Marcus & Millichap Brokers $2.8 Million Sale of Still Waters West Seniors Housing Facility in Lake City, FL

Krone Weidler

LAKE CITY, FL– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Still Waters West, a 21,711-square foot seniors housing property located in Lake City, Fla., according to Grant Fitzgerald, regional manager of the firm’s Tampa office. The asset sold for $2,800,000.

Krone Weidler and L.J. Tsunis, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a not-for-profit corporation.  The buyer, a limited liability company, was also secured and represented by Weidler and Tsunis.

“We were able to successfully navigate the complexities of a not-for-profit operator selling to a for-profit buyer. Our expertise in underwriting and business standards of seniors housing allowed the buyer to purchase the property with financing. This involved the cooperation of both the seller and the buyer as well as other third parties,” saidTsunis.

Still Waters West, a not-for-profit assisted living facility located in Lake City Florida. The 21,711-square foot facility sits on 1.26 acres of land between Jacksonville and Tallahassee, just north of U.S. Highway 90. 

L.J. Tsunis

The facility is located in a lovely shaded woodland area, but is still just minutes away from restaurants, shopping centers, and medical facilities including Lake City Mediplex, which is directly across the street from the facility. 

Columbia County has recently been touted as the state's fastest growing county in terms of new business development. Also, the new Port of Columbia County is expected to bring in 3,000 new jobs to the area.

Contact: 

Grant Fitzgerald

Regional Manager, 
Tampa, FL
(813) 387-4700

HFF expands debt and equity placement team with addition of director Greg Gaughan in Atlanta office

Greg Gaughan

ATLANTA, GA, March 18, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has hired Greg Gaughan as a director focused on debt and equity placement transactions in its Atlanta office.

Mr. Gaughan has more than 12 years of capital markets experience and joins HFF from Grandbridge Capital, where he was most recently an assistant vice president/loan originator. 

 He began his career with Grandbridge in 2006 as a senior real estate analyst in the loan production group.  Mr. Gaughan has a Bachelor of Business Administration degree from the Terry College of Business at The University of Georgia (UGA). 

He is a CCIM candidate and an active member of industry organizations, including the National Association of Industrial and Office Properties (NAIOP) and International Council of Shopping Centers (ICSC). 

Ed Coco

 Additionally, Mr. Gaughan is on the Advisory Board of The Lionheart School and on the Alumni Leadership Team of the Catholic Center at UGA.

“We are pleased to welcome Greg to the HFF team,” said Ed Coco, senior managing director and co-head of HFF’s Atlanta office.  “Greg is a well-respected and successful capital markets advisor and he is a perfect cultural fit for HFF Atlanta and the firm at large.”

CONTACTS:

ED COCO

HFF Senior Managing Director

(404) 832-8460

ecoco@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 848-1572

krmurphy@hfflp.com

Thomas Prins Joins Hostmark Hospitality as Minority Partner

  

Thomas Prins

SCHAUMBURG, IL,  March 18, 2019—Thomas Prins, principal of TQP Capital Partners, a hotel real estate private equity firm focused on value-add and opportunistic investments, today announced that he has joined Schaumburg, Ill.-based Hostmark Hospitality Group, a leading third-party hotel management company, as a minority partner. 

 In his new role, Prins will be responsible for new business development on behalf of Hostmark and TQP Capital Partners. 

The affiliation of the two businesses will begin immediately.  The financial terms of the transaction were not disclosed.

               

 “We were looking to align TQP Capital Partners with a proven operator that shares many of our core values to work together to successfully execute the business plans for the hotel assets TQP Capital acquires,” Prins stated. 

Jerome T. Cataldo

“We look forward to supplementing Hostmark’s history, capabilities, bench strength and expertise in managing independent and soft-branded hotels.  We expect to accelerate Hostmark’s growth by using our capital and LP relationships to develop and acquire hotels and resorts.”

“As we embark on our next growth phase, Thomas and his TQP Capital platform will help us exceed owner expectations, augment our robust pipeline and lead us to new opportunities,” said Jerome Cataldo, president and CEO, Hostmark Hospitality Group.

  “The relationship builds upon recent additions to Hostmark's management portfolio which includes the award-winning Perry Hotel in Key West, the award-winning Merrill Hotel and Conference Center in Iowa and the under-construction Higgins Hotel, a Curio Collection by Hilton property in New Orleans.”

Contact:              

Chris Daly, Media

 (703) 435-6293

 chris@dalygray.com

www.hostmark.com 

RK Centers Acquires Walmart Supercenter in Chicopee, MA for $18.6 Million

Walmart Supercenter, 591 Memorial Drive, Chicopee, MA

NEEDHAM, MA  --  RK Centers of Needham, Mass. (www.rkcenters.com), a real estate development company which owns and manages over eight million square feet of commercial retail space in New England and South Florida, completed its acquisition of the Walmart Supercenter at 591 Memorial Drive in Chicopee on March 15.

Ken Fries

The 12.7-acre property is also home to a 99 Restaurant. The combined retail space totals 223,526 SF. The purchase price was $18,600,000.

 Making the announcement was Ken Fries, Director of Acquisitions for RK Centers, who noted the recent purchase occurred just a few months after RK’s acquisition of the 114,000 SF Walmart Supercenter in Saugus, Mass. 

Nat Heald

Seller of the Chicopee property was UE Chicopee Holding LLC. The purchasing entity is R.K. Chicopee, LLC. 

Brokers for the transaction were Nat Heald, Executive VP, and Chris Angelone, Managing Director, of Jones Lang LaSalle / N. E. Capital Markets.

RK now includes in its portfolio five properties anchored by Walmart stores. In addition to the new Saugus and Chicopee locations, the 387,000 SF RK Worcester Crossing; the 160,000 SF RK North Reading Plaza,  and the 275,000 SF RK Newport Towne Center in Newport, RI.

Chris Angelone

Fries said, “In the last three years, RK Centers has acquired more than 2.3 million square feet. Our investment formula focuses on open-air, well-situated, heavy traffic locations with good demographics – and respected credit tenants.”

Fries attributes the firm’s track record of over 35 years to its founder’s guiding principles:  minimal debt and close working relationships with tenants, customers, and local and regional vendors.

Kevin Belmont

About RK Centers

RK Centers is a privately held family-owned real estate development company which owns and manages over eight million square feet of commercial retail space, primarily ‘open air’ regional and community shopping centers in New England and South Florida.

With a minimal amount of leverage, the company  closes on acquisitions within 30 days with its own funds. With over 35 years of experience in real estate, RK Centers has a proven track-record of success with tenants, customers, and communities with all leasing and management functions performed in-house.

For company and property information, please visit  https://www.rkcenters.com

CONTACTS:

Property Owners:   Ken Fries, Director of Acquisitions – kfries@rkcenters.com

                    

Kevin Belmont, VP, Operations – kbelmont@RKCenters.com

(781) 320.0001    

                                                                                                               

Media: Stan Hurwitz  (for RK Centers)  stanhurwitz@gmail.com 

 www.rkcenters.com