Thursday, August 15, 2019

PrimeRevenue Doubles Atlanta Footprint with Multi-Floor Lease at Bank of America Plaza in South Midtown Atlanta, GA



Bank of America Plaza, South Midtown, Atlanta, GA


ATLANTA, GA – Shorenstein Properties announced it signed a multi-floor lease at Bank of America Plaza to serve as the global headquarters of PrimeRevenue, Incorporated, a leader in business-to-business fintech providing working capital finance technology solutions to companies ranging from the mid-market to the Fortune 500.














PrimeRevenue’s decision to relocate to the 48,844-square-foot space covering two floors, in the premiere south Midtown site, is in support of its significant global growth and its continued focus on being culture centric.

 The neighborhood is itself in growth mode, due to its rapid emergence as a walkable live-work-play community that continues to attract a wide range of TAMI sector firms from metro Atlanta and beyond.

“PrimeRevenue has grown its employee base 26 percent thus far in 2019, with an additional 30 percent growth planned this year,” said Michelle Kilroy, Head of People and Talent.

Michelle Kilroy
PJ Bain, the CEO of PrimeRevenue, Incorporated, commented further to say “This has led to the decision to double the location space of our global headquarters in Atlanta.

"Bank of America Plaza is a fantastic fit for our commitment to providing our current and future employees with a custom-built space designed to support our collaborative culture and values.”

PrimeRevenue will move into its new offices in the 4th quarter of 2019. The company’s new, purpose-built workspace will include upgraded technology, extensive corporate values branding, open layouts with lofty ceilings, creative lounge areas and numerous collaboration spaces designed to enhance both the employee and candidate experience as well as PrimeRevenue’s innovative culture and global TEAM excellence.

PJ Bain

“We are pleased to welcome PrimeRevenue to Bank of America Plaza, which has become a magnet for top talent in the heart of Atlanta’s largest tech hub,” said Christopher Caltabiano, Senior Vice President of Asset Management at Shorenstein Properties.

 “The ongoing renaissance in South Midtown combined with new state-of-the-art amenities at the building create the ideal environment for PrimeRevenue as it enters its next chapter of growth.

"Leasing momentum at Bank of America Plaza remains strong, and we look forward to forging more partnerships through the remainder of 2019.”

More than 100,000 square feet of leasing agreements have been signed at Bank of America Plaza over the last 12 months due to increased demand for next-generation space in south Midtown.

Christopher Caltabiano

Shorenstein also recently completed a $10 million renovation to the building’s West Wing that delivered modern amenities, workspace and Marketplace 600, a 17,000-square-foot food hall. 

“Having a respected firm like PrimeRevenue, Incorporated, leave the historic core of Midtown for a new opportunity in the SoNo district provides further proof that the epicenter of the submarket has shifted south,” said Jeff KeppenExecutive Vice President of CBRE.

 “This trend will only accelerate in the next decade ahead as new projects that enhance walkability and raise the overall user experience continue to come online.”

Established in 2003, PrimeRevenue, Incorporated, has 200 plus employees around the globe, and is dedicated to providing services for over 30,000 clients in 70 countries to optimize their working capital and efficiently fund strategic initiatives supporting their competitive advantage.

Jeff Keppen

The company’s supply chain finance network supports more than 30 currencies on a single cloud-based, multi-lingual, cross-border network which sees a volume of more than $200 billion in payment transactions per year.

PrimeRevenue, Incorporated, is the only supply chain finance provider offering hands-on, 24/7 global support both patent approved and pending technology.

The crown jewel of Atlanta’s skyline, Bank of America Plaza is home to both fast-growing tech firms such as Featurespace, Flexport, Convoy, Revel Systems, and Riskalyze, as well as established legal and professional services firms like Troutman Sanders and Bank of America.

