Noble Breaks Ground on Marriott’s First Dual-Brand AC Hotels By Marriott® and Moxy Hotel in Vibrant Midtown Atlanta, GA

Moxy Atlanta Midtown, 13th Street, Atlanta, GA

 

Tony Capuano

Atlanta, GA – Marriott International (NASDAQ: MAR) and Noble Investment Group (“Noble”) celebrated the groundbreaking of what will be Marriott’s first-ever combination of an AC and Moxy under one roof.

The $70 million, five-story hotel project will rise on a full city block in Midtown Atlanta, one of America’s most dynamic business districts and a regional epicenter for music and arts. The hotel is expected to open in the middle of 2018.

“Midtown Atlanta is the perfect place to debut this visionary, two-in-one lifestyle hotel, which will become a go-to destination for both business and leisure travelers,” said Tony Capuano, Marriott’s Executive Vice President and Global Chief Development Officer. “We’re thrilled to be working with our great partners at Noble to launch these exciting brands in dynamic markets throughout North America.”

With an entrance on 14th Street, the 133-room AC Hotel Atlanta Midtown will feature guestrooms and suites with modern and sophisticated design elements, plush seating and multifunctional workspaces.

Mit Shah

The 155-room Moxy Atlanta Midtown, which guests will enter on 13th Street, will feature stylish, tech-enabled bedrooms with optional mobile check-in and check-out; keyless entry; motion sensor lighting; internet TV in-room; USB outlets; and furiously fast and free Wi-Fi for ultimate connectivity.

Both hotels will have distinct hospitality experiences inside and will share a deck-top amenity level that will contain shared meeting space with outdoor break-out space, health and fitness and a rooftop pool and bar with outdoor fire pits.

As part of this project, Noble will also help establish the missing link in an extensive pedestrian connector. To be called the Arts Walk, the ground-level path will provide direct access for hotel guests and local residents to walk from 14th Street to the lively Crescent Avenue entertainment and dining district, to the more than 20 million square feet of corporate office and the world-renowned Woodruff Arts Center along 15th Street.

The connector will eventually stretch from the Woodruff Arts Center to high-speed public transportation at the 10th Street MARTA station.

“We are proud to continue to expand upon our more than 20-year partnership with Marriott with our development of the first, dual-branded AC Hotel and Moxy Hotel in the world,” said Mit Shah, Noble CEO. “Midtown Atlanta has become one of the best live, work, learn, stay, shop and play communities in the United States and we are excited to bring these iconic new lifestyle brands to our hometown."

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

Emma Cathey | Emma@lizlapiduspr.com | 678-588-1661

www.nobleinvestment.com.

www.MoxyHotels.com.

http://achotels.marriott.com

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Newcastle Partners Completes Construction of Knox Logistics Center; a 147,000-Square-Foot Industrial Building in Moreno Valley, CA

Knox Logistics Center, 17610 Harvill Avenue, Moreno Valley, CA

San Francisco, CA -- Newcastle Partners, Inc., a San Francisco-based real estate investment and development company, recently completed construction of Knox Logistics Center, a 147,000-square-foot industrial building in Moreno Valley. Valued at approximately $14 million, the property is located at 17610 Harvill Avenue.

Dennis Higgs

The Class A facility is situated on 8.21 acres and features 104 parking stalls, 26 loading docks, 32” clear height, and a 122’ truck court.

 Its corporate neighbors include Kraft Foods, Amazon, Lowes, Home Depot and a host of other Fortune 500 companies, and offers direct access to the freeway via the Harley Knox Blvd. on/off-ramp.

The property has identity and clear visibility from the 215 Freeway. William Heim of Lee & Associates is handling marketing of the building, which is for sale or lease.

“Newcastle currently has a total of four million square feet of industrial property currently under construction or recently completed in the Inland Empire region of Southern California,” said Dennis Higgs, managing partner and founder with Newcastle Partners.

“We are pleased to see Knox Logistics Center’s successful completion and have seen a substantial amount of interest from potential corporate users. With Fortune 500 corporate neighbors like Amazon, Kraft Foods and Home Depot, the location as it relates to logistics, sells itself.”

