Wednesday, July 10, 2019

SVN Florida advisor Bartow McDonald IV coordinating sale of famed Jumbolair in Ocala, FL


Bartow McDonald IV
Ocala, FL July 9, 2019 – Bartow McDonald IV, managing director at SVN Florida, is marketing and coordinating the sale of a $10.5 million aviation community property in Ocala, Fla., situated on the longest private runway in the United States. 

Jumbolair features the former Muriel Vanderbilt mansion, a warehouse/manufacturing complex, a banquet hall, horse stalls and Jumbolair Aviation Estates. The estates are a 38-lot private aviation residential development with deeded access to the runway.

“This is a tremendous property: Jumbolair has such a colorful history,” McDonald said. “It’s a point of departure for all kinds of private and business travel. The runway is so large it can accommodate a Boeing 747 Jumbo Jet.”

Terri Jones

Muriel Vanderbilt Mansion
and Conference Center
 Ocala, FL
Jumbolair Aviation Estates is a gated community zoned for residential, industrial and agricultural use. The mansion contains 7,686 square feet, along with a 1,000-square-foot swimming pool and bar.

The five-building warehouse complex is 88,730 square feet. Comprising the residential units are seven single-family homes, six apartment units and a seven-unit park for mobile homes.

“This is the place for someone with a passion for aviation who wants to be part of an exciting, vibrant community,” McDonald said. “This property is also in the heart of thoroughbred horse country.


"Ocala is the horse capital of the world, and the World Equestrian Center is just a short distance away – perfect for someone in the market for an equestrian estate.”

Back in the 1970s, a Vanderbilt horse farm occupied the land. But Arthur Jones, who invented theNautilus line of exercise equipment, acquired the property and set up – among other things – a refuge for African wildlife.

His ex-wife, Terri Jones, turned the property into an aviation community a decade later.

The Joneses and their work have been the subjects of reports on the ABC news program “20/20,” as well as “Lifestyles of the Rich and Famous” and other TV programs. Terri Jones appeared on Johnny Carson’s “The Tonight Show.”

John Travolta and his Ocala, FL estate
The Jumbolair Airport runway is 7,550 feet long, paved and lighted. Five Quonset hut hangers sit on the property, along with some horse stalls and a banquet hall that can seat 400.

The 550-acre Jumbolair complex has been the stuff of folklore for many years. Actor John Travolta and his wife, Kelly Preston, are longtime residents of the estates.

Decades ago, the wildlife refuge at Jumbolair included a herd of elephants, some rhinos, thousands of crocodiles and a silverback gorilla named Mickey.

Kelly Preston

Also, the Jumbolair Airport runway is the site of the WannaGOFAST Florida 1/2 Mile Shootout, a renowned annual racing event for street-legal cars.


CONTACTS:

Tuesday, July 9, 2019

NAI Realvest Negotiates New Office Lease for Engineering Firm Relocating To The American Building in Maitland Center, FL

Jeff Bloom

ORLANDO , FL -- NAI Realvest recently closed on a multi-year lease for 15,588 square feet of Class A office space in The American Building at 1051 Winderley Place in Maitland.         

Jeff Bloom, CCIM, vice president at NAI Realvest negotiated the transaction representing the local tenant Horizon Engineering Group. 

The civil engineering company is relocating and tenant improvements will be completed on the property before they open for business in mid September. 

  Landlord MPM Holdings, Inc. was represented in the transaction by John Piekiewicz of Foundry Commercial.


John Piekiewicz
CONTACTS:

Jeff Bloom, CCIM, Vice President, NAI Realvest,
407-857-9989
JBloom@realvest.com

Patrick Mahoney, President / CEO, NAI Realvest,
407-875-9989 
PMahoney@realvest.com

Beth Payan, Larry Vershel Communications,



HFF closes $46.5 million sale of 200-unit multi-housing community in Morrisville, NC



Bainbridge Lake Crabtree, a 200-unit, mid-rise apartment community at 2599 Evans Road in Morrisville, NC

CHARLOTTE, NC –  Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the $46.5 million sale of Bainbridge Lake Crabtree, a 200-unit, mid-rise apartment community in Morrisville, North Carolina.

