HFF announces $19.5 million financing of Del Mar Corporate Plaza in San Diego, CA

         

Del Mar Corporate Plaza, Del Mar Heights, San Diego, CA

SAN DIEGO, CA –– HFF Holliday Fenoglio Fowler, L.P. (HFF) announces $19.5 million in financing for Del Mar Corporate Plaza, two newly renovated office buildings totaling 73,562 square feet in San Diego, California.

The HFF team worked on behalf of the borrower, EverWest Real Estate Partners, to secure the 10-year, 4.54 percent, fixed-rate acquisition loan through a correspondent life insurance company. 

Chris Collins

Del Mar Corporate Plaza is located at 12651 and 12671 High Bluff Drive in Del Mar Heights, which is considered by many to be Southern California’s premier coastal business and residential community. 

The property is within walking distance of the retail and dining amenities at the new One Paseo mixed-use development and is close to Carmel Country Plaza and Del Mar Highlands Town Center. 

Additionally, the asset is within close proximity to local freeways, including Interstates 5 and 805 as well as the Solana Beach and Sorrento Valley Coaster Stations, providing connectivity to the surrounding area.  

Renovated in 2017, the Class A creative office buildings feature small floorplates, a newly renovated fitness center with showers and locker rooms, outdoor patios, a two-story atrium lobby and updated common areas.  Del Mar Corporate Plaza is 79 percent leased to tenants, including HomeStreet Bank and Cirius Therapeutics. 

The HFF debt placement team representing the borrower included director Chris Collins.

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

CONTACTS:

CHRIS COLLINS

CA Lic. #01927590

HFF Director

(858) 552-7690

ccollins@hfflp.com

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

One Agave Center sells in Phoenix’s I-10 Technology Corridor

Brian Ackerman

 PHOENIX, AZ – The Phoenix office of JLL has completed the sale of One Agave Center, one of the only four-story office buildings situated along the South Tempe/Ahwatukee portion of the I-10 Technology Corridor in metro Phoenix’s Southeast Valley.

JLL Executive Vice President Brian Ackerman represented the property seller, Tryperion Partners and Griffin Partners. Orsett Properties was the buyer. 

“This is the only four-story office building in this section of the I-10 Technology Corridor, in a very popular residential market. That demand is reflected in the area’s low Class A vacancy rate for office space located within one-half mile of the freeway,” said Ackerman.

“Most of the businesses within One Agave Center are blue chip tenants who have been here for years and take great pride in their longevity and in the future of the area. This creates tremendous stability with existing and new tenants interested in One Agave Center.”

One Agave Center, 8950 South 52nd Street,Tempe, AZ

Built in 2000, One Agave Center is located on 4.56 acres at 8950 S. 52^nd St. in Tempe, Arizona, just south of Warner Road and East of Interstate 10 in the Southeast Valley submarket.

The 77,432 square-foot, Class A office building offers direct freeway frontage and immediate access to I-10. It is also located just 2.5 miles north of the anticipated Loop 202 extension and within one mile of more than 40 dining and retail amenities. There are 7.8 million square feet of retail amenities within three miles of the project.

Part of the I-10 Technology Corridor, One Agave Center currently holds an 87.2 percent occupancy rate, 50 percent of which is from technology and advanced business services companies.

 Major tenants include Tyler Technologies, Radiall, Qwaltec, 84 Lumber and Berkshire Hathaway Home Services.

 Contact:

 Stacey Hershauer

Phone: +1 480 600 0195

Email: stacey@focusaz.com

www.jll.com.

Prime South Florida Retail Asset Hits the Market for the First Time in 78 Years at $8 Million

Love Family Building, 310 E. Atlantic Avenue, Delray Beach, FL

DELRAY BEACH, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has been selected to exclusively market for sale the Love Family Building, a 5,753 square-foot, two-tenant retail asset in Delray Beach, Florida. The price is $8 million.

Howard Bregman

“This is an extraordinary and rare opportunity for an investor to acquire a prime retail asset in the heart of downtown Delray Beach, FL” says Howard Bregman, first vice president investments in Marcus & Millichap’s Fort Lauderdale office.

“Tenant demand and development continue to rise in Delray Beach - especially with the revitalization and redevelopment of the Delray Beach Art District, which has transformed the area into a major tourist attraction.”

