Done Deals: Aug 16, 2019

Friday, August 16, 2019

JLL closes $17 million sale of Long Island, NY retail center

Hubbards Commons, a 65,970-SF, grocery-anchored shopping center in the Long Island community of West Babylon, NY

MORRISTOWN, N.J., Aug. 13, 2019 – JLL announces that it has closed the $17 million sale of Hubbards Commons, a 65,970-square-foot, grocery-anchored shopping center in the Long Island community of West Babylon, New York.

Jose Cruz

JLL marketed the property on behalf of the seller. ShopOne Centers REIT purchased the asset.

Hubbards Commons 98% leased to a variety of tenants, including Best Market, Rite Aid Pharmacy and Orangetheory Fitness.

The one-building center was renovated in 2017 and is expandable through the development of a 10,900-square-foot building on an adjacent 1.8-acre fully approved pad site.

Situated at 713-761 Sunrise Highway, Hubbards Commons is close to major highways, including Southern State Parkway, Sagtikos Parkway and Babylon Northport Expressway.

Steve Simonelli

Additionally, the center is adjacent to a residential neighborhood and more than 143,023 residents earning an average annual household income of more than $109,000 live within a three-mile radius.

The JLL Capital Markets team representing the seller included Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver, Andrew Scandalios and Grace Braverman.

“Hubbards Common’s location as well as tenant mix drew strong interest from local and national buyers.

"Grocery anchored centers continue to be highly sought after by the investment community,” Cruz said. “We are very pleased with the outcome of this transaction.”

Kevin O’Hearn

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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.

Grace Braverman

About ShopOne Centers REIT:

ShopOne Centers REIT is a leading owner, operator and manager of high-quality shopping centers. The company’s more than 48 retail centers located in established trade areas and are supported by a diverse mix of highly productive non-discretionary, value-oriented and grocery retailers.

Michael Oliver

ShopOne is committed to maximizing the value of its portfolio by capitalizing on embedded growth opportunities through driving rents, increasing occupancy and pursuing value-enhancing redevelopment opportunities.

Visit https://www.shopone.com to learn more.

About JLL:

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

Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions.

Andrew Scandalios

In doing so, we will build a better tomorrow for our clients, our people and our communities.

JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019.

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

For further information, visit jll.com.

Contacts:

Jose Cruz, JLL Senior Managing Director

Phone: +1 973 549 2000

Email: Jose.Cruz@am.jll.com

Andrew Scandalios, JLL Senior Managing Director

N.Y. License: #10331200140

Phone: +1 212 245 2425

Email: Andrew.Scandalios@am.jll.com

Kimberly Steele, JLL Digital Content/PR Specialist

Phone: +1 713 852-3420

Email: Kimberly.Steele@am.jll.com

Levin Johnston Directs Two Property Trades Totaling $12.3 Million in California Bay Area

Woodside South Apartments, 15 Atherwood Avenue
Redwood City, CA

BAY AREA, CA – Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has successfully directed the sale of two apartment communities – one in Castro Valley and one in Redwood City – for a total transaction volume of $12.3 million.

Adam Levin

The property sales were part of a successful 1031 exchange directed by executive managing director Adam Levin and senior managing director Robert Johnston of Levin Johnston.

“These transactions demonstrate our continued ability to help multifamily investors create long-term wealth through strategically timed property trades,” says Johnston.

“In this case, our client owned a low-density apartment community in Castro Valley, and we recognized the opportunity for the client to sell that property, achieve strong proceeds, and transition into a stable, higher-yielding multifamily asset in the highly desirable Redwood City market.”

The 1031 exchange began with the $3.3 million sale of Somerset Suites, a nine-unit multifamily community in Castro Valley, California, and concluded with the $9.03 million acquisition of Woodside South, a 17-unit multifamily community in Redwood City, California.

Somerset Suites, 3363 Somerset Avenue, Castro Valley, CA

Levin Johnston represented the seller in the sale of Somerset Suites, and represented both the seller and the buyer in the Woodside South transaction.

“This 1031 exchange proves our ability to serve as wealth and investment advisors for our clients,” says Levin. “The Somerset property required a great deal of hands-on management, which could have become troubling to our client over the long term.