HFF marketed the property on behalf of the seller, The Bainbridge Companies, LLC and its partner, Amzak Capital Management, and procured the buyer, RK Properties.
 
Justin Good
Bainbridge Lake Crabtree is located at 2599 Evans Road in the high-growth market of Morrisville and provides connectivity via nearby Interstate 40 to Research Triangle Park and downtown Raleigh.  

Completed in 2018, the 9.55-acre property comprises units averaging 1,015 square feet with high-end amenities, including chef-inspired kitchens with islands, stainless steel appliance, quartz countertops and white Shaker-style cabinets; combination walk-in showers and garden tubs; oversized, triple-paned windows with marble window sills; Google fiber; and Nest thermostats. 

Luxury common-area amenities include a South Beach-style pool with sun deck and tree-lined sun shelf; interior courtyard with fire pits, Edison lighting, gazebo and grilling station; pet spa and pet bark park with canine drinking fountain; exposed brick and glass-defined clubroom; and state-of-the-art fitness center with yoga studio.

The HFF team was led by managing directors Justin Good and Jeff Glenn, senior director Allan Lynch and director Caylor Mark.

Allan Lynch
“With its third purchase in the Carolinas, RK Properties has invested in an asset boasting the Bainbridge Companies pedigree in one of the fastest-growing, tech-centric metros in the country,” Good said.

“Bainbridge Lake Crabtree represents superior product in a location defined by connectivity and growth, which is evident in its performance and market reception,” Glenn added. 

Holliday GP Corp. (“HFF”) is a North Carolina licensed real estate broker.

About The Bainbridge Companies, LLC

The Bainbridge Companies is a leading owner, developer and manager of luxury multifamily apartment communities. 

 Founded in 1997, Bainbridge is a fully integrated family of real estate companies engaged in the development, construction, management and acquisition of residential and commercial real estate.

 Bainbridge is headquartered in Wellington, Florida, and Bethesda, Maryland, with regional offices in Raleigh, North Carolina; Orlando, Florida; Atlanta, Georgia; Denver, Colorado; and New York City. 

Jeff Glenn
 Bainbridge’s team consists of over 600 passionate professionals across its offices and portfolio.

About Amzak Capital Management

Amzak Capital Management is a highly successful asset manager and private equity investor dedicated to wealth preservation and generation.  

With an entrepreneurial heritage having being founded by a family that has successfully built, managed and exited various businesses, Amzak takes an active and flexible approach to investment management.  

The firm primarily focuses on four investment strategies: private equity, real estate, fixed income and healthcare, principally in the Americas region.

About RK Properties
Since its founding in 1976, RK Properties has purchased and managed over $1.5 billion in multifamily apartment assets.  RK Properties current portfolio includes approximately 4,000 units in the southeast and southwest. 

 The company offers multifamily replacement properties for 1031 tax deferred exchanges, as well as DST and fund investment opportunities for accredited investors who are seeking a real estate investment.

Caylor Mark
  As of this closing, RK Properties has sponsored approximately 152 private placement programs, of which 134 programs have gone full cycle. 

Bainbridge Lake Crabtree is RK Properties’ second North Carolina acquisition in two months, and its sixth acquisition in the Southeast since 2017.  The company plans to continue its expansion in the region. 



CONTACTS:

JUSTIN GOOD
NC Lic. #261333
HFF Managing Director
(919) 573-4642

OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3403





George Flynn Joins Lee & Associates Cincinnati as Managing Principal of Brokerage Services


George Flynn

Cincinnati, OH –  Lee & Associates, a nationwide leader in commercial real estate services, is pleased to announce that George Flynn has joined the company as Managing Principal, Brokerage Services. 

 George’s expertise in commercial real estate includes a diverse range of skills in tenant representation, leasing and sales, investment sales, site selection, disposition and development.

 For more than three decades, he has built strong relationships with institutional, corporate and local owners such as The Kroger Company, Macy’s, Sears Holdings, United Dairy Farmers, The Schottenstein Group, Bayer Properties, Pebb Enterprises, Supervalu, Walgreen’s and Tavern Restaurant Group.

