‌‌Cushman & Wakefield Negotiates $8.25 Million Sale of ±10-Acre Site in Palm Beach Gardens, FL​

Tara England

PALM BEACH GARDENS, FL, Oct. 15, 2019 — Cushman & Wakefield has negotiated the sale of a ±10.44-acre commercial site at 3650 RCA Blvd. in Palm Beach County.

Matthew G. McAllister

The South Florida industrial team of Christopher Thomson, Chris Metzger, Richard F. Etner Jr. and Matthew G. McAllister, along with Mark L. Pateman and Tara England, represented Amara Temple Holding Corporation, Inc. in the disposition. 

Christopher Thomson

An affiliate of Troy, NY-based United Group acquired the land for $8.25 million ($790,230 per acre).

The site is located in the heart of Palm Beach Gardens, a short distance from Interstate 95, State Road A1A Alternate and PGA Blvd., providing immediate access to nearby retail and dining amenities such as Legacy Place, The Gardens Mall and Downtown at the Gardens. 

Chris Metzger

The land was re-zoned by the buyer for Planned Unit Development (PUD) during the contract entitlement period. The property currently houses the Amara Shrine Center’s ±17,084-square-foot clubhouse and exterior storage.

Mark Pateman

United Group plans to create a state-of-the-art independent living facility with parking and amenities. Amara Shrine Center will be relocating its clubhouse and meeting space to a new location.

“Infill sites offering development opportunity and exceptional access to the surrounding community, amenities and roadways are a rare commodity in the South Florida market,” said Thomson.

Richard F. Etner Jr.

“The property’s location in the heart of thriving Palm Beach Gardens with excellent area demographics attracted significant interest from multi-family residential, assisted living facility and independent living facility investors and developers,” added Pateman.

3650 RCA Boulevard, Palm Beach County, FL

The eight-member South Florida Industrial team led by Metzger, Etner Jr. and Thomson has negotiated just over 5.5 million square feet of sale and lease transactions valued at more than $168 million to date in 2019. 

Pateman is the Managing Principal for Cushman & Wakefield in Palm Beach County and leads an agency leasing team with over 2.5 million square feet of office product. 

Media Contact:

David A. Meyer
Meyer Media  
+ 1 407 489 7488
david@meyer.media

www.cushmanwakefield.com

www.southfloridaindustrialteam.com

follow @CushWake on Twitter

Marcus & Millichap Achieves Record Pricing for Cape Coral, FL Retail Sale

CAPE CORAL, 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 Towers I and Towers II, a 72,453-square foot multi-tenant retail property located in Cape Coral, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $14,300,000.

Jim Shiebler

Jim Shiebler, James Garner and James Medefind, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.  The buyer, a private investor, was also secured and represented by the three brokers.

“We received an enormous amount of attention for these assets and, through our marketing platform and methodical sourcing approaches, generated multiple offers in a very short period of time. 

"As a result, we achieved Record Pricing for class of center through the crafting and perfecting of the most compelling story of the future value based on location, population growth and core real estate drivers. 

James Garner 

"Our team exposed the assets to thousands of U.S. and International investors and orchestrated 1 month of successful negotiations with the ultimate buyer. 

"The buyer, a private investor from the Northeast, appreciated the opportunity to increase income and equity through the recalibration of rents once the immediate developments of Lucky’s Organic Market and Wawa are completed directly across the street,” stated Mr. Shiebler.

Towers I & II are located at 2612 & 2708 Santa Barbara Boulevard in Cape Coral, Fla and is stabilized at 89 percent occupancy.  Much of the center’s major tenants have occupied this space since the center's inception in 2008 and 2010 respectively and net leases ensure full reimbursements of expenses. 

James Medefind

Towers I & II provides an investor the opportunity to purchase truly rare investment properties that are incredibly located on Main and Main. These properties are positioned directly across the street from the brand-new Lucky's Supermarket, projected to be completed in spring 2020, Publix Supermarket, Target, and Lowe's.

