Lee & Associates South Florida Completes $4 million Industrial Sale in Lake Worth Beach, FL

Greg Milopoulos

LAKE WORTH, FL – Lee & Associates South Florida Principal Greg Milopoulos and Vice President Christian Baena successfully brokered the $4.07 million sale of an industrial building in Lake Worth Beach, Florida.

 The duo exclusively marketed the property on behalf of an existing client that it also represented in a Fort Lauderdale disposition last month.

Christian Baena

The freestanding industrial manufacturing facility at 1830 Second Ave. N. was sold for the full asking price. Milopoulos and Baena led a three-month marketing process to select the most viable buyer for their client Andler Enterprises, which the brokers represent in various markets from South Florida to Tampa and New Jersey.

 

Located on 1.84 acres, the 22,118-square-foot building features 20,290 square feet of warehouse space (8,190 square feet of which is fully air conditioned), 1,828 square feet of office space, one dock and one ramp.

 

The 22,118-square-foot industrial building sits on
 1.84 acres, at 1830 Second Avenue North
 in Lake Worth Beach, FL

The facility is less than seven miles from Florida’s Turnpike access points and under one mile from I-95, ensuring seamless transportation to all key areas in South Florida. The property is zoned I-POC (Industrial Park of Commerce).

 

The buyer in the March 25 transaction was not disclosed.

 

“We are excited to complete another successful and efficient closing for our client, who we represent in various markets throughout Florida and across the country.” Baena said.

“In a time when commercial real estate sales are difficult to complete, and deals are being re-traded due to various market conditions, we were able to go under contract at full asking price and maintain those terms all the way through a smooth closing.”

 

Milopoulos and Baena have more than 20 years of development, investment sales, landlord and tenant representation experience in South Florida.

 

They joined Lee & Associates South Florida in 2023, with Milopoulos heading up the firm’s Broward County industrial activities out of its Deerfield Beach office, and Baena working out of its Miami office.

 

CONTACT:

 

Eric Kalis

Senior Vice President

ekalis@boardroompr.com

C 305-794-5123

O 954-370-8999

Web | Facebook | Instagram | LinkedIn

 

 

 

 

Joint venture team of NorthPoint Development and Winstanley Enterprises plan to build Falcon Landing, a 524,000 SF general distribution facility in Westfield, MA

Adam Winstanley

Westfield, MA – In a location that once thrived as part of a computer manufacturing facility for the famed Digital Equipment Corporation, a joint-venture development team of Winstanley Enterprises, LLC and NorthPoint Development is moving forward with approved plans to build a general warehouse / distribution facility.

 The recently obtained state and local approvals for the sought-after location come as the warehouse and distribution sector continues to thrive.

 Falcon Landing is an approved 524,000 square foot state-of-the-art general distribution facility that will be constructed for 1 to 2 tenants adjacent to the Westfield-Barnes Regional Airport on Falcon Drive in Westfield, Massachusetts.

 

The 126-acre parcel will include 362 parking spaces to accommodate two employee shifts and 322 tractor trailer spaces. The site boasts easy accessibility and is located approximately 2.5 miles off the Massachusetts Turnpike exit.

 In August of 2023, the joint-venture development team focused their multi-disciplined group of planners, engineers, and architects on developing a scaled-down distribution facility at this location.

 After listening to neighborhood concerns, the site plan incorporated a meticulously designed robust stormwater management plan, preservation of mature trees for buffering, and also eliminated any connections to North Road. The project received state (EOEA) approval in October 2023 and received local approval in February 2024.

Andrew Villari

 “Our project team worked very hard to put forward a sensible plan that is rooted in community input, prioritizes protection of sensitive resources, and delivers economic development benefits to Westfield,” said Adam Winstanley, Principal of Winstanley Enterprises. “We are excited to move the project forward.”

 Marketing efforts have ramped up to secure a suitable tenant; however, the warehouse will be built on ‘spec’ if a tenant is not secured prior to construction. 

"With the needed approvals in hand, the team will continue to coordinate closely on finalizing both building design elements and traffic mitigation improvements.

