HFF closes $8.87 million sale of market-dominant retail center in Florida Panhandle

                      

Crestview Corners Shopping Center, Crestview, FL

Brad Peterson

ORLANDO, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $8.87 million REO sale of Crestview Corners, a 116,983-square-foot, fully leased, market-dominant community retail center in the Florida Panhandle community of Crestview. 

HFF arranged the sale on behalf of the seller, special-servicer LNR Property, a subsidiary of Starwood Property Trust, Inc.  A partnership of SilverCap Partners LLC and Burton Property Group, LLC purchased the asset free and clear of existing debt.

The 100-percent-leased Crestview Corners is home to a variety of national and regional tenants, including Big Lots, Bealls Outlet, Ashley Furniture, Rent-A-Center, Hibbett Sports and Beef O’Brady’s. 

Situated on 13.5 acres at 2493 South Ferdon Boulevard (State Road 85), the center is the only multi-anchor shopping center in a 10-mile trade area, with the nearest comparable retail concentrations located 22 miles south in Destin and 38 miles west in Pensacola. 

Crestview Corners is on the “going home” side of Ferdon Boulevard half a mile off Interstate 10, which have combined traffic counts of 58,600 vehicles per day. 

Whitaker Leonhardt

 The HFF investment sales team was led by senior managing director Brad Peterson and director Whitaker Leonhardt.

“The market fundamentals throughout the Florida Panhandle are incredibly strong, as indicated by the Crestview MSA leading the state of Florida with an incredibly low unemployment rate of 2.6 percent,” Leonhardt said.

 “Combined with high barriers to entry, these markets have some of the lowest retail vacancy rates in the state.  Retail investors are starting to catch on to the strength of these markets, and we are seeing excellent investment opportunities in this region.”

 For more information on this company, please contact:

Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.silvercappartners.com

www.burtonpropertygroup.com.

HFF arranges $50.7 million financing for 6-building retail portfolio in Louisiana markets

Jon Mikula

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $50.7 million in acquisition financing for a six-building portfolio of newly completed, freestanding retail stores fully occupied by Walmart Neighborhood Market and totaling 257,533 square feet in various markets in southern Louisiana.

HFF worked on behalf of the borrower, The Hampshire Companies, Hana Asset Management from Seoul, South Korea, and several of their institutional and retail investors, to place the five-year, interest-only, fixed-rate loan with Protective Life Insurance Company.

The Walmart Neighborhood Market portfolio comprises two stores near Lafayette, the 43,240-square-foot 2310 South Union Street store in Opelousas and the 41,952-square-foot store at 1201 Parkview Drive store in New Iberia;

Also, three New Orleans area properties, the 42,311-square-foot store at 2500 Archbishop Philip M. Hannan Boulevard in Meraux, the 42,311-square-foot 224 West Main Street store in Thibodaux and the 44,237-square-foot store at 6411 West Park Avenue in Houma; and one property near Baton Rouge, the 43,482-square-foot store at 15047 Airline Drive in Prairieville.

Michael Klein

 All the properties are in prime commercial corridors within their respective submarkets.

The HFF team was led by senior managing director Jon Mikula and managing director Michael Klein.

“In order to hit the required investment returns, the borrower needed a portfolio lender that would be able to lock the rate at application and eliminate any interest rate risk and provide a full-term interest only loan,” Klein said.  “Protective Life was able to hold the rate through closing and was able to adapt to many of the twists and turns typically associated with acquiring a portfolio in various geographic locations.”

 For more information on this company, please contact:

Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
ohennessey@hfflp.com

To stay connected with The Hampshire Companies and for updates on the latest transactions and news, follow the company on Facebook (www.facebook.com/hampshireco), Twitter (@hampshireco), and LinkedIn (www.linkedin.com/company/the-hampshire-companies).
www.HampshireRE.com.
 

HFF arranges refinancing for Downtown Dadeland in Miami, FL

  

Downtown Dadeland, Miami, FL

Chris Drew

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a refinancing for the 126,453-square-foot retail component of Downtown Dadeland, a mixed-use development comprising seven buildings with six floors of residences, ground-floor retail and subterranean parking.

HFF worked on behalf of the borrower, a joint venture between Duncan Hillsley Capital and Pebb Capital, to place the financing with Square Mile Capital Management, LLC.  HFF previously brokered the sale of this property to the borrower in a 2014 transaction.