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Crow Holdings’ Old Parkland Campus Crescendo in Dallas, TX with Final building to Complete Master Plan

Harlan Crow

DALLAS, TX – Crow Holdings announces plans for the final building of its Old Parkland development on Maple Avenue in Dallas scheduled to deliver in the first quarter of 2019. United Kingdom architect, Craig Hamilton, created the design for the building, along with The Beck Group.

The 90,000-square-foot office building will be six floors at its highest point and will include a three level underground garage.  

Positioned at the north end of the 9.5-acre campus, the building will be the final office building at Old Parkland.

 In keeping with the rest of the campus, the building will be classical in design and will include a thematic sculpture in the front plaza.

The Old Parkland campus incorporates the historic buildings and grounds of the former Parkland Hospital that was originally constructed in 1894. The redevelopment of the property began in 2006 and now features 334,000-square-feet of master-planned, Class-A office space and remarkable amenities.

The heart of the campus is the 103-year-old Parkland Hospital that Crow Holdings preserved and renovated as its corporate headquarters. Crow also restored the Nurses Quarters which originally served as the nurses’ dormitory. Woodlawn Hall and Reagan Place were added to complement the original and historic landmark structures.

Craig Hamilton

Four buildings, collectively called the West Campus, include the iconic copper-domed Parkland Hall, flanked by Oak Lawn Hall and Commonwealth Hall.

 Across the courtyard from these buildings is the Pavilion, whose design is inspired by Thomas Jefferson’s Monticello and houses a large, underground debate chamber that hosts high school and collegiate debates as well as renowned speakers.

“We wanted this last building to complement the classical architecture on campus while creating something new and exciting, and we believe Craig Hamilton has done just that,” said Harlan Crow, chairman and CEO of Crow Holdings. “We already have commitments for approximately 40% of our new office space and are delighted the market continues to support our development.” 

The Jeffersonian style office buildings of the West Campus, surrounded by lush landscapes, a rolling lawn and shade trees, gives this corporate community a collegial ambience. Although the buildings are grand in structure, they were platted in close proximity which fosters interaction among tenants and visitors in the outdoor areas and community spaces. A spectacular collection of sculptures enhances the exterior experience and invites reflection on our national heritage. 

Crow Holdings’ investments in the Oak Lawn neighborhood also include the adjacent Maple Avenue District, which includes new restaurant concepts as well as extensive street and landscape improvements.

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

Jessica Hall

Culver Public Relations

214.352.5980 office

210.287.4975

www.CrowHoldings.com.

Hospitality Ventures Management Group (HVMG) Announces Eight Renovation and Development Projects Totaling Approximately $110 Million

  

Robert Cole

 ATLANTA, GA – Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel investment, ownership and management company, announced  the company has eight new and on-going renovation and construction projects, three of which were completed recently, totaling approximately $110 million. 

            “HVMG offers a full suite of services for hotel owners that covers the entire spectrum of project management, from design and construction through third-party operations including revenue management and digital marketing,” said Robert Cole, HVMG president and CEO. 

“We have assembled and expanded an in-house team of seasoned design and construction professionals, led by industry veteran John Edwards, to provide guidance and services for third-party clients, as well as our own portfolio.”

 “Our design and construction team brings more than 110 combined years of professional project management and construction experience handling more than $5 billion in development/renovation projects, ranking us among the top in our space,” said John Edwards, vice president of design & construction.  

“As owners and third-party operators, we understand firsthand the necessity to deliver projects on time and in budget while minimizing guest and associate disruptions.”

  In addition to the ongoing and upcoming refurbishment construction projects, HVMG has completed 23 design and construction projects varying in scope from ground-up construction to complete renovations totaling approximately $85 million over the past two years.  Highlights include the 292-room Hilton Houston Southwest, the 118-room Fairfield Inn by Marriott Portland Maine Mall and the 299-room Greensboro-High Point Marriott Airport hotel.

