HFF arranges financing on behalf of SteelWave for creative office acquisition and conversion in Tustin, CA

103,000-SF AIRspace Building, 15771 Red Hill, Tustin, CA

SAN DIEGO, CA –  – Holliday Fenoglio Fowler, L.P. (HFF) announces that it has arranged financing on behalf of SteelWave to acquire AIRspace, a 103,000-square-foot, high-identity, creative office asset located in Tustin, California.

HFF placed the acquisition and renovation loan with a bank.  

Olga Walsh

Located at 15771 Red Hill, AIRspace is positioned within the Greater Airport Area submarket in the burgeoning Red Hill Corridor.  

The property benefits from convenient access to the Newport Beach Freeway (SR-55), providing exceptional access to the Santa Ana (Interstate 5) and San Diego (Interstate 405) Freeways.  

Pat Burger

Additionally, AIRspace is close to John Wayne International Airport and positioned in an amenity-rich environment featuring numerous dining establishments, boutique shops and a one million-square-foot retail center. 

Previous ownership recently renovated the project with more than $5 million in major improvements, including new punched-in windows/skylights, new HVAC units, lobby and exterior renovations, landscaping enhancements, a 16,000-square-foot exposed steel-frame structured mezzanine and overhead doors which open to a 3,000-square-foot outdoor amenity area.   

John Marshall

SteelWave intends to further improve the space by expanding the lobby and central corridor to better suit the project for multi-tenant purposes. 

During due diligence, SteelWave signed a 78,000-square-foot lease with Tricon American Homes, one of the fastest growing residential companies in the country.  

Additionally, SteelWave is negotiating leases with a retail tenant for the remainder of the project, which will include a 15,000-square-foot distillery and tasting room and a 3,000-square-foot coffee roaster and café.   

The HFF debt placement team representing the borrower was led by managing director Pat Burger and directors John Marshall and Olga Walsh.

Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

CONTACTS:

PAT BURGER

CA Lic. #01820848

HFF Managing Director

(858) 552-7690

pburger@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 848-1572

krmurphy@hfflp.com

HFF closes $118 million sale of Plaza Vista in Kansas City, MO

Plaza Vista Office Tower, 900 West 48^th Street, Kansas City, MO

DENVER, CO –– HFF announces that is has closed the $118.25 million sale of Plaza Vista, a 253,720-square-foot, Class A office tower in Kansas City, Missouri.

HFF represented the seller, which is managed by an affiliate of EverWest Real Estate Investors, and procured the buyer, Platform Ventures.

Completed in 2013, Plaza Vista is LEED certified and offers leading-edge architectural and construction features along with efficient rectangular floorplates, a glass façade, outdoor balconies, a best-in-class conferencing center and board room, a catering kitchen and outdoor terrace, underground parking and a premier fitness facility.  

The 10-story tower is fully leased and is anchored by Polsinelli, one of the nation’s leading law firms.  Retail tenants include Jax Fish House, JJ’s and The Monarch Cocktail Bar and Lounge. 

 Located at 900 West 48^th Street, the Polsinelli Headquarters is positioned in the Country Club Plaza submarket of Kansas City, which has seen tremendous job and population growth as well as infrastructure investment over the past few years. 

Daniel Kaufman

The Country Club Plaza submarket comprises 15 blocks, which include more than 100 high-end shops, 30 restaurants and a wide variety of entertainment venues with more than 20 million visitors nationally.  

Additionally, Plaza Vista is close to the affluent residential neighborhoods of Mission Hills, Sunset Hill and South Plaza that boast average home prices from $645,000 to more than $1.6 million.

The HFF investment advisory team representing the seller included senior managing directors Mark Katz and Danny Kaufman and senior director Peter Merrion.

“Plaza Vista was a rare offering that garnered substantial investor interest,” said Merrion.  “It is a truly unbelievable trophy building anchored by one of the nation’s leading law firms and situated in the heart of the incredibly dynamic Country Club Plaza market.”

Peter Merrion

Holliday GP Corp. ("HFF") is a Missouri licensed real estate broker. 

About EverWest Real Estate Partners 

EverWest Real Estate Partners, LLC, headquartered in Denver, Colorado, is a privately held real estate investment management and operating company, creating significant capital appreciation for investors through strategic acquisition, development, capitalization, repositioning and management of commercial real estate assets.  

For more information, please visit www.everwest.com.

About Platform Ventures

Platform Ventures was formed in 2008 by brothers Ryan and Terry Anderson.  The firm currently has more than $1.4 billion in assets under management.  For more information, please visit: www.platformv.com.