“I am pleased to welcome George Flynn to Lee & Associates| Cincinnati as Managing Principal, Director of Brokerage," said John Rickert, principal of Lee & Associates| Cincinnati.

John Rickert

 "As our company has grown both regionally and nationally, adding George to our team provides us with significant development expertise and brokerage leadership.

"Our client base and number of assignments continue to expand in all areas of our Integrated Services business; leasing and investment sale brokerage, property management, maintenance, accounting, and construction.

"George is the perfect partner to help Lee & Associates | Cincinnati continue to expand our model and create significant wealth and unique opportunity for our clients.

(Office Building, generic, File Photo)
"George has been involved in more than $900 million worth of real estate transactions, developed more than 1.1 million square feet of retail space during his 30+ year real estate career.

"He specializes in tenant representation, leasing and sales in Ohio and Kentucky."

  
CONTACTS:

 Katie Heidt
Lee & Associates Cincinnati
(513) 272-6800
kheidt@lee-associates.com


Mark Bustos to Open Salon at Related Companies’ 444 West 17th Street in New York City, NY


Mark Bustos

NEW YORK, NY  RIPCO Real Estate (RIPCO) announced Mark Bustos, one of Mahattan’s premier hairstylists, has signed a 1,226-square-foot, 10-year lease to open My Darling Ivy hair salon at Related Companies’ 444 West 17th Street in New York City.

 Mr. Bustos’ salon, which is set to open later this year, will be located in the space formerly occupied by Three Squares Studio, the salon that employed Mr. Bustos for seven years.

RIPCO’s Lindsay Zegans and Richard Skulnik represented Mr. Bustos and team in the transaction and were instrumental in bringing him back to his former space.

Lindsay Zegans
“When Three Squares Studio shuttered, we knew that Mark was the perfect tenant to fill the space and approached him with the opportunity," said Zegans.

"Bringing him back to 444 West 17th Street is ideal, because it enables him to open his own shop in a space that held a special meaning to him while being supported by an owner in Related who felt that another salon use was a perfect repurpose for the space." 

Prior to signing the lease for his own space, Mr. Bustos, who was in high-demand post-closing of Three Squares Studio, made house-calls and worked out of premier salons in New York City and New Jersey.

Richard Skulnik
 His passion for hairstyling was showcased in a 2018 Nike YouTube video that garnered over 100,000 views and chronicled him spending his Sundays giving haircuts to the homeless, an selfless act that was featured in numerous media outlets.

Manny Rolon
Mark’s philanthropy extends further with his Be Awesome To Somebody charity, which provides direct, hands-on, on-the-ground assistance to homeless and impoverished areas to over 11 different countries including the US.

VJ Moscaritola
“Mark is the embodiment of selflessness, hard work and extreme dedication,” said Zegans. 

“The artistic landscape of Chelsea will provide the perfect backdrop for me and my business partners, Manny Rolon and VJ Moscaritola, to open and build a successful salon,” said Bustos.

Ben Birnbaum
“Working in the same space I cut hair a year ago, and partnering up with my team whom I am blessed to be in friendship with for over 20 years, allows me to embrace my roots as a hairstylist and bring a meaningful service, founded on passion and care to the neighborhood.”

Andrew Taub
Ben Birnbaum and Andrew Taub of Newmark Grubb Knight Frank represented Related in the transaction.
 
  
CONTACTS:

John Hanlon
W: 212.868.1900 x676
M: 609.457.3049
NYC/Miami/LA



Monday, July 8, 2019

Ormond Beach A1A Plaza Sells for $2.7 Million


Charles Lichtigman
Ormond Beach, FL  --   NAI Realvest | Charles Wayne Commercial closed on the sale of  Aliki Plaza, a 29,730 square foot beachside shopping center at 378-404 S. Atlantic Ave. (US Highway A1A) - Ormond Beach’s second largest beachside shopping center, which is home to 18 tenants sold for $2.7 million.  

Charles Lichtigman, principal of NAI Realvest/Charles Wayne, and Brad Gifford, who leases the Plaza, negotiated the sale on behalf of the Seller, Sunbelt Holdings Daytona, LLC. 

