Palm Coast, FL Hospitality Property Trades for $4.9 Million

 

Gabriel Shamay

PALM COAST, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Red Roof Inn Palm Coast, a 78-room hospitality property located in Palm Coast, FL, according to Ryan Nee, vice president / regional manager of the firm’s Fort Lauderdale office. The asset sold for $4,900,000.

            “The buyer was a first-time hotelier who saw an opportunity to acquire a stabilized asset with long-term growth potential,” states Gabriel Shamay, associate, in Marcus & Millichap’s Fort Lauderdale office.

David M. Greenberg

David M. Greenberg, senior managing director investments, Robert S. Hunter, first vice president investments, David J. Altman, senior associate, Shamay, and Scott J. Havericak, associate, all located in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company, and secured and represented the buyer, a private investor.

“The seller was an out of state owner, and the buyer was an out of state investor.  This deal is another example of Florida hotel investments being highly sought after by out of area capital.  Our team marketed the property across state and country lines, resulting in a competitive bidding environment,” states Greenberg.

Red Roof Inn Palm Coast is located at 10 Kingswood Drive in Palm Coast, FL.  The Property is a three-story, limited service hotel, well positioned directly off Interstate 95. The hotel is located only a short drive from beach access, sports complexes and state parks.

For more information, please contact:

 Ryan Nee

Vice President / Regional Manager, Fort Lauderdale

(954) 245-3400

Trammell Crow Residential Hires Brad Mooney, Former Schlage Lock Factory Development Project Director, as Alameda Point Senior Project Manager in Alameda, CA

Brad Mooney

MILL VALLEY, CA -- Trammell Crow Residential (TCR), a division of Dallas-based Crow Holdings, announced that the firm has hired Brad Mooney as Senior Project Manager for the company’s $1 billion mixed-use, transit-oriented waterfront development located at the gateway to Alameda Point, in Alameda, California. 

Mooney was most recently the Project Director for Bayside Development’s 1,679-unit redevelopment of the former Schlage Lock factory in San Francisco.

“Brad Mooney is a welcomed addition to our team as Senior Project Manager for this incredibly important project at Alameda Point,” said Bruce Dorfman, Senior Managing Director of TCR’s Northern California division.

 “Alameda Point Site A consists of 800 residential units, including 200 affordable units, up to 600,000 square feet of commercial/retail space, and a new ferry terminal and other public improvements.

Bruce Dorfman

"It is significant in both scale and impact on the region and given Brad’s vast experience with large-scale projects, such as the Schlage Lock redevelopment in San Francisco, we appreciate having his expertise and knowledge guiding our development.”  

At Bayside Development in San Francisco, Mooney was a primary member of the development team that entitled more than 3,200 mixed-use residential units across multiple projects in southeastern neighborhoods of San Francisco.

Prior to Bayside Development, Mooney had a noteworthy career as an innovative development and construction executive with broad expertise across multiple platforms including construction management, design, finance and entitlements.

 His success has been built upon the coordination of stakeholders through development of strong, honest and reflexive relationships that span cultural divides and bring businesses together. Mooney has extensive field knowledge, which informs his project management by establishing realistic goals based on practical expectations supported by market research. He has a personal emphasis and commitment to green building principles, technology and continued education.

Mooney graduated from the University of Illinois with a bachelor’s degree in Fine Art and a Master of Interdisciplinary Education from Virginia Commonwealth University. He has a Professional Certificate of Construction Management from the University of Washington. 

For more information, please contact:
 

Anne Monaghan
MONAGHAN COMMUNICATIONS, INC.
anne@MonaghanPR.com
830.997.0963

www.TCR.com.

Rendering of  Core5's planned 601,350-SF Build-to-Suit Project,
West Atlanta, GA

ATLANTA, GA  – Atlanta-based Core5 Industrial Partners announced a 601,350 square-foot build-to-suit for Empire Distributors, Inc. a wholesale beverage distributor that serves three states in the Southeast (GA, TN and NC) and represents over 1,000 brands from around the world.

       The building resides at 685 Hartman Road in Austell, Georgia. The facility is an expansion for Empire, moving from approximately 300,000 square feet in Atlanta Industrial Park in Fulton County to the new building in Southwest Cobb County.

