Trion Properties Launches Third Fund

 

Max Sharkansky

LOS ANGELES, CA – Trion Properties, a private equity real estate firm based in West Hollywood, California and Miami, Florida specializing in value-add multifamily investments, has announced the launch of Trion Multifamily Opportunity Fund III, LLC, its third investment fund vehicle.

 The fund, which will target $75 million in equity to deliver $175-200 million in buying power, will primarily invest in the acquisition, improvement, and repositioning of undervalued and opportunistic multifamily assets in Western and Southeastern U.S. markets.

  Fund III anticipates acquiring 8-12 properties over its investment period.

 The launch of this fund comes on the heels of the closing of the firm’s second fund, which has 215 diverse investors, including accredited high net worth investors, RIAs, and family offices, and is allocated across value-add and opportunistic multifamily investments within growing submarkets demonstrating strong growth fundamentals, according to Max Sharkansky, Managing Partner at Trion Properties.

 

Mitch Paskover

“With our first two funds, we executed an investment strategy that proved quite resilient, which allowed us to take advantage of several significant opportunities during both incredibly strong and uncertain economic times,” says Sharkansky.

 “We are able to leverage our long-standing industry relationships to acquire these opportunities primarily through off-market transactions. 

"This enabled us to build a strong portfolio of communities, acquired for highly competitive prices, which were positioned to provide strong returns to our investors.”

 To date, the firm has acquired 64 properties and has completed more than $1 billion in transactions.

 Mitch Paskover, Managing Partner at Trion Properties adds, “Trion’s sole focus on our proven strategy of acquiring and repositioning undervalued multifamily assets in key markets, combined with our vertically integrated property management platform, has led to demonstrable success.

 "The average investor annualized return on our properties exceeds 30% annually, and all properties purchased with Funds I and II have either met or exceeded projections or are on pace to do so.

 "We will continue to implement this strategy on assets acquired with Fund III on an expanded scale.”

 Contacts:

Micaela Fehrenbach / Elisabeth Manville

Brower Group, Inc. 

The Smart Agency^® for Smart Clients who want Smart Work 

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

(949) 438-6262

emanville@brower-group.com

Micaela Fehrenbach    

 Account Manager
O 949 438 6262 x8

http://www.trion-properties.com/

 

Levin Johnston Directs Acquisitions of Three California Bay Area Properties Totaling $68.25 Million

The Storage Spot, 220 West Ahwanee Avenue
Sunnyvale, 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, announced that it recently directed $68.25 million in acquisitions in the Bay Area on behalf of a single buyer, a local private investor.

 The three acquisitions include a 65,805 square-foot self-storage facility in Sunnyvale, California; an apartment community totaling 100 units also in Sunnyvale, California; and an apartment community totaling 38 units in Alameda, California, according to Adam Levin, Executive Managing Director of Levin Johnston.

Iris Park Apartments & Iris Garden Apartments
611-641 Iris Avenue, Sunnyvale, CA

 

“After selling a 170-unit multifamily property earlier this year, our client was seeking to trade into multiple assets in order to diversify their portfolio and take advantage of 1031 exchange benefits,” says Levin.

Islander Apartments, 1707 Shore Line Drive
 Alameda, CA

“Based on our knowledge of the market and the available properties, as well as close relationships with the buyer and sellers, we were able to move quickly and seamlessly to secured and finalize the acquisitions.”

 Robert Johnston, Senior Managing Director of Levin Johnston, adds: “We strategically identified three opportunities within the local area that offered the buyer diversification in size and product type, including a self-storage facility and a total of 138 multifamily units.”

Adam Levin

 Johnston notes that both the apartment communities and the self-storage facility, which is well located in a residential area, will benefit from the uptick in multifamily demand in the Bay Area as the market recovers from the pandemic.

 “Recent data from Moody’s indicates that the low points are in the rear-view mirror and rents in dense urban regions including the Bay Area are on track to return to pre-pandemic levels by next year,” continues Levin.

  “We strategically advise all of our clients based on individual portfolio and investment goals, and continue see robust investor confidence and strong opportunity in the Bay Area, as well as other geographies.”

 The three properties acquired include:

 A 65,805 square-foot, 508-unit self-storage facility operated by The Storage Spot located at 220 W Ahwanee Avenue in Sunnyvale, California. The asset was purchased for a total consideration of $18 million.