Sunbelt is owned by longtime Daytona area investor Hugh Upton.  The Buyer, Aliki Plaza of Ormond Beach, LLC, whose principal is Ty Lohman, was represented by Carl Lentz of SVN Alliance. 

The plaza, built in 1985, was 90 percent leased at the time of the sale.   Daytona Beach Welcome Center, Weichert Hallmark Properties and Coldwell Banker Premier Properties are among the long term tenants.

Brad Gifford
“Beachside commercial property prices are growing - driven by increased tourism, and major new hotels coming into the market, including the Hard Rock and the 27-story Daytona Resort,” said Lichtigman.  “We’ve seen investors – both local and from out of the area – with record interest in locations along Daytona’s beachfront.”

NAI Realvest | Charles Wayne was formed as a strategic partnership between NAI Realvest and Charles Wayne Properties in 2017. The brokerage has top experts in every aspect of commercial real estate and a global reach. 

Charles Wayne Properties, has been serving the commercial real estate community since 1978.  Charles Wayne Properties, Inc. is one of central Florida’s largest real property owners and management firms, with primary offices located in Orlando and Daytona Beach. 

CONTACTS:

Charles Lichtigman, Principal Charles Wayne Properties, Inc.,444 Seabreeze Blvd., Suite 1000 Daytona Beach, FL 32118,  386-238-3600, ext. 203  cl@charleswayne.com

Patrick Mahoney, President / CEO, NAI Realvest, 
407-875-9989 pmahoney@realvest.com

Beth Payan, Larry Vershel Communications Inc. 407-644-4142 
or 407-461-3781 beth@LarryVershel.com 

Sunday, July 7, 2019

HFF announces $49 million sale of 670,536-SF industrial portfolio in Greensboro, NC


4755 McConnell Center Drive, Greensboro NC

CHARLOTTE, NC –– HFF announces the $49.3 million sale of a three-building industrial portfolio totaling 670,536 square feet located in the Triad region of North Carolina. The sale represents the first tranche to close of a larger 1.1 million-square-foot portfolio.

Patrick Nally
HFF, along with Triad Commercial, represented the seller, McConnell Center Associates.  New York Life Insurance Company purchased the assets. 

The first tranche includes three buildings in McConnell Center, a Class A, master-planned industrial park totaling over 1 million square feet at the intersection of Interstates 85 and 40, two of the country’s top industrial arteries. 

 McConnell Center has attracted an outstanding credit tenant roster that includes General Dynamics (NYSE:GD), Performance Food Group (NYSE:PFGC), Wayfair (NYSE:W), and Coca-Cola Bottling (NASDAQ:COKE). 

Situated at 4751, 4755 and 4754 McConnell Center Drive, the buildings are in the SE Guilford County Industrial submarket, an extremely tight submarket that is 97.5% occupied. 

Chris Norvell
The properties are approximately 20 miles from Piedmont Triad International Airport and the FedEx Mid-Atlantic Hub, the carrier’s fifth largest U.S. hub.

The HFF investment advisory team representing the seller consisted of director Patrick Nally and senior managing director Chris Norvell along with Tom Townes and John Schultz with Triad Commercial.

Holliday GP Corp. (“HFF”) is a North Carolina licensed real estate broker.

About McConnell Center Associates

McConnell Center Associates is an affiliation of North Carolina LLCs led by long-time local developer, Pete Goria in partnership with Buddy Seymour of Windsor Commercial. 

Tom Townes

Pete Goria has a track record of developing and delivering successful industrial projects in the Triad area during a career spanning more than 50 years.

About New York Life Insurance Company

New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world.

Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance.

John Schultz
 New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies**.

About Triad Commercial

Triad Commercial Properties, LLC, founded in 1999, is a full service industrial and office brokerage firm with offices in both Greensboro and Winston-Salem, North Carolina.

 The firm has handled the marketing of McConnell Center since the inception of the first building in 2007.





CONTACTS:

PATRICK NALLY
NC Lic. # 282053
HFF Director
(919) 573-4649

CHRISTOPHER NORVELL, SIOR
NC Lic. #240226
HFF Senior Managing Director
(704) 526-2800

KIMBERLY STEELE
HFF Digital Content/Public Relations Specialist
(713) 852-3420