Blue Sky Hospitality Solutions Celebrates Six-Month Anniversary with Addition of 51st and 52nd Hotels

 615-room Long Island Marriott in Uniondale, NY

UNIONDALE, NY—Officials of Blue Sky Hospitality (BSHS), one of the leading and fastest growing hotel owner/operators in the United States, today announced that the company has acquired the 220-room New Orleans Marriott Metairie at Lakeway in La., and the 615-room Long Island Marriott in Uniondale, N.Y.

               

David Fincannon

 “The hotel cycle is maturing, which creates growth opportunities for experienced operators and investors with a contrarian approach to the industry,” said David Fincannon, COO, BSHS.  

 “We have accumulated a substantial portfolio of managed and owned properties in just six months, and we have a substantial appetite to do more. 

 "We currently own and operate all 52 properties in our portfolio and now have the infrastructure, operating systems and structure to take on third-party management contracts. 

"As we grow, we will pivot to focus predominantly on operations on behalf of other ownership groups.

“With a C-suite encompassing more than 570 years of hotel development, ownership and operations experience, we are well positioned to take advantage of the current market conditions,” Fincannon added.

Naveen Shah

 “As the number of voices warning of a potential slowdown grows, savvy owners seek operators capable of eliminating unnecessary waste without sacrificing guest satisfaction or revenues. 

"Having owned and operated in all phases of the economic cycle, Blue Sky Hospitality Solutions has direct experience doing just that, as evidenced by a solid first half of the year and a portfolio that leads many industry metrics.”

                Led by Founder and CEO Naveen Shah, BSHS is rounded out by COO David Fincannon, Executive Vice-President Ernie Catanzaro and Executive Vice-President Mark Irgang. 

Ernie Catanzaro

 Shah brings with him nearly three decades’ worth of industry experience, coming most recently from Navika Capital Group, a self-advised commercial real estate company. 

Fincannon also came from Navika, where he served as chief operating officer.  Catanzaro most recently served as head of hospitality for NY-based Olshan properties, and Irgang was regional vice-president of operations at Flex Point Hospitality.

               

Blue Sky Hospitality Solutions is an approved operator with the world’s leading hotel brands, including Hilton Worldwide, Marriott International, InterContinental Hotels Group, Choice Hotels, Wyndham Hotels & Resorts and La Quinta Inn & Suites. 

The company’s portfolio covers a variety of segments and includes a full array of full- and select-service hotels, as well as extended-stay and all-suite properties throughout the United States.

Mark Irgang

New Orleans Marriott Metairie at Lakeway

                Located at 3838 N. Causeway Blvd., the New Orleans Marriott Metairie at Lakeway is situated in the hub of Metairie’s central business district and just a few miles from Audubon Aquarium of America, New Orleans Botanical Gardens – City Park and the French Quarter. 

Guest rooms are furnished with free Wi-Fi, plush bedding and views of either Lake Pontchartrain or the New Orleans skyline (in select rooms). 

Contact:

PATRICK DALY

OFFICE MANAGER

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-300-8289

 patrick@dalygray.com | www.dalygray.com

Chris Daly

(703) 435-6293

 chris@dalygray.com

EverWest and CarVal Investors Complete $46 Million Sale of The Circuit in Tempe, AZ

The Circuit, intersection of the Loop 101 and Loop 202, Tempe, AZ

PHOENIX, AZ, June 24, 2019 – EverWest Real Estate Investors and CarVal Investors have completed the $46 million sale of The Circuit, a 185,000-square-foot adaptive re-use office project located at the intersection of the Loop 101 and Loop 202 in Tempe, Arizona.

Chris Toci

EverWest and CarVal were represented by Chris Toci of Cushman & Wakefield. The property buyer is Strategic Office Properties, a wholly owned subsidiary of TPG Real Estate.

“The Circuit was designed to attract large, creative office users and it has been a textbook execution of that strategy,” said EverWest Managing Director for the West Coast Amr Ceran.

“Our successful redevelopment and lease-up here, combined with The Circuit’s high-profile location, garnered significant institutional interest and led to a strong sale that will bring benefit to all parties.”

“The conversion of this project from a dated manufacturing facility to the innovative, collaborative space you see today is truly transformational,” added CarVal Investors Managing Director Mark Kunkel. “That bodes well for the future of these two dynamic tenants.”

