Crescent Communities Developing Spec Industrial Building in AirPark West in Northwest Charlotte, NC

CHARLOTTE, N.C. — The commercial and mixed-use team of Crescent Communities has broken ground on Air Park West Three, a state-of-the-art, 209,000-square-foot speculative industrial building in the AirPark West industrial park in northwest Charlotte.

The 200-foot-deep front-loading building, slated for completion in September, has been designed to LEED standards and will feature a 32-foot clear height, ESFR sprinkler system, a 60 mil TPO roof and painted roof deck, 46 insulated 9-foot-by-10-foot overhead doors and two drive-in doors. 

Merriman Schmitt Architects designed the building, and Myers & Chapman is the general contractor.

AirPark West is located at I-85 and Sam Wilson Road, and offers close proximity to I-485, Charlotte Douglas International Airport and the Charlotte Regional Intermodal Facility. The park features two industrial buildings, also developed by Crescent, that total 276,000 square feet; both of the buildings are fully occupied.

The new speculative building comes as industrial demand in metro Charlotte continues to grow. The metro area’s overall industrial vacancy rate currently sits at 5.9 percent; in the Northwest submarket in which AirPark West is located, the rate is even tighter: 5.4 percent.

“This is the ideal time to break ground on a spec industrial facility in this market,” said Ned Austin, a vice president on Crescent’s commercial team. “With the economy improving and industrial vacancy rates tightening, this new facility is poised to attract tenants quickly, especially when you consider the building’s top-quality features and unbeatable access to Charlotte’s major transportation corridors and facilities.”

 For a complete copy of the company’s news release, please contact:

Tony Wilbert, The Wilbert Group

404.254.1487

twilbert@thewilbertgroup.com

Faris Lee Investments Completes $7.88 Million Sale of Property Occupied by Hobby Lobby in Jacksonville, NC

Hobby Lobby building, 1290 Western Boulevard, Jacksonville, NC

Matthew Mousavi

IRVINE, CA  – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $7.88 million sale of a single-tenant retail property occupied by Hobby Lobby in Jacksonville, NC. 

The property is new construction and Hobby Lobby recently opened its doors and commenced its triple-net, 15-year lease.

Matthew Mousavi and Patrick Luther of Faris Lee Investments represented the buyer, a privately held equity fund out of New York, as well as the seller, the developer of the property based in North Carolina. The closing cap rate was 6.5 percent.

Faris Lee marketed the property while it was under construction and generated multiple offers from a wide range of buyer profiles including private investors, investment funds, and public REITs.

“Because this property was under construction at the time we took the property to market, Faris Lee identified an ideal buyer that was willing to remove all contingencies with a non-refundable deposit within a short due diligence period, and then close escrow upon Hobby Lobby's opening,” said Mousavi.

Patrick Luther

Single-tenant properties that are new construction with a national brand signed as a tenant are arguably the most in-demand asset within the retail sector today,” said Luther.

Luther added that at a 6.5 percent cap rate, this sale represents one of the lowest cap rates on record for a forward commitment Hobby Lobby transaction.

Located at 1290 Western Blvd, the property totals 55,000 square feet. The site offers excellent street visibility and close proximity to several national tenants such as Target, Lowe’s, Kohl’s, PetsMart and WalMart. 

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

www.farislee.com

. 

Thomas D. Wood and Company’s Orlando Office Secures $2,650,000 in Commercial Mortgage Transactions

Jeff Schnupp

Orlando, FL – Thomas D. Wood and Company Vice President Jeff Schnupp financed $2,650,000 in commercial loans in Central Florida.

Schnupp secured financing for the Shops at Dupont Lakes in the amount of $1,350,000 through Thomas D. Wood and Company’s correspondent relationship with Symetra Life Insurance Company. 

  The borrower built the Dollar Tree property for cash; once he leased the final space to Leslie’s Poolsmart, he wanted to refinance the property to pull out as much equity as possible to purchase land and develop for another tenant.  

Schnupp provided the borrower with a 15-year fully-amortizing fixed-rate loan.  The 12,000 square-foot multi-tenant retail center is located in Deltona, Florida.

Schnupp also secured financing for the Fountainview, a 10,000 square-foot retail/office development, through Thomas D. Wood and Company’s correspondent relationship with The Standard.  The borrower’s construction loan with a private lender was maturing, and they wanted to refinance into a long-term fixed-rate loan with a 25-year amortization.  Fountainview is located in Lake Mary, Florida.