This asset is situated in the absolute center of the burgeoning market of Cape Coral as this city is ranked as the "No. 1 Fastest Growing Small City in the United States," according to Forbes. 

CONTACT:

Whitney Davis
Whitney.Davis@marcusmillichap.com

Red Seal Homes Launches New Smaller Single-Family Home Plan at Provenance Near Northbrook, IL

Brian Hoffman

CHICAGO, IL – Red Seal Homes has unveiled a smaller single-family home plan – the Chateaux, available in both ranch and two-story designs – at its Provenance community of single-family homes, duplexes and townhomes in the Northbrook area of Cook County, Ill.

 “The Chateaux homes at Provenance offer the privacy of a single-family home yet a slightly smaller footprint that makes them ideal for young families moving up from an apartment or townhome, or empty nesters looking to rightsize,” said Brian Hoffman, an executive with Red Seal Homes. 

“Also, because they're maintenance-free, Chateaux homes allow buyers to enjoy the advantages of single-family living without needing to spend unnecessary time on upkeep.”

CONTACTS:

 Rebecca Boykin, rboykin@taylorjohnson.com, (312) 267-452

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

www.homesatprovenance.com

www.redsealhomes.com

Stirling International Real Estate Raises the Bar on Rental Rates at The Plaza Towers in Downtown Orlando, FL; Over 27,000 SF leased Since January

John Kurtz

ORLANDO, FL --- Stirling International Real Estate, the exclusive sales and marketing representatives for The Plaza with a huge portfolio of premium office space, has closed on nine multi-year leases since January at the mixed-use development at 121 and 189 S. Orange Ave. at the corner of Church Street in downtown Orlando, FL  

Altogether, the lease agreements total more than 27,000 square feet at rents in the $25 to $27 per square foot range for the Class A office space. Offices leased range in size from 900 to 10,000 square feet.  

 One lease for a five-year term came in at $30 per square foot. The largest single transaction was a 10,000 square foot office suite on the 20^th floor of the south tower.

Roger Soderstrom, Jr. and John Kurtz, the Stirling International team handling the leasing activity, said the rent rates are the highest the two towers have seen in nearly 10 years.  

Roger Soderstrom, Jr.

“The downtown Orlando office market is one of the hottest in the state causing a surge in rental rates,” Kurtz said.   

Soderstrom said the new tenants include attorneys, healthcare professionals, marketing agencies, logistics and technology firms.  The duo also represents investors who have purchased office condominiums with tenants in place, including those renting out spaces to start up businesses in a co-working atmosphere.

           

The Plaza built in 2006 and 2007 offers one of the most sophisticated urban environments in the southeast today, and offers ground-floor retail space, theatre, shops and restaurants.

”Economic conditions have produced opportunities at The Plaza for businesses who have an eye toward their future,” Soderstrom said.  

CONTACTS:

Roger Soderstrom, Jr., Broker, Stirling International Real Estate 

27 N. Summerlin Ave. Orlando, FL 32801; 407-250-1000 roger@stirlingire.com

John Kurtz, CCIM, Broker, Stirling International Real Estate, JKurtz@StirlingIRE.com (407) 250-1000

           

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

or 407-461-3781 beth@larryvershel.com

JLL completes sale of value-add Houston, TX office portfolio including three office buildings totaling 254,225 SF

The building is part of a three-property office portfolio sale totaling 254,225 SF in Houston, TX

HOUSTON, TX – JLL announced it has closed the sale of a three-property office portfolio totaling 254,225 square feet in Houston, Texas.

JLL marketed the property on behalf of the seller, HighBrook Investors, and procured the buyer, Hartman Income REIT.

The portfolio comprises 16420 Park Ten and 1400 Broadfield, which are located in the Park 10 Business Park in Houston’s Energy Corridor, as well as 7915 FM 1960, which is located adjacent to the Willowbrook Mall in northwest Harris County. 

