KBS Signs New Leasing Agreements with National, Regional and Local Tenants at Preston Commons, a 427,799 Square-Foot Office Property in Dallas, TX

Preston Commons, a 427,799 Square-Foot
Office Property is located at 8111,
8115 and 8117 Preston Road
in Dallas, TX

 DALLAS, TX -– KBS, one of the largest investors in commercial real estate, has signed three new lease agreements totaling 24,568 square feet with national, regional and local tenants at Preston Commons, a 427,799 square-foot, Class A office park in Dallas, Texas.

 Preston Commons is owned by KBS Real Estate Investment Trust III.

Giovanni (Gio) Cordoves

KBS has signed a 16,403 square-foot lease agreement with national multifamily investment firm RPM Living, a 5,856 square-foot lease agreement with a regional financial institution and a 2,309 square-foot lease agreement with Dallas-based private investment firm Scalar Gauge Fund.

 The transactions represent the high caliber of KBS’ office properties as well as the increasing strength of the Dallas/Fort Worth market in which Preston Commons is located, according to Giovanni (Gio) Cordoves, Western regional president for KBS.

 “KBS recognizes the solid job infrastructure of the Dallas/Fort Worth market, making this an attractive area for industry-leading companies to expand,” says Cordoves.

 “From February 2020 to November 2021, Dallas experienced a job growth rate of 4.1%, placing the area at No. 4 on the jobs list of best-performing markets among the top 50 metro areas.”

Brett Merz

 Dallas is on the rise as both a city and county. The population of Dallas County increased by 10.4% since 2010, with a spike of young professionals and families moving to the region over the last two years due to many top companies leaving coastal states for Texas.

 In addition, positive net absorption in Dallas’ office sector is laying the groundwork for further stabilization throughout 2022.

 The new lease agreements at Preston Commons are indicative of the way that the Dallas office market has continued to lead the country in returning to the office, notes Cordoves.

 “We have seen that in order to truly collaborate and thrive at peak potential, many companies need a physical space that fosters next-level innovation and teamwork,” says Cordoves. 

“The signing of these leases at Preston Commons is a testament to this, as well as to the enduring appeal of top-tier office space in the best locations in the country.”

Alexandra Cullins

Preston Commons is a three-building office park located in the heart of the prestigious Preston Center submarket. 

 

Dennis Barnes

With convenient access to the Dallas North Tollway and US 75, Preston Commons is ideally situated amongst major business hubs, including the Dallas Central Business District and the growing Plano and Frisco corridors.

 The property won the 2015 Office Building of the Year (TOBY) award in the Renovated Building category from the Building Owners and Managers Association (BOMA).

 Top-quality on-site amenities include an upgraded lobby, business lounge, open-air courtyard with high-speed WiFi, and outdoor meeting and workspaces.

Alexandra Cullins, Dennis Barnes, and Jackie Marshall of CBRE represented KBS in the lease transaction.

Jackie Marshall 

The amenities package also features training rooms, a health and wellness center with fitness equipment, and varied dining options throughout the building including gourmet deli The Commons Counter.

 “Preston Commons provides all the key amenities top office users are seeking in the Dallas market,” says Brett Merz, asset manager for Preston Commons and senior vice president at KBS.

 “Also, the asset is located in a high-demand, posh area that provides elegant dining experiences and easy access to entertainment and high-end retail.”

Due to its high-end location, Preston Commons is the preferred destination for Dallas/Fort Worth’s business elite, Merz adds. The property is within a few blocks of dining and retail establishments including R+D Kitchen, Rock ‘n Roll Sushi, SoulCycle, and much more.

 

CONTACT:

ARLEENY ESCARCEGA

Associate Account Manager

The Smart Agency, Inc.

 

O 949 438 6262 Ext. 0 | C 714 552 5845

E aescarcega@thesmartagency.com | W thesmartagency.com

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

 

Dream Finders Homes Reaches 50 Percent Mark in Sales at Hartwood Landing Community in Clermont, FL

Gerry Boeneman

 CLERMONT, FL – With development just beginning at Hartwood Landing, half of Dream Finders Homes’ 321 homesites already have been purchased and are being prepared for any of 11 different new home designs the company will build there.

Located on Lions Gate Avenue in one of Lake County’s fastest-growing areas, Hartwood Landing is in the future Wellness Way corridor and only five minutes from Lake Louisa State Park and the Olympus project, according to Gerry Boeneman, Dream Finders Homes’ division president.

“This is a fantastic location, and we have a floor plan for just about everyone’s lifestyle,” he said. “Our Anna Marie with Bonus model is open and the Elm and Avalon with bonus models are underway.”