Lisa M. Ward

        Empire’s corporate headquarters and its regional distribution operations will be housed in the facility which will feature over 80,000 square feet of two-story office space alongside dedicated cooler and distribution space.

       The entire building will be climate controlled to maintain the high quality of inventory stored. Empire will employ a workforce of over 440 people with anticipated growth to over 510 employees within ten years. The facility plans to be fully operational by the fourth quarter of 2018. Anticipated investment in building and equipment is over $52 million.

Billijack Bell

       The Empire facility is the first build-to-suit deal for three-year-old Core5 Industrial Properties. The site was a three-parcel property, totally 70 acres, upon which Core5 initially planned to build a speculative distribution facility.

        However, prior to closing on the site and beginning speculative construction, they pitched the site to Empire Distributors for a build-to-suit.

        The driving factor for Empire was its proximity to Atlanta’s population base; the multiple access points, including Thornton Road, Riverside Parkway and Fulton Industrial Boulevard; and, proximity to Empire’s existing facility, which enhanced employee retention and the ability to custom design the building to Empire’s specifications.

The design team for the building is Randall Paulson Architects and Southeast Engineering, Inc. The site work contractor is Plateau Excavating, and the general contractor is KBDG, Inc.

     “This is a terrific project for Core5 and for KBD Group who has partnered with Core5 to build the facility”, states Lisa Ward, Senior Vice President and Managing Director for Core5.

      Representing Core5 on the land assemblage was Bilijack Bell of Wilson, Hull & Neal Real Estate. Blaine Kelley of CBRE represented Empire Distributors on the acquisition of the facility.

 Core5 Industrial Partners is an industrial real estate property company with expertise in development and acquisition of Class-A industrial properties throughout the United States.

Blaine Kelley

Headquartered in Atlanta, Georgia and named for its five core business principles, the company has current development pipeline of over 5 million square feet of Class-A industrial facilities in Atlanta, Chicago, Dallas, Los Angeles/Inland Empire, Memphis, Pennsylvania and South Florida, Core5 has developed over 10 million square feet since its inception in just under three years.

Expansion plans include additional key logistic hubs throughout the US. For information on Core5 Industrial Partners, visit www.c5ip.com.

Empire Distributors is a wholesale beverage distributor that serves Georgia, North Carolina and Tennessee in the Southeast and represents over 1,000 brands from around the world. For more information, visit www.empiredist.com

     Contact Lisa Ward with Core5 Industrial Partners at lward@c5ip.com or 404-262-5430 for additional information.

For more information, please contact:

RITA SKAGGS

RED DART Real Estate Consulting

404.788.3231

rita@reddart.co

DAUM Commercial Completes 104,000-SF Industrial Lease to International Supply Firm in Rancho Dominguez, CA

Michael Collins

            RANCHO DOMINGUEZ, CA – DAUM Commercial Real Estate Services has completed the 10-year lease of a recently-renovated 104,339 square-foot industrial building in the South Los Angeles County submarket of Rancho Dominguez, California on behalf of the lessor, Industrial Property Trust (IPT), according to Michael Collins, Vice Chairman of DAUM Commercial and Manager of the firm’s South Bay office.

Collins represented IPT, a REIT operated by Denver-based real estate investment firm Black Creek Group, along with Jordan Lara, a First Vice President at DAUM’s South Bay office, and part of the LARA Team. The new tenant, Apex International, a global supply chain solutions provider, is relocating and expanding from a nearby 34,500 square-foot facility. 

Jordan Lara

“The lease to Apex International continues to prove the strength of this investment for our Client,” explains Collins. “The Los Angeles West/South industrial submarket posted a steady sub-two-percent vacancy rate in Q4 of last year, and asking rents have increased nearly 10 percent over the past year.

"Based on our long-term relationship with the lessor and experience in the South LA region’s industrial market, we were able to identify and secure an ideal, high-quality tenant concurrently with the completion of our Client’s $2.5 million in capital improvements to optimize the building for today’s industrial users.”

DAUM directed the acquisition of the property to IPT in January 2017 for $12 million. The asset is currently valued near $20 million, according to Collins.

Steve Young

“With this lease, the tenant has the opportunity to occupy a modernized industrial building in close proximity to the Ports of Los Angeles and Long Beach,” continues Collins.

DAUM worked under the direction of Steve Young, an Asset Manager at Black Creek Group, to negotiate with the tenant to ensure a successful lease transaction, notes Collins.