Robert Johnston

"By transitioning into a larger, more stable asset in a superior location, our Client now owns an asset that is well-positioned to perform extremely well for years to come.”

Levin notes that the Redwood City market is highly desirable for investors – nearly 28,000 people are expected to be added in that market through 2022, generating strong ongoing demand for multifamily housing.

“The investment appeal of Woodside South is driven by Redwood City’s strong employment fundamentals and low vacancy levels, as well as its world-class location in close proximity to major employers and transportation corridors,” Levin explains

The area benefits from its proximity to Silicon Valley, attracting major tech companies including Apple, Inc., Tesla, Yahoo and Microsoft, among many others.

Situated on 0.45 acres at 15 Atherwood Avenue in Redwood City, Woodside South offers high-quality one- and two-bedroom floorplans.

Constructed in 1959, the property has recently undergone significant exterior and interior renovations including modern, high-end designer finishes, dual pane windows, updated kitchens, modern hard flooring, designer paint, electronic thermostats, window coverings and new carpeting.

Located at 3363 Somerset Avenue in Castro Valley, California, Somerset Suites is in close proximity to I-880 and Highway 238, offering direct access to the entire Bay Area.

Originally constructed in 1951, the property offers one-, two- and three-bedroom cottage and townhouse style units, as well as private back yards and private garages.

Levin Johnston has completed over $300 million in sales in 2019 to date, demonstrating continued health in the commercial real estate market in this region.

For more information about the firm’s $100 million in available properties, visit www.levinjohnston.com.

Contacts:

Alex Caswell / Jenn Quader

Brower Group

(949) 438-6262

acaswell@brower-group.com

levinjohnston.com.

Graycor Hires Stephanie Handley as Business Development Manager

Stephanie Handley

PHOENIX, AZ, Aug. 16, 2019 – Graycor Construction Company has hired industry veteran Stephanie Handley as Business Development Manager for the Southwest Division.

In her new role, Handley serves on Graycor’s Southwest leadership team, directing sales and marketing efforts to strategically grow the company’s local and regional market share.

Based in Phoenix, Handley will help to identify and pursue opportunities that support the company’s vision through existing industrial and office projects, as well as new development opportunities in diversity markets ranging from retail and entertainment to hospitality and tenant improvement.

Todd Ostransky

“Stephanie is extremely well respected in our region – not only for her industry knowledge but also for her tremendous work ethic and collaborative spirit,” said Todd Ostransky, Graycor Construction Company Vice President of the Southwest Division.

“We are thrilled to have her at the helm of our business develop strategy and are excited for all she will contribute to the evolution of our regional footprint and the services we’re able to provide to our valued clients.”

With more than 18 years of industry experience, Handley’s career spans roles as Vice President of Business Development, Business Development Director and Leasing/Property Management, with focused expertise in sales, operations and client development.

“Graycor has a stellar reputation – locally and nationally – for building great projects for great partners while also delivering a best-in-class experience,” said Handley.

“That is important to me and makes it such a pleasure to join this team. I love making connections, developing new opportunities and working with the best in the business.”

CONTACT:

Stacey Hershauer

focusAZ

P 480.600.0195

www.focusaz.com

www.graycorconstruction.com.

Marcus & Millichap Arranges $1.7 Million Sale of 16,000-SF Palm Plaza in Panama City, FL

Chris Travis

PANAMA 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 Palm Plaza, a 16,600-square foot retail property located in Panama City, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $1,700,000.

Michael C. Steiner, Casey Babb, CCIM, Luis Baez, CCIM, and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a developer.

Casey Babb

“Through our strategic marketing initiative, we were able to procure the ideal buyer for this asset who was on the up leg of a 1031 exchange and looking for a property with strong market fundamentals and rent upside. This deal generated multiple offers and closed at 97.5% of list price,” said Steiner.

Palm Plaza is located at 17900 Back Beach Road in Panama City, Fla. The center is 100 percent occupied with two of three tenants having shown a long-term commitment to this location.

Dollar General has recently exercised their option to extend their lease for five years (beginning Sept 1, 2018) and reported strong sales, both of which is a strong sign that this is a viable location.

