Ackerman Retail brokers $7 million sale of 93% leased, 85,526-SF Woodstock Square shopping center north of Atlanta, GA

Woodstock Square Shopping Center, Woodstock, GA

Sean Patrick

ATLANTA, GA– Ackerman Retail, a division of Ackerman & Co. and the exclusive advisor to the estate of Charles S. Ackerman, announced it has brokered the sale of 85,525-square-foot Woodstock Square shopping center in Woodstock, Ga., for $7 million ($82 PSF). 

Dallas-based Tabani Group Inc. purchased the neighborhood shopping center, located on GA Highway 92 about 1.5 miles from the city of Woodstock's historic downtown.

Ackerman Retail Senior Vice President Sean Patrick and Vice President Stephen Lapierre represented ownership in the transaction.

“This was a great opportunity for a buyer seeking a well-leased, recently improved shopping center in a submarket experiencing tremendous growth,” said Ackerman Retail President Leo Wiener, who leads the disposition effort for the Charles S. Ackerman estate’s retail properties.

Stephen LaPierre

 “In addition to the excellent tenant mix, the property offers the potential of infill redevelopment on an outparcel site.”

Located approximately 25 miles north of Atlanta, the 93% leased Woodstock Square is anchored by Stars & Strikes Entertainment Center and features a wide range of national and local tenants, including Subway, Goodyear Auto Service, Philly Connection cheesesteaks, Bub-Ba-Q barbecue restaurant, Stevie B’s Pizza Buffet, BSN Sports, U.S. Army Recruiting Center and more. Recent improvements at the center include replacement of its roof.

Leo Wiener

Woodstock’s population (currently estimated at 31,000) has increased by approximately 310% since 2000.

 The busy GA Highway 92 corridor, the submarket’s main business and retail artery, boasts retailers such as Sam’s Club, The Home Depot, Lowe’s, Target, Goodwill, Starbucks, QuikTrip, Krispy Kreme, Starbucks and Chick-fil-A.

CONTACT: Steve Webb Marketing Research Coordinator P: 678.993.2935     F: 770.913.3966 …………………………………………………………………………………………. Ackerman & Co. 10 Glenlake Parkway, South Tower, Suite 1000 Atlanta, Georgia 30328

www.ackermanco.com

www.tabanigroup.com

HFF announces $29 million sale of 604 Mission Street in San Francisco’s Transbay District

604 MIssion Office Building, Transbay District
 San Francisco, CA
(Photo by Venture Point Photography)

Thomas S. Foley

 SAN FRANCISCO, CA –- HFF announces the $29 million sale of 604 Mission Street, a 26,796-square-foot creative office building in San Francisco, California.

The sale represented a new high-water mark for boutique south financial office properties at $1,080 PSF.

 “We’ve broken the $1,000+ PSF barrier on multiple HFF-led transactions this year with 604 Mission, 500 Pine and 270 Brannan,” Thomas Foley a director at HFF said.

 “Investor sentiment for high-quality, irreplaceable real estate in the best market in the country continues to strengthen. 

"Supply constraints and demand drivers will continue to drive rent growth and we feel there is still plenty of room to run.”

Jordan Angel

 The HFF team represented the seller, 604 Costa LLC, an affiliate of Market Street Real Estate Partners, LLC, and procured the buyer, Toy Real Estate Investment Company, who was in a 1031 exchange trade.

 The buyer assumed a CMBS loan that HFF had recently secured for the seller.  HFF assisted the buyer through the loan assumption process.

 “CMBS assumptions are complicated and while at times a loan assumption requirement can limit buyers, HFF’s expertise in working with loan servicers on loan assumptions allows buyers to take advantage of existing debt for accretive loans, especially in a rising rate environment,” said senior director Jordan Angel.

“Our job is not to just procure the best buyer, but to ensure they are able to get the financing needed to close.”

Christina Chung

Originally built in 1905, 604 Mission Street has been renovated into a modern creative office space while maintaining its historic look and feel with exposed brick walls, high ceilings and floorplates averaging 2,622 square feet. 

David Dokko

The 10-story, fully leased property features a penthouse unit and ground floor retail, which is occupied by Atlas Tap Room and Archive Bar & Kitchen. 