The recent renovations to the building included the demolition of a portion of the building to expand the truck court, addition of dock-high loading doors, and the construction of 10,000 square-feet of new two-story office space, which replaced outdated offices, according to Young.
The asset also features warehouse clearance up to 26 feet, a secure fenced yard, and a calculated sprinkler system throughout. The location of the property provides direct access to I-710 and I-405.

The total consideration of the lease is approximately $10.5 million, and it is scheduled to commence on May 1. Frank Shen of Realty Advisors represented Apex International as the lessee in this transaction.

The property is located at 18554 South Susana Road in Rancho Dominguez, California.

For more information, please contact:

Lindsay Mackay / Elisabeth Manville

Brower Group

(949) 955-7940

lmackay@brower-group.com

www.daumcommercial.com.

Meta Housing Corp. Completes Affordable Apartment Community in Signal Hill, CA

Traditional ribbon-cutting ceremony led by Signal Hill Mayor
 Edward H. J. Wilson (center)  at opening of Zinnia apartments, 
Signal Hill, CA

SIGNAL HILL, CA – Meta Housing Corporation has completed Zinnia, a 72-unit affordable apartment community in Signal Hill, California. The Studio One Eleven designed community will provide quality housing to low income families throughout the City of Signal Hill, according to Kasey Burke, President of Meta Housing Corporation.

Kasey M. Burke

“Housing affordability continues to be a critical issue for communities throughout the U.S.,” says Burke. “City of Signal Hill has been an instrumental partner on Zinnia since the project’s inception. Through this collaboration, we are able to effectively address the need for more affordable housing in Signal Hill.”

Located in close proximity to local transit options, Zinnia was designed with a focus on community engagement, walkability, and sustainable design.

“As with all Meta communities, we focused on thoughtful integration of elements that encourage engagement with community residents as well as the surrounding neighborhood,” explains Burke. 

Zinnia Apartments, Signal Hill, CA

“The iconic community building, outdoor patio, community garden, playground, and mini dog park encourage opportunities for social interaction amongst residents. Zinnia is a vital addition to the City’s planned redevelopment of the area around their civic center and is immediately adjacent to Signal Hill Elementary School.”

Zinnia achieved Gold-level LEED for Homes certification, according to Meta Housing Corporation’s Executive Vice President, Chris Maffris.

Chris Maffris

“We’re proud to bring sustainable, much-needed affordable housing for families to Signal Hill,” says Maffris.  “As a company, we remain committed to smart growth, through a focus on transit-oriented communities, and environmentally sound, cost efficient design.”

Financing for the project was provided by the City of Signal Hill, California Tax Credit Allocation Committee and Bank of America Merrill Lynch.

“Bank of America Merrill Lynch, a leading financier of affordable housing, provided short term construction financing and a long-term equity investment to help make Zinnia affordably priced for working families to call Signal Hill home,” says Charmaine Atherton, Senior Vice President, Bank of America Merrill Lynch Community Development Bank.

Charmaine Atherton

Social services offered at Zinnia include educational classes on employment preparation, financial literacy, life skills, health, wellness and fitness programs and after school programs for youth such as tutoring. The apartment community is located at 1500 E. Hill Street in Signal Hill, California.

       Since 1993, Meta Housing Corporation has established itself as one of Southern California’s most experienced and trusted developers of apartment communities for families and seniors, developing more than 6,000 residential units. 

For more information, please contact:

Lindsay Mackay ·  Account Coordinator 
O 949 955 7940 

Brower Group, Inc.
The Smart Agency™ for Smart Clients who want Smart Work
895 Dove Street, Third Floor · Newport Beach, CA 92660

Email · Website · Facebook · Twitter · Instagram

www.metahousing.com

The Astor Companies Names Eduardo Pruna Director of Sales at Merrick Manor in Coral Gables, FL

Eduardo Pruna

 CORAL GABLES, FL  – Pioneering Miami developer The Astor Companies has added development sales specialist Eduardo Pruna as Director of Sales at Merrick Manor. Astor is nearing completion of the Coral Gables luxury residential project.

Pruna brings more than 15 years of experience selling and marketing high-end condominium developments throughout South Florida. The ONE Sotheby’s International Realty professional spent the past two years as Director of Sales at Brickell City Centre, the transformative Swire Properties project in Miami’s financial district.

