Wednesday, December 2, 2020

Downtown Orlando, FL Church Restoration Project Recycles 92% of Demo Debris

  

Marisol Santiago Soderstrom

 ORLANDO, FL  – Renovation usually involves demolition. And, demolition almost always involves dumpsters overflowing with debris destined for the nearest landfill. But, that’s not the case with the restoration project underway at the future H2O Church building in downtown Orlando .

The $600,000 project – to renovate the former First United Methodist Church building and demolish two education buildings at 2113 E. South St. – takes recycling to a higher level by seeing the salvaging of a whopping 92 percent of the elements removed from the structure, according to Tony Baumert, principal and project manager of Construction Development Inc. (CDI) 

Tony Baumert

“Most demolition projects are considered excellent if they recycle 50% of the debris,” Baumert said. “This project is way above a normal good percentage with only 7.83% going to the landfill and more than 92 percent of the debris tonnage either recycled or salvaged.  It is groundbreaking!”

Baumert said a total of 7,655 tons of materials (6,966 tons of concrete, 648 tons of asphalt, 11 tons of metal, and 30 tons of trusses and plywood) were sold, recycled or salvaged, while only 600 tons went to a landfill.  

 In comparison,  a recent (2019) CDI project involving the gutting of an office building and the construction of the new Delaney Hotel and Tavern on So. Orange Avenue had 30% of the materials recycled.  

James Gamble Rogers

Javier Omana who heads the engineering team at CPH, the project’s civil engineers, said he was literally astonished by the care that was taken and the amount of materials preserved. 

 His firm has agreed that they will submit this project for a state conservation award to Florida Planning and Zoning Assn. and the Florida chapters of both American Planning Assn. and American Society of Landscape Architects. 

 “CDI did an impeccable job. We’ve been around a long time and have never seen recycling to this extent.” Omana said.

The reclaimed materials from the church property will either be used elsewhere by the church, by non-profits or a few church members, according to the Rev. Jim Poorman, H2O pastor.

 “More than 200  4- by 8-foot sheets of plywood were preserved,” Poorman said. “We are planning on incorporating a number of the demo items into the new design.”  CDI is planning to donate most of the plywood and trusses to local charities.

During the renovation, Baumert said the original architectural drawing of the church was found. The drawing was done in the 1950s by James Gamble Rogers; one of the area’s defining architects.

 He said his firm is having the rendering and blueprint restored and framed to present to the congregation to show how much of the original church has been preserved.

Built in the mid-1950s, the Spanish/Mediterranean-style structure on nearly an acre was deteriorating when purchased in 2019 by 2113 E. South Street, LLC headed by Marisol Santiago Soderstrom, Roger Soderstrom, Jr. and John KurtzCCIM as part of an almost five-acre parcel acquisition. The owners are selling a 3.87-acre section to Surrey Homes USA and gifted the remaining church and land to H2O Church.

 Roger Soderstrom, Jr.

Poorman said H2O church – which has rented space in Orlando for nearly 20 years – is proud to be able to use a lot of the demoed materials in their new church.

 Included are wooden roof planks refinished and installed on a wall and in the ceiling of the community meeting area, stained glass windows that were removed by a former owner restored and reinstalled, and the stump of an oak tree taken down on the property is being cut into slices to make tables for the church’s meeting center.

John Kurtz

The renovation –  which Poorman said should be completed in early 2021 – includes a new roof, painting, stuccoing the exterior, new acid stained floors, new interior lighting, a sound system and the addition of a lobby with a coffee shop that can double as a meeting place for the neighborhood.

“We’re shooting to have everything restored, installed and completed early in 2021 along with having much of it finished in preparation for our Christmas Eve service.”  

 CONTACTS:

 Rev. Jim Poorman, H2O Church, 407-489-3440 or jim@h2ochurch.org

Roger Soderstrom, Sr., Stirling International Real Estate, 407-250-1000 rsoderstrom@stirlingire.com

Tony Baumert, Principal / Project Manager, Construction Development, Inc. (CDI) 812-767-3613 Tony@CDI-Construction.com

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

 

Real Estate Capital Institute Finds Most Lenders Flush With Cash, Looking for Ripe Deals


John Oharenko

Chicago, IL – The last month of the year shows that lenders remain conservative.  Given the crippling effects of the pandemic, funding sources heavily focus on borrower experience and financial resources, in addition to asset quality.  

 That said, most lenders are flush with cash, actively desiring to place funds today and into the foreseeable future.