 Lake Louisa State Park, Clermont, FL area

The company’s one- and two-story floor plans range from approximately 1,654 to 4,170 square feet of living area with between four and seven bedrooms and two to four bathrooms.

 The $170 a month homeowners’ association fee will include fiber optic internet, a spacious swimming pool and cabana area, as well as a well-equipped playground.

Dream Finders Homes’ products include programmable thermostats, well-insulated walls and attics that improve efficiency, carbon monoxide detectors, low VOC interior paint, and WaterSense showerheads and bath faucets, he added. 

For more information or to schedule a tour, please call 888-223-8340.

 CONTACTS:

Gerry Boeneman, Division President, Dream Finders Homes, 888-214-1164 or

 Gerry.Boeneman@dreamfindershomes.com

Beth Payan, Larry Vershel Communications, 

407-461-3781 or beth@larryvershel.com

Avanath Capital Pays $11 Million for 44-unit Yorba Linda Palms Apartments in Yorba Linda, CA

Daryl J. Carter

 YORBA LINDA, CA –- Avanath Capital Management, LLC, a multifamily owner and operator that focuses on market rate and affordable housing, announces its recent acquisition of Yorba Linda Palms (“The Palms”), a 44-unit family-oriented multifamily community located at 18542 Yorba Linda Boulevard in Yorba Linda, CA for $11.1 million in an off-market transaction.

According to Daryl Carter, Founder, Chairman and CEO at Avanath, The Palms serves qualifying residents at 30-50% of AMI, delivering much-needed affordable housing for low and middle-income families in an area of Orange County where market-rate rents are high, and demand is strong.

“This acquisition aligns with our strategy of investing in affordable housing in underserved markets throughout the country, where finding budget-friendly housing is challenging to many families,” says Carter.

John R. Williams

 “Known for its historic charm, Yorba Linda is considered one of the most affluent cities in Orange County, which boasts the 6^th highest area median income (AMI) in California and the highest AMI in Southern California at $119,000.”

The Palms marks Avanath’s fifth purchase in Southern California and its fourth in Orange County within the last 12 months.

The firm recently acquired St. John’s Manor, a 36-unit affordable senior housing community in Costa Mesa; The Overlook at Anaheim Hills, a 261-unit senior housing community in Anaheim; and The Grove Senior, an 85-unit senior housing community in Garden Grove.

Yorba Linda Palms apartments, Yorba Linda, CA

Avanath now has 2,267 units under management in Southern California, which provides the company with economies of scale in the region, according to John R. Williams, President and CIO at Avanath Capital Management.

“By leveraging broker relationships and practicing proactive communication with owners and developers, we were able to acquire an off-market asset in an area where the affordable housing supply is limited and there is a significant barrier to entry for both developers and would-be homeowners,” adds Williams.

“Social programs are a key element of our strategy to help residents of our communities to continually strive for a higher quality of life,” says Williams. 

“These programs, implemented in partnership with notable organizations like COR, provide residents with assistance in improving their lives in a multitude of ways.”

The Palms consists of five two-story garden style residential buildings featuring eight two-bedroom units, 36 three-bedroom units, a single-story office, and a clubhouse and resident center. 

Founded by Daryl J. Carter, the Avanath management team averages 25 years of experience and has successfully guided investment funds in defining growth opportunities.

CONTACTS:

Madison Bridges / Lexi Astfalk

The Smart Agency

949-438-6262

mbridges@thesmartagency.com

www.avanath.com.

 

Tim Brislin Named Senior Vice President of Harvard Investments Along with Six Additional Promotions and One New Hire

  

Tim Brislin

Scottsdale, AZ – Harvard Investments, a real estate investment and development company based in Scottsdale, Ariz., announced the promotions of six key team members and one new hire in response to the firm’s rapid expansion.

 

Craig Krumwiede

With more than 40 years engaged in community and property development throughout the Southwest, Harvard has grown across five states in six asset classes including the launch of its single-family rental community brand FirstStreet™.  

 Tim Brislin, a strategic leader with Harvard Investments for 15 years, has been promoted from Vice President to Senior Vice President.

 “Tim has been a consistent high performer with Harvard for 15 years and has demonstrated his ability to not only successfully navigate complex projects with both mastery and integrity, but also serve as a powerful leader and mentor to newer Harvard team members. Within our industry he actively applies his leadership skills with ULI and Valley Partnership,” said Craig Krumwiede, President and CEO of Harvard Investments.

