‌Cushman & Wakefield Negotiates $48.4 Million Sale of South Carolina Assisted Living Portfolio​

Spring Park, 925 North Main Street, Travelers Rest, SC

GREENVILLE, SC, Feb. 8, 2019 — Cushman & Wakefield has negotiated the sale of three assisted living and memory care communities totaling 198 units in the Greenville, SC, metro area.

Paul Carr

The Tampa, FL-based Cushman & Wakefield Senior Housing team of Paul Carr, David Kliewer and Allen McMurtry represented Greenville-based Graycliff Capital Senior Housing, LLC in the disposition.

Birmingham, AL-based Atlas Senior Living acquired the properties for $48.4 million ($244,444 per unit).

The portfolio includes three assisted living and memory care facilities in South Carolina’s Upstate region — Spring Park, constructed in 2014 at 925 North Main Street in Travelers Rest; Fairview Park, developed in 2015 at 544 Harrison Bridge Road in Simpsonville; and Oakview Park, built in 2016 at 110 Hood Road in Powdersville.

David Kliewer

“Graycliff strategically developed this portfolio within the Greenville market to avoid overlap, capture economies of scale and allow each asset to effectively meet market demand,” said Carr.

 “As a result, these communities are uniquely positioned to capitalize on Greenville’s exceptional growth and thriving economy.”

Each community in the portfolio comprises 66 total units, including 48 assisted living units and 18 memory care units. The properties offer a resident-friendly, single-story design with high-quality finishes. The communities were over 95% occupied at the time of sale.

Allen McMurtry

The opportunity for future expansion exists at each property. Additional units could be added on-site at Oakview Park, while adjacent, developable parcels were included in the sale of Fairview Park (±4.7 acres) and Spring Park (±15.9 acres). 

“Graycliff and Atlas were an ideal pairing for this transaction, and both did a tremendous job of working towards a smooth closing and operational transition at each community,” added Kliewer.

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries.

 In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.

To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

Contact:

David A. Meyer
Meyer Media  
+ 1 407 489 7488
david@meyer.media

Hold-Thyssen Negotiates Lease of 2nd Floor at South New York Avenue Building in Winter Park, FL for Premier Sotheby’s International Realty Expansion

Darby Hold

WINTER PARK, Fla. --- Hold-Thyssen, Inc., a full service commercial real estate firm,  negotiated a multi-year lease agreement for the second floor with 1,948  rentable square feet in the South New York Avenue Building at 222 S. New York Ave. , Winter Park .   

  The Tenant Premier Sotheby’s International Realty, LLC, with an existing lease of 2,180 square feet on the first floor, has expanded and now occupies a total of 4,128 square feet of office space in the building.  

Alex Rowlinson

Darby Hold and Alex Rowlinson, lease consultants for Hold-Thyssen, negotiated the transaction on behalf of the landlordOlde Town Holdings, LLC.   

 Premier Sotheby’s International Realty, a leading luxury real estate brokerage firm in Florida and the Carolinas , specializes in buyers and sellers of single-family homes and condominiums.

Hold-Thyssen, Inc. provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States .

CONTACTS:     

      

Anthony Fisher, Vice President, Hold-Thyssen Real Estate Services, 

407-691-0505,afisher@HoldThyssen.com

Robert P. Hold, Principal, Hold-Thyssen, Inc. 

407-691-0505, bhold@HoldThyssen.com

Beth Payan, Larry Vershel Communications Inc. 

407-644-4142 Lvershelco@aol.com.

NAI Realvest Team Brokers $8.4 Million Investment Sale of Poinciana CommerCenter East in Kissimmee, FL

Poinciana CommerCenter East
1701-1829 Business Center Lane 
Kissimmee, FL

Michael Heidrich

Kissimmee, FL --  Orlando-based NAI Realvest closed on the $8.4 Million sale of Poinciana CommerCenter East  at 1701-1829 Business Center Lane in Kissimmee – the last industrial project completed by the distinguished Maitland-based developer Small Bay Partners.

NAI Realvest Principals Michael Heidrich, Kevin O’Connor and Matt Cichocki brokered the transaction on behalf of the seller Small Bay Partners, LLC and the buyer, Orlando-based Hanover Capital Partners, an investor who also owns the adjacent property.

Phase I of Poinciana CommerCenter East opened in late 2009.  Phase 2 was completed in early 2017.  

