A 2,265-SF Net-Leased Popeyes Site Sells for $2.7 Million in Tallahassee, FL

 Popeyes Louisiana Kitchen, 2996 Apalachee Parkway
 Tallahassee, FL

TALLAHASSEE, 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 a Popeyes Louisiana Kitchen, a 2,265-square foot net-leased property located in Tallahassee, FL, according to Scott Lunine, Regional Manager of the firm’s Miami office.

Debra L. Franklin

The asset sold for $2,576,324.

Justin R. Sturdivant

The Popeyes is located at 2996 Apalachee Pkwy in Tallahassee, FL.  It is a brand-new construction restaurant with a 15-year, absolute triple-net lease in place with one of the largest operators of Popeyes in the Southeast.

“Our team is delighted to continue to represent the Popeyes brand as it solidifies its presence in the Southeast, supporting its growth strategy into new markets,” said Debra L. Franklin, head of the firm’s Restaurant Real Estate Specialist Team (‘RREST’).

Steven Garthwaite

Debra L. Franklin and Justin R. Sturdivant, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, one of the nation’s leading single-tenant real estate developers. 

The buyer, a limited liability company, was secured and represented by Steven Garthwaite and Derrick Dougherty, investment specialists in Marcus & Millichap’s Philadelphia office.

Derrick Dougherty

 Financing was arranged by Stephen Filippo of Marcus and Millichap’s Capital Corporation. A loan was sourced with a 15 year fixed rate at 4.96% and a 25 year amortization providing long term stable cash flow.

 “The buyer chose this asset due to the premier location within the submarket and strong operator backing the lease. We are very excited for the client and believe he acquired a best in class asset.” said Garthwaite.

Stephen Filippo

CONTACTS:

Scott Lunine

Vice President / Regional Manager, Miami

(786) 522-7000

Daniella Aragon
Marketing Coordinator
Marcus & Millichap 5201 Blue Lagoon Drive Suite 100 Miami, FL 33126 (786) 522-7000 main (786) 454-0094 mobile (786) 522-7010 fax daniella.aragon@marcusmillichap.com

www.MarcusMillichap.com

Real Estate Veterans Launch PENLER – New Multifamily Firm; Initial GP

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Brian Metzler (left) and Graham Carpenter

ATLANTA, GA -- Real estate veterans Brian Metzler and Graham Carpenter have joined forces to establish PENLER, a new multifamily investment platform.

 The goals of the new company, headquartered in Atlanta, include the acquisition, development and asset management of apartment communities across the Sun Belt. 

Throughout their collective 30+ years in real estate, the co-founders and managing partners have closed more than $5.2 billion in multifamily investments and development comprised of more than 28,000 units across the country. Their resumes include leading some of the largest multifamily deals in Atlanta history. 

“The blend of seasoned development and acquisitions skills coupled with institutional-quality asset management sets PENLER apart,” says Metzler. “This balance, which allows us to capitalize on all phases of the real estate cycle, typically only exists at larger organizations.” 

PENLER’s programmatic general partnership has committed enough capital to complete more than $800 million of multifamily development and acquisitions. 

“With our initial capital relationship finalized, we can focus on scouring our target markets for investment and development opportunities,” states Carpenter.

Carpenter recently left Simpson Housing where he was the Senior Vice President of Acquisitions and led the national acquisition/disposition team responsible for $2.4 billion in transactions across more than 9,000 units during his tenure. 

Most recently, Metzler was Managing Director of Development for Pollack Shores Real Estate Group, where he was responsible for developing more than 10,000 units at a total cost of $1.7 billion. Metzler and Carpenter’s careers overlapped for six years leading their respective divisions at Pollack Shores.

Metzler will lead PENLER’s development efforts.

“We are seeking developments in markets with attractive cost basis relative to current value, land in suburban markets seeing rent growth as a result of limited supply, and sites in Opportunity Zones with long-term potential,” Metzler says, adding that he will also focus on fee development opportunities.

Carpenter will lead PENLER’s acquisition division, seeking assets that provide consistent, long-term cash-flow and add sustainability to the overall platform. 

“Many urban markets are experiencing stress due to pockets of over-supply,” Carpenter says. “This creates a unique opportunity to acquire new product for long-term ownership at a discount to replacement cost.

"Additionally, we are targeting workforce housing – unlocking value through repositioning strategies while maintaining a significant discount to luxury rentals.’’ 

PENLER plans to add a head of asset management, a development lead and chief financial officer later this year.

CONTACT:

Terri Thornton
Partner, Thornton Communications

Phone: 404-932-4347
Email: Terri@TerriThornton.com 

 Website: www.TerriThornton.com 

www.PENLER.com.

Tangram Studio Appoints Todd Bynon to Newly Created Position as Chief of Staff in Santa Fe Springs, CA

Todd Bynon

SANTA FE SPRINGS, CA,  Jan. 24, 2019 – Tangram Studio, an innovative creator of custom commercial interior environments and workspaces, has announced the appointment of Todd Bynon as Chief of Staff.

 Bynon previously served as a production manager for Lisi Aerospace, working in the civilian aerospace sector for the last 10 years following active duty service in the U.S. Air Force. 

Charlotte Wiederholt

The position of Chief of Staff has been newly created in response to the ongoing growth and success of Tangram Studio.

Bynon will be responsible for managing the design, engineering and operations functions. He will also be directly involved in optimizing the customer experience as well as internal team training and coaching.

525 B Street. Lobby, San Diego, CA

Additionally, Bynon will work closely with vendors to promote productive partnerships in terms of quality, pricing and delivery expectations. 

Bynon’s experience in the aerospace industry brings expertise in project management, various types of manufacturing and business leadership. His stint in the Air Force instilled core values of integrity, putting the team first, striving for excellence and a global viewpoint.

“We are thrilled to have Todd on board and are confident that his unique experience and fresh perspective will play a notable role in Studio's ongoing development,” said Tangram Studio President Charlotte Wiederholt.

525 B Street, Gym, San Diego, CA

Tangram Studio works closely with each client to reflect and reinforce a distinctive culture through innovative workspace solutions and a process of collaborative input and planning, conceptualization, prototyping, engineering, fabrication and installation. 

Tangram Studio also works tightly with other Tangram units as well as architects, contractors and other project team members to achieve seamless integration of all requirements.

For information on Tangram Studio, visit www.tangramstudio.com. To learn more about Tangram’s full capabilities, go to www.tangraminteriors.com.

CONTACTS:

Rachel Reenders

KCOMM

949-443-9300

rachel@kcomm.com

Kelly Teenor, Director, Marketing, 949.660.9128, kteenor@waremalcomb.com

Maureen Bissonnette, Associate Principal, Marketing, 949.660.9128, mbissonnette@waremalcomb.com