THE DREVER Commences “Parthenon” Marble Makeover in Dallas, TX

  

Rendering of The Drever Redevelopment, Central Business District,
 1401 Elm Street, Dallas, TX

DALLAS. TX –– Drever Capital Management’s 1.5-million-square-foot re-development of the former First National Bank of Dallas building in the heart of the Dallas Central Business District at 1401 Elm Street, has commenced removal and restoration of the historic marble slab panels on the building’s façade.

Steve McCoy

The highest quality materials available were sourced during the construction of the historic building, originally importing the dense, handsomely veined white marble slabs from the same quarry in Greece as the marble used to build the still-standing Parthenon.

Steve McCoy, president of Drever Construction Co. worked with lead architect, Merriman Anderson/Architects, and contractor, Andres Construction, to develop a solution to remove, restore and reinstall the slabs with new connections that will secure and stabilize the tower’s exterior for decades to come. 

The process provides a surplus marble and terrazzo that, to the delight of the project’s interior designers, will be reutilized in the building’s interiors.  The project is scheduled to be complete by the end of 2018, with the building opening in the first quarter of 2019. 

“The process will allow this irreplaceable stone to not only be restored to its former glory, but remain as a sound element of the building’s structure for many years to come,“says McCoy. “The fact that the team was able to find a way for the excess marble to be repurposed adds another layer of history to this already impressive structure.”

Now known as THE DREVER, the skyscraper was originally designed by architects George Dahl and Thomas E. Stanley and has been home to Hunt Oil, the Dallas Petroleum Club, and the fictitious J.R. Ewing’s staged office set for Ewing Oil in the television hit program, “Dallas”.

Aimee Sanborn

 The mid-century 52-story tower’s distinctive façade was often compared to the pin-striped fabric of a traditional banker’s suit because of the repeating pattern of white marble and dark gray floor-to-ceiling windows. 

THE DREVER re-development will include a luxury high-rise offering 324 residential units, a Thompson Hotel planned with 218 rooms, spa, retail, office and destination restaurants.

Dallas-based architects, Merriman Anderson/Architects, are the lead architects and designers designing the re-imagined interior and exterior, and are delighted with the decision to recycle the existing marble panels. Andres Construction is the construction manager overseeing the overall building project.

“The original marble is from Mount Pentelikon, a mountain range located in Attica, Greece,” says Aimee Sanborn, AIA, principal with Merriman Anderson/Architects. “It’s a beautiful natural stone with wonderful veining.  We were able to locate the quarry in Greece and have identified the exact species. To re-purpose 100% of the existing exterior marble tells a compelling cradle-to-cradle story of up-cycling.”

The condition of the panels and the integrity of the building’s engineering necessitated the decision to refurbish the marble. Existing mechanical connections were separating from the original structure. The panels will be refurbished by cladding the natural stone to a structural aluminum honeycomb backer panel, which will insure the engineering integrity and the historical value of the original marble slabs.

HyCOMB USA is responsible for the stone cutting and the application of the new structural aluminum honeycomb panel. Besides creating extra marble slabs for the building interiors, marble remnants from the cutting and cleaning process will be crushed and repurposed into terrazzo to be utilized in the elevator cab floors, elevator lobby flooring and flooring on the 9th floor amenity deck.

Jerry Merriman

“I commend Drever Capital Management for their unwavering commitment to the quality of this project,” remarked Jerry Merriman, AIA, president of Merriman Anderson/Architects. 

“Re-purposing is generally more expensive and time consuming than demolishing and replacing with new. The building’s owner, Maxwell Drever, appreciates the significance of this building to the history of Downtown Dallas.”

THE DREVER

Located on an entire Dallas city block at Elm Street, Pacific Avenue, Akard Street and N. Field Street, plans for THE DREVER mixed-use project include best-in-class multi-family, hotel, retail, restaurants, office, spa and parking. The 52-story, 1.5-million-square-foot skyscraper is designed to offer a luxury residential and best in class boutique hotel option with contemporary, inviting and culturally rich public and private spaces.

