Tuesday, September 15, 2020

Marcus & Millichap Aquires CBRE Multi-Housing Investment Team


Benjamin N. Skinner

Orlando, FL, Sept.15, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today that a veteran real estate team focused on multi-housing property investments has joined the firm in Orlando. 


They  are Benjamin Skinner and Matthew Prozzillo, former associates with CBRE.   
  
“Ben and Matt add significant advantages for our apartment clients in the region.  With this acquisition, we continue to build upon our strategic growth in central Florida,” said Justin West, vice president and regional manager of the firm’s Orlando office.

 “The depth of knowledge and experience with multi-housing real estate that Skinner and Prozzillo bring to our Orlando office is of tremendous value to investors throughout Central Florida.”  

Matthew W. Prozzillo
“We are excited for the opportunity to join an exclusive platform, such as the one that Marcus & Millichap offers. 

"With strong market conditions prevailing during these unprecedented times, Marcus & Millichap’s platform will allow for us to assist owners and investors in the most extensive, data-driven, advisory approach, ensuring optimal outcomes for all parties,” according to Skinner and Prozzillo. 
   
Skinner and Prozzillo 
exclusively represent buyers and sellers of student housing properties throughout the Southeast, multifamily properties throughout North/Central Florida, and investment properties throughout the Gulf Coast of Florida markets. They have worked on multifamily, student housing, historic, and institutional mixed-use real estate valued at over $4 billion. 

CONTACTS:

 Justin West
 Vice President/Regional Manager  
407-557-3800 


Daniella Aragon
Marketing Coordinator/Certified Agent Support Specialist
Marcus & Millichap
5201 Blue Lagoon Drive
Suite 100
Miami, FL 33126
(786) 522-7122 direct
(786) 522-7000 main
(786) 454-0094 mobile
(786) 522-7010
daniella.aragon@marcusmillichap.com



 

Monday, September 14, 2020

Asia Capital Real Estate refinances to continue Arbor Ridge renovations in Atlanta, GA


Jesse Wright
ATLANTA, GA – JLL Capital Markets announced it has arranged $17.2 million in refinancing for the Arbor Ridge multi-housing property located at 150 Chateau Terrace in Athens, Georgia


 JLL worked on behalf of the borrower, Asia Capital Real Estate (ACRE), to secure the 10-year, floating-rate loan through Freddie Mac.

The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. 

ACRE acquired the property in December 2018 and performed an extensive renovation, which successfully raised the profile of the asset.

Arbor Ridge consists of one-, two- and three-bedroom apartments, totaling 212 units. Community amenities include a pool, fitness center, business center, laundry facility, pet park and clubhouse. 

In-unit amenities include energy-efficient windows, French doors, over-sized closets and private balconies, with select units having stainless steel appliances and access to washer and dryer connection. 

 Ware Shipman
Arbor Ridge is located immediately off Route 78 in the West Athens submarket of Athens with proximity to all of the major largest employers in the city. 

Arbor Ridge is located several miles from the University of Georgia, a public university with an enrollment of over 38,000 students and over 10,700 employees. 

Founded in 1785, the University of Georgia is one of the oldest public universities in the United States. The Property is also under 2 miles away from St. Mary’s Health System, which is one of the largest private employers in Athens with 2,100 high paying jobs. 

Athens is known for its eclectic mix of Southern heritage, modern attractions and a vibrant arts scene.

University of Georgia, Athens, GA
 The JLL Capital Markets team representing the borrower was led by Directors Jesse Wright and Ware Shipman.

”This deal is a testament to the confluence of very shrewd investing by the borrower, and the historically attractive rates from the agencies today which lead to a sub 3.00% loan and cash back to the borrower,” says Wright. “We were thrilled to have the opportunity to assist them with this element of their business plan.”

Contact:

Natalie Passarelli
Public Relations
Jones Lang LaSalle Americas, Inc.
200 E. Randolph St.
Chicago, IL 60601
M +1 224 477 7307

 

JLL secures equity and debt financing on behalf of Turnbridge Equities for Bronx Logistics Center

Bronx Logistics Center, a 14.2-acre development site located at 980 East 149th Street in the Bronx, NY

NEW YORK, NY — JLL Capital Markets announced it has secured Dune Real Estate Partners as a joint venture equity partner and $105 million of predevelopment debt  financing on behalf of Turnbridge Equities for Bronx Logistics Center, a 14.2-acre development site located at 980 East 149th St. in the Bronx.
Kristin Knapp
 The development site is strategically positioned in the Hunts Point submarket with access to over 17 million people within a half-hour drive.