 Robert Johnston

Iris Park Apartments & Iris Garden Apartments, an apartment complex totaling 100 units situated on 2.8 acres at 611-641 Iris Avenue in Sunnyvale, California. The asset was acquired for a total consideration of $36 million.

Islander Apartments, a 38-unit, 31,374 square-foot apartment community located at 1707 Shore Line Drive in Alameda, California. The asset was purchased for a total consideration $14.25 million.

 For more information about Levin Johnston’s $100 million in available properties, please visit www.levinjohnston.com

 .  Levin Johnston Group is part of Marcus & Millichap’s Palo Alto office. More information is available at levinjohnston.com.

Contact:

 Elisabeth Manville  

Brower Group

(949) 438-6262

emanville@brower-group.com

Western Specialty Contractors Notes Sports Stadiums Subject to Damage From Elements and also Wear and Tear From Fans

 Crystal Moyer

 

St. Louis, MO -- Large crowds, plus the elements, can make any sport played in a stadium that much more exciting. 

And while stadiums are returning to full capacity after COVID-19 restricted fans from attending most games, now is an ideal time for facility managers and owners to plan and perform maintenance on these important structures, according to Western Specialty Contractors of St. Louis, MO.

Stadium coating to prevent structural damage later

With over a century of service, Western Specialty Contractors has restored and protected a number of sports stadiums across the country.

Among them are the University of Notre Dame Football Stadium in South Bend, Indiana; Lindenwood Stadium in Belleville, Illinois; H.A. Chapman Stadium at the University of Tulsa, Oklahoma; Miller Park in Milwaukee, Wisconsin and Sports Authority Field at Mile High in Denver, Colorado.

University of Notre Dame Football Stadium

“Western’s experts work with stadium owners and facility managers to analyze the type and extent of any damage present and recommend cost-effective, remedial measures to protect and extend the life of the facility and keep fans safe,” said Crystal Moyer, Director National Accounts/Marketing at Western Specialty Contractors. 

“Cutting-edge, long-wearing materials are often recommended to restore a stadium and protect it from future damage.”

Sports Authority Field at Mile High in Denver, CO

Most sports stadiums in the United States are made up of reinforced concrete with steel seating supports and railing. 

Unfortunately, an even more universal characteristic is their openness and vulnerability to the elements — in addition tothe wear and tear they receive from fans.

Lindenwood Stadium, Belleville, IL

All of these forces combine and take their toll on the structural integrity of a stadium.

Without routine maintenance, corrosion, movement and reoccurring freeze and thaw cycles will cause the concrete structures to crack, spall and disintegrate. 

Water seeping through surface cracks will cause severe structural damage. Seats will crack and weather and steel supports will rust causing discoloration and fracturing of surrounding concrete.

Western’s stadium work over the years:

University of Notre Dame Football Stadium

As the college football season approached, Western Specialty Contractors was contacted by the university to provide a new traffic coating system on all the concourses, concession stands, bathrooms and pedestrian ramps around the stadium. Constructed in 1930, more than 80,000 fans pack the historic stadium each season to cheer on the Fighting Irish.

Skelly Field at H.A. Chapman Stadium
 University of Tulsa, OK

H.A. Chapman Stadium

Western Specialty Contractors was contracted to complete work on the new sky box addition at Chapman Stadium at the University of Tulsa. Western caulked approximately 8,000 lineal feet of control joints and window perimeters. The stadium bowl also had a face lift, adding new seats and cast stone walls which were also caulked. 

Miller Park at American Family Field
Milwaukee, WI

Miller Park

Western Specialty Contractors was involved in the construction of Miller Park in Milwaukee, the new home of the Brewers. Western’s scope of work was to provide a waterproof traffic coating system on one of the five concourses. The area totaled 100,000 square feet.

For more examples of Western’s stadium restoration projects, visit https://www.westernspecialtycontractors.com/projects/markets/stadiums/.

Contact:

Jennifer Beidle

314-607-9459

jennifer@jbeidlepr.com

www.westernspecialtycontractors.com.

