Member News  

NAIOP Member News offers members the opportunity to promote important announcements from their company. These include personnel transactions (hirings, promotions), company news (awards, relocations, stock reports, mergers and acquisitions) and deals (purchases, sales, major financing, awarding of property management contracts, groundbreaking and topping off, leases and land sales).

Submit your news using the online form. NAIOP will review submissions for length, clarity and appropriateness. Press releases sent directly to NAIOP may not be included.

11/01/2018 Company News

RETS Associates Announces 2018 Commercial Real Estate Financial Analyst Survey Results

RETS Associates

RETS Associates, a leading national real estate recruiting firm, has completed its 7th Annual Survey of Real Estate Financial Analysts in association with Charles Schilke, JD, Director of the Edward St. John Real Estate Program at Johns Hopkins’ Carey Business School. Over 200 financial analysts from across the nation with experience encompassing entry-level through five-to-seven years were polled on their salary, education, willingness to relocate and other applicable, work-related factors. This year, RETS’ survey findings presented a 180-degree shift in compensation for analysts with undergraduate degrees versus those holding graduate degrees. In 2017, the undergrads were big winners, but this year those who had earned MS/MBA degrees took home higher net salaries (i.e., base salary plus incentives.) Over a three-year period, analysts with graduate degrees showed a 30.8 percent wage increase, while those with a bachelor’s degree rose by only 19 percent. Regional wage disparities show that junior or senior analysts can expect to earn more in the Pacific Northwest and the Northeastern regions, which posted income growth of 30.5 percent and 29.5 percent, respectively. Averages in the Northwest may be driven by the greater Seattle area, which has seen rising demand due to aggressive expansion and development by Amazon, Microsoft, Google and other tech companies. Analysts at all levels look at compensation package, growth potential and geographical location when considering a job offer. However, in a change from previous years, junior analysts place equal value on compensation and growth potential, while senior associates and director-level specialists are more interested in geographical location. Other factors job candidates consider include the office culture, brand name of the firm and job title.

Contact: Angelyssa Granillo, 909-576-1758

10/30/2018 Company News

Casey Kreck named to Real Estate Forum’s 2018 50 under 40 in Commercial Real Estate

Dermody Properties

RENO, Nev. – Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, congratulates Casey Kreck, Senior Vice President of Finance, for being named one of Real Estate Forum’s 2018 50 under 40 in Commercial Real Estate. The national honor is given annually to leading professionals who have emerged as thought leaders in the commercial real estate industry early in their careers. As Senior Vice President of Finance, Kreck oversees all financial and reporting activities for Dermody Properties and works closely with the company’s President, Chief Financial Officer and regional partners across the country to ensure accurate and timely financial and operational results. He is also responsible for short, medium and long-term strategic forecasting, managing the financial strategy and detailed financial modeling for Dermody Properties’ entire industrial real estate portfolio. Kreck supports Dermody Properties’ national presence from its corporate headquarters located in Reno, Nev. He graduated from the University of Nevada, Reno with a Master in Business Administration and a Master of Science in Electrical Engineering. “Casey brings a very unique perspective to Dermody Properties with his solid engineering background and sound business acumen,” said Douglas A. Kiersey, Jr., President, Dermody Properties. “His innovative approach, pursuit for excellence and passion for the industry epitomizes what we stand for at Dermody Properties and why we’ve become a trusted partner in logistics and industrial real estate.”

Contact: Chrisie Yabu, 775-686-7437

10/24/2018 Personnel News

Attorney Jessica Paul Broussard Hired as Account Executive at Cavignac & Associates

Cavignac & Associates

Cavignac & Associates, a San Diego-based risk management and insurance brokerage firm, has hired Paul Broussard as an Account Executive. With five years of insurance industry experience, he will have dual roles servicing clients of the firm’s Professional Liability Department and handling the service needs of the company’s small- to mid-size accounts. He will also be responsible for new business development.

Contact: Bonnie Kutch, 619-299-1010

10/24/2018 Personnel News

Fauntelle Carrillo Hired as Account Executive at Cavignac & Associates

Cavignac & Associates

Fauntelle Carrillo, a 10-year veteran of the risk management and insurance industry and resident of Point Loma, has joined Cavignac & Associates as an Account Executive within the firm’s Personal Lines Department. Cavignac & Associates is a downtown San Diego-based risk management and commercial insurance brokerage firm, employing 55 people. The company established its Personal Lines Department in mid 2015 to fulfill its clients’ preferences for having their insurance matters consolidated with one trusted advisor. The company provides extensive knowledge and coverage for tangible assets such as high-value homes, luxury vehicles, collector cars, watercraft, aircraft and collectibles such as jewelry, wine, fine art and antique furnishings.

Contact: Bonnie Kutch, 619-299-1010

10/24/2018 Company News

Attorney Jessica White Fernandez & Fallon Broker $1.85M Sale of Capitol Hill Retail

Calkain

Calkain‘s Urban Investment Advisors team of Rick Fernandez and Andrew Fallon recently completed the sale of 749 8th Street, SE located in the Barracks Row area of the Capitol Hill neighborhood just north of the Navy Yard in Washington, DC. The 100% leased, 2,244 square foot, 2-story property is anchored by District Doughnut, a specialty doughnut shop, and the Skin Beauty Bar which offers luxury spa services. Calkain represented the seller in the transaction and the property sold for $1,850,000.00 or $824 per square foot. Fallon commented, “The property is well-located along 8th Street (Barracks Row), known for destination retail and eateries. Capitol Hill is one of the most sought-after DC neighborhoods, both in terms of residential and commercial stability, and opportunities like this one are rare due to the limited asset sales.” Calkain has sold similar assets from Georgetown to Shaw, and is feeling an uptick in demand for assets along the developing corridors and transitioning neighborhoods across the city.