Maxwell Drever

When completed, THE DREVER’S eight-story tower base will be transformed into a dynamic area with more than 27,000-square-feet of ground floor retail space, 44,000-square-feet of office space, the hotel and residents’ lobbies and a grand ballroom. 

 A wraparound amenity deck with sightlines to surrounding buildings, including a resort quality pool, a spa, a health and fitness room, dog-park and outdoor recreation spaces will be on the 9th floor at the top of the base element. The 50th floor will feature an open-to-the-public observation deck.

For further information, please visit https://thedreverdallas.com.

 Kristina Uresti

kristina@culverpr.com

Culver Public Relations

3102 Maple Ave., Suite 235

Dallas, TX  75201

214.352.5980 office

The Keyes Company’s Mark Block Represents Buyer in $8 Million Surfside Luxury Condominium Deal

Mark and Zhanna Block

Surfside, Fla. | Jan. 16, 2018 – Mark Block of The Keyes Company’s Block Team has completed an $8 million luxury condominium transaction in Surfside. Block represented the buyer in the first resale at the high-end Fendi Chateau Residences, which was completed in September 2016.

Mike Pappas

The buyer of three-bedroom, 4,660-square-foot Unit 706 at 9349 Collins Avenue is a Fortune 500 CEO. Nassau, Bahamas-based Chateau Ocean Unit 706 LLC is the seller. The transaction closed on Jan. 9.

Developed by Chateau Group, the beachfront Fendi Chateau Residences is the renowned Italian brand’s first luxury residential building in the world. The 12-story building features 58 residences with ocean, Intracoastal and city views.

Amenities include multiple pools, a Jacuzzi, 12 private cabanas, a restaurant and bar, fitness center and a spa, kids’ club, private theater, private dining room, wine cellar and Shabbat elevators.

“This is another impressive luxury transaction for the Block Team,” said Mike Pappas, CEO of The Keyes Company. “The team brings a marketing expertise to its domestic and international clients and leverages the technology and tools available for the Keyes family to maximize results.”

The Block Team is led by husband and wife duo Mark and Zhanna Block. Mark Block utilizes his background as an international marketing executive to ensure each property gets the full exposure it needs and taps into a vast database of contacts to bring buyers from around the world.

Matias Allen

 A native of Ukraine who speaks four languages and former Olympian with more than a decade of Miami real estate experience, Zhanna Block has tapped into her international background to become a consistent top producer.

“It is thrilling to be part of the first completed resale at the first Fendi-branded building,” said Mark Block, who has represented the buyer in other transactions. “This transaction shows that the ultra-luxury market in Miami remains strong, particularly along the coastline.”

Matias Alem of BRG International represented the seller.

For more information on these transactions, please contact:

Eric Kalis or Jasmin Curtiss, BoardroomPR

ekalis@boardroompr.com

jcurtiss@boardroompr.com

954-370-8999

Hold-Thyssen Negotiates Three Long-Term Office Leases at Phillips Place in Southwest Orlando, FL

Darby Hold

ORLANDO, FL --- Hold-Thyssen, a full service real estate services firm headquartered in Winter Park, negotiated three new long-term office leases totaling more than 5,098 rentable square feet at Phillips Place, 7575 Dr. Phillips Blvd. in Southwest Orlando.

Darby Hold, associate for Hold-Thyssen, Inc. negotiated the transactions representing the landlord, Financial Way Realty, Inc., based in Cincinnati, Ohio.

Deanna Meredith

In January Colony Northstar Advisors, LLC, leased 1,156 square feet for five years.  One of the world’s largest equity REIT’s with a world class portfolio of assets, the tenant has 18 global locations and 500+ employees.    Equity Investment Services, LLC, specializing in advising clients on managing and preserving real estate investments, extended their lease of 1,851 square feet for a three-year term. 

