Saturday, August 12, 2017

Draper and Kramer Announces $30.2M Sale of 454,619-Square-Foot Office Building in Des Moines, Iowa; Sale sets record for city’s central business district


Capital Square, 400 Locust Street, Downtown Des Moines, IA
CHICAGO, IL – Chicago-based Draper and Kramer, Incorporated, one of the leading privately held, full-service real estate firms in the United States, announces it has completed the sale of Capital Square, a 454,619-square-foot multi-tenant office building in downtown Des Moines, Iowa.

Draper and Kramer sold the property, located at 400 Locust St., to Colorado-based Real Capital Solutions for $30.2 million, reportedly the highest price ever paid for an office building in Des Moines’ central business district. 

CBRE’s Minneapolis Capital Markets group represented Draper and Kramer in the transaction, which closed in June 2017.

Developed by Draper and Kramer in 1983, the eight-story, 454,619-square-foot building was designed by Skidmore, Owings & Merrill. Prominently located in downtown Des Moines, Capital Square features a large atrium that regularly hosts high-profile events, including the 2016 Iowa Caucus Microsoft Media Center and Drake Relays pole vaulting competition.

The building’s major tenants include The Des Moines Register, RSM McGladrey, Life Care Services, BH Equities and Iowa State University.

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

Sarah Lyons, (312) 267-4520.

Ackerman & Co. Grows Brokerage Group with Addition of Marcus Billie

Marcus Billie
Atlanta, GA – Ackerman & Co., a full-service commercial real estate firm headquartered in Atlanta, announced Marcus Billie has been hired as a brokerage associate with a focus on representation of office clients.

In his role in Ackerman’s brokerage group, Billie will assist clients with strategic plan development, lease negotiations, market analysis, lease administration and other specialized services.

Billie will partner with industry veteran Delmont “Del” Early III, vice president of Brokerage at Ackerman, to assist in the growth of tenant representation services, with the additional goal of enhancing relationships with buyers of office assets.

“Marcus brings a passion for real estate and a commitment to providing strategic services that enable clients to align their real estate needs with business goals,” said Early. “I’m confident he’ll step into this role and be a great asset as we continue to expand our office capabilities.”

Prior to entering the commercial real estate industry, Billie worked in the legal, banking and insurance sectors. He graduated from the University of South Carolina – Aiken with a degree in Business Administration with a concentration in Marketing. He received a Juris Doctorate from Florida State University’s College of Law.

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

Steve Webb

Passco Companies Sells Remaining Interests in Class A 360-Unit Apartment Community in Kansas City Submarket for $48 Million

Village at Lionsdgate, Overland Park, KS

OVERLAND PARK, KS –  Passco Companies, LLC, a privately held Calif.-based real estate company that specializes in the investment, acquisition, development and management of commercial properties throughout the U.S., has sold The Village at Lionsgate, a 360-unit apartment community in the Kansas City submarket of Overland Park, Kansas.

Alan Clifton
 The buyer, a real estate investment firm that already owned a portion of interest in the asset, purchased the remaining interests in the property for a net sale price of $48 million.

Passco brought the asset full cycle after a nearly ten-year hold period, according to Passco’s Chief Operating Officer, Alan Clifton.

            “The sale of this asset demonstrates the success of our long-term hold strategy,” says Clifton. “We initially acquired the asset prior to the recession, successfully operated it as cash flow positive throughout the downturn, and sold it, achieving returns that were within our initial projections.”

The sale of this asset was also timed to capitalize on strong investor interest in the region, according to Clifton.

“The Kansas City metro is one of the most sought-after emerging markets in the Midwest,” he says.

During ownership, Passco brought the average occupancy at the property up to approximately 95-percent and achieved steady net effective rent growth.

 “Our ability to recognize the potential and anticipated growth in this market early on allowed us to strategically lease the property and operate it with strong occupancy throughout our entire hold period,” says Clifton. “This also created the opportunity to strategically enhance the value of the asset and generated projected yields to our investors.”

Mac Crowther
Passco continues to actively acquire investment properties throughout the U.S. The firm currently has more than $2 billion in assets under management.

“Our strategy has always been to identify, source, and acquire quality assets in emerging metros that demonstrate true value potential,” adds Clifton. 

“The sale of this asset demonstrates the success of this strategic approach and provides the opportunity for us to continue our momentum of acquiring income producing assets on behalf of our investors.”

The Village at Lionsgate is located at 14631 Broadmoor Street in Overland Park, Kansas. Mac Crowther, Vice Chairman at ARA Newmark’s Kansas City office represented both the seller and the buyer in this transaction.

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

Lauren Burgos/ Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940

Shopoff Realty Investments Sells 16.1 Acres of Land After Securing Entitlements for 124 Two-Story Townhomes in Vista, CA

William Shopoff
IRVINE, CA – Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced today that the company has sold 16.1 acres of land entitled for 124 two-story townhomes in the Northern San Diego County suburb of Vista, CA, to a residential developer. The land, known by local residents as Delpy’s Corner, is currently vacant.