 

On the other hand, property owners and premisists find interest rates very appealing.  Shorter-term loans of five years or less start in the mid-2%-or-higher range.  



Ten-year debt is typically priced a quarter to half percent higher, with most loans falling well below four percent for desirable properties – namely apartments, credit, and industrial assets.

 

While ample funds exist at desirable rates, lenders still require robust underwriting tests.  Cash flow projections usually assume no income growth, and heavy discounting occurs on specialized space (e.g., retail and lodging).  

 

Given the low interest-rate environment, debt service coverage ratios of 1.5X to 2X are the norm.  Debt leverage of 50% to 70% is typical. 




The Real Estate Capital Institute's director, John Oharenko, suggests, "The effects of the pandemic dramatically change the face of real estate capital markets.  However, unlike the Great Recession, funds remain available but based on very selective criteria. "

 

The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates, including treasuries, bank prime, and LIBOR.  

 

CONTACT:


 John Oharenko 

 Executive Director

john.oharenko@reci.com

director@reci.com / www.reci.com


 

The   Real Estate Capital Institute®

Chicago, Illinois USA 60622

 

 

Suburban office/life sciences assets get boost from Middle Eastern investments

Hani Baothman
  

PHILADELPHIA, PA, Dec. 2, 2020 – JLL Capital Markets announced today that it has closed the $225 million recapitalization of Arborcrest Corporate Campus to Saudi Arabia-based Sidra Capital (Sidra).

The sale of the five-building, 855,600-square-foot suburban office campus with a significant life sciences and biotech tenancy in the suburban Philadelphia community of Blue Bell, Pennsylvania, demonstrates a growing trend of Middle Eastern investors taking a harder look at life sciences assets.

 JLL arranged the transaction between Spear Street Capital and Sidra, which acquired a 90-percent stake in the campus. Spear Street Capital has retained a 10-percent ownership stake in the asset.

 Completed in two phases in 2015 and 2019, Arborcrest’s healthcare, life sciences and biotech tenancy, which was crucial to Sidra’s interest, includes Signant Health, a leader in clinical trials; Pharmaceutical Research Association, a clinical research organization; and Abington Memorial, an outpatient healthcare facility; along with several tenants that support healthcare administration functions.

Audrey Symes

 According to Hani Baothman, Chairman of Sidra, demographic changes and the limited capacity for working remotely led Sidra to aggressively pursue life sciences assets, as COVID-19 has brought this sector into renewed focus, and these longer-term trends are driving and will continue to drive growth.

 Sidra’s investment strategy is to identify recession-resistant assets, and the firm generally remains sector agnostic, focusing more on recognizing and then investing into long-term trends. To diversify, they are looking at the life science industry, which was growing rapidly before the pandemic.

 “It is a sector we identified due to its defensive nature especially when space is being used by pharmaceutical and biotech companies for research development and even manufacturing,” Baothman said.

“Our overall strategy is to invest in defensive and cyclical commercial real estate and real estate tenants, regardless of where we are in the market cycle.

 The healthcare and life sciences industry has been front and center throughout the year, as the pharmaceutical and biomedical industry is focused on creating effective COVID-19 vaccine and therapeutics to treat the virus.

Claudio Sgobba 

With a spotlight on this industry, commercial real estate investors are showing a growing interest in assets with strong life sciences and biotech tenancy, given the industry’s stability throughout the pandemic and strong outlook into 2021.

 “The past several months have demonstrated how critical the life sciences industry is to our economy,” says Audrey Symes, Research Director, JLL Healthcare and Life Sciences.

“There is a significant increase in general overseas interest in life sciences investment, especially because the U.S. is the clear leader in the industry.”

 According to JLL Research’s 2020 Life Sciences Real Estate Outlook, life sciences real estate capital markets are well positioned for relative outperformance in 2020.

Transactions are occurring at pre-COVID pricing in many of the top clusters. The sector is increasingly attractive to Middle Eastern-based investors who have invested $389.2 million in the sector year-to-date, which includes the Arborcrest transaction, following two years of low activity, including zero investment dollars into life sciences properties in 2018.

According to JLL, the Arborcrest sale is the largest suburban Philadelphia life science trade during COVID. It also ranks as the sixth-largest suburban sale in a primary or secondary U.S. market.

 JLL’s Capital Markets team leading the transaction included Managing Director Claudio Sgobba and Senior Managing Director Doug Rodio.

Doug Rodio

 “Arborcrest fits Sidra’s unique and targeted investment strategy,” Sgobba said. “It is our pleasure to serve the Sidra and Spear Street teams. Understanding a client’s strategy allows us to present the best investment opportunities specifically for their requirements.”