Michael C. Steiner

Dollar General is a $20.4 billion company and the leader in the dollar store segment, with more than 13,000 stores in 43 States. They are America's largest small-box discount retailer by sales.

In 2015, Dollar General achieved its 26th consecutive year of same-store sales growth and revenues exceeded $20.4 billion with a net income of $1.17 billion and net worth of $5.3 billion. In the six-plus years since going public in late 2009, the Dollar General stock price has approximately quadrupled.

Founded in 1952 in Panama City Beach, Florida as USNMCS Federal Credit Union, they began as a desk drawer, small office company offering basic share accounts and loans.

Luis Baez

Fast forward 66 years, Innovations Federal Credit Union 20,000+ member institution with assets in excess of 190 Million. In addition to its retail and business banking services, IFCU offers consumer finance, mortgage banking and leasing.

National City has been on a growth spree of late and now has six banks within the Panama City MSA to service its members.

Shawn Rupp

Contact:

Chris Travis

Sales Manager, Tampa

(813) 387-4700

Hold-Thyssen Closes on Nine Office and Flex Leases within 30 Days At Edgewater and Kirkman Commerce Centers in Orlando, FL

Alex Rowlinson

WINTER PARK, FL --- Hold-Thyssen, Inc., a full service commercial property firm based in Winter Park, closed on nine multi-year leases – five at Kirkman Commerce Center and four at Edgewater CommerCenter within 30 days.

The Hold-Thyssen team of Alex Rowlinson and Troy Stevens represented the south Florida-based landlord /owner of both facilities.

Office and Flex space at Kirkman Commerce Center,

701 S. Kirkman Rd., was leased to:

· Sonic Transportation – the logistics company with HQ in Tampa leased 6,000 SF;

· Let’s Beehive –the non-profit who educates people about HIV and AIDS - 1,084 SF;

· American Premier Security & Sound for home and commercial systems - 2,400 SF;

· Cold Wall, a local A/C and heating company leased 813 SF; and

· Marcoh Realty, a local general real estate firm lease 626 SF.

Troy Stevens

Companies leasing 1,000 SF each in Edgewater Commerce Center at 6250 Edgewater Drive include:

· Evergreen Christmas Lighting, a full-service lighting company specializing in decorations;

· AC’s Heating and Air, a local commercial and residential A/C service company;

· Carney Electric, a local electrician who has been a long-term tenant at Edgewater, and

· Clement’s Pest Control

Hold-Thyssen, Inc. provides commercial property brokerage and leasing and management services to institutional and private investor clients nationwide. The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States .

CONTACTS:

Anthony Fisher, Vice President, Hold-Thyssen Inc.,

407-691-0505, afisher@HoldThyssen.com

Robert P. Hold, Principal, Hold-Thyssen, Inc.,

407-691-0505, bhold@HoldThyssen.com

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 or 407-461-3781 beth@larryvershel.com Lvershelco@aol.com.

www.NAIrealvest.com.

NAI Realvest Negotiates $1 Million Value-Add Investment Purchase of Warehouse Building in DeBary, FL

Paul Partyka

DeBary, FL – Orlando-based NAI Realvest recently negotiated the $1.05 million acquisition of a 14,400 square foot warehouse building on a one-acre site in DeBary’s Spring View Industrial Park off U.S. Hwy 17-92.

Partner Paul P. Partyka, CCIM, MICP represented Buyer Venilal Enterprises, LLC a Winter Springs-based investor who owns multiple properties and businesses in central Florida .

The NAI Realvest team of Kevin O'Connor and Matt Cichocki represented the Seller, Harbir Properties, LLC of Maitland.

The building constructed in 2005 at 403 Chairman Ct. was 100 percent leased at the time of the sale and the buyer plans to continue leasing the property.

Kevin O'Connor

About NAI Realvest:

NAI Realvest, serving all of Central Florida, is a fully integrated commercial real estate operating company specializing in brokerage, development, investment, leasing and management, consulting and research services in the U.S. and worldwide.

NAI Global is an international commercial real estate network with over 400 offices spanning the globe.

Since 1978, clients have built businesses on the power of NAI Global’s expanding network.

Extensive services include multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services.