Downtown Dadeland is located on 7.5 acres in the epicenter of the Dadeland “Triangle”, an urban infill location bounded by three of Miami’s most heavily trafficked thoroughfares and directly across from Dadeland Mall. 

The property is home to the greatest concentration of chef-driven restaurants in the region, including concepts such as Barley American Brasserie (Chef Jorgie Ramos), Ghee Indian Kitchen (Chef Niven Patel), Harry’s Pizzeria (Chef Michael Schwartz) and Pubbelly Sushi (Chef Jose Mendin).

Nat Scarmazzi

In addition, the property offers a prominent mix of experiential retail and lifestyle service providers, including West Elm, HCA Healthcare, Orange Theory Fitness, Panera Bread, Chili’s Bar and Grill and Men’s Warehouse.

The HFF debt placement team was led by senior managing director Chris Drew, senior director Nat Scarmazzi and managing director Luis Castillo.

“Duncan Hillsley has done an incredible job creating a unique retail destination that offers not only experiential retail and lifestyle service providers but also some of the best restaurant options south of Miami’s CBD, including Pubbelly Sushi, Barley American Brasserie, Ghee Indian Kitchen and Harry’s Pizzeria,” Scarmazzi said.  

“The sponsor’s vision for the property and ability to flawlessly execute its plan has created a new epicenter in Dadeland and served as a major catalyst of growth in this submarket.”

HFF’s debt placement professionals have secured $46.158 billion in financing across all property types in the 12 months ending June 30, 2017.

 For more information on this company, please contact:

Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

http://pebbcap.com

http://duncanhillsley.com

Westwood Financial Continues Trajectory of Rapid Growth; Appoints Matt Lougee New Executive Vice President to Lead Expansion

Matt Lougee

LOS ANGELES, CA (Aug. 21, 2017) – Westwood Financial, a leading retail investment firm with a portfolio of 118 shopping centers in the U.S., has announced the addition of Matt Lougee as its new Executive Vice President to lead the firm’s ongoing growth and expansion.

“As a forward-looking firm, we are committed to creating a best-in-class leadership team to drive the expansion and management of our industry-leading portfolio,” explains Co-CEO Joe Dykstra. “This new appointment will advance our long-term objective to grow our platform, refine our corporate strategy, and strengthen our capital relationships, thereby positioning us to better serve our clients and investors.”

In this role, Lougee will be responsible for spearheading Westwood’s corporate strategy and finance. He will also facilitate financing for the firm’s retail investments, oversee capital formation and investor relations, and negotiate joint-venture partnerships.

Joe Dykstra

“Matt brings over a decade of real estate finance experience, specifically in value-oriented shopping centers, and will be integral in guiding the growth of our firm,” adds Co-CEO Randy Banchik. 

“This new addition to our executive leadership team, coupled with our recent consolidation of 275 partnerships into a single entity, reflects our commitment to evolve from a traditional real estate sponsor into a sophisticated real estate institution, and will position us to stay competitive in this evolving retail landscape.”

Prior to Westwood, Lougee served as a Senior Vice President of Finance at DDR Corp., a REIT that owns over 300 open-air shopping centers, where he was involved in asset management, transactions, capital formation, corporate finance and accounting, and investor relations.

He graduated from Colgate University and is also a graduate of DDR’s management training program.

For more information on the company, please contact:

Lauren Burgos / Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

LBurgos@browermillercole.com

Berger Commercial Realty Facilitates $2.5 Million Purchase of Land on 17th Street Near Broward County, FL Convention Center and Port Everglades, FL

  

Steve Hyatt

  FORT LAUDERDALE, FL – Berger Commercial Realty/CORFAC International Senior Vice President Steve Hyatt represented 1717 Partners, LLC, an affiliate of local developer JM Properties, Inc., in the purchase of a .43 acre (18,721 square-feet) outparcel located at the high-profile corner of 17th Street and Eisenhower Boulevard, directly across the street from the Greater Fort Lauderdale/ Broward County Convention Center and Port Everglades.

Current plans for the prime outparcel include a 5,000-square-foot retail/restaurant building with potential for a drive-through.

The outparcel was part of a larger 4.3-acre site for which Hyatt brokered the $22.1 million sale to Alliance/Invesco in 2015 for development of the 394-room Broadstone at Harbor Beach luxury apartment complex, which recently has been completed.