 “Sidra’s commitment to placing capital in Greater Philadelphia with a proven partner like Spear Street further cements JLL’s thesis that the Philadelphia region is near the top of the target list of geography for many of the most discerning cross border investors today,” Rodio added.

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

  

 CONTACT:

Kimberly Steele,

 JLL Senior Associate

Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

 

The Castell Project, Inc. Appoints Tracy L. Prigmore to Board of Directors

 

Tracy L. Prigmore

ATLANTA, GA — Officials of Castell Project, Inc., a 501(c)(3) nonprofit organization dedicated to accelerating the careers of women professionals in the hospitality industry, announced that Tracy L. Prigmore has been appointed to the  organization’s Board of Directors. 

“From her work founding TLTsolutions, the real estate and development firm that focuses on building new, generational wealth, to launching ‘She Has a Deal,’ a program for creating new, female hoteliers, Tracy’s work advancing gender and minority representation within the hospitality industry already is well known,” said Peggy Berg, chair, Castell Project, Inc. 

 “With her strategic expertise and additional insights into some of the issues affecting minority women, she is an ideal addition to our Board as we work to expand gender equality throughout the industry.” 

Peggy Berg


Prigmore expanded TLTsolutions in 2014 to create opportunities for individuals, families and entities to obtain passive income by investing in residential, multifamily and hospitality projects. 

The firm has a multi-million-dollar portfolio of real estate assets under management in four states.  She also began the “She Has A Deal” platform in 2019. 

The competition is designed to create new pathways to hotel ownership and development for women by providing education, networking and investing opportunities. 

 Its renowned pitch challenge creates a pipeline of women hotel owners and developers by exposing early career women to hotel ownership and development. 

Prior to entering real estate development, Prigmore spent 25 years as a healthcare executive and held senior leadership roles in strategic planning, business development and operations for three of the nation’s largest healthcare systems.

“Having long advocated for the advancement of gender and racial equality within the workplace, I look forward to working with this talented Board of Directors to further promote these causes,” Prigmore noted. 

 “I passionately believe that equality is a foundational component for a successful business in virtually all industries, but especially so within hospitality, where women make up 58.7percent of the workforce, but only 7.1 of the executive team. 

 "It is challenging to break through the status quo, and I’m always up for a good challenge.”

 

 CONTACT:

CHRIS DALY

PRESIDENT

DG Public Relations, LLC

42806 Oatyer Court

Broadlands, Va. 20148

Main: 703-435-6293

Mobile: 703-864-5553

 

chris@dalygray.com | www.dalygray.com

 

 

Tuesday, December 1, 2020

Jamey Cua Named Vice President of Business Development at Peachtree Hospitality Management


Jamey Cua 
 

ATLANTA, GA, Dec. 1, 2020— Peachtree Hotel Group, one of the nation’s fastest growing hotel investment and management platforms, today named Jamey Cua vice president of business development for its hotel operations and management division, Peachtree Hospitality Management (PHM). 

 In the newly created role, Cua will be responsible for creating growth in third-party management partnerships by leveraging industry relationships and identifying new management opportunities.

“We looked across the industry for an individual who could both help grow our business and fit in well with our established team,” said Brent LeBlanc, executive vice president, Peachtree Hotel Group. 

Brent LeBlanc




“Having worked with Jamey in the past, I know he brings the full package to the position—industry-wide contacts, a deep understanding of third-party management and the ability to connect with people almost instantaneously. 

"I am confident he will help us methodically and strategically grow our portfolio of third-party management contracts as the industry seeks solutions to survive the ongoing pandemic.”

Prior to joining Peachtree, Cua oversaw Sage Hospitality’s third-party, managed development throughout the U.S. as senior vice president.

Previously, he served as vice president of development for Marriott, International, Inc., and senior director of development for Starwood Hotels & Resorts. 

 He received his MBA in organizational leadership from Franklin University in Columbus, Ohio, and his BS in pre-med and sports medicine from Marietta College in Marietta, Ohio. 

 “Jamey will be instrumental in expanding our third-party management services for full-service, lifestyle, select-service and extended-stay hotels,” said Patrick Short, president, Peachtree Hotel Management.

Patrick Short

“As hotel owners ourselves, our goal is to create value for shareholders.  We fully appreciate how difficult things can be right now for hotel owners and look to utilize our existing brand relationships and expertise to help guide hotels through these perilous times.”

