Wednesday, August 16, 2017

NAI Realvest Negotiates New 5,000-SF Lease of Industrial Space in Sanford, FL


Allison Reynolds

Sanford, FL --- NAI Realvest recently negotiated a new lease agreement for 5,000 square feet of industrial space at 230 Power Court in Sanford. 

Allison Reynolds, vice president at NAI Realvest, negotiated the transaction representing the landlord Jesse Maxwell, III of Maitland.    

The new tenant is Storm Solutions of Central Florida a manufacturer and supplier of seamless gutters, soffit and facia. 

For more information about this release, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 lvershelco@aol.com

Allison Reynolds, Vice President, NAI Realvest, 407-875-9989, areynolds@realvest.com

Robin L. Webb, CCIM, CHA, CHB, CRB, CPM, MRICS, Managing Director, NAI Realvest, 407-875-9989 Rwebb@realvest.com


Pulte Homes Plans Grand Opening Sept. 16 at Oviedo Park Terrace in Oviedo, FL With Luxury 3-Story Townhomes



Tristan Knop


OVIEDO, FL – Pulte Homes is now pre-selling three-story luxury townhomes at Oviedo Park Terrace, located at Oviedo Boulevard and Piazza Point. A grand opening for the 51-unit community is slated for Sept. 16.

The two, three and four-bedroom townhomes are available in four floor plans: The Rivington, The Hayward, The Briarcliff and The Avondale, according to Tristan Knop, marketing manager for Pulte’s North Florida Division.

Oviedo Park Terrace Townhomes, Oviedo, FL
“We’re excited to offer this unique opportunity to buy a townhome nestled in the heart of Oviedo,” Knop said. “And with its flexible space and open concepts, Oviedo Park Terrace will have homes suitable for families of all sizes.”

Square footage will range from 2,100 to 2,196 with optional bedrooms, dual suites and from between 2½ to 4½ baths. Pre-construction prices start at $288,990.

Less than one mile from State Road 434 and two miles from State Road 417, the intimate neighborhood will feature its own pool and cabana, with easy access to Center Lake Park, located across the street, which includes a playground, splash pad, dog park, lakeside promenade, amphitheater, paddleboard rental, and more.

For more information about the community, call 866-219-7658 or visit Pulte.com/OviedoParkTerrace.

For more information about this release, please contact:

Tristan Knop, Marketing, PulteGroup / North Florida Division, 407-661-1409 Tristan.Knop@PulteGroup.com


Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 lvershelco@aol.com

Meritage Homes Closes on 200 Acres in Orlando to Develop New 700-Home Community



ORLANDO, FL — Meritage Homes Corporation (NYSE: MTH), a leading U.S. homebuilder, announced plans to develop more than 200 acres in the Winter Park submarket of Orlando.

The new Meritage community, which will be named Hawk’s Crest, is located along Lake Howell off of Red Bug Lake Rd. and  E. Semoran Blvd.  Hawk’s Crest will include more than 700 lots for 250 townhomes and 458 single-family homes. 

 Lake access is among the gated community’s on-site amenities along with running and walking trails, resort-style pools and a community clubhouse.

Brian Kittle
“Hawk’s Crest caters to those looking for a health and wellness lifestyle with open outdoor spaces, lakefront views and resort-style amenities,” said Brian Kittle, Orlando division president of Meritage Homes. “We are excited to bring a much-needed supply of beautiful new homes to the market, and make Hawk’s Crest a long-awaited reality.”

Hawk’s Crest will offer four product lines ranging from approximately 1,600 to 5,200 square feet of living area. The new homes with from three to six bedrooms are expected to be priced from $260,000 to $635,000.

The homebuilder’s signature energy efficiency and home automation packages are standard features in every home. 

Meritage is consistently recognized as the industry leader in technologically advanced homebuilding, and is the first Central Florida builder to offer solar panels as an upgrade in all of its communities.  