For a complete copy of the company’s news release, please contact:

JEFF SCHNUPP                    JESSICA KINNEE    

Vice President                         Director of Marketing & Public Relations

Thomas D. Wood & Co.         Thomas D. Wood & Co.        

(407) 374-0254                       (407) 374-0251                      

jschnupp@tdwood.com          jessica@tdwood.com

Cohen Commercial Realty Signs Jersey Mike’s Subs In New Lease Transaction

Bryan S. Cohen

Miramar, FL  — Bryan S. Cohen, and Jason Guralnick of Cohen Commercial Realty, Inc.,

announced the signing of Jersey Mike’s Subs, to lease a 1,452-square-foot space at the Fountains of

Miramar located on the NE corner of Miramar Parkway and Dykes Road/160th Avenue. Cohen

Commercial Realty, Inc., represents the Landlord in this transaction.

CCR Signs Pho Saigon Vietnamese Restaurant In New Lease Transaction

West Palm Beach, FL – Bryan S. Cohen and Allan Carlisle of Cohen Commercial Realty, Inc., announced the signing of Pho Saigon Vietnamese Restaurant to lease a 4,059-square-foot space at Gulfstream Plaza. 

This newly renovated plaza is located on the NE corner of Okeechobee Boulevard and Haverhill Road where Goodwill Industries and Gordon Food Services anchor the plaza. 

Cohen Commercial Realty, Inc., represents the landlord.

CCR Signs Dr. Linda Kiley In New Lease Transaction

Dr. Linda Kiley

Palm Beach Gardens, FL – Bryan S. Cohen and Allan Carlisle of Cohen Commercial Realty, Inc., announced  the signing of Dr. Linda Kiley to lease medical space at Gardens Medical. 

The two story office building is located at 3375 Burns Road, directly across from the Gardens Medical Center.

Cohen Commercial Realty, Inc., represents the landlord.

For a complete copy of the company’s news release, please contact:

Jamie Crocker

jamiecrocker@cohencommercial.com

IPA Sells Los Angeles County Multifamily Asset for $61.1 Million

The Enclave apartments, 13801 Paramount Boulevard,  Paramount, CA

Greg Harris

PARAMOUNT, CA – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of The Enclave, a 306-unit apartment complex in Paramount, Calif. The $61.1 million sales prices equates to $200,000 per unit.

            IPA executive vice presidents investments Greg Harris and Ron Harris, along with IPA directors Kevin Green, Joseph Grabiec and Paul Darrow, and associate director Michael DiSimone, advised the seller, Kennedy Wilson. 

The buyer is Bridge Investment Group Holdings, and its joint venture partner Starr Companies, a global insurance and investment organization. 

“The Enclave’s distinctive architectural touches and consummate amenity package differentiate it from the competitive product in the area and make it one of the premier multifamily investment assets in southeast Los Angeles County,” says Greg Harris.

Ron Harris

Built in 1991 on 4.7 acres at 13801 Paramount Blvd. in Paramount, Calif. the property features easy access to California State Route 91 and interstates 105, 605 and 710, and is close to Downey, Lakewood, Bellflower, Norwalk and Cerritos. Four local Metro lines are also nearby.

Major employers in the area include the County of Los Angeles, RMI International, Kaiser Permanente, Bellflower Medical Center, St. Francis Medical Center and Lakewood Regional Medical Center.

Apartments at The Enclave feature nine- and 10-foot ceilings, interior and exterior storage space, large walk-in wardrobe-style closets, private balconies/patios and deep oval-shaped soaking tubs.

Select units have gas fireplaces. Community amenities include a 24-hour fitness center, a resort-style swimming pool, spa, sundeck, Internet cafe with flat-screen monitors and printers, subterranean 656-car parking structure with remote access, and on-site laundry facilities.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716

$15.4 Million Suburban Cleveland Shopping Plaza Sale Arranged by IPA

Cedar Center North, 13991 Cedar Road,  South Euclid, Cleveland, OH

Erin Patton

SOUTH EUCLID, OH  – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Cedar Center North, a 61,466-square-foot shopping plaza in the Cleveland suburb of South Euclid.

            IPA senior directors Erin Patton, Craig Fuller and Scott Wiles represented the seller, a local northeast Ohio development group. The buyer is Inland Real Estate Corp. 

 The sale was subject to a loan assumption with the initial $15.4 million closing price excluding potential future earn-out payments to seller.

            “At the time of the sale, Cedar Center North was 90 percent occupied by 21 tenants,” says Patton. “The offering was well received by the market.”

