Central Florida Builder Supplier Blackton Celebrates Grand Opening of New 17,000 Square Foot Facility for Leesburg, FL Expansion

 Michael (Micky) Blackton

LEESBURG, FL and ORLANDO, FL – Blackton, Inc., a family-owned homebuilding materials supplier recently celebrated the grand opening of a  new 17,000 square foot building in the industrial park at the Corner of CR 468 and Main Street in Leesburg.

Clay Weaver

The Orlando-based supplier first opened operations in Leesburg in 2020 with a 15,000 square foot building in the heart of the city on Park Center Street. Less than a year later they needed more room to serve their customers and expanded by another 10,000 square feet. 

“By the end of 2021 we realized our business would soon outgrow that location and business would continue to increase along with our existing and new builder clients throughout Alachua, Lake, Marion and Sumter counties,” said Michael (Micky) Blackton, chairman and CEO of the Orlando-based firm.

By early this year Blackton had purchased seven acres in the industrial park and construction got underway immediately on their new building that was designed and situated for customers to benefit from drive-thru access.

Company Leadership Photo from left: Micky Blackton, CEO; Sean Monett, President; Michael Walmer, Customer Relations Manager; Erica Costa, Vice President and Clay Weaver, Leesburg Branch Manager.

The new location also includes an acre of paved, secured storage.

Blackton currently employs a staff of 20 in Leesburg, led by Leesburg Branch Manager Clay Weaver, (far right in photo) who has been with the firm for more than 20 years.

Future plans include as many as four or five more buildings, as the company has already purchased several more parcels in the industrial park.

Headquartered just north of downtown Orlando with additional locations in southwest Orlando and Holly Hill in east Volusia County, Blackton Inc. is one of Florida’s largest and most active suppliers of roofing and flooring to homebuilders. 

The company has been supplying builders from Jacksonville to Tampa since it was founded nearly seven decades ago.

CONTACTS:

Michael “Micky” Blackton,

Chairman/CEO,

Blackton Inc.

407-898-2661 

Micky@Blacktoninc.com

Beth Payan,

Larry Vershel Communications

407-461-3781

 Beth@LarryVershel.com

Ware Malcomb announces construction completed on Pell Circle warehouse in Sacramento, CA

 

Jim Terry

PLEASANTON, CA – Ware Malcomb, an award-winning international design firm, announced that construction is complete on Pell Circle, a build-to-suit industrial warehouse located at 3755 Pell Circle, Sacramento, California.

 Ware Malcomb provided civil engineering, architecture and interior design services for the 92,000 square foot building, owned by Mainline Sales, Inc.

The single-story, concrete tilt-up industrial facility features a hybrid panelized roof, warehouse and distribution spaces, and can accommodate two 3,600 square-foot office spaces. 

“We had great collaboration with all of the project partners to design a facility to best fit Mainline’s needs,” said Jim Terry, Principal for Ware Malcomb.

 “Mainline uses the entire facility for its business purposes and the southern-most offices were designed and crafted for their employees. The facility is designed with flexibility in mind to accommodate future business needs.”

Ware Malcomb’s civil engineering team partnered with Mainline Sales, Inc. to determine if the facility should be built one foot above the flood plain or to flood-proof the building.

They opted for flood protection, which required a complete Flood Operation Manual – a new requirement of the City of Sacramento. During the planning stage, the City of Sacramento adopted an updated FEMA flood map, which put the project directly into a 200-year flood plain.

Michael Murphy

This presented an unusual challenge that required diligent collaboration and perseverance among all parties.

“In the end, we raised the entire site two-and-a-half feet,” said Michael Murphy, Director, Civil Engineering for Ware Malcomb. “It was an incredible challenge, due to the size of the site, but one we gladly accepted. Our team partnered with the city to meet FEMA guidelines and requirements. We expect that Mainline Sales will enjoy many successful years on this site.”

General contracting services for the project were provided by KPRS Construction Services. Mainline Sales, Inc. is a full-service manufacturer’s representative, serving the states of California, Nevada, Arizona, and Hawaii.

 CONTACT:

 Rachel Devany

VP Public Relations,

 KCOMM for Ware Malcomb

rachel@kcomm.com

 

Maria Rodgers,

PR & Communications Manager,

 949.660.9128,

 mrodgers@waremalcomb.com

 

Sean Boswell,

 PR Associate,

949.660.9128,

 sboswell@waremalcomb.com

Bond markets demanding higher rate of returns from real estate capital borrowers, reports The Real Estate Capital Institute

 

 John Oharenko

Chicago, IL – ^The   Real Estate Capital Institute^®  reports real estate capital markets are becoming accustomed to higher costs of debt and equity. 

