Passco Companies Acquires 400-Unit Class A Multifamily Community in Highly Sought-After Dunwoody, GA for $72 Million

Two Blocks Apartments, 4000 Dunwoody Park, Dunwoody, GA

 

Colin Gillis

DUNWOODY, GA – Passco Companies has acquired “Two Blocks,” a Class A, 400-unit midrise multifamily community in the highly-sought after Dunwoody submarket of Atlanta, Georgia for $72 million.

“Two Blocks is a rare find in today’s market,” says Colin Gillis, Vice President of Acquisitions, Southeast, at Passco Companies. “Institutional quality assets of this nature that provide a strong opportunity for value creation are hard to come by.

“This property, in particular, is strategically located within a premier submarket of Atlanta that provides quality demographics, a highly educated workforce, and immediate access to a variety of extremely deep and dynamic employment hubs.”

Gillis explains that the apartment community is adjacent to Atlanta’s largest office market, Perimeter Center, which boasts over 30 million square feet of office and retail space. 

Perimeter Center is home to more than 5,000 companies and 123,000 jobs, including the national and regional headquarters of several Fortune 500 and Fortune 1000 companies. The property is also located less than three miles from Atlanta’s largest medical district, which includes three world-class hospitals employing over 15,000. 

“While the property enjoys a very close proximity to some of Atlanta’s most important employment drivers, it enjoys more of a quiet, suburban-like, single-family setting, removed from the congestion in and around Perimeter Mall. It is an excellent combination of urban and suburban locations,” says Gillis. “The property also enjoys immediate access to I-285, GA-400 and I-85, which provides access to an additional 300,000 jobs in surrounding submarkets.”

John Weber

ARA Newmark's Atlanta team, led by John Weber, Dan Phelan, and Bo Moore, represented the seller in this transaction. Chris Black of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Companies through Fannie Mae.

"Passco was quick to recognize the long-term value Two Blocks presented and then performed flawlessly through an accelerated due diligence and closing timeline," according to one of the brokers involved in the transaction, Dan Phelan, Director of Multifamily Investment Sales for ARA Newmark.

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

Lexi Astfalk/ Jenn Quader

Brower, Miller & Cole

(949) 955-7940

LAstfalk@browermillercole.com

www.aranewmark.com

www.passco.com.

RAF Pacifica Group Unveils Planned Spec Development of New 144,461-SF Creative Industrial Building in Carlsbad, CA

Adam Robinson

SAN DIEGO, CA – RAF Pacifica Group has announced its newest Creative Industrial™ spec development project. The company unveiled plans for “cre•ate,” a 144,461 square-foot corporate headquarters facility situated on 9.70 acres of land in the thriving Carlsbad market, according to Adam Robinson, Principal of RAF Pacifica Group. This is the firm’s seventh ground-up spec development project in the San Diego County.

“A flight to quality is underway in the Carlsbad industrial market,” says Robinson. “Today’s industrial users are demanding the same high-quality, creative environments as their office counterparts, with high-tech amenities and indoor/outdoor gathering areas that cultivate collaboration and drive innovation. 

"We are building exactly what Carlsbad’s industrial users are seeking in order to attract creative tenants in this market.”

The firm’s planned development will be a Creative Industrial™ corporate headquarters facility, divisible down to 72,231 square feet and designed to accommodate one or two tenants in the tech and biotech industries.

According to Robinson, cre•ate will feature a true creative office aesthetic with a corporate headquarters look and feel. The completed project will include extensive glass for natural lighting, bi-fold vertical glass doors, modern landscaping, and outdoor amenity areas to cultivate a live/work/play environment.

Mike Erwin

“Today’s tech, biotech, and manufacturing companies are seeking flexible workspaces that will allow them to consolidate their research and development, engineering, and corporate operations under one roof for maximum efficiency,” continues Robinson.

“The challenge is that there is currently no existing product that integrates both creative office and industrial space in one state-of-the-art facility.  Our cre•ate project will fill this void in the market and provide users with the work environments that will enable them to grow and prosper.”

The cre•ate facility will include 50,000 to 70,000 square feet of office to attract tenants in need of extensive office space, according to Robinson.

