Marcus & Millichap Handles $4 Million Sale of 68,744-SF Emerald Center in Kissimmee, FL

Douglas Mandel

KISSIMMEE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Emerald Center, a 68,744-square foot industrial property located in Kissimmee.  The asset sold for $4,100,000.

“The market for industrial properties remains incredibly robust and continues to be the product type of choice for investors looking for long-term yield with low cost of ownership”, says Douglas Mandel, Senior Managing Director Investments based in Marcus & Millichap’s Fort Lauderdale office. 

“Emerald Center is one of the last remaining value-add industrial deals in the Orlando market. As vacancy rates continue to decline new ownership will benefit by being able to increase rents in the near term,” says Nicholas Hanson, Senior Associate based in Marcus & Orlando office.

Nicholas Hanson

Mandel and Hanson, had the exclusive listing to market the property on behalf of the seller, Berkeley Partners, based out of San Francisco.  The team also represented the buyer, a private investor from South Florida.

Mandel and his team have sold over 800,000 square feet of industrial properties in 2018 with a strong pipeline of new industrial offerings coming to market in the 4^th quarter of this year. 

 “Investors are looking to take some chips off the table and see an opportunity to capitalize on strong demand for industrial properties”, continued Mandel.

Emerald Center is located at 931 Armstrong Blvd in Kissimmee, FL.  The property is in the Osceola Industrial submarket of Orlando which currently has the lowest vacancy rate for flex and warehouse space in the Orlando market.

Eric Fixler

 The property consists of four multi-tenant, flex/warehouse buildings totaling 68,744 square feet and has suites ranging in size from 1,560 to 16,178 square feet, offering investors flexibility to accommodate a wide variety of tenant types, sizes and uses. 

Eric Fixler of Marcus & Millichap Capital Corporation collaborated in providing capital markets solutions to the buyer pool.

                                                             

Contact:

 Ryan Nee

Vice President / Regional Manager, Fort Lauderdale

(954) 245-3400

NAI Realvest Closes User Sale of Industrial Building and Three Contiguous Parcels in Davenport, FL

Veronica Malolos

 DAVENPORT, FL. --- NAI Realvest recently closed on the user sale of a 6,160 square foot industrial building along with three contiguous parcels totaling 3.72 acres in Davenport. 

The property at 6010 Old Tampa Highway includes a cell tower with lease rights owned by a third-party. 

 NAI Realvest Broker Veronica Malolos, CRB completed the transaction on behalf of the seller, William R. Mason Revocable Trustof Kissimmee, and the buyer. 

  Rujam’s Services of FL Maintenance, Repair & Restoration purchased the property for $495,000 to expand its business adding 12 jobs at the new location.  

The SBA loan for the purchase was underwritten by Stone Bank.   Buyer intends to redevelop a 1.9-acre parcel within the property in the near future. 

For more information, please contact:

Veronica Malolos, Broker / Osceola County, NAI Realvest, 407-949-0717 vmalolos@realvest.com

Robin Webb, CCIM, CHA, CHB, CRB, CPM, MRICS, Managing Director, NAI Realvest, 407-875-9989 rwebb@realvest.com;  

                                            

 Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

www.NAIRealvest.com.

George Smith Partners Secures $124 Million in Financing for 560,000-SF Mixed-Use Asset in Ohio

Mixed-Use Building in Ohio

Gary Mozer

 OHIO -- George Smith Partners, one of the nation’s leading commercial real estate capital markets advisors, has successfully arranged $124,250,000 in permanent financing for an approximately 500,000 square-foot, Class A, mixed-use retail and office development in Ohio on behalf of the property owner, a major real estate investor with a national platform.

The non-recourse, cash-out financing was arranged by George Smith Partners’ Principal and Co-Founder, Gary Mozer, along with Kyle Howerton, Katie Rodd, Michael Anderson, and Nicholas Rogers. 

“This is a best-in-market asset owned by a deeply experienced Sponsor who was seeking a proactive financing solution to deliver maximum flexibility during the property’s stabilization,” says Mozer. 

Kyle Howerton

“The property is already 93 percent leased to a diverse mix of both credit and non-credit tenants, however tenants are still in the process of moving in.

"By demonstrating how the Sponsor created tremendous value in the asset and the strength of both the Sponsor and local market fundamentals, we were able to attract interest from a variety of lenders including money-center banks, debt funds, mortgage REITs, and life insurance companies, thereby allowing us to negotiate a loan with tremendous flexibility for the Sponsor.”

George Smith Partners was able to arrange financing that funds 100 percent of future tenant improvements and leasing commission costs associated with stabilizing the property, while also repaying the existing construction loan, and covering closing costs.

Katie Rodd

“This is a bespoke loan tailored to meet the needs of a unique property in a unique situation,” says Mozer. “By structuring the loan on an initial five-year term compared to the typical 3+1+1 structure, we exceeded the Sponsor’s expectations by eliminating fees and performance requirements for each extension term, while also delivering cash-out at close prior to the property’s stabilization.

"Further, we secured flexible pre-payment terms, no forced funding date for the future funding component, and an accretive interest rate hedging requirement that reduces costs for the property owner over time.”

Michael Anderson

The five-year, floating rate loan is priced at 2.35 percent over one-month LIBOR, with four years of interest-only payments and 35-year amortization during the fifth year of the term. The loan is sized to approximately 70 percent loan-to-value.

Celebrating 25 years in business, George Smith Partners is a leading national provider of capital market advisory services to the commercial real estate industry.

The firm specializes in arranging financing for commercial and multifamily properties, including acquisition, construction, bridge and permanent loans, as well as mezzanine loans, highly leveraged participating loans and joint venture equity.  