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

Chris Daly, media

 (703) 435-6293

 chris@dalygray.com

 www.hvmg.com

Greg Matus

SUNRISE, FL – Franklin Street arranged the sale and secured financing for Sunset Apartments, a 54-unit rental community in Sunrise, Florida.  Franklin Street’s Tony Gannacone, Greg Matus and Dan Dratch represented both parties in the transaction.

The three-building complex, located in western Broward County, had been owned by two Canadian investors under the corporate entity RonJack Properties, LP.  Franklin Street was hired to sell it, but after arranging a potential deal, one of the two investors decided to buy out his partner for an undisclosed amount and own the property outright. 

Franklin Street’s Capital Advisors division obtained the 10­year non­recourse loan with a 3.5 percent fixed rate of interest on behalf of the buyer. Franklin Street’s Evan Seacat and Ryan Cassidy provided insurance services for the asset.

"Once we secured an offer, one of the partners decided to stay in the deal,” said Gannacone, an Investment Sales Associate in Franklin Street’s Fort Lauderdale office. “He remained convinced there was still a lot of room for rent growth and opportunity for the property to appreciate.  He took advantage of the low interest rate environment and lower insurance costs that we were able to provide to increase margins and cash flow.”

“Franklin Street not only helped me find less expensive insurance, but also its investment sales and capital markets teams sourced the financing that I used to buy the property,” said a spokesperson for RonJack Properties. “They have positioned themselves as a true real estate solution for investors.”

RonJack originally purchased the apartments three years ago.  They made significant capital improvements to bring the property up to date, including new roofs, new air conditioners, a resurfaced parking lot and kitchen remodels.

“The property has great upside potential based on the recent unit and amenity upgrades,” said Gannacone. “I think value-add multifamily assets, like Sunset, will benefit the most as the Broward County market continues to grow.”

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

Ashley Fierman

Senior Account Executive

 BoardroomPR

afierman@boardroompr.com

O 954-370-8999

C 954-330-1554

Bank of America Plaza | 1776 N. Pine Island Road

Suite 320 | Plantation, FL 33322

www.FranklinSt.com.

NAI Realvest Negotiates $520,000 Sale of Retail Building in Downtown Sanford, FL

 

Jason G. Toll

SANFORD, FL — NAI Realvest recently negotiated a $520,000 sale price for the freestanding historic train depot at 212 W. First St. in downtown Sanford. 

Jason G. Toll, director of industrial services at NAI Realvest, negotiated the transaction on behalf of the seller Mike Moreno of DeBary.

Orlando-based 212 First Street LLC is the buyer of the property with 6,000 useable square feet situated on 1.3 acres where the new owner plans to operate a micro brewery and marketplace .

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

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

Hold-Thyssen Negotiates New Long Term Lease Agreement in Palm Harbor, FL for Large Health Insurance Agency Relocation

Richard Fisher

Clearwater, FL and Palm Harbor, FL --- Hold-Thyssen Inc., a full-service real estate services firm, recently completed a long-term lease agreement for Senior Healthcare Direct, a health insurance agency expanding operations in Florida. 

Richard Fisher, who heads Hold-Thyssen’s Clearwater office, and Associate Chris Fisher negotiated the lease of 3,115 square feet in Park Avenue Shoppes, a mixed use center at 3298 to 34302 US Highway 19 North in Palm Harbor. 

The tenant, an independent insurance agency and a leader in the Medicare insurance marketplace that works with over 30 companies in more than 40 states, outgrew their former location in Clearwater.

Also in Palm Harbor the Hold-Thyssen Clearwater Leasing team represented Harbor Park, LLC, the landlord for the office center at 33920 US Hwy 19 North in a lease expansion agreement for 2,672 square feet.  Allegany Franciscan Ministries, who has been a tenant at Harbor Park for 10 years, will continue to operate their central office in the Palm Harbor location.   

Hold-Thyssen based in Winter Park with offices in Clearwater, 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.

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

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

Malcolm Davies Returns to George Smith Partners

Malcolm Davies

LOS ANGELES, CA - Malcolm Davies, who was with commercial real estate investment banking firm George Smith Partners from May of 2011 through June of 2016, is returning to George Smith Partners following eight months with HFF.