 604 Mission has a transit-oriented location in the heart of San Francisco’s highly sought-after Transbay District just one block from the Montgomery St. BART/Muni Station and adjacent to Transbay Terminal. 

 Additionally, the property has access to an abundance of amenities within a two-block radius, giving the property an exceptional Walk Score® of 96.

“Market Street has done an incredible job with 604 Mission through their best in class creative office improvements,” senior director David Dokko said.  “They were a great seller and we truly appreciate the opportunity to work with talented, passionate real estate professionals like them.”

Ben Bullock

 The HFF investment advisory team representing the seller included senior directors Ben Bullock, David Dokko and Jordan Angel, director Thomas Foley and real estate analyst Kenny Bruzzone. 

 The buyer was represented by Christina Chung of Coldwell Banker in the transaction.

 Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

Market Street Real Estate Partners (MSREP) is a fully integrated investment firm whose principals have over 50 collective years of both private and institutional experience acquiring, repositioning and managing commercial real estate assets throughout the United States. 

 MSREP has consistently executed its proven strategy of identifying underutilized commercial properties via predominantly “off-market” acquisitions for the purpose of repositioning to generate favorable risk-adjusted returns for investors. 

Kenny Bruzzone

Since inception in 2012 and having closed approximately $600 million in transactions since, the company seeks to establish strategic, long-term relationships with private and institutional partners to pursue value-add commercial real estate acquisitions in primary and select secondary markets throughout the United States.

CONTACTS:

DAVID DOKKO

CA Lic. #01960806

HFF Senior Director

(415) 276-6300

ddokko@hfflp.com

THOMAS FOLEY

CA Lic. #01997105

HFF Director

(415) 276-6300

tfoley@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

Two Draper and Kramer Employees Receive IREM Recognition

  

Colleen Needham

 CHICAGO, IL (Dec. 19, 2018) – Full-service real estate firm Draper and Kramer, Incorporated, today announced that two employees from its Residential Management Group have been recognized by the Institute of Real Estate Management (IREM).

Colleen Needham, general manager of the Lake Meadows rental community in Chicago’s Bronzeville neighborhood, has been named IREM Chicago Chapter 23 secretary for 2019.

In addition, Timothy Kramer, property operations specialist across Draper and Kramer’s portfolio, was certified as an IREM instructor, the first Draper and Kramer employee to earn the designation.

Timothy Kramer

“We are incredibly proud of Colleen and Tim and the commitment they show to being leaders at our company as well as in their field,” said Julie Stevlingson, senior vice president and director of management services at Draper and Kramer.

“Their deep involvement with IREM, which is such an important professional organization in this industry, reflects the emphasis our firm places on encouraging employees to pursue professional development opportunities and become involved in groups where they can not only grow individually, but also share their knowledge with others.” 

Needham was sworn in as IREM Chapter 23 secretary during an event in November. In this role, she will be a member of the chapter’s executive council and help guide education, membership and advocacy initiatives. The chapter has nearly 700 members, including professionals who manage office, industrial and multifamily properties throughout metropolitan Chicago.

Lake Meadows Rental Community
Chicago, IL

A Certified Property Manager (CPM) and Accredited Resident Manager (ARM) through IREM and a licensed broker with the National Association of Realtors, Needham is general manager of Lake Meadows, a nine-building, 1,869-unit rental community that Draper and Kramer has managed for more than 60 years.

An 18-year industry veteran who has been involved with IREM for eight years, Needham has a bachelor’s degree in business administration from Roosevelt University in Chicago.

Kramer, the great-grandson of Draper and Kramer co-founder Adolph Kramer, assists with operations across Draper and Kramer’s 18-unit portfolio. 

In completing IREM’s instructor training, Kramer is certified to teach less-experienced, high-potential property management professionals who are obtaining their ARM certification.

 His first course will be RES201, a weeklong class that focuses on the basics of ethical property management practices from accounting and budgeting to creating a winning on-site team.

“Through my years of experience as a property manager of all types of residential real estate, I hope to bring the curriculum to life – adding my own observations and real-world solutions to the problems presented during the class,” Kramer said.

