Wednesday, March 29, 2017

Core5 Industrial Partners Acquires 173-Acres to Develop Class-A Business Park in DeSoto County, Mississippi

Rendering of planned DeSoto 55 Logistics Center, DeSoto County, Mississippi

ATLANTA,GA – Atlanta-based Core5 Industrial Partners announced the acquisition of 173-acres of fully entitled land located at US Highway 51, in DeSoto County along the I-55/I-69 corridor to develop a 2.5- million-square-foot business and logistics park named DeSoto 55 Logistics Center.

Core5 will immediately begin construction on 883,720 square feet of Class-A office/warehouse space in two buildings: a 582,400-square-foot facility and a 301,320-square-foot rear-load building which will present higher office build-out capability. Both buildings will offer speculative space for delivery in Fall 2017. 

Lisa Ward

DeSoto 55 Logistics Center will provide an outstanding business environment in a park-like setting with close proximity to the I-55 transportation corridor and a deep and qualified labor pool from which to draw potential workforce.

Other key attributes of DeSoto 55 Logistics Center are the pro-business environment of both DeSoto County and the City of Horn Lake, MS coupled with the flexibility of building designs offering space for companies desiring 85,000 square feet to over 1.5 million square feet. 

 At full build-out, anticipated by the end of 2019, DeSoto 55 Logistic Center will accommodate over 2.5 million square feet in up to five separate buildings.

Tim Gunter
The 582,400-square-foot cross dock Building A-1 is expandable up to 1.5 million square feet and will showcase 36’ clear height coupled with generous parking at 98 trailer storage spaces, expandable to 175, and 342 auto spaces.

Building B is a 301,320-square-foot rear load facility offering 32’ clear heights and 80 trailer storage spaces together with 270 auto spaces. Both buildings feature 6’ DuctilCrete slabs with joints only at column lines.

The acquisition marks Core5’s entry into the Memphis market. Core5 CEO Tim Gunter announces, “We are pleased to enter Memphis in what we believe is one of the finest properties within the greater Memphis industrial market. 

Gunter, the former CEO of IDI, has overseen years of successful development in the Memphis industrial market and looks forward to continuing that success with the acquisition of DeSoto 55 Logistics Center.

“After an extensive review of potential development sites and interviews with local employers, it was clear that the location of DeSoto 55 Logistics Center offered superior access not only to highway and logistics infrastructure but also to a large, qualified labor pool from which to attract the workforce – two key factors considered by logistics operators.

DeSoto 55 Logistics Center offers exceptional access to both,” said Lisa Ward, Senior Vice President and Managing Director of Core5.

Rodney Davidson

“The State of Mississippi, DeSoto County and the City of Horn Lake have created a pro-business environment,” declares Rodney Davidson, Vice President Investments for Core5. “They have been great to work with and any business looking at DeSoto 55 Logistics Center should expect to find them responsive and easy to work with as well.”

“The DeSoto Council is encouraged that a company of the professional stature and impeccable reputation of Core 5 would select our county and the City of Horn Lake as their latest industrial development venture in the establishment of the DeSoto 55 Logistics Center.

“The Core 5 partnership that will be achieved with the local and state officials will ensure that our area continues to win the top supply chain and logistics centers in the mid-South and we look forward to the success of this investment”, said Jim Flanagan, President/CEO for DeSoto County Economic Development Council.

Colliers International’s Memphis team of Dan Wilkinson, Brad Kornegay and Allen Wilkinson will handle marketing and leasing for DeSoto 55 Logistics Center on behalf of Core5. 

“The Colliers International team has been an exceptional partner in the execution of Core5’s acquisition of this property and their marketing efforts to date.  Core5 is fortunate to have such a well-respected company and team as our marketing partner on this project,” said Ward.

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

Rita Skaggs
Red Dart Real Estate Consulting

Marcus & Millichap Arranges $2.92 Million Sale of 12,718-SF Shops at Vero Beach in Vero Beach, FL

Lori Schneider

Barry M. Wolfe

VERO BEACH, FL, March 29, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Shops at Vero Beach, a 12,718-square foot retail property located in Vero Beach, FL, according to Ryan Nee, Vice President/Regional Manager of the firm’s Fort Lauderdale office. The asset sold for $2,920,000.

Lori Schneider, Senior Managing Director Investments, Barry M. Wolfe, Senior Vice President Investments, David E. Gant, Senior Associate, and Alan Lipsky, Associate, all in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Reuven Kahane.

 The buyer, a limited liability company, was secured and represented by Nicholas Ledvora, CCIM, Vice President Investments, in Marcus & Millichap’s Tampa office. 

Shops at Vero Beach is located at 6480 20th Street in Vero Beach, FL. This acquisition marked the second of two 1031 exchange properties acquired by the buyer. The property was 100 percent leased at the time of sale. 

With only three tenants, the property presented an opportunity for the buyer to acquire an asset with ease of management in an exceptional, high-growth location. The property is well-positioned on a primary retail corridor. It is an out-parcel to the 736,000 square-foot Indian River Mall anchored by Macy’s, Dillard’s, JCPenney and Sears.

