Marcus & Millichap Arranges $3 million sale of Indian River Medical Office & Apartments in Vero Beach, FL

Krone Weidler

VERO BEACH, 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 Indian River Medical Office & Apartments, a 23,577-square foot mixed-use property located in Vero Beach, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $3,075,000.

Grant Fitzgerald

Jason Hague, Krone Weidler, L.J. Tsunis, Adam Podbelski and Ned Roberts, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited partnership out of Ohio.  

The buyer, a private investor, was also secured and represented by the same brokers.

“This is one of the most unique assets our team has marketed in some time,” said L.J. Tsunis. “It’s rare you see a mixed-use type property outside of a major MSA or CBD (Central Business District). 

Jason Hague

"Through our multi-phased and collaborative approach to marketing this property, which included potential investors in medical office as well as apartments nationwide, we were able to generate multiple-offers and significant proceeds to the seller in a short period of ownership. 

 “This deal was a true testament to the collaboration that Marcus & Millichap is able to offer to their clients,” said Hague.  

“Despite the fact that Krone and L.J. specialize in Medical Office and Assisted Living while my team focuses on Multifamily, we were both able to bring a unique aspect of cross-platform marketing to the table which ultimately enabled us to procure the perfect buyer for such a unique deal.” 

L.J. Tsunis

Indian River Medical Office & Apartments is located at 1485 37th Street in Vero Beach, Fla., and consists of a two-story medical office and apartment building. 

The building was completed in 1984 and contains first floor medical office space and 14 second floor apartments, with a total rentable square footage of 23,580. 

The first floor is designed with up to 13 individual office suites, with four tenants currently occupying these spaces, occupancy is presently 100%.  

Adam Podbelski

“The property sits adjacent to Indian River Hospital, which was just taken over by The Cleveland Clinic. Due to this property’s location, and the significant investment expected by the hospital in the years to come, this property will continue to enjoy stable returns for the buyer,” said Tsunis.

There are 14 residential apartments on the second floor totaling 11,792 square feet of rentable building area in size. There is one, one-bedroom apartment and one, three-bedroom apartment, with the other 12 units all containing two-bedrooms and 1.5-bathrooms. They are currently 100% occupied. 

Ned Roberts

“The seller was able to implement a value-add strategy with the apartments by inputting partial upgrades to the units. The buyer will be able to continue these upgrades and continue to raise rents,” added Tsunis.

Contact:

 Grant Fitzgerald

Sales Manager

Tampa, FL

(813) 387-4700

Lee & Associates Selects Josh Simon as President of New Washington, DC/Northern Virgina Regiona Office

Josh Simon

WASHINGTON, DC – Lee & Associates, the largest broker-owned commercial real estate firm in North America with more than 60 full-time offices, has named Josh Simon, SIOR, as President of its new Washington, D.C./Northern Virginia regional office. 

Simon, formerly Partner at NAI KLNB and based in Tysons Corner, Virginia, brings more than twelve years of diversified commercial real estate brokerage experience to this new position. 

Last December, Lee & Associates announced its intentions to establish a presence in the Nation’s Capital “within two years, timed with the ability to identify appropriate leadership to oversee operations and recruit talent.” 

Teaming with Simon to open the new office will be Pierce Kruetzer, also formerly with NAI KLNB, as a Principal.

“This is a career-defining opportunity to leverage my knowledge of the regional real estate marketplace and extensive business relationships with the resources of an international brokerage platform,” stated  Simon. 

“A constant refrain expressed by owners and investors is the lack of personalized service received from brokerage firms that have experienced continual consolidation and growth. A negative byproduct of this expansion is a disconnection on the local level where personal relationships and trust mean everything to achieve success. 

Pierce Kruetzer

"This has translated to a lack of passion and enthusiasm as new ownership, and the decision-making and protocols that come with it, move farther away from the individual offices. 

"Lee & Associates employs a collaborative and empowering business model and we fully intend to compete with every national player in the Washington, D.C. area, particularly in the middle market space.”                   

The new Washington, D.C./Northern Virginia office plans to execute an aggressive growth strategy targeting business opportunities and seasoned brokerage professionals experienced in office landlord representation, office tenant representation, retail Leasing, industrial leasing, debt services and investment sales. 