Christopher Peck
Representing Turnbridge Equities in the equity recapitalization were Senior Managing Director Andrew Scandalios; Senior Director Tyler Peck; and Vice President Thomas Pryor.

JLL’s Senior Managing Director Christopher Peck; Senior Director Peter Rotchford; and Vice President Kristin Knapp arranged the debt financing.

The proposed development Bronx Logistics Center will be a state-of-the-art, 1.2-million-square-foot, four-story last-mile distribution facility featuring 70 loading docks, 1,400 parking spaces and clear heights up to 28 feet.

Bronx Logistics Center is conveniently located close to I-278, which offers easy connection to I-87 and I-95, and is less than two miles from the Hunts Point Food Distribution Center, one of the largest wholesale distribution centers in the world.

Andrew Scandalios
“Same-day delivery is expected to increase from 2 percent to over 25 percent of e-commerce transactions by 2025, which has now accelerated due to the COVID-19 pandemic,” Scandalios said. 

 “This facility’s location, access to rail and market-leading property specifications position it as a best-in-class multi-story logistics facility poised to capitalize on the increasing need for rapid delivery times to consumers.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.

Tyler Peck
The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.


Contact:

 George Shea, Mark Faris
Company: Shea Communications
Phone: +1 212 627 5766

 

Sunday, September 13, 2020

Lee & Associates Leadership Team Adds a Diverse Group of Professionals


Alma Miluso

LOS ANGELES, CA –  Lee & Associates, a leader in commercial real estate services throughout North America, announces the formation of a seven-member Advisory Board to operate alongside their current Board of Directors. 

Maggie Montez

The inaugural Advisory Board members will be Luis AlmeidaAlma MilusoMaggie MontezWill PooleMichelle RhinoJessica Vasil, and Roland Weathers. Their term will commence on September 1, 2020. 

Jessica Vasil
In developing the Advisory Board, the Lee & Associates CEO, Board of Directors, and Presidents wanted to create something that embodied Lee & Associates' culture and commitment to diversity and inclusion at a level that would continue to drive change throughout the entire organization. 

Michelle Rhino

"I am excited to work with this outstanding group of leaders,” said Jeffrey Rinkov, CEO of Lee & Assocciates

  "I look forward to learning about their experiences and ideas of how we can create a welcoming and diverse work place, with a focus on attracting the best talent available for the many job functions our company has available. 

Luis Almeida

 "The individuals selected for Lee & Associates inaugural Advisory Board have all expressed great enthusiasm for this initiative and I am grateful for their participation as well as the support they have received from their local offices."

Will Poole

Nominations for the Advisory Board were submitted by the Presidents of each of the Lee & Associates offices. Once the submission period closed, the CEO and Board of Directors underwent a review of a significant volume of nominations and the challenging process of selecting the seven most qualified professionals. 

Roland Weathers

Each Advisory Board Member will serve a one-year term, elections for the following terms will be held in June of each year. 
ABOUT LEE & ASSOCIATES
Lee & Associates offers an array of real estate services tailored to meet the needs of the company’s clients, including commercial real estate brokerage, integrated services, and construction services.
Established in 1979, Lee & Associates is now an international firm with offices throughout North America.

Jeffrey Rinkov
Our professionals regularly collaborate to make sure they are providing their clients with the most advanced, up-to-date market technology and information.
For the latest news from Lee & Associates, visit lee-associates.com or follow us on FacebookLinkedInTwitter and Link, our company blog.

CONTACT:

Pamela Murphy
Lee & Associates
(832) 315-0219

pmurphy@lee-associates.com

Saturday, September 12, 2020

Mary Frances West of NAI Realvest Brokers Six Leases in Orlando, FL


Mary Frances West

ORLANDO, FL – Mary Frances West, CCIM, Vice President at NAI Realvest, recently completed two lease transactions at Citadel International III, 5950 Hazeltine National Drive, Orlando.  The Class A office building is 139,042 SF and is 80% leased.  West represented the Landlord, Citadel Partners, LTD., in both transactions. 

