Wednesday, August 30, 2017

Lincoln Property Company Southeast Negotiates New Lease and Lease Renewals at Midtown Plaza Two in Atlanta, GA

Caroline Cole

Michael Howell
ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has secured a new lease and a lease renewal totaling 5,300 square feet at Midtown Plaza Two.

Michael Howell, Hunter Henritze and Caroline Cole of Lincoln lead leasing at the two-building Class A property located at 1360 Peachtree St. and 1349 W. Peachtree St., in the Midtown submarket of Atlanta.

Fortna, LLC signed a new lease at Midtown Plaza Two for 4,166 square feet. Fortna was represented by Andrew Waguespack and Chris Goershel of Colliers International. Allen and McCain, PC renewed its lease on 8,360 square feet, while Cambridge Wealth Advisors, LLC renewed its lease on 1,132 square feet.

“Midtown Plaza One and Two have attracted significant interest and leasing activity over the past few years, and nearly $5 million in renovations has helped increase interest even more,” said Lincoln’s Howell. “The property’s strategic location, along with its extensive amenities, makes Midtown Plaza a very desirable office location for tenants looking to be in one of Atlanta’s busiest areas.”

Hunter Henritze
Midtown Plaza offers immediate access to the I-75/I-85 Downtown Connector and the Arts Center MARTA station. Amenities include a fitness center, conference center, café, bank, 24-hour security, car wash and electric vehicle charging stations.

For more information on this news release, please contact:

Gary Tanner
The Wilbert Group

HapCor Relocates Headquarters from Davie, FL to Miramar Park of Commerce


Lauren Pace

MIRAMAR, FL  – Sunbeam Properties & Development announced that HapCor, Inc., an international retail grocery product distributor and food service provider, leased 32,013 sq. ft. of office and warehouse space at 9587 Premier Parkway in the Miramar Park of Commerce.

HapCor relocated its headquarters from Davie to the Miramar Park of Commerce, the largest locally owned and managed business park in South Florida.

“HapCor started out as a distributor of retail grocery products to the Caribbean market exclusively,” said Hap Clare, president and founder of HapCor. “As we grew and signed agreements with brands such as Campbell’s, Pepperidge Farm, Borden Dairy, Badia Spice and others, we realized the importance of a location that would serve as a gateway to not only the Caribbean, but also to Latin America and eventually Cuba.”

Maridee Bell

HapCor maintains a dry and frozen food storage facility and corporate office at the Park, which provides convenient access to I-75 and Florida’s Turnpike and connectivity to Port Everglades, Port of Miami and regional airports. 

“As HapCor continues to grow and attract new clients in international markets, a base of operations that was well connected to distribution and shipping routes was essential,” said Vice President Maridee Bell of Sunbeam Properties & Development. “From the Park, HapCor is able to efficiently and speedily ship its wares, which is fundamental when transporting food products.”

In the transaction, HapCor was represented by Carlos Velasquez of Vivo Real Estate Group and Tom Viscount of Butters Realty and the Park was represented by Bell and Lauren Pace of Sunbeam Properties & Development.

For more information, contact Lauren Pace (
 or Maridee Bell (
 at 10212 USA Today Way, Miramar, FL 33025 or call 954-450-7900.

For more information on this news release, please contact:

Lexi Robinson
954-776-1999, ext. 255

Hanley Investment Group Negotiates Sale of Newly-Remodeled Community Shopping Center Adjacent to Galleria at Tyler Mall in Riverside, CA

Michaels Plaza, Riverside, CA

RIVERSIDE, CA -Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced President Ed Hanley and Executive Vice Presidents Bill Asher and Kevin Fryman represented the seller in the sale of Michaels Plaza, a 62,952-square-foot, newly-remodeled regional shopping center anchored by Michaels and located across the street from the 1.2 million square-foot Galleria at Tyler Mall in Riverside, Calif. The sale price was $22,150,000. 

 Ed Hanley
The seller, an affiliate of San Francisco-based The Krausz Companies, Inc., was represented by Hanley, Asher and Fryman. The buyer, a private investor from Fullerton, Calif., was represented by Jefferson Kim of jKim Group, Inc. of Buena Park, Calif. 

Built in 1987 on 5.0 acres and located at 10303-10357 Magnolia Avenue in Riverside, Krausz acquired Michaels Plaza in 2013, and implemented a multi-million-dollar renovation in 2016.  

The property was 98 percent occupied at the time of the sale. Fryman commented that Michaels Plaza has approximately 94 percent national/regional tenants including Michaels, David’s Bridal, Lamps Plus, Armed Forces, The Flame Broiler, GameStop and Miracle Ear. 

“The sale represents another prime example of a 1031 exchange buyer deploying their proceeds into a retail investment as a flight to quality and security,” said Fryman. “Michaels Plaza attracted substantial interest due to its excellent location in a high-density retail trade area with over 2.5 million square feet of retail space within a one-mile radius.

“Furthermore, its location of being situated directly across the street from the 1.2 million-square-foot Galleria at Tyler regional mall (with the only Nordstrom in the Inland Empire) was a significant selling point of the current and future long-term stability of the overall location.”

