Crescent Communities Developing Spec Industrial Building in AirPark West in Northwest Charlotte, NC

CHARLOTTE, N.C. — The commercial and mixed-use team of Crescent Communities has broken ground on Air Park West Three, a state-of-the-art, 209,000-square-foot speculative industrial building in the AirPark West industrial park in northwest Charlotte.

The 200-foot-deep front-loading building, slated for completion in September, has been designed to LEED standards and will feature a 32-foot clear height, ESFR sprinkler system, a 60 mil TPO roof and painted roof deck, 46 insulated 9-foot-by-10-foot overhead doors and two drive-in doors. 

Merriman Schmitt Architects designed the building, and Myers & Chapman is the general contractor.

AirPark West is located at I-85 and Sam Wilson Road, and offers close proximity to I-485, Charlotte Douglas International Airport and the Charlotte Regional Intermodal Facility. The park features two industrial buildings, also developed by Crescent, that total 276,000 square feet; both of the buildings are fully occupied.

The new speculative building comes as industrial demand in metro Charlotte continues to grow. The metro area’s overall industrial vacancy rate currently sits at 5.9 percent; in the Northwest submarket in which AirPark West is located, the rate is even tighter: 5.4 percent.

“This is the ideal time to break ground on a spec industrial facility in this market,” said Ned Austin, a vice president on Crescent’s commercial team. “With the economy improving and industrial vacancy rates tightening, this new facility is poised to attract tenants quickly, especially when you consider the building’s top-quality features and unbeatable access to Charlotte’s major transportation corridors and facilities.”

 For a complete copy of the company’s news release, please contact:

Tony Wilbert, The Wilbert Group

404.254.1487

twilbert@thewilbertgroup.com

Faris Lee Investments Completes $7.88 Million Sale of Property Occupied by Hobby Lobby in Jacksonville, NC

Hobby Lobby building, 1290 Western Boulevard, Jacksonville, NC

Matthew Mousavi

IRVINE, CA  – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $7.88 million sale of a single-tenant retail property occupied by Hobby Lobby in Jacksonville, NC. 

The property is new construction and Hobby Lobby recently opened its doors and commenced its triple-net, 15-year lease.

Matthew Mousavi and Patrick Luther of Faris Lee Investments represented the buyer, a privately held equity fund out of New York, as well as the seller, the developer of the property based in North Carolina. The closing cap rate was 6.5 percent.

Faris Lee marketed the property while it was under construction and generated multiple offers from a wide range of buyer profiles including private investors, investment funds, and public REITs.

“Because this property was under construction at the time we took the property to market, Faris Lee identified an ideal buyer that was willing to remove all contingencies with a non-refundable deposit within a short due diligence period, and then close escrow upon Hobby Lobby's opening,” said Mousavi.

Patrick Luther

Single-tenant properties that are new construction with a national brand signed as a tenant are arguably the most in-demand asset within the retail sector today,” said Luther.

Luther added that at a 6.5 percent cap rate, this sale represents one of the lowest cap rates on record for a forward commitment Hobby Lobby transaction.

Located at 1290 Western Blvd, the property totals 55,000 square feet. The site offers excellent street visibility and close proximity to several national tenants such as Target, Lowe’s, Kohl’s, PetsMart and WalMart. 

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

www.farislee.com

. 

Thomas D. Wood and Company’s Orlando Office Secures $2,650,000 in Commercial Mortgage Transactions

Jeff Schnupp

Orlando, FL – Thomas D. Wood and Company Vice President Jeff Schnupp financed $2,650,000 in commercial loans in Central Florida.

Schnupp secured financing for the Shops at Dupont Lakes in the amount of $1,350,000 through Thomas D. Wood and Company’s correspondent relationship with Symetra Life Insurance Company. 

  The borrower built the Dollar Tree property for cash; once he leased the final space to Leslie’s Poolsmart, he wanted to refinance the property to pull out as much equity as possible to purchase land and develop for another tenant.  

Schnupp provided the borrower with a 15-year fully-amortizing fixed-rate loan.  The 12,000 square-foot multi-tenant retail center is located in Deltona, Florida.

Schnupp also secured financing for the Fountainview, a 10,000 square-foot retail/office development, through Thomas D. Wood and Company’s correspondent relationship with The Standard.  The borrower’s construction loan with a private lender was maturing, and they wanted to refinance into a long-term fixed-rate loan with a 25-year amortization.  Fountainview is located in Lake Mary, Florida.

For a complete copy of the company’s news release, please contact:

JEFF SCHNUPP                    JESSICA KINNEE    

Vice President                         Director of Marketing & Public Relations

Thomas D. Wood & Co.         Thomas D. Wood & Co.        