Gabriel (Gabe) DeJesus 
 Purecycle Technologies, LLC signed a new lease for 2,870 SF in suite 650. 
OverOps, Inc. leased suite 620 with 2,800.  OverOps specializes in offering enterprise software solutions. They have locations in San Francisco, CA and Tel Aviv, Israel.  This is their first Orlando office.  

Scott Austin with Net Leased Investment Company represented the tenant.

West recently represented  sublessor, Fidelity Technologies Corp.  in an 8,977 SF sublease at 2603 

Discovery Drive, Suite 110, Orlando, Florida. 

The subtenant, Luminar Technologies, Inc. was represented by Gabe DeJesus with Foundry Commercial along with Michael Russell with Mohr Partners. The company announced it will be merging in the fourth quarter 2020 with Gores Metropoulos, Inc.
Michael (Mike) Russell

Additionally, West also completed three new lease transactions at Monroe Commerce Park, Church Street & Monroe Road, Sanford, Florida.  The recently re-branded industrial park is 116,500 SF and is 87% leased. 

West represented the Landlord, CWP Monroe Investors, LLC & Ocala North Partnership, LLC, in the transactions

 Love Missions Global, Inc. signed a new lease for 2,000 SF at 667 Progress Way. 

 Carl R. Pursell Construction, LLC leased 4,000 SF at 739 Progress Way.  The company is a family owned and operated business that started 
in 1980 in New Jersey, and recently expanded into Florida. 

 They are relocating their Florida office from Kissimmee to Sanford.  Carl R. Pursell Construction was represented by David Lundberg of CEP Advisors.

David Lundberg
 Andrews Chiropractic & Sports Performance, LLC signed a long-term renewal at University Court, 3361 Rouse Road, Orlando. 

 West represented the Landlord, Interchange-FL Rouse, LLC in the renewal of 2,128 SF in suite 230.  


 About NAI Realvest

NAI Realvest, covering all of central Florida, is a fully integrated commercial real estate operating company specializing in brokerage, development, investment, leasing and management, consulting and research services in the U.S. and worldwide.


NAI Global is an international commercial real estate network with over 400 offices spanning the globe.  Since 1978, clients have built businesses on the power of NAI Global’s expanding network.  

Extensive services include multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services.

CONTACTS:

Yelena Gurtovenko 
ygurtovenko@realvest.com

Mary Frances West, CCIM, Vice President, NAI Realvest 407-875-9989, mfwest@realvest.com

Paul P. Partyka, CCIM, MiCP, CIPS, Partner, NAI Realvest
407-875-9989, ppartyka@realvest.com

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

NAI Realvest's Paul Partyka Active in New Lease Brokering and Sale


Sara Bravo

ORLANDO, FL – Paul P. Partyka, CCIM, MiCP, CIPS, Partner at NAI Realvest, brokered unit 1719, 3,000 SF, in the Anchor Road Commerce Center, 211 Reece Way, Casselberry, Florida, on behalf of the landlord, Justin Time Developers, LLC.  

The tenant, Stone Savvy, Inc., was represented by Sara Bravo with Optim Real Estate.

Stone Savvy, Inc. is relocating and expanding their fabrication facility.  Stone Savvy has been in business for 14 years and supplies custom fabricated countertops for both residential and commercial uses.

Paul Partyka
Partyke also represented the owner, Owens Family Venture, LLC, in the sale of the property at 3441 SR 419, Winter Springs, Florida at a sale price of $414,800.  

The buyer, 3441 SR 419, LLCis a subsidiary of Eckstein Properties, which acquired the property to add to their Central Florida portfolio. 

Additionally, Paul assisted the new owner in signing a new long-term lease with the tenant, Revworks, Inc. for the  6,040 SF building on 0.7 acres. 

About NAI Realvest

NAI Realvest, covering all of central Florida, is a fully integrated commercial real estate operating company specializing in brokerage, development, investment, leasing and management, consulting and research services in the U.S. and worldwide.


CONTACTS:

Yelena Gurtovenko 
ygurtovenko@realvest.com

Paul P. Partyka, CCIM, MiCP, CIPS, Partner, NAI Realvest
407-875-9989, ppartyka@realvest.com

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