Contact: Traci Bidinger, 703-935-0947

10/24/2018 Company News

Attorney Jessica White Fernandez & Fallon Bring Shaw Neighborhood Real Estate to Market

Calkain

Calkain‘s Urban Investment Advisors team of Rick Fernandez, Senior Managing Director and Andrew Fallon, Executive Managing Director, have been retained to sell 1539 7th Street, NW under a long-term stabilized lease to acclaimed cocktail venue and eatery The Passenger. Offered for sale is the fee simple ownership of the real estate under a landlord friendly lease with annual rent increases. Fernandez, stated, “Retail in DC has consistently performed well, and 1539 7th Street provides investors an opportunity to own street front retail with little to no landlord responsibilities and long-term ability to drive income through rent growth as the market matures.” Fallon added, “The property is ideally situated within one of DC’s most sought after and redeveloping neighborhoods and is a short walk to the Metro, City Market at O, and is well-positioned within the surrounding revitalization taking place in Shaw.”

Contact: Traci Bidinger, 703-935-0947

10/24/2018 Company News

Attorney Jessica White Boston Capital Invests in Multifamily Community for Families in Dulles, Virginia with Flatiron Partners

Boston Capital

Boston Capital is investing in the construction of Stone Springs Apartments, a 128-unit apartment community for families in Dulles, Virgina. Courtesy of Poole and Poole The developer partners include North Carolina-based Flatiron Partners, LLC, Van Metre Stone Springs Apartment Investment, LLC and Good Works LP. The development will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Loudoun County will provide a $3 million Housing Trust Fund loan. Located 25 miles west of Washington, DC, Stone Springs Apartments will serve families earning 60 percent or less of the Area Median Income (AMI). Stone Springs Apartments will include 32 one-bedroom, 84 two-bedroom and 12 three-bedroom units in two four-story, newly-constructed, elevator-serviced buildings. Unit amenities will include central heating and air conditioning, refrigerators, dishwashers, microwave ovens, full-sized washers/dryers and ceiling fans. A 2,992-square foot clubhouse/office building will feature a community room, business center, grilling area and a playground. The apartment community is well located with excellent access to the area's shopping, healthcare, employment, public schools, recreation, community services and secondary educational opportunities.

Contact: Allison E. Marino, 617-624-8678

10/24/2018 Company News

C.W. Driver Companies Completes Construction on $40M Creative Office Complex at Former Site of San Diego Union-Tribune

C.W. Driver Companies

SAN DIEGO AND PASADENA, Calif. – Oct. 24, 2018 – C.W. Driver Companies, a premier builder serving California since 1919, today celebrated the completion of AMP&RSAND, a 330,000-square-foot Class A creative office center located on San Diego Union-Tribune’s former headquarters in the Mission Valley area of San Diego. The redevelopment of the 13-acre iconic campus included a major overhaul of a five-story office tower and a three-story industrial/office building. Each consists of 165,000 square feet, creating a modern and highly amenitized office complex. The re-imagined spaces incorporate the outdoors with parks throughout the property and along the adjacent San Diego River. The three-story building originally held the Union-Tribune’s printing plant and was built to withstand the heavy load of printing presses and other equipment. Faced with all brick exterior and concrete interior elements, C.W. Driver Companies was tasked with cutting through the thick composition to open interiors to more natural light, adding new large glass windows and doors. Designed by Wolcott Architecture, the AMP&RSAND redevelopment project brings the two dated buildings, originally designed and constructed in 1973, into the new era by incorporating modern design elements that pay homage to the property’s unique past. Thirteen-foot ceilings and new oversized windows bring in natural light, while the interior design creates an industrial loft-style feel with exposed brick, concrete pillars and polished concrete floors. The creative work space also incorporates the surrounding landscape to encourage working outdoors. The property now features nine patios and 64,000 square feet of outdoor collaborative space, in addition to an amphitheater for multi-function gatherings.

Contact: Jade Terry, 714-263-8752

10/24/2018 Company News

San Diego-based Cavignac & Associates Again Named Best Practices Agency by IIABA

Cavignac & Associates

San Diego-based Cavignac & Associates, a 55-member risk management and insurance brokerage firm, has been named a “Best Practices Agency” by the Independent Insurance Agents & Brokers of America (IIABA) for the eleventh year in a row. More than 1,500 agencies throughout the United States were nominated to take part in the IIABA annual study, but only 262 of them qualified for the honor. Cavignac & Associates was chosen based on its operational excellence and focus on identifying and managing exposures to loss in order to lower its clients’ total cost of risk.

Contact: Bonnie Kutch, 619-299-1010

10/16/2018 Deal

Attorney Jessica White Publix Super Markets' Northernmost Store in Fredericksburg, VA Sells for Nearly $15.57 Million

Calkain

Calkain Companies LLC, a boutique STNL brokerage firm, has recently closed on the sale of a net-leased Publix Super Market for $15,568,085. This 49,098 square foot store, located at 9601 Jefferson Davis Highway in Fredericksburg, VA, is the northernmost store for the chain. Having just opened this July, the new Publix is part of Cosner's Corner, home to a Super Target and Kohl's. Jonathan Hipp, Calkain's President and CEO, represented the Silver Companies in the sale of this 20-year net leased asset. Prior to bringing the asset to market, Calkain's Patrick Nutt represented a buyer in a 1031 Exchange who quickly submitted an LOI. Hipp stated, "Headquartered in Florida, Publix is a well-established dominant brand in the high demand grocery market sector. We had no doubt this asset would trade quickly."

