Tuesday, May 26, 2020

Whole Foods-anchored retail center near Miami sells for $46.75 million



Plaza San Remo, 
 a 59,694-square-foot, fully leased, Whole Foods Market-anchored retail center that is part of a larger mixed-use project in the Miami-area community of Coral Gables, FL

Roy Rosenbaum
 Miami, FL,  May 26, 2020 – JLL Capital Markets announced today that it has closed the $46.75 million sale of Plaza San Remo, a 59,694-square-foot, fully leased, Whole Foods Market-anchored retail center that is part of a larger mixed-use project in the Miami-area community of Coral Gables, Florida.

JLL marketed the property on behalf of an institutional investment advisor. A newly raised core fund advised by Zurich Alternative Asset Management, LLC (“ZAAM”) of New York purchased the asset.

Danny Finkle
 Completed in 2007, Plaza San Remo is anchored by a high-producing Whole Foods Market. 

The rest of the tenants include Pediatric Associates and OXXO Care Cleaners, both of which have made long-term commitments to the center.

The property is at 6701 Red Rd. and is the ground-floor retail component of a seven-story, trophy, mixed-use asset that also features medical office space and a seven-story parking garage.

Plaza San Remo is surrounded by a dense and affluent Coral Gables customer base that includes 111,533 residents with an average annual household income of more than $135,000 that live within three miles of the property.

Additionally, the location at the crossroads of Coral Gables and South Miami places it near several demand drives, including more than 1.8 million square feet of office space within a half mile, the University of Miami and South Miami Hospital.

Sean Bannon
 “We are happy to add this well-located asset to our portfolio,” said Roy Rosenbaum, Director of Acquisitions, who spearheaded the deal for ZAAM. “The demographics and infill nature of this acquisition opportunity were quite compelling.”

“This is the second investment in our newly raised third-party fund,” added Sean Bannon, Managing Director and Head of U.S. Real Estate for Zurich.

“The physical, locational and tenancy features will do well for our international investors, offering them an attractive yield, term and credit. 

"We anticipate this will be a long-term hold for us as we continue to invest in South Florida.”
Luis Castillo 

The JLL Retail Capital Markets team that represented the seller included Senior Managing Director and Co-Head of JLL’s Retail Practice Danny Finkle, Managing Director Luis Castillo and Director Eric Williams.

 “Plaza San Remo is a trophy Whole Foods store serving one of the most recognizable residential submarkets in South Florida,” Finkle said.

“The fantastic credit tenancy, core Coral Gables location and outstanding tenant sales performance made Plaza San Remo a highly desirable asset by investors and an unparalleled core investment opportunity.”

 JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

Eric Williams
The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

CONTACT:

 Kimberly Steele,
JLL Senior Associate
 Public Relations
Phone: +1 713 852 3420

Daum Commercial Completes $14.35 Million Sale of Warehouse Complex in Tight Los Angeles County Submarket


 Natalie Lara
 
RANCHO DOMINGUEZ, CA, May 26, 2020 – DAUM Commercial Real Estate Services recently completed the $14.35 million sale of two industrial warehouses totaling more than 85,000 square feet in the South Bay submarket of Rancho Dominguez, Los Angeles County, California, on behalf of both the seller and the buyer.  


Jordan Lara 
DAUM Associate Natalie Lara played an instrumental role in advising and understanding the goals of the seller, a cosmetic products manufacturer, and in identifying an ideal opportunity for the buyer, First Industrial Realty Trust, whom she procured alongside DAUM Executive Vice Presidents Jordan Lara and Andrew Lara. 

Andrew Lara

The Chicago-based publicly traded real estate investment trust, which owns and operates a national portfolio of industrial assets, plans to maximize the value of the property’s unmatched infill location by completing strategic redevelopment, according to Natalie.  

The redeveloped site will consist of a 27,962 square-foot building with 15 docks situated on 3.98 acres of land. 

“We immediately recognized that this building’s prime location was well aligned with the buyer’s investment strategy of focusing on the creation of long-term value within infill markets like the South Bay,” says Natalie. 

According to Jordan Lara, the property’s close proximity to the 710, 91, 405 Freeways and Ports of Long Beach and Los Angeles opened up a significant value-add opportunity for the buyer. 

 DAUM closes $14.35 million sale of two industrial warehouses totaling more than 85,000 square feet in the South Bay submarket of Rancho Dominguez, Los Angeles County, CA

 “While this property, as built, is primarily suited to manufacturing and light distribution needs, we strategically determined that the future of this asset could be more of a robust distribution operation, based on its location in a booming logistics environment,” explains Jordan.  

Andrew Lara adds: “Sourcing a buyer who could redevelop the asset to access its full potential and fulfill a huge demand in the market required several specific real estate fundamentals to come together. Ultimately, this was a true win-win scenario for both parties involved.”  

