Wednesday, April 7, 2021

Stan Johnson Co. Brokers Sale Leaseback of Indianapolis, IN Manufacturing Facility

 

Katie Elliott 

INDIANAPOLIS, IN -- Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale leaseback of a 50,000-square-foot manufacturing facility located at 705 South Girls School Road in Indianapolis, Indiana.

  Stan Johnson Company’s Katie Elliott co-marketed the property with Chip Sipple and the Lincoln Property Company on behalf of the seller, Applied Composites Inc. The asset was purchased by an investor group located in New York.

 “Investors are bullish on industrial facilities with quality tenants and a compelling backstory,” said Elliott, Associate Director in Stan Johnson Company’s Atlanta, Georgia office.

SOLD-LEASEBACK:  50,000-square-foot manufacturing facility
 located at 705 South Girls School Road in Indianapolis, IN

 “We were able to secure multiple offers and closed the transaction within a 60-day timeframe.”

 Applied Composites Inc. is a leading manufacturer of composites with four decades of expertise in the commercial aerospace, defense and space industry.

 This facility serves as a mission-critical manufacturing and distribution site, and the seller executed a long-term triple net lease at closing.

 CONTACT

   David Ebeling

   Ebeling Communications

   (949) 278-7851

    david@ebelingcomm.com

 www.stanjohnsonco.com.

 

Floyd's 99 Barbershop Opens in Orlando, FL

   

Sarah and Kyle Sleeth


ORLANDO, FL– The doors of the most recent Floyd’s 99 Barbershop expansion opened March 26th at 3097 Curry Ford Rd. Orlando, FL 32806 with a ribbon cutting attended Patty Sheehan, Orlando City Commissioner.

 

 This is the seventh location for the modern barbershop chain in Central Florida and owned by Kyle and Sarah Sleeth. 


Kyle and Sarah Sleeth were entrepreneurs in search of a cause. When Kyle’s professional baseball career as a pitcher with the Detroit Tigers ended in 2008 due to an injury, the couple knew they wanted to have their own business. But they also wanted to have an even bigger purpose.

The most recent Floyd’s 99 Barbershop expansion opened 
March 26
 at 3097 Curry Ford Road, Orlando, FL 32806

“We were interested in providing a great service to our customers, creating a great work environment, and impacting the community where we operated,” says Sarah. 

The couple chose Floyd’s 99 Barbershop, a national franchise for men & women that offers an alternative twist on an old school classic. They were drawn to the brand’s authentic vibe and commitment to a client-first approach. 

Today, the Sleeths operate six Floyd’s 99 shops in central Florida and have three more shops in development. They provide great jobs and employee benefits. 

“Across our six central Florida shops we have 130 employees and offer health, dental, and vision coverage; life insurance; accrued paid time off; and free hair education,” she says.

Photo by Roberto Gonzalez Copyright 2016
(Part of the Floyd's Barbershop gang)

 Compassion is a part of the fabric of the Sleeth’s operating philosophy. 

“We try our hardest to build a personal relationship with each employee and show them that they’re appreciated,” says Sarah. 

“I make it a habit to greet every single team member when we visit a shop and learn at least one new thing about them. I also make sure I say at least one nice thing to someone – whether it’s a cool haircut or they look great that day.”

And their compassionate spirit goes beyond their shops and out into the community. When the Pulse nightclub shooting happened in 2016, the Sleeths lost 17 clients. 

Pulse nightclub today, Orlando, FL

“When you’re in the hair grooming space, you’re really part hair stylist, part therapist – especially given the community nature of Floyd’s 99,” says Sarah. 

In the aftermath, the Sleeths gave their employees and the community a space to talk about what happened and assist in the healing process. 

OneOrlando signature

Together, they also raised more than $70,000 for OneOrlando, a local non-profit organization that supported Pulse victims’ families and survivors.

Only a month after the Pulse shooting, one of their barbers suddenly passed away leaving behind a young daughter. The Sleeths adopted the employee’s family and raised funds to help support them. 


They also began providing life insurance to all their employees. “Those immediate months were especially hard for everyone, but they stayed focused on taking care of each other and anyone that walked through our doors,” says Sarah.

 Their community is like a family to the Sleeths. “We’re very grassroots, so you can find us frequently at local community events, partaking in the festivities and giving out swag or coupons,” she says.