The Circuit is 100 percent occupied by two national credit tenants: Oscar, the country’s fastest growing health insurance startup, leasing 139,700 square feet, and On Q Financial, a leading online provider of mortgage tools, leasing 44,600 square feet.

Mark Kunkel

Located on 16 acres at 615 S. River Dr. in Tempe, The Circuit represents a $14 million redevelopment completed by EverWest and CarVal between July 2014 and September 2016, transforming the project from a 1982-built semiconductor building into an ultra-modern office concept.

Directed by design and architecture firm Gensler, interior amenities at The Circuit include 17-foot ceilings, 14-foot floor-to-ceiling windows and more than 60 skylights to maximize natural light.

Amr Ceran

The Circuit also features a host of indoor-outdoor amenities such as glass roll-up doors, large landscaped patios and outdoor entertainment areas.

The project’s parking ratio, at 7:1,000, is approximately 40 percent higher than most other office buildings in the market.

EverWest has an active track record of successful creative office renovations spanning major markets across the West.

In addition to The Circuit, these include LINQ in Redondo Beach, California; Junction 23 in Denver, Colorado; The Quad in Scottsdale, Arizona; and UpCycle in Austin.

Contact:

Stacey Hershauer

stacey@focusaz.com

1+ 480.600.0195

www.everwest.com.

www.gwlra.com

www.carvalinvestors.com. 

Christina Graham and Betsy Karmin of Morris, Manning & Martin, Named Real Estate Women of Influence

Christina Graham

 ATLANTA, GA  –  Christina Graham and Betsy Karmin of Morris, Manning & Martin are being cited as Real Estate Women of Influence.

Graham and Karmin will be recognized, along with other honorees, at the inaugural Women of Influence Conference July 10 and 11 in Broomfield, CO. 

 Graham and Karmin were named by Real Estate Forum and GlobeSt.com.

The Women of Influence competition spotlights the achievements of women in commercial real estate across the U.S. The editors say this year’s competition attracted the largest number of entries in the competition’s 36-year history. 

“As always, our seasoned editorial team was seeking the best of the best across the commercial real estate spectrum,” wrote GlobeSt.com national executive editor Natalie Dolce. The judges based their decisions on factors including: 

Betsy Karmin

* Reputation and impact on their firms and professional community
* Career highlights 
* Ability to achieve goals and display ingenuity in creative thinking and problem solving
* Dedication to furthering the development of their field and the role of women
* Accomplishments and involvement in their businesses company, the real estate industry and broader social community
* Commitment to the highest ethical standards, service, excellence and more

Graham represents developers and owners in all phases of commercial real estate including acquisition, development, financing, disposition and tax-free exchanges.

Based in Atlanta, her clients include some of the largest multifamily companies in the nation. She also chairs MMMPact – the firm’s corporate social responsibility outreach – as well as its Civic Leadership Initiative.

Natalie Dolce

 In addition to serving on the board of Horizons Atlanta, a nonprofit organization that supports K-12 students from underserved local communities, she is also a mentor in the State Bar of Georgia’s Transition into Law Practice Program. 

Karmin concentrates on a broad range of commercial real estate transactions including financing, development, restructuring, acquisitions, sales and leasing.

Based in Washington, D.C., she represents landlords and tenants in office and retail leasing, including ground and multi-floor office leases, as well as lenders and borrowers for complex construction and permanent financing. 

A former president of the Washington chapter of Commercial Real Estate Women (CREW,) she serves on the boards of Woolly Mammoth Theatre Company and Goodwill of Greater Washington. Earlier this year, the firm named her an MMMPact Pro Bono Super Star. 


Media Contact for MMM:

Terri Thornton

 (404) 932-4347

 Terri@TerriThornton.com

www.mmmlaw.com

Northeast Region Posts First Year-Over-Year Increase in Buyer Traffic Since April 2018, While U.S. as a Whole Reports Slightly Lower, But More Stable Showing Activity

Daniil Cherkasskiy

CHICAGO, IL – In a welcome sign for the Northeast, which has experienced lower year-over-year buyer traffic since April 2018, the region saw showings increase 1.5 percent in May, according to the latest data from the ShowingTime Showing Index®.