According to Simon, he is currently engaged in discussions to recruit additional talent and expects to “grow by eight to ten brokers in a relatively short timeframe.”

CONTACT:

 lee-associates.com 

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JLL closes $35.5 million sale of 313,650-SF industrial facility in Charleston, NC

313,650-SF, newly delivered, state-of-the-art distribution and light assembly facility that is a build-to-suit for Science Applications International Corp. (SAIC) in Charleston, SC

CHARLOTTE, NC – JLL announces the $35.5 million sale of a 313,650-square-foot, newly delivered, state-of-the-art distribution and light assembly facility that is a build-to-suit for Science Applications International Corporation (SAIC) in Charleston, South Carolina.

Patrick Nally

JLL marketed the property on behalf of the seller, a joint venture between North Signal Capital and a fund managed by Westport Capital Partners LLC. Stockbridge purchased the asset.

The SAIC build-to-suit is 100% leased on a triple-net basis to SAIC, one of the U.S. government’s top defense contractors.

 Delivered in June 2019, the facility features a minimum 32-foot clear height, ESFR sprinkler system, a fully conditioned warehouse and tilt-up concrete construction with an attractive glass-lined facade. 

Located at 7413 Magi Road, the building is adjacent to the Naval Space and Warfare Systems Command (SPAWAR) campus, one of SAIC’s longstanding federal customers. 

Situated on 23.09 acres at 7413 Magi Road, the facility is in Hanahan, a northern Charleston suburb, and situated within North Pointe Commerce Park, a master-planned industrial park that is strategically positioned to house defense, manufacturing and logistics-oriented tenants. 

Chris Norvell

The building is equidistant to both Interstates 26 and 526 and proximate to the Port of Charleston, the CSX/Norfolk Southern Intermodal Yard and the Charleston International Airport.

The JLL Capital Markets team representing the seller consisted of director Patrick Nally, senior managing director Chris Norvell and associate Mike Massardo.

“This transaction represented an opportunity to acquire a true trophy-quality, core industrial asset in the land constrained Hanahan/North Rhett submarket,” Nally said. 

“This submarket – and specifically North Pointe Commerce Park – has displayed incredible fundamentals over recent years and has established itself to be one of the preeminent defense- and port-related industrial locations in the region. 

"Charleston possesses a dynamic array of industrial demand drivers, and we continue to see institutional investors view the market favorably for its long-term growth potential.”

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Mike Massardo

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019.

About North Signal Capital

North Signal Capital LLC is a real estate investment and development firm with offices in Stamford, Connecticut, and Charleston, South Carolina. 

North Signal seeks to maximize risk-adjusted returns by employing a value-based approach to real estate investing. North Signal targets investments supported by long-term secular trends including the growth of e-commerce and population growth within the Southeastern U.S.

 For more information regarding North Signal Capital LLC, please visit www.northsignalcapital.com.

CONTACTS:

Patrick Nally, JLL Director

Phone: +1 919 573 4649

Email: Patrick.Nally@am.jll.com

 Christopher Norvell, SIOR, JLL Senior Director

SC License:  #68127

Phone: +1 704 526 2807

Email: Christopher.Norvell@am.jll.com

 Kimberly Steele

Phone: +1 713 852-3420

Email: Kimberly.Steele@am.jll.com

www.westportcp.com. 
jll.com.
 http://stockbridge.com

Integrated CBD bringing first U.S. manufacturing location and 100 jobs to Phoenix, AZ

Former Sam's Club site, now a new manufacturing facility
in Phoenix, AZ for Institutional CBD oil
 and isolate supplier Integrated CBD

Andrew Medley

PHOENIX, AZ, July 17, 2019 – Institutional CBD oil and isolate supplier Integrated CBD has announced it will open its first U.S. manufacturing location and hire approximately 100 employees at HUB 317, a 225,157-square-foot project that in 2018 was renovated from a former Sam’s Club into a state-of-the-art, Class A, freeway visible flex industrial campus.

 Integrated CBD will use its new space at HUB 317 for CBD oil extraction, processing, custom formulating and research and development.

The facility is intended to provide industrial hemp-derived CBD ingredients and bespoke formulations to Fortune 500 customers in the cosmetic, supplement, nutraceutical, pharmaceutical and food and beverage industries.