“The 17th Street corridor offers unbeatable demographics for restaurants and retail businesses, and with plans on the drawing board for a Convention Center expansion and a new 800-room Convention Center hotel, it will continue to thrive,” said Hyatt.

Seller in the outparcel transaction was Harbor Beach TRS, LLC, an affiliate of Alliance Residential Company and Invesco Real Estate, represented by Colliers International.   

For more information about Berger Commercial Realty’s brokerage services, please call 954-358-0900 or

954-776-1999

Pierson Grant Public Relations

Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com

HFF arranges $150 million financing for MILA in Chicago

MILA Apartments, Michigan Avenue and Lake Street, Chicago, IL

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $150 million in financing for MILA, a 41-story, 402-unit luxury apartment tower located along Chicago’s Michigan Avenue.

Daniel Kaufman

HFF worked on behalf of a joint venture between The John Buck Company, Becker Ventures, LLC and funds managed and/or advised by Partners Group to secure the floating-rate loan through Quadrant Real Estate Advisors.  Loan proceeds will refinance the original construction financing.

MILA is situated at the northwest corner of Michigan Avenue and Lake Street in the heart of Chicago’s CBD, steps from the Chicago River and highly amenitized Chicago Riverwalk. 

With a WalkScore® of 98 and Transit Score® of 100, the property’s East Loop location is at the confluence of some of Chicago’s most notable entertainment, retail and employment districts, including the Loop, Lake Shore East, River North, Streeterville and the Magnificent Mile.

 Designed by renowned bKL Architecture, the LEED Gold-certified property comprises 402 luxury residences and 21,129 square feet of retail space, which is leased to Starbucks, Roti Mediterranean Grill and Liberty Travel.

Dan

 Completed in May 2016, the stabilized property offers state-of-the-art amenities, including a rooftop relaxation pool and sundeck; urban garden with grilling stations, fire pits, outdoor TVs; and game room with tech bar.

  The property also includes a fitness center, pet salon with outdoor dog run, concierge service and an enclosed parking garage.  Homes feature gourmet kitchens with stainless steel appliances, high-gloss cabinetry and quartz countertops; floor-to-ceiling windows; spacious closets; full technology package; and in-unit washers and dryers.

James Conley

The HFF debt placement team representing the developer was led by managing director Danny Kaufman and director Jimmy Conley.

“It has been a pleasure to work with the development team at The John Buck Company on this successful refinancing,” Kaufman said.  “MILA is one of the best examples seen today of luxury living in Chicago’s high-density urban core.  

"The property’s excellent lease-up and strong operations are a testament to the quality of the project and the sponsorship group’s ability to execute on their plan.”

 For more information on this news release, please contact:

Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.tjbc.com.

HFF announces $21.45 million sale of grocery-anchored retail center in Tucson, AZ

Ventana Village Shopping Center, Tucson, AZ

 PHOENIX, AZ –– Holliday Fenoglio Fowler, L.P. (HFF) announces the closing of the $21.45 million sale of Ventana Village, a 110,116-square-foot, grocery-anchored shopping center in Tucson, Arizona.

CJ Osbrink

The HFF team marketed the property on behalf of the seller, Westwood Financial.  Austin-Texas based Epic Real Estate Partners purchased the asset free and clear of existing debt.

Anchored by Bashas’ Supermarket, the 90.8-percent-leased Ventana Village is also home to Tuesday Morning, Risky Business, Wells Fargo, El Charro Café, Subway, The UPS Store and Ventana Animal Hospital. 

The center is situated on 11.88 acres at 6860-6920 East Sunrise Drive on the southwest corner of East Sunrise Drive and North Kolb road in the northern part of Tucson in the core resort corridor.

 Ventana Village is proximate to affluent neighborhoods Catalina Foothills and Sabino Canyon, and the average household income exceeds $110,000 within a one-mile radius of the center.

The HFF retail investment sales team included managing directors CJ Osbrink and Gleb Lvovich.

“Ventana Village saw a broad spectrum of buyers from private high-net-worth and exchange-driven investors to REITs and institutional advisors,” Osbrink said.  “The center’s long-term lease with a daily-needs anchor, stable rent roll and affluent surrounding demographics checked several boxes that investors are looking for in retail acquisitions today.”

For more information on this news release, please contact:

Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.epicrepartners.com.

