Meridian Capital Group Arranges $51.3 Million in Acquisition Financing for The Harbor, a Multifamily Property in Coral Springs, FL

The Harbor apartments, 790 Harbor Inn Drive, Coral Springs, FL,

Boca Raton, FL – Meridian Capital Group, America’s most active dealmaker, arranged $51.3 million in acquisition financing of The Harbor (formerly known as Innovo Living on Atlantic), a multifamily property in Coral Springs, FL on behalf of the CaraCo Group.

The seven-year loan, provided by a regional balance sheet lender, features a rate of 3.40%, one five-year extension option, and three years of interest-only payments followed by a 30-year amortization schedule.

 This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky, and Senior Vice President, Jason Grimm, who are both based in the company’s Boca Raton, FL office.

Noam Kaminetzky

Located at 790 Harbor Inn Drive in Coral Springs, FL, The Harbor consists of 33 two-story buildings containing a total of 310 one- and two-bedroom units and 587 parking spaces.

 Originally constructed in 1987, the property recently underwent an extensive renovation, including a brand new 5,700 square foot club house including a climbing wall, fitness and business centers, lap pool, and a yoga and Pilates studio.

Additionally, the former leasing center was transformed into a resident lounge with a chef-inspired demonstration kitchen. All apartments were completely repositioned to feature quartz countertops, stainless steel appliances, new cabinets, hard surface flooring, screened patios, and vaulted ceilings in the second-floor units.

The Harbor is centrally located near some of South Florida’s most prominent employment centers, enjoying proximity to the Sawgrass Expressway. Boca Raton, Cypress Creek, Sunrise, Fort Lauderdale, Pompano Beach, and Coral Springs, FL are all within 20 miles of the property.

Jason Grimm

“The purchase was originally supposed to close in what turned out to be the middle of the COVID-19 pandemic," said Kaminetzky.

"With concern about the effects of the state-wide shutdown in Florida, CaraCo postponed the closing.

"Meridian worked with the lender, seller, and buyer to successfully create an agreement whereby within 10 business days after Broward County’s stay-at-home order expired, was lifted, or amended, and retail and restaurants were permitted to open, the deal would close.

"Despite the hurdles, Meridian was able to successfully close the loan on equivalent economic terms as quoted pre-COVID.”

 Added Grimm: “While most borrowers were experiencing extreme financing obstacles during the COVID-19 pandemic, Meridian was able to leverage our deep relationship with a regional balance sheet lender to help our client navigate to a successful closing.

"It was a thrilling feeling to be able to deliver a fantastic deal to a great client during this turmoil. It would not have happened if not for the decades of confidence that Meridian has built with the lender.”

Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors.

In 2019, Meridian closed over $40 billion in financing across more than 250 unique lenders.

 Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, and healthcare and senior housing properties.

Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida, and California.

CONTACT:

Jonathan M. Stern
Managing Director
Meridian Capital Group
1 Battery Park Plaza, 26th Floor
New York, NY 10004
jstern@meridiancapital.com
Direct: 212.612.0181
Fax: 212.201.5181
www.meridiancapital.com

Indie Studios Atlanta, GA Opening Set for Fall

Laura Daniel

ATLANTA, GA --  Indie Studios, the latest cultural development project by Gene Kansas, is a 35,000 square foot former warehouse space converted into creative, open shared studio environment.  After slight delays, it will now be opening late Fall 2020, according to David Minnix, Founder of Indie Studios and CEO of technology firm CineMassive. 

 Designed by Laura Daniel, Principal Architect, Revive. When Revive initially designed Indie Studios in 2019, Daniels "had no idea that Coronavirus was on the horizon… but what she did know was that office space was evolving," says Minnix.

Daniels and her team wanted the indoor/outdoor experience to be a unique draw for Indie Studios; little did they know the increased value of fresh air amid the COVID-19 pandemic.

Built in 1957, the original construction of the warehouse is unlike many around the city, offering a unique aesthetic and an entire roof deck made from wood. 

Studio highlights include:

 Indie Studios is specifically designed for design focused tenants. According to Ortus Economic Research, an estimated 111,000 people worked in design occupations in Atlanta in 2016, equivalent to 4.3% of the total Atlanta workforce.

 Gene Kansas

 This is a larger proportion than in New York (3.6%) and a larger proportion than the US average workforce (3.6%). The number of designers in Atlanta is growing at a faster rate than total employment.