By building healthier, cleaner, more efficient homes, Meritage helps deliver short- and long-term energy cost savings to its homeowners without compromising design.

Hawk’s Crest is one of 21 Meritage communities in the Orlando area. It will be built in phases and is expected to open for sales in late 2018 with the first closings projected for early 2019.


For more information, please contact:

  Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com

   

NAI Realvest Negotiates $950,000 Sale of International Drive Site in Orlando, FL

 
Paul P. Partyka
ORLANDO, Fla.  – NAI Realvest recently negotiated the sale of a 9.07-acre parcel of vacant land on S. International Drive in Orlando for $950,000.00.

NAI Realvest Partner Paul P. Partyka, CCIM, MICP represented the seller, Southeastern Conference Association of Seventh Day Adventists, Inc. who sold the property to fund construction of new larger church in an Orlando location that’s to be determined.   .   

The buyer of the property, Alessandro Da Silva Oliveria of Windermere, Fla. was represented by Marcelo Cruz of Selecta Realty.  

For more information, please contact:

  Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com
   

NAI Realvest Represents Belhaven University in New Office Lease in Downtown Orlando



 
Andrew 'Andy' McCaw
ORLANDO, FL -- NAI Realvest recently negotiated a new lease representing Belhaven University for office space at 801 N. Magnolia Ave. in downtown Orlando.

Andrew “Andy” McCaw, vice president of tenant representation at NAI Realvest negotiated the transaction on behalf of the tenant who leased the 1,106 office suite to establish a convenient centralized location for all marketing, student recruitment and on-line programs. This new location replaces the office classroom space it occupied at  its Vineland Road campus. 

The landlord of the 52,748 square foot building built in 1984 is Chugin (USA) Inc. represented by Brian Grandstaff and Brittany Morrison of Millenia Partners V, LLC.  

Belhaven University, based in Jackson, MS,  serves 5,000 students, and stands among select Christian colleges and universities with national influence, being repeatedly named one of “America’s 100 Best College Buys."

The University offers 70 areas of undergraduate study as well as a variety of Master Degree programs and Doctoral Degrees in education.

For more information, please contact:

  Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com

   

Hold-Thyssen Negotiates Long-Term Restaurant Lease in New Port Richey, FL

       
Carol Kinnard


New Port Richey, Fla. --- Hold-Thyssen, LLC, a full service commercial real estate services firm with offices in Clearwater, recently negotiated a long-term lease of 1,560 square feet of retail/restaurant space at 7202 Massachusetts Ave. in New Port Richey.

Leasing Associates Carol Kinnard and Theresa Margaris located the tenant and negotiated the transaction on behalf of the owners/landlords, John H. and Christina Pimenidis / Kostas A. and Pauline Magganas. 

The new tenant SLCA Ventures Incorporated d/b/a Scotty’s Pizzeria, has been in operation in Pasco County for over 10 years and the Massachusetts Ave. restaurant is a new location for their business expansion. 



Theresa Margaris

While initial discussions with the tenant began a year ago, the transaction took less than one month from Letter of Intent to lease execution, according to Kinnard and Margaris.

Hold-Thyssen provides commercial property brokerage 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 more information, please contact:

 Richard J. Fisher, Vice President/Investor Services, Hold-Thyssen, Inc., 813-880-7100 ext303 Rfisher@HoldThyssen.com

Robert P. Hold, Principal, Hold-Thyssen, Inc., 407-691-0505, bhold@HoldThyssen.com


 Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com

   

Tuesday, August 15, 2017

ALDI Tops Trader Joe’s and Whole Foods in New Home Flipping and Rental Returns Analysis



IRVINE, CA -- A new ATTOM Data analysis shows that prospective homebuyers are better off buying near a Trader Joe’s than a Whole Foods or an ALDI — although homes near Whole Foods have seen home price appreciation more closely on par with those near Trader Joe’s possibly thanks to the Amazon acquisition of the high-end grocery chain.