Martin Hogan

All three properties are situated in busy commercial corridors and have exceptional freeway access being located along Interstate 10/Katy Freeway and Texas State Highway 249. Overall, the portfolio is 55% leased. 

The JLL Capital Markets team representing the seller was led by Senior Director Martin Hogan.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

  

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc., a licensed real estate broker.

Contact:

Kristen Murphy

JLL Director, Public Relations

Phone: +1 617 848 1572

Email: Kristen.Murphy@am.jll.com

highbrookinvestors.com

jll.com

hi-reit.com

Atlanta Hawks Expands Office Space to 53,865 SF in Downtown Atlanta, GA

Thad Sheely

ATLANTA, GA – The Dilweg Companies announced a major lease expansion at 101 Marietta Street with NBA franchise and long-time tenant, the Atlanta Hawks, that marks the latest victory for an office building that has emerged as a new hub of innovation and energy in Downtown Atlanta. 

“Physical spaces matter, and we believe 101 Marietta Street offers the right location, views and floor plates to allow the Hawks to build thriving team member culture that will enhance our community and capabilities as we enter our next decade of growth,” said Thad Sheely, Chief Operating Officer of the Atlanta Hawks & State Farm Arena.

Jerry Banks

“101 Marietta Street is a new creative hub for companies seeking to cultivate a positive work culture and generate meaningful business results,” said Jerry Banks, Managing Director at The Dilweg Companies. 

“We are thrilled to grow our relationship with the Hawks as they deepen their roots in one of Atlanta’s fastest-growing office communities.


"The pace of change happening at 101 Marietta Street is rapid and invigorating, and we anticipate sharing more news on our leasing momentum in the months ahead.”

Chris Port 

The new multi-year agreement represents three full floors totaling 53,865 square foot of premium office space, and will allow the team to consolidate all of its front-office operations just two blocks from State Farm Arena after a recent hiring expansion that included the addition of the club’s NBA G League affiliate, the College Park Skyhawks.

Beginning in October, the Hawks will renovate each of their three floors to deliver a new series of updated workspaces to reflect the organization’s brand and culture, strengthen employee connectivity, and allow the club to attract and retain top talent.

Kyle Kenyon

Highlights include a new employee lounge and break room that will contain a full-service kitchen with a mix of seating, break-out spaces, flat-screen televisions and several other tech-infused amenities. 

Other plans include revamped offices for the Hawks sales team that will feature a variety of sales and training areas, open-floor layouts, socializing areas as well as a new coffee bar to welcome employees and guests in the reception area.

John Dolan 

All of the planned improvements by the Hawks will help to streamline the organization and encourage employees to move across the floors and interact across departments on a daily basis.

The Dilweg Companies has executed more than 171,000 square feet of new and expanded leases at 101 Marietta Street over the last 12 months.

The building is currently 82 percent leased and includes notable tenants such as WeWork, Steady, Cogeco Peer 1, The Associated Press, CH Robinson, NAGRA/Kudelski Group, and Southern Education. 

Chris Port and Kyle Kenyon with CBRE represented the owner. John Dolan with CBRE represented the tenant.

CONTACT:

Aliya Seymour

 Account Coordinator

1718 Peachtree St., Suite 1048 

 Atlanta, GA 30309

M: 678-477-3630

www.thewilbertgroup.com

 www.hawks.com/membership
866-715-1500

www.hawks.com
 www.dilweg.com

Daum Commercial Helps West Harbor Capital Secure National Courier Tenant with Lease of 8.67-Acre Land Parcel in Orange County, CA

 Chris Migliori

La Habra, CA – DAUM Commercial Real Estate Services recently completed the lease of an 8.67-acre land parcel located in the city of La Habra in North Orange County, California on behalf of the lessor, West Harbor Capital, a Torrance, California-based private equity firm which focuses exclusively on the investment and asset management of industrial properties throughout Southern California.

DAUM also helped the owner acquire the land earlier this year. 

