Baker Development Corp. secures $39 million refinance for Yuma|143 industrial development in Goodyear, AZ

Dustin Stolly 

 PHOENIX, AZ – Phoenix-based Baker Development Corporation (BDC), and New York’s Foundation Capital Partners (FCP), along with joint venture partner GTIS Partners, have secured a $39 million refinance loan for Yuma|143, a recently completed, 490,278-square-foot Class A industrial development in Goodyear, Arizona.

The project reached 100% occupancy just last week, with the last of three major lease commitments.

Jordan Roeschlaub

 The Yuma|143 refinance loan was arranged by Newmark Debt and Structured Finance Co-Presidents Dustin Stolly and Jordan Roeschlaub, Executive Managing Director Chris Kramer and Associate Tim Polglase. Arizona Bank and Trust provided the loan.

 Butler Design Group served as the project architect for Yuma|143. The engineer was Hunter Engineering. Anthony Lydon, Marc Hertzberg, Riley Gilbert and John Lydon of JLL are the project’s exclusive leasing brokers.

 “Yuma|143 is a tremendous product in a prime location that was developed, leased and stabilized by an exceptional project team,” said Baker Development Corporation’s Principal Daniel J. Slack.

 Chris Kramer

“This loan – secured in the current, challenging lending environment – is a testament to the knowledge and relationships of this collective group and the powerhouse status enjoyed by the Phoenix industrial market.”

 Yuma|143 is located at 14160 and 14170 W. Yuma Rd., immediately north of Phoenix Goodyear Airport and within two miles of Interstate 10.

 In early 2022, the project secured a full-building, 300,100-square-foot pre-lease for the entire 14170 building from HelloFresh subsidiary Factor 75 for its food processing operation, which includes a significant freezer-cooler component.

Tim Polglase

That commitment is expected to generate approximately 800 or more new local jobs.

 The adjacent, 190,178-square-foot 14160 building is fully leased to two tenants.

 Maryland-based Apex Tool Group has leased 131,351 square feet to support its power and hand tool manufacturing operation.

Just last week, Washington-based Romac Industries Inc. also announced its commitment to the building, entering the Arizona market with a 58,827-square-foot lease for a new manufacturing facility that just began operations and brings the entire project to 100% occupied.

Daniel J. Slack

“Goodyear’s combination of location, abundance of land and cost saving initiatives create strategic opportunities that continue to attract businesses to the market and propel new development,” said Roeschlaub.

 “The future of Yuma|143 is anchored by those advantages. We are pleased to contribute to its ongoing success.”

 Features of Yuma|143 include up to 40’ clear heights, insulated dock-high and grade-level doors, full concrete truck courts, clerestory windows and generous parking.

Anthony Lydon

It is located within a Foreign Trade Zone, allowing up to a 72 percent reduction in real and personal property tax.

According to JLL data, the metro Phoenix industrial vacancy rate fell to just 3.1 percent as of the end of Q2 2023, driven by the logistics, e-commerce and advanced manufacturing industries.

 Yuma|143 is one of eight industrial developments completed or underway by BDC. The project is preceded by VB|143, a 325,000-square-foot BDC and FCP-developed industrial project also located in Goodyear.

 John Lydon 

BDC is currently underway on Cactus 303, totaling 81 acres and 1 million square feet fronting the Loop 303 in Surprise, Arizona.

Last year it also purchased 30.1 acres northeast of Sky Harbor Airport suitable for a major infill office, industrial or mixed-use user.

CONTACT:

Stacey Hershauer

focusAZ 

P 480.600.0195

www.focusaz.com

 

Stos Partners completes $26.5 million sale of 71,616-SF manufacturing building in Tustin, CA after acquiring the asset in December 2021 for $19.2 million

 

 

 

SOLD: a 71,616-square-foot high-tech
manufacturing property located at
 1311 Valencia Avenue in Tustin, CA
 to KTI Hydraulics for $26.5 million.

 TUSTIN, CA – Stos Partners, one of the most active commercial real estate investment and management firms in Southern California, has announced the successful sale of a 71,616-square-foot high-tech manufacturing property located at 1311 Valencia Avenue in Tustin, California to KTI Hydraulics, Inc. for $26.5 million.

Stos Partners acquired the property in December 2021 for $19.2 million. 

CJ Stos

Led by Principal and Founder CJ Stos, Partner Jason Richards, Executive Vice President Jay Boyle, Vice President of Acquisitions Tanner Jansen and Vice President of Asset Management Travis Gorzeman, the company implemented its value-add strategy and capital improvement program which included a new roof, parking lot, exterior painting, landscaping and interior improvements. 

“The Orange County market has seen great demand for specialized manufacturing assets because of its growth in the life science and R&D industries,” says CJ Stos, Principal at Stos Partners.

Jason Richards

“Our team identified this asset’s value during the initial acquisition in 2021. Through deep relationships with local brokers, we were able to secure a buyer in a timely manner.”