                “This is an exciting opportunity to be a part of PHM’s team,” noted Cua.  “PHM and I align in our desire to provide personalized attention to owners and emotional connections with guests. 

"There is a great deal of potential with this platform; the PHM team is ready to provide creative management solutions.”


CONTACTS:

CHRIS DALY

PRESIDENT

DG Public Relations, LLC

42806 Oatyer Court

Broadlands, Va. 20148

Main: 703-435-6293

Mobile: 703-864-5553

 chris@dalygray.com | www.dalygray.com

 

Mauri Berry

 Director of Marketing & Digital Strategy                                                     

Peachtree Hospitality Management                                                        (678) 824-4930

mberry@peachtreehotelgroup.com                                                  

www.peachtreehotelgroup.com

                                      

Davonne Reaves of The Vonne Group Receives ISHC Lori Raleigh Award for Emerging Excellence in Hospitality Consulting


Davonne Reaves

ATLANTA, GA, Dec. 1, 2020 -- The International Society of Hospitality Consultants (ISHC) named Davonne Reaves as the recipient of the sixth annual Lori RaleighAward for Emerging Excellence in Hospitality Consulting during its annual conference. 

Reaves received a one-year associate membership to the ISHC to further professional relationships and experience all that the Society has to offer through planned events and interacting with top hospitality industry consultants from around the globe.   

 The organization also announced its 2020 Rising Star & Young Leader category award winners.

Reaves is the founder and chief hospitality strategist of The Vonne Group, a firm specializing in travel market research, asset and operational management and brand development for boutique hotels. 


Davinia Cisier

She is an award-winning hotel consultant, hotel asset manager and published author, with over 14 years’ experience in the lodging industry. 

Prior to founding The Vonne Group, Reaves held positions at the Hyatt Regency Atlanta, Blair Management Consultants, Horwath HTL and CHMWarnick. She is regarded by industry peers as an innovator, entrepreneur and supporter of those looking to get into the hospitality industry. 

Reaves co-authored "Tidbits for the Emerging Pineapple Professional," a guide for hospitality industry newcomers, and co-founded Epiq Collective, a commercial real estate investment fund targeting millennials investors seeking hotel and multi-family ownership opportunities. 

Reaves created a signature system called The Pathway to Hotel Ownership and has educated over 3,000 individuals on the hotel acquisition and investment process, successfully guiding many to becoming hotel owners. 

Creasha-Dine Thompson

She has held numerous industry positions and has volunteered her time and expertise to organizations including Urban Land Institute, AH&LA Under 30 Gateway Council, Chair Emeritus; National Association of Black Hotel Owners, Operators and Developers (NABHOOD), Chair, Women in NABHOOD; Hospitality Industry Professionals (HIP-Atlanta), President; Association of Young Real Estate Professionals, Member; National Society of Minorities in Hospitality Georgia State Chapter, Industry Advisor; and co-founder of the professional network, the Next Generation in Lodging.

 She also was selected as Hotel Management Magazine’s “Top Hospitality Young Professional” in 2016 Reaves is a graduate of Georgia State University and serves as an advisory board member for the Cecil B. Day School of Hospitality.


Corey Hamabata

"Words alone cannot express what an honor it is to be the recipient of the 2020 ISHC Lori Raleigh Award for Emerging Excellence,” Reaves said.  “I am humbled to be the first African-American woman bestowed with this award

"Throughout my career as an asset manager, it has been rare to encounter fellow African-Americans in ownership and senior leadership roles. To me, earning this award is a sign of the advancement of producing a diverse group of leaders in our beloved hospitality industry. 

"My personal mission is to help forge pathways for developing emerging leaders from various socio-economic backgrounds. With this award, I hope to leverage ISHC with the aim of advancing diversity by helping to create a roadmap to increase the percentage of minority-owned hotels."

The Lori Raleigh Award for Emerging Excellence in Hospitality Consulting represents one of four annual ISHC-sponsored awards recognizing next generation leaders in hospitality, this one specific to consulting. 

The Rising Star Awards highlight emerging talent specific to the Asia Pacific and Caribbean regions,  while the Young Leader Award honors future hospitality leaders worldwide.   This year’s award winners include:

  • Davinia Cisier, Director of Development Luxury Hotels, Accor (IHIF Young Leader Award)
  • Creasha-Dine Thompson, Event Planning Manager, Hyatt Ziva & Zilara Rose Hall (Rising Star Award, Caribbean)
  • Corey Hamabata, Senior Vice President, Asia, Hotels & Hospitality, JLL (Rising Star Award, Asia)

Andrea Belfanti, executive director of ISHC commented, “Recognizing emerging talent in the field of hospitality is core to the mission of ISHC and is particularly important during these challenging times as a reminder of our industry’s resilience and future. 