Steve Larsen

The new facility is expected to generate more than 100 new jobs including high-skilled and high-paid senior level management, sales and research and development positions.

 The company is scheduled to take occupancy at HUB 317 during the fourth quarter of 2019.

 JLL Managing Director Andrew Medley and Executive Vice President Steve Larsen represented Integrated CBD. 

Ken McQueen, Chris McClurg and Brian Payne represented the owner and developer, a joint venture between Denver-based DPC Companies and Confluent Development.

“This facility marks a major milestone in this new industry,” said Jeff Dreyer, Chief Operating Officer and Co-Founder of Integrated CBD. “Our location at HUB 317 will be largest throughput and most efficient CBD oil extraction plant in the United States.”

Ken McQueen

HUB 317 is located on 12 acres at 317 S. 48^th St. in Phoenix, minutes from the Loop 202 and 143 freeways and Sky Harbor International Airport. 

The project combines the renovation of a 115,286-square-foot former Sam’s Club building with 109,645 square feet of new tilt-up industrial construction to create a fully modernized flex industrial campus.

Features of the new development include renovated office, warehouse/distribution and mezzanine space with 24- to 32-foot clear height, truckwell, grade-level and dock high loading options, 290 parking stalls and a 3,000 Amps/277-480 volt power supply.

Chris McClurg

The property’s location just east of State Route 143 and just west of the Loop 202 will give Integrated CBD exceptional access to major transportation corridors as well as freeway visibility with building and freeway monument signage opportunities.

 “HUB 317 is an ideal property for Integrated CBD, giving them a centralized and efficient supply chain location and brand new, state-of-the-art industrial space that not only provides extensive power but is also scalable to accommodate the company’s strong projected growth,” said Medley.

Jeff Dreyer

 HUB 317 is the first development partnership in the Phoenix industrial market between Colorado-based DPC Companies and Confluent Development. 

Graycor Construction Company was the general contractor and Ware Malcomb was the project architect.

 Contact:

Stacey Hershauer
Phone: +1 480 600 0195

Email: stacey@focusaz.com

Hart Realty Advisers Sells Rocky Creek Apartments Complex in Tampa, FL

Rocky Creek Apartments, 6820 West Hillsborough Avenue
 Tampa, FL

TAMPA, FL –– Hart Realty Advisers sold the Rocky Creek Apartments community in Tampa after renovations and improvements helped the 264-unit complex significantly appreciate in value over the hold period.

Financial terms of the transaction and the name of the buyer are not being disclosed.

Rocky Creek Apartments were built in 1999 and are located at 6820 W. Hillsborough Ave., which is one of the most desirable corridors of the Tampa Bay area with more than 61,000 passing vehicles per day providing excellent visibility.

David S. Hart

The community is just minutes from the downtown Tampa business district, Tampa International Airport, the University of Tampa campus, and the Westshore office area and the nearby Gateway business district in St. Petersburg.

The complex includes units with one, two or three bedrooms, and amenities in the gated community include a resort-style swimming pool, a retention lake with a fountain and sun deck, a courtyard gathering space and outdoor kitchen with built-in barbecue grills, valet trash service, available garage parking, a car wash facility, a fitness room and a business center.

Since taking over management of the complex in 2012, Hart oversaw unit renovations and exterior upgrades and repairs that kept occupancy high and improved average rent per unit.

Shelton Granade

 Hart is selling the property on behalf of an institutional separate account client that intends to redeploy the capital elsewhere.

“Rocky Creek Apartments has been a terrific investment for our client, and we are pleased to advise them on a strategic exit so the gains can be put to work in other attractive opportunities,” said David S. Hart, Co-CEO of Hart Realty Advisers.

The transaction was brokered by Shelton Granade and Justin Basquill of CBRE’s Florida Multifamily team.

 About Hart Realty Advisers Hart Realty Advisers is an SEC-registered real estate investment advisory firm that acquires, develops and manages core, core plus, value-added and opportunistic real estate across all asset types. 

Founded in 1982 and based in Simsbury, Connecticut, Hart creates custom investment strategies for corporate and public pension plans, foundations and endowment funds to align their specific risk and diversification requirements with compelling marketplace opportunities. 

