Tuesday, August 7, 2018

Rhodes+Brito Architects Meets Orange County, FL School Year Deadline on $14.8 Million Construction and Renovation Project at Dover Shores Elementary in Orlando, FL.

 ORLANDO, FL – The Dover Shores Elementary construction and renovation project designed by Rhodes+Brito was completed in time for faculty to get ready for students entering the 2018-2019 school year..

Ruffin Rhodes, co-founder and partner at Rhodes+Brito Architects, said the project awarded by Orange County Public Schools at a cost of approximately $14.8 Million, includes one new building with new classrooms, administration offices, kitchen, multi-purpose lunchroom/stage, play fields and playground equipment and renovation of one existing building that houses Pre-K, Kindergarten, and ESE classrooms.

The elementary school, located at 1200 Gaston Foster Rd., off of S. Conway and Curry Ford Rds., is ready to accommodate more than 600 students for the fall 2018 school year. 

Dover Shores students were attending a “swing school” at the former Engelwood Elementary School adjacent to the brand new Engelwood Elementary also designed by Rhodes+Brito and it was occupied by students this past 2017-2018 school year.

For more information, please contact:

 Ruffin Rhodes, Rhodes+Brito Architects, 407-648-7288 

Maximiano Brito, Rhodes+Brito Architects, 407-648-7288
Larry Vershel or Beth Payan, Larry Vershel Communications Inc.
 407-644-4142 Lvershelco@aol.com 

Levin Johnston Directs Record $22.5 Million Land Sale in Mountain View, CA

Adam Levin

MOUNTAIN VIEW, CA -- Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, announced the $22.5 million sale of a 1.72-acre land parcel in Mountain View, California.
This sale represents a record high price-per-acre in the Silicon Valley, where there is little land available, according to Adam Levin, Senior Managing Director of Levin Johnston.
Levin represented the seller, a private high net worth investor, as well as the buyer, California-based SummerHill Homes, in the transaction.
 “This was a prime opportunity to own a well-located land parcel with development entitlements already in place,” says Levin. “By bringing in a buyer with the expertise to develop the land, we were able to create tremendous value for the seller, the buyer, and the surrounding community.”

The land parcel is located near the intersection of West Middlefield Road and Rengstorff Avenue in Mountain View, in close proximity to the Google headquarters.
The buyer, an expert homebuilder, plans to develop 40 new for-sale townhomes, offering new housing options to the Mountain View community, according to Levin.
“Mountain View is an exceptional market with extremely strong fundamentals,” says Levin. “Google employs over 62,000 people in the immediate vicinity, and the demand for homes in this market is at an all-time high.
 "Based on this rising demand and the strength of the buyer, we anticipate that this property will deliver a deep value proposition for many years to come.”

 For more information, please contact:

Alex Caswell / Jenn Quader 
Brower Group
(949) 955-7940

BKM Capital Partners Acquires 300,000-SF Multi-Tenant Industrial Business Park in Los Angeles, CA Submarket

Backlot Burbank industrial business park, Burbank, CA

                       BURBANK, CA  BKM Capital Partners, an institutional fund manager with a niche focus on value-add, multi-tenant light industrial investments, has acquired Backlot Burbank, a 12-building, 302,869 square-foot industrial business park in the Los Angeles submarket of Burbank, California. The firm acquired the property for $84.75 million.
            Located between the I-5 and SR-170 freeways, and directly adjacent to the Hollywood/Burbank Airport, this is one of the only business park assets in Burbank, according to BKM Capital Partner’s CEO and Co-Founder, Brian Malliet.

Brian Malliet
            “We continue to acquire value-add multi-tenant industrial properties in markets that are strongly positioned to perform over time,” says Malliet. “Burbank has a very limited industrial supply, and is the entertainment production epicenter for broadcasting and radio. It is home to major entertainment powerhouses including Warner Bros and Walt Disney.”
In fact, the Greater Los Angeles market boasts the world’s 20th largest economy with over $600 billion in GDP, predominately from the entertainment sector.
“Burbank is the perfect perennial location for tenants servicing the entertainment industry due to increasing traffic throughout Los Angeles,” says Malliet. “The Backlot Burbank industrial park provides convenient access to Hollywood and downtown Los Angeles, as well as Westside Los Angeles and its surrounding commercial districts. 
"The asset will continue to benefit from the ongoing growth in Hollywood and DTLA that is pushing north towards Burbank.”