"Each of these award winners has a bright future in hospitality, and we’re proud to have the opportunity to be part of their career and congratulate them on their achievements thus far. 

Andrea Belfanti

"The theme of this year’s ISHC Annual Conference was  Together in Hospitality, a message of inspiration and belief that we can reach across regions, disciplines and sectors to recover quickly and stronger as a result. The industry needs young talent like these individuals to innovate and forge a path for a more promising future.”

For more information on ISHC Awards, please visit www.ishc.com/awards.

         

CONTACT

CHRIS DALY

PRESIDENT

DG Public Relations, LLC

42806 Oatyer Court

Broadlands, Va. 20148

Main: 703-435-6293

Mobile: 703-864-5553

 chris@dalygray.com | www.dalygray.com

 

Lauren Marshall

Director of Membership & Marketing.

Email: lmarshall@ishc.com
Phone: +1.678.735.9453

Alliant National Announces the Hiring of Christy Hennesey, West Florida Agency Manager

Christy Hennesey
 

 Longmont, CO, Dec. 1, 2020 – Alliant National Title Insurance Company, a unique title insurance underwriter that partners with independent agents to improve their competitive position, announces the hiring of Christy Hennesey, West Florida Agency Manager.

Hennesey has had a long career in the title insurance industry, having worked with various underwriters for nearly 20 years. 

She got her start working on the production side of the business before transitioning to the role of agency manager. In this position, she gained extensive experience in adding new agents, as well as managing relationships with existing agents. 


Debra J. Coffie

“I’m excited to add my expertise in relationship building and growing an agent base to the Alliant National team,” says Hennesey. “I look forward to joining a company dedicated to the independent agent and helping ensure their ongoing success.”

Hennesey’s past professional experience will serve her well in her new role. She will be responsible for expanding Alliant National’s agent network in western Florida, in addition to supporting the development of current agents and increasing regional awareness of Alliant National’s brand.

“Christy brings a wealth of experience and a mindset that perfectly complements Alliant National’s mission to always put agents first,” says Debra J. Coffie, Senior Vice President, Florida Regional Manager.

 “Her ability to build strong, lasting relationships with independent agents, not to mention her deep industry knowledge, will add incredible value to our Florida operations.”

 CONTACT:

Cathie Beck
303.241.0805
cathie@capitalcitypr.com

 alliantnational.com 

 

Southport Business Park in Raleigh-Durham sold

Valerie Derrick
 

CHARLOTTE, NC, Dec. 1, 2020 – JLL Capital Markets announced today that it has closed the sale of Southport Business Park, a 17-building life science conversion opportunity located in the Raleigh-Durham, North Carolina market.

Patrick Nally


 JLL represented the seller, GID. A joint venture between funds affiliated with Starwood Capital Group and Trinity Capital Advisors purchased the asset.

 Southport Business Park is a 911,702-square-foot, light industrial/flex park situated at the center of the Raleigh-Durham market.

Already with a significant existing lab footprint, the park sets up well for further conversion to life science in the Raleigh-Durham market, which is consistently ranked as a Top 5 Life Science Cluster in the United States.

 Additionally, the property is positioned just minutes away from Raleigh-Durham’s Research Triangle Park, the largest dedicated scientific research park in the country.

 The Raleigh-Durham market has been experiencing a significant influx of life science users, with lab renters more than doubling over the last decade.

Ryan Clutter

Spin offs from the three Tier 1 research universities in the region, organic growth of existing users and an unprecedented number of life science relocations continues to secure Raleigh-Durham’s position as one of the top real estate markets in the nation.

 The JLL Capital Markets team representing the seller was led by Senior Director Patrick Nally, Senior Managing Director Ryan Clutter and Associate Valerie Derrick. 

 “On behalf of GID, we’d like to congratulate JLL on marshaling an intense marketing and due diligence process leading to a successful closing within a very tight timeframe,” says Gary Kroll and Rich Sullivan of GID.

 JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

Gary Kroll

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization.

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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


About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. 

Richard G. (Rich) Sullivan 

JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. 

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

CONTACT:

 

Natalie Passarelli
Public Relations

Jones Lang LaSalle Americas, Inc.

200 E. Randolph St.
Chicago, IL 60601

M +1 224 477 7307

natalie.passarelli@am.jll.com

 us.jll.com/investorservices

 jll.com.