Friday, May 28, 2021

Village on the Parkway urban retail village in Dallas, TX sells


Barry Brown

DALLAS, TX, May 28, 2021 –

 JLL Capital Markets announced today that it has closed the sale of Village on the Parkway, a 343,911-square-foot, pedestrian-friendly urban retail village anchored by Whole Foods Market and AMC Theatre in Dallas, Texas.

 JLL marketed the property on behalf of the seller. VOP Partners LLC acquired the property and plans exterior updates, the addition of more green space and free shuttle service for customers. Additionally, the new owner will densify the vacant pad across from Whole Foods.

Village on the Parkway was completed in 1981 as Sakowitz Village, an urban lifestyle center with high-end shops and restaurants.

Chris Gerard 

The retail property was redeveloped in 2014, adding Whole Foods, AMC Theatre and refreshed restaurant concepts.

The property currently consists of eight retail buildings home to a mix of best-in-class, grocery, essential and soft goods retailers and high-traffic restaurants, including RA Sushi, Neighborhood Services, Yard House, Hopdoddy, Sidecar Social, Pie Tap and more.

 At the time of sale, all tenants were open and operating, and an overwhelming majority of them were back to pre-COVID foot traffic.

 The retail property is situated on approximately 32 contiguous acres at 5100 Belt Line Rd. in Dallas’s Platinum Corridor, which is the city’s biggest office market.

Ryan Shore 



This infill location is at the bullseye intersection of Belt Line Rd. and Dallas North Tollway, which exposes the property to more than 200,000 vehicles per day.

The center serves a trade area of approximately 790,000 residents and is centrally located among Dallas-Fort Worth’s most affluent neighborhoods.

The property includes a vacant 1.5-acre land parcel and two other potential densification sites.

 The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Barry Brown, Chris Gerard and Ryan Shore and Analysts Jason Jacobs and Matthew Barge.

 According to JLL, “There was tremendous investor interest in the offering as the property is extremely well positioned to continue its retail – mixed use evolution.”  

Matthew Barge
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 sales 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 our newsroom.


CONTACT:

Kristen Murphy

 JLL Senior Manager

 Public Relations

Phone: +1 617-848-1572

Email:  Kristen.Murphy@am.jll.com

 

Boca Raton office lands $19.4 million financing


Glades Twin Plaza, 
a two-building,
Class A office complex totaling
97,815 square feet in Boca Raton, FL
 

MIAMI, FL, May 28, 2021 – JLL Capital Markets announced today that it has arranged $19.4 million in financing for Glades Twin Plaza, a two-building, Class A office complex totaling 97,815 square feet in Boca Raton, Florida.

Brian Gaswirth
JLL worked on behalf of the borrower, Sterling Organization, to secure the five-year, fixed-rate loan. The non-recourse financing consists of an initial and future funding totaling $19.4 million.

 Glades Twin Plaza is positioned on 5.3 acres at 2300 Glades Rd. in the primary office node of the Boca Raton West submarket.

The property is part of the larger Glades Plaza mixed-use development, also owned by Sterling Organization, which offers an exceptional line up of retail shops and restaurants.

Additionally, the asset is adjacent to Town Center, a regional mall offering best-in-class restaurants and retailers.

 Chris Drew



Glades Twin Plaza has outstanding regional connectivity boasting immediate access to Interstate 95, which is adjacent to the property, and easy access to the Florida Turnpike less than three miles away.

 The JLL Capital Markets team representing the borrower was led by Senior Managing Director Chris Drew, Managing Director Brian Gaswirth, Director Michael DiCosimo and Associate Reid Carleton.

 “We had a strong field of lenders show up to finance Glades Twin Plaza due to a best-in-class sponsor and the robust demand for office in South Florida, which we’ve seen from both lenders and buyers,” DiCosimo said.

Michael DiCosimo 

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 our newsroom.

