Lee & Associates South Florida Welcomes Ben Key as Principal

Ben Key

MIAMI, FL – Lee & Associates South Florida strengthened its market-leading team of talented commercial real estate brokers with the addition of Ben Key as Principal.

 

Operating out of the firm’s Miami and Deerfield Beach offices, Key brings a diversified 20-year background in various components of real estate brokerage and management.

 

Key specializes in retail and industrial value-add, leasing, acquisitions, dispositions and property management. He has expertise in the transformation of underperforming properties and excels at tenant relations.

 

Prior to joining Lee & Associates South Florida, Key was the Founder and Principal of BKRE, LLC, where he honed a unique approach to property management and turnaround strategies. Starting in Houston in 1999, the company expanded to Florida a decade later.

 

Key’s past experience also included roles as Broker Associate with Indermuele & Co. and Republic Central Realty.

Matthew Rotolante

“Ben Key has a highly impressive track record in Texas and Florida,” Lee & Associates South Florida President Matthew Rotolante said.

 

“His creativity and experience across multiple commercial real estate sectors will enhance our growing South Florida-based team. Ben’s history with value-add and troubled assets will especially come in handy in the current market environment.”

 

Key is a member of ICSC and received a certification in commercial leasing from the prominent industry organization. He earned his bachelor's degree in Business Administration & Management from Texas State University.

 

 

 

CONTACTS:

 

Eric Kalis

Senior Vice President

ekalis@boardroompr.com

C 305-794-5123

O 954-370-8999

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Wycliffe Bible Translators USA Lists 272-Acre Orlando Headquarters For Sale

  

John Chesnut

ORLANDO, FL –– Wycliffe Bible Translators USA has listed its 272-acre Orlando headquarters for sale in a move that will unlock underutilized resources for its mission to see people from every language understand the Bible and be transformed. 

“The sale of our global headquarters will help us marshal every resource at our disposal to press on toward seeing every person around the globe have access to a Bible in a language and format they can understand in our lifetime,” said John Chesnut, president and CEO of Wycliffe USA. 

Wycliffe USA’s headquarters facilities were constructed in the early 2000s with a planned capacity of 800 people. However, the organization’s geographically dispersed workforce, coupled with broader trends in remote work, has led to underutilization of the space and surrounding acerage.

Additionally, there is a rise globally in local churches initiating translation work, which means a reduction in the need for the same number of US-based participants as in the past. Wycliffe USA will relocate its headquarters near the current location pending the sale of the property. 

Wycliffe USA’s headquarters comprises 272 acres 
 in the Lake Nona submarket of Orlando, FL

The property listed for sale comprises 272 acres in the Lake Nona submarket of Orlando. It includes more than 167,000 square feet of Class “A” office and 120,000 square feet of ancillary support facilities, including an activity center, RV park, corporate lodging, visitor center, clinic and warehouses. 

The property includes large tracts of park, mitigation and wetland areas, as well as 47 acres of pad-ready lots with entitlements for further campus expansion. 

Trent Scott

“Florida is one of the fastest-growing commercial real estate markets in the country, and the Wycliffe campus is one-of-a-kind,” said

Trent Scott, president of First Capital Property Group, Inc.| CORFAC International, the firm representing Wycliffe USA in the sale efforts.

“It is rare to find a property of this size, so close to recent residential development and transportation options, that is both move-in ready and provides for immediate expansion.” 

“We’re grateful for the expertise of First Capital Property Group as Wycliffe’s Executive Leadership Team explored this opportunity,” Chesnut said.

“Their deep knowledge of the Orlando market has strengthened our confidence that selling the property will put Wycliffe in the best position to direct as many resources as possible to the mission.” 

 

CONTACTS:

emma.angell@pinkston.co

 

Trent Scott

 407.872.0930 

 www.FCPG.com/Wycliffe.

 

 

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JLL Capital Markets arranges $55 million financing of the 456,208-square-foot, open-air Quartermaster Plaza in South Philadelphia

Quartermaster Plaza, a 456,208-square-foot, 
dominant, open-air shopping center
located in in South Philadelphia, PA

  

 PHILADELPHIA, PA, Feb. 21, 2024 – JLL Capital Markets has closed the $55 million financing of Quartermaster Plaza, a 456,208-square-foot, dominant, open-air shopping center located in in South Philadelphia, Pennsylvania.

 

JLL worked on behalf of the owner, DRA Advisors and KPR Centers Partnership, to secure the five-year bank loan. DRA and KPR originally purchased the property in July of 2022 as one of a 33 grocery-anchored shopping center portfolio from Cedar Realty Trust. 

Michael Gigliotti

Built in 2004, the 99-percent-leased Quartermaster Plaza is anchored by BJ’s, The Home Depot and Sprouts Farmers Market.  The property boasts a weighted average lease term of eight years and 15.7 years of weighted average tenure.

 

96% of its gross income is derived from a national and credit tenant lineup that includes Bank of America, Wendy’s, Walgreens, PetSmart, Planet Fitness and more.

 

 In addition, the property has enjoyed significant leasing momentum over the last 36 months, with over 53,000 square feet of new leases signed and 191,000 square feet of renewals executed.

 

Situated at 2200 W. Oregon Ave., Quartermaster Plaza is the dominant, center-of-gravity shopping center along Oregon Avenue, one of the most active retail corridors within Philadelphia city limits and the main east-west thoroughfare.

 The property is currently ranked as the 2nd most visited shopping center within a five-mile radius with over 3.7 million visits over the last 12 months.

James Galbally

The center also offers proximity to I-76, the most highly trafficked interstate in the state of Pennsylvania, and within a three-mile radius is a population of approximately 328,145 and an average household income of $88,810.

 

The JLL Retail Capital Markets Debt Advisory Team was led by Senior Managing Director Michael Gigliotti, Senior Managing Director James Galbally, Senior Director Michael Pagniucci and Associate Blaine Fleming.

 

“We were able to attract very competitive lender interest for this property from multiple capital sources to the benefit of the owners DRA and KPR. Lenders appreciate the in-fill location, high-performing anchor tenant line-up and institutional ownership that continues to create value since their 2022 acquisition,” said Pagniucci.

Michael Pagniucci 

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 sales and advisory, debt advisory, equity advisory or a recapitalization.

 

 The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

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

 

 

   CONTACT:

Blaine Fleming

 

Jenna Sharp

JLL, Public Relations, Capital Markets

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

 

http://draadvisors.com

www.kprcenters.com

jll.com.

Tangram Interiors Partners With Neiman Marcus to Create Innovative Corporate Workspace in Dallas, TX

Elizabeth Vance

DALLAS, TX, Feb.20, 2024 – Tangram Interiors, a curator of highly creative commercial interior environments headquartered in Southern California, has partnered with Neiman Marcus in 2023 to complete an innovative, luxurious corporate hub at CityPlace Tower in Dallas, TX.

This groundbreaking project reflects Neiman Marcus' commitment to prioritizing employee wellbeing and belonging. The company’s architecture and design partner, Gensler,

approached Tangram Interiors with the goal of creating a high-end, personal, and inclusive workspace to empower its associates.

With its newDallas hub, the company seeks to translate the luxurious experience of its retail stores into a workspace that prioritizes flexibility, equity, and comfort for all.

Designed in collaboration with renowned architectural firm Gensler and furnished by Tangram Interiors, the new Dallas corporate location exemplifies a hybrid space concept, integrating physical and virtual elements to accommodate the diverse needs of Neiman Marcus' remote-first teams.

EricSeverson

"The keyis cultivating an environment that allows everyone to do their best work," explains EricSeverson, Neiman Marcus Chief People, ESG, and Belonging Officer. "This sense of freedom and choice is empowering and allows all of our

associates to thrive and advance in their careers."

Throughout the hub, five associate lounges provide opportunities for comfortable and informal collaboration, each celebrating iconic Neiman Marcus store locations withunique aesthetics and art pieces.

Hybrid collaboration spaces, outfitted with state-of-the-art video conferencing equipment and virtual whiteboards, facilitate communication and participation for in-person and remote associates alike.

"We wanted each space in the hub to have its own identity while reflecting elements of our storied history and NMG’s classic elegance," says ElizabethVance, Neiman Marcus Senior Manager of Retail Project Management and Retail Excellence.

 "Thanks to the wide array of brands Steelcase and Tangram represent, we were able to create a beautiful space that fosters innovation, creativity, and equity."

CONTACT:

Rachel Devany

949-443-9300

rachel@kcomm.com

JLL lease will bring second Sprouts Farmers Market to Yuma, AZ

 

  Regan Amato

YUMA, AZ – JLL has signed a 23,228-square-foot lease bringing a second Sprouts Farmers Market to Yuma, Arizona.

 With over 400 stores in 23 states, Phoenix-based Sprouts is one of the nation’s largest and fastest-growing specialty retailers of fresh, natural and organic food.

 The new Yuma Foothills Sprouts store will be located at the northeast corner of Fortuna Road and Interstate 8. It will offer the company’s trademark grocery experience featuring fresh produce and better-for-you products, and items that cater to various dietary lifestyles including organic, plant-based and gluten-free options.

 

Regan Amato from JLL's Phoenix office represented Sprouts in the lease transaction. Thomas J. Pancrazi of A.T. Pancrazi Real Estate Services represented the project developer, The Spencer Companies. 

 

“Yuma has a young and growing population that continues to expand thanks to its thriving agricultural and military economies, and an emerging manufacturing sector,” said Amato, Executive Vice President, JLL. “That makes this southwestern Arizona town a prime location for Sprouts to expand its retail footprint.”

Thomas J. Pancrazi

Sprouts currently operates one location in Yuma at 1590 S. 4^th Ave. The store sits in Yuma’s central retail corridor, on U.S. Route 95 just off Interstate 8. The new Yuma Foothills Sprouts location will serve eastern Yuma, in an area that is underserved from a specialty grocer perspective and surrounded by new residential development.

 

“The Spencer Companies has been an active developer in Yuma for more than 30 years and is honored to be involved in bringing Sprouts Farmers Market to the Foothills Community,” said Lane S. Heida, Director, The Spencer Companies.

 

“In addition to this specialty grocery store, this new Sprouts Center will include an additional 11,250 square feet of attached, in-line retail space designed to provide enhanced restaurant, shopping and service industry benefits to those who call Mesa Del Sol and the Yuma Foothills home.”

Lane S. Heida

Development and grand opening timelines for the new Yuma Foothills Sprouts store are underway, with more details to come.

 

In Phoenix, JLL is a market leader employing more than 527 of the region’s most recognized industry experts offering office, industrial, retail, healthcare and data center brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services, and related services within the real estate leasing, investment and management process.

 

In 2022, the Phoenix team completed almost 115 million square feet in lease and sale transactions, with a total transaction volume of more than $11.4 million, and directed $180 million in project management.

 

For more news, videos and research resources, please visit JLL’s newsroom.

 

CONTACT:

Stacey Hershauer

focusAZ 

P 480.600.0195

www.focusaz.com

 jll.com