Bregman is representing the seller, a private owner, that has owned the property for over 78 years.

The property is in the heart of downtown Delray Beach, FL. The Love Family Building is located at 310 E. Atlantic Avenue on the South side of Atlantic Avenue between Southeast 3^rd Avenue and Southeast 4^th Avenue on the premier block in prime downtown Delray Beach.

Delray Beach, FL Art District

The property also sits directly in front of the future Delray City Market, a 120,000 square foot, four-story, mixed-use building and directly adjacent to Urban Outfitters, and on the same block as SunTrust Bank and Capital One Bank & café.

Constructed in 1940, the Love Family Building consists of two retail units which are currently occupied by two tenants on a short-term lease well below the current market rents. 

Contacts:

 Ryan Nee

Vice President / Regional Manager

 Fort Lauderdale

(954) 245-3400

or

Stephanie Carten
Marketing Coordinator
Marcus & Millichap 5900 North Andrews Avenue Suite 100 Fort Lauderdale, FL 33309 (954) 245-3477 direct (954) 245-3400 main (954) 245-3410 fax stephanie.carten@marcusmillichap.com

www.MarcusMillichap.com

HFF announces $8.6 million sale of medical office building near Duke Regional Hospital in Durham, NC

Duke Medical Complex, 4321 Medical Park Drive, Durham, NC

Zack Drozda

CHARLOTTE, NC –– HFF announces the $8.6 million sale of Duke Medical Complex, a two-story medical office building totaling 79,202 square feet in Durham, North Carolina.

The HFF team represented the seller, and procured the buyer, 5401 Holding Co LLC. 

Duke Medical Complex is located at 4321 Medical Park Drive within close proximity to the Duke Regional Hospital in Durham’s micro-medical submarket. 

Scot Humphrey

The property is situated on more than eight acres and has convenient access to the area’s major thoroughfares, including U.S. 501 and Interstate 85, which link the greater Triangle region. 

Completed in 2001, the 78-percent-leased medical office building is anchored by a division of the renowned Duke University Health System. 

The HFF investment advisory team representing the seller consisted of director Zack Drozda managing director, Scot Humphrey, senior managing director Ryan Clutter and senior director Chris Lingerfelt. 

“The offering represented an excellent value-add opportunity for medical office investors, backed the tenancy and credit of Duke University Health System,” stated Drozda. 

Ryan Clutter

Holliday GP Corp. ("HFF") is a North Carolina licensed real estate broker.

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.

Chris Lingerfelt

CONTACTS:

ZACK DROZDA

HFF Director

(704) 526-2812

zdrozda@hfflp.com

SCOT HUMPHREY

HFF Managing Director

(919) 573-4641

shumphrey@hfflp.com

RKW Residential Expands into Orlando, FL with New Office; Hires Lizzette Herron as Senior Regional Manager

Lizzette Herron

 Orlando, FL (Feb. 1, 2019) — RKW RESIDENTIAL, a leading multifamily property management company, has opened an office in Orlando to support expected portfolio growth there and in the Tampa area.

 Experienced multifamily industry professional Lizzette Herron has joined RKW as Senior Regional Manager to oversee operations in Orlando and surrounding markets.

Herron works closely with Orlando-based Senior Vice President of Client Services Stephanie Brown in these markets. Both are based in the new Downtown Orlando office

“We are thrilled to have Lizzette on board to bolster our efforts in and around Orlando,” said Brown. “It’s no secret that the Orlando area is experiencing a boom in real estate development and corporate expansions and relocations. The demand for our services is growing in lockstep with the population growth.”

Stephanie Brown

More than $10 billion in infrastructure projects are in the pipeline in Orlando, including the I-4 Ultimate highway improvements and expansion of Orlando International Airport.

 Orlando is also among the fastest-growing multifamily markets in the nation, with 4.4 percent year-over-year rent growth across all asset classes in 2018, according to Yardi Matrix. That ranked sixth out of 127 nationwide markets tracked by the company.

With over 20 years of multifamily experience, Herron started her career with Summit Properties before the company merged with Camden Property Trust in 2005. Most recently, she served as Camden’s District Manager, overseeing repositions, stabilized and lease-up communities in the Orlando and Tampa markets.