Brett Turner
            The industrial business park is currently 100-percent occupied by a diverse range of 16 different tenants with unit sizes ranging from 6,000 to 100,217 square feet with the average unit size of approximately 18,292 square feet.

            “The fact that the asset is fully-leased will provide immediate stabilized cash flow, allowing us to simultaneously enhance value for investors through our comprehensive value-add approach,” says Malliet. “In addition, the diversification among tenants and the staggered rent roll will limit tenant rollover exposure compared to single-tenant industrial properties where rollover exposure is much greater.”
BKM Capital Partners plans to implement a series of capital improvements to the property including new roofs, paint, and tenant and monument signage, among other upgrades.
“We focus on highly functional assets with strong upside potential,” says Brett Turner, Director of Acquisitions at BKM Capital Partners. 
“We were able to acquire this asset at a discount to its replacement cost, and will be able to significantly enhance property value through our comprehensive capital improvement plan and integrated property management platform.”
By repositioning the asset and integrating a series of upgrades, BKM will also be able to steadily grow rents, according to Turner.
“In-place rents at the property are currently 22-percent below market,” explains Turner. “We plan to bring rents up to market as leases roll as well as capitalize on the ongoing rent appreciation throughout the region by strategically positioning the property as a flagship asset. This will allow us to significantly increase NOI and maximize returns to investors.”
            The property is located at 4100-4210 W. Vanowen Place; 2303-2333 N. Valley Street, 4400-4510 W. Vanowen Street in Burbank, California. CBRE represented the seller, a joint-venture between Shubin Nadal Associates and Penwood Real Estate Investment Management, LLC, through its fourth value-added investment vehicle, Penwood Select Industrial Partners IV, L.P.

 For more information, please contact:

Alex Caswell/Lexi Astfalk
Brower Group
(949) 955-7940

NAI Realvest Represents Facilities Management Firm Expanding into Central Florida with New Multi-Year Lease near OIA

Paul Partyka

ORLANDO, FL– NAI Realvest recently represented the tenant in a new long term lease agreement for 7,560 square feet of warehouse and office space in the commerce park at 11316 Boggy Creek Rd. in south Orlando on the outskirts of Orlando International Airport. 

Paul P. Partyka, CCIM, MICPpartner at NAI Realvest, negotiated the transaction representing Lewis Property Services, Inc., a Royersford, Pa.-based property maintenance and landscaping services firm expanding into the Central Florida market. 

The tenant, in business since 1993, will be providing approximately 10 new jobs from their new location by the end of the year.

Paul Straubinger of Straubcos, LLC negotiated the transaction on behalf of the landlord Taft Holdings, Inc and Straubinger, Inc.    

 For more information, please contact:

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

PulteGroup breaks ground on six model homes at Del Webb Bexley in Land O'Lakes, FL

Stonewater model at Del Webb Bexley,
Land O'Lakes, FL
TAMPA, FL – PulteGroup is breaking ground this month on six models at Del Webb Bexley, an 850-home, age-restricted community in Land O’ Lakes.
The residences are designed for pre-retirement and retiring boomers to fit their interests in maintaining intellectually, socially and physically active lives.
Del Webb is a pioneer in active-adult communities targeted to the 55+ demographic. This is the first Del Webb community to be built from the ground up in the Tampa Bay area since 1960.
 “The model homes we are building accommodate a variety of lifestyles,” said Sean Strickler, PulteGroup division president for the West Florida region. “They range from the efficiency of the one-story, two-bedroom Steel Creek to the spaciousness of the two-story, four bedroom, four bath Pinnacle Grand.