Contact:


Nick Banaszak
1718 Peachtree St., Suite 1048 
Atlanta, GA 30309
M: 256-457-5384


Lincoln and Harvard’s Waypoint Campus Becomes Largest Phoenix Office Sale of Year at $107.6 million


Waypoint totals four buildings and almost one-half-million square feet at the borders of Mesa, Tempe and Scottsdale, AZ

 MESA, AZ – Following the execution of a strategic development, repositioning and leasing plan, Harvard Investments and Lincoln Property Company (LPC) have sold the Waypoint suburban Class A office campus for $107.6 million to Innovatus Capital Partners LLC (Innovatus), an independent advisor and portfolio management firm headquartered in New York City.

Barry Gabel
Totaling four buildings and almost one-half-million square feet at the borders of Mesa, Tempe and Scottsdale, Arizona, the project is the highest-priced office sale of the year in metro Phoenix.

The seller was represented by Barry Gabel, Chris Marchildon and Will Mast of CBRE.

Waypoint, which sits near the confluence of the Loop 101 and 202 freeways within the highly amenitiezed Riverview District, is 98 percent leased.

“Waypoint was developed with a clear vision in one of the tightest, growing and popular office markets in metro Phoenix,” said Bradley Seiden, Managing Director of Innovatus.


Chris Marchildon
 “The property is a very strong addition to our diversified portfolio of U.S. office properties located in emergent top-tier markets. Waypoint provides an opportunity to leverage our team’s operational expertise, provide additional improvements for our tenants and potentially develop another building.”

“Waypoint is a fantastic success story, encompassing two ground-up buildings developed by Harvard and Lincoln, and two buildings that we purchased, redeveloped and rebranded to create a cohesive office campus that now employs nearly two thousand,” said Harvard Investments President and CEO Craig Krumwiede.

Will Mast
Waypoint is leased to a high-quality list of national and local tenants including Cognizant, Verra Mobility, Mitel, Ashton Woods, Beazer Homes, Nextcare, Udall Shumway and EPS Group. LPC, who has served as the property manager for all four buildings, will maintain the management assignment as part of the firm’s almost 10 million-square-foot Phoenix property management portfolio.

“This sale marks the seventh U.S. transaction that Lincoln has completed with Innovatus in just 18 months,” said Lincoln Property Company Executive Vice President Dave Krumwiede.


Dave Krumwiede
“We have a great history together and appreciate expanding the Innovatus and Lincoln partnership to greater Phoenix.

"We look forward to continuing our work with Innovatus and driving economic success in their targeted markets.”

Harvard and LPC developed the first, 108,956-square-foot building at Waypoint in 2014 as a build-to-suit that was fully pre-leased to Verra Mobility (formerly American Traffic Solutions) before the building was completed.

 In 2016 the partnership completed a second, 153,134-square-foot building and purchased two adjacent, existing buildings to create the four-building, 426,951-square-foot Waypoint campus, which spans 36 acres in the rapidly growing Riverview District.

Craig Krumwiede


Tenants at Waypoint enjoy a high-tech modern aesthetic, multi-story lobbies, creative workspaces, amenity areas and outdoor collaborative spaces. 

The Harvard/LPC-constructed buildings also offer 14-foot open ceilings and glass windows that begin at floor level and extend 11 feet high.

Waypoint sits adjacent to the mixed-use Riverview District, offering 1.3 million square feet of retail, restaurants, entertainment and the upscale Sheraton and Hyatt Place hotels.

Also within Riverview are Riverview Lake and Sloan Park, home of the Chicago Cubs spring training facility.

Waypoint is located just six miles east of Phoenix Sky Harbor International Airport and is minutes from Arizona State University’s main campus. The location provides convenient access to Loop 101 at Rio Salado Parkway, and the Loop 202 at Dobson and Alma School roads.

Bradley Seiden
Dave Carder and Scott Boardman of Cushman and Wakefield were the property’s leasing agents.

For more on Waypoint, please visit the property website at www.waypointarizona.com.

 To discuss leasing, investment or property management opportunities with Lincoln Property Company in the Desert West region, please call David Krumwiede or John Orsak at (602) 912-8888.