CONTACTS:

MARK KATZ

HFF Senior Managing Director

(303) 515-8000

mkatz@hfflp.com

DANNY KAUFMAN

MO Lic. #2012028715

HFF Senior Managing Director

(312) 528-3650

dkaufman@hfflp.com

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990krmurphy@hfflp.com

Newmark Knight Frank Inks 238,437-SF Renewal Lease in Tampa, FL; Deal marks one of the largest industrial leases in Tampa Bay Area over the last 12 months

Rick Narkiewicz 

Tampa, FL  — Newmark Knight Frank lease totaling 238,437 square feet for the Tampa division of ITG Brands, LLC at East Meadow Distribution Center in Tampa, Florida. ITG Brands, LLC will continue to occupy the entire facility, which is owned by UBS Financial Services, Inc.

The deal represents one of the largest industrial leases signed in the Tampa Bay Area over the last 12 months. NKF’s senior managing directors Rick Narkiewicz and John Esposito represented the tenant. Cushman & Wakefield represented the landlord.

“The property’s convenient and secure location were significant factors in the tenant’s decision to maintain operations at East Meadow,” said Esposito.

John Esposito

“A strong local economy and proximity to a talented and diverse employment base bodes well for ITG’s long-term future at East Meadow, which will continue to play an important role in the company’s growing portfolio of business,” said Narkiewicz.

East Meadow is within a six-minute drive of major Central Florida thoroughfares such as I-75, I-4 and Selmon Expressway. The facility also enjoys close proximity to the Port of Tampa and Port Manatee.

ITG Brands, LLC is the third largest tobacco company in the United States. The company is headquartered in Greensboro, North Carolina and offers a broad array of well-known cigarette and cigar brands, including Winston, Maverick, Kool, USA Gold, Salem and Dutch Masters.

East Meadow Distribution Center
Tampa, FL

CONTACT:

Liz Maddux · Assistant Account Executive

1718 Peachtree St., Suite 1048 · Atlanta, GA 30309

M: 478-972-3210

www.thewilbertgroup.com

Ware Malcomb Receives Recognition for Corporate Responsibility

  

Ruth Brajevich

Irvine, CA – Ware Malcomb, an award-winning international design firm, today announced it has been recognized as a top three finalist in the 24^th Annual Association for Corporate Growth (ACG) Orange County Awards held on May 16, 2019. The firm was a finalist in the Corporate Responsibility category.

ACG’s Orange County Chapter is an organization that supports the growth of middle-market companies in Orange County and the Inland Empire.

“Ware Malcomb is proud to support the communities in which we live and work,” said Ruth Brajevich, Vice President, Strategic Initiatives. “We are so pleased with the incredible level of employee participation and support in charitable programs and philanthropic activities across North America each year.” 

Lawrence R. Armstrong

The ACG Orange County Awards recognize the highest performing companies in the region as evaluated by ACG as well as an independent panel of judges from business and academic institutions.

More than 100 companies were nominated for the 2019 ACG Orange County Awards competition.

“At Ware Malcomb, we are passionate about design, community, philanthropy and wellness,” said Lawrence R. Armstrong, Chief Executive Officer of Ware Malcomb. “As our firm has grown tremendously over the years, we have expanded our outreach and engagement within our local communities across North America.

"It is an honor for us to be recognized for our achievements in the area of corporate responsibility.”

CONTACTS:

Rachel Reenders

VP Public Relations

KCOMM for Ware Malcomb

Rachel@kcomm.com 

Kelly Teenor, Director, Marketing, 949.660.9128, kteenor@waremalcomb.com

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

Fern Kanter, Catherine E. Morgen and Kirk Kinsell Named Newest Board Members at Castell Project Inc.

Fern Kanter

ATLANTA, GA,  June 13, 2019—Castell Project, Inc., a 501(c)3 nonprofit organization dedicated to accelerating the careers of women professionals in the hospitality industry, today announced that it has added three members to its board of directors:.

The are Fern Kanter, managing director and EVP, CHMWarnick; Catherine E. Morgen, partner, Morris, Manning & Martin, LLP; and Kirk Kinsell, principal, Panther Ridge Partners, LLC. 

“As the Castell Project continues to expand its mission to help advance women within the hospitality industry, we have added three very well recognized industry names to our board of directors,” said Peggy Berg, president, Castell Project, Inc.

  “Between Fern, Catherine and Kirk, we have gained true leaders with myriad connections and exceptional knowledge and experience throughout all aspects of the industry. 

Catherine E. Morgen

"Each has demonstrated a commitment to our goals, and we have no doubt they will help shape our course for the better moving forward.”