Jonas Never

The Sleeth’s latest community activity involves the creation of a Jonas Never mural right outside one of their shops. Jonas Never is a famous LA muralist who has painted murals outside a majority of Floyd’s 99 locations nationwide.

“Over the next few weeks, he’s painting a large Freddie Mercury mural right outside our Floyd’s 99 shop on Mills Avenue (near Pulse nightclub) and a Mr. Rogers mural outside our Winter Park shop - across the street from where Fred Rogers attended college. "The murals are going to be amazing – we can’t wait to show the community,” she says.

Patty Sheehan

Sarah believes that she and Kyle have been successful at Floyd’s 99 because the brand offers a great product, a proven system, and fantastic support. But she’s also bullish on the kind of culture she and Kyle have created. 

She says it all boils down to happy employees who create happy clients. That’s why, she says, they make sure each shop is characterized by a positive, fun environment that provides employees a sense of empowerment and a chance to flourish.

Frank Sinatra

“If a client is having a bad day, it’s okay to give them a free shampoo or extra-long shoulder massage to help them relax,” she says. “I tell them to just do the right thing and have empathy for one another.”

If Floyd’s 99 Barbershop sounds like the right investment opportunity for you, visit www.floydsbarbershop.com/FRANCHISE/.

  “We are thrilled to expand the Floyd’s footprint in the Orlando market,” says Bill O’Brien, co-founder of Floyd’s Barbershops. 

 

 Each Floyd’s has its own vibe showcased by their exclusive hand-curated poster wall highlighting musical greats throughout the decades with special emphasis on local artists. 

 

This shop’s poster wall includes classics like Frank Sinatra mixed in with modern pop culture icons like Billie Eilish. 

 

 Billie Eilish

 Some of these services are on a temporary hiatus as Floyd’s adheres to local requirements and incorporates additional strict safety rules based on the recommendations of health officials. 


Clients and employees are required to wear face masks at all times. Government restrictions on capacity are strictly enforced at each shop.

 

Employees and clients have temperature checks prior to a shift and their service. Barbers and stylists sanitize hands and tools, disinfect barber chairs, and provide clients with fresh capes and towels. 


The Scissors Trim

Every night and each hour while open, surfaces and high-traffic areas throughout the shops are cleaned and sanitized. 

 

Clients are asked to call ahead or make a reservation online; those not getting a service will be asked to wait outside the store to ensure optimal social distancing.  

 

Floyd’s will be open Monday-Thursday 10 a.m. to 8 p.m., Friday and Saturday 9 a.m. to 7 p.m. and Sunday 11 a.m. to 6 p.m. Reservations can be made at floydsbarbershop.com  or by calling (407) 379-7840. 

 

 ABOUT FLOYD’S 99 BARBERSHOP


Paul, Rob, and Bill O’Brien

 Floyd’s 99 Barbershop is a family-owned company, established in 1999 by brothers Paul, Rob, and Bill O’Brien on the principle that success is driven by providing superior client service and that satisfied employees result in satisfied clients.

 

Floyd’s 99 Barbershop operates over 125 locations in 14 states, including AZ, CA, CO, FL, IL, KY, MA, MD, MI, MN, NV, PA, TX and VA. 


CONTACT

KAYLA MCDONALD

Account Coordinator, Prim + Co

T: 805.766.9496

66 South Logan Street

Denver, CO 80209

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NAI Realvest Renews Long-Term Office Tenant at Primera Court I in Lake Mary, FL

  

Mary Frances West
 

LAKE MARY, FL – Mary Frances West, CCIM, Vice President at NAI Realvest, recently completed a renewal for a long-term tenant at Primera Court I, 725 Primera Blvd, Lake Mary, Florida.  West represents the owner, RREF Interchange-FL Primera I, LLC.

 Financial Legacy Advisors offers professional financial advice and has extensive experience in tailoring strategies to meet their clients’ goals. 

Primera Court I, 725 Primera Bouleard, Lake Mary, FL, owned by
RREF Interchange-FL Primera I, LLC.

In addition, they offer financial seminars on a variety of subjects.  They renewed their lease of suite 110 with 1,380 square feet.

 CONTACTS

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

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

Yelena Gurtovenko 

Commercial Real Estate Visionary and Founder of Lee & Associates Bill Lee Dies

 

 Bill Lee
 

 LOS ANGELES, CA – It is with sadness that Lee & Associates announces that company founder, Bill Lee, passed away after a long battle with cancer and cancer-related complications last night. He was 78 years old. 

