Thursday, June 4, 2020

JLL closes $2.75 million sale of Daytona Beach-area retail center

 Jennifer Swanson 

ORLANDO, FL – JLL Capital Markets announced it has closed the $2.75 million sale of Palmetto Pointe, a 9,594-square-foot, Class A retail strip center shadow anchored by a Walmart Neighborhood Market in the Port Orange area of greater Daytona Beach, Florida.

 JLL marketed the property on behalf of the seller, Gatlin Development Company. An undisclosed private investor purchased the asset.


Tarik Bateh


Completed in 2016, Palmetto Pointe is home to high-quality restaurant and service tenants and shadow anchored by a high-performing Walmart Neighborhood Market.

 Situated on 1.67 acres at 3801-3991 S Clyde Morris Boulevard, the center is at the hard corner, signalized intersection of Clyde Morris Boulevard and Madeline Avenue, exposing the center to approximately 30,000 vehicles per day.

Palmetto Pointe is in the fast-growing Port Orange community, with more than 62,600 residents within a three-mile radius of the center.

 The JLL Capital Markets team representing the seller was led by Senior Directors Tarik Bateh and John Krzyminski and Associates Jennifer Swanson and Max Krzyminski.

John Krzyminski 


 “Palmetto Pointe presented a compelling investment opportunity for the buyer to acquire a newly built, durable shopping center adjacent to a high-volume Walmart Neighborhood Market in a fast-growing, coastal Florida community,” Bateh said.

 “The sale of Palmetto Pointe is a testament that well-located properties with solid fundamentals are still being sought after by buyers and have both interest and the capacity to close,” Max Krzyminski added.

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

Max Krzyminski

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.


About Gatlin Development Company, Inc.

Gatlin Development Company, Inc. (“GDC”), is a real estate investment corporation specializing in retail shopping center development, management and renovation.

Frank C. Gatlin III


The company was founded by Frank C. Gatlin III, CEO in 1976 with a mission statement based on integrity, commitment, and experience.

The principal of the GDC team possess decades of experience in retail development. They also have extensive knowledge with respect to the development of custom luxury homes, affordable single-family homes, apartment complexes, retirement housing, hotels, light industrial buildings and self-storage facilities.

 CONTACT:


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


Stos Partners Closes Third Sale Within Six Weeks Bringing Year-to-Date Transaction Activity to Nearly $100 Million



Stos Partners Brokers $10.4 Million, 65,300-SF,
100 Percent-Leased Temecula, CA
Industrial Property

 
CJ Stos
TEMECULA, CA, June 4, 2020 – Stos Partners, a privately held commercial real estate investment and management firm, has sold a 65,300 square-foot industrial asset in Temecula, California for $10.4 million. 

The property was sold to an Orange County-based private investor in an off-market transaction.

According to Principal at Stos Partners, CJ Stos, the firm has remained extremely active despite the current environment. 

Stos Partners has closed nearly $100 million in transactions since January of this year, including three deals that were completed within the last six weeks.

 Jay Boyle
“We are one of the most active investors in Southern California,” says Stos. “We are extremely well-capitalized and have an exceptionally deep understanding of these local markets so we are able to move and act quickly to get deals done.”

Stos Partners initially acquired the asset in April of 2019, repositioning and selling the asset in approximately one year.

“We initially acquired the asset for $7.1 million, quickly implementing a series of upgrades and improvements to the property,” says Jay Boyle, Executive Vice President at Stos Partners.

Rob Gunnes
“This allowed us to quickly lease up the property, bringing it to full occupancy with long-term leases in-place within the first month of ownership. 

"This ultimately attracted a lot of buyer attention, which created the opportunity to sell the asset for a premium one year later.”

At the time of acquisition, the building was 47% occupied by a publicly-traded international consumer goods and farm products company in a sale-lease back transaction. 

During escrow, Stos Partners was able to attract an additional tenant to occupy the remaining 53% of the building.

