Done Deals: Apr 14, 2022

Thursday, April 14, 2022

Regency Centers Announces COO Retirement and Succession Plan

Lisa Palmer

JACKSONVILLE, FL (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency” or the “Company”) (Nasdaq:REG) announced forthcoming changes to its executive management team.

Jim Thompson, Executive Vice President and Chief Operating Officer, has announced his retirement, effective December 31, 2022.

Jim Thompson

Concurrently, the Company is pleased to announce the following executive management promotions, effective January 1, 2023:

Alan Roth, currently Senior Managing Director, East Region, will become Executive Vice President, National Property Operations and East Region President.
Alan will be responsible for operations strategy and processes nationally, as well as overseeing execution of the operations and investment strategies in our Northeast and Southeast regions.

Nick Wibbenmeyer

Nick Wibbenmeyer, currently Senior Managing Director, West Region, will become Executive Vice President, West Region President. Nick will be responsible for investment and development strategy and processes nationally, as well as overseeing execution of the operations and investment strategies in our West and Central regions.

“Jim embodies Regency’s special culture every day, and I’m proud to call him a mentor and a friend. He leaves behind a legacy that will endure in how we will continue to operate our business going forward,” said Lisa Palmer, President and Chief Executive Officer.

Alan Roth

“We are so lucky to have two proven veterans in Alan and Nick, who have worked alongside Jim as regional leaders for many years.

"I’m looking forward to a seamless transition as they both take on national strategic responsibilities, and to working with them even more closely as we continue to grow and thrive as a best-in-class owner, operator and developer of open-air shopping centers.”

Hap Stein, Executive Chairman, commented, “Jim has been an important partner to me over his more than 40 years as a leader within the organization, and I’m grateful to him for helping build Regency into the company it is today.

Hap Stein

"His experience throughout real estate cycles, along with his industry expertise and reputation, have been vital to our success.

“Alan and Nick are indicative of Regency’s deep bench of talented leaders, having already had an immense impact on how we run our business.”

Alan Roth is currently Senior Managing Director of the East Region for Regency Centers, prior to which he was Managing Director of the Northeast, Mid-Atlantic and Southeast Regions.

Nick Wibbenmeyer is currently Senior Managing Director of the West Region for Regency Centers, prior to which he was Managing Director of Florida and the Midwest Region.

CONTACT:

Christy McElroy
904 598 7616
ChristyMcElroy@regencycenters.com

Eric Davidson
904 598 7829
EricDavidson@regencycenters.com

RegencyCenters.com

KBS Acquires 605,000 Square-Foot Class A Office Tower in Nashville, TN

UBS Tower, 315 Deaderick Street
Nashville, TN

NASHVILLE, TN – KBS, one of the largest investors in commercial real estate in the U.S., announces the acquisition of UBS Tower, a 29-story, 605,000 square foot Class A office building located at 315 Deaderick Street in Nashville, Tennessee on behalf of a large pension fund.

Bruce Fischer

“With a population quickly approaching two million, Nashville is a vital business, tourism, and transportation center,” says Marc DeLuca, CEO and Eastern regional president at KBS.

“Nashville boasts a thriving economy that is predicted to see a 3.9% growth in employment in 2022. This activity creates numerous office-using jobs and significantly increases the rental growth and demand in the market. Now was the opportune time for us to make this investment.”

Marc DeLuca

Nashville has been consistently ranked a top city for businesses over the last several years, with companies migrating to the area in favor of its diverse economy, low cost of living, and well-educated talent pool.

According to CoStar, Nashville has over 80% more office-using jobs now than it had in 2010, a rate of growth that far outpaces the national average.

The city has also seen several tech businesses relocate to or expand in the area in search of prime office space, with global companies such as Amazon, Oracle, Asurion, and iHeartRadio planning to open new major offices in the city.

Allen Aldridge

Built in 1972, UBS Tower is ideal for office and retail businesses seeking an optimal location in the Nashville area.

Several renovations have been made to the property, including a revamped lobby, new tenant lounge, coffee bar, conference center, and fitness center, along with extensive infrastructure upgrades, making the building an attractive location for companies looking to provide their teams an amenity-rich and sustainable workplace.

“There is strong ongoing demand for premier office space located within walking distance to downtown amenities, and UBS Tower is well positioned to benefit from significant tenant in-migration,” says Allen Aldridge, senior vice president of acquisitions, dispositions, and co-director of asset management for KBS.

Tatyana Litovsky

“The property offers unobstructed views of Downtown, move-in ready full floor spec suites, and superior access to executive housing to the West and South via Charlotte Avenue.”

Christine Z. Fan

“We plan to make UBS Tower even better by adding in-demand features such as a coffee bar located in the lobby, bike room and shower, dog recreation area, and modernized facade,” continues Aldridge.

Amanda Kennedy

“We also plan to add electric car charging stations and verify the building with UL Healthy Buildings since we are constantly looking for ways to incorporate eco-friendly property amenities that elevate the tenant experience while reducing our carbon footprint.”