Shopoff partnered closely with Vista city officials to create a zoning plan that would benefit area residents and help ease a lack of housing inventory in the local community.  The company worked through the entitlement process, navigating the engineering hurdles of a hillside development, while also garnering community approval.

“We are pleased to see this investment go full-cycle, knowing that residents in the City of Vista will soon benefit from new housing options in this supply-constrained market,” said Shopoff Realty Investments CEO William Shopoff. “We believe our vision of this hillside townhome community will blend seamlessly with this picturesque coastal town.”

John Santry, executive vice president of Shopoff Realty Investments Land Division, added: “By working closely with city officials and area residents, we were able to solidify the plans for this development, laying the ground work for future construction. Overall, this investment gave us the opportunity to not only help fill a housing void in a local market, but also to create value for our investment partners.”

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

Jill Swartz
Spotlight Marketing Communications
949.427.5172, ext. 701

 or call (844) 4-SHOPOFF.

NAI Realvest Negotiates Three New Leases at South Park Business Center in Orlando, FL

Tom R. Kelley II
ORLANDO, FL  – NAI Realvest closed on  three new leases the first week of August for industrial space totaling 5,905 rentable square feet in Orlando’s South Park Business Center at 8600 Commodity Circle.

Tom R. Kelley, II, CCIM, a principal NAI Realvest negotiated all three transactions on behalf of the landlord South Park, LLC.   

The new tenants in the latest phase at South Park Business Center are Incredible Way, LLC who leased 2,084 square feet; Southcrest Management, LLC, 1,991 square feet and V.F.S. Services, LLC, 1,830 square feet.

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

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

NAI Realvest Negotiates Long-term Lease for New Sports Medicine Practice at Upscale Center in Winter Haven, FL

Chris Adams
WINTER HAVEN, FL --- NAI Realvest recently completed a new long-term office lease agreement for 2,800 square feet of Class A office space at Cypress Station, 5535 Cypress Gardens Blvd. in Winter Haven.

NAI Realvest Associate Chris Adams negotiated the transaction on behalf of the tenant, Releve Sports Medicine, LLC.   The landlord, KK Real Estate I, LLC was represented by Jean-Paul Beaulieu of Bishop Beale.

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

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

NAI Realvest Represents Party & Gift Outlet in Long-Term Lease at Sunrise City Plaza in Kissimmee, FL

Paul P. Partyka
KISSIMMEE, FL and ORLANDO, FL --- NAI Realvest recently negotiated a new 10-year lease agreement for 5,950 rentable square feet in Sunrise City Plaza on N. Poinciana Blvd. in Kissimmee. 

Paul P. Partyka, CCIM, MICP, partner at NAI Realvest who represents the tenant Party & Gift Outlet Inc., said the retailer is expanding retail operations with this fifth location.   Party & Gift Outlet also has Kissimmee stores on Old Vineland Rd and W. Irlo Bronson Highway.

The Orlando-based landlord Sunrise City Retail Partners was represented in the transaction by Eric Apple and Stacy Miller of The Shopping Center Group.  .

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

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

Lincoln Property Completes Two New Lease Agreements with Security and Transportation Companies at Airport Business Center in East Orlando, FL

Sean DuPree
ORLANDO, FL – Lincoln Property Company Southeast, a full service commercial real estate firm based in Orlando, recently completed two new long-term leases totaling 4,932 rentable square feet at Airport Business Center in east Orlando.

Sean DuPree, CCIM, Broker at Lincoln Property, negotiated both transactions on behalf of the Landlord Ros-Orlando Airport 371 LLC of Louisville, Colo.

East Coast Protective Services, Inc., a security and loss prevention company, which is based in Greensboro, N.C. with offices in the Carolinas, Georgia, Texas and Florida, leased the suite of space at 5812 S. Semoran Blvd. with 2,723 square feet.  

Prospect of Orlando, Ltd.  an airport transportation service with operations nationwide,  leased the suite at 5740 S. Semoran Blvd. with 2,209 square feet.

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

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

NAI Realvest Negotiates Five Leases for East Orlando Office Space Totaling 15,567 square feet

Mary Frances West
ORLANDO, FL – Mary Frances West, CCIM, Vice President at NAI Realvest recently negotiated five office leases totaling 15,567 rentable square feet at The Citadel III and University Court in east Orlando.

West brokered two leases in The Citadel III, 5950 Hazeltine National Drive, on behalf of the Oakland, Calif.-based landlord Citadel Partners, LTD. 

IT professional services firm Corvana Corporation signed a new lease for 1,218 square feet; Sorenson Communications renewed and expanded into additional space and now occupies 8,081 square feet. 

At University Court, 3361 Rouse Rd., West negotiated a new lease to Spectrum Bridge, Inc. d/b/a Konacom for 2,128 square feet.  The tenant, a broadband wireless service provider, is moving from Lake Mary to be more centrally located.  

A lease renewal was completed for the 2,760 square feet in Suites 100 and 175 at University Court occupied by Mevesi, Inc.

West also negotiated a lease renewal for Suite 155 at University Court with 1,380 square feet. Tenant Koogle Engineering LLC was represented by Jeff Bloom, CCIM of NAI Realvest.

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

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