The property is located at the signalized intersection of Cedar Road and Warrensville Center Road at 13991 Cedar Road in South Euclid. Traffic at the intersection exceeds 36,000 vehicles per day. 

Craig Fuller

Target, Macy’s, T.J. Maxx, Whole Foods, and several other national retailers are across the street.

John Carroll University is less than a mile from the property and two super-regional shopping centers, Legacy Village and Beachwood Place, are within two miles.

The sale of Cedar Center North represents Patton, Wiles and Fuller’s 66th investment real estate closing since the beginning of 2014. From January 2014 to date, the team has sold more than $280 million in commercial real estate assets and continues to be a leader in Midwest shopping center sales. 

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716

Arbor Appoints Ben Truitt as Director of FHA in Denver, CO Office

Ben Truitt

UNIONDALE, NY -- Arbor Commercial Mortgage, LLC (“Arbor”), a national, direct commercial real estate lender, today announced the appointment of Ben Truitt as Director, FHA in the company’s Denver, CO, office.

A 17-year commercial real estate finance veteran, Mr. Truitt will be responsible for providing capital for the refinance, acquisition and construction of multifamily housing and senior housing by utilizing Arbor’s Federal Housing Administration, Fannie Mae, Freddie Mac and creative structured finance loan products, including bridge, mezzanine and preferred equity funding options.

 Mr. Truitt reports to Matt Carey, Vice President of FHA Lending.

Prior to joining Arbor, Mr. Truitt began his commercial lending career as an originator with GMAC Commercial Mortgage.

 Since then, through various roles with GMAC, PNC Bank, Red Stone, AmeriSphere and ACRE, his healthcare and multifamily financing expertise has continued to grow and includes a U.S. Department of Housing and Urban Development (HUD) Multifamily Accelerated Processing (MAP) designation. In his career, Mr. Truitt has been involved with the origination or underwriting of $570 million in closed loans.

Matthew Carey

Mr. Truitt is a member of the Urban Land Institute, University of Colorado Real Estate Council (CUREC), Colorado Health Care Association & Center for Assisted Living and the CFA Institute as a CFA Charterholder.

 Mr. Truitt serves on the Education Committee for the CUREC and on the Board of the CFA Society of Colorado. He is also the Public Awareness Committee Chair for the CFA Society of Colorado.

Mr. Truitt received his Master of Business Administration degree in Real Estate Development and Investments from the University of Colorado-Boulder, where he also received an undergraduate degree in Mechanical Engineering.

For a complete copy of the company’s news release, please contact:

Christopher Ostrowski

costrowski@arbor.com

Hold-Thyssen Completes Flex and Office Leases for 3477 Square Feet in Southwest Orlando, 1300 Square Feet in Kissimmee, FL

Darby Hold

WINTER PARK, Fla. --- The Hold-Thyssen, Inc. leasing team recently negotiated a new lease agreement with ICNA Relief USA for 2,400 rentable square feet of flex space on behalf of the landlord at Kirkman Commerce Center, 701 S. Kirkman Rd.  

Transaction specialist Darby Hold of Hold-Thyssen negotiated an office lease renewal agreement for 1,077 rentable square feet with the tenant Everest Equity Group who occupies Suite 230 at Phillips Place, 7575 Dr. Phillips Blvd.  Hold represented Landlord Financial Way Realty Inc. of Cincinnati.

Troy Stevens, a Hold-Thyssen transaction specialist, recently closed on two new office leases at The Atrium in Kissimmee on behalf of the landlord there at 1200 N. Central Ave.  Prestige Health Ed Center leased 698 square feet.  The other tenant whose name was undisclosed  leased 600 square feet of office space at the Atrium.

Hold-Thyssen Real Estate Services provides commercial property 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.

For a complete copy of the company’s news release, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com

NAI Realvest becomes CCIM Florida Central Districts first top tier corporate sponsor

Robin Webb

ORLANDO, FL -- NAI Realvest has been named the first Gold Ribbon Corporate Sponsor for the CCIM Florida Central District’s new 2015 Sponsorship Program. 

“This is a great opportunity to promote our corporate brand with those recognized experts in the disciplines of commercial and investment real estate while supporting the premier professional real estate association of our industry,” Robin Webb, CCIM, NAI Realvest managing director, said.

CCIM Florida Central District revised its corporate sponsorship program for 2015 to be more comprehensive in meeting the different levels of interest and affordability a potential corporate sponsor might have. 

 

“We have added several different ‘ribbon’ categories so that a sponsor can become involved in association activities to the extent that works best for them,” said Rick Gonzales of Crosby & Associates and 2015 CCIM Florida Central District President. 