About Innovatus Capital Partners:

Innovatus adheres to an investment strategy that identifies distressed, disruptive and growth opportunities in the less obvious market segments across multiple asset categories with a unifying theme of capital preservation, income generation and upside optionality. 


Dave Carder
The firm has a dedicated team of real estate investment professionals. They have deep experience in commercial real estate acquisitions, recapitalizations and asset management across core-plus and opportunistic real estate investments.

Their scope covers all property types,  including office, retail, hotel, medical, industrial and warehouse.

Innovatus and its principals have significant real estate experience with ventures that range from the creation of a CMBS lending group and servicing platform to making equity investments in developments and single asset purchases. 

Further information can be found at www.innovatuscp.com.

About Harvard Investments:

Harvard Investments, Inc. is a real estate investment and development company with real estate holdings throughout the western United States. 


Scott Boardman
Harvard combines experience, integrity and financial stability to create high quality, environmentally sensitive, profitable communities. 

Harvard’s Canadian parent, the Hill Companies, is a privately held diversified company involved in real estate development including construction and leasing of commercial office buildings and retail properties, oil and gas production and distribution, broadcasting, surety bonding, and insurance. 

The Hill Companies have been under continuous family ownership and operation since 1903.

Harvard Investments’ portfolio encompasses a variety of high-quality residential and commercial projects across the southwest . The assets include Cadence at Gateway, Waypoint and Union in Mesa; Rancho Mirage and The Lakes at Rancho El Dorado in Maricopa; Verde Trails in Avondale, Trailside Point in Phoenix, Talking Rock in Prescott, Mariposa near Albuquerque and Gregg Ranch near Austin. 


John Orsak
To learn more, please visit
 http://www.harvardinvestments.com.

About Lincoln Property Company:

Lincoln Property Company (LPC) is an international full service real estate firm offering real estate investment, development, design/construction management, leasing and property management/ receivership/asset management services.

 LPC has approximately 8,000 employees with an international footprint that includes offices in 45 cities across the U.S. and six cities in Europe and South America. 

Since 1965, LPC has developed more than 128 million square feet of office, industrial and retail projects known for their design, quality and superior locations. It currently has more than 406 million square feet of commercial space under leasing and/or management. 

To learn more about Lincoln Property Company, please visit 
www.lpc.com or www.lpcphx.com.

Contact:

Stacey Hershauer
480.600.0195


MCA Realty Acquires 350,000-SF Multi-tenant Industrial Asset in Las Vegas, NV for $42 Million


Equus Business Center, Las Vegas, NV

Tyler Mattox

LAS VEGAS, NV – MCA Realty, a full-service real estate investment and management company based in Orange County, California, has acquired Equus Business Center, a 357,608 square-foot multi-tenant industrial property in Las Vegas, Nevada in an off-market transaction for $42 million.

MCA Realty plans to rebrand the property as Central Seven Commerce Center.

Located just over a mile from the Las Vegas Strip, a multi-tenant industrial property of this scale and caliber is a rare find, according to Tyler Mattox, Principal at MCA Realty.


“Multi-tenant industrial assets are typically very expensive to build so there is little new development in the sector, especially as construction costs continue to increase,” explains Mattox.


Dan Doherty
 “Because the cost to build is so high, it is also very uncommon to find multi-tenant industrial assets as large as 350,000+ square feet and ones that occupy a full square block.

"This property is a valuable addition to our portfolio and will continue to benefit from this sector’s diminishing supply and the asset’s location and proximity to the Las Vegas Strip.”

The business center is currently 89 percent occupied by a diverse range of more than 170 tenants.


Gabe Telles
“We plan to stabilize the rent roll, as well as bring current rents up to today’s market value,” says Mattox. “From opening of escrow, net operating income has increased by more than $200,000.”

According to Mattox, the asset’s location near the Strip acts as a major point of attraction for tenants as many of its existing tenants service the Strip, which is an epicenter for billions of dollars in business each year.


“The property will also benefit from future development in the region such as the new Raiders Stadium and the surrounding development that will come with this $1.9 billion project,” says Mattox.