 

Christian Passalacqua

“Our additional promotions of Byron, Christian, David, John, Rhonda and hiring of Cayley reflect our firm’s philosophy. 

"I’ve found that when you hire the best, be open to ideas, and never micro-manage, great things happen.

 Tim and these six strong team members have proven their ability to maintain Harvard’s high standards while bringing new insight to amplify our recent growth.”  

 Additional promotions and a new hire at Harvard Investments include:  

 Christian Passalacqua has been named Entitlement & Development Manager moving  from Land Acquisition Manager.

Bryon Jones

Bryon Jones has been promoted from Senior Accountant to Division Controller for Harvard Communities.

 Cayley McLean has been hired as Harvard’s Financial Analyst/Land Acquisition Manager.

David Sansevere has been promoted from Senior Project Accountant to Accounting Manager for Harvard FirstStreet.

 John Horton has advanced from Development Associate/Analyst to his new role of Development Manager for Harvard FirstStreet.

 Cayley McLean

Twelve-year Harvard team member Rhonda Wells has been elevated from Executive Assistant to Office Manager. 

 

David Sansevere 

Krumwiede added, “During this time of incredible market growth, we’ve focused on enhancing our best-in-class team with employees who are dedicated, curious and prepared to tackle and maximize opportunities across the Southwest, while maintaining the integral vision of Harvard to build communities people will be proud to embrace for generations.

 "We’re incredibly grateful to have each of these stellar individuals as part of our Harvard team.”  

 CONTACTS:

Heather Austin  

The Ferraro Group  

602-738-9252 cell  

Heather@TheFerraroGroup.com  

Sally Mesarosh

The Ferraro Group Phoenix

120 N. 44th St. #310

Phoenix, AZ 85034

www.TheFerraroGroup.com

C: 602-618-5730

http://www.harvardinvestments.com/

Phoenix Design One Promotes Sophia Humphrey to Principal

Sophia Humphrey

 

PHOENIX, AZ– Award-winning interior architecture firm Phoenix Design One Inc. (PDO) has promoted long-time team member Sophia Humphrey to the position of Principal.

 In her new role, Humphrey will continue to manage the PDO studio and directly oversee more than 40 buildings, of which PDO is the architect of record.

 She also joins the PDO executive leadership team, responsible for the vision and growth of the Scottsdale-based firm.

Jennie Mayer

 “Sophia is a tremendous mentor and is committed to continuously building PDO’s culture with an emphasis on fun, creativity and client care,” said PDO Principal Jennie Mayer.

 “She has exceptional talent and vision, both of which we know will help guide PDO into the future and build its next generation of leaders.”

 Humphrey joined PDO in 2007, holding positions as Senior Project Manager and Associate.

 She holds a bachelor’s degree in Interior Design from the Art Institute of Phoenix and a National Council for Interior Design Qualification (NCIDQ), the industry’s recognized indicator of excellence in interior design principles and commitment to the profession.

CONTACT:

Stacey Hershauer

focusAZ 

P 480.600.0195

www.focusaz.com

NewMark Merrill Companies Promotes Greg Giacopuzzi to Vice President of Leasing & Development

Greg Giacopuzzi

 Woodland Hills, CA – Newmark Merrill Companies, Inc., a Woodland Hills, California-based retail shopping center owner and developer, announces the recent promotion of Greg Giacopuzzi to Vice President of Leasing & Development.

Based out of the company’s corporate headquarters in Woodland Hills, CA, Giacopuzzi will oversee leasing across the existing NewMark Merrill portfolio, including supervising a team of in-house leasing professionals.

 In addition, the role includes pursuing business development and acquisitions opportunities with a focus on ground up development and redevelopment of existing shopping centers. 

 

Sandy Sigal

“Greg has continually delivered exceptional results and growth throughout his time with our firm,” commented Sandy Sigal, President and Chief Executive Officer of NewMark Merrill Companies.

 “I have had the pleasure to watch Greg become a true asset not only for our firm but to the property teams and merchants he assists.”

 Giacopuzzi started with NewMark Merrill over 10 years ago. Before joining NewMark Merrill, Giacopuzzi received his Bachelor of Arts degree in Accounting and Business Administration from Point Loma Nazarene University.

 

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.”

 

BakerHostetler continues impressive growth with real estate team addition in Atlanta

Amy Bridwell

ATLANTA, GA --

• Josiah Bancroft, Robert Bittner and Amy Bridwell join BakerHostetler’s Real Estate Practice Group team, bringing with them two associates.

