Greenhill Towers Reigns Victorious at BOMA’s 2022 International TOBY Awards

 Codina Partners, owner of Greenhill Towers  office property in Addison,TX received The International Outstanding Building of the Year award for continued excellence in the Suburban Office Park Mid-Rise Category

 

Greenhill Towers, Addison, TX
Outstanding Building of the Year
 (TOBY) Awards 

Addison, TX – Greenhill Towers, managed by Crescent Property Services, brought home the top prize at The Outstanding Building of the Year (TOBY) Awards Gala on June 28 as part of the 2022 BOMA (Building Owners & Managers Association) International Conference & Expo in Nashville, TN. 

This year marked the 36th anniversary of the TOBY Awards, where the commercial real estate industry honored 14 commercial properties, including Dallas' Greenhill Towers and Jonathan (JJ) Jones, who received his fourth international TOBY & second with Codina Partners—a record-extending number for BOMA Greater Dallas.

Jonathan (JJ) Jones

 

To win a BOMA International TOBY Award, a property must first win local and regional competitions. 

Judging is based on criteria that include community impact, tenant and employee relations programs, energy management, accessibility, emergency evacuation procedures, building personnel training programs, and overall excellence. 

A team of industry experts also conducted comprehensive building inspections.

 

"The competition is truly international, with buildings from all over the world, so winning the top prize sets you apart as best in class globally,"  says JJ Jones.

"Even though it takes a lot of work and effort, we consistently keep our assets operating at a TOBY level year-round by striving to exceed customer service, management, and operational expectations. 

"This year, I think our Healthy Building Initiatives were the big differentiator."

Jones adds, "Our investment into indoor air quality and continued focus on wellness for our customers really set us apart from other buildings. It is always the details that matter, and that is where we put our focus." 

 

CONTACT

Dana Cobb 

dana@thebarbershopmarketing.com
CP Greenhill LLC
972.392.0660

 

Lee & Associates South Florida Q2 Report: Miami Industrial Vacancies Reach Decade-Low, Out-of-State Investors Flood Multifamily Sector

 

Lynae Solomon

MIAMI, FL – South Florida remains a hot target for commercial real estate investors from all over the nation, but supply constraints are a major challenge for the region’s key sectors according to Lee & Associates South Florida’s Q2 2022 market report.

The local industrial market continues to reach new milestones, with Miami-Dade County recording a decade-low vacancy rate in the second quarter of 2022.

 “Prices are continuing to rise and average cap rates have compressed this quarter,” Lee & Associates Vice President Lynae Solomon said. “Now that prices have increased, some local investors are holding off from adding more properties to their portfolio due to the uncertainty of the future of the economy.”

 William Domsky 

The tri-county area of South Florida closed the second quarter of 2022 with a scant 2.7% industrial vacancy rate, which was a full 1.3% below the region’s vacancy rate a year earlier.

Miami-Dade’s vacancy rate fell to 2.5%, while Broward County’s stayed put at 3.5%.

South Florida average industrial rents (triple-net) surged from $10.67 per square foot in the second quarter of 2021 to $12.59 per square foot in the second quarter of 2022.

 “In Miami, demand has consistently outpaced inventory throughout the industrial market,” Lee & Associates South Florida Principal William Domsky said.

  “Owners have capitalized on the market conditions and are raising rents at a brisk pace. Miami ranks as one of the most expensive industrial markets on the East Coast due to the lack of land suitable for large-scale industrial development.”

 In the multifamily sector, feverish investment appetite is driving up sale prices. Out-of-state investors are leading the push, as roughly 80% of acquisitions were made by non-Florida buyers over the past 12 months. South Florida multifamily rents skyrocketed year-over-year in the second quarter of 2022, from $1,786 per month to $2,048.

 

Matthew Katzen

“Florida continues to be at the forefront of how the office market recovers from the last two years,” Lee & Associates South Florida Senior Vice President Matthew Katzen said.

 “The coworking business continues to see strong growth, and law firms are actively leasing new Miami offices – particularly new-to-market global and national firms – or expanding to Palm Beach County.

"The investment sentiment has improved, but not without a sense of caution going forward.”

 “Despite inflation, the South Florida retail market continues to outpace the rest of the country in rent growth and positive absorption,” Lee & Associates South Florida Principal Victor Pastor said.

Victor Pastor 

“The threat of a recession is fueling greater demand for necessity-based shopping centers. Palm Beach County is experiencing a record influx of residents, which is attracting retailer expansion from the more crowded Miami-Dade market.”

To view the full sector-by-sector breakdowns and the Lee & Associates national Q2 report, click here: https://www.dropbox.com/scl/fo/x55fqdvt45qcwasjhzwbw/h?dl=0&rlkey=o88cbq69wjv0oribo3b8f9ypx

  For the latest news from Lee & Associates South Florida, visit leesouthflorida.com or follow us on Facebook, LinkedIn, Twitter and Instagram, our company local news.

 For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog.

 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

                                                                                             

Cuningham Appoints Jacqueline Dompe as New Chief Executive Officer

  

 

Jacqueline Dompe 

Cuningham, a national design firm, is thrilled to announce the appointment of Jacqueline Dompe as the firm’s Chief Executive Officer (CEO).

 Dompe will collaborate with Cuningham’s internal and external stakeholders to oversee the firm’s strategic direction and value.

 “We are thrilled to have Jacqui join the Cuningham team,” says Board Chair Margaret Parsons, FAIA.