The Northeast was the only region to report higher buyer traffic, however, as the U.S. as a whole was slower, albeit more in line with prior-year showing traffic.

The U.S. declined 2.3 percent, the lowest such decline since August 2018 after 10 consecutive months of slower activity. The West Region continued its trend of slowing traffic, seeing a 10.6 percent drop year over year.

The South and Midwest saw more modest declines in activity at 4.1 percent and 3.4 percent, respectively.
  

“Year over year, the situation is stabilizing with May 2019 roughly in line with May 2018 and with the Northeast region crossing into positive territory,” said ShowingTime Chief Analytics Officer Daniil Cherkasskiy.

“Activity in the Midwest and South are also in line with last year as we continue to see stronger traffic in the lower price quartiles of the market, with more expensive homes still seeing less traffic compared to the same time last year.”

The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than four million showings each month.
  

Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. 

Local MLS indices are also available for select markets and are distributed to MLS and association leadership.

To view the full report, please visit showingtime.com/showingtime-showing-index/.

  

CONTACT:

Brian Sorenson

 bsorenson@showingtime.com

research@showingtime.com.

NAI Realvest Completes Two Office Leases at University Court in East Orlando, FL

Mary Frances West

ORLANDO, FL --- NAI Realvest recently completed two lease agreements for office space totaling 4,888 rentable square feet at University Court , 3361 Rouse Rd. in east Orlando.     

CIC Construction Group USA, LLC., a national firm providing pre-construction, general contracting and design build services signed a long-term lease for 1,380 square feet.   

University Court, 3361 Rouse Road., east Orlando, FL    

 Zenetex, a defense contractor based in Virginia , entered into a lease amendment agreement for 3,508 square feet.  Mary Frances West, CCIM, Vice President at NAI Realvest brokered both leases on behalf of the landlord Interchange-FL Rouse LLC of Daytona Beach.

West said University Court is currently 94 percent occupied with only two vacancies.

CONTACT:

Mary Frances West, CCIM, Vice President NAI Realvest,

407-875-9989 mwest@realvest.com;

Patrick Mahoney, President/CEO NAI Realvest,

407-875-9989 pmahoney@realvest.com

Beth Payan, Larry Vershel Communications, 407-644-4142

or 407-461-3781; lvershelco@aol.com

beth@larryvershel.com

www.nairealvest.com.

Marcus & Millichap Brokers $575,000 Sale of 9,014-SF Net Leased Dollar General site in Rich Square, NC

                    

Daniel Hurd

RICH SQUARE, NC – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Dollar General - Rich Square, a 9,014-square foot net-leased property located in Rich Square, NC, according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $575,000.

Daniel Hurd and Cole Skinner, senior investment advisors in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  

The buyer, a private investor, was also secured and represented by Hurd andSkinner. Broker, Benjamin Yelm, assisted in closing this transaction.

Cole Skinner

“We have always been able to generate a significant amount of interest on deals we exclusively list in the Carolinas and this assignment wasn’t any different,"  said Hurd.

"Home to over 800 Dollar General sites, North Carolina has one of the largest markets for this discount retailer, drawing interest from both local and out of area investors. 

"Our extensive database of other Dollar General owners and calculated marketing campaign allowed us to procure an individual investor who was not only familiar with the tenant but also comfortable with the landlord responsibilities and the rural location. 

Benjamin Yelm

"The deal went under contract after only one week of marketing and closed all cash at 97% of list price.”

Dollar General - Rich Square is located at 509 North Main Street in Rich Square, NC. This is a 9,014 square foot built to suit store that was put up in 2005. 

Dollar General has demonstrated continued commitment to this location as evidence of a recent lease extension which set the current term to more than six years remaining.

Landlord responsibilities are limited to roof, structure and parking lot and tenant reimburses for Real Estate taxes and insurance. 

The store is positioned on a road that sees more than 5,000 vehicles per day and the area hosts ideal dollar store demographics with approximately 1,500 people within three miles. 

The median household within three miles is $25,000 - $30,000 which is the sweet spot for Dollar General locations as well. 

Contacts: 

Grant Fitzgerald

Sales Manager, Tampa

(813) 387-4700

www.MarcusMillichap.com.