Josiah Bancroft

• Bancroft and Bittner join as partners in the firm’s Business Practice Group and, together with counsel Amy Bridwell, are the latest in a string of strategic transactional partner and counsel additions.

Robert Bittner 

• Their arrival marks nearly 40 attorneys added since 2020 to the firm’s Atlanta office, which most recently welcomed a team of white-collar attorneys led by partners Brian McEvoy and Brian Rafferty and securities and financial litigation counsel Kurt Lentz.

 Elise Barajas

Why this matters

Bancroft, Bittner and Bridwell are highly regarded real estate attorneys with vast experience, ranging from retail and office to industrial and hospitality. 

Margaret Butler

Joining from an AmLaw 100 firm, this full-service team bolsters BakerHostetler’s real estate capabilities both in Atlanta and across the United States. 

Their arrival follows the addition of several high-profile business attorneys including Elise Barajas in Dallas, Margaret Butler in New York, Michael Cortez in Houston, Brian Mulcahy in Chicago and Stephen Ruscus in Washington, D.C.

Key quotes

Joann Gallagher Jones

“In the past two years, we have greatly expanded our capabilities in Atlanta. The arrival of Josiah, Robert, Amy and their team continues that trend and will help us better serve our clients in the region and nationally,” said Joann Gallagher Jones, managing partner of the firm’s Atlanta office.

Wendy Markham

“Atlanta is an important real estate market, and we are thrilled to welcome experienced practitioners in this team. They will be an asset to our clients and will become an integral part of our multidisciplinary real estate practice,” said Wendy Markham, chair of the firm’s real estate practice.

 

CONTACTS

Courtney B. Smith
202-861-1514

cbsmith@bakerlaw.com

bakerlaw.com

Connect with us on Twitter at @BakerHostetler or on LinkedIn at

@BakerHostetler, @JosiahBancroft, @RobertBittner, @AmyBridwell, @JohnAllotta, @JoannGallagherJones and @WendyMarkham.

https://www.bakerlaw.com/BusinessCorporate. 

Murphy Development sells two industrial buildings at Brown Field Technology Park in Otay Mesa Area of San Diego, CA

  

Kaitlin M. Arduino

SAN DIEGO, CA – Murphy Development Company (MDC) has sold two industrial buildings, Building A, a 105,457-square-foot building, and Building C, a 124,223-square-foot building, at Brown Field Technology Park (BFTP), a 52-acre corporate industrial and office park that flanks SR-905 at the Britannia Boulevard on/off ramp in the Otay Mesa area of San Diego, California. 

Andy Irwin

Hines acquired the buildings on behalf of the Hines U.S. Property Partners Fund (“HUSPP” or the “Fund”), the firm’s flagship commingled U.S. core plus fund.

The Fund is also under contract to acquire an additional two buildings at BFTP, totaling 203,244 square feet, with construction completion scheduled for Q2 2023.

JLL’s Andy Irwin, Joe Anderson and Greg Lewis represented MDC in the sale of the buildings along with Cushman & Wakefield’s Jeff Chiate, Jeffrey Cole and Bryce Aberg.  Irwin, Anderson and Lewis continue to oversee leasing at BFTP’s other buildings.

Joe Anderson

“With continued growth of ecommerce, onshoring and tight industrial markets, we saw very strong demand from users and investors for Brown Field Technology Park,” said Kaitlin M. Arduino, president of MDC. 

“We will continue to deliver premier industrial buildings at BFTP as interest in South San Diego County near the border grows.”

BFTP is ideally located for business, adjacent to Brown Field Airport and positioned within a U.S. Department of Commerce Foreign Trade Zone which offers important tax incentives for companies.

Jeffrey Cole 

Its flexible design allows for industrial, R&D, office, manufacturing and corporate engineering buildings. The SR-905 freeway features a diamond interchange at the entrance to BFTP on Britannia Boulevard and has convenient access to the I-805 and I-5 Freeways, and the South Bay Expressway (SR 125 Toll Road). 

Building A and Building C feature 32-foot clear heights, 4,000 amps of 277/480 volt power, manufacturing sewer and water capacity, ESFR sprinklers, concrete truck courts, wide column spacing, and high dock door ratios designed for distribution users.

Bryce Aberg

"The Otay Mesa industrial submarket was the strongest in the county in the first quarter with over 770,000 square feet of positive absorption and a vacancy of historic low vacancy of 2.3 percent," said Irwin. 

 "Nearshoring to Mexico and a meteoric rise in rents in the adjacent Southern California industrial markets has attracted e-commerce, logistics, warehousing, and manufacturing to this submarket.”

 

 

 

 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.”