzenberg
Black Rock Coffee Bar’s first Arizona locations are:

·       4050 S. Alma School Rd. in Chandler (Alma School Road & Ocotillo Road), opening October 2016.

·       5329 S. Power Rd. in Mesa (Power Road and Ray Road), opening November 2016.

·       1150 S. Arizona Ave. in Chandler (Arizona Avenue and Loop 202), opening March 2017.

“Black Rock has selected three excellent locations for their Arizona roll-out,” said JLL Senior Vice President Tyson Switzenberg, who represented Black Rock Coffee Bar in its Arizona leases.

“Each is a highly visible, free-standing or end-cap drive through location, in the heart of an active community and surrounded by popular retailers. They have successfully planted their flag in Arizona, with more locations to come.”

Based in Portland, Oregon, Black Rock Coffee Bar currently operates 32 company-owned and franchise stores in Oregon, Washington and California. 

It is expanding in each of these markets and expanding the Black Rock concept in other Western states via its three new locations in Arizona and two new stores planned in Idaho.

In Phoenix, the company is still actively looking for additional locations, with plans to open several more stores in the Valley over the next 12 months.

Black Rock store interiors feature an industrial, modern and clean aesthetic. Each location serves single origin coffee, roasted in small batches and medium to dark blends. In addition to coffee, Black Rock Coffee Bars offer local pastries, smoothies, drinks for kids, juices and blended coffee drinks.

To follow the Black Rock Arizona rollout on Instagram, Facebook and Twitter, search @blackrockaz on any of these social media platforms.

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

Stacey Hershauer
 +1 480 600 0195

BKM Capital Partneers Acquires Seven-Building Multi-Tenant Light Industrial Park in Las Vegas, NV for $15.65 Million

Spencer Airport Center, Las Vegas, NV

            LAS VEGAS, NV,  Aug. 11, 2016 – BKM Capital Partners, an institutional fund manager with a niche focus on value-add, multi-tenant light industrial investments, has acquired Spencer Airport Center, a seven-building 177,597 square-foot multi-tenant industrial park in Las Vegas, Nevada for $15,650,000.

            This is the BKM’s fourth acquisition in the Las Vegas market, bringing the firm’s local assets under management to 710,538 square feet. 

Brian Malliet
            “The Las Vegas airport submarket in which Spencer Airport Center is located, has demonstrated tremendously high occupancy and consistent demand that is significantly outpacing supply,” says Brian Malliet, CEO and Co-Founder of BKM Capital Partners.

“Quality market fundamentals and ongoing growth in the region make our below-replacement-cost and significantly below peak pricing, acquisition of this asset particularly noteworthy.”

            BKM purchased Spencer Airport Center at more than 40 percent below replacement costs, according to Malliet.

            “We focus on acquiring assets with intrinsic value that can be grown over time through our unique operator platform,” he says.  “Because we specialize in light industrial product, our team understands how to operate these properties in order to deliver optimum performance over time, resulting in strong yields for our investors.”

            Malliet explains that the region surrounding Spencer Airport Center boasts 92 percent occupancy and is continuing to thrive. Nevada added more than 32,700 jobs over the past year, and its tax incentives continue to drive industrial tenants to the area. The property itself is approximately 78 percent occupied.

Brett Turner
“The property’s low occupancy, coupled with strong demand throughout the region will provide immediate stabilized cash flow and the opportunity to increase NOI as we begin to lease vacant space,” says Malliet. 

“In addition, in-place rents are currently 10-18 percent below market value, delivering a deeper opportunity for increased revenue as leases begin to roll.”

      According to Brett Turner, Director of Acquisitions at BKM Capital Partners, “This acquisition further expands our foothold in the Las Vegas market. 

"We plan to utilize our existing presence and local property management infrastructure in order to decrease operating costs and increase overall revenue for the asset. During escrow we were able to leverage our existing Las Vegas platform to increase occupancy by 10%, already exceeding underwriting.”

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

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

Hold-Thyssen Negotiates Sale of New Port Richey, FL Building in the Gateway Revitalization District

Carol L. Kinnard
New Port Richey, FL --- Carol L. Kinnard, transaction specialist at Hold-Thyssen, LLC, a commercial real estate services firm with offices in Clearwater, recently brokered the sale of the historic building at 5323 Main St. in New Port Richey.

Kinnard, who represented James H. Rinker and Audrey A. Rinker, the sellers in the transaction, said the 1,600 square foot free-standing building is part of the Gateway District within the City of New Port Richey.  

Built in 1954, it has a mural painted on its exterior depicting area stilt houses in the Gulf of Mexico. 

The buyer, Dr. Vivian Montemayor Robinson paid $120,000 for the property and has plans to move her chiropractic office to the location.

5323 Main Street, New Port Richey, FL
Hold-Thyssen provides commercial property and leasing and management services to institutional and private investor clients nationwide. 

The 40-year old firm’s current portfolio includes more than100 commercial properties throughout the United States.

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

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