Contact: Traci Bidinger, 703-935-0947

10/16/2018 Personnel News

Attorney Jessica White Appointed HR Risk Advisor for Cavignac & Associates

Cavignac & Associates

Cavignac & Associates, a 55-member risk management and insurance brokerage firm based in downtown San Diego, is pleased to announce the appointment of Jessica White, Esq., SPHR, as human resources risk advisor. Jessica relocated to San Diego from Minneapolis. She brings to Cavignac & Associates 15 years of experience in human resources and law, most recently having owned and operated JW Employment Law Center in Bloomington, Minn. For 10 years prior to that, she worked as a human resource advisor in corporate management.

Contact: Bonnie Kutch, 619-299-1010

10/15/2018 Company News

Ivanhoé Cambridge and CapRock Partners Break Ground on Colony Commerce Center

CapRock Partners

Newport Beach, California, and Montreal, Quebec (Canada) – October 15, 2018 – Global real estate investor Ivanhoé Cambridge, along with California-based industrial real estate investment and development firm CapRock Partners, recently marked the start of construction on Phase I of Colony Commerce Center in Ontario, California. Located at the northeast corner of Carpenter and Remington avenues in the Inland Empire, the nation’s premier industrial market, Colony Commerce Center Phase I will comprise 1.3 million square feet of industrial space divided in two Class A state-of-the-art industrial buildings of 589,000 and 700,000 square feet respectively, both with 36-foot clear heights. Minutes from Ontario International Airport and highways I-15, I-10, SR-60, SR-91 and SR-71, Colony Commerce Center Phase I will have 185-foot-wide truck courts, cross-dock loading, 100-percent-concrete drive areas and excess trailer parking stalls. The logistics complex is in close proximity to corporate neighbors such as Walmart, FedEx and Amazon, and is a few miles away from major retail amenities. CapRock Partners will also develop Phase II of the logistics complex for Ivanhoé Cambridge. Colony Commerce Center Phase II is directly adjacent to Phase I on the southwest corner of Archibald and Merrill avenues, and will include a 1-million-square-foot single LEED-certified building with a 40-foot clear height that anchors eight additional small-box buildings ranging from 35,000 to 140,000 square feet, for a total of approximately 1.7 million square feet. Construction is on track to commence by year end.

Contact: Jade Terry, 714-263-8752

10/12/2018 Company News

Cap Rates Continue to Tick Upward, Net Lease Outlook Remains Cautiously Optimistic

Calkain

Calkain today released its Q3 2018 Cap Rate Report. Despite four straight quarters of increases, the cap rate still remains relatively low at 6.55%, only 23 bps off our recent all-time low. “Although we’ve seen an uptick in interest rates, the market continues to aggressively chase net lease assets. I’m cautiously optimistic we will have a solid fourth quarter,” stated Jon Hipp, Calkain’s president and CEO. According to the report, the net lease market is on track for continued strong performance. The report includes a sector-by-sector breakdown, as well as an overall view of the single tenant net lease cap rate in addition to a few of the top brands in the net lease market.

Contact: Traci Bidinger, 703-935-0947

10/09/2018 Deal

Multifamily Portfolio Comes Online in Middlesex County, N.J.

Cushman & Wakefield

MIDDLESEX COUNTY, N.J., Oct. 9, 2018 – A Middlesex County multifamily portfolio has come online for sale, offering seven buildings totaling 135 units in one of New Jersey’s tightest rental markets. Located in Iselin, Avenel, Rahway and Colonia, the properties – all developed within the past five years – are 98 percent occupied, according to Cushman & Wakefield, which is representing the seller. “Middlesex County is an affluent and thriving economic area with an average household income over $109,000, a population exceeding 845,000, a strong corporate presence, and world-class educational and health care facilities,” noted Cushman & Wakefield investment sales specialist Andy Schwartz, who is heading the assignment with Brian Whitmer, Mark Phillips and other members of the firm’s New Jersey capital markets practice. “The Woodbridge submarket, where this portfolio is located, has a multifamily vacancy rate of just 6 percent, with projected rent growth of more than 13 percent in the next 5 years. In short, this is a highly attractive opportunity for any investor looking to gain or grow a foothold in a thriving multifamily market.”

Contact: Maxine Aviles, 201-796-7788

10/08/2018 Deal

Dickson Commercial Group Sells Round Hill Square Shopping Center for $28 Million

Dickson Commercial Group

(Zephyr Cove, Nev.) – Dickson Commercial Group (DCG) announces the sale of Round Hill Square Shopping Center, the epicenter of retail activity in Zephyr Cove, Nevada for $28 million. The 115,984 square foot center is on 10.2 acres. It is located adjacent to two popular beaches less than two miles from Lake Tahoe’s largest concentration of hotels at Stateline and Heavenly Mountain Resort. International and national tenants represent the retail mix at an average occupancy rate of 96.8 percent. Tenants include: Safeway, the United States Postal Service, Wells Fargo, Dollar Tree, Subway, WorldMark by Wyndham and Barton Healthcare Lake Tahoe Surgery Center. “DCG was honored to represent a national ROIC in the disposition of an incredibly unique asset,” said Scott Shanks, SIOR and partner with DCG. “The lack of supply of commercial space in the Lake Tahoe Basin provided for opportunities in marketing Round Hill Shopping Center, but that same lack of supply also had challenges in locating a buyer that could maximize the competitive data and the positioning of the asset into the future. It was a very rewarding experience for our team.” “This transaction represented a one-of-a-kind, irreplaceable investment opportunity in one of the top travel destinations in the country,” said Chris Shanks, CCIM and investment broker with DCG. “Nevada continues to be a strong market for investors looking to divest from California and seek higher returns.” Chris Shanks, CCIM, Dominic Brunetti, CCIM and Scott Shanks, SIOR of DCG represented the seller, ROIC Zephyr LLC, along with advisor Tony Bernheim of Carlsbad Capital, LLC in the transaction.