Whitney Davis

Marketing Coordinator

Marcus & Millichap 201 North Franklin St. Suite 1100 Tampa, FL 33602 (813) 387-4700 main (813) 387-4743 direct (813) 387-4710 fax whitney.davis@marcusmillichap.com

Marcus & Millichap Arranges $1.3 Million Sale of 27,000-SF Industrial Building in Holiday, FL

Holiday Commerce Center
Holiday, FL

HOLIDAY, FL– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Holiday Commerce Center, a 27,000-square foot industrial warehouse property located in Holiday, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $1,320,000.

Devid Guilliams 

Devin Guilliams and Alex D. Zylberglait, investment specialists in Marcus & Millichap’s Tampa and Miami offices, had the exclusive listing to market the property on behalf of the seller, an individual.  
The agents were able to put the listing under contract in 39 days and closed 57 days thereafter to a cash buyer outside of Pasco County.

“We were really happy to provide a vital service to the Sellers who have been in business in the Central Florida area over the past 20 years,"  said Guilliams.   
"We were able to quickly generate offers allowing us to create a competitive bidding environment.  Ultimately the Sellers are now able to move on to new business pursuits.” 

Alex Zylberglait

Added Zylberglait:  “The building sold at an 8% cap rate on current income which is what we are seeing in a market such as this.  
"We were pleased with this pricing given the little time we marketed the asset and were happy to get our client what they needed to move on to the next chapter of their business career.” 

Holiday Commerce Center is located at 4625 Panorama Avenue in Holiday, Fla., close to the intersection of US 19 and Alternate 19.  

The warehouse has multiple tenants including Palm Paper Supply (the anchor tenant, a restaurant supply chain management provider), an automotive repair company as well as motor boat repair company.  It was 97% occupied at the time of marketing. 

Grant Fitzgerald

 The metal and steel frame building’s stucco façade make it unique to the area as it sits off a major US Highway surrounded by residential homes.  
The seller had done impressive work to the common areas installing new vinyl flooring, LED lights, and upgraded AC systems. 

The buyer will continue to operate the property on a long-term hold and was pleased with the renovations the seller had made as well as the opportunity to work with the tenants in place. 

Contacts: 

Grant Fitzgerald

Sales Manager, Tampa

(813) 387-4700

www.MarcusMillichap.com.

Whitney Davis

Marketing Coordinator

Marcus & Millichap 201 North Franklin St. Suite 1100 Tampa, FL 33602 (813) 387-4700 main (813) 387-4743 direct (813) 387-4710 faxwhitney.davis@marcusmillichap.com

Software Systems Manufacturer Selects New Long-Term Lease At SunTech Commerce Park in Lake Mary, FL

  

Sean DuPree

LAKE MARY , FL – Lincoln Property Company, a full service commercial real estate firm, completed a new long-term lease agreement with software manufacturer Lo-Q, Inc. for 3,250 square feet of office space at SunTech Commerce Park , 59 Skyline Drive in Lake Mary .   

 Sean DuPree, CCIM brokered the transaction on behalf owner/landlord RCS-Suntech, LLC of Louisville , CO.   

 Lo-Q, Inc., based in Lake Mary leased the space and was represented in the transaction by Paul Kelly with Coughlin Commercial. 

Paul Kelly

  DuPree heads the Lincoln Property Company team who handles the leasing at SunTech Commerce Park, a 224,359 square foot,  six-building office/flex campus in Lake Mary’s high tech corridor.   

     

CONTACTS:

Sean DuPree, CCIM, Director of Sales/Leasing, Lincoln Property Company 

407-872-3500 sdupree@lpc.com

Beth Payan, Larry Vershel Communications Inc. Beth@larryvershel.com 

407-644-4142

$3.8 Million Will Buy you a Whole Town in Indiana

    Photo credit: Michelle Pemberton             Source: tuckerbloomington.com

President Millard Fillmore
13th President of the U.S.
Photo by Mathew Brady
c. 1855-1865

STORY, INDIANA -- A small town in Indiana with a history that dates back to 1851 when President Millard Fillmore granted land to Dr. George P. Story is for sale. The asking price is $3.8 million.

The entire town is listed  by Christopher Cockerham of Bloomington Realtors, Bloomington, IN.

The town has an unverified permanent population of three persons, according to a recent profile of the town by Fox News.