But for real estate investors looking for the best home flipping or rental returns, targeting neighborhoods around the discount German-owned grocer ALDI is the best strategy, according to the analysis.

Here are the details:

·         Homeowners near a Trader Joe’s have seen an average 5-year home price appreciation of 67 percent, compared to 52 percent appreciation for homeowners near a Whole Foods and 51 percent near an ALDI.

Add caption
o   Average appreciation for all zip codes with these grocery stores nationwide is 54 percent.

 ·         Homeowners near a Trader Joe’s also have added equity, owning an average 36 percent equity in their homes ($232,439), while homeowners near Whole Foods had an average of 31 percent equity ($187,925) and homeowners near ALDI had average 18 percent equity ($46,352).

o   The average equity for all zip codes with these grocery stores nationwide is 24 percent.

·         Flip the tables and properties near an ALDI are an investor’s golden goose with an average gross flipping ROI of 69 percent, compared to properties near a Whole Foods which had an average gross flipping ROI of 41 percent and Trader Joe’s at 36 percent.


o   The average gross flipping ROI for all zip codes with these grocery stores nationwide is 57 percent.

·         Not to mention properties near an ALDI had an average gross rental yield of 10 percent, compared to properties near a Whole Foods with an average gross rental yield of 6 percent and Trader Joe’s at 5 percent.

·     The average flipping ROI for all zip codes with these grocery stores nationwide is 8 percent.

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


National Retail Properties Declares Dividends for its 5.70% Series E Preferred and 5.20% Series F Preferred Stocks



Kevin Habicht

Orlando, FL, Aug. 15, 2017 - The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a cash dividend on its 5.70% Series E Cumulative Redeemable Preferred Stock of 35.625 cents per depositary share payable September 15, 2017, to shareholders of record on August 31, 2017.

The Board also declared a cash dividend on its 5.20% Series F Cumulative Redeemable Preferred Stock of 32.5 cents per depositary share payable September 15, 2017, to shareholders of record on August 31, 2017.

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.   As of June 30, 2017, the company owned 2,675 properties in 48 states with a gross leasable area of approximately 28.1 million square feet with a weighted average remaining lease term of 11.5 years.


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

Kevin B. Habicht
Chief Financial Officer
(407) 265-7348

.

The Dow Hotel Company Completes $10 Million Renovation of Embassy Suites by Hilton Hotel Chicago O’Hare Airport - Rosemont


  
Murray L. Dow II


  
CHICAGO, IL and SEATTLE, WA —Officials of The Dow Hotel Company (DHC), a leading national hotel owner/investor and operator, announced the completion of the $10 million renovation of the Embassy Suites by Hilton Chicago O’Hare Airport – Rosemont. 

The renovation focused on all aspects of the hotel, including guest rooms, public spaces and back-of-house areas.

“With the conclusion of this top-to-bottom renovation, the hotel has achieved ‘like-new’ status, making it competitive with any product on the market,” said Murray L. Dow II, founder and president, DHC.

 “In the last 19 years, DHC has overseen 20 renovations of similar scope.  The property is positioned to provide experiential travel to upscale business and leisure guests who want something more than the ‘typical’ big-box stay.”

 Embassy Suites by Hilton Chicago O’Hare Airport – Rosemont. 

The renovation enhanced virtually all aspects of the hotel.  Guest rooms received fresh soft goods, upholstered furniture and artwork.  All guest baths gained new tiling, while some were converted to stand-up showers.

 Public spaces were completely redone, including alterations to the atrium, pool, fitness center, lobby, elevators and employee locker rooms.  The business center was upgraded to Embassy Suites by Hilton’s Connectivity Zone with modern furniture. 

The two executive boardrooms received new tables, wood work, refrigerators and televisions.  Exterior hotel improvements range from building enhancements to completely redone landscaping.

“The Embassy Suites by Hilton Chicago O’Hare Airport – Rosemont has 18,000 square feet of flexible meeting and event space, including a 5,100-square-foot ballroom that can accommodate up to 350 guests,” Dow added.  “This gives it some of the largest combined meeting space of any Embassy Suites product in the Midwest.”