Ali Roesener 

 “We feel that we understand the Las Vegas market and have been extremely active in the region for several years. We were one of the first buyers to buy multi-tenant assets in the area after the downturn.


Frank Gatski 
"Since then, we’ve acquired more than 20 properties and now own more than 1.25 million square feet in the region.”

MCA Realty plans to implement some interior and exterior renovations to the property including new paint, landscaping, and improved signage, among others.

The property is located at 3400 Desert Inn, 3110-3230 Polaris Avenue, and 3401 Sirius Avenue in Las Vegas, Nevada.

 Dan Doherty of Colliers International and Gabe Telles and Ali Roesener of Gatski Commercial represented MCA Realty as the buyer. Frank Gatski of Gatski Commercial represented the seller, a private investor.


Chris Lane


MCA Realty also sold the final unit in its Wigwam Jones Industrial Park asset in the Southwest submarket of Las Vegas.

The 7,182 square-foot unit was sold for $1.075 million and was one of 11 condominium units previously acquired by MCA in 2014 for $6.4 million. 

 Upon its initial acquisition, MCA finalized the parcel map and subdivision of the units and began its planned fractional disposition of the asset. 


The sale of the final unit located at 5945-2 W. Wigwam Avenue brings the total sales price of the asset to $10.48 million. 


Jerry Doty
MCA would like to thank Dan Doherty, Chris Lane and Jerry Doty of Colliers International and Marc Magliarditi of LOGIC Commercial Real Estate for their work on this transaction.


Marc Magliarditi 



Contacts:

Lexi Astfalk
(949) 438-6262


Attom Data Solutions Appoints Martha Notaras to Board

  
Martha Notaras

 IRVINE, CA -- ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), is pleased to announce the appointment of Martha Notaras to its Board of Directors, effective immediately.

“We’re delighted to have Martha Notaras join our Board and we look forward to her valuable contributions,” said Rob Barber, CEO, ATTOM Data Solutions.

Rob Barber

 “Martha’s deep professional background and corporate development experience in technology, information and financial service companies, will continue to strengthen our position as the premier one-stop shop for high-quality real estate data and fuel future growth and innovation.”

Steve Ozonian

This announcement comes on the heels of ATTOM most recently being acquired by Lovell Minnick Partners, a private equity firm specializing in financial and related business services companies.

Notaras is a partner at venture capital fund, XL Innovate, investing in insurtech and fintech, including startups focused on data and analytics, as well as new business models. She serves on the boards of four of XL Innovate’s portfolio companies: Cape Analytics, Pillar Technologies, GeoQuant and Notion.

“I am delighted to serve on the ATTOM Data Solutions Board of Directors,” said Notaras. “ATTOM is transforming the future of property data through innovative technology and I look forward to helping power this innovation by guiding strategic initiatives to expand ATTOM's reach into various industries, with a strong focus on insurance-specific solutions.”

John D. Cochran

Previously, Notaras ran corporate development for the business data and analytics division of the Daily Mail and General Trust plc.

Of the 20 investments Notaras made, two achieved and maintained valuations over $1 billion. Notaras has served as board director for companies that are in early and growth stages, with a focus on fintech, insurtech, proptech, edtech and digital media.

Notaras’s prior experience includes investment banking at Merrill Lynch and commercial banking at Credit Suisse.

Jason S. Barg
Notaras earned her A.B. cum laude from Princeton University and her MBA from Harvard Business School, where she was a Baker Scholar, awarded for graduating in the top five percent of the class.

The 2019 ATTOM Data Solutions Board of Directors also consists of Rob Barber, CEO, ATTOM Data Solutions; Steve Ozonian, CEO of Williston Financial Group and Lead Director of LendingTree; John D. Cochran, Partner of Lovell Minnick and a member of its Investment Committee and its Management Committee; and Jason S. Barg, Partner of Lovell Minnick.

CONTACTS:

Christine Stricker
949.748.8428

Data and Report Licensing:
949.502.8313