(407) 374-0254                       (407) 374-0251                      

jschnupp@tdwood.com          jessica@tdwood.com

Cohen Commercial Realty Signs Jersey Mike’s Subs In New Lease Transaction

Bryan S. Cohen

Miramar, FL  — Bryan S. Cohen, and Jason Guralnick of Cohen Commercial Realty, Inc.,

announced the signing of Jersey Mike’s Subs, to lease a 1,452-square-foot space at the Fountains of

Miramar located on the NE corner of Miramar Parkway and Dykes Road/160th Avenue. Cohen

Commercial Realty, Inc., represents the Landlord in this transaction.

CCR Signs Pho Saigon Vietnamese Restaurant In New Lease Transaction

West Palm Beach, FL – Bryan S. Cohen and Allan Carlisle of Cohen Commercial Realty, Inc., announced the signing of Pho Saigon Vietnamese Restaurant to lease a 4,059-square-foot space at Gulfstream Plaza. 

This newly renovated plaza is located on the NE corner of Okeechobee Boulevard and Haverhill Road where Goodwill Industries and Gordon Food Services anchor the plaza. 

Cohen Commercial Realty, Inc., represents the landlord.

CCR Signs Dr. Linda Kiley In New Lease Transaction

Dr. Linda Kiley

Palm Beach Gardens, FL – Bryan S. Cohen and Allan Carlisle of Cohen Commercial Realty, Inc., announced  the signing of Dr. Linda Kiley to lease medical space at Gardens Medical. 

The two story office building is located at 3375 Burns Road, directly across from the Gardens Medical Center.

Cohen Commercial Realty, Inc., represents the landlord.

For a complete copy of the company’s news release, please contact:

Jamie Crocker

jamiecrocker@cohencommercial.com

IPA Sells Los Angeles County Multifamily Asset for $61.1 Million

The Enclave apartments, 13801 Paramount Boulevard,  Paramount, CA

Greg Harris

PARAMOUNT, CA – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of The Enclave, a 306-unit apartment complex in Paramount, Calif. The $61.1 million sales prices equates to $200,000 per unit.

            IPA executive vice presidents investments Greg Harris and Ron Harris, along with IPA directors Kevin Green, Joseph Grabiec and Paul Darrow, and associate director Michael DiSimone, advised the seller, Kennedy Wilson. 

The buyer is Bridge Investment Group Holdings, and its joint venture partner Starr Companies, a global insurance and investment organization. 

“The Enclave’s distinctive architectural touches and consummate amenity package differentiate it from the competitive product in the area and make it one of the premier multifamily investment assets in southeast Los Angeles County,” says Greg Harris.

Ron Harris

Built in 1991 on 4.7 acres at 13801 Paramount Blvd. in Paramount, Calif. the property features easy access to California State Route 91 and interstates 105, 605 and 710, and is close to Downey, Lakewood, Bellflower, Norwalk and Cerritos. Four local Metro lines are also nearby.

Major employers in the area include the County of Los Angeles, RMI International, Kaiser Permanente, Bellflower Medical Center, St. Francis Medical Center and Lakewood Regional Medical Center.

Apartments at The Enclave feature nine- and 10-foot ceilings, interior and exterior storage space, large walk-in wardrobe-style closets, private balconies/patios and deep oval-shaped soaking tubs.

Select units have gas fireplaces. Community amenities include a 24-hour fitness center, a resort-style swimming pool, spa, sundeck, Internet cafe with flat-screen monitors and printers, subterranean 656-car parking structure with remote access, and on-site laundry facilities.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716

$15.4 Million Suburban Cleveland Shopping Plaza Sale Arranged by IPA

Cedar Center North, 13991 Cedar Road,  South Euclid, Cleveland, OH

Erin Patton

SOUTH EUCLID, OH  – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Cedar Center North, a 61,466-square-foot shopping plaza in the Cleveland suburb of South Euclid.

            IPA senior directors Erin Patton, Craig Fuller and Scott Wiles represented the seller, a local northeast Ohio development group. The buyer is Inland Real Estate Corp. 

 The sale was subject to a loan assumption with the initial $15.4 million closing price excluding potential future earn-out payments to seller.

            “At the time of the sale, Cedar Center North was 90 percent occupied by 21 tenants,” says Patton. “The offering was well received by the market.”

The property is located at the signalized intersection of Cedar Road and Warrensville Center Road at 13991 Cedar Road in South Euclid. Traffic at the intersection exceeds 36,000 vehicles per day. 

Craig Fuller

Target, Macy’s, T.J. Maxx, Whole Foods, and several other national retailers are across the street.

John Carroll University is less than a mile from the property and two super-regional shopping centers, Legacy Village and Beachwood Place, are within two miles.

The sale of Cedar Center North represents Patton, Wiles and Fuller’s 66th investment real estate closing since the beginning of 2014. From January 2014 to date, the team has sold more than $280 million in commercial real estate assets and continues to be a leader in Midwest shopping center sales. 

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716