CONTACTS: 

 Sarah Lyons, slyons@taylorjohnson.com, (312) 267-4520

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

www.draperandkramer.com.

Meridian Completes Purchase of Medical Office Building in Torrance, CA

Medical Office Building, 3531 Fashion Way, Torrance, CA

John Pollock

NEWPORT BEACH, CA – Meridian, a full-service real estate developer and owner of medical real estate, is pleased to announce that the firm has closed escrow on the purchase of a 26,000-square-foot medical office building in Torrance, California.

The purchase price was $7.5 million and Meridian plans to invest an additional $3.6 million by the time the building is fully leased.

Located at 3531 Fashion Way on a 1.6-acre parcel, the property is directly across the street from Del Amo Fashion Center, one of nation’s largest malls, which has recently completed a $300 million modernization. 

R.J. Sommerdyke

The medical office building also benefits from close proximity to two major hospitals, including the 436-bed Providence Little Company of Mary Medical Center and the 401-bed Torrance Memorial Medical Center.

“The building was being sold 100 percent vacant,” said R.J. Sommerdyke, Director of Acquisitions at Meridian. “Given the vacancy, building age and location, the property was being marketed as a redevelopment opportunity. 

"The bidding process was competitive, and the property ultimately sold for what we believe is land value. The purchase price translated to a compelling price per square foot for a medical office building at this location.”

Kristen Bowman

According to Sommerdyke, “The property was built in 1961 and underwent multiple renovations over the years. Despite being well-maintained by the seller, in order to meet the standards of today’s medical users, Meridian will conduct significant renovations and upgrades to the property. 

Brendan McArthur

Those improvements will include an exterior facelift, lobby modernization, the addition of common area restrooms and a new roof, HVAC systems, landscaping, and signage as well as parking lot restriping/resurfacing. We expect to complete all improvements by the third 

quarter of 2019.”

During escrow, Meridian was able to secure a tenant for roughly half of the building on a long-term lease. At this time, the tenant cannot be disclosed.

“This acquisition is a great example of Meridian’s core strengths and the ability to execute on outside-the-box deals,” said Meridian CEO, John Pollock. “Given our comprehensive experience in medical office, our team was able to identify value in a property that was overlooked by many others.”

Steve Solomon

Pollock continues, “During the escrow period, we were able to overcome a number of obstacles and worked through complicated title issues.

"Additionally, with our many relationships in the medical and health care industry, we were able to secure a lease with a prominent tenant for over half of the building prior to waiving contingencies.

"Using our own in-house project management team, we will bring this building to today’s high standards.” 

Brendan McArthur, Steve Solomon, Jeff Adkinson and Kristen Bowman, from JLL’s Los Angeles office, represented the seller, Providence Health, in the transaction while Meridian represented itself.

Continued leasing will be managed by John Scruggs at Newmark Knight Frank.

This transaction represents Meridian’s fifth acquisition in 2018. In January 2018, Meridian purchased three existing buildings on five parcels totaling 29,000 square feet of land in Downtown Long Beach to build a new, single-story 9,200-square-foot ambulatory, out-patient clinic.

Jeff Adkison

In February, Meridian acquired a vacant 39,204-square-foot parcel to develop an 11,250-square-foot outpatient clinic in Modesto, California.

In April, Meridian purchased a vacant 39,204-square-foot parcel with plans to build an 11,250-square-foot ambulatory, out-patient facility in Stockton, California.

All three out-patient clinics are expected to be completed in early 2019. In May, Seavest Investment Group, assisted by Meridian, purchased a seven-story, 119,262-square-foot office property in San Francisco.

John E. Scruggs

According to Pollock, Meridian will continue to aggressively pursue value-add medical and new healthcare development opportunities throughout the West Coast.
California-based Meridian is a full-service real estate developer with offices in San Ramon and Newport Beach.

Meridian has specialized in the development of innovative and integrated commercial office, and medical office, since its inception in1999.

Meridian’s services are broad in scope but meticulous in detail -- from site evaluation and land acquisition to entitlement and planning to construction and management.  

CONTACT:

Anne Monaghan
MONAGHAN COMMUNICATIONS, INC.
anne@MonaghanPR.com 
830.997.0963

mpcca.com.