Allstate Arena, Chicago, IL

Located across from the Donald E. Stephens Convention and Conference Center, the eight-story hotel is a five-minute drive from Chicago O’Hare International Airport and fifteen minutes from downtown Chicago.  

Guests can enjoy nearby MB Financial Park at Rosemont, a new entertainment complex featuring many restaurants, bowling, a movie theater, a seasonal outdoor ice rink and much more. Additional local attractions include the Allstate Arena, which is home of the Chicago Wolves hockey team, the Rosemont Theater and Rivers Casino.

Hotel amenities include twenty-two conference rooms with connecting suites, a seven-story garden atrium, fully-equipped fitness center, indoor pool and complimentary shuttle service to and from O’Hare Airport.  Each of the hotel’s newly renovated, two-room suites features a private bedroom and a separate, well-equipped living room. The living area includes a full-sized sofa bed, work station and ergonomic chair.

In addition to the numerous dining options in the immediate area, guests and locals can enjoy delicious Italian and Mediterranean-inspired cuisine in a casual atmosphere for lunch and dinner in Basil’s Kitchen.  Guests also can enjoy a libation while watching flat screen televisions in Basil’s Bar. 
.
For a complete copy of the company’s news release, please contact:


PATRICK DALY
OFFICE MANAGER
DALY GRAY PUBLIC RELATIONS, INC.
620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-300-8289

or

Chris Daly
Phone: (703) 435-6293
            






Stepp Commercial Completes $4.9 Million Sale of 20-Unit Apartment Property in Long Beach, CA



 
Robert Stepp
Long Beach, CA, Aug 15, 2017 - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $4.9 million sale of East Fifth Street Apartments, a 20-unit apartment property located near the Retro Row and Belmont Heights submarkets in Long Beach, Calif.

Principal Robert Stepp of Stepp Commercial represented the seller, an Orange County-based private investor, as well as the buyer, a private investor from Los Angeles. The property closed at a 4.2 percent cap rate and a price per unit of $245,000.

Built in 1961, the two-story property is located at 3025 East 5th Street and includes 10 two-bedroom units and 10 one-bedroom units. Some of the interiors feature hardwood flooring and upgraded kitchens with granite countertops and stainless steel appliances.

"By adding value to the units that have not already been updated, the buyer stands to secure a 25 percent rental upside," said Stepp. "Long Beach is a prime market to add value to apartment properties as it has no rent control, unlike to many other Los Angeles area cities."


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

Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224


HFF announces sale of dual-branded downtown Austin, TX hotel

  
Hotel Indigo Austin Downtown,  Austin, TX


John Bourret
DALLAS, TX, Aug. 15, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the closing of the sale of the Hotel Indigo Austin Downtown – University and Holiday Inn Express Austin Downtown University, a 305-room, dual-branded hotel located in downtown Austin, Texas.

The HFF team marketed the property on behalf of the seller, Journeyman Group.  Nimes Real Estate purchased the property unencumbered of an existing management agreement.

Completed in 2016, the hotel comprises the 134-room, full-service Hotel Indigo Austin Downtown – University and the 171-room, select-service Holiday Inn Express Austin Downtown University.

 Shared amenities include a large outdoor pool, pool bar and lounge and five levels of underground parking.  The Hotel Indigo houses the Red River Tavern, 2,830 square feet of meeting space, with the Holiday Inn Express featuring a fitness center, business center, a 310-square-foot meeting room and complimentary breakfast. 

Austin Brooks


Situated on .81 acres at 805 Neches Street and 810 Red River Street, the hotel is in Austin’s Red River Cultural District at the corner of Red River and 9th Streets.  

The hotel is within five blocks of the University of Texas at Austin, Texas State Capital, medical district, Sixth Street entertainment district and the Austin Convention Center.

The HFF investment sales team representing the seller included managing director John Bourret and director Austin Brooks.

Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker.


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

Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | hfflp.com




HFF announces sale of Three-property medical office portfolio in Dallas-Fort Worth and Austin, TX

  
 
Part of IRA Capital's Medical Office Portfolio in Dallas-Fort Worth and Austin, TX Areas

 
Evan Kovac
 SAN DIEGO, CA – Aug. 15, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of a three-property, Class A medical office portfolio totaling 137,686 square feet in Dallas-Fort Worth and Austin, Texas.

The HFF team marketed the property on behalf of the seller, IRA Capital, LLC, and procured the buyer, a publicly traded healthcare REIT.

The portfolio comprises The Center for Cancer & Blood Disorders and Baylor Health Center at Magnolia Greens in Dallas-Fort Worth and Cedar Park Medical Center in Austin. 

The fully leased buildings boast a mix of best-in-class local, regional and national tenants backed by major health systems and top-rated healthcare providers such as Baylor Scott & White Health, Surgical Care Affiliates and The Center for Cancer & Blood Disorders. 

Services offered within the portfolio include cancer treatment, radiation oncology, medical oncology, cyberknife, orthopedic surgery, gastrointestinal endoscopy procedures, pain and spine treatments, primary care and family medicine.

The HFF investment sales team included managing director Evan Kovac, director Andrew Milne and senior associate Trent Jemmett along with managing director Todd Savage and senior director Kelsey Roop as the local advisors. 

Andrew Milne
Efforts were supported by HFF’s national medical office building team comprising managing director Phil Mahler, senior director Ben Appel, director Anthony Frogameni and analyst Wesley Hightower.  Senior managing director Kevin MacKenzie and senior director John Chun also supported the process with debt and equity placement guidance.

“The portfolio represented the rare opportunity to acquire institutional-quality core medical office buildings leased long-term to several of the most highly respected tenants in the industry,” Kovac said.  “The new owner has the ability to build a long-term relationship with these established tenants as they continue to expand their footprints within two of the nation’s top real estate markets.”

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

Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | hfflp.com


Monday, August 14, 2017

HFF arranges $8.8 million refinancing for retail center in Colorado Springs, CO



Rampart Village Center, Colorado Springs, CO


DENVER, CO – Aug.14, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it arranged an $8.8 million refinancing for Rampart Village Center, a five-building retail center totaling 96,296 square feet in Colorado Springs, Colorado.

HFF worked on behalf of the borrower, Vintage Companies, to place the 10-year, fixed-rate loan with a CMBS lender.  The securitized loan will be used to refinance an existing, maturing loan.

Rampart Village Center is a 93.24-percent-leased, Gold’s Gym-anchored retail center in northern Colorado Springs.  Located at 7601-7689 North Union Boulevard, the center is easily accessible via Interstate 25, Highway 21 and Academy Boulevard.

Leon McBroom
 Rampart Village Center services the growing Briargate neighborhood, which has more than 100,000 residents earning an average annual household income of approximately $100,000 living within a three-mile radius of the center.

HFF’s debt placement team was led by director Leon McBroom. 

“The borrower was the original developer and has owned the property for more than 30 years,” McBroom said.  “This refinancing will allow the borrower to continue to own this well-performing retail asset within the Briargate community, which the borrower calls home.”

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

Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | hfflp.com


Graycor Opens San Jose, CA Satellite Office For $100 Million Pipeline of Project Activity



Timothy Hanifin
SAN JOSE, CA – A pipeline of more than $100 million worth of preconstruction and construction activity in Northern California – primarily made up of major retail renovation and repositioning projects – has prompted industry leader Graycor Construction Company to open a satellite office in San Jose.

Through the office, the company is managing projects including: Westfield Valley Fair in Santa Clara, the Great Mall in Milpitas, Northridge Mall in Salinas and Kerasotes ShowPlace ICON Theatres in Mountain View, Santa Clara and Laguna Beach.