Contact: Chrisie Yabu, 775-686-7437

10/01/2018 Company News

Boston Capital Invests in 13th Apartment Community with Summit Housing Group

Boston Capital

Boston Capital is investing in the construction of Converse Place Courtesy of Encompass Design Inc./ Birdhouse Studio LLC Apartments, a 72-unit apartment community for families in Cheyenne, Wyoming. The developer partner is Summit Housing Group, based in Missoula, MT. The development will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program and will serve families earning 55 percent or less of the Area Median Income (AMI). Located on nearly eight acres, Converse Place Apartments will include 12 one-bedroom, 40 two-bedroom and 20 three-bedroom units in three garden-style buildings. Unit amenities will include central air conditioning, ceiling fans, dishwashers, extra storage, and washers and dryers. The apartment community will feature a 1,200 square foot community building offering a community room with a kitchen, as well as a children's play area, an outdoor BBQ area and 108 open parking spaces. Converse Place Apartments is well located near shopping, banking, dining, recreation, schools, and employment opportunities.

Contact: Allison E. Marino, 617-624-8678

09/26/2018 Company News

C.W. Driver Companies Completes Construction on $78M California State University, San Bernardino Student Housing & Dining Commons

C.W. Driver Companies

SAN BERNARDINO, Calif. – Sept. 26, 2018 – C.W. Driver Companies, a premier builder serving California since 1919, today announced the completion of California State University, San Bernardino’s (CSUSB) new $78 million, 152,618-square-foot student housing and dining commons. Located at 5500 University Parkway, the 407-bed student housing complex and 750-seat dining facility provides much-needed accommodations for incoming students and supports the university’s future growth. Totaling 107,260 square feet, the CSUSB student housing complex is split between two buildings, which range in height from two to four stories, that accommodate residential hall-style double occupancy rooms and shared bathroom facilities. The north wing houses the campus honors program and an administrative suite for housing and residential education. The south wing includes amenities such as a game room, multi-purpose rooms, student lounges, laundry room and a community kitchen in addition to the faculty in residence program. The 45,358-square-foot dining facility features full-service and self-serve stations, and three dining rooms for public or private use. Adjacent to the dining area is a 200-seat mezzanine that offers views of the San Bernardino mountains to the north. The student housing and dining commons are both projected to achieve LEED® Gold certification. Sustainable features include the use of natural light and ventilation, energy-efficient LED lighting with day lighting controls and occupancy sensors, high-efficiency fixtures and appliances, solar panels, energy-efficient mechanical and plumbing systems and low-water landscaping with smart irrigation controllers.

Contact: Jade Terry, 714-263-8752

09/25/2018 Company News

R.D. Olson Construction Completes Hotel Trio and Citrine Apartments in Sonoma County

R.D. Olson Construction

R.D. Olson Construction, an award-winning general contracting firm in California, recently marked the completion of a ground-up, two-part construction project in Healdsburg. The project included Hotel Trio, a 122-room hotel, and Citrine Apartments, a 37-unit affordable housing community. The 82,638-square-foot Hotel Trio includes 13 one-bedroom layouts and 109 studios. The hotel offers guests myriad amenities such as in-room kitchens, outdoor patios, firepits, a fully equipped fitness center, outdoor pool deck, wine and coffee bar, lounge, BBQ area, a meeting room and third-floor lounge overlooking Dry Creek. Citrine Apartments, a 41,048-square-foot affordable housing community, is located adjacent to the hotel at 1260 Grove Street. The community offers residents one-, two- and three-bedroom options.The development brings a much-needed affordable option for residents in a high-cost-of-living area. “We are excited to introduce a two-part project to California’s wine country that brings much-anticipated options for affordable accommodation to travelers and area residents alike,” said Bill Wilhelm, president of R.D. Olson Construction. “The combination of a hotel and affordable housing project is a first-of-its-kind for R.D. Olson Construction, and adds to our robust portfolio of hospitality and multi-unit projects.” R.D. Olson Construction project partners include: Axis/GFA Architecture + Design, Roche + Roche Landscape Architecture, ZFA Structural Engineers, CSW/Stuber-Stroeh Engineering Group, Inc., Design Force Corporation and Robison Engineering.

Contact: Angelyssa Granillo, 909-576-1758

09/24/2018 Company News

Lydia G. Chesnick Selected as a Banker & Tradesman Women of FIRE Honoree

Bernkopf Goodman LLP

Bernkopf Goodman LLP is proud to announce that Lydia G. Chesnick, a real estate and business law partner, has been selected as a Banker & Tradesman “Women of FIRE” honoree. According to Banker & Tradesman, readers were asked to nominate women deserving of the “Women of FIRE” award in the categories of finance, insurance, and real estate. The most talented, ambitious, innovative, and philanthropic women who are achieving excellence and making a difference in these traditionally male-dominated industries were chosen for the award. Many nominations were received, and each were reviewed carefully by a panel of judges. Only 17 winners were selected. “We are delighted that Banker & Tradesman recognized Lydia to be among its “Women of FIRE,” said Sheryl Starr, Managing Partner of Bernkopf Goodman. “Lydia is an outstanding real estate lawyer and mentor to others, and she is tremendously active in the charitable and business community. Lydia is a role model for others to follow, and the honor is well deserved.” Chesnick is a graduate of Boston University School of Law. She has achieved an AV Preeminent Peer Review Rating by Martindale-Hubbell, has been honored every year since 2010 as a Massachusetts Super Lawyer, was named to the list of “Top 50 Women Attorneys in New England,” by Super Lawyers, was honored with a Massachusetts Lawyers Weekly “Top Women of Law” award, and selected for inclusion in Best Lawyers in America®.

