Tuesday, December 3, 2019

Regal | Christie’s International Real Estate in Central Florida Continues to Break Sales Records


This 4,121-square-foot-lakefront home on Sylvan Woods Drive in West Sanford, FL, sold to a Chicago Bears football player, went for $1.425 million

LAKE MARY, FL  – The new Lake Mary office of Regal | Christie’s International Real Estate, the company’s fifth Central Florida location, has successfully closed more than $38 million in transactions in 2019.

Opened less than a year and staffed with three sales consultants, the office at 1711 International Parkway in Heathrow closed more sales than any other real estate brokerage firm in Lake Mary in October, according to Chris Christensen, broker/owner of the company.

“And, we’ve had five record sales this year,” Christensen said. “There are much larger brokerages in Lake Mary – some with as many as 100 consultants – that haven’t closed as much as we did…over $9,000,000 in October.”

The record-setting began in the spring when they listed and sold an 11,340-square-foot-estate on Bridgewater Drive in Heathrow Woods for $2,310,000, making it the largest resale in Heathrow Woods’ history. 

“Our sales continued in the summer when we handled the sale of a 4,121-square-foot-lakefront home on Sylvan Woods Drive in West Sanford to a Chicago Bears player,” he said, adding that the $1,425,000 price is the highest sale price per square foot in Sylvan Lakes ’ history, at that time.   

 This 15,111-square-foot mansion and its accompanying 3,164-square-foot carriage house on Saddleworth Place  in Heathrow’s Chestnut Hill community was sold for $3.05 million

Next, the company sold a 3,384-square-foot South Sylvan Lake Drive home for $1,319,000 making it the highest price per square foot resale in West Seminole County and the new record price per square foot sale on Sylvan Lake.

In October, Christensen said the company closed the sale of a 15,111-square-foot mansion and its accompanying 3,164-square-foot carriage house on Saddleworth Place  in Heathrow’s Chestnut Hill community for $3,050,000, making it the largest resale in Lake Mary history, and one of the largest in Seminole County.

Regal | Christie’s also saw another record-breaking sale in April with a 10,000-square-foot estate at 866 Via Lugano in Winter Park selling for $7.25 million which was that city’s second most expensive sale in history, according to Christensen. An agent in the Lake Mary office represented the buyers in that sale.

Chris Christensen

“This rapid growth of luxury housing here in Central Florida seems unfaltering, with more and more buyers wanting to make their homes in this area of our state,” he said.

Now operating five central Florida offices in Orlando, Celebration, Winter Park, Lake Mary and Clermont, Regal | Christie’s employs top performing agents who provide buyers and sellers of luxury real estate with an unparalleled level of customer service.

Since 1766 the Christie’s name has been instantly and internationally recognized as synonymous with quality and prestige with a steadfast commitment to excellence of service.

Photos provided by Regal | Christie’s International Real Estate.

CONTACTS:

Patrick Gould, Regional Sales Manager, Regal | Christie’s International Real Estate, 407-770-8470 or Patrick@RegalRealtyOrlando.com  

Chris Christensen, Broker/Owner, Regal | Christie’s International Real Estate 407-312-8003 or Chris@RegalRealtyOrlando.com

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

NAI Realvest Completes New Expansion Leases to High-Tech and Engineering Firms in East Orlando, FL


 
  Mary Frances West

ORLANDO, FL --- NAI Realvest, one of the leading providers of real estate services in Florida , recently negotiated office leases at University Court and Lake Underhill Business Center in East Orlando near University of Central Florida with its emerging talent pool. 

Tom R. Kelley II

  Mary Frances West, CCIM, Vice President, represented University Court Landlord Interchange–FL Rouse, LLC of Daytona Beach in negotiating two leases at the facility located at 3361 Rouse Rd.  

 Vonix, LLC, a firm that employs five people providing businesses with cloud-based communication services, leased 1,380 square feet.  Growing Chicago-based civil engineering firm Ardmore Roderick expanded by 1,122 square feet for a total of  2,502 square feet of space boosting University Court’s occupancy to 100 percent.

Michael Danforth

 Tom R. Kelley II, CCIM, principal in the firm represented Landlord Harrington/Mishler LLC in a new lease at the Business Center located at 11549 Lake Underhill Rd.  

 The new tenant who leased 2,100 square feet is Lazen Power Engineering, LLC providing engineering services, substations, training and education to the utility industry.   Michael Danforth of Cresa Orlando represented the tenant in the transaction.

CONTACTS:

Mary Frances West, CCIM, Vice President, NAI Realvest, 
407-875-9989 mwest@realvest.com;

 Tom R. Kelley II, CCIM, Principal, NAI Realvest, 
407-875-9989 tkelley@realvest.com  

 Patrick Mahoney, President / CEO, NAI Realvest, 
407-875-9989 pmahoney@realvest.com

 Beth Payan, Larry Vershel Communications, 
407-644-4142 beth@larryvershel.com



JLL closes $24.1 million sale of Wonderland Marketplace near Boston, MA


Wonderland Marketplace, a 139,507-square-foot, fully leased shopping center anchored by Marshalls, Big Lots and Planet Fitness on Route 1A in Revere, MA

BOSTON, MA, Dec. 3, 2019 – JLL announced today that is has closed the $24.1 million sale of Wonderland Marketplace, a 139,507-square-foot, fully leased shopping center anchored by Marshalls, Big Lots and Planet Fitness in an infill, transit-oriented location on Route 1A in Revere, Massachusetts.