TopTenRealEstateDeals.com
states that with Dr. Story's new medical practice, others soon followed to farm the land, harvest the acres of trees, and opened stores, a school, a church and post office. The town thrived in the early 20th century.

However with railroad and highway expansion that bypassed the area, a man-made lake that cut Story off from next-door Bloomington where Indiana University is located, and the Great Depression, the town eventually fell on hard times.

According to Wikipedia, in 1978, Benjamin (one name) and his wife, Cynthia Schultz, purchased four and a half acres that included the grocery store, grist mill, barn, and a small rented house.

They initially occupied the second floor of the store building as their residence. Benjamin, an architect and builder with restaurant experience, and Cynthia, a former restaurant owner, jointly pursued their vision of creating a bed and breakfast. In this manner, the "Story Inn" was born.

The general store continued to operate to some degree through the 1970s.

The Storys sold the Story Inn in 1992, and the town once again fell into hard times.

Frank Mueller

A federal bankruptcy was followed by receivership, and the entire town was sold at sheriff's sale on February 14, 1999, to an entity owned by Rick Hofstetter, an Indianapolis attorney and preservationist, and Frank Mueller, a German-born restaurateur.

 Hofstetter and Mueller had previously helped to renovate the iconic Athenaeum (Das Deutsche Haus) in Indianapolis, Hofstetter serving as the first President of the Athenaeum Foundation (from 1992-4) and Mueller as the manager of the Rathskeller Restaurant in its basement (from 1993-5).

Today, the Athenaeum is recognized as a National Historic Landmark.

The village of Story, Indiana, is now a country inn/bed & breakfast offering fine dining, catering, and accommodations. 

The second floor of the Old General Store (Wheeler-Hedrick General Store; local lore is that it was also once a Studebaker buggy dealership where wagons and buggy were assembled) has been renovated into four quaint bed & breakfast accommodations notable for their year-round occupant, the “Blue Lady.”

The Blue Lady is a mirthful albeit innocuous apparition with flowing white robes whose cheeky behavior has been observed by Story Inn employees and recorded in guest books since the 1970s.

The Treaty House, Doc Story’s homestead (Story-Griffitt House), the Alra Wheeler homestead (Wheeler-Hedrick House), the Carriage House, the Old Mill (Grain Mill), the Pruitt-Schultz House and another c.1930 house have each been tastefully and authentically renovated into guest cottages, many with kitchenettes and hot tubs.

Story’s Old General Store, replete with its creaky wooden floors, pot-bellied stove and long-retired Standard Oil Crown gas pumps out front, is now a celebrated gourmet restaurant open year-round serving breakfast, lunch and dinner. 

Much of the history of Story, Brown County and the region which straddles the Ohio River, is humorously depicted in Rick Hofstetter's book, Kentuckiana Roads: A Freidenker's Story of Life in America's Flyover Middle (Algora Publishing, NY: 2017).

In March, 2019, the village was listed on the National Register of Historic Places.

Story Inn hosts the annual Indiana Wine Fair in May. The Inn is just thirteen miles from the village of Nashville, Indiana and is located adjacent to the southwestern boundary of Brown County State Park.

Today, it is prosperous again attracting tourists from nearby Indianapolis, Louisville and Cincinnati for its gourmet farm-to-table restaurant, bed-and-breakfast, saw and grain mills and neighboring 15,776-acre Brown County State Park famous for its fall colors.

(photo credit: InsideIndianaBusiness.com)

During its heyday, Dr. Story’s town became one of the most popular places in southern Indiana, largely due to its well-stocked general store.

Farmers and their families would come to peruse dry goods and the newest farm implements, take care of their blacksmithing needs, see the doctor, take their grain to the grist mill, and attend services at the local church.

When the state government started buying up farmland around the time of the Great Depression for Brown County State Park, farmers were happy to leave. It had been a hard life trying to work the hilly, rocky land.

The general store, however, kept the town viable until 1950 and continued to stay open with diminishing trade through the 1970s.

Richard R. (Rick) Hofsteter and Friend

Since 1978, the town has had two owners and a year-round spirit, the Blue Lady, seen occasionally by employees and guests of the bed-and-breakfast portion of the Story Inn.

Today, former residents’ homes have been turned into guest houses, the old general store is now a popular regional restaurant with creaky wooden floors and pot-bellied stove and the big barn is a favorite wedding venue.

CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat