Next Wave Espands Utah footprint with acquisition of four multifamily communiities totaling 114 units in Ogden MSA

Jordan Fisher

 OGDEN, UTAH and ROY, Utah  – Next Wave Investors, LLC (“Next Wave”) a private equity firm focused on value-add multifamily investments, has acquired a portfolio of four multifamily properties totaling 114 units in the Ogden-Clearfield metropolitan statistical area of Utah.

 Next Wave has been active in the greater Salt Lake City market for several years and has identified the Ogden-Clearfield MSA as a key submarket demonstrating high-growth fundamentals that are well aligned with the firm’s investment strategy, according to Jordan Fisher, Principal at Next Wave.

 “The Ogden MSA has emerged as a top-performing Salt Lake City submarket that is seeing year-over-year rent growth of more than 13% and occupancy rates of over 98%, creating a high demand for quality multifamily units,” says Fisher, citing recent Yardi Matrix reports.

Ogden, UT business district

 “Located approximately 45 minutes north of Salt Lake City, the area’s positioning as a peaceful suburban location with rich local amenities on the cusp of a major city will continue to attract those seeking a more space and small-town feel within close proximity to employment hubs.”

 Fisher notes that the four properties, which were all built between 1970 and 2000, present a strong opportunity for Next Wave to implement its value-add multifamily strategy to modernize the communities and enhance the overall image and curb appeal.

CONTACTS:

Arleeny Escarcega / Elisabeth Manville

The Smart Agency, Inc.

(949) 438-6262

aescarcega@thesmartagency.com  

NexMetro Opens First Single Family Rental Neighborhood in Central Florida

 

Linda Coburn

 

Phoenix, AZ -- NexMetro Communities, a pioneer developer of luxury leased home neighborhoods, announced the opening of its first Florida community, Avilla Suncoast, a 152-home neighborhood in Odessa.  

 

Avilla Suncoast brings NexMetro’s in-demand single family, built-to-rent neighborhood concept to Tampa, offering a unique alternative to traditional rentals.

 

“Demand for single-family rental homes remains incredibly strong as consumers seek this unique lifestyle experience that combines the best of a single-story detached home and mortgage-free, maintenance-free leased living,” said Linda Coburn, NexMetro’s Vice President of Asset Management.

 

Coburn adds,  “The opening of Avilla Suncoast and our expansion into Central Florida validates the tremendous appeal of this hybrid housing offering to diverse consumers in all stages of life.” 

 

The intimate 13-acre neighborhood offers the benefits of a purpose-built new home gated community with single level, detached homes for lease with resort-inspired amenities.

 

The interior elements are best-in-class and provide the luxury of an individual home with private entrances and backyards, high ceilings, open floor plans and outdoor patios.

 

The pet-friendly community also boasts a spacious, resort-style pool, spa, dog park, grilling stations, green space, fire pit and gathering areas. 

 

 

CONTACT:

Heather Austin

PR for NexMetro and Avilla Homes

602-738-9252 cell

Ware Malcomb Promotes Amanda Sanabria to Studio Manager, Advanced Manufacturing in Vaughan, Ontario, Canada

 

 

Amanda Sanabria 

VAUGHAN, Ontario, Canada – Ware Malcomb, an award-winning international design firm, announced Amanda Sanabria has been promoted to Studio Manager, Advanced Manufacturing in the firm’s Vaughan, Ontario office. 

Sanabria has more than 20 years of architectural experience, including significant experience leading industrial, retail, multifamily and data center projects from programming and design through completion.

She has helped build the Advanced Manufacturing team in the Canada market, designed several multistory facilities, and been instrumental in delivering large-scale facilities for e-commerce and distribution clients.

Frank Di Roma

She joined Ware Malcomb in 2019 as a Project Architect.

“Amanda is a trusted leader and she has significantly helped grow our Advanced Manufacturing group,” said Frank Di Roma, Principal for Ware Malcomb.

“We appreciate her strong ability to connect with clients, consultants, and her fellow team members, and we congratulate her on this well-deserved promotion.”

Sanabria holds both a Bachelor of Science in Architecture and a Master of Architecture from McGill University, as well as architectural licenses from the Ontario Association of Architects and the Order of Architects of Quebec. She is LEED BD +C and PMP certified. 

 

CONTACTS:

 

Rachel Reenders

VP Public Relations

 KCOMM for Ware Malcomb

rachel@kcomm.com

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

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

 

 

Zeiss Optics Firm Opens Second Florida Office

Andy McCaw

ORLANDO, FL – Andy McCaw, FMA, Vice President, Tenant Representation at NAI Realvest, recently represented Carl Zeiss, Inc., in their lease of a new office space at University Corporate Center II, 11486 Corporate Boulevard, Suite 100, Orlando, FL with 4,299 SF. 

 ZEISS is an internationally leading technology company operating in the optics and optoelectronics industries.  This is their second location in Florida.

 The landlord, CPO UCC, LLC, was represented by Paul Reynolds and Kevin Will with Foundry Commercial.