In December Hold negotiated a five-year lease for 2,091 square feet with Prism Systems, Inc., a software engineering and systems development firm that services Fortune 500 companies nationwide.  Deanna Meredith with Luxe Properties LLC represented Prism.

Phillips Place Office Complex, Southwest Orlando, FL

Hold-Thyssen, Inc., the leasing and management representative for the 56,000 square foot Phillips Place, 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 that 100 commercial properties throughout the United States.

For more information on these transactions, please contact:

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

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Hanley Investment Group Completes Three 7-Eleven Deals for $4.2 Million, Marking Jeremy McChesney’s 26th 7-Eleven Transaction in Over 2.5 Years

Jeremy McChesney

CORONA DEL MAR, CA -- Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced Executive Vice President Jeremy McChesney has completed the sale of three 7-Eleven properties in separate transactions for a combined value of $4,227,000.

The properties are located in Valley Park, Missouri; Bradenton, Florida; and Lakewood, Ohio. McChesney has now completed the sale of 26 7-Eleven properties in over 2.5 years, the most 7-Elevens sold by one individual in the U.S. during this same period.

“These sales highlight the continued demand for single-tenant net-lease corporate-guaranteed 7-Eleven properties and investors’ willingness to look outside of major metros to find them,” said McChesney. 

7-Eleven Store, Lakewood, OH

7‑Eleven, Inc. is the world’s largest chain in the convenience-retailing industry. Based in Irving, Texas, 7‑Eleven® operates, franchises and/or licenses more than 63,000 stores in 18 countries, including 10,900 in North America.

According to McChesney, S&P Global Rating gives 7-Eleven Inc. an investment-quality crediting rating of “AA-.”

“All three 7-Eleven properties that transacted had good fundamentals including absolute triple-net leases and high-profile locations with good traffic counts, demographics, proximity and ease of access to major thoroughfares plus they were backed by 7-Eleven corporate,” said McChesney.  

In Valley Park, Missouri, McChesney arranged the sale of a single-tenant retail property occupied by 7-Eleven with a gas station at 13515 Big Bend Road with eight years remaining on the primary term of the corporate-guaranteed, absolute triple-net lease with three five-year options and 10 percent increases. Built in 1998, the 2,193-square-foot building and gas station sits on 0.59 acres.

7-Eleven Store, Valley Park, MO

The purchase price was $1,967,000. The buyer was a private investor from Dublin, California, represented by Matt Lemon and Suheil Sahouria of The Trafton Group of San Mateo, California. McChesney represented the seller, Equitas Investments of Hermosa Beach, California.

According to McChesney, Hanley Investment Group generated seven offers and closed at 95 percent of the listed price. “We leveraged the Hanley Investment Group platform to find a California buyer willing to pay the highest price for this well-located property,” noted McChesney.

“This property sits at the hard corner, signalized intersection of Big Bend Road and Dougherty Ferry Road with daily traffic counts exceeding 35,000 at the intersection and benefits from a dense, affluent demographics. There are more than 160,700 people with an average household income of $115,561 within a five-mile radius of the property.”

In Bradenton, Florida, McChesney completed the sale of a single-tenant corporate guaranteed 7-Eleven store and gas station with 10 years remaining on the primary lease term. The 2,787-square-foot building, which was built in 1979 on 1.40 acres and remodeled in 2008, is located at 2011 44th Avenue West and 26th Street in Manatee County.

7-Eleven Store, Bradenton, FL

 The purchase price was $1,375,000, representing 99 percent of the asking price and 5.28 percent cap rate. McChesney represented the 1031 exchange buyer, a private investor from Palm Desert, California, and the seller, Equitas Investments of Hermosa Beach, California.

“We sourced the buyer during the first week of formally marketing the property, and generated a total of eleven offers,” said McChesney. “The investors were attracted to the property’s strong fundamentals including the fact that this 7-Eleven had 10 years remaining on the primary term of the absolute triple-net lease with three five-year renewal options with 10 percent increases, and was well-positioned along 44th Avenue with over 51,000 cars per day.