 “Falcon Landing is an ideal location for companies looking to grow their business at a brand-new state-of-the-art facility that offers easy accessibility from the Mass Pike,” said Andrew Villari, Development Manager for NorthPoint Development. “We are proud to be a part of this project, and excited about the future in Westfield.”   

 The project team supporting NorthPoint Development and Winstanley Enterprises includes Epsilon Associates, VHB, Good Earth Advisors, and Watkins Strategies.

 CONTACT:

Matthew Watkins

President | Watkins Strategies

617-571-4582

 

Hold-Thyssen Closes Five-Year Leases with Thriving Long-Term Tenants at Enterprise Plaza in Orange City

 

Darby Hold

ORANGE CITY, FL--- Hold-Thyssen, Inc., a full service commercial property firm based in Winter Park, recently closed two five-year lease agreements with thriving tenants at Enterprise Plaza, a neighborhood shopping center at 2499 Enterprise Rd. in Orange City. 

 Sherwin-Williams Company, a tenant since Enterprise Plaza opened in 1989, has extended the lease of its 5,304 square feet of space for another five years. With over 5,000 company-operated stores worldwide, their success is due to a quality guarantee printed on every product.

Darby Hold, Senior Director at Hold-Thyssen, negotiated both transactions on behalf of the Michigan-based Landlord Florida Premier-Enterprise LLC.   The two tenants, who occupy a total of 6,664 square feet at Enterprise Plaza, were not represented in the transactions.

 

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 than 100 commercial properties throughout the United States.

 

Contacts:

           

Anthony Fisher, Vice President, Hold-Thyssen Real Estate Services, 407-691-0505,

 afisher@HoldThyssen.com

 

Robert P. Hold, Principal, Hold-Thyssen, Inc.

407-691-0505,

 bhold@HoldThyssen.com

 

Beth Payan, Managing Director, Larry Vershel Communications Inc. 407-461-3781

 or beth@larryvershel.com

 

 

 

Greg Fedorinchik, CFA Joins NexMetro to Lead Equity Capital Markets and Investor Relations Efforts

 

Jacque Petroulakis

PHOENIX AZ– NexMetro Communities, a leading national developer and pioneer of build-to-rent (BTR) neighborhoods, has hired industry veteran Greg Fedorinchik, CFA to serve as managing director of equity capital markets.

Greg Fedorinchik

Fedorinchik’s appointment is pivotal as the company, founded in 2012, expands its pipeline of new luxury leased home projects, eight of which are scheduled to open in 2024.

 

Fedorinchik has spent the bulk of his 30-year career leading both investment and client-facing teams focused on alternative investments and global asset allocation strategies.

 

Before joining NexMetro, Fedorinchik held long-term senior management roles at Brinson Partners (acquired by UBS Asset Management) and Mesirow Financial, along with consulting and interim roles with large public and small private investment firms.

“Innovative, high-quality, leased homes and neighborhoods have great appeal for consumers, suburban communities and investors alike,” said Fedorinchik. 

“NexMetro is the gold standard in BTR, and I’m looking forward to working closely with our existing and new capital partners as we continue to grow our presence across the country. I am particularly excited about the launch of our first pooled vehicle this year—the NexMetro Direct Access Fund, 2024.” 

 

Josh Hartmann

Jacque Petroulakis, who has served as executive vice president of investor relations for NexMetro, has been promoted to chief communications officer for the company to focus on corporate communications strategy and branding initiatives.

 

Fedorinchik joins NexMetro Communities as the company has recently surpassed a $2B milestone in total project investment for its more than 55 projects comprising approximately 9,400 homes completed, under construction or in development in Arizona, Texas, Colorado, Georgia and Florida.

 

“Greg’s experience, vision and skill as an investor in public and private markets is critical for NexMetro’s continued growth as we look to fund our healthy pipeline of BTR projects across the US Sunbelt,” said NexMetro CEO Josh Hartmann. 

 

“We look forward to leveraging Greg’s extraordinary insights gained over more than three decades in capital markets and building and managing investor relationships to further enhance NexMetro’s already strong industry position,” Hartmann said. 