CONTACTS:

 Andrew McCaw, Vice President, Tenant Representation, NAI Realvest

 407-875-9989, amccaw@realvest.com

Patrick Mahoney, President/CEO, NAI Realvest, 

407-875-9989 pmahoney@realvest.com

 Yelena Gurtovenko, ygurtovenko@realvest.com

 

STREAM Capital Partners serves as the exclusive real estate advisor to Amerant Bancorp for the $135 Million Sale Leaseback of its corporate headquarters in Coral Gables, FL

 

Sasha Dominguez

CHICAGO, IL –– STREAM Capital Partners, the leading national net lease and sale leaseback advisory group, served as the exclusive real estate advisor to Amerant Bancorp Inc (NASDAQ: AMTB), (the “Company” or “Amerant”) for the $135 million sale leaseback of its corporate headquarters property in Coral Gables, FL.

Jerry Plush

 The subject property, a 177,000 square foot Class A office building and attached indoor parking facility with 400 spaces, is located at 220 Alhambra Place in Coral Gables, FL.  At the time of the sale, it was over 90% occupied by multiple tenants, with Amerant Bank as the master tenant. 

Jonathan Wolfe

Amerant is leasing back the property for a period of 18 years from the time of closing.  The buyer was an institutional buyer.

“The current market conditions, combined with the terms of the leaseback agreement, make this a very positive move for the Company both in the near and long term,” said Jerry Plush, vice chairman & CEO of Amerant.

Jordan Shtulman 

“We previously stated that one of our goals was to reduce the level of fixed assets on our balance sheet, and this transaction is a significant step towards achieving that."

Plush added, “We fully intend to maintain our corporate headquarters in the city of Coral Gables and continue to support the surrounding community for many years to come."

Jonathan Wolfe, Jordan Shtulman and Sasha Dominguez of STREAM Capital Partners represented Amerant in the transaction. 

Dominguez noted that "the South Florida real estate market is attracting capital from across the globe.  We expect to see many more companies in South Florida looking to sell and lease back their corporate-owned real estate as the valuations are extremely attractive today."

 

CONTACTS:

 

Danielle Florina, Vice President STREAM Capital Partners, LLC 630.284.9198 danielle@stream-cp.com   www.stream-cp.com.

Brooke Burgoni, Vice President STREAM Capital Partners, LLC 630.770.2367 brooke@stream-cp.com

 

 

 

 

JLL boosts Valuation Advisory hospitality practice with key hire of Brian Testorf

 

Brian Testorf 

BOSTON, MA – JLL announced that Brian Testorf has joined the firm as a Vice President in the Valuation Advisory group’s Hotels & Hospitality practice.

 Testorf will report directly to Managing Director Charlotte Kang, who is the national Hotels & Hospitality practice lead for JLL Valuation Advisory.

 In this newly created role, Testorf will work alongside Kang to provide clients hotel valuations, appraisals, market and impact studies, market feasibility advisory, buy-side due diligence, and portfolio valuation and consulting services.

Charlotte Kang

“We are thrilled to welcome Brian to the hotel valuation and advisory team,” Kang said. “As we expand strategically across the country, Brian’s focus as a hotel specialist fits in very nicely with the skillset and experience our clients have come to expect and trust from our group.

 "As we continue to pursue our ambitious goals, Brian will be a great resource in strengthening the platform’s presence in the New England region.”  

 Testorf comes to JLL from LW Hospitality Advisors, a boutique hotels & hospitality valuation and asset management firm where he was a Senior Associate focused on appraisals and feasibility studies of more than 150 hotels across the U.S.

Zach Bowyer

“Our growth strategy includes bringing in top talent to best leverage JLL’s market leading platform technology and database," said Zach Bowyer, Head of Alternative Real Estates Sectors for JLL Valuation Advisory.

"Brian is a rising star within the hotels sector and will be a key part of our mission to enable our clients to make the fastest, best informed decisions related to their real estate interests,”

 

CONTACT:

Kristen Murphy, JLL Senior Manager, Public Relations

Phone: +1 617 848 1572

Email:  Kristen.Murphy@am.jll.com

Donohoe Hospitality Services Names Chef Malcolm Mitchell Corporate Director of Restaurants and Bars

 

Chef Charles Mitchell

 BETHESDA, MD – Thomas Penny, III, president of Donohoe Hospitality Services, a division of Donohoe, has named Chef Malcolm Mitchell corporate director of restaurants and bars.

 

 In the newly created role, Mitchell will be responsible for overseeing the F&B experience for the existing portfolio, as well as creating new concepts for upcoming developments.

 

“Chef Mitchell’s commitment to the highest culinary standards is outmatched only by his desire to share his love of food and drink with everyone he meets, ideal qualifications for a corporate director of restaurants and bars,” Penny said.

Chef Mitchell at work

 

“Donohoe is committed to amplifying the food and beverage experience at each of our hotels as we firmly believe it both improves the guest experience and bottom-line profitability. 