JLL marketed the property on behalf of the seller, a partnership between Winstanley Enterprises and Surrey Equities. Urban Edge Properties purchased the asset.

Situated on 15.67 acres at 151 VFW Parkway (Route 1A), Wonderland Marketplace is adjacent to the newly remodeled MBTA Blue Line Wonderland Station, which provides direct access to downtown Boston less than five miles away. 

Nat Heald
The retail center is in an infill location proximate to the area’s largest development projects, which includes more than 900 new multi-housing; over 1,100 new hotel rooms; and the pending development at Suffolk Downs, which will house nearly 16 million square feet of office, retail, hotel and multi-housing space once fully built-out on its 161 acres.

 Nearly 181,000 residents earning an average annual household income of $74,644 live within a three-mile radius of the center.

The JLL Retail Capital Markets team representing the seller was led by Executive Vice President Nat Heald and Managing Director Chris Angelone.

“Wonderland Marketplace was an extremely compelling opportunity to acquire a shopping center directly in the path of Boston’s expansion northwards,” Heald said.

Chris Angelone
 “With the recent Amazon announcement, the pending development at Suffolk Downs, the upgraded Wonderland T station and all the residential development along Revere Beach, Wonderland Marketplace is extremely well located to benefit from future growth in the market.”

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Contact: 

Kimberly Steele
 Digital Content/PR Specialist
Phone: +1 713 852 3420


Fogelman Properties Promotes Mike Aiken to SVP of Investments


Mike Aiken
MEMPHIS, TN, Dec. 3, 2019 -- Fogelman Properties, one of the country’s largest, privately-owned and fully integrated multifamily investment and property management companies, is pleased to announce the promotion of Mike Aiken to Senior Vice President of Investments.

Aiken has more than 13 years of real estate experience and is responsible for leading the effort of Fogelman’s multifamily acquisition, through sourcing, evaluation, and closing of Fogelman’s real estate investments.


Mark Fogelman

“Since joining our team in early 2018, Mike has done a tremendous job spearheading the growth of Fogelman’s investment holdings and enhancing our transactional platform,” says Mark Fogelman, President of Fogelman Properties. “We’re thrilled to recognize Mike’s success and look forward to his leadership under his expanded responsibilities.”

Before joining Fogelman in 2018, Aiken served as both the Director of Investments and Investment Manager in leading acquisition sourcing and disposition efforts at Bell Partners. During his time at Bell Partners, Mike completed more than $1B in acquisitions and dispositions within the Atlanta, Austin, Baltimore, Boston, Central Florida, Dallas-Fort Worth, Nashville and Washington, D.C. markets.


CONTACT:

Brittanie Price
BCENE Public Relations

Monday, December 2, 2019

MCA Realty Repositions and Sells 94,808-SF Multi-Tenant Industrial Business Park in Las Vegas, NV

  
Walnut Business Park, a two-building, 94,808 square-foot
 multi-tenant industrial business park in Las Vegas, NV


Tyler Mattox
            Las Vegas, NV – MCA Realty, a full service real estate investment and management company, has sold Walnut Business Park, a two-building, 94,808 square-foot multi-tenant industrial business park in Las Vegas, Nevada.  MCA sold the asset to CapRock Partners, LLC for $7.85 million.

According to Tyler Mattox, Principal at MCA Realty, the firm initially acquired the property for $5.15 million in 2016 and implemented a strategic repositioning plan, which allowed the company to stabilize and sell the asset for an approximate 52.4% increase three years later.

 Dan Doherty
“When we acquired Walnut Business Park, it was in need of renovations and aesthetic upgrades,” explains Mattox. 

“We knew, given its location, its strong street visibility adjacent to East Cheyenne Avenue, and the rapid growth underway throughout the Las Vegas metro, that there was a strong opportunity for value creation by renovating the asset, leasing up vacant space, and bringing rents up to current market value.”

 Chris Lane
            MCA Realty implemented a series of interior and exterior renovations to the property including new exterior paint, upgrades to the parking lot, and new signage, among other upgrades. The firm also addressed deferred maintenance repairs.

            "By implementing these upgrades, we were able to attract a diverse group of tenants, increasing occupancy from 75% to 94%,” says Mattox. “This stabilized the rent roll, increased cash flow, and made the asset attractive to potential buyers.”

Paul
Sweetland
In addition to renovations, MCA individually subdivided the property so that units can be sold off separately as individual “air-space” condominiums. This includes 16 units that average 5,700 square feet.

“Individual condominium units are a unique feature not typically found in a multi-tenant industrial property. The flexible disposition options added value to the asset,” says Mattox.
 “The Las Vegas metro has transformed over the last five years, emerging as a hub of growth attracting high-profile tenants and institutional capital.