This redevelopment project is scheduled to be completed 3rd Quarter 2021. The property is located at 19400 and 19302 S. Laurel Park Road in Rancho Dominguez, California. 


CONTACTS:

Katie Haga / Elisabeth Manville   
Brower Group  
(949) 438-6262  
khaga@brower-group.com 



Hospitality Ventures Management Group (HVMG) Awarded Management of Under Construction Residence Inn by Marriott Waco/South in Texas

  
104-room Residence Inn by Marriott Waco/South, Waco, TX

WACO, TX, May 26, 2020 —Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel investment, ownership and management company, today announced it was awarded management of the currently under-construction, 104-room Residence Inn by Marriott Waco/South in Texas. 

 Owned by Heritage Hospitality Group, a hospitality ownership/development/construction management company, the hotel is expected to open in in mid-July 2020.

            “The Residence Inn by Marriott Waco/South marks our fifth hotel in Texas and our 20th  Marriott-branded property,” said Robert Cole, president & CEO, HVMG. 

 Robert Cole
“Our familiarity with both the market and the brand will allow us to ramp up quickly as the hotel begins its run towards segment leadership for guests looking for a little more space. 

"Additionally, our ability to create economies of scale and share best practices will benefit the hotel’s profitability and guest satisfaction scores.”

            Located at 2424 Marketplace Drive, the four-story hotel is near Hillcrest Baptist Medical Center and proximate to Baylor University and multiple corporate entities and situated within the Central Texas Market Place development. 

The open-air shopping center features more than 60 retail and dining options.  Hotel amenities will include a half-sport court, outdoor pool, outdoor patio, meeting room and fitness facility.  

Designed for long stays, the brand will offer spacious suites with separate living, working, and sleeping zones that provide guests with the space and freedom to travel the way they like to live.

 Hiren “Chico” Patel
With fully functional kitchens, complimentary grocery delivery service, 24-hour markets and complimentary breakfast, guests will be able to maximize their time and thrive while they travel.

            “With their ‘Be Excellent’ culture that enables empowered associates and gratified partners, HVMG easily stood out from the competition as the only operator for this unique hotel,” said Hiren “Chico” Patel, CEO, founder and managing principal, Heritage Hospitality Group. 

 “Waco is one of Texas’ hidden gems, with more than 1.7 million visitors in the first seven months of 2018 alone.  With HVMG at the helm, the Residence Inn quickly will exceed the expectations of guests to this charming town.”



CONTACT:

CHRIS DALY
PRESIDENT
DALY GRAY PUBLIC RELATIONS, INC.
620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-864-5553



Lee & Associates Grows Presence in the South with Latest Expansion in Naples, FL


From left: Brock Rasmussen, Bill Young, Jeffrey Buckler, SIOR, Biagio Bernardo, and James Walls; Standing  from left: Claire Searls, Thomas Webb, CCIM, MSRE, Michael Mahan, and Elli Shufflebarger


William (Bill) Young
 NAPLES, FL, May 26, 2020  –  Lee & Associates, the largest broker-owned commercial real estate firm in North America, announces the opening of a Naples, Florida location.

 The office will specialize in multifamily retail, office, and industrial brokerage. 

Lee & Associates Naples will be led by Bill YoungBiagio Bernardo, and Brock Rasmussen.

 Their team consists of seven brokerage professionals, including Jeffrey Buckler, SIORMichael MahanThomas Webb, CCIM, MSRE; and James Walls.

 In addition to their transactional agents, the team will also include Claire Searls as the Director of Research and Elli Shufflebarger as a Transaction Coordinator. 

Claire Searls
“We are excited to open this office to provide Collier County commercial real estate investors and tenants with an outstanding team of seasoned, locally experienced professionals,” said Young.

 Elli Shufflebarger
The opening of the Naples office denotes the fourth Lee & Associates office in Florida, and the third new office opened this year.

This office will double the footprint of Lee & Associates in Southwest Florida. Other offices in Florida include Ft. Myers, Orlando, and Miami. 

Jeffrey (Jeff) Rinkov
“The addition of Naples is an important expansion opportunity as we continue to focus on East Coast growth," said Lee & Associates CEO, Jeff Rinkov. 

Biagio Bernardo
 "The Naples team has a long history of success and market leadership. Their expertise, along with the leadership provided from our Fort Myers office continues our legacy of excellent client services throughout the Florida market.”

 Brock Rasmussen
 Lee & Associates has established an emphasis on expansion over the last five years; new office locations include Washington, DCBoston, MAToronto, ONCincinnati, OHRaleigh, NCMiami, FLSeattle, WAWalnut Creek, CAVancouver, BCMinneapolis, MNPasadena, CALehigh Valley, PAColumbus, OH; and Houston, TX.


 For the latest news from Lee & Associates, visit lee-associates.com or follow us on FacebookLinkedInTwitter and Link, our company blog.


CONTACT:

 Pamela Murphy
Lee & Associates
(832) 315-0219
pmurphy@lee-associates.com