Stevens-Leinweber Construction Breaks Ground on Savage Universal HQ Expansion in Chandler, AZ

 Rendering of planned Savage Universal headquarters,
2060 South Douglas Drive, Chandler, AZ

PHOENIX, AZ – Phoenix-based Stevens-Leinweber Construction (SLC) has broken ground on a build-to-suit headquarters expansion for Savage Universal, a worldwide leader in background and photographic products, based in Chandler, Arizona.

 

The 45,117-square-foot expansion will sit directly adjacent to Savage’s existing headquarters, a 61,908-square-foot office/industrial flex building located at 2060 S. Douglas Dr. in Chandler, Arizona.

Richard Pressman

The site is located immediately adjacent to Chandler Municipal Airport, just west of Gilbert Road and approximately one mile south of the Loop 202/Santan Freeway.

 

Founded in 1937, Savage is a worldwide leader and manufacturer of paper backgrounds and photographic products for professionals and semi-professionals.

 

Products available through the family-owned company include photography backdrops, photo mats and mount boards, LED lighting and patented studio equipment.

 

The headquarters expansion will allow Savage to add new manufacturing, warehouse and distribution space, and create additional office space for current and future administrative needs.

 

“The scope of our company has grown exponentially since our start more than 80 years ago,” said Savage Universal Corporation Chairman of the Board Hayward Richard Pressman.

 

“During COVID we experienced another unique but notable year of growth, as companies were forced to retool the way they communicate with customers and as enthusiasts and semi-professionals found they had more time to pursue photography as a business or hobby.

 

"We expect many of these shifts will be permanent, and we look forward to using our expanded headquarters to fully support the needs of our increasingly diverse customer base.”

 Jamie Godwin

The Savage headquarters expansion will feature contemporary warehouse and manufacturing amenities with a 28’ clear height.

                     

“As a company celebrating its 40^th anniversary this year, we understand the commitment it takes to remain in business and thriving from decade to decade,” said Stevens-Leinweber Construction President Jamie Godwin.

 

 “We’re thrilled to be a part of this expansion for Savage and wish them many more years of success.”

 

The project architect for the Savage expansion is Winton Architects. Construction on the headquarters expansion is underway now. The project is scheduled for completion by January 2022.

 

 CONTACT:

 

Stacey Hershauer

stacey@focusaz.com

480.600.0195

 

Bridge Office Inks 115,358-Square-Foot Lease at Flagler Station in Miami, FL

 

Kelly Kuykendall

 

ATLANTA, GA – Bridge Office Fund Manager LLC (“Bridge Office”), a subsidiary of Bridge Investment Group LLC (“Bridge”) announced it has executed a 115,358-square-foot lease for Cano Health at Flagler Station in Miami.

 

 The deal is the largest of 21 lease agreements signed across Bridge’s South Florida portfolio since the start of Q1 2021, bringing total deal volume in the market to more than 295,000 square feet. 

“With office reentry gaining serious momentum across the country, we look forward to welcoming back our new and existing tenants at our properties across Florida,” said Kelly Kuykendall, managing director of acquisitions and asset management for Bridge.

  “Our assets in South Florida are seeing this growth due to Bridge’s ability to quickly pivot and meet evolving tenant needs.

 

"Our portfolio in South Florida has held steady throughout the pandemic and is now seeing increased, almost unprecedented activity due to their inimitable locations that offer the amenity-rich characteristics that many companies are now searching for.” 

Flagler Station, Miami, FL

The most notable transaction is an expansion for Cano Health, who previously occupied 29,834 square feet at the park.

 Cano Health is one of the country’s largest senior health providers and has cemented its headquarters at Flagler Station, where it will occupy the entire 1200 building by the end of 2022.

Cameron Tallon, senior vice president at JLL, represented Bridge in the transaction. 

 

Cameron Tallon

“Our team was thrilled to assist with Cano Health’s expansion at Flagler Station, which reflects a broader resurgence in the office market as the pandemic winds down,” said Tallon.

 

“Flagler Station’s unparalleled visibility and amenities were key factors in Cano’s decision to expand, and we look forward to fielding more leasing inquiries at one of Bridge’s premier properties in South Florida.” 

CONTACTS:

 Ashley Rutledge 

The Wilbert Group

www.thewilbertgroup.com

Nick Banaszak

The Wilbert Group

nbanaszak@thewilbertgroup.com

 https://bridgecre-office.com/.