Bill Lee founded Lee & Associates Commercial Real Estate Services in 1979 in Orange County, CA. The company now has 65 locations across North America and employs over 1,300 people, with a year-end consideration value of over $14B in 2020. 

"I revisited all of the reasons I started the company, and I realized that I did it because the future was more valuable to me than the present," said Lee in a 2019 interview with current Lee & Associates CEO, Jeffrey Rinkov. 


Jeffrey Rinkov

Bill set up the Lee & Associates model in a revolutionary way that has perpetuated the company's growth, each office has a vested interest in the other offices.

One of the key elements is that agents at Lee & Associates have the ability to make an investment into the growth of the company.

Culturally speaking, how the offices are tied together because of the co-investment has cultivated a legacy of collaboration that still permeates the organization today.

He strategically designed capital at Lee & Associates to operate in smaller components to allow the company capital to operate more efficiently than other existing methods at the time, and allow agents the opportunity to maximize their deals in terms of commission dollars.

"I am deeply saddened by the loss of our visionary founder, friend, and long-time leader," said Rinkov. 

"On this difficult day, I stand in tremendous appreciation with the thousands of real estate professionals and their families that have been so positively impacted by the company Bill created and the unique structure that has served us for 41+ years." 


Lee & Associates CEO Jeffrey Rinkov

                                   Sits Down with Company Founder, Bill Lee

Notably, Bill Lee represented some of the largest companies in the world. He was a market-leader in the industry and earned his SIOR designation in 1977. 

Outside of his commercial real estate career, Bill was a published author and coached youth basketball. In recent years, Bill in his spare time became an avid gardener who grew all of his own fruits and vegetables for a restaurant and inn he owned.

He enjoyed spending time with his family. Lee is survived by his four children, Robb, John, Ryan, and Katie, and nine grandchildren. 

  

CONTACT


 Pamela Murphy
Lee & Associates
(832) 315-0219
pmurphy@lee-associates.com

 

Monday, April 5, 2021

McHugh Construction and Brown & Momen Start Construction of Mixed-Use, Mixed-Income Development at Oakwood Shores in Chicago’s Bronzeville Neighborhood

Kemena Brooks
 

CHICAGO, IL (April 5, 2021) — James McHugh Construction Co. and Brown & Momen, Inc. have announced the start of construction on 508 Pershing at Oakwood Shores, a 53-unit mixed-used, mixed-income rental community in Chicago’s Bronzeville neighborhood.

 

 As part of a public-private partnership led by The Community Builders (TCB), the residential and retail building marks the latest phase of the larger Oakwood Shores revitalization plan, which encompasses more than 100 acres approximately 3.5 miles south of downtown Chicago.

 

“Oakwood Shores is an exceptional opportunity to deliver a mixed-income, mixed-use community within the historic Bronzeville neighborhood,” said Kemena Brooks, senior project manager for TCB.


 Mike Meagher

“And it certainly doesn’t get done alone. Along with our development partners, Granite Development Corp. and Ujima, we at TCB are excited to have broken ground on 508 Pershing, the next phase of Oakwood Shores, that will contribute to providing desired conveniences, a rich quality of life and inclusive sense of community that so many Chicagoans seek, regardless of income.

 

"508 Pershing is only realized through a committed multi-sector partnership and talented and diverse design and construction team.”

  

“Between Oakwood Shores and what’s under consideration for the former Michael Reese Hospital site, there’s a real energy and enthusiasm around the continued revitalization of Bronzeville, and we’re honored to be part of creating a thriving, mixed-income community for the neighborhood,” said Mike Meagher, president of McHugh Construction.


Terez Sturrup
Terez Sturrup, McHugh’s project manager and a Bronzeville resident, was also proud to note the cost savings realized for the 508 Pershing project that helped the building move through the budget process.

 

“The ability to realize cost savings without compromising the high quality of the building was extremely important for this project,” said Sturrup.

 

“Our preconstruction and project teams worked tirelessly with ownership and the project designers to find $3 million in savings by identifying alternate options across the entire project scope, including facade materials, structural framing, finishes, and alternate mechanical, electrical and plumbing systems.” 