Justin Basquill

In 2018, Hart became a wholly owned subsidiary of Atlanta-based The Shopping Center Group (TSCG), one of the largest privately held retail advisory firms in the U.S. Hart now offers a vertically integrated platform with 215 professionals across 20 offices

For more information, please visit hartadvisers.com. 

Contact for Hart Realty Advisers: Mary Jane Credeur | The Credeur Group mj@credeurgroup.com | 404.317.2718 # #

JLL closes sale and financing of One Liberty Center in Arlington, VA

Jim Meisel

WASHINGTON, DC – JLL announces that it has closed the sale and financing of One Liberty Center, a Class A office asset totaling 319,327 square feet in Arlington, Virginia.

JLL represented the seller, Carr Properties, and procured the buyer, USAA Real Estate.  

Additionally, working on behalf of the buyer, JLL placed the 10-year, fixed-rate acquisition loan with Northwestern Mutual.

One Liberty Center is located at 875 North Randolph Street within the Liberty Square master-planned, mixed-use development in the epicenter of the Ballston submarket.  

Cary Abod

The property is surrounded by numerous transformative developments such as Ballston Quarter and Ballston Exchange that will deliver more than 500,000 square feet of retail and entertainment options, as well as more than 2,000 new residential units in additional projects.  

One Liberty Center is 99% leased to the U.S. Government (GSA).  

The 13-story property is an ISC Level IV-secured facility featuring cutting edge innovative technologies, including direct dark fiber to the Pentagon, 100% connectivity throughout the building and SCIF spaces authorized to hold the highest levels of government meetings.     

The JLL Capital Markets team representing the seller was led by senior managing directors Jim Meisel and Andrew Weir, senior director Matthew Nicholson, director David Baker and executive managing director Stephen Conley. 

JLL’s Capital Markets team representing the borrower/buyer was led by managing director Cary Abod and senior director Rob Carey.

Andrew Weir

 For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

About Carr Properties

Carr Properties is a privately held real estate investment trust focused on creating value for its shareholders through the ownership, acquisition, and development of high-quality office properties in Washington, D.C. and Boston, MA.

 The company currently owns a portfolio of 15 commercial office properties totaling approximately 4.0 Million SF as well as a pipeline of five development 
projects that include: 

Matthew Nicholson

The Wilson and Elm Development in Bethesda, MD; Signal House in the Union Market area of Washington, D.C.; and One Congress in Boston, MA. Upon completion, these projects will add 2.4 Million SF of trophy-quality office space to the company’s portfolio.

 The company is continuing to expand its portfolio through strategic investments in the Washington, D.C. and Boston, MA areas.

About USAA Real Estate

USAA Real Estate provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors and arranges commercial mortgage loans on behalf of affiliates. 

Its portfolio consists of office, industrial/logistics, multifamily, retail and hotel properties. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit usrealco.com.

David Baker

About Northwestern Mutual

Northwestern Mutual has been helping families and businesses achieve financial security for more than 160 years.  Through a distinctive, whole-picture planning approach, Northwestern Mutual empowers its clients to make the most of every single day and plan for important moments in their future. 

 Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience to help its clients navigate their financial lives every day. 

 With $272.2 billion in assets, $28.5 billion in revenues, and $1.8 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than 4.5 million people who rely on them for life, disability income and long-term care insurance, annuities, and brokerage and advisory services.  

Stephen Conley

The company manages $128 billion of investments owned by its clients and held or managed through its wealth management and investment services businesses.  

Northwestern Mutual ranks 104 on the 2018 FORTUNE 500 and is recognized by FORTUNE® as one of the “World’s Most Admired” life insurance companies in 2019.

Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. 

Northwestern Mutual and its subsidiaries offer a comprehensive approach to financial security solutions including: life insurance, long-term care insurance, disability income insurance, annuities, life insurance with long-term care benefits, investment products, and advisory products and services.

Robert 'Rob' Carey

 Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (securities), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (fiduciary and fee-based financial planning services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance).

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. 

CONTACTS: 

 Jim Meisel, JLL Senior Managing Director

Phone: +202 533 2500

Email: Jim.Meisel@am.jll.com

 Cary Abod, JLL Managing Director

Phone: +202 533 2500

Email: Cary.Abod @am.jll.com

Kristen Murphy

Phone: +617 338 0990

Email: Kristen.Murphy@am.jll.com

 jll.com