Sean Strickler
The other four models under construction are Martin Ray, Pinnacle, Stonewater and Taft Street. 
They are among the 17 designs offered at Bexley Del Webb, which is being developed on 489 acres within the Bexley master-planned community over four phases.  The model homes are expected to be completed, and open to interested buyers, by January.
Prospective buyers can also take a virtual flythrough of the 17,000-square-foot, multimillion-dollar clubhouse. It features a large social room, café offering snacks, beer, coffee and wine, fitness area, resort-style community pool, dog park, community garden, pickle ball and tennis courts and recreational activities planned by a full-time lifestyle director.
Since celebrating the official groundbreaking in late January, the sales team has received more than 3,000 leads from interested buyers.
Del Webb is one of the largest builders within Bexley, a 1,825-acre master-planned community developed by Newland Communities approximately 20 miles northwest of downtown Tampa.
Del Webb’s Bexley residents will enjoy a lakefront club and café and will be able to purchase additional access to Bexley’s many all-ages amenities including 10 miles of multi-use Avid Trails™, parks and play areas, soccer field, dog park, two resort-style pools, bike park and a robust schedule of social events.
 For more information, please contact:

Jasmin Curtiss 
PH: 866-230-6089

HFF announces the $21.4 million sale of a value-add retail redevelopment in Huntington Beach, CA

Warner West, Huntington Beach, CA

Gleb Lvovich
NEWPORT BEACH, CA –– HFF announces the $21.4 million sale of Warner West, a 73,427-square-foot, value-add retail redevelopment site in Huntington Beach.

The HFF team worked with the buyer, Merlone Geier Partners.  The seller was a private family trust that has owned the asset for more than 45 years.

Warner West is situated on seven acres at 6885-6991 Warner Avenue at the intersection of Warner Avenue and Goldenwest Street, one of the top intersections in Huntington Beach with more than 52,000 cars per day. 

Home to Big Lots, in-line shops and a restaurant pad building, the property was 78 percent occupied at the time of sale with short-term anchor and shop leases allowing for near term redevelopment of a well-located but aging shopping center.

Daniel Tyner
The HFF investment advisory team consisted of Gleb Lvovich and Daniel Tyner.

“The sale of Warner West represents the continued interest in coastal anchored shopping centers in primary markets, especially those with upside and cash flow growth,” Lvovich said.

“Warner West is an example of the ideal repositioning opportunity that investors want today due to the below market in place rents with near term lease roll over that presents an almost immediate repositioning opportunity for the buyer,” Tyner added.

 For more information, please contact:

HFF Digital Content/Public Relations Specialist
(713) 852-3420

HFF and SENTRE announce the $10.25 million sale of Enclave at Lake Murray in La Mesa, CA

Enclave at Lake Murray Apartments, La Mesa,
San Diego County, CA
SAN DIEGO, CA, Aug. 6, 2018 – HFF announces the $10.25 million sale of commercial real estate investment and development firm SENTRE’s 35-unit apartment property Enclave at Lake Murray, a newly renovated, garden-style property in the Southern California community of La Mesa in San Diego County.

Hunter Combs

 The HFF team exclusively marketed the property on behalf of SENTRE, and procured the buyer, RM Realty.

 Enclave at Lake Murray is located at 5476 Kiowa Drive approximately 15 minutes northeast of downtown San Diego and the city’s world-class beaches and just south of Lake Murray, a popular destination for bicycling, jogging and hiking.

The property is two miles from downtown La Mesa, known locally as La Mesa Village, which features restaurants, premium retail, historic destinations and nightlife.

 Originally purchased by SENTRE for $7.1 million in December 2013, Enclave at Lake Murray features two-story townhome-style units with spacious one- and two-bedroom floor plans totaling 28,950 rentable square feet and common area amenities, including a swimming pool, spa, grilling area, dog park and fitness center.

The property was 94 percent occupied at closing.

Doug Arthur
 “We are pleased to have successfully repositioned Enclave at Lake Murray, selectively renovating units and materially increasing rents since our acquisition in 2013,” said Doug Arthur, President and CEO of SENTRE.  “We very much believe in the Lake Murray pocket of La Mesa and think the buyer will do very well with the asset.”

 The HFF investment advisory team representing the seller consisted of senior director Hunter Combs.

 “The recent surge of high-end apartment development in Mission Valley has translated to robust rent growth in the surrounding submarkets,” Combs said. 

“Turnkey finishes within unique townhome-style floorplans at Enclave at Lake Murray created significant interest from capital attracted to the long-term future of La Mesa.”

 Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

  For more information, please contact:


HFF Public Relations Specialist

(713) 852-3500