HFF announces financing for Entrada Partners’ acquisition of a 7-property office and industrial portfolio in the Dallas, TX area

De'On Collins

DALLAS, TX  – Holliday Fenoglio Fowler, L.P. (HFF) announces the financing of a seven-property office and industrial portfolio totaling 508,840 square feet in the Dallas-Fort Worth MSA.

 The HFF team worked on behalf of the borrower, Entrada Partners, to place the three-year, floating-rate, non-recourse loan with two one-year extension options with Bank of America Merrill Lynch.  Proceeds of the loan were used to purchase the assets and fund future capital and tenant improvements for new leasing.

The portfolio comprises six office assets and one industrial asset completed between 1983 and 1987.

 The office properties consist of two Irving properties, Counterpoint at Las Colinas at 8101 and 8113 Ridgepoint Drive in the East DFW Airport/Las Colinas submarket and Sterling Tech Center at 7801, 7803 and 7805 Mesquite Bend Drive in the DFW Freeport/Coppell submarket;

Also, two Dallas properties in the West Hines North submarket, Dallas Tech Center at 10005, 10015, 10025 and 10105 West Technology Boulevard and Westwood Business Park III at 1805 Royal Lane; 

Also, one property in Richardson, International Corporate Park II at 401, 403, 405, 407 and 409 International Boulevard in the Richardson submarket; and one Farmers Branch property, Valwood XII at 13701 Hutton Drive in the North Stemmons/Valwood submarket. 

The industrial property, International Corporate Park III, is located at 900 Alpha Drive and 500 Industrial Drive in Richardson within the Richardson submarket.

Reuben Berman

The HFF debt placement team representing the borrower included director De’On Collins.

“We are excited to expand our office, flex and industrial presence in the market in order to be part of the booming corporate tenant demand,” said Entrada Partners founder, Reuben Berman.

According to CoStar, The Dallas-Fort Worth Metroplex has an unemployment rate of 3.8 percent and continues to add 317 jobs per day.  

DFW continues to be ranked in the top 10 largest office markets in the United States, and the occupancy rate has remained higher than 85 percent since 2014. 

 The Dallas flex market is the largest market in the U.S. by rentable building area at 133 million square feet and remains 93.7 percent occupied.

  

The Dallas-Fort Worth industrial market is the fourth largest in the United States, containing approximately 864 million square feet of buildings as of the end of the second quarter 2017.  The market-wide occupancy rate was 93.5 percent and continues to show strong signs of improvement with expansions, solid retention and new move-ins to the market.

For more information on this news release, please contact:

Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

https://www.entradapartners.com

HFF announces $16.07 million financing for creative office in Charlotte, NC

INQ2401 Office Building, Charlotte, NC

Cory Fowler

CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $16.07 million financing for the newly remarketed INQ2401, a 162,372-square-foot creative office building in Charlotte, North Carolina.

The HFF team worked on behalf of the borrower, a partnership between DRA Advisors and Mainstreet Capital Partners, to place the floating-rate loan with HSBC.

The borrower redeveloped INQ2401 into a high-density, Class A interior with an eight-per-1,000-square-foot parking ratio.  New HVAC, roof, facade, parking, signage, lighting and landscaping all serve to create a destination office option that lends itself to a unique tenant environment. 

Starting this fall, Verizon Wireless will occupy more than 55 percent of the property.  Situated on 21.54 acres at 2401 Sardis Road North, INQ2401 is in the south part of Charlotte at the intersection of Sardis Road and Independence Boulevard, a strategic highway corridor currently undergoing widening and other improvements.

 Nearby amenities include the future Silver Line Light Rail, which upon completion will increase connectivity for future tenants; Galleria Shopping Center and the 114-acre McAlpine Creek Park.  Uptown Charlotte is approximately 10 miles northwest of the property.

Travis Andeerson

The HFF debt placement team representing the borrower included senior managing director Travis Anderson and senior director Cory Fowler.

“The sponsorship has done a phenomenal job revitalizing the property into a Class A office,” Fowler said.  

“Located within a 30-minute drive to approximately one million residents, INQ2401 addresses an immediate need for high-quality, large single-floorplate office space in a premium location.  That investment plan has been proven by the sponsor with the recent signing of Verizon Wireless.”