The importance of Atlanta as a US design hub has also grown, in tandem, over the recent years. In 2016 Atlanta’s designers generated $35.8 billion in GDP, equivalent to 10% of total Atlanta GDP.

The Library at Indie Studios provides a digital portal to an endless catalogue of local and remote content brought to visitors, guests, and  members via fiber Internet and a stunning 20-foot-long x 12-foot-high, large-screen video display wall offering an immersive telepresence experience "unmatched in the world of shared workspace," says Minnix

"Imagine a NASA Command Center for personal and professional use, that's what we're building, a common operating picture that's also accessible," adds Minnix, 

Designed and created by CineMassive, the digital hub technology offers teleconferencing capability, presentations at the highest level, research and brainstorming optionality. 

CONTACT:

Sophia Marchese 
sophia@huffandco.com

309 East Paces Ferry Road NE

Suite 400, Atlanta, GA 30305

t: 404.539.2154 • e: sophia@huffandco.com

huffandco.com

Alliant National Hires Erica Stoltz as Southwest Underwriting Counsel

Erica Stoltz  LONGMONT, CO, July 09, 2020 – Alliant National Title Company, a unique title insurance underwriter that partners with independent agents to improve their competitive position, announces the hiring of Erica Stoltz as Southwest Underwriting Counsel. Erica brings over a decade of experience to Alliant National. In past work, she served as an examining attorney and a contract examining attorney, taking the 2011 Product Division Achievement Award.  In her new position, she will have the opportunity to leverage her expertise to advise agents on the company’s underwriting requirements on issuance of policies, and to support the legal team in the Southwest region. “Having worked in the real estate and title insurance industry for several years, I am excited to be joining the underwriting team at Alliant National,” she says. “Alliant National has continuously raised the bar in the industry, and I am privileged to be working with such an amazing and talented group of people.” “Erica brings a particular set of superior skills to her Alliant National position,” says Margaret Cook, Alliant National General Counsel, EVP. “We are very fortunate to have someone with her background and commitment to the independent agent.” Erica received a Bachelor of Arts in Political Science from Texas A&M University and earned her Doctor of Jurisprudence from Texas Tech University School of Law.  Margaret Cook Alliant National distinguishes itself from competitors by combining strong underwriting capability with independent agents’ in-depth knowledge of local markets. The result is a nationwide network with deep roots in local communities, and a wealth of expertise that is flexible, nuanced, and continuously growing.

 CONTACT:

Cathie Beck 303.241.0805 cathie@capitalcitypr.com

  alliantnational.com

JLL arranges $10.71 million financing for industrial acquisition in Central New Jersey

Greg Nalbandian

MORRISTOWN, NJ– JLL Capital Markets announced it has arranged $6.3 million in debt financing and $4.4 million in joint venture equity for the acquisition of a 129,600-square-foot industrial building leased to a pharmaceutical company along with excess land for a future industrial development in the Central New Jersey communities of Freehold and Howell.

JLL exclusively worked on behalf of Camber Real Estate Partners to arrange the joint venture equity and acquisition financing with one of its life insurance company correspondents.

Situated on 42.58 acres, 569 Halls Mill Rd. spans three parcels split between two Monmouth County communities, Freehold and Howell.

The property is proximate to major thoroughfares within the region, including the Garden State Parkway, and near a four‐way cloverleaf interchange of Route 33, which provides direct ingress/egress to New Jersey’s vast highway network.

The existing tenant, a credit-worthy, publicly traded global pharmaceutical company at the forefront of COVID-19 testing kits, has been a long-term tenant at the property.

The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Greg Nalbandian.

“Camber acquired this mission-critical warehouse facility off-market at a very attractive basis,” Nalbandian said. “We were excited to bring a new and unique capital relationship to our client with one of our life insurance company correspondents that provided both debt and equity financing at very attractive terms.”

 CONTACT:

Kimberly Steele

 JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

Marcus & Millichap Promotes Scott Sandelin to Senior Vice President Investments in Miami, FL Office

 

Scott Sandelin

Miami, FL, June 8, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today that Scott Sandelin of the company’s Miami office has been promoted to Senior Vice President Investments according to Scott Lunine, Regional Manager. 

 Previously, Sandelin held the position of First Vice President Investments.

  “Scott has been instrumental in the growth of the Miami office.  He not only has helped his clients maximize property values, but he had also played an integral role in the development of new agents having twice been name Miami Trainer of the year,” says Lunine.