Bill Asher
Asher commented, “In addition to the prime Riverside County location, the historical occupancy at the center was a key attribute to the sale. 

"Approximately 83 percent of the tenancy has been located at the center since at least 2003, including Michaels and Lamps Plus since 1987, and David’s Bridal since 2003. 

"Furthermore, all of the existing tenants have extended their leases for the last five years exemplifying a reliable and stable income stream for the buyer.”

Hanley noted that, eight shopping centers priced over $20 million have traded hands in the Inland Empire in the last 12 months, with Hanley Investment Group being involved in three of the eight sales. Only five shopping centers priced over $20 million sold in the Inland Empire in the 12 months prior (3Q 2015 – 3Q 2016).

“Overall the retail investment market in the Inland Empire has continued to improve and be a viable alternative option to the competitive Los Angeles and Orange County markets,” said Hanley. “We have seen more transactions in the last 12 months in Riverside and San Bernardino County, and although we have seen more inventory, it still hasn’t outweighed buyer demand.”

Hanley adds, “Buyers for anchored shopping centers are still starved for the right product that fits their acquisition criteria and return goals. Buyers have been more cautious and selective while sellers continue to adjust to a transitioning market of fluctuating interest rates that is affecting disposition value expectations compared to the last 24 months of peak market conditions.”

For more information on this news release, please contact:

Anne Monaghan

Voit Directs Two-Building Sale Including Unique Aerovault Property in San Diego, CA Submarket

8875 Aero Drive, Kearny Mesa, CA

San Diego, CA – Voit Real Estate Services has successfully completed the sale of two flex/office properties encompassing 140,470 square feet in the Kearny Mesa submarket of San Diego, California.

Comprised of two buildings situated on 7.61 acres, the $18.5 million sale includes the Aero Office Building - a 37,000 square-foot, three-story, multi-tenant office property - as well as the 103,470 square-foot AeroVault building.

Brandon Keith
             The AeroVault is located at 8875 Aero Drive, and the Aero Office Building is located at 8825 Aero Drive in Kearny Mesa, California.

Protea has retained Ware Malcomb as the architect on the project.

Brandon Keith, Randy LaChance and Jon Boland of Voit Real Estate Services’ San Diego office represented the seller, 8825 & 8875 Aero Drive Holdings, LLC. 

Kipp Gstettenbauer and Ryan King of Voit’s San Diego Exclusive Private Client Group represented the buyer, Protea Aero Drive, LLC.

“The AeroVault is one of the most unique buildings in the market today,” says Keith, a Senior Vice President with Voit. “The property was constructed for Bank of America in the early 1980’s as their primary Southern California money vault, which purported to hold up to $1 billion in cash and coin at peak operation. 

“Based on this specialized use, the building has no first floor windows, and features heavy concrete security elements throughout the ground floor.”

Randy LaChance
The history of the two-building asset is complex, according to Keith, who explains that the AeroVault has been vacant for nearly eight years, and that both buildings underwent court ordered receivership, followed by foreclosure, and finally asset management by special servicer LNR Partners.

“Based on our expertise in finding creative solutions, Voit was recruited to identify a buyer for the assets,” explains Keith. 

“Our team’s active marketing garnered multiple offers over the two years we handled the property, and Protea Aero Drive, LLC emerged as the first buyer to recognize the asset’s true potential and agree to a non-contingent purchase acceptable to the special servicer.”

Randy LaChance, a Senior Vice President in Voit’s San Diego office, notes that the sale represents a tremendous value-add opportunity in the current market.

“The Kearny Mesa flex and office markets are among the strongest in the county,” LaChance says. “This sale presented an exceptionally strong opportunity for a buyer to reposition the facilities for lease in a tight market.”

This strategy is well-aligned with the buyer’s plans for the property, which include the renovation and re-positioning of the AeroVault into the premier creative tech / corporate office facility in Kearny Mesa, according to Voit’s Kipp Gstettenbauer.

Jon Boland
“Protea’s vision is to create a state-of-the-art creative office environment like no other in this submarket,” Gstettenbauer says.  “Leveraging the building’s excellent 4.75/1,000 parking ratio, 15-foot high concrete ceilings, and outside open spaces, the buyer will re-design the building inside and out in order to offer unmatched lifestyle amenities and maximize flexibility for a wide range of office, medical, and technology tenants.”

“The high technology corporate and creative office trend has not been widely available to tenants in Kearny Mesa, especially on this scale,” notes Gstettenbauer.  “With markets like Sorrento Mesa offering similar space in the high $2.00 per-square-foot range without the freeway access Kearny Mesa offers, we expect the property to garner significant tenant demand.”

Kipp Gstettenbauer, Ryan King, and Brandon Keith of Voit’s San Diego office will handle marketing efforts and the repositioning campaign for both assets going forward. 

For more information on this news release, please contact:

Katie Clendening/ Jenn Quader
Brower, Miller & Cole
(949) 955-7940