Fern Kanter

                With nearly 40 years of hospitality industry experience, Kanter currently serves as managing director and executive vice-president at CHMWarnick, the leading hotel asset management and owner advisory services company. 

 Her experience spans many facets of hotel operation and investment, with proven expertise in strategic planning, acquisition/investment and development programming for existing and planned visitor-based real estate. 

 Kanter continues to oversee the on-going development of a Business Intelligence platform for CHMW using the data to identify opportunities to improve hotel performance and asset value for hotel owners. 

Patty Berg

She received her master’s in business administration from University of Miami and her Bachelor of Arts from SUNY-Albany.  Kanter has been instrumental in promoting gender diversity within her company and throughout the industry, particularly within the field of hotel asset management. 

She has championed multiple women to participate in the Castell Program, served as the former chair of Urban Land Institute’s Women’s Leadership Initiative for New England and is actively involved with several universities and colleges supporting the integration of gender-based training for hospitality professionals. 

In 2018, Kanter was named one of Hotel Management’s 30 Most Influential Women in Hospitality. 

Kirk Kinsell

Kirk Kinsell

Prior to his current role with Panther Ridge Partners, LLC, a private investment and advisory group, Kinsell was president and CEO for Loews Hotels. 

Before that, he spent 19 years with InterContinental Hotels Group (IHG), holding several leadership positions, including president, Americas; president, Europe, Middle East, and Africa; and, served as an executive director for IHG, PLC. 

 He also serves on the board of directors for the Georgia Aquarium and is a board advisor to Emadri and HP Hotels. Additionally, he is vice-chair and trustee for the AH&LA Educational Foundation. 

 Kinsell holds a Bachelor of Arts degree in economics from the University of California, San Diego and a Master of Professional Studies degree from the Cornell University, School of Hotel Administration (SHA).  Kinsell also completed the Senior Executive Program at the London Business School. 

Catherine E. Morgen

Morgen concentrates her practice on the representation of real estate clients engaged in the acquisition, development, leasing and disposition of commercial real estate. 

She is experienced handling large multi-state transactions, hospitality properties, office, medical and industrial leasing, as well as complex restrictive covenant and easement transactions that deal with the operational aspects of projects which rely on shared facilities and amenities and fractional ownership structure transactions. 

She has significant history representing developers, owners and managers of hotel properties in  effecting acquisitions, dispositions and mergers, developing their properties, structuring and negotiating operating and management agreements, arranging financing, reviewing franchise agreements and leasing.

Morgen has written and spoken on a variety of real estate matters including easements, development and leasing.

  She graduated magna cum laude with a Bachelor of Arts from Florida State University and received her Juris Doctor degree from the University of Virginia School of Law.

CONTACT:

Chris Daly, media

 (703) 435-6293

 chris@dalygray.com

Olive Hill Forms JV with Artemis Partners to Recapitalize Prime Silicon Beach Property

520 Broadway, Santa Monica, CA

AJ Weidhaas

LOS ANGELES, CA – Olive Hill Group and Artemis Real Estate Partners have formed a joint venture and recapitalized the 520 Broadway creative office building in downtown Santa Monica.

Under the terms of the joint venture, Olive Hill will retain partial ownership of 520 Broadway and remain the property’s operator.

           

 The 112,756 square foot office building was purchased in December 2017 by Olive Hill with an 82% occupancy.

In November 2018, Olive Hill signed a long-term lease for approximately 20,500 square feet with Goodwin Procter, a top international law firm focused on the convergence of capital and innovation.

Tim Lee

Goodwin Procter’s new office was designed by view design studio, a trendy Hollywood-based architect known for their creative space designs.

            “Opening an office in Santa Monica brings Goodwin’s unique offering at the intersection of capital and innovation to the heart of Silicon Beach, where more and more of our company and investor clients are doing business,” said AJ Weidhaas, Goodwin partner and chair of the firm’s Santa Monica office.

 “We look forward to moving into our new, state-of-the-art space at 520 Broadway later this summer.”

Richard Banjo

            The Goodwin Procter lease brought the occupancy of the building to 100% within 12 months of Olive Hill’s acquisition. 

The new joint venture aims to continue operating 520 Broadway as a Class-A building to cater to creative and technology tenants in Santa Monica’s robust Silicon Beach market.

           

“We decided to work with Artemis because we wanted to develop a long-term relationship with a partner that shares our vision of providing Class-A creative office communities in LA’s thriving Silicon Beach submarket,” said Tim Lee, Principal at Olive Hill Group.      

           

 “We are pleased to be working with Olive Hill Group, a like-minded partner that has successfully leased up the asset to 100% occupancy,” said Rich Banjo, Managing Principal of Artemis Real Estate Partners.