For more information on this news release, please contact:

Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

Core5 Industrial Partners Announces 1.1 Million-Square-Foot Building in Southwest Atlanta

Rendering of Planned Southwest 85 Logistics Center, Metro Atlanta, GA

ATLANTA, GA  – Atlanta-based Core5 Industrial Partners has closed on a 109-acre, fully entitled industrial site at Exit 51 in the I-85/Southwest Atlanta submarket. Core5 will immediately break ground on the development of Southwest 85 Logistics Center, a 1.1 million-square-foot state-of-the-art facility, which is expandable to 1.3 million square feet and has all the attributes of an e-commerce fulfillment center. Delivery of the building is scheduled for the second quarter 2018.

Lisa Ward

The configuration of the Southwest 85 site offers outstanding flexibility and expansion opportunities up to 1.3 million square feet. The proposed building will feature 40-foot clear ceiling height and can accommodate trailer parking for over 520 trailers with well over 1,000 auto parking spaces. 

The site is in pro-business northern Coweta County and offers significant 5-year job tax credits equal to $3,500 per qualified job with a total value of $7 million for the creation of 400 qualified jobs.

“Located less than two minutes from Exit 51 on I-85, the property provides outstanding access and interstate frontage visibility coupled with easy proximity to Metro Atlanta’s population base. This will be an ideal facility for e-commerce fulfillment,” states Lisa Ward, Senior Vice President and Managing Director for Core5. “Core5 is very bullish on the Southwest Atlanta Market and on this site, in particular,” offers Ward.

 

Greg Wright

Southwest 85 is a replacement facility for Core5’s Shugart Farms facility where Duracell signed a 10-year lease before building completion earlier this year. 

The building was sold to TA Realty in June 2017. Core5 currently has another 3.7 million square feet in six projects under construction or in the immediate pipeline around the city in addition to Southwest 85 Logistics Center.

“We continue to see significant demand from large-scale users in the metro area with absorption outpacing supply,” continues Ward. Southwest 85 will be Core5’s first building in Atlanta over one million square feet in size.

“We are delighted that Core5 Industrial Partners has chosen to invest in Coweta County,” states Greg Wright, President of the Development Authority of Coweta County. 

“With our location, access to a qualified workforce and superior quality of life, we know that Southwest 85 Logistics Center will be a property in high demand. We look forward to working with the Core5 team to help recruit more great jobs in our community,” Wright added.

   

For additional information about Southeast 85 Logistics Properties, contact Lisa Ward at 404.262.5430 or lw@c5ip.com.

For details on Core5 Industrial Partners, visit www.c5ip.com.

For more information on this news release, please contact:

RITA SKAGGS

RED DART Real Estate Consulting

404.788.3231

rita@reddart.co

Walkability, Freeway Expansion in Phoenix, AZ Spurs Sale of Foothills Corp. Centre II; JLL completes $18.40 million Class A building sale

Foothills Corporate Center II, Phoenix, AZ

Brian Ackerman

PHOENIX, AZ – Proving the power of amenities like walkability and freeway access – including a location near the future Loop 202/South Mountain Freeway expansion – the Phoenix office of JLL has completed the $18.40 million sale of Foothills Corporate Centre II, an approximately 145,000-square-foot office building located along I-10 in the heart of Awhatukee, in Phoenix, Arizona.

JLL Senior Vice Presidents Brian Ackerman and Dan Postal represented the property seller, Fort Properties Management, Inc. The buyer was a joint venture between a leading institutional investor and Everest Holdings. JLL Managing Directors Dave Seeger, Mark Gustin and Karsten Peterson retain the property leasing assignment.

“Convenience and walkability are two of the most important features sought after by today’s modern office tenants, and Foothills Corporate Centre offers both,” said Ackerman. “The property is within easy walking distance to Ahwatukee Foothills Town Center and Foothills Park Place Shopping Center. It also sits directly alongside I-10, and is just north of the future South Mountain Freeway.”

The South Mountain Freeway is a 22-mile extension of the Loop 202 Freeway, running from the southwest Valley at I-10 and 59th Avenue to Pecos Road at the intersection of I-10 and the Loop 202, in the southeast Valley. Construction began in fall 2016 and is slated for completion by late 2019.

Dan Postal

We are excited about this project, as it uniquely caters to tenants who desire well-located, institutional-quality office space with tremendous access to amenities and a strong labor base,” said Everest Holdings Vice President of Acquisitions Michael Gusich.