 Anthony DeLorenzo
“Because of our deep expertise within the local market, we were able to negotiate a lease with Habitat for Humanity to lease the remaining vacant space at the building on a long-term lease," Boyle says.

"This significantly increased cash flow and enhanced the overall value of the property. This sale speaks to our strength in identifying assets with strong value potential, executing on our business plan, and bringing an asset to market that is highly sought after by tenants and buyers even in the current environment.

Matt Pourcho 
"As a result, we were able to deliver returns that exceeded investor expectations.” The property is located at 28410 Vincent Moraga Drive in Temecula, California.

Rob Gunnes, Anthony DeLorenzo and Matt Pourcho of CBRE represented Stos Partners as the seller in the transaction.

Tucker Hohenstein and Mike Erwin of Colliers International represented the buyer, a private investor.

Tucker Hohenstein
 About Stos Partners
Stos Partners is a privately held commercial real estate investment and management firm that invests in real estate directly and in partnership with high net worth and institutional investors.

With a track record spanning over one-half billion in investments to date, the firm targets the most competitive risk-adjusted returns in the marketplace through opportunistic acquisitions, strategic redevelopment and ground-up development of both institutional and small-to-mid-cap commercial properties.

Mike Erwin 
Headquartered in San Diego, California with an office in Orange County, California and Laredo, Texas, Stos Partners’ local expertise and longstanding relationships translate into the ability to source, fund and close transactions quickly and profitably.

  CONTACTS:

Katie Haga / Lexi Astfalk
(949) 438-6262



Zeuner Realty, Boca Pointe’s #1 producing real estate office, joins The Keyes Company, South Florida’s #1 independent residential real estate company

  
Doris and Stuart Zeuner


Boca Raton, FL -- The Keyes Company announced the acquisition of Boca Raton-based, family-owned real estate firm Zeuner Realty.
 Shari Zeuner Schwamm
Zeuner family has had a presence in Boca Pointe for almost 35 years and is recognized as the #1 producing real estate office in the area.

Craig Zeuner
“We are pleased to welcome Zeuner Realty and their outstanding group of real estate professionals,” said Keyes CEO Mike Pappas. “This acquisition further builds on Keyes and Illustrated Properties’ leadership position in the Palm Beach County residential and luxury markets.”

Marci Burkin 
Zeuner Realty, its agents and the Zeuner Team will maintain their current office under the Keyes brand, located at 6909 SW 18 Street, #116, Boca Raton, Florida, 33433. 


 Mike Pappas
 The office includes the Zeuner Team, which consists oDoris and Stuart Zeuner, Shari Zeuner Schwamm, Craig Zeuner and Marci Burkin and 10 other agents.  The office sold an estimated $35 million last year.

“This is a good move for us,” said Shari Zeuner Schwamm, daughter of Zeuner Realty’s founder, Doris Zeuner, who with her husband Stuart, live, work and recreate in the Boca Pointe area.  

“We really like the Keyes people and their reputation for providing agents with the finest technology and marketing platform and additional services that will benefit our customers,” Schwamn added.

Steve Reibel

 Like Keyes, the Zeuners and their team have been very involved in the community helping raise funds for non-profits such as the Jewish Federation, Papanicolaou and in tandem with the Boca Pointe community.

“We plan to continue growing through strategic acquisitions,” said Steve Reibel, SVP of Keyes. “Profit margins are tightening in the brokerage industry, so we’re seeing more and more consolidation of firms.
"We are fortunate to have the infrastructure, technology and diversity of services to help our brokers thrive.”

 CONTACTS:

Daniel Benjamin
Senior Account Executive, BoardroomPR
O 954-370-8999
C 954-618-8287
Bank of America Plaza | 1776 N Pine Island Road
Suite 320 | Fort Lauderdale, FL 33322


Don Silver, Eric Kalis or Daniel Benjamin, BoardroomPR
954-370-8999