Margaret (Meg) Parsons

“Her deep commitment to driving positive change and her proven track record aligning brand with successful business outcomes will be invaluable to our firm as we position ourselves in a rapidly changing industry.”

 Dompe has more than 20 years of experience delivering value for a variety of companies, including those in the Architecture/Engineering/Construction (AEC) industry. 

Jeffrey Mandyck

Cuningham Director of Strategy and Board Member Jeffrey Mandyck, AIA, praises both Dompe’s strengths as a leader and her ability to question and elevate the firm’s thinking, processes, and outcomes.

 “We are honored to have Jacqui lead Cuningham’s strategic planning,” says Mandyck. “On both an individual and firm-wide level, we are excited to be challenged in finding new ways to produce a clear synchronization between who Cuningham wants to be and who we are.”

 Dompe holds a Bachelor of Arts in in Business Administration and Environmental Studies from the University of San Diego and a Professional Certificate in Urban Development & Planning from the University California San Diego.

Contacts:

Katie Haga / Elisabeth Manville

The Smart Agency, Inc.

 949.438.6262        

khaga@thesmartagency.com

 www.jtcapitalgroup.com.

Florida multi-housing community sells for $71 million

 

 Melissa Marcolini Quinn 

ORLANDO, FL – JLL Capital Markets has closed the $70.6 million sale and arranged the debt and equity financing totaling $65 million for Grand Reserve Apartment Homes, a 263-unit, two-story, value-add multi-housing community in Ocala, Florida.

Grand Reserve Apartment Homes,
 a 263-unit, two-story, value-add
multi-housing community in Ocala, FL

 JLL represented ApexOne Investment Partners in arranging the sale to the buyer, JT Capital. JLL also represented JT Capital in securing the debt financing with a Life Insurance Company and arranged the institutional equity for the acquisition.

The JLL Capital Markets Team representing the seller was led by Managing Director Ken Delvillar. Senior Managing Directors Melissa Marcolini Quinn and Lee Weaver led the JLL Capital Markets Debt and Equity Advisory Team representing the borrower.

 Ken Delvillar

 “Our team at JT Capital has been very selective in pursuing high-quality assets in the current market environment. We believe the fundamentals in Ocala along with a great property in Grand Reserve will drive increased value to the JT Capital portfolio”, said Rohun Jauhar, Partner with JT Capital.

 

Rohun Jauhar

Built in 2003, the 19-builidng Grand Reserve Apartment Homes feature one-, two- and three-bedroom units with an average size of 1,072 square feet.

Renovated units feature walk-in closets, full-sized washers and dryers, breakfast bars, granite countertops, screened patios/balconies and stainless-steel appliances.

Community amenities include a resort-inspired pool and sundeck, a screened poolside gazebo with a TV lounge, a fire pit, a 24-hour fitness center, a business center, a children’s playground and direct access garages.

 

Lee Weaver

Located at 3001 SW 24th Ave., Grand Reserve allows access to NW 27th Avenue as well as Interstate 75 for easy connectivity throughout the Central Florida.

The property is less than four miles from Historic Downtown Ocala, which includes multiple boutiques, sidewalk cafes and restaurants, the Downtown Farmer’s Market and a vibrant art scene.

Additionally, the community offers proximity to major employers, retail and entertainment, including walkability to the Paddock Mall.

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

Contact:

 Jenna Sharp

JLL

M +1 214 394 3356

JLL.com

 

 

 

 

www.jtcapitalgroup.com.

 

Demand High in Sun Belt for multifamily developments

J.C. De Ona

 MIAMI, FL -- The national economy has been under a cloud recently, but the Sun Belt is shining bright, as the region experiences continued demand for multifamily developments from population growth.

While many U.S. cities fear an oversupply of housing, igniting vacancies and lagging demand, the Sun Belt is proving to be the contrarian to macro shifts.

Two expert sources share their expertise on how multifamily in the Sun Belt area is more insulated from general economic shifts.

Nathan Kaplan 

Centennial Bank Florida Division President J.C. De Ona, and Kaplan Residential Partner and Managing Director Nathan Kaplan do not see a slowdown in multifamily developments, even with rising interest rates.

 Why?

• Demand still outpaces supply to live in growth markets with prosperity in all economic sectors
• Rising interest rates are making homeownership less attractive to many, so multifamily is a clear answer, because population growth will not slow.
•  
•  The United States Census Bureau latest population tallies indicate burgeoning population growth in the Sun Belt’s largest metros from July 2020 to July 2021

 

• Atlanta welcomed 65,000 new residents in the last 12 months and the population is expected to surge to 8.6 million by 2050, a 43 percent increase
• Florida has grown by 300,000 residents from July 2020 to July 2021 – the state is more insulated due to continued population growth

• Investors/developers in a winning position:
• Kaplan is holding land and is being tactical around land acquisitions and opportunities, actively exploring joint ventures and development of multifamily on third-party-owned land
• Centennial’s leading lender applications in Florida are from multifamily developers, with no decrease in submissions
• The U.S. Bureau of Labor Statistics data reports that the price of construction materials is starting to tick downwards. In June, softwood lumber dropped 24.8% month-over-month, and other materials such as iron and steel were down 2.9% for the month
• The expected decrease in construction costs keeps developers off the sidelines

 

Contact:

Nicole Lustig

Account Coordinator

 

C: 786.564.2636 │ E: nicole@anderpr.com

3250 NE 1st Avenue, Ste. 305, Miami, FL 33137

www.anderpr.com