“While I have the greatest respect for HFF, George Smith Partners’ unique and entrepreneurial culture is one that completely resonates with me,” explained Davies.  “George Smith Partners offers me the best overall experience and platform to best serve my clients.  I am very pleased to once again be a Principal of this fine firm, and to be part of our recently announced growth initiative.”

Over the past six years as an investment banker, Davies has been involved with nearly $2 billion worth of financings. In addition to this work, he spent the previous 12 years as a San Diego commercial real estate developer and investor.

Prior to joining George Smith Partners, Davies was involved in more than 30 real estate partnerships where he acquired, managed and sold multifamily, office and mixed-use real estate properties worth in excess of $285 million.

Davies holds a Bachelor of Science degree in Regional Development from the University of Arizona.

Davies is one of seven principals at George Smith Partners.

Miki Conant/Jenn Quader

Brower, Miller & Cole

(949) 955-7940

mconant@browermillercole.com

www.GSPartners.com.

Continental Partners Secures $54 Million in Financing for 244-Room Ritz-Carlton Luxury Resort in Rancho Mirage, CA

Ritz-Carlton Rancho Mirage Resort, 68900 Frank Sinatra Drive, Rancho Mirage, CA

Mitch Paskover

 RANCHO MIRAGE, CA – Commercial real estate investment banking firm Continental Partners has secured $54 million in fixed-rate, non-recourse, interest-only refinancing for the Ritz-Carlton Rancho Mirage, a 244-room luxury resort in Rancho Mirage, California. The financing was arranged by Continental Partners President Mitch Paskover.

“When it comes to financing hotels, many lenders remain somewhat conservative and are hesitant to advance higher leverage loans,” explains Paskover. “The hotel sector has demonstrated steady growth over the past several years, yet some lenders believe that the market is reaching its peak as occupancies stabilize and average daily rates moderate.

“That said, while some capital sources are tightening their underwriting standards, there is still strong lender appetite for well-located hotels with solid financials and high ADRs.”

The sponsor, a private real estate investor and developer, had requested an interest only, fixed-rate, non-recourse loan to replace the maturing construction loan to buy out their existing partner in the deal.

The Ritz-Carlton resort represents one component of an expansive mixed-use project that was to be developed in two separate phases. The first phase included the renovation and conversion of an existing hotel into a luxury resort and the addition of 16 for-sale residences.

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

Lauren Burgos

Junior Account Executive

Brower, Miller & Cole

895 Dove Street, Third Floor

Newport Beach, CA 92660

p: (949) 955-7940

lburgos@browermillercole.com

Verzasca Group Tops Off Construction at Le Jardin Residences and Pearl House in Bay Harbor Islands, FL

Tim Lobanov

BAY HARBOR ISLANDS, FL  – Verzasca Group has announced the topping off of construction at Le Jardin Residences and Pearl House in Bay Harbor Islands. The luxury condominium projects are part of an intimate collection of boutique residences, along with Aurora in Sunny Isles Beach.

The developer is on track to deliver units at Le Jardin and Pearl House to buyers during the third quarter of 2017. Verzasca began construction of both projects during spring 2016. The projects are 75 percent sold.

“We are thrilled to have reached this construction milestone,” said Verzasca Managing Director Tim Lobanov. “We look forward to the final stretch of its completion. It has been exciting to be at the forefront of the emergence of Bay Harbor Islands with our projects.”

A 30-residence community located at 1150 and 1160 102nd Street, Le Jardin has two and three-bedroom units ranging from 1,385 to 2,235 square feet. Pearl House is an exclusive 15-resident community at 11701 101st Street and offers two-, three- and four-bedroom apartments.

The projects feature amenities such as a private garden, rooftop swimming pool and panoramic views of the Atlantic Ocean, Downtown Miami, Bal Harbour, Miami Beach and Key Biscayne. Unit prices at Le Jardin and Pearl House range from the $700,000s to $900,000s.

