Florida Ranks Among Top Four States for Retail and Warehouse Development in National “Economic Impacts of Commercial Real Estate, 2016 Edition” Report

 

Thomas Bisacquino

 In Florida, commercial real estate development supports 100,569 jobs and contributes $5.7 billion to the state’s economy. Including e-commerce distribution and fulfillment facilities, Florida ranks third for warehouse and flex space development behind Texas and California. For retail space development, Florida ranks fourth behind New York, Texas and California.

Highlights from the "Economic Impacts of Commercial Real Estate, 2016 Edition" include:

·     Commercial real estate development supported 3.2 million American jobs in 2015 (a measure of both new and existing jobs).

·     Commercial real estate development contributed $450 billion to U.S. GDP.

·     There were 429.4 million square feet of commercial real estate space built in 2015, with capacity to house 1.1 million new workers.

 “Commercial real estate continues to bring new jobs, improve infrastructure, and create places to live, work and play,” said Thomas Bisacquino, NAIOP president and CEO.

“This is positive news both for the industry and the nation, but clarity on budget policy and tax reform following the presidential election will provide more certainty and add to the confidence of developers and investors.”

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

Kathryn Hamilton

703-904-7100

hamilton@naiop.org

www.naiop.org.

Capital Square 1031 Completes Medical Office DST Offering in Winchester, Va.

 

Louis Rogers

 WINCHESTER, Va.-– Capital Square 1031 announced its Delaware statutory trust offering, CSRA Winchester MOB DST, comprised of a 9,503-square-foot medical office condominium in Winchester, Virginia, has been fully subscribed by investors.

Located at 38 W. Jubal Early Dr., the single-story condominium is 100 percent leased to Bio-Medical Applications of Virginia and guaranteed by Fresenius Medical Care Holdings Inc. The unit was recently built-to-suit for Fresenius Medical Care, a wholly-owned subsidiary of Fresenius Medical Car AG & Co. KGaA. The property is striped with 31 surface parking spaces.

“This medical office unit, which is on a long-term triple net lease to a subsidiary of the world’s leading provider of dialysis products and services, was purchased in an all-cash transaction and was well-received by investors,” said Louis Rogers, founder and chief executive officer of Capital Square 1031.

 “We are pleased to complete this offering, the 19th DST Capital Square 1031 has closed since its founding in late 2012.”

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

Jill Swartz

Spotlight Marketing Communications

949.427.5172, ext. 701

jill@spotlightmarcom.com

Shopoff Realty Investments Acquires Power Shopping Center in Reno, NV

  

William Shopoff

 RENO, Nev. –– Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced the company has acquired Firecreek Crossing, a regional power shopping center, for $48.5 million.

The 348,000-square-foot shopping center is located in the Meadowood Mall submarket of Reno, Nevada at the intersection of Kietzke Lane and Redfield Parkway, providing shoppers in the Reno metropolitan region superior access from U.S. 395.

The center is shadow-anchored by Walmart and Sam’s Club, further promoting the regional appeal to the property along with the national credit tenant line up, which includes Ross, TJ Maxx Home Goods, Michaels and a number of other nationally recognized brands. The center also features a new ULTA Beauty location, which opened in June.

“Shopoff Realty Investments is proud to be the new owner of Firecreek Crossing. We look forward to serving the community and adding to the already strong tenant mix,” said Shopoff Realty Investments Chief Executive Officer William Shopoff.

“We plan to improve and enhance the aesthetic appeal of the property and implement a lease-up strategy, strengthening the opportunity to increase overall revenue and occupancy of the center, which is currently 71 percent occupied.”

David Placek

Firecreek Crossing is Shopoff Realty Investments’ second acquisition in the local market in 2016. The firm closed on the purchase of Iron Horse Shopping Center located in Sparks in February of this year.

“We are excited by the growth in the greater Reno area and look forward to expanding our commercial portfolio in this region over the years,” commented Executive Vice President of Shopoff Realty Investments David Placek.

Reno is a thriving community with rapid growth fueled by tech expansion. The announcement of large and recognizable companies such as Amazon, Tesla and Apple moving to the area has created unparalleled motivation for businesses to focus on Northern Nevada.

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

Jill Swartz

Spotlight Marketing Communications

949.427.5172, ext. 701

jill@spotlightmarcom.com

NAI Realvest Represents Flight Simulation Tenant in New Lease Agreement at Ganesh Business Park in Oviedo, FL

 

Chris Adams

Orlando, FL – NAI Realvest recently negotiated a new lease of 6,090 rentable square feet in Ganesh Business Park at 5707 Dot Com Court in Oviedo.

The NAI Realvest team of Principal Tom R. Kelley II, CCIM and Associate Chris Adams represented the tenant, Veraxx Engineering Corporation, a, flight simulation and avionics systems firm.

The local landlord, Ganesh Holdings was represented in the transaction by Sher Tolan of Allied Commercial Real Estate. 

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 Lvershelco@alol.com

Alloy Wheel Repair Specialists Renew and Expand Lease in Norcross, GA

  

 

George Gwaltney

 ATLANTA, GA – Alloy Wheel Repair Specialists has signed a six-year lease renewal and expansion in Norcross, Georgia. The company now occupies 34,277 square feet at the property located at 3100 Medlock Bridge Road. George Gwaltney and Denton Shamburger of Lincoln represented the landlord, Equity Office, in the transaction.