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

Ryan Nee
Vice President / Regional Manager,
 Fort Lauderdale, FL

(954) 245-3400

Avison Young negotiates three new leases in downtown Glendale, CA

Woolworth Building, 201 North Brand Boulevard, Downtown Glendale, CA

Mark Evanoff
Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has negotiated three new leases totaling 18,649 square feet (sf) at the newly renovated historic Woolworth building in the heart of downtown Glendale, CA.

The leases include two ground-floor restaurant tenants, 85°C Bakery Cafe and The Halal Guys, as well as shared office workspaces tenant Regus, which occupies the entire second floor.

Located at 201 North Brand Boulevard, the 44,000-sf property was originally built in the 1920s and remodeled in 1942, when it became a Woolworth store. The structure was placed on the Glendale Register of Historic Resources in 1999.

Avison Young Principal Mark Evanoff, Andrew Berk, a Vice-President, and Chase Gordon, an Associate, who are all based in the company’s north Los Angeles office, represented landlords Gustavo Spoliansky and Loretta Scherer, partners in Los Angeles-based Bow Truss Capital, LLC.

The three new tenants all opened their doors this month. 85°C Bakery Cafe is occupying 2,865 sf; international restaurant chain The Halal Guys is occupying 2,284 sf, and Regus is occupying the entire 13,750-sf second floor, bringing energy to the project by providing space for tech, fashion and entertainment office users. The newcomers join existing tenant AT&T, which occupies 3,500 sf. 

Andrew Berk
Eighteen months ago, the Avison Young team began work with its clients, who acquired the nearly 44,000-sf property out of receivership in 2014. It was 89% vacant and functionally obsolete due to its inefficient floor plan, outdated systems, and years of deferred maintenance. It had also lost its anchor tenant.

Once Bow Truss Capital solidified its comprehensive renovation strategy and design plans while at the same time preserving the asset’s historical character and architectural features, the Avison Young team created a marketing plan to attract tenants to the unique space.

“The Glendale retail market has a significant amount of newer competitive product,” comments Gordon. “Our goal was to communicate the building’s new vision and prelease a large majority of the ground-floor retail space and second-floor office space to tenants within a compressed timeline.”

The Avison Young team worked to redefine the Woolworth building’s perception to potential tenants and create excitement by reintroducing it to the market as a unique mixeduse project with character, functionality and energy. A number of offers from a diversity of prospective tenants were secured, enabling Bow Truss to select the best mix.

Chase Gordon

“Bow Truss worked closely with the Glendale Historical Preservation Committee to undergo approvals for the fa├žade renovation,” says Spoliansky.

 “Simultaneously to the exterior renovation, the Avison Young team diligently worked to communicate the building’s transformation to potential users, generated significant interest, and negotiated three leases. 

"Once those were signed, the major undertaking of tenant improvements as well as the complex installation of modern building systems to support the users was executed.”

He adds: “I am pleased to say that, as a result of this challenging undertaking, we have successfully delivered a vibrant, historically significant and quality asset complete with tenants that are meeting the demands of the community.”

The building’s transformation included new windowed retail frontage, brand new building systems, and renovation and refurbishment of its unique historical architectural features. The remaining 5,200-sf ground-floor retail space, in addition to basement and mezzanine office space totaling approximately 16,000 sf, has seen a considerable amount of interest from other potential users.

“Glendale is fast-becoming one of the premier live-work-play destinations in Greater Los Angeles, and the Woolworth building project exemplifies this shift perfectly with its neighborhood-serving retail and main-street feel,” notes Berk.

The Woolworth building, which is located at a key intersection in the Theatre District of downtown Glendale, is within a growing residential population of 225,000 people over a three-mile radius and a massive daytime employee population. 

The area is set to gentrify in the coming months and years, as nearly 3,300 new residential units have recently been completed or are soon coming to the market.

 The asset is also within a destination retail scene that includes nearby Tender Greens, Chipotle, Nordstrom, Bloomingdale’s The Americana at Brand and hundreds of other high-end amenities along Brand Blvd.

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

Darcie Giacchetto


Ackerman & Co. Completes Industrial Building Sale in Stone Mountain, GA Industrial Portfolio

Brett Buckner
Atlanta, GA – Ackerman & Co. has completed the $1.8 million sale of 1911 Mountain Industrial, a 24,833-square-foot, single-tenant industrial building within the company’s Stone Mountain Industrial Park located in the Tucker/Stone Mountain submarket of Atlanta, Ga.

With retail-quality location and a five-year lease term remaining, the building is fully occupied by Eckhart, one of the top electrical contractors in Georgia for the last 80 years. 

 The property was sold – in an off-market deal – to a local real estate investor.  Ackerman & Co. Senior Vice President Brett Buckner and Associate Major Martin represented the landlord in the transaction.

Ackerman & Co. acquired the 4.1-million-square foot Stone Mountain industrial portfolio in December 2016. Through careful improvements and on-site leasing and management, occupancy has increased to 91 percent, up from 84 percent at time of purchase.

“This is a well occupied, cash flowing asset with tremendous upside potential,” said Brett Buckner. “Our buyer was excited about the opportunity to purchase a property with future redevelopment potential in a proven submarket,” he added.

The company has identified and is marketing additional buildings for sale at Stone Mountain Industrial Park and will continue to focus on the lease-up of existing vacancies.

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