Both Le Jardin and Pearl House are located in one of Miami-Dade County’s top school districts, with Ruth K. Broad K-8 Center within walking distance.

“Buyers from the local market and around the world are discovering Bay Harbor Islands as a desirable neighborhood to live in,” said Lobanov. “It offers the ability to buy luxury residences at attainable prices, the exclusivity and beauty of island living and access to major destinations like the Bal Harbour Shops.”

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

Eric Kalis

Account Director,

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

http://lejardinmiami.com/.

www.pearlhousemiami.com.

www.verzasca-group.com

Core5 Industrial Partners Acquires 173-Acres to Develop Class-A Business Park in DeSoto County, Mississippi

Rendering of planned DeSoto 55 Logistics Center, DeSoto County, Mississippi

ATLANTA,GA – Atlanta-based Core5 Industrial Partners announced the acquisition of 173-acres of fully entitled land located at US Highway 51, in DeSoto County along the I-55/I-69 corridor to develop a 2.5- million-square-foot business and logistics park named DeSoto 55 Logistics Center.

Core5 will immediately begin construction on 883,720 square feet of Class-A office/warehouse space in two buildings: a 582,400-square-foot facility and a 301,320-square-foot rear-load building which will present higher office build-out capability. Both buildings will offer speculative space for delivery in Fall 2017. 

Lisa Ward

DeSoto 55 Logistics Center will provide an outstanding business environment in a park-like setting with close proximity to the I-55 transportation corridor and a deep and qualified labor pool from which to draw potential workforce.

Other key attributes of DeSoto 55 Logistics Center are the pro-business environment of both DeSoto County and the City of Horn Lake, MS coupled with the flexibility of building designs offering space for companies desiring 85,000 square feet to over 1.5 million square feet. 

 At full build-out, anticipated by the end of 2019, DeSoto 55 Logistic Center will accommodate over 2.5 million square feet in up to five separate buildings.

Tim Gunter

The 582,400-square-foot cross dock Building A-1 is expandable up to 1.5 million square feet and will showcase 36’ clear height coupled with generous parking at 98 trailer storage spaces, expandable to 175, and 342 auto spaces.

Building B is a 301,320-square-foot rear load facility offering 32’ clear heights and 80 trailer storage spaces together with 270 auto spaces. Both buildings feature 6’ DuctilCrete slabs with joints only at column lines.

The acquisition marks Core5’s entry into the Memphis market. Core5 CEO Tim Gunter announces, “We are pleased to enter Memphis in what we believe is one of the finest properties within the greater Memphis industrial market. 

Gunter, the former CEO of IDI, has overseen years of successful development in the Memphis industrial market and looks forward to continuing that success with the acquisition of DeSoto 55 Logistics Center.

“After an extensive review of potential development sites and interviews with local employers, it was clear that the location of DeSoto 55 Logistics Center offered superior access not only to highway and logistics infrastructure but also to a large, qualified labor pool from which to attract the workforce – two key factors considered by logistics operators.

DeSoto 55 Logistics Center offers exceptional access to both,” said Lisa Ward, Senior Vice President and Managing Director of Core5.

Rodney Davidson

“The State of Mississippi, DeSoto County and the City of Horn Lake have created a pro-business environment,” declares Rodney Davidson, Vice President Investments for Core5. “They have been great to work with and any business looking at DeSoto 55 Logistics Center should expect to find them responsive and easy to work with as well.”

“The DeSoto Council is encouraged that a company of the professional stature and impeccable reputation of Core 5 would select our county and the City of Horn Lake as their latest industrial development venture in the establishment of the DeSoto 55 Logistics Center.

“The Core 5 partnership that will be achieved with the local and state officials will ensure that our area continues to win the top supply chain and logistics centers in the mid-South and we look forward to the success of this investment”, said Jim Flanagan, President/CEO for DeSoto County Economic Development Council.

Colliers International’s Memphis team of Dan Wilkinson, Brad Kornegay and Allen Wilkinson will handle marketing and leasing for DeSoto 55 Logistics Center on behalf of Core5. 