David Meline

Attorneys Bruce Fischer, Tatyana Litovsky, Christine Fan and Howard Chu, and paralegal Amanda Kennedy, of global law firm Greenberg Traurig, LLP’s Orange County office represented the firm as legal counsel in the acquisition.

“We were extremely pleased to represent KBS in the acquisition of this desirable asset,” says Fischer, Greenberg Traurig’s Chair of the West Coast Real Estate Practice and Co-Managing Shareholder of the Orange County office, who led the Greenberg Traurig team and represented KBS.

Howard Chu

Cushman & Wakefield’s David Meline, Samir Idris, Crews Johnston, Mike McDonald, and Stewart Calhoun arranged the sale of UBS Tower and represented the seller, Shorenstein Properties, LLC.

The commercial real estate services firm has also been retained by KBS to oversee overall management, leasing, and project management for the building.

CONTACT:

Arleeny Escarcega

aescarcega@thesmartagency.com

$16.275 million in financing secured by JLL Capital Maarkets for Bay Area seniors housing development sites

Lillian Roos

SAN FRANCISCO, CA – JLL Capital Markets has arranged $16.275 million in acquisition financing for two land sites totaling 12.73 acres for the development of seniors housing communities in Livermore and Soquel, California.

JLL worked on behalf of the borrower, Calson Management, to secure the $10.5 million and $5.775 million one-year, fixed-rate loans through Barnett Capital Limited.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Bercut Smith, Director Lillian Roos and Analysts Lauren Sackler and Ace Sudah.

Lauren Sackler

The first site is located at 1202 Concannon and totals nine acres. The site will be developed into a 128-unit seniors housing community offering assisted living and memory care.

On-site community amenities will include designated dining rooms, a hobby room, spa/salon, movie theater, laundry facilities, a fitness center, wellness center and walking paths with open outdoor spaces.

The property is near local retail, entertainment and dining hubs and is a 10-minute drive from Stanford Health Care – Valley Care Memorial Center and Livermore Division – VA Palo Alto Health Care System.

Additionally, the proximity to CA-84 provides access to San Francisco, Silicon Valley and the Central Valley in under an hour drive.

Ace Sudah

Situated on 3.73 acres at 5630 Soquel Dr., the second land site will be developed into an 82-unit senior housing community near Santa Cruz.

The site is a fully entitled assisted living and memory care development that Calson Management took through the entitlement process while the site was under contract.

Livermore seniors housing development site, Livermore, CA

For more news, videos and research resources on JLL, please visit our newsroom.

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

CONTACT:

Cierra Lacasse,

JLL Associate, Public Relations

Phone: +1 602 648 8701

Email: Cierra Lacasse@am.jll.com

Alfred Expands To North Carolina With Platform Launch In Over 2,000 Apartment Units In Charlotte

Alfred co-founders Jessica Beck (left)
and Marcela Sapone

NEW YORK, NY, April 14, 2022 -- Alfred, the largest and most advanced resident technology company, successfully expanded to North Carolina on the heels of its strategic acquisition of property management firm RKW Residential.

In a phased rollout approach following the RKW acquisition, Alfred will be integrating its Alfred Operating System (AOS) in more than 2,000 apartment units in Charlotte, including The Beverly and The Griff, among others.

The initial rollout of AOS, which is the industry’s most advanced platform, is poised to optimize the living experience for apartment residents in the rapidly growing Charlotte market.

Marcie Williams

These residents – and eventually those throughout RKW’s portfolio of 30,000 single-family and multifamily rentals across the Southeast U.S. – will have a single stop to support all aspects of residential living.

That applies to resident management and communication, management of on-site operations and maintenance, payments, and unique community and resident wellness amenities.

“Just weeks after finalizing the acquisition of RKW, we’re revolutionizing the rental ecosystem through the infusion of our technology and RKW’s property management expertise,” says Marcela Sapone, Co-Founder and CEO of Alfred.

“In a digital world, renters are now expecting a tech-enabled experience that they find everywhere else. Together with RKW, we’re powering the most seamless renting journey, where everything a resident needs is anticipated and available at the touch of a button.”

The Beverly apartments, Charlotte, NC

Charlotte is North Carolina’s most populous city and one of the nation’s fastest-growing metropolitan areas for job (300,000 new jobs projected by 2028, according to North Carolina’s Department of Commerce).

Also: population growth (2.63% year-over-year and 19.6% growth over the past decade is forecast by the U.S. Census Bureau).

These trends are creating intense demand for apartments in the city, with many residents opting for the flexibility and convenience of renting over owning.

“RKW’s home base of Charlotte is ideal for the North Carolina debut of Alfred’s revolutionary platform,” said RKW CEO Marcie Williams. “Our residents have come to expect a seamless and efficient experience. They will love the convenience and ease of use of the Alfred platform.”