 Mike Kendall
"The opportunity for increased returns through the sale of individualized condominium units coupled with rising rent growth as the Las Vegas market matures resulted in strong buyer interest.”

Walnut Business Park is located at 3020-3060 N. Walnut Road in Las Vegas, Nevada. Dan Doherty, Chris Lane, Paul Sweetland, Mike Kendall, and Jerry Doty of Colliers represented MCA Realty as the seller in this transaction.

 Jerry Doty 
About MCA Realty

MCA Realty is a full-service real estate investment and management company specializing in office and industrial properties throughout the Western U.S.

The goal of the company is to identify commercial real estate investment opportunities and execute value-creation strategies that maximize returns to its investors. 

Peter Cheng 
 MCA Realty's principals, Tyler Mattox, Jared Gordon, and Peter Cheng have successfully navigated a full spectrum of market conditions and pride themselves on building and maintaining strong relationships with industry partners.

 More information is available at www.mca-realty.com.

Contacts:

Katie Haga / Lexi Astfalk
Brower Group
(949) 438-6262


Continental Partners Secures Financing for Acquisition of Historic Five-Story Mixed-Use Building in San Francisco's Financial District


Mitch Paskover
SAN FRANCISCO, CA (Dec. 2, 2019) – Continental Partners, a commercial real estate investment banking firm, has successfully secured financing for the acquisition of a historic, architecturally significant mixed-use building in the Financial District of San Francisco, California.

The bridge loan is sized to 70% of the total cost, including an interest reserve, funds for tenant improvements, and leasing commissions.

The financing was arranged by Mitch Paskover, President at Continental Partners and Delaney Crawford, Associate at Continental Partners.

The five-story, 10,384 square-foot property was purchased by M31 Capital, a private equity real estate firm. The Sponsor plans to strategically renovate each floor upon vacancy and re-tenant a majority of the floors with companies that have preleased the space, according to Paskover.

“Continental Partners completed an extensive market survey to determine comparable rents and justify the projected value of the asset at stabilization,” explains Paskover.

 “By cultivating a deep understanding of the Sponsor’s business plans and communicating our findings accordingly, we were able to identify a lender that provided a bridge loan surpassing the initial amount requested, allowing the Sponsor to meet the goals of this investment while preserving more equity for additional projects.”

The asset consists of retail and office space on the ground floor, along with four additional floors of office space and a storage basement. With current leases as much as 90% below market, the Sponsor will create significant value through improvements as these end, Crawford notes.

Delaney Crawford
 “We needed to source a lender who understood the long-term investment potential of renovated office space in the Financial District submarket, given the region’s booming technology industry, business activity, and employment growth,” says Crawford, who notes that the Bay Area’s unemployment rate registered at just2.2% as of September.

Paskover adds: “By positioning the financing request correctly and demonstrating these strong fundamentals, our team was able to far exceed the Sponsor’s requirements, structure an interest reserve, and open the door for future opportunities.”

The loan is priced at 30-day LIBOR + 350 with no prepayment penalty and has a total consideration of $6.55 million. The subject property is located at 620 Commercial Street in San Francisco, California.


Contacts:

Micaela Fehrenbach / Elisabeth Manville
(949) 438-6262

JLL closes $15.15 million sale of Charlotte-area retail building


135,197-square-foot, single-tenant retail building, 940 Concord Parkway North, net leased to Lowe’s in Concord, NC

Marc Mandel
PHILADELPHIA, PA – JLL announced  it has closed the $15.15 million sale of a 135,197-square-foot, single-tenant retail building net leased to Lowe’s in the Charlotte-area community of Concord, North Carolina. 

JLL marketed the property on behalf of the seller. A private investor in a 1031 exchange purchased the asset.

Since it was constructed in 1999, the building has been leased to Lowe’s, a FORTUNE® 50 home improvement company serving more than 17 million customers a week in the United States, Canada and Mexico. 

Situated on 20 acres at 940 Concord Parkway North, the Lowe’s building is in Concord, one of the fastest-growing suburbs within the Charlotte MSA. More than 47,000 residents earning an average annual household income of $72,273 live within a three-mile radius of the property.

Steve Schrenk
The JLL Capital Markets team that represented the seller was led by Managing Director Marc Mandel, and Directors Steve Schrenk, Ryan Eklund and Senior Managing Director Mark West.

“As seen in numerous single tenant transactions recently, the owner was able to execute on the ‘blend and extend’ strategy and capitalized on a recent lease extension with the tenant,” Mandel said. 

“Given the strength of the Lowe’s with a BBB+ Credit Rating and the tremendous residential growth in the Charlotte suburbs, this asset generated numerous offers.” 

Ryan Eklund

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.



About JLL:

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. 

Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. 

Mark West
In doing so, we will build a better tomorrow for our clients, our people and our communities. 

JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. 

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, please visit jll.com.


Contact: 

Kimberly Steele
 JLL Digital Content/PR Specialist
Phone: +1 713 852-3420
Email: kimberly.steele@am.jll.com