 

Plaza Advisors Announces the Sale of Riverview Town Centre Located in the Tampa Bay MSA

Jim Michalak

 RIVERVIEW, FL -- Plaza Advisors is pleased to announce the sale of Riverview Town Centre. The 46,002 square foot retail plaza is located in Riverview, Florida. 

The plaza is at the intersection of US 301 and Gibsonton Drive.

 This intersection has a combined daily traffic count exceeding 66,000 vehicles. Riverview Town Centre is shadow anchored by a Lowes home improvement store.

 The property was 93% occupied, at the time of sale, with a tenant roster including:  Amscot, Sport Clips, Dickey’s BBQ, Rent King and Mattress Firm.

 The plaza was newly constructed in 2006 and was sold by the original developer. The Buyer was Riverview Town Centre, LLC a private investor. 

Keith Nurre

 Jim Michalak and Keith Nurre of Plaza Advisors represented the seller. David Spezza of Equity Partners Real Estate, LLC represented the buyer in the transaction.

 “Riverview, a suburb within Southeast Hillsborough County, is one of the fastest growing areas in the Tampa Bay MSA. The five year population growth is projected to exceed 13%” noted Michalak.

 “In 2021 a large portion of US 301 was improved and expanded. Numerous recent developments including; residential planned unit communities, medical facilities and retail assets have been constructed in the Riverview area over the past seven years” Michalak added.

 CONTACT:

 Jim Michalak

Managing Partner

Plaza Advisors

 

3412 Bay To Bay Boulevard

Tampa, FL 33629

813.837.1300 Ext. 1

Fax 831.2627

jim.michalak@plazadvisors.com

 

 www.plazadvisors.com

Stan Johnson Co. Facilitates Sale of Bank of America Center in Winder, GA

Julie Clyburn

 WINDER, GA -- Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of a 10,947-square-foot retail center located at 102 North Broad Street in Winder, Georgia.

At the time of sale, Bank of America Center was more than half occupied by Bank of America and featured two vacant suites.

Stan Johnson Company’s Doug Clyburn and Julie Clyburn represented the seller, a private investor from Watkinsville, Georgia.

The buyer, a developer from Atlanta, Georgia, was represented by Jeff Enck of Stan Johnson Company. The asset traded for more than $1.0 million reflecting a 5.60 percent cap rate.

Doug Clyburn

“Bank of America had three years remaining on its triple net lease, and together with the two vacant suites, provided a value-add component to the property,” said Doug Clyburn, Associate Director in Stan Johnson Company’s Alpharetta, Georgia office.

“The center is located in the heart of Winder, Georgia, which is a prosperous and growing community in Barrow County – the 24^th fastest growing county in the nation.”

Originally built in 1970, Bank of America has operated at this site for more than 38 years. 

The property is located on a 1.8-acre corner lot with direct access to three roadways and visibility to one of the town’s busiest thoroughfares. 

Jeff Enck 

The city of Winder is located 50 miles northeast of downtown Atlanta and approximately 20 minutes west of the University of Georgia’s main campus in Athens.

“The buyer was pleased to acquire a well-located property with the rare combination of credit and upside,” added Enck, Associate Director in Stan Johnson Company’s Atlanta, Georgia office.

 

CONTACT:

 

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

 

www.stanjohnsonco.com.

 

Hold-Thyssen Negotiates $7 Million Sale of High-Profile Winter Springs, FL Office Building

 

Vistawilla Office Center, Winter Springs, FL

 

WINTER SPRINGS  --- Hold-Thyssen, Inc., a full service commercial property firm based in Winter Park, recently closed on the sale of Vistawilla Office Center at 1511 E. SR 434 at the intersection of State Road 417.   

 Hold-Thyssen’s Transaction Specialist Nicholas B. O’Shea negotiated the sale representing the seller Vistawilla Office Center , LLC. 

 The buyer, an Orlando-based investor, paid $7,000,000 for the 39,877 square foot, fully-leased building on a five-acre site. 

Nicholas B. O’Shea

Noteworthy long-term tenants include The Seminole County-University of Central Florida Business Incubator, leasing 10,000 square feet, Alpha EMC, leasing 9,428 square feet and Snap-On Tools Company, with 3,140 square feet.

 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

 

Beth Payan, Larry Vershel Communications Inc.

 407-644-4142 Beth@larryvershel.com.