 ”Furthermore, the five-mile trade area has experienced explosive growth of 8.15 percent from 2010 to 2016, which was very appealing.” 

In Lakewood, Ohio, McChesney arranged the sale of a single-tenant 7-Eleven store with seven years remaining on the primary term of the absolute triple-net lease.

Bradenton, FL  Summer Boat Scene

 The corporate-guaranteed lease included two five-year options with 10 percent rental increases. The 2,410-square-foot building, which was built in 1975 on .29 acres, is located at 16165 Hilliard Road at the signalized intersection of Olive Avenue and Hilliard Road in Cuyahoga County.

Over 130,170 people with average household incomes of $64,625 per year reside within a three-mile radius of the property. The purchase price was $885,000. The buyer, a private investor from Encino, California, was represented by Matt Waterman of Pegasus Investments, also from Encino. McChesney represented the seller, Equitas Investments of Hermosa Beach, California.

“7-Eleven has operated out of this location for over 33 years and recently elected to extend their lease prior to the lease expiration, which speaks to the success of the store and the strength of the location,” said McChesney. “We generated a total of four offers.” 

From December 2016 through December 2017, 84 7-Elevens traded across the country with an average cap rate of 5.61 percent. What is interesting to note is that nearly half of these buyers were from California. The average sale price for a 7-Eleven during this period was $2,165,000 and ranged as high as $5,980,000 and as low as $305,000. As of January 1, 2018, there were 70 7-Elevens listed for sale.

"We expect that sales volume for single-tenant 7-Eleven net-leased investments to stay strong in 2018. Existing properties with an extensive history and newly-minted long-term leases should continue to be in the highest demand and trade in the high four-percent to six-percent cap rate range.

"Properties with a shorter lease term located in areas with strong real estate fundamentals will also remain in high demand. Investors like single-tenant 7-Eleven properties for their residual value since they are typically located in high-traffic corridors and fundamentally-rich locations," said McChesney.

“With an AA- credit rating, zero land responsibilities and a lack of quality alternative investments, single-tenant 7-Eleven stores will continue to be one of the most highly sought-after retail investments in today’s market,” McChesney added.

McChesney currently has multiple 7-Eleven properties available for sale including single-tenant 7-Elevens in New Jersey, Colorado, Missouri, and California.  

About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $5 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestment.com.

For more information on this release, please contact:

Anne Monaghan

MONAGHAN COMMUNICATIONS, INC.
anne@MonaghanPR.com
830.997.0963

Burroughs & Chapin Selects Lifescapes International to Re-envision the Redevelopment of Two South Carolina Entertainment Destinations

:

Barefoot Landing, Myrtle Beach, SC

NEWPORT BEACH, CA - Lifescapes International, the internationally recognized landscape architectural firm responsible for entertainment-driven landscape designs including The Grove in Los Angeles, CA; Pacific City in Huntington Beach, CA; Station Park in Farmington, Utah; and Robinsons Galleria in the Philippines, has been selected to design the landscape environment for the redevelopment of two entertainment centers in Myrtle Beach, South Carolina.

Burroughs & Chapin, a South Carolina-based real estate investment trust, is redeveloping Barefoot Landing, a popular retail and entertainment complex located along the Intracoastal Waterway, and Broadway at the Beach, South Carolina’s number one tourist destination.

Barefoot Landing is located at 4898 Highway 17 in North Myrtle Beach, South Carolina.  Broadway at the Beach is located at 1325 Celebrity Circle in Myrtle Beach, South Carolina.

The landscape design team for both projects includes Al Amador, Landscape Architect, Roger Voettiner, Vice President of Design; Mike Meyers, Sr. Project Director; Fernando Ortiz, Project Manager; and Berj Behesnilian, Field Art Director.