Each project employs Graycor’s “Live Environment” approach, a proprietary strategy that allows retailers to remain open during construction, maintaining cash flow and market presence in today’s demanding retail environment.

 In the Bay area, projects are being managed by a quickly growing team of new and long-tenured Graycor project management and supervision professionals.

“Retail owners are under tremendous pressure to keep their properties updated as ‘destinations’ that offer the kind of personal experience that online shopping does not. Unfortunately, few – if any – owners have the luxury of closing during these renovations,” said Tim Hanifin, Vice President and General Manager of Graycor Construction Company.

“Maintaining a safe, accessible, attractive and profitable retail center during construction is a complex task, but companies with the ability to deliver that outcome have an acute advantage in what has become a very competitive retail market.”

 “Live Environment boils down to asking the right questions early, ensuring that we understand the sophisticated needs and objectives of our clients, and identifying what needs to happen to exceed those expectations,” said Brian Feckler, Construction Manager for Graycor Construction Company.

“What is the optimal time for work to be performed to minimize disruption? What housekeeping measures will maintain the highest level of safety and appeal at the facility? Are alternative walkways, custom fencing or other temporary changes needed to conceal construction staging?

“These are just some of the ways we encourage coordination and communication long before construction begins, so that we know what to purchase, schedule or execute as we pull off a seamless renovation. Our live environment approach has been successfully applied to a variety of project types including shopping centers, retail, hospitality and industrial.”

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

Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195


NAI Realvest’s Leasing in 60 Days at Well-Sited CommerCenters in Central Florida Total More Than 23,332 Square Feet


Michael Heidrich

ORLANDO, FL – Michael Heidrich, principal at NAI Realvest negotiated five new leases and four renewals within 60 days at five well-sited CommerCenters in central Florida representing landlords for the industrial space totaling 23,332 rentable square feet.

Hanging Moss CommerCenter, 6124 Hanging Moss Rd. is now 100 percent leased with Phalanx Strength & Conditioning’s new lease of 1,875 square feet.  Jeff Bloom, vice president at NAI Realvest represented the tenant;  

 At Carter CommerCenter, 902 Carter Rd., Top Notch Baseball leased 1,875 square feet; At East Orlando’s Goldenrod CommerCenter, 1476 N. Goldenrod Rd. Orlando’s Finest Mobile Detailing LLC leased 2,191 square feet;

Wine distributor I Planet LLC, leased 2,000 square feet at Monroe CommerCenter South, 707 Progress Way, Sanford; and in Kissimmee, Diamond Vacation Homes LLC leased 2,170 square feet at Poinciana CommerCenter East, 1829 Business Center Lane.   

Jeff Bloom
At three of those properties, Heidrich brokered four lease renewals for more than 13,011 square feet.   Root Grow Bloom assumed and renewed the current long-term lease of 4,200 square feet from Sunshine Hydroponics, and Bottled Ocean, Inc. renewed its lease of 2,605 square feet at Hanging Moss CommerCenter. 

  Dynamic Medical Systems, LLC renewed the lease of 2,206 square feet at Goldenrod CommerCenter, and at Monroe CommerCenter South Flight Avionics of North America Inc. renewed their lease of 4,000 square feet.

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

Beth Payan or Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com

  

Daum Commercial Facilitates Two Inland Empire Industrial Acquisitions Totaling 112,671 SF

  
 
Ontario, CA Warehouse Sold for $5.6 Million
  
INLAND EMPIRE, CA  – DAUM Commercial Real Estate Services brokered two industrial acquisitions in the Inland Empire, encompassing a combined 112,671 square feet for a total consideration of over $13.1 million.

Chris Migliori, Executive Vice President in DAUM Commercial’s Newport Beach office, represented the buyers in both transactions.

            “Despite a record level of new industrial construction in the Inland Empire, vacancy rates in the region are expected to remain in the 4 percent range. Demand continues to exceed supply,” explains Migliori. “Smaller industrial buildings in the 40,000 to 60,000 square-foot range have vacancies below 2.5 percent. Increasing land values and construction costs are driving up rents and sale prices.”