Howard Schieferdecker

The five-building campus with a total of 96,528 square feet of office/industrial/retail/showroom space on 6.42 acres is located on US 17-92/Orange Blossom Trail just east of its intersection with Poinciana Blvd.  and a quarter mile from the Poinciana SunRail Station. 

 It was 90 percent occupied at the time of the sale.  Tenants include Osceola County , Massey Services and Anytime Fitness.    

Since 2001 Small Bay Partners developed, leased, managed, and sold five “CommerCenters” in Winter Garden, Orlando , Sanford and Kissimmee .

 The principals, including the late NAI Realvest Founder and Chairman George Livingston, real estate veterans Heidrich, Howard Schieferdecker and banker Geof Longstaff, successfully predicted a need to target industrial users of from 2,000 to 25,000 square feet.

George Livingston

The new owner has engaged NAI Realvest to continue property management and leasing services. 

NAI Realvest in Orlando, 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.  

Geof Longstaff

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.  

To learn more, visit www.NAIRealvest.com

CONTACTS:

Michael Heidrich, Principal, NAI Realvest and Small Bay Partners, LLC, 
407-875-9989; mheidrich@realvest.com 

Matt Cichocki or Kevin O’Connor, Principals, NAI Realvest, 
407-875-9989 mcichocki@realvest.com ormoconnor@realvest.com

Beth Payan, Larry Vershel Communications Inc. 407-644 4142 or 
407-461-3781 Lvershelco@aol.com orbeth@larryvershel.com

A Joint Venture between CIGNA Investment Management and The Muller Company Acquires Century Plaza in San Jose, CA for $63.4 Million

Century Plaza, 550 South Winchester by Santana Row
San Jose, CA

IRVINE, CA -- The Muller Company, a full-service real estate company specializing in the investment, development and management of commercial real estate in the western United States, announced today the acquisition of Century Plaza, a 103,622-square-foot, six-story office building located at 550 South Winchester by Santana Row in San Jose, California.

Jon M. Muller

The new ownership is a joint venture between CIGNA Investment Management and The Muller Company. The seller was New York Life Real Estate Investors. The purchase price was $63.4 million. The property was 82 percent leased at the time of the sale. 

Eric Fox

“We saw an opportunity to acquire a well-located property that would allow us to add value by executing a strategic business plan to reposition the asset as a first-class office destination,” said Jon M. Muller, a principal with The Muller Company.

“The ownership plans to rebrand the property and invest approximately $4.1 million to upgrade the façade, landscaping, lobby, restrooms and corridors in order to maximize rents and create a modern Class A office building in the heart of Silicon Valley and steps away from Santana Row, San Jose’s renowned outdoor lifestyle and retail destination.”

Nick Lazzarini

Both the buyer and seller of the property were represented by Cushman & Wakefield. Those involved in the sale included Eric Fox, executive managing director, and Nick Lazzarini, managing director, in the San Jose office, along with Steve Hermann, Seth Siegel and Adam Lasoff in the firm’s San Francisco office.

Steve Hermann

“The Muller Company has been in the Santana Row market for close to 20 years and is excited about the continued growth and area amenities, which includes Westfield Mall’s Westfield Valley Fair, a $1.2 billion retail investment and Federal Realty’s continued commitment to Class ’A‘ office product with over 550,000 SF in Santana Row,” Muller added.  

The Muller Company is an opportunistic real-estate investment, development and management firm with a proven track record in acquiring and repositioning commercial properties.

 Since its inception in 1979, The Muller Company team, with a combined 150 years of experience, has acquired, developed and/or operated, alongside first-class institutional partners, over 30 million square feet of office, industrial and retail space across Northern and Southern California, Arizona and Utah.

Seth Siegel

CONTACTS:

Anne Monaghan
MONAGHAN COMMUNICATIONS, INC.
anne@MonaghanPR.com
830.997.0963

Melissa Cooper

The Muller Company

949.465.0177

themullercompany.com.

Lincoln Property Company Promotes Two to Vice President, Desert West Region

John Orsak

PHOENIX, AZ,  Feb. 6, 2019 – Lincoln Property Company (LPC) has promoted industry veterans John Orsak and Doug Klocke to the position of Vice President, expanding the role of each individual within the LPC Desert West Region of Arizona, Nevada, Utah and New Mexico, and encompassing current LPC development projects such as Lincoln Logistics 40, Union, the 1.8 million-square-foot office portion of The Grand at Papago Park Center and Lincoln Logistics 303.