“The Colliers International team has been an exceptional partner in the execution of Core5’s acquisition of this property and their marketing efforts to date.  Core5 is fortunate to have such a well-respected company and team as our marketing partner on this project,” said Ward.

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

Rita Skaggs

Red Dart Real Estate Consulting

404-788-3231

www.c5ip.com.

Marcus & Millichap Arranges $2.92 Million Sale of 12,718-SF Shops at Vero Beach in Vero Beach, FL

Lori Schneider

 

Barry M. Wolfe

VERO BEACH, FL, March 29, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Shops at Vero Beach, a 12,718-square foot retail property located in Vero Beach, FL, according to Ryan Nee, Vice President/Regional Manager of the firm’s Fort Lauderdale office. The asset sold for $2,920,000.

Lori Schneider, Senior Managing Director Investments, Barry M. Wolfe, Senior Vice President Investments, David E. Gant, Senior Associate, and Alan Lipsky, Associate, all in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Reuven Kahane.

 The buyer, a limited liability company, was secured and represented by Nicholas Ledvora, CCIM, Vice President Investments, in Marcus & Millichap’s Tampa office. 

Shops at Vero Beach is located at 6480 20th Street in Vero Beach, FL. This acquisition marked the second of two 1031 exchange properties acquired by the buyer. The property was 100 percent leased at the time of sale. 

With only three tenants, the property presented an opportunity for the buyer to acquire an asset with ease of management in an exceptional, high-growth location. The property is well-positioned on a primary retail corridor. It is an out-parcel to the 736,000 square-foot Indian River Mall anchored by Macy’s, Dillard’s, JCPenney and Sears.

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

Ryan Nee

Vice President / Regional Manager,

 Fort Lauderdale, FL

(954) 245-3400

Avison Young negotiates three new leases in downtown Glendale, CA

Woolworth Building, 201 North Brand Boulevard, Downtown Glendale, CA

Mark Evanoff

Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has negotiated three new leases totaling 18,649 square feet (sf) at the newly renovated historic Woolworth building in the heart of downtown Glendale, CA.

The leases include two ground-floor restaurant tenants, 85°C Bakery Cafe and The Halal Guys, as well as shared office workspaces tenant Regus, which occupies the entire second floor.

Located at 201 North Brand Boulevard, the 44,000-sf property was originally built in the 1920s and remodeled in 1942, when it became a Woolworth store. The structure was placed on the Glendale Register of Historic Resources in 1999.

Avison Young Principal Mark Evanoff, Andrew Berk, a Vice-President, and Chase Gordon, an Associate, who are all based in the company’s north Los Angeles office, represented landlords Gustavo Spoliansky and Loretta Scherer, partners in Los Angeles-based Bow Truss Capital, LLC.

The three new tenants all opened their doors this month. 85°C Bakery Cafe is occupying 2,865 sf; international restaurant chain The Halal Guys is occupying 2,284 sf, and Regus is occupying the entire 13,750-sf second floor, bringing energy to the project by providing space for tech, fashion and entertainment office users. The newcomers join existing tenant AT&T, which occupies 3,500 sf. 

Andrew Berk

Eighteen months ago, the Avison Young team began work with its clients, who acquired the nearly 44,000-sf property out of receivership in 2014. It was 89% vacant and functionally obsolete due to its inefficient floor plan, outdated systems, and years of deferred maintenance. It had also lost its anchor tenant.

Once Bow Truss Capital solidified its comprehensive renovation strategy and design plans while at the same time preserving the asset’s historical character and architectural features, the Avison Young team created a marketing plan to attract tenants to the unique space.

“The Glendale retail market has a significant amount of newer competitive product,” comments Gordon. “Our goal was to communicate the building’s new vision and prelease a large majority of the ground-floor retail space and second-floor office space to tenants within a compressed timeline.”

The Avison Young team worked to redefine the Woolworth building’s perception to potential tenants and create excitement by reintroducing it to the market as a unique mixed‐use project with character, functionality and energy. A number of offers from a diversity of prospective tenants were secured, enabling Bow Truss to select the best mix.