RKW’s growth has spread beyond South Florida into Orlando and Jacksonville starting with over 500 units under management.

Johnny De La Espriella

“With Stephanie and Lizzette at the helm, our Orlando and Tampa operations are in capable hands,” said Johnny De La Espriella, the Regional Vice President managing Florida operations for RKW. “We look forward to building on what was a banner year for the company in the year ahead.”

In 2018, RKW’s overall portfolio grew by more than 7,000 units. The company’s footprint expanded from three to seven states during that span.

Contact:

Eric Kalis

Vice President, BoardroomPR

ekalis@boardroompr.com

O 954-370-8999

www.rkwresidential.com.

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

KAI Design & Build Announces Restructuring and New Leadership Roles; New branding, website and logo to unveil in February

Michael B. Kennedy Jr.

St. Louis, MO -- KAI Design & Build, an integrated architectural, engineering and construction services firm providing design and construction solutions across the country for nearly 40 years, has announced a corporate restructuring and will now be known as KAI Enterprises.

KAI Enterprises, which will simply go by KAI publicly, will serve as the parent company of four new subsidiaries—KAI Design, KAI Engineering, KAI Build and KAI 360 Construction Services (KAI 360 CS).

Darren L. James 

As part of the restructure, KAI will launch a new branding effort in February that includes a new corporate brand identity, logo and tagline as well as a new website.

The name change and restructure reflects KAI’s broader commitment to its clients and the AEC industry and unifies the company's operations under a new core focus and set of core values.

CEO Michael Kennedy, Jr. officially launched the new structure in October 2018, with Darren L. James, AIA, transitioning to President of KAI Enterprises. James, a shareholder within the company since 2010, was formerly the President and COO of KAI Texas.

“This is a new day for service delivery in the design and construction industry,” said James. “The continued evolution towards better and greater communication enhances the work environment for our staff and provides a more comprehensive experience for our clients.

"We believe in long-term, mutually beneficial relationships with our clients and our restructuring is our investment in continuous improvement, evolution and reinvention to better serve our clients, staff and community.”

In 2017, Michael Kennedy, Sr., founder and chairman of KAI Design & Build, retired and sold his company shares to his son, Michael B. Kennedy, Jr.

Michael E. Kennedy Sr.

The younger Kennedy decided at that time to restructure KAI and create new entities for each of the company’s business lines under the umbrella of a new holding company.

KAI is now poised through its four distinct business units to serve its clients with national resources from its headquarters in St. Louis and offices in Atlanta, Dallas, Omaha and San Antonio.

“As a shareholder of the KAI family of companies, it is my intention to strategically place the parent company and each business unit in the most advantageous position for growth, stability and profitability, regardless of the external economic climate,” said James.

“As the President of KAI Enterprises, it is my role to create opportunities that sustain our business unit’s individual goals, and nurture and grow our staff with exciting projects with a purpose to transform the communities we touch.”

Contact:

Jennifer Beidle

314-607-9459

jennifer@jbeidlepr.com

www.kai-db.com.

RECI Expects Home Mortgage Rates to Climb to 5% Level

John Oharenko

Chicago, IL,  Feb. 1, 2019 – The Real Estate Capital Institute states that with the government shutdown temporarily settled, the capital markets refocus on trade wars and economic growth for gauging interest rate control by the Fed. 

In the first meeting of this year, the Fed agreed to exercise caution, keeping rates unchanged and causing overall indices to drop to the same levels as the end of last year.  The Fed policy may change course should GDP growth approach year’s three-percent level. 

The net result of the Fed’s actions may be a five-percent-benchmark mortgage rate as the new low-rate norm – treading levels not seen in over a decade.  These rates will dampen home-ownership affordability, but should help sustain demand for rental housing and related commercial real estate property types.

The Real Estate Capital Institute’s® director, John Oharenko, suggests, “Finally, the tide is turning from a strong seller’s market to more ‘normal’ equilibrium.  Cash flow is king.  Owners with extremely strong management and operations teams should win big in this volatile market.”

Even as rates moved upwards during the past two years, mortgage pricing still stays historically attractive as compared to the most recent recession.  