“As our multi-year redevelopment plans began to take shape at both Broadway at the Beach and Barefoot Landing, it was important that our vision incorporate an innovative, creative and attractive landscape design that will not only complement the hardscape, but also serve as an integral part of the overall guest experience,” says Chad E. Carlson, executive vice president for Burroughs & Chapin.  

Barefoot Landing,  Myrtle Beach, SC

“Through our travels to other destinations, along with extensive research on landscape architect firms, Lifescapes International continued to stand out above the rest. The firm’s expansive portfolio, which features many experiential centers similar to ours across the country, coupled with their knowledge, expertise and understanding of our plans for the future made Lifescapes the ideal firm to partner with as we continue our redevelopment.”

Roger Voettiner, Vice President of Design at Lifescapes International, states, “Barefoot Landing and Broadway at the Beach are already popular destinations, yet as consumers anticipate new experiences and their expectations continue to evolve, owners have to push the creative envelope to offer one-of-a-kind customer experiences. Lifescapes International knows just how to do that.”

At Barefoot Landing, Lifescapes will design the landscape environment for the entire redevelopment, which includes 45,000 square feet of new retail space, a new restaurant district known as Dockside Village, the addition of an amphitheater, and a new boardwalk on the South end of the property. 

It also includes adding more shaded patio space throughout the destination-oriented center, as well as playful updates to the kid’s zones and floating retail on the north end of the property.

Al Amador

“Our design concept combines a family-friendly atmosphere with entertainment-driven features that preserve the historic charm of coastal Carolina,” says Landscape Architect on the project, Al Amador. “Our strategy is to incorporate a variety of mini destinations throughout the property, enriching the customer experience, as well as providing endless opportunities for guests to gather, socialize and play.”

To achieve this, Lifescapes plans to incorporate a substantial water entertainment feature and show, as well as increasing patio space adjacent to the shops and restaurants along the waterfront. The firm will also integrate blue stone and brick pavers throughout the center to mimic the look of Charleston and enhance the property’s Southern charm and appeal.

“The water entertainment feature will serve as a major focal point for guests. It is an encounter that can be enjoyed time and time again, with alternating themes, thereby adding excitement and variety to the immersive experience the owner wishes to achieve on the property,” says Amador. “The additional patios and increased seating will also provide more opportunities for guests enjoy the water show at their leisure, ultimately encouraging longer lengths of stay.”

Roger Voettiner

 Lifescapes International will also design breakouts on the floating bridge, “allowing guests even more areas to gather socially and take in views along the water’s edge for the magical water extravaganza show,” says Amador. 

“We’re also adding a programmable lawn area that will feature a variety of experiences for all ages to enjoy. It will serve as added entertainment for guests by hosting concerts, an ice skating rink during the holiday season, and other activities that encourage repeat visits and offer an additional revenue stream.”

In addition to these entertainment-driven features, Lifescapes will integrate lush greenery, sizeable mature trees and raised pier planters throughout the center, providing visitors with cool, shady areas of repose and visually pleasing landscape scenes.

“Summers in South Carolina are very warm,” explains Amador. “Our goal is to create a comfortable, yet immersive, experience for guests, while ensuring them a pleasant, temperate atmosphere. By strategically placing these shaded experiential garden environments, we can provide some well-desired refuge for guests to escape the incumbent weather resulting in them wanting to stay and play longer at the property.”

Lifescapes International will also design the landscape for the entire redevelopment of Broadway at the Beach, including The Avenue, the property’s entertainment and nightlife section. 

Mike Meyers, Project Director

The Avenue recently underwent a major transformation, including facade upgrades, the relocation of Hard Rock Cafe and opening of Dave & Buster’s, and a new architectural style built around the concept of a repurposed warehouse district.

“Similar to Barefoot Landing, our vision for Broadway at the Beach is to enhance the customer experience by creating a comfortable and friendly environment where guests can enjoy time with friends and family,” says Amador.