 In that role, Pruna led sales teams and oversaw local, national and international strategic business development initiatives in key markets including the Northeast, New York and South America.

“We are thrilled to have Eduardo join our team at Merrick Manor,” said Henry Torres, President, CEO, and Founder of Astor. “The markets we are seeing the strongest demand from mirror the types of buyers Eduardo has successfully worked with. He brings significant experience and industry knowledge to our project.”

Henry Torres

The 10-story, 227-residence Merrick Manor is under construction in the Merrick Park neighborhood of Coral Gables – a suburb of Miami - and slated for completion during the fourth quarter of this year, well ahead of schedule.

 More than 60 percent of the project is under contract, with prices for remaining units starting from $449,990 and ranging up to $2.5 million. Remaining units range from 574 square feet to more than 3,400 square feet.

Prior to joining ONE Sotheby’s International Realty, Eduardo directed the marketing and sales efforts for Crescendo Real Estate, as Director of Sales for Bijou Condo in Bay Harbor Islands. Pruna also served as Director of Sales for Gulfstream Park Towers in Hallandale, FL and The Edge on Brickell, both represented and marketed through Cervera Real Estate.

Pruna’s real estate career began with J-Milton & Associates, where he spent nine years developing strategic relationships and clientele throughout the Middle East, Europe and South America.

“It is an honor to have the opportunity to work with a renowned developer like Henry Torres and The Astor Companies,” said Pruna. “Merrick Manor is a rare project that offers a combination of luxury, lifestyle and value. There is simply nothing like it in Coral Gables or the surrounding markets.”

The Mediterranean, villa-style Merrick Manor was designed by prominent architecture firm, Behar Font & Partners, P.A., with Witkin Hults Design Group providing the landscape design. Interiors by Steven G. has continued a longstanding relationship with Astor by designing unit interiors at Merrick Manor.

Roza H. Radkiewicz

Merrick Manor also offers 19,000 square feet of prime, Class A ground-floor retail and restaurant space marketed by the Astor Real Estate Group, led by Principal Broker Roza H. Radkiewicz.

The 5,000-square-foot Merrick Manor Sales Gallery showcases a full model one-bedroom unit with a gourmet kitchen, bathroom, living room and master bedroom designed by Interiors by Steven G.

To learn more about the residences, visit www.merrick-manor.com or contact ONE Sotheby’s at the Merrick Manor Sales Gallery at (305) 779-6870.

For commercial and retail opportunities available at Merrick Manor, contact Roza H. Radkiewicz at (305) 779-5672 or (786) 218-8322 or email roza@astorcompanies.com.

 For more information, visit the project Sales Gallery at 4200 Laguna Street, call (305) 779-6870 or email info@merrick-manor.com.

Facebook: https://www.facebook.com/MerrickManor/

For more information, 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

www.astorcompanies.com.

Griffin-American Healthcare REIT IV Acquires Medical Office Building Near Phoenix, AZ

Stefan Oh

SURPRISE, AZ – American Healthcare Investors and Griffin Capital Company, LLC, the co-sponsors of Griffin-American Healthcare REIT IV, Inc., announced the REIT has acquired Surprise Medical Office Building, located in the Phoenix suburb of Surprise, Arizona, for $11.7 million.

Built in 2012, the approximately 34,000-square-foot Surprise Medical Office Building is currently 89.5 percent leased to three tenants.

Approximately 72 percent of the building is leased to two Banner Health-affiliated tenants, Banner Medical Group and the Center for Orthopedic Research and Education, Inc., whose leases have expiration dates in 2022 and 2028, respectively. All tenant leases include annual rent escalators of between 2.5 percent and three percent.

“Surprise Medical Office Building is strategically located near two major hospitals in a rapidly growing suburb of Phoenix where the average population growth exceeds the national average,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV.

“The local population also includes a significant segment of senior citizens within a 15-mile radius of the property. We believe all of these factors make Surprise Medical Office Building an exceptional acquisition to the growing portfolio of Griffin-American Healthcare REIT IV.”

For more information, please contact:

Damon Elder
Spotlight Marketing Communications
(949) 427-5172 ext. 702
damon@spotlightmarcom.com

www.griffincapital.com.

www.healthcarereitiv.com.

www.AmericanHealthcareInvestors.com.