            Migliori notes that small-size warehouses can be double the cost-per-square-foot to build, resulting in tremendous competition for existing product.

Corona, CA Building Sold for $7.5 Million

            The two recent acquisitions include:

Transaction #1: Corona building acquired for $7.5 million

            DAUM brokered the $7.5 million acquisition of a 68,394 square-foot building in Corona, California on behalf of the buyer, Excel Business Park, LLC, a Corona-based real estate developer. The seller was Newport Trading, LLC.

            The property, which was recently vacated by a furniture distribution company, is currently 100% vacant.

“The buyer plans to complete interior and exterior upgrades within the next week,” says Migliori.

            Migliori will oversee leasing for the property, and notes that the building is well-suited for warehousing and distribution, and could also be easily adapted to light manufacturing.

            The property features six dock-high loading doors, 2,000 amps of power, and a fully installed high pile racking system, as well as convenient access to the I-15 and State Route 91.

            The building is located on a 157,252 square-foot lot at 1228 Sherborn Street in Corona, California.

Chris Migliori
Transactions #2: Vitamin Manufacturer Purchases 44, 277 SF Warehouse in Ontario

            DAUM Commercial also facilitated the $5.6 million acquisition of a 44,277 square-foot warehouse in Ontario, California, on behalf of the buyer, a manufacturer of vitamins and supplements. The buyer will occupy the entire property.

            “Vitamin and supplement manufacturing is a highly competitive industry, so it was critical that the buyer invest in state-of-the-art space for its research/development and manufacturing operations,” explains Migliori. “Our team identified this newly-constructed, Class A industrial facility, which met the needs of our Client.”

            The building sits on 1.83 acres and features 30’ warehouse clearance, four dock-high loading doors, one ground-level door, and 4,485 square feet of office space.

            The seller, Mission XC, LLC, is a strong regional developer and was represented by Henry Hong and Michael Lee of Lee & Associates.

            The property is located at 1320 West Mission Boulevard in Ontario, California.


            DAUM has ten offices throughout Southern California and Arizona. More information is available at www.daumcommercial.com.


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

Lauren Burgos / Elisabeth Manville
Brower, Miller & Cole
(949) 955-7940

Sunday, August 13, 2017

Platinum Properties, a Keyes Family Company, Acquires Bluffs Real Estate and Investment Properties in Jupiter, FL


 

(L to R) Keyes CEO Mike Pappas, Jim Kirvin of Platinum Properties, 
Gail Lombard of Bluffs Real Estate, John Kern of Platinum Properties 
and Keyes Senior Vice President Steve Reibel

MIAMI, FL and PALM BEACH, FL  – Platinum Properties, A Keyes Family Company, has announced the acquisition of Bluffs Real Estate and Investment Properties under its Platinum Properties brand. The acquisition of the Jupiter-based firm underscores the continued growth Keyes has experienced this year.

Founded in 1985, Bluffs serves Palm Beach and Martin counties, with listings located between the Intracoastal Waterway and the waters of Jupiter and Juno Beach. Bluffs has 25 agents and generated a sales volume of $25 million in 2016. The firm’s office at 4050 South U.S. Highway 1 in Jupiter is remaining open after the Keyes acquisition.

“We are excited to welcome Bluffs into the Keyes family,” said Keyes CEO Mike Pappas. “We know that the Bluffs team is filled with dedicated professionals, and we are eager to begin working alongside their experienced sales associates. This significantly strengthens our Platinum Properties brand.”

Jupiter, FL Lighthouse
With roots in the local community, Bluffs’ agents are experienced in residential single-family homes, townhomes, condos and golf communities, as well as bank-owned and new construction properties.

Gail Lombard has been the owner of Bluffs Real Estate and Investment Properties since 2002.