Lifescapes plans to incorporate recycled brick from New Orleans to give the property a nostalgic feel, as well as update the water entertainment feature to allow for varied performances.

“This will further add to the vibrancy of Broadway at the Beach and aid in delivering the ultimate consumer experience,” he says. “Overall, the landscape design at both of these projects will further elevate these centers to the destinations of choice for guests.”

For more information on this project, please contact:

 Miki Akil or Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

makil@browermillercole.com 

www.lifescapesintl.com.

 www.burroughschapin.com.

IEC Acquires Value-Add $134 Million Multifamily Asset in Huntington Beach, CA

Surf 39 Multifamily Property, Huntington Beach, CA

Huntington Beach, CA ) – Institutional fund manager Interstate Equities Corporation (IEC)has acquired a 400-unit value-add multifamily asset in Huntington Beach, California, “Surf at 39,” for $134 million.

Marshall Boyd

This acquisition was on behalf of the firm’s IEC Institutional Fund III, L.P., a fully discretionary, $200 million commingled fund targeting value-add multifamily investments throughout coastal California.

“Our investors’ have given us the power of discretionary capital, so when opportunistic value-add properties present themselves we are in a position to move with conviction,” says Marshall Boyd, Co-President and Chief Investment Officer of IEC.

“Whether we are acquiring a vacant 24-unit property in Highland Park all cash, as we did recently, or this structurally complex, larger-size acquisition in Huntington Beach, our business model remains unchanged.  We specialize in strategically acquiring un-renovated or partially renovated assets in coastal infill markets.”

“Surf at 39 will remain a workforce housing community,” Boyd adds.  “We are not moving the renovation spec to a Class A standard.  Currently, approximately 80 percent of the units are in their original condition. 

’The units are functional, but we will upgrade them in order to meet tenant needs, while retaining the property’s position as the best value for the dollar in its class.”

Sean P. Deasy

Surf at 39, which was originally constructed in 1972, consists of varying floorplans within a spacious environment offering strong amenities, including two swimming pools with spas, a fully equipped business center, a fitness facility, clubhouse, dog park and barbecue area.

“Based on market demand, we will benefit from rising rental rates over time, while continuing to serve the sector of the rental community that is seeking a good lifestyle at a non-luxury price,” Boyd notes.

Sean P. Deasy and Ryan Fitzpatrick, both of HFF, represented both the seller, and IEC as the buyer.  In addition, HFF’s Charles Halladay and Peter Smyslowski arranged acquisition financing.

Goodwin Proctor provided legal counsel and Eisner Amper an audit opinion.

Ryan Fitzpatrick

Surf at 39 is located at 16761 Viewpoint Lane in Huntington Beach, 1.2 miles from the 405 Freeway, and 10 miles from John Wayne Airport.  The 400-unit asset consists of two- and three-bedroom apartments and townhomes.

Founded in 1981, Interstate Equities Corporation (IEC) is an institutional fund manager that invests in and transforms California apartment communities on behalf of endowments, foundations, family offices and pension funds.

 IEC has navigated multiple investment cycles, investing in more than 100 apartment communities over the past 35 years with this investment thesis.

Utilizing repositioning strategies via its integrated property management platform, IEC secures and generates value for its long-term partners. The firm credits strong relationships and an academic, data-driven approach to investment and property management as the core of the consistent results it delivers to investors.

More information is available at www.interstateequities.com.

For more information on this release, please contact:

Jordan Kruk/ Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

JKruk@browermillercole.com

NAI Realvest Completes Three Lease Agreements for 10,000+ Square Feet of Office Space in East Orlando’s High Tech Area

                                                    

 

Mary Frances West

ORLANDO, FL --- NAI Realvest recently negotiated three lease agreements for 10,012 rentable square feet at two office buildings in the University Blvd. high-tech corridor of East Orlando.