“Medlock Oaks provides the perfect set up for a business like Alloy Wheel Repair Specialists with its mix of open industrial space and a prime location with easy public access from Peachtree Industrial Boulevard and Medlock Bridge Road,” said George Gwaltney, leasing associate at Lincoln.

The single-story flex building is located in the highly sought-after Peachtree Corners submarket. The property offers easy access to Interstate 85 and Peachtree Industrial Boulevard as well as hotels, restaurants, banks and executive housing.

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

Savannah Durban

The Wilbert Group

404-343-0870

sdurban@thewilbertgroup.com

HFF closes sale of 480-unit multi-housing community in St. Louis, MO

Oxford Hills Apartments, 10304 Oxford Hill Drive, St. Louis, MO

Sean Fograty

 CHICAGO, IL –- Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Oxford Hills Apartments, a 480-unit multi-housing community in St. Louis, Missouri.

HFF marketed the property on behalf of the seller, a joint venture between Covenant Capital Group and Bell Partners Inc.  Aragon Holdings, LLC purchased the asset for an undisclosed amount free and clear of existing debt.

Oxford Hills Apartments is situated on 26.32 acres at 10304 Oxford Hill Drive in St. Louis immediately adjacent to prestigious Creve Coeur and Lindbergh Boulevard/State Highway 67, which connects residents to all of the metropolitan area via Interstates 70, 270 and 64.

 Additionally, the property is approximately 7.5 miles south of Lambert-St. Louis International Airport.  Oxford Hills Apartments has 36 residential buildings, which house one-, two- and three-bedroom homes averaging 953 square feet each. 

Community amenities include an outdoor swimming pool with sundeck, indoor swimming pool, fitness center, lighted tennis courts, clubhouse with cyber café, dog park, children’s playground and detached garages.

The HFF investment sales team representing the seller was led by managing directors Sean Fogarty and Marty O’Connell and associate director Wick Kirby.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.bellpartners.com.

HFF arranges capitalization for 123-unit luxury condo development in McLean, VA

Rendering of planned The Signet Condominiums, Downtown McLean, VA

Sue Carras

WASHINGTON, D.C. –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged construction financing and joint venture equity for the development of The Signet, a 123-unit luxury condominium community in downtown McLean, Virginia.

HFF worked on behalf of the developer, an affiliate of The JBG Companies, to arrange construction financing provided by EagleBank and joint venture equity from Clark Enterprises.

The Signet will be constructed on an existing surface parking lot adjacent to 6862 Elm Street, a 109,000-square-foot office building purchased by the developer in 2009.

 The transit-oriented property, walkable to the retail and restaurants in downtown McLean, will be approximately two miles from the McLean Metro station and will offer convenient access to all of the Washington, D.C. metropolitan area via Interstate 495, the Dulles Toll Road and George Washington Memorial Parkway.

 The Signet will encompass 108 market-rate homes averaging 1,844 square feet and 15 workforce condominiums averaging 849 square feet, as well as 5,033 square feet of ground-floor retail and a four-level parking garage. 

Walter Coker

This new community will offer unparalleled amenities, including a landscaped courtyard with water feature, grilling stations, resort-style dining areas, resident lounge and clubroom, fitness center with private saunas and steam rooms, park with play areas, trail with exercise equipment, electric car charging stations and concierge services. 

Homes will feature nine-foot ceilings, hardwood floors, custom millwork, Thermador appliances, stone kitchen countertops, raised-panel wood cabinetry, fireplaces, upgraded closet shelving and large outdoor terraces and balconies.

The HFF team representing the developer was led by Sue Carras, Walter Coker and Brian Crivella.

According to HFF, this project has been in the planning stages for several years taking into consideration the input of the many constituents of the McLean market. 

Due for completion in 2018, the Signet will be the first condo-style, single-level living option to deliver in this high-barrier-to-entry market in more than 10 years. 

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.clarkenterprisesinc.com.

www.JBG.com

Twitter @TheJBGCompanies and Facebook www.facebook.com/TheJBGCompanies

HFF arranges financing totaling $39.45 million for suburban Denver multi-housing community

Josh Simon

PHILADELPHIA, PA  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $39.45 million in construction and preferred equity financing for the development of Elements at Prairie Center, a 288-unit multi-housing community in Brighton, Colorado.

HFF worked exclusively on behalf of the developer, a joint venture between Delaware-based The Commonwealth Group and Colorado-based C&A Companies, to secure the $31.55 million construction loan and $7.9 million in preferred equity financing.

Elements at Prairie Center is due for completion in third quarter 2017 and will feature 288 units with one-, two- and three-bedroom units averaging 919 square feet each. 

The 12, three-story buildings will be constructed on a 16.56-acre site in the Prairie Center planned community at the intersection of Eagle Boulevard and South 27th Avenue approximately one mile from Interstate 76 and Barr Lake State Park in Brighton, a suburb northwest of downtown Denver.

James Conley

 Upon completion, Elements at Prairie Center will include geothermal heating and cooling systems for all units.  Community amenities will include a resort-style swimming pool with cabanas, 24-hour fitness facilities, children’s playground, dog park, clubhouse and community garden. 

The community will be situated 2.5 miles southeast of Solaire Apartments, a 252-unit, Class A community completed by the developer in 2014.

HFF’s debt placement team was led by managing directors James Conley and Josh Simon.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com