Hanley Investment Group Completes Sale of Single-Tenant Just Brakes Store and Sets New National Record Cap Rate

Just Brakes Store, Dallas, TX

Eric Wohl

CORONA DEL MAR, CA – Hanley Investment Group, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm completed the sale of a single-tenant Just Brakes store in Dallas, Texas.

Executive Vice President Eric Wohl, along with Hanley Investment Group’s Associates Austin Blodgett and Andrew Cunningham, set a new national record cap rate representing both the buyer, a private investor based in Austin, Texas, and the seller, a private development firm based in Chicago, Illinois, in the sale of a single-tenant Just Brakes store located at 6530 North Central Expressway in Dallas.

 The 3,377-square-foot store, built in 1964 and remodeled in 2014, is situated on .21 acres, near Southern Methodist University.

According to Wohl, the property had an eight-year absolute NNN lease with a corporate guarantee and strong increases every five years. “The property benefits from close proximity to Southern Methodist University with 11,500 students and the George Bush Presidential Library with 340,000 annual visitors.”

Wohl continues, “The property also features excellent pylon visibility from 320,000 cars per day on I-75 freeway and 18,000 cars per day at the intersection of North Central Expressway and University Boulevard.

“The property also benefits from population in excess of 388,000 people in the five-mile trade area and average household income of more than $104,000 within a one-mile radius. “This sale highlights the strong appetite investors have for quality net-lease properties in primary US markets,” said Wohl.

Austin Blodgett

Just Brakes was recently acquired by Pep Boys, the Philadelphia-based auto parts and repair company led by investor Carl Icahn. The acquisition increases the Pep Boys store count to over 900 locations.

 Prior to the acquisition, Just Brakes was the largest privately-owned brake specialty repair company in North America with 134 location in 14 major markets, Wohl reports. 

In a statement published by Pep Boys, Just Brakes locations will be converted into Pep Boys Service & Tire Centers, offering a full range of services, such as oil changes, tire installations, brake repair and suspension work.

 Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $5 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestment.com.

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

Anne Monaghan

MONAGHAN COMMUNICATIONS, INC.

anne@MonaghanPR.com

830.997.0963

Dave Kreske Joins Meridian as Vice President of Construction

David Kreske

SAN RAMON, CA -- Meridian, a full-service real estate developer specializing in acquiring and developing real estate facilities, expands its construction division with the addition of David Kreske, a well-respected construction professional with a successful track record of over 25 years in construction management.

In his new role as Vice President of Construction, Kreske will lead the construction project management team as the team drives the pre-development and construction phases of Meridian’s new ground-up development and value-add redevelopment general and medical office projects in the western U.S.

“We are very excited to have Dave Kreske join Meridian,” said Meridian Senior Vice President Mike Conn. 

“Kreske’s wealth of experience and industry knowledge has already made him a key addition to the team. I am confident that Kreske will play a significant role in providing and implementing high-quality solutions for our clients, keeping with Meridian’s commitment to excellence.”

Most recently, Kreske served as Vice President - Construction Services Manager for the Commercial Real Estate Lending group at Bank of the West, one of the largest construction lenders in the western U.S. He provided expert construction due diligence for all construction loans and also managed the Construction Loan Draw Disbursement team for the bank. With an average of 150 active construction loans, Kreske managed the construction risk for a very large portfolio during his 10 years at the bank.

Mike Conn

Prior to his tenure at the Bank of the West, Kreske was a Project Manager with J.R. Roberts Corp.(now known as Deacon Corp.)  He was involved in several types of projects during his time at J.R. Roberts, where he was an Estimator, Project Engineer and the Project Manager.

Those projects included: The Metro-Rail Maintenance yard in Los Angeles; The Technology Center at Orange Coast College in Costa Mesa, Calif.; The Midtown Plaza Podium Condominiums in San Jose, Calif.; University of California, Berkeley Student Housing; and Livermore Valley Plaza Mixed-Use in Livermore, Calif. J.R. Roberts Corp. was ranked among ENR’s 400 Top General Contractors in the U.S.

“My goal is to lead and support Meridian’s construction project management team to successfully provide pre-construction due diligence through project delivery on time and within budget,” said Kreske. “I hope to add value to every project utilizing my extensive due diligence, construction financing and construction management experience. I am very excited to be part of the Meridian team!”

 Kreske is a certified LEED Green Associate by the U.S. Green Building Council. He has also participated in the Construction Lenders Risk Management (CLRM) Forum as a panelist the past three years. Kreske holds a Bachelor of Science degree in Construction Management from California State University, Fresno. Kreske will be based out of the firm’s San Ramon, Calif., office.

Meridian currently has more than 300,000 square feet currently in development and redevelopment and another 200,000 square feet in the pipeline in both northern and southern California. The company will continue to aggressively pursue value-add general and medical office opportunities throughout California.

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

Anne Monaghan

MONAGHAN COMMUNICATIONS, INC.

anne@MonaghanPR.com

830.997.0963

www.mpcca.com.

Core5 Industrial Partners and Helms Development Acquires 60-Acres in South Florida to Develop 750,000 SF of Class A Office/Warehouse

Scott Helms

ATLANTA, GA, Jan. 30, 2017 – Atlanta-based Core5 Industrial Partners and Florida-based Helms Development today announced the acquisition of a 60-acre land parcel from the City of Pembroke Pines located at 20421 Sheridan Street, Pembroke Pines, Florida.

The site is one of the last remaining in Southwest Broward to offer build-to-suit options for larger users and offers a distinctive advantage with trailer parking – an option no other property in land-constrained Broward County can offer.

The joint venture plans to repurpose the property into a distribution park named South Florida Distribution Center, developing 750,000 square feet of Class A office/warehouse space across three buildings. 

Beginning in April 2017, construction will commence on the first phase of the project: the development of a speculative 223,008-square-foot Class A building.

“The property is sited perfectly to benefit tenants that want to service both the east and west coast of southern Florida. It is within 75 minutes of Naples/Ft. Myers and still less than an hour from 85 percent of the tri-county’s population,” states Scott Helms, Principal of Helms Development.

Larry Genet

“Suburb interstate access, coupled with the trailer parking advantage, offers an unheard-of advantage for e-commerce and office warehouse distribution companies needing to serve the population in South Florida as well as points north of the site.”

This acquisition marks Core5’s entry into Florida and will be the first development for the newly-formed Helms Development, of which Mr. Helms will handle development of the property on the site of the former State Women’s Prison.

CBRE’s team of Larry Dinner, Larry Genet, and Tom O’Loughlin will handle leasing. Core5 CEO Tim Gunter announces, “We are pleased to enter South Florida with this property and to partner with Helms Development. We think it’s one of the finest properties in the market.”

Located less than one-half mile from State Route 27 and just under four miles to I-75, the site can service over 5 million people within a one hour’s drive time.

Tom O’Loughlin, senior vice president with CBRE, adds, “As congestion continues to grow on the eastern side of the tri-county marketplace, tenants are starting to look west to take advantage of highway infrastructure and the ability to expand their operations. US 27 is becoming a more popular shipping corridor as tenant’s study how to get into central Florida quicker. South Florida Distribution Center is well positioned to take advantage of this trend.”

The city of Pembroke Pines purchased the property from the state of Florida in 2014. “We spent over two years annexing and entitling the property,” Pembroke Pines City Manager Charles F. Dodge added. “We look forward to the business opportunities the South Florida Distribution Center brings to the community.”

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

Scott Helms

Helms Development

954-648-1933

scott@helmsdevelopment.com

www.c5ip.com.