Vice President Mary Frances West, CCIM represented tenant Dignitas Technologies, LLC in a new lease for 5,124 square feet in University Corporate Center II, 11486 Corporate Blvd. at The Quadrangle Office Park.  The software engineering firm expanded to another space in the area to facilitate its growth.    

Boston-based landlord GPO UCC LLC was represented by Paul Reynolds of Foundry Commercial.

At nearby University Court, 3361 Rouse Rd., West brokered two lease renewals on behalf of landlord Interchange-FL Rouse, LLCof Daytona Beach.  Zenetex LLC, an IT network services  company headquartered in Herndon, Va., renewed its lease of 3,508 square feet, and the lease of 1,380 square feet was renewed by Playoff Technologies, LLC an Orlando-based technology development firm that serves the sports and entertainment industries.

For more information on these transactions, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications,

407-644-4142 lversehlco@aol.com

Marcus & Millichap Arranges $4.975 Million Sale of Lakeland, FL Plant Property

Paul Bouldin

LAKELAND, Fla., Jan. 9, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Lakeland Plant Property, a 26.3-acre industrial land in Lakeland, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $4,975,000.

Paul Bouldin, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Bouldin.

 At the time of this closing, the 26.3-acre Lakeland Plant Property consisted of 15 vacant acres. The office warehouse building on the property contains approximately 85,575 rentable square feet.  The same tenant has leased the building since 2003.

“This transaction allowed the seller to reposition their assets at a value well above the current revenue. Simultaneously, the buyer infused new capital, offer the tenant significant expansion options, and secure a new long-term lease.

The buyer plans to immediately remarket the property with a new triple-net credit lease in place and 10-15 acres for the development of industrial space at the intersection of I-4 and the Polk Parkway,” says Mr. Bouldin.

The property is 30 minutes east of downtown Tampa and is one hour west of downtown Orlando and ideally located at the southeast intersection of Interstate 4 and the Polk Parkway (Toll Road 580) at 4500 Frontage Road South, Lakeland, Florida, in eastern Polk County.

www.MarcusMillichap.com

 For more information on this transaction, please contact:

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

Or

Rachel Jean-Pierre

Marketing Coordinator

Marcus & Millichap

4030 W. Boy Scout Boulevard

Suite 850

Tampa, FL 33607

(813) 387-4743 direct

(813) 387-4700 main

(813) 387-4710 fax

rachel.jeanpierre@marcusmillichap.com

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Regency Centers Acquires Roosevelt Square in Seattle, WA

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Craig Ramey

SEATTLE, WA  (BUSINESS WIRE)---- Regency Centers Corporation (“Regency” or the “Company”), a national owner, operator, and developer of grocery-anchored shopping centers has acquired Roosevelt Square, a 150,000-square foot, multi-level neighborhood shopping center in Seattle, Washington.

Anchored by Whole Foods market, this property is currently 100% leased and surrounded by powerful demographics in a premier trade area.

“This is a great asset and fit for our continued expansion in the market,” said Craig Ramey, Managing Director for Regency Centers.

Roosevelt Square, Seattle, WA

“This adds to our urban platform that we continue to build with acquisition and development of best-in-class shopping centers," Ramey said.

 "We want this place to continuously be a relevant and experiential draw for the neighboring communities, and the proximity to the University of Washington and active lifestyles will ensure that Roosevelt Square continues to be the favorite place for customers to meet friends, shop and dine.”

Roosevelt Square’s acquisition makes it the 11th addition to Regency’s presence in the market at approximately 1.5 million square feet of community-serving retail. Other properties include Broadway Market, Grand Ridge Plaza, Klahanie Shopping Center, and Sammamish Highlands.

For more information on this transaction, please contact:

Regency Centers Corporation
Eric Davidson, 904-598-7829
Communication Manager
EricDavidson@regencycenters.com
or
Craig Ramey, 503-603-4726
Managing Director, Pacific Northwest, Northern California, and Colorado
CraigRamey@regencycenters.com