Nevertheless, investors absorb less favorable debt and leverage, ultimately trickling down to lower property values. Owners, now more than ever, feel the pressure to maximize cash flow in the face of such market factors as follows:

Limited Income Growth:  Most CRE sectors are operating at peak performance levels based upon nearly a decade of growth. Not much room for upside, as new supply saturates inventory in select areas and property sectors.  Owners compete by offering “more for less”.  Expect capitalization rate to move upward by as much as fifty basis points, and prime overall yields to rise to the double-digit range for all but the highest-quality institutional assets.

Climbing Expenses:  Expenses are catching up to income.  Rising rents and values of the past few years, definitely have not escaped notice of governmental taxing bodies.  Municipalities are raising real estate taxes to record levels.  

Additionally, rapidly escalating property insurance rates follow close behind due to mounting losses from recent catastrophes (e.g., California wildfires). 

Rising management and employee costs also surface, as owners desperately seek [and try to retain] talent in a fiercely competitive job market.  

Alternatively, “smart” building designs dampen rising expenses through efficient energy management.

Contact:

John Oharenko,

Executive Director

director@reci.com / www.reci.com

Two New Del Webb Communities Coming to Jacksonville, FL

Clint Ball

JACKSONVILLE, FL (Feb. 1, 2019) — Del Webb, the nation’s leading builder of active adult communities for those ages 55 and older has announced two new communities coming to the Jacksonville area.

 The company closed on 188 acres in Nocatee on Jan. 8 for phase one of Del Webb Nocatee. 

The first 88 acres of Del Webb eTown is currently under development on the southeast side of Jacksonville, within the eTown master-planned community. Both communities are expected to release for sale this summer with prices starting in the mid-$200s.

“Each community will provide residents a unique lifestyle of social and recreational offerings in addition to floor plans designed specifically with the active adult buyer in mind.” said Clint Ball, North Florida division president for PulteGroup.

Del Webb eTown will offer 346 homesites and include over five-acres of resort-style amenities, fitness paths and pocket parks.  The community will be part of the eTown master-planned development along State Road 9B near I-295 and the upscale St. Johns Town Center.  

Residents will be less than 10 minutes from over 200 retail stores and restaurants at the town center, as well as centrally located to the area’s elite hospitals such Baptist Medical Center South and Mayo Clinic.

Baptist Medical Center South, Jacksonville, FL

Del Webb Nocatee is located in the Nocatee master-planned community east of I-95 in Ponte Vedra. The community will offer 854 homesites and include a seven-acre, resort-style amenity center with pools, tennis, pickleball, fitness and a 20,000-square foot clubhouse with numerous social activity spaces.  

Several homesites offer views of natural preserves in a quiet setting less than four miles from pristine beaches and in close proximity to world-class golf courses and historic St. Augustine.

 For more information, visit DelWebb.com/PonteVedra or call 866-224-4231.

  

CONTACT:

Jasmin Curtiss

 Account Executive, BoardroomPR

jcurtiss@boardroompr.com

 O 954-370-8999

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

DelWebb.com/Jacksonville

Patrick J. Brazil of NAI Realvest Named Winter Park Chamber’s 2018 Ambassador of The Year

Patrick J. Brazil being presented with the Winter Park Chamber of Commerce 2018 Ambassador of the Year Award by Chamber President Betsy Gardner Eckbert (Left) and past Board Chair Jana Ricci.

Winter Park, FL – Patrick J. Brazil, Sales Associate for the Hospitality Division at NAI Realvest was recently named the Winter Park Chamber of Commerce 2018 Ambassador of the Year during the Chamber’s recent Annual Dinner at Mead Botanical Gardens. 

Brazil, who has been a Winter Park Chamber Ambassador for two years, was among three selected by chamber staff from approximately 25 Ambassadors. The Board of Directors and Trustees selected Brazil for the Ambassadors top honor.

The Winter Park Chamber of Commerce is one of the largest chambers in the region with more than 830 members.

CONTACTS:

Patrick J. Brazil, CIPS, Sales Associate Hospitality Division NAI Realvest,  

407-875-9989 pbrazil@nairealvest.com

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

           

Beth Payan, Larry Vershel Communications

407-644-4142 lvershelco@aol.com orbeth@larryvershel.com