 

 

 

 CONTACT

 

Heather Miles Austin, Principal

The Ferraro Group Phoenix

120 N. 44^th St. #310

Phoenix, AZ 85034

 

www.TheFerraroGroup.com

c. 602.738.9252

 

Washington D.C. – 202.355.9466

Las Vegas – 702.367.7771

Reno – 775.331.4555

 

nexmetro.com 

 investors@nexmetro.com

 

JLL closes $140 million in financings from The Amazon Housing Equity Fund over last six months

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Martine Combal

CHICAGO, IL – JLL Capital Markets and JLL Public Institutions have executed $139.64 million in financings from The Amazon Housing Equity Fund over the last six months for the development/preservation of 11 affordable housing communities, totaling 1,970 units, located across the Puget Sound region of Washington.

 

JLL acted as the credit underwriter for Amazon, who provided long-term, fixed-rate loans for 9 separate borrowers.

 

 Through the Amazon Housing Equity Fund, Amazon provided low-rate subordinate financing to carry out the acquisition and construction/rehabilitation of the properties and assure that the properties will deliver high-quality housing and 99-year income rent restrictions.

Eileen Tumalad

The properties included in the financings are:

 

·         The 130-unit Sound Transit Angle Lake in SeaTac, WA

·         The 170-unit Ardea at Totem Lake in Kirkland, WA

·         The 148-unit MLK Family Housing in Seattle, WA

·         The 108-unit Crossroads Apartments in Bellevue, WA

·         The 207-unit Altaire at Jackson Park in Seattle, WA

·         The 271-unit Atrium Court Apartments in Seattle, WA

·         The 172-unit Terrapin Apartments in Bellevue, WA

·         The 126-unit Bode Greenwood in Seattle, WA

·         The 191-unit Trace 4001 in Seattle, WA

·         The 379-unit Lake Washington Apartments in Seattle, WA

·         The 68-unit Claremont Apartments at Walden in Seattle, WA

 

Senthil Sankaran

“In addition to being affordable, these homes are all in close proximity to resources residents need, like transit, good schools, employment centers and more,” said Senthil Sankaran, Managing Principal, Amazon Housing Equity Fund. “We’re grateful for the opportunity to help bring such a critical resource to Puget Sound residents.”

C.W. Early

The advisory team working with Amazon was jointly led by Senior Managing Director C.W. Early, Senior Managing Director Mary Davis and Vice President David Lott of JLL Capital Markets Debt Advisory and both Martine Combal, Senior Vice President, and Eileen Tumalad, Vice President, with JLL’s Public Institutions practices.

The JLL Capital Markets team structured and underwrote the transactions, while the Public Institutions team focused on program management for Amazon. This unique partnership between JLL Capital Markets and JLL’s public sector work demonstrates JLL’s drive to deliver for its clients and meet dynamic and evolving real estate needs.

David Lott 

“JLL is proud to be working with Amazon’s Housing Equity Fund on this historic initiative," Early said.

 

“Their funding allows new or renovated units to come to market that are otherwise infeasible at affordable price points and keeps those units affordable for 99 years in markets with high and increasing rents.

 

 "Without Amazon and numerous other public resources for many of these projects, they would not happen.

 

 "Congratulations to these mission-driven developers, and many thanks to Amazon, as well as the other public funders involved in these deals, including the City of Seattle Office of Housing, Washington State Housing Finance Corporation, ARCH and King County.”

Mary Davis

According to JLL Research, demand for more cost-effective rental options has never been higher, as national effective rents grew 28% in the last two years. Previous affordable markets are becoming less affordable, as migration trends accelerate supply constraints and highlight the need for additional affordable housing in secondary markets.

 

“With the firm’s expertise in real estate, finance and market analysis, we are excited to partner with Amazon and the respective borrowers to support everyone’s commitment to social responsibility,” Combal said. “This collaborative partnership is inspiring, as each project strives to bridge the housing gap and make housing more accessible for all. With a focus on preservation and transit-oriented development, these projects do more than expand housing options, they build a brighter future and strengthen the vitality of these communities.” 

 

The Amazon Housing Equity Fund is a more than $2 billion commitment to preserve and create more than 20,000 affordable housing units in Washington state’s Puget Sound region; in and around Arlington, Virginia; and Nashville, Tennessee – three hometown communities where the company has a large and growing presence. 

CONTACT

Jenna Sharp

JLL, Public Relations

 Capital Markets

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com