 

Even as the Fed recently stopped announcing rate hikes, the bond markets demand higher rates of return given the current domestic economic uncertainty combined with global conflict, mainly in Ukraine and the Middle East. 

 

"Based on varying market forecasts, 2024 should look much like 2023.  Investors are feeling out the markets and patiently waiting for new buying opportunities to emerge in light of 'higher' funding costs," notes John Oharenko, Director of The Real Estate Capital Institute®.

 

Yet even as the funding environment remains challenging,  transactions occur but under "higher" conditions summarized below:

 

Higher Volatility:  The fast-paced increases and decreases in benchmark yields during the past few months keep lenders and borrowers confused about market direction.  Lenders respond by raising spreads, while borrowers retreat unless burdened by debt maturities.  While treasuries hit the 5% benchmark in October, recent pricing is more favorable, potentially reflecting greater stability for the winter months.

 Higher Debt Costs:   Rates doubled during the past two years.  Furthermore, the trend continues for longer-term debt, priced more competitively than short-term debt.  With higher mortgage spreads, floating-rate loans start at about 7.5%, while fixed-rate permanent debt can be as low as 5.5% for prime-quality properties.  In addition to softening market conditions, the more expensive debt pressures lower property values, as the negative leverage discourages transaction activity.

 

Higher Spreads:  Expensive debt is due to higher underlying benchmark rates and wider spreads as investors crave more yields to move funds into real estate.  Spreads of 150 basis points or more over benchmark treasuries are the norm.  However, as mortgage markets suffer from lackluster demand, expect spreads to narrow in the next few months. 

Higher Expectations: Although floating-rate debt remains more expensive than fixed-rate loans, many borrowers expect rates to drop in the foreseeable future.  Such players avoid locking into fixed-rate debt terms, which they hope will soon be more favorable.   Otherwise, the choice of fixed vs. floating rate debt ties into the project economics, mainly the quality and durability of the cash flow.

 

 

 The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields. 

 

^CONTACT:

John Oharenko,

 Executive Director

director@reci.com / www.reci.com

^The   Real Estate Capital Institute^®

Chicago, Illinois USA 60622

 

 

JLL’s Hotels & Hospitality group represented Hawkins Way Capital, LLC in refinancing The Copley Square Hotel, a FOUND Hotel, in Boston

 Amy Lousararian

 

 BOSTON, MA –  JLL’s Hotels & Hospitality group arranged refinancing for The Copley Square Hotel, a FOUND Hotel, the 164-key boutique hotel with over two stories of F&B retail space in Boston, Massachusetts.

 

JLL worked on behalf of the borrower, Hawkins Way Capital, LLC.

The Copley Square Hotel, Boston, MA

The Copley Square Hotel, a FOUND Hotel, is a seven-story boutique hotel managed by FCL Management. Following its recent renovation in April 2022, this historic building seamlessly blends modern sophistication with timeless charm.

Maddie Blount

The select service hotel features 164 expertly designed guest rooms and studios, a state-of-the-art fitness center, communal kitchen, on-site laundry services, valet parking and restaurant/bar areas.

 

Located on Huntington Ave. and Exeter St., the hotel is ideally situated within Boston’s Back Bay submarket. The property is proximate to the city’s most popular tourism and business demand generators, including the Hynes Convention Center, world-famous Fenway Park, Newbury Street, Prudential Center, Boston Common and Public Garden.

 

Greater Boston is one of the top performing lodging markets in the U.S., trailing only New York, Oahu, Miami and San Diego in revenue per available room.

Brandon Smith

The market benefits from a diverse set of lodging demand generators including healthcare, technology, finance, government, education as well as tourism and conventions. Strong market fundamentals contribute to consistently high occupancies and average daily rates.

The JLL team was led by Executive Vice President Mike Huth, Senior DirectorAmy Lousararian, Senior Associate Maddie Blount and Managing Director Brandon Smith.

 

CONTACT:

 

Alli Stent (Semans)

PR, Hotels & Hospitality, Capital Markets

JLL
M +1 330 329 6750

 

JLL Capital Markets led $80 million financing efforts for McCraney’s newly-constructed Main Gate industrial park in Savannah, GA

  

 Melissa Rose 

 MIAMI, FL –  JLL Capital Markets announced today that it arranged financing for Main Gate Logistics, a newly-delivered, Class A industrial park totalling 1.27 million square feet in Savannah, Georgia.