The company has arranged more than $52 billion in financing since its inception.

Contact:

Lindsay Mackay/ Jenn Quader

Brower Group

(949) 955-7940

Lmackay@brower-group.com

 www.GSPartners.com.

The Collins Company Arranges Sale of Two Fast-Food Drive-thru Properties in East Texas

Burger King (left) and Church's Chicken, 404-406 State Highway 110 North, Whitehouse, TX

WHITEHOUSE, TX  - The Collins Company Commercial Real Estate, LLC, a full-service, diversified retail real estate company and property management service, announced firm arranged the sale of a two-tenant retail property occupied by two fast-food drive-thru buildings in East Texas in the City of Whitehouse, located approximately five miles southeast of downtown Tyler and less than five miles west of popular recreation area Lake Tyler, in Smith County.

Deborah Collins

Collins represented the buyer in the transaction and has been retained by the buyer as the property manager. The price was not disclosed.

Located at 404-406 State Highway 110 North, adjacent to the signalized entrance to the 1,000-student Whitehouse Junior High School campus, the property includes two freestanding drive-thru buildings formerly occupied by Burger King (2,800 SF) and Church’s Chicken (1,540 SF) on more than one acre of land.

The 1,500-student high school is located 3/4 of a mile from the property. The property is 1/3 of a mile from the signalized intersection of Main Street (FM 346) and State Highway 110 North.

According to Deborah Collins, president of Los Angeles-based The Collins Company, State Highway 110 is the city’s major north/south thoroughfare and offers the property tremendous visibility. FM 346 is the main east/west arterial.

Aaron Smith

 The property also benefits from the pylon signage and excellent site access with full turn movements into and out of the property. There is also ample parking, Collins noted. 

“Having spent considerable time in Whitehouse, the community is feeling the loss of both Burger King and Church’s Chicken, which closed due to corporate requirements that the franchisees were unwilling to fulfill,” said Collins.

“The community is hungry to replace these restaurants with new food or beverage operators – from chicken and burgers to sandwiches, coffee, smoothie/desserts, or any other fast-food tenant that benefits from a high visibility, convenient drive-thru component.”

Collins adds, “With so many schools nearby, including the school district office, combined with the rapidly growing population base of Whitehouse and the commuters and vacationers who travel along State Highway 110, this is truly a great location with excellent access and visibility. Furthermore, the City is excited to assist new businesses looking to open in Whitehouse.”

Mark Whatley

The City of Whitehouse prides itself on being very business friendly. “The City of Whitehouse, and especially the City Manager Aaron Smith, have been extremely helpful and responsive,” said Collins. “You will find southern hospitality at its best here in the City of Whitehouse!”

According to Smith, “The City of Whitehouse is a growing community with strong retail potential. Our residents have incomes 35 percent above the county average. Within five miles of the site, average household income is $93,612.”

Smith adds, “We are committed to helping businesses expand in our community. We work hard to make the transition here as seamless as possible. Our building permit process is extremely easy, and we are happy to guide businesses through the entire process.”

In addition, the City of Whitehouse offers incentives on a case-by-case basis to stimulate business attraction, retention, redevelopment and expansion. The incentive package would be determined by the type of operation, the number of full-time jobs created, capital investment, median wage and community impact.

The Whitehouse Independent School District is the major employer in town and is walking distance to the property as is Whitehouse Junior High School, which is nearly across the street from the Burger King/Church’s Chicken location, said Collins.

The seller was a private investor based in Reno, Nevada, and was represented by Mark Whatley, president and CEO of Burns Commercial Properties of Tyler, Texas, in the transaction.

The buyer, represented by Deborah Collins, president of The Collins Company Commercial Real Estate, was a private investor based in Southern California.

Leasing contact:

Deborah Collins

The Collins Company Commercial Real Estate
818.917.5662 cell

Contact:

Anne Monaghan

 anne@monaghanpr.com

www.thecollinsco.com

HFF announces sale and financing of Buckhead Tower in Atlanta, GA

                                                                                  Photo by Pat Kelly
Buckhead Tower at Lenox Square, Buckhead submarket,
Atlanta, GA    

                      

Richard Reid

                                                      ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale and the financing of Buckhead Tower at Lenox Square, a 348,000-square-foot, Class A office tower in Atlanta’s Buckhead submarket.

The HFF team represented the seller, a joint venture led by Parmenter Realty Partners Fund IV, and procured the buyer. 

 Additionally, the HFF team placed the floating-rate acquisition loan with MetLife Real Estate on behalf of the buyer.

      

Buckhead Tower is situated on a 1.96-acre site at 3399 Peachtree Road NE, directly connected to the Lenox Square Mall and the JW Marriott Hotel in Buckhead.

Ed Coco

 This location is close to GA-400 and Interstate 85 and has direct MARTA and BUC bus transit options adjacent to the property.  The 19-story tower offers tenants a full-service café, fitness center, structured parking and 24/7 controlled access.

The HFF investment advisory and debt placement teams involved in the transaction included senior managing directors Richard Reid, Ed Coco, Ryan Clutter and Dek Potts and managing director Ralph Smalley.

Parmenter is an institutional, fully integrated real estate investment, management and development firm, headquartered in Miami, Florida, with regional offices in Dallas and Atlanta. The company owns and operates high-quality office properties, and is actively involved in the expansion of its portfolio throughout the Sun Belt markets of the United States

Ryan Clutter

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.  

HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.  HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).

  For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

CONTACTS:

RICHARD REID

GA Lic. #313257

HFF Senior Managing Director

(404) 832-8460

rreid@hfflp.com

ED COCO

HFF Senior Managing Director

(404) 832-8460

ecoco@hfflp.com

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
krmurphy@hfflp.com