 

 "Our restaurants are concepted and designed as true neighborhood establishments for locals as well as our guests, not merely check-list concepts to meet some brand requirement." 

 Thomas Penny, III

With more than 25 years of culinary experience, Mitchell is an award-winning chef and author whose work has been showcased at the Food & Wine Classic Aspen, Food Network Wine & Food Miami and the Black Chef Series.

 

Prior to joining Donohoe, he was executive chef/owner of The M Chef Group – New York.  He has appeared on several national cooking shows, including, “Food Networks Beat Bobby Flay,” “NTDTV Celebrity Chef Chinese Competition” and most notably as a Season 8 “Next Food Network” semi-finalist. 

 

Mitchell also served as an adjunct professor for Prince Georges Community College.  He received his Advanced Culinary Arts Degree from Stratford University.

 

 

 CONTACT:

 

Chris Daly

President

DG Public Relations

(703) 864-5553

chris@dalygray.com

www.dalygray.com

 

 www.donohoe.com/hospitality.

The Real Estate Capital Institute® notes pandemic continues to keep commercial real estate interest rates low

John Oharenko

Chicago, IL – COVID continues to dominate world headlines.  The news of the fresh Omicron variant resulted in a 2.5% drop in the stock market during the Thanksgiving holiday.

 Benchmark interest rates tumbled about fifteen basis points in step, with the stock market decline after steadily climbing much of the month based on inflation fears.

 

As the pandemic continues to keep interest rates low, real estate investing remains challenging. 

 Lenders and borrowers alike maintain large cash stockpiles, maintaining pricing extremely competitive on nearly all types of realty assets.

 

  So, where are the opportunities for investing in this sector?  Some areas include the following:

 

Workforce Housing:  Older, more management-intensive workforce housing based on affordable rents still provides some profit opportunities.  Investors should expect heavier capital investments on an ongoing basis.  In return, overall investment yields in the teen range still are attainable.

Localization:  Investors continue flocking to Sunbelt markets.  As a result, more opportunities abound for smaller, local ventures in the Midwest and other less glamorous markets.  Yield premiums of fifty to two-hundred-basis points or more can be had.

Small-scale:  Institutional investment capital chases the highest quality, core assets of $20 million or more.  Meanwhile, mid-size deals of $5 to $10 million attract substantial interest from local and regional firms.

 

  However, smaller investments below the $5 million thresholds still present less efficient markets for investors to capture additional yields, sometimes above 400 basis points.

 

The Real Estate Capital Institute's Director, John Oharenko, advises, "Some of the most attractive realty investments include smaller, local workforce housing.  Investors with strong local presence and efficient property management capitalize on such opportunities."

The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates, including treasuries, bank prime, and LIBOR.  

 

CONTACT:

 

 John Oharenko

Executive Director

john.oharenko@reci.com

director@reci.com / www.reci.com

 

DAUM Commercial Brokers 51,908-SF Lease in Tijuana, Mexico

 Los Pinos II, built in 1990, 
is ideal for a manufacturing
or assembly business. 

 

 TIJUANA, Mexico – DAUM Commercial Real Estate Services has completed the lease of a 51,908 square-foot standalone industrial facility, Los Pinos II, situated on 1.85 acres of land in the central Baja California submarket of Tijuana, Mexico, on behalf of the lessee, Pacific Transformer.

 

Los Pinos II is located at Gustavo Díaz Ordaz 18803 in Tijuana, Mexico.

Anthony Bergeman

The new tenant, an Orange County, California-based manufacturer that specializes in distribution transformers for medical, military, and automotive products, is expanding within Mexico and will increase its local operations capacity by 300% with this lease, according to Anthony Bergeman, SIOR, an Executive Vice President and Principal at DAUM Commercial.

“Based on ongoing trends related to quality control and time-to-market, compounded by recent severe supply chain disruptions, many U.S.-based firms are shifting a larger percentage of their overseas manufacturing operations to North America, especially to areas that are in close proximity to transportation routes,” explains Bergeman. 

 Arturo Valdes

“Responding to our Client’s need for a larger facility to grow their Mexico operations, we were able to identify this property in Baja California, ideally located just 40 minutes from the U.S./Mexico border near several interstate and international highways to facilitate convenient product distribution.”

“Drawing upon close industry relationships, we cooperated with fellow SIOR Broker Arturo Valdes of NAI Mexico to source the opportunity for Pacific Transformer to lease this high-quality asset within a supply-constrained market,” says Bergeman.

 “While the building was still occupied, a termination agreement was reached and we were able to negotiate immediate occupancy for our Client once the existing tenant vacates.”

The industrial asset is further situated within a matured industrial zone near residential areas with an ample pool of skilled workers, Bergeman notes.

CONTACTS:

 

 

Arleeny Escarcega / Elisabeth Manville  

The Smart Agency, Inc.

(949) 438-6262

aescarcega@thesmartagency.com