Contact: Jeannette Riendeau, 617-790-3000

09/24/2018 Company News

Bernkopf Goodman's Peter B. McGlynn and Robert W. Stetson Selected as Fellows in the Construction Lawyers of America Honorary Society

Bernkopf Goodman LLP

Bernkopf Goodman LLP is proud to announce that Peter B. McGlynn and Robert W. Stetson have been selected as fellows in the Construction Lawyers of America (CLSA) Honorary Society. According to the CLSA, members of the society are invited by invitation only. The fellowship is limited to 1,200 active practicing lawyers worldwide and are selected based upon excellence and accomplishment in construction law and closely related specialties. The society is aggressively diverse in its composition and represents the best in construction law among its membership. McGlynn specializes in litigation relating to construction, surety, malpractice, commercial, and bankruptcy cases. McGlynn has tried to verdict or decision in excess of 150 cases throughout the United States representing general contractors, subcontractors, architects, engineers, lenders, sureties, and owners, among others, on a wide array of commercial, construction, surety, and bankruptcy disputes. Stetson specializes in complex civil litigation and alternative dispute resolution. He represents a variety of clients ranging from individuals to multi-national corporations in all phases of litigation, including trial and appellate practice. Stetson has significant experience in disputes involving corporations and other business organizations, construction projects, contracts, real estate, landlord-tenant, and shareholder disputes. His practice includes both state and federal court proceedings, as well as arbitration and other forums for alternative dispute resolution.

Contact: Jeannette Rieandeau, 617-790-3000

09/19/2018 Company News

4747 Bethesda Avenue Topping Out

Lendlease (US) Construction Inc.

Lendlease recently celebrated the Topping Out of 4747 Bethesda Avenue; the new JBG SMITH Headquarters, in Bethesda, Maryland. In attendance were representatives from Lendlease (Construction Manager), JBG SMITH (Owner), and Shalom Baranes Architects (Architect). The new 4747 Bethesda Avenue office building is a 287,000 square foot concrete structure with a distinctive metal panel and glass enclosure. Amenities will include ground floor retail, a state-of-the-art fitness center, a private terrace on the 4th level, and an expansive rooftop terrace. It is expected to extend the vibrant retail and pedestrian experience along Bethesda Row towards Wisconsin Avenue. The building is targeting LEED Gold status. Michael Levy (Senior Superintendent) shared his thanks to the team for a job well done and to JBG SMITH for the opportunity. “To the core team of subcontractors that have been here and will be here for the duration, you are our path to the finish line. Thank you for your efforts. You need to continue to work together as a team, plan your work, and push every day. I want to thank JBG SMITH for placing their trust in us to deliver them a new headquarters, and hope that they and the building’s other tenants will enjoy calling this place home. We take pride in building big, important structures, especially those that serve such an important function”. Keynote addresses were also given by George Hayward of JBG SMITH and Ted Goloboski of Belfast Valley Contractors. “JBG SMITH has been exceptionally happy with the work that Lendlease and the Subcontractors have performed and their progress to date. Our thanks go out to all the team members who have worked so hard to get us to this point so successfully. We look forward now to the completion of the building and the opening of what will be Bethesda’s premier trophy office building.”

Contact: Aileen Pearman, 301-354-3176

09/17/2018 Personnel News

Hemenway & Barnes Expands Real Estate Development Practice with Addition of Johanna Schneider

Hemenway & Barnes LLP

Hemenway & Barnes, one of Boston’s leading legal and fiduciary firms, is pleased to announce that Johanna W. Schneider has joined the firm as counsel. Ms. Schneider has nearly 20 years of experience advising public and private clients on real estate development projects and litigation. She counsels clients on real estate development permitting and land use and environmental disputes. Working on complex real estate development projects, Ms. Schneider directs owners, developers and other entities through local, state and federal permitting processes. Ms. Schneider has also successfully represented clients in all stages of litigation, including mediations and appeals. “Johanna’s broad-based real estate background will help our clients navigate the complex permitting and land use challenges associated with real estate development projects,” said Kurt Somerville, managing partner at Hemenway & Barnes. “Her practical approach to resolving disputes complements our long tradition of providing thoughtful, clear and comprehensive advice.” Ms. Schneider is active in industry associations and serves on her town’s Zoning Board of Appeals. Prior to practicing law, Ms. Schneider was a consultant to the U.S. Environmental Protection Agency (EPA). Ms. Schneider received her JD from the University of Virginia and BA from Wesleyan University.

Contact: Kirsten Lovett, 617-557-9771

09/17/2018 Deal

Cushman & Wakefield Named Leasing Agent for BroadAcres Office Park

Caryl Communications

BLOOMFIELD, N.J., Sept. 17, 2018 – Cushman & Wakefield has been named the exclusive leasing agent for P3 Properties’ BroadAcres Office Park in Bloomfield. The appointment comes at a time of notable progress at the high-profile, 393,000-square-foot office campus. P3 Properties acquired the four-building complex last year, and occupancy already has risen over 13 percent. Harvey Rosenblatt, P3 founder, credits this momentum to competitive lease terms and significant property upgrades. “Simply put, we are successfully leveraging the potential we saw from the outset at BroadAcres,” he noted. “We are working hard to create an affordable, attractive environment with amenities that today’s tenants want. We are pleased to welcome Cushman & Wakefield to the team as I know they will help us take BroadAcres to the next level.” Cushman & Wakefield’s Managing Director Ben Brenner and Associate MariaGrace Iantosca, are heading the BroadAcres Office Park leasing assignment. “BroadAcres enjoys a storied reputation as a preferred destination for sophisticated corporate users seeking accessibility, a distinct identity and aggressive business terms,” Brenner said. “Our team at Cushman & Wakefield is thrilled to be partnering with P3 Properties to build upon that history and finalize the lease-up of the complex.” This is Cushman & Wakefield’s first agency leasing assignment with P3 Properties in New Jersey.