“We sincerely appreciate NAI Realvest’s support of our organization.”  

The NAI Realvest Gold Ribbon Sponsorship includes several marketing opportunities including a sponsorship of the CCIM Florida Central District’s annual Golf Tournament.

Rick Gonzalez

NAI Realvest is the only Gold Level Sponsor of the CCIM Florida Central District. 

Other sponsors include  Harbor Community Bank, Lowndes Drosdick Doster Kantor & Reed, Akerman, ECS-Florida, Engel and Volkers, TD Bank, University of Central Florida, 

AccuMap Surveying, Gagnon Real Estate Investments, Lloyd Commercial, Consulting Americas, Nova Photography, OnPList, Orangemen Development & Construction, 

Palkiper, Private Equity Finance, Seacoast Bank, Taylor & Mathis,  Total Commercial Communications, Wells Fargo, MOC Services Cleaning, and Sperry Van Ness.

The CCIM (Certified Commercial Investment Member) designation is a professional designation awarded by the CCIM Institute. Currently, more than 9,500 individuals nationally hold this designation and approximately 4,000 candidates are pursuing the designation.

For more information,  contact Stuart Hodes, CRE-sources, 954-918-2121, shodes@cre-sources.com

For a complete copy of the company’s news release, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com

Crossman & Company Welcomes New Tenant to Lake Olympia Square in Ocoee, FL

    

Katherine Rush

Orlando, FL – Paris Nails joins Lake Olympia Square in Ocoee, FL. 

The 87,566-square-foot shopping center is anchored by Winn Dixie and houses Sylvan Learning Center, Lake Olympia Veterinary Hospital, Frank’s Place and Good Homes Preschool as some of its tenants.

Paris Nails has multiple locations in Central Florida including Turkey Lake Road and Altamonte Springs, and is continuing to expand.

Crossman & Company’s landlord representatives Rochelle DuBrule and Katherine Rush worked with tenant representatives Tom Heer and Julia Sosa with Land Qwest Commercial.

For a complete copy of the company’s news release, please contact:

Sydnie Cobb

Crossman & Company

scobb@crossmanco.com

407.581.6261

ConAm Acquires Value-Add Multifamily Property Within Denver’s Largest Employment Center

Rob Singh

DENVER, CO -- The ConAm Group (ConAm), has acquired PeakView Place, a 296-unit apartment community in the Denver, Colorado market.

PeakView Place is in the City of Englewood, which is within the heart of Denver’s largest employment center, the 850-acre Denver Technological Center (DTC).

“The property is located within one-half mile of a light rail station and one mile of Interstate 25, which provides easy access to all employment centers, including downtown Denver,” notes Rob Singh, ConAm’s President and Chief Investment Officer.

“We are pleased to acquire this attractive value-add opportunity in one of the strongest rental growth markets in the country.” 

  

ConAm intends to reposition the asset through an extensive $5.5 million renovation program, which will include the construction of a new leasing office, new exterior siding, full interior upgrades and overall enhancements to the common areas and landscaping.

The property offers amenities including modern floorplans with full-sized washers and dryers, and central heat/air conditioning, as well as fireplaces, a pool and spa, and a fitness center.

Peakview Place, Englewood, CO

ConAm has been active in the Denver multifamily market since the early 1980’s. 

With this acquisition, ConAm’s Colorado portfolio now totals approximately 5,500 units, including owned and managed assets.

Founded in 1975, The ConAm Group of Companies is a full-service real estate investment and management firm specializing in multifamily housing. Based in San Diego, California, the firm is active in the development, acquisition and rehabilitation of apartment communities. 

ConAm oversees a nationwide portfolio of approximately 50,000 company-owned and fee-managed apartments. 

Additional information is available at www.conam.com.

For a complete copy of the company’s news release, please contact:

Brower, Miller & Cole

Lexi Astfalk or Jenn Quader

(949)955-7940

LAstfalk@browermillercole.com

HFF secures $40 million financing for apartment community in Denver’s Cherry Creek area

Jennifer L. Keller

NEW YORK, NY – HFF announced today that it has secured $40 million in financing for Broadstone Gardens at Cherry Creek, a 191-unit, Class A apartment community in Denver’s Cherry Creek area.

                Working on behalf of institutional investors advised by J.P. Morgan Asset Management, HFF placed the short-term, floating-rate loan with Wells Fargo.

                Completed in 2014, Broadstone Gardens at Cherry Creek is a LEED Gold property located on the southwest corner of Harrison Street and East Cedar Avenue within walking distance to Cherry Creek Mall and the Cherry Creek North shopping district. 