Reid Carleton




About Sterling Organization

Sterling Organization is a vertically integrated private equity real estate firm.

Its national platform operates through two platform subsidiaries, Sterling Retail Properties and Sterling Logistics Properties.

The subsidiaries are focused on investing in LAST HOUR™ consumer fulfillment and distribution real estate assets across the risk spectrum in major markets within the United States on behalf of Sterling’s principals in partnership with the highest quality institutional investors. 

Sterling Organization, with offices across the nation, is headquartered in West Palm Beach, FL.


CONTACT:

Kristen Murphy

 JLL Senior Manager

 Public Relations

Phone: +1 617-848-1572

Email:  Kristen.Murphy@am.jll.com

 

KBS Extends Technology Focus; Achieves WiredScore Status for Four Class A Office Properties in Texas

 
City View a 221,373 square-foot office building
located at the corner of Interstate 10 and
Huebner in northwest San Antonio, TX,
was awarded WiredScore Gold
 

 NEWPORT BEACH, CA  – KBS, one of the largest investors in premier commercial real estate in the nation, announced that four of its Class A office properties in Texas have achieved WiredScore certification.

 City View and Fountainhead Tower are the first two properties in the San Antonio market to achieve WiredScore certification.


 
 Fountainhead Tower, a 179,932 square-foot office building located directly off IH-10 with quick access
to Loop 410 and just minutes from Loop 1604
and the San Antonio International Airport,
was awarded WiredScore Silver

City View, a 221,373 square-foot office building located at the corner of Interstate 10 and Huebner in northwest San Antonio, was awarded WiredScore Gold.

 Fountainhead Tower, 179,932 square-foot office building located directly off IH-10 with quick access to Loop 410 and just minutes from Loop 1604 and the San Antonio International Airport, was awarded WiredScore Silver.

 Gio Cordoves
 
 The certifications are noteworthy accomplishments in today’s tech-driven office environment, according to Gio Cordoves, Western regional president for KBS.

 “KBS understands that connectivity is critical to driving business for today’s office tenants and enabling them to operate efficiently,” says Cordoves.

 Brett Merz

“By offering the first two WiredScore certified properties in San Antonio, KBS continues to lead the market in providing its tenants with outstanding service and amenities.”

 Two additional Texas-based KBS office assets – 515 Congress, a 263,058-square-foot office tower located at 515 Congress Avenue in Downtown Austin, and 1800 Bering, a 171,510 square-foot office building located at 1800 Bering Drive in Houston – have each been certified WiredScore Silver.

515 Congress, a 263,058-SF office tower located
 at 515 Congress Avenue in Downtown Austin, TX

With these new designations, KBS now holds a majority of Wired Certified assets nationwide.

 Properties achieve WiredScore certification by meeting WiredScore’s criteria in three categories: connectivity, infrastructure and readiness.

WiredScore Gold certification indicates that a property offers access to multiple high-quality internet service providers as well as in-place infrastructure measures that ensure connectivity sources are protected, redundant and prepared for the needs of current and future tenants.


1800 Bering
 a 171,510 square-foot office building
 located at 1800 Bering Drive in Houston, TX
and 515 Congress in Austin, TX have each
 been certified WiredScore Silver
.

WiredScore Silver certification ensures that a building contains business-critical connectivity features. WiredScore Silver testifies that a building can satisfy the vast majority of tenants’ tech needs.

 “Superior connectivity has become increasingly important to today’s office tenants over the last couple of years, and will continue post-pandemic as more employees return to the office,” says Brett Merz, asset manager for City View, Fountainhead Tower, 515 Congress and 1800 Bering and senior vice president for KBS.

Arie Barendrecht

“These four WiredScore certifications exemplify KBS’ ongoing commitment to enhanced connectivity for tenants. By achieving WiredScore status, these four top-quality assets can more effectively meet the needs of today’s companies.”