Contact: Evelyn Weiss Francisco, 201-796-7788

09/13/2018 Company News

Dickson Commercial Group Lists Virginia/Center For Sale, a Mixed Use Development in Downtown Reno

Dickson Commercial Group

Dickson Commercial Group (DCG) presents one of the largest contiguous land assemblages for sale in downtown Reno, a mixed use developed called Virginia/Center. The offering includes 10 contiguous parcels totaling 1.935 acres (84,180 square feet) of mixed use land. The current zoning is Mixed Use Downtown Regional (MUDR). “This is an attractive, solid footprint for the continued redevelopment in downtown Reno,” said Tom Fennell, CCIM of Dickson Commercial Group. “We believe the project will encourage redevelopment on surrounding streets because it is one of the last contiguous blocks available in the downtown area.” This unique assemblage is directly in the heart of downtown at the base of the University of Nevada, Reno corridor, just blocks south from the University of Nevada, Reno campus. Directly to the west of the parcel is The Row owned by publicly traded Eldorado Resorts, which is currently reinvesting over $50 million into its properties. Directly to the north of the property, University Housing Group has closed on and is beginning construction of Canyon Flats, a six-story, 158-unit student housing complex that will house more than 500 university students. It will feature a 24-hour fitness center, a coffee bar, study rooms on each floor and a rooftop pool. Directly to the southeast of the property is the Reno Events Center, a 7,000-seat multi-purpose arena for events that range from top-notch entertainment to a variety of special events, conventions and conferences. The property is listed at $6,734,400. Tom Fennell, CCIM, Dominic Brunetti, CCIM, Scott Shanks, SIOR and Harvey Fennell from DCG are the brokers on the project.

Contact: Chrisie Yabu, 775-686-7437

09/13/2018 Deal

Dermody Properties Acquires Four Buildings in California’s Fremont Research Center

Dermody Properties

Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, announced its purchase of four buildings at Fremont Research Center located in Fremont, Calif., a submarket within the Silicon Valley. The buildings, totaling 191,703 square feet, are 87 percent occupied and are home to tenants in clean technology, R&D and advanced manufacturing. It will be managed by the company’s West Region office, led by George Condon, West Region Partner. The acquisition is part of Dermody Properties’ strategy of acquiring or developing properties in logistics-focused locations around the nation. The property is located along Silicon Valley’s I-880 Corridor just south of the Fremont Innovation District. The newly opened Warm Springs BART station is located 1.5 miles from the property. Condon said, “We appreciate the efforts of our brokers at Newmark, Cornish and Carey and Cushman & Wakefield who brought us this opportunity. The tenants are outstanding companies that are part of the hub of technology and light manufacturing in the San Francisco Bay Area.” Steve Kapp and Chris Shaffer of Newmark, Cornish and Carey along with Adam Lasoff, Eric Fox and Steve Hermann of Cushman & Wakefield of San Francisco brought the opportunity to Dermody Properties. “The acquisition of Fremont Research Center is consistent with our strategy of acquiring value-add, functional, infill logistics and light manufacturing assets in Tier 1 markets. The barriers to entry in the Silicon Valley submarket are very high and submarket occupancies are at or near record levels. We believe these market fundamentals will drive growth in asset value,” said Douglas A. Kiersey, Jr., President of Dermody Properties.

Contact: Chrisie Yabu, 775-686-7437

09/05/2018 Company News

RETS ASSOCIATES EXPANDS REACH WITH NEW DENVER OFFICE AND ADDITION OF INDUSTRY TALENT

RETS Associates

RETS Associates (RETS), a leading national real estate recruiting firm serving the Denver area since 2011, today announced the opening of its new office in downtown Denver, Colorado. Located at 1550 Wewatta Street, the new location positions RETS at the epicenter of the seventh most attractive market in the Western Hemisphere for real estate investment, according to a recent report from CBRE. Having dedicated office space in Denver will enable the firm to best serve new and existing clients’ growing demand for real estate talent in the region. Three members of the RETS management team will call the Denver office home. •Jessica MacNaughton – Recently joining the team as a director, MacNaughton brings nearly two decades of experience in commercial real estate brokerage, business development, marketing and research. Prior to joining the team, MacNaughton spent the last five years at CBRE where she served as regional director of marketing and research publications for the Americas. She will be focusing on recruiting for positions from associates to mid- and senior-level management covering commercial real estate, development, architecture, engineering and construction. MacNaughton holds both a Bachelor of Arts in Communications, Law and Society as well as an Executive Master of Business Administration from the University of Denver. •Berkeley Davis – A seasoned RETS recruiter and managing director, Davis relocated to Denver from RETS’ Seattle office and has more than 17 years of experience in the commercial real estate and recruiting industries. Her past experience at a boutique firm serving in a wide array of roles, The Irvine Company and Bixby Land Company have given her a diversity of experience that lends to her success in recruiting with RETS today. •Jana Turner – Principal Jana Turner will begin splitting her time between the Denver office and the firm’s headquarters in Newport Beach.

Contact: Angelyssa Granillo, 909-576-1758

09/04/2018 Company News

CustomSpace Leases 82,200 SF in North Bergen, N.J.