“Orange County has one of the strongest manufacturing markets in the region with a vacancy of approximately 1.1 percent in 2023 and no new owner/user construction,” said Richards. 

The property is well located within the Irvine Business Complex and adjacent to Tustin Legacy, a 1,600-acre mixed-use development project. It features immediate access to the 55 Freeway and is four miles from John Wayne airport.

Jay Boyle

Competitive building features include excess yard area, ample parking ratio, high-end cleanroom space with ideal mix of complimentary office and warehouse space and on-site EV charging stations.

Stos Partners was represented by Nick Valasquez and Michael Hartel with Colliers along with Ross Bourne with CBRE. Xavier Nolasco and Steve Wagner with JLL represented the buyer in the transaction.

Tanner Jansen 

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 nearly $1.75 billion in transactions to date, the firm targets the most competitive risk-adjusted returns in the marketplace through value-add acquisitions and strategic repositioning of industrial and multifamily assets of both institutional and small-to-mid-cap commercial properties.

 

Travis Gorzeman

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.

 

CONTACT:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

www.stospartners.com

 

 

DeBary Parade at Rivington to Welcome Disabled Veteran and Family to Their Finished New Mortgage-Free Dream Finders Home

 

USAF Staff Sergeant Matthew Cable and his wife Ensley

DEBARY, FL – A longtime dream will be realized August 22 when a local family is feted with a parade, flag ceremony and speeches before accepting the keys to their new house built by Dream Finders Homes, a preferred builder at Debary’s Rivington community.

The event – in honor of retired USAF Staff Sergeant Matthew Cable, his wife Ensley, and son Cade – will begin at 9:30 a.m. with a parade from the Rivington entrance off of Barwick led by the color guard from DeBary Veterans of Foreign Wars Post 8093, a flag ceremony and a speech by DeBary Mayor Karen Chasez. State and local government officials will also be on hand to welcome the veteran and his family.

DeBary Mayor Karen Chasez

To make the gifting of the home possible, Jacksonville-based Dream Finders Homes teamed up with developer Reader Communities and its joint venture partner Dallas-based Hillwood Communities to provide the homesite and build a mortgage-free home.

The team partnered with Building Homes for Heroes (BHFH), a national non-profit organization dedicated to helping provide homes and supportive services for injured veterans and first responders.

The house, Dream Finders Homes’ Anna Maria model with four bedrooms and three bathrooms, is located within the master planned community off Fort Florida Road, west of U.S. 17-92 along the St. Johns River.

Gerry Boeneman

According to Dream Finders Homes’ Orlando Division President Gerry Boeneman, the 2,853 square-foot home is valued at nearly $475,000.

“Since we began this project, Dream Finders Homes has been committed to it, as are our trade partners and subcontractors who joined in by donating both materials and hours,” he said. “We all are grateful for SSgt. Cable’s sacrifice to our country.” 

SSgt Cable served for 10 years before being medically discharged in June 2022. Since developing leukemia from exposure to chemicals in the Middle East, he has been in his second remission for 3-1/2 years.

For more information on the Building Homes for Heroes project please visit:  https://help.buildinghomesforheroes.org/campaign/help-us-build-a-home-for-usaf-ssgt-matthew-cable/c471272    

CONTACTS:

Gerry Boeneman,

Division President,

 Dream Finders Homes,

 888-214-1164 or

 Gerry.Boeneman@dreamfindershomes.com

Beth Payan,

 Larry Vershel Communications,

 407-461-3781 or 

beth@larryvershel.com

 

Lincoln Property Company Completes $26.5 Million Sale of Prestigious Gainey Center in Scottsdale, AZ

 

 Daryl Burton

SCOTTSDALE, AZ, Aug.14, 2023 – Lincoln Property Company’s Southwest division, LPC Desert West (LPC), has completed the $26.5 million sale of Gainey Center, a three-story, Class A office building offering 500 square feet of frontage along the prestigious Scottsdale Road Corridor in Scottsdale, Arizona.

The buyer was Presson Companies, headed by long-time Phoenix commercial real estate investor Daryl Burton.

Gainey Center totals 143,653 square feet on 4.67 acres at 8501 N. Scottsdale Rd., just south of Doubletree Ranch Road. It sits within the upscale Gainey Ranch community, one mile from the Loop 101 freeway and adjacent to more than 30 premier restaurants, shops, hotels and fitness centers.

John Orsak

“Gainey Center was a very successful investment for us over our hold period,” said Lincoln Property Company Senior Vice President John Orsak. “This building is held in high regard for its location and quality. It was a priority of ours to maintain that value with top-shelf institutional management.”

During its ownership, LPC deployed numerous capital improvement strategies designed to preserve and improve the sophisticated environment of Gainey Center.