 

Located at 508 E. Pershing Road, just east of Martin Luther King Drive, the four-story building will include 50 one-bedroom and three two-bedroom units, 7,000 square feet of amenity space, management offices and 3,500 square feet of street-level retail.


Rendering of planned 508 Pershing at Oakwood Shores
 in Chicago’s Bronzeville neighborhood.

Completion of the project, which is expected to cost $17.1 million, is scheduled for February 2022.

 

 Thirty-six of the development’s 53 units will be Low Income Housing Tax Credit (LIHTC) units for households earning up to 80% of the Area Median Income (AMI). The remaining 17 units will be market-rate. National Affordable Housing Trust (NAHT) provided funding for 508 Pershing in partnership with investor UnitedHealth Group.

 

CONTACT:


Paula Widholm, pwidholm@taylorjohnson.com

 (312) 267-4525

 Kim Manning, kmanning@taylorjohnson.com

(312) 267-4527

 www.mchughconstruction.com.

 

Lincoln Property Co. Divests Long-Held Phoenix Industrial Portfolio for $68 Million

 

Darla Longo

PHOENIX, AZ, April 5, 2021 – Leading commercial real estate firm Lincoln Property Company (LPC) has announced the $68 million sale of a five-building industrial portfolio, representing 540,039 square feet of multi-tenant, fully leased infill space in key locations across the metro Phoenix, Arizona market.

David Krumwiede

The buildings are located at 4441 W. Polk St., 120 E. Watkins St., 4720 W. Van Buren St. and 5240 and 5302 W. Buckeye Rd. (Freeport Distribution Center). The portfolio buyer is KKR.

“These were the first building acquisitions I completed when we established the LPC Desert West office in Phoenix in 2001,” said LPC Senior Executive Vice President David Krumwiede.

 “They are a perfect example of our investment model, which is to purchase and build quality assets in excellent locations, and maintain them at the highest institutional level.

"We have owned and managed these buildings for decades, and timed their sale to maximize gains for our investment clients.”

Dan Calihan

According to LPC data, year-over-year industrial absorption has nearly doubled in Phoenix, rising from 6.43 million in 2019 to 12.7 million in 2020.

More than 14.45 million square feet of industrial product was delivered in Phoenix in 2020, with construction activity expected to continue in order to keep pace with a growing demand.

Buildings within the LPC portfolio sale were constructed between 1980 and 1990, with 24- to 28-foot clear height, dock high and grade level doors, and generous parking ratios.

Patrick (Pat) Feeney Jr.

All are multi-tenant industrial warehouses designed for small- to mid-size users. 

The buildings are strategically located in the highly desirable Southwest and Airport submarkets, minutes from Interstates 10 and 17, State Route 60 and the Loop 202.


CBRE’s National Partners Team, led by Darla Longo, represented LPC in the portfolio sale.

The portfolio was leased by local market experts Dan Calihan, Pat Feeney and Rusty Kennedy from CBRE, and Steve Sayre from JLL.

Rusty Kennedy
Current LPC industrial developments in the Phoenix market include the Park303 industrial park, which is home to a 1.25 million-square-foot just-completed Building 1 and has the ability to accommodate almost 4 million square feet of Class A industrial space at build-out, and LPC’s recently announced Buckeye85, a 321,873-square-foot, Class A industrial project located along the I-10 Corridor and targeting mid-size users.

For more information on LPC Desert West development, investment and property management services, please contact Krumwiede or LPC Vice President John Orsak at 602.912.8888.

Steve Sayre 

About Lincoln Property Company

Lincoln Property Company (LPC) is an international full service real estate firm offering real estate investment, development, design/construction management, leasing and property management/ receivership/asset management services.

 LPC has approximately 8,000 employees with an international footprint that includes offices in 45 cities across the U.S. and six cities in Europe and South America.

Since 1965, LPC has developed more than 128 million square feet of office, industrial and retail projects known for their design, quality and superior locations.

It currently has more than 403 million square feet of commercial space under leasing and/or management.

SOLD: five-building industrial portfolio,
representing 540,039 SFof multi-tenant, 
fully leased infill space in key locations
 across the metro Phoenix, Arizona market.

Lincoln is also one of the nation’s largest apartment developers, having developed more than 209,000 multifamily units and currently managing more than 165,000 multifamily units.

CONTACT:


Stacey Hershauer

480.600.0195

stacey@focusaz.com

 www.lpc.com or

 www.lpcdesertwest.com.