The Bluffs acquisition was completed shortly after Keyes acquired the Florida offices of nationally recognized residential firm Shorewood Real Estate. Shorewood has 40 agents based in its Florida offices, which are located in Aventura and Palm Beach.

Independently-owned and operated since its founding in 1926, Keyes is extremely active in luxury residential real estate. In 2016, Keyes listed more than $1 billion in luxury homes priced at $1 million or more.


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

Jasmin Curtiss
PR Coordinator, BoardroomPR
O 954-370-8999



.


Hanley Investment Group Completes Sale of New Two-Tenant Retail Property in Foothill Ranch, CA for $5.7 Million


Dunkin’ Donuts/Baskin Robbins Drive-Thru and MOD Pizza at 26722 Portola Parkway,
 Foothill Ranch, CA


Bill Asher

FOOTHILL RANCH, CA - Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced the firm completed the sale of a new two-tenant retail building occupied by Dunkin’ Donuts/Baskin Robbins Drive-Thru and MOD Pizza at 26722 Portola Parkway in Foothill Ranch, Calif.

The 4,150-square-foot pad building is part of Foothill Ranch Towne Centre, a regional shopping center in Orange County that includes major tenants Target, Hobby Lobby, Michaels, Old Navy and 99 Cents Only Stores. The sale price was $5.7 million.

Hanley Investment Group's Executive Vice President Bill Asher and President Ed Hanley represented the seller, Spectrum Development Group based in Irvine, Calif. The buyer, a private investor from Newport Beach, Calif., was represented by John Carpenter of The 949 Group in Irvine, Calif.

"It was a record sale for a retail property of its type in south Orange County," said Asher. The cap rate was not disclosed. 

"It remains challenging in today's market for investors to find quality stabilized retail investments in ‘A’ locations to purchase in Orange County," commented Asher. "Inventory for quality retail leased to top-tier internet-resistant retailers is few and far between right now." 

Ed Hanley
Asher adds, “Due to the quality of the location, tenants and new long-term leases, we generated multiple qualified offers that created a competitive bidding environment that ultimately procured a local all-cash buyer. We negotiated a two-week contingency period with a 24-day closing.”

Newly remodeled in 2016, the building sits on .89 acres at the signalized entrance to the Foothill Ranch Towne Centre that benefits from monument signage along Portola Parkway and its close proximity to the State Route 241 freeway. 

Dunkin Donuts includes a combo Baskin Robbins format that occupies 2,150 square feet (that includes a drive-thru) and MOD Pizza occupies 2,000 square feet. Both tenants have brand new 10-year initial lease terms. 

“The property has outstanding visibility and accessibility in the master planned Foothill Ranch trade area,” said Asher. “Furthermore, the Foothill Ranch Towne Centre has an excellent mix of internet-resistant tenants that cater to the daily needs of the local communities and Lake Forest’s daytime population of more than 105,000.”

Asher also notes that the shopping center benefits from the extremely affluent demographics in the area. The average household income is nearly $148,000 within a one-mile radius of the shopping center.

Foothill Ranch Towne Centre is located near the newly developed Baker Ranch master-plan community, which is made up of 11 different communities comprised of approximately 2,400 upscale homes, 430 apartment homes and 16,000 square feet of retail.

John Carpenter

Dunkin’ Donuts is a market leader in the hot regular/decaf/flavored coffee, iced coffee, donut, bagel, muffin, and hard-serve ice cream categories. Dunkin’ Donuts has more than 12,000 restaurants in 45 countries. Baskin Robbins has nearly 7,800 restaurants in approximately 50 countries.

MOD Pizza, which offers custom artisan-style pizzas, is one of America’s fastest growing chain restaurants with more than 200 locations across 20 states as well as locations in the UK.

“The market for single-tenant and quasi-single-tenant assets with drive-thrus like the Dunkin’ Donuts/Baskin Robbins and MOD Pizza in Foothill Ranch remains strong in Southern California,” said Asher. “This type of investment continues to be a retail investment of choice for passive investors, especially leased to name brand food tenants.”


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