Foothills Corporate Centre II is located at 14601 – 14605 South 50th Street, between Ray Road and Chandler Boulevard in Phoenix. The property is 72 percent leased to three tenants: Level 3, DirecTV and ExhibitOne.

For more news, videos and research resources on JLL, please visit www.jll.com

 or www.jll.com/phoenix.

For more information on this news release, please contact:

Stacey Hershauer

  Phone:

 +1 480 600 0195

  Email:

 stacey@focusaz.com

Buddy Brew Coffee to Open New Retail Location in Downtown Tampa’s Park Tower

Buddy Brew Coffee Owners Dave and Susan Ward

Tampa, FL -- Tampa’s cherished specialty coffee roaster, Buddy Brew Coffee with the passion to Brew Good and Do Good, announced today that they will open a new coffee shop location in downtown Tampa’s Park Tower. 

  

“We are excited to be opening a location in the heart of downtown Tampa and thrilled to be part of the beautiful renovation plan for Park Tower,” said co-owner and CEO of Buddy Brew Coffee, Dave Ward.

Park Tower, Downtown Tampa, FL

"We are thrilled about City Office REIT and Feldman Equities’ plan to make the building come alive by creating a beautiful space for building community and connection in our urban center.

“These plans perfectly align with our Buddy Brew mission - to share joy and inspire hope that transforms our community.  The new Park Tower will do exactly that. 

"As a homegrown Tampa brand, we are ecstatic by this opportunity to share this mission with our downtown Tampa community.  We love everything about this location and partnership,”

Buddy Brew Coffee, specialty coffee craft roaster, was founded by Dave and Susan Ward in 2010 with their first roastery and coffee bar in the heart of Tampa, Florida. 

Since then, they have rapidly expanded with four additional locations: a Coffee Bar at Oxford Exchange, Buddy Brew in Sarasota, Buddy Brew Hyde Park Village and Buddy Brew Coffee in Terminal F of the Tampa International Airport.  The newest location in Park Tower will mark Buddy Brew’s 6th coffee bar.

For more information on this news release, please contact:

Tess Hipp | Buddy Brew Coffee

T: (813) 258-2739

Email: tessh@buddybrew.com

Marcus & Millichap Brokers $5.6 Million Sale of Small Miami Beach, FL Office Building

Benjamin H. Silver

MIAMI BEACH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 820 Arthur Godfrey, a 20,915-square foot office property located in Miami Beach, FL, according to Ryan Nee, vice president/regional manager of the firm’s Fort Lauderdale office. The asset sold for $5,600,000.

“The Property represents a best in class office building within the Arthur Godfrey corridor, an infill market which has seen very low turnover and no new office delivery within the last 20 years. This unique modernized office space should command a premium in the market as the new owner fills up the vacant space,” states Benjamin H. Silver, First Vice President of Investments, in Marcus & Millichap’s Fort Lauderdale office.

Silver and Douglas K. Mandel, Senior Managing Director, both in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company, and procured the buyer, a private investor out of California.

“The buyer’s plan to convert the building into a modern shared workspace environment will help revitalize a more mature market and bring new energy to the area,” adds Mandel

820 Arthur Godfrey is located at 820 Arthur Godfrey Road in Miami Beach.  The property features a new façade with floor-to-ceiling impact glass, a modernized lobby with private parking garage on the ground floor and three full floors of state-of-the-art office space above, with modernized interior finishes.

Situated in the heart of the Miami Beach commercial submarket, the property’s premier position provides excellent visibility and heavy vehicle and pedestrian traffic along Arthur Godfrey Road.

For more information on this news release, please contact:

 Ryan Nee

Vice President / Regional Manager, Fort Lauderdale

(954) 245-3400

Redline Property Partners Acquires 2 Sun Court, Peachtree Corners, GA

Andrew Webb

Atlanta, GA -- Redline Property Partners, the real estate investment and management firm, announced it has purchased 2 Sun Court, one of the area’s best-located office properties in Atlanta’sfamed Peachtree Corners submarket.

The purchase represents Redline’s first investment in Atlanta.As part of the purchase, Redline has committed to immediately completing significant capitalimprovements and adding building amenities. 

Additionally, Redline intends to re-brand the property and implement its tailored “concierge style” management platform in order to better serve the needs of the building’s occupants.