Caryl Communications

NORTH BERGEN, N.J., Sept. 4, 2018 – CustomSpace has leased 82,200 square feet of industrial space at 7001 Anpesil Drive in North Bergen, N.J., announced Colliers International NJ LLC, Inc. (NASDAQ:CIGI, TSX:CIG). The expansion represents the full-service warehousing, storage, and office space provider’s first East Coast footprint. CustomSpace was represented by Colliers’ Senior Vice President Mike Davis, based out of Redwood City, Calif., and Senior Managing Director Richard M. Warshauer from Colliers’ New York City office with his New Jersey colleagues. William Connors, from the William Connors agency served as landlord representative for Pelvil Realty, LLP. CustomSpace provides full-service warehousing, storage, and office space to businesses and individuals looking for 250 to 10,000 square feet. The company has existing locations in multiple metro areas — including Los Angeles, Miami, San Francisco, Seattle and Houston — and wanted to enter the New Jersey and New York City markets. CustomSpace engaged Colliers to identify a location that would provide central access to these markets at a competitive price. “We examined the accessibility to CustomSpace’s potential customer market, along with the availability of space, to identify the best location,” Warshauer said. “Within those parameters, we quickly identified 7001 Anpesil Drive in North Bergen as a property that offered all the attributes that CustomSpace was seeking.” The transaction illustrates the benefits of Colliers’ broker network and comprehensive service platform. Davis, who previously assisted CustomSpace with its expansion activity, coordinated with Warshauer and colleagues in New Jersey to provide market knowledge and hands-on leadership.

Contact: Emily Ackel, 201-796-7788

09/04/2018 Personnel News

HAGOOD S. MORRISON II, VICE PRESIDENT OF BRIDGE COMMERCIAL, SELECTED TO BE PART OF THE LEADERSHIP CHARLESTON CLASS OF 2019

Bridge Commercial

CHARLESTON, SC – After a thorough application process from the Chamber of Commerce, Hagood S. Morrison, II of Bridge Commercial has been selected to participate in Leadership Charleston’s Class of 2019. For more than 44 years, the Charleston Chamber of Commerce has offered Leadership Charleston, a 10-month program offering an intensive and up-close look at the most challenging issues and opportunities facing our region – Leadership Charleston engages participants in the experiences that they need to lead in. Through community immersion and interactions with diverse leaders, Leadership Charleston is cultivating leaders and igniting the advancement of the Charleston metro. Bridge Commercial is a regionally-focused commercial real estate firm headquartered in Charleston, SC. Bridge’s brokers are best in class and known nationally for their experience and expertise. Bridge’s mission is to best serve our clients with the combination of collaborative teamwork, experienced and dedicated talent, and the leverage of technology and innovation. For additional information, contact Alicia Niland at alicia.niland@bridge.commercial.com.

Contact: Alicia Niland, 843-990-7869

09/02/2018 Deal

QuickLiquidity Purchases Ownership Interest in a 300-Unit Apartment Community for $2 Million

QuickLiquidity

Boca Raton, FL, Aug 22, 2018: QuickLiquidity, a private equity firm investing in commercial real estate nationwide, has announced that it has purchased a non-controlling ownership interest in an existing real estate partnership for $2 million. The partnership owns a 300-unit apartment community located in Broward County, Florida. The apartment community was purchased by an experienced multi-family owner in 2014 as a value-add investment opportunity due to the property having a below market occupancy and extensive deferred maintenance. Over the past four years, substantial renovations were made to the entire property, allowing the owner to stabilize the occupancy and increase the rents to market rate. This significantly increased the property’s income and therefore the property value rose. With the owner’s low basis and a greatly increased value, the property had an enormous amount of equity. The owner wanted to monetize a portion of their equity in order to continue their growth through additional multi-family acquisitions. However, the apartment community is encumbered by a first mortgage which has a costly prepayment penalty, leaving the owner with a limited amount of financially feasible options to turn their equity into liquidity. If the owner were to refinance their existing mortgage, the prepayment penalty and closing costs would be excessive compared to the relatively small amount of cash the owner was looking to pull out. With a new first mortgage the owner would also lose their attractive low fixed interest rate. QuickLiquidity offered a solution by purchasing a non-controlling ownership interest in the partnership for $2 million. Despite the first mortgage’s restrictions, it specifically allows for the sale and transfer of a non-controlling interest.

Contact: Yoni Miller, 561-221-0881

08/28/2018 Personnel News

Dermody Properties Hires Elizabeth Kauchak as Chief Operating Officer

Dermody Properties

Dermody Properties, a national real estate investment, development and management company specializing in acquisitions and development of logistics properties, has hired 18-year industrial real estate veteran, Elizabeth Kauchak, as the company’s Chief Operating Officer. “I am pleased to join the incredibly experienced team at Dermody Properties,” said Kauchak. “I look forward to helping further the company’s vision across the nation.” Before joining Dermody Properties, Kauchak held the position of Vice President/Market Officer for Prologis in the Bay Area, where she oversaw the leasing and property management teams for the company’s existing 19.6 million square foot portfolio. She was also involved in the design and construction of more than twenty million square feet of industrial space and completed more than 1,500 leasing transactions during her tenure. “We are excited to welcome Elizabeth to Dermody Properties,” said Douglas A. Kiersey, Jr., President of Dermody Properties. “Her proven track record, strategic focus and commitment to excellence will help us continue to exceed the expectations of our diverse investors and customers throughout the country. In addition, Elizabeth’s extensive customer and broker relationships will drive growth for Dermody Properties.” To learn more about Kauchak, visit https://dermody.com/team/elizabeth-kauchak/. About Dermody Properties Dermody Properties is a privately-owned logistics real estate investment, development and management firm that specializes in acquisitions and development of real estate in strategic locations for e-commerce fulfillment centers, third party logistics and distribution customers. Founded in 1960, Dermody Properties has invested in more than 70 million square feet of industrial space. To learn more about Dermody Properties visit Dermody.com.