 I “Top-quality connectivity is an excellent example of the best-in-class amenities KBS consistently delivers to its tenants,” says Arie Barendrecht, CEO & Founder of WiredScore.

 “The WiredScore certification KBS has achieved at these four Texas properties will enable tenants to remain online and maintain their productivity levels through a seamless online experience.”

 CONTACT:

Micaela Fehrenbach 

Account Manager
O 949 438 6262 x8

Brower Group, Inc. 

The Smart Agency® for Smart Clients who want Smart Work 

220 Newport Center Drive, Suite 22 · Newport Beach, CA 92660

www.kbs.com.

http://wiredscore.com/.

 


Stos Partners Acquires 62,000-SF Multi-Tenant Industrial Property in San Marcos, CA

Stos Partners Acquires 62,000-SF Multi-Tenant
Industrial Property in San Marcos, CA 

 San Marcos, CA – Stos Partners, a privately held commercial real estate investment firm, has acquired a 62,000 square-foot multi-tenant industrial property in the San Diego County submarket of San Marcos, California.

 The property, which is currently 100% occupied by six tenants and facilitates a range of light industrial uses, was purchased in an off-market transaction, according to CJ Stos, Principal of Stos Partners.

CJ Stos

“This acquisition is ideally aligned with our proven strategy to purchase value-add properties located within in-demand Southern California submarkets with strong potential for upside, which we are well positioned to unlock based on our experience deep expertise in market trends,” says Stos.

 “We were able to draw upon our strong broker network and proven track record of rapid closings to secure this property off market.”

Jason Richards

Stos Partners will implement a series of capital improvements to the property, according to Jason Richards, Partner at Stos Partners.

 “By acquiring this asset at a competitive basis and implementing a series of strategic capital enhancements, we will be able to bring rents up to market rate, with the goal of ultimately stabilizing at above-market returns,” says Richards.

Jay Boyle

Jay Boyle, Executive Vice President at Stos Partners, adds: “Based on our knowledge of the greater San Diego market, we will be implementing an improvement program that will include a new roof, parking lot, interior and exterior paint, new fencing, and upgraded landscaping.”

Chris Roth

  The property, which was purchased for $8.775 million, is located at 1545-1565 La Mirada Drive in San Marcos, California.

 Chris Roth and Rusty Williams of Lee & Associates represented Stos Partners as the buyer in this transaction.

 CONTACTS:

 Katie Haga / Elisabeth Manville

Brower Group

(949) 438-6262

khaga@brower-group.com

www.stospartners.com.

 

Randy Zylstra Named Barton Malow’s Director of Florida Operations

 

Randy Zylstra

ORLANDO, FL – Randy Zylstra, a 30-year veteran of the construction industry, has recently been named the Director of Barton Malow Builders’ Florida operations.

 “We have been building in Florida for almost 50 years and we’re excited about the experience and leadership that Randy brings to our team,” says Todd Ketola, Chief Operating Officer of Barton Malow Builders, the commercial and institutional division of the Barton Malow Family of Companies.

Todd Ketola

 “There’s great opportunity in Florida right now and Randy is the right person to lead us into this next chapter.”

 Zylstra has worked in the construction industry since 1991, and has led projects in the higher education, K12, healthcare, industrial, commercial, and sports/entertainment markets throughout the country.

Jennifer Regen Bisbee

 Prior to joining Barton Malow, he served in an executive role for Gilbane Building Company. He’s a graduate of Purdue University, where he earned a B.S. in Construction Management.

 “I’m excited to be a part of the continued history, relationships, and presence that Barton Malow has built,” says Zylstra. “I was fortunate to have had the opportunity to partner with Barton Malow on various projects in previous roles, and now it’s exciting to be leading such a talented and passionate team of builders in Florida.”

CONTACTS:

Ritu Sandhu,

Director of Marketing + Communications

 Barton Malow Builders

Ritu.sandhu@bartonmalow.com

 

 Jennifer Regen Bisbee, APR

Founder, President, Chief Consultant

Bisbee and Company, Inc.