A 21-year industry veteran and LPC employee since 2005, Klocke becomes Vice President of Development and Construction Management.

Since joining LPC, Klocke has developed and constructed nearly 5 million square feet of Class A office and industrial projects.

 In his new role, he serves as the primary customer contact and manager for all current LPC real estate projects and tenant improvements.

This includes construction costs, schedules and quality control from project conception to completion at the company’s pipeline of more than 5 million square feet of announced or under-construction commercial developments.

As Vice President of Real Estate Development, Orsak is responsible for all LPC leasing, acquisitions, dispositions and property management.

This includes an almost 10 million-square-foot property management portfolio, strategic renovations at high-profile projects such as 3131/3133 Camelback and Luhrs City Center, and the ongoing development and leasing at Lincoln Logistics 40, The Grand at Papago Park Center, Lincoln Logistics 303 and Union.

 

Doug Klocke

 Orsak joined LPC in 2016, bringing with him 15 years of real estate experience. Since then, he has been involved with more than 1.5 million square feet of lease executions with a total lease consideration of more than $250 million.

Klocke holds a bachelor’s degree in Civil Engineering from Arizona State University, is a LEED Accredited Professional and holds an EIT in Civil Engineering. He is a member of the National Association of Industrial and Office Properties (NAIOP), volunteers with Habitat for Humanity and is a Certified Youth Sports Coach in soccer and baseball.

Orsak holds a bachelor’s degree in Business Administration from Sam Houston State University. He sits on the NAIOP Board of Directors and is the founder of Santa’s Sak, a non-profit organization that supports state-sponsored group homes and puts Christmas gifts into the hands of needy children.

  

CONTACT:

Stacey Hershauer

480.600.0195

stacey@focusaz.com

www.lpc.com or www.lpcphx.com.

HFF announces $10.3 million financing for development of New York-area self storage facility

CubeSmart Self Storage Facility
Rochelle Park, NJ

FLORHAM PARK, NJ – Feb. 6, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $10.3 million construction financing for the development of an 829-unit, Class A CubeSmart self storage facility in the Bergen County community of Rochelle Park, New Jersey.

Michael Klein

The HFF team worked on behalf of the borrower, Tulfra Real Estate, to place the four-year, fixed-rate loan with First Bank.  CubeSmart will manage daily operations.

The 112,980-square-foot facility will house 829 climate-controlled storage units ranging from 25 to 300 square feet along with office space. 

The four-story building will be situated on two acres at 120 West Passaic Street approximately 0.2 miles from the intersection of Passaic Street and Rochelle Avenue, 1.1 miles from the Garden State Parkway and 2.6 miles from Interstate 80.  

The property is in Rochelle Park, a community approximately 16 miles from Manhattan.  Surrounded by a densely populated residential neighborhood, there are an estimated 17,816, 197,040 and 627,292 people respectively across 6,741, 74,461 and 217,344 households within a one-, three- and five-mile radius of the property, respectively.

Jon Mikula

The HFF debt placement team representing the borrower included managing director Michael Klein and senior managing director Jon Mikula.

“HFF is pleased to have represented Tulfra Real Estate once again and continue to help them grow their expanding self-storage portfolio,” Klein said. 

 “First Bank provided the borrower with attractive deal terms, the flexibility that they were seeking and was able to move quickly in order to close within a condensed time frame.”

CONTACTS:

MICHAEL KLEIN

HFF Managing Director

(973) 549-2000

mklein@hfflp.com

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

http://tulfra.com.

JLL report shows Phoenix Airport office submarket on the rise

Mark Gustin

 PHOENIX, AZ – Phoenix’s Airport office submarket is quickly filling with new and expanding tenants, pushing vacancy rates down 9.3 percent year-over-year and inching rental rates up, according to data from JLL’s Q4 Phoenix Office Market Report.

According to JLL, overall vacancy in the Airport submarket in 2018 fell from 32.7 percent to 23.4 percent. During the same time period, submarket rents climbed from $19.63 to $21.95 per-square-foot.

“The Airport submarket is a very attractive alternative for tenants to consider when locating their operations,” said JLL Managing Director Mark Gustin. “It has a central location that is close to the amenities of downtown Tempe and Phoenix, and is crisscrossed by three major freeways that connect tenants to a large base of prospective employees – over 2.6 million people within a 30-minute commute.”