”We are excited to invest in a market that continues to benefit from employment growth and long-term opportunities created by the expanding economy,” said Andrew Webb, Redline’s President. “This transaction signifies our continuing commitment to investing in Atlanta and the Southeast U.S. markets.”

“Redline’s trademark hands-on approach enables us to provide tenants with immediate, positive changes, ” said Webb. “This asset’s value-enhancement potential is an excellent fit with our strategic investment platform.”

Matt Davis

 Sun Court is strategically located in the heart of the coveted Peachtree Corners office submarket. 

With a number of nearby retail amenities and direct access to major transportation arteries, the building maintains superior accessibility and visibility. Its central location allows companies to access multiple talent pools in order to attract and retain employees from all areas  of the metro.

The building includes a 5-story tower, abundant parking and excess land, whichRedline intends to develop as additional amenity space.

To deliver the best service possible, Redline has partnered with Grover Corlew for the property management and has enlisted the services of Matt Davis and Matt Fergus with Lincoln Property Company for leasing the remaining vacant space.

For more information on this release, please contact:

Andrew Webb

Redline Property Partners, LP

2970 Peachtree Road NW, Suite 805

Atlanta, GA 30305, USA

Tel:    +1 651 398 2662

Email: aw@redlinepropertypartners.com

Main: (651) 398-2662

info@RedlinePropertyPartners.com

Celebrity Chef Expands Bakery in Moorpark, CA

 

Chef Damiano Carrara

 Moorpark, CA – DAUM Commercial Real Estate Services has directed a 10-year lease on behalf of TV Celebrity Chef Damiano Carrara and Massimiliano Carrara. The brothers are expanding their bakery, Carrara Pastries, into a new, larger location in Moorpark, California’s Tuscany Square retail center.

The bakery, which will encompass 5,000 square feet in a former Fresh & Easy location, offers authentic Italian delicacies including pastries, cakes, coffees, house-made gelato, and wine, as well as breakfast, lunch, and dinner food offerings.

“Carrara Pastries is a true destination in Southern California, attracting guests from all over the region to enjoy Chef-driven, authentic Italian offerings,” says Bram White, an Executive Vice President in DAUM’s Ventura County office, who represented Carrara Pastries as the lessee in the transaction.  “Chef Carrara was seeking a location with strong visibility, active ownership, and increased parking, and we identified Tuscany Square as the right fit.”

Bram White

Damiano Carrara gained a local following in Moorpark and opened Carrara Pastries with brother Massimiliano in 2012, before appearing as a contestant and judge on several Food Network shows, including Spring Baking Championship, Guy’s Grocery Games, and Food Network Star. 

 “By relocating to Tuscany Square, we will be able to further our vision to share a customary taste of our home and culture with our neighbors in Moorpark,” Carrara says. “Moorpark is where we got our start, and our connection to the community has helped to drive our success.  Thanks to this local support, we are growing rapidly, and we expect to open new Southern California locations in the near future.”

The owner of Tuscany Square, Milan Capital Management, Inc., was represented by Lisa Engel-Shields of Radius Group/Hagelis Retail Advisors in the lease transaction.

“This is an ‘out-of-the-box’ lease and a perfect example of how landlords are getting creative in the changing retail climate,” says Engel-Shields. “We see this as a fantastic opportunity to help Carrara Pastries grow and flourish in its hometown of Moorpark.”

Chris Nichelson, President of Milan Capital Management, says: “Our team recognized the value in this lease from the start. With an offering that is as much an experience as it is food, Carrara Bakery is loved in the Moorpark community, and people travel for miles for a taste of their unique offerings. This new addition will strengthen the existing tenant mix and drive new foot traffic to our center.” 

Lisa Engel Shields

 Nichelson further notes that Milan Capital Management is proud to be a part of Chef Carrara’s evolving success as a rising star in the pastry world.

“We hope that the addition of this tenant helps us to attract other experience-based, artisanal retailers, who can bring something truly unique to the Moorpark marketplace,” he continues.

Carrara Pastries expects to complete its move to the new location at 144 West Los Angeles Avenue in January of 2018. The bakery will be relocating from its current location at 476 West Los Angeles Avenue. 

Carrara Pastries has a second location at 28914 Roadside Drive in Agoura Hills, CA.

For more information, please contact:

Elisabeth Manville / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

emanville@browermillercole.com

http://www.radiusgroup.com.

www.daumcommercial.com