Sandelin is an investment sales professional, specializing in retail assets throughout the U.S. with a unique focus in urban high street retail in Miami-Dade County and net leased investment properties nationally.  

Scott Lunine

“It has been an extremely rewarding second career thus far and I am just getting going. I am looking forward to the future and all the opportunities this great business brings to meet incredible people and make money together.” Says Sandelin.

Sandelin has earned the Sales Achievement Awards consistently since 2011, was recognized as the Miami Office’s #1 Producing Agent in 2016 and consistently ranks among the Top Ten Performers in the Miami office. 

Scott entered the real estate world in 1995 when he decided to obtain a license and invest for himself. In 2008 and after making several successful investments, Scott’s love for real estate lured him to transition to a career in real estate brokerage.

In the fall of 2008, he began his new career with a focus on urban high street retail assets on Miami Beach. This start during the financial crisis led him to diversify his business plan to include the sale of single tenant net leased investments. 

CONTACT:

Scott Lunine

Vice President

 Regional Manager

 Miami, FL

(786) 522-7000

www.MarcusMillichap.com.

NAIOP Florida Chapters Celebrate Signing of Bill Removing Witness Requirements in Commercial and Residential Leases

Darcie Lunsford

FORT LAUDERDALE, FL, July 8, 2020 – Executing a commercial lease in Florida can now be streamlined and digitized to meet the post-COVID age.

The Florida chapter of NAIOP, the Commercial Real Estate Development Association, in partnership with Florida Realtors, Florida Apartment Association and the Florida Bar’s Real Property Probate and Trust Law Section, announces the enactment of a milestone bill removing witness requirements from commercial and residential leases.

Just signed into law by Governor Ron DeSantis, Florida House Bill (HB 469) went into effect on July 1.

“The witness requirement is a cumbersome and unnecessary holdover from the pre-digital era,” said NAIOP Florida President Darcie Lunsford, executive vice president of Butters Realty & Management.

Stephanie Rodriguez. 

 “This is particularly crucial in the post-COVID environment, where we are looking for ways to limit interpersonal contact while still trying to conduct business, keep our economy going and our buildings full.”

State law already allows for electronic signing of contracts, but the witness requirement for leases had to be addressed to remove the last hurdle to electronic execution of leases in Florida, one of seven states that still had the requirement. The law passed unanimously by both chambers.

“This is a huge win for our industry during an extremely challenging time,” Lunsford added. “The commercial real estate industry continues to grow and is important to the economic viability of our state.”

Gov. Ron DeSantis,

The 1,000-member NAIOP Florida is a coalition between the state’s five regional chapters in South Florida, Central Florida, Tampa Bay, Northeast Florida and Northwest Florida, and works to advance responsible commercial real estate development in the state and advocates for effective public policy.

“This achievement is a terrific example of NAIOP’s efforts to achieve legislative victories on behalf of commercial property owners and developers,” added NAIOP South Florida Chapter President Stephanie Rodriguez. 

 “During this unique time, it is critical that we work together, in partnership with other groups, to update our State’s policies and elevate the impact our industry has on state and local economies. This is a great win for our members.”

 CONTACT:

Samantha Van Nuys

O: 954.776.1999  ext. 115 |C: 954.648.9132

6451 North Federal Highway, Suite 1200 

Fort Lauderdale, Florida 33308
More than 100 partner agencies in markets worldwide

naiop.org.

 naiopsfl.org.

Ware Malcomb Announces Completion of L'Oreal Pulp Riot Offices in Encino, CA

Alicia Zaro

LOS ANGELES, CA, July 7, 2020 – Ware Malcomb, an award-winning international design firm, today announced construction is complete on L’Oreal’s new Pulp Riot offices located at 16501 Ventura Boulevard, Suite 400, in Encino, Calif. Ware Malcomb provided interior architecture and design services for the project. 

Pulp Riot is a professional brand of hair color known for its portfolio of cutting-edge products featuring bold and vibrant colors and a dedication to artistic expression. 

Their new 6,600 square foot office space includes a hair demo salon, conference rooms, open offices, flex offices and a photo studio. The space serves as a training facility for stylists throughout the country who frequently visit to learn how to create innovative hair styles with Pulp Riot’s wide array of coloring products.