 

JLL worked on behalf of the borrower, McCraney Property Company, to secure the $80 million senior loan which featured an A-B note structure.

McCraney CEO Steven McCraney shared, “We are pleased with the execution of Melissa Rose and the JLL Team. As the markets were tightening, they provided a great result.”

Steven McCraney

The project was developed in two phases. Phase I was comprised of two fully leased, Class A distribution centers with 32- and 36-foot clear heights.

 Phase II was comprised of two recently completed rear-load, Class A distribution centers with 32-foot clear heights.

Phase II delivered into an industrial market that is among the strongest nationwide, featuring 4.7% vacancy, 21% rent growth since 2021, and over 10.4 million square feet of net absorption year-to-date.

Michael DiCosimo 

The property is situated on an infill, core location approximately eight miles from the Georgia Port Authority, the largest single-container facility of its kind in North America and the fastest-growing and second busiest port in the nation.

McCraney Property Company (MPC) has established a long-term dedication to Savannah and is among the most prominent developers in this market.

 

 MPC has developed another two-building industrial asset in Savannah (95 Logistics at Pooler Parkway) and is currently underway on a multi-phase project totalling over 4.5 million square feet (Logistics 16 at Ottawa Farms).

 

 Phase I of Logistics 16 is actively leasing and consists of three buildings totalling over 1 million square feet. MPC’s established presence and interest in the Savannah market has allowed the firm to create strong local relationships across contracting, leasing and tenant outreach, benefitting the business plan for MPC’s projects and local community alike.

 Mateo Bolivar

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Melissa Rose, Director Michael DiCosimo and Analyst Mateo Bolivar.

“We are thankful to the McCraney Property Company for entrusting us with a challenging off-construction refinance assignment in the current capital markets environment. The success of this financing was driven by the resilient demand for cash-flowing industrial assets and our lender’s ability to accept creative structuring around the active lease-up potential of the asset,” said Rose.

CONTACT:

 

Alli Stent (Semans)

PR, Hotels & Hospitality, Capital Markets

JLL
M +1 330 329 6750

 

BLP Expands West Coast Industrial Portfolio Into Northern California with Filbert Street Acquisition

 

37580 Filbert Street, a warehouse in Newark, CA.

NEWPORT BEACH, CA -- Bridge Logistics Properties (“BLP”), a subsidiary of Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge”), is proud to announce its expansion into Northern California with the acquisition of 37580 Filbert Street, a warehouse in Newark, CA.

Paul Jones

 This 84,482-square-foot building marks BLP's first deal in Northern California which reflects the company's investment strategy of aggregating high quality logistics assets in Global Gateway markets across the United States.

The acquisition is particularly strategic given the infill location and the high barriers to entry in the City of Newark. 

The city's stringent requirements for new industrial development, coupled with a muted development pipeline, have created a persistent supply/demand imbalance in this submarket.

“The Bay Area is an important target market for BLP as we continue to grow our West Coast logistics portfolio," said Paul Jones, Managing Director of BLP.

Mark Geisreiter 

  "Despite current market volatility we believe in the Bay Area’s long term durability given its dense population, logistics infrastructure, and high barriers to new supply.”

 The property’s proximity to major transportation routes, including I-880 and the Dumbarton Bridge, offers unparalleled connectivity between the East Bay and Silicon Valley.

The warehouse is 100% leased to Vital Records Control (VRC), a leading offsite record storage company, for several more years. 

VRC has a long operating history in the facility and has made significant investment in the building, emphasizing the importance of this location for their operations.

Mike Spiro

Mark Geisreiter of Newmark, who, along with Mike Spiro and Seth McKinnon, facilitated the transaction, remarked, “We are excited to have been a part of this successful sale. 37580 Filbert Street is an exceptional property in a prime location within Newark's industrial market, and we believe it represents a significant investment opportunity.

"This sale underscores Newark's industrial real estate strength and demand for modern properties, and we look forward to seeing how BLP maximizes the potential of this asset."

“Our acquisition of the property was executed at a significant discount compared to replacement cost and recent comparable sales, highlighting the opportunistic basis of the investment,” said Michael Grossner, Vice President of West Region Investments at BLP. 

Michael Grossner

“Our basis in the building provides us the flexibility to enhance the building’s functionality to align with the depth of market demand, should the building ever become vacant."

CONTACT:

 Stacey Jones

for Bridge Logistics Properties

stacey@lavozmarketing.com

(213) 925-8177

 

BridgeBLP.com.