 This included an extensive renovation to the building’s executive-style lobby, which features a 22’ atrium with upgraded seating and contemporary artwork. Additional upgrades were made to building corridors, restrooms, elevator banks and mechanical systems.

Barry Gabel

Landscape plans and wayfinding/signage systems were modernized as well, to include the building’s prominent monument signage along Scottsdale Road.

Gainey Center was part of a 2017 LPC campaign to upgrade millions of square feet of its local office space to ENERGY STAR, indicating commercial buildings that use an average 35 percent less energy than a typical building and release 35 percent less carbon dioxide into the atmosphere.

“Lincoln Property Company has done an exceptional job of amplifying the value of this distinguished office asset,” said Burton. “We are pleased to inherit that legacy and to usher in the next chapter of Gainey Center.”

Barry Gabel and Chris Marchildon of Newmark represented LPC in the building sale.

Other amenities of Gainey Center include functional floor plates, private tenant balconies, on-site security, a covered garage parking with a 3.6/1000 parking ratio, and premium views of Camelback Mountain, the McDowell Mountains and Mummy Mountain.

Chris Marchildon

Gainey Center is surrounded by executive housing and one of the highest concentration of decision makers in metro Phoenix, as well as award-winning destinations like The Shops at Gainey Village luxury retail center, Camelback Golf Club, Gainey Village Health Club and a variety of restaurants.

For more on 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.

CONTACT:

 

Stacey Hershauer

480.600.0195

stacey@focusaz.com

 

www.lpcdesertwest.com.

Highly Anticipated Mixed-Use Project OAK Tops Out in Oklahoma City

Ryan McNeill 

OKLAHOMA CITY (August 3, 2023) – OKC-area native Ryan McNeill of Veritas Development announces the topping out of OAK, the 20-acre mixed-use district rising at 5101 North Pennsylvania Ave. in Oklahoma City. 

This important construction milestone for OAK cements the project’s grand opening date in September 2024. General contractor VINCIT Constructors will host a topping out ceremony on Aug. 11 for project partners and local officials. 

Rendering of OAK, the 20-acre
 mixed-use district rising
at 5101 North Pennsylvania Avenue
 in Oklahoma City, OK 

“This milestone brings us another leap forward in developing OAK as the new center of gravity for retail, dining and entertainment in Oklahoma City,” said McNeill.

 “Now that we can see this vibrant mixed-use environment rising around us, we are even more confident that OAK is going to be a game changing experience for this fast-growing market. 

"We are incredibly proud to celebrate OAK’s topping out with the community, and are counting the days until the official grand opening in September 2024.”

Michael Nagy

OAK’s first phase includes 135,000 square feet of retail, a 132-key boutique hotel, and 320 upscale apartments. The entertainment-driven destination will also include a 7,000-square-foot central green space at the heart of the property, which will be activated with more than 100 community events each year, such as live concerts, pop-up farmers markets and outdoor yoga. 

A future phase of the project includes 100,000 square feet of loft office space and an additional 85,000 square feet of retail. 

An unequaled retail, residential and hospitality experience is taking shape at OAK with acclaimed, first-to-market brands RH, Arhaus and Capital Grille already onboard. 

Open Realty’s Michael Nagy and Chris Speciale are leading retail leasing efforts, and plan to announce several other best-in-class concepts in the coming months. 

Chris Speciale 

Most recently, Veritas and Dallas-based Gatehouse Capital announced that Lively Hotel, a boutique hotel concept by Hilton™, is joining the mixed-use community. 

As Oklahoma’s first Tapestry Collection hotel, Lively Hotel will include 132 rooms; a 3,050-square-foot bar and restaurant; an elevated amenity deck with a 2,400-square-foot outdoor bar and activated pool area; a fitness center; and over 2,600 square feet of meeting space. At the ground floor, the hotel will feature 13,500 square feet of retail space. 

Andrea Gossard

"We are absolutely thrilled to celebrate this major milestone with the topping out of the structure for Lively Hotel,” said Andrea Gossard, Project Executive at VINCIT Constructors. 

“Our dedicated team, along with our valued partners like Veritas, has worked tirelessly to bring OAK to life as a vibrant mixed-use destination in Oklahoma City. 

"We are proud to be part of this transformative project and look forward to continuing our efforts to make OAK an unparalleled experience for our community.”

Everett Dobson

Veritas has engaged Mintwood Real Estate as the multi-family development partner to create a first-of-its-kind residential experience for Oklahoma City. 

OAK’s 320 apartments will have curated interior finishes, including quartz countertops, walk-in closets, and powder baths. 

The building amenities include a first-class fitness center featuring a kid’s playroom, private work and conference rooms, an entertainment suite featuring a golf simulator and shared kitchen, a resort-style pool and elevated courtyards. 

McNeill is joined by Everett Dobson and the Dobson family as partners in the multi-phase project.

Contact:

The Wilbert Group

Raechel Blitchington

Vice President

www.thewilbertgroup.com

m: 912.432.0858