Chase Gordon

“Bow Truss worked closely with the Glendale Historical Preservation Committee to undergo approvals for the façade renovation,” says Spoliansky.

 “Simultaneously to the exterior renovation, the Avison Young team diligently worked to communicate the building’s transformation to potential users, generated significant interest, and negotiated three leases. 

"Once those were signed, the major undertaking of tenant improvements as well as the complex installation of modern building systems to support the users was executed.”

He adds: “I am pleased to say that, as a result of this challenging undertaking, we have successfully delivered a vibrant, historically significant and quality asset complete with tenants that are meeting the demands of the community.”

The building’s transformation included new windowed retail frontage, brand new building systems, and renovation and refurbishment of its unique historical architectural features. The remaining 5,200-sf ground-floor retail space, in addition to basement and mezzanine office space totaling approximately 16,000 sf, has seen a considerable amount of interest from other potential users.

“Glendale is fast-becoming one of the premier live-work-play destinations in Greater Los Angeles, and the Woolworth building project exemplifies this shift perfectly with its neighborhood-serving retail and main-street feel,” notes Berk.

The Woolworth building, which is located at a key intersection in the Theatre District of downtown Glendale, is within a growing residential population of 225,000 people over a three-mile radius and a massive daytime employee population. 

The area is set to gentrify in the coming months and years, as nearly 3,300 new residential units have recently been completed or are soon coming to the market.

 The asset is also within a destination retail scene that includes nearby Tender Greens, Chipotle, Nordstrom, Bloomingdale’s The Americana at Brand and hundreds of other high-end amenities along Brand Blvd.

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

Darcie Giacchetto

949.278.6224

Ackerman & Co. Completes Industrial Building Sale in Stone Mountain, GA Industrial Portfolio

Brett Buckner

Atlanta, GA – Ackerman & Co. has completed the $1.8 million sale of 1911 Mountain Industrial, a 24,833-square-foot, single-tenant industrial building within the company’s Stone Mountain Industrial Park located in the Tucker/Stone Mountain submarket of Atlanta, Ga.

With retail-quality location and a five-year lease term remaining, the building is fully occupied by Eckhart, one of the top electrical contractors in Georgia for the last 80 years. 

 The property was sold – in an off-market deal – to a local real estate investor.  Ackerman & Co. Senior Vice President Brett Buckner and Associate Major Martin represented the landlord in the transaction.

Ackerman & Co. acquired the 4.1-million-square foot Stone Mountain industrial portfolio in December 2016. Through careful improvements and on-site leasing and management, occupancy has increased to 91 percent, up from 84 percent at time of purchase.

“This is a well occupied, cash flowing asset with tremendous upside potential,” said Brett Buckner. “Our buyer was excited about the opportunity to purchase a property with future redevelopment potential in a proven submarket,” he added.

The company has identified and is marketing additional buildings for sale at Stone Mountain Industrial Park and will continue to focus on the lease-up of existing vacancies.

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

Fara Wilson

Vice President

Director of Marketing and Communications

P: 770.913.3904    C: 678.358.2060    F: 770.913.3965

www.ackermanco.com

Brandon Careaga Joins Easton & Associates in Doral, FL

 

Brandon Careaga

DORAL, FL – (March 28, 2017) – Easton & Associates, a brokerage division of the full-service commercial real estate firm The Easton Group, has strengthened its team by hiring Brandon Careaga as a commercial real estate associate. He specializes in the sale and leasing of industrial properties throughout South Florida.

Prior to joining Easton & Associates, Careaga worked for Real Estate Empire Group, a boutique real estate firm based in Doral that focuses on residential and commercial real estate. 

Last year, he founded MLB Capital, which is solely focused on distressed assets in opportunistic markets.

Careaga holds a BA degree in International Relations and Affairs from Florida International University (FIU). He recently earned his Master of Science in International Real Estate degree from FIU as well. Careaga is currently a member of the Urban Land Institute.

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

Todd Templin

BoardroomPR

ttemplin@boardroompr.com

954-370-8999/954-290-0810

www.theeastongroup.com

.