The planned development will also feature the most unique outdoor space ever seen in any industrial property, as well as high-end creative office finishes and open floor plans for a collaborative work experience. Industrial features include 30’ clear height ceilings, ESFR sprinklers, and multiple dock-high doors.

Mike Erwin and Tucker Hohenstein of Colliers International represented RAF Pacifica Group as the buyer, while Ted Cuthbert of Colliers International represented the seller.

 

Tucker Hohenstein

“Carlsbad’s innovation economy is booming, fueling the demand for workspaces that foster creativity,” notes Robinson. “The Carlsbad Center for Economic Development recently reported that more than 650 new patents were issued to Carlsbad businesses last year, a rate that outpaces even innovation hubs such as the San Francisco Bay Area. Our cre•ate project is uniquely positioned to leverage this momentum of innovation, making this development a strong, long-term investment for our firm.”

Cre•ate will be located in Carlsbad Oaks North, a 120-acre master planned corporate business park in Carlsbad, California, near leading biotech firm IONIS Pharmaceuticals and two of RAF Pacifica Group’s other Creative Industrial™ projects.  The project is estimated to break ground in the second quarter of 2017.

RAF Pacifica Group acquired the 9.70-acre land parcel for a total consideration of $8.8 million from Carlsbad Oaks North Partners, LP. The development site is located at the intersection of Whiptail Loop and Gazelle Court in Carlsbad, California.

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

Katie Kea / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

kkea@browermillercole.com

Osceola Partners Negotiates $8.4 Million Sale of Cory Lake Professional Center in Tampa, FL, Doubling Sale Price in Less Than Three years

                                                                                       

Aerial Rendering of Cory Lake Professional Center, Tampa, FL

                                                     

Lisa Hyde Ferich

TAMPA, FL –– Osceola Partners has negotiated the recent sale of Cory Lake Professional Center in Tampa, Hillsborough County, Florida for $8,450,000.00.  This sale price represents an increase of 206 % over the $4,100,000 sale price from 33 months earlier.

Michael Winters, Sheriar Khorsandian, CCIM and Lisa Hyde Ferich of Osceola Partners, LLC exclusively represented the seller, Sarasota-based CLPC, LLC, in a transaction that was under contract for only 30 days before closing.

During the 33 of months of CLPC LLC’s ownership, Osceola Partners brought the occupancy of the property from 70.57% leased in December 2013 to 90.76% leased at the time of the sale. Osceola Partners will continue to exclusively lease and manage the property under the new ownership, CLPC II, LLC, a Tampa-based private investor.

Michael Winters

“This property is located in an area that has experienced explosive growth over the last five years,” says Michael Winters, President and CEO of Osceola Partners. 

“We continue to see development of single-family homes, townhomes, apartments followed by intensive commercial, retail and supporting services development. 

"Cory Lake Professional Center is in a perfect area to service the almost 24,000 households in the immediate area.”

Cory Lake Professional Center is a 78,182 square foot suburban office and specialty retail complex located in the New Tampa community of Tampa, Florida.

It consists of eight single-story buildings built on ±6.2 acres with office, medical and specialty retail tenant users. The property is close to several of Tampa Bay’s major roads and interstates including I-75, I-275, SR-56 and Bruce B. Downs Boulevard, drawing clients and customers from both Hillsborough and Pasco County.

Sheriar Khorsandian

Osceola Partners is a boutique commercial real estate services firm headquartered in Tampa, Florida that specializes in commercial real estate brokerage and property management, and has been named among the top veteran-owned businesses in both 2016 and 2014 by the Tampa Bay Business Journal.

 Osceola Partners provides landlord, owner and tenant representation services in leasing, selling and site selection of commercial property throughout Central Florida.

 The principal brokers of the firm have handled several hundred million dollars in lease and sales transactions during their careers. Prior to starting Osceola, the firm’s founder managed a commercial real estate portfolio with a value exceeding $1 Billion.

 For more information about Osceola Partners, visit www.OsceolaPartners.com.

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

LISA HYDE FERICH

Senior Vice President

Osceola Partners LLC

Licensed Real Estate Broker

3314 Henderson Boulevard, Suite 106

Tampa, Florida 33609    

T:  813.532.8142

F:  813.347.9111

lferich@osceolapartners.com