Phoenix, AZ Airport, also known as Sky Harbor Airport

In 2018, this helped to attract major new tenant commitments to the Airport submarket, the largest of which include: 

• McKesson Drug Company, subleasing 177,639 square feet at 2900 S. Sunland Dr., at the I-10 and US 60 in Tempe.

• Lennar Homes, leasing 91,452 square feet at 1665 W. Alameda Dr., also along the I-10 just north of the US 60 in Tempe.

• EPIQ, leasing 51,323 square feet at 3255 E. Elwood St., at the I-10 and University Drive, south of the Airport.

• Ancora Education, leasing 43,013 square feet at 8181 S. 48^th St., just west of I-10 and south of Baseline Road.

• Aspen University, leasing 38,014 square feet at 4615 E. Elwood St. also at the I-10 and University Drive.

Gustin says the increased lease activity has helped to transform a number of Airport-area office developments. This includes Quattro, a four-building, 264,994-square-foot office project that was recently rebranded within the Cotton Center business park.

Since securing the Quattro leasing assignment about 16 months ago, JLL has completed 188,584 square feet of leases at the project, including a 42,433-square-foot expansion and renewal by Freeport McMoran and a full-building, 57,108-square-foot lease by Konica Minolta.

Cotton Center Business Park, Phoenix, AZ

“Metro Phoenix is on a 22-quarter run of net positive office space absorption, so in some ways the Airport submarket reflects what’s happening on a macro scale across the Valley,” said Gustin. “Based on the numbers, it is just much more pronounced in the Airport area.”

According to JLL, Phoenix’s positive net absorption streak is expected to extend into the first half of 2019 and feasibly further, with more than 1.4 million square feet of signed leases ready to occupy in 2019 and activity an interest in the local office market continuing on an upward trend.

To access JLL research for Phoenix and across the U.S., please visit the company’s research page at https://www.us.jll.com/en/trends-and-insights#research.

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

Contact:

Stacey Hershauer

Phone: +1 480 600 0195

Email: stacey@focusaz.com

Alpha Partners Names Fabio Nogueira as Head of Charlotte, NC Office

Fabio Nogueira

NEW YORK, NY – Alpha Partners, a commercial real estate company that develops, invests and operates multifamily and select retail opportunities, announced today that Fabio Nogueira has been named Director, leading its Charlotte, NC office. Mr. Nogueira reports to Managing Partner, Avi Abroms.

In this role, Mr. Nogueira will lead the company’s efforts to make strategic commercial real estate investments focused on multifamily properties in the region, while Mr. Abroms will take the lead on other opportunistic investments.

With 15 years’ experience in the real estate industry, Mr. Nogueira, previously based in Brazil, served as GND Construções’ Managing Director, Quartzo Incorporadora’s CEO, and Construtora Modelo’s Director of Acquisition and Finance. 

GND and Quartzo were spun off from Construtora Modelo as separate construction and development companies, respectively, and Mr. Nogueira was active in establishing both.

Avi Abroms

“We are extremely fortunate to have Fabio head our Charlotte office as we look to achieve $100 million in acquisitions during the next two years,” said Avi Abroms, Managing Partner, Alpha Partners. 

“His years of experience managing a variety of real estate transactions and construction projects, coupled with extensive financial skills in private equity, loan originations, budgeting and asset management, positions us extremely well as we scale and build a platform that will enable us to build a portfolio of multifamily assets in the region.”

“I look forward to taking on this role at Alpha Partners and using my skills and experience to help move the company forward,” added Mr. Nogueira.

Mr. Nogueira holds a B.A. in Business Administration from Ibmec Business School in Brazil, a master’s degree in Real Estate Development from Columbia University, and two Executive Certificates in management and technology/operations from MIT.

Alpha Partners’ Charlotte, NC office is at 615 South College Street.

Alpha Partners is a commercial real estate owner and operator that delivers above-market, risk-adjusted returns for investors and strategic partners through proactive acquisitions and development. Alpha concentrates across the equity and debt/credit spectrum with investments in retail, office and multifamily. 

Alpha's opportunistic approach and entrepreneurial spirit, coupled with extensive local market relationships and knowledge, enables the firm to focus on small to mid-sized deals in niche markets, often overlooked by institutional players. 

CONTACT:

Laura Schooler

Public Relations

Alpha Partners Group

Laura@alphapartnersgroup.com

917-446-5717

 www.alphapartnersgroup.com.