West Harbor Capital is currently working through the horizontal development of the site as part of this last-mile facility for the new tenant, a major national courier company, according to Chris Migliori, an Executive Vice President at DAUM’s Newport Beach office, who completed the lease alongside Paul Gingrich, also a DAUM Executive Vice President.

Paul Gingrich

“The strength of our Client’s investment in this land and repositioning strategy was quickly realized when interest from this large credit tenant was secured before the acquisition was even finalized,” says Migliori. 

“Through identifying the opportunity for West Harbor Capital to purchase this rare parcel when we did, the firm was able to add this well-located asset to their portfolio. 

"With e-commerce last-mile distribution demand continuing to place upwards pressure on prices and rental rates, West Harbor’s strategic acquisition will allow them to see the upside almost immediately.”

The tenant will benefit from close proximity to freeways including State Routes 57, 91, 60, and Interstate 5. Migliori notes that the site is located in the tight North Orange County submarket, with vacancies remaining in the 3-percent-range despite an influx of new product.

Eric Ruehle (left) and Adam Deierling 

According to Adam Deierling, a Managing Partner of West Harbor Capital along with Eric Ruehle, the company leveraged a long-term relationship with the tenant’s broker in order to ultimately secure the lease.

Deierling adds: “We understood the unique nature of this property and leveraged our existing relationships to immediately find the ideal user for this asset. 

"Collaborating with this tenant, we are creating a cutting-edge distribution facility in one of the tightest infill markets in Southern California. 

"Once repositioned, this asset will be a one-of-a kind last mile facility that will provide the market with a look into the future of the e-commerce business while providing our investors a remarkable property-level returns.”

Migliori notes that with the influx of vertical development, offering primarily horizontal development with build-to-suit opportunities with convenient access to population centers can be increasingly attractive to accommodate today’s courier and distribution tenants.

The land parcel is located at 551-555 South Harbor Boulevard in La Habra, California. The site is expected to be ready for occupancy by the first quarter of 2020.

Contacts:

Elisabeth Manville / Jenn Quader

Brower Group

(949) 438-6262

emanville@brower-group.com

Stonemont Financial Hires Industry Veteran Steve Yeager as Company Expands Asset Management Platform

 Steve Yeager

ATLANTA, GA, Oct. 14, 2019 – Stonemont Financial Group, a privately held real estate investment firm with specialized experience in build-to-suit developments, sale-leaseback acquisitions and speculative development, today announced the hiring of Steve Yeager as the company’s first Senior Vice President of Asset Management. 

A widely respected industry veteran with more than 30 years of experience managing a variety of asset classes in markets across the U.S., Yeager will join Barry Howell in formalizing a new asset management platform that caters to Stonemont’s growing base of private and institutional investors.  Howell, who serves as Executive Director of Asset Management, joined Stonemont from GTIS Partners.

Barry Howell

Yeager comes to Stonemont from Jamestown LP, Inc., and has managed, pursued and acquired more than 23 million square feet of commercial real estate assets ($9 billion) over the course of his career on behalf of both international and domestic high-net-worth and institutional capital sources. 

He brings a proven track record in a variety of commercial real estate verticals, including industrial, retail, office, multifamily and mixed-use, and has cultivated relationships with key decision-makers across the industry.

Zack Markwell

Yeager’s appointment coincides with Stonemont’s push into a new realm of institutional investing, with the firm recently surpassing $2.0 billion in total assets under management (AUM). 

“Steve possesses a rare combination of exceptional leadership skills, senior level asset management experience and keen industry acumen that makes him the ideal person to help lead the next chapter of our growth story,” said Stonemont Managing Principal and CEO Zack Markwell.

“His resume of industry-leading investment partners and projects will add great value as Stonemont tackles new challenges and expansion opportunities in the decades ahead.”

For more information on Stonemont and its initiatives, please click here.

CONTACT:

Patricia Bacon

Account Coordinator

1718 Peachtree St., Suite 1048 · Atlanta, GA. 30309

M: 912-596-7946

www.thewilbertgroup.com