“This is a company with a very distinct brand, and we wanted the interior design to showcase that brand and tell a story throughout the space,” said Alicia Zaro, Director of Interior Architecture & Design for Ware Malcomb’s Los Angeles office. 

Pulp Riot office, 16501 Ventura Boulevard, Suite 400, Encino, CA

“In working closely with the team at L’Oreal and Pulp Riot, we created an environment where the company’s branding could speak for itself in a space that inspires innovation and creativity for employees and visitors alike.” 

Ware Malcomb selected materials that used simple textures in contrasting ways. Black, white, and greys were paired with simple white walls to allow blank canvases for the company’s branding, creating huge statement walls. 

Darker ceilings were incorporated to allow for a deep contrast with the pops of colors on the walls, which were provided by a graffiti artist who had also worked on Pulp Riot’s branding and packaging. 

Pulp Riot entrance

The conference rooms were designed around the names and color tones of Pulp Riot’s popular hair color products. Each one is unique and reflects a specific brand. 

Acoustical clouds were dropped in the main conference room with organic flowing carpet to create a grand entry for the space adjacent to the demo salon. Ware Malcomb also selected furniture colors that tied into the overall branding concept.

The General Contractor for the project was Pinnacle.

CONTACTS:

Rachel Devany

VP Public Relations, KCOMM for Ware Malcomb

Rachel@kcomm.com 

Maureen Bissonnette, Associate Principal, Marketing, 949.660.9128, mbissonnette@waremalcomb.com

Maria Rodgers, Public Relations Manager, 949.660.9128, mrodgers@waremalcomb.com

waremalcomb.com

Southwest Strategies and Former San Marcos Council Member Chris Orlando Create Strategic Partnership

Chris Orlando

SAN DIEGO, CA, July 07, 2020 –– Southwest Strategies, one of California's leading public affairs firms serving clients in transportation, land-use, water, energy and more, is excited to announce a new partnership that will help us better serve clients in North County San Diego, Orange County, the Inland Empire and beyond. 

Chris Orlando, former San Marcos City Council member and business leader, has entered into a strategic partnership with Southwest Strategies to bring added expertise and relationships to support our growing business in areas beyond central San Diego.

“We’re excited to partner with Chris Orlando to provide strategic public affairs support in some of the fastest growing communities in Southern California. His long track record of success as an elected official and public affairs practitioner is well recognized throughout the region,” said Chris Wahl, President of Southwest Strategies. Orlando possesses more than 25 years of corporate communications, marketing and public affairs experience, including as co-founder of Fit Pay Inc., a technology platform the enables contactless payment capabilities. “The opportunity to partner with Southwest Strategies is very exciting for me personally,” said Chris Orlando. “I have long respected and admired their approach to the business and how they have achieved so many accomplishments on behalf of their clients.” During his tenure on the San Marcos City Council, Orlando served as the City’s representative on the San Diego Association of Governments (SANDAG) Board of Directors, where he served as chair of the Regional Energy Working Group.  Chris Wahl He also represented San Marcos on the North County Transit District’s (NCTD) Board of Directors, including service as Board Chair, Vice Chair and representative to the Los Angeles, San Diego, San Luis Obispo Rail Corridor Agency. Yes, Southwest Strategies Works Outside of San Diego! "Many of our friends and clients are unaware that we work on projects all across California and the southwestern part of the United States," said Wahl.  "We love San Diego, but we’re proud to also to do work in the Bay Area, Central Valley, Orange County and places in between. We have offices in Central and Northern California, too."

CONTACT:

	Ben Boyce
	(858) 541-7800

CBRE Global Investors Inks Long-Term Lease at Tanner Point in Portland, OR with Ampere Computing

                                

Renee J. James

PORTLAND, OR, July 7, 2020 - CBRE Global Investors today announced that it signed a major lease agreement with a fast-growing tech firm at Tanner Point, a new Class A creative office building in Portland’s vibrant Pearl District. 

The deal represents 40,000 square feet of premium workspace at the recently energized building, which has become a flag-bearer for CBRE GI’s new Above & Beyond (A&B) tenant amenity platform that recently launched in Portland and 11 other major U.S. office markets. 

Autumn Brice 

Ampere Computing, a tech startup specializing in data processing, is relocating to the building and will take the entire top two floors at the tower. The move coincides with a recent expansion initiative at Ampere and will double the size of the firm’s Portland-based headquarters.  