Contact: Chrisie Yabu, 775-686-7437

08/27/2018 Personnel News

Jasmin Jasmin Divino Cortez Joins Cavignac & Associates as Professional Liability Dept. Account Administrator

Cavignac & Associates

Cavignac & Associates, a 55-member San Diego risk management firm, has hired 12-year insurance industry veteran Jasmin Divino Cortez as Professional Liability Department Account Administrator. In her new position, she provides assistance to the department’s executives by processing endorsements, policies and certificates of insurance, among other duties.

Contact: Bonnie Kutch, 619-299-1010

08/27/2018 Deal

Calkain’s Fernandez Brokers Sale of The Learning Experience for $4.67M in Chantilly, VA

Calkain

Rick Fernandez, Senior Managing Director of Calkain Companies, brokered the sale of the Chantilly, VA The Learning Experience for $4.67M. The Chantilly property along with the Woodbridge and Manassas locations, combined for a $11+ Million sale for the owner/developer. The properties are leased to The Learning Experience, one of the fastest growing daycare operations in the country Fernandez commented, “The solid real estate fundamentals, favorable lease terms and near capacity enrollments were the deciding factors for the buyers.” He continued, “Calkain’s national reputation as the leading provider of net lease investments drew investors from around the country and we were able to secure multiple offers providing our client with the most favorable closing options.”

Contact: Traci Bidinger, 703-935-0947

08/27/2018 Deal

Calkain’s Fernandez Arranges $5.73M Sale Washington, DC Metro Applebee’s

Calkain

Rick Fernandez, Senior Managing Director of Calkain Companies, recently brokered the sale of two Applebee’s restaurants, one in Frederick, MD and and the other in Warrenton, Virginia. Sold individually, the properties were purchased by private investors in a 1031 exchange. Fernandez commented, “The buyers were looking for long term stabilized real estate with solid fundamentals and no landlord responsibilities.” He continued, “The long operating history, ideal casual dining locations, demographics and tenant guarantee were critical to closing the deal.” Calkain’s national platform and reputation as the leading provider of NNN investment property delivered multiple offers allowing the seller to choose the most favorable closing terms.

Contact: Traci Bidinger, 703-935-0947

08/27/2018 Company News

Calkain’s Trio of Pharmacy Sales Underscores the Importance of Lease Term in Net Lease Transactions

Calkain

Calkain Companies LLC, a boutique STNL brokerage firm, has recently closed on three net leased pharmacy assets. Patrick Nutt, Calkain’s Managing Partner, represented the seller in each of the transactions and achieved cap rates at a significant premium to the national average for pharmacy sector deals in the past 12 months. According to Calkain research, the Q2 average cap rate for pharmacy sector transactions was at 6.63%, with an average lease term of 10.5 years remaining. Although other factors come into play, the 15+ year terms on these deals facilitated a roughly 100 bps premium for the two CVS deals. Nutt’s most recent deal, the Walgreens located in Orlando, Florida, achieved an even stronger cap rate, another 70 bps lower, which he attributes to the selective new construction starts Walgreens has deployed. “Walgreens is a mature concept, and thus they are very selective in opening new stores. The Orlando sale was one of only a handful of new construction Walgreens locations to open in 2018, which speaks to the quality of the physical real estate for this property, ultimately compressing the cap rate,” Nutt continued.

Contact: Traci Bidinger, 703-935-0947

08/16/2018 Company News

CAPROCK PARTNERS ACQUIRES 26-ACRE SITE IN SAN DIEGO

CapRock Partners

NEWPORT BEACH, Calif. – Aug. 16, 2018 – CapRock Partners, a Newport Beach-based industrial real estate investment and development firm, today announced the acquisition of a 26-acre land site in the Sorrento Mesa neighborhood of San Diego. Acquired from a private investor, this site will enable CapRock to provide build-to-suit solutions for industrial tenants or develop several speculative industrial buildings to satisfy pent-up demand in one of San Diego’s tightest industrial submarkets. This transaction follows CapRock’s robust activity in the San Diego area earlier this year with its two recent acquisitions totaling 250,000 square feet. The 91,000-square-foot acquisition of surplus corporate real estate in Scripps Ranch is currently undergoing major renovations, with completion slated for September. CapRock also is nearing completion on the renovation of 158,000 square feet of industrial space in Vista. Both are currently available for tenants. The site is centrally located on Nancy Ridge Road with convenient access to I-805 and I-15 as well as Carroll Canyon Road, a major arterial. A prime infill location, it sits near the border of Sorrento Valley and Miramar in close proximity to Qualcomm’s headquarters, ThermoFisher Scientific and a FedEx distribution center.

Contact: CapRock Partners, 714-263-8752

08/16/2018 Company News

The Economy Thrives. Single Tenant Net Lease Market Soars.

Calkain

Calkain today released its latest Net Lease Economic Report, Semi-Annual Edition. Despite a barrage of negative news with trade wars, chemical warfare, and political unrest, the economy continues to soar. The economic strength bodes well for developers and owners of commercial real estate. According to the report, “Consumer spending is enhanced with each and every net new job created, which has particular salience in the single tenant net lease market. Consumer and business confidence also tend to drift higher, inducing further household and enterprise outlays into the economy.”

Contact: Traci Bidinger, 703-935-0947

08/16/2018 Company News

The Economy Thrives. Single Tenant Net Lease Market Soars.

Calkain

Calkain today released its latest Net Lease Economic Report, Semi-Annual Edition. Despite a barrage of negative news with trade wars, chemical warfare, and political unrest, the economy continues to soar. The economic strength bodes well for developers and owners of commercial real estate. According to the report, “Consumer spending is enhanced with each and every net new job created, which has particular salience in the single tenant net lease market. Consumer and business confidence also tend to drift higher, inducing further household and enterprise outlays into the economy.”

Contact: Traci Bidinger, 703-935-0947

Prologis Jones Lang LaSalle