Public Relations │Integrated Marketing Communications

407.257.4667

www.BisbeeAndCo.com

 

RKW Residential President Marcie Williams Inducted into Apartment Association of North Carolina Hall of Fame

 

Marcie Williams

Charlotte, NC, May 28, 2021 — RKW Residential President Marcie Williams was honored by the Apartment Association of North Carolina (AANC) for her significant contributions, accomplishments and service to the multifamily industry throughout her distinguished three-decade career.

On May 27, the AANC inducted Williams into its Hall of Fame as part of the organization’s 2021 class.

 “Being selected for this incredible honor and joining my fellow 2021 inductees is truly humbling,” Williams said.

“I am beyond grateful to the AANC selection committee and the wonderful people at GCAA who nominated me for induction.

"I also want to thank everyone at RKW for carrying out our people-first philosophy every day and supporting me in giving back to the industry and communities we serve.”

 Since joining RKW during the multifamily management firm’s infancy, Williams has successfully built the firm from scratch to become a formidable player that successfully competes with industry giants.

Today, RKW has 400 employees and a 25,000-unit portfolio that spans six states. It was recognized by Multi-Housing News as the nation’s second-fastest growing multifamily management company in the publication’s 2020 rankings.

 For more information about the AANC, please visit https://www.aanconline.org/.

 CONTACT:

Eric Kalis

Vice President

BoardroomPR

ekalis@boardroompr.com

O 954-370-8999 

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

 

www.rkwresidential.com.

 

Thursday, May 27, 2021

M/I Homes Opens Decorated Model at Rivington in DeBary, FL

Prices start at $439,990 at this decorated
Newport model at 
832 Terrapin Drive
in the 
Rivington community, DeBary, FL
 

DeBary, FL --  M/I Homes’ ­­­Newport model is open and ready to welcome prospective homebuyers at Rivingtonthe unique new 296-acre master-planned community off of Fort Florida Road, west of U.S. 17-92 and a quarter mile from the DeBary SunRail station

The two-story Newport has over 3,600 square feet of living area, and the flexible floor plan can create an even greater sense of space, according to David Byrnes, M/I Homes’ area president.

Rivington, a 296-acre master-planned community
off Fort Florida Road, 
west of U.S. 17-92
and a quarter mile from the DeBary SunRail station

The standard plan offers four bedrooms, and three baths and a three-car garage.  Special features include dual owners' suites, pool and large loft and upstairs laundry room.  Pricing for this model starts at $439,990.

Byrnes said M/I Homes plans to build a minimum of 75 homes in Rivington, 40 of which will be in phase one.

Floor plans there will range from 1,857 to over 3,600 square feet for homes with up to six bedrooms and up to three-car garages. Prices start in the mid $300,000s.

DeBary SunRail station

M/I Homes offers a 15-year transferable structural warranty on its six distinct one- and two-story floor plans at Rivington.

They also offer personalization of each home with assistance from one of the company’s knowledgeable interior designers. 

Byrnes said the concept of neighborhoods within the community essentially provides more amenities for homeowners, including a pavilion with a clubhouse and resort-style pool that recently broke ground and is slated for completion this fall.

Lake Konomac 

 Rivington’s lots have been planned for shared green spaces, walkability, as well as back alleyways for rear garage entries, which is something rare in the DeBary area, he added. 

The Newport model is located at 832 Terrapin Drive, DeBary, FL 32713.

Buffered by the St. John’s River to the West and Konomac Lake to the north, the quiet community is only minutes to Interstate 4 and State Road 417 for easy access to Lake Mary and Sanford employment centers.

 

CONTACT:

David Byrnes, Area President, M/I Homes

407-531-5100

Beth Payan, Larry Vershel Communications

407-644-4142 or beth@larryvershel.com

 www.mihomes.com