Founded in 2017 by CEO Renee J. James, Ampere Computing is experiencing unprecedented growth as the need for cloud software surges in the marketplace. 

Trevor Kafoury

The firm was courted by multiple office owners in downtown Portland, with Tanner Point’s cutting-edge amenities and state-of-the-art workspace key factors in Ampere’s decision to call the building home. 

Tanner Point is also set to welcome Cooperativa, an innovative Italian food hall and market concept slated to open later this summer.  

To help tenants attract and retain top talent, CBRE Global Investors  recently introduced its hospitality-driven “A&B” amenity program at Tanner Point, which aims to go Above and Beyond for tenants by anticipating and addressing the demands of a modern workplace through community-driven environments, customized technology and hospitality services.  

 Kevin Kaufman 

“Tanner Point delivers a first-class workplace experience that embraces the technology-enhanced lifestyle sought by today’s companies,” said Trevor Kafoury, Executive Vice President at CBRE. 

“The lease agreement with Ampere Computing is indicative of the early success we are seeing with A&B, along with the incredible gravitational pull exerted by the Pearl District. 

"We continue to field inquiries from prospective tenants representing a variety of industries and look forward to forging more partnerships in the months ahead.” 

  

Acquired by CBRE Global Investors in late 2018, Tanner Point offers a variety of premium amenities tailored for the region’s growing tech-centric work population. 

Tanner Point, a new Class A creative office building in Portland’s vibrant Pearl District. 

The lobby of the 182,851-square-foot building is outfitted in accents such as reclaimed wood detailing and a tech-enabled communal lounge area anchored by a fireplace, along with expansive windows that blur the lines between indoors and outdoors and connect users to the energized street environment. Tenants also have access to a cutting-edge fitness center and on-site bike storage.  

Floor plans ranging from 16,000 to 29,000 square feet are currently available throughout the building. Trevor Kafoury, Kevin Kaufman and Autumn Brice from CBRE are overseeing leasing at Tanner Point. 

CONTACTS:

Nick Banaszak 

The Wilbert Group 

nbanaszak@thewilbertgroup.com 

www.cbreglobalinvestors.com.

Aliya Seymour · 

Account Coordinator

1718 Peachtree St., Suite 1048 · 

Atlanta, GA 30309

M: 678-477-3630

Hanley Investment Group Arranges Sale of Single-Tenant Building Occupied by County of San Bernardino for $13.5 Million

Ed Hanley

SAN BERNARDINO, CA -- Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced that the firm arranged the sale of a single-tenant building occupied by the County of San Bernardino located at 265 East 4th Street in San Bernardino, California.

The sale price was $13,450,000.

Hanley Investment Group represented both the buyer and the seller.  Hanley Investment Group's Executive Vice President Matt Burnett represented the seller, a private investor based in Los Angeles, and President Ed Hanley represented the buyer, The Krausz Companies, Inc. in Irvine, California. 

The two-story, 50,082-square-foot building, built in 2009, sits on 4.62 acres at the southwest corner of the signalized intersection of 4th Street and Waterman Avenue.

Waterman Avenue is one of the main trade area thoroughfares with more than 23,000 cars passing the site daily. More than 348,000 people live within five miles of the site and the Ontario International Airport (ONT) is just a seven-minute drive from the building.

Matt Burnett 

“This was a very rare government secured lease, with no early cancellation provision,” said Burnett. “Hanley Investment Group procured a 1031 exchange buyer who understood the value of this property and its excellent fundamentals with a best-in-class tenant that is internet- and COVID-resistant.”

According to Burnett, “Need-based government services such as this offer stability in the face of growing online sales as well as potential economic instability.”

The County of San Bernardino has an AA credit rating from Standard & Poors (S&P) and an AAA credit rating from Fitch. The property had no deferred maintenance and is LEED certified.

Single-tenant building occupied by
 the County of San Bernardino
 located at 265 East 4th Street
in San Bernardino, CA

Burnett noted that the Inland Empire had the highest job growth rate in California and the highest home price growth in Southern California. The County of San Bernardino is home to more than 2.1 million residents with a 28% projected growth rate over the next 25 years.

CONTACTS:

Matt Burnett, Executive Vice President 
Hanley Investment Group Real Estate Advisors            
949.585.7623 | mburnett@hanleyinvestment.com

Anne Monaghan 

anne@monaghanpr.com

www.hanleyinvestment.com.