Mike Tepedino

The property has one-, two- and three-bedroom floor plans averaging 991 square feet each. 

 Community amenities include a clubhouse with conference room and kitchen, coffee bar, resident gardening plots, electric car charging station, fully-equipped fitness center with CrossFit Studio, outdoor grills, resort-style swimming pool, rooftop lounge and an on-site recycling program.

The HFF debt placement team representing the borrower was led by senior managing directors Mike Tepedino and Eric Tupler, director Jennifer Keller and associate director Leon McBroom.

Eric Tupler

“The property’s quality and location in the heart of Cherry Creek, Denver’s premier residential neighborhood, generated very strong lender interest in the financing, despite the property still undergoing full stabilization,” said Tupler.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com 

Proper Title Hires Real Estate Veterans Samuel A. Shiel, Esq. and Kim O’Donnell as Firm Prepares for Growth

Kim O'Donnell

                                                                           

CHICAGO, IL  (April 7, 2015) – Northbrook, Ill.-based Proper Title, LLC, a full-service title insurance agency serving the residential and commercial real estate industries, announced it has welcomed industry leaders Samuel A. Shiel, Esq., as director of title operations/underwriting counsel, and Kim O’Donnell, as senior account executive. 

Combined, Shiel and O’Donnell bring more than 45 years of experience in the title insurance industry to Proper Title.

Samuel A. Shiel

Ben Niernberg, executive vice president of business development and operations at Proper Title, said, “Our mission at Proper Title is to bring an innovative and progressive approach to a storied industry, and the only way that can be achieved is through people who share that vision.”

He added, “With accomplished industry veterans like Sam and Kim joining our firm, it not only demonstrates the breadth and depth of knowledge available at Proper Title, but also that we are a destination for the industry’s top talent.” 

For the past 25 years, Shiel, 48, has served as an examiner and counsel for both private title insurance providers as well as public agencies, including appointments as a court-appointed receiver in a fraud case, in addition to serving as deputy general counsel for the Illinois Department of Financial and Professional Regulation. 

O’Donnell, 45, has spent the past 19 years with Chicago Title Insurance, marketing title insurance and escrow services to the Chicago area’s leading developers, attorneys, investors, lenders and mortgage brokers. In that role, she developed and maintained 350 major accounts and managed a $5 million territory.

For a complete copy of the company’s news release, please contact:

Julie Liedtke, jliedtke@taylorjohnson.com, (312) 267-4521

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

New Shopping Center in Kissimmee, FL Added to Crossman & Company’s Portfolio

Rochelle DuBrule

Orlando, FL – Strategically located on 192 in Kissimmee, Plaza del Sol is the shopping center of choice for weekend entertainment, food and shopping.

The property was purchased by Canadian Investors in 2013 and the area of the mall known as Mercado was remodeled.

Notable tenants include Ross, Burlington, Planet Fitness, Foot Locker and Florida Technical College’s Kissimmee campus.

Crossman & Company Associate, Rochelle DuBrule is the leasing agent handling all anchor and outparcel opportunities. 

She can be contacted at (407) 581-6248 or via email at rDuBrule@crossmanco.com.

 For a complete copy of the company’s news release, please contact:

Sydnie Cobb

 Crossman & Company

 scobb@crossmanco.com

  407.581.6261

IDI Gazeley Appoints Kent D. Greenawalt New Global Chief Operating Officer

Jay Cornforth

ATLANTA, GA (April 7, 2015) – IDI Gazeley, a leading global investor and developer of logistics warehouses and distribution parks, today announced that Kent D. Greenawalt has joined the company as Global Chief Operating Officer.

He will work closely with the global teams to continue to refine operating standards and to help direct the implementation of strategic business plans. 

Greenawalt will participate in key decisions as a member of the executive management team and will assist in formulating the company's future direction and supporting tactical initiatives. He will be based in the company’s North America Core Support office in Atlanta.

“Kent’s global experience and inside knowledge of the organization make him a natural fit for this position,” said Jay Cornforth, Managing Partner, Global Head of Industrial at Brookfield Properties and CEO of IDI Gazeley North America.

“His deep operational background combined with strong leadership and team building skills ensure that our Operating platform achieves the highest level of service to our customers.”

For a complete copy of the company’s news release, please contact:

Matt Scofield

JACKSON | SPALDING for IDI Gazeley

P 404-214-3554

M 404-312-8325

E mscofield@jacksonspalding.com