Saturday, August 19, 2017

Walkability, Freeway Expansion in Phoenix, AZ Spurs Sale of Foothills Corp. Centre II; JLL completes $18.40 million Class A building sale

Foothills Corporate Center II, Phoenix, AZ

Brian Ackerman
PHOENIX, AZ – Proving the power of amenities like walkability and freeway access – including a location near the future Loop 202/South Mountain Freeway expansion – the Phoenix office of JLL has completed the $18.40 million sale of Foothills Corporate Centre II, an approximately 145,000-square-foot office building located along I-10 in the heart of Awhatukee, in Phoenix, Arizona.

JLL Senior Vice Presidents Brian Ackerman and Dan Postal represented the property seller, Fort Properties Management, Inc. The buyer was a joint venture between a leading institutional investor and Everest Holdings. JLL Managing Directors Dave Seeger, Mark Gustin and Karsten Peterson retain the property leasing assignment.

“Convenience and walkability are two of the most important features sought after by today’s modern office tenants, and Foothills Corporate Centre offers both,” said Ackerman. “The property is within easy walking distance to Ahwatukee Foothills Town Center and Foothills Park Place Shopping Center. It also sits directly alongside I-10, and is just north of the future South Mountain Freeway.”

The South Mountain Freeway is a 22-mile extension of the Loop 202 Freeway, running from the southwest Valley at I-10 and 59th Avenue to Pecos Road at the intersection of I-10 and the Loop 202, in the southeast Valley. Construction began in fall 2016 and is slated for completion by late 2019.

Dan Postal
We are excited about this project, as it uniquely caters to tenants who desire well-located, institutional-quality office space with tremendous access to amenities and a strong labor base,” said Everest Holdings Vice President of Acquisitions Michael Gusich.

Foothills Corporate Centre II is located at 14601 – 14605 South 50th Street, between Ray Road and Chandler Boulevard in Phoenix. The property is 72 percent leased to three tenants: Level 3, DirecTV and ExhibitOne.

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For more information on this news release, please contact:

Stacey Hershauer
 +1 480 600 0195

Buddy Brew Coffee to Open New Retail Location in Downtown Tampa’s Park Tower

Buddy Brew Coffee Owners Dave and Susan Ward

Tampa, FL -- Tampa’s cherished specialty coffee roaster, Buddy Brew Coffee with the passion to Brew Good and Do Good, announced today that they will open a new coffee shop location in downtown Tampa’s Park Tower. 
“We are excited to be opening a location in the heart of downtown Tampa and thrilled to be part of the beautiful renovation plan for Park Tower,” said co-owner and CEO of Buddy Brew Coffee, Dave Ward.

Park Tower, Downtown Tampa, FL
"We are thrilled about City Office REIT and Feldman Equities’ plan to make the building come alive by creating a beautiful space for building community and connection in our urban center.

“These plans perfectly align with our Buddy Brew mission - to share joy and inspire hope that transforms our community.  The new Park Tower will do exactly that. 

"As a homegrown Tampa brand, we are ecstatic by this opportunity to share this mission with our downtown Tampa community.  We love everything about this location and partnership,”

Buddy Brew Coffee, specialty coffee craft roaster, was founded by Dave and Susan Ward in 2010 with their first roastery and coffee bar in the heart of Tampa, Florida. 

Since then, they have rapidly expanded with four additional locations: a Coffee Bar at Oxford Exchange, Buddy Brew in Sarasota, Buddy Brew Hyde Park Village and Buddy Brew Coffee in Terminal F of the Tampa International Airport.  The newest location in Park Tower will mark Buddy Brew’s 6th coffee bar.

For more information on this news release, please contact:

Tess Hipp | Buddy Brew Coffee
T: (813) 258-2739

Marcus & Millichap Brokers $5.6 Million Sale of Small Miami Beach, FL Office Building

Benjamin H. Silver

MIAMI BEACH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 820 Arthur Godfrey, a 20,915-square foot office property located in Miami Beach, FL, according to Ryan Nee, vice president/regional manager of the firm’s Fort Lauderdale office. The asset sold for $5,600,000.

“The Property represents a best in class office building within the Arthur Godfrey corridor, an infill market which has seen very low turnover and no new office delivery within the last 20 years. This unique modernized office space should command a premium in the market as the new owner fills up the vacant space,” states Benjamin H. Silver, First Vice President of Investments, in Marcus & Millichap’s Fort Lauderdale office.

Silver and Douglas K. Mandel, Senior Managing Director, both in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company, and procured the buyer, a private investor out of California.

“The buyer’s plan to convert the building into a modern shared workspace environment will help revitalize a more mature market and bring new energy to the area,” adds Mandel

820 Arthur Godfrey is located at 820 Arthur Godfrey Road in Miami Beach.  The property features a new fa├žade with floor-to-ceiling impact glass, a modernized lobby with private parking garage on the ground floor and three full floors of state-of-the-art office space above, with modernized interior finishes.

Situated in the heart of the Miami Beach commercial submarket, the property’s premier position provides excellent visibility and heavy vehicle and pedestrian traffic along Arthur Godfrey Road.

For more information on this news release, please contact:

 Ryan Nee
Vice President / Regional Manager, Fort Lauderdale
(954) 245-3400

Redline Property Partners Acquires 2 Sun Court, Peachtree Corners, GA

Andrew Webb
Atlanta, GA -- Redline Property Partners, the real estate investment and management firm, announced it has purchased 2 Sun Court, one of the area’s best-located office properties in Atlanta’sfamed Peachtree Corners submarket.

The purchase represents Redline’s first investment in Atlanta.As part of the purchase, Redline has committed to immediately completing significant capitalimprovements and adding building amenities. 

Additionally, Redline intends to re-brand the property and implement its tailored “concierge style” management platform in order to better serve the needs of the building’s occupants.

”We are excited to invest in a market that continues to benefit from employment growth and long-term opportunities created by the expanding economy,” said Andrew Webb, Redline’s President. “This transaction signifies our continuing commitment to investing in Atlanta and the Southeast U.S. markets.”

“Redline’s trademark hands-on approach enables us to provide tenants with immediate, positive changes, ” said Webb. “This asset’s value-enhancement potential is an excellent fit with our strategic investment platform.”

Matt Davis
 Sun Court is strategically located in the heart of the coveted Peachtree Corners office submarket. 

With a number of nearby retail amenities and direct access to major transportation arteries, the building maintains superior accessibility and visibility. Its central location allows companies to access multiple talent pools in order to attract and retain employees from all areas  of the metro.

The building includes a 5-story tower, abundant parking and excess land, whichRedline intends to develop as additional amenity space.

To deliver the best service possible, Redline has partnered with Grover Corlew for the property management and has enlisted the services of Matt Davis and Matt Fergus with Lincoln Property Company for leasing the remaining vacant space.

For more information on this release, please contact:

Andrew Webb
Redline Property Partners, LP
2970 Peachtree Road NW, Suite 805
Atlanta, GA 30305, USA
Tel:    +1 651 398 2662
Main: (651) 398-2662