Grace D. Winters

“The opportunity to invest in a quality creative office building in a high barrier, core location, just blocks from the beach, light rail and the Third Street Promenade, is a good fit for our core plus strategy.”               

 520 Broadway offers convenient access to transit, upscale shopping, and service amenities. More information about 520 Broadway is available at: https://www.520broadwaysm.com/

            

Steven Edwards, Grace Winters, Jeff Mannisto, and Nairi Siddiqi from Manatt, Phelps & Phillips, LLP represented Olive Hill Group.

Nairi Sidiqqi

 Amy Carbins, Naftali Weg, Lucien White, and Lauren Rico from DLA Piper, LLP represented Artemis Real Estate Partners.

About Olive Hill Group

Olive Hill Group is a full-service commercial real estate investment firm that specializes in operating and repositioning creative office properties in Los Angeles through its focus on the “workstyles” of tech, creative and media tenants.

Olive Hill was founded in 2016 by Michael Cho and Tim Lee, and through their leadership, the firm has developed an emphasis on work culture, diversity, and the communities in which the firm invests in.

Amy B. Cardins

More information is available at www.olivehillgroup.com.

About Artemis Real Estate Partners

Artemis Real Estate Partners is an investment manager based in metropolitan Washington DC, with offices in New York City, Los Angeles and Atlanta.

Artemis manages approximately $4.3 billion of capital on behalf of institutional investors across core plus, value-add and opportunistic strategies.

The firm makes equity and debt investments in real estate across the United States, with a focus on multifamily, office, industrial, retail, hospitality, and senior housing.

Lauren A. Rico

Artemis specializes in joint venture partnerships and direct investments.

More information can be found at www.artemisrep.com.

CONTACTS:

Lisa James / Lexi Astfalk

Brower Group

(949) 438-6262

ljames@brower-group.com

Lucien D. White

NAI Realvest Lands National Electrical Contractor for OIA’s Terminal in New South Orange, FL Complex

Kevin O'Connor

ORLANDO, Fla. – NAI Realvest closed on a long-term lease for 8,534 square feet of warehouse space in a new complex opened earlier this year at 8123 S. Orange Ave. off SR 528 and McCoy Rd.   

The new tenant is Carlsbad , CA.-based BergElectric Corp. who plans to open at the new location by June 30.  

  BergElectric, a national electrical contractor with multiple U.S. locations, was awarded a contract for construction of Orlando International Airport ’s new terminal complex. 

They will use the new space for equipment warehousing and general office operations.   

Matt Cichocki

 NAI Realvest principals Kevin O'Connor and Matt Cichocki negotiated the transaction on behalf of the landlord Ohio-based Orange Avenue Properties, LLC.

The brokers said BergElectric currently has 40 employees working on the OIA terminal project and expects a total workforce of approximately 150 as the job progresses.  

Mark Stratman of Cushman & Wakefield represented BergElectric.  

Mark Stratman

CONTACTS:

Kevin O’Connor, CCIM or Matt Cichocki, CCIM Principals NAI Realvest, 407-875-9989

 koconnor@realvest.com  or mcichocki@realvest.com;  

Patrick Mahoney, President / CEO, NAI Realvest,

407-875-9989 pmahoney@realvest.com

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

M/I Homes Starts Development of Luxury Lakefront Community in Winter Garden, FL

ORLANDO, FL - Land Development is underway and sales will begin in late June for M/I Homes’ newest Winter Garden community Sanctuary at Twin Waters.    The lakefront community with 109 homesites nestled between Johns Lake and Lake Avalon boasts 3,500 feet of frontage on Lake Avalon.

Site development will be complete in July, and a variety of interior and lakefront sites will be available, according to David Byrnes, Area President of M/I Homes.   

David Byrnes

When sales officially start in June, executive homes on 60-foot homesites are expected to be priced from the mid $300s and estate homes on 90-foot homesites from the mid-$500s, Byrnes said.   

 A model home will be completed, decorated and ready for touring in September, he added. 

Sanctuary at Twin Waters will have its own 5.5-acre recreational area with a pool and cabana, walking trails, a playground, and a community pier on Lake Avalon for boating and fishing. 

 Located at 16846 Marsh Rd. the new community is in an A-rated schools district and minutes from major arterial highways including SR 429, Florida Turnpike and I-4. 

Columbus, Ohio-based M/I Homes has 16 active communities in Central Florida including five now in West Orange County.  

       

CONTACTS:

David Byrnes, Area President, M/I Homes,

407-531-5100 dbyrnes@mihomes.com

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 

407-644-4142 Lvershelco@aol.com.

https://www.mihomes.com.